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The.
financial
tinlimrcial$*
hr trite
INCLUDING
Bank & Quotation Section
Railway Earninp:s Section
Railway & Industrial Section
Bankers' Convention Section
VOL. 108
Electric Railway Section
State and City Section
SATURDAY, JUNE 28 1919
ixe
Tixrainitte
Week ending June 21.
Clearings _at-
PUBLISHED WEEKLY.
1919.
Terms of Subsk:ription-Payable in Advance
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ELECTRIC RAILWAY (semi-annually)
RAILWAY EARNINGS (tnonthly)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
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CLEARING 110 USE RETURNS.
The following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $7,759,182,268, against $8,820,597,286 last week and $6,676,932,103
the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending June 28.
NO. 2818
Per
Cent.
1919.
1918.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$3,601,933,837
466,713,188
349,451,479
290,200,338
156,006,836
125,431,530
105,065,921
117,564,465
79,337,649
66,120,997
58,609,671
$2,943,661,899
474,512,050
345,395,813
305,431,166
141,618,894
121,595,238
93,688,072
122,447,273
54,099,019
55,440,650
44,448,395
+22.4
-1.6
+1.2
5.0
+10.2
+3.2
+12.2
4.0
+46.6
+19.3
+31.9
Eleven cities, five days
Other cities, five days
$5,416,435,011
992,471,634
$4,702,338,469
J70,278,947
+15.2
+28.8
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids_ _ _
Dayton
Evansville
Fort Wayne
Springfield, Ill_ _ _
Youngstown _ _
Akron
Rockford
Lexington
Canton
South Bend
Decatur
Quincy
Springfield, Ill-- Bloomington _ _ _ _
Mansfield
Danville
Jacksonville, Ill
Lansing
Lima
Owensboro
Ann Arbor
Adrian
592,232,965
65,792,863
138,213,432
118,726,281
33,599,397
15,439,000
13,909,300
13,668,101
4,527,812
5,592,877
4,104,133
4,677,273
1,618,546
2,249,636
4,017,027
10,569,000
1,800,000
1,000,000
4,330,947
1,800,000
1,250,000
1,373,467
1,407,338
1,519,098
1,354,797
750,000
519,601
1,175,000
1,364,951
937,924
375,634
98,874
Tot. Mid. West 1,049,995,277
San Francisco_ _ _
Los Angeles
Seattle
Spokane
Portland
Tacoma
Salt Lake City_ _ _
Oakland
Sacramento
San Diego
Pasadena
Stockton
-Fresno
San Jose
Yakima
Reno
Long Beach
Total Pacific
146,457,379
44,332,000
43,763,150
9,396,257
32,988,914
5,322,526
16,092,087
9,266,751
4,509,750
2,200,000
1,413,375
2,160,312
2,935,861
1,348,534
1,136,397
• 724,305
1,435,546
325,483,144
1918.
505,512,527
60,468,093
112,496,281
89,014,175
28,705,825
15,620,000
10,680,900
10,512,157
4,590,411
5,331,379
3,985,258
3,962,155
1,309,730
2,133,296
3,156,365
6,249,000
1,877,272
800,000
2,856,513
3,977,725
900,185
1,156,532
1,266,014
1,054,692
1,293,304
620,881
526,907
1,137,204
1,005,945
735,217
267,888
107,037
Inc. or
Dec.
1917.
1916.
$
TO
I
I
$
+17.2 468,403,060 373,745,813
+8.8' 39,547,229' 35,509,600
+22.9
81,634,694
43,444,817
+33.4
57,958,640
45,767,698
+17.0
24,343,684! 19,034,351
-1.2
9,760,829
13,450,1071
+30.2
10,281,200, 12,167,100
11,182,160
+30.0
10,267,711
-1.4,
6,200,000
4,000,000
+4.9
4,703,514
4,305,232
+3.0,
3,476,841
3,961,669
2,727,022
1,616,870
+18.0
1,338,181
1,470,311
+23.6
2,010,193
1,571,294
+5.4
3,282,479
2,668,253
+27.3
6,467,000
5,098,000
+69.1
-4.1
1,474,115
1,116,191
+25.0
585,020
766,905
+51.6
3,741,036
2,621,123
-54.8
1,343,135
1,039,825
+38.9
890,057
667,718
+18.8
1,054,273
810,904
+11.1
1,106,673
864,754
+44.1
1,029,228
778,588
+4.7
995,634
684,953
+20.8
510,038,
512,010
-1.2
435,816
247,919
1,122,947
+3.3
970,209
+35.7
925,008
694,370
+27.6
503,021
278,405
+40.3
341,828
254,167
--7.6
104,229
77,494
883,310,868 +18.9
753,168,152
586,775,083
+14.2
+57.5
+23.4
+18.6
+18.8
+7.2
+37.4
+45.5
+28.1
+18.3
+58.2
+25.1
+53.0
+26.2
+54.8
+46.2
+42.5
+23.3
96,952,105
29,380,000
20,917,476
5,769,925
15,751,012
3,369,728
13,753,364
5,014,219
2,896,767
2,194,616
938,970
1,628,756
1,662,993
750,000
518,818
511,044
672,370
202,682,163
57,728,736
22,124,161
13,815,347
3,996,216
10,749,172
2,261,825
8,039,327
3,983,005
2,112,034
1,798,589
789,369
989,719
1,004,273
662,460
346,237
405,835
528,790
131,335,095
128,297,047
28,153,000
35,471,033
7,922,081
27,764,446
4,966,6061
11,711,899
6,368,132,
3,520,8231
1,859,4581
893,665
1,727,9701
1,918,789
1,068,513
734,325
495,976
1,007,053
263,880,816
Kansas City
223,163,758 157,217,912 +41.9 131,699,698
79,516,132
37,356,602
Minneapolis
27,467,747
25,260,792 +47.9
21,967,448
58,670,109
Omaha
48,257,264 +21.6
34,010,566
20,820,941
20,418,064
15,323,831
St. Paul
14,832,531 +37.7
14,009,533
Total all cities for week
$7,759,182,238 $6,676,932,103
+16.2 Denver
18,911,471
12,211,189
21,862,640 -13.5
13,528,323
Joseph
16,030,852
St.
9,370,550
+9.9
14,156,360
14,608,076
The full details for the week covered by the above wil be given next Saturday.
11,085,968!
Des Moines
5,628,844
8,907,647 +24.5
7,662,841
We cannot furnish them to-day, clearing) bling made p by the clearing houses Sioux City
10,311,537
5,818,753
7,556,375
+36.5
3,736,378
on
Saturday,
at noon
and hence in the above the last day of the week has to be In Duluth
4,337,282
7,961,857
5,555,645
+52.5
5,221,068
all cases estimated, as we go to press Friday night.
Wichita
12,625,196
5,337,238
4,255,810
7,754,405 +62.8
Detailed figures for the week ending Juno 21 show:
Topeka
3,291,409
1,605,571
2,333,239
3,061,310 +7.5
4,891,998
Lincoln
2,541,871
3,828,062
3,865,762 +26.5'.
2,545,206
Cedar Rapids
1,653,261
1,764,584 +44.3
2,337,798
1Veek ending June 21.
1,009,780
Colorado Springs
680,614 +48.4,
648,320
783,225
Clearings at3,068,412
2,526,541 +21.5,
1,598,481
1,544,684
Fargo
Inc. or ,
1,812,640
Waterloo
2,088,913 -13.21
2,184,240
2,071,964
1919.
1
1918.
Dec. 1
1917.
I
1916.
1,868,838
1,603,495 +16.5,
1,238.492
Helena
1,928,398
710,619
584,153
650,686
+9.21
462,330
Pueblo
9,i I
I
$
1,701,404
1,301,486
+30.7
1,004,559
Aberdeen
812,710
New York
5,093,296,616 3,592,586,715 +41.8 3,566,540,959 2,628,507,263
730,064
609,324 +19.7
661,384
404,452
Philadelphia _ _ _ _ 494,227,948 446,933,270 +10.6 338,933,058 227,567,869 Fremont
623,094
496,462 +25.6
425,000
252,274
'Listings
Pittsburgh
185,159,801 183,833,361
+0.7
83,747,502
I
72,117,569 Billings
1,350,000
900,458
+50.0996,951
709,167
Baltimore
87,195,952
68,470,021 +27.3
44,748,208
40,512,014
Buffalo
41,067,360
Tot. 0th. West 440,138,878 331,028,345 +32.9 278,037,799 189,987,905
21,190,083 +93.8
20,014,786
13,664,550
t
Washington
,
19,065,097
'
15,534,977 +22.7
10,563,261
8,839,027
1 184,348,230 161,924,658 +13.3 126,898,025
96,880,233
Albany
4,800,000
5,000,000 -4.0
5,071,614
5,176,583 St. Louis
Rochester
63,306,229
19,558,673
36,248,424
10,581,867
48,673,626 +30.1
7,692,642 +37.6
6,593,802
5,451,820 New Orleans_ _ _ _
Scranton
17.481,702
16,030,332
Louisville
4,644,139
17,470,669
21,462,915 -18.5
3,500,000 +32.7
3,322,949
2,979,576
Syracuse
18,000,000
8,160,876
4,700,000
11,500,000
2.1
12,038,714 +49.5
4,800,000
4,652,582
2,879,909 Houston
Trenton
3,489,260
3,282,566
6,816,052
4,239,192 +60.84,800,000
2,882,106
3,049,729 +14.4
2,000,517 Galveston
Wheeling
3,900,000
56,652,416
15,753,093
24,533,674
43,667,753 +29.7
4,073,841 -4.2
4,242,247
2,810,005 Richmond
Reading
2,413,782
13,407,084
61,962,825
42,176,831 +46.9
22,854,912
2,603,247 -7.3
2,467,546
2,055,158 Atlanta
Wilmington
7,308,692
3,400,000
15,814,530
11,651,033
10,877,904 +45.4
3,496,068 -2.7
3,031,807
3,411,132 Fort Worth
Wilkes-Barre_
2,838,483
5,537,188
19,666,773
8,751,851 +124.7, 10,245,269
2,569,511 +10.5
2,069,823
1,813,960 Memphis
Greensburg
950,000
6,549,973
5,294,287
5,272,957 +71.7i
9,052,293
1,100,000 -13.6
936,840
800,000 Savannah
1,276,195
York
6,667,114
11,961,251 +14.2
8,605,411
13,654,453
1,376,199 -7.3
1,060,835
1,006,581 Nashville
2,020,8:14
Erie
6,169,629
4,837,729
7,643,159 +40.8
10,760.961
2,147,641 -5.4
1,829,658
1,328,197 Norfolk
Chester
1,369,506
2,773,722
3,771,690 +272.4
3,479,582
1,851,154 -26.2
1.493,262
1,124,703 Birmingham __' 14,054,443
1,047,655
Altoona
3,648,294
3,046,977
8,939,885
4,653,130 +92.1
820,927 +27.6
752,289
600,000 Jacksonville
Binghamton
961,600
1,463,024
2,496,811 +61.2
2,118,113
757,100 +27.0
4,025,584
922,500
841,200 Augusta
Lancaster
2,400,000
2,229,730
2,356,419
2,686,107
2,431,602 +10.5
2,452,573 -2.1
1,939,164
1,652,988 Knoxville
Montclair
444,615
2,949,342
3,951,262
392,553 +13.2
6,534,752
5,326,640 +22.7
501,846
421,104 Chattanooga
1,829,144
2,987,395
4,100,000
4,646,250 -11.8
Total Middle 5,971,260,770 4,376,234,612 +30.5 4,108,353,644 3,027,379,990 Little Rock
1,338,747
1,110,139
Mobile
2,133,021
1,803,880 +18.3
5,860,675
3,466,189
10,115,481
7,570,853 +32.6
402,914,999 457,186,099
Boston
11.9 236,329,723 235,173,329 Oklahoma
2,608,142
2,287,647
2,592,746
+8.0
2,800,000
Providence
10,968,100
11,376,500 -3.6
9,812,900
9,747,300 Charleston
2,932,020
1,373,000
1,530,000
1,500,000 +2.0
Hartford
7,820,932
8,017,722
2.5
7,825,486
7,609,946 Macon
1,530,128
1,500,000
2,627,532
+6.6
2,800,000
5,436,161
New lIaven
4,933,580 +10.2
4,481,264
4,242,520 Austin
149,398
Vicksburg
374,437
240,507
252,046
+55.7
Springfield
3,815,335
4,092,772
5.3
3,806,649
3,443,280
636,497
407,331
442,905
357,988 +21.9
Portland
2,700,000
2,636,419
+2.1
2,547,593
2,454,163 Jackson
5,409,475
3,768,726
11,144,095
11,552,458 -3.5
Worcester
3,837,437
4,034,151 -4.9
3,743,352
3,518,677 Tulsa
1,246,586
3,625,211
1,927,651 +88.1
1,579,035
2,178,927
Fall River
2,257,819
1,898,042
1,463,751 Muskogee
5,848,156
10,876,743
33,981,483
12,299,029 +176.3
1,674,634
New Bedford_ _ _ _
1,504,199 +11.3
1,344,036
1,275,000 Dallas
Shreveport
1,607,483
2,873,814
1,953,213
+47.1
Holyoke
802,219
779,951
4-3.0
915,078
783,913
1,075,562
Lowell
1,149,206 -0.4
Total Southern 589,767,682 446,442,794 +32.1 339,830.889 _ 239,919,164
1,128,171
1,017,383
Bangor
727,239
809,798 -10.2
720,440
500,000
Total all
8,820:597,286 6,799,6137321 +29.7 57957,665,381 4,446,626,49*
Tot. New Eng_ 443,951,535 498,719,699 -11.0 274.552.734 271,220.262
Outside N. Y 3.727.300,670 3.207,027.6013 +16.2 2.391,124.422 1,818,119-.2-3-6
Total all cities, five days
All cities, one day
6,408,907,545
1,350,274,693
5,472,617,416
1,204,314,692
+17.1
+10.4
2564
THE CHRONICLE
STATE AND CITY SECTION.
A new number of our "State and City" Section,
revised to date,appears to-day,and all readers of the
paper who are subscribers should receive a copy
of it. As previously announced, this Supplement
is now issued in two parts, Part One containing the
New England, Central and Middle States, being
issued to-day, while Part Two embracing the rest
of the country will be published next December.
The change is due to the fact that with the growth
and multiplication of the municipalities of the United
States the demand for additional space has become
too heavy to satisfy within the limits of a single
number.
[VoL. 108.
industry that has followed the Cessation of hostilities
in Europe. While the war remained in progress
the demand for cotton goods, as for many other
articles needed for the armies abroad as well as for
outfitting the men here, was urgent and mills were
working to capacity on a handsome margin of profit.
But with the war's end demand from that quarter
ceased; furthermore, there was cancellation of orders
already in hand, and prices declined decidedly.
In fact, the Government price for 29 inch 64 by 64,
taken in computing the wage margin for the mills
was 161
% cents, but following the signing of the
armistice the price dropped steadily until the decline was arrested in early March with the quotation
standing at 69 cents. There has of course been recovery since then with higher cotton and revival of
demand. It will be remembered that the distribution
for the first quarter of the year was, in volume, quite
in line with the very satisfactory ones that had
preceded it but, as we intimated at the time, it was
based upon past earnings and, consequently, did not
reflect the current situation. This latest statement,
moreover, is probably better that could have been
expected had not surplus accounts been drawn upon
in making the dividend apportionments. In the
dividend declarations of this second quarter, it is to
be noted, all of the corporations included in our
compilation (37 in number), have participated.
Twenty-eight of the corporations, however, have
decreased their rate of distribution and the remaining
nine pursuing in most cases the usual conservative
course, have maintained the status of preceding
quarters. In all, the amount of cash already distributed or to be paid out in the second quarter of
1919 is $767,609 (over $360,000 less than for the
first three months of the year), or an average of 2.33%
on the capital invested, this comparing with no less
than $1,156,934, or 3.51% in the corresponding
period last year, $1,059,125 or 3.47% two years ago,
and $409,675 or 1.35% in 1916. For the elapsed
half-year the shareholders in the 37 corporations
have received or will get $1,898,793, or an average
of 5.76%, against $2,111,993 or 6.41% last year,
$1,821,100 or 5.97% in 1917, and $752,092 or 2.48%
in 1916.
THE FINANCIAL SITUATION.
There was another period of tension in the call
loan market this week, and on Wednesday the rate
got up to 15%. But high call loan rates, such as
experienced on several occasions the present month,
are healthful, wholesome and corrective when allowed to work out their own cure. The rampant
speculation which had prevailed for so many months
on the Stock Exchange was arrested with the first
sign of tenseness in call loans, and the present week
the volume of business also dwindled, the day's
sales on both Wednesday and Thursday dropping
below one million shares, the smallest aggregate for
a full day in several months. Yesterday there was a
return to the normal again in interest rates, with call
money obtainable at below 6%.
But while business on the Exchange was on a reduced scale, the undertone remained strong, and a
„number of stocks actually made new high records for
the year. In all this, the market is acting in a perfectly normal way. Conditions favor higher prices
and high money never interferes with a legitimate
bull movement. Its tendency and function is to
correct excesses of speculation.
In that sense this recent experience has been educational. A notion had grown up that under the
operation of the Federal Reserve system, funds in
unlimited amounts would be available at 6% for the
carrying on of speculative operations on the Stock
Exchange. But the Federal Reserve Board has taken
These have been strenuous days for the German
pains to dispel this illusion. And the New York
Clearing House institutions have co-operated with the Government and the German people. Events have
Reserve Board in a whole-souled way. This is shown followed one another with almost kaleidoscopic rapidnot alone in the contraction last week of $205,606,000 ity. A week ago this morning confirmation was rein the loan item, with the result of converting the ceived here of the reports that had been in circulaprevious Saturday's deficit of $656,050 into a surplus tion all the day before of the resignation of the
of $30,408,530, but yet more in the scaling down of Scheidemann Cabinet, because of its failure to reach
another item which rarely receives much notice by an agreement with respect to the signing of the peace
commentators, and which has been included in the treaty. Apparently the members of the Cabinet
Clearing House returns only since last February. presented their resignations to the Government at
We mean the item termed "Bills payable, rediscounts, 2 o'clock Friday morning. Weimar advices, also
acceptances and other liabilities." This is a tell-tale published here Saturday morning, in announcing the
of the borrowings or rediscounts at the Federal Re- resignation of the Cabinet, stated that it would conserve Bank. The aggregate of that item last Satur- tinue in office temporarily until President Ebert
day was only $692,286,000, against $727,116,000 the should be able to form a new Ministry.
No time was lost in the taking up of this highly
previous week, $774,048,000 May 31, and $843,033,000 May 17, showing a reduction in five weeks of important task. Naturally there was much speculation from the start as to the probable personnel of
over 150 million dollars.
the new Cabinet. The assertion was made with
The Fall River cotton mill dividend statement for much positiveness that Matthias Erzberger would
the second quarter of 1919, in presenting a total sum have a new portfolio bearing the pretentious and sigto be disbursed very much below the total for any nificant title "Minister of Reconstruction and Fulrecent three months' period, simply reflects the fillment of the Treaty." Gustav Noske, Minister
changed conditions in the cotton manufacturing of Defense, and Dr. Hermann Mueller, Under Secre-
JUNE 28 1919.1
THE CHRONICLE
tary of the War Food Bureau, were spoken of as the
most probable appointees for the Premiership, and
it was said that their chances were about equal.
Coblenz was reported to have heard positively from
Weimar that Herr Noske would win the race for the
head of the Cabinet and that Matthias Erzberger
would succeed Count von Brockdorff-Rantzau as
Foreign Secretary. Prominent among the members
of the old Cabinet that were expected to be reappointed to the new Ministry were Eduard David and
Colonial Minister Bell. As the Scheidemann Cabinet fell on the question of signing the treaty, naturally none of the six members, conspicuous among
whom was Count von Brockdorff-Rantzau, who voted
for an absolute rejection of the peace terms, could be
expected to have a place in the new Government.
2565
25 members failing to vote. In announcing the
decision of the Government to sign the treaty,
Premier Bauer made a long address to the National
Assembly, in the course of which he declared: "The
Allied and Associated Powers cannot expect the
German people to agree, from an inner conviction, to
a peace instrument whereby, without the people
being consulted, members are severed from the
German Empire, German sovereign power violated
and unbearable economic and financial burdens im •
posed upon the German people." He also asserted
that, by agreeing to sign the treaty, "the Government yielded to force in order to spare suffering
Germany from a new war and disruption of national
unity by further occupation, and women and children from further suffering."
The personnel of the new Cabinet became known
With a new Cabinet formed, the next step taken
here Saturday night through advices direct from by the German Government was to dispatch foul
Berlin. Apparently most of the guesses of the two notes to the Council of Five, which were "supposed to
days previous regarding its makeup went astray. have been prepared in advance and withheld to awai
Neither Noske nor Dr. Mueller received the portfolio advices from Weimar on the result of the effort to
of Premier. Instead Gustav Adolf Bauer, formerly form a new Ministry." Apparently the notes were
Minister of Labor, won the race for that highly im- first delivered to President Wilson. They were
portant, and at this time equally difficult, post. placed in his hands at 7:45 Sunday evening. ProDr. Mueller, the Majority Socialist leader, was ceeding at once to the residence of Lloyd George, a
named as Minister of Foreign Affairs, while Matthias meeting of the Council of Five was called. The note
• Erzberger was set down as Minister of Finance and to which first and special attention was given was till
Vice-Premier. Gustav Noske was continued as one in which the new Government signified its willingMinister of National Defense and Dr. Schmidt as ness to sign the treaty "if the clauses making Germany
Minister of Food. The selection of Herr Bauer as responsible for the war, and calling for the trial of the
Prime Minister caused considerable surp:ise in Berlin former Emperor, were eliminated." Thefirst session
and Weimar, as well as in Peace Conference circles of the Council lasted only a few minutes, when adin Paris. In fact, he was generally spoken of as a journment was taken until 9 o'clock for dinner. The
successful "dark horse." According to all the ad- Council came together again at that hour and the advices from the various centres, he had been "scarcely vices stated that"after further brief consideration it was
mentioned for Philipp Scheidemann's post." Prior decided to reject the German request." According
to
to being appointed Minister of Labor he had served the same advices, the understanding in Paris was that
as Secretary of the labor unions of Germany, and "the Allies insist on an absolutely unconditional acwas characterized in Berlin dispatches as "a long ceptance of the terms, failing which their armies will
headed, conservative Socialist, who is reputed to begin to advance Monday evening." A week ago
have much influence with the workingmen," It this evening it became known in the French capital
developed that Herr Bauer had made another and that the German Government had requested- Dr.
unsuccessful effort to form a ministry, which was Haniel von Haimhausen of the
peace delegation "to
said to have been in existence only an hour. He conduct the peace negotiations at Versailles." The
had appointed Count von Bernstorff Minister of prevailing opinion in Paris at that time was that the
Foreign Affairs, but after having received the ap- Germans would sign the treaty whether or nor modifipointment on Saturday morning the Count is re- cations were made.
ported to have "refused to accept it or to have anything to do with the matter." His action and the
This opinion was fully substantiated by an andetermined stand of the Democrats against the sur- nouncement Monday afternoon by the French Forrender of the former Emperor, von Hindenburg eign Office that "the German Government at Weimar
and Ludendorf to the Entente for trial caused the had formally announced its willingness to sign the
death of the first Bauer Ministry almost before its peace terms unconditionally." No statement was
birth. The second attempt was successful and the made then as to the exact, or even probable, day on
new Cabinet on Sunday received a vote of confidence which the event would occur. In fact no date could
in the National Assembly of 236 to 89, 68 members be named, because the arrangements had not been
failing to cast their ballots.
completed and definite word had not been received
from the Germans as to whether they would send a
It was rumored a week ago yesterday that the representative body to Versailles to sign for them,
National Assembly had voted to accept the peace and if so, when they, the delegates, would arrive.
terms. The advices from Berlin and Weimar re- It was hoped that the whole matter might be out of
ceived here on Saturday and Sunday were not the way the following day (Tuesday), and if not,
absolutely definite with respect to this point, but a then, Wednesday. As the days passed it became
dispatch from the latter centre on the following day increasingly apparent that both of these days were
stated that "a poll of the various parties in that much too early.
body seems to show that the peace terms cannot fail
to be accepted." Monday the word came from
Having failed to secure further modifications ofthe
Berlin that the afternoon before, the Assembly, by treaty, the Germans asked for an extension of fortydyote of 237 to 138, had "decided to sign the treaty," eight hours from 6:49 o'clock Monday evening, within
2566
THE CHRONICLE
which to make known their decision relative to
accepting the terms of the peace treaty. This request was received at 3 o'clock in the morning. At
9 o'clock President Wilson and Premier Clemenceau
went into a conference with Lloyd George as the
"Big Three." After having been in session less than
an hour announcement was made of their refusal to
grant the request. A note to that effect, signed
"Clemenceau," was dispatched immediately to the
Germans, in which it was made clear that the Allied
and Associated Governments expected that the Germans would make known their decision "relative to
the signature of the treaty without any reservation."
All this happened Monday forenoon. Dr. Haniel
von Haimhausen was said to have received the reply
in Versailles shortly before noon. It devolved upon
him to transmit it to Germany and get a reply which
could be delivered to the Peace Conference authorities before 6:49 that evening, if the requirements of
the latter were to be met. As a matter of fact, the
note announcing the willingness of the Germans to
sign was reported to have been delivered to the representatives of the Allied and Associated Governments
at 5:25,or more than an hourin advance of the allotted
time. In this note the peace treaty was declared
to have been characterized as one of "violence."
[Vox.. 108.
insistence on punctilious formalities, it might not
be possible to sign until Saturday" (to-day).
This situation was still further complicated by the
report from Berlin Thursday morning that Dr. Herman Mueller had declined to go to Versailles to sign
the treaty. This report was published in Berlin by
the "Tageblatt," and coupled with it was another
report that Field Marshal von Hindenburg had
resigned the chief command of the army. Dr.
Mueller was the fourth appointee as a delegate to
sign the treaty who handed in his resignation. His
reason for not accepting the honor was not given.
The others who refused to sign were Count von
Brockdorff-Rantzau, who called the treaty "a peace
of violence"; Count von Bernstorff, who, it was said,
"feared for his political future," and Dr. Haniel von
Haimhausen, who, according to rumors, was told
by his wife that if he signed the treaty he need not
return to her.
Advices received in Paris from Germany by the
Council of Five late Wednesday, and which became
known here the following morning, were "to the effect
that the German Government was occupied in selecting new delegates for Versailles." Up to a late hour
that evening no official word had been received "reAt once the question7was raised as to who would garding Germany's plans as to the formal signing of
sign for the Germans. It became known that the the peace treaty," and it was added that "the Peace
National Assembly had requested, and designated, Conference leaders were undisguisedly perplexed over
according to some advices, Dr. von Haimhausen to the situation." At that time hope was said to have
perform this momentous task, and had conferred full been practically abandoned "that the ceremony of
powers upon him. The announcement of his selec- signing could take place before Saturday" (to-day),
tion was reported to have been distinctly distasteful and it was thought that it might have to be delayed
to the Allied and Associated representatives, because, until Monday, anxious as President Wilson was to
while the full German peace delegation was at Ver- leave for home. Thursday afternoon's Paris dissailles, he had held only a subordinate position in patches stated that "efforts were being made to arcomparison with the plenipotentiaries. In fact, the range for the signing of the peace treaty at 3 o'clock
decision to have him sign for the Germans was re- Saturday [this] afternoon." No direct and specific
garded as an affront to the leading European Gov- official information had been received even then as to
ernments and to the United States, inasmuch as they who would actually be the delegates to sign for Gerwould be represented by their foremost statesmen. many. Paul Dutasta, General Secretary of the
Dr. von Haimhausen did not make it necessary for Peace Conference, went to Versailles in the morning
this feeling to be entertained long, inasmuch as in search of information on the subject, and "was inMonday evening he telegraphed the home Govern- formed verbally by Dr. Haniel von Haimhausen that
ment that he would not be able to perform the task the German signatories who,it is presumed, would be
of signing the treaty. This left the Germans with- Herr Mueller, Herr Geisberts and Herr Leinert,
out any duly appointed representative for that might arrive by Saturday, but that he was unable to
speak authoritatively on the subject." In other dispurpose.
patches it was claimed that these men actually had
Tuesday afternoon a dispatch was received from been selected. Dr. Meuller, it will be recalled, is the
Paris which declared that the French Foreign Office new Foreign Minister. Johann Geisberts was Minhad been informed that the German delegates who ister of Posts and Telegraphs in the Scheidemann
would sign the treaty would arrive in Versailles Cabinet, while Herr Leinert also was a member of the
Friday morning, and, according to "La Liberte," former peace mission. A Berlin cablegram received
would be headed by Herr Mueller, the new Foreign here yesterday morning stated that Dr. Mueller and
Minister. At that time it was hoped and even Colonial Minister Dr. Bell had been selected to sign
expected that the ceremony of the signing would the peace treaty and would arrive in Versailles this
take place at 2 o'clock Friday afternoon. A Weimar morning. Whether a third delegate would be selecdispatch made public at the same time indicated that ted was not made clear. Paris advices yesterday
the other members of the delegation had not been afternoon indicated that only the two delegates will
named. Still another dispatch from Berlin, bearing represent Germany. They were expected to arrive
the date of Tuesday afternoon, stated definitely that at the French capital at 9 o'clock last evening, or
Dr. Mueller had been named Chairman of the dele- 7 o'clock this morning, the reports not agreeing.
gation and that "probably he would sign the treaty
Elaborate preparations for the signing of the
alone, although he might be accompanied to Versailles by a delegation of twenty." Wednesday treaty have been under way for some time. As
morning the belief was expressed in a special Paris early as last Monday an outline of the preliminary
cablegram that the German delegation would reach steps was given in a Paris cablegram. Those in
Versailles Thursday, but that, because of "the French charge were said to have been directed to have:every-
JUNE 28 1919.]
THE CHRONICLE
2567
thing in readiness in the famous Hall of Mirrors week ago yesterday morning from a
two days' trip
in the Chateau of Versailles for the ceremony on to Belgium. Although he did not leave his train
Tuesday, although even then it was doubted that until 9 o'clock, by 11 he was in the Hotel
de Crillon
it could "take place before Thursday at the earliest!' and in conference with the entire personnel
of the
It was made known also that the plans for the signing American delegation to the peace conference.
It
called for the affixing of the signatures of the pleni- was understood that he told the members
of the
potentiaries in alphabetical order, according to the delegation "that he had fixed no date
for his decountries which they represented. Yesterday's Paris parture for home." On Tuesday, however,
a Brest
advices stated that Premier Clemenceau would sign dispatch stated positively that the George Washfirst, but the statements were conflicting as to ington had received orders to be ready to sail
Thurswhether he would be followed by Premier Lloyd day morning. A Paris cablegram also received on
George or President Wilson. In the early announce- Tuesday announced that the ship would "take
a
ments of the plans provision was said to be made direct route from Brest to the United States under
for 400 invited persons and for about an equal forced draft," and to make the latter possible "extra
number of representatives of the press, the French coal is being placed on the deck spaces." Paris adpapers alone being allotted 60 seats. All told it is vices made it clear that the President was ready to
expected that from 800 to 1,000 will witness the leave immediately after the signing of the treaty
ceremony, of which 60 will be Americans.
whenever that event might take place. President
Further consideration of the plans for the cere- Poincare originally planned to give an elaborate faremony was given by the Supreme Council at a meeting well dinner to the peace plenipotentiaries of all the
on Tuesday. It became known then that President nations represented on Friday evening, but because
Wilson favored making the whole affair "as simple of the uncertainty of the date of the signing of the
as is consistent with the nature of the event." Ac- treaty, he decided to have it on Thursday evening.
cordingly it was stated that "the original plans for By this change it was pointed out that President
the conclusion of the 'second peace of Versailles' Wilson would not be prevented from leaving Paris
have been materially revised at his suggestion." Friday night if the treaty were signed during the day.
At that time it had been decided that Premier At the banquet President Wilson made a felicitous
Clemenceau would "open the ceremony with a farewell speech which appeared to be very well
brief address," but it was stated that "no speech received.
is expected from the Germans." It was made clear
Last evening's Paris advices stated that if the
that, after the signing of the document by Premiers peace treaty is signed this afternoon, as contemClemenceau and Lloyd George and President Wilson plated, President Wilson plans "to leave for Brest
the treaty would be brought back "to a table especi- immediately afterward, sailing for the United States
ally assigned for signatures" and that the names of at noon on Sunday."
the delegates would be called in alphabetical order
Peace Conference leaders were quoted in a special
according to the countries which they represent. Paris cablegram yesterday as expressing the opinion
It is expected that the signing will take two hours, that "there is still a year's work before that body."
although every effort, consistent with the dignity With the departure of President Wilson and Premier
and importance of the occasion, will be made to ex- Lloyd George to their respective home countries, the
pedite it as much as possible. Not only must the .advices this week have indicated that the controlling
plenipotentiaries affix their signatures, but they must body in the Peace Conference would be a Council of
also put on their seals. The reports were conflicting, five to ten members, among whom probably would be
but it was stated in Paris and Washington advices found Bonar Law, representing England, and Secrethat President Wilson will use his own personal seal— tary of State Lansing for the United States. The
a seal ring, which, it is said he always wears, and on departure of Colonel E. M. House to London to look
which his name, "Woodrow Wilson," is engraved in after the organization of the League of Nations
short-hand characters. Several days ago he made quite likely will go a long way toward removing the
known his desire to Premier Clemenceau to have jealousy that has existed for a long time in American
"his ladies" present at the ceremony. This was in diplomatic circles.
response to a query on the part of the French Premier as to whether ladies should be admitted to the
The Allied and American forces were ready to
ceremony. It is expected that Mrs. Wilson, the proceed further into Germany on a moment's
notice
President's daughter Margaret, Mrs. Wilson's pri- if the Germans had not made known, on schedule
vate secretary, Miss Benham, and Admiral Grayson, time Monday evening, their willingness to sign the
the President's physician, will be his special guests. treaty. According to Coblenz advices, Marshal
Announcement was made that the original copy Foch, with a large force, could have
been on the
of the treaty will be made of fine Japanese paper, way by 7 o'clock that evening, and in fact it was
bound in Morocco, will cost $4,000, and will be kept added that if he had actually started he intended
in Paris, the other nations that are signatories to the to make a drive of at least 60 miles. Happily that
treaty receiving copies. Unofficial announcement step was not necessary, however much personal
was made in Paris late yesterday afternoon that plans satisfaction certain elements in France and Great
had been completed by the Council of Three for the Britain, and even in the United States, might have
signing of the peace treaty at three o'clock Saturday taken in seeing it. A regretable incident from the
(this) afternoon. It was reported that the Chinese point of view of broad-minded people who are eager
delegates would sign "with the understanding that to see the Germans take up reconstruction was the
Japan would return the Shantung concessions to sinking of a large part of the German fleet that
was
China within a stipulated time."
interned in Scapa Flow. The Allied and other Peace
Conference authorities held from the first that the
Paris cablegrams made it clear that our President act was in direct violation of the terms of the armiswas not given a formal reception upon his return a tice, and on Thursday sent a note to the Germans
2568
THE CHRONICLE
[VoL. 108.
expressed that "there is no chance that it will be
signed until after President Wilson leaves for the
United States." Radical changes were declared to
have been made in the terms of the original treaty,
particularly in the economic and financial clauses,
because of "the realization of Austria's financial
condition," which it was asserted is "very bad."
According to a Paris dispatch Monday, Austria
Apparently President Wilson and the other mem- will not be required by the treaty to pay an initial
bers of the Council of Five were so fully occupied sum of $1,000,000,000, as originally proposed,
with questions pertaining to the signing of the treaty "since it would deprive her of all working capital."
by the Germans that they had little time to take up The further assertion was made that the revised
the Adriatic question, which was reported to have Austrian treaty would not require, either, the
been in deadlock ever since former Premier Orlando issuance of "any bonds to the Allies on account of
left Paris several weeks ago. Undoubtedly these reparations," as this question would be left for
Peace Conference authorities were relieved to learn a reparation commission to decide. This, it was
early this week that the signing of the treaty would pointed out, would disappoint Italy and other
from
not be delayed by the failure of the Italians to send a Powers that had looked for large reparations
the
Wednesday
On
date.
early
an
at
Austria
advices
The
delegation to Paris for that purpose.
"the
that
cablegram
a
Paris
in
made
was
claim
remained
fact
the
but
differed as to its personnel,
that duly appointed representatives would be on difficulty of aligning the small Eastern States on
hand. Further good news relative to Italian affairs any general scheme for a division of the financial
was received a week ago to-day in advices from Paris obligations and the claims resulting from the breakstating that the Italian peace delegates had been up of the Hapsburg Monachy," was delaying the
directed "from Rome to accept the proposition for completion of the Austrian treaty. On Tuesday
the settlement of the Dalmation controversy made by the Council received another note from the Austrian
Premiers Clemenceau and Lloyd George and Presi- peace delegation at St. Germain protesting against
dent Wilson." An unfortunate expression has caused still other features of the treaty, but apparently
the downfall of many a political leader. Eight words the questions involved were not vital.
in an address of former Premier Orlando in the
Reports continued to come to hand regarding
Chamber of Deputies last week were said to have
rapid recuperation of Belgium, particularly in
the
turned that body finally against him and to have
way. Financially she will be greatly
agricultural
an
"Remain
forced his resignation. The words were:
of a big burden by the act of the
and
relieved
helped
Opponents
our
allies."
toward
faithful to our duties
of Orlando declared that Italy had gone more than Council of Five on Tuesday when it "signed an agreehalf way in accepting the suggestions of Great Britain ment giving formal approval to priority for Beland France with respect to their interests in far dis- gium in reparations to be paid by Germany to the
tant countries, but that those two great Powers had amount of 2,500,000,000 francs." The Council
approved a plan also for wiping out the war debt of
not allotted to Italy what was due her.
Belgium "through the substitution of German bonds
for
the Belgium obligations, the four Great Powers
about
at
ministry
a
without
herself
Italy found
apthe same time that Germany did. A cablegram to take over the German bonds subject to the
will
It
bodies."
from Rome received a week ago to-day stated that proval of their respective legislative
King Victor Emanuel had asked Francesco Nitti, be recalled that the bonds that the Powers propose
formerly Minister of Finance, to form a new cabinet. to take over "are of a special issue which the peace
At the same time it was reported that former Premier terms required Germany to make to reimburse BelTomaso Tittoni would be Foreign Minister. Al- gium for all the sums she was obliged to borrow
of
though Nitti encountered strong opposition from in consequence of the violation of the Treaty
political enemies, it became known as early as last 1839."
Monday afternoon that he had succeeded in forming
The "Echo de Paris" published the report again
in new ministry, the personnel of which was made
week that Premier Clemenceau would resign
this
public at that time. Demonstrations against Nitti's
the signing of the German treaty and its apafter
held
formation of a cabinet were said to have been
by the French legislative body. As he
proval
made
being
charge
the
in Naples, Turin and Milan,
that "his policy is favorable to a renunciation opened the note announcing that Germany would
of some of the claims of Italy to the eastern coast sign the treaty, the "Tiger" was reported to have
of the Adriatic." Although at first he was attacked exclaimed "we have waited 49 years for this moment,"
by the Italian papers, after the announcement of and to have added "be careful; keep your powder dry.
the members of the cabinet had been made advices Remember the world is living on a barrel of that powfrom Rome stated that the opposition subsided der." Appearing somewhat unexpectedly, in the
Chamber of Deputies on Wednesday, the Premier
materially.
was pressed for a reply regarding the policy of the
In spite of the many other pressing questions Government relative to the elections and the deconstantly in evidence,President Wilson and Premiers mobilization of the army. He expressed a hope that
Lloyd Goerge and Clemenceau gave considerable the former might be held as early as next September,
attention to the completion of the Austrian treaty, but declared that while demobilization was "urgent,
taking up that task as early as a week ago to-,day. it could not begin yet." As a result of his remarks
Such progress was made early this week as to give on these and other questions the opinion is said to
rise to the hope that the whole treaty would be have been entertained that the venerable Premier
completed "in a few days," but the opinion was would not retire as soon as had been expected. In
making known their power to demand reparation for
the vessels sunk and to impose punishment upon those
responsible for the deed. The report that still other
German war vessels had been sunk in a similar way
was denied and the correctness or falsity of the report
does not appear to have been established even
yet.
JUNE 28 1919.1
THE !CHRONICLE
2569
another dispatch a French news agency was quoted suburbs of Hamburg, "ordered the immediate cessaas saying that the classes of 1907, 1908 and 1909 of tion of hostilities, the release of all prisoners held in
French soldiers "will be mustered out the day after the City Hall, and the delivery of weapons."
the treaty is signed."
The labor situation in Great Britain is attracting
The French Government has another plan for fresh attention. The 19th annual conference of
raising additional funds, through the medium of the Labor Party began its sessions in Southport,
taxation. Louis Klotz, French Minister of Finance, England on Wednesday. Many foreign delegates
presented it to the Chamber of Deputies a few days were in attendance. Important labor questions
ago. It calls for new taxation that it is estimated that have been under consideration, and hanging
will yield 500,000,000 francs. Among the pro- fire in some instances, were discussed at considervisions are an increase in the inheritance tax of 3% able length. The conference was expected to pass
on legacies of 10,000 to 50,000 francs, and of 73/2% upon a policy of direct political action; to put its
on legacies of 10,000,000 francs and upward. It was delegates on record with respect to the abolishment
stated that other duties would remain unchanged, of conscription and the withdrawal of troops. from
while legacies under 2,000 francs will be exempt Russia. In view of the vast amount of Peace
from taxation. . The increase in inheritance taxes Conference and other matter, the London cablewas placed at 95,000,000 francs. M. Klotz also grams have not contained full accounts of the proannounced that a tax of 5% on incomes that have ceedings of the conference. By a vote of 2 to 1 that
increased as compared with 1918 would yield 100,- body approved yesterday the principle of a general
000,000 francs, and he added that a super-tax of strike to enforce political demands, according to a
15% on war profits would bring in an additional dispatch from London received during the afternoon.
Premier Lloyd George is being urged to return
350,000,000 francs.
promptly after the signing of the German treaty, to
Political and industrial conditions in Germany at defend his peace policies and to help in the solution
the moment cannot be otherwise than greatly dis- of labor problems and numerous other important and
turbed. That country is passing through an ex- pressing questions, consideration of which has been
tremely critical period of its history. Advices from held in abeyance for many weeks, because of the
Berlin and Paris received here yesterday morning necessity of completing the peace treaties.
expressed the fear that, as a result of the reported reThe British Board of Trade has announced further
turn of the former Crown Prince, and other steps that
might be taken in the near future by the old regime, changes with respect to import rulings that ought
civil war might break out between that group and the to have an important bearing upon trade between
Socialists, who are now in power. If there is any the United States and Great Britain as time goes on.
truth in the allegations that have been made in British merchants have lodged additional complaints
recent months that the latter in reality are only about the great delay still existing in the trans"stalking horses" for the former, of course there mission of messages between New York and British
could be no ground for such apprehension. In any centres, in some instances it being alleged that
event some time undoubtedly will be required for the from two to three and six days have been required
people to settle down to their accustomed way of to send a message between those points. The
living and acting, even if the Governmental leaders *attention of the authorities was directed to the
do their best to guide them. On Wednesday London adverse affect of these delays upon international
heard from Berlin that "President Ebert, Premier business, which it is desirable to expand at this
Bauer and all the Ministers had issued a proclamation time and from now on.
urging as the first pressing need the bending of all
The British securities markets did not show much
efforts to the fulfillment of the treaty." "As far
as it is possible, carry it out." the proclamation was snap, except with respect the oil stocks which were
said to have urged, and even to have declared that extremely active. Early in the week a report was
"the treaty must be carried out." Germany, ac- in circulation in London that some 400,000 shares
cording to statements in Berlin advices that also of Mexican Eagle Oil stock, said to have been bought
appeared here on Thursday, "was faced with a by a syndicate last April at 5%%, had been sold
nation-wide railroad strike for higher wages." At in New York for introduction on the curb at 7%%.
Gorlitz station in Berlin, service was reported to have The depression in the general list was attributed
been stopped in both directions at that time. The partly to the Government loan campaign, which it
Government was reported to be negotiating "in an was said was still in the "educational stage," because
effort to halt the strike," which, it was asserted, of the failure of the public to grasp the terms of the
was "largely the outcome of Communist propaganda." two issues of bonds which it embraces. DissatisThursday afternoon advices from London reported faction over the continued huge expenditures of the
that disorders were increasing in Berlin, many streets Government day by day, in spite of the fact that the
being barricaded. In Hamburg representatives of signing of the Peace Treaty was all but accomplished,
industrial councils were said to have "assumed full was spoken of as another depressing influence.
political and military power, and are sitting in the The raising of the German blockade, it was feared,
Town Hall." Yesterday morning's dispatches direct would further increase the cost of living. Toward
from Hamburg stated that that centre "threatens to the end of the,week the assertion was made that a
become a second Munich, with even greater blood- still greater effort would be necessary to make the
shed." The advices added that "the city is com- Government loan a success. The probable nationalpletely in the power of the Communists and Sparta- ization of the coal mines and the railroads received
cans, who are utilizing food riots as an excuse for their much attention and was spoken of as likely to impose
attempts to gain control." According to the latest additional responsibility on the taxpayers.
reports, German Government troops had reached the
THE CHRONICLE
2570
The British Treasury statement for the week
ending June 21 again indicated an excess of expenditures, with the result that a further small deficit
in the Exchequer balance was shown. As the sale
of Treasury bills has been stopped, and repayments
continue upon a liberal scale, the volume outstanding
has been reduced to £851,831,000, as against £891,208,000 a week ago. The week's expenses were
£25,738,000, (against £19,534,000 for the week
ended June 14); while the total outflow, including
Treasury bills repaid and other items, amounted
to £98,636,000, in comparison with £98,568,000
last week. Receipts from all sources aggregated
£98,587,000, which compares with £98,370,000 the
previous week. Of this total, revenues yielded
£15,329,000, against £9,754,000 while from savings
certificates £1,100,000 was received, against £700,000. Other debt contributed the large sum of
£18,971,000, against £2,689,000, while advances
brought in £50,000,000, in contrast with £75,000,000
a week ago. New issues of Treasury bills amounted
to £12,239,000, comparing with £7,294,000 last week.
Temporary adRepayments were £51,676,000.
vances, however, continue to expand and the total
is now reported at £701,892,000, an increase for
the week of £47,000,000. The Exchequer balance
now stands at £5,947,000, against £5,996,000 the
week preceding, a decline of £49,000.
The Bank of England reports another, though
small, gain in its stock of gold, namely £80,602,
although total reserves were reduced £498,000
as a result of an expansion of £579,000 in note circulation. The proportion of reserve to liabilities
was also lowered, from 19.71% last week, to 17.71%
this week, and comparing with 18 20% a year ago. A
feature of the statement was the large expansion
in both Other Deposits and Government Securities,
the former of £13,447,000 and the latter £13,617,000.
Public Deposits increased £27,000. Loans (other
securities) expanded £382,000. The Bank's gold
holdings now stand at £87,810,526, as against
£65,228,157 in 1918 and £57,534,874 the year before.
Reserves total .£27,958,000. This compares with
£30,004,047 a year ago and in 1917 £36,585,329.
Loans aggregate £80,803,000. Last year the total
was £100,799,899 and the preceding year £100,225,942. Note circulation is now £78,301,000, in comparison with £53,674,110 and £39,399,545 one and
two years ago, respectively. Clearings through
the London banks for the week totaled £517,040,000,
against £472,330,000 a week ago and £389,093,000
last year. We append a tabular statement of
comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1915.
1916.
1917.
1918.
1919.
June 30.
June 28.
June 27.
June 26.
June 25.
78,301,000
Circulation
20,044,000
Public deposits
137,744,000
Other deposits
Govt. securities__ 66,820,000
Other securities____ 80,803,000
Reserve notes dc coin 27,958,000
Coln and bullion__ 87,810,526
Proportion of reserve
17.71%
to liabilities
5%
Bank rate
53,674,110
35,779,030
128,849,336
51,651,732
100,799,899
30,004,047
65,223,157
39,399,545
39,163,167
125,126,993
45,270,106
100,225,942
36,585,329
57,534,874
35,899,230
49,278,577
106,371,462
42,187,454
87,312,762
43,930,498
81,379,728
34,636,280
$1,514,428
140,654,115
51,043,491
152,914,703
35,905,614
52,091,894
18.20%
5%
22.27%
5%
28.20%
5%
16.12%
5%
The Bank of France continues to report gains in
its gold item, the increase this week being 268,562
francs. The Bank's aggregate gold holdings, therefore, now amount to 5,550,897,837 francs, as against
5,423,848,361 francs last year and 5,288,021,642
francs the year before; of these amounts 1,978,278,416
EvoL. 108.
francs were held abroad in 1919, 2,062,108,484 francs
in 1918, and 2,034,774,686 francs in 1917. During
the week advances rose 6,057,551 francs and general
deposits were augmented by 60,514,852 franc-s. On
the other hand, silver decreased 1,050,968 francs, bills
discounted were reduced 5,251,246 francs and Treasury deposits fell off 11,814,558 francs. Note circulation was contracted to the extent of 7,557,455 francs,
bringing the total outstanding down to 34,441,999,125
francs, which compares with 28,550,426,140 francs
in 1918 at this time, and with 19,823,105,870 francs
in 1917. In 1914, just prior to the outbreak of war,
the amount outstanding was only 6,683,184,785
francs. Comparisons of the various items in this
week's return with the statement of last week and
corresponding dates in 1918 and 1917 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
June 26 1919. June 27 1918. June 28 1917.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
268,562 3,572,619,421 3,361,739,876 3,253,246,956
Inc.
In France
No change 1,978,278,416 2,062,108,484 2,034,774,686
Abroad
268,562 5,550,807,837 5,423,848,361 5,288,021,642
Inc.
Total
259,883,414
259,326,472
303,664,398
Dec. 1,050,968
Silver
555,914,407
813,094,826 1,3576039,071
Dec. 5,251,246
Bills discounted
949,579,918 1,132,238,973
Inc. 6,057,551 1,278,970,458
Advances
Dec. 7,557,455 34,441,999,125 28,550,426,140 19,823,105,870
Note circulation
33,507,982
37,118,606
49,318,781
Treasury deposits Dec. 11,814,558
General deposits__ _Inc. 60,514,852 3,362,028,590 4,019,256,374 2,733,465,649
In its weekly statement, as of June 15, the Imperial Bank of Germany shows another large reduction in gold, in round numbers, 151,218,000
marks in total coin and bullion and 150,894,000
marks in gold. Bills discounted registered the huge
expansion of 1,619,794,000 marks, while deposits increased 1,333,849,000 marks. Treasury notes increased 174,221,000 marks, notes of other banks
gained 529,000 marks, and other liabilities declined
318,945,000 marks. There were increases of 1,536,000 marks in advances, 695,000 marks in investments, 6,425,000 marks in other securities, and
57,013,000 marks in note circulation. The Bank's
stock of gold on hand has been cut to 1,151,509,000
marks, which contrasts with 2,345,960,000 marks
a year ago and 2,533,360,000 marks in 1917. Note
circulation has reached the phenomenal total of
27,803,254,000 marks, as against 12,042,060,000
in 1918 and 8,224,020,000 marks the year preceding.
No change has been noted in official discount
rates at leading European centres, from 5% in London, Paris, Berlin, Vienna and Copenhagen; 5%
in Switzerland, 6% in Petrograd and Norway, and
432% in Holland and Spain. A cablegram from
Stockholm, under date of June 25, states that the
Bank of Sweden has reduced its rate from 63/2%
to 6%. Advices•received by mail say that the discount rate of the National Bank of Belgium has
been lowered to 4%. This is stated to be the first
change since Aug. 20 1914, at which time it stood
at 5%; but as a matter of fact during the period of
German occupation of Belgium the Bank could
hardly have been doing any active business. A cable
dispatch from London, dated yesterday, stated that
the Bank of Bombay had reduced its rate of discount
to 5%. In London the private bank rate continues
to be quoted at 33'1% for sixty days and 3%% for
ninety days. Call money in London, however, has
4%,as against 29'% a
been advanced and is now 33
week ago. No reports have been received by cable,
as far as can be learned, of open market rates at
other centres.
•
JUNE 28 1919.]
THE CHRONICLE
2571
As had been anticipated, Saturday's statement of two additional issues of
certificates of indebtedness
New York Associated banks and trust companies, by Secretary of the Treasury Glass
appeared to have
which is given in fuller detail in a subsequent section been somewhat of a surprise. Inasmuch
as they
of this issue, showed a restoration of the equilibrium are for indefinite amounts the
announcement was
after the completion of the income tax installment spoken of as a factor in the high
rates for call money.
and other payments to the Government and last Financial institutions report
that the offerings of
week's deficit was transformed into a surplus of over new securities that they made this week
were quickly
$31,000,000. There was an unusually heavy reduc- resold. The market for standard railroad
bonds
tion in loans—$205,606,000--this latter being connec- continues comparatively quiet. The
stock market
ted with the income tax payments and the paying off has been quieter and irregular.
of Treasury certificates of indebtedness, and a decline
of $128,596,000 in net demand deposits, the latter to
Dealing with specific rates for money, call loans
$4,008,333,000 (Government deposits of $354,967,- this week have ranged between 43
% and 15%, as
000 deducted). Net time deposits were increased against 5@12% a week ago. Monday 10% was
the
$6,649,000 to $158,295,000. Cash in own vaults highest, with 6% the low and ruling rate.
On
(members of the Federal Reserve Bank) was reduced Tuesday 6% was still the minimum,
also the basis
$518,000 to $97,900,000. Reserves in the Reserve for renewals, while the maximum
receded to 8%.
Bank of member banks expanded $14,767,000 to Wednesday the rate shot up to 15%,
though this
$537,439,000, while reserves in own vaults (State was for only a brief period and in the late
afternoon
banks and trust companies) decreased $638,000 to loans were negotiated at 7%, and the low
was
$11,828,000, and reserves in other depositories (State 6%. Thursday's range was 5@9% and 6%
the
banks and trust companies) increased $384,000 to ruling figure. On Friday, under more liberal offer$12,585,000. Aggregate reserves showed a gain of ings, there was a recession to 5% the high, 44%
$14,513,000 to $561,852,000. Excess reserves, how- low and 5% the renewal basis. The figures here
ever, through a reduction of $16,551,580 in reserve re- given are for loans on mixed collateral. "All-indusquirements, registered an expansion of $31,064,580, trial" loans have been renewed all week at M of 1%
which after accounting for the deficit reported a week higher than mixed collateral, with the week's
ago, left a surplus of $30,408,530. This compares range 5@15%. With the exception of Monday
with $47,145,130, the amount on hand in the corre- when the maximum was 8%,the high point for both
sponding week of 1918. Aggregate reserves at that classes of collateral was the same. For fixed
matime totaled $534,686,000. The 'totals here given turities the situation remains without essential
for excess reserves are ibased on reserves of 13% for change. Very little business is passing, which
is
member banks of the Federal Reserve system, but explained by the extensive preparations
now going
not including cash in vault held by these banks, on for the July 1 disbursements. Offerings
were
which amounted last Saturday to $97,900,000.
restricted with quotations largely nominal. Six
per cent is now asked for all periods from sixty days
Irregularity and high rates at times characterized to six months for mixed loans and 63/2% on
all inthe local market for call money during the early part dustrial collateral. This compares with 5%@6%
of the week. On Thursday and Friday somewhat and 6% last week. A year ago sixty and ninety
easier conditions appeared to prevail, although the days was qoted at 53/2@,6% land four, five and six
initial quotations on the former day were high. months at 6%.
Yesterday, the opening figure for mixed collateral
Commercial paper rates were a shade firmer, with
loans was 5% and for all industrials 53/2%. This sixty and ninety days' endorsed bills receivable and
was somewhat surprising in view of the high rates six months' names of choice character at
@59.4%,
• prevailing several days before, and in view of the against 514%,and names less well known532
at 5%%,
additional fact that loans made yesterday carry against 53/2@5%%. Transactions, which were
not
over until Monday. When the rates were the large, continue to be restricted by inadequate offerhighest during the first half of the week,it was claimed ings. Country banks were in the market for the
best
that the scarcity of funds was due partly to prepara- names.
tions for the July 1 disbursements. It would have
Banks' and bankers' acceptances were quiet and
seemed that this consideration would have played featureless. Trading in the aggregate was light,
a prominent part in yesterday's money market, but though brokers look for a distinct improvement once
evidently it did not. As the large amounts that will the half-yearly financing has been arranged
for.
be paid for interest and dividends on July 1 are Loans on demand for bankers acceptances continue
expected to find their way back into the usual at 43/2%. Quotations remain firm, at the
levels
channels several days later, the leading authorities previously current. Detailed rates follow:
are predicting somewhat easier monetary conditions
Spot Deliven--- Delivery
Ninety
Sixty
Thirty
within
at this centre before the first week of July is over.
Days.
Days.
Days.
30 Days.
This is the usual expectation and generally it has Eligible bills of member banks
4%@43( 43(@4% 44,@4
47
4 bld
Elfbtgle bills of non-member banks
43@44s 4ifs@431 4ifs@4
4% bid
been realized. There is the additional consideration Ineligible
bills
51(04% 54@4% 5;1(4)4%
6 bid
of the large sums that will be required for harvesting
No changes in rates, so far as our knowledge goes,
and moving this year's unusually big crop of wheat. have been made the past week by
the Federal
This undertaking should be felt in the money market Reserve banks.
very soon, but it is a fact that in recent years the
West and South have been so strong financially
Weakness has been the predominating feature of
that they have not found it necessary to call upon the week in sterling exchange, and not even the anNew York for money to the extent that they were nouncement on Monday of Germany's decision to
accustomed to do formerly. Preparations are being submit to the inevitable and agree to the signing of
made steadily for helping to meet the financial the Treaty of Peace was able to arrest the downward
requirements of Europe. The announcement of movement, although the declines were neither spec-
2572
THE CHRONICLE
[VoL. 108.
tacular nor widespread. Nevertheless,in the absence and grain for payment closed at 4 593. Gold enof good buying support, quotations receded steadily gagements for the week were $3,200,000 for shipment
until demand touched 4 58—the lowest point in to Spain, $3,000,000 for China, and $9,750,000 for
quite some time, and comparing with a rate of 4 68 South America, making a total for the week of
only a few weeks ago. Much of this, however, it is $15,950,000.
asserted, was due to the absence of mail facilities
As regards continental exchange, the news that
during the week, a factor which caused a dearth of
buyers, and, coupled with the continuous and Germany had agreed to an unconditional acceptance
voluminous outpouring of commercial bills upon an of the Allied peace terms exercised a favorable effect
unresponsive market, brought about the low levels and during the opening days of the week advances
current this week. At the extreme close a slight im- were recorded with a sharp rise in Italian lire to 7 95
for checks. Francs were also firm and higher.
provement was noted.
While the actual signing of the treay by Germany Later, however, when rumors of a possible hitch in
may be delayed for a few days, peace is now looked the negotiations,likely to result in further delay and
upon as an accomplished fact, and it has probably uncertainty, were circulated,weakness developed and
already been largely discounted as a market influence. substantial declines took place, particularly in lire
The question bankers are now asking is, what can which dropped back to 8 03 for checks. Offerings of
be done toward the restoration of normal trade con- both French and Italian bills continue in liberal supditions? And to this end the progress at the various ply, and trading in the aggregate showed considerable
meetings of the Foreign Trade Councils is being close- improvement. A better feeling became apparent at
ly watched. Since Europe has as yet neither goods the close, and some of the losses were regained.
nor gold wherewith to pay for what she buys, it is Among the principal news features of the week was
evident that we must continue for at least another an 'announcement by Fred I. Kent, Director of the
year to lend freely to our European customers, and Division of Foreign Exchange, authorizing dealers
the sooner measures are devised for the facilitating to carry on transactions in foreign exchange and
and safeguarding of the extensive credits which will securities without restriction, except for certain limibe needed for the adequate financing of foreign trade ted qualifications.
The official London check rate in Paris finished at
operations, the better it will be for all concerned.
which compares with 29.35 a week ago.
29.73,
It is confidently expected that with the actual
York sight bills on the French centre closed
In
New
declaration of peace, exchange dealings will show a
against 6 42; cable remittances at 6 42,
44,
6
at
the
probable
material broadening in volume, but as to
commercial sight at 6 46, against 6 43,
40;
6
against
still
exists.
opinion
of
course of rates, much diversity
sixty days at 6 50, against 6 48
commercial
and
indemniGerman
of
the
payment
that
is
It possible
ties may bring some relief, but this is not expected on Friday of the previous week. Belgian francs
to produce any very marked change in conditions. ruled somewhat firmer, but sagged off again and,
So far the outward movement of gold has been with- after touching 6 47 for checks, finished at 6 67
with cable transfers at 6 65. Last week the close
out appreciable effect upon rates.
6 68 and 6 66. Lire closed at 7 98 for bankers'
was
exchange
sterling
detail,
in
Dealing with quotations
on Saturday was steady, with demand and cable sight bills and 7 96 for cable transfers, in comparison
transfers fractionally up, at 4 60%@4 61, and with 8 10 and 8 08 last week. Greek exchange has
4 61%@4 62, respectively; sixty days, however, were been changed to 5 213/b for checks and 5 21 for cable
easier on increasing offerings and the rate declined transfers, against 5 163/b and 5 15, the previous
to 4 58%@4 593'. Monday's dealings were inactive levels.
In the neutral exchanges the trend has been toward
and movements irregular, with the trend downward;
lower
levels, with considerable nervousness and
transfers
cable
60%,
60%@4
to
4
demand declined
shown as a result of the week's developirregularity
583'@
to
bills
4
sixty-day
and
619,
619'@4
4
to
4 58%; news that Germany had at last consented to ments in the international political situation. Swiss
the Allied peace terms failed to exercise any effect on francs were conspicuous for weakness, which was
actual rates. Increased weakness developed on attributed largely to the fact that Switzerland is
Tuesday, and there was a further decline to 4 599@ taking large quantities of cotton at prices far above
4 603' for demand, 4 60%@4 613' for cable trans- the normal. Guilders were fractionally lower, and
fers and 4 57%@4 583 for sixty days; the fact that this was also true of Spanish pesetas. The Scandno good English mail steamer was scheduled to sail inavian exchanges moved somewhat erratically,
during the week contributed largely to the dulness, with sharp declines in both Copenhagen and Chriswhile prospects of continued high rates for money was tiania remittances, though exchange on Stockholm
also a factor. On Wednesday, as a result of liberal was only a shade lower. The weakness in pesetas
offerings of bills, rates suffered a further recession, was held to be partly in response to the gold export
with demand down to 4 583/2@4 599', cable transfers movement.
Bankers' sight on Amsterdam finished at 389,
to 4 5932@4 60 8, and sixty days 4 57@4 5732.
No improvement was noted on Thursday and the against 39; cable transfers at 39, against 393;
range was 4 59@4 593/i for cable transfers, 4 58@ commercial sight at 38 11-16, against 38 15-16, and
4 583' for demand and 4 56@4 563/i for sixty days. commercial sixty days at 38 5-16, against 38 9-16 on
Friday's market was firmer and a trifle higher, with Friday of the preceding week. Swiss francs closed at
demand 4 599'g@4 60, cable transfers 4 603@4 61, 5 40 for bankers' sight bills and 5 38 for cable remitand sixty days 4 57% @ 58. Closing quotations tances. Last week the close was 5 30 and 5 28.
were 4 574 for sixty days, 4 59% for demand and Copenhagen checks finished at 23.40 and cable trans4 603 for cable transfers. Commercial on banks fers at 23.60, against 23.80 and 24.00. Checks on
8, ninety days Sweden finished at 25.50 and cable transfers at 25.70,
finished at 4 593, sixty days at 4 563/
3
at 4 54%, documents for payment (sixty days) against 25.70 and 25.90, while checks on Norway
4 569', and seven-day grain bills 4 58%. Cotton closed at 24.70 and 24.90, against 25.20 and 25.30
JUNE 28 1919.]
THE CHRONICLE
the week before. Spanish pesetas closed at 19% for
checks and 19.83 for cable remittances. This compares with 19.97 and 20.05 last week.
In South American quotations a further lowering
has been shown, with the rate for checks on Argentina
down to 431
4 and cable transfers 433,, against
43.80 and 43.90 a week ago. For Brazil, however,
the undertone was slightly firmer and the close was
279 for checks and 27% for cable remittances, as
compared with 273/ and 275
% last week. Chilean
exchange remains at 10 31-32, and Peru at 50.125@
2573
The reason for that attitude is better understood today than it was seven months ago. The consensus
of military and political judgment, as expressed since
that time—German as well as non-German—is that
the German army was immediately confronted with
a "greater Sedan," a colossal military disaster, which
would have placed Germany in exactly the position
of the France of 1871.
This is the reason why Germany's acceptance of
the terms of peace was all along inevitable. The
army had been virtually disbanded under the terms
50.375.
of the armistice; the fleet surrendered; the reserve of
Far Eastern rates are as follows: Hong Kong, arms and muniti
ons given up; the strategic military
82@823/2, against 83@83; Shanghai,
124@1243/
2, points occupied by the enemy army. If Germany
against 123@124; Yokomaha, 50@50%,against had this week actuall
y decided to refuse acceptance of
507
%@513; Manila,49%@491A (unchanged); Singa- the Allied ultimatum,
it would have meant beyond
pore, 55@553 (unchanged); Bombay, 42@423/
2, question inviting invasion of the German territory
against 413@41%; and Calcutta (cables) at 42@ not as yet occupied,
the capture of other cities by
423/
2, against 413@41% the week previous.
the enemy army; and probably the downfall of the
form of government which has thus far successfully
The New York Clearing House banks, in their resisted insurrection. No
Government and no legisoperations with interior banking institutions, have lature in its senses could
resort to such an alternative.
gained $4,065,000 net in cash as a result of the curThat German statesmen should have protested
rency movements for the week ending June 27. vigorously against the
terms of peace, should have
Their receipts from the interior have aggregated urged their mitigation,
and should have argued that
$8,463,000, while the shipments have reached $4,- the demands on Germa
ny were unjust because they
398,000. Adding the Sub-Treasury and Federal involved the countr
y's economic ruin, was, from
Reserve operations and the gold exports, which to- their point of view,
merely following the path of
gether occasioned a loss of $114,471,000, the com- duty. It was
their business to get the best terms
bined result of the flow of money into and out of possible
for Germany. As a matter of fact, the
the New York banks for the week appears to have harshest
of the stipulations had already been acbeen a loss of $110,406,000, as follows:
cepted in the German counter-proposals; the final
Week ending June 27.
objections applying first to the territorial provisions,
Into
Out of
Net Change in
Banks.
Banks.
Bank Holdings.
and
then to the formal acceptance of responsibility
Banks'interior movement
38,463,000
34,398,000 Gain $4,065,000
Bub-Treasury and Federal Reserve
for
the
war and to the promise to give up the Kaiser
operations and gold exports
49,725,000 164,196,000 Loss 114,471,00
0
for trial. Up to the last, however, it was the GerTotal
$58,188,000 $168,594,000 Loss$110,4
06,000
The following table indicates the amount of bullion man Peace Delegation's duty to use every argument
in. the interest of their constituents. Thiers used
in the principal European banks:
insistently the argument of unbearable terms when
June 26 1919.
conferring with Bismarck in 1871, and he succeeded,
June
27
1918.
Banks of
Gold.
Silver. I
Total.
Gold.
as Brockdorff-Rantzau has done, in securing imSilver. I
Total.
£
I
£
£
portant remissions.
England.._ 87,810,526
87,810,526 65,228,15
65,228,15
7
Frances_ - 142,904,777j 12,120,000,155,024,777 134,469,617
E
4
10,360,00
Nor is there reason to regard the outcry against
0
144,829,614
Germany _ 57,575,450 1,001,100 58,578,55
200 6,037,300123,340,500
Russia o__ 129,650,006, 12,375,000 142,025,000117.303,
6129,650,0
00
12,375,000
Treaty, and against the Ministry and National
,142,025,0
the
00
Aus-Ilun c 10,926,000, 2,372,000 13,298,000 11,008,000
1
2,289,000, 13,297,000
Spain --.650,000:25,040,000115,890,000 83,330,000
Italy
32,716,000 2,955,000, 35,671,000 33,449,000 28,154,000111,484,000 Assembly which accepted it, as unnatural or unusual.
3,265,000 36,714,000
Netherl'ds 55,164,006
708,000, 55,872,000 59,840,000
600,000 60,440,000 This also merely repeats
Nat.Bel.h 15,380,000
what happened in the case
600,000, 15,980,000 15,380,000
600,000 15,980,000
Switz'land 18,348,000, 2,742,000 21,090,000
15,386,000
15,386,000 of France. The Communists'
Sweden-- 16,103,000
insurrection of 1871
I 16,103,000 14,404,000
14,404,000
Denmark _ 10,355,000,
138,000 10,493,000 10,228,000
136,000 10,364,000 in Paris made its
Norway.. 8,184,000,
protest
I 8,184,000 6,617,000
agains
t the peace terms
6,617,000
Tot. week.675,766,753I 60,051,106735,817,85
of
part
its
declara
tion.
But
3696,2
on
92,971
the
other hand, the
63,816,30
0760,109,
271
Prev.week 683,173,108, 61,006,300 744,170,4
08094,880,212 63,612,000758,501,212
lack of personal dignity in the German procedure,
a Gold holdings of the Bank of France this year are
exclusive of £79,131,137
held abroad.
and the repeated manifestation of what seemed to
No figures reported since October 29 1917.
c Figures for 1918 are those given by "British
Board
of
Trade
Journ al" for be mere spitefulness, is unfortunate. In this reDec. 7 1917.
h August 6 1914 in both years.
spect, Germany's attitude differs from all other previous instances of the kind with which we are familiar.
GERMANY'S AGREEMENT TO THE TERM
S OF The scuttling of the interned ships by
their German
PEACE.
caretakers in violation of the armistice, the burning
The assent of Germany to the terms of peace,
of the captured French flags whose return to France
which was officially announced on Monday, was
as had been formally pledged, the repeated intimations
inevitable a sequel to the armistice as the
acceptance that the terms of the Treaty might not be observ
ed,
by the French Government and Legislature of the
and the long delay in finding any one willing to sign
harsh terms laid down by Prussia in 1871 was to
the the Treaty—as if it made any difference whose
surrender of the main French armies and the
occupa- name was attached to his Government's agreement—
tion of France by the Germans. The decisio
n to these were extremely unpleasant incidents which
accept whatever terms might be required was
taken have perhaps no precedent in such negotiations.
last November, and it was taken, as the
leading They certainly had no parallel in the action
of the
German negotiator afterwards declared, under
the French during 1871. But Germany's attitude to"iron compulsion" of the German High Command.
ward the outside world has been peculiar to itself,
Ask for concessions in the armistice terms,
Hin- ever since July 1914.
denburg had written to Erzberger, "but if you
cannot —Of the Treaty terms themselves as finally accepted,
get the concessions, you must sign just the same.
" we need only say that although, when compared
1
*
2574
THE CHRONICLE
[VOL. 108.
A world, in many ways new, awaits beyond; and
with Germany's wishes and perhaps with her expecare no questions more pressing or more difficult
there
are
they
less
neverthe
tations, they are very harsh,
now to follow. With some
lenient compared with Germany's moral deserts of answer than what is
can venture to indicate
we
,
for what she did in causing and conducting the war. assurance, however
which we may hope the
changes
nt
importa
We have pointed out one grave objection to the certain
ate.
inaugur
will
Treaty
any
reparation clauses; that they by inference, at
One is the end of the reign of Distrust. This as
rate, give the future Reparations Committee power
result of many causes, one of which has been
the
ty.
indemni
to increase the hundred billion marks
rediplomacy. That is the channel through
secret
to
y,
explicitl
quite
But power is also given, and
to do pretty much
duce that total, or, by unanimous consent of the which the right of strong nations
ish their puraccompl
to
Committee membership, to remit entirely some of as they pleased has acted
of unrest,
state
a
in
world
the
kept
has
pose. It
the exactions.
lead up
to
war
every
after
possible
it
macle
has
The economic and political results of the Treaty and
of the
gains
the
reverse
should
which
war
the
another
to
by
episode will be determined, in our judgment,
wars
other
still
for
turn
in
g
preparin
one,
Quite
previous
power.
wise and judicious use of this second
nations
among
even
,
distrust
Mutual
follow.
to
disconGerman
allaying
of
aside from the question
for fellowship and content and hatred, and even apart from the question having the strongest reasons
s the established concenturie
for
of fairness to a defeated enemy, the Allied Com- fidence, has been
fear, greed, and
unrest,
lly
g
universa
breedin
's
dition,
missioners must know that to cripple Germany
the State the
of
conduct
the
to
apply
to
wreck
refusal
to
financial and industrial energies would be
are accepted
which
honor
and
morality
of
es
so
principl
means
which
the whole problem of reparation,
attention of
the
has held
much to the devastated Entente countries. Re- for the citizen. The war
be expected
may
it
and
garding even the formal admission of culpability for the world to this situation,
.
dawned
has
bringing on the war—which has been most angrily that a new day
The ending of war, big and little, is brought within
resisted by the Germans—there are two things to
range of possibility. The Treaty is the first step
the
be said: first, that not only the unanimous judgthe realization. This has long been the
but
y
toward
German
ment of the civilized world outside ot
the best men and their goal for humanity;
of
Gerdream
dent
indepen
the judgment of enlightened and
prophets and the Roman
mans, concurs in such a verdict; and second, that witness the Old Testament
tumultuous days precedsuch a declaration was the necessary preliminary temple of Janus. In the
ing the Coup d'Etat and the second Empire in France,
to the terms of peace as laid down in the Treaty.
M. Guizot, was challenged
Of the provision which requires the giving up of when the Prime Minister,
Government's having no
his
with
Thiers
fiery
the Kaiser for trial, judgment can hardly be as by the
anticipated the overwhich
a
stillness
in
conpolicy,
favorable. There was much in the German
and said: "You are
arose
Guizot
State,
the
of
trithrow
man
non-Ger
a
tention that such action, with
can be stated
which
bunal to try a deposed German sovereign, would be mistaken. France has a policy
and everynow
all,
with
contrary both to German constitutional law and in one word. It is, Peace,
with a
feet
its
to
sprang
y
Assembl
The
to the law and practices of nations. For ourselves, where."
is
struck
note
That
all
France.
stirred
which
thrill
distictly
we believe that the precedent would be
s.
respond
world
the
and
to-day,
might
again
future
evil, that its application elsewhere in the
If it is too soon reasonably to expect the Golden
work great mischief and injustice, and that it would
ought
to govern in national intercourse, the policy
Rule
iwhich
ilities
responsib
lay on the tribunal itself
won wide acceptance
not to be imposed. Our feeling on the whole is one of "Live, and Let Live," has
of the people will
voice
ofskepticism asto whether the Kaiser will ever be tried. among the people, and the
has been touched
world
the
of
heart
The plan might fail, indeed, through the declaration be heard. The
France, Serbia,
and
Belgium
of
gs
sufferin
the
by the jurists of Holland, who have long been recog- by
the world has
and
ns;
Armenia
the
and
Poles
the
that
law,
nized as high authorities in international
reached,
before
never
scale
a
on
and
anew,
political
learned
for
the right of asylum in that country
g
sufferin
the
of
help
the
to
coming
of
ss
happine
the
of
the
request
on
refugees can not be denied, even
and
and the weak. Men are prepared to underst
Entente Powers.
no nation lives to itself. Prosperity when
agreethat
the
is
us,
to
seems
it
fact,
But the essential
and when one suffers,
ment on the terms of peace. How the carrying out of shared by all, blesses all;
is a privilege and a
It
suffer.
all
later
or
them will affect the political or economic future of sooner
of the individual, to
than
less
no
State,
the
of
the
duty
of
Some
Europe, can only be conjectured.
and to find in the
ns,
conditio
better
to
the
others
of
s
help
member
the
clearest thinkers, even among
doing, an immediate and
Paris Conference, are believed to hold the opinion effort and the cost of so
That truth is already
that only with the beginning of reconciliation and enduring good to oneself.
will surely continue
and
nce,
accepta
the admission of Germany to a League of Nations in the way of
nity.
opportu
new
find
shall we be able with confidence to lobk very far and
We may also expect an end of every form of
ahead politically. But meantime, Europe's ecoo. Trade will be set free. Here there is
the
Embarg
on
once
at
nomic rehabilitation should begin
much conservative teaching and practice to be overormal declaration of peace.
come. In every line of business competition has
secure free
WHAT PEACE SHOULD BRING AND WHAT so long prevailed that it will take time to
tonmarine
of
e
Shortag
.
markets
all
to
all
access for
CAN BE DONE AT ONCE.
will
all
sides,
on
tariffs
war
for
demand
the
and
With Germany agreeing to sign the Treaty of nage,
merthe
of
release
the
But
ce.
hindran
strong
a
be
weariPeace the first feeling is one of relief. War
is already relieving the one difficulty,
ness was the supreme influence among the people chant fleets
of the need for exchange of raw maof Germany, and the world responds to it. The and the extent
terials and manufactured articles in all markets, a,
second thought is of what is to come from it.
JUNE 28 1919.]
THE CHRONICLE
2575
condition which requires the freest give and take, much to hasten the day of better things for themwill carry us all rapidly forward into new concep- selves as well as for others if they will be content
tions and new relations that are sure to prevail.
to put their goods on the market at such attractive
The new world will be characterized by a wide prices as will secure their quick distribution. There
Enlightenment. Universal education, enforced by are indications that this process has already begun.
the State if necessary, has gained a new importance. The meat packers are announcing it, and some large
Russia, harried and trodden, bleeding and starving, retail establishments are advertising extensive sales
hopeless and helpless in her vast illiteracy, is a warn- at reduced prices. High cost goods taken thus
ing to all. A free people must be a literate people. out of the way, the road will be open to restock with
Not only that, Education, from top to bottom, will goods at prices that are much nearer normal. Exnow be seen to require the inculcation of Funda- cessive rentals and high retail prices combine to
mental Ideas. An idea is the most powerful and block,in many directions the effect of Peace.
the most prolific thing in the world, and may easily
Employers can do much in promoting the new
be the most dangerous. Wrong ideas can only be day by proceeding to provide for the profitable
driven out and their power of destruction arrested employment of labor under conditions of better
by right ideas. A propaganda of intelligence may living for all. There is no justification for waiting
be expected which shall sift ideas, rejecting the un- for settled conditions before labor is better housed
sound and devoting its full strength to the propa- and established in hopeful and satisfactory terms
gating of the true. A new world of ideas is upon of life. Going forward in this, tarrying for none,
us. Many will be strange and many unsound, but is a plain duty.
they are an evidence and a feature of life; and a new
There is a clear call to lay aside the spirit of Reworld that brings a challenge of new life is to be vengeand Retaliation. If only for our own sake, we
hailed, however numerous its problems or serious need to do this, for it is a spirit which reacts heavily,
its difficulties.
corroding and hardening the heart. Undoubtedly
What then can be done at once? We can face the German nation deserves just retribution. They
conditions as they are. That involves among other are sure to encounter it in the days to come withthings the stopping of waste. An immense amount out the necessity of our individual acrimony and
of the world's industrial capital has been destroyed. bitterness. We do not want to temper the mercy
In money, both fixed and current, in labor, in ma- which is always a Christian duty, with the justice
chinery, in established agencies and lines of business. which belongs to the administration of the law.
All will have to be restored before life can go on as
The time has come for us all to take a fairer and
before. Much of this destruction is now shown to more generous view of other people's circumstances
be irreparable. Large areas of France are so up- and abilities, not to set ourselves up as their judges
heaved and rendered noxious and poisonous that but to accord to them every opportunity for self
much time will elapse before, if ever, they can be expression and self development and to be generous
restored. This is suggestive of the extent and the with appreciation and honest praise wherever it is
nature of a destruction which cannot readily be es- possible. Men of many races have found opportimated, but will eventually have to be made good. tunity to prove their possession of splendid qualities
Arresting every form of waste ought to be the ob- in the war. The presence of these is now beyond
vious and immediate task of all. Unnecessary question in any race. We can anticipate them in
expenditure is perhaps the most common form of the normal circumstances of life, and should open
waste, especially in the more prosperous communi- wide the door for their display.
ties. It needs thorough investigation as to the exThis leads up to an examination of our own shortpenditures, both of the State and of the community comings and that vigorous dealing with them, which
and none the less of each individual. If reckless will help us to occupy a high position, should it
expenditure out of abundant surplus may ever be come to us, without pride, or a low one, if that is
tolerated, it certainly cannot be in the wake of a our lot, without depression. It will lead us to disworld-devastating war.
trust and discredit, as Switzerland already is doing,
Budgets for the town, the State, and the home every sort of "Council," of soldiers, or workman,
should be established on the basis of existing prices, or any other class, which is created solely to enforce
and then lived up to. This is essential if better its own interests in selfish disregard and antagonism
times are to be hastened. They cannot be gambled to the interests of others.
for successfully.
In short, the day has come for making the BrotherWe should also face an inevitable Dissolution of hood of Man a real thing, exhibited in the lives of
Prices. The war basis cannot permanently stand. men dwelling in the same community, and reaching
Business men know this and hesitate to lay in stock, out from those who put it to a daily proof till it
or invest in construction, because they fear the embraces men of every race or class dwelling anyinevitable drop. Labor dreads it, and much of the where. It would seem indeed that despite the
current disturbance is due to this fear, which leads anxiety which many must feel the world can take
to a demand of the highest possible wages every- fresh heart in applying all it has talked and dreamed
where, and a general unwillingness to make engage- of in its ideal world to the world in which we live
ments, or to enter upon steady and permanent work. to-day.
That reduction in current prices of merchandise,
the product of the war, ought to be faced and for- THE AMERICAN FEDERATION OF LABOR STILL
warded in the interest of establishing normal busiRAILING AT THE COURTS.
ness which depends upon it, and in the interest of
The American Federation of Labor has lately
the people who are bitterly pressed by the high cost finished its 39th annual convention, meeting at
of living of which those excessive prices are largely Atlantic City. Its Executive Committee denounced
the measure and the cause. Firms carrying large what it calls usurpation by the courts in passing
stocks and indeed merchants in general can do upon the constitutionality of statutes and issuing
2576
THE CHRONICLE
[VoL. 108.
injunctions. Our courts and judges, declares this to sober wisdom or hasty folly, they can change the
report of the committee, freely and uninterruptedly laws and even rip up constitutions.
"Our nation is founded on the principle that every
"exercise powers which even the monarchs and kaisers
dare not exercise. . .the power of our courts. to citizen is a sovereign unto himself and that the
declare legislation enacted unconstitutional and powers of government extend only to that degree
void is a most flagrant usurpation of authority by to which the consent of the governed has been
our courts and is a repudiation and denial of the freely, fully, and fairly obtained." So this comprinciple of self-government now recognized as a mittee report affirms. The second clause is correct,
world doctrine; the continued exercise of this un- but the first is nonsense. The person who insists
warranted power is a blasphemy on the rights and on being a self-sovereign can have his ideal by retiring
to a cave or a tree, until the cave or tree comes within
claims of a free man of America."
That organized labor does not approve the courts a property claim; he cannot be a "citizen" anywhere,
is well known, the reason being that the courts do in this nation or any other, for he is outside the pale
not judicially approve some of the conduct of or- of society, which is conditioned on subordinating
ganized labor. But such talk as the •above is utter and giving up some personal liberty; surrender to
bosh. There are persons who deny that any court society something of yourself, and in return society
has power to pass upon the constitutionality of any will give you more than you have lost.
But how shall the indispensable consent of the
statute, but this is disposed of without looking
up precedents or entering upon any technical dis- governed be defined? If a man may deny allegiance
cussion, for the dilemma which the contention of to any official for whom he did not vote or may
ultra vires in this matter unavoidably produces break any law which he does not like, society must
has already been pointed out by the "Chronicle," and will compel him, unless he flees in advance of
being this: a statute must be interpreted before it an overt act to the cave or tree. This committee
can be enforced. The interpreting must be by the demands, quite unnecessarily, impeachment of all
officers to whom enforcement is committed, or by judges who usurp authority, and calls for standing
the dictum of some tribunal,or by some organization firmly on the rights of free men and to "treat all
in a convention, or by a casual gathering of people injunctive decrees that invade our personal liberties
informally. Since the sole object of having courts as unwarranted in fact, unjustified in law, and
is to procure enforcement of law and establishment illegal as being in violation of our constitutional
of justice and since only the extreme wild men who safeguards, and accept whatever consequences may
denounce the jury system outright object to having follow." That is, let us disregard and defy any
the presiding judge explain to juries what the law law and any court that we do not like, setting ouris, no question can be raised as to which of these selves up as the judge in all cases. The Federation
four methods of interpretation is the proper one, has sometimes assumed to do this, and has not
yet if the courts may not perform this unavoidable followed the counsel to cheerfully accept consequences.
duty somebody else must.
The whole case is that the Federation wants to
judge
is
declares,
objector
,
the
But the legislature
keep
of its own powers and its own actions. Is it? The rule over labor in organization, and cannot
appear
must
it
power;
higher
constitution is the prior and higher instrument, its hold unless it is the
courts;
and from that the legislature derives its power; able to dictate legislation and be above
Danbury
the
in
years
through
struggle
the
not
hence
therefore that power must conform to and
on
conflict with the chart of liberty. The constitution Hatters case and the rage of the organizati over
keeping
for
is
rant
recent
most
this
All
ble
its
defeat.
indispensa
conditions
always prescribes certain
to "passing" bills, and bills cannot become laws up appearances and for overawing the politicians
rubbish
unless those conditions have been fulfilled. Not who are afraid of a "vote." It is inflated
y
sovereignt
the
of
even the wildest ranter would go so far as to say to solemnly declare that "the fate
balance."
the
in
hangs
again
that a minority can pass a bill over a majority; of the American people
"It is inconceivable that such an autocratic,
but legislative action which does not conform to
remain in
the provisions about method and order is not more despotic, and tyrannical power can long
give
ultimately
must
other
the
or
one
;
democracy
a
which
effectually forbidden than any legislation
comthe
by
,
applied
declaration
This
way."
prohibition
nal
constitutio
conflicts with some other
by the courts,
or limitation. The courts must pass upon agreement mittee's report to alleged usurpation
itself and to
Federation
the
or disagreement with the constitution in all these is quite correct as to
e
part of the
inseparabl
an
convert
to
respects. Legislation unconstitutionally enacted is all attempts
the
dominate
and
"class,"
distinct
a
into
be.
people
to
not "enacted" at all, but only professes
class.
that
of
benefit
the
will
for
country
ever
or
did
ever
The sum of it is that no court
presume to judge a statute according to its wisdom
RAILROADS WITH SHIPPING—
or its justice, for all that lies with the lawmaking LINKING THE
Y SCHEME FOR GOVERNMENT
UNTIMEL
AN
body; hence no court ever undertakes to "nullify"
CONTROL.
a statute; it merely finds and declares that some
in Washington reports that
tive
representa
press
A
professed statute never possessed life.
Board and the heads
Shipping
S.
U.
the
of
officials
As to injunctions, organized labor has reasons
s on railways and
committee
nal
Congressio
of
the
which
for disliking them—reasons the same as those
g "an ambitious
considerin
are
marine
merchant
the
Our
sentences.
make the convicted -prisoner dislike
of the
systems
railroad
the
linking
of
program
decision
be
must
there
but
courts are not infallible,
for
a
in
plan
marine
somewhere, and power to enforce its authority country with the merchant
and
rapidly,
cheaply,
must necessarily vest in a court; appeal lies from lower carrying American trade
The report
to higher, and when the highest speaks we have to efficiently to all parts of the world."
ly desiris
intrinsical
object
the
for
credible,
acquiesce. Power finally vests in the people, un- is quite
Governby
it
some
achieving
of
notion
the
and
deniably; when the people_are enough moved, either able
JUNE 28 1919.]
THE CHRONICLE
2577
mental combination is plausible. This correspondent
But now some men in office seem to have set
says the plan "looks to extending the Government- before their minds a mercator
map of the globe, on
regulated instrumentalities of transportation through- which they imagine they
see government-controlled
out the world, by establishing regular routes overseas, lines across continents
and oceans (and possibly
connecting them with the railroad operations of the through the overhead
ocean as well) linking trade
country, and keeping the whole under a general all around, and this country
as leader and perhaps
domination of the national authority." "No sub- lion in the division of
benefits. The vision is well
sidies for shipping" is to be at the basis of the scheme; enough, except for its fatal
weakness: its "governthe head-of the Division of Operations of the Shipping ment control." Freight is to be
received anywhere
Board tells the committees that none will be required, (they see in their dream) is to be
billed through, is
and Senator Cummins is said to share this belief.
to be handled by the "controlled" agencies, is to
Mr. Cummins heads the Senate Inter-State be "assured regular and direct service."
The same
Commerce Committee, and Mr. Jones of the State regular and direct service it has
been having? Not
of Washington heads the Senate's Committee on long ago, a cartoonist drew for us a
little picture of
Commerce. The former is quoted as saying that a snail in the postal uniform and
bearing a mailbag
on the assumption of the feasibility of operating on its back, and to the rabbit which
casually asked
American ships in competition with those of other if he was carrying parcels-post
matter the snail
nations, the plan is "to link the railroad systems answered, "No, special delivery."
If the new
and the merchant marine in such fashion as to provide connections and extension of this
dream are to
routes covering the commercial world, just as our have the same regular and direct service
we have
railroad system covers the entire country." This been enduring since the control took hold
what
would involve organizing the merchant marine hope is there for accomplishment to justify
assurunder a Shipping Board control that would bear ance? And if there is to be an improveme
nt, can
to maritime carrying a relation akin to that which it come by a perpetuation of the control,
or only
the Inter-State Commerce Commission bears to by its abandonment?
railway carrying. With a little hint of details he
Now that the deficits are mounting up, the shortsays:
comings and inadequacies becoming even less toler"It is now proposed to group the railways in a able, and the difficulties in the path
of redeeming
number of great systems, and the plan we have the solemn pledge of return of
the seized properties
considered would apply that method to maritime to their owners are slowly
proceeding (for this we
shipping. Companies would be formed to handle must believe and surely
we must determine shall
particular routes and ports, and each company be the fact) towards
some just and workable solution,
would have a monopoly in its own region. . .
there come such untimely schemes as this for exThen the railroad system of the whole country would tending and retaining the
control. It is not rational,
be connected with the ocean-going lines handling and it ought not to be
tolerated by public opinion.
these different classes of business. Freight offered Trade and industry will
expand, if permitted to.
anywhere in the country for, say, Liverpool, would Goods that need carrying
will be carried, pursuant
be received billed through, handled under the system to the natural laws of human conduct,
if permitted
directly by the Government-controlled agencies, to be. Private capital,
private prevision, private
assured regular and direct service, and kept under faith in the future, private
energy and initiative,
the same general Government regulation that it will provide tile cars, the ships, and
the credit, if
now has in rail transportation."
the deadening hand be kept off.
Most of us believe in prosperity, to come if not
No, emphatically no; let Government keep away,
already here, and the men of broadest view and of and let it subside
into trying to do, with some approxdeepest study as qualified by experience think they imation to
efficiency and reasonable cost, the lines
foresee, as a part of the compensations for the agony of work
that must be left to it. Can it be nothing
of the last five years and as part explanation how more than a coincidenc
e that the most vicious tax
it could have entered at all into an over-ruling propositions; and
the notion of putting communicaProvidence, that there is before the civilized world
tion by post and wire, and now of international
an almost boundless expansion of trade and industry; commerce, into the
hands of the bungling machine
but this must be founded on sound principles and we call Government,
seem to come from men of least
must wait until those are recognized. This country personal familiarity with
large business and most
has shared in paying the price, and it will share in remote from the ocean
and from international
that for which the price is paid; if it blunders,it will commerce? Inexperience and
ignorance are often
delay its reward and compel further price-paying. presumptuous, by a sort of ex-officio
impulse, as
All of us recognize that our national isolation is we have had occasion to know; but
is it not time
gone, and nearly all believe this country is to take they were courteously though
firmly pressed to the
an unprecedented part in international trading. background?
Our large banking institutions have foreign branches
and connections as never before, and our wisest
STRIKES! STRIKES! STRIKES!
business men are studying and planning as never
Now comes the Brotherhood of Railway Trainbefore in relation to our neighbor on the north, men demanding an improvement of "the standard
the huge continent at the south, a Europe to be of living which obtained before the war." It matreborn and to be at last really developed, and even ters nothing to them that the world is poorer by
for a world-wide conquest of peace. We shall reason of the war, that the average person everyhave keen competition for the victories which peace where must stint himself to save to pay taxes; that
hath as well as war; but we shall begin, let us hope, there is unemployment; that in sections of Europe
by full realization that permanent trade is not one- and Asia gaunt famine stalks at:noon day unrelieved
sided and that it always must be essentially an and almost unrelievable; that capital here, as well
nterchange of commodities.
as abroad, is hesitant, afraid, and enforcedly idle;
2578
THE CHRONICLE
[VoL. 108
are free to contract with the
that reconstruction demands its due; that the human the owners of labor
vice versa, no industry can
and
capital,
of
owners
between
peace,
heart is crying aloud for peace,
of the orders of unionism,
nations, though domestic turmoil threatens in many operate. When by means
within itself, when labor
contract
countries; the organized trainmen of the United labor is not free to
based not on the rights
ion
organizat
States are not prepared to make sacrifices in com- is ruled by an
can become parties
who
alone
those
of
mon with the several peoples burdened with incon- and freedom
as such, make and
unions,
no
(for
contract
the
ceivable war debts. Was there ever a more un- to
of labor, they,only
hire
direct
the
for
contracts
with
sign
blushingly selfish demand than this, or one
can, which prothey
when
ts,
agreemen
into
enter
less regard for the interests of others?
labor shall obof
hiring
the
in
s
employer
that
vide
Canada,
in
prevalent
As we write "strikes" are
schedules they promulgate or
a so-called "general strike" in process in Toronto. serve certain wage
set up as to free or open
The metropolitan police in London are voting on a certain limitation rules they
) then the real
so-called
ion"
"recognit
strike to compel recognition of a "union" or union- shops, and
g is forfeit—no
bargainin
collective
free
of
ism. In Buenos Aires, it is announced, virtually essence
freedom can
no
and
"
"unions,
to
paid
are
wages
pending
on
all newspapers have suspended publicati
.
employer
or
employee
for
either
exist
printers,
and
s
a settlement between publisher
In practice, as all know, by means of picketing,
"which arose when the printers refused to set aditself become a direct
vertisements of a boycotted department store." the union, that cannot of
seeks to prevent the
contract,
possible
And sporadic strikes occur almost daily in the United party to the
members of the
than
other
hiring
from
employer
States. In a dispatch from Toronto we read the
the plant, predown
shut
to
is
effect
The
union.
to-day
following: "The Central Strike Committee
e, destroy
commerc
with
interfere
on,
producti
at
vent
Borden
sent the following message to Premier
deny to
and
remote,
and
near
products
of
at
values
that
notice
your
to
Ottawa: "We wish to bring
and
capital
both
t on
the Peace Conference, which you attended, it was the people who are dependen
who
s,
employee
The
life.
decided that labor must be recognized, also collec- labor the necessaries of
members of the nontive bargaining. Inasmuch as this is a fact, why is suffer themselves to become
their independence,
surrender
union,
common labor forced to obtain what we understand participating
the contract
outside
those
by
dictators
to
submit
was internationally recognized?"
longer conno
are
doing
so
by
and
,
executed
be
to
this?
all
What does the patriot citizen think of
ors.
conspirat
but
tractors
inCan
think?
What does the returning s'oldier
Their act makes not for production but non-produstry live and prosper under a despotism of strikes?
not on the rights
Can an idealized liberty prevail for the masses of duction. Their demand is based
orders of a body
the
upon
but
t
agreemen
men under the domination and dictation of self- of a mutual
result is as
the
And
es.
themselv
outside
constituted "unionism?" Can a peace of nations really
was to
union
one
if
as
industry
of
paralysis
a
much
bring prosperity to peoples while their domestic
union
another
of
members
prevent
to
arms
up
take
forever
that
peace is thwarted by a class of workers
concan
demands more and still more and uses the bludgeon who in their individual working capacity
g
bargainin
collective
of the "strike" to get it? Can a democratic repre- tract, from doing so. True
cora
and
s
employee
of
body
a
sentative government exist anywhere while a mi- may exist between
g with capital)
nority of "labor," organizing itself for,its own benefit porate employer (labor bargainin
and authorized
ative
represent
a
of
means
by
when
regardless of others, uses its power to coerce capital
employees
contract,
to
able
those
of
e,
committe
lawand hesitates not to carry its demands to the
and conhours
to
as
t
agreemen
an
into
enter
shall
itself
insinuate
making agencies of the people, or to
.
into bodies of government employees that it may ditions of work and wage-scale payments
But it must be noted here, even, that the right
therein also compel acquiescence by promoting
co-equivalent of
strike3 against the very government itself? Is this to do, to bargain, is not quite the
there is a moral
when
y
especiall
do,
whole procedure of "union labor," over the whole the right not to
of the eminterests
g
continuin
the
further
world, one of patriotism or pure selfishness? Is duty to
permisthis
And
.
employee
the
as
well
as
ployer
this the meaning of "collective bargaining," that
only
the
and
g,
bargainin
collective
of
form
sible
tic
those not in direct interest shall by sympathe
indithe
prevent
to
it
seeks
when
halt
must
one,
not
made
strikes compel obeisance to demands
working on his
within and by the parties to the contract, but by vidual worker from bargaining and
him unduly to
influence
to
those outside the plant? And are the several peoples own behalf by seeking
agree among
who
majority
a
of
will
the
by
of the world content to watch indifferently the rapid abide
case may
the
as
work
to
not
or
work
to
es
themselv
while
growth of an oligarchy of so-called "labor"
the
leave
still
must
g
bargainin
e
Collectiv
be.
and
y
democrac
they dream of a coming universal
to
right
own
his
follow
to
free
worker
l
individua
huand
justice
"liberty,
perpetual peace, where
contract or not to contract.
manity" shall be the heritage of every man?
Now has government any duty to perform in
To "bargain," either individually or collectively,
the inis to enter into an agreement to do something. It the protection of individual effort against
our
foregoing
under
that
strikes,
of
evil
is to negotiate a contract between the employer and creasing
against laborers
employee. A "strike" on the contrary is essentially analysis are conspiracies, not only
and owners of
s
employer
corporate
and
es
themselv
bargain,
a
a conspiracy. It does not in itself make
whole people
the
against
ly
collateral
but
capital,
a
do
to
not
t
but prevents one. It is an agreemen
may not be
or
may
There
welfare?
public
the
and
thing
that
prevent
to
intent
the
certain thing, with
protect the
to
being done. It is coercion by means of a negative laws on the statute books sufficient
Opinion is
premises.
force. In an industry an employer cannot do his citizen and the public in the
is shall
issue
ating
predomin
own work himself, he must have help, he must divided. The great
to
its
power
exercise
people)
the
(all
nt
employ men, skilled or unskilled. Unless an in- governme
of
taking
dilatory
a
by
or,
people,
the
all
protect
Unless
dustry can operate it cannot employ men.
JUNE 28 1919.]
THE CHRONICLE
the easiest way out, by passing hour and wage
laws by stopwatch methods of "leaders," by submission to strikes and strikers born of class interests
and organizations, supinely submit "all that we
have, all that we are" to the dictation of labor
unions. If by adding class after class, to-day
actors, perhaps, and to-morrow teachers, a federation can be formed holding the balance of suffrage
power in the republic, then "unionism" with all its
selfishness and arrogance can insinuate itself into
the operative processes of government itself, and so
doing cannot only strike and protect itself by laws
in striking, but can so dominate industry, business,
capital and ownership, as to subvert the fundamental
principles of individual freedom to labor, to contract, to earn and to own, as to destroy our present
citizenship, and convert the nation into a semiSocialistic state. What are the people going to do
about it?
2579
and lay the foundation for credit. The whole world
needs them both. If it has been good to save
patriotically in war, it is no less good to save now,
that capital and credit may set the idle wheels of
industry turning again to the old-time music throughout the world. And the time is now. We read that
in the war-ridden countries of old Europe the relaxation from grim realities has produced with
many a sort of delirium of abandon, and that men
and women, turned from the horrors and yet conscious of the dun and weighted days that lie ahead,
now seek for a wildness of pleasure and joy, as if
"nothing" can again "matter" in the life that is
to come. And in the United States we are told
there is much extravagant and useless spending by
those who have won excessive profits or wages by
reason of the war. This is not the temperance in
living that should prevail. And if we leave out the
help to Government that is incidental to the purchase of war stamps, there is great ethical and moral
THRIFT SUNDAY IN THE CHURCHES.
good to our free and independent social life by
We have noted in this city the recent advent of a preaching the principles of the simple and sane
"Community" Church, having for its avowed pur- living.
Abe Martin, the newspaper philosopher who has
pose active helpfulness in the humanities. How
far the "movement" will extend is problematical; lately attained to the universality if not immortality
how far this open "democratization" of the sacred of the screen, says that there is one satisfaction in
Church should proceed is questionable. All things sending an auto to the machine shop—one can save
in due season, is a good precept; and everything enough while it is out of commission to pay for the
in its place is another. Between the cold formalities repairs. And the homely truth suggests, if the
of ritualism and the warm service bestowed where mind will dwell on the problem, the number of
help is needed there is a great gulf. But—and we things we do now in life that are expensive and seem
are moved to emphasize the thought—the spiritual to be a part of the necessities. One can walk to
mission of the institution we name "The Church," church, and the street cars are running on Sunmay be enervated by too gross effort and contact days, and over in a rising village far away the rewith purely worldly activities.
turning refugees would smile at the building of a
However, there is a limited field in which the factory to give employment and reinstate hope.
Church may become a temporal means toward And little savings, where it is possible to make
patriotism and progress. And it is our belief that them, soon swell into that private capital which
the inauguration of a "Thrift Sunday" in the churches through corporate means may touch the weakness
and its probable recurrence, is in line with what we and woe to brighter and better things. Of course
may broadly term the spiritual teachings and char- we are using the "auto" as a mere illustration withacter of this independent, universal, and religious out giving it special place in the possible scheme of
institution. For the essence of all true religion is saving, and yet as we write the thought comes to us
right living. And life cannot be uprightly and de- that Sunday was a day selected during the war for
votedly lived without giving thought "to the mor- the saving of gasoline, and, as if by miracle, the
row," without dedicating the powers and uses of the streets of New York City, and we were apprized
individual life to the fashioning of a "career" that similarly of other cities, were deserted of these
will combine success and service.
vehicles.
It is a far cry from that admonition given to the
The thought is that "The Church" does not suffer
rich young man "sell all thou hast and give to the loss of dignity or of spiritual power, by devoting a
poor," and our present day ethics of life. Nor do day occasionally to this form of ethical teaching.
we longer advise men and women to literally "take There is in it no loss of creed for any. There is no
no thought of the morrow," more than we consider compulsion of form, no pressure of doctrine. It is
interest to be mere usury. Nor is it possible to not a dusty or a distorted parable, if we may say so
construe the words and precepts of the great Teacher with no irreverance. It is practical, it is real,and yet
of Men as a foundation for modern Socialism, though it shines with the ideal and is made warm and throbsome few are fain to do so. It is not the letter but bing with the spiritual, for the end is pure helpfulthe spirit that is to be followed in our interpretations ness through augmented personal strength.
of the divine lessons that were given out in the form
of parables. And we are therefore obeying the injunctions when to temperance we add providence, CANADA HELPING RETURNING SOLDIERS TO
TAKE UP FARMING.
and when by thrift and saving we make ourselves
able to be useful to others.
Ottawa, Canada, June 27 1919.
A modern pulpit eloquent in behalf of upright,
Good fortune seems to attend the Canadian
frugal, thoughtful living, is not at variance with Government's efforts to place returned soldiers on
the spirit of any of the true religions. And in so the land. In every department of the Government's
far as its pleading and advice may come to the in- policies for civil re-establishment, the importance
dividual to make saving and thrift a distinct pur- of agricultural production and higher efficiency in
pose it advocates a religion that extends through industrial training have received unstinted recogniSeven days of the week. To save is to create capital tion.
2580
The Soldiers Settlement Board reported to Parliament this week that 17,000 veterans have already
asked for land grants with the right to borrow as
much as $7,500. Safeguards against speculation
are provided by compelling all applicants to prove
their fitness for farm life and to take their financial
help from the public treasury only as the land, buildings and stock are brought to specified standards.
The distribution of war gratuities to all returned
men has necessarily postponed the heaviest volume
of applications for agricultural aid until the period of
holiday-making and easy spending comes to a close.
If one in ten of the returned men applies for land
grants and loans, the country 'drill be committed to
the extent of from three hundred to five hundred
million dollars. Loans made to soldier farmers to
date amount to slightly over $15,000,000. The
bulk of the men prefer the prairie provinces.
It is noteworthy that the gross errors in former
dealings with war veterans are not being perpetuated
by the Canadian Government. In every branch of
State assistance, the degree of Government aid is
conditioned upon the individual's co-operation. At
the same time, the expenditure of private and public
money in rehabilitation of returned men is being
carefully protected against plundering schemes
whether through land monopoly or in petty trade.
For example, the Settlement Board buys and sells
horses without profit and under skilled direction;
in some parts, co-operative lumber mills, general
stores, blacksmith shops, &c., carry on business at
cost; farm machinery, seed grain, stock, &c., are
purchased without middlemen and at much lower
prices than are encountered elsewhere. The Dominion Government is now considering forms of aid for
non-agriculturists who through war service have
sacrificed small businesses and have lost their
standing in the professions.
dence of the power of Citizens Committees to keep
public utilities in operation.
The Dominion Government this week assumed
still wider powers to deal with anti-Government
propaganda and "direct action." Any citizen,
whatever his origin, may be deported or imprisoned
for seditious utterance or unconstitutional attempts
to undermine authority.
THE SYMPATHETIC STRIKE FAILS IN
CANADA.
Ottawa, Canada, June 27 1919.
By virtue of Federal and municipal co-operation
during the past two months of industrial upheaval
in Canada, every sympathetic strike thus far attempted has broken down. Announcement was
made yesterday at Winnipeg that the Trades and
Labor Council has ordered all "sympathizers" back
to their former jobs. It is not optional, however,
to reclaim positions in the Federal postal service,
inasmuch as the door has definitely and finally been
closed upon all persons who broke their contracts
with the Government and joined the ranks of the
strikers. There will be no amnesty as far as concerns any of the public services.
What has been shown in the Canadian strikes
thus far is that beyond the ranks of the "workers"
is a community with a sense of its rights and determination to protect them. Thus, the Dominion
Government's action in dismissing postal employees
has the backing of a vast majority of the Canadian
people. Some inkling of the limitations of strike
committees appears at last to have impressed the
national leaders of the "anti-capitalistic" faction,
for the attempts to tie up the nation by railroad walkouts and other "sympathetic" schemes have either
been canceled or are failing to develop any very
dangerous symptoms. Montreal and Toronto, the
two largest commercial cities, have apparently laid
'ow the idea of sympathetic strikes by giving ev
[VoL. 108.
THE • CHRONICLE
SHORTER HOURS OF LABOR AND THE HIGH COST
OF LIVING.
New York, Juno 26 1919.
To the Editor of the "Financial Chronicle."
in
circulars from the U.S.
irony
receiving
ghastly
Sir—There is a sort of
Department of Labor, apparently to be posted in our mills, containing
the following statement in largo letters:
LET'S CO-OPERATE
for
GREATER PRODUCTION
and
GREATER PROSPERITY.
These circulars were received at the very time when our mills were
reducing their hours of labor to the extent of six to seven hours per week.
At the same time the trade papers note a probable scarcity of overalls
for working men, stated by that trade to be directly duo to the 44-hour
week, now the rule in the garment trades.
The dissatisfaction at the lack of purchasing power of wages in the matter
of clothing, seems to exist in England also, as is shown by the following
from the "Times" Trade Supplement, London, Juno 7th:
"It is well the public, who are rightly irritated because of the high cost
of their clothing, should understand that primarily, so far as those engaged
in the processes of manufacture are concerned, the increased cost of production is due, not to a shortage of raw material, but to a bottle-neck having
been created in the very first stage of manufacture, by fewer working
hours, higher wages, and improved conditions of labor for the operatives
engaged therein, and a shortage of labor, which it is hoped will be only
temporary."
In a neighboring town a great lack of housing accommodation for working
people is complained of, where the operatives in new or enlarged industries
are finding it impossible to procure proper or even decent lodgings.
A Housing Committee developed the fact that the smallest house that can
be built to accommodate a family would cost $4,000, and would necessitate
a monthly rental of $40 00 which is admittedly beyond the means of most
of the operatives.
This would, with current taxes and average repairs, leave les8 than 6%
on the investment.
The writer looked in vain for any addresses, at the Convention of the
American Federation of Labor, that would convey to the delegates the
Inevitable result in increasing living costs caused by the curtailment of
hours, and increase of wages, by those engaged in producing the necessaries
of life.
It is stated that there is in the minds of some people a suspicion that
there is a conspiracy, among the capitalist class, to render increase of wages
insufficient to meet the rising cost of living.
In view of the demands for greatly increased co-operation between
employer and employee,should not these conditions be set forth with authority, in such a way that the result of these tendencies can be made to reach
the intelligence of those engaged in production?
As I write, I note an account of a strike in Fall River, where the operatives
of a cotton mill object to the running of automatic machinery during the
noon hour.
This hardly needs comment.
Another suggestion occurs, namely, how the cost of food would be
affected, if the farmer, milk producer, and others in that lino should insist
on the 8-hour day and 44-hour week.
Respectifully,
JOSEPH DREXEL HOLMES.
awreut guonts and gliscussions
--OF BRITISH TREASURY
CONTINUED OFFERING
BILLS.
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on a discount basis of 53%, the rate recently prevailing. The
bills are dated Monday, June 23.
NEW CREDITS TO ITALY, FRANCE AND RUMANIA.
Three new credits were yesterday (June 27) extended by
the United States to the Allies—$50,000,000 to France,
$10,000,000 to Italy and $5,000,000 to Rumania—making
the total credits established in favor of the Allies $9,455,219,124.
APPROVAL BY COUNCIL OF FOUR OF PRIORITY FOR
BELGIUM IN REPARATION PAYMENTS
BY GERMANY.
The Associated Press in Paris cablegrams June 24 said:
The Council to-day signed a document giving formal approval to priority
for Belgium in reparations to be paid by Germany, to the amount of 2,500,000.000 francs. The council also confirmed the plan to wipe out the
Belgian war debt through the substitution of German bonds for the Belgian
obligations, the four Great Powers to take over the German bonds, subject
to the approval of their respective legislative bodies.
The question of reparations is still delaying completion of the Austrian
treaty, owing to the difficulty of aligning the small Eastern States on any
general scheme for a division of the financial obligations and the claims resulting from break-up of the Hapsburg monarchy, with consequent eliminstion of its responsibility for reparations.
JUNE 28 1919.]
THE CHRONICLE
IF American experts have conducted necgotiations with representatives of
the States inheriting parts of the Hapsburg domains, including Poland,
Czecho-Slovakia, Jugo-Slavia and Rumania, for several weeks, but the
results have been unsatisfactory to the Council of Four, and French
experts are now trying their hand.
The problem is decidedly complicated, because on the one hand it is
planned to charge these States with a share of the Austro-Hungarian financial responsibilities proportionate to the area and resources of the Hapsburg
territories acquired by them, under the guise of "contributions to the cost
of the war of liberation," while on the other hand Rumania and Serbia are
entitled to offsets for reparations due them.
Poland and Czecho-Slovakia are not entitled to reparations under the
general principle of the Austrian and German treaties, which limit reparations to the actual belligerents during the war.
Certain changes in the permanent reparations commission are also being
made, to adapt it to Austrian conditions. The German treaty provided
only for Serbian membership in certain contingencies. But all these States
will be given seats and votes when their interests are involved.
All sums delivered from Austrian, Hungarian and Bulgarian reparations
will be pooled with the proceeds of the German reparations for division
among the interested States in proportion to proved claims. This is a departure from the plan contemplated in the German instrument, which provided for a division according to prearranged quotas, the original apportionment assigning 55% to France and 25% to England, the other States
receiving smaller percentages. Belgium, as stated above, will be left with
a prior charge on the reparations pool, amounting to 2,500,000,000 francs,
in addition to repayment of her debt to the Allies by a special German bond
issue.
2581
OPENING OF CREDITS BY GREAT BRITAIN ON
BEHALF OF ENEMY SUBJECTS.
"Comerce Reports" of June 9 announced the receipt of
the following cablegram from Consul-General. Robert P.
Skinner at London, dated June 5:
The Board of Trade has issued a general license, authorizing the opening
of credits on behalf of persons or firms in enemy countries for purpose of
financing transactions that have been authorized in British Empire. and
also transactions between persons carrying on business outside of British
Empire, which have been authorized by Associated Governments.
REMOVAL OF FOREIGN EXCHANGE RESTRICTIONS—
BAN CONTINUED AGAINST RUBLE IMPORTS
AND EXPORTS.
An order removing restrictions affecting foreign exchange
transactions was issued on June 24 by Fred I. Kent, Director
of the Division of Foreign Exchange of the Federal Reserve
Board. Customers' statements as to whether transactions
are directly or indirectly in the interest of the enemy are
no longer required, neither are statistical reports covering
exchange transactions, unless especially called for by the
Copyright cablegram on June 24 to the Now York "Times" Federal Reserve Board. The ban against the exportation
from Charles A. Selden had the following to say on the and importation of Russian rubles is continued, however,
as well as the prohibition against dealings in foreign exchange
subject:
or securities on account of persons in that part of Russia
Arrangements by which Belgium is to have priority up to $500,000,000
in the reparation money received from Germany were formally concluded under the control of the Bolshevik Government. The following are the regulations issued by Mr. Kent on the 24th:
this afternoon by the Council of Four.
Furthermore, President Wilson, Premier Lloyd George and Premier
Clemenceau agree to ask their respective national Legislatures to take
over the bonds which are to be issued by Germany for reimbursement of
Belgium for all the money she was compelled to borrow as a result of being
forced into war by Germany's violation of her neutrality.
This arrangement will practically wipe out Belgium's war debt by allowing her to realize at once on the bonds. The three great Allies will collect
on the bonds from Germany later.
This method of aiding Belgium was suggested by the American delegation several months ago.
Until otherwise instructed. "dealers" as defined under the Executive
Order of the President of Jan. 26 1918 are hereby authorized to carry on
transactions in foreign exchange or in securities for or through foreign
account without restriction, except as hereinafter provided.
Registration certificates must be obtained as required under the Executive
Order. (All registration certificates which have been issued to date continue in force.)
Customers' statements of non-enemy interest need not be taken, but no
foreign exchange transactions can be consummated for enemy account unless
authorized in a general or a specific license issued by the War Trade Board.
Further statistical reports after those including transactions up to the
close of business Wednesday evening, June 25 1919, need not be made
except as called for by the Federal Reserve Board.
REPORTS OF BELGIAN LOAN OF $100,000,000 BY
Declarations of foreign correspondents on Form F.E. 114 and declaraUNITED STATES BANKS.
tions of non-enemy interest covering security transactions on Form F.E. 113
need not be taken, and interest or dividend checks payable for foreign
Through the Associated Press the following information account
need not have customers' statements printed upon them, but
came from Brussels on June 16 to the daily papers in the "dealers" cannot carry out transactions either directly or indirectly
for
the benefit of or for account of an enemy or ally of enemy except under the
United States:
authority of a general or a specific license issued by the War Trade Board.
Finance
The
Minister of Belgium to-day signed with representatives of
Until otherwise instructed, the exportation or importation of Russian
American banks a draft agreement for a loan of
$100,000,000, the loan rubles, or the transfer of funds for their purchase by persons and dealers
to be repaid by Belgium in twenty-five years. No restriction is placed on
in the United States, as described under the Executive Order of the Presithe use of the loan.
dent of Jan. 26 1918, is prohibited. Dealings in foreign exchange or seTo become effective the draft agreement requires ratification by
the curities with or for persons in that part of Russia now under the control
United States Government.
of the so-called Bolshevik Government are also prohibited.
With regard to the above advices the "Wall Street JourUntil otherwise instructed, "dealers" are prohibited from purchasing
except from the American Relief Administration, 42 Broadway,
exchange
nal" in its issue of June 17 said:
New York City, upon any of the following countries.
Bankers are inclined to doubt the Brussels dispatch that an
Czecho-Slovakia, Jugo-Slavia
Finland,
agreement
Rumania,
has been signed with American bankers by the Belgian Government
Poland,
G erman-Austria,
Serbia.
for a
Germany.
loan of $100,000,000. It is probable that a cable will be sent to
FRED I. KENT,
T. W.
Lamont, of the American Finance Commission in Paris, to ascertain
Director of the Division of Foreign Exchange of the Fed'I Reserre Board.
What •
basis there is to the report.
An extension of such a credit had been broached and disctissed by bankers
LICENSES FOR SHIPMENT OF $220,000,000 OF GOLD
some time ago, but the negotiations were finally dropped pending
the
definite conclusions of peace.
ISSUED BY FEDERAL RESERVE BOARD—
Bankers are also mystified by the statement in the report that the
alleged
CROSS CURRENTS IN GOLD.
loan was subject to ratification by the United States Government.
No
such condition was mentioned in the original negotiations.
Licenses for the shipment to foreign countries of a total of
$220,000,000 of the gold reserves of the United States have
been issued, it was stated on June 25, by the Federal Reserve
C. E. HERRING NAMED AS TRADE COMMISSIONER Board. The New York "Commercial" in a dispatch from
Washington on June 25 in reporting this said:
TO BELGIUM.
It is believed by officials that actual shipments will not total more than
C. E. Herring, chief of the Division of Foreign Investigaand a general slowing up is anticipated.
tion of the Department of Commerce, has been appointed $75,000,000,
Free issuing of licenses for shipment, it is said, has had the paradoxical
Trade Commissioner to Belgium, according to an announce- effect of making shipments unnecessary in many cases, as was expected.
Federal Reserve Board officials anticipated that readiness of dealers to
ment made by Secretary Redfield.
ship the mineral would steady the market and make actual transfers unJ. P. MORGAN'S GIFT TO GREAT BRITAIN.
A special copyright cablegram to the New York "Times"
from London June 17 said:
J. P. Morgan has presented the British nation the collection of stained
glass made by his father and housed in the Victoria and Albert Museum.
In making the donation, Mr. Morgan was prompted by the desire that the
Museum should possess a worthy memorial of his father, whose collections
were so long exhibited in its galleries. Ho also wishes that the gift should
be
regarded as a token of appreciation of the cordial relations between
this
country and the United States.
necessary.
Lifting of the gold embargo has resulted in rapid restoration of the dollar
to foreign exchange practically everywhere except in Madrid and Yokohama. Payment of balances against the United States in those two centres
is expected to bring the dollar to parity or better in every one of the world's
exchange points.
Earlier advices (June 16) from Washington to the daily
papers on the same subject stated:
A dispatch from Argentina says that applications for the export of about
$75,000,000 in gold, mostly to Latin-America, have been received by the
Federal Reserve Board since the embargo was removed. Very little of the
metal has left the country yet, but the effect of the removal of shipping
restrictions has been very gratifying in restoring the exchange rate to a
virtually normal basis, where it was previously against the United States
Dollar exchange in Argentina has risen from .99 to almost 1.036, which is
par, and American money in other South American countires likewise has
improved.
SALE OF ITALIAN LIRE AT AUCTION.
An auction sale in New York of Italian lire was reported
In an item dealing with the "cross currents" in gold following the lifting of the embargo, the "Wall Street Journal"
as follows in the New York "Times" of June 26:
For the first time in the history of auction sales at Police Headquarters of June 19 had the following to say:
money was auctioned off yesterday at the 200th auction sale of unclaimed
and condemned property, consisting of articles of every size and character
which had been found by the police and had remained unclaimed after
having been held by them for six months. The money consisted of six
,00-11re Italian pieces, which were offered in one lot and brought $395.
Several shipments of gold bars aggregating $300,000 have been made to
London in the last few days. The consignments are utterly abnormal, as
the position of sterling exchange favors contrary movement. They are
probably due to the anomalous situation existing in London, where industrial consumers of the metal are being charged more than £1 per ounce
2582
THE CHRONICLE
above the mint parity of £3 17s. 103d. for an ounce of the metal. They
accordingly find it cheaper to import gold from New York in spite of the
fact that sterling exchange is quoted at a discount of more than 5%. Consignments of probably a similar character have been made recently to Paris
to the extent of $40,000.
It is indeed a curious phenomenon that almost at the same time gold should
be moving in both directions between New York and London. The main
current has naturally been to this centre in answer to the existing position of
sterling exchange. But that $300,000 should be consigned to the British
capital from here reveals the anomalous situation prevailing in London with
regard to the standard metal. While statements are made in some quarters
that the gold parity of British currency is being maintained, the fact remains that industrial consumers of the metal in England cannot acquire
the face value of the notes but are obliged to pay for the metal more than
25% above the mint parity of £3, 17s., 1034d. On the other hand, it costs
them not much more than 6% to import the metal from this country, including the actual expense of transportation and the loss of about 5% in
selling sterling exchange in this market. While the saving is large, it is not
likely that these outward consignments will assume any appreciable proportions, if only because the British Government would take steps to check
it and remove a factor which was having an adverse effect on the sterling
rate. It will be recalled that similar consignments amounting to $200,000
were made to London prior to the laying of the embargo upon gold exports
in this country.
It would seem more economical for Great Britain to ship the yellow metal
direct to Buenos Aires than to send it here and then see it immediately
withdrawn for the South American city. Under the operation of the exchanges such would be the case. The triangular position of the rates would
favor direct shipments from London to Buenos Aires instead of by the
roundabout way via New York. It is probable that a similar abnorfnal
routing of gold shipments will be witnessed with regard to Spain. Spanish
pesetas are still at a considerable premium, and bankers rather anticipate
that gold consignments from New York will shortly set in for Madrid,
particularly as the Bank of Spain is no longer taking gold at a discount.
as it did in 1917 when the yellow tide was flowing strongly toward Spain.
CONSIDERATION BY FEDERAL RESERVE BOARD OF
FINANCING OF FOREIGN TRADE. PROPOSED
AMENDMENT TO RESERVE ACT.
As was reported in these columns last week,in our reference
to the proposal of H. P. Davison for the co-ordination of
the resources of the United States with the view to the
financing and reconstruction of Europe, a conference was
held in Washington on June 20 to consider measures making
possible the financing of American exports to Europe.It
was voted as the conference to recommend to Congress
legislation permitting all National banks to become stockholders in corporations engaged in promoting foreign trade.
With regard to the conference and its results, the Federal
Reserve Board on June 20 issued a statement saying:
The Federal Reserve Board had to-day a conference with the Executive
Committee of the Federal Advisory Council (James B. Forgan of Chicago,
L. L. Rue of Philadelphia, Daniel G. Wing of Boston, and W. S. Rowe of
Cincinnati,) to consider problems relating to the financing of the foreign
trade of the United States.
There was discussion as to what unusual features attached to this trade
and the bearing thereof upon the American banking situation. The Board
and the Committee of the Council were in entire accord that the matter
of providing long-term advances for Europe presented an investment rather
than a banking problem and that the necessary help must therefore come
from the investment market.
It was, however, the opinion of the conference that as a step toward
supporting plans for the financing of our foreign trade it would be well
to add a new paragraph to Section 25 of tho Federal Reserve act so as to
permit national banks until Jan. 1 1921 without regard to the amount of
their capital and surplus, to invest not exceeding in the aggregate 5% of
their capital and surplus in the stock of one or more corporations principally engaged in such phases of international or foreign financial operations
as may be necessary to facilitate the export of goods from the United
States. The Board voted to recommend this legislation to Congress.
With his return on June 23 to Chicago Mr.Forgan, who
is Chairman of the Executive Committee of the Federal
Advisory Council, had the following to say with reference
to the conference:
At the conference of the Federal Reserve Board with the Executive
Committee of the Federal Advisory Council held in Washington, the situation in regard to the establishment of a large corporation for the purpose
of financing the purchases which other nations may desire to make in this
country was fully considered. It was found that the matter had advanced
beyond the stage which made it necessary to hold in Washington the
proposed larger conference of bankers and exporters. The idea of holding
such a conference was therefore abandoned.
A committee of bankers has already been appointed in New York and
similar committees will probably be formed to represent the other Federal
Reserve districts and it will be left to them to take the initiative in the
matter of the organization of the proposed large financial corporation and
of the cooperating corporations which it is proposed to organize in connection
with the various lines of the export business.
An amendment to the Federal Reserve Act was unanimously recommended at the conference which will remove the present limitation placed
upon national banks in investing in stock in a corporation engaged in international or foreign banking. This privilege is at present confined to banks
having a capital of one million dollars or over. The recommendation is
that the privilege of investing in the proposed corporation for financing
foreign credits should be extended to all banks irrespective of the amount
of their capitalization to the extent of 5% of their capital and surplus.
Enlarging upon the statement issued by the Federal
Reserve Board, the press dispatches from Washington,
on June 20 in referring to the proposal to enact legislation
which would enable all National banks to become stockholders of corporations furthering foreign trade, said:
It was the opinion of a conference however, that!as a!step toward supporting plans for the financing of the nation's foreign trade it was advisable
to make it possible for national banks to participate in the formation of
trade groups, such as that now in process of organization by the cotton
[VOL. 108.
interests, so that Europe might buy raw materials immediately on collatera
of adequate security.
Aside from the actual capital put into such enterprises by the banks, it
is felt that the general public will be encouraged by the banks' participation,
to take stock also, which will be an indirect stimulation for the continued
saving believed necessary to provide new capital.
At present, national banks are limited by law in their ownership of stock
in other enterprises. A bank must have $1,090,000 in capital and surplus
in order to apply to the board for stock in a corporation engaged in international or foreign banking, and may not invest more than 10% of its capital
and surplus.
The amendment to Section 25 of the act to be sent to Congress tomorrow
would permit any national bank "until Jan. 1 1921 without regard to
the amount of its capital and surplus, to invest an amount not exceeding
in the aggregate 5% of its paid-in capital and surplus in the stock of one
or more corporations chartered or incorporated under the laws of the
United States or of any State thereof and regardless of its location, principally engaged in such phases of international or foreign financial operations
as may be necessary to facilitate the export of goods, wares, or merchandise
from the United States to any foreign country, provided, however, that
in no event shall the total investments authorized by this section by any
one national bank exceed 10 per centum of its capital and surplus.
The time limitation of the amendment was said not to contemplate that
any bank should give up stock purchases by it, but merely to emphasize
that the emergency was one of war reconstruction. As only a few of the
very large banks under existing law own stock in corporations doing foreign
banking, the limitation of 10% subscription by any one bank will not
affect a large amount of capital. The combined capital and surplus of
national banks is approximately $2,000,000,000, making possible subscriptions to export corporations of $100,000,000.
b'EDERAL RESERVE BOARD ON NEED OF PROVIDING
$3,000,000,000 BY PRIVATE INITIATIVE TO
FINANCE EXPORT TRADE.
A statement in which it says "the doubt whether our
export trade can be continued on its existing level without
involving serious financial strain makes the question of
our National policy in reference to such trade one of
urgent concern for the whole community" is contained in
a discussion by the Federal Reserve Board in the June
Bulletin of financial conditions abroad and the financing
of our foreign trade. In what it has to say on the subject
the Board points out that "it is apparent that means must
be found during 1919 for the financing of about $3,600,000,000 of new obligations and for the renewal of perhaps $600,000,000 of old ones:" stating that the Treasury Department
has at most a sum of $500,000,000 which can be used for
this purpose, the Board adds "it would seem that probably
much more than 83,000,000,000 of new funds must be
provided by private initiative if we are to continue our
export trade upon its present level." We reproduce what
the Board has to say herewith:
Financial Conditions Abroad.
Studies of financial and banking conditions in the principal European
countries, published both in the current number of the "Bulletin" and in
the May issue, show that the currency and banking situation on the Continent is one of unusual difficulty, while it would appear that supplies of
available capital have been reduced to a minimum basis. It does not
seem probable that conditions in these foreign countries can be promptly
restored to a normal footing without importing from abroad in a very large
measure the funds that are needed in the process of financial rehabilitation.
In this connection the question is pertinently raised what will be the effects
of the reparation which is to be made by the Central Powers as a result
of the peace settlement. This reparation will of course operate to create
a one-sided balance of trade in goods, ships, and forms of capital, as well
as of securities, between the Central Powers and the countries with which
they transact business. It will therefore tend to place the recipients
of the reparation in possession of funds with which they may liquidate
their obligations to their own citizens or to foreign countries. France,
Belgium, and other continental nations are heavily indebted to Great Britain as well as to the United States, while Great Britain likewise is a heavy
debtor of this country. The reparation payments, while passed through
the countries which are their recipients, may thus in the last analysis furnsih
the basis for payments to the United States designed to liquidate the
advances made by this country to cover the cost of the war, save in so far
as American investors may prefer to leave their funds actually at work
abroad. In the latter case the effect of the reparation payment will be
merely that of converting a Government obligation Into private securities
or other evidences of indebtedness. Belgium's share of the reparation
has already been used as security for the advance made by a group of
American banks under the so-called Belgian Industrial Credit, and it
may be expected that other loans or accommodations of the same or
similar kinds will take place in the near future. It will, however, be some
time before the reparation thus paid will in fact amount to more than a
fraction of the sums needed to reestablish industry abroad upon anything
like its prewar basis. The problem of importing capital into practically
all of the European countries will thus be a continuing one, and a successful
basis for such importation can be found only in the assurance to individual
Investors in this and in other countries which have a surplus of savings for
current requirements that there is a better field for the use of such savings
abroad than exists at home. It is a problem of continuous rather than of
temporary financing, and has reference to the ability of foreign countries
to produce income through investment rather than to produce immediately
consumable goods for the purpose of reestablishing their merchandise
balance.
Foreign exchanje developments.
During the month of May the foreign exchange situation has continued
to become more difficult than it appeared to be immediately after the
period of "pegging" which came to a close on April 8. An immediate
indication of difficulty in this connection has been afforded by a sharp
decline in quotations for the principal foreign currencies, sterling going
as low as $4.63, francs to 6.77 per dollar, and lire to 8.75. These figures
constitute record low quotations for francs and lire, and while the quotation for sterling is not so low as those made after the close of the "pegging,"
It is lower than the rates which prevailed at the close of April. At present
JUNE 28 1919.]
THE CHRONICLE
figures, French currency/Ls worth little7more than three-quarters of its
face value as expressed in terms of American dollars. The immediate
causes of this condition of affairs are obvious. It is reasonable estimated
that the trade balance of the United States during the fiscal year ending
June 30 1919, will be about $3,000,000,000, or practically the sum that
has been annually recorded for the past three years. The interest due
and payable on our holdings of foreign securities is now not much below
$500,000,000 annually. While it is impossible to say what are the total
amounts payable to American citizens who are owners of foreign securities or who have advanced sums for use in foreign countries upon which
they receive regular returns, it may be conservatively estimatel at
$100,000,000. Unofficial figures for the amount of foreign obligations maturing in the United States during the calendar year 1919
place that slim at possible $600,000,000 to $700,000,000. If the figures thus given, partly for the calendar year and partly for the
fiscal year now drawing to a close, be regarded, as they reasonably may,
as being applicable to conditions for the calendar year, it is apparent that
means must be found during 1919 for the financing of about $3,600,000,000
of new obligations and for the renewal of perhaps $600,000,000 of old ones.
This makes a gigantic, probably an unprecendented, financial problem.
The Treasury's ability to advance sums to foreign countries has been
limited by Congress to the sum of $10,000,000,000, of which about $9,500,000,000 have now been taken up. The department has therefore at most a
sum of $500,000,000 (most of it allocated) which can be used for this purpose, so that it would seem that probably much more than $3,000,000,000
of new funds must be provided by private initiative if we are to continue
our export trade upon its present level. It should be recalled that, ai
already mentioned, Congress has provided an export credit of $1,000,000,000 which may be made available through the War Finance Corporation.
The doubt whether our export trade can be continued upon its existing
level without involving serious financial strain makes the question of our
national policy in reference to such trade one of urgent concern for the
whole community.
• FARMERS NATIONAL COUNCIL OPPOSED TO
BANKERS' PLANS FOR FINANCING EUROPE.
The proposals advanced by the banking interests for the
financing and reconstruction of Europe will be fought by
the Farmers National Council, according to Washington
advices appearing in the New York "Commercial' of June
21: the paper says:
2583
problem as to the advisability of government participation and the two
collateral problems: If government participation is advisable, will the
government be willing to participate, and, if so, to what extent is such
participation advisable? Of course,there must be government cooperation.
"The sentiment is general, I believe, that the government now should
be removed from participation in private business and be kept outlof
private business; but this is a financial undertaking of such tremendous
volume, involving perhaps $2,000,000,000, that it may be necessary/to
enlist the moral backing and material support of the government to assure
the necessary confidence of the commercial,financial and industrial interest
and of the investing public and the people at large."
Senator Edge said his tentative idea for his legislation is that a group
of financial, commercial and industrial interests should be foimed to conduct the foreign financing "as a distinctly business enterprise." Subsidary
groups of particular interests might be formed he suggested, to handle
the various branches of the export trade, but all of which would be represented in one major group to make the plan less cumbersome.
The legislation aims to provide means whereby, on the shipment of
consignments of American goods to Europe, the foreign purchasers would
issue their obligations, which would perhaps be guaranteed by their governments and against these the American group of financiers1 would
issue debentures to be absorbed in the United States. Such debentures,
Senator Edge explained, would of course constitute a primary lien on the
foriegn obligations.
"But in a world-wide financial scheme of such novelty and magnitude,"
Senator Edge continued, "careful consideration is being given to the extent
to which these securities may be made attractive to American investors,
and this is another of the problems under study of those interested in the
project.
"Although the scheme will help poverty-stricken Europe rehabilitate
Itself, it is not regarded as an altruistic. movement by those behind it,
but a business plan for the benefit of the people of the United States and
of the industrial concerns which produce goods of all kinds, of the working
people employed by not only such concerns, but also by the transportation
companies and other interests, which handle the manufactured products;
by the commercial men who sell the goods and the banks, bankers, trust
companies and other financiers who provide the money for the world
trade. Even the concerns and the workers who provide the raw materials
to the manufatures are involved in the success of the enterprise.
The "Ledger" states that in drafting his bill, Senator Edge has been in
close touch with international bankers, including Henry P. Davidson
and Frank A. Vanderlip.
George P. Hampton, the managing director of the council, announced
CHICAGO BANK HOLDINGS.
today (June 20) that the plan of New York financiers was directly opposed
The following with regard to large Chicago bank holdings
to the plan of the farmers of America, as expressed through their reconstruction program, adopted at the Farmers' National Reconstruction appeared in the "Wall Street Journal" of June 16:
Conference held in Washington last January.
The annual banking addition of the Chicago "Evening Post" shows no
At this conference the farmers decided that among the instrumentalities diminution of the largest holdings of Chicago banks' shares during
the past
necessary to make a league of nations really effective is an international 12 months. This applies not only to individuals
but also to estates, some
Investment board.
of which have incomes so large that they must pay the maximum tax.
In urging the establishment of such a board the conference declared Earnings have increased all along
the line and the prices of bank shares
that foreign investments have been a prolific source of misunderstanding have advanced.
between nations, and, if unregulated, will in the future lead to conditions
First place among holders or the city's bank stocks is retained by the
that will make war unavoidable.
Norman W. Harris estate, which had $5,852,970 last year. Part of the
The idea of the conference was that the establishment of the proposed estate's holdings have
passed into the hands of Albert W. Harris, who comes
international investment board would prevent the investment of money up from tenth to
sixth place in the roster. The estate's holdings in the
by one nation in another unless agreeable to the nation in which the invest- Harris Trust, Continental
& Commercial, First National, Illinois Trust
ment was made, and furthermore would prevent the use of force by any and Merchants' Loan &
Trust are all reduced slightly, but increased prices
nation to protect or promote the investments of its nationals.
have made up a part of the reduction.
J. Ogden Armour comes back into second rank, from which he was disMr. Hampton is quoted in the "Commercial" as saying:
placed last year by Edward Tilden & Co. Armour has acquired no more
The financial interests of the country are now endeavoring in opposishares, but the advance in the stock of the Continental & Commercial
tion to the plan proposed by the farmers, to put into effect the plan pro- National,
in which he owns 9,400 shares, is the cause of the change in his
posed by Messrs. Vanderlip, Davison and others by which the financial
relative position.
interests, and not the Governments would control the financing necessary
Arthur Reynolds, recently elected to the Presidency of the Continental
for world reconstruction.
& Commercial Trust, has acquired a larger interest in the Continental
Mr. Vanderlip's idea was that the money should be loaned the distressed
& Commercial National, which has advanced 60 points, being credited
countries and a lien on their customs accepted as security.
with 2,000 shares, which compares with 268 last year. The holdings of
Mr. Davison's suggestion was that debetures be issued against the
George M. Reynolds, President of the National Bank, are unchanged.
credits established in Europe. Every country would guarantee the debenA list of the leading stockholders with the number of banks and the
tures against it. Then the banking interests could place the debentures
aggregate holdings in each case, follows:
with the public, distributed as widely as possible.
Banks. Holdings.
This plan involves, as admitted by its advocates, very close co-operation N. W. Harris estate_
5
35,206,596
between the financial interests and the Governments of the several coun- J. Ogden Armour
10
4,171,870
tries and puts the financiers in dangerous control over the activities of Edward Tilden & Co
6
3,917,970
every Government, and the economic and political life of the people in- Miami Corporation
8
2,915,895
volved.
Marshall Field estate
2,723,600
5
Before the European war started the total indebtedness of the world. Albert W. Harris
2
2,530,380
governmental and commercial, was in round figures $300,000,000,000. Frederick H. Rawson
3
2,482,560
It has been increased during the war by at least $180,000,000,000. It is Edward Morris estate
2,393,220
7
necessary that this vast indebtedness should be liquidated at the earliest It. and E. S. MeElee
2,268,000
1
possible moment and that pending such liquidation, governments should James A. Patten
2,210,850
12
be in complete control of international investments. The proposal of the Illinois Life Insurance Co
2,060,250
3
financial interests is very dangerous to the working people of the world Elbert H. Gary
1,809,000
4
and directly opposed to the principles for which America entered the war. Milton H. Wilson
7
1,798,800
MacVeagh
F..
F. and
1
1,604,900
DRAFTING OF BILL BY SENATOR EDGE FOR
Mrs. Nellie A. Black
1
1,482,700
J. Mitchell
John
4
1,414,330
FINANCING OF FOREIGN TRADE.
Charles II. Morse
5
2.107,100
Details of a bill which it is stated is being drafted by Price McKinney
1
1,358,400
George M. Reynolds
2
1,216,550
Senator Edge for the purpose of enabling the extension of James
B. Forgan
2
1,220,300
credits to foreign buyers of American exports were given National Life Insurance Co
8
1,212,300
1
1,181,300
in the Philadelphia "Ledger" of June 23. The proposed Dawes Bros., Inc
Kent
A.
estate
Sidney
2
1,162.500
legislation, it is stated, would establish a pool of the financial, Mrs. Jessie Walker
1
1,156,000
commercial and industrial interests of the United States, A. C. Bartlett
2
1,130,600
Swift
F.
Edward
19
and would have the "moral backing and material support"
1,118,850
L. Smith estate
Byron
1
1,107,600
of the United States Government, for financing the foreign Julius Rosenwald
3
1,037,500
trade. The "Ledger" quotes Senator Edge as follows:
Morris_
Ira N.
10
1,024,800
"The undertaking involves $2,000,000,000," Senator Edge said today,
in discussing his proposed bill, "and government support is needed to assure
KANSAS BANKERS OPPOSE TAX EXEMPTION.
the confidence of the business world and the public at large."
E. D. Chassell, Secretary of the Farm Mortgage Bankers'
"The proposed legislation," said Senator Edge, "would provide a channel for the release of a flood of American manufatures and coincidentally Association reports the adoption, at the annual convention
build up and maintain the American merchant marine." Senator Edge
the Kansas Bankers Association held at Kansas City,
said that in preparing the bill he has been in close conference with the lead- of
Kansas, of the following resolutions, without opposition:
ing men in the financial and industrial world.
"Every one is agreed on the necessity for such foreign financing," said
Whereas, Every dollar's worth of property should bear the just burden
Senator Edge,"and the general method of providing it may not be difficult of taxation and every person should as a patriotic duty ,carry a fair portion
to determine. In getting down to details we are confronted with the of the public expense, be it
2584
THE CHRONICLE
[VOL. 108.
Interest. The details of this-notice of redemption, together with the provisions with respect to the exchange of Series 5 G for "tax" certificates of
indebtedness of Series T 4, due Sept. 15 1919, appeared in our Circular
No. 177, dated June 20 1919, to which reference is made for further particulars.
To-day the Treasury Department has issued a second notice supplementing its notice of June 20 1919, as follows:
The Secretary of the Treasury authorizes the Federal Reserve banks
on and after Monday, June 23, and until further notice to redeem in cash
before July 1 1919 at the holder's option at par and accrued interest to the
of indebtedness of
Similar resolutions, it is stated, were adopted in several date of such optional redemption Treasury certificates
Series 5 G dated Feb. 27 1919, maturing July 29 1919, which have been
Iowa group meetings of bankers, following a debate of the called
July
on
1
1919.
for redemption
tax exemption question. Mr. Chasse11 says:
The Federal Reserve Bank of New York, as fiscal agent of the United
Representatives of the Federal Land banks were not able to demonstrate States, will (a) redeem in cash the certificates of Series 5 G, as above prothe necessity of tax exemption of Federal Land bank bonds. It was clearly vided, or (b) exchange such certificates, on or before July I 1919 for Treasshown that the said exemption is detrimental to the interests of all tax- ury "tax" certificates of Series T 4.
payers. The sentiment was practically unanimous.
Resolved, That this convention is opposed to any legislation to encourage
legal tax dodging by permitting the transformation of taxable property
Into tax exempt property, and that we are therefore opposed to the enactment of any new tax exemption laws.
Further Resolved, That recognizing the additional burden imposed on all
taxpayers by the exemption from taxation of the bonds of Federal Land
banks and Joint Stock Land banks, we urge the repeal of that section of
the Farm Loan Act covering exemptions.
lie It Further Resolved, That a copy of this resolution be sent to the
Senators and Representatives In Congress from the State of Kansas.
FARM MORTGAGE BANKERS ASSOCIATION TO HOLD
ANNUAL MEETING IN SEPTEMBER.
The Sixth National Annual Convention of the Farm Mortgage Bankers Association of America, will be held at the
Auditorium Hotel in Chicago on Sept.23 and 24. The Board
of Governors will meet at the same hotel on Sept. 22 for
transaction of the usual preliminary business. The Board
of Governors decided to depart from the usual custom of
holding a three-day convention with a program partly
composed of entertainment features. This year the convention program will be confined to two days, Tuesday and
Wednesday, releasing the members Wednesday evening to
return home or follow their own inclinations as to subsequent
entertainments. H. J. Curry of the Pearsons-Taft Land
Credit Company, Chicago, is Chairman of the local convention committee. His associates are L. P. Robinson of
Associated Mortgage Investors, Inc., and C. H. Rodenbach
of the Day & Hansen Security Company.
NEW ISSUES OF TREASURY CERTIFICATES IN
ANTICIPATION OF TAXES.
Offerings of two new issues of Treasury certificates of
indebtedness, in anticipation of taxes, were announced by
.Secretary of the Treasury Glass on June 25. Both series
are dated July 1 1919 and will bear 4M% interest; the
certificates of Series TO will be payable Sept. 15 1919, while
Series T 7 will be payable Dec. 15 1919. The certificates
will be issued in denominations of $500, $1,000, $5,000,
$10,000 and $100,000. Secretary of the Treasury Glass in
his announcement says:
Treasury certificates of indebtedness of any and all series maturing on di•
before Sept. 9 1919 and not overdue (with any unmatured interest coupons
attached), will be accepted at par with an adjustment of accrued interest
in payment for any certificates of the series T6 and T 7 now offered which
shall be subscribed for and allotted.
The Federal Reserve Bank of New York issued the following statement on June 25 regarding the offerings:
A new issue of United States Treasury "tax" certificates of indebtedness
has been announced by the Treasury Department. The certificates are
%
to be dated and will bear interest from July 1 1919 at the rate of
per annum and will be offered in two series the certificates of Series T
OPERATIONS OF WAR FINANCE CORPORATION IN being payable on Sept. 15 1919, and the certificates of Series T 7 on Dec.
15 1919. The certificates of these series will be accepted at par with an
LIBERTY LOAN BONDS.
of accrued interest in payment of income and profits taxes
It appears that in the attempt to stabilize the market for adjustment
payable at the maturity of the certificates, respectively.
up
Liberty Loan obligations, the War Finance Corporation
The following Treasury certificates will be accepted at par with an
in payment for any certificates of the Series
to May 31 1919 had purchased no less than $905,149,000 par adjustment of accrued interest
T 6 and T 7 now offered which shall be subscribed for and allotted.
value of the different classes of Liberty Loan bonds. It
Date of Issue. Date of Maturity.
Series—
resold $603,238,250 of the amount,leaving on hand May 31 Tax
July 15 1919
Aug. 20 1918
Series of 1919(4%)
July 1 1919
Jan. 30 1919
$301,910,750. The "Wall Street Journal" in reporting these Bond Series 5 E
July 15 1919
1919
Feb. 13
Bond Series 5 F
figures says:
29 1919
July
1910
27
Feb.
G
5
Bond Series
Finance
CorWar
market
the
bond
the
Liberty
In its efforts to stabilize
Aug. 12 1919
Mar.13 1919
Bond Series 5 H
poration, to May 31 last, purchased $905.149,000 par value of all classes of Bond Series 5 J
Sept. 9 1919
April 10 1919
Liberty bonds. The corporation sold $603,238,250 worth of bonds.
Applications are now being received by the Federal Reserve Bank of
leaving a balance on hand as of May 31 of $301,910,750. In addition, the
corporation held Treasury certificates amounting to $2,635,500, making New York as fiscal agent of the United States. The right is reserved to
total amount of Government obligations owned by the corporation on close the subscriptions at any time without notice. Payment at par and
accrued interest for certificates allotted must be made on or before July 1
May 31 $304,546,250.
A. W. McLean, Acting Managing Director of the War Finance Corpor- 1919 or on later allotment.
ation, said that the corporation had traded in the Government bonds with
a view of trying to stabilize the market. He said in explanation: "We were
authorized under the Act to do it and in that way we have stabilized the
SUBSCRIPTIONS OF RAILROAD EMPLOYEES TO
market as best we could. Of course, it is one of those questions that it is
hard to handle, with the amount of bonds outstanding, but we are thoroughly
VICTORY LIBERTY LOAN.
convinced that the dealings in bonds by the corporation have prevented a
The Association of Railway Financial Officers has issued
very great slump. The transactions were handled through the Federal
Reserve Bank of New York."
a circular in which is presented a table showing the subOf the $600,000,000 bonds sold, Mr. McLean said probably some were
by railroad employees throughout the country to
sold at a profit and some at a loss.• It is evidently the purpOse of the cor- scriptions
poration to trade in and out of Liberty bonds and Victory notes with a view the Victory Liberty Loan. The record of 118 roads is given,
of sustaining the market during the process of assimilation of the over-sup- showing the grand total of employees 1,533,533, the number
ply of bonds. The corporation can call upon the Treasury for the balance
the total amount subscribed
of the capital appropriation, amounting to $150,000,000, and add this subscribing 1,162,800, or 75.8%,
• amount to the fund it is using as a pool to support the bonds, making its being $114,039,000, or $98 50 average per employee.
entire capital of $500,000,000 available for this purpose.
TREASURY CERTIFICATES OF INDEBTEDNESS DUE
JULY 29 CALLED FOR REDEMPTION.
Announcement was made on June 20 by the Treasury
Eepartment that Treasury certificates of indebtedness,
dated Feb. 27 1919 and due July 29 1919 (issued.in anticipation of the Victory Liberty Loan), had been called for redemption July 1. Subsequently, June 22, the Department
authorized the Federal Reserve banks to redeem the certificates beginning June 23. The first announcement of
the Treasury Department (that of the 20th) said:
CALIFORNIA BANKERS' ASSOCIATION ENDORSES
THRIFT CAMPAIGN.
That the bankers of California are in hearty accord with
the National Thrift Campaign, which is being conducted by
the Savings Division of the Treasury Department, was indicated by the action of the California Bankers' Association
in adopting at the annual convention in Catalina Island on
June 6 a resolution urging that the National Thrift Campaign
be made a permanent part of public procedure. The resolution reads as follows:
Be it recommended by the California Bankers' Association that it fully
All United States Treasury certificates of indebtedness of Series VG.
dated Feb. 27 1919 and maturing July 29 1919, are hereby called for re- endorse and urge that, as essential to character formation, to the welfare
demption on July 1 1919 at par and accrued interest, pursuant to the of the national program of thrift instruction, the organization of savings
provision for such redemption contained in the certificates. On July 1 societies and the sale of thrift stamps and savings stamps become a permanent part of public procedure.
1919 interest on all certificates of said series will cease to accrue.
Holders of certificates of said series shall, nevertheless, have the privilege
of exchanging such certificates on or before July 1 1919 at par with an
adjustment of accrued interest, for Treasury certificates of indebtedness
SUBSCRIPTIONS BY VARIOUS CLASSES OF INSTITUof Series T-4, dated June 3 1919 maturing Sept. 15 1919.
The Federal Reserve Bank of New York announced as
follows, the second notice of the Treasury Department
issued June 22:
On June 20 1919, the Secretary of the Treasury gave notice to holders of
United States Treasury certificates of indebtedness of Series 5 G, dated
Feb. 27 1919 and maturing July 29 1919 that the certificates of that ISS1.10
were called for redemption in cash on July 1 1919 at par and accrued
TIONS TO TREASURY CERTIFICATES IN ANTICIPATION OF VICTORY LIBERTY LOAN.
Details of the subscriptions, by classes, of subscribers, to
the ten issues of Treasury certificates of indebtedness issued
in anticipation of the Victory Liberty Loan, are made public
the "Federal Reserve Bulletin" for June, as follows:
JUNE 28 1919
THE CHRONICLE
Natinoal Banks.
Federal Reserve DistrictBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Number Per cent of
SubTotal in
scribing. District.
375
616
598
738
396
263
1,016
438
793
820
367
531
6,951
Amount.
.
State Banks.
Trust Companies.
Number Per cent of
SubTotal in
scribing. District.
Amount.
95.66
98.88
94.62
98.93
75.86
70.70
97.13
93.19
99.87
85.06
57.79
94.48
$295,396,000
1,278,026,000
272,140,000
312,923,000
121,440,500
98,292,500
428,287,000
111,985,500
125,856,500
126,837,500
72,135,500
239,742,000
222
133
834
416
514
3,100
1,598
2,188
1,974
342
863
98.23
78.70
100.00
33.22
30.32
90.32
73.33
75.34
63.24
31.79
69.48
20,016,000
72,758,500
24,369,500
43,785,000
495,842,000
86,586,000
85,316,500
44,753,500
12,651,000
99,798,000
89.60
3,483,500,000
12,203
67.16
1,193,543,500
Other Banks.
Total Banks.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Amount.
108
137
24
204
15
26.08
76.97
100.00
100.00
65.21
$14,061,000
38,231,000
12,155,000*
9,752,000
11,455,000
716
180
71.95
80.00
26,011,500
5,222,500
28
17.38
1,720,500
Number Per cent of
SubTotal in
scribing. • District.
699
1,167
955
1,994
914
782
4,841
2,403
2,981
2,846
747
1,468
65.38
05.34
90.53
98.96
45.83
37.65
88.29
77.71
80.61
68.28
39.25
76.74
Number
Subscribing.
216
192
200
218
87
5
Per cent
of Total of
District.
Amount.
$475,688,000
2,240,858.000
419,688,500
554,594,000
187,314,000
142,882.600
950,140,500
245,103,500
211,173,000
186,936,000
86,501,000
389,058,500
Amount.
82.12
97.46
86.58
94.37
44.15
50.00
$166,231,000
716,833,506
115,377,500
159,160,500
30,049,000
805,000
187
85.77
41,309,500
52
61.90
15,345,000
74
67.88
49,518.500
1,231
79.94
1,294,629,500
Indiriduals, Corporations, &c.
Federal Reserve DistrictNumber Per cent of
SubTotal in
scribing. District.
2585
Number
Subscribing.
10
125
38
49
38
20
58
16
375
24
591
74
Amount.
$104,500
14,287.000
646,000
167,500
183,000
429,000
3,275,000
184,500
4,827,500
809,000
15,045,000
1,416,500
Total Amount
Subscribed
and Allotted.
$475,792,500
2,255,145,000
420,334,500
554,761,500
187,497,000
143,311,500
953,415,500
245,288,000
*218.880,500
187,745.000
101,546,000
390,475,000
Total
1,412
63.49 I
118,614,500
21,797
73.41
$6.089,937,500 I 1,418
841,374,500
$6,134,192,000
* Includes $2,880,000 purchased by the Federal Reserve Bank of
s.
Note.-Figures for State banks, trust companies, and other banks Minneapoli
are only approximately correct, since in some States no distinction
between the several classes of banks operating under State laws.
is made
PRESIDENT'S PROCLAMATION PUTTING DEALERS
IN WHEAT FLOUR UNDER LICENSE OF
WHEAT DIRECTOR.
The issuance by President Wilson of a proclamation
effective July 15 putting under license distributors, manufacturers, &e., of wheat flour was announced by U. S.
Wheat Director Julius Barnes on June 24. Bakers and
manufacturers of bakery products, retailers, and farmers
or co-operative associations of farmers and common carriers are excepted from the licensing requirements. The
proclamation, according to Mr. Barnes, applies as follows:
All persons, firms, corporations and associations engaged in carrying
on the business of storing or distributing wheat or manufacturing, storing
or distributing wheat flour, and all persons, firms, corporations and associations who manufacture, either wholly or partly from wheat flour, bread
or other bakery products for sale, excepting, however:
(a) Bakers and manufacturers of bakery products, whose consumption
of flour in the manufacture of such products is, in the aggregate, less than
fifty barrels per month.
(6) Retailers, and farmers or co-operative associations of farmers or other
persons with respect to the products of any farm or other land owned,leased
or cultivated by them; and
(c) Common carriers, as to operations necessary to the business of common carriers,
"are hereby required to secure, on or before July 15 1919, a license from
Julius II. Barnes, United States Wheat Director, in such form, under such
conditions, and under such rules and regulations governing the conduct
of the business as such Director may from time to time prescribe."
Mr. Barnes also says:
Blank forms to be used in applying for such licenses may be secured from
the following Zone Agents of the Grain Corporation throughout the country: George S. Jackson of Baltimore, Howard B. Jackson of Chicago,
E. F. Newing of Galveston, F. L. Carey of Minneapolis, D. F. Piazzek of
Kansas City, Mo., C. B. Fox of New Orleans, Charles T. Neal of
Omaha,
H. D. Irwin of Philadelphia, M.H. Houser of Portland, Ore.; B. II. Lang
of St. Louis, W. A. Starr of San Francisco, Charles Kennedy of Buffalo,
N. Y., and P. II. Ginder of Duluth.
After the applications have been filled out they must be sent to
the
Wheat Director, Division of Licenses, Washington, D. C.
The proclamation states that "any person, firm, corporation or
association, other than those herelnbefore excepted, who shall engage in or
carry
on any business above specified after July 15 1919, without first securing
such license, or shall carry on any such business while such license is suspended or after such license is revoked, will be liable to the penalties
prescribed by law."
named in such proclamation, or to export from or ship from
or take out of
the United States to any country named in such
proclamation, wheat,
semolina or wheat flour, except at such time or times,
and under such
regulations or orders, and subject to such limitations and
exceptions as the
President shall prescribe, until otherwise ordered by the
President or by
Congress; provided, that no preference shall be given to the
ports of one
State over those of another.
Now, therefore, I, Woodrow Wilson, President of the
United States of
America, by virtue of the powers conferred upon me by the
aforesaid Act of
Congress, as well as by virtue of the powers conferred upon me
by any and
all other acts of Congress conferring authority upon me in the
premises,
hereby find and proclaim to all whom it may concern, that it
is essential
in carrying out the guarantees aforesaid and to protect the United
States
against undue enhancement of its liabilities thereunder, that
wheat and
wheat flour, on and after July 1 1919, shall not be imported into the
United
States from, and shall not be exported from or shipped from or
taken out
of the United States to Abyssinia, Afganistan, Albania, Argentina,
Austria,
Belgium-her colonies, possessions and protectorates, Bolivia, Brazil,
Bulgaria, China,Chile, Colombia,Costa Rica,Cuba,Czech-Slovakia,Denmark
-her colonies, possessions and protectorates, tbe Dominican Republic,
Ecuador, Egypt, Finland, Prance-her colonies, possessions and protectorates, Germany, Great Britain-her colonies, possessions and protectorat
es,
Greece, Guatemala; Haiti, Hedjaz, Honduras, Hungary, Italy-her
colonies, possessions and protectorates, Japan-her colonies, possessions
and
protectorates, Liechtenstein, Liberia, Luxembourg,
Mexico,
Montenegro, Morocco, Nepal, the Netherlands-her colonies, Monaco,
possessions
and protectorates, Nicaragua, Norway, Oman,Panama, Paraguay, Persia,
Peru, Poland, Portugal-her colonies, possessions and protectorates,
Roumania, Russia, Salvador, San Marino, Serbs, Croats and Slovenes,
Siam, Spain-her colonies, possessions and protectorates, Sweden, Switzerland, Turkey, Uruguay, Venezuela or any other foreign country,
except
at such time or times and under such regulations or orders, and subject
to
such limitations and exceptions as shall be prescribed, until
otherise
ordered by the President or by Congress.
The regulations, orders, limitations and exceptions will be prescribed
and administered by and under the authority of Julius Barnes, United
States Wheat Director, from whom such licenses in conformity with said
regulations, orders, limitations and exceptions will issue.
The powers and authority heretofore vested in the War Trade Board by
any proclamation or executive order heretofore issued by me in
respect to
the prohibition or regulation or imports of wheat or wheat flour, Is hereby
transferred to and vested in the United States Wheat Director as
of July
first. 1919.
In making public the proclamation, it was stated at the
offices of the Wheat Director at 42 Broadway that Mr.
Barnes would establish regulations there from time to time.
The present regulations covering the exportation of wheat
and wheat flour he announced as follows:
(1) Wheat.-Licenses for the export of wheat will be issued to the United
States Grain Corporation or its nominees.
(2 Wheat Flour.-Licenses will be issued for the export of wheat flour
to all destinations in the Western Hemisphere; the East Coast of Asia.
British, French and Portuguese, West Africa; Liberia and the
Belgian
Congo. For the exportation of wheat flour to other destinations licenses
will be issued only to the United States Grain Corporation or its nominees.
The United States Wheat Director announced the regulations covering
the importation of wheat and wheat flour to be:
(1) Wheat.-Licenses for the importation of wheat will be issued only
to the United States Grain Corporation or its nominees.
(2) Wheat Flour.-Licenses for the importation of wheat flour Will be
Issued only to the United States Grain Corporation or its nominees.
Applications for licenses to export wheat flour to the Wetsern Hemisphere
,
the East Coast of Asia, and the West Coast of Africa and applications for
licenses to import wheat or wheat flour should be filed with the
United
Whereas, Congress has enacted and the President has on the fourth
day States Wheat Director, 62 Broadway, New York.
of March 1919, approved "An Act to enable the President to carry
Exporters and importers are advised that the foregoing rules do not
out
conprice guaranties made to producers of wheat of the crops of 1018 and the stitute any material modification of the
regulations heretofore existing as
and to protect tho United States against undue enhancement of 1919, established by the War Trade Board.
its liabilities thereunder," which Act contains the following provisions:
jrThe Now York "Tribune" of June 26 in referring to the
That whenever the l'resident shall find it essential in carrying
out the above proclamation stated
guaranties aforesaid, or to protect the United States against
that the Government, through
undue
enhancement of its liabilities thereunder, and shall make proclamati
on thereof, the Wheat Director will exercise strict supervision over the
it shall be unlawful to import into the United States from any
country importing and exporting of wheat and wheat flour
PRESIDENT'S PROCLAMATION GOVERNING IMPORT
S
AND EXPORTS OF WHEAT AND WHEAT FLOUR.
A proclamation covering the importation and exportation
of wheat and wheat flour, issued by President Wilson,
lodges with U. S. Wheat Director Julius Barnes the powers
and authority heretofore vested in the War Trade Board
with respect to such imports or exports as well as regulations
governing the same. Announcement of the issuance of the
proclamation which becomes effective July. 1 was made
by Mr. Barnes on Juno 25 who gives its text as follows:
to pro
2586
THE CHRONICLE
[VOL. 108.
American food experts believe it desirable that the financing of food transactions should be handled by bankers and that dealings should be permitted
through regular channels.
George A. Zabriskie,former Flour Administrator of the United States and
There is a sufficient surplus of food indicated from the coming harvest to
liof
issuance
the
discussing
in
the
city,
in
dealers
flour
largest
the
of
one
supply Europe and meet the needs of the world unless some unexpected
censes to flour dealers and millers, declared that speculation will be elimi- catastrophe happens to the world's harvest, according to a statement issued
nated. The price of wheat flour, he said, will reflect the Government's by Mr. Hoover. The bread budget balances, but the surplus of the
guarantee of $2 26 and not be maintained on a higher basis by artificial American crop of wheat and rye this year will be needed.
means.
After estimating the Euoprean consumption of wheat and rye at 2,250,The licensing amounts practically to war-time control, he said. As soon 000,000 bushels, of which between 700,000,000 and 850,000,000 bushels
be
will
as conditions permit a lower price will prevail. All licensed dealers
will lave to be imported, the statement continues:
refunded money when the wheat market price goes below $2 26, the price
"The available breadstuffs to Europe from the producing countries will
said,
he
hand,
other
the
On
the
Government.
by
producers
the
guaranteed
probably lie between 770,000,000 and 850,000,000 bushels. It would
when the prices climb over $2 26 dealers will feel obliged to reimburse the appear, therefore, that the world's bread budget will balance next year,
Government for the difference. The plan is, he said, to maintain the price but within narrow margins. In any event, the present indications are that
as near $2 26 as possible.
the American bumper wheat and rye crops will be needed. The principal
importing European Governments have all guaranteed their farmers prices
at higher levels than the American guarantee, and all are involved in bread
PRESIDENTIAL PROCLAMATION RELEASING RICE subsidies. There will not be much likelihood of much private trade in
wheat next year outside of Government buying.
FROM GOVERNMENT CONTROL.
"The European production of sugar will be apparently about 65% of
The Food Administration announced on June 23 that the pre-war normal, and before the war imports averaged 2,250,000 tons
people so greatly affects the conPresident Wilson had signed a proclamation, effective June per annum. The buying power of the estimate
of the probable import
of this commodity that no
21, releasing from Government control all persons, firms, sumption
potatoes, peas, beans, cabbage,
of
demands can be forecast. The crops
corporations or associations engaged in the business of im- and other vegetables promise to be about pre-war normal.
"While theoretically, the cattle of Europe could be restored in two years
porting, manufacturing, 'storing or distributing rice or rice
and the swine in one year, if no animals were killed, such a course would
flour.
entail no local meat supplies, and the natural course will be a slow recovery
over many years.
At the present moment, while the number of cattle shows a decrease of
SURVEY OF EUROPE'S FOOD REQUIREMENTS
the dairy and beef production is probably not more than 50% because
20%,
REPORTED BY HERBERT HOOVER.—END
of the bad condition of the animals. If the supply of foodstuffs during the
next ten years permits the normal feeding of even the reduced herds, the
OF WORLD FOOD CONTROL.
and fat conditions of to-day will be immensely ameliorated. The
An estimate of "the total prospective European yield of meat
value of demand for animal product imports not only depends upon the
wheat and rye, outside Russia as of May 1, after deducting supply of feed, but also on buying power, the recuperation of the herds,
and fats.
seed, at 1,550,000,000 bushels. . . indicates a crop of and the substitution of tropical vegetables
"As to the feed crops in Europe for animals, it is too early to forecast crop
about 77% of pre-war normal," says a statement issued on prospects.
To all appearances, about 75% of the usual yield will result.
June 3 by Herbert Hoover, U. S. Food Administrator, at The pre-war animal food imports into Europe, outside of Russia, of coarse
than 20,000,000 tons, and during the war
Paris, and head of the Allied Relief Organization. "The grains and seed cakes, were more
imports have fallen to as low as a rate of 6,000,000 tons per annum.
somewhat diminished population and the diminished buying these
With the diminution in herds, the feed imports should not return to the
power," it is pointed out, "militate against full normal con- pre-w;r normal.
the necessary imports next year is a
sumption, but the least possible consumption," it adds, "The problem of securing to Europe
problem of peace and finance. Without both it is hopeless, and without
"with the maintenance of public health, we estimate at peace there could be no finance. If they get peace, a moderate helping
re2,250,000,000 bushels, or an import on a minimum basis hand in raw materials, machinery, and in some instances, currencysoon
and temporary food credits, the countries of Europe will
of about 700,000,000 bushels." Mr..Hoover's statement, organization
g.
revive their export industries and make themselves self-supportin
as given in cablegrams from Paris to the daily press, June 3, "In addition to this, we have had also to carry the large burden of feeding
the Allies on credit. Few people realize that during the year ending next
said:
with $2,750,000,000 worth of food and
Through our organization and in co-operation with the various Govern- July we will have supplied Europe
supplied by our national Government,
ments we have completed a preliminary survey of the food prospects of that the whole of this has been
Europe and the import necessities, outside Russia, for the harvest year except perhaps $400,000,000.
n
"With peace, all European States can manage their own transportatio
beginning Aug. 1 and the world's supplies available to meet these needs.
continuance of the world's food control as it
We estimate the total prospective European yield of wheat and rye, outside and distribution and therefore
has,
Governments
each of the new
Russia, as of May 1, after deducting seed, at 1,550,000,000 bushels. This exists to-day is unnecessary. In fact,
its own food administration,
indicates a crop of about 77% of pre-war normal. The pre-war consump- under our encouragement, not only established
abroad in preparation
commissions
buying
establishing
tion, outside of seed, was about 2,500,000,000 bushels, indicating a net but they are also
transport problems the moment peace
import of about 950,000,000-bushels if consumption were normal next year. for handling their own buying and
The somewhat diminished populations and the diminished buying power is signed."
militate against full normal consumption, but the least passible consumpRELIEF ADtion with the maintenance of public health, we estimate at 2,250,000,000 FOODSTUFFS SHIPPED BY AMERICAN
bushels, or an import on a minimum basis of about 700,000.000 bushels.
HOW DISTRIBUTED,
EUROPE—
TO
ATION
MINISTR
The consumption will necessarily be to a great degree a factor of the
Statistics covering the relief measures put into effect by
financial recuperation and ability to pay for imports, and is also influenced
by the tendency to eat more bread and less of the more expensive meats the American Relief Administration combating famine in
and fats. Restriction of consumption will require continuation of the
various nations of Europe outside of the Allied countries
rigid control of distribution. People everywhere are sick of rations, and
from
every State will make a supreme effort to get away from under this blight. during the month of April, are contained in a statement
Some countries, therefore, will get away from the minimum, so that an Herbert Hoover', made public at the New York offices of the
import demand of 850,000,000 bushels is possible.
tion, 42 Broadway, on June 25. This
The present stocks and crop conditions in the larger exporting countries Relief Administra
would indicate that there should be in the coming harvest year an export statement says:
surplus of wheat and rye of from 870,000,000 to 900,000,000 bushels, but
Supplies representing the cargoes of about 120 steamers were distill:,
of this other countries than Europe require about 100,000,000 bushels, uted as follows :
for
available
bushels
970,000,000
to
leaving a supply of from 770,000,000
Metric Tons.
Europe.
27,256
Finland
The consumption in the United States has increased to an extraordinary
27,983
Poland
degree in the year. From the 1918 crop of wheat and rye we win export
4,400
Esthonia.
about 270,000,000 bushels, and, as the 1919 crop promises to be at least
2,315
Lithuania
200,000,000 bushels larger than 1918, it seems that we can export at the
2,162
Latvia
present rate of consumption about 470,000,000 bushels. The minimum
128,993
Belgium
export surplus from Canada, Argentina, Australia, and minor countries
3,402
Northern France
may be estimated at 400.000.000 bushels, while Russia and India may be
64,087
Czecho-Slovakia
considered out of the export list next year.
15,840
Greater Serbia
26,407
In further advices received through the Associated Press,
Rumania
3,953
3rd
the
of
Turkey
and
his
in
statement
Armenia
it is announced that Mr. Hoover
tect the Government from losses incurred through its guarantee of $2.26 a bushel to producers. It also said:
inst. reports that "with peace, all European States can
manage their own transportation and distribution, and therefore continuance of the world's food control, as it exists
to-day, is unnecessary." We quote in part from the Asso•ciated Press accounts as follows:
All the important Governments of the world, with the exception of
Argentina, having guaranteed prices of wheat to farmers, and all the
European Governments having subsidized the bread supply, it is considered
probable here that commerce in wheat will remain in Government hands
next year and that there will be little private trading. The American
members of the Supreme Economic Council, however, believe there is no
necessity of continuing centralized control of the distribution in Europe.
The question of food control after peace has been signed has been discussed by the Economic Council, Herbert 0. Hoover and the other American
members opposing control and taking the view that as there will be no food
shortage after the next harvest,food control, as it now exists, is unnecessary.
Mr. Hoover contends that normal trading should be re-established throughout the world, as no guarantees exist for other commodities, and that if
attempts are made to control prices in other commodities production will
be stifled and a shortage created.
No law now is in existence authorizing the participation of the United
States in food control activities after the signing of the peace treaty, and
316,698
Total
Total value of the goods delivered approximated $80,000,000, the
greater portion of which, outside of Germany, was furnished on the basis
of deferred payment. All of the Allied countries furnished the finance in
varying proportion, the major portion falling on the United States.
Approximately 100,000 tons of foodstuffs of European origin were
transported into areas of short supplies through the American Relief
Administration agencies, in addition to the supplies mentioned above.
CORN SPECULATION CAUSES REVOKING OF
LICENSES.
Announcement that speculation in corn had resulted in
the revoking of the licenses of an Illinois trader was made
as follows on June 21 by the U. S. Food Administration
Grain Corporation:
The Food Administration announced to-day that the licenses of C. H.
Wayne of Reynold, Illinois, had been revoked until further notice, effective
at noon, Saturday, June 21st, for violating Section 4 of the Food Control
Act. This section makes it unlawful, among other things, to hoard grain
or other commodities specified, and also to monopolize, or attempt to
JUNE 28 1919.]
THE CHRONICLE
monopolize, either locally or generally, grain and other specified commodities.
These licenses were revoked after a hearing in Washington on June 12th,
at which it appears that Mr. Wayne took delivery under contracts for
May corn aggregating 345,000 bushels at a time when that amount of
corn represented approximately half the corn available in public warehouses
in Chicago. Mr. Wayne also purchased over 400,000 bushels of July
corn, a small part of which he has since sold. He admitted at the hearing
that he was holding his cash and July corn, not for any industrial purposes
but for speculative resale.
Efforts by the Chicago Board of Trade and by his broker to induce Mr.
Wayne to dispose of his holdings at reasonable prices, and thus to relieve
the corn shortage, were without results.
The effect of the revocation makes it unlawful for Mr. Wayne to engage
in new business of licensed commodities after the revocation. He can,
however, subject to the approval of Howard B. Jackson, Agent of the
United States Food Administration at Chicago, sell both his cash and his
July corn, and it is expected that he will proceed to make such disposition
immediately for the relief of the corn market.
RESTRICTIONS AFFECTING IMPORTS OF HOPS INTO
GREAT BRITAIN.
Under date of June 20 the War Trade Board said:
The War Trade Board announce, for the information of exporters in the
United States, that they have been advised that licenses for the importation of hops into Great Britain will be issued subject to the following:
(1) Parcels of hops grown in and exported from any part of the British
Empire and being the produce of the 1916 or later crop will be licensed freely
on application.
(2) Hops of 1916 or later will generally be licensed freely from Belgium
or France.
(3) Hops from any other foreign country will be licensed immediately
to extent of one-half of the amounts provisionally allotted by Hop Controller
to be purchased in country specified by him. The issue of licenses for any
additional quantities of foreign hops will depend upon the supply of suitable
hops otherwise available in reasonable time, and importers will be required
to show that their requirements cannot be mot by the importation of hops
from the British Empire before such additional quantities will be licensed.
In making this announcement the War Trade Board wishes to call attention to the fact that they are not in a position to speak authoritatively on
foreign import restrictions, but are merely transmitting the above Information for the convenience of those on the War Trade Board's mailing
list. Inquiries with regard to foreign import regulations should be addressed to the Bureau of Foreign and Domestic Commerce, Department
of Commerce, Washington, D. C., as that Bureau endeavors to keep
informed on the import regulations of foreign Governments.
REGULATIONS GOVERNING THE EXPORTATION OF
PHARMACEUTICAL PRODUCTS TO GERMANY.
The following ruling (789) was made known by the War
Trade Board on June 20:
The War Trade Board announces that applications for licenses to export
pharmaceutical products and medical accessories to Germany will now be
considered, provided the particular commodities to be shipped cannot be
procured in Germany. In submitting applications to the War Trade
Board, Washington, D. C., covering these shipments, exporters should
prespnt such evidence as they may have that the pharmaceutical products
or medical accessories which it is desired to export are not procurable in
Germany.
2587
The statement issued at Mr. Barnes's office June 26 said:
In explanation of this action United States Wheat Director stated that
the larger available supply of ocean tonnage and the prospective larger
demand for grain movement made it both advisable and desirable that the
Gulf ports should ship larger auantities of foodstuffs than was possible
under tne conditions a year ago. It is hoped by this moderate advance
in the price of wheat at the Gulf to attract there at these prices enough
wheat to supply the tonnage that can be loaded there.
Last year considerable wheat which had been accumulated at buying
points, St. Louis and Kansas City, was afterwards shipped through the
Gulf, making an extra burden on the railroad facilities and it is hoped that
this price readjustment will naturally prevent this, also that with this
moderate adance and with the installation of a rate of 56c to the Gulf
from the principal wheat-raising sections of the Inter-Mountain
territory,
the Grain Corporation will discontinue its absorption basis on Inter-Mountain wheat which was put in last year to give a minimum of $2. This
advance and the new rail rates work out almost equal to those from the
principal sections. Last year millers in that section complained of discrimination because absorption was not made on their products as it was on
wheat and the situation this year will re-instate their natural competition.
No other changes in the guaranteed price at the various markets covered
by the Guarantee Proclamation of Sept. 2 1918, are contemplated and the
price at Pacific Coast ports guaranteed at $2 20 in that proclamation will
continue to be made effective on that basis.
FLAXSEED AT RECORD PRICE.
Minneapolis advices in the "Wall Street Journal" of June
18 said:
•
July flaxseed sold at $4 92, and cash flaxseed at $4 94, the highest prices
ever recorded here. Indications are that the price will cross the $5 line
It is said here that no such price has been reached since the Crimean War
The best opinion here is that the total Northwest acreage is 10% greater
than last year and the conditions are generally favorable, although it i
too early yet to tell much about it.
In later advices from Duluth, appearing in its issue of
June 26 the same paper stated that flaxseed had soared to
the highest prices on record in that market on the 26th. $5
being quoted in spot and July future. It was added:
Bulge was due to heavy demand from crushers to cover export linseed
ell contracts. Experts on this market now estimate that the acreage seeded
to flaxseed over the Northwest is 5% larger than last year but it is feared
that falling off will be shown In production for the season owing to extremely dry weather over Montana and parts of western North Dakota.
Much of the seed is reported to have failed to germinate over wide areas
of territory. Supplies in elevators here are small.
Minneapolis—Vandusen Harrington report says: "The general condition of flax in Minnesota, South Dakota and eastern North Dakota is
very satisfactory. Plenty of moisture combined with warm weather has
brought the plant along in wonderful shape. Many of our reports advise
that the crop has never looked better in these districts. In western North
Dakota it is very spotted, in some places it is fair while in others the late
flax has not geriminated. In this district the crop is now dependent upon
the moisture. Montana, except in a few restricted disticts, will have a
very light crop of flax.
STEEL RAIL BIDS FROM UNITED STATES LOWER
THAN THE BRITISH.
• A copyright cable dispatch to the New York "World"
from Glasgow under date of June 26 reports that the ComREGULATIONS GOVERNING THE IMPORTATION OF mittee on Tramways has recommended that the city corporation accept the tender of an American firm for 5,000
COTTON INTO GREECE.
of steel rails. The American quotation was .£17 9s.
tons
announced
on.
June
Board
24
Trade
for
War
The
the inwhile the lowest British offer was.£19 is. 3d. per ton.
ton,
per
formation of exporters that they have been advised that
the Greek Government has prohibited, effective May 26
SHIPMENTS OF COAL MAY NOW BE MADE FROM
1919, the importation into Greece of:
Seed or ginned cotton.
ATLANTIC SEABOARD.
Cotton yarns, soft or tight rolled up to size No. 24.
The War Trade Board announced on June 27 that shipColored and English cotton prints, drills and "aladza." (gingham) of
Class 1 59 B of Greek Customs Regulations.
ments of coal may now be Made from all ports,on the Atlantic
The Board also says:
seaboard, and that the Collectors of Customs have been
Special import licenses may be issued at the discretion of the Minister notified to disregard the provision contained in
export
of National Economy for goods purchased and shipped prior to NIay 3 1919.
In making this announcement the War Trade Board wishes to call atten- licenses already issued to the effect that shipment must
tion to the fact that they are not in a position to speak authoritatively on be made from Philadelphia or ports south thereof.
4•111111=1•11•••11,
foreign import restrictions, but are merely transmitting the above information for the convenience of those on the War Trade Beard's mailing
list. Inquiries with reference to foreign import regulations should be addressed to the Bureau of Foreign and Domestic Commerce, Department
of Commerce, Wasington, D. C., as that Bureau endeavors to keep informed with respect to the import regulations of foreign governments.
GUARANTEED PRICE OF WHEAT AT GALVESTON
AND NEW ORLEANS INCREASED TO
$2 30 PER BUSHEL.
Order signed by President Wilson
Executive
an
Under
on June 25 the guaranteed price of wheat at Galveston and
New Orleans fixed by him on Sept. 2 last at $2 28 per bushel
has been increased to $2 30 per bushel. According to U. S.
Wheat Director Julius Barnes the Executive Order reads as
follows:
By virtue of authority vested in me by the Acts of Congress approved
respectively Aug. 10 1917 and March 4 1919, I hereby direct, in order to
more properly regulate the flow of wheat of the crop of 1919 to the terminal
markets of Galveston and New Orleans, that the guaranteed Price of $2 28
per bushel at Galveston and New Orleans, fixed by me in the Presidential
Proclamation, dated Sept. 2 1918, be increased as of and from July 1 1919,
at each of said terminal markets to $2 30 per bushel and that the Food
Administration Grain Corporation under the direction of the United States
Wheat Director be authorized to purchase wheat at said termlual markets
at such increased price and under such rules and regulations as may be
prescribed.
WAR LABOR BOARD WINDING UP.
Announcement of the termination on June 25 of the
activities of the National War Labor Board preparatory to
its final dissolution by the President was made on that date
by the Board. No new cases will be heard, it is stated,,
nor new applications received, but present controversies,
jointly submitted, which cannot be concluded prior to June
30, will be assigned to the joint Chairmen or a section of
the Board for disposition. In announcing conclusion of its
activities, the Board said it had recommended that, with
the approval of the President, all administrative duties in
connection with unfinished cases, and all records and files
of the Board be transferred to the Department of Labor.
Members of the Board, pendjng final dissolution, will be
at the call of the President. The conclusion of the Board's
activities marks the passing of one of the Governmental
agencies created during the war to further production of
war materials. The Board was organized under a Presidential proclamation with former President William H.
Taft and Fank P. Walsh of Kansas City as joint Chairmen
and with five members representing labor, five employers'
representatives and two members acting for the public.
2588
THE CHRONICLE
Mr. Walsh resigned in November of last year and was succeeded by Basil M. Manly of Washington. It is stated
that during the year which ended May 31 theBoard received
1,245 cases, made awards in 462.cases, dismissed 391 for
various causes, referred 315 to specified agencies and suspended one case. Fifty-three cases remained on the docket,
because the Board could not agree,and 23 cases were pending.
JUDGE GARY ON DUTY OF ALL TO BRING ABOUT
STABLE CONDITIONS.
In declaring it to be "the solemn duty of every individual,
every aggregation of individuals, to assist in bringing about
stable conditions which are healthful—morally, socially
and economically," Judge Elbert H. Gary, Chairman of
tha Board of the United States Steel Corporation added
on the 23rd inst. that "if this shall be the effort of all it
need not be feared that there will be experienced the overthrow of civinzation, the disregard of freedom and liberty
or the protection of life and property, which occasionally
an ill-advised or evil intentioned speaker or writer proclaims
is now threatening the world." This statement was made
by Judge Gary in a commencement day address at Trinity
College, Hartford. Judge Gary's remarks dealt with the
labor question, and in part he said:
It is not yet fully realized what has happened to the world during the
last five years; and in a much less degree can it be conceived what will
occur during the next like period.
We know that in nearly every part of the globe the people are passing
through a transitional stage which is uncertain and which presents new and
difficult problems of great consequence. It is a time of suspense and
apprehension.
It is probable the feeling of unrest and dissatisfaction, which has been
extensively advertised, has been greatly exaggerated, especially as to the
numbers affected; nevertheless in other countries to a large extent, and in
this country to a less degree, there exists a belief that radical changes
in Governmental control and administration are necessary. Agitation
and propaganda, which are vicious and participated in by those who are
totally unworthy, have had some influence even upon well-disposed persons.
This is largely because of the abnormal conditions of mind, created by
the military cataclysm through which we have been passing during the last
four years or more.
In the discussions of the time, public and private, are contained what is
generally designated the labor questions. While some of them are more
or less delicate and are difficult in treatment because of misconception of
the facts and circumstances in particular instances, still I think there should
be frank and full reference to and Analysis of the underlying principles
which pertain to this subject. The comments which will be made represent views which are entirely personal.
Fortunately, the large majority of wage earners cannot be influenced
by considerations that are base or unreasonable. This is especially true
in the United States.
It may be useful to bear in mind that in trying to arrive at a wise and
just conclusion concerning the rights of the workmen the interests of four
general groups must be considered, viz: Labor, capital or employer, the
consumer, and that part of the general public not included in the divisions
specially mentioned. None of these should be overlooked, each must
be fully protected within reason and justice.
Assuming that the pecuniary conditions of the capitalist and laborer
are established on a basis of justice as between themselves, the next consideration is the relationship between these two combined and the consumer.
If the latter could be left out of consideration then there need be no difficulty
or difference between employer and employe concerning compensation or
other advantages, for whatever was added to the profit of either could
be charged to the consumer by increasing the selling prices of the output.
I am not discussing relative prices or amounts; that must always be based,
more or less, upon existing conditions, such as those relating to supply
and demand, as well as the risks involved, the nature of the employment,
the results achieved, et cetera.
The three groups are intimately connected. Whenever labor receives
increases in wages, or other pecuniary advantages, the amount must be
charged to and paid by the consumer, provided capital is not receiving
more than it is entitled to receive. Consequently the question of selling
prices or wages in many cases practically relates only to the laborer and the
consumer. In estimating the cost of production from the raw to the
finished material it should be borne in mind that 85 or 90% of the total is
confined to the sum paid for labor. If capital or labor Is receiving a larger
return than it ought to have the excess is provided by the consumer in
paying improper prices. There should always be Maintained a fair and
reasonable equilibrium, taking into account all the circumstances.
And in discussing the rights of the consumer it must not be overlooked
that the capitalists and the laborers are consumers as well as the general
public; and therefore that when the capitalist, the laborer or the general
public is seeking any advance in rates or returns which adds to the cost
of production or delivery of commodties the one who urges the increase
may be proposing to add to selling prices and to the prevailing cost of
living. A man may be demanding a supposed benefit to himself when in
fact net result will be a personal disadvantage.
Also, when we consider that the three groups named are closely connected
We cannot overlook the most important fact that the effort of anyone to
advance wages or prices with resulting costs of production, may be simply
to step in adding to the cost of living and consequently a higher standard
of general prices with a relatively lower value of the standard dollar.
If we would have a stable, reasonable standard of values, we must, so
far as proper and practicable, arrive at and maintain a correct relation
between the different groups already particularly referred to. The
Government could perhaps endeavor to determine and regulate the respective interests and rights of each, but coupled with the thought there
are immediately conceived complicated and doubtful questions which
Would make the suggestion appear impracticable. When proposals of
this character have been made there have appeared objections by both employers and employes. This is not the time or place for debate upon that
subject.
In considering the relationship between employers and employes the
welfare of the latter is of the highest importance, not alone because it is
right, though that is reason enough, but also because it is for the benefit of
the employers themselves. These groups are associated for mutual profit.
[VoL. 108.
They succeed or fail together. Each has obligations and responsibilities.
They are not and should not be considered partners in the sense of being
entitled to the control of the business in question or to participate in the
return on the capital invested, except to the extent of contribution by each.
to such capital, for otherwise one would share in benefits without sharing
in the hazard of investment. Prospective profits furnish the incentive
to embark in enterprise and to risk capital. To the extent this is removed
or hampered to a corresponding degree will capital be withheld or diverted
and economic activity diminished.
But there are many things the employe is justly entitled to. There is
due him fair and reasonable compensation, depending upon all the circumstances surrounding the employment. The times, places, services,
and results of operation are important to be considered. Necessarily
and properly the question of supply and demand is, and always will be a
factor in determining prices of labor, as it is in dealing with commodities.
This is elementary ahd healthy; but there are other things of equal imporance. When there is a well grounded doubt in regard to wage rates it
should be resolved in favor of the employe.
The workmen ought in some form to be offered opportunity to invest
on favorable terms in the business inaugurated by the employer. This
encourages thoughtful attention and endeavor to economize and save.
It makes the wage earner an actual partner in the business of the concern
with which he is associated; a real capitalist. Many of the wage earners
have heretofore become property owners, owning the houses in which,
with their families, they reside. Some are the holders of interest bearing
securities. The number of this character of investors is increasing. They
have as keen a desire to see the institutions of this country protected as
those who have greater riches, and they may be relied upon to lend their
influence and their votes in favor of the protection of property and person.
Opportunity must be given to the workmen to increase their pecuniary
holdings so far as practicable. To this end I believe the employers will
do their part.
Every employe should have the chance to progress from one position
to another depending upon his merits. The average workman does not
wish to remain in the lower grades of employment or to bring to this level
others filling better positions. He desires full and fair opportunity to
occupy higher and still higher places, based on efficiency and faithfulness.
This he is entitled to and it must be accorded him.
The labor question at present is engrossing the attention of students and
will continue to do so with predominant importance after the conferences
at Paris are concluded. The workingmen have been credited with worthy
achievement or charged with lawless and destructive tendencies, perhaps
in both respects in unjustified measure. The final attitude of the large
majority, certainly in the United States, will be right. Their own welfare will be thus promoted.
But publig sentiment, based on facts, developed particularly by the
learned, thoughtful, fair minded, and conscientious men and women who
are neither capitalists nor laborers in the sense intended by what has been
said, will have, in the future, more influence upon the situation than ever
before; and the attitude of the employers towards employes, if it shall
be such as I have indicated it out to be, will be a potent factor for good.
STRIKE OF UTAH MINERS FAILS.
The strike of the miners in the Park City mining district,
thirty miles from Salt Lake City, Utah, that began May 6,
has collapsed. The miners demanded a six-hour day, a
minimum $5 50 wage and two men to man each machine.
Federal mediation failed to accomplish a settlement for the
union was in the control of radicals, and it was repotted
that the Industrial Workers of the World were responsible
for the strike in the beginning. After six weeks of idleness
the men are returning to work under the same conditions
and wages that existed prior to their walkout—an eighthour basis at a daily wage of $4 50.
There has been no other labor trouble in the Utah mining
camps where a cut of 75 cents a day in wages was made some
four months ago. Production and smelting at Butte, Mont.,
following the failure of the strike of the I. W. W. union
after a reduction of $1 a day has continued without further
reduction. The strike at Jerome, Ariz., following a 75-cent
cut, closed the smelter which still remains shut down, but
the copper mines of the district continue to do considerable
development work. Leadville, Colo., mines have not resumed the output that obtained prior to the compromise
lowering miners' wages from $4 50 to $4. Cripple Creek,
Colo., gold mines are badly in need of more efficient miners
and this is handicapping both development and production.
Prospecting and operations in the minor Rocky Mountain
camps remain restricted because of the high cost of production. This has lead to the partial closing of the Denver
smelter. The high mining cost, the continued stagnation
of the baser metals market and the enormous surplus of
copper on hand should prevent labor troubles in Western
metal mining for some time.
FRANK L. POLK NAMED AS UNDER-SECRETARY OF
STATE.
Frank L. Polk, of New York, counsellor of the State
Department, and at present Acting Secretary of State, was
nominated on June 23 by President Wilson to be UnderSecretary of State, an office created under the 1920 Legislative, Executive and Judicial Appropriation Bill, passed at
the last session of Congress. The nomination was confirmed
by the Senate Foreign Relations Committee on June 25.
The office of Counsellor of the State Department is abolished
under the measure, which fixes the salary of the UnderSecretary at $7,500. Three assistant secretaries are pro-
JUNE 28 1919.]
THE CHRONICLE
vided for. It is stated that the change in title was made
because of confusion both in the United States and foreign
countries regarding the position of Counsellor. The State
Department's Counsellor is the Senior Assistant Secretary of
State and becomes Acting Secretary in the absence of the
Secretary of State.
REMOVAL OF RESTRICTIONS ON TIN TRADING.
INTER-ALLIED TIN DISPOSED OF.
In announcing in June 23 that all of the 10,169 tons of
Inter-Allied Tin had been sold, George Armsby, Chief in
Charge of Tin of the War Industries Board made known the
removal of all restrictions on trading in tin between consumers, dealers, jobbers and smelters. Import restrictions
on pig tin and metal alloys containing tin are removed as
of Aug. 1 1919 when imported from countries of origin.
The following is Mr. Armsby's announcement:
WAR INDUSTRIES BOARD.
Washington.
New York, N. Y., June 23, 1919.
To the Tin Trade:
Pig Tin—Allocations by Inter-Allied Tin Executive to United States for Distribution at Cost to American Consumers.
Referring to my circular letter of June 16th, please be advised that
according to the reports made to American Iron and Steel Institute, all
of the 10,169 tons of Inter-Allied Tin has been sold. A careful estimate
of the supply of tin (including tin content of tin ores and tin concentrates)
on hand in the United States in the hands of consumers, dealers, jobbers
and smelters, is sufficient, at the normal rate of consumption, to provide
for all consumptive requirements until the end of October.
In order that consumers whose stocks of tin are low may be provided
with their necessary requirements, it has been decided by the War Industries Board and the War Trade Board that all restrictions on trading in
tin between consumers, dealers, jobbers and smelters shall be, and the
same are, immediately discontinued, all guarantees heretofore given under
the tin regulations to the contrary notwithstanding. Licenses for the
purchase of tin are no longer required.
Under War Trade Board Ruling No. 780, dated June 16 1919, the import
restrictions have been removed as of Aug. 1 1919 on pig tin and metal alloys
containing tin, when imported from countries of origin. Supervision over
tin will continue to be exercised by the War Industries Board and the
War Trade Board until all import restrictions are removed. In the meantime, all importations of pig tin, tin ore, tin concentrates and metal
containing tin will continue to be consigned to American Iron and alloys
Steel
Institute, as provided in the tin regulations, and all import licenses
issued
by the War Trade Board will carry a clause to this effect.
Yours very truly,
GEORGE ARMSBY.
Chief in Charge of Tin.
At the same time John Hughes, Chairman of the SubCommittee on Pig Tin of the American Iron & Steel
Institute issued a statement in which he said that the latter
would continue to function under the control of the War
Industries Board and the War Trade Board until such
time
as all restrictions are removed. The following is Mr.
Hughes' circular.
AMERICAN IRON AND STEEL INSTITUT
E.
Sub-Committee on Pig Tin.
New York, N. Y., June 23, 1919.
Circular Letter No. 14.
To the Tin Trade:
Pig Tin—Allocations by Inter-Allied Tin Executive to United States
for Distribution at Cost to American Consumers:
Mr. Armsby's circular letter of thus date announces that all
of the InterAllied Tin has been sold and that all restrictions regarding the
resale of
Tin in the United States between consumers, dealers, jobbers and
smelters
are removed.
The War Trade Board has also announced removal of import
restrictions
on Pig Tin from the country of origin in War Trade Board Ruling
No. 780,
dated June 16 1919.
The American Iron and Steel Institute will continue to function under
the control of the War Industries Board and the War Trade Board
to the
extent that may be required by the Tin regulations until such time
as all
restrictions are removed. In the meantime, as all of the
Inter-Allied
Tin has been disposed of, consumers whose stocks of Tin are
low may obtain
further supplies by purchase either from smelters, dealers,
consumers having Tin for sale. All consumers who have jobbers or other
any spare stocks
of Tin which they are willing to sell are requested to notify
the Institute
of the particulars of such stocks immediately. Any
consumers needing
further supplies of Tin may send their inquiries to the
Institute
and an
effort will be made to satisfy their requirements.
Yours very truly,
JOHN HUGHES, Chairman
Sub-Committee on Pig Tin.
2589
Third zone, 2 cents per pound.
Fourth zone, 3 cents per pound.
Fifth zone, ni cents per pound.
Sixth zone, 4 cents per pound.
Seventh zone, 5 cents per pound.
Eighth zone, 53. cents per pound.
The one-cent rate prescribed in Paragraph 2. Section 429, P. L. and R.,
continues to apply where the total weight of any one edition or issue mailed
to any one zone does not exceed one pound.
On publications maintained by and in the interest of religious, educational,
scientific, philanthropic, agricultural, labor or fraternal organizations:for
associations, which have been specifically classified as coming within the
provisions of Paragraph 4, Section 429, P. L. and R., 1 cents a pound
3
for all zones on the entire publication.
There is no change in the free-in county mailing privilege, nor in the rates
on copies mailed for delivery within the county of publication, the rates set
forth in Section 433, P. L. and R., continuing in force.
,
Postmasters will advise publishers of the foregoing and be careful
to see
that proper postage is collected on second-class matter mailed at their office.
A. M. DOCKERY.
CABLE COMMUNICATIONS WITH GERMANY.
The War Trade Board announced on June 18 that it had
been advised that all cable companies and censors have
been instructed that cablegrams relating to the supply of
foodstuffs to Germany under the terms of the Brussels
Agreement, may now be accepted for all destinations in
Germany when such meesages are otherwise unobjectionable. With reference to the foregoing ruling, the Board
directed the attention of exporters to its Ruling 707, issued
April 23 1919.
CHARLESTON TO HAVE STEAMSHIP CONNECTION
WITH SOUTH AMERICA.
The 9,000-ton deadweight steel ship Walden will sail
from Charleston within the next two or three weeks for
Argentina, putting into effect a monthly sailing of vessels
between Charleston and Rio de la Plata and other South
American ports. The ship is one of the six thus far allocated to the South Atlantic Maritime Corporation, formed
to foster the foreign trade of the five South Atlantic ports,
which include Charleston, Wilmington, Savannah, Brunswick and Jacksonville. Charleston has the honor of being
the first of the South Atlantic ports to have the benefit of
monthly sailings to South America.
Coal will probably constitute the first cargo from this
port to Buenos Ayres and it is considered likely that coal
will be the basic cargo of export in the Charleston-Argentine trade from the beginning, while in all probability hides
and fertilizer materials will constitute the basic import
commodities. General cargo will be available if desired.
There is keen gratification in local shipping circles at the
institution of direct trade between Charleston and Argentina and rapid development is expected.
Another local shipping development is the successful
expansion of the Carolina Company to do general shipping
business with a capital stock of $500,000. The company
has obtained from the United States Shipping Board the
former Dutch steamer Leersum and probably another
will begin operations immediately with sailings to Liverpool
It is stated that general cargo sufficient for the first voyage
of both these vessels has been obtained.
NAVAL LICENSES FOR SMALL CRAFT IN NEW YORK
WATERS NO LONGER REQUIRED.
It was announced on June 13 that naval licenses would
no longer be required for the operation of small craft in the
waters of the Sound and harbor.
SALE OF NINETEEN GOVERNMENT BUILT STEEL
SHIPS FOR $27,821,120.
In a statement issued by the U. S. Shipping Board on
June 16 it was announced that 19 steel cargo ships, built by
contract for the U. S. Government had been sold "within
the past two days" to seven firms of ship operators. The
POSTAGE RATES EFFECTIVE JULY 1 ON PUBLICA- vessels have a tonnage of 128,472 and the
purchase price
TIONS OF THE SECOND, CLASS.
aggregated $27,821,120. All the vessels were sold to AmeriThe following notice was given by Third Assistant Post- can interests and will fly the American flag. The transacmaster-General Dockery on June 12:
tion according to the Shipping Board's statement constiOffice Third Ass't P.-M. Gen'l,
tuted "the greatest sale of steel ships ever made in the hisWashington, June 12 1919.
tory of the shipping industry." The New York "Journal
Particular attention is called to the rates of postage which,
under the of Commerce" on June
18 said It had learned on June 17
Act of Oct. 3 1917, embodied in Section 429, P. L. and R., as
amended
May 24 1918, will be chargeable on and after July 1 1919, and until
that twelve of the ships went to New York interests. Out
July
1
1920, on publications entered as second-class matter when mailed
by of the 12, five were disposed of to the National Shipping
publishers or registered news agents, such rates being as follows:
On the portion of publications devoted to matter other than advertise- Corporation; four to George W. Cole, agent for a new comments, 1% cents a pound. If the space devoted to advertiseme
nts does pany, two to the French-American Line, one to the Omega
not exceed 5% of the total space, the rate of 1% cents a pound
applies
to Steamship Company. The statement as to the sale of the
the entire publication.
19 ships made by the Shipping Board at Washington on
On the portion of publications devoted to advertisements:
First anksecond zones. 1% cents per pound.
June 16 reads:
2590
THE CHRONICLE
Within the last two days the United States Shipping Board has effected
the greatest sale of steel ships ever made in the history of the shipping industry. To seven firms of ship operators it has sold nineteen of its new
steel vessels at prices ranging from $210 a deadweight ton up to $225 per
deadweight ton. The vessels range from 5,530 tons to 9,600 tons. The
amount of tonnage disposed of in this sale is 124,472. The purchase price
aggregates $27,821,120.
r Thus the United States Government, which has taken rank as the leading
shipbuilder of the world, is now the leading seller of ships. Moreover, it is
selling them at prices which show the keen demand for steel tonnage.
A squadron of six ships went to one firm alone. Four were taken over by
another operator. Four other companies bought two each. There was
only one purchaser to take a single ship. No ship was sold to any foreign
flag. All were purchased by American ship operators and will fly the
American flag.
What is regarded as a significant feature of the sale is the fact that twelve
of the vessels were of the fabricated type. This large proportion is taken
to indicate that there exists a keen demand for ships of this type the kind
that are being built at the Newark yards of the Submarine Boat Corporation and at Hog Island.
[VOL. 108
tract price for the fleet was $21,589,600, showing how the value of tonnage
appreciated during the period that the submarine menace was at its height.
Figures presented by the Norwegians reveal that installments amounting
to $12,918,577 50 had been paid, while a balance of $8,671,022 remained
when the vessels were taken over by the Government.
It is understood that Mr. Hannevig expects a settlement in regard to the
other contracts, which are similar in nature to those recently adjusted. The
number is said to be 20, and it is reported that an award, based upon identical terms will mean the payment of about $27,000,000.
The difficulty that has been experienced by the Government is that of considering the amounts paid by purchasers of the contracts, after they were
originally placed. Whereas, the first owners admitted that they agreed to
pay only $21,589,600 for the completed ships, the present owners testified
that they had turned over about $30,000,000 to the interests selling the
contracts.
The Norwegian corporations that will receive the money from the Government are located at Christiania, Hangesund, Bergen and Krageroe.
LEGISLATURES OF TWO MORE STATES RATIFY
Further details regarding the sale were given in a special
SUFFRAGE AMENDMENT.
Washington dispatch to the New York "Sun" on June 16
The • Legislatures of Pennsylvania and Massachusetts
as follows:
have ratified the national woman's suffrage amendment
The vessels are for immediate delivery and can be loaded and placed In
to
the Constitution of the United States. The Senate in
to
are
of
All
them
rates.
high
of
present
the
advantage
the
getting
service,
be 100% American ownership, and there is no restriction on them or their Pennsylvania ratified the amendment on June 19 by a vote
operation except the usual ones as to clearance. They cannot be trans- of 31 to 6 and the House of Representatives voted 153 to 44
ferred to any foreign flag. All the vessels were sold on a basis of 25% in
in favor of the amendment on June 24.
cash, 7;4% in six months, 714% at the end of the next six months and
The Massachusetts Senate on June 19 voted 34 to 5 to
15% for each of the four succeeding years. The Government has a mortgage on them, and they must be insured to cover the Government equity. ratify the national woman's suffrage amendment and the
Board
Shipping
the
with
Purchasers have the option of taking insurance
June 25 by a vote of 185
on the hulls up to the amount of the Government equity or from any private House passed the amendment on
to 47.
quarter. The mortgages bear interest at 5% a year.
The vessels sold for the most part are fabricated ships built at the SubThe States which have now ratified the national woman's
marine Boat and the Hog Island plants. The larger ones were built by
the Skinner & Eddy Company at Seattle. Several weeks ago the Skinner suffrage amendment are Wisconsin, Michigan, Illinois,
& Eddy Company offered to buy them from the Shipping Board at the cost New York, Ohio, Kansas, Pennsylvania and Massachusetts.
price of $199 a ton. They brought $225 a ton from the New York ship
operators.
Chairman Hurley of the Shipping Board who has advo- RAILROAD ADMINISTRATION TO MEET OBLIGAcated the sale of Government owned ships, speaking of the
TIONS OF $100,000,009 NEXT WEEK.
plans of the Government for disposing of its war built merAlthough the bill providing for an appropriation of
chant marine, was quoted in a special Washington dispatch $750,000,000 for the Railroad Administration's Revolving
to the New York "Times" on June 16 as saying:
Fund is still awaiting the signature of President Wilson,
The United States Government is the only country in the world to-day
4 was announced yesterday that the Administration would
where ships can be sold for spot delivery. The purchasers of these vessels
will get immediate possession and will place them in trade routes without be able to meet obligations falling due July 1 without resortdelay. The operators who have taken them over are men of vision and ing to the issuance of additional certificates of indebtedness.
experience. They recogntze the incalculable advantage of being first in the
The Administration, it is stated, will be called upon to pay
field and with the opportunity of establishing connections at a time when
out about $100,000,000 next week. The bill appropriating
so many are anxious to connect with reliable shipping firms.
To-day we were in communication with one firm in regard to the sale of $750,000,000 to be added to the original $500,000,000
foity-two of our wooden ships of the Ferris type. 'We have already sold
Revolving Fund was passed by the House on June 10 and
forty-two of our wooden ships.
Since we began selling ships a short time ago we have disposed of 332,045 by the Senate on June 12. Reference to it was made in our
deadweight tons (221,363 gross tons). The total amount of these sales now issue of June 14, page 2393. On June 18 Director-General
aggregates $51,856,620.
Hines was credited with stating that the failure of Congress
Offices of the U. S. Shipping Board, from which the neto provide more than $750,000,000 for the Railroad Adwere
on,
carried
be
will
sales
ship
gotiation of Government
ministration's revolving fund would present new problems of
opened at the New York Custom House on June 23. Conthe roads within a few months, but that future
financing
cerning the activities of the new office Mr. Hurley was
would be left for solution when they arose. Cernecessities
having
as
22,
June
quoted in the New York "Tribune,"
indebtedness issued by the Administration to the
of
tificates
said: "We are establishing the sales department here beWar Finance Corporation and to banks during the last three
only
sales
the
be
will
This
convenient.
more
is
it
cause
months, owing to the failure of the appropriation bill in the
department, except perhaps, should need arise, in some
Congress, would be taken up, it was stated, with the
last
foreign capital. Each sale will be announced here, giving
proceeds of the new appropriation. Should the new appropurchaser."
the names of the
priation not be made available before the end of the fiscal
John E. Barber, Vice-President of the Emergency Fleet
press dispatches from Washington stated that it was
year,
Corporation, will be sales manager at the new office and
further issues of certificates would be made.
understood
York
New
of
Company
E. W. Lyon of the Bankers' Trust
will head the credit department.
WALKER D. HINES ON PROPOSAL TO RESTORE RATEFIXING POWER TO INTER-STATE COMMERCE
PAYMENT BY UNITED STATES TO NORWEGIANS
COMMISSION.
FOR 27 REQUISITIONED SHIPS.
the House Inter-State Commerce
before
hearing
a
At
In reporting that the United States has agreed to pay
on the bill to restore the power to
26
June
on
Committee
Norwegian capitalists $34,500,000 for 27 ships requisitioned
fix railroad rates to the Inter-State Commerce Commission
by the U. S. Government after the declaration of war the instead of retaining it as at present with the President,
"Journal of Commerce" of June 14 said in part:
Director-General Walker D. Hines was asked by RepreA settlement involving $34,500,000 has been effected between the group
of Norwegian shipowners represented by Emil Stray, and the United States sentative Sims whether the Railroad Administration at
Shipping Board for 27 vessels, aggregating 182,575 deadweight tons, which the present eime contemplated further increases in rates.
were requisitioned by the Government after the declaration of war. The
Mr. Hines said:
agreement was reached in Washington with Raymond B. Stevens, Vice- In reply,
.Chairman of the Shipping Board, representing the Government, and the
settlement was in the nature of a compromise.
While the claims of this group of Norwegian capitalists have been adjusted, final action has not been had upon those claims of the other interests, known as the Hannevig group. It is understood that Christoffer Hannevig expects to have these adjudicated soon upon a basis similar to that
of the recent compromise.
The United States settled upon a figure of approximately $225 per deadweight ton plus 6% interest. 'While this is vastly more than the contract
price paid by the Scandinavian capitalists, the statement was made by a
representative of the Norwegian Shipping Commission that it represented
a loss to the last owners of the contracts.
The payment of the claims will be made through the Norwegian Legation
at Washington. The United States Government has on deposit with the
Bank of Norway at Christiania 2,000,000 kronen and this sum will be
turned over to the Stray group. The other settlements will be paid in a
regular manner.
While the settlement has been ratified by the ship owners, the sum paid is
considerably less than the amount claimed. The Commission asked that
the Shipping Board pay $51,138,245 for the twenty-seven ships. The con-
We are giving consideration to that problem. My own view is that we
have two phases of the question to consider. Our present deficit Is due to
two things. First, to tile falling off of business of the roads. Second,
to the increase in wages and the cost of materials which are not met
by the revenues arising from increases in rates. We are trying to
segregate these questions, so as to determine how much of the deficit is
due to falling off of business and how much to the failure to make a sufficient
increase in rates.
In voicing his opposition to the Senate bill to deprive the
President of power to fix railroad rates, Mr. Hines on the
26th said:
The relations between the Director-General and the Inter-State Commerce Commission have been most cordial and we have adopted the policy
of consulting the Commission on all matters, therefore the plan of giving
the Commission the power to suspend rates enacted by the President will
not result in serious embarrassment.
But, as a matter of principle, it is wrong to have the President responsible for the operation of the railroads and at the same time give the Corn-
JUNE 28 1919.]
THE CHRONICLE
2591
of Jerome J. Hanauer of Kuhn, Loeb & Co. The financing
of approximately $400,000,000 of railroad equipment is inThe question, put by Representative Sims, as to whether volved in the plan, regarding which the New York "Times"
the public interest demands "that legislation of the character on June 25 said in part:
now before us be enacted, especially in view of the fact that
While the details will be withheld until after the Railroad Administration
Congress proposes to legislate with a view to forming a per- has had an opportunity to digest it, it is understood that the plan calls
for an issuance of some $280,000,000 railway trust certificates and
manent railroad policy," brought from Mr. Hines the fol- broadly
their offering in the open market,the proceeds of the sale to go to the Railroad
lowing reply:
Administration to reimburse it in part for the approximately $.400,000,000 it
mission the power to suspend rates before it has decided that they are unreasonable.
The President has announced that the railroads will be returned to their has already advanced to the equipment manufacturers. It is also underowners at the end of this calendar year. During the short continuation of stood that the balance of the amount due will be obtained out of the excess
the period of Federal control it seems to me that the responsibility for oper- earnings of the equipment, which will be allotted and leased to the railroads
ation and other matters should be concentrated in the President. The which will eventually become the owners of the rolling stock.
It has been reported that the Banking Committee which drew up the plan
things which brought about the demand for this legislation resulted from
annoyances due to the pressure of war necessity. If those interested in is convinced that the equipment trust certificates issued must be offered for
this legislation could remove from their minds the memory of those things, public subscription at attractive prices or they will not prove a successful
I believe there would be no demand for this legislation. The public in- undertaking. Another feature of the plan is reported to be the absence of
a proposal for Government ownership of the equipment, except in the case
terest would be fully protected without enactment of this legislation.
As the bill stands it would upset the whole scheme of rate initiation and of absolute refusal of individual lines to accept the allotments made to them.
put on the Government the liability of paying the debts of the railroads. This, it is estimated, would place a burden not too great upon the shoulders
This plan of suspension would create this situation: the Commission would of the Railroad Administration, which would probably have to write off
have the power to suspend rates initiated by the President, but would be such equipment as one of the costs of the war.
Incidentally, this is one of the points upon which it is considered as doubtunder no obligation to substitute other rates. There would be a division
ful if representatives of the Administration will agree with the special comof responsibility, which would be unfortunate.
mittee of executives.
On the 25th Mr. Hines, in declaring to the committee his
The Bankers'Committee which drew up the plan consists of Mr.Hanauer.
opposition to the bill which would dislodge the rate-mak- Charles E. Mitchell, President of the National City Company; Harold
Stanley,
Vice-President of the Guaranty Trust Co.; Arthur M. Anderson
ing power from the President, stated, according to the New
of J. P. Morgan & Co.; F. W. Allen of Lee, Higginson & Co., and E. B.
York "Commercial," that the Railroad Administration did Sweezy of the First National Bank.
not oppose the granting of authority to the Inter-State Commerce Commission to review rates fixed by the President;
nor would it, he said, embarrass the Railroad Administration should Congress give to the Commission its old right of
suspending proposed rate advances. The power of initiating
rates, he said, subject to review by the Inter-State Commerce Commission, should be reposed in the President until
after control of the carriers ceases, without interference from
State commissions. The following regarding Mr. Hines's
statements to the committee on the 25th is taken from the
New York "Times" of the 26th:
Mr. Hines asked that nothing be included in the proposed bill to interfere
with the power of the President to issue orders. He said on this point:
"My suggestion is that if there is any fear of the power of the President,
it can be removed by inserting an express provision that the President's
orders must be consistent with the Federal Control Act. The President
has the power only to make orders in line with the purposes of the Act.
Beyond that point his orders are unlawful."
In reference to the section in the Senate Bill making the United States
responsible for the payment of judgments which originated before the period.
of Federal control, Mr. IIines said: "Any such debt is the debt of the railroad and not the debt of the Government, and to make the Government
liable for such payment is unjust to the Government and to the people,
and is not necessary for the protection of the reasonable interests of judgment creditors."
This statement was in opposition to the argument made in behalf of
the section by A. P. Thom,counsel for the Association of Railway Executives. Mr. Hines continued:
"It is an incorrect theory, moreover, to say that the judgment creditors
are without recourse, except to the Government. Nearly every railroad
owes the Government more money than the Government owes the railroads,
and the judgment creditors can collect from the railroads. EverS,railroad
company has general funds and other assets not controlled by the Government."
Before the Philadelphia Chamber of Commerce on June 20
Mr. Hines, in a general discussion of the railroad situation,
referred to the deficit incurred in the operation of the railroads under Government control, and noted that a 52% or
53% increase in wages, and 35 to 40% increase in materials,
has been offset only by the increase of 25% in rates. While
stating that it was reasonably clear that "a 25% increase in
rates'will not take care of perhaps an average of 47 to 48%
increase in expenses," Mr. Hines said it was his desire,
so far as higher rates were concerned, "to be cautious about
this matter and to avoid any premature action."
The following, with regard to his remarks, is taken from
the Philadelphia "Press":
Turning from the Government ownership to the question of the future,
the Director-General asserted emphatically that "private management of
railroads disappeared years ago and there is never a chance of its returning."
"There has not been any complete private management for years," he
added, saying that the voice of labor had controlled the wages, and public
regulations, while exerted, contained certain fundamental evils. The
whole question of management in pre-war days was put together in a haphazard manner, he added.
PLANS FOR FINANCING RAILROAD EQUIPMENT
THROUGH TRUST CERTIFICATES.
The committee of bankers named at a recent conference of
members of the Association of Railway Executives and other
interests to investigate and report on the form of equipment
trust certificates which would prove most acceptable in the
market,submitted its plan on the 24th to T. De Witt Cuyler,
Chairman of the Association. A discussion of the plan was
had by the Car Allocation Committee of the Association
yesterday (June 27), but it was the previously announced intention not to give publicity to the plan until after its presentation to the Railroad Administration. The bankers'
committee which drafted the plan is under the chairmanship
• Previous reference to the matter was made in our issue of
May 31, page 2204.
ACTION OF NATIONAL CONFERENCE OF STATE
MANUFACTURERS ON REGULATION OF RAILROADS
AND LONG AND SHORT HAUL CLAUSE.
At the national conference of State Manufacturer
Associations held in this city yesterday (June 27) at thes
Hotel Astor, the question of the return and regulation of
the railroads was among other matters discussed in detail.
It was the general sentiment of the conference that the time
had arrived when the manufacturing and business interests
generally should make known to Congress their views on
the railroad problem. The conference was addressed by
Edgar J. Rich of Boston, S. Davis Warfield of Baltimore,
and R. C. Fulbright of Houston, Texas.
Resolutions were unanimously adopted in which the
conference expressed itself as "unalterably opposed to
Government ownership and to Government operation longer
than necessary for the Congress to enact adequate legislation
for the return and regulation of the carriers of the country."
In part the resolutions said:
We feel that certain fundamental principles should be recognized by
Congress in constructive legislation which will provide insurance for better
financing of railway improvements and extension and stabilize railroad
credit. As manufacturers we realize the necessity of providing adequate
transportation facilities to serve the commerce in every section of the
country.
We can recognize the fact that neither the shippers nor
the public expect adequate railway service unless Congrest provides
the means for the financial requirements of the carriers. We therefore are in favor of specific directions to the Inter-State Commerce Commission which will provide that rates shall be so adjusted as to yield a given
return to the carriers and applied in its computation to such measure as
Congress may provide, recognizing the fact that rates cannot be made in
this country to enable the great bulk of railroads to earn such reasonable
return without enabling the more favorably situated roads to earn more
than the shippers and the public will permit. We are in favor of such
disposition of excess earnings over such reasonable and fair return as Congress may determine, and in such way as will give a complete and adequate
transportation system as a whole to the country.
We are in favor of the creation of Regional Commerce Commissions,
the work of which shall be co-ordinated with the Inter-State Commerce
Commission and the State Commissions under such procedure as the
Inter-State Commerce Commission may provide.
We are opposed to the creation of departments or boards of transportation, believing that the Inter-State Commerce Commission can deal with
the problems of the railroads providing the Congress, by Act, is specific
in its direction for the regulation of the carriers.
CAMPAIGN OF CITIZENS' RAILROADS LEAGUE TO
CONSOLIDATE PUBLIC INTEREST IN SOLUTION
OF RAILROAD PROBLEM.
Plans for an educational campaign which will reach into
every State in the Union, and which will be conducted with a
view to consolidating public interest in the solution of the
present problem of the railroads, is being perfected by the
Citizens' National Railroads League, the President of which is
Nathan L. Amster of Boston, Chairman of the Executive
Committee of the Chicago Rock Island & Pacific RR. The
League has addressed an open letter to the members of Congress urging the greatest care in the enactment of railroad
legislation prior to the return of the roads to private operation. In its educational campaign the League will seek,
among other things, "to correct certain grave misunderstandings as to the real needs of the railroads and as to what
should and should not be done regarding the future status
of the carriers." A statement issued by it also says:
2592
THE CHRONICLE
The League is non-partisan. It will seek to promote the support, endorsement and enactment of legislation which will provide transportation
service for the greatest good of the greatest number.
The League believes that this problem is one of such magnitude and is
so far-reaching in effect upon the economic life of the nation, that it must
be dealt with not as a problem affecting primarily any special interest,
but from the standpoint of what is best and fairest to every single interest
in any way concerned, whether directly or indirectly.
Briefly summarized, the main objects of the League are:
1. To unite the various elements in our nadonal life in favor of a people's
plan for legislation.
2. To collect and disseminate information regarding the present phases
of the railroad problem and to warn the public and Congress against recognition of the propaganda now being circulated by certain well-financed interests in an attempt to take the attention of Congress and the public away
from the flagrant evils, which must be remedied and centring attention upon
certain needs of reform of our methods of rate-making and Federal regulation.
3. To bring about an immediate valuation of the properties now in public
service in the carrying of inter-State commerce, and to fix upon the capital
actually invested in the railroads, so that an honest and equitable basis
of rate-making as well as of fixing reasonable return on investment may be
ascertained or established.
4. To launch a program comprehending national conventions, conferences, open forum discussions, and other means of ascertaining public sentiment and putting into concrete form, a definite plan, embodying the principle of unification of the railroads into one or a limited number of corporations under Federal charter, managed and operated regionally by representatives of security owners, employees, farmers, shippers and the traveling
public.
VIRGINJA AND SOUTH CAROLINA BANKERS' ASSOCIATIONS ENDORSE WARFIELD PLAN FOR
RETURN AND REGULATION OF RAILROADS.
The Virginia Bankers' Association in convention at Old
Point Comfort, Va., on June 21, unanimously endorsed the
plan of the National Association of Owners of Railroad Securities—known as the "Warfield Plan"—for the return and
regulation of the railroads; the resolutions adopted said in
part:
[VOL. 108.
sort is essential. It is a problem that concerns the people of the State to an
even greater extent than it does the owners of the properties and in view
of this condition, it is respectfully suggested that Your Excellency appoint a
Commission of Citizens, who have the trust and confidence of the people, to
make a study of the traction situation and to report to you their recommendations for remedial measures.
Governor Smith's secretary, George Van Namee, in reply said:
The Governor feels that the State now has two Public Service Commissions whose duty it is to investigate and to propose remedial measures connected with the subject matter in which you are interested. These commissions have at their command a highly paid force of experts, engineers
and statisticians, and the upkeep of the commission each year costs the
State thousands of dollars.
It would seem that these commissions should be able to present suggestions covering the matter of remedial legislation in the traction industry of
the State, and the Governor suggests that you present your claims to them
and ask them to give them consideration.
In answer to Mr. Choate's letter Mr. Hill, Chairman
of the Public Service Commission of the Second District, on
June 6 said:
I beg to acknowledge your letter of June 3, enclosing your correspondence
with Governor Smith with relation to your request that the Governor appoint a committee of citizens to investigate the situation in this State as it
now exists with regard to condition of the traction industry and to recommend such immediate remedial legislation for presentation to the next
Legislature as the committee might deem proper.
I observe that Governor Smith, very naturally, suggested that inasmuch
as the State now has two Public Service Commissions whose duty it is to investigate and to propose remedial measures connected with the subject matter, it would seem that these commissions should be able to present suggestions on the subject, and that you present your claims to them and ask
that they give the same consideration.
I am greatly surprised, however, that you entirely ignore the fact that
this commission anticipated both your suggestion and that of the Governor
In the most comprehensive, explicit and public way, without urging by the
electric railway interests, in its official report to the last Legislature.
As pointed out, this commission has anticipated your suggestion by one
full legislative year. If a further hearing would produce additional facts on
which to base suggestions for any different or further remedial legislation
the Commission will, as suggested in the Governor's letter, conduct such a
hearing on the petition of any interested party.
1. We are unalterably opposed to Government ownership and to Federal
Further representations on the part of Mr. Choate to Mr.
control and operation longer than the time necessary for Congress to enact
adequate legislation for the return of the railroads to their owners which Hill brought from the latter under date of June 13 a letter
shall provide for their successful continued administration by private opera- to Mr. Choate saying:
tion.
Answering yours of June 10, I beg to advise you that the Commission has
2. This convention declares against methods proposed for the return of considered your communication, but in view of the situation as set forth in
the railroads which involve the formation of new railroad companies, with your letter of June 6 we do not feel that it is the duty of the Commission to
years of valuation and legal complications, and which would result in such institute such an investigation as you suggest.
concentration of facilities as would be destructive of incentive and individual
initiative.
3. We are opposed to the return of the railroads without adequate legislation, as this would be detrimental to the business and financial interests ACCEPTANCE OF .REVISED TREATY BY GERMANY
FOLLOWING REJECTION BY ALLIED POWERS
of the country and to the general public.
4. We are In favor of preserving the present operating structures of the
OF PLEA FOR FURTHER LENIENCY.
been
secured
railroads, through which the development of the country has
Acceptance by the German Government of the conditions
and favor legislation by Congress under the plan of the National Association of Owners of Railroad Securities (Warfield Plan), and which, with imposed under the revised peace treaty, as presented to the
the provisions to make it effective, is based on a fixed percentage return,
Versailles by the
through rates to the railroads computed on railroad investment combined German Peace Delegation on June 16 at
n each of the three classification territories of the country as laid out by General Secretary of the Peace Conference, was made known
the Inter-State Commerce Commission.
on Juno 23, in a note received and made public on that day
Resolved, That a copy of these resolutions be sent to our Senators and Repby Premier Clemenceau, President of the Peace Conference.
resentatives in Congress.
Similar resolutions were adopted by the South Carolina The advices were received through Dr. Haniel von Haim-.
hausen, temporary chairman of the German Peace DelegaBankers', Association at its convention at Tybee
tion at Versailles, who acted at the direction of the new
Ga., on June 23.
German Foreign Minister, Dr. Hermann Mueller. It was
JOSEPH K. CHOATE'S REQUEST FOR TRACTION IN- with a further declaration against "the unheard of injustice
QUIRY DENIED BY PUBLIC SERVICE COMMISSION. of the peace conditions" that the terms were accepted, the
A request made by Joseph K. Choate that a commission note of acceptance reading as follows:
of citizens be ailpointed to make a study of the traction The Minister of Foreign Affairs has instructed me to communicate to your
Excellency the following:
situation and to report recommendations for remedial
It appears to the Government of the German Republic, in consternation
measures has been denied by the Public Service Commission at the last communication of the Allied and Associated Governments, that
Governments have decided to wrest from Germany by force acceptance
for the Second District of New York. Mr. Choate, who is these
of the peace conditions, even those, which, without presenting any mater' Chairman of the Committee on Ways and Means to Obtain ial significance, aim at divesting the German people of their honor.
No act of violence can touch the honor of the German people. The
Additional Revenue of the New York State Electric RailGerman people, after frightful suffering in these last years, have no means
ways, addressed C. B. Hill, Chairman of the Public Service of
defending themselves by external action.
Commission of the Second District early in June, and Lewis
Yielding to superior force, and without renouncing in the meantime its
F. Nixon, Chairman of the First District, enclosing copies own view of the unheard of injustice of the peace conditions, the Government of the German Republic declares that it is ready to accept and sign
of correspondence between himself and Gov. Smith bearing the
peace conditions imposed.
on an investigation of the street railway situation, and urged
Please accept, Mr. President, assurances of my high consideration,
(Signed) VON LIANIEL.
that both commissions in furtherance of the Governor's
Previous to the announcement of acceptance, on June 23,
suggestion, arrange for an inquiry of the traction situation in
the German National Assembly at Weimar on June 22
the two districts.
On June 5 correspondence which has passed between by a vote of 237 to 138 authorized the acceptance of the
Mr. Choate and Gov. Smith was made public, a letter_to the terms and the signing of the treaty. This action was
taken after the German Foreign Minister had, through the
latter by Mr. Choate on May 6 saying in part:
Even a casual review of the existing state of affairs will indicate to you temporary chairman of the German Peace delegation,
that unless some means are taken to remedy conditions disaster will un- failed in his efforts to have the Allied and Associated Powers
doubtedly follow. Many of the companies are already bankrupt—more are
on the verge of bankruptcy—and none of them are in a financial position further modify the terms, and had likewise failed to secure
to provide the service which the welfare of the cities and the rural districts of another 48 hours beyond the time (expiring June 23) given
the State require. Owing to defects in the law which it has so far been Germany in which to reply to the peace conditions of the
impossible to correct, the jurisdiction of the commissions is not wide enough
to permit these commissions to take such measures as will restore to their Allied Powers. Following the submission of last week's
former state of efficiency the traction systems of the State.
reply (June 16) of the Allied and Associated Powers to
And, while the commissions are without such power, the communities Germany's counter proposals to the original peace terms of
themselves are also, to a very large degree, helpless in the matter.
The need of prompt and constructive action in this emergency must be the Allies, the Council of Five of the Peace Conference
apparent to Your Excellency as it is to those who are directly concerned received four notes from the German Government, under'with the operation of the street railway systems of the State. The situastood to have been prepared by the German Peace Delegation
tion is one that so intimately affects the financial, economic, industrial and
social affairs of the people of New York that constructive action of some at Versailles in advance of advices from Weimar. In
JUNE 28 1919.]
THE CHRONICLE
seeking a further forty eight hour delay Haniel von Haimhausen, in a note just prior to his acceptance of the terms,
referred to the difficulties incident to the resignation of
the Scheidemann Cabinet on the 20th, and the formation of
the new Cabinet the succeeding day. In his representations
on this point, the letter (transmitted to Premier Clemenceau
on June 23), said:
To His Ezcellency, the President of the Peace Conference, M. Clemenceau:
Mr. President: The Minister for Foreign Affairs instructs me to beg the
Allied and Associated Governments to prolong for forty-eight hours the
time limit for answering your Excellency's note, communicated yesterday
evening, and likewise the time limit for answering the note of June 16 1910.
It was only on Saturday, after great difficulties, that a now Cabinet
was formed, which, unlike its predecessor, could come to an agreement
to declare its willingness to sign the treaty as regards nearly all its provisions. The National Assembly has expressed its confidence in this
Cabinet by a large majority of votes. The answer only arrived here just
before midnight, as the direct wire from Versailles to Weimar was out of
order. The Government must come into contact anew with the National
Assembly, in order to take the grievous decision which is still required of
It in such a manner as it can only be taken in accordance with democratic
principles and with the internal situation in Germany.
Accept, Mr. President, the assurance of my distinguished consideration.
VON HAIMHAUSEN.
The reply of the Allies to this denying the request, follows:
Mr. President—The Allied and Associated Governments beg to acknowlege the receipt of your communication of June 23. After full consideration
of your request they regret that it is not possible to extend the time already
granted to your Excellency to make known your decision relative to the
signature of the treaty without any reservation.
CLEMENCEAU.
On June 22 the Council of Five of the Peace Conference
had received from Dr. Haimhausen a note stating that the
German Government was ready to sign the peace treaty,
"without, however, recognizing thereby that the German
people was the author of the war and without undertaking
any responsibility for delivering persons in accordance with
Articles 227 to 230." In the same note it made the request
that "within two years, counting from the day when the
treaty is signed, the Allied and Associated Governments
will submit the present treaty to the High Council of Powers,
as constituted by the League of Nations, according to Article
4, for the purpose of subsequent examination." To this
communication, the Allied and Associated Powers, on the
same day, replied that the note "presents no new arguments
or considerations not already examined, and that they
therefore, feel constrained to say that the time for discussion
is past."
The German note of June 21 (transmitted on the 22nd),
in which it was stated the German Government would sign
the treaty with reservations received by Premier Clemenceau through the same channels, read as follows:
The Imperial Minister of Foreign Affairs has instructed me to communicate the following to Your Excellency:
The Government of the German Republic has from the moment when
the peace conditions of the Allied and Associated governments were made
known to it let no doubt exist as to the fact that the Government, in harmony with the whole German people, must regard these conditions as being
in sharp contradiction to the principle which was accepted by the Allied
and Associated Powers on the one hand, and Germany on the ogler, as
being binding in accordance with the laws of nations for the peace before
the conclusion of the armistice.
Relying upon this principle of justice, which was agreed upon between
the parties to the negotiations, and assisted by a clear exposition of conditions in Germany, the Government has left no stone unturned in order to
arrive at a direct verbal exchange of opinions and thus obtain some mitigation of the unbearably harsh conditions, which might render it possible
for the Government of the German Republic to sign the treaty of peace
without reservations and to guarantee its execution.
Those endeavors of the Government of the German Republic, which
were undertaken in the interest of the peace of the world and the reconciliation of peoples, have failed owing to rigorous insistence on tho conditions
of peace.
Far-reaching counter-proposals of the German delegation have only in
certain points received any acceptance. The concessions made only
reduced the severity of the conditions in a small degree.
The Allied and Associated Governments have, in an ultimatum which
expires on June 23, confronted the Government of the German Republic
with the decision either to sign the treaty of peace presented by them or to
refuse to sign. In the latter case, a completely defenseless people have
been threatened with the forcible imposition of the conditions of peace
already presented and with the increase of heavy burdens.
The German people do not wish for the resumption of the bloody war;
they honestly wish for a lasting peace. In view of the attitude of the
Allied and Associated Governments, the German people have no other
force in their hands save to appeal to the eternally inalienable right to an
independent life, which belongs to the German people, as to all peoples.
The Government of the German Republic can lend no support to this
sacred right of the German people by the application of force. The Government can only hope for support through the conscience of mankind.
No people, including those of the Allied and Associated Powers, could
expect the German people to agree with thorough conviction to an instrument of peace whereby living members of the very body of the German
people are to be cut off without consultation of the populations concerned,
Whereby the dignity of the German State is to be permanently impaired,
and whereby unendurable economic and financial burdens are to be laid
upon the German people.
The German Government has received passionate expressions of opinion
from the population in the districts to be cut off in the East, to the effect
that they will oppose themselves to the separation of these districts, which
have for the greater part been German for many centuries, by all means
they possess. The German Government, therefore, finds itself compelled
to decline all responsibility for any difficulty which may result from the
resistance of the inhabitants against their separation from Germany.
2593
If the Government of the German Republic is, nevertheless, ready to
sign the conditions of the Allies with the above mentioned reservation,
yet this is not done of its free will. The Government of the German
Republic solemnly declares that its attitude is to be understood in the sense
that it yeilds to force, being resolved to spare the German people, whose
sufferings are unspeakable, a new war, the shattering of its national unity
by further occupation of German territories, terrible famine for women and
children, and mercilessly prolonged retention of the prisoners of war.
The German people expect, in view of the grievous burdens which they
are to take upon themselves, that all German military and civil prisoners,
beginning July 1, and thereafter in uninterrupted succession and within
a short period, shall be restored. Germany gave back her enemies' prisoners of war within two months.
The Government of the German Republic engages to fulfill the conditions
of peace imposed upon Germany. It desires, however, in this solemn
moment to express itself with unreserved clearness in order to meet in
advance any accusation of untruthfulness that may now or later be made
against Germany.
The conditions imposed exceed the measure of that which Germany can
in fact perform. The Government of the German Republic therefore feels
bound to announce that it makes all reservations and declines all responsibility as regards the consequence which may be threatened against Germany
when, which is bound to happen, the impossibility of carrying out the
conditions comes to life, even though Germany's capacity to fulfill them is
stretched to the utmost.
Germany further lays the greatest emphasis on the declaration that she
cannot accept Article 230 of the treaty of peace, which requires Germany to
admit herself to be the sole and only author of the war, and she does not
cover this article by her signature. It consequently follows without
further argument that Germany must also decline to recognize that the
burden should be placed upon her on the score of the responsibility of the
war which has unjustly been laid at her door.
Likewise it is equally impossible for a German to reconcile it with his
dignity and honor to accept and execute Articles 227 to 230, by which
Germany is required to give up to the Allied and Associated Powers for trial
individuals among the German people who are accused by the Allied and
Associated Powers of a breach of international law and.of committing acts
contrary to the customs of war.
Further, the Government of the German Republic makes a distinct
protest against the taking away of all the colonial pilmsttssions of Germany
and the reasons given therefor, which permanently deny to Germany
fitness for colonial activity,although the contrary is clearly established and
irrefutable evidence to this effect is contained in the observations of the
German peace delegation on the conditions of peace.
The Government of the German Republic assumes that it is in, accordance with the desires of the Allied and Associated Governments that it
has spoken openly both as regards what concerns its good will and also
as regards its reservations. Therefore, in view of the condition of restraint
into which the German people are forced by the requirements of the Allies
—a condition of constraint such as has never been inflicted on any people
in a manner more crushing and more disastrous in its consequences—and
relying on the express undertaking of the Allied and Associated Governments in their memorandum of June 16 1919, the German Government
believes itself to be enttled to address the following modest request to the
Allied and Associated Governments, in the expectation that the Allied
and Associated Governments will consider the following declaration as an
integral portion of the treaty:
Within two years, counting from the day when the treaty is signed, the
Allied and Associated Governments will submit the present treaty to the
High Council of the Powers, as constituted by the League of Nations,
according to Article 4, for the purpose of subsequent examination. Before
this High Council the German plenipotentiaries are to enjoy the same
rights and privileges as the representatives of the other contracting Powers
of the present treaty. This council shall decide in regard to those conditions of the present treaty which impair the rights to self-determination
of the German people and also in regard to the stipulation whereby the
free economic develpment of Germany on a footing of equal rights is impeded.
The Government of the German Republic accordingly gives the declaration of its consent, as required by the note of June 16 1919, in the following
form:
The Government of the German Republic is ready to sign the treaty of
peace, Without, however, recognizing thereby that the Germany people
was the author of the war and without undertaking any responsibility for
delivering persons in accordance with Articles 227 ate 230 of the treaty
of peace.
Weimar, June 21, 1919.
BAUER. President of the Imperial Ministry.
In transmitting this to M. Clemenceau under date of Versailles, June 22,
the temporary head of the German delegation added:
Accept, Mr. President, the expression of my consideration.
VON HANIEL.
The Allied and Associated Powers on June 22 made the
following reply to the above:
The Allied and Associated Powers have considered the note of the German delegation of oven date, and,in view of the shortness of time remaining,
feel it their duty to reply at once. Of the time within which the German
Government must make its final decision as to the signature of the treaty
less than twenty-four hours remains. The Allied and Associated Governments have given fullest consideration to all representations hitherto made
by the German Government with regard to the treaty, and have re-plied
with complete frankness. They have made such concessions as they
thought it was just to make.
The present note of the German delegation presents no arguments or
considerations not already examined. The Allied and Associated Governments, therefore, feel constrained to say that the time for discussion is past.
They can accept or acknowledge no qualification or reservation and must
require of the German representatives an unequivocal decision as to their
purposes to sign and accept as a whole, or not to sign and ace,ept,the
treaty as finally formulated.
After the signature the Allied and Associated Powers must hold Germany
responsible for the execution of every stipulation of the treaty.
On June 22, three notes, exchanges between the Allies
and Associated Powers and Germany, were made public
at Paris. The notes, one from the German Government
dated June 19 and two from the Allies, dated June 21 were
relative to clarifying some changes made in the revised
treaty, making them correspond with statements in the
Allied reply of June 16 to the German counter-proposals
of May 29, and also relative to the confirmation of certain
2594
THE CHRONICLE
FVOL.
108.
concessions in the Allied reply of June 16, by their incor- 7 1919; notably such changcs and modifications as are the results of the
various German observations.
poration in a protocol annexed to the Peace Treaty.
In a second explanatory note to the German Peace DeleThe German note dated June 19, complaining of differon the same day, M. Clemenceau said:
ences in the printed text of the treaty delivered on June 16 gation
In your letter of June 20 you called the attention of the Allied and Associfrom that delivered May 7, and asking that certain conces- ated Governments to certain points, upon which, according to the
German
sions in the Allied note of June 16 be written into a protocol delegation, there is a divergence between the text of the treaty and the
memorandum sent to you on June 16 1919, in reply to the German observa(to which demand in part the Allied and Associated Powers tions.
subsequently agreed) was signed by Count von BrockdorffI have the honor to inform you that the views of the Allied and Associated
Rantzau, President of the German Peace Delegation, and Governments on these different points are as follows:
was submitted through Dr. Haniel von Haimhausen. It
1. The statement made on Page 7 of the memorandum, on the one hand,
and on Pages 42 and 43 of the memorandum on the other, far from being
reads:
The examination of the four documents submitted on June 1 to the
Commissary General of the delegation brings out the fact that a certain
number of concessions are announced in the letter and in the memorandum,
which are not found in the text, as changed by hand. Among the most
important of these contradictions the German delegation has selected the
following:
(1) It is stated on Page 7 of the memorandum that as Germany is admitted to the League of Nations she shall enjoy the benefits resulting from
the stipulations relative to the freedom of commerce and transit. On the
other hand, it is stated on Page 42 of the memorandum that for the minimum period of five years unilateral conditions in the matter of commercial
relations would be imposed on Germany.
(2) It is stated on Page 11 of the memorandum that France will assume
the public debt of Alsace-Lorraine.
(3) It is stated on Page 14 that for the plebiscite in Upper Silesia there
shall be created a Commission Independente, (French in the text,) while
according to the new draft of the conditions this commission is to be appointed solely by the Allied and Associated Governments.
(4) It is stated on Page 16, on the subject of the territory of Memel,
that the cession of this territory will take place under the form of a transfer
to the Allied and Associated Powers because the status of the Lithuanian
territories is not yet established. According to this provision Lithuania
should be considered as the State to be the definite acquirer.
(5) According to Page 17 of the memorandum, the commission created
for Heligoland by the Allied and Associated Governments is to decide
what installations are to be maintained for the protection of the land.
(6) On Page 21 of the memorandum it is promised that the German
railways and mines of Shantung shall not be considered as property of the
German State if the Germans can prove that they are private property.
(7) On Page 31 of the memorandum it is stated that the Allied and
Associated Governments are ready to submit, within one month after the
treaty goes into force, a definitive list of the Germans to be surrendered
to the enemy.
(8) On Page 33 it is stipulated that the Reparations Commission cannot
exact the surrender of secrets of manufacture or other confidential information. It is, moreover, stipulated that it shall have no executive power on
German territory and that it shall not interfere in the direction or supervision of German establishments.
(9) On Pages 34 and following, of the memorandum, a special procedure
is provided to fix and cover the reparation exacted from Germany.
(10) On Page 36 of the memorandum Germany is promised facilities
for the importation of food and raw materials.
(11.) On Page 38 of the memorandum there are indicated, among the
cases in which the granting of permission to export gold shall be considered,
those in which the Reichsbank has furnished guarantees which it could
not satisfy in any other way.
(12.) On Page 53 of the memorandum the assurance is given that any
liquidators appointed by the Allied and Associated Governments who shall
be guilty of punishable acts shall be prosecuted in conformity with the
Penal Code.
It is the duty of the German delegation to render an exact account to
its Government and to the National Assembly, therefore it must know
absolutely how far the enemy intends to give contract force to these concessions. It begs your excellency to confirm by writing the fact that the
contents of the accompanying letter and the memorandum treating the
above mentioned points constitute an integral part of the new peace propositions of the Allied and Associated Governments.
In this it would be sufficient to establish this fact in a final protocol to
the text, on which the contracting parties could come to a previous agreement. A doubt has also arisen concerning a second point when the documents submitted were examined.
The printed copy of the peace project submitted to us is different not
alone in the matter of manuscript corrections and additions from the
printed copy that the Chairman of the German delegation received on May
7 from the Secretary General of the Peace Conference.
By reason of the amount of work imposed on the delegation by the shortness of the time allowed for the examination, it has not yet been possible
to compare word foe word with this printed copy of May 7 this other single
copy, which a great number of persons have had constantly to use.
I am therefore obliged to reserve for the delegation the right to make
later communications on this subject. For the moment I call your attention to the following divergencies:
1. On Page 103 of the copy last sent, paragraph 2 contains a third alinea
(section which begins with these words: "Each Government.") This
alinea is lacking in the copy sent before.
2. On Page 104 the English text of Paragraph 12 is different in the different copies. The paragraph of the first copies has only one alinea, while
in the last copy it is divided into two alineas, the second of which begin
with these words: "The commission shall in general."
Naturally the German delegation cannot consider as definite the changes
in the text which are not made by hand, or which, on the other hand, have
not the evident character of additions, unless the Allied and Associated
Governments confirm the fact that these divergencies are due to a falsely
printed copy, not that they are the 'vaults of deliberate intention.
In the latter case the delegation requests that all the divergencies having
this character be announced to it before the expiration of the time limit
granted to it to reach a decision. For reasons easily comprehensible, the
delegation is obliged to attach the greatest importance to receiving an
answer by return courier, if possible.
BROCKDORFF-RANTZAU.
In his reply to Dr. Haniel von Hainhausen, whose forwarding note was dated June 20, M. Clomenceau, addressing
him as Temporary Chairman of the German Delegation at
Versailles, said:
I have the honor of acknowledging receipt of your letter of June 20.
In reply to this communication, the Allied and Associated Powers hasten
to inform you that the 200 copies of the peace conditions sent to the German
Delegation on June 19 are to be considered as the authentic text, containing
all the corrections and modifications made in the printed text sent on May
contradictory, are complementary.
The covenant of the League of Nations states that the members of the
League will make the necessary provisions to insure the guarantee and the
maintenance of the freedom of communication and transit, as well as just
treatment of the commerce of all the members of the League. When
Germany is admitted into the League she will share the advantages of
these stipulations with the other countries. But during the transition
period following peace it is necessary to take into account the special
conditions stated on Page 42 of the memorandum.
According to this statement, the obligations imposed on Germany have
the character of measures of reparation, and their maintenance for a period
of five years, far from being incompatible with the principle of just treatment is in view of insuring the application of this principle.
The power given to the League of Nations by Articles 280 and 37 will
be exercised in accordance with the same principle and in conformity with
the spirit and the text of the covenant of the League.
2. The memorandum states on Page 11 that "concerning the local debt
of Alsace-Lorraine and the public establishments of Alsace-Lorraine the
Allied and Associated Powers have always agreed in understanding that
France assumed them. Now, Article 55, combined with Article 255 of
the treaty, is relative to the public debts of the "German Empire and
States," and there is no clause exempting France from the payment of the
local debt of Alsace-Lorraine. There is, therefore, no divergence between
the memorandum and the treaty.
3. The commission which has been provided for Upper Silesia, and which,
according to Article XLV, of the treaty is to be appointed by the principal
Allied and Associated Powers, is called in the memorandum a "commission
independente—separate commission," in Order to explain that it is a commission specially charged With the mission mentioned in the aforesaid
Article XLV. It does not appear that there is in this matter any divergence
whatever between the treaty and the memorandum.
4. The explanations given on Page 16 of the memorandum concerning
Memel show no contradiction between the treaty and the memorandum.
• 5. Concerning the destruction of the fortifications of Heligoland, the
principal Allied and Associated Powers intend, as they explained on Page 17
of the memorandum, to appoint a commission to exercise this control, in
conformity with the treaty. This commission will have the power to decide
what part of the works protecting the coast against the erosion of the sea
shall be kept, and what part shall be destroyed.
6. The Allied and Associated Powers think it their duty to point out
that they have never declared that the German railways and mines of
Shantung shall not be considered as property of the German States, if the
Germans can prove that they are private property.
On the contrary, the Allied and Associated Powers consider them to be
public property: nevertheless, if Germany can prove that her uationals
hold shares in these enterprises, they shall receive the benefit of the
general principles established in the treaty for such matters.
7. As stated on Page 31 of the memorandum, the Allied and Associated
Powers intend to address to the German Government, within a month
after the treaty comes into force, a list of the persons whom, in accordance
with Article 228, Line 2, Germany is to surrender to the Allied and Associated Powers.
8. The Allied and Associated Powers, as stated on Page 33 of the memorandum, have no intention of giving the Reparation Commission the authority to exact a revelation of secret of manufacture or other confidential
information as to the exercise of executive power in German territory or
interference in the direction or superintendence of German scholastic
establishments. The treaty contains no stipulations giving such authority
to the Reparation Commission.
9. On Page 34 and following of the memorandum the Allied and Associated Powers have not provided any special procedure tb fix and cover
the reparations exacted from Germany. The Allied and Associated Powers
have given Germany the possibility of presenting for the examination of
the said powers documents and propositions at the signing of the treaty
and within the four following months with a view to hastening the work on
reparations, thus greatly shortening the investigation and accelerating
the decisions.
10. Concerning the facilities considered on Page 36 of the memorandum
for the importation of food and raw materials into Germany, they are
mentioned only "under reserve of certain conditions, and within limits
that cannot be indicated in advance, and also under reserve of the necessity
in which the Allied and Associated Powers find themselves of taking legitimate account of their own economic situation resulting from German
aggression and from the war."
This cannot be considered as a promise to depart from the terms of the
treaty, but the expression of the intention of the Allied and Associated
Powers to facilitate as far as possible the resumption of economic life in Germany.
11. The memorandum provided that the Reparation Commission should
be "competent to grant to the Retchsbank whenever it shall see fit, the
right to export gold, in case it is a question of guarantees that this bank
has furnished and which could not be furnished by any other means."
This assertion is in perfect accord with the stipulations inserted in the
treaty, Article 248, according to which, up to May 1 1921 the German
Government shall be allowed neither to export gold nor to dispose of it,
nor to permit gold to be exported or disposed of without the previous
authorization of the Allied and Associated Powers represented by the
Reparation Commission.
12. The Allied and Associated States, which on Page 53 of the memorandum declared themselves ready to receive any information and proof
that the German Government may be able to furnish on the subject of
interested or fraudulent acts committed by persons charged with the
liquidation of German property in the Allied and Associated States, will
prosecute these persons in conformity with their own legislation, and, if
necessary, will impose penalties in every way conforming to the provislons
of their national law.
Among the interpretations above given, those which, according to the
Allied and Associated Powers may be considered as constituting an engagement, have been incorporated in the inclosed protocol, which the Allied
and Associated Governments are disposed to annex to the treaty.
(Signed) CLEMENCEAU.
JUNE 28 1919.]
THE CHRONICLE
2595
The protocol referred to in the above Allied note reads:
ference diplomats that only a few hours separated them from the momen"Firstly—A commission will be named by the Allied and Associated tous decision. The first light came in a press dispatch from Weimar about
Governments to supervise the demolition of the fortifications of Helgoland noon stating that Germany had decided to yield, but nothing was heard
in conformity with the treaty. The commission will be empowered to from Versailles until soon after 3 o'clock p. m. A telephone message from
decide what part of the construction protecting the coast from erosion Versailles then announced the arrival of the German reply, which it was
known to a few was favorable. The first definite announcement, however,
should be preserved and what part demolished.
"Secondly—The sums which Germany will have to refund to its citizens was made to American correspondents at the French press headquarters
to indemnify them for interests they may be found to have in the railroads at Quai d'Orsay at 4.50 o'clock, it being stated that an affirmative reply
and mines, referred to in Paragraph H, Article 156, shall be placed to the had been delivered to Col. Henry, liaison officer between the Germans and
the Peace Conference, who was bringing it to Paris by automobile.
credit of Germany on account of the sums due for reparation."
It was not long after the reply had been received and opened before the
(The protocol refers to German private interests in railroads and mines
Supreme Council that guns began to boom from the forts around Paris and
in Shantung as distinct from German state interests.)
rejoicing
crowds began to stream through the streets, having been ap"Thirdly—A list of the persons whom, according to Article 228, Paragraph 2, Germany must surrender to the powers will be sent to the Ger- praised by the sound of cannon that the Germans had accepted the Allied
man government during the month following the putting into force ot the terms. Allied flags were flung out from windows. Automobiles, loaded
with cheering doughboys and excited poilus, dashed through the thoroughtreaty.
"Fourthly—The commission on reparations, provided for by Article fares. Church bells throughout the city were pealing everywhere and
animated throngs gave evidence of the joy with which the Parisian
cheering,
240 and Paragraphs 2, 3 and 4 of annex four, cannot exact divulgence of
crowds welcomed the end of the long years of agony and tension.
secrets of manufacture or confidential information.
The celebration soon assunied a more tumultuous character and by 8
"Fifthly—From the signature of peace and in the four months following,
Germany will have an opportunity of presenting for the examination of o'clock in the evening Paris seemed bent on indulging in an excited demonstration
of joy. Bands of students had taken possession of the German
the powers documents and propositions, with a view to hastening the work
relating to reparations, thus shortening the investigation and hastening trophy cannons, ranged on either side of Champs Elysee,s from the Arch
of Triumph to Place de la Concorde, and were dragging them in a prodecisions.
"Sixthly—Prosecutions will be exercised against those committing crimi- cession through the city, each cannon carrying its burden of cheering youths
editions of newspapers, with huge captions, "Peace Has Come.'
Special
nal acts in connection with the liquidation of German property, and the
powers will receive any information and proofs that the German govern- were snatched from newsellers by excited Parisians going home from work.
ment shall be in a position to supply on this subject.
SCENES IN FRANCE ON NEWS OF GERMANY'S ACCEPTANCE OF PEACE TERMS—"KEEP
POWDER DRY"—CLEMENCEAU.
News of the unconditional acceptance by Germany of
the peace terms of the Allies on June 23 was enthusiastically
received in Paris and throughout France, parades, cannonading and carnivals, giving tangible evidence of the joy
with which the glad tidings wore hailed. Premier Clmenceau's remarks upon receipt of the advices of Germany's
reply are of special moment; "Keep your powder dry," he
counseled, and in adding the caution "be careful," he said,
"remind the world that it is living on a barrel of that powder." We give herewith the account of his reception of
the news, as contained in the press dispatches from Paris
on June 23:
PREMIER CLEMENCEAU TO RESIGN WHEN PEACE
IS PROCLAIMED.
The following Paris cablegram, dated June 24, appeared
in the daily papers of June 25:
Premier Clemenceau has expressed his intention to resign from office
as soon as the treaty is promulgated, feeling that he has accomplished the
task for which he assumed the Premiership, says Marcel Ilutin in the "Echo
de Paris."
It is expected that Parliament will ratify the treaty late in July.
NOTE OF GERMAN PEACE DELEGATION ON INTERNATIONAL LABOR AND REPLY OF ALLIED
GOVERNMENTS.
In making public on June 1 the text of Germany's reply
to the peace terms of the Allies, Acting Secretary of State
Breckinridge Long at Washington at the same time gave
"We have waited forty-nine years for this moment," exclaimed Premier out two notes on the subject of international labor legislation
Clemenceau at the meeting of the Council of Three this afternoon as he
opened the fateful dispatch announcing that Germany would sign the which passed between Count von Brockdorff-Rantzau and
treaty.
Premier Clemenceau. In his note Count von Brockdorff
"For forty-nine years," he continued, "the mailed fist of the reiter (Gerstated that "the German delegation takes note of the fact
man trooper) who has governed Germany has menaced the world. Whether
the man's name was Bismarck of William II., it was still the same reiter that the Allied and Associated Governments are of one
of the Middle Ages, surrounded by soldiery and drunk with pride.
mind with the German Democratic Government in believing
"Be careful: keep your powder dry. Be careful. Remind the world
that domestic peace and the advancement of humanity
that It is living on a barrel of that powder. This writer's dogma was that
might is right, that a State's only obligation is its own interest, that treaties to be dependent on the solution of labor questions," but
do not exist when they clash with the interest of a State, and get rich by points out that the German delegation "does not agree with
any means. We know from witnesses who were at the side of William II
Allied and Associated Governments as to the ways and
that when he learned of the Sarajevo tragedy he who posed as a keeper of the
means of arriving at the solution." After a presentation
the peace cried*
"The hour has struck. Now we shall see what an army is."
of their views, Count von Brockdorff stated that "the
This story of how the French Premier received the news was told at a
German delegation again moves to call a conference of
Commission
of
Economic
the
Conference in
dinner given to-night by the
honor of the French delegation by Etienne Clementel. ex-Minister of Gom- representatives of the National organizations of all trade
erce and Agriculture. The Minister concluded his speech with a eulogy unions before the negotiations of peace are terminated.
of the League of Nations, which he said was "at present the world's hope."
"Towards this magnificent and impressive innovation," he said, "I ask Should this motion again be rejected," he continued, "an
you to direct all your thoughts and to uplift your hearts in this great act utterance of the leaders of the trade unions of all countries
of faith, hope and love."
is at least necessary." In his reply Premier Clemenceau
Herbert Hoover, Chairman of the Inter-Allied Food Commission, and
stated that the Allied and Associated Governments fail to
Signor Crespi, a member of the Italian delegation, also spoke.
Premier Clemenceau was congratulated on the result of the peace nego- find in Count von Brockdorff's letter "any useful guidance
tiations by his fellow-Ministers at a meeting of the French Cabinet to-day.
how the principles involved could in any case find
Acceptance of the peace treaty by Germany was discussed at the meeting, as to
definite expression in the peace treaty." Premier Clemenwhich was presided over by President Poincaire.
In part the Associated Press had the following to say anent ceau declared that "it is not correct to say that the demands
the celebrations incident to the news:
raised by the International Trade Union Congress at Berne
Celebrations over the German decision to sign the Treaty of Peace with- are disregarded," and the German delegates were advised
out reservations were nowhere more enthusiastic than at Lille and other
that "the Allied and Associated Governments have already
cities and towns in territory wrested from the Germans. Newspapers
printed special editions, cheering crowds paraded the streets and the houses decided to accept the idea of early admission of German
were decked with Allied flags. At Toulon, Brest and other naval ports, representatives, and to ask the Washington conference to
warships announced the news to the people by firing salutes of twenty-one
admit them immediately thereafter to full membership
guns. In all the cities Government buildings were illuminated.
In Paris, the City Hall was brilliantly lighted, and in the square before it and rights in respect to the industrial labor organization
and in other open spaces jazz bands appeared and informal balls began and the governing body attached thereto." The note of
only to be stopped by unsympathetic pollus. who declared that dancing was
not authorized except on July 14. The news was announced in all theatres Premier Clemenceau further said that "at the present time
and motion-picture houses to-night, the bands striking up the Allied an- active preparations are being made for the first meeting of
thems amid the cheers of the audiences.
the international labor organization in October" and that
High carnival reigned in the boulevards far into the night, and scenes.
enacted at the time of the armistice were repeated and, indeed, intensified "it is obvious therefore that no need exists for interposing
Dense throngs swayed back and forth, shouting, singing and waving flags. a labor conference at Versailles." The following is the note
Motor trucks loaded with American soldiers armed with every noise-pro- presented by Count von Brockdorff-Rantzau on
behalf of
ducing element threaded their way through the masses. From the windows
of packed cafes floated patriotic strains, the orchestras playing tirelessly, the German delegation:
urged on by the revellers. Women in mourning, to whom the official end
of the war brought remembrances of those to whom the struggle had brought
but wooden crosses, were observed here and there in the noisy crowds,
weeping silently.
Long months of strain during the peace negotiations and weeks of doubt
whether Germany would accept the conditions offered or would invite by
her refusal of them a further invasion of her country ended late this afternoon when the note announcing Germany's unconditional acceptance was
delivered to the Supreme Council of the Conference.
The announcement during the early morning of the Council's decision to
refuse a further extension of time in which Germany might answer began a
day of extreme tension. It was generally known to the public and Con-
Sir.—In the name of the German delegation, I have the honor to acknowledge the receipt of your reply note, dated May 14 1919. which has been
given us on our note concerning international labor legislation.
The German delegation takes note of the fact that the Allied and Associated Governments are of one mind with the German Democratic Government in believing peace and the advancement of humanity to be dependent
on the solution of labor questions. The German delegation, however, does
not agree with the Allied and Associated Governments as to the ways and
means of arriving at the solution.
In order to avoid misunderstandings and false impressions, the German
delegation deems it to be necessary to elucidate the fundamental conditions
precedent underlying their note of May 10 1919.
2596
THE CHRONICLE
• In the opinion of the German Democratic Government, the final decision
in questions of labor law and labor protection belongs to the workers themselves. It was the intention of the German delegation to give occasion,
even while the negotiations of peace are proceeding, to the legitimate representatives of the working people of all countries of casting their vote on this
point and bringing into conformity the draft of the conditions of peace, the
proposal of the German Democratic Government and the resolutions of the
international trade unions conference held at Berne from Feb. 5 to Feb. 9
1919. Contrary to this proposal, the Allied and Associated Governments
do not think necessary to call a labor conference at Versailles for this
purpose.
The International Labor Conference contemplated to be held at Washington, D. C., to which you refer in your reply note of May 14 1919, cannot replace the conference demanded by us, because it is to be held on the
principles which are established by the draft of the treaty of peace for the
organization of labor. The latter, however, disregards the demands
raised by the international trade union conference in Berne in two material
directions. The first divergence is in respect to the representation of the
workers. According to the proposal of the international labor conference
at Berne, one-half of the members of the conference entitled to vote must
consist of legal representatives of the workers of each country who are
organized in trade unions. The German delegation has indorsed this proposal by transmitting the protocol of the International Trade Union Conference at Berne.
Contrary to this, the draft of the treaty of peace grants to the workers
only one-quarter of the total vote at the International Conference, for,
according to the draft of the Allied and Associated Governments, each
country is to be represented by two Government delegates, one employer
and only one worker. The Governments are in a position, according
to Article 390 of the draft of the treaty of peace, to exclude the workers'
vote by nominating an employer, and thus giving to Government bureaucrats the casting vote as against the representatives of practical life. This
system is at variance with the democratic principles which to the present
day have been upheld and fought for in common by the whole international
work people, and will deepen the impression held among the workers that
they are, as before, furthermore, to be the object of legislation governed
by the interest of private capital.
The second divergence refers to the legally binding force of the resolutions
of the conference. According to the resolutions of the International
Trade Union Conference at Berne, the International Parliament of Labor
is to issue not only international conventions without legally binding force,
but also international laws which, from the moment of their adoption, are
to have the same effect (legally binding force) as national laws, (proclamamations to the workers of all countries, adopted by the International Trade
Union Conference at Berne, 1919, at the motion of Jousaux, the delegate
from France). The draft of the German Democratic Government indorses
this resolution and makes the passing of such laws depend on the assent
of four -fifths of the nations represented. No such resolution can be passed
by a conference which is called on the basis of Part 13 of the draft of the
treaty, but only recommendations or drafts which the Governments concerned may adopt or repudiate, and for such non-obligatory proposals a
majority of two-thirds of the votes cast is even required.
lain so providing, the draft of the conditions of peace deviates to such an
extent from the resolutions of the International Trade Union Conference at
Berne that a discussion and decision by the organization of labor, as part
of the peace negotiations, is absolutely imperative. This would at the
same time be in accordance with the demand raised by the International
Trade Union Conference at Berne that the minimum claims of labor agreed
upon, be, already at the conclusion of peace, turned into international law
by the society of nations. Moreover, a firm foundation for the peace of
the world shall be erected by this means, whereas a treaty concluded by
the Governments alone without the assent of the organized workers of all
countries will never bring forth social peace to the world.
The Allied and Associated Governments give no place to these considerations in their reply. As have above been illustrated, the resolutions of the
International Trade Union Conference at Berne in fact not taken into
consideration by Part 13 of the draft of the treaty of peace, so that the
fears expressed by the German Democratic Government with regard to
social justice are in reality not taken into account. This fact must be
noted. If we are apprised by the reply note that the representatives of
the trade unions of the countries represented by the Allied and Associated
Governments have taken part in the elaborations of the clauses of the
conditions of peace relating to labor, we must on the other hand, make
note of the fact that they have made no announcement of any kind notifying
a change of their view on the resolutions of the International Trade Union
Conference at Berne, much less of an abandonment of these resolutions
which they sacredly have adopted.
The German delegation again moves to call a conference of representatives of the national organizations of all trade unions before the negotiations
of peace are determined. Should this motion again be rejected an utterance of the leaders of the trade unions of all countries is at least necessary.
In moving this we desire to bring about that the provisions of the treaty
of peace relating to labor may also have the approval of all trade union
organizations.
[VOL. 108.
of Nations, and the labor organization in the attainment of social justice.
There is manifestly no need for another conference to repeat those resolutions or to cause unnecessary confusion or delay by adding to or departing
from them. The widest publicity has been given to the plan of labor organization and the responsible trade union leaders have been given an ample
opportunity to formulate definite suggestions.
4. The Allied and Associated Governments have already decided to accept the idea of early admission of German representatives, and to ask the
Washington conference to admit them immediately thereafter to full membership and rights in respect to the industrial labor organization and the
governing body attached thereto.
5. While the resolutions passed by the Berne conference, February, 1919,
gave expression to the wishes of the workers and defined their aspirations
for the future,the Washington conference provides the means of giving effect
to such of these aspirations as can be embodied in legislation without delay,
and the labor organization will give opportunities for progressive expression
to others, in accordance with the guiding principles already mentioned.
The Labor Commission, moreover, set up by the Peace Conference, envisaged all the points mentioned in your letter, as coming within the scope
of the labor organization, including an international code of law for the
protection of the seamen, to be especially drawn up with the collaboration
of the seamen's union (copy annexed).
6. It also adopted a resolution (copy annexed) in favor of the organization
being given power as soon as possible to pass resolutions possessing the force
of international law. International labor laws cannot at present be made
operative merely by resolutions passed at conferences. The workers of
one country are not prepared to be bound in all matters by laws imposed on
them by representatives of other countries; international conventions as
provided for under the peace treaty are therefore at present more effective
than international labor laws, for the infringement of which no penal
sanctions can be applied.
7. In reply to the statement as to the divergence from democratic principles, the proposal of the Allied and Associated Governments already,
pointed out, goes farther than that of the German proposition; for threequarters of the delegates at the labor conference will directly and indirectly
represent the wishes of the population generally, the two Governmental
delegates representing the people at large and the labor delegates representing the workers directly; the employers of labor being granted a reproresentation of only one-quarter. The theory of the German delegation
that Article 390 of the draft may "exclude the workers" is wholly fallacious,
as the so-called Governmental representatives, at least those of the Allied
and Associated Powers, would be representatives of the people of those
countries. It is to be remembered that in many countries a very largo part
of the workers are engaged in agriculture, and that these workers are not
generally united in industrial organizations, and it is therefore peculiarly
apparent that their interests should be represented in labor conferences
through the Governments.
8. Furthermore, the proposal of the German delegation would permit
the prevention of the most beneficient legislation if it was opposed by onefifth of the Governments represented at the labor conference. It is of
particular impdrtance to notice that according to the proposal of the German
delegation, each country in such a conference would have one vote, and
thus the votes of Governments representing perhaps only an insignificant
minority of the workers of the world would be able to defeat any proposal
whatsoever. In striking contrast with this autocratic idea is the proposal
of the Allied and Associated Powers, which not only permits voting in
conferences to be by delegates and not by Governments, but also permits
a definite proposal to be made by two-thirds of the delegates.
9. At the present time active preparations are being made for the first
meeting of the international labor organization in October. It is obvious
therefore, that no need exists for interposing a labor conference at Versailles.
Moreoever, the suggestion of the German delegation that the peace negotiations should be delayed in order to permit of another labor conference is
contrary to the interests of the workers throughout the world, who are
more interested than any one else in a return to peace OA a relief from the
conditions produced by four years of German aggression. Tho Allied and
Associated Governments, taking account of this most just desire, are endeavoring not to postpone, but on the contrary to hasten the conclusion
of peace and to secure the adoption of those measures of social amelioration
which would doubtless have been adopted ere this had it not been that the
commencement of the war by Germany turned the efforts and thought of
the world's population toward a struggle for liberty, during which time other
ideals were necessarily subordinated to that of freedom itself.
CLEMENCEAU.
Annex One.—The commission considers that the very special questions
to be •accorded to seamen might be dealt with at a special meeting of the
International Labor Conference devoted exclusively to the affairs of seamen.
Annex Two.—The commission expresses the hope that as soon as it may
be possible an agreement will be arrived at between the High Contracting
Parties with a view to endowing the international Labor Conference under
the auspices of the League of Nations with power to take, under conditions
to be determined, resolutions possessing the force of international law.
The following is the reply of the Allied Governments, dated ATTITUDE OF AUSTRIA TOWARD PEACE TERMS.
It was announced on the 20th inst. that a fourth note to
May 31 and signed by Premier Clemenceau:
The President of the Peace Conference to Count Brockdorff-Rant zau:
the Peace Conference protesting against the GermanParis, May 31 1919.
Austrian republic "being made the heir of all the responsiSir—In the name of the Allied and Associated Governments 1 have the
bilities
of the Austro-Hungarian Empire, of which it was
May
22
1919
acknowledge
the
receipt
of
your
further
note
dated
honor to
on the subject of international labor legislation. (Conditions of peace, the smallest, poorest, most peaceful and most liberal of
Part 13.) The reply is as follows:
States," had been sent to the Peace Conference by the
1. The German delegation states the principle for the German National
Austrian delegation. The Associated Press advices from
questions
decision
in
final
Government that to the wage-earners belongs the
of labor law. The Allied institutions hold it to be their duty to colloborate Paris on the 20th inst. also had the following to say regarding
with labor in the formulation of such law. But the laws must be passed by the note:
representatives of the whole community.
2. The Allied and Associated Governments draw attention to a misconception in the note to the German Government on May 22 1919, namely,
that the views and interests of Governments must necessarily be antagonistic to those of labor. Accredited labor representatives now form some
• part of the genuine democratic Governments of the world, and the assumed
antagonism is not likely to be found anywhere save in the case of Governments which are democratic only in name.
3. The Allied and Associated Governments fail to find in your letter any
useful guidance as to how the principles involved could in any case find
definite expression in the peace treaty. The labor organization which was
submitted to representatives of labor can deal in a practical manner in any
proposal put forward by any one of the affiliated members. It is not correct to say that the demands raised by the International Trade Union Congress at Berne are disregarded, inasmuch as the points raised in these resolutions, as well as all other relevant considerations, were discussed and carefully considered, and for the most part are embodied in the preamble of
Part 13 or in the general principles which are accepted to guide the League
It points out that the time war was declared in 1914, the Foreign Minister, his two principal collaborators and almost all of Austria's Ambassadors were Hungarian, and maintains that the "responsibility for the war
Is common to all the States forming the Empire that has vanished.
The note expresses confidence that the "spirit of justice of the conference
will not let the whole burden be thrown upon German-Austria.
The Austrian counter proposals are being completed by the transmission
of notes daily to the Council of Five through the French mission.
The summary of the peace terms with Austria (in so far
as they were then completed) was given in these columns
June 7, page 2296, along with the speech of Dr. Karl Renner, the Austrian Chancellor and Chairman of the Austrian
delegation, at the time of the presentation of the terms on
June 20. (Certain clauses on military reparation, financial
and boundary clauses not embodied in the peace terms sub-
JUNE 28 1919.1
THE CHRONICLE
mitted early in the month are still awaiting presentation).
On June 10 it was stated that Dr. Renner had sent a letter
to the Peace Conference complaining of the "hard conditions" imposed upon his country, which he said "is overwhelmed' with despair," and pointing out the complexity
of the Austrian frontier question. In its advices regarding
this note the Associated Press said:
The Austrian note complains strongly against the dismemberment of
Austria, particularly the separation of Bohemia and Tyrol. The note
says that Austria cannot survive the loss of her industries. It is added
that the Austrian delegation is prepared to send immediately observations
on the territorial clauses of the peace terms.
Other protestations by Dr. Renner are reported as follows in Associated Press advices from Paris on June 17:
Vienna newspapers, according to dispatches reaching this city by the
way of Basel, print dispatches from St. Germain stating that Dr. Karl
Renner, head of the Austrian peace mission, in his note to the Peace Conference, protests against the detachment of territory from German-Austria.
He is reported to have declared that the new German-Austrian State would
"form a second Alsace-Lorraine, doubly greater in size and condemned
to remain without defence, a considerable part of the ancient nation being
subjected to much younger peoples."
"That domination," dispatches quote him as saying, "could never be
supported by the former or exercised by the latter."
Dr. Renner is said to assert that the incorpation of territory of GermanAustria in the Czecho-Slovak State is in contradiction to the principles proclaimed by the Allies themselves, and he points out, the dispatches say, that
the German-Austrian State and the organization of the provinces was effected on the principle that the sovereign will of the people is the creative force of a State. Complaint is made that German States near the
Alps would be deprived of defence and means of existence, their most important industries and most indispensable natural products being taken from
them.
Vienna dispatches received hero by the way of Basel say that Austrian
newspapers publish dispatches from St. Germain saying that Dr. Renner
has handed the Council of Five a memorandum drawn up by delegates
from the German sections of Austria and setting forth the alleged injustice which "menaces 4,500,000 German-Austrians as the result of the
proposed Peace Treaty." It is said that he has asserted that the setting
of new States in the heart of Europe would "create another hot bed of
war such as the Balkans have been."
According to these dispatches, Dr. Renner has also handed the Council
a note covering territorial questions generally, in which he calls attention
to "the great responsibility assumed by the Entente in submitting millions of German-Austrians to foreign domination." It is said that he has
expressed the hope that the Conference will act on the suggestions contained in his memorandum relative particularly to the Tyrol, southern
Carinthia, Styria and western Hungary.
Dr. Karl Seitz, President of Austria, was quoted as expressing himself on the peace terms on June 3 at Vienna
by the Associated Press as follows:
They surely are only proposals. What a terrible disappointment America is for me. This is driving me to despair. The terms are also bad for
the Allies, as they mean the feeding of Bolshevism, against which we are
helpless, especially from the Hungarians, who are meeting with now military successes. I have no power to enforce such terms upon the popula
tion of German-Austria and it will be dangerous for the man Who signs
them.
President Seitz is also reported to have declared that the
terms if accepted would mean the death of Austria by starvation in his address opening the extraordinary session of
the National Assembly at Vienna on June 7. According
to the "Neues Abendblatt," a Vienna dispatch of June 4
said, the Austrian Government has decided unanimously
the peace terms are unacceptable. On Juno 4, Basel advices said:
The Grand Council of German-Austria, which met on Tuesday under the
chairmanship of President Seitz, adopted the report of Dr. Otto Bauer,
the gist of which was that the peace presented to German-Austria by the
Allies meant "the death sentence of the Austrian republic," according to
Vienna advices received here.
It was reported from Zurich June 5, in a Vienna dispatch
that the Austrian Government had decreed a three-day
period of mourning in protest against the peace terms.
Owing to the depression due to the peace conditions the
Bourse Council at Vienna on June 4, it is said, decided to
close for two days.
PRESIDENT WILSON ON BROADENING AND STRENGTHENING OF CO-OPERATION BETWEEN THE
UNITED STATES AND FRANCE.
At a dinner given by President Poincare, of France, on
June 26 to President Wilson and all the delegates to the
Peace Conference, President Wilson, in responding to an
address by M.Poincare, referred to the work of the Conference; stating that "we have finished the formulation of the
peace; we have," he added, "begun a plan of co-operation
which I believe will broaden and strengthen as the years go
by so that this grip of the hand that we have taken now will
never need to be relaxed." "Though the ocean is broad,"
said the President, "it will seem very narrow in the future.
It will be easier to understand each other than it over was
before, and with the confident intercourse of co-operation
the understanding will be strengthened into action, and
action will itself educate alike our purpose and our thought."
The following are President Wilson's remarks as reported in
the Associated Press dispatches:
2597
I thank you most sincerely for the words that you have uttered. I
cannot pretend, sir, that the prospect of going home is not very delightful
to me, but I can say with the greatest sincerity that the prospect of leaving
France is very painful to me.
I have received a peculiarly generous welcome here, and it has been
pleasing for me to feel that that welcome was intended not so much for
myself as for the people whom I represented. And the people of France
know how to give a welcome that makes a man's heart glad. They have
a spontaneity about them, a simplicity of friendship, which is altogether
delightful.
I feel that my stay here, sir, has enlightened both my heart and my
mind. It has enabled me personally to see the evidence of the suffering
and the sacrifices of France. It has enabled me to come into personal touch
with the leaders of the French people, and through the medium of intercourse with them to understand better, I hope, than I understood before,
the motives, the ambitions and the principles which actuate this great
nation. It has, therefore, been to me a lesson in the roots of friendship in
those things which make the intercourse of nations profitable and serviceable for all the rest of mankind.
Sometimes the work of the conference has seemed to go very slowly
indeed. Sometimes it has seemed as if there were unnecessary obstacles to
agreement, but as the weeks have lengt honed I have seemed to see the
profit that came out of that. Quick conclusions would not have produced
that intimate knowledge of each other's minds which I think has come out
of these daily conferences.
We have been constantly in the presence of each other s minds and
motives and characters, and the comradeships which are based upon that
sort of knowledge are sure to be very much more intelligent not only but to
breed a much more intimate sympathy and comprehension than could
otherwise be created.
These six months have been six months which have woven new fibres
of connection between the hearts of our people, and something more than
friendship and intimate sympathy has come out of this intercourse.
Friendship is a very good thing. Intimacy is a very enlightening thing.
But friendship may end with sentiment. A new thing that has happened
Is that we have translated our common principles and our common purposes into a common plan. When we part we are not going to part with a
finished work, but with a work one portion of which is finished and the
other portion of which is only begun.
We have finished the formulation of the peace, but we have begun a
plan of co-operation which, I believe, will broaden and strengthen as the
years go by, so that this grip of the hand that we have taken now will
never need to be relaxed. We have been and shall continue to be comrades. We shall continue to be co-workers in tasks which, because they
are common, will weave out of our sentiments a common 'conception of
duty and a common conception of the rights of men of every race and of
every clime. If it be true that that has been accomplished, it is a very
great thing.
As I go away from these scenes, I think I shall realize that I have been
present at one of the most vital things that has happened in the history of
nations. Nations have formed contracts with each other before, but
they never have formed partnerships; they have associated themselves temporarily, but they have never before associated themselves permanently.
The wrong that was done in the waging of this war was a great wrong,
but it awakened the world to a great moral necessity of seeing that it was
necesary that men should band themselves together in order that such
wrong should never be perpetrated again.
Merely to beat a nation that was wrong is not enough. There must follow the warning to all other nations that would do like things that they in
turn will be vanquished and shamed if they attempt a dishonorable purpose.
You can see, therefore, sir, with what deep feelings those of us who
must now for a little while turn away from France, shall leave your shores
and though the ocean is broad, it will seem very narrow in the future. It
will be easier to understand each other than it ever was before, and with the
confident intercourse of co-operation the undertsanding will be strengthened
into action, and action will itself educate alike our purpose and our thought.
So, sir, in saying good-bye to France I'm only saying a sort of physical
good-bye, not a spiritual good-bye. I shall retain in my heart always the
warm feeling which the generous treatment of this great people has generated in my heart. And I wish in my turn,sir, to propose,as you have proposed, the continued and increasing friendship of the two nations, thesafety and prosperity of France, and closer and closer communion of free
peoples, and the strengthening of every influence which instructs the mind
and the purpose of humanity.
PRESIDENT WILSON ON INTERNATIONAL LAW—
STEADINESS OF PURPOSE IN EMBARKING
ON UNCHARTERED SEAS.
The future role of international law in the development
of the new order of things was touched upon in a brief speech
made by President Wilson in Paris on May 9 at a dinner
of the International Law Society Association, of which Sir
Thomas Barclay is President. Referring to the new League
of Nations President Wilson noted that "we are starting
out on unchartered seas, and therefore we must have,
. . . the steadiness of purpose which is necessary in
such novel circumstances." As one of the things which
has disturbed him the President referred to the hope entertained by men everywhere "of immediate emancipation
from the things that have hampered and oppressed them."
"You cannot in human experience," he said, "rush into the
light. You have to go through the twilight into the broadening day before the noon comes and the full sun is on the
landscape." His remarks in full follow:
Sir Thomas and Gentlemen: I esteem it a very great pleasure to find
myself in this distinguished company and in this companionship of letters.
Sir Thomas has been peculiarly generous, as have the gentlemen at the other
end of the table, in what they have said of me, but they have given me too
high a role to play up to. It is particularly difficult to believe one's self
to be what has been described in so intimate a company as this. When a
great body of people is present, one can assume a pose which is impossible
when there is so small a number of critical eyes looking directly at you.
And yet there was one part of Sir Thomas's generous interpretation which
was true. What I have tried to do, and what I have said in speaking for
America, was to speak the mind of America, to speak the impulse and the
principles of America. And the only proof I have of my success is that the
spirit of America responded—respondediwithout stint or limit—and proved
2598
THE CHRONICLE
that it was ready to do that thing which I was privileged to call upon it to
do.
And we have illustrated in this spirit of America something which perhaps may serve as a partial guide for the future.
May I say that one of the things that has disturbed me in recent months
Is the unqualified hope that men have entertained everywhere of immediate emancipation from the things that have hampered and oppressed
them. You cannot in human experience rush into the light. You have to
go through the twilight into the broadening day before the noon comes and
the full sun is on the landscape; and we must see to it that those who hopo
are not disappointed, by showing them the processes by which that hope
must be realized—processes of law, processes of slow disentanglement from
the many things that have bound us in the past.
You cannot throw off the habits of society immediately any more than
you can throw off the habits of the individual immediately. They must be
slowly got rid of, or, rather, they must be slowly altered. They must be
slowly adapted, they must be slowly shapen to the new ends for which we
would use them. That is the process of law, if law is intelligently conceived.
I thought it a privilege to come here to-night, because your studies were
devoted to one of the things which will be of most consequence to men in
the future, the intelligent development of international law. In one sense,
this great, unprecedented war was fought to give validity to internatio al
law, to prove that it has a reality which no nation could afford to disregard;
that, while it did not have the ordinary sanctions, while there was no international authority as yet to enforce it, it nevertheless had something
behind it which was greater than that, the moral rectitude of mankind.
If we can now give to international law the kind of vitality which it can
have only if it is a real expression of our moral judgment, we shall have completed in some sense the work which this war was intended to emphasize.
International law has perhaps sometimes been a little too much thought
out in the closet. International law has (may I say it without offense?)
been handled too exclusively by lawyers. Lawyers like definite lines.
They like systematic arrangements. They are uneasy if they depart from
what was done yesterday. They dread experiments. They like chartered
seas and,if they have no charts, hardly venture to undertake the voyage.
Now we must venture upon unchartered seas, to some extent, in the
future. In the new League of Nations we are starting out on unchartered
seas, and therefore we must have, I will not say the audacity, but the
steadiness of purpose which is necessary in such novel circumstances.
And we must not be afraid of new things, at the same time that we must
not be intolerant of old things. We must weave out of the old materials
the new garments which it is necessary that men should wear.
It is a great privilege if we can do that kind of thinking for mankind—
human thinking, thinking that is made up of comprehension of the needs of
mankind. And when I think of mankind, I must say I do not always
think of well-dressed persons. Most persons are not well dressed. The
heart of the world is under very plain jackets. The heart of the world is
at very simple firesides, the heart of the world is in very humble circumstances; and, unless you know the pressure of life of the humbler classes
you know nothing of life whatever. Unless you know where the pinch
comes you do not know what the pulse has to stand, you do not know what
strain the muscles have to bear, you do not know what trial the nerves have
to go through to hold on.
To hold on where there is no glee in life is the hard thing. Those of us
who can sit sometimes at leisure and read pleasant books and think of the
past, the long past, that we have no part in, and project the long future—
we are not specimens of mankind. The specimens of mankind have not
time to do that, and we must use our leisure when we have it to feel with
them and think for them, so that we can translate theft,desire into a fact,
so far as that is possible, and see that that most complicated and elusive
of all things which we call justice is accomplished. An easy word to say,
and a noble word upon the tongue, but one of the most difficult enterprises of the human spirit.
It is hard to be just to those with whom you are intimate; how much
harder it is to conceive the problems of those with whom you are not intimate, and be just to them. To live and let live, to work for people and
with people, is at the bottom of the kind of experience which must underlie
justice.
The sympathy that has the slightest touch of condescension in it has no
touch of helpfulness about it. If you are aware of stooping to help a man,
you cannot help him. You must realize that he stands on the same earth
with yourself and has a heart like your own, and that you are helping him,
standing on that common level and using that common impulse of humanity.
In a sense the old enterprise of national law is played out. I mean that
the future of mankind depends more upon the relations of nations to one
another, more upon the realization of the common brotherhood of mankind, than upon the separate and selfish development of national systems
of law; so that the men who can, if I may express it so, think without language, think the common thoughts of humanity, are the men who will be
most serviceable in the immediate future.
God grant that there may be many of them, that many men may see this
hope and wish to advance it, and that the plain men everywhere may know
that there is no language of society in which he has no brothers or colaborers, in order to reach the great ends of equity and of high justice.
PRESIDENT WILSON'S DISCLAIMER THAT AMERICANS ARE DOLLAR WORSHIPPERS—PRESENTATION OF MEDAL BY FRENCH ACADEMY.
In addressing the French Academy of Moral and Political
Sciences at Paris on May 10, of which he was elected a
foreign associate last year, President Wilson observed that
the United States came into the war in the cause of liberty,
adding:
Whenever we see the cause of liberty imperiled we are ready to cast our
lot in common with the lot of those whose liberty Is threatened. That is
the spirit of the people of the United States.
The brief accounts of his speech from Paris on the 10th
were supplemented by later advices in Associated Press
cablegrams May 12 in which it became known that during
the course of his remarks he had taken occasion to dispel
the idea that Americans were largely materialists, or dollar
worshippers. We give as follows what he had to say as
reported in the Associated Press advices of the 12th:
"I have had in recent months one very deep sense of privilege. I have
been keenly aware that there have been times when the peoples of Europe
haven't understood the people of the United States. We have been too
[VoL. 108.
often supposed to have been devoted chiefly, if not entirely, to material
enterprises. We have been supposed, in the common phrase, to worship the Almighty Dollar.
"We have accumulated wealth, Sir; we have devoted ourselves to material
enterprises with extraordinary success, but there has underlain all of that,
all the time, a common sense of humanity and a common sympathy with
the high principles of justice, which has never grown dim in the field even
of enterprise; and it has been my very great joy in these recent months to
interpret the people of the United States to the people of the world.
"I have not done more, Sir. I have not uttered in my public capacity my
own private thoughts. I have uttered what I have known to be the
thoughts of the great people whom I represent. I have uttered the things
that have been stored up in their hearts and purpose from the time of our
birth as a nation."
It was at this point that the President made his declaration that the
American people, who came into the world consecrated to liberty, were
ready to cast in their lot in common with the lot of those whose liberty was
threatened whenever the cause of liberty was seen to be imperiled.
"This is the spirit of the people of the United States," he continued,"and
they have been privileged to send 2,000,000 men over here to tell you so. It
has been their great privilege not merely to tell you so in words, but to tell
you so in men and material—the pouring out of their wealth and the offering of their blood."
President Wilson alluded to his studies in the field of political science and
to the attempts he had made "to put into the words of learning the thought
of a nation, the attitude of a people towards public affairs."
"A great many of my colleagues in American university life," he continued, "got their training, even in political science, as so many men in
civil circles did, in German universities. I have been obliged at various
times to read a great deal of bad German, difficult German, awkward
German, and I have been aware that the thought was as awkward as the
phrase, that the thought was rooted in a fundamental misconception of
the State and of the political life of peoples. And it has been a portion
of my effort to disengage the thought of American university teachers
from the misguided instruction which they had received on this side of the
sea. Their American spirit anticipated most of them, as a matter of
course, but the form of the thought sometimes misled them. They speak
too often of the State as a thing which would ignore the individual, as a
thing which was privileged to dominate the fortune of mon by a sort of
inherent and sacred authority.
"Now,as an utter democrat,' have never been able to accept that view of
the State. My view of the State is that It must stop and listen to what I
have to say, no matter how humble I am,and that each man has the right to
have his voice heard and his counsel heeded, in so far as it is worthy of
him.
"I have always been among those who believe that the greatest freedom of
speech was the greatest safety, because if a man is a fool the best thing to do
is to encourage him to advertise the fact by speaking. It cannot be so
easily discovered if you allow him to remain silent and look wise, but if
you let him speak, the secret is out and the world knows that he is 6, fool.
"So it is by the exposure of folly that it is defeated; not by the seclusion of
folly, and in this free air of free speech men get into that sort of communication with one another which constitutes the basis of all common achievement. France, through many vicissitudes and through many bitter experiences, found the way to this sort of freedom, and now she stands at the
front of the world as the representative of constitutional liberty."
An incident of the President's speech was the presentation
to him of a specially struck gold medal. The rules of the
Academy require that each member must spend one hour in
the building of the Academy in order to perfect his membership. President Wilson, therefore, decided to go to the
Academy between 1.45 and 2.45 o'clock in the afternoon
of the 10th.
LEAGUE OF NATIONS AN OUTGROWTH OF MONROE
DOCTRINE, SAYS PRESIDENT WILSON.
Speaking at a dinner given by the Pan-American peace
delegation in honor of Dr. Epitacio Pessoa, Presidentelect of Brazil, on May 27, President Wilson said the League
of Nations was indirectly an outgrowth of the bonds between
the American nations. He referred to the Monroe Doctrine
and to suggestions that had once been made to broaden
the principle of non-aggression on the American hemisphere. He remarked that while the United States had
undertaken to be champion of America against aggression
from Europe, it gave no assurance that it would itself never
be an aggressor. "What I wanted to do," said the President,
"in the proposals made to other American States, was to
give our bond that they were safe against us and any illicit
ambition we might entertain—as safe as far as any power
of the United States could secure them against foreign nations." Mr. Wilson added that he regretted the proposals
were not at that time accepted, but said that the impulse
to which the peoples of the American continent have contributed have now led to a pledge on the part of all selfgoverning nations of the world that they would be friends
and would take pains to secure each other's safety, independence, and territorial integrity. From the Associated
Press accounts we quote the President's remarks as follows:
The honor has been accorded me of making the first speech to-night, and
I am very glad to avail myself of that privilege. I want to say that I feel
very much at home in this company, though, after all, I suppose no one
of us feels thoroughly at home except on the other side of the water. We all
feel in a very real sense that we have a common home because we live in
the atmosphere of the same conceptions, and, I think, with the same
political ambitions and principles.
I am particularly glad to have the opportunity of paying my respects
to Mr. Pessoa. It is very delightful, for one thing, if I may say so, to
know that my Presidency. Is not ahead of me and that his Presidency is
ahead of him. I wish him every happiness and every success with the
greatest earnestness, and yet I cannot, if I may judge by my own experience, expect for him a very great exhilaration in the performance of the
JUNE 28 1919.]
THE CHRONICLE
duties of his office. Because, after all, to be the head of an American State
Is a task of unrelieved responsibility. American Constitutions, as a rule,
put so many duties of the highest sort upon the President, and so much of
the responsibility of affairs of state is centred upon him, that his years of
office are apt to be years a little weighted with anxiety, a little burdened
with the sense of the obligation of speaking for his people, speaking what
they really think, and endeavoring to accomplish what they really desire.
I suppose no more delicate task is given any man than to interpret the
feelings and the purposes of a great people. I know that, if I may speak
for myself, the chief anxiety I have had has been to be the true interpreter
of a national spirit, expressing no private and peculiar views, but trying to
express the general spirit of a nation. And a nation looks to its President
to do that; and the comradeship of an evening like this does not consist
merely of the sense of neighborhood. We are neighbors. We have always
been friends. But that is all old. Something new has happened. I am
not sure that I can put it into words, but there has been added to the common principles which have united the Americas time out of mind a feeling
that the world at large has accepted those principles, that there has gone
a thrill of hope and of expectation throughout the nations of the world
which somehow seems to have Its source and fountain in the things we always believed in. It is as if the pure waters of the fountains we had always
drunk from had now been put to the lips of all peoples,and they have drunk
and were refreshed.
And it is a delightful thought to believe that these are fountains which
sprang up out of the soil of the Americans. I am not, of course, suggesting
or believing that political liberty had its birth in the American hemisphere,
because, of course,it had not, but the peculiar expression of it, characteristic
of the modern times, that broad republicanism, that genuine feeling and
practice of democracy, that is becoming characteristic of the modern world,
did have its origin in America, and the response of the peoples of the world
to this new expression is, we may perhaps pride ourselves, a response to
an American suggestion.
ti If that is true we owe the world a peculiar service. If we originated
practices we must ourselves be worthy of them. I remember not long ago
attending a very interesting meeting which was held in the interest of
combining Christian missionary effort throughout the world. I mean
eliminating the rivalry between churches and agreeing that Christian missionaries should not represent this, that or the other church, but represent
the general Christian impulse and principle of the world. I siad I was
thoroughly in sympathy with the principle, but that I hoped if it was
adopted that the inhabitants of the heathen countries would not come to
look at us, because we were not outselves united, but divided, that while
we were asking them to unite we ourselves did not set the example.
My moral from that recollection is this: We, among other friends of
liberty, are asking the world to unite in the interest of brotherhood and
mutual service and the genuine advancement of individual and corporate
liberty throughout the world, therefore we must set the example.
I will recall here to some of you an effort that I myself made some years
ago soon after I assumed the Presidency of the United States, to do that
very thing. I was urging the other States of America to unite with the
United States in doing something which very closely resembled the formation of the present League of Nations. I was ambitious to have the Americas for the thing first and set the example to the world of what we are now
about to realize. I had a double object in it, not only my pride that the
Americas should set the example and show the genuineness of their principles, but that the United States should have a new relation to the other
Americas. The United States upon a famous occasion warned the Governments of Europe that it would regard it as an unfriendly act if they tried
to overturn free institutions in the Western Hemisphere, and to substitute
their own systems of Government, which, at that time, were inimical to
those free institutions; but while the United States thus undertook of its
own motion to be the champion of America against such aggressions from
Europe, it did not give any conclusive assurance that it would never itself
be an aggressor. What I wanted to do in the proposals to which I have
just referred was to offer to the other American States our own bond that
they were safe against us and any illicit ambitions we might entertain,
as well as safe, so far as the power of the United States could make them
safe, against foreign nations.
Of course, I am sorry that happy consummation did not come, but: after
all, no doubt the impulse was contributed to by us which has now led
to a sort of mutual pledge on the part of all the self-governing nations of
the world that they will be friends to each other, not only, but that they
will take pains to secure each others' safety and independence and territorial integrity.
No greater thing has ever happened in the political world than that,
and I am particularly gratified to-night to think of the hours I have had the
pleasure of spending with Mr. Pessoa as a member, along with him, of the
Commission on the League of Nations which prepared the Covenant which
was submitted to the Conference. I have felt as I looked down the table
and caught his eye, that we had the same American mind in regard to the
business, and when I made suggestions or used arguments that I felt were
characteristically American, I would always catch sympathy in his eyes;
when others perhaps did not catch the point at once, he always caught
it, because, though we were not bred to the same language literally, we
were bred to the same political language and the same political thought,
and our ideas were the same.
It is therefore with a real sense of communication and of fellowship
and of something more than neighborly familiarity that I find myself
in this congenial company, and that I take my part with yoy in paying my
tribute and extending my warmest best wishes to the great country of
Brazil and to the gentleman who worthily represents her in her Presidential chair.
I ask you to join with me in drinking the health of the President-elect
of Brazil.
Dr. Pessoa, in his address, said:
One and the same ideal brings us together—that of American solidarity
for peace, right, justice, work, order, and concord—which are the eternal
foundations upon which rests the balance of the world. One of my dearest
ambitions in the office to which I have been called by the generosity of
my fellow citizens will be to strive for the intangible continuity of work
for American concord. In the vast work of solution which is at hand as
alresult of the great commotion which we have all witnessed, the preponderant part will fall upon America as the unfathomable source of the forces
of the future.
America, after having used for her emancipation that which was most
practicable and noble to be secured from Europe, will in turn become a
powerful factor in the work of civilization and progress which synthesizes
all the happiness of mankind. Closely united and firmly attached to the
ideals of American solidarity, let us set to work with other peoples in
keeping a brotherly spirit for the advent of this new era in which some
day a happier life will open on a better world. Such a dream of happiness
is no Utopia, for after the catastrophe which has shaken the world to its
foundations we may be allowed to believe in the dawn of a long period of
peace, where men, even without having accomplished Evangelical ideals,
2599
will lead us in believing In the fraternity of peoples. If this be a dream,
may I at this moment be allowed to suppose that it foreshadows good for
the future.
A. C. MILLER ON PRESENT PRICE OUTLOOK AND
AFTER-WAR ADJUSTMENT.
Elsewhere we give an extract from an address delivered in
Pittsburgh on June 6 by A. C. Miller of the Federal Reserve
Board, with reference to the "Mobilization of Our Resources
for Europe's Use." The theme of Mr. Miller's address was
"After-War Adjustment: The Present Price Outlook." and
on this point he spoke in part as follows:
The expectation that prices would drop and go on dropping was expressed
by competent students at the time of the armistice and was shared by many
business men. Such had been our experience after the Civil War. Indeed, some, who had in mind that experience, feared that the decline of
prices might proceed so rapidly as to be disturbing. Prices dropped some
30% in the first six months of the year 1865. This fact suggested that at
least a considerable decline might not unreasonably be expected in the
United States following the close of the great war. Such, moreover, has
been a very common feature of the aftermath of other great wars.
There seemed to be justification, therefore, for the expectation that
prices in Europe and the United States would begin to fall with the turn of
the year 1918. The only question was how rapid would be the decline and
how long continued. The operation of natural economic forces, and particularly the devotion of the productive energy and resources of the different belligerent countries to peace industries, was expected to do Much to
relieve shortages which were in part responsible for the momentous price
changes induced by the war. The fact that fifty million men or more were
to be released from armies and from war work led to the belief that there
would be a quick resumption of industrial activity in Europe and increased
production of goods and resulting declines in values and prices. This conclusion also seemed to be the logical consequence of the general acceptance
of the view that the price situation, which had developed throughout the
world as a result of war conditions, was highly artificial and highly inflated.
Whatever differences of opinion may have existed during the war as to
the cause or causes of the revolutionary advance of prices experienced, it is
now coming to be more and more clearly recognized and frankly admitted
that the chief factor in the price revolution is to be attributed to the enormous increase in the volume of circulating credit, bank notes and government currency put out in the past four and a half years.
The situation in the United States is coming to be so well understood that
no extended reference to it is necessary. It is well known that in our five
Liberty Loan campaigns the Treasury has been obliged to borrow from the
community and issue Government obligations more rapidly than the comparative rate of savings by the people would support, with the result that a
considerable part (perhaps as much as seven billions of dollars) of the several
issues of bonds made by the Government have been financed by an expansion of banking credit, and, to the requisite degree, of banking currency.
It is coming to be recognized that our banking and financial situation
can never be as healthy and strong as it should be until the banks are relieved
of the burden of carrying such large investments, either for themselves
or for their customers, in Liberty Bond operations. This means that
such parts of the community as have not yet done their full part in absorbing and digesting the government issues, must by one method or another
be induced or made to save and pay up, or buy. Those who believed that
this process would be rapid, and they were many, and that the Government
would soon disappear from the market as a competitor for current loan
funds, expected as a natural consequence that the volume of our circulating
bank credit and currency would shrink and that with the shrinkage would
come a lowering of the price level.
Other countries, it was thought, would move along the same general
course as the United States, though of necessity more slowly because of
their continuing financial difficulties. A reduction in the volume of circulating media of one kind or another was, however, regarded as such an
essential part of good financial policy in the process of post-war readjustment that this reduction was taken almost as a certainty.
The feeling of caution and hesitation, which characterized the temper
of the American business community at the close of the war, was the natural
outgrowth of this expectation of the probable future course of prices. It
is well known that this view was shared by an important agency of the
Government, which was set up for the special purpose of assisting the
expected downward course of prices by gradual and orderly price revisions.
By mediating the transition from war prices to peace prices, the Industrial
Board of the Department of Commerce undertook to bring about the
resumption of industry and its adjustment to anticipated conditions more
quickly than if left to the unassisted working of natural economics forces.
Price stabilization was expected to bring buyers into the market, particularly for basic materials required in construction work and thus to
accelerate the process of industrial readjustment and improve the employment situation. The abandonment of this policy by the voluntary
retirement of the Industrial Board and other steps that have been taken
toward decontrol of industry have left the process of readjustment pretty
much to the unimpeded action of the market.
The movement since the armistice is interesting. For the first month
or two there was little or no change; with the opening of the year 1919,
prices moved downward, though slowly; toward the end of March the
downward trend halted and with the beginning of April there is a noticeable upward trend—most marked in the retail trades and those manufacturing trades which are closely auxiliary to the leading retail trades (such
as the textiles, clothing, boot and shoe trades), but with some evidence
recently that it might develop into a more general forward movement.
At the moment, prices are close to the war level and, in many instances,
moving forward.Many questions are raised by the behavior of prices since the armistice.
Is the recent forward trend to be regarded as indicative of the probable
future course of prices, or is the advance to be regarded as accidental
and temporary and as merely marking an interruption of the expected downward trend? These questions, of course, can not be answered with positiveness. The factors which influence the price situation and to which
it is responsive, even under normal conditions are so diverse and frequently
so obscure that the resultant is always a matter of great uncertainty.
The unexpected is apt to supervene and destroy the validity of even the
most carefully considered forecast. As a result of the war, the price
situation in all parts of the world has become so vastly complicated that
conjecture is perforce a much more hazardous undertaking than usual,
particularly if any attempt is made to deduce general conclusions from
tendencies discernible only in particular industries or groups of industries,
so subtle and exceptional are the influences now at work in different fields
of industry.
2600
THE CHRONICLE
[VOL. 108.
Price Situation Clarifying.
The general outlook, therefore, may be said to be for a gradual
fall of
However hazardous the undertaking, it seems nevertheless
worth while prices during the next ten years or longer, depending mainly upon how
to direct attention to some of the underlying factors which
seem now to be rapidly Europe will recover her productive power and correct her currency
emerging and which seem likely to exercise an important
bearing upon the disorders by deflating her distended currency.
future trend of prices, looking forward:
(1) to a period of some years, during which the general readjustmen
t of
the world's industry and trade is being worked out;
A. C. MILLER ON MOBILIZATION OF OUR RESOURCES
and,
(2) to a briefer period of a year or more, during which Europe
will be in
FOR EUROPE'S USE.
the first stages of her reconstruction.
All business calculations run in terms of price. Business
According
judgments are
to
A.
C. Miller of the Federal Reserve Board,
for the most part price judgments. Raw materials,
labor, fuel, and the "no more pressing
financial problem confronts the United
other requisites of production are bought at prices; they are
converted into
goods to be sold at prices. Unless the prices at which
the requisites of States than the setting up and putting in motion the maproduction are bought and the products are sold are fairly
calculable and a chinery for determining the extent to which we can safely
satisfactory margin of profit shown between them, the
attitude of business undertake to
finance reconstruction in Europe." Mr. Miller
will be hesitant. Falling prices are, therefore, obviously
to be regarded as
an addition to the ordinary hazards of industry. It is
therefore a question made this statement in an address on "After-War Adjustof vital concern to inquire whether the price situation
has clarified itself ment: The Present Price Outlook," delivered
at Pittsburgh
sufficiently to suggest some expectation of what may be the
future pricetrend. on
June 6 before the National Hardware Association of the
Until Europe recovers industrially and brings its productive
capacity up
to what will be normal for its decimated population,
no considerable or United States. Mr. Miller furthermore said:
rapid fall of commodity prices is, in my opinion, to be
expected. Indeed,
Fundamentally, the problem is one of keeping the industrial activity of
until the point is reached where the process of recovery
is well under way, the nation stimulated and, equally important, keeping
the savings spirit of
a rise of prices rather than a fall is to be expected.
Should the eventual the country from weakening. The people must everywhere
be made to
outcome show what some have often predicted that the
war has given an appreciate that in the present condition of the European
world, it is our
added impulse to the inventive spirit and to the instinct
of thrift, the re- urgent duty to keep up our newly acquired saving habit.
Beyond
sulting increase in production and savings would have
that,
an important effect a sufficient portion of the community must be educated
to an interest in
in hastening the readjustment of prices. It cannot be
too strongly empha- the purchase of European obligations or American obligations based
upon
sized that it is only as more goods are produced in exchange
for the inflated European collateral. More than this, some competent agency,
which will
currencies of the world, or more income saved from earnings
and used for merit the confidence of the American people—national and representati
ve
the purpose of liquidating loans and advances made by
the banks, that in character but preferably not Governmental—must be set
up for seeing
the financial and credit situation will gradually be
improved by the reduc- to it that the apportionment of such capital as may be yielded
by the savtion of outstanding bank liabilities and prices respond
by a gradual fall. ings of the nation shall be made wisely, with due regard for the economic
How long it may take the movement, as thus defined,
to run its course, no needs of American industry and the American consumer, as well
as the needs
one can predict.
of European industry and the European consumer. The opportunity
It is a matter of common knowledge that it was
fourteen years before the to make financial and traders' profits out of the needs of Europe
by the sale
currency disorders growing out of the Civil War
were measurably cor- to Europe of goods and materials on long-term securities floated in
the Amerrected and the greenback dollar brought to a parity
with gold. It took ican market is such that great care must be taken that such operations
Europe fifteen years to effect the restoration of public
are
credit, reorganiza- constamly kept within the limits of national economic prudence,
both in
tion of currency and banking, and the readjustmen
t of industry to a stable our own interest and in Europe's interest. It would therefore
be advisable
basis, after the close of the Napoleonic wars. Considering
the vast reach to set up a Committee on Financial Facilities for Europe, composed of a
of the present war, which on it economic side has
not yet closed, and con- membership—following the analogy of the Federal Reserve organizati
on—
sidering the great destruction of industrial and financial
capital, the ter- one-third representing financial interests, ono-third commercial interests
rible disorganization of industry, and the impairment
of the morale of the and one-third to be selected by the Federal Reserve Board, representing
working forces of Europe,there seems little reason to
expect that the process the general public interest. But whether this or some other method
is
of reconstruction and readjustment, first the one and
then the other, adopted, it Is of primary importance that a national and representati
ve
through which Europe is about to pass, will be short
or easy. Ten years character should be given to any movement for the mobilization of our
would seem, on the whole, a short period in which
to expect a restoration financial and economic resources for Europe's use. The matter is one
of
of economic conditions in Europe to a normal basis
and the rectification of too grave consequence to be left to the determination of private interest
the price situation.
alone. The situation offers so many temptations that abuse of the credit
It may well turn out to be the judgment of history,
when the record of facilities of the Federal Reserve system would be almost certain to result
these remarkable years is written and the transformat
ions, set in motion with a further and disastrous inflation of credit as a consequence. No
by Germany's onslaught on the structure of civilization
in 1914, are com- method of providing for the financing of Europe that does not contain careplete, that the most momentous consequence of the
war will prove to have ful safeguards against this contingency can be regarded as satisfactory
.
been the economic and social revolution which it set
ageing. There are What Europe needs is capital. The Federal Reserve banks are not investpeople who believe that we are now in the midst of
such a revolution and ment institutions; they deal in credit, not capital. The attempt, under
any
that when the emergence is finally complete, the world
will be under the disguise, to use their facilities as a substitute for capital would be fatal to
dominion of a very different economic and social
order from that which the Federal Reserve system and injurious to the public at large.
seemed secure in its foundations only five years
ago.
Obviously, if some thoroughgoing changes in the fundamenta
ls of the
economic and social system of the Western world
have got to be reckoned ASSURA
NCES GIVEN UNITED STATES BY MEXICO
with in the process of economic readjustment and reconstructi
on, it might
well be expected that a very considerable period of time
IN OIL DISPUTE.
will elapse before
anything like a settled and stable working order will
have been evolved.
Press accounts from Washington May 30 in reporting that
Indeed, such a process could only by a euphemism be described
as readjustment. There would be too little left in it of old ways of doing
assurances had been given the United States by the Mexican
things and
old points of view. It would then be a veritable reconstructi
Government in the oil dispute said:
on.
I do not, for my own part, look for any such far-reaching overturn
in the
The Mexican Government has assured the United States that no law
established order. The world may be passing through
a revolution in enacted by the
Mexican Congress in connection with the petroleum code
thought, and possibly in spirit, but that is a very different
thing from a would have retroactive
effect, it was learned from official sources to-day,
revolution in social and economic institutions.
and the State Department has been advised that the new oil law will not
Every day is making it clearer and clearer that our own country
has been nationalize oil properties acquired
by Americans prior to May 1 1917.
extensively and profoundly altered both in economic capacity
and in its Charles A. Douglas,
who represents the Mexican Government and the
outlook, and that its position and relation to other countries
of the world Mexican Embassy
here (Washington) as legal adviser, to-day said these
have experienced a like change. It has become a commonplac
e that we assurances had been given
in good faith and that there was no question
have become a creditor nation and a world-banker—the most potent
single that they would be carried out.
force in the reconstruction of the World's finances. For
Mr. Douglas said to-day the same prothe most part, tection would
apply
to all other foreign investments in Mexico.
finance merely reflects; it is not itself, in any important
sense, a cause.
Officials here believe that if these assurances are carried out the most
The change in our financial relationship to the world is,
therefore, to be serious cause of
trouble between the two countries will have been elimiregarded merely as a reflection and measure of the momentous
changes nated. It also was
said that if Mexico by the enactment of laws protecting
Which have taken place in our economic position. Unavoidabl
y and foreign rights, gave
guarantees that she would comply with her interWithout our seeking, we are to have a larger part than ever before
in the national obligations, she
might be invited to become a member of the League
alimentation of the world and its industries. We are to have
a larger of Nations.
part in the shipping of the world. We are to have a larger part in supplying,
out of our own vast resources, a world which has been wasting almost
to
the point of exhaustion its supply of basic materials. The world is day
RULINGS ON NEW YORK STATE INCOME TAX LAW,
becoming more conscious of its dependence upon us, and we, ourselves,
are
coming to a new consciousness of our vast resources and productive
APPLICABILITY AS TO NON-RESIDENTS—
capabilities. It is these that, in the long run, determine the relative
positions
WITHHOLDING AGENTS.
of countries in the organization of international trade and industry.
No
one, therefore, can say offhand or in advance to what extent a redistributi
A protest made by William N. Runyon, Governor of
on
of industries is to take place among the different countries.
New Jersey, against the provision in the New York State
The nearest analogy to the catastrophe through which the world
is now
income tax law with regard to the tax as applied to non-resimoving is supplied by the Napoleonic Period and the restoration.
For
a period of 22 years, beginning shortly after the French Revolution,
inter- dents has brought from Alfred E. Smith, Governor of New
national commerce and industry were thrown out of gear almost completely
York, a letter (published in the Albany "Argus" of thejl9th
In the meantime a revolution took place in industry associated
with the
Invention of the steam engine and many mechanical appliances
in the inst.) which says:
textile and metal trades, which marked this period as the -beginning
There seems to me to be one possible injustice and one error in thelfproof the
modern era in industry. Great changes were found, when
peace was visions of the New York income tax act, as applied to non-residents. Proestablished in 1815 to have taken place in the economic capacities
of the vision should, it seems to me, be made, if it is practically possible, for
several nations which required that a new adjustment of internationa
l the $1,000 and $2,000 exemption to apply to non-residents who receive
trade and industry should be worked out under which each nation would their whole income
in the State of New York, provided an equal exemption
find its new position. It took fifteen years before the several nations
had Is not granted in the place of their residence.
finally found their places in the new international economic order
By inadvertence, also, the withholding agent in the case of the nonand
things settled down to something which could be regarded
as a stable resident is required, unless the non-resident pays his tax directly, to debasis. The fifteen years from 1815-30 are suggestive of what the
world duct 2% in the case of incomes under $10,000, whereas the tax under
may now have to go through before a stable basis is reached in
industry and another section of the bill is fixed at 1% for incomes under $10,000.
commerce and prices are readjusted. They were years of
uncertainty,
This error in the bill, as well as the possible injustice above mentioned
years of commercial rivalry, years of economic difficulty, years of fluctuat- can
be corrected, and should be corrected, at the beginning of the next
ing price levels and characterized by alternations of periods of intense
and legislative session in January, two months before the first tax must be
feverish activity in trade and industry with periods of sharp reaction, paid
so that the non-resident taxpayer need not suffer any actual injustice.
depression and frequent unemployment, sometimes intensified
by conWe have sought in the provisions to make the act both friendly and reditions of crisis or panic.
ciprocal. The act provides that non-residents shall have robated!to them
JUNE 28 1919.]
THE CHRONICLE
any tax on New York income which may be imposed by the State of the
taxpayers' residence, providing that the home State of the taxpayer treats
New Yorkers in a substantially similar way. In the meantime we only
desire, in the most friendly spirit, to tax the non-resident for the benefit
to him of the legal and social and physical protection and opportunity
offered to him to accumulate wealth and do business and make earnings in
the State of New York.
2601
State; (3) with the amount in dollars and cents of such part. In apportioning the income of non-resident salesmen and other employees through
whose services receipts or remuneration inure directly to the employer,
only that portion of the entire salary which the volume of business he transacts within bears to the total carried on within and without,is attachable.
Should the remuneration not inure directly, as in the case of clerks, bookkeepers, &c., the attachable portion of the income is based upon the relationship which the time employed within bears to the time both employed
within and without. If the peculiarity of the services performed renders
such apportionment impossible, a full statement of such fact must be filed
with the Comptroller. Special forms of resident certificates are provided,
and the withholding agents are obliged to keep these available for inspection
at least one year afterward. Should the employee change his residence,
he must notify his employer, failure for which his certificate is revoked
and a deduction made from his compensation for the entire year. If he
afterwards files a resident certificate before the annual return is made, in
no event later than March 15 in the following year, the withholding agent
Is to return the entire amount deducted.
On June 9 it was announced that under a ruling received
by New York State Comptroller Travis from the State
Attorney-General, Charles D. Newton, the tax imposed
under the New York income tax law against non-residents
whose income is derived within the State would be figured
at 1% on the first $10,000 and 2% in excess of that amount,
instead of 2% in all cases as the law provides. In announcing this as among the first of a series of rulings made
known by Comptroller Travis the press dispatches from
The New York State income tax law was signed by GoverAlbany on June 8 said:
nor Smith on May 15. Its text was given in our issue of
According to his statement, every employer, under the law, will be May 10, pages 1883 to 1887. Following the
approval of
obliged to keep on file a certificate of residence of each of his employees.
In addition he will be required to deduct and withhold from the salaries of the measure by the Governor, Comptroller Travis, in a
all non-residents equalling or exceeding $1,000 a tax of 1% on the first statement explaining its features, said in part:
$10,000 and 2% in excess of that amount.
This tax applies not only to salaries, but also to wages, commissions,
gratuities, emoluments, perquisites, or other fixed and determinable, annual or periodical compensation, earned for personal services in a business,
trade, profession or occupation carried on within this State providing that
the withholding agent (employer) has not on file a certificate that his employee is a resident of this State, setting forth such residence. Blanks for
this purpose have already been provided, and will be sent upon request.
In addition tho Comptroller has ruled that withholding agents shall
deduct with respect of personal service compensation paid or credited to the
payee at any time subsequent to Jan. 1 last, if payments are made or credited to the payee at any time within the calendar year. In other words.,
the act is retroactive in effect, in that, although it became a law on May 14
its provisions date back to the beginning of the current year.
Should the employee have left the service prior to the above date and
had received full compensation up to the time of his departure, no duty or
obligation rests on the withholding agent. Despite the fact that the statute provides for a deduction of 2% of all salaries of non-residents employed
within the State, the Comptroller believes that this amount was left in the
statute through inadvertence when the bill which originally provided for a
flat tax of 2% was afterward changed on a graduated scale from 1 to 3%.
This ruling not only means a gain to the taxpayers, but relieves the Comptroller's office of considerable unnecessary work incident to returning
amount in excess of 1%.
It is learned that in his advices to State Comptroller
Travis Attorney-General Newton said in part:
If it were not for the phraseology of other subdivisions of Sec. 366 the
first subdivision might make it unavoidably incumbent upon a withholding
agent to withhold 2% in every case, even where the tax payable to the
State is only 1%. But the phraseology of subdivisions 3, 4 and 5 is such
as to make the requirement that 2% be withheld purely technical and unenforceable to the extent of more than 1% in cases where the net income is
$10,000 or less. Subdivision 1 requires the withholding of 2% of determinable annual or periodical income taxable under this article. Section 351
makes incomes of $10,000 or less taxable at only 1%. Subdivision 3 of
Sec. 366 requires the withholding agent to make return and pay "the tax"
to the Comptroller. Where the tax is only 1%,that is all that need be paid
to the Comptroller. The penalty for failure to withhold is merely a liability
to pay the tax with penalties if it be not paid by the recipient of the income.
So in case of an income of $10,000 or less the withholding agent is protected
against claim by the State if he pays 1% to the Comptroller—and there
can be no object in his withholding or paying more.
Further rulings on "deducting and withholding at the
source" were made known by State Comptroller Travis on
June 13. Under the rules, it is stated, only incomes earned
from personal services are affected—this covering "salaries,
wages, commissions, gratuities, emoluments and perquisites," although other kinds of personal service incomes may
be added if "fixed, determinable, annual or periodical."
The statement issued by the Comptroller's office on the
13th says:
Income is fixed when it is to be paid in amounts definitely predetermined,
that is, whenever there is a basis of calculations by which the amount to
be paid may be ascertained. This may not necessarily be paid annually.
but rather periodically, that is, "from time to time," whether or not at
regular intervals. Should the length of time be increased or diminished,
the payments are none the less determinable or periodical. To ascertain,
however, whether a salary, wage, commission or gratuity is 'fixed or determinable, annual or periodically" (1) it must be determined prior to, concurrent with or subsequent to the rendering of the service; (2) based on
personal service rendered by the hour, week, month, year or other period;
(3) on the performance of certain specified or unspecified duties; (4) on
work done on or in connection with one or more of certain articles or parts,
regardless whether the payments are made in cash, board or lodging, property, service or otherwise.
Should the payments not be made in cash, the fair market value is to be
the medium employed. Fees for professional services arc not subject
unless paid on an annual or periodical basis. Tho calendar year is the
basis regardless of the methods adopted by the taxpayer. Commissions
and other forms of personal service compensation determined and paid
or credited to the taxpayer after the close of the taxable-calendar year are
to be treated as payments made in the calendar year when paid and credited. Howevef, income is not subject to be deducted when (1) withholding
agents have obtained certificates of residence of employee within the State;
(2)if of a character other than compensation for personal services,or(3)when
personal services are rendered entirely without the State by a non-resident,
whether payment be made within or without, irrespective of the status
of the withholding agent.
The occasional entry into the State of a non-resident employee, working
entirely without the State but returning to report, receive instructions, &c.,
incidental to his work, does not disturb his classification. Where the nonresident's income is for services partly performed within and without, the
withholding agent deducts on the entire compensation unless ho files with
the Comptroller an affidavit that (1) employee is a non-resident; (2) that
part only of the payments were made for services performed within the
Individuals carrying on business in partnerships are liable for the tax
in their individual capacity, as in the case under the Federal Act, but the
partnership is required to file a return. The Act is also applicable to the
incomes of estates and all kinds of property held in trust, and in each the
fiduciary is made responsible for making the return of income for the estate
or trust for which he acts.
Because they are unlike provisions of the Federal Act, those relating to
withholding agents are of great importance. It purports to impose the
tax on the entire net income of non-residents "from all property owned and
from every business, trade, profession or occupation carried on within the
State by natural persons not residents thereof."
The term, withholding agent, is defined. Persons standing in that relation to non-residents are required to deduct and withhold 2% of all personal
service compensation of whatever kind and in whatever form paid or
received, if the amount thereof for a year equals or exceeds 31,000, and as
to all other income of non-residents, the withholding agent is required to
return to the Controller complete information if the amount thereof in a
single year equals or exceeds $1,000.
The law applies not only to individuals but in relation to their income
from co-partnerships and associations. In determining what is a taxable
income, gains, profits, and income from salaries, Wages of whatever kind
or form, from professions, vocations, paid businesses, commerce, sales, or
dealings in property are included, as well as income from interest, rent,
dividends, securities, or the transaction of any business carried on for
gain, and income derived from any source.
There are, however, certain deductions allowed, such as life insurance
policies, gifts acquired by bequests, Federal, State and municipal securities
industrial insurance, compensation of Federal employees, income from
religious, charitable, and eleemosynary institutions used exclusively for
such purposes. Other deductions allowed in computing the net income
Include all ordinary expenses for carrying on a trade, losses sustained without insurable compensation, worthless di bts, depletion, and depreciation
of property.
The law expressly provides, however, that the above deductions are not
to be allowed in respect to ordinary living expenses improvements and
betterments,life insurance premiums(when the taxpayer is the beneficiary),
and gifts to charitable, hospital and eleemosynary institutions. Other
administrative features of special interest include one provision requiring
that the utmost secrecy be maintained by the State Controller's office.
The Act provides a heavy penalty for divulging or disclosing any information, but permits, however, the publication of statistics so classified as to
prevent identification of any particular report.
The law also carefully defines "net income" as gross income less the
deductions allowed. In explaining "gross income" as "the total of every
item derived from all sources whatever (except those specified as wholly
exempt) received during the taxable year," it includes all salaries received
for personal service, profits from business, rents, interest of everf character,
including bank deposits, and all income received from estates and partnership profits, whether distributed or not. • All items of foreign income and
dividends on stock or from net earnings of foreign corporations are likewise
added.
The term "gross income" has quite a different meaning as to non-residents, for it includes only "gross income" from sources* within that State.
It does not include annuities, interest on bank deposits, bonds, notes, or
other interest bearing obligations, and dividends from corporations except
to the extent which such incomes shall be a part of a business, trade, profession, occupation, carried on within this State and subject to taxation
under this law.
The term "taxable income," while not used in the law, may be defined
here to mean that portion of "net income" whic.1 form.,the base upon which
the tax is calculated. In order to determine wnat is "taxable income," a
person's entire income is not necmsa cily taxed, as the law provides that it
shall not include income of certain character, like interest on Liberty bonds,
bonds of the State of New York, gifts, &c., in computing gross income.
"Further, certain deductions, like ordinary business,expenses and losses,
bad debts charged off, depreciation, &c., may be subtracted from "gross
income" in order to arrive at "net income." Again, personal exemption is
allowed to residents as a deduction from "net income" in calculating "taxable income," and is allowed to non residents under certain conditions, like
income paid to the State and county of his residence.
One of the provisions that should be emphasized in tne tax law is that this
measure is a substitute in part for the tax heretofore attempted to be levied
upon intangible personal property. Accordingly, certain personal property
is exempted from assessment, such as money on hand, on deposit, or at
Interest, bonds, notes, choses in actions and shares of stock in corporations
other than banks owned by an individual or constituting a part of a trust
or estate after July 31 1919.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
No bank or trust company stocks were sold this week at
the Stock Exchange or at auction.
The Governors of the New York Stock Exchange decided
on Wednesday last to grant the petition of the members for
a holiday on Saturday next (July 5), making a three-day
week-end holiday. The New York Cotton Exchange and
THE CHRONICLE
2602
[VOL. 108.
the Baltimore and Philadelphia stock exchanges have taken application to the Anglo-South American Bank, Ltd., 49
Broadway.
similar action.
The National City Bank of New York announces the
H. L. Servoss has been elected Vice-President and Secretary of the United States Mortgage & Trust Co., of this city. opening of a new branch bank in Santa Clara, Cuba; Union
C. H.Murphy has been elected Vice-President and Treasurer del Reys, Cuba, and Pinar del Rio, Cuba.
and A. W. Keevil has become Assistant Secretary
Edward P. Davis was appointed an Assistant Secretary
The New York Stock Exchange has authorized the listing of the Guaranty Trust Company of New York at a meeting
of $300,000 additional capital stock of the Fifth Avenue Bank, of the Executive Committee on June 19. Mr. Davis came
of this city, making the total listed $500,000. The new to the Guaranty Trust Company in December 1911. Reissue of stock was authorized by the stockholders of the bank cently he has been asistant to Assistant Secretary Albert
on May 26. The enlarged capital becomes effective July 2. Hopkins.
The Comptroller of the Currency reports the issuance of a
The bond department of the Equitable Trust Co. of New
York has removed to larger quarters. This change was charter for the Second National Bank of Hempstead, N. Y.,
necessitated by the great increase in business with the conse- with capital of $100,000. George H. Baukney is President
quent enlargement of the office force. The department will and C. W. Ludlum Cashier.
occupy the entire fifth floor of the company's building at
William B. Davidson, Cashier of the United States Bank
37 Wall Street.
of Hartford, Conn., died on June 16. Mr. Davidson entered
The proposal to increase the capital of the Irving National the United States Bank as a runner and filled the various
Bank of this city from $4,500,000 to $6,000,000, referred posts up to the office of Cashier. He had served in the
to in our issue of May 24, was ratified by the stockholders cashiership since 1905. Mr. Davidson was 57 years of age.
on June 20. On the same date the stockholders of the
Irving Trust Company ratified the proposal to increase
At the annual meeting of the stockholders of the Hanover
their capital from $2,250,000 to $3,000,000. Of the 15,000 Trust Company of Boston on June 10 the following changes
bank shares to be issued 11,250 will be offered to stock- were made in the personnel of the institution: Henry H.
holders of record June 30 at par ($100 per share) and of the Chmielinski, who had been Vice-President and Treasurer
7,500 Trust Company shares to be issued 5,625 will be of- of the bank since its organization in May 1916, was elected
fered to stockholders of record June 30 at par and:a quarter President to succeed Gabriel Stabile, who became a Vice($125 per share), both at the ratio of one share for every President and will also continue as a director of the institufour held, the right to subscribe expiring July 21; the other tion; James E. Farrell, heretofore holding the position of
3,750 bank shares and 1,875 Trust Company shares will be Actuary, was made a Vice-President in lieu of J. H. Finkdisposed of at the discretion of the directors at not less than ham; Edward J. McCarty, formerly Assistant Secretary,
the book value of the stock after the issuance of the 11,250 was elected Assistant Treasurer, to succeed John J. Reidy
and 5,625 shares.
and Timothy Harrington was made Assistant Secretary in
On June 24 the directors of the Irving National Bank place of Mr. McCarty. Two new directors were added to
'promoted to the position of Vice-President H. A. Mathews, the board, namely Thomas J. Kenney and George A. Stuart.
formerly Assistant Cashier. Mr. Mathews, who for ten Mr. Chmielinski, the new President, is thirty-seven years of
years was connected with the Anglo-South American Bank, ago and a native of Poland. His banking career began in
for the past two years and a half has been with the Irving the Dime Savings Bank of Wilkes-Barre, Pa. Later he
in its Foreign Department.
went to Boston and became identified with the Cosmopolitan
and Exchange trust companies. Still later he was elected
The National Bank of South Africa, Ltd. (head office President of the Polish Industrial Association, which conPretoria) has opened branches at Victoria and Shebante, in ducts a bank in the North End, serving the Association as
Rhodesia.
Treasurer in addition to his duties as President. Three
years ago, upon the organization of the Hanover Trust
Fred M.Langdon, Henry.P. Seibert, William G. Clinkun- Company, in which he was instrumental, Mr. Chmielinski
broomer and Howard J. Stieb were made Assistant Cashiers was made Vice-President and Treasurer, the positions he
of the American Exchange National Bank of this city on held until his recent promotion to the Presidency of the
institution. Mr. Chmielinski is also a member of the board
June 24.
of the company.
4
Edward K Chemin, Vice President of the Atlantic NaA charter has been issued for the Northern National Bank
tional Bank of New York, was chosen a member of the
Executive Committee of the National Bank Section, New of Cleveland, Ohio, capital $500,000. William D. Young
York State Bankers' Association, at its recent convention is President and J. A. Purcell Cashier. Reference to the
application for a charter was made in our issue of March 22.
in Albany.
--4-An increase of $50,000 in the capital of the First National
At a meeting of the directors of the Atlantic National
Bank, this city, on June 18 a bonus of 23/2% of their annual Bank of Great Bend, Ind., raising it from $100,000 to $150,salaries was voted the employees who have been in the 000, has been approved by the Compbroller of the Currency.
service of the bank since April 1. An additional 23/2% was
Seven employees of the Mississippi Valley Trust Co. of
voted the employees in the service of the bank six months or
more. Those employees who left the bank to go into St. Louis were recently awarded prizes for essays entitled
Government service and who are now employed by the bank "My Job" at a meeting in the company's offices. The idea
will receive the full 5% bonus. These awards are in addi- of having each employee write a description of his duties
tion to the yearly bonuses voted Jan. 1.
and how they fit into the organization of the company,
originated with Breckinridge Jones, President, and when it
The New York Agency of the Anglo-South American commenced, tho contest was for a single prize of $25. Every
turned in, the
Bank, Ltd., at 49 Broadway, directs attention to the ad- employee wrote essays and when they were
to recognize
impossible
it
found
company
the
of
officers
and
Loan
vantages of investing in the 4% British Funding
the papers were divided
Victory bonds owing to the low rate of exchange. The only one of them. Consequently,
by the older and more exbank states that the issue prices of these bonds are to be into two classes, one submitted
the younger people, and
by
other
the
employees,
perienced
£80 and £85 for each £100 par value which at the current
$25 for the best
rate of exchange approximates £75.10 and £80.10 with an three prizes were awarded to each class,
the third best.
and
for
$10
best
second
the
for
$15
essay,
Bonds
the
on
investment.
yield
increased proportionate
the company says:
are free of British income and super-tax to all bona fide non- As to the results, an announcement from
In the older employees class, Orville Grove, who has been made Assistant
residents of Great Britain. The New York officers of the Real
Estate Officer since the close of the contest, was awarded first prize,
Agency will gladly furnish further information and the bank Ralph Bugbee of the New Business Department won second prize. an
will transmit applications through its head office in London, Louis R. Engel of the Financial Department, third prize.
In the younger class. Miss Katherine Petzold of the New Business
which will hold securities in safe custody if desired and also Department
won first prize; Raymond Ruhlkoetter of the Transit Departcollect interest and drawn bonds free of charge. A copy ment won second prize, and the third prize was awarded to Ira Stevens of
of "Circular T" will be mailed to interested inquirers on the Financial Department.
••••••••••••.•••-•'-•-•
JUNE 28 1919.]
2603
THE CHRONICLE
A special prize for distinguished merit was awarded td,William K. Moore,
the company's sixteen year old colored elevator boy, whose essay was the
the shortest of all the prize-winning papers, but according to Vice-President
William G. Lackey, who awarded the prizes, was in some respects the best
of them all.
Breckinridge Jones, President of the company, presided at the meeting
and in congratulating the winners said that he will inaugurate a contest
next fall wherein a prize will be given to the employee in each department
who, in the judgment of his or her associates, shows most efficiency, enthusiasm and vision.
The issuance of a charter for the Continental National
Bank of Jackson County, at Kansas City, Mo., is announced by the Comptroller of the Currency. The institution has been formed with a capital of $1,000,000. The
President is W.L.Buechle while George McCarter is Cashier.
Approval of plans whereby the capital of the National
City Bank of Memphis, Tenn., is increased from $200,000
to $300,000 is announced by the Comptroller of the Currency.
trade. There has been some danger of labor troubles, but this happily
has been averted. China and South America have been making purchases
In the United States. The Shanghai exchange has risen to 5s. 4d. the tad.
INDIAN CURRENCY RETURNS.
In Lacs of RupeesMay 15.
May 22.
May 31.
Notes in circulation
15518
15507
15558
Silver coin and bullion in India
3943
3,893
3899
Silver coin and bullion out of India _____
Gold coin and bullion in India
idii
1606
and
coin
bullion
Gold
out of India
150
150
150
Securities (Indian Government)
1608
.1608
1608
Securities (British Government)
8250
8250
8250
This setback in the advancing total of silver reserves is the first since
April 22 last. The mintage during the week ending 31st ult. amounted
to 165 lacs of rupees. The stock in Shanghai on the 7th inst. consisted
of about 26,923,000 ounces in sycee and $11,300,000, as compared with
about 27,360,000 ounces in sycee and $11,400,000 on the 31st ult. Within
the fortnight ending 7th inst. there has been a reduction of 2,300,000 ounces
and $1,300,000. Statistics for the month of May are appended:
1,66
Highest price for cash
Lowest
Average "
58d.
'Highest price for 2 Tops
48 9-16d. Lowest
52.104d.
57qd.
51d.
The average price for 2 mos. delivery from May 9 (the first date since
the outbreak of war that such a quotation was fixed) to May 31 was 53.168d.
Quotations for bar silver per ounce standard:
June 6_ __ _53 Ad.
June 7_ _ _53 Ad.
cash
"
533d.
53 Ad.
2 mos. Bank rate
Bar gold, per ounce
5%
" 53 Ad.
10__ - _53 Ad.
standard
77s. 9d.
The directors of the Hibernia Bank & Trust Company June
54 Ad.
"
June 11--54 Ad.
Ad.
" 54 V.d.
_-54
12June
of New Orleans have elected Bruce Baird manager of its Average_ __ _53.775d. "
53.775d.
Foreign Trade Department. Mr. Baird gained his knowlThe quotations to-day for cash and forward delivery are each 1 Ad.
edge of foreign banking in the Foreign Exchange Department above those fixed a week ago.
of the First National Bank of Chicago, where he was employed for about fifteen years. He became associated with
ENGLISH FINANCIAL MARKETS-PER CABLE.
the Foreign Trade Department of the Hibernia about six
daily closing quotations for securities, &c., at London,
The
months ago. Mr. Baird is Chairman of the National
reported by cable, have been as follows the past week:
as
of
Institute
American
the
Membership Committee, of
June 21.June23. June 24. June 25. June 26. June 27.
London,
Sat.
Mon. Tues.
Wed. Thurs. Fri.
Banking and a local member of the Transportation ComWeek ending June 2753,‘
54 5-16 54 5-16 53Y,
53g
mittee of the 1919 convention which will be held in New Silver, per osper cents d 54M
Holiday 53M
533.1
53
531.4
533
Consols, 2
Orleans. Last year he was President of Chicago Chapter.
British, 5 per cents
Holiday 94
94
94
934
9374
British,44 per cents
Holiday 99M
99
9974
9934
99)i
Rentes (in Paris), fr.
62.80
62.80
62.40
In one part of the item in our issue of .Tune 14 (page 2405) French
FrenchWarLoan (InParis)Jr.
88.70
88.77
88.70
relating to the proposed absorption of the New Orleans
The price of silver in New York on the same days has been:
National Bank of New Orleans by the Hibernia Bank & Silver in N.Y., per oz___ets..111A 11034 11134 11074 10934 108A
Trust Company, the resources of the consolidated institution, it was announced, would be "considerably in excess
of $50,000." Of course "$50,000,000" was meant, as evi- (Commercial.audillt5ceiianonscws
denced by the other figures in the item, and by the stateBreadstuffs figures brought from page 2647.-The
ment at the beginning of the item that "the enlarged instatements below are prepared by us from figures collected by
stitution will have resources of more than $50,000,000."
the New York Produce Exchange. The receipts at, Western
lake and river ports for the week ending last Saturday and
The Houston National Exchange Bank, Houston, Texas, since Aug. 1 for each of the last three years have been:
on June 2 increased its capital stock from $400,000 to 00,Corn.
Oats.
Barley.
Rye.
Wheat.
Receipts at-I Fleur.
000, and the bank contemplates within the near future the
bbis.1961bsibush.60 lbs. bush.56 lbs.bush. 56 lbs.bush.481bs.bush.581bs
erection of a handsome office building on its present site an Chicago
43,000
171,000
149,000 1,229,000 2,398,000 865,000
999,000
56,000
575,000 1,028,000 208,000
additional fifty foot frontage on Main street having recently Minneapolis
5,000 381,000 222,000
157,000
Duluth
139,000 1,110,000
61,000
772,000
17,000
91.000
Milwaukee
been purchased for this purpose.
25,000
25,000
485,000
148,000
53,000
602,000
13,000
379,000
40,000,
306,000
298,000
86,000
150,000
24,000
972,000
13,000
50,0001
34,000
3,000
46,000
51,000
568,000
568,000
59,000
33.000
10,000
7,000
Toledo
Detroit
108,000
1,000
Louis..
35,000
A meeting of the stockholders of the Security Trust & St.
440,000
135,000
57,000
13,000
46,000
Peoria
97,000
373,000
182,000
City_
Kansas
will
be
Cal.,
held on July 14
Savings Bank of Los Angeles,
520,000
262,000
90,000
Omaha
273,000
2,000
274,000
to vote on a proposition to increase the capital of the institu- Indianapolis_
tion from $1,800,000 to $5,000,000. This is an initial step, Total wk.'19_ 269,000 1,723,000 3,566,000 5,748,000 3,116,000 535,000
218,000 1,692,000 4,428,000 4,137,000 562,000 125,000
wk.'18_
we understand, in a plan to extend the activities of the Se- Same
92,000
260,000 2,646,000, 5,068,000 4,224,000, 671,000
Same wk.'17_
curity Trust & Savings Bank over a larger field under the Since Aug.11918-19._ 15,488,000 399,343,000 192,785,000 269,472,000 88,003,000 37,315,000
new banking laws and regulations now in force.
14,601,000 163,870,000 223,743,000 299,122,000 51,842,00022,952,000
---,,--17,418,000 341,185,000500,508,000 253,171,000 81,738,000 20,654,000
1917-18...1916-17
The Standard Bank of Canada (head office Toronto) has
Total receipts of flour and grain at the seaboard ports for
declared a dividend for the current quarter, ending July 31 the week ended June 21 1919 follow:
being
at
the rate of 13% per annum upon
1919, at 33%,
Corn.
Oats.
Barley.
Rye.
Wheal.
the paid-up stock of the bank, and which will be payable Receipts at- Flour.
I
Bushels.
I
Bushels.
Bushels.
I
Bushels
Barrels.
Bushels.
1919,
to
shareholders
of
Aug.
1
after
record
as
of the New York... 91,000 849,000
on and
1,000, 1,571,000 454,000 244,000
104.0001 435,000
97,000,
148,000
266,000
628,000
Philadelphia19th of July next.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 12, 1919:
GOLD.
The Bank of England gold reserve against its note issue is £85,227,585,
compared
with last week's return. The
an increase of merely £8,465 as
embargo upon the export of gold from the United States of America was
removed on the 7th inst. This announcement was followed almost immediately by arrangements for the shipment of about $11,000,000 to South
America, chiefly to Argentina. We understand that this amount will be
followed by other important consignments. The "Times" reports a tentative arrangement to export $1,000,000 to Japan. The price of gold has
been quoted in Bombay about Rs.33 per tola fine, and a quantity was
attracted to the market about the beginning of May owing to this high figure.
CURRENCY.
Novel modern denominations of currency are being created by new States
now called into existence. For instance, the Jugo-Slav kingdom is replacing the Austrian kroner notes in circulation by bank notes expressed
in "dinars," the nominal value of which will be decided at a later date.
SILVER.
The market has shown considerable strength during the week owing to
The
supplies.
demand has been far from keen from the
of
scantiness
the
Baltimore_ _NewportNews
New Orleans *
Galveston_ -_
Montreal - Boston
101,000
102,000
108,000
4,000
302,000
17.000
191,000 2,156,000 1,992,000 837,000
Total wk.'19.1 991,000 3,015,000;
Since Jan.1'19 19,026,000 101,435,0K 6,675,000 33,105,000 15,854,000 21,746,000
415,000 1,561,000, 471.000
90,000
558,000,1
166,000I,
Week 1918___
SinceJan.1'18 12,531,0001 13,630,000 13,620,000 53,880,0001 6,568,000 2,635,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending June 21 are shown in the annexed statement:
Exports from- I Wheat.
I Bushels.
New York
Boston
Philadelphia
Baltimore
Newport News_
New Orleans
Galveston
Montreal
1,239,248
260,000
320,000
137.000
Total week
Week 1918
3,856.248
466,000
106,000
1,328.000
Corn.
Flour.
Oats.
Rye.
Barley. Peas.
Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
557,477 74,798
212.005 1,915,843
264,000
3,000 201,000
125,000 350,000 250,000
96.000 129,000 150,000 188,000
102,000
3,000
13,000
3,000 13,000
266,000
96,000
72,000
99.000 850,005.2,725,843 438,000 1541479 77,798
133,050 49,843
204.664 345,63811,603,590
[VoL. 108.
THE CHRONICLE
2604
The destination of these exports for the week and since
July 1 1918 is as below:
Flour.
Exports for Week
Week
Since
and Since
June 21 July 1
July 1 to1918.
1919.
Wheal.
Week
June 21
1919.
Since
July 1
1918.
Corn.
Week
June 21
1919.
Since
July 1
1918.
Bushels.
Bushels. Bushels.
Barrels. Barrels.
Bushels.
96,000 2,273,851
United Kingdom_ 542,314 9,468,436 1,735.943 71,139,402
2,796,044
Continent
294,691 8,252,382 2,120,305 90,002,950
100,134
516,213
So.& Cent. Amer_ 4,000
431,523
1,040
West Indies
939,634
3,000
9,000
1,964
Brit.No.Am.Cols_
5,499
Other countries_
165,575
Total
850,005 19,342,240 3,856,248 161,143,392
52.107.320
Total 1917-18_ __ _ 345.638 6.238.563
99,000 5,609,015
204,664 22,964,915
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
$ per sh. Shares. Stocks.
57 U. S. Worsted, 2d pref
20
583-583 80 Metropolitan Trust rights
9-16 U.S. Worsted, 2d pref
503-i 1 Gray & Davis, Inc., corn., $25
101X
each
45
19 Nashua Mfg., pref., ex-div
1 Wamsutta Mills
1403( 10 Union Twist Drills, pref., ex-div. 953
5 Hood Rubber, pref
103
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
25 Bigelow-Hartf. Carpet, pref _ _ _100
6
319 U. S. Worsted, common
1 Dwight Mfg
1152g
573(
20 U. S. Worsted, 2d pref
55 Merrimack Mfg., pref
83
6 Bigelow-Hartford Carpet,Corn. 924
993
20 Merrimack Mfg.corn
3 Conc.& Mont.Class 1 ex-div
663
67kg
2 Conc.& Mont. Class 2 ex-div
70
4 Cone.& Mont. Class 4 ex-div
84 Worcester Cons. St. Ry. 1st pf_ 28(
10 Waiter Baker Co
1324
$ per sh.
Shares. Stocks.
3 Nashua & Lowell RR
147%
280
15 Nashua Manufacturing
136
5 Arlington Mills ex-div
6 West Point Mfg., ex div
2503j
1 Hood Rubber, pref
10354
22 Great Western Elec.-Chem., pt. 35
55 Quincy Mkt.C.S.& W.H.rts- 1834
10 Regal Shoe, pref
883'
10 Fiberiold Corporation,pref
95
25 Hood Rubber Co., corn
165
5 Draper Co
128
The world's shipments of wheat and corn for the week
ending June 21 1919 and since July 1 1918 and 1917 are
National Banks.-The following information regarding
shown in the following:
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
Corn.
Wheat.
Exports.
1918-19.
Week
June 21.
Since
July 1.
a 1917-18.11918-19.
Since
July 1.
Week
June 21.
Since
July 1.
a 1917-18.
Since
July 1.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
96,000 8,586,000 33,437,000
North Amer_ 8,406,000340,718,000251,092,000
Russia
Danube
Argentina__ _ 2,576,000 86,343,000 61,040,000 1,517,000 41,156,000 18,745,000
Australia
3,048,000 68,148,000 39,433,000
India
5,623,000 15,680,000
98,0001 4,636,000 3,677,000
0th. countr's
72,000 3,884,000 3,175,000
Total
14,102,000504,716,000370,420,000 1,711,0001 54,378,000 55,859,000
a Revised.
The quantities of wheat and corn afloat .for Europe are
omitted for the present, as no figures are available since
those for 1916.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports June 21 1919 was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River_ _-
GRAIN STOCKS.
Barley.
1Vheat.
Corn.
Oats.
Rye.
bush.
bush.
bush.
bush.
bush.
656,000
6,000 1,452,000
191,000
960,000
107,000
3,000
182,000
1,000
148,000
187,000
355,000
1,131,000
138,000
842,000
61,000 1,193,000
151,000 1,099,000
677,000
733,000
68,000
1,197,000
20,000
1,567,000
68,000
120,000
1,000
1,257,000
50,000
859,000
53,000 2,305,000
691,000
1,708,000
97,000
5,000
144,000
27,000
217,000
144,000
28,000
34,000
44,000
225,000 1,707,000 2,968,000 1,667,000 1,222,000
226,000
240,000 1,599,000
475,000 1,579,000
197,000
696,000
802,000
163,000
1,909,000
44,000 2,266,000 4,224,000 1,343,000
62,000
28,000
18,000
345,000
400,000
335,000
295,000
828,000
131,000
119,000
45,000
639,000
112,000
7,000
53,000
26,000
270,000
163,000
455,000
530,000
616,000
37,000
259,000
30,000
300,000
_11,387,000 4,336,000 13,625,000 9,048,000 10,236,000
Total June 21 1919
Total June 14 1919.......13,439,000 3,628,000 14,983,000 9,602,000 8,871,000
776,000 2,648,000
435,000 12,049,000 13,639,000
Total June 22 1918____
Note.-Bonded grain not included above: Oats, 5,000 bushels New York, 3,000
Duluth, total, 8,000 bushels, against 67,000 in 1918; and barley, 50,000 New York,
72,000 Duluth, total 122,000, against 17,000 in 1918.
Canadian135,000 1,190,000
2,329,000
347,000
7,000
Montreal
3,432,000
Ft. William & Pt. Arthur._ 1,884,000
964,000
6,044,000
Other Canadian
135,000 1,190,000
10,257,000
7,000 4,743,000
Total June 21 1919
06,000 2,075.000
11,923,000
6,000 4,882,000
Total June 14 1919
1,067,000
109,000 12,065,000
Total June 22 1918-.... 4,907,000
SummaryAmerican
11,387,000 4,336,000 13,625,000 9,048,000 10,236,000
135,000 1,190,000
10,257,000
7,000 4,743,000
Canadian
Total June 21 1919__21,644,000 4,343,000 18,368,000 9,183,000 11,426,000
25,362,000 3,634,000 19,865,000 9,698,000 10,946,000
Total June 14 1919
776,000 3,715,000
5,342,000 12,158,000 25,704,000
Total June 22 1918
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Per cent. Shares. Stocks.
Shares, Stocks.
75 John Mehl & Co
80
100
22 G.P. Putnam's Sons
50 Andes Elec. Corp., com_ _ _ _$255 lot 338 Smith Motor Corp., pref _ _$80 lot
25 Cent. Hudson Steambl,com.1$1,250 300 Federal Primer Corp., $10 ea_ _$9 lot
50 Manhattan Transit, $20 ea....$16 lot
50 Cent. Hud.Steamboat, pref_ j lot
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
45 Media Title & Trust,$25 each 55
2 Fourth Street Nat. Bank_ _ -..3303.
123g
2 Guarantee Trust & S.D
800
3 Girard Trust
6 Fire Assoc. of Phil.,$50 each_330
20 Middle City Bank,$50 each.... 60
50 Empire Title & Tr.,$25 paid.. 173g
100 Cent. Smltg. & Mill. (Cent.
$4 lot
N. M.),$1 each
90
5 Continental Pass. Ry
115
25 Phil. City Pass. Ry
15 Southwestern Nat. Bank _ _ _ _125
10 United Security L.I.& T_ _ -107
15 Independence Fire Ins. Secur.,
21g
$25 each
4 Phil. Bourse, com.,$50 each.. 5%
3 Phil. Bourse, prof., $25 each.. 18
420g
5 Girard Nat. Bank
12 Corn Exchange Nat. Bank.._..388
516
5 Land Title & Trust
1 Pennsy. Co.for Ins.,Sic„ &c _610
510
5 Fidelity Trust
351
1 Real Est. Title Ins. & Tr_
25
2 Victory F. Ins.; $10 paid_
20 13th & 15th Streets Pass. Ry-197
Shares. Stocks.
$ per sh.
25 Union Transfer,$25 each..
10
4 II. K. Mulford, $50 each.. __ 58
1,000 Pre-Heated Air, $1 each--$1 lot
50 Louis Martin, Inc., pref
$1 lot
25 Louis Martin,Inc., corn
$1 lot
50 Maures Tobacco,$10 each....-$5 lot
216 N.Y.Bingh'm Mg.,40o.each_$3 lot
APPLICATIONS FOR CHARTER.
For,organization of national banks:
The First National Bank of Lancaster, Texas
Correspondent, J. H. Darby, Lancaster.
The Farmers' National Bank of Liberal, Kan
Correspondent, R. F. Matkin, Liberal.
The Jennings National Bank, Jennings, La
Correspondent, Theo. Kahn, Jennings.
The Wilsey National Bank, Wilsey Kan
Correspondent A. H. Oehler Wilsey.
50,000
100,000
32,000
Total
$282,000
CHARTERS ISSUED.
Original organizations:
The American National Bank of Cheyenne Wyo
$250,000
President John W. Hay; Cashier W. E. Fair.
The First National Bank of Ekalaka Mont
25,000
President W. J. Johnson; Cashier J. W. Brant.
The First National Bank of Sycamore Ohio
50,000
President Merle Vance; Cashier John D. Curlis.
Conversion of State banks:
American National Bank of Portsmouth Va. Conversion of
500,000
the Bank of Portsmouth
President H. A. V. Parker; Cashier F. D. Lawrence.
$825,000
Total
INCREASES OF CAPITAL APPROVED.
Amount.
The First National Bank of Pawhuska Okla. Capital increased
$50,000
from $50,000 to $100,000
The First National Bank of Moweaqua Ill. Capital increased
25,000
from $50,000 to $75,000
The City National Bank of Evanston Ill. Capital increased from
100,000
$100,000 to 3200000
The First National bank of Alva Okla. Capital increased from
25,000
$25,000 to $50,000
$200,000
CHARTERS EXTENDED.
The First National Bank of Schuylkill Haven Pa. Charter extended
until close of business June 23 1939.
The City National Bank of Lincoln Neb. Charter extended until close
of business June 26 1939.
Total
Canadian Bank Clearings.-The clearings for the week
ending June 19 at Canadian cities, in comparison with the
same week in 1918, show an increase in the aggregate of
21.3%.
Week ending June 19.
Clearings at-
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Pelle() Albert
Tntra CInngtin.
1919.
1918.
$
138,969,046
85,758,524
34,775,661
11,146,771
9,375,667
5,832,631
5,380,535
6,022,805
3,131,949
3,171,261
6,485,100
2,213,915
4,238,206
4,397,746
580,772
2,080,234
1,658,172
781,553
1,109,173
817,283
518,099
659,351
690,234
952.860
908,559
1,913,155
314,312
$
99,955,573
74,780,655
38,981,969
10,720,809
8,316,184
4,359,993
4,470,053
5,250,423
2,308,830
2,432,156
5,666,661
1,892,221
2,999,481
3,463,309
583,899
1,684,688
1,024,810
767,684
923,057
734,769
391,260
456,068
602,825
756,512
635,717
1,275,809
275,190
Inc.or
Dec.
1917.
1916.
$
$
%
+39.0 92,632,110 72,574,668
+14.7 58,958,448 51,909,202
-10.8 48,249,350 35,899,010
+4.0 7,825,825 6,180,879
+12.7 6,562,212 5,178,455
+33.8 4,280,504 3,981,181
+30.4 2,989,184 2,398,205
+14.7 4,807,782 3,666,278
+36.1 1,996,517 1,705,777
+30.4 2,030,003 1,861,849
+14.5 6,332,209 3,984,960
+17.0 1,538,160 1,359,918
.+41.3 2,487,656 1,018,330
+26.9 3,077,999 2,433,376
447,155
477,308
-0.5
+23.5 1,716,545 1,230,758
901,142
+61.9 1,057,613
+18.1
909,116
456,974
+20.2
838,049
589,377
+11.2 1,027,126
653,838
371,255
293,084
+32.5
374,261
+44.6
712,944
567,376
+14.7
807,833
495,336
+25.9
733,811
493,852
+42.9
592,943
+50.0
+14.2
331.333.574 275.710.605 4-21.3 253.023.249 201.585.394
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Bonds.
Per cent.
$1,000 N. Y. Interurban Water 1st
5s, 1931
58A
3,500 francs U.S. of Brazil loan of
1910, railway 4s, 1962
$315 lot
1,008 francs Prov. of Buenos Aires
exterior loan of 1908,43s,1944 $95 lot
$3,000 Wilmington Gas 1st & ref.
55, 1949
78g
2,520 francs Repub. of Bolivia exterior loan of 1910, Ry. 55,
1928
$260 lot..
$1,000 Wilkes,Barre City„ impt.
mtge.4gs,1929
98X
500 Amer.Gas 7% notes, 1928_ 95
15,000 Montgomery Transit 1st &
ref.5s, 1946
Capital.
$100,000
When
Per
Cent. Payable.
Railroads (Steam).
Alabama Great Southern, ordinary.._ _ 51.75 June 30
$1.75 Aug. 28
Preferred
43. July 1
Albany de Susquehanna
Atchison Topeka & Santa Fe, preferred.. 2g Aug. 1
3g July 10
Atlantic Coast Line RR., common
2
Sept. 2
tBaltimore & Ohio, pre/erred
50c .July 1
Beech Creek (quar.)
2yi June 30
Boston & Albany (guar.)
4
July 2
Boston & Lowell
23 July 1
Boston & Providence (quar.)
13 July 1
Boston Revere Beach & Lynn (guar.)
Buffalo & Susquehanna, corn.(quar.)_ _
134 June 30
g June 30
Common (extra)
June 30
2
Preferred
Books Closed.
Days Inclusive.
Holders of rec. June 20a
Holders of rec. July 19a
Holders of rec. June 16a
Holders of rec. Juno 30a
Holders of rec. June 19a
Holders of rec. July 19a
Holders of rec. June 16a
Holders of roe. May 31a
Holders of rec. May 31a
Holders of rec. Juno 20a
Holders of rec. June 21a
June 20 to June 30
June 20 to June 30
June 20 to Juno 30
Name of Company..
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).(Concluded).
1% Aug. 1 Holders of rec. Juno 30a
Canada Southern
Canadian Pacific, corn. (quay.) (No. 92) 2% June 30 Holders of rec. May 30a
Aug. 1 Holders of rec. July 18a
2
Central RR. of New Jersey (guar.)
June 30 Holders of rec. June 27a
2
Extra
2
June 30 Holders of rec.tJune 13a
tChesapeake & Ohio
1
July 15 Holders of rec. July la
Chicago Great Western, preferred
July 17 Holders of rec. July 7
Chic. Indianap. & Louisville, preferred.. _ 2
July 1 Holders of rect June 2a
tChicago & North Western, corn.(guar.)
July 1 Holders of rec.:June 2a
2
Preferred (guar.)
3
Juno 28 Holders of rec. June 21a
_
_
common_
Pacific,
Texas
&
Cin. N.0.
334 June 28 Holders of rec. June 21a
Common (extra)
131 Sept. 2 Holders of rec. Aug. 23a
Preferred (guar.)
Cleve. Cln. Chic.& St. Louis, pref.(qu.) 131 July 21 Holders of rec. July la
July 1 Holders of rec. June la
Connecticut River
Aug. 1 Holders of rec. June 30a
3
Cuba RR., preferred
$2.50 July 21 Holders of rec. July 5a
Delaware Lackawanna & West. (guar.)
July 'S June 21 to July 4
2
Detroit, Hillsdale & S. W
2% July 1 Holders of rec. June 15a
Detroit & Mackinac, preferred
3
July 15 Holders of rec. July 7a
Detroit River Tunnel
3.16 July 1 Holders of rec. June 20a
Elmira & Williamsport, preferred
3
July
15 July 2 to July 14
(guar.)_
Georgia Railroad & Banking
134 Aug. 1 Holders of rec. July 1a
Great Northern, preferred (guar.)
2
June
30
Holders of rec. June 13a
Valley
Hocking
2
July 1 June 12 to July 4
Illinois Central, leased lines
131 July 7 Holders of rec. June 25a
Joliet & Chicago (guar.)
1% Juno 30 Holders of rec. June 236
Kanawha & Michigan (guar.)
July 15 Holders of rec.tJune 30a
tKansas City Southern, preferred (guar.) 1
1
July 1 Holders of rec. June 7a
Lackawanna RR. of N. J. (guar.)
8734e July 5 Holders of rec. June 14a
tLehlgh Valley, common (guar.)
$1.25 July 5 Holders of rec. June 14a
Preferred (guar.)
$1.25 July 15 June 17 to July 15
Little Schuylkill Nay.. RR. & Coal
3% Aug. 11 Holders of rec. July 21a
Louisville & Nashville
40e July 1 Holders of rec. June 14a
Lykens Valley RR.& Coal
Aug 1 Holders of rec. July 15a
$5
Mahoning Coal RR., common
$15
July 1 Holders of rec. June 21a
Common (extra)
$1.25 July 1 Holders of rec. June 21a
Preferred
1% July 1 Holders of rec. June 14a
Maine Central, common (guar.)
July 1 Holders of rec. June 16a
Manhattan Railway (guar.)
2
July 29 Holders of rec. June 30a
Michigan Central
15 June 21 to July 14
July
31.50
Haven
Schuylkill
&
Mine Hill
July 1 June 1 to June 30
2
Mobile & Birmingham. Preferred
4
June 27 Holders of rec. June 20a
Mobile & Ohio
$1.75 July 1 Holders of rec. June Pa
Morris & Essex
6
July 8 Holders of roe. June 30a
New Orleans & Northeastern
131 Aug. 1 Holders of rec. July t Pa
tNew York Central RR.(quar.).
82.50 July 1 Holders of rec. June 16a
New York & Harlem, corn.& pref
N. Y. Lackawanna & Western (quar.)._. 131 July 1 Holders of rec. June 14a
*131 Sept. 19 *Holders of rec. Aug. 30
Norfolk & Western, common (quar.)
*1
Aug. 19 *Holders of rec. July 31
Preferred (quar.)
July 15 Holders of rec. June 306
$2
Northern Central
Aug. 1 Holders of roe. July 3a
131
(guar.)
Northern Pacific
July 1 Holders of rec. June 9a
Northern RR. of New Hampshire (qu.).
July 10 June 29 to July 10
3
Northern Securities
2
July 1 June 15 to June 30
Norwich & Worcester, pref. (quar.)_ _
1% July 1 Holders of rec. Juno 14a
Old Colony (guar.)
*3
June 30 *Holders of roe. June 25
Pennsylvania Company
Philadelphia Baltimore & Washington_ _ $1.50 June 30 Holders of rec. June 14a
2
July 10 July 1 to July 10
Philadelphia & Trenton (guar.)
July 25 *Holders of rec. June 17
Pittsburgh Cincinnati Chicago dc St. Louis. *2
July 1 Holders of rec. June 10a
Pittsb.Ft.Wayne&Chic.,reg.,guar.(qu.)
July 8 Holders of rec. June 10a
Special guar. (guar.)
1 Holders of rec. June 16
Pittsb. McKeesport & Youghiogheny_ $1.50 July
Aug. 30 *Holders of rec. Aug. 14
Pittsburgh dc West Virginia, pref.(quar.)_
Aug. 14 Holders of roe. July 24a
Reading Company, common (quar.)- _ $1
50c. Sept. 11 Holders of rec. Aug. 28a
First preferred (guar.)
10 Holders of rec. June 24a
Reading Company, 2d pref.(quar.)... 4500. July
July 1 Holders of rec. Juno 16a
Rensselaer dc Saratoga
434 June 30 June 22 to July 1
Rich. Fred. & Pot. corn. stk. & dia. oblig
234 July 1 June 22 to Juno 30
Rome & Clinton
St. Louts & San FranciscoJuly 1 June 25 to July 1
1
ctfs
tr.
K. C. Ft. S. & M. pf.
July 1 Holders of roe. May 31a
Southern Pacific (guar.)(No. 51)
June 30 Holders of rec. June 23a
2%
preferred
Ry.,
Southern
1% July 1 Holders of rec. June 21a
Toronto, Hamilton & Buffalo (guar.)._
July 1 Holders of reo. June 2a
Union Pacific, common (guar.)Cos.(qu.) 2%
2% July 10 June 21 to June 30
United New JerseyRR.&Canal
2% July 1 Holders of rec. June 21a
Valley RR.(N. Y.)
131
131
134
131
131
*134
134
• Street and Electric Railways.
July 1
Asheville Power & Light, pref. (quar.)
July 1
Athens (Ga.) By. & Elec., pref. (quar.)
July 1
(qu.).
preferred
Bangor Ry. dr Electric,
July 1
Boston Elevated Ry., common (guar.).
July 1
334
Preferred
July 1
Brazilian Trao., Lt.& Pow., pref.(guar.) 1% July 1
Capital Tract., Washington,D.C.(qu.). 1% July 1
1%
Carolina Power & Light, pref. (guar.)_ _
1% June 30
Chicago City Railway (guar.)
July 1
1
(qu.)
corn.
Tract.,
Hamilton
&
Cincinnati
July 1
1%
Preferred (guar.)
15
Gin. Newport & Coy.L.&Tr.,corn.(qu.) 1% July
July 15
134
Preferred (guar.)
750. July 1
Cincinnati Street Railway (guar.)
)4 July 1
Cities Service, corn. & pref. (monthly)_ _
July 1
Preferred (payable in common stock)_ /1
)4 Aug. 1
Cities Service, corn. & pref. (monthly)._
Aug. 1
stock).
11
common
in
(payable
Preferred
July 1
Cities Service, Bankers'shares(monthly) 42.80
30
City Railway, Dayton,0..00m.&pf.(qu.) 1% Juno
1% July 1
Cleveland Railway (quar.)
)4 July] 10
Columbia(S.C.) By.,Gas & El.,com.(qu.)
135 July/ 1
Preferred (par.)
July 1
Columbus(Ga.) Elec. Co.,Pref.(No.26) 3
1
Columbus Newark & Zanesv., pref.(quar.) 1% July 30
34 June
Conestoga Traction, common
30
June
134
Preferred (guar.)
July 15
2
Consolidated Traction of N. J
$32 June 30
Continental Passenger Ry., Phila
_
(guar.)
July 1
1
prof.
Traction,
Duluth-Superior
Aug. 1
Duquesne Light, preferred (guar.)
July 1
2%
corn
Co.,
Electric
Texas
Eastern
July 1
3
Preferred
30
Elmira Water,Light & BR., 151 pref.(qu.) 131 June
1% June 30
Second preferred (guar.)
July 14
3
El Paso Eleo. Co., pref.(No. 34)
Frankford & Southwark,Phila.(quar.)_. $4.50 July 1
134 July 1
Georgia Light, Power & By:., pref. (qu.).._
June 30
Honolulu Rapid Transit & Land (qu.)._ 2
July 1
pref.
(Guar.)
Traction,
Illinois
June 30
(quar.)_
131
preferred
Iowa Ry. & Light,
Manila Elm RR.& Ltg. Corp.(guar.). 13.4 July 1
July 7
3734c.
(quar.)_.
pref.
Trust,
Valley
Monongahela
Newport News & Hemp. Ry.,G.E.pref. 334 July 1
Northern Ohio True.& Light, pref.(qu.) 1% July 1
July 2
Nova Scotia Tramway & Power, pre:___ 3
July 1
1
Ottawa Traction (guar.)
750. July 31
Philadelphia Co., corn. (guar.)
July
15
62%
(guar.)._
pref.
Philadelphia & Western,
131 July 1
Pine Bluff Co., preferred (guar.)
July
2
131
(guar.)
pref.
Ltd,.
Porto Rico Rys.,
Public Service Corp. of N.J., corn.(qu.) 134 Juno 30
June 30
2
Preferred (guar.)
750. July 15
Ptglel Sound 7'rac., Light & Power, pre
Aug. 1
3
Railway & Light Securities, common
3
Aug. 1
Preferred
750. July 1
Reading Traction
1% July 15
Republic Hy.& Light, pref. (quar.)__
July 1
Ridge Avenue Pass. Hy.(Phila.)(guar.). $3
1
July 1
Rome (Ga.) Ry. & Electric (guar.)
Scranton & Wilkes-Barre Trac., pi.(qu.) 131 July 1
July 1
South Caro. Light,Pow. & By:., pf.(qu.).
2605
THE CHRONICLE
JUNE 28 1919.1
134
134
134
154
Holders of rec. June 14
Holders of rec. June 16a
Holders of roe. June 20a
Holders of roe. June 17a
Holders of rec. June 17a
Holders of rec. June 14
June 15 to June 30
Holders of rec. June 14
June 27 to June 30
June 21 to Juno 30
June 21 to June 30
July 1 to July 15
JulYi 1 to July 15
June 17 to June 30
Holders of rec. June 14a
Holders of rec. June 14a
Holders of rec. July 15a
Holders of roe. July 150
Holders of rec. June 140
13.4
Holders of roe. June 12
Juno 26 to June 30
Juno 26 to June 30
Holders of rec. June 18a
June 26 to June 30
Holders of rec. Juno 20a
Holders of rec. June 20a
July 1 to July 15
Holders of rec. May 31a
Holders of roe. June 14a
Holders of rec. July 1
Holders of rec. June 20a
Holders of roe. June 20a
Holders of rec. June 16a
Holders of rec. Juno 16a
Holders of roe. July 2a
Holders of rec. May 31a
Holders of rec. June 20a
June 24 to June 30
Holders of rec. June 14a
Holders of rec. June 20
Holders of rec. Juno 18a
Holders of rec. July 3a
Holders of rec. June 20a
Holders of rec. Juno 10a
Holders of rec. June 20a
Holders of rec. Juno 15
Holders of rec. July la
Holders of rec. June 30a
Holders of rec. June 15a
Holders of rec. June 20
Holders of rec. June 27a
Holders of rec. Juno 20a
Holders of ree. June 26a
Holders of roe. July 150
Holders of rec. July 150
June 21 to June 30
Holders of rec. June 30
June 16 to July 1
134
Holders of rec. June 26a
Holders of roe. Juno 20a
134
Name of Company.
When
Per
Cent. Payable.
Street and Electric Rys. (Concluded).
July 1
Second & Third Sts. Pass., Phila.(guar.) $3
Springfield (Mo.) Ry.& L.. pref.(guar.) 134 July 1
Springfield & Xenia Ry., pref. (quar.)_ _
134 June 30
131 July 1
Texas Electric Ry. 1st pref. (quar.)
13/ Aug. 1
Second preferred (guar.)
July 1
$6
Thirteenth dc 15th Sts. Pass., Phila
34 July 1
Tr -City R.& Light, corn. (quar.)
13.4 July 1
Preferred (quar.)
Twin City R. T., Minneap., pref. (qu.) 134 July 1
34.750 July 1
Union Passenger Ry., Philadelphia
$15014 July 1
Union Traction, Philadelphia
234 July 1
United Electric of N. J
July 1
United Light & Rys.,corn.(qu.)(No.18) 1
134 July 1
35)
(guar.)
(No.
preferred
First
July I
Wash. Balt.&Annap.Elec.RR.,com.qu.) 2
134 July 1
Preferred (quay.)
July 1
Washington Water Power,Spokane(qu.) 1
134 Aug. 1
West Penn Power, preferred (quar.)
134 Sept.15
West Penn Rys., preferred (quar.)_ _ _ _
West Penn Tract.& W.P., pref.(quay.). 134 Aug. 15
July 1
West End Street Ry., Boston, preferred_ $2
154 July 2
West India Elec. Co., Ltd.(guar)
July 1
$50
West Philadelphia Passenger Hy
134 June 30
Wilkes-Barre Co., common
131 July 1
Preferred (guar.)
134 July 1
Yadkin River Power, pref. (guar.)
Youngstown & Ohio River RR.,p1.(qu.) 154 June 30
Banks15
July 1
America, Bank of
234 July 1
Atlantic National (guar.)
July 1
3
Battery Park National
3
July 1
Extra
4
July 1
Bronx National
July 1
3
Bryant Park
4
July 1
Central Mercantile
1
July
4
(guar.)
National
Chase
July 1
Chatham & Phenix National (quar.)___ _ 4
334 July 1
Chemical (hi-monthly)
234 July 1
Citizens' National (guar.)
1
jab, 1
Extra
3
July 1
City Co., National
July 1
2
Coal & Iron National (guar.)
July 1
1
July 1
3
loxntiraal (quay.)
CoE
4
June 30
234 July 1
Commerce, National Bank of (guar.)._
July 1
10
Commercial Exchange
July 1
6
Cuba, Bank of, in New York (No.6)
4
July 1
East River National
2% July 1
Europe, Bank of
1234 July 1
Fifth Avenue (guar.)
65
July 1
Special
3
July 1
Fifth National (quar.)
July 1
5
First National (guar.)
July 1
5
First Security Co. (guar.)
3
rune 30
Garfield National(guar.)
July 1
2
Gotham National (guar.)
3
July 1
llreenpoint National (Brooklyn)
July 1
2
Extra
July 1
4
Greenwich (quay.)
July 1
8
IIanover National (guar.)
July 1
12
Importers' & Traders' National
3
Jury 1
International
3
raw I
Irving National (guar.)
434 July 1
Liberty National (guar.)
5
July 1
Manhattan Co., Bank of the (quar.)__
July 1
$1
Mechanics' (Brooklyn) (guar.)
July
i
$2
Merchants' National
234 July 1
Metropolitan (guar.)
July 1
5
Mutual(guar.)
234 July 1
Nassau National (Brooklyn) (guar.)
July 1
5
New York, Bank of, N. B. A.(guar.)._ 3
jury 1
North Side of Brooklyn
2
July 1
Extra
July 1
6
Park, National (mar.)
June 30
3
Public National (quar.)
1
July
2
Ridgewood (Brooklyn)
July 1
3
Seaboard National (guar.)
3
July 1
(guar.)
National
Second
5
July 1
State
June 30
5
Union Exchange, National
3
Jury 1
(quar.)
of
Bank
Wasangton Heights,
June 30
5
Yorkville (quar.)
Trust Companies.
July 1
5
Bankers (guar.)
July 1
5
Brooklyn (Brooklyn) (guar.)
July 1
53.4
(guar.)
Union
Central
June 30
4
Columbia (guar.)
June 30
2
Extra
June 30
10
Corporation (No.2)
June 28
3
Empire (quar.)
28
June
1
_
___
Extra
June 30
5
Equitable (quay.)
234 June 30
Fidelity (quar.)
June 30
3
Franklin (Brooklyn) ((Nan)
5
July 1
Fulton
June 30
5
Guaranty (guar.)
30
June
2
Hudson (guar.)
July 1
2
Irving (guar.)
July I
134
8.3)
(No.
(qu.)
Trust
&
Title
Lawyers'
July 1
2
Manufacturers' (Brooklyn) (quar.)
June 30
6
Metropolitan (guar.)
8
June 30
(guar.)
New York
4
June 30
People's (Brooklyn) (guar.)
234 June 30
Scandinavian (quay.)(No.3)
5
June 30
Title Guarantee & Trust (quar.)
July 1
25
United States
6 (July I
U. 5. Mortgage & Trust (guar.)
Fire Insurance.
$2.50 July 10
Continental
July 10
15
Fidelity-Phenix
Miscellaneous.
Abitibi Power & Paper, Ltd., p1.(qu.)_ _ 1% July 2
134 July 1
Adirondack Elec. Power, pref. (guar.)._
1% July 1
Advance Rumely. prof. (guar.)
July 15
$1
(guar.)
Air Reduction
July 15
3
Alabama Company, common
134 July 15
First and second pref. (guar.)
July 1
1%
Iron
(guar.)
Alabama Fuel &
134 July 16
Alliance Realty (guar.)
1% July 15
Allis-Chalmers Mfg., pref. (guar.)
Prof.(account accumulated divs.)--- h% July 15
2
July 15
Amer. Agri°. Chemical, com.(quar.)_
13.4 July 15
Preferred (quar.) (No. 56)
75c. July 1
American Bank Note, preferred( quar.)_
Amer. Beet Sugar, pref.(guar.)(No.80) 1% July 1
81.50 June 30
American Bosch Magneto (guar.)
1% June 30
Amer. Brake Shoe & Fdy., corn. (qu.)._
June 30
3
Preferred (guar.)
1% July 1
American Can, preferred (guar.)
July 1
Amer. Car & Fdy., corn.(qu.)(No.67). 2
134 July 1
Preferred (guar.) (No. 81)
Aug. 1
1
American Chicle, common (guar.)
134 July 1
American Chicle, preferred(guar.)
1
July
154
(qmar.)
American Cigar. pref.
July 10
3
American Cyanamid, preferred
1
July
2%
(guar.).
corn.
Electric,
&
Gm
American
Common (payable In common stock) /234 Oct 1
July 1
Common (spec. payable in corn,stock) 125
1% Aug. 1
Preferred (guar.)
Books Closed.
Days Inclusive.
Holders of rec. May 31a
Holders of rec. June 14a
Holders of rec. June 17a
Holders of rm. June 19a
Holders of rec. June 30a
June 21 to June 30
Holders of rec. June 20a
Holders of rec. June 20a
Holders of rec. June 14a
Holders of rec. June 14a
Holders of rm. June 9a
Holders of roe. June 30j
Holders of rec. June 14a
Holders of rec. June 14a
Holders of rec. June 21a
Holders of rec. June 21a
Holders of rec. June 13a
Holders of rec. July 21
Holders of rm. Sept. 1
Holders of rec. Aug. 1
June 22 to July 1
June 24 to July 2
Holders of rec. June 14a
Holders of rm. June 23
Holders of rec. June 23
Holders of rec. June 14
Holders of rec. June 17a
June 18 to July 2
Holders of rec. June 27a
Holders of rec. June 19
Holders of rec. June 19
June 19 to July 1
Holders of rec. June 24a
June 21 to June 30
Holders of rec. June 24a
June 19 to July 16
June 26 to June 30
Holders of rec. June 21
Holders of rec. June 21
Holders of rec. June lie
Holders of rec. June ha
Holders of rec. June 20a
Holders of rec. June 18a
Holders of rec. June 20a
June 21 to June 30
Holders of rec. June 20
June 21 to June 30
Holders of rec. June 30a
Holders of rec. June 30a
Holders of roe. June 30a
Holders of rec. June 30a
June 26 to June 30
Holders of rec. June 30a
June 24 to July 1
June 24 to July 1
Holders of rec. June 20
June 22 to June 30
June 21 to June 30
Holders of rec. June 30a
Holders of roe. June 16a
Holders of roe. June 25
Holders of rec. June 26a
Holders of rec. June 21
Holders of roe. June 27a
Holders of rec. June 20a
Holders of rec. June 23a
Holders of rec. June 30a
Holders of rec. June 21a
June 12 to July 1
June 12 to July 1
Holders of rec. June 20a
Holders of rec. June 26a
June 26 to July 1
Holders of roe. June 25a
Holders of rec. June 30a
June 21 to June 30
Holders of roe. June 30a
Holders of rec. July la
June 21 to June 30
Holders of rec. June 210
Holders of reo. June 20a
Holders of roe. June 20
Holders of rec. June 20a
Holders of rec. June 20a
Holders of rec. June 30a
Holders of roe. June 21a
Holders of rec. June 21a
Holders of rec. June 25a
June 24 to June 30a
Holders of rec. June 284
Holders of rec. June 23
Holders of roe. June 19
June 26 to June 30
Holders of roe. June 166
June 15 to July 1
Holders of roe. June 20a
Holders of roe. June 20a
June 28 to June 30
Holders of rec. June:28
Holders of rec. June 14a
Holders of rec. June 21
June 20 to June 30
Holders of rec. June 27
Holders of rec. June 300
Holders of rec. June 30a
Holders of rec. June 20
June 21 to June 30
Holders of roe. June 16a
Holders of rec. June 3
Holders of rec. July la
Holders of rec. July la
June 21 to June 30
Holders of rec. July kl0
Holders of rec. June 302
Holders of roe. June 80a
Holders of rec. June 234
Holders of rec. June 236
Holders of rec. June 16a
Holders of reo. June 14a
Holders of roe. June 16a
Holders of roe. June 20a
Holders of rec. June 200
Holders of roe. June 17a Holders of roe. June 150
Holders of reo. June 13a
Holders of rec. July 21
Holders of roe. June 21a
Holders of rec. June 14a
July 1 to July 10
Holders of roe. June 20
Holders of rec. June 20
Holders of roe. June 20
Holders of rec. July 15
[VOL. 108.
THE CHRONICLE
2606
•
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
1% July I Holders of rec. May 31a
American Express (guar.)
Amer. Hide & Leather. preferred (guar.) 1% July 1 Holders of rec. June 14a
1% July 25 Holders of rec. July 15
American Ice, preferred (quar.)
Amer.Internat. Corp.. corn.& pref.(qu.) $1.20 June 30 Holders of roe. June 18a
Aug. 15 Holders of rec. Aug. 8
Am.La France Fire Eng.,Inc.,com.(qu.) 2
July 1 Holders of rec. June 20
Preferred (guar.)
15 July 6 to July 15
July
_
_
(qu.)
pref.
Amer. Laundry Machinery,
July 1 Holders of rec. June 16a
American Linseed, preferred (quar.)_ _
1% July 3 Holders of roe. June 18a
American Locomotive, common (guar.)
1% July 22 Holders of rec. July 3a
Preferred (guar.)
July I June 15 to June 30
Amer. Manufacturing, common (guar.) 13
1% July 1 June 15 to June 30
(guar.)
Preferred
July 1 June 21 to July 1
_
American Mulligraph, preferred (guar
*ix July 1 *Holders of rec. June 25
American Piano, preferred (guar.)
July 1 Holders of rec. June 23
(guar
American Power & Light, pref.
July 1 Holders of roe. June 14
American Public Service, pref. (guar.)._
June 30 June 22 to June 30
3
American Radiator, common (Quar.)--July 1 Holders of rec. June 23a
American Screw (quar.)
1x July 1 Holders of rec. June 23a
Extra
1 July 1 Holders of rec. June 30a
American Seeding Machine, corn.(quar.)_
July 1 Holders of rec. June 30a
Common (extra)
July 1 Holders of rec. June 30a
Preferred (guar.)
Aug. 1 *Holders of rec. July 15
American Shipbuilding, common (guar J_ *1
*2% Aug. 1 *Holders of rec. July 15
Common (extra)
1% Aug. 1 Holders of rec. July 15
Preferred (guar.)
134 July 1 June 14 to June 22
Amer. Smelters Secure., pref. A (quar.)_
lx July 1 June 14 to June 22
Preferred B (guar.)
July 1 Holders of rec. June 14a
3
American Snuff, corn.(guar.)
1% July 1 Holders of rec. June 14a
Preferred (guar.)
Amer. Steel Foundries, new cons. (guar.) 75c. June 30 Holders of rec. June 19a
13 July 1 June 21 to July 1
Amer.Stores, let and 2d prof.(guar.)
Amer.Sugar Refin., coin.(qu.)(No.111) 1% July 2 Holders of rec. June 2a
July 2 Holders of roe. June 2a
Common (extra)
July 2 Holders of roe. June 2a
Preferred (guar.) (No. 110)
Amer. Sumatra Tobacco, prof.(No. 10).. 3% Sept. 1 Holders of rec. Aug. 15a
$1
June 30 Holders of rec. Juno 21a
American Surety (guar.)
July 15 Holders of rec. June 20a
2
American Telephone & Teleg. (quar.)_
May 31
1235c. July 1 May 15 to
American Thread, preferred
1% July 1 Holders of rec. June 14a
American Tobacco, pref. (guar.)
roe.
10a
July
15
of
July
Holders
1
Amer. Type Founders, corn. (quar.)
1% July 15 Holders of roe. July 10a
Preferred (guar.)
1% July 1 Holders of rec. Juno 20
Amer. Window Glass Mach., pref.(qu.)_
1% July 15 June 17 to June 26
American Woolen, corn. (guar.)
1% July 15 June 17 to June 26
Preferred (guar.)
$1.25 Aug. 2 Holders of rec. June 24
Amoskeag Manufacturing, common
$2.25 Aug. 2 Holders of rec. June 24
Preferred
Aug. 25 +Holders of rec. July 19
*$1
Anaconda Copper Mining (guar.)
*15
July 16 •
Anglo-American 011
July 1 Holders of rec. June 15a
Arkansas Light & Power, pref. (quar.)__
June 30
1% July 1 June 15 to
Armour dr Co., pref. (guar.)
Asbestos Cor.of Canada,Ltd.,com. (qu.) 1% July 15 Holders of rec. July 1
1% July 15 Holders of rec. July 1
Preferred (guar.)
1% July 15 Holders of rec. June 30a
Associated 011 (guar.)
2% June 30 Holders of rec. June 20a
Atlantic Coast Co. (guar.)
Aug. I Holders of roe. June 30a
5
Atl. Gulf & W.I. SS. Lines, common
1% July 1 June 24 to June 30
Atlantic Steel, common (guar.)
July 2 Holders of rec. June 12
Atlantic Sugar Refineries, pref. (quar.)500. June 30 Holders of roe. June 14a
Autosales Corporation, pref. (quar.)_
1% July 1 June 22 to July 1
Avery Co., pref. (guar.)
to2
July 1 Holders of rec. June 20
Babcock & Wilcox (guar.)
July 1 Holders of roe. June 7a
Baldwin Locomotive Works, preferred__
Baltimore Tube, corn. and pref. (guar.). 1% July 1 Holders of rec. June 20a
Barnhart Bros. & SpindlerAug. 1 Holders of rec. July 26a
First and Second pref. (guar.)
2
July 1 Holders of rec June 16a
Barrett Co., common (guar.)
July 15 Holders of ree. June 30a
Preferred (guar.)
2
July 15 Holders of rec. Juno 30
Bell Telephone of Canada (guar.)
135 July 15 Holders of rec. July 5a
Bell Telephone of Pa.(guar.)
1% July 1 Holders of roe. June 16a
Bethlehem Steel, common (guar.)
July 1 Holders of rec. June 16a
Common (extra)
1% July 1 Holders of rec. June 16a
Common B (guar.)
July 1 Holders of rec. June 16a
Common B (extra)
1% July 1 Holders of rec. June 16a
Non-cumulative preferred (quar.)--July 1 Holders of roe. June 16a
2
Cumulative convertible pref. (quar.)July 1 Holders of rec. June 21a
5
Billings de Spencer Co. (guar.)
July 1 Holders of rec. Juno 21a
5
Extra
Bingham Mines Co.(qu.) (InL.L.bonds) tn25c. June 30 Holders of roe. June 20a
Bliss (E. W.) Co., common (quar.)_.... 62350. July 1 Holders of rec. June 24a
July 1 Holders of rec. June 24a
$5
Common (extra)
July 1 Holders of rec. June 24a
$1
Preferred (guar.)
Blumenthal (F.) corn, and pref. (guar.). 135 July 1 Holders of rec. June 30a
1% July 1 Holders of rec. June 14a
Booth Fisheries, preferred (guar.)
2% July 1 June 21 to July 1
Brier Hill Steel, common (guar.)
13( July 1 June 21 to July 1
Preferred (guar.)
June 30 Holders of Coup. No.72s
British-American Tobacco, ordinary..
1% July 1 Holders of roe. June 13
Brooklyn Union Gas (guar.)(No.73)-1% July 1 June 21 to June 30
Brunswick-Balke-Collender, pref. (qu.)_
July 1 Holders of rec. June 20a
1
Bucyrus Co., pref (guar.)(No. 17)June 30 Holders of rec. Juno 20a
Buffalo General Elec.(guar.)(No.99)-- 2
*2)4 July 15 *Holders of rec. July 7
Bush Terminal, common
*235 July 15 *Holders of rec. July 7
Common (payable in scrip)
*3
July 15 *Holders of rec. July 7
Preferred
California Elec. Generating, pref. (qu.). 134 July 1 Holders of rec. June 21a
1% July 1 Holders of reo. June 16
pref.
Corp.,
(guar.).
California Packing
1% July 1 Holders of rec. June 20a
California Petroleum Corp., prof. (qu.)_
Pref. (acc't accumulated dividends)._ h235 July 1 Holders of roe. June 20a
1% July 16 Holders of rec. Juno 30
Canada Cement, common (guar.)
Canada Explosives, common (extra)___ 12% July 31 Holders of roe. June 30a
Canada Steamship Lines pref. (quay.)..
13.4 July 2 Holders of rec. June 16
Canadian Car & Fdy., pref. (quar.)...... 13.4 July 10 Holders of rec. June 28a
1% June 30 Holders of rec. June 24
Canadian Consol. Rubber, pref. (qu.)__
135 July 4 Holders of rec. June 23
Canadian Cot., Ltd., corn. & pref.(au.)Can'n Crocker-Wheeler, corn.& pf.(qu.) 15.4 June 30 June 20 to June 30
June 15
Canadian Fairbanks-Morse, corn. (guar.)_
July 15 Holders of reo. June 30a
3
Preferred
July I Holders of rec. June 14
Canadian General Electric, corn. (quar.) 2
Canadian Locomotive, common (guar.). 1% July 1 Holders of roe. June 20
1% July 1 Holders of rec. Juno 20
Preferred (guar.)
Canadian Westinghouse, Ltd. (quar.).
13( July 1 Holders of rec. June 20a
Carbo-Hydrogen Co. of America, pref._ *334 June 30 *Holders of rec. June 20
July 15 Hoidens of rec. July 10
2
Carbon Steel, common (guar.)
July 15 Holders of rec. July 10
3
Common (extra)
July 30 Holders of reo. July 28
Carbon Steel, second pref. (annual)_-....
Cardenas-American Sugar, pref. (guar•)-13.4 July 1 Holders of roe. Juno 23a
Case (J.I.) Thresh. Mach., pref. (guar.) 134 July 1 Holders of roe. June 16a
June 30 Holders of rec. June 17a
2
Celluloid Company (guar.)
2% July 1 Holders of rec. June 24
Central Aguirre Sugar Cos.(guar.)
Central Bond & Mortgage, pref. quar.). 1% June 30 Holders of rec. June 25
1% July 15 holders of rec. June 30a
Central Coal & Coke, common (quar.)_ _
1% July 15 Holders of rec. June 30a
Preferred (guar.)
135 July 15 Holders of rec. June 30a
Central Illinois Public Service, pref. (qu.)_
Central Leather, common (guar.)
13.4 Aug. 1 holders of roe. July 10
1% July 1 Rollers of rec. June 10a
Central Leather, preferred (guar.)
Central & South American Teleg. (qu.). 1% July 10 Holders of rec. June 30a
Central States Elec. Corp., pref. (guar.) 1% July 1 Holders of rec. June 10
Certain-teed Products, let pref. (guar.). 1% July 1 Holders of roe. June 20a
1% July 1 Holders of rec. June 20a
Second preferred (guar.)
July I Holders of rec. June 18a
4
Chandler Motor Car (guar.)
31/c. July 1 Holders of rec. June 20
Charcoal Iron Co. of Amer., pref
134 July 25 Holders of rec. July 15
Chicago Pneumatic Tool (guar.)
Chicago Railway Equipment Co.(guar.) 1% July 1 Jun5121 to July 4
June 30 Holders of reo. June 28a
2
Chicago Telephone (guar.)
75e. Juno 30 Holders of rec. June 16a
Chino Copper Co. (guar.)
1% July 1 June 15 to June 21
Cincinnati Gas & Electric (guar.)
July 1 Juno 24 to June 30
Ctn. & Suburban Bell Telephone (guar.) 2
June 28 Holders of rec. Juno 13a
2
Citizens' Gas de Fuel (Terre Haute),com_ _
Preferred (quar.)
134 July 1 Holders of rec. June 13a
1% July 1 Holders of reo. June 25
City Investing Co., pref. (guar.)
Cleveland-Akron Bag. common (quar.). 1% Juno 30 June 23 to June 30
Cleveland Automatic Mach., pref. (qu.) 134 July 1 Holders of roe. June 20a
July 1 Juno 20 to July 4
Cleveland Union Stock Yards (guar.)____
When
Per
Cent. Payable.
Name of Company.
Books Closed,
Days Inclusive.
Miscellaneous (Continued)
Cleveland Worsted Mills, common (qu.) 134 June 30 Holders of rec. June 20a
Cluett, Peabody & Co., Inc., pref. (qu.) 134 July 1 Holders of roe. June 20a
36 July 15 Holders of rec. June 30a
Colorado Power, common (guar.)
Colt's Patent Fire Arms Mfg. (quar.)_ _ $1.25 July 1 Holders of rec. Juno 14a
Columbia Graphop., com.(gu.)(No. 6).. $2.50 July 1 Holders of roe. June 10a
Common (payable in common stock). (r) July 1 Holders of roe. June 10a
154 July 1 Holders of rec. June 10a
Preferred (guar.) (No. 5)
Commonwealth Finance Corp., pf.(qu.) 134 July 15 Holders of rec. June 30
July 10 Holders of roe. June 25a
1
Comput.-Tabulat.-Recording Co.(qu.).
July 1 Holders of rec. June 14a
Consol'd Gas, El. L.& P.(Balt.) (guar.) 2
28
June
1
(qu.)
„tom.
.0
N
.,
Consumers El.L ct Pow
131 June 30 Juno 10 to June 30
Preferred (quar.)
July 1 Holders of rec. June 20a
2
Consumers Power (Mich.), corn
134 July 1 Holders of rec. June 20a
Preferred (guar.)
135 July 1 Holders of rec. June 20a
Continental Can,common (guar.)
134 July 1 Holders of rec. June 200
Preferred (guar.)
Continental Motors Corp., pref.(quar.). I% July 15 July 9 to July 15
20c July 1 Holders of rec. June 15a
Continental Refining, pref. (guar.)
Corn Products Refir.ing, pref. (guar.)---- •134 July 15 *Holders of rec. July 7
Aug. 2 *Holders of rec. July 21
*3
Cramp (Wm.) de Sons S. & E. Bldg
134 July 10 July 1 to July 10
Creamery Package Mfg.,common (qu.)_
134 July 10 July I to July 10
Preferred (guar.)
100. July 10 Holders of rec. June 30
Cresson Cons. Gold M.& M.(monthly).
135 July 31 Holders of rec. July 15
Crucible Steel, common (quar.)(No. 1)__ _
I% June 30 Holders of roe. June 16a
Crucible Steel, pref.(guar.)(No. 67)......
134 July 1 Holders of rec. June 16a
Cuba Cane Sugar Corp., pref.(guar.)_ _ _
Aug. 1 Holders of roe. Juno 30a
10
Cuba Company, common
335 Aug. 1 Holders of roe. Juno 30a
Preferred
Cuban-American Sugar,common (guar.) 234 July 1 Holders of rec. June 10a
134 July 1 Holders of roe. June 18a
Preferred (guar.)
*134 July 5 *Holders of roe. June 21
Cudahy Packing, corn.(guar.)
334 July 31 Holders of rec. Juno 26a
Cupey Sugar, preferred
135 July 1 Holders of rec. June 20a
Dayton Power & Light, preferred (qu.)_
Delaware Lack. dc Western Coal (quar.)... *$1.25 July 15 *Holders of rec. July in
July 15 Holders of rec. June 30a
2
Detroit Edison (guar.)
25c .July 15 Holders of rec. Julyd15
Detroit Iron & Steel, common (guar.)._
1735c July 15 Holders of roe. Juned15
Preferred (guar.)
July 15 Holders of rec. June 30
Dictograph Products Corp pref.(No.1) $2
134 July 1 Holders of rec. June 28a
Dodge Manufacturing, common (guar _
July 1 Holders of rec. June 28a
1
Common (special)
134 July 1 Juno 22 to June 30
Preferred (guar.)
134 July 2 June 22 to June 30
Dominion Canners, Ltd., pref. (quar.)_
Dominion Coal, Ltd., preferred (guar.). I% Aug. 1 Hollers of rec. July 12
July 1 Holders of rec. June 14
1
Dominion Glass, Ltd., corn. (guar.)--- 134 July 1 Holders of rec. June 14
Preferred (guar.)
Dominion Iron dc Steel. Ltd.. pref.(au.) 134 July 1 Holders of roe. June 14
33.4 July 15 June 111 to June 30
Dominion Power & Trans.. pref.
Aug. 1
134 Aug. 1 Julyd16 to
Dominion Steel, preferred (guar.)
134 July 1 Holders of rec. June 5
_
corn.
(quar.)_
Corp.,
Dominion Steel
July 2 Holders of rec. June 14
2
Dominion Textile, Ltd., cons. (guar.)._
154 July 15 Holders of roe. June 30
Preferred (guar.)
July 1 Holders of rec. Juno 7
2
Draper Corporation (quar:)
135 July 1 Holders of rec. June 20a
Duluth Edison Electric, pref. (guar.)._
duPont(E. I.) de Nem.& Co134 July 25 Holders of rec. July 10a
Debenture stock (guar.)
duPont(E.I.)de Nem.Pow.,corn.(guar.) *135 Aug. 1 *Holders of rec. July 19
134 Aug. 1 Holders of rec. July 19a
(quar.)
Preferred
East Coast Fisheries, preferred (quar.).. 134 July 1 Holders of roe. June 25
254 July 15 Holders of rec. July 1
Eastern Steel, common (guar.)
234 July 1 Holders of reo. May 310
Eastman Kodak, common (guar.)
735 July 1 Holders of roe. May 310
Common (extra)
134 July 1 Holden of roe. May 31a
Preferred (quar.)
235 Juno 30 Holders of roe. June 20
Edison Electric Co., Lancaster
500. July 1 June 21 to June 30
Edmunds & Jones Corp., common
134 July 1 Juno 21 to Juno 30
Preferred (guar.)
Aug. 15 Holders of rec. Aug. in
1
Elsenlohr (Otto) Bros., Inc. cons.(qu.).
July 1 Holders of roe. June 20a
Preferred (quar.)
Electric Light & Power of Abington and
July 1 Holders of rec. Juno lfla
4
Rockland, Mass. (No. 52)
July 1 Holders of rec. June 18a
Electric Storage Battery, corn. & pf.(qu.) 1
July 1 Holders of rec. June 27a
2
_
(quar.)_
common
Securities,
Electrical
13.4 Aug. 1 Holders of rec. July 22a
Preferred (guar.)
134 July 1 Holders of rec. June 23a
Elyria Iron dr Steel, pref. (guar.)
3
July 1 Holders of rec. June 20
Empire Steel & Iron, preferred
Endicott Johnson Corp., corn.(No. 1)__ 8735c July 1 Holders of rec. Juno 20
13.4 July 1 Holders of rec. June 20
Preferred (No. 1)
13.4 July 1 Holders of rec. June 240
Erie Lighting, preferred (guar.)
2% July 10 Holders of rec. June 30
Everett, Heaney & Co., Inc. (quar.)_ _ _
July 1 Holders of roe. June 20a
2
(guar.)
preferred
Co.,
Fairbanks
June 21 Holders of rec. June 18a
3
Fairbanks, Morse & Co.,common (guar.)_
July 1 Holders of rec. June 23a
Famous Players-Lasky Corp. (guar.)._ $2
1 Holders of rec. June 20a
July
10c.
Federal 011, pref. (guar.)
13.4 July 1 Holders of roe. June 27a
Finance & Trading Corp., pref. (quar.)_
135 July 15 Holders of roe. July in
Firestone Tire & Rubber, pref.(guar.)._
June 30 Holders of roe. May 31a
Galena-Signal Oil, old tic new pref. (qu.) 2
Gen. Amer. Tank Car, common (quar.). $1.50 July 1 Juno 21 to June 30
July 1 Juno 21 to June 30
_
_
(guar.)._
preferred
134
second
First and
134 July 1 holders of rec. Juno 14
General Baking, preferred (qu.)(No.30)136 July 1 Holders of rec. June 18a
General Chemical, preferred (quar.)____
2 July 15 Holders of rec. June 7a
General Electric (guar.)
July 15 Holders of roe. June 7a
02
Extra (payable in stock)
154 July 1 June 21 to Juno 30
General Fireproofing, corn. and pref.(qu.)..
Aug. 1 Holders of rec. July 7
3
General Motors, common (guar.)
13-4 Aug. 1 holders of roe. July 7
, Preferred.(quar.)
Aug. 1 Holders of rec. July 7
134
(quar.)
Debenture.slock
13-4 July 1 Holders of rec. June 20
General Ry. Signal, corn. (qu.)(No. 24)
134 July 1 Holders of roe. June 20
Preferred (guar.) (No. 60)
I% July 1 Juno 21 to July 1
General Tire Sc Rubber, pref. (quar.)__ _
13.4 July I Holders of reo. June 30a
Gold dc Stock Telegraph (guar.)
154 July 1 Holders of rec. June 20a
Goodrich (B. F.) Co., pref.(quar.)
(quar.)..
13.4 July 1 Holders of roe. June 4a
Goodyear Tire & Rubber. pref.
Gorham Manufacturing, preferred (qu.). 135 July 1 holders of roe. Juno 23a
July 1 Holders of rec. June 210
1
Gorton Pew Fisheries, common (guar.)
July 1 Holders of roe. June 21a
2
Preferred (guar.)
of rec. June 20
Goulds Manufacturing, common (qu.).. 134 July 1 Holders of
rec. June 20
13-4 July 1 Holders
Preferred (guar.)
135 June 30 Holders of rec. Juno 15a
Grasselli Chemical, corn. (guar.)
35 Juno 30 Holders of rec. June 15a
Common (extra)
136 Juno 30 Holders of rec. June 15a
Preferred (guar.)
1% July 1
Gray & Davis, Inc., pref. (guar.)
134 June 30 Juno 16 to June 30
Great Lakes Towing, corn. (guar.)
I% July 1 June 15 to July 1
Preferred (guar.)
154 July 2 holders of roe. June 14a
Great Western Sugar, common (quar.)_
July 2 Holders of rec. June 14a
10
Common (extra)
154 July 2 Holders of reo. June 14a
Preferred (quar.)
$1.25 July 1 Holders of rec. June 18a
Guantanamo Sugar Co. (guar.)
134 July 1 Holders of roe. June 18a
Gulf States Steel, first pref. (quar.)__
135 July 1 Holders of rec. June 16a
Second preferred (guar.)
13.5 July 19 Holders of rec. July 9a
Harbison-Walker Refract., pref. (guar.)
13-5 June 27 Holders of roe. Jan. 18a
_
.)_
(guar
com.
Harrisburg Light dc Power,
of rec. Juno 18a
Harrisburg Light it Pow., pref. (guar.). 136 Juno 30 Holders of roe. June
204
Hart. Schaffner dc Marx, Inc., pref.(qu.) 134 June 30 Holders
to July 7
17
June
30
June
50c.
pf.(qu.)
Hartford City Gas Light,corn.&
$1 July 1 Holders of roe. Juno 18a
Haskell & Barker Car (guar.)
Holders of roe.
19a
Haverhill Gas Light (guar.) (No. 94) $11234 July 1 Holders of roe. Juno
June 13a
234 July 1
Helme (George W.) Co., corn. (quar.)
134 July 1 Holders of rec. June 130
Preferred (guar.)
13-4 July 1 Holders of roe. June 20a
Hendee Mfg., preferred (guar.)
June 28 to Juno 30
Herring-Hall-Marvin Safe, common.... 235 July 1 Holders of reo. June 30
July 15
1
Ifillcrest Collieries, common (quar.)_
Holders of re. June 30
15
July
154
Preferred (guar.)
134 Juno 30 Holders of rec. June 21a
Houston Gas dc Fuel, preferred (guar.).._ _
Holders of rect. June 20a
1
July
1
(guar.)
common
Howe Scale,
134 July 1 Holders of rec. June 203
Preferred (guar.)
Sc. July 15 Holders of rec. June 30
Howe Sound Co.(guar.)
13.4 July 1 Holders of rec. Juno 14
Huntington Develp. & Gas, pref. (qu.)_
154 July I Holders of rec. June 203
Hupp Motor Car. pref. (guar.)
Juno 30 Holders of rec. June 20a
2
Hydraulic Pressed Steel, common (qu.)
134 Juno 30 Holders of rec. June 204
Preferred (guar.)
Juno 30 Juno 1 to June 22
8
Illinois Pipe Line
July 1 Juno 21 to June 30
5
Independent Pneumatic Tool
.)_
134
JUNE 28 1919.1
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
2607
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued)
Miscellaneous (Continued)
Indiana Coke dc Gas,first preferred (guar.) 1% July 1 June 21 to Juno 30
Northern Pipe Line
5
July 1 Holders of reo. June lla
1% July 1 June 21 to June 30
Second preferred (quar.)
Northwestern Electric Co., pref. (guar.)__
1% July 1 June 25 to June 30
3
Ingersoll-Rand Co., preferred
July 1 Holders of rec. June 21a Nova Scotia Steel & Coal,common (qu.) 1% July 15
Holders of rec. June 30a
Inspiration Consolidated Copper (guar.)- $1.50 July 28 Holders of rec. July ha
Preferred (guar.)
2
July 15 Holders of rec. June 300
Intercolonial Coal Mining, Ltd., corn_ 3
July 1 Holders of rec. June 21
Ogilvie Flour Mills, Ltd. (guar.)
3
July 2 Holders of reo. June 230
Preferred
33 July 1 Holders of rec. June 21
Cities
Gas, pref. (guar.)
Ohio
1% July 1 Holders of rec. June 14a
Interlake Steamship (guar.)
July 1 Holders of rec. June 20
2
Ohio Fuel Supply (quar.)
75c. July 15 Holders of rec. June 30a
July 1 Holders of rec. June 20
Extra
2
Extra (pay. in L. L. 434% bonds)__ nabOc. July 15 Holders of rec. June 30a
1% July 15 Holders of reo. June 30a Ohio Oil (quar.)
Internat. Agile. Corp., pref.(quar.)_
81.25 June 30 June 1 to June 24
10c. July 1 Holders of rec. June 16a
Int. Buttonhole Sewing Mach. (guar.).
Extra
$4.75 June 30 June 1 to June 24
International Harvester, corn. (guar.).- 1% July 15 Holders of rec. June 25a Ohio State Telephone, pref. (quar.)___ _
134 July 1 Holders of rec. June 200
3 • Aug. 1 Holders of rec. July 15a Oklahoma Natural Gas (guar.)
International Mercantile Marine, pref._
50e. July 21 June 26 to July 12
International Paper, preferred (guar.)--- 1% July 15 Holders of rec. July 7
Extra
1234c. July 21 June 26 to July 12
1% July 1 Holders of reo. June 14
International Salt (guar.)
Produo.
Oklahoma
& Refs.. corn. (qu.) 1234c July 2 Holders of rec. June 140
1% July 1 June 15 to July 1
International Sliver. pref. (guar.)
Otis Elevator, cam. (guar.)
1% July 15 Holders of rec. June 30
July 1 Holders of rec. June 28a
Island Creek Coal, common (guar.)-- $1
Preferred (quar.)4
1% July 15 Holders of rec. June 30
$1.50 July 1 Holders of rec. June 28a Ottawa Car Mfg.(guar.)
kw Preferred (quar.)
1
July 1
1% July 1 Holders of reo. June 20a Ottawa Light, Heat & Pow., Lt.,(guar.) 1% July 1 Holders of rec. June lb
Jewel Tea, preferred (guar.)
50c. July 15 Holders of rec. July 8a Owens Bottle-Machine, corn. (guar.)... 750. July 1 Holders of rec. June 20a
Jones Bros. Tea, Inc., common (guar J.Holders of reo. June 210
1% July 1 Holders of reo. June 23a
Preferred (guar.)
Preferred (guar.)
1% July 1 Holders of reo. June 210
Kansas Gas d: Electric, preferred (guar.) 114 July 1 Holders of rec. June 21
Pacific Telep. & Teleg., pref. (quar.)_
1% July 15 July 1 to July 15
Kaufmann Department Stores,pref.(Qu.) 1% July 1 Holders of reo. June 20
Pan-Amer.Petrol.& Trans.,corn.(quar.) $1.25z July 10 Holders of rec. June 14a
July 1 Holders of roe. June 20a
Kayser (Julius) & Co., common (guar.). 2
Preferred (guar.)
1% July
Holders of rec. June 14a
First and second preferred (guar.).- 13j Aug. 1 Holders of rec. July 21a Panama Power & L. Corp.. pref. (guar.) 1% July 1 Holders
1
of reo. June 20
Kelly-Springfield Tire, pref. (quar.)---- 1% July 1 Holders of reo. June 16a Parke,Davis & Co.(quar.)
$1
June 30 Holders of rec. June 20
(guar.)._
25e.
Corporation
June
30 Holders of rec. June 6a Penmans, Limited, coin. (guar.)
Kennecott Copper
1% Aug. 15 Holders of reo. Aug. 6
250. June 30 Holders of rec. June 6a
Capital distribution
Preferred (guar.)
1%
Aug.
1 Holders of reo. July 21
Keystone Tire & Rubber, common (qu.) 30e July 1 Holders of rec. June 24a Penna. Rubber, coin. (qu.)(No. 11)
1% June 30 Holders of reo. June 15
1% July 1 Holders of rec. June 20a
Kirschbaum (S. B.) Co., pref. (quar.)__
Preferred (guar.) (No. 11)
1% June 30 Holders of reo.
15
1% July I Holders of reo. June 14
Kolb Bakery, pref. (guar.) (No. 30)_
Pennsylvania Salt Manufacturing (guar.) $1.25 July 15 Holders of reo. June
June 304
2% July • 1 Holders of reo. June 16a Pennsylvania Water & Power (quar.)___
Kresge (S. S.) Co., corn. (guar.)
1% July 1 Holders of reo. June 19
1% July 1 Holders of rec. June 16a Pettibone, Mulliken Co., lstdad pf.(qu.)
Preferred (quar.)
July
1%
1
Holders
of reo. June 19a
1
Aug. 1 Holders of rec. July 19a Phelps, Dodge Corp. (guar.)
Kress (S. II.) Co., common (quar.)
.2% July 2 *Holders of rec. June 200
1% July 1 Holders of reo. June 20a Pierce-Arrow Motor Car, pref. (guar.) _- 2
Preferred (guar.)
July
1
June 30 Holders of rec. June 16a Pittsburgh Coal of N. J., pref. (quar.)..... 11( July 1 Holders of reo. June 16a
La Belle Iron Works, common (guar.)._
25
Holders
of rec. July 10
1
June 30 Holders of reo. June 16a Pittsburgh Coal (of Pa.), common (guar.)_
Common (extra)
1% July 25 Holders of rec. July 10a
2
June 30 Holders of reo. June 16a
Preferred (guar.)
Preferred (guar.)
154 July 25 Holders of rec. July 100
Lackawanna Steel, common (guar.).- 1% June 30 Holders of reo. June 10a Pittsburgh Plate Glass, common (guar.) 134 July 1 Holders
of rec. June 16a
1% June 30 Holders of rec. June 20a Pittsburgh Rolls Corp., pref. (quar.).... 1% July 1
Lancaster Gas Light & Fuel (guar.)
Holders of rec. June 25a
3
July 2 Holders of rec. June 24a Pittsburgh Steel, common (quar.)
Laurentide Co., Ltd. (guar.)
2
July 1 Holders of rec. June 200
3
July 2 Holders of reo June 24a Pond Creek Coal (guar.)
Bonus
25c. July 1 Holders of rec. June 28a
1
July 15 Holders of roe. June 30a Prairie Oil & Gas (guar.)
Laurentide Power (guar.)
3
Judy 31 Holders of reo. June 300
2
July 1 Holders of rec June 20
Lawyers' Mortgage Co. (guar.)
2
Extra
July 31 Holders of rec. June 30a
Aug. 30 *Holders of reo. July 31
*51
Lehigh Coal ,fc Navigation (guar.)
Prairie Pipe Line (War.)
3
July 31 Holders of reo. June 30a
Lehigh Valley Coal Sales (guar.)
July 1 Holders of me May 27
$2
2
Price Brothers (guar.)
July 1 June 18 to June 30
Lehigh & Wilkes-Barre Coal
$3.25 June 28 Holders of reo. June 27a Procter dc Gamble, common (quar.)____
b
Aug. 15 July 24 to Aug. 17
50e. July 15 Holders of reo. June 21
Libby, McNeil & Libby
Common (ex., pay.In new com.stock) f4
Aug. 15 July 24 to Aur. 17
1%
July 1 June 21 to June 30
Library Bureau, common (guar.)
2
Preferred (guar.)
July 15 Holders of rec. June 25a
2
July 1 June 21 to June 30
Preferred (guar.)
Providence Gas (guar.)
50c. July 1 Holders of rec. June 200
Liggett d: Myers, Tobacco, pref. (guar.) 1% July 1 Holders of reo. June 16a Providence Telephone (guar.)
Si
June 30 Holders of reo. June 244
5
June 30 Holders of reo. May 31a Provincial Paper Mills, Ltd., corn. (qu.) 1
Lindsay Light, common (guar.)
July 2 Holders of reo. June 14
1% June 30 Holders of reo May 31a
Preferred (guar.)
1% July 2 Holders of roe. June 14
Preferred (guar.)
1%
(guar.)._
July
pref.
1
Loose-Wiles Biscuit, 1st
Holders of reo. June 16a Public Utilities Corp., pref. (quar.)_
1% July 1 Holders of rec. June 16
3
July 1 Holders of rec. June
Lorillard (P.) Co.,corn.(guar.)
*$3.25 July 18 *Holders of reo. July 8
Royal Dutch Co
1n July 1 Holders of reo. June 14a
Preferred (guar.)
3
(guar.)
14a Quaker Oats,
July 16 Holders of reo. July la
2%
.)._
(guar
common
July
15 Holders of rec. June
MacAndrews & Forbes,
1% Aug. 30 Holders of reo. Aug. la
Preferred (quar.)
1% July 15 Holders of rec. June 30a
Preferred (guar.)
30a Quincy Mining (guar.)
Si June 30 Holders of reo. June Ta
Mackay Companies,corn.(qu.)(No.56) 1% July 1 Holders of reo. June 7a Railway Steel-Spring, common (quar.)...
2
June 30 Holders of reo. June 17s3
1
July 1 Holders of reo. June
Preferred (guar.) (No. 62)
7a Ray Consolidated Copper (guar.)
50c. June 30 Holders of reo. June 16a
June 30 Holders of rec. Juno 25
$1
Magor Car Corp., common (quar.)
Realty Associates (No. 33)
3
July 15 Holders of reo. July b
June 30 Holders of rec. June 25
$2
Common (extra)
Reece Buttonhole Machine (quar.)____ 30c. July 1 Holders of rec. June 16
1% June 30 Holders of rec. June 25
Preferred (guar.)
Reece Folding Machine (guar.)
1
July 1 Holders of reo. June 16
1% July I Holders of rec. June
Manatl Sugar, pref. (quar.)
16a Regal Shoe, pref. (guar.)
1% July 1 June 21 to June 30
July 1 Holders of rec. June 204
Manhattan Electrical Supply,corn.(qu.) 1
Remington Typewriter. 1st pref. (guar.) 1% July 1 Holders of reo. June 20
1)4 July 1 Holders of reo. June 20a
First and second prof.(guar.)
Second preferred (guar.)
2
July 1 Holders of reo. June 20
Manhattan Shirt, preferred (4:mm.)...- 1)4 July 1 Holders of rec. June 25a Hen
Motor Car (guar.)
2% July 1 Holders of reo. June 14a
Manning, Maxwell & Moore (guar.).- 1% June 30 Holders of reo. June 30a Republic Iron
& Steel,com.(qu.)(No.11) 1% Aug. 1 Holders of reo. July 16a
13.4 June 30 Holders of rec. June 30a
Extra
Preferred
(No.
(quar.)
83)
134 July 1 Holders of reo. June 16a
July 15 Holders of reo. June
Manufacturers' Light & Heat ((mar.).__- 2
30a Reynolds (R. J.) Tobacco, com.(quar.) 3
July 1 Holders of reo. June 20
July 18 Holders of rec. July
Maple Leaf Milling, common (quar.)-- 3
Common, Class D (quar.)
3
July 1 Holders of rec. June 20
3
13 July 18 Holders of rec. July 3
Preferred (guar.)
Preferred (quar.)
1% July 1 Holders of rec. June 20
Marconi Wireless Teleg. of America__ 25o. July 1 June 2 to June 14
Riordon Pulp & Paper;Ltd., pref.(qu.)_
1% June 30 Holders of reo. June 20
July 15 Holders of reo. June
Mason Tire & Rubber, corn.(special)--- 10
Royal Baking Powder. common (guar.). 2
June 30 Holders of rec. June 16a
10
Mason Tire d: Rubber, pref. (quar.)--- 1)4 July 1 Holders of rec. June 10
Preferred (guar.)
1% June 30 Holders of reo. June 18a
Massachusetts Gas Cos., common (guar.)_ .1% Aug. 1 *Holders of rec. July 15
1%
Heating
Lighting
(guar.).
&
Car
Safety
July
1 Holders of rec. June 16a
(qu.)
$1.50
prf.
July 15 Holders of rec. June 25a
Massachusetts Lighting Cos.,
2
St. Joseph Stock Yards (guar.)
June 30 June 22 to June 30
Mathieson Alkali Works,Inc.. 1:11.(qu.)- I% July 1 Holders of reo. June 20a St. Louis RookyMt.41:Pac.Co.,com.(qu.) 1
July 10 Holders of rec. June 304
(quar.)__
1%
Sept.
coin.
1
Stores,
Holders
May Department
of rec. Aug. 15a St. Louis Rocky Mt.& Pac.Co.pf.(qu.)_
134 June 30 Holders of rec. June 20
1% July 1 Holders of reo. June
Preferred (guar.)
5
June 30 Holders of rec. June 20
13i July 1 Holders of reo. June 14a Seamans Oil (guar.)
McCory Stores Corp., pref. (quar.)-_
Sears, Roebuck & Co.. pref. (quar.)__ _
20
1% July 1 Holders of rec. June 14a
2%
June
(qu.)
30
Holders of reo. June 24a Securities Co
Merchants Despatch Trans
2%
July
15 Holders of rec. June 30a
Mergenthaler Linotype (guar.)(No.94) 2% June 30 Holders of reo. June 4a Shattuck Ariz. Cop. (capital dlstrib'n).
25c. July 19 Holders of rec. June 30a
z2
July 10 Holders of reo. June
Mexican Petroleum, corn. (guar.)
Shawinigan Water & Power (quar.)____
1%
July
14a
10
Holders of reo. June 27
2
July 1 Holders of reo. June
Preferred (guar.)
Co. of Can., pf. (qu.) 1% June 30 Holders of reo. June 15
2% July 16 Holders of reo. June 14a Sherwin-Williams
Mexican Telegraph (guar.)
30a Shredded Wheat,corn.(guar.)
2
July 1 June 21 to July 1
15c.
July
1
(montlatt)--Holders
Forge,
coat.
Michigan Drop
of reo. June 16
Preferred (guar.)
1% July 1 June 21 to July 1
10c. July 1 Holders of rec.
Common (extra)
Sloss-Sheffield Steel d: Iron, pref.(quar.) 1% July 1 Holders of reo. June 21a
7me. July 1 Holders of reo. June 16
Preferred (guar.)
June 16
Penn 011 (guar.)
South
June 30 June 13 to June 30
5
1%
July
1 Holders of reo. June 16a South Porto Rico Sugar, corn. (quar.)_
Michigan Light, pref. (guar.)
July 1 Holders of reo. June 160
b
Michigan Limestone & Chem., pret.(qu.) 313443. July 15 Holders of rec. June 30
Preferred (quar.)
2
July 1 Holders of rec. June 1130
Michigan State Telephone, pref.(quar.)- 134 June 30 Holders of reo. June 23a South West Pa. Pipe Lines (guar.)
3
July 1 Holders of reo. June 16
Middle States Oil Corp. (monthly)---- la. July 1 Holders of reo. June 20
Southwestern Cities Elec. Co., pf. (qu.) 1% July 1 Holders of rec. June 15
$2.50 June 30 Holders of reo. June 10a Spring Valley Water (guar.)
Midland Securities (guar.)
1% June 30 June 18 to June 30
*434
30
June
*Holders
of rec. June 13
Milwaukee & Chicago Breweries
Standard Coupler, common
3
Aug. 1 Holders of recs. June 264
Aug. 1 Holders of reo. July 12a
$1
Mohawk Miing (guar.)
Preferred
4
June 30 Holders of reo. June 26a
Montana Power, com. (guar.) (No. 27) lg July 1 Holders of reo. June 14a Standard 011 (Kentucky) (guar.)
3
July
1 June lb to July 1
1% July 1 Holders of reo. June 14a Standard 011 (Ohio) (guar.)
Preferred (guar.) (No. 27)
3
July 1 May 30 to June 18
Montgomery Ward & Co. prof.(guar.). 1% July 1 Holders of rec. June 20a
1
July 1 May 30 to June 18
Extra
2
'
July 15 Holders of rec. June 30
Montreal Telegraph (guar.)
Standard Parts, preferred (quar.)
1% July 1 Holders of ree. June 20a
13i June 30 Holders of reo June 20
Mortgage-Bond Co. (guar.)
Standard Screw, common
6
July 1 Holders of reo. June lie
Mountain States Telep. & Teleg. (qu.)_
134 July 15 Holders of rec. June 30a
Preferred
3
July 1 Holders of reo. June lie
Mt. Vernon-%Voodberry Cot. Mills, Prof. *33.4 July 15 *Holders of rec. July 1
Textile Produota, corn.(guar.) 1
Standard
July
1 Holders of rec. June 15
(auar.)____
Narragansett Electric Ltg.
July 1 Holders of rec. June 14a
$1
% July 1 Holders of reo. June 15
Common (extra)
2
June 30 Holders of rec. June 26a
Nassau Light & Power (quar.)
Preferred Class A and B (No. 20)___
1% July 1 Holders of reo. June 15
National Aniline & Chem., pref. (guar.) 134 July 1 Holders of reo. June 16a Steel Co. of Canada, common (guar.)._
1% Aug. 1 Holders of reo. July 10
National Biscuit, corn. (quar.) (No. 84) 134 July 15 Holders of rec. June 30a
Preferred (guar.)
1% Aug. 1 Holders of reo. July 10
13.4 July 2 Holders of reo. June 16a Steel Products Co.. common (guar.)_ _ _ _ 3
National Breweries (Canada) (quar.)__
July 19 Holders of rec. July 5a
1%
(guar.)
June
30
Casket
June
21
National
to July 4
Stewart Mat‘ufacturing, common (guar.)_ *31
July 15 *Holders of rec. July 7
1
June 30 June 21 to July 4
Extra
Preferred (guar.)
*E2
Aug. 15 *Holders of rec. July 15
134 July 15 Holders of reo. July ga Stromberg
National Cloak & Suit, corn. (quar.)
Carburetor, Inc. (quar.)
11
July 1 Holders of rec. June 180
*2% July 15 *Holders of rec. June
National Fuel Gas (guar.)
30
Stutz Motor Car, Ino. (guar.)
$1.25 July 1 Holders of rec. June 23a
July 1 Holders of reo. June 20
National Glue, corn. & pref. (guar.)._ 2
Signal
Submarine
500. June 30 Holders of reo. May 22
2
June 30 Holders of roe. June 19
National Grocer, common (guar.)
Superior Steel, common (quar.)
% Aug. 1 Holders of reo. July 15
3
June 30 Holders of rec. June 19
Preferred
First and second preferred (guar.)
*2
Aug. 15 *Holders of reo. Aug. 1
134 June 30 Holders of rec. June 13a Swift
National Lead, common (guar.)
& Co. (guar.) (No. 34)
2
July 1 Holders of reo. May 31
134 June 30 Holders of rec. June 23
National Licorice, pref. (guar.)
Texas Company (guar
2% June 30 Holders of rec. June 10a
National Light, Heat & Power, pf. (qu.).... 134 July 1 June 26 to June 30
Coal
Pacific
&
Texas
011
(guar.)
1% June 30 Holders of rec. June 190
200. July 15 Holders of rec. July la
National Oil, preferred ((mar.)
Special
7% June 30 Holders of reo. June 190
July 15 Holders of rec. June
National Paper & Type, common (qu.) 2
Tide Water Oil (guar.)
June 30 Holders of rec. June 20a
2
134 July 15 Holders of rec. June 30a
Preferred (guar.)
Extra
June 30 Holders of rec. June 20a
2
July 1 Holders of rec. June 30a
National Refining, preferred (guar.)._ 2
lba
Tobacco
Prod.
Corp.,
1%
pf.
July
(qu.)
(No.
1 Holders of reo. June 16a
26)
134
July 2 Holders of rec. June
National Sugar (guar.)
9
Tonopah-Belmont Development (guar.) 100. July 1 June 15 to June 20
3
July 1 Holders of rec. June 20a
National Surety (guar.)
Tonopah Extension Mining (quar.)---1
July
June 11 to June 20
bo.
(guar.)
3
July
common
1
June
21
to July
National Tool,
Sc. July 1 June 11 to June 20
Extra
I% July 1 June 21 to July 1
Preferred (guar.)
1
Toronto
July 2 June 22 to June 30
3
Paper Manufacturing
B
Nevada Consolidated Copper (quar.)_ 3734c June 30 Holders of rec. June Itia
1
July 2 June 22 to June 30
2
July 1 June 17 to June 30
New England Company,2nd prwf
75o. July 1 Holders of rec. June 20a
Torrington Co.of Maine,common (qu.).
134 July 1 June 17 to June 30
New England Power, pref.(guar.)
25c. July 1 Holders of reo. June 20a
Common (extra)
New England Telep. & Teleg. (quar.).. 154 June 30 Holders of rec. June 19
Preferred
3% July 1 Holders of reo. June 20a
*4
Aug. 9 *Holders of rec. July 31
New Jersey Zinc (quar.)
2% July 1 June 21 to June 30
Trumbull Steel, common (guar.)
*2
July 10 *Holders of reo. June 30
Extra
1% July 1 June 21 to June 30
Preferred (guar.)
2%
July
15
New York Dock, preferred
Holders of rec. June b
1% July 15 Holders of rec. June 30
(guar.)
Tobacco,
pref.
Tucketts
*5
July 10 *Holders of rec. June 27
New York Mutual Gas Light
2
Underwood Typewriter, corn. (quar.)__
July 1 Holders of rec. June ba
New York Shipbuilding Corp.(quar.). $1 July lb Holders of reo. July la
Common (pay.in U.S. Victory Notes) pb
July 1 Holders of rec. June ba
134 July 1 Holders of rec. June 20
N. Y. Title & Mortgage (guar.)
(guar.)
1%
Preferred
July
1 Holders of rec. June ba
4
July lb Holders of reo. June 21
New York Transit (guar.)
Underwood Typewriter,common (guar.) 2
Oct. 1 Holders of rec. Sept. ba
134 July 15 Holders of rec. June 30
Niagara Falls Power preferred (quar.)
Preferred (quar.)
1% Oct. 1 Holders of rec. Sept. ba
25o. July 21 July 1 to July 17
Nipissing Mines (guar.)
Union Carbide dc Carbon (Qum.)
$1.25 July 1 Holders of rec. June 10a
25c. July 21 July 1 to July 17
Extra
Union Natural Gas Corp. (quar.)
254 Julyd15 Holders of rec. June 30a
North American Co. (guar.)
134 July 1 Holders of rec. June 16a Union Stock Yards, Omaha (guar.)
1% June 30 Holders of rec. June 200
Northern 0/dart° Light & Power, pref._ 3
July 15 Holders of rec. June 30a United Drug,common (qu.)(No. 11)
1% July 1 Holders of rec. June 18a
Name of Company.
MI
THE CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
[VOL. 108.
New York City Realty and Surety Companies.
All prices now dollars per share.
Holders of rec. July 15a
Bid. AO
Ask.
'Ask.
15a
Aug.
rec.
Holders of
70 Lawyers Mtge 130 140 Realty Assoc
Holders of rec. June 14a Alliance Ft'lty 60
(Brooklyn)_ 100 105
98
78 Mtge Bond.... 94
Holders of rec. June 14a Amer Surety.. 73
Holders of rec. June 20a Bond & M G.. 250 258 Nat Surety.. 240 250 US Casualty.. 185 195
US Title Guar 60
40 N Y Title &
Holders of rec. June 30a City Investing 35
Mortgage... 120 130 West & Bronx
70
80
Preferred _
Holders of roe. July la
Title & M G 150 170
Holders of rec. Juno 18
Holders of rec. June 18
Holders of rec. June 18
Holders of reo. June 20a
Holders of rec. July 2a
Statement of New. York City Clearing House Banks
Holders of rec. June ha
Holders of reo. June ha and Trust Companies.-The following detailed statement
Holders of rec. June 20a
Holders of rec. June 20a shows the condition of the New York City Clearing House
June 21 to June 30
Holders of roe. June 30a members for the week ending Juno 21. The figures for the
Holders of rec. June 20
Holders of rec. June 20
separate banks are the averages of the daily results. In the
May 30 to June 2
July 9 to July 15
case of totals, actual figures at end of the week are also given:
Holders of reo. June 16a
Holders of rec. June 17
NEW YORK WEEKLY CLEARING HOUSE RETURN..
July 1 to July 6
July 1 to July 6
in thousands of dollars-that is, three ciphers f,000] omitted.)
(Stated
July 1 to July 6
Holders of rec. July 15
Holders of rec. Sept. 16
Nan
Resorts
Loans.
Net
CLEARING
Holders of rec. July 7a
Time Bank
Net
with
Capital Profits. Discount, Cash
HOUSE
June 28 to July 25
De- Circein
Legal Demand
InvestMEMBERS.
Holders of rec. July 103
(,000 omitted.) Nat'l, May 12 meats. Vault. Deposi- Deposits. posits. Balton.
Holders of rec. July 10a
tortes.
dbc.
Week ending State, Feb. 21
Holders of rec. June 13
June 21 1919. Tr.Cos,Feb. 21
30a
June
roe.
of
Holders
Holders of rec. June 30a
Average. Average Average Average. Averag Awe.
Members of
Holders of rec. June 21
g
$
$
$
$ I $
$
$
F'ed. Res. Bank
Holders of reo. June 21
759
36.488 1,987
573 5,849
56,003
N
5,732
NBA
of
Y,
Bk
2,0001
Holders of rec. June 21a
57,001
5,489
Holders of rec. June 21a Manhattan Co.. 2,5001 7,210 64,596 1,944
1,808
353
25,523
3,835
586
31,553
2,997
Nat
2,00
Merchants'
Holders of rec. June 233
11,815 157,174 9,898 20,883 152,255 3,822 3,727
Holders of rec. June 23a Mech & Metals_ 6,
25,041
6,780 32,854 1,039 3,889
Bk of America.... 1,50
Holders of reo. June 20
532,232 14,949 93,258 *647,298 17,200 1,433
52,572
25,000
City....
National
Holders of reo. June 20
61,998 0,697 437
Chemical Nat.._ 3,0001 9,793 82,811 1,604 8,828
Holders of rec. June 30
142
547
16,486
472 2,317
18,313
988
Holders of rec. June 20a Atlantic Nat...... 1,0001
298
3,980
497
115
4,169
106
300
Holders of rec. July 33 Nat Butch & Dr
102,497 5,017 4,929
1,730 14,051
Holders of rec. June 30a Amer Exch Nat 5,000 5,915 131,633 3,078
38,313 278,286 '4,821
26,058 385,405
Holders of roe. June 30a N Bk of Comm- 25,
50-18,900
991 2,903
500 1,134 18,460
Pacific Bank _ ....
June 18 to July 1
1 8
92,691 9,749 2,9
12,811
5,702
111,662
3,062
&
3,500
Phen_
Chath
30
June
rec.
Holders of
150
132,089
20,415
5,613
133,871
17,662
Flanover
3,000
Nat__
Holders of roe. June 25
241 1,000
37,577
885 5,184
44,327
Holders of rec. June 18a Citizens' Nat.- 2,550 3,289 55,170
-3,333
25,571
3,349
2,002
2,404
2,000
Metropolitan__
Holders of rec. June 16a
126,668 3,488 - _
Corn Exchange.. 4,200 8,290 130,752 5,131 18,031
July 22 to Aug. 1
ii
26,021
651 3,268
Imp dc Trad N.. 1,500 8,311 42,107
July 22 to Aug. 1
2,978 4,915
171,052
22,400
1,511
212,937
19,919
5,000
Park....
gational
June 28 to July 1
50
226
8,473
161 1,147
8,053
641
East River Nat.. 1,000
June 18 to July 1
637
17,063
919 2,587
Holders of rec. June 14a 3econd Nat..- _ .. 1,000 4,149 20,344
8,325
966
150,316
20,027
354,489
1,388
32,347
First
10,000
National__
Holders of roe. June 30a
118,079 1,436 1,425
4,142 18,170
Holders of rec. July 21a Erring National 4,500 6,368 126,530
198
646
11,713
725 1,573
440 12,725
Holders of rec. June 24a !/ Y County N.. 1,000
8,343
955
169
7.548
642
_
_
1,000
_
Continental_
Holders of roe. June 14a
Chase National_ 10,000 18,363 341,107 7,363 38.547 289,293 11,208 1,11-56
Holders of rec. June 27
18,215
22,728 1,209 2,500
200 2,301
Fifth Avenue....
Holders of rec. June 10a
7,272
996
310
8,199
858
200
Holders of reo. June 20a Comm'l
-_-8,042
337 1,188
8,268
762
400
Exch.Holders of roe. June 200 Commonwealth
17 210
15,381
1,972
1,393
15,566
2,070
Nat.....
1,000
Lincoln
Holders of rec. June 20
393
31
13,689
1,981
345
14,526
Holders of rec. June 20a 3arfield Nat__ 1,000 1,377
392 246
8,019
299 1,019
8,816
395
250
Holders of rec. June 20a Fifth National_
70
48,744
6,885
1,006
53,608
3,891
1,000
Nat....
3eaboard
Holders of roe. June 20a
56,964 2,153 1,960
410 7,478
75,401
Holders of roe. Juno 20a Liberty Nat__ 3,000 4,774 23,322
409 411
12,912
1,676
914
1,420
Nat
1,500
Iron
&
Coal
June
20a
Holders of rec.
386 394
19,129
447 2,498
16.816
Union Exch Nat 1,000 1,327
June 7 to June 8
26,338 5,845
758 4,958
Brooklyn Tr Co 1,500 2,289 48,268
9,867 __271,127
938
40,354
310,647
17,381
Tr
Bankers
Co..
15,000
•From unofficial sources. t Declared subject to the approval of Director-General U S Mtge & Tr_ 2,000 4,551
52,184 5,926 -572 7,012
70,780
of Railroads. / The New York Stock Exchange has ruled that stook will not be Sluaranty Tr Co 25,000 28,525 491,948 3,164 54,672 *474,554 29,381
489
quoted ex-dividend on this date and not until further notice.
10,655
1,423
319
13,052
1,284
Co..
1,000
Tr
Fidelity
a Transfer books not closed for this dividend. S Less British income tax. d Cor- Columbia 'Tr Co 5,000 6,904 95,615 1,108 9,029
71,741 6,881
rection. e Payable in stock. f Payable in common stook. g Payable in Iscrip. ?eoples Tr Co__ h1,200 h1,812 29,181 1,074 2,784
28,561 1,797
Red
Loan
bonds.
Liberty
in
On account of accumulated dividends. i Payable
68.414 2,251
475 9,205
qew York Tr Co 3,000 10,677 108,616
17,034 1,864 __ _
Cross dividend. m Payable in U.S. Liberty Loan 43i% bonds. a Transfer books
478 2,283
Franklin Tr Co.. 1,000 1,305 35,889
closed for annual meeting from May 3 to May 22, both inclusive. p Payable in
19,571 1,083 -451 2,612
22,201
663
Tr
Ancoln
1,000
Co__
1,086
U. B. Government Vlctory Notes.
34,121
4,806
744
48,730
4,402
vletropolitan_ 2,000
in order in
50
570
r One-twentieth of a share in common stock. s All transfers received
10,884
369 1,178
16,013
1,228
1,000
N,
Bkln
cassau
to
dividend
of
payment
for
passed
be
to
time
-1,109
London on or before June 4 will be in
51,029
6,994
2,41
48,402
g1,197
g2,250
'rving
Tr
Co.....
8.
-9,040
transferees. 1 Also declared $1 20, payable Dee. 20 to holders of rec. Nov. on
•147,423
14,859
4,23
127,426
Farmers L & 'Tr 5,000 12,006
Payable
U Less 234 cents for counsel fees in connection with income tax suits. oinstallments
443 ---15,430
6751 1,476
672 16,715
.Columbia Bank 1,000
presentation of Coupon No. 3. w Declared 8%, payable in quarterly
1 to holders of record
of 2% each as follows: July 1 to holders of record June 20; Oot.April
4,845,156 97,802558,210c3,945,769 155,56938,084
5Z
200,550g71
kverage
holders
to
1
1920
and
1919
Dec.
20
record
of
holders
to
Sept. 20: Jan. 1 1920
of record March 20 1920. z Payable one-half in cash and one-half in Fourth Liberty
rotals,actua leo ndition June 214,767,555 97.900537,43903,871,1555156,98338,168
Loan bonds. z Less income tax.
rotals,actual condition June 144,970.520 98,418522,672 3,999,176 150,32438,272
rotals,actual co ndition June 74,948.185 98,567555,774 3,957,192 147,391 38,746
rotals, actual condition May 314,743,354 91,272545,535 3,992,673 147,67238,708
New York City Banks and Trust Companies.
-.----All prices now dollars per share.
State Banks, Not Members of FederalRe serve Bank
35 -17,233
18,520 2,180 1,237
1,559
500
lreenwich
Bid,
Ask.
Co's.
Bid. Ask. Trust
Banks.
5,289
317
657
6,033
Banks-N.Y. Bid. Ask.
812
250
3owery
New York.
1
:Irving (trust
28,439
2,457
2,330
24,028
America•_ 575
1,242
,T Y Prod Each 1,000
99 -certificates) 380 370 Bankers Trust 480 475
47,974
807 50,792 5.138 3,501
Amer Exch... 260 270
;tate Bank._ __ 2,000
650 675 Central Union 465 475
Liberty
185
Atlantic
265 285 Columbia__ 365 375
96,935
135 --97,382 10,305 7,512
Battery Park.. 210 12-0 Lincoln
3,750 4,221
kverage
220 230 Commercial... 140
Manhattan
Bowery •_--- 425
295 568142
97,171
98,428 10,189 8,097
21
BroadwayCen 140 110 Mech & Met_ 400 410 Empire Tr_ 460
June
condition
Cote's,
actual
470
142 ___
97,650
Bronx Boro•_ 125 175 Merchants.._ _ 145 155 Equitable
7otals, actual condition June 14 98,593 10,719 7,710
470
144
08,490
Bronx Nat..__ 150 160 Metropolitan* 185 200 Farm L & Tr_ 460
7otals, actual cOndition June 7 98,641 10,452 7,277
220 230
Fidelity
144 .... __
97,648
98,184 10,525 7,573
31
Bryant Park* 145 155 Mutual 4‘.._ 425
May
.'otala,
actual
condition
250 270
33 New Nett)._ 200 2-1-5 Fulton
Butch & Drov 28
412
Cent Mere.. _ 160 170 New York Co 140 150 Guaranty 'Tr_ 407
'rust Compan les. Not Mem bers ofFed oral Reserve Bank
135 145
Hudson
788 _.
450
24,004
917 2,706
500 510 New York..
Chase
'Me Guar & Tr 5,0001 12,033 41,755
Irving
Pike
Trust_
Irving
420
150
14,880
•
Pacific
307
772 1,428
300
Chat & Phen_
,awyers T ‘4, Tr 4,000 5,264 24,075
Bank
1Nat
725
Park
Chelsea Each* 120
Law Tit & 'Tr 135 145
1,178
38,884
4,134
1,689
535 8E6'- Prod Exch*._ 350
65.830
Chemical__
17,297
9,0001_
Lverage
1275 285 Lincoln Trust 175 185
240 250 Publle
Citizens
Mercantile Tr 230
39,607 1,170
460 470 Seaboard _ 520
City
'otals, actual co ndition June 21 65,832 1,639 4.488
475 525 Metropolitan_ 363 370
40,103 1,180
Coal & Iron.._ 235 245 Second
'otals,actual condition June 14 66,306 1,747 4,491
40,213 1,194
125 ifi_ Mutual(W
Sherman
67,536 1,755 4,454
7
Colonial•___ 400
June
condition
'otals,
actual
144 _
cheater)- 105 125
150
97,648
Columbia*_ 175 185 State •
'otaLs, actual condition May 31 98,184 10,525 7,573
Commerce.... 248 252 23d Ward'...... 115 130 N Y Life Ina
& Trust _... 790 810
109,796 569.858 d4,081,588 156,88238,084
Comm'l Ex*._ 390 410 Union Each_ 190 200
52,3605,008,368
i
213,31
lr'd
aggr.,
avg
UnitedStates• 1165 175 N Y Trust__ 625 635
104,721-2.081 +9,841 -38,351 +6,299 -285
Common;omparison, pr v. week
400
Scandinavian
275
wealth •___ 220 230 Wash
Title Gu & Tr 410 420
4,929,813109,728550.024e4,008,333158,29538,168
Continental*. 120 130 Weetch Ave•.. 190
21
cond'n
une
led
.
'
aggr,
act
S Mtg & Tr 440 450
Corn Exch*.._ 400 410 Yorkville Y._ _ 300 316
205,606-1.15 +15151 -128,596 +6,640 -104
;omparison, preiv. wee
United States 920 935
_ 95 100
Coemoplan,
Westchester__ 130 140
Brooklyn.
145,135.419 110,884 534,8731 4,138,920 151,648 38,272
Cuba (Ilk of)_ 180
Ir'd
June
cond'n
aggr,
act'l
Coney Island* 140 155
East River.._ 150
led aggr, act'l cond'n June 75,114.362 110,774567,5051 4,093,895 148,72938,748
Brooklyn.
200
190
120 130 First
Europe
led aggr, act'l cond'n May 314,908,960 103,651,557,82 4,133,578 148,932,38,708
150 165 Brooklyn Tr _ 500 510
Fifth Avenue* 1700 2300 Greenpoint
led agar. act'l cond'n May 244.879.621 108.933'1585,419 4,100,168 150,192138,764
240
230
Franklin
120
110
•-Hillside
225
Fifth
80 Hamilton _ 285 275
1020 1050 Homestead *- 70
First
•Includes deposits in foreign branches not included in total footings, as follows:
85 Kings County 650 700
190 200 Mechanics' e_ 78
Garfield
City Bank,$104,834,000; Guaranty Trust Co.,$54,514,000; Farmers' Loan
National
160
95
Manufacturers
85
190 200 Montauk •......
Gotham
285 366" & Trust Co., $39,012,000. Balances carried in banks in foreign countries as reserve
203 210 People's
Nassau
Greenwich •_ 360
Guaranty Trust Co.,
80
for such deposits were: National City Bank, $31,568,000;
785 795 National City 130 137 Queens Co..._ 70
Hanover
in foreign branches
Harriman_ 330 360 North Side_ 195 205
$11,458,000; Farmers' Loan &Trust Co.,$5,471,000. c Deposits
130 140
S. deposits deducted,
U.
e
Imp & Trod.- - 560 585 People's
$358,351.
not included. d U. S. deposits deducted,
• Banks marked with a (*) are State banks. t Sale at auction or at Stock Ex- $354,967,000. Bills payable, rediscounts, acceptances and other liabilities, $892,
/Mange this week. 1 Includes one-half share Irving Trust Co. I New stook. 286,000. g As of April 2 1919. h As of May 16 1919.
0 Ex-rights,
Miscellaneous (Concluded).
Aug. 1
United Drug, first preferred (quar.)
Sept. 1
ri Second preferred (quar.)
United Dyewood Corp.,common (quar.) 1% July 1
1i July 1
Preferred (quar.) (No. 11)
21.4 July 15
United Fruit (quar.) (No. 80)
July 15
$1
United Gas Improvement (guar.)
11.4 July 15
United Paperboard,Inc., prof.(quar.) _
United Shoe Machinery, corn. (quar.)_ _ 50c. July 5
July 5
Si
Common (Extra)
•
3730. July 5
Preferred (quar.)
11.1 July 1
United Utilities, preferred (quar.)
United Verde Extension Mining (guar.)_ 50c. Aug. 1
U.S. Bobbin & Shuttle, common (guar.) 1% June 30
13 June 30
Preferred (quar.)
July 1
5
U. S. Gauge, common
3% July 1
Preferred
30
June
(quar.)
14
preferred
U.S. Gypsum,
July 15
U.S. Industrial Alcohol, pref. (quar.)_..
U.S.Printing Be Litho., 1st pref.(quar.)_ 1% July 1
First pref.(extra acct. accumulated dios.) hl% July 1
1X June 28
U.S. Steel Corp., com.(quay.)
i3( July 15
U. S. Worsted,first preferred (guar.)
$1.50 June 30
Utah Copper Co. (quar.)
Utah Power & Light, preferred (quar.) _ 13j July 1
July 15
Victor Talking Machine, corn. (quar.)_ _ 5
July 15
15
Common (extra)
1, July 15
Preferred (guar.)
Aug.
Virginia-Carolina Chemical, corn. (guar.) 1
Oct.
2
Common (extra)
July 15
2
Preferred (guar.)
July 25
3
Virginia Iron, Coal & Coke
Vulcan Detinning, preferred (guar.).._ _ _ 1,( July 20
July 20
.(extra account accumulated divs.)_ hl
Pref.
1% July 2
Wabasso Cotton, Ltd.(quar.)(No.8)
July 15
1
Warner (Chas.) Co. of Del., corn. (quar.)
1,i July 24
Preferred (guar.)
Warren Brothers Co.,lint pref.(guar.)_ 13.4 July 1
1 y July 1
Second pref. (quar.).
June 30
2
WeLsbach Company
33.4 June 30
Preferred
$2.50 June 30
Western Electric, corn. (quar.)
13.4 June 30
Preferred (guar.)
June 30
Western Grocer, common
June 30
3
Preferred
July 15
Western Power Corp., preferred (quer.)_ _ 1
1j July 15
Western Union Telegraph (quar.)
July 31
$1.75
(guar.)
Brake
Air
Westinghouse
July 31
Westinghouse Elec.& Mfg.,com.(quar.)
July 15
$1
Preferred (quar.)
1
July
$1.25
1
Westmoreland Coal (quar.)
July 8
4
Westchester Title & Mortgage
West Kootenay Pow. dt L. pi. (guar.)._ 13' July 2
2% July 1
Weyman-Bruton Co., corn.(guar.)
1 y July 1
Preferred (quar.)
Aug. 1
_
3
(quar.)
corn.
Foundry,
&
Mold
Wheeling
Aug. 1
1
Common (extra)
July 1
2
Preferred (guar.)
July 1
2
Wheeling Steel & Iron (quar.)
June 30
White Motor (quay.)
11.1 July 1
Willys-Overland Co., pref. (quar.)
1% Aug. 1
Wilson & Co., common (guar.)
July 1
Preferred (guar.)
50o. July 1
Wolverine Copper Mining (quar.)
Woods Manufacturing, pref. (quar.)_ _ 1 y July 2
1( July 1
Woolworth (F. W.) Co., pref. (quar.)
Worthington Pump & Mach., pt. A (qu.) 1 y July 1
1% July 1
Preferred B (quar.)
Yale & Towne Mfg.(quar.) (No. 102).... 23.4 July 1
Young (J. S.) Co., common (guar.)._ _ _ 2% July 1
July 1
Preferred (guar.)
July 1
Youngstown Sheet & Tube,corn.(guar.) 2
July 1
1
Common (extra)
1% July 1
Preferred (quar.)
June 30
$1
Yukon-Alaska Trust (guar.)
THE CHRONICLE
JUNE 28 1919.]
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
2609
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
State Banks.
Members Federal
Reserve Bank_
State banks*
Trust companies_
Total June 2L
Total June 14___
Total June 7_
Total May 3L
June 21
1919.
Cash
Reserve
in Vault.
Reserve
in
Depositaries
10,305,000
1,689,000
558,210,000 558,210,000 517,617,040 40,592,960
7,512,000 17,817,000 17,448,300
368,700
4,134,000 5,823,000 5,832,600
def9,600
11,994,000
12,450,000
12,491,000
12,214,000
569,856,000 581,850,000 540,897,940
560,015,000 572,465,000 545,404,680
577,017,000 589,508,000 547,816,460
563,474,000 575,688,000 545,520,510
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
40,952,060
27,060,320
41,691,540
30,167,490
Actual Figures.
Cash
Reserve
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank..
State banks*
Trust companies_
Total June 21.. _
Total June 14__
Total June 7___ _
Total May 31..
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
$
10,189,000
1,639,000
537,439,000 537,439,000 508,011,640 29,427,360
8,097,000 18,286,000 17,490,780
795,220
4,488,000 0,127,000 5,941,050
185,950
11,828,000 550,024,000 561,852,000 531,443,470 30,408,530
12,466,000 534,873,000 547,339,000 547,995,050
656,050
12,207,000 567,505,000 579,712,000 542,256,840 37,455,160
12,379,000 557,829,000 570,208,000 547,542,840 22,665,160
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks includes also amount of reserve required on net time deposits, which was as follows:
June 21,$4,667,070; June 14, $4,477,410; June 7,$4,461,570; May 31, $4,468,440.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Juno
21, $4,709,490; June 14, $4,509,720; Juno 7, $4,421,230; May 31, $4,430,160.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.
Defferencesfrom
June 21.
previous week.
Loans and investments
$809,590,200 Dec. $6,420,000
Specie
8,354,300 Dec.
60,800
Currency and bank notes
16,805,200 Dec.
595,000
Deposits with Federal Reserve Bank of New York
68,104,800 Inc.
35,500
Total deposits
844,437,900 Dec. 5,266,600
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City, exchanges and U.S.deposits 765,111,100 Inc. 2,667,200
Reserve on deposits
135,298,100 Dec. 2,165,500
Percentage of reserve, 19.7%.
RESERVE.
Slate Banks
-Trust CompaniesCash in vaults
$19,969,600 13.75%
$73,294,200 13.6087
Deposits in banks and trust cos
11,183,500 7.69%
30,850,800 5.73%
Total
$31,153,100 21.44%
5104,145,000
19.33%
Banks and Trust Companies in New York City.--:The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
*Total Cash
in Vault.
$
5,378,736,500
5,416,960,500
5,473,492,200
5,495,539,400
5,544,714,000
5,525,768,300
5,492,269,000
5,509,784,600
5,571.631,800
5,583,221,600
5,629,541,700
5,649,123,500
5,698.070,800
5,633,730,000
5.596,229,300
5,630,305,500
5,730,276,600
5,694,610,000
5,735,152,000
5,817,606,300
5,830,948,700
5.750,364,000
5,708,665,600
5,877,228,200
6,929,099,200
5,817,958,200
$
4,587,455,700
4,650,393,400
4,635,056,500
4,673,410,100
4,650,058,300
4,630,229,800
4,539,150,100
4,504,885,000
4,527,389,800
4,566,358,800
4,571,345,100
4,633.702,000
4,733,613,800
4,618,029,500
4.747,993,000
4,722,746.700
4,689,495,300
4,736,482,100
4,773,617,400
4.822,202,600
4,873,611,200
4,861,516,200
4,885,307,200
4,904,243,900
4,880,382,900
4.846.699 inn
$
146,531,400
147,245,300
148,938,900
141,931,500
135,813,100
132,677,300
130,568,700
133,267.700
133,632,800
131,342,200
128,952,600
132,655,200
130,905,000
134,143,000
130,736,900
135,497,500
134,131,300
136,428,700
139,041,500
134,432.800
141,466,900
136,791,200
133,474,700
136,878,600
137,691,300
lad ass son
June 21
1919.
Differences from
previous week.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the
"Clearing House Return" on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers 1000( omitted.)
1
1 Net Loans,
CLEARING ,Capital., Profits. DisReserve
Net
NON-MEMBERS'
counts, Cash
with Demon
1Nat.bks.May12.Invest
in
Legal
DeWeek ending ,Statebks.Feb.21 meats, Vault. Deposi- posits.
tories.
June 21 1919. 'Tr. cos. Feb.21 dec.
1
Members of
Fed'i Res. Bank.
Battery Park N Bk
Mutual
New Netherland_ _
W R Grace & Co's_
Yorkville
First Nat, Jer City
Averag Averag Average Average Averag Average
$
$
1,500, 15
,6071 133
,8641 $196 1,337 10,002
125
183
560
11,704
197
1.595
11,723
359
2°°I
200
195 7,6511
188
867
5,890
48
500
835 7,235
12
999
5,024 1,653
200,
633 10,914
383 1,184
6,226 4,846,
4001 1,351 10,103
576 1,310
6,621
'
400
_3,000. 5,183 61,4711
Total
State Banks.
Not Members of the
Fed'l Reserve Bank.
Bank of Wash His.
Colonial
International
North Side, Bklyn.
Total
Trust Companies
Not Members of the
Fed'l Reserve Bank
Hamilton Tr, Bkln
Mech Tr, Bayonne
Total
Net
Nat'l
Time Bank
De- Circuposits. lation.
1,5521 7,292
45,486
7,031!
100
500
500
200
441 2,801
1,137 11,625
222 6,969
220 5,715
337
1,414
786
421
160
1,400
710
303
2,668
12,688
6,442
4,802
473
320
1,300
2,021 27,110
2,958
2,573
26.'I
793
8,915
9,112
464
272
287
456
5,676
4,564
987
4,224
1,436 18,027
736
743
10,240
5,211
500
b200
700
1,045
b390
583
Grand aggregate__ 5,000
Comparison previo us week
8,640106,608 5,246 10,608 a8
-9
2,35
26
7 13+
,035
L-2,765 -157 +524
5
+
85
3
Gr'd
Gr'd
Gr'd
Gr'd
8,634,109,373
8,634,108,078
8,634107,042
8,6341105,945
578
587
579
579
aggr, June 14
aggr, June 7
aggr, May 23
aggr, May 17
5,000
5,000.
5,000,
5,0011
5,403 10,084 83,283
5,40
9,443
,
5,27
9,397 80,830
5,451 9,655 81,163
12,9971
12,670,
11,9471
11,901.
a U. S. deposits deducted, $3,901,000.
Bills payable, rediscounts, acceptances and other liabilities, $5,172,000.
Excess reserve, $526,690 increase.
b As of May 12 1919.
Boston Clearing House Bank.-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
• This item includes gold. silver, legal tenders, national bank notes and Federal
Reserve notes.
New York City State Banks and Trust Companies.In addition to the returns of "State banks and trust companies in New York city not in the Clearing House,"furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the 1,1v governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle"
. April 4 1914 (V. 98, p. 1045).
Differences from
previous week.
$
$
Capital as of Feb. 21
25,900,000
104,600,000
Surplus 88 of Feb.2L
43,559,000
172,776,000
Loans dr investments_ 620,414,400 Dec. 9,263,900 2,019,213,300,Dec.116,660,500
8,322,600 Inc.
Specie
17,300
11,777,200Dec.
80,600
Currency & bk. notes
25,875,200 Dec. 1,716,000
21,235,200 Dec.
735,700
Deposits with the F.
52,998,000 Dec. 3,948,800 223,726,900 Inc. 8,167,200
R. Bank of N.
733,993,200 Dec. 16,373,200 2,212,435,500'Inc. 4,903,000
Deposits
104,878,300 Dec. 5,012,700 308,277,000 Inc. 2,798,000
Reserve on deposits
21.5% Inc.
1.0%
P. C.reserve to dep
17.5%
Same
Reserve in
Depositaries.
B8888888888888888888888888
Demand
Deposits.
oac..-4wcoctomo,
loomo,-b24,40.=ww••
n191.3Cookl.11.214's,b1,,lobto.
Dec. 28
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar. 15
Mar.22
Mar. 29
Apr. 5..
April 12.
April 19
April 26
May 3
May 10
May 17
May 23
May 31
June 7
June 14
Juno 21
Loans and
Investments.
UaElg44g=g2SanginnEign
Week ended-
Trust Companies.
Week Ended June 21.
Averages.
June 21
1919.
Changes from
previous week.
June 14
1919.
June?
1919.
$
$
$
$
4,000 4,734,000 4,712,000
4,730,000 Dec.
Circulation
Loans, disc'ts & investments. 580,179,000 Dec. 11,772,000 591,951,000 582,736,000
Dec.
9,919,000
474,695,000 461,888,000
Individual deposits,inel. U.& 464,776,000
531,000 115.705,000 118,399,000
116,236,000 Inc.
Due to banks
12,308,000 Inc.
735,000 11,573,000 11,079,000
Time deposits
19,595,000
Dec.
1,240,000 20,835,000 19,043,000
Exchanges for Clear. House_
68,445,000 Inc. 2,423,000 66,022,000 61,282,000
Due from other banks
Cash in bank & inF.It. Bank 65,724,000 Inc. 4,717,000 61,007,000 61,666,000
and
Reserve excess in bank
Federal Reserve Bank...._ 16,058,000 Inc. 5.752.000 10.306.000 11.337.000
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending June 21 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending June 21 1919.
Two ciphers (00) omitted. Members of'
F.R.System
Capital
Surplus and profits
Loans, dise'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Res've with Fed.Rea.Bank
Ites've with legal deposit's
Cash in vault*
Total reserve & cash held _
Reserve required
Excess res. & cash in vault
$29,775.0
80,677,0
790,335,0
24,822,0
112,527,0
145,434,0
483,798,0
5,257,0
634,489,0
Trust
Cos.
I
$3,000,0
7,784,0,
30,422,0,
711,0,
15,0,
341,0
19,459,0;
I
19,800,0
52,067,0
13,975,0
66,042,0
49,345,0
16,697,0
2,997,0,
867,0,
3,864,0;
2,86L0,
1,003,0
June 14
1919.
June 7
1919.
$32,775,0
88,461,0
839,075,0
26,787,0
110,046,0
151,560,0
509,194,0
5,215,0
665,969,0
64,572,0
50,879,0
3,435,0
15,160,0
69,474,0
53,537,0
15,937,0
$32,775,0
88,623,0
838,680,0
25,683,0
107,580,0
148,539,0
512,206,0
5,307,0
666,052,0
80,386,0
59,959,0
5,103,0
15,613,0
80,675,0
53,924,0
26,751,0
Total.
$32,775,0
88,461,0
820,757,0
25,533,0
112,542,0
145,775,0
503,257,0
5,257,0
654,289,0
45,383,0
52,067,0
2,997,0
14,842,0
69,906,0
52,206,01
17,700,0,
•Cash in vault is not counted as reserve for Federal Reserve bank members.
THE CHRONICLE
2610
[VoL. 108.
Member Banks of the Federal Reserve System -Following is the weekly statement issued by the Federal Reserv e
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published
In the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS JUNE 13 1919.
other loans add investments, the New York City banks alone reporting an
Substantial declines in the holdings of Treasury certificates and other
withdrawals
of
Government deposits ac- Increase of 74.3 millions under this head.
U. S. war obligations, also large
U. S. war obligations and war paper combined show a decrease from
companied by corresponding increasing in other demand deposits, are
4,019.9 to 3,897.4 millions and constitute 26.1% of the aggregate loans
indicated in the Federal Reserve Board's statement of condition on June
and investments of all reporting banks, as against 26.9% the week before.
13 of 770 member banks in leading cities.
For the New York banks a decrease in this ratio from 30.5 to 29.3% may
be noted.
Payment of income and excess profit taxes by tax certificates accounts
As against net withdrawals of 235.1 millions of Government deposits
probably for the greater part of the 92.5 million decrease in Treasury certhere is shown an increase of 196.8 millions in other demand deposits, betificates on hand, while decreases of 10.5 and 14.3 millions in U. S. war
sides a considerable increase in bills payable and other borrowings from
bonds and Victory notes represent largely the net amounts of these securiFederal Reserve banks. Reserve balances show a decline of 46.6 milties sold to customers on the partial payment plan by reporting member
lions, largely in New York City, while cash in vault shows a gain of 5.1
millions.
banks. An unusually large increase, viz., 105.1 millions, is shown for
1. Data for all reporting banks in each district. Two ciphers (00) omitted.
Chicago. St. Louis. Minnsap. Kan. CU; Dallas. San Fran.
Boston. Nets York. Philadel. Cleveland Rictins'd. Atlanta.
Member Banks,
108
88
56
82
47
101
36
35
44
Total.
77(
$
$
$
$
$
$
$
$
$
$
$
$
$
20,135,0 17,056,0 6,870,0 14,117,0 18,324,0 34,605,0
268,568,(
49,079,0 11,597,0 41,372,0 25,590,0 15,515,0
U.5.bonds to secure circulat'n 14,308,0
Other U. S. bonds, including
635,806,(
53,208,0 14,126,0 0,596,0 22,714,0 20,414,0 34,861,0
16,864,0 297,690,0 34,001,0 61,611,0 41,807,0 28,914,0
Liberty bonds
62,752,0 19,479,0 5,508,0 10,117,0 5,138,0 13,217,0
424,257,(
10,919,0 185,974,0 26,355,0 51,745,0 16,652,0 16,401,0
U.S. Victory Notes
U.S. certifs. of Indebtedness_ 83,125,0 536,430,0 95,507,0 114,948,0 72,313,0 62,544,0 213,459,0 50,775,0 32,463,0 45,811,0 39,581,0 74,994,0 1,421,950,0
125,216,0 1,069,173,0 167,460,0 269,676,0 156,362,0 123,374,0 349,554,0 101,436,0 54,437,0 92,759,0 83,457,0 157,677,0 2,750,581,0
Total U.S.securities
Loans see. by U.S. bonds.&c. 73,791,0 769,806,0 177,431,0 114,216,0 43,939,0 27,432,0 102,763,0 27,939,0 30,312,0 16,006,0 7,389,0 24,364,0 1,415,388,(
All other loans & investments 830,391,0 4,296,233,0 654,350,0 1029751,0 383,118,0 310,719,0 1,464,249,0 388,661,0 219,019,0 461,040,0 187,614,0 536,315,0 10,761,460,(
Reserve bal. with F. R. bank_ 68,698,0 627,747,0 63,844,0 90,164,0 34,340,0 29,151,0 169,575,0 38,645,0 22,381,0 39,522,0 19,668,0 53,478,0 1,257,213,(
373,986,0
81,456,0 10,012,0 8,178,0 16,053,0 9,603,0 21,053,0
23,730,0 122,856,0 18,011,0 32,240,0 17,468,0 13,321,0
Cash in vault
734,739,0 4,952,622,0 657,782,0 796,367,0 321,523,0 250,687,0 1,271,684,0 302,702,0 233,814,0 413,100,0 181,726,0 455,273,0 10,572,019,0
Net demand deposits
108,017,0 279,100,0 20,776,0 295,722,0 80,335,0 116,447,0 437,033,0 97,078,0 55,814,0 72,787,0 30,228,0 136,225,0 1,729,562,0
Time deposits
anvornmAnt riannvita
54.019.0 414.412.0 71.676.0 102.734.0 31.981.0 27.848.0 123.362.0 36.332.0 8.293.0 21.600.0 10.882.0 12.357.0
945.482.1)
45
Number of reporting banks__
75
53
2. Data for Banks in Federal Reserve Bank Cities. Federal Reserve Branch Cities and Other Reeortine Banks.
June 6.
72
72
No.reporting banks
U. S. bonds to secure clr
39,382,0 39,882,1
culation
Other U. S. bonds, including Liberty bonds
283,242, 259,329,
U.S. Victory Notes
160,479,0 165,022,
U.S. et's. of indebtedn• 490,808,0 542,990,1
953,911,0 1,007,223,1
Total U.S.securities
Loans see. by U.S. bds.,&e. 725,044,0 734.755,
All other loans&investrn'ts 3,921,905,03,847,609,
Rs.balances with F.R.Bk 596,043,0 631,725,0
Cash in vault
111,241,0 112,290,0
4,586,703,0 4,542,655,0,
Net demand deposits
220,101,0,
Time deposits
,
Government deposits
388,378,0 430,804,0
Ratio of U.S. war securities
and war paper to total
30.5/
loans and investments%
29.3
P
.411 F. R. Bank Cities.
Chicago.
New York.
June 13.
June 6.
June 13.
44
• 44
$
1,370,0
22,419,0
33,577,0
111,161,
168,527,
76,327,
893,829,0
115,657,0
39,820,
846,957,0
165,468,
83,764,
June 13.
June 6.
261
1,370,0 103,976,
Total
F. R. Branch Mies. .111 Other Report's Banks
June 13.
June 6.
261
1621
162
$
104,477,0
57,309,01
57,389,1
June 13.
347
June 6.
June 13.
347
107,283,0 107,287,0
77
268,568
June 6.
770
$
269,153,0
646,273,0
22,311,0 368,609, 371,267,01 110,653,01 117,529, 156,539,0 157,477,0 635,808,1
72,654,0 70,568,0 424,257,1
32,520,0 263,165, 272,601,01 88,438,01 95,420,1
438,589,0
128,947, 887,832, 966,344,01 301,920,01 309,880, 229,198,0 238,238,0 1,421,950, 1,514,462,0
185,148,01,623,582, 1,714,689,0 581,325,01 580,218,1 565,674,0 573,570,0 2,750,581, 2,868,477,0
74,950,0 1,129,305, 1,152,069,0 135,268,0 133,277, 150,815, 135,235,0 1,415,388, 1,420,581,0
887,760,07,209,271, 7,128,543,0 1,648,195,0 1,622,946, 1,903,994,0 1,904,892,010,761,460, 10,656,381,0
113,957,0 936,839, 979,093,0 153,438,0 161,383,0166,936,0 163,293,0 1,257,213, 1,303,769,0
93,049,0 373,986,1
368,882,0
40,011,0, 210,931,0 214,847,0 71,099,0 60,986,0 91,956,
830,932,0 7,557,422, 7,444,368,01,337,972,0 1,316,039,01,676,625,01,614,827,010,572,010, 10,375,234,0
164,762,0: 700,905, 701,365,0 519,888,01 519,039,0 508,769,0 506,759,0 1,729,562, 1,727,163,0
98,489,0 700,683, 852,551,0 157,073,0 193,372,0 87,726,0 134,669,0 945,482,1 1,180,592,0
21.4
22.5
26.6
27.6
27.3
28.1
23.3
23.0
26.1
26.9
* Separate figures not available. x Subject to correction.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on June 20:
Liquidation in some volume of war paper fully offset however by increases of other discounts and of acceptances on hand, also a decrease of
28.1 millions in gold reserves are indicated in the Federal Reserve Board's
weekly bank statement issued as at close of business on June 20 1919.
As against a decrease of 73.6 millions in war paper there are shown increases of 32.9 millions in other discounts, and of 40.2 millions in acceptances. The total of war paper on hand includes an amount of 127.5
millions discounted for other F. R. banks by the Cleveland, Chicago, St.
Louis and Minneapolis Reserve banks, while the total of acceptances on
hand comprises 27.5 millions bought from the New York Federal Reserve
Bank without the latter's endorsement. A decline of 2.5 millions in
Treasury certificates represents in part liquidation of temporary purchases
of certificates from non-member banks. As a result of all tiae.se operations
total earning assets show a decline for the week of 3.1 millions.
Government deposits fell off 83.8 millions, reserve deposits increased 15
millions, while the "float" carried by the Reserve banks was 45.5 millions
less than the week before. Net deposits show a decrease of 23.4 millions.
Federal Reserve note circulation decline- about 11 millions, Philadelphia,
Cleveland and Richmond reporting the largest decreases. Direct withdrawaLs of gold by member banks and exchange of notes for gold, to meet
the export demand, account largely for the decrease of 28.1 millions in gold
and of 27.5 millions in cash reserves. The banks' reserve ratio shows a
decline from 52.7 to 52.5% •
The figures of the consolidated statementfor the system as a whole are given in the following table,and in addition we present
the results for each of theseven preceding weeks,together with those of the corresponding week of last year thus furnishing a usefulcomparison. In the second table we show the resources and liabilities separately for each of the twelve Federal Reserve banks.
Thestatement01 Federal Reserve Agents'Accounts(the third tablefollowing)gives detailsregarding the transactions in Federal
Reserve notes between the Comptroller and the Reserve Agents and between the latter and the Federal Reserve bunks.
COMBINED RESOURCES AND LIABILITI HS OP THE FEMORA!,
RESSIttvill
BANKS AT THE CI.0910
Or Bri9INESS
JUNE 20 {919.
June 20 1919. June 13 1919. June 6 1919. May 29 1919. May 23 1919. May 16 1919. May 9 1919. May 2 1919. June 21 1918
$
346,707,000
600,989,000
$
438,773,000
481.023,000
17,008,000
Total gold held by banks
3010 with Federal Reserve agents
3old redemption fund
913,914,000 938,486,000 936,024,000 933.360,000 918,993,000 884,178,000 914,879,000 947,696,000
1,127,216,000 1,117,970,000 1,139,508,000 1,131,725,000 1,139,825,000 1,150,903,000 1,134,198,000 1,104.699,000
124,595.000 137,418,000 126,272,000 122,658,000 119,916,000 140,756,000 125.271,000 114,223,000
936,804,000
957,238,000
30,331,000
Total gold reserves
Legal tender notes, silver. (ic
2,165,725.000 2,193,874,000 2,201,804,000 2,187,743.000 2,178,739,000 2,175.837,000 2,174,348,000 2,166,618,000 1,924,373,000
70,601.000
68,737,000
68,539,000
70,020.000
67,363.000
68,436,000
68,114,000
69,194.000
56,738,000
RESOURCES.
Dold coin and certificates
3old settlement fund. F. R. Board
3eld with foreign agencies
.
$
332,676,000
581,238,000
S
355,811,000
582,675,000
$
354,969,000
581,055,000
$
346,618,000
586,742,000
$
346,997,000
572.001,000
$
335,224,000
548,954,000
$
345,797,000
569.082,000
Total reserves
2,234.459,000 2,261,988,000 2,270,343,000 2,255,106,000 2,247,933,000 2.245,857,000 2,242,784,000 2,237,219,000 1,981,111,000
1Sills discounted:
Secured by Govt. war obligations_ --. 1,621,928,000 1,695,576,000 1,620,994,000 1,802,893,000 1,762,437,000 1,863,476,000 .1795,735,000 1,788,008,000 544,193,000
215,512,000 182,598,000 190,130,000 186,499,000 176,379,000 175,484,000 172,568,000 178,715,000 387,077,000
All other
Bills bought in open market
274,736,000 234,537,000 198,307,000 183.650,000 193,187,000 184,717,000 182,036,000 195,284,000 232,472,000
Total bills on hand
U. S. Government bonds
U. S. Victory Notes
U. B. certificates of indebtedness
All other earning assets
2,112,176,000 2,112,711,000 2,009,431,000 2,173,042,000 2,132,053,000 2,223,657,000 2,150.339,000 2,162,067,000 1,163,742,000
27,132,000
27,133.000
27,130,000
27,144,000
27,129,000
27,131,000
27,149,000
27,131,000
40,877,000
333,000
333,000
333,000
83.000
19,000
17,000
201.883,000 204,405,000 227,553,000 201,800,000 199,748,000 204.082,000 202,363,000 194,262,000 t35,883,000
100,000
Total earning assets
2,341,523,000 2,344,579,000 2.264,446,000 2,402,056,000 2,358,967.000 2,454,889,000 2,379,846,000 2,383,461,000 1,240,602,000
10,974,000
Bank premises
11,066,000
10,936,000
10,936,000
10,974,000
10,986,000
10,976,000
10,976,000
Uncollected items snci other deductions
626,034.000
653,926,000 584,154,000
from gross deposits
848,157,000 835,362,000 650,757,000 634,639,000 679,793,000 709,355,000
7,858,01)0
8,636,000
9,053,000
ST, redemp fund agst. F R. bank notes
8,899,000
8,868,000
735,000
8,963.000
8.271,000
8.924.000
8,010,000
11,192,000
9,227,000
Ill other resources.
10,332,000
10,042,000
90,000
10,035,000
10,289,000
10,242,000
5,455,450,000 5,472,146,000 5,215,442,000 5,321,785,000 5,316.234,000 5,440,243,000 5,276,723,000 5,302,226,000 3,806,692,000
Total resources
LIABILITIES.
82,198,000
82,228,000
Dapital paid in.
82,756,000
82,674,000
82,652,000
82,589,000
82,553.000
82,397,000
75,770,000
49,466,000
lurplur,
49,466,000
49,466,000
49,466,000
49,466,000
49,466,000
1,134,000
49,466,000
49,466,000
3overnmout deposits.
161,495,000 245,245,000
99,999,000 185,841.11)0
89,761,000 143,273,000 159,457,000
26,058,000 141,479.000
1,648,630,000 1,633,583,000 1,705,104.000 1,656.118.000 1,097,524,000 1,713,341,000 1,688,906,000 1,644.434,000 1,464,986,000
DUN t(0 members, reserve account
682,097,000 623,739,000 497.349,000 517,838,000 537,642,000 549,702,000 483,501,000 512,703,000 287,769,000
Deferred availability Items_
Other deposit8, the!. for. Govt. credits. 127,264,000 127,565,000 134,364,000 150,324,000 142.138,000 125,786,000 129,175,000 128,466,000 117.345,000
Total gross tiets,8118.
2,619,486,000 2,630,132,000 2,362,875,000 2,465,559,000 2,477,303,000 2,574,670,000 2,391,343,000 2,428,876,000 2,029,557,000
2,488,253,000 2,499,265,000 2,513.037,000 2,519.292,000 2,504,253,000 2,532,039,000 2,556,749,001) 2,549,040.000 1,677,951,000
F. It notes In netted circulation
F. R. bank notes In circulation-net nab 173,775,000 170,937,000 169,246,000 168,427,000 167,203,000 168,045,000 164,415,000 161,450,000
9,945,000
32,522,000
31,196,000
41,714,000
39,672,000
35,451,000
33,628,000
All other liabilities
38,166,000
12,335,000
36,452,000
Total liabilities.
*Amended figures.
5.455.450.000 5.472.146.000 5.215.442.000 5.321 755.000 5.316.234.000 5.440.243.000 5.2711.723.000 5.392.220.000 3.806.692.000
t Includes One-Year Treasury Notes.
JUNE 28 1919.]
THE CHRONICLE
2611
June 20 1919. June 13 1919. June 6 1918. May 29 1919. May 24 1918. May 16 1919. May9 1919. May
2 1919. June 21 1918
Gold reserve against net deposit Ilan_
51.6%
52.3%
54.7%
51.7%
51.0%
47.4%
53.4%
51.8%
64.8%
Gold res. agst. F. R. notes In act. ciro'n
50.3%
50.2%
50.4%
49.8%
50.3%
51.0%
49.2%
47.8%
58.9%
Ratio of gold reserves to net deposit and
F. It. n )te liabilities combined
50.8%
51.1%
52.1%
50.3%
50.6%
50.9%
50.3%
61.6%
50.1%
Ratio of total reserves to net deposit and
F. R. n )to liabilities combined
52.5%
52.7%
53.7%
51.8%
52.3%
51.1%
51.9%
63.4%
51.7%
Ratio of gold reserves to F. R. notes in
Circulation after setting aside 35%
against net deposit liabilities
64.9%
65.4%
64.8%
66.5%
84.1%
62.9%
83.5%
63.4%
=
..----Distribution by Maturities—
1-15 days bills bought in open market....
81,406,000
81,213,000
57,835.000
57,301,000
57,720,000
57,255,000
82,919.000
64,796,000 1 635,228,000
1-15 days bills discounted
1,508,510,000 1,577,715,000 1,542,488,000 1,727,796,000 1.875,512,000 1,765,491.000 1.706,881,000 1,677,883,000
f
1-15 days U.S. certif. of indebtedness_
25.097,000
30,235,000
30,748,000
30,938,000
53,578,000
34.655,000
33.827,000
29,234,000
19,587,000
1-15 days municipal warrants
42,000
L6-30 days bills bought In open market....
60,682,000
37,957,000
48,315,000
39,711,000
40,139,000
42,542,000
42,458,000
49,955,009
136,497,000
1
18-30 days bills discounted
57,993,000
42,424,000
42,344,000
37,495,000
35,738,000
84,850,000
49,507.000
58,491.000 I
116-30 days U. S. certif. of indebtedness_
244,000
182,000
881,000
3,318,000
3,392,000
411,000
3.331,000
88,000
1,693,000
16-30 days municipal warrants
6,009
11-80 days bills bought in open market
99,848,000
82,905,000
65,767,000
89,632,000
60,787,003
71,857,000
55,580,000
53,034,000 1 239,678,000
11-60 days bills discounted
186,835,000 158,538,000 144,953.090 141,123,000 138,435,000
70,024,000
70,308.000
84.453.000
J
11-80 days U. S. certif. of indebtedness..
235,000
3,209,000
632,000
3,971,000
765,000
3,846,000
391.000
7,017.009
238,000
11-80 days municipal warrants
5,000
11-90 days bills bought in open market._
52,820,000
42,044,000
31,828,000
22,006,000
28,536,009
26,382,009
21,079,000
27,499.000
1 110,420,000
11-90 days bills discounted
54,885,000
60.492,000 119,991,003 123,781,000 120,066.000 f
75,137,000
60,509,000
61,393,000
11-90 days U. S. certif. of indebtedness_
13,036,000
2,097,000
11,130,000
13,728,000
109,000
7,121,000
270,000
101.000
31-90 days municipal warrants
Over 90 days bills bought in open market
1 41,919,000
Over 90 days bills discounted
29,217,000
22,033,000
26,310.000
24,228,000
18,584,000
24,810,000
17,846,000
25,905,000 J
Over 90 days certif. of indebtedness---- 163,271,000 162,248,000 186,081,000 153,033,000 183,015.000 161.955.000 181,089,000 157,842,000
14,365.000
Over 90 days municipal warrants
Federal Reserve Notes—
-- —
Outstanding
2,693,198,000 2,709,895,000 2,722,808.000 2,708,447,000 2,725,791.000 2.741,285,000 2,735,798,000 2.731.274,009 1,805,518,000
Held by banks
204,945,000 210,630,000 209,569,000 189,155,000 221,538,000 209,226,000 179.049,003 182,234,0011 127,567,000
—
In actual circulation
2,488,253,000 2,499,265,000 2,513,037,000 2,519,292,000 2.504,253.000 2,532,039.000 2.558,749.000 2,549,040.000 1,677,951,000
Fed. Res. Notes (Agents Accounts)—
Roo Itred from the Comptroller
4,628,520,000 4,605,660,000 4,547,600,000 4,497,080,000 4,434,140,000 4,455,660.000 4,419,140,000 4,390,120.003 2,520,120,000
Returned to the Comptroller
1,510,860,000 1,472,748,000 1,427,071,000 1,383.785,000 1,347,634,000 1,311,840,000 1.279,342,000 1,241,901,000 428,292,000
Amount chargeable to Fed. Res. agent 3,117,660,000 3,132,912,000 3,120,529,000 3,113,295,000 3,138,508.000 3.144,020,000 3.139,798,000 3,143,219,009 2,091,828,000
In hands of Fed. Res. agent
424,482,000 423,017,000 397,923,000 404,848,003 410,715,000 402,755,000 404,000,000 416,945,003 286,310,000
—
-—
—
—
Issued to Federal Reserve banks
2,693398,000 2.709,895,000 2,722,606.009 2.708,447,000 2,725,791.000 2,741,285,000 2.735,798,000 2,731.274,000 1,805,518,000
flow Secured—
By gold coin and certificates
218,998,000 224,998,030 231,498.000 228,498,000 228,498,000 240,498,000 232,498,000 230,498.000 215,445,000
3y lawful money
3y eligible paper.
1,585,982,000 1,591,925.000 1,583,098.000 1,576,722,000 1.585,986,000 1.590,362.020 1,801.600.000 1.826,575,000 848.280,000
aold redemption fund
88,817,000
81,222,000
81,219,000
85.084,000
83,713,000
87,251,000
84,133,009
54,587,000
84,094,000
With Federal Reserve Board
821,401,000 811,750,000 824,297,000 815,978,000 830,108,000 825,321.000 817,567,000 790,107,000 687,206,000
$
Total
Eligible net delivered to F. R. scent
a
$
$
$
$
s
s
$
2,693,198,000 2,709,895,000 2,722,805,000 2,708.447,000 2,725,791,000 2,741,285,000 2.735.798,000 2,731,274.000 1,805,518,000
— -2.010.114,000 2,001,203.000 1,955,496,000 2.070.281.000 2.052.784.000 2,135.541.000 2,087,082,000 2.089.765,000 1,127,797,000
WEEKLY STATIIHENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 20 1919
Bolters.
Two otiphers (00) omitted.
New York.
Phila.
Cleveland. Rtchns'nd. Atlanta. Chicago. Si. Louts. Minneap. Kan.City. Dallas, Ban Fran
••=••
BBSOURCSS.
6
3,401,0
Gold coin and certificates
Gold Settlement Fund, F. It. B'd 43,545,0
$
3
$
$
228,778,0
422,0 37,159,0 2,166,0
225,032,0 50,483,0 38,579,0 38,488,0
46,946,0
58,528,0
12,037,0
453,810,0 50,885,0 75,738,0 38,654,0
292,876,0 72,792,0 119,789,0 34,160,0
24,829,0 8,960,0 1,834,0 6,827,0
771,515,0 132,637,0 197,361,0 79,641,0
51,869,0
250,0
868,0
450,0
823,384,0 132,887,0 198,229,0 80,091,0
Total Gold held by banks
Gold with Fed. Reserve Agents
Gold redemption fund
Total gold reserves
Legal tender notes. silver,
117,509,0
7,408,0
Total reservea
124,917,0
Bills discounted: Secured by Government war obligations (a). 143,557,0
All other.
5,155,0
Bills bought in open market (b). 19,056,0
167,768,0
Total bills on hand
U.S. Gov't Bonds
539,0
30,0
U. S. Gov't Victory Bonds
U. S. Certif. of Indebtedness.... 16,916,0
185,253,0
Total earning assest
Bank premises
800,0
Uncollected Items and other deductions from gross deposits_ 86,344,0
5% Redemption fund against
843,0
F. R. bank notes
464,0
All other resources
$
i
$
S
$
7,883,0 23,319,0 3,849,0 8,329,0
121,0
9,454,0 73,640,0 24,034,0 22,130,0 26,969,0
1
$
7,290,0 9,959,0
5,810,0 24,894,0
Total
$
332,676,0
581,238,0
17,337,0 96,959,0 27,883,0 30,859,0 27,090,0 12,900,0 34,853,0 913,914,0
43,715,0 255,844,0 55,532,0 37,433,0 26,278,0 15,920,0 114,351,0 1,127,216,0
4,772,0 33,719,0 4,604,0 7,996,0 15,214,0 2,864,0
939,0 124,595,0
65,824,0 386,522,0 88,019,0 76,288,0 68,582,0 31,684,0 150,143,0 2,165,725,0
1,4840 1,002,0 2,889,0
87,0
188,0 1,971,0
88,734,0
268,0
87,308,0 387,524,0
584,513,0 176,588,0 121,593,0 84.764,0 72 405,0 213,504,0
39,782,0 18,254,0 6,623,0 13,9580 15,29
6
,0 21,980,0
80,948,0
864,0 31,969,0 6,661,0 7,059,0 37,722,0
705,243,0 195,708,0 160,185,0 105,381,0 94,760,0 273,206,0
1,302,0 1,385,0 1,083,0 1,2340
3
76,0 4,476,0
80,0
7,0
63,468,0 21,681,0 17,512,0 8,260,0 10,599,0 23,612,0
90,908,0 76,375,0 88,770,0 33,855,0 150,411,0 2,234,459,0
58,579,0 41,617.0 48,132,0 23,277.0 53,399,0 1,821,928,0
10,070,0 4,913,0 42,444,0 24,375,0 12,664,0 215,512,0
6,893,0 17,823,0
12,0
649,0 65,080,0 274,736,0
75,542,0 64,353,0 90,588,0 48,301,0 131,143,0 2,112,176,0
1,153,0
116,0 8,868,0 3,966,0 2,633,0
27,131,0
246,0
333,0
18,677,0 6,914,0 6,885,0 5,411,0 5,950,0 201,883,0
770,001,0 218,772,0 178,780,0 112,876,0 105,742,0 301,294,0 93,372,0 71,629,0 106,341,0 57,678,0 139,726,0 2,341,523,0
3,782,0
500,0
875,0
541,0
218,0 2,936,0
3920
401,0
221,0
11,066,0
400,0
198,535,0 81,726,0 79,025,0 67,429,0 35,731,0 107,182,0 46,022,0 14,465,0 62,374,0 31,389,0 37,935,0 848,157,0
1,593,0
3,022,0
1,025,0
1,557,0
834,0
888,0
610,0
354,0
460,0 • 495,0 1,302,0
729,0
396,0
9,053,0
408,0
553,0
385,0 1,547,0
7360
175,0
420,0
11,192,0
881,0
784,0
—
398,621,0 1,800,377,0 436,467,0 458,631,0 281,983,0 209,879,0 801,785,0 232,008,0 163,002,1 239,035,0
124,103,0 329,561,0 5,455,450,0
Total resources
LIABILITIRS.
Capital paid in
6,877,0
Surplus
2,996,0
Government deposits
44,023,0
Due to members, reserve mourn 101,515,0
Deferred availability Items
50,546,0
All other deposits
232,0
21,444,0 7,636,0 9,236,0 4,209,0 3,247,0 11,456,0 3,867,0 3,009,0
4,774,0
3,761,0
82,756,0
21,117,0 2,608.0 3,552,0 2,1960 1,510,0 6,418,0 1,603,0 1,415,0 2,421,0 3,240,0
49,468,0
1,184,0 2,448,0
15,948,0 14,593,0 27,795,0 18,097,0 8,700,0 9,410,0 8,831,0
998,0 7,952,0 2,738,0 2,412,0 161,495,0
691,557,0 89,171,0 120,333,0 50,957,0 44,738,0 235,303,0 61,531,0 51,788,0 72,719,0 42,562,0
1,648,630,0
153,585,0 97,163,0 65,098,0 67,323,0 24,175,0 90,075,0 38,819,0 14,513,1 41,951,0 18,436,0 86,448,0
22,613,0 682,097,0
111,861,0 1,081,0
686,0
763,0 1,888,0
299,0
341,0 3,384,0
884,0
227,0 5,878,0 127,264,0
Total gross deposits
972,951,0
198.318,0
201,988,0 213,897,0 138,878,0 77,954,0 338,177,0 107,744,0 88,967,0 123,506,0 63,961,0 117.349,0 2,619,486,0
F. It. notes in actual circulation. 172,757,0 735,226,0 200,619,0 213,454,0 110,852,0 115,995,0 417,700,0 102,740,0 82,417,0 94,623,0 48,888,0
195,182,0 2,488,253,0
F. R. bank notes in olrul tam
—net liability
34,692,0 20,190,0 15,588,0 5,097,0 9,557,0 23,780,0 14,609,0 5,918,0 12,400,0 7,563,0 6,833,0 173,775,0
16,838,0
All other liabilities
14,947,0 3,426,0 2,901,0 2,0530 1,808,0 4,256,0 1,443,0 1,278,0 2,324,0 1,467,0 2,975,0
3,037,0
41,714,0
Total liabilities
398,821,0 1,800,377,0 430,467,0 458,831,0 261,933,0 209,879,0 801,785,0 232,005,0 163,002,0 239,035,0 124,103,0 329,561,0 5,455,450,0
Memoranda—Contingent liability as endors er onDiscounted paper rediscounted
with other F. R. banks_
56,987,0
45,000,0
127,454,0
25,487,0
Bankers' acceptances sold to
other P. It. banks
(a) Includes bills discounted for
other F. R. banks. viz.
30,000,0
65,874,0 7,600,0 23,980,0
127.454,0
(b)Includes bankers' acceptances bought ft om other F. banks,
With their endorsement_
Without their endorsetnent
27,475.
27.475,0
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS AT CLOSE OF
Taro ciphers (00) endued
Boston.
New
York
Phila.
Cleveland. Richnsond
BUSINESS JUNE 20 1911).
Chicago. St. Louts
Li • •,,,dyf Kan.Cify. Dallas
Tom
San Fos'.
•Federal Reserve notes:
$
$
Received from Comptroller__ 317,800,0 1,537,590,0 398,980,0 357,100,0 225,120,0 232,000,0 820,600,0 201,860,0
167,500,0
103,560,0
132,830,0
235,540,0
4,628,520,0
Comptroller
112,887,0 627,431,0 151,201,0 95,143,0
Returned to
80,607,0 51,835,0 144,181,0 85,974,0 33,741.0 52,045,0 33,340,0 62,445,0 1,510,860,0
Chargeable to F.It. Agent— 204,913,0 960,149,0 245,779,0 261,957,0 144,513,0 180,135,0 476,419,0 135,886,0 99,139,0 115,455,0 70,220,0
223,095,0 3,117,660,0
24,620,0 141,000,0 31,880,0 33,520,0
In bands of F. R. Agent.
29,127,0 80,680,0 28,880,0 18,520,0 14,140,0 13,800,0 22,295,0 6,000,0 424,462,0
Issued to F R.Bank,less amt.
returned to F. R. Agent for
180,293,0 819,149,0 213,899,0 228,437,0 115,386,0 119,455,0 447,539,0 117,368,0 84,999,0
redemption'
101,655,0 47,925,0 217,095,0 2,693,198,0
collarl security for miters notes:
183,740,0
Gold coin and al's. on hand_
8,125,0
13,0.52,0
2,500,0
218,998,0
11,528,0
9,136,0 14,903,0 11,634,0 2,180,0 4,215,0 8,900,0 3,101,0 3,581,0 2,918,0 11,581,0
Gold redemption fund
86,817,0
Gold Set'nft Fund, F. R.IV& 47,000,0 100,000,0 57,889,0 100,000,0 32,000,0 37,000,0 248,944,0 52,431,0 20,800,0 23,360,0 2,855,0 12,053,0
1,684,0 102,293,0 821,401,0
Eligible paper, min'm required 121,767,0 526,273,0 141,107,0 108,848,0 81,226,0 75,740,0 191,695,0 61,834,0 47,586,0
75.377,0 32,005,0 102,744,0,1,565,982,0
180,293,0 819,149,0 213,899,0 228,437,0 115,388,0 —
Total
119,455,0 447,539,0 117,386,0 84,999,0 101,655,0 47,925,0,217,095,0,2,693,198,0
Amount of eligible paper deliv167,768,0 705,243,0 148,838,0 158,835,0 98,546,0 80.952,0 273,073,0 70,126,0 62,500,0!
ered to F. R. Agent
90,588,0 48,301,0 107,544,0 2,010,114,0
180,293,0 819,149,0 213,899,0 228,437,0 115,386,0 119,455,0 447,539,0 117,366,0 84,999,0,101,655,0
F. It. notes outstanding
2,693,198,0
47,925,0
F. R. notes held by bank—
7,536,0
83,923,0 13,280,0, 14,983,0 4,534,0 3,460,0 29,839,0 14,626,01 2,582,0 7.032,0 1,237,0,217,095,0
21,913,0 204,945,0
F. ft. notes In actual circulation_ 172,757,0
735,226,0 200,619,0 213,454,0 110,852,0 115,995,0 417,700,0.
.102,740,0 82,417,0 94,623.0 46,888,0 195,182,0 2.488,253,0
[VOL. 108.
THE CHRONICLE
2612
15azcite
Can hers (
Wall Street, Friday Night, June 27 1919.
Railroad and Miscellaneous Stocks.—Influenced almost wholly by money market considerations the stock
market has lapsed into a state of comparative inertia; so
that whereas during the first week in June the transactions
averaged over 1,500,000 shares per day the average is now
barely 800,000 shares.
Accompanying this reduction in the volume of business
there was a tendency to weakness, especially in the speculative, industrial issues, but the market as a whole has displayed a good deal of resistance and underlying strength.
As is too well known such steadily advancing call loan
rates as have been recorded this week i. e. from 6 to 9, 10, 12
and even 15%, as on Wednesday, have a killing effect upon
stock speculation. This has, however, been in part offset
by other developments, viz., another week of exceptionally
favorable crop weather—reports that steel orders are begin
booked in excess of shipments—higher prices for copper
metal, based of course on increasing demand, and official
notice that Germany will sign the Peace Treaty probably
at the end of the week. To-day's market was more active
than the two or three preceding and in some cases further recovery was made. More than half the list shows,
however, a net loss for the week, but in the railway group
the losses are generally fractional. Baltimore & Ohio is a
notable exception, having dropped over 7 points. Can.
Pao. is down 29/8, Reading 13' and St. Paul and Texas &
Pac. between 1 and 2. On the other hand, Atchison, Great
Northern and New Haven are higher.
Chandler Motors is the sensational feature of industrials
with a net gain of 393t points. Gen. Motors is 104 points
higher, U. S. Rubber 6, Pierce Arrow 6, Corn Prod.63/b and
Tobacco Prod. and United Cigars between 5 and 6. There
are, moreover, no declines to offset these advances.
State and Railroad Bonds.—Sales of State bonds at
the Board are limited to $1,000 New York Canal 43/2s at
1083/i and $6,000 Va. 6s deferred trust receipts at 65 %The market for railway and other bonds has been inactive
and, in sympathy with the market for shares, weak.
Of a list of 18 relatively active bonds 12 have declined
and 1 is unchanged. Nearly all the local traction issues
are again lower. New York Railways is, however, a notable exception, selling to-day 13/8 points above last week's
closing price. So. Pao. cony. 5s, U. S. Steel U. S. Rubber
and Chile Coppers have also been strong features. On the
other hand, Atchison 4s,B. &O,43/8, Ches. & Ohio 43/8, and
Interboro. R. T. 58 are a point or morelower than last week.
United States Bonds.—Sales of Government bonds at
the Board, aside from the various Liberty and Victory Loan
issues, are limited to $10,000 4s coup. at 1063/8. For today's prices of all the different issues andfor the week's range
see third page following.
Foreign Exchange.—The market for,sterling exchange
has again ruled weak. Continental exchange moved irregularly with the trend downward, and this was also true of the
neutral exchanges. Italian lire and Swiss francs have been
conspicuous for weakness.
To-day's (Friday's) actual rates for Paris bankers' francs
were 6 50@t6 53 for long and 6 46@6 49 for short. Germany bankers' marks were not quoted. Amsterdam bankers' guilders were 38 3-16@38 5-16 for long and 38 9-16©
38 11-16 for short.
Exchange at Paris on London, 29.73 francs; week's range.
29.52 francs high and 29.83 francs low.
The range for foreign exchange for the week follows:
was active, advancing at first from 823/8 to 8434, then dropping to 803/2. It moved upward again, reaching 85 to-day,
and closed at 84%. Interest in oil stocks for a time was centred in Transcontinental Oil,'a recent consolidation, which
opened at 4834, sold up to 48%, and down to 4734, and at
5 finally. The Sinclair issues were in demand, Sinclair
47%
Consolidated losing about four points to 563/8 and recovering
to 59. Sinclair Gulf also dropped over four points to 56 and
closed to-day at 57. Merritt Oil sold up from 2834 to 2934
and down to 2734, with the close to-day at 28. Mining
stocks only moderately active. Bonds dull.
A complete record of "curb" market transactions for the
.week will be found on page 2621.
For daily volume of business see page 2621.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending June 27.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par.I Shares $ per share. $ per share. S per share.$ per share.
May
1,9
5014 June23 5734 June27 2934 Ap 64
Adams Express
1
Am Bosch Magn. no pail 9,600 9934 June21 10514 June23 84% May 105% June
May
American Express_ _ A00I 10 85 June27 85 June27 82% Al) 103
Am Smelters Securities
142 94 June23 94 June23 92)4 Feb 94% June
Pref--series A
May
Jan 130
American Snuff
1001 1 11834 June24 11814 June24 105
Jan
1001 10 9634 June27 96% June27 94% May 99
Preferred
May
100
Jan
03
June25
9734
June21
96
30
pLiOOI
Am Sumat Tobac,
Jan 3% Mar
Assets Realization_ _ _ _10i 7
134 June23 2 June24 1
Assoc Dry Goods__ _100 4,800 50 June25 54% June27 17% Jan 58% June
Mar 79% May
100 77 June24 77 June24 61
_100
First preferred
Jan 96% May
June24 92% June27 68
91
7
Dl
Associated 011
Ma 11% Juno
Atlanta Birm&AtL.ilI 1,600 1034 June25 11% June26 6
Jan 111% Juno
30 ,10934 June21 11034 June23 102
Baldwin Locom, pref.1
May
Feb 119
3001117 June27 11734 June24 110
iii
Barrett, pref
2 2,8001 134 June21 1% June27 1% Jan 2% May
Batoplias Mining
Apr 100% May
10 9934 June23 99% June23 97
I3klyn Edison, Inc.... _10i
Bklyn Rap Tr ctfs dep.. 4.8001 2434 June26 27% June27 19% Mar 28 June
Brooklyn Union Gas 1''
2001 88 June25 88 June25 77% Ap 92 May
Feb 104% June
June23 10434 June27 71
_ _1
Brown Shoe, Inc_..111
4,3001 91
May
Feb 101
June25 98
June25 101
120 101
10
Preferred
11% May
8%
Mar
11
June213
June25
934
Brunswick TerminaL101 4,1
Jan 3751 June
lii 1,5
3234 June25 35 June21 16
Butterick
Caddo Cent 011 & R1II 6,6 I I 4434 June27 46% June23 41% June 5434 May
Calumet & Arizona......il 1 I I I 67 June21 68% June23 56% Mar 70% June
3 I I 9934 June24 10034 June21 01% Jan 100% June
1
Case (J I), pref
May
1,000 2234 June25 24% June21 20% Jun 28
Central Foundry..._ _1
Apr 52% May
June23 27
1,7
Preferred
4834 June24 51
Jan 120 Juno
1 120 June27 120 June27 107
Cent & So Am Teleg_10
Cert-Teed Prod...no parj 1,401 40 June24 46 June27 30% Ap 50% May
May
10 8434 June21 8434 June21 84% June 90
First preferred_ _ _ _100
934 June21 9% June21 7g Jan 1234 May
Chicago & Alton__ _ 1001 10
Apr 81% Juno
78 June24 8134 June27 68
1,7
Chic Pneumatic Too1.1
75 June25 75 June25 60% Feb 75% June
C St PM & Omaha_ _100 2
Cleveland & Pittsb_ _56 DI 6934 June27 6034 June27 6934 Jun 69% June
82 June25 85 June27 60% Feb 87% June
7
Cluett,Peabody&Co..1
no pa 7,211 7234 June26 75 June27 72% Jun 75 June
Consol Cigar
65 8534 June26 86% June26 85% Jun 86)4 June
10
Preferred
Cons Interstate Call_ ..1 17,40 1334 June24 15% June27 5% Ap 15% June
Ma 62% May
271 54 June27 54 June27 48
1
Crex Carpet
Jan 10834 June
i'1195 June27 195 June27 150
Cuban-Am Sugar......100
May
101 434 June27 4)4 June27 234 Feb 6
Duluth S S & Atian_ _1
Feb 8834 June
20 85 June21 87% June21 55
Elec Storage Battery_100
Jan 4034 June
s 2,401 37 June21 37% June25 27
Elk Horn Coal
34 June23 43 June27 2834 Jun 43 June
Emerson-Branting'm.1 12,8
June
501 9734 June25 101
June96 94 June 101
10
Preferred
June
June26 8034 June 81
700 8034 June26 81
Endicott-Johnson _ _ _1
5
0 103 June27 10334 June26 103 Jun 10334 Juno
Preferred
Fam Play-Laskyno pa 17,02 110 June25 11434 June21 110 May 117 June
311 1434 June27 16% June21 934 Feb 20 May
Fed'i Mg & Smeitg_ _10
May
Jan 47
5
1
Preferred
4134 June27 43% June23 33
Fisher Body Corp_no pail 2,111 8434 June24 90 June23 3834 Jan 9734 June
Feb 10134 May
2
9934 June24 99% June23 91
Preferred
1
Freeport Texas..—no par 17,800 47 June26 50% June27 47 Jun 5534 June
Jo 8734 June
General Cigar,Inc__.100)20.31)0 7934 June24 84% June21 47
Gen Motors deb stock 1'' 1,90 90 June23 90% June27 8234 Feb 9434 Apr
206 80 June23 8134 June23 5434 Jan 8434 May
ill
Hartman Corpn
Feb 120 June
Int Harvester, pref.. 10
600111934 June27 120 June23 115
Internat Nickel, pf_ _ ill
1001 95 June25 95 June25 95 June 0734 May
ill
2001 434 June21 4)4 June21 234 Feb 6 May
Iowa Central
Mar
Feb 48
1,000 3834 June26 39% June21 28
1
Jewel Tea, Inc
Mar
Ap 91
2
83 June27 85 June23 80
1
Preferred
June
Junk
31
June27
2,0001
31%
3134
31
June26
Jones Bros Tea,Inc_ _1
Ap 130
Apr
Kayser (Julius) & Co.1
15011634 June21 11634 June21 105
Jan 5934 May
1001 55 June23 55 June23 39
Kelsey Wheel,Inc_.A0I
Jan
90 6834 June27 69 June26 6534 May 83
10
Laclede Gas
Ap 22434 Jan
100)215 June26215 June26 201
Liggett & Myers_ _ _ _1
Jan 114 Juno
3 11334 June24 114 June24 107
I.
Preferred
5 185 June25 190 June21 14734 Ap 19534 June
1
Lorillard (P)
Jan 11234 Juno
10 112 June23 112 June23 107
10
Preferred
Cables.
Six,y Days. Ch
Sterling, Actual—
Jan
Ma 88
87 June21 87% June23 70
5
Manhattan Elec gu_ .,III
4 62
1
4 593i
4er".
High for the week
2 1,600 2934 June27 30% June23 293.4 Jun 3434 June
Shirt
Manhattan
4 59
4 58
4 56
Low for the week
Ap 8034 Apr
70 June23 70 June23 70
1
Marlin-Rock v t c_no par
Paris Bankers' Francs—
Jan 10934 June
_100 10,6 104 June23 10934 June27 60
May Dept Stores........100
6 35
6 37
6 43
High for the week
50 4,6
National Acme
3734 June25 39 June23 2934 Jan 3934 Apr
6 4734
6 493i
6 553i
Low for the week
Jan 13334 June
National Biscuit_ _.100 7 130 June24 13134 June21 109
Amsterdam Bankers' Guilders—
1 118 June27 118 June27 11534 Ja x121 Mar
100
Preferred
39I
39
38 9-16
High for the week
Jan 8734 May
80% June23 70
79
2
June27
......100
Suit_
Nat
&
Cloak
38 13-16
38%
38 3-16
Low for the week
100 106 June25 106 June25 10334 Feb mg May
100
Preferred
Mar
Nat Rys Mex 2d pref.100 8
834 June26 0% June27 534 Feb 14
Domestic Exchange.—Chicago,par. St. Louis, 15@25c. N
1,500 37 June23 38% June21 2834 Ap 4234 June
c_100
t
v
0
Mex
&
Tex
per $1,000 discount. Boston, par. San Francisco, par. NY Chic & St Louls..101) 400 2834 June24 30% June25 25 Apr 3234 May
New YorkDock.._ _ _10020,900 32% June24 42 June27 1934 Feb 42 June
Montreal,$30.3250 per $1,000 premium. Cincinnati, par.
June24 63 June27 4434 Ma 63 Juno
100 6,300 51
Preferred
Ma 20 May
Southern _100 100 18 June24 18 June24 15
Outside Market.—Trading on the "curb" this week was Norfolk
Jan 97 June
S & C....1001 5,7 I scqg June24 87 June21 46
Scotia
Nova
sessions.
in much smaller volume as compared with recent
Jan 5234 June
Ohio Fuel Supply..--..251 500 5034 June21 52 June24 43
Ma 6234 June
90 5834 June21 59 June23 46
Quite a few issues were transferred to the Stock Exchange Owens Bottie-Mach....251
Apt 3934 May
June21
50
June27
par
no
2734
via
St'l
3634
Penn-Scab
3534
changes
this week. Prices moved without definite trend, the
Peoria & Eastern......1001 211 13 June23 1334 June23 434 Ma 15 June
Ap 70 June
for the most part being within narrow -limits. Allied Pack- P C C & St Louis_ _ _10 6 65 June25 68 June25 44
101 00 18 June26 19 June24 1234 Feb 2134 June
Coal
Pond
ers from 663/i sold to its highest, 6734, reacting there- PuntaCreek
Ap 66 Juno
6134 June23 66 June27 51
Alegre Sugar_ _ _50 4,5
82 June
after to 6532, the close to-day being at 653/8. Bethlehem Remington T'writer_100, 5,411 79 June27 82 June26 79 Jun
Jun
June21
50
5734 June
June24
50
2,300
pa
.no
Truck
Mot
56%
Repub
sold
Motor, a recent addition, weakened from 27 to 259/8 and
May
15
Ma
June23
14%
June26
1334
1 1,600 1334
St Joseph Lead
May
Jan 37
30 3134 June23 32% June21 22
finally at 26. Cramp Shipbuilding dropped five points to St L-San Fran pref A _1
71
June
J1
June21'
53%
68%
200
June24
68
_1
Arms
Corp..
Savage
140. Wm. Farrell & Sons corn. was off from 59 to 563/2, Sears, Roebuck, pref_10 100 120 June27 120 ,June27 120 Ma 120 Mar
Ma 93% June
recovering to-day to 583/i and closing at 58. General As- Sloss-Sheffield, pref_ _1
311 93 June21 933.4 June25 85
311 270 June27278 June21 200
Mar28234 May
Co full paid recta_
phalt corn. rose from 723/i to 75 and reacted finally to 7332. Texas
Jan 470 May
15450 June21 465 June23 180
Tr...1
Land
Pac
Texas
of
loss
a
Intercontinental Rubber corn. was conspicuous for
Third Avenue Ry__ _10 1,911 23 June26 25 June21 1334 Jan 2534 June
Jan
250 May
207
June26
June26
closed
236
2
1
23734
Tidewater 011
four points to 2232, though it moved back to 26 and
Products rights_ 33,900 17 June21 19% June23 1234 Junel 1934 June
to-day at 253/2. Lima Locomotive corn. was in demand Tobacco
Apr
1,80024 June23130 June27 0034 Jan 130
1
United Drug
7
5334 June27 54 June24 5034 Jan 5834 May
5
and advanced from 56 to 68, the close to-day being at 67. First preferred
June
Jan 127
June27 91
127
70(124
June21
10
preferred....
Second
broke
Mexican Investment after a rise from 64 I to 683/2,
1
1
U S Express
2634 June26 26% June26 1634 Feb 3234 May
1734 Jan 5034 June
to-day to 5934. N. Y. Savold Tire lost two points to 52, U S Realty & Impt....10 1,6001 4434 June27 47 June21
Jan 1834 June
15 June24 1834 June26 12
_1
_
Detinning_
62
Vulcan
01
Tire
recovered all the loss and sold finally at 63. Savold
Jan 7134 June
June25
40
71%
June23
66
100
Preferred
May
Apr 79
Corp., after a fractional improvement to 60, moved down to Wells,Fargo Express.100 2001
3001 67 June27 6834 June21 53
Jan 12',1 June
June21
125
0434
June26
..50
Brake......
Air
3,300112134
West'se
ad57 and rested finally at 58. Swift Int., after an early
Juno 134 June
1% June21
1
20.7001 134 Jun02
White Motor rights
M
vance from 60 to 62 eased off to 59. United Retail Stores
001
1001
...._
1001
New York Stock Exchange-Stock Rlcord, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
26 13
Bog r•cord of sales during the week of stocks usually Inactive,
see preceding page.
111011 AWD &OW gALef PRICES-PER SHARE. Ivor Pg12
Saturday
June 21.
Ifondly
June 23.
Tuesday
June 21.
Wednesday
June 25.
Thursday
June 28
Friday
June 27
&Metro,
the
TVeek
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
?mit SKARN
Range Since Jan. 1.
On basis of 100-share iota
Pau Sti AILS
Range for Pretious
Mir 1918.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share I $ per share $ per share
$ per share
Railroads
9912 997s 99-4 100
Par $ per share $ per share $ per share $ Per
994 10112 10014 10134 10012 10114 10014 101
1130•0
16,200 Atch Topeka & Santa Fe-100 90 Feb 3 104 May27
8734 874 874 87% 8734 8734 873 873
81 Mar 991 Nov
8734 874 8758 8734 2,250
Do prat
100 85 May 2 89 Jan 4
10113 1014 ----- ---80
Jan 924 Ney
_-----100 Atlantic Coast Line RR.4
1
00
9
4
5
3
j
"ii- 521-4 r
N
27
o
lo
2
7
a
o
107
May29
_34 An
40
8933
__78 48
Apr 109 Nov
504 -arz - ls -15- .4-53-4 81,700 Baltimore & Ohio
56
50
5514 May27
5512 55
55
4813 Dec 62 Nov
56
554 5512
__
56
55
1,600; Do prof
100 50 Apr21 5912 May27
2918 2912 292 2972 23
281_ 27
277, 2713 3012 2912 314 22,600 Brooklyn Rapid Transit _100
53 Apr 6413 Nov
1333 Jan27 3212June 9
163 16314 162 10213 16113 16414 161 16212 10033 1623
251s Dec 4314 Jan
8 16012 161
6,800 Canadian Pacific
100 15534 Jan21 1704 May 7 135
6553 6612 6512 66
6514 66
Mar 17473 Ocl
65
66
6112 65
6453 65
6,700, Chesapeake ee Ohio
100 5334 Jan21 6812 May17
*912 10
912 912
4934 Jan 62$$ Nov
912 934 *914 934
914 912
918 913
700 Chicago Great Western-.100
713
*2712 2812 2712 2778 2712 2814
Jan21
1112
May19
*2713 2813 2712 2712 2612 274 1,800' Do prof
6 Apr 11 Nov
100 2314 Apr16 30% May19
4312 441
4313 4312 424 4312 4138 4234 4112
1813 Apr 32 Nov
424 42
4218 5,700' Chicago Milw & St Paul I()3413 Feb15 4732 May19
6973 70
6814 6912 6814 6834 6812 6838 ---3714 Apr 5414 Sept
- - 1,800; Do prof
100 654 Jan21 74% Mar12
10134 10134 101- fofF2 10112 10112 ion2 10112
6614
Apr 8632 Nov
1o132 10132 10132 fot-32
Chicago
&
900
Northwest
ern_100 934 Jan21 105 May26
*130 134 *130 134
8913 Mar 107 Nov
*130 132 *130 132 *130 133
Do prof
I
100 128 Apr22 133 Jan17 125 July
2734 281
2753 2814 2714 29% 27$4 2734 2712
137
Jan
271
284
13,300.
Chic
WI&
Rook
2738
Pac
temp
Mts. 224 Jan21 31 May19
7713 771 *77
78
18
*7634 78
Apr 3213 Nov
7614 77
*76
7713 7714 7712
700; 7% preferred temp ctfs__
7314 Jan21 84 June 6
6614 6614 6513 6553 6513 6512 6434 6513 64
56% Jan 88 NOV
6412 64
6434 2,0001 6% preferred temp ctfs--- 6118 Jan21 72 June 6
---- ---- 52
52
46
*51
52
Jan 75 Nov
51
•48
51
52
*48
51
300, Clay Cin Chic & St Louls_100 32 Feb17 5478 June 6
iii-4 ..2-i3-4 ..iiiirs ..i.
i1_8 *71
26 Feb 40 Nov
74
*70
72
*70
72
*71
74
I Do prof
100 64 Apr 2 73 May16
____ ___ ____
5834 May 70 Nov
-__ ___ _2_6_1_2 !3
.
1z
.
300 Colorado & Southern
100 1934 Jan22 3134 May 5
18 Apr 2713 Nov
Do 10
st preff
100 4814 Jan 3 5813June 9
47 Apr 55 Nov
Do
100 45 Feb 4 5112 May29
iii" fii- *iio" iii- *iifi- iii" 7_7 7:: iais 166"
40 Apr 48 Dec
ioai4
Delaware
IIudson
&
iiiii4
--79'5
7
100
101
200 200
Jan20 116 May29 10012
200 200
200 200 *190- 206 *190 200 *190 200
600; Delaware Lack dr Western__50 17212 Mar18 217 May 7 160 Apr 11934 Nov
§712 712
733 712
733 738 *713 814
Apr 185 Sept
712 712 *712 814
5501 Denver & Rio Grande
100
10
334 Jan 3
1033 1012 1112 10% 1178 1113 124
8% May21
Nov
1113 1218 1112 1178 27,800!. Do prof
100
1838 183* 184 1338 1734 1814 1758 1734
64 Feb 3 1314 May 5;
214
5
j
Aapnr 13753
n
174
1738
1734 1734
100 1513 Jan21 2014 May19. 14
, ,
29
2914 2912 2912 2853 2914 *28
Apr 2333 Nov
2913 *27
28
*27
2914
1,200'
1st
Do
prof
100
2434
*20
May19;
Jan21
3214
21
*20
21
234 Jan 364 Nov
2012 2012 *20
*1912 2012 *1914 2013
21
Do
100
prof
2d
100
1713 Apr 3 23 May19; 1812 Jan 2714 Nov
9614 9718 9718 974 9634 9734 9714
9712 97 97% 96% 97
7,800 Great Northern prof
100 8953 Apr21 100% May271 2618 .JJa
47
4733 4612 47
4534 4612 4553 46
an 1063442
4573 4513 464 12,903
Iron Ore properties_ No per 3134 Jan 2 4833June 61 86
*100 10112 *99 101
*98 101
Nov
9834 98'
,
Illinois
99
99
Central
.631
100 96 Jan21 104 May16' 92 Jan 10513 Nov
712 734
733 712
73* 712
714 75
9,000 Interboro Cons Corp....2Vo par
778
734 77
318
21
June
Mar24
2313 2918 2734 2312 26
94
45
Dec
914 Jan
2712 2613 261
2933 28
2918
pref
Do
13,200
100
Ws
2258 23
3114
June12
Mar29
23
2312 2212 2273 *2212 23
1714 Dec 4712 Jan
23
2214 2214 1,500 Kansas City Southern--100 1634 Jan30 254 May19
*5412 551
154 Apr 2414 Nov
543* 5438 5534 5534 *5412 551
5434 *5412 5512
Do pref
300
100 4912 Jan21 57 May21
5334 5418 54
45 Jan 5913 Nov
5313 54
54
1 53
5312 53
5314 3,400 Lehigh Valley
50
53
60
33June 21
June26
11712 11734 119 119
NNoovv
------------300 Louisville & NashvIlle___100 113 Mar 8 122$4 May171 15
"iii" Iii4 18
131
0/
1812 178 1838 18- 18-1
4 D
Jaee
n 126453%
1818 -18- 181; 6,200 Minneap & St L (new).-100
94 Jan21 1978June 6
934 10
913 1053
02
7:2 Apr
r 1157182
3
913 10
•912 10
912
912
912
Missouri
Kansas
16,100
&
Texas_100
438
1912 1973 20
Feb10 1114 Apr25;
21
4% Jan
68 Nov
19
2012 19
19
1833 _-- -_. 2,200
Do prof
100
813 Jan13 25 May19,
33
341
3213 34
Nov
3213 3334 3212 32%
Jan
333213 33 55,800 Missouri Pacific trust etfs_100 2234 Jan21 3412June21
20 Jan 3138 Nov
5612 5612 56
5612 5673 57
5614 5512 5614 1,200
-trust
pref
ails
Do
100
494 Jan21 5834Jpne 7; 41
8014 8012 8014 81
62
Jan
80
Nov
81 • -80- -8-67
80
7913
80
9,200 New York Central
100
3034 317
Jan21 8334 June 6
31
31
6712 Jan 8458 Nov
3034 3134 *3013 31
3012 3012 3112 4,600 N Y N Il & Hartford...A0° 6914
22
2534 Fob13 3414 May19, 27
22
22
22
22
22
22
Apr 4573 May
22
2212 --. ---500 N Y Ontario & Western.100 1812 Jan21 244 June 9
108 10814 10714 108
413811443an
10778 103
10713 10734 107 10712 10612 10714 4,500 Norfolk & Western
2438 Nov
11212May
97
9734 96% 977
19
Mar
9012 98
9712 977
:
128
02
2 3J
97
Janaann 1000
vv
2Z N
NN v
16
9714
963
4
6,700
Northern
Pacific
97
-100 8858 Jan21 99% May27
4614 4612 4613 4612 46
4614 46
457 40
4618 457s 46
13,220 Pennsylvania
150
00 1403334 Apr216 4812 May19
2312 2112 223* 2312 2212 2333 228 2334 2253 234
2212 23
16,200 Pere Marquette v t o
6
12
613
6612 6612 67 67
2614
Junell
912 May 1871{ NOV
--- ___- 6613 6613 1,475
664 6634 6612 67
Do prior prof v t e
1°°
00
6712 Junel1
M
ar
Jan2127
6
51
213 j
Aapnr 6
N000
8620
4 NN
Do prof v t a
"iiii2 -,i172 -iiiT4 7114 -59i4 if" -55;4 -4-0-1; -3
100 39 Apr 7 49 May21
30 Apr
Nov
-9
-4
- -4-0-- -55; 16- 11,ino Pittsburgh & West
Va.8412 8-112 3412 8412 *83
too
443
34 Jan21
4June 9
85
*8312 3172 84
84
4033
Nov
84
84
400
Do prof
8712 89
100 79 Jan31 8412 June 7
8714 8833 8714 89
873 8878 8714 38
8714 8814 33,400 Reading
*35
3714 *35
'50 75 Jan21 9353June 6
37
37
7012 Jan 9614 Oct
37 *35
3714 *35
38
*3612 38
100
Do 1st pre!
*37
3814 *37
50 3514May 2 3812 Feb 4
40
37% *37
*37
38
*37
38
*37
35 Jan 39 May
40
Do 211 prof
2112 2234 2138 233* 2134 2314 22
23
May16
394
2213 227
5
36
Apr
30
22
35 Mar 40 July
2234 40,400 St Louls-San Fran tr ctfs_100
*20
2212 *20
*20
22
2213 *20
1014 Jan21 2533May 8
*20
22
22
*20
22
9% Apr 174 De°
St Louli Southwestern___ _100 16 Apr22 23% June 9
*34
38
*31
*31
38
38
*34
*34
38
37 .34
19 Oct 25 Nov
38
Do pref.
10
10
10
*912 10
100
10
June10
2313
3773
Feb
4
--- --- ----- ---- ---28
Oct. 404 Jan
500
Seaboard
Air
Line
1834 19
1114 May19
7 Apr 12 NOV
200
Do prof_
iiii" iiii- io(lis ftii" 105% 10814 lo(-)T2 foF2 1641-4 iiiiiii 10614
100
55 17
51
2105%4
3 F°b
Feb13
3 22 May16
3
25
4vi41, No•
v
1:0-7293* 303* 2938 30
2914 3013 2913 203* 2834 2934 2914 2912 85,700 Southern Pacific Co
100 954 Jan21 115 June 2
12,030 Southern Railway_
70
7014 r63
684 68
68
100 25 Jan21 33 May19
68
63
63
68
6734
68
Apr
1,700
Do pref
6212 6512 5934 6434 5934 6234 6033 0234 6073 617
100 6634 Jan21 724 May27
62
04 166,700 Texas & Pacific.
____
57
*45
.45
57
100 2712 Jan21 65 June20
*45
57
*45
57
*45
57
Twin City Rapid Translt_100 39 Janie 60 June 3
13353 13138 13314 134
13234 1-311; 133 13138 133 13312 13312 13418
9,590 Uniou Pacific
734 7314 7212 73
100 1244 Jan21 13813 May29 10
*7212 7312 72
73
7212 72
73
38519
i:4k Mayn
J
jja
naen
nne
72
1 NovNDCnoe:v
2,503
Do prof
13
100 72 Jan14 74% Mar 5
137k 1334 1414 13
6
110049 DecAJ
138 1214 1314 13
Jananrt 11362717595
2
70
6% Nov
ay
1312 1314 14
6,303 United Railways Invest _100
2812 30
23
714 Jan 9 15% Apr29
2834 30
2912 27
2812 .,r4
tr
:
l
29
2912 10,700
DO Prof
1034 1034 1012 1078 1014 103* 1014 103*
109 15 Janll 31 Apr23
1014 1012 4,603 Wabash_
344 3518 35
101
734 Jan20 1213 May19
313* 3518 3413 3434 3114 344 3112 3134
11's July
4,000
Do prof A
100 3013 Jan21 33 May19
---- -- *22
3513---21
---- 2218 22t2 *21
23
7 D
304
22
Ap
eer 1
47
22
2
4s
142:
jFe
anb
n
e
200
Do prof B
100 19 Jan23 2473 June 2
134 13
1212 1212 12
12
13
13
12
12
194 Dee 2512 June
1173 12
2,930
Western
Maryland
(new)
*27
_100
29
1312
May19
95
*26
*24
29
8 Apr21
29
*26
29
*26
29 :26
Do
prat
2d
*2213 23
100 23 June19 29 June20
23
*22
*22
23
23
23
2212 2212 22
20
June
32
Jan
West
200 ern Pacific
*50
100 17 Feb 3 24% June 6
53
53
*59
*53
53 *51
53
*54
*53
53
58
Jan 626434 Nov
1113 1112 11
109 524 Feb29 6112 Jan 9
1133 114 1133 10% 104 *1012 11
June
46
1012 11
1,103 Wheeolingpr&
D
o1Lake Erie Ry..100
2312 2312 22
22
---- -- - *2212 24
*21
734 Mar 5 12 May16
23
*22
21
8
,
4 Nov
3
10
2213
203
pref
Do
*35 -39
100
39
*35
*35
*35
17
40
40
24
*33
38
38
*34
May16
Jan30
Wisconsin Central
tOOl 304 Jan22 4173 May18
219
787
1 DeeAAprrr
Industrial tc Miscellaneous.'
4314 4414 434 4312 4312
4514 45% 4112 454 4113 41
44
8,00) Advance Rumoly.-___ _1091 21
7314 737
7334 74
734 74
73
7312 7334 7334 73
Jan21 46 June 9
11
7334 2,5)9
Jan 26%
6 Nov
Do
prof...........--_1001 5613 Jan20 76 June 9
9238 9412 9234 93
9112 9112 95
91
9234 95
93 8 95
257g Jan 6278 Nov
22,100 Aiax Rubber Ina_-_-._50 61
314 314
3
Jan13 95 Apr28
314
---- ---3
3
491os
313 3%
214
7638
3
314
3,600
Alaska
Gold
214
Mines.
2
21$
2
212
2
_1()
213
2
2
414 Jan15
3 June24
218
2
D
::
N
Apr
218
434 4312 4213 4334 403* 4212 41
2% May22
134 Jan 2
4134 41
4112 4213 4334 4,600 Alaska Juneau Gold Min'g_10
D2 Apr
312 June
13,309 Alli3-Chalmers Mfg
*94
100 30 Jan21 4613 May27
95
9534 9534 914 95
94
96
*9512 93
4734 Jan 37 May
1,030
llo
Prof
11032 fa- 2103 11033 10014 103
100 314 Jan23 9612June 2
106% 10313 10312.10812 103 10'312
7214 Jan 8612 May
6,10) Amer Agricultural Chem._100 994 Jan29 113%May 1
*99 1004 100 100
*98 100
- *93 101
78
100 100
Oct
Jan 108
200
Do prof _
-Si; -.
i
8814 8134 8512 81
S'4
93 Jan 9 108 Mar15
8534 844 8512 8534 80
87
894 Jan '101 Ana
7,600
American
Beet
Sugar
•85
95
*85
100 62 Jan 3 90 June 6
95
95
*85
*92
95
*92
48 Nov 84 Feb
95
*
95
5634 5712 5513 5314 5134 56% 55
100 SA Jan13 95 May29 032 Sept 9113May
563* 553* 5612 92
5614 57% 65,203
p
Ameo prricanCetan
•104 106 *101 100 *101 100 .104 106
100 42% Feb l 1 61 May27
10312 104 *105
3432 Jan 5014 May
200
Do pref.
10712 10938 108 10912 10912 11214 11012 107
10934 11112 10934 112
100
9872 Jan 6 10758 June16
11134 41,930 American Car & Foundry_1
11714 1174
117 117
00 8412 Feb10 11273 June19
Dec
203
Do
prof6134 63
100 113 JatilS (1714 June18 10
- 6014 6178
-F3174 -67'3-13
731,- if2-3-8 -0
688
98jj
:44 Jan
a1,-2 -0
aann 199
6i
n15
9 Dec
2 13,703 American Cotton 011
Dec31
*91
93
100 393* Jan 2 64 June 9
-,93
--- -__ --- _-- *91
25 Jan 4434 Oct
100
Do
prof
1213 12% 1214 12% 12
1233 1214 1214 -1212 -1-2-1100
33 Jan 7 93 Apr 3
4 1214 1214
Dec
78
May
SS
2,100
Druggists
Amer
Syndicate_10 101$ Jan21 1414 Mar 7
3314 33% 3314 3378 3118 3214 313 32
3112 3134 3214 31
21,000 American tilde & Leather 100 131$ Jan 4 3873 June
125 12012 125 12778 122 12138 123 121
12314 125
2
125
1172 Jan 224 Sept
273* 8,303
6512 6612 6333 06
62
6213 0313 6314 161
64
100 7l14 Jan 2 12913June12
63
63
50 Jan 917k Aug
14,
6
5
0
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Deoricap
)
in
:
0
;cf1e
100 33 Jan21 7613June 6
7112 *7214 7414 72
*73
74
71
72
7434 7434
1112 Jan 49 Oct
10512 107% 107 1034 1084 1097
.
155; 1-114 10714 111% 10314 103
100
5414
Jan20
7614
3834
June 6
Jim 61
Oct
3 110,8)0 Amer International Corp_100
5238 Feb 8 11473 June 9
5111 Sept 8012 Oot
41,20) American Linseed
100 4413 Mar 1 7913June27
27
Jan 4713 Dec
Do prof
8112 8514 8113 86% 8314 8512 81
814 8514 813* 8614 1,903
85
98% Aprl5
(j914 Jan 92 Dec
31,903 American Locomotive-= 1
*107 109
*107 109 *103 110 *108 110
53 Nla
109 10914
ar
n211 8714 June 2
5313 Jan
7134 MaY
203
Do prof
-ai2 Wi- 6313 61
63
100 100 Jan14 10914 June231 r95
61
---- ,
61
65
651,1 65
Jan 102% Dec
5,100
Malt
Amer
1st
pf
Ws
82 -82-1-2 8133 8273 7914 8114 794 727
stp
I
.
51
June271
Apr
8134 83
2 66
41 Sept 48 Dec
8213 8434 49,60) Amer Smelting
& Refining.100 6213 Feb 6 86 Junel0
*10612
103 103 *107 103 *107 108 *10712 10312 *10713 10912
73 May 9434 004
46,1
10
00
0 Am
Do
stoop
l ref-.--.- _103 103 Feb20 109 May13, 103 Sept 11014
417 -4-2-3; 4133 43
4014 4138 40
41
41
4218 4134 42
Nov
Found tern etfs 33% 3314 May10 24314 June19
13314 13114 13312 135
13112 13112 13214 13234 13213 133
133 131
7,103
American Sugar RatIning-.100 11114 Jan21 13933June 6
•118 119 *118 119 *118 119 .118 119
118 113 *117 119
93
Jan 110 May
103
Do prof_
11014 113
114 11434 11312 116
11114 1123* 111 12 1134
119 May241 10814 Mar 1144 Dec
111 114
n13
100 10614 10534 10312 10514 106
6 12012June12-10
3:
041
11 Jan13
0 19
15
10112 10513 101 10134 10113 10514 22,590 Amer Sumatra Tobacco__ .
6034 Jan 145 May
7,299 Atner Telephone & Teleg_100 985 Jan20 108 Mar10
218 21973 21734 21734 2164 21634 *210 218 *210 219 *212 213
903* Aug 10914 Feb
700 American Tobacco
1
1917$ Feb 4 22112 June 0; 1401$ Jan 19834 Dee
•10112 102
101 101% *10012 10212.101 10212'101 10213 *101 10212
200
Do
prof
11112
(new)
143%
114
11012
106
11114 113
Jan 6, 9213 Sept 10013 Dec
11533 1164 1147 1173*
11234 121
25
2
7
109
:60 Ampeor Woolen of Masi-1
050
4
0 91
4 Vag 130 June 3, 44's Jan 6072 May
45
5/
108 103
103 10314 *103 108
10734 10734 10112 10612 105 108
100 9433 Feb a 11034 Juno 5' 92
47
4712 4714 4712 4534 4914 494 5114 19
5318 43% 50
Jan 9834 Dec
14,700 taxer Writing Paper prof. 100 2738 Jan
23
2313 2213 2313 2113 224 2114 2212 2134 23
5112June 9, 2014 Apr 3932 Aug
224 23
8,303 %mar Zinc Lead & Smelt.„25 11
Jan31 2573 June10
59
60
5812 5312 534 Ws 5934 61
01
01
61
61
11
Dec 21% July
1,10.)
Do
prof.
_25
40
Jaa21
7213 73
634 June 9
72
73
7118 724 714 7333 724 7312 73
338 Dec 534 July
7113 75,803 Ancaonda Copper Mining_50 5612 Feb
17812 181
177 179'2 17312 177
6 75 June10,
175 177
175 17512 178 179
11,000 All Gulf & Vir I $S LIne-100 92 Feb t.: 18313June 7; 59 Dec 27414 Oct
*70
73
*71
73
*70
71
*70
71
-- _ _
9754 Jan 12014 Feb
*70
71
prof
Da
_____
..._
.100
laa29
64
103 105
764 May 8' 54
10312 10312 10112 10112 10214 10113 10234 1-0-1-- 10312 19134
Jan 6738 Nov
13512 137
135 136% 1314 135
133 133 *131 13112 134 135 171,403 Baldwin Locomotive Wks_100 64% la 129 10734 June 3' 56's Jan 1015 Slay
1,893 Barrett Co (The)._ ......100 103
Jan 2 140 June 71 85 Jan 110 Dec
8512 8512 851s 8513 854 3514 *87
88
300
Bethlehem
Steel
Corp..._1
00 5512 -hint() 9113 June12, 60 Dec
-gni, 89i2 35
863* 8514 8638 86
873
874 8314 83,209
96 May
Do Class B common_100 5538 Jan21 93 Junel2
111% 11158 11173 11173 1123* 11253 -------_ 1117 1114
600
Do cum cony 8% prof__ 10138 Jan27 115 June 9; 5934 Nov 94 May
-i5T2 -24.12233 2134 22
4 22
21% 224 2153 21% 21% 2238
2 Apr
9612
1067
Jan
3,800
Booth Fisheries
No par 1814 lanI4 2434 May221 21
•145 150 *141 152 *145 159
150 15073 151 151
152 15212 1,000
Ms Sept
Jan
134 133
1212 1333 12
1212 1233 13
1234 1214 1213 134 7,300 Burns Bros--.....-__100 133 Feb 6 166 Apr 23 168 Feb 8112 Oct
Copper
Butte
Zino
&
0_5
v
t
54 Feb20 143$ May27
2312 2334 2712 2834 27
2714 2712 2873 28
51$ Dv 11Ps July
2834. .2814 234 13,100 Butte & Superior Mining_1
0 1673 Febll 31% June 3
6314 70
67% 698 67
6712 6814 6714 6734 674
63
WS May
6112 Jan
6813 10,750 California Packing__ No par 434
Jan 2 711* June 7, 3612 Jan 50 No
•DU and asked Priem no sales on this day. 2 Es-rights.
•
I Ler than 10() shares. a Es-dly. and tights. s Es-dividend,
ai- -si-
E
-aor2 -8-2-3-4
.g .(7„., z14, a, 374 434 431 ;chi
12.. 21 11 .74`2
2614
New York Stock Record-Concluded-Page 2
second page precedloa.
tog record of sales during the week of stocks usually inactive, see
MOH AND LOW SALE PRICHS-PER SHARE. NOT PER CENT.
Friday
Wednesday Thursday
Tuesday
Monday
Saturday
June 27
June 26
June 25.
June 24.
June 23.
June 21.
SaInfo,
the
Week
Shares
PER MARE
Range Since Jan. 1.
On basis of 100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Highest
Lowest
PER SH ARR
Range for Previous
Year 1918.
Lowest
Highest
3 per share $ per share $ per shore
IndustrIal&MIsc.(Con.) Par 3 per share
2472 Nov
$ per share $ per share $ per share $ per share $ per share $ per share
12 • Jan
100 2038 Jan 2 3034 June 9
4,300 California Petroleum
35
3414 34
3334 3514 3334 3514 34
3513 36
Jan 7012 Deo
3558 36
n 2 8434 June 9' 36
Do pref
7714 7712 7734 2,100
77
78
77
78
7912 78
79
79
79
5134 Dec 738 Feb
8 10934 June 6
Leather
Central
114,300
10518
104
10212
1037
1C1458 10714 101 1.0412 102 1037
10413 106
100 10412 Jan 7 11212June 6 1014 Dec 108 Nov
Do pref
*111 11218 *111 11218 *111 11218
•111 11218
Jan22 67 Juue27, 2914 Mar 39 Nov
Cerro de Pasco Cop_ __No par 31
4 5114 5812 588 634 6134 67 109,800
.ii, "i"614 --5
5138 518 -55- -i6.1100 103 Jan18 248 June27, 8814 Jan 10973 Dec
Motor
Car
Chandler
11,200
248
21278 23478 238
201 207. 207 21334 210 21312 213 213
Jan21 28 June27: 1413 Apr 24 Oct
25
1718
2638 23 65,400 Chile Copper
267
2618 2612 2512 2658 2514 2578 2538 2658 28
31% Dec 4714 May
Copper
4614 4414 4534 4514 468 4534 4614 4578 474 16,000 Chino
4512 4612 45
3434 Jan 5412May
10151
ebb
F
fron
F
4
l8
N3
&
Fuel
Colorado
474 4734 4812 6,800
4712 47
4712 47
48
4834 4712 4834 46
2834 Mar 447 Dec
8June23,
100 3914 Feb 1 597
5912 34,500 Columbia Gas & Elea
59
59
5658 5734 5818 5938 53
5612 5634 5718 597
8234 July 10538 Nov
10358June1.2
Jan27
(N
8718
Y).-100
Gas
Consolidated
3,400
9912
4
10012
1013
4
10014 10014 10014 10014 100 10012 9912 9912 993
71
ne24
Oct 95 Feb
6512
no
u
Ju
j
3
4
3
9
0
17
1
Feb10
Inc
eb
Can,
512
46
6
10,400 Continental
Nov
974 9838 9558 9778 9134 9518 934 9113 9412 9434 9512 9634 269,100
2973 Jan
1
Corn Products Refining_1941
7912 778 7912 7738 7814 7713 79
7734 75
7158 7314 72
v
5018 oea
Jan 104D
29012
10812June20.
100
102
Jan23
pref
Do
700
10314 10814 10318 10838
May
10812 10812 10712 10712 108 108 *10712 109
Jan
52
748
2
9712June
7
of
Amotica_100 524 Feb
9514 80,900 Crucible Steel
9278 93
9134 9018 9112 91
.9414 9538 9212 9514 89
86 Jan 9184 June
103 June13
100 91
2
Jan
pref
Do
500
_--101
--_101
_
10034 10034 ___3913 May 9
274 Apr 34 Nov
3378 3178 348 357 23,100 Cuba Cane Sugar---No Par 203* Jan27
35- - ----s1 157-8 3334 3514 3353 3414
7714 Dec 83 Feb
6912 Mar 1 8512Juuel2
Do pref
8112 5,100
8.418 8312 8312 84
8418 84
84
85
8414 8434 84
0 June 15 Nov
May12
1614
it
Jan31
1058
Ltd
Mines,
Dome
1,300
3
137
*1313
14
4
133
1312 1334 1334 1334
1334 1334 1334 137
2534 Oct 39 Feb
May19i
8
375
par
Jau21
Inc....:Vo
2518
W
&
W
3514 12,400 Gaston
35
3438 35
3512 3812 3358 3512 3438 35
3614 37
100 14412 Feb 3 16934June 5, 12734 Jan 15313 Oct
16314 16314 164 16438 16412 16514 1,000 General Electric
165 18514 163 163
*183 164
Motors Corp .100 11813 Jan21 243 Juno 6i 10634 Jan 164 Aug
23212 2374 23012 23612 23212 23512 23412 23973 114,150 General prof
229 23512 22912 241
Feb
Oct
101, 82 Jan 6 95 Juno :3.
Do
5,200
9413 9134 9412 95
--_- _--- 9312 9414 9414 9434 945 95
100 564 Jan10 8758June 3: 3g% a
Co (B F)
Goodrich
37,500
8012
7914
814
78
79
794
7714
7718
79%
7814 8038 7818
Dee
104
Dec
95%
Apr16;
10913
8
Jan
103
pref.
100
Do
1,200
4
10412
10312
1033
10512 10558 10458 10434 10378
*10434 106
Oct
1,700 Granby Cons M S & P... 100 84 Apr21 80 Jan 31 74 Jan 88 Nov
70
69
72
72
wi5" -ii" 727 7278 *70 7234 717 73 437
3812 Jan 5814
3878 Apr25 4612 Jan 91
8 4378 43% 4518 5,000 Greene Cananea Copper
4314 43
4334
4212 4312 4312 4334 43
11112 Apr
Dec
2
583
Juno
4
81
tr
etts_100
Steel
3
4913
Fob
States
Gulf
1,700
63
6778
6534
6618 6614 6518 6518 65
4 Jan
b 8 65 Junoll
et,
42012 Febr.e
22,500 Elaskel & Barker Car__No par
61
5958 6012 -'&678 -64-- 6312 65
60
-iiiT3 -62.1-2 61 62
et
lY
c
uun
IO
811
0 sj
36
4
5
7,
122
n n(
410118
20
334 Ju
27
6
Copper
6034 5912 6038 5858 6014 5834 6118 6014 6114 6034 6334 83,900 Inspiration Cons Corp-.100 104 Jan 26
60
DeeJan
Agricul
Internal
3,100
26
2512 *25
2812 *25
2634 2512 2613 25
2634 2738 26
June
66
Jan
2Junel3
38
100 48 Jan 4 891
Do pref
8418 8418 2,900
86
86
85
8434 86
82
867
8412 86
85
Oct 121 Nov
Jan21 14738Junel2 104
13912 14234 z140 14012 141 14134 141 14112 9,400 Inter Haverster (new)......_100 11018
1444 14534 142 144
33 Oct
Jan
5258 517 5338 178,700 Int Mercantile Martne..- 100 2114 Jan31 5838 May19, 21
51
5034 4734 4878 4812 52
5018 5114 49
12813
May28
8338 Jan 12512 Nov
100 9234 Feb10
Do pref_
116 11712 11612 117% 117 1177 23,700
11512 117
11712 11878 11634 119
35 Nov
Jan
27
8June26
337
3
Feb
2412
25
(The)
7
Nickel
International
179,100
33
33
8
327
338
3114 3234 3134 3314
3112 33
3112 32
21 2 J
_
n13 6212June 7
Ja0
)14 j
2
;(
5634 5512 5734 5614 5713 5758 5813 21,300 International Paper-5612 5512 5633 55
56
ct
lin
51 IJ:ae
8
:
5
6
3 7712 June 5
prof
stamped
Do
1,300
76
76
76
4
753
76
76
7512
7512
7578
7512
Apr 72 Dee
41
126 12678 126 12712 12,100 Kelly-Springfield Tiro__ 25
1241-2 12-63 12313 12512 1204 12438 124 126
49115814
r)er2 29 Mar
..Na pa- IL gal 1r1L174
8 JOko
3834 3912 3838 4038 3953 4014 397 407 37,600 Kennecott Copper__
3913 397
394 40
Apr30
109
22
,
51a2r
4,
1
2
r3
)
0
)(
_d
Rubber
&
Tire
Keystone
27,300
10334
10178
10238
10114
10234
102
103 10518 10234 10418 z100 10234
May
8812
21
9
Juno
Steel
8134 324 8212 8312 83% 8478 6,303 Lackawanna
ci
oo
8412 8412 8112 8412 8014 82
558 De
44
Japiri 2
74 A
12
Jan22 3714 May 2
3112 3,200 Lee Rubber & Tire_No par 21
3418 34
33
3214 33
33
3312 32
3358 33
33
June20
7812
°MAO°
4018
tr
Feb17
Biscuit
Loose-Wiles
1,300
74
74
74
74
76
77
76
7814 *75
7612 7612 77
Dec
Juno20
96
Feb
0
1
53
120
5
100
94 Feb
Do 2d pref.
118 118 *110 120
*118 120 *118 120 *118 120 *118 120
70 Dee 78'2 Feb
7 May27
100 70 Jan22 798
Mackay Companies
80
*75
*7212 80
80
*75
*70
80
80
*72
*7212 80
Jan 65 May
57
100 x63 June 6 65 Jan 4
Do prof_
6412 ' 100
6-112 *64
6412 *64
6412 NH
*64
64
*6312 6412 61
OJftno
41 Nov
3:
32
4
2752039:124 DecJanJso19
3
4June
583
100 2684 Jan22
4712 4812 13,200 Maxwell Motor, Inc
46% 4618 47
4734 46
4914 48
4934, 45
48
6978 Nov
6
June
8312
Jan22
5038
prof
1st
100
Do
3,200
7638
4
753
76
7514
7613
77
7534
7534 7712 7714 7812 76
3
June
Nov
32%
2
4
1
7
32
May
19
2
3
12
n
t
a
is
4
pre
.
1431
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Do
)
0
-13
3812 38% 2,700
38
3714 38
37
3913' *3713 39
3818 3912 39
180 18212 18112 18378 18413 18734 100,600 Mexican petroleum
17812 183
183 188
18414 188
10318 Apr19
87 Jan 107 Dec
:
102 1^.84
Do prof_
_ *107 109 *107 110 *107 108 *107 103
---- -_.. -29 June10
Febe
2312 11,200 Warn! Copper
2778 2878 28
2758 -28 1 2718 2733 2712 28
2734 28
5418June 3 ' 41 Doc 61 May
50
7
Ordnance_
404
Feb
&
Steel
23,300
Midvale
4
513
51
8
513
4
503
5112
4
513
51
3
8
523
505
5112 524, 5114
100 69 Mar28 8234 Juno 9
64 June 8112 Nov
1,400 Montana Power_
78
7612 76
76
77
76
77
77
77
77
Nov
18,200 Nat Conduit & Cable_No par 11 Feb 8 2234June23
2034 -2-078i 2018 22341 2113 2234 2112 224 214 2178 2134 22
y
1% May
54
7 J)n 2
3314
7 :1
8858
June
8
Feb
4518
:100
Stamp'g_
.1,
Enam'g
Nat
8,700
82
78
7814
4
7712
763
7713
79
76
8034
79
7912 8012
483814 Nov
400
10212 10212
Do prof_...... ___ 100 93 Jan15 104 May27
10212 10213 *101 103 *101 103
*102 105 1 102 102
b
9
Feee
June
5 D
699314
9
100 64
Jant I 8534
7014 8138 6,700 National Lead.
7838 7714 7714 7712 78
77
7812 7912 7734 793
May
9934 Mar 10513
107 Jan 3 11012 May19
100
110 110
Do pref_
*108 11012 *108 110 *103 11012 *109 110 *109 110
INI2Jjutinueep
Den
1914 1933 4,800 Nevada Consol Copper-7.1665
1914 1858 1938 1914 1014
1914 19
1918' 19
19
y
13291% May
1
„
91361
61;11
21
113 12212 12258 12412 6,400 New York Alr Brake.__100 91:4
118 118
118 118
12034 121
1
121 121
3712 Aug 5714 Nov
Janll 6134 MaY24
900 North American Co-- ---100 47
60
*57
574 60
577 577I 5334 5834 5718 574 *57
59
.
_4;
Mar
3518
25
._
(The)
5914 129,650 Ohio Cities Gas
57
5714 58 1 5714 5812 5618 5712 5638 5718 5613 57
1058 1078 1058 10% 103* 1078 36,400 Oklahoma Prod & Refining
1158 1058 11
1112 1134' 11
June
838
700 Ontario Sliver Mining.__1140
8
8
8
858
*8
83* *8
8
8
-1
2312 Jan 40 Dec
3978 39
39
800 Pacific, Mall SS_
39 1 *39
3878 39
39
40
*3712 40
*38
30
7214 Oct
6314 Octn
95
9213 9413 9212 938 9334 953 45,100 Pan-Am Pet & Trans._. 58
9712' 9514 9712 91
96
f:....... 12412 Oct
-4
6eeein
l i ia
?1 175 Junel3 ..8
:
1i
n2
Do prof_ _____....100 at;13
_.
Japnr 61 Nov
158 A
29
117-8 "ii- liC8 .-2;Laa People's(3 L & C (Ch1c)._1 0 45,8 Jan22 5437 1‘'Aiatir22851 3
"LI "ul "iiiii "i212 "aii4 164 "iois -gOs-8 -8ii8
3514 Oct
50
3
30
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Jan
ittsb.
(P
Co
3934
6,900
Philadelphia
3912
3912
3812
39
4
383
3918
38
4
393
3834 398 39
par
Jan 5134 Nov
8June
31
665
34
38%
Jan22
Car...Ns
M
Pierce-Arrow
8
567
140,600
5734 6034 5634 5878 5318
5914 611
6158 62 I 6058 627
57;884 Dec
May291
4
8910,
10
110
n
nn
aa
Ia
874199,53344 .J
1.00 10112 Jan 3
Do prof
_
600
*105 108 - -------- 106 10712 10512 106
7
29
Aapyr1
114 m
,
3
Rapt
0, :5
05
6 r
10
bi; 9
en
Ja
2314 227 2312 -234 -2-11-2 14,400 Pierce Oil Corporation.--12
8 23
8 3524% 1413 2312 2458
DFOeeeFeb
61
June
6614
ri3
b
100
3
ie
F
N
e
l
Pa
625 6334 634 6334 6,400 Pittsburgh Coal of
6312 6418 624 6312 6113 624 6212 63
200
Do pref
96
9312 9312 *93
96
*93
95
*93
93
93
95
*93
Aug
73
100
Apr
Jjtuinnee23
12
5
Nov
3
5
0
Car
Steel
500
Pressed
85
35
4
843
8614
85
8412 85
44
4
1158
4
:27
_100 100 Mae 3 1!1
Do prof
------- -----------100
__--_
10414 10414 ------- ---35 Oct 10912 Mar
3 .1•82 n11.7,
100 Public Fiery Corp of N J-100; 82 Jan31
8282- *8086 86 *8286 - *82 -86
*82
86
M al0 ylo 10013 Jan 13214 Nov
8
95
1117
Feb14
8
1,100
12612
Pullman Company
___ ___ , 12612
_
126 12712 ___
128 123
129 129
4512 Jan 78'2 Deo
6
51 June
100 6812 Foto
4 -9112 91k 9114 9158 4,300 Rallway
-9014 -9-019214 9234 9012 90
9212 93
95 Jan 10512 Deo
100 104 Feb 4 112 June 3
Do prof
100
*10712 10834 *10712 10334 *10712 10834 *10712 108 *10712 108 1 10712 10713
June10
26I May
2514
10
4
Copper_
19
Mar
2138' 237 2438 17,100 Ray Consolidated
2338 2414 24
2412 2338 24
24
2433 24
s 1.;.aen°
el4154
90 1 90
9338 37,000 Republic Iron & Steel.._ 10')7112 Jan18 9358Juno23
8858 8933 90
91
9112 8918 9034 8718 80
Marti)
Sept
10212
105
Jan
..100
92%
Jan13
100
500
Do
pref
10112
10438
10438,
10418
10112
10438 10438 104 104 *10312
.*10313 105
Oct
4,200 Royal Dutch Co (Am shares) 704 Jan21 11912May21 271) Dec 145
1143* 1164 11314 11514 110 1123 11013 11012 11112 11112' 112 113
11958 may21
Mar1)
8612
shares;
York
New
149,800
11314
for
8
10034
112141
1117
Certfs
110
11153'
11313
10912
116
11618
11312
11312
ei
05O
D
14
12
3
10
7
.
3
June
14
e
g
e
At
614
Mar21
D
Corp-100
Car
:13133,344
Motor
Saxon
3,500
11
1138 1112 1058 1114 104 1012 1038 1034: 1012 1012 11
Juno
700 Sears Roebunk & Co_ __101) 16812 Feb13 212 hfay21
205 205 204 204 *200 205 1 203 203 I 20412 20112
*20412 208
1814 Feb
4June10
153
10
10
Feb19
Copper__
Arts
8
153
15
1514
1,400
1434
1514,
Shattuck
1478
1478
147
18
1478 1478 *1412
2514 Apr 39 Feb
6238 161,600 Sinclair Oil & Ref'g.-No Par 3314 Jan 2 6934 May 8
61
8312 654 6214 6414 594 6212 6058 6238 60% 617
9 Jan 7114 May
6734 6712 69% 6834 7112 7113 7314 28,600 Slos*-Shettlel,1 Steel da Iron 1.01) 4512 Feb10 7314June27
69
66
6718 6812 66
---5314
...p.i.. .wit,
51
par
..1
34 ..i
_No
3
654
4
June
363
Jan10
Stromberg-Garburetor
1,200
____
1
55
*5312
5712 5734 534 54
5712 58
Nov
3
2
June
4
1243
10034 10434 101 10458 10134 1-6413' 104 1074 248,700 Studebaker Corp (rhe).....100 4534 Jan22
105 1077 10312 108
804 July 100 Nov
100 92
Jan22 10012June20
Do pref
100 100 1 10012 10012 *100 10012 1,600
100 100
100 100
100 100
Dec
55
Oct
37
Junel9
7518
4214
Feb14
par
./Ito
Am
of
Car
Motor
Stuts
7258
9,200
71141 7012 7114 7134
6918 72
70
17113 73
7312 74
3414 Mar 4552 May
4434 12,600 Superior Steel Corp'n.... -100 32 Jan21 547a June3
44
493 50 :45
44
5018 4418 4518 . 4358 44141 41
95 Feb 100 Sept
Do 1st pref___ .. _ .100 9734 Mar29 105 Juue20
1238 Dec 21 July
1218 Mar 17 174 May 5
1312 13% 135; 58,300 Tenn Copp & C tr etfs ,Va par
13
"i5E8 14" "iii4 'Ii7-8 "iiE8 Ii171 Ta- -1334I 26713
Jail 2 292 May 9 13612 Jan 203 Oct
26914 270 27334 16,200 Texas Company (The) .100 131
265 268 1
263 268
27514 27878 271 277
...100 7258 Jan29 11212June27
10634 103381 107 1073 1073 11212 81,700 Tobacco Products Corp
10612 1081 10512 10934 10634 109
e
eo
De
,D
28
84
7;:‘
48
ne21 ci
,ur 10
un
'NIIA
4 illig iti
r2!)
Do prof
3,800
tila lIta0
'ip
115 115
115 11512 115 115
113 11514 115 1153 11512 116
May
)
93
Union Bag A, Paper Corp..111110
*85
93 *____ 93 *___. 93
3187
90 *____ 90
*85
4412
80
u:7
14
0
2
as
May24
55
1
Jaul
par
..
Steel.
Alloy
United
373*
3,100
5212
8
517
52
51
51%
5214
8
505
5213
5234
5053
5234 53
1,
0
0884
100 10714 Jan 2 16934:Jun027 108313144 M ar 11
1624 165
16214 16634 16038 16512 16414 16714 166 16812 16812 16934 65,200 United Cigar Stores
Jan
100 1.06 Feb 5 113 /al ay22
-- *115 130 *115 120
16612 Deo
Jan
11614
10(/
9
157
Feb10
190
Juno
.
p
Fruit.
ed
o
lt
D
2,100
Un
4
1843
4
4
18434
1841
184
*183
1853418534ilar
1i3;
2
4 /.551.4 1-16-1Ha; 1-81119 May
1118 Apr
10,, 14
Jan15 3738 June27
3612 3738 27,800 1128 Cast I Pipe & Fdy
3334 357
333* 343
35
354 3613 3312 36
34
1,14., 424 Jerald 6614Jdne10, 11 Mar 473 Feb
Do prof
2,400
66
65
(41
64
6412 6414 6412 6113 6113 *637.2.: 65
64
8258Juno21
8
Apr
06
Corp.-100
Products
U
Food
8
66,600
8038
79%
8012
7914
807
798
8014 8133 804 8258 7814 8118
l'aili
167 May277
DecDef
95
Alcohol..-100 9714 Jan22
0:
153
50,100 1:1 S industrial
14314 15112 149 151% 150711
15112 15313 152 15614 14712 151
Oct 99 Mar
101, 9614 Jan 2 111 May23. 94
Do prof.
*10613 110 *10612 110 *10812 110 *10612 110 *10612 110 *10612
Dec
8012
51
.1an
June27:
132
Jan21
73
United
States
123,300
Rubber...J.04
1267 12012 1201.1 132
12434 12333 12512 128
12234 128
12538 127
Jan 110 Deo
101 109 Jan20 116 June27 z95
Do 1st preferred
1,300
41115 11512 11518 11512 11513 11512 11512 11512 11558 11553 11578 116
5634 Oct
Apr
3212
May22
8
705
Jan21
5(
4314
M____
&
Ref
US
8
Smelting
633
8,600
67
6634
677
6614
6714
8
6612
6758
6712 6734 6618 6712
1258 Apr 47340ao
45 Jan15. 50 Mar 2
511
100
Do pref.
*4934 50
50
4934 4934 *4913 50
50
*4812 493 *49
*49
8414 Feb10 11178 June 0, 8612 Mar 11612 Aug
1057 10714 10658 1077 10738 10334 539,900 United States Steel Corp..10.
10734 10332 107 10338 10512 107
Mar 1135a De0
2
11714
108
May
Feb10
101
11318
prof.
Do
6,760,
1153
116
11518
11612 11612 11634 11634 11613 11612 11614 11658 11518
93 Oct
7114 Des
U. 654 Feb 7 9112Junel2
8334 9014 42,030, Utah Copper..
89
8614 8734 874 394 88
88
894 8738 89
1034 Nov
11 Sept
Jan 2 214Junell
104
13
300. Utah Securities v t c
18
1378 18
_-_- __
17
0014 Nov
Jan
June21
333i
854
Fob10
51
,
na
Cheal_10
8134 8233 35,300, Virginia-Caroli
8034 83 8118 8312 8114 84
8 82 -85
-5538 151Dee
11358
98 Jan
Jan 7 115 June21
10, 110
600. Do pref.
11412 11458 *114 11412 11438 11438 *114 11458 115 115
115 115
Ms July
50 Jan
10
51 Mar31 74 May29
900. Virginia Iron C &0
66
-4
65
*6
6612 67
66 66
68
6812 6412 68
Apr
9554
774
May26
Aug
924
IVIar27
84%
Union
Telegraph_10:
1,100, Western
89
8834 8834 89
8934 ---90% 9012 8914 8914 89
J
3t3
104 Jan21 597g June 9
5612 -67-5714 15,200, Westinghouse Elm & Mfg. 5,
5078 5618 5678 57
5675 5713 5633 5712 564 57
an O41 FebDo i
594 Ja
61 Feb27 70 May10 :
5,
preferr
ist preferred
I
_
49 Nov
363* Jan
45 Jan 3 6312MaY 3
5,
i Witi ii,i5ti White Motor.
8 -ii"
-bi- 17-1; -155T2 -5-i-1 -5534 -E:d1-2 -55i2 -68- "La; -5-6:1,
1512 Jan 30 No
2314 Jan22 4014June 2
3512 3453 3513 354 3618 35,700 Willys-Overiand (The)._ 2:
3558 35
3614 3634 3512 3632, 35
8914 Nov
Jar,
75
9
9814
May
7
Jan
4
la
873
-.._
prof
(new)...
Do
500
97
*9512 07
97
954 9518 *05
*9413 9712 97
934 94
4514 Jan 774 Dec
6538 Jan21 98' June21
971 13,6001 Wilson & Co, Ine. v i o No pa
9514 9514 9712 97
9618 95
9.4
98
96
9814 95
Oct
10 120 Feb 7 13334 May19 110 Mat 128t2 Sept
6001 Woolworth (F WI _
130 *127 130
12413 130
*128 130
Oct 115
10 1114June26 1174 Jan17 111
Do pref.
100
_ _ ____ *11414 11612 11.438 114%
*11414 11612 ____
34 Jan 69 Aug
50 Feb13 8034June 7
75 -7-913 74 -7-73-4 75
7512 76% 76% -i51.4 I-1-1-4 10,2001 Worthington P & M v t 3_10
81
*79
lve
91
012 Ito
71
0
14
r2
oc,
0n
0 JA
78
84432 Fe' 9
3 9
n 9
.
3ao
us .1
-.11n9,
1 Do pref A.
*90 100
*92 100
99 1 *93 100 1 *90 100
3195
*9512 99
nn ,... n
800
70
7)21, 7
2
,
70
*7512 77
757, 7878 *7512 77
74
77
12 21,1 Ja
13 tr luunneei?,
IL
IN
Ag::ilaY,
TCL
05
• Uid and asked pricey; no salsa on Ma (1.v. • Leda 6124u 100 shatall. t Esitinte. a Ex-div, and rights: slls41rIdang•
J3718248 3J4.1uanYeee13
New York Stook Excnange--Bond Ret;ord. Frida,y, Weeirly and Yearly
1909 the lisehange method of itsollag tenth was ch enged assa prices are now
-"and interest"-except for morass
2015
and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 27
Pries
Friday
June 27
Bid
U. S. Government.
4;4s 181 Liberty Loan
D 99.40
1932-41
41 1st Liberty Loan
1932-47 JD 94.90
45 25 Liberty Loan_ __1927-42• N 93.90
Ags let Liberty Loan
1932-47 JD 95.20
&Ms 2d Liberty Loan... 1927-42•N 94.12
45is 2d Liberty Loan-1932-47 JD 99.76
4)(11 3d Liberty Loan
1924 MS 95.14
4Xs 4th Liberty Loan
1934 AO 94.14
4,is Victory Lib Loan- 1922-23
99.88
3,49 Victory Lib Loan_ 1922-23
100.06
25 ooniol registered
d1930 QJ
25 consol coupon
81930 Q J
&II registered
1925 Q F
is coupon
1923 Q F
Pan Canal 10-30-yr 2e
k193i, Q F
Pan Canal 10-30-yr 25 reg_193 • N
Panama Canal 3s g
19131 Q M
Registered
1961 Q M
1914-34 Q F
Philippine Island 413
West's
Range or
Last Bale
Ask Low
Range
Sines
Jan. 1.
IIigh No. Low
BONDS
N. Y. STOCK EXCHANGE
Week Euding June 27
.3
Price
Friday
June 27
Week's
Range or
Last Sale
11
1
Ranee
Since
Jan- 1
Chesapeake A Ohio (Con)Bid
Ask Low
High
Low High
General gold 434s
1992 M
7914 Sale 794
7914
77
8318
Registered
1992 M
73
78
86% Mar'17
20-year convertible 4 As 1930 F A 82
8314
Sale 82
'Hi,"0;
30-year cony secured 5s_1916 A 0 8958 89% 8912
90
48
782
131%
9
1 8
8782
43
Big Sandy 1st 4s.
•
1914 3 0 ---- 83
7818 May'19
Coal River Ity 1st gu 411_1945 J D 7218 8234 82
34 May'19
Craig Valley 1st g 59
1940 J J 84% _
9838 Feb '16
Potts Creek Br 1st 4s__ _1946 J J
69 June'19
69
8759
R as A Div 1st con g 4s
1939 J J 76
79
75
7712
80
25 consol gold
_1989 J J 8953 7414
Greenbrier Ry 1st gu g 49_1910 Ni N 7408.... 71 Oct '17
884
Sept'16
Warm Springs V 1st g 58._1941 hI S 81%
113
Chic A Alton R11 ref g 3s.....1949 A 0 ---- 5212 5212 Feb '15
June'19
50
5312
Railway 1st lien 3349
1950 J J 3712 Sale 3712
38
3534 40
Chicago Burlington A QuincyDenver D15, is
1922 F A 100 ____ 9912 May'19
9914 9912
Illinois Div 3).4e
1949 J J 75
7514 7513 June'19
12
312 763
79
Illinois Div is
1919 J J 834 83% 8312
8312
2 8212 8572
Iowa Div sinking fund 59_1919 A 0 9934 100
9934 June'19
9%
4
Sinking fund 4s
1919 A 0 9914 Sale 994
9914 ---- 98
9934
Joint bonds. See Great North.
Foreign Government.
Nebraska Extension 45...1927 M N 92
92%
9314
2 9238 93%
Amer Foreign decor 55
191t,
9314
9934 Sale 99%
99% 68 9914 100
Registered
1927 M N
___ 91 Mar'18
Anglo-French 5-yr 5s Eater loan
0 96% Sale 9878
97% 1538 95% 97%
General 4s.
9
80
19510 M
2 -Sale 8134
41 "80
Argentine Internal 53 of 1909_
82
84 86
831
8512 June'19
8212
Chic
93
E
ref
A
&
imp
49
33
g
1955
J
J
3314
3312
Bordeaux (City of) 3-yr 89..1919
June'19
9812 99
99
25
3312
9912 53 99 10212
175 Mtg A Tr Co f of dep.
32
35
33
Chinese (Hukuang Ity) 5s of 1911
t 68
Sale 68
gg
22
383
4
68
7218
let ooniol gold Os
1934 A- -5 98 ___ 100
Cuba-External debt 58 of 1904_
100
33
9834 101
677:1.:.
.17.4
9.
77..201„4 10
7
994 June'19
100
9212 100
General consol 1st 5s
1937 Ni N 77% 78
7714 June'19
Ester dt 5s of 1914 ser A-1941,
A 91% 9278 9314 June'19
9014
118
Mtg
Tr
Co
9312
of
ctts
dep. -- -- 77
78 774 June'19
External loan 434s
1949
A 8318 Sale 834
834 23 42
Guar Tr Co ctfs of den.....
85
*774 -- 75 May'19
Dominion of Canada g 59.-1921 A 0 9812 Sale 98,
8
9812 25 9634 99
Purch money 1st coal 55..1912 F A
9734 Feb '13
-1920 A 0 97% Sale 974
do
do
9758 24 9038 98%
Chic
Ind
ity
A
C
1st 59.__1930 J J
_ _ 32
do
do
-19:31 A 0 9812 Salt 97%
9812 72 96% 9312
Chicago Great West 1st 4s 1959 Ni S 60 Sale O97 Mar'17
6012 34
Japanese Govt-E loan 4 As-1923
A I 9118 92 91
-a;
3 8678 9258
9112
Loutsv-Ref
Chic
Ind
&
69_1947
101
J
J
10312 100
100
Second series 44s
1923
91
1 100 103
9178 91 June'19
93
Refunding gold 55
86
1947 J J 8534 --- 8534 June'19I
do do "Gorman stamp".
8534 8534
88
32 84
88
Refunding
89
Series
is
6812
C
1947
J
J
--8412
Apr
Sterling loan 4s
'171---1931
Cif" f6- 80 May'19
Ind A Loulsy 1st gu 49_1956 J J ---- ---- 83 May'19,
75 8012
Lyons (City of) 3-yr Os
"di"
9813 Sale 98% 9912 25 987
1919
Chic Ind A Sou 50-yr 49_ _1956 J J 78
8 19212
79 June'19;
Marseilles (City of) 3-yr 89_1919 NI
99
9914 48 94
7834 81
9934 99
C1110
L
,
East
S
4
&
4
1st
4s
10212
1989
J
82
--973
s Deo '161----I
Mexico-Etter loan E 59 01 1899
8614 71
8814 June'19
Milwaukee
Chicago
61
A
PaulSt
7912
Gold debt 4s of 1901
1951
52 57
53 June'19
Gen'i gold 49 &del A--e1989 3 J 7118 7214 724
50
61
7212! 2 72
Paris (City of) 5-year 88.-1921
9758 Sale 9712
7812
40 964 10914
98
Registered
e1939 Q J
92-8 Feb '161----I
Tokyo City 53 loan of 1912
8034 81
Ni
804 June'19
Permanent 4s.
7978 83
1925 5 D 8313 84
84
U K of Gt Brit A Ireland81l 85
Gen A ret Ser A 4 As_..a2014 A 0 8834 Sale 8834
7414
8
69
4
;1
4' 2
3-year 54% notes
331 6812
1919 NI N 99,
997 309 9834 10014
4 Sale 99%
Gen ref cony Ser B 541_12014 F A 7814 Sale 7814
7912 14 77
8-year 51,4% notes
1921 MN 9818 Sale 9818 99% 414 9744 99%
9171
Gen'l gold 334e Ser B____e1989 J
J 134
88 68 Nov'18 ----I
20-year gold bond 5349_1937 FA 99% Sale 9914
9934 459 984 10134
Series
General
448
C......e1939
8038
J
J
Sale
804
8012,
These are prices on the basis at S5toE
5
80
8438
25-year debenture is
19'34 J J 7233 Sale 7238
72421
4 70
737k
Convertible 434s
1932 J D 78 Sale 7714
78
32 75
State and City Securities.
817i
Chic & L Sup Div g 59...-1921 J
98
9834 984 June'19 ----I 9812 08111
Ohio
A Mn Rly Div 5s....1928 J J 92
9534 92 Oct '19 ----,
N Y City-4s Corp stock-1960 MS 97% 98
9738
98
75 96
98
Chic
P
W
A
let
99
g
5s
1921
9941
99
99
1:
9758 97% 9712
41.s Corporate etock_ _ _190 I M
99
9712
1 98
-97
98
Nio A Puget Sd 1st gu 49_1949 5 J 71
79781 72 June'19 ----! (184 72 44s Corporato stock .....1900 AO 9758 97% 9708 June'19 --- 98
9914
Dubuque Div 1st a f Os_ _1920 J J
10312 Sale 10208
149 Coroorate stock Juy 1907
10312 24 100% 10312
9938 0078
Fargo
A
Sou
9
9
9
83_1924
assum
%
.1
J
g
1
9
134
934
100
9948
1023
4 103 10214 10234 12 10012 102%
Na
1985 .1"
afr:19
454s Corporate stook
9
100 100
La Croiie A D 1st he__ .._1919 J J 93 100
9958 Feb '19
141 Corporate stock......19)13 MS 102% 102% 10214
10234 59 100 102%
99
0058
Witt Minn Div g 55
9712 99 9834 Apr '19
19213
4% Corporate stock
1959• N 9278 9318 92%
92%
9834 981s
9034 9318
3
3
Wis
Valley
Div
1st
_1920
69.1
J
99
1954 NI N *924
9914 99 Jan '19
99
4% Corporate stock
'4)5
0212 June'19 -- 9012 9218
Milw & Nor let ext 4349-1934 J
89
4% Corporals stock
92% Sale 9258
1957 M
9278 13 9012 92%
8834 89
Cons extended 41.4s
8884 9312 t
4%Corporate stock reg....1955 MN 92 _ _ _ _ 908 May'll)-- 90%
1934 J D
il Y4
91
Chits&
Northwes
lix 4t 1838-1926 F A
1927
89 Apr '19
Now 454s.
1957 NI N 10278 Sale 10258
2 10012 102%
89 89
Registered
13364920 F A 87 92 95 Dec '18
102% 10278 10208
% Corporate stook_ _1957 M
10208
1 10032 102%
General gold 3
M N ---- 71
7038 June'19
34% Corporate stock. .105) MN 83 81 8314 June'19 -- 814 831,
Registered
01
___ 7012 Apr '19
v1937,
1961 MS 9334 9912 984 May'19 -- 98
N Y Slate-is....
69
7‘,-2
9814
General 4s... _..... _I937'M N 81 -Sale 8034
9334
1901 y
Canal improvement 44
9412 Apr '19 ---,
8118 19 8014 82%
9712
Stamped 4s_1937 Ni N 81
82
Canal Improvement 44-1962 J J 9834 _ _ _ 9912 June'19 -- 9912
8178 Oct •18 - _
9814
9913
Geeeral
5s stamped_1987 M N 994 Sale 994
9834
_ 9634 Apr '19 -- -- 9934
190(1 J
Canal Improvement is
id"
9958 36
96,4
Sinking fund (39...._ _1879-1929 A 0 103 109 1104 May'19
Canal Improvement 454to 19(34• J 108 10834 10812 10312
1 10334 1() 12
10158 104
Registered
_1379-1929 A 0
Canal Improvement 446_1965 J .)
1024 Dec '14
Apr
Sinking
fund 51_ _ .1879-1929 A 0 W14- Sale 1097:3
94
Highway Improv't 149_1963 MS 168..
10808 Mar'10
r9714
5, gots 9714
7116
4
10808 1063i
Reglitered__ .._._1879 1929 A 0 98 U... 96 Nov'14
Highway finprov t 449_1985 M
01,, June 18
Debenture 5s_ _-_1921 A 0 9814 ____ 98 May'19
7372 Dec '14
Virginia funded debt 2-39_1991 J
-98 -08.-.
Registered
_1921 A 0 97
98
98
di" 67 6512 6512 8 83 7434
05 deferred Brown Bros etre_
-- -- 97 98
Sinking fund deb 51 .....1933 M N 943 Sale 9434 Mar'19
95
5 9434 9612
Registered
9214
_1933
M
N
100
I 97 Noy'18
Railroad.
-Des Plaines Vol 1st go 450'47 M s 804 -.....110112 Oct '16 Ann Arbor 19E g 4s _ ...-41995 Q J 5719 Sale 5712
5712
6 51% 58
--From Elk A Mo V 1st es_.1.933 A 0 107 _
10034 May'19
Atchison Topska manta Fekii"
Man
B
N
W
1st
3349_19111J
1 62
1995 A 0 81
88 Jan '17
Sale 8012
Gen g 4s
8214 65 80% 8512
_
NIIIw & S List go 3tis__1941'J J
1095 A 0 79
817 81 June'19
Registered
7914 82
ISA
Mil
West
1st
g
69_
_1921IM
S
10038
Nov
111995
7418
7578
Adjustment gold 15
74 June'19,--- 74
May'19
foi"
8034
Ext A Imps f gold Os___1929.F A 98,
4 __
98 Apr '19 -- -- 98
1)1995 Nov ..,... 88 I 7312 June'18'
Registered
99
stampoil
__
itshland Div 1st g fis....1925:M S 10334 ____:104 Apr '19g....
_41995 Ni N 7418 7514 748
104 104
767 , 17 "fi" "fit;
Minh
Div
let
gold
1033
(15_19241.1
7
I
4
105 ,104 May'19....i
Cony gold is._
-1955 3
74
78 June'19 -- 74
194
104
7612
Mil Spar A NW 1st gu Is 1917IM
7812 8412 7878 June'19:---- 7518 7814
Cony 4s Issue of 1910.......1960 J 0 9814 1017 100 June'19 --- 9358 10214
St L Poo & N W let gu 59- 19181 5 .1 ---- 98
East Okla Div 1st g 19-1923 M 8 9018 9112 9114
9534 May'191---- 93
98
Chicago Rook tel A Pao89 74 June'19 -- 904 924
Rocky Mtn Div let 4s....1965 3 J 74
li/Mum general gold 49_ _1938 J J 75
7512 76
1 77I
7318
7818
Trans Con Short L let 49.1954 J 3 7508 78
76341 37 7538 7912
81
Registered
4
*---1933
J
.1
434s"A"1962
M
76
8214
84
-838 May'19 --- 7638 7838
85 May'19
Cal-Ariz 1st & re;
.56
1115
Refunding gold is.
1934 A 0 71
Sale 71
E3 Fe Pres & Ph 1st g 5s-1912 M S 94 100 95
95
3 95 95
73
37 70 7818
20-year debenture Os
1932
Re
Atl Coast L let gold 40- _1)1952 Ni 8 8112 8214 8214
80,
704 Mat°19,----I 7012 701*
__14
RI
Ark
e
82
&
Louis
let
94
4
qe
84
_
_1934
85
"E"
M
83
S
D
1981
-697
3
gold....._
70 June'19:-- 67
Gen unified 434s72
Burl C It A N 1st g 5s__ _ _1934 A 0 9112
_
53. _1924 Ni N 93 ___ 9,34 June'19
94!.,
9412
Ala Mid 1st gu
1 9412 98
984 9812
CRIFANW lst gu 54_ _1921 A 0 9258 984 97.4 Feb
Bruns & W Let go gold 44.1933 3 J 844 8812 78 Oct '18,-- '19 - 974
974
Okla
Cho
dc
gen
g
5s. _g1919 J J 9308 9912 97 'ç(y 4,- 16
4 .7
.0,8 17
m NI 17
2 .1
96
26
31
.10
9';
1 Aug76
Charles A Say lit gold 7s0
'115
2
Como) gold 58....._ _ --1952 hI N
93 May•14
L de N call gold 4e
Kook A Del Moines 1st 59 1923 A 0 87
7112 87 June'19,---, 65
1074 Apr '111
Say F A W let gold 5s......19:31 A 0 107
- - 10714 10714
Paul
A
St
K
C 811 L 1st 4 45'41 F A
1934 A 0 97 .. ,105 July 15 - let gold 54
Chic St P M A 0eons 6s _
10
66
9% 10
J
70
7 10
1925 J I 8834 Sale 8812
67
9'2 June'19
Bait A Ohio prior 344
79118!7;
8914' 22 88 -S.:)4
, 16612 108
----05
71
Cons 85 reduced to 3549._1930
1)1925 Q J 87 __ ...I 87 Feb
D 8512
Registered
sent'181----1
.1 87
_ _
87
Debenture 5i
_
.1930 M s 92
95 93 June'19 ---- 91
' 1 75
let 50-year gold 41- --h1945 A 0
97
76
42.
75
8212
North Wisconsin lit fis_. 1930 .1 .; 10514
Registered
--Q I-------924 htt t-'17 •.
118 Nov•1131--1
Superior
Short
L
lit
5s g_e1930 Ni S
_ 05 atavISI- ,- •
19•yr cony 45:4i.- -- •-1933
73
30
Chic T II A So 1144 lit 59_ _10,30 J
874 Sale 6712
84. 797 Saollee' 787
Rotund A gen Sc Series A.1995 i" "11
6712
1 58
8
70
8;8
2 5
79
3
6712
Chic A Wait Ind gen g 89_71932 Q 11 1004 107 115334 June'19.-Pitti Jane 1st gold 'N..:.1922 J J 9414 ..
112 Jan •I2 - _I 774 1324
l021 10414
Como!
50
year
48_1952 J
637 6118 8338
87
P June A NI Div 1st g 3549 1925 Ni N 85
8608 Mar 19
6112
8, 61
85
8313 -87
CM II 0 2,1 gold 441_ __1937 J I
PLEA 5V Va Sys ref Is -1941 M N 74
90
75
75
75
4 7179 78
C Virvi A Ft W 1st g9 4o g 1923 M
1,
8118
- 88 Mar'll
Southw Div 1st gold 3544_1925 J 1 844 sale 8412
-. -83
3614
Minh 13t cons 4
Day
89 aw70
1931
.1 8
512 -8a-ie 70
9 Nov•i8
Cent Ohio it 1st g 1 44-1930 Nt S 4758
8914
,
4
Cloy Cia Ch A it T. get; 4,4_1993 .1
CI Lor A W con lot g 59-1933 A 0 -94'i _
9.512 Apr '19 - -- 9512 89
9512
20-year
44s
deb
_____1931
804
J
_1930
D
3
*964
55_
_
Ohio River RR 1st g
824 82
9.3 Jan •19 12
7
82
74
6
76
.
0
6 8
7
.
.
1
98
96
Goneral 55 ••Perins II_ _1993 1
85
1937 A 0 904
(Jeaeral gold 5s
91
91.s Mar'19
87 Jun87
e'0'
219
81
.
90
914
Cairo Div let gold Is... _1939 J J 78
PIM Cloy A Tol let g 69-1922 A 0 99,2
91,5 Ni v'ts
80'14 8038
7834 8134
AM
Div
0.0
W
Ist
g
7
44
70
1941
J 64
J J
Sole 63
Tol Cln v 1.4t ref Is .1959 J
75 70 June'19
64
6734 70
7'
% 88•'
St L Div lit(Nei tr g 49_1990 Ni N 7313 79
Buffalo It P gen g 51--.1937 NI S 9712 9314 94 NI 41-19
764 June'19, -.-I 73
76,4
99
99
Sor A Col Div 1st g 45.-1.940 M S 71
19.57 M N 8712 43 8712 June'19
Conso11548
7418 Jan '19-.
7418 7418
8718 88'4
W
Val
W
Div
1st
g 49
_19 to J
7008 ___ 84 Noy'18
All d• Wa44 let g 4s go-199,A 0 8434 __- 97 Nov*Its
0 1St 1.& C consol 43_ _ _1920 M N 9938 106
995 May'19
Clear A Matt 119l gu g 51.-1913 3 J 894
1034 Feb 18
9934 993
let gold is
90 8312 May'19-.--I 8312 834
21934 Q F 84
Roch A P1119 lit gold 84_192i F A 10014 102,4 1.01. June'19
10038 101
Registered
t1934'.2 F 83 8514 844 May'15:----! Congo! 1st g 85.........1922 .J 0 192 103 102 June'19
101 192
Oln S A Cl cons 1st g 59_ l928 J
937
J 9314 --- 9311 May'19....- 93
Canada Soo eons gu A So ..1962 A 0 934 9334 9308 June'19
88
•J5%
C C A I 40,1 ll4,I1S A 69_193i J J (OS __ 1034
Oar(111noh & Ohio 1st 30 yr 54'3- J
78
1034'
7512 June'19
1 10318 107
7512 82
Ind 54k W I'll prof Le
Will A 0 7812
94 July•041.---1 - . Central of Ga tat gold 54...e1945 V A
9914 ____ 109 Mar'19
10,1
10012
8212 __
coati(); gold As._
0 lad ft W lit prof 54_4193- Q
_1915
N 89
91
91 June'19
31)
91,7,
Peoria A East lit cone 4,1 194o A 0 57
60 80 June'19
9334 Sale 9858
- -s June 1929_
10-Yr temp scour 6
50
007
98% 220 99% 9914
Income ii......Apr
277 30 Jane'19 ----, 12
a 7314 ____•
Chart Div oar ,u,stio., 4 41 1451 l
744 May19
31
74.2 754
Cleve Short L 1st gu 4
_ .1991 A 0
Mae A Nor Div lot ts 54_1910 I .1 9218
9.1 Net 171/,. ilolor,v19
654
Is g ts _1929 F A 85
14 -8
8 84
--90.4 ._
811'8 .7unel
Mid G A Ad Div 55_ _ .1947 1
.
07354
8 .1.1r: I
June'19 ;;;; 8
8
0
8
8
3
94
Refute' A 1-3xt 1149_ ._ _1935 MI
80 Sale 80
Mobilo DIV let. g Se......1949 1 3 02
8014 54 7714 8012
91 -3,
/
1
•-u
-91.1
4 "if%
Fs W
Den
I•it
J
99% 100
A pr'If,
()entail & is of(la co112 59.1937
N 09 _
9938
34
9913
1
9834
99
46
89
Coup A Pai itly4 1s1 g 44. __1943 A 0,
Cantor N1 gee gold 5s_ ... _1947
10232 1023-4 10234 June'19
192 105
Cuba Fut let 50 ye-i• 5a g _1952 J
-.- 871 93 Feb '15 ----;
_.h1937 1 J 10114 102 10112 June'19
RegIstered
-109% 10118
Western'
LaekA
Del
Am Dock A Imp go 53_1921 1 1 Ms 100
49% May'19
99
99%
Morris A ties 1.st 411 3 44.
0 7238 Sale 72%
104 Apr • ts
Leh & Rod Riv g•ol go 5s..1921, 1 1 9852
72,
4t
8 7218 73
I' Lack W let Os. _1921 0 0, 1003e
NY A Long Br gen g 4e...10 11 Nt S 8918._ 10012 len .13
10373 June 19..... 1007k 1007
.
.
Construction .5i
F A 9814
Cent Vermont let go g 43_81921, r9 F
614 65 jao .19
9814
984
1' 9534 101
65
88
Term & Itnprovt
N 931a 9482 05 June'19
Mesa &0 fund A impt 51_192,•• 1 J *92 9272 9114 Apr '19
0212 92
89
6212
Warren Let ref ell g 344_20(30 F A 68 ____ 10218 Feb '04
let °ousel gold 54--._1939 74 N
9812 98
9714
4
9912
;
9814
.11
11141.0 'sun 617
•)lo pries Friday; latelt this wiek. DU
dDwsApdi. iDiSMay. g Dus June. A;Due July. klOue Aug. 0.Dusi
Ost fp Due Nov. • Due Doe. s Option elle
High
Sale 99.20 99.44 2548 98.20 99.80
Sale 94.80 95.00 316 92.50 96.00
Sale 93.83 94.00 1012 92.10 95,10
Sale 95.10 95.48 462 94.20 96.60
Sale 91.12 94.26 2445 93.20 95.30
99.76 June'19
95.42 99.76
Sale 95.03 95.30 7461 94.90 96.60
Sale 94.10 94.30 10336 93.12 95.72
Sale 99.80 100.08 2903 99.80 100.08
Sale 100
100.10 6950 99.98 100.48
9908 Apr '19
9778 9938
98 Mar'19
98
98
10818 June'19
1048 101314
1084
10818 10 10414 10614
9314 Mar'19
9814 9314
99 July'18
904 June'19
87l 91
91 Mar'19
91
91
100 Feb '16
•
...-
....
[VOL. 108.
New York Bond Record-Continued-Page 2
2616
SONDS
N. Y. STOCK EXCHANGE
Week ending June 27
BONDS
N. Y. STOCK EXCHANGE
Week ending June 27
I
11
PrfrAy
Frida
Juas 27
Range or
Last Sale
11
ge
nee
Sin
Ra
Jan. 1.
Price
Friday
June 27
Week's
Range or
Last &Vs
Range
Since
Jan, 1.
High No.I Low High
Ask Low
Ind
High Na. Low High
Ask Low
Bid
1 981 10214
9934
9914
Leh V Term Ry let gu g 53_1941 A 0 9834
Mar'17
113
Delaware & Hudson0
A
1911
Registered
97
90
1922 J .1 97 9714 97 June'19 ---1-1.3
il)
271
102
10158
ILI;
1st lien equip g 4148
-DIN
Leh Val RR 10-yr coil 8s-111928
11 8312 8514
84
1943 111 N 8312 8412 8312
9912 --__ 100 June'19 _---' 9'714 100
let & ref 43
Lou Val Coal Co 1st gu g 58_1933
6 9058 9534
94
1935 A 0 9312 Sale 9312
'13
Oct
105
20-year cony 5s
1933
J
Registered
7812
1 7334
7612
7612
1946 A 0 75 76
----- -Alb & Susq cony 33-4s
1933 1 J 7973 --lag int reduced to 4s
'19 -- 10234 10234
Reins & Saratoga let 7s 1921 PA N 10258 104 10234 Apr
74,1 s
S 7038 8714 -fr
Leh & N Y lst guar g 48_1945 11.
Denver & Rio GrandeRegistered
20 6613 7514
71
6614 "iii;
1936 5 J 70 Sale .70
"981;
1st cone g 4e
Long Isid 1st cons gold 5s__h1931 Q
7612
7 72
76
78
79
-1936 J J 78
9914 June'16
8738 98
Consol gold 43i5
1st consol gold 4s
80
76
--80 May'19
7814 80
--June'19
79
81
7618
Improvement gold 53.--192,.. 1 D 77l 85
51
8
3
9
11
.
Q
1
j
D
1
General gold 4s
56 45 59
5812
5613
Sale
58
A
F
8 884
611
1955
Mar'198
8813
1st & refunding 5s
94
N 9
19
S 913 9612
2M
29
2o
gold
dy 4g
4 Nov'10 --- -------9914 Oct '06 --Rio Or Juno 1st gu g 5s......1939 J 0 77 ..-,... 873
151r4
N 7518 85
D
4
99933
Gold
6114 Apr '11 ---- ........ ____
38
..
J
3
7514
_....
7514
1940
May'19
45.7514
89
gold
1st
7514
Sou
Or
Rio
Unified gold 48
1940 J J ---- ----39 July'17
754 ____ 81 June'19 -- 76 ;84
Guaranteed
5359
1 6373 734
ear ri rn
Debenture
73
73
74
7434 7712
__June'19
754
754
7414
Rio Or West 1st gold 413-1939 J 5 73
golddeb
20-year
5812 May'19 ---- 58 60
77
7558 10 75
Mtge & coil trust 40 A....1949 A 0 55 60
949 N
M S
s 7518 7538 75313
Guar refunding gold 4e__19
_-_- 78 82 Deo '16 :---- __ __
___
-- 95 Jan '11
Det & Mack-let lien g 4s-1995 5 D *50
Registered
7512 July'16
78
94
94
..
'19
Jan
94
1995 J D
__94
Gold 48
0
NYB&MBletcong 55-1935 A
i; 80 8414
81
81
82
92
92 Apr '19 ____ 92
924 98
Del Riv Tun Ter Tun 41‘e...1961 M N 81 ---- 964 June'18 --it
1927 M
53
gold
1st
&RB
NY
1 9018 91
9018
9018
Dul Missabe & Nor gen 5s-1941 J J 9734 94
Nor Sh B 1st con g gu 5e_o1932 Q J ---- 93
9258 95
94
9318
8558 8814
1937 A 0 93
Dui & Iron Range 1st 5s
Louisiana & Ark 1st g 53-.1927 NI S 82 854 8514 May'19 -- 108 108
1937 A 0 --_ --__ 10512 Mar'08 ---- -_- --- 108 Feb '19
Registered
N
D
N
J
0
7
3
9
60_193
gen
Nashv
&
Louisville
8412
83
J 82 85 83 June'19 ---9714 10012
__-'19
Apr
9714
8
983
Dul Sou Shore & Atl g 5s_....1937
Gold 58
9312 96
20 8312 8812
85
Elgin Joliet & East let g 59_1941 PA N 9312 957s 96 May'19
1940 3 J 8412 Sale 8413
1 9938 10078
Unified gold 4s
9934
1920 M S 9973 10012 9934
-'17 -_
Jan
9658
___
*82%
Erie 1st consol gold 79
.1
3
1940
Registered
7818 Oct '18---- ---- -9712 100
N Y & Erie let ext g 4s.._1947 M N 817-..__
Collateral trust gold 58.....1931 M N 9712 9778 9713 May'19 ..- 9318 9434
9618 June'18 ---- - - -- ---1919 M S 9738 106
2d ext gold 5e
9434 June'19
9413 95
M
1931
N
435s
gold
dr
L
Lex
an
-------'18
9312
Jan
..91
1923 rA 8
3rd ext gold 434e
0 1 .1
19303
193
3 104 106 104 Apr '19 _- 10312 10512
N 0& M let gold en
1920 A 0 9638 ---- 9912 July'17 --8th ext gold 59
9714 102 100 Jan '19 ---- 100 100
2d gold 6s
1928 J D 8218 ---- 9434 Nov'15 ---5th ext gold 48
A 7814 ____ 7913 Jan '19 ____ 7913 7912
F
Div
49_1946
Mem
&
Paducah
___.
____
1003
3
July'18
100
9712
S
NY LE&W Istgfd79._1920 M
....- 10114 May'19 __ 100 10114
10114
9
M
N
1
S
s
1
0
2
8
6s
gold
9
Div
1st
Louis
St
7012
135
66
1996 .1 J 66 Sale 66
5518 57
5518 Apr '19
Erie 1st cons g 45 prfor
5412 57
2d gold be
- -_ 84 Dec '16 ---1996 .1 J
79 May'19 --- '78% 79
Registered
N 7814 80
M
4.3-_-1955
an
Div
&
Knox
Atl
5712
5212
21
5414
54
541i
54
J
-..-1st consol gen lien g 49.1996 J j __ 56 73 June'16 -D 9514 10012 95 Nov'18
J
1st
Nor
5s_.1946
g
&
Knox
Atl
- -1996 J
Registered
Hender Bdge 1st e f g 66_1931 M 8 10113 -__.10312 Sept'18 __ 75
8 -8-2'8513 82 June'19 ---- -ii58073
Penn coil trust gold 4t,A951 F A 82 Sale
Kentucky Central gold 48.1987 J J 7634 8834 79 May'19
55 4618 52
48
4712
9534
9218
May'19
9412
____
9512
50-year cony 49 Ser A..1953 A 0 4713 49
A
0
1965
58
gu
let
50--yr
&
East
Lex
52
27 46
49
4713
1953 A 0 4713
8558 8712
8712 Apr '19 _
do Series B
tg43481945 M S 861s L&N&M&M1s
55
4712
0
6
5112
8
507
Sale
5114
0
A
73
'7 71
72
7112
Gen cony 45 Series D_-.1953
724 85
52
1952
L & N-South M joint 4.3_5
9518
3 90
9258
9258
9212 93
95 Feb '05 ---Chic & Erie 1st gold 53....A982 M N
Registered
'17
8
Jan
1067
3
j
____
5s._1938
'18
g
Aug
Vail
95
99
Clev & Mahon
2 66N Fla & S 1st gu a 5s......-1937 F A 95
12 idi-100
10012 100
58--9778 May'16
8434
Erie & Jersey 1st s f 65.....195r J J 9912
N & C Bdge gen gu g 43411_1945 J
98 May'19 ---- 9578 101
10134 1013*
Genesee River 1st s f 65.-A957 .1 J 98 ----I
Penne A Atl 1st gu g 63..1921 F A 10114 104 10138 Jan '19 ____
108
108
---Mar'19
1108
109
____
0
A
9612 June'19 _.. 96% 9612
Long Dock consol g 6s......1935
A 0614 105
58..-1936,F
g
gu
cons
Ala
N
•S
--'18
Jan
103
---78 93
Coal & RR 1st cur RAI 6s1922 IA N 9314 --- 10213 July'17 ---- --Gen cons gu 50-year 5s-19631A 0 8812 9212 927 Apr '19 --------- ...-_
60 July'18
Dock & Inapt 1st ext 58_1943 J .1 934
L & Jeff Bdge Co go g 48-.1945 N S 7014
... --- --- 85 Jan '13 -N Y & Green L gu g 50...i946 IA N 87 ...-N
N
4s.....1936
lines
RR-Sou
Manila
7814
z 71
71
71
71
Mar'10
77
60
s
N Y Susq & W let ref 50._1937 .I .1
M
48_1977
g
Mex Internet 1st cone
1937 F A 45 55 10014 Dec '06 --- .-- -1
2d gold 43.3
75
1,
1977 M
Stamped guaranteed
1940 P A ---- 58 60 June'18 •9112 June'171_General gold 53
Midland Term-let s f g 50_1925 J
--- ____ -_
Terminal 1st gold 53_1943 N N 8918 9814 97 Dec '18
1927 J D idf"
St Louis 1st 7s
Minn
'17
Jan
108
--85
0
A
1940
9712 Apr '19'......
101
Mid of N J 1st ext 5s
15
24
93
A4 O
m
Pacific Ext 1st gold 68- 19
f.i:6:_61-2:
:
6012
64
80
j1; -6
65
-7
78 I
Wilk & East 1st gu g 53_1942 J D ---- 68 6013
7818 8312 78
let consol gold 5s
'17 -4712 15 4112 49
fCv & Ind let cone gu g 68_1926 j j ___ ...-- 2312 Jan
dr refunding gold 4s___1949 M S 4712 Sale 4678
1st
98
95
---May'10
95
---4
951J
J
4612
4612 June'19--49
46
Evanev & T II 1st cons 6s 1921
Q
F
Ser
A__1962
58
50-yr
&
ext
Ref
--1942 A 0 701 --- 851sJune'17 -- .-6012 Yen '15'
let general gold 55
Des MA Ft D 1st gu 4s__1935 J J
---- ---- -- -7613 80
1 -44-7813
Mt Vernon let gold 6s_ 192:3 A 0 ---- ----108 Noy'll ---Iowa Central 1st gold 53_1933 J D -ids; -78 - 7812
June'12
6 42
4812
46781
4678
Sale
8
Hull Co Branch 1st g 50-1930 A 0 ---- ----95
407
S
81
1951
4s
gold
Refunding
--.- -if" "ii8
8518; 40 8338 89
Florida E Coast 1st 410_ _1959 J D 821-2 825 8312 June'19
938 J J 8358 8513 84
MStP&8SMcong4sintfru 19
Aug '10 -- .... _ __
9658 -- 9734 Feb '1.1.1: ___ 9734 9734
Fort St U D Co 1st g 4348_1911 J J --_---- 92
let cone 5s
5612 Oct '17 --- -----Jan
92
Ft Worth de Rio Or 1st g 43_1928 J .1 6018 ..--- 80
--_88
14
pi
1911
43
f
Terms
1st Chic
Dec '18---Galv Botts & Hen 1st 5s___1933 A 0 70 78
MSS 111.1: A lstgtslntgu.'21%J 5 9318 ____ 9358 June'19
go 151 -Eli "iili
9573
95 Deo •16
Great Nor C B & Q coil 4s_ A921 J J 98 Sale
90
81
MisslesIppi Central 1st 5s_ _ _1949 J
51921 Q J ____ 9534 9578 June'19 ---- 9538 9573
Registered_
Missouri Kansas & Texas-5 85 89
86
8618 813
3 62 69
65
7112 65
1st & ref 41(s Series A ___1961 J J 8518 ....._
1990 J 13 66
1st gold 41
96
--June'16
37I
J
1
1961
2
35
35
Registered
.g1990 F A 3412 36
2d gold 41
8812
30
1933 J J 8813 -..-- 8312 June'19 ---- 88
28
.--30
June'19
2958
St Paul M & Man 48
2014
M
N
1914
Is
let ett g',1.1
J 106 109 10812 Apr '19 ---- 10813 10313
11
7:
9
2
48
1933 J
2
4
1
22
4312
43
45
let consol g 63
S 4312
2004
1st & rebinding 49
43
1933 J J 104 --- 118 Apr '17 -41
43
Registered
--_ 4634 43
Trust Co cents of dep......
9378 9518
4
-3212
293
3212
May'19
2973
Reduced to gold 434e.1933 3 J 93 ---- 9314 June'19 ---29
3
1935
J
4148....
Gen sinklng fund
1933 J 1 914 99 10212 May'16 ---40 Nov'16 ---- ........
Registered
25
St Louis Div 1st ref g 48_2001 A 0
......._ ____ __ --...
Mont ext let gold 4s....-1937 J D 8558 8812 854 May'19 ---- -16I-25- 40
5% secured notes "ext" '18 _
71
2 1.14.;
1937 l D 8313 --_ 9513 Mar'18
Apr 17
6912
Reentered
111
Dail & Waco lit gu g 5s-1940
-if 53
53 Apr '19' ___ 53
Pacific ext guar 43.C...._1910 J J 77 -..- 81 June'19 ---- -if - - - - '
1=
F A ;5i
49..1990
g
1st
&
Pee
City
ICan
80
......
-84
Nov'18
804
50
50 Jan '19 ___- 50
E Minn Nor Div 1st g 48_1948 A 0
_
_
1942 A 0 40 62
___
K & E 1st gu g 51
1922 J 1 10112 ....- 109.4 Awls
70
7112
'19;
-....
Apr
70
77
Minn Unlon 1st g 135
65
M K & Okla let guar 5e...1912 111 N
5 10
- .6.12 1-634
10818
1034
1937 3 5 10314
5512 Juno'19 -- 5058 53
57
Mont 0 let gu g 81
53
19&2M
g
gu
1st
T
of
T
&
K
M
May'013
---------- 13614
__
1937 J 1 108
16
--Doo
.....
51
05
Registered
0
J
g
git
5.1_1912
1st
So
Sher 811 A
1937 .1 J 9838 -_- 9834 June'19 ---- 98 0912
3018 Nov'18 ___ ...... ....
50
1st quer gold 5s.....
Texas & Okla 1st gu g 53.-1943 M S
.
-.. ... Will & S F 1st gold 58_1934 J D 9718 -_.- 10934 Aug '18 -,- 51
Missouri Panifie (reorg Co)86
60 66 68 June'19
5 8334 877s
8712
8712
8714
87
Green Bay & W deb Ors "A"........ Feb
A
F
A...1965
let & rebinding Sc Oar
1438 105 618 15
1414 Sale 1-113
Feb
9378 11 9114 9478
Debenture etre "11"
let & refonding 51 Her Be 1923 F A 9338 9378 9378 June'19
8212
30 Ian '19 ----, 80
79
..-- 8318 92
91
9114
91
A
Gulf AS list ref & t g 54_81952 J 1 73
F
0_1924
Her
51
refunding
&
let
f33
7914 7814 June'19 ----1 77
624 76 5758 6318
62 Sale 6112
Hooking Val 1st cons g 441 1999 J 1 '77
1975 N S
General 19
...... 7312 June 18 --- _5 98% 1130
1999 J J .
9933 103
Registered
Missouri Pao let cons g 53_1920 M N 9918 100
- --- 7313 Oct 'IS ...... .._.-.. _
A 0 7612
---_ -.
'18
Oot
53
-..
86
Col & El V 1st ect g
S
111
1915
41
40-year gold loan
11 A 7534 .- 7614 Apr '19 ----; 7614 76,4
___ ____
-1955 '
'17
Apr
82
Col & Tol 1st ext Is
3d Ts extended at 4%_._1939 M N 7118 .......-.__ ....
100 Feb '13
Houston Belt & Term 1st 5'3_1937 I 5 8434 95 85 Dee 18
A
V
1951
5s
gu1st
S
&
L
St
Boonv
83
8514
-..-- 8514 June'19
Dec
'.13
9712
"0"iclii
Illinois Central 1st gold 43_1951 1 .1 851 ----152
ii
i
2
11
J
Cent Br U P let g -Is ..-1918
- ... ..
Sept'17
4 -ii-81)31951 1 3 ---82 May'19
Registered
Pao R. of Mo lit ext g 43 1934 F A 82
76
78
89
1951 1 .1 73 -- 76 May'19
971s 89 May'19 -- 89
let gold 33-is
J J 89
2d extended gotcl
9634
4
9
1951 5 J 71 -- 84 Nov'15 ...Registered
0
2
St L Ir al AS gen con g 58 1931 A
-- .... -2 ....!
0114
'
9
514 July
92
-1.11 10
-0
_5'. -9
.9
Extended 1st gold 3Sis..-1951 A 0 74 _-__ 80 /que'17
51_19.31 A
gag
stamp
con
Gen
2 -Iiili
-ifil1951 A 0 724 ------June'19
82
8113
Registered
80
J
J
_1929
4s
gold
ref
&
Unified
"8.6- Juiiii ---- --.- -"
-4
-7
_ _7414_ -7
1951 111 8
let gold 3e sterling
J J .- - .- _ _ 8078 Oct '17 ....3
Registered_ _
1951 M P3
76
7612 76
Registered
Riv & G Div Ist g 4s.-1933 M N 70
.
1952 A 0 -fit; Id- Tir2 -"iv; - 4. -ii- -id -15
pt'
Se
78
._
_
.
4
Collateral trust gold 4s
913
S
PA
.5s._1926
Verdi V I & W 1st g
4
_1952 A 0 ---Registered
1927 J 0 103 10313 1024 Apr '19 ..--- 10.21i 1081Mob & Ohio new gold 63
-4-14
- -8
2 35 -i8-12
V1112
5% 8°D8
90
- - -.-.
1955 M N 8034 Silo 8
95 May'13
-lit refunding 43
961s
J
Q
_51927
......
6s
gold
tint
1st
714 75
_1952 J J 7114 7412 75 May'19
Nov'18
71
-Purchased lines 314s
67
S
5.1
General gold
7 73 774
7514
91 May'19 -- -d45; "ifL N 0& Tow gold 4s_1953 3.1 N 7512 Sale 7512
Montgomery Div let g 5e 1947 F A 8714 90
7118 Apr '19 ---- 7113 Ws
70.8 85
1953 M N
Apr '19 _- 8678 87
Registered
85 ____ 87 June'19
St Louis Div 53
811s
148 100
03
88
9
8012
Cairo Bridge gold 44.. _1950 J 0 794 --_- 78 Nov'18 -.85
.1 8012
.1 0
1j
927
193
St LA Cairo guar g 41-1
---- -- - - -9912 --i.
9912
Litchfield Div let gold 33 1951 1 3 60 .._ 79 Feb '14 -- -- ---9814 100
0
A
53_1923
let
L
St
&
Chatt
Naeby
-------Mar'17
...
11014
10414
Loulsv Div & Term g 3144 1953 I I 674 ...- 7312 Nov'18
---101
J
J
84.-1923
5:ever Branch 1st g
83 Aug '12
50
50
1953 .5 1
Registered
Nat Ilya of \lex pr lien 448_1957 J I --......- 50 Mar'19
....- -- -- 102 June'16 -7-1-2 2..
.
1921 F' A -2
'16 ...... ..._ .
35
Aug
Middle Div reg 5s
..--.......
0
A
1977
1s
general
Guaranteed
-- -- - -. --9673 Feb '13
Omaha Div 1st gold 3s_ _1951 F A 574 --- 5514 Elept'13 ---Nat of Mex prior lien 4141_1925 J J
.... ---- -21 Aug '18
St Louis Div & Term g 38 1951 J .1 61 ..:-.. 62 Oot '111 ....- ---- - - -1951 A 0
lit oonsol
6518 Oct '18
1 7118
-2 -6658 -68-31
1951 J
67
67
--Gold 310
67
J
43_1953
1st
Term
Orleans
New
9712
4 94
9578
1951 5 1 563 ..--SO Juwe16 ......
Registered
NO Tex & Mexico 1st 6.1. _1925 J D 9612 -91314 9612
....6212
57141 50 50
Springf Div 1st g 344...A951 1 J 6318 81,2 8018 Nov'18 -- "iti-s; "file
Non-cure Income Sc A____1935 A 0 5714 Sale 57
Western Lines 1st q 49_1951 F A '7'7 -- 7912 May'19
RRCentral
New York
92 Nov'10 .....
..--- --.- .....
1931 F A
161 97 1004
100
1935 81 N 9912 Sale 9914
Cony den Os__
1 7312 7814
1923 1 D ;Es; -_-.: 117n qey'10
Bellev & Car 1st as
Consul -13 Serles A.-.-199i F A 667g 75 7575
73 M tr'19 -- -ii - -ii 88
1 81
837
Carb & Shaw 13t gold 4s. _1932 34 8 7812
8312
85
82
0
A
2013
"A"._
410
Imp
Ref &
914 9934
i
Chic St L A NO gold 6s -1951 .1 0 9518 di" 913 May'19 -15
New York Cent & Elud
1
0 273
1951 I D 9418 -- 9518 Feb '111 __ 954 95
7112 31 70
Sate 71
Registered_
71
J
-1997
3
alargga-te
-_
.
--- 1 71
7012 10
7012
Gold 31is......__-__1951 1 D 68% -_ 6513 July'le
1997J
Reg be ered
88
82
5
1951 3D
81
14
11
Registered_
83
1934 IN N 80
Debenture gold is
05
2
90
--3 i..
,
-......1 y:1
ov
Na
67584 m
Joint let ref Si Series A 1963 J 0 884 8978 901931 111 N
Fteglst ered
704 Oet '18 -8 -fr 674 June'19 ......1 6414 88
Memph Div let g 43_1951 J 0 7378 70
(35-1Lake Shore coil g 3 Lie__ -1993 F A -- -- -- --- - - 8'7-......
v'17
N.)
65
78
0
72
.1
..1 6212 67
_1951
Reentered
-,67
S. A
F
Registered
791k
7934
....
'19
Jan
7914
70
2 (35
g 4s_1931 NI S 81146612
6712 6613
St Louts Soil 1st
67
8
99%
19
_1
Mich Cent coil gold 3
1950 I J 8114 .... 8014 Feb '19 --- 8014 82
75 Mar'17 __- _.-..
lad Ill & Iowa 1st g 4s
Registered ....... _ _1998 F A 6114 72
96
5 93
9512
----.. ......
1919 MI N 9413 9514 9513
lot 8c Great Nor 1st g 63
.1
1989
3s
go
let
Stir
&
G•
Rattle
82
8034
-.-83 8014 May'19
James Frank .1t Clear let 46.1959 1 13 81
8418 --- 8014 Des 18-- -._ -Beech Creek let gu g 4s 1936 J
5 80 61%
6014
. ::::
2
9534 Nov'16 ...- :7
Kama,City Sou let gold 38_1950 A J 6018 6034 6014
1938 J
Reentered.
78 Oct '09
1950 A 0
.
1
Registered
884 ..-_ 104 May'16
.1
1935
53.
gold
guar
21
83
14 81%
87
Ref & Inapt 55.......Apr 1950 J 1 85 8714 8512
Registered
7018 27 78 81
Kansas City Term let 0_1960 1 J 79 Sale 79
j 03 -A O
316 j
95
19
Beech Cr Ext let g 314s.h1
8712 90
--.-...
---- .
Lake Erie & West let g 51_1937 J 1 87 887 8813 June'19
_ _1981 J 0 7514 ---id- Nov' 7:: -._
Cart & Ad let gu g
8038 Fen '17 ..... .....-.
79
, ..... .....
.1941 1 1 70
01 _.._
2d gold 5s
let go a 54_1942
Gine
&
Golly
_
7
'18
..
1
Oct
8014
8
80
897
___.
--_- 80 May'19 :-..-_-.. 80
North Ohio 1st guar g 58..1945 A 0
79
LV1
4s-1991
g
gu
let
Mal
&
Mob
ii"
Feb '16
Leh Val N Y let go or 41.0_1940 5 J 8714 904 904 May'19 -- -ici
N J Juno R guar 1st 4.3_1986 F A 71 -..- 8912 May'17
J 0218 ---- 89 Oct '17
Registered__ .............1940 .1
N Y & Harlem g 3t.32000 111 N 72 --. 80 Feb '19 ----1
7 7973 June'19 ___
i712 -iiii
_--- --9714
Lehlgb Val (Pal cons g 4s...2003 FA N 7518 77
0
9812
A
58-1923
let
g
Northern
&
N Y
90
8613 8612 June'19.- 85
PA N 813
General eons
=••••••
...a
.... ......
..“
....
.
N.... ....
vis
...... ..- ....WI
44,
.2003
• sfo oetee Fri lay: lateal bid and &eked DIN wee*, a this Jill
......
"fili "ti-ors
S DIP FeiN
ODIN Jane. Is Due July,
Due Sept. IMP OM, I Optic:on We.
JUNE 28 1919.1
New York Bond Record—Continued—Page 3
i
2617
BONDS
3
Price
I
7.1.
;Veers
;3,
Range
BONDS
Price
b,
Week's
4,11
Range
Friday
-0
Range or
g ,
Since
N Y. SPOOK EKCFIANGE
'It:2
Friday
Range or
Since
7., a.,
Week ending Juno 27
June 27
bast Sale
:ace
al 1 Jan. 1,
Week ending Juno 27
June 27
Last Sale
sat , Jan. 1
-----------------------,
----------------N it Cent & II it RR.(Con)—
Bid
Mk /me
High No.; Low High
P. C. C. & St. L (Con.)—
Bid
Ask Low
High No.1 Low High
N Y & Pu let cons gu g 43..1993 A 01 70
7712 7814 Apr
80
78
Series F guar -15 gold ___1953 J
9018
91 Sept'18 -Pine Creek rug guar 61._ _ _1932 J Dj 10158 __ _.. 113
- - - -- - .- Series 0 41 guar__ _
1 8858
N
1957
90
91
89
Apr
'19
89
R W &0 con let ext 5s__81922 A 0 99 ____ 9318
9918
10 99
9918
Series I cons gu 4 Sis_ _19,33 F A
91 Apr '19 --I 91
9112
91
Rutland let con g 1113. _1941 J
J
7718 Sale' 7718
7718'
1 67
7718
C St L & P 1st cons g 53_1932 A 0 10078 10178 101 June'19 ---- 101 102
Og& LChatn lstgu4sg-1913 J
: ____I 6118 Feb '19 —....1 6118 8118
J
Peoria & Pekin Un 1st Os g_1921 Q
97'8 - - - - 100 Jone'171---1,
Rut-Canada lot go g 11-1919 J 2 -----07
,
Feb '19
67
67
23 gold 44s.
11921
NI
N
---- --- 87 Mar16
St Lawr & Adlr let g Sc,_-19.16 J
J 8478 ____ 1 101 Noy'10 ----1
Pere Marquette 1st Ser A 53_1956
8818 Sale 88
8812 18 -8378 -66 2d gold (Is
1098 A 0 8878 ._ _ _1103 Nov'16 -1st Series B 4s__
_ -1958
7012 71
7058 June'19 ----' 6814 7234
Utica & 13Ik lily go g 1s_1922 J J
9038 ___1 9.578 Apr '19 ---1 9533 937g
Philippine Ry let 30-yr s f 1s 1937
5112
5212 5214
7 45
51
54
Lake Shore gold 31-1i__.--1997 J D 72
74 1 74
74
2 7112 74
j 98
Pitts Stt ALE 1st g 5s
1910 A o
13
14
s
99 Jan '18---Registered
1997 J D __-- 7512 73,
s Nov'18 — 1
let consol gold 5o..
9714 Dee '17
Debenture gold 43____1928.M S 8358 89 I 88,
s
89
9 8812 90
Reading Co gen gold 43
1997
37 j
J
J
Sale
2 8334
81
21 8218 8834
19311111 N 8614 8714 87
25-year gold 4s.
6, 80
8712
89
R )glotered
8112 Mar'19
8112 8112
Registered.
19311M N ---- 87
837s Noy'll
Jersey
Central
colt
g
4s__
_1951
0
A
:822_2Sale
8312
8312
2 8214 85
1
J
Ka A AG P. lit gu e 53-1938 J
9212 _ _ _ _
Atlantic City guar 4s g.-1951
J
Mahon C'l RR tat 53..-193411 J
Dec '15
9512 --St Jos & Grand 1st 1st g 4s 1947
138 June'19' 60
6314 67
68
PRO & L Erie 2d g 5/_a19231 A 0 95 _ _ _.103 May'17
Louts
San
&
Fran
St
(reorg
Co)—
---J 10378
Pitts Mot{ & Y 1st gu 6s-1932 J
13018 Jan '09
_--- -Prior lien Ser A 4o
1950 J
J
6114 Sale 6118
6234 60 59
64
23 guaranteed is
1931 J J 10258
12314 Mar'12
_
Prior lien Set B 58
J
1950
J
7514
75
Sale
7112
37
737
8 7938
Michigan Central us
1931 M S 9434 _ _ 9912 Aug '17
Com adjust Ser A 66___51955 A 0 6812 Sale 6812
68 I 62 6212 71
Registered_
9812
1931 Q 51
Nov'18
'
Income Series A 85
51960 Oct
5138 Sale
1 18
53 I 43 4012 56
EsJ
8118 8314 81 Mar'19
-82
84
St Louis & San Fran gen 63_1931 J
J 102 106 10318
-77' 102 106
Registered.
87 Feb '14
131
- 13 1 3
J
General gold 5s.
1931 J
J
9012 Sale 9612 June'19,9834'14 9612 981a
J L & S 1st gold 3113-1951 11 S 7014 .___ 90 June'03
St I. & S F lilt cons g 4s__1998 J
J '70 ....-- 78 MaY'16I----I
7414 __ 70'8 Apr '19 --- 7038 7012
1st gold 311s.
1952 M N
Southw Div let g 5s--1917 A 0
90 • May'171----1
20-year debenture 43_1929 A 0 8112 84
84 June'19
82
85
K C Ft S & NI cons g 8s_19.13
N 10112 103 - 10212 May'19,--7,' 1011; 103-1,,
N Y Chi & St L 1st g 4s 1937 A 0 82
81
8214
83
84
5 80
Ely ref g 4s_1938 A 0 7112 Sale 7114
K C Ft S &
7112 17, 6618 7512
Reglatered.
85 Noy'17
1937 A 0
baluatri tu
s,K
g tsB
& NILIt
Ls
th,
C Fir
5.
:
5 1
,
98
29 A
m O
8
78
1 _if,: 90 June'19,----1 89
N
90
Debenture 4s
1931 51 N
7534 85 -1 75.4
75,
4
2 71
7534
70,
4 June'19
66
74
West Shore let 4s guar_ _2:361 J J
7814 Sale 7834
80
15 75
20 g 4s income bond ctts_p1939
8112
J ____ 62
60 May'19,---- 5714 60
Registered
2361 J J
7614 79
7612 June'19 ----1 74
Consol gold 45_ _____ _-_-1932 J D 63
7834
66
6212
6212
4 5712 6518
9912
N Y C Lines eu tr 53_1919-22 Ni N
_ 9912 Feb '19
9912 9912
let terminal & unIfYing 59-1952 1 J 63
Sale 60
63 I 21 5838 6418
Equip trust 4113__1919-1925 J
9112 i5/ 98,
J
8 July'17 ---------Gray's Pt Ter lot gu g 5i_1947 J D 85
9812 Jan '14' __ 1
N Y Connect 1st go 4 qe A 1953 F A
85
85
8578
0 73
g 4s__ __1943 J J 67
80,
S A & A Pass 1st
4
Sale 67
67 I - 5 -(3-fl; -63
N Y N 81 & Hartford—
1
Seaboard Air Line g
1950 A 0 70 ____ 70's
7018
3 70
1 53
72
Non-cony &bon 4s
1917 M 8 51
53 May'19
54
Gold 4s stamped
1950 A 0 70
72
70,
8 June'19
70,
8 74
Non-cony dolma 3
S 5314 32
5014 June'19 --7 50
Adjustment 5s___ _____ o1
5012
A 0
191
959 F
A 55
114
2 Sale
8 5118
52
29
47
5314
Non-cony deben 311s
1951 A 0 5014 51
50.4
52
u012
2 50
Refunding 4s
5714
58
9
57
60
Non-cony deben 4s
51
1955 J
J
5:3 Apr '19I-- I 53
5(1
5078
Atl Birm 30-yr 1st g 43._e1933 M S 7514 7714 77 June'19
74
80
Non-cony deben 4s
54
1953 M N
5578 54 June'19,----1
-- 49
5912
Caro Cent lot con g 4i.....1919
7512 -- -- 78 Apr '19,---- I 76
78
Cony debenture 311i
19532 J
50
5012 50 June'19
4914 52
J 100 ____ 10014 Apr '19i ...--110014
Fla Cent & Pen let ext(39_1923 J
Cony debenture 135
100,4
8012 82
1913 J
J
8218'
lot land grant ext g 53_1930 1 J
88
80
- ---- 101 Dec'BI--1____ _
Cons ity nou-conv 41
1930 F A
50 Oct '17
Consol gold 5s _
1913 1 J 9212 Sale 9212
2 , 90
9212
9212
Non cony deben 4s
9112 Jan '12
1951 J
J
.--Oa dc Ala Ity let con 53_01915 J
J 9134 Sale 9134
9134'
1 9134 9134
Non-cony dcben 4s
1955 J
60 July'18
J
---J 9158 9518 9112 Apr '191----' 94
g 5.1929,J
Ga Car & No let
94
Non-cony deben 4s
1955 A 0
Seaboard & Roan 181 55_1926,1 1 9514 --- 9514 May'19 --- 9514
9614
Non-cony deben 4s
4
.
9 -gale 19
1956 J
J
49
49
14-9
Southern Pacific Co—
4,
Harlem It-Pt Oleo let 46_1951 M N
75e
7334 Deo' 1
t1
Gold 41 (Cent Pac coll)__k
194
,t9
,J D 76
7612 7512
76
75
7978
B & N I( Air Line 1st 18_1955 F A
7234
7912 Dee '17
J D
Registered
7434 7914 90 Feb '14
Cent Now Eng let go 4s-1961 J
60
J _--- 00
00
193
29
4 NI S 8512 Sale 8518
g1
20-year cony 4s
87 .1521 827s 8778
Hartford St Ity 1st 45930 M S
J D 10712 Sale 107
20-year cony 58
103
223, 100 115
Housatonic It cons g 5s-1.937 M N
915s -- 16(i1-2
Cent Pao 1st ref go g 4s-1
79
Sale 79
7934 22 78
1,4
9,
19 F A
Naugatuck RR let 4s
83
1954 M N
7014 --- 87 July'll
F A _
Regletered
8012 8712 Sept'16
N Y Prov & Boston 4s..A942 A 0 83 _
83 Aug '13 -Mort guar gold 311e_t1929 J D 83
8312 83
2 80
83
N YW'ches&B let ser 1 4 Yis'16 J
J
8534
50,
51
8 Sale 5014
18
A
Through
St
0
L
1st
gu
7912
49_1951
80
80
80
5 7512 80
Boston Tortninal let 43_1939 A 0 --CI II ASAM&P let 551931 51 N
9212 101 100 Oct '18 -New England cons 5s
J 91
1945 J
2d exten 5s guar
85
1931 3 J
97
9634 Jan '18 — _- — Consol 49
1915 J
J 753s
70 Sept'17
Gila V G & N 1st gu g 5s_1921 M N
9112 102
95 Nov'18
Providence Scour deb 4s._1957 M N
40 June'19
40 __
40
40
boos E & W T 1st g 5s
1933 51 N 9218 ___- 92,8 Mar'19 -Prov & Springfield lot 51-1922 J
J 85 -- 997s Doc '13 --6i5.
8
lot guar 5s red
8 ____ 100 Oct '18 ---1933 M N 92,
Providence Term let 45_1956 51 S 09
88 18 Feb '14
& T C 1st g 5s Int go__ _1937 J
J
9614 97
97 June'19,-- -- 97
W & Con East 1st 411i
1913
9834
Gen
A
gold
45
int
0
guar
1921
93
96
9414
June'19
N YO&W rot let g 41--g1992 111
9318 9158
70
65
Waco tic N W elly let g '30
91 Mar'19
Registered 15,000 only—g1992 Ni S
9212 June'12
70
91
94
A & N W 1st gu g 58 _
6212 7212 60 Apr '18
Geaeral 4s
-1955 J
-Louisiana
West
1st
9918
(3,h...1
_-_10%
1
9
21
1
3
6818
j
J
93
114 Oct '17
95
8618 63
6518
Norfolk Sou 1st & ref A 58_1961 F A
3 60
6912
---Morgan's La & T let 83_1920
97 100 100 Aor '18
89 May'19
Nonf & Sou 1st gold 54
1911 M N 8734 95
89
89
---No of Cal guar g 5s
9434 ____ 1021s Oct '18
10912 Juno'19
Nort & West gen gold 88__1931 51 A 10912
108 10)12
s
OoreFtC
oaricla
27
CJ1 9614 913511 965s
S .1
slt—
:%
At N
gtG
5,7_
3 193
utur g 5
15, -66- "oili
97
_ 122 Nov'18
Improvement & ext g Cis__1934 F A 108
9718 ____ 10712 Sept'18
10812 May'19
New River let gold (3s____1932 A 0 10012
10712 10312
So Pac Coast 1st gu 4s g 1937 J J
9178 9314 9212 June'19 ----‘ -9213
N & W Ity bit cons g 43-1996 A 0 8112 Sale 81
82
8012
81
San Fran Terml let 48-1950 A 0 7212 7834 7834
5 7612 803"
9312 Deo '16
7834
1996 A 0
Registered
4
Tex & NO coa gold 55_ _1943 j
J
94 Nov'18 --7,
J 804 811s 8034
Dly'l 1st lien & gong 45_1941 J
8034
7978 82
So
RR
Pac
1st
ref
-14
45
1955
80
goae
8014
8114
80
7314
,
s
J
1932
D
59 7913 -8312
10-25-year cony 4s
Feb 'Ill
81
8112
Southern—let
cons
g
5s
1994
93
,
4 Sale 93,
9114 41, 9213 9658
4
11714 Ni ty'17
1932 Ni S
10-20-year cony 45_
J
1994 J
91 10014 Aug '16
10112 Apr '19
10-25-year cony 41-1s___1938 M S
10112 10112
- &
regclon 43 Ser A. 1956 A 0 -6634 Sale 6612
Deiv
tefol8pte
67
45, 66 - -69
10-year cony Os(9 1)-1929
103573 -6;1; 103's 109 128 10512
11014
Ni
tr
coil
g
Mob
Ohio
43_
S
._1938
&
(3734
6814
6778 June'19,--,1 64
Pocah 0& C joint 4e _194I J D 8318 8412 84 June'19
6834
8314 80
Mom DIY let g 410-51_1996
J
9114 May'19 ____! 9012
9873
__ 103 Sept'16
00 & T lot guar gold 56..1922 J J
9114
St Louis div let g 4s
7218 Sale 7218
1951 J .1
77
7218
4 7018 7412
7984 7912 June'19
Soto V & N E 1st gu g 49-1989 Ni N
-76 81
Ala Gt Sou 1st cons A 5e 1943 J D
8
98
334 j
Ju
an:1
ne ,
191__-1
-- ,1 93
Northern Pacific prior lion rail93
Chart AL let A 41131044 J
&
Atl
1
8118
816
8
Sale
way & land grant g'4s—_1997 Q J
8114
871z 8834
31 8078 86
1st 30-year 5s Ser
92
114 9
3 .J1 7
76
214;
9
7114
4 jun.,
9
04158
.
3 9318 971,
8014 __ 82 rs,/ wig
1997 Q J
Registered_
82
82
All & Danv let g 49
1913
5918
General lien gold 3s
74
6014 62 5818 0178
a2017 Q F 59:8 60
74
23
1918
59
J
8112
Ntar'16
5714
Registered
a2017 Q F
May'19
5714 5712
ALL & Yad 1st g guar 43_1919 A 0
____ 75 Feb '17 .__J
sale 88
88
Ref &Imp 4113ser A
20472 J
88
8512 90
E T Vs & Ga Div g 5I
1930 J 1 96
9918, 97 Mar'19
St Paul-Duluth Div g 48..1998 J
781s 80
70 May'19, _ 7 76
-97 - "97
76
Cons lot gold 55
1958 M M
9514 9612 9518
9518 —2 9Ve 97
1923 F A 102 105 102
St P & N P gen gold 63
102 I - -'2 102 10412
1938 111 5 92
E Tenn reorg lien g 5s
93 I 9514 Jan '19
1001s May'19,
Registered certifIcates 1923 Q A 101
9514 9514
10018 10038
Ga Mtdland 1st 3s
1946 A 0 55
57
52 Jan '19 —_- 52
St Paul & Duluth 1st 53_1931 F F
52
-- 97 Feb '19' ...„ 97
9812
Ga Pao fly lot g Os
9958 10078 10034 May'19
1922 1 J
1988 J D
let consol gold Is
78 Dec '18 --70'8 85
10012 101
Hnoxy
&
Ohl() 1st g (38_ _1925 J
J 100,
8 _ _1100 Oct '13..._
M
3612 Dee '16
1948
71
Wash Cent 1st gold 4s
85
- - ..1 jJ
Mob & Bit prlor lien g 58_1945 3
91,
8 97 I 9112 Oct '18
Nor Pao Term Co let g 68_1933 J J 10012 10318 1071'3 June'19
-10714 idics
Mortgage gold 4s
68
1915
12 68 Jan '18 -Oregon-Wash lot & ref 45-1981 J J 78
77
77
77
10 7.173 79/8
Rich dc Dan deb Sc stmpd_1927 A 0 9312 102 I 95 Jan '18 --1940 J D - - 85
Pacific Coast Co 1st g 59
85 May'19
88
85
Rich
lot
Meek
g
&
NI
5s
1948
N
176
.
60
12
6912
95
09
4116_1955
J
Paducah & Ills lets 1
J
10018 Fob '17
June'19...... 69
1
71
-- _
So Car & Oa lot g 5s
97
9912 Apr '19 -Pennsylvania RIt lot g 4s 1923 51 N
95% Apr '19
9518 95,
8
Virginia Mid Ben I) 4-56_1
16
92
116 aMl N
B 9734 --__ 10212 June'll -- 99 loo
1919 NI S
Consol gold 58
100
99 8 Apr '19
9978 9978
Series
E
54
51
1928
963
8 100
Registered..
' 1919 Q Ni 9914 9934 9914 Feb '19
9318 June'19
93l 93i
991, 9914
Series F 5s__ _
192651 A 9418 ____ 10112 toeo '16 -8718 _
Consol gold 4s
871s
1913 M N
8718
8718 88
General 5s
1938 51 N 9512 98
8512
Consol gold 4s
1943 M N
9612 June'19
8018 Juue'19 -- 86
90
661;
8912
So'w'n
lat
&
Va
go 5o 2003 2 J
88,
8 ____ 8158 Sept'18
1980 F A 95
Consol 4115
97 I 9514
9512
8 9313 9614
let cons 50-year 58_1953 A 0 70
sale 8012
General 4116
1985 J D 87
76
71 May'19 -- -if- 'if
87
37, 8418 89/8
&
W
W
0
let
cy
gu
4s_
1924
F
A
8738
General Is
1988 J D 95
____ 9378 Mar'17 -Bale 9178
9512 325 94
_
9734
Spokane Internat 1st g 58_1955 J .1
___ 7812 7512 Apr '19
Aileg Val gen guar g 4s_1942 51 El 88
8714 867s June'19
7512 7512
86% 857
'Perm Assn 01St L 1st g 4116.1939 A 0 -8712 --__ 89 May'19
D R RR & B'go 1st gu 46 g 1938 F A 8178 ___ 8112 Sopt'16
85
9112
let
5s
gold
cons
1391-1911
F
A
9318 9412 93 June'19
Phil& Bait & W 1st g 46_1913 M N
7714 ___ 8712 Jan '19
93
9818
87l 8713
Gen refund sfg 4s
19532 J 73
_ 102 Jan '93
Sotlus Bay & Sou 1st g 5,1_1924 J .1 9314
75
7318 June'19
72
77
St L M Bridge Ter gu g 58_1930 A 0
__ 9412 92 June'19
82511
Sunbury & Lewis 1St g 49-1936
__
92
92
Texas
&
lot
Pao
gold
55
D
2000 J
90
Sale, 90
U NJ RR & Can gen 4s 1914 51 El 8813 ___
D073717
8712
93
2nd gold Income 55
P000 Mar
51 ____ 1 41 Sept'18
Pennsylvania Co—
01
8 _2_
La Div 11 L 1st g 5s
1021 3 J
76 --- 88 May'18
9712
Guar lot gold 4118
9712 98
9318
7 97
9812
-W Min W & N W 1st go 531
j
F A
1
16
93
1921 J
30
13
Registered
10112 Nov'04
93
9(37s Apr '19
9012
96/8
Tol & Ohio Cent 1st gu 58_1935 J
Guar 3s coil trust tog A _1937 Ni S 7733
J -61 - -9578 92 Apr '19 ---- -61- -92 •
87 Feb '17
Western Div lot g 55
7712 80
DO
A
1935 j
84
90
87 Jan '19 -- 87
Guar 3119 coil trust ser 11_1911 F A
78 Jan '10
87
78
78
General gold 56
6914 747s 93 Oct '18 ---7758
Guar 31-18 trust etts 0_1912 J D
8114 July'17
K
de M let gu g 4s
an 8878 7718 1 7512 May'19
1990 A 0
1914 J D 7612 78
Guar 311s trust ctfs D
8034 Dao '16
75 -ids;
3d
20-year
5e
1927
91
J
97
June'19....
90
,
8
43_1931
gold
A
8612
8612
0 8012 88
Guar 15-25-year
6 83-4 8613
88
91
Tol P & W 1st gold 4s
50
38 Feb '19 __i 36
50-year guar 4s otfs Ser E_1952 M N - - 80
8512 Feb '19
36
8514 87
Tol St L & W pr lien g 310_1
J
J j
74
15
7j
80
19
62
7518 Feb '19 ___' 7518 7618
1912 NI N
Cin Lob & Nor gu 4s g
g218
_ 8134 Apr '19
8134
813
4
year
50
Sale
gold
O
A
F
A
4s
1950
CI & Mar let gu g 4146-1935
9614 May'17
95
45
56
N 89
Coll trust 48 g Set A
1917
20
5
18158 M10
Cl A P gen gu 411s ser A_1942 J J
9634 May'18
5
1)1g
Trust co ctfs of deposit _
20
18 Aug '18
Series B
1912 A 0 -- 101 DM '15 _
---Tor Hain & Buff 1st g 45_ _51946
--C, 7012 87 80 Apr
Int reduced to 31-1,3-1912 A 0 7012 --_- 9014 Feb '12
'17 ---__
Ulster & Del 1st cons g 55_1928 J D ____ 90
8914 Dec '18 ---- - Series 0354s
75 ____ 9018 Oct '12
1918 Ni N
_
refunding
let
g
43
j
A
952
70
58
Series D 31,1s
8814 Feb '17
1950 F A 75
Sept'17
Union Pacific let g 43
11947
Sale 8534
Erie & Pitts gu g 31,13 13_1910 J
88 Apr '17 _79
84
85's 89a
Registered
1947 J
J -Series C
19103
'
84
79
6
3
5
3
1
H
3
8
Oct8
4
8808
_
51
8
1
3
2
8
7934 May'19
793 7934
20 year cony 48
1927 J
88
86
814
Gir R & I ex 1st gu g 410_1911 J
J 86
8912 87
87
85'a 8912
2
87
g2008 Ni
tat & refunding 41
80
80%
Ohio Connect let gu 46_1913 It S 8518 ---- 8312 Apr '19 _- 87
8012
7, 79
8312
8312 8312
J 101
10-year perm secured 65_1928 J
Sale
Pitts Y & Ash 1st cons 58_1927 It N
10334
10118 33' 10234 106
93 M
41_1948
con
Nay
J
g
&
D
RR
Ore
797
2
82
Tol W V &0 gu 41-is A 1931 J .3
7934
7934 10 7914 86
9834 Aur '17
Ore Short Line 1st g 66___1922 F A
__ 101 10034 June'19
Series B 411s
1933 J
J
92 Dec '17..,,
1003
8
10112
1st coneol g151
1948 J .1
98
98 June'19 -Series 04s
1942 Ni S 79 -- 8818 Sept'17
,
9011 9878
Guar refund 4s
1929 J D 8514 Sale 8514
P 00 & St L gu 41-19 A_1940 A 0 9112 9414 91%
87
52 8112 83
91,
8
2 9i3-8 91%
1928 J
Utah & Nor gold 5s
J 937a ---- 98 June'19
Series 13 guar
1942 A 0 9112 94
9234 Jan '19
1 9234 9234
98
98
let extended 48
1933 J
8378 89
Series 0 guar
89 Feb '18
1942 Ni N 9112 ____ 09 June'17
Vasdalia cons g 4s Ser A.--1955 F A
7838.. 8012 Apr '19
Series D 4e guar
1945 M N 90
9013s Sept'18
93
-i0;
1
Consols 4s Series B
1957 M N
Series PI 31,4s guar gold _1949 F A 0018 ____ 9012
8018 June'18
Vera Cron & P let gu 410_1934 J
J
35 May'19
35
•NO Price Friday:latest bid awl *skid. a Dos Jan b Due Feb. g Due June.
A Due July.
Due Aug. •Das Oct
p Due Nov
p Due Des
Option sale.
N. Y. STOCK EXCHANGE
-- I,
7.77, g 6i7;
[VoL. 108.
New York Bond Record-Concluded-Page 4
2618
BONDS
N. Y. STOCK EXCHANGE
Week ending Juno 27
.43
Lb.
Price
Friday
Jane 27
Week's
Range or
last &lid
4:11 /11124
, Since
33
Jas. 1.
High No.1 Low High
Ast Low
Bid
9012 14, 8914 9412
Virginian 1st Is series A____1962 MN 8934 9018 8912
2 9318 93
9512
9512
1939• N 9113 95
Wabash let gold Is
89
83
June'19
8712
87
A
✓
1939
Id gold 5s_
90 Aug '13
1939 J J
Debenture series B
.
Nov'18
98
7G
.
)
(
MS
1921
Id
Is...
g
equips
lien
let
1951 • j 65 -- 65 Sept'18
let lien 50-yr g term 4s
8814 -B71".;
2
19
A .
314 Feb
1911 J J 91 - 80
Det Sc Ch Est 1st g 55
_
Des Moines Div 1st g 4s 1939 J J ---- 7712
67
67
67 Feb '19
69
1941 AC
Om Div let g 330
74
74
74 Jan '19
MS 7212 78
Tol & Ch Div let g
7512
75
-19
75
M
80
7514
A
✓
Wash Term! 1st gu
.- 82 Aug '18 -1915 FA
1st 40 yr guar ite
2 57
8 -di
7-76014
4 60
West Maryland 1st g 4s____1952 AD 604 61,
9718 May'19 -- 9618 loo
West N Y gt Pa let g 5s...-1937 J J 9714 09
-1913 AO --_- 863s 70 Dec '18 ---Gen gold 49
36 Oot '17 ----Nov
.181913
Income Is
84 June'19 ---- 8113 81312
Western Pao let ser A 51.....191e• S 8334 34
93 Ort '18 -4 90
Wheeling & L E let g 55 -1926 AO 93,
_
Wheel Div let gold Is._._1928 J J 9012 95 100 Feb '17 --9058 Mar'17 -Exton & Inuit gold Is.....1930 ✓ A
61
61
64 Jan
Refunding 430 settles A _19613 MS 5918 (So
5914 6512
1949 MS 602 6538 6412 May'19,
RR 1st consol 4s
76
75 80 76 June'191- -- 75
Winston-Salem S B let 4s-1960 J
80
76
7378 7678 77 June'19,Wis Cent 50-yr 1st gen 45...._1949 J
77
7214
7514
June'19
80
7518
MN
Sup & Dul div & term 1st 43336
Street Railway
61 June'19
67
Brooklyn Rapid Tran g 513._1945 A 0 64
4612 10
45
4612 4612
let refund cony gold 4s___2002 J
8212 23
82
Sale
J
821g
J
noteh
secured
3-yr 7%
79
May'19
8118
Certificates of deposit............
7812 June'19
-73-1s 78
Certificates of deposit stmp'd
92 Dec '12
Bk City 1st cons 5s_1916-1911
80 May'18
N
Bk Q Co Sr S con gu g 58_1941
70 101 May'13
-1941 J J Bklyn Q Co Sc S lst
78 June'19
78
Bklyn Un El 1st g 4-58-1950 F A 74
8712 78 June'19
1950 F A 74
Stamped guar 4-55
Apr '19
68
66
__
A
F
0-1949
g
1st
E
Kings County
62 Jan '19
as
1949 F A a'
Stamped guar 4s
3
50
50
Nassau Elec guar gold 46_1951 J J ___ 50
7518 12
1927 F A 7434 Bale 7434
ChIcago Rya 1st. Is
79 June'19
Conn Ry & List & ref g 4501951 J J
861.3 Oct '18
1951 .1 J 77 80
Stamped guar 430
7
76
Sale 7572
Det United 1st cons g 410...1932 J J 76
84 Jan '14
1936 M S
Ft Smith Lt & Tr 1st g 5s
-ioi
8
6132
623
Sale
6112
A
F
1957
A
ser
55
Had & Manhat
1914 183
1957 -- -- 18.2 Sale 1812
Adjust income 58
1932 F A _9273 90 May'19
N Y & Jersey 1st 533
-iio
3932
4112
Sale
3
4-11
0
A
Interboro-Metrop coil 430-1956
41
3772 4112 39
_____
Certificates of deposit
192
7512
7334
Sale'
7334
T-71
-1986
5s_
1st
Tran
Rap
Interboro
2
72
75 I 72
Manhat Ry(N Y) cons g 46_1990 A 0 72
72
7378 72
1990 A 0 72
Stamped tax-exempt
Mar19
77
81
78
S
M
1953
si
135
Lt
&
Manila Eke Ry
Metropolitan Street Ry2
09
69
71
Sway & 7th Av 1st a g 56.1943 J D 69
6778 65 May'19
Col & 9th Av 1st gu g 5s 1093 M S 58
62i
May'19
74
Lex Av&PF lstgug 5s-1993 M S 6332
54 Dee '18
Met W 8 El (Chic) let g 4s 19333 F A
Milw Eke Ry & Lt cons g 5s 1928 F A 95 ____ 10013 June'17
78 ---- 8112 Deo 18
Refunding & exten 430..1931 1 J
9612 9712 July'17
Montreal Tram 1st & ref 5s.1941 J J 84
New On Ry & Lt gen 430.-1935 J .1 61 ____ 61 Apr '19
61 May'19
NY Municip Ry 1st f 5s A 1966.3 .3 60 64
82
42
4134 Sale 3914
N Y Rye 1st R E & ref 0-1942 J
4314 June'19
Certitcates of deposit
43
15
15 -E173 14
al942
30 year ad) Ina 58
147g June'19
1314 15
Cestificates of depaslt
6
57
55
Sale
57
N Y State Rys 1st cons 430 1962 Kill
Portland Ry 1st & ref 5s___1030 M N 7514 ....- 8812 Novle
June'19
65
6514
A
F
58_1942
Portid Ry Lt & P 1st ref
82 ....- 9012 Feb '17
Portland Gen Elea 1st 55-1935 J
95 July'17
St Jos Ry L & P 1st g 59.._1937 M N
10218 Mar'12
J
St Paul City Cab cons g 5E3_1937
5672 113
5614
_1960 J J 5632 58
Third Ave let ref 4s
41'4 147
n1960 A 0 4114 Sale 3912
Ad)income 5s _
93
June'19
95
91
1937 J J
Third Ave Ry let g 55.
Tel-City Ry & Lt let s f 5s__1923 A 0 9334 9412 93(4 May'19
. - 73 May'19
Undergr of London 430--1933 J J 73
7112 May'19
7338 00
1948
Income es
70 June'19
71
1926
isi
Pitts
5s
Inv
Rye
United
s June'19
507
___
53
J
J
United Rye St L 1st g 4133.- _1934
09 50 June'll
1924 A 0
St Louis Transit gu 5s
June'19
32
40
33
0
A
4s.....1027
f
s
Fr
United RRs San
3434 187
Union Tr(N Y) ctts deP ______ -- 3134 Bile 33
3112 103
34 Sale 3212
Equit Tr (N Y) inter etre__
1
77
7732
77
Va Ry & Pow 1st & ref 5s _ .1934
-§s-
Gas and Electric Light
Atlanta G L Co 1st g 5s.._1947 J D
Bklyn Un Gas let cons g 51_1045 MN
Cincin Gas & Elea Ist&ref Si 1956 A0
1927 J J
Columbia G & E lot 58
Columbus Gas 1st gold 66..1932 J J
Consul Gas cony deb Os__ _1920 Q F
Cons Gas EL&P of Bait 5 yr 58'21 MN
Detroit City Clits gold Is.._1923 J
Detroit Edison 1st coil tr 53_1933 1 .1;
51949 M
15t & ret 5s ser A.
1st cons g 5.3..1932 M Bj
Eq 0 L N
D
Gas A Elea Berg Co o g
1952 ✓ A
Havana Elea consol g 5s
Hudson Co Gas let g 5a.._..1949 MN
Kan City (Mo) Gal 1st g 58_1922• 0
Kings Co El L & P g 5s_ __- _1937 AD
Purchase money es-- -1997 k 0
1925• S
Convertible deb es
Ed El Ill Bkn 1st con g 43_1939 J 1
'34 * 0
ext
Is
&
Lao Gas L of St Liter
1927 MN
Milwaukee Gas L 1st 45
D
1948
Newark Con Gas g Is
NYGELH&Pg Si .__.1948 Jo
Purchase money g 4s -.1919 ✓ A
Ed Elea 111 1st cons g 59...1995 1
NY&Q El L&P 1st con g 62.1930 F A
Paclne G & El Co-Cal CI & it1937• N
Corp unifying & rof 5s
Pacific G & E gen & ref 59-1942 I
Pao Pow & Lt let & ref 20-yr
55 Internattonai Series_ A930 ✓ A
Pat A Ptalflali G & IC Sc.._1949 MS
Poop Gas & C 1st cons g es 1943 * 0
1917 MS
Refunding gold 58
J
Cii G-L & Coke lit gu g 58 1937
J
5e1936
g
go
1st
Ch
Coot
Con U
Ind Nat Gas de Oil :30 yr 581938• N
8,1,1 Fuel Gas 1st gu g 51._1947 ‘f N
PhIlalelptila Co cony g 54..1922 MN
Eisend Gas & El cony s f6&.1926 1 0
Syracuse Lighting 1st ,1 5s._1951 3D
Syr tease Light & Power 58..1951 ii
Trenton G & El let g Is.....1949 NI
Union Elea Lt & P lit g 58..1932 • S
Refunding & extenslon 58 19:13 MN
J
United Fuel Gas lit s f Os_ 1938
Utah Power & Lt lit Is..._1941 ✓ A
Utioa Elea L de P let g 5s _ _1950
.1
Utica Gas & Rice ref 5s__ _1957
Westchester Lty cold es _ 1950 J
es.1919
62
43
75
79
75
76
53
86
79
7812
-72
7134
57
62
50
7113
79
71
7914
791,2
68
62
55
81
88
- -8112
54
14
90
277s
4
29,
65
6512
69
77
65
1914
9012
4334
4114
7513
7214
7413
77
60
62
621a
-___
72
68
74
-----
61
65
39
4213
1013
1112
52
61
63
49
45
1612
1612
62
-611-2 -65 -
_- 50
25
89
9314
73
6713
70
4313
5334
4212
93
97
73
73
71
521s
-22 22
22
747s
33
3414,
3134
79
- - 103 Sapt'15921s 93 June'll) -_ -1 9112 95
_ 91 Dec '18
5 82 92,2
9212
90 9212
93 87 June'19 --' 87 87
10313 111 100 101'8
10312 Bile 10212
961s 99
9858 101 , 9618 May'19
9358 9638
9614 .--' 91312 June'19
9612
5 95
96 !
95 Sale 95
94
93
91 June'19
93 95
95
87
93
88
-_
85 --- 100 Feb '1'3
____ -87 89 ; 9212 Niv'17
90 9014
92 -_1 90 May'19
9212 May'19 ----' 921g 9212
901z 99
1 0018 94
9012
90 2
9072 91
2 100 103
101
100 102 .100
98
98 101 1 93 Apr '19 ----! 90
4, 797,2 84
802
8058 811s 8058
9218 97
90 97 1 921s June'19
1 8714 89
80
89
8712
--_- -91 ____ 110412 Apr '17
11 8914 94
91
Sale' 8934
91
7414
5 69
72
73 1 72
70
98 103
9412 --I 99 M
06l.Aug
9612
1
101
89
92
86
92121 93 June'19 ---- 93
1 831s 88
86's
87 86714
88
82
82 Apr '19
. 90
.
-§6 - __- 109 July'17
I 9718 101
9912
9958 99's 9712
7712
7234 7178 75 June'19.-.- 73
85
3 85
S5
85 Sale 85
'17- 100 Apr
9-Mir'17
89 May'1
75
To
75
91
6 91
93
Sale 93
91
5 94 9612
9158
11112 Sale 9112
9712 9712 M ty'1785
7413 -.. 70 Novli
_. -983s 031 '17
90
9313 90 M ir 19
92
90
82 ____ 10132 Nov'18
-6i 9514 June'19
97
90
1 88
8972
894 Sale 897s
__ 101 June'17
90
00 90
- 90 Fe5 '19
9212
87
93
90
9214 90 Marie
86
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 27
Price
Friday
Jams 27
).2
t.
.14
'fur,
„a...3
Blips
&lige or
Last Said
14"1
,
8 I.
Jail.
High hroJ how -HighAtt .0t0
Bid
Miscellaneous
071g
59
June'19
6212
62
9
6013
M
____1948
g
tr
Adams Ex coil
35
25
30
2912 June'19 _
Alaska Gold M deb Is A._ _1925 M S 29
35
25
29 June'19
30
1926 M S 25
Cony deb es series 13
!
I
1920
Am 3,-3 of W Va lit 58
4
88388 1 39 86
3 Sale 8732
98
N 8
Armour & Co let real est 410'39 JM D
Booth Fisheries deb s f 65 .....1926 A 0 ___- --- 90 Fab '18
19 9212 97
Sale 96
9612
Braden Cop NI coil tr s f 6s_19.31 F A 96
801s 82
808 June'19
1953 A 0 8033 82
Bush Terminal lot 4s
8533
80
J J 82i 8212 82 June'19
______
Consul 58
1 7918 81
8012
Buildings Is guar tax ex_19130 A 0 8012 Sale 8012
53 Mar'18
50
Chic C & Conn Rys s f Se.. _1927 A 0 40
335. 361
Chic Un Stat'n lit go 410 A 191'3 .1 J 855s 8634 8534 June'19
95 10534 128
123
Chile Copper 10-yr cony 75_1923 M N 12214 Sale 120
201 I 8212 9312
92
Recta (part paid) cony es ser A A 0 92 Sale 90
265' 8112 931a
03
19:32 A 0 93 Sale 92
Coll tr & cony lie ser A
2 8234 8512
84
85
85
Computing-Tab-Rea s f es 1941 J 1 84
9812
97
9312
•11)
-_
102
Feh
98
N
28
A
con
es
MSAP
Coal
Granby
98
9014 May'19 __._ 05
19233 M N 9618 98
Stamped
1940 Ni N 9358 ---- 95'2 Apr '19,-- 9314 954
Great Falls Pow 1st s f 5s
9812 3213 07 10534
1941 A 0 9734 Silo 9734
Int Mercan Marine e f 6s
39 91
93
957s
.• 1 9234 Sale 9213
Montana Power 1st 51; A....1943
'7 83
88
8812
1939 J 1 88 S de 87
Morris & Co isle f 410
- 83 Apr '14 --__
66 A 0 __-Mtge Bonds(N Y)4s tie
94
--10-20-year Is series 3.......232 J J
68-18 72
72 June'19
72
1951 F A 69
N Y Dock 50-yr 1st g 4s
9358 97
Niagara Falls Power let 59_1932 J 5 95 --__ 95 May'19
1932 A 0 101 10158 10112 June'19_-, 101 10118
Ref & gen es
.Niag Look & 0 Pow let 5s,_1954 M N 9012 9314 8912 Oct '171----1
89 1 i3 871s 90
Nor States Power 25-yr Is A 1911 A 0 8914 8912 89
91
89
93
9012 June'19
Ontario Power N F 1st 5s_ _1913 F A 91
_
95
N
84
Ontario Transmission 5s____1945
ifil4 1/ -5-12
J 110 --- 15512 May'19
Pan-AmPet&TrIst conves '19-'27 J
80
4 75
7712
Pub Serv Corp N J gen 53-1959 A 0 7712 ,..Sale 7713
90
9212 June'19 -__ 91
Tennessee Cop 1st cony 633..1925 M N 9212 95
95
1 90
95 1
95
9678
Wash Water Power let 5s__1939 J
10072 61 082 10138
Wilaon & Co 1st 25-yr e f 033_1941 A 0 100's Salo 100
4
1043
4
993
2
531
Sale
1037
2
10214
1027
D
J
1928
10 yr cony s f 6s
Manufacturing & Industrial
Am Agile Chem 1st a Is____1923 A 0
1924 F A
Cony deben 5s
Am Cot 011 debenture 5s._1931 M N
Am Tilde & Lists f g (la__ ._1019 M 9
Am Sm &11. let 30-yr Is ser A '47 A 0
1944 A 0
Am Tobacco 40-year g 6s
1951 F A
(301 4s_
J J
f
s
5s-11
let
Am Writ Paper
Tru8t Co atfe of deposit......
Baldw Loco Works 1st 5s_1940
Cent Foundry 1st s f 65._ _1931 If A
Cent Leather 20-year g 518_1925 A 0
1951 F A
Como! Tobacco g 4s
Corn Prod Reg s f g 5s____1931 M N
N
1931
1st 25-year s f 55
DWI'Sec Cot cony lit g 58_1927 A 0
D
J
E I du Pont Powder 430...1936
General Baking let 25-yr 64_1936 J D
Gen Electric deb g 330_ _ _1942 F A
5
1A S
1952 5
Debenture Is.
1935
Ingersoll-Rand let Is
lot Agric Corp let 20-yr 56..1932 M N
J
Int Paper cony s f g 5s____ 1935
1st & nets? cony Is ser A .1917
1 - -El
Liggett & Myers Tobac 76_1944 i4
A
59 _
1914 A 0
Lorillard Co (P) 7.4
1951 F A
Is
D
Nat Enam & Stampg 1st 55_1929
Nat Starch 20 year deb Is..1930 J J
1942 M N
National Tube let Is
N Y Air Brake lit cony 68_1928 M N
Pierce 011 5-year cony 69_81920 J D
10-year cony dab es_ .....51021
Sinclair 011 & Refining1st s f 78 1920 warrants attach F A
do without warrants attach F A
Standard Milling let 5s.....1930 NI N
J
The Texas Co many deb 61_1931
Union Bag & Paper let 53_1930 1 J
1
1
1930
_
Stamped
Union 011 Ci of Cal 1st 58..1031 J J
US Realty & loony deb g 5i 1924
I
U S Rubber 5-year sea 7s ..A923• D
.1
1947
1st & ref 51 series A
A
F
1926
es
M
cony
&
Ref
S Smelt
Va-Caro Chem let 15-yr 51,3_1923 J D
e1924 A 0
Cony deb 6s_.
j
West Electric let 158 Dec.....1922
.................1051
Coal, Iron & Steel
Bath Steel let ext a 68__1926
1942
let & ref 54 guar A
1934
20-yr p in & Imps f 54
1932
Buff & Susq Iron s f 58
11926
Dobentore Is.
Cahaba C M Co 1st go es _1922
F & 1 Co gen s f 5e _ _1913
OS Indus lit & coil Is gu_1931
Gins Coal of MI let&rel 53_1950
1925
Elk [Torn Coal cony Ils
Illinois Steel deb 43-0_____1910
- -1952
Initana Steel lit
Jeff & Clear C ci I 21 58._1926
Lackawanna Steel 1st g 54_1923
let eons Is series A _ -1950
IM!dvale Steel &0 cony e f 581936
Pleasant Val Coal lets f Is. 1928
Polati Con Collier lit a f 5s 1957
Repub I & 8 10-30-yr See 1.1910
St L Rock Mt & Ph sttnpd _1955
Tenn Coal 1 Sc RR gen 5.3_1951
U S Steel Corp-J coup
s 10-60-year 511reg
Utah Fuel lets f 5.8 __1931
Victor Fuel let s f 5a_____ _1953
Va Imo Coal & Coke lst g 58 1947
Telegraph & Telephone
coil tr._ 1929
An Tale!) &
- _1936
Convertible
1933
20 yr convertible 4141
10 le
30-yr temp coil tr
7-year convertible 68.- -1925
Cent Dia Tel 1st 30-yr Sc _1943
Commercial Cable let g 18 2397
__ ._2397
Registered__
(Iamb TAT 1st & gen Is....11)37
Keystone Telephone 1st 59 1935
Mich State Telepli lit hi.. 1924
N V & N S Telephone Is g_1920
N Y Teiep lit & guns f 410 1939
30-yr deben s f Os __Feb 1949
1937
Pacific Tel & Tel 1st Is
South Boll Tel & T 1st s 54..1911
West Union colt tr our 54.__1938
Fond & real eit g
1941
'alit Cu Tel gu ext 5s
VI 4'-4s a _1931
9313 June'19
98 101
9812 101
109 1 11 109 11212
107 110 109
89133
87
88 June'19
89
80
7 0934 10011
100 1
Sale 100
100
90 1 33 8834 93
883.1 8934 8878
11814 ---- 119 June'19 -__ 119 11915
76 -- 7512 Apr '19 ---- 72.2 7812
9934
991i
1 88
991a 9934 9912
2 86
87121
8734 89
9014
8712
100 10112
98 101 101 June'19
82
8158 8412 813s
82 1 15 78
9712 20 9513 98
9718 Sale 97,8
8012 7312 Deo '18 --74
10012 10112 100 May'19:-.
icir
10012 10012 9978 June'19
9913 1001a
3 89
9212
9113
9113 Salo 91
94 June'19,-_ 1 9212 94
95
93
88
- 88 June'19.--_! 83
8938
4 7113 77
77
76
77
75
28 9'712 101
98
98 Sale 98
96 Nov'18 --I _
8
5 -761- -Stale 83
83 1
a -83198
98 ---- 93 Juno19,--1 98
90 June'19,-- _' 00 90
92
88
11314,I 10 Ill 1337a
11314 11333 11314
05
94'81 19 90
94's Sale, 9334
1131.4 114 1113 June'19,--,1 10934 11312
9014 94
917s; 9212 June'19
91
1 95 98
96
9712 98181 90
9312 94 1 94 Aug '18
9912
99
19 94
Salo 0812
99
1 9612 103
100
101 1113 1100
122
27 10014 145
11512 Sale 11512
Sale 106
10634 105 8834 11214
106
11 9812 15212
132
-_ 139 132
9934 61 95 100
9934 Bale 9934
95
93
95 Apr '19
94
91
11 10013 103
103
10258 Sale 10278
8934
85
8772 90 89 June'19
87 Dee '18.....,,1 ....
86
-6i78 94
937s 94,2 94 May'19
78
17 130
1'8
4le11 10
76
0a
77
10
3 113
11 10234 10-134
1
678
73
19
1221 86
89
8954
8858 Sale, 8838
10112 10312 10312 June'19
8734 10514
3 9514 9811
9812
9712 9812 9712
33 10014 10214
102
102 , Sale 10134
9914
9732 9734 9738
9734 11 97
I
8 9512 9634
Ws
4 87
92
92
89
33 80
8912
may.48 ..-_-' _---....-- ---- 8614 July'18.-._' ____ ____
...... .... 101 Deo '14 --__I
91 1
1 88
91
91
92
A 90
A 8018 Sale 70
7, 7312 801*
80's,
D, 87 9218 871s Apr '191-....1 83
90
.., 95
O' 9112 ---- 98 Feb
9854
80
8514 80 8514
'191---3 8214 86
9012
96
7 95
9058 96
9812
98 .-'
Silo 9058
98
98
7 96
98
91
95
93 95
5 86 97
00 Sale 00
91
326 80
91
9612 Sale 90
92
Sale 9012
ot 0808
8 S
81
9
0
8734 -El;
921g 9614
8034 8034
9138 93
99-58 1011:
991a 1003s
-----70 M tr'19 __-1 70 70
70
4 8514 June'19 ---1 851s 8758
83,
83 June'19 -....1
88
80
8
95
9178 --- 9112
8034 Mar'19 _1
--,-- 81
93
1
93
93 94
101
211
10058 Balt,10012
_ _ __- 100 a
6
10018
55
86
I
85
36 8334 86
841.1 Bile 8434
84
77
80
80 May'19
14 83 902 9014 June'19 ____I 8512 91
94
913s 135, 90
9058 Sale' 9078
1037s 99 10034 10418
A 10332 Sale 103
931a
9614 98
98 June'19,..- 96
.._
05 --... 73 Nov'171_4,-2
31I8
'
,,e1 Jan0
3,
92
-flit; ..g;l; 6
-6214- -6i _.. 91134 93 Apr '101._ .._ _ ..iiiii
9134 913s June'19,__ 90
A 89
9812 ...... 0312 Apr '191._ 9812 9812
8912 49 8758 9112
8812 Bale 881a
1011s 63 10733 10113
10758 Salo 100 18
92
6 9014 9538
. 0132
9914 927
.11 9
1
00
00
3
19
:1_
1 sopow217 .._8
:
11
.
13
0
.
94
0
3,2
91
Sale 91
91
86
85,2 92
Sale 813
86
--.1 94
Noiele _- -_.:--_ .
....
.7.
--
age,
p On Juno. A Due July. k Due Aug. a Due Oct. V Dile Nov. g Due Dee. ti Option
*No price Friday;latest bid and asked a Dill Jan. d Due April. 6 Due May.
JUNE 28 1919.]
BOSTON STOCK EXCHANGE -Stock Reco
07:
rd
,.. .
2619
age
SHARE PRIORS-NOT PRA CENTUM PRICES.
Saturday 1
June 21 1
Monday
June 23
Tuesday 'Wednesday Thursday I
June 24
June 25 , June 26
Friday
June27
&kW,
the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan 1.
Range for Previous
Year 1918
Lowest
Highest
Lowest
Highest
,
i
Railroads
136 136 '*136 137 1 136 136 i 135 13512I *133 135 I
133
133
Boston
167
&
Albany
100 131 Jan 8 145 Apr 3 12213 Apr
7112 7112 7112 7112 7212 7212 7112 72 , 7112 7112. 7112
146 Nov
7134
241 Boston Elevated
100 6434 Mar24 8014 Apr 5
*87
95 1 *87
95 . *85
95 I *85
Last Sale;87 June'19
95 I
37 Jan 80 Nov
Boston & Lowell
100 85 Feb 8 95 Jan 3
*3212 3312 3212 33 1 3134 32
3212 3212 3212 3312' 3212 3212
80
July
104
Nov
Boston
313
Maine
&
*____ 158 I __
100 28 Jan30 35 May16
____
_ __
I
Last Sale 160 May'19'
19
Jan 40 Sept
Boston & Providence
100 159 Apr15 168
*____
.50
.-5-0 .50 *.2-5 .50 *.25 .50 *.25 .50
Jan 6 150 Apr 170 Aug
Suburban
Boston
500
Elee__no
par
*4
500 Apr28 50e Apr28 .50 Dec
612'
6112 612 *6
612 *6
6121 *6
612 ---------200 Do prof
3 June
---- --no par
*13134 -- *
612 Apr28 11
136 ;* _ 136 *
136
Last Sale 131 June'19
1014 Mar
15 June
Chic June Ry & U S Y--100 134 Apr17 135 Jan14
*8812
-. 87
7.
.
12
__I ;£i7i2
Jan 4 138 July 147 Apr
Last Sale 90 June'19
-- ii712 --- _
Do
prof
100 84 Feb14 90 Junel0
*107 1-1-4 *111 1-1-312 112 1-1-3 *111
_ *111 112
8212 Apr 8512 Dec
___ __
10 Connecticut River
_ 100 107 June 5 115 Apr 9
5312 5312 *5312 _- 5312 5312 5312 -5312
104 Feb 125 Nov
52
5212
46 Fitchburg prof
100 5112 Apr24 58
sloe 110 14.106 110
110 110 *10634 112 *jail Ili" *106 112
Jan 2
53
Jan 65 Jan
100 Georgia Ry & Elec stampd.130
0 igs rilar
org In Jtile
-- -__
Last Sale '7212 J ne 19
nteX 101 Sept 11614 Jan
Do prof
*-_---_-- 78
-ii78 *-_---_-- 7-8.- *___ 78
77
77
70
Oct
81 Feb
Central
Maine
10
100
__- ---1 ..- __- --- ---- ___ ____
77 June26 83 Jan 6
Last Sale 1
7712 June 88 Nov
Apr'19
Mass Electrie Cos
100
1 Mar21
312 Jan14
Sale 5
74 May
134 Sept
Apr'19
Do prof stamped
100
4
-311-4 -5i" -31" -55:i4 ill; -55i, 161-4 30Last 3038
Mar27
1714
Jan14
3014 31
812 Jan 33 May
378 N Y N II de Hartford
100 2573 Feb13 3412 Mar10
Lan Sale.88 May'19
27 Feb 46 May
Northern New Hampshlre-100 88 May10 94 ma
*98 100
*97 100 ;5i- 1-66- ;55" 1-0-6" *97 100
1
84
. 100
Oct 95 Nov
10 Old Colony
100 95 Apr12 105 Jan 3 *8812
*19
*19
21
21
*19
21
*19
21
19
19
---- June 11212 Dec
-20 Rutland prof
100 18 Apr14 23
*90
96
*90
97
*90
97
Last Sale 95 June'19
20 Jan 25 Jan
Vermont & Massachusetts _100 93 May 8 100 May27
*4512 46
4512 4558 4512 4512 "i8" -a
2
45
Jan18
45
_-__ 5
80 Aug 90 Oct
0
4
85
2 West EndEnyd
reS
i treet
40 Mar21 50 Apr 3
*5212 55
*5212 ____ 55
55
*51
55
53 ----------37 Feb 50 July
50 4912 Mar13 58 June13
47 Jan 62 Apr
Miscellaneous
*11012 11112 *10814 109
10612 10834 *10734 10312 *108 10814 109 109
25
Amer
Agricul
ical-A0
Chem
0
100 Jan29 114 May 2
10012 101 z100 10014 100 101 *100 10012 10014 101
100 10012
7812 Jan 106 Oct
211 Do pref
100 9712 Jan 3 10212 Mar15
*104 106
105 105 *101 103 *10012 102 *101 102
831s Jan 100 Dee
0 Amer Bosch Magneto_no par 6434 Mar10 105 June23
*112 158
112 112 *11s 112
..i.i4 --1-1-i
114 114 *114 112 -7
-pneumati
6
4
Am
0
ServiceD
e
o
r
c
2
5)
(5
*6
Jan
612 *6
7
*6
134 May29
612
612 612 _ 512 512 *612 --.40 "iii;
212 Mar
13312 13312 135 135 *131 132 *___
5112 Apr 1
62
634 Junel1
132 'IN
4 Sept 1512 Mar
9
Amer
Refining
*11712 119
Sugar
IN
111
tu
118 119
n
;
118 119
132114
2.Iyan
py
17g12I i ii1-2 118.3-4
e
r2(1
118 118
99 Jan 11512 May
105 Do prof
10512 106
10512 10614 10512 1057s 105 10534 104 107
5121 10
107 June 115 Dec
4i1s 10
4
134 1,500 Amer Telep & Teleg
100 99 Jan29 10
*115 117 *114 116 *113 115 *III 112 *al h1
25
8 .7
11:i
one 3
)3 I 1
9034 Aug 10918 Oct
American
15
Woolen
Massof
107 108
107 108
10712 10712 1077s 10778 ,
4512 Jan 6058May
250 Do prof
*11212 11434 11212 11212 z112 112
111 June 5
11212 113
ilg 14g34 1g
90 Jan 9712 Dec
590 Amoskeag Manufacturing__
79 Feb15 120 May29
*81 -- 8214 8214 *8014 ---- 80
80
6012 Jan 92 Nov
231
Do
pref
7812
*20
22
Jan
9 84 Mar22
*20
*20
22
22
Last Sale 22 May'19
*20
22
76
Jan 82 June
Art Metal Construe Inc- 10 1712 Jan21 2212 May 5
*179 181 *177 179 *17412 177 *175 177
11 Feb z19 Dec
Atl Gulf & W I SS Ltnes_100 97 Feb 3 183 June 7
1034 11
1012 11
10
1012 10
101
lAr1e
2'
'17
10.4 10I S
-:
7_trn_:
98
Jan
8
1
_9
_
11,916
Bigheart
Prod
Refg
&
10
23
10 June16 1312 May19' -- -- 12014 Feb
*2214 2234 22
23
2212 *2112 2214 *?.1.34 2 1
70 Booth Fisheries
no par
1312 13513 1358 1358 13
1814 Feb 7 2434 May22
Az
1212' -.- -11312 1234 13
2.321
Jan
Sept281*
950
Century
Steel
Amer
Incof
10
*1512 166
12
*1512 16
June26 1512 Mar17
16 1
15:2
2 17
12
15
2 15
1ilt 151g11:1 --- ----150 Cuban Portland Cement
1014 May 1478 Dee
- le
l IL
678 *612 678
634 634
6
1112 Nov
1712 May
650 East Boston Land
*156
156 157
157 157
A
rua
e
ll,
ny
157 157
4
Jan '55* May
.
7 !
1-8
-7 _ 1:4 1ii
.9. ::
159 Edison Electric Illum
100 155 Apr26 172 Jan 2:
6714 -ii5i 67
6712 6614 67
9
4,168 Fairbanks Co
67
25 5212 Jan21 6914 June20, 134 June 186 Nov
67'4
*163 165
165 16518 *164
4 128381 166
1623
34 *127
4 162
2712 June 6414 Nov
215
Electric
General
100
1467
3312 3414 *3312 34
8
Feb
*3312 34
7
169
3312 331
June 3'
*3312 34
Jan 15734 Nov
360 Gorton-Pew Fisheries
50 28 Aprll 38 May17 128
*612 7
612 634
61s 614
6
6
27 Aug 35 Aug
----------870 Internat Port Cement
10
*24
414 Man°
25
23
2414 2414 24
24
23
984 May 6
*22
_ __
25
412 Oct
712 Oct
prof
592
Do
50
*32
18
3312 *32
Jan
3312 *32
4
3312 3212 33
28 May 6
*32
12 Apr 23 Nov
331,
---110 Internat Products
no par 19 Mar20 40 Mar26
814 814
814 838
81.3 81s' ---8
814
814 814
814 814
600 Island Oil& Trans Corp- 10
6
Jan
2
93
s
Feb20
96
96
314 Aug -65-3 "6"e'e
'*66
20 McElwain(W H) 1st pref _100 90 Jan17 99
6612 *;?
(
9112 -i6- 78
*7812 7912 *96
7938 961
7912
80
80
80
7812 79
88 Sept 93 Nov
281 Massachusetts Gas Cos-100 74 Apr30 86 Mar26
67
6712 67
65
Jan 9 37714 Jan 9114 Nov
6712 *---- 67 *66
67
*66
67
67
288
Do
prof
100
*149 152 *149 152
65
June26
*
*
..
14
:5
.
71
7
.
1
4
.
2
149 149
10
4
136
Jan13
812,
1tg 111
148 148
62 June 71 Nov
135 Mergenthaler Linotype---100 130 Feb10 149 June18
*9312 91
*93
94
9334 9334 9312 9312
35 New England Telephone_ A00 90 Jan22 96 Mar10 107 June 147 Nov
*85
89
*8312 89
*8014 85 I 6
*85
90
85
4
*82
8646
87
8212 July 10012 Oct
25
Nova
Scotia
Steel
6212 6212 6212 6212 6114 62
C....-10
&
0
46
6378
Mar
5 84 June27
6512
63 63
53 Dec 69 Jan
18 Punta Alegre Sugar
*15 __ *15 __
50 48 Feb 1 68 June27
*15 ---- *15
29 Jan 51 Dee
----15 fleece Button-Hole
49
4912 4918 4912 4834 4914 4834 "ii3:1 4834 4914 ----10
14
Jan
3
49
16
May15
4934 3,625 Stewart
11
Jan
1372 Mar
136 138
Mfg Corpn
137 138
321s Jan23 50 June 5
13414 137
134 13512 135 13538 13412 138
27
9
38
20
6T
liw
orr
Ittiodc
gtC
on
o:
....- 64 *___ 64 *-- 64 *_-_ - 6334
Last Sale 6434 Junise'411921
100 115 Jan30 150 may 5 102 Oct 4112 Nov
Aug 146h Aug
184 18512 18412 185
18312
184 185
18312
25
5212
184
Jan13
18312 18434
88 May 2
45 Jan 56 Dec
United Fruit
5212 5312 5212 5314 5112 53
514 52
5114 5258 51
100 15712 Feb10 196 June 9 11512
52 i 5,859
Jan 166 Dec
51 United S
2712 2712 2712 2712 2712 2712 274
inhoofe Mach Corp- 25 44
Jan13 55 may 6
3812 July 4812 May
27's
108 108
17
10712 10818 10512 10634 10578 1065
7
63
4
4
111L
1
4
3
25
11
2614
2
Jan 2 31
)71182 107
8
Jan25
331 :
$g
2434
Do
2612 May
Aug
II
1618 1612 1614 1738 1612 1758 1634 1714
S
Corporat
Steel
ion____100 8814 Feb10 1115s June 6
1634 171s
87 Mar 11612 Aug
30:71)9 Ventura Consol Oil Fields- IS
1812 1858 1838 1812' 18/
1
4 1812 1814 1838 18
185
. 1.41:
734 Jan21
175s June24
71 II) 6 417
5 Jan
9 Nov
Waldorf System, Inc
10
16
May19
19 June12
I
- ......-*114 134 *114 138 •118 134 *11a
Mining
112 112I *114
134
100 Adventure Con
*79
*79
80
80
25 .50 Apr22
7912 7912 *79
17s May27
80 1 80 80 1 81
8134
12 June
134 Jail
125 Ahmeek
3
3
3
25 6212 Mar22 81 June 5
3
*234 314
69 Dec 88 Nov
500 Alaska Gold
.75 .75 *.70 .80 *.85 .75 4%3
70
3 Apr 5
414 maril
138 Apr
'71
538 Nov
600 Algomah Mining
*41
42
42
42
10e
41
25
42
Apr30
43
1
June
9
4112 4112 43
43
43
.15 July
.45 May
297 Allouez
*2212 23
*211
22
22
25 3312 May 1 46 June10
/
4 2178 2238 2233 2218 2212 *23
2334
4012 Dec 54 Feb
219 Amer Zino, Lead & Smelt_ 25 1034 Febll 2534 June10
*56
*55
58
*57
57
59
415712 59
10 Dec 2114 July
I
14
*7
25
14
1414 14
39
14
Feb15
7
14
7414
61
June27
,
8
14
711384
1.
412
4012 Dec 54 July
L1/441
502 A rrsoitprof:11;a
.45 .45
1034 Feb28 1514 Junel0
mve
.45 .45
,
ae
.38 .40 *.35
45
11
Jan 1614 Aug
_ 0c
e2
900 Butt
18
Copper.
*28
2912 *27
Jan30 90c May14
2812 *2612 28 .527
.20 Oct
2812 **211°. 215 2V4 ig
.48 Nov
40 Butte & Sup Cop (Ltd)
10 1712 Jan23 2812 June27
6712 6712 68
6814 6714 68
6714 6812' 461061
1634 Dec 33 May
,12
1
Arizona
Calumet
&
*410 415
10 57 Feb10 7112June10
410 412 410 410 406 410 I
46
10
612 4,612 46109
61 Dec 7312 May
1534 *15
15
25 350 Mar14 445 Jan 3 425 Dec
154. *15
15
*15
1512
1534 *15
470 Dec
17
17 ---1712 1712
--14
i 0 ga
aluo
rfi wnellt I
CIZa
*1614 17
1 1214 May 5 157s June12
1612 17
*16
17
*16
17 1
1 oo Centennial
5012 5012 5014 5058 501/3 5034 51
25 12 Mar21 1778 Junel0
5L32:
3- June 1412 Feb.
.920 Copper Range Co
*218 238 .1.238 238 41238 25s *238
25 39 Mar 5 5314 June10 -16.
6Last5
S1a3
l: 23861June9114
40 Dec 5112 Nov
818 812
Daly-West
8
20
814
2 Marll
734 818
334 May14
778
112 Apr
3 Sept
6,951 Davis-Daly Copper
10
1434 1434 1412 1478 1412 1412 1438 1178 17
434 Feb13
4758
s 1218 12
834 June18
12141
434 Dec
678 Mac.
*414 412
414 414
4
8 Feb28 17 June 5
4
4/
1
4 4/
1
4 *414 V4 *414 434 3,285 East Butte Copper Min- 10
812
Mar
12
Nov
426
Franklin
25
*70
*72
72
74
*71
73 '
13s May 9 e518 jum, 9
572
74 I:
7
412 :
4
7
7
471
:
2 74742
3 June
6 Feb
100 Granby Consolidated
4312 4312 *42
100 65 Apr21 761* June 9
*43
4334 *4314 44
44
4
7312 June 8434 Oct
518
518
478 2181 2,376
612
514
5
5
5
512 6
5 1 *6
5
434 612
400
5
012
34 Greene Cananea
6
612
61,
100
*6
4114
May13 4534 Jan 2
39 Jan 5734 Nov
dittConsolidated___ ...
:e
434 Dec 1018 Jan
*114
138 *114
N 20c reby2t1
138 *114 138
138 1381
138 1,
7,14
8 *114 1381
e27
2 Nia
ny
15c Mar 30o
&P.
150
Indiana
Mining
5014
50
50
60
25 50e Mar 8
50
50
*4914 50 I 50
50 z4834 49
112June
6
.40
July
1
Jan
400 Island Creek Coal
*8612 80
1 42 AprI6 6312 June 9,
86
*87
89
861z *8614 87
87
*86
*8412 87
4478 Dec 70 May
23
3512 351
Do
prof
3
1
3514 3412 35
78
3-A3
3
4
.
2
1
Apr12 87IzJune161 7912 Oct 84 Feb
3412 1
1
34
2 134 3234
937
*534 6
Royale
Copper.
Isle
534 58
25 24 Jan 2 3912 Junel0
*552 578
6
1912 Jan 29 July
195 Kerr Lake
5
*2
4 Jan17
134 17s
214 *134 1781
134 2
61s May 9,
*113 134 *112 134
5 Jan
612 Oct
300 Keweenaw Copper
*412 5
25
478 478
5
5
5
99e Mar 4
5
*412 472
458 5
214
June
7i
154 map
80 Sept
*3
312 4.3
312 *312 334
25
3 Jan25
312 312
3
312 *314 334
634 June10,
31? La
gh May,
taakSalle oppeor.
*318 314 *3i8 334 *34 334 *34
334 Dec
334
25
Last Sale 338 June'19
2 Apr16
434 June10
314 May
2
Jan
612 634
5
21s Apr23
7
37s June 6
7
7
234 Dec
6 Feb
7
205 MatanebVuase
612 107
1 14
lle
4 l'c4
ttys M
4
Cionnesol _ _ 25
613
1012 1034
1034 11
93
4 1012
4 Feb 7
10
734 June10
2 1068 12 T
6
334 Sept
7
7 Jan,
46
' 9,822 Mayflower-Old Colony... 25
612
612 612'
614 614
832 6812
2 Jan13 1314 June 2
632 68
632 6812
67
67
638
6684 6612 67
60
Ran ...-..•.„..,••
6712 68
.65 Mar
412 Nov
68
25
212 Feb24
8 May27
.40June
414 Oct
300 Mohawk
19341 *1838 19
•1812 19
*19
25 4912 Feb 7 7112June10
*1914 1934 *1814 19
19
19
5012 Dec 6612 May
*312 4
25 Nevada Consolidated
312 341 *312 334, *34 4
*312 4
5 1514 Mar26 20 June10
*314 334
1612 Dec 2012May
100 New Aroadtan Copper
2312 24
23341 2312 2312 2312 24
23
25
1 Mar 8
2414 2414 2414 25
4/
1
4June 6
114 Aug
212 July
3,219 New Cornelia Copper
*8
9 4,___ 10*8
1
9
9 1 *8
5
Last Sate
Los
14
3
4
saiS ale0
Mar
9
2 j
5
25
/
1
4
Ju
June13
ne
une:11)
0
Quicksilv
Lida
er
New
_
*18
_
20
__
5118
*18
20
5
20 '
612
518
May
20
2 1112 May26
Mar
"6;.;
171*
River
Company
New
*78
80
*78
80
80
100
80
878 Febll 2012 May22
*7714 7912 *7714 80
*7714
12 Aug 20 Jan
35 Do prof
1138 1112 1118 1112 1118 111s 1114 1132 1114 1114 1135 80
100 5712 Mar 1 80 May23
1112
6312 Dec 80 Jan
590 NIpIssing Mines
1334 1334 1312 14 I 1334 137s • 1312 1334 1314 1378 1312 1315
814 Jan15 1312 May12
972 Apr
Jan
11
:
845 North Butte
*118
114 *Its
15
11
/
4
138' *I
1
9 Feb20 1514 June10: 8%
118 *1
11/4 *I
1012 Dec 1712 May.
2
10
60
Njoirtowhoy k
00
me
25 25e Apr22
*214 234 *214 234' *214 234
212 212 *2
238 278
112June
4May16:L
212
6'
.95 Mar
.25 Feb
Mining
4012 41
41
41
*40
41
25
75e Mar15
41
41
42
4212 *42
33
43
Ps Dec
12 June
7
11
000
012d
000
ominion Co
Dlo
55
55
*54
55
55
25 3012 Mar 5 44 June10
55
55
55
56
56
55
55
Dec 4612 Jan
*18
*18
*18
19
19
25 45 Mar17 60 June 7; 32
19 .18
18
19
1834 *18
4612 June 65 Jan
2
181
2
365
5
1
0
69
69
6834 69
*67
69
1212 Feb 8 21 June111 1234 Dec 2014 Feb.
69
69
6812 69
69
7014
2434 *2314 24
PondQuincy
24
*24
24
25 52 Mar22 7212 June 9, 59 Dec 78 May
*24
2434 *24
2434 *24
243
20 Ray Consolidated Copper. 10 1912 Feb 8 25 June12,
59
59
59 1 59
59
59
*59
*59
60
60
60
1912 Dec 25 May
60
55
Mary's
Mineral
St
2314 25
Land
25
2412 25
25
25 40 Mar 4 64 June10, 38 Dec 5734 Jan
23/
1
4 24
*23
24
23
2312 1,
*334 37,3
Copper Corp..no par
Shano64
312 312
Seneca
312 312
312 334
13 Jan22 2534 June12.
312 312
7 Jan 1584 Dec
358 334
275
2
*2
2
3 I *2
10
234
218 *2
2
113 Mar15
41s Junelli
234 *2
234 Dec
534 Jan
212
125 South Lake
.0.20 .30
.24 .24' .23 .24
25 40.3 Jan13
.20 .20
.23 .23 '0.20 .24
312June 6
12 Sept
2 Jan
1,100
Utah
South
&
M
8
8
312 8
338 *3
5
Janl
838
Sc8c
8
12!
333 8
14 8
338
May141
8
338
1
8
3
31_ *3
45e
812 8
33
142
.10 Dec
8i
n
.20 Jan
_81:
185 Superior
2
15
0
4 Mar 8 1114 June 5,
4 Feb
872 Nov
, 3,2 3,,8 4: g3
,4 2,6
55
30
4 Superior
Tr nity dt Boston Copper_
4
4
414 June10,
1 Mar28
312 31:'
31, 31,
114 Aug
31, 31,
434 Sept
*1
1% 138
,(81
114
25
1% 13
2 Feb 3
114
514 June 21
114
118
212 Sept
114
1
ife
412
Vife
Feb
Tuolumn
Copper
?Lyn
e
6734 68
1 74c Apr 1
6712 67
67
6738 *6614 87
13s May28'
*6612 6712 6714 68
.73 Dec 1% Aug
S
&
);41,
r
me
t
erefin
(
7
;
pI
5
go
u
Min__
*1912 50
43
50
.
Jan21
703
4934 50 I 4914 50 I 50
4
May29'
50
50
50
50
36 Apr 5012 Oct
50
*3
Jan24
4414
318 *278 318' *278 3181
50 May14: 42 July
3
3
3
314
318 338
4712 Nov
675 Utah-Apex Mining
5
1012 1034 1012 1012 1014
134May 9
35sJune 2
222
58 *
12012 1202234
4t2 Nov
1,4 May
8 -129% 10
0512i
793 Utah Consolidated
212 12
5
238 212
74 Jan18 12/
2% 212
1
4June10
12
112 12
2
5
8
7
Dec
12
Jan
2,015
*312 4 I
vUttoathorMis
etal
Tunnel
&
312 312
-- 1
114 Jan28
378 3781 *312 334 *34 312 *334 4
3 May23I
1
Dec 31,4 Apt
110
112
25
114
112 112 *114
114
1141 *114
Mar13
45*
112 *114
June
2
5
11
*114 112
158 Dec
8
Jac.
Winona
25
50e
Jan
23 I 23
22
23 I 21
9
21 I 2218 2218 *2212 23
17s May26'
23
24
h Nov
2 Jan
261
36 Wolverine
25 15 Mar 5 26 June 6
.90 .90 '0.80 .90 *.80 .90 *AO .90 *.80 .90 *.80 .90
Jan
18 Dec 36
100 Wyandotte
25 40c Mar13 1% May27
.40 May 1 1A. Mar
sffid and asked prime. 4 Zs-dividend and MON. I Asseeement paid.
3 Ksittook dividend. 11 Ex-rights. a
1111-divIdend el Half-veld.
iv, rl .i:.nn
'IT,
laant21 1.
*612
ic
lo :.26/3 Tt .370
11,,,,Ipohi....f.
[VOL. 108.
THE CHRONICLE
2620
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale.
Low. High. Shares.
Stocks (Concluded.) Par. Price.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange June 21 to June 27, both inclusive:
Bonds.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High.
Range since Jan. 1.
High.
Low.
99.04 99.40 $19,350 98.04 Feb 99.64 Mar
U S Lib Loan 3348_1932-47
94.54 94.54 8,200 91.64 Jan 95.90 Mar
1st Lib Loan 4s._1932-47
93.24 93.74 11,600 92.04 Jan 94.80June
2d Lib Loan 48._1927-42
95.04 95.04 2,300 93.24 Jan 96.50 Jan
1st Lib L'n 4348_1932-47
93.74 94.22 23,450 93.04 Mar 95.90 Jan
2d Lib L'n 4%8_1927-42
94.81 95.20 78,550 94.40 Mar 96.50 Jan
3d Lib Loan 4Xa_ _ A928
94.04 94.30 120,050 93.04 Apr 96.50 Jan
4th Lib Loan 4s_ _1938
99.64 100.00 92,300 99.64May 100.04June
Victory 43%s.. _ _ _1922-23
84% 84% 5,000 83% Jan 85% May
84%
Am Tel & Tel coil 48.._1929
1,000 96A Apr 97% May
97
97
97
Anglo-French 5s
Feb 84 May
8334 29,000 79
83
All G & W I SS L 58...1959 83
Mar
Feb 77
1,000 74
75
75
Chic June & US Y 48_1940
3,000 87% June, 87% June
S7 J. 87 A
Current River 1st 5s....1927
Mar 94% May
20,000 91
93
93
Dominion Coal 58......_1940
Mar
1,000 89% Apr 94
91
91
1929
Mass Gas 434s
Apr 87y,, Mar
1,000 83
84
84
1931 84
4s
2,000 77% Jan 80 May
Miss River Power 58_ _1951 70% 79% 80
May 93% Feb
8,000 89
91
90
N E Telephone 58_ _ _ _1932
May 82 June
1,000 77
82
82
1934
New River 5s
Jan 107 June
87
118,800
106
10334
105
6s_1931
Sugar
Alegre
Punta
9834 4,000 95% Mar. 9834 June
98
1944
Swift & Co 1st 5s
Jan 170 June
10,000 94
170 170
Ventura Oil cony 78
29% 31
Oklahoma Natural Gas_ _25 31
834 10
934
Pittsb Brewing com_ _ _ _50
1934
18
50 1934
Preferred
16c 18e
Pittsb-Jerome Copper_ _ _1 16c
350 37c
Pittsb & Mt Shasta Cop_ A 350
100 1634 15% 1634
Pittsb Oil& Gas
Pittsb Plate Glass com_100 12434 123% 124%
3% 434
494
Riverside East Oil com_ _ _5
4% 434
434
5
Preferred
19% 2834
Riverside West Oil corn_ _25 27
22% 23
25 23
Preferred
10c
9c
1
San Toy Mining
134 135
Union Natural Gas_ .....100 135
36
35
100
U S Glans
106 108
U S Steel Corp corn_ _100
116 116
100
Preferred
122 124%
Weat'house Air Brake.. _ _50 123
West'house Elec & Mfg_ _50 57X 5634 57%
Bonds9734 9734
Cent Dist Telep 58.... _1943
75
75
Federal St&Pleas Val 5s 542
5135 52
Indep Brewing 68_ _ A955
Range since Jan. 1.
Low.
2,036 2834
2
7,575
7
610
8c
13,900
2,500 21c
8
6,580
301 116
%
25,972
2%
5,545
9
6,427
702 13%
60
22,500
205 122
130 30
125 8834
12 114
995 93
435 40%
$5,000
1,000
15,000
I
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
May
Jan
Feb
Jan
Feb
Feb
Mar
Jan
Jan
95% May
75 June
Jan
36
High.
38;4 May
10 June
11% Juno
22c Apr
46c Apr
1834 June
124% June
4% June
434 June
28% June
23 June
13c May
May
135
May
40
11034 Juno
116 !June
12434 Juno
59% Juno
99
75
55
Jan
June
May
Baltimore Stock Exchange.-The complete record of the
transactions at the Baltimore Stook Exchange from June 21
to June 27, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
par value.
Chicago Stock Exchange.-The complete record of of
Sales
Friday
Range since Jan. 1.
transactions at the Chicago Stock Exchange from June 21
Last Week's Range for I
Week.
of Prices.
Sale.
to June 27, both inclusive, compiled from the official sales
High.
Low.
Shares.'
High.
Low.
Price.
Stocks-Par.
lists, is given below. Prices for stocks are all dollars per
480 3434 Jan 42% May
41
41
share, not per cent. For bonds the quotations are per cent Arundel Sand & Grave1.100
3% May
Jan
2
386
334 3%
10
Atlantic Petroleum
of par value.
Jan 90 May
139, 70
80% 83%
100 81
Baltimore Tube
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par Price. Low. High. Shares.
American Radiator.._.._100
American Shipbuilding_100
100
Preferred
Armour & Co, preferred.... _ 1033
Booth FisheriesCommon.._ new (no par)
100
Preferred
Bunte Bros
Butte
Chic City&C Ry pt sh com_
Preferred
9%
Chic Cons Motors
Chicago Elevated Ry, pref.
Chic Pneumatic Tool_ _100 813
Chic Rya part ctf "1"
Chic Rys part elf "4"._ _ _
Chicago Title & Trust_ _100
Commonwealth-Edison.100
Cudahy Pack Co, com_100 117
100
Deere & Co, pref
100 116
Diamond Match
Hartman Corporation....100
Hart,Shaff&Marx,com _100
100
Illinois Brick
3034
Libby(W I)
10
Lindsay Light
10
Preferred
Middle West UCH, pref_100
100
National Carbon
Page Woven Wire Fence_20
People's G L & Coke-100
Pub Servof N Ill, corn..100
100
Quaker Oats Co
100
Preferred
293
Reo Motor
55
Republic Truck
Sears-Roebuck, corn....100
100
Shaw W W,corn
Stewart Warner Speedom100 101%
Common
100 135%
Swift & Co
6%
Rights
58
Swift International
Thompson
Preferred
Union Carbide & Carbon
(no par) 73%
Co
Unit Pap Board, corn....100
Ward,IvIontgom & Co,pref
Western Stone
100
Wilson & Co, corn
100
Preferred
Low.
24 275
232 100
10 8534
3,946 100%
I
Feb
355 18
21% 23
Apr
150 78
8234 83%
934 June
100
934 934
9% June
100
934 934
A Jan
58
5'5
%
634 Mar
275
9
9
834 Apr
8% 934 6,355
May
5
125
6
6
81% 4,080 60% Feb
77
Feb
100 35
35
35
34 Feb
37
%
34
Feb
40 178
210 211
Apr
1,167 109
111 111%
116% 118% 1,101 100% Feb
Apr
65 78
100 10034
June
130 101
115% 116
500 54% Feb
82
80
Feb
25 68
8534
85
Feb
100 56
67% 67%
30% 3134 12,507 1834 Jan
Apr
3,805 16
1834 21
8 June
145
934 10
Mar
52 49
62
62
25 130 June
130 130
334 Apr
190
7
6
Jan
60 46
52
52
53 8834 Feb
94
90
15 27.5 June
292 292
Apr
150 100
101% 10334
85 28% May
29%
29
1,050 45 May
5134 56%
281 16834 Feb
203 207
241 11234 May
140 141
9934 102% 1,255 84
4,038 115%
134 138
6%
6% 734 8,858
12,056 4134
62
58
410 35
3634 37
50 107
107% 10734
72%
22
111
6
96
103
June
May
May
Apr
24% May
8334 June
934 June
934 June
Feb
1
Feb
11
934 Apr
6 June
81% June
35 June
34 June
212 June
Jan
115
123 May
10034 June
117 June
85 June
May
88
7034 May
Apr
34
25 June
1034 Apr
May
65
130 June
8 May
55 May
9534 Apr
300.. Jan
May
105
3234 May
57 June
May
212
June
141
Jan 109% June
Jan 14934 May
734 May
June
Apr
Jan 65
June 39% June
June 107% Juno
Jan 74%
13,860 56
135 17% Jan 24%
Jan 11234
10 110
Jan 1234
4
10
120 89 Juno 98
Feb 106
10 95
June
May
June
Apr
June
June
10234 $4,500 10034 Mar 102% June
Feb
80% 2,000 75 May 84
Apr 53 May
4634 6,000 41
Jan
Apr 81
9,000 72
75
Feb 97 Juno
3,000 96
97
9334 4,000 9234 May 9434 Jan
54% 1,000 5434 June 5634 Jan
98 205,000 95% Mar 98% Jan
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from June 21
to June 27, both inclusive, compiled from the official sales
lists, is given below. Prices for stooks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
55
55
Amer Rolling Mill corn.._25
2434 26
100 26
Amer Sewer Pipe
89 100
Amer Window GI Mach100 99
8534 8634
100 86
Preferred
5634
56
Arkansas Natural Gas conk
41
32
32
25
Barnsdale Corp
59
56
Columbia Gas &
8
8
Consolidated Ice corn.._ _50
29
29
50
Preferred
5% 6
534
Independ Brewing coin_ _50
50 1234 12% 13
Preferred
La Belle Iron Wks com-100 108% 108% 110
258 259
100 258
Lone Star Gas
55% 56
50 56
Mfrs Light & Heat
834 9
8%
NatiFireproofing corn......50
16% 17%
50 17
Preferred
2834
1 27% 27
Ohio Fuel Oil
25 5034 6034 50%
Ohio Fuel Supply
Range since Jan. 1.
Low.
High.
10 4434 Apr 55 June
Jan 29% May
535 16
Jun
Jan 100
2,206 79
180 77% Jan 86% June
65 55 May 6694 June
June
1,410 32 June 41
510 39% Feb 59 June
8 June
Jan
3
110
Feb 29 June
245 15
7 May
1% Jan
3,400
May
5% Jan 16
590
410 9434 Feb 110 June
Jan 300 May
45 170
May
695 48% Jan 56
Jan 1134 May
5
240
Jan 24 May
430 10
May
Jan 31
401 16
2,475 42% Feb 52% June
Bonds86% 86% 55,000 86 June
Consol Gas gen 4548..1954
85% 85% 6,000 83A May
ConsolGasEL&P4301935
8,000 9534 Jan
99
99
5% notes
100% 101% 6,000 100% June
7% notes
2,000 8834 Apr
89
89
Consol Coal ref 5s___ _1950
100% 10054 11,000 9934 Jan
1923
Convertible 6s
38,000 84% Jan
Coaden & Co ser A 68_1932 10054 100% 101
31,000 85% Jan
100% 101
1932 101
Series B 6s
Jan
1,000 91
100% 100%
(Old Co)refund 65...1926
96% 96% 2,000 95% Feb
Davison Sulphur 6s
Feb
99% 99% 13,000 98
Elkhorn Coal Corp 68-1925
Apr
100% 100% 1,000 100
Fla Cent & Penin extd 6s.. _
93% 93% 4,000 92 May
Georgia & Ala cons 58_1945
Ili May
2% 20,000
2
0-B-S Brew 2d Inc 53_1951
1,000 98% Jan
106 106
Houston Oil div ctfs 1923-25
Apr
1,000 94
103 103
Indiahoma Refining 6a_ _
9834 Apr
2,000
99%
99%
1923
6s
Coot
Kirby Lumber
98% 98% 8,000 97% Jan
Monon V Trac 7s
2,000 77 June
77
77
Norf & Ports Trac 5a__1936
2,000 90 June
90
90
Norf Ry & Light 58_ _ _1949
2,000 89% Feb
91
91
1940
Pennsy W & P 5s
Apr
13,000 70
70% 71
United Ry & E 4s__1949
Apr
1,000 48
51%
1949 5134 51%
Income 48
2,400 69% Apr
71
71
1936
Funding 5s
69%
May
5001
72
72
1936
Small
Jan
89
8534 Jan
99% Juno
10134 June
Jan
92
10034 June
10234 May
103% May
102 June
96% May
9934 June
Feb
101
9534 Jan
334 May
117 May
103 June
0934 Feb
98% Jan
Jan
78
92% Feb
June
91
76% Jan
55% Mar
76
Mar
Mar
76
Philadelphia Stock Exchange.-The complete 'record
of transactions at the Philadelphia Stock Exchange from
June 21 to June 27, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
100
American Gas
10
American Milling
American Railways,pref100
no par
American Stores_
Baldwin Locom, -pref._100
Buff & Susq Corp pf vtc 100
50
Cambria Iron
Elec Storage Battery- A00
100
General Asphalt
100
Preferred
Insurance Co of N A_ _ _ _10
Keystone Telephone...__50
50
Preferred
Lake Superior Corp.._ _ _100
50
Lehigh Navigation
50
Lehigh Valley
Lehigh Val Transit, pref_50
50
Little Schuylkill
50
Midvale Steel & Ord
50
Minehill& S H
50
Northern Central
50
Pennsylv Salt Mfg
50
Pennsylvania
Philadelphia Co (Pitts)_ _50
50
Preferred (5%)
Pref (cumulative 6%)_50
25
Pa
of
Electric
Phila
Phila R T vot tr rects-50
Philadelphia Traction_ _ -50
50
Reading
Tono-Belmont Devel____1
1
Tonopah Mining
50
Union Traction
Tinitngi flan imnt
MI
'
68
3134
109
51
3954
87
73
3234
1334
53
2054
683-4
533-4
41
5134
82
4534
35
2534
29
69
8734
334
334
39
60
21
7334 74
285
9
9
2
68
68
2,287
2454 33
21
109 10934
10
51
51
29
303-4 393-4
8534 8834 14,707
860
7434
73
745
110 11234
258
3334
32
4,709
16
10
600
54
50
1094 2094 6,182
190
6834 69
371
5334 5454
200
26
26
23
4034 41
140
5134 52
10
5194 5134
75
7434
74
335
82
81
453-4 4631 3,255
100
3994 3994
40
30
30
383
353-4
35
2534 2534 3,213
289-4 2934 2,372
40
69
6934
165
8734 893-4
3 9-16 3% 2,545
33-4 354 1,400
113
39
39
no
69W
926
Range since Jan. 1.
High.
Low.
gclelgfAggggttg iatlilEggitg i4 gaggaagggV
102%
8034
46%
74% 74%
97
93
54%
98
74
22
111
6
98
103
High.
Apr 310
Feb 135
Apr 92
Mar 105
20 71% Feb 93 June
91%
91
100
Preferred
1.60 Feb
1.00 Mar
1.30 1.30 3,476'
Celestine Oil v t
Jan
May 44
110 42
42,
42
25
Commercial Credit
Feb
26
Fob
26
5
26
28
25
Preferred
89 103% Apr 111% May
Consol Gas EL & Pow_100 10754 107 108
186 78% Apr 92 June
90
Consolidation Coal.. _ _ _100 8954 89
634 Feb 12% May
1034 ng 14,641
5 1034
Coaden & Co
5 May
Jan
4
434 4% • 822
5
Preferred
Jan 40% Feb
32
952
3634
36
3534
par
_no
Davison Chemical_
40
Juno
Mar
27
70
36% 3734
50
Elkhorn Coal Corp
115 39 June 40% June
4034 40%
50
Preferred
May
134
June
34
50
54
100
34
G B S Brewing
May
110 7234 Jan 101
92%
92
Houston Oil pref tr etfs.100 92
June
June
634
5%
14,513
6%
5%
w
Indlahoma Refining
Juno
1034
June
10
82
1034
10
Monon Valley Traction..25
Apr
90 17% June 30
17% 17%
25
Preferred
Jan 26% June
130 16
2554 26
Mt V-Woodb Mills v t r 100 26
Feb 94% June
162 71
9434
100 9431 92
Preferred v t r
Feb
Mar 80
41 71
74
74
50
Northern Central
216 77% Jan 8834 May
Pennsyl Wat & Power_ _100 8634 86% 86%
Mar 20% Jan
46 15
1694 17
50
United Ry & Elec
285 24% Mar 29% June
28%
28
Wash Bait dc Annap_ _50 28
4% June
334 Feb
175
3% 4
4
5
Wayland Oil & Gas
470NNt..C.
OON000O...C5M 100.0.0.f0W.erM,
M0
0M.
CON0,
Bonds.
Armour dr Co deb 68_ _1920
Chicago City Ry 5s.... _1927
Chic City&Con Rys 581927
1927
Chicago Rys 58
Chicago Telephone 5s_1923
Commonw-Edison 58_1943
Metr W Side El 1st 48_1938
Swift az Co 1st g 58......1944
305 305
123 124
89% 89%
102% 103)
Range since Jan. 1.
74 June
1234 Apr
6934 Jan
33 June
10934 June
Jan
53
4154 Feb
8834 June
763,4 June
114 May
34 June
16 June
54 June
263-4 May
Jan
73
6034 June
Jan
26
45
Mar
5354 June
Mar
54
75
Jan
8494 Feb
4834 May
May
4134
30 May
3734 Apr
2634 May
2934 June
Jan
71
in% June
3 15-16 May
4 May
41
May
74W Jan
THE CHRONICLE
JUNE 28 1919.1
Stocks (Concluded)-
Friday
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.
S Steel Corporation_ A00
Warwick Iron & Steel_ _10
West Jersey & Sea Shore_50
Wm Cramp & Sons.._ _ _100
York Railways
50
105% 108%
8% 8%
43
43
142 144
9% 9%
Bonds.
U S Lib Loan 330_1932-47
let Lib Loan 4s_ _1932-47
2d Lib Loan 4s_ _1927-42
2d Lib L'n 4%8_1927-42
3d Lib Loan 434s_ _1928
4th Lib Loan 434s_ _1938
Victory 434s_ _ _ _1922-23
Amer Gas & Elec 5s_ _ _2007
do
2007
small
Baldwin Locom 1st 58_1940
Elea & Peop tr ctfs 48_1946
1945
small
do
Keystone Telep 1st 58_1935
Leh C dr N cons 434s_ _1954
1928
Lehigh Valley 68
General consol 4s_ _ _2003
Gen consol 434s_ _ _ _2003
Leh Val Transit 1st 4s_1935
Natl Properties 4-6s_ _1946
Penn RR gen 5s
1908
P W & 11 ctfs 4s_ _ _ _1921
Phila Co 1st 65
1949
Cons&coll tr 55stpd.1951
Phila. Electric 1st 58_1960
do
small
1966
1st sinking fund 4s_ _1968
Spanish-Amer Iron 6s..1927
United Rys gold tr ott 45'49
United Rys Invest 58_1926
99.00 99.00
94.70 94.70
94.20 94.20
94.00 94.16
95.12 95.18
94.20 94.30
99.90 100
86
85
84
8
100% 100%
693( 69% 69%
69% 70
91%
91% 89
94
94
102 102
78
78
86% 88%
77
77
39
39
39
95% 95%
97% 9734
100 100
87% 8734
96
95% 96%
97% 9734 97%
75
75
100% 100)4
56
56
70
70
70
Range since Jan. 1.
Low.
1,700
100
7
150
25
883.
83.
413.'
75
7
High.
Feb 1113. June
Jan
Apr
9
May 46
Jan
Feb' 145 June
Mar
93.' June
$500 98.20 Apr
200 92.30 Feb
. 1,000 91.80 Jan
5,500 93.00 Apr
17,100 94.50 Feb
33,000 93.00 Apr
5,360 99.60June
9,000 8334 4pr
1,500 83 June
2,000 100
Apr
6,500 66
Mar
1,300 65
mar
48,000 88
Apr
1,000 9334 June
8,000 10134 Jan
8,000 77 June
1,000 85
Mar
1,000 77 June
10,000 30
Apr
2,000 93% Mar
1,000 95
Feb
10,000 993 Apr
16,000 85% Apr
32,000 93% Apr
3,600 9334 May
3,000 75
Feb
17,000 10034 Jan
2,000 66 June
3,000 6234 Jan
99.70 Jan
95.50 Apr
95.00May
95.30 Jan
96.38 Jan
95.70May
100.04June
Jan
88
,88% Jan
100% Mar
Jan
71
Jan
75
91%, June
Feb
94
102% Jan
80% Jan
Feb
93
77 June
40 May
Jan
98
97% June
10034 Apr
89% Feb
96
7 June
Jan
7634 Jan
101% Feb
Jan
Apr
757
3
voilime of Business at Stock Exchange,
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ending
June 27 1919.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
State. Mun.
& Foreign
Bonds.
Railroad.
dbc..
Bonds.
Stocks.
Shares.
Par Value.
United
Stales
Bonds.
648,300 $56,245,500
114,799,000
I
I
1,206,720 108,818,000
933,920 81,918,000
822,350 71,822,000
1,224,652 98,932,700
$1,003,000
1,390,000
1,407,000
1,496,000
2.299,000
1,681,500
6,098,072 $532,535,200
$9,276,500 $3,456,000 $35,507,500
Week ending June 27.
Sales at
New York Stock
Exchange.
1919.
$98,000 $2,412,000
814,000 0,581,000
790,000 7,277,000
583,000 5,492,000
646,000 0,293,000
625,000 7,452,600
January 1 to June 27.
1918.
1919.
1918.
6,098,0721
3,188,312
Stocks-No. shares ....
136,141,351
73,586,540
$532,535,200 $290,332,500 $12,948,127,030 $6,878,540,000
Par value
Bank shares, par
$47,200
$12,900
Bonds.
Government bonds_ _ _ $35,507,600 $29,962,000 $1,137,892,600
$489,419,500
4,409,000
3,456,000
State, mun., &c., bds174,061,000
104,329,000
4,356,000
9,276,500
RR.and misc. bonds._
275,792,600
144,834,500
$48,240,000! $38,727,000 $1,587,746,100
Total bonds
$738,583,000
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week ending
June 27 1919
-Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Baltimore,
Shares. Bond Sales. Shares. Bond Sales. Shares, Bond Sales
10,865
12,278
$33,700
$87,000
5,491
$15,000
33,408
139,100
11,833
41,000
9,236
29,100
24,056
147,600
6,583
27,050
9,377
67,600
15,000
68,600
4,021 • 27,100
5,173
40,600
199,200
19,688
8,077
32,300
5,688,
32,500
21,000
34,030
9,737
54,000
2,7211
12,000
139,0301 6609,2001
51,116 $248,450. 37,6841 $186,700
New York "Curb" Market.-Below we give a record o
the transactions in the outside security market from June 21
to June 27, both inclusive. It covers the week ending Friday
afternoon.
Friday
Sales
Last Week's Range for
Week ending June 27.
Sale.
ofPrices.
Week
I
Par. Price. Low. High. Shares.
StocksAetna Explosives_r(no par)
Allied Packers com_r w 1(t)
1
Amer Chem Prod_r
Am Malt & Grain-r---(t)
Amer Writ Paper com_100
Anglo-Am Com'l CorD-r(t)
Bethlehem Motor r(no par)
Brit-Am Chem com_r_10
Brit-Am Tob ord bear-£1
£1
Ordinary
Butterw'th-Jud Corp r_(t)
Chalmers Mot Corp.r.(t)
Cities Serv Bankers sha_(t)
Claiborne & Annap Ferry5
Clinton-Wright Wire-no par
Common r
Colonial Tire &Rub..r-(t)
1 Consol Cigar,com.r-(t)
100
1 Preferred r
Continental Candy_r
Cramp (Wm) dr Sons S &
100
Engine Bldg
du Pont Chemical, pref r_5
Excello Tire & Rubber.r _10
25
Fairbanks & Cot
Farrell(Wm)& Son,Inc(t)
25
Fisk Rubber Co-r
1 Freeport Tex Co r(no par)
General Asphalt com-r 100
Preferred r
100
1
Grape Ola common
Preferred
1
Hall Switch At Sig pfd r 100
Havana Tobacco COM IF 100
Preferred r
100
Hayden Chemical r(no narl
8534
51
11
193..'
26
9
2134
934
39
8
• 3834
1934
634
934
6534
11-16
48
934
1934
2534
9
2234
22
29
9
3834
83..'
38
1734
69
85
634
10
673.'
134
51
11
1934
2834
934
2334
22
3034
10
39
8
4,800
23,700
300
4,700
9,200
2,340
12,900
6,800
14,900
200
800
26,800
2,300
5,900
3734 6,000
1934 10,800
73
1,700
86
1,000
634 13,200
140 144
220
11
800
1134
9
03..' 4,200
69
69
100
58
6834 59
14,700
3534 3434 36
9,900
1,200
4334 46
7334 7234 75
7,800
110 113
700
13-18
% 13-16 2,600
1 5-16 1 3-16 1 546 4,660
20
20
19
500
3
3
334
700
8
6,100
634 9
ail
6t'
7ti 5.000
934
Stocks (Continued)
Range since Jan. 1.
Low.
High.
834 Jan
60 June
1
Apr
34
Apr
234 Jan
18 May
2534 June
834 June
22 June
2134 June
25
Apr
434 Mu
35
Feb
5 June
123.' May
673 June
1 3.' Apr
51
June
11
June
1934 June
2734 June
1034 June
28
May
28
may
33 may
1534 may
4034 May
16
Apr
36
1334
85
86
834
3734
1934
74
99
834
June
June
May
June
June
82
Jan
1034 June
834 June
5434 Mar
64 June
29
Apr
33
Feb
393.' Jan
8334 Jan
9-16 Apr
1 1-16 Apr
18
May
134 Jan
3
Jan
8 May
Juno
June
May
May
June
148 June
14
June
934 June
69
June
62 June
39
Apr
*49
May
77 June
114
may
1346 June
1 5-16 June
20 June
334 May
9 Juno
GU as.,
2621
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.
Hupp Motor Car Corp_10 11%
Hydraulic Pressed Brick_r
Imperial Tob of GB & I_L1
Intercontinental Rubb_100 25%
iJones Bros Tea r -.100
Kelly Spfg Tire 2d pf w 1100 108
Lackawanna Co Coal_r_10
Lima Locom com_r___100 67
Marconi Wire!Tel of Am_5
5
Mexican Invest com_r--10 59%
Morris (Philip)& co_r.
National Ice & Coal_r_100 79
N Y Savold Tire r (no par) 53
N Y Transportation_ _ _ _10 17%
No Am Pulp&Pap_(no par)
Ohio Savold Tire_r _-20 31%
Pacific Gas & El corn r..100
Parry (Martin)Cot wi r.(t) 29
Peerless Tr & Mot Corp _60 39
Perfection Tire & Rubb r 1
1
Pyrene Mfg_r
10 17
RemlonTypew com_r 100
Savold Tire Corp -r---25 58
Stand'd Gas dr Eleo corn r 60
100
Stern Bros prof
Submar Boat Corp v t e(t) 16%
Swift Internat'l-r
.18 59
TennesseeRy L&P com.100
7%
Tobacco Products ExD (t) 29%
Union Carbide & Cub r (t)
United Profit Sharing__25c 2 9-16
United Retail St's w 1 r (t) 84)4
United Zinc Smelt _(no par)
US Lt & Ht Corp corn r 10
.10
3
S Steamship
Warren Bros_r
100 47%
4
Wayne Coal
8
World Film Corp v t c_ -5
Rights.
British-American Tobacco_
5%
Royal Dutch Co
Former Standard Oil
Subsidiaries
Buckeye Pipe Lino_ r_ _50
Illinois Pipe Liner
100
Ohio 011_r
25 371
Prairie Oil dr Gas_r_ _ _ _100
South Penn 011-r
100
Standard Oil (Callf)..r..100 273
Standard 011 of N J-r-100 718
Standard 011 of N Y..r100 372
Union Tank Line_r_ _100
100
Vacuum 011.r
Other 011 Stocks
Allen 011.r
1
3%
Alliance 011 & Ref_r
5
Allied 011_r
1
1
Amalgamated Royalty-r_l
Amer Ventura 011.r
1
Barnett OH & Gas r
1
Big Diamond Oil & Ref'r_1
BO011e 011-r
8
5
Boston-Wyoming 011_r_l 68m
Burknett Van Cleave 01%6
1%
Can-Amer 0 & G r
I
34
Circle Oil_r
4%
5
Commonw'th Petrq__
59%
Continental Petrol Co r 5
334
Continental Refg
10 11
Cosden & Co. com_r____5 11
Elford 011_r
1
Elk Basin Petroleum_r __IS • 934
Ertel Oil..r
Esmeralda 011 Corp_r
5
Federal 011 Corp.,
6
Glenrook 011.r
10
Gum Cove 011..r
100 119
Hercules 011_r
1
Hercules Petrol Class A r 10 12%
High Gravity()Mr
1
Home Oil& Refg_r w L _10 20%
Houston 011, oom-r-100 118
1%
Hudson 011 _r
1
Internat Petroleum_r_fl 30)4
Invincible 011_r
50 38%
8
Island 011 & TranaP-r-10
1
Lance Creek Royalties_r_l
Livingston Oil Corp_r___1
2%
Louisiana 011 dc Ref_r 50
Marland Petroleum -r_ _ _1
5%
McCombs Prod & Ref_r-1
Merritt 011 Corp-r
10 28
334
Metre polltan Petroleum 25
Mexican-Panuco 011_
10 16
Middle States Oil Corp_r_l
234
Midwest Refining _r _ _ _..50 179
Midwest-Texas Oil_r____1
134
Morton Pet of Mew l_r_l
331
National Oil_r
10
Northwestern 011-r
1 650
ohlo-Ranger.r
134
1
Omar Oil& Gas.oom1 530
Orient 011 & Gas r
634
1
Osage Nation 011 Synd_r_l
1%
Pennok 011_r
10 15
Pittsb-Texas 0 de G_r-_-5 13%
Producers dr Ref..r
9
10
Rangeburnett 011.r
1
Ranger Gulf_r
5
Ranger-Homer 011.r ___ _1
31
Ranger Oihr
1
31
Rickard Texas Co_ r
5 22
011.r
Rock
10c
34
Ryan Petroleum r
531
1
Salt Crk Producers_r--25 59%
Sapulpa Refining r
5
Sequoyah 011 dr Ref
34
1
Sinclair Cons 011 r w 1____ 59
Sinclair Gulf Corp_r_w I._ 57
6%
South Oil& Transp-r_ _ -10
Southwest 011_r
1 470
4%
Southw Prod & Ref
5
1%
Stanton Mr
1
Texans 011 & Ref_r
1 1 1-16
Texas Prod & Refg_r_.5
5
Texas-Ranger Prod& R r 1
Texas Steer 011.r
1
5
Tex-Ken 011 Corp.r
Texon Oil & Land_r
34
1
Transcontinental 011 r_(t) 47%
Tr -State 0& R
1
United Tex Petrol_r
1 54c
United West Oil new _r__
1%
Vacuum Oil& Gas
34
1
Valverde Oil Prop_r_--(t)
734
Ventura Cons 011-r
17
Victoria 011..r r
10
Vlrkytex 011 & Gas_r____1 1 1-16
West States OH& L new _r
6%
White Eagle 011 & Ref r(t) 22%
"It" 011 & Gas_r
34
10% 12
10
1034
15% 16
22% 28%
28
32
108 108
1234 12%
56 .68
434 5
5934 68)4
12%
12
78
8134
54
52
1734 17%
534 834
32%
30
63% 6634
28
2935
39
39
1
1%
20
15
74
80
57% 60
34
33
104 107
16
17%
62
59
5% 8%
29% 29%
73
7334
2% 2%
80% 85
%
%
2% 3
2% 3
47
48
3% 4
34
3.4
5% 6
19% 20%
20,300
1,000
300
17,300
1,350
400
100
2,950
6,600
1,225
11,000
6,500
1,800
100
8,600
5,600
3,400
5,200
100
31,000
9,400
4,050
5,300
200
1,100
13,600
3,400
6,600
100
800
23,500
41,200
100
1,800
9,500
400
3,600
1,000
8,300
2,500
Range since Jan. 1.
Low.
High.
June
4% Jan 12
10 June 10% June
14% Feb 17% Feb
1034 Jan 35 May
June
24% Mar 32
105 June 108 June
Mar
10% Feb 36
27% Feb *68
June
4
Jan
53( May
59% June 78 June
14
7
Feb
Apr
47
Jan 81% June
50 May 60 May
10
Mar 19
Mar
2% Jan
7% Apr
28 June 33 June
52
Apr 6534 June
28 June 31
May
18
Jan 4034 June
1% Apr
34 Feb
14 June 20 June
.41% Apr 82 May
24
Apr 64 May
2934 Apr 4434 May
103 June 107 June
Feb 18
10
Apr
40% Jan 6534 Mar
5% June
8% June
25 June 29% June
6034 Feb 74 June
7-16 Jan
3
May
73% June 85 June
)4 May
36 June
1% Jan
3 June
2
Mar
5% Jan
4234 May 52 May
3% May
494 Apr
3-16 Mar
June
5
May
18% June
6% June
20% June
Mar
Jan
Jan
Jan
Apr
Jan
Apr
Jan
Jan
Jan
103 June
197
May
404
Apr
800 May
380 !May
294
May
761
May
396
Apr
136
May
490 k May
334 4% 19,080
% Jan
534 5%
500
4% Apr
1 13-18 25,200
1% June
134 1% 21,700
1% June
7c
70
4,800
5c May
3-18
34 11,900 3-16 Jan
1% 1% 2,600
134 June
18,200
634 10
3
Mar
66c 73c 180,000 18o
Jan
I%
134 4,800
134 June
%
% 24,400
)4 June
4%, 4% 4,200
434 June
58% 6134 22,500 37
Mar
3% 3%
900
3% June
14
11
19,300
8% Apr
10% 11% 12,800
8% Jan
% 9.100
35
34 June
9
1034 2,400
6
Jan
6,4 734 5,300
8% June
18o 250 81,300
40
Jan
3% 334 9,900
2
Jan
5% 8% 18,600
3% Mar
117 120
1,030 116
May
350 38c
3,200 350 June
12% 5,600 10
12
Mar
150 10c
1,000 15o June
20
2354 10,475 10
Feb
118 125
2,000 75
Jan
% 1% 5,050 550 Feb
29% 3034 2,100 16% Jan
34% 37% 74,900 34% June
7% 8% 19,400
6% Jan
% 1% 52,000
% June
2% 234 118,700
1% June
44
45
4,000 23% Jan
634 6)4 12,900
534 June
1% 134 2,100
1% June
27% 2934 5,900 21
Jan
2% 3% 4,700
234 Jan
1434 16
3,112 10% May
1% 2% 17,000
1% May
177 184
6,850 124
Jan
134 1% 5,900
1% Apr
3)4 4
6,300
1
Mar
434 434
200
4 June
620 650 14,000 460 Feb
1
134 26,600
1
June
510 580 30,500 220 Jan
5
6% 9,100
1% Apr
1% 1% 19,000
134 Apr
15
15% 3,200 1134 Feb
1234 13% 60.000
8% Feb
834
21,300
834 June
34
% 3,000
34 June
33
38
2,500 14
Apr
%
)4 15,600 230 Mar
% 4,600
)4
54 June
21% 2434 9,200
6
Mar
34
34 6,700 42o Mar
5
5% 16,500
2% Apr
59% 6234 21,200 38
Mar
831 834
100
7
Jan
)4 24,900
34
34 Jan
5634 6034 61,800 44% May
60% 16,100 22
66
Jan
6
834 6,500
234 Apr
450 53c 43,000 360 Feb
4% 534 3,900
4
Mar
1% 134 19,800
fi Mar
94 1 1-16 14,100 lie
Jan
7% 8
13,200
7 May
4% 5
8,800
2
Apr
34
% 4,400
34 May
4% 5
8,000
4% June
%
34 11,500
% June
47% 48% 65,500 47% June
154 154 6,700
134 June
50o 600 112,000 500 June
134 134 2,800 13-16 Jan
5-32
34 34,500
34 June
6% 7% 1,650
6 June
1834 17% 8,800 1434 May
2
2% 7,400
2 June
1 11-16 3,200
May
5
8
13,750
5 June
22% 24
19,600 22% June
% 11-16 17.000
54 June
434) Apr
634rJune
1%Pune
2% Apr
100 May
5-16 Jan
134 June
16% May
730 June
134 June
1% May
434 June
63 June
4% Apr
*1634 June
12341161eY
1% May
1134 May
9 May
330 May
4
Apr
8% Apr
131 June
550 June
12% June
400 May
40% May
14434 May
534 Apr
35% Apr
37% June
9% Mar
234 May
23‘ June
45% May
7% Mar
•23( Mar
35 May
4% Mar
16 June
234 June
196
May
1% May
5% Apr
7
Apr
75o Apr
234 May
64o Mar
634 May
234 May
17% Apr
13% June
9% June
6 May
36 June
1% May
2% May
24% June
2
Apr
7% May
64% June
9%IMay
% May
60% June
64% May
May
850 June
7 May
1% May
1% June
8% June
6 June
1% May
6% June
1
May
48% June
3 June
640 June
234 Jan
3( June
9% Apr
17% June
6
Apr
134 May
10% May
24 June
134 May
103
187
370
740
320
272
714
372
131
443
103
188
371
740
325
275
732
374
135
444
20
20
20
10
25
40
630
58
10
15
91
104
315
630
292
268
688
310
107
395
THE CHRONICLE
2622
Sates
ritaay
Last Week's Range for
Week.
of Prizes.
Safe.
Pries. Low. High Shares.
Range since Jan. I.
Low.
High.
Mining Stocks.
340 Apr
8c May
7,500
26c 28c
1 280
Adelphla M dc Mr
June
2
13% 1% 1 11-16 88,500 310 May
Alaska-Brit Col Metals_ _1
% May 15-16 June
% 11-16 13-16 14,700
1
Alaska Mines Corp
June
I
34 May
800
1
31
Alaska Zinc & Copper_r_ _1
13% June
1% 1 1-16 1% 2,500 66c Mar
1
Allied Gold _r
May
1
I% June
1% 1% 6,720
1%
Amer Hood Min Corp w 1_1
% May
W. Feb
%
1
% 1,250
34
America Mines..r
64c 75e 16,900 360 Apr 820 May
1 75c
Arizona Butte_r
1% May
34 June
1 9-16
35 9-16 2,500
Arizona Silver _r
30 June 634c Mar
4c 15,000
40
4c
1
Atlanta Mines
I% June
May
1
1
1% 1% 2,400
Atlantic Ores & Ref_r
13%
60c June
45c 56c 49,250 7-16 June
50c
Belcher-Divide_ r
June
7-16
June
29e
23,900
29c 35c
300
Belcher Extension r
34 Mar 15-10 Jan
% 10,550
%
Big Ledge Copper Co____ 5 9-16
Apr
8e June 360
8e 9%c 21,500
Booth_r
5,000 42c Feb 90c June
84c 90e
Boston & Montana Dev_ _5 89e
Jan 43,:. June
40c 430 15,500 27c
1 41c
Caledonia Mining
2% Feb
1'% 1% 3,600 I 5-18 Jan
Canada Copper Co Ltd...6 1 13-16
Jan 2 3-16 June
1% 1 9-18 1 15-16 42,300 52o
1
Candelaria Sliver r
2% May
134 June
1% 2% 21,400
2
Cascade Silv M & Mr...1
5c Feb 1534c Mar
1 83%c 834o 90 15,700
Cash Boy
535 May
33% Apr
3% 4
1
13,000
Cerbat Silver (new).r
Feb 1 9-16 Jan
1
1 1-18 1 3-16 6,700
Consol Ariz Smelting----5
June
Feb
7%
434
7%
6%
__5
17,500
Mines__
Consol Copper
33% June
534 Jan
4% 10,000
4
Cresson Con Gold M & M I
43%
18e 24c 14,800 180 June 42c May
Crown Croesus L Gold._1
3-16 3-16 3,000 12c June 28c May
20c
Divide Charter_r
5% May
1% Mar
3% 4% 1,600
4
El Salvador Sliver M__1
2% May
134 Feb
19,850
2
1% 2
Eureka Croesus Min Co.rl
June 1 9-16 June
1
1 19-16 39,800
1 1 7-16
Forty-nine Mining_r
4% MaY
234 Feb
2% 3% 3,300
3
Golden Gate Expior-r -_ -6
Jan
15c 18o 13,800 15o May 240
10 lec
Goldfield Consol
12c 15c 13,200 120 June 15o June
10c
Goldfield Devil_ r
Mar
Mar 75
58
58
500 35
1
Goldfield Florence_r
Apr
600 77e 61,500 600 June 1%
1 71c
Gold Zone Divider
150 20e 31,000 13o June 44o Apr
10e
180
Hamill Divide.,
12e 14c
5,800 11e June 470 Apr
14c
Hasbrouck Divide_r
834 June
434 Jan
534 534 4,980
5%
250
Heels Mining
Jan
110 5-16 May 53c
%
%
Iron Blossom
330 36e 15,950 800 Apr 44c Feb
1 33c
Jim Butler_r
leo Mar
11e 1134c 5,000 10o Apr
1 Ile
Jumbo Extension
40c 43c 24,600 400 June 43o June
Kate Hardy Min Co r_ _1 42c
18c 22e 82,500 150 June 30e May
100 22c
Knox DIvide_r
13c 15c 12,000 120 June 400 Apr
14c
Liberty Bell Divide_r-1
50 Feb 30e Mar
8c. 9c 73,000
9c
1
Lone Star Cons'd r
% Apr
200 1-16 Apr
1
%
%
Louisiana Consol
37c 42c 74,300 24c June 42o June
MacNamara Crese Min.r_l 410
134 May
73c 80e 89,000 340 Mar
79c
MacNamara Mining..r__1
34 May
3.4 16,400 220 Feb
34
1
Magma Chief _r
3c Feb 10c May
8c
7c
8,500
7c
1
Marsh Mining_r
3% June
Apr
2
3% 334 1,700
5
Mason Valley
Jan ebe May
elc 63c
6,500 450
McKinley-Darragh-Sav....1
40 434c 1,200 3%c Mar 4%e Mar
4c
I
Mother Lode new_r
4% May
4% 13,200
4
34 Mar
4%
500
Nat Tin Corp_ r
Apr
10c
be
6,000 100 June 250
100
100
Nevada Divider
Apr 50o May
25c 350 14,000 15c
Nevada Ophir Mining_ rlOc
14
13
700 10% May 14 June
N Y Hood Rasario Min_10
May
834 Jan 15
5 113% 11% 1134 6,400
Nipissing Mines
Jan
22c 25c
6,000 17o Apr 48e
1
Nixon Nevada
3% May
3
3% 2,100
Jan
3
onondago Mines Corp-r-1
3
3% Jan
1% Jan
2% 2% 25,185
Ray Hercules Min_ r
5
2%
34 May
34 June
g 5-16 1,800
I 5-16
Red Warrior
190 May
90 10e
90 June
5,000
Rex Consolidated Min_ A
% June
3,100 9-16 June
34
1
%
St Croix Con Mines
26
May
Seneca Copp Corp_(no par) 233% 22% 24% 5,850 13% Feb
1% June
1
May
2,900
1%
1
Silver Dollar M r
134 May
% 1 1-16 27,000 13-32 Feb
%
Silver King of Arizona...1
21c 25o 16,800 210 Apr a lc Mar
Silver King Divider.. _1
4t Apr 14c Apr
7340 735c
500
1
Silver Pick Consol_r
South Am Gold & Plat_ _10 113% 11% 14% 283,000 11% June 1434 June
;18 May
54 Jan
% 1,800
Standard Sliver-Lead---_1 5-16 5-16
34c May
23c 260 24,900 140 Mar
1 24c
Stewart
52c 64c 12,400 50e June 64e June
Sunburst Cons Mines r_..1 64c
17c 24c 44,000 150 June 47o Apr
Sutherland Divide_r
4 May
3% 3%
200 2 9-16 Jan
3%
Tonopah Belmont Dev_r 1
•120 Apr
734 8% 7,650 534ci Mar
Tonopah Divide_ r
3% May
1% Jan
2% 2% 3,750
1
Tonopah Extension
2%
4% May
2% Jan
300
1 3 7-16 3 7-16 3%
Tonopah Mining
534 Mar
4% 4% 4 13-16 2,350 3 3-16 Jan
1
United Eastern
3% June
3 June
3% 3% 6,000
United Mines of Mexico
190 May
Jan
tle
17e
14%c
19,600
I7c
1
Mines_r
U S Continental
7
734 1,800 4% Mar 8 June
Unity Gold Mines
5
35o 450 23,400 35c June 53e June
35e
Victory Divide_r
740 75c
6,800 710 Apr 940 Mar
Washington Gold Quarts..1 75e
3 May
1% 1% 4,400
Mar
1
1%
West End Consolidated-5
% June
180 25c
9,100 180 June
1 250
West Tree Mines r
Jan 35e Apr
17c 18c
8,000 100
White Caps Mining_ __10e 17c
1% June
1% 1% 4,450 1 1-16 May
1
Wilson Silver Mines_ r
250 213% June 21% June
Yukon-Alaska Tr ctfs_(t) 213% 2134 21%
BondsMay 120 June
110 114 190,000 105
Amer-Sumat Tob 10-yr 7s 113
100% 10034 1,000 98% Jan 100% May
Am T & T 6%notes r_1924
Anaconda Cop Min 68 r'29 99% 9934 99% 7,000 97)4 Feb 100 May
96
96
11,000 9234 Mar 96 • Jan
Braden Cop Mines es r '31 96
99% 99% 5,000 98% June 99% June
Canada (Dom of) bs_1919
Feb 102% May
Hag 102% 10,000 102
Cudahy Pack 7% notes r.23
10234 103 401,000 10234 June 104% Mar
Federal Farm Loan bs
May 98% June
08% 98% 30,000 98
Hocking Valley es
Mar 97% Apr
97
9734 35,000 96
Illinois Central 5%s_ _1934
1921 893% 89% 9034 50,000 8334 May 92% Feb
Interboro R T 7s
Mar
10034 10334 33,000 99% Apr 101
Laclede Gas L coil 70_1929
Feb
60 113,000 48
Jan 72
Russian Govt 6345..r..1919 593% 55
Feb
54
June 72
59,000 47
47
1921
534s..r
99% 132,000 99
June 99% Mar
99
Southern Ry 6% notes 1922 99
Swedish Govt es J'ne 15'39 993% 99% 99% 317,000 9934 June 99% June
•Odd lots. t No par value. i Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found. o New stock.
• Unlisted. w When issued. z Ex-dividend. y Ex-rights. s Ex-stock dividend.
Dollars Der 1.000 lire. flat.
[VoL. 108.
-The Guaranty Trust Co. of New York has been appointed Transfer
Agent of the capital stock of the Barnsdall Corporation and White Eagle
011 & Refining Co.
-Seasongood & Mayer of Cincinnati announce the opening of a Now
York office at 149 Broadway under the management of E. B. Lewis.
For Now York City Banks and Trust Companies usually given here,
see page 2603.
For New York City Realty and Surety Companies usually given
here, see page 2608.
Quotations for Sundry Securities
All bond prices are "and interest" except where marked 'f'
RR. Equipments-Pot% Basis.
Baltimore dc Ohio 4345- _- 5.85 5.60
Buff Roth & Pittsburgh 4-34s 5.80 5.45
5.80 5.45
Equipment 4s
5.80 5.45
Equipment es
5.90 5.80
Canadian Pacific 434s
Caro Clinchfield & Ohio 6,... 6.25 5.75
6.25 5.75
Central of Georgia 434a
5.00 5.60
Chesapeake & Ohio
5.90 5.80
Equipment 5s
7.00 8.00
Chicago & Alton 434s
7.00 600
Equipment 5s
Chicago & Eastern Ill 534s-- 6.75 6.00
6.25 5.75
Chi° Ind dc Louisv 43.4s
5.85 5.40
Chic St Louis dc N 0 55
5.60 5.25
Chicago & N W 434s
6.37 5.80
Chicago It I & Pao 4345
8.37 5.80
Equipment ba
Colorado & Southern
- 6.50 5.75
6.30 5.85
Erie fra
6.30 5.80
Equipment 434s
5.90 5.50
Hocking Valley 4128
5.90 5.50
Equipment be
5.60 5.25
Illinois Central Os
5.60 5.25
Equipment 434s
Kanawha & Michigan 454s.. 6.25 5.75
5.65 5.30
Louisville & Nashville 5..
5.87 5.60
MichiganCentral &
5.87 5.80
Equipment es
Minn St P &SS M 4315--. 5.75 5.35
Missouri Kansas & Texan 5... 7.00 6.00
7.00 6.00
MissouriPacific 5$
6.25 5.75
Mobile Ac Ohio Ss
6.25 5.75
Equipment 434e
New York Central Lines 68... 5.80 5.60
5 80 5.60
Equipment4 A e
5.90 5.70
N Y Central RR 4120
N Y Ontario dc West 414s-.... 6.25 5.75
Norfolk & Western 434s....-- 5.60 5.25
5.50 5.25
Pennsylvania RR 434s
5.50 5.25
Equipment 4s
St Louis Iron Mt & Sou 58.. _ 6.75 6.00
7.00 8.00
Share.
-Pe
58.
Francisco
San
Stocks
&
Louis
St
Ordnance
6.37 5.87
Aetna Explosives pref_ -1 ii 83 85 Seaboard Air Line ba
6.37 5.87
5
4
Equipment 434s
American & British Mfg.].i i
1 i i 45 50 Southern Pacific Co 434tr.-. 5.65 5.35
Preferred
6.00 5.50
Atlas Powder common....100 145 149 Southern Railway 434s
6.00 5.50
1 i i 89 91
Equipment Ss
Preferred
6.50 5.75
121
119
4.....
100
Toledo & Ohio Central
Babcock & Wilcox
350 400
Bliss(E W)Co common_
60• 60 75
Preferred
170 180
Tobacco Stocks-Per Si are.
Canada Fdys & Forgings_l
Par Bid Ask.
Carbon Steel common.._.11, 105 115
American Cigar common-100 136 142
100 100
1st preferred
100 90 95
100 70 75
Preferred
2d preferred
Amer Machine & Fdry_100 80 90
Colt's Patent Fire Arms
25 *53 56 BritIsh-Amer Tobac ord.. El .21 23
Mfg
El *22 23
Ordinary. bearer
duPont(E I) de Nemours
100 205 215
305 12 Conley Foil
1
& Co common
80 100
9412
Met-100
9212
&
Johnson Tin Foil
100
Debenture stock
100 80 85 MacAndrews & Forbes..101) 170 185
Eastern Steel
27 30
100 95 100
Preferred
Empire Steel & Iron com..1
67 72 Reynolds (It J) Tobacco_100 410 430
1
Preferred
100 370 390
B common stork
Hercules Powder corn ..100 222 27
110
106
100 109 113
100
Preferred
Preferred
98 100
A dividend scrip
Niles-Bement,-Pond com.1 I • 120 122
98 100
B dividend scrip
111 9612 100
Preferred
140
125
275
250
100
Iii
Young (J 8) Co
Phelps-Dodge Corp
100 100 107
Preferred
Scovill Manufacturing..__1 i i 410 420
•25
i
30
,
Thomas Iron
10 350 500
Winchester Co corn
93 95
1
Short Term Notes-Per Cont.
1st preferred
65 68 Amer Cot 0115e 1919-M&S 0914 100
2nd preferred
10015 10012
44 48
1
7% notes Sept 1919
Woodward Iron
85 Amer Tel & Tel es 1924F&A 9978 10018
Preferred
101 10138
2
Canadian Pao ea 1924.M&S
Del & Hudson 6* 1920__FecA 9914 9958
Public Utilities
Amer Gas & Eleo corn- 5 *132 137 Fed Sugar Rfg 5$ 1920__J&J 99 9912
50 '4118 4212 General Elee es 1920_ _ __JacJ 10014 10012
Preferred
100 264 267
6% notes (2-yr) 1919.J&D 100 10014
Amer Lt & Trao corn_
100 99 101 Great North 5s 1920_ __M&S 9918 9912
Preferred
Amer Power & Lt corn__ _100 72 75 K C Term Ry 434s 1921-J&J 97 99
100 73 76
58 Nov 15 1923_M&N 16 10034 101
Preferred
10 15 Liggett&M yersTobes'21J&D 10014 10012
Amer Public Utilities coml
100 38 42 N Y Cent & 1919__M&S 15 9934 100
Preferred
Carolina Pow&L1ght corn 100 44 4512 Penn Co 434s 1921__J&D 15 9712 9778
Cities Service Co corn._ _100 376 80 Pub Ser Corp NJ 7a '22.M&S 9614 97
100 79 80 Southern Ry es 1922 w 1 M&S 99 9915
Preferred
100 26 27 Swift&Co 8s 1921 w OF&A 15 10018 10034
Colorado Power corn.
100 100
Utah See Corp es'22.M&S 15 9112 92
Preferred
Com'w'th Pow Ry & Lt. 100 29 -55"
100 64 66
Preferred
Industrial
Eleo Bond A: Share pref 100 a92 95
and Miscellaneous
Federal Light & Traction.100 12 14
100 234 238
100 46 50 American Brass
Preferred
Great West Pow 5s 1946...I&I 86 90 American Chicle com_-100 00 05
100 80 85
Preferred
Mississippi Illy Pow com..100 1112 1312
American Hardware_ .___100 144 146
100 46
Preferred
Amer Typefounders com-100 41 47
First Mtge & 1951_ _ _J&J 7912 81
100 88 92
Preferred
Northern Ohio Eleo Corp..(t)•d21 23
100 65 67 Borden's Cond Milk com_100 109 11012
Preferred
100 97 99
preferred
North'n States Pow com_100 71 73
100 90 93 Carib Syndicate Ltd- 25'01800 1900
Preferred
100 135 140
North Texas Eleo Co corn 100 57 60 Celluloid Company
100 75 80 Columbia Graphoph Mfg (t)*365 368
Preferred
100 95 96
Preferred
Pacific Gas & Elea com 100 64 66
5
3
100 89 90 Havana Tobacco Co_-100
1st preferred
9
7
100
Preferred
Puget Sd Tr L & P com_100 15 16.2
1st g 58 June 1 11.22 J-D 145 55
100 64 67
Preferred
17 19 Intercontinen Rubb com-100 2512 26
Republic Ry &
_
100 160
100 53 60 Internet Banking Co
Preferred
100 493,1 6112
South Calif Edison oom...100 88 90 International Salt
A-0 7112 7212
1st gold 5s 1951
100 97 102
Preferred
Standard Gas ttc El(Del)- 50 *33 36 International Silver pref-100 02 96
90
ao *48 48 Lehigh Valley Coal Salm, 50 *8712
Preferred
612 712 Otis Elevator common--_100 90 95
Tennessee Ry L & P com_100
100 88 92
Preferred
100 23 25
Preferred
3
5 Royal Baking Pow com_100 135 145
United Gam & Elea Corp-100
100 96 99
Preferred
100 24 25
1st preferred
5
8 Singer Manufacturing...1M 200 205
100
2d preferred
Ll (1334 414
United Lt & Rys corn_ -100 49 51 Singer Mfg Ltd
100 74 76 Teams Pao Coal & 011_ _100 1800 1850
1st preferred
W'houseChurohKett&Co 100 58 64
Western Power common_100 22 24
Preferred
1001 80 88
...100 72 74
Preferred
Standard (ill Stocks Per Shar e
Par Bid Ask.
Anglo-American 011 new. El 24 25
100 1355 1370
Atlantic Relining
100 490 510
Borne-Eicrymser Co
60.102 104
Buckeye Pipe Line Co_
Chesebrough Mfg new....100 300 320
100 590 610
Continental Oil
Crescent Pipe Line Co._ 50 *35 38
190 200
Cumberland Pipe Line_ _ _1
Eureka Pipe Line Co_ ..100 167 172
Galena-Signal 011 com__ _100 107 112
115 130
1
Preferred old
108 113
Preferred new
100 182 187
Illinois Pipe Line
Indiana Pipe Line Co.,, 50 100 105
International Petroleum £1 *30 31
National Transit Co_ -.12.50 2112 2212
180 190
New York Transit Co___1
Northern Pipe Line Co .100 108 112
25 *370 374
Ohio Oil C
2 •74 76
Penn-Mex Fuel Co
730 740
1
Prairie 011 & Gas
288 292
100
Line
Pipe
Prairie
100 370 380
Solar Refining
Southern Pipe Line Co. 100 167 172
100 320 325
South Penn 011
Southwest Pa Pipe Lines_100 105 110
Standard 011 (Califomia).100 272 275
Standard 011 (Indiana)- _100 765 775
Standard Oil (Kansaa)._100 580 610
Standard 011 (Kentucky)100 440 450
530 550
Standard 011 (Nebraska).1
Standard 011 of New Jer_100 713 718
372
.367
Standard 011 of New Y'k.100
100 500 520
Standard Oil (Ohio)
97 103
1
Swan & Finch
132 134
Union Tank LMe Co..-1
443 448
1
Vacuum Oil
*40 45
1
011
Washington
CURRENT NOTICES.
-Ray M. Mann has become associated with the bond house of F. C.
Hoehler & Co., 301-306 Second National Bank Building, Toledo, Ohio,'
as Office Sales Manager. For seven years Mr. Mann was a buyer of bond
for Spitzer, Rorick & Co.. which position he resigned on June 1, to take
up his new duties.
-Chandler ,Sc Co., Inc., Philadelphia, New York and Boston, have
compiled a little pamphlet regarding Chain Stores, mentioning in particular
F. W. Woolworth Co.. S. S. Kresge Co., Great Atlantic & Pacific Tea Co.,
Inc., United Cigar Stores Co. of America, S. H. Kress & Co., American
Stores Co.
-Newton F. Frye, for the past six years Manager of the Financial
Advertising Department of the Chicago "Daily News," has become associated with P. W. Chapman & Co., investment bankers, Chicago and New
York, as Sales Manager for all territory west of Pennsylvania.
Francis, Bro. & Co., 214 North 4th St., St. Louis, have issued a circular
regarding St. Louis-San Francisco Railway prior lien mortgage 6% gold
bonds, Series C. which they recommend for investment at 96 and int.,
yielding over 6.55%•
-Brown Brothers & Co. are distributing a booklet containing a series
of questions and answers bearing on the important points of the Now York In• Per share. D Basis. d Purchaser also pays accrued dividend. e New stock,
State Income Tax Law.
Flat price. n Nominal. z Ex-dividend. y Eh-rights. (*) Without par value.
2623
THE CHRONICLE
JUNE 28 1919.]
IMP
itxtustuunt mut gailroati ptelligaut.
RAILROAD GROSS EARNINGS
which regular weekly or monthly returns
The following table shows the gross earnings of various STEAM roads from
latest week or month, and the last two
the
for
earnings
gross
the
of
give
figures
columns
two
first
The
can be obtained.
or month. The returns of the electric
week
latest
the
including
and
to
1
the
Jan.
from
period
for
earnings
columns the
railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Latest Gross Earnings.
ROADS.
Previous
Year.
$
731,216
892,231
220,273 193,730
Alabama & Vicksb_ April
66,079 1,732,538 1,346,760
75,160
2d wk June
Ann Arbor
12818623 12837 146 50,910,056 46,607.274
Atch Topeka & S Fe April
1.515,299 1.476.489 5,778,536 6,156,217
Gulf Colo & S Fe_ April
413,998 1.498,919 1.555.635 1,916,158
Panhandle & S Fe April
390,530 332,046 1,559,145 1,381,836
Atlanta Birm & Atl_ April
705,560
901,414
April
222.411 197,903
Pt_
Atlanta & West
810,370
297.128 271,507 1,072.417
April
Atlantic City
6.312 477 4,397,989 22.960,934 17,659.674
Atlantic Coast Line.. April
14327413 12924479 64,526,635 54,138,764
Baltimore & Ohio May
480,476
472,125
120,878 156,545
B &0 Ch Term April
460,631 445,928 1,810,366 1.497.729
Bangor & Aroostook April
25,641
29,836
7,096
6,952
Bellefonte Central.... April
961,095 1,122,300
256,398 353,149
Belt By of Chicago_ April
916,421 861,950 2,866,924 2,523,965
Bessemer & L Erie.. April
997,341
442,076
86,929 270,789
Bingham & Garfield Apri11
460,395
227.319
58,224 114,586
Birmingham South_ April
24,401,426
25,925,472
5,687,341
May
5,605,074
Boston & Maine
Buff Roch & Pittsb_ 3d wk June 243.390 395.998 6,073.717 8,146,010
743,640
666,808
April
150,309 158,050
Buffalo & Susq
Canadian Nat Rys. 3d wk June 1,354,798 1,571.307 33,278,542 33,149,959
347.612 307,551 1,310,816 1.036,218
Can Pac Lines in Me April
Canadian Pacific.. _ _ 3d wk June 3,024,000 2,849,000 70,870,000 66.794,000
446.073 347.195 1,796.087 1,360.052
Caro Clinch & Ohio_ April ,
1.774,179 1,853.298 6,717,673 6,616,804
Central of Georgia April;
3,728,628 16,641,812 15,339,403
Ma3r
3,467,310
Central RR of N
466,901 486.746 1.879,659 1,714,247
Cent New England_ April
448,729 449,031 1,645,303 1,421,309
Central Vermont__ _ April
897,122
279,548 224,883 1,042,996
Charleston & W Car April
5.438,226 5,329,613 21,533,164 18.294,934
Ches & Ohio Lines..... April
6,364,730
7,136,255
1,818.207
1,980,677
April
&
Chicago
11161 011 11666499 44,566,854 40,879,322
Chic Burl & Quincy.. April
1,828,764 1,949,151 7.455,375 6.977,061
Chicago & East 111_ April
1,585.432 1,523,525 6,429,861 5,590,766
April
West
Chicago Great
952,838 834,668 3,529,240 2,788,740
Chic Ind & Loulsv April
961,536
240,050 289,815 1,063,735
Chicago Junction April
299 10193964 44,149,524 35,312,650
11967
April
Paul
Chic Maw & St
9.840,279 9.172,082 38,734,266 32,457,919
Chic & North West_ April
663,720
496,282
135.427 186,046
Chic Peoria & St L.. April
8.272,617 8.058,052 31,882,242 29,066,103
Chic R I & Pacific.... April
377.268 367,009 1,463,458 1,418,505
Chic R I & Gulf April
2,031.349 1,846,629 8,295,824 7,087.716
Chic St P M & Om_ April
287,355 333,242 1,257,461 1,209,703
Chic Terre H & S E April
987,554
225,971 238,523
886,064
Clnc Ind & Western April
1,233,329 5,572,445 4.062,865
1.435.788
April
Pac_
Tex
Cin N 0&
2d wk June 456,813 359,455 9.257,122 8,085,431
Colo & Southern
824,231 593,019 3,262,740 2,442,910
Ft W & Den City April
95,342 119,894
405,108
379,497
Trin & Brazos Val April
94,537
88,885
379,510
345,147
April
Colo & Wyoming
1,274,864 1,214,246 4,889.697 4,844.142
April
Cuba Railroad
2,870,722 2,967,649 13,063,947 12,204,052
Delaware & Hudson May
6,121,590 5,498,355 27,931,940 24,161,885
May
Del Lack & West
2.236,386 2,332.559 9,140,272 9,054,592
Deny & Rio Grande April
662,554
191.430 124,396
420,273
Denver & Salt Lake April
452,983
109.266 135,470
435,750
Detroit & Mackinac April
1,199,332
236,915
284,417
682,678
April
Detroit Tol & Iront_
735,293
614,741
154.179 180,570
Det & Tol Shore L_ April
893,400
524.830
516.227 198,470
Dul & Iron Range April
303,914
1,728.324
759,104
1,130,206
Dul Missabe & Nor_
80,701
1,866,181
85,523
1,772,959
wk June
Dul Sou Shore & Atl 1 ril
691,266
561,746
151,593 146,924
Duluth Winn & Pac April
361,238
88.586
312,259
92,205
East St Louis Conn.. April
1,631,494 1,537,247 7.269.485 4,887,790
Elgin Joliet & East.. April
1,268,398
4,180,821
4,970,563
1,051,950
April
West_
El Paso & So
6.801.844 6,525,179 26,531,361 22,092,892
April
Erie Railroad
805.622 919,073 3,241.785 2,896,012
Chicago & Erie._ April
834,315 1.011,473 3.800,106 3,590,711
April
Florida East Coast..
90,494
363,690
102,313
334,568
Fonda Johns & Glov April
92,267
468,504
120,802
415,913
Ft Smith & Western April
264,199
101,363
69,274
341,011
April
Galveston Wharf_
528,309 461.326 2,093,614 1.798,696
Georgia Railroad...._ April
334,278
68,661
80,726
338,912
April
Florida
Georgia &
506,759 212,325 1,530,971
697,129
Or Trk L in New E.. April
Juno 1.170,444 1,164,351 28,092,561 22,200,312
Grand Trunk Syst_ 3
1,736.048 1,552,240 6,392,656 4.605,647
Grand Trk West.. April
7.370,704 6,691,071 29,866.890 24,168,936
Great North System Aprill
768.432
194,790 179,215
April
731,497
Nor..
&
Mobile
Gulf
721,68.5
182.473 194,599
784,097
Gulf & Ship Island.. April
765.559 792,899 2,216,569 3,003,674
April
Hocking Valley_
8,015.774 8,484,010 32,772,806 30,911,071
Illinois Central__ _ April
1.060,747
4,260,564
1.092.233
4,252,550
Internat & Grt Nor.. April
97.766
350,051
123.633
395.928
Kan City Mex & Or April,
319.709
81,986 100,416
406,665
II C Mex &0of Tex April
1,147,678 1,261,312 4,658,510 4,777,743
Kansas City South.. April
436,887
121.408 104,291
396.592
Texark & Ft Sm.. April
90,165
410,656
101,355
358,848
Kansas City Term April
759.317
181,098 187,516
650,418
Lehigh & Ilud River April
938,433
286,378
286,881
April
968,738
Eng..
Now
&
Lehigh
5,449,545
5,291.552
23,840,381
May
21,343,916
Lehigh Valley
1.507,112 1,159,488 5,544.089 4,263,977
Los Ang & Salt Lake April
688.084
172,223 152,984
590,610
Louisiana & Arkan_ Apra
255.761
1,135,916
280,050
April
965,350
Louisiana By & Nay
8,600.941 7,269,436 33,606.503 28.084,314
Louisville & Nashir_ April
228,212 212,786
914,396
815.478
Loulsv Bend & St L April
1,209.719
6,716.996
1.304,351
may
7,707,238
Maine Central
181,374
70,635
Midland Terminal.... March
307,301 302,490 1.235,612 1.067,127
April
Midland Valley
18,556
402,131
10,519
483,590
2d wk June
Mineral Range
1,007.539 959,774 3.810,739 3,631,046
Minneap & St Louis April
3,131.747 2,544.320,12,131,329 9,079,973
Minn St P & S S M_ April
309,674
75,353 108.372
382,720
Mississippi Central.. April
2,565.830 2,688.870 10,103,488 9,425,870
Missouri Kan & Tex April
1,944,485 1,420,210 7.257,424 5,905,235
Mo K & T By ofTex April
117,918 122,7311 481,187
464,347
Mo & North Arkan_ April]
399,049
101.505 142.696
602.387
April
Mo Okla & Gulf
21
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
I
$
$
$
6,868,821 7,562,394 27,471.548 27.033,321
Missouri Pacific___ April
April
218.920 226,954 1.023,3971 778,694
Monongahela
645.000
661.131
99,349 193,809
Monongahela Conn_ April
305.349
April
321,652
94,870
111.366
Montour
1.599,324 1,605,967 6,016,176 5,822.680
Nashv Chatt & St L April
97,276
109,500
5,436
4,875
Nevada- Cal- Oregon 2d wk June
809.956
535,235
110,529 207,496
Nevada Northern.... April
292.172
553,448
92.873
151.303
Newburgh & Sou Sh April
652,313
717,766
190,609 167,432
New Orb Great Nor_. April
517.100 503.175 1,995,532 1,922,185
New On & Nor East April
754,259
558.753
151,570 186,192
N 0 Texas & Max.... April
436,071536,707
129.005 149,761
Beaum S L & W April
411,371 295,901 1,583,177 1,241,931
St L Browns & M April
22701 274 22305437 91,467,178 77.455,747
New York Central April
453,335 429.840 1,973,116 1,491,712
lnd Harbor Belt_ April
706,788 745,549 2,939.751 2,638;613
Lake Erie & West April
5,757,070 5,619,384 22,521.264 18,767,091
Michigan Central April
5,279.820 5,235.390 20,725.110 18.234,906
Clev C C & St L.. April
266,079 227,427
919.266
753,791
Cincinnati North_ April
1,934.664 2,624,129 11,480.253 11,300,622
Pitts & Lake Erie May
591.208 666,811 2,306,615 2.396.271
Tol & Ohio Cent_ April
351.594 414.594 1,096.713 1.306,471
Kanawha & Mich April
1,960.898 1,776,928 8,075,660 5.549.892
N Y Chic & St Louis April
8,118,783 7,776,823 30.062.653 27.228,592
NYNH& Hard April
725,652 795,627 2.712.267 2.978.203
N Y Oat & Western April
314,571 325,289 1,189.621 1,160.098
N Y Susq & West April
6,189,619 6,036,030 23,966,345 21,670.719
Norfolk & Western_ April
April
511,269 467.274 2,018.237 1,729.328
Norfolk Southern
368.388
405.880
80,692' 99,831
Northern Alabama.. April
April
7.747,573 7,307,304 29,949.640 27,219.923
Northern Pacific
354,878
361,175
90,279
96.009
Minn & Internat. April
454,439 394,486 1.583,349 4.419.585
Northwest'n Pacific April
337,343
329.074
110,265 113,530
Oahu Ely & Land Co March
Anril
430,266 442,109 1,708.162 2.037.779
Pacific Coast
31043388 30095206 143497157 121561 092
Pennsylvania RR May
251.180
399,070
124,813 107,611
Bait Ches & Atl April]
419,957 428.139 1,707.607 1,376,971
Cumberland Vail.. April
May
2,328,055 1,882,399 8,888,688 7,089,667
Long Island
192,417
348,333
81,307
103,993
Mary'd Del & Va.. April]
639,208 551,030 2.453,860 1,770.711
N Y Phi's & Nor_ April
463,287
525,871
140,271 118,543
Tol Poor & West_ April
870,299 799,970 3,890,657 3,056,134
W Jersey & Seash May
8,887,423 7,525.501 38,384,844 29,704.480
Pennsylvania Co.__ May
608,911 580,875 2.239,364 1.961.344
Grand Rap & Ind April
7,135,402 6,854,761 35,889,446 29,828,442
Pitts 00 & St L_ May
414,694
387,189
94,190 121.339
Peoria & Pekin Un_ April
May
2.811.977 2,432,395 12,794,694 10,201,503
Pere Marquette__
247.488
326,769
66,513
April
92,277
Perkiomen
469.597
299,931
52,597 112.670
Phila Beth & N E._ April
April
5.471.389 6.603,074 20,656,423 21.641.853
Phila & Reading
384,378
343.090
97,755
84.474
Pittsb & Shawmut April
451,086
329,639
96.170
86.770
Pitts Shaw & North April
540.121
421.172
100,236 158,537
Pittsb & West Vs April
626,110
823.313
April
233,938 224.555
Port Reading
330,333
336.858
85,023
91,260
Quincy Om & K0 April
564,882 424,953 2,616,254 1,631,721
Rich Fred & Potom_ April
938.083
309,100 260,667 1.470,576
Wash Southern.... April
April
402,152 398,715 1.387,496 1.356,101
Rutland
885,542
861,290
205,945 231,387
St Jos & Grand Isl'd April
April
5,855.857 5.455,252 23,370.322 19.275.623
St Louis-San Fran
366,849
423,653
82,404
101,078
Ft W & Rio Gran April
538.153
412.689
113,289 148.888
St L-S IP of Texas April
3.998,853
4,379,913
1,216,473
April
989,182
Southwest_
Louis
St
429.321 482,929 1,856,896 2.238,279
St L S W of Texas April
319.394
320,392
86,292
70,823
St Louis Transfer April
295,758 343,646 1,280.674 1.413,766
San Ant & AranPass April
3,359.084 3.047,549 13,766,771 11.375,151
Seaboard Air Line April
470,753
444,133
April
62.444 168,252
South Buffalo
12469790 11306731 48,931,942 43.413,473
Southern Pacific.. April
235,920 374,465 1.248.132 1,472,095
Arizona Eastern.. April
1,600,060 1,767,908 6.567.383 6.814.070
Gate Harris & S A April
661,959 652,510 2.612,536 2,823,007
Hous & Tex Cent April
666,200
728,103
178,401 170,750
Hous E & W Tex_ April
318,814 355,589 1.229,231 1.343.850
Louisiana West'n. April
546.759 712,960 3.328,904 2,580.900
Morg La & Texas April
Texas & New Orb_ April
663,418 628,599 2,411,342 2,353.972
Southern Railway May
9,968,538 9,854,637 49.182,856 44,461,218
Ala Great South_ April
828.982 711.857 3388.631 2.497.722
April
Mobile & Ohio
1,214.250 1,279,924 4,735.674 4.287.433
Georgia Sou & Fla April
350,551 313,833 1,496,427 1,114,504
441.475
551.464
131.637 100.752
South By in Miss_ April
301.001
280,764
89.346
74,963
Spokane Internatl April
557.583 589.319 2.227,347 2.426.041
Spok Portl & Seattle April
394,109
660,534
188.371 146.111
Staten Island R T._ April
49,358
53,750
2.175
1,8SO
Tenn Ala & Georgia 2d wk June
874,058
719,493
228,577 247,575
Tennessee Central.._ April
290.913 295,301 1.171,523 1.125,932
Term RR Assn ofStL April
861.791 1,011,664
206,100 292.172
St L Mer Bdge T.. April
Texas & Pacific_ _ _ _ 2c1 wk June 683,517 465.282 14.525.084 10,616,819
618,991 683.273 2,256.714 2,216,054
Toledo St L & West April
288.826
75,885
98.452
241.584
Ulster & Delaware April
May
8,422,271 7,259,594 41.205.957 32,409,881
Union Pacific
2.823,799 2.624.452 11.077,218 9,644.988
Oregon Short Line April
2,049,454 2,085.195 8,307,165 7.139,603
Ore-Wash RR &N April
612.679 530.181 2,382.459 1.584,593
Union RR (Penn)._ April
355,200
91,407
392.975
64.379
April
Utah
814,244
239,839 195,591 1,028.271
Vicks Shreve & Pac_ April
680,346 903,584 2.922.214 3350,696
April
Virginian RR
3.880.977 3.656.296 14.449.064 12.207.347
April
Wabash RR
1,259.341 1,273,107 5,637.361 5,422,619
Western Maryland.. May
830,825 858,621 3,191,941 3,224.159
Western Pacific........ April
885,329
235.873 201,883
741.626
Western Ry of Ala April
962,184 955.100 3.046,637 3,205,288
Wheel & Lake Erie_ April
79,561
150,178
574,663
336,561
Wich FalLs & N W....April
1.798.195 1.681.233 7.336.040 6.569.363
Yazoo & Miss Valley April
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
Current
Year.
4th week Mar 14 roads).._.... 10,715,495
let week Apr 12 roads)__.... 6,747,704
228
2d week Apr 14 roads)..___6,950,
ad week April 14 roads)_...... 7.045,346
4th week April 14 roads)_.._..9.503,940
6,839.092
let week May 12 roads)___.. 6,719,882
2d week May 113 roads)......_
3c1 week may 12 roads)....- 7.361.232
4th week May 12 roads)____ 10,811,279
1st week June (14 roads)____ 6.850.498
2d week Juno (14 roads)_-_- 7,354.587
',We no longer include Mexican roads in
Previous
Year.
Increase or
Decrease.
%
$
$
9,545,903 +1,239,592 12.99
6,602,753
+144,951 2.20
6,819,385
+130,843 1.89
9,872,989
+172,657 2.51
+31,182 0.33
9,472,758
6,671,104
1167,988 2.52
6,571,295
148,287 2.25
549.454 8,06
6.811,778
9.505,652 +1.305.627 13.74
6.635,242
+215,256 3.24
6,983,931
+370,656 5.31
any of our totals.
*Monthly Summaries.
Mileage. Curr.Yr.
220,303
June
231,700
July
230.743
August
September_232,186
230.184
October
November -232,274
December 232,774
January........232,655
February _232,957
226.086
March
232.708
April
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Prev.Yr.
$
$
$
219.294 383.165.528 323.163.181 +40.002.412 12.38
230,570 463.684.172 346.022.857 +117661315 34.00
230,015 498.269.356 362.509,561 +135759,795 37.4f
232.378 487.140.781 357.772,850 +129367.931 36.16
230,576 484.824,750 377.867.933 +106956.817 28.30
232,259 438.602,283 356,438.875 +82.163.408 23.06
232,399 438,385.327 335,607.571 4-102757756 30.62
233.199 395,552,020 284.131.201 +111420.819 39.22
233.266 351.018,747 289,392.150 +61.656.597 21.31
• .. 9 , .. +10,676,415 2.90
.
225,631
233,251 '388.697,894 370,710.999 +17,986,895 4.85
Latest Gross Earnings by Weeks.-For the second week
of June our final statement covers 14 roads and shows 5.31%
increase in the aggregate over the same week last year.
1919.
Second Week of June.
Increase. Decrease.
1918.
$
$
66,079
75,160
Ann Arbor
395,999
209,457
Buffalo Rochester & Pittsburgh
Canadian National Railways..-- 1,595,470 1,562,519
3,062,000 2,914,000
Canadian Pacific
359,455
456,813
Colorado & Southern
80,701
85,523
Duluth South Shore & Atlantic_
Grand Trunk of Canada
1,169,373 1,113,729
Grand Trunk Western
Detroit Grd Haven & Milw_
Canada Atlantic
18,556
10,519
Mineral Range
4,875
5,436
Nevada-California-Oregon
1,880
2,175
Tennessee Alabama & Georgia__
465,282
683,517
Texas & Pacific
7,354,587 6,983,931
Total (14 roads)
Net increase(5.31%)
$
9,081
$
186,542
32,951
148,000
97,358
4,822
55,644
8,037
561
295
218,235
566,091
370.656
195,435
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies reported this week:
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.'
$
$
$
$
635,121 1,373,715
Baltimore & Ohio_ b_ _ _ _May14,327,443 12,924,479
968.392
64,526,635 54,138,764df3,419,583
Jan 1 to May 31
86,515 1,042,210
May 5,605,074 5,687,341
Boston & Maine_ b
283,426 1,770,478
25,925,472 24,401,426
Jan 1 to May 31
79,302 1,103,229
Central RR of N J_b_..May 3,467,310 3,728,628
16,641.812 15,339,403 1,002,729 2,601,084
Jan 1 to May 31
300,855
240,184
Delaware & Hudson_a__May 2,870,722 2,967,649
106,238df1,205,806
12,204.052
13,063,947
.1
to
May
Jan 1
Del Lack & West_ b____May 6,121,590 5,498,355 1,573,189 1,940,751
27,931,940 24,161,885 5,966,560 6,480,921
Jan 1 to May 31
194,328 1,404,476
May 5,291,552 5,449,545
Lehigh Valley_a
37.3,168 1,026,523
23.840,381 21,343,916
Jan 1 to May 31
247,740
5,164
1,209,719
1,304,351
May
Maine Central_b
6,716,996 7,707,238 def376,535 def911,510
Jan 1 to May 31
New York Central SystemPittsb & Lake Erie_b_May 1,934,664 2,624,129 def97,904def125 ,397
11,480,253 11,300,622 1,176,700 3,382,780
Jan 1 to May 31
Pennsylvania RR_a____May31,043,388 30,095,206 2,179,994 6,018,909
121561,092 4.05,330 5,073.603
143.497.157
31
to
1
May
Jan
693,206
536,345
May 2,328,055 1,882,399
Long Island_ a
603,932 1,204,158
7,089,667
8,888,688
Jan 1 to May 31
Pennsylvania Co_a__..May 8,887,423 7,525,501 1,095,893 1,282,627
841,719 def387,721
38,384,844 29,704,480
Jan 1 to May 31
16,037 1,382,339
Pitts C C & St L_ b_ _ _May 7,135,402 6,854,761
35,889,446 29,828,442 1,619,016 3,122,410
Jan 1 to May 31
100,760
det12,401
799,970
870,299
May
a
8
West Jersey & Sea
3,890,657 3,056,134 def547,329 def246,889
Jan 1 to May 31
699,448
583,781
May 2,811,977 2,432,395
Pere Marquette_ a
12,794,694 10,201,503 1,913.021 1,474,525
Jan 1 to May 31
636.432 3,137,560
Southern Railway_a__ May 9,968,538 9,854,637
49,182,8b6 44,461,218 2,017,740 12,559,107
Jan 1 to May 31
May 8,422,271 7,259,594 2,719,360 3,088,590
Union Pacific_b
41,205,957 32,409,881 12,5°5,384 11,533,153
Jan 1 to May 31
186,241
68,508
Western Maryland_a__ _May 1,259,341 1,273,107
171,455
p,637,361 5,422,619 def425,541
Jan 1 to May 31
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Balance,
Fixed
Gross
Other
Net after
Gross
Charges. Surplus.
Income.
Income.
Taxes.
Earnings.
$
$
Fonda Johnstown & Gloversville RR33,045
7,967
41,012
3,693
37,319
107,797
May '19
35,143 def2,298
32,845
2,890
29,955
90,812
'18
def11,652
148,105
159,757
15,550
132,555
5 mos '19 471,488
167,136 def11,721
155,415
14,448
140,967
'18 425,381
Roads.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.
Month.
Adirondack ElPow Co May
Alabama Power Co__ May
hAmer Pow & Lt Co.. March
Atlantic Shore Ry_ _ _ May
Aurora Elgin & Chic.. April
Bangor Ry & Electric April
Baton Rouge Elec Co April
Blackstone V G & El_ April
bBrazillan Trac, L&P April
Brock & Plym St By.. April
gEklyn Rap Tran Sys February
il
Cape Breton Elec Co..
Cent Miss V El Prop_ tfal h
Chattanooga By & Lt April
Cities Service (Jo _ _ _ _ May
Cleve Painesv & East April
gColumbia Gas & Elec May
Columbus(Ga) El Co April
ComWth P. Ry & Lt May
Connecticut Power Co April
Consum Pow (Mich)_ May
Cumb Co(Me)P&L- April
Dayton Power dz Lt.... May
May
gDetroit Edison
gDetroit United Lines April
Duluth-Superior Trac May
East St Louis & Sub_ April
Eastern Texas Elec... April
Edison El of Brock'n- April
g El Paso Electric Co_ April
Fall River Gas Works
ii
Federal Light & Trac_ March
Ft Worth Pow & Lt.... April
Galv-Hous Elec Co.._ April
g Georgia L,P & Rys_ March
eGreat West Pow Sys April
Harrisburg Railways. February
Havana El By, L & P April
Haverhill Gas Lt Co _ April
Honolulu R T & Land April
Houghton Co El L Co April
Houghton Co Trac Co April
b Hudson & Manhat_ February
April
b Illinois Traction
1 Interboro Rap Tran. April
Jacksonville Trac Co.. April
Keokuk Electric Co.... April
Key West Electric Co April
Lake Shore Elec Ry.._ April
[VoL. 108.
THE CHRONICLE
2624
O
Current Previous
Year.
Year,
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
721,421
684.053
130,026 128,663
211,173 239,408 1,156,947 1,093,853
1254,755 1042,088 3,976,376 3,315.645
63,639
56,791
11,304 17,225
594.018
756,377
192.792 156,937
296,208
330,543
82,390 74,840
82,515
114,492
27,371 20,816
729,472
816,655
191,619 182,779
30000 135032,000 131576,000
19208000
30,239
40.820
7,510
12,312
2501,320 2217,085 5,191.787 4.553.488
154,914
184.534
46.06 37.674
79,269
99,524
31,213 25.239
567,946
483,583
148,997 145,620
1785,853 1925,286 9,161,801 9,667,321
159,796
189,457
48,496 41,374
918,256 877,375 5.298,330 5,314,281
395.858
404,018
100,249 94,224
2055,620 1709,860 10,322,201 8,507,570
311.781
411.438
93,750 76,807
634,657 503,096 3,281,973 2,517,281
934,039
821.156
203,517 246,126
947,719
214,052 175,861 1,211,656
1210,340 1030,408 6,651,306 5,681,213
1869,536 1452,698 7.165,767 5,798,604
699,278
773,983
162,247 142,180
332,311 321,032 1,406,898 1,260,004
341.645
430,076
109,134 89.318
253,594
364,934
92,459 59,184
428,432
500.795
124,652 102,665
215.537
51,861 56,172 • 221,739
901,783
995.404
332,464 300,898
442,852
422,211
94,981 103,921
796,679
965,509
247.481 205,083
300,774
351,572
118,256 102,295
409,682 342,208 1,650,418 1,388,197
189.661
260,482
124.004 89.857
749,743 663,345 2,836,512 2,567,536
105,132
121,269
27,534 23,887
224,821
237,782
60,770 54,030
141.745
145,677
35,535 32,094
113,803
104,017
24,629 25,901
590,372 527,636 1,249,337 1,090,552
1340,440 1162,496 5.559.704 4,774,093
4015,037 3539.667 15,322.035 14.014,669
284,790
342.324
85,353 74,330
81,396
99.391
24.213 20,193
56,563
76.566
18,245 14,698
610,640
745,195
193.517 162,983
Latest Gross Earnings.
Name of Road
or Company.
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
$
$
28,643
29,596
14,406 13,984
Long Island Electric_ February
339,350 292,514 1,303,103 1,139,135
Louisville Railway___ April
263.021
338,537
79,260 66,631
Lowell Electric Corp.. April
21.151
24,110
11.375 10,401
Manhat Edge 3c Line February
1180,477 938,826 5,950,359 4,691,112
a Milw El Ry & Lt Co May
715425
i 21,111
184,922 193,233
Mississ Riv Pow Co_ April
840,895
264.051 218,862 1,066,645
Nashville Ry & Light April
293,157 262,323 1,519,172 1,275,767
New England Power_ May
748,368
1,062,398
183.197
241,736
May
Newp N&11 Ry, G&E
- 447,810 442,818 2,104,638 2,101.316
New York Dock Co__ May
53,415
75,080
34,795 26,887
N Y & Long Island__ February
17,264
21,441
8,269
10,659
NY & North Shore.... February
124,563
150,641
71,953 60,783
N Y & Queens Co.._ February
1,695,736
1,879,847
830,359
917,583
New York Railways.. February
70,688
83,732
20,120 17,678
Northampton Trac__ April
761,606 609,395 3,566,715 2,874,796
Northern Ohio Elec.._ May
259,595 267,914 1,011,607 1,054,751
North Texas Electric.. April
11,032
13,853
5,762
6.577
Ocean Electric (L I)_ February
577,670
650,032
168.319 145.298
Pacific Power & Light April
144.415
189,321
42,936 35.008
Pensacola Electric Co April
2909,271 21588,15 11,126,351 9,814,092
Phila Rapid Transit_ April
229,204
278,422
65,053 52,110
May
Phila & Western
532,983
705,790
160,923 130,661
Portland Gas & Coke April
706,244 616,280 2,932,869 2,404,793
Port(Ore)Ry,L&PCo. April
165,307
182,600
92,562 83,186
Porto Rico Railways.. February
493,364 463,194 2,046,132 1,889,226
Republic By & Lt Co_ April
58,986
73,608
36,236 29.655
Richmond Lt & RR_ February
968,467 1.264.463
282,074 414.118
St L Rocky Mt & Pac March
215,085
242,326
62,292 53,219
Santiago El Lt & Tr_ _ AptII
365,529
433,645
115,287 92,580
Savannah Electric Co April
105,267
115,057
55,262 50,872
Second Avenue (Rec) February
29.506
34,321
16,382 14,212
Southern Boulevard.. February
3,320,673
3,919,520
772,951
May
_
882,562
Edison
Cal
Southern
36,217
41,879
20,634 17,895
Staten Isld Midland_ February
351,346
412,869
98,579 84,863
Tampa Electric Co.._ April
653,192
818,993
179.066 163,142
Tennessee Power.._ _ _ April
524.295 470,931 2,166,705 1,832,408
k Tenn Ry, Lt & P Co April
259,377 230,127 1,131,252 1,025.602
Texas Power & Lt Co April
1000,692 886,302 4,339,559 3,974,036
Third Avenue Sustem. May
68,050
90.125
48,079 32,843
D D E B & B RR February
232,532
259,815
129,320 111,590
February
By
42dStM&StNA
378,958
407,500
195.718 182.099
UnionRyCo(N YO) February
118,660
132,884
64,197 57,301
Yonkers Railroad.. February
105,988
107,446
51.625 50,755
N Y City Inter By February
89,978
88,516
43,176 43,979
February
• Belt Line By
618,734
622.949
300,833 295,230
February
Third Avenue
3,234.358
3,500,725
882.221 776,967
Twin City Rap Tran_ April
743,505 668,163 3.636,731 3,182,820
Virginia By & Power.. May
956,713
971,897
188,320 212,639
Wash Balt & Annap May
79,445
87,239
42,300 38,285
Westchester Electric_ February
189,070
227,451
109.479 91,542
February
York Railways
10Q 207
1,111 OIK
o
gMIK
IA on,
vs
M
.v............--.1„. A,.
all sources.
a Includes Milwaukee Light, Heat & Traction Co. b Includes companies.
constituent or subsidiary
I Earnings given In milreis. g Includes
Street By.
Waterville
&
Augusta
i
Lewiston
only.
companies
h Subsidiary
Tennessee Ry..
earnings, expenses, &c.. not included in 1919. k IncludesTennessee
Power
Light & Power Co., the Nashville By. & Light Co., the
Co. and the Chattanooga Ry. & Light Co. I Includes both elevated and
subway lines.
Electric Railway and Other Public Utility Net Earnings.-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
-Gross Earnings--Net Earnings
Current
Previous
Previous
Current
Year.
Year.
ar.
s
Ye
Companies.
$
$
150.268
121,173
11r,.173
239,408
2e1
Alabama Power Co_ a__May Y
3,232.824 2,414,060 1,712.518 1,442,735
June 1 to May 31
62,285
46,381
106,934
95,671
Colorado Power Co_ a_ __Apr
707,627
662,370
1,242,262 1,233,041
May 1 to Apr 30
259,271
310,896
592,524
North States Power Co_May 720,016
9,111,948 7,570,772 3,947,789 3,245,333
June 1 to May 31
796,093 1,048,811
May 2,070,673 2,200,307
Philadelphia Co
11.689.261 10,313,532 6,040,668 4,516,143
Jan 1 to May 31
18,222
20,989
40,612
47,098
Sou Can Pow Co, Ltd__May
140,444
182,504
313,866
390,748
Oct 1 to May 31
22,915
22,391
34,245
36.808
West Pow of Can, Ltd__Apr
315,512
296,325
444,429
458,420
May 1 to Apr 30
56,236
63,603
130.669
..May
151,201
Co..
El
&
G
States
West
655,625
689,521
1,731,003 1 494,523
Juno 1 to May 31
a Net earnings here given are after deducting taxes.
Balance,
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
$
3
$
$
38,832
21,173
60,005
130.026
Adirondack Electric May'19
16,207
21,088
37,295
128,663
'18
Power Corp
212,741
262,666
475,407
12 mos '19 1.796.709
104.059
255,697
359.756
'18 1,703,279
1,552,797
171,062
Cities Service Co May '19 1,785,853 1,723,859
5,897 1.881,027
'18 1,925,286 1,886,924
8 20:00898
4:23504
97
21
7:8
12 mos '19 21,774,547 21,122,122 1,038
IIIII
'18 20.487,577 20,097,555
•
143,744
179,503
323,247
634,657
Power May '19
nsumers
dr
158,138
140,832
298,970
503,096
18
Co (Michigan)
12 mos '19 7,372,794 3,656,118 2,141,553 1,514,565
'18 5,995,577 2,998,925 1,563,589 1,435,336
156,106
139.504
295,610
Irtrolt Edison Co May'19 1,210,340
127,041
104,902
231,943
'18 1,030,408
686,682 1,201,419
5 mos '19 6,651,306 1,888,101
498,298 1,100.935
'18 5.681.213 1,599,233
z17,205
14 928
30,415
162,247
May '19
Duluth-Superior
z17.376
15,293
31,006
142,180
'18
Traction Co
z38,661
73,277
103.144
773,983
5 mos '19
74,108
z66,580
132.228
699,278
'18
100,203
40,596
140,800
293,157
New England Co May '19
100,032
38,413
138,445
262,323
'18
Power System
470,049
203,156
673,205
5 mos '19 1,519,172
367,991
184,971
552,962
'18 1.275,767
z39,347
22,788
61,889
241,736
Newport News & May '19
z29,607
20,578
48,726
183,197
'18
Hampton By, Gas
116,038 z153,506
268,317
5 mos '19 1,062,398
& Elec Co
102.002 z110,582
209.271
748,368
'18
7,829
13,168
20,998
65,890
May '19
North Carolina
11.294
13,162
24,457
56,362
'18
Public Service Co
120,282
157,959
278,241
759,793
12 mos '19
111,788
155,821
267,609
655,561
'18
283,996
266,394
550,390
882,562
Southern California May'19
275,819
246,233
522,053
772,951
'Is
Edison Co
12 mos '19 9,334,304 5,799,045 3,066,489 2,732,556
'18 8.157,904 5,277,902 2,680,684 2,597,218
z460
206,9115
May '19 1,000,692
Third Avenue
219;924
z4.704
211,604
886,302
'18
Railway System
1,623
11 mos '19 9,360,472 1,605,597 2,430,179=10(685,444
'18 9,364,133 1.928,618 2,438,544zdef36
x42,119.
22,163
61,688
188,320
Washington Bait & May '19
z77,657
24,988
101,537
212,639
'18
Annapolis Elec RR
131,207 z223,618
348,291
971,897
5 mos '19
Co
118,117 z338,016
449,540
956,713
'18
z After allowing for other income received.
JUNE 28 1919.]
THE CHRONICLE
2625
Net
Gross
Fixed Clips. Balance,
provision has been made for extension to a capacity of 100,000 k.v.a.
Earnings. Earnings. & Taxes. Surplus.
Building, brick and steel construction,200ft.long by 170 ft. wide and 100ft.
high, contains at the present time four 1,425 h.p. boilers with automatic
$
two 12,500 k.v.a. steam turbines, coal and ash-handling machinerY,
871,762 *690,493
Commonwealth
May '19 2,055,620
181,209 stokers;
693,139 *611,489
Pow & Light Co
'18 1,709,860
81,650 fans, condensers, &c. An outdoor steel framework sub-station for the
5 mos '19 10,322,201 4,408,283 *3,380,036 1,028,247 ultimate generating capacity, equipped with an initial installation of 18,000
k.v.a. of 66,000 volt transformers and 12,000 k.v.a. of 22,000 volt trans'18 8,507,570 3,175,907 *2,998,890
177,017 formers
has been installed. About 30 miles of additional power transmis166,232
447,810
New York Dock Co May'19
93,027
73,205 sion line have been
added to the system during the year.
442,818
181,899
'18
92,246
89,653
Coal
Property.-A mining plant has been constructed adjacent to the
New
789,503
5 mos '19 2,104,638
449,720
339,783 new Rivesville power station,
intended primarily to furnish coal to the
930,297
'18 2,101,316
453,821
470,476 power plant without transportation
cost. Over 411 acres of Pittsburgh
761,606
265,803 *158,633
May '19
Northern Ohio
107,170 seam coal purchased for this plant adjoins approximately 350 acres of Pitts225,362 *145,578
'18
609,395
Electric Corp
79,784 burgh seam coal acreage, all of which can be utilized by the new plant in
5 mos '19 3,566,715 1,222,117 *804,169
417,948 addition to over 110 acres of Sewickley seam coal purchased with the 411
'18 2,874,796 1,033,272 *708,065
325,207 acres mentioned above.
By-Product Producer Plant.-A Lymn system by-product producer plant
* Fixed charges include dividends on outstanding preferred stocks of has been completed and put into operation at Fairmont. It consists of
constituent companies in addition to taxes and interest.
seven canopy operated producers, with full complement of auxiliary equipment and by-product recovery apparatus. This plant converts bituminous
coal into gas, ammonium sulphate and tar, and will consume, when operating at full load, 105 tons of coal per day.
FINANCIAL REPORTS.
The entire output of gas from this plant is to be used in a large glass
factory immediately adjoining the plant, which has built new furnaces for
the utilization of the gas.
Annual, &c., Reports.-The following is an index to all
Increased Rates.-Effective Feb.20 1918,the rate for the sale of industrial
gas was increased from 12c. to 18c. per 1,000 cu. ft. On Oct. 1 1918 this
annual and other reports of steam railroads, street railways rate
was again increased to 25c. per 1,000 cu. ft. and the domestic gas rate
and miscellaneous companies published since May 31.
from 23c. gross to 29c. gross per 1,000 cu. ft.
April 1 1918 interurban fares, express and lighting and power rates in
This index, which is given monthly, does not include theOnFairmont
-Clarksburg district were increased approximately 20%.
reports in to-day's "Chronicle."
New Bond Issue.-General Mortgage 7% 5-year gold bonds to the amount
of $5,500,000 were issued July 1 1918 for the purpose of retiring $2,833,000
Full-face figures indicate reports published at length.
1-year 6% gold notes due Feb 1 1919 and to provide funds for a construcPape. Miscellaneous (Concluded)Railroadstion program including the Rivesville power plant, Lymn producer plant,
2524 Central Foundries Co
American Rys. Co
2525, 2530 transmission lines, new cars, extensions to gasoline plant, and the developCertain-Teed
2428
Santa
Fe
Products
Corp
Atchison Topeka &
2435 ment of gas acreage, &c. [V. 107, P. 1004, 1192, 1287, 2009.1
2235 Charcoal Iron Co
Bangor & Aroostook RR Co
2332
[See recent offering of$2,000,000 6% notes on a subsequent page.-Ed.)
2329 Chile Copper Co
Boston & Albany RR
2430
2522
Cities
Service
Co
INCOME ACCOUNT FOR YEAR ENDING DEC. 31.
RR
Burl.
&
Quincy
Chicago
2332
Chicago & East. Ill. RR____2240, 2325 Consolidated Cigar Corp
2244
1918.
1917.
1918.
1917.
Chic. & St. Louis_ .2324 Crow's Nest Pass
Cleveland Cinn.
2329
Cuba RR
Delaware Lack. & Western RR___2228
2523
Grand Rapids & Indiana By
2236
Lehigh & New England RR
2235
Louisville (Ky.) By
2235
Michigan Central By
Minneapolis St.Paul & S.S. Marie_ _2523
2428, 2523
Missouri Pacific RR
2324
New York Central RR
2241, 2429
Philadelphia Company
2434
Philadelphia & Reading By
Pittsburgh Youngs. & Ashtabula_ _2434
2324
Reading Company
St. Louis-San Francisco By. Co_ _ _2325
2242
San Francisco Terminal Rye
2331
Spokane & Inland Empire RR
Coal Co
2244 Gross earnings_ __ _33,787,328 $3,046,769 Fixed charges_ _ $581,864 $454,026
Dominion Steel Co
2430 Oper. exp., taxes
Pref. dividends___
200,477
159,120
Dominion Textile Co
2332
(incl. inc. & exc.
Common dividends 413,831
444,605
Duquesne Light Co
2429
prof. taxes)____ 2,613,660 1,639,381
Electric Bond dc Share Co
2244
Balance, surplus
Empire Gas & Fuel Co
2436
or deficit ____df.$22,504 sr.$189,622
Net earnings_ _ _$1,173,669 $1,407,388
Famous Players-Laskey Corp
2430 Deduct-Deer.,&c.
x
$160,015 Total surplus_a__ $288,342 $320,964
Fisk Rubber Co
2436
Gaston, Williams & Wigmore, lno_2526
a After deducting $406,824 6% stock dividend on common stock paid
Globe Grain & Milling Co
2245 Jan. 12 1917 and $3,439 adjustments in 1917; $7,769 adjustments in 1918
Grasselli Chemical Co
2332 and $2,349 paid on minority preferred stock of K. T. & E. Co.
Gray & Davis Co
2245
x In 1918 included in operating expenses.
Great Northern Iron Ore Propertles..2531
Hale & Kilburn Co
BALANCE SHEET DEC. 31.
2333, 2527
Idaho Power Co
1918.
1917.
2333
1917.
1918.
International Mercantile Marine
AssetsLiabilitiesCo
2245, 2327 Property & equip_22,368,413 18,428,831 Common stock __12,000,000 12.000,000
International Nickel Co
2236 Corn. stk. in treas. 3,720,364 3,721,888 Preferred stock ___ 4,000,000 4,000,000
Electric RailwaysKaufmann Department Stores
640,086
616,234 First Mtge. bonds10,252,500 7,250,000
2532 Pref. stk. in tress_
Arkansas Val. Ry., Lt. & Pow. Co..2432 Libby, McNeil dc Libby
Gen. Mtge. bonds_ 5,500,000
2333 1st Mtge. bonds_ 3,502,5001
2240 Locomobile Co
Augusta-Aiken By.& El. Corp
2.203,305 One-year notes..
2532 K. T.& E. Co.
369,000
Chicago Elev. Rys. Collat. Trust_ - _2527 Lyall & Sons
Common
591,790
Reserves
stock_
1,096,7591
690,659
2245
Commonwealth Power, B.& Light 2433 McCrory Stores Corp
Preferred stock_ 1,073,670
Accrued interest
2246
95,917
291,785
2528 McElwain & Co
Georgia Light, Power & Rys
Cash
Accrued
263,831
174,042
2333
taxes
not
2428
Illinois Traction Co
Montreal Light, Heat & Pow. Co.-24
238 Cash held by trust 274,665
due
115,213
62,635
177,302
2525 Nashua Mfg. Co
Middle West Utilities Co
Cash for retirement
Bills payable
94,000 1,145,000
Northern Ohio Trac. & Lt. Co.2433, 2528
„„ O'Neill & Co., Inc
of 1-year notes _
2532
369.000
565,314
Accounts payable_ 876,781
San Joaquin Light & Power Co
20
"Ohio Cities Gas Co
23
28
6 Materials on hand 306,609
30,250
203,363 Customers' depos_
41,586
2242 Oklahoma Natural Gas Co 2240, 23
United Gas & Electric Corp
Accts.& bills rec
448,336
304,915 Uncollee. tickets
25,075
26,845
West Penn Tree. & Wat. Pow. Co_ _2524 Phila. & Read. Coal & Iron Co
2324 Loans on collateral
38,102
16,664
54,034
74,907 Miscellaneous
Pillsbury-Washburn Flour Mills Co. 2246 Misc, bonds and
Miscellaneous320,964
Profit and loss_ _
288,342
Ltd
2243
Alaska Gold Mines Co
2328
stock
owned...
_
281,623
36,100
2434 Prairie Pipe Line Co
Allied Packers Co
Adv. to allied cos_
150,248
American British Mfg. Co_ ___2243, 2526 Republic Motor Truck Co
2533 Deferred assets_
86,094
183,172
2529 Rueping Leather Co
American Fabric Co
63,973
63,076
2533 Miscellaneous
2527 St. Paul Union Stock Yards Co
American Glue Co
2335
2331 Sapulpa Refining Co
American Plano Co
34,662,835 26,125,047
Total
Total
34,662.835 26.125.047
2246
Co
&
American Pneumatic Service Co_ ___2243 Soden
2335 -V. 108, p. 2330. 973.
American Water Works & Elec. Co..2243Springfield Consol. Water Co
2533
2237, 2328 Standard Chemical Co
American Woolen Co
American Car & Foundry Co.
2239 Standard Gas & Elec. Co
American Writing Paper Co
2335, 31311
2331 Stromberg Carburetor Co..--2247, 2336
(20th Annual Report-Year ending April 30 1919.)
Appalachian Power Co
Co
Symington
2526
Gas
Co
Arkansas Natural
2533
The report of President W.H. Woodin with balance sheet,
2238 Tide Water Oil Co
Atlantic Refining Co
2336, 2430
British Westinghouse El.& Mfg. Co.2244 Toronto Electric Light Co
2336 income account, &c., will be found on a subsequent page.
United
Shoe
Machinery
2331
Corp
Brooklyn Union Gas Co
2237
FISCAL RESULTS FOR YEARS ENDING APRIL 30.
2527 Ventura Consol. Oil Fields
Brunawicke-Balke-Collender Co
2248
2239 Waltham Watch Co
Bush Terminal Co
1918-19.
1917-18.
1916-17.
1915-16.
2530 Wash.-Idaho Water, Lt. & Power .2534 Earns, from all sources,
Butler Brothers
2238 Wellston Iron Furnace Co---------22
California Packing Corp
aft. providing for taxes$17,273,172 816,461,823 $17,522,909 $4,595,359
336
2331 Westinghouse Elec. Mfg, co
California Petroleum Corp
Renewals,repairs, &c_ _x 5,501,359 5,180,081
7,212,037
1,779,341
2244 West India Sugar Finance Corp...
Canadian Cottons, Ltd
2244 West Penn Power Co
Casein Co
Net earnings
$11,771,813 $11,281,742 $10,310,872 $2,816,018
2237
Preferred divs. (7%)
$2,100,000 $2,100,000 $2,100,000 $2,100,000
Divs. on common_ _ _(8%)2,400,000(8)2,400,000(6 M)1950000 (2)600,000
Res've for gen'l overhauling, impts. & maint
3,000,000
1,000,000 2,500,000
Reserve for dividends on
common stock
2,400,000 2,400,000 2,250,000
250,000
500,000
Results.-The financial results are not flattering, for notwithstanding Reserve for employees
500,000
normal increases in the volume of patronage, the net surplus for the year Reserve for insurance_
shows a decrease of $361,558,or over 37%,as compared with previous years.
Balance
$1,871,813 32,631,742 $1,010,872
$116,018
The indicated increase of over 24%, or $740,559, of total gross earnings
: Previous surplus •
29,452,708 26,820,965 25,810,094 25,694,076
is somewhat misleading; it is about one-half due to the Parkersburg-Marietta
property being included for only six months, or since the date of its purTotal surplus
$31,324,521 $29,452,707 $26,820,966 $25,810,094
chase, July 1 1917, and the Fairmont and Mannington property being
included only since the date of its acquisition, April 11917. The relative
x Includes yearly renewals, replacements, repairs, new patterns, flasks,
1917-1918 increase in gross earnings is also augmented by the authorized
increased rates and fares charged by the company in some of its departments &c., and also in 1916-17 special equipment for production of munitions.
on and after April 1 1918.
BALANCE SHEET APRIL 30;
The net earnings decreased $194,577 during the year, due Principally to
1919.
1918.
1919.
1918.
the very great increase in operating expenses growing out of the raises in
LiabilitiesAssetswages and the greatly increased cost of materials and supplies.
66,782,533 Preferred stock__ _30,000,000 30,000,000
New Construction.-In order to meet the normal demands for increased Cost of properties_67,525,272
hand_46,276,398 28,786,594 Common stock__ _30,000,000 30,000,000
service and to prepare for the expected and actually contracted demands Material on
and notes
Accts. pay'le,&c._34,357,157 26,641,820
due to war activities, as well as to make proper and conservative prepara- Accounts
receivable
14,024,529 21,691,056 U.S. RR. Admin_13,195,170
tions for the future growth and development of the territory which the
and bonds
Federal taxes
24,475,000
company serves, an extraordinary construction program was imperative, Stocksother
comof
Insurance reserve_ 1,500,000 1,500,000
Unfortunately, under the adverse conditions of war times.
panies (at cost
For gen.overhaul.,
Dividends.-The officers regret that, because of the effects of high °per_
1,070,091 2,817,152
or les8)
& maint_ 4,101,967 3,125,310
ating costs and large construction expenditures upon the company's earncertificates of
Reserve for divs.
ings,they have found it necessary to discontinue the common stock dividend. U.S.
Indebtedness
and
on
coin.
stock__ 7,200,000 4,800,000
[V. 108, p. 480, 973.1
Liberty bonds_ 32,052,000
Res. for employees 513,063
578,993
It is, however, believed that the P. S. Commission will grant immediate
•16,843,587 7,140,496 Divs. pay. July 2_ 1,125,000 1,125,000
Cash
relief by allowing increases of rates for certain classes of service.
Surplus account_ _31,324,521 29,452,708
Extension of Railway Lines.-The Norwood-Fairground Loop line, an
extension of 3.9 miles, was completed and put in operation July 26 1918,
Total
177,791,877127,223,831
Total
177,791,877127,223,831
providing passenger service via the Speedway to Norwood, which has become the location of a new large by-product coke-oven plant. This ex- -V. 108, P. 2331.
tension is also used as a connection with the Baltimore & Ohio RR. on
Federal Sugar Refining Co.
Hickman's Run, and all of the construction materials for the coke-oven
plant are being handled over this new trackage.
(Report for Fiscal Year ended May 31 1919.)
Electrification of the Bingamon Branch between Bingamon and Wyatt,
INCOME ACCOUNT.
7.26 miles, was completed and operation commenced on July 30 1918, under
a joint trackage agreement with the Fairmont-Bingamon Railway Co.
Years endingMay 31 '19. May 25 '18. May 26'17.
closed,
double-end,
-Four
steel
Stock.
double
Rolling
-truck
New
inter- Profit
31,654,291 32,172,945 33,227,464
urban cars, and six closed, double-end, steel double-truck P-A-Y-E city Interest
$328,001
3225.427
$363,629
cars with all the complete electric equipment; and two double-end, steel Income and excess profits taxes, &c._ 218,909
1,003,002
40,331
only,
bodies
were
bought
car
and
express
added
to
the system Preferred dividends (6%)
double-truck
199,368
199,368
199,368
during the year. Two standard tank cars of 8,055 gallons each, for hauling Common dividends
x(83)584,257 (7)403,720
gasoline, were bought, making a total of six tank cars now in the company's
possession, with a combined capacity of 49,125 gallons.
Balance, surplus
$323.756
$341,428 32.624,136
Electric Power Expansion.-The Rivesville steam turbine central power
x Owing to the change in the dividend period from Q.-M. to Q.-F., five
plant has been practically completed, with an initial capacity of 25,000 k.v.a. quarterly dividends of 1 V,% each were paid on the Common stock during
1-3he building with foundations is being completed for 50,000 k.v.a., and the year ending May 31 1919.
Monongahela Valley Traction Co.
(Report for Fiscal Year ending Dec. 311918.)
President G. M.Alexander, May 12, wrote in substance:
BALANCE SHEET.
May31'19. May25'18.
May31'19. May25'18.
Assets-
$
Plant, property,
machinery, &c.,
(book value)__ _12,067,865
4,701,162
Investments
224,029
Cash
Accts. receiv., &o_ 4,543,053
Sugar, raw, refin'd
& in process, &c. 4,227,951
Total
[VOL. 108.
THE CHRONICLE
2626
Liabilities-
$
Common stock__ 6,678,200
Preferred stock.. 3,321,800
Notes due 1920._ 2,000,000
Accts. payable,&c. 2,659,797
5,695,000
Bills payable
Raw sugar drafts_
Income and excess
78,058
profits taxes____
3,863,309
5,331,205
Surplus
12,011,691
2,266.162
871,348
2,548,142
Total
25,764,059 21,560,653
6,677,200
3,322,800
2,000,000
1,233,979
1,375,000
1,000,000
944,226
5,007,449
25,764,059 21,560,653
The investmet accounts, amounting as of May 31 1919 to $4,701.162,
an increase for the year of $2,435,000, now includes. It is understood, a
largo proportion of the $3,321,800 6% Pref. stock. The Pref. stock
outstanding is convertible into Common,and apparently $1,000 thereof has
been converted during tho year.-V. 107. P. 85.
Eastman Kodak Co. (of N. J.), Rochester, N. Y.
(Report for Fiscal Year ending Dec. 31 1918).
American Window Glass Machine Co.
(Report for Fiscal Year ending April 30 1919.)
1918-19.
Total income
General expenses and taxes
Preferred dividends
Rate of preferred dividends
Common dividends
Balance, surplus
1917-18.
1916-17.
$3,932,481 $1,978,278 $3,572,740
2,782
963
16,927
Royalty received
Other income
$3.949.408 $1,979.241 $3,575,522
96,062
201,334
976,667
1,854,648 3,394,907
490,861
(483i%)
(2634%)
(7%)
(15%)1,949,660
$532,220 def.$76,740
BALANCE SHEET APRIL 30.
$84,553
1918.
1919.
1918.
1919.
Pat.rts. in U.S _ $6,999,000 $6,999,000 Preferred stock_ $6,999,550 $6,918,644
Common stock.. 12,998,550 12,997,644
Invest.: 129.991
102
Divs. unpaid..__
sh. corn. stk.
Am.W.GI.Co. 12,999,100 12,997,288 Accounts paya240
93,112
ble, dro
48,197
Cash
548,344
92,865
Profit and loss
U.S. Lib. bonds
500,250
"The balance sheet shows carried to surplus for the 12 months the amount
$20,546,547 $20,089,399
Total
Total
$20,546,547 $20,089,399
of $4,889.747, after charging off liberal amounts for depreciation, and
paying four quarterly dividends of 1 % each on its Pref. stock,four quar- -V. 108, p. 1938.
terly divs. of 21,6% each, and extra (liars. amounting to 35% on its Corn.
stock." [Signed Walter S. Hubbell.]
Central & South American Telegraph Co.
COMBINED INCOME ACCOUNT FOR CALENDAR YEARS.
(Reportfor the Fiscal Year ending Dec. 31 1918.)
1915.
1917.
1916.
1918.
INCOME ACCOUNT FOR CALENDAR YEARS.
Net profits before taxes_
___ $19,292,567 $17,289,206 $15,741,453
1917.
1918.
Net profits after taxes_ _$14,051,969
$1,584,888 $4,273,397
Grass revenue from operations
War inc. & exc. prof. tax
4.750,000
1,211,677
1,838,469
Deduct-Operating and general expenses
Divs. paid and accrued369,942
369,942
369,942
On pref. stock (6%)_ _
369,942
$2,746,419 $3,061,720
Net income from operations
On common stock__, 7,992,280 5,861,520 13 674,635 11,719,680
Per cent
(60%) Add-Revenue from investments, interest on bank
(70%)
(45%)
(30%)
244,775
156,028
balances, &c
Balance surplus
$4.889,747 $8,311,105 $3,244,629 $3,651,831
Net profit, before charging Federal income and
Annual Earnings Dies., &c., for Certain Earlier Years, and Total for 16M
$2,991,194 $3,217,748
war profits taxes
Years ended Den. 31 1918.
653,783
1,390,567
Federal income and war profits taxes
Net Profits. Pf.Dies.Com.Dies. Res.Fds. Surplus.
$
$
S
3
$1,600,627 $2.563,965
$
Not profit, carried to balance sheet
4,210,101
856,930
468,999 Previous surplus
1,382,896
1,488,295 162,366
1902,6 mos
629,456
1,867,205
1903
2,864,719 368,058
$2,983,523 $6,774,066
1906
5,415,700 369,942 3,418,260 500,000 1,127,498
Total
218,000
626,423 Depreciation of investments
1909
7,852,575 369,942 5,856,210 1,000,000
4,399,998
14,162,436 369,942 7,810,620 1,000,000 4,981,874 Stock dividends
1913
773,172
5,083,230 Cash dividends(6%)
839,484
11,313,012 369,942 5,859,840 '
1914
Total, 161,6 Yrs-161,186,425 6,065,235 102,201,338 5,250,000 47,669,852
Deduct-Reserve required in addition to previous reserves and
appropriations to offset entire book value of goodwill & patents 15,798,081
Balance [being amount of surplus Dec. 31 1918-Ed.1
$31,871,771
The reserve fund, 35.250,000, was accumulated in 1906 to 1909 and
1911 to 1913.
COMBINED BALANCE SHEET DEC. 31 (INCLUDING SUB. COS.).
1918.
1917.
i
$
$
I
AssetsReal estate, build-
1918.
Liabilities-
$
Common stock _ __19,538,400
Inge, &c_a
20,658,507 20,413,393 Preferred stock__.. 6,165,700
Welfare I'd assets.. 961,884 1,062,653 Accounts payable_ 4,325,762
Supplies, &c
23,071,500 17,774,338 Prey, for war etc.
Accounts and bills
I prof.& inc.taxes 7,239,847
receivable(net)_198,161,898 6,160,915 Pref. div. Jan. 1__
92,486
Bonds & stocks_c_ 5,428,864 4,933,273 Corn. dlv. Jan. 1.... 1,953,840
U.S.Treas.certif _13,802,000
Welfare fund res've 961,884
d4,087,842 12,733,726 Contingency res've 4,498,373
Cash
Prepaid int., &c
475,566
827,807 Surplus
31,871,771
Total
76.648,063 63,906,105 Total
76,648,063
1917.
3
19,538,400
6,165,700
3,528,336
4,000,000
92,486
488,460
1,062,653
2,048,047
26,982,024
63,906,105
a Includes real estate, buildings, plant, machinery and capital investments at cost loss depreciation reserve. b Includes in 1917 Liberty Loan
subscriptions due by employees $837,328. c Marketable bonds and stocks
at or below cost. d Includes in 1917 $9,294,510 cash on deposit at interest
and $3,439,216 cash at banks on current accounts and on hand.-V.
108, p. 1939.
Griffin Wheel Company.
(Balance Sheet and Earnings.)
A compilation by Estabrook & Co. permits the following:
Calendar Years1917.
1918.
1916.
1915.
Net available for dividends_a$1,326,943 $1,143,240 31,619,018 $1,096,431
Per cent, earned on pref.
stock
19.54
22.68
28.19
18.71
a After deducting $1,160,000 reserve for Federal taxes and contingencies.
BALANCE SHEET.
Mar.31'18. Dec.31'17.
Dec.31'17.
AssetsLiabilitiesPlant & prop., &e. 4,185,784 4,918,244 Preferred stock..__ 5,849,300 5,849,300
Good wIll,pats.,&c. 6,950,000 6,950,000 Common stock__ 8,755,600 8,723,900
Inventories
3,358,121 1,982,277 Accounts payable_ 427,274
427,677
Cash
366,942 1,007,926 Accrued taxes__ _ _
54,066
51,289
Marketable secure. 2,359,795 1,589,451 Reserves,Fed.tax. 509,623
996,730
Notes & accts. rec. 2,639,481 1,773,192 Other reserves_ __ _ 1,560,028
Notes sec'd by stk
57,208 Miscellaneous _
11,858
Prepaid insurance
10,537 Profit & loss surp_ 2,692,375 2,239,939
Total
10,860,124 18,288,835
Total
Figures for 1917 inserted by Editor.
19,860,124 18,288,835
See also offering of American Steel Foundries Co. on a
subsequent page.-V.108, p. 2437.
Kaufmann Department Stores, Inc.
(6th Annual Report-Year Ended Dec. 31 1918.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
1916.
1915.
Net sales
$18,312,482 $15,391,161 $13,184,493 $10.959,717
xNet profit
781,213
723,114
1.021,670
501,614
Preferred divs. (7%).__141,750
147,000
154,000
161,000
Balance, surplus
$639,463
$576,114
$867,670
$340,614
x After deducting yearly all depreciation and interest charges and also in
1917 and 1918 all Federal taxes.
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
1917.
Assets$
Liabilities$
Plants, &o
864,686
Good-will, &c
5,500,000
Leases
1,917,392
Investments
328,009
Prepaid ins., &o
48,208
Inventories
2,796.838
Accts. & notes rec.a2,243.955
Cash in banks, &c. 770,136
Liberty bonds...
251,692
Total
975,686 Preferred stock___
5,500,000 Common stock-1,960,000 Accounts payable_
231,210 Notes payable __
64,714 Surplus
2,952,688
2,080,120
683,630
14,720,916 14,448,057
Total
1,950,000
7,500,000
• 734,523
1,475,000
3,061,393
2,025,000
7,500,000
601,128
1,900,000
2,421,931
14,720,916 14,448,057
a Less reserve for bad and doubtful debts.
•
Note.-The company guarantees $1,050,000 Investment Land Co. bonds
and $800,000 notes (the cost of the new building and fixtures being $2,298,015). The rent payable by the company to the Investment Land Co. has
been fixed at an amount which will provide for the payment of the bonds
in fun and the contingeat liability in connection with the bonds and notes
is, therefore, remote.-V. 108. p. 2532.
$2,144,039 $1,382,896
Profit and loss surplus
BALANCE SHEET, DECEMBER 31.
1917.
1918.
1917. I
1918.
Liabilities$
Assets-
13,991,400 13,091,40°
Plant and equip__ _10,345,721 10,272,680 Capital stock
Inv. (approx. val) 5,718,723 4,500,187 Accounts payable60,009
284,869 Sundry creditors 153,470
Inventory
295,309
653,783
Federal taxes...._1,390,567
Accounts recev.209,871
315,455 Div. pay. Jan.__ 209,871
Mexican Tel.Co. 403,593
27,800
31,854
Res.for fire lessee_
Central & South
2,144,039 1,382,898
65,157 Surplus
137,374
Amer. Govt's
232,886
Sundry custom's 311,091
52,890
Int.acc.on invest. 61,876
601,634.
647,515
Cash
17,921,201 16,325,759
17,921,201 16,325,759: Total
Total
Compare news item on a subsequent Dago and V. 108, D. 2531.
Safety Car Heating & Lighting Co.
(Report for Fiscal Year ending Dec. 31 1919.)
Vice-Pres. W.1. Conwell, N. Y., May 1, wrote in subst.:
Notwithstanding the fact that the sales of gas for the year showed a
decrease over the previous year, and the demand on the part of railroads
for materials such as we manufacture at our works in Jersey City was reduced to a small fraction of ordinary requirements, we have been able to
realize considerable margin over dividends for increased taxes, depreciation and surplus, as below shown.
The average number of new passenger cars purchased per year for the
16 years previous to 1917 was 2,800. while during the past two years a total
of 134 new passenger cars has been ordered. Undoubtedly this condition
will react in increased purchases in the future.
We have been fortunate in securing orders for sufficient electric lighting
equipments for application to old cars, and other work, to insure full operation of our works and the prospects for additional business for 1919 are good.
PROFITS FOR CALENDAR YEARS.
1916.
1917.
1918.
147.arns.. aft. exp.& tax.(exc. war tax.1 $957,339 $1,124,108 $1,016,308
Paid in dividends
(6%)3591,720(73i)3739650 (8)3788,900
70,000
93,000
Reserved for war taxes
241,473
305,495
Other reserves(depr.& canting. fds.)_
$8,963
$31,146
Balance to surplus
CONSOLIDATED BALANCE SHEET DEC. 31.
Co.]
Compressing
[Including all assets and liabilities of Pintsch
1917.
1918.
1917.
1918.
Liabilities$
AssetsCap. stock (auth.,
Real estate, ma$10,000,000) out.9,862,000 9,862,000
chinery, &e....__12,816,687 12,620,867
386,488
Materials & supp- 1,469,807 1,463,072 Accounts payable.. 466,153
Accts. receivable.._ 1,372,138 1,305,924 Deduo.from earns.
for deprec., conInvestm'ts in martingencies, &a_ 2,289,001 1,954,768
564.931
587,981
ketable secure__
3,775,148 3,830,605
79,063 Surplus
145,690
Cash*
16,392,303 10,033,857
Total
-16,392,303 16,033,857
Total
*After deducting payment of dividend Dec.-V. l08, p. 2027.
T. H. Symington Company.
(Report for Fiscal Year ending Dec. 31 1918.)
President T. H. Symington, Baltimore, June 13 1919,
wrote in substance:
Results -Buying of equipment by the U. S. RR. Administration did not
meet expectations, due to the many adverse conditions affecting railroad
operations. Your company obtained its fair share of the bu,siness offered
and earnings are considered satisfactory.
The Rochester works were fully maintained, and such additions and
improvements show a substantial reduction In operating costs. Depreciation charges amounted to $356,611, of which $130,620 was credited to
depreciation reserve accounts and $225,992 was written off.
Dividends.-Four quarterly dividends aggregating 16% were paid on the
Preferred stock; 8% for the year and 8% agamst accumulated dividends.
Preferred dividends in arrears at Dec. 31 1918 amounted to 32% •
Munitions, Output, &c.-Our subsidiary companies have discontinued war
work, and their accounts are now being liquidated, pending final settlement
with the U. S. Government, both as regards collection of moneys duo and
tax returns. It is not feasible to submit at this time an accurate estimate of
the profits from these operations, but we believe they will prove satisfactory to the stockholders.
The Symington Machine Corporation with three plants at Rochester, N.Y.,
has manufactured and delivered artillery ammunition, as below:
Russia
1,476,862
75 m-m. shrapnel
Great Britain
550,220
18 pr. shrapnel
2,007,061
United
States
shrapnel
3-inch
do
5,773,833
75 m-m. shrapnel
do
2,574,806
75 m-m. high explosive shell
do
3,443,885
Forgings for 75 m-m. shrapnel and shell
JUNE 28 1919.]
THE CHRONICLE
The Symington Chicago Corporation began July 1 1918 at Chicago the
construction of a plant to produce 10,000 forgings and high explosive shells
per day for 155 m-m.(6-inch) G.P.F.rifles. This plant, covering 14 acres,
and costing to date about $6,000,000, had commenced production when all
work was discontinued by the War Department upon the signing of the
armistice Nov. 11.
The Symington-Anderson Co. has delivered to the War Department from
plants at Rochester.
75 m-m. guns. American typo
416
75 m-m. guns,French type
860
6-inch trench mortars
524
and at close of operations had in course of completion 1,386 additional
75 m-m. French typo guns and 60 9-inch trench mortars.
INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
1916.
1915.
Net profit
$374,108 $832,824 $606,895 $321,618
Other income
5,861
3,208
64,532
2,166
Total income
$379,969 $836,032 $071,426 $323,784
Interest (net)
$13,539 $42,086 $51,289
Depreciation
25,992
27,016
25,992
Reserve for Federal taxes
y
154,992
Miscellaneous
25,515
3,759
17,377
Preferred dividends
x(16%)240,000(8)120,000
Balance,surplus
$139,969 $495,995 $598,565 $229,126
-x Includes8% paid against accumulated dividends and 8 for year 1918.
Preferred dividends in arrears Dec. 31 1918 aggregated 32 o.
y No provision has been made for Federal taxes estimated at $12,200.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
Assets-1918.
1917.
1918.
1917.
Plant, &c
$2,213,891 $1,979,771 Common stock___31,000,000 $1,000,000
Goodwill, patent
Preferred stock .. _ 1,500,000 1,500,000
rights, dm
1,154,332 1,550,738 Accounts payable.. 467,549
239,094
Investments
851,000
51,000 Accrued taxes and
Raw & finished maexpenses
4,783
158,362
terial (at cost)
699,613
451,678 Depreciation,&c..- 635,872
710,682
Acc'ts & bills reel() 614,068
795,501 Surplus
1,302,789 1,379,601
Cash
72,312
94,108
U.S. Liberty bonds 100,600
60,000
Sundry assets_ _ _ _
5,177
4,945
Total
$4,910,993 $4,987,741
Total
$4,910,993 $4,987,741
a Includes $50,000 of the $100,000 capital stock of Symington-Anderson
Co. and the entire $1,000 stock of Symington Marchine Corp. The lastnamed company owns the entire capital stock of the Symington Chicago
Corp. (see above).-V. 108, p. 2533.
Standard Textile Products Co., Youngstown, 0.
(Report for Fiscal Year ending Dec. 31 1918.)
This company, until recently known as the Standard Oil
Cloth Co., reports as shown below for the calendar year:
;At the stockholders' meeting held May 13 1919 the required action was
taken to increase the capital stock from $9.000,000 to $15,000,000, of which
increased stock $2,000,000 is class "A" pref. stock, $2,000,000 class "B"
pref. stock and $2,000.000 common stock. The option of the stockholders
to subscribe at par for $2,000,000 of the new class "A" pref. stock and
$1.000,000 of the common stork expired June 5(compare V. 108, IP. 2028.
1
A banker's circular, offering a block of the 7% preferred and giving many
facts regarding the property is cited on a subsequent page.
INCOME ACCOUNT FOR CALENDAR YEARS.
1918,
1919.
1918.
1919.
$16,201,811 $10,901,550 Gross income.. $1,980,047 $1,300,070
Net sales
Cost of sales_ _ _ 13,614,463 9,019.222 Fixed charges...
275,359
428,717
Dividends deGross earnings $2,587,348 $1,882,328
dared & paid..
General expense
669,498
613,285 Transferred to
reserves
Net earnings_ $1,917,850 $1,260,043
Other income__ _
62.107
31,027
630,000
526,399
977,109
291,560
Gross income_ $1,980,047 $1,300,070 Bal., surP--397,579
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
Assets$
Liabilities$
Land, bldgs., &c_ _18,959,173 (8,662,489 Pref."A"stock...._ 3,000,000
Furniture, &c____1
1 19,930 Pref."B"stock_
3,000,000
Cash
324,538
500,885 Common stock___ 3,000,000
Receivables
685,948
917,100 1st Mtge. bondsInventories(at cost) 5,443,348 5,163,812
Meritas Mills_ 880,000
Other investments 306,571
Notes payable.
2,400,000
Development-deAccts. pay.& accr. 473,029
sign & publicity..
Unearned insur.,
taxes & Interest_
91,408
$53,394
1917.
$
2,970,700
3,000,000
3,000,000
940,000
2,840,000
198,404
62,908 Deferred credits
299,238
Deprec n reserve__ 1,099,720' 660,061
100,903 Other reserves....__ 423,802
681,332
Surplus
1,235,197 1,137,618
Total
15,810,986 15,428.118
-V. 108, p. 2028, 1724.
Total
15,810,986 15,428,118
MacAndrews & Forbes Co., Camden, N. j.
(Report for Fiscal Year ending Dec. 31 1918.)
Calendar Years1918.
1917.
1916.
1915.
Net earnings.
a$1.236,906 a$1,347,876 al,357,502 $1,061,310
Prof. dividends (6%)-.. $168,936
$168,936
3168,936
$168,936
(cash)
Common
divs_(14%)560,000 (18)720,000(17%)700000*(10)375,000
Balance, surplus
$507,970
$158,940
$188,656
$517,374
a Total not earnings from sale of licorice, dyewoods, box boards, wall
boards, &c. after deducting all charges, expenses of management &c.
* In addition the company paid, June 15 1915, a common stock dividend
of 33 1-3% on the $3,000,000 common stock, calling for 31,000,000.
BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
Assets$
Liabilities$
Real estate, maPreferred stock_ _ 2,815,600
chinery, goodCommon stock__ 4,000,000
5,275,781
4,997,629 Bills & accts. pay. 1,486,075
will, &c
Raw material,supDeprec'n reserve__ 1,619,372
5,450,714 5,006,307 Provision for diva_ 242,234
plies, &c
Stocks and bonds_ 1,331,393
569,506
do Fed.tax,&c. 596,427
818,393
Cash
382,536 Surplus
2,594,169
Bills & accts. rec'le 457,596
782,373
1917,
•
2627
The principal places supplied with natural gas are: (1) In N. Y. State:
Buffalo, Jamestown, Olean, Salamanca, Lackawanna, Lancaster, Depew,
Hamburg, East Aurora, Angola, Springville. (2) In Pennsylvania: Erie,
Oil City, Bradford, Warren, Meadville, Sharon, DuBois, Franklin, Titusville, Corry, Clarion, Brookville, Reynoldsville, Tidioute, Youngsville,
Mercer, Greenville, Sheffield. (3) In Canada: Niagara Falls, Welland,
Bridgeburg, Fort Erie, Sherkston.
(The company has paid regular dividends at the rate of 10% (23i% Q.4.)
since the summer of 1908. with no extras.)
Earns. for Cal. Years- 1918.
1917.
1915.
1916.
Number of consumers__
182,074
180,378
175,092
166,438
P.C.owned by N.F.G.Co.
159,217
157,866
145,303
152.719
From sales of gas
$8.417,089 $8,166,924 $7,043,151 $6,263,238
From miscellaneous.._ _ 669,180
437,699
235,540
153,494
Total earnings
$9,086,268
Expenses and taxes........ $3,781,343
Gas purchased
1,359,311
Net earnings
.1:6548
23
um
1,274,580
$7,278,691 $6,416,732
$2,244,658 $2,090,703
1,105,802
1.062,888
$3,945,614 $4,446,495 $3,928,230 $3,263,141
BALANCE SHEET DEC. 31.
1917.
1918.
1918.
1917.
AssetsLiabilities$
$
$
$
Stocks & bonds of
Capital stock__ ..18,495,900 18,489,825
underlying cos_27,577,534 27,388,024 Div. pay. Jan. 15_ 462,893
462,246
Sec. & accts. rec__ 4,607,116 3,089,997 Capital stock preCash
813,711 2,320,465
mium account... 358,070
355,300
Office equipment..
880
829 Surplus
13,682,377 13,471,943
Total
32,999,240 32,779,314
Total
32,999,240 32,779,314
It is understood that the company has been paying regular quarterly
dividends at the rate of 107 per annum (23i% Q-J.) since 1909, with
possibly some extras.-V. 108, p. 2027.
International Motor Truck Corp. and Sub. Cos., N. Y.
(Consolidated Balance Sheet Dec. 31 1918.)
PROFIT AND LOSS ACCOUNT.
1918.
Balance brought forward Dec. 31 (after adjustments)...$1,293,887
Net profit for year
1,245,772
1917.
$65,481
1,127,093
Total profit and loss surplus Dec. 31
$2,539,659
$1,192,574
CONSOLIDATED BALANCE SHEET DEC. 31.
1918.
1917.
1918.
1917.
AssetsLiabilities$
Real estate, plants
1st pref. stock_ _ _ 4,243,771 4,243,771
and all equip't_ 1,525,725 1,731,476 2d pref. stock.. _ _ _ 2,656,450 2,656,450
Licenses, patent
Common stock*_ 268.190
268,190
rights&good-will 2,164,436 2,164,436 Bonds & mtges--25,500
34,500
Investments
8,187
12,187 Notes pay., due'19 1,500,000 1,500,000
U. S. Liberty bds_ 780,850
Accounts payable.. 945,133
926,609
Cash
2,121,016 2,227,853 Accrued accounts_ 272,645
589,156
Accounts and notes
Customers' depos_ 1,123,402
423,006
receivable
1,292,133 1,664,195 Depr., &o., reeves 1,706,147
803,565
Inventories
7,388,546 4,791,995 Unacquired securs.
Prepaid insurance,
of Int. Mot.Co..
85,338
66,550
taxes, &c
65,342
112,229 Surplus
2,539,659 1,192,575
Total
15,346,235 12,704,372
Total
15,346,235 12,704,372
• 53,68.3 shares no par value, stated at $5 per share.-V. 108, p. 2245.
Mexican Telegraph Company.
(Reportfor the Fiscal Year ending Dec. 31 1918.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
$1,522,910 $1,492,526
794.825
491,907
Net income from operations
8728,084 81,000.618
Add-Revenue from investments, interest on bank
balances, &c
245,918
220,195
Gross revenue from operations
Deduct-Operating and general expenses
Net profit, before charging Federal income and
excess profits taxes
Deduct-Federal income and excess profits taxes
Net profit
Previous surplus
Total
Depreciation of investments
Stock dividend Apr. 1 1917
Cash dividends
$974,002 $1,220,814
187,372
176,631
$786,630 $1,044,182
3,469,760 4,663,579
$4,256,390 $5,707.762
$379,700
1,393.932
499,520
464,370
Profit and loss surplus
$3,756,870 $9,116,660
BALANCE SHEET, DECEMBER 31.
.
9 7.
1918.
1917.
Assets$
3
Liabilities$
3
Plant and equip_ _3,496.975 3,205,824 Capital stock
4,995,200 4,995,200
Inv. (approx. value)4,972,050 4,654,192 Accounts payableInventory
119,597 129,408 Central & South
Accounts receivable-Am. Tel. Co _ _ .. 403,593 315,455
Mexican Govt._ _ _ 321,519 483,244 Sundry creditors__ 231,700
26,799
Connecting lines
223,383 220,064 Federal taxes
187,372 176,631
Sundry customers'
Dividend payable_ 124,880 124,880
accounts, &c___ 384,183 168,682 Reserve for fire losses
9,223
7,935
Int. ace. on invest. 37,774
39,726 Surplus
3,756,870 3,469,760
Divs. rec.oninvest. 26,021
26,131
Cash
127,336 189,389
Total
9,708,838 9,116,660 Total
9,708,838 9,116,660
Compare news item on a subsequent page.-V. 108, p. 1515.
Standard Screw Co., New York.
(19th Annual Report-Year ended Dec. 31 1918.)
President Philip B. Gale May 14 wrote in substance:
When the armistice was signed, early in the last quarter, we promptly
received heavy cancellations of parts to be used in war equipment and our
profits took a sudden drop. Ample charges for all taxes and substantial
deduction for depreciation leave a net profit which, under the circumstances,
we consider reasonable.
The current year will not show as favorable results, due to the temporary
depression now prevailing in the various trades to which your company sells
its products, but at the time this report is written a moderate general improvement is noted and the future need not be regarded as discouraging.
Quiet conditions give opportunity for the construction and installation of
13,333,877 11,738,351
Total
Total
13,333,877 11,738,351 new and improved equipment which has been under design, and experiment
-v. 108, p. 1278.
during the past two years. Its construction is proceeding rapidly. This
new machinery will put tho company in an advantageous position to meet
National Fuel Gas Company.
coming demands on its capacity. Our financial condition also is well fortified to meet whatever the future may have in store.
(Reportfor the Fiscal Year ending Dec. 31 1918.)
RESULTS FOR FISCAL PERIODS.
President Walter Jennings says in brief:
Year end. 9 Mos.end. -Yrs. end. Mar. 31Dec. 31 '18. Dec. 31 '17. 1916-17.
shown
in
earnings
the report include only the proportion of the
1915-16.
The
aNet profits (combined) 81,187.614 $1,313,789 $7.514,576 $2,163,738
business of the underlying companies owned by National Fuel Gas Co.
38.100
$15.750
Said companies, their capital and the percentage of each owned directly Bond interest
money_
borrowed
on
Int.
26.216
or indirectly are as follows:
United Natural Gas Co
815,000,000-100
Balance
$1,187.614 $1,313,789 $7,506,476 $2,121.772
Iroquois Natural Gas Co
div.
Pref.
"A"
$49,548
(6%).8,032,500-100%
$49,548
$64,266
$64,266
Pennsylvania Gas Co
7,200,000-50.84
Fret. div."B"
(34)60.871 (7)107,023 (7)107,023
Pennsylvania Oil Co
288,000-50.84% Common dividead___(24%)600,000 (19)475,000(149)3725000 (15)375,000
Provincial Natural Gas & Fuel Co. of Ontario, Ltd_
600,000-58.84%
Iroquois Building Corporation
Balance, surplus
255,500-100%
$1,538,066
$728,370 $3.610,187 $1,575,483
Clarion Gas Co
125,000-100%
The Mars Company
200.000-100
a After deducting taxes and ample charges for depreciation.
2,815,600
4,000,000
594,301
1,463,042
202,234
576,975
2,086,199
2628
[VoL. 108.
THE CHRONICLE
BALANCE SHEET DEC. 31.
1917.
1918.
1917.
1918.
$
$
Liabilities-$
$
Assets825,800
Plant and equip't_ 4,224,787 4,446,292 Pref.6% stk."A".. 825,800
Prof.stock "B"_ _ _All retired All retired
Material & supp.at
2,500,000
cost (partly est.) 2,432,208 2,798,163 Common stock- 2,500,000
332,306
396,755
Acc'ts receivable__ 1,350.358 1,089,384 Accounts payable_ 2,500,000
2,500,000
Reserves
3,406,990
3,217,885
Cash
174,774
174,774
1..
Jan.
pay.
Divs.
"B" stock purch'd
7,515,913 6,977,847
Surplus
Invest. (Gov't and
821,625
1,468,678
reserves
and
Taxes
2,391,524
RR.bonds,&c.). 4,156,682
15,381,920 14,132,353
Total
15,381,920 14.132,353
Total
for re During 'the year 1916-17 3829,700 pref. "B" stock was purchased
and interest.
110
at
1917
1
on
July
redeemed
was
balance
the
demption;
Machine
Automatic
Properties Owned.-The Chicago Screw Co., Western
Screw Co., Worcester Machine Screw Co., Hartford Machine Screw Co.,
Detroit Screw Works.-V. 107, p. 2336.
National Conduit & Cable Co., Inc.
(Report for Fiscal Year ending Dec. 31 1918.)
Pres. H. J. Pritchard, Feb. 18 1919, wrote in substance:
Results.-The volume of business done was in all respects satisfactory,
of metal
considering that it was affected by the fact that a large quantity
was furnished by the Government and other customers for fabrication,
and therefore does not appear in the sales.
Had it not been for the losses sutained in the manufacture of munitions
of other
for the U. S. Government and the allotment by the Government
orders which ordinarily would not have been accepted by us, the results of
unfavorable.
so
been
operation would not have
Change in Plant Values.-The reduction ($698,903) in machinery and
equipment is largely due to the sale of cartridge machinery, fortunately
($49,958)
disposed of prior to the cessation of hostilities. The reduction
lighters comin transportation equipment is due to the sale of the steam
during
purchased
equipment
of
cost
the
less
Government,
the
by
mandeered
availthe year. The proceeds in both cases were placed in special fundsrespecable for the purchase of new floating equipment and machinery,
of
Sale
by
Created
"Fund
as
carried
being
balance
unexpended
tively, the
Capital Assets Requiring Replacement or Substitution under the Terms of
Mortgage Indenture" and invested in U. S. certificates of indebtedness and
Liberty bonds.
with
The inventories were taken on the basis of cost, and as compared
nor deprecurrent market prices, they will neither materially appreciate
contracts.
sales
by
covered
metals
of
ciate, as they consist practically
its strong
Outlook.-The company's working capital clearly indicatesadequate
to
be
financial position. Reserves have been set up which should
present writing
meet the ordinary contingencies of the business. At the
the entire industry is experiencing a dearth of business, which may prevail
until the metal market is stabilized.
Since .Tan. 1 1919 the company has completed the reorganization and
strengthening of its management by securing the services of a Vice-President
of Manufacture and a Vice-President of Sales-both men of long experience
and proven value in their respective departments.
RESULTS FOR CAL. YEAR 1918 AND NINE MOS. END. DEC.31 1917
Year 1918. 9 Mos.'17.
Year 1918. 9 Mos.'17.
Cal. Year$
$
Cal. Year500,000
14,011,664 20,318,538 Dividends
Grosssales
248,225
Depreciation
Costs, administ'n
18,000
24,000
expenses
Organia'n
19,086,854
• expenses, &c__ _13,490,961
Loss munit'ns dept 569,090
do machinery_ 175,000
Mfg. profit _ _ 520,703 1,231,684
36,593
86,429 Contingent reserve
98,997
•Other income__ _ _
40,914
316
Miscellaneous_ ___
TotalIncome_ .. _ 619,700 1,318,113
263,182
115,955
___
Deduct-Taxes
302,639 Total deductions_ 1,480,520 1,125,674
Interest on bonds.. 292,335
839 Balance (loss)_ _ _ _ 860,821 sur.192,539
19,006
do floating debt
was discontinued during the year.
department
Note.-The munitions
SHEET DECEMBER 31.
BALANCE
CONSOLIDATED
1917.
1918.
1917.
1918.
$
s
Liabilities-8
$
AssetsCapital stock _ _ _ _y8,750,000 8,750,000
Land, buildings,
-year
10
6%
M.
1st
6,635,628
_x
5,736,063
&c_
equipml,
sink, fund gold
1
1
Patents & goodwill
4,804,000 4,939,000
bonds
3,000
Cap.stk.sub. cos_
1,500,000
payable_
Notes
1,430,648
632,870
Cash
192,884
Notes receivable__ 238,2321 3,094,084 Accounts payable_ 563,238
72,060
interest__
Accrued
2,723,017J
recelv'le.
Accounts
129,234
41,214
4,375,508 3,011,249 Accrued payroll_
Inventories
11,045
57,456 Accrued taxes_ _ __
13,070
Pay'ts in advance_
reels
on
Deposits
647,325
Liberty bonds,&c.
54,703
and spools
12,703
Accrued interest__
33,704 Unclaimed wages,
26,696
Securities
1,779
&c
Cash on deposit for
509 Workmen's com5
bond Pink.fund.
90,915
27,000
pensatlon insur_
Fund from sale of
Replac't of transcapital assets_ _ _ 662,266
Portation equip_ • 87,500
72,134
Organien expense.
12,072k 209,800 Contingency fund. 100,000
Unexpired insuece
600
Income tax
18,401
Prepaid int., &c....
Reserve for Federal
839,776
Deficit
350,000
taxes
21,046
Surplus
16,013,139 14,473,079
Total
16,013,137 14,473,079
The total, 55,736,063, includes: Land, $1,578,736; bldgs. and equipment,
$130,$1,506,140: machinery and equipment,$2,665,176; transportation equipment,
167; furniture and fixtures, $37,187; construction, 539,006; less depreciation,
250,000
the
of
each
for
share,
a
835
of
value"
"declared
a
Represents
y
$220,349.
shares, which have no par value.-V. 108, p. 2027.
Total
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Government Control of Railroads.-Loans to Railroads.
to the
The War Finance Corporation on June 21 made loans of $392,000
Alabama Great Southern RR. and $194,350 to the Cincinnati New Orleans
& Texas Pacific RR., both secured by certificates of indebtedness issued
by the Director-General of Railroads and are payable on demand.-V. 108,
p. 2527, 2432.
Alabama Great Southern RR.-Loan.
See "Government Control of Railroads" above.-V. 108, p. 2432.
The Allentown Terminal RR.-Extension of $450,000
1st M.4% Bonds of 1889. Maturing July 1 1919; at 6% till
July 11929, Callable at 102Y2-Guaranty to Be Canceled.-
that they will
their office, 517 Chestnut St., on or before July 1 1919; (b)
the above extenpurchase at par, from such bondholders as do not acceptJuly
1 1919. Couafter
or
on
office
sion offer, all bonds presented at their
pons due July 1 1919 should be detached and sent for collection to the
422.
p.
50,
-V.
past.
the
in
as
Co.
RR.
Terminal
Allentown
•
American Railways Co.-Earnings Subsidiary Cos.-
Operating revenues
Operating expenses
Ratio of operating exps.
to operating revenues_
Taxes
Month April- -4 Months to Apr. 301919. Inc. over 1918. 1919. Inc. over 1918.
$835,643
$1,288,380 $169,981 $5,254,494
483,442
3,693,811
105,781
905,717
(70.29)
61,385
(71.52)
9,348
(70.31)
243,887
(72.65)
38,197
Operating income_ _ _ _
Non-operating income__
$321,277
26,668
$54,852 $1,316,797
101,599
dec.744
$314,005
dec.7,887
Gross income
DeductInt. on funded debt
Rentals
Int., amortiz., &c
Pref. dividends accrued_
$347,945
$54,108 $1,418,397
$306,119
539,110
283,275
317,572
28,916
8,662
18,799
52,992
137,337
71,351
a69,541
7,229
3,093
5,639
442
$80,452
$285,458 ,174 $1,168,872
Total deductions39
$225,666
$249,525
$44,934
$62,486
loss
Profit and lo
eliminated.
not
charges
Inter-company
a Includes interest on floating debt, sinking fund reserves, amortization
of bond discount and miscellaneous interest, $69,336; and miscellaneous
deductions, $205.-V. 108, p. 2240, 1390.
Aurora Elgin & Chicago (Electric) RR.-Int. Delayed.
The semi-annual interest due July 1 on the $3,079,000 First and Refunding
to pay it later in
5s will be delayed, but Secretary Lang says: "We hope
the year." The interest due Jan. 1 1919 was also deferred and at last
advices had not been paid. Compare V. 108, P. 971, 2021, 2122, 2329.
Baltimore & Ohio RR.-Offering of Bonds-Federal Contract Signed.-A syndicate composed of Kuhn, Loeb & Co.,
Speyer & Co. and the National City Co., New York, are
offering at 963/2 and int., to yield 63/2%, $35,000,000 6%
Secured Gold bonds dated July 11919, due July 1 1929.
for any
Denom. $1,000 c*&r*. Int. payable J. & J. without deduction
taxes exceedtax, assessment or g'bvernmental charge (other than income
pay or
to
required
be
may
company
the
which
2%),
aggregate
the
in
ing
Redeemable, in
to retain therefrom under any present or future law. date
at 10234%
whole but not in part, upon 60 days' notice on any int.
and int. U. S. Mtge. & Trust Co., N. Y., trustee.
Data from Letter of President Daniel Willard Dated June 23 1919.
off
Purpose of Issue.-The proceeds are to ba used almost entirely to pay for
maturing funded obligations and to repay temporary loans incurred1917
capital expenditures. [These include 37,500,000 Secured Notes of
and $18500,000 short-term notes and bank loans.-Ed.
Security.-Secured by deposit and pledge of the following securities, having an estimated market value of $45,000,000:
Est. Mkt. Value.
$6,000,000 Reading Co. First Preferred stock
}$30,750,000
stock
Preferred
Second
Co.
Reading
14,000,000
9,200,000 Reading Co. Common stock
15,000,000 13alto. & Ohio RR. Ref. & Gen. Mtge. 6% bonds, 14,250,000
Series "B," due Dec. 1 1995
rata amount of
• The bonds may be issued from time to time as the pro
cash in
the several classes of security are pledged or upon the deposit ofthat
the
accordance with provisions of the trust indenture, which provides
aggregate value of the collateral deposited shall always be maintained at
outstanding.
bonds
of
amount
the
of
least equal to 125%
of directors,
Expenditures Fund.-The company, by resolution of its board
income, after the
has determined to set aside in each year part of its netexpenditures.
Becapital
to
devoted
be
to
charges,
fixed
payment of its
in
cause of this policy, the trust indenture will provide that the company
the payment of its
each year, beginning July 1 1919, after providing for after
not
that
date,
accruing
income
net
of
out
fixed charges, will set aside
so set
less than $3,500,000 per annum until a total of $17,500,000 has been
expendiaside, such sums to be used, from time to time, solely for capitalheretofore
expenditures
capital
tures heretofore made,to pay loans incurred,
aside in any
made, or to pay maturing funded obligations. Moneys setrequired
to be
year in excess of $3,500,000 may be credited against moneys
set aside in subsequent years.
has executed a,
Federal Contract and Earnings for 1918.-The company
annual compencontract with the Director-General of Railroads, fixing the
to $3,209,806; total,
sation at $30,031,009; add other income, amounting
leaving a
$22,062,803,
expenses,
and
corporate
charges
fixed
$33,330,816:
divs.,&c.
balance of$11,268,013 available for Federal income taxes,reserves,
The company has outstanding $60,000,000 4% Preferred stock and $152,stock.
314,800 Common
al of
The Ten-Year bonds have been approved by the Director-Gener
Maryland
RRs. and application for approval is about to be made totothe
bonds
the
list;
course
due
in
made
be
will
P. S. Commission. Application
on the N. Y. Stock Exchange.
6 mos. ended
The directors have declared from the earnings for theSept.
2 to holdJune 30 a dividend of 2% on the Preferred stock, payable
ers of record July 19, provided the necessary funds are received from the
date.
that
before
or
on
compensation
of
account
on
Government
Dividend Omitted.-
It was announced on Thursday that the directors have decided temporarily
to set aside
to suspend dividend payments on the Common shares in order
company's
part of the road's income for capital expenditures so that the
last a
credit shall not be extended under existing conditions. In Marchdelayed
dividend
1918
The
Sept.
dividend of 2% was paid on Common.
until Feb. 1919 was also 2%.-V. 108, p. 1935.
Bangor (Me.) Ry. & Electric Co.-Car Trust Certificates.
The Maine I'. S. Commission has authorized the company to issue 36
promissory notes, each for the sum of $1,466, dated April 23 1919, bearing
6% int., maturing in monthly installments and secured by a car trust
mortgage.-V. 107, p. 2287.
Boston & Maine RR.-Bill in Equity Filed by Stockholders
Attacking Validity of Loans.-
Arthur H. Stevens of Boston, William C. ITunneman of Brookline, trusan
tees, Madeline Foster of Newton, Cornelia M. Dodd of Boston, M.
William II. Colby of Salem stockholders, through their counsel, Robert
Morse, on June 23 filed a bill in equity in the Mass. Supreme Court attacking the validity of the company's outstanding loans and its leased lines on
in
March 31 1915, amounting to $13,600,000. The legislature of 1915,
what is known as the reorganization plan, authorized the company to fund
is
unconstituAct
this
that
that debt. It is claimed by the complainants
tional in that the legislature exercised executive and judicial powers, and
also deprived persons of property without trial by jury. The bill filed
alleges that prior to June 30 1909 the company had no floating debt, and in
detail gives the transactions which led to the debt of $13,800,000.-V. 108,
p. 2342.
The company offers to extend the above named 1st M.4% bonds,so that
they shall mature July 1 1929 (subject to redemption at 102},% and int.
days notice, with
on any interest date on or after July 1 1920, upon 30 its
Brooklyn Rapid Transit Co.-Equipment Financing.office in Philainterest at 6% p. an., payable semi-annually J. & J. at
P. S. Commissioner Lewis Nixon has announced that he will shortly apbut the
unimpaired,
remain
to
security
delphia; the present mortgage
an order to permit the surface line companies of the B. R. T. to issue
prove
the Leguaranty of the Philadelphia & Reading RR. Co. (foreclosed) and
1 lease warrants or notes for 80% of the value of 200 of the 300 new cars
high Coal & Navigation Co. endorsed thereon to be canceled as of July
each company must buy, by order of the Commission. Before his
which
exas
bond,
of
such
interest
1919. The payment of the principal and
the principal
RR. Co. in approval is granted the company must submit schedules of
tended, shall be made at the office of the Allentown Terminal
amounts which are involved. The companies are to pay 20%
interest
and
and
of
standard
weight
present
the
of
coin
S.
gold
U.
in
Philadelphia,
The
total cost,
$5,600.
cost
to
car
each
cash,
in
cars
the
of
value
the
of
or
any
for
principal
interest
fineness, without deduction from either the
laws of the including interest and discount, it was stated by A. M. Williams, of counsel
tax or taxes which may be payable under any present or future
to $1,245,696.-V. 108, p. 2527,
amount
would
T.
companies,
R.
B.
the
to
or
State
municinational,
for
Pennsylvania,
of
U.S. of America or the State
pal purposes, the Allentown Terminal RR. Co. agreeing to pay any such 2329.
tax or taxes, which it may now or hereafter be required by any such law
Chicago City Railway.-Dividend.to retain therefrom.
A quarterly dividend of 14% has been declared payable June 30 to
The Pennsylvania Company for Insurances on Lives & Granting Anof record June 26. In March last 134% was paid. In Dec. 1918
holders
(a)
that
notice
announces
above
the
to
referring
Philadelphia,
nuities,
September paid 1%.-V. 108, p. 1822.
the extension privilege applies only to such bonds as shall be deposited at dividend was omitted. In
JUNE 28 1919.]
THE CHRONICLE
Chicago Great Western RR.-Dividend.-
2629
making the total capital liabilities $437,500. Officers are: Ben Branch,
Pres.; William Dods, V.-Pres.; Dr. George II. Mayer, Treas.; V. M. Wolff,
Sec.• C. A. Secor, Comptroller; Granville Rehrig, Supt., and Dennis Duga.
Asst.
' to Supt-V. 108, p. 377.
A dividend of 1% has been declared on the preferred stock, payable
July 15 to holders of record July 1. This dividend ordinarily would have
been paid July 1, but owing to delay in receiving approval from Washington
it became necessary to change record and payment dates.-V.108, p.
1936.
1714.
Mobile Light & RR. Co.-Petition Withdrawn.-
An official statement explains as follows the reasons of
company
for withdrawing its appeal to the Council for a 6-cent fare. the
Improvements needed would cost at present more than $300,000, about
See "Government Control of Railroads" above.-V. 108. p. 2432.
$125,000 above what we believe would be the cost a year from now.
Cleveland, Cincinnati, Chicago & St. Louis Ry.We prefer rather than run the risk of financial embarrassment by adding
such a large amount ot our investment which may not be needed 18
Financial Plan Approved.-Tho shareholders at the ad- from
months
now, to
the present schedule of rates and wait and see what
journed meeting which was held on June. 18 approved the the future hascontinue
in store as regards the volume of our business
the
and
cost
proposition to make a new mortgage and referred the matter of power-house machinery, cars,tracks and the cost of building additional
to the board of directors with power to act. See plan in carT houses ment submitted for six months from Oct. 1 1918 to April 1
was for a period when the shipbuilding plants were extremely active. 1919
V. 108, p. 1511; V. 108, p. 2122, 2324, 2432.
This
statement showed a deficit from operating of $7,136.
A careful estimate
Bonds.for one year from the date of any grant allowing an increased
fare
ticket
on
a
The $2,000,000 Indianapolis & St. Louis Ry. 1st M. 7s, series A, B and proposition figured on the basis of the six months' statement for an unusuC, due July 1, will be paid on and after that date at the office of J. P. ally heavy period of trans'portation would increase the gross revenue of our
Morgan & Co. New York, together with interest thereon due July 1. In- company less than $40,000 for one year, or after deducting the deficit for
one year, on the basis of the deficit shown for six months, would leave only
come tax certificates to cover interest on Series B (four months) and Series
about $25,000 net income for a year, or only one-fifth of the excess cost
(two months) should accompany the bonds.-V. 108, p. 2432, 2329.
above normal of the improvements mentioned.
Columbus (Ga.) Electric Co.-Offering of Notes.-Stone
We appreciate the almost universal opinion of the citizens of Mobile that
were entitled to an increase in fare, and we will do the best we can with
& Webster are offering at 973i and int., to yield over 7%, cowe
3e
an
8andpeq1u
st prt
e
uh
rtiftts
5ibment, but cannot extent the same under present
Cincinnati New Orleans & Texas Pac. RR.-Loan.-
$1,750,000 Three-Year 6% gold coupon notes, dated July 1
1919, due July 1 1922. A circular shows:
Interest payable J. & J. 1 at office of Commonwealth Trust Co., trustee,
Boston, without deduction for normal Federal income tax up to
2%.
Denom.$1,000. $500 and $100 c* interchangeable. Callable as a whole at
100 and int. on any int. day upon 30 days' notice. Should the company
place any further lien or encumbrance on its property, it will secure this
issue of notes equally, and will not increase its outstanding First Mtge.
Coll. Trust bonds, unless the proceeds are used to retire notes of thisseries.
Purpose of Issue.-The proceeds will be used to retire the present issue of
S1,500,000 6% notes, due July 1 1919, and the floating debt amounting to
$170,000, incurred for additions and extensions to the plant.
Capitalization upon Completion ofPresent Financing. Auth. Outstanding,
First Mtge. Collateral Trust 5s, 1933
$1,500,000 $758,000
*Columbus Power Co. 1st M. 5s, 1936
4.000,000 3,760,000
Three-Year 6% notes, 1922 (this Issue)
2,500,000 1,750,000
Preferred stock, 6% (par S100)
1,500,000 1,200,000
Common stock (par $100)
1,500,000 1,500,000
* Guaranteed, prin, int. and sink, fund by Columbus Electric Co. The
mortgage securing these bonds is closed. $240,000 bonds have been purchased for tho sinking fund and canceled.
Earningsfor Calendar Years and Twelve Months ended Apri1301919.
1905.
1911.
1909.
1914.
1918-19
Gross earnings
$199,227 $376,592 $492,325 $681,606 $1,189,571
162,341
Net earnings
248,741
72,105
383,272
57510
requires
$225,900, and this note requires
Interest on outstanding bonds
$105,000; total $330,900. Balance, surplus, $244,290.
Present earnings are over 11 times all interest charges, and, after
deducting interest charges, are over three times interest charges on the
coupon notes. Approximately 80% of the company's gross earnings are
derived from its lighting and power business; 14% from the street railway.
and 6% from the gas business.
-Load, K.W.- Passengers Gas Made,
Elec. &c. Passenger Gas
Year- Receipts. Receipts. Receipts. Light. Power. Carried.
Cu. Ft.
323 1,836,142 20,523 701
1905_ 374,442 389,085 $25,437 1,131
7,761 3,367,255 32,119800
1911293,224
151,489 37,425 2,942
_
'
1914___465,203 156,438 50,500 4,272 16,877 3,345,935 45,222'000
1917_-_873,579 164,287 58,200 5,423 25,386 3,483,948 52,683000
1918-948.938 163,834 68,641 6,351 31,093 3,401,041 54,824,000
For further details of history, property, territory served, &c.. compare
V. 105, p. 817.-V. 107, p. 1919.
Delaware & Hudson Co.-Dividend Payment.The company having received the necessary funds from the U.S. Railroad
Administration is paying the quarterly dividend recently declared.
Compare V. 108, p. 2022.
Duluth South Shore & Atlantic Ry.-Report.In the annual report for the cal. year 1918 just issued,President E.Pennington says: "Contracts covering the D. S. S. & A. and Mineral Range
properties have been negotiated, the contracts are now in the hands of the
printer and will doubtless receive the signatures of all parties in the very
near future."
Federal rental year 1918-.4594,637 Interest on bonds, &c
$882,791
28,736 Income, &c., charges
Other income
x157,713
Net loss
3623,373
Gross income
34,
17131
x Includes lapover items on account of previous years.-V.107, p• 1481.
Gainesville Midland RR.-Federal Contract Signed.-
The company has signed the Federal operating contract with the DirectorGeneral of Railroads fixing the annual compensation at $22,731.-V. 108,
p. 1060.
Monongahela Valley Traction Co.-Further Particulars.
-The Fidelity Trust Co. of Baltimore, who offered
$2,000,000 One-Year 6% gold notes at 99 and int., to yield
over 73/%(V. 108, p. 2330), report in substance:
Dated June 1 1919, duo June 1 1920. Interest payable quarterly, Sept. 1
&c. Redeemable in whole or in part at any time at par and int. on 30 days
notice. Denom. $1,000 and $5,000 C. The Fidelity Trust
Co., Baltimore, Md., trustee.
Property.-Company owns and operates, without competition, a system
of electric railways in West Virginia and Ohio approximately 200 miles of
track; also electric lighting and gas plants, coal mining properties, producer
by-product gas plants. The replacement value of the entire property has
been estimated to exceed $21,000,000, against which there are at present
outstanding $14,650,000 of bonds. It serves a population of over 225,000,
including Fairmont, Clarksburg, Parkersburg and other imporatnt cities
along its lines.
These Notes.-A direct obligation followed by $3,358,602 Preferred stock
(par $25), paying 0% dividends, and $8,279,637 Common stock (par $25)•
Earnings-Increase in Rates.-For 12 months ending Mar. 31 1919 the
gross earnings were $3,825,189, and the balance, after fixed charges and depreciation, were $292,529. Improvements from which practically no revenue has as yet been received (including the new power plant) involved an
expenditure of $4,119,900. The principal part of this new property will
be in operation by July 1, and it is estimated that an additional increase in
net revenues amounting to 8325,000 annually will result therefrom.
An increase in rates has just been granted by the P. S. Commission of
W. Va., effective June 1, which, it is estimated, will result in an annual increase in net earnings in excess of $225,000.
Purpose of Issue.-Proceeds from sale of these notes are to be applied to
completion of payments on power plant costing a total of $3,000,000; extending transmission lines, providing additional equipment to meet the
necessities of increased traffic, &c.
Restriction.-The company will not, during the life of these notes, issue
any additional Gen. M.7
- % bonds (V. 107, p. 1004, 1287) beyond $600,000
now issuable thereunder, except for the purpose of retiring or purchasing
these notes; nor issue any obligations under any future mortgage, or incur
any debt other than notes or accounts payable created in the regular operation of its buiness. •
For statement of history, property. replacement-value, &c., see V. 107.
p. 1287.
General Balance Sheet March 1919 (Including These $2,000,000 Notes).
Assets.
Liabilities.
Property, plant & equip_S23,541,060 Common stock
$8,279,637
xStocks pledged under
Preferred stock
3,358,60
General Mortgage_ _ _ 2,170,429 yFunded debt.
12,250,000
Advances to K. Tr. & El.
One-Year notes
2,000,000
Co
126,570 Current liabilities
421,063
Other investments
285,469 Unadjusted credits
133,909
Current assets
1,227,247 Reserves for deprec., &c_
719,124
Deferred assets
86,094 Profit and loss
356,034
Unadjusted debits
,5
Total (assets and liabilities)
$27,518,368
x Kanawha Traction & Electric Co.Common stock, $1,096,759; Preferred
stoac, $1,073,670.
y Fairmont & Clarksburg Traction Co. 1st M. 5s, $2,500,000; Monongahela Valley,Traction Co. 1st M.5s, 34,250,000; Gen. M.7s, $5,500,000.
Officers.-James 0. Watson, Chairman; G. M. Alexander, Pres.•, Smith
Hood, Vice-Pres.; Walton Miller, fiec'y & Treas. The board includes with
others the following officers of the Consolidation Coal Co., viz.: J. H. Wheelwright, Chairman; C. W. Watson, President; S. D. Camden, and George
T. Watson, Vice-Presidents; Brooks Fleming Jr., Asst. Gen. Mgr.
See Annual report on a preceding page of this Issue.-V.108.p.2330.973.
New York Railways.-Disintegration of System, ttc.Judge Mayer on June 25 directed the receiver not to pay the
Hartford (Conn.) & Springfield St. Ry.-Leases Line. semi-annual interest due July 1 on the ($18,061,290) First
The company, it is stated, has completed arrangements whereby it will Real Estate & Refunding Mtge. 4s, it being shown that if
operate under, a lease from the Connecticut Co. the Suffield Street Ry.
interest on the 4% bonds was paid there would be a deficit
,
extending froth, Spencer's Corner, Suffield, to the State line-V.107, p.2476. the
for the nine months ended March 31 last of $1,382,078.
Illinois Central RR.-Listing.Regarding the leased lines Judge Mayer stated:
The New York Stock Exchange has authorized the listing of
Grand Trunk Ry. of Canada.-Bond Call,
See Wellington Grey & Bruce Ry. below.-V. 108, p. 2528.
temporary 15-year 53% bonds.-V. 108, p. 2528. 1823.
$16,000,000
Ind. New Castle & East. Trac. Co.-Bonds Extended.
See Union Traction Co. of Indiana below.-V.102, p. 2341.
Indianapolis Street Ry. Co.-Injunction Sought.-
An injunction order by the Judge of the Marion County Circuit Court
restraining officers and directors of this company and the Indianapolis
Traction & Terminal Co. from proceeding further with steps toward a
merger of the companies and a court order for the cancellation of the lease
of the street railway, company's properties by the Traction & Terminal
Co. entered into in 1902, are asked in a suit filed in Circuit Court June 11
by William J. Holliday, Robert B. Failey and Alvin S. Lockhard, stockholders in the Indianapolis Street Ry. Defendants named in the suit are
the Indianapolis Street Ry. the Indianapolis Traction & Terminal Co,
the Terre haute Indianapolis & Eastern Traction Co. and their directors
and officers, who with Jameson, Ball, Durbin, McGowan, Appel and Todd
are named as directors of the proposed consolidated Indianapolis Street
Ry. Co. Compare V. 108, p. 2329.
Interborough Rapid Transit Co.-Int. Pay.-Listing.
It is understood that the July 1 interest on the $160,585,000 1st & Ref.
5% gold bonds will be paid as usual.
The New York Stock Exchange has authorized the listing of $160,957,_
000 First & Refunding Mortgage 5% bonds -V. 108, p. 878, 683.
The Court wishes to keep the system intact, but it has no right to destroy
property. The New York Rys. Co. is running at a deficit every day.
There is no doubt about that. Public Service Commissioner Nixon has
indicated that he will take up the matter of transfers, and I presume he
will give an answer at an early date. I believe the solution of the transfer
problem will mean the solving of the problems we have been considering.
As for the Eighth and Ninth Avenue lines, we know we cannot pay the
rentals, and we have no right to keep the property running at a loss. The
owners promise to run the cars in a way that will serve the public if we return
them. The responsibility of breaking up the property cannot be charged
to the Court, which is not goinf to take money out of the pockets of the
owners of the lines. If Judge 0 Brien will present to me by noon on July 8
a satisfactory plan of operation I will instruct the receiver to return the lines
[With reference to the Eighth Avenue road, Public Service Commissioner
Lewis Nixon is quoted as saying: "The lease of this line is $215,000 a year;
capital, $1,000,1000; certificates of indebtedness. $750,000 at 6%. Last
year a dividend of $160,000 was paid by the company to its stockholders
and a surplus of $98,000 was carried over into this fiscal year. The quarterly,rent was not paid by the New York Railways Co. on Jan. 11919, but
a substantial dividend fund still exists. If this line is turned back to its
owners, it will be operated as a separate line."-V. 108, p. 2528, 2433.
Northern California Power, Consolidated.-Proposed
Sale to Pacific Gas & Electric Co.-
A circular sent to the stockholders announcing the proposed sale of the
goBerstothe Pacific
signed
Fators:
Gasa
Coleman,l.H
ericr
%gaF I
Detr8amnAlco
A press dispatch from Marshall, Tex., states that C. E. Owen and P E.
in substance:
Hickson of Tyler, Tex., have leased the road from St. Louis Union Trust states
"After
extended
negotiations
by
W.
F.
Detect,
President,
several'
with
Winnsboro
between
and
Elysian Fields, 92 miles. prospective purchasers, he made a sale of
Co. The road runs
the capital stock and properties
-V. 107, p. 1385.
of the company, subject to the approval of the stockholders, directors and
California Railroad Commission.
Mauch Chunk (Pa.) & Lehighton Transit Co.-Org. the"Under
conditional sale, subject to the necessary approval and auThis company has been organized as successor to the Carbon Transit Co., thorizationthis
of the Railroad Commission, the Pacific Gas & Electric Co. has
purchased by holders of the $100,000 2d M. bonds (V. 108, p. 377). The agreed to pay
a share for all, or not less than two-thirds of the capital
$34
now company has $150,000 Common stock, all issued; $50,000 of Preferred
of 100,000 shares of this company on condition that the properties
stock authorized, issued $37,500; $150,000 6% 40-year bonds authorized, stock
company
conveyed
to the Pacific
be
the
of
'
Gas & Electric Co.for $3,400.000.
issued $100,000. and $150,000 Carbon Transit Co. First Lien 5% bonds, or at a valuation of $34 a share
for the 100.000 shares of stock.
Marshall & East Texas RR.-Leased.-
[VoL. 108.
THE CHRONICLE
2630
The interest coupons are free of normal income tax up to 2%. (3)$328,000
Marlon City Ry. 6s which became due May I, to May 1 1922 at 6%.
On June 24 the company filed a petition with the Indiana P. S. Commission for permission to issue $150,000 three-year promissory notes dated
July 1 to replace a similar issue due on that date. The new note issue is
Nova Scotia Tramways & Power Co.-Bonds.- 3-yr. to
be secured by $40,000 par value of the company's stock, $18,017 comThe shareholders on June 24 authorized an issue of $2,000,000
mon stock of Shirley Realty Co. and $25,000 1st Mtge. 6s of 1928 of United
7% gold coupon bonds of which $1,000,000 is to be issued presently for Traction,
Light & Power Co.-V.108, p. 2434.
108,
-V.
Commission.
U.
improvements subject to the ruling of the P.
p. 2434.
United Traction & Electric Co., Providence, R. I.-
The sale agreement provides that stockholders shall deposit their certificates of stock, duly endorsed, and their written assent t?.the sale with the
Mercantile Trust Co.,San Francisco. before July 12 1919."
Ohio Traction Co., Cincinnati.-Earnings.-An officer Receivership Made Permanent.On June 23 1919 Presiding Justice Tanner of the Superior Court, Proviof the company writing June 19 says:
Sweetland permanent receiver upon the
Under a service-at-cost revised franchise in Cincinnati, we earned during
the month of May at a rate which, if maintained for a year, would supply
an amount sufficient to pay one-half of the dividend on the Preferred stock.
This was on a 53c. fare for the first three months of 1919, and a 6c. fare
to date. Automatically fares are advanced July 1 to 6Xc. ticket rate and
7c. cash. No dividend has, as yet, been declared on the Preferred stock
since Nov. 1915.-V. 108, p. 873.
Pacific Gas & Electric Co.-Directors Ratify Contemplated Purchase of Northern California Power, Consolidated.-
dence, appointed Cornelius S.
petition of the Central Union Trust Co., N.Y.,trustee of the First Mortgage
bonds, duo March 1 I933.-V. 108, p. 2434.
Washington By. & Electric Co.-Seeks Six-Cent Fare.
The company on Juno 19 filed a petition with the P. U. Commission
asking a flat fare of 6 cents in lieu of the 2-cent transfer charge.-V. 108,
p. 2434.
Wellington Grey & Bruce Ry.-Bonds Called-Interest.
Forty (£4,000) 1st Mtge. 7% bonds have been called for payment at
par on July 1 at the offices of Grand Trunk By. in Montreal, Canada, and
London, England. There will also be paid on July I from the estimated
earnings for the half year ending June 30 £2 I6s. Id. per £100 bond, being
Pennsylvania Company.-Semi-Annual Dividend.- all second
installment on account of coupon No. 70, due July 1 1905.The directors declared a semi-annual dividend of 3% on the stock,
V. 95, p. 112.
of which is owned by the Pennsylvania RR., payable June 30 to holders of
record June 25. In June and Dec. 1918 a dividend of 3% was paid.V. 108, p. 967.
INDUSTRIAL AND MISCELLANEOUS.
The directors on June 14 ratified the agreement to purchase the Northern
California Power, Consolidated, at $34 a share. See that company above.
Peoria (Ill.) Ry.-Fare Increase.-
-
Advance Rumely Co.-Pref. Stock.
The P. U. Commission of Illinois has entered an order allowing the comPress reports say that Finley P. Mount President of the Advance Rumely
pany to charge a 6-cent faro in the city of Peoria and suburbs, effective Co.
denies that a plan to retire part of the Preferred stock is in contemplation
June 7, to continue one year, when the fare will automatically revert to
discussion at present by the board of directors.-V. 108, p. 1508.
5 cents and 12 rides for 50 cents unless otherwise ordered by the Commission. or under
The company on receipt of the order signed an agreement with its employees
Explosives Co.-Interest Ordered Paid.Aetna
granting them an increase of 8 cents an hour, dating from May 1 1919.
The receivers have been authorized by Judge Mayer to pay $27,460
-V. 101, p. 213.
interest due July 1 on the outstanding bonds.
Philadelphia Company.-New Stock.-
Stockholders will vote Aug. 30 on increasing the authorized capital stock
from $71,933,400 (consisting of $44,900,000 Common, $25,000,000 6%
cum. Pref. and the remainder 5% non-cum. Pref. to $75,683,400, saki
increase of $3,750,000 to be in Common stock.
Bonds Retired-Subsidiary Company Bonds.-
The Philadelphia Stock Exchange struck from the regular list $308,000
Consolidated Mtge. & Collateral Trust % bonds duo Nov. 1 1951, canceled for the sinking fund, leaving the amount listed at this date $13,204,000.
See Duquesne Light Co. under "Industrials and Miscellaneous" below.
-V. 108, p. 2429, 2330.
Philippine Railways Co.-Earnings.Calendar YearGross income
Net, after taxes
Other income
1915.
1916.
1917.
1918.
$508,029 $474,270 $378,306 $362,407
$183,397 $143,476 $141,128 $125,397
3,256
2,935
2,007
2,349
Gross income
Interest
Additions, &c
$185,746 $145,483 $144,063 $128,653
343,305
341,960 341,960 344,076
468
2,890
13,996
37,726
Balance, deficit
-V. 104, p. 2553.
$193,940 $210,473 $202,902 $215,121
Notice to Common Shareholders.-F. H. Prince & Co.,
Court and Washington streets, Boston, and 25 Broad St.,
N. Y., announce, by advertisement on another page, their
acceptance on account of their own large holdings of common stock and as representatives of other common shareholders of the plan of reorganization based on the court
order of May 23. The receivers, George C. Holt and Benjamin B. Odell, unite with F. H. Prince & Co. in urging that
all common stockholders execute and forward to that firm
proxies for the necessary votes and consents to carry out the
terms of settlement. Prompt action is important. See adv.
pages and compare V. 108, p. 2243, 2331, 2434, 2529.
Allied Packers, Inc., N. Y. City.-Preliminary Earnings
Fiscal Year ended April 30 1919.-
Pittsburgh Canonsb. & Wash. St. Ry.-Coupons.-
See Pittsburgh By. Co. below.-V. 106, p. 1231.
Pittsburgh Railways.-Interest Payment Ordered.-
$3,803,837
$09,817,335 Total income
Net sales
578,436
92,412,654 Other deduction
Cost of sales
- $3,225,401
$7,404,681 Balance before
Gross profits
inc.&
taxes__3,921,460 Estimated Federal
Expenses
543,594
profits taxes
320,616
Other income
32,681,807
3,483,221 Net earnings
Balance
The above figures represent the earnings of the companies already purchased. In addition interest earned on money acquired for the purchase
of additional plants is conservatively estimated to amount to $400,000.
Public offering of the $16,000.000 Debenture will be made next week by
a Syndicate headed by Imbrie & Co., N. Y.
See statement giving names of companies merged, preliminary balance
sheet as of April 30 1919 and list of directors and officers in V. 108, p. 2434.
Judge C. P. Orr in the U. S. District Court June 21 handed down an
opinion ordering payment of $18,750 semi-annual interest due the Peoples
Savings & Trust Co. trustee under the First Mtge. 5s, of the Pittsburgh
Canonsburg & Washington St. By. Interest was also ordered paid back
American & British Mfg. Corp., N. Y. City.-Reorg. Co.
to January, when the semi-annual interest payment was due, but was not
made by the receivers of the Pittsburgh Railways.
This company was incorporated at Albany, N. Y., on June 23 with
52,000
$3,000,000 of auth. 6% cum. prof. stock (par $100 a share), and
Fares Increased to Ten Cents, Effective Aug. 1.of no par value, as successor of the American & British Mfg. Co.
The receivers announce that on and after Aug. 1 a 10-cent cash fare will shares,
2526.
2243,
2124,
108,
p.
V.
in
plan
per
obtain on the system; the present 5 and 7-cent fare service will be abolished,
and tickets will be sold at the rate of four for 30 cents, making the fare 7M
American Gas Co., Philadelphia.-$2,000,000 7%
cents to ticket holders. Notice of the raise in fare has been given by the
of $2,000,State P. S. Commission. The receivers declare the new rate is necessary to One-Year Refunding Notes Sold.-The entire issue
produce the needed revenue, otherwise dissolution of the system is inevit- 000 7% Secured notes underwritten by Bioren & Co.,
able.-V. 108, p. 2529. 2434.
and E. B. Smith & Co. has been sold.
Bonbright & Co.
Puget Sound Trac., Lt. & Power Co.- Div. Resumed. These notes which were offered by he bankers at par int.
were issued to refund a like amount of 6% notes of 1917,
due Sept. 1 of this year (V. 105, p. 911), with it is understood an option to holders of the maturing notes to exchange
the same for the new issue. A circular shows:
Rapid Transit in N. Y. City.-Ext. Ready by Feb. 1.American Gas Co. 7% Secured notes, free of normal Federal income tax
A quarterly dividend of 75 cents per share has been declared on the preferred capital stock, payable July 15 to holders of record June 26. This is
the first distribution on the 6% cum. preferred stock since Oct. 1917, when
was paid. Accumulated divs. to July 15 aggregate 17i%.
V. 108, p. 1391, 1061.
Frank Iledley, Vice-Pres. & Gen. Mgr. of the Interborough Rapid Transit Co. at a hearing before the P. S. Commission recently announced that
the Eastern Parkway Subway in Brooklyn, extending from Flatbush avenue to the Utica station on Eastern Parkway will be ready for opening
about Feb. 1 1920.-V. 108, p. 2241.
Reading Co.-Guaranty to Be Canceled.-
See Allentown Terminal RR. above.-V. 108, p. 2330, 2324.
Rhode Island Co.-Receivership.-
See United Traction & Electric Co., Providence, below.-V.108, p. 2434.
Terminal RR. Association of St. Louis.-Bonds.-
The Missouri P. S. Commission has authorized the company to issue
$1,000,000 bonds, to reimburse its treasury for a like amount expended for
improvements out of current income.-V. 108, p. 2529.
s=zNsaw.l.
Op, Terre Haute Indianapolis & Eastern Trac. Co.-Earns.
1915.
1916.
1917.
1918.
IF Calendar Years$3.731.288 $3,386,365 $6,970,395 $6,436,317
Gross earnings
4,114.246
4,383,821
2,472,220 2,087,4731
Operating expenses
232.537
Taxes
179,3635
$1,026,531 $2,317,416 $2,586,574 $2,322,071
Net earnings
-V. 108, p. 1722.
Tiffin Fostoria & Eastern (El.) Ry.-Service Abandoned.
of 2%. Penn. State tax refunded. Dated June 1 1919, duo June 1 1920,
but callable on Dec. 1 1919 at 100% and int. Coupons J.& D. MerchantsUnion Trust Co., Philadelphia, trustee. Authorized $2,000,000.
Securily.-These notes are directly secured by deposit with the trustee of:
$1,000,000 Winooski Valley Power Co. 1st Mtge. 5s, 1963;
57,000 St. Clair County Gas & Elec. 1st Cons. 5s;
125,000 Waukesha Gas & Elec. 1st 5s;
100,0001Citizes Gas & Elec. of Water-1Cons. 6s, 1031.
'Gen. & Ref. 6s, 1937.
874,0001 leo & Cedar Falls, Ia.
These notes are further secured by deposit of the following collateral,
subject to the lien of $1,570,000 5% bonds of 1910, due June 1 1920 (V.
90, p. 978), viz.•. (a) $44,455,000 Common and $800,000 Prof. stock Phila.
Suburban G. & E.,• (b) $1,997,500 stock of Luzern() Co. G.. & E. Co.; (c)
$1,249,875 stock of Burlington Gas Light Co., par $25; (d) 3697,500 stock
of Kingston Gas & Elec. Co. (N. Y.); (e) $599,500 stock of Rockford Gas
Light & Coke Co.;(f) $4450,000 Consolidated Light & Power Co., Kewanee,
Ill., 5% bonds; and (a) $500,000 St. Clair Co. Gas & Elec. 5% bonds.
'he American Gas Co. has outstanding 37,804,100 capital stock, fully
paid in cash, listed on the Philadelphia Stock Exchange.
Income.-The income from collateral, directly pledged for 12 months
ending April 30 1919, was $117,540; add income from collateral subject to
$262,152; total available
$1,570,000 5% bonds after deduction of interest,
for interest on 7% notes, $379,692; interest on 707, notes calls for $140,000.
1166,
p.
108,
V.
1576;
88,
p.
Compare V. 106,
252.
American Gas & Electric Co.-Dividend.----to be paid
Oct.
The special dividend of 2 % announced on Juno 13 as
A press report states that this company, which operates the city lines in 1 in Common stock was declared, the official statement says, "to enable
Tiffin, 0., announces that it will not resume operation of city cars, which the company to procure Common stock to be disposed of to its employees
up.
torn
have been suspended since. It is stated that the tracks will be
(except executive officers and directors) and to the employees of its subThe reason assigned is that the company has lost an average of $400 a sidiary companies under a plan to be determined by the board of directors,
month for the last year in operating its city lines.-V. 108, p. 1512.
and stockholders will receive a circular letter asking them to sell back to
company, or its nominee, the stock they are entitled to receive under
United Rye. & Electric Co., Baltimore.-Div. Postponed the
special dividend at par ($50 per share)." Compare V. 108, p
this
25
June
on
directors
A press dispatch from Baltimore states that the
2124.
2435,
took no action on the Common stock dividend. In April last the dividend
was also omitted. The last quarterly dividend of 50 cents was paid Jan.
American Malt & Grain Co.-Capital Stock.22.-V. 108, D. 2434.
See American Malting Co. bolow.-V. 108, p. 2435.
Union Traction Co. of Indiana.-Extension of Bonds
Approved by Public Service Commission-Notes.-
The Indiana P. S. Commission on June 14 approved the extension of
(1) the $4,623,000 General Mortgage 5s, due July I, to July 1 1922 at 6%.
as set forth in detail in V. 108, p. 2434; (2) $1,200,000 Indianapolis New
Castle & Eastern Traction Co. 6% bonds, which became due Juno 1, to
June 1 1922 at 6%. These bonds are callable at 101% and int., and are
secured by a first mtge. upon about 62 miles of road extending from Indianapolis, by way of New Castle, to Muncie, and operated under lease as a
part of the street and interurban railroad system of the Union Traction Co.
of Indiana, which under said lease agrees to pay the interest on the bonds.
American Malting Co.-Liquidation, etc.-
of
On behalf of Mr. W. Forbes Morgan, Chairman of the committee
statement Is made:
First Prof. stockholders in liquidation, the followingdeclared
a dividend on
"On or about June 5 1919 the liquidating trustees
to the
account of distribution of net assets amounting to $30 per share
holders of First Prof. stock, of which tho committee received the sum of
$2.039,370 on account of the First Prof. stock deposited with it under
agreement of July 311918. Out of this sum the committee paid $1,764,907.20
of the
in full payment of subscriptions for 49,025.2 shares of the capital stock share,
per
American Malt & Grain Co. on account of subscriptions rat $36subscribing
of
holders
by
now Quoted on the Curb at about $50-Ed.1made
JUNE 28 1919.]
THE CHRONICLE
2631
certificates of deposit, which payment in effect amounted
to a distribution at Albany, N. Y.,and
to the international exporting and importto such holders of $25 20 per share of First Pref.
stock of the American ing business carried onsucceeded
for some years past by the River Plate Commercial
Malting Co. represented by said certificates of deposit,
and
at the same Co., Inc. See V. 108, p. 2024. 2243.
time distributed $30 per share in cash to the holders of
non-subscribing
certificates of deposit.
Anglo-American Oil Co.—Dividend.—
On the 23d inst. the liquidating trustees declared a further
or second diviA Central News cable dispatch reports that an interim dividend of 3
dend of $30 per share on the First Pref. stock,
of
which
the
committee re- shillings has been declared on the stock, payable
ceived $2,039,370 on account of the First Pref. stock deposited
July 15. In Jan. last
with it, 3 shillings was paid.—V. 108, p. 2024.
and as of the 25th inst. instructed the Guaranty Trust Co.
as agent, to
distribute to the holders of subscribing
certificates
Barnet Leather Co.—Stocks Sold.—Prichitt & Co., New
of
' deposit the
sum of $30 per share of First Prof. stock represented by said
certificates
and to the holders of non-subscribing certificates
deposit the sum of York, announce that all of the $1,500,000 7% Cumulative
$25 20 per share of First Prof. stock, thus making of
a
total distribution to Preferred stock (see advertising pages) and the block of
date of $55 20 per share on each share of First Prof. stock
represented by the Common stock which
holders of both subscribing and non-subscribing certificates
was recently offered by them has been
"The committee expects that in the near future there will of deposit.
dividend declared by the liquidating trustees which, less be a final small sold. The Preferred stock was offered for subscription at
973/i
the
expenses
of
and
Common
the committee, will be distributed to the holders of certificates
at 50. Pref. stock is callable at 115 and
of deposit
In proportion to the shares of First Pref. stock represented
divs. Sink.fund 3% per annum for the first 3 years and 5%
"'rho committee now expects that the stock certificates thereby.
of
the
American
thereafter.
Divs.
payable quarterly, beginning Oct. 1 1919,
Malt & Grain Co. will be read for delivery to subscribers
therefor early
In the week beginning June 30.''—V.108.P.582,273,
171.—V.108,p.2435. cumulative from July 1 1919.
Capitalization
Authorized and to Be Issued.
American Screw Co.—Extra Dividend.—
Preferred stock, 7% cumulative (par $100)
An extra dividend of 1M % has been
$2,000,000
on the capital stock along Common stock (par
with the regular quarterly dividend ofdeclared
$100)
4,000,000
both
131%.
payable
to holders of record June 23 1919. This compares with 2% July 1 1919
Digest of Letter of President M. S. Barnet, Dated June 18 1919.
paid extra in
Sept. and Dec. 1918 and 4% in March 1918. V.
History.—The present Barnet Leather Co., which is to be taken over by
107, p. 2478.
a new corporation, was started 45 years ago by M.S. Barnet, with a nomiAmerican Shipbuilding Co.—Extra
nal amount of cash,as a dealer in hides and skins at Albany, N. Y. Present
An extra dividend of 231% has been declared Dividend.—
business of tanning calf leathers was started in 1881 by the purchase of the
on
the
Common
stock,
along with the regular quarterly of 131%. both payable
Aug. 1 to holders tannery of Gilbert & Weeks of Little Falls, N. Y., having a capacity of
of record July 15. A like amount was paid
skins per day and employing 40 people. In 1901 was organized
extra
200
in
Feb.
and
May
last.
—V.108, p. 1276.
with a paid-in capital of $200,000, and in 1905 certain of my present assoand I acquired all of the capital stock. Has an up-to-date tannery
American Steel Foundries.—Offering of Preferred Stock. ciates
having daily capacity of 6,000 skins and employing 400
—Richardson, Hill & Co., Boston, and John Burnham
Manufactures high-grade calf leathers. Among our people.
largest American
&
are: T. G. Plant Co., Roxbury, Mass.; W.L. Douglas Shoe
Co., Chicago, are offering at 98M and div. by advertisement customers
Co..
Brockton, Mass.; George B. Keith Co., Campello, Mass.;
Sears-Roebuck
on another page $9,000,000 7% Cumulative Preferred stock,
Co., Cambridge, Mass.; Selby Shoe Co., Portsmouth, Ohio; Commonpar $100. Divs. payable quarterly March 31, &c. Call- wealth Shoe & Leather Co., Whitman, Mass.
Tax. Reserve of $545,000).
able, in whole or in part, three years after issue, on any div. Sales and Net Profits, Cal. Years (x1918 afterSales.
Net Before Taxes.
date, upon 30 days' notice, at $110 and divs. Sinking fund 1915
$2,185,000
$223,000
1916
3.945.000
725,000
of 1% of outstanding Pref. stock commencing in 1920.
1917
4,160,000
420,000
Capitalization (upon comp. of pres. financing)— Authorized Outstanding, 1918
6,195.000
Debentures, 4%, payable serially
(estimated)
$1,372,800 $1,372,800 1919
12,000,000
x1,250,000
Preferred stock, 7% cumulative (Par $100)
On Dec. 31 1918 (after depreciation and income tax reserves) surplus
25,000,000 9,000,000
Common stock (par $33 1-3)
17,184,000 17,184,000 was about $1,900,000. Allowing for the introduction of the new capital,
the balance sheet on July 1 next will show net tangible assets of at least
Digest of Letter of President R. P. Lamont, dated June 14 1919
$4„ _000,000, or twice the par value of the entire issue of preferred stock.
Plants.—Operates 8 foundries, located at Chester, Franklin. Sharon
Voting Power.—Preferred stock shall have no voting power
and
upon
Pittsburgh, Pa.; Alliance Ohio; Indiana Harbor, Ind.; Granite
City and default of three successive quarterly divs., in which event theexcept
pref. stockEast St. Louis, Ill., having an annual capacity of between 250,000
shall have the right to elect a majority of the board until all arrears
holders
and
300,000 tons of steel castings, and a plant at Hammond, Ind., which have been
paid.
The
consent of 75% of the outstanding preferred is
manufactures coil and elliptic springs, brake beams and bolsters
for all necessary to the making of any mortgage or any prior pref. stock.
classes of railway equipment, with a capacity of about 60,000
tons. All
Management.—The management will include as officers and directors
plants and properties are owned free and clear of all liens and
encumbrances the following officers of the present company: M.S. Barnet, Pres.; Edward
of every kind and nature.
L. White, Mgr.; Sylvan M. Barnet, Vice-Pros.; Sigmund Rothschild,
Earnings.—The average earnings of the American Steel Foundries
for Second Vidb-Pres.; Mortimer H. Heyman, Sec. and Treas.
the past 13 years after all taxes and average annual depreciation
of $344,[The following announcement was made last meek: The Barnet I.eather
750, but before int. charges and bond retirement have been $1,781,996.
Co., manufacturers of high-grade calf leathers, with a modern tannery and
Net earnings, after depreciation, war and excess profits taxes,
for the plant at Little Falls, N. Y., which has been in existence for over 40 years,
past three calendar years have been as follows: 1916, $3,968,570;
1917, and which has developed a large international market for its product, has
$5,531,839; 1918 $2,605727.
decided to enlarge its factory and increase its working capital to meet the
The annual div. requirements for this $9,000,000 of Pref. stock
will be demands of its growing business. In order to obtain these additional
8630,000; the int. requirements for the 4% Debentures,$54,912.
funds, the company,in consultation and in co-operation with Speyer & Co.,
[For complete report of American Steel Foundries for calendar
years 1918, has decided to organize a new corporation with a capitalization of
see V. 108, p. 968.—Ed.]
$6,000,000. The company's capitalization has not been changed since 1901,
Purpose of Issue.—New preferred stock under the amended
since
certificate of which time it has accumulated a largo surplus.—Ed.1
Incorporation was created to enable the company, among
other things, to
acquire, as opportunity may offer, other properties and enterprises
Barnsdall Corporation.—Listed in Pittsburgh.—
of
established earning power, with a view of broadening its business and
stabilThe Pittsburgh Stock Exchange has admitted to list the $13,000,000
izing and increasing its earning capacity.
outstanding stock, par $25.
This $9,000,000 issue will be used to purchase control of the Griffin
Wheel
Co., the largest manufacturer of iron wheels for steam and street
cars, with
Bethlehem Steel Corporation.—Bond Call.—
well-located plants at Chicago, Detroit, Denver, St. Paul, Tacoma,
Kansas
All of the outstanding Secured Serial 7% gold notes of Series "B" and
City, Boston and Los Angeles. [See V. 108, p. 2437.]
"C" which have not been previously exchanged for Consolidated MortGRIFFIN WHEEL COMPANY BALANCE SHEET DEC. 31 mg.
gage 30-year sink. fund 69' gold bonds, Series "A," have been called
for payment July 30. Series "Li" at 100% and Series "C" at 100% %,and
[Compare "Financial Reports" above.]
each case with accrued interest, at the Bankers Trust Co., New York.
in
Assets—
Liabilities—
—V. 108, p. 2435. 2331.
Plant property (less res.)_ _ _ $4,215,321 Preferred stock
$5,840,300
Preferred items
14,826 Common stock
Braeburn Steel Co.—Balance Sheet.—
Good will, patents, &c
6,950,000 Accounts pay. & payrolls_ --- 8,739,200
See Marlin-Rockwell Corporation below.
896,981
Cash & marketable securities_ 3,786,237.Tax & other accruals
70,925
Bunte Brothers.—Listed in Chicago.—
Notes and accounts receivable 2,238,768 Reserve for Federal taxes- _ -750,000
Inventories (less reserve)_ _ 2,737,350 Other reserves
The Chicago Stock Exchange has listed the $1,000,000 Preferred stock,
1,030,844 par
8100, and $1,000.000 Common stock, par 810.—V. 106, p. 1129
,5018urplus
2,605,251
Total(assets &
I
- _$19,942
Bush Terminal Co.—Special,Dividend Continued.—
Earnings.—The average annual earnings of the Griffin Wheel Co.
The directors have declared a special dividend of 234% on the common
past 6 years have been 31,198,470, after deduction for depreciationfor the stock,
payable in stock, along with the regular semi-annual dividends of
of an
annual average of $187,748.
$3 on the pref. and $2 50 on the common. All dividends are payable
Net earnings after depreciation and war and excess profits taxes
to holders of record July 7. A special dividend of 23.6% has been
July
15
have
been for the past three calendar years as follows: 1916, $1,649,018; 1917, paid semi-annually
since Jan. 1916.
$1,143,240; 1918, $1,326,943.
Combined Earnings & Assets.—Assuming the acquisition under our
Central & South American Telegraph Co.—Earnings.
offer
of all the Com. stock of the Griffin Wheel Co. there would, on the
average —Pres. John L. Merrill, June 20, reported in substance:
earnings of that ocmpany for the past 6 years and our company for the
past
Results—Quarters end. June 30 (partly estimated)—
13 years, be applicable for divs. on this issue from the combined
1919.
1918.
earnings, Traffic receipts for
the quarter
after deduction of our debenture interest and Griffin Preferred stock
$1,236,800 $1,050,000
div., Net after taxes (other than
and after average depreciations of$532,498, the sum of $2,574,596 annually,
war taxes)
$880,800
$790,000
Interest accrued on investments and deposits
or over 4 times the dividend requirements of this issue.
68,000
55,000
The net quick assets of the combined companies at Dec. 31,
1918 are
317,606,869; deducting therefrom the outstanding 4% Debentures
$948,800
$845,000
and
the
Preferred stock of the Griffin Company there remains a balance
Dividend payable
244,850
209,871
of$10,384,- Repairs,
replacements, &c
769, or $115 a share applicable to this issue. The allowed invested
88,454
66,708
capital War taxes, 1919
of the two companies Is $43,500,000, allowing combined earnings of $3,480,225,000
180,000
000 yearly before liability for excess profits tax.
Preferred Stock Provisions.—(a) No mortgage or lien may be placed
Surplus for quarter
$390,496 $388,421
upon
the property, nor can the stock owned in any corporation of which a majority
The estimated traffic receipts for the quarter are the largest in the hisof the capital stock is owned by the company be voted in favor of the
tory of your company and
believe that this growth of traffic to and from
tion of any mortgage or lien upon the property of such corporation, norcrea- Central and South Americawe
is indicative of largely increased trade between
can
the authorized amount of Prof.stock be increased, nor the rights ofits holders
the United States and Central and South America and justifies the declarabe diminished, by the issue of stock of prior or equal rights, or otherwise tion of a dividend of 131% for the
current quarter (payable July 10 to shareconsent
of the holders of two-thirds of the Prof. stock; holders of record June 30. being an
except by vote or
increase in annual rate from 6% to 7%).
(b) Beyond $10,000,000 no further authorized stock may be issued unless
The now cable building erected by the All-America Cables, excluannual earnings have equaled twice the now div. requirements; (c) is en- sively for their use, at 89 Broad
Street, and constituting the general New
accumulated
divs. in case of liquidation or dissolution.
titled to $110 and
York offices of the companies is expected to be occupied early in July next,
Voting Power.—The Prof. stock has no voting power unless
payment of and all stockholders are cordially invited to inspect the location and facilifour consecutive quarterly divs. is in arrears, or six months' default
ties.
See also "Financial Reports" above.—V. 108. p. 1513.
of
any
other provisions or restrictions.—V. 108, p. 2530, 2435.
American Writing Paper Co.—Listing.—
Charcoal Iron Co. of America.—Stock Dividend, &c.—
The shareholders, it is announced, will vote July 31 on increasing the
authorized Common stock from $2,839,350 to $5,000,000. An exchange
journal says:"The directors propose to pay a stock dividend of20% to stockholders. This dividend is to be charged against surplus and the balance of the
Amoskeag Mfg. Co.—Dividends.—
Issue to go into the treasury for future requirements. The stock dividend
A dividend of $1 25 per share on the Common shares has been declared, will be paid in lieu of the usual cash dividends
on the Common stock outalong with a semi-annual $2 25 on the Preferred, payable Aug. a to
holders standing, it being necessary to pass the
of record June 24. This Common dividend compares with 31 paid quarterly creasing inventory of finished product." cash dividend because of the infrom Oct. 1918 to April 1919, previous to which 75 cents was paid
Results for Calendar Year 1918 and Three Months to Mar. 31 1919.
since
reorganization in 1911. In the past the semi-annual dividends on the Prof.
Net profit for the calendar year 1918
stock have been paid in January and July, and the dividends on the Com$1,603,385
Dividends paid,deprec'n. Fedi taxes, amortiz. of war constr.,&c_ 1,404,897
mon in January, April, July and October.—V. 108, p. 382.
Balance, surplus, for year
Anaconda Copper Mining Co.—Dividend.—
$ 198,488
Net profits for three months ended March 31 1919
The directors have declared a quarterly dividend of $1 (2%) per share
$233,807
Total profit and loss surplus Mar.31 1919 before deducting Fedthe $116,562,500 outstanding capital stock (par $50), payable Aug. 25 on
to
eral taxes
holders of record July 19. In May last $1 (2%) was paid, and in Feb.
$1,976.187
Compare
V.
p.
107,
1834;
V. 108, p.2332.
$1.50 (3%), previous to which 32(4%) was pal—V. 108, p.2435.
The New York Stock Exchange has anthoriied the listing of $12,000,000
First Mortgage 20-year Sinking Fund 7-6% bonds.—V. 108,p.2530,
2239
Anglo-American Commercial Corp.—Listed in Boston.—
The Common stock, to a total of 116.060 shares(no par value) has been
listed on the Boston Exchange. The company was recently incorporated
Bond Call.—
The final $125,000 First Mtge. 69' gold bonds, due Jan. 1 1920, have been
called for payment July 1 at par and int. at the Detroit Trust Co., Detroit.
__ar. 108. P. 2332.
2632
[VOL. 108.
THE CHRONICLE
Clarke Brothers, Ltd.-Offering of Bonds.-John Stark
& Co., Graham, Sanson & Co. and T. S. G. Pepler & Co.,
Toronto, are offering at par and int. yielding 7% with a
bonus of 20% in common stock $825,000 7% First Mortgage
Serial bonds, dated April 1 1919, maturing annually from
April 1 1921 to April 1 1930. A circular shows:
Int. payable A. & 0. 1 at Royal Bank of Canada, Toronto. Montreal,
New York and Bear River, Nova Scotia. Denom $500 c*. Trustee,
Montreal Trust Company, Limited.
Issued.
Authorized.
Capitalizatzon.
$1,000,000 $875,000
First Mortgage 7% bonds
1,500,000 1,500.000
Common stock
Security.-Secured by a first mortgage covering all the present and future
real estate and a floating charge on all other assets and properties, both
present and future, including the company's vessels.
Purpose of Issue.-To provide the cost of erecting and equipping at Bear
River, Nova Scotia. a sulphate pulp mill of 30 tons daily capacity, an
additional sawmill of 30,000 feet daily capacity, also to enlarge the present
capacity of the hardwood mills already in operation, and to install larger
ea River.
hip repair blocks and dry dock at Br
8 Company.-Formerly a partnership, was organized under Nova Scotia
Charter in 1912 and Dominion Charter in 1919. Manufactures spruce and
pine lumber,sashes and doors, wood finish and hardwood products of various
kinds, including lumber, dowels and clothespins; also operates a small repair blocks at Bear River. Owns and operates two vessels and the freight
steamer "Bear River." Owns in fee simple about 40,000 acres of land,
containing approximately 400,000 cords of pulpwood; also has available
at low cost by water practically an unlimited supply of not less than 10,000,000 cords of wood. Owns sawmills, clothespins and dowel mills, a
ship repair yard and drydock. The value of the company's properties
and now plant is estimated $2,400,000, nearly three times the present outstanding bonds.
Earnings.-The average net earnings for the last five years are sufficient
to pay the interest on these bonds and the estimated profits total $272,000,
viz.: Pulp. 10,000 tons at $20, $200,000; spruce and pine lumber, 6,000,000'feet at $7 per M., $42,000; hardwood, dowels, clothespins, toys, flooring, &c., $20,000; shipyard, $10,000.
Management.-A. G. MacIntyre, President & Managing Director; Jos.
G. Mayo, A. A. MacDiarmid, F. W. Frazer, Andrew Block (of Sweden)
Howard Cunningham. W. G. Clarke and W. W. Clarke.
Wisconsin Traction, Light, Heat & Power Co., and interested in other
properties.)-Compare note offering. V. 108, p. 1167.
Consolidated Cigar Corporation.-Listing.-
The New York Stock Exchange has authorized the listing of $4,000,000
temporary certificates of the 7% Cumulative Preferred stock and 90.000
shares of no par value Comnion stock.-V. 108, p. 2244, 2125.
Consumers Co., Chicago.-Listed in Chicago.-
The Chicago Stock Exchange has admitted to the regular list this company's outstanding stock, viz.: $6,000,000 Common and $3,948,800 Pref.,
previously on the unlisted list.-V. 108, p. 786.
Converse Rubber Shoe Co., Malden, Mass.-New Stock.
The company is offering at $101 per share (par $100), the remainder
(about $100,000) of an additional block of $250,000 7% Cumulative Prof.
Stock (preferred as to dividends and assets). Dividends J. & D.
Data from President M. M. Converse.
This issue of Pref. stock (2,500 shares) will make the capital $2,000,000,
of which $1,625,000 is Preferred, $375,000 General Capital. There has
never been a share of stock issued that did not have $100 or more in cash
or its equivalent paid in for it. Proceeds of this issue will be used to reduce
floating debt and to finance the greatly increased volume. No bonds outstanding, and none can be issued without the consent of 51% of Pref.stk.
Factory at Malden has a floor space of over 4 acres and is producing daily
18,000 pairs of high-grade rubberfootwear,which are sold direct to retailers
free from any combination. Branch stores are maintained in New York
and Chicago. For the past four years this demand has been way beyond
the supply; in 1917 and 1918 alone orders aggregating $2,000,000 were
refused.
1918.
1917.
1916.
1915.
1914.
Years. 1913.
Sales_ _$977,180 $1,213,946 $1,566,953 $2,400,000 $4,083,093 $5,250,000
Net earnings past 4 years equal to practically 4 times the Pref stock dividend requirements, and the future should make an even better showing.
As to offering of $500,000 6% one-year gold notes in Jan.see V.108,p.384.
Clinton Wire Cloth Co.-Merger, &c.
See Clinton-Wright Wire Co. below.
Net Earnings Arailablc for Diridends-Per Cent Earned on $1,500,000 Pref.
Stock.
Net Earns. On Pfd.Stk.
Net Earns. On Pfd. Stk.
11.51%
$172,732
17.52% 1916
$262,811
1913
27.03
405,502
10.26% 1917
153,938
1914
218,303
14.55%
1918
6.91%
103,694
1915
-V.108, p. 2531.
Clinton-Wright Wire Co., Mass.-First Preferred Stock
Sold.-Parkinson 8c, Burr, Boston, Spencer Trask & Co.,
New York, and E. H. Rollins & Sons, New York, &c.,
announce, by advertisement on another page. the sale at
98.50 and div.,to yield 7.10%,$3,500,000 First Wef.stock,
7% Cumulative (par $100)
Pref. as to earnings and assets. Divs, payable quarterly, Jan., &c.,
commencing Oct. 1 1919. Redeemable as a whole, or in part for sinking
fund by lot, at 110 and divs., on 4 weeks' notice. Convertible at any time
into Common stock on the basis of 2 shares of Corn. stock for each share of
First Pref. stock. Voting Preferred stock is similarly convertible. Sinking
fund beginning July 1 1920,3% of the aggregate amount of First Pref. stock
at any time issued.
Digest of Letter of G. M. Wright, Chairman of Board, Dated June 26.
Company.-Incorp. June 23 1919 in Mass, to acquire all assets, etc. of
(1) The Clinton Wire Cloth Co., founded in 1856, the pioneer manufacturer of woven wire cloth and screening and of electrically welded wire
fabrics, including wire fences and welded fabric for the reinforcement of
concrete, and also a large manufacturer of perforated metal goods of wide
variety; plant in Clinton, with about 12 acres of floor space, is appraised at
$2,450,000.
(2) The Morgan Spring Co., founded in 1881, was the pioneer manufacturer of wire springs and a large manufacturer of wire wire forms, wire
hardware, wire kitchen goods, and wire specialties of wide variety; plants
in Worcester, with about 6 acres of floor space, are appraised at $1,300,000.
(3) The Wright Wire Co.,founded in 1883, was one of the largest manufacturers of wire, wire rope wire fences, wire cloth, wire screening, &c.;
plants in Worcester and Palmer, with about 18 acres of floor space, are
appraised at $4,475,000. V. 107, p. 87; V. 94, p. 831.
Capitalization as of June 26 1919(No Funded Debt). Authorized. Outstand'g.
$3,500,000 $3,500,000
First Pref. stock, 7% cumulative (par $100)
1,500,000 1,500,000
Voting Pref. stock, 7% cumulative (par $100)
7,500,000 7,500,000
Common stock (par $50)
Earnings.--The net earnings (Jr the constituent companies for the past
ton years have averaged considerably in excess of the dividend requirements
of the First Pref. stock. For the past three years the net earnings after
taxes and depreciation have averaged over $1,000,000, or over four times the
annual dividend requirements and nearly three times the annual dividend
and sinking fund requirements of the First Pref. stock. Estimated net
earnings applicable to dividends for the fiscal year ending Juno 30 1920
will be in excess of $1,500,000.
According to an approximate consolidated balance sheet prepared by
Messrs. Marwick, Mitchell, Peat & Co. the net quick assets are not less
of First Prof. stock.
than $4,200,000, or $120 for each share'
First Pref. Stock Provisions.-(a) No mortgage or other encumbrance
shall be placed upon the property, and no bonds or notes having more than
one year to run shall be issued or guaranteed without the consent of 75%
of both classes of Preferred stock, voting separately; (b) no dividends shall
be declared or paid uon the Common stock which will reduce the net quick
no
assets below $110 for each share of First Pref. stock outstanding; (e)
additional First Pref. stock may be issued without the consent of 75 1 of
the First Pref. stock, unless the net quick assets shall e(mal not less than
110%,the net assets 200% and the net earnings for the preceding 12 months
21% (three times the dividend requirements) of all First Prof. stock outstanding and proposed.
Voting Power.-The First Pref. stock is non-voting except that it shall
have, together with the Voting Prof. stock, exclusive voting power in case
dividends and sinking fund in full on the First Pref. stock shall have been in
arrears for twelve consecutive months.
Management.-Directors will include: George M. Wright, Chairman;
Evan F. Jones, Pres. & Gen. Mgr.; John A. Denholm, Vice-Pres.; George
F. Wright, Vice-Pres.; Chas. F. Fairbanks, Paul B. Morgan, Frank A.
Drury, Harry Bronner, George F. Naphen, Richard B. Young. (See
Clinton Wire Cloth Co. above and "Wire Company Merger" in V. 108, p.
2534.]
Cook Paint & Varnish Co., Mo.-Offering of Preferred
Stock.-H.P. Wright Investment Co., Kansas City, are offering at par $300,000 8% Cumulative Preferred stock (par
$100). Pref. as to a. & d. Redeemable at $110 at any div.
date. Divs. payable Q.-M. A circular shows:
Company.-Organized in Missouri to take over the business and assets
of the C. R. Cook Paint Co. Business consists of the manufacture, wholesaling and retailing of all kinds of paints and varnishes. Plant is located
at North Kansas City.
Sales and Net Earnings (Before Deprec. Reserves or Federal Taxes).
1919.
1918.
1017.
1916.
1915.
1914.
476,560 635,345 1,008,719 1,172,058 1,730,795 2,500,000(est.)
Sales
66,728 100,520 139,477 155,000(est.)
Net earns.. 40,725 43,857
Directors.-C.R. Cook (Pres.), P. G. Walton, John J. Grier, F. C. Baehr
S. Hovey, H. L. McCune.
George
Cook
M.
(Vice-Pres.), R.
Capitalization.-Authorized, $500,000 common and $500,000 pref.; outstanding, $500,000 common and $300,000 pref. All of the common stock
is owned by the officers, directors and employees of the company.
Balance Sheet May 31 1919, Adjusted to Reflect the Sale of $300,000 Pref.Stock.
Liabilities.
Assets.
$300,000
Real estate, bldgs., &c_ __ $340,973 Preferred stock
500,000
669,286 Common stock
Current assets
6,133 Notes payable to banks..,.._ 117,249
Insurance unexpired
95,284
duo..
not
pay.,
acc'ts,
Trade
115,000
Formulae, tr.-marks, &c_
$1,131,393 Surplus & undiv. profits_ _ _ 118.860
Total both sides
Crucible Steel Co. of America.-Initial Dividend
of
13/2%, Payable July 31 on $25,000,000 Common Stock.
The directors have declared an initial quarterly dividend of 1M % on the
holders of record
$25,000,000 outstanding Common stock payable July 31 to
July 15. The following were elected directors: William II. Childs, August
Heckscher and Hon. Nathan L. Miller.-V.108, P. 384, 272.
Cudahy Packing Co.-Note Payment.-
Of the Sinking Fund 7% gold notes of 1918 (original issue $10,000,000).
at the
$204,000 have been called for payment July 15 at 101 and&int.
Co., New
Illinois Trust & Savings Bank, Chicago, and Leo, Higginson
York and Boston.-V. 107, p. 2373.
Dayton (O.) Power & Light Co.-
This company has been authorized by the Ohio P. U. Commission to
a
issue $232,000 capital stock on account of additions, &c., including
transmission line between Wilmington and Xenia, &c.-V. 108, p. 786.
Dodge Manufacturing Co.-Extra Dividend.-
The director.3 have declared an extra dividend of 1% on the Common
July 1 to
stock in addition to the regular quarterly of 1A%, both payable
holders of record June 21. An extra dividend of 1% was paid in April
976.
p.
108.
-V.
January.
in
2%
last and
Duquesne Light Co., Pittsburgh, Pa.-Boyds.-The
Company has sold to a syndicate of bankers an issue of $25,000,000 30-year 532% bonds, which it is expected will be
offered shortly, probably at 953/2.
up
The proceeds from the sale of the securities will be used to take
for on$10,000,000 of secured notes, and the balance will be appropriated
consideration
under
improvements
contemplated
struction work and other
It is said that Harris, Forbes & Co. are at the head of the underwriting
syndicate. Compare Annual Report in V. 108, p. 2429.
Dwight Manufacturing Co., Boston.-Extra Dividend.
An extra dividend of $15 (3%) has been declared on the $1,200,000 outstanding stock (par $500), along with the usual semi-annual dividend of
June 24. In
$30 (6%) per share both payable July 1 to holders of record
Jan. last a like amount was paid extra. In 1918 no extras were paid.
V. 107, p. 2479.
Edison Electric Illuminating Co. of Boston.-Offering
of Notes.-Lee, Higginson & Co., Old Colony Trust Co.,
F. S. Moseley & Co., Kidder, Peabody & Co., Parkinson &
Burr, are offering at 993/2 and int., yielding about 6.20%,
86,000,000 6% coupon gold notes dated July 1 1919, due
Feb. 11922. Int. payable F. & A. in Boston. Denom.
$1,000 e. A circular shows:
Capitalization after the Completion of Present Financing.
Mtge. bonds on acq. prop_$1,250.00016% notes, 1922 (this issue)$6,000,000
3,000,000
1,815,000 4-year 7% notes, 1922_
Secured notes
22,528,000
5-year 5% notes, 1922_ .. 10,000,000 Capital stock
Purpose of Issue.-The proceeds will be used in part to retire $3,000,000
6% notes due Dec. 1 1919, and the balance for the extension of the distributing system.
Additional Bonds.-Company agrees that no additional mortgages will be
An extra dividend of $5 (10%) has been declared on the stock, payable placed on the properties without retiring or equally securing these notes.
June 26 to holders of record June 24. In June 1918 an extra of 10% was Present mortgage debt comprises $1,250,000 5% bonds and $1,815,000 real
also paid.-V. 106, p. 2125.
estate mortgages.
and Connected Load (in 50-Watt Lamp Equivalents).
Commonwealth Edison Co.-First Mtge. Bonds Listed.- Earnings
1912-13.
1915-16.
1917-18.
1918-19.
Year ended June 30Mtge.
1st
additional
The Chicago Stock Exchange has listed $4,000,000
$9,623,605 $8,302,814 $6,365,874
5% gold bonds, making the total amount listed $46,631,000, which includes Gross earnings
2,948,115
3,846,688
3,943,763
*4,125,000
income
Net
58.-V.
Mtge.
1st
969.
Electrict
976.
108,
Pl•
$8.000.000 Commonwealth
390,065
276,235
705,664
*1,022,000
Interest charges
Connected load, k. w. h_ *7,500,000 6,703,960 4,866,740 3,502,925
Commonwealth Public Service Co.-Control Purchased.
estimated.
a
*June
from
this
company
of
control
purchased
has
John I. Beggs, Milwaukee,
1919 fiscal year will be about 3.4 times the $1,205,450
firm of Chicago bankers. The company operates gas and electric properties ' Net income in
presentfunded and mortgage debt incl. these notes.
in Eastern Oklahoma and Western Arkansas, and will continue to operate annual interest on entire
assets valued at approximately $65,500,000, or three
current
and
I.
Milwaukee:
Beggs,
John
Property
Pres.,
are:
under the present name. Officers
and mortgage debt. Compare V. 107, p. 294.funded
of
First V.-Pres., D. R. Lane, Davenport' V.-Pres. & Gen. Mgr.,(Ti. W. Fry, times amount
Fort Smith; Sec.-Treas., C.0. Reynolds, Chicago. (Mr. Beggs is Pres. of V. 108, D. 687.
[Liggett & Drexel and Knauth, Nachod & Kuhne, N. Y.,
also announce the sale of 70,000 shares Common stock (par
$50) at $36 a shared
Coastwise Transportation Co.-Extra Dividend.-
n11,450,000
JUNE 28 1919.]
THE CHRONICLE
Edmunds & Jones Corporation.-Earnings.Calendar YearsGross sales
Net profit
Federal taxes
Preferred dividends
Common dividend
Adjustments(Cr.)
1918.
1917.
1916.
$2,717,057 $4,100,136 $2,829,285
56,266
417,034
561,927
6,699
79,908
(8%)79,371 (7 )64,365 (5))51,625
($%)20,000(33 4)130000 ($3)120,000
16,084
• Balance, surplus
-V. 108, p. 2126.
def.$33,721
$142,761
$380,302
Endicott-Johnson Corporation.-Listing-Earnings.--
The Now York Stock Exchange has authorized the listing of $15,000,000
79' Cum. Prof. stock and $14,000,000 Cora. stock.
The sales for the four months period ending Apr. 17 1919, as reported to
the Exchange, were $17,149,168• cost of sales, $13,420,220; gross profit,
$3,728,948; other income, $7,124; total income, $3,736,077; expenses and
interest, $1,821,553; leaving net profit before Federal taxes, $1,914,524.V. 108, p. 2436.
Famous Players-Lasky Corp., N. Y.-New Stock.-
2633
Purpose of Issue.-Of the proceeds of this stock $125,000 will be expended
in new construction, and the balance used in part payment of the Purchase
of the present properties.
Balance Sheet March 31 1919, Adjusted to Give Effect to Present Financing
AssetsLiabilitiesLand, buildings, &c
$244,293 Preferred stock
$250,000
Patents, &c
6,665 *Common stock (no par)___ 371,193
Current assets
315,892 Current liabilities
86,872
Special cash fund
125,000 Reserves
40,500
Other assets
45,518 Deferred liability
5,000
Deferred assets
16,197.Total (both sides)
$753,564
*Authorized 7,500 shares; issued, 4,000 shares, represented by net worth
of properties acquired in excess of Preferred capital stock.
EarnIngs.-The combined average 12 months' sales and earnings of the
companies for 3X years ending March 311919, as furnished us by Ernst &
Ernst, have been as follows: Net sales, $600,230; earnings before Federal
taxes and contingencies but after full depreciation, $68,321; net earnings
after reserves for Federal taxes and contingencies, $46,969.
General Cigar Co., Inc., N. Y.-%--$5,000,000 7% Cum.
Stockholders of record July 5 will have the right to subscribe at par ($100) Sinking Fund Debenture [2nd] Pref. Stock, Convertible Into
on or before 12 noon July 26 (when full payment must be made)for 25,000 Common at Par, Underwritten-Subscription Rights.-Presishares of Treasury stock to the extent of one share for every seven shares dent Fred Hirschhorn in circular
of June 20 says in subst.:
now held. This will bring the outstanding capital to 200,000 shares,the total
The expansion of business since organization through the acquisition
amount authorized. Subscription warrants will be issued on or before July 12.
President Adolph Zukor, in circular letter of June 24, says in substance: of additional businesses and properties, and the great increase in the busi-"In my opinion, world conditions as related to the motion picture industry ness, especially during the past year, has greatly increased our requireare ripe for legitimate and healthy extension. This sale of treasury stock ments for working capital. There is every indication that the present
has been underwritten by Messrs. Dominick & Dominick and Hallgarten large earnings will continue.
The net earnings for the calendar year 1918 after making provision for
& Co.
"The company is in prosperous condition, our earnings during the first Federal income and excess profits taxes and officers profit sharing were
approximately 7.23% on the outstanding Common stock, and the net
five months of this year having exceeded those of the entire year of 1918.
earnings for the first five months of 1919, after deducting estimated Federal
New York office. 485 Fifth Ave.-See also V. 108, p. 2436.
taxes and officers profit sharing for such five months, were at the rate of
(William) Farrell & Sons, Inc.-Further Information.- approximately 11.25% p. ann. on such Common stock.
The increased working capital has up to the present time been secured
In connection with this company's offering of Prefe red stock through
short term bank loans and sale of our commercial paper. Your
by Spencer Trask & Co. and Ladenburg, Thalman & Co. directors are of the opinion these obligations should be very materially
reduced through the issue and sale of approximately $5,000,000 7% Cumu(V. 108, p. 2126; see also advertisement on paxxx of May lative
debenture Preferred stock convertible into Common stock at par
24 issue of the "Chronicle" by S. Bache & Co.o as to com- at any time.
Subject to the necessary stockholders' action, at a special meeting called
mon stock), we give the following information:
for July 7 1919, the privilege is to be given to the holders of the Preferred
Data from Letter of Pres. Thomas F. Farrell, Dated N. V., May 19 1919. and Common stock of the company of record on July 14 to subscribe at par
Company.-Incorp. Jan. 29 1919 in N. Y. State to acquire the business, with accrued dividend from July 1 1919 for such new stock in amounts
assets and good-will of representative coal dealers in the Borough,s of Man- equal to 20% of their respective holdings. Subscription warrants will be
hattan and the Bronx, N. Y. City, including, with others, the following issued shortly after July 14 and must be filed with payment in full at Lawwhose business was started in the years indicated, viz.: William Farrell& yers' Title & Trust Co., 160 Broadway, N. Y., not later than 3 p. m. July
Son (1852) Robt. Gordon & Son, Inc. (1867), Hencken & Willenbrock Co. 30. The company will not sell fractions.
The company has arranged with Goldman, Sachs & Co. and Lehman
(1870), Thedford-Eltz Coal Co. (1877). S. Trimmer & Sons, Inc. (1877),
0. EL Perry & Son (1879), Pattison & Downs (1892). Scranton & Wyoming Bros., both of the City of New York, to form a syndicate to underwrite the
purchase of said issue of debenture Preferred stock. Samuel Sachs and
Coal Co. (1914).
These companies represent an annual tonnage of approximately 2,750,000 Philip Lehman are directors of the company.
Your directors and officers believe that the financial condition of the
and it is proposed to apply a portion of the treasury cash of the new company to acquire the business, assets, &c., of several additional retail coal company will be very much strengthened by the issue and sale of the debenture Preferred stock above mentioned and that the company will be placed
dealers, thereby increasing the tonnage substantially.
in a position thereby which will make it possible for it materially to increase
Capitalization Authorized and to Be Presently Issued(No Funded Debt).
the rate of dividends on the Common stock. They strongly urge, there7% Cumulative preferred stock (par value $100)
33,000,000 fore,
increase of the capital stock by $10,000,000, of which $5,000,000
value)
Common stock (no par
130,000 shares Is to the
be such debenture Preferred stock and $5,000,000 Common stock,
Earnings.-The average returns for the past three years of the several the latter reserved so far as necessary for conversion
of debenture Preferred
earnings
of
approximately $1,020,000 stock, but otherwise to be available for general purposes.
companies named above indicate net
p. a., while other contracts have been signed which will, it is estimated,
[When increased the total authorized capital stock will be $35,000,000
additional
net
approximately
3100,000
earnings.
The
produce
company In $100 shares, viz.: (a) Present $5,000,000 7% Cum. Prof. stock (b) $5,also has in process of completion contracts which will show further net 000,000 new 7% Debenture Preferred
stock (c) $25,000,000 Common
earnings of approximately $250,000. This would indicate total net earn- stock, of which $18,104,000 is now outstanding.]
before
depreciation,
but
deducting
taxes, of approxiings, after allowing for
mately $1,370,000 per annum,a sum more than three times the total annual Digest of Deseription:ef 7% Cumulative Debenture[2ncl] Prof.Stock.
Subject to all of the preferences and privileges of the present Preferred
reserve fund.
eer
mteun
.ts
recpriarp
d equipment is modern and adequate for stock, but to be Preferred over the Common stock, both as to dividends
any reasonable increase in business. A recent appraisal places the value of and assets. Entitled to cumulative dividends of 7% p. ann. from July 1
the properties (exclusive of horses, wagons, motor trucks and coal barges, 1919, but no more payable quarterly Oct. 1, &c.; also to receive on any
reasonably worth $700,000) at approximately $2,100,000. The net current involuntary liquidation, par and accrued and unpaid dividends, plus, in
assets are estimated at about 32,000,000, making the total estimated case such liquidation is voluntary, a premium of 10% of par, and no more,
assets approximately $4,800.000. without allowance for good-will, leases before any distribution is made to the Common stockholders. Subject
also to redemption at any time in whole or in part at 110% of par, plus
and contracts.
Leases.-Will operate a well-distributed chain of 15 yards in the accrued and unpaid dividends on 60 days' notice.
Entitled to a cumulative sinking fund to which the company is to pay
Boroughs of Manhattan and the Bronx in N. Y. City and one yard in
Jersey City. Although the leases on these yards run for various periods, each June 1, beginning with 1921. a sum sufficient to purchase and cancel
at not exceeding 110 & div. 1,500 shares of Debenture Preferred stock.
tenure is practically permanent, owing to renewal provisions.
Exchangeable, at option of holders thereof, at any time (except when
Preferred Stock.-(I) Preferred as to assets and 7% cumulative dividends.
or if called for redemption transfer books are closed) and except if called for or the redemption during
(2) In case of voluntary dissolution or liquidation,
entitled to $120 per share and accrued dividends. (3) Reserve fund to the 10 days just prior to the redemption date for Common stock, share for
receive annually from the surplus profits (before any dividend can be de- share, with a cash adjustment of dividends.
The company shall not, without the consent of 75% of the Debenture
clared on the common stock) a sum equal to 12% of the total amount of
pref. stock issued, whether or not then outstanding. This fund is applicable Prof. stock at the time outstanding. (1) Mortgage or otherwise encumber
solely (a) to pay all cumulated and unpaid dIvs. on the prof stock; (b) to its properties except (a) its quick assets to secure loans in the ordinary
the maintenance of an appropriated surplus sufficient to meet the cumu- course of business (b) purchase money mortgages or liens; (2) increase the
stock or the Debenture Preferred stock or create any
lative dividends on the outstanding pref. stock for one year in advance, and present Preferred
stock prior to or on a parity with the Debenture Preferred stock;
(c) purchase of the pref. stock. After meeting pref. dividend requirements Preferred
sell
the
assets
(3)
and business as an entirety.
shall,
or
be
1922
1
April
applied
after
and
to
may,
the
any remainder
retireWill have no voting power unless the company shall fail to pay two
ment and cancellation of pref. stock. (4) The consent of 75% of the outquarterly dividends thereon whereupon each shall thereof will
standing stock of each class is necessary in order to issue any stock having successive
equal voting rights with each share of the Common stock, subject,
preference over, or parity with, the pref. stock at present authorized. have
however, to the voting rights of the existing Preferred stock in case the
(5) The consent of 75% of the outstanding pref. stock is required in order to company
fails to pay dividends thereon.-V. 108, p. 2437.
create any mortgage or other lien, except purchase money mortgages,
or to issue or guarantee any bonds, debentures or other debt running more
General Motors Corporation.-Earnings, &c.-The
than one year, or to alter the rights of the preferred stock.
Voting Power.-The pref. stock shall have no voting power except in case following published statement, while not given out officially,
of default in the payment of divs. aggregating at any time 7%, in which is understood to be approximately correct:
event, at the next meeting of the stockholders, exclusive voting power shall
The earnings for the six months ending June 30 1919, it is estimated, wil
be vested in the pref. stock and shall so continue until all accrued dividends
exceed $45,000,000. The corporation's cash position as of June 14 was
in default shall have been paid.
$74,567,449
[The company has since acquired the retail coal distributors, Matthew Cash on hand and in bank
7,430,208
Wilson Coal Co., and Joseph Gordon, Inc., having a combined annual retail Sight drafts attached to bills of lading
23,242,025
business of 150,000 tons, thus bringing the annual business up to 2,900,000 $24,324,000 Liberty bonds valued on books at
tons. The new concern, it is stated, is negotiating for four additional
Total
$105,239,682
propertiesj-V. 108, p. 2126.
The syndicate reports the 300,000 share issue well over 90% sold.
Freeport Texas Co.-Earnings-Listing.V. 108, p. 2437.
ending
March
31 1919, as reported
The gross sales for the four months
Godchaux Sugars, Inc.-Financing.-P. W. Chapman
to the Exchange, were $1,163,566; cost of sales, $219,090; profit on sales,
$944,476; selling and general expenses, $286,831; not profits, $657,645; & Co., Ames, Emerieh & Co. and A. B. Leach & Co. have
other income, $78,282; total income,$735,927; previous surplus. $6.984,444; purchased
$3,500,000 7% First Preferred stock and a block
reserves and taxes, $847,423, leaving a total profit andi loss surplus of
16,872,94S.
of the Common stock and are organizing a distributing synThe Now York Stock Exchange has authorized the listing of 494.147 dicate which will
offer the securities to investors in the near
shares of the capital stock permanent engraved certificates to replace voting
future. A circular shows:
trust certificates.-V. 108, p. 2025. 1940.
The
tangible
assets,
without considering good-will, trade-names, &c.,
Fate-Root-Heath Co., Plymouth, 0.-Offering of Pref. are $10,196,895, which re_present
a value of more than $291 per share on the
Stock-Otis & Co., Roland T. Meacham and United Se- First Preferred stock and more than 945 per share on the Common stock.
The Second Preferred stock and the majority of the Common stock wifilbe
curity Co., Cleveland, are offering, at 96 and int., yielding owned
by the Godchaux families and their associates, who will continue to
7.29%, $250,000 7% Cumulative Sinking Fund ?referred manage the property.
Sales for the first four months of the present fiscal year were $5,622,000
stock. A circular shows:
and for the year are estimated at between $18,000,000 and $20,000,000.
Divs. payable quarterly Jan. 1, &c. Prof. as to a. & d. Redeemable [Upon completion of the present financing the capitalization, it is said, will
as a whole or in part for sinking fund at 110. Sinking fund of $15,000, consist of $3,500,000 First Preferred stock, 3300,000 Second Preferred
provided.
is
1920,
beginning July 1
stock and 70,000 shares Common stock (no par value).]
Authorized.
CapitalizationIssued.
(B. F.) Goodrich Co.-New Preferred Stock.$250,000
7% Cumulative Preferred stock
$250,000
7,500 shs. 4,000 shs.
The shareholders on June 26 approved the plan to issue $7,500,000 addiCommon stock (no par value)
tional
7% Cumulative Preferred stock, which will be offered to preferred
Data from Letter of Pres. J. A. Root, Dated June 4 1919.
and common stockholders of record July 1 at $102:and dividend. The new
The company has been incorporated under the laws of Delaware, and has stock
has
been underwritten by New York bankers, including, it is underacquired the property and business of: (a) The J. D. Fate Co., which has stood, Goldman,
Sachs & Co. Lehman Brothers, the Bankers Trust Co.,
been in operation for 25 years; business consists of the manufacturing of Guaranty Trust Co.
Securities Corp. See also V. 108, p. 2437.
and Chase
'
machinery
,•
prospects
of
this
line
are excellent.
brick and tile-making
(b) The Root-Heath Mfg. Co., which started 24 years ago making a line
Griffin
&c.-Earnings,
Wheel
Co.
specialties.
hardware
of
See American Steel Foundries Co. above.-V. 108, p. 2437.
Owns in fee about 12 acres of land upon which are located 15 brick and
Iron buildings with a ground floor space of about 160,000 sq. ft. A new
Gulf Oil Corporation.-Notes AU Sold.-Union Trust
foundry building is now under construction. The lands, plants, &c., have
Co. and Mellon National Bank, Pittsburgh; Guaranty Trust
a present depreciated value of 1244.292.
4lethperroosp
2634
THE CHRONICLE
[VoL. 108.
Co. and Bankers Trust Co., N. Y., announce the sale at
prices ranging from 100 to 993
4 and mt., to yield over 6%,
according to maturities, $18,000,000 6% serial gold notes,
dated July 11919, to mature $6,000,000 each July 1 1921
to 1923 inclusive. See advertising pages.
The company has requested H.P. Goldschmidt & Co. Goldman, Sachs &
Co. and Lehman Bros. to form a syndicate to underwrite the subscription
for said 8% Preferred stock, the underwriting syndicate and bankers are
to receive compensation from the company.-V.108, p. 1824, 1723.
Denom. of $1,000. Int. payable J. & J. at the office of the Union Trust
Co., Pittsburgh, trustee, or at the Guaranty* Trust Co., N. Y., without
deduction for Federal income taxes legally deductible at the source. Not
subject to redemption prior to maturity.
Data from Letter of Pres. W. L. Mellon, Dated Pittsburgh, June 23.
This Issue.-The indenture provides that so long as any of the notes
are outstanding the company will not create any secured debt against its
properties (incl. the properties of subsidiary companies, excepting the remaining unmatured debt on the steamship Gulfoil amounting to $175,000):
also that the current quick or liquid assets of the company and its subsidiaries shall at all times be at least equal to the aggregate amount of their
debt, including the amount of these notes then outstanding.
Company.-Organized in 1907 and through its subsidiaries conducts an
active business in producing, refining, transporting and distributing petroleum and its products. Owns and operates (a) producing wells, with its
own connecting pipe lines, in Texas, Oklahoma, Louisiana, Kansas and in
Mexico; principal refineries located at Port Arthur and Fort Worth, Tex.,
have a daily capacity of 60,000 barrels of crude oil. (b) A large fleet of
tank steamers and other ocean-going equipment. (c) Distributing stations
at practically all of the Atlantic seaport cities and at inland points over
a large area of country. Its production of oil from its own wells in the
United States is over 50,000 barrels per day, and has not been under that
amount in the past two years. Compare annual report for year ended
Dec.31 1918 in V. 108. p. 1386. 1168.
Month of May
5 months to May 31
-V. 108, p. 1064.
Kerr Lake Mining Co.-Silver Production (Ounces).1917.
1918.
1919.
107,592
233,273
268,213
530,583 1,086,541 1,124,971
Knox Hat Co., Inc.-Issue of Bonds.Shareholders will vote July 14 on authorizing the issue and sale or other
disposition of not exceeding $1,000,000 bonds bearing interest at such rate
or rates not exceeding 7% p. a., running not over 20 years, redeemable at
such price or prices, entitled to such sinking fund, secured by first mtge.,
pledge or otherwise as the board shall determine.-V. 108, p. 883.
Lake Erie Bolt & Nut Co., Cleveland.-Preferred Stock
Sold.-Otis& Co., Cleveland,announce the sale of $1,500,000
7% Cumulative Sinking Fund Preferred stock (par $100).
An advertisement shows:
Divs. payable quarterly Jan. 1, &c., first div. accruing from July.1 1919
will be payable Oct. 1 1919.
Capitalization (No Funded Debt)Authorized.
Outstanding.
Common stock(no par value)
150,000 shares
250,000 shares
7% Cumulative Pref.stock (par$100)-$2,500,000
$1.500,000
Company Uncorp. in Delaware, June 23 1919 the Corporation Trust Co.
of America being the Delaware representative has acquired the business
and good-will of the Lake Erie Iron Co. by leasing the plant and equipment
Hill Manufacturing Co.-Extra Dividend.and purchasing the inventory. Business established for 47 years, consists
An extra dividend of 1% has been declared along with the regular semi- of the manufacture of bolts, nuts and washers for all classes of industrial
annual dividend of 3%, both payable July 1 to holders of record June 25 and railroad uses.
-V.104, p. 2556.
Purpose of Issue.-Of the proceeds $700,000 will be used for the purchase
of the present inventory of the Lake Erie Iron Co. and $800,000 for workHocking Valley Products Co.-Interest Payment.ing capital and improvements to plant.
Full interest payments on the 1st Mtge. 5% Sinking Fund Gold bonds
Earnings.-The average earnings and tonnage for years 1916, 1917 and
flaying been resumed, Coupon No. 17, due July 1 1919, will be paid in full 1918 are as follows: Tonnage, 33.574; sales, $4,021,053: net profit after
at maturity at the Bankers Trust Co., New York.-V. 108, p. 2127.
deducting Federal income taxes, &c., $498,9'76; dividends paid, 2216.667:
balance, surplus, $282,309.
Holland-St. Louis Sugar Co.-Earnings.April 30 Years1918-19.
1917-18.
1916-17.
1915-16.
Lehigh Coal & Navigation.-Guaranty To Be Canceled.Gross revenue
$3,390,013 $2,094,667 $1,833,724 $2,183,510
See Allentown Terminal RR. under "Railroads" abovo.-V. 108, p.
Net earnings
$200,042
$232,217
$449,324
$371,871
Preferred dividends_ ___
8,809
8,809
9,474
35,042 2438; 1389.
Common dividends
120,000
420,000
x120,000
Libby, McNeil & Libby.-Listed in Chicago.Balance, surplus
$71,233 def$196,592
The Chicago Stock Exchange has listed the $12,800,000 capital stock,
$319,850
$336,829
$10.-V. 108, p. 2333.
x Does not include $440,000 common stock dividend.-V. 108. P. 1278. Par
Imperial Oil Co., Ltd.-To Reduce Par Value of
Long Island Lighting Co.-Bonds Authorized.-
Stock.- The P. S. Commission on June 27 authorized the company to issue $180,The stockholders will vote July 2 on the proposal to subdivide the shares
000 5% 25-year First Mtge. bonds and $80,000*Common stock, proceeds
of the company from $100 to $25 par value.-V. 108, p. 2245.
to be used for construction and betterments.-V. 108, p. 883.
Inspiration Consolidated Copper Co.-Dividend.-
A quarterly dividend of $1 50 has been declared on the stock, payable
July 28 to holders of record July 11. In April a dividend of $1 50 was paid,
previous to which $2 was paid quar.-V. 108, p. 2333.
MacAndrews & Forbes Co., N. Y.-Subscription Offer
of(25%)New Common Stock to Common Stockholders-Report.
To provide additional working capital for the growing business there is
offered to holders of the Common stock of record June 19 1919,for subsciptwin and payment in full on or before July 21 at Guaranty Trust Co.,140
Broadway, N. Y. $1,000,000 new Common stock at par $100 per
share in amounts equal to 25% of the present Common stock held by them
Jones Brothers Tea Co.-Listing-Earnings.The New York Stock Exchange has authorized the listing of $10,000,000 respectively. The stockholder whose registered address is without the
United States or his assignee has until and including Aug. 20 1919 to file
permanent engraved certificates Common stock.
For the four months ended April 30 1919 sales aggregated $6,458,756 his subscription and make payment to said Trust Company. There is
gross profit, $1,742,838; profits from operations, $276,472; total income, also outstanding $2,815,000 6% Pref.stock. Compare"Financial Reports':
on a preceding page.-V. 108, p. 1278.
4289,943; net profits after interest and income tax, $242,765.
The consolidated balance sheet as of April 30 1919 shows cash $590,147;
accounts receivable less reserve, $712,371; inventories of merchandise and
McCord & Co., Chicago.-Off.ering of Bonds.-S. W.
materials at cost, $3,877.610; notes payable, $1,127,500; accounts payable,
$604,324. and total assets & liabils. of $16,834,254.-V.108, p.2531. 2026. Straus & Co. are offering at par and int., to net 6%,$500,000
International Mercantile Marine Co.-Director.-
George J. Baldwin has been elected a director.-V. 108, p. 2531.
Kansas Natural Gas Co.-Decision.-
The June issue of the "Doherty News," published by Henry L. Doherty
& Co., says: The Supreme Court of the United States has vacated its
order entered March 17 in the cases of the Public Utilities Commission of
Kansas, the P. S. Commission of Missouri, the Kansas City Gas Co. and
the Wyandotte County Gas Co., against John M. London, receiver of the
Kansas Natural Gas Co. Judgment now has been entered as follows:
"The decrees below are reversed and the cause is remanded to the trial
court with directions to hear it anew and determine all the issues involved,
including thosc? arising on the several bills, cross bills and pressed in the
opinion of this Court, and to take such further proceedings as may be appropriate and consistent with such opinion. All temporary injunctions
in force at the time of the entry of the decrees from which appeals were
taken here shall be continued in force until otherwise ordered.'
On March 17 the Supreme Court in an unanimous decision upheld the
contention of the Kansas Natural Gas Co. that the transportation of gas
through pipelines from one State to another is inter-State commerce and
that such gas might be sold to local distributing companies free from unreasonable interference by State and municipal authorities. This case
grew out of actions brought by the receivers of the Kansas Natural Gas Co.
to permit them to establish and maintain selling rates for gas to local distributers sufficiently high to compensate the receiver.
Under the new ruling the cases go back to the lower courts for re-trial
with directions to hear them anew in conformity with the views expressed
in the opinion of the Supreme Court. It is expected that this new order
will, materially relieve the uncertainty of the many conflicting situations
that have arisen during the seven years of litigation in which the Kansas
Natural Gas Co. has been involved. See also V. 108, p. 2128.
lei Kelly-Springfield Tire Co.-87,000,000 8% Cum. 2nd
Pref. Stock-$5,860,200 Underwritten and Offered to Shareholders of Record July 17 at Par.-The shareholders will vote
July 11 on approving an increase in the authorized capital
stock from $13,900,300, consisting of $3,900,300 6% cum.
Preferred in $100 shares and $10,000,000 Common in $25
shares, to $20,900,300. All of such increase of $7,000,000
will be 8% Cumulative Second Preferred stock, and $5,860,200 thereof having been underwritten, will be offered for
pro rata subscription to the holders of record of the Preferred
and Common shares at the close of business on July 17 1919
at $100 per share, payable Aug. 15 1919.
First Mtge. Serial 6% bonds, dated June 2 1919, due semiannually each July 1 1920 to July 1 1929 incl. An adv.shows:
Int. payable J. & J. at the offices of S. W. Straus & Co. Callable at
102 and int. Denom.$1,000,$500 and $100 (latter in 1929 maturity only).
The borrowing corporation covenants to pay 4% Federal income taxes.
Guaranteed unconditionally, by endorsement as to prin. & int., by A. C.
McCord, President, and D. W. McCord,a director, both of this company
and of the McCord Mfg. Co. of Detroit (V. 108, p. 2532).
Purpose of Issue-Assets.-To retire current debt and provide additional
working capital. The company will then show quick assets of 2720,799.
The trust mortgage requires the company to maintain at all times quick
assets equal to double the amount of the current liabilities, exclusive of
these bonds, the excess in no case to be less than $300,000.
Company, established 22 years ago, is engaged in the manufacture of
journal boxes for the equipment of railroad cars and cast steel, pressed
steel and forged steel parts for automobile trucks and tractors. Plant
located at West Pullman, Ill. Property mortgaged is valued at $945,936.
Earnings for the year ending March 31 1919, after deducting Federal
taxes, were more than 12 times greatest ann. int, charge of these bonds.
McCrory Stores Corporation.-Sales.Month of May
Year to date
-V. 108, p. 2246. 1824.
1919.
$874,995
4,024,934
1918.
$761,083
3,288,973
1917.
$585,788
2.730,813
Manhattan Shirt Co.-Listing.The New York Stock Exchange has authorized the listing of $5,000,000
temporary certificates for common stock.-V. 108. P. 2532, 2438.
Marlin-Rockwell Corp.-Balance Sheet Dec. 31.-
1918.
1917.
1917.
1918.
LiabilitiesAssets$
$
Property .1. plant__ 4,795,440 5,746,763 Declared caPital-- 340,745
337,200
U.S.Lib. L.bonds 657,099 1,341,476 Do No. shares
(no par value) (08.145) x(81,136)
British Treas.notes 1,953,562
103,185 2-year 6% notes,
Patents Exp.Corp.
1,190,900
0
5 ,047 due March 1919
Seubert Bear'g Co.11,605,2381
186,371
2,949 Real estate mtges_ 133,771
Shares in oth.corp.
3,196,900
221,565 Notes secured _ _ _
976,911
Cash _
Notes unsecured__ 5,379,226
440,000
Notes and accounts
1,390,150 2,819,744 U. S. advances
receivable
1,000,000
56,633 against contracts
Accr. Int. recely'le
Accounts payable_ 3,211,971 1,300,977
Material, supplies,
255,163
7,679,090 4,387,838 Royalties accrued _
.te
Digest of Circular Signed by Pres. Van. H. Cartmell, N. Y., June 20. Patent rights
82.207 Interest,taxes,&c., 3,439,092
69,299
Prior to the entrance of this country into the European War, plans were Deferred charges
146,618 accrued
124,890
846,125
adopted by the company for the erection of a new factory at Cumberland, Develop't expenses
11,948 Reserve for taxes_
Approx. surplus_ _a0,676,674 6,148,041
Md., with an estimated production substantially greater than the combined
output of the three manufacturing plants which it is now operating at
19,182,380 14,970,975
Akron, 0., Wooster, 0., and Buffalo, N. Y., respectively. Owing to the
19,182,380 14,970,975 Total
Total
war, the building plan was necessarily deferred. One unit of the plant
Braeburn Steel Co. Condensed Balance Sheet Dec.31 1918.
(the machine shop) has been constructed and is now being satisfactorily gu,
operated. Your directors confidently bleieve that, with the new plant WAssets.-Plant and equipment, $313,906; cash, notes and accounts recompleted, the profits of the company will be materially larger through ceivable, $398,869; Liberty bonds, $130,121; inventory, investments and
substantially increased production and economies in operation. [See
also deferred charges, $742,232; total assets, 31.585,127. discussion with
full official statement to N. Y. Stock Exchange, &c., V. 108, p. 1835,1393,
Gova Exclusive of claims (other than inventory) under
977, 970.1
ernment. The above surplus is indicated before making deductions for
directors
deem it inadvisable to take from the company's working 1918 taxes.
The
capital the funds necessary for the erection and equipment of the proposed
x Of this amount 11,901 shares were reserved for conversion of notes,
plant, and they have, therefore, authorized, subject to the approval of the now all retired.
meeting on July 11 1919, the immediate offer of $5,860,200 of 8% CumulaLiabilities.-Capital stock, $365,900; mortgages, notes and accounts paytive Second Pref. stock for pro rata subscription to the holders of the present able, $352,779; surplus, $866,449; total liabilities, $1,585,127.
Preferred stock and Common stock of record July 17 1919, at par, $100 per
Braeburn Steel Co. is controlled by Marlin-Rockwell Corporation through
hare, in amounts equal to 70% of present holdings, subscriptions to be ownership of 100% of capital stock.
ed and paid in full at the Equitable Trust Co., 37 Wall St.. N. Y. City,
For full official statement as to status under peace conditions, see V. 107.
or before Aug. 15 1919.
. 1845, 1383.-V. 108, p. 2246.
JUNE 28 1919.]
THE CHRONICLE
(W. H.) McElwain Co.-Earnings.Calendar Years1919.
1918.
1917.
1916.
Sales
$37,103,823 $35,552,691 128,140.984 $24,344,730
Net earns, aft. deprec
*$1,643,099 $1,143,139 $2,068,475
3904,019
Federal taxes
427,884
124,393
Profit sharing to empl
88,664
51,535
216,858
27,310
Special appropriations
150,000
100,000
100,000
Dividends
a610,323
596,897
699,874
528,000
Balance, surplus
$366,227
$370,313 $1,051,742
$248,709
* After deducting lasts, dies and patterns amounting to $159,477, all
expense for repairs and upkeep of $389,018 and depreciation $247;747.
a Less dividend adjustment on stock bought for retirement and profitsharing.
Merchants' Refrigerating Co., N. Y.-Offering of Preferred Stock.-Hayden, Stone & Co. are offering at 95 a
block of 7% Cumulative Preferred stock, preferred as to
assets and dividends. Redeemable at 110 and div. on 90
days' notice. Divs. payable. quarterly, Feb. 1., &c. A
circular shows:
Capitalization.-Preferred stock authorized, $5,500,000 (reserved
for conversion of bonds, $3,500,000); issued, $2,048,000; Common
stock, $2,000,000; funded debt, $3,420,000, viz.: 1st M. Serial 6% bonds
(4 issues, 1905 to 1914), $857,000; First & Ref. Convertible 6s of 1917, duo
1937, 83,500,000 auth. and issued $2,545,000, including $500,000 pledged
as security for $400,000 7% Serial Gold notes; mortgage on real estate,
$18,000.
Earnings Years Ending March 311918.
1919.
Net earnings after depreciation and taxes
$357,680 $575,067
Interest on funded debt
$62,824 $212,674
Preferred stock dividends
140,000 143,360
Balance, surplus
154,856 219,033
Company.-Incorporated in Now York 1894. Owns and operates 6 cold
storage warehouses with a storage capacity of 13,500,000 cu. ft., located in
N. Y. City and vicinity.-V. 104, p. 867.
Mexican Telegraph Co.-Quarterly Earnings.President John L. Merrill as of June 17 reports in substance:
Resultsfor Quarter ending June 30(Partly Estimated)1919.
1918.
Traffic receipts for quarter
$475,325 $375,000
Net,after taxes(not including war taxes)
$317,197 1255,000
Interest on investments, deposits and other income
70,000 56,387
Gross income
Mexican Government's participation in earnings
Dividend payable
Repairs, replacements, &c
War taxes
$387,197 1311,387
8,000 16,250
124,880 124,880
27,399 25,175
52,500 45,007
Surplus for quarter
3174,418 $100,075
Traffic to and from the Republic of Mexico still continues to show a gain.
Traffic to and from Central and South America, via Colon, has been exceptionally large during the past quarter and we trust that this growth is indicative of largely increased trade between the United States and Central and
South America. The usual quarterly dividend of 234% has been declared
payable July 16 to shareholders of record June 30. See also "Financial
Reports" above.-V. 108, p. 1515.
Middle West Utilities Co.-Director.-
.
(1) All the securities pledged under the Ten-Year 6% Prior Lien notes
of 1914, and held by Guaranty Trust Co., trustee, viz.:
(a) 4% notes of Idaho Power Co.. due July 1 1924, for the
aggregate amount of
$3,299.000
(b) 1,500 shares of Idaho Power Co. 7% Cum. Preferred stock
(par value)
150,000
(c) 149,934 shares of Idaho Power Co. Coin. stock (par value)_ _14,998,400
(d) 500 shares of the capital stock of Electric Investment Co.
(par value)
50,000
(e) Cash
304
(2) All property, &c., in possession of Electric Bond & Share Co.,including 173 shares Pref. stock of Idaho Power Co.
(3) All rights, &c.,to $219 excess payment of Federal income tax for 1917.
-V. 108, p. 1064, 585.
Naumkeag Steam Cotton Co.-Dividends.-
The directors have declared a regular dividend of 5%, also an extra
dividend of 5%, both payable July 1 to holders of record June 20. In
1918, 10% regular and 10% extra was paid.-V.108, p. 476.
New Jersey Zinc Co.-Extra Dividend.-
An extra dividend of 2% has been declared on the $35,000.000 outstanding capital stock, payable July 10 to holders of record June 30. in addition
to the regular quarterly dividend of 4%,payable Aug.9 to holders of record
July 31. An extra of 4% wa.. paid in June 1918.-V. 108, p. 1825.
New Haven Clock Co.-Earnings, &c.-A circular issued
by Earnest E. Smith & Co., 52 Devonshire St., Boston,
permits the following compilations:
Net Sales for 3 MonthsJan.
Feb.
March.
1918
3223,346 $272,538 $286,719
1919
232,678 315,205 344,679
"The above figures for March 1919 are exact to and including March 27.
While we have not as yet the complete figures representing the sales for
the last three days, we can safely state that they will raise the $344,679 to
over $375,000." Dividends on Common stock since 1905. inclusive of
one special dividend of 8%, have averaged annually over 6%. Accumulated surplus since 1903 now totals $596,543.
Capitalization (no Bonded Debt)Authorized. Outstanding.
Prof. stock 7% cumul. (par value $25, divs. Q.-F.)- $750,000
3500,000
Common stock, paying 6% (Q.-J.)
1,000,000
900,000
Compare V. 105, p. 914.
Balance Sheet Dec. 31.
1917.
1918.
1918.
1917.
AssetsLiaMlities$
3
Real estate,buildings
Preferred stock
500,000 500,000
and equipment__ _ 363,078 386,014 Common stock
900,000 900,000
9,728
Notes receivable_ _ _
11,780 Notes and accounts
Accounts receivable_ 451,179 551,117 Payable
607,162 443,797
Inventories
1,357,756 1,208,933 Accrued liabilities.,. 14,059
12,881
Cash
197,724 162,676 Dividends payable_ _
471
440
Liverpool office acct_ 29,373
30,209 Reserve Federal taxes 11,000
8.293
Prepaid interest, &c_
7,670
3,333 Surplus
503,091 589,580
Liberty bonds
119,275 100,909
Total
2,535,782 2,454,971
Total
2.535,782 2.454,971
Nate.-The above liabilities do not include dividends of 822.250 declared
Dec. 16 1918, payable Jan. and Feb. 1 1919.-V. 105. p. 914, 612.
North Carolina Public Service Co.-Earnings.-
Britton I Budd has been elected a director to succeed F. S. Peabody,
Calendar Yearsresigned.-V. 108, p. 2525.
Total gross earnings..___
Operating expenses
Montana Power Co.-Earnings.Taxes
4 mos. to -Calendar Years
Apr.30'19.
1918.
Net earnings
1917.
Gross earnings
$2,430,641 $7,558,741 $6,905,256 Interest charges
Net earnings
1,012,739 3,050,195 3,143,427
Preferred dividends
(13i)169,256 (7)677,026 (7)677,026
Balance, surplus
Common dividends
(1 )505,094(5)1,016.208(5)y1654,958 -V. 108, p. 269.
Balance, surplus
$338,389
$379.475
Oil Well Supply
$811,443
y Includes M % Red Cross dividend.-V.108. 13. 2438.
National Casket Co.-Bond Call.-
This company has called for payment on June 30 1300,000 serial bonds
leaving outstanding 8500,000 bonds duo June 30 1924.-V. 108, P. 1278.
National Enameling & Stamping Co.-Pref. Stock
Sold.-Dominick & Dominick, New York, announce the
sale at 102 flat, by advertisement on another page, of
$1,453,400 7% Cumulative Preferred stock, par $100. Pref.
as to d. & a. Divs. payable quarterly March 30, &c. Pref.
stock has full voting power.
Capitalization (upon Completion of Present Financing) Auth. Outstanding
First Mortgage Real Estate 5% bonds
113.500,000 32,315.000
7% Cumulative Preferred stock
10,000,000 10,000,000
Common stock
20,000,000 15,591,800
* $1,185,000 bonds have been redeemed and entire issue will be canceled
at maturity in 1929 through operation of sinking fund.
Data from Letter of Pres. George W. Niedringhaus, Dated June 23.
Business.-Incorp. in New Jersey in 1899, and has an unbroken Preferred
dividend record. Is the largest producer in this country of enameled wares,
as well as galvanized goods, stamped, tinned, japanned, nickeled, and sheet;
me al wares of all kinds, including gas, oil and wood stoves, stove
t
sinks, steel barrels, house furnishing and sanitary products; is also apipes,
large
steel producer with a production of 350,000 tons annually made into ingots,
sheet and universal plates, tin plates, &c. Through the use of hot metal
delivered by the St. Louis Coke & Chemical Co., production capacity will be
increased to approximately 450,000 tons annually.
Purpose of Issue.-Proceeds of this issue will be used for acquiring a
substantial interest in the Preferred and Common stock of the
St. Louis
Coke & Chemical Co , thereby enabling the company to increase its output
of steel and reduce its cost of manufacture.
Description and Location of Plants.-(a) Granite City (Ill.) steel plant, 10
open hearth and 24 sheet and tin mills; one 84-inch plate mill; one bar mill
and one 36-inch universal mill; site 72 acres; buildings 800.000 sg. ft.;
present annual production 350,000 tons. (b) Granite Iron Mills (St. Louis,
Mo.) & St. Louis Tin Plate Co., 6 sheet mills, 400,000 sq. ft. (c) Granite
City (Ill.) stamping & Enameling Works, site, 40 acres, buildings, 700,000
sq. ft. (d) New York Plant, 825 ft. frontage on Newtown Creek, 15 acres,
buildings 450,000 sq. ft. (e) Milwaukee plant, 500.000 sq. ft. of floor
apace. (I) Baltimorev
two plants, _650,090 sq..ftt. of
(IfIl
)
oes ace.
nodomsocider4 plajr,ilavadga
..t
Chicago,
. 100
a , over
archroteis
ifi.,Nlevw
warehouse
(leased) of about 45,000 84. ft.
Profits. Years ended Dce. 31, after Depreciation, Federal Taxes, Bond Interest
and Sinking Fund.
1916.
1915.
1917.
1918.
Ann. Avge.
$1,917,802
$913,742
$2,773,264
$4,225,655
32,462,591
The annual profits for this 4-year period averaged 28.81%, or four times
the dividend requirements on the $8,546,600 Prof. stock outstanding. The
profits in this period, if applied to the full $10,000,000 issue of Prof. stock,
were equivalent to 24.62% or 334 times the annual dividend.
Assets.-After deducting all current liabilities as well as bonded debt.
depreciation and Federal tax reserves, the net tangible assets applicable
to
the Pref. stock outstanding on Dec. 31 1918 amounted to over $311 per share.
Net quick assets on Dec. 31 1918 after the deduction of all current liabilities,
including $1,100,000 reserve for Federal taxes, amount to $10,201,812, or an
amount in excess of the tntire $10,000,000 of Pref. stock that will now be
outstanding.
Compare annual report for Dec. 31 1918 in V. 108, p. 970.-V. 108, P.
2438. 2129.
aotplarnt,
National Securities Corporation.-Sale.-
By order of the N. Y. Supreme Court the entire property, credits, &c.,
including the following securities, were sold on June 2'7 at the N. Y. County
Court House, to the Power Securities Corp., N. Y. City, for 1150,000, to
satisfy a judgment in favor of the Bankers Trust Co.:
2635
1918-19.
$739,929
427,233
16,174
1917-18.
$641,270
360,803
12,894
1916-17.
$580,492
320,714
18,396
1915-16..
$513.391
285.453
17,178
$296,522
171,760
$267,574
168,492
$241.382
159,507
$210.760
145,724
$124,762
199,082
881,876
$85.035
Co.-Offering of Bonds.-Union Trust
Co., Pittsburgh, are offering at par and int. yielding 6%,
$3,000,000 (entire issue) First Mortgage 6% Sinking Fund
Serial gold bonds, dated June 1 1919, due $150,000 annually
each June 1 1920 to 1939, incl.
Interest payable J. & D., without deduction for any normal Federal
income tax up to 2%, which the company may lawfully pay at the source.
The Union Trust Co., Pittsburgh, 'frust,:w. Denom. $1,000c*. All
bonds becoming due on or after June 1 1922 are redeemable at par and
int., in whole or in part on that date or on any later int. date, upon 30 days'
published notice. Free of Pennsylvania State tax. Commencing June 1
1919 a sinking fund of $12,500 monthly is provided to be applied to the
payment of each series as they become due.
Data from Letter of Pres. Louis Brown, dated Pittsburgh, May 7 1919.
Company.-Incom. March 18 1891 in Pennsylvania, succeeding the Oil
Well Supply Co., Ltd., in continuous and successful operation since that
date, is the largest manufacturer of machinery and supplies for drilling and
operating oil and gas wells. The principal manufacturing plants located
at Pittsburgh, Oil City, and Bradford, Oswego, N. Y., and Poplar Bluff,
Mo., have been well maintained. Maintains branches at all important
points throughout the oil and gas fields in the United States and Mexico
also maintains an office in London, Eng., to care for its European and
Oriental trade.
Financial Condition on Dec. 31 1918.
$1,500,000
al and undivided profits after deprec. and taxes
apiltus
f
C3mT
12,332;741
The sales have increased from $9,970,000 in 1908 and $24,440,000 in 1918.
Purpose of Issue.-The proceeds will be used to increase the facilities and
to enlarge the purposes of the company so as to meet the constantly growing
demand for machinery and supplies for drilling and operating oil and gas
wells. The outstanding bonds of 1905 amounting to $770,000 were called
for redemption at par and int. on June 1 1919 (see V. 108, p. 2027).
Security.-Secured by a first mortgage on the manufacturing plants and
on other valuable properties. The indenture also provides that the quick
assets shall at all times equal its liabilities including the amount of bonds
outstanding. On Dec. 311918, quick assets were $9,800,964 in excess of all
liabilities including outstanding bonds.
Earninps.-After liberal allowances for depreciation and payment of
all taxes, the net earnings applicable to the payment of interest charges.
have averaged per year for the past five years $1,369,373, which is over 7
times the maximum annual interest charges on the $3,000.000 issue of bonds.
-V. 108, p. 2027.
Otis Steel Co., Cleveland.-Bond Call.-
All of the 5% Mtge. S. F. gold bonds have been called for payment
July 1 at 105% at the Trustees Corporation, Ltd., London, England.
V. 108. p. 2246.
Pabst Brewing Co.-New Product.-
An advertisement says: "New 'Pabst, after July 1st, will take the place
of the present Pabst beverages; can be sold under the new prohibition law
by grocers, restaurants,lunch and soda stands, soda foundains, drug stores,
&c., without any license whatsoever."-V. 108, p. 2246, 2129.
Packard Motor Car Co., Detroit.-Increase in Authorized Capital Stock, Common from $13,000,000 to $30,000,000
and Preferred from $8,000,000 to $20,000,000-Only $7,500,000 New Preferred Stock to Be Issued at Present-Underwriting
Largely Oversubscribed, Providing for $5,000,000 Debenture
Notes Due Oct. 15, &c.-The shareholders voted June 26
1919 to increase the capital stock as above indicated. The
immediate issue of 87,500,000 additional Preferred stock has
been underwritten. by Montgomery & Co. and the Chase
Securities Corp., being largely oversubscribed.
2636
THE CHRONICLE
[VOL. 108.
The bankers, in a circular offering the new 7% Cumulative by a banking syndicate, and it is expected will be offered
Prof. stock, at par and divs. [subject to authorization by for subscription some time next month.
After the new financing is arranged for the capitalization of the company
Michigan Securities Commission], report in brief:
Pref. stock authorized, $20,000,000; outstanding, $8,000,000; now being
issued, 37,500.000; total, 315,500,000. Dividends payable quarterly
March 15, &c. Preferred as to assets and dividends, subject to call at 110
and div. on 90 days' notice up to Aug. 30 1939, on which date the issue is
to be redeemed at par in accordance with the Michigan statute.
Net current assets equal $167 per share on all Pref. stock; net tangible
assets total $254 per share. Annual sinking fund payments, equal to 5%
of net earnings, will be used to purchase Pref. stock at not over 110 and divs.
No mortgage or lien may be placed on plant or equipment without the consent of a majority of Preferred stock outstanding.
Years ended Aug.31- 8 Mos.en
1917.
1918.
3019
Earnings.1916.
Net, after all taxes
$6,356,419 $5,638,191 $5,866,701 Apr.
$4,645,430
Div'd requirements on $15,723,333
1,085,000 1,085,000 1,085,000
500,000 7% Preferred_.
The available earnings have averaged, for the period shown, 5.65 times
dividend requirements on $15,500,000 7% Preferred stock.
President Alvan Macauley in circular of June 19 says:
To provide funds for retiring outstanding debenture notes, amounting to
$5.000,000, which become due on Oct. 15 1919 (the company's only funded
or floating debt) and to augment working capital for the rapidly growing
business, your directors feel that advantage should be taken of the present
favorable market situation to sell additional Preferred stock to the amount
of 37500,000, subject to authorization by the Michigan Securities Comm.
This is the only new financing now contemplated, but as a provision to
facilitate future capital extensions when and as they may become necessary,
the stockholders will be asked to approve increasing the company's authorized Common stock to $30,000,000, and the authorized Preferred stock to
$20.000.000.
Stockholders are reminded that we have done no permanent financing
since 1915, when $3,000,000 of Preferred stock was issued, and that the
value of our yearly output has increased from $15,547,165 80 in 1914-15 to
$64.657,317 24 in the fiscal year 1917-18. Our total assets in the same
period have expanded from $25,489,475 to $45,641,374, and our current
assets from $18,442,901 to $31,500,494.
The company's financial position to-day is very strong, quick assets at
April 30 totaling $34,904,533, including cash and Government securities
amounting to 314,874,886.-V. 108, P. 274.
will show $18,000.000 preferred authorized, $17,536,000 outstanding; $15,900,000 common authorized, $8,250,000 outstanding. Press reports say
that Lee. Higginson & Co. will be one of the houses in charge of the
underwriting.
A dispatch from Chicago on June 27 stated that the company is to issue $20,000,000 new stock, making its capital
$50,000,000. There is to be $10,000,000 each of common
and preferred, the latter to be issued to stockholders of
July 16 at par. A meeting of stockholders is to be held at
Jersey City July 15.-V. 108, p. 2335.
Remington Typewriter Co.-Listing.The New York Stock Exchange has authorized the listing of $2,517,200
voting trust certs. for the 7% 1st Pref. Cum. stock.-V.108,p.2533, 1158.
Royal Dutch Co.-Subscription Rights, &c.-The Equitable Trust Co., in circular of June 25, says in brief:
Stock Rights and Cash Dividends.-Subject to the approval by the shareholders at a meeting to be held in Holland on June 30 1919, the holders of
outstanding Ordinary shares are offered the right to subscribe at par, plus
stamp tax in Holland, to one share of new Ordinary stock for each four shares
of stock held. This new stock will be entitled to the dividends for the fiscal
year of 1919 (payable in 1920). The final dividend for 1918 has been fixe
at 25%, payable (on the old stock) on the same date as that fixed for the
payment of the subscription in Holland on the new stock offered which
will probably be July 16 1919. Subscription applications must be filed in
Holland between June 16 and July 4 1919, and we have taken steps to
subscribe to the new stock to which all of the stock deposited with us is
entitled.
New York Shares.-Transferable warrants will be issued to the holders
of"New York shares" of record July 7 1919 as soon thereafter as practicable,
entitling them to subscribe to new "N. Y. shares" at the rate of one such
share for each four "N. Y. shares" held by them. Subscriptions to be paid
In full at our office, 37 Wall St., on or before July 22, plus taxes, expenses
and fee to a total of prbably between $3.75 and $4 on each old "N. Y.share'
"American Shares."-"American" shareholders wishing to avail themselves of the subscription privilege and to receive their new stock in N. Y.
Pierce, Butler & Pierce Mfg. Co., Inc.-Acquisition.- in the form of "N. Y. sharps" may do so by exchanging their present holdNegotiations were completed about June 11 for the purchase of the Ames ings of "American shares' for "N. Y. shares" without cost to them, at
Iron Works, Oswego, for a sum said to be about $1,500,000. The plant our office on or before Jul, 7 1919.
Otherwise transferable warrants will be issued to the holders of"American
has been used for the manufacture of engines and boilers, giving employshares" of record July 7 1919 as soon thereafter as practiable, entitling them
ment to about 400 men.
The Pierce, Butler & Pierce Mfg. Co. has filed notice of increase in to subscribe to new Royal Dutch Ordinary sub-shares at the rate of one such
Royal Dutch sub-share for each 12 "American shares" held on record date.
capital stock from $2,350,000 to $4,000,000.-V. 105, p. 2370.
We recommend, however, that holders exchange their "American shares"
Pierce Oil Corporation.-$15,000,000 8% Convert. for "N. Y. shares." so that there mai ultimately be only "N. Y. Shares"
Pref. Stock-$9,200,000 10-Year 6% Debentures to be Retired. outstanding.
1918 Dividend.-The final dividend for 1918 will be paid to holders of
-The shareholders will vote July 25 on authorizing the issue "N.Y.shares" and of "American shares" of record July 7 1919 as soon after
and sale of $15,000,0008% Cumulative Convertible Preferred Jul/ 22 1919 as practicable. Compare V. 108. p. 2533, 2439.
stock, par $100, convertible $ for $ at option of holder into
a new issue of non voting Common stock.
This issue of Pref. stock has been underwritten by Goldman, Sachs & Co. and Lehman Brothers and the holders of
the $9,200,000 10-Year 6% Debentures, due July 1 1924,
will for a limited period be allowed to exchange their bonds
for the new Preferred shares par for par. Any of the debentures not retired in this manner will be called and paid off at
105. A circular will be issued about July 3 regarding the
matter.
There are now outstanding, we learn, about $1,500,000 convertible gold
notes, the aforesaid (approximately) $9,200,000 10-year 6% Convertible
Debentures, and some $22,000,000 capital stock. The conversion of notes
and debentures into stock is still in progress.-V. 108, p. 2027, 1941.
Shaffer Oil & Refining Co.-Offering of Preferred StockFurther Acquisitions.-Bonbright & Co., N. Y., and H. M.
Byllesby & Co., N. Y. and Chicago, are offering, by advertisement on another page, $6,000,000 Participating 7%
Cumulative Pref. stock, par $100. Pref. as to a. & d.
Divs.(cum.from July 1 1919) payable quarterly, Jan. 25,&c.
This stock will be fully paid and non-assessable, and will
be entitled to cumulative divs. at the rate of 7% per annum
and will participate ratably with the common stock up to
10% per annum. In addition, it will participate at the rate
of 3< of 1% for each dollar paid on the Common stock in
excess of $10 per share during any one fiscal year. A
•
circular shows:
Value of Properties.-Based on appraisals of independent experts, which
have been checked by H. M. Byllsaby & Co., the estimated value of the
properties to be acquired, including cash amounting to approximately
Results for Three Months Ending March 31 1919 and Year 1918.
3 Mos. 1919. Year 1918. $4,000,000 in the treasury, after deducting $12,000,000 First Mtge. Cony.
$18,106
$53,716 6% bonds outstanding, is equal to $200 for each share of the $11,000,000
Gas division earnings, 123,754,000 cubic feet
18,285 Pref, stock to be immediately outstanding. [The company has 200,000
10,858
Gasoline division earnings, 54,392 gallons
918,731 shares common stock outstanding, no par value.]
011 division, 97,219 and 307,550 bbls., respectively_ 290,335
Earnings for the Calendar Year 1918.
Miscellaneous earnings
17,673
32,843
Actual net earnings of the oil properties & refinery for the cal.
year 1918 after expenses, maintenance (not incl. deprec.) and
$336,972 $1,023,576
Total earnings, all sources
$3,464,533
Federal taxes on basis of present capitalization
Operating expenses, maintenance, repairs, &c., inter$189,801
$561,983 Annual interest on $12,000,000 First Mortgage 6% bonds
720,000
est on funded and current debt
20,374 Annual div. on $11,000,000 Panic. 7% Cum. Pref. stock_ _
770,000
Depreciation and bond sale commission
1,974,533
Balance, surplus
Reserved for Federal taxes, $12,742; amortization of
155,515
investment $22,060
34,802
[For description of property, pref. stock provisions, &c., see letter from
Dividends paid during period
62,336
Vice-President A. S. Huey in V. 108, p. 2247.
The following has been pronounced official for the "Chronicle": The
$50,032 160,000 company has just acquired approximately 80,000 acres of oil leases in Texas
Net surplus for period
in addition to the 10,000 acres in that State previously owned. The leases,
$125,705 which have been under negotiation for some time, were personally selected
On Dec. 31 1918 there were outstanding: Capital stock, $2A93,455; by C. B. Shaffer. Active drilling operations are in progress.]
bonds (Southern Oil Co.), $275,000; bills and loans payable,$141016:
(H. M. Byllesby & Co. have prepared a booklet entitled "A Study of
total p. & I. surplus, $469,878. During the quarter in 1919 additional Shaffer 011 & Refining Co. and the position it occupies in the Petroleum
capital stock was sold for $13,581, and there was invested in additions to Industry."-V. 108, p. 2335.
plant, $113,417, while accounts and bills receivable increased $38,949 and
floating debt was reduced $98,639. On the other hand, cash decreased
Shattuck Arizona Copper Co.-Capital Distribution.$147,188 to 3115,403.-V. 108, p. 884.
A capital distribution of 25 cents per share has been declared, payable
July 19 to holders of record June 30, but without the usual quarterly diviProcter & Gamble Co., Cincinnati.-New 6% [2nd] dend. A capital distribution of 25 cents was paid in each quarter of 1918,
with the regular quarterly distribution, but no capital payment was
Pref. Stock.-The shareholders will vote July 28 on increasing along
made in January and April 1919.-V. 108, P. 2130.
Pittsburgh Oil & Gas Co.-Earnings.-
the authorized capital stock from $26,250,000, consisting of
Simms Petroleum Co.-New Company.-The Simms
$2,250,000 8% Cum. Pref. [a. & d.] stock and $24,000,000
Common stock, to $72,000,000, the new stock to consist of Petroleum Co. of Delaware has been incorporated with a
capital of 500,000 shares of stock of no par value, of which
$45,750,000 6% Cum. Pref. [a. & d.] stock, par $100.
will be issued immediately. Knauth, Nachod
This new Pref. stock, which is in effect a second preference issue, ranking 425,000 shares
as it does subsequent to the $2,250,000 8% Preferred as to assets and divi- & Kuhne have formed a syndicate to underwrite the purdends is to be callable at 110 (par 3100), all or part (pro rata) with all chase and resale of 144,000 share of stock of the Delaware
accrued dividends, and is to have no voting power unless four of its quarterly
dividends are in default and only thereafter until dividends are resumed and corporation, all of the proceeds of which will go into the
all unpaid dividends have been paid. The holders will not have the right company's treasury for development of the properties of the
to subscribe to new stock issues. Neither issue of pref. stock "shall be
increased nor shall any additional stock be authorized to be issued with Texas corporation and for other corporate purposes.
rights equal with or prior to the rights of the 6% Preferred stock."
Statement by President William Cooper Procter, Cincinnati, June 23
In order that the company may be in a position to protect the natural
development and growth of its business, it is essential that it have at its
command the means to secure adequate working capital. To this end we
are asking our stockholders to give formal consent to an authorization of
6% Preferred stock. It is the intention of the company to issue this stock
at the discretion of the board of directors, at such times, over a period of
years and in such amounts as conditions may warrant and the business may
require, and all stock so to be issued will be offered first to the holders of
the Common stock of the company. It is the opinion of the management
that no financing in addition to that provided by this authorization will be
required for a long time. [The company has outstanding $2,500,000 59'
notes, due Oct. 1 1919 and $20,000,000 79' notes due serially Mar. 1 1920
to 1923. V. 106, p. 1040, 1132.-Ed.1-V. 108, p. 2533, 386.
The company has no bonds, debts or pref. stocks and will have in its
treasury in addition to $3,600,000 in cash and 75,000 shares of stock, all
the capital stock (except directors' qualifying shares) of the Simms Oil Co.
of Texas. The last company owns leases on 424,000 acres of well-selected
lands in 20 counties of Texas included in the Ranger oil field and its southern and southwestern extensions.
Harry Bronner, President of the Missouri Pacific RR., will be Chairman
of the new company. and E. F. Simms, Vice-President of the Sinclair Gulf
Corporation, who acquired the leases owned by the Texas corporation,
will be President.
Sinclair Oil & Refining Co.-Quarterly Earnings.1919.
1918.
Inc.
Quarters ended March 31$3,384,363 $1,985,440 70%
Net earnings from operations
Balance after deducting interest and discount
but before deducting Federal taxes, amor2,847,829
1,443,843 97%
tization and depreciation
-V. 108, p. 2439, 2247.
Quaker Oats Co.-New Financing.-The stockholders
will vote shortly on increasing the authorized preferred stock
(Howard) Smith Paper Mills, Ltd. Montreal.-Offerby $3,000,000 so as to permit the issuance of an additional
$7,000,000 identical in character with the present outstand- ing of Bonds.-Nesbitt, Thomas & Co., Montreal, and A. E.
ing preferred stock. The new stock has been underwritten Ames & Co., Toronto, are offering at 93 and int., to yield
JUNE 28 1919.]
THE CHRONICLE
6V1%, 00,000 6% First Mtge. 15-year Sinking Fund gold
bonds, dated June 1 1919, due June 1 1934.
Int. J. & D., payable at Royal Bank of Canada, Montreal & Toronto,
and at its N. Y. agency. Denom. $100,$500 and $1,000 c*. Redeemable
as a whole or in part, on any int. date on 60 days' notice, at 105 and int.
Trustee, Montreal Trust Co., Montreal and Toronto.
CapitalizationAuthorized.
Issued.
Common stock
,
1$3000,000
f$1,062,500
7% Preferred stock
I 475,000
First
st Mortgage 6% bonds
,,
500 000
800.000
The remaining bonds may be issued only to the extent of 75% of cost
of property extensions, when the annual net earnings are three times the
interest on bonds outstanding and to be issued.
Data from Letter of Pres. C. Howard Smith, Dated Montreal, May 22.
Company.-Incorp. In 1912 and took over the business for 20 years
previously conducted under the name of Howard Smith and from 1906
under the Howard Smith Paper Co., Ltd. Also during 1912 acquired a
property at Beauharnois, Que., where a modern mill was built for the manufacture of high-grade bond and ledger papers. In 1916 the newsprint mill
of Edwin Crabtree & Sons, Ltd., of Crabtree Mills, Que., was purchased,
and in 1917 the manufacture of newsprint was discontinued, and the mill
changed & enlarged to manufacture high-grade sulphite bond writing papers.
The Beauharnois plant, of modern brick construction, has a daily capacity
of 20,000 lbs., and upon completion of the extensions now under way,this
will be increased to 35,000 lbs. The Crabtree plant, of stone and reinforced
concrete construction, has a daily capacity of 44,000 lbs. Also owns a saw
mill near Crabtree Mills to supply the company's needs in packing cases, &c.
Security.-Secured by,a First Mtge. on the fixed assets now owned or
hereafter acquired, and also a floating charge on the current assets.
Purpose of Issue.-The proceeds will be used to retire outstanding bonds,
repay bank advances for capital expenditures already made, and to provide
for required plant extensions and additional working capital.
Product.-Manufactures the highest grade of writing paper, both bond
and ledger, as well as specializing in sulphite bond papers, such as Bellfast,
Krypton, &c. Exports paper to Great Britain, South Africa, New Zealand, Australia, Mexico and South America.
Statement of Assets (excl. of Good-will) as at Dec. 31 1918, but incl. Cash
to be Received Out of the Proceeds of This Issue.
•
Properties-Beauharnois plant, as appraised Sept. 15 1913 and
subsequent additions at cost, less depreciation,($454,949);
water power rights ($60,000), $514,949; Crabtree plant, as
valued at Jan. 20 1917 and subsequent additions at cost, less
deprec. ($800,195), water power rights ($365,000), $1,165.$1,680,144
195; total
Net current assets (incl. cash to be received from the proceeds
of this issue), after deduction of current liabilities and Government taxes, &c., and incl. profits for the 4 months ending April
30 1919, and after making provision for the retirement of 96288,000 bonds now standing against the properties,
$622345;$2302,489
total net assets
Earnings Cal. Years, after Deprec., but before Int. on Bonds & Govt. Taxes.
1919 (Est.)
1918.
1917.
1916.
$197,116
$300,000
$169,789
$116,318
The company carries insurance on its plants, buildings and stock to the
extent of $1,401,000, and is also covered by use and occupancy insurance.
Earnings for Cal. Yrs. aft. Deprec. but before Bond Int. & Govt. Taxes.
1916.
1917.
1918.
1919 (Est.)
$116,318
$169,789
8197,116
Net earnings
$300,000
Daily capacity of plant at Beauharnois, Que., is 20,000 lbs. now to
be increased to 35,000; of plant at Crabtree Mills, Que., is 44.,000 lbs.
-V. 108, p. 2247.
Southern California Edison Co.-Suit Filed.
A suit enjoining the City of Los Angeles from carrying into effect (through
the issuance of $11,000,000 in power bonds), the purchase of the electrical
distributing system of the company within the city, was filed on June 12
by Abner Miller, a taxpayer.-V. 108, p. 2439.
Spanish River Pulp & Paper Co.
"Financial Post" of Toronto on May 21 says in brief: This week
shareholders were notified that vouchers would be posted on July 15the
to
registered holders of Pref. stock of record June 30, authorizing them to
receive warrants on their holdings representing the dividend for the
year
ending June 30 1914,"as and when such dividend or part thereof is declared
payable by the board."
This simply means that the two classes of Prof. stock will be placed in
the same position, so far as arrears of dividends are concerned. That is,
by a payment of Pref. stock representing 7% the $3,000,000 of 1913 stock
will be brought up to Juno 30 1914, with the balance issued under that date,
viz., $2,700,000, so that hereafter both will rank as entitled to 35% arrears
In dividends.
The prevalent opinion here is that this is but a preliminary to meeting
the balance of arrears. It is said a note issue,estimated as high as $5,000.000, will be issued [in part] to take care of arrears in interest on'bonds and
notes, amounting to nearly $1,500,000 as of Juno 30 1918, which would
pave the way for some action on arrears of dividends. It is known that
the earnings for the year ending June 30 1919 will be much higher than last
year, and it is felt that regular current dividends will soon follow the wiping
out of the deferred arrears.
At a meeting of the board George R. Gray was appointed a director as
the nominee of the Ontario Pulp & Paper Co., bondholders, to succeed the
late Benjamin Tooke.-V. 108, p. in.
Standard Gas & Elec. Co.-Sub. Co. Pref. Stock.
See Shaffer Oil & Refining Co. above.-V. 108, D. 2335.
Standard Textile Products Co., Youngstown, 0.
-
Offering of 7% Cumulative Pref."A"Stock-Annual Report.Borton & Borton, Cleveland, are offering this company's 7%
Cumulative "A" Preferred stock (par $100); pref. as to a. &
d. Divs. payable quarterly, Jan. 1, &a. Redeemable at
115 and div. A circular shows:
Capitalization after Present Financing.Authorized. Outstand'g.
Preferred stock Class "A, 7%
$5.000,000 $5,000,000
Preferred stock Class "B." 7%
5,000,000 3,000,000
Common stock
5,000.000 4,000,000
Business.-Plants located at Youngstown and Akron, Ohio; Rock
Island,
I11.; Athenia, N. J.; Buchanan, N. Y., and Columbus, Ga. The company,
(formerly the Standard 011 Cloth Co.-V. 108, p. 1279) is the largest producer of light-weight oil cloths in the United States, known as "Meritas"
table, shelf and stair oil cloth. Other products are "Meritas" leather cloth
and "Sanitas" washable wall covering. Products aro the leading articles
of their kind and are distributed through the dry goods and hardware trades
throughout the United States and in many foreign countries. The plant
at Columbus, Ga., known as Meritas Mills, produces special grades of
cloth required for these products.
Assets.-The balance sheet as of March 31 1919, adjusted to give,effect
to the proceeds of the present financing, shows: Total net asests of $14,684,288, and net current assets of 85.396,613, or over $293 of total net
assets and $107 of net current assets for each share of Preferred "A"stock.
Appraisals of tho permanent assets made in 1918 by the Coast & Burchard
Co. and Robert & Co., give the reproduction value as $1,631,000 in excess
of the amount carried on the books.
•
Earnings.Net Sales. Earnings for Stock.
1014
$5,576,387
8447,726
1915
6,138,046
605,894
1916
8,947,275
1,001,675
1917
10,627,566
926,859
1918
15,290,671
x1.617,886
Average 1908-18, 11 years
.461
the
total
on
issue
of Pref."A" stock, incl. that about to be
x Over 32%
Issued.
H. M. Garlick, President of this company, is Chairman of the Board of
the First National Bank and of the Dollar Savings & Trust Co., Youngstown. See also "Financial Reports" above and V. 108, A. 2336. 2028.
Carburetor Co. of America, Inc.-Officer.-•omberg
-76
.George F. Lewis has been elected Secretary to succeed Kenneth R.
Howard, resigned.-V. 108. P. 2336.
2637
Superior Steel Corp.-Common Dividend Reduced.
The directors have declared a quarterly dividend of 75 cents on the
$6,000,000 outstanding Common stock, payable Aug. 1 to holders of record
July 15. This compares with $1 50 paid quarterly since Nov. 1917. The
reduction in the common dividend was decided upon in order to conserve
resources. An official of the company states that the earnings for the first
quarter of 1919 were comparatively good, but in the second quarter there
was a sharp falling off, although during the past thirty days there has been
some improvement, and it is considered likely that the net earnings for June
alone will be better than for April and May combined.-V.108, p.885,873.
Texas Company.-Listing-Earnings.
The New York Stock Exchange has authorized the listing of $15.625,000
additional capital stock, making the total listed about $85,000,000.
4 Mos. to
6 Mos. to
Apr. 30'19. Dec. 31 '19
Gross earnings
$26,864,710 $44,522.599
Net earnings
7,424,645
15,996,891
Balance before dividends
4,640,779
8,801,726
Dividends
1,734,375
3,468,750
Balance, surplus
2,906,404
5,332,976
-V. 108, p. 2533, 1279.
Thompson (John R.) Co., Chicago.-Stock, &c.
It was recently voted to reduce the par value of the common stock from
$100 to $.25 per share and to issue $500,000 new common stock at par to
stockholders of record June 3, pro rata to their holdings, increasing the
outstanding common stock to $4,500,000. On June 4 the stock was listed
on the Chicago Stock Exchange.
The Chicago "Herald & Examiner" on June 5 said- "The company's
income account for the calendar year of 1918 shows a net income of $421,093
for the year, before Federal taxes and depreciation. This exhibit is said
to be the poorest in the company's history because of regulations of the Food
Administration in force during the period. The profits, it is said, have
averaged approximately $1,000,000 the previous six years, and currently
are at the rate of $1,250,000 per annum."
The income account for 1918 follows: Sales,
operating expenses, 58,564.694; net profits, $308,524; other$8,963,219;
income, 822,568; net income,5421.093.
Condensed Balance Sheet May 31 1919 (as furnished to "Chronicle").
Plant and property
x53,449,719 Preferred stock
$1,675,000
4,000,000 Common stock
4,500,000
Secursities owned, Liberty
Bonded debt-real estate_ 205,000
bonds, &c
548,791 Acc'ts pay.,accr. tax.,&e_ 283,819
Treasury stock
503,500 Deferred income
668
Inventories
358.025 Reserves,dcprec..ins., &c. 679,078
Acc'ts & notes receivable..
86,254 Surplus
2,086,176
Cash on hand,in banks.,__ 448,466
Deferred charges to oper_ _
34,986 Total, each side
$9,429,742
x Incl. real estate, leaseholds and restaurant equipment.-V.105, p. 395.
Troy Foundry & Machine Co.-Offering of Preferred and
Common Stock.-Thomas C. Perkins, Inc., Hartford, Conn.,
are offering by advertisement on another page this company's Preferred and Common stocks on a basis to net 9%.
An advertisement shows:
The Preferred stock is preferred as to a. & d. Beginning July 21 1919,
after payment of quarterly divs. on the Preferred at the rate of 8%per
annum,a minimum sinking fund equivalent to 2% of the outstanding Prof.P
stock shall be set aside each year to retire the Preferred stock at $110 and
div., and thereafter, after paying 8% on the Common stock, one-half of
the remaining net profits each year shall be applied to the sinking fund.
CapitalizationAuthorized. Outstand'g
8% Cumulative Preferred stock (par $100)
$750,000 $500,000
Common stock (par $25)
750,000 600.000
Company.-Successor to the long-established and successful business of
the West Side Foundry Co. of Troy, N. Y.; owns and operates one of the
largest manufacturing foundries in the Eastern States, emplyoing about
500 men. Has furnished gray iron castings to General Electric Co.,
Schenectady, N. Y.' Sprague Electric Works, N. Y. City; Vermont Farm
Machine Co.,Bellows Falls, Vt.; Heywood Bros. & Wakefield Co., Gardner,
Mass.; Empire Cream Separator Co., Bloomfield, N. J.; Ward Leonard
Electric Co.. Bronxville. lc. Y.,&c. Manufactures power presses for baling
cotton, hay, shavings, paper, textiles, &c., and the Cassco engine-driven
automobile tire pump, which has been adopted and used as standard equipment by the Winton, Oakland, Case, American, Holmes, Moon, ScrippsBooth, and other well-known cars.
Assets and Earnings.-The assets giving effect to this financing, after
deducting allliabilities. amount to $985,015, or equivalent to 197% of the
outstandingPreferred stock. The present sales are on a basis of $1,000.000
a year, an earnings equivalent to twice the Preserred stock dividend requirements. Manufacturing schedules for the fiscal year beginning July 1
1919 indicate greatly increased earnings and dividends at the rate of 4%
on the Common stock.
Trumbull Steel Co., Warren, Ohio.-Dividends.
A quarterly dividend of 23 % has been declared on Common stock and
% on the Preferred stock, both payable July 1 to holders of record
June 20. In April last 134% and 1% extra was paid and In Jan. 15%
0 extra was paid.-V. 108, p. 2439, 2131.
regular and 2%17
Tide Water Oil Co., N. Y.-Earnings-Listing.1919.
1918.
Three Months end. March 31Inc. or Dec.
Gross sales and earns.(incl.subsids.) $9.731,700 $7,484,355 +$2,247,344
Operating income
$4,071.680 $3,657,844 +$413,836
43,558
Other income
82,479
-38,921
Total Income for the 3 months_ _
$4,115,238 $3,740,323 +$374,914
depletion
charged
off_
and
_
Deprec'n
$969,516
$865,841
+8103,675
664,854
416,360
Fed.inc.and excess and war prottax
+248,494
Outside stockholders' proportion__103,816
122,987
-19.173
Dividends paid, March
(4%)1,275,988(5)1,594,975 -$318,987
Balance for quarter
$1,101,064
$740,158 +8360,906
814,393,289 513,657,160 +8736,129
Total surplus March 31
The New York Stock'Exchange has authorized the listing of $1,187,000
additional common stock, making the total listed $33.087.000.
United Cigar Stores Co. of America.-Exchange of Stock.
See United Retail Stores Corporation below.
United Drug Co., Boston.-Official Statement as to Issue
of $7,500,000 New First Pref.-Issue Underwritten-Subscription Rights-History of Enterprise.-President Louis K.
Liggett in a letter addressed to the bankers (Kidder, Peabody & Co., F. S. Moseley & Co. and Chase Securities
Corp.) who have underwritten the proposed issue of $7,500,000 additional 7% cumulative First Pref. (a. & d.) stock
(par $50, callable at $60), says in substance:
There are approximately 8,000 stockholder-agents in the United
States, Great Britain and Canada, and the company owns and operates
216 retail drug stores under the name of Liggett's Stores, situated in New
York, Boston. Philadelphia, Washington, Atlanta, Baltimore, New Orleans, Ft. Worth (Texas), and other cities in the East; and in Milwaukee.
Minneapolis, Detroit and other cities in the Middle West, and in Ottawa,
Toronto, Hamilton. Winnipeg and Calgary, Canada.
Our fundamental policy still is to manufacture under our own trademarks standard commodities of the highest quality, exclusively for our
stockholder-agents, and also to develop our own chain of retail drug stores
in the metropolises and other places where adequate representation by
stockholder-agents cannot be had.
Combined Sales of the Corp.(Incl. Sales by United Drug Co.to:Liggett's Stores).
1918.
1917.
1916 (11 Mos.)
Combined
$33,224,866 $40,716,290 $51,028,336
EarningsCom edafsales
ter liberal
$2,074,501 $3,156,007 $4,579,922
339,450
1,531,807
59.692
Less Federal taxes
82.014,809 $2,816,557 $3,048,115
2638
[VoL. 108.
THE CHRONICLE
Since the consolidation dividends have been paid on First and Second
Preferred stocks, and the common paid at the rate of 5% during 1917 and
1918. 1% extra was paid on Jan. 3 1919, and at present the rate is 7%
business during the first four months of 1919 was $18,616,Out
010(more than $1,000,000 per month increase over 1918). The net profits
were $1,863,375 (compared with $1,323,335 in 1918).
We estimate the sales for 1919 will be in excess of $62,000,000, and the
net profits $6,000,000 and income and profits taxes $1,000,000, leaving
$5.000.000 available for dividends, which is almost five times the dividend
requirement on all the First Preferred stock, including the new issue.
Financing-New Stock.-The company did no public financing until
Sept. 1916, when $2,500,000 First Preferred stock was sold. The stockholders took approximately 90% of this at par.
The growth of the business is so rapid and the opportunities for development so obvious, that it is deemed desirable to increase the authorized
First Preferred stock from $7,500,000 to $20,000,000 and to issue $7,500,000 of this increase now, and with .the proceeds retire all the floating debt
of the consolidated companies, of approximately $4.500,000; retire preferred
stocks of subsidiaries, $900,000, and increase manufacturing facilities and
working capital.
Exclusive rights to subscribe to it will be given tostockholders, but will
expire July 15 1919. Subscriptions by Second Preferred and Common
stockholders will be accepted up to July 15,subject to the prior rights of the
First Preferred holders to take one share of new stock for each one share of
First Preferred outstanding. Payment will be required as follows: $20
per share with subscription on July 15; $15 Sept. 1, $15 Nov. 1 1919.
Full payment may be made on any of those dates. Temporary certificates
will be issued bearing interest at rate of 7% per annum until Nov. 1 exchangeable for permanent stock certificates, to which dividends will accrue
from Nov. 1 1919.
Issued.
Authorized.
Company's Capitalization, Ind. This Issue.$20,000,000 $15,000,000
First preferred
*2d Pref.(cony.Into Com.,$for $,After Oct.2'19) 10,000,000 10,000,000
35,000,000 20,050,000
Common
The consolidated balance sheet of Mar. 31 1919, but including the proceeds of this new issue, will show net quick assets (cash, receivables and
merchandise), in excess of liabilities, of approximately 128% of the First
Preferred stock, including the new Issue. In addition, the company owns
over $10,000,000 of real estate, buildings, equipment and other property in
use, besides the patents, trade-marks, formulae, processes, leaseholds and
good-will.
The parent company has no bonded debt. Two highly successful subsidiaries had real estate and mortgage bonds outstanding, but have reduced
these bonds to an aggregate of $635.298.
There is not a single department of our business nor a subsidiary which is
losing money-each has been developed rapidly on a profitable basis.
Compare annual report, &c., in V. 108, p. 984, 2131.
[The stockholders on June 24 voted to increase the authorized First
Preferred stock from $7,500,000 to $20,000,000.1-V. 108, p. 2534.
United Iron Works, Inc.-Offering of Bonds:-Imbrie &
Co., New York, &c., are offering at prices to yield 7%,
$1,500,000 First Mtge. 7% Sinking Fund gold bonds dated
June 1 1919, due June 1 1936. A circular shows:
Virginia-Carolina Chemical Co.-Extra Dividend.An extra dividend of 2% has been declared on the Common stock, payable Oct. 1 to holders of record Sept. 16. The regular quarterly dividend
of 1% on the Common has also been declared payable Aug. 1 to holders of
record July 15,and 2% on the Preferred, payable July 15 to holders of record
July 7. In Oct. 1918 the company paid 2% extra on the Common in
Liberty Loan bonds.-V. 107, p. 1009.
Vulcan Detinning Co.-Preferred Dividend.A quarterly dividend of 1'4% has been declared on the Pref. stock and
also 1% on accumulations, both payable July 20 to holders of record
July 10. In May last 1% was paid on accumulations.-V.108, p.2131,886.
Warren Brothers Co., Boston.-Reportfor Cal. Years.Calender YearsProfits
First pref. divs.,69'
Second pref. divs.. 7%_
1914.
1915.
1916.
1917.
1918.
$163,581 $330,237 $452,244 $452,597 $427,602
115,091
34,950
$13,540 $330,237 $452,244 $452,597 $427,602
Balance Sheet December 31.
1918.
1917.
1917.
1918.
Liabilities$
$
AssetsReal est., plant, &e. 777,432 802,064 First Pref. stock____2,000,000 2,000,000
Patents & good-will_2,000,000 2,000,000 Second Pref. stock__ 500,000 500,000
2,000,000 2,000,000
Coll. notes, bds.,&c.2,383,246 2,383,246 Common stock
904,500 1,005,000
88,696 Funded debts
87,350
Treasury stock
1,423,908 1,076,090
537,644 487,793 Notes payable*
Cash Sr Liberty bds
179,229 260,636
Notes & acc'ts reale_ 1,990,968 1,837,520 Accounts payable
Depreciation,&e.,reRetained money and
377,980 404,623
city securities_ _ _ _ 123,716 128,093 serve
a1,242,344 1,241,538
Surplus
Material and reserve
707,332 746,579
on contracts
13,898
Prepaid ace'ts,&c_ _ _ 20,273
Balance, surplus
Total
8,627,960 8,487,888
Total
8627,960 8,487,888
* Includes accrued interest. a After deducting $12,734 adjustments.
V. 107, p. 87.
White Eagle Oil & Refining Co., Wichita, Kan.
Further Data.-In connection with the offering of this company's stock by Merrill, Lynch & Co., Josepbthal & Co.,
New York, and Strandberg, McGreevy & Co., Kansas City.
A circular shows:
Consolidated Profit and Loss Account of All the Companies April 30 1919.
$6,095,436
Sales
633,636
Net profit, $642,097; deduct discounts (net), $8,461; balance
Income from investment of Texhoma Petroleum Co.in stone lease 111,131
Not income after interest ($53,167), depreciation ($114,887);
Federal taxes($166,205)364,395
1,920,508
Appreciation derived from revaluation of leases (net)
2,284,903
Net income and net appreciation of leases
Net earnings of $75,000 per month are estimated for May, June and July
and $150,000 monthly thereafter, which will be sufficient to place the stock
on a dividend-paying basis Oct. 1 1919 of $2 per share.
Consolidated Balance Sheet as at April 30 1919, after giving effect to the issue
of 154,300 shares of stock to be exchanged for the Outstanding Acquired Capital Stock of the Companies Mentioned.
Fixed assets-Real estate, $29,000; plant and equipment, $707,470; gathering lines, $303,516; tank car equipment, $795,400;
furniture and fixtures, $22,734; stations real estate, $15,115:
equipment, $370,098; total, $2,243,333; less reserve for de$1,962,099
preciation, $281,233
2,253,726
Leaseholds and leasehold equipment
50,696
Notes and accounts of officers, stockholders and employees
647,143
Inventories
281,217
Notes and accounts receivable, less reserve
197,446
Cash in banks and on hand
70,560
Other current and working assets
15,747
Prepaid insurance premiums and interest
Offsets-Capital stock (authorized, 320,000 shares of no par
value; issued, 154,300 shares having net equity value of)_ _ - _$4,143,023
91,259
Tank car obligations
566,050
Notes payable
172,557
Trade acceptances payable
184,546
Accounts payable
16,720
Accrued items
208,397
Reserve for Federal taxes
96,080
Miscellaneous
Interest payable T. & D., without deduction for taxes, except Federal
income taxes in excess of 4%. Denom. $1.000 and $500 c*. Callable as a
whole or in part, on not less than 60 days' notice, at 105 and int. Authorized, $2,500,000. Tax refund in Penn. and Mass. Northern Trust Co..
Chicago, and Walter S. McLucas, Kansas City, trustees.
The mortgage provides a semi-annual cumulative sinking fund of $25,000
beginning Jan. 15 1920. After the payment of $90,000 per annum in
common dividends, the sinking fund shares equally with the common stock
in any further amount paid.
Security.-Secured by a first mortgage on all of the plants, machinery,
Ste., now owned or hereafter acquired. The company agrees at all times to
maintain net tangible assets equal to 200% of the amount of bonds outstanding, of which net quick assets shall be not less than 50% of the amount
of bonds outstanding.
Company.-Successor to the United Iron Works Co. of Kansas City, which
has been in operation since 1903. Owns and operates 7 plants located near
Iola, Pittsburgh and Independence, Kan., Joplin, Springfield and Aurora,
Mo.,and Okmulgee, Okla. Manufactures a diversity of products,including
practically all classes of equipment for the oil-producing and refining industries,storage tanks,lead mining and smelting machinery and equipment,&c.
Earns. Year ended May 31 '19 and Four-Year Avge.Period ended May 31 '19.
Depre- Avail.for
Nt
Earnings. ciation. FixedChgs.
Sales.
EarningsYear end. May 31 '19(2 mo.est)$3,550,794 $702,224 $119,955 $582,269
451.569
74,999
3,091,619 526,568
Four-year average
Balance Sheet March 31 1919, Revised to Show Effect of Present Financing
LiabilitiesAssets$1,000,000
7% Cum.Pref. stock
Real estate, plants, equip1,500,000
ment, trade names, &c_$3,185,956 Common stock
$5,478,633
Total (both sides)
1,500,000
2,289,785 Funded debt
Current assets
See further particulars in V. 108, p. 2534.
714,977
11,171 Current liabilities
Deferred charges
5,031 Reserve for Federal taxes_ 249,543
White Motor Co.-Listing.Investments
24,973
,Insurance reserve
The New York Stock Exchange has authorized the listing of $4,000,000
502,450 capital stock.-V. 108, p. 2534, 2440.
Total (assets & liabilities)-$5,491,943 Surplus
United Retail Stores Corp.-New Co.-Exchange of
Stock. &c.-The "Wall Street Journal," June 26 1919, said:
Willys-Overland Co., Toledo, 0.-Operations Resumed.
Acting under the authority of Judge John N. Killits of the U. S. District
Court, the Toledo plant began operating. June 13 with P. C. Jones as the
Er George J. Whelan, James B Duke and their associates have initially paid Court s representative in handling the U. S. Deputy Marshals and others
in $70 per share in cash for the first 50,000 shares of the new company. who were appointed by ;the;Court to enforce the Court's order. This
The capital is to be expanded by the issue of two shares for each of the order, as continued on June 18 forbidding interference with the workmen,
270,000 shares of United Cigar Stores stock and possibly later the holders did not disturb:any of the organization of the company, First Vice-President
of $4,500,000 United Cigar Stores 7% preferred stock will be glad to ex- Earl continuing as theretofore in actual charge of the factory's operation.
change for Retail Stores share for share. The new stock will have no par Certain important primary departments opened the first day, followed
value. There will also be issued founders' stock to take the place of the thereafter by other departments. On June 12 the Elmira plant was already
present bonus plan in operation in the management of United Cigar Stores.
sources, and
and as such operating about 75% without embarrassment from outside
r United Cigar Stores will keep its trade-mark and organization
Elyria factory was operating about 509' of its capacity.
will seek to secure more than its present $65,000,000 gross of the $1.200,000,- theOn March 27 a committee'representing part of the employees demanded
the
of
feature
interesting
the
But
country.
000 tobacco business in this
an increase in pay of from il5fto 50% for a 44-hour week with closed shop,
new organization is that"the United Cigar-Stores becomes'only one branch &c.
The company haying recently distributed $415,000 to its employees
in the general plan of the Retail Stores organization, which proposes un- from
the profits of the 50-50 plan for the first quarter of 1919, asked the
limited expansion In the general retail business.
increase the working schedule from 45 to 48 hours a week to enable
to
men
I Mr. Whelan and his family propose to turn into the new company 65,000
,
to compete with others in the automobile industry. A strike ensued on
shares of United Cigar Stores stock and take 130,000 shares of the new it
some 6,000 men fromIthe Overland plant and 1,160 from the Auto5,
May
perpetuating
Retail Stores Corporation, and he believes in so doing he is
Lite shop e stopping work. ...Rioting having occurred, the plants were
and enlarging his life work and giving continuity to the same upon an closed
late on May 8 to prevent loss of life, but were opened
temporarily
2439.
p.
-V.
108,
basis.
investment
partially on May 26. The trouble, however, continued until the court
interfered. Matters since have apparently quieted down. V. 108, P.
U. S. Food Products Corporation.-Listing
The New York Stock Exchange has authorized the listing of $30,774,200 1733, 1615.
capital stock to replace temporary certificates.-V. 108, p. 1516.
Wilson & Co.-Listed in Chicago.The Chicago Stock Exchange has authorized the listing of $20,000,000
United States Gypsum Co.-Offering of Preferred Stock. 10-year
convertible 6% bonds, of which $18,158,000 have already been
-A syndicate headed by John Burnham & Co., Chicago, listed.-V. 108, p. 2248.
are offering, at 99 and div., a block of this company's 7%
Cumulative Preferred stock, bringing the total amount
issued up to $6,000,000. A circular shows: Manfactures all
Worcester (Mass.) Gas Light Co.-Present Rates Allowed.
The Mass. Board of Gas & Electric Light Commissioners has authorized
the company to charge $1 15 per 1,000 cu. ft. for gas until March 1 1920,
thus repealing the decision in V. 108, p. 2336.
Incorporated in New Jersey in 1901 as a consolidation.
including
Wright Wire 00.-Merger.classes of gypsum hard-wall plasters and other gypsum products,
See Clinton-Wright Wire Co. above.-V. 108, p. 2534.
cement, wood fibre, concrete, finishing, moulding and pottery plasters,
stucco, Keene's cement and hydrated lime; fireproof partition tile, beam
and column protection, floor tile and roof tile, plaster boards, &c. This
CURRENT NOTICES
company with a supply of over 135,000,000 tons of gypsum, which, even
with greatly increased business, should last over a hundreditsyears, is the
a
of
new investment house in St. Louis, to be known as
in
formation
products
The
selling
States,
in
United
the
industry
the
in
dominant factor
is announced. In addition to Charles Pape,
every State in the Union. It has been, for a number of years, the world's Pape, Potter & Kauffman,H.
Kauffman, 0. Sewall Thomas, an engineer
Andrew
largest producer of gypsum (plaster of pails), doing approximately 40% Harry Potter and
in numerous private and Governmental
himself
made
conspicuous
has
who
States.
United
the
of the business in
Pape was conCapitalization.-81.000.000 5% notes due Sept. 1 1921; $6,000,000 7% enterprises, will be affiliated With this new firm. Charles
nected with Halsey, Stuart lz Co. for some ten years. He opened both
Cumulative Pref. stock (total auth.): $3.904,900 Common stock.
Potter
was the
Harry
of
firm.
New
with
York
this
and
offices
share
Louis
per
St.
the
$180
is
approximately
The book value of the Prof. stock
Treasurer of Compton & Co. He was-associated with this house for
net earnings for the past two years, before deducting Federal taxes, of formernine
with
the
Mercanconnected
was
H.
Kauffman
Andrew
years.
outstanding
then
the
about
on
requirements
dividend
the
twice
approximately
full provision tile Trust Co. of St. Louis. Eleven years ago Mr. Kauffman entered the
Pref. stock. The company averaged in 1917 and 1918, afterapproximately
service of this company as a traveling bond salesman. He was first made
for taxes, more than 13%, and during the past seven years
has steadily Assistant Manager and then Manager of the Bond Department. The new
company
The
Prof.
stock.
outstanding
10% on the present
in the Boatsmen's Bank Building; they
increased its earnings, which we believe are certain of great expansion in firin will be temporarily located
offices renovated to suit their needs in the Jaccard's
the future and which should be particularly accelerated during the next are having permanenthave
of $400,000. .
capital
a
will
-They
Building.
several years.-V. 108. p. 2028.
JUNE 28 1919.]
THE CHRONICLE
2639
Ateports and Pocuuxents.
AMERICAN CAR AND FOUNDRY COMPANY
TWENTIETH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING APRIL 30 1919.
To the Stockholders:
The twelve months-comprisingithe:Company's fiscal year
1918-1919 have, happily, seen:the ending of the Great War
and the dawn of peace. A year ago the industries and resources of our country were marshalled for the supreme effort,
the results of which were later seen on the battlefields of
France and Belgium—in Flanders, on the Mare and in the
Argonne—and which had its culmination in the military
collapse of Germany and of,her allies and the armistice of
last November.
Few outside of its ownvorganization and the officials of the
different Governmental;departments for which its work was
done realize what a great part in the war the Company has
played. While hostilitieslcontinued, it manifestly was improper to divulge either the extent or the variety of the
Company's war activities. That as little publicity as possible
be given to the matter, was a Governmental request. With
the .war ended, however, the reasons for such secrecy no
longer exist. The management has in course of preparation
Awhen completed to each stockholder,
a book, tolbe..sent'
telling of the Company's war work—but it is proper that at
least a passing reference be made here to what has been
accomplished.
Prior to 1917 the Company had already in some degree
adapted itself to war conditions. It had been a producer in
large quantityiof munitions of different kinds for Great
Britain and someTof her allies. Its activities along these
lines naturally became more intensified after our country
entered the war. Practically all its facilities and its entire
organization were thereafter devoted to the working out of
the many and oftenTperplexing questions attendant upon
supplying Government requirements. Some of the most
difficult problems in the quantity production of Governmental war needs wereiturned over to it—and in no single instance has it failed in their solution. No demand has been
made upon it which it has not met promptly and efficiently.
For what it has accomplished, it has received the commendation of the Government. The thanks of the Compa`ny are
due to the various officers of the Government with whom its
work has brought it in contact for the courtesy, care and
resourcefulness with which they have co-operated to bring
about the desired results. Their unselfish patriotism and
single-minded devotion to the public good merit all praise.
The Company's output has been not only large but most
diversified. Besides a great variety of smaller articles of
different kinds, it has produced shell, both gas and high
explosives, in enormous quantities and running in size from
the 3-inch to the 10-inch. Practically the Government's
entire requirements of the 6-inch gas and 10-inch high explosive shell came from the Company's plants. It produced a very great part of all the 3-inch shell called for by
the Navy. It alone made the specially.designed railroad
gun mounts for the 7-inch and 8-inch guns and the 12-inch
mortars used by our armies abroad. Many thousands of
the military railroad cars used for the supply of our forces
in France came from its workshops. Its production of
caissons, limbers, battery, escort and supply wagons and
artillery vehicles of all kinds ran into the tens of thousands.
The Company has a record of accomplishment of which the
stockholders may well be proud.
With the cessation of military activities have come tho
problems of resolving into its elements the mighty machine
built for the winning of the war, the distribution of those
elements in the fields of peaceful commerce and industry,
and the return of the forces of our National life to their normal
channels of effort. The signing of the armistice promptly
led to a relaxation of military effort. Supplies contracted
for and in the making were no longer needed—and there began the processes of curtailment of production, of adjustment
with the Government as to contracts suspended or canceled, and of re-adaptation of the Company's plants and facilities to their ordinary functions. These matters are proceeding in a manner entirely satisfactory to the Management.
The greatest of the industrial problems remaining to be
solved in connection with the transition from a war to a
peace basis is that of the railroads. They were taken over
by the Government as a war measure. Shall they continue
under Governmental control and operation or shall they be
restored to their owners—and if the latter, when and under
what conditions? These questions press for solution. Of
purely domestic matters, there are none of greater importance before the Congress. The future of the railroads is of
concern to the whole country, and is of vital doncern to this
Company. President Wilson has said that the roads will
be returned to private ownership before the close of the current year—but their ultimate disposition rests with the Congress. So long as that remains uncertain, so long it is likely
there will be a lack of activity in the buying of equipment for
domestic use. It would seem that the entire matter has been
so thoroughly discussed from every viewpoint that it is ripe
for final decision. At the heart of the problem lies the question, Shall the twenty-three hundred railroads of the country, representing an investment of $17,000,000,000, be compelled to continue to furnish their commodity—transportation—at a price which is not fundamentally based upon the
cost of the production of that commodity? There can be but
one answer to this. Whether the remedy for the anomalous
condition now existing, and which has existed for the at
decade, shall be found in Governmental ownership, or in a,
continuenace of Governmental operation, or in a Governmental guarantee, or in a Federal railroad incorporation Act,
or in a consolidation of all the roads into a limited number of
systems, it is a fact demonstrated by experience and not to
be lost sight of, that the power to make rates should not be
entrusted to any body of men who are not to be held accountable for the adequacy of the rates made. The people have
the right to expect that the Congress will not adjourn without making a final decision that will be fair to the roads, to
the owners of their securities, and to the commerce and industry of the country that are, directly or indirectly, dependent upon the prosperity and the efficient operation of the
roads.
In the letter to the Stockholders of June 27, 1918, it was
stated that the Director-General of Railroads had placed
orders with the various equipment companies for 100,000
freight cars of various kinds, and that this Company had
been awarded the building of 31,000 of these cars. During
the year, work on the construction of these cars had proceeded—but because of the omission of the Congress, prior
to its adjournment in March last, to replenish the fund
available to the Director-General, that official found himself
without the money necessary to meet his obligations with
respect to payments. This situation naturally was the cause
of considerable anxiety. Various ways to meet the difficulty
were discussed with the officials of the Railroad Administration, and it finally was decided that the Director-General
should issue his Certificates of Indebtedness—these to be
paid as soon as he shall have available the money with which
so to do. It is entirely certain that the Director-General
will not be able to take up these Certificates out of the ordinary income of the roads under his control. It is essential,
therefore, that the Congress should make the appropriation
necessary not only to permit him to redeem these Certificates
but also to pay for the equipment remaining to be built.
The company began the year with $290;000,000 of business
on its books. By reason of the suspension or cancellation,
in whole or in part, of various of its contracts with the Government, consequent fupon the cessation of hostilities, it
was unable to complete a considerable portion of the business
booked. Nethertheless the volume of business done during
the year was large—much greater than ever before in the
Company's history. Particulariy gratifying is what has
been done in the manufacture and sale of miscellaneous
supplies and the profit resulting therefrom. It has been the
policy of the Management to foster the growth and development of this Department, and because of the diversity of
the Company's productive facilities there may reasonably be
expected from it a steady flow of business with a satisfactory
margin of profit.
The new Federal tax law which was in the making at the
beginning of the year has since become effective. As was
expected, it very materially increased the tax charge upon
the profits for the year, as compared with that charge for
the preceding year. Although this new law was not enacted
until near the close of the Company's fiscal year and was
retroactive in its operation, nevertheless the Management
had made adequate provision to meet the additional burden,
and the very heavy payments ($24,475,000 as estimated)
will be made promptly and without inconvenience.
The uncertainty of the Governmental policy with respect
to the railroads, already referred to, renders impossible at this
writing any forecast as to what business may be expected,
during the year now current, in the way of equipment for
domestic use. There already is, and undoubtedly will
continue to be, a demand for the Company's products from
[VOL. 108.
THE CHRONICLE
2640
foreign countries—both from the new nations which have
come into being with the peace, and from the older countries
whose activities for almost five years have been given over
to the prosecution of the war. Such demand from these
countires is likely to be large and insistent—larger and more
insistent than can for some time to come be met by their
own facilities for production. This will open up new problems of finance and • of credit—but there is no reason to
believe that these probrems cannot be solved, or that the
Company will not be able to obtain its fair share of the business. During the fiscal year just closed, orders for 10,000
cars for Italy and for 3,250 cars for India were booked.
It has recently been stated in the public prints that the
Company had taken over the National Steel Car Company,
located at Hamilton, Ontario. The Management did have
under serious consideration a proposition involving the addition of the manufacturing capacity of that Company to its
own, but it was impossible to arrive at a satisfactory basis
upon which the transaction might be concluded, and the
matter was dropped without commitment on either side.
The results of the year's operations are reflected in the
annexed General Balance Sheet, to which is appended the
usual Certificate of Audit. The net earnings, after making
provision for Federal Income and War Profits Taxes,
amounted to $11,771,813 30. Out of this there were paid
during the year the regular dividends-7% ($2,100,000) on
the Preferred and 8% ($2,400,000) on the Common Capital
Stock. Improvements made at several of the plants have
increased the Property and Plant Account by $742,739 69.
There has been added $2,400,000 to the Reserve for Dividends on Common Stock, to be paid when and as declared
by the Board of Directors—making in.this Reserve $7,200,000, or three years' dividends at the rate of 8% per annum
upon such stock. There has been no change made in the
Insurance Reserve. From the Reserve for General Overhauling, Improvement and Maintenance, as shown by the
Balance Sheet of April 30 1918, there was expended during
the year $2,023,343 37,and this Reserve has been replenished
by the addition of $3,000,000 transferred to it from the year's
net earnings. In the Reserve for Improving the Working
Condition of Employees there remains $513,063 23. There
has been added $1,871,813 30 to the Surplus Account.
The inventory has been taken in accordance with the usual
practice—all items being appraised at cost or less and in no
case in excess of present market value. Included in the item
of Materials on Hand is the large amount of material assembled for the completion of the equipment the Company
has under construction for the Federal Railroad Administration. It will be noted that there is carried as a separate
item a liability of $13,195,169 80, this representing moneys
advanced by the Railroad Administration for material for
use in the construction of cars not delivered at the close of the
fiscal year. The investment in United States Certificates
of Indebtedness (not to be confused with the Certificates of
Indebtedness issued by the Director-General of Railroads
and referred to above) is for the purpose of enabling the
ready payment of the Income and War Profits Taxes chargeable against the Company's operations for the year.
The Company entered upon its new fiscal year with approximately $100,000,000 of business on its books.
Too much praise cannot be accorded to the members of
the Company's working organization for the zeal and energy
displayed in the working out of the difficult questions presented by the Government's insistent demands for war material of a kind and at a rate of production hitherto unheard
of. Its members have labored unceasingly with a high degree
of intelligence and ingenuity, and at all times in a spirit of
hearty co-operation with the Management. The Board
cannot complete its review of the year's work without recording its high appreciation of the intelligent and sincere
devotion shown by the working organization for the welfare
of the Company and its Stockholders.
By order of the Board.
Respectfully submitted,
W. H. WOODIN, President.
June 26 1919.
GENERAL BALANCE SHEET APRIL 30 1919.
ASSETS.
Property and Plant Account
$67,525,272 20
Cost to April 30 1918
$66,782,532 51
ADD: For expenditure for additions to
plants during year
742,739 69
Current Assets
110,266,604 90
MATERIALS ON HAND,inventoried at
cost or loss, and not in excess of present
market prices
$46,276,397 74
ACCOUNTS AND NOTES RECEIVABLE
14,024,529 36
U. S. CERTIFICATES OF INDEBTEDNESS AND LIBERTY BONDS
32.052,00000
STOCKS AND BONDS of other Companies at cost or less
1,070,090 68
CASH IN BANKS AND ON HAND
16,843,587 12
$177,791,877 10
LIABILITIES.
Preferred Capital Stock
$30,000,000 00
Common Capital Stock
30,000,000 00
Current Liabilities,
73,152,326 52
ACCOUNTS PAYABLE,and Bills Payable not due; and Pay Rolls (paid May 10
•
1919)
$34,357,156 72
UNITED STATES RAILROAD ADMINISTRATION ADVANCES FOR
MATERIALS
13,195,169 80
PROVISION FOR FEDERAL INCOME
AND WAR PROFITS TAXES
24,475,000 00
DIVIDEND No. 81 on Preferred Capital
Stock (payable July 1 1919)
525,000 00
DIVIDEND No. 67 on Common Capital
Stock (payable July 1 1919)
600,000 00
Reserve Accounts
13,315,029 75
For Insurance
$1,500,000 00
For General Overhauling, Improvements
and Maintenance
4,101,960 52
For Dividends on Common Capital Stock,
to be paid when and as declared by
Board of Directors
7,200,000 00
For Improving Working Conditions of Employees
513,063 23
Surplus Account
31,324,520 83
$177,791,877 10
STATEMENT OF NET EARNINGS AND DISPOSITION
OF SAME.
Earnings from all sources for the twentieth fiscal year, ending
April 30 1919—before deducting Repairs, Renewals, &c.,
as noted hereunder—and after making provision for taxes_$17,273,172 03
Less: Renewals, Replacements, Repairs, New Patterns,
Flasks,&c
5,501,358 73
Net Earnings
811,771,813 30
Less:
DIVIDENDS:
On Preferred Capital Stock, 7%
$2,100,000 00
On Common Capital Stock,8%
2,400,000 00
Addition to Reserve for General Overhauling,
Improvements and Maintenance
3,000,000 00
Addition to Reserve for Dividends on Common Capital Stock, to be paid when and as
declared by Board of Directors
2,400,000 00
9,900 000 00
Surplus Earnings for the year
Surplus, April 30 1918, as per last annual statement
Surplus, April 30 1919
$1.871,813 30
29,452,707 53
$31,324,520 83
STATEMENT OF WORKING CAPITAL.
Working Capital, April 30 1918
$22,670,175 02
Add: Surplus Earnings for year ending
April 30 1919
$1,871,813 30
Less: Expended for additions to plants dur742,739 69
ing year
1,129,073 61
Net Working Capital, excluding Reserves, April 30 1919....__$23,799,248 63
W. H. Woodin, Esq., President American Car & Foundry Co.,
New York:
Dear Sir—We have made an audit of the books and accounts of the American Car & Foundry Company for the
fiscal year ending April 30 1919, and in accordance therewith
we certify that, in' our opinion, the foregoing statements of
Income and the General Balance Sheet are true exhibits of
the results of the operation of the Company for said period,
and of its condition as of April 30,1919.
THE AUDIT COMPANY OF NEW YORK,
H. I. LUNDQUIST, Secretary.
A. W. DUNNING,President.
New York, June 21 1919.
—Colgate, Parker & Co.,49 Wall St., advertise to banks and Investment
bankers that they have a Liberty Loan department as a part of their
—Prominent Chicago people are the organizers and backers of a new regular organization, which deals actively in all issues of Liberty bonds in
investment banking firm to be known as Mitchell, Hutchins & Co. which 50, 100, 500 and 1,000 dollar denominations. The firm will purchase the
will begin business about July 1st, and promises to take a leading position small denominations 0.10% below and sell 0.10% above market prices.
among similar institutions of the West. The officers and directors are: Colgate Parker & Co. invite buyers and sellers to communicate with them
W. Edwin Stanley, President; James C. Hutchins, Jr., Vice-President; as to details of payment and delivery.
Robert A. Gardner, Treasurer; William H. Mitchell, Secretary; J. Ogden
Adrien Michel, 8 Rue Floreal Mathieu Oran, Algeria, 30 years of age, a
Armour, Chauncey Keep, and Charles Garfield King. In addition to veteran of the world war and now employed in a responsible position in a
the officers and directors, the stockholders will include J. J. Mitchell, bank with which he became connected 13 years ago, desires to act as agent
President, Illinois Trust and Savings Bank, H. M.Byllesby, Wm. Wrigley, or representative for American interests in Algiers, Tunis and Morocco,
Jr., Robert E. Hunter, and A. D. Lasker. Mr. Hutchins who recently where he tells the "Chronicle" he has numerous business acquaintances.
returned from military service in France, was previously connected with He is able to give security he says to a total of at least 50,000 francs.
Lee, Higginson & Co.
—Thornton Cooke and Harold R. Bailey (formerly Assistant Manager of
Estabrook & Co., New York, Boston, &c., have issued a 33 page pamphBond Department of the Fidelity National Bank & Trust Co. of Kansas
let describing the preferred stocks and financial status of 15 companies In- the
Mo.) have announced the formation of a co-partnership under the
corporated under the laws of Massachusetts, namely: American Mfg. Co., City,
Thornton Cooke & Co., with offices at 206 Scarritt Arcade, Kansas
Bigelow-Hartford Carpet Co., Boston Fish Market Corp., Clinton Wire name of
They will engage in the buying and selling of municipal and
City,
Mo.
Cloth Co., Commonwealth Ice & Cold Storage Co., Copley Square Trust,
and other high-class securities.
Dennison Mfg. Co., Federal Rubber Co., Fisk Blubber Co., Griffin Wheel Government bonds
—Pynchon & Co. announce that Mr. E. B. Baker has become associated
Co., Slater, William A., Mills, Inc., Stollwerck Chocolate Co., Union
with them in their Chicago office, in charge of the bond department.
Twist Drill Co., Waitt & Bond, Inc., Warren, S. D., Co.
—The Equitable Trust Co. of New York has been appointed Transfer
—Swartwout & Appenzellar, members New York Stock Exchange,of 141
Broadway, announce the reopening on July 15 of their branch office at Agent of the Allied Packers, Inc., and Y 011 & Gas Co.
—Columbia Trust Co. has been appointed Registrar of the capital stock
"The Balsams," Dixville Notch, N. H., under the management of Leo H.
of White Eagle 011 and Refining Co.
Graham. The office has direct private wire connection to New York.
CURRENT
NOTICES
JUNE 28 1919.]
THE CHRONICLE
2641
LARD quiet and lower; prime Western, $35.05@$35.15;
refined to the Continent, 38c.; South American, 38.25c.;
Brazil in kegs, 39.25c. Futures declines on free selling by
packers. The position had become overbought. ConCOMMERCIAL EPITOME
siderable of the selling was on stop loss orders. The recent
big advance is believed to have discounted post-war bullish
Friday Night, June 27 1919.
General trade continues to expand. Outside the metals conditions. And also cash trade has been disappointing.
Exports from New York last week, however, included 9,trades the demand in many directions exceeds the supply, 689,400 lbs. of lard and 17,952,425
lbs. of bacon. Today
and there is complaint of slow deliveries. The crops in the prices fell and end lower for the week.
main look well, cotton alone excepted. The July Govern- DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues,
Wed. Thurs.
Fri.
ment report on cotton it is feared will be one of the poorest
July delivery
cts_35.22 35.20 34.42
34.35 34.12
for many years past. But the food crops will be big. On Septemberdelivery......35.05 35.00 34.25 34.10
34.00 34.17 34.05
this hinges a big trade all over the country especially in
PORK quiet and unchanged; mess, $58@$58.50 nominal;
the great grain States of the West. There the buying clear, $54@$62. September pork closed at $49.45 8
power of the people is expected to be something unprece- rise of 150 for the week. Beef steady; mess, $35@$36;
dented in American history. And the thought seems to packet, $38@$39; extra India mess, $65@$67. No. 1
canned roast beef, $3.75; No. 2, $7.25. Cut meats quiet
thrill the entire business world of the great West. There but steady; pickled hams, 10 to 20 lbs., 343'c.; pickled
bellies
they expect big prices for grain and hogs and in the South 33@34c. Butter, creamery extras, 53@53Mc. Cheese,
they are talking of the possibility of 35 to 40-cent cotton. flats, 25@32c. Eggs, fresh gathered extras, 51 @520.;
In wholesale jobbing and retail branches of business the first to extra firsts, 45@480.
feeling is almost universally optimistic. Some of the big
COFFEE on the spot has been quiet but higher; No. 7
4
shoe factories of the country have sold their production Rio, 233c.; No. 4 Santos, 29c.; fair to good Cucuta, 253
for a considerable time ahead. It looks as though there @,26c. Futures• amid great excitement advanced 150
the permitted limit in a single day, both on the 21st
might be a scarcity of cotton and woolengoods. Certainly points,
and 23rd inst., owing among other things to peace prospects
buyers in many cases have to be content with receiving a and a big advance in Brazil, forcing prices here above the
certain percentage of the quantities ordered. To all appear- high point of December coffee in 1887, which was 22.25c.
ance the reduced hours of labor in this country are telling On June 21 1919 it was 22.50c.; on June 23 it reached 24c.
on production. It may be interestintg to watch the effect On the 23d inst. futures in Santos advanced 2,750 reis, as
of a shortened week on the output in some industries. The compared with the close on the 20th inst. Two things are
of the great advance. First there is approaching
demand is so sharp for jewelry, furniture and household back
peace, which means an end of European blockades and in all
goods that it has overlapped production. The same is likelihood an increased consumption in Europe. Second,
true of agricultural implements, lumber and a good many there is an expectation of a sharp decrease in the Santos crop,
other things including as already intimated shoes. Col- which is estimated at only 3,000,000 bags-a mere bagatelle
lections in the meantime are in the main good. Coffee has compared
with the crops of recent years. Also
available
risen sharply in response to a big rise in Brazil. Supplies supply in this country is small. In New York the
that of Braare much smaller than those of a year ago. Prices of cattle zilian is only 196,795 bags, against 1,143,640 a year ago;
are lower but prices for hogs have reached a new high level.
the United States only 322,552 bags, against 1,277,479
In general the cost of food is somewhat higher. During in
bags a year ago. Total in sight for the United States, 1,the new grain season, beginning July 1, it is hoped that food 157,552
bags, against 2,185,000 bags a year ago. Rio de
prices will decline. It would seem that they ought to. Janeiro has only 419,000 bags, against 797,000 bags a year
Copper has advanced; also lead and spelter. There is a ago; Santos, 2,154,000, against 2,858,000 at this time in
more cheerful tone in the steel and iron trade with a growing 1918. Prohibition is also expected to cause an increased
business. Building activity increases. There is a keen consumption
of coffee. Sharp reactions have occurred, howdemand for lumber at the West and in the South and de- ever. The receipts
at Santos thus far this season are 7,308,liveries are too slow. It is said that Northern Pacific ship- 000
bags, against 12,058,000 bags during the same period
ments of lumber are some 10,000 cars behind the orders. last season
and 9,744,000 two seasons ago; at Rio, 1,725,000
The business world is not sorry to see a quieter stock market bags, against
2,912,000 up to this time last season and 2,263,regarding it as a sign of greater conservatism. Meanwhile 000
seasons ago; total, 9,033,000 bags, against 14,970,leading financiers are concerting measures looking to the 000 two
a year ago and 12,007,000 at this time in 1917. On
granting of enormous credits to Europe after the signing Thursday
prices advanced again over 100 points, with Santos
of the peace treaty to the end that the wants of Europe may prices also higher. On the 25th inst., on the other hand,
be supplied and American export business at the same time heavy liquidation on the delay in the signing of the peace
conserved. Exports of wheat are still on a big scale. For treaty sent prices down 150 points, the full limit allowed.
fifty-two weeks of the present season they approximately Previously, also, there had been sharp reactions on profit400,500,000 bushels, or 170,000,000 bushels ahead of thon taking. Moreover ,although a rise was reported on the 25th
for the same time last year. The corn crop is making good in Santos of 1,075 to 1,300 reis, later on there was a decline
progress. Finally business failures continue remarkably there of 1,025 to 1,175 reis. It has certainly been an extrasmall.
ordinary week. The Havre coffee market, which closed in
American shipping is moving ahead. More than 31% January 1918, has reopened for dealings in futures. To-day
of ocean-borne export trade of the United States during prices advanced, then reacted, closing 80 points higher for
April was carried in American ships compared with 20% the week on December. Today Santos was reported 1,275
last year. British bottoms carried 33.6% in April com- to 2,075 reis lower. The limit on daily fluctuations here
pared with 50.6% last year. The silly season is evidently has just been raised to 200 points. A membership on the
drawing near. The evidence of this is seen in the fact that New York Coffee and Sugar Exchange has been sold.at
the Farmers National Council announces it will oppose the $6,500, an advance of $250 over the previous sale. Closmg
plan of bankers to finance the reconstruction of Europe prices were as follows:
•
because "it would put financiers in dangerous control of July
22.5522.601January
21.75§21.77
21.65 21.70
foreign governments." It is a fact of historic interest in September
22.30 22.35 March
21.50 21.55
October
22.16@22.i8 May
connection with the commercialization of the airplane that December
21.80@21.81
the first building in New York equipped with a landing
SUGAR.-Raw, 7.28c. for centrifugal, 96 degrees test.
field on its roof will be erected on Columbia street, south
of Hamilton Avenue, Brooklyn. A special elevator to Granulated, 9c. Trading and distribution are very large.
the basement will be used to transfer freight carried by The Sugar Equalization Board has reported purchases of
no less than 600,000 bags of Cubafor July loading at 5.88e.,
airplanes to automobiles.
It is a curious sign of these agitated times that the State cost and freight,and 13,650tons of Porto Rico at 7.28c c.i.f.,
of Kansas has had to organize a volunteer police to protect July loading.. The Sugar Exchange is considering the quesits wheat harvest from incendiaries in the early stages of tion of adopting a new contract. It is supposed that it
shipment. The Department of Commerce will establish contemplates the delivery of sugar in store in Cuba instead
business offices in various parts of Europe in order to stimu- of New York, as under the old contract. The effect it is
in sugar
late world trade by co-ordinating supply and demand. So believed would be greatly to broaden the trading
production of Cuba it is
groat is the demand for clothing, &c., that it is predicted futures when it is resumed. The
that during the next few months the imports of cotton believed will run considerably over 4,000,000 tons. Stocks
goods from China and Japan will exceed all previous records. at U. S. Atlantic ports on June 25 were 104,783 tons, against
American production is hampered by.the shortened hours 105,126 a week previous, 87,498 last year and 302,718 two
of labor. Following the wholesalers increase in the price years ago; receipts for the week 72,657 tons, against 73,317
a ton, Newark, N. J. Retail Ice Dealers' in the previous week and 70,787 in 1918; meltings, 73,000
of ice from $6 to
Association advanced the price 75 to 90 cents one hundred tons, against 72,000 in the previous week, 60,000 last year
pounds to consumers. New York-Chicago aerial mail and 62,000 two years ago. Refined is in good demand.
service begins July 1. Judging from the records of Alcock- Although refiners are working at their full capacity they
Brown Atlantic flight aeronautic experts state an airplane cannot keep pace with it.
OILS.-Linseed in good demand but slightly lower;
capable of carrying 100,000 lbs. can be constructed and a
non-stop flight made from Atlantic City to England on a June-December oil in cars, $1 88; five-bbl. lots, $1 91;
consumption of not over one gallon of gasoline per mile. less than five bbls., $1 94. Lard prime edible steady at
Owing to speculation in London the trading in linseed oil, 2.80@2.90c. Cocoanut oil, Ceylon, bbls. firmer at 20c.
cottonseed oil and cotton oil will be confined to holders Cod, domestic, 1.05@1.10c.; Newfoundland, 1.10@1.12c.
Spirits of turpentine, $1 05. Common to good strained
of Government licenses.
'N,ht Touumerciat Times,
2642
THE CHRONICLE
rosin, $16 10. Flaxseed at Duluth touched $5 01, the
highest price on record, on a big demand from crushers to
cover export linseed oil contracts and very dry weather in
Montana and parts of North Dakota.
PETROLEUM meets with a brisk demand and steady;
refined in barrels $17 25@$18 25; bulk New York, $9 25®
$10 25; cases, New York, $20 25@$21 25. Gasoline continues active and steady; motor gasoline in steel barrels
24Mc.; to consumers, 263'c. Gas machine, 41 Mc. As to
Northwest Texas, in which interest largely centres, Eastland
County, contrary to all expectations, it is said, is producing a
total of 120,180 barrels daily, an increase of 4,080 barrels
over the previous week. This gain, added to an increase in
Burkburnett of 6,890 barrels and an increase in Stephens
County of 825 barrels, daily, brings the total production of
the entire Northwest Texas field to 180,605 barrels daily,
the largest production for a week since the discovery of oil
in Northwest Texas. On June 17 the production in Texas
approximated, it is stated, 259,000 barrels of crude petroleum a day. About 192,000 barrels was light oil from
Central Western fields and 67,000 barrels heavy oil from Gulf
coast fields. The completion of a 2,500-barrel well in.
Section 7-12-10, Bull Bayou district, has created considerable excitement in Louisiana. It is located between the
discovery well at Bull Bayou and the famous Gusher Bend
development in the Crichton field. In the eastern fields the
largest well of the year was completed in Big Sandy district,
Kanawha County, W. Va. It started at the rate of 1,320
barrels a day from the Weir sand. In the same district
there was completed a 500-barrel well and a.430-barrel producer. The most promising development in West Virginia
is on Jones Creek, Sherman district, where four good wells
have been drilled in the Berea Grit. Two wells starting at
150 barrels each, were completed in Lee County, the leading
development of Kentucky.
[VOL. 108.
COPPER more active and higher; electrolytic, 183'c.
Tin quiet and easier at 70@71c. Lead higher at 5.40®
5.45c. for New York and 5.15c. for St. Louis. Spelter in
better demand and higher at 7.250. spot New York.
PIG IRON business steadily grows, stimulated in a measure by prospects of early peace. In any case, however, a
good many deferred orders are being filled. It is believed
that the sales for June will show a marked increase over
those for May. American pig iron is reported as $3.45
below British. The export situation is attracting rather
more attention. The signing of the peace treaty, it is
believed, improved the export outlook.
STEEL business continues to increase. Ingot capacity
is said to have expanded to about 60% June's increase,
it is believed, will be 10% over that of May. There is
better business in pipe, wire, and sheets. The demand
might be greater for bars, plates and shapes. In fact, just
now it is comparatively light. Yet the sales of wire and
wire products, as well as iron and steel pipe, are active
enough to give rise to hopes in some quarters of better prices
ere long. It remains to be seen whether they will be realized. But the tone is undoubtedly more cheerful. It is
described as firm throughout the country. Labor surplus
is no longer reported. That is significant. One trouble,
it is true, is that the railroads are not buying. But there is
less easing of prices in sheets, as the mills are operating on
about a 75% basis. Germany has begun to buy steel in
neutral markets, at below English prices. These are steadily
rising, especially as to rails. While rails are $45, here they
are $73 60 in England where the hands now work only 6
hours a day, after having had their wages increased 123/2%.
COTTON
Friday Night, June 27 1919.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
140,572 bales, against 138,529 bales last week and 165,339
bales the previous week, making the total receipts since
Aug. 1 1918 5,509,746 bales, against 5,659,824 bales for the
same period of 1917-18,showing a decrease since Aug.11918
RUBBER is in ample supply and trade is quiet. But of 150,078 bales.
prices have been generally steady, but now seem weaker.
Trade is also slow in London. Para-upriver fine, 553/2c.;
Sat.
Mon. I Tues. Wed. Thurs. Fri.
Total.
coarse 323/2 ®33c. Smoked ribbed sheets on the spot 40c.; Galveston
4,892 6,119 11,031 9,065 6,347 4,994 42,448
first late xpale crepe 41c. Recently prices in London have Texas City
2,004 2,5201
2,181 9,745
3,040
been easier. The stock there is 22,957 tons, against 15,713 Port Arthur, &c_
Orleans_ _ _ _ 6,843 7,9281 9,696 3,280 4,319 3,409 35,475
tons a year ago. Stocks here are heavy and buyers are New
Mobile
71 1,443
28
272
178 1,642 3,334
certainly indifferent.
Pensacola
Jacksonville
OCEAN FREIGHTS have been rather quiet at times in. Savannah
4,920 5,626 6,918 5,698 6,263 2,914 32F:a.56
5,000 5,000
some directions and the supply of tonnage is steadily in- Brunswick
Charleston
298
527 1,274
309 3,269
630
231
creasing. To be sure, rates are considered for all that Wilmington
319
612
881
535 1,220 1,031 4,598
Norfolk
374 2,099
281
87 3,550
559
150
pretty steady in most trades at least for the time being. A N'port
News,&c.
46
46
brisk demand prevails for sailing vessels to load lumber and New York
203
203
42
343
135
166
coal. Big grain and general cargoes are going to the Mediter- Boston
Baltimore
187
187
ranean; also a moderate business to the Baltic. Foreign Philadelphia
35
35
merchants complain, however, of the delay in receiving
the shipping documents. Charters include coal, Virginia Totals this week_ 19,920 23.484 33,711 22,406 19,516 21.535 140,572
to Buenos Aires, $18 50 prompt; deals from a provincial
The following shows the week's total receipts, the total
port to the United Kingdom, 345s.; molasses from Bar- since Aug. 1 1918 and the stocks to-night, compared with
badoes to St. John, N. B., $6 per 110 gallons; lumber from last year:
a Gulf port to Las Palmas, $52 50; lumber from a Gulf port
to the west coast of Italy; $75; lumber from a Gulf port to
Stock.
1918-19.
1917-18.
I
Receipts to
Spain, $65; deals from Picton, N. S., to the United KingThis Since Aug This 'Since Aug'
June 27.
dom, 340s., and from West Bay, N. S., to the United King1918.
Week. 1 1918. Week. 1 1917. I 1919.
dom,345s. Sugar from Philadelphia or New York to Havre, Galveston
42,4481,838,985 12,591 1,599,8771 265,645 182,822
70s. July 25; grain from Portland to picked ports in the Texas City
35,635
9,745 102,250
70,9211 30,782
8,1021
United Kingdom, 8s. 6d. prompt; merchandise from Tampa Port Arthur
53,527
Pass, &c
32,005!
392
and New Orleans to Barcelona, $40 net form, prompt; a Aransas
New Orleans
35,475 1,500,342 13,942 1,619,7071 424,222 393,979
13,063
3,334 147,812
23,780
12-months' time charter, 25s.; another for 6 months in Mobile
831
98,637
Pensacola
9.812
33,792,
American trade, $9 50 prompt, and coal from Hampton Jacksonville
10,750
10,650
21,432
42,336
900
Roads to Genoa at $26 50, July-August. Rates on cotton Savannah
32.339 1,035,279 9,088 1,101,6811 219,462 176,370
21,000
5,000
90,180
135,500
to Marseilles are higher, being $2 per 100 lbs. on high density Brunswick
52,812
39,724
3,269 198,961
377 202,648
and $2 25 on standards. To the United Kingdom the rate Charleston
Wilmington
69,128
38,008
4,598 136,769 1,336
97,276
Norfolk
78,034
3,550 309,824
854 294,755 104,55i
is up to $1 50 per 100 lbs. for standard. European labor N'port
News, &c_
3,334
46
5,420
trouble is interfering with shipping on this side to some extent. New York
203
10,68o
261 126,901! 104,375 143,380
18,563
11,089
29,006 1,303 108,645
343
The United States Shipping Board has reduced rates on Boston
17,015
Baltimore
20,546
7,239
187
473
77,8311
general cargoes about 15% as follows from the United States Philadelphia
7,751
4,630
1.002
35
65
3,790
and Gulf ports: To the United Kingdom, $1 15; to RotterTotals
140,572 5,509,746 42,413 5,659,824 1,328,371 1,176,094
dam, $1 40; Antwerp, $1 40; Havre and Bordeaux, $1 50;
Marseilles and Cette,$1 75;Barcelona,$2; Genoa and Naples
In order that comparison may be made with other years,
$1 75; Copenhagen, $1 65; Gothenburg, $1 65; Stockholm, we give below the totals at leading ports for six seasons:
$1 90. These rates do not apply to steel, cotton, tobacco
and canned goods, but they do to practically all other gen- Receipts at- 1919. I 1918.
1917. I 1916.
1915.
1914.
eral cargo shipments.
Galveston..___
42,448
12,591
15,168
24,703
11,753
15,632
9,745
392
350
731
TOBACCO has been in fair demand. In fact most of TexasCity,&c.
35,475
New Orleans_
13,942
16,712
8,359
14,546
5,638
the Penn., Wisconsin and Conn. crop of 1918 is said to Mobile
3,334
831
483
1,923
2,244
1,517
32,339
_ _
3,414
17,722
9,088
9,845
1,295
have been bought by manufacturers and packers. Ohio Savannah
Brunswick
5,000
6,000
1,000
prices, .it is intimated, are being reduced by growers. It Charleston.&c.
3,269
420
1,264
377
48
62
Wilmington_ _
4,598
418
1.336
3,022
33
114
looks like a better business in Sumatra. Certainly sam- Norfolk
3,550
1,690
4,873
854
5,951
1,157
ples have arrived and the way is being cleared for business. N'port N.,&c.
46
117
768
3,002
532
3,406
This year's crop of Porto Rico is, it is said, bringing high All others..
3,656
7,194
prices. Shipments of Havana tovacco to the U. S. will no Total this w'k 140,572 42,413 65,302 67,281 27,800 32,609
doubt increase materially before long. The labor troubles
there have been settled. The Government weekly report Since Aug. 1.._ 5,509,746 5,659,8246,687,761 6,931,522 10307767 10472891
says that tobacco is mostly transplanted in the Wisconsin
The exports for the week ending this evening reach a total
area at an unusually early date. The tobacco crop needs of 111,183 bales, of which 82,101 were to Great Britain,
rain in New England and parts of the central districts. In 13,912 to France and 15,170 to other destinations. ExGeorgia some tobacco has been cut.
ports for the week and since Aug. 1 1918 are as follows:
Pennsylvania dark $4 00 South Lima
$2 38
Cabell
2 77 Indiana
2 28
Crichton
1 75 Princeton
2 42
Corning
2 85 Somerset. 32 deg
2 60
Wooster
2 85 Ragland
1 25
Thrall
2 25 Electra
2 25
Strawn
2 25 Moran
2 25
De Soto
2 15 Plymouth
2 33
North Lima
2 38 Corsicana. heavy. 1 05
Illinois. above 30
degrees
Okla_
_ -162 42
Kansas and
,
homa
2 25
Caddo. La.. light_ 2 25
Caddo. La., heavy 75
Canada
2 78
Bealdton
1 20
Henrietta
2 25
Week ending June 27 1919.
Exported toExports
IronsGalveston__
Texas CityPt. Nogalez
New Orleans
Mobile
Pensacola __
Savannah .._
Brunswick _
Charleston _
Wilmington
Norfolk
New York__
Boston
Baltimore
Philadelphia
Washington
San Fran_
From Aug. 1 1918 to June 27 1919.
Exported to-
Great
Great
Britain. France. Other. Total. Britain. France.
4,9'7'7
----
----
17,100 13,912
_-25:506
20,63
12,637
-_-___
580
----
5,557 767,154
13,007
5,506 36,518 590,813
82,647
9,922
2-,70
.15 28,136 278,681
---- 20,635 90,501
12,819
12,637
-585
681
_
1,685
____
3,55
1;iiiiii
48,324
2,554 311,343
681
30,081
13,055
1,000
20,470
3,395
Other.
Total.
179,965 413,410 1,360,529
15,800 28,807
430
430
265,016 276,193 1,132,022
82,647
9,922
203,131 161,113 642,925
90,501
1,000
923
14,742
8,215
40,505
48,720
48,355
31
52,563 251,923 615,829
5,576
36,632
975
1,000
14,055
2,402 22,872
568,215 568,215
123,789 123,789
Total...... 82,101 13,912 15,170 111,1832,268,817 715,497 1,856,6784,840,992
Tot. '17-18* 27,411 12,706 7,063 47,180 2,154,720 593,7011,252,4674,000,888
Tot. '16-17_ 12,194 15,736 11,124 39,0542,518,971 928,828 1,745,1385,192,937
*Figures adjusted to make comparison with this season approximately correct.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared forOther
Great
GerJune 27 at- Britain. France. many. Contl.
Galveston _ _ _ _ 42,809
New Orleans__ 24,045
Savannah
15,000
Charleston _ _ _
15;666
Mobile
Norfolk
2,500
New York*_ _ _
5,000
Other ports*
104,354
Total 1919
Total 1918_1 52,001
Total 1917_1 42,523
__ 32,500
6-JH 22
.
,53 19,104
1,000
-__
2,606
2,000
Coastwise.
Total.
200 75,509
170 71,693
2,800 18,800
500
500
15,000
500
500
5,100
7,000
Leaving
Stock.
190,136
352,529
200,662
52,312
8,780
104,057
99,275
126,518
6,121 22,253 57,204 4,170 194,102 1,134,269
5,000 10,200 75,201 1,100,893
8,000
14,539 12,941 73,003 703,253
3,000
*Estimated.
Speculation in cotton for future delivery has not been
active, but it is quite as certain that the tone has been firm
and that prices have risen noticeably. This was due partly
to prospects of an early signing of the peace treaty. An
even more potent factor, however, was bad weather. The
crop prospects are considered far from cheerful. That, in
fact, is putting it mildly. The general expectation is that
that the July report giving data brought down to Juno 25
will be bad. Various reports latterly issued range from 67.5
to 73.3, as against 75.6 the Government figures for May
25 and 85.8 in the July report of last year. The trouble is
largely due to prolonged wet weather. Also the temperatures
during much of the month have been too low. Rains have
caused grassy fields over a wide area. And now there is
growing concern over the question of boll weevil. The
pest is increasing in Texas. Much damage by it is.reported
in Georgia. It seems to be present throughout Mississippi.
It is numerous in Southern Arkansas. And also in southern
Alabama where it is doing much damage. The fear is
that there will be great injury to the crop by this pest later
on. The idea is that a prolonged wet spell in May and
June to say nothing of earlier periods of the year following a
mild winter may have propagated the pest.to a degree that
will make it more than ordinarily formidable later on.
Moreover the labor shortage continues in many parts of
the South. With large tracts in the grass, the question is
how they are going to be cleaned. Already there are reports
here and there of a certain amount of abandonment of
acreage on this account. Meanwhile the plant is called
sappy. What would be the effect of a.prolonged hot dry
spell? Some are inclined to think that it would be far less
favorable than has generally been assumed by those who
reason that a protracted cool wet period called for something
directly the opposite as a remedial measure. •
At times exports have been liberal. Ocean tonnage is
reported more plentiful. It is generally assumed rightly
or wrongly that not long after the peace treaty is signed
there will be a beginning at least of a revival of export
trade on something approaching the pre-war scale, even if
nobody looks for a sudden resumption of foreign business
at all equal to it at once. Meanwhile spot markets have
been generally firm. As soon as the peace treaty is signed
it is supposed that Germany will begin to buy the low
grades. And cotton goods on this side of the water have
been very firm with a good demand. The same is true of
silks and wookens. Manchester has reported an excellent
trade atfirm prices. The Lancashire strike of 500,000 hand s
was at one time settled on the basis of a forty-eight hour
week and an increase in wages of 30%. Prices of food are
gradually declining in this country and this to a certain extent increases the buying capacity of the people. At the
same time many cotton goods are expected to be scarce for
some time to come. Dealers in raw cotton believe that the
mills are doing not only a big but a very profitable trade.
At times Liverpool, Japanese and American trade interests
have been good buyers of Oct. and Dec. Largo Wall St.
operators have been credited with buying on a big scale
at times.
On the other hand, the recent advance has been very
marked and at times the technical position has revealed a
certain degree of weakness. At any rate, reactions have
2643
THE CHRONICLE
JUNE 28 1919.]
been sudden and sharp. A delay in the signing of the peace
treaty has had more or less depressing effect. Exports have
laterly been light. Some argue that even after the peace
treaty is signed it will be sometime before credits on a,
large scale will be granted. Others question whether Germany and Central Europe generally is in any position to
buy heavily at the present time. The high prices current
may incline Germany to go ahead cautiously. Ocean freights
are still high. This, with the high price of cotton itself,
naturally militates more or less against export trade. The
low grades are admittedly plentiful and dull at the South.
Unless the demand increases greatly within the next few
weeks it is argued that a big carryover into the next season
will be unavoidable. Admittedly, too, favorable weather
in July could bring about a great improvement in the crop
outlook. After all, August is the critical month. Things
are not decided in June, nor altogether in July.
In parts of Tennessee the condition of the crop is good.
In southern North Carolina the fields are clean and doing
well. In South Carolina conditions are generally good to
very good and the plant is blooming freely in the southern
part of the State. In most parts of Arkansas the recent
growth has been good, though no one denies that at best
the condition on the whole in that State is only fair. In
parts of Georgia, where there has been a chance to cultivate
the plant properly, the condition is reported to be good.
And spot cotton has recently been on the whole less active.
That is not unnatural after a period of rather prolonged
activity. Cotton, too, has been on a tenderable basis here.
The July notices on the 25th inst. were estimated at 15,000
to 20,000 bales.
Heavy profit-taking has taken place from time to time.
Liverpool's spot sales have been only 3,000 to 4,000 bales
a day. To-day prices advanced into new high ground on
heavy rains in Texas and Georgia and bad crop reports
generally. The idea of many now is that the Government
report of July 1 will be 70% or below. On the rise realizing
sales caused a setback in which most or all of the advance
was lost. But prices are sharply higher for the week. Spot
cotton closed at 34.75c. for middling, a rise for the week of
160 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 21 to June 27Middling uplands
Sat.
33.25
Mon. Tues.4 Wed. Thurs. Fri.
33.50 33.50 33.95 34.95 34.75
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
June 27 for each of the past 32 years have been as follows: _
7.00
13.35 1895_c
14.90 1903_c
34.75 1911_c
1919_c
7.31
1918
1917
1916
1915
1914
1913
1912
31.95
27.40
13.10
9.45
13.25
12.30
11.60
15.00
11.80
11.60
13.00
10.80
9.50
11.25
1910
1909
1908
1907
1906
1905
1904
7.25
8.88
9.62
6.06
6.38
7.75
7.50
1903
1901
1900
1899
1898
1897
1896
1894
1893
1892
1891
1890
1889
1888
7.94
7.38
8.38
11.94
10.94
10.25
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
•
Saturday.. _ _
Monday_ _
Tuesday _ _ _
Wednesday _
Thursday _ _
Friday
Futures
Market
Closed.
Spot
Market
Closed.
SALES.
I
Spot. Contract Total.
Quiet 10 pts adv_ _ _ _ Steady
Quiet 25 pts adv_
Steady
Quiet unchanged_ _ _ Steady
Stea.dy 45 pts adv
Steady
Steady 100 pts adv. Straong
Barely steady
Quiet 20 pte dee
Total
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'clay, Thursd'y, Friday,
June 21. June 23. June 24. June 25. June 26. June 27.
JuneClosing ---JulyRange
Closing
AugustRange
Closing
SeptemberRange
Closing
OctoberRange
Closing ____
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
FebruaryRange
Closing
MarchRange
Closing
ApritRange
Closing
MayRange
clinging ____
f 34c: £33
Week.
32.00 -32.25
31.90-.50 32.25-.95 31.85-.76 32.10-.00 32.85-/98 33.75-.40 31.85-f40
32.25-.30 2.50-.65 32.40-.53 32.95-.96 33.95-.98 03.70.-75--32.00 32.00
32.25 -32.58 -32.52 -133.00 -33.95 -33.90 ---32.10 -32.43
32.90-.10
,32.90
133.10
;32.55 -32.95 -33.85 -33.80 ----
I
31.70-.25 32.04-.70 31.72-.64 32.03-.93 32.73-178 33 65-.43 31.70143
32.03-.11 32.42-.4632.32-.40 32.74-.79 33.70-.74 33.70-.75--I
32.25 -32.72-172 ----32.25-172
32.00 -32.38 -132.32 -32.70 -33.65 -33.65 ---31.60-.10 31.90-.70,31.65-.51 32.15-.87 32.65-171 33.58-.30 31.60130
32.00-.07 32.33-35 32.27-.33 32.70-.75 33.63-.68 33.65-.70---
I
31.50-.00 31.95-10 31.60-.41 31.95-.70 32.48-150 33.35-.00 31.50-100
31.90-.98 32.25 -32.15-.20 32.55 -33.37-.42 33.35-.40---
I
31.80 -32.15 -,32.03 -32.45 -33.30 -33.30 ----
I
31.30-.78 31.75-.52 31.45-.27 31.75-.50 32.33-/35 33.20-.87 31.30-187
31.65-.70 32.05 -31.93-.97 32.35 -32.25-.30 33.20-.23- -.-I
31.65 -32.00 -31.90 -32.30 -32.25 -33.15 ----
I
31.55 -31.90-.45---31.75-.45 33.25 -33.25-.52 31.55-152
31.60-.70 3200 -31.85 -32.30 - 32.25-.26 33.10-.15---
2644
THE CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
June 27Stock at Liverpool
Stock at London
Stock at Manchester
bales
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1919.
534,000
13,000
68,000
1918.
258,000
24,000
38,000
1917.
401,000
25,000
31,000
1916.
658,000
38,000
52,000
615,000
320,000
156,000
5,000
58,000
45,000
16,000
127,000
1,000
6,000
2,000
457,000
*1,000
*1,000
191,000
7,000
93,000
29,000
*1,000
748,000
*1,000
*1,000
261,000
13,000
72,000
142,000
*1,000
280,000
136,000
322,000
491,000
Total European stocks
895,000 456,000
India cotton afloat for Europe_
18,000
22,000
Amer. cotton afloat for Europe
396,463 133,000
Egypt Brazil,&c.,afloat forEur'e 34,000
90,000
Stock in Alexandria, Egypt
295,000 247,000
Stock in Bombay, India
1„
*640,000
Stock in U. S. ports
1,328,371 1,176,094
Stock in U. S. interior towns_ __ _1,062,591 834,350
U. S. exports to-day
22,315
779,000 1,239,000
33,000
51,000
94,000 342,440
35,000
22,000
96,000
34,000
936,000 879,000
776,256 789,840
577,609 475,319
11,057
8,203
Total visible supply
5,149,740 3,598.444 3,335.068 3,843.656
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales.. 346,000 106,000 299,000 536,000
Manchester stock
45,000
7,000
19,000
44,000
Continental stock
249,000 *121,000 *260,000 *389,000
American afloat for Europe
396,463 133,000
94,000 342.440
U. J. port stocks
1,328,371 1,176,094 776,256 789,840
U. S. Interior stocks
1,062,591 834,350 547,609 475,319
U. S. exports to-day
22,315
8,203
11,057
Total American
3,449,740 2,377,444 2,034,068 2,587,656
East Indian, Brazil, etc.Liverpool stock
188,000 152,000 102,000 122,000
London stock
13,000
24,000
25,000
38,000
Manchester stock
23,000
31,000
12,000
8,000
Continental stock
31,000 *15,000 *62.000 *102,000
India afloat for Europe
18,000
22,000
33,000
51,000
Egypt Brazil, &c., afloat
34,000
90,000
35,000
22,000
Stock in Alexandria, Egypt..__ _ 295,000 247.000
76,000
34,000
Stock in Bombay, India
1,098,000 640,000 936,000 879,000
Total East India, arc
1,700,000 1,221,000 1,301,000 1,256,000
Total American
3,449,740 2,377,444 2,034 068 2 587 656
Total visible supply
5,149.740 3 598 444 3 335 068 3 843 656
Middling upland,Liverpool
20.39d, 22.59d. 19.45d.
8.16d.
Middling upland,New York
_ 34.75d. 31.95c. 27.15c.
13.15c.
Egypt, good sakel, Liverpool_ _ _ _ 30.58d. 31.13d. 32.20d. 18.00d.
Peruvian, rough good. Liverpool_ 29.75d. 39.00d. 25.00d. 13.75d.
Broach, fine, Liverpool
18.30d. 21.81d. 18.80d.
7.90d.
Tinnevelly, good, Liverpool
18.55d. 22.06d. 18.98d.
7.92d.
*Estimated.
Continental imports for past week have been 48,000 bales.
The above figures for 1919 show a decrease from last week
of 23,880 bales,a gain of 1,551,296 bales over 1918, an excess
041,814,672 bales over 1917 and a gain of 1,306,084 bales
over 1916.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1,the shipmentsfor
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to June 27 1919.
Towns.
Movement to June 28 1918.
Receipts.
I Ship- 1Stocks
Receipts.
ship- Stocks
;menu. June
meas. June
Week. I Season. I Week. 27.
Week. i Season. Week. 28.
Ala.,Eufaula:._
4,833
2,206
4,472
2,386
Montgomery. "i
64,996, -ii8 20,000
17 48,866
64 5,780
Selma
1841 61,500, 1,6991 12,585
34,018
28
565
Ark., Helena
Iii 39,7331
25 41,619
9081 2,503
125 3,700
Little Rock._ 1,1031 170,456 8,4051 29,912
464 236,203 1,841 16,790
Pine Bluff.. _ _
4001 132,279 1,4001 42,000
144,299 1,498 23,139
Ga.,Albany__.
2
10 3,685
12,350
1,678
Athens
2,542 141,22
10,78113.1,
33,833
110 121,691 -friO 18,489
Atlanta
4,
229,914 6,2881 24,II 1,077 330,358 3,595 26,407
Augusta
4,'702 442,84% 7,187 143,280 1,344 436,029 6,257 78,080
Columbus__
51,518
959 25,55
100 38,464
600 4,500
Macon
5;761 227,880, 5,899 35,733
219 168,256 1,482 13,969
Rome
180 49,813
480 13,2
150 54,579
645 5,805
La.,Shreveport 1,000 129,050, 1,531 44,5
174 197,157 2,542 13,764
Miss.,Columbus
59 20,1511
277 2,171
109 10210
455
12
Clarksdale _ ..
390 137,413, 7,364 14,02
105,115 1,000 20,000
Greenwood- _
2601 137,739,
760 13,5
150 130,352 1,650 25,000
Meridian ...._
3001 41,819,
825 12,
62 35,991
220 6,475
Natchez
223 45,680 2,949 5,24
51.297
4,884
Vicksburg
107 35,3941
509 3,324
54 30,38
74
2,405
Yazoo City_ _ _
84 42,063
6321 3,764
38,482
10,600
Mo.,St. Louis_ 6,334 554,196, 6,556 15,654 5;261 1,180,834 6;093 19,577
N.C.,Gr'nsboro
350 52,636;
550 18,8
400 62,677
776 12,000
Raleigh
652 11,229
600
324
10,812
216
0., Cincinnati_
909 133,975'
800 27,3
1,117 142,351 1,351 14,427
Okla., Ardmore
13,750
Chickasha
20d 47,551
409 3,7
300 67,748 "7766 6,666
Hugo
27,361
129
183
35,316
559
170
Oklahoma -------_
35,782
___1 4, ii
2,000
S.C.,Greenvill 20 104,661 2:3110, 27,00
60 140,691
44,754"ioo 18,500
Greenwood.... _
287 14,664
2871 9,126
13,591
320 4,515
Tenn.,Memphis 10,045 903,871 30,773244,767 9;651,380,724 16,467347,714
Nashville
1,268 ___
--- 811
___
1
Tex., Abilene
7 235,
533
26,992
1,867"497 1'163
45
Brenham
"io" 19,326;
, 3,872
21,211
750
Clarksville_ _ _
281 50,3821
955,' 2,52
53,448
94
45
Dallas
1,073 90,354' 2,0231 9,75
"897 131,492 4,491 5,748
Honey Grove_
62 31,1971
40
772
62,070
16 1,511
Houston
26,5501,878,47a 40,228 208,617 10,602 1,914,673 11,971 112,483
Paris
1,251 130,037" 9181 6,337
105,600
615 2,615
San Antonio
39,990,
100 1,000
30,141
_
Total, 41 towns 71,6156,352,179 139,469 1062591 33,0237,710,9801 67,819834,350
The above totals- show that the interior stocks have decreased during the week 67,852 bales and are to-night 228,241
bales more than at the same time last year. The receipts at
all towns have been 38,592 bales more than the same ,week
last year.
[VOL. 108.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
June 27ShippedVia St. Louis
Via Mounds. &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
Deduct ShipmentsOverland to N. Y., Boston, &c
Between interior towns
Inland, &c.,from South
Total to be deducted
Leaving total net overland*
-1918-19Since
Week. Aug. 1.
6,556 552,237
7,825 502,703
24,908
1,329 107,042
63,554
600
396 100,188
10,293 808,745
-1917-18Since
Week. Aug. 1.
a6 093a1,170,520
5,110 474,010
23,669
145
1,450
97,217
38,184
200
5,398 208,783
25,104 742,532
26,999 2,159,377
43,500 2,754,915
768
247
3,689
61,239
47,191
255,526
4,704
363,956
15,333 1,114,684
22,295 1,795,421
28,167 1,640,231
2.102
3,986
a9,245
317,167
114,930
682,587
* Including movement by rail to Canada. a Revised.
The foregoing shows the week's net overland movement
has been 28,167 bales, against 28,167 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 155,190 bales.
-1918-19- -1917-18
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to June 27
140,572 5,509,746 42,413 5,659.824
Net overland to June 27
22,295 1,795,421
28,167 1,640,231
Southern consumption to June 27a 56,000 3,197,000 83,000 3,920,000
Total marketed
Interior stocks in excess
218,867 10,502,167 153,580 11,220,055
*67,852
365,975 *34,796
479,858
Came into sight during weekTotal insight June 27
151,015
10,868,142
_ _--11,699,913
North.spinners'takings to June 27 44,004 2,012,790
27,378 2,662,701
118,784
* Decrease during week. a These figures are consumption; takings not
available.
Movement into sight in previous years:
Week1917-June 29
1916-June 30
1915-July 2
Bales.
Since Aug. 1123,703 1916-17-June 29
128,347 1915-16-June 30
79,796 1914-15-July 2
Bales.
12,516,036
12,085,551
15,008,084
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Week ending
June 27.
Closing Quotations for Middling Cotton onSaturday.' Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
33.00
New Orleans_ _ _ 32.75
Mobile
31.50
Savannah
32.00
Charleston
31.75
Wilmington_ _
31.00
Norfolk
31.50
Baltimore
32.00
Philadelphia
33.50
Augusta
32.12
Memphis
32.50
Dallas
,
Houston
32.25
Little Rock_ _ _ _ 31.25
33.25
32.75
31.75
32.00
31.75
31.00
31.75
32.00
33.75
32.12
32.50
32.80
32.50
31.75
33.25
32.50
31.75
32.00
31.75
31.00
31.75
32.00
33.75
32.00
32.50
32.80
32.50
31.75
33.50
32.25
31.75
32.50
32.00
31.00
31.75
32.00
34.20
32.00
32.50
33.20
32.90
32.00
34.20
32.50
32.25
33.00
32.50
31.00
32.25
33.00
35.20
32.37
32.75
34.20
33.75
32.50
34.20
33.00
32.75
33.50
33.00
32.50
32.75
34.00
35.00
'33.25
'32.75
34.00
33.75
32.50
WEATHER REPORTS BY TELEGRAPH.-Our telegraphic advices this evening from the South indicate that
rain has been general during the week and at some points
rather excessive. Grass is complained of in many sections.
Cuero, Tex.-We have had rain on three days the past
week, the rainfall being one inch and thirty-one hundredths.
The thermometer has averaged 79, the highest being 98 and
the lowest 60.
Dallas, Tex.-The week's rainfall has been sixty-five
hundredths of an inch on three days. The thermometer
has averaged 81, ranging from 72 to 90.
Lampasas, Tex.-It has rained on four days of the week,
the rainfall reaching one inch and twenty-three hundredths.
The thermometer has averaged 76, ranging from 62 to 89.
Luling.-Rain has fallen on four days during the week,
the precipitation reaching two inches and thirty-eight hundredths. The thermometer has ranged from 70 to 90,
averaging 80.
Nacogdoches, Tex.-We have had rain on six days the past
week, the rainfall being four inches and thirty-three hundredths. The thermometer has averaged 80, the highest
being 91 and the lowest 68.
Paris, Tex.-We have had rain on two days during the
week, the rainfall being six hundredths of an inch. The
thermometer has ranged from 70 to 97, averaging 84.
San Antonio, Tex.-It has rained on five days of the week,
the rainfall reaching two inches and thirty-two hundredths.
Minimum thermometer 72, highest 90, average 81.
Taylor, Tex.-We have had rain on four days the past
week, the rainfall being one inch and forty-three hundredths.
Minimum thermomter 67.
Weatherford, Tex.-We have had rain on four days of the
week, the rainfall reaching one inch and twenty-three
hundredths. The thermometer has averaged 81, ranging
from 69 to 92.
Ardmore, Okla.-We have had rain on one day during
the week, the rainfall being one inch and seventy-eight
hundredths. The thermometer has ranged from 69 to 94,
average being 82.
THE CHRONICLE
June
July
October
December
January
March
May
ToneSpot
Ontions
2645
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like periods.
Cotton Takings.
Week and Season.
1918-19.
Week.
1917-18.
Season. I
Week.
Season.
Visible supply June 20
5,173,620
3,692,065
Visible supply Aug. 1
3,027,450,
2,814,776
American in sight to June 27_ __ _ 151,015 10,868,142, 118,784 11,699,913
Bombay receipts to June 26_ _ _ _ 650,000 2,290,0001 43,000 1,747,000
Other India ship'ts to June 26..
42,000
1,000
79,000
Alexandria receipts to June 25....
66,000
653,0001
5,000
799,000
Other supply to June 25 *
64,000
198,000
10,000
238,000
Total supply
5,384,636 17,078,5923,869,849 17,377,689
DeductVisible supply June 27
5,149,740 5,149.74013,598,444 3,598,444
Total takings to June 27 a
234,895 11,928,852 271,405 13,779,245
Of which American
191,895 9,367,852 202,405 10,831,245
Of which other
43,000 2,561,000
69,000 2,948,000
b Estimated.
* Embraces receipts in Europe from Brazil; Smyrna, West Indies, &c.
a This total includes the estimated consumption by Southern mills,
3,197,000 bales in 1918-19 and 3,920,000 bales in 1917-18-takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners, 8,731,852 bales in 1918-19 and 9,859,245 bales in 1917-18. •
of which 6,170,852 and 6.911.245 bales American.
BOMBAY COTTON MOVEMENT.-The receipts of
India cotton at Bombay for the week ending May 15 and for
the season from Aug. 1 for three years have been as follows:
1918-19.
June 5.
Receipts at-
1917-18.
1916-17.
Since
Since
Week. Aug. 1. Week. Aug. 1.
Since
Week. Aug. 1.
50,000 2,147,000 30,000 1,623,000 47,000 2,565,000
Bombay
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-The following are the receipts and shipments for
the week ending June 4 and for the corresponding week
of the two previous years:
Alexandria, Egypt,
June 4.
Receipts (cantars)This week
Since Aug. 1
1918-19.
1917-18.
1916-17.
14,748
4.794.538
54,959
5.874.339
3,828
5.036.036
I Since
Week. Aug. 1.
Export (bales)-
Since
Since
Week. Aug. 1. Week. Aug. 1.
To Liverpool
254 203,670
To Manchester, &c
5,359 103,504
To Continent and India..
801 132,599
To America
3,744 56,579
Total exports
6,006 180,693
249,204
877 68,809
56,763
10,158 496,352
194,865
128,497
1,800 121,279
120,731
6,877 555,469 - 1.800 565,372
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week ending
June 4 were 14,748 cantars and the foreign shipments
were 10,158 bales.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that cloths are very
active and yarns moderately so. We give prices for to-day
below and leave those for previous weeks of this and last
year for comparison:
1919.
32s Cop
Twist.
May 6
2 274
9 2834
16 294
23 314
30 314
Jun6e
3631
13 3654
20 3654
27 3831
1918.
85i lbs. Shirt- Corn
Inas, Common Mid.
to finest.
Uprs
32$ Cop
Twist.
d. s. d.
s. d. d. d.
2931 18 4 024 0 17.29 443(
3034 18 6 024 3 17.19 43;(
024 0 17.75 44
344 20 0 024 6 19.38 4451
344 20 0 CD24 6 20.44 46
394 22 6
404 22 9
4034 23 3
4134 23 9
026 9
0027 0
027 6
028 3
18.96 46
20.38 4755
19.82 4851
20.39 4954
(nee GZSSO
Muskogee, Okla.-Rain on two days of the week. The
rainfall has been three inches and fifty-three hundredths.
Average thermometer 80, highest 95, lowest 65.
Eldorado, Ark.-It has rained on four days of the week,
the rainfall reaching one inch and eighty-seven hundredths.
The thermometer has averaged 82, the highest being 94 and
the lowest 69.
Little Rock, Ark.-It has rained on four days of the week,
the rainfall reaching one inch and forty-four hundredths.
The thermometer has averaged 85, ranging from 72 to 97.
Alexandria, La.-We have had rain on five days during
the week,the rainfall being two inches and thirty hundredths.
The thermometer has ranged from 73 to 92, averaging 83.
New Orleans, La.-It has rained on five days of the week,
the rainfall reaching one inch and seventy-four hundredths.
Average thermometer 80.
Abilene, Tex.-It has rained on five days of the week, the
rainfall reaching seventy-one hundredths of an inch. The
thermometer has averaged 78, ranging from 68 to 88.
Brenham, Tex.-We have had rain on six days during the
week, the rainfall being three inches and twenty-three
hundredths. The thermometer has ranged from 72 to 87,
average being 80.
Brownsville, Tex.-Rain on three days of the week. The
rainfall has been eighty-four hundredths of an inch. Average
thermometer 84, highest 94, lowest 74.
Shreveport, La.-It has rained on four days of the week,
the rainfall reaching two inches and fifty-two hundredths
The thermometer has averaged 80, the highest being 88,
and the lowest 71.
Columbus,Miss.-It has rained on two days of the week,
the rainfall reaching one inch and fifth three hundredths.
The thermometer has averaged 83, ranging from 71 to 95.
Vicksburg, Miss.-We have had rain on two days during
the week, the rainfall being one inch and seventy hundredths
inch. The thermometer has ranged from 70 to 90, averaging 80.
Mobile, Ala.-Frequent showers keep grass growing to
the detriment of cotton. A large area needs cultivation
and labor is scarce. The week's rainfall has been thirtyone hundredths of an inch on one day. Average thermometer 81, highest 91, lowest, 73.
Montgomery, Ala.-There has been rain on two days of
the week, to the extent of four hundredths of an inch.
The thermometer has averaged 83, the highest being 92
and the lowest 73.
Selma, Ala.-We have had rain on one day of the
past week, the rainfall being five hundredths of an inch.
Thermometer has averaged 83, ranging from 78 to 98.
Madison, Ala.-We have had rain on two days during the
week, the rainfall being one inch and fifty-eight hundredths
of an inch. The thermometer has ranged from 72 to 95
averaging 84.
Savannah, Ga.-The week's rainfall has been one inch
and seventy-eight hundredths of an inch on four days.
Average thermometer 77, highest 92, lowest 69.
Atlanta, Ga.-We have had rain on five days the past
the rainfall being fifty-one hundredths of an inch.
The thermometer has averaged 80, the highest being 91
and the lowest 68.
Augusta, Ga.-It has rained on five days of the week, the
rainfall reaching three inches and fifty-four hundredths.
The thermometer has averaged 82, ranging from 68 to 95.
Charleston, S. C.-There has been rain on four days during
the week, to the extent of one inch and eleven hundredths.
The thermometer has ranged from 69 to 92, averaging 80.
Spartanburg, S. C.-We have had rain on five days the
past week, the rainfall being two inches and twenty-two hundredths. The thermometer has averaged 80, the highest
being 93 and the lowest 66.
Charlotte, N. C.-We have had good rain on five days of the
past week, the rainfall being one inch and thirty-one hundredths. Thermometer has averaged 78, ranging from 64
to 92.
Weldon, N. C.-Rain has fallen on three days during the
week, the precipitation reaching one inch and fifty hundredths. The thermometer has ranged from 55 to 93, averaging 74.
Dyersburg, Tenn.-The week's rainfall has been seventeen
hundredths of an inch on two days. Average thermometer
80, highest 88, lowest 72.
Memphis, Tenn.-We have had rain on three days the
past week, to the extent of two inches and forty hundredths.
The thermometer has averaged 81, the highest being 88
and the lowest 74.
NEW ORLEANS CONTRACT MARKET.-The closing quotations for leading contracts in the New Orleans
cotton markets for the past week have been as follows:
(MED@ COOS@
JUNE 28 1919.]
834 lbs. Shirt- Cot'n
Inas. Common Mid.
to finest.
UPrs
d. e. d.
s. d. d.
4634 220 @290 21.40
464 220 @290 21.56
4634 220 @286 21.55
464 22 154028 9 20.88
4854 22 9 029 6 21.33
4854 229 @296 21.99
50 23 454030 156 21.88
515i 240 @320 22.19
52 240 @320 22.59
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 111,183 bales. The shipments in detail as made
up from mail and telegraphic returns, are as follows:
Bales.
565
NEW YORK-To Liverpool-June 23-Royal George, 565
983
To Rotterdam-June 26-Volunteer. 983
979
To Copenhagen-June 21-West Humhaw, 979
27
To Barcelona-June 25-Rita, 27
GALVESTON-To Manchester-June 23-Anselma de Larrinaga, 4,977
4,977
To Antwern---June 25-Skipton Castle, 580
580
NEW ORLEANS-To Liverpool-June 23-Author---9,000:
June 25-Electrician, 8,100
17,100
To Havre-June 20-Texas, 2,499; June 21-Flixton, 11.413_ -- 13,912
5,406
To Copenhagen-June 21-Noruega, 5.406
100
To Barcelona-June 26-Valbanera, 100
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
June 21 June 23 June 24 June 25 June 26 June 27 SAVANNAH-To Liverpool-June 21-Professor, 4,350; Western
Light, 21,156
25,506
2,700
To Rotterdam-June 23-Zyldijk, 2.700
32.99 -33.33
32.59 -32.93-.00 32.75-.85 32.90-.91 34.12- 33.75 - BRUNSWICK-To Liverpool-June 26--Youngstown. 20.635_ _ 20,635
12,637
31.40-.47 32.08-.15 31.96-.00 32.42-.45 33.39-.43 33.25-.34 CHARLESTON-To Liverpool-June 25-Leersum, 12,637
681
681
31.20-.25 31.94-.00 31.80-.84 32.28-.29 32.28-.30 33.11-.20 BOSTON To Liverpool--4une 19-Winifredian,
June 24-Andijk, 1,000
1,000
30.94-.97 31.72 -31.70 -32.15-.18 33.21-.23 33.04-.05 BALTIMORE To Rotterdam16-Tyndareus,
3,395
3,395
30.50-.73 31.50-.67 31.40-.50 31.92-.95 33.00 -32.70 - SEATTLE To Japan June
30.40 -31.40 -31.25 -31.83 -32.99 ---Total
111,183
Quiet
Quiet
Steady
Steady Steady Steady
The particulars of the foregoing shipments for the week
Steady Steady Steady Steady Steady Brly st'v
form, are as follows:
arranged in our
usual
[VOL. 108.
THE CHRONICLE
2646
NNW
Hot- 10tBelDenGreat
Britain.France. land. gium. mark. Spain. Japan. Total.
_ ___
27
2,554
979
New York___
565
983
_--5,557
go
.
Galveston__ _ 4,977
------:= 36,518
5:4613
New Orleans_17,100 13,912 ---28,206
----______ 2,700
Savannah_ __ _25,506
Brunswick __ _20,635
---------- 20,635
12,637
Charleston ___12,637
---- I---681
Boston
-----_681
_
1000
1,000
Baltimore_ __ _ ____
- .§5
3,a
3,395
Seattle
II
127 3.395 111.183
TOW
580 6.385
82.101 13.912 4.683
-8
-106
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &o.,at that port:
Sales of the week
Of which speculators took
Od which exporters took
Sales. American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
June 6.
22,000
June 13.
11,000
June 20.
24,000
June 27.
18,000
12,000
3,000
51,000
518,000
320,000
• 43,000
31,000
204,000
181.000
8,000
1,000
43,000
507,000
316,000
37,000
35,000
256,000
224.000
15,000
3,000
90,000
510,000
326,000
95,000
80,000
249,000
214.000
9,000
2,000
66,000
534,000
346,000
83,000
64,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Market, 1
12:15
P.M.
Mid.Upl'd
HOLIDAY
Sales
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Quiet.
Quiet.
Fair
business
doing.
Quiet.
Quiet.
19.75
20.24
20.05
20.32
20.39
3,000
3,000
4,000
5,000
3,000
Futures.
Market
opened 1
I
Steady
Irregular,
Steady
Irregular
Steady
3 pts. adv. 18©30 pts. 1 pt.dec.to 16©24 pts 3214145 pts.
to4pts.dec. advance. 4 pts. adv. advance. advance.
Market, I
4
P. M. 1
Irregular,
Quiet
Irregular
Quiet
Quiet
214 14 pts. 61428 pts. 1 pt. dec.to 111419 pts 44(4)70 pts.
advance. advance. 5 DU. adv. advance. advance.
The prices of futures at Liverpool for each day are given
below:
Sat.
June 21
to
June 27.
Mon.
Tues.
Wed.
Thurs.
Fri.
12y, 123i 1234 4 1234 4 12X 4 1234 4 123.1 4
p. m.p.m.p. m.p. m.p.m. p. m p. m.p. m.p. m.p. m.p.m. p. in.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
June
19.7 19.9720.24 20.2 20.1 20.2420.4220.3820.8020.80
July
19.59 19.8220.08 20.0920.01 20.0920.2720.2320.49 20.70
August
19.31 19.4: 19.71 19.61 19.55 19.6 19.8 19.7720.0520.28
19.1, 19.31 19.53 19.39 19.31 19.43 19.58 19.54 19.8820.10
September ___
October
HOLIDAY 18.98 19.1 19.35 19.21 19.12 19.2 19.4 19.39 19.7820.00
November
18.81 18.97 19.21 19.07 19.01 19.10 19.28 19.28 19.68 19.98
December
18.71 18.87 19.11 18.97 18.89 18.99 19.18 19.18 19.5: 19.80
January
18.59 18.7 19.11 18.87 18.79 18.89 19.07 19.07 19.48 19.70
February
18.47 18.63 18.88 18.7, 18.66 18.76 18.95 18.95 19.36 18.59
March
18.36 18.52 18.76 18.63 18.54 18.64 18.83 18.83 19.24 19.48
April
18.2 18.42 18.64 18.51 18.42 18.52 18.71 18.77 19.10 19.36
•
May
18.1 i 18.37 18.56 18 4318.34 18.4418.63 18.63 19.02 19.30
EXPORTS OF COTTON GOODS FROM GREAT
BRITAIN.-Below we give the exports of cotton yarn,
goods, &c., from Great Britain for the month of May and
since Aug. 1 in 1918-19 and 1917-18, as compiled by us from
the British Board of Trade returns. It will be noticed that
we have reduced the movement all to pounds.
Yarn & Thread.
Cloth.
Total of AU.
000's
omitted. 1918-19 1917-181 1918-19. 1917-18. 1918-19.1 1917-18. 1918-19. 1917-18.
August _
Sept _ _
October
yards.
lbs.
yards.
lbs.
9,665 18,766 267,620 469,083
8,176 11,074 247,790 420,448
8,717 12,272 226,110 382,821
lbs.
50,0221
46,316
42,2641
lbs.
87,679
78,671
71,555
lbs.
59,687
54,492
50,981
lbs.
106,445
89,745
83,827
1st quar.
Nov__ _ _
Dec _ _
Jan ____
26,558 42,112 741,520 1,272,352 138,602 237,905 165,16
280,017
11,018 9,929 232,763 394,487
43,503
73,736
83,665
54,521
10,132 9,541 207,449 352,912
38,165 65,965
58,207
75,506
11,391 10,344 219,701 400,612
41,066
74,881
85,225
52,547
2d guar _
Feb _ _ _
March_ _
April
32,541 29,814 659,913 1,148,011
10,542 7,251 232,012 363,002
14,298 11,088 195,863 302,975
17,714 8,758 268,459 392,366
3d quar_ 42,5
May ___ 17,78
61 696,334 1,058,343
27,097
258,327 403,191
10,30
Stockings and socks
Sundry articles
Total exports of cotton manufacturers
122,734 214,582
64,251
43,367
56,631
36,610
50,179 73,340
155,275 244,396
71,502
53,909
67,719
50,908
67,893 82,098
130,1561 194,222
48,2861 75,363
172,71
66,073
221,319
85,669
1,498
43,889
1,295
37,889
604,605 870,585
NEW YORK COTTON EXCHANGE.-New Commission
Rates.-In effect, on and after June 16 1919, the rates of
commission will be as follows: $10 00 per 100 bales when the
price is below 13.01c.; $12 50 per 100 bales when price is
from 13.010. to 250., inclusive; an additional $2 50 per 100
bales for each range of 5e. above 25o. In the case of members the rate is one-half of those mentioned. An additional
$2 50 per 100 bales for persons outside of the United States
and Canada. In the case of a member outside of the
United States and Canada, the additional charge will be
$1 25 per 100 bales.
ENGLISH COTTON MILLS.-By cable from London
June 23 it :was announced that the strike of 500,000 cotton
operatives in Lancashire was settled on that day on the basis
of a 48-hour week and a 30% wage increase, work to be
resumed on June 30. But it has since been reported that
the operatives have rejected the proposed settlement.
BREADSTUFFS
Friday Night, June 27 1919.
Flour has been in the main quiet, though at times a slight
increase in the demand has been noticed. Mills have been
bidding freely for new crop wheat in the Southwest. The
new contract has not yet been fully digested by the mills
in all its particulars. Copies have been distributed throughout the country. Meanwhile mills are said to be bidding 15
to 17 cents over the basic government price for new hard
wheat in the Southwest. This is taken to mean that as
soon as new flour can be produced it is likely to have a quick
sale. It is true that the bids mentioned were for June shipment with a penalty of 1 cent per day for delays. Some
think that the Government will begin buying flour for export,
possibly in July. On the whole, the outlook is brightening
a little, though activity is lacking. Mills are rather slow in
naming new prices. The tone is somewhat steadier, but
buyers are not at all eager to take hold.
Wheat visible stocks fell off last week 2,052,000 bushels,
against 74,000 in the same week last year, bringing them
down to 11,387,000 bushels, against 435,000 a year ago.
Cutting of wheat has begun fifty miles to the south of Decatur, Ill., and along the Mississippi and Illinois rivers to the
west. Fields are fast turning in color, and with good weather
cutting is expected to spread. The yield in central Illinois
is put around twenty-five bushels per acre. No damage of
consequence is reported. On the whole, the outlook or the
wheat crop in this country is still considered favorable.
The price guaranteed by the Government has been increased
to $2 30 at Galveston and New Orleans. The order is an
effort to stimulate shipments of wheat to the Gulf terminals.
It was said that a larger supply of ocean tonnage at these
ports than had been anticipated would be available.
The dry weather in France has been favorable for winterwheat but bad for spring-wheat and other cereals which need
good rains. In the United Kingdom beneficial thins have
fallen, but more are needed. From Spain come favorable
reports of the wheat and barley crops. In North Africa
harvest prospects are generally fairly good. It is said that
the crops south of Tunis are poorish, but in the, northern
regions an average harvest is expected. Substantial reserves are reported, however. In Italy the forecasts of the
wheat crop are 188,000,000 bushels, against 176,000,000 last
year. On a pre-war basis it is said, this amount would be
sufficient for home consumption; but Italy is now consuming
more wheat than formerly, and according to official data
the crop last year was 176,000,000 bushels and the imports
from figures already published seem likely to be 80,000,000
bushels, a total of 256,000,000 bushels. The average annual
consumption before the war was only 204,000,000 bushels.
It seems likely, therefore, that Italy will need liberal imports
next year, in spite of the good crop to be harvested. In
Australia occasional rains favored the new wheat seedings.
Seamen's strikes have hindered loadings of wheat to a considerable extent. In India the weather has been good for
native food grain crops. Further East Indian imports of
Australian wheat were announced, and other advices say
there are more steamers being chartered to take Australian
wheat there. Damage by drought is still reported in France,
and it is urged there that import restrictions be removed.
DAILY CLOSING PRICES OF WHEAT IN
Sat. Mon. Tues.
cts_2373.6 237;i 2373i
2403 240M 2403
No. 2 red
No. 1 spring
NEW
Wed.
2373i
2405
YORK.
Thurs. Fri.
2373' 237 1..1
240M 2403
Indian corn advanced on prospects of an early peace and.
reached new high levels, although later on there was a reaction when there was a hitch in the peace program. Still
for a time the buying on prospects of an early signing of the
peace treaty was active. Offerings at times have been very
light. Distant months have been especially strong. Reports from France that much damage had been done by
drouth were not without some effect. In France the removal of import restrictions are being urged. Heavy local
rains were reported on the 25th inst. in Illinois and Iowa.
The Kansas State report puts the condition at 75.4% against
84.9% a month ago and 82% last year. The week's exports
from Argentina to the United States were only 227,000
bushels. That was less than expected. Though the American visible supply last week increased 708,000 bushels as
against a decrease in the same week last year, the total is
still only 4,336,000 bushels against 12,049,000 a year ago.
On the other hand, there have been sharp reactions. On the
24th inst. in fact there was a break of 53' to 6% cents from
the closing prices of the previous day. This was partly on.
the news of a delay in the signing of the peace treaty. Declines in stocks, cotton and coffee had more or less effect,
as being due in part to the same cause. Also the advance
has been so rapid that heavy profit-taking took place. Some
maintain that the bullish factors have been discounted. In
the main the weather has been favorable. Hog products
have declined. Cash corn, moreover, has at times showed
weakness. The demand did not keep pace with the supply. Also offerings of Argentine corn increased here; and
it is offered with considerable freedom from Argentina on an
f.o.b. basis. Reports from Buenos Aires, too, said that
officials there have decided to allow 15% weevil in the corn
delivered on August and September contract, and also that
deliveries can be made of corn containing 30% of weevil
at a discount. And it was stated the other day that an
Illinois grain dealer had had his license revoked by the Food
Administration on a charge of hoarding. It is asserted that
JUNE 28 1919.]
THE CHRONICLE
this interest controlled 400,000 bushels of July contracts
and also 345,000 bushels of cash corn, all of which it is assumed will have to be liquidated. It includes, it is said,
160,000 bushels out of condition. To-day prices advanced
and then reacted. But they are higher for the week. A
steamer arrived here to-day with 181,000 bushels, but ocean
freights are higher at Argentine ports, up to $3 a ton, and
business to arrive is more difficult.
2647
THE DRY GOODS TRADE
New York, Friday Night, June 27 1919.
With difficulties in securing fabrics steadily increasing,
and mills reluctant about accepting even moderate sized
contracts for forward delivery, dry goods merchants have
started to show considerable concern as regards future supplies. At present, every indication points to a growing
scarcity of goods, and merchants are beginning to become
CORN
IN
NEW
YORK.
DAILY CLOSING PRICES OF
apprehensive that they will encounter greater hardship later
Sat. Mon. Tues. Wed. Thurs. Fri.
195
195
cts_198 200
nom. nom. in the season in securing merchandise than they did during
No. 3 yellow
the war period, or in fact, for many years past. Mill agents
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri. give them little encouragement and are very cautious about
cts_182 183 179% 1804 179% 1784 accepting orders. Production
July delivery in elevator
fails to keep up with demand,
September delivery in elevator____176% 17814 17414 176% 175% 17514
December delivery In elevator____15214 15614 15214 15414 15314 15314 and complaints about backward deliveries are becoming
Oats advanced at one time and then reacted with other numerous. Manufacturers themselves are said to have
grain on the delay in signing the peace treaty. In the main, many difficulties to contend with and are notifying agents
too, the crop outlook is considered better. And there has that in view of the summer vacations, production will likely
been less cash demand. The receipts at times have been continue restricted. Many, too, have expressed considerlarger at primary points. The visible supply has increased. able anxiety as to what effect prohibition effective July 1.
New export business, it is said, has been light, if indeed will have on workers. The acute situation as regards supthere has been any at all. Omaha interests have been plies not only pertains to cotton goods, but to woolens,
selling at Chicago. On the other hap.d,. the technical posi- worsteds, silks and imported goods. As regards imported
tion has been improved by the recent liquidation. Droughty fabrics, merchants do not expect much improvement in the
conditions have been reported in the inter-mountain ter- movement, but instead predict that this country will be
ritory. Also there has been more or less export inquiry. called upon to send large quantities of goods abroad. InAnd it is said that quite a good demand prevails for ocean quiry for silks is increasing, stocks are light and jobbers as
freight room for oats to be shipped to France, though this well as retailers are anxious to find goods for quick delivery.
may be on old business. But the visible supply increaed Prices generally continue to rise, and many fabrics have
last week 642,000 bushels in sharp contrast with a decrease reached the high levels which prevailed during the war
in the same week last year of 3,121,000 bushels. The period. While many: merchants are of the opinion that
total is now 15,625,000 bushels against 13,639,000 bushels a the recent advance in prices has, to a large extent, disyear ago. That of barley which increased last week 1,365,- counted Peace, others claim that values are likely to go
000 bushels is now 10,236,000 bushels against 2,648,000 a, still higher when the shortage becomes more pronounced.
year ago. The French Government has reimposed pre- On the other hand, there are those who predict that higher
war import duties on oats, barley and corn. They were prices will stimulate production and result in mills accepting
three francs per 100 kilos on each. To-day prices were contracts more readily and thus bring about an easier situalower, and they end lower for the week. Crop reports are ion. Demand for export continues quite heavy, and if
fabrics were available in larger quantities, shipment would
more favorable.
be on a more liberal scale. Recently, fair sized sales of
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Tues.
Wed.
Mon.
Thurs.
-Sat.
Fri.
sheetings have been made to Mediterranean countries,
81
8014
8214
cts- 8214
80
Standards
8014
82@8214 82@8214 80®8014 8014 80 79®79% while Northern European neutrals are buying more freely.
No. 2 white
According to reports, France has been inquiring for supDAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
plies, and some sales of brown and bleached goods have
691
69
as- 7114 713I
7014
6914
July delivery in elevator
3
6814 6914 6914 687A been made in English markets. Exporters are also said
70%
70
September delivery
7114 7114 0914 71
7014 6914 to be working on orders for Belgian account.
December delivery
DOMESTIC COTTON GOODS.—Markets for staple
The following are closing quotations:
cotton goods have ruled firm with prices in a number of
FLOUR.
cases above recent war levels. Merchants are finding it
- $11 50 $12 00 Barley goods—Portage barley:
Sliming patents
No. 1
11 15
Winter straights ____ 11 00
$6 25 more difficult to procure fabrics and the increased demand
Nos. 2.3 and 4, pearl
Kansas straights__ 11 50@ 12 00
5 50
Nos 2-0 and 3-0
8 75
8 00
6 25Q6 40 is sending prices upward. Manufacturers are giving buyers
Rye flour
Nos. 4-0 and 5-0
little encouragement as regards increased supplies nor is
Corn goods, 100 lbs.—
Oats goods—Carload,spot de- 6 50 there any indication of prices receding. There are fairly
$4 5711
White gran
4 45
livery
Yellow gran
8 35
large offerings of fabrics by second hands who are encouraged
4 60®5 00
Corn flour
GRAIN.
by the high prices to sell. While it is conceded that there is
Oats—
scarcity of cloths owing to the restricted production folWheat—
a
Standard
$2 3714
798
80
No. 2 red
0%
79
lowing the signing of the armistice, it is claimed that there
No. 2 white
2 4014
No. 1 spring
No. 3 white
79%080 are plenty of goods if holders were willing to sell, as stocks
Corn—
1 97%
No. 4 white
No. 2 yellow
14 are very unevenly distributed. There are still many signs
nom.
Barley
yellow
No. 3
Feeding
of active speculation in various cotton fabrics despite the
-120
Rio
Malting'
1 56%
No. 2
125
'fact that merchants and manufacturers have done everyFor other tables usually given here, see page 2604.
thing possible to eliminate such operations. There is a
WEATHER BULLETIN FOR THE WEEK ENDING good inquiry for ginghams for nearby needs with buyers
to place orders. Mills have announced that they
JUNE 24.—The general summary of the weather bulletin anxious
will accept limited orders for ginghams for delivery during
issued by the Department of Agriculture, indicating the December,
January and February. Additional advances
influences of the weather for the week ending June 24, is
been
made
in tickings during the past week, but busihave
follows:
as
COTTON.—The week as a whole was somewhat warmer than normal in ness has been light as sellers have little to offer. Some
of the cotton belt; also in Arkansas and fairly large sales of both wide and narrow sheetings have
the central and eastern portions
Oklahoma, but the weather continued moderately cool in Louisiana and
Texas. Rainfall was unevenly distributed, but was mostly less than two been made at irregular prices, but it is difficult to procure
inches, except in portions of Georgia and northwestern South Carolina, spot goods. Converters have been buying fine goods more
areas in Texas, Oklahoma and Louisilocally in Alabama and in considerable
favorable for growth in Arkansas and
most freely as they are more optimistic as regards spring business
ana. While the week was fairlyRiver,
the crop continued in unsatisfactory
Mississippi
the
are anxious to provide for their forward requirements.
sections east of
belt,
although
it
is reported as satisfactory and
condition in most portions of the
have been firm with a steady demand.
In some eastern sections. Cotton made fairly good advancement during Print cloth markets
GOODS.—Markets for woolens and worsteds
WOOLEN
the week, and its condition is generally good in the Carolinas, except for
slow growth in portions of North Carolina. The progress and condition continue active and prices rule firm. Supplies are scarce,
wherever the fields are well cultiwere reported as satisfactory in Georgia
the latter State it is very poor and
and it is believed they will continue so for some time to come.
vated, but in the southern portion ofthe
crop is reported as poor to fairthe
of
fields are grassy. The condition
in Prices for raw material are advancing and record prices have
Alabama and Tennessee. The weekly progress was fair in parts of MIS3ISpoor. There was too much rain been paid during the past week for Western clip. Mill
slppi, but the general condition continued
was possible during the week; the conin Louisiana and little cultivation
poor,
except
fair
where cultivation has been agents continue very cautious about selling forward fabics,
continues
cotton
of
dition
as there is a growing tendency to keep business confined to
possible.
SPRING WHEAT.--The week was favorable from the Dakotas and short term deliveries as much as possible. In the mens'
of
spring
wheat,
growth
and
the
the
for
eastward
crop
Nebraska
made good
to excellent progress in nearly all localities in that area, although there has wear division, there is a steady inquiry for fabrics and prices
been too much rain in southwestern and south central Minnesota, where rule firm. Some spring openings have taken . place with
warmer
unsatisfactory.
The
weather
in
the
more
progress was
western buyers keen to have their orders accepted. Dress goods
spring wheat districts was favorable for the crop where it is under irrigation
but in the dry farming area it is suffering badly from lack of moisture, and markets rule firm with buyers in need of fabrics and ready
condition.
Spring
wheat
unsatisfactory
is
heading to the
is generally in
to pay the prices asked when goods are offered.
Northern States of the belt.
FOREIGN DRY GOODS.—A steady business is being
WINTER WHEAT.—The temperature averaged higher than the normal
light
to
moderate
week
was
in
most of the prin- transacted in linens with importers reported to have cabled
and the rainfall during the
cipal winter wheat States. The crop matured rapidly under these condifurther orders to manufacturers abroad. Recent arrivals
tions and harvest progressed favorably,except some local delay by rain.
CORN.—The temperature was above the normal in central and northern of linens have been much heavier and according to reports
districts, and the rainfall was light in the Central Great Plains region and
light to moderate in parts of the central Mississippi Valley. These con- larger shipments are due within the next few months. Additions were favorable for the growth of corn and cultivation progressed vices from abroad state that the British Government has
satisfactorily.
OATS.—The week was favorable for oats in nearly all sections of the sold from thirty to forty million yards of linen fabrics at a
country east of the Rocky Mountains, and improvement was reported in price aggregating a total from 3,750,000 to 4,000,000 pounds
this crop in many localities, particularly from the upper Ohio Valley northany of the fabrics
eastward. Growth was checked, however, by warm, dry weather in Michi- sterling. It is not known whether or not
gan, and it was too wet for best results locally between the lower Ohio purchased were for this country, but it is expected that
region,
Lake
while
there
was
Western
considerable com- when the goods are bleached and finished a considerable
Valley and the
plaint of bacterial diseases in Iowa.
BARLEY AND RYE.—Barley and rye continued to make satisfactory quantity will be shipped here as they are adaptable for
progress wherever soil moisture was sufficient, and these crops continue dresses. Burlaps, less active. Light weights are quoted
in good to excellent condition in practically all sections where they are
at 11.750 and heavy weights at 13.25e.
grown from the plains States eastward.
THE CHRONICLE
2648
,ftate anti Tit pepartutent
NEWS ITEMS
California (State of).—Bond Election.—The constitutional amendment to issue $40,000,000 State highway bonds
will be voted upon at a special election called by Gov. W.D.
Stephens for July 1.
Chicago, Lincoln Park District.—Bond Bill Signed.—
Governor Frank 0. Lowden has signed a bill, it is reported,
permitting the Board of Commissioners to ask for a referendum on the issuance of $1,000,000 bonds for filling in work
now under way along the north shore.
Des Moines, Iowa.—Proposed Purchase of Water Plant.—
Regarding the present situation of the proposed purchase by
the city of the plant of the Des Moines Water Company,
the City Clerk writes us as follows:
June 20 1919.
Gentlemen—City Council has directed our Legal Department to prepare
the necessary resolution for the calling of an election to submit to the
electors the proposition of the Des Moines Water Company to sell its plant
to the city at a price of $3,450,000.
So far the Legal Department has not prepared the resolution, but undoubtedly will file it within a few days. The resolution must be passed
and thirty days' notice given by publication in a local news-paper before the
election can be held.
Very truly yours,
(Signed) FRANK JEFFRIES.
City Clerk.
East Denver Municipal Irrigation District, Colo.—
Bond Coupons Declared Valid.—In a decision handed down
by Judge Robert E. Lewis in the United States District
Court on May 7, coupons in the hands of the Gas Securities
Co. of New York from bonds of the East Denver Municipal
Irrigation District were declared valid. The amount of
coupons and interest due on them was set at $229,170 98.
The suit had been pending in the local court for about two
years, it is said, as the district resisted the action of the
Eastern concern, claiming the coupons in the hands of the
company were invalid.
Henryetta, Henryetta County, Okla.—Suit to Restrain
City from Issuing Bonds.—The attorneys for the city advised
us under date of June 19 that no hearing had yet been had
on the permanent injunction granted some days before, restraining the city officials from selling the $310,000 waterworks bonds which had been advertised for sale. They
further state that there will probably be no action on the
matter until some time in July.
Jackson Parish (P. 0. Jonesboro), La.—Bond Issue
Annulled.—In the case of W. I. Flanigan et al versus The
Parish Police Jury, the former attacking an ordinance of the
Police Jury, adopted Jan. 22, declaring the whole territory
of Jackson Parish be included in Road District No. 1; and
also attacking the validity of an election held March 4 at
which $500,000 worth of bonds, to run for forty years, had
been voted for road-building, the Supreme Court on June 2
held that both Act 30 of the extra session of 1917 and Article
291 of the Constitution clearly state that a whole parish
may be formed into one road district. They annulled the
bond issue, however, on the ground that the tax to secure
it had been based on the actual valuation of property in the
.district rather than on the assessed vaulation, and exceeded
10% of the assessed valuation.
Massachusetts.—Legislature Ratifies Woman Suffrage
Amendment.—See reference to this in our "Current News
Department" this week.
Michigan.—Blue Sky Law Effective as Against Sales Not
Approved by Securities Commission.—In an opinion rendered
on June 17, the Michigan Supreme Court held that any sale
of stock requiring the approval of the State Securities Commission not so approved is void. The rule does not apply to
stocks which are exempted under the "Blue Sky" laws—
that is, do not require the approval of the Commission.
The opinion was by Justice Grant Fellows: The decision is
said to be the most important and far-reaching one rendered
by any Court in any of the States having "Blue Sky" laws.
/t is estimated that it will act as an additional curb on outside companies now offering their stock for sale in Michigan
illegally. Press accounts say:
The question came before the Court in a case brought by William S.
Edward against Walter Ioor, Grand Rapids broker. Mr. Edward, a resident of the Soo, purchased some stoke in the Arizona Piano Co., an unapproved company, from Mr. Ioor. He refused to pay for the stock on the
ground that it was not approved stock under the "Blue Sky" law and the
Supreme Court holds that his contention is right.
Legislature Adjourns—Bills Providing for Highway Improvement Loan Board Passed.—The session of the 1919 Legislature of Michigan adjourned last Friday (June 20) at noon.
One of the 26 bills passed by the Legislature was the Connelley bill, which creates a Highway Improvement Loan
Board charged with the issuance of the $50,000,000 bonds
recently authorized by vote of the people for construction of
trunk lines, Federal aided an State reward roads and
bridges along the same. These bonds must sell at not less
than par, draw interest not exceeding 5%, and not more
than $5,000,000 can be issued in any one year. They shall
mature in not less than 5 nor more than 30 years from date
issued.
Monett Special Road District (P. 0. Monett), Barry
and Lawrence Counties, Mo.—Road Bonds Upheld.—The
Supreme Court on June 14 directed State Auditor Hackman
to register $50,000 bonds issued by this district for improved
[VOL. 108.
highways. The bonds issue was attacked on the ground that
the district is composed of parts of Barry and Lawrence
counties. The Court holds that the law authorizes the formation of such districts and that each county being a part
of the district, can pay its just share of the tax.
New York State.—Savings Bank Law Amended.—At the
special session of the State Legislature which convened on
June 16, an amendment was enacted to Subdivision 6 of
Section 239 of the law regulating the investments of savings
institutions of New York State. We publish below Subdivision 6 as it now reads, the new addition appearing in
italics:
6. In bonds and mortgages on unincumbered real .property situated in
this State to the extent of 60% of the appraised value thereof. Not more
than 65% of the whole amount of deposits and guaranty fund shall be so
loaned or invested. If the loan is on unimproved and unproductive real
property, the amount loaned thereon shall not be more than 40% of Its
appraised value. No investment in any bonds and mortgages shall be made
by any savings bank except upon the report of a committee of its trustees
charged with the duty of investigathag the same, who shall certify to the
value of the premises mortgaged or to be mortgaged, according to their
judgment, and such report shall be filed and preserved among the records
of the corporation. For the purposes of this subdivision real property on
which there is a building in process of construction, which when completed
will constitute a permanent improvement shall be considered improved and
productive real property.
North Dakota.—Dismissal of Proceedings to Test State
Legislation—Legality of State Bank Bonds Upheld.—See reference to this in 'Current News Department" in last week's
"Chronicle", page 2490.
Pennsylvania.—Legislature Ratifies Woman Suffrage
Amendment.—Reference is made to this in our "Current
News Department" this week.
Joint Bridge Bill.—The Buckman bill, providing for the
joint acquisition and maintenance by Pennsylvania and New
Jersey of toll bridges over the Delaware River, has been approved, it is stated, by Governor Sproul.
Philadelphia.—Charter Bill Signed By Governor.—The
Woodward Charter-Revision Bill, prescribing a new form of
government for the city of Philadelphia was signed by Governor Sproul on June 25. The House of Representative
passed the bill on June 10 by a vote of 196 to 2. The measure was approved by the Senate on June 17.
The provisions of the new city charter read as follows:
Council to consist of one chamber of twenty-one members, elected from
Senatorial districts on basis of each 20,000 voters.
New Council to choose civil service commission of three members.
Fine and imprisonment for police and firemen who engage in political
activities.
By a majority vote of Council and the approval of the Mayor, municipal
work can be performed by contract.
Beginning Jan. 1 1921, the city can undertake its street cleaning and
collection of ashes and garbage.
City Solicitor to be appointed by the Mayor.
Receiver of taxes to be elected, and his office is to remain separate from
that of City Treasurer.
Long-term financial obligations forbidden.
The position of city architect is authorized.
Rhode Island.—State Printing Plant Bond Issue Asked.—
A resolution asking for a referendum on the proposal to issue
$200,000 State printing-plant and furnishing bonds was presented in the Rhode Island House of Representatives on
Feb. 26. by Representative Dolan. The resolution provides
that at the 1920(November) elections the voters be asked to
vote on the following proposition:
Shall the General Assembly be authorized and directed to provide for the
issue of State bonds not to exceed the amount of $200,000 for the purchase
of a site and the erection thereon of a State printing plant and for the
furnishing and equipping of the same, these bonds to be issued from time
to time in such amounts and upon such terms as the General Assembly may
hereafter determine.
The resolution was ref
@FedFRASER