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The
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INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
-----.-
SATURDAY, JUNE 29 1918
VOL. 106
The (chronicle.
Week ending June 22.
Clearings at
PUBLISHED WEEKLY.
1918.
Terms of Subscription-Payable in Advance
For One Year
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Subscription
following SupplementsBANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNINGS(monthly)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
Terms of Advertisind-Per Inch Space
Transient matter per inch space(14 agate lines)
$4 20
Two Months
(8 times)
22 00
Three
(Months (13 times
29 00
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CHICAGO OFFICE-39 South La Salle Street,Telephone Majestic 7396.
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA. COMPANY, Publishers,
Front. Pine and Deooreter Ste., New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer; Arnold 0. Dana, Vice-President and
Secretary. Addressees of both, Office of the Company.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the Unite (iStates for the week ending to-day
have been $6,577,562,292, against $6,801,612,835 last week and $5,857,289,670
the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending June 29.
1918,
1917.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$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
60,000,000
55,440,650
44,448,395
$2,803,231,234
407,477,065
280,297,088
189,185,257
104,788,286
105,991,914
74,346,112
69,014,680
41,782,002
36,748,905
33,282,844
+5.0
+16.4
+23.2
+61.4
+35.1
+14.7
+26.0
+77.4
+43.6
+50.9
+33.5
Eleven cities, 5 dans
Other cities, 5 days
$4,708,239,450
759,273,481
$4,146,145,987
602,417,801
+13.5
+26.0
Total all cities, 5 days
All cities, 1 day
$5,467,513,331
1,110,048,961
$4,748,563,788
1,108,725,882
+15.1
+0.1
$6.577.562.292
$5.857.289.870
+12.3
Total all cities for week
The full details for the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending June 22 show:
Week ending June 22.
Clearings at1918.
1917.
3,592,586,715 3,566,540,959
New York
446,933,270 338,933,058
Philadelphia
183,833,361
83,747,502
Pittsburgh
68,470,021
44,748,208
Baltimore
21,190,083
20,044,786
Buffalo
15,534,077
10,568,261
Washington
5,0 )0,000
5,071,614
Albany
7,692,642
6,593,802
Rochester
3,500,001
3,322,049
Scranton
4,800,000
4,652,582
Syracuse
3,049,729
2,882,106
Trenton
4,073,841
4,242,247
Wheeling
2,800,000
2,467,546
Reading
3,496,068
3,031,807
Wilmington
2,569,511
2,069,823
Wilkes-Barre
1,100,000
936,840
Greensburg
1,376,190
1,060,835
York
2,147,641
1,829,658
Erie
1,854,154
1,493,262
Chester
820,927
752,289
Altonna
757,100
922,500
Binghamton
2,452,573
1,939,164
Lancaster
392,553
501,846
Montclair
Total Middle. 4,376,431,365 4,108,353,644
457.186,999
11,376,500
8,1,07,722
4,933,580
4,029,772
2,6 )0,000
4,034,151
2,257,819
1,504,199
779,751
1,149,208
850,000
Inc. or
Dec.
1916.
1915.
%
1h0.7 2,628,507,263 1,707,425,875
+31.9 227,567,869 157,254,304
72,117,569
49,989,804
1-111.9
40,512,044
31,214,837
1r53.0
13,664,550
10,426,998
1-5.7
8,839,027
7,025,110
+46.9
5,176,588
5,236,270
--1.4
3,826,291
5,451,820
1-16.7
2,953,102
2,797,576
1,5.3
2,879,909
2,721,480
1,3.4
1,765,121
2,000,547
+5.8
2,066,278
2,810,005
---4.0
1,736,014
2,055,158
1-13.5
3,411,132
2,072,553
1-15.3
1,514,690
1,813,960
+24.2
650,724
800,000
1-17.4
750,015
1,008,581
+29.8
950,242
1,328,197
1-17.4
1,124,703
749,286
+40.1
526,376
600,000
+9.0
841,200
659,900
---17.9
1,302,912
1,652,988
1-26.5
431,521
421,104
---21.7
3,027,379,990 1,993,240,703
236,329,723 +89.2 235,173,329 143,437,226
9,812,900 +15.9
9,747,300
7,570,300
7,825,486 +2.5
7,609,946
6,053,634
4,481,264 +1.2
4,242,520
3,792,9i0
3,806,649 +5.8
2,766,695
3,443,280
2,547,593 +2.0
1,657,871
2,454,163
3,743,352 +7.8
2,451,860
3,518,677
1,898,042 +18.9
1,002,596
1,463,751
1,344,036 +11.9
945,586
1,275,000
915,078 -14.9
577,216
783,913
1,128,171
817,934
+1.9
1,017,383
729,440 +18.0
398,099
600,000
498,719.699 274,552,734 +81.7 271,229,262 171,471,996
Note -For Canadian clearings see "Commercial and Miscellaneous News."
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford- _
Holyoke
Lowell
Bangor
Tot. New Eng_
NO. 2766
1917.
Inc. Or
Dec.
1916.
1915.
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
Quikey
Springfield, Ill_ •
Bloomington
Mansfield
Danville
Jacksonville, ill
Lansing
Lima
Owensboro
Ann Arbor
Adrian
Tot.Mid.Wes
$
505,512,527
60,468,093
112,496,281
89,014,175
28,705,825
15,620,000
10,680,900
10,512,157
5,000,000
5,331,379
3,985,258
3,962,155
1,309,730
2,133,296
3,500,000
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
884,064,092
$
%
468,403,060 +7.9
39,547,229 +52.9
81,634,694 +37.8
57,958,640 +53.6
24,343,684 +17.9
13,450,107 +16.1
10,281,200 -1-3.9
11,182,160 -6.0
6,200,000 -19.3
4,703,514 +13.3
3,476,841 +14.6
2,727,022 +45.3
1,338,181 -2.2
2,010,193 +6.1
3,282,479 +6.6
6,467,000 -3.4
1,474,115 +27.3
585,020 +36.8
3,741,036 -23.7
1,343,135 +196.1
890,057 +1.1
1,054,273 +9.7
1,106,763 +14.5
1,029,228 +2.4
995,634 +30.0
510,038 +21.7
435,816 +20.9
1,122,947 +1.3
925,008 +8.7
503,021 +46.1
341,828 -27.7
104,229 +2.7
753,168,152 +17.4
$
373,745,813
35,509,600
43,444,817
45,767,698
19,034,351
9,760,829
12,167,100
10,267,711
4,000,000
4,305,232
3,961,669
1,616,870
1,470,311
1,571,294
2,668,253
5,098,000
1,116,191
766,905
2,621,123
1,039,825
667,718
810,904
864,754
788,588
684,953
512,010
247,919
970,209
694,370
278,405
254,167
77,494
586,775,083
$
283,98,137
23,836,700
26,489,454
25,909,219
13,414,806
9,027,440
6,305,000
5,710,511
2,400,000
3,004,572
2,159.341
1,119,933
1,059,901
1,096,573
1,567,178
2,064,000
960,665
608,700
1,382,530
797,862
461,360
633,130
645,970
674,218
611,357
486,234
162,575
573,394
490,083
235,115
188,206
67.359
416,740,923
San Francisco.-Los Angeles
Seattle
Spokane
Po.tland
Tacoma
Salt Lake City..
Oakland
Sacramento
San Diego
Pasadena
Stockton
Fresno
San Jose
Yakima
Reno
Long Beach
Total Pacific__
128,297,047
28,153.000
35,471,033
7,922.081
27,764,446
4,996,606
11,711,899
6,368,132
3,520,823
1,859,458
893,665
1,727,970
1,918,789
1,068,513
734,325
495,976
1,007,053
263,880.816
98,952,105
29,380,000
20,917,478
5,789,925
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
+32.3
-4.2
+69.6
+37.3
+76.3
+47.4
-15.6
+27.0
+21.5
-15.3
-4.8
+6.1
+15.4
+42.5
+41.6
-2.9
+49.8
+30.2
57.728,736
22,124,161
13,815,347
3,996,216
10,749,172
2,281.825
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
48,217,525
17,461,780
11,359,586
3,335,517
8,936,631
1,644,420
5,978,864
3,094,485
1,916,712
1,619,357
703,831
828,171
735,957
500,000
290,026
395,000
393,385
105,391,227
Kansas City......
Minneapolis____
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Duluth
Wichita
Topeka
Davenport
Lincoln
Cedar Rapids
Colorado Springs
Fargo
Waterloo
Helena
Pueblo
Aberdeen
Fremont
Hastings
Billings
Tot. on. West
157,217,912
25,260,792
48,257.264
14,832,531
21,862.640
14,608,076
8,907.647
7,000,000
131,699,698
27,467,747
34,010,566
15,323,831
13,528,332
14,156,360
7,662,841
5,818,753
+19.4
-8.0
+41.8
-3.2
+61.6
+3.2
+16.2
+20.3
79,516,132
21,967,448
20,820,941
14,009,533
12,211,189
9,370,550
5,628,844
3,736,378
A991 AAR
A AAA A4A
--AA
A .1q7 9119
60,066,957
16,158,786
18,258,435
12,073,482
8,138,643
6,906,171
4,858,333
3,003,809
9 'Ian ono
:
1,394,327
1,328,717
1,835,346
1,429,081
595,211
1,206,806
1,463,592
982,417
314,294
555,834
379,171
147,792
398,416
147,682,174
:
5,337,238 +4
7,754,405
1,605,571
2,333,239 +31.2
3,061,310
1,409,933
2,192,850 +14.0
2,500,000
2,541,871
3,828,062 +9.8
3.885,762
1,853,261
1,764,584
2,337,708 -24.5
783,225
680,614
648,320 +4.9
2,526,541
1,544,684 +63.6
1,598,481
2,184,240 -4.4
2,088,913
2,071,964
1,928,398 -16.9
1,238,492
1,603,495
650,686
584,153 +11.3
462,330
1,301.486
1,004,559 +29.6
812,710
404,452
809,324'
661,384 -7.9
252,274
496,462
425,000 +16.8
709,167
900,458
996,951 -9.7
332,971,970 281,230,649 +18.4 191,397,838
1
72,361,793
96,880,233
St. Louts
161.924,658, 126,898,025 +27.6
15,479,889
36,248,424 +34.3
19,558,673
48,673,626
New Orleans..
13,014,930
16.030,332
21,462,915, 18,470,669 +16.2
Louisville
6,714,801
8,160,876
12,038,714
11,500,000 +4.7
Ifouston
4,115,546
3,282,566,
4,800,000 -11.7
4,239,192,
Galveston
8,915,180
15,753,093
43,667,753
24,533,674 +78.0
Richmond
9,552,213
13,407,084
42.176,831, 22,854,912 +84.6
Atlanta
7,050,492
7,308,692
10,877,9071 11,651,033 -6.61
Fort Worth
3,799,343
5,537,188
9,200,000, 10,245.269 --10.2I
Memphis
2,906,134
5,294,287
5,272,957
6,549,973 -19.51
Savannah
4,780,657
6,667,114
11,961,254.
8,605,411 +39.0
Nashville
3,250,510
4,837,729
6,169,629 +23.9
7,643,159
Norfolk
2,221,852
2,737,722
3,479,582 +8.4
3,771,690
Birmingham
2,276,527
3,046,977
4,6.53,130
3,648,294 +27.6
Jacksonville
1,209,062
1,463.024
2,496,811,
2,118,113 +17.8
Augusta
1,563,827
2,229,730
2.431,602
2,356,419 +3.2
Knoxville
2,010,700
2,949,342
3,951,262 +34.8
5,326,640
Chattanooga
1,829,144
1,502,569
2,987,395 +10.5
3,300,000
Little Rock
869,748
1,110,139
1,803,880
1,338,747 +34.7
Mobile
1,841,200
3,466,189
7,570,853
5,860,675 +29.2
Oklahoma
1,446,214
2,287,647
2,608,142 -0.6
2,592,746
Charleston
2,117,648
2,932,020
1,500,000
1,373,000 +9.3
Macon
2,064,192
1,500,000
2,627,532
1,530,128 +71.7
Austin
168,855
149.398
.6
240,507
252,046
Vicksburg
310,526
836,497
407,3311 -12.1
357,988
Jackson
1,400,891
5,409,4751+113.6
3,768,726
11,552,458
Tulsa
762,350
1,246,586
1,927,651
1,579,0351 +22.0
Muskogee
5,848,156
10,878,742 +13.1
12.299,029
Dallas
1,607,4831 +21.5
1.
1,953,213
Shreveport
Total Southern 445,544.693 339,830,889' +31.1 239,919,164 173,707,646
6,801,612,635 5,959,858,231; +14.1 4,448,036432 3,008,246,689
Total all
. 794
Outside N. Y_ 3,209,026,920 2,393,317,2721 +31.1 1,819,529,169 1.-306$17:
2678
THE CHRONICLE
[vela. 106.
expedient in the public interest." It does not apTHE FINANCIAL SITUATION.
pear whether this advertisement is by order or with
An advertisement in bold type and occupying knowledge of the Commission; but the particular
a space four columns in width appeared last week acts alleged are so reprehensible that, if established
in a morning journal, setting forth the action taken beyond question, publicity is a just penalty and
on a certain case of complaint at a regular meeting ought to be the best deterrent. Only lately the
of the Federal Trade Commission on April 16 last. Commission made what seemed to us rather too
It appears that one corporation complained of cer- sweeping statements concerning the comparative
tain alleged practices by another in the same line prevalence of commercial immorality, and asked
and asked relief of the Commission. Section 5 of Congress for a law prohibiting bribery in Inter-State
the enabling act of 1914 empowers the Commission, Commerce. When the Commission is perfectly sure
on having reason to suspect "any unfair method of its facts, the order to desist might well be accomof competition in commerce," to serve on the party panied by a threat of publicity, but the publicity
said to be offending a copy of the complaint and a might better be in its own name and avowedly on
notice to appear for a hearing; then, if the hearing its own responsibility.
shows, in the opinion of the Commission, that the
method of competition complained of is prohibited
Building operations in the United States continue
by the Act, it shall make a report in writing and to feel in no uncertain way in some leading sections
shall serve on the offender an order to cease the ob- the restrictions upon activity entailed by the shortage
jectionable conduct. If the offender does not obey, of material and labor and the high cost of both, and
the Commission may take the case to the courts. are hampered in others by the desire of those in
The text of this advertised notice sets forth that the the trade to do nothing that could interfere, or even
complainant and the respondent appeared and ",the seem to do so, with any war work the Government
Commission offered testimony in support of its might have under way or in contemplation. Refercharges in the said complaint," and both sides were ring more particularly to this latter phase of the
heard, and then the law and the facts were argued situation, Mr. Allen E. Beals of the Dow Service
"before an Examiner of the Commission," and the remarks in effect that practically the entire Eastern
Examiner made his report and the accused entered section of the building construction industry, with
exceptions, and "said exceptions having been duly the exception of those having war orders, are awaiting
argued before the Commission by counsel for the word regarding future construction activity. RuCommission," then the Commission decided that mors, he states, regarding Government plans are
the accused corporation had violated Section 5, disquieting to those having large organizations or
which simply declares "that unfair methods of considerable capital tied up in unused equipment or
competition in commerce are hereby declared un- materials that, although suitable for present day
lawful." So, continues the advertisement, the construction, are not being called for. Men and
C ommission orders the accused to cease "maliciously materials appear to be available for carrying on
enticing away employees of the complainant" and work without drawing upon war construction forces
from "using information of trade secrets and business or commodities; and transportation can be provided,
confidences of a competitor," such secrets and con- it is thought, by the waterways. The facts, it is
fidences consisting of lists of present and prospective stated, have been placed before officials at Washingcustomers and the like, "obtained by a person ton and the builders await Federal action in the
formerly employed in a confidential capacity by matter by the appointment of either a building
said competitors but now employed by the re- Contracting or building material man on the War
spondent."
Industries Board. Various adverse effects are feared
The Commission receives a complaint of unfair if the present status continues long.
methods, cites the accused to appear, and then hears
Our latest compilation of building construction
the respective parties, and decides whether the returns covers the month of May 1918, embraces
charge of unfairness is sustained. This is the order 165 cities and affords a much smaller total of conof procedure as prescribed in the Act, but in this templated outlay than for the same period of any
instance the Commission seems to have designated year since we began the tabulation of the figures—
an Examiner, equivalent to a Referee in ordinary over a decade ago. The month's aggregate, in
practice, to determine the facts, then to have had fact, is only $50,543,679, this comparing with
his finding and the objections thereto argued before $78,368,120 in 1917 and no less than 119 million
itself by its own counsel, upon which it decided the dollars in 1916. Greater New York's exhibit is a
accused to be guilty. This precise method of hand- very poor one, for while the total estimated expendiling such cases may or may not be now followed tures at $7,261,892 is but moderately below that of
for the first time, but it seems peculiar and a cir- a year ago it shows a decline of over 21 million dollars
cumlocution. It is not clearly indicated in the from 1916. For the cities outside of New York the
elaborate "rules of practice" made public three years May aggregate is 273 million dollars below that of
ago, except that those do provide for ordering "tes- last year ($43,281,787 contrasting with $70,595,004)
timony to be taken by deposition . . . before and it is less than half that of two years ago. Most
any person designated."
of the cities are among those reporting losses (119
The advertisement is signed by the complainant out of 164) and conspicuously heavy percentages
corporation, is a "notice to a certain trade," and of decline are numerous. In this category we find
says that violations of the restraining order will be Chicago, Philadelphia, Boston, St. Louis, Kansas
immediately reported back to the Commission. City, Pittsburgh, Omaha, Minneapolis, Washington,
The Commission is empowered by the law to "make Newark, San Francisco, Cleveland, Cincinnati,
public from time to time such portions of the in- Columbus, New Orleans, Richmond, 'Milwaukee,
formation obtained by it hereunder, except trade Indianapolis and Toledo. On the other hand
secrets and names of customers, as it shall deem gains of importance are in great measure confined to
JUNE 29 1918.]
THE CHRONICLE
smaller towns but are in evidence also at such points
as Denver, Los Angeles, Portland, Tacoma, Louisville, Des Moines, Wichita, Fort Worth, Bridgeport,
Wilmington, Del., San Antonio and Youngstown.
The exhibit for the five months is, of course, less
satisfactory than last year in all sections of the
country. At 23 New England cities there is a decline
of 21% millions from 1917, largely at Boston and
Hartford, and a drop of 303/ millions at 38 Middle
States places (not including greater New York) is
mainly found at Philadelphia, Pittsburgh, Baltimore,
Newark, Washington, Rochester, Syracuse and
Erie. A decrease of 61M millions is shown in the
Middle West (29 cities) with Chicago, Cleveland,
Detroit, Cincinnati and Wilwaukee the conspicuous
losers. The result at the South (34 cities) is somewhat better than elsewhere, but still there is a falling
off of 73/ millions to which Richmond and Dallas
contributed in greatest measure. On the Pacific
Slope 15 cities report a contraction of a little over
11 millions in contemplated expenditures, and the
remainder of the West (25 cities) shows a decline
of 7 millions, over 4 millions of which is at St. Louis.
The combined returns for the 164 cities outside of
New York give an aggregate of but $171,116,505,
against $310,847,774 in 1917 and $332,488,612 in
1916. Greater New York's totals are $28,509,803
and $53,587,270 and $86,537,712, respectively, and
those for the whole country $199,626,308 and $364,435,044 and approximately 420 millions.
Canadian building operations in May were of
greater volume than a year ago, gains at some of
the larger cities serving to more than offset losses
elsewhere. At the same time the month's result
was very much below that for some earlier years.
From the Eastern Provinces 24 cities report an
aggregate of estimated expenditures in May of
$3,960,210 against $2,801,473 a year ago, with the
total for the five months $9,351,536 against $10,280,386. For 11 cities in the Western Provinces the
outlay arranged for in the month this year was
$1,059,794 against $791,115 and for the period
since Jan. 1 the contrast is between $3,326,354 and
$1,806,675. For the whole of the Dominion (35
cities), therefore, the May aggregate is.$5,020,004
against $3,592,588 and for the five months is $12,677,890 against $12,087,061.
Using the term in the sense outlined recently by
the British Premier, Berlin has this week started a
new "peace offensive." The obvious purpose is to
encourage the Entente pacifists in their efforts to end
the war by negotiations, which under existing conditions would mean for practical purposes a German
victory. The Imperial Foreign Secretary, Dr. Richard von Kuehlmann, on Monday outlined Germany's
war aims and called down upon himself the wrath
of the Junkers, not to mention "a furious telegram"
from the Kaiser to the Imperial Chancellor, Count
von Herding, condemning the Secretary's speech.
All this furore, of course, may be regarded as characteristically German. It is quite reasonabre to assume that von Kuehlmann would not have delivered
such a portentous speech unless he had full authority
and after consultation with the Chancellor. Considered from the standpiont of home consumption,
his statements were startling and discouraging, since
they so completely abandoned the recent claims of
early victory. Hence,some camouflage was necessary
to restore confidence beyond the Rhine. Dr. von
2679
Kuehlmann will probably be sacrificed as a part of this
political camouflage. The Secretary was peculiarly
ingenuous in his observations regarding the necessity
of honesty in negotiation. He would, he said, not talk
peace by negotiation, for, under conditions as they
now exist, no progress seemed possible. "So long
as every overture is regarded by others as a peace
offensive—as a trap or as something false for the
purpose of sowing disunion between allies; so long as
every attempt at a rapprochement is at once violently denounced by the enemies of a rapprochement
in the various countries, so long will it be impossible
to see how any exchange of ideas leading to peace
can be begun," said the Secretary, and added:"Once
the moment arrives—when, I care not to prophesy—
that the nations which are at present locked in battle
will exchange peace views, one of the preliminary conditions must be certain degrees of mutual confidence
in each other's honesty and chivalry." Such language and sentiments are certainly characteristic.
The chief criticism by the Junkers of the speech,
however, appears to be aimed at the admission that
all the recent promises in German official circles that
the war was to be ended promptly by the sword
have been set aside. "In view of the magnitude of
this war," said the Secretary, "and the number of
Powers, including those from overseas that are
engaged, its end can hardly be expected through
purely military decisions alone and without recourse
to diplomatic negotiations." The force of this frank
statement was not weakened by the speaker's subsequent declaration that "our position of the battlefields, our enormous military resources and the
situation and determination at home permit us to
use such language. We hope that our enemies will
perceive that in view of our resources the idea of a
victory for the Entente is a dream, an illusion, and
that they will in due course find a way to approach
us with peace offers which will correspond with the
situation and satisfy Germany's vital needs." When
it came to specific declarations of Germany's war
aims, von Kuehlmann retired behind generalities.
He declared that what was desired for the German
people and their allies was "a free, strong, independent existence, within the boundaries made for
them by history" Germany, he added, would have
to decline to make any prior concessions by stating
her position as to Belgium in a way which would bind
her without similarly binding Germany's enemies.
The Secretary quoted from former Premier Asquith's speech of May 16, in which the latter said that
the British Government would not turn a deaf ear to a
peace proposal if it were not couched in ambiguous
terms. "We likewise can make the same declaration," said the Foreign Secretary, "knowing this to
be also our policy." One of the most significant
declarations in the speech was the complete volteface
regarding the German claims of responsibility for the
war. Heretofore England has been described as the
arch conspirator which brought on the struggle.
Von Kuehlmann, however, took the new position
that revelations which had been made showed Russia
as the Power which had planned and desired the war,
with France abetting her, and England's attitude
strengthening the Russian desire for conflict. This
new viewpoint appears to contain greater suggestion
of the real Prussian desire for peace negotiation than
any statement which has thus far come from Berlin.
The Foreign Secretary took up seriatum the conditions in Poland, Russia and Turkey. He quoted
2680
THE CHRONICLE
Von -Moltke, who in 1890 in the Reichstag said that
if war broke out its duration and end could not be
calculated. "Despite the brilliant successes of our
arms," continued the Secretary, "there has been nowhere clearly recognizable among our enemies readiness for peace. The German Government has repeatedly laid down its standpoint in declarations intended for the widest publicity. Our enemies have
nothing to show that can in any degree compare
with the German peace offers, with the resolution of
this House or with the reply to the Papal notes.
The declarations of our enemies, especially of English
statesmen, allow as yet no peaceful ray of light to
fall on the darkness of this war." Referring to Mr.
Balfour's recent speech in which the British Foreign
Secretary said that Germany had unchained the
war to achieve world domination, the speaker said:
"In a former debate I pointed out that the absolute
integrity of the German Empire formed the necessary prerequisite conditions for entering into a peace
discussion or negotiations. That is our position today. From England the reproach is constantly made
that we are not prepared on a hint from England
to state our attitude publicly on the Belgian question. On this point the fundamental views of the
Imperial Government differ from those ascribed to
us by English statesmen. We regard Belgium as
We must,
one question in the entire fabric.
however, decline to make, as it were, a prior concession by giving a statement on the Belgian question which would bind us without in the least binding the enemy. Mr. Balfour, moreover, by way of
precaution has added that we must in no way
imagine that any agreement on the Belgian question
exhausts the stock of English or Entente wishes.
He prudently abstained from describing these points
in which he intends to announce more far-reaching
claims or desires. The supposition is not unjustified by previous experiences that while these words
on the one hand were addressed to Paris, on the other
hand covetous desires floated across the Mediterranean to the part of Palestine and Mesopotamia at
present occupied by the British troops. I hear already the justification which will duly be given for
such desires, namely that England could not possibly
make such sacrifices of blood and treasure without
reserving for herself most of the gains."
On Tuesday the Imperial German Chancellor,
Count von Hertling, followed von Kuehlmann in a
discussion of peace prospects. He declared there
will be no further discussion of President Wilson's
four principles as a basis for general peace so far as
Germany is concerned. He did not look upon a
league of nations after the war with favor,as such a
league might make it uncomfortable for Germany.
"I originally had no intention of taking part in this
debate," said the Chancellor. "The reasons for my
contemplated reserve are obvious, namely, the experiences I have had, together with my predecessor's
remarks in previous speeches. If we spoke our
willingness for peace,that was regarded as a symptom
of weakness and of our immediately impending
collapse; by others it was interpreted as a crafty
trap. Did we speak, on the other hand, of our unshakable will to defend ourselves in a war of conquest so criminally thrust upon us, it was said that it
• was the voice of German militarism to which even
- the leading statesmen must submit willy-nilly. I
went a step further on Feb. 24 and expressly stated
[VOL. 106.
my attitude towards the message of President Wilson,
in which he discussed his four points, and I gave in
principle my assent to them. I said that these four
points of President Wilson might possibly form the
basis of a general world peace. No utterance of
President Wilson whatever followed this, so that
there is no object in spinning further the threads there
started. There is still less object after statements
which have since reached us especially from America.
These statements, indeed, make it really clear what
is to be understood from a peace league of people or
a league of peoples for the maintenance of freedom
and justice. Our opponents made it clear that they
would be the kernel of this league of people and that
it would in this way not be difficult to isolate the
uncomfortable upward surgings of Germany and by
economic strangulation to extinguish her vital
breath. I considered it as against this quite proper
that the Foreign Secretary made a statement on the
details of our political position in the East from
Finland to the Black Sea and in my opinion he fulfilled the task thoroughly. On the other hand, some
of his statements were given a more or less unfriendly
reception in wide circles."
Later in the week Dr. von Kuehlmann, replying
to critics, said: "Once legends have arisen they are
difficult to destroy, but I must declare with a view
to counteracting the growth of the legend that there
can be no question of my having bound myself to
the idea of a long war." This remark was provoked
by a deputy, who referred to "Dr. von Kuehlmann's
expectation of a war of very long duration.
Instead of a peace offensive, however,there appears
at the moment greater possibility that a military
offensive on the Western front on a scale equalling,
if not exceeding, the preceding phases of the spring
campaign, will prove the real development. Advices by cable from both London and Paris indicate that such a development ig considered one
of the probabilities of the very near future. Concentration of enemy troops and equipment is under
way and there is the greatest possible incentive
for early action in this respect because of the huge
arrivals of American troops in France. Every
day is in this way adding many thousands to
the Allied reserves; and the enemy task is becoming
correspondingly greater. According to Secretary
Baker, we to-day, have virtually 1,000,000 men
overseas and by August this number will be increased
by one half, the Secretary's estimate being 1,450,000
by that date. According to the official program
875,000 new recruits will be called to the colors between Aug. 1 and Dec. 31-300,000 in August,
150,000 each in September, October and November,
and 125,000 in December, besides which approximately 200,000 men will be added to Class 1 through
the reclassification of men now in deferred classes.
What is of equal importance for the enemy to consider is the splendid fighting quality that has uniformly been displayed by our troops in the comparatively minor contests in which they have thus
far participated. In these circumstances it will be
surprising if the Prussian military machine will in
the new Western attack permit a delay of one moment
more than is necessary for ample preparation to make
the new drive completely effective. The Allied
commanders are awaiting this attack with confidence and in some usually well informed circles,
there appears a disposition to believe that possibly
JUNE 29 1918.]
THE CHRONICLE
2681
the decisive battle of the war is at hand. NeverAs usual there is discrepancy between the Berlin
theless, in view of the well known uncertainties of war, and London accounts of the amount of shipping
Stock Exchange operators are inclined to pause until destroyed during May. German reports give the
the horizon has cleared to an appreciable extent. tonnage sunk by German underwater boats as
aggregating 614,000 gross tons. The claim also is
The Russian situation seems to be somewhat made that in addition badly damaged ships with a
better. Hope is entertained that the Bolshevik tonnage of 56,000 were taken to ports of the Entente
fever will soon have run its course and burned itself in April in addition to the losses already announced
out; and that the strong conservative element will for that month. The British Admiralty's statement
come gradually into power. Latest (unconfirmed) for the month shows an aggregate of only 355,694
reports declare the Bolshevik Government has been tons, including 234,735 tons British and 130,959
overthrown in Moscow and Moscow itself has been tons Allied and neutral. The total compares with
captured by General Korniloff, supported by German an adjusted aggregate for April of 311,546 tons
troops. It also is stated that Grand Duke Nicholas and with a total of 430,436 tons in May of last year.
has been proclaimed Emperor. There have been Steamships of 500 gross tons or more entering and
rumors of late that the former Czar Nicholas has clearing United Kingdom ports during May exclusive
been tried and executed by the Bolsheviki and that of coastal and Channel traffic, totaled 7,777,843
Alexis Romanoff, his son, died a few days ago. so that it still is clear that the proportion of losses
Meanwhile Alexander F. Kerensky, former Premier forms a very small part of the total shipping moveof Russia, is in London and is expected to sail soon ment. The naval writer of the London "Daily
for Washington. • In an address at the Labor Telegraph" takes a hopeful view of the submarine
Conference in London on Thursday he declared that situation. "Owing to the large number of subhe bore witness that the Russian people never would marines destroyed," he said, "the enemy paid a
recognize the Brest-Litovsk treaty, "which hurled higher price for every ton of shipping sunk than in any
Russia into the abyss of annihilation." Russia, corresponding period since piracy was inaugurated."
the speaker said, was bending under German im- The same writer says there is already evidence to
pulse and bleeding at every pore but still opposed show that the situation has still further improved
the enemy invasion. A London paper outlining since the end of May and "the curves are continuing
Kerensky's views states that the former Premier a most encouraging course."
believes the Allied policy but take a clear line against
the Bolsheviki who must not be regarded as identified
The week's military operations have been confined
either with the Russian nation or with the democracy. in large measure to minor operations. Reports as
On the contrary they are the antithesis of both. they arrive add to rather than detract from the comAnti-Bolshevik feeling in Russia is intense and pleteness of the recent Italian victory over the
universal except among certain elements in the army Austrians. Some estimates of the Austrian losses
and in the urban working classes. There is little reach as high as 120,000 men, while the Italian
or no peasant support but the people cannot act official communication concedes a loss of 40,000
against their leaders as the latter control the artillery, men, which include killed, wounded and prisoners.
the railways, and so much of the machinery of The Italian commander appears to be content with
Government as still exists. Moreover they are the extent of his victory and is not inclined
to cross
disunited with no rallying centre and the Bolsheviki the Piave River in force and thus place himself
in
do their best to prevent anybody from creating one a similar trap to that which has just proven so disby wholesale suppression of liberty of the press and astrous to the enemy. Our Secretary of War, Mr.
of public meeting. Kerensky is strongly in favor Baker, voices the significance attached here to
the
of Allied military intervention,butsuch intervention, Austrian defeat in the following cablegram, dishe said, should be by the Allies and not by any patched on Monday last to the American Embassies
single Allied Power. That, the speaker said, would at Rome for transmission to the Italian Minister
not prevent an Allied Power, such as Japan,from of War:
contributing the bulk of effectives. Its character
"The people of the United States are watching
should be military, to fight the Germans, not to with enthusiasm and admiration the splendid
interfere in Russian politics as such. President exploits of the great army of Italy in resisting and
Wilson, it is known, has a plan for aiding Russia, driving back the enemy forces which recently underthough he has not yet deemed it wise to furnish took a major offensive on the Italian front.
I
complete details. Various other plans for extending take great pleasure in tendering my own hearty
American aid in the effort to bring Russia back into congratulations and would be most happy to
have
the war are still in a stage of consideration and before a message of greeting and congratulation transmitted
being placed in operation will require a great amount to General Diaz and his brave soldiers."
of consultation between Washington and the Allies.
In Washington military observers believe that the
All these plans are more or less based on the semi- Austrian army as an offensive weapon is not to be
material aid which the distressed country needs, seriously considered for months to come as it will
such as seeds, agricultural implements and other take time to repair damage to morale and equipmeans of rehabilitating her people accompanying ment even if the internal situation produced by the
them with sufficientforcesto safeguard these resourceS shortage of food among the civilian population does
from falling into the hands of the Germans. Such not further cripple Austria's military power.
plans depend for their execution on the approval of
Where the next offensive is to be launched cannotthe Allies and also on the consent and approval of of course be foretold, but it is being awaited with
the Russian people themselves in the districts which calm confidence. David Lloyd George, the British
would be affected. Kerensky's advice on the practica- Premier, in the House of Commons early in the week
bility of such plans as these will be greatly valued. predicted that another enemy attack might be looked
for possibly within a few hours and certainly within
2682
THE CHRONICLE
the next few days—a blow on which the issue of the
campaign might depend. Advices from Paris state
that there have been rebellious out breaksamong the
garrisons of the cities of Gyor and Pecs, Hungary,
as a result of which 2,000 of the military involved
in the mutiny have been condemned to death, according to reports received by the "Matin" yesterday. Both Austria and Hungary are affected by
the revolutionary movement, which is said to be in
progress on a large scale in Austria, the newspaper
dispatches say. The spirit of revolt is said to be
strong in the army.
On the London market for securities the prospect
of a triple holiday has not unnaturally militated
against activity. To-day is the usual Saturday
holiday, while Monday has been declared a Bank
holiday, so far as outside business is concerned, to
afford the financial institutions opportunity to catch
up with their large arrears of work, which has
fallen behind as a result of depleted staffs caused
by the war's demands on labor. These have been
particularly felt in the matter of bank clerks. Despite the dulness and despite also the expectation
that a new German drive is scheduled for the near
future, quotations for the entire list of investment
securities in the English market have been well
maintained. It is significant of the confidence that
has been so general that quotations for securities
have advanced during the last month. The regular
monthly compilation of the "Bankers' Magazine,"
received by cable, registers an increase of £19,430,000, or 0.7%, between May 20 and June 30. This
is based on the aggregate value of 387 representative
securities listed on the London Stock Exchange.
The aggregate value is £2,633,824,000, which compares with £2,717,316,000 on June 20 1917, L2,912,501,000 the year preceding and £3,383,128,000 in
June 1914, immediately preceding the outbreak of
hostilities.
Quite an active demand for Russian bonds has
developed at the British centre, reported to be very
largely for American account. It suggests information of an encouraging nature on the part of banking
interests regarding Russian affairs. British rails
have displayed firmness. Cable correspondents speak
of a growing impression that these companies will
never regain possession of their lines, but that the
various systems will continue to be controlled by
the Government pending the eventual nationalization by purchase. So long as Government control
is exercised present dividends are assured. This
is a possibility that quite obviously has a counterpart in our own railroad situation and is responsible
for the tenacity with which securities of this character are being held here. Favorable comment has
been heard in financial London at the success which
has attended the collection of our enormous June
tax payments without a sign of disturbance to the
money market and our Treasury's extension on a
larger scale of the policy of selling Government
short-term certificates of indebtedness in anticipation of a war loan is being watched with interest.
The London correspondent of the "Evening Post"
declares that the American plan compares favorably
with the British system of Treasury bills because the
latter are indefinitely prolonged or renewed in the
absence of any settled plan for another war loan.
Shipping shares have been in demand on the
London market. Reports are:current of important
[VoL. 106.
combinations. It is reported for instance that the
Furness group is negotiating to absorb the TyneTees-Steamship Co., which has valuable wharfage
and docks. A projected merger of the Cunard
Line and the Peninsula & Oriental Steam Navigation Co. is said to be under negotiation. The
Khedivial Mail Steamship & Graving Dock Co.,
Ltd., of London, will, it is understood, also figure
in this deal which may take the form of a working
agreement rather than any physical amalgamation.
The sales of British war bonds last week aggregated £20,247,000 a slight decrease from the L21,516,000 total from the week preceding and making
the aggregate to June 22 £800,025,000. Through
the post offices for the week ending June 15 the sales
of bonds amounted to £601,000, comparing with
£688,000 the week preceding and bringing the total
under this head up to £30,989,000. War savings
certificates of £1 each (sold at 13s. 6d. and redeemable at par in five years) issued during the
week of June 15, reached a total of £2,359,000,
making the ultimate indebtedness under this head
£206,626,000.
British revenue returns for the week ended June 22
indicated reductions in both income and outgo.
There was a falling off in sales of new Treasury bills,
though the amount is still in excess of those repaid,
while the total of Treasury bills outstanding continues to. expand. The week's expenses were
£44,818,000 (against £48,978,000 for the week ending June 15), while the total outflow, including repayments of Treasury bills and other items amounted
to £106,001,000, against £139,074,000 a week ago.
Repayments of Treasury bills were £45,870,000, in
contrast with £47,888,000 the week previous. Receipts from all sources equaled £106,846,000, as compared with £135,346,000 last week. Of this total
revenues contributed £12,765,000, against £19,34p,000 the week before. Treasury bills issued totaled
£52,507,000, in comparison with £80,446,000; war
savings certificates were £3,300,000, against £1,600,000, and other debts incurred £1,049,000, against
£16,386,000 the previous week. Advances amounted
to £1,000,000, the same as last week. War bonds
reached a total of £35,904,000. A week ago they
amounted to £16,528,000. Treasury bills were £1,058,430,000, which compares with £1,051,772,000
last week. Exchequer balances aggregate £12,926,000, as against £12,081,000 in the week preceding,
an increase of £845,000.
There has been no change in official discount rates
at leading European centres from 5% in London,
Paris, Berlin, Vienna and Copenhagen;6% in Petrograd and Norway; 614% in Sweden, and 43/2% in
Switzerland, Holland and Spain. In London the
private bank rate continues to be quoted at 33/2%
for sixty days and 3 9-16% for ninety days. Call
money in London remains at 3%. So far as we
have been able to learn, no reports have been received
by cable of open market rates at other European
centres.
An additional and substantial gain in gold of no
less than £1,022,231 is reported by the Bank of
England in its weekly statement. Total reserves,
however, were reduced £268,000, there having be en
an increase of £1,290,000 in note circulation The
JUNE 29 1918.]
THE CHRONICLE
proportion of reserve to liabilities showed a slight
decline, despite the important gain in gold, owing
to an increase in deposits, and now stands at 18.22%,
against 18.77% a week ago and 22.27% last year.
Public deposits decreased £343,000. But other
deposits were expanded £3,662,000. Government
securities declined £2,098,000. Loans (other securities) showed an increase of £5,749,000. The
Bank's holdings of gold now total £65,228,157. This
is the highest amount held for the corresponding
week of any year since 1912, and compares with
£57,534,874 in 1917 and £61,379,728 the year previous. Reserves aggregate £30,419,000, as against
£36,585,329 a year ago and £43,930,491 in 1916.
Loans amount to'£100,799,000. Last year the total
was £100,225,942 and in 1916 £87,132,762. Our
special correspondent is no longer able to give details by cable of the gold movement into and out
of the Bank for the Bank week, inasmuch as the
Bank has discontinued such reports. We append
a tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1914.
1918.
1917.
1916.
1915.
July 1.
June 26.
June 27.
June 28.
June 30.
53,674,000
Circulation
35,779,000
Public deposits
deposits
128,840,000
Other
Govt. securities
51,651,000
Other securities.....100,799,000
Reserve notes & coin 30,419,000
Coin and bullion_ 65,228,157
Proportion of reserve
to liabilities
18.20%
Bank rate
5%
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
61,379,728
34,636,280
81,514,428
140,654,115
51,043,491
152,914,703
35,905,614
52,091,894
29,784,295
17,071,618
54,550,853
11,005,126
49,692,774
28,748,502
40,082,797
22.27%
5%
28.20%
5%
16.12%
5%
40.12%
3%
The Bank of France, in its weekly statement,
shows another gain in its gold item this week, the
amount being 1,381,950 francs. The total gold
holdings, including 2,062,108,000 francs held abroad,
now amount to 5,423,848,350 francs, comparing
with 5,288,021,642 francs (including 2,034,774,686
francs held abroad) in 1917 and with 4,763,256,765
francs (including 271,055,668 francs held abroad)
the year before. During the week the silver item
was increased by 3,262,000 francs, general deposits
expanded 91,161,000 francs and bills discounted
rose 23,147,000 francs. On the other hand, a decline of 30,763,000 francs was reported in Treasury
deposits, while advances disclose a decline of 23,353,000 francs. An increase of 136,129,000 francs
in note circulation occurred during the week, bringing the total amount outstanding up to 28,550,425,995 francs. At this time in 1917 the amount
was 19,823,105,870 francs and the year previous
15,805,654,730 francs. On July 30 1914 the period
just preceding the outbreak of the war, the amount
was 6,683,184,785 francs. Comparisons of the
various items with the statement of last week and
corresponding dates in 1917 and 1916 are as follows:
STATEMENT.
BANK OF FRANCE'S COMPARATIVE
Changes
Status as of
for Week.
June 27 1918. June 28 1917. June 29 1916.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
1,381,950
Inc.
3,361,740,350 3,253,246,056 4,492,201,096
In France
2,062,108,000 2,034,774,686
No change
Abroad
271,055,668
Inc. 3,381,950
Total
Inc. 3,262,000
Silver
Bills discounted_ _Inc. 23,147,000
Dec. 23,353,000
Advances
Note circulation Inc. 130,129,000
Treasury deposits_Dec. 30,703,000
General deposits.. _Inc. 91,161,000
6,423,848,350
259,326,000
1,358,039,326
949,580,015
28,550,425,995
37,125,000
4,009,316,610
5,288,021,642
259,883,414
555,914,407
1,132,238,973
19,823,105,870
33,507,982
2,733,465,649
4,763,256,765
343,953,617
447,896,910
1,200,031,145
15,805,054,730
38,276,987
2,272,642,760
In its statement issued as of June 22, the Imperial
Bank of Germany shows the following changes:
Total coin and bullion was increased 425,000 marks;
gold increased 105,000 marks; Treasury notes were
reduced 3,279,000 marks; notes of other banks
gained 421,000 marks; bills discounted declined
2683
104,654,000 marks; advances were reduced 4,679,000
marks; investments increased 7,584,000 marks;
other securities recorded the large increase of 266,592,000 marks. Deposits were also heavily increased, viz., 213,421,000 marks. Note circulation
gained 5,463,000 marks, while other liabilities were
contracted 56,474,000 marks. The German Bank's
stock of gold is given as 2,346,064,000 marks, as
against 2,456,883,000 marks a year ago and in 1916
2,465,180,000 marks.
Last week's statement of New York Associated
banks and trust companies, issued on Saturday,
again reflected the extensive transfer of funds due
to income and other tax payments and, curiously
enough, decreases were shown in all of the items.
Loans were heavily contracted, viz., $136,867,000.
This is also true of net demand deposits, which declined no less than $149,091,000, to $3,672,261,000
(Government deposits of $371,786,000 deducted).
The reduction in net time deposits amounted to
only $1,686,000. Cash in vaults (members of the
Federal Reserve Bank) decreased $783,000, to
$99,235,000 (not counted as reserve). Reserves
in the Federal Reserve Bank of member banks
declined $41,086,000, to $510,881,000. Reserves
in own vaults (State banks and trust companies)
were reduced $473,000, to $14,647,000, while reserves in other depositories (State banks and trust
companies) decreased $745,000, to $9,158,000. Aggregate reserves registered a loss of $42,304,000, to
$534,686,000, which compares with .$628,863,000
a year ago. There was, however, a reduction of
$19,852,600 in reserve requirements, which cut
down the loss in surplus to $22,451,400, and the
total of excess reserves held now stands at $47,145,130, on the basis of only 13% reserves for member banks of the Federal Reserve system (but not
counting $99,235,000 cash in vaults held by these
banks). Last year the total of surplus reserves was
$41,827,230, on the basis then ruling of 18% reserves, including cash in vault. The bank statement is given in fuller detail in a subsequent section
of the "Chronicle."
As to the local money situation, there is no new
development of particular significance. If anything, the general undertone is easier, though this
position has not been reflected in the form of the reduction of rates for fixed maturities. Stock Exchange houses are again complaining of the scarcity
of funds for time commitments, not alone as reflected by the absence of adequate accommodation
of this character, but by the high rates which lenders feel able to demand. Six per cent is virtually the
low rate for Stock Exchange business, and even at
this figure it is only the shorter maturities which
can be obtained. If funds should become available
at 5% for say ninety days or four months, it would
constitute a distinct relief in Stock Exchange circles. Brokers could then undertake commitments
for their clients with a degree of confidence that they
do not now entertain, and they would be willing to
depend more readily on call loans for day-to-day
business if they could have assurance in 'the form of
a certain amount of time funds. There has been
no additional gold from Ottawa this week, the full
$30,000,000 having arrived from the branch of the
Bank of England at that centre. Meanwhile, the
premium on New York funds,at Montreal shows no
months. Transactions were not large, as, while
lenders are disposed to offer funds for sixty to ninety
days, borrowers seem more interested in the longer
periods. At this date a year ago 5@532% was the
nominal rate for all maturities from sixty days to
six months.
Commercial paper rates were not changed from
5%@6% for sixty and ninety days' endorsed bills
receivable and six months' names of choice character, with names less well known still requiring 6%.
A good demand is reported, but business is still
restricted by light offerings of bills.
Banks' and bankers' acceptances were firm with
the demand far exceeding the supply, mainly as a
result of the recent heavy absorptions by Chicago,
Boston, St. Louis and New York banks. The past
week has witnessed a noteworthy increase in transactions of this character. One banking institution
is reported to have increased its portfolio of bills
to over $50,000,000 in about a fortnight. An indication of the steady broadening of the market is
that banks from practically all parts of the country
are coming into the market as buyers of the best
bills. Actual rates were slightly firmer. Detailed
quotations follow:
Spot Delivery
Thirty
Sixty
Ninety
Days.
Days.
Days.
4%@4
4%@4% 4%®4%
Eligible bills of member banks
4©4% 434(:4434 4%0434
Eligible bills of non-member baiaks_—_47
534@434 5341543i 5341b434
Ineligible bills
Delivery
within
30 Days.
434 bid
4% bid
6 bid
No change in rates, so far as our knowledge goes,
have been made the past week by the Federal Reserve
banks. Prevailing rates for various classes of paper
at the different Reserve banks are shown in the
following:
CLASSES
OF
DISCOUNTS AND LOANS
•
Discounts—
Within 15 days, incl. member
banks' collateral notes ___ 4 4
16 to 60 days' maturity__ 434 434
61 to 90 days' maturity-- 434 434
Agricultural and live-stock
5 5
paper over 90 days
Secured by U. S. certificates
of indebtedness or Liberty Loan bonds—
Within 15 days, including
member banks' collat4 4
eral notes
434 434
16 to 90 days' maturity
Trade Acceptances434 434
1 to 60 days' maturity
434 434
61 to 90 days' maturity
1
fi
•
.4
2
4-4Cii
Kansas City.
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
New York.
sign of moderating, last evening's figure being about
$24.323/2 per $1,000 premium. The Dominion Minister of Finance holds out no hope of relief from the
flotation of a Canadian loan in the United States,
blaming the high rates that would have to be paid
here and their adverse influence on Canadian credit.
On his return from Washington to Ottawa on Tuesday, Sir Thomas White (the Minister of Finance)
held conferences with Dominion executives of the
Victory Loan Committee to settle the details of the
next issue. Referring to the suggestion frequently
made of a large Dominion issue in New York as a corrective of the exchange situation, he stated that such
an issue could only be made on a 63 or 63/2% basis.
Sir Thomas had previously obtained from the Capital
Issues Committee at Washington permission to put
out certain Canadian issues at New York, and his
decision not to appeal to the American market for
funds is understood to have been a disappointment
in Canadian banking circles. During the month of
June, quoting from the current letter of the Canadian
Bank of Commerce, Canadian maturities in the
United States were negligible, but during the next
three months the aggregate will be $35,000,000. The
bank anticipates that more drastic prohibition of
the importation into Canada of commodities not regarded as essential and increased exports of manufactures will in due course bring about an adjustment of
the trade and the exchange position.
There have been no official reports as to the
freedom with which the banks have taken the new
432% certificates of indebtedness, the first installment of which,amounting to $750,000,000, has been
offered in anticipation of the Fourth Liberty Loan.
There is no doubt, however, that such attractive
short-term securities as these will find ready distribution. Some misapprehension was caused on
Thursday by a report that instead of $6,000,000,000
to constitute the Fourth Liberty Loan the Treasury
had decided upon $8,000,000,000. The misapprehension arose from the fact that the Treasury had
asked the Ways and Means Committee of the
House for a new credit of $8,000,000,000, having
now available only $4,000,000,000 of the old credit
which is of course not sufficient for the $6,000,000,000 in war bonds that it is proposed to issue in October or November. The Treasury has confirmed
the statement that the rate for the next issue of
bonds will be 414%, notwithstanding that the certificates of indebtedness to which we have already
referred carry 43
27o.
/
Dealing with specific rates for money, call loans
this week ranged between 3 and 5%, as against
3@6% a week ago. Monday the high was 4%,which
was also the ruling figure, while the low was 3%%.
On Tuesday 5% was the highest, with 4% low and
renewals at 432%. The range on Wednesday was
3@4% and 332% the renewal basis. Thursday's
range was also 332@4% and 332% for renewals.
On Friday 4% was still the maximum and the lowest 332%; renewals were made at 4%. The
above figures refer to mixed collateral as all-industrials are now quoted M of 1% higher. In time
money the easier condition of the market which
developed about a week ago is still in evidence, and,
while actual rates continue unchanged from 53/2@6%
for sixty and ninety days and 6% for four, five and
six months, offerings of funds are now more liberal,
especially for the shorter maturities. Very few
trades are reported for periods ranging over four
[Vol,. 106.
THE CHRONICLE
Boston.
2684
•
i
caws
.
4 434 434 4 4 4 4 434 4 4
434 434 5 434 434 434 434 534 434 434
434 434 5 434 5 434 5 534 5 434
5
534 534 5
534 534 534 534 554 634
4 4 4% 4 4 4 4 45( 4 4
434 434 434 434 434 454 4% 434 434 434
434 434 434 434 434 434 434 434 434 412a
434 434 434 434 06 434 434 434 434 434
•Rate of 3 to 434% for 1-day discounts in connection with the loan operations
of the Government.
a 15 days and under 4%.
Note 1. Acceptances purchased in open market, minimum rate 4%.
Note 2. Rates for commodity paper have been merged with those for commercial
paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate is higher than the 15-day discount rate,trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
paper of the same class.
Sterling exchange has developed no new feature.
Rates have scarcely varied, being still under control. The issuance of Liberty bonds, payable in
foreign money and to be sold in foreign countries
as a means of stabilizing foreign exchange rates, is
under consideration by the Treasury and a provision granting authority to the Secretary of the
Treasury to make such bonds in the hands of foreign
owners exempt from all taxation in this country is
contained in the $8,000,000,000 bond bill passed
by the House of Representatives yesterday., Definite approval of the plan will be withheld, however, until Oscar T. Crosby, Assistant Secretary
of the Treasury and President of the Inter-Allied
Council, returns to Europe and confers with officials
JUNE 29 1918.]
THE CHRONICLE
of neutral countries. A credit of $15,790,000 to
Greece, the first under the new financial agreement
between that country and the United States, has
been announced by the Treasury Department.
There were also two new credits to Belgium this
week, $2,250,000 and $9,000,000. This brings the
total of Allied credits to $5,981,590,000 as follows:
Great Britain, $3,170,000,000; France, $1,665,000,000; Italy, $650,000,000; Russia, $325,000,000;
Belgium, $131,800,000; Cuba, $15,000,000; Greece,
$15,790,000, and Serbia, $9,000,000. The week's
gold movement was confined to a shipment of $3,000,000 gold to Chile for account of the Chilean
Government.
Referring to quotations in greater detail, sterling
exchange on Saturday, as compared with Friday of
last week, was firm with demand a trifle higher, at
4 75 5-16@4 7535; cable transfers remained at
4 76 7-17; and sixty days at 4 729'@4 723/
2. Monday's market was a dull affair; transactions were
light in volume and quotations were not changed
from 4 75 5-16@4 7535 for demand, 4 76 7-16 for
cable transfers and 4 72%@4 723/ for sixty days.
Dealings continued at a low ebb on Tuesday, although the undertone was steady and rates were not
changed from the levels of the previous day. On
Wednesday no increase in activity was shown;
trading was dull and featureless with demand bills
still pegged at the same figures. No changes were
recorded on Thursday and sterling quotations ruled
the same as during preceding days of the week; the
spectacular defeat inflicted on Austria's armies by
Italian, French and British troops on the Piave,
exercised a sentimentally favorable influence, but
failed to have any practical effect on actual rates,
owing, as we have frequently explained in these
columns, to the arbitrary nature of these quotations.
On Friday the market was dull but steady and still
unchanged. Closing quotations were 4 72%@4 723/
for sixty days, 4 75 323/
2@4 7535 for demand and
4 76 7-16 for cable transfers. Commercial sight
bills finished at 4 75@ 4753I, sixty days at 4 71%@
4 71%, ninety days at 4 70@4 7098, documents for
payment (sixty days) at 4 71@4 713 and seven-day
grain bills at 4 743/g@4 749'. Cotton and grain for
payment closed at 4 75@4 753.
The Continental exchanges have experienced
another quiet and uneventful week. Trading continues of minimum proportions, and quotations
were more or less nominal in character. Exchange
at the various belligerent centres, however, was
well sustained with the tendency toward slightly
higher levels. Cable advices affirming the extent
and significance of the brilliant Italian victory
were a factor in the firmness, and although military
experts now look for a renewal of enemy activity
on the Western front, calm confidence in the final
outcome is expressed in financial circles here. While
detailed information is not yet available, it is understood that the United States is making a careful
study of the workings of foreign exchange and the
effects produced by the method of placing embargoes on certain specified products essential for
war purposes, and that arrangements are in progress
between the Treasury and the War Trade Board,
which it is expected will result in a modifying of
the present embargo program. It is pointed out
that while such commodities as copper, tin, lead,
Ste., should be properly embargoed, the order should
2685
not be too rigidly interpreted. The exchange problem is at present undergoing rapid changes and the
chief consideration in its adjustment in favor of
this country is the establishment in foreign centres
of trade balances for the accommodation of American merchants and manufacturers. French exchange ruled steady throughout at or about the
levels of the preceding week. Lire were maintained
at the official figures up till Thursday when an advance of several points was recorded, partly as a
result of the operation of the new plan and partly
on favorable war news. Rubles remain deadlocked
at previous levels. No dealings are being put
through in German and Austrian exchange and quotations for reichsmarks and kronen are no longer
obtainable. A dispatch from Geneva under date
of June 27, states that the German mark has depreciated below the value of the French franc on
Swiss exchanges for the first time in fifteen months.
On the Geneva Bourse Allied exchanges continue
to gain, while those of the Central Powers are falling
despite all efforts by Berlin and Vienna to increase
the value of their exchanges. The decline in exchange on the Central Empires commenced when
news of the Austrian defeat on the Piave was received. The unofficial London check rate in Paris
finished at 27.16, the previous close. In New York
sight bills on the French centre closed at 5 713',
against 5 713/
2; cables at 5 70, against 5 70; commercial sight at 5 723, against 5 723., and commercial sixty days at 5 78, against 5 78 a week ago.
Lire finished at 8 86 for checks and 8 85 for cables.
This compares with 8 90 and 8 92 last week. Rubles
continue to be quoted at 14 for checks and 15 for
cables. Greek exchange has not been changed
from 5 133( for checks and 5 123/i for cables.
Operations in the neutral exchanges were also
exceptionally light. Movements, though relatively
unimportant, were somewhat irregular. Swiss francs
showed a reactionary trend. Guilders after ruling
unchanged till Thursday, eased off, but the Scandinavian exchanges were firm and fractionally
higher. Spanish pesetas were a shade lower. This
latter feature is attributed to efforts now being made
to regulate Madrid exchange. Bankers' sight on
Amsterdam finished at 50 8, against 503/2; cables
at 50%, against 51; commercial sight at 50 5-16,
against 50 7-16, and commercial sixty days at
50 3-16, against 50 5-16 the preceding week. Swiss
exchange closed at 4 003/i for bankers' sight bills
and 3 96 for cables. A week ago the close was
3 97 and 3 93. Copenhagen checks finished at
30 80 and cables at 31 20, against 30 90 and 31 70.
3 and cables at
Checks on Sweden closed at 35%
against 34.30 and 34.70, while checks on
Norway finished at 31.20 and cables at 31.70,
against 31.30 and 31.70 on Friday of the week
previous. Spanish pesetas closed at 27.75 and
cables at 28, which contrasts with 27% and 27%
a week ago.
Referring to South American quotations, the
check rate on Argentina is now 44.85 and cables
45.00, against 44.60 and 44.75. For Brazil the rate
for checks is 24.90 and cables 25.00, against 35.30
and 25.55 a week ago. The Chilian rate is still
17 9-32, unchanged, and for Peru, 57. Far Eastern
rates are as follows: Hong Kong, 79.00@79.15,
against 78@78.15; Shanghai, 114@1143/ (unchanged); Yokohama, 53@53.15, against 52.75@
52.85; Manila, 49%@50 (unchanged); Singapore,
2686
THE CHRONICLE
[VoL. 106.
5634@563/ (unchanged); Bombay, 36%@37 (un- the Piave had put a new face on the whole campaign
changed) and Calcutta (cables) 35.73, against of 1918.
Dr. von Kuehlmann's speech in some waysseemed
35.73@35k.
to reflect this embarrassment, and to that extent
The New York Clearing House banks, in their appeared to be addressed to the particular circumoperations with interior banking institutions, have stances of the moment. His reference to the "dashgained $237,000 net in cash as a result of the currency ing onslaught" whereby the Austrian army attacked
movements for the week ending June 28. Their re- the Italian positions,"achieved noteworthy successes,
ceipts from the interior have aggregated $7,248,000, and pinned down large and important enemy forces
while the shipments have reached $7,011,000. Add- on that front," was a very transparent effort to meet
ing the Sub-Treasury and Federal Reserve opera- the dilemma. "Dashing onslaught" as applied to
tions and the gold exports, which together occasioned the panicky retreat of a beaten army, pursued by
a loss of $84,851,000, the combined result of the flow the enemy's cavalry and artillery, must have excited
of money into and out of the New York banks for a dismal smile even in the Reichstag. To "pin
the week appears to have been a loss of $84,614,000, down the enemy to his positions" implies that a
formidable attack by that enemy had been appreas follows:
hended; whereas the world now knows that it was the
Net Change in
Out of
Into
Week ending June 28.
Bank Holdings.
Banks.
Banks.
Austrian army which had adopted the program of
$237,000 destroying the enemy and invading his territory—
$7,011,000 Gain
$7,248,000
Banks' interior movement
Sub-Treasury and Federal Reserve
45,364,000 130,215,000 Loss 84,851,000 a program whose collapse was as complete in its way
operations and gold exports
$52,612,000 $137,226,000 Loss $84,614,000
Total
as that of the Russian invasion of the Carpathians.
bullion
of
amount
the
Undoubtedly this particular absurdity of the
The following table indicates
banks:
European
Foreign Minister's speech was really addressed to the
in the principal
notoriously credulous German people,
somewhat
June 28 1917.
June 27 1918.
Banks of
doubt suggests that, after all,the speech
no
this
and
Total.
Silver. I
Gold.
Total.
Silver.
Gold.
inspired by very recent events. Such
been
have
may
£
I
£
57,534,874
65,228,157 57,534,874
England__ 65,228,157
be plausibly borne out by von
would
an
inference
140,529,813
10,400,000
130,129,813
France a _ _ 134,469,614 16;3-6;666 144,829,614
Germany.117,303,200 6,037,300 123,340,500 122,844,150 2,932,100 125,776,250 Kuehlmann's calm statement that "in view of the
Russia *__ 129,650,000 12,375,000 142,025,000 148,117,000 11,997,000160,114,000
Aus-Hun c 11,008,000 2,289,000 13,297,000 16,200,000 3,860,11. 20,060,000
the number of Powers,
83,330,000 28,154,000 111,484,000 60,347,000 30,166,000 90,513,000 magnitude of this war and
Spain
33,449,000 3,265,000 36,714,000 33,364,000 2,596,000 35,960,000
Italy
that are engaged, its
overseas,
631,101 51,191,100 including those from
600,000 60,440,000 50,560,000
Netherl'ds 59,840,000
600,000 15,980,000
600,000 15,980,000 15,380,000
Nat.Bel.h 15,380,000
purely military
through
expected
13,670,300
be
hardly
can
13,670,300
end
15,386,000
Switzland 15,386,000
11,273,000
14,404,000 11,293,000
14,404,000
Sweden
comes pretty close to
136,000 10,132,000 decisions."
certainly
This
136,000 10,364,000 9,996,000
Denmark 10,228,000
7,160,000
6,617,000 7,160,000
_
6,617,000
Norway.
being a notification that the German offensive in the
739,894,337
63,318,200
271
676,576,137
63,816,300760,109,
696,292,971
Tot.week.
Prey.week 694,889,212 63,612,000758,501,212677,207,130 62,702,650 739,909,780 West has probably reached its limit of achievement.
a Gold holdings of the Bank of France this year are exclusive of £82,484,320 The reference to "Powers from overseas," with its
held abroad.
• No figures reported since October 29 1917.
rather obvious allusion to the American reinforcec Figures for 1918 those given by "British Board of Trade Journal" for Dee. 7
1917; figures for 1917 estimated on the basis of the Dee. 7 1917 totals.
ments, would appear to be a further attempt
h August 6 1914 In both years.
to prepare the German mind for news that the camTHE GERMAN FOREIGN MINISTER ON WAR paign of 1918 was substantially a failure. Indeed,
AND PEACE QUESTIONS.
the speech goes considerably further in that direcThe natural inquiry which arose in the mind of tion. "When one makes a wide survey of events,"
every reader of Monday's speech by the German the Foreign Minister continues, "one must ask
Foreign Minister, Dr. von Kuehlmann, to the whether the war, according to human calculations,
Reichstag, was whether the speech had been set for will last beyond the autumn or the winter or beyond
this date long beforehand, and was delivered on next year." The next day's dispatches from Amsterschedule time, or whether it was inspired by the dam and Berlin reported that a silence of conparticular events of the past few days or weeks. sternation fell upon the Reichstag at this ominous
There is something to say for either supposition. utterance. It might well have been so, after the
Before the German military offensive on the Western Kaiser's ecstatic promises of speedy and complete
front, which began Mar. 21, there were recurrent success to the German arms.
Beginning thus with what was in essence a conreports that a "peace offensive" would speedily
of failure in the recently proclaimed purfession
follow. The Kaiser was allowed to spread broadthe campaign of 1918, it was hardly to be
for
poses
overand
cast his boasts about the approaching
that the Foreign Minister could produce
supposed
about
and
Germany,
of
triumph
whelming military
ending the war by "the good German sword." But an overture for peace even as practicable as that of
the rumor of a peace offensive persisted, and it could December 1916, after the fall of Rumania. In that
regard, von Kuehlmann's speech of last Monday
not have come altogether from Germany's enemies.
It was not unreasonable to imagine that German was a feeble effort. It is at once apologetic and
statesmen and commanders of a less excitable tem- complaining. He does not suppose "that any reperament than the Kaiser were aware that the sponsible man in Germany, not even the Kaiser or
probability of complete victory was remote, and the members of the Imperial Government, ever for
were therefore preparing to follow the practice, a moment believed they could win the domination
adopted in 1916, of making tentative peace sugges- of Europe by starting this war." Germany, in fact,
tions on the heels of partial military successes. If did not start it; "one can say without fear of contrathis were so, then the date selected turned out to be diction [a somewhat curious assumption], that the
unfortunate. Germany was not at the gates of Paris deeper we go into the causes of this war, the,clearer
or at the Channel ports when the Foreign Secretary it becomes that the power which planned and desired
spoke. Her armies had been halted midway in their the war was Russia; that France played the next
projected program, with heavy losses, and mean- worse role as instigator, and that England's policy
time the crushing disaster of the Austrian army on has very dark pages to show."
JUNE 29 1918.]
THE CHRONICLE
One seems to be listening again to the 95 professors
of 1914. As for present conditions, it is the Entente
Powers who are blocking peace. "Our enemies have
nothing to show that can in any degree compare with
the German peace offer." The trouble, so thinks
this German statesman, is that in peace negotiations,
"one of the preliminary conditions must be a certain
degree of mutual confidence in each other's honesty
and chivalry." The comment suggested by this
remark would probably be that Dr. von Kuehlmann
judges the situation more correctly than perhaps he
himself imagines. "Honesty and chivalry" bring
up an inevitable query about Brest-Litovsk and
Belgium. What has the Foreign Minister to say
regarding those two episodes? Only this: that "the
necessity of arriving at a certain settlement in the
East involved for us the necessity of concluding
peace as it was done," and that "we must decline
to make a prior concession by giving a statement on
the Belgian question which would bind us without
in the least binding the 'enemy."
Very few people will infer from this attitude the
possibility of any serious result for this new peace
overture, if it can be so called. The Foreign Minister's speech contains nothing in the way of concession or conciliation, much less in the way of repentance. It merely reasserts positions which the
Allies have already declared to be impossible of consideration, taken by themselves. That the speech
was designed as an attempt to separate the Entente
countries from one another has been suggested; but
it is difficult to discover the material for any such
achievement in the speech. On the contrary, it is
devoted in its concluding passages to explaining
away admitted difficulties with Russia, with Austria,
and between Bulgaria and Turkey over the division
of the Rumanian spoils. It appears to us, in short,
to be another effort, possibly forced by circumstances,
to quiet and conciliate the German people under
their existing disappointments and hardships and
not a very successful effort at that.
The later cables of the week have reported little
except angry protest by the Pan-German party at
a public man who was guilty of saying that Germany's military program was foredoomed to failure.
Yesterday's dispatches even asserted that his resignation was in the Kaiser's hands, as a result of this.
Kuehlmann himself has been forced to a sort of
apology, declaring later in the Reichstag that it is
wholly untrue that he "bound himself to the idea of a
long war." But that was not as convincing as the
original speech; whose real importance, all the circumstances considered, lies in the obvious fact that
it was a frank effort of an experienced public man to
make the best of an admittedly bad situation.
Thus regarded, it throws more light on the German
situation than a dozen War Office bulletins or a
hundred speeches by the Kaiser.
OUR FIRST ARMY OF A MILLION MEN.
The announcement that there are now nine hundred thousand men in France on war duty, and that
the number will reach one million in July, must
bring a sobering sense to the American people of
the magnitude of the task in which the nation is
engaged. And with this intenser realization, the
resolve to do everything that may be done for the
welfare and equipment of this army and its succeeding augmentations must grow stronger. The domestic ties of these soldiers of the Republic run into
2687
every section of our country, their achievements
will reflect glory upon the people at large, and the
sacrifices they undergo in the fortunes of war become the sacred heritage of generations that are to
come. Liberty, justice and humanity, for all men,
is truly the greatest cause for which men ever fought,
and by its very nature lays upon our citizens the
solemn obligation of so living that they who fight
may have every weapon, they who suffer every
soothing and they who must needs die the benediction of every feeling heart.
There are many ways in which we may consider
this initial army in the field. And one of the most
important it seems to us must be the value of these
lives dedicated to the service of country. We are
admonished that each is precious not only in its
immediate prescience but. in its future potentiality.
And the duty is laid upon us in all our deliberations
and preparations here at home that these soldiers
must not fail through lack upon our part. If we
sometimes seem prodigal and even careless with our
billions of dollars we are condemned by the very
lifeblood of these men we have sent across seas to
war. In one sense of the word in the very largeness
of our care we may be prodigal. But our waste
becomes an offense against the cause of liberty and
justice if we fail to make every dollar of our appropriations count in actual benefits. It is not enough
to have the spirit of this heroic and far-reaching
"enterprise," the letter thereof must weigh us down
not only in our mode of personal living but in the
business acumen and economy necessary to an
achievement on so large a scale. Every dollar,
though rated by billions, must converge on the
firing line.
Another obligation which should give us constant
thought is preparation for the returns of our armies
when victory shall be won. This million and the
other millions that will follow are withdrawn from
the ordinary pursuits of life and the common participation in affairs of government. To those who
remain is left the task of maintaining the momentum
of our industrialism as far as may be and sustaining the fabric of our republican institutions as they
must be. They fight in vain for freedom who have
no free land to which they may return. We do not
now attempt to suggest any of the many ways in
which our "civilization" should be preserved. It
is enough that we, not they, are the trustees for a
time of all that we have and are. The "grim business" in which they are engaged allows no time
for theorizing on Utopian schemes of government.
And by the same law we are precluded from radical
changes in the nature of our political institutions
while they are away fighting. The much heralded
"New Day" when so many "reforms" so-called
are to be realized should await their coming, their
voices.
There are countless predictions indulged in as to
the transformations to take place in economics,
politics, social and industrial life, after the war is
over. For the most part they are mere conjecture,
vague and misty. Many give them little heed, and
rightfully enough, for they find their whole thought
concentrated on means for winning the war. One
thing should never pass from the attention of the
civilian at home. This war will be won, if at all,
by soldiers on the field of battle. Time and again
the purpose has been declared to win a conclusion.
And accepting that issue, there can be no vain-
2688
THE CHRONICLE
[VOL. 106.
glorious self-satisfaction in these duties which crowd and deeply on this important determination. If it
thick and fast upon us of properly caring for our involves consideration of the terms of peace then let
vanguard of a million soldiers in the field, or for it be so. But one of the gravest obligations the
the other millions that are to follow. Nor, on the nation bears to its army is to determine as far as it is
other hand, because of the very unselfishness of possible where short of annihilation and utter dethe cause, the very purpose thereof to prevent all struction "victory" in its true and most exalted
future wars, can the soldier claim as civilian more sense may be said to be won. In any event some
of the nation than the citizen he now defends. such determination must sometime be made. Do
Equality and fraternity forever ban classes in a we not owe it to these brave defenders of the nation
republic; and we do well to now cultivate the thought and of world-peace to think long on this subject
in all our dealings with each other.
now?
Perhaps the most solemn thought that can come
to our citizenry is that we sent this million men
LLOYD GEORGE'S WARNING AGAINST PEACE
"over there" to endure, and fight, and die, if need
WITHOUT PREPARATION.
be, for a cause. We did not wish for them to volunlast Sunday, in the Welsh Baptist
Speaking,
teer, we conscripted them. With magnificent abanPremier Lloyd George is rein
London,
Church
don of self they obeyed the order. And already
mistakes that we might
"The
saying:
as
ported
with splendid heroism they are achieving renown.
without preparation
on
peace
entering
through
Our obligation to them can never be paid. And the make
than the mistakes
disastrous
more
even
be
would
memories of coming generations will be insufficient,
without prepawar
into
entering
by
might
make
you
as, in other days, men gather around their monudo
will be more
will
that
you
The
things
raton.
ments to do them homage. Victorious returning,
and
shape to
give
direction
will
you
permanent;
or fallen on the field of honor, soldiers who fought
molten
very
[be]
will
world
the
and
though
things
to banish the dread evil of war from the earth must
and
quickly
very
down
cool
will
it
moment,
that
at
now and ever have the plaudits of mankind. But
And
will
remain.
it
to
give
which
you
shape
the
do we realize, as these thoughts course through the
one, you cannot posmind, that when these soldiers have accomplished if your mould is not the right
another convulsion
without
right
things
their tasks, when this war is ended and by its end sibly set
."
.
.
it.
will
break
that
all war is ended, we shall still have the duties of
"Out of this agony of the world let us see that no
preserving the "lasting peace" they have won?
is born—no militarism, no mammonism;
deformity
That our enthusiastic sacrifice for that cause must
either. You have only got to look
anarchy
nor
no,
be as great and as continuous as that which we now
in other lands. The only land
happened
what
at
make for this one. To this end our first million
peace has come is a land which
of
form
a
which
to
men in the field is the most colossal object lesson
problems of peace. We do
the
for
ready
not
was
ever set before human eyes.
. .
.
here.
that
not
want
As we contemplate this million men in arms, we
a world-war involving a
in
that
unavoidable
is
It
must not forget, we must not change, the purpose
men of high promiworld
ideal
an
and
world-ideal
for which we sent them there. That would be a
in world-terms.
speak
should
vision
wide
and
nence
grave wrong to them. We sent them there to reus pf the
convince
must
reflection
moment's
a
Yet
dress our wrongs; and to rid the world of autocracy
smooth
underneath
these
hidden
and militarism. And in the doing of this our intent vast complexities
only
emphasizes
this
However,
phrases.
easy
is that they shall destroy an evil, the greatest evil and
of the advice contained in the paragraphs
that befalls mankind, the evil of war! We know the value
whole world will be molten; it will
The
quoted.
*that the statement should bear a measure of qualias far as the components of peace
and,
quickly;
cool
fication. But this is the great purpose, the central
of peoples are concerned, it is
relations
the
and
object. And we who plan and work and think here
albeit in fluid principles, now!
form,
given
being
at home must not forget, must not allow ourselves
future lifts the flaming ideal—
the
of
horizon
the
On
to swerve from our course and content. President
on which is written "Liberty,
say,
us
let
banner,
a
Wilson has admonished the people not to cultivate
The words are in the thoughts
Humanity!"
Justice,
the spirit of hate. In the heart of the word "humanthe
all
time.
They glow with promise, and
men
of
ity" to all men there is no place for hate. Against
High above the
performance.
with
thrill
they
evil hate may be exercised, not so much against men
they
beckon and
armies
huge
of
onrush
battling
who do the evil, if we are to save them. There are
shall
crystallization
sudden
the
When
burgeon.
offenses without palliation, as there are offenders
than
find?
More
forty
States
we
do
come—what
lost to mercy, since they will not receive it. But
concerned, with their territories, peoples, peculiar
this million men must not fight in vain because the
forms
of government; huge races, with their ties and
world remains steeped in enmity when they have
stretching into remote antiquity, irantipathies,
won. This thought should abide.
to preconceived advances; peoimpelling
resistibly
This million of men are sent forth to win victory.
of progress, all to be combined
stages
various
in
ples
So it is acclaimed, so understood. When we read
of amity; countless "inbond
universal
one
into
in the current news of the present "offensive," of the
commerce, industry,
in
"beliefs,"
and
terests"
"stand" made by some small groups of the army of
property rights,
distinction,
class
education,
France we know that men may choose to die rather religion,
and
labor
capital prorights,
individual
than surrender. When is "victory" attained? It is claims of
of
States,
needs
empires.
imperative
nouncements,
conceivable that the enemy may fight on, hopelessly,
destrucof
ruthless
woes
the
municipalities,
and
but refuse to surrender. The question of the nation's
colossal debts—all to be
attitude in this particular to its armies in the field, tion and the burdens of
forth a universal
bringing
harmony,
into
welded
though not insistent now, may become so. And the
for "preparais
need
there
Truly
"democracy."
thought seems reasonable that the duty we lay on
now!
tion"
ourselves as guardians of our soldiers is to think long
JUNE 29 1918.]
THE CHRONICLE
2689
No one expects, least of all those in authority in the war and its fortunes as the most "serious business
large affairs, that all these "reconcilements," will of life." It is that what is termed "atmosphere"
follow at once as a matter of course on the triumph is by the very exigencies of timely publication more
of the Allied democratic governments in this war. largely the product of one than the other, and that
In reducing an ideal to the practical there is always in this there is room for larger element of peace,
a loss. Perfectness is yet far from human con- ultimate peace, education. Not that the newspaper
summation. Yet it is just in the application of should change—but that the reader, the citizen,
the ideal to the real that statesmanship is revealed, should abstract himself from the lure of the war news
and "democracy" requires a degree of statesman- to the duty of studying political change to the end
ship upon the part of all the people. Here it is that that when peace does come he will be able to perceive,
the admonition to "prepare" for peace comes home and as far as possible influence, the social contract
to the citizens of all liberal governments, and es- involved in the peace treaty.
pecially to the citizens of our own Republic. Our
There is then what we may term war-news and
great educator, we hasten to affirm, is our free peace-news. An obsession of any kind is a disadvanpress. If the masses are to be educated, to meet tage. And he would be a poor citizen who had no
the requirements pointed out by the eminent Eng- interest in the events transpiring across the seas in
lish leader and administrator, the press must do it. which the "flower of our youth" are engaged, in
There should be no lack of proper information be- which in truth the soldier boys of home and comcause a discussion of the components bf the peace munity are waging this immortal combat for the
might have a bearing toward an inconclusive peace. right. It is true that the stay-at-home citizen,
Nor can it be rightly charged as dulling the incentive doing his whole duty in production and taxpaying,
to a righteous war or obscuring the shining vision cannot directly affect by his thought and study
of a "holy" crusade. As the speaker points out, a the actual fighting of the forces in the field, while
lack of the knowledge which it will take to con- he is a part of what is passing in legislation and statestitute a lasting peace may result in concluding a craft at home-. And his paramount duty, after
peace that may afterward be found to be incon- providing for armies, must lie here, if indeed he is
clusive. And in the doing this the eyes of the peo- to build for the coming peace. Such are the stupenple must, to an important degree, be withdrawn dous requirements upon the civilian population,
from a misty future to a visible present, from the of the proceeding war, that the calls upon life and
vague and unformed to the tangible and concrete, business are many and constant, but the citizen
from "the world" to "our country." And in like should not regard them as a sort of whip-cord singing
manner the mind must be more and more with- in the air to remind him of the power of Government.
drawn, as the time approaches, from a con- They must be made, and they must be met. And
templation of events to a reflection upon prin- they are met, and will be met. But they do not
ciples.
release the patriot from consideration of domestic
It would be idle to ask or expect the "average" questions that affect our very form of Government
citizen to abate his interest in the daily progress of and in doing this affect our power as a nation to
the war, or of the newspaper to forego the marvellous conclude a proper peace. And if war continues, as
portrayal of its far-off events. And yet it may be it may,for many years, this truth will be more apparseriously questioned whether or not this avid interest ent than it is now. There is almost a fear on the
does not extend to the point of obscuring the more part of some that to talk peace is to impede the
serious issues of the ultimate peace—whether in a progress of the war. This might be true if there
measure it does not unfit the mind for contemplation were advocacy of peace as an immediate thing no
and analysis of political measures at home, passing matter what it may contain. But the true and final
under our eyes and vitally affecting our form of peace,the peace that is to last, is not of this character.
government and the public welfare—whether we are It is important to know the character of the true
not in danger not only of awaking some time to our peace.
pease unpreparedness, and to find that our ideals
We think the Premier has sent an important meshave been somewhat shattered in the home of their sage into the world, one which should come to the
fathers. We are reminded of a recent compliment attention of all peoples. He has used an illustration
paid to a great New York newspaper by the veteran —Russia! A land now of anarchy, a land "rent
editor of one of the leading magazines of discussion and with civil feuds," because the dream, the vision of
review. It was an enthusiastic outburst of admira- the revolution, could not be reduced to a "Governtion. The newspaper covers the war, as perhaps ment," capable of withstanding assault from without
no other. The magazine has perhaps no peer in and greed, utopian delusions, contending of factions
the field. One represents action; the other contem- for power from within. The example is an extreme
plation or reflection. One appears daily; the other one, though a true one. And it means much to
monthly. Both are known as "independents." certain States of the world, though little to us.
Yet how many are carried along by the influence of We cannot conceive for ourselves the danger,however
the one, how many by the other? Here are types, remote, of dissolution and destruction. Yet in a
in point. It is not that the newspaper in view does long continued war, with its heavy .burdens and
not give ample space to the more intensive problems compelling exactions, we can conceive of the possibilof statecraft as distinguished from the war-story ity of a domestic strife between interests and classes
of current events—but undoubtedly its cable news which will make domestic peace a very precious
by unrivalled correspondents in the field attracts to thing to us. And a lasting peace must be predicated
it a clientele of absorbed readers who must needs on a domestic peace. And the components of the
give scant attention to its deliberative side, if we latter must be wrought out and preserved as we
may so term its analysis and discussion of the proceed with the war. We are sowing the seeds
problems of law and economics. Nor is it that the now—let them not spring up in time to come
monthly magazine does not evidence a:regard for dragons teeth.
2690
THE CHRONICLE
[VOL. 106.
• to be heavily handicapped. The Germans have
GERMAN
OF
BOYCOTTING
been the first as traders to recognize this. Their
CONCERNING THE
so
has
young business men have been sent into all markets
The aberration of the German mind which
the
of
learn their ways of trade, and primarily their
feature
to
a
is
amazed and perplexed the world
They have in this already a tremendous
and
at
speech.
wondered
be
to
ife of to-day not simply
It is not to be supposed that
about.
advantage.
initial
hysterical
grow
to
less
still
condemned,
Sooner or later it will have to be studied and under- Germany is going to be shut out of the world's
stood. Such things do not happen by chance, nor markets or be indifferent to them. She will certainly
can they be regarded as unique, or limited to a and properly push her every advantage and be quick
single people. "Freaks" in nature are always a to avail herself of them. Already our chief difficulty
challenge to intelligent study; much more are sudden in introducing our wares, or establishing branch
perversions of character, abandoning of principles, houses in foreign countries is in finding American
or reversions to primitive barbarism, when they representatives who know either the speech or the
occur in individuals or communities. It is not ways of the foreign countries. When in the near
enough to throw up the hands in horror. Nor can future we have found these, if haply we do, they
we be content with the "happiness" of him who can will need also to know the speech, that they may
"determine the cause;" we have to settle upon a know the ways, of those who will be likely to be
definite course of conduct with relation to the war; their keenest competitors, the Germans.
Just now this has a parallel at home, which we
and never more truly than to-day when it has
world relations and concerns one of the great forces hope, however, will not last always, or, indeed,
in modern life. The question what shall we do with beyond a short generation; namely the need of underthe German language; shall it be taught in our standing the ways and the speech of German agents
schools; shall it be allowed in the mails; shall •and unpatriotic German Americans in the midst of
it be tolerated as a means of .communication; us. The Government is warning us all to be watchis not to be settled off hand or decided for us by ful of others and particularly careful of what we say:
excited groups of men or women. We must recog- which it would not do if the necessity were not real,
nize that it is difficult for us to reach a wise decision and probably more real than many are ready to
while we. are still horrified by Schrecklichkeit and believe. How deaf and blind any watchfulness
disgusted with the slippery crookedness of the von becomes that knows no word of the hostile speech!
What then is our duty in regard to German?
Bernstoffs, the von Papens, and the Bolos.
and
That the language is rich in its contents, wide in its
. Before we decide whether we shall teach,
to
well
do
usefulness, and of permanent worth, can hardly
shall
we
German,
use
how far we shall
consider what as a language German conveys, and be questioned. That it has now bitterly evil associawhat is likely to be its permanent use in the days tions is equally true. The Allied world is united
in the purpose of defeating the armies which are
immediately before us.
It will be recognized at once that in all the sciences under the control of the people who speak this tongue.
professional men, and particularly all who aim to be The antagonism is deep-seated and hot and justified.
experts, will be heavily handicapped, whatever may It is ready to make every sacrifice and to go to any
be their specialty, if they have no knowledge of length. But it will not last forever. With the
German, not only because of what the German attainment of its end it will give place to other
language already contains, but also because of feelings. The laws and the feelings that have been
the knowledge which it is sure to attain and silent or repressed in the presence of war will reassert
present in the future. Whatever the issue of the themselves. Men must live, and they can only
war Germany is not going to lose its intellectual live in any peaceful and prosperous sense by giving
ambition or its power of intellectual attainment. place to the fundamentals of character. They must
That would be a loss to the world that welcannot trust in the power of kindliness and patience and
righteousness and truth. The Golden Rule must be
allow ourselves to contemplate
In the line of general education we cannot believe set up in the market place as in the home. It is folly
that the Germany of the time before Bismarck and to attempt to punish a whole nation. We avoided
the Kaiser, the Germany not simply of Goethe and that mistake at the close of our Civil War, and the
Schiller and a few great names that spring to our result has been so blessed that we are not likely to
lips, but of poets, novelists, historians, thinkers fall into the error of attempting it even with the
innumerable of every class, has passed into oblivion, Germans. Creating a "desert", as the Germans are
or because of its perversion by ironhanded Prussian- trying with Belgium and Serbia, can only result in a
ism is going to lose the power of stimulating ghastly failure. The world has learned anew the
and enlightening the men who are to come. The meaning and the power of Patriotism and Loyalty.
progress of thought, as well as the progress of Treaties may be broken but the .heart of a people
science, will surely be related to Germany, and, if cannot. In the new world that is opening this will
not as largely indebted as in the past, it will be only be cherished, as it is already enriched. Wrong
because the world of to-morrow has advanced so ideas are to be expelled only by the inculcating
far beyond the world of yesterday that the contribu- of right ones. Negations accomplish little, and
tion of any one nation to the progress of humanity vacuums are emptiness only in appearance. Hearts
can never be so dominant as it has been. Humanity are rich in seeds, and weeds crowd"spaces not filled
is more completely one; the seeds of progress are with better crops.
Teach German then? Of course, wherever it
widely scattered, and the soil is everywhere fertilized
can be made profitable, wherever minds are ready
and upturned.
Furthermore, business competition will everywhere for it, as for any other knowledge, and time and
have to be faced, and that not with any one people, means can be found for it. Another speech is always
but with all. We live in a polyglot world, and the another world, and that speech is most valuable
man who can speak no tongue but his own is going that conveys the largest;wealth_;:of knowledge or
JUNE 29 1918.]
THE CHRONICLE
moves in the largest world. Read German books?
Permit German newspapers? Certainly, so long
as there are those who find instruction or profit
in them, or there are hearts whose cockles are warmed
by the ancestral tongue, and the papers cease to be
disloyal. One law for all.
America knows herself to-day. She will never be
pacifist again, or unprepared, so far as having
mastery of herself and of her powers for protecting
herself and the weak who may appeal to her. She
welcomes every speech as she does every man who
brings to her any worth, because she knows how to
transmute them into the one American life.
HOSTILITY IN CONGRESS TOWARDS THE
PRESS.
The treatment of the subject of the increased
postage on second-class matter, to take effect on
Monday, has developed some unfortunate indications of a feeling of hostility in the lower branch
of Congress towards the most important journals
of the East. An evidence of this is the wild bill
introduced by Mr. Randall of California, proposing
to deny second-class rates outright to any journal
which charges a higher subscription rate on the
Pacific than on the Atlantic coast. He correctly
said that the zone part of the increase applies only
to advertising matter; but this does not modify the
objections to the zone charge nor justify his declaration that a publisher "has no moral right to charge
a higher subscription rate in California than in
Boston or any other place of publication." Were
this correct, a New York publication would have
no right to charge a higher rate to Canada or Europe,
and the New York dailies which have long been
charging customers "elsewhere" a cent more per
copy than "in Greater New York and within commuting distance" have been committing a moral
wrong and deserve to be dealt with somehow. The
limits of "commuting distance" are somewhat
indefinite, but an effort for statutory relief against
the extra cent made by somebody in New London,
Albany, or Philadelphia would probably be laughed
down as childish. Mr. Randall's proposed retaliation may perhaps be greeted with derision in his
own State. Should the luscious California cherry
be sold at one fixed price all over the United States
or be barred from inter-State transportation?
Putting aside, however, the matter of the postage
increase, such a proposition as this offers a fresh
instance of two tendencies which are objectionable
and menacing: the tendency to accomplish certain
ends by indirection, and the tendency to set up the
beginnings of a censorship of the press. Six years
ago, a "rider" was tagged to the regular appropriation bill for the postal service (supposedly by some
member or members who had received some disturbing criticism and wanted to "get even with" the
press) requiring all publications to file and publish,
semi-annually, certain particulars about their own
affairs, on penalty of exclusion from entry as secondclass matter. This requirement was sustained as
not unconstitutional by the Supreme Court, about
a year later. The Constitution touched this subject in only a very general way by authorizing
Congress to "establish post offices and post-roads,"
so that everything relating to mails has been left to
Congress, under a never-questioned assumption
that the object of mails carrying is to keep up communication and disseminate intelligence. For the
2691
Court, Chief Justice White said that Congress has
always had unquestioned authority "to fix a general
standard to which publishers seeking to obtain
the preferred privilege of second-class entry must
conform" and he upheld the power of Congress to
"classify" without limit and at discretion.
We suppose no publisher has questioned the power
to classify. For example, a publication seeking this
entry must have a definite place and time of issue,
must appear at least four times a year, must not be
"bound" like a book, must have a definite public
purpose instead of merely furthering some business
of the concern which issues it, must have a legitimate paid subscription list. But, as we pointed
out at the time, the weakness of the Court's decision
was that compliance or non-compliance with the
requirement made by the obnoxious "rider" did not
distinguish or affect the character of a publication
in the least; no reader would notice either presence
or absence of the particulars demanded, unless he
were impelled by curiosity; one journal containing
this unimportant private matter is not in another
"class" from one which does contain it. If such a
professed difference as this came before any court
as the turning-point of a case at bar, it might very
likely be dismissed,as immaterial and irrelevant.
As to the question whether this "rider" was an
intended or might become a virtual control of the
press, under threat "to deprive one who refused to
obey it of all right to use the mail service," Chief
Justice White said:
"When the question is thus defined its solution is
free from difficulty, since by its terms the provision
only regulates second-class mail, and the exclusion
from the mails which it provides is not an exclusion
from the mails generally but only from the right to
participate in and enjoy the privileges accorded by
the second-class classification."
A bar from second-class rates does not, "by its
terms," exclude a publication from the mails; but
in effect it does so. The 10% tax laid on notes of
State banks, more than fifty years ago, did not, in
terms, forbid paying them out; but it forbade that in
effect, and was meant to do so. The penal statute
does not, in terms,say that no man may commit murder; it merely prescribes a deterrent penalty for
one who exercises the volition to kill. Mere liberty
to imprint words upon paper does not comply with
the Constitutional guaranty of a free press, for he
who cannot circulate cannot publish; the mechanical
printing is merely a preliminary and incomplete
part of the act of publishing.
If Congress, under the broad power of classification, can attach any sort of requirement for admission to second-class entry, it follows that any detail concerning a journal, including the character
of the news and the opinions it offers, may be defined as constituting a "class," and any Governmental officer can be made the judge thereof.
Therefore, under business conditions as they are and
are likely to continue for an indefinite time, the way
lies open to a press censorship. That such a censorship can be set up, as a legal proposition, must be
admitted. We may carry the admission further:
that it may become a necessity, under the stress of
war, to deal strictly with disloyal publication and
utterance, since freedom does not cover misuse and
the public safety must be paramount always. Yet
all such procedure is in the dangerous direction and
should be ventured only under the clearest necessity.
2692
THE CHRONICLE
The tendency towards it, however, is not quite
new. More than five years ago, an initiatory petition was attempted in Ohio for a law declaring
newspapers public utilities, with intent to thus
bring them under regulation. We see various
attempts to force assumed reforms by indirection;
and we have already had so many successive stretchings of grants of a general power to ends never
contemplated and having no proper relation to such
powers that it behooves us to sedulously resist encroachment on fundamental rights. As to the press,
it has its share in the defects of the people and the
time, yet it is the bulwark of liberty under a representative form of government.
THE LETTER POSTAGE RATE FOR NEW YORK
AND BROOKLYN.
Besides the subject of the postage rate on secondclass matter, the rate on first-class matter within this
city is up for consideration and adjustment. The
case is very simple. For many years the rate on
"drop" letters in places having neither a carrier's
nor a rural mail delivery has been one cent; but as
the general letter rate has been uniformly two cents
for all distances, whether carried only a single block
or several thousand miles, this city had no concern
or thought about local rates. Since the latest War
Revenue Act took effect, on Oct. 3 last, an interest
has attached to the local rate, because that Act increased the rate on general letters to three cents but
provided "that the rate of postage on drop letters of
the first class shall be two cents an ounce or fraction
thereof." A "drop" letter is defined in the dictionary as "one intended for delivery in the same office
in which it is posted," which seems clear enough; but
the Post Office ignored the fact of consolidation
(which previously had no bearing on the rate), and
ruled that the "same office" means "postal district"
and letters going from one "district" or local office
to another, though both are in the same city, are not
entitled to the "drop" rating. Consequently, letters may go the longest distance within any of the
boroughs which constitute the city for two cents,
but must pay three if they cross a borough boundary.
Arguing before the Ways and Means Committee
of the House, Congressman Swift of Brooklyn said
that in Philadelphia a letter can go from the Hog
Island office to the Summerton office, 21 miles, for
two cents, and can go in Boston 19 miles in a north
or south direction and 10 miles east or west for two
cents, while it must pay three cents to cross between
Manhattan and Brooklyn. Within this city, he
said, there are six postal districts, handling an estimated 17 millions of letters daily, of which about
one million pass between the several districts, so that
he figures that the extra cent means an annual tax
in excess of three million dollars, notwithstanding
the city contributes over 25 millions of net revenue
annually to the postal service.
There can be no doubt that this discrimination
which actually exists was unintentional and unforeseen. The evident intent was to leave the rate on
local letters unchanged; the form and position of the
proviso show that. Presumably no member of
Congress remembered (and perhaps some do not even
know) that the familiar term "New York" means,
politically and geographically, a consolidation of
several once independent boroughs; and if there had
been an intention to restrict the word "drop" as it
is officially interpreted, that intention would have
Wm,. No.
been expressed in the Act instead of leaving it to be
made by the postal officials.
Congressman Swift introduced an amendment,
six months ago, that "the term drop letter of the first
class as used in this section means any letter of the
first class mailed within and for delivery within the
same postal district or within the territorial limits of
any incorporated city of the United States." This
would clarify the subject and correct the error. The
delay may come only from the slowness of movement
of most subjects through Congress or in the supposition that a new revenue law must be very soon
constructed and the correction can be made then.
There may, however, be lurking in some minds a
little of the old sectional narrowness of view which
has already obstructed improvement of this port and
harbor. If any Congressman from distant States
still looks upon betterments which are physically
located here as being of mere local benefit and concern, he should rid himself completely of that notion.
This city is a national gateway and financial mart,
and in the real sense belongs to the whole country.
What residents here get as their share is only a trifling
fraction, and if it seems large when reckoned by
amount, that is only because the country is large.
From the Portland on one coast to the Portland on
the other, the country is closely concerned in and
profits by the traffic which flows to and fro through
this national gateway. The war which distresses,
perplexes and strains us all has a compensatory effect in unifying us. Let us do nothing, say nothing,
and think or tolerate nothing, to imperil or retard
that unifying.
HOLDINGS OF WAR SECURITIES BY
CANADIAN BANKS.
Ottawa, Canada, June 28.
The annual reports of many of the Canadian banks
in 1918 show clearly that the Dominiop Government
has taken good care that war securities should be
held in no more than their proper ratio in the list
of bank resources. Holdings of Government war
bonds have risen $268,000,000 since March 1916,
which reckons up at less than half the increase of
total assets. In the same period, the notice deposits
increased $183,000,000 and demand deposits $171,000,000. The former figure is accepted as a most
satisfactory indication of thrift propensities in
farmers and work people, even with undoubted
proof that war prosperity has been attended by
prodigal spending.
While deposits and security holdings have advanced substantially, net profits have been added
to by a relatively small degree. In the case of some
of the banks there has been necessary a liberal
provision for depreciation of bonds and debentures
which under the rates of interest prevailing some
years ago have lost their market standing. Expenses
of operation have advanced sharply; staffs have been
depleted of experienced men for overseas service
and those remaining have been accorded salary
increases and war bonuses. Fuel prices, Provincial
and Federal taxes, postage increases, and cost of
stationery have all cut into the net profit account.
In view of the necessity for extensive borrowing
from the banks, perhaps up to $20'0,000,000„'foriwar
purposes in July, August and September, in anticipation of the new Canadian loan, it is almost inevitable
that war security holdings will increase in ratioIto
total banking resources. The Federal Government
JUNE 291918.]
THE CHRONICLE
is now taking means to conserve the thrift-promoting
influences between the last war loan payments and
the opening of the new loan by issuing debentures
and applying the War Savings stamp idea, so successfully promulgated in the United States. While
Canada hasZtried out several schemes to stimulate
saving, such as debentures and war certificates,
none of them has been impressed upon the public
by ingenious advertising, with consequent meagre
results. The War Savings stamps, however, will
be accompanied by all the necessary heraldry and
beating of drums to ensure popular adoption.
2693
approved an agreement made by the War Industries
Board with the copper producers, fixing a price of
233/ cents per pound f. o. b. New York, subject to
revision after four months. Three important conditions were imposed by the Board: first, that the
producers would not reduce the wages now being
paid; second, that the operators would sell to the
Allies and to the public copper at the same prices
paid by the Government and take the necessary
measures under the direction of the War Industries
Board for the distribution of the copper to prevent
it from falling into the hands of speculators who
would increase the price to the public; and third,
RECONCILING THE EAST AND THE WEST that the operators pledge themselves to exert
every
IN CANADA.
effort necessary to keep up the production of copper
Ottawa, Canada, June 28 1918.
to the maximum of the past so long as the war
The uncompromising bitterness which hitherto might last. The stipulation that existing wages
has marked the relations of the Western provinces should not be reduced, it was stated, compelled the
and the Eastern manufacturing interests on all maintenance of the highest wages ever paid in the
questions of tariff readjustment gives signs of a industry. Except for this stipulation the reduction
sharp moderation. A preliminary meeting of the in the price of the metal would have worked a decrease
representatives of the manufacturers and the West- in wages, too, under the sliding scale in effect in the
ern grain growers was held at Toronto early in the copper mines. It was pointed out that within the
month, and while spokesmen on both sides frankly year copper had sold as high as 36 cents per pound.
aired views of wide divergence on tariff matters, The announcement further said that the proper
future meetings were arranged for that may take departments of the Government would be asked to
some of the rancor out of opposing theories.
take over the mines and plants of any producers
Baron Shaughnessy, President of the Canadian who failed to conform to the arrangement and
Pacific Railway, has often remarked that Canada's price.
greatest problems arose from the geographical
On Sept. 24 steel prices were announced. These
isolation of the Eastern and Western people. That also caused no dissatisfaction, though they involved
the Western farmer does not trust the Eastern manu- a reduction in current market prices of from 43 to
facturer and that parochial viewpoints are assigned 70%. They were the result of an agreement beby the Montreal capitalist to the Medicine Hat tween the steel men and the War Industries Board
rancher does not need emphasis at this time. How to which the President gave his approval. The
to reduce this unnatural and ruinous animosity is price fixed for steel bars was $2 90 per hundredengaging the attention of organized bodies on both weight, or $58 per ton, against a previous high figure
sides of the quarrel—surely a hopeful sign that of $5 50 per hundredweight; for steel shapes $3 per
future national questions may be met with an un- hundredweight, against the previous high of $6; for
divided front.
steel plates $3 25 per hundredweight, against as
Meantime, the danger of unguided radicalism high as $11 per hundredweight asked at one time.
interfering seriously with legislation is real enough For pig iron the price was fixed at $33 per gross ton,
to bring from Mr. K. W. Blackwell, Vice-President against a high of $58; for coke $6 per net ton, against
of the Merchants Bank of Canada, at the last an- $16 in some instances paid. In the case of iron ore
nual meeting, the following remarks on "Vested the rate agreed upon, $5 05 per gross ton, was that
Interests."
prevailing at the time. Here also it was stipulated
"Some strange doctrines have recently taken in all cases, first, that there should be no reduction
possession of the minds of many people on this in the prevailing rate of wages;second, that the prices
subject. It is a phase of the war excitements.
named should be made to the public and to the Allies
"I am enthusiastic on the subject of fair play to- as well as to the Government; and, third, that the
wards vested interests. We must argue against steel men pledge themselves to exert every effort
and oppose the mischievous propaganda of un- necessary to keep up the production to the maximum
thinking and illogical people. They will tell you of the past so long as the war should last. On Oct. 11
that this is a socialistic age and complain that banks an agreement between the War Industries Board
and large capitalists are banded together to keep and steel men fixing maximum prices (stated to be
on amassing wealth to the detriment of the con- about one-third under prevailing market prices) for
ditions of the general community.
various steel products was approved by the President.
"We may answer this in saying most truthfully The prices related to blooms, billets, slabs, sheet
that banks themselves are absolutely socialistic in bars, wire rods, shell bars and skelp. From time
their methods. They accept money from those to time subsequently prices of other steel and iron
who have it and lend to those who need it and can products were announced.
use it safely."
On Dec. 19 announcement that the country's
entire output of wood alcohol would be taken over
RETROSPECT OF 1917.
immediately by the Government under agreement
(THIRD ARTICLE.)
The first part of this review of the events of 1917 appeared in our issue of with distillers was made by the War Industries
ualhtg012Ag%IdIgiit; zgciT36
Jan. 12 1918, pleis
1 part in our issue
Board. Private consumers, it was stated, would
The fixing of metal prices was begun in September. be supplied on licenses by the Priorities Board.
On September 20, it was announced that after in- The Government required the output for use in
vestigation by the Federal Trade Commission as to the manufacture of explosives. On the same day
the cost of producing copper the President had (Dec. 19) announcement also came that the United
2694
THE CHRONICLE
[Vora. 106.
States Government had decided to take over the
(fitment gnents and
entire production of acetate of lime and acetone,
both being important materials in the manufacture CONTINUED OFFERING OF BRITISH TREASURY
BILLS BY J. P. MORGAN & CO.
of munitions. It was stated that the Government's
decision had been reached by agreement with pro- J. P. Morgan & Co. this week disposed of the usual offering of ninety day British Treasury bills on a 6% discount
ducers.
basis. The bills mature Sept. 23.
In September (on Sept. 6) it was announced that
the United States Shipping Board would shortly CREDIT EXTENDED TO GREECE BY U. S.—NEW
assume confrol of the freight rates charged by
CREDITS TO BELGIUM.
American vessels and that it had been decided to
A credit of $15,790,000 to Greece, the first under the new
create a chartering commission to exercise control financial agreement between that country and the United
over the chartering of all Amreican tonnage. It States, was announced by the Treasury Department on
June 21. Two new credits were extended to Belgium .this
was stated that the new scale of freight rates called week by the United States—$2,250,000 on June 26 and
for reductions of from 65% to 75% from existing $9,000,000 on June 27, bringing the total credits to that
tariffs and would range from $8 to $13 per ton for country up to $131,800,000. With this week's advances
Atlantic cargoes. Pacific freight rates, or rates on the total credits to the Allies established by the United
entry into the war reach $5,981,590,000,
shipments of materials not concerned with the prose- States since our
apportioned as follows: Great Britain, $3,170,000,000;
be
not
affected.
it
said,
would
war,
was
cution of the
France, $1,665,000,000; Italy, $650,000,000; Russia, $325,On Sept. 27 the United States Shipping Board an- 000,000; Belgium, $131;800,000; Cuba, $15,000,000; Serbia,
nounced the charter rates which the Government $9,000,000; Greece, 815,790,000.
would pay for requisitioned ocean-going merchant
vessels and also made known the fact that every E. F. HEBDEN ON PROPOSAL FOR REDISCOUNT BANK '
IN CANADA.
American merchant ship of more than 2,500 tons
F. Hebden, General Manager of
by
made
Comment
dead weight capacity available for ocean service the Merchants' Bank ofE.Canada,
at the recent annual meetwould be requisitioned by the Shipping Board on ing of that organization, regarding the suggestion for the
Oct. 15. American ships available for ocean traffic, establishment of a bank of rediscount in Canada, has atit was said, totalled slightly more than 2,000,000 tracted attention, and we quote what he had to say below:
I should like to say a word on an important matter affecting the banks
tons, but some of them had already been taken over generally,
namely, on the subject of the establishment of a bank of rediscount in Canada, the suggestion of Mr. Pease, the able President of the
for the army and navy.
Canadian Bankers' Association. I should like to state that we are enIn cotton there was a tremendous appreciation in tirely
in accord with his proposal. Its estbalishment would make available tens of millions of negotiable securities at present locked up is the
values, but it brought no attempt on the part of the strong
boxes of banking institutions. The need for such rediscounting
Government to regulate the movement of prices. facilities is not presently felt, but we cannot tell when it may be, and this
country is behind the times in not having all the organization machinery
Conditions were never encouraging for the growing and equipment ready at hand for instant operation. This bank,would
crop and this together with the lack of fertilizers gladly participate.
and an early frost in the autumn shortened the yield
RUMANIA'S FINANCIAL PLANS.
so that a small production was inevitable, a situation
In reporting Rumania's financial problems, an Amsterall the more disheartening because of the previous dam cable to the Associated Press on June 24 said:
season's diminished yield. As early as the month In pointing out Rumania's difficult financial position to the Bucharest
correspondent of the "Vossische Zeitung," Finance Minister Sculescu deof June there was every indication of a run-a-way clared
that the Rumanian National Bank was prepared to make a loan on
more favorable terms than ever before. He said that extensive and drastic
market and spot cotton on the New York Cotton financial
reforms, which would involve painful measures, had been planed.
Exchange touched 27.40 cents June 27, while later
in the year still higher figures were reached. The AGREEMENT BETWEEN JAPAN AND CHINA FOR
CONTROL OF LATTER'S IRON OUTPUT.
latter part of June both the Liverpool Cotton
The New York "Tribune" in an Associated Press dispatch
Exchange and the Cotton Futures market at Havre
on June 24 said:
were closed. The Liverpool market had been rising from Shanghaihas
been virtually concluded between the Chinese and
An agreement
by leaps and bounds, that is, 100 to 150 English Japanese governments, it has been learned by the "North China News,"
which the iron mines at Feng Iluan Shan will be worked by the Chipoints a day or 200 to 300 New York points as a under
nese Government and steel will be manufactured by the Chinese and
result of the scarcity of both actual cotton and of Japanese. It is said the Japanese will provide 20,000,000 yon to defray
the expense of carrying out the work.
ocean tonnage in which to move it. On June 28 This means, it is said, that the Japanese virtually will acquire control
the entire output of the mines. At present thoy are negotiating for
it was decided to reopen the Liverpool Exchange of
the right to participate in the working of the property. Pending decision,
June 29 under conditions eliminating speculation. the final signing of agreement has been delayed.
After a considerable decline in the interval a new
BE ESTABLISHED BY CHINESE
high point for middling upland cotton in New IMPORT TAX TO GOVERNMENT.
York was reached August 7 at 28 cents, only to be
The following with reference to the proposed imposition by
followed by a renewed drop. On August 15 the the Chinese Government of a 5% import tax appeared in the
Board of Managers of the New York Cotton Exchange New York "Tribune" of June 25; the advices were dated
after consultation with Government officials who Shanghai, June 22:
The Tariff Revision Conference has decided on a tariff on imports
intimated that such action would be desirable adopted amounting
to 5% of the average value of merchandise imports during the
was fixed accordan amendment to the rules of the Exchange governing years 1912-16. This will replace the specific tariff which
ing to values during the years 1897, 1898 and 1899. This tariff now repretrading in cotton for future delivery effective August sents customs duties of less than 3%.
The conference will determine the values of merchandise from customs
27 which provided that fluctuations in future prices returns
and other available evidence. The tariff will be subject to revision
in any one day should not exceed 3 cents a pound In whole or in part two years after the war.
The Allied Powers have approved of the now tariff and the sanction of
above or below the closing-price of the previous day. China
is assured, as the arrangement is of advantage to this country. The
legations have requested the delegates to complete the revision within
As against 17.45 cents at the opening of the year, for three
months.
middling upland spot cotton, the price Dec. 31 was
31.75 cents. The low price of the year was 14.30 MEXICO'S PROHIBITION AGAINST GOLD AND SILVER
EXPORTS.
cents on Feb. 2 and the high price 31.85 cents on
According to a dispatch from Mexico City on June 21,
Dec. 29.
the Mexican Government has decided to prohibit the ex-
piscussions
(The remainder of this review of the year's events will be given
another week.)
portation of gold and silver absolutely because of similar
restrictionsjplaced on these metals by other countries.
JUNE 29 1918.1
THE CHRONICLE
2695
Other Russian Government securities have risen sympathetically,
LOAN TO FRANCE BY URUGUAY.
showing an average gain of about 5% for the week.
announcement
advices
of
Following an
received at WashThe interest has also extended to Russian mining securities, industrials
ington last week that Uruguay was planning to make a loan and municipal issues, which had been dormant for a long time but now are
being inquired for and purchased in moderate quantities.
to the Allies, advices from Montevideo on June 22 stated
Market experts attribute the hardening in Russian stocks to a belief
that President Viera had asked the Uruguayan Congress to that events are shaping for a more stable government in Russia.
authorize a credit to France of 15,000,000 francs to facilitate
French war purchases in Uruguay. The same advices
JAPAN'S SPECIE RESERVE.
state that Uruguay, on Dec. 18 1917, extended a credit of
Reports" of June 4 reported the following
"Commerce
$50,000,000 to Great Britain.
Last week's announcement printed on page 2603 of our advices from Consul-General Scidmore at Yokohama,
Japan's specie reserve:
•
issue of June 22 said that "Great Britain has completed regarding
The steady increase in Japan's gold specie continues. The latest returns
negotiations with the Bank of Uruguay for the financing issued by the Finance Department, according to Eastern Commerce for
of crops. As the amount of credit has been reduced to May,shows that the gold held by the Government and the Bank of Japan
April 20 amounted to 1,076,000,000 yen, of which 457,000,000 yen
approximately $15,000,000, Great Britain has been com- on
was held at home and 619,000,000 yen abroad. These figures, compared
pelled to use the total of the loan herself. France and Italy with those for March 15, show an increase of 1,000,000 yen in the portion
held at home and 11,000,000 yen in that held abroad. [The normal exare negotiating now concerning the making of a similar change
value of the yen is $0.498.1
arrangement."
COST OF FLOATING "VICTORY LOAN" EXPLAINED
REPORTED FAILURE OF TURKISH LOAN.
BY MINISTER OF FINANCE.
Press dispatches from Washington on June 22 had the
In
connection
with certain comment recently respecting
following to say regarding the reported failure of the latest
the remuneration paid to professional bond dealers, members
Turkish loan.
of Stock Exchanges and others for services rendered in floatFailure of the latest Turkish loan was reported to-day in a dispatch from
Switzerland, announcing that only £12,000,000 was obtained of £30,000,000 ing Canada's $150,000,000 "Victory Loan" of 1917, reference
sought. Germany already has advanced to the Ottoman Empire nearly to which has already been made in these columns (see page
£180,000,000,
The Swiss dispatch says it is predicted the Turks now will have to issue 1735 of the April 27 issue of this paper), Sir Thomas White,
Minister of Finance, according to the Montreal "Gazette"
new paper money, which will further affect the rate of exchange.
of June 24, made the following statement the preceding day:
The services of the investment, bond and Stock Exchange houses of
the Dominion were commandeered by the Finance Department, with the
object of securing the active and continuous co-operation of a body of
experts specially trained in the sale and distribution of securities. The
Dominion Executive Conunittee, composed of fifteen outstanding representatives in the security business undertook the organization and adjustment of all details of the selling campaign. The work of this and of the
other committees, all composed of experienced security experts, was not
confined to the period of the loan, but commenced several weeks before
Under Defense of the Realm regulations and Orders in Council, dated it was launched, and continued for many weeks after it was closed. A
Juno 4 and May 11, the Board of Trade prohibits, without its consent, complete system of accountancy, covering all expenditures, was inauguthe transfer or agreement to transfer to any alien or foreign controlled rated. The members of the Dominion Publicity Committee were not only
company any interest in any property or undertaking to which the regula- skilled in security issues but were especially experienced in investment
tion applies or any share, stock, debenture, or other security issued by any publicity. They worked unremittingly for practically four months upon
company owning such undertakings. For the purposes of this regulation, advertising and publicity devices. Over five million separate pieces of
the expression "foreign controlled company" means any corporation printed matter were prepared and distributed by them throughout Canada.
where the majority of directors are not British subjects or where the This committee closely co-operated with the newspaper advertising cammajority of voting power is in the hands of persons who are not British paign and advised upon all advertisements. The Dominion Business
subjects, or where the control is by any means whatever in the hands Committee put into effect a Dominion-wide system of reporting and reof persons not British subjects, or where the majority of the executives cording subscriptions. Over 800,000 subscriptions were handled by the
are appointed by a foreign controlled company. Undertakings and system instituted by this committee. In addition to the above committees,
properties to which the regulation applies are the following: Any oil there were provincial executive committees, responsible for thoroughly
field; any mine wherever situated from which platinum, copper, lead, tin, organizing, directing and carrying on the campaign throughout each
tungsten or zinc are extracted; any business factory or undertaking situated province.
The basis of remuneration to the various firms and individuals whose
in Norway, Sweden, Denmark, Russia, Holland, Spain or Swkzerland
services had been engaged received most careful consideration, and was
manufacturing any article of absolute or conditional contraband.
made
the subject of a special report by Thomas Bradshaw, Finance Comapplies
to
Council
American
in
Order
citizens, but the
The foregoing
Board of Trade states that where the transfer of small blocks of shares to missioner of the city of Toronto, and an outstanding Canadian authority
aliens is concerned, and no question of control is involved, consent to the on security issues, whom the Minister requested to report upon the matter.
No rate of commission was paid, the principle adopted being to determine
transaction will be freely given.
the emolument according to services rendered, results produced and responsibilities undertaken. The organization which each financial house
SOVIET GOVERNMENT PROPOSES TO GUARANTEE placed at the disposal of the campaign was regarded as an important factor.
Mr. Bradshaw, in his report, refers to the case of 75 financial houses
LOAN FROM GERMANY BY EXPLOITATION
whose principals and staffs devoted practically their entire time to the loan.
Some of these houses had extensive staffs, which were turned over. One
OF RUSSIA'S RICHES.
had 48 members
another 39, another 31 and so on. Mr. Brad- •
On June 23 London cablegrams, in reporting that the shaw reports that engaged,
the value of such equipments,containing years of accumus
Soviet Government would be compelled to conclude a foreign lated experience in the kind of work required in the successful prosecution
loan, and as a guarantee "would grant Germany wide exploi- of such an undertaking, can hardly be estimated. He points out that the
time occupied in preparing for the campaign was more than twice that for
tation of Russia's natural riches" said:
any previous one, and, further, that after the loan had closed, the members
A Reuter dispatch from Moscow, undated, says that M. Brousky, of nearly all the committees were engaged for several months in making
Commissioner of Industry and Commerce, made the statement at the adjustments. Investment houses were practically prohibited from ensession of the Russo-German Commission for the Resumption of Economic gaging in any other business during the last three months of last year.
Relations that, in order to meet the Russian engagements to Germany, Prior to the issue those engaged were fully occupied in organizing districts,
the Soviet Government would be compelled to conclude a foreign loan and and in selecting, training and supervising the work of over 10,000 canvasas guarantee for the loan would grant Germany wide exploitation of Russia's sers, who took part.
Mr. Bradshaw points out that the entire remuneration of all the pronatural riches, in the form of numerous concessions, the control of which
would remain with the Russian Government, a portion of the profits fessional houses engaged averaged less than one-fifth of 1%. He reports
going to the latter.
that, having gone over all the details, the amount of remuneration allowed
Germany, the Commissioner stated, would be asked not to interfere to each house and firm engaged, having regard for the services rendered
with Russia's internal economic policy or her relations with countries and the result obtained, was on a fair and reasonable basis.
which formerly belonged to Russia, such a Ukraine, Poland and the
As for the remuneration paid the banks, which played a vital part in
Caucasus. Germany would guarantee to Russia at least half the mineral handling the loan, the average amount paid for each of the 3,000 branches
output of the Krivoy-Rog and the Caucasus regions. and,finally, Germany was $300. For this remuneration, all applications were received, recorded
and forwarded to Ottawa. Interim certificates were issued and bonds exwould carry out the rectification of the Russo-Ukrainian frontier.
the work being done under great pressure, frequently night as
Concerning the demand in London for Russian bonds, changed,
well as day, over a period of seven months. In addition, the banks will
the "Journal of Commerce" in a special cable on June 22 cash, for the Government, free of charge, or exchange, all coupons during
the currency of the several issues—that is to say, for 5, 10 and 20 years.
said:
As to canvassers, an army of 11,000 was engaged for a month or more,
Quiet buying of Russian Government bonds, which recently have been
for an average of about $39 each.
almost unsalable, is developing. It indicates the trend of well-informed
The problem of floating a Victory Loan in Canada is quite different
opinion on the general Russian political and economic outlook.
from that of floating a Liberty Loan in the United States. Here we have
Holders of Russian bonds here now have two committees, one representa
sparse
population, spread over a territory as large as the United States.
ing issuing houses, the other appointed by the Council of Foreign BondThe work of organization and canvassing is, therefore, more difficult.
holders. Political developments are awaited with keen interest.
I3esides, Canada has been four years at war, and skilled help is relatively
London cablegrams on June 26 in stating that much inter- scarcer. The United States has the Federal Reserve banks,
directly under
est is being displayed in the stock market in Russian securi- Government control, which organizes the Liberty Loan campaign with the
individual
banks,
number,
some
each
in
35,000
self-contained
and under
ties, added that this was especially the case with the Russian the general supervision of the Federal Reserve banks. The engagement
5% loan, which has been in good demand at prices from of security dealers and financial houses in Canada has had the effect of
advance of previous quotations. Cable- stabilizing our Victory Loan securities, which now stand at a premium in
2 to 3 points
Canadian markets. This, in the United States, is looked upon as a great
grams of that date further said:
achievement for Canadian finance.
BRITISH CONTROL OF TRANSFERS OF SECURITIES TO
ALIENS.
Advices concerning the control exercised by Great Britain
over the transfer of securities to aliens, were received by
the Department of Commerce from Consul-General Skinner
at London under date of June 8 as follows:
in
2696
THE CHRONICLE
CANADIAN FINANCE MINISTER OUTLINES RESULTS
OF MISSION TO U. S.—ATTITUDE OF CAPITAL
ISSUES COMMITTEE TOWARDS
CANADIAN SECURITIES.
In outlining the results of his recent mission to Washington and New York, Sir Thomas White, Canadian Minister
of Finance, states that he was able to make certain financial
arrangements, which he believes, will have "a helpful
effect." Among other things Sir Thomas stated that it had
been "suggested that a large Dominion loan in New York
would remove our exchange difficulty." "So it would,"
he observed, "but seriously at the expense of our credit."
The Montreal "Gazette" of June 22 gave the following account of what Sir Thomas had to say, his remarks incidentally dealing with the requirements of the Capital Issues
Committee concerning Canadian applications:
"The immediate object of my visit to Washington was to confer with the
Capital Issues Board there regarding the general question of permitting the
issue and sale of Canadian securities in the United States. The Board has
before it several Canadian applications, and desired to discuss with me
the method of procedure and the principles which Should be followed in
giving them consideration. Upon the invitation of the Chairman, Hon.
Mr. Hamlin. I addressed the Board upon our financial and commercial
position, and the state of our exchange and international trade with the
United States. The Board was most courteous and appreciative of the
desirability, as a partial corrective to exchange, of permitting so far as
may be compatible with the national interests of the United States, the
issue of Canadian securities in their markets, and they regard our conference as having served a most useful purpose. As a matter of procedure
the Board will require that all Canadian issues, before being considered
by them, shall first be approved as to issue in Canada by the Canadian
Minister of Finance. This preliminary having been complied with, the
Board will then determine upon their individual merits, applications for
permission to issue in the United States. These applications must be made
and supported before the American Capital Issues Board by the parties
interested or their representatives. Thoy will not be made or recommended
or favorable consideration by the Dominion authorities, as this, for obvious reasons, would be undesirable.
High Exchange Rates.
"While in Washington I resumed with the American and British officials
our deferred discussion about the exchange rates between Canada and the
United States, which for some time past have been quite unfavorable to
Canada. The whole exchange problem of the Allies, which is world-wide
in its scope, is continually under study and consideration, and is one of the
most intricate and anxious questions of the financial side of the war. All
the belligerent nations are having very serious difficulties with exchange.
That of the enemy has practically broken down. Great Britain's exchange
with America is at a discount of over 2%. Both British and American
exchange with neutral countries is at a discount reaching as high as 30%.
In Spain, for example, where large supplies are bought for the American
army in France, the United States dollar is worth only seventy cents. The
reason for this discount on the American dollar is precisely the same as that
for the decline in the American market of our dollar, namely, the credits
given Great Britain and the other European allies, whereby they make
purchases in the United States and Canada of foodstuffs, ammunition.
but
and other supplies. Without these credits they could not; purchase,
dethe fintiing of the purchase money in Canada and the United States
favorable
their
of
prives both countries of the value for exchange purposes
of
condition
general
this
In
world.
the
trade balance with the rest of
onerous.
depressed exchange, the Canadian condition is not regarded as
On the contrary, it is thought to be exceptionally favorable in comparison
upon
with that of the other Allies. It is recognized that the premium
s of
New York is an impediment to international trade, but consideration
more
trade alone are not regarded as sufficiently important, in view of
credits
pressing war-time necessities, to warrant specific sterling or dollar
The
merely for the purpose of equalizing or stabilizing our exchange.
aspect,
commercial
purely
its
war has made international trade, at least in
of wholly secondary importance.
tions. The present exchange rate, while a detriment to essential international trade, is also a brake upon extravagance. For the present, at
least, I do not feel that we should be justified in pledging the Dominion's
credit abroad at an exorbitantly high rate of interest and at the further
cost of abnormal brokerage charges to balance international accounts
which we can materially help to balance by reducing our consumption of
things which we like to have but which we do not need."
PROPOSED LOAN TO CHINA BY UNITED STATES.
Announcement that Paul S. Reinsch, the American
Minister to China, would leave Pekin at the end of this week
for the United States, having been recalled for conferences
at Washington, was contained in cablegrams from the Chinese capital on June 27. Washington dispatches of the same
date had the following to say regarding his return:
No particular significance is attached at the State Department to the
return of American Minister Reinsch from his post at Peking. Mr.
Reinsch is to take a sixty-day vacation. While here he will confer with
officers on the proposed resumption of participation by American financiers
in Chinese loans, which was discussed "in principle" here (Washington)
yesterday by a group of prominent bankers and officials of the State and
Treasury Departments.
J. P. Morgan was one of those in attendance at Wednesday's conference, which, it is said, considered tentative
plans for a loan of $50,000,000 to the Chinese Government.
Mr. Morgan, it is stated, was present at the request of the
State Department, as the representative of the New York
financial institutions identified with the Six-Power group
which in 1913 had proposed to lend China $125,000,000;
the negotiations at that time were discontinued by the
United States just before consummation, because of the
views of the Administration, and the other nations also
finally decided to withdraw. The six Powers which were to
have participated were Great Britain, France, Germany,
Japan, Russia and the United States.
During Mr. Reinsch's absence from China, John V. A.
McMurray, Counsellor of the Embassy, at Tokio, will go to
Pekin as Charge d'Affaires, while Willing Spencer, the
First Secretary at Pekin, will go to Tokio.
Helpful Arrangements.
and
"In view of this, we must, like the other Allies, expect irregularities
fluctuations of exchange and meet them as best we may. While in Washarrangements
financial
ington and New York, I was able to make certain
which will, I think, have a helpful effect. These will disclose themselves
later. At present they cannot be made public."
Speaking of the causes for the decline in Canadian exchange, the Minister said chat conditions have been aggravated by the marked falling off
in our exports of manufactured and agricultural products during April
and May.
"As to the former," he said. "I look for a restoration of the previous
figures by reason of orders for munitions which have been already obtained from the United States. As to the latter, the falling off seems
to be partly due to the fact that there was less grain to come out this year
than last, and partly to the diversion of shipping to the service of carrying
American troops, who, in ever-increasing numbers, are going forward to
the battle front. There is another factor which is. I think, of considerable
importance. There is no private buying in Canada now by British business houses. All purchasing is now by the British Government, and is
confined to absolute necessities, such as munitions, foodstuffs and other
indispensable requirements. Great Britain is not importing to-day anything she can do without. I look upon the drop in our exports as of a
temporary character, provided we have this year the bountiful harvest
which we expect.
Admonition to Economy.
"As to the remedial measures which we can adopt to assist our exchange,
I urge again the homely but unwelcome admonition to individual economy.
If we were not, as a people, so wasteful of our money, we should have little
difficulty with our exchange. We can also extend our embargo upon
imports and limit the operation of our non-essential industries if this becomes imperative. This latter would save coal and other raw material
which we now import, and add to our industrial and military man-power.
It has been suggested that a largo Dominion loan in New York would
remove our exchange difficulty. So it would, but seriously at the expense
of our credit, as interest and commission rates are abnormally high for
all outside securities. Any such loan by the Dominion would react unfavorably upon our Victory Loan issues and the rate of interest which
we shall have to pay upon them. It would, moreover, be only a palliative, and would promote and facilitate further unnecessary importa-
[Vol.. 106.
DECLINE IN GERMAN MARK.
An Associated Press dispatch from Geneva on June 27
had the following to say concerning the decline in the Ger•
man mark:
The German mark is now worth loss than the French franc on Swiss
exchanges for the first time in fifteen months. On the Geneva Bourse,
Allied exchanges continue to increase, while those of the Central Powers
are decreasing, despite efforts by Berlin and Vienna to raise the value of
their exchanges. The decrease in exchange on the Central Powers began
when news of the Austrian defeat on the Piave reached Switzerland.
IN APPEALING TO STATE BANKS TO JOIN FEDERAL
SYSTEM, PIERRE JAY TERMS SYSTEM AS
"FOCH'S FINANCIAL RESERVE."
A speech, in which he sought to impress upon the State
banks the urgency of their joining the Federal Reserve
System, was delivered by Pierre Jay,' Chairman of the
Federal Reserve Bank of New York, before the New England
Bankers' Association at New London on Juno 22. Describing the American Army as "Foch's Military Reserve," Mr.
Jay termed the Federal Reserve System as "Foch's Financial
Reserve," and stated that it is felt perfectly certain that the
State institutions will join the system "when once they understand the necessity for their membership is because, to
maintain our full fighting strength and unity in France, we
must have our full credit and financial strength at home as
well." In part Mr. Jay's speech was as follows:
Since this convention gathered last year, there has been a change in
the laws relating to the membership of State institutions in the Federal
Reserve System, and a marked change in the attitude of such institutions
towards such membership. The amendments to the law signed just a year
ago by the President provide by statute, instead of by regulation of the
Federal Reserve Board, the terms on which State institutions may become
members. The terms are as follows:
(a) The State institution retains all its charter and statutory powers
and may continue to loan and invest its funds under its own State law.
(b) The State institution is not subject to examination by the Comptroller of the Currency, but is subject to examination by the Federal
Reserve Board. The Board, however, is authorized to, and does accept,
the examinations of the State Banking Department in lieu of making its
own examinations, so that expense or visitation is not imposed upon the
State institution.
(c) A State institution is required to make three reports a year to the
Federal Reserve Board. These reports, however, are so simple as to cause
of them is
no additional labor worth mentioning, and no publication
•
required.
(d) If a State institution wishes to withdraw from the System it may
do so on six months' notice.
The requirements of membership are:
(a) The State institution must subscribe for an amount of the capital
stock of the Federal Reserve Bank equal to 6% of its own capital and
surplus. One-half of the subscription must be paid in and the other half
remains on call.
(b) The State institution must keep with the Federal Reserve Bank a
balance equal to 7% of its demand deposits and 3% of its time deposits.
This balance is not a minimum or a frozen balance but may be chocked
JUNE 29 1918.1
THE CHRONICLF
against as freely as nay other balance with a reserve correspondent. The
Federal Reserve Bank figures the reserve requirements of its member banks
not on a minimum basis but on an average basis.
The main objection State institutions have to becoming members of the
Federal Reserve System is that we pay no interest on deposits. This we
can never do, for to pay interest on deposits we should be obliged to invest
so large a proportion of our funds that we should have very little reserve
credit power left, and in fact would cease to be reserve banks at all. But
there are offsets to the loss of interest on reserve deposits. And where,
as in Massachusetts and Maine, laws have been enacted providing that a
State institution joining the System is released from the State reserve
requirements and is subject only to the reserve requirements of the Federal
Reserve Act, an actual profit from membership may often be realized.
But even in other States which have not passed such laws there are the
following offsets which, if they can be availed of, which will counterbalance
wholly or in large part the loss of interest on deposits:
1. By using the check collection facilities of the Federal Reserve Bank
the State bank or trust company member is enabled to accomplish considerable in savings in two ways:
(a) Balances carried with correspondents at various points solely for the
purpose of getting checks collected can be closed and the balances utilized
for loaning. This course is obviously desirable, as, with practically all its
checks collected without cost through the Federal Reserve Bank, the
member is able to effect a very considerable saving by the utilization of
balances which have had to be maintained in amounts sufficient to pay
for the collection of its checks through channels which are indirect and
sometimes expensive.
(b) Checks can be collected through the Federal Reserve Bank in the
shortest possible time, indirect routing being avoided. Thus the funds
represented become available and earnings begin much more quickly than
is the case where more indirect methods of cancellation are used.
2. Under present conditions a member bank is able to borrow at the
Federal Reserve Bank at rates usually substantially lower than those
obtainable from correspondents. This is of particular importance in
relation to borrowing for the purpose of assisting the Government in
Liberty Loan financing and in purchasing certificates of indebtedness.
3. But perhaps the most important offsetting advantage is the fact that
many member banks feel that they can safely carry substantially lower
excess reserves and invest a considerable part of present excess reserves in
additional loans to customers or in commercial paper, which, being eligible
• for rediscount at the Federal Reserve Bank, is in the nature of reserve.
Additional income thus obtained will, in many cases, pay amply for the
loss of interest on reserve deposits. Many institutions which as nonmembers felt that they must carry considerably more than the legal requirement as an emergency reserve, now feel that membership in the Federal
Reserve Bank is their emergency reserve and that they are free to invest most
of their former emergency reserve in paper immediately available at the
Federal Reserve Bank.
Bight months ago President Wilson told the State institutions that it
was "manifestly imperative that there should be a complete mobilization
of all the banking reserves of the country." In response to this appeal
most of the larger city institutions, about 500 of them, with aggregate
resources of about $6,000,000.000, have joined the System. The officers
of the twelve Federal Reserve Banks are now engaged in carrying the
President's message to the officers of the remaining eight or nine thousand
State institutions which are eligible for membership, with resources of
perhaps ten billion dollars, and constituting about 30% of the banking
resources of the country. That is why I am here to-day, to tell you the
solemn conviction of those responsible for the operation of the Federal
Reserve System that the time has arrived for every strong, well-managed
State institution to join with the other banks of the country in maintaining
this system which must furnish every dollar of the immense credits which
America and the Allies will need to win the war.
In order to impress upon you the urgency of the situation I should like
to review briefly the increasing conception we have at home and the increasing military pressure which is developing abroad, for America's
doubled, trebled and quadrupled participation in the war.
Let us see first what the situation is at home:
1. The Situation at Home.
(a) Military:
(b) Financial.—A year ago our war appropriations for the fiscal year
beginning July 1 1917 had not been completed, but they seemed likely to be
reasonablyjnoderate. Finally they proved to be in the neighborhood of
twenty billrons. The war appropriations for the next fiscal year now seem
likely to approximate thirty to thirty-three billions. A year ago the
Treasury was selling $200,000,000 of Treasury certificates every three
weeks. In February and March it has been selling $500,000,000 certificates every two weeks; now it asks the banks for $750,000,000 every fortnight.
(c) Credit.—The Federal Reserve System, which is the credit-making
power of the country, has increased proportionately. A year ago its deposits were about $700.000,000. Last August, after the reserves required
to be kept with it had been increased by Congress, its deposits rose to
$1,100,000,000. Now, after the entrance of the larger State institutions,
the deposits are $1,500,000,000. The demands on its credit power have
increased proportionately. The Federal Reserve Bank of New York was
called upon for $212,000,000 of additional credit in the first nineteen days
of last June. During the Second Liberty Loan period we were called
upon for about $450,000,000 of additional credit. We cannot say what
amount of credit we shall be asked to furnish in the Third Liberty Loan
period, but we have already granted credits aggregating $650,000,000.
The demands for the future we cannot estimate, but we know they will be
immense.
It is of vital importance to the member banks, the non-member banks,
and the business of the country, and above all to our successful prosecution
of the war, that the Federal Reserve System should be able to provide all
the credit needed during the war and still continue strong. I think nothing
would be a greater calamity to the banks and business of the country,
nothing would hinder our participation in the war more, than to have the
Federal Reserve System fail to continue strong. Yet, although it has to
furnish 100% of all the vast credit needed, only 70% of the banking resources of the country are contributing their share to it. This is an unsound and unsafe situation for the country in war time, at least, when it is
imperative, to use the President's word, that it should have its maximum
strength. A 70% organization of our credit power will never win the war.
2. The Military Situation Abroad.—
*
All through the groat drives in Picardy and Flanders our papers talked
General Foch's reserves, about his army of maneuver which
about
freely
was waiting to strike back at the enemy, and we have wondered whore it
was. But, judging from the request—no, the demand—which the Allied
Governments made upon President Wilson early in April for American
soldiers, and from the feverish shipments of our men during the past two
months, it is quite clear to me, at least, that General Foch's reserves were
2697
the American army and the American army was not there and is not there
yet in sufficient force to enable the Allies to strike the blow that means
victory; and because it was not ready and there, the war will be longer.
our sacrifices must be far greater, our suffering far bitterer.
Now, if the American army is Foch's military reserve, the Federal Reservo System is Foch's financial reserve, for it is not only the only reservoir
of credit in this country, but the last in the world, just as America is the
last available reservoir of man power in the world. And the reason we
feel perfectly certain the State institutions will join the Federal Reserve
System when once they understand the necessity for their membership is
because to maintain our full fighting strength and unity in France we must
have our full credit and financial strength at home as well, and we cannot
have this unless our credit-making organization is given such strength and
such unity, and given it immediately, as will enable it to respond instantly
and unhesitatingly to any demands made upon it, however great they may
be, and still keep strong.
We believe there is just as distinct a financial servige for our banks to
enlist as there is a military service for our boys to enlist in. On the average
there is a soldier in every family on this country. There is also a soldier
in every bank in this country, and this soldier is its reserves, its unused
credit power. But just as the human soldier can fight no battles if he stays
at home, but must put on the uniform and get into the organization and
go where he is needed, so the banking soldier can fight no battles unless it,
too, puts on the uniform and gets into the organization, at least for the
period of the war.
F. W. BLAIR ON STATE INSTITUTIONS AND THE
FEDERAL RESERVE SYSTEM.
In his address as President of the Michigan Bankers'
Association, at its annual convention at Charlevoix, Mich.,
on June 24, Frank W. Blair of Detroit, who is also President of the Trust Company Section of the American Bankers'
Association, had something to say both on the subject of,-the
entrance of State banks into the Federal Reserve system and
the bill before Congress proposing the guarantee of deposits
in national banks. In his treatment of the former Mr. Blair
pointed out that the Federal Reserve system was properly
designed as a commercial banking system and in taking
cognizance of the argument as to the urgency of the State
banks coming into the system as a war measure, Mr. Smith
sought enlightenment on the question as to how it will
strengthen the situation to add to the burdens of the Reserve
banks by imposing upon them the membership of banks
which do little or no commercial business. We give Mr.
Blair's remarks on this point in part as follows:
There are pending now some questions of great concern to us. For
nearly four years nothing has interested the bankers of this country so
much as the Federal Reserve system and its development. There is no
disagreement and no room for disagreement as to the great work it has
accomplished. It was the one measure of preparedness that antedated
the war, and it was still the one measure of preparedness that antedated
our entrance into the war. It is unnecessary to give the details of what
has been done. The country very fortunately had a scientific banking
system and one that has worked in a scientific way. The co-ordinating
of banking power and the development and making usable of the nation's
whole banking strength are undeniably desirable now and may be as undeniably necessary a little later. The institutions within the Reserve
system have, however, no particular monopoly of patriotism and those
without the system have,in fact, contributed their proportion of money and
service to the country, as freely and as loyally as the others.
The edict has gone forth from high places, that every eligible bank is in
duty bound to join the Reserve system and by every "eligible bank" seems
to be meant every financial Institution whose capital meets the requirements of the law. It is pointed out that the Federal Reserve Act has been
so amended as to make the membership of State banks and trust companies easy and the conditions simple. They may, for instance, withdraw
when the war is over (provided, of course, too many of them do not want
to get out at the same time); they are not subject to the gentle ministrationu
of the Comptroller of the Currency, except as he act through the Federal
Reserve Board of which he is ex-officio a member, &c. Under the influence of patriotism and the lash of an uninformed public opinion, and
undoubtedly for other reasons, a good many of the larger State banks and
trust companies have joined the system. But I must take exception to the
disposition to measure a bank's patriotism by its attitude toward the
Reserve system. The reasons why some thousands of State chartered
Institutions have not entered the system are many and cogent. An impressive one is that the Reserve system is a commercial banking system.
It was designed as a commercial banking system. It was properly designed
as a commercial banking system. It has facilities for dealing only with
commercial banks. It is a serious aspect of the financial situation that the
Federal Reserve banks are compelled to deal in Government bonds. There
is no remedy for it and no way out of it, but no bankers, with a keen understanding of the difference between commercial and investing banking, can
look at the situation without misgivings as to the consequences. On the
other side stands the stark argument that we must win the war. If we
cannot and do not, it matters little what happens to any bank or banking
system.
But facing as we do this threat to the resources of the Federal Reserve
banks, by investment operations even in Government securities, how will
it strengthen the situation to add to their burdens by imposing upon them
the membership of banks which do little or no commercial business. Under
present conditions these small State banks, savings banks and trust companies are serving their communities, aiding business, helping to sell
Liberty bonds, promoting thrift and savings, all without directly aligning
themselves with the Reserve system. They have little to add to that
system's strength and nothing to get from it. And yet they are under
constant bombardment.
In this State, trust companies cannot do a banking business. In New
York, New England and Pennsylvania mutual savings banks have no
capital stock. In the agricultural West thousands of State banks never
got any paper of the kind classed as eligible for rediscount. No such institutions can confer benefits on or get advantages for their customers or
themselves from the Reserve system, without changes in business customs
or State laws, or both.
I have been greatly mystified by the expression "eligible State banks."
Is eligibility for a bank to be determined by Congress, or the Federal
Reserve Board without hearing the bank affected? Is it to be defined and
determined regardless of the provisions and inhibitions of State law? Are
THE CHRONICLE
2698
we to accept as gospel the statement that the banking power of the country
is to be increased by adding to the Reserve system banks which can give
to the Reserve system only what they themselves lose, and can get nothing
from the Reserve system because it has nothing to give them? Are we to
measure banking power, as the Comptroller of the Currency does, by what
the banks owe? Is not real banking power determined by the capacity
this
of banks to accommodate their customers? If real banking power is
capacity to accommodate customers and so keep business going, the banks
which cannot have this capacity insured or increased by membership in tho
Reserve system have no reason, patriocic or selfish, for joining it. By this
I do not mean to say that a single, uniform and unified system of banking
but
is not theoretically desirable. It may even be practically desirable,
banking systems, uniform or otherwise, are not made in a day. Too
the
from
many elements enter into them—too many elements removed
field of banking. Before many hundreds of State banks and trust companies can get from and give to the Reserve system worth-while advantages,
business must provide for them paper eligible for redi3count. The movement to increase the use of trade acceptances is in this direction, and should
receive encouragement. State banking laws will have to be revised and,
first of all, it will have to be determined whether or not a single banking
system is best.
We find an evidence of the trend of thought in regard to banking matters
In the suggestion for a revision of the banking law of Michigan. To what
extent this proposed revision should be carried is an open question. But,
In relation to the Federal Reserve Act, the Michigan law presents some
incongruities. It would be much nearer the truth, perhaps, to say that in
relation to the Michigan law, and in relation to the principles to which It
was intended to subscribe, the Federal Reserve Act presents some incongruities. Section 11—K by which the Federal Reserve Board is empowered to grant fiduciary powers to national banks when not in contravention of State law, is one of the incongruities. Conceived as a commercial banking scheme, and the result of long agitation for remedying
defects caused by the confusion of various kinds of banking, the Federal
Reserve Act departed from its principles and its intentions when It sought
to prevent confusion, by moans which have resulted in vastly increasing it.
Now, instead of cutting Section 11—K out of the Act, we find the demand is apparently for recognizing it and permitting any chartered bank
to perform all kinds of financial functions. So pronounced is this tendency
that the one recourse is apparently to guide and not to oppose—to safeguard and not to prevent.
We should make preparation, therefore, for the coming session of the
State Legislature and endeavor to influence, in every proper way, the
course of banking legislation along conservative, and practical channels.
During the years that have passed, Michigan has established certain
standards—high standards in banking. Segregation of assets, thorough
examinations, capital requirements graduated according to responsibilities
assumed, care regarding investment of assets, and a hundred other wise
provisions have resulted in building up a 4.anking system of which we are
and may well be proud. We should see to it that in the making of changes
those high standards are recognized and not passed over or weakened.
There seems to be no reasoh why they should be, even to accomplish the
radical change which conformation to what seems to be the administration's plan involves.
It is unfortunately true that making or revising a banking law is a
political rather than an economic act. The politician naturally has an eye
to politics. In its broader and human meaning, politics is concerned with
the social results of its operations. The making or revising of a banking
law has social results and should be considered in the light of them. It is,
therefore, indispensable that bankers be interested in, and, in the sense
the word "politics" is hero used, be engaged in that game. Too long has
the banker held aloof from politics. He has been too prone to regard It
as a mess in which he would get mired. Nevertheless—mire or no mire—
he owes it to his community and himself to be actively interested and
alertly alive in politics—in clean politics, if there is such—and in cleaner
politics if he can help in the cleansing.
[VOL. 106.
President will relieve Mr. Delano of his duties. It is understood Mr. Delano has been offered a high position in connection with the military railroad supervision in France.
Before his appointment to the Reserve Board in 1914 he was
President and Receiver of the Wabash Railroad.
PROVIDENT LIFE & TRUST CO. OF PHILADELPHIA
SEEK TO ENTER RESERVE SYSTEM.
The Provident Life & Trust Co. of Philadelphia has
applied for membership in the Federal Reserve Bank.
DIVIDEND DECLARATION BY FEDERAL RESERVE
BANK OF PHILADELPHIA.
A dividend at the rate of 6% per annum has been declared
by the Federal Reserve Bank of Philadelphia for the twelve
months to June 30 1918. The various dividend declarations
of the bank have been as follows: the first declaration, in
December 1916, covering the period from November 1914 to
June 30 1915; declaration June 20 1917, covering the accumulated dividends from June 30 1915 to Dec. 31 1915;
declaration in Dec. 1917, for the period from Dec. 31 1915
to June 30 1917.
BRANCH OF FEDERAL RESERVE BANK OF ATLANTA
AT BIRMINGHAM.
The establishment of a branch at Birmingham of the
Federal Reserve Bank of Atlanta has been authorized.
W. H. Kettig, Tom 0. Smith, W. W. Crawford, John H.
Frye and Oscar Wells have been elected directors for the
Birmingham branch. W. H. Kettig has been selected as
Chairman, and Alex. E. Walker as Manager of the Branch.
M. B. Wellborn, Chairman of the board of directors of the
Federal Reserve Bank of Atlanta, states that they will proceed to a permanent organization at an early date, and it is
hoped that it may be possible to begin operations about
July 15.
BRANCH OF ST. LOUIS FEDERAL RESERVE BANK AT
MEMPHIS.
The Federal Reserve Board has approved plans for the
establishment of a branch of the St. Louis Federal Reserve
Bank at Memphis. There has been an agency of the St.
Louis Bank at Memphis during two cotton seasons. The
new branch will embrace in its territory West Tennessee,
and that part of Mississippi not in the Atlantic Federal
Reserve District, and a part of Arkansas yet to be deterWhat Mr. Blair had to say on the deposit guarantee pro- mined. C. P. J. Mooney and Leroy Percy are to be among
the directors of the new branch.
posal is noted elsewhere in to-day's issue of our paper.
.1 IIMIF
DIVIDEND DECLARATION BY FEDERAL RESERVE
BANK OF NEW YORK.
The Federal Reserve Bank of New York has declared a
semi-annual dividend of 3% for the first half of the calendar
year, Jan. 1 to June 30, payable June 29. This dividend
amounts to about $593,000 on. the capital.
FEDERAL RESERVE BANK OF KANSAS CITY PLANS
ERECTION OF PERMANENT HOME.
After having under consideration a number orsites, it is
said, on which to erect a permanent home, the directors of
the Federal Reserve Bank of Kansas City, Mo., on June 18
took action in the matter by recommending that the northeast corner of Grand Avenue and Tenth Street be selected
for the purpose at a price not to exceed half a million dollars.
The lack of adequate vault and office space, it is said,
makes it imperative for the bank to build at this time. It is
understood the new building will be of granite and cost in
the neighborhood of $750,000.
RESIGNATION OF H.PARKER WILLIS AS SECRETARY
OF FEDERAL RESERVE BOARD.
According to an Associated Press dispatch from Washington last night, H.Parker Willis has offered his resignation as
Secretary of the Federal Reserve Board, to take effect at
the pleasure of the Board. It is stated in the dispatch that
it is understood that Mr. Willis will devote his entire time
to duties as professor of banking at Columbia University and TEXT OF ACT AUTHORIZING NATIONAL BANKS TO
CONTRIBUTE TO AMERICAN RED CROSS.
to writing on economic and financial subjects. He has been
The following is the text of the Act, signed by President
Secretary of the Board since its organization nearly four
years ago, except for a short time in 1916 when he was Wilson on May 23, authorizing national banks to contribute
President of a bank in Manila, P. I. Mr. Willis assisted to the American Red Cross:
(S. 3911.)
in drafting the Federal Reserve Act, while an advisor on
A Bill authorizing national banks to subscribe to the American National
financial subjects to the House Ways and Means Committee.
Red Cross.
RESIGNATION OF F. A. DELANO AS MEMBER OF
FEDERAL RESERVE BOARD.
The resignation of Frederic A. Delano as a member of
the Federal Reserve Board has been tendered to President
Wilson in furtherance of Mr. Delano's desire to accept a
commission in the Army Engineer Corps to do railroad
construction and management work in France. This is
the first resignation of a member of the Federal Reserve
Board since its organization four years ago. Owing to the
number of important questions of policy now before the
Board, it is said that some doubt is felt as to whether the
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That during the continuance of the state
of war now existing it shall be lawful for any national banking association
to contribute to the American National Red Cross, out of any not profits
otherwise available under the law for the declaration of dividends, such
sum or sums as the directors amid association shall doom expedient. Each
association shall report to the Comptroller of tho Currency within ton days
after the making of any such contribution the amount of such contribution
and the amount of net earnings in excess of such contribution, Such
report shall be attested by the president or cashier of the association in like
manner as the report of the declaration of any dividend.
kirk Soc. 2. That all sums so contributed shall ho utilized by the American
National Red Cross in furnishing volunteer aid to tho sick and wounded
of the combatant armies, the voluntary relief of the Artpy and Navy of the
United States, and the relief and mitigation of the suffering caused by the
war to the people of the United States and their allied nations.
JUNE 29 1918.]
THE CHRONICLE
2699
NEW YORK STATE BANKERS' ASSOCIATION
OPPOSED TO BILL GUARANTEEING
NATIONAL BANK DEPOSITS.
The New York State Bankers' Association at its convention at Atlantic City on June 21 adopted a resolution protesting against the bill guaranteeing national bank deposits.
President John H. Gregory of Rochester, according to the
Philadelphia "Ledger," stated that the bill would put a
premium upon careless, enefficient and dishonest banking,
and this is no time for disturbance. The bill, he is said
to have asserted, presupposes a reason for safeguards with
consequent causes for unrest among depositors.
bank shall be responsible for negligence or other wrong in the conduct of
the business of other national nanks.
It also involves a confusion of correct theories of insurance, which the
bill would apply to the business of banking, in that each bank would
become responsible for risks of default by other banks without any choice
in the selection of the risk or power of supervision and correction, in whole
or in part, of the conditions obtaining in, or methods pursued by, the
Insured bank.
It is elementary that legislation of so novel and radical a character should
be enacted only in response to a demand by the public, and that this demand should in turn be predicated upon real, rather than apprehended or
exaggerated, conditions. We further assert our conviction that no such
public demand exists.
Be it resolved, therefore, that a certified copy of this resolution be transmitted to each of the Representatives from Virginia in both branches of
Congress with the request that they oppose the passage of the bill in
question by their votes and influence.
CONNECTICUT BANKERS OPPOSED TO BILL GUARANTEEING DEPOSITS IN NATIONAL BANKS.
At the convention of the New England State Bankers'
Association, held at the Hotel Griswold, New London, on
June 21 and 22, the Connecticut bankers, in the following
resolution, placed themselves on record as opposed to the bill
in Congress proposing to guarantee national bank deposits:
It is also learned through the Richmond "Dispatch" that
at the suggestion of Col. Thomas B. McAdams,a committee,
to be known as the Legislative Committee, is to be appointed
by the new President of the Association, Garland E. Vaughan,
of Lynchburg, to consider and voice their views on laws
which come before Congress affecting banking interests.
Resolved, That the Connecticut Bankers' Association, in convention
assembled, is opposed to a Government guarantee of bank deposits; first,
In that good banks would be compelled to give of their strength to encourage the organization of new banks of perhaps questionable stability; second,
good banks would then be obliged to support incompetent rivals.
NEW ORGANIZATION TO REPRESENT STATE BANKS
FORMED IN NEW JERSEY.
At a meeting of representatives of State banking institutions of New Jersey, held at Trenton on June 27, the State
Association of Bankers was formed, the purpose of which
is "to defend the State financial institutions of New Jersey
against so-called Federal encroachment such as is contemplated in the Phelan bill pending in Congress." The
Phelan bill, passed by the House on April 24, amends the
Federal Reserve Act so as to extend to national banks
fiduciary powers exercised by State banks. The Trenton
meeting was called by State Bank Commissioner F. H.
Smith; similar organizations, as we noted in these columns
last week, are being formed in other States; that of Pennsylvania was referred to on page 2605. Uzal H. McCarter,
of the Fidelity Trust Company of Newark, was elected
President of the New Jersey association; William J. Field,
of Jersey City, Secretary, and John B. Clement, of Camden,
Treasurer. The following were appointed as delegates
from New Jersey to attend the national convention, which
is to be held at St. Louis on July 16: Edward L. Farr, •
Camden; George A. Bourgeois, Atlantic City; William J.
Couse, Asbury Park; William H. Bolton, Morristown;
Uzal H. McCarter, Newark; John A. Campbell, Trenton:
Alexander S. Ward, Newark, and James B. Throckmorton,
Jersey City. The delegates were also instructed to prepare
a definite form of organization.
PITTSBURGH AND BALTIMORE CLEARING HOUSES
OPPOSED TO BILL GUARANTEEING NATIONAL
BANK DEPOSITS.
The Pittsburgh Clearing House Association has adopted a
resolution expressing disapproval of the bill for the guarantee of national bank deposits.
The Baltimore Clearing House Association has likewise
gone on record as opposed to the bill.
MARYLAND BANKERS' ASSOCIATION OPPOSED
TO BILL GUARANTEEING DEPOSITS OF
NATIONAL BANKS.
The Board of Administration of the Maryland Bankers'
Association at a meeting in Baltimore on June 12 unanimously recorded itself as opposed to the bill which would
guarantee deposits of national banks, and passed a resolution urging that immediate action be taken by all banks in
the Association setting out their disapproval of the measure.
KENTUCKY STATE BANKERS OPPOSED TO BILL
INTENDING TO GUARANTEE DEPOSITS IN
NATIONAL BANKS.
A resolution expressing the opposition of the Kentt,icky
Bankers' Association to the bill which would guarantee KANSAS DELEGATES AT ST. LOUIS
CONVENTION
deposits in national banks and a bill penalizing usury charges
OF STATE BANKERS.
by national banks, was forwarded to the Kentucky represenThe following delegates have been chosen by the Executatives and senators in Congress on June 18 by a committee
Committee of the Kansas State Bankers' Association
tive
representing the Kentucky State bankers. The following is
to attend the meeting, to be held in St. Louis July 16, to
the resolution:
organize an association to be known as the State Bankers
At a meeting of eighty-five persons representing more than 100 State
banks we were directed to request you to oppose the bill providing for the Association of the United States:
guarantee of certain deposits and fixing the penalty for usury charged by
national banks. The resultant effect on State banks will be embarrassing
and expensive without corresponding benefits.
William Macferran, Earl Akers and Walter E. Wilson, Topeka; George
W. Hanna, Clay Center; T. J. Sweeney, Lawrence; William Wayman,
Emporia; R. J. Grove, Arks.m.s City.
The resolution was authorized at a meeting on June 18,
hold in Louisville, for the purpose of forming an association F. W. BLAIR ON FALLACY OF GUARANTEEING DEof State banks, and taking action against the pending
POSITS IN NATIONAL BANKS.
measures. George C. Speer, State Banking Commissioner,
Frank W. Blair of Detroit, whose remarks before the
who was chosen Chairman of the Organization Committee, Michigan Bankers' Convention
concerning State institutions
is quoted in the Louisville "Courier-Journal" as saying:
and the Federal Reserve system are given in another column
We do not believe that either of these bills are war measures. If we did
we would not be fighting them. If they are war measures, and will help in in to-day's issue of our paper, said something worth while
any way, if passed, to help win the war, we will drop the fight, but I have in his argument against the proposal for the guarantee of
studied both bills closely and cannot see where either makes a material deposits in national banks. We
reproduce his remarks
difference in the carrying on of the war.
herewith:
OPPOSITION OF VIRGINIA BANKERS TO BILL FOR
GUARANTEE OF NATIONAL BANK DEPOSITS.
A resolution, in which it voiced its disapproval of the bill
now before Congress, providing for the guarantee of deposits
under $5,000 in national banks, was adopted at the concluding session on June 22 of the Virginia Bankers' Association at Old Point Comfort. The resolution reads:
The Virginia Bankers' Association has considered a bill pending in the
Congress of the United States, known as Senate Bill No. 4426, entitled an
Act to amend and re-enact Sections 3235 and 3236 of the Revised Statutes
of the United States, the general object of which is to establish a guaranty
system of deposits in national banks.
This Association expresses the opinion that the measure is wrong in principle, unnecessary and unwise. Its basal fault lies in its incorporation for
the first time into our Federal banking statutes of a false principle under a
specious plea of unity and increased strength—namely, that each national
Sometimes it is difficult to distinguish how much Congress or the Administration is influenced by a desire to do something useful and how much
by a desire for partisan advantage. There is now pending in the United
States Senate a bill for the guaranty of bank deposits. It has been reported favorably by the Banking and Currency Committee of the Senate
and its passage is being urged by the Comptroller of the Currency. It is
boomed for public consumption as:something that will add to the banking
power of the nation. We are solemnly assured by men in high positions
that once this bill becomes law our banking troubles will be over; it will
bring millions upon millions out of hiding; it will relieve the banker of his
burdens; take fear out of the heart of the depositor; and before we get
through, we may learn that it will remove the squeak from shoes; and if
applied in the full of the moon, be a sure cure for corns and measles.
The idea of the guaranty of deposits in not new. It has been a recurring
subject for discussion for ten years or more. The reasons for having it, as
paraded by its advocates, have changed with the seasons, so just now it is
a war measure. The Comptroller of the Currency who informs us where
all the money of the country is really located, tells us about hidden funds.
He gives figures as to the rest, but generalizes as to what is hoarded. He
tells us exactly where more than three-fifths of the country's money is,
2700
THE CHRONICLE
and leaves about two billions unaccounted for as in circulation. Now anyone knows that two billions is not too much for all the uses the people of
this country have for what the economists call "hand to hand money."
That is the money carried in pockets, tills and cash registers. It is the
money used for purchases and pay rolls, and it amounts to about twenty
dollars per person. Included in that two billions must be all of the hoarded
money. Once we heard that the postal savings banks would draw out all
the hidden money.. In ten years they have got deposits of about $145,000,000 and 90% of it from city people, who in general do not hoard.
This reason apparently was not conclusive with the Comptroller. So
he added another. How can anyone object to insurance? "A man who
invests his savings in a house, wisely and gladly pays a premium to insure
or guarantee his investment against loss by fire or tornado, and its contents
against loss by burglary," he says. Then why not, "insure his savings
deposited in a national bank against loss," he adds. Why not? It seems
to me a blundering confusion of words. This question is one of further
insurance. Insurance rates are reduced to the vanishing point by various
methods. That is the case with bank deposits. We have stringent laws.
strict supervisions, wonderful vaults, elaborate alarm systems, frequent
examinations, clearing house examiners, the Federal Reserve system—all
insurance plans—and to all of these the Comptroller would add another by
way of confessing the inadequacy of his own supervision. He says he
would be pleased to hear from those who are "opposed to the guaranty or
insurance of deposits on principle, upon what principle such objection is
made." I will venture to make the Comptroller answer his own question.
He says in the same circular that "the records show that as to national
banks there has been no such immunity from failure for 37 years, or since
the year 1881."
The percentage of losses to depositors is an insignificant decimal. However, the Comptroller would insure only small depositors—those having
$5,000 or less in a bank. Why discriminate? He would also justify it all
by calling attention to "savings deposited in a national bank." Many
national banks now receive savings deposits. Most of them do not. Here
is where the "principle" comes in. Bank deposits are not created by
savings or deposit of money, the percentage of such origin is negligible,
probably less than 20%,and of the 20%,probably the great bulk is created
by discounts in another bank. The bank which gives a discount would,
therefore, be in the position of paying insurance premiums to guarantee
its ability to pay the loan, and to insure the payment of loans by all other
banks.
Finally, the whole scheme of the Comptroller is reduced to an absurdity
by the concession made, that if bankers insist, the bill may be amended to
provide that "if any national bank does not wish to have its deposits
guaranteed it need not pay the tax which it is proposed to charge on deposits that are guaranteed." And its accompanying argument that "they
can have no justification for opposing a measure which, while not taxing
them, gives to other banks that willingly pay the tax the benefit and advantage which such banks and their depositors greatly desire." Merciful
Heavens! What a plea! When officials in political office give such
demonstrations of their capacity to reason, it is plainly the duty of every
banker to get into politics.
N. Y. SUPERINTENDENT OF BANKS G. I. SKINNER
OPPOSED TO RADICAL BANKING CHANGES.
The utmost co-operation of all bankers of the country in
financing the world's war and preparing for the unknown
financial problems .of the future was urged by New York
State Superintendent of Banks, George I. Skinner, in an
address at the annual convention of the New York State
Bankers' Association at Atlantic City on June 21. In
talking on "Banks and Bankers in War Times" Superintendent Skinner, while congratulating the bankers for the
aid already given, pointed out that no one can predict with
any degree of accuracy the strain that may yet be placed
upon the banking system of this country during or at the
close of the war. Superintendent Skinner's address in part
follows:
To my mind any one who proposes radical changes in the Banking Laws
or the banking systems of the country at this time invites disaster, and it is
only by giving credit for good intentions that one can use the restraint
necessary at this time and on this occasion in speaking of any individual
who attempts to impose his fads and fancies upon the banking world at
such a crisis, whether from a desire to see his pet schemes enacted into law
or to obtain his own aggrandizement to a position of even greater power.
It is no time to promote competition and jealousies between different
classes of institutions. We do not need competition; we need the utmost
co-operation and assistance, one to the other. Any great shifting of
'deposits from one institution to another or from one system to another,
should be deprecated, not encouraged. The financial interests of the
country are so interwoven that anything which would threaten one would
threaten and involve all. It is a time to upbuild and strengthen and not
a time to tear down.
To their credit, be it said that the bankers of our State, at least, have
thus far presented a united front, devoting themselves harmoniously to
the strengthening of the financial situation, tefaising the sums demanded
of themselves and their patrons in the financing of the three Liberty loans
already placed and to meeting all other demands that have thus far been
made upon them for patriotic purposes. There has been no distinction
between classes and kinds of bankers. It has not been material whether
a banker belonged to the State system or the national system; whether he
was connected with a savings banks, a trust company or a bank. All
have heard the call of their country and have responded to it to such an
extent that some of them, through overwork and anxiety, have already as
truly given their lives for their country as the men who face the bullets.
There is another point of view from which the banks and bankers of New
York are peculiarly interested in the present war. At various times during
the past few years, we have heard that the rich were endeavoring to bring
about war and we have heard the present war variously styled "Wall Street's
War" and "A Rich Man's War." This much is true that, while the
country at large was drifting through the various stages that preceded
the actual declaration of war and many who now consider themselves the
foremost exponents of patriotism were still pleading for peace and procrastination. At a time when some of our politicians were still estimating
the German vote, the bankers and business men of New York, whose
marvelous judgment and foresight have made that city the metropolis
of the Western World. knew that war was inevitable. From the day that
Prussia tore all treaties to pieces and scattered their fragments to the
winds, from the time of the rape of Belgium, they knew that war must
[VoL. 106.
come. It did not even need the sinking of'the Lusitania and continued
German piracy upon the high seas to teach them the lesson of the hour.
No matter what happens on present fields of battle, we are but at the
beginning of our task, for complete and overwhelming victory by the
sword is the only hope for humanity. Should the powers of darkness
win, the sun would rise upon a world enslaved and not for generations
could we hope to see men free and when we win, as win we must, the probblems of the banker will be tremendous. We know the effects of the San
Francisco earthquake and of the fire which followed it. What will be the
consequences of a world aflame, of the destruction of the capital that it has
taken generations for the nations to accumulate?
We have talked at various times of keeping our funds liquid and of the
effect of placing too large a portion of the world's money in fixed investments. What is to be the result of blowing it from cannons' mouths,
of spreading it over the surface of the green earth in poisonous gases, of
sinking it to the bottom of the sea? How long and how much will it take
to rebuild the shattered cities, to restore to cultivation and fertility the devastated and ruined lands, and, what is more important, to bring order
among demoralized peoples, some brutalized by war and others imbued
with the most pernicious doctrines, both political and social?
I am asking questions which no man can answer but which should even
now be receiving your consideration for, while the love of money may be
the root of all evil, money itself not only furnishes the means of warfare
but is the basis of peace, prosperity and human happiness. Gold when
taken from the ground is a cold and yellow thing. When stamped as
money it becomes the symbol of labor and of service, and as labor, mental
and physical, is measured by it, so you must consider it an instrument
of universal service but especially dedicated to your country and your God.
While facing the great and unknown problems of the future, it is first
necessary for us to keep cool and to exercise calm judgment, for such
times always bring hysteria and many quacks will be ready to prescribe
mad panaceas for all our ills. Why should we worry about what may
befall us, when the individual no longer counts and our own free country,
nay,civilization itself, is the great stake for which we strive.
If you ask how many times you must raise and give billions, I can only
say until seventy times seven and even more, if necessary, for the war must
be won at any cost just as in the earlier days of savage warfare all the
goods of the tribe were placed at the service of the tribal chief. You must
do even more and that which is most distasteful to the minds of many of
you. You must become politicians, not in the partisan, but in the broad
and clean sense of the word. You must take sufficient time from your
tills to watch legislation both at Albany and at Washington, especially
that which relates to banking, for ill-advised financial legislation might
be as disastrous in the days that are to come as the loss of an army.
I think that no man knows better than I the bankers of our State. I
appreciate their intelligence and their public spirit. It has already been
evinced and I know that when the history of this war is written, no one
will dare to cast a slur upon the patriotism of the bankers of New York.
If the rest of the people of these United States will play their parts as
well, the ultimate result is assured, victory will crown our efforts and
civilization will not in our time, at least, be again submerged in waves of
barbarism. Despite German profanation of the phrase I cannot refrain
from closing with the old, old prayer. "May the Lord of Hosts Be With
Us."
STOCK EXCHANGE REQUIREMENTS COVERING NONMEMBERS' REPORTS.
A resolution adopted by the Governing Committee of the
New York Stock Exchange on June 26 outlines the form
of contracts that hereafter shall be made between New
York Stock Exchange houses and correspondents that are
non-members of the exchange but have telegraph or telephone
connections with the Stock Exchange houses.
In addition to the usual contract for wire or telephone
connections between Stock Exchange and non-member
houses the latter agree that all reports.to their customers
on Stock Exchange transactions shall show certain information. The resolution follows:
Resolved, That the following agreement be required in addition to the
usual correspondent's contract for wire or telephone connections between
Stock Exchange houses and non-member houses engaged in the brokerage
business:
That non-member houses agree that all reports to their customers on
transactions in securities listed on the New York Stock Exchange shall
show:
(1) The security bought, or sold.
(2) The actual price paid for it, or received for it on the New York Stock
Exchange.
(3) The name of the New York Stock Exchange firm through whom the
order was executed.
(4) The commission charged by said firm to the non-member.
(5) The commission, if any, charged to the customer by said non-member;
And that this provision shall apply to purchases from and sales to their
customers of securities contemporaneously bought or sold by the nonmember house on the New York Stock Exchange through a member
thereof.
It has also been decided by the Committee to require nonmember stock brokerage firms to pay the exchange a fee
of $10 a month through any member of the Stock Exchange
with which it may maintain wire connections.
TRADE ACCEPTANCE CONFERENCE IN CHICAGO.
Jerome Thralls, Assistant Secretary of the American
Trade Acceptance Council, in calling attention on June 25
to the interest in the trade acceptance which has been
aroused throughout the country, said:
This was evidenced by the fact that more than eight hundred business
men and bankers representing every section of the country answered the
call to the convention at Chicago June 17th, for the purpose of hearing
first hand the testimony of reputable users as to the merits of this valuable
instrument. Three long sessions were held—morning, afternoon and
evening. At no time were there less than six hundred and fifty people in
the convention hall.
JUNE 29 1918.1
THE CHRONICLE,
In addition to the five minute reports from users in the various lines,
splendid addresses were made by Paul M. Warburg, Vice-Governor of the
Federal Reserve Board, Charles A. Hinsch, President of the American
Bankers Association. Cincinnati, Ohio, Dr. J. T. Holdsworth, Pittsburgh,
Pa., Lucius Teter, Chicago, Lewis E. Pierson, New York, D. C. Wills,
Cleveland, Ohio, J. H. Tregoe, New York, George Woodruff, Joliet, Ill.,
Morton H. Frey, New York, Chas. W. Dupuis, Cincinnati, Ohio,Sylvan
L. Stix, New York, Forrest Ferguson, St. Louis, and Waddill Catchings,
New York.
The following is a pertinent excerpt from Mr. Warburg's address:
The trade acceptance is here; it has proven its worth in thousands of
cases; it has come to stay and now that the first and most difficult step in
popularizing it has been taken, its general use will grow by leaps and
bounds. The general use of the trade acceptance is likely to tend towards
greater standardization of banking paper and greater equalization of
interest rates and I am inclined to think that we might call it a step towards
greater democracy in commerce and banking.
—Speaking broadly the Federal Reserve system Is interested in seeing the
business of the country done on the soundest possible basis. Whatever
makes for prompt payment may be considered an actual gain at a time
when our efforts must be bent upon saving as much as possible, not only in
material and labor, but also time and credit."
2701
The "Wall Street Journal" of yesterday also said:
If we want to win the war, Mr. Fredrick said, we must have a unity of
command, not only in military and naval affairs, but also in financial
matters. It is absolutely imperative for this inter-Allied committee, in
order to be successful, to prohibit the arbitrage in exchange and merchandise. Every country would have to settle directly, and the Inter-Allied
committee would make the necessary arrangement in all cases, in order to
balance the trade. Non-essentials are to be excluded from purchase in
neutral countries.
Incidentally it was brought out at the hearing that the plant of the
American Smelting & Refining Co. in Carizal, Chile, had to close on account of the high cost of operation, one of the most important causes
being the extraordinarily high rate of exchange.
In connection with the Owen Bill, proposing the establishment of the
Federal Reserve Foreign Bank, Mr. Fredrick believes it should be put in
operation only after the war is over, and he also suggested that the board
of directors should be composed of two classes: Class "A," three members
of the Federal Reserve Board, one of whom should have .experience in
foreign exchange; Class "B," composed of six members taken from the
ranks of importers and exporters. He also suggested an Advisory Board
selected from members of the National Foreign Trade Council and the
Foreign Committees of the various Chambers of Commerce in the United
States. The bill provides for a board of nine members composed solely
of merchants. Mr. Fredrick pointed out that the Bank of England a few
PAYMENTS TO FARMERS BY FEDERAL LAND BANKS weeks ago elected Sir Charles Stewart Adeis, the Manages of the Hong
Kong
& Shanghai Banking Corporation, the largest exchange bank in the
ON MORTGAGE LOANS.
Far East, a member of the board of directors, which shows the great imthe
Federal
Farm Loan Board on June portance the English Government bank attaches to the exchange situation.
A report issued by
Mr. Fredrick said that in order to control the exchanges efficiently it is
19 shows that the total amount of mortgage loans to farmers
necessary
the baZance of trade should be established as correctly as
placed since the establishment of the Federal Land Banks possible. that
At present it is pure guesswork and he cited as an example, the
$101,376,378,
covering 44,765 loans. For the month exports to Chile, which amounted in 1917 to $57,000,000 more than onereached
of April 93,4 million dollars was loaned to farmers on long half of these exports, however, were for the account of American mining
interests, operating in Chile, and therefore such exports, being paid for in
term first mortgages. The Board's statement follows:
the United States did not create any Chilean exchange. He suggested
During the months of May $9,530,791 was loaned to farmers of the also that the movement of securities be reported to the Custom House,
United States by the Federal Land banks on long-time first mortgages, just the same as commodities, and that the work or checking up exchange
according to the monthly statement of the Farm Loan Board. The Fed- operations, as it is done now by the Federal Reserve Board, should coneral Land Bank of Spokane leads in amount of loans closed, $1,511,470. tinue to a certain extent after peace is declared.
The other banks closed loans in May as follows: St. Louis, $1,209,650;
Houston, $1,138,716; Omaha, $1,020,800; Columbia, $916,905; New
Orleans, $753,500; Wichita, $639,100; Louisville, $560,600; Baltimore,
$508,600; Springfield,$465,150; Berkeley,$436,600, and St. Paul,$369,700. INTERNATIONAL RESERVE BOARD PROPOSED TO
PRESIDENT WILSON BY DAVID LUBIN.
On June 1 the total amount of mortgage loans placed since the establishment of the Federal Land banks was $101,376,378, covering 44,765 loans
The
creation of "an International Reserve Board" along
closed, as against $91,951,886 on April 1, covering 40,451 loans closed.
During April 4,969 applications were received, asking for $14,001,733. the lines of the Federal Reserve Board has been proposed
During the same period 5,260 loans were approved, amounting to $12,029,- -to President Wilson and the heads of the other Allied pow137. Altogether 131,599 have applied for loans under this system, aggre- ers,
according to a statement which the Rome cablegrams
gating $313,947,568.
The grand total of loans closed is distributed by Federal Land Bank of June 25 reports as having been made in that city by
districts, as follows:
David Lubin of Sacramento, American representative in
St. Paul
$15,798,600 St. Louis
$6,339,585 the
International Institute of Agriculture at Rome. The
Spokane
15,737,755 Berkeley
6,230,200
Omaha
12,459.190 Louisville
5,968,200 cables quote Mr. Lubin as saying:
The creation of such a board would mean the setting up of an organizaWichita
11,726,300 Columbia
4,109,680
Houston
8.894,508 Baltimore
3,916,350 tion which would serve as an international policeman to preserve financial
peace
within the borders of the Allied countries. The details of the plan
Now Orleans
6,844,815 Springfield
3,351,195
have been sent to President Wilson and the leading statesmen and financiers of the Allied nations.
It was stated on April 20 that approximately $40,000,000
The Federal Reserve Board of the United States was the outcome of the
of Federal Farm Loan bonds had been purchased by the Gov- Federal Reserve Act, which was intended to preserve the financial stability
of
America and prevent the perturbation of commerce. It has hitherto
ernment during the several weeks preceding to provide money
served its purpose, but it is insufficient for the future. A credit system
for the lending of funds to farmers for agricultural extensions has been compared to
a "house of cards," which is a wonderful structure
and other methods to increase the country's food produc- as long as it is intact, but liable to collapse if struck a sharp blow. The
purpose
of
an
International
Reserve Board would be to protect the credit
tion, according to figures made public by the Treasury De- system
from blows.
partment. Of this amount $38,800,000 had been paid out
One of the chief advantages it would afford would be to provide means
for principal and $624,255 for the accrued interest on the for The rational handling of the closely interlinked, far-reaching problems
relative
the war bonds of the Allies. Its international character would
bonds. Government purchases of farm loan bonds would be tend to to
concentrate the best financial minds in the world to
solution
continued, it was said, until approximately $100,000,000 or of the difficulties of any individual country. thus safeguardingthethe
entire
credit
structure.
more had been paid out by the Department for disposition
At the end of the war commerce will again flow in its usual channels.
by the Farm Loan Board in making agricultural loans.
The duty on imports will be paid in gold, with a consequent depreciation
of paper money, which, coupled with its constant fluctuations, is sure to
cause widespread panics and crises unless effectively controlled. It Is
LEOPOLD FREDRICK'S PROPOSAL TO STABILIZE therefore, necessary to create an institution on broader lines, namely, an
International Reserve Board formed by the Allied nations, acting as an
EXCHANGE—VIEWS ON HILL FOR FOREIGN
international clearing house, regulating the ebb and flow of gold, superEXCHANGE BANK.
vising factors, determining interest and exchange rates, and performing,
international lines, the functions of the Federal Reserve Board. It
As a means of stabilizing dollar exchange in neutral coun- on
would be competent to do whatever is necessary toward the end in view,
tries, Leopold Fredrick, director of the American Smelting including the issuance
of international gold notes guaranteed by the se& Refining Co., at a hearing on June 26 before the Senate curities of the Allies, which notes would be legal tender at face value for
gold
payments
in
Allied
countries.
Committee on Banking and Currency, urged the
immediate
formation of an inter-Allied committee which would coordinate the license bureaus in control of imports and
PUBLIC UTILITIES AND THE WAR FINANCE
exports of the United States, Great Britain, France and
CORPORATION—GEO. M. REYNOLDS
Italy and arrange for the necessary credits in neutral counAND PAUL M. WARBURG'S VIEWS.
tries. The press dispatches from Washington gave the
In stating that it is not the present disposition of the
following further account of his proposal:
Directors of the War Finance Corporation to greatly inIn order to obviate the question of neutrality, a plan would have to be
terest themselves in amendments to the Finance Corporadevised with the large banks of the four Powers and for immediate needs
a credit of at least $500,000.000 arranged for. In this syndicate should tion Act in order that public utilities might receive loans
participate not only the Government banks of the four nations, but also directly from the Corporation, the Chicago "Tribune" of
ten or twelve of the most powerful banks of each country.
The United States as largest lender to the Allies should take the lead. June 18 quoted observations made in the matter by George
This credit would have to be guaranteed by all banks jointly and severally. M. Reynolds, President of the Continental & Commercial
Mr. Fredrick believes that the Spanish banks, which until now have been National Bank of Philadelphia and Paul M. Warburg,
reluctant to grant the credit, will not refuse it to the most powerful banking
syndicate ever formed in thb world. He suggested that if necessary this Vice-Governor of the Federal Reserve Board. Mr. Reybanking syndicate should, for the Spanish credit, put up neutral securities, nolds is a member of a committee of bankers appointed by
of which there are in the United States about $40,000,000, consisting of the Chicago Clearing House Association to meet with
the
Argentine, Chilean, Swiss and Norwegian, some of them being up as
collateral for the 04% United Kingdom notes. The remainder of collat- War Finance Corporation for a conference should the direceral needed could be found in England and France, which had been heavy tors of the Corporation invite one. With his return to
investors of Spanish securities before the war.
Chicago on June 17, from New York, where bankers and
The reason why the dollar is at a discount in neutral countries, notwithstanding the fact that the balance of trade is hugely in favor of the United members of the War Finance Corporation were in conference,
States, Is lack of unity of action in financial affairs of the Allies.
the Chicago "Tribune" quoted Mr. Reynolds as saying:
2702
I was not at the meeting, since it was not one of the character in which,
as a committeeman, I am interested. But the banks took the plain attitude that they did not consider it their function or In accordance with
public policy to make the character of loans desired by the utilities companies. We must hold ourselves ready to forward the immediate financial
plans of the Government and take care of commercial business. We
could not do this if we were burdened with long term fixed loans.
It is my opinion that the Finance Corporation should itself make these
loans without involving the banks. The Corporation's capital is furnished
by the people of the United States. We are all stockholders in the institution, and if the War Finance Corporation makes the loans they come really
from the people as a whole.
If the utilities companies, or rather the maintenance of their credit, is desirable, or necessary, during the prosecution of the war, then I think it
rests with the Government to furnish the assistance.
I do not believe that every utility company which wants a loan should
get it, but there are companies which have been carefully managed that are
properly capitalized and whose present embarrassment is due to causes outside their control. Such should be given proper relief.
Mr. Warburg while disclaiming, according to the Chicago
"Tribune," any intention to speak for the War Finance
Corporation, said in Chicago on June 17:
I am inclined to think the problem would work out its own solution if readjustment of rates to meet present conditions of operating costs could be
brought about, assuring the solvency of utility corporations and placing
them in a position to obtain the capital they need. Much has been done
already toward this readjustment, many increases have been granted, and
there is reason to expect further progress in this direction.
The thought may have occurred to many that the War Finance Corporation has been created to cope with this very problem. The Corporation in
the majority of cases expects to deal only with concerns that are solvent
and able to provide a banker's guaranty. The amount that may be advance41 without that guaranty is strictly limited by law, and it is safe to
assume that except where the public interests absolutely require it. the
Corporation does not consider itself warranted in making advances to
companies on the brink of insolvency.
Where advances from the War Finance Corporation are to be sought it
appears advisable therefore that the communities involved do their share in
placing their public utility companies on a basis on which they may be at
least self-sustaining.
Amt. of Bonds
Authorized.
First Liberty Bond Act of April 24 1917, as amended by the
$2,000,000,000
Second Liberty Bond Act of ept. 24 1917
7.538,945,460
Second Liberty Bond Act of Sept. 24 1917
4,461,054,540
Third Liberty Bond Act of April 4 1918
(1) That such fiduciaries shall report forthwith to the Alien Property
Custodian the enemy interest in such property and in any further property
which the fiduciaries may acquire in the course of administering the estate;
(2) That such fiduciaries shall make no payment out of money of other
property, for the benefit of an enemy, without previously having obtained
a particular license from the War Trade Board to make such payment;
(3) That such fiduciaries shall have no form of business, commercial
or other communication or intercourse with any enemy or ally of enemy
without having previously obtained a particular license so to do from the
War Trade Board; and
(4) That nothing in this authorization relieves such fiduciaries of any
duties imposed by the Trading with the Enemy Act to assign, transfer
and deliver any or all of such property to the Alien Property Custodian.
NEW LIBERTY BOND BILL AUTHORIZING
,000,000,000 ADDITIONAL BONDS.
The Fourth Liberty bond bill, providing for ,000,000,000
of bonds in addition to those already authorized, was reported to the House by Chairman Kitchin of the Ways and
Means Committee on June 27, and was yesterday (June 28)
passed by the House without a dissenting vote and with
practically no debate. Besides authorizing the issuance
of additional Liberty bonds, the bill would authorize
$1,500,000,000 more for loans to the Allies, increasing the
total provided for this purpose from $5,500,000,060 to
$7,000,000,000. It is pointed out that while authority to
issue ,000,000,000 additional bonds is sought, this does
not mean that the next issue will be fixed at that amount,
all present indications are that it will be for $6,000,000,000,
the amount of Treasury certificates to be put out between
now and November. The report accompanying the bill said:
If this amount [38,000.000,0001 is raised by taxation, it will leave
$16,000,000,000 to be raised by the sale of bonds. [The Government
expenditure** in the fiscal year 1919 were previously estimated by Secretary
McAdoo at $24,000,000,000.] The bill authorizes an issue of $8.000,000,000 of bonds, in addition to the bonds now authorized by law. There
are $4,021,214,200 of bonds authorized and available to be issued during
the fiscal year ending June 30 1919. It is estimated that this amount will
be reduced $1,302,140 by the Postal Savings bonds already Issued and to
be issued. The Postal Savings bonds already issued and to be issued will
reduce the amount of bonds available to be issued to $4,019,912,060, so
that if this bill becomes a law in its present form the total amount of bonds
to be issued will be $12,019,912.060.
Altogether a total of $22,000,000,000 bonds will have been
authorized under the several Liberty Bond Acts, including
the proposed measure, the authorizations having been as
follows:
$14,000,000,000
8,000,000,000
Total
Proposed bill
$22,000,000,000
Grand total
The following table is among those embodied in the report:
312,000,000.000
Total bonds authorized by Third Liberty Bond Act
3,808,766,150
Bonds issued and to be issued Second Liberty Bond issue
Third Liberty Loan issued and to be issued during 1918_ _ _ 3,235,000,000
935,019,650
Third Liberty Loan to be issued during 1919
Total
Bonds authorized but not yet subscribed
Less postal savings bonds issued Jan. 1918
Estimated to be issued July 1918 and Jan. 1910
$7,978.785,800
$4,021,214,200
302,140
1,000,000
$1.302,140
Total
Total bonds available to be issued if proposed bill becomes
$4.010,912,060
a law in present form
Estimated amount of War Savings certificates sold and to
be sold:
315,000,000
Fiscal year 1918
1,355,000,000
Fiscal year 1919
$1,670,000.000
Total
There is also a table showing the final allotments during
the three Liberty Loans and the amount paid into the
Treasury on each June 25 1918, as follows:
First Liberty Loan bond
Second Liberty Loan bond
Third Liberty Loan bond
Totals
FIDUCIARIES FOR ENEMIES PERMITTED TO CONTINUE UNDER CERTAIN RESTRICTIONS.
The War Trade Board has authorized persons in the United
States who have, prior to April 23 1918, qualified and been
duly appointed by a court of competent jurisdiction within
the United States, as trustees, guardians, administrators,
executors, conservators or other fiduciaries of an estate
in which an enemy or ally of enemy has or may have an
interest, whether as creditor, beneficiary or otherwise, to
continue the administration of such estate with the following provisos:
[VOL. 10ti
THE CHRONICLE
First Liberty Loan bonds
Second Liberty Loan bonds
Third Liberty Loan bonds
Final
Allotments.
$2,000,000,000
3,808,766,150
4,170,019,650
Amount
Paid in.
$1,986,595,200
3,807,952.400
3,234,327,200
$9,978,785,800
39,028,874,800
Number of
Purchasers.
4,500,000
9,500,000
17,000,000
The report also shows that total credits of $5,972,590,000
have been established on behalf of the Allies; of that amount
loans aggregating $5,594,434,750 have already been made,
leaving balances under established credits of $378,155,250.
These credits are shown in detail in the following table:
Belgium
Cuba
France
Great Britain
Greece
Italy
Russia
Serbia
Balances.
Loans.
Credits.
$122,800,000 3114,100.000 $8,700,000
10,000,000
5,000,000
15,000,000
20,000.000
1,665,000.000 1,645,000,000
3,170,000,000 3,055,000,000 115,000,000
15,790,000
15,790,000
70,000,000
580,000,000
650,000,000
137,270,250
187,729,750
325,000.000
.395,000
7,605,000
9,000,000
The following is the text of the new bond bill:
A BILL to authorize an additional issue of bonds to meet expenditures for
the national security and defense, and, for the purpose of assisting in
the prosecution of the war, to extend additional credit to foreign
Governments, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembl.d:
Sec. 1. That Section 1 of the Second Liberty Bond Act, as amended by the
Third Liberty Bond Act, is hereby further amended by striking out the
figures 312,000,000,000 and inserting in lieu thereof the figures $20,000,000.000.
Sec. 2. That Section 2 of the Second Liberty Bond Act as amended by
the Third Liberty Bond Act is hereby further amended by striking out the
figures $5,500.000,000 and inserting in lieu thereof the figures $7,000,000,000.
Sec. 3. That notwithstanding the provisions of the Second Liberty Bond
Act, as amended by the Third Liberty Bond Act,or of the War Finance Corporation Act, bonds and certificates of indebtedness of the United States
payable in any foreign money or foreign moneys and bonds of the War Finance Corporation payable in any foreign money or foreign moneys exclusively or in the alternative, shall if and to the extent expressed in such bonds
at the time of their issue, with the approval of the Secretary of the Treasury,
while beneficially owned by a nonresident alien individual or by a foreign
corporation, partnership, or association not engaged in business in the
United States, be exempt both as to principal and interest from any and
all taxation now or hereafter imposed by the United States, any State,
or any of the possessions of the United States, or any local taxing authority.
Sec. 4. That any incorporated bank or trust company designated as a
depositary by the Secretary of the Treasury under the authority, conferred
by Section 8 of the Second Liberty Bond Act, as amended by the Third
Liberty Bond Act, which gives security for such deposits as,and to amounts,
by him prescribed, may, upon and subject to such terms and conditions
as the Secretary of the Treasury may prescribe, act as fiscal agents of the
United States in connection with the operations of selling and delivering
any bonds, certificates of indebtedness or War Savings certificates of the
United States.
Sec. 5. That the short title of this Act shall be Fourth Liberty Bond Act.
Associated Press dispatches from Washington on June 27
said:
In transmitting the tentative draft of the now bond bill Secretary McAdoo
stated that advances to the Allies for July. August aly1 September had
been estimated at $500,000,000 monthly, and added: "Loans to the
Allies have fallen considerably below that figure, and the additional
appropriation would, I hope, carry us through the early winter."
"Early enactment (of the bill submitted) would put the Treasury in a
position to make plans beforehand for the Fourth Liberty Loan in the Fall,"
said Mr. McAdoo. "This authorization is greater than would be issued
in the Fourth Loan, but, if the practice which was adopted successfully in •
JUNE 29 1918.1
THE CHRONICLE
2703
for a plant to be erected for the Government by the United
States Steel Corporation on Neville Island, in the Ohio
River near Pittsburgh, for the manufacture of heavy ordnance. This plant, which will be one of the largest of its
kind in the world, is not xepected to be ready to begin production before July of 1919,and will not reach a basis of quantity production for still another six months. In the meantime, the American armies will continue to depend largely
SUBSCRIPTIONS TO THIRD LIBERTY LOAN BY DIVI- on grench sources for artillery.
SIONS IN RICHMOND FEDERAL RESERVE DISTRICT.
Other appropriations contained in the bill are as follows:
Panama Canal:
United States:
The Federal Reserve Bank of Richmond under date of Continental
5343,700
Gun and mortar batteries_ _$3,241,000 Seacoast batteries
510,000
1,475,000 Land defenses
Searchlights
June 11 in giving a completed report on the amount of
Sound ranging equipment__ 800,000 Military roads and railroads 2,000,000
345,800
subscriptions to the Third Liberty Loan by divisions of the
Study Hook Proving Geds- 738,250 Fire control stations
Aviation stations, DermaAviation and balloon staDistrict said:
5,888,000
nent
10,500,000
tions, permanent
the Third Loan of making allotments in full upon all oversubscriptions is
followed, it will be necessary to have a substantial margin to cover any
possible oversubsc Option."
Under the new bill only banks and trust companies which are qualified
Government depositaries would be allowed to take subscriptions for future
loans. Mr. McAdoo stated that failure of some banks which had taken
deposits for loans had created great hardships in some individual cases,
and he desired to confine future fiscal operations of the Treasury to the
Government depositaries.
Information as to the number of subscribers was not furnished by a large
number of the subscribing banks. We are now engaged in the effort to
obtain that information, and will later make a full report containing it,
and giving subscriptions by counties and banking institutions.
The following is the bank's report of the subscriptions in
the District.
Apportionment.
$38,259,000
12,870,000
29,809,000
15,872,000
18,655,000
14,625,000
Seacoast cannon acquisition 12,200,415 Seacoast cannon ammunit'n 388,000
Seacoast cannon ammunit'n 2,175,000 Seacoast cannon mainten'ce 230,000
Seacoast cannon mainten'ce 300,000 Military structures, perma16,888,255
nent
Insular Possessions:
Seacoast batteries, Hawaii_ 500,000 Board of Ordnance and Forti100,000
Aviation stations, perman't_ 4,420,000 fication
Seacoast cannon acquisition 359,000
Seacoast cannon ammunit'n 1,349,000
Seacoast cannon mainten'ce 200,000
Subscriptions.
$48,729,800
Representative Borland in his statement further said:
25,992,250
The hearings disclose that General Pershing ls now purchasing in France
44,048,750 field artillery equipment for thirty divisions of the American Army, in23,461,500 cluding both guns and shells. The French are meeting these orders, and
24,582,250 in fact are delivering the supplies faster than our troops require them.
19,426,250 For the last few months the American troops have been brigaded with
18,250 the British and French, which means that they have been using the ammunition of those forces instead of using our ammunition and weapons.
$130,000,000
$186,259,050 For this reason the surplus of guns and ammunition has been piling up
Total
in France ready for delivery to the American forces.
It is calculated that all of the field artillery and ammunition needed for
SHIFTING OF BANKING STRENGTH EVIDENCED IN
for the American forces in France between now and January, 1919, will
TREASURY CERTIFICATE OFFERING.
be supplied from French sources, and in the meantime we will attain quanThe following pointing out the shifting of banking strength tity production in this country.
In order to facilitate production of guns and ammunition, the War Deevidenced by last week's announcement relative to the quota partment
has invested various sums in increasing the facilities of the facallotted to the various Federal Reserve districts in the tories in equipping men for this munitions work. These investments run
from
up to $2,500,000 a factory. The big gun program will
$26,000
Treasury certificate offering in anticipation of the Fourth
necessitate the construction of a complete United States manufacturing
Liberty Loan, appeared in the "Wall Street Journal" of arsenal.
One has been located on an island below Pittsburgh, where the
June 20, under a Philadelphia head:
United States will manufacture guns from the steel ingot up to the finished
There was surprise in local banking circles over the announcement of weapon.
The large program for shells and ammunition also includes developed
quotas for the first offering of the new series of Treasury certificates.
If the tentative quotas as announced by the Treasury Department are facilities all over the country. These facilities include nitrate plants,
based on present banking resources of the twelve Federal Reserve districts. powder plants, acid and chemical plants, shell filling plants, bag loading
there has been marked changes in the relative banking strength of some of plants, and plants for recovering toluol from manufactured gas. from
the districts since the last blocks of certificates were sold. It will be California petroleum, and from the by-product sot coke ovens. The proremembered that in previous campaigns the tentative quotas as announced gram for the manufacture of powder and explosives is designed to make
the United States independent of all foreign supply in this important facby the Treasury were later amended in important respects.
A comparison of the quotas of four districts on the last two blocks of the tor in modern warfare.
Instead of being called a "fortifications bill," this bill ought to be enpreceding campaign with the June 25 offering shows some interesting
titled "The bill to provide scientific armament for a modern army." It
changes, as follows:
is
devoted to the most modern form of field artillery, ammunition, exploApril 22.
June 25.
April 10.
Boston
$33,000,000 $35,000,000 $68,000,000 sives, trench mortars, anti-aircraft defenses, ga-s bombs, railway mounts.
Philadelphia
53.000,000 motorized batteries, aviation and other items which have scarcely appeared
38,000,000 38,000,000
46,000,000 68,000,000 heretofore in the Fortifications bill. It illustrates the transition stage beCleveland
46,000,000
33,000,000
San Francisco
53.000,000 tween the massive fixed fortifications of the pre-war period and the light.
33,000,000
mobile defenses of the present day. It puts Uncle Sam'slarmy abreast
Thus on the April 10 and April 22 issues tho Philadelphia quota was with the most modern discoveries of the age and will, when carried out,
larger than either Boston or San Francisco, while on the June 25 quotas equip this army in the way of field artillery and auxiliary weapons, both
San Francisco and Philadelphia are placed on a parity and Boston and in variety and extent, as no other army has been equipped in any war in
Cleveland are given similar quotas. As quotas are supposed to be based bistory. To my mind, the program of field artillery does not indicate
on aggregate banking resources the changes in quotas indicate a shifting of that we expect to confine our efforts to trench warfare, or even to open
banking strength.
field fighting. Ample provision is made in the field artillery and in the
On the Third Liberty Loan the Boston quota was $250,000.000; Phila- trench mortar program for this kind of contest. The heavy guns are not
delphia $250,000,000; Cleveland $300 000 000 and San Francisco $210 - needed against personnel, but are used only against fortifications, and de000 000.
fenses of considerable strength.
Readjustment of the Juno 25 quotas consequently would not be surprising
While no plans were laid before the committee other than the plan of
to bankers who have followed the former plans of allotment.
equipping 3,000,000 men for field operations in France, and therefore any
surmises indulged in are personal only, I can draw from this program of
big guns but one inference, and that is that the American Army will be
FIVE BILLIONS FOR FIELD ARTILLERY AND
prepared to cross the Rhine in full force and full strength commensurate
FORTIFICATIONS.
with any obstacle which it may encounter.
1
cash ind
The enormous total of
Maryland
District of Columbia
Virginia
West Virginia (Fifth District)
North Carolina
South Carolina
Sundry subscriptions
$5,435,096,224 in
contract
authorizations is carried by the Fortifications Bill, passed by
the House on June 24 after only five hours' debate and without a record vote. The cash appropriations amount to $2,811,630,379, and the contract authorizations aggregate $2,623,465,845. The biggest items in the bill are the appropriations for mountain, field and siege cannon and for ammunition for the same, and the coast defense program is subordinated wherever necessary to the problem of supplying the
expeditionary forces with the artillery and ammunition for
an aggressive offensive campaign. For the artillery program $500,000,000 is allowed in cash and $729,731,295 in contract authorizations, a total of $1,229,731,295. For purchase and manufacture of ammunition for these guns, the
amount allowed is $2,000,000,000 in cash and $1,793,734,550 in contract authorizations. In introducing the bill,
'Representative William P.Borland said the artillery program
was based on the estimated requirements of three complete
armies of 1,375,000 men each: The large allowance for
heavy ordnance, he said, was in order that the American
army might "be prepared to cross the Rhine in full force
and full strength, commensurate with any obstacle which it
might encounter."
As an aid in carrying out the big gun program, the bill,
in addition to providing for extending financial assistance to
private manufacturers, appropriates theNum of $40,000,000,
PASSAGE OF SUNDRY CIVIL BILL CARRYING NEARLY
$3,000,000,000.
Total appropriations of $2,915,019,447 were included in
the Sundry Civil Bill, passed by the House without a dissent
ing vote on June 17, and by the Senate, with slight changes,
on the 24th. The measure was then sent to conference.
Besides providing for the usual civil departments of the Government, the bill carries appropriations for the various special
activities growing out of the war, such as the shipbuilding
program, the Food and Fuel administrations, &c., and sets
aside a special fund of $50,000,000 to be used by the President for emergency purposes. The Shipping Board alone
receives $1,761,701,000, most Of which goes for the construetion of new ships, including no less than 90 troopships, but
with $87,000,000 for establishing shipyards, $60,000,000 for
operating ships already built or acquired, and $6,25b,000 for
recruiting and training officers for the merchant marine.
The Committee on Public Information, of which George
Creel is the Chairman, and which has been under a constant
fire of criticism in the House for weeks past, was allowed
$1,250,000, as against $2,098,000 asked for by Mr. Creel.
This sum,and the $50,000,000 set aside for emergency use by
the President, were added to the bill as amendments, after
the receipt of a letter from President Wilson calling attention
to the necessity for such appropriations, and detailing the uses
2704
THE CHRONICLE
to which he had applied the $100,000,000 emergency fund
placed at his disposal a year ago. Many of the activities
paid for out of the previous emergency fund are now covered
by separate items in the Sundry Civil Bill, but the President
declared that other items which could not be calculated in
advance must be provided for, and made it necessary for
him to have a fund on which to draw. The President took
occasion in the same letter to endorse the work of the Committee on Public Information, and asked for a generous
appropriation to carry it on. The President's letter, addressed to Representative Sherley, Chairman of the Appropriations Committee, is printed under another heading
in to-day's issue of our paper.
The emergency fund appropriation was passed without
comment, but the appropriation for the Creel committee
aroused considerable discussion, during the course of which
Mr. Creel was again attacked for his personal views on public questions, and for the methods of the Publicity Bureau.
During the hearings before the Appropriations Committee,
Mr. Creel took occasion to defend himself against attacks
for alleged Socialistic tendencies. Discussing excerpts from
certain editorials by him published in a Denver newspaper
in 1911 and 1912, he said:
They were all written in the heat of campaigns, as I have explained. I
believe absolutely in the initiative, referendum and the recall, but the
language represented a state of mind at that time, the excitement of the
moment, political strife, crowd psychology, and that sort of thing. For
instance, when Mr. Roosevelt, in 1912, said that the Republican convention was a bunch of burglars, I do not think he meant that in a literal sense,
but merely expressed a state of mind.
Explaining a statement in other editorials that "America is
now regarded as a nation of commercial sharks," when asked
whether his views have since been modified, Mr. Creel said:
I trust sincerely that I have modified my form of expression, and I think
I am writing far more dispassionately and judicially to-day and I have
modified my views to a great extent. Early enthusiasms give way inevitably before the cautions and disappointments of life.
After investigating the items of the $2,098,000 appropriation asked for by Mr. Creel, the Appropriations Committee
recommended an allowance of $1,250,000, at the same time
attaching various .conditions to its use, and calling for a
detailed report to Congress of receipts and expenditures on
the first day of each session. The amendment covering
this appropriation reads:
For all expenses of the Committee on Public Information in connection
with the work that may be specifically assigned to it by the President, including personal services and rent in the District of Columbia or elsewhere,
printing and binding, and for such expenses of every character as the President in his discretion may deem necessary in carrying on the work assigned
to the committee, $1,250,000: Provided, that when necessary, advances
for expenses that shall be warranted in connection with the authorized work
of the committee may be made under proper safeguards in amounts not
exceeding $1,000. Provided further, that all moneys received through
the motion-picture activities of the committee shall be paid into the Treas,
ury to the credit of the appropriation and be available for the said activities: Provided further, that a detailed report of the receipts and expenditures under this appropriation shall be made to Congress on the first day
of each regular session.
[VOL. 106.
need not be so large as the last appropriation for that purpose. I think
that a sum of half the amount, namely, $50,000,000, would be abundant.
I believe that you and your colleagues on the Committee on Appropriations are familiar with the objects for which I have used the appropriation,
but perhaps you will permit me to summarize thrm and to append an outline of the actual expenditure.
I have used considerable sums for the maintenance of the Food Administration, the Fuel Administration, and the War Trade Board, and
for the maintenance of the proper agencies for the allocation of labor, a
matter of very great consequence and no little difficulty just now when
there is so general a dislocation of labor throughout the country. For
these objects it seems probable that the fund is no longer necessary, inasmuch as their administration has now been quite thoroughly organized and
is susceptible of being maintained by a definite appropriation assigned to
their use in the usual manner. Of course this method of appropriation is
preferable to any other.
Besides these objects I have spent very large sums for the repair of ships
owned by alien enemies which we took possession of immediately after our
entrance into the war, and which, as you know, had been deliberately
damaged in the most serious way by their own crews; for the providing of
temporary accommodations for the newly-created services connected
with the war; for advance to the regular departments for services appropriated for in the usual way when it seemed unwise in the circumstances to
wait until appropriations, which could certainly be counted upon, could be
acted upon by the Congress; to provide additional facilities for the Civil
Service Commission in order that it might more nearly meet the exceptional demands of the time for clerical aid; for miscellaneous expenses connected with the very serviceable action of the Council of National Defense
and for labor matters of many sorts, investigations, mediation, the settlement of strikes, and many objects arsiing from time to time and impossible
to foresee or calculate beforehand. Most of these matters may also now,
fortunately, be taken care of in the regular way, though similar occasions
for the immediate expenditure of money may no doubt arise on a smaller
scale than before. Some of these objects, as for example are repair of
ships, have now been, I assume, entirely covered.
There remain the uses for such a fund which I may perhaps characterize
as continuing but incalculable. I refer to the conduct of many necessary
investigations, for example, in connection with the determination of the
prices which the Government is to pay and which the Governments associated with us in the war are to pay.
To indispensable secret service and to confidential uses abroad.
To the very large necessities of record and information.
To the maintenanc, of the instrumentalities, both on this side of the
water and on the other, which are doing admirable work in forming public
opinion both here and there of the real aims of America, of the progress
she is making in the conduct of the war, and of the real facts with regard
to all the larger aspects of our policy.
And to the service and guidance to all sorts of patriotic movements in the
United States which appeal to the Government for its assistance and for materials wherewith to conduct their work.
Besides these things which can now be stated, the experience of the past
year convinces me that there are many occasions which will arise which I
can not now even conjecture, but which will make it necessary that I should
have a free fund at my disposal.
May I not take the liberty of saying a word of special emphasis with
regard to the work which the Committee on Public Information has been
doing? I have had very close personal connections with the work of that
Committee and have watched its development and its activities with particular care and interest, feeling a special responsibility. The work of
the Committee has, on the whole, been admirably done, and I think it very
likely that nobody, not even those intimately connected with the Government, is aware of the extent, the variety and the usefulness of that work or
of the really unusually economical manner in which it has been accomplished, so far as the expenditure of money is concerned. I should feel
personally crippled if any obstacle of any kind wore put in the way of that
work.
It is probable that it will now be possible to a considerable extent to
submit estimates of the usual sort to take care of the work of the Committee,
and I hope that in comnnoction with those estimates at least some of the
members of the Committee on Appropriations may have an opportunity
to know more particularly what it has been doing. Cordially and sincerely
yours,
WOODROW WILSON.
Hon. Swayer Sherley, House of Representatives.
Other appropriations in the bill include $7,500,000 for
the Food Administration; $3,500,000 for the Fuel Administration; $3,500,000 for the War Trade Board; $2,800,000 for
the Department of Labor; $1,150,000 for the War Industries
Board; $900,000 for the Alien Property Custodian; $400,000
for the Council of National Defense, and $200,000 for the REORGANIZATION OF ADMINISTRATIVE METHODS
IN ORDNANCE DISTRICTS.
National Advisory Committee for Aeronautics.
The War Department in reporting on June 17 the announcement by Gen. C. C. Williams, Acting Chief of OrdARBITRATION TREATY WITH GREAT BRITAIN
nance, of a reorganization of the administrative methods
EXTENDED.
The Senate on June 24 ratified an extension for five years in the ten ordnance districts into which the country has
of the arbitration treaty with Great Britain, which was been divided, stated that each district is henceforth to be
under the supervision of a single executive officer to be
ratified in 1908 to run for ten years.
designated district chief. The War Department's statement authorized by the Ordnance Department, further
OF
PURPOSE
EXPLAINS
PRESIDENT WILSON
said:
APPROPRIATION FOR NATIONAL SECURITY
He (the Acting Chief of Ordnance) has appointed the following district
AND DEFENSE IN SUNDRY CIVIL BILL.
chiefs, each man having formerly been in charge of the production division
Bridgeport. Waldo 0.
In offering as an amendment to the Sundry Civil Appro- of his district: Boston District, Levi H. Greenwood;
Bryant; Chicago, E. A. Russell; Cincinnati, C. L. Harrison; Cleveland,
an
for
provision
a
17,
June
on
House
the
in
Bill
priation
Samuel C. Scovil; Detroit, Fred J. Robinson; Philadelphia, John C. Jones;
appropriation of $50,000,000 for the National Security and Pittsburgh, R. M.Dravo; Rochester, F.S. Noble.
The appointment for the New York District has not yet been made.
Defense, and for each and every purpose connected thereSamuel G. Allen, former production manager, having resigned. AnPresident,"
the
of
discretion
with, to be expended at the
nouncement of the successors to these men as production managers will be
Representative Sherley had read into the "Congressional made later.
Gen. Williams has issued orders that the District Chief shall have adRecord" a letter from President Wilson urging the approministrative charge in the offices and supervision over field work in order
for
a similar to co-ordinate the efforts of the field forces and the contractors. Each
priation and explaining the uses to which a fund
district chief will be responsible directly to the Acting Chief of Ordnance.
purpose was put during the past year. The letter follows:
THE WHITE HOUSE,
Washington, May 24 1918.
Ily Dear Mr. Sherley:
I take the liberty of writing to call your attention to an appropriation
which seems to me to be of capital importance in connection with the
effective conduct of the war. I refer to the sum for the National Security
nd Defense which has been placed at my disposal during the past fiscal
year. I think it is of the utmost importance that a similar fund should
e put at my disposal for the next fiscal year, though in my judgment it
Working under each district chief there will be an inspection manager,
production manager, financial manager, property manager, ;rid personnel
manager.
140-,The organization is also announced of a group of manufacturing specialists, each of whom will give his attention to one particular phase of ordnance
production.
W. W. Coleman, President of the Bucyrus Co., Milwaukee, and A. L.
Humphrey, President of the Westinghouse Air Brake Co., will specialize
in the supervision of production of guns and carriages of all sizes and types.
JUNE 29 1918.]
THE CHRONICLE
2705
It is further provided that for the purpose of making any guaranteed
They will go from one factory to another in the effort to co-ordinate the
price effective under that section, or whenever he deems it essential in order
manufacturers of the various parts of guns and carriages.
C. E. Davis, of New York, an engineer and manufacturer, will super- to protect the Government of the United States against material enhancevise the manufacture of fire-control and other optical instruments required ment of its liabilities arising out of any guaranty under this section, the
President may in his discretion purchase any wheat for which a guaranteed
by the Ordnance Department.
J. R. Harbeck, Vice-President of the American Can Co., will supervise price shall be fixed under this section, and may hold, transport, or store it,
leading plants, including those in which fixed ammunition is assembled and or sell, dispose of, and deliver the same to any citizen of the United States
loaded and those in which the loading of larger shells and the preparation or to any Government engaged in war with any country with which the
Government of the United States is or may be at war or to use the same as
of charges for larger shells is undertaken.
J. M. Young, plant manager of the American Can Co., and Herbert supplies for any department or agency of the Government of the United
Wolff, Vice-President of the American Car & Foundry Co., Chicago, will States.
It is further provided by Section 11 of said Act of Congress that the
specialize on the machining of shells for mobile artillery.
H. H. Blood, of the Pratt & Whitney Co., Hartford, Conn., is to follow President may from time to time purchase, store, provide storage facilities
and
adapters
for
boosters,
shells
of
for,
all
kinds.
fuses,
and sell for cash at reasonable prices, wheat flour, meal, beans and
up the production of
George C. Brainerd, of the Hydraulic Pressed Steel Co., of Cleveland, potatoes, and by Section 2 that in carrying out the purposes of such Act
the President may create or use any agency or agencies and utilize any
will specialize on the production of shell forgings.
The Acting Chief of Ordnance plans to have this squad of specialists department or agency of the Government.
production
is
obtained.
full
Acting under the authority of the foregoing provisions, I hereby designate
until
continue their work
The works of the Bethlehem Steel Co. and all aresenals, proving grounds, the Food Administration Grain Corporation, a corporation created in
and other ordnance establishments are excepted from the requirements of accordance with the provisions of said Act of Congress and Executive Order
this reorganization. Orders have been sent to all the men named, and dated Aug. 14 1917, as the agency of the United States to carry out and
make effective, subject to the control and direction of the U. S. Food
their assignments put in effect from June 15.
Administrator, the provisions of the guarantee hereinbefore referred to,
and to purchase, hold, transport, store, provide storage facilities for, sell,
PRESIDENT WILSON GRANTS U. S. GRAIN CORPOR- dispose of, and deliver wheat as provided in Sections 11 and 14 of said Act.
PAY
HIGHER
I further direct that in order to make said guarantee effective and mainTO
AUTHORITY
WHEAT
ATION
tain the price of wheat to the grower at not less than the guaranteed basis
PRICES.
the said Corporation shall offer and stand ready to purchase, and shall
Authority to pay a higher price for wheat at primary and purchase to the full extent of its ability and available funds, all wheat
tendered
to it by any producer thereof at any primary market named in
other markets than that of $2 20 a bushel fixed by President said proclamation
of Feb. 21 1918 at the guaranteed price named therein
Wilson in his proclamation of Feb. 21 (printed in our issue for such market, provided that with the approval of the U. S. Food Administrator
Food
Administration
the
Corporation
may pay any higher prices than the guaranteed
the
said
to
Grain
granted
Corof Mar. 2) is
basis for any grade of wheat in any given market, and may extend its offer
poration, with the approval of the U. S. Food Adminis- to
purchase to other holders of wheat on such conditions as it sees fit.
tration, in an Executive Order issued by President Wilson
I further direct that for such purpose the capital stock of such corporation
be increased to $1,500,000 shares of the par vaule of $100 each; that
out
the
purposes of
and made public on June 23. To carry
the United States purchase, from time to time at par, so much of the adthe order the Grain Corporation is authorized to increase its ditional
capital stock as may be required to supply the necessary capital
capital from $50,000,000 to $150,000,000 in shares of $100 to enable said Corporation to carry out the provisions of this order, and
that
none
of said additional capital stock shall be sold to any person other
each. All the stock will be owned by the Government and
than the United States. The U. S. Food Administrator is hereby authorwill be purchased by the Food Administration from time ized and
directed to subscribe for and purchase all or any part of said
to time as the necessity arises to maintain the present $2 20 additional capital stock in the name of and for the use and benefit of the
United
States,
and to pay for the same out of the appropriation of $150,price and any increases authorized. It was reported on the
000,000 authorized by Section 19 of the Act of Congress hereinbefore en23rd that the President was believed to have been moved titled. I further authorize said Corporation to borrow such sums of
to permit the Corporatipn to pay higher prices, primarily money, upon the security of wheat or flour owned by it, as may be required
because of the increased freight rates which became effective to carry out the provisions of this order.
WOODROW WILSON.
must bear
this
this week. Growers, it was pointed out,
The White House.
increase, and unless allowed an advance their profits would
In a special Washington dispatch dated June 24, the New
be materially reduced. Another factor which was reported
as having prompted the increase was the situation resulting York "Times" had the following to say regarding the
from the deadlock in Congress over the Senate's amendment Executive order:
Herbert C. Hoover said to-day that the Food Administration did not
to the Agricultural Appropriation Bill increasing the minian increase in the basic price of $2 20 for wheat when it obmum guaranteed price for wheat to $2 50 a bushel. The contemplate
tained authority through an Executive order to increase the capital stock
House has thus far refused to accept this amendment. In a of its Grain Corporation from $50,000,000 to $150,000,000. The only
statement later issued by the Food Administration it was increases under consideration, he said, would range from 3 to 4 cents a
bushel, duo to the new freight rates. Flour prices probably will be inexplained that higher freight rates and the desire to assist creased
slightly, but only to meet the jump in freight rates.
the Corporation to carry out the Government's guaranty to
The adoption of a new policy in regard to the milling industry will become
effective where the incoming harvest is concerned. During the last year
the producer occasioned the issuance of the order. This the
millers were permitted to make a profit of 25 cents a barrel for milling
statement follows:
the wheat. Hereafter the system of fixing the profit will be abandoned,
The Executive order of President Wilson of June 21 was for two purposes:
First. To enable the Food Administration to make the necessary readjustments in wheat price to cover the increase in railway rates. The
intention is, so far as the complex problem of railway rates will permit, to
readjust prices at the guaranty terminals on such a footing as to place the
farmer in the position—as near as may be—he enjoyed prior to the increase
in rates. A traffic committee is at present working on the problem, and
it is hoped that definite announcement of the new changes will be possible
within a few days.
The second purpose of the President's Executive order was to provide for
the increased capital to the Grain Corporation necessary to carry out the
Government guaranty to the producer. The Food Administration operates its handling of wheat, flour and other cereals through the Food Administration Grain Corporation, the capital of which during the past year has
been $50,000,000, the whole of the stock being owned by the Government.
The full appropriation under the Food Bill for this purpose is $150,000,000,
and the balance of the capital must now be employed in order to make good
the guaranty, in view of the large harvest.
The Grain Corporation will on July 1 have completed its operations for
the past harvest year, and will show its original capital intact, with a small
surplus, as the result of its trading operations.
The turnover of the Grain Corporation during the year in wheat, flour,
beans and other products purchased for internal and Allied army and navy
purposes was about $450,000,000.
•
The following is tho President's order authorizing the payment of higher wheat, prices by the Grain Corporation.
The U. S. Food Administration announces that the Food Administration
Grain Corporation has been expanded by an Executive order signed by
President Wilson. Its capital stock is increased from $50,000,000 to
$150,000,000, divided into 1,500,000 shares with a par value of $100 each.
The order follows:
Executive Order.
By Section 14 of the Act of Congress of Aug. 19 1917, entitled "An Act
to provide further for the national security and defense by encouraging the
production, conserving the supply and controlling the distribution of food
products and fuel," it is provided that whenever the President shall find
that an emergency exists requiring stimulation of the production of wheat
and that it is essential that the producers of wheat produced within the
United States shall have the benefits of the guarantee provided for in that
section, he shall determine and fix and give public notice of, a guaranteed
price for wheat; and that thereupon the Government of the United States
guarantees to every producer of wheat that he shall receive under conditions named,a price for wheat not less than such guaranteed price. Under
this provision an Executive Proclamation was issued on Feb. 21 1918,
making the necessary findings and fixing guaranteed prices for wheat when
delivered at certain specified Primary markets.
and the millers will receive a maximum of 81 10 a barrel, out of which they
must pay all of their expenses,such as operating costs. This amounts must
include sales of all by-products, as well as the flour obtained from the wheat.
Farmers will save about $6,000,000 in the cost of binder twine, Mr.
Hoover announced to-day, as the result of an agreement reached by the
Food Administration with Mexican interests for the purchase of 500,000
bales of sisal at about 16 cents a hundred,3 cents under the current prices.
MOVEMENT OF BOX CARS INTO WHEAT TERRITORY
TO PREVENT CONGESTION AT SEABOARD.
In stating that the movement of box cars into the wheat
territory was being expedited to prevent congestion of wheat
at the seaboard, the U. S. Department of Agriculture on
June 20 said:
Arrangements are being made to take care of the necessary requirements
for box cars for moving wheat with reasonable promptness, according to
advices received by the Department of Agriculture from the Railroad
Administration. The box-car situation is reported to be better at the
present time than it has been at any period within the past three years.
On May 1 box cars began to move into wheat territory, and wheatcarrying roads aro expected to have on their lines more than the normal
amount of box cars wooed by them. Cars are being parked in wheatloading territory, which, it is pointed out, was impossible last year. The
Railroad Administration says that it will continue to move cars to wheatloading territory as long as there is any indication that additional cars will
be needed.
Through co-operation with the Food Administration Grain Corporation
officials are confident that congestion of wheat at the seaboard will be
prevented.
DIFFERENTIAL ALLOWED TO FLOUR MILLERS.
The Food Administration announced on June 24 that flour
millers will be allowed (effective July 1)a differential of $1 10
on the 1918 wheat crop. This will represent the difference
between the original cost of the grain and the cost of manufacture and freight. Previously millers had been allowed a
profit of 25 cents a barrel.
er.'.7* •
TIIE CHRONICLE
2706
RULING FOR CHICAGO BOARD OF TRADE ON FUTURES.
We learn through the "Wall Street Journal" of June 25
that the U. S. Food Administration has made the following
ruling on futures for the Chicago Board of Trade:
A customer who has futures bought through a commission merchant that
runs into current month has only a contract for purchase until delivery
' therefore, it is not in violation of the law. The law commences to operate
only when there is posse3sion directly or indirectly of actual grain.
FEDERAL TRADE COMMISSION BANS COUPONS FOR
PRIZES ISSUED BY COFFEE ROASTING
AND TEA PACKING HOUSES.
Fifteen out of twenty-three complaints against coffee
roasting and packing concerns have been disposed of by the
Federal Trade Commission through orders to them to
discontinue the practice of attempting to or securing trade
through giving or offering to customers coupons or certificates
redeemable in prizes of varying values, the allottment of
which is determined by chance or lot. The commission
held these processes to be in the nature of unfair competition.
The complaint against J. H. Allen & Co. of St. Paul, Minn.,
has been dismissed. The companies to whom the orders
were issued are said to be:
A. Ethridge & Co., Rome, N. Y.; Thomas C.Jenkins,Pittsburgh, Pa.;
the Johnson Layne Cofoe Co.. St. Louis, Mo.; Levering Coffee Co., Baltimore, Md.; Roth-IIomeyer Coffee Co., St. Louis, Mo.; Brumage-Loeg
Co., Pittsburgh, Pa.;the Dannemiller Grocery Co., Canton, Ohio; P. W.
Hinz & Sons, Cincinnati, Ohio; A. L. Mars & Co., Pittsburgh,Pa.;M.S.
Miller Co., Lancaster, Pa.; William S. Scull Co., Camden, N. J.; Rice
Bros., Philadelphia, Pa.; Sioux Falls Coffee & Spice Co., Sioux Falls, S. D.;
Valley City Coffee & Spice Mills, Saginaw, Mich.; the E. R. Webster Co.,
Cincinnati, Ohio.
[Vol,. 106.
The telegraph companies, press associations, and other news-distributing
agencies have adopted the Bureau of Markets' service exclusively instead of
that of the unofficial sources which heretofore have provided the information
for the livestock market reports at Chicago. The dispatches now being
sent from Chicago, both to branch offices of the bureau and to subscribers
of commercial news agencies, consist of a 7 o'clock message on estimated
receipts of cattle, hogs, and sheep; an 8:30 message ont he opening hog
market and revised estimated receipts; a later wire giving prices and a closing market message.
NEW SUGAR RESTRICTIONS EFFECTIVE JULY 1—
WHEN CERTIFICATE PLAN WILL BE ADOPTED.
New sugar restrictions, to go into effect July 1, were
announced by the U. S. Food Administration on June 22.
Besides reducing the supply to manufacturers, the Administration has asked the nation to go on a three-pound basis
per person a month. Several commodities heretofore classed
as essential foodstuffsin which sugar is used have been placed
in the non-essential class. Ice cream, the Food Administration states, will no longer be considered so essential as to
justify free use of sugar in its manufacture, and manufacturers are hence to receive only 75% of the amount used
last year. Ice cream made by confectioners on the premises
will be limited to 50%; soda fountains will also be limited to
50%,and manufacturers of preserved fruits for soda fountains
will be cut to 50%. Lack of shipping and a decrease in the
amount of sugar from Cuba are given as the reasons for the
new restrictions, which are announced as follows by the
Administration:
Restrictions on the use of sugar by manufacturers will be drawn much
tighter by new Food Administration regulations, which become effective
July 1. The Food Administration expects through these measures to
avoid any serious scarcity of sugar for home consumption. Lack of shipREVOCATION OF LICENSES FOR IMPORTATION OF ping, however, and a decrease in the amount of sugar expected from Cuba,
will make a shortage unavoidable.
CAFFEINE AND ALLIED PRODUCTS.
In reducing the amount allowed manufacturers, the Food Administra. The War Trade Board made known on June 16 that all tion expects tho nation as a whole to go on a 3 pounds per capita monthly
Several commodities containing sugar have been taken from the
outstanding licenses for the importation of caffeine, caffeina, ration.
list ol essential foodstuffs. The less essential manufactured products
theffie and trimethyixanthine have been revoked as to will be allowed only 50% of their normal sugar requirements. At present,
of requirements.
shipment from foreign ports after June 10 1918. No further they are allowed 80%
Ice cream will no longer be considered so essential as to justify free use
licenses for the importation of these commodities, it states, of sugar in its manufacture. After July 1 ice cream manufacturers will
receive only 75% of the amount of sugar used last year.
will be issued.
Soda fountains will be cut to 50%. Ice cream made on the premises
will also come under 50% limitation, as it would be difficult to differentiate
CERTAIN IMPORT LICENSES FOR CASTOR BEANS between
the sugar used for ice cream and that for soft drinks. The Food
AND CASTOR OIL REVOKED.
Administration does differentiate, however, between the preservation of
and the preservation of fruits in the form of jam.
All outstanding licenses for the importation of castor fruits for soda fountains
and canned goods. Manufacturers preserving fruits for soda fountain use
Central
Mexico,
Indies,
West
the
from
oil
cater
beans and
will be governed by the 50% limitation. This places all soda fountain
America, Colombia and Venezuela, except those wherein business on an equitable basis.
Manufacturers of grape juice will be allowed only 50% of their normal
the United States Government appears consignee, have been sugar
requirements. The Food Administration will possibly allow addi1918.
10
revoked as to ocean shipment made after June
tional quantities if it seems necessary in order to take care of the grape
The War Trade Board in announcing this on June 16 said: crop or to prevent fermentation, but will make no increase merely that the
Hereafter, no licenses for the importation of castor beans or castor oil manufacturer may have a more palatable product.
Every manufacturer using sugar is required to present to the seller a
from the West Indies, Mexico, Central America, Colombia and Venezuela
shall be issued except when the United States Government Is the con- certificate from the Federal Food Administration for the State in which
signee or when the importation is approved by the Bureau of Aircraft he operates.
Only the following products after July 1 will be given 100% of their
Production. All applications for the importation of these commodities
from these countries when a consignee other than the United State; Gov- sugar requirements: Ant poison, apple butter. canned vegetables, canned
ernment is named v.111 be referred to the Bureau of Aircraft Produc.ion for fruits, explosives, glycerin, insecticides, meats, capsules, catsup, chill
sauce, mincemeats, drugs for medicinal purposes, packers of preserved
approval.
_
fruits.
The following businesses and commodities will be in the less essential
COCONUT MEAT PLACED ON LIST OF
class: Barrooms, brewers, California fruit cider, cough drops, dental prepaIMPORTS.
RESTRICTED
rations, dessert powder, druggists who buy sugar for reducing concentrated
sirups, honey manufacture, hotel bars, gelatine, ginger ale, glue, grape
The War Trade Board, according to an announcement juice
(80% sufficient to preserve even if not to bottle immediately), ice
on June 25 has placed coconut meat upon the list of restricted cream cone manufacturers, ice cream powder, jelly powder, marshmallow,
imports. All outstanding licenses for the importation of malted milk, maple sugar compound, molasses and sirups, patent medicines, all pickles, rollers for printing presses, saloons, proservinesalmon
coconut meat in any form have by a new ruling (W. T. B. R. eggs
for sale to fishermen, table sirups, vinegar, whiskey (blending).
148) been revoked as to ocean shipment after June 30 1918.
The Board says:
Hereafter no licenses for the importation of broken coconut meat which
is shredded, dessicated or prepared (otherwise known as Ceylon copra) will
be issued except for ocean shipment on or before Juno 30 1918.
Licenses for the importation of a limited amount of Copra (coconut
meat broken, not shredded, desiccated or prepared) will be 'sued for
shipment after Juno 30 1918, from Australasia, the East Indies, West
Indies, Central America and Mexico.
Thh amount of Copra permitted to be licensed will be allocated by the
Bureau of Imports in accordance with suggestionsimade by the United
States Food Administration..
The following notice announcing the proposal to issue
sugar certificates beginning July 1 was sent to sugar refiners
by the Food Administration:
On July 1 and thereafter the distribution of sugar in the United States
will be conducted under the direction of the United States Food Administration. On that date the State food administrators will issue certificates
to all buyers of sugar, including wholesalers, retailers, manufacturers,
eating houses, in fact, to every buyer except household consumers. A
copy of instructions to food administrators will be forwarded you before
July 1 and you will be governed by same in so far as they apply to or affect
your business.
In the meantime you are hereby directed to take no orders for sugar from
BUREAU OF MARKETS OF DEPARTMENT OF AGRIany buyer prior to July 1, except in cases of distress, and then not to exceed
CULTURE TAKES OVER CHICAGO LIVE
one carload to any one wholesale purchaser and not more than five days'
STOCK WIRES.
supply to any retailer or dealer. After July 1 you will decline to ship any
buyer unless order is accompanied with Food Administration certificate.
Information to the effect that all telegraphic reports on Any
orders which you have on your books unshipped on July 1 you will
live stock receipts and prices distributed daily by the Chicago back orders and ship out from time to time as buyer of same forwards
There will be five types of'certificates, and preference
you
certificate.
Union Stock Yards were taken in charge by the Bureau
must be given in accordance with types of certificate presented
Department of Agriculture on June 1 was shipment
of Markets of
to you.
contained in the "Official Bulletin" of June 20, which said:
Rule No. 2 amended, and now provides that no order shall be taken by
. The Bureau of Markets of the United States Department of Agriculture you that does not require shipment within ten days of receipt of order;
took complete charge on June 1 of all telegraphic reports on live-stock in other words, you must never oversell your capacity or supply of sugar
rec4pts and prices which are distributed daily from the Chicago Union available to you by more than ten days. Continue to ship orders now on
Stalk Yards. The bureau's leased wires are used for the transmission of your books, but consign such shipments as not likely to arrive at destinathis information from Chicago to other live-stock markets and meat-dis- tion by July 1, as certificates will be required for same on delivery. You
,k ranch offices are maintained. Local will hold all certificates against which you have shipped sugar until checked
tributing ,..ntres, at most of wide)
represeiktatives crs' the bulletirr ef distribute the information as it is against your sales account by our auditor before returning same to the
several food administrators.
receive.: att r lerv: • .2.tiring
the
JUNE 29 19181
THE CHRONICLE
2707
the statements which will be required from dealers and manufacturers in
the above groups will give the following further information upon honor.
In the case of Group A, that is, candy, soft drinks. et cetera, must show
the amount of sugar used during the months of July, August and September
1917, and certificates will, if the statements are correct, be based upon
50% of such average use. Ice cream makers will be entitled to 75%•
A certificate will be issued separately for each month's purchases.
Effective July 1, all public consumers and distrilpters of sugar are hereby
Group B, that is, commercial canners, et cetera, will be given certificates
informed that sugar distribution from the refiner down to and including for their necessary requirements but any resale of sugar by them except
Food
Federal
Board.
the
signed
by
the retailer will be by certificates
under the express direction of the local food administrator will constitute
These certificates will be ready for issue on July 1. The certificate plan a violation of the regulations and subject them to closing of business for
includes the following:
the war. Any sugar in hand at the end of the season must be placed at
Every family in which there are 35 the disposal of the local administrator. The Food Administration appeals
All refiners of sugar.
more
includes
or
persons—this
Every hotel and restaurant.
to this group to economize on consumption in every direction.
employees of households whose
Every club and boarding house.
Group C—that is, public eating places—will be issued certificates upon
meals are served by the employer.
Every retail store.
the basis of three pounds for each ninety meals served. This includes all
Every wholesale store.
public eating place uses of sugar.
The allotment to hotels by certificate will be on the basis of three pounds
Group D—that is, bakers—will receive certificates for 70% of the average
for every 90 meals served. There will be no certificates issued to individual amount used during July, August and September 1917, or, alternatively.
is,
of
that
rationing
households,
sugar
no
be
will
there
consumers. While
70% of that used in the month of June 1918.
households will not be put on a certificate basis, the Board wishes every
Group E—that is, retail stores—will receive for July purchases certifihousewife to know that it is absolutely necessary that none shall use more cates based upon the average of sugar sold during the combined three
has
entire confidence months, April, May and June 1918. Retailers must not sell sugar to any
than three pounds per person per month. The Board
in the patriotism of American housewives and feels that it will not be of the other groups— that is, to no one except householders, without
necessary, on or after July 1, to remind them of the fact that they arre taking up the certificates of such persons. They must not sell more than
expected not to exceed three pounds of sugar per month per each person two pounds at any one time to any town customer or more than five
in their household. As regards wholesalers, wherever necessary, interim pounds at any one time to any country customer. The latter may, howcertificates will be issued to replenish stock before the retailers' certificates ever, be varied by the local administrator to persons remote from town.
pass through their hands. For further information all firms and indi- The retailer will do his best not to sell more than three pounds per person
viduals coming under the certificate plan should confer with the Sugar per month to householders whose co-operation with the retailer is earnestly
Division of the Federal Food Board.
sought.
Retailers may. as at present, sell 25 pounds of sugar to any one homeIn a further statement issued on June 26, indicating the
for home canning, upon the householder's certifying that he has not
regulations governing sugar distribution, the Food Adminis- hold
bought elsewhere, and agreeing to return any balance unused for this
that
there
are
estimated
1,600,000
is
it
that
stated
tration
purpose. The householder can obtain more than 25 pounds, upon aptons of sugar available for the last half of the present year. proval of local administrator, if supplies are available.
It will be seen by this plan that there is no direct rationing of the houseIt is also indicated that the purpose of the new regulations is holder.
It would cost the Government $5.000,000 to put the householder
sugar
rations,
present
are
which
Allies
their
to save to the
on a rationing card, and will take the services of 100,000 people to carry it
less than half the new allowance to the United States. We out. We cannot afford the labor or money, and if the householders will
co-operate it can be avoided.
give the statement below:
No wholesaler or refiner can sell any sugar whatsoever unless he receives
A number of causes have cumulated to make our sugar position more the certificate above mentioned. Any person in the above five groups
difficult than we could have anticipated at the beginning of the year. who does not file his statement will receive no sugar during the war, and
The increased shipping needed by our growing army in France has necessi- action will at once be taken against any sugar he may have in hand in
tateci the curtailment of sugar transportation, particularly from the longer excess of thirty days' supply, and he will be charged with hoarding. We
voyage, and has thus reduced supplies both to the Allies and ourselves from ask the co-operation of all trades in our purpose, that is simply to secure
remote markets. Some of the accessible sugar-producing areas have justice in distribution.
proved a less yield than was anticipated, such as certain West Indian
islands. The domestic beet and Louisiana crops have fallen below anticipation. There has been some destruction of beet sugar factories in the G. A. ZABRISKIE TO DIRECT UNITED STATES SUGAR
battle area of France and Italy. We have lost considerable sugar by
DISTRIBUTION.
submarines.
As close an estimate as we can make indicates a reasonable expectation
A. Zabriskie has been appointed by Federal Food
George
from all sources of about 1,600,000 tons of sugar for United States conAdministrator Hoover as Director of the Distribution of
sumption during the last half of the present year. This is based upon the
of
maintenance of the present meagre Allied ration. An improvement in Sugar throughout the country. Mr. Zabriskie, formerly
shipping conditions would, of course, relieve this situation, as quantities the Pillsbury Milling Co., is in charge of the milling distriof sugar are in unavailable markets. We must, however, base the disbution of the Food Administration. It is understood that
tribution of sugar during the next six months upon the above footing.
he will direct the apportionment of sugar by means of zoning
After that period the new West Indian crop will be available.
This supply of 1,600,000 tons necessitates a considerable reduction in systems which will insure maximum production distributed
our consumption. To provide three pounds of sugar per month per person
for household use, to take care of our army and navy and to provide for with as little delay as possible.
the necessary preservation of fruit, milk, etc., will require about 1,500,000
tons of sugar for ths six months. A household consumption of three
INCREASE IN BASIC PRICE OF SUGAR.
pounds per month per person, together with the special allowance for home
canning, means a reduction of some 25% in these branches of consumption
that the International Sugar Committee
Announcement
the
in
double
the
ration
Allied
countries
nearly
from normal, but it is still
had granted an increase in the basic price of sugar was made
and is ample for every economical use.
In the plan of distribution which will now go into force the less essential as follows by E. F. Keeley, Secretary, on June 21:
users of sugar—that is, confectioners, soft drink manufacturers, tobacco
Effective at the opening of business June 24 1918, the basic price upon
manufacturers, etc., will be hit the hardest. The Food Administration which refining selling margin must be based will be 6.055 cents per pound,
regrets intensely any action that will cause hardship to any individual, but delivered duty paid for 96 centrifugal sugar, New York. Such basic
the situation is due to the Germans, not to this Government. There are price will be continued until further notice.
a number of substitutes available to the confectioners upon which no
This change of the basic 'price is occasioned by the increased cost of
restrictions are placed.
war risk insurance of imported sugar. This means that the refiner's selling
In order to secure justice in distribution and to make the restrictive plans price will be 7.50 cents per pound, less 2% usual terms. As this results
as effective as possible no manufacturer or wholesaler of sugar will be in an increase in the cost of raw sugar, it does not mean an increase in the
allowed after July 1 to sell any sugar except to buyers who secure a certifi- margin of the refiner
cate from the local food administrators, indicating the quantity they may
buy. For the purpose of issuing these certificates the various users of
sugar are divided into the following groups:
UTAH'S BEET SUGAR CROP SUFFICIENT TO SUPPLY
(a) Candy makers, soft drinks, soda fountains, chewing gum,chocolate
POPULATION AND 2,000,000 ARMY.
flavoring
extracts,
invert
and cocoa manufacturers, tobacco manufacturers,
sugar, syrups, sweet pickles, wines, etc.
A statement to the effect that Utah will this year produce
(b) Commercial canners, vegetables, fruit, milk, medicinal purposes,
sufficient sugar beets to fill the wants of its half a million
explosives, glycerine, etc.
(c) Hotels, restaurants, clubs, dining-cars and steamships, boarding-. population and still have enough to furnish an American
houses, hospitals, public institutions and public eating places generally, in army of 2,000,000 men with sugar for one year is attributed
which term are included all boarding-houses which take care of twenty-five
to J. W. Jones, sugar beet specialist of the United States
persons or more.
Department of Agriculture for the inter-mountain district,
(d) Bakers and cracker manufacturers of all kinds.
(o) Retail stores and others selling for direct consumption.
at the convention of county farm agents in Ogden. AccordEvery person in these categories must, before July 1, or as soon thereto press dispatches from that city on June 19,from which
ing
food
upon
statement
a
local
make
administrator
determines,
after as the
a form that will be provided showing the sugar they hold or have in transit this information comes, Mr. Jones is.also said to have stated
on July 1. All stocks in excess of three months' supply at the rate of con- that Utah's production for 1918 would reach 1,000,000 tons
sumption that will be allowed in each concern, will be requisitioned by the
administrators and redistributed at once. Any stock loss than ninety of sugar beets.
days, but in excess of thirty days, must be held subject to the local administrator for distribution if necessary, depending much upon remoteness from
INCREASE IN PRICE OF SUGAR AT SEABOARD.
source of supply. It is manifestly unfair for any one to be overstocked in
Announcement was made on June 26 that an increase of
such a situation as this, as it must prejudice the common interest of regular
flow of supplies.
cents per 100 pounds on sugar at seaboard points had
5
Our national sugar supply doos not come from stocks, but arrives in
effect to cover the increased sea freights and
monthly amounts and any attempt to provide ahead results in shortage. been put into
Any attempts to accumulate stocks in the interim between now and July I insurance due to submarines, and the increase in rail rates
will be useless and may lead to difficulties, for the Food Administration from inland refineries. The based price was $7 45 per 100
will construe any such attempts by dealers and manufacturers as hoarding
seaboard refining points. It is now $7 50 per 100
an upon conviction as punishable by fine or imprisonment. While in pounds at
law the same rule might be applie to householders, the Food Administra- pounds. The increase, it is said, has been found necessary
tion proposes to rest upon the honor and co-operation of the householders to meet added transportation costs and will mean no increase
not to hold more than a thirty-day supply upon the basis of three pounds
margins.
per person in the household. In addition to giving the quantities on hand, in refiners'
Following the Federal Food Administration's notice, the
New York Federal Food Board on Tuesday of this week
issued a statement announcing that all public consumers
and distributers of sugar would be placed on a certificate
basis on July 1. Its announcement read:
2708
THE CHRONICLE
[VOL. 106.
PRESIDENT WILSON'S PROCLAMATION FOR CULREGULATIONS GOVERNING COTTON IMPORTS
TIVATION OF HAWAIIAN PUBLIC LANDS TO
INTO ITALY.
INCREASE SUGAR CROP.
Regulations adopted by the Italian Government concernA proclamation authorizing the Commission of Public ing the importation of raw cotton into that country have
Lands of the Territory of Hawaii to enter into necessary been made public as,follows by the War Trade Board:
At the request of the Italian Government the War Trade Board ancontracts with lessees of Government lands for the continued
the following regulations and procedure which have been adopted
cultivation of such public lands with a view to the increased nounces
by that Government with respect to the importation of raw cotton into
production of sugar and food crops, was issued by President Italy:
1. The Italian Royal Minister of Industries, Commerce, and Labor has
Wilson on June 24. The proclamation says.
By the President of the United States.
A PROCLAMATION.
Whereas, by reason of the existence of a state of war it is essential to
the national security and defense, for the successful prosecution of the war,
and for the support and maintenance of the army and navy, to secure an
adequate supply of sugar and o her food products in he United States,
including the territory of Hawaii;
Now, therefore, I, Woodrow Wilson, President of the United States,
by virtue of the powers conferred upon me by law, do hereby find and
determine, and by this proclamation do announce that it is essential in
order to secure such adequate food supply to continue to the fullest extent
possible the cultivation of all public lands in the territory of Hawaii now
under cultivation in sugar or other food products; and for the purpose of
continuing such cultivation and of maintaining the production of all such
food products the Commissioner of Public Lands of the territory of Hawaii.
with the approval of the Governor, is hereby authorized and empowered
to enter into all necessary contracts with the lessees of any of said Governmentlands, the leases of which have expired or which, while this proclamation is in force, will expire, or with any other person, firm or corporation
for the continued cultivation of said lands until such time as the same
shall be occupied and cultivated by homesteaders.
And to further effectuate the purpose of this proclamation, the said
Commissioner, with the approval of the Governor, may require of all
such homesteaders at the time of entering into their special homestead
agreements a contract which may be incorporated into such special homestead agreement to continue the cultivation of their homesteads, and to
reimburse any person or corporation who or which shall have done any
cultivation or other work on said land with the approval of the Commissioner
and Governor for the conservation of the crop thereon, to the amount of
the actual cost of such work.
In witness whereof, I have hereunto set my hand and caused the seal
of the. United States, to be affixed.
Done in the District of Columbia this 24th day of June in the year of
our Lord and of the independence of the United States the 142nd.
By the President,
WOODROW WILSON.
ROBERT LANSING, Secretary of State.
GOVERNMENT PLANS CONCERNING COTTON
PRICE FIXING.
Announcement of part of the price program planned
with respect to cotton fabrics was made an June 21 by the
War Industries Board, following a conference between the
Price Fixing Committee of the Board nad the War Service
Committee of the National Council of American Cotton
Manufacturers. As part of the prospective program a
stipulation supplementary to provisions previously agreed
to, was accepted, this stipulation stating that all sales after
June 21 and before Oct. 1 are to be on the basis of prices to
be approved by the Price Fixing Committee to apply to
sales before Oct. 1, regardless of the period during which
delivery is to be made. Prices will later be fixed to apply
to sales made between Oct. 1 and Dec. 31, or for such other
period as may appear desirable. The following is the announcement made by the War Industries Board:
instituted a special office in order to supervise all purchases of raw cotton
and to regulate the execution of contracts between Italian cotton merchants
and American firms.
2. The title of the new office is Officio Cotoni Minister° Industria Commercio, Rome, Italy.
3. American firms are advised that new purchases of cotton or the
execution of contracts already consummated are subject to the approval
of the aforementioned cotton office. This approval must be communicated
by the importer in Italy tp the prospective exporter in the United States,
and should be indicated in the application for export license.
4. In connection with its duties the Officio Cotoni MinisteroIndustria
Commercio will among other things, consider the available tonnage, the
financial, military and industrial requirements.
5. Ocean bills of lading should include the clause "Notify Ufficio Cotoni
Ministero Industria Commercio, Rome."
Under the new War Trade Board regulations issued on May 13 1018
(W. T. R. R. 104), it will be remembered that all applications should be
forwarded in triplicate to the Italian High Commission 1712 New Hampshire Avenue N. W., Washington. If the application is approved by the
Italian High Commission in Washington the original will be sent direct
to the War Trade Board, Bureau of Exports, one copy will be retained by
the Commission, and the third returned to the applicant for convenience
in keeping a record. 0
OCEAN FREIGHT RATE ON RAW COTTON SHIPMENTS
TO SPAIN.
According to an announcement made by the War Trade
Board on June 26 licenses for the exportation of raw cotton
to Spain will be issued only on condition that the cotton will
be carried at a freight rate not exceeding $7 per 100 pounds
gross weight. The announcement follows:
The attention of shippers and others concerned is called to a ruling of
the War Trade Board effective immediately, which provides that hereafter
all licenses for the exportation of raw cotton to Spain will be issued only
upon the condition that the cotton shall be carried from the United States
to Spain at a freight rate not exceeding $7 per 100 pounds gross weight,
including primage. Shippers must therefore conform with the following
procedure: On every shipment of raw cotton to Spain the Shipper's Export
Declaration, which accompanies the goods to the Customs Inspector on
the dock, shall have attached thereto the original dock permit or a true
copy of same bearing an endorsenient signed by the steamship company
to the effect that the rate of freight to be paid on that particular shipment
wirl not exceed $7 per 100 pounds, including primage.
Customs inspectors will not allow any raw cotton destined to Spain to
be delivered at any dock against license dated Juno 25 or later, unless a
dock permit endorsed as prescribed above is presented to them. Such
endorsed dock permits thereafter are to be made a part of the records of
the War Trade Board.
FINANCING OF WOOL CLIP BY CHICAGO BANKERS.
The "Wall Street Journal" of June 26 gave the following
information concerning the financing of the Western wool
clip by Chicago bankers, reference to which was made in
these columns last week, page 2614:
Plan for an acceptance credit between a number of Chicago banks and
the Government of $7,000,000 has been made effective. The credit, which
Is to be granted by the banks, will be used by the Government in the purchase of wool through the National Wool & Warehouse Co. The matter
The Price Fixing Committee of the War Industries Board was in con- of arranging the terms was left
by the banks to a bankers' committee, conference with the War Service Committee of the National Council of Ameri- sisting of Herman Waldeck, Vice-President
of the Continental & Commercan Cotton Manufacturers.
cial National, Chairman; John Poleson, Vice-President of the First NaThe Price Fixing Committee recognizes the necessity for prompt stabili- tional Bank, and W. R. Dawes, Vice-President
of the Central Trust Co.
zation, and expects that it will soon fix prices, even in the absence of such
The warehouse company will receive a commission for purchasing and
cost data as would be desirable; and, accordingly, it announces that, its storing the wool; the bankers'
committee, however, will have general euaction in this instance is not in accordance with the usual procedure and pervision.
may not bo expected to be the basis for future opreations with this industry.
As a part of the price program which is planned to be operative within
PRICES ANNOUNCED FOR BLACK HARNESS
a few days the following stipulation was agreed to, supplementary to the
LEATHER.
provisions previously agreed to:
The following announcement concerning prices for black
All sales made after June 21 and before Oct. 1 Will be on the basis of the
prices to be approved by the Price Fixing Committee to apply to sales .harness leathers, agreed on between the Price-Fixing Commade before Oct. 1, this regardless of the period during which delivery is
mittee of the War Industries Board and producers, is made by
to be made.
Prices will later be fixed to apply to sales made during the period Oct. 1 the Board:
to Dec. 31 1918, or for such other period as may appear desirable at the
The Price-Flxing Committee, with the agreement of producers of black
time.
harness leathers, has fixed the following maximum prices for all weights
The War Service Committee submitted prices on a few staple cloths. of goods going either to the Government or into civilian outlets, to be
The prices are materially lower than the present market prices. The effective until Nov. 1, except as otherwise provided:
Committee was instructed to submit on July 1 a schedule of prices on the Grade A, or first selection
per pound_$0.70
complete list of staples, as well as prices on cotton yarns, all on a parity Grade B, or second selection
.68
with the prices suggested to-day.
Grade 0,or third selection
.66
The previous agreement is as follows:
First selection, butt brands
.68
On all bona fide sales made on or before June 8 1918,for delivery previous Second selection, butt brands
.66
to Jan. 11919, prices to remain as shown in sales.
It is agreed that, if there shall be any change in the prices of hides an
On all sales made after Juno 8 1918, for delivery subsequent to Sept. 30
1918, the prices are to be subject to revision to accord with the prices thorized by the Price-Fixing Committee prior to Nov. 1, changes in haragreed upon by the Price Fixing Committee of the War Industries Board mony therewith will be made for black harness leathers or producers
in conference with the War Service Committee of the National Council thereof will again be called in consultation on the subject.
of American Cotton Manufacturers.
On all sales made for delivery after Jan. 11919, the prices made by the
MAXIMUM PRICES FOR NORTHWESTERN FIR AND
Price Fixing Committee in conference with the War Service Committee of
SOUTHERN PINE LUMBER.
the National Council of American Cotton Manufacturers are to be the
prices, regardless of the fact that the sales may have been made previous
A statement announcing the fixing of maximum item prices
to June 8 1918.
It is understood that all prices for so-called spring (1919) business will be for Northwestern fir logs and lumber, and for Southern pine
subject to such revision.
lumber for a period of 90 days from June 15 was issued by
JUNE 29 1918.]
THE CHRONICLE
2709
NIL
the War Industries Board on June 22. The detailed schedules for the prices, which are maximum, rather than fixed
prices, have been approved by President Wilson. The
maximum price for fir logs in the Pacific Northwest delivered
at points where it has been customary to make deliveries
to the sawmill operators will be $20 per thousand for No. 1
logs, $16 per thousand for No. 2 logs and $12 per thousand
for No. 3 logs—scale as to the gradd and contents to be
determined according to the methods that have been customary in the various districts. A statement issued by
the War Industries Board says:
accordance with their terms, subject, of course, to orders received from
the Government which may require priority.
It is imperative that, with the least possible disruption of the industry,
the vast war needs of the Govesment, both direct and indirect, for fir
logs and fir lumber be supplied on a fair basis, that an adequate supply and
equitable distribution thereof be assured for essential commercial needs,
that the movement thereof be facilitated and that injurious speculation
therein be prevented. Therefore the procedure outlined below, by agreement with the representatives of the loggers and lumber manufacturers
of the loggers and lumber manufacturers of the Pacific Northwest ,has been
adopted for a period of three months, beginning midnight June 15 1918.
Procedure Indicated.
The procedure is that each fir logger and each manufacturer of fir lumber
in the Pacific Northwest shall—
The Price Fixing Committee of the War Industries Board has fixed maxi(1) Make contracts for the sale of his products and accept orders therefor
mum item prices for Northwestern fir logs and lumber and for Southern at prices not exceeding the applicable maximum prices, always subject to
pine lumber. The detailed schedules of these item prices have been an option at the applicable maximum prices in favor of the United States
approved by the President and publicly announced. The prices established or the nominee of the War Industries Board. Under this option, which will
are manufacturers' f. o. b. mill prices for shipment at the mills, the same cover all fir logs and lumber down to the time of actual delivery to the
for all purchasers. They are maximum prices, not fixed prices, to hold purchaser, the War Industries Board to any extent required, will allocate
for a period of 90 days from June 15.
either to the -Government or to other essential users. Any balance not
No regulation has been made with regard to transactions other than sales so allocated will be released for sale to commercial buyers, but at prices
by manufacturers at the schedule prices. Wholesale dealers, retail dealer,s no greater than those determined upon as above set forth.
and all others are entitled to buy on the basis of these f. o. b. mill prices.
(2) Comply with the directions of the War Industries Board, as issued
As yet no regulation of rates or profits has been made with regard to sales from time to time, with reference to filling commercial requirements in
either by wholesalers or retailers to consumers. The War Industries the order of their public importance and to furnishing such information
Board believes that sales by all dealers should be made at reasonable and making such reports as may be required.
prices based on a strictly reasonable profit above the fixed schedule rates.
(3) Keep up to the best of his ability the production of logs and lumber
The Board is confident that the trade will conform to the spirit of the exist- so as to insure an adequate supply so long as the war lasts.
Board
will
the
not
proceed
to
further
regulation
or
and
regulations
ing
(4) Neither reduce the scale of wages now being paid nor change funrestriction of dealers' prices until their conduct of business indicates that damental labor conditions now in force.
such action is necessary.
Will Apportion Car Supply.
The Board also said:
The Government will apportion the car supply available for, and arrange
Douglas fir lumber prices apply on lumber manufactured in the Pacific
Northwest and represent an average increase of approximately $2 75 per for the transportation of, logs and lumber, subject to allocation by the War
thousand board feet over the former list of prices for Douglas fir sold to the Industries Board, as aforesaid, to the.end that injury to the industry due
Government. The prices as now established are f. o. b. mills and apply to abnormal war-time conditions be neutralized so far as may be.
Foreign trade, except to the Governments of nations associated with us
to all purchases of Douglas fir for mill shipments.
The yellow pine prices apply on lumber manufactured in the Southern in the present war, is not to be affected by this ruling.
PRICE FIXING COMMITTEE.
States named in the ruling. These prices represent an average increase
of approximately $4 80 per thousand over the former Government list.
also makes the following
The
Price
Fixing
Committee
The prices now established for yellow pine are, likewise, f. o. b. mill and
announcement concerning the approval by President Wilson
apply to all purchases of yellow pine for mill shipments.
The mill prices charged to the commercial trade for yellow pine prior to of the maximum prices for and procedure for distribution
the date of the new ruling averaged considerably higher than the price
of southern or yellow pine:
fixed for Government purchases.
After considering the information submitted by the Federal Trade ComThis new ruling will not result in any higher prices than formerly paid
by the commercial trade for yellow pine, although it does mean a higher mission as to the cost of manufacturing southern or yellow pine lumber
price for the Government. In the case of Douglas fir, the new prices will and the information submitted by the representatives of the manufacturers
thereof at the hearings held on the 12th, 13th, and 14th of June 1918, at
result in a very slight, if any, average advance to the commercial trade.
Both the advance in fir and pine prices now fixed are based on cost which their request for a readjustment of prices on their products was
investigations made by the Federal Trade Commission and are due entirely heard, the Price-Fixing Committee, appointed by the President, has
determined, by agreement with the said representatives of the manufacturers
to increased costs of labor and supplies.
of southern or yellow pine lumber, upon the following maximum prices
The following is the announcement made by the Price for such lumber. These maximum prices shall not be exceeded on any
Fixing Committee regarding the approval of the maximum sales and contracts for sale (for mill shipment) made during a period of
three months beginning midnight. June 14 1918, either to the public, to
prices for an the procedure for the distribution of fir logs the
Government, to Governments of the nations associated with us in the
and fir lumber in the Pacific Northwest:
present war, or the railroads, wither by rail or by water shipment.
After considering the information submitted by the Federal Trade CoinMaximum Mill Base Prices for Southern or Yellow Pine Lumber.
Mission as to the cost of logging and of manufacturing lumber and the inThe prices of all southern or yellow pine lumber in the States of Missouri,
formation submitted by the representatives of the loggers and lumber Arkansas, Oklahoma, Texas, Louisiana, Mississippi, Tennessee, Alabama,
manufacturers of the Pacific Northwest at the hearings held on Monday Georgia, and Florida shall not exceed the item prices named in attached
and Tuesday, June 10 and 11 1918, at which their request for a readjust- list, except that in the first three States named above an additional price
ment of prices on their products was heard, the Price-Fixing Committee, of $3 per 1,000 will be allowed on all items of short leaf soft pine 0 and
appointed by the President, has determined upon, by agreement with the better finish, casing, base, and jambs.
said representatives of the loggers and lumber manufacturers of the Pacific
Prices on items not covered by above list shall be priced on basis of nearest
Northwest, the following maximum prices for fir logs and fir lumber pro- comparable item.
duced in the Pacific Northwest, which maximum prices shall not be exThe usual trade practice shall continue, including cash discounts to be
ceeded on any sales and contracts for the sale thereof (for mill shipment) applied to the United States Government purchases as well as all others,
made during a period of three months, beginning midnight June 15 1918, except that in commercial transactions where purchasers do not avail
either to the public, to the Government, to Governments of the nations themselves of the cash discounts, the accounts may be converted into trade
associated with us in the present war, or the railroads, whether by rail or acceptances which do not bear interest before maturity.
by water shipment.
The custom of delivered prices of lumber to purchasers' destination points
shall remain unchanged, including the equalization of freight rates.
Maximum Prices for Fir Logs.
Contracts for the sale of lumber entered into in good faith prior to midThe maximum price for fir logs in the Pacific Northwest, delivered at
be performed in accordance
points where it has been customary to make deliveries to the saw-mill night, June 14 1918, and enforcible at law, will
with
their terms, subject, of course, to orders received from the Governoperators, shall be $20 per thousand for No. 1 logs, $16 per thousand for
No. 2 logs, and $12 per thousand for No. 3 logs, scale as to the grade and ment, which may require priority.
It is imperative that, with the least possible disruption of the industry,
contents to be determined according to the methods that have been cusboth direct and indirect, for southern
tomary in the various districts. Said prices are on a basis of logs up to and the vast needs of the Government,
basis, that an adequate supply
including 40 feet in length; logs over 40 feet in length to be priced on same or yellow pine lumber be supplied on a fair
distribution thereof be assured for essential commercial
basis for extra lengths, as has heretofore been established by custom or and equitable
be
facilitated
and that injurious specula
movement
thereof
(in case of uncertainty or question or variation in the different districts needs, that the
Therefore the procedure outlined below, by
as to past custom, as to point of delivery, method of scaling, or prices for tion therein be prevented.
of southern or
extra lengths) as may be decided by the lumber section of the War In- agreement with the representatives of the manufacturers
dustries Board. In no case shall any greater prices than those mentioned yellow pine lumber, has been adopted for a period of three months, beginning
midnight,
June
14
1918.
above be allowed for logs during the period mentioned. Any additional
The procedure is that each manufacturer of southern or yellow pine
cost for log freights occasioned by Order No. 28 of the Director-General
lumber shall:
of Railroads to be added to foregoing log prices on logs so affected.
(1) Make contracts and accept orders for his product at prices not in
Maximum Prices for Fir Lumber.
excess of the applicable maximum prices, always subject to an option at
The price of fir ship timbers under the Ferris schedule to the Emergency the applicable maximum prices in favor of the United States or the nominee
Fleet Corporation to remain the same as those determined upon the Price of the War Industries Board. Under this option, which will cover all
Fixing Committee March 19 1918, namely: Item prices that average $40 southern or yellow pine lumber down to time of actual delivery to the
per thousand for a complete schedule for both the rough and dressed items, purchaser, the War Industries Board to any extent required will allocate
and all sales of lumber for other vessels requiring a schedule of lumber of either to the Government or to other essential users. Any balance not so
allocated will be released for sale to commercial buyers, but at prices no
similar type shall be furnished at not to exceed the same basis of prices.
The prices of fir lumber for aircraft use to remain the same as those now greater than those determined upon as above set forth.
(2) Comply with the directions of the War Industries Board, as issued
in effect.
The prices of all other items of fir lumber shall be based on the West Coast from time to time, with reference to filling commercial requirements in
price list of May 1 1915, plus additions noted on discount sheet No. 22 the order of their public importance and to furnishing such information
and making such reports as may be required.
of Feb. 15 1918 on the following items:
All items of No. 3 clear and better.
(3) Keep up to the best of his ability the production of southern or yellow
All items of fir timbers larger than 8 by 8 dimensions of all lengths.
pine lumber so as to insure an adequate supply so long as the war lasts.
(4) Neither reduce the scale of wages now being paid nor change fundaAll items 3 inches and thicker and 10 inches and wider and plus $1
per thousand less than discount sheet No. 22 on all remaining items of mental labor conditions now in force.
The Government will apportion the car supply available for lumber and
fir on said lumber list.
Prices on items not covered by the above list shall be priced on basis arrange for its transportation, subject to allocation by the War Industries
Board as aforesaid, to the end that injury to the industry due to abnormal
of nearest comparable item.
The custom of delivered prices of lumber to purchasers' destination points war-time conditions be neutralized so far as may be.
Foreign trade, except to the Governments of nations associated with us
shall remain unchanged.
Contracts for sale of logs and of lumber entered into in good faith prior in the present war, is not to be affected by this ruling.
PRICE-FIXING COMMITTEE.
to midnight of June 15 1918, and enforceable at law will be performed in
27 10
THE CHRONICLE
Last week, page 2615, we published the announcement
relative to the maximum retail prices for fir and southern or
yellow pine lumber for the Government's emergency lumber
requirements from retail lumber dealers in the cities and
vicinities of Boston, New York, Newark, Philadelphia and
Baltimore.
NATIONAL PETROLEUM WAR SERVICE COMMITTEE
ASKED TO CO-OPERATE WITH OIL DIVISION IN
STABILIZING CRUDE OIL PRICES.
A request that the National Petroleum War Service Committee co-operate in the development of a comprehensive
plan to stabilize the price of crude oil and to establish definite
and fixed differentials for the various qualities of crude oil
has been made by the Oil Division of the U.S. Fuel Administration. An announcement from the Committee on June 20
states that it is making a thorough study of the subject, and
with the assistance of its Advisory Committee is consulting
the various factors in the industry with a view to suggesting
a plan which will stimulate maximum' output and give
reasonable earnings. Mark L. Requa, Director of the Oil
Division of the U.S.Fuel Administration,in a letter to A. C.
Bedford, Chairman of the National Petroleum War Service
Committee,in keeping with the policy which the Government
has been following since the creation of the committee, states
his belief that such a program can best be outlined by the
committee rather than by the Government, because such a
program "involves the welfare not alone of the producer, but
of all branches of the business." Mr. Requa says:
Any plan will prove unsatisfactory at this time that fails to recognize that
petroleum is one of our most vital national necessities to be dealt with not as
a problem of production, transportation, refining or marketing, but rather
as a whole the component parts of which must concede and provide for
the necessities of all the other parts.
Mr. Requa suggests consideration of the California plan
under which a base price is established for oil of a given
gravity with additions for every degree of higher gravity
and deductions for every degree of lower gravity than the
established standard. He adds:
But I believe the Committee should approach the problem without much
if any suggestion from the Division; keeping in mind, however, the one
general thought that it is desirable to have the oil industry, as a whole,
firmly committed to certain reasonable and stabilized base prices with
certain manufacturing differentials and regulation that will permit of
reasonable and maximum output without adding to the price of the finished product.
That some such program must of necessity be mde effective shortly I
believe goes without saying. Pending the discussion of this matter and
report of the committees, which I shall hope to receive within two weeks
(from June 15), I shall expect that existing premiums and distribution of
crude oil will remain unchanged as a voluntary action of the industry
rather than due to any order of this department.
NOW
,
.0.1••••
MN(
Mr. Requa had, on May 17, suggested that competition
in the paying of premiums over and above the established
price for crude oil production should be discouraged. The
special occasion for raising the subject at this time is that
several instances of increased price, due to competition, have
come to the attention of the Oil Division, forcing belief in
the necessity that some voluntary action be taken by the
industry to establish definite and fixed differentials for crude
of various qualities. Mr. Bedford, Chairman of the National Petroleum War Service Committee, in making public
receipt of the letter from Mr. Requa, said:
The National Petroleum War Service Committee is only too eager to cooperate with Mr. Requa in seeing to it that competition in the payment of
premiums should be, as far as possible, eliminated. We feel that the distribution of petroleum should be governed primarily by war necessities,
that every refiner should receive the share of available crude which he has
been accustomed to receive and that there should be no occasion for any
refiner paying unusual prices in order to obtain such a share.
plish the maximum co-operation with the Government as the voluntary
act of the industry itself. All factors in the industry are co-operating in
a policy of self-regulation, an effort in which we are being encouraged to the
utmost by Mr. Requa, and an effort which I may say is calling forth not
only the highest patriotism of all factors in the industry and a spirit of cooperation never before elicited, but is also effecting the best producing
and manufacturing results which have ever been realized in this industry.
[Voi, 106.
GOVERNMENT CONTROL OF STEEL NOT TO AFFECT
SUPPLIES FOR OIL PRODUCERS.
Advices to the effect that Government control of steel
will not be permitted to affect the supplies for oil producers
have been conveyed to A. C. Bedford, Chairman of the
National Petroleum War Service Committee by the Oil
Division of the Fuel Administration. The letter, which was
made public Juno 14, warns the petroleum industry, however. that every pound of steel or other essential commodity
diverted from ships, aeroplanes and munitions will correspondingly retard the Government's program, and declares
that "therefore no truly patriotic citizen will consume these
valuable commodities wastefully." The following is the
letter:
Mr. A. C. Bedford, Chairman National Petroleum War Service Committee,
26 Broadway. New York City.
Owing largely to the press reports regarding the action of the War Industries Board in taking over the entire steel production of the country
for Government requirements and not making clear the point that the term
"Government requirements included all essential requirements not ordered directly by the Government use, a wrong impression has been created
in the minds of consumers,such as oil producers,for instance, and they seem
to think that the action of the War Trade Board is going to have the effect
of curtailing and even shutting off completely the supply of these essentials, and this has resulted in more or less of a scramble to cover their requirements on orders in excess of their real needs and also in the hoarding
of materials, which, in its turn, results in inegitable distribution and
profiteering in price.
The effect of the action of the War Industries Board should be exactly
opposite. The taking over of the steel production by the Government
and the allocation of that tonnage to essential industries only is calculated
to increase greatly the supply of essential products, and, of course, the
Production of oil and gas and of all kinds of oil well supplies used in that
production or in the pipe line transportation of same has already been
classed by the War Trade Board as highly essential to the Governsment
program in the prosecution of the war; therefore their action is going to be
a very great assistance in immediately relieving the shortage that has
existed in a few items, such as wire rope, tubular goods and boilers.
At the same time it should be thoroughly understood that every pound
of steel or other essential commodity that is diverted from use in the building of ships, aeroplanes, and munitions has a proportionately retarding
effect upon the completion of the Government s program, and therefore
no truly patriotic citizen will consume these valuable commodities wastefully.
For obvious reasons we think it highly desirable that this view of the
situation be thoroughly and promptly disseminated among the producers,
and we know of no better way than to enlist the services of the various
petroleum war service boards in this matter. Can we have your assistance?
Yours, very truly,
U. S. FUEL ADMINISTRATION,
Oil Division.
GEO. E. DAY,
Chief of Oil Well Supplies.
GOVERNMENT REQUIREMENTS FOR GASOLINE MAY
AFFECT SUPPLY FOR PLEASURE CARS.
An intimation that the use of gasoline for pleasure cars
might be curtailed was contained in an annonncement
issued by the U. S. Fuel Administration through Mark L.
Requa, Director of the Oil Division on June 21. In stating
that it must be borne in mind that the paramount use for
gasoline is for war purposes, all of which requirements will
be supplied the Administration adds that the volume of
this will largely govern the situation. We print its statement herewith:
Up to the present time there has been sufficient supply of gasoline to
meet all requiremenis. but in order to be prepared for any shortage should
it arise, plans are being considered by the oil division of the Fuel Administration, in co-operation with the automobile industry, and the National
Petroleum War Service Committee, for the purpose of determining the
most satisfactory method of gasoline conservation.
It is not expected in any event that it will be necessary to restrict normal
consumption for freight vehicles, and provided there is a reasonable conservation conservation by all concerned, it may not be necessary to seriously
interfere with pleasure cars and motor boats.
It must be borne in mind, however, that the paramount use for gasoline
is for war purposes, all of which requirements will be supplied. The volume of this will largely govern the situation.
It seems possible that rational conservation by the public will render
Government action unnecessary.
SCHEDULE OF IRON AND STEEL PRICES IN EFFECT
UNTIL SEPT. 30.
An increase effective July 1 of 45 cents per gross ton in
iron ore prices was agreed on at the conference in Washington
COMMITTEE TO APPORTION ALLIES' PURCHASES on June 21 between the Price-Fixing Committee of the
War Industries Board and representatives of American Iron
OF OIL.
The appointment of a committee to apportion the Allies' and Steel Institute and ore producers. The present price
purchases of oil, was announced as follows by the U. S. Fuel is $5 05 per gross ton, f.o.b. lower Lake ports, and the 45
cent increase is based on that figure. The only other excepAdministration on June 20:
agreed on for the three
The United States Fuel Administration, through Mark L. Requa, tion to the prices for iron and steel
Director of the 011 Division, announces the appointment of A. C. Wood- months ending Sept. 30 is that beginning July 1 the basing
man, Director of Purchases of Lubricants of the Oil Divislons, and J. A. point for .steel bars, shapes and plates will be Pittsburgh.
Moffett, Jr., Secretary of the National Petroleum War Service Committee,
Robert S. Brookings, Chairman of the Price-Fixing Commitas a committee to allocate oil purchases for the Allied Governments.
The object of the appointment of this committee is to accomplish the tee,in announcing at the conclusion of the meeting that there
most equitable distribution of the orders of the Allies for oil supplies would be no advance in the price of steel, is said to have
throughout the entire industry, and at the same time to make certain to
the Allies a prompt and satisfactory source of supply, with as little inter- stated that the steel men had asked for no increase over the
ference as possible with the requirements of our own industries.
prices expiring June 30.
r
JUNE 29 1918.]
THE CHRONICLE
It is understood that the chief factors discussed at the
conference were the stimulation of ore production, necessity
for meeting increased freight rates and the labor situation.
The Government , it was said, after the meeting, while
recognizing the justice of the ore producers' assertion that
they would have to get more for their product to stimulate
production and because of increased freight .tariffs and labor
charges, did not wish to raise the price of ore to a point where
increases on all forms of steel would be made necessary.
John A.Savage, President of J. A. Savage & Co., represented
the ore producers, and Elbert H. Gary, President of the
United States Steel Corporation, headed the Institute's committee. Director of Steel J. L. Replogle acted as chief adviser to the Price-Fixing Committee. The prices agreed on
at the conference were approved by President Wilson on June
22, the War Trade Board making known his approval as
follows:
The President has approved the agreement made by the Price-Fixing
Committee of the War Industries Board, with the representatives of the
iron ore, pig iron and steel interests, that the maximum prices now prevailing on iron ore, pig iron and iron and steel products be continued in
effect for the three months ending Sept. 30 1918, with the following exceptions:
1. Lake Superior iron ore.—Base prices of Lake Superior iron ore delivered to lower Lake ports are increased 45 cents per gross ton on and after
July 1 1918, subject to the following condition: These increased prices are
based on the advances in rail freight rates effected June 25 1918, and on
the present Lake rates, and in the event of any increase or decrease in
either rail or Lake rates said prices shall be increased or decreased accordingly on all deliveries made during the continuance of such increased or decreased freight rates.
2. On and after July 1 1918 the basing point for steel bars, shapes, and
plates will be Pittsburgh, Pa. No new contracts calling for delivery of
any of the above commodities or articles on or after Oct. 1 1918 are to
specify a price unless coupled with a clause malcing the price subject to revision by any authorized United States Government agency, so that all
deliveries after that date shall not exceed the maximum price then in force,
although ordered or contracted for in the meantime. It is expected that
all manufacturers and producers will observe the maximum prices now fixed.
PROPOSED REDUCTION IN VARIETIES BY JOBBERS
IN HEAVY HARDWARE.
With regard to tentative plans for reducing the varieties of
hardware carried by heavy hardware jobbers, the War Industries Board has issued the following announcement:
Representatives of heavy hardware and supply jobbers met with the
Conservation Division to discuss the question of cutting out for the period
of the war unnecessary sizes and varieties of articles carried by them.
Tentative plans were made for reducing the varieties of re-enforcing
bars, pulleys, crowbars, shafting, cast iron pipe, wrought iron pipe, davits,
bolts and nuts and other materials carried by heavy hardware jobbers.
The trade was requested by the Conservation Division to draw up a
specific program indicating the varieties and sizes of the different articles
through which production can advantageously be confined during the war.
MODIFICATION OF FUEL ADMINISTRATION'S ORDER
AFFECTING MANUFACTURERS OF SANITARY WARE.
The'modification of Fuel Administrator Garfield.'s order
restricting the use of fuel by manufacturers of sanitary ware
is made known by the Fuel Administration. Under the
modified order permission to use fuel in excess of 50% of the
previous year's requirements may be had upon individual
application. The announcement is as follows:
United States Fuel Administrator H. A. Garfield has issued an order
modifying his order of April 13, restricting the use of fuel in the manufacture of sanitary ware. The modifying order says that permission to use
fuel in excess of 50% of the previous year's requirements may be granted
upon individual application to the Fuel Administration, proof being submitted that the increased production is necessary to meet war-time needs.
The modified order is effective June 19.
An accompanying order says that wood and peat, when not transported
by railroad, may be used as fuel in the manufacture of all clay products
and sanitary ware in excess of the quantity of fuel permitted by the order of
April 13. Florists, also, arc permitted the use of wood and peat under
similar circumstances.
All such users, however, must at once notify State fuel administrators of
their respective States in writing of the exact time when they began the
use of such wood and peat for fuel.
2711
BUILDING CONSTRUCTION AS AFFECTED BY GOVERNMENT WAR WORK.
Semi-official side lights on the Government's attitude on
future building construction are given to the building trades
of the country by the Dow Service Daily Building Reports.
for June 24. In the matter of supply of materials, Portland
cement, through conferences held last week, has been placed,
it is stated, upon the priority list until Aug. 1. After that
date there will be another conference to determine whether
the priorities shall be continued still farther. This industry
has been on the essential list since April 30, but owing to
shortage of labor production in Zone 1, at least, has not exceeded 55% of normal. In the meanwhile, consumption of
this commodity, mainly for war purposes, has been so great
that the supply is endangered and the conference at Washington resulted, with the foregoing result. Continuing, the
Dow Service report says:
The War Industries Board, before which the conference was held, was
reluctant to make the period longer than Aug. 1, because it was not certain just what the fuel situation will be then. The industry has practically
been on the priority list by enjoying the privileges usually accorded commodities under such classification. The importance, therefore, of this decision to the general building material and construction interests is that it
is the first official indication that .,he Federal authorities have recognized
in basic building materials the importance accorded to such munitions as
steel, iron and similar products. Other commodities are to have similar
consideration where conditions warrant.
To-day at the Fort Pitt Hotel in Pittsburgh the sanitary pottery manufacturers of the country will meet to endeavor to obtain sufficient recognition from the Federal authorities to permit the industry to survive during
the period of the war. The conference follows the assurances made officially by Secretary McAdoo that structures contributing to the health
and comfort of the populace during war time should be permitted to proceed. Sanitary ware holds a very important place in the health of the
community, according to the leaders in the trade, and since reserve stocks
cannot be accumulated under the 50% restriction in fuel, and since the use
of clay products in sanitary work eliminates the use of vast quantities of
metals, it is argued that this industry should be permitted to operate at
least up to 50% minimum, which has not been the case of late, not more
than 25% of normal being produced, practically all of which has gone into
war-time structures.
By way of illustrating the extent of necessity for quick and competent
construction, in the last 15 months a total of 225 such contracts had been
awarded up to the middle of this month. There is still approximately
half a billion dollars' worth of construction work to be let, either for primary war needs or supplemental wartime requirements, and to conserve
supplies in an already tight market, certain commodities have been restricted on imports for the present, notably asphaltum, except for Government needs, the total quantity to be imported being 30.000 tons from
Venezuela and 32,000 tons from Trinidad. All outstanding licenses for
the importation of this commodity after June 15 have been revoked. Allocation of amounts to be imported subject to decision of War Industries
Board. New Government lumber prices have been anonunced.
Building material price adjustments for this week are few. There is
little demand for construction materials outside of that for alteration work
which is increasing in quantity, as it has become apparent that this sort
of necessary construction work can proceed without interruption, thus giving more hope for contractors.
ELIMINATION OF TYPES AND SIZES OF FURNACES
PROPOSED BY WAR INDUSTRIES BOARD.
Recommendations have been made to the furnace industry
as to types and sizes of furnaces which should be eliminated
as a war conservation measure, as a result of conferencesiof
manufacturers with the Conservation Division of the War
Industries Board. The latter makes this known in the
following announcement issued on June 26.
A series of conferences of the manufacturers of furnaces with the Conservation Division of the War Industries Board has resulted in recommendations to the furnace industry of types and sizes that should be
eliminated. These economies in manufacture are for the purpose of conserving labor, materials, capital, transportation, and manufacturing
facilities for war use.
The letter to the manufacturers of furnaces and the preliminary program
for conservation follows:
To the Manufacturers of Furnaces:
It is of first importance in the present emergency that the country's
resources be used to full advantage and that we husband our supplies of
materials, equipment, and capital to aid in carrying on the war. The
Conservation Division of the War Industries Board is making an inquiry
to learn what savings the furnace-manufacturing industry can effect and
how the amount of capital invested in manufacturers' and dealers' stocks
can be reduced.
The Board has been informed that manufacturers in this industry are
offering a greater variety of types, patterns, and sizes of furnaces than
is necessary in time of war, and that it would be entirely practicable to
AGREEMENT AS TO FUEL SUPPLY FOR CEMENT effect a reduction as a measure of conservation. By such a reduction and
by restricting the making of certain types and sizes to but a few models,
MANUFACTURERS.
material and equipment can be saved and the amount of capital invested in
manufacturers' and merchants' stocks substantially reduced. The eliminIn announcing that an agreement had been reached ation
of the unnecessary use of steel and iron, which are urgently required
war purposes, is particularly desirable.
for
manufacturers
cement
would be accorded preferwhereby
The program which has been drawn up is being submitted to each
A copy is inclosed. This program will be made
ential treatment to secure a reasonable supply of fuel, the furnace manufacturer.
effective unless substantial reasons are immediately presented to show
War Industries Board, according to the "Official Bulletin" that by some modification the needs of the Government can be met more
effectually. If you have suggestions on this program whereby greater
of Juno 20, said:
economies can be brought about, we shal be glad to receive them.
At a conference held yesterday between the Priorities Commissioner and
CONSERVATION DIVISION,
WAR INDUSTRIES BOARD.
other representatives of the War Industries Board and a committee repreindustry
of
the
United
cement
States,
an
senting the
agreement was reached
Preliminary statement of program for manufacturers of furnaces:
1. The immediate discontinuance of the manufacture of new patterns
by which the cement manufacturers would be accorded a degree of preferential treatment to secure a reasonable fuel supply conditional upon their for the duration of the war.
to
the
point where their production will be only
curtailing their operations
2. Each manufacturer. to limit his line to not more than three styles
sufficient to meet the direct and indirect war requirements and the demands of heaters, for the duration of the war. (Either cast or steel radiators
of national or exceptional importance. The representatives of the indus- may be used for each style if desired. Each so-called "pipeless" type_to
try, fully realizing the imperative need for the conservation of fuel and be included as one of the above three styles.)
transportation service, agreed to the plan and promised the War Industries
3. Each manufacturer to limit his line to not more than five sizes for
Board wholehearted co-operation in carrying it into effect.
•
each style of heater.
2712
THE CHRONICLE
[Vol,. 106
p.
4. The manufacturer of firepot size of a rating less than 19 inches to
be discontinued.
5. Pokers, scrapers, shovels, draft regulators and chains to be furnished
only as extras.
CONSERVATION DIVISION,
WAR INDUSTRIES BOARD.
Sulphuric acid 20% oleum, $32 a ton of 2,000 pounds.
Free on board at manufacturers' works in seller's tank cars.
In carboys in carload lots, one-half cent a pound extra.
In carboys in less than carloads, three-quarters of a cent a pound extra.
In drums, any quantity, one-quarter cent a pound extra.
Nitric acid, 42 degrees Baume, 834 cents a pound, f.o.b. manufacturers'
workers in carboys.
The above prices are agreed upon for the public as well as the Government.
PROPOSAL FOR POOLING OF LIME INDUSTRIES.
Concerning a conference held between representatives of REDUCTION IN SIZES AND TYPES OF AUTO TIRES.
the War Industries Board and lime producers, and the
It was announced yesterday that immediate reduction in
suggestions for the pooling of the industry, the Board has
the number of types and sizes of automobile tires from 287
issued a statement saying:
to 32 has been determined upon by the automobile tire
A conference was held Saturday afternoon between representatives of the
Board and producers of lime from all sections of the country in which pro- manufacturerers, in accord with recommendations of the
duction is considerable. The annual meeting of the lime producers was Conservation Division of the War Industries Board. Under
adjourned from Cleveland, Ohio, to Washington, and a large and reprethe program announced, it is stated, that all but nine types
sentative gathering was present.
Earlier in the day the industry organized a War Service Committee which and sizes will have been discontinued by Nov. 11920.
will have permanent headquarters in Washington in order to be at hand to
work with the Board in making a survey Of the industry and to study and
recommend as to possibilities of curtailing production and directing the
product into essential uses. It is agreed that large savings in the use of
fuel can be accomplished. The possibilities are great since it takes,roughly,
a ton of coal to make 234 tons of lime.
Plans have been suggested for pooling the industry and closing some
plants in the congested manufacturing districts, handling a larger percentage of the production in sections where coal can be provided with'less
difficulty. These plans will have further consideration.
COAL DEALERS TO ADD INCREASED FREIGHT RATES
TO COAL PRICES ONLY WHERE ACTUALLY COLLECTED BY RAILROADS.
Coal distributors and dealers were warned by the U. S.
Fuel Administration on June 23 that they will not be permitted to add the increased freight rates effective June 25, to
stocks of coal already on hand; increased freight •charges,
the Administration announces, will be allowed to be inPURCHASERS OF PLATINUM JEWELRY CLASSED AS cluded in the price charged for coal only in cases where the
SLACKERS.—FEARS OF GOVERNMENT FOR SUPPLY. higher rate has actually been collected by the railroads.
The Department of the Interior in an announcement The following is the statement made in the matter:
relative to the fears of the Government as to the future
The United States Fuel Administration has made public a regulation
supply of platinum for war needs describes as slackers those prohibiting coal distributors and dealers from adding to the price they
for coal any increased freigh,rate which the dealers or distributors
who purchase or encourage the purchase of platinum jewelry. charge
have not actually paid o become obligated to pay. A general increase in
As far as can be learned, it is the belief, it is stated, that freight rates on coal will become effective June 25. On that date large
there is less than 25% of the normal stock of unmanufactured stocks of coal will be in the hands of dealers who have paid the present
freight rate. These dealer will not be allowed to increase their selling
platinum available for the needs of the war, and it is in- prices on
this coal to include the new increased rate.
The increased freight rate may be included only n the prices charged for
timated that the Government may forbid the use of platinum
in jewelry not only for the period of the war but for all time. coal upon which the higher rate has actually been collected by the railroads.
The announcement says:
This regulation will also apply to coa shipped to the various "pools" at
The newest type of slacker and one who is doing his country a great tidewater, where large quantities of coal are accumulated to await shipping
amount of harm is the man or woman who buys or even encourages the facilities. The advanced freignt rate may only be charged on coal entering
purchase of platinum jewelry, according to the Bureau of Mines, Depart- pools when the railroads have actually transported the coal under the
ment of the Interior. For the country is and for many years will be new rate.
The regulation made public reads:
desperately in need of the scarce and precious platinum in its industrial
"U. S. FUEL ADMINISTRATION,
work and must have it if the war machine is to go full speed ahead.
"Washington, D. C.
A plan proposed by the Federal officials would stop the use of platinum
The United States Fuel Administrator, acting 'under authority of an
in jewelry, not only for the war but for all time. Officials of the Government who are in close touch with the situation are filled with apprehension Executive order of the President of the United States dated Aug. 23 1917,
as to the future supply of platinum. As far as can be learned, it is believed appointing said Fuel Administrator, and of subsequent Executive orders
that aside from the large amount of platinum metals in the form of manu- and in furtherance of the purpose of said orders and of the Act of Confactured jewelry, a large part of which is in private ownership, there is less gress therein referred to and approved Aug. 10 1917,
Hereby makes and establishes the following regulation, effective
than 25% of the normal stock of unmanufactured platinum in this country
June 22 1918, at 7 a. m , until further or other order, and subject to modiavailable for the needs of the war.
In an effort to fill the immediate pressing needs of the Government in its fication hereafter from time to time and at any time:
war program, the War Industries Board has ordered that 75% of the stock Regulations as] to Transportation Charges to be Added to or Included in
Selling Price of Coal and Coke.
of platinum in the hands of manufacturing jewelers be commandeered and
No producer, distributor, or retail dealer shall include in or add to the
also the complete stock held by refiners, importers, and dealers; but this,
prce asked, demanded, or received for coal or coke any sum for transportait is said, will only fill a small gap and that temporarily.
tion charges in excess of the amount actually paid by or charged to such
It has been hoped by Federal officials and chemists throughout the producer, distributor, or retail dealer for the specific coal or coke sold, and
country who understand the seriousness of the situation that the whims no increased freight rate shall be included in or added to the selling price
credit of such producer, distribuof fashion might yield to national needs and that purchasers of jewelry of coal or coke stored by or standing to the
tor, or retail dealer in or on any pool, dock, yard, trestle, vehicle, barge,
would demand gold and silver or a white alloy, and so release platinum vessel, or bin unless such increased freight rate has been actually paid by
for its highest use, but the results have been disappointing.
or charged to such producer, distributor, or retail dealer on the specific
The American Chemical. Society, an organization composed of the coal stored or on the specific shipment of coal which gives such credit.
The
of this regulation apply to all orders of the undersigned
leading 12,000 chemists of the country, which is also back of this move- fixingprovisions
prices of coal or coke heretofore or hereafter made which provide that
ment,has issued an appeal to the people not under any circumstances either prices therein contained shall be increased if freight rates are increased,
during the war or after the war to use platinum jewelry, but to conserve and no increased price shall be asked, demanded, or received under such
this unique and fast dwindling metal now priced at five times the cost of orders, except by producers, distributors, or retail dealers who actually
pay or become obligated to pay such increased freight rates.
gold for the exclusive use of the chemical and other necessary industries.
The above regulation was promulgated this 22nd day of June 1918.
The first purpose will be to obtain a sufficient supply of platinum for the
H. A. GARFIELD, United States Fuel Administrator,
needs of the war and then to retain the production of the future for the
industries. It is claimed that even before the war, as a result of this
unreasonable craze for platinum in jewelry, the highly important work of ORDER FIXING PRICES OF ANTHRACITE COAL AT
the chemists has been curtailed and research work, especially in the uniLAKE SUPERIOR AND LAKE MICHIGAN DOCKS.
versities, handicapped by inability to meet the constantly rising price for
An order fixing the schedule of prices for the sale of anthraplatinum.
kik Van. H.Manning, Director of the Bureau of Mines,said:
cite coal received by rail and water on docks located on Lake
The scarcity of platinum throughout the world and its high price is Michigan and Lake Superior has been issued by the U. S.
apparently due almost solely to the fact that the women of this and other
countries have been recently led to consider it a choice article for adorn- Fuel Administration. In promulgating the order the Adment. It is inconceivable to me that any woman would wear a leadcolored ring or bracelet or adorn herself with lead-colored jewelry, except ministration said:
that its artificially produced high price has been made to give it a false
The United States Fuel Administration announces the maximum prices
value in her eyes. When our basic war needs for platinum are going to
be met only with the greatest difficulty, I certainly can not consider the for anthracite coal at Lake Superior and Lake Michigan docks. The
purchasing of platinum jewelry patriotic now and it appears to me to be prices represent an advance over those which obtained last winter, due
very doubtful good taste at any time.
to increased freight rates and the increased cost of handling at the docks.
The marvelous ductility of platinum, one of the elements that make it so No advantage will result to producers, as the mine prices for coal going
necessary in industrial work, is better conceived when it is considered that to the Great Lakes will be the same as the mine prices for the rest of the
out of a single troy ounce of the metal it is possible to make an almost tonnage.
The anthracite coal that will move into the area west of Lake Michigan
infinitely slender wire that would reach about 1,800 miles.
by all-rail will sell at prices less than the coal which has moved via rail and
water. This is because coal moving all-rail suffers no deterioration. The
PRICES AGREED ON FOR SULPHURIC AND NITRIC difference in prices between all-rail and coal moved via rail and water is
represented by the amount of deterioration which takes place when coal is
ACIDS.
handled on and off the docks. The all-rail coal, though sold to the conMaximum prices for sulphuric and nitric acids agreed sumer at less than the dock coal, still nets the same price to the producer
onl.atta conference of manufacturers and the Price Fixing as does the rail-and-water coal.
The price order affects only shipments made from the docks on and
Committee of the War Industries Board, were announced after
June 25 1918. On that date freight rates on coaljwill be generally
by the Board on June 27 following their approval by Presi- advanced. On coal shipped from the docks prior to that date, a large
dent NVilson. The prices, which take effect immediately quantity of which still remains to be paid for, the Fuel Administration
will consider the prices fixed in paragraph 1 o? the order, loss 45 cents per
and:expire Sept. 30, are as follows:
ton, representing the advance in freight charges, as a reasonable and
Sulphuric acid, 60 degrees Baume,$18 a ton of 2,000 pounds.
proper price.
Sulphuric acid, 66 degrees Baume, $28 a ton of 2,000 pounds.
The order follows;
JUNE 29 1918.1
THE CHRONICLE
UNITED STATES FUEL ADMINISTRATION.
Washington, D. C., June 1918.
Order of the United States Fuel Administrator Fixing Prices for the Sale
of Anthracite Coal Received by Rail and Water on Docks Located
on Lake Michigan and Lake Superior.
The United States Fuel Administrator, acting under authority of an
Executive order of the President of the United States, dated August 23
1917, appointing said administrator and of subsequent Executive orders
and in furtherance of the purpose of said orders and of the Act of Congress
therein referred to and approved August 10 1917,
Hereby orders and directs that until further or other orders by the
United States Fuel Administrator the following maximum prices per gross
ton are fixed for anthracite coal f. o. b. car docks on Lake Michigan and
Lake Superior:
Schedule of Prices.
(1) The selling prices for anthracite coal shipped from the mines on or
after June 25 1918, and received at such docks and reshipped by rail from
such docks to purchasers buing in carload lots shall be as follows:
Broken
$10 20 Nut
$1045
Egg
10 10 Pea
880
Stove
10351
The above prices are subject to a summer reduction of 30c. per gross ton
until Sept. 1 1918, and are based on the freight rates effective June 25
1918 from the mines to Lake Erie ports. In the event that the abovementioned freight rates are increased by order of the United States Railroad
Administration effective at any time hereafter, an amount equivalent to
the amount of such increase in freight rates may be added to such prices.
(2) The selling prices for anthracite coal shipped from the mines 'before
June 25 1918, and reshipped on or after June 25 1918, by rail from such
docks to purchasers buying in carload lots, shall be the prices specified in
paragraph numbered "1" of this order, less 45c. per gross ton, which sum
represents the advance in freight effective June 25 1918.
(3) The selling price for anthracite coal received at any dock on Lake
Michigan or Lake Superior and sold on and after June 25 1918,for delivery
by truck, wagon, or other usual facility for retail delivery to consumers
without any rail reshipment, shall be fixed and determined in the manner
and in accordance with the provisions and limitations prescribed in the
orders and regulations of the United States Fuel Administrator relative to
maximum gross margins and prices to retail coal dealers.
H. A. GARFIELD,
United States Fuel Administrator.
(
2713
large number of inspectors devoting their time to travelling among the
steam plants.
This fielf force will be organized by States in order to give it greater
force and efficiency. Many of the State heads who work directly under
the State Fuel Administrators have already been appointed and Mr.
Knott, co-operating with Mr. Myers, will complete the list of State appointees. Mr. Knott will, at an early date, visit the States already organized to study the work being done by the men in the field, and to
Speed up the inspection program.
EXPORTS CONTROL COMMITTEE TO HAVE CHARGE
OF OVERSEAS WAR FREIGHT.
The creation of an Exports Control Committee, composed
of representatives of the War Department, the Navy Department, the Railroad Administration, the Shipping Control
Committee and the traffic executives controlling Allied
traffic, was announced on June 20. The work of the committee will consist in determining the probable amount of
freight which must be exported for war purposes and its
routing from interior to seaboard points. The following is
the announcement concerning its appointment:
Washington, D. C., June 11 1918.
The creation of the Exports Control Committee is hereby announced,
effective this date, consisting of:
Maj.-Gen. G. W. Goethals, United States Army, representing the War
Department.
Rear-Admiral C. J. Peoples, United States Navy,representing the Navy
Department.
Mr. Geo. D. Ogden, representing the Railroad Administration.
Mr. P. A. S. Franklin, representing the Shipping Control Committee.
U. S. FUEL ADMINISTRATION CALLS FOR WRITTEN
Mr. D. W. Cooke, representing the traffic executives controlling allied
traffic.
REPORTS OF COKE CONTRACTS.
The committee will elect a chairman from its number and appoint
In announcing that written reports of contracts will be a (1)
secretary.
required of manufacturers, jobbers, dealers and distributors
(2) It shall be the duty of this committee to inform itself—
of oke to order to bring about its more efficient distribution, (a) As to the probable amount of freight which must be exported for the
prosecution of the war.
the U. S. Fuel Administration under date of June 12 said:
(b) How this war freight can best be routed through the various ports.
appearing
(c) How much of other essential export traffic has to be handled.
to
the United States Fuel Administrator that in order to
It
(d) The amount of local traffic necessary for each port.
more efficiently distribute coke to manufacturers and industries necessary
(3) The committee will have authority to select the port to which specified
for the successful prosecution of the war that all manufacturers, jobbers,
dealers, and distributors of coke be required to make a report of all contracts freight shall be transported for transshipment overseas for the use of the
covering the sale of coke and to file with the United States Fuel Administra- War and Navy Departments, the Allied Governments, and others.
(4) It shall be the responsibility of the committee to decide the distribution copies of all written contracts and affidavits concerning all oral contracts pertaining to the sale of coke, to be delivered on or after Dec. 29 1917 tion of the combined amount of all exports, as between the various ports,
so
as to facilitate its handling at and avoid congestion in any one port.
and claimed to be bona fide in character and enforcible at law and existing
The headquarters of the committee will be at Washington, D.C.
prior to the 29th day of Dec. 1917.
The United States Fuel Administrator, acting under authority of an
NEWTON D. BAKER,
Executive order of the President of the United States, dated Aug. 23 1917,
Secretary of War.
appointing said Administrator, and of subsequent Executive orders, and
JOSEPHUS DANIELS.
purpose
the
of said orders and of the Act of Congress
in furtherance of
Secretary of the Navy.
therein referred to and approved Aug. 10 1917.
W. G. McADOO,
Hereby orders and directs that all manufacturers, jobbers, dealers,
Director-General of Railroads.
and distributors of coke be, and they are hereby, required to file with the
contract section of the legal division of the United States Fuel AdministraADDITIONS TO LIST OF RESTRICTED IMPORTS.
tion, Washington, D. C., within 10 days after the receipt of a copy of this
order, the following, viz.:
Under
a ruling announced by the War Trade Board on
any
of
copies
and
Exact
all documents relating to the sale of coke,
1.
which it is claimed constitute bona fide contracts enforcible at law and June 19 a number of commodities have been added to the
existing prior to Dec. 29 1917 for the delivery of coke on or after said date.
list of restricted imports effective July 1. The additions
2. Affidavits by both the seller and purchaser or by some person or
persons having authority to act for such seller and purchaser, respectively, include art work, manufactures of bone and horn, broom
setting forth therein all the terms and provisions of any alleged oral con- corn, perfumery, cosmetics and toilet preparations, candy
tracts and enforceable at law and in existence prior to Dec. 29 1917, for and confectionery, including all from Europe; balls
(base,
the delivery of coke on or after said date.
tennis, golf, &c.), umbrellas,parasols,sunshades and handles-,
3. A report in writing of all contracts existing prior to Dec. 29 1917, both
written and oral, and claimed to be bona fide in character and enforceable borax, lead, meat products and preserved meat, stone and
at law, pertaining to the sale of coke to be delivered on or after said date, manufactures thereof, bones, hoofs and horns,
unmanufacsetting forth therein:
(a) The names and addresses of the seller and purchaser under each tured; furniture glue, and glue size, straw and grass, uncontract.
manufactured and manufactures thereof. Announcement
(b) Dates of execution or making and expiration of each contract.
the new restrictions is made as follows by the Board:
of
(c) Price at which coke sold pursuant thereto was billed by the seller
In interpretation of earlier announcements on restriction of imports into
on Dec. 20 1917, or the nearest date thereto.
the
United States,the War Trade Board announces in a new ruling (W. T.
(d) The quantity of coke covered by each contract.
B. R. 142) that as to shipments made from abroad after July 1 1918, the
(e) The quantity of coke delivered on each contract up to Dec. 29 1917. following articles will be
included under the items set forth in list of restricted
(f) Statement as to whether the purchaser of such coke is the consumer imports
No. 1, published March 21 1918:
thereof or a dealer therein.
Item
Brass,
works:
3.
Art
candlesticks and trays, carvings (jade), jewel
And it is further ordered that all such manufacturers, jobbers, dealers, boxes
of wood, lacquered shrines, metal vases, picture frames of wood.
and distributors of coke furnish to the United States Fuel Administration
Item
7.
Manufactures
bone and horn: Bone crochet hooks, bone
of
such other data and Information as may be required concerning such alcrochet needles, bone knitting needles.
leged contracts from time to time.
Broom
Item
Piassava
9.
corn:
(broom corn).
Dated this 12th day of June A. D. 1918.
Item 67. Perfumery, cosmetics, and toilet preparations: Almond flour
H. A. GARFIELD,
(almond meal).
United States Fuel Administrator.
Item 71. Candy and confectionery, including all from Europe: Ginger in
sirup.
Item 73. Toys: Balls (base, celluloid, golf—gutta percha, tennis,
H. W. KNOTT IN CHARGE OF FUEL
wooden bowling); flags (toy, if of silk); rackets (tennis).
ADMINISTRATION'S FIELD
Item 74. Umbrellas, parasols, sunshades, and sticks for. Umbrella
handles.
FORCE OF ENGINEERS.
As to shipments made abroad after July 11 1918, the following articles
The United States Fuel Administration on June 27 an- will be classified as coming under the items mentioned In list of restricted
appointment
No.2, issued April 22 1918.
imports
of
nounced the
Henderson W.Knott to manage
The paragraph numbers refer to the paragraph or paragraphs in the
the field force of engineers and inspectors which is at work Tariff
Act of 1913, upon which the classification of the restricted commodiamong the power plants of the country, carrying out a cam- ties mentioned in the official list is based.
statement of interpretations has been prepared as an administrative
This
and
inspection designed to bring the
paign of instruction
for the convenience of importers. Although no effort has been
use of fuel for the production of power to the highest pos- feature
spared to render it accurate in every detail, this interpretation Is not bindeconomy.
and
efficiency
Mr. Knorr has been the ing upon the War Trade Board, and will be corrected by published notice
sible
general manager of the Morgan Crucible Company of New if occasion for such correction arises.
Item 109. Borax: All articles specified in or classified under paragraph
York City. The Fuel Administration says:
429, and borate of soda or borax refined as under paragraph 67.
Knott
Mr.
is
a
appointment
part
of
of the plan, originated by David
The
Item 115. Lead: Everything specified in or classified under paragraphs
Moffat Myers, advisory fuel engineer of the Fuel Administration, to have 152, 153, and 160, and all lead articles included under paragraph 167.
each of the 250,000 steam plants in the United States visited by a compeItem 117. Meat products and preserved meats: All the extracts of meat
tent man who can make suggestions and report in connection with the specified in paragraph 228; everything specified in or classified under paraquestionnaire, originated by Mr. Myers, working with committees from graph 545, except fresh meats (which are included in list of restricted
the four great engineering societies. This work will naturally require a imports No. 1); also everything specified in or classified under paragraph
2714
THE CHRONICLE
528; also moat tallow as clas.sified under paragraph 622; also everything
under paragraphs 227, 229, 419. and 562.
Item 121. Stone, and manufactures thereof: All articles specified in or
classified under paragraphs 97 and 99; also all articles specified in or classified under paragraph 98, except articles composed wholly or in chief value
of agate, rock crystal, or other semiprecious stones as specified therein;
also building stones in forms, classifiable under paragraphs 81 and 549:
also everything under paragraphs 614 and 100.
ikItem 123. Bones, hoofs, and horns, unmanufacturod: All articles specified in or classified under paragraphs 423, 508. 511 and 472.
Item 130. Furniture: All articles of furniture, classifable according to
the component material of chief value under paragraphs 167, 173, 318.
or 368; also all antique furniture classified under paragraph 376; also all
articles of every nature classified under paragraphs 175 and 176.
Item 133. Glue and glue size: Glue and glue size as specified in paragraph
34; also marine glue as under paragraph 368; also glue paste and glue sichel
asitinder paragraph 385.
Item 143. Straw and grass unmanufactured and manufactures thereof:
Includes straw, as specified in paragraph 213; manufactures of chip, grass.
palm leaf, straw, or weed under paragraph 368, except hats and hat mate
rials; flax straw not hackled or dressed, specified in paragraph 485; also
articles of straw specified in or classified under paragraph 175: also all
substances classified under paragraph 552, except moss and seaweed.
[Vol.. 106.
Resolved By the Senate and House of Representatives of the United
States of America in Congress assembled. That until a year after the war
no judicial order for the recovery or possession of any real estate now or
hereafter held or acquired by oral agreement or written lease for one month
or any longer period or for tho ejectment or dispossession of a tenant therefrom shall be made and all leases thereof shall continue so long as the
tenant continues to pay rent at the agreed rate and performs the other
conditions of the tenancy except on the ground that the tenant has failed
to take reasonable care of the premises or has committed waste or has
been guilty of conduct which is a nuisance or amounts to a disturbance
of the peace of adjoining or neighboring occupiers or a violation of law or
that the premises are reasonably required by a landlord or bonafide purchaser for occupation by himself or his family while in the employ of or
officially connected with the Government or whore the property has been
disposed of to a bonafide purchaser for his own occupancy; and where such
order has been made but not executed before the passage of this resolution the court by which the order was made may if it is of the opinion
that the order would not have been made of this resolution had been in
force at the date of the making of the order rescind or modify the order
in such manner as the court may deem proper for the purpose of giving
effect to this resolution: Provided That all judicial remedies of the lessor
based on any provision in any oral agreement or written lease that the same
shall be determined or forfeited if the premises shall be sold are hereby suspended while this resolution shall be in force and every purchaser shall
take the conveyance of any premises subject to the rights of all tenants in
possession thereof under the provisions of this resolution.
U. S. HIGHWAYS COUNCIL TO HAVE CHARGE OF
GOVERNMENT'S ROAD WORK.
Announcement of the co-ordination of all the functions of PRESIDENT WILSON DELEGATES TO FLEET CORPORAGovernment agencies having control of street and highway
TION POWERS TO COMMANDEER ELECTRIC
construction into a body to be known as the United States
LINES TRANSPORTING SHIP YARD WORKERS.
Highways Council was made by the U. S. Department of
Wilson in an Executive Order on June 18 delePresident
Agriculture on June 18. We quote the announcement here- gated to the U. S. Shipping Board Emergency Fleet Corporwith:
ation, the powers granted to him by Congress in emergency
All functions of Government agencies relating to streets and highways
him to take over certain
hereafter are to be co-ordinated in a body called the United States High- shipping legislation, empowering
ways Council, composed of one representative each from the War Depart- transportation systems for the transportation of shipyard
ment, the Department of Agriculture, the United States Railroad Admin- and plant employees and for other purposes. The following
istration, the War Industries Board, and the Fuel Administration.
The Council was formed primarily to prevent delays, financial loss, and is the order:
uncertainty incident to the method of taking up each highway problem
In its turn with a separate and distinct Government agency. This Council
was constituted at the suggestion of the Secretary of Agriculture. Through
the Department it will continue the close contact already established, both
formally by law and informally by practice, with the State Highway Commission in each State of the Union.
Membership of the board follows: War Department, Lieut. Col. W. D.
Uhler; Fuel Administration, C.G.Sheffield; War Industries Board, Richard
L. Humphrey; Railroad Administration, G. W. Kirtley; Department of
Agriculture, L. W.Page. These representatives have selected Logan Waller Page, Director of the Office of Public Roads, Department of Agriculture,
as Chairman, and J. E. Pennybacker, Chief of Management of that office, as Secretary.
The Council utilizes the organizations of the 48 State highway departments with their trained personnel and their knowledge of local conditions.
and provides a single agency where all highway projects calling for Governmental action of any character, whether it be a question of finance, of materials, transportation, or of war necessity or desirability, may be dealt
with. The Council has provided a definite form on which applications for
relief are to be made through the respective State highway departments,
and has sent supplies of the forms to the departments. It emphasizes the
groat need of conservation of money, transportation, labor and materials
by restricting highway and street work to most essential needs. It ranks
maintenance of existing streets and highways first, reconstruction of badly
damaged streets and highways next, and it places last new construction,
justified only on account of vital war or economic necessity.
C. C. HANCH CHIEF OF AUTOMOTIVE PRODUCTS
SECTION OF WAR INDUSTRIES BOARD.
The appointment of C. C. Hanch as Chief of the Automotive Products Section of the War Industries Board to succeed H. L. Horning, resigned, is announced by the Board.
The announcement states:
Mr. Hanch has been Treasurer and a director of the Studebaker Corporation for the past three years. He will devote all of his time to the work
of the board, continuing his connection with the Studebaker Corporation
In an inactive capacity. Mr. Hanch is Secretary and a director of tho
National Automobile Chamber of Commerce.
The work of the section is varied and undergoing development. An
Important feature of it is the allocation of Government orders for automobile products; another will be bringing about practical co-operation between the Government agencies and the automobile industry to the end
that war needs may be supplied, and industry conserved in so far as possible under the circumstances.
MYRON T. HERRICK CHAIRMAN OF NATIONAL
FINANCE COMMITTEE OF WAR CAMP
COMMUNITY SERVICE.
Myron T. Herrick, formerly Ambassador to France and
also previously Governor of Ohio, has been appointed Chairman of the National Finance Committee of the War Camp
Community Service.
EXECUTIVE ORDER.
Delegating to the U. S. Shipping Board Emergency Fleet Corporation
President by the Act of Congress amendatory of
the
to
granted
the powers
the emergency shipping legislation, and approved April 22 1918.
By virtue of authority vested in me by the Act of Congress, entitled "An
Act to amend the emergency shipping fund provisions of the urgent doficioncy appropriation Act, approved June 15 1917, so as to empower the
President and his designated agents to take over certain transportation
systems for the transportation of shipyard and plant employees, and for
other purposes, approved Apr. 22 1918, I hereby direct that the U. S.
Shipping Board Emergency Fleet Corporation shall have and exercise all
power and authority vested in me by said Act.
WOODROW WILSON.
The White House,
•
June 18 1918.
The text of the Act of April 22, which authorizes the
President to commandeer the urban and interurban lines
serving in the transportation of employees in ship yards
engaged in Government work, was printed in our issue of
May 11.
DRAFT REGISTRATION OF 21-YEAR OLD MEN TOTALS
744,865.
Reports to the Provost Marshal General's, office up to
June 14, declared to be nearly complete, indicate that the
total registration for military service on June 5 of young
men reaching their twenty-first birthday during the past
year amounted to 744,865. This is 266,724 below the estimate of the Census Bureau, but since more than 200,000
unregistered 21-year-olds already are enlisted in the army,
navy or marine corps, the military authorities are said to
find the result entirely satisfactory. In New York State
65,529 men registered.
Army and navy estimates place the number of 21-year-old
men enlisted at 208,583. This figure, combined with the
falling off in alien registration, gives a total of 363,636,
which means that the Census Bureau apparently missed the
number of eligibles by only 13,000. Even this number
General Crowder expects will be made up by belated registrations yet to be heard from, including the registration of
absentees by mail.
A lottery similar to the original' draft lottery of a year ago
was held at Washington on Thursday to determine the order
in which the new registrants are to be called up for service.
The law requires that these 21-year-old men be placed at the
bottom of their respective classes, but a large proportion of
them, being unmarried and without dependents, will undoubtedly be placed in Class 1, which at present is nearing
exhaustion.
JOINT RESOLUTION SIGNED BY PRESIDENT WILSON
'
TO PREVENT PROFITEERING IN RENTS
'IN DISTRICT OF COLUMBIA.
CHANGES IN DRAFT AGES NOT THOUGHT LIKELY
•
AT PRESENT—MOVE TO CONTROL LABOR
President Wilson has signed the followinejoint resolution
DURING WAR.
adopted by the House and Senate, designed to prevent
profiteering of rents in the District of Columbia:
The constantly expanding military plans of the GovernJoint resolution to prevent rent profiteering in the District of Columbia: ment, under the spur of European developments and the
Whereas By reason of the existence of a state of war it is essential to
the movement of troops and
the national security and defense and for the successful prosecution of the phenomenal success attending
war to establish Governmental control and assures adequate regulation supplies overseas, coupled with the approaching exhaustion
of real estate in the District of Columbia for and during the period herein- of Class I of the original Draft, has resulted in a strong move-.
therefore belt
set
after
forth;
JUNE 29 1918.1
THE CHRONICLE
ment in the Senate in favor of widening the age limits for
compulsory service. Secretary Baker was quoted on June
18 as being "no longer opposed" to such a move, and as be-.
ing prepared to favor any course necessary to raise an army
of the huge size now thought to be necessary. Still, no definite or authoritative proposal was forthcoming from the War
Department, and the Senate Military Committee apparently
hesitated to assume the initiative. On June 24, however,
two different bills were brought up in the Senate, proposing
to change the draft ages, representing as many different conceptions as to what was necessary in order to meet the exist-.
ing circumstances. One, by Senator Fall of New Mexico,
reflecting the opinions of those who want to see an army of
maximum size placed in the field as quickly as possible, proposed merely to extend the scope of the draft to take in men
from 18 to 45 years, in order to increase the number of available men in Class I; it provided, however, that youths under
21 should be merely called up and trained, but not used in
active service till after their 21st birthday. Senator Fall explained that his purpose in lowering the age limit to 18 years
was to provide a large force for training which would be
available for service in the front ranks the very moment its
members became 21 years old, without entailing long delay
while the men were being trained after having been called for
active service. It would also remove the danger to industry
and agriculture which now exists, Senator Fall contended,
and would show the whole country the value of universal
military training as a preparedness and health measure.
The other bill, introduced by Senator France of Maryland,
and said to be approved in principal by General Crowder,
was in effect a "work-or-fight" order carried out in terms of
the draft. It also would require every male between 18 and
45 years to register. All would then be classified, just as at
present, except that,!instead of being limited to availability
for military service, the classification would extend to industry, agriculture, and every form of war activity. This measure had the support of those Senators who believe that some
means should be provided whereby labor necessary for war
purposes, as well as men for the actual fighting forces, could
be brought under control of the Government. Under its
terms labor could be directed into the channels of "essential
industries," and strikes on war work rendered difficult if
not impossible.
There was little opposition to the proposal to increase the
draft age beyond 31 years, but considerable opposition developed to lowering the age to 18 years. As a result, after a
heated debate on the 25th, Senator Hitchcock offered a compromise amendment to restrict liability to service to men between 20 and 40 years, and it was thought that this proposal
stood a good chance of being adopted.
On the 26th, however, Secretary Baker appeared before the
Military Committee and told the members that the Adwinistration was not prepared to make definite recommendations
for extending the draft ages. Gen.March and Gen.Crowder,
following Secretary Baker, spoke in the same vein. The
Committee immediately voted to abide by Mr. Baker's
wishes and ask the Senate to defer action. Senator Chamberlain in reporting this fact to the Senate, stated that the
shipping situation, which is the most important factor, might
temporarily change for the worse, due to changes in the arrangements under which we have been using British and
French ships for transports; the War Department, therefore,
does not want to commit itself just yet to the raising of
bigger armies than now planned for. Senator Hitchcock
also argued that there was no immediate reason for a change
By September, he stated, the American army, according to
present expectations, will number 3,440,000 men, of whom
1,450,000 will be in France, leaving about 2,000,000 under
training here, which, he intimated, was as many as could
be handled just now. In a statement given out after his
-conference with the committee, Secretary Baker said:
I presented to the Committee statements that for the present there are
men in Class 1 sufficient for our prospective needs, and when the enlarged
program of the United States is ready for presentation to Congress we will
at the same time have complete data on which to base any recommendations
for change in the ago limits of the draft.
In the hearing before the Senate Military CommitteeTion June 15, Provost Marshal General Crowder outlined the existing situation in regard to the draft. By
Aug. 1, he then said, there would be 3,000,000 Americans,Oinder arms, consisting approximately of 1,000,000
volunteers and 2,000,000 drafted men. He said that
1,347,000 of the 2,420,000 men in Class I have already
been called into service, and that by Dec. 31 Class I of the
original draft will have been exhausted. Four hundred
thousand more Class I men were expected from the registra-
2715
tion of June 5, and 200,000 additional from a re-examination
of classifications made of previous registrants. After that,
unless the age limits shall have been changed in the meantime,
it will be necessary to invade Classes II and III, with consequent disruption of family ties and serious interference with
industrial conditions. Extension of the age limits to 18 and
45 years, however, would make available a large number of
men without the necessity of going outside the limits of Class
I. Figuring on a basis of the percentage of acceptances in
the first registration, General Crowder said he could count
on registration of men between 31 and 45 producing 1,389,338 fighting men. The 18 to 20 registration should produce
1,167,947 fighting men. The total number of fighting men
expected, therefore, under the proposed age limits, would
be 2,557,386. With the present available total of 4,000,000, the extension of the draft ages to 18 and 45 would allow
for an enlargement of the army to more than 6,500,000 without disturbing the industrial, agricultural or domestic conditions of the country.
General Crowder also gave an interesting summary of the
results of the first draft. The total number of registrants, he
said, was 8,689,447. These were divided as follows: Class I,
2,428,729; Class II, 509,666; Class III, 427,870; Class IV,
3,483,326; Class V, 1,829,856. The progress of the draft
was shown by these figures from Class I: In January there
were called 23,288; in February, 83,779; in March, 132,484
in April, 174,377; in May,360,230; in June, 283,345, and in
July, 290,000. Total, 1,347,512. In addition to the foregoing, Senator Chamberlain announced on Wednesday that
further drafts will be made as follows: In August, 300,000;
in September, 150,000; in October, 150,000; in November,
150,000; and in December, 125,000. The decline in the
rate of shipment later in the year will be due, it was said, to
the fact that French and British tonnage now being used
as transports will have to be withdrawn after July in order
to carry food and supplies to those countries. Its use up
until then was made possible by the favorable crop situation
in both France and England.
SECRETARY BAKER APPROVES PRISON SENTENCES
FOR OBJECTORS WITH ALIEN SYMPATHIES;
SUGGESTS REPATRIATION AFTER WAR.
Secretary Baker on June 17 approved the findings of
courts martial imposing prison sentences in the cases of
twelve "conscientious objectors" whose ground of objection
in most cases was that they would not fight against Germany and Austria because they have relatives there. The
sentences ranged from 18 months to 20 years, and the
soldiers in all cases were either naturalized citizens or native
citizens of the United States whose parents were born in
countries with which the United States is now at war. In
approving the sentences, Secretary Baker went on record
as favoring the return of such men "to the countries of their
preference" after the war. The Secretary's letter of approval was as follows:
In my judgment, the sentences should be executed and, if after this war
is over some process can be devised by which these entirely undesirable
citizens can be returned to the countries of their preference, it would be
highly desirable from the point of view of the United States.
I have not the least doubt as to the propriety of the procedure in these
cases, nor am I uncertain as to the correctness of the results reached.
The soldiers in all these cases were either naturalized citizens of the
United States or native citizens of the United States born of parents of
countries with which the United States is now at war. They were proberly members of the army of the United States, pursuant to the selective
draft law. * * * They were summoned before proper officers of the
army and asked whether they would, in fact, fulfull their military obligations by fighting against Germany and Austria in Europe. They all
answered that they would not. * * * There was the same shuffling
on the part of some of the soldiers as to what they meant by their answers,
and some long-winded refinements were undertaken to the effect that some
of them wore willing to fight Germans and Austrians generally, but would
not fight their own relatives, although they offered no explanation or the
process by which they were going to discover whether particular Germans
and Austrians, whom they thought they were required to shoot at from
long range, happened to be related to them.
In one of the records the soldier claims to have an uncle, evidently too
old to be in the military service of Austria, whom he once saw, and he had
hoard of ten or twelve other relatives in Austria, of some of whom he had
seen photographs, which must have been of a very persuasive character,
since they aroused in him emotions of blood kinship strong enough to overcome the obligations of his oath of allegiance as an American citizen.
These men were full citizens of the United States, most of them by the
voluntary act of naturalization. They were full citizens in the sense that
they had equal rights and privileges with all other citizens. They have also •
equal responsibilities. Among these duties and responsibilities is to protect the United States against all its enemies, domestic and foreign. No
right is extended to a naturalized citizensto pick and choose.
The sentences imposed were as follows:
Hyman Polkes. 15 years; William J. Seider, 20 years; Joseph White.
15 years; Anton Zsoldak, 10 years; Julius Levinthal, 18 months; Louis
Silverman, 10 years; Mayer Suffkind, 10 years; Louis H. Blumenthal,
15 years; Samuel Spier°, 5 years; Paul Bauer, 10 years; William Charles
Schwab, 20 years, and Michael Cippa, 10 Years.
2716
THE CHRONICLE
PRESIDENT WILSON FAVORS STATE LAWS FOR
COMPULSORY WORK.
In a letter to Governor Harrington of Maryland, made
public on June 13, President Wilson endorsed the application by other States of the Maryland compulsory work law,
under which the "work or fight" principle recently enunciated by General Crowder is made applicable to all men
between the ages of 18 and 50. General Crowder, it is said,
also has approved the movement and believes that it not
only will give greater effect to his new regulations, but will
further aid the country in its task of winning the war by
reaching men below and above the draft ages. Without
some such law as proposed, State or national, it has been
pointed but, men of draft age who cannot pass the physical
requirements for active or limited military service cannot
be made to engage in necessary occupations. The President's letter to Governor Harrington follows:
Your letter of May 21 calls my attention to the appeal for a nationwide movement based on the principles embodied in the Maryland Compulsory Work law. I can say without hesitation that I am heartily in
accord with any movement intended to bring every citizen to a full realization of his responsibilities as a participant in this war.
Upon our entrance into the war I called upon our citizens to mobilize
their energies for its prosecution in every way that was possible. The
response has been exceedingly gratifying. The slogan "Work or Fight"
has everywhere been taken up as a satisfactory expression of the spirit
of the people. The instances of failure to appreciate its force and significance have been few. It is only natural, however, that those few cases
should excite the feeling that the spirit of the community should in some
way be enforced by law upon those who were not willing to co-operate of
their own initiative. This has made possible the effective operation of
our selective service law and has found expression, also, in your compulsory work law.
The memorandum which you have prepared points out how wisely
Maryland has acted in this matter. I particularly admire the care the
Maryland Legislature has taken to be just in the provisions of the law,
which protects the honest workingman in his rights and privileges. I
assume that the safeguards of this legislation against the possibility of
abuse include the maintenance of those standards and working conditions
which the Council of National Defense and the National War Labor
Board have set up as indispensable to the nation's full productive efficiency.
I hope that it will be possible to duplicate the action and experience of
Maryland in other States.
[VOL. 106.
tions or employments. This includes, in addition to ushers and other
attendants, all persons engaged and occupied in games, sports, and amusements, except actual performers in legitimate concerts, operas or theatrical
performances.
The regulations further provide that a person engaged in domestic
service is engaged in a non-productive employment or occupation, but this
does not include public or private chauffeurs, unless they should also be
engaged in some other occupation or employment defined as non-productive.
The regulations further provide that sales clerks and other clerks employed in stores and other mercantile establishments are engaged in nonproductive employments, but this does not include store executives, managers, superintendents, nor the heads of such departments as accounting,
financial, advertising, credit, purchasing, delivery, receiving, shipping and
other departments; does not include registered pharmacists employed in
wholesale and retail drug establishments; and does not include traveling
salesmen, buyers, delivery drivers, electricians, engineers, carpet layers,
upholsterers, nor any employees doing heavy work outside the usual duties
of clerks.
However, "sales clerks and other clerks" include the clerical force in the
office and in all departments of stores and mercantile establishments. The
words "stores and other mercantile establishments" include both wholesale,
retail stores and mercantile establishments engaged in selling goods and
wares.
PRESIDENT PARDONS TWO SOLDIERS SENTENCED
TO DEATH.
An unconditional pardon to two soldiers of the American
Expeditionary Forces, Private Forest D.Bastian and Private
Jeff Cook,sentenced to death for having slept while on guard
duty in France, has been granted by President Wilson in.view
of their youth. The President's order is identical in both •
cases; that issued in the case of Private Cook, is embodied
in the following general court-martial order made public
on June 18:
GENERAL COURT-MARTIAL ORDERS,NO.93.
Before a general court-martial which convened in France, Dec. 29 1917,
pursuant to Special Orders, No. 162, Headquarters First Division, American
Expeditionary Forces, France, Dec. 15 1917, and of which Col. W. F.
Creary, Infantry, was President, and First-Lieutenant Paul 0. Green, 16th
Infantry, Judge Advocate, was arrainged and tried—
Private Jeff Cook, Company G, 16th Infantry.
Charge—"Violation of the 86th Article of War."
Specification—"In that Private Jeff Cook, Company G, 16th Infantry.
being on guard and posted as a sentinel in time of war, in the face of the
enemy, at France, on or about the 5th day of November 1917, was found
sleeping on his post."
To which charge and specification the accused pleaded,"Not guilty."
INSTRUCTIONS OF MAJOR-GENERAL CROWDER
Findings—Of the specification and charge, "Guilty."
REGARDING "WORK OR FIGHT" ORDER.
Sentence—"To be shot to death with musketry."
Provost-Marshal General Crowder on June 21 issued inThe sentence having been approved by the convening authority and the
structions to draft boards explaining and amplifying the record of trial forwarded for the action of the President, under the 48th
Article of War, the following are his orders thereon:
"work or fight" order which requires all men of draft age,
In the foregoing case of Private Jeff Cook, Company G. 16th Infantry,
regardless of their classification, to engage after July 1 in sentence is confirmed.
employment held to be productive or join the army. The
In view of the youth of Private Cook, and the fact that his offence seems
order was previously referred to in our issue of May 25. to have been wholly free from disloyalty or conscious disregard of his duty,
I hereby grant him a full and unconditional pardon, and direct that he
The instructions said:
report to his company for further military duty.
When it has been determined that a person in, deferred classification is
The needs of discipline in the army with propriety impose grave penalties
an idler or is engaged in non-productive service, the classification and order upon those who imperil the safety of their fellows, and endanger their
number of such person will be withdrawn and he will be immediately in- country's cause by lack of vigilance, or by infractions of rules in which ,
ducted into the military service.
safety has been found to rest. I am persuaded, however, that this young
man will take the restored opportunity of his forfeited life as a challenge to
Several specific rulings are made as to the effect of the devoted
service for the future, and that the soldiers of the army of the
order upon certain classes named as non-productive. In United States in France will realize too keenly
the high character of the
making public the instructions, officials of General Crowder's cause for which they are fighting and the confidence which their country
reposes in them to permit the possibility of further danger from any similar
office said baseball playing "at present" was regarded as shortcomings.•
non-productive, though there would be no ruling until an
WOODROW WILSON.
The White House,
individual case had been appealed from a local board.
May 4 1918.
Managers, cooks,
clerks, and other employees, not engaged
in the actual service of food and drink in public places, are
exempted from the section declaring such service of food and
drink non-productive.
Store executives, managers,superintendents,and heads of
special departments, traveling salesmen, registered pharmacists, delivery drivers, and men doing heavy work are not
included among the clerks and salesmen of mercantile establishments classed as non-productive. Chauffeurs, "public and private," are eliminated from the non-productive
class unless they engage in work held to be non-productive
in addition to their mechanical duties. The boards are
directed to apply common-sense in considering withdrawals
of deferred classification privileges and to aid registrants in
making necessary changes in employment by furnishing lists
of those summoned for examination to the United States
Employment Service. The instructions say:
The regulations provide that persons engaged in the service of food and
drink, or either, in public places, including hotels and social clubs, are
engaged in non-productive employments. This, however, does not include
managers, clerks, cooks, or other employees, unless they are engaged in
the actual serving of food and drinks.
The regulations further provide that passenger elevator operators and
attendants and doormen, footmen, carriage openers, and other attendants
In clubs, hotels, stores, apartment houses, office buildings, and bathhouses are engaged in non-productive employments. The words "other
attendants" include bellboys, and also include porters, unless such porters
are engaged in heavy work.
The regulations further provide that persons, including ushers and other
attendants, engaged and occupied in and in connection with games, sports
and amusements, excepting actual performers In legitimate concerts,
operas, or theatrical performances, are engaged in non-productive occupa-
By order of the Secretary of War.
PEYTON C. MARCH,
Major-General, Acting Chief of Staff.
Official:
H. P. McCAIN,
The Adjutant-General.
The pardoning by the President of two other soldiers
sentenced to death for sleeping on duty was referred to in
our issue of May 11.
WRAPPING OF NEWSPAPERS FOR MAILING TO
FRANCE.
With regard to the wrapping of newspapers intended for
United States forces, abroad, the Post Office Department
makes the following announcement:
OFFICE OF THE SECOND ASSISTANT POSTMASTER GENERAL.
Washington, May 18 1918.
There is being received at a port of embarkation a large number of club
packages of newspapers from different publishing houses throughout the
country addressed to the "American Expeditionary Forces." These packages necessarily have to be opened and the papers distributed in accordance
with their individual addresses to the various military units to which
addressed, and the individual papers aro not in good condition for shipment
to France, as the long journey and necessary rehandling before they reach
the addresses result in much wear and tear on the papers.
Postmasters are directed to call the attention of publishers to this matter
and request them to separately wrap and address all publications intended
for a member of the American Expeditionary Forces abroad in order that
the papers may reach the actresses in readable condition.
OTTO PRAEGER,
Second Assistant Postmaster General.
JUNE 29 1918.]
THE CHRONICLE
Concerning unwrapped and unaddressed magazines mailed
by the public for soldiers at the one-cent rate, the Post Office
Department in the following statement has asked the Post
masters to accept at the rate only those which are of coinparatively recent issue:
Attention is again called to the fact that many of the unwrapped, unaddressed magazines mailed by the public at the 1-cent postage rate for
soldiers and sailors are so old as no longer to be of any interest and, there
fore, are useless for the purpose intended. Postmasters are requested to
give this matter publicity and should accept from the public for mailing
at the postage rate of 1 cent each only such magazines as are of current
or comparatively recent issues, as, for instance, a weekly publication should
be not more than two or three weeks old, and a monthly publication not
more than two months old.
Many of the undeliverable magazines sent by postmasters to the assembling points in the different States for ultimate distribution among soldiers
under the instructions embodied in article 31, page 9, of the September 1917
supplement to the Postal Guide are also so old or of such character as to be
of no value. Postmasters are requested, therefore, to exercise care and
discretion in selecting the undeliverable magazines and not send to their
State assembling points any such magazines which are so old as to be of
no use, as above indicated, or which do not contain matter of general
interest.
2717
panied with instructions to citizens to seek places of safety
on the sounding of signals announcing the presence of air
raiders over the city. It was assumed from the first, however, that the military and police authorities had simply
taken advantage of the submarine scare to experiment with
methods to be used in case real danger should threaten.
At any rate, the War Department denied they had ordered
such a move, and scouted the idea of danger from hostile air
raids at this time. However, army airplanes flew over the
darkened city on several" nights, studying the effects of the
reduced lighting. It was found that. while the usual glow
of light over the city was perceptibly lessened, it was still
possible, owing to the extra brilliance of the lights on certain
main thoroughfares, such as Fifth Avenue, to trace the layout
of the city. Some plan for shading the lights on such streets
would have to be worked out for the future, it was said.
Conferences were also held by the Police Commissioners
and his aids to work out plans by which workers in skyscrapers and large office buildings can be gotten quickly to
places of safety in case the city should ever be bombarded
from air or sea. Drills on the order of fire drills, it is said,
may be put in vogue to prepare against emergency, so that
each worker and the elevator employees would know just
what was expected of him.
Officials of electric lighting companies in New York reported a serious diminution in business during the continuance of the "lights out" order.
NO PACKAGES TO GO FORWARD TO SOLDIERS IN
FRANCE UNLESS APPROVED BY MILITARY
AUTHORITIES IN FRANCE.
The War Department on June 18 announced that the
Adjutant-General's office would no longer pass on requests
for the shipment of parcels for United States soldiers in
France unless approved in the required manner by the
military authorities in France. The piling up of packages,
tb such an extent as to render the French railroads unable
to move them, has resulted in the Department taking steps BILL PROVIDING FOR EXPULSION AND EXCLUSION
OF ALIEN ANARCHISTS.
to place restrictions on shipments to soldiers to reduce the
quantity of parcels sent. Its announcement of the 17th
A bill calling for the expulsion and exclusion from the
inst. said:
United States of aliens subscribing in whole or in part to
Every effort is being made by the War Department to reduce the quanthe tenets of anarchism was passed by the House of Repretity of unnecessary parcels sent to American soldiers in France by relatives
and friends. The Adjutant-General's office gives notice that it will no sentatives on June 21 without a dissenting vote. The bill
longer pass upon requests for shipment of parcels which have not been amends the immigration laws so as to remove the limitation
approved in the required manner by the military authorities in F,rance.
Hereafter no exceptions will be made to the rule that parcels when pre- on the power of the immigration authorities to deport an
sented to post offices, express companies or freight stations for shipment alien after five years' residence. Since the United States
• must be accompanied by a written request from the soldier approved by a entered the war Government agents say they have been
major or higher commanding officer. Persons connected with the
Y.M.C.A., the Red Cross or other organizations in France must make a unable to deal with some known anarchists or members of
request for articles in a similar manner, the approval of an executive organizations teaching anarchistic principles because of the
officer of the organization being necessary in such case.
foreigners' five years' residence in this country and the
About 1,000 letters in which requests are made for permission to send
parcels to France have been received daily recently by the Adjutant- assertion that they had not been openly advocating violence.
General's office. Up to this time it has been possible for relatives and During debate on the bill Representative Robbins of Pennfriends to submit to the Adjutant-General's office for approval requests sylvania urged the death penalty for German
sympathizers
from France made prior to May 1 which did not bear the signature of a
and propagandists in this country. In the first year the
major or higher commanding officer.
Sufficient time now has elapsed to withdraw this privilege. In the future United States was in the war, he said, there were 134 fires
letters will be returned to the sender without action. Parcels with the
and explosions, with a total loss of $43,000,000, caused by
proper approval by the authorities in France will be received at post offices,
express companies or freight stations without any reference to the Adjutant- "enemies of our Government." The following is the text
General's office.
of the bill as it passed the House:
The original order provided that a regimental or higher commander
should approve a request. This has been modified so that a major or AN ACT to exclude and expel from the United States aliens who are
members of the anarchistic and similar classes.
higher commander may do so. The approval of a company commander
Be it enacted by the Senate and House of Representatives of the United States
is not sufficient.
in Congress assembled, That aliens who are anarchists; aliens
The question of the shipment of parcels to France came to the attention of America
who believe in or advocate the overthrow by force or violence of the Govof the War Department originally when the Commanding General of the
United States or of all forms of law; aliens who disbelieve
of
the
ernment
Expeditionary Forces cabled that the congestion of such articles had
to all organized government; aliens who advocate or teach
reached such a point that French railroads were unable to move them. in or are opposed
assassination of public officials; aliens who advocate or teach the unThe Secretary of War and the Postmaster-General then organized a board the
of property; aliens who are members of or affiliated with
destruction
lawful
consisting of the Second Assistant Postmaster-General, a representative
any organization that entertains a belief in, teaches or advocates the overof the Y.M.C.A., a representative of the Knights of Columbus, a repreforce or violence of the Government of the United States or of
sentative of the Red Cross and a representative of the port of embarkation throw by
all forms of law, or that entertains or teaches disbelief in or opposition to
In the United States where these articles are shipped. This board examined
all organized government, or that advocates the duty, necessity or propriety
very carefully 5,000 sacks of parcel post mail and found that the articles
unlawful assaulting or killing of any officer or officers, either of
therein not only were in the main absolutely unnecessary but very unde- of the
individuals or of officers generally, of the Government of the United
sirable. The investigation developed that the amount of such mail had specific
other organized government', because of his or their official
reached the extraordinary total of 500,000 pounds a week and that the States or of any
character, or that advocates or teaches the unlawful destruction of propmail for the first half of February was greater than that of the entire month
excluded
from admission into the United States.
erty
shall
be
of January, and that for the first half of January it was greater than the
Sec. 2. That any alien who, at any time after entering the United States.
entire month of December.
been at the time of entry, or to have become thereafter,
The regulations'now in effect, leaving in the hands of the Commanding is found to have
General of the Expeditionary Forces the entire control of shipments to a member of any one of the classes of aliens enumerated in section one of
the warrant of the Secretary of Labor, be taken into
shall,
upon
this
Act,
Individuals in the military establishment in France, were based on the
custody and deported in the manner provided in the immigration Act
recommendations resulting from the investigation by this board.
Relatives and friends will find they often can do a greater service to of February 5 1917. The provisions of this section shall be applicable to
soldiers by sending them money for the purchase of articles in France the classes of aliens mentioned in this Act irrespective of the time of their
United States.
than by forwarding the articles. Tobacco is now being supplied as part entry into the
Sec. 3. That any alien who shall, after he has been excluded and deported
of the army rations. Merchandise of practically all kinds can be purpursuance of the provisions of this Act, therechased in France through a general store established by the Quartermaster or arrested and deported in
after return to or enter the United States or attempt to return to or to
Corps.
United States shall be deemed guilty of a felony, and upon conThe restrictions governing the shipment of parcels do not apply to news- enter the
thereof shall be punished by imprisonment for a term of not more
papers and magazines. These can be mailed without any request from viction
years; and shall, upon the termination of such imprisonment,
than
five
the intended recipient and without military approval.
be taken into custody, upon the warrant of the Secretary of Labor, and deported in the manner provided in the immigration Act of February 5 1917.
"LIGHTS OUT" ORDER IN NEW YORK RESCINDED. Passed the House of Representatives June 21 1918.
After nearly two weeks of reduced illumination, during
which advertising signs and store windows were darkened,
pleasure resorts plunged in gloom and general lighting, with
the exception of street lights, reduced to a minimum, New
York City resumed its normal brilliance on June 17. The
"lights out" order was issued by the police authorities on
June 5,following the discovery that German submarines were
operating in American waters. The purpose was to protect
the city from possible air raids, and the order was accom-
HENRY FORD, URGED BY PRESIDENT WILSON, ACCEPTS DEMOCRATIC ENDORSEMENT FOR SENATE.
The announcement that Henry Ford, nominally a Republican, would, at the request of President Wilson, accept
the nomination for the Senate tendered by the Democrats
of Michigan, has been received with varied comments by
those interested in political developments. The vacancy
in the Senate will be created by the retirement of Senator
2718
THE CHRONICLE
[Vol,. 106.
William Alden Smith, a Republican, whose term expires
The Association believes, therefore, that serious injury to our nationa
this year. Mr. Ford was endorsed for the Senatorial nomi- business reputation abroad would inevitably follow the enactment of the
bill—a matter which is of profound importance to the entire country.
nation at a Democratic conference held at Lansing on
Moreover, the Merchants' Association believes that the bill, as drawn,
June 12, at which resolutions were adopted urging the Re- grants too much authority and power to one person, namely, the Secretary
of Commerce. Under its provisions, his discrimination, judgment and
publican State Committee to persuade other Republican wishes
determine the applicants to whom the use of the trade-mark is to
candidates to withdraw and to unite with the Democrats be granted or refused. It seems to the Association that howsoever comin support of Mr. Ford. This action, unparalleled in Michi- petent and careful the Secretary of Commerce may be, complaints, protests
and claims of unfair treatment are inevitable, with much resulting disgan politics, was prompted, the resolutions said, by a patri- satisfaction,
even though they are unwarranted.
otic desire to eliminate partisan politics during a crisis in the
For these reasons, therefore, the Association trusts that the legislation
will
not
become
law, and expresses the hope that you will consider it wise
country's history, and to insure united support of President
Wilson in his prosecution of the war. There was no previous to vote against it.
consultation, it is said, with Mr. Ford, who was in Washington at the time on business connected with the Navy De- REGIONAL DIRECTOR SMITH'S &EPORT ON IMPROVE
partment. When President Wilson learned of the action
MENT IN RAILROAD CONGESTION AND CAR
taken at Lansing, and that Mr. Ford was in town, he at
SHORTAGE SINCE JAN. 1.
once sent for him and urged him to make the race for the
The work accomplished since January 1 in improving the
Senate. Mr. Ford agreed, and after the conference with the railroad situation in the Eastern territory in the matter of
President issued the following statement:
clearing up the congestion of the.past winter and eliminating
At President Wilson's request I have decided to accept the nomination for
Senator from Michigan if tendered to me. Realizing that there are excep- the car shortage is detailed in a report submitted to Directortional opportunities for service to our people during the present and coming General of Railroads McAdoo by A. H. Smith, Regional
readjustments, I am ready and willing to do everything I possibly can to Director for the East. While the report bears date May 29
assist our President in this great work. Every man must expect and be
willing to make great future sacrifices and be prepared to serve wherever it was not made public until June 18. Mr. Smith states
that at present there is no shortage of closed cars, and practhe greatest need exists.
Although nominally a Republican, it is said that Mr. Ford tically a full supply of open cars. He also reports that in the
has never taken an active part in politics, and has rarely entire territory of the Eastern District there were on Feb. 6
even voted. His endorsement by the Democrats is looked 161,000 cars above normal, while to-day the total is 16,891
upon in some quarters as a shrewd piece of strategy, the and these are widely distributed. The elimination of appurpose of which is to secure the election of a Senator from proximately 2,200,000 miles per month of unessential pasMichigan, a strongly Republican State, who, even though a senger train mileage is referred to as one of the measures
Republican, is known to be friendly to President Wilson and adopted by the Director-General for efficient operation.
a strong supporter of his policies. The opinion has been The following is the report in full:
freely expressed that, as one Republican Senator put it,
U. S. RAILROAD ADMINISTRATION.
"Mr. Ford will vote with the Democrats by arrangement
Eastern Territory,
Grand Central Terminal, New York City, May 29 1918.
oftener than he would vote with the Republicans by choice."
At the same time it is admitted that if Mr. Ford chooses to lion. W.G. McAdoo,Director-General of Railroads, Washington, D.C.
Dear Mr. McAdoo.—At this time, when the territory of the Eastern
enter the Republican primaries, he can probably easily beat
district is'being subdivided, it will doubtless be interesting to you to have
any other candidate.
a brief statement from me as to the present transportation situation in this
Added interest is lent to the situation by the large Govern- district.
To arrive at a basis for comparison, I have taken the figures shown in the
ment contracts being filled in Mr. Ford's factories at De- records
established early in January as against the close of May,not without
troit and elsewhere. It has been pointed out that the law full appreciation of the elements that make such a comparison favorable,
forbids any one interested in Government contracts to hold but as the period of time covered is brief there is naturally no other comthat can be used.
public office. Were Mr. Ford to be elected to the Senate, parison
It is, of course, unnecessary to refer to the unprecedentedly severe
it is said, he would have to dissociate himself from all war winter through which we have passed, and now it is my only purpose to
work, which, in view of the amount and importance of the show that the chaotic conditions into which the railroads in this territory
during the severe winter months have been straightened out with
contracts he has under way in his various plants, would be got
promptness and the receovery is at this time such as to enable me to report
a serious blow to the Government's war preparations.
to you an almost normal situation in the movement of traffic, and also the
DISAPPROVAL BY MERCHANTS' ASSOCIATION OF
NATIONAL TRADE-MARK PROPOSAL.
Consideration of the proposal that a national trade-mark,
to distinguish the products of this country offered for sale
in foreign markets, be adopted, has resulted in the disapproval of the idea by the Merchants' Association and the
latter has filed its reasons for disapproval with Congress.
The grounds of disapproval are stated in the following letter
to the members of the Foreign Commerce Committee of the
House of Representatives:
The attention of the Merchants' Association of New York has been drawn
to H. R. 10366. a bill to authorize the adoption, registration and protection of a national trade-mark to distinguish merchandise manufactured or
produced in the United States and used in commerce with foreign nations
or among the several States.
The Board of Directors of the Association voted that the Association
express the opinion and hope that the bill should not be passed. This
position was taken only after careful consideration and full discussion of the
bill, both by the Board of Directors and by the Foreign Trade Committee
of the Association, which recommended the action that has been taken.
It is the belief of the Merchants' Association that the inauguration of a
national trade-mark in connection with the sale of merchandise abroad
would be harmful because, if widely used, it would be practically impossible
to control and maintain the standards of all of the articles eventually
licensed to bear it. The attachment of the trade-mark to inferior and cheap
merchandise, and to goods not possessing the merits which their sellers
claim for them, cannot but bring into disrepute all goods bearing the
mark. If the utilization of the trade-mark becomes widespread and covers
good, bad and medium merchandise, it will not be possible to safeguard it
against unscrupulous users who will exploit their merchandise under it.
In fact, it is the maker and seller of merchandise of trnestablished value and
merit who will adopt and flaunt the national mark, rather than firms
handling goods whose name, mark and value are established abroad.
The value of any trade-mark at home or abroad rests wholly in the single
and continued standard of excellence which it guarantees to all persons
buying the goods, and compliance with this condition would be absolutely
Impossible in the case of a single mark or brand used by sellers of goods
of all kinds, classes and grades.
The abuses and deceptions practiced under the provisions of the Pure
Food Law, in connection with placing serial number guarantees upon
goods for advertising purposes, show the dangerous possibilities latent in
this bill. It is to be noted that because of these abuses and misrepresentations the Government found it necessary to withdraw the privilege of
putting pure food guarantee numbers on merchandise sold at home or
abroad.
fact that the railroads in this territory are now in such order as to make
possible the movement of considerable additional tonnage if offered.
Perhaps the greatest congestion existed in the territory ofPennsylvanlit,
Maryland and West Virginia, served more particularly by the Pennsylvania RR., Baltimore & Ohio, and Philadelphia & Reading. On Feb.
the Pennsylvania RR.reported 27,588 cars above normal for movement;
to-day the number so reported is 3,532, and these are held because consignees are unable to accept.
The Baltimore & Ohio at its worst on Feb. 6 had 21,415 cars above
normal; to-day there are 1,348. In the entire territory of the Eastern district there were on Feb. 6, 161,000 cars above normal; to-day the total is
16,891, and these are widely distributed.
There is attached a blue print [not printed] which reflects the situation as
shown by figures reported by the various railroads from day to day.
An acute car shortage prevailed all during the winter. At the present
there is no shortage of closed cars and practically a full supply of open cars.
With the better weather the physical condition of motive power has been
improved and passenger trains are operating more punctually.
The factor which impaired railroad operation so seriously during the
winter months were:
First. The unusually severe weather, low temperature, and storms, one
following another so closely as to make it impossible to recover in the
interim.
Second. The shortage of motive power due to failure to receive locomotives ordered in 1916 and 1917 for use during the past winter. The
necessity for these locomotives was anticipated and the orders placed with
builders, but the priority which it was necessary to exercise in building
locomotives for service abroad made it impossible to deliver.
Third. The acute labor shortage.
Since January 1, when you took charge of the railroad operation, there
have been many measures adopted for efficient operation, among which
may be mentioned:
1. The elimination of approximately 2,200,000 miles per month of unessential passenger-train mileage.
2. The assignment of 122 locomotives constructed for the United States
military railways in France. also 125 locomotives constructed for the
Russian Government, as well as 118 locomotives under order for the
southern and western roads to the eastern railroads.
3. The transfer of power from one road to another to relieve congestion
or shortage of power. All roads are required to report surplus equipment
and it is distributed wherever the need for it appears. On May 21 215
locomotives belonging to eastern railroads were rented on this basis to
other roads in the eastern territory.
4. Diversion of traffic to less congested routes and the expedited movement of empty box, refrigerator, and stock cars westbound and empty
coal cars to mines via most available routes, regardless of loaded haul.
5. Handling company fuel and material by most direct routes, salving
unnecessary haulage which, under private control, was sometimes done to
give the greatest proportion of a through rate to the receiving line.
6. The common use of terminal facilities at large commercial centres.
7. The interchange of labor to eliminate accumulations of less than
carload freight.
JUNE 29 1918.1
THE CHRONICLE
2719
OFFICE OF DIRECTOR-GENERAL,
8. Restriction on available equipment for certain classes of loading,
Washington, June 16 1918.
which has been possible under unified control, permitting the urgently
required traffic to be loaded and moved to the exclusion of less necessary A. H. SMITH,
Regional Director, New York:
commodities.
I have read with keen interest and satisfaction your report of May 29
to permit
, 9. The classification of freight by the originating railroads
showing what has been done by the railroads in the eastern territory
1918,
reswitching.
termini
without
trains to be run through to western
1 1918. when the Government took control. It is a record of
10. The co-ordination of harbor facilities at New York, in order that the since Jan.
of the highest order in the face of difficulties of ungreatest possible service could be obtained from the floating equipment railroad achievement
character. I congratulate you and the officers and men
and facilities; including the breaking of ice in the bays, rivers, and slips precedented
the loyal and effective service they have rendered to their
during the periods of low temperature, to permit of operation of marine under you for
country in bringing the railroads in the eastern territory up to such a high
equipment.
short a time. We railroad men have been given
11. Institution of "sailing days" in the handling of less than carload standard of operation in so
for licking something spelled with four letters
freight. In a very large number of instances regular cars previously loaded a big part of the responsioility
ana his military gang. It is a rare privilege, and what
daily are now forwarded but three times a week, which is resulting in a out of the Kaiser
that we are going to do our share of the job
decrease of 50% in the number of cars used and a consequent increase of you have already done shows
to Uncle Sam's taste. Keep up the good work.
100% in the tonnage per car handled.
W. G. McADOO.
12. The routing of freight to tidewater via the delivering line at destinaDirector-General of Railroads.
tion has resulted in a very great relief to the seaboard terminal facilities;
all freight for Staten Island now being routed so far as possible Baltimore
& Ohio; freight for Bayonne and Constable Hook via the Lehigh Valley, RAILROAD ADMINISTRATION'S ORDER MODIFYING
&c. Furthermore, arrangements were made for the loading of freight to
INCREASED FREIGHT RATES ORDER.
steamers direct from the piers, the freight being routed via the line reaching
the pier, which resulted in great economy in the use of terminal and marine
issue of June 15, page 2520, we referred to the
our
In
facilities. There has also been a considerable volume of freight diverted
decision reached by Director-General of Railroads McAdoo
to other ports to relieve the New York export situation.
13. The saving in power account diversion of traffic to roads with most to modify the freight order of last month to the end that
favorable grades, resulting in saving of engine efficiency.
in conflict
shops instead of canceling State rates where they were
14. The facilities of the eastern railroads locomotive and car repair
rates, in levying a general advance of 25%,
are being constantly scrutinized in an endeavor to find space for repairing with inter-State
locomotives of other eastern railroads not so well situated, and to date the increases on both class and commodity rates should be
additional are
98 eastern railroad locomotives have been repaired and 28
made on the existing intra and inter-State rate structures.
undergoing repairs at shops other than those of the owning lines. In
addition, arrangements have been made with the western railroads for An order in conformity with this decision was issued by the
in
the repair of 66 eastern lines locomotives, 22 of which are at present
Railroad Administration on June 12. It is supplementary
western shops undergoing repairs.
to General Order 28, published in our issue of June 1, page
15. The running of locomotives through over more than one road in
connection with troop and freight movement to save power and the delay 2306. An exception to the modification is made, in increasto traffic.
ing class rates in Oklahoma, the advance in rates in that
16. The movement of anthracite coal and empty equipment through
State being made on the basis of the Inter-State Commerce
the Pennsylvania tubes.
17. The placing of coal on team tracks, New York City, for unloading to Commission's decision in the last Shreveport case, plus 25%.
relieve the coal shortage.
According to the Director-.General's order, "the increased
18. The diversion of bituminous coal to piers of Now York Harbor
by the several classifications,
whore it could be dumped most expeditiously to relieve the need of bunker class rates are to be governed
coal for ships waiting in New York Harbor.
inter-State and intra-State, including exceptions
both
On Feb. 1 blast furnace production was 57% of capacity, and by-product thereto and minimum weights that govern the existing rates.
coke 67%. At that time 113 out of 290 blast furnaces were out of blast.
rate scales are subject
At the present time the blast furnace situation is practically normal, there Except that the minimum 25e. class
being no furnaces out of blast because of lack of transportation, those to the four standard classifications named in the original
which are not in operation being out for repairs. The American Iron and order. •The Director-General also stated with regard to the
Steel Institute report furnaces now in operation which have been out of
blast during the past three or four years so that It may be said that steel order:
No change is made in the specified increases provided on commodities
and iron production is at this time not impaired because of lack of transexcept that the increase of 15c. per 100 lbs. on cotton is to apply to any
portation service.
The movement of coal via the Great Lakes is progressing satisfactorily, quantity instead of carloads and the provisions on sugar in carloads have
there being an increase of 26% in cars dumped in vessels so far this season. been amended to more clearly provide for maintenance of existing relationof ships.
The ore movement from the Lakes is also ahead of last year to the extent
Intra-State rates and rates for transportation by water not now on Me
4% in cars shipped.
During the winter months steel tonnage piled at the plants awaiting with inter-State Commission are to be filed, but when now restricted to
at
1,
March
about
Intra-State traffic, the tariffs are to continue such restrictions.
shipment continued to increase, and reached the peak
The minimum charge of $15 per car will apply only to line haul shipwhich time there were approximately 500,000 tons awaiting movement due
exthe
with
moved
been
has
of
lack
tonnage
cars.
and
This
embargoes
ments and not to brick, cement, coal, coke, logs, ore, sand and gravel and
to
stone (broken, crushed or ground) on which the existing rates as increased
ception of about 40,000 tons which is held on account of embargo.
With the improvement of the weather and the coal-car supply, there has under Section 2 of the order shall apply.
for
figures
average
the
loaded;
the
in
bituminous coal
Section 20 is amended to provide specifically that the rates to be income an increase
January showing 15,639 cars loaded per day, and for the first 25 days of creased are those existing on May 25 1918, including changes previously
May, an average of 19,726 cars. In January an average of 5,713 cars of published but not then effective and not under suspension, except that
anthracite coal were loaded per working day, which was increased to the increases will apply to rates authorized or ordered by the Inter-State
6,583 cars in May.
Commerce Commission prior to May 25 1918 and published between May 25
The average anthracite coal dumped at tidewater ports in January per 1918 and June 15, and that where rates so authorized or ordered are not
calendar day was 820 cars; in May, 1,109. Bituminous coal dumped in, published before June 15, they may be increased as provided in the order
January, all ports, was 1,403 cars per day,and in May,2,236. The average by subsequent revision.
daily movement of anthracite coal into Now England in February was
Section 21 prescribes the proper legend to be used on the tariffli to
463 cars per working day; in May, 617; whle the bituminous movement provide inter-State or intra-State application as authorized by the amended
into New England in February was 331 cats per day; and in May, 492.
order.
Close co-operation has been established with the Fuel and Food AdThe following is the full text of the supplementary order:
other
and
Board,
Shipping
ministration, War and Navy Departments,
Supplement to General Order No. 28.
Governmental departments, and agencies, resulting in the prompt and
OFFICE OF DIRECTOR-GENERAL,
preferred movement of Government and allied consignments to facilitate
Washington, D. C., June 12 1918.
prosecution of the war.
It is ordered that General Order No. 28 be, and the same is hereby
On Jan. 1 there were on hand at North Atlantic ports approximately
the terms and provisions of the exhibit attached
41,000 cars of export freight in cars, on piers, and on the ground. This supplemented by amending
has been reduced to approxlnately 28,000 cars. This improvement has thereto as follows:
Section 1, paragraphs (c) and (d) of Section 2,
of
(c)
and
(b)
steamship
Paragraphs
upon
based
been brought about by the permit system of control
requirements, or what is known as the consignee basis of regulation of ship- and paragraph (b) of Section 4 are canceled.
Paragraph (a) of Section 1 is amended to read as follows:
ments: It has resulted in eliminating all complaint of atelay to ships
awaiting cargo.
(a) All class rates, both inter-State and intra-State, shall be increased
State of Oklahoma the class rates
The discontinuance of fast-freight service made it necessary to establish 25%, except that between points in the
for single and joint lines prescribed by the Inter-State Commerce Commis-t,
continuous movement service for handling export traffic from the Central sion
and
points in Texas common-poin
La.,
Shreveport,
use
between
for
West and West to the East. The export delivered steamships shows a territory, as shown on pages 345 and 346 of the 48th volume of Inter-State
progressive increase. In March it averaged 940 cars per calendar day; Commerce Commission reports, plus 25%, shall be applied.
while in May the average was 1,172 cars per day.
Paragraph (d) of Section 1 is amended to read as follows:
The over-seas tonnage of United States Government freight is increasing
(d) After such increase no rates shall be applied on any traffic moving
by leaps and bounds, due to the heavy troop movement, and, with the
than the amounts in cents per 100 pounds for the
mutually co-operative measures being taken with the War Department under class rates lowershown
below for the several classifications. The
respective classes as
for its regulation, is moving without interruption and on an entirely satis- minimum rate on any article shall be the rate for the class at which that
basis.
factory
article is rated in the classification shown below applying in the territory
I will not burden you with further detail, but will close by assuring you where the shipment moves.
should,
There
Official Classification.
that the outlook is favorable for transportation service.
I
2 3 4 5 6
and undoubtedly will, be greater efficiency by reason of the preparations Classes
25 21% 17 123 9 7
Rates
equipand
power,
facilities,
for
physical
made
additional
being
which are
Classification.
Sauthern
ment. The program must be vigorously prosecuted, however, that we
2 3 4 5 6 A B C) D
1
Classes
may keep abreast of the requirements.
25 214 19 16 13 11 9 10 7% 65
Rates
co-operation
the
of
appreciation
to
not
express
you my
In closing may I
Western Classification.
and untiring efforts which have been put forth by the official staff of the
2 3 4 5 A B CD E
1
various railroads in this district to restore the lines to a normal state of Classes
25 21 1734 15 11 I2X 9 73i 6X 5
Rates
reflect
efficiency under Government operation. The results accomplished
Illinois Classification.
the spirit of self-sacrifice and loyalty in the common cause in the attempt
of Classes
1
2 3 4 5 6 7 8 9 10
to bring the war to a successful conclusion. With renewed assurances
25 21 1734 15 11 12X 9 ni 05 5
Rates
respect, I bog to remain, Very truly yours.
A. 11. SMITH,
Paragraph (a) of'Section 2 is amended to read as follows:
Regional Director.
(a) Commodity rates, both inter-State and Intra-State, on the following
Smith
articles, applicable on carloads, except as otherwise provided, shall be inIn a telegraphic message to Regional Director
creased by the amounts set opposite each:
acknowledging the report, Director-General McAdoo said:
2720
THE CHRONICLE
[VOL. 106.
Commodities.
Increases.
The rates made effective by this schedule are initiated by the
Coal:
President of the United States through the Director-General, United
Where rate is 0 to 49 cents per ton
15 cents per net ton of 2,000 lbs.
States Railroad Administration, and apply to intra-State traffic only.
Where rate is 50 to 99 cents per ton
20 cents per net ton of 2,000 lbs.
This schedule is published and filed on one day's notice with the
Where rate is $1. to $1 99 per ton
30 cents per net ton of 2,000 lbs.
Inter-State Commerce Commission under General Order No. 28 of the
Where rate is $2 to $2 99 per ton
40 cents per net ton of 2,000 lbs.
Director-General, United States Railroad Administration, dated
Where rate is $3 or higher per ton
50 cents per net ton of 2,000 lbs.
May 25 1918, and amended June 12 1918.
If all rates therein are to apply on inter-State traffic only, use the followWhere rates have not been increased since June 1 1917, the increase to
ing:
made
be
now shall be determined by first adding to the present rate 15
The rates made effective by this schedule are initiated by the Presicents per ton, net or gross as rated, or if an increase of less than 15 cents
dent of the United States through the Director-General, United States
per ton, net or gross as rated, has been made since that date, then by first
Railroad Administration, and apply to inter-State traffic only.
adding to the present rate the difference between the amount of that
This schedule is published and filed on one day's notice with
increase and 15 cents per ton, net or gross as rated; and to the rates so
Inter-State Commerce Commission under General Order No. 28the
constructed the above increases shall now be added.
of the
Director-General, United States Railroad Administration, dated
Where rates from producing points or to destinations have been based
May 25 1918, and amended June 12 1918.
on fixed differentials in cents per ton, such differentials to be maintained,
If all rates therein are to apply on both intra-State and inter-State traffic.
the increase to be figred on the highest rated point or group.
use the following:
Commodity.
The rates made effective by this schedule are initiated by the
Increase.
Coke:
President of the United States through the Director-General, United
Where rate is 0 to 49 cents per ton_ _ _ _15 cents per net ton of 2,000 lbs.
States Railroad Administration, and apply to both inter-State and
Where rate is 50 to 99 cents per ton.._ _ _25 cents per net ton of 2,000 lbs.
Intra-State traffic.
Where rate is $1 to $1 99 per net ton...._40 cents per net ton of 2,000 lbs.
This schedule is published and filed on one day's notice with
Where rate is $2 to $2 99 per net ton._ 60 cents per net ton of 2,000 lbs.
Inter-State Commerce Commission under General Order No. 28the
of
Where rate is $3 or higher per ton
the Director-General, United States Railroad Administration, dated
75 cents per net ton of 2,000 lbs.
May 25 1918 and amended June 12 1918.
Where rates have not been increased since June 1 1917, the increase to
If some of the rates therein are to apply to inter-State traffic and others
be made now shall be determined by first adding to the present rate 15 to intra-State
traffic, use the following:
cents per ton, net or gross as rated, or if an increase of less than 15 cents
The rates made effective by this schedule are initiated by the Presiper ton, net or gross as rated, has been made since that date, then by first
dent
of
the
United
States through the Director-General, United States
adding to the present rate the difference between the amount of that inRailroad Administration, and apply to inter-State or intra-State
crease and 15 cents per ton, net or gross as rated; and to the rates so contraffic, as provided herein.
structed the above increases shall now be added.
This schedule is published and filed on one day's notice with the
Where rates from producing points or to destinations have been based
Inter-State Commerce Commission under General Order No. 28 of
on fixed differentials in cents per ton, such differentials to be maintained,
the Director-General, United States Railroad Administration, dated
be
highest
on
figured
increase
to
the
the
rated point or group.
May 25 1918 and amended June 12 1918.
Ores, iron-30 cents per net ton of 2,000 lbs ; except that no increase shall
Given under my hand this the 12th day of June 1918.
be made in the rates on ex-lake ore that has paid one increased rail rate
before reaching lake vessel.
W. G. McADOO,
Stone. artificial and natural, building and monumental, except carved,
Director-General of Railroads.
lettered, polished, or traced-2 cents per 100 lbs.
Stone, broken, crushed, and ground-1 cent per 100 lbs.
Sand and gravel-1 cent per 100 lbs.
Brick, except enameled or glazed-2 cents per 100 lbs.
INCREASED RATES ON SHORT LINES ORDERED TO
Cement, cement plasters, and plaster-2 cents per 100 lbs.
Lime-1M cents per 100 lbs.
CONFORM TO NEW RAILROAD ADVANCES.
Lumber and articles taking same rates or arbitraries over lumber rates; also
other forest products, rates on which are not higher than on lumberIncreased
freight rates in accordance with the previously
25%, but not exceeding an increase of 5 cents per 100 lbs.
Grain, wheat-25%, but not exceeding an increase of 6 cents per 100 lbs announced order of the Railroad Administration
went into
Other grain—New wheat rates.
Flour and other mill products-25%, but not exceeding an increase of 6 effect at midnight on June 24. The rates apply to shipcents per 100 lbs ,and increased rates shall not be less than new rates on
ments on railroads under Government control, and it was
wheat.
Cotton, any quantity-15 cents per 100 lbs.
announced yesterday that the Administration had ordered
Cotton linters—New cotton rates.
Live stock-25%, but not exceeding an increase of 7 cents per 100 lbs., increased fares and freight rates on short lines to conform
to
whwe rates are published per 100 lbs., or $15 per standard 36-foot car
the advanced rates allowed the larger roads. A large numwhere rates are published per car.
Packing,-house products and fresh meats-25%,except that the rates from ber of
the short lines had filed applications for permission to
all Missouri River points to Mississippi River territory and east thereof
shall be the same as the new rates from St. Joseph, Mo.
increase rates in conformity with the advance authorized by
Bullion, base (copper or lead), pig or slab, and other smelter products25%. except: (1) That rates from producing points in the States of Ari- the Railroad Administration. In general, class and comzona, California, Idaho, Montana. Nevada, New Mexico, Oregon, Utah,
and Washington to New York, N. Y., shall be $16 50 per net ton with modity rates are increased 25%, with specific advances for
established differentials to other Atlantic seal.oard points; and (2) Rates
from points in Colorado and El Paso, Tex., to Atlantic seaboard points coal,coke, ores, stone, brick, grain, cotton,live stock, meats,
shall be increased $6 50 per net ton. Separately established rates used sugar and other commodities shipped in large
quantities
as factors in making through rates to the Atlantic seaboard shall be
increased in amounts sufficient to protect the through rates as above and for export and import rates. The advance will apply to
increased.
Sugar. including sirup and molasses, where sugar rates apply thereon- both inter-State and intra-State rates. A number of pro25%, except:(1) Where the official classification applies, fifth-class rates tests against the new rates have been filed
or prepared for
as increased will apply; (2) From points east of the Indiana-Illinois State
line to points west of the Mississippi River rates will continue to be made submission to traffic committees of railroad traffic men,
on combination of local rates or of proportional rates if published to and
from the Mississippi River; except that from points on the Atlantic sea- who will conduct informal hearings and report recommendaboard to the Missouri River, Kansas City, Mo., to Sioux City, Iowa,
inclusive, established differentials over the increased rates from New tions to the Railroad Administration. Shippers are advised
Orleans, La., shall be maintained. (3) From points in the States south to apply first to these committees with
suggestions for reviof the Ohio River and east of the Mississippi River, also from points in
the States of Louisiana and Texas rates shall be increased by the following sions, and to appeal to the Administration or to initiate foramounts less the amount of any advance made in such rates since June 1
1917: To Chicago, Ill., 22 cents per 100 lbs.; to St. Louis, Mo., 2734 cents mal complaints with the Inter-State Commerce Commission
per 100 lbs.; to other points west of the Indiana-Illinois State line and if they are not satisfied with the
committees' action.
west of the Mississippi River, excep points in Arkansas, Louisiana and
Texas, 22 cents per 100 lbs.; to points on and north of the Ohio
Shippers and State public utilities commissioners are
River and east of the Indiana-Illinois State line rates shall be increased
to maintain the former established relation to the rates from the same among the interests seeking greater representation on the
points of origin to Chicago, Ill., and St. Louis, Mo. (4) From producing
points in Colorado, Wyoming, Montana, Kansas and Nebraska, to traffic committees which will work out most revisions.
Missouri River territory and points in Arkansas, Oklahoma, Louisiana,
and Texas and points east thereof, 22 cents per 100 lbs. (5) From points
In Idaho and Utah to points named in paragraph 4 rates shall be 15 cents
above the rates from Eastern Colorado. (6) From points in California REGIONAL RAILROAD bIRECTOR SMITH ANNOUNCES
and Oregon to points taking Missuori River rates and points related
DIFFERENTIALS IN CASE OF NEW YORK CANAL
thereto under the Commission's fourth section orders, and to points east
of the Missouri River, 22 cents per 100 lbs.
SHIPMENTS.
Paragraph (b) of Section 2 is amended to read as follows:
(b) Commodity rates, both inter-State and intra-State, not included in
the foregoing list, shall be increased 25%.
Paragraph (a) of Section 4 is amended to read as follows:
(a) All intra-State rates and all rates for transportation by water, which
are to be increased under this order, if not now on file, shall be Immediately
filed with the Inter-State Commerce Commission. Such intra-State rateu
shall not be applied on inter-State shipments and the schedu es containing
said rates shall be so restricted.
Paragraph (b) of Section 5 is amended to read as follows:
(b) The minimum charge for a line haul of a carload shipment shall be
$15, except that on brick, cement, coal, coke, logs, ore, sand and gravel,
and stone (broken, crushed, and ground) the existing rates as increased
under Section 2 of this order shall apply.
Section 20 is amended to read as follows:
The rates, fares and charges to be increased under this order are those
existing on May 25 1918, including changes theretofore published but not
then effective and not under suspension, except where the Inter-State
Commerce Commission prior to May 25 1918 authorized or prescribed
rates, fares and charges which shall have been published after May 25
1918 and previous to June 15 1918, the increases herein prescribed shall
apply thereto. Such authorized or prescribed rates, fares, and charges not
so published shall be subsequently revised when published by applying
the increases prescribed herein.
Section 21 is amended to read as follows:
(a) All schedules, viz.: tariffs and supplements, covering passenger fares
and baggage charges published under the provisions of this order shall
bear on the title page the following in bold-face type:
The fares (on baggage tariffs use word "charges") made effective by
this schedule are initiated by the President of the United States
through the Director-General, United States Railroad Administration,
and apply to both inter-State and intra-State traffic.
This schedule is published and filed on one day's notice with the
Inter-State Commerce Commission under General Order No. 28 of the
Director-General, United States Railroad Administration, dated
May 25 1918.
(b) .All schedules, viz.: tariffs and supplements, published to cover
freight rates under the provisions of this order shall bear on the title page
one of the legends shown below in bold-face type:
If all rates therein are to be restricted to apply on intra-State traffic
only, use the following:
Alfred H. Smith, Regional Director of Eastern Railroads,
on June 22 authorized the announcement of differentials
which would make rates for shipments by canal in New
York State lower than the rates by rail, under the new tariffs
effective June 25. The announcement was made following
a conference between Mr. Smith and Edward Chambers,
Director of the Division of Traffic of the Railroad Administration. The following is the statement given out:
The New York Canal section of the United States Railroad Administration operating the State Barge Canal for the period of the war has been
given authority by the Railroad Administration to publish rates on interState traffic showing a differential under the advanced rates to be made
effective on June 25 via all-rail, rail and lake, and rail lake and rail, under
the Director-General's order No. 28 of May 25 as follows:
Class
1
2
3
4
5
6
Cents per cwt
10
8
6
4
4
3
On all intra-State traffic between points in the State of New York or
points in New York Harbor, within the free lighterage limits, rates will be
published about June 26 via canal showing differentials of 20% under the
advanced rates effective on Juno 25, issued under the Director-General's
Order No. 28 of May 25.
This will give to shippers via the canal a differential basis of rates, to
which subject the Administration has been giving close consideration for
some time, and this announcement is the result of such consideration.
Regional Director Smith's traffic office, to set forth clearly the amounts
involved in the rate changes prescribed by the foregoing decision, as applied to the new freight tariffs which go into effect on June 25, madelthe
following computations of present and future rates for the six classes
of freight:
Inter-State Rates.
The present Now York-to-Chicago rates for freight carried all-rail,
rail-and-lake or canal-and-lake, for each of the six classes of freight, stated
in cents per 100 pounds, are:
JUNE 29 1918.1
THE CHRONICLE
5
6
3
4
2
1
Class number
36
30
42
60
79
90
Cents per cwt
for
rail-and-lake,
or
all-rail
The new rates, effective June 25, to apply
the same six classes of freight, are:
52% 45 373
75
99
113'
Cents per cwt
With differential, to apply canal-and-lake, the rates for the six classes
of freight will be:
48% 41 343
69
102% 91
Cents per cwt
or a differential for canal-and-lake below all-rail or rail-and-lake of
6
5
4
3
2
1
Class number
3
4
4
6
8
10
Cents reduction
Intra-State Rates.
The present New York-to-Buffalo rates, all-rail or canal, are:
5
6
4
3
2
1
Class number
19% 16
23
41% 34
48
Cents per cwt
The new rates effective June 25, all-rail, will be:
20
245
29
423
52
60
Cents per cwt
Canal rates, intra-State, to be 20% below new all-rail rates, would leave
New York-to-Buffalo rate the same as to-day, or as follows for the six
2721
are higher than via the routes designated by the shippers, resulting in demands for or collection of charges higher than those provided in the rate
schedules under which the shipments were accepted for transportation;
And it appearing that by direction of April 23 1918 the Director-General
has instructed carriers to adjust charges on such shipments in accordance
herewith:
It is ordered that in instances in which, under the Director-General'
Order No. 1, shipments have been or are sent (a) via routes over which
the rates are higher than via the routes designated by the shippers, or (b)
over routes not provided for in through-rate schedules, carriers participating in such transportation be, and they are hereby, authorized to adjust
the charges to the basis (a) of those applicable via the route designated by
the shipper, or (b) of those applicable via the route via which the shipments would ordinarily have been sent.
By the Commission:
GEORGE B. McGINTY,
Secretary.
RAILROAD ADMINISTRATION ORDERS NEW
THROUGH RATES BETWEEN EAST
16
193
23
34
AND WEST.
413
48
The establishment of new through freight rates between
It is also announced that:
Freight in classes 1, 2 and 3 includes merchandise of different grades the East and the West was ordered by the Railroad Adalmost entirely in less than carload lots. Class 1 includes dry goods, ministration on June 21. Its announcement of this said:
hats and also automobiles in carload lots. Class 2
classes:
Cents per cwt
clothing, boots, shoes,
Director-General McAdoo has authorized the publication of joint
includes hardware, tools, &c. Class 3 includes high-grade perishables,
in the Pacific coast and intermountain
such as meats and fruits in carloads, and also pianos in carloads. Classes 4, through rates between all points
on the one hand and points in the territory east of the Mississippi
territory
5 and 6 apply principally on carload shipments, including dried fruits,
and south of the Ohio River on the other at the same figure as effective
cereals, canned goods and various iron and steel articles. Grain, ore, coal
in the corresponding territory north of the Ohio River.
and newsprint come under commodity rates.
The existing rate adjustment in the territory east of the Mississippi and
south of the Ohio River to and from the Pacific coast and intermountian
territory is made up generally by combination of proportional rates east
NO ACTION TOWARD TAKING OVER OF STOCK YARDS and
west of the Mississippi River which make a considerably higher through
BY RAILROAD ADMINISTRATION.
rate than to the corresponding territory north of the Ohio Roiver. The
6
now
adjustment will better enable the manufacturers in the Southeastern
June
seeking
of
In answer to the Senate resolution
States to reach the Pacific coast in competition with their compeators
Railroads
of
McAdoo,
-General
Director
from
information
located in the territory north of the Ohio River, and will also enable the
as to what action had been taken toward the taking over Pacific coast producers to reach the markets in the southern territory to
better advantage than at present.
by the Railroad Administration of control of the stock yards, much
The Southeastern States and the Pacific coast territory have been conon
Senate
June
by
26
the
to
transmitted
n
a communicatio
tending for this adjustment for years but the opposition of individual carWalker D. Hinds, Acting Director-Generat stated that no riers has prevented any change until now. The traffic involved at present
is not large but it is thought the adjustment will greatly increase the exaction has been taken. Mr. Hinds further stated that it is change
of commodities between the sections of country interested.
believed that the Director-General has not the authority
under existing law to take over stock yards. The resolution
calling for the information was printed in our issue of June SOLDIERS AND SAILORS TO BE GRANTED A RAILROAD
FARE OF ONE CENT A MILE.
15, page 2505. Below is Mr. Hinds' communication in
A railroad fare of one cent per mile for United States
answer thereto.
soldiers and sailors desirous of visiting their homes before
DIRECTOR GENERAL OF RAILROADS.
Washington, June 21 1918.
joining the expeditionary forces abroad and traveling at their
The President of the Senate, Washington, D. C.
own expense, was ordered last month by Director-General
Sir—In compliance with the resolution of the Senate of June 6 1918.
of Railroads McAdoo to go into effect as soon as necessary
I beg to reply as follows:
to taking over as part of the details were completed. The following announcement was
(1) No action has been taken in regard
Railroad Administration any of the stockyards of the country.
McAdoo on May 24:
stockyards railways, the present view of the Railroad Ad- made by Mr.
As to the
ministration is that in general it will be in the public interest for the Government not to exercise control of such railways, since they are either
wholly or largely plant facilities for the stockyards service. The allowances made to such stockyards railways will, however, be carefully scrutinized to see that they are not excessive. It is believed that an adequate
and nondiscriminatory service can be secured without Federal control of
these railways.
In a few cases the stockyards railways may be so extensive and may
serve so many industries, other than the stockyards and packing houses,
as to make such railways an integral part of the general terminal facilities
of the United States Railroad Administration and necessitate their retention
in Federal control. The Chicago Junction Railway, which has 220 miles
of track and serves many other industries, is of this class.
These questions at present are receiving careful study, and a specific
answer as to the permanent status of these stockyards railways in respect
of Federal control can not be made until the study shall be completed.
(2) It is believed that the Director-General of Railroads has not authority
under existing laws to take over stockyards. The authority under which
the roads were taken over by the President is derived from the Act approved
Aug. 29 1916, entitled "An Act making appropriations for the support of
the Army for tho fiscal year ending June 30 1917, and for other purposes,"
and the power is limited to systems of transportation or parts thereof.
The Federal Control Act approved March 21 1918 does not, it is believed,
enlarge this power.
(3) No study, as such,has been made regarding the ownership and control of the stockyards to determine what, if any, connection such ownership
and control has upon the packing industries of the country. The only
information which we have sought is to determine whether the terminal
roads in different localities should be taken under control of the Government,
WALKER D. HINDS,
Cordially, yours,
Acting Director General.
Director-General McAdoo, realizing the payment of the full railroad fare
means a serious hardship to our soldiers and sailors who desire to visit their
homes before going overseas, has ordered that as soon as necessary details
can be completed soldiers and sailors of the United States forces, when
furloughed and traveling at their own expense, will be granted a rate of
approximately one cent per mile. This fare will be available on delivery
to ticket agents of certificates signed by commanding officers. Such certificates of standard form will be prepared and distributed with the utmost
promptness.
A formal order:putting:into operation Secretary:McAdoo's
an,for a one-cent-a-mile rate for soldiers on furlough,has
since been issuedlby the Inter-State Commerce Commission.
RAILROAD ADMINISTRATION ON STATUS OF OPEN
TOPCCOKE" CARS.
The following circular fixing the status of open top "coke'
cars has been issued by the U. S. Railroad Administration,
Division of Transportation, Car Service Section:
Washington, D. C., May 15 1918.
To AU Railroads.—There appears to be a misunderstanding on the part
of some employees as to the status of open top cars stenciled and known
as "coke" cars, as reports indicate this class of equipment, most of which
is owned by roads members of the Eastern Railroads Open Top Car Pool,
is being handled same as if included in the car pool.
As "coke" cars are not included in the pool and are specifically exempt as
indicated in General Order C.S. 14, Dec. 24 1917, all interested are directed
to see that all employees fully understand this equipment is protected by
emergency rule 1, C. S. Order 1,and must be handled accordingly.
W. C. KENDALL,
Manager, Car Service Section.
INTER-STATE COMMERCE COMMISSION'S ORDER
ON ROUTING OF SHIPMENTS.
of the following order on April 26 by the RAILROAD ADMINISTRATION'S INSTRUCTIONS TO
issuance
The
RAILROADS ON METHODS OF ACCOUNTING.
Inter-State Commerce Commission on the routing of shipInstructions relative to methods of accounting were
ments, in which it is set out that the designation of routes
is to be disregarded when speed and efficiency may be pro- issued to the railroads under date of June 15 by the United
moted, was made known on April 29:
States Railroad Administration through the Division of
It appearing that the Director-General of Railroads' order No. 1, of Public Service and Accounting. Under these instructions
Dec. 29 1917, requires that existing schedules of rates and outstanding carriers which have not already done so are required to file
orders of the Inter-State Commerce Commission are to be observed; that
their method or methods of
through routes which have not heretofore been established because of with the division an outline of
shorthauling or other causes are to be established, and used Whenever ex- accruing and reporting the various classes of revenues prepedition and efficiency of traffic will thereby be promoted; and that the
scribed by the Inter-State Commerce Commission in effect
designation of routes by shippers is to be disregarded when speed and
Dec. 31 1917. The instructions also indicate the procedure
efficiency of transportation service may thus be promoted;
And it appearing that in interpretation or understanding of the efrpct necessary where carriers desire to change existing methods
and purpose of this order shipments have been or may be sent via routes
accruing revenues. We:give the instructions herewith:
provided for in rate schedules and via routes over which the charges ior
not
2722
THE CHRONICLE
DIVISION OF PUBLIC SERVICE AND ACCOUNTING.
Washington, June 15 1918.
P. S. and A. Circular No. 5.
The Director-General s general order No. 2. dated Dec. 30 1917, contains in part the following:
"Until otherwise directed, no changes in the present methods of accounting as prescribed by the Inter-State Commerce Commission will be required. The accounts of your respective companies shall be closed as of
Dec.31 1917 and opened as of Jan. 1 1918, in the same manner as they have
heretofore been handled at he close of one fiscal period and the beginning
of another, and in the same manner that you should have handled your
accounts had the Government not taken possession and control.
General order No. 17, dated April 3 1918, prescribes the method of
accounting which shall be followed with respect to corporate assets and
liabilities taken over, collected or paid by or under the direction of the Director-General.
The last sentence of paragraph (9) of that general order rules that—
"Operating revenues which have been accrued currently in accordance
with the established practice of the carrier shall be considered as current
revenues and not as 'lap-over items.
The intent of the foregoing quoted provisions of general orders Nos. 2
and 17 was to continue and to maintain during the period of Federal
control the methods of accruing revenues and expenses which were in effect
immediately prior to Jan. 1 1918.
Carriers were not required to separate their December 1917 and prior
revenues on basis of service performed up to midnight of Dec. 31 1917.
it being assumed that overlapping revenues at the beginning of Federal
control would be offset or equalized under the same methods of accounting
by those which will overlap at the end of such control, but to insure such
equalization, it will be necessary to either continue during the period of
Federal control the same methods of revenuing which were in effect in
December 1917, or, if changed in the interim, to adjust revenues during
the last month of Federal control to methods which prevailed at the beginning thereof.
The methods of revenuing vary on different railroads. It may be necessary, for efficiency and economical reasons, to unify or otherwise change
such methods during the period of Federal control. To the end that this
may be done, without preventing equalizoions at the end of Federal control, carriers which may be under Fede1111 control as of July 1 1918, or
which may thereafter be placed under such control shall observe the following instructions:
1. Each carrier which has not previously filed such an outline shall, as
early as practicable, file with the division of public service and accounting
an outline of its method or methods of accruing and reporting the various
classes of revenues prescribed by the Inter-State Commerce Commission,
which were in effect as of Dec. 311917.
2. Accounting methods for accruing revenues which now prevail shall
not be changed unless authorized by the undersigned. If for economical
or efficient reasons a carrier should desire to change its existing methods,
application shall be made to the undersigned for permission to make the
change; such application shall be accompanied by:
(a) An outline of existing methods.
(b) An outline of methods proposed, and
(c) Reasons for the change.
3. In the event changes have been made in accounting for revenues since
Dec. 31 1917, there shall be promptly filed with this division an outline
of the methods which prevailed before and after such change, with reasons
for making the change.
C. A. PROUTY, Director.
RAILROAD ADMINISTRATION'S ORDER GOVERNING
ACCOUNTING FOR USE OF EQUIPMENT
BETWEEN ROADS.
An order setting out the rules and regulations effective
July 1, governing the accounting for the use of equipment or
facilities between railroads under Federal control has been
issued as follows by the United States Railroad Administration:
UNITED STATES RAILROAD ADMINISTRATION.
Office of Director-General.
Washington, D. C., June 12 1918.
GENERAL ORDER NO. 31.
Effective July 1 1918, the following rules and regulations shall govern
the accounting for the use of equipment or facilities of one carrier under
Federal control by or for the account of another carrier under such control,
provided nothing herein contained shall be construed to warrant the discontinuance of the keeping, rendition and settlement of such accounts by
a carrier under Federal control in favor of or against a carrier not under
Federal control in the same manner as heretofore.
I.—Hire of Freight and Passenger Train Equipment.
1. The practice of recording, computing and paying per diem, mileage
or rental for the use of freight and passenger train cars of one carrier under
Federal control by or for account of another carrier under Federal control.
and the adjustment of differences, reclaims, etc., between such carriers
which clearly relate to transactions incurred on or after January 1 1918,
shall be discontinued.
2. Junction cards, interchange reports, location records, and all other
records and reports necessary to determine the location of equipment shall
be kept, rendered, and compiled as heretofore.
H. Joint Facilities—Bills for Use of.
3. Effective with costs incurred on and after July 11918, bills rendered
by one carrier under Federal control against another carrier under such
control for maintaining and operating (including taxes and rental) tracks,
yards, terminals, and other facilities, including costs to operate equipment
used therein, shall be computed, rendered, charged,.and paid on the following bases:
(a) In cases where the tenancy is not changed under Government operations: The total cost of maintenance, operation, taxes, and rental, as provided for under existing agreements, and the amounts thereof borne by
each user for a period not less than six months ended Dec. 311017, shall be
determined by the owning or operating carrier. From such costs the
percentage of the total borne by each user to the total costs shall be determined. The percentages thus determined shall be applied monthly to the
total costs incurred on and after July 11918, and bills shall be rendered
and paid on the results thus obtained.
(b) In cases where tenants or users are admitted to facilities not heretofore jointly used: Federal managers of the facilities to be jointly used shall
[VOL. 106.
determine, as between themselves, a fair and equitable arbitrary basis for
the apportionment of the total costs of maintenance, operation, taxes and
rental which should be paid by each tenant. Such basis shall thereafter
during the period of Federal control be used by the owning carrier as a
basis for preparation and rendition of bills against the tenants or users, and
such tenants or users shall pay such bills as rendered.
(c) In cases where the number of tenants or users of facilities now used
by tenants under agreements with owners is increased or decreased: The
literal compliance with the terms of such agreements shall be temporarily
suspended, for the period of Federal control, and a fair and equitable basis
of use shall be determined as prescribed in paragraph (b) preceding, except
that due regard shall be given to the terms of existing agreements in fixing
such arbitrary basis.
(d) In cases where a lump sum charge has been made by an owning or
operating carrier which is under Federal control for the use of a facility
used by another carrier which is under such control, such bills for the lump
sum charge shall be rendered and paid during Federal control as heretofore:
provided, however, if there be a change in such tenancy by the admittance
of other tenants or otherwise, and the contractual basis upon which the
lump sum charge is made be disturbed thereby, an arbitrary basis of charge
by the owner against the tenant, or tenants shall be determined as prescribed in paragraph (b) hereof.
4. Details heretofore required in support of joint facilities bills, statements, and accounts shall be discontinued, except that such bills shall show
the totals chargeable and creditable, to the primary operating revenue,
expense, tax and rental accounts prescribed by the Inter-State Commerce
Commission, or which may hereafter be prescribed.
5. If materials and supplies, the value of which is carried in the accounts
of one carrier under Federal control, be used by another carrier under such
control for maintaining or operating equipment or facilities jointly used,
the value at which such materials and supplies are carried in the accounts
of the carrier furnishing them shall be billed against and paid for by the
carrier using them as heretofore, except that percentages for overheads
and other carrying expenses shall not be added to the cost thereof.
W. G. McADOO,
Director-General of Railroads.
REGULATIONS GOVERNING SETTLEMENT OF INTERROAD ACCOUNTS OF RAILROADS.
The regulations which are to govern the settlement of
inter-road accounts of carriers under Federal control, have
been made public as follows by the Railroad Administration:
General Order No. 30.
U. S. RAILROAD ADMINISTRATION.
Office of the Director-General.
Washington, June 12 1918.
Settlement of Inter-road Bills and Accounts.
Effective July 1 1918 the following regulations shall govern the settlement of all inter-road bills, statements and accounts rendered by one carrier under Federal control against or for account of another carrier under
such control.
(1) Settlements by vouchers and the drawing of drafts in settlement of
individual inter-road bills, statements and accounts rendered by one carrier under Federal control against another carrier under such control,
except as provided for in paragraph (2) hereof, shall be discontinued.
(2) The regulations herein prescribed shall not include:
(a) Settlement of accounts between a carrier under Federal control and
a carrier not under such control.
(b) Settlement of accounts between carriers under Federal control for
transactions which do not properly belong on the Federal books of either
carrier interested.
(3) Each bill, statement or account made and rendered by one carrier
under Federal control against or in favor of another carrier under such control, and forwarded on and after July 11918. shall be plainly stamped on
the face thereof, as follows: "Included in settlement, month of
191_..." Such stamp shall indicate the month in which the amount represented by the account will be included for settlement by the carrier rendering the account, and it shall be included in the same month's settlement
account by the receiving carrier. No such bill, statement, or account
made and rendered in one month shall be back-dated for a prior month.
(4) On the first of each month each carrier shall prepare and render each
other carrier with which it has inter-road transactions, as a basis for a settlement of debits and credits, in abstract, showing the nature and total of
each bill, statement, or account forwarded by it to each other carrier during the preceding month.
(5) There shall be opened as of July 1 1918 on the Federal books of each
carrier a clearance or settlement account with each other carrier under Federal control with which it has inter-road transactions.
(6) As inter-road bills, statements, or accounts are made and rendered,
they shall be charged or credited as the case may be, through the clearance
or settlement account prescribed in the preceding paragraph.
(7) As inter-road bills, statements, or accounts are received they shall be:
(a) Examined as to correctness, a.s prescribed in General Order No. 20;
(b) Charged or credited to the appropriate operating or other account;
(c) Credited or charged (as the case may be) by the receiving carrier
to the carrier originating the account through the appropriate clearance or
settlement account prescribed in paragraph (5) hereof.
(8) The total of each statement for a given month shall be accepted as
rendered, and on or before the fifteenth day of each month subsequent to
that for which such statement was rendered the creditor carrier shall draw
upon the debtor carrier for the balance between the two statements exchanged by them.
(9) In the event the statement referred to in paratgraph (4) indicates
that the originating carrier has charged or credited the other carrier with
a bill, statement, or account which has not been received, the carrier to
which the statement is rendered shall accept the account and credit or
debit the originating carrier therewith to the debit or credit of a suspense
account. Such receivnig carrier shall immediately take the matter up
with the originating carrier for the purpose of locating the missing bill,
statement, or account. If it be found that such amount was includedlin
the statement in error, adjustment shall be made therefor in a subsequent
statement. If manifest errors be found in such statements by a receiving
carrier, the attention of the originating carrier shall be called thereto and
such error or errors shall be adjusted in the statement for the subsequent
month.
W. G. McADOO,
Director-General of Railroads.
The following general order setting out the regulations' for
apportioning inter-road freight revenues to the carriers/conce'rned, was issued by Director-General of Railroads McAdoo on April 22
•
JUNE 29 1918.]
THE CHRONICLE
U. S. RAILROAD ADMINISTRATION,
Office of the Director-General,
Washington, D. C.. April 22 1918.
General Order No. 21.
(I) Simplified bases for apportioning inter-road freight revenues to
carriers performing the service:
(1) Pursuant to the provisions of paragraph (13) of General Order No. 11,
dated Mar. 16 1918, with respect to the adoption of universal interline
waybilling, the following regulations will be observed beginning with the
May, 1918, accounts in apportioning freight revenues to individual carriers subject to Federal control which perform inter-road freight service.
(2) In cases where inter-line billing has been in effect covering all or a
major portion of freight traffic interchanged between two or more carriers
via the same route, although the inter-line waybill may not cover the
movement from origin to final destination of the traffic:
(a) The waybill destination carrier shall determine, from inter-line
division statements for the period of 12 months ended Dec. 31 1917, the
aggregate freight revenue on inter-line freight traffic from each initial
waybilling carrier separately via each route. There shall likewise be
determined the amount apportioned to each individual carrier separately
via each route. There shall be included in such aggregate freight revenue,
and in the amounts due to each carrier, as their interests may appear.
terminal allowances, bridge tolls, lighterage, insurance, and other arbitraries. If the inter-line method of accounting became effective via any
route subsequent to Jan. 1 1917, the division statements for the longest
period obtainable (not exceeding 12 months) prior to May 1 1918, shall
be used.
(b) From the aggregate freight revenue, and the revenue due to each
carrier via each route, ascertained in the manner prescribed in the preceding paragraph, the ratio of the revenue allotted to each carrier via each
route to the total revenue shall be determined and stated in two-figure
per cents; such per cents shall be designated as "road to road" per cents.
The per cents thus determined for each route shall be used for apportioning
the revenue from the traffic moving over it on inter-line waybills to be
accounted for beginning with May 1918 accounts, until and unless otherwise ordered.
(c) When the accounts for commodities moving in large volumes, such
as coal, have, as a matter of general practice, been kept separately, separate road-to-road per cents, based on revenues from that class of traffic,
may be determined as above prescribed and used in apportioning the
revenues therefrom.
(3) In cases where inter-line waybilling has not been in effect or where it
has been applied to only a small part of the traffic moved between two or
more carriers via the same route:
(d) Destination carriers of the freight shall apportion and settle the
revenues on inter-line waybills to be accounted for in May 1918, accounts
on bases of established divisions. From the totals of proportions thus
settled, destination carriers shall compute two figure per cents for traffic
from each initial carrier via each route. Such per cents are herein designated as "road-to-road" per cents and shall be used thereafter to apportion
revenues via such roads and routes, respectively, on that class of traffic
unless and until otherwise ordered. When traffic moves only in small
volume, destination carriers may compute two-figure station-to-station
per cents based on revenues produced by the application of established
division bases, and use such station-to-station per cents instead of the
road-to-road per cents.
(e) In the event freight traffic moves during the month of June 1918. or
thereafter via routes over which there were no freight movements covered
by inter-line waybills prior thereto, destination carriers shall apply the
established divisions in apportioning the revenue on such shipments during
the month in which the traffic first moves. Thereafter the revenue on
such traffic shall be divided on either road-to-road or station-to-station
per cents as may be applicable.
(f) When the accounts for commodities moving in large volumes, such
as coal, have, as a matter of general practice, been kept separately, separate
road-to-road per cents based on revenues from that class of traffic may be
determined as herein prescribed and used in apportioning the revenues
therefrom.
(4) In cases where freight traffic moves via unusual or diverted routes
over which no divisions apply and via which no experience can be obtained,
destination carriers shall apportion the revenues therefrom on a 20-mile
block mileage basis, each carrier to be allowed at least 20 miles and originating and terminal carriers an additional 20 miles each as constructive
mileage.
(5) The formulea prescribed herein for apportioning inter-line freight
revenues to carriers performing the service are intended to preserve, as
equitably as practicable, the integrity of the revenues of individual carriers, and their use shall be generally observed. If by reason of now
traffic developments, or the abnormal shifting of traffic, the continued
application of the road-to-road per cents herein provided for might seriously distort the revenues of interested carriers, the destination carrier
may, upon its own initiative or by request, test apportionment of revenues
for a specific month or period by applying the established division bases
thereto. If results thus obtained vary substantially from the results obtained by the application of road-to-road per cents as herein provided for,
and the change appears to be permanent, application may be made to the
Director of Public Service and Accounting to adjust the divisions to such
bases as will produce more equitable results. Applications for changed
apportionment bases based upon ordinary traffic fluctuations will not be
considered.
(II) Modification of practices in accounting for freight and related
revenues:
(6) Destination carriers shall completely revise waybills as to rates,
classifications, extensions, footings, weights, &c., thus insuring the correctness of the revenues based on tariffs applicable, and they shall account to
interested carriers for their respective proportions of such revenues in the
manner hereinbefore prescribed. If flagrant or continued use of erroneous
rates or classifications be observed by destination carriers, the attention
of billing carriers must be specially called thereto. Where ordinary changes
or corrections are made in waybilled revenue by destination agents, correcttion notices need not be made therefor to intermediate or originating
carriers, unless advances or prepaid charges be involved.
(7) Paragraph (10) of General Order No. 11 provides that settlements by
destination carriers with all other interested carriers shall be accepted
as final. This provision discontinues the adjustment among carriers of
overcharges and undercharges in revenue, but does not prohibit the adjustment of differences in advances and prepaid items, clerical errors, in
addition and divisions, or errors due to omissions, diversions, &c.
(8) Effective at once no apportionment shall be made among carriers of
charges absorbed, such as switching, elevation, transfer charges, terminal
delivery charges, icing, cost of grain and coal doors, and other similar
items accruing during Federal control; such absorbed charges shall be
borne by paying carrier.
(III) Modifications and interpretations of General Order No. 11.
2723
(9) Paragraph (11) of General Order No. 11 prescribes certain forms to
be used in preparing Audit Office settlement accounts. Until further
ordered, carriers may use such prescribed forms or, they may use those
now in use by them in settlement of inter-line freight accounts until such
time as a more complete study is made of the forms which will later be
prescribed.
(10) Sub-paragraph (b), of paragraph (8) of General Order No. 11,
provides that: "Only the original and one copy of the waybill shall be
made." This provision is hereby amended to the extent of permitting
carriers taking such additional copies of waybills as may be necessary
to maintain the integrity of the accounts. The first copy must be printed
in the same form as the original, ftut may be on a lightet: weight of paper.
Any additional copies beyond the first may be prepared on blank paper.
(11) While paragraph (8) of General Order No. 11 provides for a standard
form of waybill, such order does not prohibit the continuation or adoption
of a color scheme for waybills for specific or special traffic when such
color scheme tends to expedite or protect the freight.
(12) If, under prevailing practices, freights originating on or destined to
points on switching or tap lines are waybilled from or to trunk line junctions
or connections with such switching or tap lines and junction settlements
are n lade at such points of connections, such practices, may, until further
07 de ed, be continued.
W. G. McADOO,
Director-General of Railroads.
ATTACK BY TURKISH TROOPS UPON AMERICAN
CONSULATE AND HOSPITAL IN PERSIA.
Dispatches received by the State Department on June 19
announced that the American Consulate at Tabriz, Persia,
had been attacked by Turkish troops, who had also looted the'
American Presbyterian Hospital at that place. The outrages were committed against the protests of the Spanish
Consul, who has charge of American interests at Tabriz, and
in violation of the Spanish flag flown over the buildings. As
a direct outcome of this affair, Representative M. Clyde
Kelly of Pennsylvania on June 20 introduced in the House
a joint resolution declaring a state of war to exist between
the United States and Turkey and Bulgaria. The State
Department instituted inquiries through Minister Caldwell
at Teheran, Persia, and also through neutral diplomatic
channels, to get at the facts of the case, but up to June 25
had not gotten anything more definite than a cablegram
from Minister Caldwell that he was "unable to add anything
to his original report."
Although there has never been a declaration of war between the United States and Turkey, diplomatic relations
have been suspended since April 20 1917, when Turkey withdrew Abdul Hak Hassein Bey, who had been acting as
Charge of the Turkish Embassy here since the compulsory
retirement of the regular Ambassador, which followed upon
his open criticism of the United States Government. Necessarily, American Ambassador Morgenthau was obliged to
leave Constantinople, and since that time the relations between the two Governments have been just short of actual
formal enmity.
• Recently there have been vigorous demands in Congress
for a declaration of a state of war between the United States
and Turkey and Bulgaria, but President Wilson and the State
Department have not regarded this step as necessary or
desirable, since there has been no actual collision between
American and Turkish or Bulgarian troops.
Details received so far of the present incident are said to
be too meagre to form an opinion as to whether it constitutes
sufficient provocation for open hostilities. It has been
pointed out that since the attacks on the consulate and hospital occurred in Persia, the United States first must hold
the Persian Government to account, as it is responsible for
the safety of foreigners and their properties within its borders.
However, because of the peculiar and uncertain relations
between Turkey and Persia, and assertion by the former of
the right of sovereignty over Persia, and the well recognized
inability of the latter to resist the Turkish troops, there is
said to be little doubt that the Washington Government will
hold that the responsibility for the outrages has passed to
Turkey.
FORCE ALONE CANNOT END THE WAR, SAYS
GERMAN FOREIGN MINISTER.
In a speech that was noteworthy for its open admission
that force of arms alone could never end the war, which
must ultimately be ended by diplomatic negotiation. Dr.
Richard von Kuehlmann, the German Foreign Secretary,
"roughly sketched" the peace aims of Germany, and declared Germany's agreement with ex-Premier Asquith's
speech on May 16, in which he said that the British Government "would not turn a deaf ear to peace proposals if
not couched in ambiguous terms." Dr. von Kuehlmann,
however, declared that Germany "would have to decline
to make any prior concessions by stating her position in
regard to Belgium in a way which would bind her without
a
4724
THE CHRONICLE
similarly binding Germany's enemies." Di-. von Kuehlmann laid the principal blame for the war at the door of
Russia, with France and England only less culpable. As to
Germany, he denied that she sought world domination,
and scouted the idea that "any responsible man in Germany,
not the Emperor or the members of the Imperial Government, "believed they could win the domination of Europe
by starting this war." "In view of the magnitude of the
war," he said, "and the numbar of Powers, including those
from overseas, that are engaged, its end can hardly be expected through purely military decisions alone, and without
recourse to diplomatic negotiations." But, he declared,
"we hope our perceive, that in view of our resources, the
idea of a victory for the Entente is a dream." One of the
preliminary conditions of peace, he declared, must be "a
certain degree of mutual confidence in each other's honesty
and chivalry." "For so long as every overture is regarded
as a peace offensive, as a trap," he said, it was impossible
to see how an exchange of ideas leading to peace could be
begun, and he expressed the hope that the Entente would
"find a way to approach us with peace offers which will
correspond with the situation and satisfy Germany's vital
needs."
Dr. von Kuehlmann's speech was summarized as follows
in press cables from Amsterdam published in the New
York "Times" on Wednesday:
[VOL. 106.
"From England the reproach is constantly made that we are not prepared on a hint from England to state our attitude publicly on the Belgian
question. On this point the fundamental views of the Imperial Government differ from those ascribed to us by English statesmen. We regard
Belgium as one question in the entire complex. We must, however, decline
to make, as it were, a prior concession by giving a statement on the Belgian
question which would bind us, without in the least binding the enemy.
"Mr.Balfour, moreover, by way of precaution, has added that we must in
no way imagine that any agreement on the Belgian question exhausts the
stock of English or Entente wishes. He prudently abstained from describing those points in which he intends to announce more far-reaching claims
or desires.
"The supposition is not unjustified by previous experiences that while
these words, on the one hand, were addressed to Paris, on the other hand,
coveteous desires floated across the Mediterranean to the parts of Palestine
and Mesopotamia at present occupied by the British troops.
"I hear already the justification which will be duly given for such desires, namely that England could not possibly make such sacrifices of blood
and treasure without reserving for herself most of the gains.
"As regards the probable course of events, the Imperial Chancellor and I
have previously declared that in the present stage of development far-going
advances on the road to peace can hardly any longer be expected from
public statements which we shout to each other from the speaker s tribune.
We, too, can adopt the words spoken by Mr. Asquith.
Dr. von Kuhelmann quoted from Mr. Asquith s speech of May 16, in
which it was said that the British Government would not turn a deaf ear
to a peace proposal if it was not couched in ambiguous terms.
"We, likewise." he added, "can make the same declaration, knowing
that it is also our policy. Once the moment arrives—when, I cannot
prophesy—that the nations which are at present locked in battle will exchange peace views, one of the preliminary conditions must be a certain
degree of mutual confidence in each other s honesty and chivalry.
"For so long as every overture is regarded by others as a peace offensive,
as a trap, or as something false for the purpose of sowing disunion between
"I believe that one can say, without fear of contradiction, as the result of allies, so long as every attempt at a rapprochement is at once violently
denounced by the enemies of a rapproachement in the various countries,
revelations, that the deeper we go into the causes of this war the clearer it
becomes that the power which planned and desired the war was Russia; so long will it be impossible to see how any exchange of ideas leading to
that France played the next worse role as instigator, and that England's peace can be begun.
"Our position on the battlefields, our enormous military resources, and
policy has very dark pages to show.
"England's attitude in the days before the outbreak of the war was bound the situation and determination at home permit us to use such language.
We
hope that our enemies will perceive that in view of our resources the idea
to strengthen Russia's desire for war. Of this there are proofs enough in
of victory for the Entente is a dream, an illusion, and that they will in due
thedocuments already published.
"On the other hand, Germany did not for an instant believe that this war course find a way to approach us with peace offers which will correspond
could lead to the domination of Europe, much less to the domination of the with the situation and satisfy Germany s vital needs."
With reference to Russia, Dr. von Kuhelmann said:
world. On the contrary, the German policy before the war showed good
"It is impossible to believe that the great process of fermentation and the
prospects of being able satisfactorily to realize its essential aims, namely,
the settlement of affairs in the East and Colonial problems by peaceful wild, irregular movement of conflicting forces, which the disappearance of
the Czaristic power released, has reached permanent equilibrium. All
negotiation."
conditions in the former empire of the Czar must to a certain extent be deReferring to Germany's war aims, Dr. von Kuelmann said:
"I consider it necessary to say quite simply, and in a way easy for all to scribed as uncertain. Our policy, in view of this situation. Is close observation and the utmost caution and, so far as purely internal affairs are conunderstand, what our positive desires are.
"We wish for the German people and our allies a free, strong, indepen- cerned, correspondingly wise reserve.
"The leaven of national fermentation within the Russian body politic
dent existence within the boundaries drawn for us by history. We desire
overseas possessions corresponding to our greatness and wealth; the free- led to the detachment and severance of a whole series of entities, which
have
partly attainea full national status and are partly developing toward
dom of the sea, carrying our trade to all parts of the world.
"These, in brief, are our roughly-sketched aims, the realization of which that end.
"In Finland the battle has been decided in favor of the party which
is absolutely vital and necessary for Germany.
"In view of the magnitude of this war and the number of powers, in- was striving for Finland's independence. The soil of Finland has been
cleared
of Red Guards and everything points to Finland being about to
cluding those from overseas, that are engaged, its end can hardly be expected through purely mlitary decisions alone and without recourse to develop that high culture which is hers in the form of an independent State."
The Secretary said that the number of German troops which participated
diplomatic negotiations."
Dr. von Kuehlmann paid tribute to the neutral States which had done in the battles in Finland at the latter's request was small, but that they
undoubtedly
contributed their share in shaping events.
everything to mitigate the sugffering of wounded prisoners, and which
"By the treaty of Brest-Litovsk," continued Dr. von Kuhlmann."Courhad "offered, if need be, the hospitality of their countries for a discussion
land and Lithuania were severed from the Russian Empire. It was from
between the belligerents." He added:
"Any fears that some change might occur in the strict observance of the outset clear to the negotiators that the partition of the Baltic region
Spanish neutrality appear to be at present in no way justified. In America by the line fixed in the peace treaty was bound to create an extraordinarily
some small States, under the over-increasing pressure of the United States, difficult situation. It was hard for the Lettish population to endure the
have joined the enemy ranks, but no substantial changes in the position prospect of being cut up.
"The historical internal cohesion of the entire Baltic region suggested
have taken place. The Imperial Government's policy is to do everything
that can be done to render impossible the entry of further neutral States at that time objections against the possibility of a lasting separation
between
Livonia, Esthonia, and Courland. But conditions arising from
into the ranks of our enemies."
Speaking of the military situation, the Secretary said that victores had the difficult situation created, on the one part, by the complete dissolution
of the Russian State, and, on the other, for us by the desire and necessity
given the Germans tho initiative in France. He continued:
"We can hope that the summer and autumn will bring to our arms a new of arriving at a certain settlement in the east, involved for us the necessity
of
concluding peace as it was done.
and great success.
"In agreement with the entire German public we resolved to give ear to
"The Austro-Hungarian Army also has in a dashing onslaught attacked
the Italian positions and achieved noteworthy successes and pinned down Livonia's appeal for help and replace the reign of terror craned on by the
Red Guards by a reign of peace and order. The inhabitants of these provlarge and important enemy forces on that front.
"When one makes a wide survey of events, one must ask whether the inces, mindful of the misgovernment and terrible sufferings which they
war, accordihg to human calculations, will last beyond the autumn or the must endure, turned to the German authorities.
"The Imperial Government from the outset took the standpoint that it
winter, or beyond next year. There is a common idea among the people
that the length of the war is something absolutely new, as if the authorita- was highly desirable, before finally giving diplomatic recognition to the
tive quarters had in our time never reckoned on a very long war. This States which detached themselves from the former Russian Empire, to
come to an understanding with Russia as to the form which the recognition
idea is incorrect."
Dr. von Kuehlmann quoted von Moltke, who in 1890 in the Reichstag of such States should take. This line of conduct will not be departed
from."
said that if war broke out, its duration and end could not be calculated.
After referring to the discussion which had taken place with the Soviet
"Despite the brilliant successes of our arms," continued the Secretary,
"there has been nowhere clearly recognizable among our enemies readiness Government, Dr. von Kuhlmann said that a conference was about to be
held
in Berlin under his presidency, at which an attempt would be made to
for peace. The German Government has repeatedly laid down its standpoint in declarations intended for the widest publicity. Our enemies have bring about friendly agreement on all points still pending.
"I can express the hope that the discussions will completely correspond
nothing to show that can in any degree compare with the German peace
offer, with the resolution of this House, or with the reply to the Papal with the requirements and wishes of the populations there ana the interests
of
the German people," the Secretary added. "I will not go more closely
note.
"The declarations of our enemies, especially of English statesmen allow Into the future of Courland and Lithuania, which lie mainly within the
domain of the home department."
as yet no peaceful ray of light to fall on the darkness of this war."
Dealing with the question of Poland, Dr. von Kuehlmann said that not
Referring to Mr. Balfour s speech, in which the British Foreign Secretary
only
was the Polish question inherently a difficult one, but the almost insaid that Germany had unchained the war to achieve world domination,
separable
connection between it and the solution of the econmoic questions
Dr. von Kuhelmann said:
"I do not believe that any responsible man in Germany, ifht even the existent between Austria-Hungary and Germany had so far prevented the
Kaiser or the members of the Imperial Government, ever for a moment attainment of a definite result.
"I believe, however," said the Foreign Secretary, "that befrore there are
believed they could win the domination in Europe by starting this war.
The idea of world domination in Europe is a utopia, as proved by Napoleon. general peace negotiations in Europe he zealous efforts of the statesmen
The nation which tried it would, as happened to France, bleed to death in concerned will result in their succeeding in finding a solution acceptable to
useless battle and would be most grievously injured and lowered in her all parties.
. development. One may here apply von Moltke s phrase 'woe to him who
"In South Russia our occupation of the Crimea gave rise to certain incisets Europe afire.'
dents respecting the Russian fleet, but these have been satisfactorily
"At no moment of our later history was there less occasion for us to start settled."
or contribute to the starting of a conflagration than the moment in which it
The Foreign Secretary said that an agreement had been reached which the
occurred.
fortifications on the Aland Islands, in the Baltic, were to be removed, but
"In a former debate I pointed out that the absolute integrity of the that a final decision had
not yet been reached regarding the future of the
German Empire and its allies formed the necessary prerequisite condition islands.
for entering into a peace discussion or negotiation. That is our position
"We hope and desire, however," he said, "that this question will be so
to-day.
settled that the maximum guarantee can be given that to the aavantage of
JUNE 29 1918.1
THE CHRONICLE
all dwellers on the Baltic coast the non-employment of the islands for military purposes may be assured for all time.
"In Austria-Hungary that brilliant representative of her foreign policy,
Count Czernin retired beacuse of internal political reasons. His successor,
Baron Burian, is a well-tried diplomat, whose loyalty, friendship and devotion to the alliance were assured from the outset. The personal and cordial
collaboration which existed in the case of Count Czernin, and which contributed to the.final settlement and solution of all questions, also exists
in the case of Baron Durkin.
"It is also to be reckoned among Baron Burian's services that an interview between the two Emperors occurred at main headquarters which history will record as momentous in shaping the relations between Germany
and Austria-Hungary. Both the Emperors, in the presence of leading
statesmen, assured each other solemnly that thoy would not only loyally
abide by the existing alliance but that they also intended to strengthen,
widen, and deepen it in political, military and economic directions.
"Pursuant to the expression of the will of these two august personages,
responsible statesmen forthwith entered into corresponding negotiations.
During his visit to Berlin Baron Burian discussed the fundamental questions thoroughly in conferences with the Chancellor, the exchange of views
being carried on further in writing. They probably will be continued on
the occasion of the Chancellor's return visit to Vienna.
"With Bulgaria, too, recent events, especially the peace negotittions,
have facilitated the drawing closer of many personal and political ties. It is
a matter of regret, which the German public shares, that Premier Radoslavoff, who has been a pillar of our alliance, recently resigned for internal
political reasons. The explicit assurances of his successor and the exalted
personality of the great statesman who wears the Bulgarian crown are a
guarantee to us that there will be no change in the policy hitherto followed."
Dr. von Kuehlmann again went over the question of the Dobrudja, which
Is the subject of negotiations between Turkey and Bulgaria, and added:
"But there does not exist any conflict in interest between us and Turkey."
He announced that within the next few days a conference would be held
at Constantinople, where the questions that had arisen between the
Quadruple Alliance and "the Caucasian people" would "ifnd a settlement."
"In her advance from territories falling to her under the treaty of BrestLitovsk," said Dr. von Kuehlmann,"Turkey,for reasons of safety, pushed
the loft wing of her advancing troops into regions which indubitably could
not be permanently occupied or annexed. The Chiefs of Staff have discussed this matter and the Turkish advance in the Caucasus has stopped.
"Turkey found herself obliged quite recently by the strategic developments in Upper Mesopotamia to utilize the Batum-Tabriz-Julfa,line of communication across the Aderbijan region of Persia to the Tigris valley."
HOME RULE AND CONSCRIPTION NOT ABANDONED
SAYS LLOYD GEORGE, APPEALING
FOR IRISH SETTLEMENT.
That the British Government still stands by its policy
toward Ireland as announced last April, but modified as to
application as a result of the Sinn Fein disclosures, was
declared by Premier Lloyd George in a speech to Parliament
on Juno 25. The Premier outlined the steps by which the
Government had been led to adopt the joint policy of Home
Rule and conscription, and expressed the belief that at that
time there was a fair degree of assent to the idea of selfgovernment for Ireland. He regretted that the proposition
had not been pushed through. The Sinn Fein conspiracy
and the attitude of the Irish clergy were a fatal mistake,
he said, which made it impossible to legislate further at this
time. But he was still hopeful that normal conditions
would be restored and a settlement reached even during
the war. Ireland ought to take her share in the war, he
said, but should first have an opportunity to come voluntarily into the struggle. He appealed to Sir Edward Carson
to use his influence in Ulster to secure some measure which
would bring the willing assent of the people of Ireland to
Imperial rule.
Premium Lloyd George's address and the subsequent
proceedings were summarized as follows in copyrighted
dispatches to the New York "Times" on June 25:
Premier Lloyd George, addressing the House of Commons to-day on
what he called the baffling problem of the Irish situation, said that it was
causing perplexity to the Government, which was now charged with the
most tremendous responsibility that had ever been cast upon any in this
country. It was dealing, he said, with the problem of governing a country
without having the full assent of its people—the most difficult problem in
the world.
The Government, he said, had first decided, both in the interests of the
war and those of equity and fair play as between one part of the United
Kingdom and another, that the time had come when conscription ought to
be applied to Ireland.
The next step which it took was to make a complete change in the
Government of Ireland. It came to the Conclusion that in the interests of
efficient administration it was desirable that there should be a change.
He said that the Government had delegated Lord French and the Chief
Secretary to advise it in regard to Ireland, and that they had reported that
an essential preliminary to the application of conscription was to adopt
the same process which had preceded conscription in the rest of the United
firstopultacte,
through
he before
le
Kingdom. They had advised the Government, in the
putting conscription in operation, to enforce the law
of Ireland.
The second step which they had advised the Government to take was to
set up a scheme of voluntary recruiting, more or less on the same plan as that
adopted before conscription was enforced in Great Britain.
Another part of the policy was to attempt to set up some form of Government in Ireland that would secure the assent of the majority of the population. Mr. Lloyd George said he agreed that the Government could not
force through, in the middle of a great war, a measure which was regarded
as highly contentious by powerful bodies in this country. In his judgment,
when the policy of the Government was proclaimed there was a fair degree
of assent to the idea that an effort ought to be made to carry through a
. measure of self government in Ireland. He did not believe it was beyond
the capacity of the House to carry through such a measure which would
deal wisely and equitably with legitimate objections of large classes of the
Irish community.
2725
He was sorry k had not been carried through. It was a most fatal
blunder committed by those who believed in Home Rule that they did not
put it through at the time.
He referred to the conspiracy in Ireland,in which he said powerful personalities were engaged with the Germans to subvert British rule in Ireland.
There was no doubt at all that the Church as a body in Ireland had associated itself to challenge Imperial supremacy in that country. It was one
of the most fatal mistakes that had ever been committed.
Mr. Lloyd George said that under these conditions it was impossible for a
moment to attempt to legislate, at any rate until these misunderstandings
had been removed. The action of the Sinn Feiners witli regard to the plot
with Germany was a deadly blow at the people of Great Britain and at the
British Empire at the moment of its greatest peril.
-He said he was still hopeful that normal conditions would be restored in
Ireland and that a settlement of the Irish problem would be practicable
even during the war. The Government, he said, stood by the policy it had
proclaimed in April, but in the methods of administration it must be advised by the men to whom it had intrusted the administration in Ireland.
He hoped the House would not allow the temporary bitterness arising
out of the follies of the last few weeks in Ireland to interfere with the
progress of that policy. Ireland ought to take her share in the war. It
wis the duty of the Government, first of all, before it took any further
a( tion in this matter, to see that Ireland had opportunities to come voluntarily into the struggle.
Concluding his speech, the Premier said that whatever the folly might
13,i of attempting to force through a measure of self-Government while the
P1 °sent conditions existed in Ireland the folly of abandoning every attempt
tc secure the assent of Ireland to imperial rule would be a greater one. He
said:
"I am still hopeful that conditions in Ireland will be so restored that
34,41 can recreate, as it were, the conciliatory spirit which at one time dominated all parties here and in Ireland and be able to settle this problem even
diming the war.
"This is a war problem and not to settle it is to increase our difficulties
in conducting the war and it will increase the difficulties of the United
States also in conducting the war."
Lloyd George then appealed to Sir Edward Carson to show the same
ripirit he displayed two years ago in using his influence in Ulster to try
secure some measure which would have the willing assent of the people
f Ireland to imperial rule.
Former Premier Asquith, following Lloyd George, said that he agreed
,
fith everything that was said in the latter part of the Prime Minister's
(ipeech regarding the urgency of an Irish settlement as a necessity of war.
The war would be seriously hampered by the existence of this outstanding
and unsettled Irish problem.
There were masses of Irish subjects in all the great communities of the
crown. There was in the United States an Irish population far greater
than to be found in Ireland itself. So long as the predominant feeling of
those populations was one of unsettlement and even resentment against
the existing system of Government in Ireland, so long would the British
armies, if not paralyzed, be hampered in the prosecution of the common
Interests of the Allies.
Edward Shortt, Chief Secretary for Ireland, said he hoped to satisfy
the House that the German plot in Ireland was a real and imminent danger
to the country. He said he was satisfied that both the clergy and Nationalists had used their influence to assist in keeping the peace.
The Secretary said that the Government had found that Germany was in
touch with Ireland, and that not only were messages going to Ireland from
a German source, but that they were going from Irish sources to Germany.
The collapsible boat in which the man who is now a prisoner landed in
Ireland from a submarine, Mr. Shortt said, was made of canvas similar
to that macie at Hanover before the war.
Mr. Shortt said the Government knew that in a certain port of Germany
a large amount of ammunition had been loaded into a German submarine,
and that, moreover, submarines had been seen in localities where the
destruction of shipping could not have been their object.
Since the Premier had announced the Government's policy with regard
to Ireland, he said, circumstances had entirely changed, there being two
main causes for the change. The first and most far-reaching cause, he
said, was the discovery of a German plot in Ireland, which he hoped he
would be able to satisfy the House was a real and imminent danger to the
country. In addition there was the fact that the feeling in Ireland against
conscription, and the movement which necessarily followed that feeling, had
been used by the extremists in a physical movement in conjuncting with
the German plot.
The speaker said he did not for a moment assert,that any substantial
proportion of those in Ireland who were opposed to conscription had any
knowledge that they were being used to further a German plot.
Mr. Shortt said that Sinn Feiners had been captured in the anti-conscription movement. It had been declared that the German plot was an invention intended to injure Ireland, but he regretted to say that there was
no need for invention, for the plot was a fact. When he and Viscount
French went to Ireland, Mr. Shortt continued, they found the reappearance
of seditious propaganda in the form of poems, pamphlets, and notices,
posted on the walls, inciting the people to aid any German force that might
and in the country.
"Any straw and fodder taken by the German army," Mr. Shortt said
one of those posters read, "will be paid for by Germany."
The Secretary quoted excerps from many speeches that had been delivered
urging illegal drillings for the purpose of assisting Germany and said that
the sources of information upon which the Government relied to show that
German intrigue existed both in Ireland and outside had always proved
reliable when tested by subsequent events.
He said he had traced the activity of German agents in Ireland from 1911
and asserted that at the beginning of the war a pamphlet entitled "Ireland
Germany, and the Freedom of the Seas," had been in circulation in Ireland.
It bore evidence of being German-printed and for the last three months
had begun to reappear in Ireland.
It was a very peculiar coincidence, Mr. Shortt continued, that on Professor Edward de Valera, Member of Parliament for East Clare and a
prominent Sinn Feiner, had been found the text of a letter written to him
by another interned man which made allusion to something whch was going
to happen two months after the German offensive began, and that de Valera
was reminde(.1 that the two months would not be up until the end of May.
Ronald McNeil, Unionist, interrupting the speaker, asked: "Has the
writer been shot?"
"No," replied Mr. Shortt, "and unless we are forced by those who call
themselves interned persons we have no desire for any more executions.
If we can protect the country and insure the safety of the realm without
any more executions we want to do so. If it is otherwise the responsibility
will be upon those who force it, and not upon us."'
The result of this anti-conscription movement, Mr. Shortt said, was a
recrudescence of drilling, seditious speaking outrages and midnight raids
for arms. When he and Viscount French went to Ireland, he added, they
came to the conclusion that as a preliminary to any form of conscription
2726
THE CHRONICLE
It was essential that Ireland should have the opportunity of coming forward voluntarily to take its part in the war, and the Cabinet has adopted
that view.
"The Government," Mr. Shortt continued, "is determined to put down
disorder. There is no democrat who could allow peaceful citizens to be
persecuted and ruined for their political opinions, and the Government
does not intend to allow it."
Mr. Shortt said that men of all political parties and religions had come
forward to assist in recruiting, instancing one man who had signed the anticonscription declaration and Colonel Arthur Lynch, who fought against
the British in the Boer War.
In moving the adjournment of the'House to permit of the debate of the
Irish situation, Mr. Shortt said that when the Premier explained early in
April the policy of the Government, namely to deal with Home Rule and
compulsory military service for Ireland, there was every appearance that
both these plans could be carried to a satisfactory conclusion. The Irish
Convention had concluded its labors, which offered a unique opportunity
to settle the Irish question. He did not believe the labors of the convention were dead, but only hold in abeyance, and he hoped within a short
time that the work that had been done in the convention would make itself felt.
Ex-Premier Asquith again appealed to the Government to refer the
Irish question to the Dominions Conference.
The former Premier said that the relation between the two policies of
Home Rule and Conscription from the beginning had appeared to him
obscure and indeterminate to the last degree. He agreed with everything
the Prime Minister had said about the urgency for an Irish settlement as
a necessity of the war, and added:
"I again venture to put forward the suggestion which I made in this
House something like fifteen months ago. I would ask if it is not possible
—and I speak not to Irishmen alone—to take advantage of the presence
here of the representatives of the great dominions from all parts of the
Empire to suggest, advise and present some scheme of settlement which
might be acceptable to all parties in Ireland to the people of Great Britain.
I do not believe the Imperial War Cabinet could perform a task more
vital to the interests of the Empire or more valuable to the prosecution
of the war than to pave the way for a settlement in Ireland.
Sir Edward Carson, the Ulster leader, said that if the Premier believed
he was justified, in order to carry on the war,in trying to bribe Ireland into
conscription, thereby incurring a grave political risk, breaking a party
truce and shattering the foundations of the Unionist Party, he ought, in
taking this desperate course, at least to have determined to go right through
with it.
"The Roman Catholic hierarchy," he said,"has gone to lengths in opposing conscription which no civilized modern community ought to tolerate
for a moment. If you have to endure all this indignity and humiliation,
you are crawling upon your knees to a particular church."
Sir Edward asked the Government to give a frank explanation of their
policy of offering recruits land. He argued that such a policy could be only
satisfactory and just if applied to the whole kingdom and dominions.
When Irishmen refuse to assist England because they could not got Home
Rule, he would remind them it was not a question of assisting England,
but of assisting civilization to drive back barbarism. He asked Irishmen
to turn their eyes to the West to see what Irishmen in America were doing.
Reviewing the various negotiations in which he had participated for the
settlement of the Irish problem, Sir Edward contended that they would
show to the Dominions and America that Ulster had not been unreasonable
in trying to find a settlement. He would say to his fellow-Irishmen,
whether from the North, South or West:
"For Heaven s sake, vindicate your country and your honor and take
your share in the war for freedom."
LLOYD GEORGE WOULD HAVE A PEACE JUST TO
EVERYBODY.
The British Premier David Lloyd George, according to a
copyrighted cable to the New York "Times" on June 23,
argued for a peace which will be just to everybody, in the
course of an address at the Welsh Baptist Church in London on the work of the church in helping the future.
Premier Lloyd George said:
We have suffered in war perhaps through the lack of preparation before
we entered it. Do not let us make the same mistake in peace.
The mistakes that we might make through entering on peace without
preparation would be even more disastrous than the mistakes you might
make by entering into war without preparation. The things that you will
do will be more permanent; you will give direction and shape to things and
though the world will be very molten at that moment it will cool down very
quickly and the shape which you give to it will remain. And if your mold
is not the right one you cannot possibly sot things right without another
convulsion that will break it.
We do not want any more break ups. We are going to have done with
them this time and then we must get on with our work. But let us see
that it is the right thing.
Whenever you do you must be just—just to everybody. The world
has got to be everybody's world. It is not going to be the world of any
one class. We have all got to live in it after the war and it must be fit
everybody to live in.
Out of this agony of the world let us see that no deformity is born—no
militarism no mammonism; no nor anarchy either. You have only got
to look at what happened in other lands. The only land to which a form
of peace has come is a land which was not ready for the problems of peace.
We do not want that here.
So let us think of these things and let us think of them in the atmosphere
of Christianity which means tho atmosphere of brotherhood.
Tho future must be a democratic ono. The future of this land and of the
British Empire has been committed to democracy already. Therefore'
the responsibility is the responsibiliry of democracy. Las- year's franchise
measure meant that the future of the British Empire is to be decided by
the men and women of this land without any distinction of class.
Everybody has contributed to the sum of sacrifice. The liberty of the
world has been fought for by men of all ranks. They have come from
palace and mansion. They have come from humble cottages. They have
come from middle-class homes. All classes and ranks all states of life
have contributed to the making of a new world. Let them each and all
of them have a fair share in it.
You cannot have the world as it was. It was a libel on Jesus Christ.
It was a shame upon His name.
This is a land that boasts that it is Christian. It was not Christian to
see men rotting women and children rotting in poverty without any sin
on their souls except that they were children of the same father. That was
a libel on Jesus of Nazareth. We must not have that again. Millions of
men have not died for a world of that kind.
EvoL. 106
PRESIDENT WILSON IN MESSAGE TO PRESIDENT
OF FRANCE SAYS U. S. WILL CONTINUE AID.
The "fixed and unalterable purpose" of the United States
"to send men and materials ih steady and increasing volume
until any temporary inequality of force is entirely overcome
and the forces of freedom made overwhelming" was made
known by President Wilson in a message to President Poincare of France, forwarded on June 14 through the State
Department. The full text of the message is as follows:
Mr. President: Your telegram of yesterday was certainly conceived in
the highes;, and most generous spirit of friendship, and I am sure that I
am expressing the feeling of the people of the Unietd States as well as my
own when I say that it is with increasing pride and gratification that they
have seen their forces under Gen. Pershing more and more actively cooperating with the forces of liberation on French soil. It is their fixed
and unalterable purpose to send men and materials in steady and increasing volume until any tempoarary inequality of force is entirely overcome
and the forces of freedom made overwhelming, for they are convinced
that it.4s only by victory that peace can be achieved and the world's affairs settled upon a basis of enduring justice and right. It is a constant
satisfaction to them to know that in this great enterprise they are in close
and intimate co-operation with ,the people of France.
WOODROW WILSON.
Messages of congratulations addressed by President
Poincare of France, Premier Clemenceau, Gen. Foch, and
Gen. Petain to Gen. Pershing upon the anniversary of the
latter's arrival in France were made public at the same
time.
President Poincare's telegraphic message to President
Wilson, on the anniversary of the arrival of American troops
in France, contained expressions of the admiration of France
for the magnificent effort put forth by the United States
and felicitations over the conduct of the troops which are
beginning to give on the field of battle examples of their
gallantry and bravery. The message said:
The Allies, owing to the Russian capitulation, are living through the
most difficult hours of the war, but the rapid formation of new American
units and the uninterrupted Increase in oversea transportation are leading
us with certainty toward the day when the equilibrium is restored.
GEN. PERSHING'S ORDER TO AMERICAN FORCES ON
IMPORTANCE OF WRITING HOME FREQUENTLY.
A general order issued by Gen. Pershing to the American
Expeditionary Forces emphasizing the importance of keeping up correspondence with their relatives at home was made
public on June 8 by the War Department as follows:
1. Duty to one's country does not end on the parade ground, nor even
on the battlefield, but consists in doing everything in one's power to help
win the war. To write home frequently and regularly, to keep in constant
touch with family and friends, is one of the soldier's most important
duties. Mothers and fathers will suffer if they do not hear often from sons
fighting in France. In the present large companies it is not possible for
officers to writes letters for their men, and every man must do it for himself.
2. When no letters are received from overseas the greatest distress is
caused to those at home. They either feel letters have been written, but
lost en route, or else they imagine all of evils, such as sickness, wounds,
even death. Both are bad for the active militant spirit which every true
American man and woman must possess if our army is to obtain the real
victory that all so earnestly desire.
3. Every one in the United States who has a son or brother in the American Expeditionary Forces is proud of him, is constantly thinking of him,
is anxious to hear from him. Letters home will bring many letters in reply, and the closer home ties will have potent influence for good, both in
France and in tno United States. All officers should realize this fact, and
both by encouraging their men and providing them with the proper facilities do everything in their power to interest them in this vital question of
writing home.
3
GERMAN SHIPS AT CALLAO SEIZED BY PERUVIAN
GOVERNMENT.
Dispatches from Lima, Peru, on June 14 announced that
the Peruvian Government had taken possession of the German shipping interned at the port of Callao. There were
said to be eight of these vessels, with a deadweight capacity
of slightly less than 50,000 tons. They included several
large steamers, with passenger accommodations, formerly
plying between San Prancisco and West Coast South American ports and German ports.
When Peru broke relations with Germany last October, on
account of the sinking of Peruvian ships by submarines, the
Peruvian Congress gave the President authority to utilize
the German ships if the national necessity demanded it.
The vessels interned at Callao included the steamers Rhakotis, 4,475 tons; Anubis, 3,089 tons; Marie, 1,169 tons;
Luxor, 4,309 tons, and the Sierra Cordova, 4,938 tons; the
sailing ship Maipo, 1,674 tons, and the barges Omega and
Tellus.
Dispatches from Washington to the New York "Times"
on June 15 indicated that Chile might follow the examplif
of Peru and take possession of the German vessels in Chilean
harbors. There are about 200,000 tons of shipping involved,
including many of the vessels of the Kosmos Line, which has
affiliations with the Hamburg-American Line. The Chilean
JUNE 29 1918.1
THE CHRONICLE
Government, it is said, recently purchased three of these
ships, but as yet agreements have not been reached by this
Government and Chile concerning the use to which the three
vessels shall be put. The Chilean Government must depend
upon the United States for bunker coal to operate the ships.
The United States is anxious to have the other German
vessels in Chile, put into service-carrying nitrates, copper,
and other materials from South America to this country, and
is willing in return to permit the export from here of commodities which Chile wants if these articles are not absolutely
necessary to.the war program.
Argentina also is said to have within its jurisdiction about
60,000 tons of German shipping, and efforts to get this into
service also are under way. German threats of retaliation if
the South American countries seize German shipping and
put it into service which would even indirectly aid the cause
of the Allies has proved an obstacle which has prevented an
agreement up to this time, both as regards Chile and the
Argentine.
2727
BANKING AND FINANCIAL NEWS.
No bank stocks were sold at the Stock Exchange or at auction this week. Sales of eighty-five shares of trust company stock were made at auction. Sixty shares of Commercial Trust Co. stock were sold at 110, an advance of25 points
over last week's sale price.
Shares. TR. COS.—New York. Low. High. Close.
110
110
110
60 Commercial Trust Co
95X 953.1 95X
25 Lawyers' Title & Trust Co
Last previous sale.
June 1918— 85
Mar. 1918— 973i
Dwight W. Morrow of J. P. Morgan & Co. returned to
his duties this week after an absence of some months abroad.
Joseph Thomas Brown Sr., Vice-President of the National
City Bank of New Rochelle, N. Y., and formerly VicePresident of the Knickerbocker Trust Co. of this city before
the merger of that company with the Columbia Trust Co.,
died in New Rochelle on June 25. Mr. Brown, who was a
native of Maryland, began his banking career with the firm
of Jay Cooke & Co., of this city. He was seventy-five years
of age.
INCOME TAX—MORE LIBERAL ALLOWANCE
REGARDING DEPRECIATION DEDUCTIONS.
The Commissioner of Internal Revenue issues the followAt a recent meeting of the directors of the North Side
ing notice to Internal Revenue Agents:
Bank of Brooklyn an extra dividend of 1% was declared
Your attention is called to the "second" deduction under section 12 of payable July 1 along with the regular half-yearly dividend
the A ct of Sept. 8 1916, which provides:
of the North Side Bank is $200,000
All losses actually sustained and charged off within the year and not of 3%. The capital
•compensated by insurance or otherwise, including a reasonable allowance with surplus and profits of $224,248. The officers are:
out
its
of
use
arising
or
emproperty
for the exhaustion, wear and tear of
ployment in the business or trade; (a) in the case of oil and gas wells a Paul E. Bonner, President; Henry Doscher, Vice-President;
reasonable allowance for actual reduction in flow and production to be
Arthur
ascertained not by the flush flow but by the settled production or regular Henry Billman, Vice-President and Cashier, and
flow; (b) in the case of mines a reasonable allowance for depletion thereof H. Walkley, Jr., Assistant Cashier.
product
the
of
mine
thereof
which
the
in
not to exceed the market value
has been mined and sold during the year for which the return and computation are made, such reasonable allowance to be made in the case of both
(a) and (b) under rules and regulations to be prescribed by the Secretary
of the Treasury.
In view of the fact that it has been the practice of examining officers to
disallow a deduction for depreciation or depletion if not charged off on the
books of the corporation at the time of the investigation, it is deemed
necessary to clarity the interpretation of this provision of the law.
A corporation is not entitled to a deduction from the amount of its gross
income of any amount for depreciation, depletion or other loss sustained
within the taxable year unless the amount of such depreciation, depletion
or other loss is charged off on the books of the corporation before such
deduction is allowed. The purpose of this requirement that depreciation
depletion and other losses be charged off on the books of the corporation
before allowance is to insure that the returns of such corporation are in
accord with its books of account, and that thereby error and fraud with
respect to the facts are prevented. The statute is not, however, to be
construed as requiring that depreciatibn, depletion and other losses be
charged off within the taxable year. It is sufficient that they are charged
off before they are allowed as deductions. Consequently at the time of
an examination of a corporation it should be given an opportunity to reopen its books and charge off depreciation, depletion and other losses
which it actually sustained during the taxable year.
The depreciation, depletion and other losses must be charged off in the
manner proscribed by the regulations. If the books of the corporation
are reopened for the purpose of charging off depreciation, depletion or
other losses, corresponding corrections must be made in the other book
entries: and if for any reason the facts do not warrant sucn other changes,
depreciation, depletion and other losses cannot be charged off, and, therefore, cannot be allowed as deductions, Thus, for example, if by reason
of a distribution of earnings there is nothing from which to credit a reserve
for depreciation, no allowance for depreciation can be credited to a depreciation reserve account.
Whenever, therefore, a corporation has clearly suffered allowable depreciation, depletion or other loss which has not been charged off on its
books, and on reopening its books at the time of an examination charges
off such depreciation, depletion or other loss by proper entries, it is entitled
to the benefit of the deduction of such depreciation, depletion or other loss
subject to the general provisions of law.
The instructions contained herein revoke the last paragraph of C.T. R. A.
Mim. 48, dated March 27 1917.
You will please acknowledge the receipt of this letter.
DANIEL C. ROPER, CommisAoner.
COMMITTEE FORMED IN NEW YORK REPRESENTING
BANKING INSTITUTIONS TO KEEP INFORMED
ON FEDERAL TAXATION.
It became known on June 22 that a committee representing the banks and trust companies of New York City had
been formed with a view to keeping in touch. with matters
relating to Federal taxation; it will be the purpose of the
committee to act as a clearing house for the dissemination
among the institutions it represents of information relative
to the administration of tax laws. The following is the
announcement made regarding the committee:
IAA committee of banking insticutions on matters of Federal taxation has
been formed. It is the intention of this committee to assist its members
idrendering to the public more efficient assistance in connection with
matters pertaining to Federal taxation, and to act as a clearing house for
the dissemination among its members of information pertaining to the
administration of such taxes.
An invitation to attend the meeting was sent to all banks, trust companies
annbanking firms in the city. The representatives of over forty institutions attended the meeting and indicated their desire to co-operate with
the,movement. It is hoped that an even larger membership will be obtained.
, The following executive committee. was elected: R. G. Page of Bankers
Trust Co., Chairman; J. G. Scattergood of National City Bank, ViceChairman; W. B. Orr, representing First National Bank. Secretary;
M. F. Fry of Guaranty Trust Co.; R. M. McIsaacs of National Bank of
Commerce; J. B. Ryan of Columbia Trust Co.; H. V. Cooke, representing
Bonbright & Co.; E. P. Hungerford of Bank of Montreal.
V
The Steneck Trust Company of Hoboken, N. J., is now
occupying temporary quarters at Newark and River Streets,
having turned over its former quarters at 95 River Street
for the use of the Navy Department.
James Nathaniel Dickey, President of the Quassaick NationalBank of Newburgh, N. Y., died in that city on June
19 in his seventy-eighth year. Mr. Dickey was a brother
of former supreme Court Justice William D. Dickey of
Brooklyn.
Plans are pending, we understand, whereby a consolidation will be effected between the Connecticut Trust & Safe
Deposit Co. of Hartford and the Hartford Trust Co., but
the proposed merger is not expected to be consummated
(owing to necessary legislation) for some time. The Connecticut Trust & Safe Deposit Co. has a capital of $750,000
with surplus and profits of $1,076,829, while the capital of
the Hartford Trust Co. is $500,000 with surplus and profits
of $752,317. M.H. Whaples is President of the Connecticut
Trust & Safe Deposit Co. and F. C. Sumner, President of
the Hartford Trust Co.
Announcement is made of the establishing by the First
National Bank of Boston of a "Commercial Service Department," the purpose of which is to furnish business men
with information as to conditions in this country and throughout the world which will be helpful to them in extending
and promoting their business. It is also proposed through
the Department to assist manufacturers and merchants in
securing reliable foreign representatives.
The election is announced of William J. Fallon as a director
of the Peoples National Bank of Roxbury, Boston.
Announcement was made on the floor of the Boston Stock
Exchange on June 20 that Charles W. Fernald had been expelled as a member of that body in connection with acts
committed that were not in the interest of the Exchange.
Mr. Fernald was admitted to membership Oct. 15 last and
was in business for himself with offices at the Old South
Building. Walter Jackson, Chairman of the Committee on
Arrangements, stated that the act was caused by a misstatement made in connection with his application for
membership. At a meeting on June 21 of the creditors of
Mr. Fernald before the referee in bankruptcy, Mark H.
Horblit was appointed a trustee.
J. J. Raskob has been elected a director of the Commercial
Trust Company of Philadelphia. Mr. Raskob is VicePresident of E. I. duPont de Nemours & Co.
William E. P. Duvall, Treasurer of the Fidelity & Deposit Co. of Baltimore, died on 'Tune 19, aged forty-six
2728
THE CHRONICLE
[VoL. 106.
years. Besides being Treasurer of the Fidelity & Deposit
Co., Mr. Duvall at the time of his death was Treasure,
of the American Bonding Co., Treasurer of the American
Piston Ring Co. of New Jersey and Secretary Treasurer
of the Citizens' Company, Inc.
Arthur Legallet, formerly President of the French-American Bank of Savings of San Francisco, was elected Chairman
of the board of directors on June 4. Leon Bocqueraz,
formerly Vice-President, was elected President to succeed
Mr. Legallet.
A special meeting of the stockholders of the National
City Bank.of Cleveland has been called for July 16 to take
action on the proposed doubling of the capital of the institution, thereby raising it from $1,000,000 to $2,000,000
mention of which was made in our issue of March 16. Present
shareholders are to have the right to subscribe for the new
stock share for share at par, payment to be made in two
equal installments on Aug. 1 1918 and Nov. 1 1918, and
will receive interest at 8% on the amounts paid in, thus
giving the subscribers an amount equivalent to the regular
dividend. The National City Bank recently purchased
the Garfield Building in Cleveland and it is understood a
portion of the new capital is to be expended in the reconstruction and improvement of this building with the view
to making it the future home of the bank. Charles A.
Paine is President of the City National.
The Standard Bank of Canada (head office) Toronto, has
declared a dividend for the current quarter ending July 31
1918 at 3Yi%, being at the rate of 13% per annum upon the
paid-up stock of the bank, and which will be payable on and
after the 1st day of August 1918 to shareholders of record as
of the 22nd of July 1918.
The Highland Park State Bank of Detroit has changed its
name to the Bank of Detroit; the Michigan Supreme Court
has authorized the change. In announcing the change, the
bank states that its new title "is a combination of words
used by the first bank organized in Europe in 1171, the Bank
of Venice, and frequently since that time, as Bank of Amsterdam, 1609; Bank of England, 1694; Bank of New York,
1784; Banque de France, 1800."
John B. Cosgriff, former President and one of the founders
of the Hamilton National Bank of Denver, died suddenly
on June 15. Mr. Cosgriff, whose retirement from the
Presidency of the Hamilton National Bank on account of
failing health was referred to in these columns on Jan. 26,
went to Denver seven years ago from Salt Lake City. He
organized the Hamilton National Bank in conjunction with
his brother. He was fifty-four years of age.
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 6 1918:
GOLD.
The Bank of England gold reserve against its note issue shows an increase
of £334,700, as compared with last week's return. The West African gold
output for April 1918 amounted to E117,520, as compared with £123,825
for April 1917 and £114,013 for March 1918. The effect of the rise of
prices and wages during the war is being felt seriously by the Witwatersrand
gold field. Fourteen of the low-grade mines (comprising 25% of the industry) earned barely enough to cover expenses. Some of them are now
actually carried on at a loss. The average cost of working has risen 20%
between August 1914 and August 1917—that is, from 16s. 8d. to 20s.
per ton milled. An embargo has been placed upon the export of gold
bullion in Canada, except under license.
SILVER.
No change has taken place in the price of silver. If the rise of 1% in insurance from New York to London (foreshadowed in to-day's advices from
New York) should materialize, it is quite possible that this may be reflected
in the London price. The last three Indian currency returns show a
notable expansion of the issue and an increased silver holdings.
Da Lacs of Rupees—
May 15.
May 22. May 31.
Notes in circulation
106,12
107.92
111,53
Reserve in silver coin and bullion (within
and without India)
12,43
13,11
15,56
Gold coin and bullion in India
21,74
19,45
19,11
Gold out of India
45
2,70
2,70
The Federal Reserve banks have reduced the price of allotments of rupee
exchange from 36 to 3531 cents per rupee, in order to adjust the price to
the London rate. It is reported from Bombay, under date of May 30,
that the monsoon commenced earlier than usual and that the rainfall was
then unusually heavy. The amount of silver, disposable for free sale, may
be diminished owing to recent instructions issued by the Mexican Government to American mining companies operating in that country. Hitherto
25% of the value of gold and silver in ores shipped had to be returned to
Mexico; the amount is now being raised to 50%. Statistics for the month
of May are appended:
Highest price for cash
49 d.
Lowest price for cash
487 d.
Average
48.980d.
Quotations for bar silver, per ounce standard:
May 31
ca,sh_483d June 6
cash_48%d.
June 1
484d Average
48.875d.
June 3
483d Bank rate
June 4
483d. Bar gold, per ounce standard 77s. 9d.
June 5
483V,d.
• No quotation fixed for forward delivery.
The quotation to-day for cash delivery is the same as that fixed a week ago
H. E. Bond, Superintendent for Hoggson Brothers, the
builders, is exerting every effort to finish up the last minute
details in the completion of the new building for the First
State Bank of Pittsburgh (Kans.), so that the bank may
take possession this month. The First State Bank was organized in 1903 by the late James Patmor wiih a capital of
$25,000. James Patmor died Dec. 15 1909, and Jay H.
Patmor, his son, who had been Cashier, was elected to the
presidency of the bank in January 1910. C. G. Henderlider
became Cashier at the time. Mrs. Bertha A. Patmor,
We have also received this week the circular written under
widow of the founder of the bank, is Vice-Presi/ent. The
First State Bank increased its capital from $25,000 to date of May 29 1918:
GOLD.
$50,000 on March 16 1912, and created a surplus of $25,000.
The Bank of England gold reserve against its note issue shows an increase
The resources of the bank, it is stated, are now nearing the of £833,085, as compared with last week's return.
million-dollar mark.
SILVER.
Again a week has passed without any change in the price. The tone
continues good, and a fair amount of silver changed hands. The Shanghai
exchange has gained a fraction. The Act recently passed in the United
States of America "to conserve the gold spuply of the United States, to
permit the settlement in silver of trade balances adverse to the United
States, to provide silver for subsidiary coinage and for commercial use
to assist foreign Governments at war with the enemies of the United States,
and for the above purpose to stabilize the price and encourage the produc,
tion of silver," contains the following details: Not above 350.000,000
United States silver dollars are to be molted or broken up and sold as
bullion at not less than a dollar per ounce (1,000 fine). Immediately upon
sale the Director of the United States Mint is to be directed to purchase in
the United States, of the product of mines or of reducton works in the
United States, an amount of silver equal to 371.25 grains pure silver in
respect of every standard silver dollar so dealt with, at the fixed price of
81 per ounce (1,000 fine) Such silver can be resold for certain specified
purposes, but any balance not thus resold whether coined or otherwise
must have silver certificates issued there against Purchases must continue until equivalen of h melted or broken-up dollars he acquired.
The Imitation as to the area where the silver should be purchased, and the
absence of any limit to the date of delivery of proposed purchases are
points to be noticed. The Indian currency returns given below show an
increased silver holding of 68 lacs. That portion held within India is larger
by 31 lacs:
(In Lacs of Rupees)—
May 7. May 15. May 22.
Notes in circulation
10,612
10,530
10,792
Reserve in silver coin and bullion (within and
without India)
1,243
1,215
1,311
Gold coin and bullion in India
2,236
2,174
1,945
45
45
W. J. Doran, formerly General Agent of the Union Gold out of India
270
stock in Shanghai on May 25 consisted of about 31,300,000 ounces
Pacific Railroad at Los Angeles, was on June 7 elected a In The
sycee and $15,900,000, as compared with about 31,711'0,000 ounces in
Vice-President of.the Citizens National Bank of that city. sycee and $16,200.000 on the 18th inst.
The movements in the cash price of bar silver per ounce from day to day
Mr. Doran was at one time Cashier of the Bank of Commerce
of Los Angeles (now out of existence) and later Vice-Presi- during this week have been as follows:
4814d. May 30
48d.
dent of the Metropolitan Bank, now merged in the Los
"
48d. " 31
48d.
" 28
48)',d. Average
48.875d.
Angeles Trust & Savings Bank. ,
" 29
484d. Bank rate
q. oLqinintion::foi:FOMTZdelivery.
A consolidation has been arranged between the City
National Bank and the Knoxville Savings Bank of Knoxville, Tennessee. The City National has a capital of
$500,000: surplus and undivided profits of $240,000; and
deposits of nearly $5,000,000. The Knoxville Savings had
a capital of $50,000; surplus and undivided profits of ,000;
while its deposits are in the neighborhood of $433,000.
The capital of the consolidated bank is $500,000, and it
has surplus and undivided profits of $250,000. The
deposits of the two institutions amount to more than $5,500,000, and the total resources exceed $6,500,000. The
consolidation was ratified by the stockholders of the respective institutions on May 29 and the merger went into effect
June 10. The consolidation was consummated under the
name of the City National Bank. The officers are: Wm. S.
Shields, President; Edward Henequin and R. E. Monney,
Vice-Presidents; F. E. IIaun, Cashier; Geo. L. Ogdin and
C.C.Burkhart, Assistant Cashiers; Thos. L. Trent, Manager
Savings Department.
THE CHRONICLE
JUNE 29 1918.]
2729
By Messrs. Millett, Roe & Hagen, Boston:
$ per sit.
S per sit. Shares. Stocks.
Shares. Stocks.
Arlington Mills, ex-div
123
40
12 Sullivan Machinery
1377%
The daily closing quotations for securities, &c., at London,
92
Bonds.
Percent.
3 Continental Mills
115-1164 $2,000 Springfield, Mass., Westfield
20 Nashawena Mills
as reported by cable, have been as follows the past week:
1 Boston Athenaeum, $300 par_ _ _403
Little Riv. Wat.loan 33is, 1930_ 927%
June 22. June 24. June 25. June 26. June 27. June 28
London,
3 American Manufacturing, pref_ 834 1,000 Springfield, Mass., Westfield
Mon. Tees.
Sat.
Wed.
Thurs. Fri.
Week ending June 28.
Little Riv. Wat. loan 37%s, 1920_ 987%
30 Draper Corporation, ex-div____108%
7
48%
48%
77
2,000 Boston Terminal 37%s, 1947 704
48%
48%
7 Waltham Watch, pref
d. 487'
Silver, per oz
487%
Holiday 567%
56%
56
56
56
Consols, 27% per cents
By Messrs. Barnes & Lofland, Philadelphia:
7
Holiday 937%
93%
$ per sit. Shares. Stocks.
British, 5 per cents
937%
Shares. Stocks.
$ per sit.
937%
937%
$65 lot
10 United Gas & Elec., 1st pref_ 407%
45 Johns Pass Realty
Holiday 994
994
994
994
British, 47% per cents
994
30 Pottsville Water, 825 each_- 57
340 St. Petersburg Invest., pref_$20 lot
60.50
60.25
60.30
French Rentes (in Paris), fr. Closed 59.80
60.55
$11 lot
12 German Theatre Realty $10
40 Big Bayou Realty
88.25
88.25
88.25
French War Loan(InParis)fr. Closed 89.20
each
260 Central Land & Title
1
3
5,500 Kimberly Cons. Mines, Si ea. 14c
717% St. Petersburg Transp'n_ _1-3
The price of silver in Now York on the same days has been:
5 La Plaza Development
$11 lot
5 John C. Winston, corn., $50
9954
Silver in N. Y., per oz__cts. 997%
997%
997%
997%
997%
30 Pittsburgh-Ohio Coal
each
2
M
8 Union Passenger Ry
15
5 John C. Winston, pf., $50 ea_ 19
20 Philadelphia City Pass. Ry_ _115
Bonds.
Per cent.
2497% A. Colburn Co. subscrip.
rect., $50 per share paid
504 $4,500 St. Petersburg & Gulf RY.
5 Farm. & Mech. Nat. Bank_.4727%
1st 6s, 1927, coupons from Feb. 1
1 Girard National Bank
3524
1917 on
51
4 Philadelphia National I3ank_456
1,000 So. Pittsb. \Vat. Co. 58,1955 89
STOCK OF MONEY IN THE COUNTRY.
-The follow10 Empire Title & Tr., 850 each.. 150 2,000 SprIngf. Ry.&Lt.,co11.5s,'33 70
21 Fidelity Trust
ing table shows the general stock of money in the country, as
5004-5057% 2,000 Cent. Ill. Lt. 1st & ref. 5s,
1 Franklin Trust
1604
1943
8734
well as the holdings by the Treasury and the amount in cir3 Land Title & Trust
4864 1,000 Fairmont Coal 1st 5s, 1931_ 92
1 Philadelphia Trust
culation on the dates given.
1,000 Harwood Elec. 1st & ref. Os,
825
4 United Security L. I. & T_..i00
1942
947%
-Stock of Money June 1 '18- -Money in Circulation25 West End Trust
160
500 Btlington, N. J., ref. 45,
in U. S. afield in7'reas. June 1 1918. June 1 1917.
27 Peoples Nat. F. I., $25 each_185
Series K. 1934
874
Gold coin (including bullion
3,043,879,782 248,384,007 a986,515,538 701,131,384
In TreasurY)
Canadian Bank Clearings.-The clearings for the week
908,489,947 1,736,096,335
Gold certificates
Standard silver dollars___- 518,583,959 25,880,763
77,744,154
71,459,178 ending June 20 at Canadian cities, in comparison with the
Silver certificates
413,101,115 482,545,213 same week in 1917,show an increase in the aggregate of8.4%.
Subsidiary silver
231,646,325 15,603,258 216,043,067 193,191,772
Treasury notes of 1890
1,857,927
1,979,715
Week ending Jule 20.
United States notes
346,681,016
7,055,564 339,625,452 339,577,410
Clearings at
Federal Reserve notes
1,736,547,925 35,501,730 1,583,513,760 493,826,995
Inc. or
Fed. Reserve bank notes
13,609,235
13,641,000
71,795
10,869,675
1918.
1917.
1 Dec.
1916.
1915.
National bank notes
723,987,645 17,825,587 706,162,058 700,649,305
ENGLISH FINANCIAL MARKETS-PER CABLE.
ne
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Merchandise Movement at New York.
Month.
imports.
1917-18.
1916-17.
Customs Receipts
at New York
Exports.
1917-18.
Total Canada_
1916-17.
$
3
95,713,123 95.614,439 210,181,1)03 243,808,629
July
August _ _ _ 122,231,660 107,920,942 178,614,369 273,627,773
September 99.805,185 80,486,311 242,132,080 265,387,737
October _. 1)1,319,486 85,883,225 219,908,712 238,474,910
November 89,530,607 87,639,487 270,128,789 230,620,136
December 91,511,471 102,935,533 209,467,362 228,173,541
January_ _ 88,164,970 128,344,239248,203,724 303,1)06,525
February 04,303,999 97.834,888 168,713,182 223,464,135
March __ _ 98,360,412 147,901 883 251,325,068 258,020,408
April
121,561,991 126,801,160 191,719,439 263,873,049
149,434,134 118,850,759 219,019,748 245,998,346
May
1917-18.
1916-17.
11,190,794
10,584,750
0,469,365
9,548,029
8,733;214
7,142,265
7,488,551
8,177,780
9,870,168
10,525,971
12,162,731
11,314,256
12,392,700
11,579,296
13,487,160
12,878,595
12,168,341
13,494,316
10,800,297
13,395,986
14,052,313
18,823,305
Imports and exports of gold and silver for the 11 months:
Gold Movement at New York.
Imports.
1917-18.
July
August__ _
September
October _
November
December
January- February _
March .._ _
April
May
Total
1916-17.
Silver-New York.
Exports.
1917-18.
1916-17.
$
$
$
$
904,838 17,881,388 19,179,282 8,096,907
1,245.038 1,432,146 12,337,552 5,759,159
980.609 11,773,504 11,331,810 2,651,454
1,225,028 1,514,663 7,484,497 1,311,114
1.090.730 1.197,787 3,422,712 11,244,658
908,575 1,258,973 1,187,606 18,318,717
1,070,279 1,030,781
657,940 10,494,074
994,103 1,085,806 3,170,387 14,129,717
628,514 1,074,962
301,073 9,819,730
518,140
877,460
223,177 3,017,151
660,277 1,084,038 1,302,420 17,629,499
10.22(3.131 41.112.305 nn
r,(152 1,1109 d179
150
Imports.
Exports.
1917-18.
1917-18.
$
813,489
1,734,701
925,958
886,834
1,677,189
910,205
1,409,524
1,444,351
606,260
726,467
1,317,371
$
1,240,464
1,544,134
1,200,701
1,278,570
1,195,181
1,110,789
2,746,717
2,186,324
3,294,034
3,944,455
3,910,742
19 4.55 lcid 99
c75., 1917
Auction Salos.-Among other securities, the following
not usually dealt in at the Stock Exchange wore recently sold
. York, Boston and Philadelphia:
at auction in New
By Messrs. Adrian H. Muller & Sons, Now York:
Per cent. Shares. Stocks.
Shares. Stocks.
Per cent.
25 Lawyers Title & Trust
954
60 Commercial Trust Co
110
40 Schieffelln & Co., prof
30
25 Scranton Steel
$25 lot
1,200 Cheshire Mining, $25 each_ _$5 lot
Bonds.
Per cent.
42 U. S. Pin Co., $25 each
$5 lot $4,000 (5800) Imp. Japanese Govt.
949 Victor Sew. Mach., $25 ea_ $15 lot
sterling loan 5s of 1907, due 1947 66
100 Hispano-Amer. Mfrs. Agency
20,000 Appalachian Corp. (3s, 1937
Inc
$25 lot
$370 la
7 United Gas & Elec. of Conn.,
54,000 Wm. R. Jenkins Co. 1st 6s,
first pref
407%
1933
$1,225 lot
By Messrs. R. L. Day & Co., Boston:
$ per sit. Shares. Stocks.
Shares. Stocks.
$ per sit.
281
1 Second National Bank
20 Gillette Safety Razor
92
342
2 Waltham Watch, pref
1 American Trust Co., ex-div
77
1 Waltham Watch, corn
49 Merch. Nat. Bank, Leominster_120
157%
1237% 1 State Street Exchange
20 Arlington Mills, ex-div
304
128
33 Gray & Davis, Inc., pref
50 Nonquitt Spinning
22
Mills
155
10 Plymouth Cordage
2 Tremont & Suffolk
209
197
3 Lawrence Gas
1 Pepperell Manufacturing
1054
2 Great Falls Manufacturing__ A82
109
Bonds.
1 Lockwood Co
Per cent.
$1,000 Dallas Elec. Corp. 5s, 1922_ 88
5 Massachusetts Cotton Mills.... 142
274,334,796
1
1
253,023,2491
s
8
72,574,668
51,909,202
35,899,010
6,180,879
5,178,455
3,981,181
2,398,205
3,666,278
1,705,777
1,861,849
3,984,960
1,359,918
1,918,330
2,433,376
477,308
1,230,758
901,142
456,974
589,377
653,838
293,084
374,261
567,376
495,336
493,852
47,427,927
34,082,217
16,006,823
5,093,768
3,680,611
2,959,909
2,398,548
2,716,656
1,502,670
1,561,155
2,706,481
1,239,644
1,761,523
1,161,227
384,450
643,505
628,907
292,286
446,391
377,277
248,507
208,144
349,976
+8.4, 201.585.394
127.878.260
$
%
92,632,110
+7.9'
58,958,448 +26.8
48,240,350 -19.2
7,825,825 +37.0
6,562,212, +26.7
4,280,504, +1.8
2,089,184' +49.4
4,807,782
+9.0
1,996,5171 +15.1
2,030,903 +19.8
6,332,209 -10.4
1,538,160 +23.1
2,487,656 +20.6
3,077,999 +12.5
487,155 +19.7
1,716,545 -1.9
1,0.57,613' +13.5
909,116; -15.6
838,019' +10.1
1,027,126 -28.1
371,255 +5.4
712,9441 -36.0 •
807,833 -25.4
733,811
+3.1
592,943 +7.3
DIVIDENDS.
Total - 1141940038 1180212866 2409414376 2775212589 101,893,618 144,384,565
-- -
Month.
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
:.417.-cobis.14-0-m0-0CoWlico;4.
01.0
-4.ocoo.,.p.0w..00wwww 00w
Total
6,615,007,682 348,322,701 5,246,662,253 4,731,326,982
Population of continental United States estimated at 105,725,000. Circulation
per capital, $49 63.
a This statement of money held in the Treasury as assets of the Government
does not include deposits of public money in Federal Reserve banks, and in national
banks and special depositaries to the credit of toe Treasurer of the United States,
amounting to $1,465,701,620 58.
I) Includes $397,814,500 50 Federal Reserve Gold Settlement Fund deposited
with Treasurer of United States.
c Includes own Federal Reserve notes held by Federal Reserve banks
Note.-On June 1 1918 Federal Reserve banks and Federal Reserve Agents held
against Federal Reserve notes $688,212,860 gold coin anu bullion, $214,277,430
gold certificates and $117,532,435 Federal Reserve notes, a total of $1,020,022,725,
against 8148,977,203 on June 11917.
...1.4o
140:10004....
,-,.-, cat...c,tvcsle,,,I,
ellews
C,..4C54,
-.41
W,
.071..WW
10,
11,
awopo..W.m0wWm.cOoW00-40.-..WW.
Commercial *anti
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.
Railroads (Steam)
Alabama Great Southern, ordinary__ __
Preferred
Albany & Susquehanna
Allegheny & Western
Atch. Top. & Santa Fe,com.(qu.) (No. 53)
A r eh., Topeka & Santa Fe. pref.(No.40)
Atlanta & West Point
Atlantic Coast Line RR., common
Beech Creek
Boston & Albany (quar.)
Boston & Lowell
Boston & Providence (quar.)
buffalo & Susquehanna, preferred
Canada Southern
Canadian Pacific. corn. (guar.) (No.88)
Central RR. of New Jersey (qua.r.) _ _
Special
Chesapeake & Ohio
Chicago Indianapolis & Louisville, pref _
Chicago & North Western, corn. (quar.)
Preferred (guar.)
Chic. R. I. & Pacific, 7% pref
Six preferred
Gin. N. 0. & Tex. Pac. Pref. (quay.)
Cloy. Cinc. Chic. & St. L., pref. (qu.)
Connecticut River RR
Cuba RR., preferred
Delaware Lackawanna & Western (quar.)
Detroit Hillsdale & Southwestern
Detroit & Mackinac. prof
Detroit River Tunnel
Elmira & Williamsport, pref
Georgia RR. & Banking (guar.)
Great Northern, preferred (quar.)
Hocking Valley Railway
Illinois Central, leased lines
Interborouch Rapid Transit (quar.) _ _ _ _
Joliet & Chicago (quar.)
Kanawha & Michigan (quar.)
Kansas City Southern, pref. (quar.) _
Lackawanna RR.of N. J.(quar.)
Lehigh & Hudson River
Lehigh Valley, corn. and pref. (guar.)
Little Schuykill Nay., RR. & Coal
Louisville & Nashville
Lykens Valley RR. & Coal
Mahoning Coal RR.. common
Common (special)
Preferred
Maine Central, common (quar.)
Manhattan Hy.(guar.)
Michigan Central
Mine Hill & Schuylkill Haven
Mobile & Birmingham, pref
New York Central RR.(quar.)
N. Y. Chicago & St. Louis, 1st pref_ _
New York & Harlem, corn & pref
New York Lackawanna & West.(qu.)
Norfolk & Western, pref. (guar.)
Per
When
Cent. Payable.
$1.50
$1.50
4%
3
4,1j,6
Books Closed.
Days Inclusive.
June 29 Holders of rec. June 17a
Aug. 28 Holders of rec. July 20s
July 1 Holders of rec. June 15a
July 1 Holders of rec. June 240
Sept. 3 *Holders of rec. Aug. 9
Aug. 1 Holders of rec. lure 27a
3
June 29 June 23 to June 30
July 10 Holders of rec. June 251
50c. July 1 Holders of rec. June 19a
June 29 Holders of rec. May 31a
4
July 2 Holders of rec. May 25a
2% July 1 Holders of rec. June 200
2
June 29 Holders of rec. June 150
1% Aug. 1 Holders of rec. June 28a
June 29 Holders of rec. June 1 a
Aug. 1 Holders of rec. July 19a
2
June 29 Holders of rec. June 28a
2
2
one 29 Holders of rec. June 7a
2
June 29 Holders of rec. June 19a
July 1 Holders of rec. June 140
2
July 1 Holders of rec. June 14a
3% July 20 Holders of rec. July 5a
3
July 20 Holders of rec. July Sc
14 Aug. 31 Holders of rec. Aug. 24a
14 July 20 Holders of rec. June 28a
5
July 1 Holders of rec. June la
a3
Aug. 1 Holders of rec. June 29a
$2.50 July 20 Holders of rec. July 5
2
July 5 Holders of rec. June 20a
July 1 Holders of rec. June 15a
July 15 Holders of rec. July 6a
3
3.16 July 1 Holders of rec. June 20a
3
July 5 July 2 to July 4
14 Aug. 1 Holders of rec. July 3a
2
Juno 29 Holders of rec. June 14a
2
July I June 12 to July 4
2% July 1 Holders of rec. June 20a
14 July 1 Holders of rec. June 21a
14, July 30 Holders of rec. July 15a
1
July 15 Holdesr of rec. June 29a
1
July 1 Holders of rec. June 8a
June 29 June 26 to June 28
6
$1.25 July 1 Holders of rec. June 150
$1.25 July 15 June 18 to July 15
*u..6 Aug. 10 *Holders of rec. July 19
40o. July 1 Holders of rec. June 150
$5
Aug. 1 Holders of rec. July 150
815 July 1 Holders of rec. June 21a
July 1 Holders of rec. June 21a
1% July 1 Holders of rec. June 15a
July 1 Holders of rec. June 15a
2
July 29 Holders of rec. June 28a
$1.50 July 15 June 22 to July 14
2
July 1 June 2 to June 30
1
Aug. 1 Holders of rec. July 9a
July 1 Holders of rec. June 3
52.50 July 1 Holders of rec. June 173
July 1 Holders of rec. June 150
Aug. 19 *Holders of rec. July 31
2730
Name of Company.
Railroads (Steam) Concluded.
Northern Central
Northern Pacific (quar.)
Northern RR. of N.H.(guar.)
Norwich & Worcester. pref. (quar.)__ _ Old Colony (quar.)
Pennsylvania Company
Philadelphia, Baltimore & Washington
Pittab. Ft. W. de Chic., reg. gu.(qu.)__
Special guaranteed (quar.)
Pitts. McKeesport & Yough. guar
Portland Terminal Co. (quar.)
Reading Company, common (quar.)
First preferred (quar.).
Second preferred (quar.)
Rensselaer & Saratoga
Rth. Fred. & Polam.coon. & die. oblig-Rome & Clinton
St. Louis d2 San Francisco—
K. C. Ft. Scott & Mem., pf. Sr.
-Southern Pacific Co.(quar.)(No.
Ws_47)—
Toronto Hamilton & Buffalo (quar.)...
Union Pacific, common (quar.)
United N.J. RR.& Canal Cos.(quar.)..
Valley RR.(N. Y.)
Western Pacific RR. Corp., pref. (qu.)
Western Ry. of Alabama
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
$2 July 15 Holders of reo June 29a
134 Aug. 1 Holders of reo. July 50
135 July 1 Holders of rec. June 10a
2
July 1 June 16 to June 30
134 July 1 Holders of reo. June 15a
*$1 .50 June 29 *Holders of rec. June 26
$1 50 June 29 Holders of reo. June I5a
134 July 2 Holders of rec. June 10a
I% July 1 Holders of rec. June 10a
$1.50 July 1 June 16 to June 30
134 July 1 Holders of reo. June 15a
$1
Aug. 8 Holders of rec. July 180
50o. Sept. 12 Holders of reo. Aug. 270
500. Sept. 12 Holders of reo. June 25a
4
July 1 June 16 to June 30
435 June 29 June 22 to June 30
3
July 1 June 22 to June 30
1
134
134
234
23.4
234
135
3
•
July
July
July
July
July
July
July
June
1
1
1
1
10
1
1
29
June 28 to July 1
Holders of reo. May, 3ia
Holders of reo. June 210
Holders of reo. June In
June 21 to June 30
Holders of tee June 22a
Holders of reo. June 20
June 23 to June 30
Street & Electric Railways.
Asheville Power & L.. pf.(qu.)(No. 25). HI July 1 Holders of rec. June 15
Athens Ry. de Elec., pref. (guar.)
13-4 July 1 June 16 to June 30
Bangor Ry. & Elec. pref. (qu.) (No. 27) 134 July 1 Holders of rec. June 20a
Brazilian Tr. L. dr
'
Pow., pref. lanai.).. 135 July 1 Holders of rec. June 15
Capital Traction, Wash., D,C,(guar.)134 July 1 June 15 to June 30
Carolina Power & L.. pi.(qu.)(No. 37)• 134 July 1 Holders of rec. June 15
Chicago City Ry. (guar.)
2
June 29 June 27 to June 28
Cincinnati & Hamilton Tr., corn. (qu.)_
1
July 1 June 21 to June 30
Preferred (quar.)
134 July 1 June 21 to June 30
Cinc. Newport & Coo. L. & Tr., com.(gu.) 134 July 15 June 30 to July 15
Preferred (guar.)
134 July 15 June 30 to July 15
Cincinnati Street Ry. (quar.,)
75e. July 1 June 17 to June 30
Cities Service, corn. az pref. (monthly)._
35 July 1 Holders of rec. June 15a
Common (payable in common stock)_
f34 July 1 Holders of rec. June 15a
Cities Service corn. & Pref. (monthly).. *35 Aug. 1 *Holders of reo. July 154
Common (payable in corn. stock)-- */34 Aug. 1 *Holdesr of reo. July 15a
Citizens' Traction, Oil City, Pa., com--35 July 1 Holders of rec. June 24a
Preferred (guar.)
134 July 1 Holders of rec. June 24a
City fly., Dayton, O., corn. & pref. (qu.). 135 June 29 June 21 to June 30
Cleveland Ry.(guar.)
134 July 1 Holders of rec. June 12a
Columbia Ry., Gas & Elec., common
% July 1 June 26 to June 30
Preferred (guar.)
135 July 1 June 26 to June 30
Columbus (Ga.) Elec. Co., pref.(No. 24). 3
July 1 Holders of rec. June 26
Columbus New. de Zanesv. EI.Ry.,pf.(gu.) 135 July 1 June 27 to June 30
Conestoga Traction, corn. (quar.)_ —
1
July 1 Holders of rec. June 21a
Preferred (quar.)
134 July 1 Holders of reo. June 210
Consolidated Traction of N. J
2
July 15 Holders of reo. June 29a
Continental Pass. Ry., Philo
$3 June 29 Holders of rec. May 31a
Duluth-Superior Trac.,com.&pref.(qui ) 1
July 1 Holders of rec. June 15a
Duquesne Light, pref. (quar.) (No. 14) 134 Aug. 1 Holders of reo. July 1
Eastern Texas Elec. Co.. corn.(No. 5).... 235 July 1 Holders of rec. June 140
Preferred (No. 13)
3
July 1 Holders of reo. June 14n
Elmira Water, L. & RR., 1st pref. (qu.)—
IX June:30 Holders of tee. June 21a
Second preferred (guar.)
134 June 30 Holders of reo. June 21a
El Paso Elec. Co., pref. (No. 32)
3
July 8 Holders of rec. June 260
Frankford & Southwark (Phila.) (quar). $4.50 July 1 Holders of reo. June la
Georgia Light, Power & Rys., pref. (guar.) 135 July 1 Holders df rec. June 21a
Georgia Ry. & Power first pref. (guar.)._
135 July 20 Holders of rec. July 10a
Honolulu Rapid Transit & Land (quar.). 2
June 30 June 25 to June 30
Illinois Traction, preferred (guar.).—
135 July 1 Holders of rec. June 15
Indianapolis Street Ry
3
July 1 June 22 to July 1
Louisville Ry.(quar.)
134 July 1 June 16 to June 20
Manhattan Bridge Three-Cent Line(qu.) 1)( June 29 Holders of rec. June 20
Manila Elec. RR.& Ltg. (quar.)
135 July 1 Holders of rec. Juno 18a
Monongahela Valley True.. corn. (quar 31340. July 15 Holders of rec. June 27a
Preferred (guar.)
3734c July 8 Holders of reo. June 27a
Montreal Light, Ht.& Pow. Cons. (0111.) 1
Aug. 15 Holders of rec. July 31a
Nashville Ry. & bight, pref. (guar.)
134 July 1 Holders of rec June 26
New England Investment & Security, pref
July 1 Holders of reo. June 26a
2
Nor. Ohio Trao.& Light, pref.(quar.)-- 134 July 1 Holders of reo. June 10a
Ottawa Traction (guar.)
1
July 2 Holders of rec. June 15
Philadelphia Co. corn. (qu.)(No. 147). 7150. July 31 Holders of reo. July in
Philadelphia & Western Ry., pref. (qu.) 6235e. July 15 Holders of reo. June 29a
Public Service Corp.of N.J.(quer.).--- 2
June 29 Holders of rec. June 15a
Reading Traction
75e. July 1 June 21 to June 30
Republic Ry.& Light, corn.(qu.)(No.7 1
July 15 Holders of reo. July 1
Preferred (quar.) (No. 28)
134 July 15 Holders of reo. July 1
Ridge Ave.Pass. Ry.,Philadelphia (qu.) *33
July 1 *June 16 to June 30
Second & Third Sts.Pass.Ry.,Phila(qu.) $3
July 1 Holders of reo. June la
South Caro. Light, Pow. & Rys., pre/Mu.) 135 July 1 Holders of reo. June 20a
Spring'd(Mo.) Ry.dr L..pf.(qu.)(No.14) 134 July 1 Holders of reo June 15a
Toronto Ry. (quar.)
1
July 2 Holders of rec. June 15
Tr -City Ry. & Light, pref. (quar.)__
135 July 1 Holders of tee. June 20
Twin City Rap. Tratt..M.nn..pf. (qu.) 134 July 2 Holders of tee. June 150
Union Passenger Ry., Philadelphia_ _
$4.75 July 1 Holders of reo. June 15a
Union Traction, Philadelphia
$1 .50d July 1 Holders of rec. June 8a
United Electric Co. of N J
235 July 1 Holders of rec. June 29a
United Light&Rys.,com.(qu.) No. 14). 1
July 1 Holders of rec. June 15a
Firstpreferred (guar.) (No. 31)
135 July 1 Holders of tee. June 15a
United Ry. & Elec., Baltimore, corn. equ.)
50o. July 15 Holders of rec. June 29
United Trac. & Elec., Pros. (guar.)
134 July 1 Holders of rec. June 18a
Utah Power &Light, pref.(qu.) No. 22) 134 July 1 Holders of rec. June 15a
Virginia Ry. & Power, pref
3
July 20 Holders of rec. July la
Wash. Bait. & Annap.ELRR.,com.(qu.) 2
July 15 Holden of rec. June 29a
Preferred (guar.)
135 June 29 Holders of rose June 151
Washington Wat. Pow., Spokane (qu.)
1
July 1 Holders of reo. June 15
West End Street Ry.. Boston, pref____ $2
July 1 June 22 to July 1
West India Electric Co., Ltd. (quar.)_ _
134 July 2 June 23 to July 1
West Penn Power, pref.(quar.)(No. 10) 134 Aug. 1 Holders of reo. July 20
West Philadelphia Passenger Ry
July 1 Holders of roe. June 15a
$5
Yadkin River Power, pref. (qu.) (No.9) 134 July 1 Holders of rec. June 15
Banks.
America, Bank of
Atlantic
Battery Park National
Extra
Bronx National
Bryant Park
Chase National (quar.)
Chatham & Phenix National (quar.)__.
Chemical National (Si-monthly)
Citizens' National (quar.)
Extra
Coal Ss Iron National (quar.)
Extra
Colonial (quar.)
Columbia (No. 60)
Commerce, Nat. Bank of quar.)
Commercial Exchange
Cuba (Bank of) in New York (No. 4)...
Fifth Avenue (quar.)
Special
Fifth National (guar.)
First National (guar.)
First Security Co. (guar.)
Garfield National (guar.)
Gotham National (guar.)
Greenpoint National (Brooklyn)
Extra
Greenwich (quar.)
Hanover National (quar.)
Extra
importers' & Traders' National
14
3
3
3
3
3
4
3
234
234
1
2
1
3
4
234
10
6
1234
55
3
5
5
3
2
3
2
4
6
2
12
July 1
July 1
July 1
July 1
July 1
July 1
July 1
July 1
July 1
July 1
July 1
July 1
July 1
June 29
June 30
July 1
July 1
July 1
July 1
July 1
July 1
July 1
July 1
June 29
July 1
July 1
July 1
June 29
July 1
July 1
July 1
June 19 to July 1
Holders of reo. June 20a
Holders of reo. June 20
Holders of recs. June 20
June 19 to Juke 301
Holders of rec June 25a
Holders of reo. June 25a
June 20 to July 1
June 27 to June 30
Holders of reo. June 22a
Holders of reo. June 22a
Holders of rec. June 12
Holders of rec. June 12
Holders of roe June 19a
Holders of reo June 19
Holders of rec. June 21a
June 20 to Juno 30
Holders of reo. June 20
Holders of rec. June 29a
Holders of rec. June 29a
Holders of reo. June 30a
Holders of reo. June 250
Holders of reo. June 29a
June 28 to June 30
Holders of roe. June 290
June 21 to June 30
June 21 to June 30
Holders of rec. June 19a
June d22 to July 1
June d22 to July 1
June 22 to June 30
Name of Company.
Banks (Concluded.)
International
Irving National (quar.)
Liberty National (mar.)
Manhattan Co., 13k.ofthe(qu.)(No.225)
Extra
Mechanics' (Brooklyn) (guar.)
Merchants' National (No. 230)
Metropolitan (quar.)
Mutual (guar.)
Nassau National (Brooklyn) (mar.)
New York, Bank of, N.B.A.(No. 269)_
North Side (Brooklyn)
Extra
Park, National (guar.)
Peoples (No. 134)
Public National (guar.)
Ridgewood National (Brooklyn)
Seaboard National (quar.)
Second National (guar.)
Sherman National (guar.)
State
Union Exchange National
Washington Heights, Bank of (guar.)___ _
Yorkville (guar.)
[VOL. 106.
Per
When
Cent. Payable.
3
3
435
$2
50c.
2
52
2
5
235
10
*3
*1
5
$1.25
2%
2
3
3
134
3
4
3
6
Trust Companies.
Bankers (quar.)
5
Brooklyn (quar.)
5
Central Union
535
Columbia (guar.)
334
Empire (guar.)
3
Equitable (quar.)
5
Fidelity (quar.)
2
Franklin (Brooklyn) (guar.)
3
Fulton
5
Extra
2
Guaranty (guar.)
5
Irving (guar.)
2
Lawyers' Title & Trust (qu.)(No. 79).... 134
Hudson(guar.)
2
Manufacturers' (Brooklyn) (quar.)_ _
2
Metropolitan (quay.) (No. 86)
6
New York (guar.)
8
People's (Brooklyn) (quar.)
334
Extra
1
Title Guarantee dr Trust (guar.)
5
rui red states
25
U. S. Mortgage & Trust (guar.)
*6
Fire Insurance.
Continental (mar.)
Fidelity-Phenix Insurance
Hanover Fire Ins.(guar.)(No. 147)
1
June 29
July 1
July 1
July 1
July 1
July 1
July 11
July 11
July 11
July 11
July 1
July 1
July 1
July 1
July 1
June 30
July 1
July 1,
July 11
July 11
July 1!
June 29'
July 1
June 29
Books Closed.
Days Inclusive.
Holders of rec. June 28a
Holders of rec. June 24
Holders of rec. June 26a
Holders of rec. June 25a
Holders of rec. June 25a
Holders of rec. Juno 24
Holders of rec. June 27a
Holders of reo. June 21a
Holders of reo. June 24
Holders of rec. June 28a
Holders of reo. June 22a
Holders of etc. June 21
Holders of rec. Juno 22a
June 25 to July 1
Holders of rec. June 25a
Holders of rec. June 29a
Holders of rec. June 24a
June 20
to
June 30
June 21
to
June 30
July 1 Holders of roe. Juno 25a
July 1 Holders of rev. June 21a
June 30 Holders of rec. June 24a
June 29 Holders of rec. June 21a
June 29 Holders of reo. June 25a
June 29 Holders of rec. June 21a
July 1 June 25 to June 30
June 29 Holders of rec. June 28
July 1 Holders of rec. June 24
July 1 Holders of rec. June 24
June 29 Holders of roe. Julie 21
July 1 Holders of rec. June 24
July 1 June 16 to July 1
July 1 June 23 to June 30
July 1 Holders of rec. June 29a
June 29 Holders of rec. June 21
June 29 June 23 to June 30
June 29 Holders of reo. June 28
June 29 Holders of rec. June 28
June 29 Holders of reo. June 21
July 1 Holders of roe. June 20a
June 29 *Holders of rec. June 28
$2 July 10 Holders of rec. June 29a
12
July 10 Holders of reo. June 29
235 July 1 June 23 to July 18
Miscellaneous.
Abitibi Power & Paper, Ltd., Pref.(00).- 134 July 2 Holders of rec. Juno 20
Adirondack Eleo. Power, pref. (guar.). 135 July 1 Holders of reo. June 15
Ahmeek binning (guar.) (No. 26.
112
June 25 Holders of rec. June 8
Air Reduction, corn. (quar.)(No.5)
31 July 15 Holders of rec. June 30a
Preferred (guar.) (No. 5)
134 July 15 Holders of rec. June 30a
Alabama Company, common
6
July 10 June 30 to July 10
First and second preferred (guar.)._
134 July 10 June 30 to July 10
Alabama Fuel db Iron (guar.)
134 July 1 June 21 to June730
Alliance Realty (guar.)
135 July 16 Holders of rec. July 10
AIRS- Chalmers Mtg.. prof. (guar.)
13-i July 15 holders of tee. June 200
Pref. (account of accumulated divs.)_
54 July 15 Holders of rec. June 29a
Amer. Agricultural Chem.. corn.(qu.)... 134 July 15 Holders of tee. June 24a
Preferred (quay.)(No. 52)
135 July 15 Holders of reo. June 24a
Amer. Bank Note, pref.(guar.)
The. July 1 Holders of roe. June 15a
Amer. Beet Sugar, pref. (qu.) (No. 76) 135 July 1 Holders of rec. Juno 15a
Amer. Brake Shoe & Fdy.. corn.(qu.)... 134 June 29 Holders of rec. June 21a
Preferred (guar.)
2
June 29 Holders of rec. Juno 21a
Preferred (extra)
1
June 29 Holders of rec. June 21a
American Can, preferred (guar.)
134 July 1 Holders of tee. June 14a
Amer. Car & Fdy., corn.(qu.)(No.03)
July 1 Holders of rec. June 13a
2
Preferred (guar.) (No. 77)
134 July 1 Holders of rec. June 13a
American Chicle, preferred (guar.)
13-4 July 1 Holders of rec. June 20
American Cigar, pref. (guar.)
134 July 1 Holders of tee. June 15a
American Express (guar.)
135 July 1 Holders of reo. May 31a
Amer. Gas & Elec., corn. (quar.)
$1.25 July 1 Holders of rec. June 17 .
Common (extra, payable in corn. stk. /$1
July 1 Holders of reo. June 17
Preferred (guar.)(No. 46)
75c Aug. 1 Holders of rec. July 15
American Ice, preferred (guar.)
134 July 25 Holders of rec. July 15
Amer. Inter. Corp., corn. & pi. (go.)...
90n. June 29 Holders of tee. June 15a
Amer. LaFranceFireEn.,Ino.,com.(gu.) 135 Aug. 15 Holders of reo. Aug. 9a
Preferred (guar.)
134 July 1 Holders of reo. June 22a
Amer. Laundry Machinery,pref. (qu.). .134 July 15 July 6
to
July 15
American Linseed, preferred (guar.)._
134 July 1 Holders of reo. June 15
Amer. Locomotive, cow.(quar.)
131 July 3 Holders of rec. June 18a
Preferred (guar.)
134 July 22 Holders of ree. July 5a
American Malting, 1st db 2d pref. (guar.) 134 Aug. 1 Holders of rec. July 15a
Amer. Manufacturing, corn. (guar.).—
135 July 1 June 16 to June 30
Preferred (quay.)
134 July 1 June 16 to June 30
American Piano, pref. (guar.) (No. 41).. 134 July 1 June 27 to July 1
Amer. Power & Light. Di.(WO .(No.35) 135 July 1 Holders of rec. June 19
American Public Service. pref. (guar.)
134 July 1 Holders of rec. June 15
Amer. Public Utilities, pref. (qu.)(No.24) g135 July 1 Holders of rec. June 20a
American Radiator. Common (guar.)._
June 2u June 21 to June 29
3
American Rolling Mill, corn. (guar.).— *50o. July 15 *Holders of reo. June 29
Common (extra)
*25c. July 15 *Holders of reo. Juno 29
Preferred (guar.)
*135 July 15 *Holders of reo. June 29
American Screw (quar.)
*1
14 J
Auunge
. 29
1 Holders of reo. June 22a
American Shipbuilding, corn. (guar.)
Com.(extra payable in 335% L4L.Ods.) *5
Aug. 1
Preferred (guar.)
lit Aug. 1 Holders of rec. July 15
Amer. Smelters Securities, prof. A (qu.) 151 July 1 June 15 to June 23
Preferred B (guar.)
134 July 1 June 15 to Juno 23
American Snuff. common (guar.)
3
July 1 Holders of rec. June 15a
Preferred (guar.)
135 July 1 Holders of rec. June I5a
American Steel Foundries (quar.)
134 June 29 Holders of rec. June 15a
Am. Sugar Refining, com.(qu.)(No.107) o134 July 2 Holders of reo. June la
Common (extra)
nIM July 2 Holders of reo. June la
Preferred (guar.) (No. 106)
p134 July 2 Holders of roe. June la
Amer. Sumatra Tobacco, pref._ _.
334 Sept. 2 Holders of tee. Aug. 15a
American Surety (quay.) (No. 116)...... $1
June 29 Holders of reo. June 22a
Amer. Telep. & Teleg.(quar.).
2
July 15 Holders of tee. June 200
American Thread, preferred
12356. July 1 May 15 to June 30
American Tobacco. pref. (quar.)
135 July 1 Holders of roe. June 15a
Amer. Type Founders, common (guar.) 1
July 15 Holders of reo. July 100
Preferred (guar.)
134 July 15 Holders of rec. July Ina
Amer. Wind. Glass Mach., corn.(No. 1) 10
June 29 Holders of reo. June 220
Preferred (guar.)
134 July 1 Holders of reo. June 22a
American Woolen, common (quar.)__
1.3.4 July 15 June 15 to June 26
Preferred (quar.)
134 July 15 June 15 to June 26
Anaconda Copper Mining (guar.)
$2
Aug. 28 Holders of tee. July 20
Anglo-American Oil
*15
July 16
Associated Oil (guar.)
1,
4 July 15 Holders of tee. June 29a
Atl. Gulf dr W.I. SS. Lines, common...
5 Aug. 1 Holders of rec. June 28a
Preferred (guar.)
134 July 1 Holders of reo. Juno 100
Atlantic Steel, common (quar.)
135 July 1 June 22 to June 30
Autosales Corporation, preferred
'500. July 15 Holders of rec. Juno 29
Avery Company, preferred (quar.)..
IA July 2 June 22 to July 1
Babcock & Wilcox Co. (guar.)
2
July 3 Holders of tee. June 30a
Baldwin Locomotive, preferred
334 July 1 Holders of reo. June 80
Baltimore Electric,. preferred
$1.25 July 1 Holders of rec. Jun015
Baltimore Tube, corn. & pref. (goat.).. 134 July 1 June 21 to June 30
Barnhart Bros. & Spindler1st and 2d preferred (guar.)
134 Aug. 1 Holders of reo. July 27a
Barrett Co., common (guar.)
134 July 1 Holders of rec. June 18a
Preferred (guar.)
134 July 15 Holders of rec. July la
Bell Telephone of Canada (guar.)
2
July 15 Holders of reo. June 29
Bell Telephone of Pennsylvania (quar.)--134 July 15 Holders of rec. July tia
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
2H July 1 Holders of rec. June 15a
Beth!ellen, Sleet, common Biwa.)
2 H July 1 Holders of rec. June 15a
Common, Class B (quar.)
2
July 1 Holders of rec. June 15a
Cum. conv. pref. (quar.)
yi July 1 Holders of rec. June 15a
7% preferred (uuar.)_
73e July I Holders of rec. June 19
Billings & Spencer Co. (guar.)
50c July I Holders of rec. June 19
Extra
1% July 1 June 28 to June 30
Bliss (E. W.) Co., common (guar.)
114 July 1 June 28 to June 30
Common (extra)
2
July '1 June 28 to June 30
Preferred (quar.)
1b- June 29 Holders of rec. June 29a
Blumenthal U.) Co., common (guar.) _ _
1% July I Holders of roc. June 29a
Preferred (quar.)
*1R July 10 *Holders of rec. June 29
Bonbright dc Co., preferred (guar.)
Soc. July 1 Holders of rec. June 26a
Booth Fisheries, common (guar.)
1% July 1 Holders of rec. June 20a
Preferred (guar.)
Brandram-Henderson, Ltd.,pref. (qu.) *1% July 2 *Holders of rec. May 31
1H Jimmy 1 June 21
Brier Hui Steel, coin. (guar.)
to
July 1
3% July 1 June 21
Common (extra)
to
July 1
1H July 1 June 21
to
Preferred (quar.)
July I
6
June 29 Holders of coup. No. 67s
British-American Tobacco. ordinary__ _ _
1% July 1 Holders of rec. June 13a
Brooklyn Union Gas (guar.)
Brunswick-Balke-Collender, pref. (qu.). IR July 1 Holders of rec. June 20a
July 1 Holders of rec. June 20a
Bucyrus Company, pref. (qu.)(No.13) I
June 29 Holders of rec. June 20a
Huilalo General Electric (qu.)(No 95)- 2
1% Aug. 1 Holders of rec. July 15a
Burnsg3ros., Ice., first pref. (quar.)_ _
First pref. (account of accum. dies.)__ _ h33. Aug. 1 Holders of rec. July 15a
1H July 1 Holders of rec. June 22a
California Elec. Generating, pref. (qu.)_
California Packing Corp., pref. (guar.) 1% July I Holders of rec. June 15
14 July 1 Holders of rec. June 20a
california Petroleum, pref. (quar.)____
1)4 July 16 Holders of rec. June 30
Canada Cement, Ltd. (guar.) (No.9)_
Canada Steamship Lines, pref.(quar.)_
134 July 2 Holders of reo. June 15
Canadian Car & Foundry. preferred__ -- 3% July 15 Holders of rec. June 15a
Canadian Consol. Rubber, pref. (guar.) 1% June 29 Holders of rec. June 21
1)4 Aug. 15 Holders of rec. July 31
Canadian Converters', Ltd. (euar.)-- -1% July 4 June 25 to July 3
Canadian Cottons, Ltd., common (qu.)_
1% July 4 June 25 to July 3
Preferred (quar.)
CanadianCrocker-Wheeler,Ltd.,com.(qu. IR June 29 June 20 to June 30
Preferred (quar.)
IR June 29 June 20 to June 30
Canadian Fairbanks-Morse. preferred
3
July 15 Holders of rec. June 29
Cauudian General Elec.. corn. ((mar.) .
2
July I Holders of ree. June I5a
Canadian Locomotive, common (guar.) 1% July 1 Holders of rec. June 20
Preferred (guar.)
194 July 1 Holders of rec. June 20
Canadian Westinghouse, Ltd. (quar.)_ _
1% July 2 Holders of rec. June 20a
Carbon Steel, common (guar.)
2
July 15 Holders of rec. July 10
Common (extra)
10
July 15 Holders of rec. July 10
.
Carbon Steel 20
6
July 30 Holders of rec. July 260
Cardenas-American Sugar, pref. (guar
July 1 Holders of rec. June 24
'I
liresh.
Mach., pref. eater.) lsx July 1 Holders of rec. June 100
OttHO (J. 1.)
Cedar Rapids Mfg. & Power (quar.)_
Aug. 15 Holders of reo. July 31
Celluloid Co. (quar.)
2
June 29 Holders of reo June Iasi
Central Aguirre Sugar Cos. (quar.)
$2.50 July 1 Holders of rec. June 20
Extra
$10 July 1 Holders of rec. June 20
Central Coal & Coke, common (guar.) 1H July 15 Holders of rec. June 290
Preferred (quar-)
194 July 15 Holders of reo. June 29a
Central Foundry, ordinary pref. (quar.)_
194 July 15 Holders of rec. June 29a
First preferred (guar.)
2
July 15 Holders of rec. June 29a
Central Illinois Public Service, pref. (qu.) 134 July 15 Holders of rec. June 29a
Central Kentucky Natural Gas (quar.)_ _
134 July 15 Holders of rec. June 30
Central Leather, common (guar.)
134 Aug. 1 Holders of rec. July 10
Central Leather, pref. (guar.)
1% July 1 Holders of rec. June 100
Central & South Amer. Telegraph (quar.)
134 July 10 Holders of rec. July 5a
Central States Elec. Corp., pref. (quar.) 1% July 1 Holders of rec. June 10
Certain-teed Prod. Corp., 1st pref. (tau.) 194 July 1 Holders of rec. June 200
lei July 1 Holders of rec. June 20a
Second preferred (guar.)
June 29 Holders of rec.. June 18a
Chandler Motor Car (quar.)
3
20c. June 29 Holders of rec. June 15
Charcoal Iron of America, corn. (guar.).
30c. June 29 Holders of rec. June 15
Preferred
*134 July 25 *Holders of rec. July 15
Chicago Pneumatic Tool (guar.)
1% July 1 June 21 to July 4
Chicago Railway Equipment (quar.)_
2
June 29 Holders of rec. June 28a
Chicago Telephone (elute.)
31
June 29 Holders of rec. June 14a
Chino Copper Co. (guar.)
Cincinnati Gas (lc Electric (quar.)..... 194 July 1 June 15 to June 21
July 1 June 24 to June 30
Cincinnati & Suburban Bell Telep.(111.) El
1
June 29 Holders of rec. June 24
Citizens Co., Baltimore, preferred
134 July 1 Holders of rec. June 25
City Investing, preferred (guar.)
1ya June 30 June 21 to
July I
Cleveland-Akron Bag (guar.)
94 June 36 June 21 to July 1
Extra
Cleveland Automatic Mach.. pref. (qu.) 134 July 1 Holders of rec. June 20a
2
July 1 June 20 to *July dl
Cleveland Union Stock Yards (quar.)
Cluett,Peateely&Co..Inc .pi.(quallo.22 134 July J Holders of rec. June 20a
% July 25 Holders of rec. dJuly 5a
Colorado Fuel & Iron, com.((plan).—
2
July 25 Holders of rec. July 5a
Preferred (quar.)
July 15 Holders of reo. June 29
Colorado Power, common (quar.)
Colt's Patent Fire Arms Mfg.(quar.)_ - 52 50 July 1 Holders of reo. June 153
Columbia Graphophone Mfg.. com.(No. 1) $1.75 July 1 Holders of rec. June 12a
1%
July 1 Holders of rec. June 15a
Preferred (quar.) (No. 1)
*2
Aug. 1 *Holders of rec. July 15
Commonwealth-Edison (quar.)
Commonwealth Lt. & Pow., pref. (flu.). 134 July 1 Holders of reo. June 25
July 10 Holders of rec. June 250
Computing-Tabulating-Recording (qu.) 1
July 1 Holders of rec. June 19a
Cone. Gas, El. L. Se Pow.; Balt. (quay.) 2
Consumers' E.L.ScP.,New Orl.,pf.(qu.). 134 June 30 June 11 to June 30
Consumers' Power, Mich., pref. (qu.).. 134 July 1 Holders of rec. June 18a
134 July 1 Holders of rec. June 20a
Continental Can, common (quar.)-..134 July 1 Holders of rec June 20a
Preferred (quar.)
July 1 Holders of reo. June 18a
Continental Gas & Elec.Corp.,com.(111.)
134 July 1 Holders of reo. June 18a
Preferred (guar.)
Continental Motors Corp., pref. (guar _
194 July 15 July 7 to July 15
20c July 1 Holders of rec. June 19a
Continental Refining, pref. (guar.).
*134 July 15 *Holders of rec. July 5
Corn Products Refg., pref. (guar.)
*3
Aug. 1 *July 21 to Aug. 1
Cramp (Wm.) & Sons Ship& EngiBldg
Creamery PackageMfg.,com.&pr. (q11.) 134 July 10 dJune 30 to July 10
1% Juue 29 Holders of rec. June 150
Crucible Steel, pref. (quar.) (No. 63)- Cuba Cane Sugar, preferred (quar.)-194 July I Holders of rec. June 15a
July 1 Holders of rec. June 150
Cuban-American Sugar, common (qu.). 2
Preferred (quar.)
I% July 1 Holders of rec. June 15a
Cumberland Pipe Line
0
July 15 Holders of rec. June 29
Curtiss Aeroplane & Motor, pref
3% July 15 Holders of rec. July 2
Dayton Power & Light, pref. (quar.)... 1% July 1 Holders of rec. June 200
Delaware Lackawanna & West. Coal (au-) $1.2r July 15 Holders of rec. July la
Detroit Edison (quar.)
July 15 Holders of reo. July la
2
Detroit Iron & Steel, common (quar.) _ _
25a July 15 July 6 to July 15
Preferred (quar.)
173-Ic July 15 July 0 to July 15
Distillers Securities (quar.)
31 July 18 Holders of rec. July 2a
Extra
15•6 July IS Holders of rec. July 2a
Dodge Manufacturing, common
1% July 1 Holders of rec. June 25a
Manufacturing, pref,
(qu.)Dodge
IR July 1 June 2:3 to June 30
Dominion Canners, Ltd., pref. (guar.)July 1 Holders of reo. June 22
D01111111011 Glass, Ltd., coin.(No. 1)......
July 1 Holders of reo. June 15
1
Preferred (guar.)
134 July 1 Holders of rec. June 15
Dominion Power & Trans., Pref.(No. 38) 334 July 15 June 20 to July 1
Domain. Steel Corp., coni.(qu.)(No. 17) 1% July 1 Holders of rem. June 5
Dominion Textile, Ltd.. common (cm.). 2
July 2 Holders of rec. June 15
Dominion Textile, Ltd., Pref. Mara__
July 15 Holders of ree. June 29
Draper Corporation (guar.)
July 1 *Holders of rec. June 10
*2
Duluth Edison Elec. pf. (qu.)(No. 49)_
lei July 1 Holders of rec. June 20
duPont(E .)deNem.dcCo„deb.stk.(qu.) us July 25 Holders of rec. July 100
du Pont(El.) de Nero. Powd., com.(qu) 134 Aug. 1 Holders of rec. July 20a
Preferred (quar.)
131 Aug. 1 Holders of reo. July 20a
Eastern Steel, common (guar.)
234 July 15 Holders of rec. July 1
Eastm in Kodak,common (guar.)
234 July 1 Holders of rec. May 31a
)'referred (guar.)
134 July 1 Holders of reo. May 31a
Eastman Kodak,common (extra)____
10
Aug. 1 Holders of rec. June 29a
July 1 Holders of rec. June 21a
Edison Elec. Co., Lancaster, Pa.(qu.). 2
Aug. 1 Holders of rec. July 15
Edison Elec. Ill., Boston (quar.)No.(117) 3
Edmunds dr Jones Corp., Pref. (qu.).._
134 July 1 June 21 to June 30
Eisenlohr (Otto)& Bros., Inc.. Pref. qu,)
July 1 Holders of Teo. June 20
Elec. Light & Power Co. of Abingtoo
4
July 1 Holders of ree. June 15a
& Rockland, Mass.(NO. 50)
1
July 1 Holders of rec. June 17a
Electric Storage Battery, com.&pf.(qu.)
2
July 1 Holders of reo. June 27a
Electrical Securities, corn.
lee Aug. 1 Holders of reo. July 24a
Preferred (guar.)
2
Aug. 1 Holders of rec. July 24
Elgin National Watch
2731
THE CHRONICLE
JUNE 29 1918.]
.)_ 194
54
34
3.5
.)_
154
134
134
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
1% July 1 Holders of rec. June 22a
Elyria Iron SE Steel, preferred (quar.)__
3
July 1 Holders of rec. June 20
Empire Seel SE Iron, preferred
July 1 Holders of rec. June 20
Pref.(on acct. of accumulated divs.)- h2
5
Aug. 1 Holders of rec. July 15
Eureka Pipe Line (guar.)
*50e. July 10 *Holders of rec. June 28
Everett, Heaney & Co., Inc. (quar.)
2
Fairbanks Co., preferred (qu.)
July 1 June 25 to July 1
June 29 *Holders of rec. June 19
Fairbanks, Morse & Co., corn. (quar.)_ *3
10
July 15 June 30 to July 15
Federal Steel Foundry, common
1% July 1 Holders of rec. June 29a
Finance dc Trading Corp., pref. (guar.)
July 15 Holders of rec. July la
Firestone Tire & Rubber. Pref. (Quer.)
3
July 31 Holders of rec. May 31
ualena-signai oil, cum.(quar-)
2
July 31 Holders of rec. May 31
Preferred ((mar.)
Gen.Am.Tank CarCorp.,1stal2dpf.(qu.) 134 July 1 June 21 to July 1
1
July 1 Holders of rec. June 15
General Baking, pref.(guar.)(No. 26) 134 July 1 Holders of rec. June 180
c•enerai Chemical, preierred (guar.)* . 2
July 15 Holders of rec. June 80
General Electric (quar.)
2e
July 15 Holders of rec. June 8a
Extra (payable in stock)______ _ _
General Fireproofing. coin. & pref. (clii-) 134 July 1 June 21 to June 30
3
Aug. 1 Holders of rec. July 15
General Motors, common (guar.)
Preferred (quar.)
134 Aug. 1 Holders of rec. July 15
General Petroleum, common (qu.)___.: 234 July 1 Holders of rec. June 15
H July 1 Holders of ree. June 200
General Railway Signal,coni.&pi. (qu.)
13-4e. July 10 Holders of rec. June 20
Globe Oil (monthly)
Gold dr Stock Telegraph (guar.)
134 July 1 Holders of rec. June 29a
1
Aug. 15 Holders of rec. Aug. 2a
Goodrich (B. F.; co., common (quay.)
134 July 1 Holders of rec. June 21a
Preferred ((mar.)
Goodyear Tire & Rubber, pref. (qu.)
154 July 1 June 16 to June 30
Gorham Manufacturing, Pref. (Qu.)
134 July 1 Holders of rec. June 22a
Granby Consol.Min.,Smelt.&Pow.(qu.) 234 Aug. 1 Holders of rec. July 19a
Grasselli Chemical, corn.(quar.)
134 June 29 Holders of rec. June 15a
-2
June 29 Holders of rec. June 15a
Common (extra)
_
- Preferred (quar.)
134 June 29 Holders of rec. June 15a
Great Lakes Towing, common (quar.)... 134 June 30 June 16 to June 30
Preferred (quar.)
July 1
134 July 1 June 16 to
Great Lakes Transit Corp., pref. (quar.).
134 July 1 Holders of rec. June 250
Great Western Sugar, common (qu.)..., 134 July 2 Holders of rec. June 150
10
Common (special)
July 2 Holders of rec. June 15a
Preferred (qtr.)
194 July 2 Holders of rec. June 150
$1.25 July 1 Holders of rec. June 18a
Guantanamo Sugar (guar.)
Gulf States Steel, common (guar.)
2H July 1 Holders of rec. June 150
First preferred (guar.)
134 July I Holders of rec. June 15a
Second preferred (guar.)
134 July 1 Holders of rec. June 15a
Harbison-Walker Refract., pf.(gu.) — _
13.4 July '20 Holders of rec. July 10a
134 June 30 Holders of rec. June 19a
Harrisburg Light & Power Pref. (qu.)
Hart, Schaffner & Marx. Inc., pf.(qu.) 154 June 29 Holders of rec. June 18a
Hartford CityGasLight,com.&pf. (qu.)- 50o. June 29 June 16 to June 30
Haakeil te Barker car (quar.)
El
July 1 Holders of rec. June 15a
- --Haverhill Gas Light (guar.) (No. 90)
5112M July 1 Holders of rec. June 283
Helme (George W.) CO., COM.(quar.)_
2H July 1 Holders of rec. June 14a
Preferred (guar.)
154 July 1 Holders of rec. June 14a
Hendee Mfg., pref. (qu.) (NO. 19)..... 154 July 1 Holders of rec. June 20
Holly Sugar Corp., pref. (guar.)
13i Aug. 1 Holders of rec. July 15
154 June 30 Holders of rec. June 17a
Houston Gas & Fuel, pref. (qu.)
Howe Scale, common (guar.)
1
July 1 Holders of rec. June 15
Preferred (guar.)
134 July 1 Holders of rec. June 15
Huntington Devel. & Gas, pref. (guar.) 1% July 1 Holders of rec. June 15
lei July 1 Holders of rec. June 20
Hupp Mot.CarCorp.,pf. (qu.) (No.11)Illinois Brick (guar.)
134 July 15 July 4 to July 15
June 29 June 1
to June 19
Illinois Pipe Line
-u$5
tJune 28 to July 1
Imperial Oil, Ltd
Indiana Coke & Gas, common (qu.).... 134 July 1 June 21 to June 30
First preferred (qu.)
134 July 1 June 21 to June 30
134 July 1 June 21 to June 30
Second preferred (qu.)
$2 Aug. 15 Holders of rec. July 20
Indiana Pipe Line (qu.)
3
July 1 holders of rec. June 15a
Ingersoll-Rand, preferred
Inspiration Consol. Copper Co. (quar.)._ $2
July 29 Holders of rec. July 12
2
July 1 Holders of reo. June 154
Interlake Steamship (guar.)
2
July 1 Holders of reo. June 15a
Extra
1
July
,15 Holders of rec. July 1
Internat. Buttonhole Sewing Mach. (qu.)Int.Haryoster of N.J..com.(qu.)(No.34) 134 July 15 Holders of rec. June 25a
3
Aug. 1 Holders of rec. July 15
International Mercantile Marine, Pref.-13.4 July 15 Holders of rec. July 8
International Paper, pref. (guar.)
134 June 29 Holders of rec. June 15a
International Salt (guar.)
International Silver. preferred (quar.)_. 194 July 1 June 16 to July 7
Island Creek Coal, common (qu.)
$2 50 July 1 Holders of rec. June 27a
El 50 July 1 Holders of rec. June 27a
Preferred (qtr.)
Jewel Tea, Inc., prof. Mara_ _ _ .
1% July 1 Holders of rec. June 20a
50e. July 15 Holders of rec. July 1
Jones Bros. Tea, Inc. (guar.)
Kansas Gas & Elec., pref.(pa.)(No. 33). 134 July 1 Holders of rec. June 22
Kaufman Dept. Stores. Pref.(ouar.)__. 134 July 1 Holders of ree. June 20
July 2 Holders of rec. June 210
Kayser (Julius) de Co., common (qu.)_. 2
First and second preferred (qu.)
134 Aug. 1 Holders of reo. July 18a
1 % July 1 Holders of rec. June 15a
Keily-Springfield Tire. pref. (quar.)__.
Halsey Co., Inc., common (quar.).....
134 July 1 June 27 to June 30
Preferred (quar.)
154 July 1 June 27 to June 30
50e. June 29 Holders of rec. June 7a
Kennecott Copper Corporation (quar.).
Capital distribution
50c. June 29 Holders of rec. June 70
300. July 1 Holders of rec. June 21
Keystone Tire & Rubber, common
20c. July 1 Holders of reo. June 21
Preferred (guar.)
3 1-30. July 1 Holders of rec. June 21
Preferred (extra)
Kirshbaum (A. B.) Co., pref. (guar.)._
134 July 1 Holders of rec. June 204
Kolb Bakery. pref.(guar.)(No. 26)..,.,. 154 July 1 Holders df rec. June 15
Kresge(S. S.) Co., common
234 July 1 Holders of rec. June 15a
Preferred (quar.)
134 July 1 Holders of rec. June 15a
Kress (S. H.) SE Co., cora.(quar.)(No.1) I
Aug. 1 Holders of rec. July 20a
Preferred (guar.)
134 July 1 Holders of rec. June 20a
La Belle Iron Works, common (guar.)._
3
June 29 June 16 to June 19
2
June 29 June 16 to June 19
Preferred (guar.)
Lackawanna Steel, common (guar.).-.
134 June 29 Holders of rec. June 140
21% June 29 Holders of tea. June 14a
Common (extra)
1
July 1 Holders of rec. June 21a
Lancaster Gas & Fuel
234 July 2 Holders of rec. June 25
Laurentide Co., Ltd., coin. (quar.)___
2
June 29 Holders of rec. June 20
Lawyers' Mortgage Co. (guar.)
Lehigh Coal dc Navigation (qu.)(No. 159) El
Aug. 31 Holders of rec. July 31
32 July I Holders of rec. June 20
Lehigh Valley Coal Sales (guar.)
1
July 1 June 21 to June 30
Library Bureau, common (guar.)
2
July 1 June 21 to June 30
Preferred (quar.)
134 July 1 Holders of rec. June 243
Liggett & Myers Tobacco, pref. (quar.)1% July 1 Holders of rec. June 29a
Locomobile Co. of America, pref. (guar.)_
2
June 30 Holders of rec. June 22a
Lone Star Gas (guar.)
Loose Wiles Biscuit, 1st pref. (guar.)._
1% July 1 Holders of rec. June 17a
July 1 Holders of rec. June 15a
Lorillard (P.) Co., common (quar.)..... 3
134 July 1 Holders of rec. June 15a
Preferred (quar.)
Mat:Andrew & Forbes, corn. quar.)... 234 July 15 Holders of rec. June 30a
134 July 15 Holders of rec. June 30a
Preferred (quar.)
Mackay Companies, corn.(qu.)(No.52) 134 July 1 Holders of rec. June 8a
1
July 1 Holders of rec. June 8a
Preferred (guar.) (No.58)
Magma Copper (guar.)
50e. June 29 Holders of rec. June 7
1
June 29 Holders of rec. June 22
Magor Car Corp., corn. (quar.)
2
June 29 Holders of rec. June 22
Common (extra)
2
June 29 Holders of rec. June 22
Preferred A (quar.)
Preferred (guar.)
194 June 29 Holders of rec. June 22
134 July 1 Holders of rec. June 15
Marital Sugar. preferred (guar.)
July 1 Holders of rec. June 200
Manhattan Electrical Supply,com.(qu.) 1
lel July 1 Holders of reo. June 203
First and second preferred (quar.)
1% July I Holders of rec. June 21a
Manhattan Shirt, pref. (quar.)
Manning, Maxwell & Moore, Inc.(qu.) 134 June 29 Holders of rec. June 29
Extra
134 June 29 Holders of rec. June 29
$1
Manufacturers' Light & Heat (guar
July 15 Holders of rec. June 28a
I July 16 to
Marconi Wireless Tel. of Amer.(No. B. 250. Aug
Aug. I
Massachusetts Lighting Cos., pref. (quar.) 13.4 July 15 Holders of rec. June 25
Mathieson Alkali Works, corn.(quar.)_.. 75c July 1 Holders of rec. June 20a
Preferred Mari
134 July 1 Holders of rec. June 20a
Maxwell Motor,Inc., 1st pref. (guar.)_ _ kl% July 1 Holders of rec. June 143
134 July 1 Holders of rec. June 17a
May Department Stores, pref. (guar.)._
134 July 1 June 21 to June 30
McCrory Stores Corp., pref. (quar.)__ _
2H June 29 Holders of rec. June 240
Merchants Dispatch Transp. Mara _
Mergenthaler Linotype (quar.) (No. 90) 23-4 June 29 Holders of rec. June 54
July 10 Holders of rec. June 15a
Mexican Petroleum, common (guar.). _ r2
2
July 1 Holders of reo. June 150
Preferred (guar.)
234 July 17 Holders of rec. July 6a
Mexican Telegraph (guar.)
Aug. 15 *Holders of rec. Aug. 1
*S1
Miami Copper (guar.)
2732
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Michigan Drop Forge Co., pref. (quar.)__
IX July 1 Holders of rec. June 15a
Michigan Light, preferred (guar.)
154 July 1 Holders of rec. June 15a
Michigan Limestone & Chem., pf. (qu.) 4334c. July 15 July 2 to July 14
Michigan State Telep., pref. (guar.).- 156 June 29 Holders of tee. June 251
Midwest Oil, preferred (quar.)
2c. July 20 Holders of rec. July 2a
Mohawk Mining (quar.)
*50c. Aug. 1 *Holders of ree. July 15
Montana Power, corn. (guar.)(No. El). 154 July 1 Holders of rec. June loa
Preferred (guar.)(No. 23).
134 July 1 Holders of rec. June 15a
Montgomery Ward & Co.. pref.(guar.)- 1X July 1 Holders of rec. June 20a
Montreal Light, Heat & Power (guar.). 2
Aug. 15 Holders of rec. July 31
Montreal Telegraph (quar.)'
2
July 15 Holders of rec. June 292
Morris Plan Co
*3
Aug. 1 *Holders of rec. July 1
Mortgage-Bond Co. (guar.)
14
1
June 29 Holders of rec. June 20
Mountain States Telep. & Teleg. (qu.)
134 July 15 Holders of rec. June 29a
Narragansett Elec. Lighting (quar.)
31
July 1 Holders of rec. June 15a
Nassau Light & Power (guar.)
2
June 29 June 26 to Juke 30
Nat. Aniline & Chem., Inc., pf. (Q11.)
134 July 1 Holders of rec. June 25
Pref.(on account of accumulateddivs) 1134 July 1 Holders of rec. June 25
National iiiscutt, coin. (quar.)(No.
1 x nay 15 Holders of ree. June z.ia
National Biscuit, corn.(guar.)(No.81). 134 Oct. 15 Holders of rec. Sept. 30
Preferred (guar.) (No. 82)
134 Aug. 31 Holders of rec. Aug. 17a
National Casket (guar.)
154 June 30 June 21 to July 4
National Cloak&Sult. corn (qu.) (No.6) 134 July 15 Holders of rec. July Sa
Nat. Enameling & Stamping, pref.(qu.) 134 June 29 Holders of rec. June 10a
National Fuel Gas (guar.)
234 July 15 Holders of rec. June 29a
National Glue, corn.& pref. (quar.)...... 2
July 1 Holders of rec. June 152
National Grocer,common (guar.)
2
June 30 June 20 to June sua
Preferred
3
June 30 June 20 to June 30
National Lead, common ((luar.)
134 June 29 Holders of rec. June 14a
Common (Red Cross div. No.2)_ 11
July 25 Holders of rec. July 5
National Licorice, pref. (guar.)
IX June 20 Holders of rec. June 24
Nat. Light, Heat & Power, pf. (qu.)
134 July 1 June 26 to June 30
National Paper & Type, corn. (guar.)._ 2
July 15 Holders of rec. Juned29a
Preferred (guar.)
134 July 15 Holders of reo. Juned29a
National Refining, pref. (guar.)
2
July 1 Holders of rec. June 15a
National Sugar Refining (guar.)
134 July 2 Holders of rec. June 10
National Surety (guar.)
3
filly 1 Holders of rec. June 20a
National Tool, common (guar.)
3
July 1 Holders of rec. June 20a
Preferred (guar.)
134 July 1 Holders of rec. June 20a
Nevada Consolidated Copper (quar.)
75c. June 29 Holders of rec. June 14a
New England Company, 2d pref
2
July 15 Holders of tee. July in
New England Power, preferred (guar.)- 154 July 15 Holders of rec. July la
. New England Telep. & Teleg. (quar.)-- 134 June 29 Holders of rec. June 19
New Idrli Quicksilver Min.(qu.)(No.135)
50c. July 1 Holders of rec. June 27a
New Jersey Zinc (quar.)
*4
Aug. 10 *Holders of rec. July 31
New York Dock, preferred
256 July 15 Holders of rec. July 5
N. Y. Mutual Gas Light
5
July 10 Holders of roc June 28a
134 July 1 Holders of rec. June 21
New York Title & Mortgage (guar.).New York Transit (guar.)
4
July 15 Holders of rec. June 22
Niagara Falls Power (guar.)
2
July 1 Holders of rec June 15a
Nipissing Mines (guar.)
25e. July 20 June 30 to July 17
North A merIcan Co.(guar.)
151 July 1 *Holders of rec. June 15a
North Butte Mining (guar.) (No. 47)-25e. July 29 Holders of rec. July 12a
• Northern Pipe Line (guar.).
5
July 1 Holders of rec. June 11
4.134 July 20 *Holders of rec. June 29
Northern States Power, pref. (guar.)
Northwestern Electric, pref. (quar.)- •154 July 1 June 25 to June 30
Nova Scotia Steel & Coal, Ltd., corn.- 134 July 15 Holders of rec. June 29a
Preferred (guar.)
2
July 15 Holders of rec. Juno 29
Ogilvie Flour Mills, Ltd., corn. (guar.). 3
July 2 Holders of ree. June 21a
Ohio Brass, preferred (guar.)
156 July 15 Holders of rec. June 30a
Ohio Cities Gas. prei. (guar.)
1% July 1 Holders of rec. June 15
Ohio Fuel Supply (guar.)
623-ic July 15 Holders of rec. June 29d
Extra (payable in Liberty Loan bonds) 050c. July 15 Holders of rec. June 29a
*1M July
Ohio Leather, common (guar.)
1 *Holders of rec. June 22
,1,1% July
Preferred (guar.)
1 *Holders of rec. June 22
Ohio State Telephone. pref. (quar.)___.. 13-4 July 1 Holders of rec. June 20a
Oklahoma Natural Gas (guar.)
50c. July 20 July 10 to July 21
Ontario Silver Mining (qu.)(No. 228)..
50c. July 5 June 21 to June 24
OtisElevator, common (guar.)
13-4 July 15 Holders of rec. June 29
Preferred (guar.)
154 July 15 Holders of rec. June 29
Ottawa Car Manufacturing (quar.)___
1
July 2 Holders of rec. June 15
Ottawa Light, Heat & Pow.,Ltd.(guar.) 1;6 July 1 Holders of rec. June 20a
Owens Bottle-Machine, common (guar.)
75c. July 1 Holders of reo. June 22a
Cam.(extra, pay. in 434
L.L.bonds) 150e. July 1 Holders of rec. June 22a
Preferred (guar.)
134 July 1 Holders of rec. June 22a
Pacific Teleph. & Teleg., pref. (quar.)
134 July 15 June 30 to July 15
Panama Pow.& Light, pf. (qu.)(No5). 134 July 1 Holders of rec. June 22
Pan-Amer. Petrol & Trans.,com. (qu.). 41.25 July 10 Holders of rec. June 15a
Preferred (guar.)
1% July 1 Holders of rec. Jane 15a
Penmans Limited, corn. (guar.)
154 Aug. 15 Holders of tee. Aug. d5
Preferred (guar.)
156 Aug. 1 Holders of roc July 20
Penna.-Ky. Oil & Gasoline Ref. (guar.) 4
July 2 Holders of reo. June 28
Pennsylvania Rubber, common (quar.)_
154 June 29 Holders of rec. June 15
Preferred (guar.)
134 June 29 Holders of rec. June 15
Pennsylvania Salt Mfg. (quar.)
$1.25 July 15 Holders of rec. June 29
Penna. Water & Power (qu.)(No. 18).
134 July 1 Holders of rec. June 19
Petti b one,M ullik en & Co.,ist&2dpf.(qu) 134 July 1 Holders of rec. June 20a
Pierce-Arrow Motor Car. pref.(quar.)- 2
July 1 Holders of rec. June 14a
Pierce-Arrow Motor Car (corn.)(quar.) - 31.25 Aug. 1 Holders of rec. July 15
4.1X July 25 *Holders of rec. July 10
Pittsburgh Coal of Penn., corn. (quar.)
4.1M July 25 *Holders of rec. July 10
Preferred (guar.)
Pittsburgh Coal of N. J., pref. (quar.)_
*154 July 25 *Holders of rec. July 10
Pittsburgh Plate Glass, corn. (qu.)
134 July 1 June 16 to July 1
Pittsburgh Rolls Corp., com.(qu.)(No.1) 1
July 1 Holders of rec. June 20a
Preferred (guar.)
114 July 1 Holders of rec. June 20a
Pittsburgh Steel, common (guar.).- 2
July 1 Holders of rec. June 27a
Pond Creek Coal (guar.)
(50e. July 1 Holders of rec. June 27a
rattle Oil & Gas (guar.)
3
July 31 Holders of ree. June 29a
Extra
2
July 31 Holders of rec. June 291
Prairie Pipe Line (guar.)
5
July 31 Holders of rec. June 29a
Procter & Gamble, corn. (guar.)
5
Aug. 15 July 21 to Aug. 15
Common (extra,payable incom.stock) /4
Aug. 15 July 21 to Aug. 15
Preferred (guar.)
2
July 15 Holders of rec. June 25a
Providence Gas (guar.)
$1
July 1 Holders of rec. June 20a
Providence Telephone (guar.)
$1
June 29 Holders of tee. June 19a
Provincial Paper Mills, Ltd., coin.(qu.) 1
July 2 Holders of rec. June 15
Preferre 1 (guar.)
134 July 2 Holders of rec. June 15
Public Serv. Corp. of Nor. III., corn. (qu.)- *134 Aug. 1 *Holders of rec. July 15
bikPreferred (quar.)
*134 Aug. 1 *Holders of rec. July 15
Public Utilities Corp., pref. (quar.)
8754e. July 1 Holders of rec. June 15a
Quaker Oats, common (guar.)
3
July 15 Holders of rec. July la
Common (extra)
1
July 15 Holders of rec. July la
Preferred (guar.)
134 Aug. 31 Holders of rec. Aug. la
Quincy Mining (guar.)
June 29 Holders of rec. June 10a
$2
Railway Steel-Spring, common (quar.)_
134 June 29 Holders of rec. June 15a
Ray Consolidated Copper (guar.)
75e. June 29 Holders of rec. June 14a
Realty Associates (No. 31)
3
July 15 Holders of rob. July 5
Reece Buttonhole Machine(quar.)(No.129) 3
Julyi 15 Holders of rec. July 1
Reece Folding Machine (guar.)(No. 37).._
1
July 15 Holders of rec. July 1
Regal Shoe, pref. (guar.)(No. 94)
134 July 1 June 21 to June 30
Republic Iron & Steel, corn.(qu.)(No.7) 156 Aug. 1 Holders of rec. July 20a
Preferred (guar.) (No. 59)- - - 134 July 1 Holders of rec. June 18a
Reynolds (R. J.) Tobacco, corn. (guar.) g3
July 1 Holders of rec. June 21a
Common Class B (guar.)
03
July 1 Holders of rec. June 21a
Preferred (guar.)
154 July 1 Holders of rec. Juno 21a
Riordon Pulp & Paper,pref.(quar.)_r 194 June 29 Holders of rec. June 25
Royal Baking Powder, common (guar.). 2
June 29 Holders of ree. June 15a
Preferred (guar.)
156 June 29 Holders of rec. June 15a
sui July 1 *Holders of rec. June 15
Safety Car Heat & Light (guar.)
St. Joseph Stock Yards (guar.)
134 July 1 Jgne 22 to July 1
St. L. RockyMt.&Pac. Co., corn. (qu.). 1
July 10 June 30 to July 9
St. L. Rocky Mt.&Pac. Co.. pref. (qu.)
134 June 29 June 21 to June 28
*3H Aug. 1 *Holders of rec. July 15
Santa Cecelia Sugar Corp.ipreferred
Sears, Roebuck & Co., preferred (guar.) 134 July 1 Holders of roe. June 15a
Securities Company
256 July 15 Holders of rec. June 29a
Shattuck Arizona Copper Co
25c. July 20 Holders of roe. June 29a
Extra
250. July 20 Holders of tee. June 29a
Shawinigan Water & Power (guar.).- 114 July 10 Holders of rec. June 27a
Sherwin-Williams Co.ofCanada,pf.(gu.) 134 June 29 Holders of rec. June 15
Sloss-Sheffield Steel & Iron, common_- 8
June 29 Holders of ree. June 19a
Preferred (guar.)
134 July 1 Holders of too. June 24a
[VOL. 106.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Simpson Creek Coal, pref. (quar.)_. 134 July I June 21 .to June 30
South Penu 011 (guar.)
5
June 29 June 14 to June 30
South Porto Rico Sugar, corn. (guar.)
g5
July 1 Holders of ree. June 22a
Preferred (guar.)
2
July 1 Holders of rec. June 22a
South West Penn. Pipe Lines (guar.)._
3
July 1 Holders of rec. June 15
Southern California Edison, 1st pref. (qu.) 134 July 15 Holders of rec. June 30
Southern N. E. Te'ephone (guar.)
134 July 15 Holders of rec. June 29a
Southwestern Cities Elec. Co.,pref.(qu.) 134 July 1 Holders of rec. June 15a
Spring Valley Water (quar.)
SI
June 30 June 22 to June 30
Standard Coupler, preferred
4
June 29 Holders of rec. June 22a
Standard Gas Az Electric. pref. ((mar)_. 134 June 15 Holders of rec. May 31
Standard Milling, corn. (extra) (No. 8).... 2
July 31 Holders of rec. July 20
Staudard Motor Construction
$2
July 15 Holders of rec. June 3
Standard Gil Cloth, common (quar.)
July 1 Holders of rec. June 15a
1
Preferred Class A and 13 (quar.)___.. 134 July 1 Holders of rec. June 15a
Standard Oil (Kentucky) (guar.)
3
July 1 June 16 to July 1
Standard 011 (Ohio) (guar.)
3
July 1 June 1
to June 19
Extra
1
July 1 June 1 to June 19
Standard Parts, preferred (guar.)
134 July 1 June 21 to June 30
Standard Screw, common
6
July 1 Holders of rec. June 10a
Preferred A
3
July 1 Holders of rec. June 10a
Standard Underground Cable (quar.)
6
July 10 July 5 to July 10
Stetson (J. B.), common
*10
July 15 *Holders of rec. July 1
Preferred
*4
July 15 *Holders of rec. July 1
Stromberg Carburetor of Amer.,Inc.(gu.)
75e July 1 Holders of rec. June 15
Stutz Motor Car of Americit,Ine.(quar.) $1.25 July 1 Holders of rec. June 24a
Subway Realty (guar.)
1 x July 1 Holders of rec. June 20a
Superior Steel, common (guar.)
134 Aug. 1 Holders of rec. July 15
First and second preferred (guar.)
2
Aug. 15 Holders of rec. Aug. 1
Swift & Co.(guar.) (Ni,. 120)
2
July 1 May 19 to June 30
Special (payable in stock) (No. 130).. e25 -July 15 May 19 to June 30
Texas Company (guar.)
214 June 29 Holders of ree. Juno 14a
Texas Pacific Coal & 011 (guar.)
134 June 29 Holders of tee. June 14a
Tide Water Oil (guar.)
2
June 29 Holders of rec. Juno 15a
Extra
2
June 29 Holders of rec. Juno 15a
Tobacco Products, pref. (guar.)
134 July 1 Holders of rec. June 17a
Tonopah-Belmont Bevel. (guar.)
10c. July 1 June 16 to June 21
Tonopah Mining of Nevada
734e. July 20 June 30 to July 7
Toronto Paper Mfg., Ltd
3
July 2 June 23 to June 30
Bonus
2
July 2 June 23 to June 30
Torrington Co. of Maine, corn. (quar.)_
75e. July 1 Holders of rec. June 210
Common (extra)
25e. luly 1 Holders of rec. Junb 21a
Preferred
8754e. July 1 Holders of tee. June 21a
Transue & Williams Steel Forg. (qu.)- $1 25 July 15 Holders of rec. July la
Trumbull Steel, common (quar.)
154 July 1 June 21 to June 30
Common (extra)
254 July 1 June 21 to June 30
Preferred (guar.)
134 July 1 "'June 21 to June 30
Tuokett Tobacco, preferred (quar.)_....
134 July 15 Holders of roe. June 30
Underwood Typewriter, common (gu.). 134 July 1 Holders of tee. Juno 15a
Preferred (guar.)
July I Holders of rec. June 15a
Underwood Typewriter,common (guar.) 154 Oct. 1 Holders of roe. Sept. 16a
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 16a
Union Carbide (guar.)
2
July 1 June 21 to June 30
Union Carbide & Carbon (quar.)
31
July 2 Holders of rec. June 8a
Union Natural Gas Corp. (quar.)(No.60) 236 July lf June 30 to July 15
United Drug, common (guar.) (No. 6). 13-4 July 1 Holders of rec. June 15a
United Drug, 1st preferred (guar.)
*8754c Aug. 1 *Holders of rec. July 15
United llyewoodCorp.,com.(qu )(NO.?) 156 July 1 Holders of ree. June 14a
Preferred (guar.) (No. 7)
13-4 July 1 Holders of rec. June 14a
United Fruit (guar.) (No. 76)
2
July 15 Holders of rec. June 20a
United Gas Improvement (guar.)
$1
July 15 Holders of rec. June 29a
United Paperboard, pref. (guar.)
154 July 15 Holders of roe. July in
United ShoeNfachinery. corn. (quar.)..
50c. July 5 Holders of rec. June 18
Common (extra)
July 5 Holders of rec. June 18
$1
Preferred (guar.)
373-4c July 5 Holders of rec. June 18
United Utilities, preferred (qu.)
July 1 Holders of rec. June 210
United Verde Extension Mining (gu.)
50c. Aug. 1 Holders of rec. July 3a
Extra
25e. Aug. 1 Holders of ree. July 3a
U. S. Bobbin & Shuttle, com.(quar.)
156 June 29 June 13 to June 30
Preferred (guar.)
June 29 June 13 to June 30
U. S. Gauge, common
5
July 1 Holders of rec. June 20
Preferred
354 July 1 Holders of rec. June 20
U. S Gypsum. preferred (quar.)
114 June 30 June 21 to June 30
U. S. Industrial Alcohol, pref. (quar.)
July 15 Holders of rec. July in
U. S. Smet., Refg. & Min., corn. (Par.) *$1.25 July 15 *Holders of rec. July 5
Preferred (quar.)
*87560 July 15 *Holders of rec. July 5
U. S. Steamship (bi-monthly)
10o. July 1 Holders of rec. June 14
5c. July 1 Holders of rec. June 14
Extra
U. S. Steel Corp., common (guar.)
134 June 29 June 1 to June 3
3
June 29 June 1 to June 3
Common (extra)
Utah Consolidated Mining (guar.)
•50c. July 17 *Holders of rec. July 6
Utah Copper (guar.)
$2.50 June 29 Holders of rec. June 140
Utah Gas & Coke, preferred (guar.)
g134 July 1 June 21 to June 30
Victor Talking Machine, corn. (gu.)
5
July 15 July 1 to July 5
134 July 15 July 1 to July 5
Preferred (cmar.)
Virginia-Carolina Chemical, corn
1
Aug. 1 Holders of rec. July 15a
Com.(extra payable in 434% L. L. bds.) 12
Oct. 1 Holders of rec. Sept.16
Preferred (guar.) (No. 91)
2
July 15 Holders of rec. July 8a
Warren Bros., 1st pref. (qu.)
154 July 1 Holders of tee. June 22
Second Preferred (qu.)
134 July 1 Holders of rec. June 22
Washburn Wire, common (qu.)
June 29 *Holders of rec. June 20
•1g June 29 *Holders of roe. June 20
Preferred (qu.)
Wells, Fargo & Co. (guar.)
13.6 July 20 June 30 to July 18
Welsbach Co., common
2
June 29 Holders of rec. June 22a
334 June 29 Holders of roe. June 22a
Preferred
Western Electric, common (quar.)
$2.50 June 29 Holders of rec. June 22a
Preferred (guar.)
134 June 29 Holders of rec. June 22a
4
Western Grocer, common _
June 30 June 20 to June 30
3
June 30 June 20 to June 30
Preferred
1
Western Power Corp., preferred (guar.)._
July 15 Holders of rec. Juno 29
Western Power Co., preferred (quar.)__
July 15 Holders of rec. June 29
Western Union Teleg. (guar.) (No. 197) 114 July 15 Holders of rec. June 206
Westinghouse Elec. & Mfg., corn. (qu.). 873-0. July 31 Holders of rec. June 29a
Preferred (qu.)
8756c. July 15 Holders of rec. Juno 29a
West Kootenay Power & Lt., corn.(qu.) 2 ;July 2 Holders of ree. June 28
Preferred (MO
134 1July 2 Holders of roe. June 26
Westmoreland Coal (guar.)
Si 25 July 1 June 19 to July 1
(A)
Oct. 1 Holders of roe. Sept 16a
Weyman-isruton Co., common
Weyman-Bruton Co., pref. (quar.)
114 July 1 Holders of rec. June 17a
July 1 June 23 to July 1
IVheeling Mould & Foundry, pref. (guar.) 2
2
July 1 June 16 to July 1
Wheeling Steel & Iron (guar.)
White Motor (guar.)
$1 June 29 Holders of rec. June 15a
Willys-Overland, preferred (guar.)___ _
194 July 1 Holders of roc. June 20a
July 1 Holders of tea. June 24a
Wilson & Co., preferred (guar.)
July 1 Holders of rec. June 22
Woods Mfg.. pref. (guar.)
July 1 Holders of roe. June 106
Woolworth (F. W.) Co., pref. (guar.). _
Worthington Pump & Mach., pf.A(qu.) 134 July 1 Holders of rec. June 20a
156 July 1 Holders of roe. Juno 20a
Preferred B (guar.)
Yale & Towne Mfg.(guar.)(No.06).,.. 23-6 July 1 Holders of roe. June 21
254 July 1 Holders of reo. June 21a
Young (J. S.) Co., common (flu.)
114 July 1 Holders of rec. June 21a
Preferred (MO
July 1 Holders of rec. June 20a
Youngstown Sheet de Tube, corn. (qu.)_ 2
3
July 1 Holders of roe. June 20a
Common
July 1 Holders of rec. June 20a
Preferred (qu.)
June 29 June 8 to June 9
Yukon-Alaska Trust (guar.)
$1
Yukon Gold Co. (guar.)
234e. June 29 June 8 to June 12
134
134
134
134
134
154
134
134
134
134
• From unofficial sources. a Transfer books not closed for this dividend. b Less
British income tax. d Correction. e Payable in stock. I Payable in common
stock. If Payab,e in scrip. h On account of accumulated dividends. 1 Payable in
Liberty Loan bonds. k Payable in first preferred 6% dividend certificates due
July 1 1920. 1 Red Cross dividend. m Declared four extra dividends paydble
% as above, X % Oct. 2 to holders of record Sept. 3, 34% Jan. 2 1919(0 holders
pay. Apr. 2 1919 to holders of record Mar. 1 1919.
of record Dec. 2 1918, and
p Declared also regular guar. div. No. 108 on corn. and No. 107 on pref.,
each, payable Oct. 2 to holders of rec. Sept. 3. r Payable one-half in cash and onehalf in 2d Liberty Loan bonds. s Transfers received in order in London or on before
June 10 will be In time to be passed for payment of dividend to transferees. f Payable also to holders of coupon No. 8. u Payable in Dominion of Canada bonds as
far as they will apply: odd amounts over will be paid in cash. o Payable in U. S.
Liberty Loan bonds at par, amounts less than $50 to be paid in cash.
3.4%
In%
2733
THE CHRONICLE
JUNE 29 19181
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks and dated Juno 22. Because of the large
number of banks for which returns arc furnished the statement is not issued until a week later than that for the Federal
Reserve banks of the same date. Definitions of tho different items conta,ined in the statement were given in the weekly statement issued under date of Doe. 14 1917 and which was published in the "Chronicle" of Dee. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS JUNE 14 1918.
RESERVE
Substantial gains in net demand and Government deposits, accompanied by much smaller increases in loans and investments are indicated
in the Board's weekly abstract of condition on Juno 14 of 689 member banks and trust companies in about 100 leading cities.
During the week under review the reporting banks decreased their holdings of U. S. bonds, other than circulation bonds, by 8.8 millions and
their holdings of Treasury certificates by 66.8 millions. Total loans secured by U. S. war obligations declined about 4.1 millions. Other loans and
investments show an increase of 143.6 millions, mainly in the Eastern distructs. where tax payments were heaviest. Of the total loans and investOP MI
ments the share of U. S. war obligations and loans secured by such obligations declined from 17.1 to 16.4%.
Not demand deposits of all reporting banks increased 166.1 millions, the increase for the member banks in the four Eastern districts alone being
134.2 millions. Time deposits fell off 37.4 millions, the decrease being especially large for reserve city members in the Chicago district, outside
Chicago proper. The week witnessed a net increase of 103.1 millions in Government deposits, this increase apparently representing tax funds redeposited in Eastern depositary institutions, largely in Now England and New York. Aggregate reserves show a gain for the week of 80.7 millions, while
cash in vault decreased 11.4 millions.
Owing to the relatively large gain in deposits the ration of investments to total deposits of all reporting banks shows a decline from 111 to 109.3%•
For the central Reserve city banks that ratio declined from 107.4 to 106.5%. The ratio of combined reserves and cash to total deposits because Of
the more than proportionate increase in reserve, went up from 13.5 to 13.8% for all reporting banks, and from 14.9 to 15.2% for the Central Reserve
city banks. Total excess reserves show a gain from 66.8 to 129.2 millions.For the Central Reserve city banks a corresponding gain from 57.8 to 75.8
millions is noted.
1. Data for all reporting banks In each district. Two ciphers (00) omitted.
Member Banks.
"'umber of reporting banks___
secure etrculat'n
U.S. bonds tobonds,
including
New York. Philadel. Cleveland. Richm'd. Atlanta.
Boston.
42
49
99
83
$
s
$
$
$
51,897,0 12,975,0 43,523,0 23,968,0 13,285,0
$
14,621,0
Dallas. San Fran.
Chicago. St. Louis. Atin neap. Kan. City
36
70
s
91
$
32
18,179,0 17,417,0
$
27
$
72
41
s
a
Total.
47
5,619,0 14,022,0 17,579,0 33,655,0
$
680
266,740,0
Other U S.
586,705,0
78,303,0 24,285,0 10,615,0 17,609,0 15,594,0 22,513,0
14,825,0 269,443,0 24,337,0 59,641,0 27,728,0 21,812,0
Liberty bonds
945,162,0
32,486,0 21,344,0 10,005,0 17,435,0 16,258,0 33,186,0
29,910,0 682,415,0 43,017,0 28,786,0 14,128,0 16,192,0
U.8 certifs. of indebtedness
1,798.607,0
49,431,0
89,354,0
49,066,0
26,329,0
63,046,0
51,289,0
128,968,0
80,329,0
65,824,0
1,003,755,0
131,950,0
59,356,0
securities
Total U. S.
518,407,0
29,423,0 14,998,0 4,668,0 4,451,0 6,585,0 9,450,0
Loans see. by U. S. bonds, Ate_ 54,248,0 281,057,0 38,782,0 50,549,0 17,380,0 6,816,0
All other loans & investments_ 797,114.04,193,061,0 637,622,0 959.863,0 350,744,0 242,074,0 1,285,149,0 368,240,0 230,000,0 461,983,0 167,963,0 495,389,0 10,189,202,0
Reserve with Fed. Res. Bank_ 70,723,0 619,757,0 59,907,0 95,353,0 28,181,0 24,980,0 136,501,0 37,681,0 17,210,0 36,971,0 16,452,0 52,632,0 1,226,348,0
353,903,0
57,481,0 13,572,0 7,596,0 15,934,0 10,582,0 19,333,0
26,683,0 120,641,0 20,179,0 33,635,0 15,783,0 12,484,0
Cash in vault
689,482,0 4,486,422,0 589,093,0 721,117,0 272,354,0 182,017,0 998,479,0 268,332,0,159,966,0 363,811,0 142,286,0 373,591,0 9,246,950,0
Not demand deposits
93,474,0 202,341,0 14,571,0,228,881,0 42,920,0 76,162,0 307,117,0 72,890,0 37,693,0 61,894,0 24,323,0 101,141,0 1,323,423,0
Tirne deposits
868,284,0
88,881,0 38,977,0 20,120,0 15,594,0 11,344,0 19,645.0
141,510,0 372,955,0 72,021,W 57.279,0 17,674,0 12,284,0
Government deposits
2. Data for banks in each Central Reserve city, banks In all other Reserve cities and other reporting banks.
Chicago. St. Louts. Total Central Res. Cities.
New York.
Two ciphers °mine..
June 7.
June 14.
June 14. June 14.
June 14.
June 7.
Total.
Country Banks.
Other Reserve Cities.
June 14.
June 7.
June 14.
418
June 7.
150
150
June 14.
June 7.
689
688
s
s
$
s
$
$
$
$
IS
$
$
$
267,942,0
49,414,0
48,971,0 169,802,0 171,177,0 47,524,0 47,794,0 266,740,0
37,553,0
37,023,0 1,469,0 10,392,0
U.B. bonds to secure circulat'n
Other U. S. bonds, Including
595,470,0
240,611,0 248,984,0 52,395,0 17,258,0 310,264,0 308,745,0 225,995,0 235,848,0 50,446,0 50,877,0 586,705,0
Liberty bonds
670,859,0 722,006,0 17,503,0 18,766,0 707,128,0 775,086,0 210,112,0 209,393,0 27,922,0 27,480,0 945,162,0 1,011,959,0
U. S. certifs. of indebtedness
126,151,0
1.875,371,0
1,798,607,0
125,892,0
616,418,0
605,909,0
1,066,806,0
1,132,802,0
46,416,0
71,367,0
1,008,013,0
securities
949,023,0
Total U. S.
253,685,0 251,895,0 18,033,0 12,262,0 283,980.0 285,151,0 203,513,0 206,589,0 30,914,0 30,788,0 518,407,0 522,528,0_
Loans see. by U. S. bonds, &et_
792,018,0 10189202 ,0 10,045,636,0
All other loans A: investments_ 3,849,991,0 3,703,725,0 836,668,0 271,526,0 4,958,188,0 4,782,055,0 4,429,095,0 4,471,563,0 801,919,0
Bank_
618,192,0 583,759,0 99,791,0 29,077,0 747,060,0 704,501,0 425,241,0 391,162,0 54,047,0 49,892,0 1,226,348,0 1,145,645,0
Reserve with Fed. Res
365,327,0
107,810,0 109,258,0 35,759,0 7,276,0 150,845,0 154,945,0 167,668,0 173.686,0 35,390,0 36,696,0 353,903,0
Cash in vault
627,272,0 9,246,950,0 9,080,856,0
4,170,790,0 4,094,914,0 709,132,0 191,143,0 5,071,071,0 4,959,786,0 3,530,414,0 3,493,798,0 645,465,0
Net demand deposits
170,561,0
1,323,423,0
172,837,0
1,360,856,0
793.258,0
749,014,0
401,572,0
397,037,0
53,560,0
130,328,0
217,684,0 213,198,0
Time deposits
765.144.0
3411 min n flOA :13R 0 70.758.0 32.954.0 449.758.0 413.567.0 366.142.0 309.993.0 52.384.0 41.584.0 868.284.0
Government deposits
Number of reporting banks_ _ _
67
67
40
14
121
120
418
•Aluendeu figures
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on June 22:
Liquidation in some volume of investments accompanied by corresponding reductions in reserve deposits is indicated by the Federal Reserve
Board's weekly bank statement, issued as at close of business on June 21, 1918.
the New
INVESTMENTS.-DIscounted bills on hand show a decrease of 84.7 millions, the larger aggregate decrease under this head shown for
York, Atlanta, Kansas City and Dallas banks being offset in part by gains at the Chicago, Philadelphia and Cleveland banks. Owing to redemption
disof
total
58.4%
the
constituting
millions.
544.2
to
653.9
war
from
of
paper
decreased
holdings
aggregate
Treasury
certificates
duo on Juno 18,
of
counts as against 64.3% the week before. Acceptances on hand fell off about 10.5 millions, mainly at New York and Chicago. But little change
net liquidation of 92.8 millions for the
is shown in the amounts of Government securities carried by tho Reserve banks. Total earning assets indicate
week.
DEPOSITS.-Government deposits show an increase of 3.9 millions, while members' reserve deposits fell off about 90.4 millions. Net deposits because of the larger "float' represented by items received in payment of taxes show a decrease of,143.4 millions.
RESERVES.-Fallure to synchronize entries of gold transfers between Federal Reserve banks is largely responsible for the apparent loss of 22.5
millions in gold reserves. Because of the large decrease in net deposits the ratio of cash reserves to combined net deposit and Federal Reserve note
liabilities shows an increase from 61.9 to 63.4%.
FEDERAL RESERVE CIRCULATION.-Federal Reserve Agents report additional net issues of 12.1 millions of notes.The banks show a
total increase in actual circulation of 26.5 millions of Federal Reserve notes and a slight decrease in their Federal Reserve Bank note liability.
CAPITAL.-An increase of $59,000 in paid-in capital Is duo largely to payment for Federal Reserve Bank stock by newly admitted members,
the San Francisco bank reporting the largest increase for the week.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison. In the second table we show the resources and liabilities separately for each
of the twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives
details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between
the latter and the Federal Reserve banks.
COMBINED RESOURCES AND
LIABILITIES OF
THE FEDERAL RESERVE BANKS AT THE CLOSE
OF
BUSINESS JUNE 21 1918.
44
June 21 1918. June 14 1918. June 7 1918. May 311918. May 24 1918. May 17 1918. May 10 1918. May 3 1918.1 June 22 1917
:' 1
$ ,
$
8
a
s
RESOURCES.
$
$
$
$
Gold coin and certificates In vault
438,773,000 432,557,000 463,622,000 456,177,000 478,460,000 479,529,000 480,580.000 482,832,000 492,842,000
Gold settlement fund-F. It. Board_ _ _ 481,023,000 489,610,000 417,675,000 425,237,000 407,767,000 418,337,000 437,444,000 437,771,000 267,910,000
52,500,000
52,500,000
52,500,000
52,500,000
52,500,000
52,500,000
51,280,000
44,084,000
Gold with foreign agencies
17,008,000
Total gold hold by banks
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Legal tender notes, silver, dce
Total reserves
1301R discounted-members
Bills bought in open market
936,804,000
957,238,000
30,331,000
966,251,000
951,145,000
29,507,000
932,577,000
958,255,000
28,431,000
933,914,000
955,919,000
27,993,000
9'38,727,000
930,181,000
29,115,000
950,366,000
915,536,000
28,502,000
970,524,000
885,027,000
27,584,000
973,103,000
862,296,000
24,541,000
813,252,000
390,765,000
8,001,000
1,212,018,000
1,924,373,000 1,946,90'3,000 1,919,263,000 1,917,826,000 1,898,023,000 1,894,404,000 1.883,135,000 1,859,940,000
35,680,000
60,043,000
59,365,000
58,308,000
58,033,000
57,88:3,000
58,461,000
58,360,000
56,738,000
1,247,698,000
1,919,983,000
1,942,500,000
1,952,712,000
1,956,056,000
1,975,709,000
1,981,111,000 2,005,263,000 1,977,724,000
931,270,000 1,016,031,000 984,492,000 897,357,000 923,299,000 842,265,000 939,041,000 873,442,000 240,984,000
194,303,000
232,472,000 242,923,900 248,542,000 256,373,000 278,221,000 279,886,000 286,036,000 297,029,000
Total bills on hand
1,163,742,000 1,258,954,000 1,233,034,000 1,153,730,000 1,201.520,000 1.122,151,000 1,225,077,000 1,170,471,000
40,116.000 t41,415,000
41,041,000
42,067,000
54,842,000
64,484,000
40,683,000
U.S. Government long-term securities_
40,877,000
73,043,000 106,762,000 t36,146,000
32,478,000
92,082,000
32,601,000
33,179,000
U. S. Government short-term securities
35,883,000
2.537,000
1,844,000
1,492,000
1,151,000
736,000
694,000
594,000
All other earning assets
100,000
435,287,000
36,427,000
78,491,000
2,585,000
1,240,602,000 1,333,410,000 1,330,813,000 1,301,390,00() 1,277,214,000 1,237,727.000 1,373,799,000 1,250,569,000
a6,494,000 '23,080,000
a1,882,000
1,605,000 a19,194,000 a14,033,000
a4,705,000 al9,350,000
588,859,000 529,1353,000 400,924,000 427,331,000 305,440,000 384,391,000 462,220,000 399,685,000
552,790,000
2,561,000
195,826,000
376,605,000
537,000
329,000
198,387,000
500,000
267,000
Total earning assets
Due from other F. It. banks-net.,_
Uncollected items
Total deduc'ns from gross deposits
5% redemp.fund agst. F. R. bank notes
All other resources
Total resources
584,154,000
735,000
90,000
510,303,000
735,000
402,529,000
637,000
408,137,000
626,000
438,000
351,407,000
537,000
89,000
382,509,000
530,000
77.000
455,726,000
404,000
66,000
3.8013.692.000 3.849.711.000 3.'711.703.000 3.686.300.000 3.585.303.000 3,573.555.000 3.772.495,000 3.548,023,000 1,999,642,000
[VOL. 106.
THE CHRONICLE
2734
June 21 1918. June 14 1918. June 7 1918. May 31 1918. May 24 1918. May 17 1918. May 10 1918. May 3 1918. June 22 1917
$
LIABILITIES.
$
$
$
$
$
$
3
75.049,000
Capital paid in
75,770,000
75,711.000
75,662,000
75,546,000
75,465,000
75,315,000
75,118,000
Surplus
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,131,000
Government deposits
159,457.000 155,532,000 170,876,000 166,191,000 122,350,000
48.753.000 138,529,000
73,888,000
Due to members-reserve account
1,464,986,000 1,555,434,000 1,449,486,000 1.440,413,000 1,436,284,000 1,461,138,000 1,548,137,000 1,474,518,000
287,769,000 264,887,000 239.971,000 278,698,000 242,488,000 282,475,000 309,773,000 257,593,000
Collection items
91,563,000
Other deposits, incl. for. Gov't credits_ 117,345,000 123,221,000 109,560,000 109,443,000 107,903.000 114,596,000 110,611,000
$
57,171,000
495,807,000
806,209,000
137,581,000
1,000,000
Total gross deposits
2,029,557,000 2,099,074,000 1,979,893,000 1,994,745,000 1,909,025,000 1,906,962,000 2,107,050,000 1.897,562,000 1,440,597,000
F. R. notes in actual circulation
1,677,951,000 1,651,500,000 1,639,579,000 1,600,968.000 1,578,621,000 1,569,445,000 1,569,618,000 1,556,660,000 499,721,000
776,000
F.R.bank notes in circulation, net liab.
9,945,000
10,001,000
9,580,000
8,324,000
7,764,000
7,878,000
7,878,000
7,980,000
1,377,000
9,638,000
12,335,000
12,201,000
6,855,000
13,294,000
12,821,000
All other liabilities •
5,583,000
11,697,000
Total liabilities
3,806,692,000 3,849,711,000 3,711,703,000 3.686,300,000 3.585,303.000 3,573,555,000 3.772,495,000 3,548,023,000 1,999,642,000
65.5%
Gold reserve against net deposit nab
59.2%
62.3%
63.7%
58.9%
64.8%
60.8%
t59.7%
60.3%
79.8%
Gold res. agst. F. It. notes in act. ciro'n
59.4%
t61.5%
58.9%
61.2%
60.1%
57%
58.1%
60.2%
Ratio of gold reserves to net deposit and
Fd. Res. note liabilities combined._
60.1%
59.2%
60.2%
61.2%
69.6%
60.4%
61.6%
60.5%
58.5%
Ratio of total reserves to net deposit and
62.4%
71.6%
Fed. Res. note liabilities combined
63.4%
61.9%
61.0%
62.0%
62.4%
63.1%
60.3%
a
Distribution by Maturitiesa,
a
a
a
a
a
a
1-15 days bills discounted and bought_ 635,228,000 750,382,000 729,429,000 661,804,000 713,043,000 641,734,000 773,785,000 744,943,000
1-15 days U. S. Govt.short-term secs_
19,587.000
12,737,000
4,733,000
3,043,000
62,120,000
2,292.000
75,474,000
41,976.000
42,000
499,000
20,000
1-15 days municipal warrants
456,000
32,000
457,000
16-30 days bills discounted and bought_ 136,497.000 104,181,000 103,784,000 110,168,000 118,118,000 119,783,000 125,590,000 113,033,000
1,693,000
5,901,000
16-30 days U.S. Govt.short-term secs_
13,655,000
10,185,000
204,000
1,343,000
1,000
656,1)00
16-30 days municipal warrants
6,000
6,000
43,000
43,000
455,000
31,000
31,000
32,000
31-60 days bills discounted and bought- 239.678,000 247,652,000 198,720,000 187,415,000 191,411,000 195.293,000 183,404,000 199,314,000
8,544,000
238,000
175,000
31-60 days U.8. Govt.short-term seas_
1,536,000
5,411,000
15,615,000
16,527,000
15,744,000
499,000
5,000
31-60 days municipal warrants
1,000
44,000
455.000
730,000
97.913,000
61 90 days bills discounted and bought_ 110,420.000 116,472,000 162,771,000 159.874,000 148,054,000 131,133,000 120,498,000
8,572,000
1,416,000
61-90 days U.S. Govt.short-term secs_
1,660,000
3.397.000
3,311,000
1,190,000
1,000
61-90 days municipal warrants
45,000
41,919,000
40,267,000
38,330,000
Over 90 days bills disc'ted and bought_
30,894,000
1,000
34,469,000
34,194,000
21,800,000
12,950,000
14,365,000
10,968,000
15,268,000
Over 90 days U.S.Govt.short-term sees
12,707,000
14.366,000
11,223,000
13,698,000
Over 90 days municipal warrants
Federal Reserve Notes1,805,518,000 1,791,393.000 1,769,876,000 1.736,547,000 1,724.685,000 1,710,240,000 1,707,522,000 1.671,168,000
Issued to the banks
127,567,000 141,893,000 130,207,000 135.579,000 146,064,000 140,795,000 137,904.000 114,508,000
Held by banks
539,976,000
40,255,000
1,677,951,000 1,651,500,000 1.639.579,000 1.600,968,000 1,578,621,000 1,569,445,000 1,569,618,000 1,556,660,000
In circulation
Fed. Res. Notes (Agents Accounts)2,520,120,000 2,492,820,000 2,440,720,000 2,405,420,000 2,382,660,000 2,362,820,000 2,335,760,000 2,309,560,000
Received from the Comptroller
428,292,000 420,077,000 407,164,000 398,733,000 389,075,000 377,381,000 369,468.000 360,102,000
Returned to the Comptroller
903,700,000
154,096,000
2,091,828,000 2.072,743.000 2,033.556,000 2,006,687,000 1,993,585,000 1.985,439,000 1,966,292,000 1,919,458,000
280,310,000 279,350,000 263,680,000 270,140,000 268,900,000 275,199,000 258,770,000 278,290,000
749,602,000
209,626,000
Issued to Federal Reserve banks__ 1,803,518,000 1,793,393,000 1,769,876,000 1,736,547,000 1,724,685,000 1,710,240,000 1,707,522.000 1,671,163,000
How Secured215,445,000 225,444,000 228,446,000 232,448,000 228,449,000 236,950,000 253,452,000 249.955,000
By gold coin and certificates
By lawful money
848,280,000 842.248,0 0 811,621,000 780,628,000 794,504,000 794,704,000 822,495,000 808,872,000
By eligible paper
49,061,000
51,994,1)00
54.587,000
52,221,000
53,428,000
53,080,000
48,554,000
Gold redemption fund
50,004.000
687,206,000 673,707,000 677,588,000 670,043,000 648,652,000 628,582,000 583,021,000 563.280,000
With Federal Reserve Board
539,976,000
1,805,518,000 1,793.393.000 1,769.876,000 1,736,547,000 1.724,685,000 1.710,240,000 1,707,522,000 1,671.168,000
539,976,000
Eligible paper delivered to F. It. Agent_ 1.127.797.000 1.219.848.000 1.193.629.000 1.112.323.000 1.155.877.000 1.091.095.000 1.178.056.000 1.118.009.009
153,136,000
Amount chargeable to Agent
In hands of Agent
Total
Net amount due to other Federal Reserve banks.
b This item includes foreign Government credits.
222,344,000
5,000
60,510
370,000
90,455
1,021,000
57,930,000
1,028,000
4,058,000
20,000
499,721,000
187,667,000
149,211,000
24,268,000
178,830,000
t Revised figures.
WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS JUNE 21 1918.
Boston.
Two ciphers (00) omitted.
New York. Philadel. Cleveland. Richm'd. Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Total.
$
RESOURCES.
2,751,0
3old coin and certifs. in vault_
66,375,0
3old settlement fund
1,513,0
]old with foreign agencies
$
$•
$
$
$
$
$
$
$
II
$
302,525,0 9,233,0 31,291,0 6,431,0 6.753,0 27,548,0 2,035,0 8,261,0
206,0 5,852,0 35,887,0
140,617,0 32,071,0 26,948,0 17,510,0 24,194,0 68,465,0 22,409,0 16,138,0 40,716,0 10,858,0 14,719,0
889,0
5,570,0 1,132,0 1,455,0
485,0 2,264,0
647,0
560,0
570,0
647,0 1,261,0
$
438,773,0
481,023,0
17.008,0
70,639,0
62,545,0
2,303,0
448,721,0 42,439,0 59,694,0 24,511,0 31,432,0 98,277,0 25,091,0 25,046,0 42,183,0 17,276,0 51,495,0
246,066,0 94,251,0 107,876,0 32,386,0 31,129,0 176,178,0 39,938,0 34,109,0 33,712,0 14,077,0 84,971,0
19,0
12,500,0 3,000,0
363,0 2,311,0 2,595,0 1,671,0 2,543,0
855,0
917,0 1,254,0
936,804,0
057,328,0
30,331,0
Total gold held by banks
]old with Federal Res. Agents
/old redemption fund
135,487,0
2,539,0
707,287,0 139,690,0 168,425,0 57,260,0 64,872,0 277,050,0 66,700,0 61,598,0 76,812,0 32,607,0 136,485,0 1,924,373,0
155,0
56,738,0
95,0
383,0 1,996,0
747,0 4,557,0 1,201,0
407,0
43,896,0
394,0
363,0
138,026,0
Total reserves
3111s discounted for members and
45,844,0
Feders,1 Reserve banks
20,336,0
3111s bought in open market
751,183.0 140,084,0 168,788,0 57,667,0 65,619,0 281,607,0 67,901,0 61,793,0 77,200,0 34,603,0 136,640,0 1,081,111,0
66,180,0
616,0
1,416,0
506,761,0 74,959,0 66,804,0 56,643,0 30,519,0 134,597,0 50,132,0 35,116,0 56,862,0 29,922,0 55,247,0 1,163,742,0
40,877,0
1,549,0 1,747,0 7,499,0 1,233,0
730,0 7,090,0 2,234,0 1,860,0 8,877,0 3,981,0 3,461,0
35,883,0
4,487,0 5,658,0 9,962,0 1,523,0 1,197,0 2,962,0
511,0 1,294,0 3,588,0 1,490,0 1,795,0
100,0
32,0
3,0
8,0
57,0
68,212,0
Total earning assets
)ue from other F.R. banks-Net
32,055,0
Jnoollected items
512,797,0 82,364,0 84,265,0 59,399,0 32,503,0 144,681,0 52,880,0 38,278,0 69,327,0 35,393,0 60,503,0 1,240,602,0
2,933,0
*4,705,0
7,018,0 6,038,0 6,748,0
168,402,0 43,140,0 53,771,0 45,294,0 36,464,0 73,401,0 37,643,0 9,627,0 35,203,0 23,500,0 30,269,0 588,859,0
Total deduo'ns from gross dep. 32,055,0
,% redemption fund against Federal Reserve bank notes
Lll other resources
175,420,0 49,178,0 60,519,0 45,294,0 36,464,0 73,491,0 37,643,0
Total gold reserves
.egal-tender notes, silver, &o
Total bills on hand
J. S. long-term securities
7.8. short-term securities
W other earning assets
383,303,0 55,015.054,420,0 50,485,0 26,045,0 112,916,0 46,357,0 34,376,0 56,612,0 28,752,0 37,145,0
123,458,0 19,944,0 12,384,0 6,158,0 4,474,0 21,681,0 3,775,0
250,0 1,170,0 18,102,0
740,0
14,0
931,270,0
322,472,0
9,627,0 35,203,0 23,500,0 33,202,0
584,154,0
84,0
735,0
00,0
400,0
100,0
137,0
90,0
238,293,0 1,439,400,0271,716,0 313,572,0 162,360,0 134,600.0 499,879,0 158,424,0 109,698,8 201,130,0 93,633,0 230,420,9 3,806,692,0
Total resources
LIABILITIES.
75,770,0
19,786,0 6,939,0 8,556,0 3,824,0 3,045,0 9,781,0 3,607,0 2,707,0 3,529,0 2,985,0 4,447,0
6,474,0
:apital paid in
1,134,0
40,0
216,0
38,0
75,0
116,0
649,0
lurplus
553,0 15,650,0 11,627,0 23,503,0 9,369,0 5,711,0 9,001,0 6,375,0 15,532,0 159,457,0
3,277,0
55.073,0 3,774,0
:overnrnent deposits
)ue to members-Reserve aco't_ 89,291,0 636,720,0 89,963,0 116,446,0 41,741,041,835,0 186,562,0 46,822,0 38,166,0 68,451,0 37,040,0 71,940,0 1,464,986,0
26,727,0
63,838,0 29,365,0 29,021,0 23,739,0 19,225,0 24,122,0 24,794,0 6,457,0 16,978,0 8,808,0 14,695,0 287,769,0
loilection Items
5,308,0 1,266,0 4,366,0 7,675,0 1,253,0
707,0 5,105,0
)ue to other F. R. banks-Net. 1,762,0
12,0 3,740,0
2,445.0 117,345.0
417,0
41,0
110,426,0
264,0
)th. deposits incl. for Gov't ored.
121,057,0
Total gross deposits
r. R. notes in actual circulation_ 109,955,0
bank notes in circ'n-Net.
732,0
ill other liabilities
P. It.
9331 903
TANtol Itc.,111.1ala
n
866,057,0 123,102,0 146,284,0 86,447,0 73,065,0 242,293,0 89,077,0 51,628,0 95,140,0 57,328,0 104,621,0 2,029.557,0
546,707,0 141,675,0 157,884,0 71,745,0 57,477,0 244.152,0 65,211,0 54,693,0 74,186,0 33,254,0 121,012,0 1,677,951,0
35,0 2,000,0
9,945,0
7,910,0
38,0 1,437,0
542,0 1,365,0
66,0
349,0
12,335,0
6,201,0
848,0
228,0
529,0
1 430
Ann n 971
71R
n 313 579 n
1/19 3(10 A 134
ann n 400 870 0 1531 494(1100
MA
n
189 13A
n 03 Ann n 230 490 A 3 AAR (109 0
*Difference between net amounts due from and net amounts due to other Federal Reserve banks. a Net amount duo to other Federal Reserve banks
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JUNE 21 1918.
Two ciphers (00) omitted.
Boston.
New York. Philadel. Cleveland. Richm'd. Atlanta. Chicago. St. Louis. Alfinneap. Kan. City Dallas. San Fran.
Told
$
Federal Reserve notesReceived from Comptroller_ ._ 159,640,0
Returned to Comptroller___ ._ 31,955,0
$
$
$
$
$
$
$
$
$
$
$
3
921,880.0 208,240,0 206,900,0 110,360,0 96,740,0 334,360,0 93,200,0 73,980,0 104,700.0 68,500,0 141,620,0 2,520,120,0
209,443,01 34,389,0 17,245,0 23,233,0 17,905,01 20,027,0 15,240,0 14,170,0 17,848,0 16,012,0 10,825,0 428,292,0
Chargeable to F. B.. Agent____ ._ 127,685,0
14,800,0
In hands of F. R. Agent
712,437,0/173,851,0 189,655,0 87,127,0 78,835,0 314,333,0 77,960,0 59,810,0 86,852,0 52,488,0 130,795,0 2,091,828,0
286.310,0
121,400,0 19,180,0 20,700,0 8,280,0 19,175,0, 43,980,0 8,940,0 3,555,0 7,710,0 18,500,0
{
591,037,0 154,671,0 168,955,0 78,847,0 59,660,0 270,353,0 69,020,0 56,255,0 79,142,0 33,898,0 130,795,0 1,805.518,0
112,885,0
Issued to F. R. Bank
Held by F. R. Agent-11,581,0
2,504,0
13,102,0
14,518,0
7,000,0 166,740,0
Gold coin and certificates_ ._
417,0 2,018,0 1,507,0 2,352,0 1,012,0 6,340,0
886,0 2,405,0
._ 6,045,0 14,326,0,0 8,021,0 8,358,0
Gold redemption fund__
584,0 78,631.0
65,000,0 86,230,0 85,000,0 31,500,0 26,220,0 175,761,0 37,920,0 19,500,0 31,360,0
Gold Sett. Fd., F. R. Board ._ 49,500,0
Eligible paper, min. req'd ._ 50,340,0 344,971,0 60,420,0 61,079,0 46,461,0 28,531,0 94,175,0 29,082,0 22,146,0 45,430,0 19,821,0 45,824,0
112,885,0
Total
Amount of eligible paper dell v66,180,0
ered to F. It. Agent__
112,885,0
F. It. notes outstanding
2,930,0
F. It. notes held by banks....._
F. R. notes in actual circula'.
inn nee n
215,445,0
54,587,0
687,206,0
848,280,0
591,037,0 154,671,0 188,955,0 78,847,0 59,660,0,270,353,0 69,020,0 56,255,0 70,142,0 33,988,0 130,795,0 1,805,518,0
{
506,761,0 71,737,0 66,804,0 56,410,0 28,700,0 128,243,0 42,170,0 30,490,0 52,126,0 29,922,0 48,254,0 1,127,797,0
591,037,0 154,1371,0 168,955,0 78,847.0 59,660,0 270,353,0 69.020,0 56,255,0 70,142,0 33,798,0 130,705,0 1,805,518,0
44,330,0 12,996,0 11,071,0 7,102,0 2,183,01 26,201,0 3,809,0 1,562,0 4,956,0
644,0 9,783,0 127,567,0
rA.2 P.m, n tA-1 re.rE n ir,
"00A f.
ni ',in n
1,7 .4,7 INOAA 1E0 A
ita 011 A
r i anq n
,
7A 101I A
.1.1 nei n int .110 fl 1 ft.P7 nKI A
2735
THE CHRONICLE
JUNE 29 19181
Statement of New York City Clearing House Banks and Trust Companies.-The following detailed statement
22. The figures for the sepshows the condition of the Now York City Clearing House members for the week ending Juno
the week are also given.
arate banks are the averages of the daily results. In the case of totals, actual figures at end of
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
June 22 1918.
Net
Profits.
Loans,
Discounts,
1Nat. Banks Mar. 41 Investments,
&c.
iState Banks Mar. 141
1Trust Co's Mar. 141
Members of Federal
Reserve Bank.
Bank of N Y, N B A_
Bank of Ntanhat Co_
Merchants' National_
Mech & Metals Nat_
Bank of America_ _ _ National City
Chemical National
Atlantic National
Nat Butch & Drovers'
American Exch Nat_
Nat 13ank of Comm
Pacific
Chat & Phenix Nat
Hanover National
Citizens' National_
Metropolitan
Corn Exchange
Importers & Trad Nat
National Park
East River National_
Second National
First National
Irving National
N Y County National
Continental
Chase National
Commonwealth
Lincoln National_ _
Garfield National
Fifth National
Seaboard National
Liberty National_ _ _
Coal & Iron National
Union Exchange Nat.
Brooklyn Trust Co_
Bankers Trust Co_ _ _
S Mtge & Trust C
Guaranty Trust Co.._
Fidelity Trust Co
Columbia Trust Co
Peeples Trust Co__ _ _
New York Trust Co_
Franklin Trust Co
Lincoln Trust Co__
Metropolitan Trust
Nassau Nat, IVklyn_
Irving Trust Co
Farmers Loan & Tr
Capital. 1
Leggl
Tenders.
Gold.
Average. Average.
Average.
$
$
$
$
$
116,000
26,000
45,664,000
2,000,000 5,395,200
345,000
60,155,000 1,208,000
2,341,800 6.619,400
56,000
67.000
28,826,000
2,000,000 2,635,500
200,000
6,000,000 10,706,600 157,681,000 7,622,000
206,000
357,000
31,401,000
1,500,000 6,530,700
25,000,000 c49.905,000 596,702.000 8,372,000 3,108,000
319,000
197,000
74,414,000
3,000,000 9,132,400
92,000
126,000
15,788,000
872,100
1,000,000
52,000
42,100
2,853,000
87,700
300,000
190,000
543,000
5,000,000 5,450,700 114,346,000
201,000
93,000
25,000,000 21,619,000 400,867,000
292,000
60,000
14,022,000
500,000 1,038,100
501,000
723,000
85,883,000
3,500,000 2,665,800
355,000
3,000,000 16,713,300 136,301,000 5,211,000
103,000
32,000
46,417.000
2,550,000 2,916,900
262,000
663,000
25,232.000
2,000,000 2,227,701)
217,000
370,000
3,500,000 7,536,500 107,926,000
70,000
300,000
35,079,000
1,500,000 7,784,900
408,000
50,000
5,000,000 17,520.090 202,400,000
12,000
2,000
2,993,000
89,800
250,000
50,000
57,001)
19,141,000
1,000,000 3,890,300
411,000
9,000
10,000,000 30,889,600 276,570,000
332,000
93,826,000 1,038,000
4,500,000 5,581,400
35,000
45,000
10,289,000
322,500
1,000,000
31,000
18,000
5,980,000
870,960
750,000
10,000,000 12,278,200 302,986,000 2,603,000 1,933,000
32,000
40,000
6,048,000
834,200
400,000
33,0000
149,000
16,312,000
1,000,000 2,008,900
13,000
11,698,000
1,000,000 1,364,500
23,000
32,000
7,293,000
404,000
250,000
277,000
364,000
47,237,000
1,000,000 3,597,000
31,000
133,000
78,951,000
3,000,000 3,000,000
43,000
6,000
13,209,000
945,800
1.000,000
6,000
12,000
13,400,000
1,000,000 1,298,600
53,000
71,000
36,785,000
1,500,000 2,175,400
149,000
66,000
11,250,000 13,932,100 250,025,000
112,000
329,000
59,932,000
2,000,000 4,605,000
178,000
25,000,000 26,270,700 433,189,000 1,792,000
38,000
90,000
11,249,000
1,000,000 1,267,000
95,000
39,000
81,331,000
5,000,000 6,502,500
83,000
56,000
23,062,000
1,000,000 1,284,700
12,000
21,000
90,281,000
3,000,000 10,533,000
48,000
91,000
2:1,846,000
1,000,000 1,089,700
10,000
14,000
15,429,000
566,100
1,000,000
38,000
302,000
51,980,000
2,000,000 4,168,900
10,000
116,000
14,050,000
1,000,000 1,167,200
141,000
247.000
40,206,000
1,500,000 1,020,100
24,000
5,000,000 10,706,000 132,532,000 3,810,000
Silver.
Average.
$
09,000
556.000
311,000
2,385,000
359,000
844,000
542.000
146.000
40,000
461,000
506,000
346,000
1,137,000
878,000
634,000
672,000
1,998,000
37,000
241,000
97,000
335,000
749,000
A1,785,000
148,000
14,000
1,771,000
159,000
144,00(1
224,000
212,000
242,000
103,000
154,000
196,001)
135,000
139,000
69,000
383,000
56,000
490,000
241,000
10,000
173,000
119,000
70,000
268,000
614,000
61,000
National
Bank
and
Federal
Reserve
Notes.
Average.
$
120,000
1,148,000
85,000
373,000
306,000
1,532,000
722,000
119,000
8,000
726,000
1,337,000
271,000
1,871,000
750,000
321,000
554,000
3,696,000
(164,000
843,000
36.000
359,000
582,000
1,074,000
517,000
88,000
094,000
110,000
1)27,000
197,000
53,000
1245,000
389,000
466,000
306,000
361,000
637,000
427.000
2,569,000
119,000
431,000
476,000
253,000
230,000
278,000
464,000
70,000
1,527,000
.,.232,000
Reserve
with
Legal
DeposiMyles.
Average.
Average.
$
$
6,517,000
11,057,000
3,204,000
21,568,000
4,316,000
99,442,000
10,928,000
1,842,000
251,000
15,523,000
37,174,000
1,713,000
9,928,000
19,885,000
4,801,000
3,339.000
16,591,000
3,792,000
20,937,000
563,000
2,130,000
19,593,000
14,446,000
1,566,000
1,086,000
35,467,000
1,109,000
2,859,000
1,839,000
923,000
7,662,000
9,679,000
1,341,000
1,952,000
4,480,000
30,213,000
5,021,000
54.725.000
1,064,000
7,814,000
2,478,000
6,861,000
2,242,000
1,920,000
3,980,000
1,311,000
4,532,000
15,967,000
Average for week__ 192,091,800 331,013,400 4,351,706,000 37,239,000 12,117,000 21,363,000 29,363,000 537,731,000
4,302,237,000 37,141,600 11,515,000 21,145,000 29,434,000 510,881,000
Totals, actual comfit! on Juno 22
4,432,666,000 37,448,000 12,433,000 21,322,000 28,815,000 551,067,000
Totals, actual comilt1 on Juno 15
4,331,791,001) 37,490,000 12,768,000 20,968,000 29,451,000 516,090,030
Totals, actual condltl on June 8
4,341,948,000 37,692,000 12,748,000 21,678,000 26,592,000 502,932,010
Totals, actual conditi on June 1
Not Mem bens of Fed eral Reserve Bank.
State Banks.
15,534,000
817,000
770,000
786,000
162,000
322,000
506,000 1,433,100
Greenwich
3,756,000
206.000
42,000
502,100
308,000
20,000
88,000
200,000
People's
4,630,000
260,000
279,000
816,900
248,000
8,000
5,000
250,000
Bowery
16,776,000
924,000
714,001) 1,338,000
925,000
109,000
100,000 2,392,100
Fifth Avenue
332,0001
6,13(1,000
868,700
387,000
115,000
49,000
134,000
200,000
Commercial Exch.._ _
21,500,000 1,334,000
364,000 /522,000 1,033,000
516,000
N Y Produce Exch.- 1,000,000 1,116,700
27,806,000 2,423,000
373,000 1,535,000
559,000
520,400
373,000
1,500,000
State
5,571,060
Totals, avgo for wk
3,750,000
7,050,000
96,138,000 16,164,000 11,237,000 2,397,000 3,066,000
94,971,000
101,233,000
98,986,000
99,919,000
Totals, actual condlt1 on Juno 22
Totals, actual 3ondlt1 on Juno 15
Totals, actual conditi on Juno 8
Totals, actual conditi Or) Juno 1
Trust Companies.
Titlo Guar & Trust__
Lawyers Title & Tr__
4
6,214,000 11,201,000 2,312,006 3,240,0(0
6,391,000 1,255,000 2,629.000 3,113,000
6,371,000 1,272,000 2,625,000 3,175,000
6,401,000 11,473,000 '2.674,000 12,749,000
Not Mem bens of Fed eral Reserve Bank.
39,864,000
62,000
5,000,000 11,751,800
23,109,000
446,000
4,000,000 5,169,200
Totals, avgo for wk 9,000,000 16,921,000
,
Totals, actual conditi on Juno 22
Totals, actual conditi on Juno 15
Totals, actual conditi on Juno 8
Totals, actual conditi on Juno 1
Additional
Deposits
with
Legal
DeposiZanies.
National
Bank
Circulalion.
Net
Time
Deposits.
Net
Demand
Deposits.
Average.
$
34,856,000
57,142,000
21,585,000
143,361,000
25,631,000
571,782,000
62,086,000
13,994,000
2,179,000
95,654,000
294,697,000
12,965,000
69,970,000
132,548.000
33.515,000
24,826,000
107,114,000
26,153,000
158,902,000
3,248,000
14,407,000
152,233,000
93,711,000
10,104,000
5,148,000
259,128,000
6,295,000
16,038,000
10,313,000
6,111,000
45,740,000
65,564,000
10,586,000
13,296,000
26,218,000
194,845,000
42,990,000
376,651,000
8,348,000
60,984,000
20,392,000
51,529,000
14,916,000
12,506,000
36,459,000
9,105.000
r 34,872,000
:113,416,000
Average.
Average.
$
$
1,976,000
778,000
256,000 1,870,000
13,800.000 3,779,000
5,937,000 1,573,000
3,027,000
443,000
145,600
514,000
294,000
5,946,000 4,933,000
5,164,000 ,
50,000
7,194,000 2,166,000
470,000
298,000 1,020.000
51,000
10,000
3,815,006 4,735,000
50,000
905,000
2,905,000 8,421,000
640,000
963,000
199,000
11,931,000 1,300,000
100,000
51,000
210,000
2,571,000
462,000
412,000
5,151,000
22,452,000
4,390.000
24,043.000
497,000
12,022,000
1,595,000
3,366,000
1,646,000
1,842,000
1,322,000
678,000
974,000
9.905,000
50,000
/3,604,143,000 157,475,000 36.586,000
3,542,500,000 157,129.000 36,573,000
3,682,766,000 158,810,000 36,754,000
3,600,313,000 153,828,000 37,164,000
3,586,273,000 158,108,000 37,218,000
174,000
1, 65,000
15,047,000
3,426,000
4,331,000
18,122,000
5,584,000
21,310,000
28,811,000
112,000
370.000
96,631,000
112,000
5,430,000 1,766,000
404,000
6,143,000
721,000
5,457,000
380,000
5,690,000
94,595,000
102,723,000
101,087,600
101,458,000
112,000
113,000
117,000
117,000
22,387,000
[13,920,000
927,000
416,000
61,000
70,000
140,000
187,000
195,000
69,000
476,000
143,000
2,500,000 1,498,000
272,000
1,363,000
508,000
327,000
264,000
36,307,000
1,343,000
321,000
327,000
339,000
329,000
288,000
251,000
218,000
306,000
619,000
561,000
651,000
678,000
600,000
3,863,000 1,770,000
63,237,000
510,0(0
63,413,000
504,000
62,042,000
563,000
63,661,000 2,040,00))
3,728,000 1,807,000
3,760,000 2,599,000
851,000
3,714,000
2,513,000 1,493,000
35,166,000
35,863,000
36,484,000
36,886,000
1,340,000
1,344,000
1,353,000
1,396,000
62,973,000
245,000
398,000
247,000
70,000
995,000
412,000
397,000
Grand aggregate,avge 204,841,860 355,584,400 4,510,907.000 43,991,000 13,681,060 24,024,0(0 33,048,000 547,165,000 2,140,000 a3,737,081,000 158,930,000 36,586.000
--35,856,000 --480,000 -056,000 --336,000 -261,000 +8,032,00 d-244,000 --28,768,000 +1,343,000 ---547,000
Comparison prey wk_
Grand ag'gate. actual condition
Comparison prey wk
_
Grand ag'gate, actual condition
Grand ag'gate, actual condition
Grand ag'gate, actual condition
Grand ategate, actual condition
Juno 22... 4,460,445,000 43,865,000 13,037,000 23,745,000 33,235,000 520,039,000 3,573,000 b3,672,261,090 158.581,000 36,573,000
-136,687,000 -477,000 -978,000 -457.000 +656,000 -41,831,000 +570,000 -149,091,000 -1,686,000 -181,000
June 15._ 4,597,312,000 44,342,000
June 8..... 4,493,719,000 44,364,000
4,505,528,00046,133,000
June 1
May 25 _ 4.549,411,000 47,778.000
14,015,000 24,202,000 32,579,000 561,871,000
14,379,000 23,811,000 33,304,000 525,261,000
14,550,000 24,658,000 29,941,000 511,135,000
14.703.000 21.007.000 31.318.000 518.229.000
3,003,000
1,572,000
1,873,000
1.076.000
3,821,352,000 160,267,040 36,754,000
3,737,884,000 155,298,000 37,164,000
3,724,617.000 159,021,000 37,218,000
3,708.439,000 164,030,000 36,832,000
a U. S. deposits deducted, $351,899,000. b U. S. deposits deducted, $371,786,000. c Includes cap tal set aside for foreign branches, $6,000,000.
STATEMENTS OF RESERVE POSITION.
Actual7Figures.
Averages.
Cash
Reserve
Reserve
in
in Vati/t. Depositaries
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Reserve
Cash
Inc. or Dec.
in
Reserve
from
PreviouslVeek in Vault. Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
PreviousWeek
$
$
MembereFederal
510,881,000 510,881,000 465,238,870 45,642,130 -22,800,990
ci
Reserve Bank_
537,731,000 537,731,000 473,262,840 64,468,160 +11,200,510
+330,040
+67,400 12,967,000 5,430,000 18,397,000 17,027,100 1,369,000
12,864,000 5,571,000 18,435,000 17,393,580 1,041,420
State banks
+19.550
133,100
+128,750 1,680,000 3,728,000 5,403,000 5,274,900
134,950
Trust companies* 1,718,000 3,863.000 5,581,000 5,446,050
Totals June 22
Total Juno 15_
Total June 8_
Total Juno 1_
14,582,000 547,165,000 561,747,000 496,102,470
15,197,000 539,133,000 554,330,000 500,082,130
15,108,000 519,907,000 535,015,000 497,523,200
16,572,000 511,135,000 527,707,000 494,754,070
65,644,530
54,247,870
37,491,800
32,952,930
+11,396,660
+16,756,070
-9,623,520
-9,010,710
14,647,000 520,039,000 534,686,000 487,540,870
15,120,000 561,870,000 576,990.000 507,393,470
15,181,000 525,261.000 540,442,000 496,323,790
16,280,000 525,539.000 141,819,000 494,793,680
47,145,130 -22,451,400
69,596,530 +25,478,320
44,118,210 +11,165,280
47,115,320 +1,692,100
* Not members/of Federal Reserve Bank.
Reserve Bank
a ThIslisIthe reserverequIred on net demand deposits In the case of State banks and trust companies, bZt in the case of members of the Federal
Includes also amount1of reserve required on net time deposits, which was as follows: Juno 22, $1,724,250; June 15, $4,683,570; June 8,84,647,900: June 1, $4,792,590.
includes
Bank
Reserve
Federal
the
of
members
of
case
the
in
but
companies,
trust
and
banks
State
b This Is the reserveTrequired on net demand deposits in the case of
also amountlof reserve required on net time deposits, which was as follows: Juno 22, 84,713,870; Juno 15, $4,764,300; June 8, $4,614,840; June 1, $4,743,240.
as
was
follows:
c'Amount oficashTin vault, which is no longer counted as reserve for tnembers of the Federal Reserve Bank,
Juno 22, $100,082,000; June 15, $101,200,000; June 8, $99,860,000; Juno 1, $101,167,000.
d Amount'of cash'in vaults, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Juno 22, $99,235,000; June/15, $100,018,000; Juno 8, $100,677,000; June 1, $98,710,000.
2736
THE CHRONICLE
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
n New York City not in the Clearing House, as follows:
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
State Banks.
$30,637,900 24.59%
June 22
1918.
Capital as of Mar. 14
Surplus as of Mar. 14
Loans and investmets
Specie
Currency & bk. notes
Deposits with the F.
R. Bank of N. Y.
Deposits
Reserve on deposits_
P. C. reserve to dep.
$100,182,300 20.28%
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar.23
Mar 30
April 6
April 13
April 20
April 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
Specie.
5,116,615,8 4,428,375,5
5,150,846,2 4,433,280,6
5,127,304,4 4,319,035,1
5,061,380.8 4,369.257.5
5,034,741,0 4,409,310,1
5,089,258,3 4,440,491,7
5,055,925,8 4,468,927,4
5,126,203,6 4,466,133,2
5,263,096,6 4,487,819,0
5,276,947,7 4.454,190,8
5,286,693,4 4,482,747,3
5,306,256,9 4,415,207.5
5,368,727,3 4,302,189,7
5,335,545,7 4.365,620,5
5,290.958,7 4,422,114,8
5,255,139,0 4,454,909,7
5,293,378,3 4,473,266,6
5,242,919,0 4,433,580,1
93,416,1
92,655,7
90,537.4
90,131,4
90,661,8
91,076,7
91,749,8
92,493,5
92,069,3
92,079,0
90,948,5
91,076,0
89,363.8
87,053,3
85,120,9
81,594,4
82,146,6
80,450,7
•
Legal
Tenders.
•Inoluded with "Legal Tenders" are nat onal bank notes and Fed. Reserve notes
field by State banks and trust cos., but not those held by Fed. Reserve members.
In addition to the returns of "State banks and trust corn-.
panics 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 "Chornicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the 'Chronicle"
April 4 1914 (V. 98, p. 1045).
Differences from
previous week.
23,618.400
95,050,000
41,225,300
163,861,000
464,870,700 Dec. 4,134,500 1,895,220,300 Dec. 30,301,600
14,906,300 Dec.
834,300
17,531,500 Dec.
444,900
26,137,100 Inc. 1,689,700
16,701,800 Inc. 1,097,800
42,034,500 Inc. 4.507,600 107,772,800 Inc. 4,904,400
578,702,700 Dec.
337,100 1,968,940,400 Inc. 25,859,000
105,975,800 Inc. 4,518,600 300,464,400 Inc. 11,584,900
23.9% Inc.
1.6
19.5% Inc.
0.8%
June 22
1918.
Change from
previous week.
Circulation
4,983,000 Dec.
Loans, diso'ts dv investments_ 503,058,000 Inc.
Individual deposits, incl.U.S. 460,834,000 Inc.
Due to banks
125,823,000 Inc.
Time deposits
15,475,000 Inc.
Exchanges for Clear. House_ 15,416,000 Dec.
Due from other banks
84,586,000 Inc.
Cash in bank dr in F.R. Bank 60,874,000 Dec.
Reserve excess in bank and
Federal Reserve Bank__ _ _ 11,744,000 Dec.
Total Reserve in
Cash in DeposiVault.
taries.
$
101,863,0 195,279,1 567,452,0
102,961,4 195,617,1 570,836,9
83,762,6 174,300,0 560,387,6
81,255,4 171,386,8 574,445,1
84,264,8 174,929,6 569,773,5
86,187,0 177,263.7 578,017,3
86,601,6 178,351,4 603,729,1
85,430,6 177,924,1 590,421,2
83,894,9 175,964,2 594,991.3
86,019,3 178,098,3 592,019,7
85,057,7 176,006,2 588,899,3
85,279,8 176,355,8 573,373,4
83,001,4 172,365,2 567,941,1
86,740,1 174,393,4 570,237,7
84,442,7 169,572,6 575,891,0
87,724,4 169,318,8 570,049,4
86,257,3 168,403,9 581,941,7
88,787,6 169,238,3 594,047,9
June 22
1918.
BOSTON CLEARING HOUSE MEMBERS.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)
Loans
and
Demand
Investments Deposits.
Differences from
previous week.
Boston Clearing House Banks.-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
Week
Ended-
Trust Companies.
Week ended June 22
UMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from
June 22
previous week.
Loans and nvestments
$732,012,000 Dec. 14,803,300
Specie
13,515,000 Dec.
879,900
Currency and bank notes
15,469,100 Inc. 3,309,700
Deposits with the F. It. Bank of New York
55,952,500 Dec.
84,400
Total deposits
785,648,800 Inc. 32,917,700
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City, exchanges and U.S.deposits_ 696,499,100 Dec. 10,918,500
Reserve on deposits
130,820,200 Inc. 6,419,600
Percentage of reserve, 21.1.
RESERVE.
-State Banks
- -Trust Companies
Cash in vaults
$15,277,000 12.26%
$68,660,300 13.90%
Deposits in banks and trust cos.- 15,360,900 12.33%
31,522,000 6.38%
Total
[VOL. 106
June 15
1918.
June 8.
1918.
7,000 4,990,000 4,960,000
3,328,000 499,730,000 480,705,000
2,403,000 458,431.000 440,877.000
52,000 125,771,000 121.706,000
695,000 14,780,000 15,279,000
3,392,000 18,803,000 15,070,000
3,029,000 81.557,000 80,018,000
1,158,000 62,032,000 59,685,000
1,461,000 13,205,000 12,477,000
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending June 22, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash In
vaults" in not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending June 22 1918.
Two ciphers (00) omitted.
Mentb'rs of
F. R. Spat.
Capital
Surplus and profits
Loans, cllsc'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. Res. Bk.
Res*ve with legal deposit's
Cash in vault*
Total reserve &cash held_
Reserve required
Excess res. dc cash in vault
25,975,0
68,026,0
577,736,0
25,024.0
133,518,0
169,132,0
419,836,0
4,529,0
593,497,0
Trust
Cos.
5,500,0
13,878,0
46,136,0
607,0
146,0
1,107,0
30,152,0
31,259,0
53,231,0
16,374,0
60,605,0
43,177,0
26,428,0
June 15
1918.
June 8
1918.
31,475,0
81,929,0
630.165,0
22,095,0
129,968,0
167,452,0
466,825,0
4,875,0
639,152,0
60,398,0
53,549.0
4,400,0
17,974,0
75,923,0
49,874,0
26,049,0
31,475,0
81,917,0
619,490,0
24,064,0
128.064,0
162,699,0
460,919.0
4,300,0
627,918,0
55,163,0
49,848,0
4,692,0
18,377,0
72,917,0
48,854,0
24,063,0
Total.
5,072,0
1,763.0
6,840,0
4,575,0
2,265,0
31,475,0
81,904,0
623,872,0
25,631,0
133,664,0
170,239,0
449,988,0
4,520,0
624,757,0
67,028,0
53,231,0
5,072,0
18,142,0
76,445,0
47,752,0
le,693,0
*Cash In vault is not oounted as reserve for F. R. bank members.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
nonmember institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Net
Capital. 1 Profits.
Loans,
Discounts,
Investments,
Week Ending June 22, 1918. !Nat. banks Mar. 4\
ctc.
IState banks Mar.141
Members of
Federal Reserve Bank
Battery Park Nat. Bank..._ _
W.R. Grace dc Co.'s bank._.
First Nat. Bank, Brooklyn__
Nat. City Bank, Brooklyn__
First Nat. Bank, Jersey City
Hudson Co. Nat.. Jersey City
First Nat. Bank, Hoboken__
Second Nat. Bank, Hoboken
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights_
Colonial Bank
Columbia Bank
International Bank
Mutual Bank
New Netherland Bank
Yorkville Bank
Mechanics' Bank, Brooklyn_
North Side Bank,Brooklyn__
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co.,Brooklyn
Mechanics' Tr. Co., Bayonne
Total
Wand aggregate
Comparison previous week_
Excess reserve
Grand aggregate June 15.....Grand aggregate June 8...
Grand aggregate June 1
Grand aggregate May 25
$
2
400,000
527,900
500,000
642,400
300,000
670,500
300,000
604,100
400,000 1,326,900
250,000
782,700
220,000
632,800
125,000
302,200
Silver,
National
Bank
db Federal
Reserve
Notes.
Reserve
with
Legal
DeposiRules.
379,000
337,000
596,000
100,000
480,300 2,505,000
500,000 1.003,400 9,550,000
620,800 13,552,000
1,000,000
500,000
146,900 6,041,000
200,000
523,000 8,230,000
200,000
213,700 4,003,000
100,000
663,400 7,086,000
1,600,000
798,700 22,214,000
200,000
174,800 4,434,000
73,000
678,000
653,000
154,000
15,000
20,000
300,000
126,000
91,000
5,000
116,000
53,000
131,000
128,000
379,000
112,000
623,000
356,000
522,000
781,000
48,000
440,000
322,000
260,000
145,000
981,000
229,000
208,000
251,000
390,000
95,000
447,000
669,000 1,049,000 1,359,000
124,000
246,000
281,000
4,400,000 4,625,000 77,615,000 2,110,000
500,000 1,007,800
200,000
344,000
Additional
Deposits
with Legal
Depositortes.
Average.
Average. Average, Average. Average. Average. Average.
2
2
2
$
$
$
$
8,512,000
81,000
10,000
34,000
97,000 1,119,000
391,000
4,897,000
3,000
2,000
955,000
7,615,000
10,000
11,000
110,000
71,000
529,000
529,000
6,529,000
2,000
25,000
72,000
124,000
576,000
614,000
8,430,000
207,000
239,000
227,000 1,000,000 5,266,000
150,000
5,026,000
59,000
8,000
97,000
137,000
320,000
834,000
7,296,000
7,000
3,000
34,000
159,000
326,000
916,000
5,855,000
10,000
41,000
99,000
39,000
286,000
729,000
2,495.000 5.489.500 54.160,000
8,246,000
7,993,000
700,000 1,351,800 16,239,000
7,595,000 11,466,300 148,014,000
--1,480,000
138,940 increase
7,595,000 11,466,300 149,494,000
7,595,000 11,346,600 151,208,000
7,595,000 11,346.600 152,466,000
7,595.000 11.346.600 154,594,000
a U. S. deposits deducted, $12.161.000
Gold.
Legal
Tenders.
370,000
19,000
15,000
80,000
47,000
97,000
351,000
16,000
856,000 5,111,000 9,279,000
395,000
172,000
37,000
208,000
17,000
601,000
883,000
725,000
727,000 2,508,000 2,948,000 5,173,000 3.038,000
20.000
37,000
22,000
95,000
86,000
141,000
274,000
494,000
389,000
334,000
Notiona
Bank
Circtikblion.
Net
Demand
Deposits.
Net
TOM
Deposits.
Average.
$
7,159,000
2,105,000
5,219,000
5,192,000
5,867,000
4,197,000
2,693,000
2,643,000
Average. devragi.
• $
• $
123,000
197,000
1,230,000
577,000
293,000
407,000
110,000
400,000
510,000
198,000
3,520,000
219,000
2,648,000
100,000
35,075,000 9,030,000 1,526,000
2,138,000
10,383,000
13,022,000
5,337,000
7,874,000
4,296,000
7,447,000
22,652,000
4,889,000
358,000
136,000
28,000
81,000
67,000
400,000
78,038,000 1,070,000
5,489,000 1,042,000
4,942,000 3,112,0,0
389,000
57,000
117,000
227,000
768,000
723,000 10,431,000 4,154,000
2,878,000 1,121,000 3,221,000 4,031,000 11,052,000 13,040,000 2123,544,000
--421,000 ---132,000 +28,000 1-39,000 A-343,000 1-2094000 ---2,405,000 14,254,000
A-2,000
3,299,000 1,253,000 3,193,000 3,992,000 10,709,000 10,946,000 al25,949.000
3,438,000 1,235,000 3,290,000 4,070,000 10,194.000 10,330,000 127,119,000 14,252,000
14,240,000
3,528,000 1,062,000 3,167,000 4,206,000 10,669,000 9,151,000 127,684,000 14,243,000
3,498,000 1,244,000 3.233.000 4,293,000 10.823,000 10,105.000 129,179,000 14.218.000
1,526,000
1-17,000
1,509,000
1,512,000
1,508,000
1.514.000
Natiliers Gazettt.
Wall Street, Friday Night, June.28 1918.
and Financial Situation.-The
Market
Money
The
military situation in Europe, referred to as a possibility in
column last week and confirmed by later reports, has
resulted in an advance in prices and increase volume of
business at the Stock Exchange this week. Other influences
contributing to the same end have been an easier money
market,the splendid condition of practically all the important
crops of the country, the general industrial situation and last
but not least the progress now made in getting troops and
equipment abroad.
A good illustration of the current investment market is
seen in the sale by the Union Pacific Railroad of $20,000,000
6% 10-years bonds; and of the preference for tax-free bonds
by the advance in New York City 43/28, which sold earlier in
the year below 94 and this week above par. In this connection it is interesting to note that the new Liberty Loan
is have also sold this week at 95.64.
43(
Reports of iron and steel distribution show that shipyards
are getting a larger supply of plates than of late and from
the latter industry, that a new record number of launchings
will soon take place, considerably augmenting the ocean
tonnage. At the same time estimates of submarine sinkings
for May indicate that only about one-half as much tonnage
was destroyed this year as during the same month in 1917.
The Bank of England's weekly statement shows an increase
of about 63/i millions in gold holdings and the latter to be
substantially larger than a year ago. The percentage of
reserve remains, however, at about 18. As noted above
our own money market has been easier, call loan rates
ranging from 3 to 5% and time money in better supply
than for some time past.
Foreign Exchange.-.There were no new features to
require attention so far as sterling exchange is concerned,
rates showing but trivial changes. The Continental exchanges likewise were dull and as a rule featureless.
To-day's (Friday's) actual rates for sterling exchange were
2 for sixty days, 4 75323/2©4 7535 for checks
4 729/ ©4 723/
and 4 76 7-16 for cables. Commercial on banks, sight,
4 75©4 753; sixty days, 4 71©4 71%; ninety days, 4 70
©4 70%, and documents for payment (sixty days), 4 71@
4 713. Cotton for payment, 4 75@4 753, and grain for
payment, 4 75(4)4 753.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 78 for long and 5 723 for short. Germany
bankers' marks were not quoted. Amsterdam bankers'
guilders were 50 3-16 for long and 50 5-16 for short.
Exchange at Paris on London, 27.16 fr.; week's range,
27.15 fr. high and 27.15 fr. low.
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the' week follows:
Sterling Actual- Sixty Days.
High for the week_ __ 4 7234
Low for the week_ __ 4 7234
Paris Bankers' FrancsHigh for the week__ 8 78
Low for the week__ 5 78
Amsterdam Bankers' Guilders503-16
High for the week__
50 5-16
Low for the week-__
Checks.
4 7535
4 75 5-16
5 7134
5 7134
5034
5034
Cables.
4 76 7-16
4 76 7-16
5 70
5 70
51
5034
Canadian Pacific, which shows a net gain of over 1 point.
New York Central and Northern Pacific have also been
relatively strong.
Manufacturing stocks have again been favorites, and almost every active issue shows from a moderate to a substantial advance. General Motors led the group with a gain of
18 points, a large part of which it retains. Amer. Car &
Foundry, Amer. Sum. Tob., Bald. Loc. and Beth. Steel adpoints, and all close near the top.
vanced from 5 to
Atlantic G.& W.I., on the other hand, moved up 5 points
and subsequently lost 7. U. S. Steel also gained nearly 5
points and closes with a net of less than 3. Other changes
have been less erratic.
For daily volume of business see page 2745.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending June 28.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. I.
Lowest.
Highest.
Par.Shares $ per share. $p or share. $ per share .5 per share
Jan
200 62 June 26 6234June 24 5934 May 80
100
Adams Express
100 35 June 26 35 June 26 3154 Mar 3534 May
American Bank Note_50
Ape
100 4134June 26 413jJune 26 4134 Jun 42
50
Preferred
Amer Smelters Securities
100 8934June 25 893-4June 25 89 Ma 9434 Mar
pref series A
100 97 June 24 97 June 24 8934 Jan 100 May
100
American Snuff
Jan 103 June
Am Sumatra Tob pref 100 1,100 99%June 25101%June 28 81
Mar
1. J
Batopilas Mining__20 6,500 1 June 25 134June 27 90
Mar
Ja 92
28
June
90
28
June
90
100
pref_100
7%
Beth Steel,
Apr
65
June
82
28
6534June
24
200 6394June
100
Brown Shoe Inc
Apr
Jan 98
100 97 June 25 97 June 25 95
100
Preferred
June
Jan
634
22
%June
12
25
1134June
400
Brunswick Terminal_100
Feb
1134
Ma
27
734
100 73jJune 27 734June
100
Butterick
May
Ja 71
Calumet & Arizona _10 400 6634June 24 67 June 24 6334
Apr
4134
M
26
24
June
36
22
3534June
300
Central Foundry__ 100
Apr
53
J
200 4534June 22 48 June 26 41
100
Preferred
10 May
Ap
7
28
%June
9
28
%June
9
100
_100
_
_
_
Chicago dr Alton
June
Jun
68
26
7034
703jJune
500 69 June 24
Chic Pneumat Tool_100
Ap 13 June
Cons Interstate Call_ _10 1,500 10 June 26 1134June 22 734 June105
Mar
100101 %June 27101 %June 27 9934
Continental Can pref 100
Jam
Fe 152
10155 June 24 155 June 24 145
Cuban-Amer Sugar 100
2814 Mar
J
100 2634June 27 2634June 27 22
50
Elk Horn Coal
June
43
Ja
26
24
4034June
28'
June
960 39
Fisher Body Corp_no par
200 87 June 25 88 June 25 7034 Ja 8834 June
100
Preferred
Feb
Jan 180
70180 June 26180 June 28 165
General Chemical_ _100
100 9934June 24 9934June 24 9934 June 10334 Jan
100
Preferred
Ja 58 June
General Cigar Inc_ 100 6,400 50 June 28 53 June 25 34
100 300 9934June 22 9934June 25 9634 Ma 100 June
Preferred
Jan
200 68 June 26 6934June 22 68 Jun 89
Homestake Mining 100
Feb
72
M
400 63%June 22 67%June 27 53
Int Harvester Corp_ _100
Feb
May102S
95
26
June
96
26
June
100 96
100
Preferred
Mar
150 8934June 26 8934June 26 8834 Ma 98
100
Int Nickel pref
Fe 67 June
100 67 June 28 67 June 26 60
1
Island Creek Coal
Feb
94
Ap
June
2718934
132 90 June 27 90
Kings Co Elec L & P_100
May
100 83 June 21 83 June 24 83 Jun 85
100
Kresge(8 S) Co
Mar
90
Ja
85
271
June
85
27
June
85
100
100
Laclede Gas
Jan 19534 Feb
100165 June 26165 June 26 165
Liggett & Myers__ _ _100
100 20010334June 27103%June 271100% June 10734 Mar
Preferred
Max
200
Jan
.
160
26
June
179
2
June
100179
100
Lorillard (P)
Jan 5434 Apr
300 51 June 2 52%June 28 47
100
May Dept Stores
Feb
50102%June 26 102%June 26; 9834 Jan 103
100
Preferred
Mar
100 89 June 22 89 June 22 8034 Jan 90
Minn St P & 88 M 100
May
600 3034June 27 31 June 22 2634 Jan 33
50
National Acme
Jan
400 9434June 22 95 June 271 9234 May100
National Biscuit_ _ _ _100
100 5 June 28 5 June 28' 434 Mayl 734 Jan
Nat Rye Mex 2d pref.10
AprI 2434 May
700 20 June 27 21%June 26 17
N 0Tex & Mex v t c_l
May
300 24 June 27 2434June 241 1834 Jan 27
New York Dock____100
May
Jani 48
100 46 June 24 46 June 241 42
100
Preferred
Jan
700 57 June 26 60 June 25 57 Junni 69
Nova Scotia S & C..1f
4134 Marl 4634 June
Ohio Fuel Supply--25 600 4334June 27 44 June 24' 90
Jan
98
28
ApI
100 90 June 28 90 June
Pittsb Steel, pref._..i00
Jan
Jail 30
400 27 June 24 28 June 27 21
St 1,-San Fr pref A 100
May
8034
Jaz
53
28
AJtme
72
24
June
71
700
Savage Arms Corp_ A00
Fet, 93 May
Sloss-Sheff S & I pref 100 200 93 June 25 93 June 25 81
Jan
100134 June 25134' June 25 134 Jun 182
So Porto Rico Sugar_100
Jun
73% June
24
73-4
%June
7
24
67 734June
Rights
Feb
Jan 105
100105 June 26105 June 26 102
100
Preferred
Jan 108)( June
100 550103 June 2510634June 25 84
Standard Milling
Jan
100 200 80 June 25 8034June 26 80 Jun 89
Preferred
Ap 2134 Jan
200 17 June 25 18 June 26 16
100
Third Ave Ry
Jan
1234
14
834
24
June
24
10
June
10
300
Tol St L & W pf tr rec..
300 4034June 25 4034June 25 3734 Jun 42 May
Transue & W'ms_no par
May
71
Jun
69
26
June
70
26
June
69
300
100
United Drug
Jan
81
Second preferred..100! 100 77 June 27 77 June 27 77 Jun
Apr
lif
M
US Realty & Imoti0S 200 1334June 27 13%June 28 8
Domestic Exchange.-Chicago, loan Boston, par. St.
Louis, 15c. per $1,000 discount bid. San Francisco, par.
Montreal, $24.323/ per $1,000 premium. Minneapolis,
100. per $1,000 discount. Cincinnati, par.
State and Railroad Bonds.-No sales of State bonds
have been reported at the Board this week.
The market for railway and industrial bonds has been
largely overshadowed by enormous transactions in Government issues. Pricop have moved irregularly but generally
downward. Of a list of 17 relatively active bonds only 3
have advanced and 5 are unchanged. All declines are, however, limited to % point or less and in the case of U. S. Steel
5s the advance amounts to a full point. Reading are YI
higher in sympathy with the shares. In addition to those
mentioned the active list includes B. R. T., Bait. & Ohio,
Burlington, Inter. Mer. Mar., Hudson & Man., N.Y. Cent.,
So. Pac., So. Ry., U. P., Rubber and Steel issues.
United States Bonds.-Sales of Government bonds have
been unusually heavy and include $1,000 4s, coup., at 1063/2;
$6,000 Pan. 2s, coup., at 98; $25,000 2s, reg., at 983/2:
Liberty Loan 33's, at 99.46 to 99.66; L. L. 1st 4s, at 93.90
to 94.48; L. L. 2d 45, at 93.78 to 94.50; and L. L. 43..is, at
95.64 to 96.86. For to-day's prices for all the different issues,
and for the week's range, see third page following.
KIRailroad and Miscellaneous Stocks.-The stock riaarketjhas been more active than for some time past until today, but otherwise maintains its recent characteristics.
There was less activity to-day and the absence of interest
caused a general sagging off in prices, although this movement was not important. In the railway list few changes
have occurred worthy of note. Among the exceptions are
New Haven, which has added over 2 points to its previous
decline, Reading, Awhichladvancedinearly 3 points and
2737
THE CHRONICLE
JUNE 29 1918.]
134
1634
I
Outside Market.-Movements in "curb" securities this
week we,re decidedly irregular, though on the whole the
undertone was firm. A number of issues touched new high
points. Oil shares continue to hold the most prominent
position though activity has fell off somewhat. Houston
Oil corn. was conspicuous for its wide fluctuations. After
a break of over 73/ points to 72 it recovered to 78% and
% with the close to-day at
again reacted, dropping to 693
%. Midwest Refining was strong, selling up from 113
693
to 120,a new high record,and closing to-day at 118. Merritt
Oil after a loss of over a point to 273/2, improved to 283/2,
4. Glenrock Oil continued active,
reacting finally to 273
454 and closing todeclining from 4% to 434, advancing to
day back to 43/2. Of the Standard Oil issues Pierce Oil
continues in active demand, price movement being irregular
and wide. From 16% it dropped to 15%, advanced to
17% and closed to-day at 1634. In the industrial list
motor shares were active, Chevrolet Motor improving
some 14 points to 144, a new high record, the close to-day
being at 140. United Motors reached 3434 to-day a new
high point and an advance during the week of almost 5
points. Aetna Explosives coin. eased off from 14% to 13%
and finished to-day at 133/2. Burns Bros. Ice sold up from
ad253
% to 29% and down to 25 with to-day's business
vancing the price to 273/2. Carbon Steel corn. rose from
121 to 133 and reacted finally to 130. In bonds the encourging news regarding Russia caused an advance in the
price, the 6s advancing from 38 to 47 and the 5%s from
36% to 47. The new Union Pacific 6s were traded in for
4 and
the first time "when issued" from 9834 down to 977
up to 98% with the final transaction back to 9834. Am.
Tel. & Tel. Co. "when issued" weakened from 95 to 943/2.
The "rights" sold down from 1-16 to 1-32.
A complete record of "curb" market transactions for the
week will be found on page 2746.
2738 New York Stook 13xellange-Stook Record. Daily, Weekly and Yearly
OCCUPYING TWO PAGES
Soo roomed of sales during the wooh of stooks %timidly lemetlee, see precedin
g P.a.
s
HIGH AND LOW SALE PRICES--PER SHARE. NOT PER CENT.
Saturday
June 22.
Monday
June 24.
Tuesday
June 25.
Wednesday
June 26.
Thursday
June 27
$ per share
85
85
8334 85
*91
98
5434 554
*554 57
36
3712
147 14714
5612 574
738 738
2318 2338
4314 44
7334 7433
*9134 9234
$ per share
8518
85
28214 8214
9112 9112
5438 55
5538 56
3638 3634
148 14818
56.2 5612
74 778
2312 2414
4334
43
7373 74
*91
9234
Friday
June 28
Satesfor
as
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1.
On baits of 100-share lots.
PER SHARE
Rang' for Previous
Year 1917
Lowest.
Highest.
Lowest
Highs*,
Railroads
8..io
Par S Per share. $ per share. $Pa Moro $ Per share
2,700 Atoll Topeka & Santa F
0
81 Mar23 8,
1 May15
75 Dec 1071s Jan
700
Do prof
100
80 Jan 30 85 June26
75 Dec 10015 Feb
400 Atlantic Coast Line RR
100
8938 Apr 22 95 June22 2794 Dec 119 Jan
4,700 Baltimore & Ohio
100
49 Jan 24 57 May20
3814 Doe
85 Jan
300
Do pref
100
53 Apr 25 574 Jan 5
4814 Deo
764 Jan
7,220 Brooklyn Rapid Tranalt_100
35 June23 4814 Jan 2
36 Dec
Jan
82
1,200 Canadian Pacific
100 135 Mar25 150 May16 126 Dec 16738 Mar
3,800 Chesapeake & Ohio
100
4934Jan 15 6038 Mar14
42 Nov '354 Jan
1,200 Chicago Great Western
100
8 Apr 9
834Jan 2
1411 Jan
fi Dec
2,028
Do prat
1812Apr 9 25 Jan 3
100
1712 Deo
4134Jan
6,500 Chicago Mllw & St Paul 100
3714 Apr 22 4734Jan 2
Nov
35
Jan
92
4,440
Do pref
100
6614 Apr 11 7914Jan 5
6212 Dec 1254Jan
400 Chicago & Northwestern_ 100
8912 Mar25 95 Jan 3
85 Dec 124's Jan
_
Do pref
100 137 Jan 29 137 Jan 29 13718 Deo 1724 Feb
li14 -ii4 -2114
lili -i5r4 I3-5-8 -2if.1 -215-2 -ii-72 -21(8 -------- Ohio Rook Isl & Pao temp Otis_
18 Apr 22 2412 May15
16 Dec
384 June
72
7214 7238 7338 7312 744 74
75
7512 7534 4,900
754 76
7% preferred temp tuts.._ __
5634Jan 15 78 June27
44
6134 62
6234 6212 63
5,700
63
6414 65
6% preferred temp etfa-__
65
6378 64
46
Jan 15 65 June27
3534 Deo84
Dec
7114 Apr
*30
35
*30
35
*30
35
*30
35
*31
35
*30
Clev Cin Chic & St Louts...100
35
26
Feb
May14
21
38
24 Nov 51 Jan
*60
65
*60
65
*60
65
*50
*60
65
Do pref
*60
65
6334
5834May 7 65 June10
100
6154008
*22
80 Jan
2312 *22
2312 *22
2312 22
22
100 Colorado & Southern
*22
2312 *2112 23
100
18 Apr 22 2314 May29
18 Nov 30 Jan
*48
50
*4812 50
*4812 50
4934 4934 *49
210
51
4978 4978
Do let prat
100
47 Apr 3 5012Jan 4
5712Jan
4478
Nov
*43
48
*43
48
*49 48
*42
48
*43
*43
48
48
Do 2d pref
133
40 Apr 4 45 Mar14
41 Sept 46 Mar
110 110 *109 111 *10812 11012 11058 11058 10912 1107s *108 110
1,300 Delaware & Hudson
87 Nov 151.78Jan
*163 16312 ____ _
_
*160 165_
1
*161 1634_
16212
432
16212 16312 1624
6
Delaware
Lack
7
&
Western_50 16012E
1
Jan
i
b2
F
J
e
4
eb
r P7
Dec 238 Mar
*4
5
*4
5
418 418
41.1. 414 *414 5
§4
4
210 Denver & Rto Grande
100
214
*7
5 Dec
17 Jan
8
712 734 *734 878 *734 8711 *7
600
878 *7
Do pre(
8
100
5 Apr 23 134 Jan 2
973 Dec
1578 16
41 Jan
16
16
1538 1534 1553 15781512 1534 1512 1512 5,100 Erie
100
14 Apr 17 1738 May15
3434Jan
1318
3312 33,2 33
Deo
3312 3212 3234 3212 33
3212 3258 3212 3212 2,800
Do 1st prat
100
2318Jan 16 35 May14
4914Jan
1834 Deo
2378 2378 *23
24
2312 *23
23
24
*2212 24
300
*2234 24
Do 2d pref
100
1812 Jan 25 24h May14
1513 Dec
90
90
3984Jan
9033 9038 9012 9012 90
9018 9014 9012 0014 9012 2,200 Great Northern prat
Jan
1184
7914
Deo
33331 3414 3334 3414 3312 34
3312 3378 3234 3358 3212 3278 21,000
Iron Ore propertiee_Ns 1prr
2
1 218i:1'
n
2238 Nov 3818 Mar
*964 98
9678 9678 *96
98
96
96
96
600 Illinois Central
964 *95
9712
No 1p0
9334 JAner27
o0
r
:
6 9;
byll
1 r
ea
85$4 Dec 10638Jan
*734 8
778 8
*773 818
1,400
734 778 *738 8
Interboro
8
8
Cons Corp_
Jan
37
37
37.: 371 *3714 3812 3634 3718 *361
700
Do prat
: 374 36
36
100
3512 May29 4712Jan 3
39
5183
4 i:h
Den
1812 1812 1834 1834 1812 1858 1834 19
°
712748
1838 1812 *18
900 Kansas City Sout.h..ro
19
1518 Apr 17 20 May16
100
Jan
1312
Nov
*52
257
53
*60
53
52
52
*51
53
*51
53
200
x5038 5038
Do prof
40 Nov 5813 Jan
*9
10'z *9
104 *918 1012
9
9
*8
100 Lake Erie & Western
1012 *8 t§ 918
4818Pla
ny 1 IL F''.1etil
*16
24
*16
24
*16
21
*16
21
*18
*16
21
21
Do pre(
100
18 Apr 23 21 Feb 25
2113 Oct
Ny 53$jJan
*59
5912 59
59
5918 5912 5934 5914 60
59
5912 5912 2,500 Lehigh Valle/
Dec
pee 13
,
1:La:
73
*1154 11612 116 116 *116 116.2 11618 11618 116 11614 11512 11512
1,700 Louisville & Nashville__ IN_
*914 1014 10
10
5°38
3
10
10
1012 1012 1118 1118 1138 1114 , 1114 3,000 MINIM. & St L (sew)Apr 17 113sMay15
74
A
-100
3214Jan
64
Deo
*533 6
*533 558 ,534 53
53
512 512 *5
518 k.54
400 Missouri Kansas & Texas_100
438Jan 5
64 Jan 2
34 Dec
11 Jan
*84 9
*8
934 *8
934
9
*812 934 *8
9
100
9
Do pref
100
231:te
Jan
41:
n /2
1 7
7 Nov 201:Jan
2312 2418 2334 2414 2338 2378 2312 24
2312 24
I
23381 2312 11,550 Missouri Pacific.
tr otfeF
an 2
100
1978
Jan
Nov
34
5412 5412 55
5514 5514 A5-14 5412 5412 66
65
56
88
1,200
Do pre!
otts
100
41 Jan 15 5511 Junel9
374 Deo
61' Jan
7212 7234 7214 7234 7214 7212 721.1 7234 7212 7258 *7212 73
2,900 New York Central
10338Jan
621:
Dec
4058 41
40,2 41
4014 41
4014 41
3858 4012 3734 3812 .16,700 N Y N H & Hartford
8712 Aapnr
IS_g
2112 Sept 527* Jan
*2014 2114 2112 22
*20
2134 2134 2212 2134 2238 22
4,600 N T Ontario & Weetern_100
22
1814 Jan 22 2238 June27
17 Nov 2914Jan
1034 10312 104 104
10412 1044 104 104
10334 10412 *10314;10412 1,500 Norfolk & Western
100 102 Jan 24 1084 May14
9238Deo 1384 Jan
8738 874 874 874 8714 8734 8714 8712 87
874 8714 8714 2,800 Northern Pacific
811* Jan 24 89 May14
100
75 Dec 1104 Jan
4378 44
4338 4378 4358 4334 4312 4334 4314 4312 4338 4353 9,900 PennaYlvanla
0
43::tuely
e27
1 ''''4
4
10
214 Dec
pee
8
5674
1212 13
uan
14 J
li
13
13
134 1312 131: 1514 1514 1614 1518; 1534 9,800 Pere Marguette v t
o
180
111.1 .7
Ja
un e21
9
---- ---57 , 57„
---- ---100
Do prior pre' v t e._ 100
5212 Apr 3 5834 Feb 19
45 Nov 731k Jan
16"
265
Do
prof
v to..
87 Oct
-Flit I1157 June
4 364 3838 -5ai. 7i
4
31,500 PItteburgh & West Va
1100
884.tnr 8 37812jJaunne211
1854 Dec
3514 Ain'
7873 7938 78.2 7834 7914 7914 7914 7914 7912 8012 *7812 7934 2,700
Do preferred
100
61 Jan 10 8012 June27
5358 Apr
68 Jan
9034 914 9118 9214 9078 9238 9238 9438 9311 95
9278 , 9378 196,700 Reading
15
7018Jan
95
June27
50
6018
10414
Jan
Nov
*35
39
*37
39
*37
3814 3814 3814 _____ *37,.i. 3814
100
Do let pref
50
35 Jan 12 39
*35
34 Nov 45 Jan
39
*36
39
*37
39
39
39
3918 *37 %,' 40;39
400
Do 2.1 pref
as June27
3378
Dee
124 13
454
Jan
1318 1318 *123, 13
1234 1234 1234 13
12121 1238 2,300 St Louis-Han Fran tr etfs_100
50
384 Aviparr33
*20
12 Dec
2688 June
2314 *20
2312 *20
2314 *20
2314 2118 2118 *20 •41 2314
100 St Louis Southweetern____100
194 Mar12 2314 May15
22 Dec
*35
32 Jan
397.s *35
40
*35
40 .35
40
*35
40. *35 , 40
Do pref
344Feb 13 4012Jan 3
100
34
8
8
Dec
Jan
53
74 8
8
8
*734 8
*734 812
778 . 778 1,300 Seaboard Air Llne
812Jan 4
7 Apr 17
100
21
714 Dec
21
18 Jan
21
21
*2012 21
20
2014 1934 2014 1912 1934 1,600
Do pre!
100
151s Apr 19 2112 Junel7
84
167s Dec
8414 84
soh
Jan
8458 8418 8453 8358 84
837
84-.
835
837
3,700
8
8
8
Southern
Pacific Cc
8018 Jan 24 8834Feb 27
100
2414 2412 2418 2438 2418 2438 2418 2438 2418 2434 24
7534 Dec
984 Mar
2414 10,000 Southern Railway
2038 Apr 30 26 May15
100
*62
2112 Doo
63
6212 6234 6212 6212 62
1334 Jan
62
62
6212 *6214',' 6234 1,200
Do prat
100
57 Jan 21 63 May15
*16
17
5133 May 7012Jan
16
16
*16
18
*16
IS
•1612 1712 *16124 17
100
Texas
& Pacific
14 May 4 1978 Feb 20
100
11118 Nov 194 Jan
*39
41
*38
41
*30
41
*39
42. *39
*40
45
43
Twin City Rapid Transit_ _100
3913
6514
June13
Jaa
31
12212 12234 12238 123
62
Dec
95 Jan
1224 12234 12138 12234 12114 1224 12035'12134 11,000 Union Pacific
100 10914 Jan 15 12612 May14 10114 Deo 14918Jan
*704 71
§7012 7012 *71
72
71
71
*70
72
7012, 7012
216
Do pref
Dec
*9
Jan
913
86
912 934 *9
912 *9
94 *9
*912 *9 , 912
200 United Rallwa,e Invent_ _ _ Igg
1214
6t
4134:1an lb 7
414 Dec
*174 18
1138 Jan
1712 1712 *17
18
*17
18
*17
18 , *17 ' 18*.
100
Do prof
1012 Apr 9 20 May 7
100
1114
Dec
978 1073 1012 1078108
234
Jan
3 1118 1118 1134 1138 12
1111;
40,900
1138
Wabash
100
7 Apr 26 1014 June21
4212 43
7 Nov 154 Jan
4234 43
4214 4278 4278 4312 4212 4338 42141 4214 • 9,300
Do prof A
100
3918 Apr 12 444 Jan 2
2514 26
3614 Dec
2534 26
68 Jan
2558 26
26
2712 26
10,100
26
2612 26
Do prat B
204 Jan 15 2612 June26
18
15
Dec
1538 1514 1538 1434 1514 1538 16
ams Jan
*18
'.1.
1512
*15
2,800 Western Maryland (new).100
154
13 Jan 15 1734 Feb 15
2734 32
12 Dec
23 Apr
*29
31
*29
31
*27
31
*29
34
*28
2,700
34
Do
2d
pref
Jan
29
20
32 June22
100
*22
20 Dec
2312 23
41 Mar
2312 2312 2312 2338 2338 23
23
23 ' 23
1,700 Western Pacific
• 100
13 Jan 2 2412 June20
104
Dec
62
62
6212 6212 63
1818 Map
63
*62141 6412 1,600
64
632 6312 64
Do preferred
100
46 Jan 3 64 June27
3512 Dee
*9
48 JOY
10
912 912
938 938
9
912
912 912
9,2 ' 912
700 Wheeling & Lake E Ry_ 100
8 Apr 22 104 Jan 2
712
20
Dec
227k
20
Jan
20
20
*19
21
*20
21
*1912 21
*19121 21
200
Do preferred
100
1712 Apr 17 2254 Feb 18
1638 Nov 50118Jan
*35
38
*35
4.6 , 39
39
37
354 354 36
3634 *36
800 Wisconsin Central
34 May 2 3912 Jan 3
33 Deo
544 Jan
,.• 01.!.104
Fr
,
industria
l & Miseelisn•oirs
*14
15
1414 143s 1413 1534 16
163
1614; 1634 1614.1 17
4,800 Advance Rumely
11 Jan 19 17 June28
100
1818 Jan
74 Nov
36
36
3614 3612 384 38
36
3938 39 : 4012 40 K, 4178 5,700
Do prat
123
ben
Je
13 31.78 j
un
3715 Jan
19 Oct
6212 83
- 63
63
63
63
560 Ajax Rubber Inc.
Dec
454
--1i2 --153
80
Jan
13,4 134
158 15s
112 158
134 318 .72
.it --2-1-2 18,500 Alaska Gold Mime
lar
11
:
1,
r 27
1
3::
1 Dec
11: 14
1112Jan
112 112
112
112 • 112 112
112 232 . 178 i• 214
une
In
nr1
14 Dec
1
*3334 3412 344 354 3334 3438 337s 3414 3312 341.1 3312 3378 37,800 Alaska Juneau Gold MIn1-118
818
Mar
5,500 Allis-Chalmers Mfg v t 0_100
1734Jan 15 37 May24
15 Dec
844 8412 *84
324 May
8534 85
85
85
85
87
1,110
8518 8614 *80
Do preferred • t o_ _ _100
7214 Jan 4 86121.lay24
65 Dec
*87
8678 Mar
94
*87
92
*86
91
*89
91
*88
92
87"4 91
Amer Agricultural Chem_ _100
78 Jan 2 91 June20
72 Dec
*9412 9512 *90
9512 Map
9612 *92
9512 *92
9512 *9212 9512 *94 ; 95
Do pre/
8918Jan 17 96 May21
100
91 Dec 1034Jan
684 69
69
69
6838 6834 69
69
6814 6812 68
6818
Am
peerfeap
nrel
Beet Sugar
64 June10 84 Feb 27
100
63 Dec 1024 Feb
83
83
*80
85
*75
85
*75
85
*75
85
*75'
85
1'6
a
101
83 June22 9112May 8
7818 Dec
100
98 Jan
46
4614 4612 4712 4634 4712 4634 4714 4638 4712 4618
464 23.442 AmpeerleapnrCetan
100
3438Jan 15 504 Nlay17
*93
294 Nov 58 May
9412 *93
9434 9412 9412 9414 0414 9373 9414 *9312 95
Jan
Apr 30
100
8012 8118 8118 8112 8178 8414 8412 87
111j
tine
18
1088
Jun
e
8558 87... 8412 8534 47,700 American Car h Foundry.100
1841144 n N 1877
Feb
Do pre?
100 106 Jan 3 11034May 1 1(10 Nov 11834 Ma/ .
-iiiii iiii -41 4233 -ilia 4214 -ii" 423-4 "421.4 -425; %Hill iii; --7;280 American
Cotton Oil
25 Jan 16 4318 May23
100
*72
82
21 Dec
*72
82
*72
82
5012Jan
*72
83
*72
82
*72
82
Do pref
78 May16 84 May22
100
1734 1838 1814 1938 19
80 Dec 10111Jan
20
1914 2038 1834 1934 18
1812 33,500 American Hide & Leather 100
111* Jan 10 2038 June26
7634 7712 77
10 Feb
1714 Mar
7812 7838 8112 801a 82
81
8114 7934 81
16,900
Do prat
100
50 Jan 2 82 June26
434 Deo
3312 334 *33
34
75 Jan
*32
34
32
32
3212 3212 *30
33
500 American Ice
1112Jan 2 3512 May13
*49
100
81* July
51
*5014 51
1678 Aug
*49
51
*48
51
*48
*48
50
51
Do
preferred
54
54
3
85 Deo
5312 5312 5378 5414 5414 5414 5312 5438 5353 5358 1,600 Amor
55 July
intarnational corp _LI
b854
4078 41
1
46 Oct
4034 4034 41
6214 AUg
424 4138 4212 4112 42
4112 4112 9,000 American Linseed
27 Jan 7 4278 May24
100
1534 Feb
*78
80
*7812 80
2918 Aug.
7934 80.2 §8038 8038 *79'12 8012 *79
81
1,410
Do
prof
3
48 Feb
6714 68
75 Nov
6734 684 67
68
6714 6778 68
6914 68 '. 69
24,800 American Locomotive_ _
13
53112
4:14
an 17
5 11134
211
1"
:46
4658 Dee
_
*97
8234 Jan
99
98
98
*99 100
*98 100
-- ___ , 1 100
Do
prof
Jan
295
100
4
Feb
18
93 Dec 10678Jan
ilt --834 *7
9
*711 9
*712 9
*712 834 *714 I 8AmericanM
American
alting
714 Junel9 1312 Feb 6
*44
100
47
4534 4534 46
814 Dec
10-"j
46
1934 Mar
*4434 47
45
45
4518 451A
600
Do 1st prat
*118 129 *118 130 *118 130
50 Dec
7112 Jul:,
130 1304 *118 133 *122 130
"
200
American
8(
Shipbuild
)
2
18
'
Feb
1113
N
1,5
Ivry1.64
ing__ _100
7634 77
88 Nov 93 Nov
7714 7918 78
7918 7814 79
7838 7938 7838 8014 30,700 Amer Smelting & Refluinii
73 May28 86'z Feb 19
.100
105 105
674 Dec 11234 June
10518 10518 *1044 10512 10512 10512 §106 106 *105
312
Do pref
6534 6534 6534 6614 6614 674 664 6712 6738 6778 67 106
100 104 Jan 5 10634 Mar 2 c9918 Nov 1174 Jan
6773 5,800 Amer Steel Foundries
Jan
*11212 1131 *11214 114 *11112 11312 *112 114 *11212 114
04 Dec
52
76 June
1124 11314
600 American Sugar Reflaing_184
95:
lb 11118121Ta
*108 10914, 10918 10918 109 109
byla 106
0
3
8 18 Nov
ee Ntitie
jtme
109 109 *10812 112
110 110
400
Do pref
,
1(
0381
3111ar2 i 1131May
13834 1393 13812 13934 13812 1444 14138 14412 142 14412 14014 14312
49,850
Am
Sumatra
Tobseeo .11"
4
97
80 May 6212 Dec
974 954 9714 95
9534 9518 96
954 9578 9518 9534 16,100 Amer Telephone 4: Tett/1_.
4_100
95 June25 10914 Feb 1
*160 165 *160 165
954 Dec 1284 Jan
1624 1624 16414 16414 183 16414 16212 16212 1,000 American
Tobacoo
100 14012 Jan 5 170 May13 123 Dec 220 Mar
*94
98
*94
98
*94
96
*94
98 '94' 98
*94
98
Do prat (new)
100
93 Nlay27 99 Feb 23
57
89
Dec 10934Jan
574 5712 58
5738 5778 5738 5814 5814 59
5778 58
5,200 am Wooten of afas
100
4438Jan 15 607s May24
*93
3718 Feb
5814 Jane
94
*9314 9412 *9314 94
9378 9378 *9312 94
9378 9378
200
Do Pref.
100
92 Jan 4 957.8 Mar12
23
23
87 Nov 100 June
*22
25
*23
25
*22
25
23
23
*22
200
24
Ank
Writing paper prat_ um
! 1718 1734 1712 1838 1712 1814 184 184 18
204 Apr 11 3113 Feb 5
17
Nov
544
Mar
1812 , 1812 1938 19,301 Am Zinc Lead &s
ya
1271Jan 18 1914 May14
*48
50
1012 Dec
4118Jan
50
50
5014 5033 5034 51
1,000
Do prel
_35
41 Jan 2 51 June28
6438 65
894 Dee
-o'igs "6-6:1; 73.
724 Jan
8-. -6-61-8 6538 6678 6612 6714 6612 6818 80,100
Anaconda Copper
81is Nov 87 may
50 25918 Jan 18 7112 May16
[108 108
1084 10912 109 11038 109 112
110 112 x105 10538 9,200 Ati Gait & W 188Mining_
Line___100
9714Jan 5 12014 Feb 18
62
62
871s Sept 121.4 Jan
*63
64
*62
64
*62
64
*6312 64
64
64
300
Do Prof
8
91
54 Feb
95
66 Jan
945 9614 934 95
934 9534 9212 9534 9214 9378 191,950
Baldwin Locomotive wice_Igg
5818;an
al' lb 1
(
0134
4A
llaay16
48 Feb
71312 July
Do wet
1011
93 Jan 2 1130 Feb 23
;i1g1.4 -8-811 -igit IA -1365-4 IA -66- if- -5tif4 ii,
1024
Jan
93
Dec
"
"
2,866
ii
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844 8412
IN
85 Jan 4 95 June27
Jan
186
82
Dec
100 Bethlehem Steel Corp__100
7414Jan 15 96 May16
834 8412 -Tiii4 136.17i -gfis -f;71,
6614 Dec 51,5 Jan
-t -g:5r4 114 "iti" iiii "i8iii 1-241-4 124
3
:0
,10
30
Do nom,.
3 onnth
elms 13 eontston... _100
723e Jan 15 94 May16 20
*10434 10512 10514 10514 10538 10533 *10478 106
ne
Juet
Dee 10
5%0
63
618 Dec
1055a
Do cum cony 8% pref....
9612Jan 15, 10678 Apr 29
I.' 2312 231: 2313 2412 2414 2434 2414 2414 24 106
2412 *10
23
5368
4
Na pat
21 Jan 211 26 Feb 18
.,,,,,,, tun ano rased Emcee; uo dame on tau day.
3 itx-rignte. I bees than 100 Maw. a Ex-d1•. and nom g zzonvIdead. 8 Before
paymont of first Installment.
$ per share $ per share $ per share
*8514 854 8514 8512 8514 8514
*8278 8312 *8278 8312 834 8338
9434 95
*94
97
*91.2 96
55
55
55
55
55
5514
564 5612 *5512 57
*55
57
39
3918 384 39
3718 38
14612 14612 *14634 14812 *14612 148
5612 5634 56.2 5714 5614 5614
*714 712
734 734
712 712
*23
2312 2318 2318 *2314 2312
4314 4312 434 4334 4314 4334
7418 7412 7414 7438 7312 7418
---- ---- 924 9238 *91
93
$ per share
8412 8412
83
*81
9138 9133
543,1 544
*554 57
364 361
:
14714 14712
*5614 57
734 778
*2312 24
42
43
737g 737s
9234 9234
.14"
ii
12 3.1,184tiaZIA
12
1B Jan 1' Itinfin
IT 47 2112,11
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STOCKS
&ilearot
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SHAW,.
?WOMB-PIM
Year 1917
lots.
100-share
JALB
of
basis
On
HIGH AND LOW
NEW YORK STOCK
the
EiSCHANGE
Week
Friday
Thursday
Tuesday 'Wednesday
Me he It
Lowest
!Itches!.
Lowest.
Ilanday
Saturday
Shares
June 28
June 27.
June 20.
June 25.
June 24.
June 22.
share.
Per share $ per share
Per
share.
per
3
$
Par
(Can.)
Industrial:Mat.
12514A Dr
$ per share l $ per share $ per share
89 Jan
100 108 Feb 5 134 May 8
$ per share $ per share $ per share!
100 Burns Bros _
12212 *120 12212 *120 122
-1212 June24
873 Apr 25
*118 12212 12212 12212 *12012 12213 *120
1213 1178 1218 22,215 Butte Copper & Zinc v t C. _5
1214. 12
5214 Jan
1212 12
3312 May14
12
1234 Dec
2
1218 1218
Jan
1612
Mining_10
1114 1218
Superior
Butte
&
2514 2712 2912 15,100
1 25
25
25
Aug
4214
2514
25
Nov
May10
3334
4512
2638
3
2514
3612Jan
2412 2518
400 California Packing- _..No Dar
4078 *4053 4073 4073 4078
3012 Jan
1014 Dee
12 Jan 7 2138 June17
100
*4038 4012 4012 4012 4053 4058 *404 2012 2012 2034 1912 1934 2,300 California Petroleum
Jan
624
Nov
June12
2912
6373
5
Jan
36
2012 2014 2034 2012 2034 20
*20
100
Do prat
600
6014 6112 6333 6338' --__ ___.
65 Den 10112 Jun
60
6112Jan 15 7338Feb 27
6012 6012 60
100
4 56,500 Central Leather
70- -fit7234 -7
71
97 Des 1157a Jan
6912 6812 6912 6878 72
6714 6734 68
100 10212 Mar14 z107 Mar 8
Do pref300
*104 105 *104 106
41 Feb
3512
25 Dee
May16
6
Mar
2914
*103 10412 10412 10412 *103 10412 10412 10412
800 Cerro de Pasco Cop.._No par
3412 3312 3312 . 3333 3338
*33
34
55 Nov 10434 Mar
2 95 Feb 25
3334 3414 34
6814Jan
*3314 34
Car
100
Motor
Chandler
900
82
82
8218
8218
8312
8312 8278
2
*82
1758Jan
83
Nov
Ma
1114
274
*82
4
Apr
84
1412
*82
25
Chile
Copper
16
1634 15,900
6334 Mar
1638 1634 1614 1638 1618 1638
3512 Nov
1578 1678
3038 June10 4714 May16
1512 1534
5
Chino Copper
58 June
3934 3934 3918 3958 3934 4012 3978 4034 3,600 Colorado Fuel & Iron
5112 May24
2934 Nov
29
3434Jan
3812 3812 3912 40
101)
8,200
49
4
483
50
4978 49
4912 49
4772 Apr
5014 49
2578 Nov
2834 Mar25 35 Jan 30
4913 4958 49
100
3131 3131 *3114 3212 3,000 Columbia Gas &Elea
3214 3178 32
3238 32
7512 Dec 13453Jan
3112 3214 32
8312 June27 9212 Feb 7
3,700 Consolidated Gam (N Y) 100
84
8312 8514 84
8512 86
8534 86
10314 June
86
Feb 19
Nov
76
86
95
6712
May10
8612 87
Inc
100
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Continental
7234
*68
72
7234 *69
7234 *68
*68
3714 July
71
18 Feb
*68
71
*68
2978 Jan 15 4334 Ivlay13
42
fining __ _100
31,8)3(000 Corn Products
4234 42
42
8812 Nov 11232Jan
4112 4134 4218 4173 4258 4134 4212
41
100 39012 Jan 7 10134 June24
Do prat
*101 103 *101 103
917g July
4534 Dec
52 Jan 12 747a May16
10034 10113 10134 10134 10114 10114 10112 10112 6712 691.1 6834 7013 62,400 Crucible Steel of America_100
9134 June 4
83 Dec 11714 Jan
6634 6812 6631 6734 6634 6778
86 Jan 31
6534 67
Do pref
100
600
*8912 9134
91
9012 9013 91
91
5514 Jan
9018 9014 *89
2473 Nov
00
2712 Apr 10 3373 Feb '20
*88
No par
3178 3112 3253 3118 3238 15,700 Cuba Cane Sugar
18
9412 Jan
Feb
83
7473 Dec
Mar25
7813
3214 3258 3158 3212 3138 3134 3118
100
Do pref
8112 1,110
8112 *8034 8114 8078 8114 8114 8114 8034
1134 May 444 Oct
z33 Jan 2 6434 May24
8114 8114 *80
Distillers'
Corp_100
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49,900
5953
59
6112
5912
4
24:4 Jan
10 Jan 4
613 Nov
6 Junel9
5912 6034 5934 6034 5933 6038 5912 603
10
712 778 2,300 Dome Mines, Ltd
634 818
*653 7
*612 7
411, Aug
28 Feb
*612 7
2631 June19 39 Feb 13
*612 7
2813 2814 3,200 Gaston W & W Inc. No par
2912 2818 29
294 29
29
29
2818 29
28
12734Jan 7 153 May16 119 Den 17134 Jan
100
Electric
General
746
149
149
*14712
14812
14612 Jan
June26
157
Nov
4
15
1062
Jan
•146 14834 *146 14912 14834 14834 148 14812
741s
Corp
100
Motors
General
153 15614 15114 15334 44,350
93 Jan
7234 Deo
79 Apr 17 88 Feb 1
138 14412 144 14614 146 14931 15014 157
100
Do pref
8238 3,100
82
82
82
82
*81
82
82
0114 Jan
82
3214 Dee
82
82
38 Jan 2 25014 Feb 5
*81
100
900 Goodrich Co (B F)
*4414 4512 4512 4512
4431 4478 *4412 45
46
19 29138 Dec 112 Jan
Feb
100
10
Jan
4538 4538 *44
96
Do
prof
100
300
9814
9812 9812 *98
*9814
99
4
.
981
9814
9228 Jan
0814
Nov
May16
66
9814
80
25
9814
Jan
*98
74
100 Granby Cons M E3 & P......100
76
*7478 7812
76
78
*75
78
7812 *75
47 Jan
34 Nov
7812 *75
3.12 Jan 17 45 Feb 6
*75
700 Greene. Cananea Copper_ 100
4213 4234
4112 4112 4112 42
Jan
137
25
4114 4114 *4114 42
Apr
Nov
11112
77
42
May28
*41
84
_100
_
Cr
ctfe_
Gulf States Steel
86
*84
86
*84
86
87
*84
*84
June
87
110
*84
10
Jan
Nov
102
10113
87
*82
160 102 Jan 10
Do hit pret tr etfe
*____ 10212 *____ 10212
40 June
2712 Nov
34 Jan 5 4314 June 5
*96 10212 *06 10212 *__-- 10212 *„.... 10212 4234 4278
par
_No
&
Car_
Barker
Haskell
1,000
43
4212 4212 43
June
43
4
563
*41
Nov
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43
15
38
661
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4253Jan
4 26,050 Inspiration COOti Copper...20
-35'4 -61f3--'-'
i14 -5
5
__
__ /2 53
5334 5234 53
5333 53
2173 Map
734 Nov
5234 5234 52
10 Jan 8 19 June20
100
600 Internat Agricul Corp
1812
1812 1812 *17
1812 19
*1714 19
19
*1612 19
*17
2514 Nov 5012 July
38 Jan 5 65 Junel8
100
Do pref
6434 6212 6212 4,100
62
65
64
6312 64
Jan
65
8
*62
May
123
64
Nov
4
4
2
1313
*62
1003
11112Jan
127 128 *12614 128 *12614 12812 1,100 Intern Harvester of N J 100
3672 Mar
1712 Dec
12814 12814 *12712 12812 312614 127
21 Jan 15 3134 Feb 23
2812 2814 284 2814 2834 2833 2878 2813 2814 8,400 Int Mercantile Marine_ _ _ _100
Oct
10012
1
Feb
June
6258
10913
2818 2814 28
2
8338Jan
pref
Do
100
10314 71,500
4739 Mar
2412 Dec
102 10234 102 10312 10218 10414 103 10414 10238 10414 10214
27 Jan 15 31 May13
400 International Nickel (The)_25
2934 2858 2914 2
2953 29
1:6
180
2778 2818 2814 2933 29
4953 Jan
1812 Nov
*2734 28
2413 Jan 15 4513 May15
100
International
Paper
344
7712 June
3412 3073 3534 3638 3334 3634 3434 3558 3412 3518 3414 63
5014 Nov
58 Jan 22 6512 Jay 3
Do stamped pref _ _ _ _100
200
*62
62
6214 62
6334 6334 *62
64
*62
64
6412 Jan
3578 Dec
.63
41 Apr 2 51 June22
1,200 Kel)y-Spring:laid Tire_ _ _ _ _2$
*4912 52
50 • 50
51
5058 5034 50
51
51
5012 May
51
May10)
3478
Nov
51
26
Mar25
29
Copper.
._Noper
3253 3318 10,800 Kennecott
3234 33
3312 33
33
7334 Jan 12 9158 May10
3213 3218 3212 3318 33
68 Nov 10372 June
140
8458 8412 8512 8412 8412 5,000 Lackawanna Steal
8412 8518 8373 8478 84
84
30 Jan
84
1033 Nov
12 Apr 2 1914 June28
700 Lee Rubber & Tire_-No f,ar
1914 1914
1878 19
*1812 19
*1812 19
2718 Jan
*1812 1912 *1812 19
June26
1214 Nov
2578
Jan
1712
8
2518 2578 2514 2512 2518 2512 2,100 Loose-Wiles Biscuit tr ctfe....00
May14
*2112 2212 *2112 2212 2213 25
63
64 Jan
Jan
55
63 Feb 15
Do 2d pref
.100
____ 864
____ *63
*63
____ *63*63
*63
70 Nov 89' Feb
7813 Feb 28
June18
7134
100
Comeanlea
Mackay
7538
*72
*7214 7212 *7214 -7-6-3; *7214 -ig- *7112 7538 *721 75
5714 Dee
674 Jan
57 Jan 4 65 May28
Do pref.
100
00
00
6412 1,2
6412 *64
*64
64
6412 64
6412 *64
864
1918 Nov
65
6134 Jan
*64
231k Jan 15 3218 Feb 19
Maxwell Motor, Inc_ _ _ _100
2838 *2734 2812 *2734 28 ,
8
741 Jan
Deo
Feb
2773 2778 2734 2734 2734 27:4 28
49
6434
24
Apr
51
1st
Do
100
pref
400
*5412 5512 *5412 50
*5412 56
5
Feb
5534 5534 5612 5618 *5412 56
26
40 Jan
Nov
13
19
alay27
Do 26 pref
100
300
21
1934 1934 *19
1934. 2014
*1934 21
2134 *2014 21
*21
10233 May16
67 Dee 10611 Jan
5
Jan
79
Moxician
IGO
Petroleum
03,500
101
9814 9712 9914 9814 10014 9013 10214 9913
96
9772 Juni
9514 96
8478 Nov
87 Jan 15 95 Feb 23
Do prof
100
100
95
95
4314 Apr
25 Nov
3 June 7 3318 Jan 31
5 267
2858 2873 2838 2838 1,800 Miami Copper
5712 June
May16
Dec
3912
-275-4 -273-4 -2754 -2-8.374 ;iii ----2834 -2-8-I8
61
Mar23
4314
_50
Ordnance_
&
Steel
aildvale
35,900
Jan
5234 5334 5214 5314 5253 5314 5258 5333 5218 5258
4
10914
Ian
5213 53
73
Dec
15834
June25
61
600 Montana Power
100
66
6413 6412 64 , 6412 *63
64
64
ar
66
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68
*134
95 Mar19 10613 Jan 3
9512 Des 11712 M
Do prof
100
__ *100 1 ____ *100
39 June
Apr 22
187*
134
*100 103 *100 103 *100 103 *100
Dec
1312
Ayr
8
par
Cable
No
Nat
&
Conduit
1853 1-37/6
17 .. 1812 18
1634 1714
10
16
163.1
17
10
*16
4 Oct
462
May20
24
5412
Feb
3714
Jan
7
100
2,600 Nat Erlatleij & Stal4Ira
5114 5114' 5153 *5034 52
5158 51
9934 July
901 May
*5114 5212 5154 5151 51
9412 June18 9912 Feb 20
Do pref.
100
*95
97
*94121 97
08
*94
98
*94
98
6314 Mar
3778 Dec
*94
93
*94
434 Jan 7 6134 Apr 4
100
1,300 National Lead
5934
59
50 ,. 59
58
*5634 5814 58
5634 58
10512
May18
Jan
114
Dec
2
99
8.5634 59
Mar
4
993
Do prof
100
*101 1104 *101 104
2638 June
*100 104 *100 104 *100 104 *101 104
16 Nov
1734 Mar25 2173 May16
5
Copper
()onset
Nevada
1,800
1931
1912
1912
1912
1978
*19/2
May22
*1918 1912 1912 1978 1934 1914
Mar
139
156
12
98
Nov
Jan
1171*
Now
York
100
Air Brake
700
127 127
127 128
128 128
127 127 *120 128
7238 Mar
*125 128
39 Dec
4134 May23 4612 Feb 23
North American Co
100
45
*40
*40 a 45
45
*40
45
*38
45
*40
45
14372 Apr
4234 May16
*35
Oct
*
317
Mar25
3513
Ohio
25
Cities
Gas
(The)
3734
5,200
8
373
4
374
373
3718 38
3753 38
3753 38
3753 38
7a4 Sent
353 Nov
414 Jan 22 13 Junel7
3,850 Ontario Sliver Mining_ ..160
1214 1233 *1134 1214
1178 12
1213 1231
12
12
3012 June
1134 12
18 Feb
3258 Apr 19
2311 Jan 21
5
1,100 Pacific Mall SS
2934
2914 2914 29
3013 2812 30
98 Jan
3034 3034 3073 3078 *29
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96
Nov
87
Jan
S
86
Pet
pref
Pan-Am
&
_100
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200
9253
4'
92
*9034 9278 *9034 9273 *903
*8912 90141 9014 9014 92
35 Dec 1064 Jan
3958 Jau 2 55 Jan 31
People's G & C (Chic)_100
45
4212 43.2 4212 4212 42121 4212
*42
45
45 1 *42
*42
42 Jan
2412 Dec
21 Apr 12 31 May24
800 Philadelphia Co (Pittab)___60
*2812! 29 2
2812 29
2912 2812 2812 *2812 29
*28
29
*28
Mar
1
4318
1134 June
2.5 Dec
16
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34
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M
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Car-..-No Par
3918 3934 3933 4014 3913 3912
3914 3978 3973 40
40
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9812 Augi
June21
98
Nov
26
88
Jan
4
893
08
Do pref
100
98
*95
9812 *95
9812 90
*9512 98
06
5414 Sept
3712 Dec
42 Jan 15 5834 Feb 28
*95
'
5314
97
•
'
of
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301
4,9
Pittsburgh
54
5312 5212 5378 53
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54
5212 5212 53
50 Aug
74 Dec
7954 Jan 2 84 Feb 19
Do pref
100
600
8112 8112 8112
8112 *81
81
81
81
81
81
834 Jan
81
81
49 Dee
5672 May28 6912 Feb 19
a21 Car
100
68, 5,100 Premed St,
6734 6734 6833 *67
6712 6858 6012 6738 67
6718 68
27 0771 Feb 13 390 Nov 2107 Jan
93
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pref
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0
5000
1000
823
95
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95
95
9314 9314 *93
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95
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05
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99 Dee 131 Jan
98 Apr 17 10913 Mar 5
Public Serv Corp of N J _..100
100 101
*101 104 *101 104 *101 104 *101 104 *101 104
May10 10514 Dee 1671i Jan
Pullman Company
100 1004 Jan 7 119
115 115 *114 116 11473 11473 *113 115
4 May16
582
*113 115 *112 115
58 June
354 Nov
Jan
4512
7
5712
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100
581a1 21,800 Hallway
5834
56
5612 5613 5734 5712 5834 58
5534 56
8812 Dec 101 Jan
95 Jan 2 9a12June26
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100
100
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9812 *9612 9812 *9733 9812 9812 9812 *9833 100
3214 Apr
15 264 May16
1913 Nov
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2233
10
2438
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24
24
2414 2373
24
24
2438 24
.2334 2414 24
9412 June
60 Feb
1CO x7251 Jan 15 96 May16
9258 0214 9312 9138 9214 39,100 Republic Iron & Steel
0112 9234 9214 9314 9134 9253 92
May20
89 Dec 10572 May
9258Jan 2 100
Do pref
200
100
*9912 100
*99 100
*99 100
9913 9912 *99 100
*99 100
7314 Nov
59 may
704 Mar23 117 Junel7
2,300 Royal Dutch Co cafe dap__
09 100
96
96
95
02
90
91
9012 94
99
99
58 Jan
11 Jan 31
64 Apr 17
478 Nov
100
310 Saxon Motor Car Corp
814 814
814
814
*8
9
8
9
878 873 §8
*8
156 Feb 15 12312 Dee '238'4 Jan
8
13334
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Co
200
dc
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100
140
*135
140
*13334 13412 13473 13512 *134 140 *132 140 *13412
2934 Mar
15 Dec
1814 Feb 19
1558Jan 17
10
100 Shattuck Arts Copper.
*1532 17
*1614 1678 *1614 17
1612 1612 *1531 17
5934 Mar
39 Feb 5
2514 Dee
2514 Apr 11
2914 3073 3033 3212 44,700 Sinolair 011* Barg_ _No par
2838 2858 2873 2918 2858 2914 2812 21)
7424 Mar
May24
Nov
3311
24
Jan
39
7114
Iron
100
&
1,100
Steel
Sloe:I-Sheffield
65
*64
6434 6434
65
6512 6573 *6512 6612 65
66
Jan
*64
13012
19
Feb
5612
Nov
24
3353
Apr
3373
47
24,300 Studebaker Carp (rhe)__ _100
4412 4512 4412 4538 4473 4512 4534 4714 4612 4734 46
85 Nov 10853 Jan
8633 May 3 95 Feb 6
pref
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100
90
*80
90
*85
*80
90
*85
90
90
*85
90
Jun*
*80
3
May
4558
Nov
3014
Mar25
3414
5134
Steel
42
Superior
2,000
Corp'n.-100
43
42
4334 4234 4353 4234 4314 42
42
42
42
00 Dec 10212 July
95 Feb 15 95 Feb le
1)o 191 pref_
100
97
*95
97
*95
*95
97
*95
97
97
*95
97
*95
1912 June
II Nov
8Jan 2 2013 June14
127
par
Tenn
ctfe_No
tr
8,500
C
&
1934
Copp
1914
1078
1914
1913
8
195
1933
1973
1912
1913
Jan
104 1914
15212 15413 15,800 Texas Company (The)_ _100 136's Jan 7 16034 Feb 2 11424 Deo 243
15312 15513 154 156
150 15212 15212 155
8032 Aug
*148 150
4312 Dee
4812 Mar25 6712 June24
00 Tobacco Products Cor p
(0
8)
100
6614 6453 6514 61,5
6512 6638 65
6414 654 6434 6712 6553 67
9578 June24 286 Dec 1115 Mar
38714
Mar19
pref
Do
100
96
*93
96
*90
9518
96
*91
9313 9573 9518
95
Aug
*93
100 Underwood Typewriter.. _ 100 100 Apr 9 105 June24 x93 Deo 107 Jan
109
*9812 1054 105 105 *10214 10612 *100 10612 ____ ----*100
5923 Dee 112
65 Jan 24 80 alay13
*7312 77
Union Bag & Paper Corp_ _100
*7312 77
*7312 77
*7313 77
*7312 77
75
*70
4932 June
3413 Dee
4412 May10
2
Jan
37
1,000
United
Alloy
par
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3912
Na
40
*3953
40
3912
40
40
40
3934
*3912 4012 39
8112 Nov 12772 Aug
8334 M ar28 10512 June24
10214 10434 10112 10212 54,400 United Cigar Stoma_ _ _ _ 100
10234 105'12 102 10334 10213 104
10133 104
9814 Dec 12034 Mar
200
Do pref
104 104
100 1014 Jan 5 105 Apr 10
•10012 ____ ____ ____ *102 --__ *102 115 *104 115
18 2105 Dec 15438 Jan
Feb
133
15
Jan
11614
500
Fruit
United
125
IGO
125
12473
12478
124 125 *123 12412 124 124
*127 127
7
2412 June
May
19
10 Nov
6
Apr
1118
15
1618 3,500 158 Cast I Pipe & Fdy_ _1000
0
1514 1511
1433 15
1512 1512 *1412 16
1412 15
63 Jan
43 Dec
41 Mar25 4734 Feb 1
Do pre(
500
46
*42
46
*42
46
*42
46
4412 4412 *42
44
44
17113 June
May24
Nov
981s
137
6
Jan
114
6,900
U
Industrial
._100
Alcohol__
12413
125
124 12514 12434 12512
12412 12512 12414 12512 124 125
9473 May 1
88 Nov 166 June
99 Mar21
100
Do pref
..100
97
*93
97
*95
97
*95
97
97
97
*93
*9212 97
67 Aug
45 Dec
61 Jan 15 6014 May15
7,800 United States Rubber____100
5758 60
577 583
58
5834 5834 574 5814 58
59
.58
10518
May17
91 Dee 11434Jan
15
Jan
z95
*10318
Do 1s1 preferred
700
10353
100
---- ---*10314 10334 1031 i 10312 10313 10318 *103 105
6734 Jai]
40 Dec
3212 Apr 12 4834 Feb 19
45
4,000
&
4353
Ref
60
M
Smelting
437*4112
4212
421
42
42
42
4112
4114
*4014
5214 Jan
4338 Nov
424 A pr 12 4534 Feb 1
100
44
Do pref
4_
50
---- ---*4338 50
*4334 50
*4313 50
*4212 50
May16
May
13652
11334
Dee
7913
Mar25
8612
10578 10712 10758 10938 10714 1094 10753 10953 10834 11033 10731 109 744,200 United States Steel Corp_ _100 108 Mar25 11253Jan 31 1024 Dec 12114 Jan
11112t
1,700
11112
prof
11112
100
Do
112
112
8
1117
11114
11138
11112
11113
112
*11134
11814M57
May16
Deo
8
5
87
704
Mar25
4
763
8212
10,700
8012
Utah
10
Copper
8018 8018 8013 8133, 7834 8073 7934 8012 7912 8073
2434 Jan
94 Doo
1112Jan 2 1512 Feb 18
100 Utah Securities v t e
100
1312 12
*1212 1312 *1214 1312
12
13121 *12
1312 *12
*12
3334 Jan 2 5253 June27
46 May
26 Nov
5178 5034 4214 5012 5253 5012 5114 12,100 Virginia-Carolina Chem__ _100
5112 51
5034 5034 51
Jan
11214
2
May
Dec
97
109
16
Jan
98
100
Do pref.
100
109 109 1*105 110
*109 110 *109 110 *109 110 *109 110
77 Mar
46 Feb
50 Jan 5 73 May24
200 Virginia Iron C & C
72
100
7114 *70
73.
71
73
-- -- ---- *72
*71
*7112 73
9533 Jan
15 376 Dec
Apr
3
5
95
2
Jan
8
853
1,100
Western
904
Union
90.
9012
Telegraph_100
92
9013 9013 9012
9013 9018 *9014
91
*90
5(1 May
3314D04
3813 Jan 17 4712 May16
4358 4413 4358 4.133 34234 4314 5,900 Weatinghoutia Elea & Mfg...,50
114378 4413 4353 4.114 4312 44
701* Jan
6412 Feb 20
5214 Dec
69 Jan 11
200
Do let preferred
65
*59
50
65
70
*60
65
.60
*60
64
6314 6314 64
3)3S4 Jan2 4512 Feb 20
Jan
5212
Nov
3334
71)0
*41
4213
50
White
Motor
42
*41
42
4814 4114 42
*4114 42
42
3812 380
i.,. 42
15 Nov
1512Jan 15 22 Jan 3
00 Willys-Overtaud (The)
)0
2033 20
2013 42
25
2034 2018 2058 20
3;12
I 2014 2078 2013 2073 20
Nov 100 Ma
3 8278 June26
69
Jan
75
000
Do
prof
100
(new)
82
3
83
8212
827
82
*82
824
82
83
*81
844 Ma
42 Nov
4514 Jan 2 6612 May24
63
6418 .
ia- -61WIlson & CO. WO, V t e
100
63
6312 6312 63
*6212 6234 6212 63
994 Dee 151 Jan
100 Wootwurtli(7 W)
100 110 Mar25 12012 Jan 3
11273 11273 *112 114 *112 114 *112 114
•112 114 *112 114
12618 Jan
afay17
11434
Des
113
June13
4
1133
11712
*11334
11712
100
Do
prof
1174
4
*11334
*11334 1174 *11334 11712 *11334 11712 *1133
3731 Jun
234 Feb
34 Jan 4 5612 June27
5613 4,990 Worthington P & 11.1 r I o_
4812 49
5134 5318 5612 56
*4713 4812 4812 4812 48
974 Jure
88 Nov
8533 Feb 5 9112Apr 6
100
893.1
100
Do prof A
*85
90
90
8934 8934 *88
*86
90
901 *80
*87
rvi June
May
Junel9
18
69
Jan
50
69
770
67
100
Do prof 13
566
68
68
6814 a67
68
*66
68
6734 *66
566
n Par $109 per saa.re.
a Par $10 per share.
1,334
1.1t-rig11ts.
alES-div, and rights,
•Bid and aikei ociaei. ti 4111i t ca .1 *y.
*Certificates of deposit. 3 Ex-dividend.
2740 New York Stock Exch.ange-Bond Record, Friday, Weekly and Yearly
In Jan 1909 the Exchange method of quoting bonds was changed and prices are note--"and interes1"-ex
cept for interest and defaulted bonds.
BONDS
N. Y. STOOK EXCHANGE
Week ending June 28
Price
Friday
June 23
Bid
U. S. Government.
0 a 334e Liberty Loan..1932-47 1 -D
U a 4s converted from let Liberty Loan
1932-47 J -D
13 9 45 2d Liberty Loan. 1927-42 M- N
U S 43s converted from let
Liberty Loan
1932-47 J -D
U S 4gs converted from 28
Liberty Loan
1927-42 NI- N
II S 4.(s 3d Liberty Loan _ 1928 M- S
U 8 2a oonaol registered....d1930 Q- I
U 9 2e coneol coupon
61930 Q J
U S 3/1 registered
k1918 Q- F
U 9 35 coupon
k1918 Q F
U S 4s registered
1925 Q - F
U S 4s coupon
1925 Q - F
U S Pan Canal 10-30-yr 2e../1936 Q- F
U 8 Pan Canal 10-30-yr 2s reg '38 Q
U S Panama Canal 3s g
1981 Q -M
Registered
1961 Q -M
• Philippine Island 46_1914-34 Q - F
Week's
Range or
Lan Sale
Ask Low
At,
^c,
a,
High No. Low
High
99.50 Sale 99.46
99.66 8897 97.20 99.93
94.34 Sale 93.90
94.40 Sale 93.76
94.43 571 93.00 93.40
94.59 12505 93.00 9798
9156 5;17 E.-61 -96.86 9304
98 ---- 9712 May'18
98
_ _ 9714 Apr '18
9912
9912 May'18
9938 May'18
9912
106 ___ _ 10558 May'18
106
10612 10012 ---1
93 _
98
93
93
9718 Feb '18
85 _ - _ _ 85 June'18
85
83 May'18
- - 100 Feb '15
Foreign Government.
Amer Foreign Seour 55
1919 F - A 9714 Sale 9634
9712 326
Anglo-Froncb 5-yr ba Ester loan_ 4-0 9218 Sale 92
9212 1151
Argentine-Internal 5s of 1909__ NI8214 83 8214
8214
8
Bordeaux (City of) 3-yr 6a_1919 NI- N 92 Sale 9014
92
156
Chinese(Huh uang Ry)-5s of'11 .1 -D t 6518 68 65 June'18
Cuba--External debt 5a of 1904_ NI- 8 98% 0914 100 May'18
Ester dl Sc of'14 ser A__ _1949 F - A 92 9334 9414 May'18
External loan 434a
1949 Er - A 8038 82 84 Apr '18
dominion iji Canada g Se.... _1921 A - 0 963g _ _ 9618 June'18 -Do
do
9318 14
1028 A -0 93 Sale 93
Do
do
1931 4-0 911s Sale 91
92,4 107
French Repub 534s secured loan_
981s Sale 93
9814 238
Japanese Govt-Cloan 414e_1925 1--i 8578 8712 8334 May'18
amend series 414s
8513 8712 87 June'18
1925 Do do **German stamp"
80 Sale 7912
8013 32
Sterling loan 40
7378 Sale 7378
1
1931
737s
Lyons (City of) 3-ye Os
9112 343
1919 NI- N 9112 Sale 90
Marseilles(City of) 3-yr 6s 1919 • N 92 Sale 9018
92
122
ddexico-Ester loan be of 1899 Q J 4012 ____ 4012 June 18
Gold debt 4s of 1904
3318 Dec '17
40
1954 J - D 30
Paris. City of. 5-year Os.. 1921 A 8214 Sale 8218
8314 213,
Tokyo City-Se loan of 1912____ NI- S 80
82 80
100
80
U K of Gt Brit tt I 2-yr 5e....1918 M- S 9934 Sale 9918
9914 611
3-year 534% notes
203
94
1919 NI- N 9734 Sale 9712
5-year 534% note/
9418 188
1921 NI- N 9414 Sale 9414
Convertible 534% notes_1919 F- A 99%1 Sale 9918 99%; 399
Wharf are prices on the basis a/ Mai
State and City Securities.
Y City-41411 Corp atook_1960
43(s Corporate stock___ _1964
434s Corporate atock__ _1960
414e Corporate stook....._1965
434e Corporate stook
1983
d% Corporate stook
1959
4% Corporate stook
1958
4% Corporate stock
1957
d% Corporate stook rest _1956
New 414e
1957
434% Corporate stook_ 1957
334% Corporate stock__ _1954
•Y State-4e
1981
Canal Improvement 4a
1981
Canal Improvement 4e_1962
Canal Improvement 4a
1960
Canal Improvement 4146_1964
Canal Improvement 414(9_1985
Highway Improv't 4143_1983
Highway Irnprov't 4346_1985
Virginia funded debt 2-3a
1991
Se deferred Brown Bros MU--
Range
Since
Jan. 1.
9514 9518 9412
9518
953s 95s8 9478
9514
9518
9478
0478
10038 1667
4 1004
10018
Iowa _- 10018
10014
Ws 6I. - 9014
91
9018 9138 9014
9012
91 Sale 9034
91
8333 921
/
43 8512 Mar'18
10038 101 10012
10012
10018 100:8
10012
8114 8112
- 8014 June'18
.9714
101July'17
9714 -- -- 9414 Apr '18
9714 ___ 100 Nov'17
*97
_ 95 May'18
los 112 10734 June'18
10314
101,2 June'18
108 ____ 105 Apr '18
1001s June'18
74 Dee '17
-48-18 49
50 May'18
95.-3:1 66:15
97
97,2
9718 9714
99
9912
9878 9938
105 10538
105 10612
93
98
9718 9718
85 85
83 84
9.113 9713
93
78
8312
92
84
5312 65
9012 100
9014 9414
80
84
9314 9634
9078 9534
8878 94
9858
94
8012 9212
8318 9278
81
77
7378 76
9112
84
92
84
40
4233
8814
8158 -idti
88
8018
97 99%
9514 98
9158 9512
9172 100
36
3
1
39
17
10
5
11
8734 9538
8772 9514
87% 9478
9314 1003s
93 10014
91
85
85
9012
91
85
8512
85
9338 10012
12 9312 10012
76 8113
9414 9714
-ii14 98
105 10734
10112 10112
10412 10712
10018 10114
-- - 44 52
BONDS
N. Y.STOCK EXCHANGE
Week ending June 28
12
t
Pricl
Friday
June 23
1
.
es
he-
Range
Since
Jan. 1.
Chesapeake & Ohio (Con)Bid
Ask Low
High No. Low High
General gold 4148
1992 IN- 8 7658 79
7632
78
72
78
Registered
8634 Mar'17
20 year convertible 414e 193
F-A
90
2M
8 -rii34 Sale 75
22 6512 "ig"
76
30-year cony secured 56_1948 A -0 8012 Sale 8012
8114 95 76
123s
Big dandy 1st 4a.
1944 J • D 6634 78
84 Apr '17
Coal River Ry 1st
48_19-15 J D
8512 Nov'16
Craig Valley lat g be
9634 Feb '16
Potts Creek Br let 4e.......1
19
J -I
94
46
9j
8434 Jan '13
R & A Div let cons: 4s,,..1989 1-3 73
82 73 Nov'17
24 ooneol gold 41
6213 8212 71 Oct '17
1939 1-3 6218
Greenbrier Ry let gu g 40_1940• N 6512 8312 Sept'16 _
_
Warm Springs V let g 5s 1941 M_ 9313 11314 Feb '15
Ohio & Alton RP. ref g 3a
5112
5112
1949 A EO-14 51
50
3
52
Railway let lien 33-4s
1950 J - J 38
4078 39
40
3 3514 4712
Chicago Burlington A Quincy
Denver Div 4s__ _1922 F - A 9918 101
9912 Apr '18
9758 9978
Illinois Div 334e
J - J 6918 73
73
2 73
73
76
Illinois Div 4s
19
949
9 J .1 8312 84
8312 June'18
82
8712
Iowa Div sinking fund 58_1919 A-0
98 May'18
98
0912
Sinking fund 4/1
1919 A-0 9614 _- 98
3 97
98
98
Joint bonds. See Great North
Nebraska Extension 4a......1927 M-N
9038 02
9138 June'18
9114 9433
Registered
8618 9114 91 Mar'18
1927
1192578 M11-N
91
91
General 4e
81 Sale 80
M13 80
81
8412
Obi° & 16 Ill ref & imp 481-195.5
28
32
2814 June'18
30
25
US Mtg & Tr Co otfs of dep__
28
8 22
2814
29
let cousol gold 6s
12
_
0
_
0
8
A
_
8
1934
2
8
1
° 100
2 98 101
100
General consul let be
13 87 June'17
1937 NI- N
US Mtg ft Tr Co cgs cd lop
_--- 7378 70 Feb '18
"'la- 'WI Gust Tr Co ctfe of dep----76 July'17 Purch money let coal be_ _1942
51 --.. 9734 Feb '13
- Ohio & Ind C Ry let be_ A938
12
32 Mar'17
Chicago Great West 1st 48_1959
5912 Sale 5834
5934 23 -if -661;
Ohio Ind & Loutsv-Ref 66_1947
9912 105 10012 June'18
10012
93
Refunding gold Si
85
9678 10012 Apr '17
Refunding 45 Series 0...294
8413 Apr '17 1947
7
- Ind & Loulav let gu 4e._195/3
70 Nov'16 _
Ohio Ind & Sou 50-yr 4s____1958
71
78
9612 Jan '17
Ohio 1.5 & East let 410_1989
9738 Dec '16
Chicago Milwaukee & St PaulGen.
!gold 4s Series A_e1989
---- 73
7253
7258
2 71
79
Registered
e1989
9253 Feb '16
Permanent 4s
81 Sale 7912
24 -i8-1-2 82
81
Gen & ref Set A 4145-a2
1015
921 A -0 6712 Sale 6714
6712 19 6434 70
Gen ref cony Ser B 5a___a2014 F - A 7018 7818 7612
1 74
7612
80
Gni gold 314s der B__e1989 3.3 -- -- 7178 7212 Aug '17
General 494e Series 0___e1989 1-3
_ _ _ _ 83 June'18
8013841
25-year debenture 4e
6812
J
71
J
71
June'18
1934
_
74
Convertible 414s
J -D 7512 Sale 75
20 7114 78
76
Chic & L Sup Div g ba
1921
32 J - J 9514 ____ 97 Jan 18
97
97
Chic & Mo Riv Div Ss.__ 1926 1-1 8514
_
94 Feb '18
94
94
Chic & P W 1st g Ss
- 9712 May'18
1921 J - J 9634 9712
9512 9812
O NI & Puget ad let 6111 48_1
79 Dee '17
194
29
1 1-3 ---- 75
Dubuque Div let e f(10_1920 J - J _- 10012 9912 May'18
992 0912
Fargo & Sou swim g 64_1924 '-.3 iii14 108 10478 Sept'17
La Crosse & D 1st 5/3
1919 • J ---- 10314 98 Jan '18
08
98
Wle & Minn Div g Se..,..1921 .3-3 -- 99
96 May'18
OS
98
Wig Valley Div 1st fie
gil8
9778 May'18
1920 J - J
9718 9778
Milw & No 1st °et 4144_1934 -D 85 sale 85
85
2 85
85
Cone extended 414e
1934 J -D 8112 _ _ 8114 Feb '18
8114 811t
Chic & Nor West Ex 01888-1926 F - A 87 __ 89 Jan '18
89
89
Registered
1886-1926 F - A 8612 ---- 8612 Oct '17
General gold 334s
70 __ 71 May'18
1937 M- N
.70 Registered
8112 Oct '16
91987 Q - F
General 48
° 8014 June'18
1987 M- N 8038 83
797 8514
Stamped 45
81 May'18
81
81
General 5a stamped
10053
9978 May'18
9978 103
Sinking fund 6s
187919
NN 99 lag 104 May'18
A O
9988
29
77 MM
104
104
Registered
1870-1929 A -0
- - 10912 Apr '16
_
-- - Sinking fund 5a
1879-1929 A -0 9418 100 101 Sept'17
-- Registered
1879-1929 A -0 9234 __ 10312 Apr '16
Debenture Si
1921 A - 0 9618 6i 9518 May'18
95
9633
Registered
97 100 Jan '18
O 91
A NN
92
33
1 miri
19
loo loo
Sinking fund deb Se
93
97
9518 June'18
933, 97
Registered
8914 97 9412 May'18
1933
0412 9.112
Dec PlaineaVal let gu 4101947 PA - 18 7734
10112 Oct '16
From Elk & Mo V 1st 6e_1933 A 10438 _ 105 Apr '18
" nigfol.
ManGB dr N W let 3148_1941 J - J 53 _ _
88 Jan '17
Milw & L let gu 3348_1941 J J ---.-Mil L 8 & West 1st g 6a 1921
100 14 1011s Juno'13
03 idi1;
Ext &[cups f gold be
98
1929 F - A 98 __
98
98
98
Ashland Div let g
1021s
11178 Dec '15
11Mich Div let gold 80_1924 J 10218 -- 10218 May'18
10218 10218
Mil Spar & N W lit gu 48_1947 117238 741; 74,4
7411
7312 7618
Bt L Peo & N W 1st gu 58_1948 - J 03
93 June'13
95
93
93
Chicago Rook fel & Pao-.
Railway general gold 4A__ _1988 - J 7312 Sale 7312
1 73
7312
7734
Registered
713s May'18
1988 J - J
7138 7138
Refunding gold 4e
87 Sale 66,2
6712 138 6212 681s
20-year debenture be
70 May'18
71
66
R I Ark & Louis 1st 45ii__ 19
M:
-0
8
j 6738 Sale 661s
3324
4 JA
11 993
6738
5 62
6712
Burl0 B. & N-let g 5E1_1934 A -0 87
91
90 Feb '18
98
96
OR
N W lstgu5s1921 A - 0 9212 100
9712 June'17
Choc Okla AG gen g 5s_..e1919 J J 97 _ 97 May'18
95 100
Consol gold 5a_
1952
Of 93 May'18
N 90
93
93
Keok & Dm Moines let 60.1923 A - 0 5514 01
60 M ay'18
57 60
StPaul&ECCShL 1st 4343'41 F - A
8712 74
68
6812
59
69
Chic St P M & 0 cons fle___1930 I'D 105 1053.1 10138
105
15 102 10612
Cons (Se reduced to 3148_1930 J -D 7814
8412 Jtino'18
8112 8512
Debenture 5s__
8714
_ 9078 May'18
8518 9078
North Wisconsin let 64--:19
I:8
J 10038 _ _ 118 Nov•It
930"
St P & City let g fie_ _1919 A - 0 9934 1005s 100
103
4
100 i661Superior Short L let Se g-(7193
'95 May'18
0 M- 8 86
95
95
Chlo T H & ao-Emt lat 54_1960
82 Jan '17
58
J -D 50
Ohio & West Ind gen g 6a_r1932 Q
103 105 103
103
-1 103 10-1
Consol 50-year 4s
6414 66
6558
3 64
6518
661s
Cla & 028 gold 434e_._ 193
90 May'17
J
2j
957
_ - C Find & Ft W let go 4/4 g 1923 M83 Mar'll
Day & Mioh let cone 41de 1931 - J 80
06 Jan '17
Clay
Ch & St L gen 49_1993 I •0 6312 64 6312
6312 -1 59
64
29-year deb 43-4s
7612 Sale 7612
4 6514 7612
761
General Sc aeries 13
75
80 Apr '18
85
80
80
Cairo Div let gold 4e....._ 19
6114
8378
8114
993
933
Mar'17
9
1 jJ1 DIJ
...... -Cm W &
6018 6112 62 June'IS
Div let a 4a 1991 02
65
St L Div let
tr g 4a 1990 NI- N 67
GS June'18
78
63 68
Spr & Col Div Ista 4e_1910 NI- S 6814 _ _ _ 7312 June'17
W W Val Div 1st g 4s____194d J - J 5614
- 84 Noy'In
0liadttgLA 4
Caeonsol 66-..1920 111-N 99 101 10218 Oct '17
87 Dec '17
41938 Q- F 7514 Registered
- 8812 MaY'15
41936 Q - F
Cin & Ci cone 1st g 58_1923 - J 88 _ _ _ 10218 Jan '17
OCCAlgenconegria__1934
J 104 _ _ _ 10714 Aug '17
Ind 13* W let pred 4s._ _ _ 1940 A -0 6712
91 July'OR
0 Ind & W 1st prof Ss__ _41938 Q - J
Peoria &
lst eons 43.1940 A -0 4918 - 5134 June'18
46 -5134
Income 4e
13
13 June'18
1090 Apr
1212 13
Cleve Short L let gu 4lie__ .1981 A 8718 9013 87
87
85
90
Colorado de Sou let g 4a_ _1929 F - A 85
85 June'18 -- 8234 8814
86
Refund & Eat 414s
71 Sale 7014
71
32 66
73
Ft W & Den let g 88_1
9312 May'18
N
D 9013 102
19
92
35
1
9812
96
Conn & Pas Rive let g 4.1_1943 A - C 86
- --.
Cuba RR let 50-year Sc 4_1952 .1 gi -61" Fel3-i;
Dal Laax & WesternMorris Eaa let gu 3%1.2000 -0 73
- 75ta Apr '18
7318 7518
N Y Lack & W let 6a....-1921 I
10134 -!..-- 10158 May'18
10058 10212
Construction Sa
1923 F - A 9578 913
96
06
3 9578 98
Term & Improve 4s
1923 *1-N 8818
9334 Jan '18
0334 9334
Warren let ref Rai g 334s-2000 r A
10218 Feb '08
-
Railroad.
Ann Arbor lat g 44
41995 Q J 50 5212 52
5314 13 52
59
Atchison Topeka & Santa Fe gen
g 40
Si Sale 83
43 80
_1995 A 81
8538
Registered
--80
80
Apr
1995 A -0
'18
80
80
Adjustment gold da
74 June'18
/1995 Nov -74
7134 76
Registered
7312 June'18
11995 Nov
7312 7312
d tamped
151; 7312 June'18
_11995 MN
7138 78
Jonv gold de
84 June'18
8112 87
Jonv 4s issue of 1910.-1
86 85
-D
D 85
16 82
J5j
85
196
950
8734
east Okla Div 1st g 41_1928 NI- 8 9012 902 9112 Oct '17
Rooky Mtn Div let 44_1965 J- J __-- 7812 79 June'18 ---- 79
79
Trans Con Short L 1st 4s_1958 3 7638 78
77
5 7612 8012
77
Cal-Aria lat & ref 4348"A"1962 M8312 _ _ 8312 June'18
79
85
13 Fe Pros & Pb 1st g 5a._1942 M84 100
9934 July'17
Atl Coast L 1st gold 4a_-__/1952 M7918 Sale 791s
880
51
8 844
Gen unified 4148
7814 793s 7812 June'18
75
82,2
Ala Mid lot gu gold 5e__ _NU
9558 June'18
ilkt-1
)
4 9534 1)9
955s
9533
Brune & W 1st gu gold 44..1938 - J
7614 80
85 Sept'17
Charles (ft Say 1st gold 7e..1938 J - J 10758 ---- 12973 Aug '15
L & N coil gold 44
71
7114 71
7114 10
;
7
5
Say F & W let gold 6a__0191
108
115 July'17
let gold be
9514 9812 105 Joily'15
Bli 89 Om & G gu 4a.-_1
A D 987s -- 9012 May'18
934 JJ
1918
-Jsi- -6612
Salt ee Ohio prlor 3SO
3 8512 8912
925 J - 1 8613 8714 873s
873s
Registered
9012 Sept'17
D1925 Q - J
let 50-year gold de
7612 11 75
76
41948 A -0 76'3 77
7888
Registered
9214 Mar'17
/1948 Q - J
10-yr oonv 434s
7914 Sale 7918
1933
7912 38 7612 8033
Refund & gen 6s Series 4.1995 1-13 79 Sale 7334
7978 31 7834 8312
Pitts Juno let gold &L
112 Jan '12
1922 J - J
['Juno & NI Div lat g 334s 1925 M- N 8133
8312 May'18
82
8312
PLEA Vir Va Sys ref 4a__1941 NI- N
741s
741s
72
76
douthw Div 1st gold 3348_1925 J 83 8318 June'18
81
85
Cent Ohio R let o g 44s 1930 M- 15 8034 -- 100 Apr 17
-CI Lor
con let g 58_ _1933 A 9612 Sale 9312
1 9512 9612
9612
Monon River 1st gu g 5e__191.9 F - A 9812
10114 Noy'16
Ohio River RR let
1930 J - D 9158
9914 Oct '17
General gold 5s------1937 A -0 75
88
88 May'18
88
88
Pitts Clair & Tol lat g 8e__1922 A - 0 9914
9918 Mar'18
9918 9918
Buffalo It & P gen g 5a._
1937 NI- S 9912 107
9978
9978
99
9978
Conaol 44s
9912 Oct '17
1957 al - N 85 8 .95
- All & West let g 45 gu_..1998 A 75 _ _ 97 Nov'16
Clear & ?*fah lat gu g 58_1943 J - .1 85 ____ 10318 Feb '16
Hoch at Pitts 1st gold
F - A 10078 _
101 May'18
101 103
Como' let g (ia.
-1922 3-0 191 107 10312 Apr '18
1932 10312
Canada Sou COUI gu A 58_1982 A-0
9112 9014
933.
8678 9134
Car Clinch & Onto 1st 30-yr Si'38 J - D 78
81
84 Dec '11
Central of Us let gold Ss-..p1945 V - A 9714 9878 9714 May'18
9812 9714
Conaol gold 13e.1945 NI- N
8878 90 May'18
8734 90
Chan Div our money g 4s 1951 J -0
78 Aug '17
Mao & Nor Div 1st if 50_1948
J 85
90 May'18
90 90
Mid Ga & All Div 55
85 10118 9733 June'17
1917 I _
Mobile Div 1st g 5s
1948 J - J 8414 90 1(9112 Apr '17
-OenR8l& 13 of Ga ool g tia1937 1M-N 80 93
83
83
83
81
Cent of NJ gen'i gold 5s..
1987 3 - J 101 Rale 101
101
100 101
Raglatered
11937 Q - I 100 10014 10158 June'18
10112 104
Duok & Imn gu 5a-_10213-i 9312 ____ 99 May'18
9812 9912
Len & Hurl Kir gen gu g 58.'20 J - 1 94 10114 101) Apr '18
100
100
N Y & Long Br gen g 4s__1941 M'S 92 -__ 10,112 ,ixn '13
Cent Vermont 1st gu g 4a e1920 Q • P 07 -- 65 Mar'13
05
60
Clams &0fund & hunt Se..1929 J - J 9012
4__ -- 90
90
80
90
1st consul gold 54.-._1939*1-N 961 Sale 91312
4 95 1001s
9614
Registered
1939 M N
10412 Jan '17
No price Friday; lateit this waak. a Due Jan. 5 Dus April. e Due May,
Due June. h Due July. 4 Due Aug. o Due Oct. p Due Nov
.7418
824 _
Week's
Range or
Last Sale
6678
q Due Dec. s Option sale.
BONDS
N. Y.STOOK E X011 A NOE
West endiug June 23
741
New York Bond Record Continued-Page 2
JUNE 29 1918.]
f.;
Price
Friday
June 23
1111111•••••
Wool's
Range or
Last Sale
1
,
4
g
.3
Range
Since
Jan, 1.
High Nu. Low High
Ask Low
BM
Delaware & Hudson9314 94
'18 --Apr
91
94
2
J
J
937
let lien egulo g 41s..-1922
2 8013 8612
83
84 83
N 83
1939453
let & ref 48 _
4 8512 90
8812
884 8812
84
A
20-year cony 5a
76
7132 7313 7314 June'13 -- 71
Alb & Sueu cony 3-t.- - -191'; A -Dee '16 -Renee & Saratoga let 78..1921 111-N 10134 ____ 11278
Grande
Denver & Rio
1
67
69
6012
67
63
J
67
1936
18t cons g 4s
7118
- 68
7118 June'18
._ _1936 - J .7118 73
Consol gold 4
2 72
7512
7614
Improvement gold 5s.._ _ _1928 .11 -D 75 Sale 75
5112 10 4314 56
..1955 F A 5114 Sale 51
let ds refunding Is
37 Aug '17 ---95
D
J
_1939
g
it.
gu
let
Juno
Or
1110
77 6114 Apr '11
Rio Gr Sou let gold 48_ _ _1910 J - J
39 July'17 ---1940 r
Guaranteed....
6312 6712
June'18
66,2
J
---63
_1939
4e.
gold
Rio Or Wen let
55
50
55 May'18
53
50
Mtge & coil trust 4s A _ _1949 A 78 82 Dec '16 --- - - Dat & Mack-let lien g 4a _1905 -D
'16
July
7512
-D
J
---..
_1995
Gold 4s__ ______
7712
73
77 June'18
Det Riv Tun-Ter Tun 44e 1961 -N 76 _-- 9634
6 9634 9713
9934
Dill Missabe & Nor gen 5e-1941 -J 94% --_97
97
May'18
97
8
,
97
A
9412
1937
Dul & IronRange let 54
10513 Mar'08
1937 A •0
Registered
82 87
87 Mar'18
87
Del Sou Shore & All g It. _1937 J - J
93-2
90
9312
Elgin Joliet & East let g 53.1941 M - N 8812 ____ 9312
3 100 101
10014
1920 M- S 10014 102 10014
Erie let consul gold is
178
78
'18
Apr
78
____
N
•
RI
80
48_1947
N Y & Erie let ext g
9818 9618
9618
1919 NI- $ 9618 ---- 984
21 ext gold 58_
98 --__ 931z Jan '18 --- 9312 95
1923 RI3d ext gold 4t4s
-July'17
9912
--__
A
9514
1920
4th ext gold Is
-__ 9434 Nov'15
1928 J -D
5th ext gold 4s
10713 Dec '16
NY LE& W let g fd 78_1920 M- S
89 -65"
87
66
Sale
J
J
67
Erie let cone g 45 prior_ 1996
84 Deo '18
1996 - J
Registered
-/14
"5
-idf;
33
5412
54
;
J
-541
2
J
-g3148_1996
g
lien
let coneol gen
73 June'16
1996 3- J
Reglatered
78
7514 79
7912 78
Penn coil trust gold 48 1951 F - A 78
10 42
50
50
4914 4913 4914
50-year cony 458erlee A 1953 A 497815 4213 4978
4913 Sale 4912
1953 A Series B
do
5372 23 43'13 56
5312
5312 54
Gen cony 4e Series D_ _.1953 A 8734 93
93 June'18
Ohio & Erie let gold 5s__ .1982 - N 85,2 93 1067
8 Jan '17
---Clev & Mahon Vail g 58_1938 - J
981 100
___ 100 100 May'18
Erie & Jersey 1st e f 85_1955 J -96 10378 10334 Aug '17
Genesee° River let ef 611_1957 J 1104 Nov'17 ---Long Dock coneol g 813_ _1935 A - 0
Jan '18 ---- idi" lid'
Coal & RR let our gu 68_1922 -N ____ _--- 103
July'17 -_
Dock dz [rapt let ext 5/1_1943 3._I 80 ___- 10213
85 Jan '18 -- 85
85
NY & Green L gu g 56_1948 M N 88 ___ 80 June'18
74
80
80
7434
J
N Y Sum & W let ref 58_1937
10014 Dec '06
-1937 F - A
30 gold 4145
60
60
Sale
61
80
60
A
F
1940
gold
Is
General
7713
108
Jan
'17
---•
-N
Terminal let gold 5e___1943
80 ---- 108 Jan '17
Mid of N J let ext lie__ 1940 A 67 63
63
62 63
Wilk & East let gu g Is._1942 J -D 63
2312 Jan '17 -Ev & lnd let eons gu g tie_ _1926 J - J
97 Nov'17 -Elvensv & T H let cons 66_1921 J - J 9012 97
5114 ---- 8512 June'17
1942 A lit general gold 5s
108 Nov'll
Mt Vernon let gold 66_1923 A 95 June'12 -- --__ _1930 A Bull Co Branch let g 58
81
81
Florida E Coast let 4 tge_1959 J -D 7913 9212 81 May'18
92 Aug '10 Fort St U D Co let g 448_1941 J. J
---5612
'17
J
Oct
4a_1928
g
let
Or
Ft Worth & Rio
___ -88
8512 June'18
AGale Hens & Hen let
9414 151 92 "64'3;
Great Nor C B & Q coil 48_ _1921 J -J 9378 Sale 9372
9278 May'18
Q
9134 9314
51921
Registered
85 -Bic 87 June'18 ---- 8612 90
III & ref 43(s Series A__1981 • 96 June'16
1901 3-3 ___
Registered
1933 J - J 8414 ---- 8913 Apr '18 .--- 864 8913
St Paul M & Man 48
10818 113 108 Apr '18 ---. 108 108
1933 let corm; gold 619
9918 ____ 118 Apr '17
_1933 Regletered
I 9173; "di
9212
9212
9213 95
S.,
Reduced to gold 454e.193
1933 - J 8518 99 10212 May'16 -Registered
2
81
81
84
8338
8112 85
-D
J
Mont ext 1st gold le-.1937
89
9513 Mar'18
1937 J -D 81
Registered
guar_
85,2 Nov'15
_
Pacific ext
4.5 I._ .1940 J - 1
E Minn Nor Div let g 41.1948 A -0 7414 --_- 8013 Dec '17 -101 --- 10014 May'18
id61-4 lOolt
Minn Union let g es
l 10512 _-__ 113 June'17
l937
Mont C let gu g (38
13614 May'06
_1037
Registered _
9414 ---_ 9312 Apr '18
9238 9312
let guar gold Is...., -1937
10934 Aug '16
Will & SF let gold 58_ _1938 1 - D
-- 8934 Dec '16 ---7914
9314-_
Green Bay & W deb fg""- Feb -712
918 838 May'18 -- 7
918
Debenture Mtn 'B----------Feb
7
5
.512
7
3
7
8
5
7
7
June'18
12
83
75
J
Gulf & 8 I let ref & I g 58..51952 75
78
Hooking Val let cons g 44,3_1999 J - 1
7312 June'18
7313 734
1999 J Registered
8214
'17
Aug
-701;
8712
0
Col & II V lat est g 48_1948 A
7012
75
Feb
'18
"ir;
-- -Col & Tol let ext 4s
1955 - A
95 9013 Apr '17
83
Houston Belt & Term let5e.1937 9314 June'18 -- 87 95
8212 93
Illinois Central let gold 18_1951 73
6
9 9
9 9
73
818
72
t'
stzgistered
1951 73
let gold 314s
1951 84 Nov'15
11218 81
.1951 - J
Registered
6213 --- 80 June'17
Extended let gold 348_1951 A _195/ A -0 6218 ---Registered
let gold
sterling__ 1951 61- 8
Registered
1951 617212 7814
Gollaterel trust gold Is.,1912 A -0 751 "if" "gis; Apr '18
6514 ____ 9514 Sept•12 7.-Registered
7838
1 -7833 83
7814 7338
let refund'ng 48
2A
955
:119
M:0
N 78
-71 May'18
65 68
70
71
Purchased linen 34s---- 1052 3 7613
74
7412 Sale 7412
7412
L NO & Nuts gold 4s_ 1953 14-N
72 Feb 'in
84
72
72
70
Registered----------1953 M- N 73
____
89
Apr '17
Cairo Bridge kold 4e__ . 1950 3 79 Feb '14 _.
5614
Litchfield 1)1v let gold 3s 1951 3 433,4 68
6514 May'18
641 71
Loeinv Div & Term g 34-0 1953 J 83 Aug '12
Reefgored
_ 1953 J - J
102 June'16
-Middle Div reg Is__ _1921 e - A
5814 5814
Omaha Div In gold 35._ 1951 V - A 584 ____ 5314 Apr '18
82 Mar'18
5718 66
82
82
St tools Div & Term g Sc 1951 1 83
Apr
8314
'18
6534
83
83
1951 J
_
Gold 34e-80 June'16
63
Registered
_._ 1951 J •
2 Nov'16
7914 80,
_
Spring( Div let g 3t
195
- J
79
79
Western lines ist g 41_, _1051 F - A -72-12 7813 79 Mar'18
92 Nor lo
Registered
.1951 - A
--- 11712 May'10
Pellev & Car let (le
.1923 1 • D
99 Jan '17 -Carb & Shaw let gold ta... 1932 51 97 -6iChic St L & N 0 gold 58 . 1951 -D
Feb1 Mar:18
1
1, 1
19
Reglatered
1951 1 • D -64
90 Oct '09
Gold 31-4s..
1951 J -D 6312
Regletered
1951 .11 D
5 86
87
87
91
Joint let ref 58 Series A 1983 - D 8514 87
8s14 90
7013 Nov'17
Mernph Div let a 48_1951 3 65 Nov'17
Regletered
1951
89 Feb '18 ._ "fici 80
tit Louis Sou let gu V 41L 19:31 M- 5 77
89 Apr '17
Ind III & Iowa let g 4()_-__ 19503 -3 7458 98
"id" "93-1;
Int;& Great Nor let g tie__ 1919 14-N 9018 9578 9313 May'18
35 8213 June'17
78
James Prank A Clear let 4s 1959 1 1 58
02
6212
Kansas City Sou let gold 34 1950 A -0 62 Sale 62
63 Oct '09 _
Registered
1950A-0
9 7334 80
79
7812
7812 79
Apr 19503 Ref & impt 56
7578 15 7412 78
7578 7534
Kansas City Term let 44.. 1960 J - j 75
% Jtme:11 8
313
7
92
78
5 80
312 80
8.
Lake Erie & West letg 5s.1937 3. .1 ...
Feb
.1941 J 21 gold on
Mar'17
8314
88
0
A
Ohio
58_1915
--_let
guava
North
9434
85
8514 85 Apr '18
J 81
Lab Val N Y let gu 440-1940
89 Oct '17
804 93
Registered -----......1910 3
78
73
'18
7.113
Apr
78
78
Lehigh Val (Pe) cons g 411-2003 161 • N
83
87 0013
2003 el N 88 10114 88
fleneral cons Ole
-9518
2.
t2 4
BONDS
N. Y. STOCK EXCHANGEz .51
•-•°Week ending June 23
Price
Frilly
June 23
i1
S,74
44
Bangs
Since
Jan. 1,
High No, Low High
Bid
Ask Low
Leh V Term lty let gu g 5a-1941 A -0 10138 10212 102 Marl& ---- 102 102
__
1941 A -0 ____ 106 113 Mar'17 --Registered
100 Mar'18 ---- 91314 101
7
Leh Val Coal 001st gu g 58-1933 J - J
_
Oct '13 ---- ____
_-_
_1933 J - 3 ---- ----105
_
Registered _
7714 ____ _-_____ ---- ......-let int reduced to4a.- 1933 J - J
1915 14-S ____ _..-- 87 Apr '17 ---- -__- __Leh & N Y let guar g le
1945 14- S
Registered
.5 Apr '1; ---- 9134 95
Long Ield let cons gold 513_51931 0- J iii 661; 9
9114 June'18 ---- ___ ___.
/31931 Q - J 8158 87
let consol gold Is
7118 June'18 ---- 7153 7158
1938 J -D 7158 74
General gold 45
90 July'17 ---- ..___ ____
1922 MI- S
Ferry gold 44e
_ _.
1932 J -D ---- ----9914 Oct '06 .--Gold 48
71
71
71 June'18 ---- __78
1949 111- S 71
Unified gold 48
97
97
J411
---'IS
97
97
____
-D
1
1934
gold
5e
Debenture
75
7213 June'18 ---- 72
72
20-year p m deb 53
1937 61-N 68
7912
75 June'18 __ '73
8
Guar refunding gold 4a
1949 51- 0 '
____
------'11
Jan
--------95
8
1949 MRegistered
N YBA MB let con g 58-1935 A -0 95 ___ 10314 ler '18 --9212 Apr '18 ---- 9212 9212
N Y&R Li let gold 58_
1927 111- S 95 100
9314 100 Aug '18 _--- __ _ _ __
Nor Sh B let con g go 5-e_o1932 Q - J 82
8714 90
Louisiana & Ark let g 511_1927 M- S 85,3 8712 90 Mar'18 .-I 109 11078
11078
LoulevIlle & Nashv gen (3s_ _1930 J - D 11078 Sale 11078
Gold 5s_
1937 51-N 9612 10934 9418 Apr '18 ---,. 9334 9418
4 83
8412
8812
8514 8412
Unified gold 4a
1940 J - 1 83
1940 J - J 82 85 96511 Jan '17 ---- ___ _ -Registered
99
99 Mar'18 --.- 99
Collateral trust gold 5a
1931 M- N --- 99
E II & Nutt 1st g Os
19195 -13 10018 ___ 10338 July'17 ---- -- - .....4 87 Apr '18 ---- 87 -87
L CM & Lex gold 4%e,,..1931 M- N 9014 943NO & M let gold Cs
1930 1 - J 102 112 106 Aug '17 ---- __--- 21 gold Is
1930 J - J 9373 __ __ 1014 Feb '17 ---- ---- --_
9912 Apr '12 ---7212 89
Paducah & Mom Div 4s 1948 F - A
.(3018 i(10.18
10018 Jan '18 ---- 1St Louis Div let gold fie_1921 al- 8 10014
58
5814
4 5814 Mar'18 --2d gold 3e
1980 14- S 5718 581111
5 '74
81
8018 80
Atl Knox & Cln Div 49_1955 111-N 80
All Knox & Nor let g 511_1948 J -0 96 ____ 10834 Jan '17 ---- ___ ----'17
1051,3
Aug
108
10113
S
MRender Bdge islet g 8s 1931
74
Kentucky Central gold 48_1987 J - J 7434 7612 73 May'18 ---- 73
Lex & East let 50-yr 5s gu 1965 A -0 9213 9414 9234 June'18 ---- 9134 96
L & N &M dr M lat g 448 1945 M- S 8318 9134 91 Aug '17 -- - - _- - --6g1-3
8f14
1
6812
3 6813
1
L & N-South M joint 4a 1952 3 - 1
95 Feb '05 --- _ _ _. _2. _
-_
- ---51952 Q - J ----Registered
963
Jan
4
'18 ---- 9634 964
4
N Fla AS let gu g 5s
1937 F - A 9 13 1013. N & C Bdge gen gu g 448_1915 J - 3 8234 _- _ 9778 May'16 ---- __
Pensao & Atl let gu g 6(1_1921 F - A 10032 10213 10212 Feb '18 --- 10213 10213
99
99 Apr '18 ---- 99
8 & N Ala cons gu g 58.._.1934 F - A 9614 100
Gen cons gu 50-year 58.1963 A -0 8612 10214 9312 Jan '18 ---- 9312 9312
-------'17
79
Apr
___
LA Jeff Bdge Co gu g 4s
1945 51- 8 60
Manila RR-Sou lines 4s
1936 M-N
-,-,.---- ---- ---- - - -Mei Internal let cons g 4a_ _1977 M- S -------- 77 Mar' 10...--__ --.
Stamped guaranteed
1977 14- S --------75
9112 June'17 ---- ---- ---.
Midland Term-let 3 1 g 58_1925 J -0
Minneapolis & St Louis, (14
1st gold 7s
1927 J -D 101 104 104 June'18 ---_Pacific Ext let gold 6s
1921 A -0 ---- ___ 11)3 Oct '18 ----------793
74
74
5
8
777
7112
74
let °ousel gold 58
1934 14-N
46
10 41
46
1949 1111- 8 4514 4618 4513
let & refunding geld 4e
6
46
46
47
Ref & ext 50-yr fieSer A 1962 Q - F 46
Des 51 & Ft D let gu 4s 1935 J - .1 --------60 Feb •I5 ----------7534 81.13
8434 8112 June'18 --Iowa Central let gold 58_1938 J -D 78
4 4012 4614
4412
1951 RI- 8 4412 Sale 44
Refunding gold 4s
1 8312 8811
8112
3 8412
MStP&SSMoongesintgu.1938 J - J
___ 92 Jan '17 ---- __ ___.
let Chic Term a f 48
1941 NI-14 -------MS8 M & A late 4s Int gu.'28 .1 - J 8914 ____ 8512 Nov'17 -.-- ----------.
Missiselppi Central let 5s__ _1949 1 • J -___ 94 95 DO '18 -- - Missouri Kansas & Texas2 6018 6413
6112
1st gold 48
.1990 J -D 6012 6112 6012
35
3212 3113 June'18 ---- 28
21 gold 4t.,
1990 F - A 31
3218 Nov'17 -- -. _ _ __ ___.
32
1st ext gold fie
1944 114- N __
4314 May'18 --- 40
45
1st & refunding se
2004 M- S 401; 45
42
Trust Co cents of dep__-_ ..- 4013 4713 42 May'18 ---- 41
2813 2634 June'18 ---- 2634 34
Gen sinking fund 448_1938 .1 - 3 25
_.
St Louis Div let ref g 48_2001 A -0 ---- 3712 40 Nov'16 ---____ _--- ____ ___.
40 ---5% secured notes "ext"'16 __ _ 30
Dell & Waco let gua 158_1940 M -N __ __ ... 6912 Apr '17 ---- _ _. __.
58
58 Jan '1g ---- 58
Kau City & Pao let g 49_1990 F - A --- 65
37
36 Apr '18 ---- 38
Mo K & E let gu g 53...A942 A -0 371; 60
5518 Dee '17 -------- .
87
M IC dc Okla let guar 5s1942 14-N 56
5013
5
634
M K & Tot T let gu g 58_1942 M- S 504 Sale 5013
-.
__
Sher Sh & Ho let gu g 58_1942 .1 - 0 --__. 61) 51 Dec '16 ----------40
40 Jan '18 ---- 40
Texas & Okla 1st gu g (Se 1943 M- 5 30 50
Missouri Pacific (room Co)
837s
86
5 79
let & refunding Is Ser A_1965 F - A 84 85 8375
92
90 June'18 ---- 90
'1st & refunding 58 Ser Ba1923 F - A 9038 91
let & refunding 58 Ser 0_1025 F- A 8713 88 8734 June'18 ---, 8618 90
5818
5758
143
Sale
554
5934
58
1975 Pil - S
General 4s
99 June'18 ---- 0812 9011
Missouri Pao let cone g 60.._1920 M- N 9838 99
40-year gold loan 4e
1945 14- S
82 Apr '17 --- ____ ____
3d is extended at 4% __ _ _1938 14-N
_ _ ...._ 100 Feb '13 -- ____ -Boonv St L & S let Sc gu.1951 F - A -------9712
Dec '13 ---8
71-7
-D
19183
Cent Br UP 1st g 4s_
7812 Apr '18 ---- 781 80
Pao It of Mo 1st ext g 4e 1938 F - A 791 81
_
211 extended gold Is. _,_1938 J - J ---- ----10034 Apr '18 ----------931 93
93
'7 1)(113 9513
St L Ir M &el gen am g6a.11131 A- 0 93
_ 102 July'14 ___, ____ .„._.
Gen con stamp gu g 56_1931 A •0 -------741s
7413 75
7418
5 7212 76
Unified & ref gold 46_1929 .1 • J
_ - .
1929 .1 - J --- -- - 8078 Oct '17- - _
Registered
71
/4, idly ii
72
Rlv &0 Div let g 48_1933 NI • N 7Sa
Vert! V 1 & W let g 5,... 1925 m - 8 --------78..7
SePt.18-.71 .:'-:
1 te112 10211
10212
Mob &OW° new gold Os__._ 1927 .1 -0 102 105 10212
95
95 May'18 ---- 92
let ext gold 8s__._ _81927 0- J 95 106
651/
General gold 41
.1938 M- 5 61 ___6512 Apr '18 -- 6512
__ __
2 93 July'17 -----_
Montgomery Div let i5-e. 1917 F - A 8212 941._ _ __.
1927 J - D 8718 92 90 Aug '17 --St Louie Div 5s_
77 Dee '17 - - -. _ _ . -__.
85
St L k Cairo guar g 4s. _ _ 1931 1 - J 72
1_1928 A -0 9878 10312 9812 June'18 ---. 9'712 101
Nashv Chatt & Ht L let 59814 10313 11014 Mar'17 --- ___ --.
Jasper ['ranch let g Is, 1923 J - J
3(1 May'17 ---- ___ --Nat Rya of Met or lien 414s 1957 J - J ____ 30
35 Aug '16 ---- __ ......
Guaranteed general 48 _ 1977 A - 0 _--_ 30
Net of hex prior lieu 4;0_1926 1 - 3 21 --__ 9678 Feb '13 --- ___--.
. -.
30 Oct '16 -- - let cousol 4s______ _
1951 A - 0 --- 30
6313
6312 10 80 64
New Orleans Term let 48_:_1953 J - 1 63
2 92
9314
4 9318
9414
NO Tex A 51exico let di._ 1925 J - D 93 9334714 19 40
497/
Noa-uutn Income Si A ._ _1935 A - 0 4612 Sale 4618
New York Central RR-95
9112
9412 166
1935 14-N 91 Sale 94
Cony deb lis
2 7118 75
74
74 Sale 7312
.1995 F A
Consol 48 Series A
8173 11 80 85
Ref & imp 448 "A"._ _ _ 2013 A • 0 7712 8158 80
New York Cent & Hud Riv70 June'18 _ --- 70
7434
J 6978 71
1997 J
Guar 34s
7312 7114 'May'18 -.-- 70
711s
19187 J - 1 69
Registered
2 7434 811/
78
78 Sale 78
1931 M -N
Debenture gold 4e
_
_
Dec
--'16
92
___
___
N
511934
Registered
il Al
igr:
; 61
61
Lake Shore coil g 3)48_..19iss F A 60 637
61
1998 F • A ____ 6138 61 May'18 ---- 81
Regleterel
4
687
6212
--_June'18
6312
7012
6312
A
•
,
II
MI
Mich Cent coil gold 3Hb..
1998 F - A ---- --__ 75 Mar'17 --._._ ____
Registered
____ -- _ _ _ - .--.
_-_Battle Cr & Stur let gulie_11089 J -0
964 Apr '17 -- -, -----.
Beech Creek let au g 4e 1936 3 - 1
____ 9334 Nov'16 ___ _, _ _ _ ._ _.
1936 J - 1 ---- ---Registered
May'16 ____, __ ___.
104
--_84/3
3
J
1936
2d guar gold 58
Registered
__.... __ ___.
Beech Cr Ext let g 34e-31951 A -0 ----....
-.
Cart & Ad let gu g 48._ _1981 .1 -0 66 --- 89 Nov'16
-11
-9
L -7
2 -7
-1-9
- ::.
18
-...-9-- -7-9-1-2
-2-1; -7
s -7
m:D
942i 3
L9
e
ol
&xf
:
iva
mrootn
G
41LE:1
Apr
lwlet
g
e
el tUggo
N J Juno R guar let 48-1986 F - 31 63 -___ 8914 Feb '16 ........ ___ __.
_,.
N Y & Harlem g 348__ _2000 el-N 664 -- 80 May'17
9558
1 953s 951/
1-1933 A-0 9513 ..-__ 9558
11? 7& Northern let g 6-
Oct. elOptlon sale.
•NO Price Friday;fattest bid and asked this week. a]Due Jan. 6 Due Feb. 0 Due June. 5 Due July. o:Due
Week's
Range or
Last Sale
2742
BONDS
N.Y.STOOK EXCHANGE
Week ending June 28
New York Bond Record Continued Page 3
t3
1i
....6-
Pries
Friday
June 28
Week',
Range or
Last Sale
11
Range
Since
Jan. 1.
Ask Low
High No. Low High
Bid
N Y Cent & El R RR (Coe.)N Y &Pu let eons gu g 48 1993 A'0 6934 _-__ 7412 Mar'18 ---- 7218 7412
Pine Creek reg guar 6s__1932 J -D 10078 ____ 113 May'15 ___.._ _ __ _
9214
RWik0con lat eat 58_111922 A -0 9712 __ 98 Mar'18 __ 98
Rutland 1st con g 448.-1911 3 - J 6318 _-_.. 6714 June'18 -- 6714 6714
Og & L Chem 1st gu 48 g1948 2- J 6
---_ 60 June'18 ---- 60 63
Rut-Canada 1st au g 40_1949 J - J --------70 Jan '18 ___- 7() 70
St Lawr & Adir let g 58_-_1996 J - ---------101 Nov'16 _--- -__-_ __
1996 A -0 -------2d gold 138
_-- 103 Nov'16 _-__-___
Utica & Blk Ely gu g 4e 1922 J - 2 91 ____ 94 Apr '18 -_- 92 94
Lake Shore gold 334e
1997 J -D 73 ___ 73 June'18 ___ 7134 7578
Registered
1997 J -D --- 7214 73 May'18 -_, 7212 73
8712
Debenture gold 48
86
1928 M- S 85 Salo 85
8 82
25-year gold 48
1931 M-N 8418 84% 84
8418
4 8134 8612
1931 I41-N ___--- 8312 Nov'17 --- ____ ____
Registered
KaA &GR 1st guo 58-1938 J -3 --- ---- ------ ---- ---- ---Mahon 01 RR let 58..
10112 Dee '15 --_- ____._
1934 J - 1 891;
Pitts & L Erie 2d g 58.....a1928 A -0 91 ____ 103 May'17 ---- ___ _ _ _
Pitts MoK & Y 1st gm 63_1932 J - J 10113 -__ 13018 Jan '09 _-- __ _ _ _ _
2d guaranteed 6/3
1934 J - J 101.14 _..__ 12314 Mar'12 „..... ___
MoKees & B V let g 80-1918 J -1
-,.,.. -...„ ---- ---- -- _ _
Michigan Central Se
1931 II - S 89 --__ 9913 Aug '17
1931 Q - el 8514 93
Registered _
92 Apr '18_-__ f12
4)2
ds
7514
J
--_80 Nov'17 _-_ __ ___ _
1940 J
Registered
1940 J - J --__ --,-- 87 Feb '14 __ ___ _ __ _
IL & S let gold 310-1951 M- S --- --- 90 June'08
let gold 330
1952 M -N 70 ____ 7978 July'17 .___ ____ _ _ _ _
20-year debenture 481929 A -0 7334 75
75 June'18 --- 7234 8012
N Y Chic dr St L lst g 4/9 1937 A - 0 76 --- 8118
8118
5 '7512 82
Registered
1937 A - 0 --------85 Nov'17 -..- _ _ __
64 June'18 ---- (if 61
61
Debenture 48
1931111-N 63
West Shore 1st 4s guar
73
15 73 80
2361 1 3 73 Sale 73
Registered
7212
3 7212 '7634
2361 1 - J 721 751 7212
NY 0 Linea eq tr 58_1918-22 M- N ---- ---- 10013 Jan '17 --._ ____ __ _
July'17
Equip trust 4345_1919-1925 J - J --------9358_
N YConnect lat gu 445 A 1953 F - A 7718 8812 8512 May'18 --_- 8512 88
N Y N H & Hartford_ .. 56 Sept'17
Non-cony deben 4s
_-1947 1M- 8
Non-cony deben 3348.- 1947 611- S 5118 ____ 50 Oct '17 ----___._ __
Non-cony deben 314a........1954 A -0 5112 ___ 51 June'18 -- 5012 61
Non-cony deben Se
1958 J - 1 61 --__ 60 May'18 --- 52 60
Non-cony deben 4e
1956 I41-N 61 ___ 60 June'18 --- 5518 60
54
Cony debenture 3348
54
4 52
54
1958 J - J 5114 54
Cony debenture 6s
8714
8712 15 8312 9C1
1948 1 - J 8312 88
Cons Ry non-cony 4s____1930 F - A 5212 _-_- 50 Oct '17 --.__ _ _
5112 ___ 9113 Jan '12 ---_ __ _
Non-cony deben 48.-1954 J - J
Non-cony debee 4e_1955 3 - 3 5122 --_- 7912 Apr '16 --_ _ _ _ _ _
Non-cony deben 48_-_ -1955 A -0 5112 __._ .....-- -___ _-__ ___ ____
Non-eonv deben 45--.1956 J - J 5112 ---- -_,,- ,
---- ---- _-_ --Harlem R-Pt Chas let 48_1954 141-N 7014 --- 7714 Aug '17 ---- ___ ___ _
B & N Y Air Line lst 45-1955 P - A ---- ....-- 7915 Dec '17 --_- _ ____ _
Cent New Pam let gu 46_1951 J - 1 ---_ 74
74 Apr '17---_
Hartford St Ry 1st 4s....._1930 M- S ........ ---- ,,., _-_ --, ---- ---- --Hots/atom° rt. CODA g 51-__1937 34-N --------10613 m-a-y'15 ....._ ___ .,__ _
Naugatuck RR let 45
.. ----87 July'14
1944 M-N ---N Y Pray & Bolton 48_1942 A -0
83 Aug '13
N YW'ohes&B let ler I 4-346'46 J - J 52 Sale 52
52
i 45
ii
Boston Terminal let 44_ _1939 A -0 -,- ---- ---- ---- ---- --- -- - New England eons tis__1945 1 - 1 61 ---- -=.7-- f. --- --- - - - -_
Como! 4s
-t'i7 _-_ ____ __
1915 J - J 60 _-_- iu Sep
ProvidenceSecurdeb4e_1957
M -N --------57 Apr '16 _
Prey & Springfield let 56_1922 I - J --------998 Deo '13 ....... ___ ___ _
Providence Term let 48
1966 61- S ---- -- 83% Feb '14
W & Con East 1st 4145_1943 J -3 --,- ---_,- -f::---_•= ---- -,,- -2%7N Y 0& W ref 15t g 4s_ -01992 MC- 8 611 gd
U3 June'18 ---61
6812
Raglatered 45.000 0121Y-81999M. S ---_ ----9213 June'12 ...... _ _ _ _ _
General 4s
60 Apr '18 ___- 60
65
1955 1 -D
60
Norfolk Sou let & ref A 55.._1961 1,- A 61.78 65 6214
6212
5 60 64
Nod& Sou let gold 55
8135 June'18 ---- 8112 8412
1941 M-N 82 ___
106
Norf & West gen gold Os..
1051Apr
8
10118
A
'18
____ 106 106
1931 rilImprovement & eat g C8_1934 F - A 101 -_ 120 Nov'16
_
_
New River let gold (is_ - 1932 A - 0 104 ---- 1071s Oct '17 ...-. .... _-_ ._
821
803
8
N & W Ry let eons g 48_1995 A - 0 803
80%
4 80
85
Registered
_ 9412 Dee '16 ____ ___ __ _
1995 A 0 ---- ---Diy'l let lien & gen g 42_1944 I - 1 78
8012 78%
7818
2 '7413 7818
10-25.year oonv 48
.- - - 12373 May'17 --__
1932 3 -D
10-20-year gone 48
1932 M- 5 103 110 11714 May'17 -__
10-25-year cony 4148_1938 M- 5 103 110 101 June'18 ---- 104 10512
1941 J -12 797s 83 81 May'18 --- 8075 851s
Poolth0& °Joint 48
00dg T 1st guar gold 5a 1922 I J 053s ____ 103 Sept'16 _ _ . _
_
Solo V & N E it gu g 41..1989 M- N 79
79
7912 79
i ii 76
Northern Pacific: prior lien
....
railway& land grant g 4s_1997 Q - 1 8018 Sale 80
8414
8112 35 79
80 7834
1997 Q - J 77
Registered
7834 2 7834 80
5312 1.0 58% 6112
General lien gold 3d
59'8 5812
a2047 Q- F 58
6114 June'17Registered
a2047 Q - IP'
7812 75 June'18 ---- 75
St Paul-Dulutb Div g 48_1998 J -D 75
7E
SIP & NP gen gold 88._1933 F - A 10118 109 10258 May'18 ---- 102 1C13
Registered eertifloatee__1923 Q - A 10034 102 10312 Sept'17 ....... ____ _ _ _
St Paul & Duluth let 64_1931 F - F 9334 --_- 107 Oct '16 .-.. __ __ _
let oonsol gold 4a
887s Mar'17
1968 J -D 6714 83
Wash Cent let gold 4s
3613 Dee '16
83
1948 Q -PA 61
Nor Pao Term Co izz it 6e 1833 1 - J 109 110 10858 June'18 __. 10338 10838
Oregon-Wash 1st & ref 45_1961 1 - J 72 Sale 72
72
1 71
75
Pacific, Cosat Co let g 581946 J -D 82
84 8412 May'18 -- 82
95
Paducah & Ilie lets f 4444_1955 / - 2 ---- 100 10018 Feb '17 --__ ._ ___ _
Pennsylvania RR let g 48_1923 61-N 9314
9314 June'18 --- 9i14 9314
Consol gold fes
1919 Nt- 5 100 ____ 1(/0 June'18 --- 100 100
Registered
1919 Q -M 9934 ---- -,-- --,---_
..
Consol gold 4s
1943 M-N 85 -- _ 88Juno'is __ . 88
ss
Consol gold 44
87 May'18
1948 111-N 83 86
_ .. 85
90
Consol 410
9412
9612
951
A
4
F
9612
1960
3 958 99
General 434s
19653 -D 8714 Sale 87
8712 32 87 92
Alleg Val gen guar g 4s1942 111- 8 8512 ---- 8912 Nov'17-_ _ _
DRRR&B'ge letgu4ag _1936 EP - A 8014 --..- 8112 Sep '16 _-_ __ .
_ ._
Phil& Halt & W let g 48_1943 SI-N 84 __ 92 Aug '17 ........ _ _ _ _ _
Sodue Bay & Sou lst g 58.1924 J - 1 --------102 Jan '93 --__ .
_ __ _
Sunbury & Lewis let g 48_1036 J - J 7712 ---- ---- ..-UNJ RR&Can gen 4s
92 Doe '17
1944 POI- El 8414
Pennsylvania CoGuar let gold 4341
1921 1 - -I 971i 9778 9312 June'18 -_- 961s 9858
Registered
1921 1 - J 9512 9712 9514 Apr '18_-_- 9534 06
Guar 3500011 trust reg A_1937 M- 14 7514
87 Feb '17 _ _ _ _ __ _ _
Guar 33is eoll Unfit ser 13_1941 F - A
7414 80
7414 June'18 ---- 70
7414
Guar 33s trust eV)) C_1942 J -0 74
80
8114 July'17 _..-1 ___ __.
Guar 334s truet Mrs D
3734 Dee '16
1944 I - D 741s 79
Guar 15-25-year gold 48_1931 A -0 82's 8512 8212
8212
1 8212 84
40-yeer guar 4s etfe Ser E_1952 el- N 76
81 June'18 -- 84
84
Gin Leb & Nor gu 48 g
8734 86 Oat '17 ---_ 1942 A- N 80
.CI & Mar 1st gu g 43is
1935 61-N 92 ____ 9614 May'17
Cl & P gnu gu 43e set A.1942 1 - 3 93 ___ 9634 May'18_--- -963-4 91334
Series 13
101 Dec '15 - -- 1942 A -0 8913
Tot reduced to 3148_1942 A -0 8612 __- 9614 Feb '12 ._ _ .._ _ - - Series O 3Hs
1948 M- N 8012 --- 9018 Oet '12 ....... _ ___
Series D 314/9
_
1950 F - A 8012
8812 Feb '17 ____ __ _
Erie & Pitts gu g 3%613_1940 J - J 7614 ....... 88 Apr '17 -_
Series 0
1940 J - J 7614 .. - 9018 July'12 .
.. _..
Gr R & lox 1st gu g 4348_1941 I - J 7812 89 99 Mar'18 ....... __ __
Ohio Connect let gu 4s__ _1943 M- 9 90
91
93 May'14 ....... ___ ._ _ _
Pitta Y & Ash let eons 50_1927 NI- N 9234 _-- 93 May'10 ___ ___ __
Tol W V &0gu 43.43 A 1931 J - 1 8712 98
9834 Apr '17 ____ _ _ .....
Series B 4Hy
1933 J - J 8712 92 92 Di.'17 ..._ __ _ _
Series C 4e
1942 M- 5 7612 ___ 8318 lilept'17 _.. _ _ ... _ _
PCC&St Lau 434e A 1940 A-0 9134 ---- 9134
9134
2 9112 5212
Series B guar
1942 A -0 91
9112 June'18 _
9112 9113
Series C guar
1942 MN 92 ----99 June'17 -_- _
Series D 48 guar
88 Feb '18 _
1945 M- N 8853
fig
ii
Series E 3lis guar gold_1949 F - A 8858
_ 88 May'18___ 87 88
Series F guar 4egold_1953 J -D 8858 --.__ 9513 May'17 _-__ - _ _ _-
____
BONDS
N. Y.STOCK EXCHANGE
Week ending June 28
:
4
Price
Friday
June 28
[Vol.. 100
Week's
Range or
Last Sale
,
ja3
P 00 A St L (Cm)
Bid
Ask Low
High No, Low High
Series0 is guar
N
88% 9612 91 Nov'17
1957
Series I eons gu 4%e
1983 F - A 8834 9212 9218 Oct '17
0St L & P let cons g 5s1932 A -0 9634 ---- 10013 May'18
icici" 10-612
Peoria & Pekin Un let Os g_ _1921 Q- F
100 June'17
2d gold 4348
87 Maell3
81921 td-N
Pere Marquette let Sec A Se 1956
811 Salo
8133
8112 11 "7913 8258
let Series B 48
6418 65
1956
8418
65
8 6212 66
Philippine Ry 1st 30-yr if 48 1937
44 Apr '18 ---- 44
_ _ 46
50
Pitts Sb & L E 1st g Se.
99 Jan '18
1940 A -0 -96
99
99
let consol gold Se
1943 J - J 90 ____ 9714 Dec '17
Reading Co gen gold 4s._1997'-3 8334 Sale 83
6 81
8334
86
Registered
1997 J - I 7514 8112 8112 June'18
Jersey Central coil g 4s__ _1951 A 8112 8334 8334
-4
- 8114
2 88
112
8314 -1
Atlantic City guar 43 5-1951 J - J --_---St Joe A Or tel let g 4s.
60 Dee '17
70
1947 J - I 63
St Louis & San Fran (reorg Co)
Prior Lien tier A 4s
5912 81 1950 3-3 59 Sale 5334
55712 61
Prior lien ser B 5s
5, 66
1950 J-, 75 Sale 74
75
75
Cum adjust ser A 86._ _61955 A -o 6712 Sale 66,2
6712 48 60
6734
Income series A (is
4312 4914 4312
40 44
61960 Oct
49
51
St Louis & San Frau gen 68_1931 3--I 10213 _ _ _ _ 101 Apr '13
011
101
72
01 19
4
General gold 5s
1931 J - J 97 9712 97 June'18
St L & S F It f1 cone g ie. _1996 J - 1
78 May'16
Southw Div let g 58_1947 A -0
90 May'17
K C Ft S & M eons g 6s_ _1928 111-N io-11; 10158 101%
1 i561
.
4 10213
10118
KG Ft SAM Ry ref g 48_1935 A - 0 66
68
6714
6734
69
62
KO&MR&B 1st gu 53.1929 A - 0 8112 8518 88 July'17
St LB W let g 4s bond ctfs.._1989 M- N 6714 68
1 "ii*E
6714
6714
6813
28 548 income bond ctfe_p1989 3-3 52 6314 55% Jan '18
5012 5012
Consul gold 45......
6114 60 June'18
1932 J -1) 60
64
57
let tenni & unlf 55
5912
1952 J - J 58 5812 53 June'18
52
Gray's Pt Ter 1st gu g 5s_1947 1-0
9812 Jan '14
- - -9 A & A Pass 1st gu g 48.._1943 J - J "gi"
5778 8013
588 June'18
SP&NP Mak fdg 54
100
100
100 100
1919'-3
Seaboard Air Line g 45
7112 Mar'18
1950 A -0 67
7112 7113
Gold 4e stamped
7113
1950 A -0 683a4 7214 7112 Mar'18
70
Adjustment Se
5612 5612
5831 35 49
81949 F - A 56
57
Refunding 43
3 5134 5638
19.59 A - 0 5834 5712 5612
5612
At! Birm 30-yr 1st g 4e_e1933
S 63
75 Mar'18
76
75
73
Car Cent let con g 4s
1 75
1949 3-3 ---- -- 75
75
77
FliCentA Pen let g 5e_ _1918 1-3 9934
_ 9914 June'17 --_-let laud gr ext 5e
1930 J - I 90 ____ 101 Dec '15 --_-Connol gold Se
1913 J - J 93 _ _ 9314 June'18 __
9314 9314
Gs & Ala Ry 1st con 58_81945 1-1 9012 Sale 9012
2 9012 0012
9012
Gs Car OC No let gu g 54..1929 J - J 8912 - - 94 June'18
94
94
Saab & Roan let /55
9314 9612 9114 June'18
19211
9114 9114
Southern Pacific CoGold 4s(Cent Pao ooll)_k1949 7238 7234 7258
51 7114 76
7233
Registered
_-_- 90 Feb '14
k1949 3-0
-20-year cony 48
81929 M.8 79 Sale 7814
7918 24 7512 8018
20-year eons? fie
1931 -D 9058 Salo 9058
9118 48 8618 95
Cent Pao let ref gu g 4u_ 1940 F - A
78
79
79 June'18
7738 82
Registered
1919 F - A
8712 Sept'16
J • I) 85
Mort guar gold 3He
8018 87.8 Feb '18 - 81313 88
Through St L let gu 44_1951 A -0 7013 76
76 June'18
71
76
El&S A MAP let 58_1931 -N 9018 100 100 Oct '17
2d eaten 58 guar
88
1931 1-i 86
9631 Jan '18
95333
- 4 -66;
Gila V 0& N let gu /Se...1924
N ---- 95 10014 Jan '18
Pious E W T let g 5e193.1
85
95
9912 Apr '17
let guar 55 red
61-N
85
92 100 Oet '10
1933
& T 0 let g Se int gu_ _1937 J 9214 104 10312 Aug '17
Gen gold 41 int guar
8914 99
1921 A 92 May'18
87 "Oil;
Waco & N W div let g Si'30 51-N
10912 Nov.1.5
A & N W let gu 58
---- 93 10112 Deo '16
1941 J
Louisiana West let Ss__ _1921 J - J 98 ____ 10014 Oct '17
Moreau's La & T let 64_1920 ---- 10458 100 Apr '18
100 100
No of Cal guar g 5e_
1938 A - 0 9212
10218 Oct '17
Ore & Cal let guar g 5e_1927 I - J 911g 955 9614 Feb '18
-611-1
So Pic of Cal-Gu g Ss_ _ _1937 144- N 92
_ 10712 Sept'16
So Pao Coast 1st gu 4s g__1937 1 9014 9412 9312 Aug '17
San Fran Tercel let 48_1950 A 7513 7714 73 June'18 --- 73
8158
Tex & N 0 con gold 5e... _1943 1 • I
s3
,ie
5 9
____
75
712 Nov'16
7
So Pao RR let ref 45.....__1955 - J 7858
74 7034 8258
Southern-let eons g 54_1994 8912 Sale 8834
39 8834 9314
90
Registered ._
•
1994
10011 Aug '16
_
Develop & gen 41 Sec A
1954 *0 62 6212 6213
83
6212 41 59
Mob & Ohio eon It g 46_1934 A& 5 6534 ___ 65 May'18 --- 65
6813
Mom Div let g 410-55_1994 92 ___ 87 Jan '18 ____ 87
87
St Louis div let g 4e
J
•
1
6558 67 69 June'18 - 6118 6912
1951
Ala Cen lot g (Ss
99 ____ 102% Sept'16
1918 _ -Ala (It Sou let eons A 58._1943 J •0 8.1 ___ 8778 Mar'18
8778 87%
All & Char A L let A 43441041 J - J 81
87
90 July'17
let 30-yr 58 sec B
1944 J • 1 9212 9234 9212
21 "cif -1;5-93
Atl & Deny lit g 4s
1945 1-i
7014 Mar'18
7014 7014
25 4e
8112 Nlar'16
1948 • 1 ---- 80
All & Tad let g guar 44_1949 A 75 Feb '17
ET Vs & Ga Div g 54..._1930 J -5211 -97 - 90 Mar'18,
08
66"
Con let gold fis__ _1956
N 9258 9112 92 June'18
9112 9712
E Ten rots lien a 58
90
1933 MI99 July'17 92
CI* Midland let 34
190 A -O 40
51 Mar'18
51
63
GA Pee Ry 1st g Os
1922 - -I 1001.2 -- 103 Duo '17
Knox & Ohio let g Ss_.1925 3-i 10078
101 Apr '18
03-58 1.617Mob & Mr prior lien g 58_1945 J - J 85
95 106 Sept'16
Mortgage gold te
72
82
1945 68 Jan '18 - "fii
68
Rich & Dan deb Si strap& 1927 A - 0 93 103
95 JAti '18
95
95
Rich & Meet let ell 4
N
73 Sopt'12
,
-- -1948
.- -flo Car Oa let g 5s
N osis _ _ 988 June'18
1210
.9678 9818
Virginia Mid set 04-5s._1921 Si- El
- -- 10212 Juno'll
Series E Si
la- 11 9118 _
93 Apr '18
93
Series F Se
9
al____
92
1931
10112 Doe '18
General Is
1936 se- N 9118
9412
9412
"ciS93 0413
Vs & So'w'n let gu 5e...2003 8014 100 105 Mar'17
let con850-year 58_1958 A 65
84
7212 Jan '18
7212 -7212
W 0& W let oygu le__ _ _1924 F - k
_ 93% Mar'17
Spokane Internet leti IL _1955 J - J
9534 Mar'17
Ter A of St L lit g
"H4 -661; 8512 May'18
_ 1932 A 8513 8513
let con gold 54
1394-1944 F - A 8812 9478 95 Feb '18
95
95
Gen refund s g 4s____ _1953'-3 7978 80 June'18
80
8214
St L Nt Bridge Ter gu g Ss 1930 4-0 8912 10112 9513 July'17
Tex & Pao let gold
83
_ _2000 -D 83
84
84
2 83
867
24 gold Inc. 5.1._
_52000 tier 40 __ _ _ 4613 Feb '18
_ 4018 4018
La Div B L Lit g 5e__
86 May'18
_1931 J - J _-_- 93
86
86
W Mtn WAN W let au 681930 F • A
10012 Nov'01
Tol &00 let gu Se__._1035 1--s -ggl; 8213 93 Apr '18
93
90
Western Div lit a 68._ _1935 A - 0 96 100 Jan '17
General gold Si
90 Feb '17
80
1935 -D 73
Rea LM 1st gu g 44._ _1990 A 67
8012 70 Nov'17
28 20-year 58
88
1927 1-J
0134 Deo '17
Tol PAW 1st gold 4s
50
52 Aug '17
1917 1-i 35
Tol St LA W pr lien ff 3%8_1925 J • / 7712 78
80
50 Feb '13
80
60-year gold is
-1
47% Sale 47%
1910 A - 45
4778
53
Coil tr es g flee A_
-_- 18% Mar'06
_1917 F - A
Trust co Ws of deposit_ .
_--- 18
Tor Rant & Buff let g Ai__.1946
70% 85
_
Ulster & Del let eon g 51._1924 -D ____ 95
90 Nov'17
let refund g 4e,
1952 4-0 ____ 70
58 Flopt'17
Union Pacific let g Li------ 1847 1-I 8412 Salo 8412
84% 38 84
89
Registered
8412 86 May'18
1917 3-i 82
50-year eon, Li
1927 • J 84 8618 85
17 8234 86
9
8614 ---86
let & ref 4.2
_ 7012
79
.2058 II- II 78
8 7512 8134
Ore RR & Nay son g 68_1946 J D 7814 7958
79%
1 7938 8212
Ors Short Line 1119 So- A922 F •• 101 103 101%
10214
2 10058'104
1945 J - J 95
let 000sol s Se
9714 96
96
Guar taus
'
, 44_
1939 J -0 8213 8314 8234
83
1
2 6
84
171 : 6
85
714
Utak & Nor gob' Ii.,, ,1926 3." 9034 98
98 Deo '17
J 80% 89
lot exten4•11 41
1933
89 Feb '18 ---_ -8
%61
)- -8
Vanden* sons g4a flog•__1955 P 77 -- 80 Jan '18
Console 4 Series 1
1957
N 80
8018 Juno'18 ---- 8018 8012
•No price Friday;latest bid and asked. a Due Jan. 8 Due Feb. g Due Jan. 5 Due July. k Due Aug. o Due
Oct. p Due Nov. g Due Dec. a Option Sale.
Jan.
Range
Since
1.
BONDS
N. Y. STOCK EXCHANGE
Week ending June 28
-14
Price
Frt4a9
June 28
Week's
Range or
Last Sale
I
BONDS
N. Y. STOCK EXCHANGE
Week ending June 28
Range
Since
Jan. 1.
High No. Low High
Ask Low
Bid
35 Sept'17
Vera Cruz & P let gu 4;49_1931 93
88
89
89
89
88
111-N
A___1902
Virginian 1st 55 Series
5 9214 9558
91
1939 M-N 93 Sale 93
Wabash 1st gold 5a
Juno'18 -- 8414 8612
4
813
8112
8312
A
F
1939
Is
2d gold
90 105 Oct '15
1939 J - J
Debenture Series B.
97 10014
97 June'18
93
1921 NI- 8 97
lot lien equips Id g 5s
-- 78 May'17
._
65
J
J
4s...._1951
term
g
151 lien 50-yr
Sept'17
9912
102
8
923
Det & Ch Ext lot g 59...._1941 J - J
_
80 Aug '12
Des Moines Div let g 4e 1939 1-3 ____ 77
'17
Apr
75
7412
A
0
1941
Om Div lot g 314s
8114 Jan '17
1941 M- S _- 80
Tol & Ch Div let g 4s
76 Doe '17
6518 80
1945 F - A
Wash Term! let gu 34s
85 Dec '17
85
80
1915 F - A
1st SO-yr guar 4s
5918
58
62
6212 5918
West Maryland let ft 4s_ 1952 A - o 59
99
99
9512 _--- 99 Jan '18
1937 - J
West N Y & Pa let g U
70
"0
'18
Apr
70
8518
_
1913 A -O .Gen gold 4s._.
-_-_ _40 ___- 36 Oct '17
91943 Nov
Income Is
8212 44 7914 84
8278 8138
Western Poe 1st tier A 55._1946 111 - 8 82
96 10034 Apr '17
Wneellng A L E 19t g 5s____1920 A- 0 90
9934 100 Feb '17
Wheel Div let gold 5e____1928 - J
1930 F - A ---- 9834 9958 Mar'17
Exten & Impt gold Is.
61)
60
60 May'18
75
Refunding 412a series A._1968 M- S 60
5512 60
1949 • S 3512 6212 5012 May'18
RR let conlol 4e
May'17
85
651s
8518
J
Winston-Halem B ii 1st 45_1960 -3
72 Sale
72
72 Sale 72
J
Wls Cent 50-yr 1st gen 4s__ _1919 J • N
7714
72
74
76 May'18
72
Sup & Dul dlv A term 1st 4536
Street Railway
7978 8334
83
81 June'18
Brooklyn Rapid Tran g 5s__1945 A. o 80
69
65
6814 May'18
65
let refund cony gold as__ _2002 J - J
623 9214 9812
97
9014
6-year secured notes Is...A918 3-3 9614 Sale
'17
Oct
94
____
94
--Bk City let eon 48..1916-1911
80 May'12
- -- -- Bk(4Co AS con gil g 59-1911 SI-N ___ 90
--9912 101 May'1.3
--J
J
59___1941
rilst
&
Co
Bklyn
7914 June'18
79
8712
7914 80
Bklyn Un El let g 4-58_1950 F - A
793, June'18
7!)
8512
80
78
1950 F - A
Stamped guar 4-55
66
66 May'18
66
06
65
Kings County IC let g 45.._1949 F - A
_
66
78 July'17
1949 F - A 65
Stamped guar 4e
55
56
50
GO
56
Nassau Else guar gold 49_1951 J - J 55
3 81
82
8612
8178 8378 8134
1927 F - A
Chicago Ryer let 5s.
10018 Feb '17 - Conn fly A L let A ref g 43491951 .1-3 85,2
85
85
85 Apr '18
1951 J - J 8512
Stamped guar 44s.
77
68
6978
701s 6978
Dot United let eons g 4lis 1932 .1 -3 70
_
84 Jan '14
1936 41- S
FtSmith Lt & Tr let g 5s
487 6214
64
3
593
Sale
8
593
59
A
F
A__
._1957
585er
Manhat
Hud &
41:1 1434 25
2114
21 Sale 2012
Adjust income 51
1957
_
00 100 Feb '17 -1932 F - A
N V &Jersey 1st Is
52
18 5012 5712
5ji,
Sale
52
Interboro-Metrop coil 410_1956 A 85
8218 48 79
Interboro Rap Tran let 51 196b 3-i 8114 Sale 8114
7458 8012
7158
Manhat fly(NY)cone g 48_1990 5-0 7314 7818 715
5 7458 82
73
7312 75,2 7458
Stamped tax-exempt
1990 A Metropolitan Street fly85
85 Feb,'18
80
76
Sway & 7th Av lets 5/1_1943 95 May'17
Col & 9th Av 1st gu C 5s...1993 M- S
80 Sept'll
Lex Av A P F let gug 5s_ _1903 M- H ---- 75
Met W S El(Chin) let g 4s 1938 - A --__ -- 30 Mar'14
10012 June'17
9212
Mllw 'Cleo ay A Lt cone it 59 1926 F - A
8112
8112
8112_- 8112
Refunding & eaten 4141 1931 • J
99 --- 9833 Aug '17
MInneap Ht 1st cons g 59_ _1919 J - J
9712 July'17
Montreal Tram let & ref 511.1941 3.3 ____
74 Aug '17
Now On Ry & Lt gen 448_1935 3- J ____ 813
.- 99 May'17
N Y Munken fly lets f Is A 1966 J
54
5214
5214 Sale 62
N Y Rye let R S & ref 4s.....194'2 J
38 1734 24
23
30-year adj !no Is__ _ ...41942 A - 0 23 Sale 22
1 68
70
68
68
N Y State Rye let cons 4 Wii_1902 M- N ____ 68
70 -- 8812 Nov'10
Portland fly let & ref Is....._1930 NI- N
-6212
June'18
"(id
0612
68
752
Portid fly f.t A P let ref 64_1942 F - A
9012 Feb '17
Portland Gen Film let as_1935 J - J
95 July'17
95
8112
M.
N
g
let
L
P
58_1937
A
Ry
11
St Joe
10212 Mar'12
St Paul City Cab cane g 611_1937 • J
11 5212 57
55
55 Salo 5212
1900 .1 - J
Third Ave let ref 4s
35
20 2712 3812
33
Sale
35
0
A
All Inc Sc
a1960
May'18
9018 95
9018
Third Ave Ity 1st g Se
1937 J - J 9014 104
1 91
96
92
92 ---- 92
Tr -City fly A Lt let e as _1923 A Mar'18
76
70
80
76
---J
Undergr of London 414s._ _1933 J
56 Mar'18
56
60
50
58
Income 65_
1948 .- -84 Oct '08
81
Union Elev (Chic) lot g Se..1949 A - 0
60
58
54 Feb '18
_ 69
United Rye Inv as FRU ice.1926
1 5012 531
5012
United Rye St L let g 4e
1034 J - I 5012 Sale 5012 June'17
50
69
St Louis Transit gu 5s
1924 A - 0
25 May'18
25
25
United flits San Fr e f 45._ _1927 A - 0 2212 30
77
7712 773, 7734 June'18
801s
Va fly & Pow let A ref 55_1931 J
flea and Electric Light
Atlanta(IL Co let g fie____1947 -D
Bklyn Un (las let cons g /1_1943 111-N
Beiffalo City Gm 1st g Its.. _1947 A - 0
Oincln Gas A Elm latitref 5e 1950 A Columbia 0& E let 5s
1927 J - J
J
Columbus Gas let gold 53_1932 J
Clonsol Gam cony deb 69
1920 (3-F
ConeGaele LAP of Bait 5-yrIs'21 M- N
Detroit City Gas gold 5....1923 • J
Detroit Edison let cell tr 5a_1933
1st & ref 6e ser A
51910 NI- 8
let eons g 5s...1932 id- 8
Eg GLN
Gas & Else Berg Co c g Se_ _1949 -D
Havana Elm corm! g Is_ ___1952 F - A
Hudson Co Gas let g be__ __1949 11I-N
Kan City(Mo) Gm let g ss_1022 A Kings Co El LA Pg 53_ ....1937 A -0
1997 A - 0
Purchase money Os.
Convertible deb Ca__ _1025 IRMtn let con g 45_1939 J • 3
ECCI El
Lao One L of St L let g 5s._e191.9(IF
Ref and ext
1934
C5s
Milwaukee Gas L 1stl927
•Newark Con Geeg
N YO EL HA Pg 5s_____1948 3-0
Purchase money g la..... 1 g se F - A
Ka knee iii let oone g 5a. _1995 J - J
NY&Q El L & P let nen g as 1930 - A
Pacific0& El Co-Cal0& E
Corp unifying & ref 5s. _1937• 1.4
Pacific 0 A IC gen & ref 64__194? J
Pao Pow A Lt let & ref 20-yr
as International Series... .1930
Pat A Passaic0 & El 5a _ _1919
Poop Gas & C 1st cons g 04_ _ 1943
_ _1947
Refunding gold 6$_
1917
Registered
Coke let gii g Se 1937
(1-LAOh
Con 000 of Ch let gu g as1936
Ind Net OM & Oil 30-yr 541930
Mu Fuel(Jae let gu g Is 1947
Philadelphia Co eons( Se.....1919
1922
Oonv deben gold 5e
Stand Gas & El cony f (Js 1920
Syracuse Lighting let g Se...1961
Syracuse Light & Power 54.._1914
_11149
Trenton 0 A El let g
Union Eleo Lt & P let g 68..1932
Refunding & extension Is.1933
Uniteel Fuel Ohs 1st a f
Utah Power A LE let .W...1944
UM& Mon I, A P tot g 64-1959
1937
Utica Om A Elea ref 55
1950
Worteheteer Lig gold Is
____ 103 Sept'15
90
9534
8812 90 June'18
_
54 June'13
62
8912 9058
85 9012 90 June'18
75
75 May'18
80
7713 78
97 Feb '15
9978 37• 90 102
9914 Sale 9912
924 Feb '18
9212 9212
93
91 June'18
94
9512
-6i 171 96
8
917
92
June'18'
98
91721
9112 9212
9112 Apr '18
91
91
94
92 10018 94 Feb '18
--- 100 Feb '13
921S Nov'17
85 96% Des '17
_-.._ 95
81 _--- 90e Dec '16
87 ---- 90 Dec '17
9914 May'18
99
9914
100
--- -- 110 June'17 - -7312 -- 70 Nov'17
9814
-153-1-2
9814 Sale 9814
8878 9438
81) , 9314 8912 June'18
8512 June'18
85
8578
_ -- 10112 Apr '17
8(17 4 91)
Ms
8318
8678 90
7 (13
685s
73
8012 69
68
-- 98 10512 June'17
93
9912 Aug '17
_ - - - --101
93
87
9112
9112 9212 9112
7478 June'18
7812 84
06
73
----
92
78
90
8112
72
--__
___
83
95 Jan '17
100 July'17
9812 Marls
73
73
99 Sept'03
96 liatir17
96
100 Ape '17
89 Mar'17
94 Jaly'17
____ 9914 Nov'15
73 May'18
85
7
9912
02
90
9712 May'l/
90
84 July'17
03O1 '17
9'23s ispe17
85 10153 14ov'16
_
9312 June'18
97
83 ---3
8312 83
101 June'17
9278 06 Aug '17
105 Mar'17
100
Sale
81314 9212
7478 8034
9812 9812
81
73
74
90
8.1
91
9114 9712
8018 84
-
Tr.
Price
Friday
June 28
Ranee
Since
Jan, I.
Week's
Range or
Last Sale
High No Low High
Ask Low
BO
Miscellaneous
63
6612
63 June'18
67
1948 M- S 64
Adams Ex coil tr g 4s
2618
21
24 ---5 18
23
20
1925 NIAlaska Gold M dob 6a A
26
18
20
20
23
20
1926 M Cony deb (Ss series 13
_
Am SS ofW Va lot 5s
1920 MN
4
-718418
36 823; -8
8 81
Armour & Co tat real est 41.49'39 J -D -8-47 -§4:190
90
00 Feb '18
Booth Fisheries Bob's I 68...._1926 A 5 8978 93
90
90 Sale 90
Braden Cop M coil In if 69_1931 F - A
83
6 79
79
79
83
1952 A -0 79
Buell Terminal let 4s
8412
2 80
83
84
81
82
1955 J - J
Consul 5e
79
74
77 May'18
80
79
1960 A fildirs So guar tax ex
58
58
Mar'18
58
Chic C & Conn Rye. f 59_1927 A -0
8614 90
8678 June'18
8678 90
Chic Ua Stan'let gu 434e A 19133 J - J
10512 35 10238 10712
Chile Copper 10-yr cony 7s_1923 511-N 10512 Sale 10334
8034
66 73
79
Coll tr &cony Os ser A part 1x1 A 0 70 Sale 7812
11 7712 7812
78
7712
do do full paid
A- 0
83
7812
May'18
82
80
85
I
J
Computtng-Tab-Ree a f f1s_ A941
97
91
9614 10718 9614 June'18
Granby Cons MBA P con tle A '28 SI-N
96
91
95 Apr '18
95 101
Stamped
1928 191-N
9012 94
9058 Apr '18
92
95
Great Falls Pow let a f 69_1940 NI- N
Lot Mercers Marine s f 66_1911 A - o 9712 Sale 9712
9814 178 90 1023s
8 81334 92
89
89
8834 89
Montana Power 1st 5s A
1943 3 - J
_--8978 90 July'17
Morris & Co let s f 4 Yis
1939 3-3 SI
____
83 Apr '14
Mtge Bond (N V) 48 aer 2_1960 1-0
94 June'16
1932 J -J
10-20-yr 6s series 3
66
-05
67
68
66 June'13
N Y Dock 60-yr let g 4a___ _1951 F - A
2 9734 9812
98
- J ____ 9812 98
Niagara Falls Power 1st
98 102 10512 Oct '16
Ref & gen 69
a1932 A Niag Lock ik o Pow 1st 5a_ _1954 • N ____ 9314 8912 Oct '17
8514
8614 9314 8614
5 88 - 8711
Nor States Power 25-yr 5a A 1941 A 8512 8712
8612 May'18
8612 91
Ontario Power N F 1st 5a__1943 F- A
95
84 June'17
N
Ontario Transmission 59__1945
25 731 821k
78
Pub Fiery Corp N J geu 5o__1959 1-0 -7712 Salo 7712
88
93
92'12 June'18
921.1 95
Tennessee Cop lot cony 68__1925 M- N
_
891s ---- 10312 Jan '14
Wash Water Power let 59_1939 ▪ 2 -9-634
93127
95
Salel
91
95
A
Wilson A Co 1st 25-yr if Cc. 1941
Manufacturing a Industrial
9614
Sale 9612
Am Ag Chem let o Sc
1928 A -0
314 9 18 933s
61
9'
0
941s
Cony deben Se
1924 F - A
83
83 Apr '18 ____ 82
82
87
N
Am Cot 011 debenture 5a
1931
05 3
1:
909
8
1:: 10
2:
8
0
1 996
3
253
7
3
101
Am fIldel L let a f 6a
1919 M - 8 131 Sale 101
_ti__ 8714
8814
8% S_ie
88
0
_
Am Sin & It let 30-yr asserA d'47
9878
9678
20
4
4
983
083
'.3
Am Thread let doll tr 4o
1919
117 117
117 May'18
Ass Tobacco 40-year g Se.. 1944 A - o 117
7412
71
71 Apr '18
Gold 41
1951 F - A
87
79
1
4
7
8
4
112
7
71
8
831s
8118
J
J
Am Writ Paper lets? 6s...._1919
1 9912 10114
10078
Ilaldw Loco Works let as_ I940 id -N ___- 10512 10078
80
8412
8412 June'18
Cant Foundry let a I 8s
1931 F • A
4
3 93
9412
8 S8
2 9412
4112
1e1,
76
a4
A -0 9
Cent Leather 20-year g
81 Mar'18
°ousel Tobacco g te
1951 F - A
9
8
8
11
9
9
June'18
9814
Corn Prod Ref of g.
111-N
1931
97126 -g.; 99
99
99 _- - - 99
1st 25-year s t as
. _1934 191-N
88
7 75
8612
87
8838
Distil Sec Cor cony let g 58_1927 A - o 86
,012
100
May'17
104
13 I du Pont Powder 414,....11135 J -D
75 May'18
General Baking let 25-Yr 68-1936 J -D
73 June'18
70
73
Gen Electric deb g 3
__ _1912 P - A
9774
5
9834
__ _ Sale 98
_9812
Debenture 5e.._1952 11.11074
98 100 Oct '13
J J
Ingersoll-Rand let Is ..
16 -68.174
2 74
7334
7312 74
lot AgrIcul Corp 1st 20-yr 5s1932 SI-N
Int Paper Co9614 99
9358 -- 9614 June'18
Consol cony a f g 54
1935 .1 - J
11114
Liggett A Myers Tobac 7e 1944 A - o 11012 113 11114
1 18
0 19
16
7
15
9031 12
9112 9013
90
6s...
1961 F - A
4 110 115
11012
Lorillard Co (P) 7e ...1944 A - 0 110 11012 11012
93
3 85
92
89
9118
90
___
1951 F - A
Mexican Petrol Ltd eon Os A 1921 A - 0 106 109 106 Apr '18
5% 10712
10
06
06
712 10634
_ _ __ 109
10634
let lien A ref on series C _1921 A - 0 .10534
98
9
98 May'18 ---- 95
Nat Enern A Stag let 5,3_ _1929 J -D
214
000
9
09 114 19
2: 983
96
93 Apr '18 :
93
Nat Starch 20-yr deb Sc _ _1930 96
94
95 June'18
National rube lit Cin_
1952 111-N
9934
99 100
9934
N Y Air Brake let eon. na _1928 51 - N
Railway Steel Spring_1931 A 0 99 -- 9914 June'18 ---- 0618 9914
Interocean P 1st f 5s
Sinclair 011 A Refining-.
93
9234 Sale 92
lit e f 7s 1920 'Ferrate sates
91 Sale) 9014
9112
do withent warrant, attach
89 ---- 9314 June'18
Standard Milling let 5.3
1930
4408 9
8886
:
848
2 10
158
99933
8:4:
io
9778 Sale 9712
93
The Texas Co cony deb 6e_ _1931
83
89
8253 Aug '17
-Union Bag & Paper lit 6e 1930
83 ---- 3312 May'17
--- __
Stamped__
_1910
8914 94
Uulon Oil Co.of Cal. 1st 53_1931
52l
5014 55 151 June'18
ti Realty A loony rleb g tbe 1924
26 100
5
1:3
2
4018
7
0
08
-- 10
100 Sale 100
100 -22
ta Rubber 10-yr col It 6s_ _1918
7912
115
Sale
8
797
79
let A ref be aerie, A
1947
9512 Sale 9512
9612
U El Smelt Ref A al cony 68_1920
2 90
9714
9358 9412 9334
94
V-Car Chen] let 16-yr 55_1923
3 9414 98
913
96
98
96
Cony deb 6a _
_____ elf124
98
6 95
9018 Sale 9512
9693
West Electric lot 5, Dec_ ...1922
Coal Iron A Steel
9614
1 9318 99
9614
9514 98
With Steel 1st est s( tos
1926 J - J
931g
7 R7
9014
90 Sale 90
1042.51-N
let A ref Is guar•
29 7812 8312
82
J 81 Sale 81
20-year p re& lops f 63_1936 J
90
90
90
May'18
96
____
-D
J
Half A 8usq Iron a fag
1932
85
85 Jan '181-- 85
S614, 89
a1926 M- e
Debenture 5a
101 Dec '14
Cababa C let Co let gu GC _1922 J - 0
86
821s 8012 84 June'18.... 83
1943 F - A
OoiF&100gCO.fIs
76
7334 7434 74 June'181__ _ 73
Col Indus lot A coil Is go_...1934 F - A
90
90 May'18
83
Con'Coal of Ml leckret 56_1950 3-0 8812 95
9812 Sept'17
Elk Horn Coal sea. es
1925 J - D
04
94 Feb '18
94
Or RI, Coal AC lit g 55___51919 A 8512
4 81
8134
iii Steel deb 484.
1940 A -0 -871; Sale 8134
10 94
97
95
93
94
95
Indiana Steel lit 6s
1952 IA- N
Jeff & Clear(
-Aar I 21 as
1926 .1 -D
9011
9558 99 -"W"
06_ 5: 948 -661;
Lackaw Steel lac g ba
1923 A 9612
88
9112 93 02 June'18,-- _
isloonslslierieeA
1950 M 8812 22 8012 92
Midvale Steel A 0cony.f 551936 AI- I 88 Solo 87
---Pleariant Val Coal lot 9 I 5s_1928 J - J
8.512 8718
87
8718 June'18
83
Petah Con Collier let. I 55_1967• 9814
4 93
9414 94
94
Repub I A 8 10-30-yr ba a f_1940 A - 0 93
80
1,3
80 Apr '13
80
77
St I. flock Mt k P Se stmpd_1955 J - J
96 June'18
9212 9712
96
90
Tenn Coal I A 1111 gets Is.,1951 • 9612
100
91
8
985
Sale
8
973
9818
M-N
Steel
US
Corpleoup___(11963
91353 997
8 F' 10-60-yr as rag ___41963 IL-N ---- -- 9714 June'18
Utah Fuel lot a f 51
1931 M-N 8614 ---SO Dee 16
Victor Fuel lit a I ba
1963 J - J ____ 80
2 83 - 86
8534
Va Iron Coal&Coke let g 5a_1949 IN- 6 8534 3918 8534
latioaraph A rolaphon•
1929 J - I
Alt1 Teter,& Tel cull tr ts
1936 55Convertible 41_
1933 al- 8
20-yr convertible 4 aas
1946 J 30-yr temp ooll tr ha
Cent Diet Tel 1st 30-Yr 515-1943 3'
Commercial Cable lots 45_ _2397 Q - J
2397 Q • I
Registered
Comb T &r 1st &gen ba. _ _1937 J Keymono Telephone lit 5e._1936 J •
Mich State Tslopit let Si. _1924 F -•
N
N TA NJ Telephone ba g 1920
N
/4 'Tole() 1st & gee if 61'0_1939
1937 J - J
Pao Tel A Tel let /4
1101359 Roll Tel AT lit if Sc 1941 1 • 3
Wain Maus soil it our ha__ _1938 I • J
1950 111- N
lid and real sat g 434a
Mut Un Tsi gu int 98._ _1941 MN
tiortnwait Tel grs 3.4p . 1934 3J
EA • N o price Friday: latest bld sad asked. a Das Jan, 4 Due April. a Due FLay. 11 Due June.
2743
New York Bond Record-Concluded-Page 4
JUNE 29 1918.]
8013 81
___ 87
2,5 Sale
8614 Sale
____ 10012
6814 -6814 -----__ 9614
8738 9018
90
97
8512 Sale
____ 90
1,014 Sale
93
92
8011 Sale
10112
8012
8934
8512 Feb '18
85
85
89
8612
99.53 May'18
73 Nov'17
6318 Jan '18
92 June'18
98 Apr '16
88
88
98
98
8534
85
9018
90
91
9034
9314 June'18
805s
8114
10112 Sept'17
94
Nov'16
18 8014
8184
1 85
62 8612
98i8
681
90
14
-4
97
85
90
9018
90
6 80
1L
14
8
8
831g
8512
9112
9518
9912
lISle
9318
-66.98
89
925s
95
9312
88
Due July. 1 Duo Atig.•13110 Oat. V Dos Nov. (0110 Dec. ',owlets ems.
2744
BOSTON STOCK E XCHANGE -Stock Record
88419 PalCIPS-NOT
Saturday
June 22.
Monday
June 24.
Tuesday
June 25.
CENT(.110 1111.10ES
IVednpsday
June 26.
Thursday
June 27
Friday
June 28
Sale*
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
[Vol,. 106.
Range Since Jan. 1.
Lowest,
Highest.
Bongo for PrelgOti
Year 1917
Lowest
Ifighesi
Railroads
132 133
135
131 131
100 12212 Apr 17 135 June21 120 Dec 175 Jan
87 Boston & Albany
7413 7334 7412 73
74
100 37 Jan 2 7613 May29
4,302 Boston Elevated
27 Deo
Boston it Lowell
Last Sale 98 May'18
90
100 87 Mar14 100 Jan 2
7013 Deo 13
79
3 'F
irm
3212
Boston
33
3312
it Maine
3212 3258
100 19 Jan 23 36 May29
671
15 Dec
45 Mar
Last Sale 165 June'18
Boston it Providence
100 150 Apr 15 16812 Jan 17 150 Deo 213 Jan
3 *
3 *
_
_
3
Last Sale 3 June'18
Boston Suburban Eleo_no par
2 Jan 26
3 Juno 5
2 July
____ i
- ii ___ ;ii
___
Last Sale 15 June'18
Do pref
no par 1014 Mar 1 15 June17
9 June 30
July
3 j
Boston it Wore Elea -no par
Last Sale 413 NoV'16
*30
Do prat _
*30 ---- *30
Last Sale 30 June'18
no Par 30 Mar 5 30 Mar 6
30 Aug
38
Feb
____ ____ ____ ___ ____
Last Sale 147 Apr'18
Chia Juno Ry it US Y-....100 147 Apr 17 147 Apr 17 148 Nov 150 Jan
___
*82
__ *82
_ ___
__ _ _
Last Sale 8312 May'18
_
Do pref
100 8213 Apr 18 85 Jan 30
8313 Dee 108 Jan
'5113 1-2-2 4,113 1-2-2 *113 1-2-2 *115 1-21 '5110 115
115 115
100 104 Feb 19 120 Mar 6 10213 Nov 140 Mar
3 Connecticut River
.60 ____ 80
60 .60
63 '560
62
*60
63
61
61
100 53 Jan 22 65 Jan 3
10 Fitchburg pref
44 Dec
7812 Mar
*112
*112
___ *1134 11412 4,113 115
Last Sale 11212.1'ne'18
Georgia Hy it Eire stamp,1100 11212 Junel5 11614 Jan 9 116 Dec 133 Jan
*78 -84
*78 -84
Last Sale 80 May'18
84
4'78
Do prat
84
418
100 80 Mar 8 81 Feb 25
83
June
9212
Jan
78
78
7712 7712 *____ 7713 ___ 7712 *--„, 7712 ------100 7712June18 85 Jan 3
-30 Maine Central
__
78 Deo 10018 Mar
314 314 *3
314 '52711 3
*234 3
234 234
100
234 234
2 Jan 2
750 Mafia Electric/ Cm
May16
712
1
Dec
June
612
2612 2634 26
2512 2513 2434 2512 2312 2434 1,685 Do oref stamped
264 *2512 26
100
812Jan 22 33 May16
6 Dec
3114 July
4118 4114 4012 4158 4012 4114 4012 4078 3834 40
3731 3812 . 1,293 N YN El it Hartford
100 27 Feb 25 48 May29
21114 Sept 6234 Jan
---- --- ____ ___ _- -Last Sale 90
Northern New Hampshire.100 00 Jan 10 90 Jan 10
Jan'18
9013
Oct
Apr
105
*90
__ *00
Last Sale 8812 June'18
.. *90
Old Colony
_- *92
95
•
100 28812 June14 98 'Jan 2
85 Deo 135 Jan
*2214 -25
2214 -2-2-14 *20 -2-5
*20
25
*20
25
___ ____
100 20 Jan 2 25 Jan 8
10 Rutland. prof
1613
Deo
Feb
8412
'90
99
*90
Last Sale 88
09
*90
99
99
*90
Vermont & Massaolmeette..100 83 Jan 21 88 Apr 18
Apr'18
83 Deo 110 Jan
4734 4812 4834 49
4813 49
4812 49
4834 49
4834 49
843 West End Street
50 37 Feb 20 49 May24
34 Deo
5613 Mar
*57
59
56
56
*564 59 *--- 59
*56
59
56
56
22 Do pref
50 47 Jan la 62 Apr 1 :45 Dec
74 Jan
Miscellaneous
*89
92
*90
9213 4'874 00
9034 *88
9034 0034 '589
91
100 7812 Jan 2 9034 June26
10 Amer Agrioul Chemical
73 Dec
9434 May
*94
9512 9414 9434 94
9412 94
94
95
94
9312 9312
100 8858Jan 2 9512 MaY21
85 Do prof.
88 Deo l031 Jan
'152 2
114 114 *112 2
*114
158 *1
134 *11s
134
76 Jan 24
100 Amer Pneumatic Service_ 25
212 Mar 2
1 Dec
24 Jan
*1012
-- 1012 1012 *11
1131 *1012 1114 '
1114 1012 11
510
35 Do prof_
50
8 Jan 29 1553 Mar 4
713 Deo
14 Mar
+11312 11412 113 11314 11212 113
11213 113 *112 113
11234 113
58 Amer Sugar Refitting
100 99 Jan 2 11512 May15
90
Nov
12614
June
109 109
10812 109
10812 109
109 100 *10812 10912 _
99 Do pre_
100 107 June -I 11334 May 9 105 Dec 12112 Jan
9714 9734 9512 0714 9518 06
9514 96
0514 9814 oirs -iiiiis 2,257 Amer Telep it Tales
100 9518 June25 109 Feb 5
96 Doo 1284 Jan
*5613 5712 8713 5713 *5714 58
*58
5812 *58
59
*5712 5812
50 American Woolen of Mass 100 451k Jan 8 6058 May24
3878 Nov
58 June
9312 94
94
94
9314 94
9312 94
94
94
94
94
122 Do pref
100 90 Jan 3 9634 Ma.r12 2874 Deo 10014 June
*70
71
71
71
z70
70
70
7014 *6914 ------------391 Amoakeag Manufacturing__
6012 Jan 2 77 May24
60
Deo
75
July
*80
32
30
80
78
*7714 -- *7714 80
79
92 Do pref
76 Jan 7 82 June 5
974 Jan
75 Deo
*13
14 '513
14
*13 -14
1312 14
1312 1478 1412 -1-5
1,785 Art Metal Construe Inc-- _10 11 Feb 21 15 June28
8 Deo
14$4 Dee
•10712 10812 108 108
11014 11012 +1114 112 *1104 111 *105 106
48 At) Gulf it W 1 S 13 Lines-100 98 Jan 15 12014 Feb 16
88 Sept 12112 Jan
*6112 63
*6112 63
*6213 6312 4'6312 65
Last Sale 61 June'18
Do pref....100 5812Jan 17 03 Mayll
5512 Feb
66 Jan
*2314 2313 2312 2412 2414 2412 +24
2412 2412 2412 24
24
745 Booth Fisheries.......aa par 21 Jan 25 26 Feb 16
_ .....
Di 1053 1034 1012 1013 1012 1012 1012 1013 1012 101
11 101
105 Century Steel of Amer Inc 10 1014 May18 11 May22
15
15
*14
144 14
1213 15 - ---- ------435 Cuban Port Cement
1314 14
14
10 12 Jan 29 j713 May 1
9 Dec
2012 Jun;
*434 478 *434 5
*434 5
*434 5
*434 47
434 -43100 East Boston Land.
10
4 Jan 31
534 May15
378 Dec
10 Jan
13413 135
138 136
138 139 - -------137 138
139 139
37011 Edison Electric) Ilium
100 134 June21 15412 Jan 2 13318 Deo 228 Jan
2712 291
1
15
'59 Fairbanks Co
25 2712 June27 3158 June28
go"- *iiiii 1491-3 *iii- ail-2 iiiis 1163-4 *148 149 - -----__
-----_
37 General Electric_._ __._ 100 128 Jan 18 15134 May16 11834 Deo 17014
4,5
6
Jan
518 518 *514 6
5
518 *5
6
--....,...
125 Internal Port Cement.-- 10
5 Apr 3
612 Feb 6
4 Deo
1812 Jan
*1312 _
*134 _
*1312 __ *1312 _ _
Last Sale 14 June'18
Do pref
50 12 Apr 23 1514 Juno 4
10 Dec
334 Jan
434 -4.78
4% 4'3412 -434
45g -4%
4
414 434
41
458 4472 Island 011 dr Trans Corp .10
312 Apr 29
512 Mar18
8913 3913 *8913 ___ 8912 8912 4'894
_ +8912 --------- ---- 4 McElwain(W H) lst pref_100 89 May28 921!Feb 28
9212 Dec 102 Jan
85
$6
$5 -86
86
8(4 8
86
86
86 16
8612
280 Massachusetts Gas Cos_ _100 :7714Jan 15 91 May16
71 Deo 10012 Mar
63
8314 63
84
*63
65
*63
65
• 91 Do pref
*63
100 62 June17 70 Jan 3
65
63
63 Dec
81 Mar
*10712 ____ 10713 10712 108 108
--------62 Mergenthaler Linotype-100 107 Junel 1 124 Jan 31 110 Deo 169
109 109
10813 109
Jan
*8812 _-_- *8813 __ *8812 ..-- *8813 _
Last Sale 8834 June'18
New Eng Cotton Yarn___ 100 88 Jan 15 8912 May16
35 Jan
95 Mar
*88
_ *88
_ .88
_ 4,88
_
Last Sale 9212 Aug'17
Do prat
100
60 Jan
924 Aug
*NU -1781312 ii12 8612 -SY
8612 8613 ---- ---8614 -Si
New
England
Telephone_100 86 June 1 100 Jan $
50
93 Deo 1244 Mar
4'59
63 .58
60
58
59
*55
66 Nova Scotia Steel it 0........100 58 June25 69 Jan 2 359 Nov 112 Jan
58
*55
60
---- ---+114 118 *114 116 *11412 116
11418 11418 ----------------12 Pullman Company
100 102 Jan 7 11913May16 107 Deo [6614 Jan
*34
3412 34
34
m Punta Allegros Sugar.
4,3i2 .412
3412 3412 34
34
60 29 Jan 3 35 Feb 23
29 Dec
46 Jan
*1234 1313 *1234 134 13
13
13
13
13
25 Reece Hutton-Hole
13
10 11 Jan 29 137s Marla
10 Deo
16 Mar
10778 109
108 10834 107.2 108
10734 10912 10812 10912 10818 1-0834 1,914 Swift & Co
100 10214 Junell '14614 Apr 9 116 Nov 16272 Apr
___ *49
___ *49
_ *49
Last Sale 4912 June'18
_
Torrington
25 45 Jan 29 5012 Jan 4
40 Nov 68 June
*123
*49124
124 12413
124 12412
12358 1-24-12 12412 12512 124 125
420 United Fruit
_100
11511Jan
17
133
Feb
18
8105
Dec 15513 Jan
42
42
4034 42
4013 4113 4012 4012 40
4012 3978 4012 2,001 Culled Shoe Mach Corp.._ 25 3972June28 4812 May16
374 Dec
5814 Jan
4,2434 2513 *25
254 25
2538 25
2514 254 2514
2512 *25
238 Do pref
35 25 Jan 19 2613 May28
25 Oct
3018 Mar
106 10713 19713 10914 10758 109
10734 10912 10878 11058 10738 10834 9,331 U 8 Steel Corporation
100
87
Mar25
11334
May16
705
8
Dee 135 May
•11118 11134 *111 11112 4'11114 11134 *11.1 112
Last Sale 111 June'18
Do prof_________
MO 109 Mar25 3112 Feb 1 103s4 Deo 121 Jan
$
$
8
8
8
8
*778 8
778 8
734 734 1,675 Ventura Consol Oil Fields- 6
5 Jan 2
834 June 4
44 Dec
84 Jan
Mining
*12
1
12
*121.1
1
12
*12
12
*12
12
1
150 Adventure
26 13 June27
114 Jan 25
Oct
1
414 Jan
*74
76
7412 7413 *7412 76
7414 7514 75
75
75
76
70 Ahmeek
26 71 June13 83 Jan 3
70 Deo 108 Jan
*13* 134
112 112 *111
134 *114
3'/,
134
2
214 212 2,986 Alaska Gold
10
138 Apr 25 3'A June27
1113 lan
1 Dec
'.20 .35 '
5.25 .35 '5.25 .35 ..25 .40
100 Algotnah Mining.
25
.25 Jan 7
.45 May13
4 Sept
114 Jan
Al klioues
25 z47 June14 64 Feb 27
45 Dec
70 Mae
1712 174 /712 1814 *1734 18141 18
1834 1818 1818 1814 1914 2,338 Amer Zino, Lead it Smelt. 26 1258 Mar23 1014 May14
11 Dec
4114
11112
*47
49
+4712 4912 49
49
50
4912 4012 5014 5014 50
100 Do pref
26 41 Jan 2 504 June27
40 Nov 73 Jan
*1334 14
14
1418 4'1334 14 I *1334 14
*1334 14
14
1414 1,265 Arizona Commercial
6 11 Jan 5 144 Feb 18
812 Nov
1514 June
'.27 .32'
.27 .32 '.27 .32 '.27 .32
Last Sale .30 June'18
Butte-Balaklava Copper_ 10
25 Feb 1
.45 Jan 7
.25 Dec
24 Jan
*2412 28
*2412 26
*25
*2413 26
2612 2734 2734
+2413 26
50 Butte it Sup Cop (Ltd)._ 10 17 Mar25 33 May14
1258 Dec
62 Jan
67
67
67
67
67
67
67
67
6712
6714 6714. 67
199 Calumet it Anions
10 6213 Jan 15 7313 May16
55 Dec
8514 Jab
4'439 445
440 445
445
440 440
445 4'440 445
440 440
26 427 Feb 29 465 May27 411 Dec 590 Feb
32 Calumet it Heels
*1012 11
11
11
1034 1034 *1012 11
11
11
*1012 11
26 103jJune27 1412 Feb 19
95 Centennial
11 Dec
274 Jan
*4513 46
48
46
4614 4613 4614 4614 4614 47
4612 4634
555 Copper Range Co
26 4358 Mar25 50 May16
3914 Dec
68 Jan
4'178 218
2
2
2
2
2
*2
2
212
2
218
490 Daly-Wt
20
112 Apr 10
258 Mar l
112 Apr
3 Jan
578 578
534 534
578 6
54 54
6
558 578
6
945 Davie-Daly Copper
10
5
Jan
2
Mar
678
8
74 Jan
314 Nov
84 878
878 878
9
9
878 9
985 East Butte Copper Mln___ 10
9
834 9
9
512 Mar25 1012Jan 2
814
Deo
la
Jan
*4
412
4
4
4
4
4
4
*4
Franklin
*378 4
5
26
3 June21
6 Feb 18
4 Dec
9 Mar
*78
78 '74
78 '75
Last Sale 7313 June'18
77
*7512 78
_100
7312
d
.
C
o
n
e
l
i
d
a
t
Mar28
June14 79
68 Dec
92 Jan
4'41
42
*41
42
*4112
42
*41
*40
4213
42
42
42
aene
n Cananea
45G
5°re
100 39 Jan 17 4458May 9
35 Nov 4613 Jan
513 513 *514 513
*534 6
512 512 *512 613 *54 6
200 Hancock C.oneolidated__
25
518 June21 101s Jan 2
7 Dec
2012 Jan
*110 .80'
.50 .65 '.50 .75'
Last Sale .50 June'18
.25 .65
Indiana Mining
25
13 Apr 8
$4 Dee
1 Jan 3
4 Mar
86
66
66
66
66
6612 66
935 Island Creek Coal
6613 26412 6412 6234 6312
i 50 Jan 14 70 May15
62
Nov 7613 June
*82
34
*83
85
Last Sale 84 June'18
*83
85
*83
85
Do pref.
1 80 Jan 24 84 Feb IS
80 Nov 94 Apr
*24
2412 25
25 '24
2514 2414 2413 25
2514 *24
495 tele Royale Copper
25
25 1912Jan 14 26 Jan 2
20 Dec
36 Jan
814 514 *54 534
558 • 552
6
188
534 534 *53.
534 534
6
5 Jan 2
6 Feb 19
414 Apr
6 Aug
*114 13g *118
112 *1
138 '1
Last Sale 114 June'18
114
lie
Kew
rrl
eettwe Conner
26
.99 Jan 24
134 May15
u
ne
434 Jan
J
114
4,54 512 *54 6
*5
6
Last Sale 513 June'18
*5
6
Lake
26
5 Mar25
834 May14
6 Oct
18 Jan
213 212 *214 2.2 *214 213 *214 212 *214 212 *214 212
50
Salle
25
2 Jan 2
314 Mar 5
114 De0
5 Jan
*4
5
*4
5
*4
5
Last Sale 413 May'18
*4
V
CoPer
p
a
li
p
ey
"C°ralInc
5
412 Apr 30
6 Feb 13
41e Nov
8$s Aug
*CI
512 *5
512
5
5
5
512,
360 Mass °wool
514 *5
514 514
25
478May 3
7 Jan 2
5 Nov
1513 Jan
4.210 214
2
3
278 278
234 2781
234 278
213 234 3,366 Mayflower-Old Colony
25
.65 Mar26
3 June24
1 Nov
3 May
4'.80 1 '
.50
1
.60 .65 .50 .50 '.50 .601 .40 .60
Michigan
525
25
.40 June28
158 Atie
212 Feb 6
513 Mar
*80
6013 6012 6012 56
60
5818 60731 6014 6034
57
57
718 Mohawk
25 68 June25 6613 May16
57 Dae
98 Jan
*19
1034 *194 20
*1914 20
*1914 20
Last Sale 1912 May'18
Nevada Consolidated
5 1813J30 30 2013 May14
16 Nov
264 Mar
112 *114
112
112 113
112
134 *114
112 2 I
2
460 New Arcadian Copper__ 25
2
214 Feb 9
112 Apr 22
112 mo,
0 Jan
*15
16
*15
16
16
16
14
*15
16 I
16 '
_
100 New !dna QuIckeilver___ 5 13)4 Jan 2 1714 Mar 7
10 Nov
1713 Apr
15
15
15
Last Sale 15 May'18
15
New River Company
100 14 May23 20 Jan 2
22 Jan
30
mar
74
74
74 *..
Last
Sale
74 June'18
74
Do pre
100 731 May 3 80 Jan 31
65 Dee
921.j Mar
*-;
5 i4 9
0
834 834
834 834! *814
9
40 Niplasing Milled
$..4 Jan 11
6
9 Apr 11
634July
958 Sept
1414 1414 4'1458 15 '
1458 15
15
*15
1538 1518 1518
15
North Butte
150
16 1312 Apr 17 1738 May16
1134 Oat
21141 Mar
'.80 .80 4..60 .80 ..60 .80 '.60 .80
Last Sale .75 May'18
North Lake
25
.96 Marls)
.25 Feb 14
.30 Nov
234 Jan
'.80 .75'
.50 .75
.60 .60 '.50 .75
.75 .75
.75 .75
410 Ojibway Mining
26
h June21
113 Mar30
.98 Dee
272 Jan
40
40
*40
41
*40
41
41
4012 42
41 '
4034 42
196 Old Dominion Co
25 39 May28 4513Jan 3
33
Nov
6734
Mar
*48
49
49
4914
50
49 49
50
50
49
50
50
145 Osceola
25 4612June11 65 Jan 9
534 Den
95 Mar
*19
1912 1912 1912 1958 1933 19
x19
19
19
*1812 19
120 Pond Creek Coal
16
174Jan
12
Feb
20
20'.
16 Nov 2834 June
88
68
67
68
67
67
66
6713 67
67
67
67
131 Quincy
25 66 June26 78 May18
60 Nov
9412 Feb
*2314 24
4,24
2434 4'24
2434 24
*2338 24
24
2418 2418
125 Ray Consolidated Copper_ 10 2134 Mar22 2534 May23
20 Nov 3218 Apr
*50
52
52
5212 *50
54
*50
*50
54
54
*49
52
20 81 Mary's Mineral Land
25 4613Junel1 57 Jan 2
48 Dee
893
4 Mat
*.80 .75'
.65 .76'
.65 1' .70
.65 .65 '5.70 .75
.50 .65
260 Santa Fe Gold it Copper_ 10
114 Feb 21
12Juno21
.58 Doe
2 Jan
*378 4
4
4
4
4
4
4 • 378 3134
378 4
1,840 Shannon
534 Jan 2
10
3 Apr 10
51s Oct
19 Jan
.16
1712 *16
1712 4,16
1712 *1612 1712
Last Sale 161j June'18
Shattuck-Arizona
10 18 Jan 15 17 May 8
19 Oct
301g Mat
*111
1,2
112
114
114 *114
113
14 114
125 South Lake
25
114 Apr 22
2 Jan 3
.89 Dee
64 Jan
+.10 .18 .
.10 .18 *.10 .18
.14 .14 4'.10 .18'_.. .20
100 South Utah M & 8
6
.11 Jan 23
.20 Jan 8
.51 Jan
.10 Dee
*4
5
*4
5
5
5
*4
5 1
512 *4
5
5
20 Superior
25
4
Feb
19
May15
613
314
Dee
165
8 Mat
*2
2
214
2
*2
24 *2
214
4 214
218 218
21
145 Superior it Boston Copper_ 10
334 Jan 3
2 May 3
358 Dee
814 Jan
*312 4
*334 4
33t 334 *311 334
34 34 *312 334
70 Fanny
413 Feb 13
814Jan 14
26
3 Nov
812
July
+.15 1
'.95 .99 *.95
1
.95 .95 +.95 1
.96 .96
200 Tuolumne Copper
.85 May 1
114 Feb 21
1
1 Mar
2% Jan
*4012 4112 42
4214 4113 4258 4214 4212 4213 44
4313 4514 2,161 US Smelt Keith it MM._ 50 36 Apr 13 4914 Feb 19
4018 Doe
673j Jan
*44
4434 44
44
4334 44
444 4412 44
44
44
44
269 Do Wei
80 4214 Apr 13 46 Jan '2
4311 Nov
5212 Jain
1101% 2
*134 2
134 2
.
*134 2
Last Sale 1% June'18
Utah-Apes MLning
s
1143,1ay31
258Feb 8
V. 034 978
173 Mar
378 Sept
913 934
9
914
9
834 914
912
912 10
2,351 Utah Consolidated
834 June25 12 Jan le
5
913 Dee
2112 Feb
*80
8012 8111 8114 *79
793.1 *80
80,2 4'80
8012 81
81
60 Utah Copper Co
7713
Mar23
11
)
85
Feb
19
71
Dec
11818
May
*178 2
173 2
2
2IA 218
2
21
4
2.4
2
218 4,020 Utah Meta/& Tunnel
158June 5 314J
1
Aapnr 8
3
218 Deo
63* Jan
*2
234 *214 234 4,2
213 *113 2,2 *214 213
212 212
250 Vietoria
213 Jan 26
25
Jan
6
Oct'
2
*114
112 *114 112 *112 2
*1.2 2
2
2
*112 2
100 Winona
25
1 Jan 10
2 Jan 3
2 Oct
5'8 Jan
*2513 26
2512 26
*25
26
2414 24,3 2412 26 1 *26 ---135 Wolverine
28 2312June15 36 Jan 3
31 Dee
5313 Mal
'.60 1
'.60 I
'.60 1
'.60
Last Sale .50 June'18
1
wvantlott
20
.40 May10
VA Mar 7 .15 A..*
218 Jan
•Bld and asked Drums. a Ex-dividend end rights. a Amassment paid.
Etaztoet dividend
Zz-tights
w Half-paid
*13312_
134
73 -74-34 73
*85
90
*86
'32
33
3213
-_- ---_ *____
• _
3
_
ii:
____ ;TA
1
135
76
90
33
135
7312
*85
*3212
135
135
74
74
90
*85
3312 *33
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Juno 22 to Juno 28, both inclusive:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
BondsU S Lib Loan 310_1932-47
1st Lib Loan 4s..1932-47
2d Lib Loan 4s__1927-42
3d Lib Loan 410_1928
Am Agri° Chem 5s___1928
Am Tel &Tel coil 4s.._1929
Anglo French 5 year 55-AU G &W I SS L 53_1959
Gt Nor-C B & Q 4s ....1921
KC Morn & B lite 5s__1934
N E Teleatame 5s......_1932
Pond Creek Coal 6s__1923
Swift & Co 1st 5s____1944
United Fruit 434s____1923
S Smelt, R&M cony 6s..
Western Tel & Tel 53_1932
99.34
94.14
94.32
96.24
96%
92%
83
99.24 99.74 855,600
93.44 94.34 37,050
93.42 94.38 76,250
95.44 96.90 58,400
96% 96% 5,000
1,000
80% 80%
92% 924 2,000
9,000
74% 75
94% 94% 1,000
1,000
61
61
8634 8614 1,000
93% 24,000
93
14,000
9434 94
95% 954 1,000
1,000
95
95
8,000
824 83
Range since Jan. 1.
High.
Low.
96.52 Jan 99.80May
Jan
93 June 98
92.84 June 97.90 Mar
May
95.14June 101
Jan 994 Feb
92
Jan
80% Apr 83
92% June 9211 May
Jan
74% June 79
Mar 94% June
92
June
584 Apr 61
864 June 914 Feb
Feb
Apr 95
90
92% Mar 95% Feb
Jan 95% Feb
93
944 Jan 97% June
8234 June 90% Mar
Chicago Stock Exchange.-The complete record of
transactions at the Chicago Stock Exchange from June 22
to Juno 28, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cont. 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.
Amer Shipbuilding-100
100
Preferred
Booth Fisheries, corn
new
(no Par)
Chic C & C fly pt sh coin
Preferred
Chic Pneumatic Tool__100
Chic Rys part ctf "2"
Chic Rys part ctf "4"
Commonwealth-Edison 100
Cudahy Pack Co com_100
100
Diamond Match
Hart,Shaff&Marx pref_100
100
Illinois Brick
10
Lindsay Light
100
Nat Carbon prof
Page Woven Wire Fence 20
Peo Gas Lt & Coke___100
Pub Ser of No Ill corn..100
100
Preferred
Quaker Oats Co pref___100
Sears-Roebuck coin_ _ _100
Stewart-Warner Sp com100
100
Swift & Co
do Warrants
Union Carbide & Carbon
(no par)
Co
United Paper Bel corn..-100
Ward, Montg, & Co, pref..
Wilson & Co common_ 100
12531 132
8934 8934
834
55
2334 244
134 234
17
12
7434
7234 oui
12g 13%
1
1
10034 100 10034
11334 115
115
10534 1074
10334 10334
4934 50
1934 20
1934 114
114
634 634
42
42
7134 7134
82
82
9714 9834
13414 138
58
5734 5834
1084 1074 10934
108 108
510
245
2,170
1,585
95
2
456
830
160
90
60
345
50
50
1
25
15
40
215
570
2,661
114
130
2334
5534 5134
22
1934
10134 10034
61
Range since Jan. 1.
Low.
High.
Jan 14434 May
87
8434 Mar 9334 May
Jan
June
Juno
Jan
Jan
May
June
Jan
Jan
10334 Mar
Apr
48
x19
May
Mar
107
Mar
5
4034 Apr
70 June
82 June
Jan
95
133 June
Jan
47
10234 June
June
101
1834
134
12
4734
8
1
100
1074
102
26
234
18
7434
16
134
108
115
114
108
58
28
114
7
55
77
90
100
157
59
146
108
Feb
June
Mar
June
June
Mar
Feb
June
May
Feb
Jan
Jan
June
May
Jan
Feb
Jan
Jan
Feb
May
Apr
June
5634 27,701 4734 Apr 5634
397 1434 Feb 224
22
1014
140 10034 June 110
Jan 6534
1,035 46
64
Bonds86
86
1,000
Chicago City fly 55-1927
60
58
19,000
Chic City & Con Ry 55 '27
5,000
59
57
Chic Rys 4s series "B"
33
3334 2,000
Chic fly Ad Inc 43......1927
Chicago Telephone 58 1923 944 0434 9434 5,000
90
9034 8,000
Commonw-Edison 58_1913
99.20 99.30 1,050
Liberty Loan 348_1932-47
Lib Loan 2d 4s...._1927-42 94.40 93.50 94.40 16,800
95.70 95.80 2,750
Liberty Loan 4118--1928
5534 7,000
55
Metr W S El 1st 4s...1938
10,000
66
66
NWGIL&CCo 5s._1928
1,000
7734 7734
Pub Set Co 1st ref g 5s 1956
804 8034 3,000
South Side E'er 448..1924
9454 14.000
94
04
104.1
Rolft Ar fin 1st a At
Jan
Jan
Jan
Jan
9234 June
Mar
90
Jan
97
93 June
95.20June
Apr
45
66 June
7734 June
7811 May
9234 Apr
8434
52
50
27
June
May
Feb
May
8834 Apr
60 June
5934 Jan
334 June
9634 Jan
944 Mar
99.50June
97.52 Mar
98.10May
Jan
57
66 June
8134 Jar
Jan
81
9534 Jar
Ex-dividend.
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from June 22
to June 28, 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.
Sale
of Prices.
Par. Price. Low. High. Shares.
Am Wind Glass Maca_100
Amer Wind Glass, pref_100
Inde;) Brewing, corn.-50
50
Preferred
La Belie Iron Works.._..100
100
Lone Star Gas
50
Mfrs Light & Heat
Nat Fireproofing, corn....50
1
Ohio Fuel 011
25
Ohio Fuel Supply
Oklahoma Natural Gas 25
Plttsb Brewing, corn.... 50
100
Plttsb Coal, corn
100
Preferred
Plttsb Jerome Copper-__1
100
Pitted) Oil & Oas
Riverside East Oil, corn.. _5
U S Steel Corp. corn.. 100
West'house Air Brake...50
West'house Elea & Mfg_50
2745
THE CHRONICLE
JUNE 29 1918.]
50
100
2
1134
150
154
3
53%
81%
380
1%
103
95
43
Range since Jan. 1.
Low.
440 40
4934 51%
120 99
99 100
134
430
2
234
6%
10
8% 834
1,460 106
112 114
612 95
147% 15014
374 4834
49% 50
3
3%
110
3
10 15
15% 15%
434 44
903 41
2331 23%
130 23%
14
260
34
3
53
790 45
5334
81%
81
70 7931
350 47o 25,975 35o
5%
380
734 7%
134
134 1%
507
1,321 8734
105% 110
327 93
09
95
350 39
43% 41
High.
Jan
June
Jan
Mar
Mar
Jan
June
Jan
June
Mar
June
Mar
Jan
Apr
June
Jan
Apr
Mar
June
Jan
6334
101
211
9%
115
165
53
4
16
46%
25
314
58%
84
1
714
1%
113%
97%
47
June
Feb
May
Jan
Feb
May
Jan
Mar
Jan
June
Jan
May
Feb
May
Feb
Mar
Jan
May
May
May
June
91
Juno
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks-Par.Price. Low. High. Shares.
100
Alabama Co
Atl Coast L (Conn)___100
10
Atlantic Petroleum
Celestine Oil v t
Consol Gas EL & Pow_100
Consolidation Coal__ --100
5
Cosdea & Co
5
Preferred
Davison Chemical_no par
50
Elk`iorn Coal Corp
50
Preferred
Georgia So & Fla 1st pf 100
Houston Oil trust Ws_ _100
Preferred trust etfs_ A00
Mer dr Miners Trans_ _ _100
Mer & Min Trans V T_100
Mt V W'db'y MillsPreferred v t r
100
50
Northern Central
Poole Engineer & M 400
United fly & Elea
50
Wash B & Annap
50
50
Preferred
Wayland Oil & Gas
5
BondsAnacostla & Potom 5s 1949
Atian & Char 1st 5s_ _1944
Atlantic Co 1st L RRConvertible deb 4s_1939
Bait Spar Pt & C 44s 1953
Charles & W Car 1st 5s '46
Chicago Ry 1st 5s___ _1927
Consul GEL&P 434s '35
5% notes
6% notes
Co'isol Coal ref 5s.. __ _1950
Cosden & Co ser B 6s4932
Georgi & Ala cons 5s 1945
Ho iston Oil div ctfs '23-25
Kirby burn Contr 63_1923
Minn St & St PC it 58 1928
1949
Norf fly & Lt 5s
Pennsyl W dc P 5s_-__1940
United E L & P 448_1929
United Thy & E 4s.......1949
1949
Income 4s
1936
Funding 5s
do
1936
small
6% notes
36
26%
40
75
73
7811
734
7314
50
80
234
1.50
94
84%
6%
334
30
2234
394
75
40
64
56
70
Jan 106
May 90
June
378
June
1.65
Jan 102
June 106
Jan
8%
4
Jan
Jan 3834
Jan 29
Mar 40
June 75
Jan 86
Apr 804
Jan 92
Apr 90
May
Jan
Feb
June
Feb
Jan
Jan
Jan
Jan
Mar
Mar
June
June
June
Jan
Mar
74
73%
63
19
29%
37%
3%
80
104
10
87
720
10
250
68
70
53
17%
24
35%
3
Jan
Jan
May
June
Jan
June
Apr
74
74
63%
24%
3034
4134
Feb
June
June
Feb
June
Jan
Jan
95%
82
2%
1.65
9711
85
7
19
29
37%
3
74
73%
63
19
29
3714
3
92%
$1,000
87
87
92% 92% 2,000
354
76
7314
7314
9035
90%
89
78
97%
834
92
74
9034
90%
81%
82
9034
97
89
78
924
97%
97%
91
94
86
83%
72
53
744
75
92
High.
Low.
65
77
200
2,825
147
252
1,234
115
450
5
50
16
20
428
46
136
95%
82
2%
1.50
9634
85
6%
3%
35
26%
40
75
73
76
7314
72%
97
85
Range since Jan. 1.
74
9034
90%
82
82
91
97
89%
78
9214
98%
97%
91
94
86
8334
72
53
74%
75
92
11,000
1,000
2,000
3,000
2,000
21.000
1,000
15,000
13,000
2,000
23,000
18,000
1,000
3,000
5,000
2,000
4,000
1,000
1,000
200
4,000
88% Feb
944 Feb
Feb
86
92% June
74
90
90
81%
81
90
9434
81
78
92
88
9531
91
90
84
83
72
5234
744
75
914
l
June
Mar
Jan'
June;
Jan
June
Jan,
Jan'
June
Jan,
Jan'
Apr,
June;
Apri
Marl
Apr
June
June;
June;
Apri
June
76
93%
92
85
84
95
974
89%
834
9434
99
9834
95
94
87
85%
7714
584
80
82%
96
Jan
Jan
Jan
Mar
Feb
Jan
June
June
Jan
Jan
Jan
June
Jan
June
June
Jan
Feb
Jan
Feb
Feb
Feb
Phliadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Juno 22 to June 28, 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.
Friday
Last Week's Range
Sale
of Prices.
StocksPar. Price. Low. High.
;
11
American Milling
11
10
684
American Rys pref.._ __100
67
95
95
Baldwin Locomotive.._100
Preferred
100 100
100
Cambria Steel
135 135
50
51%
Elec Storage Battery _100'
50
General Asphalt
100 3034 22
3234
64
58
Preferred
100
26%
26
Insurance Co of N A_ _10
26
J G Brill Co
23
100 26
8
8
Keystone Telephone.... 50
Lake Superior Corp...100 18% 16% 18%
67
66
Lehigh Navigation
50 67
59% 60
Lehigh Vallex
50
52% 5231
Midvale Steel & Ord_ -50
8431 85
Pennsylvania Salt Mfg_50
50 4334 43% 44%
Pennsylvania
24% 24%
Phila Electric of Pa.. _25
Phil Rap Tr vot tr rcts_50 2534 2411 254
68
63
Philadelphia Traction_ 50
9131 94%
Reading
50
Tono Belmont Devel____1
3 2 15-16 3 1-16
2% 2%
Tonopah Mining
1
Union Traction
50 3734 3734 38
United Gas Improvt 50 11355i z6531 6634
U S Steel Corporation_100 1084 10611 1094
8
8
Warwick Iron & Steel 10
8
71% 74
50 74
Westmoreland Coal
8334
78
Wm Cramp & Sons_...100 83
Sales
for
Week.
Shares.
Range since Jan. 1.
Low.
I
High.
Apr
100
934 Jan 11
Feb
45 67 June 80
10 58% Jan 100% May
12 9511 Jan 100 June
Jan 136
Jan
10 115
Mar 5214 May
799 48
12,059 14% May 32% June
Jan 64 June
3,200 47
Jan 27 June
211 24
Jan 26% Feb
509 18
Jan
9
8 Mayi
20
Jan 18% June
18,692 12
May
1,087 6131 Jan' 68
Mar
Jan' 63
267 55
30 43% Jan 594 May
Jan; 9011 Mar
25 82
1,959 43% June 47% Jan
1,120 24 June 26 May
Jan
1,851 23% Mar 30
Apr 7134 Feb
78 66
Jan 94% June
1,190 71
314 Mar
June
1,525
Jan
4
2% May
425
335 3714 June 4214 Jan
616 z6511 June, 724 Jan
20,633 86% Mar; 11311 May
8% Mar
734 Apr
5
Jan
Mar 76
8 69
Jan 954 June
1,120 74
Bonds99.1099.40 $4,350
US Lib Loan 345_1932-47
93.4093.80 3,500
1st Lib Loan 46_193247
2d Lib Loan 4s__1927-42 94.30 93.4094.30 34,800
95.5096.38 17,400
3d Lib Loan 4%s__1928
100410034 1.000
Baldwin Locom 1st 5s 1940
Bethlehem Steel purchase
1,000
81
81
money 5s
1936 81
5,000
91
91
Consol Trao NJ 1st 5s 1932
72% 7,000
71
Elea & Peop Cr ctts 4s_1945 72
300
71
71
Small
1945
10.000
55
54
Lake Superior Corp 5s 1924
1,000
76
76
Lehigh Val gen cons 4s 2003
87% 7,000
87
Pennsylv RR gen 414s 1965
9514 954 10,000
Consol 44s
1960
Philadelphia Co cons & coil
79
2,000
tr 5s stamped
1951
79
924 934 144,000
Phila Electric 1st 5s.._1966 93
1,200
94% 96
Small
1966
Reading gen 4s
1997
8234 8231 2,000
1,000
57
57
United Rysgold trctf451949
8931 8934 1,000
York Railways 1st 53_1937
Jan 99.70May
97
93 June 97.90 Jan
92.80June 97.60May
95.30June 98.52May
May
99% Apr 101
Mar
June
Mar
Apr
Jan
June
June
June
83%
95
7334
74
55
80
92
93%
May
Feb
May
Jan
May
Jan
Jan
Jan
Apr
73
924 June
Jan
94
8134 Apr
57 June
89
May
82
96
97
85
60
89%
May
Jan
May
Jan
Feb
June
79
91
70
70
4734
76
87
954
x Ex-dividend.
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Bonds.
Plttsb Melt dr Conn 5s1931
91
91
91
$1,000
91
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Juno 22
to June 28, 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.
Week ending
June 28 1918.
Stocks.
Shares. I Par Value.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
281,500 $27,441.500
638.500 59.582.000
561.000 52,813,500
639,000 57,899.500
652,100 58.529.000
415,612 34,067.000
3,188,312 $290,332.500
Railroad.
dtc..
Bonds.
$455,000
733.000
855,000
711.000
682.000
919.000
Slate, Mun.
& Foreign
Bonds.
U. S.
Bonds.
$433,000 $1.989.000
846.000 3,807,000
665,000 5.043,000
1,017.000 4,870.000
733.000 7,567.000
715,000 6.686,000
$1,356,000 $4,109,000 $29.962,000
2746
THE CHRONICLE
Sales at
New York Stock
Exchange.
Week ending June 28.
1918.
Jan. 1 to June 28.
1917.
1918.
1917.
Stocks-No. shares___
3,188,312
101,486,587
4,075,183
73,586,540
Par value
$290,332,500 $388,335,300 $6,878,540,000 $9,922,886,505
Bank shares, par
$54,300
$12,900
Bonds.
Government bonds__ _ $29,962,000 $7,450,650
$489,419,500
$9,021,200
State, mun. &c., bds.
4,409,000
4,787,000
104,329,000
191,030,500
RR. and miso. bonds_
4,356,000
306,745,500
6,526,500
144,834,500
Total bonds
$38,727,000 $18,764,150
$506,797,200
$738,583,0001
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week ending
June 28 1918.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
4,700
15,724
10,457
12,918
18,268
16,135
$21,200
58,650
37,300
59,400
65,600
53,300
2,788
10,936
8,869
17,252
18,420
9,959
$8,100
38,550
32,450
99,700
35,300
32,000
1,888
1,146
967
1,366
1,683
527
$22,800
33,200
12,000
48,500
38,000
26,000
Total
78.202
$295.450
68.224
$246,100
7,577
$180,500
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from June 22
to June 28, both inclusive. It covers the week ending Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed-that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions whatever. Any security may be dealt in and any one
can meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Week ending June 28.
Stocks-
Explos r . (no oar) 13% 13% 14%
Amer Tin dr Tungsten_r_l 9-16
55 11-16
Brit-Amer Tob ord be,ar_ £1
16% 16%
Burns Bros Ice r
100 27% 25
2955
Carbon Steel com_r
121 133
100
Car Ltg & Power_r 4 25
2% 2%
Chevrolet Motor
100 140
130 144
Cities Service com_r_--100
210 214
Cramp(Wm)S & E B_r100 83
80
83
Cuprite-Esmeralda Sulphur.r
1
1% 1%
1
Cuprite Sulphur_r
g 1
Curtiss Aerop & M corn (t)
38% 41
Eastern Vonding_r
5
5%
554 534
Emerson Phonograph_ _5
1% 134
GenAmTank Car1st pf r 100
90
90
General Asphalt corn _ r _ 100 29% 23',', 3255
Preferred_r
61
100
61
Gillette Safety Razor_r_(t) 96
9034 97
Grape Ola
1
%
% 13-16
Preferred
1 1 7-16 1 5-16 1 7-16
ImperlaiTob of GtBrit&Ire
10
10
Keyst Tire & Ruh,corn i0 19
1855 1934
Kirby Lumber com_r__100 19
17
1934
Preferred_ r
61 *6255
100 62
Marconi Wire! Tel of Am _6
3%
3% 3%
Mitchell Motors_(no par)
29
34
North Am Pulp & Pap (t)
2%
234 234
Peerless Tr & Mot Corp_50
15
16
%
3
Penn Seaboard Steel___(t) 56
55
56%
Penna Coal & Coke_r__50 32% 31
32%
Poulsen Wireless r____100 14% 13% 14%
Smith Motor Truok.r_10 1 9-16
134 . 134
11% 1255
Standard Mot Constr-r_10
Steel Alloys Corp_r
5
5
5
Stromberg Carbur'r_r_(t) 25
21
2255
Submarine Boat v t o.._(t) 1655 16
17
/
7
s
Thlogen Co of Amer r___5
5
5% 6
United Motors.r.
...(no par) 3434 2954 34%
U S Light & Heat com _ r_ 10
254
2% 234
5% 6%
U S Steamship
10
6
Wright-Martin Airo.r (t)
9% 10%
934
64
65
Preferred r
100
Aetna
Range since Jan. 1.
Low.
High.
19,800
6% Feb
mg May
82,900
%, May
% June
1,500 14% Apr 18
Feb
9,400 18% June 30% May
1,272 77
Jan 133
June
Jan
3% Mar
800
2
15,500 100
Jan 144 June
Feb 219% Jan
150 200
470 80 June 86
Feb
3,800
5,250
9,100
3,250
110
50
14,300
150
1,900
1,675
1,525
75
920
2,620
310
1,200
500
1,175
250
1,100
1,700
18,000
0,900
3,470
300
800
6,100
0,835
76,200
6,650
18,700
15,000
200
May
1
May
55
Jan
25
4% May
134 June
90 Juno
23% June
June
61
7754 Mar
55 June
1% June
June
10
1234 Jan
1034 Jan
Jan
60
354 June
29 June
2
Apr
Apr
13
43 May
2834 June
Apr
10
1
Jan
834 Jan
5 June
21
June
1134 Mar
4
Mar
19% Jan
1
Mar
4% Jan
6% Jan
45
Feb
1'4 May
2% Feb
42 June
6 June
434 Jan
90 Juno
3234 June
June
61
97 Juno
% June
13f, June
Juno
10
20% June
1934 June
Jan
63
3% Mar
34
June
3% May
20
Feb
5634 June
3355 June
1534 May
2% Apr
1334 June
5 June
2254 June
2034 May
6 June
3434 June
234 May
734 May
11% May
69 June
Former Standard OH
Subsidiaries.
Anglo American 011_r__ £1
Buckeye Pipe Liner_ -50
Illinois Pipe Liner __100
Ohio Oli_r
25 324
Pierce 011 Corp_r
25 16%
Prairie Pipe Lino_ r.._ _100
South Penn 011_r
100
Standard 011 (Ind) r_ _100 620
Standard Oil of N Y___100 270
11% 13% 9,500 11%
94
94
10 93
167 167
10 165
325 IF 327
25 300
15% 17% 77,000 13
253 253
10 253
267 267
10 262
620 620
12 620
268 272
/ 352 252
Feb
Mar
June
Jan
Juno
June
June
June
Jan
17%
100
102
365
17%
279
290
640
285
Jan
Feb
Jan
Jan
June
May
Jan
Mar
Feb
(VOL. 106.
Friday
Sales
Last Week's Range for
of Prices.
Sale.
1Veek.
Price. Low. High. Shares.
Other 011 Stocks
Allen Oil_r
1
7-16
55
Amer Ventura 011_r
1
180
160 180
Appalachian 011 r
10e
00
60 100
Barnett 011 & Gas.r
1 7-16 5-16
A
Boston-Wyoming 011.r
1 200
190 2Io
Cosden & Co,oom r
6% 7
5
Crystal 011 & Ref_r
1
1
155
Drillers 011_r
10c 7-32 3-16
54
Elk Basin Parole um_ r_ _ _ 5
6%
6
6
Esmeralda Oil Corp_r___I
6c
8o
5o
Federal 011_r
5 255 2% 2%
Glenrook 011_r
455 4%
4%
10
Hanover 011 & Ref_r
1% 255
5
Houston 011 corn _r _ __AO() 69% 69% 79%
Imperial Con 011 5
1
%
34 5-16
Intemat Petroleum_r__£1 14
13
1455
Island 011 & Trans_ r___10
4% 4%
Kenova 011
1 5-32
g 5-32
Kinney Oil
11-16
%
Merritt Oil Corp_r
10 2754 2754 28%
Metropolitan Petroleum _6 1 5-16 11-18 154
Mid Cent Cons0ildrUt.r.10
754
7
7%
Midwest 011 com_r
1.12 1.16
1
1.14
Preferred r
1 3-16
1
g
Midwest RefinIng_r__ -50 118
113 120
N Y-Chino 011_ r
420 440
1 430
Northwestern 011 corn_ r _1 620
60o 630
Oklahoma Oil oom_r__1
2o
255e
2550
Oklahoma Prod & Re1 6
7% 7%
Okmulgee Prod dr Ref-4% 5
434
Omar Oil & Gas corn
310 330
_1
Pan Amer Petrol com_r_50
53% 5354
Penn-Kentucky Oil _ _ r_ _1
5%
5
53-'
Picardy 011_r
240 26c
1
Rice 011_ r
200 310
1
24o
Sapulpa Refining_r
8% 9%
5
Seciuoyah Oil & Ref
1 11-16 11-16
54
Sinclair Gulf Corp r---(t) 20%
19
20%
Stanton 011_r
1
154
134
Texana 011 & Ref_r
1 74e 700 800
Tuxpam Star 011 r
lc
255c
1
2o
United Western Oil new_r
1 5-16 1 9-16
Vacuum Gas & 011 Ltd_ 1
54
Victoria 011 r
3%
3% 3%
10
A
1,000
45,300
100,000
24,500
20,000
8,600
7,300
22,000
2,400
29,400
8,400
33,600
3,370
16,000
23,600
6,300
31,500
14,980
1,100
4,900
28,000
1,250
24,000
1,700
2,540
1,000
13,500
37,000
12,200
31,500
7,500
100
3,410
13,400
89,900
2,600
10,500
3,500
6,300
23,300
66,000
1,400
500
4,000
alining Stocks
Alaska-Brit Col Metals _1
490 56c 16,900
America Mines_r
660 70c 10,300
1 690
Amina Min (prosp).r _500 390
35o 39c 11.800
Atlanta Mines
5,800
454o 50
1
Sc
Big Ledge Copper
1 3-16
154 1% 45,400
Booth .r
30
3e
100
1
Boston & Montana Dev_ _6 530
510 560 50,500
Bradshaw Copper_r
1
34
54 1,300
Caledonia Mining
42e 46c 15,200
1 43e
Calumet & Jerome Cop
1 3-16 1 1-16 1 3-16 24,000
Canada Copper Co Ltd .6
1%
1% 1% 5,800
Cash Boy
Sc
4550 6o 11,000
1
Cerbat Silver M & M r 1
10,600
%
% 1
Coco River Mining_ r
2
2
2
050
1
Consol Arizona Smelt_
1 13-16 1% 2,600
5
Cense! Copper Mines_
654 654 2,000
6
Consol-Homeatead_ r _ _1 9-32
54 5-16 5,000
Copper Valley Mining r 1
625
55
34
14
Cresson Cons Gold M&M 1
4% 4% 5,650
El Salvador Silver_ r
750
71e 750 26,500
1
Emma Copper_r
15o 210 44,700
1 160
Eureka Croesus Min r_ _ _1
2 111-16 2% 25,900
First Nat Copper
115-16 2
200
5
Friars Oil r
g 3-16 1,200
1 3-16
Globe Dominion Copper_l
55 12,000
A
Golden Rule Mines_ r_ _
34 4,300
34
g
Goldfield Consolidated 10 200
3-16 7-32 3,000
Goldfield Merger_r
155o 2o
4,000
1 2550
Great Bend _ r
1 2%c 355o 3550 3,000
Green Monster r
55 9-16
500
50c
Hattie Gold Min_t_r_ A
330 410
9,200
Heels Mining
454 4'4 3,250
25a 4 5-16
Hypotheek M & Mr_ _10c 330
320 350 86,400
International MInes_r__ _1
100
8o 100 40,900
Jerome Prescott Cop r _1
800
34
34
31
Jerome Verde Copper- -1
g 9-16
500
Jim Butler r
650
64e 670 18,300
Jumbo Extension
1 855o 8550 955c 8,500
Kewanas_r
1 2340 2550 3550 5,700
Lampazos Silver
490 50e 20,000
1
La Rose Consol Mines_ -5
7-10 7-16
700
Liberty Sin/ (proSp't)_r_ _1
420 47o 16,600
Lone Star Consol_r
40 98,500
40
30
1
Magma Chief _r
250 25o
3,300
1
Magma Copper
33% 35
1,500
5 35
Marsh Mining r
40 454o 7,000
Mason Valley
4%
4%
4
950
5
Monster Chief r
70
1
60
70 34,600
Mother Lode r
360
35e 37e 22,800
1
National Leasing r
254c
1
20 2%0 73,000
Nat Zino & Lead r
180 2001 6,500
1 18e
Nevada Ophir_r
150
15o
100
3,000
New Cornelia
18% 18%
800
Nixon Nevada
420 550 11,500
1 45o
Ohio Copper r
% 13-16 15-16 8,000
1
Onondago Alines_ r
4%
3% 4% 41,650
1
Pacific Tungsten_r
1 1 7-16 1 7-16 1% 98,000
Provincial Alining
1
49
52e
1,500
Ray Berenice Mining r 6
4%
4
4% 2,300
Red Warrior Mining r_ _1
300
34
3-5
Rex Consolidated Mg
855o 9o, 5,000
1 8550
Rochester Combined_r _1 40e
39e 40c 19,700
Rochester Mines__
390
380 410 27,500
Seneca Copper_ ..(no par)
11% 12%
1,400
Senortto Copper
1
54
34 2,100
%
Silver Fissue Silver..r_ _ _ _1 13-16 13-16 13-16 6,100
Silver King of Arizona. 1
14 7-16 17-32 122,000
Silver Pick Consol_r
4o
-1
4%c 4,000
Silver Plume Cons..r_ .1
690 690
300
Standard Sllver-Lead_...._1 7-16 13-32 13-32 1,600
Stewart
3-16 3-16 5,200
Success Mining
90 100
3,300
1 9550
Superior Cop (prosp't) (t)
354
3% 2,600
3
Tonopah Belmont Dev_r _1
1,000
3
354
Tonopah Extension
1 1 7-10 1 7-16 134 5,450
Tonopah Mining
2% 2%
400
1
54 3-16 1,500
Tri Bullion S & D
5
Troy-Artzona_r
15c
140
12c
4,000
1
United Eastern
1 3 5-16 3 1-16 354 2,987
40
41% 4,500
United Verde Exten_r-150e
230 300 27,000
270
U S Lead & Zino 4_ r
100 140 18,500
100
Ward Min & Milling
060 1 1-32 8,250
West End Consoltdated_ _6 980
270 310 12,300
White Caps Mining-10e 270
BondsAm Tel & Tel 1-yr 69_1019 0955 9955 09% $12,000
69,000
9455 9414 95
Os when issued
1-32 1-32 1-16 13,838
Rights
99
7,000
Armour & Co deb 6s__1919
99
Debenture 6s
1920
0755 97% 16,000
Debenture 6s
1921
96% 96% 38,000
1922
05% 05% 25,000
Debenture Os
9555 25,000
95
Debenture 60
1923
05
Debenture 6s
1924
95% 40,000
Range since Jan. 1.
Low.
High.
;16, May 11-16 Jan
Jan 21c June
(io
Ge June
100 June
;4 June 1 3-16 Jan
200 Mar 33e
Jan
6% Jan
854 Feb
Juno
155 June
1
3-16 Juno
54 June
7 • Feb
5% May
5-16 Jan
50 June
2% May
4
Feb
5
Jan
334 Jan
154 June
7% Jan
39 sz Jan 86% June
% June
% June
12% Feb 14% Mar
5% Mar
1% Jan
g Feb
3-32Jan
1
5,5 May
Apr
17% Mar 29% June
1% June
54 Jan
7% June
65,5 May
Apr
87e
1.24 Jan
1% Jan
1
Apr
97
Mar 120
June
300
Apr 440
Apr
560
Jan 890 Feb
2o May 8550 Mar
8
May
6% Apr
11% Mar
2% Jan
Apr 40e
21e
Jan
Jan 53% Juno
40
Jan
5% Feb
5
24o June 27e June
154 Apr
3-32 Feb
8
Mar 10% May
% Jan
13-5 Mar
15
Jan 23% Feb
1% Mar
2% Mar
680 June 1% May
Sc June 22e Mar
254 Feb
34 Apr
1-16 •Mar
55 Mar
334 June
654 Mar
5-16 Apr
500 Mar
22o May
4%e June
55 Jan
3o
Jan
Jan
410
700 May
70o June
390 Juno
13e Feb
13-5 Mar
Apr
6o
960 Mar
1% Jan
39c
4 m
jany 66o Jan
*1
Jan
1% Mar
1 5-16 Jan
2% Jan
355o Jan
190 Feb
42e
Jan
1% Mar
1% Mar
2% Jan
1
Feb
2% Jan
Jan •7),i May
5
22e
Feb
54 Mar
254 Mar
34
4
Mar
555 Jan
55n
75c May
5
n o June
far
%, Feb
. 2% June
1SFeb
u
Apr
2% Jan
u,,o 3-16 Mar
1-34 Apr
155 Jan
54 June
% May
%,June
7-16 Jan
155o June
50 Feb
3e Juno 100 Feb
g Apr • 1
Apr
330 June 850 June
2% Jan
Jan
5
14o May 35o Juno
80
Feb
Jan34
20e
June
Apr
9
% Jan
lJan 90o
Jan
Jan
24o
8
65
lto
5ro Juno
90 Feb
234o Juno
7-16 Juno
2
May
250 Jan
11-16 Apr
28o Feb
49e June
155eMay
50 Feb
54 Apr
54 May
uno 42
May
23
7 oir
Jan
8550 Mar
4 Juno
6% Jan
555o Apr 5-16 Jan
250
Jan
56o Apr
2o
Jan
Sc Feb
15o
Jan 38o
Feb
Jan
13o Feb 210
15% Jan 20
May
36o June
1% Mar
1% Mar
% June
Jan
4% June
2
1% June
1'X, June
j
Jan 540
430
Apr
4% Jan
% Jan
% Mar
Sc May
15o Feb
38o June 410 June
Jan 540 May
27o
7340 Jan 12% May
g Jan
May
1
Mar
34 Mar
7-4
32 pr
% Juno
355o Apr
7o Feb
470 Feb 765 Apr
g Jan
55 Apr
3-16 Jan
% Jan
Jan 160 Apr
7o
354 May
Jan
2
3;5 Mar
i,i1Janl a
2
21 %
-591 .1n
1% Jan
4
Jan
JunoMay
M Jan
10
4900
e May
24e May
3,/(,, June
534 Feb
36% Jan 50% Mar
Mae
N1el b
y 60o Mar
250 June
650
Jan
1% June
27p June
;4 Jan
98% Mar 99%
0414 June 05
1-32 June
55
June 100
99
9755 Juno 98
0654 June 0654
9554 Juno 96
95 Juno 0551
June 9534
95
May
Juno
June
Juno
June
June
June
June
June
Friday
Last Week's Range Sales
for
of Prices.
Sale.
Price. Low. High. Week.
Bonds- (Concl.)
Beth Steel 5% notes__ 1919
Canada (Dom of) 5e_ _1919
Federal Farm Loan 5s_ _ _
Gen'l Elec 6% notes 1920
1920
Phlla Electric as
Russian Govt 634s_r_1919
1921
534s_ r
Sinclair Gulf cony 6s..1927
Union Pacific 6 w I
2747
THE CHRONICLE
JUNE 29 1918.]
New York City Realty and Surety Companies
Range since Jan. 1.
Low.
98% 98% 9834 $10,000 06%
96% 96% 61,000 94%
102% 1023-1 10234 308,000 101%
7,000 98%
100% 1003410034
9836 08% 16,000 97%
42 150,000 38
38
47
36% 47 150,000 32
47
80% 82,500 76
7931 76
98% 97% 98% 430,000 97%
High.
Jan 0834
Jan 97%
June 102%
Jan 101%
Feb 99%
Mar 58
Apr 52
June 8031
June 98%
June
May
June
May
May
Jan
Jan
Juno
June
• Odd lots t No par value. 4 Listed as a prospect. I Listed on the Stock Exhange this week, where additional transactions will be found. o New stock.
r Unlisted. is Ex-ca.sh and stock dividends. to When Issued. x Ex-dividend.
o Ex-rights a Ex-stock dividend.
CURRENT NOTICE
-For the investment of July funds, A. B. Leach & Co., Inc., are advertising a diversified list of municipal bonds on the advertising page opposite
our weekly statement of clearings. Tho yields range from 4.25 to 5.25%•
Many of the Issues are legal investments for savings banks in New York,
Massachusetts, Connecticut, Vermont, Now Hampshire and Maine, and
also eligible as security for posta savings deposits. Full descriptive
circular on any issue will be forwarded on request and wires may be used
to place orders at the firm's expense. See to-day's advertisement for
general details of these municipal offerings.
-The banking house of IIarris, Forbes & Co. of this city are advertising
the full list of July coupon interest payments elsewhere in the "Chronicle,"
which are payable at their Now York office and also through their Chicago
and Boston correspondents. The bankers would be pleased to answer
Inquiries regarding bond investments and if desired will submit offerings
of well-seasoned bonds selling at prices much below the average for many
years. Investors are invited to write them for "Investment Offerings F.C."
-In an advertisement in to-day's issue S. W. Straus & Co. 150 Broadway, this city, direct attention to "6% Bonds of Solid Worth" for immediate
purchase or July reservation. These investments are first mortgage serial
bonds safeguarded under the Straus plan. The firm is offering a diversified list of offerings in a complete range of maturities, two to ton years.
The booklet, "Safety and 6%," lists the current 6% offerings in $100, $500
and $1,000 denominations. Ask or write for "Booklet No. F816.'
-Remick, Hodges & Co., 14 Wall St., this city, are featuring a selected
list of conservative bonds in to-day's advertisement on another page, which
are suitable for banks, estates, individuals and others who seek safety and
marketability. The municipal bonds return 4.35 to 4.70% and the railroad bonds 4.90 to 5%. Ask the firm for circular "C.C.107" listing these
and other issues of similar grade.
-Exempt from all Federal income taxes, William R. Compton Co.,
14 Wall St., this city, specialists in Government and municipal bonds for
over a quarter of a century, are advertising a list of July investment suggestions in this Issue of the "Chronicle." The bonds yield from 4.375 to
5.625% at present prices. The firm will send complete list on inquiry,
together with any full descriptive circulars desired.
-Many of the largo payers of July interest coupons in this city are
advertising in our columns the semi-annual list of payments which they will
make for various corporations, municipalities, &c. Among the advertisers publishing full lists are: Guaranty Trust Co., Now York Trust Co.,
Harris, Forbes & Co., Kountze Brothers & Co., Winslow, Lanier & Co.,
Irving National Bank, &c.
-A representative list of municipal bonds for July investment, which
are exempt from all Federal income tax, is advertised by R. M. Grant
& Co., 31 Nassau St., this city, Boston and Chicago, in our columns today. Several of the issues are legal investments for Now York savings
banks and trust funds. The yields vary from 4.60 to 5.25%. Full particulars of each Lssuo will be supplied on request.
UNIQUE INVESTMENT SERVICE FOR BANKS.
-In a two-page announcement appearing in our advertising columns
to-day the National City Co. of this city, C. E. Mitchell, President, addresses a message to bankers. In this announcement to banks everywhere
in the United States the company explains the advantages of the "National
City special bank investment service" which is. operated with a vast
organization of trained investment experts and mechanical facilities
throughout a chain of correspondent offices located in twenty-nine cities
from the Atlantic to the Pacific. The National City Co. will follow up
this preliminary announcement with a series of talks in subsequent issues
of the "Chronicle" explaining in more detail the particular features of its
banking service.
Now York City Banks and Trust Companies
ALL price,
_ _dollars per share.
• now
Banko-N.Y Bid. Ask.
Banks.
Bid. Ask. Trust Co's. Bid. A sk.
orrrk.
York.
N r,,,
u
00 Banero
America*.._ __ 495 505 Lincoln
167
60 3
182
2
st 360 370
.
Amer Exch__ 218 225 Manhattan •
180 1VLech es Met_ 295 305 Central Union:385 :395
170
Atlantic
255 260
Battery Park_ 200 215 Merchants__ 120 130 Columbia_ _
400 2-66 _ Metropolitan. 165 175 Commercial_ t110
Bowery •
Empire
290 3-6
Mutual.
375
Bronx 13oro._ 150
175 New Neth._ 200 215 Equitable Tr_ 330 340
160
Bronx Nat
Bryant Park. 145 155 New York Co 130 140 Farm L & Tr_ 370 390
_
23 New York ___ 415
200 210
__ _ Fidelity
Butch &
340 - 350 Pacific•Fulton
240 255
Chase Drov-ark .
) 510 Guaranty Tr_ 315 325
8
(
6
1()
53
Chat & Phen_ 237 242 Park
•..
4 100 110 People's
135 145
55 Hudson
Chelsea Ex '
Chemical ____ 335 395 Prod Exch._ 200
_ Irving Trust fSee Irving
210 215 Public
Citizens
1Nat Bank
il:b
377 382 Seaboard __
_
City
470 Law Tit & Tr t9514 Coal & Iron_ 205 215 Second
400 425 Lincoln Trust 97 105
- ___ Sherman _
Colonial._ _ _ _
125 135 Mercantile Tr
1150 160 State.
Columbia..__ 1400& Deposit 190 200
110 115
Commerce___ 173 176 23d Ward•
115 130 Metropolitan_ 300 310
Comm'l Ex._ 390 410 Union Exch_ _ 150 160 Mutual(West105 125
chester) _
____
CommonUnitedStates• 500
190
Wash
wealth._ _ _ 180
_ 275
_ N Y Life Ins
H't.i._
875 900
& Trust
Continental*. 102 108 Westch Ave._ 160 175
590 610
525 575 N Y Trust
Corn Exch.__ 315 325 Yorkville•
95
Cosmoplitan • 85
Scandinavian 260 270
____
Brooklyn.
Title On & Tr 250
Cuba (Bk of)_ 175
18 Coney Island. 140 155 Transatlantic 175
15
East River__ _
235 270 U 8 M tg es Tr 400 410
Fifth Avo*___ 11700 2000 First
215 230 Flatbush ____ 125 135 United Stales 890 920
Fifth
875 900 Grecnpoint __ 150 165 Westchester... 130 140
First
170 185 Hillside *___ _ 110 120
Garfield
Brooklyn.
___ Homestead •
200
110 Brooklyn Tr_ 500 525
Gotham
557- 60 Franklin
..-Greenwich._ 335 350 Mechanics' •_
230 240
650 665 Montauk•__ _
Hanover
95 lInmilton
265 275
2
235 245 Nassau
207 Kings County 620 650
Harriman
Imp & Trod__ 480 500 National City 133 138 Manufacturers 160
North Side._ 175 200 People's
273
:Irving (tr
130 140 Queens Co_ _ _ 27
certificates) 275 280 People's
3
110
80
385 395
Liberty
--
Tg8
-66-
• Banks marked with a (') are State banks. t Sale at auction or at Stock Exs one-third share Irving Trust Co. 8 New stock.
change this week. ;Includ,
yEx-rights.
Alliance R'lty
Amer SuretyBond & M G _
Casualty Co..
City Investing
Preferred__
All prices now dollars per share.
Bid
Bid
Ask
95 Realty Assoc
' Lawyers Mtge 88
(Brooklyn)_ 67
,Mtge Bond__ 80
85
S Casualty_ 175
__
kNat Surety__ 170
US Title Guar 35
NYTltle&
onGx
ri
BN
esittitt
60 WT
50
' Mtge
160
Ask
68
56
190
75
- 19
70
65
BUS
58
53
180
_
Ask
75
190
50
175
Quotations for Sundry Securities
All bead priests are "end Interest" except where marked "f".
Standard Oil Stacks Pe rShers
Par Bid. Ask.
Anglo-American Oil new £1 13 1314
100 900 910
Atlantic) Refining
100 440 465
Borne-Scrynmer Co
Buckeye Pipe Line Co_ _- 50 .92 94
Choeebrough Mfg new _100 315 330
100 10 40
Colonial Oil
100 425 450
Continental 011
Crescent Pipe Line Co__ _ 60 535 38
Cumberland Pipe Line_ _101 140 150
Eureka Pipe Line Co__ _100 195 205
Galena-Signal Oil corn_ _100 126 130
100 125 135
Preferred
100 164 168
Illinois Pips Line
50 *94 96
Indiana Pipe Line Co
International Petroleum_ £1 *13 14
National Transit Co_..12.50 •1 3 14
New York Transit Co_ _ _100 200 210
Northern Pipe Line Co_ _100 103 108
25 320 325
Ohio 011 Co
Penn-Mae Fuel Co
25 •30 40
Pierce 011 Car poration___ 25 •16:18 1658
100 490 500
Prairie 011 & Gas
Prairie Pipe Line
100 253 258
100 300 310
Solar Refining
Southern Pipe Line Co..100 180 184
100 260 270
South Penn 011
Southwest Pa Pipe Linea.100 1)2 95
Standard Oil (California) 100 206 209
Standard 011 (Indiana)- -100 615 625
Standard 011 (Kansas)__100 450 470
Standard Oil (Kentucky)100 320 330
Standard Oil (Nebraska) 100 450 475
Standard 011 of New Jer_100 523 528
Standard 011 of New Y'k 100 268 272
100 390 400
Standard 011 (Ohio)
Swan& Vlach
100 90 95
Union Tank Line Co__ __100 96 98
Vacuum 011
100 335 340
10 *27 32
Washington 011
per OM.
Bonds.
Pierce Oil Corp cony 8s_1924 82 84
Ordnance Stocks-Per Aare.
Aetna Explosives pref. 100 65
4
American & British Mfg_100
Preferred
100 22
Atlas Powder common_.1O0 173
Preferred
100 89
100 113
Babcock & Wilcox
Bliss (E W)Co common- 50 *325
Preferred
50 .135
Canada Fdys & Forginge_100 140
Carbon Steel common„..100 128
lot preferred
100 95
2d preferred
100 72
Colt's Patent Fire Arms
25 .64
Mfg
duPont(E I) de Nemours
100 272
& Co common
100 88
Debenture stock
100 88
Eastern Steel
Empire Steel & Iron com_100 45
100 75
Preferred
100 238
Hercules Powder corn
100 106
Preferred
Niles-13ement-Pond oom_100 122
100 94
Preferred
Penn Seaboard Steel (no par) .55
Phelps-Dodge Corp
100 260
SoovIll Manufamuring---100 465
ao .25
Thomas Iron
Winchester Repeat Arms.100 600
100 48
Woodward Iron
Utilities
Amer Gas & Eleo corn-- 50
ao
Preferred
100
Amer Lt Sr Tree oom
Preferred
100
Amer Power & Lt corn--100
100
Preferred
Amer Public Utilities com100
100
Preferred
Cities Service Co com_..100
100
Preferred
Corn'w'ith Pow fly & L_100
Preferred
100
Eleo Bond & Share pref._100
Federal Light & Traction.100
Preferred
100
Great West Pow be 1946.J&J
Mississippi Riv Pow corn _100
100
Preferred
First Mtge Si 1951_...1/&J
North'n States Pow com-100
100
Preferred
North Texas Eleo Co corn 100
100
Preferred
Pacific Gas & Elea oon1-100
100
let preferred
Puget Sd Tr L & P oorn-10q
1001
Preferred
Republic Ry & Light,,,.100
100
Preferred
South Calif Edison corn..100
100
Preferred
Standard Gas & El (Del)_ 50
50
Preferred
Tennessee fly L & P corn 100
190
Preferred
United Gas & Eleo Corp-100
109
1st preferred
19,3
2d preferred
United Lt & Rye corn__ 199
109
let preferred
Western Power oommon_100
100
Preferred
70
6
30
177
91
115
400
75
160
130
102
75
66
277
89
93
50
80
243
110
125
97
57
270
175
30
850
55
RR. Egulpssenta--PerCt.Basis
Bid. Ask
6.25 5.75
Baltimore & Ohio 434s
Buff Rosh & Pittsburgh 4345 6.00 5.60
6.00 5.60
Equipment 45
6.50 6(0
Canadian Pacifis 4340
Caro Clinchfield es Ohio Si._ 6.75 8.25
6.50 5.50
Central of Georgia Si
6.50 5.50
Equipment 434s
6.75 8.00
Chicago & Alton 4s
Chicago & Eastern Ill 5340., 7.75 7.00
7.75 7.00
Equipment414e
6.50 6.00
Chia Ind & Loulev 434e
5.95 5.50
Chic St Louis & N 0 Si
5.75 5.40
Chicago & N W 434s
6.80 6.00
Chicago RI AG Pao 4341
6.50 5.75
Colorado & Southern be
6.50 6.00
Erie Ss
6.55 6.00
Equipment 434e
6.50 6.00
Equipment 4e
6.10 5.70
Hooking Valley 4s
6.10 5.70
Equipment Si
6.12 5.75
Illinois Central So
6.12 5.75
Equipment 434s
6.50 6.00
Kanawha & Michigan 43.4e
Louisville & Nashville Se,... 5.95 5.50
6.25 5.75
Michigan Central be
Minn St P & SEIM 434s____ 6.00 5.50
Missouri Kansas dc Texas Si. 7.00 6.00
7.00 6.00
Missouri Pacific Si
6.50 6.00
Mobile es Ohio Si
6.50 6.00
Equipment 4345
New York Central Lines be__ 8.20 5.70
6.20 6.70
Equipment 4
6.50 8.00
N Y Ontario & West 434s
5.90 5.40
Norfolk & Western 434s
5.90 5.40
Equipment 4s
5.75 5.30
Pennsylvania RR 434e
5.75 6.30
Equipment 4s
St Louis Iron Mt & Sou Se.. 7.00 8.00
St Louie & San Franclaco 55_ 7.00 8.00
7.00 6.25
Seaboard Air Line be
7.00 6.25
Equipment 434e
5.60
6.00
434e
Co
Southern Pacific
6.25 5.75
Southern Railway 434e
6.50 6.00
Toledo & Ohio Central
Tobacco Stocks-Per Sha
Par
American Cigar common-100
Preferred
100
Amer Machine & Fdry_100
British-Amer Tobaa ord..£1
£1
Ordinary, bearer
100
Conley Foil
Johnson Tin Foil & Met_100
MaoAndrewe & Forbes..100
Preferred
100
Reynolds(R J) Tobacco-100
B corn stock
100
Preferred
100
Young (J S) Co
100
Preferred
100
Bid
97
85
70
.16
•15
190
75
160
93
200
180
99
125
100
Ask.
101
90
80
17
16
210
125
180
98
250
225
102
150
100
Short-Term Notes-Per Cost.
Am Cot Oil 54 1918 ___NI&S 9938 997g
M&S 97 973g
bs 1919
Amer Tel&Tcl Cs 1919 _ _F&A 9912 9938
Balto & Ohio Si 1918 __J&J 9978 100
J&J 9814 9858
Si 1919
Beth Steel Si 1919__F&A 15 9338 9858
Canadian Pao Os 1924..M&S 2 9938 9934
Chic & West Ind'61' 18.M&S 9834 9913
Del & Hudson 61 1920 F&A 9714 975s
A-0 9638 97
Erie RR Si 1919
J&J 997 10014
Clan Elea He 1920
6% notes (2-yr) '19_ JAB 998 100
General Rubber Ss 1918.J&D 9914 9912
.80 83 Great Nor 551920
M&S 9714 9712
.39 41 Hocking Valley 8s 1918 MAN 9934 100
193 195 K C Rys tiAti 1918
Jej
9912
94 96 K C Term fly 434e'18_M&148 99 9932
37 41
J&J 94 95
434a 1921
67 70 Laclede Gas L Si 1919_F&A 9754 9812
20 Morgan&Wright bs Dec 1 '18 99
50 N Y Cent 5s 1919_ __M&S15 9772 981
209 211 Penn Co 434, 1921_ _ 1,1sD 15 96 110612
7412 7512 Pub Ser Corp NJ Si'19.M&S 96 971,
20 23 Rem Arms U.M.0 58'19F&A 9512 97
43 45 Southern fly be 1919_ _M-S 2 9818 9832
489 9112 Utah Bea Corp 611'22.M-S 15 85 87
7
9 Winches RepArms7s'19.M&S 0914 9912
35
77 79
Industrial
14 17
and Miscellaneous
41 46 American Brass
100 223 228
70 71 American Chicle cow -.100 31 35
41 44
Preferred
100 62 67
84 85 American Hardware
100 123 131
55 60 Amer Typefounders com-100 3512 38
100 80 84
70 76
'Preferred
3312 3412 Borden's Cond Milk corn.100 94 9512
7912 5012
Preferred
100 91 93
100 144 150
13 16 Celluloid Company
63
42 46 Columbia Graphopti Mfg (t) .60
18 20
Preferred
100 65 70
(t) .33 34
53 6012 Freeport Texas Co
112
1
78 81 Havana Tobacco Co
100
212 5
100
Preferred
96 99
•5
7
let g be June 1 1922 J-D f44 48
8 10
•23 25 Intarcontinen Rubb com_100
4 Internet Banking Co_ _100 160
3
14 16 International Salt
100 54 64
7
A-0 6712 69
1st gold Si 1951
5
78
41 45 International Silver prof-100
83
7 10 Lehigh Valley Coal Sales- 50
29 31 Otis Elevator common___100 46 50
62 64
Preferred
100 74 76
11 14 Remington Typewriter49 51
Common
100 15 1512
100 78 80
1st preferred
100 5312 55
26 preferred
Royal Baking Pow com 100 120 130
Protected
100 91 93
100 168 173
Singer Mfg
'Per share. b Basis. (1 Purchaser also pays accrued dividend. e New stock.
(Flat price. a Nominal. z Ex-dividend. y Ex-rights. (t) Without par value.
[VOL. 106.
THE CHRONICLE
2748
ituiestutent mut failroati intelligentt.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
Gan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
Jan. 1 to Latest Date.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
Alabama & Vicksb_ May
196,791 162,583
928,007
796,087
Ann Arbor
3d wk June
72,661
68,093 1,482,329 1,433,542
Atch Topeka & S Fe May
12888506 11847 952 59,495,780 55,382,75.3
Gulf Colo & S Fe April
1,476.490 1,357.711 6,156,218 5,270,532
Panhandle & S Fe April
498,919 572,690 1,916.159 2,114,415
Atlanta Birm & At April
332.047 328,565 1,381,836 1,278,034
Atlanta & West Pt_ April
198,034 130,725
531,567
705,691
Atlantic City
April
271,507 190,019
810,370
634,750
Atlantic Coast Line May
4,202,787 3,576,813 21,862,461 18,744,433
Atlantic & St Lawr_ April
157,778 179,519
629.705
678,160
Baltimore & Ohio May
12924480 11473 255 54,138,764 49,897,573
B & 0 Ch Ter RR April
156,546 171,185
480,477
621,765
Bangor & Aroostook April
445,928 451,812 1,497,729 1,691,406
Belt Ry of Chicago_ April
353.149 332,617 1,122,301 1,185,611
Bessemer & L Erie.. April
884,950 664,787 2,535,467 2,325,033
Bingham & Garfield April
270,789 262,030
997,341
925,732
Birmingham South_ April
114.587
91,546
460.396
379.366
April
Boston & Maine
5,567.894 4,715,383 18,785,400 17,970,128
Buff Roch & Pitts.._ 3d wk June 362,459 338,491 7,619,979 6,533,751
Buffalo & Susq RR.. March
192.519 141,229
585.590
402,358
Canadian Nor Syst_ 2d wk June 853,100 916.800 18,262,900 17,390,100
Canadian Pacific 3d wk June 2,849,000 2,939,000 67,753,883 66,543,646
Caro Clinchf & Ohio April
361.260 359,064 1,426,792 1,337,108
Central of Georgia.. April
1,653,299 1,179.479 6,616,804 4,755,308
Central RR of N J_ April
3,339.617 2,830,759 11,610.765 11,074,601
Cent New England_ April
486.746 488.541 1,714,247 1,698.958
Central Vermont.._ Apri11
451,499 375,583 1,423,776 1,319,656
Chariest & W Car April
224,884 172,076
897,122
704,307
Chet' & Ohio Lines_ April
5,329,613 4.432.600 18,294,934 16,798,446
Chicago & Alton...._ April
1,818,207 1,600,200 6,364,729 6,182,355
Chic Burl & Quincy April
11666 499 9.754,992 40,879,322 37,630.401
Ch Det & C G T Jet April
95,865 117,269
341,019
398,519
Chicago & East Ill_ Aprill
1,949,151 1,659,651 6,977.060 6,481,854
Chicago Great West 2d wk June 378,184 384.762 7.713,722 7,104,901
Chic Ind & Louisv_ 2d wk June 203,540 164,898 3,990,091 4,012,990
Chicago June RR May
321,619 280,786 1,404,813 1,335,091
Chic Milw St St P April
10038004 9.330.909 34.778.504 32,953.879
Chic & North West.. April
9,172,083 8.230.561 32,457,920 30,756,193
April
Chic Peoria & St L..
186.047 170,464
663,721
674,488
Chic R I & Pacific April
8,058,052 6,701,269 29,066.103 26.342,456
Chicago R I & Gulf April
367,009 295,896 1.418,505 1,220.424
Chic St P M & Om_ April
1,846,630 1,791,782 7,087,716 6,319.339
Chic Terre H & S E April
333.242 261,202 1,209,702 1,103,882
Gina Ind & Western April
238,523 217,599
987,554
898,633
May
Coal & Coke
113,885 112,392
523,990
522,571
Colorado Midland.. April
145,850
538.447
Colorado & South 3d wk June 345,222 325,152 9,102,511 8,072,152
Ft W & Deny 0.. April
593,020 439,672 2,442,910 1,936.979
Trinity _& Bras V April
119.895
70,142
379.497
308,215
Colo & Wyoming April
94,538 100,119
345,147
393,167
Crip Crk & Col Spgs April
77.410
91.381
310,213
416.755
April
Cuba Railroad
1,214,240 520,584 4,844.142 1,907,442
Delaware & Hudson April
2,596,879 2,294,260 9,216,505 8.671.858
Del Lack & West May
5,498,354 5,052,622 24,161,884 22,484,766
Deny & Rio Grande April
2,332,559 2,351,294 9.054.592 8,580,647
Denver & Salt Lake April
124,396 175,527
420,273
554,067
Detroit & Mackinac 2d wk June
25,360
24,199
615,350
579,167
Detroit Tol & front April
195.058 210,344
572,691
837.977
Det & Tol Shore L.. May
186,590 164,162
801,106
786.901
April
Duluth & Iron R
198,470 162.662
524.830
473,992
Dul Missabe & Nor April
303,915 286,799
759,105
783.451
Dui Sou Shore & Atl 2d wk June
80,701
85,653 1,772.959 1,829,528
Duluth Winn & Pac April
146,924 220,788
561.746
809,698
East St Louis Conn April
88,569
87,416
312,259
327.051
Elgin Joliet & East.. May
1,612,206 1.409,242 6,499,996 6,240.813
El Paso & So West.. May
1,146,642 1,182,239 6,117,205 6.084,818
May
Erie
6,771,212 6,410,920 28,864,104 26,836,053
Chicago & Erie May
800,091 790.341 3,696,103 3,432,321
Florida East Coast.. April
1,011.473 754,451 3,590,712 3,328.033
Fonda Johns & Glov May
90,813
90,136
425,381
424,013
Ft Smith & Western April
92,267
69,280
337,825
415,913
Galveston Wharf.._ April
101.364 105.854
341,012
441,029
Georgia Railroad_ April
461.327 308.405 1.798.697 1.170.560
Grand Trunk Pac 4th wkMay 122,952,' 2,402,664 1,984,912
Grand Trunk Syst_ 3d wk June 1,621,993 1,441,424 30,107,329 28,397,248
Grand Trunk Ry 4th wkMay 1,619,177 1,496,788 20,503,007 19,102,001
Grand Trk West.. 4th wkMay 359,127 329,983 3,898,909 3,797,941
Det G H & Milw_ 4th wkMay 103,243 112.483 1.227,429 1,343,120
Great North System May
7,230,026 8.143.899 31,398,961 31.491.456
Gulf Mobile & Nor.. April
179.216 166.171
731,498
671,231
Gulf & Ship Island.. April
194,599 155.331
784,097
638.446
Hocking Valley_
May
1,067,946 957,944 4,071,619 3,733,583
April
Illinois Central
8,484,010 6.965,089 30,911,071 27,060.058
Internat & Grt Nor April
1,060,747 936,508 4,252,550 3,524.021
Han City Mex & Or April
97.766
97,138
395,928
407.663
K 0 M & 0 of Tex.. April
100.416 117.431
406,666
430,489
Kansas City South.. May
1,354,877 1,114,621 6,529,213 5,315,781
Texark & Ft Sm.. April
104,291
89,537
396,592
346.113
Kansas City Term_ March
91,990
97,248
268,683
281,750
Lehigh & Hud Riv_ April
187,517 198,325
650,419
702,652
Lehigh & New Eng.. March
293.733 264,537
682,359
768,850
Lehigh Valley
May
5,449,545 4,945,727 21,343,916 20,322,732
Los Ang & Salt L.._ Aprill
1,159,488 1.088,864 4,263,977 3,900,482
Louisiana & Arkan_ April'
157,546 125,983
608.864
481,082
Louisiana Ry & Nay April
255,762 171,658
965,350
734,295
Louisville & Nashv_ April
7,269,436 5,943,373 28,084,314 23,202,277
Lou Hend & St L.._ April
212,786 163.293
815,478
670,761
Maine Central
April
1,319.6691,162,976 4,327.870 4,363,318
Midland Valley
April
302,490 231.378 1,067.127
846,933
Mineral Range
2d wk June
18,556
22,263
483,590
542.784
Minneap & St Louis April
959.774 881,529 3,631,046 3,297,190
Minn St P & S M. April
1,514.160 1.676,942 5,522.277 5.721.628
Missouri Kan & Tex 3d wk June 893,429 754,154 22,191,849 18,569,939
Mo & North Ark
April
122,731 112,188
464.348
467,P49
Mo Okla & Gulf
April
142,696 142,950
602.388
600.714
Missouri Pacific
March
7.338.205 6.261.131 19.470.927 18,227.182
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
645,001
Monongahela Con_ April
193,809 163.264
687.355
Nashv Chatt & St L April
1,605 967 1,229,575 5,822,68 4.703,124
126,549
Nevada-Cal-Oregon 1st wkJune
6,373
93,70
7.540
740,318
Nevada Northern__ April
207,496 199,646
809.95
385,123
124,757
Newburg & So Sh_ _ May
94,510
416,93
510.081
New On Great Nor April
167,432 118,703
652.314
New On & Nor East May
473,660 401,421 2,395,845 1,879,049
440,053
N 0 Texas & Mex_ _ April
186,192
03,314
754,259
318,331
Beaum S L & W.. April
149,761
536,708
82,494
St L Browns & M April
295.901 298,888 1,241 ,931 1,389,270
New York Central_ May
22464874 20432825 99,540,550 90,917,878
Boston & Albany April
2,045,392 1,872.719 6,997,424 6,755,467
Lake Erie & W__ April
745.549 629,146 2,638,613 2,605,437
Michigan Central April
5,620,416 4,375,348 18,766.27 16,072,582
Cleve 00 & St L April
5,235,390 4,181,713 18,234.906 15,619,781
699,927
Cincinnati North April
227,427 175,945
753,791
Pitts & Lake Erie April
2,501,948 1,814.927 8,676.493 7,358,146
Tol & Ohio Cent.. April
666,812 543,708 2,396,272 2,052,734
982,241
414,594 234,082 1,306,472
Kanawha & Mich April
Tot all lines above April
37338502 30858418 129848492 115870889
N Y Chic & St Louis April
1,776,927 1,423,427 5,549.891 5,251,288
NYNH& Hartf__ May
8,001,982 7,338.617 35,230,574 33,245,623
N Y Ont Sc West...... April
795,627 668,679 2,978,203 2,548,655
N Y Susq &
May
391,224 302,657 1,551,323 1,419,071
Norfolk Southern.._ April
467.274 443,598 1,729.3213 1,750,851
Norfolk Sc Western.. May
6,572,181 5,522,881 28,242.900 25,208,590
Northern Pacific.._ April
7,307,303 7,679,461 27.219.923 26,004,455
389,397
90,280
Minn & Internat_ April
99,329
354,879
Northwestern Pac_ April
394,486 347,311 1,419,586 1,256,216
Pacific Coast Co___ March
519,848 367,427 1.595.671 1,081,932
Pennsylvania RR.._ May
30,071022 25066172 120830660 112782091
266,705
Bait Ches & Atl__ April
107,611
83,726
251,180
Cumberland Val_ April
428.140 415,662 1,376.971 1,437.809
Long Island
May
1,882,399 1,359,294 7,089,666 5,574,690
236,417
April
Md Del Sc Va..
81,307
73,401
192.417
N Y Phila Sc Norf May
664,906 445,217 2.435,617 1,951,325
W Jersey & Seash May
790,970 631,548 3,056,134 2,827,884
Penn Western Lines May
7,525,501 7,035,059 29,704,480 28,775,834
Grand Rap Sc Ind May
543,643 519,361 2,504,987 2,526,426
Pitts C 0 Sc St L_ May
6,854,760 6,302,110 29,828,442 29,285,704
Penn SystemApril
Lines East
30456 299 26416 756 102855 342 98,473,111
April
Lines West
14274 003 13004 350 47,769,238 47,401,118
Lines Si Sc
April
44730302 39421 105 150624 580 145874 228
390,045
Peoria Sc Pekin tin_ April
121,340
414,694
94,724
Pere Marquette___ April
2,323,348 2,135,988 7.409.108 7,411,194
371,497
.Pitts & Shawmut__ April
97.756
87,061
384.379
Pitts Shaw & North April
96,171
451.087 . 437.385
88,179
Pitts Sc West Va.... April
805,114
237,876
586,199
April
Port Reading
224,555 140,294
626,110
Reading Co6,919,461 5,887,225 28,852,024 26,754,715
Phila Sc Reading_ May
Coal & Iron Co May
4,543,357 4,175,608 21,411,789 18,757,138
May
Total both cos
11462818 10062833 50.263,813 45,511,853
Rich Freds Sc Pot.... April
424,954 405,354 1,631.722 1,514,902
770,714
Wash Southern.... April
260,667 206,120
938.083
April
Rutland
398,715 359,008 1.356.101 1,321,461
759,047
St Jos Sc Grd Isld_ April
231.388 233,888
885,543
St Lotus-San Fran_ April
5.455,253 4,371,808 19,275.624 17,411,933
263,618
Ft W Sc Rio Gr.. April
366,849
82,405
64,630
377,408
St L S F& Tex April
148,889
81,855
538,153
St Louis Southwest_ 3d wk June 352,000 333,000 8,902,790 7,601,797
St Louis S W of Tex April
482,929 391,883 2,238.279 1,625,015
San Ant&Aran Pass April
343,647 294,147 1,413.766 1.156,801
Seaboard Air Line May
3,006,768 2,506,325 14,381,919 12,771,167
May
577,957
South Buffalo
170,717 109,750
641.470
Southern Pacific
May
12274458 12079690 58,489.149 54,283,345
Arizona & East April
374,465 399,354 1.472.096 1,579,692
Galv Harris & S A April I
1,767,909 1,651,879 6,8:4,071 6,301,701
Houston & Tex C April
652,510 585,950 2,823.007 2,386,013
Hous II & W Tex_ April
666.200
592,900
170,750 144,454
Louisiana West April
355,950 282,730 1,343,850 1,094,711
Morgans La &Tex April
712,960 549.706 2.580,900 2,047,481
Texas Sc New Or! Apri;
6213,600 498.760 2,353.973 1,968,710
Southern Ry Syst 3d. wk June 2,778.196 2,130,994 63,486,021 50,922,304
Ala Great South.. May
682,904 579,978 3,180,626 2,641,455
Cin N0& Tex P.. May
1,312,508 1,105.657 5,375,373 5,166,336
New Orl & Nor Si April .
503,175 361,002 1.922.185 1,477,628
wk
June
3d
Mobile Sc Ohio
327,384 303,334 6.355,710 6,281,302
Georgia Sou & Fla 3d wk June
66,712
49,177 1,573,434 1,295,652
100.752
Sou Ry in Miss.... April
91,206
372,706
441.475
269,016
Spokane & Internat April
89,347
76,627
301,001
Spok Port & Seattle April
589,319 504.174 2,426,041 1.890.859
Staten Island R T May
177,723 119,442
572,617
571.833
Tenn Ala Sc Georgia 2d wk June
2,175
54,367
2,318
40,206
Tennessee Central.. April
247,576 144,682
546,304
712,493
Term Assn of St L.. April
295,302 280,945 1,125,933 1,115,735
St L Mer Bdg Ter April
292,173 242,533 1.011,665
965,519
Texas & Pacific_ ...._ 4th wkMay 654,875 620,600 9,685.192 8,782,739
Toledo Poor Sc West May
581,794
505,214
118,507 109,122
Toledo St L Sc West 1st wk J'ne 144,982 138.726 3.036.301 2,842,389
Ulster Sc Delaware.. April
75,886
78.119
241.585
238,748
April
Union Pacific
6.903,147 6,136,288 25,158,287 20,919,330
Oregon Short L.... April
2.624,452 2,661,004 9.644,988 8.901,319
Ore-Wash RR&N avAprilj
2,085,195 1,823,344 7,139,604 6,129,185
Union RR (Bait)._ March
178,987 173,599
482,099
476.971
Union RR (Pa)_
April
530,182 424,043 1.584.503 1,541,050
Vicks Shrev & Pac_ May
204,566 155,055 1,018,811
830,760
Virginian RR
May
1,013,549 996,916 4,164,245 4,154,064
Wabash RR
April
3,656,397 3,376,333 12.207,347 12,385,651
Western Maryland.. May
1,273,107 1,060,220 5,422,619 6,217,370
Western Pacific_
April
858,622 801,251 3.224,159 2,630,835
Western Ry of Ala.. April
741,626
201,883 125,868
505,770
Wheel & Lake Erie.. April
955,101 740,502 3,205,289 2,696,675
Wich Falls Sc N W.. April
336,561
79,562
77.600
343.908
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
• Weekly Summaries.
2d
3d
4th
1st
2d
3d
4th
4th
1st
2d
3d
week April (23 roads1 _ _ _
week April (23 roads ___
week April (20 roads ___week May (20 roads
week May (22 roads)____
week May (22 roads1
week May (11 roads
week May (22 roads ___
week June (22 roads
week June (20 roads)____
week June (13 roads)____
Current
Year.
$
12.067.738,
12.143,406
17.140.7211
11.031,713
11.027,569
11.019,020
13.718,831
17.085.3171
10.548,151
10.904,800
9,669.056
Previous
Year.
Increase or
Decrease.
10.970.595
10,505,525
13.673.863
10,147.753
10,383,341
10,384.272
12,620,962
15.798.665
10.386.171
10,410.847
8.682.819
+1.097,143 10.01
+1,637.881 15.75
+3.466.858 24.25
+883.960 8.71
+644.228 6.20
+634.748 6.11
+1.097.869 8.60
+1,286.652 8.14
+161.980 1.57
+493.953 4.74
+986.237 11.40
• Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
Mileage.
Cur. Yr. Prey. Yr.
$
June
242.111 241.551) 351.001,045 301.304.803 +49,696.242 1849
July
24.5.699 244.921 353,219,982 306,891.957 46.328.025 15.09
August
247.099 2.16.190 373.326311 :333,555.136 39.771.575 11.92
September_245.148 243.027 31016.880.086 330.978.448 33,001.638 10.24
October
247.048 245.967 389.017.309 345.079,977 +43.937.332 12.73
November 242.407 241.621 360.062,052 :326.757,147 +33.304,905 10.19
December.. _247.988 247.265 343.875.052 317.836.386 +26,038.666 8.18
January
240.046 239,885 282.394.665 294.002,791 -11.608,126 3.95
February......230,336 228.835 362.761,238 312.276.881 +50.484.357 16.22
March
238,891 237.463 285.776.203 260,627,752 +25,148,451 9.65
April
233,734 232.255 369,409.895 319.274,931 +50.134.914 15.70
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of June. The table covers 13 roads and shows 11.4% increase in the aggregate over the same week last year.
Third week of June.
2749
THE CHRONICLE
JUNE 29 1918.]
1918.
1917.
$
$
68,093
72,661
Ann Arbor
338,491
362,459
Buffalo Rochester & Pittsburgh
2,849,000 2,939,000
Canadian Pacific
325,152
345,222
Colorado & Southern
49,177
66,712
Georgia Southern & Florida ___
Canada
of
Grand Trunk
1.621,993 1,441,424
Grand Trunk Western
Detroit Gr Hay & Milw _ _ _
Canada Atlantic
754,154
893,429
Missouri Kansas & Texas
303,334
327,384
Mobile & Ohio
333,000
352,000
St Louis Southwestern
2,778,196 2,130,994
Southern Railway
Increase. Decrease.
$
• $
4,568
23,968
90,000
20,070
17,535
Roads.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
May
Virginian_a
Jan 1 to May 31
Western Maryland b_ _ _May
Jan 1 to May 31
1,013,549
996,916
305,112
4,164,245 4,154,064
924,589
1,273,107 1,060,220
229,441
5,422,619 5,217,370
387.455
Profit in Rent, Int.,
Gross
Receipts. Operating. Taxes, &c.
455,895
1,673,918
234,853
1,427,704
Balance.
Surplus.
May '18 6,919,461 1,247,375
882,500
364,875
'17 5,887,225 1,669,941
832,500
837,441
5 mos '18 28,852,024 2,294,845 4,412.500d12,117,655
'17 26,754,715 6,965,661 4,162,500 2,803,161
399,488
May '18 4,543,357
20,000
Coal & Iron
379,488.
571,632
180,569
'17 4,175,608
25,000
546,632
340,000 1,092,647
5 mos '18 21,411,789 1,432,647
'17 18,757,138 2,147,529
75,000 2,072,529
139,275
902,500 .744,363
Total both co:.. May '18 11,462,818 1,646,863
24,050
'17 10,062,833 2,241.573
857,500 1,384,073
19,000
mos '18 50,263.813 3,727,492 4,752,500df1,025,008
5
647,202
'17 45,511,853 9,113,190 4,237,500 4,875,690
604,391
Reading Co
May '18
474,500
129,891
90,000
9,669,056 8,682,819 1,076,237
Total (13 roads)
'17
572,073
493,000
79,073
986,237
1\Trat Innrevica (11 4.%.1
5 mos '18
2,988,556 2,372,500
616,056
'17
2,879,369 2,465,000
414,368
May '18
2,251,254 1,377,000
Total all cos
874,254
For the second week of June our final statement covers
'17
2,813,646 1,350,500 1,463,146
20 roads and shows 4.74% increase in the aggregate over
5 mos '18
6,716,048 7,125,000 def408.952
'17
11,992.559 6,702,500 5,290,059
the same week last year.
Gross
Net
Fixed Chgs. Balance,
Increase.
Earnings.
Decrease.
& Taxes. Surplus.
Earnings.
1917.
1918.
Second week of June.
S
$
$
7,320
'18
May
Central
695
9,999,568
210
Bellefonte
860,587
361,074
485
10,499,081
roads)_
(17
reported
Previously
7,141
835
'17
247
384,762
6,578
588
378,184
Chicago Great Western
1,970
32,961
5 mos '18
1,161
1,050
24,199
25,360
920
Detroit & Mackinac
2,639
'17
35,541
1,235
143
2,318
2.175
Georgia_
1,404
&
Alabama
Tennessee
Other
Gross
Net after
Gross
Fixed
Balance,
10,904,800 10,410,847 861,748 367,795
Income.
Income. Charges. Surplus,
Tares.
Total (20 roads)
Earnings.
493,953
%
Nat inerciasA (4.74)
$
Buffalo Rochester & Pittsburgh116,089
293,755
177,666
May '18 1,478,166
202,126
91,629
Net Earnings Monthly to Latest Dates.-The table
299,656
80,074
'17 1,291,602
219,582
185,789
113,867
516,423
748,571
232,148
977,050 def228,479
5 mos '18 6,445,263
following shows the gross and net earnings with charges and
539,977 1,367,489
827,512
'17 5,438,202
893,988
473,501
surplus of STEAM railroad and industrial companies reTotal
Net
Other
Gross
Charges
Balance.
ported this week:
Income.
et
Income.
Earnings.
Earnings.
Taxes.
Surplus,
Earnings
-Gross Earnings--Net
$
Current
Previous
Previous
Current
Toledo Peoria & WesternYear.
Year.
Year.
Year.
Roads.
14,258
15,724
8,497
def1,466
118,507
May'18
5,761
$
$
$
IS
33,846
12,009
21,837
109,122
27,153
'11
6,693
4,298,378 3,814,506
75,907
80,105
46,040
5 mos '18 581,794 def4,198
29,867
Atch Top & Santa Fe a May 12,888,506 11,847,952 16,785,766
18.155,627
107,382
41,137
148,519
505,214
136,024
'17
12,495.
Jan 1 to May 31_ --_ - _59,495,780 55,382,753
885,015
749,868
z After allowing for other income received.
Atlantic Coast Line_ a_ May 4,202,787 3,576,813 6,059,570
5,800,916
18,744,433
21,862,461
31
May
to
Jan 1
Baltimore & Ohio b_---May12,924,480 11,473,255 1,373,715 3,170,800 ELECTRIC RAILWAY AND PUBLIC UTILITY COS..
968,391 11.577,603 54,138,764 49,897,573
Jan 1 to May 31
82,221
244,122
761,123
Chicago Ind & Louisv b May 816,902
Latest Gross Earnings.
Jan. 1 to Latest Date.
458,657 1,127.807
3,679,205
3,605,642
Jan 1 to May 31
50,510
201.453
761,123
816,901
__May
Loulsy_a_
&
Week or Current Previous Current
Ind
Chic
Name of Road
Previous
299,848
3,679,204
946,363
3,605,642
Year.
Year.
Month.
Year.
Jan 1 to May 31
or Company.
Year.
80,246
790,341
251,162
May 800,091
Chicago & Erie-a
$
779,759
$
$
3,696,103 3,432,321 def237,071
$
Jan 1 to May 31
162,202
May
Co__
239,408
Power
1,093,853
Alabama
781,752
34,727
280,786
47,284
Chicago Junction b_ _ __May 321,619
1019,926 860,696 5.381,505 4,681,305
127,802 Amer Power & Lt Co May
1,404,813 1,335,091 def37,688
Jan 1 to May 31
17,225 14,885
63.638
Atlantic Shore Ry___ May
112,725
373,122
1,105,657
286,559 Bangor
Cin N 0 & Tex Pac_a__May 1,312,508 5,166,336
April
74,840 70,632
Electric
296,208
&
Ry
285,295.
980,626 1,394,023
5,375,373
Jan 1 to May 31
20.816 18,988
82,515
Baton Rouge Elec Ry April
76.533
def7,429
112,392
11,504 Berkshire Street Ry_ December
May 113,885
58,916 87,478 1,058.729
999.886
Coal & Coke b
522,571 def28,088
61,067 Blackstone V G & El_ April
523,990
182,779 152.456
729,472
642.435
Jan 1 to May 31
1,940,751
April
8330,000
7453.000
P
&
L
31.576.000
Trac.
29.140.000
Del Lack & Western b_ _May 5,498,355 5,052,622 6,480,921 1,808,634 Brazilian
8.783
7.510
30.239
7,892,058 Brock & Plym St Ry_ April
33,925
24,611,885 22,484,767
Jan 1 to May 31
2580,986 2492,614 7,134.474 7,117,038
1,940,750 1,808,633 13klyn Rap Tran Syst March
Del Lack & West b_ _ _ _May 5,498,354 5,052,622 6,480,920
154.912
37.674 34.509
138.854
7,892.056 Cape Breton Elec Co April
24.161,884 22,484,766
Jan 1 to May 31
26.249 24.378
105,517
El Prop_ April
98.640
96,963
164,162
80,273 Cent Miss V Ry & LtAPrill
Detroit & Tol Sh Line b May 186,590
145,620 111.840
567.946
428.174,
388,501
786,901
431,180 Chattanooga
801,106
Jan 1 to May 31
1925,285 1565,425 9,667,320 8,432.236
Cities Service Co____ May
543,375
380,890 Cleve Painesv & EastApril
41,374 45,090
159,796
152.143
Elgin aollet & East b_ _ _May 1,612,206 1,409,242 1,326,834
877,375 861,625 5,314.281 4,944,439
6,499,996 6,240,813
1.491,626 g Columbia Gas & El.. May
Jan 1 to May 31
94,224 83,717
395,858
479,131
342,162
533,832 Columbus(Ga) El Co April
El Paso & South West b May 1,146,642 1,182,239 2.782,137
346.988 304,819 1,424,550 1,291,097
6,117,205 6,084,818
3,010,306 Colum (0) Ry P & L_ April
Jan 1 to May 31
1721,352 1502,961 6.797,711 6,209,952
312,513 1,752,920 Com'w'th P, Ry & Lt April
May 6,771,212 6,410,920
Erie b
April
PoworCo
76.807 68,268
Connecticut
311.781
277,122
26,836,053def1158,137
28,864,104
3,595,384 Consum Pow (Mich)..
Jan 1 to May 31
501,724 450,732 2.014,185 1,852.919
April!
116,855
790,342
282,438 Cumb Co(Me)P Sr L April;
Chicago & Erie b_ _ _ _May 800,091
246.126 233.439
934,039
925.820
936.134 Dayton Pow & Light May
3,696,104 3,432,322 def53,996
Jan 1 to May 31
175,861 136,595
947,719
773,208
36,670
90,136
1030,408 962,630 5,681,213 5.128,734
39,892 g Detroit Edison__ May
90,813
Fonda Johns & Glov b_May
168,316
424,013
179,976 Detroit United Lines March
1473.572 1370.447
425,381
Jan 1 to May 31
142,180 125,550
699,278
636,152
271,975
957,944
256,084 Duluth-Superior Trite May
May 1,067,946
Hocking Valloy_a
321.032 298,279 1,260,004 1,146.096
216,027
837,774 East St Louis & Sub_ April
4,071,619 3,733,583
Jan 1 to May 31
April
75.387
89.318
Elec__
Texas
341.645
Eastern
303,808
422,418
427,398 El Paso Electric Co__ April
Kan City Southern b_ __May 1,354,877 1,114,621
102.665 101.379
428.432
437.160
6,529,213 5,315,781 2,255,933 2,108,864 g Federal Lt & Trac_ February: 290.540 229,813
Jan 1 to May 31
600,884
473.691
94,708 68,814
May 5,449,545 4,945,727 1,404,476 1,281,539 Ft Worth Pow & Lt_ May
Lehigh Valley_a
21,343,916 20,322.732 1,026,522 3,326,593 Galv-Hous Elec Co__ April
205,083 150.699
796.679
Jan 1 to May 31
619,528
418,594
99,937 103,025
773,400
432.798
420,960 Grand Rapids Ry Co April
May 1,882,399 1,359,294
Long Island_b
339,755 323,929 1,727,952 1,637,440'
,089,6665,574.690 1,604.314 1,073,153 Great West Pow Syst May
Jan 1 to May 31
101,896 90,003
Railways April
396,680
364,719
41,406
04,510
11,415 Harrisburg Ry,
Newburgh & S Sh b.---May 124,757
663,345 534,613 2,567,536 2,131.823
L & P April
El
385,123
10,470
416,930
def1,027 Havana
Jan 1 to May 31
61,125 59.741
170,791
Honolulu R T & Land March
173,992
163,673
401,421
137,247
bEast
473,660
-May
Nor
New Onl &
25,900 31,536
113,802
Houghton CoTrac Co April
116.035.
770,025
635,315 blind & Manhat RR_ April
2,395,845 1,879,049
Jan 1 to May 31
577,898 524,053 2,280,555 2,107.514
4,330,480
20,432,825
__
_
1214,044
4,713,373 Illinois Traction..
1089,545 3,611,597 3,307.064
March
New York Central_b_ _ - May22,464,874 90,917,878
12,113,840 17,109,016 Interboro Rap Tran_ May
3524,432 3511,496 17,539,100 17,585,883
99,540,550
Jan 1 to May 31
74,330 58,675
Trac Co April
284.791
233,278
NY Nil & Hartford_a_May 8,001,982 7.338,617 1,600,384 2,069,803 Jacksonville
20,193 19,404
81.396
78,090
35,230,574 33,745,623 4,280,311 8,499,683 Keokuk Electric Co_ April
Jan 1 to May 31
April
Co
14.698
Electric
10,875
West
Key
56.563
44,119
302,657
101,997
98,768 Lake Shore Elec Ry_ April
NY Susq & West b----MaY 391,224
162.983 138,105
610,640
518,395
180,326
324,162 Lewist
1,551.323 1,419,071
Jan 1 to May 31
Aug & Watery April
73,081 68,053
227,221
251,776
Norfolk & Southern_a_May 6,572,181 5,522,881 1.728,675 1,673,815 Long Island Electric_ March
16.287 17.282
44,932
48,309
28,242,900 25,208,590 5,524,792 8,437,419 Louisville Railway
Jan 1 to May 31
April
292,514 254,562 1,139.132 1,003,103
12,140 10,525
33,291
29,505
Norfolk & Western b__ _May 6,572,182 5,522,881 2,001,736 1,920,535 Manhat Bdge 3c Line March
707,814 644,494 3,626,172 3,255,376
28,242,901 25,208.590 6,891,327 9,673,327 Milw El By & Lt Co.. May
Jan 1 to May 31
231,013 170.705 1,064,940
837,458
May 30,071,022 25,066,172 6,897,196 6,471,629 Milw Lt, Ht & Tr Co May
Pennsylvania b
218,862 201,591
840,895
810,381
120,830,660 112782,091 8,953,358 23,843.201 Nashville Ry & Lt_ _ April
Jan 1 to May 31
NewpN&HRy.0&-E April
156.294 92,873
565,171
348.906
207,020
445,217
115,764 N Y & Long Island__ March
N Y Phila & Norf b_ _May 664,906
34,113 31,391
87,528
88,470
1,951,325
365,529
31
May
2,435,617
to
390,033
1
Jan
11.504 11,779
28,768
NY & North Shore_ _ March
33.304
141,075
,548
144,362 N Y & Quonns Co__ _ March
74,894 98.016
199,457
295,542
West Jer & Sea Sh b_ _May 790,970
43,032
2,827,884
3,056,134
234,842 New York Railways_ March_ 982,684 1051,492 2,678,420 2,962,644
Jan
394.259
24.377 25,296
357.816
Penna Company b-__May 7,525,501 7,035,059 1,567,788 1,712,126 N Y & Stamford Ry_ December
45.844 49.155
555,414
664.654
29,704,480 28,775,834 1,038,061 4,049,410 N Y Westches & Bost December
Jan 1 to May 31
267,283 201,686 1,246,238
Niag Lockp't & Ont. May
941,890
89,316
519,361
b-May
Ind
543,643
&
80,529
Rap
Grand
17,678 17.334
Trac__ April
70.687
68,193
255,965
2,504,987 2,526,426
372.611 Northampton
Jan 1 to May 31
584,711 534,826 2,265,401 2,047,455
North Ohio Elec Corp April
6,302,110
1.382,339
--May
b6,854,760
L
4,725,253 North Texas Electric April
Pitts 00 & St
267.914
175,359
1,054.751
704,582
29,828,442 29,285,704 3,122,410 6,454,823 Ocean Electric (L I)_ March
Jan 1 to May 31
6,443
6,493
17,475
17,045
619,651
1669,153 1596.917
608,081 Pacific Gas & Electric April
Seaboard Air Linea-- May 3,006,768 2,506,325
14,381,919 12,771,167 2,571.878 3.471,867 Pacific Pow & Light_ May
148,417 127.055
Jan 1 to May 31
24.713 23,866
102,977
103,598
May 170,717
83,153
109,750
21,680 g Paducah Tr & Lt Co April
South Buffalo b
35,008 24,058
144,415
103.235
195,289
577,957
641,470
214,526 Pensacola Electric Co April
Jan 1 to May 31
__
_
45,804
Western_
&
April
Phila
45,645
Southern Pacific b_ _ -May 12,274,458 12.079,690 3,498,960 4,860,124 Phila. Rapid Transit_ May
2696.626 2570,440 12,726,716 12,170,689
54.283,345
13,919,401
58,489,149
31
May
to
18,426,855
1
I 1: Jan
141,631 102,617
Portland Gas & Coke May
Southern Railway b_ -__May 9,854,637 7,273,192 3,436,869 2,434,212 Port(Ore)Ry L&PCo April
616,280 473,358 2,404,793 1,897.975
44,461,218 34.310.874 14.081,354 11,135,157 Porto Rico Railways_ May
86,829 77,541
421,954
370,403
isdp Jan 1 to May 31
579,978
903,656 754,687 3,748,946 3,031,154
186,188
189,560 g Puget Sd Tr, L & P April
Alabama Grt Sou b__May 682.904
469.142 371,746 2,358,795 1,854,121
3,180,626 2.641,455
926,585
808,715 gRepublic Ry & Light May
Jan 1 to May 31
__ December 498,252 481.639 6,000,602 6.811,998
119,442
54,917
17,755 Rhode Island & RR_
Staten Isld Rap Tr b__May 177,723
March
34.681 33,329
93,667 1.94,041
572,617
571,833
4.875
104,326 Richmond Lt Co_Jan 1 to May 31
Phila & Reading
2750
Name of Road
or Company.
THE CHRONICLE
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
[vol.,. 106.
Gross
Net
Fixed Chgs.
Earnings. Earnings. ot Taxes.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
$
$
Si L Rock Mtn & Pac April
432.826 268,781 1,697.290 1,112,595
Santiago El Lt & Tr_ April
53,219 40,963
215,085
174,407
Savannah Electric Co April
92,580 76,968
365,529
298,568
Second Avenue (Bee) March
61,987 63,184
167,254
179.988
Southern Boulevard_ March
17,195 17,619
46,701
49,783
Southern Cal Edison_ April
541,064 710,823 2,127,908 2,751,802
Staten Isld Midland_ March
21,610 23,764
57,827
67,480
Tampa Electric Co__ April
84,863 82,262
351,346
354.703
Tenn Ry L & P Co__ April
470,931 422,179
Texas Power & Lt Co May
221,583 181,222
Third Avenue Ry___ March
327,942 343,449
946,676 1,011,794
DDEB&BRR__ March
39,481 37,452
107,531
104,682
42StM&StNAvRy March
136,950 146,936
369,482
415,984
UnionRyCo(NYC) March
215,124 232,626
594,082
677,044
Yonkers Railroad_ March
66,073 63,208
184,733
178,029
N Y City InterbRy March
56,934 62,447
162,922
180,515
Belt Line Ry Corp_ March
52,826 59,238
142,804
168,926
Third Avenue System April
823,118 877,206 3,087,733 3,334,247
Twin City Rap Tran_ May
804,784 841,765 4,039,141 4,322,749
Virginia Ry & Power_ May
668,162 515,250 3,182,818 2,541,037
Wash Bait & Annap_ April
214,194 103,661
744,074
314,987
Westchester Electric_ March
43,624 40,591
123,069
118,695
WeatchesterStreetRit December
17,564 14.763
246,023
225.734
York Railways
April
84,694 82,331
361,948
345,141
Youngstown & Ohio_ March
35.409 28.737
95.992
78.043
a Now covers only the lines east of York Beach, Me.; in the first four
months of 1917 covered also the lines west of York Beach, Me. b Represents income from all sources. c Thee:: figures are for consolidated company. f Earnings now given in mike's. g Includes constituent companies.
New York Dock
May'18
'17
5 mos '18
'17
Twin City Rap Tr May'18
'17
5 mos '18
'17
442,818
181,899
414,069
219,679
2,101,316
930,297
1,808,481
915,608
804,784
268,363
841,764
309,836
4,039,142 1,066,419
4,322,749 1,456,916
92,246
111,010
453,821
443,007
160,777
149,942
782,467
730,414
Balance.
Surplus.
$
89,653
108,669
476,476
472,601
107.586
159,894
283,952
726.502
New York Street Railways.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$
Itudson & Manhattan_ _Mar 431.017
388,781
211,061
209,369
Jan 1 to Mar 31
1,232,279 1,121,896
570,988
597,522
Interboro R T (Sub)..__Mar 2,002,070 2,056,186 1,060,414 1,197,087
Jan 1 to Mar 31
5,799,694 5,912,460 3,102,262 3,468,812
Interboro R T (Elev)__Mar 1,647,600 1,626,334
563,831
651,472
Jan 1 to Mar 31
4,675,308 4,640,907 1,570,461 1,898,475
Total Interborough__Mar 3,649,670 3,682,520 1,624,245 1,848,559
Jan 1 to Mar 31
10,475,001 10,553,367 4,672,722 5,367,287
Brooklyn Rapid Trans_ _Mar 2,580,986 2,492,614
693.451
725,950
Jan 1 to Mar 31
7,134,474 7,117,038 1,743,637 2,040,222
Now York Railways__..-Mar 982,684 1,051,492
188,772
167.702
Jan 1 to Mar 31
2,678,420 2,962,644
478,410
385,361
Belt Line
•
Mar
52,826
59,238
6,718
9,379
Jan 1 to Mar 31
142,804
168,926
12,974
24,998
Second Avenue
Mar
61,987
63,184
2,385
706
Jan 1 to Mar 31
167,254
179,988 def11,070
def1,414'
Third Avenue
Mar 327,942
343,449
117,062
117,854
Jan 1 to Mar 31
946,676 1,011,794
321,243
382,580
Electric Railway and Other Public Utility Net EarnD D E Bway & Batt___Mar
39,481
37,452
3,560
def2,176
ings.-The following table gives the returns of ELECTRIC
Jan 1 to Mar 31
107,531
104,682
2,409
def9,818
Man & St N Ave_Mar 136,950
146,936
railway and other public utility gross and net earnings with 42d St
37,688
41,853
Jan 1 to Mar 31
369,482
415,984
86,709
122,994
charges and surplus reported this week:
N Y City Interboro
Mar
56,934
62.447
9,155
6,887
Jan 1 to Mar 31
162,922
-Gross Earnings--Net Earnings
180,515
25,724
34,288
Current
Previous
Southern Boulevard_ - __Mar
Current
Previous
17,195
17,619
2,258
273
Companies.
Year.
Year.
Year.
Jan 1 to Mar 31
Year.
46,701
49,783
5,265
5,326
$
-Union Ry (N Y C)
Mar 215,124
232,626
33,673
32,070
Alabama Power Co a_ __May 239,408
162,202
Jan 1 to Mar 31
150,268
105,139
594,082
677,044
64,322
128,344
Jan 1 to May 31
1,093,853
781,752
672,627
530,516 Westchester Electric_ _Mar
43,624
40,591
5,789
def2,752
Amer Pow & Lt CoMay 1,019,926
860,696
391,953
Jan 1 to Mar 31
344,732
123,069
118,695
10,418
def5,847
Jan 1 to May 31
5,381,505 4,681,305 2,132,636 1,948,975 Yonkers
Mar
66,073
10,300
63,208
13,078
Bell Telephone (Pa)____May 1,219,630 1,175,620
301,171
Jan 1 to Mar 31
306,602
184,733
178,029
21,187
27,287
Jan 1 to May 31
6,015,619 5,763,107 1,460,319 1,539,277 Long Island Electric_ _ __Mar
16,287
17,282
def3,764
def1,694
Central Detroit Telep_ May 598,049
645,737
167,981
Jan 1 to Mar 31
184,661
44,932
48,309 def11,338
def8,008
Jan 1 to May 31
3,132,998 3,143,500
779,566
960,293 N Y & Long Is! Trac___Mar
34,113
31.
doll,831
12
Del & Atl Tel & Tel__May 168,005
145,356
63,056
Jan 1 to Mar 31
26,393
87,528
88.470 def13,405
def4,850
Jan 1 to May 31
795,885
698,326
179,382
129,519 N Y & North Shore___ _ ar
11,504
11,779
def17
2,255
Diamond State Telep__May
60,059
53,124
10,547
Jan 1 to Mar 31
6,766
28,768
33,304
def3,957
5,520
Jan 1 to May 31
285,561
258,261
37,149
46,119 N Y & Queens Co
mar
74,894
98,016 def22,364 def30,803
Interboro Rap Tr a..___May 3,524,432 3,511,496 1,521,970 1,798,857
Jan 1 to Mar 31
199,457
295,542 def87,572 def79,634
July 1 to May 31
37,208,118 36,680,909 16,295,094 18,837,690 Ocean Electric (L I)___..Mar
6,443
6,493
def96
750
New Eng Pow System a May 262,323
220,587
Jan 1 to Mar 31
138,445
135,579
17,475
17.045
def1,887
def2,818
Jan 1 to May 31
1,275,766 1,035,190
558,328 Manhattan Br 3c Line.. Mar
552,962
12,140
10,525
2,299
2,638
Niagara Lock & Ont a_ .May 267,283
201,686
106,058
Jan 1 to Mar 31
88,783
33,291
29,505
4,577
6,280
Jan 1 to May 31
1,246,238
941,890
447,557
387,176 Richmond Lt & RR Co_Mar
34,681
33,329
3,515
2,091
Porto Rico Rys
May
86,829
77,541
38,777
Jan 1 to Mar 31
37,044
93,667
94,041
1,348
5,108
Jan 1 to May 31
421,954
370,403
190,201
162,798 Staten Island Midiand_Mar
21,610
23.764
def4,578
def4,813
Postal Teleg Co of N Y_Apr 188,315
181,162
def3,712
def6,487
Jan 1 to Mar 31
57,827
67,480 def20,085 def15,377
Jan 1 to Apr 30
733,573
707,444
1,285 def13,664
NOTE.-Net earnings of all the above are after deduction of taxes.
Santiago Elec Lt & Tr.... Apr
53,219
40,963
21,390
10,390
Jan 1 to Apr 30
215,085
174,407
85,389
54,335
Sou Canada Pow CO.....May
40,612
35,828
18,222
15,911
Oct 1 to May 31
313,866
257,067
140,444
121.096
Southwestern Pow & Lt May 399,995
344,399
141,895
146,10L
Jan 1 to May 31
2,213,306 1,894,678
849,565
864,650
Western Pow Co of Can Apr
34,245
36,470
22,915
25,862
Annual, &c., Reports.-The following is an index to all
Apr 1 to Apr 30
444,429
416,132
315,512
293,499
Western States G & El_May 130,669
110,311
56,236
48,558 annual and other reports of steam railroads, street railways
Jan 1 to May 31
1,494,523 1,295.225
655.625
613.230 and miscellaneous companies published since May 25 1918.
This index, which is given monthly, does not include
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus. reports in to-day's "Chronicle."
$
Full-face figures indicate reports published at length.
Adirondack Elec
May '18
128,663
37,295
21,088
16,207
Power Corp
Steam Roads'17
122,559
38,921
21,103
Page. Industrials17,818
Page.
12 mos '18 1,703,279
359,756
2644 Acme Tea Co
255,697
104,059 Alabama & Vicksburg Ry
2445
'17 1.553,316
2219 Alabama Co
256,645
233,061 Atlantic Coast Line RR
489,706
2342
2227 American Chain Co
Cities Service Co May '18 1,925,285 1,886,924
2651
5,897 1,881,027 Boston & Maine RR
2223, 2336 American Express Co
'17 1,565,425 1,537,084
2051
234 1,536,850 Canadian Northern Ry
5 mos '18 9,667,320 9,490,446
6,720 9,483,726 Carolina Clinchfield & Ohio Ry_ __ _2219 American Pneumatic Serv. Co.2462, 2554
2222 American Tel. & Tel. Co
'17 8,432,236 8,288,153
2651
1,283 8,286,870 Central of Georgia Ry
Chic. North Shore Milwaukee RR.2449 Amer. Window Glass Mach. Co__ _2231
Columbus (Ga)
Apr '18
94,224
26,510 Chic. Rock Island &
54,709
28,199
Pacific Ry_ _ _ _2219 Amer. Zinc, Lead & Smelting Co__ _2448
Elec Co
83,717
'17
53,966
24,896
29,070 Chlo.Terre Haute &&Southeast'n
Ry_2648 Atlantic Gulf & W.I. SS. Lines_..2553
4 mos '18
395,858
234,318
125,015
109,313 Denver & Rio Grande RR
2334 Atlas Crucible Steel Co
2652
'17
342,162
214,580
110,181
104,399 Detroit & Mackinac Ry
2228 Brit. Westinghouse Elec.& Mfg. Co.2231
Duluth-Superior
May '18
142,180
31,006
15,293
z17,376 Grand Rapids of Indiana Ry_ _2559, 2644 Brooklyn Union Gas Co
2231
Traction
'17
125,550
38,468
15,020
z25,318 Haytian-American Corporation_ _ _ _2849 Brunswick-Balke-Collender Co
2556
5 mos '18
699,278
132,228
74,108
06,580 Indiana Harbor Belt RIt
2442 Buffalo General Electric
2647
636,152
'17
194,756
73,142 x130,950 Kanawha & Michigan Central fly.,222i Butte dc Superior MiningCo
2447
Co
Fall River Gas
Apr '18
56,172
9,949
9,914 Lehigh & Hudson River Ry
35
2335 California Packing Co
2224
Works
'17
42,416
19,167
10,165 Lehigh & New England RR
2
2442 California Petroleum Corp.( 3 mos.).2347
4 mos '18
215,537
28,875
28,695 Long Island RR
180
2222 Canadian Converters Co., Ltd
2503
174,923
'17
71,068
71,060 Minn.St. Paul & Sault Ste. M.Ry_ _2335 Canada SS. Lines, Ltd
8
2557
Fort Worth Power May '18
94,708
40,103
12,438
27,665 Phila. Baltimore & Washington RR.2441 Casein Co. of America
2232
<SG Light Co
'17
68.814
36.298
9,559
26,739 Pitts. Cin. Chic. & St. Louis RR-255I Central Foundy Co._2340,(3 mos.)2347
12 mos '18 1,171,157
Pitts.
Ry.
Virginia
&
West
(3
mos.)
567,813
129,021
Central & South Amer. Teleg. Co...2339
438,792
'17
2230, 2451 Chic. Juno. & Union Stock Yards__ _2227
890,042
518,865
118,170
400,695
Texas & Pacific Ry
2334 Chicago Telephone Co
Great Western Pow.May'18
2557
339,755
201,016
138,350
x60,563 Toledo
Central
&
Ohio
2220 Chile Copper Co
'17
2553
323,929
204,047
140,468
x66,110 Tonopah & Goldfield Ry
RR__ _2230, 2443 Chicoutimi Pulp Co
5 mas '18 1,727,952 1,057,872
2853
693,527 x362,276 Toronto
2346 City & Suburban Homes Co
2454
'17 1,637,440 1,026,091
702,106 z340,129 Toronto Hamilton & BuffaloRy
Railway
2337 Computing, Tabulating & Recording
Milw El Ry & Lt May '18
707,814
144,721
100,544
x53,555 Vicks. Shreveport & Pacific Ry
2644
Co. (3 months)
2583
'17
644,494
106,590
85,754
x31,473 Virginian Ry
2348, 2440 Consol. Interstate-Callahan Min.00.2347
5 mos '18 3,626.172
706,143
489,848 2264,979 Wabash Railway
2220
Copper
Range
Co
2225
'17 3,255,376
741,126
368,818 z411,518 West Jersey & Seashore RR
2336 Dome Mines Co., Ltd
2454
Milw Light, Heat May '18
231,013
45,190
43,179
x2,123 Western Maryland Ry
2442 Dominion Power & Transmis'n Co.._2338
& Trac
'17
170,705
28,225
38,904 xdef10,781 Winston-Salem Southbound Ry_ _2451 Dominion Steel Corp
2464, 2553
5 mos '18 1,064,940
167,136
217,868 zdef50,695
Electric Road:
Dominion Textile Co., Ltd__ _2347, 2556
'17
837,458
167,516
193,289 zdef25,700 Ala. Trite., Lt. & Pow. Co., Ltd.
Eastman Kodak Co
2225
Puget Sound Trac Apr '18
2556, 2646 Edmunds & Jones Corporation
903.656
337,788
174,312
2553
163,476
Light & Power
754,687
'17
293,803
160,100
2232
133,703 American Railways,Philadelphia.._ _2337 Electric Bond & Share Co
4 mos '18 3,748,946 1,445,200
792,688
652,512 Commonwealth Pow.,Ry.& Ltg.Co.2450 Fairbanks Co
•-2563
'17 3,031,154 1,180,011
732,890
447,121 Denver Tramway System__ _2345, 2444 Fall River Gas Works Co
2454
Georgia Light, Power & Rye
2445 Federal Sign System (Electric)
Republic Ry & Lt May '18
2454
469,142
130,378
100,035
x36,526 Havana
Elec. Ry.. Lt.& Pow. Co_2337 Federal Sugar Refining Co
2652
'17
371,746
114,454
82,639
x37,985 Illinois Traction
Co
2443
Fisher Body Corporation
2647
12 mos '18 5,394,110 1,618.324 1,090,960 z616,044
Middle West Utilities Co
2646 Fisk Rubber Co
2338
'17 4,228,748 1,605,625
895,941 z738,895 Monongahela
Valley Traction Co- 2444 Gaston, Williams & Wigmore, Inc.. 2554
Texas Power &
Apr '18
71,764
221,583
53,822
17,942 New Orleans Ry.& Lt. Co.(3 mos.)_2229 General
Asphalt Co
2341
Light Co
181,222
'17
64,782
44,228
20,554 Northern Texas Electric Co
2340 General Gas & Electric Co....._2343
12 mos '18 2,846,032 1,038,918
599,026
439,892 Pacific Electric Ry
2649 Greene Cananea Copper Co_ _2347, 2558
'17 2,388,025 1,029,696
472,910
556,786 Philadelphia Co
2580, 2845 Hartman Corporation
2555
Third Avenue
May'18
886,302
211,603
219,924
x4,704 Pittsburgh Railways Co
2650 Homestake Mining Co
2340
'17
911,855
256,883
226,013
x45,439 Puget Sound Trac., Lt.& Pow.Co_ _2650 Internat. Mercantile Marine Co_
2454
11 mos '18 9,364,134 1,928,617 2,438,534xdef365,443 Tennessee Ry., Lt. & Pow. Co
2551 International Nickel Co
2338
'17 8,034,790
884,861 2,438,768zdef1394745 Underground Elec. Rya.of London _2443 International Salt Co
2225
Wash. Ball. & Annapolis Elec. Ry_ _2552 International Text Book Co
2348
z After allowing for other income received.
Winnipeg Electric Ry
2646 Jones Bros. Tea Co., Inc
2232
ANNUAL REPORTS
2751
THE CHRONICLE
JUNE 29 1918.]
BALANCE SHEET DEC. 31 1917 AND JAN. 1 1917.
Page.
Page. Industrials (Concluded)Industrials (Continued)Dec.31 '17. Jan. 1'17.
2233
Land Co
Dec.31 '17. Jan. 1'17
Kellogg Switchboard & Supply Co..2233 Old DominionCoal
$
Liabilities$
2233
& Coke Co
$
$
AssetsLanston Monotype Machine Co........2226 Pennsylvania
10,822,500
stock
___10,822,500
Common
2654
19,499,307
Mtges
Guaranteeing
96,574
for
Co.
Phila.
Invest'ts-Read__20,4
Co____2339
Lehigh & Wilkes-Barre Coal
11,344,400
stock___11,344,400
Preferred
2555
2,214,565
2,209,444
2653 Pick (Albert)
Equipment ..___
Lindsay Light Co
33,000
27,000
Mortgage bonds__
94,580
2233 Pittsburgh & Allegheny Tel. Co__ 2457
Gen'l expend's
Lone Star Gas Co
57,889 Audited accounts
2349 Miscell. properties
59,266
2348 Pittsburgh Steel Co.(9 mos.)
(David) Lupton's Sons Co
199,481
322,785
and wages
Lt. & Pow. Co__2645, 2650 Cash
193,762
Manhattan Electrical Supply Co...2455 San Joaquin
15,635
30,623
2447 Misc, accounts, dee 185,575 I 1,126,720 Interest, &c
Valley Water Co
Manila Elec. RR.& Lighting Co.._2560 SpringCo.
4,003
42,744
Deferred liabilities
2340 Material & supp__ 629,862
of Canada, Ltd
2446 Steel
Marconi Wireless Telegraph Co
25,975 deb.11,683
Tax liability
19,9041
2340 Stewart Warner Speed. Co.(3 mos.).2457 Curr't assets, &c..Mexican Telegraph Co
90,221
46,621
reserves
Operating
2447
Co
Symington
H.)
debits,
2555
Unadjusted
(T.
Miami Copper Co
450,479
53,454 Accr'd deprec., &c. 491,118
63,007
2564 Tennessee Copper & Chem. Corp 2226
&e
Montana Power Co.(4 mos.)
Other unadjusted
Union Bag & Paper Corp.(3 mos.)....2234
Montreal Lt., Ht. & Pow., Consol.
13,751
3,900
credits
Corp
2224
Machinery
Shoe
United
2449
2348,
Profit & loss, bal._ 784,461
Lithographing Co_2343
Mountain States Tel. & Tel. Co___ _2557 U. S. printing&&Improv.
2647
Co__2350,
Realty
S.
U.
mos.).2349
(3
Co.
Cable
&
Nat'l Conduit
23,951,978 22,951,936
2350
23,951,978 22,951.936 Total
Total
2557 Utica Gas & Electric Co
New England Power Co
2681
2455 Ventura Consol. Oil Fields
Mobile Terminals.-This company owns 81 acres of valuable waterfront
N. Y.& Hond. Ros. Mining Co
2565
Co
The construction of
Power
Bay.
Virginia
and
2341
River
Mobile
of
at the junction
Niagara Falls Power Co
2238 property
2564 Waltham Watch Co
modern terminal, docking and storage faciliites thereon is deemed to be of
Niagara Lockport & Ont. Co
2358
(Express)
Co.
dz
and the further deFargo
Wells
property
2445
the
of
growth
the
to
future
vital
importance
Co
American
North
2223 velopment of an important through export traffic, which, in spite of the
2553 Westinghouse Elec. & Mfg. Co
Oceanic Steam Nay. Co., Ltd
2565 limited facilities, had assumed considerable proportions prior to the conCompanies
Ohio Cities Gas Co, 2224;(3 mos.), 2233 (J. G.) White
2339 ditions which brought about the shortage of ocean tonnage. Preliminary
2654 Yale & Towne Mfg. Co
Ohio Fuel Supply Co
plans for the proposed terminals have been prepared and approved by the
harbor authorities and it is hoped that active construction work can be
Route).
(Panama
Co.
RR.
Northern
undertaken in the near future.
Gulf Mobile &
This property is also admirably suited to the location of industries, a
plant for the manufacture of dyes from imported woods having already
(First Annual Report-Year ended Dec. 31 1917.)
been located there.-V. 106, p. 2648. 2345.
substance:
Pres. W.F. Owen, Mobile, April 1, wrote in
Reorganization-Merger.-Thiswcompany, a consolidation of three coreand Alabama,
porations organized under the laws,of Mississippi, Tennesse
for the reorganization
respectively, on Jan. 1 1917, in pursuance of a plan
took title and assumed
of the New Orleans Mobile & Chicago RR. Co.,
control of the properties of the latter company (plan, V. 100, P. 1078).
by the receiver
Results of Operation.-Compared with the results obtained operating
reveof the predecessor company for the cal. year 1916, the total
expenses increased
nue increased $271,561, or 13.24%, while operating
The
62.67%.
or
$54,374,
increased
accruals
tax
and
6.93%,
$103,006, or
miscellaneous
operating income was $592,102, an increase of 24.08%, andThe
total grass
income was $186,538, an increase of $43,824, or 30.71%.
$158,714, or 25.60%.
Income, therefore, was $778,639, being an increase of $6,628,
leaving a surInterest, rentals and miscellaneous charges called for
plus balance to profit and loss of $772,010.
connotwithstanding
attained,
was
The increase in,operating revenue
decrease in export
tinual car and embargo difficulties as well as the great
on
revenue,
of
sources
important
the
of
one
heretofore
Mobile,
traffic via
not participate
account of the shortage of ocean tonnage. The road did the
Inter-State
to any extent in increased commodity rates granted by
Commerce Commission during the year.
and the adThe increased expenses reflect the abnormal material costs as
of employees, evidenced
vance in wages granted to practically all classes equipment.
decrease
The
of
particularly in the item for maintenance
to the exIn maintenance of way and structures is due principally
for this
expenditures
unusual
the
and
roadbed
of
the
cellent condition
item made in 1916. The Adamson eight-hour law and the extraordinary
increase in the cost of fuel coal are the principal causes for the increased
transportation expenses. •
Miscellaneous income increased $43,824, which was the result principally
of the larger credits for hire of equipment due to the greater number of
company cars on foreign lines.
In the matter of percentage of increase of net income over 1916, the road
did substantailly better than any other railroad of equal or greater mileage
in the Southern district.
to
Physical Condition.-The roadbed is in excellent condition-readyand
handle the increased traffic expected upon the completion of extensions
Early in 1917
terminal improvements now under way and contemplated.between
Walnut
work was completed on a revision of grade and alignment
new track and the
and Brownfield, involving the building of 11,6 miles ofreducing
3% grades
rebuilding of 3 miles of existing track on approaches,
northbound traffic,
to 0.6% against southbound traffic and 0.8% against
of the operating
and generally bringing this piece of track within the limits
Albany Division.
conditions found elsewhere on the Middleton-New
good
condition as of
in
were
46
owned,
engines
Out of 58 serviceable
shops. The need for
Dec. 31. Four box cars were built at the company'sdifficulty-in
procuring
of
account
on
but
recognized
is
cars
freight
more
materials, it was found impossible to carry out the original program for
the construction of 10 to 20 cars per month.
Traffic.-Tho Traffic Department was developed toinan extent commen•
anticipation of the
surate with the growing importance of the traffic and
of the Jackson Extension.
situation which will follow from the completion increased
activities in conThe city of Mobile has become the centre of population
has been connection with the shipbuilding program and its
movement of
siderably enlarged. We may expect to share in the increased
solicitation and satisfreight to and from that city. On account of active
&
M.
N. handled
G.
the
that
report
to
gratifying
factory service, it is
during the year.
almost 50% of tho cotton moving through Mobile
Ten new industries, costing $310,000, and having a yearly in and outbound tonnage of approximately 2,700 cars, were located.
Jackson Extension.-Satisfactory progress was made during the year on
the construction of an extension, 40 miles in length, from the present
northern terminus of the road at Middleton, to Jackson, Tenn. Although
of labor and the unthe work was handicapped by the extreme shortage
usual conditions affecting all construction work, as of this date 75% of the
grading is completed and track laying is in progress.
While It Is estimated that the traffic originating along the new line will
will increase the road's
be sufficient to pay cost of operation, this extension
83
haul on a greater portion of its existing freight traffic approximately
miles, practically all interline traffic now reaching or leaving its rails at
points south thereof,
New Albany, Miss., 43 miles south of Middleton, or almost
exclusively to
confining the line from New Albany to Middleton
an active railroad
light local traffic. The extension will also give the road
disadvancentre for its northern terminus, the lack of which has proved
tageous in the past. Jackson Is an important commercial and industrial
city and connection will be made there with several large railroads.
Blodgett Branch.-This branch, which is nearing completion, extends from
McLain, on the main line, some 33 miles into Henderson County, Miss.,
traversing rich forest lands estimated to contain more than two billion feet
of standing timber. This should originate a large volume of traffic. The
development of rich agricultural lands adjacent thereto will also result
from the completion of this branch.
INCOME ACCOUNT YEARS ENDED DEC.31 1917 AND DEC. 31 1916.
1917.
1916.
402.39
402.39 Hire of fght. cars_ $153,514 $114,992
Avge. miles oper.._
Freight earnings...$1,862,430 $1,632,692 Rent from equip't,
12,598
15,922
338,234
315,584 &c
Passenger
95,141
83,024 Inc. from unfund.
Mall, express, &c_
13,298
12,705
beeurs.& ace.ts_
1,826
4,396
Tot.transp.rev _$2,295,805 $2,031,300 Miscellaneous__
26,845
19,788
Incidental revenue
Total other inc. $186,537 $142,714
$778,639 $619,025
Total oper. rev-$2,322,650 $2,051,088 Gross income
Maint. of way,&c. $311,491 $333,316
320,096 Deduc.from Inc.:
Maint. of equip't_ 399,371
4,855
4,896
51,816
51,187 Rent for equip.,&c
Traffic
1,650
1,588
699,700 Interest on bonds_
Transportation... 717,340
442 Int. on trust equip.
75
Misc. operations
340
81,654 notes
General expenses_ 109,308
Int. on unfunded
202
145
Total oper. exp.$1,589,401 $1,486,395 debt
Net operating rev_ $733,249
Railway tax accru. $141,138
9
Uncollectibles____
$564,693
$86,763
718
Total deductions
from income_
$6,629
$7,047
Balance carried to
Total oper. Inc_ $592,102 $477,211 profit and loss.- $772,010 $612,877
Note.-For comparative purposes, the following items have been eliminated from 1916 figures: Int. on N.0. M.& 0. bonds,$680.360 int. on loans
and bills payable, $34,503; amort. of disc, on funded debt, $22,988; total,
$737,851.
Chicago Terre Haute & Southeastern Railway Co.
(Report for Fiscal Year Ended Dec. 31 1917.)
President M.J. Carpenter, Chicago, says:
It is gratifying to note the increase in earnings. Inasmuch as coal is
the principal source of revenue, it will not be amiss to indicate coal tonnage
for a period of years, which is as follows:
Coal Tonnage.
Year EndedCoal Tonnage.
Year Ended3,669,065 tons
2,458,818 tons June 30 1916
June 30 1912
4,077,272 "
2,470,541 " Dec 31 1916
June 30 1913
5,414,198 "
June 30 1914
3,057,539 " Dec 31 1917
3,100,701 "
June 30 1915
RESULTS FOR YEARS ENDING DEC. 31 1917.
1915.
1916.
1917.
No. of passengers carried per mile... 21,999,627 18,002,432 14,902,565
1.230 cts.
1.096 cts.
Average receipts per pass. per mile__ 1.038 cts.
573,874,163 456,200,679 359,320,647
No. tons carried one mile
.563 cts.
.557 cts.
.609 cts.
Average receipts per ton per mile_
$3,493,016 $2,542,989 $2,024,063
Freight earnings
183,245
197,370
220,137
Passenger
56.570
73,401
91,873
Mail, express, &c
Total operating revenues
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations, &c
General
$3,805,026 $2,813,760 32 263,877
$284,254
$373,026
$440,352
444,774
772,427
937,156
43,687
49,659
55,135
837,558
662,469
1,323.130
10,094
12,853
28,998
110,105
102,797
104,717
Total operating expenses
Net earnings
Taxes
Uncollectibles
$2,889,488 $2,148,320 $1,555,383
$708,494
$665.440
$915,538
127,141
149,079
235,857
281
278
11,791
$667,890
619,743
34,756
$516,083
398,657
31,321
$581,072
229,074
26,592
$1,322,389
Gross income
Deductions$42,748
Rents, &c
65,594
Interest on unfunded debts
Interest on funded debt301,360
Southern Indiana 1st M. bonds...
12,500
Bedford Belt 1st M. bonds_
212,200
First & 'Ref. M. bonds
27,750
5% equipment bonds
158.402
Income mortgage bonds
$946,061
$836,738
$32,755
90,195
$30,927
89,600
301,360
12,500
212,200
32,250
79,201
301,360
12,500
212,200
36,750
Operating income
Add.-Hire of equipment
Other income
$683,337
$760,461
$820,554
Total deductions
$153,401
$185,600
$501,835
Balance, surplus
GENERAL BALANCE SHEET, CONDENSED, DECEMBER 31.
1916.
1917.
1916.
1917.
$
Assets$
Road & equipm't_24,767,369 24,839,877 Common stock__ 4,300,000 4,300,000
12,5644285 12,628,000
Funded debt
Deposits in lieu of
16,177!Income M.bds.5% 6,336,055 6,336,055
29,857
mtged. prop.sold
42,532,Loans secured.... 837,000 1,330,000
42,888
Misc. Divs. prop_
13,750
137,009.Loans & bills pay_
Misc. securities... 161,448
10,103
14,276
591,965'Traffic balances...
482,194
Cash
395,447
271,195
wages
29,122
Accts.
&
65,269
Special deposits
229,076
89,109 Unmat. Int. accr'd 228,076
Traffic, &c., bals_ 118,381
43,552
85,308
47,987 Miscellaneous....
70,143
Agents & conduc'rs
217,512
224,749 Unadjusted accts. 276,159
Materials & supp.. 400,021
286,837
66,049 Accrued deprec'n_ 371,244
87,844
Miscellaneous 1,766
143,697 Add'ns to prop'ty_
Unadjus.,&c.,accts. 105,615
562,192
x921,414
Profit and loss
Income bond int.
deferred (contra) 1,293,620 1,135,218 Inc. bond int. not
declared (contra) 1,293,620 1,135,218
27,624,650 27,363,490
27,624,650 27,363,491 Total
Total
-V. 105. p. 67.
x After allowing for miscellaneous debits (net), $143,612.-V. 105, p. 67.
Louisville Henderson & St. Louis Ry.
(Report for Fiscal Year ending Dec. 31 1917.)
Pres. R. N. Hudson, Louisville, April 23, wrote in subst.:
Operations for the year were the largest in the history of the company.
Operating revenues increased $475.536, or 27%. Operating expenses
increased $274,534, or 23%,and net operating revenues increased $201,002,
or 35%. Freight revenue increased $382,17.7, or 31%; passenger revenue
increased $81,407, or 19%.
Taxes increased $47,505, or 107%, due to increase of 20% in valuation
of tangible property, and the new Federal income taxes. Expenses of
maintenance of way and structures decreased $20.208, principally on
account of 15 miles more of new 80 pound rails laid last year than this year.
Maintenance of equipment increased $41,971, due to more locomotives in
service this year, repairs to all freight cars possible to keep serviceable,
and the increased cost of labor and materials.
Transportation expenses increaed $246,010. This increase amounts to
48%, while the increase in gross tonnage handled amounted to 39%,
which comparison reflects the increased cost of operation, principally in
wages and fuel.
Operating revenues per train mile increased from $1 63 to $1 90, or 16%.
Operating expenses per train mile increased from $1 09 to $1 24, or 13%•
The percentage of operating expenses is 65.22, compared with 67.26 last
year.
GENERAL STATISTICS (200 MILES OPERATED).
-Years end. Dec. 31- -Years end. June 301916.
1915.
1916.
1917.
401,702
389.456
393,003
454,926
Passengers (No.)
18,288,284
18,828,668
19,120,273
23,955,143
Passengers carried 1 mile
Rate per pass. per mile_ 2.114 cts. 2.223 cts. 2.186 cts. 2.134 cts.
1,225,940
1,538.110
1,717,302
2,391,137
Tons carried
285,846.898 204.267,192 184,150,124 128,046,569
Tons carried 1 mile
0.672 cts. 0.713 eta. 0.725 eta. 0.749 cts.
Rate per ton per mile_
2752
THE CHRONICLE
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
$1,607,372 $1,225,194
506,430
425,023
112,848
100,897
Freight revenue
Passenger revenue
Mail, express, &c
1915.
$964,229
399,021
84,586
Total operating revenues
$2.226,650 $1,751,114 $1,447.836
Maintenance of way & structures_ _ _ _
$314,960
$335,168
$354,869
Maintenance of equipment
278,614
236,642
191,817
Traffic expenses
60,140
58,121
61,591
Transportation
465,367
755,386
509,375
General expenses
43,221
38,481
41,300
$1,452,321 $1,177,787 $1,114,944
$332,892
$774,329
$573,327
92,324
44,597
38,726
Total
Net operating revenue
Taxes accrued, &c
Operating income
Other income
$682,005 - $528,730
15,248
11.748
$294,166
5,689
Gross corp. incorne
Hire of equipment
Joint facilities
Miscellaneous rents
Interest on funded debt
Other interest
$697,253
$102,948
33,254
27,672
170,950
12
$299,855
$44,951
32,127
17,712
149,705
5,460
$540,478
$54,339
31,787
22,379
172,371
191
$249,955
$334,836
$281,067
Total deductions
$362,417
Balance, surplus
$259,411
$49,900
BALANCE SHEET, DECEMBER 31.
1916.
1917.
1917.
1916.
Liabilities$
$
Assets2,000,000 2,000,000
Road & equipment_ _8,015,632 7,668,431 Common stock
2,419
2,419 Preferred stock
2,000,000 2,000 000
Mts. phys. prop._
Funded debt
3,460,000 3,490,000
Other investments_ - 80,000
491,982 480,119 Traffic, &c., bals
78,060
51,828
Cash
65,303
63,1128 Accounts and wages_ 139,601 107,942
Special deposits
500
2,400 Matured int. unpaid 68,238
66,900
Loans & bills receiv_
14,133 Taxes accrued
8,961
70,212
5,863
Traffic, &c., bals
26,991 Miscellaneous
54,615
26,376
Agents & conductors 75,046
Materials & supplies 149,523 136,670 Accrued depreciation 269,597 231,630
2,441
784 Add'ns to property
39,782
39,781
Prepaid insur., &c_..
18,085 Profit and loss
26,779
803,319 447,800
Miscellaneous
10,784
23,277
Deferred assets
41,560
44,177
Unadjusted debits
[VOL. 106.
Out of the net earnings of $11,281,742 there has been paid during the year
the usual 7% dividend ($2,100,000) upon the pref. stock. There has also,
been paid upon the common capital stock quarterly a regular dividend of
1% with an extra dividend of like amount-this making 8% ($2,400,000)
paid in dividends upon the common stock during the fiscal year. Since the
close of the year the comon stock has been put upon a regular 8% basis.
The remainder of the net earnings for the year has been disposed of asfollows:(a)$1,000,000 has been added to the reserve for general overhauling,
improvements and maintenance-which reserve had been drawn upon to
the extent of $495,438 during the year (b) $2,400,000 has been added to
the reserve for dividends on the common capital stock, to be paid when and
as declared by the board of directors, making in this reserve a total of
$4,800,000 (c) $250,000 has been added to the reserve for improving
working conditions of employees-from which reserve there had, during
the year, been expended $171,007; (d) $500,000 has been added to the reserve for insurance; (e) $2,631,742 has been added to the surplus account.
Working Capital.-We entered upon the now fiscal year with a net working capital of $22,670,175.
FISCAL RESULTS FOR YEARSIENDING APRIL 30.
1917-18.
1916-17.
1915-16.
1914-15.
Earns. from all sources,
after provid'g for taxes$16,461,823 $17,522,909 $4,595,359 $3,615,054
Renewals, repairs, &c_x 5,180,081
7,212,037
1,779,341
1,284,118
Net earnings
811,281,742 $10,310,872 $2,816,018 $2,330,936
Preferred divs. (7%)_ _ $2,100,000 $2,100,000 $2,100,000 $2,100.000
Divs.on common_ (8-7)2,400,000(63,6)1,950,000(2%)600,000*( )150000
Heave for gen. overhauling, impts. & maint
1,000,000
2,500,000
Res've for diva, on common stock
2,400,000
2,250,000
Reserve for employees
250,000
500,000
Reserve for insurance_
500,000
Balance
Previous surplus
$2,631,742 $1,010,872
26,820,965 25,810,094
$116,018
25,694,076
880,936
25,613,140
Total surplus
$29,452,707 $26,820,966 $25,810,094 $25,694,076
* There was also paid 134% ($450.000) on the common stock from reserve
previously made, making a total of 2% ($600,000) for the year.
x Includes yearly renewals, replacements, repairs, new patterns, flasks,
&c., and also in 1916-17 special equipment for production of munitions.
BALANCE SHEET APRIL 30.
1918.
1917.
1918.
1917.
8,983,424 8,468,119
8,983,424 8,468,119 Taal
Total
Assets$
$
Liabilities$
-V.104, p. 2445.
Cost of prop's _ _ _66,782,533 66,782,533 Preferred stock..__30,000,000 30,000,000
Material on hand_28,786,591 19,211,221 Commok stock-.-.-30,000,000 30,000,000
Pabst Brewing Co., Milwaukee.
Accounts & notes
Acc'ts pay., &c_ _26,641,820 16,225,942
receivable
21,691,056 17,713,438 Insurance reserve_ 1,500,000 1,000,000
(Report for Fiscal Year ending Dec. 31 1917.)
Stocks and bonds
For gen. overhaul.,
of other comlmpts. & mint_ 3,125,310 2,620,748
The income account for the year ending Dec. 31 1917
panies (at cost
Reserve for divs.
together with the balance sheet of Dec. 31, is given at length
or less)
2,817,152
968,244
on corn, stock__ 4,800,000 2,400,000
Cash on hand and
Res. for employees 578,993
on a subsequent page.
500,000
in bank
7,146,496 6,017,219 Divs. pay. July 2_ 1,125,000 1,125,000
INCOME ACCOUNT DEC. 31.
Surplus account__29,452,708 26,820,966
1916.
1914.
1917.
1915.
Total
127,223,831 110692,655
Net profit, after deprec.,
Total
127,223,831 110692,656
$369,537
$374,457
$692,977
$564,946 -V. 106, p. 2561, 2452.
exp., & all 0th. lasses_
Divs. & hit, on loans &
80,188
89,174
83,083
79,547
inv. & misc. profits_ _
Gross income
Interest on bonds, &c_ _
$452,620
60.121
$773,165
67,736
$454,004
83,441
$654,120
98,931
Balance, surplus
Previous surplus
$392,499
1,585,616
$705,429
1,494,322
$370,563
*1,651,554
$555,189
*1,666,204
$1,978,115 $2,199,751 $2,022,117 $2,221,393
Total
112,688
$125,935
$137,235
$140,000
Prof. dividend (7%)_ _ _ _
Common dividends_ _ _(4%)390,560(5%)488,200(4%)390,560(4%)389,958
Total surplus
$1,474,867 $1,585,616 $1,494,322 $1,691,435
* After allowing for adjustments.
BALANCE SHEET DEC. 31.
1917.
1916.
1917.
1916.
Liabilities$
AssetsPreferred stock_ _ _ 1,590,100 1,651,700
Real estate, plant,
machin'y, &c.a-10,185,422 10,459,491 Common stock__ 9,764,000 9,764,000
769,821 Funded debt
1,399,000 1,568,000
827,620
Investments
1,885,345 1,393,251 Bills payable
135,000
20,000
Inventories
Acc'ts pay. & accr.
Bills & acc'ts rec.
464,097
(less reserve)_ _ _ 1,805,709 1,843,912 wages,taxes&int. 483,078
693,815 Reserves
234,201
145,805
Cash in banks,&c_ 327,882
38,928 Surplus
1,474,868 1,585,616
48,260
Miscellaneous_
Total
15,080,247 15,199,218
Total
15,080,247 15,199,218
a Real estate, bldgs., &c., in 1917 include real estate, plant and machinery, $3.690,034; city and outside real estate, $6,322,739, and improvements and fixtures in leased properties, $172,649.-V. 106,`p. 1349.
American Car & Foundry Company.
(19th Annual Report-Year ended April 30 1918.)
Pres. W. H. Woodin, June 27, wrote in substance:
War Business.-The facility with which such of your plants and equipment
as have been needed, have been diverted from their original purposes and
devoted to the production of supplies required by our Government in its
prosecution of the war, and the rapidity with which production upon a
quantity bases has been reached, constitute a high tribute to the efficiency
of your working organization. Of some important items for the equipment
of our armies, your company is now turning out in one day a quantity largely in excess of the previous yearly output of the entire country.
Order from Director-General for 31,000 Cars.-While a few months ago
there were as many buyers of cars as there were railroads, there is to-day
but one-the Director-General of Railroads of the United States. That,
as a war measure, the taking over by the Government of the facilities of
transportation was wise, is not debatable.
The Director-General of Railroads early recognized the pressing necessity
of a very substantial increase in the carrying capacity of the various roads
under his control. As a result of this he has contracted for the building of
100,000 freight cars of various types. Of those, an order for 31,000 (the
first contracted for by the Director-General) has been placed with this
company-being the largest single purchase of cars ever made in the history
of railroad operation or of car building. This order has been placed on a
basis of profit satisfactory to the Government and acceptable to your company-especially in view of the fact that we are relieved by the Government of what would be the heavy burden, under present conditions, of
financing the purchaso of the material required for this large number of
cars (V. 106. p. 2561)•
Fuel.-Despite the entirely unprecedented condition of the fuel supply,
your company was able to operate continuously throughout the winter.
Results.-The gross volume of business done during the year is the largest
In the history of your company-$121,839.328. The gross amount of
business on the books at the first of the now fiscal year was $290,000,000.
The volume of business done during the year in the manufacture and sale
of miscellaneous supplies has been gratifyingly large and much in excess
of that of any prior year. The operations of this Department have yielded
a very satisfactory return in the way of profits.
A substantial portion of the profits realized from the business done has
been absorbed in the payment of the taxes of various kinds imposed under
Federal legislation. Your management had made timely and adequate
provision for the payment of these taxes, and your company's obligation
to the Government in this regard was met without inconvenience or disarrangement of its financial program. At this writing there is in the making
a revised tax law to apply to business for the calendar year now current.
This law, it is probable, will very materially increase the charges upon the
profits which may reasonably be expected to result from the business on our
books at the beginning of the new fiscal year.
United Fuel Gas Co., Charleston, W. Va.
(Report for Fiscal Year ending Dec. 31 1917.)
INCOME ACCOUNT FOR CALENDAR YEARS.
Earnings1917.
1916.
1915.
Gas
$6,775,053 $4,065.719 $2,940,061
011
657.401
288,920
141,556
Gasoline
1,914,994
370,900
Miscellaneous
42,728
27,050
7,554
Total
$9.390,176 $4,752,589 $3,089,171
Open. exp., ord. taxes & depreciation_ 3,986.054
1,796,781
1,616,070
Net earnings
$5,404,121 $2,955,808 $1,473,101
Federal excess profits & income taxes_ 1,555,611
Interest charges
602,165
474,569
430,993
x Dividends (cash)
*(40)3,600,000(17)1530,000
Balance, surplus or deficit
ydef.$353,654 sur.$951,239sr.$1,042,108
x The company deducts dividends from profit and loss account, but shown
as above for simplicity. * In addition to the above dividends in 1917 the
company also distributed $1.000,000 dividends payable in stock. y Before deducting $1,000,000 stock dividend, which see footnote "x" preceding.
GENERAL BALANCE SHEET DECEMBER 31.
1917.
1916.
1917.
AssetsLiabilities-$
Gas & oil invest-23,274,703 18,919,200 Capital stock -...10,O00,000
Susp.constr. acc'ts 669,592
347,293 1st M. bds., 6%....10,911,000
Secur .&stk .owned
77,192
76,592 Accounts payable_ 203,232
Cash
495,644
80,232 Bills payable
Material & supp- 645,077
454,933 Bills discounted_
Bills & acc'ts rec 1,513,699
807,914 Unmatured accr'd
Cash for bonds in
accounts
b1,724,146
escrow
4,600
4,600 Security deposits_
34,967
Treasury bonds_ _ _ 489,000
Dividends
900,000
Prep'd rental res- 163,142
150,000 Depree'n reserve_ 1,454,274
Miscellaneous_
4,239
Profit and loss_._ 2,095,792
Total
27,332,650 20,840,761
Total
27,332,650
1916.
5
9,000,000
8,967,000
458,216
200,000
9,289
428,560
29,405
1,895
1,710,399
20,840,764
a After adding $1,703,048 misco laneous capital adjustments (net).
b Includes in 1917 Federal taxes.-V. 105, p. 711.
American Coal Co. of Allegany County.
(Report for Fiscal Year ended Dec. 31 1917.)
INCOME ACCOUNT FOR
1917.
Coal production (tons)_
627,961
Rev, from coal & coke
sold, march., rents, &c $1,726,630
Mining, &c., expenses... 1,081,374
Net income
Depreciation
Dividends
Bal., sur. or def
CALENDAR YEARS.
1916.
1915.
680,543
708,155
1914.
557,687
$993,156
720,826
$1,032,216
788,483
$842,679
668,402
$645.256
$272.330
$131,879
$84,859
(3070)450,000 (25)375,000
$243,733
$81,245
(6)90,000
$174,277
$53.363
(6)90,000
sur.$63,377 def.$187,529 sur.$72,488 sur.$30,914
BALANCE SHEET DEC. 31.
1917.
1916.
1917.
1916.
AssetsLiabilitiesS
$
Prop., &c., acc't_a$1.581,914 $1,730,913 Capital stock-51,500,000 $1,500,000
Stock investment_ 271,550
221,225 Aco'ts payable--_ 201,869
58,457
Cash
297,580
235,369 Surplus
b795,475
781,489
U.S. Govt. sccurs. 172,500
Notes & sects rec.. 166,062
146,399
Def'd, &c., items_
10,739
6,041
Total each M0_52,500,345 52,339,947
a Includes in 1917 lease and franchises, $341,366; mine improveinents,
$958.489; personal properties, $262,984; real estate, $1,453; timber, $8,130
[all of West Virginia], and $9,492 mines and personal property (Maryland).
b After deducting $49,391 account of stock investment.-V. 100. P.
930.
925.
JUNE 29 1918.]
THE CHRONICLE
Pacific Telephone & Telegraph Company.
(Report for Fiscal Year ending Dec. 31 1917.)
Chairman H. T. Scott, San Fran., Mar. 1, wrote in subst.:
Plant.-The number of stations added was 90,025, made up of 85,921
•company stations and 4,104 service, private line and connecting stations,
making the total stations Dec. 31 1917, 855,018.
The net additions to the plant amounted to $10,806,404 61. The new
building at Burlingame was completed. At Dec. 31 1917 the total miles of
wire (aerial, underground and submarine) for the system was 2,164,465,
an increase of 253,918. There was also added 52 Central offices and 929
private branch exchanges, 1,672 miles of phantom circuits, 122 miles of
subway and 512 miles of duct. To meet war requirements two copper
wires were installed for the major portion of the distance across California
and Nevada, to provide this company's portion of a telephone circuit direct
from the Pacific Coast to Washington. The establishment of military
,camps at Camp Lewis, Camp Fremont, and Camp Kearney created
abnormal conditions.
Merger at Los Angeles.-With the view of affecting a consolidation be-.
tween the manual and automatic plants in Los Angeles. during 1918, very
satisfactory progress has been recorded. (See Southern California Telephone Co. V. 103, p. 1986; V. 106, p. 1692.)
OPERATIONS AND3FISCALPESULTS.34
-77f
0
(Including Pacific Telephone & Telegraph Co., Bell TelephoneNevada, Imperial Telephone Co., Southern California Telephone Co., and
Home Telephone & Telegraph Co. of Spokane.]
x1915.
1914.
1916.
1917.
729,609
764,993
692,933
855,018
'Total stations
$24,655,243 $21,255,479 $20,114,458 $18,984,196
Gross earnings
Operating expenses___1 18,164,711 15,393,799 14,312,782 13,296,589
Maint. & depreciation4
1,239,795
1,258,501
1,099,580
'Taxes and uncollectibles 1.471,813
Total oper. expenses
$19,636,524 $16,633,594 $15,571,283 $14,396,169
and taxes
$5,018,718 $4,621,885 $4,543,175 $4,588,027
Net earnings
223,958
185,561
288,397
237,406
Net non-oper. revenue
$5,307,116 $4,845,843 $4,728,736 $4,825,433
Net income
$3,065,288 $2,700,046 $2,707,136 $2,565,258
Interest, rents, &c
1,920,000
1,920,000
1,920,000
1,920,000
Pref. dividends (6
2753
approximately $750,000. There remained unissued of the 1st M.5% bonds
of the Salmon River Power Co. only $455,000 available for this new construction, closing the mortgage. The Niagara Lockport & Ontario Power
Co., the owner of all the capital stock of the Salmon River Power Co., had
$546,000 three-year notes maturing Feb. 1 1918, and had spent for enlargements, improvements and betterments large sums from income.
The directors therefore adopted the following plan: (a) Merger of the
Salmon River Power Co. into the Niagara Lockport & Ontario Power Co.
(b) A refunding mortgage covering the entire properties securing a sufficient amount of bonds to retire, when conditions become favorable, the
underlying First-Mortgage Bonds of the companies, and to provide for
future growth and financing. (c) An issue and sale of short-term secured
notes for immediate financial needs.
Accordingly, in January 1918, we obtained permission from the P. S.
Commission to merge, also and (a) to make a mortgage securing an ultimate
issue of $15,000,000 Refunding Mortgage Sinking Fund Gold Bonds maturing Feb. 11958;(b) to pledge $1,980,000 of these bonds as collateral to an
issue of $1,300,000 of Two-Year 6% Secured Convertible Gold Notes maturing Feb. 1 1920; (c) to sell the 51,300.000 notes for the purpose of providing funds to retire the $546,000 Salmon River Power Co. notes maturing
Feb. 1 1918, paying off the balance of the indebtedness incurred in the
enlargement of the steam plant, and reimbursing the company for a portion
of expenditures for improvements made from income. The merger was
completed and the 6% notes were Lssued providing funds for the retirement
of the $546,000 of notes due Feb. 1 1918, and for other corporate purposes.
These notes are convertible into 6% Refunding Mortgage bonds at the
conversion price of 90 for the bonds. (V. 106, p. 505, 612, 1349.)
When the proceeding now pending before the P. S. Commission is concluded, there will be made available for reimbursement of the company's
treasury approximately $500,000 Refunding mortgage bonds in excess of
those required for conversion of the notes. In short, the plan already
approved provides the machinery for retiring all underlying first mortgage
bonds for meeting the $1,300,000 two-year notes when the same fall due,
for reimbursing the company for moneys spent for improvements out of
income, and leaves several millions of unissued Refunding mortgage bonds
which may be authorized and used for necessary enlargements, betterments and improvements if and when required.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC. 31
(Including Niagara Lock. & Ont. Power Co. and Salmon River Power Co.)
Deductions (Con.)1916.
1917.
1916.
1917.
Sales of elec. pow_$2,311,718 $1,883,431 Interest onN.L.&O.P.CoistMS218,793 $224,616
580,266
Purch. of power. 631,823
23,888
do secured notes
147,046
Produc. of pow_ 452,669
On 1st M.bds. (SalRiver Pow. Co.).. 217,262 180,265
Gross profit____51,227,226 $1,156,119
32,760 32,760
181,490 On 6% notes do
Operating exp___ 203,716
8,638 23,884
Other interest
Net earnings_ _S1,023,510 $974,629 Contractual charges..., 81,447 72,145
Other income_......
208,466
31,586
$225.797
$101.600
$321.828
$340.175
Balance. surplus
CONSOLIDATED BALANCE SHEET DEC. 31.
1917.
1916.
1916.
1917.
Liabilities3
Assets96,884,021 85,109,019 Preferred stock_ 32,000,000 32,000,000
Plant
Other perm.inv. 6,185,912 7,181,343 Common stook_ 18,000,000 18,000,000
872,171 Bonded debt_ __ 50,855,000 42,363,000
Gross income-31,055,096 $1,183,095 Total deductions 5842,112 $776,270
1,383,435
Supplies,
225,115 Aco'ts payable_ 1,346,734 1,626,250 Taxes, rents, &c-- $283,212 $218,712 Balance, surplus
$212,984 $406,825
318,688
*Sinking fund_ __
Bond disc't, &a_ 2,648,084 2,019,675 Adv.for cons.,&c. 5,300,000 3,900,000
CONSOLIDATED BALANCE SHEET DEC. 31.
937,177
Bills & accts. reel 2,483,436 2,021,677 Accr. liabilities_ 1,243,479
154,360 Deprec. reserve. 16,043,126 12,798,810 (Including Niagara Lock. & Ont. Power Co. and Salmon River Power Co.)
178,472
Prepaid expense
Insur., &c., res..
50,000
259,210
50,000
Marketle scour.
1916.
1917.
1916.
1917.
500,000
500,000
Intangible assets 14,744,557 14,181,275 Employ.ben.fd_
$
LiabilitiesAwls$
$
664,238 Miscellaneous__
2,459
612,865
6,907 Property & plant_16,391,004
Cash tic depo8its
15,844,895 N.L.& 0.P.Co.:
Surplus
88,638
464,130
106,247
335,367 Investment securMiscellaneous_ _
1st pref. stock__ 2,750,300. 2,700,000
61,439
61,439
150,033 2d pref. stock__ 2,000,000 2,000,000
Mater., supp.,&c.. 227,482
Total
125,804,929 112,517,511 Sinking fund cash..
Total -----125,804,929 112,517,511
874 Common stock_ 1,230,000 1,230,000
1,304
-V.106, p. 2014, 1800.
First mtge. 5s__ 4,248,000 4,396,000
2,431
Cash for con.struc.
2,443
82,743
Cash on hand, &c_
102,796 1st 5s (S.R.P.Co.) 4,558,000 4,238,000
546,000
Due from assoc.cos
112,426 3-year 6% notes__ 546,000
74,727
Niagara Lockport 86 Ontario Power Co.
Contract of purch.
Gen.consum.aco'ts,
177,975
(Report for Fiscal Year ending Dec. 31 1917.)
Aub.steam plant 166,675
251,210
accruals, &c___ 421,594
525,000
Notes payable____ 455,574
debt disPres. Fred D. Corey, Buffalo, May 28, wrote in substance Unamort.
179,671
634,515 Accrued liabilities. 194,463
689,693
count, &c
160,060
Due to assoc. cos_ 193,287
:as follows regarding the Niagara Lockport & Ontario Power Unamort. depr. of
130,573
36,300 Vouchers & mIsc__ 514,994
Lyons pow.plant
27,900
Salmon River Power Co.:
'Co. and its subsidiary, the
3,159
2,306
credits__
Deferred
Notes
rec.
discounResults.-(Including Salmon River Power Co.)-The number of kilowatt
382,288
27,019 Deprec., &c., res.. 464,769
ted (contra)_
sold
power
the
horse
and
gross
of
number
sales
and net Survey for new prohours delivered, the
receiv.
notes
Disc.
'earnings for several calendar years, 1912 to 1917, incl., compare as follows
27,018
_
0cnotntra)
Pr(
1,021
jects, &c
II. P. Sold. Gross Sales.
527,991
Net Earnings.
*656,982
and loss.
K.W. Hours.
57,144
$1,306,232
230,899,434
$478,782
1912
59,815
1,403,574
17,981,350 17,223,735
244,651,276
17,981,350 17,223,735 Total
635,148
Total
1914
87.734
1,883.431
390,244,159
974,629
1916
106,689
2,311,718
470,423,190
* After adding $22,235 discount on company's bonds purchased for sink1,023,510
1917
Operating and maintenance expenses have, during the past two years, ing fund and deducting $100,123 reserve for general depreciation of plant
rapidly increased, the cost of material of all kinds having advanced by leaps property and miscellaneous, $6,103.
The Niagara Lockport & Ontario Power Co. has a contingent liability
and bounds, and the laborer under prevailing conditions requiring better
of 50% of the 1st M. 5%
pay. Moreover, in 1916 the percentage of steam produced power to total as guarantor, both as to principal and interest, of
extraordinary
bonds of the Niagara & Erie Power Co., which there were $522,-year
30
demand],
the
(to
12.2%.
In
1017
sales was 4.65%; in
1916
the average cast of coal per net ton, f.o.b. cars at the steam plant, was 000 outstanding at Dec. 311917, and of 50% of the annual sinking fund
payments to be made by that company.
$3.0085; in 1917, $4.4952.
During the period from April 30 1912 to Dec. 31 1916 there has been a
The surplus at the beginning of the year VMS $527.991 and at the close
the Niagara Lockport
of the year $656.983. The increase of this item'during the year was small. net increase of about $927,000 in invested capital of
Nevertheless, in view of the many difficult problems which the companies & Ontario Power Co., derived from sources other than through changes in
-V.
debt.
p.
funded
106,
1349.
felt
is
2564,
it
year,
that
and
stock
capital
the
the
result in this
were required to deal with during
regard is quite gratifying.
Territory, Business, &c,-During 1917 the distribution of power was
New England Telephone & Telegraph Co.
roads
operating more than
approximately as follows: (a) 22% to trolley
1.100 miles of track in the cities and suburban sections of Western and
Annual Report-Year ending Dec. 31 1917.)
(35th
Utilities
Corporations
Public
distributing
Central New York; (b) 45% to
,electricity in Oswego, Syracuse, Rochester, Auburn, Geneva, Batavia,
Matt B. Jones, Boston, Feb. 20, wrote:
-P.
V.
First
Lockport and numerous smaller municipalities and municipal lighting
Additions.-The increase of business already apparent in 1916 continued
plants; (c) 33% to industrial companies.
during the early months of 1917, making necessary
The power sold comes from four different generating sources, namely: without abatement
1917 tho largest construction program in our history. By midsummer
(a) From the Ontario Power Co. at Niagara Falls. (b) A hydro-electric for
o: this new work had been completed. The net
proportion
large
very
a
generating plant on the Salmon River, 42 miles northeast of Syracuse, increase of plant, exclusive
of properties purchased, aggregated for the year
present installed capacity, 35,000 h. p. (c) On the Oswego River at more than $7,800000. The
requirements for new construction during
installed
capacity
of
12,000 h. p.
Minetto an hydro-electric generating plant
than for the past two years, giving way
smaller
far
be
will
1918 it appears
owned by the Northern New York Power Corporation is leased by the to
the Government.
of
demands
unavoidable
the
an
nder
agreement
Co.,
Power
Ontario
&
Lockport
extending
Niagara
work was the construction of a comof
piece
notable
most
the
Perhaps
a
dRochester,
modern steam plant
until 1940. (d) At Lyons,35 miles east
telephone exchange at Camp Doyens, Ayer, Mass., embracing
capacity of 25,000 h. p., now being increased by the installation of a new plete
of about 600 stations with a
exchange
an
of
construction
the
not
only
unit of 15,000 h. p. capacity.
underground and aerial cable plant within the limits of the Camp.
Heavy Demand Necessitates Enlargement of Steam Unit.-Applications for complete
tripling in size the exchange at Ayer.
service made by now customers were invariably denied during the year but
New Stock.-Under the offer of August last stockholders subscribed for
except where accomipanied by a request from the War Department that 109,528
shares of stock, the proceeds of which have enabled us to finance
the supply be made for the operation of a factory or plant deemed essential the entire
construction program for 1917 and have furnished sufficient
to the prosecution of the war. Under prevailing conditions there was but funds to meet
all requirements, so far as can now be foreseen, well into the
namely
by
supply,
added
enlarging the
one way to provide this necessary
_(V. 105, p. 824.)
year
1919.
Lyons steam plant. Accordingly, the plant has been enlarged, and a new
Merger.-The following subsidiary companies, all of whose capital stock
steam unit of 15,000 h. p. capacity is being installed. It is expected that was
owned by your company, have transferred their entire properties to
this new unit will be ready for operation about July 1 1918. The entire it and
are now a constituent_part thereof: namely, Vermont Telephone &
output of the unit will be needed as soon as the same is ready for pperation. Telegraph
Co., Passumpsic Telephone Co. and Champlain Valley TeleEffect of War.-Early in 1917 this country entered the war. The effect
Co., all operating in Vermont, and Ossipee Valley Telegraph &
phone
thereof upon our operations was quite far-reaching: The Federal Govern- Telephone
Co., operating in Maine and New Hampshire.
ment made large demands upon us which had to be met, necessitating the
purchase of power from outside sources and, in many instances, reduction
OPERATIONS AND FISCAL RESULTS.
of supply to old customers. The only power purchasable from outside
1912.
1913.
1914.
1915.
1916.
1917.
sources was steam produced power. The cost of this was necessarily high.
extent
large
a
been overcome Mi. ex.wIre.1,600,273 1,456,838 1,297,026 1,211,422 1,101,359 1,010,115
Increase in Rates.-All our problems have to
by rearrangement and increase of price schedules without incurring criticism Tot.stations 649,523 619,274 570,293 536,338 502,042 461,425
or disfavor.
INCOME ACCOUNT YEARS ENDING DEC. 31.
Outlook.-As soon as the now steam plant unit is in service we shall be
1914.
1915.
1916.
relieved from buying steam produced power from outside sources and will
1917.
cost.
lower
this
produce
much
power
at a
Negotiations are Gross earnings'
$22,649,935 $20,971,274 $18,484,825 $17,583,879
be able to
under way which it is believed will result in further increases of revenues. Operating expenses_ _ -.516.594.698 $14,945,729 513,378.745 $12,781,720
1.093,922
1.126,192
1,203.567
Before the end of the year 1918, therefore, we confidently expect that our Taxes, &c
1,392,749
business will be fully readjusted to the now conditions which have so rapidly
developed during the past two years.
$4,662.489 $4.821,978 $3,979,888 53.708,237
Net earnings
331,443
283,295
495,848
eMainienance.-Repairs and replacements have been promptly made, and Non-oper. rev. (net)
499,780
for further depreciation, and replacements, substantial reserves have
$5,162,269 $5,317,826 $4,311,331 $3,991,532
Gross income
been accumulated, aggregating Dec. 31, $464,769.
$690,836
$648.516
5692,311
3739,325
Capital Expenditures.-There has been a net increase of about $927,000 Deduct-Interest
231,161
373.884
192,305
310,130
Rentals, &c
in invested capital derived from sources other than capital stock and
3,021.624
3.460.347 3.099,647
3,982,496
Dividends (7%)
funded debt; in other words, from income. Application is pending before
4,020
581,997
Cr74.054
the P. S. Commission for authority to sell securities to reimburse the com- Miscellaneous
panies for these expenditures.
Total deductions_....- $4,957.897 55.108,539 $4,021,645 $3.866,465
Financial Plan.-Tho enlargement of the Lyons steam plant and the
$289.686
5125.067
$209,287
$204.372
nstallation of the additional 15,000 h. p. unit called for an expenditure of Balance, surplus
2754
THE CHRONICLE
BALANCE SHEET DEC. 31
1917.
1916.
1917.
AssetsLand & buildings_ 8,009,708 6,553,598 Capital stock .....61,256,800
Telephone plant._76,173,786 69,124382
do instailm'ts_ 2,599,650
General equipment 1,270,266 1,108,738 Funded debt____.11,461,000
Materials & supp_ 1,259,971
833,611 Adv. from system
Cash and deposits. 1,072,633
corporations
953,205
Bills & acc'ts rec... 2,665,072 2,310,991 Bills payable
140,000
Investment secure. 8,097,699 8,601,992 Accounts payable_ 403,426
Marketable secur_ 623,161
307 Accr. Itab.,not due 712,598
Advances to sysEmploy. ben. fund 1,000,000
tem corporat'ns. 733,406
506,899 Deprec'n reserve_18,524,283
Prepayments, &c_ 186,949
3,994,894
111,852 Surplus
1916.
55,294,300
1,000
11,487,000
600,000
1,347,140
202,112
1,000,000
16,383,401
3,790,522
Total
100,092,651 90,105,475
Total
100,092,651 90,105,475
* Indenture for each issue provides that if any mortgage be hereafter
placed upon the property, said debentures shall be included therein and
secured thereby equally with any bonds secured by the mortgage.-V.
160. D. 1235. 826. 602.
Emerson-Brantingham Co. (Agricultural Implements).
(Report for Fiscal Year ending Oct. 31 1917.)
Pres. C. S. Brantingham, Feb. 15 1918, wrote in substance:
Results.-The improvement in net earnings is the result of substantia
increase in sales volume, careful adherence to the policy of conservatism
in management, together with notable progress in adjusting the products
of the non-earnings plants. Foreign trade as a whole shows a substantial
gain for the year, notwithstanding the curtailed shipping facilities.
Inventories.-The inventories show an increase of' $2,014,333, due to the
higher prices of materials prevailing, and to the necessity for carrying large°
stocks of raw materials owing to uncertain deliveries and transportation.
Pref. Stock Purchased.-The item of $147,198 represents pref. stock
acquired in the interests of the company and held for retirement or resale.
Reserves.-The properties have been maintained in good condition during
the year, an expenditure of $118,051 for this purpose having been absorbed
through operating expense.
Depreciation reserve has been substantially increased by $150,502 (to
$456,537) and adequate reserves (amounting to $771,551 Dec. 31 1917,
an increase of $107,839) have been maintained against contingent losses,
collection expense, discounts and allowances and taxes.
Receivables.-These include amounts aggregating approximately $350,000
due from customers in Bulgaria and other belligerent countries, as to which
no recent information has been received, but it is believed that the general
reserves against receivables are ample to cover any losses on those accounts,
as well as all other ordinary contingencies.
There is no indebtedness by branches, subsidiary companies, nor of
officers or employees.
Dividends.-Wile the present surplus and outlook for the future would
Justify a payment on account of preferred stock dividends, the increased
cost of materials and the necessity for maintaining much larger inventories
to meet the exigencies of the present situation cause the board of directors
to feel they should, for the best interests of the company, defer starting
dividends until at least the peak of 1918 financial requirements is passed.
General.-Our financial position has been further materially strengthened
during the year, and the ratio of current assets to total liabilities increased.
Total liabilities increased $200,970, duo to funds required to finance the
increased, sales, also the increase in inventory shown above.
Fixed expenditures have been confined strictly to additions and equipment necessary to accomodate the natural growth and readjustment of
products of various factory departments.
To keep pace with modern farming requirements, the company has
developed and added to the line a number of new, labor-saving machines,
while other machines, in declining demand have been eliminated.
Outlook.-At present the outlook for 1918 business is very good-all
plants are busy. The shortage of materials, labor, and fuel, as well as the
congested transportation, may prove detrimental-to what extent will
develop as the season advances.
INCOME ACCOUNT FOR YEARS ENDING OCT. 31.
1916-17.
1915-16.
1914-15.
1913-14.
Profit from operation_ __ $1,347,222
$704,648
$529,218
$129,249
Interest, &c., received__
352,842
328,140
371,231
454,548
Total income
$1,675,362 $1,057,490
Admin., &c., expenses
331,705
373,086
Income taxes & proport.
of general taxes
78,930
Net earnings
$1,264,727
Interest on loans
$189,989
Preferred dividends_ __ _
Depreciation
150,502
$684,404
$208,231
[VeL. 106.
Frequent advances in the wage scale were necessary in order to meet
those made by other companies engaged in the same line of business, the
wages now paid being higher than ever before in the history of the steel
business, of which there is any record. While there were some interrupLions due to labor disturbances, the year's operations were not materially
affected from this cause.
At or near the beginning of the fourth quarter the Government fixed
maximum prices for steel articles, above which the manufacturer is not
allowed to sell, these prices-when compared with those previously rulingshowing drastic reductions in most instances. We are, therefore, placed
in the position of having our selling price fixed without a corresponding
protection in the cost of production.
Outlook.-Prices now being received are consequently very considerably
lower than those realized for the greater part of last year's production, and
there is no prospect of a reduction in the cost of manufacture as long as
present conditions obtain. Therefore, it is clearly apparent that the coming
year's earnings will be very considerably less than those of the year 1917.
Taxes.-It has not been possible as yet to arrive at the exact amount of
our excess profits taxes for the year just passed, but it is believed that the
amount set up to cover this expenditure will be sufficient.
Production at Various Departments for Cal. Years in Gross and Net Tons.
1914.
Department1915.
1916.
1917.
Blast furnace (gross tons)
909,206 210,183 138,442 134,052
Bessemer (gross tons)
123,980 104,710
207,347 209,551
Skelp (gross tons)
90,580
83,510
151,913 144,020
85,972
93,747
Tube works (gross tons)
129,151 131,425
19,681
29,867
Galvanized (net tons)
24,724
22,434
Tin plate (grosstons)18,948
Coated (base boxes)
1,483,629 1.093,190 666,137 379,553
Benwood coal mine (net tons)
266,308 210,027 117,892 131,086
Shipments and Payrolls for Calendar Years.
1914.
1915.
1917.
1916.
Value ofshipments
$27,964,342 $15,073,530 $8,012,490 $5,987,803
Payrolls
1,757,802
1,493,679
3,267,097
5,146,747
The average number of employees for the year 1917 was 4,200.
INCOME ACCOUNT FOR YEAR ENDING DEC. 31 1917.
Net earnings from operations, after deducting charges for maintenance and repairs of plants, amounting to $952,956 (as
against $455,985 in 19161 and after deducting compensation
$8,551,519
under merit system plan
288,582
Dividends and interest received from investments, &c
•
Total income for the calendar year 1917
$8,840,101
Deduct-Provision for depreciation and accruing renewals,
$530,000; for exhaustion of minerals, $13,315; for inventory
$503,315
reserve, adjustments,
$50,000
4,058,875
Provision for excess profits
&c.'
tax, &c., and other contingencies
150,000
Interest on bonds
966,108
Dividends, 13%, paid in cash
Balance, surplus, for year ending Dec. 31 1917
Add-Surplus at Dec. 31 1916
$3,071,803
4,372,846
$7,444,649
Total
•
Deduct-Stock div. of 20%,declared out ofsurplus as of Jan.4'13 1,239,080
Net surplus carried to balance sheet below
$6,205,569
The net earnings for the calendar year 1916 were $2,912,628, against
$946,472 for 1915. After deducting reserves, interest and dividends
(10%% in 1916, against 4%% in 1915), the surplus remaining was $1,629,557, against $580,977.
BALANCE SHEET DEC. 31.
1917.
1916.
1916.
1917.
LiabilitiesAssets$
$
$
$
Capital stk. (auth.
Land, coal lands,
plants, &c
$10,000,000) is'd 7,434,480 0,195,400
9,029,714 7,544,975
1st M. bets. (auth.
Invest. in & adv.
to m'g,&c., cos_ 1,127,220 1,123,920
$5,000,000), is'd 2,500,000 2,500,000
Acc'ts pay., payProceeds of bonds
1,104,823
855,820
reserved
715,407
rolls, &c
Int. Sc taxes accr'd
73,567
Cash available for
Prov, for excess
construction __ 327,515
prof. & inc. tax_ 4,008,114
Employ. Lib. bets.. 122,657
216,830
Cash
2,024,214
546,275 Divs. pay. Jan. 1_
$900,449
$583,797 Notes receivable
1,073,9651 2,031,718 Deprecia'n & re394,359
newal reserve__ 993,6961 811,354
455,656 Accts.rec.,less res.. 2,651,557f
178,129f
4,316,238 2,675,281 Other reserves__
Inventories
Profit and loss_ _ __ 6,205,569 4,372,846
Adv. payments on
345,335
ore contracts... 753,297
$506,090
$128,141 Inv. In Lib. bonds 509,460
$304,438
$417,106 U.S. ctfs. of ind't. 400,000
(53)638,951 Deferred assets...
88,973
42,915
125,000
Total
22,424,811 15,025,826
22,424.811 15,025,826
Total
Total deductions_ _ _ _
$333,231
$304,438 $1,056,057 -V. 106. D. 1236. 935.
$340,491
Balance,sur. or def____sur.$924,236 sur.$351,173sur.$201,652 def.$927,916
BALANCE SHEET OCT. 31.
Keystone Telephone Co. of Philadelphia.
1917.
1916.
1917.
1916.
(Report
for Fiscal Year ending Dec. 31 1917.)
AssetsLiabilities5
Real est.,b1dgs.,&c.*6,928,961 6,814,661 Preferred stook.._ _12,170,500 12,170,500
Pres. Nathan T. Folwell, Phila., in Feb. wrote in subst.:
Good-will & pat'ts. 4,614,403 4,614,403 Common stock._10,132,500 10,132,500
The greatly increased cost of operation in every channel, the scarcity of
Pref. stock acqu'd
Notes payable.._ 2,692,959 3,098,061 labor and shortage of material, together with tho largely augmented de(at cost)
147,198
Accounts payable.. 950,865
344,793 mands on our facilities, has called for the utmost ingenuity in management.
Notes & accts. rec.a6,135,592 7,398,435 Reserved for conYet, notwithstanding these perplexing conditions, the increase in the number
Cash
627,852
504,501 tingent losses, &a. 493,862
464,153 of telephone stations has been the largest since 1906, with the single exception
b Mat'ls & supp 8,566,498 6,552,165 Surplus
1,002,320
78,084 of 1916. The proportion of increased traffic has been even greater than
Prepaid insur.,&e. 112,490
120,462
the growth of stations in every direction and in all localities.
Miscellaneous
310,012
283,463
The contract for the use of our excess conduits by the Philadelphia Electric Co. was finally approved by the Public Service Commission in June
Total
27,443,006 26,288,091
Total
27,443,006 26,288,091 and is now in operation.
• After deducting reserve for depreciation, $456,537. a Includes accrued
The total capital expenditures wore $371,713, largely out of earnings
interest less $179,596 outstanding cortunisslon certificates and $143,205 credited to the renewal reserve fund. The balance was obtained from the
reserve for discounts and allowances. b At or below cost.
sale of$100,000 bonds, bringing the total of bonds sold to date to $6,525,000.
Note.-No provision has been made in respect of the sinking fund installWe have had to meet a very large increase in taxation for war and general
ments for retirement of preferred stock, amounting to $990,230 at Oct. 31 public purposes. For this, provision has been made by way of a reserve.
1917. Preferred dividends accrued since Aug. 1 1914 have not been paid.
The directors have continued the payment of the regular 6% dividend on
-V. 106, p. 824.
the pref. stock for 1917 and 2%% was paid on the cumulative account on
Aug. 1. Another 2%% on this account has been declared, payable
Wheeling (West Virginia) Steel & Iron Company. on Feb. 1 1918.
COMBINED PROFIT AND LOSS ACCOUNT FOR CALENDAR YEARS.
(Report for Fiscal Year ending Dec. 31 1917.)
1015.
1916.
1914.
1917.
Pres. Isaac M.Scott, Wheeling, Feb. 26, wrote in subst.:
Gross earnings
$1,639,299 $1,470,143 $1,361,755 $1,321,226
Improvements, Additions, &c.-Various improvements have been made Oper.
charges,
maint.
&
at the Martins Ferry blast furnace, Belmont mill and Benwood plant.
taxes and provision for
At the Yorkville plant there were added during the year six hot mills,
740,220
679,585
891,850
651,810
doubtful accounts_ _ _
together with the necessary auxiliary equipment, these mills having been
$669,416
$729,923
$747,449
$682,170
Net earnings
put into operation July 29. With the installation of this last unit the
$155,076
$170,117
$158,884
$183,049
development work at the tin plate department, as decided upon some three Reserve for renewals_ _ _
321,157
330,100
311,900
335,271
years ago, is practically completed, and the plant now comprises the fol- Interest charges
11,023
12,311
11,500
8,934
lowing: 24 hot mills, 10 tandem trains of cold mills (3 sets each), 9 double Discount on bonds
*116,211
*116,211
*116,211
116,211
Preferred
divitiend
(6%)
annealing furnaces, 2 black picklers, 2 white picklers, 39 tinning Machines,
&c. This plant was further improved during the year by the installation
$74,895
$101,995
$77,295
$100,607
Balance,surplus
of a complete coal-crushing and handling system and automatic stokers.
* The company also paid in 1916 and 1915 in addition to tho above 6%.
The rated yearly capacity of the plant is 2,250,000 base boxes coke plates. 4% for cumulative account, amounting to 377,474, and deducted from
Dividends.-Disbursements during the year in the way of dividends were
account; likewise in 1917 2%%, or $48,421.
as follows: In cash the aggregated sum of $966,108, or 13% on the issued profit and loss
COMBINED BALANCE SHEET DEC. 31.
capital stock of the company; in stock, $1,209,090, or 20% on the amount
of the outstanding capital stock of the company as of Jan. 1 1917.
Co. of Philadelphia, the Keystone Telephone Co.
Telephone
(Keystone
Purchased Property.-To the end that your principal manufacturing units of New Jersey and the Eastern Telephone & Telegraph Co.)
may be eventually assembled at Yorkville so far as that is practicable,
1917.
1916.
1917.
1916.
158 acres of land was acquired during the year adjoining the tin plant,
LiabilitiesA Ssetsthus increasing our holdings in tho Yorkville district to approximately
of prop., &c..16,I86,915 15,817,075 Cap.stk.K.T.Co.of N.J.:
230 acres. There was also purchased 5 acres adjoining the furnace prop- Cost
Preferred stock. 1,036,850 1,936,880
Materials and superty at Martins Ferry.
40,338
44,508 Common stock.. 5,000,000 5,000,000
plies
Restats.-The year 1917, viewed from whatever standpoint, must go
6,775,000 6,675,000
202,509 Funded debt
201,899
down in business history as an unusual one. The constant demand for Cash
363,855
120,098 Current accounts. 487,140
Accts. receivable_ 154,881
our products permitted full operations except at such times as we were Inv."Liberty
Renewal reserve
1,710,418 1,563,176
25,000
Bets."
handicapped by difficulty in getting supplies, by inadequate transportation Reserve fund, cash
973,593
021,407
40,000 Surplus
40,000
facilities, the loss of men by draft and severe winter weather. The year's Prepaid
236,099
acc'ts, &c. 233,968
production equaled or slightly exceeded that of 1916, which up to date
had been our banner year. The average price realized was considerably
16,843,001 16,460,289
16,460.289 Total
16,883,001
Total
above that of 1916, but the cost of production also showed large increases.
-V. 106. D. 011.
JUNE 29 1918.1
THE CHRONICLE
2755
r•
The new issue of notes will be secured by the collateral now deposited
with the trustee to secure the outstanding issue of notes and in addition
by $29,000,000 Brooklyn Rapid Transit Co. Consol. & Refunding Mtge,
10-year 6% gold bonds to be issued under a mortgage dated June 1 1918,
to Central Union Trust Co. of New York, as trustee. The indenture seRAILROADS, INCLUDING ELECTRIC ROADS.
curing the new notes will provide for the exchange of the $10,000,000
Brooklyn Rapid Transit Co. Ref. 4% bonds now pledged for an equal face
Ann Arbor RR.—General Manager.—
amount of new Consol & Ref. Mtge. 10-year 6% gold 'bonds as soon as the
E. F. Blomeyer, Vice-Pros. & Ireas., has been appointed Gen. Mgr. former
can be released from the present note indenture.
under the U. S. Govt., with office at Toleao. 0.—V. 106, p. 2449, 2343.
The security for the new issue of $57,735,000 Three-Year 7% secured
will, therefore, be
gold
notes
Atchison Topeka & Santa Fe Ry.—Obituary.—
Y. Municipal Ry. Corp. 1st M.5% S. F. Gold Bonds, and
Homer A. Stillwell, formerly a director, passed away on June 23. Mr. $57,735,000 N.
Brooklyn Rapid Transit Co. Consol & Ref. Mtge. 10-year
$39,000,000
Butler
President
of
Bros.—V.
106, p. 2449.
Stillwell was also
6% Gold Bonds.
The indenture securing the new notes will provide that the company
Atlantic Coast Electric Ry.—Appeal Allowed.—
pledged thereunder any additional Brooklyn Rapid Transit
Chancellor Walker, sitting as Presiding Judge of the Court of Errors and will cause to beRef.
Mtge. gold bonds to an amount equal at face value to
Appeals for New Jersey, has allowed an application for a writ of error, Co. Consol &made
by the company out of its current surplus earnings for
expenditures
decision
of
the
Court
of
Errors
to
the
recent
United
States
carrying the
capital
for which the company may be or become entitled
purposes
and
Supreme Court. The decision referred to upheld the power of the State
draw bonds from the trustee, as well as any New York Municipal RailP. U. Commission to abrogate franchise contracts and involved the ordering to
way
Corporation
First
Mtge. 5% Sinking Fund gold bonds, acquired by
railway
issued
by
the
company,
which
that company
of transfers to be
company with such current surplus earnings.
claims, was, in effect, a reduction of fares. The New York Supreme Court the
In order to conserve its cash and to that extent to avoid the sale of addiupheld the inviolability of franchise contracts.—V. 81, p. 1722.
tional securities during the life of the new notes, the indenture securing such
will further provide that while the same are outstanding the company
Baltimore & Ohio RR.—Sale of $10,500,000 Three- notes
will pay no dividends upon its capital stock in cash or in any securities or
Months' Notes.—Kuhn, Loeb & Co. and Speyer & Co. have scrip unless such security or scrip shall by its terms rank subsequent to the
of the holders of such notes as against any of the assets of the co.
purchased an issue of this company's $10,500,000 Three- rights
Noteholders are requested to deposit their notes promptly with the
Year 6% discount notes, secured by common and prof. stock Central Union Trust Co. of New York,
54 Wall St., the depositary under a
agreement, copies of which may be obtained at the office of the
of the Reading Co., the proceeds to meet the $7,500,000 One- deposit
trust
company.
Under
this
agreement
have the option to
Year notes falling due July 1 and the balance of $3,000,000 accept for each $1,000 note, either of thenoteholders
following offers:
being provided for bank loans maturing on the same date. (a) $300 in cash and $700 face amount of new Three-Year 7% Secured Gold
Notes, or
The above financing has been approved by the Director of (b) $1,000,
face amount of new Three-Year 7% Secured Gold Notes.
Upon the'plan being declared operative, notice will be given of the date
Finance of the United States RR. Administration.
upon
which
above cash payment of $300 may be obtained, and interest
Dividend Action Deferred.—The directors, at their meeting to such datethe
from July 1 191£3 will be paid upon such cash payment to
per annum.
on Wednesday, deferred action on dividends duo Sept. 1, depositing noteholders at the rate of 7%
The attention of the noteholders is called to the readiness of the War
for reasons officially stated as follows:
Finance Corp. to make advances upon the new Three-Year 7% Secured
The question of dividends was not given consideration at the board Gold Notes to banks, bankers or trust companies, as provided in Section 7
meeting. Ordinarily the meetings of the board have been suspended dur- of the War Finance Corporation Act.
ing the months of July and August, and in view of this suspension action Comparative Statement of Income of the B. R. T. System for Calendar Years.
on the dividends has been taken at the June meeting. In view of the
1917.
Calendar Years—
1916.
present situation, however, it is anticipated that a meeting of the board
Total street railway operating revenues
$30,085,287 $28,780,997
will be held in July.
Total operating expenses
17,211.885 16,273,932
Taxes accrued on operating properties
2,257,291
2,228,889
Bonds Authorized.—
The Ohio P. U. Commission has authorized the company to issue $20,Operating income
$10,616,110 $10,278,176
000,000 Refunding & General Mtge. 5% bonds to be sold at not less than Net non-operating income
406,187
433,175
80, of which $3,000,000 are to pay for improvements already made, and the
balance for improvements approved by the Director-General. Compare
Gross income
$11,022,297 $10,711,351
V. 106, p. 2648, 2559.
Total income deductions
5,942,989
5,685,367
GENERAL INVESTMENT NEWS.
Bonds as Security.—
Net income
$5,079,308 $5,025,984
Results for Fiscal Year 1917-18.—Results of operations for the fiscal year
ending June 30 1918 will probably show about $825,000 less surplus earnings
than for the calendar year 1917, on account of increased charges for interest
by reason of new rapid transit lines being placed in operation, the excepThe committee which has been formed for the purpose of drawing up a tional condition of the winter and the increased costs of operation.
plan of reorganization for the Massachusetts Electric-Bay State Street Ry.
Mileage, &c.—The total single-track mileage of rapid transit lines now
companies was hold last week, at which the receiver presented an outline in operation is 213 miles, of whchh 160 miles are company owned and 53
of a suggested plan of reorganization. The committee is headed by Wallace miles city owned. The additional mileage to be placed in operation to
B. Denham, receiver, as Chairman, other members representing the prin- complete the rapid transit system is 80 miles of single track, of which about
cipal security holders' committees being as follows: Galen L. Stone, repre- 15 miles are company owned and 65 miles city owned. The 80 miles of
senting Mass. Meade common; Francis R. Hart, representing Mass. Elec- single track remaining to be placed in operation will, it is estimated, be
tric preferred; Charles G. Bancroft, representing Mass. Electric notes; ready for operation as follows:
J. Howard Leman (Secretary), representing the Bay State coupon notes, Company owned Dec. 31 '18_8 miles(City owned Dec. 31 1918_ __20 miles
and John R. Macomber, representing the refunding bonds. The comDuring the year 1919
During first half of 1919-30 miles
7 miles
mittee, it is stated, may be enlarged to take in some one to represent the
During first half of 1920_ _15 miles
Bay State pref. stock issue.
• Except for the maturing notes the system has no outstanding funded
Judge Dodge in the U. S. District Court at Boston on June 26 author- Indebtedness due for many years. The additional capital expenditures—
the
$82,000
from
United
to
borrow
Denham
States
Shipping
Receiver
ized
distributed over the next three years—which will be required in completing
Board Emergency Fleet Corp., the money to be used to provide for ex- work now under way or contracted for, will, it is expected, to a large
tensions, &c., for transportation of employees engaged at the Fore River extent be provided for by construction funds now on hand and by the
payable
in
5
loan
is
The
annual
installments
plant.
begin- temporary use of surplus earnings. The bills payable of the system
Ship Building
ning six months after the war. Receiver's certificates are issuable to be amountlto only $3,600,000.WCompare V. 106, 1). 2648, 2227.
held as collateral for the loan.
company
has
filed
with
the
department
of
the
Massachusetts
The freight
Buffalo Lockport & Rochester Ry.—Wage Increase.—
P.S. Commission a notice of a general 25% increase in freight rates, effective
This company's employees have been granted an increase in wages so
immediately, minimum rate small packages to be 50c.—V.106,p.2648, 2559. that for the first six months men will receive 30c. an hour,second six months
32c. an hour, after the first year 37c. an hour in passenger service and
Boston Elevated Ry.—Accepts Control Act.—
41c. in express service.—V. 106, p. 2449, 1796.
This company has filed with the Secretary of State for Massachusetts
a certificate accepting the "State Control Act" and evidence that the
Buffalo & Susquehanna RR.—Dividend Action Delayed.
$3,000.000 fund has been obtained by the sale of new preferred stock.
See Union Pacific RR. below.—V. 106, p. 2648, 2559.
Bay State Street Ry.—Committee to Formulate Plan—
Loan—Rates.—
Trustees Named.—
—The.directors at their meeting on Thursday delayed action
on the quarterly dividends due at this time on the common
stock. An Official statement says:
Boston & Worcester Street Ry.—Freight Rates.—
Because the dividends on the common stock have not been at the same
rate for three years, the statute requires the permission of the Government
to continue them at the present regular rate of 7% per annum. Application
for this permission has been made showing that the corporation has ample
cash on hand apart from what it may receive as rental from the Government, and that its earnings have been more than sufficient to Justify a,
7% dividend, but the application has not yet been acted upon, and pending that action the declaration of the usual quarterly dividend is delayed.
—V. 106, p. 2648.
Governor McCall of Massachusetts has named the following gentlemen
to be trustees under the new Public Control Act: Louis A. Frothinghanr,
Chairman, Galen L. Stone, William M. Butler, John F. Stevens, Stanley
R. Miller. Nomination of the five trustees has been confirmed by the
Executive Council.—V. 106, p. 2559, 2449.
This company has filed with the Massachusetts P. S. Commission a new
freight tariff increasing rates 25% to conform with rates recently granted
steam railroads.—V. 106, p. 85.
Bristol (Tenn.) Traction Co.—Discontinuance.—
The Holston Valley lino, operated by this company between Bristol and
Big Creek Park, Tenn., about 10 miles, will be discontinued. It is reported
that the I3ristol Traction Co.'s tracks have been ordered removed. Compare V. 105, p. 1801.
Brooklyn Rapid Transit Co.—Official Circular as to
Financing—Restriction as to Dividends until New Notes Are
Paid.—Referring to the announcement appearing in our
advertising pages last week, of the plan of financing the company's maturing issue of $57,735,000 6Lyear 5% Secured
gold notes, a letter addressed to the holders of the maturing
notes, by Pres. T. S. Williams, Juno 21 says in substance:
Canadian Northern Ry.—Note Redemption.—The Canadian Government having purchased the bulk of the company's $100,000,000 capital stock, it has been arranged
to provide funds to take up the issue of $5,700,000 Secured
Notes which fall due on July 10. This is the third maturing
issue of Canadian Northern notes which have been redeemed
in cash within the last eight months. Compare V. 105, p.
2271; V. 106, p. 188, 2010, 2223, 2336, 2344, 2559.
New Note Issue for Refdg.—London "Statist" June 8 said:
The £2,000,0,00 of Canadian Northern By. 5% notes, due on Aug. 12
next, are to be replaced by a new issue of 3-year 5% notes maturing Aug. 2
There are now outstanding $57,735,000 6-year 5% secured gold notes, 1921. The issue price of the new notes is 986 and the yield afforded
maturing July 1 1918. Under normal conditions the company, with its £5 118. 3per cent, but, allowing for underwriting commission, tho return is
%. The new notes are guaranteed, both as to principal and int ,•
demonstrated earning power could readily provide funds to meet these about 5%
maturing notes by the sale either of a new issue of notes or of the bonds by the Canadian Government, which has taken over the system, and is
pledged as security for the existing issue. As this is not feasible under just about to pay compensation for the common stock. The maturing
prevailing conditions, application for an advance from the War Finance notes, which were secured by collateral consisting of the company's own
debenture stocks, were sold in 1913 at 98. Dealings in the foregoing
Corporation organized under Act of Congress, has been made by the co.
The War Finance Corp. has agreed to make an advance to the company securities have been approved by the British Treasury and specially allowed
of not exceeding $17,320,500, or 30% of the face valeu of the maturing by the committee of the London Stock Exchange under Temporary Regunotes, for three years at 7% interest per annum, on the condition that lation 4(3). —V. 106, p. 2648, 2559.
arrangements be made by which holders of the maturing notes shall promptCentral New England Ry.—Decision.—
0 of their holdings for new Three-Year 7% notes.
ly exchange at least 707
See Southern New England Ry. below.—V. 106, p. 2559, 2345.
Your directors have formulated the offer hereinafter outlined, which
they believe to be to the advantage of the holders of the maturing notes to
Chesapeake & Ohio RR.—New Directors.—
accept promptly. This plan has been approved by Central Union Trust
A. C. Rearick and C. B. Seger have been elected directors, succeeding
Co. of New 'York, Kuhn, Loeb & Co. and Kidder, Peabody & Co., the
bankers who placed the maturing issue of notes and who represent a large G. W. Stevens and G. B. Wall, resigned.—V. 106, p. 2449.
amount thereof.
Chicago Burlington & Quincy RR.—Federal Manager.
The company is to create a new issue, limited to $57,735,000, of ThreeC. G. Burnham, Executive Vice-President, has been appointed Federal
Year 7% Secured Gold Notes under an indenture to the Central Union Trust Manager
of this company and the Quincy Omaha & Kansas City, under the
Co. of N. Y., as trustee, to be dated July 11918. The new notes are to U.
S. Government, with office at Chicago.—V. 106, p. 2559, 2228.
mature July 11921, interest payable semi-ann. on J. & J. Denom. $1,000,
Chicago
City & Connecting Rys.—Div. Omitted.—
$500 and $100, and subject to redemption, all or part, at the option of the
company on any interest date on 30 days' notice at a premium of %% for
The directors have omitted the usual semi-annual dividend on the pref.
each six months which the notes may still have to run at the date of redemp- stock. The last distribution of $1. 50 was paid on Jan. 1 last.—V.106,p.924.
tion. As the new notes are redeemed or surrendered for cancellation from
Chicago Lake Shore & South Bend Ry.—Bonds.-time to time, the company may withdraw a pro rata amount of each class
The Indiana P. S. Commission has authorized this company to issue
of the collateral pledged thereunder. Interest will be payable free of any
withheld
at
bonds to reimburse the treasury for betterments.—V, 98, p. 86,
tax,
not
exceeding
2%,
be
the
required
to
$28,000
income
source.
Federal
2756
THE CHRONICLE
Chicago Milw. & St. Paul Ry.—Dividend Not Discussed.
At the regular monthly meeting of the directors on June 27 the question
of dividends was not discussed. This is the sixth monthly meeting that
has occurred without action on either the common or preferred dividend.
[VOL. 106.
I beg to advise that this company has not made any deductions in dividends paid to stockholders of leased or operated lines to make up for the
income tax. This company pays all rentals in full.—V. 106, p. 2648. 2228
Denver & Salt Lake RR.—Circular to Bondholders—
Release from Federal Control May Be Recalled If Satisfactory
Operating Contract Can Be Agreed Upon.—The committee of
holders of First Mtge. bonds, Edward R. Tinker, Chairman,
Chicago & North Western Ry.—Bonds as Security.— in circular of June 13, says in substance:
See Union Pacific RR. below.—V. 106, p. 2559, 2228.
Federal Manager.—
H.T.Byram,President, has been appointed Federal Manager under the
U. S. Government.—V. 106, p. 2449, 2345.
Chicago Rapid Transit Plans.—Traction Ordinance
Agreed Upon. —The Chicago City Council Sub-Committee
on Transportation and officials of the surface and elevated
lines on June 19 agreed upon the principal features of the
proposed subway and traction unification ordinance, yet to
be ratified by the Council.
The provisions of the ordinance, as reported byithe:Chi-cage "Herald," will embody the following:
Extensions, &c.—Elevated railroad extensions and subways costing
$100,000.000, to be built within six years after the ordinance becomes
effective. Additional extensions and subways to be built later at a total
cost of $300,000,000.
New Company.—The surface and elevated lines to combine into a consolidated corporation. The new company would be given a franchise for
thirty years.
Right of Purchase.—The city or licensee to have the right to purchase
the lines at any time and to have the authority to take over the property
at the expiration of the franchise, subject to the then outstanding indebtedness, without paying for it. In the event the city does not avail itself of
the various options at or after the thirty-year period, the company is to
operate without profit to meet the fixed bond charges and oper. exp. only.
Six Per Cent Guarantee.—The company to be guaranteed 6% on the
initial capital plus an amount equal to 35-100 of 1%•
Refunding of Bonds.—The company to be allowed the cost of refunding
outstanding bonds, subject to the control of the board of regulation and
control to be created to supervise the lines. In the event the bond interest
In refunding increases above the present rate, the 6% shall be increased
proportionately, provided, however, if the bonds are refinanced at a lower
rate of interest than what they now bear, the 6% shall decrease proportionately.
On all new money that the company is to furnish to build the lines it
shall receive actual cost and no additional allowances.
City Traction Fund.—The city's traction fund is to be given at a rate of
return of 6% and all surplus net receipts, which are to be used for the
Improvement of service.
Amortization Fund.—An amortization fund, by which the city will take
over the lines at the end of fifty years without additional cost, is to be
created, starting with K, of 1% and increasing to I% during the term of
the franchise.
Fares—Transfers.—The rate of fare to start with 5 cents, with a charge
not to exceed 2 cents for transfers between a surface and elevated or subway
line, or vice versa. No charge for transfers on surface or rapid transit
lines. Fares to be increased when profits are insufficient to meet guaranteed returns, the transfer charge to be increased before the 5-cent fare.
Board of Control.—The board of regulation and control to have full control over the capital account of the company, including all construction
expenditures, refunding of bonds and raising of new money; in substance,
to have the same powers as the State Public Utilities Commission,including
the power to regulate service, rates of fare and transfer charge.
The city to have a representative on the board of directors of the new
corporation, starting with one member and to increase in number as the
city's investment increases and in proportion to it.
Labor to be represented with one member on the board. Compare
V. 106, p. 2122, 1344.
Chicago Rock Island & Pacific Ry.—Dividends Declared.—The directors on June 27 issued the following:.
Your committee has been unable to provide a plan for the reorganization
of your property, owing to war conditions and the President's proclamation
taking over the railroads of this country.
About two weeks ago upon request from a representative of the Government, the receiver and others went to Washington to present reasons why
the road should be taken over by the-Government. It was clear from this
conference that the property could be taken over, provided a contract
should be made. As to compensation, it was clear that the statutory
basis was deemed-by the:authorities far too high. In view of the fact that
the receiver computes the earnings -for the test period as averaging about
$350,000 a year and that there was no question that the bonds represent
actual investment in the property, he declined to continue negotiations
until he had had an opportunity to confer with the committee.
Digest of Letter Sent by the Committee to the Director-General
June 7 1918.
Over 65% of the outstanding 1st M. bonds have been actually deposited
with this committee and a further,considerable.block of bonds is acting in
co-operation.
The committee understands that at the recent hearing in Washington it
was proposed by the Government that the road might be retained, operated
by or for account of the Government, maintained and improved to such
extent as might be necessary to conduct its transportation business, and
returned to the carrier corporation when Government use should cease,
but that it was suggested that there Should be no compensation whatever.
The undersigned icommittee, representing actual investors, could not
consider any such arrangement and would be forced to oppose it in all
proper ways. The committee believes that the situation warrants the
payment by thelGovernment not only of the standard 'return but also of a
compensation based upon special and peculiar conditions of the carrier
during the three-year period ending June 30 1917, from which it results
that the standard return is plainly inequitable as a fair measure of just
compensation.
Pending the final-determination of the form of the contract with the
carriers and the making of such contract with this railroad, if the Government determines to retain the control of this railroad and operate it, the
committee is satisfied Ito leave the ultimate determination of the amount
of compensationito bedetermined in accordance with the Act of Congress.
The committee is keenly conscious of the pressing necessity of the various
expenditures recommended by the receiver and approved by the Federal
Railroad and Coal administrations. As a fuel producer alone this railroad
should be run to fullest capacity. The committee feels so strongly on this
matter that it would recommend to the bondholders that they consent to
the imposition of a lien ahead of their bonds in favor of receiver's certificates, if the courts should authorize the same, to provide for such vitally
necessary and:approved;expenditures which could not be financed otherwise.
The provision of funds for those expenditures by or at the instance of the
committee is, under tthe circumstances, wholly beyond its powers; but we
will co-operate instantly in any fair program designed to maintain and
improve the service rendered by this railroad.
Letter of June 12 from U. S. Government to Receiver W. R. Freeman.
"I beg to advise you that the Government has not at any time assumed
or exercised the slightest jurisdiction over your road, and that the same is
now definitely relinquished from rederal control." [Signed John Barton
rgu
e)committoe recognizes the fact that, as the chief tonnage of this road
Pa+
Is coal, it would be most unfortunate in this crisis if the supply were curtailed in any way. We shall continue our endeavor to arrive at some
arrangement fair to the bondholders.
[First mtge. bondholders committee: George H. Burr and F. N. B. Close,
of New York), Gerald Hughes (of Denver), L. 0. Phipps (of Pittsburgh),
Eugene V. R. Thayer, Edward R. Tinker (Chairman) and Herman Waldeck, with Charles D. Makepeace, Secretary, 115 Broadway, N. Y.]
The Director-General of Railroads having approved the payment of
dividends, the directors have to-day declared a 35i% semi-annual dividend
on the 7% pref. stock and 3% on the 6% pref. stock. Both dividends
are payable July 20 on stock of record at the close of business on July 5.
Pending settlement of the question of rental the Director-General will
advance funds for the payment of these dividends and other purposes.
—V. 106, p. 2559. 1
&i ti
.4
-I
Protective Committee for Equipment Issues.—The following
protective committee has been formed to look after the interests of the Denver & Salt Lake RR. Co. 5% equipment
notes dated March 1 1913, and the 6% equipment certificates dated July 1 1915, and is requesting holders to deposit
Chicago St. Paul Minn. & Omaha.—Federal Manager.— their holdings with one of the depositaries before July 15:
Arthur W. Trenholm, Vice-Pres. & Gen. Mgr., has been appointed
'Federal Manager under the U. S. Govt.—V. 106, p. 2345, 1900.
Cincinnati & Dayton Traction Co.—Management.—
This company, which has been leased by the Ohio Electric Co. (V. 106,
p. 1461, 2122), and after the receivership (V. 102, p.800) operated
by it un-
der a temporary agreement, will on July 1 be taken over by its own directors and managed in their behalf by the Warren Bicknell Co. of Cleveland,
Ohio. The company was recently organized to take over the old Cincinnati Dayton & Toledo properties. The company was organized in the
interest of the Bondholders' Protective Committee of the Cincinnati Dayton & Toledo Traction Co. Officers are members of the Protective Committee, viz.: J. M. Hutton, Pres.•. Otto Armleder, V.-Pres.; Claude Ashbrook, Secy.: Lea U.;Van_,.Lahr, Treas.,:and Edgar Friedlander.—V. 106,
p. 2122, 1900.15
Committee.—Chairman, John H. Mason, President Commercial Trust
Co., Philadelphia;
Pierpont V. Davis, National City Co., New York;
Sewall S. Watts, care Baker, Watts & Co., Baltimore;
Arthur Dorrance and Reynolds D. Brown, Philadelphia.
Depositaries.—Commerdal Trust Co. of Philadelphia, with the Empire
Trust Co. of New York as agent for the depositary.—V. 106, p. 929, 129.
Denver Union Terminal Ry.—Bonds as Security.—
See Union Pacific RR. below.—V. 99, p. 406.
Duluth & Iron Range RR.—General Manager.—
F. E. house, Pres. & Gen. Mgr., has been appointed General Manager,
under the
with office at Duluth, Minn.—V. 106, p. 2450.
—Duluth Missabe & Northern Ry.—Earns.—Manager.—
Cleveland Ry.—Proposal to Reduce Dividend Refused.—
Cal.
Colorado & Southern Ry.—Assistant Regional Director.
W. W. Walker, Vice-Pros. & Gen. Mgr., has been appointed Federal Meager under the U. S. Government.—V. 106, p. 1893, 189.
Columbus Ry., Light & Power Co.—Fare Situation.—
This company has applied to the Illinois P. U. Commission for authority
to charge a 7-cent far.e.—V. 106. p. 2010, 1461.
Proposals by the Mayor that the company reduce its dividends from 6%
to 4%, and that it postpone charging off of suspen.se account for discarded
equipment, have been refused by the company. The city council has requested its Street Railway Committee to investigate the advisability putting into effect on the company's line a zone system of fares to give additional revenue.—V. 106, p. 1688, 1461.
B. B. Greer, Vice-Pres. and Gen. Mgr., has been appointed Assistant
Regional Director under the U. S. Government.—V. 106, p. 2345, 2221.
Action by the City Council on June 21 approving a resolution to request
an appraisal of the railway property by the State P. U. Commission was
taken, and in consequence, it is stated, an increase in fares will not be
charged pending the appralsal.—V. 106, p. 2450, 2745.
Cripple Creek Central Ry.—Mileage, ctc.—
A revised statement received too late for use in the June edition of the
"Railway & Industrial Section" shows:
The Cripple Creek Central owns Cripple Creek & Colo. Spgs. RR. and
Midland Terminal By. through ownership of all their capital stock.
C. C. & C. S. operates under lease:
(a) The Colo. Spgs. & Crip. Creek District Ry.—Colorado Springs
to Cripple Creek—Main line, 59.74; branches and spurs, 27.99;
total
87.73
(b) Midland Terminal Ry.—Main line, 29.40; branches and spurs,
15.71; total
45.11
Total leased line mileage
132.84
C. C. & C. S.—Main line in Crip. Creek District, 2.06; B. S; S.,
2.85; total
4.91
Gross
Interest, Dividends
Net, after
Other
d
Balance.
Earnings.
Taxes.
&c.Years c.
Income.
pai.Surplus.
1917.115,306,600 $5,727,001 $299,066 $1,215,112 $2,056,250 $2,754,705
1916_ 14,389,278 7,823,688 209,596 1,171,115 4,112.500 2,749,669
William A. McGonagle, Pres. & Gen. Mgr., has been appointed Genera
Manager, under U. S. Govt., with office at Duluth, Minn.—V. 105, p. 284
Duluth South Shore & Atlantic RR.—Federal Manager.
East St. Louis & Suburban RR.—Fare Advances.—
Erie RR.—Bond Extension.—J. P. Morgan & Co., by announcements on an advertising page, give notice of an extension privilege without impairment of lien, to holders of the
below-named underlying bonds, who shall deposit their
bonds together with..all unnaatured coupons at their office
,
on or before July 1. ,
The following 5% divisional bonds, maturing July 11918, will be extended without impairment of lien to July 1 1928:
Cash Bonus
Company—
Amount. Int.to be. per $1,000.
Buffalo & Southwestern 1st Mtge
$1,500,000 6%
None
Buffalo & South Western Div. 2d Lien,,_ 1,000,000
7150
5%
$110
Chicago & Atlantic By. Terminal
300,000
5%
Offering of Equipment Trust Certificates, Series "EE."—
Graham, Parsons & Co. and Cassatt & Co., Phila., are of137.75
All the line of C. C. & C. S., which was narrow gauge in Cripple Creek fering, at various prices, $732,000 CA% Equipment Trust
District, has been abandoned, except the 4.91 miles shown above, which Certificates,Series"EE," maturities of 1919 and 1920 to yield
has been changed to standard guage. E. S. Hartwell is Secretary of Cripple
!% and maturities of 1923 to
Creek Central By. and A. S. Gill, Treasurer, Colo. Springs.—V. 106, 6%. 1921 and 1922 to yield 6X
p. 1893, 601.
1927 to yield 6 yi%. The issue is dated Mar.311917, issued
on the Philadelphia Plan, with the Commercial Trust Co. as
Delaware & Hudson-RR.—General Manager.—
F. P. Gutellus, Vice-President and General Manager, has been appointed trustee, and was for a total original amount of $3,680,000,
General Manager under the United States Government with office at New
maturing in equal installments on Oct. and Apr. 1 of each
York.—V. 106, 2648, 2228.
to 1927, inclusive.
Velaware Lackawanna & Western RR.—Rentals in year
These certificates are secured by a first lien on new equipmentleuitiirig
Full.—Replying to our inquiry, Pres. W.H.Truesdale writes: $4,484,531,
as follows: 15 Santa Fe type freight locomotives; il0Wacific
1
J-crNE 29 1918.1
THE CHRONICLE
type passenger locomotives; 2,000 steel underframe 40-ton box cars; 2 gasoline shifting locomotives; 2 steel dining cars. This equipment, if purchased
now, would cost about 30% more than was paid for it, and materially increases the equity of about 26%, which is figured upon original cost price
of equipment and redemption of two installments of this issue of certificates. Title to all equipment remains vested in the trustee until all the
Installments of this issue have been paid.
Federal Manager.—
A. J. Stone, formerly Gen. Mgr. has been appointed Federal Manager
under the U. S. Government.—V. 1:06. p. 2559, 2450.
Florida Central & Peninsular RR.—Bond Extension.—
See Seaboard Air Line By. below.—V. 69, p. 1345.
Fort Smith & Western RR.—No Government Control.—
Announcement has been made that this company, which operates about
250 miles, chiefly in Oklahoma, has been released from Government
control.—V. 105, p. 2183.
Freight Rates.—Short Line Rate Increase Ordered.—
Increased fares and freight rates on short-line roads, to conform to advanced rates allowed by the I.-S. C. Commiss'on to the large roads, have
been ordered by the Railroad Administration.—V. 106, p. 2648, 2559.
Grand Rapids & Indiana Ry.—General Manager.—
W. B. Wood continues as General Manager under the U. S. Government,
with office at Grand Rapids, Mich.—V. 106, p. 2648, 2644.
2757
with an option to the Government to commute this into a payment of
$350,000 a year after an experience of six months. Compare V. 106, p.2649.
Sub. Company Sale Postponed.—
See Kansas City Outer Belt & Electric RR. below.—V. 106, p. 2649.
2345.
Kan. City Outer Belt & Elec. Ry.—Sale Postponed.—
The sale of this company's properties, scheduled to take place at Kansas
City on June 18, was postponed by Judge John C. Pollock of the U. S.
District Court.—V. 104, p. 2641.
Kansas City Railways.—Fare Increase.—
The Missouri P. S. Commission has granted this company an increase in
fare from Sc. to 6c., effective July 15.—V. 106, p. 1577, 1035.
Kansas City Viaduct & Terminal Ry.—
The municipalities of Kansas City, Mo., and Kansas City, Kan., are
reported to be considering the purchase for $1,800,000 of the viaduct system
across the Kansas River Valley, which was sold in foreclosure of the First
Mtge. in May 1917, but never operated.—V. 104, p. 1263.
Lehigh Valley RR.—Assistant Regional Director.—
M. P. Blauvelt, Vice-Pros., has been appointed Asst. Regional Director,
under the U. S. Govt., with office at Phila.—V. 106, p. 2560, 2011.
Lincoln (Neb.) Traction Co.—Fare Increase Denied—
Cancellation of Common Stock Issue.—
Great Northern Ry.—Federal Manager.—
The Nebraska Railway Commission has denied this company's application for an increase of rates from 6 tickets for 25c. to Sc. straight. The
decision of the Commission further orders that the common stock issue of
$1,652,000, made at the time of consolidation with the Citizens' company
be canceled. It directs replacement of $198,228 in the company's treasury
' Hagerstown & Frederick Ry.—Bonds.—
as dividends wrongly paid on the common stock, forbids payment of any
This company has applied to the Maryland P. S. Commission for au- future
stock issue of
common stock dividends; allows an additional
bonds
of
which
amount
in
335,000 will be used
thority to issue $100,000
to cover additions and betterments, which may
pref.
besold at 85, but
for refunding, and the balance to guarantee a loan of that amount.—V. $281,200
requires
that
$98,538
49
of
the
proceeds
be
turned
back
into
the fund for
2365.
105, p.
maintenance and depreciation, from which it was taken for other purposes.
The co. has appealed this decision to the Supreme Court.—V. 106,p.1461.
Hudson Bay Ry.—Government Appropriations.—
The Budget recently approved by the Canadian Parliament, covering
Louisville & Southern Indiana Traction Co.—Fare.—
estimates for the fiscal year ending March 31 1919, provides for construction
Indiana P. S. Commission has granted this company, which operates
of railway terminals, $1,000,000, of which about $500,000 is re-voted, being in The
New Albany and Jeffersonville, Ind., a straight 5-cent fare.—V. 106,
made
for
the fiscal
unexpended from the appropriations of $3,000,000
p. 1901.
year-1917-18.
Hon. J. D. Reid, Minister of Railways and Canals, in the Canadian
Lynchburg Traction & Light Co.—Rate Increases.—
House of Commons at Ottawa on May 17 said: "We have expended upon
This company has announced an increase in its gas rate from $1 10 to
this enterprise up to Feb. 28 of this year the sum of $20,161,000, of which
20 net per 1,000 Cu. ft., gas being billed at $1 30 subject to discount of
$1
was
on
the
railway
and
$6,347,000
of
account
$13,814,000 was on account
of the harbor and terminals at Port Nelson. The latter sum includes ex- 10c. for prompt payment. Electric power rates have also been advanced.
penditures incurred in the purchase of steamships which are now in general —V. 106, p. 2450.
service throughout the year, as well as the valuable plant at Port Nelson.
Michigan Ry.—Fares.—
During the past year the construction of the bridge over the Nelson River
This company has announced an increase in passenger fares to 3c. a
at Kettle Rapids has caused the suspension of tracklaying. The north and
mile,
effective June 20, and an increase in freight rates, effective June 25.—
south arms of the bridge were connected up in December and tracklaying
can be continued this season. The grading between Kettle Rapids and V. 100, p. 1752.
at
various
ballasting
points
Nelson was completed and train-filling and
Minn. St. Paul & Sault Ste. Marie.—Federal Manager.—
along the line was continued. At Port Nelson a restricted program was
G. R. Huntington, Gen. Mgr., has been appointed Federal Manager
followed, in which materials and supplies on hand were utilized. Owing
under
the U. S. Government.—V. 106, p. 2335, 1126.
to the general shortage of ocean tonnage no further shipments were made
to the Bay during the season. The island cribwork was extended and
Montreal
Tramways Co.—Fares Increased.—
dredging continued."
The Montreal Tramways Commission has announced a new schedule of
The "Railway Age" in its issue for June 14 publishes a seven-page illusfor this company, effective for one year, by which tickets will be sold
trated article describing the difficult bridge construction undertaken by fares
this company over the Kettle Rapids of the Nelson River.—V, 105,p at the rate of 5 for 25c. during the day, and lc. extra for transfers, except
from 5 to 8 in the morning, when transfers are free. The fare after midnight
1104, 290.
will be 15c. cash, and the cash fare from 8 a. m. until midnight will be 6c.
with an additional lc. for transfer.—V. 106, p. 2649, 1797.
Hudson & Manhattan Ry.—Fares.—
The rate of faro on this company's line from Newark to New York has
New England Investm't & Security Co.—Sub.Co. Fares.
been increased from 17c. to 27c. between the two cities, no return tickets
being purchasable. The fares for local service in the tubes from downtown in The Massachusetts P. S. Commission has suspended proposed increases
fares for passengers on the Milford Attleboro & Woonsocket Street
N. Y. to Jersey City and Hoboken are unchanged as heretofore at 5c, and which
were to have become effective July 1, until Aug. 1.—V. 105, p. 1689.
the fares from uptown at 7c. The increase as noted was effective June 1.—
V. 106, p. 2649.
New York Central RR.—Sub. Co. Payments in Full.—
Vice-President John Carstensen, replying to our inquiry, writes: "I beg
Illinois Central RR.—Joint Bonds as Security.—
to say that so far there have been no cases where dividends of New York
See Union Pacific RR. below.—V. 106, p. 2559, 2450.
Central lessor companies have been reduced as a result of the recent war
taxes.'
Illinois Northern Utilities Co.—Bonds—Stock.-This company has applied to the Illinois P. U. Commission for permission
Bonds as Collateral.—
to issue $150,000 First & Refunding Mtge. 5% gold bonds and $112,000
See Union Pacific RR. below.—V. 106, p. 2649, 2650.
7% collateral notes.—V. 106, p. 1036.
W. P. Kenney, Pres., has been appointed Federal Manager under the
U. S. Government for this company.—V. 106, p. 2228, 1577.
Interborough Rapid Transit Co.—Finance Corporation
Loan Applied for—Bonds as Collateral.—The following facts
as published in the New York "Sun" of June 28 are supposed
to represent in a fairly accurate manner the contemplated
financing of the company's fiscal requirements:
. Div.—
New York Chicago & St. Louis RR.—No 2d Pref.
We are informed that while this company declared the usual semi-annual
dividend of 2%% on the first preferred 5% non-cumulative stock, payable
July 1, no action was taken on the dividend on the $10,999,800 second pref. stock which is usually due at this time.—V. 106, p. 2649, 2229.
New York New Haven & Hartford RR.—New President.
E. G. Buckland, Vice-President, has been elected President, to succeed
30% Loan.—The War Finance Corp. has intimated that it will make a Edward J. Pearson, who has been appointed Federal Manager under the
direct loan to the company of 30% of its $37,700,000 requirements, or U. S. Government.—V. 106, p. 2560, 2450.
$11,310,000, on condition that bankers arrange the financing of the $26,390,000 balance.
New York Railways.—Petition of Bondholders.—
Deposit of Bonds.—In order to receive direct aid the company is obliged
A petition has been filed with the New York P. S. Commission by John
to deposit 1,333 33 par value of its bonds for every $1,000 borrowed from Candler Cobb on behalf of the holders of the company's Adjustment Mtge.
the War Finance Corp. The bankers who will underwrite the financing bonds asking immediate relief and calling on the Commission to change the
of the $26,390,000 balance by means of three-year notes, if present plans regulations in regard to free transfers and to reduce the amount of service,
are carried out, are expected to require a similar deposit a collateral. On "in order that the increase of revenue and decrease of service will enabler
this basis an issue of U0,000,000 bonds or more will be needed. In order the company to fairly meet the necessary increase of cost of labor and mato provide such collateral the company has applied to the New York P. S. tedal and pay the interest on the bonds."
Commission for permission to issue wi hout price limit the $39,489,000
The petition represents that the bonds are "widely distributed and held
bonds authorized last year for sale at not less than 93% and about $19.- by a large number of small investors and by banks and life insurance com000,000 additional.
panies which represent the savings of the community; that since Oct. 1
Need of Funds.—At that price the bonds could not be disposed of despite 1916 the New York Railways Co. has failed to pay any interest on said
the increasing urgency of the need of the money for third tracking the bonds, and that the holders have suffered severely through such failure.
elevated lines, construction, equipment and power houses for the new
Petition for Fare Readjustment.—
subways. During the past year the costs of materials and the wages of
laborers have advanced to a point which forces the Interborough to raise
Vice-President Hedley on June 27 filed a petition with Mayor Hylan
$37.700,000, a large part of which should be expended at once.
asking that the P. S. Commission be permtted to determine the rate of
The P. S. Commission has given one public hearing on the application fare to be charged on the various surface lines of the company during the
to issue $58,000,000 5% bonds, at which it was brought out that they must war and for one year thereafter.—V. 106, p. 2649, 2560.
be used as collateral, partly for the direct aid from the War Finance Corp.
New York State Railways.—Failure to Declare Preferred
and partly for the notes, which a syndicate of bankers headed by J. P.
Morgan & Co.is expected to issue. Arthur M. Anderson, of J.P. Morgan Dividend.—The executive committee on June 14 decided not
& Co. explained that it was proposed to issue three-year 7% notes carrying
specific period during which the notes might be converted into bonds at to declare at this time the regular quarterly dividend of
87g. Under this plan a purchaser of notes to the amount of $87,500 13.%, due July 1 on the $3,862,500 cum. pref. stock.
would be able to convert them into bonds of a par value of $100,000.
Pres. Horace E. Andrews, in circular dated at N. Y.,
The banks which purchase Interborough notes, it was pointed out, will
be able to borrow money on them from the War Finance Corp. in addition June 18, says in substance:
furnished
direct
aid
by
that institution.
to the
The executive committee at a meeting held on June 14 was obliged to
New Operations.—
pass the preferred dividend payable July 1 because of insufficient earnings.
See Rapid. Transit in New York below.—V. 106, p. 2649, 2345.
The preferred dividends, however, are cumulative and must be paid before
any dividends are declared on the common stock
Interstate Railways Phila.—Dividend Omitted.—
The gross revenues have decreased and the operating expenses have
The directors have omitted the semi-annual dividend of 3% on the H,- greatly increased on account of the abnormal conditions due to the war,
000,000 outstanding preferred stock now due.—V. 106, p. 1461.
and the situation has now reached a point where an increase in the rate of
fare has become an absolute and immediate necessity
Kanawha & Michigan Ry.—General Manager.—
Our position is similar to that of other street railway companies throughSee Toledo & Ohio Central By. below.—V. 106, p. 2221, 2123.
out the country and also like that of the steam railroads until the Government assumed control and established an average increase of approximately
Kanawha & West Virginia RR.—General Manager.—
25°4 in freight and passenger rates.
See Toledo & Ohio Central By. below.—V. 106, p. 2228.
A year ago we applied to the P. S. Commission for permission to increase
the fare from 5 cents to 6 cents in the cities in which we operate. Before
Kansas City & Memphis Ry.—Sale of Property.—
the case could be heard an injunction was obtained restraining the ComThis company's property, extending 31 miles from Rogers to Fayette- mission on the ground that it had no power to increase the rate beyond
ville, Ark., with two branches, one of 20 miles from Cave Springs to Siloam that fixed by franchise or agreement, which contention the Court of Appeals
Springs, and another of about six miles to Monte Ne, will be sold by special later upheld. Your company has, therefore, made application to the City
Councils of Rochester, Syracuse and Utica for authority to increase its rate
master H. C. Mechem on July 2 next. Compare V'. 106, P. 1577.
of fare.
Kansas City Mexico & Orient.—Govt. Contract.—
Due to the increased cast of living, the operating employees last month
It is reported that the contract between the company and the Railroad demanded an increase in their rate of wages, resulting in a cessation for
Administration has been tentatively agreed upon, providing for the pay- two days of the operation of the company's cars. An adjustment finally
ment of $150,000 to meet interest on the receivers' certificates and a division resulted in an increase in the rate of wages, upon an understanding with
of the net operating income between the company and the Government. the cities that relief would be granted the company if an examination of its
2758
THE CHRONICLE
books developed the need of it. An examination by certified public accountants has been under way for about three weeks, and it is hoped the
examination will be completed shortly after the close of this month.—
V. 106, p. 2649.
[VOL. 106.
San Francisco-Oakland Term. Ry.—Rate Inc.—Fares.
The California RR. Commission has granted this company's application
for an advance of 10% in rates to conform with the new ferry and electric
fares on the Southern Pacific Co. The Commission has dismissed the
application of the Southern Pacific Co. for an increase in ferry and transNorfolk & Western Ry.—General Manager.—
bay fares.—V. 106, p. 2451, 2230.
W. J. Jenks continues as General Manager under the United States RR.
Administration, with office at Roanoke, Va.—V. 106, p. 2346, 2229.
San Joaquin Light & Power Corp.—Bonds.—
This corporation has applied to the California RR. Commission for
Northern Electric RR.—Successor Co.—
authority to use the proceeds of $245,000 bonds previously authorized to
See Sacramento Northern RR. below. Compare V. 106, p. 2654, 2450. reimburse its treasury in part for capital expenditures made subsequent
to Dec. 31 1916.
Northern Pacific Ry.—Federal Manager.—
J. M. Hannaford, Pres., has been appointed Federal Manager under the
Seaboard Air Line Ry.—Bond Extension at 6% Interest.—
United States Government.—V. 106, p. 2229, 500.
Florida Central & Peninsular RR.
Holders of the $3,000,000
1st M. 5% gold bonds maturing July 1 1918 are offered an
See Cincinnati &.Dayton Traction Co. above.—V. 106, p. 2649, 929.
extension to July 1 1923 with interest at the rate of 6% per
Oregon-Washington RR. & Nay. Co.—General Mgr. annum, payable semi-annually on Jan. 1 and July 1 at the
J. P. O'Brien, V.-Pres. & Gen. Mgr., has been appointed General Mgr., office or agency of the company in N. Y. City, the present
under U. S. Govt., with office at Portland, Ore.—V. 106, p. 1231, 715.
mortgage security to remain unimpaired. (See adv. pages.)
Passenger Fares.—Short Line Rates Increased.—
Holders of bonds who desire to avail themselves of the privilege of exOhio Electric Ry.—Lease Ends.—
See Freight Rates above.—V. 106, p. 2560, 2229.
Pennsylvania RR.—Dividend Action Deferred.—The directors.at their meeting on Wednesday deferred action on the
dividends due Aug. 31. An official statement says:
In view of the fact that the board of directors has determined not to
adjourn over the summer months, as has been usual heretofore, it was not
necessary to declare at the meeting held to-day the dividend on the stock
payable Aug. 31. The declaration of this dividend was deferred until
the meeting of the board to be held in July.
Bonds as Collateral.—
See Union Pacific RR. below.—V. 106, p. 2650, 2560.
Philadelphia Rapid Transit Co.—Line to Hog Island.—
Announcement has been made that this company's new line to Hog
Island has been placed in service. On the Philadelphia and Southwestern
line, when double tracking is completed, 55 cars will be operated during
rush hours.
Rate Increase Filed.—
This company has filed with the Pennsylvania P. S. Commission new
freight, milk and joint tariff rates with other companies, effective July 20.
—V.106, p. 2451, 2346.
Philadelphia & Reading Ry.—Officers.—
See Reading Co. below.—V. 106, p. 1786.
Pittsburgh Cincinnati Chicago & St. Louis Ry.—
Dividend Action Deferred.—The directors, at their meeting
on Wednesday, deferred action on the dividends due Aug. 31.
An official statement says:
The new consolidated Pittsburgh Cincinnati Chicago & St. Louis By.
Co. (the Panhandle) having commenced business Jan. 11917, has no dividend record during the three years' test period. Under the provisions
of the Act of Congress applying to such cases the approval of the Government of the declaration of a dividend must first be secured. The board
therefore deferred action until such approval has been approved, and the
money therefor obtained from the Government on account of compensation for the use of the property.—V. 106, p. 2560.
Pittsburgh Railways Co.—Fare Rebate Slips.—
This company has announced that rebate slips will be issued on a single
7-cent fare pending the decision of the court as to the legality of the excess
fare now in effect. Compare V. 106, p. 2650, 2451.
tending their bonds, should deposit them on or before July 15 1918, with
Guaranty Trust Co., 140 Broadway, N. Y. Guaranty Trust Co. of N. Y.
and the National City Co. have agreed with the Seaboard Air Line By. Co.
to purchase all bonds, the holders of which do not desire to exercise this
privilege of extension, at par upon delivery of said bonds at the office of
Guaranty Trust Co. of N. Y. No interest after July 1 1918 will be paid
on bonds not so extended. Before presenting bonds to Guaranty Trust Co.
of N. Y.coupons maturing July 11918 and prior thereto should be detached
and collected in the usual manner.—V. 106, p. 2230, 2131.
Southern New England Ry.—Decision.—
The Massachusetts Supreme Court has handed down a decision against
John Marsch, of Chicago, contractor, who had brought suit for $1,291,723
damages against the company and the Grand Trunk and Central New
England railways for alleged breach of contract to build the Southern
New England line. The Court held that under the contract the defendant
corporations reserved the right to suspend progress of the work or any
part thereof.—V. 99. p. 1750.
Southern Pacific Co.—Bonds as Security.—Fares.—
See Union Pacific RR. below and also San Francisco-Oakland Terminal
By. above.—V. 106, p. 2230, 2123.
Southern Ry.—Rentals in Full.—Bond Payment.—
Referring to our letter asking whether grass income of shareholders of
companies leased has been decreased by reason of income tax imposed on
the laser companies, Secretary F. S. Wynn writes:
"The only cases we have are those of the Atlanta & Charlotte Air Line
By.and Mobile & Birmingham RR. In the case of the former the Southern
pays, as part of the rent, a dividend of 9% on the stock, and in the case of
the latter the Southern pays, as part of the rent, a dividend of 4% on the
preferred stock. These payments have not been reduced by reason of income taxes of the lessor companies."
The issue of $1,000,000 First Mtge. 6% bonds of the Alabama Central
RR. due July 1, will be paid off at the office of the Central Trust Co.,
'York.—V. 106, p. 2561, 2230.
New
Spokane Portland & Seattle RR.—General Manager.—
A. J. Davidson, General Supt., has been appointed General Manager,
under U. S. Govt., with office at Portland, Ore.—V. 100, p. 1350.
Toledo & Ohio Central RR.—General Manager.—
Ir. B. Sheldon, Vice-President, Operating Department, has been appointed General Manager under the United States Govt., for this company,
the Kanawha & Michigan, Zanesville & Western railways, and the Kanawha
& West Virginia RR., with office at Columbus,0.—V. 106, p. 2230.
Trenton & Mercer Co. Tract. Co.—Decision—Wages.—
Pittsburgh & Shawmut RR.—General Manager.—
The decision of the New Jersey Supreme Court quashing indictments
D. C. Morgan, Vice-President, has been appointed General Manager, against the directors of the company for occupying the streets with poles
under the United States Government with office at Kittanning. Pa.— and wires, has been appealed to the Court of Errors and Appeals, arguV. 106, p. 1231.
ment to be heard in the November term.
The threatened strike of the employees of this company has been averted
Poughkeepsie & Wappingers Falls(Elec.) Ry.—Fares. by a settlement under which the men will receive 38c. an hour in place of
The New York P. S. Commission has granted this company's petition the present rate of 31c.; the men had demanded 40c.
for permission to charge a 6-cent fare, with the understanding that no diviTri•City Ry. & Light Co., Davenport,Iowa.—Rate Inc.
dends are to be paid until the railroad and equipment are brought to a state
of efficiency.—V. 104, p. 2642.
This company has voluntarily increased the wages of its employees from
32 to 37c. an hour, the fourth voluntary increase within the past year.—
Rapid Transit in New York.—New Line.—
V. 106. p. 298.
It is announced that on Monday, July 1, there will be established through
service on the Seventh Ave. subway between Times Sq. and the Battery,
Twin City Rapid Transit Co.—Sub. Co. Extension of
and via shuttle through the Park Pl. and William St. branch of the line
from Chambers St. and West Broadway to Wall and William streets. Bonds.—Holders of First Mortgage bonds of the Minne—V. 106, p. 2651, 2561.
apolis Lyndale & Minnetonka Ry. with First ConsoliMinneapolis Street Ry., due
Reading Co.—E. T. Stotesbury Resigns as President.— dated Mortgage bonds of theopportunity
of extending them
Jan. 15 1919, are offered the
to Jan. 15 1922, at 7% per annum from July 15 1918.
Richmond Light & Railroad Co.—Fine.—
Holders who accept this offer are requested to present
A judgment has been filed against this company for a fine of $77300,
the P. S. Commission having ordered the company to double track Castieton their bonds on or before July 15 1918, at the office of Wm.
a
Ave., Richmond, on April 15 1916. Tha fine is an aggregate of $100
A. Read & Co., N. Y.
•
day from April 15 1916 to May 28 1916. The company appealed from the
Agnew T. Dice succeeds Edward T. Stotesbury as Pres.—V.106,p.2230.
order to the Appellate Division of the Supreme Court, which has sustained
the order of the Commission.—V. 105, p. 607.
St. Louis-San Francisco Ry.—Bond Data.—
A revised proof received too late for use in correcting the "Railway &
Industrial" Section, which went to press early this week,shows the amounts
outstanding of certain bond issues (including $90,000 series A 4s and $50,000
series B 5s held in insurance fund) to be as follows:
Prior Lien series A, 4%_$84,188,500 Ft. Worth & Rio Gr. 4s_ _$1,405,000
series B, 5%_ 25,000,000 Quanah Acme & Pacific
do
211,000
485,800
Ry. 6s
S.L.&S.F.RR. cons.4s,'96
108,200
510,000 Chester P. & St. G. 55
Southwest. Div. 5s, 1897
Official Quotation Granted for New Bonds in London.—
The London Stock Exchange has granted official quotation for $76,877,900 Prior Lien M.4% gold bonds, due 1950,series "A";$34,081,200 Adjustment M.6% gold bonds, due 1955, series "A"; and $28,643,000 Income M.
6% gold bonds, due 1960, series "A."
Federal Manager.—
Leroy Kramer, V.-Pres. of the Pullman Co., has resigned, effective
June 30, to become Federal Manager of this co.—V. 106, p. 2230, 2123.
St. Louis Southwestern Ry.—President.—
Pres. J. M. Herbert has at the request of the board withdrawn from the
Federal management of the properties and will remain President.—V. 106,
p. 822, 297.
Sacramento Northern RR.—New Company.—
This company on June 18 filed articles of incorporation in California
with $5,200,000 authorized capital stock, to take over properties of the
Northern Electric RR., sold under foreclosure, and its subsidiaries. The
reorganization committee purchased the properties on May 28 at the upset
price of $1,750,000.
The following new directors, representing the reorganization committee
and the creditors of the old company, have been elected: E. D. Sullivan,
F. M. McAuliffe, Delger Trowbridge, William S. McKnight, William H.
Gorrill, Walter Slack, Charles 0. Sullivan, A. E. Roth, A. D. Plaw, F. M.
Hultman, A. E. Wellington, E. K. Pedler, W. G. Gardiner, Jerome B.
White and G. C. Sahiender. Compare plan, V. 104, p. 1489.
San Diego & Arizona Ry.—Extension.—
The California RR. Commission has authorized this company to extend
the time within which it may issue 81.500,0006% bonds, previously authorized, to Dec. 31 next.—V. 106, p. 2650, 2561.
The extended bonds will be secured by the same mortgage as the present
issue, which covers by an absolute first lien the entire street railway system
in Minneapolis, appraised for the city, as of Jan. 11916. at approximately
$26,000,000, or over five times the amount of this first mortgage lien,
which is for only $5,000,000 and cannot be increased.
In addition to the increased rate of interest which the extended bonds
will bear, they will be unconditionally guaranteed as to both principal
and interest by the Twin City Rapid Transit Co., which controls the entire
street railway systems in Minneapolis and St. Paul.
The interest coupon due July 15 1918 should be detached before forwarding bonds to us for extension, and collected in the usual manner.—V. 106,
p. 2451, 1037.
Union Pacific RR.—Sale of $20,000,000 10-Year 6%
Secured Gold Notes.—This company, has sold to Kuhn, Loeb
& Co., as syndicate managers, an issue of $20,000,000 10-year
6% secured gold bonds which are to be offered at 98 and int.,
to yield over 6Yk%. A circular shows:
Security.—These bonds are to be secured by the deposit with a trustee of
the following collateral, which has a present estimated market value of over
$25,000,000:
$2,000,000 Chicago & North Western By. gen. Mtge.4s, due 1987.
2,500,000 Chicago & North Western By. gen. Mtge. 5s, due 1987.
3,000,000 N. Y. Central RR. Co. Ref. & Impt. Mtge. 43,5s, due 2013.
1,000,000 Pennsylvania RR. Consol. Mtge. 43,6s, due 1960.
2,500,000 Pennsylvania RR. Co. Gen. Mtge. 4Xs, due 1965.
6,000,000 Southern Pacific RR. Co. First Ref. Mtge. 4s, duo 1955.
4,000,000 Balt. & Ohio RR. Co. Ref. & Gen. Mtge. 5s duo 1995.
5,000,000 Illinois Central RR. Co. & Chicago St. Louis & New Orleans
RR.' Co. Joint First Ref. Mtge. 5s, due 1963.
4,000,000 Denver Union Terminal Ry. 1st M.4;4s due 1964 (guaranteed
jointly and severally by the Union Pacific RR. Co., Chicago
Burl. & Quincy RR. Co., Atchison Topeka & Santa Fe RR.
Co. and others).
It is stated that the syndicate managers have placed the bond issue,
and that the subscription books for the bonds have been closed. It is
understood that the bonds will be offered to the public at 98 mid interest,
to yield slightly more than 61j%.—V. 106, p. 2230, 1578.
Union Street Ry., New Bedford, Mass.—New Stock.—
The Massachusetts P. S. Commission has approved this company's application for permission to issue $812,500 of capital stock at par, $100.
Compare V. 106, p. 1797, 1127.
JUNE 29 1918.]
THE CHRONICLE
United Railways Co. St. Louis.-Fare Situation.-
2759
Atlantic Gas Co.-Rates.-
Louis has filed an appeal from the decision
Counsel for the city of St. '
The New Jersey P. U. Commission has dismissed this company's applicaof the Missouri P. S. Commission granting a 6-cent fare to the company. tion for permission to increase its rates from $1 to $1 30 per 1,000 Cu. ft.
The appeal asks a review of the action of the Commission and that ii be -V.94, p. 828.
reversed on writ of certiorari and alleges that the Commission was without
Atlantic Sugar Refineries, Ltd., Montreal.-Report.Jurisdiction to grant the increase and that the 6-cent fare was unjust and
unreasonable. Compare V. 106, p. 2561, 2451.
The report for the fiscal year ending April 30 1918 shows:
- .
United Railways & Electric Co., Baltimore.-Wages. Gross bus'n's$10.000,000
$8,000,060 Bond discount..__ $2,322 $2,32
This company has established a minimum wage of $75 a month for con- Net profits.._
462,676
304,423 Depreciation ___- 40,000
20,000
ductors and motormen.-V. 106, p. 2451, 1679.
Bond
__
88,700
78,900
Exchange,
int_"&c
Total
80,546
90,882
$193,025
deduction.._$255,895
Wabash Ry.-General Manager.Deferred chgs.
11,257 Surplus
33,991
$206,781 $111,398
J. E. Taussig, Vice-President in charge of operation, has been appointed -V. 102, p. 977.
General Manager, under the United States Government with office at
St. Louis, Mo.-V. 106, p. 2451. 2220.
Autosales Corporation.-Dividend.The directors have declared a dividend of 1% on full shares of pref.
Wages.-Street Railway Employees Wages.stock, payable July 15 to holders of record June 29.-V. 106, p. 1902.
Chairmen Taft and Walsh of the National War Labor Board on June 26
announced that the wages of street railway employees will be increased
Baldwin Locomotive Works.-Sub. Co. Stock Increase.when, in the opinion of the board, it may seem necessary. It is stated
See Eddystone Munitions Co. below.-V. 106, p. 2562, 2231.
that the recommendations of the board apply to Detroit, Cleveland,
Barney & Smith Car Co.-New Officers.Scranton, East St. Louis and other places. It is also stated that the
board would recommend increased fares.-V. 106, p. 2651, 2346.
M. Zapolean has been elected Sec. and Treas. Mr. Zapolean succeeds
E. A. Oblinger as Sec. and J. F. Kiefaber as Treas. It is also reported
Washington Baltimore & Annapolis Electric RR.- that W. D. Sullivan succeeds J. F. Kiefaber as V.-Pres.-V.106,p.2562.
The Maryland P. S. Commission has denied the application of this
Big Ledge Copper Co.-New Directors.company for permission to increase passenger rates so as to have them
conformed with the minimum rates of steam lines.-V. 106, p. 2561, 2552.
The following new board of seven directors, six of whom are officers or
directors of the Consolidated Interstate-Callahan Mining Co., was elected
Western Pacific RR.-Purchase of Collateral.to take the place of the retiring board of three directors: Milie Bunnell,
See Denver & Rio Grande RR., page 2648, in last week's issue.-V. A. L. Warner, M. G. Rodearmel, S. S. Titus, John A. Percival, Joseph B.
106, p. 2230, 1892.
• Cotton, Charles Batre.-V. 106, p. 2453.
Wheeling Traction Co.-Fare Increase.This company has applied to the West Virginia P. S. Commission for
permission to make a general increase in rates.-V. 104, p. 258.
Youngstown & Ohio Riv.(Elec.)RR.-No Div. Action.
The directors on June 25 took no action on the dividend either on the
$1,000,000 outstanding common stock, or on the $1,000,000 outstanding
5% cumulative pref. stock, usually due at this time. The preferred disbursement usually payable in April last was postponed this year till May 15.
The company now under Federal control, has increased its passenger
rates to 3c. a mile and freight rates to conform with the rates on Government-operated steam roads. The company is classed as a short line steam
rallroad.-V. 103, p. 2429.
Zanesville & Western Ry.-General Manager.-
See Toledo & Ohio Central By. above.-V.106, p. 2230.
(E. W.) Bliss Company.-Extra Dividend.-
The directors have declared an extra dividend of 11Y,% along with the
regular quarterly dividend of 1;1% on the $1,250,000 outstanding common
stock, payable July 1 to holders of record June 27.
The quarterly dividend of 2% on the $1,250,000 outstanding cumulative
pref. stock payable at the same time was also declared. All the foregoing
dividends are to be paid from "the accumulated net earnings of the company."-V. 106, p. 1339.
Borden's Farm Products Co.-Milk Price Changes.The Federal Milk Commission fixed the prices for milk for July, making
an increase to the consumer in Grade A bottled in quarts from 15 to 16c.
and in pints from 8c. to 9c. Loose milk, 10 gallons and over, will be 93c..
Instead of 10c., and for 10 gallons and under, 103c.instead of 10c.V. 106.
p. 2453, 1798.
Brown Shoe Co.-Proposed Regulations Governing Shoes.
See page 2612 in last week's issue.-V. 106, p. 1903, 926.
INDUSTRIAL AND MISCELLANEOUS.
Aetna Explosives Co.-Bond Interest.-
Judge Mayer in the Federal District Court at New York has directed
Receivers George C. Holt and Benjamin Odell to pay interest on the company's bonds that fall due July 1.
The bonds on which interest will be due amount to $2,539,700 which
does not include $399,000 held as collateral for loans or the fulfullment
of contracts on which no interest will be paid.-V. 106, p. 2561, 2452.
American Car & Foundry Co.-Car Building.-
Buffalo Union Furnace do.-Bonds Called.One hundred and sixteen ($116,000) First and Purchase Money 5% gold
bonds, due July 1 1935, have been called for payment on July 1 at par and
int. at the Bankers Trust Co. of Buffalo, N. Y.-V. 102. p. 1543.
Burns Bros. Ice Corporation.-Dividend.The directors on June 25 declared a dividend of 53(% on the first pretarred stock, being payment In full of accumulated back dividends on this
issue, and the regular quarterly dividend due July 1, to be paid on Aug. 1
to holders of record July 15.-V. 106, p. 1798.
Bush Terminal Buildings Co.-Government Possession.
The United States RR. Administration issues the following: Director.
Announcement is made that the Federal Government will take
General McAdoo announces that he had just been notified by President
Woodin of the American Car & Foundry Co. that the first of the 33,000 over four of the large buildings of the company in Brooklyn for war purfreight cars for which that company held the contract had been completed poses. The terms, however, are not yet public.-V. 101, p. 1809.
and that work on the entire order is progressing. The letting of this
Butler Brothers, Chicago.-Obituary.contract was announced on April 26.-V. 106, p. 2561, 2452.
H. A. Stillwell, Pres. of this co., has died.-V. 106, p. 819, 502.
American Druggists' Syndicate.-Application to List.-
This company has applied to the N. Y. Stock Exchange to list $10,000,000 capital stock.-V. 106, p. 501.
American Light & Traction Co.-Sub. Co. Bonds.-
See St. Paul Gas Light Co.-V. 106, p. 1899.
American Pipe & Construction Co.-Decision.-
Vice-Chancellor Lane in the New Jersey courts on June 28 reserved
decision on the application for the appoidtment of a receiver in New
Jersey for the company at present in the hands of a Federal receiver who
was appointed some time ago in the Pennsylvania courts.
Vice-Chancellor Lane in the New Jersey Court on June 21 issued an
order directing the parties in Interest to show cause why a receiver should
not be appointed for the company.-V. 106, p. 1463.
Butte & Superior Mining Co.-Injunction Revoked.Judge Bouquin, in the U. S. District Court at Helena. Mont. on June 27
revoked the injunction ordered by the U. S. Circuit Court of Appeals at
San Francisco on May 14 last in the litigation regarding the flotation
process," brought by Minerals Separation, Ltd., the decision relieving the
company of the necessity of depositing its monthly earnings in the Federal
Court, and also of making monthly reports of operations.-V.106. p. 2562.
2447.
Carbon Steel Co.-Extra Dividend.The directors have declared an extra dividend of 10% along with a
regular dividend of 2% on the $3,000,000 outstanding common stock.
payable July 15 to holders of record July 10.-V. 106, P. 1798.
Central & South American Telegraph Co.-Earnings.
American Railway Express Co.-Incorporation-Officer. -For the quarters ended June 30 (partly estimated):
This company, the new organization combining the principal express
companies, was incorporated under the laws of the State of Delaware on
June 22, the authorized capital stock being $40,000,000. Compare-V.
106, p. 2652, 2561, 2452, 2346.
Final arrangements have been made to include in the new compady the
Northern Express, the Great Northern Express and the Western Express
companies, which up to a recent date had not come into the merger. They
operate in the Middle West, the Northern covering the Northern Pacific,
the Great Northern on the railroad of the same name, and the Western on
the "Soo" line.
Frederick P. Small, formerly Vice-Pros. and Sec'y of the American Express Co., has been elected Secretary of this new company. V. 106, p.
2652, 2561.
American Rolling Mill Co.-Extra Dividend.-
The directors have declared an extra dividend of 1% on the common
stock along with the regular quarterly dividend of 2%, payable July 15,it
is supposed, to shareholders of record June 29.
President George M. Verity is quoted as saying: "While earnings for the
current fiscal year will be the largest in the history of the company, the
growing requirements for cash, because of increasingly large income and
excess profits taxes, necessary new construction to meet the demand of the
times, and increase in inventories and accounts incidental to large and expanding business, makes it extremely desirable that cash resources be conserved. There is no change in stock dividend policy."-V.106,p.1463, 925.
American Shipbuilding Co.-Extra Dividend.The directors have
declared an extra dividend of 5% along with the
regular quarterly dividend of 1U % on the common stock, both dividends
payable Aug. 1. The extra dividend is payable in 33,6% U. S. Govt.
Liberty Loan bonds.-V. 106, p. 1902.
American Sumatra Tobacco Co.-Increase of Stock.-
Quarter endedGross receipts
Net, after ordinary taxes
Other income
Total income
Dividend
Repairs, replacementsments, &c
War tax
June30'18. Mar.31'18. Dec.31'17.
$1,050,000 $1,006,000 31.050,000
805,000
756,000
790,000
38,000
35,000
55,000
$840,000
$794,000
$845,000
209,871
209,871
209,868
51,000
66,708
180.000
Surplus
388,421
533,129
630,132
President John L. Merrill, June 25, wrote: "It will be noted that proper
provision, under our new system of accounting, has been made from the
quarter's earnings, for war taxes, depreciation and possible repairs and that,
despite these large deductions, the estimated net addition to surplus for
the quarter amounts to $388,420. We consider that the establishment of a
definite reserve fund for replacement has greatly strengthened the financial
position of the company, and furthermore, that the future prospects of
your company are excellent. The cabling public continues to express its
hcila
r
elip
rt
aitoes
eritotIibliceest onc133ec
n of our,
as.eivildas
erA in the large reduction
The usual quarterly dividend of 13% has been declared.-V. 106. 13.
2454.
Central Teresa Sugar Co.-Offering of Guaranteed 6
Months Notes.-The Fidelity Trust Co., the Citizens Co.,
Inc., and Robert Garrett & Sons, each of Baltimore, are
offering on a 7% discount basis to maturity a new issue
of $600,000 6 months Equipment and Collateral Trust
Sinking Fund notes, dated June 12 1918, due Dec. 12 1918
and unconditionally guaranteed by the West India Corp.
and Alfred W. Gieske, Balto.
The directors of this company have applied to the Capital Issues Committee of the Federal Reserve Board for permission to increase the capital
"Passed by the Capital Issues Committee as not incompatible with the
stock, the amount not yet being made public. There are now outstanding
$6,813,000 of common stock out of an authorized issue of $7,000,000, national interest, but without approval of legality, validity, worth or
and $1,963,500 preferred out of an authorized issue of $2,000,000.-V. 106, security. Opinion No. A404."
Denom. $1,000, $5,000 and $10,000 discount notes, callable at any
p. 1579, 1128.
time on ten days' notice at par less 6% discount to maturity, Trustee the
American Telep. & Teleg. Co.-Sub. Co. Stock.Fidelity Trust Co., Baltimore.
See Chicago Telephone Co. below.-V. 106, p. 2651, 2561.
Extracts from Letter from Companies Dated Bait. June 3 1918:
Security.-The direct obligation of the company and a first lien upon
Amoskeag Manufacturing 00.-Dividend,marine and railway equipment &c. valued at $1,500.000,consisting of: one
The directors have declared a semi-annual dividend of $2 25 per share freight steamer; one tank steamer; and, through stock ownership,
tank
on the pref. stock along with a quarterly dividend of 75c. a share on the cars-all free of liens and encumbrances; and by the deposit by160
A. W.
com. stock, both payable July 2 to holders of record Juno 25.V. 106,p.398. Gieske of 30,000 shares Cosden & Co. common stock, present market
value $200,000.
I Arlington Mills, Lawrence, Mass.-Special Dividend.
- In addition to the above and to current assets, the two companies also
F The directors have declared an extra dividend of $2 per share, along with have an equity of approximately $2.250,000 in other physical property
$2
dividend
on
quarterly
the
of
the usual
$8,000,000 outstanding capital with a book value of over $3,000.000. subject only to $750,000 5% bonds
stock, "payable July 1 to holders of record June 24. These are dividends of the Teresa Co., due in 1921, which property they covenant not
furNos. 91 and 92.-V. 106, p. 1232.
ther mortgage while these notes are outstanding. This includes all of the
collateral originally placed behind the $1,000,000 notes, due June 12
Associated Dry Goods Co.-Officers.1918 (V. 104, p. 2555) and with the addition of about $250,000, accounts.
Ralph M. Stauffon,formerly Vice-President, has been elected Secretary,
Earnings.-Combined net earnings of the two companies for the season
uOceed Theron1S. Atwater.-V. 106, p. 1341.
ending July 1 1918, will be over $750,000, according to estimate.
2760
'THE CHRONICLE
Sinking Fund.-Three cents per gallon, monthly, on all molasses sold by
either company. The current season's production by the Teresa company
is about 80,000 bags of sugar, while the West India Company will handle
about 10,000,000 gallons of molasses.
Purpose of Issue.-To provide funds to pay $1,000,000 notes due June
12 1918, and other secured debt, the balance being provided from sale of
sugar and molasses produced during the current season. (V. 104, p. 2555.)
Consolidated Balance Sheet of the Companies as of April 30 1918.
AssetsCash, $185,632; accounts receivable, $226,900; inventories,
sugar. molasses, &c. $1,030,788; amount due account SS.
$1,693,320
"Maverick, $250,000,
Marine and railway equipment
1,729,049
Cane, lands, plants, railroad, mill and other equipment
3,186,719
Deferred charges to operations
136,191
Total, each side
$6,745,280
Liabilities$1,572,736
Notes and accounts payable
Due to A. W. Gieske
142,614
Equipment and collateral trust notes due June 12 1918, $1,000,006; less sinking fund, $110,045
889,955
First Mortgage 5% bonds of Central Teresa Sugar Co
75C,000
Capital stock-Preferred, $300,000; common, $1,350,000
1,650,000
1,739,975
Surplus
For complete data relating to the business, property management, &c.
see V. 104, p. 2555; V. 105, P. 292.
Chicago Telephone Co.-New Stock.This company, nearly all of whose stock is held by the American Telep. &
Teleg. Co., has made application to the Illinois P. U. Commission for permission to issue $4,100,000 additional capital stock for the purpose of
financing this year's program of extensions and improvements in the plant.'
The new stock, it is stated, will be offered at par to stockholders.-V. 106,
p. 2557, 2124.
Childs Real Estate Co.-Bonds Called.Thirty-eight ($11,100) Series "A" and 15 bonds ($4,600) of Series "B,"
have been called for payment at 110 and int. on Sept. 3 at the Empire
Trust Co., New York. Bond No. 470 of Series "B, called Sept. 1 1917,
has not been presented for payment as yet.-V. 104, p. 2454.
Cleveland Telephone Co.-Rate Decision.The Ohio Supreme Court on June 21 handed down a decision holding that
the rate-fixing authority is vested in the State P. U. Commission, and
not delegated to the city under the home rule provision of the constitution.
The City of Cleveland by this decision loses its case to prevent the company
from making higher charges than those fixed by the city ordinance.-V.106,
p. 2232. 2124.
Columbia Graphophone Mfg. Co.-Initial Dividend.The directors of this company, successor to the American Graphophono
Co., have declared an initial dividend of $1 75 (not 14%)per share on the
common stock (no par value), payable July 1 to holders of record June 12.
-V. 106, P. 1580, 1463.
Consol. Interstate-Callahan Min. Co.-Sub. Co.See Big Ledge Copper Co. above.-V. 106, p. 2454, 2347.
Consolidation Coal Co.-New Coal Distribution Program
of Fuel Administration.See page 2616 in last week's issue.-V. 106, p. 2347, 1580.
Contra Costa Gas Co., California.-Offering of First
Mtge. 6s.-Girvin & Miller, San Francisco, have offered a
block of this company's First Mtge.6% Sinking Fund bonds,
dated Oct. 1 1914, due 1954. Int. A. & 0. Authorized,
$500,000; outstanding, $159,000. A circular shows:
and int.
Denom. $1,000, $500. Callable on any int. date at 102
Sinking fund 1%, annually. Trustee, Mercantile Trust Co., San Francisco.
Tax-exempt in Cal. Int. without deduction of the 2% normal Fed.inc. tax.
Authorized. Outstanding.
CapitalizationCapital stock (paying 6%)
4250,000
$61,150
First Mortgage 6% bonds
500,000
159,000
Territory.-The company (incorp. June 30 1914) serves absolutely without competition the following towns: Martinez, Pittsburg, Antioch, Concord and Crockett, all in Contra Costa County.
1916.
1917.
1916.
1917.
Gross earnings_
$6,540 $6,540
$45,211 $66,968'Bond interest
Net, after taxes_ _ _ _313,200 $20,143 Balance
$6,660 $13,603
Security.-An absolute first closed mortgage on all property now owned
or to be acquired. All franchises run well beyond Oct. 1 1954.
No bonds can be issued for more than 75% of the cost of improvements
and then only when net earnings are double interest charges on all bonds,
including those to be issued. President, S. W. Coleman.
(William) Cramp & Sons Ship & Engine Building Co.
-Earnings.The report for fiscal year ending ADM 30 1918 shows results as follows:
The net earnings, including all departments, after deduction of insurance
and taxes, but not of bond interest, miscellaneous interest or depreciation:
1917.
1918.
1918.
1917.
Net earnings_$2,981,845 $1,759,486 All interest.._.. $288,606 $257,496
Deduct depr'n 294,826
213,064 Bal., surplus_ 2,398,413 1,288,926
Dividends of 6% p. a., resumed Aug. 1 1917, payable semi-annually,
call for $365,880 per annum. Total profit and loss surplus Apr. 30 1918,
$8,995,756, contrasting with $6,957,746 in 1917; notes, bonds and mortgages
outstanding aggregate $5,199,444, as against $5,426,444 in 1917.
During the year the company launched 15 vessels of various types,
thereby establishing a high record and it now has 57 vessels under contract,
In various stages of completion, torpedo boat destroyers and scout cruisers
for the navy department and 10,000-ton bulk oil tankers and cargo vessels
for the Emergency Fleet Corporation.-V. 106, p. 2563, 712.
Crowell & Thurlow SS. Co.-Dividend Reduced.The directors have declared a quarterly dividend of $10 per share on the
$1.000.000 outstanding stock, payable June 29 to holders of record June 20.
V. 106, P. 1233.
Cumberland Pipe Line Co.-Dividend.The directors have declared a dividend of 6% on the $1,500,000 authorized & outstanding capital stock, payable July 15 to holders of record June
29. On Dec. 15 1917 a dividend of 10% was paid and for the 3 years
1914-15-16 dividends of 5% per annum.Prior to this declaration, dividends
have been payable in December of each year.-V. 106, p. 712, 610.
Donner Steel Co.-Vice-President.Floyd P. Smith has been elected V.-Pres. of this co.-V. 106, p. 717.
East Coast Fisheries Co.-Dividend No. 2.The directors have declared the regular semi-annual dividend of 334%
on the pref. stock, payable July 1 to holders of record June 18, this being
the second disbursement on this issue.-V. 106, p. 2347.
Eddystone Munitions Co.-Stock Increase.Press reports state that this company, all of whose stock is owned by the
Baldwin Locomotive Works, has increased its stock from $100,000 to
$2,000,000.-V. 106, p. 301.
Erie & New York State Barge Canal.-Conference to
Consider Government Control.See page 2620 in last week's issue.-V. 106, p. 2232, 1690.
Eureka Pipe Line Co.-Dividend Reduced.The directors have declared a quarterly dividend of 57
0 ($5 per share) on
the $5,000,000 authorized and outstanding capital stock. payable Aug. 1
to shareholders of record July 15. From Nov. 1914 to Feb. 1918, inclusive,
dividends at the rate of6% quarterly were paid.-V.106, p. 1228, 610, 604.
[VOL. 106.
Federal Dyestuff & Chemical Corp.-Reorganization
Plan.-The Protective Committee for the Two-Year First
Mtge. 6% notes (Alvin W. Krech, Chairman) in circular of
June 21, addressed to the holders of notes, claims and pref.
and common stock, says in substance: (See adv. pages.)
The undersigned committee, which was organized in October last, has
adopted a plan of reorganization which, it is believed, proceeds upon sound
lines. A decree has been entered in the Federal Court in Tennessee for
the foreclosure of the mortgage securing the Two-Year notes, and the foreclosure sale is set for July 13 1918. The plan, which is in no event to be
declared operative unless two-thirds of the amount of the notes now deposited assent, proposes the raising of $600,000 new cash for working capital and other corporate purposes. Those who provide the new money will
receive not only par in new Three-Year 7% Prior Lien Notes, to be retired
out of the first profits of the corporation as provided in the plan, but a
considerable majority of the stock will be given with it. The committee
has received satisfactory assurances that the cash requirements of the plan
will be underwritten by financially responsible underwriters.
The committee in co-operation with the receivers has succeeded in obtaining for the plant contracts which should assure operation of its
plant nearly to full capacity and yield a substantial profit. The committee has also secured the services of Mr. Everly M. Davis as President
of the reorganized company. His employment, we believe, will materially
tend to assure the success of the reorganized company.
Deposits of additional notes or of shares of the preferred and common
stock and assignments of claims will be received on or before July 12 1918
with the Equitable Trust Co. of N. Y., 37 Wall St., as depositary, or with
Guardian Savings & Trust Co. in Cleveland, Ohio, as sub-depositary.
Subscriptions to be made by noteholders and other creditors must also be
received on or before July 12 1918.
A large majority of the notes are already on deposit with the committee
and the committee has consulted directly or through representatives with
the holders of most of these and obtained their approval before adopting
the plan. The plan has also been approved in advance of its adoption by
more than 75% of the other creditors of the company.
Dissenting holders of deposited notes may withdraw on or before July 12
1918 on making payment of 2% of the face amount of the deposited notes.
Committee: Alvin W. Krech, Chairman; George A. Coulton, Charles
H. Holloway, Charles H. LeMaistre, J. D. Maguire, F. de C. Sullivan,
with Samuel Armstrong as Secretary, 37 Wall St.; Sullivan & Cromwell,
as counsel.
Plan and Agreement of Reorganization Dated June 20 1918.
Proposed Capitalization of New Company Following Foreclosure Sale.
It is proposed that the new company, in consideration for the property
and $600,000 in cash to be applied to its corporate purposes, shall agree
to discharge the obligations, expenses and compansation of the committee,
and shall issue to the committee. viz.:
(1) Three-Year 7 7 Prior Lien Notes.-Coupon form, dated and bearing
interest from Aug. 1 1918. Denominations $1,000, $500, $100 and $50.
Secured by a prior lien mortgage upon the plant (subject, however, to the
right of the New Company in the event of advances made to it by the
Federal Government, to give, if necessary, a first and superior lien to the
Government to secure repayment of such advances with interest). Callable at any day, all or in part, by lot at par and int., and entitled to the
$600,000
benefit of a sinking fund as hereinafter provided
(2) Five-Year 6% Adjustment Mortgage Bonds.-Denoms. $1,000 and
$500 each. Secured by a junior lien under the same mortgage which secures the prior lien notes. Dated Aug. 1 1918, to bear interest from
June 1 1918 and to be payable June 1 1923. Interest maturing June 1
1920 and prior thereto will be payable only as if and when earned and declared by the board, but will be cumulative and must be paid in full prior
to the payment of any dividend upon the capital stock. Interest maturing from and after June 1 1920 will be a fixed charge obligation payable in
any event. Entitled to the benefit of a sinking fund as hereinafter pro$2,750,000
vided. To be issued (but see below)
Common stock, par $10 a share
$2,000,000
The exact amount of adjustment mortgage bonds to be issued will be
dependent upon the actual amount of indebtedness (other than that of
the noteholders) as the same may be proved or adjusted. The amount
of this debt has been assumed, for the purposes of this plan, to be $750,000,
and the amount of adjustment mortgage bonds to be issued will be greater
or less than $2,750,000 so as to equal the amount of the notes and other
indebtedness as finally proved or agreed upon.
Provision for 6% Notes.-Holders of the Two-Year 1st M. 6% notes
bearing Dec. 1 1917 and subsequent coupons, will upon surrender of their
several certificates of deposit be entitled to receive 100% of the face of
their notes in the five-year 6% Adjustment Mortgage bonds of the new
company and 4%% of the face of their notes (representing unpaid coupons)
in stock of the new company. They will also be given the privilege of subscribing 15% of the principal of their notes in cash and will receive par for
the amount of their subscriptions actually called and paid in in three-year
7% Prior-Lien notes of the new company and 210% of the amount of their
subscriptions made (whether called or not) in stock of the new company.
Provision for Other Creditors.-Creditors other than noteholders who assign their claims will be entitled upon surrender of their certificates of
deposit representing such claims to receive par for the same in five-year
6% Adjustment Mtge. bonds to an amount equal to the principal of their
claims as finally proven before and allowed by the Court or Master or as
adjusted by agreement with the committee. They will also be given the
opportunity to subscribe new money and receive securities therefor upon
the same terms as the depositing noteholders.
Claims Less Than $1,000.-Holders of claims amounting to less than
$1,000 who assign their claims to the committee will be given the option,
upon surrender of their certificates of deposit, of accepting cash from the
new company to the extent of 50% of the principal amount of their claims
in lieu of receiving securities.
Provision for Preferred Stockholders.-Preferred stockholders who shall
subscribe new money to the extent of 15% of the par value of their preferred
stock will, upon payment of such proportion of said subscription as may be
called by the new company, and upon surrender of their certificates of
deposit, receive two shares of stock (par $10 each) in the new company for
each one share of preferred stock of the existing company so deposited.
They will also receive, with respect to the new money so subscribed and
paid, new Three-Year 7% Prior Lien notes and stock upon the same terms
as the depositing noteholders.
Provisionfor Common Siockholders.-Common stockholders who shall present their shares of stock for endorsement and shall subscribe new money
to the extent of 373i cents for each share of common stock so presented,
will, upon payment of such subscription or such proportion as may be
called as hereinafter provided, receive Three-Year 7% Prior Lien notes of
the new company in principal amount equal to their subscription called and
paid and 210% of such subscription (whether called or not)in common stock.
Distribution of New Securities in Case All Parties Subscribe Their Proportion.
Amount
Will Receive
To Holders of Present
Stock.
Outstanding. Notes.
Bonds.
Securities, &c.152,000,000 $90,000
$2,000,000
Two year 6% notes
4;4%
100%
$300,000
do
do for 15% ($300,000) cash_
630,000
Creditors' claims, say
750,000
1 750,000
100%
112,500
236,250
do
for $112,500 cash
Preferred stock, for $75,000 cash
500,000 75,000
257,600
Common stock, for $112,500 cash__ _300,000 she. 112,500
230,250
Underwriters for commission
150,000
Contingent compensation for new management_
400,000
$000,000 $2,750,000 $2,000,000
Total
Fractional scrip will be entitled to interest or dividends at the case may
be, but such interest and dividends shall not be paid until the retirement
of the scrip or its conversion into full notes, bonds or shares of stock
Provisions for Benefit of New Securities.-The directors of the new company may reserve out of the net profits such amounts as they may deem
desirable for additional working capital and for improvements, and at
least 50% of the net profits remaining after payment of interest on the
indebtedness, including interest on the Adjustment Mortgage bonds and
after setting aside any reserves for improvements and working capital,
to retire and cancel the Prior Lien notes and upon their retirement to cancel the Adjustment Mortgage bonds, in either case at par and int. if not
purchasable at or below that figure.
JUNE 29 1918.]
THE CHRONICLE
2761
No dividends shall be paid so long as any of the Prior Lien notes shall be
Deposits Urged.-Bondholders are requested to deposit their bonds
outstanding and no dividends exceeding 6% in any fiscal year so long as to the Bankers Trust Co., New York, the depositary.
any of the Adjustment Mortgage bonds are outstanding.
The conversion authorized by the stockholders will be effected on or
any
of
foregoing
in
particulars,
defaults
the
the
If the company
Prior before July 1 1918, if a sufficient number of the bonds have,in the judgment
Lien notes and Adjustment Mortgage bonds may be declared immediately of the board agreed to the exchange. In the event the plan is declared
duo and payable.
operative, the depositary will, upon delivery to it of the preferred stock,
consistent
insure
and
conservative management, deliver to the company the bonds deposited with it in exchange for the
Voting Trust.-To
a voting trust agreement is proposed for five years from July 1 1918 for preferred stock, and thereupon deliver to the depositors the preferred stock.
all the common stock of the new company except directors' qualifying -V.106, p. 1130.
shares, the three voting trustees to be chosen by the committee, one or
more of whom may be members of the committee.
Home Telephone & Telegraph Co. of Santa Monica
Subscriptions to $600,000 Cash Fund.-Underwriting.-Of all subscrip- and Ocean Park (Cal.).-Sale.
tions, 25% will be payable to the committee July 12 1918. It is not possiSee Santa Monica Bay Home Telephone Co. below.-V. 80, p. 654.
ble at this time to determine whether all of the money subscribed will be
required, and unpaid subscriptions will therefore be callable at the option
Hotels Statler Co., Inc.-Offering of Bonds-S. W.
of the new company, no one call, however, to be made for more than 25% of
the total subscription and no two calls within thirty days of each other. Straus & Co. are offering, at par and int., to net 6%, $3,Subscriptions not called in by Aug. 1 1919 will terminate upon that data
and new securities shall then be deliverable in any event. Subsctibers 000,000 6% serial bonds, dated June 15 1918, due serially
will be credited with 7% interest on all subscriptions paid in from the dates from
23/i to 103/i years unconditionally, guaranteed by
of payment and will be charged with interest at 7% p. a. upon the threeyear 7% Prior Lien notes deliverable to them, and interest will be adjusted President E. M. Statler. Denom. $5,000, $1,000, $500 and
as of the date of final payment. Subscribers will receive Prior Lien notes $100 c*. Normal Federal income taxes not in excess of
in principal amount equal to the principal of their subscriptions called and
paid in, together with shares of stock in proportion to the total of their 4%, paid by borrower. A circular shows:
subscriptions whether called or not.
Passed by the Capital Issues Committee as not incompatible with the
Pronsion for New Management.-The committee having in mind the national interest, but without approval of legality, validity, worth or seabsolute necessity of securing skilled and competent management to insure curity. Opinion No. A-432.
Maturities Jan. 1 1921 and 1922, $150,000; 1923, $175,000; 1924. $185,the success of the new company, has set aside $400,000 in par value of the
stock of the new company as contingent compensation to secure efficient 000 1925, $200,000: 1926, $210,000; 1927, $225,000; 1928. 3250,000. and
management and operation. Provision will be made whereby this stock 1929 $1,455,000.
The bonds are callable at 102 in reverse of numerical order on any int.
will be delivered pro rata to the new management as it succees in paying
off and retiring the Adjustment mortgage bonds.-V. 106, p. 2563, 2125. date. Trustee is S. J. T. Straus. Ample fire and other insurance is car
Pied. Interest J. & J. at any of the offices of S. W. Straus & Co. Inc.
Federal Sugar Refining Co.-New Director.Company.-The corporation, with capital and surplus of $5,044%832, is
one of the largest hotel companies in the U. S., operating hotels in four
Louis Spreckels has been elected a director to succeed A. H. Platt.
cities.
The company, founded 11 years ago, has constructed, equipped
Sugar Administrator.and operated in succession Stotler Hotels in Buffalo, Cleveland, Detroit
Geo. A. Zabriskie of New York has been appointed Federal Sugar Ad- and in St. Louis. It will also operate the great 2,200-room Hotel Pennsylministrator for the United States.-V. 106, p. 2652, 347.
vania, now being erected by the Pennsylvania RR. in New York.
Security.-A first mortgage on the land, building and equipment of the
Food Administration Grain Corp., N. Y.-Incr. Capital Hotel
Stotler, Buffalo; a first mortgage on the leasehold, building and
This company, incorporated under the laws of Delaware, has filed a equipment of the Hotel Stotler Annex, Cleveland' a first mortgage on the
notice of an increase in the authorized capital stock from $50,000,000 to equipment and a mortgage on the equity in the leaseholds, buildings and
$150,000,000.
equipment of the Hotel Stotler, Cleveland; a mortgage on the equity in the
leaseholds, buildings and equipment of the Hotel Stotler and Annex,
General American Tank Car Corp.-Stock Increase.Detroit, and Hotel Stotler, Sit. Louis. The above security is valued at
shareholders
on Juno 25 voted to increase the authorized 7% cumu- $6,531,826.
The
lative pref. stock from $2,500,000 to $4,000,000. Compare V. 106, p.2653.
As additional security the mortgagor is to deposit with the trustee all of
the preferred capital stock of the New York Hotel Stotler Co., Inc., the
General Electric Co.-Wage Arbitration.operating company of Hotel Pennsylvania, amounting to $2,000,000, and
This company's employees, who have demanded a 25% wage increase 29,000 shares non-par value of the 40,000 shares of the common stock.
retroactive to May 1. application of a basic eight-hour day, and equal pay
No dividends on either preferred or common stock in any quarter year
for equal work, whether performed by men or women have agreed to sub- after 1919 until the company has, out of net earnings, redeemed $25,000 of
mit their differences to arbitration by the National War Labor Board.
- the bonds of the last maturity at 102 and int. Before quarterly dividends
V. 106. P. 2653, 2347.
on the common stock, the company must take up bonds as above, and in
addition build up a secondary reserve of $17,500 each quarter year until the
General Motors Corp.-Common Stock.-Acquisition.- fund
amounts to $350,000. This fund serves as a secondary reserve to
The plan for winding up the Chevrolet Motor Co., we are informed, will guarantee the monthly payments. The company will
maintain a surplus
increase the outstanding common stock of the General Motors Corp. to of about $1,750,000.
$105,141,700, not to $110,868,400 as heretofore reported. The dividends
Earnings.-Average net earnings for the past three years from the Buffalo,
on common stock charged against the earnings for the seven months and Cleveland. and Detroit hotels alone amount to $755,000. With the addition
also the 12 months ending July 31 1917 aggregated $5,779,124 and $7,430,- of earnings of the new St. Louis hotel, now in operation only a few months,
302, respectively, leaving surplus balances for those ]periods respectively and the Hotel Pennsylvania, to be opened Jan. 1 1919, profits should be
of $6,713,844 and $16,301,651. The balance surplus for the five months' greatly increased. The surplus of $1,602,439 has been built up entirely of
operations of the General Motors Corporation ended Dec. 31 1917 was earnings.
$11,508,392, after adding in $9,608 covering profits prior to Aug. 11917.
Owing to delay in the mails this information was received too late for pubHudson River Vehicular Tunnel.lication in the "Railway & Industrial" Section for June, issued this week.
Senator Calder on June 28 presented in the Senate a resolution
Application has been made to the Capital Issues Committee at Washing- providing
the Federal Government join with the States of New
permission
to
issue
of
new
common
stock required York and that
the 282,684 shares
ton for
New Jersey in construction of the proposed vehicular tunnel
for the purchase of the assets of the Chevrolet Motor Co., but up to the under the Hudson River, between New York
Jersey City. The cost of
present time the necessary authorization has not been granted. Until the proposed enterprise is set at $12,000,000,and
of which each of the States
this permission is obtained no announcement, it is stated, will be possible would bear $3,000,000, the balance of 86,000,000
being borne by the
regarding to the disposition of the General Motors Corporation stock which Federal Government.
Governor Edge of New Jersey is quoted as folwill be held in the treasury of the Chevrolet Motor Co. when the deal is com- lows in the above connection:
common
pleted. The
impression, however, that this block of 282,684
"The impression should not go forth that the States and the Federal
shares plus the 450,000 shares of General Motors common already held Government
are in conflict in this matter, and that each authority purposes
by the Chevrolet will forthwith be distributed on the basis of 1 1-7 shares to have a tunnel
its own. The fact is that at the recent meeting of the
for each share of Chevrolet, is pronounced nothing but inference. See Now York & Newof
Jersey Bridge & Tunnel Commission, in New York City,
V. 106, p. 824, 1130, 1464, 1903.
was agreed that the first step toward securing Federal co-operation for
The corporation, it is announced, has purchased the business of the Janes- it
ville Machine Co. of Janesville, Wis., and will enlarge the plant for the the proposed Hudson tunnel would be the introduction of a bill in Congress
purpose of turning out farming implements, including tractors. The providing for an appropriation.
"The New York members of the Commission have agreed to have Senator
corporation is said to also control the Saginaw Malleable Iron Co. of
Saginaw, Mich., W. E. Durant having recently acquired a substantial Calder introduce the bill. Of course, the Federal appropriation would be
contingent upon New Jersey and New York raising their share of the fund
interest in that concern.-V. 106. p. 2125, 2232.
for
f
ngthoef gio3n
construction of
project,el
required1
for
srig
leilvneaneMnhingfe
naely pmGorham Manufacturing Co.-War Orders.ry
•
John S. Holbrook is quoted in the "Iron Age" as giving the following by the New York Legislature. It is imperatively necessary that efforts
be concentrated to secure the necessary authority from the New York
data with reference to the company's war business.
Legislature,
inasmuch as Federal co-operation may not be expected until
The company's various contracts include: Serbia, 50,000,000 brass cups
for small arms (only two-thirds could be delivered), and 50,000,000 cupro- this action is taken."-V. 106, p. 1234.
nickel cups, all delivered; France, 1625,000 75-mm. cartridge cases; Russia,
Hutchinson Sugar Plant'n Co., Hawaii,-Divs. SUSp.
1,000,000 75-mm. brass cases; Switzerland, 200,000 75-mm. brass cases;
Announcement is made that the directors have deemed it advisable to
The Netherlands, 1,000,000 lbs. of brass dicks for small arms cartridges,
340,000 lbs. cupro-nickel cups; Denmark. 230,000 lbs. of cupro-nickel cups; suspend dividends until further notice, the last payment having been made
British Government, 224,000 lbs. of cupro-nickel cues; Norway, brass and in May last, amounting to 20c. per share. The following notice was sent
cupro-nickel cups; Portugal. cups; Greece, brass disks and cupro-nickel to the shareholders: "Owing to climatic conditions, the crop of 1917 was
cups; China, cups; Italy, part of an order for 275,000,000 each ofbrass and only about 6,600 tons, and due to the same cause the crop of 1918 is esticupro-nickel cups; United States, 6,600,000 cups each of brass and of the mated at 6,000 tons. In addition to this, the cost of everything entering
gilding metal, 600,000 cases for 3-in. landing guns, 3,750,000 75-mm. into the production of sugar has greatly increased, especially the cost of
cases for the army, 200,000 practice grenades, 8,100,000 loaded grenades labor and transportation. It has been difficult for the last six months and
will be difficult for the rest of the year to get transportation. Furthermore,
and 750,000 Stokes trench bombs.
Mr. Holbrook continues: "Finding that we had capacity over and above the Government taxes have been, and will be, very heavy, and there is a
our usual business, we have taken the following orders in the silver and practical control of the price of sugar at present by the Government."
bronze plant which are already in progress: 270,000 cleaning rods for rifles; -V. 106, p. 1581, 301.
15,000 powder cans; 600 aeroplane bomb sights; 500 gunners' quadrants;
Indiana Power & Water Co.-Offering of 23's-Year 7%
a large number of thumb nuts and screws; a considerable order for belt
buckles, and 1,500 gun sleeves for the French 75-mm. guns, bronze castings Notes.-Taylor, Ewart
& Co.,Chicago,have offered at 983
weighing 175 to 185 lbs. apiece.
and
tools of the silver plant were in the main totally and int., netting 7.80, an issue of 8275,000 23/year 7%
"The machinery
Inadequate and impractical for the munitions work. Certain knuckle- Collateral Trust gold notes. Guaranteed, both
principal and
joint presses in the machine shop of the silver plant were used for bullet
cups, out the brass small-arms cartridges cups came from stock so heavy interest, by Utilities Development Corp. Dated Jan. 1 1918,
that it broke down our presses and we had to order special presses from due July 1 1920, and redeemable all or part at any time upon
the E. W. Bliss Co."-V. 106, p. 1509, 932.
Gulf States Steel Co.-Earnings.The monthly net operating income in 1918 compares as follows:
April.
May.
February.
March.
January.
$272,524
$246,188
$224,544
$259,437
$370,132
The record reached was $444,747 in Aug. 1917.-V. 106, p. 2232.
Hocking Valley Products Co.-New 6% Pref. Stock.Holders of Bonds Given Privilege of Exchanging for Stock.-
30 days' published notice at 100 and int. Int. J.& J. in Chic.
The notes are convertible at par into the First Mtge. 6% bonds at 9734
until July 1 1918, and at a price for the bonds increasing 3.i of 1% each
six months thereafter. Denom. $1,000, $500 and $100 c. Trustee,
Union Trust Co., Chicago. The company pays the normal Federal income tax of 2%.
Data from Letter from President H. L. Clarke.
Company.-Owns and operates electric light and power properties in
several communities located in Indiana, among which are Vincennes,
Bicknell and Bloomfield.
Security.-A direct obligation of the company, and are collaterally
secured by deposit of First Mtge. bonds, due Sept. 1 1936, in the ratio of
120% of bonds for 100% of notes. (See V. 106, _p. 90.) The replacement
value is largely in excess of the entire funded debt.
Earnings for the Calendar Year 1917.
Gross earnings
$391,935
Net, after taxes
$173,358
Int. on 1st M. bonds out (incl. $330,000 security for notes)
77,490
The stockholders on June 12 1918 voted to issue $1,000,000 6% cumulative pref. (a. & d.) stock, par $20, having same voting power as common
stock, and with the provision that no mortgage or other lion prior to said
preferred stock shall be created without the consent of 75% of the pref,
stock; such preferred stock to be redeemable all or in part after July 1 1919
at 110.
The company offers to the holders of its First Mortgage Fifty Year 5%
sinking fund gold bonds, due 1961, the privilege of exchanging said bonds,
with all coupons from and after Jan. 1 1919 and certificates for relinquished
interest attached, for the 6% pref. stock now authorized, upon a $ for $
Balance
$95,868
basis, and at the time of such exchange the company will also deliver to
Guaranty Control.-Additional security is afforded by the guarantee
the holders of said bonds so exchanged its ten-year 5% certificates of indebtedness, dated July 11918, in full payment of the certificates for relin- through endorsement on each note by the Utilities Development Corp.,
quished interest held by them to the amount of such certificates accrued which holds all of the stock of theIndiana company and owns and operates
other public utility companies. Compare V. 106, P. 90.
on July 11918.
The bonds, when acquired by the company, shall be held in trust for
stock
until
pref.
the
all
g
of
-rnTernational Paper Co.-Increased Wages.the outstarding bonds shall be
the security of
The War Labor Board has made an increase of 10 cents per hour in wages
acquired, at which time the bonds and mortgage will be retired and disemployees of newsprint paper mfrs.-V. 106, p. 2653, 2455.
of
charged.
2762
THE CIIRONICLE
Jewel Tea Co., Inc.-Sales 4 & 24 Wks. end. June 15.1918-4 weeks-1917.
Decrease. 1 1918-24 weeks-1917.
Decrease.
$1,157,090
51 J44,095
-V. 106, p. 2455, 2013.
$12,9951$7,044,815
$67,701
$7,112,516
Logan Iron & Steel Co.-Stock Increase.The stockholders of this company will vote on Aug. 17 on increasing the
authorized capital stock from $240,000 to $480,000 and on classifying the
new stock as preferred shares of a par value of $100 each. Offices of the
company are in Philadelphia. II. O. Enick is Secretary.
[VOL. 106.
New York Telephone Co.-Subsidiary Co. Merger.-
Th3 New York Telephone Co., New Jersey Division, the Delaware &
Atlantic Telephone & Telegraph Co. and the Atlantic Coast Telephone Co.
have petitioned the New Jersey P. U. Commission for authority to merge
for the purpose of simplifying bookkeeping and accounting.-V. 106,
p. 2457, 2349.
Ohio State Telephone Co.-Rate Increase.-
The Ohio P. U. Commission has authorized this company to increase
Its business rates 50c. per month.-V. 106, P. 2457.
Oklahoma Gas & Electric Co.-Assessment.-
Louisville Gas & Electric Co.-Bonds Sold.-
The Oklahoma Board of Equalization has placed a tentative assessment
The issue of this company's $10,500,000 First & Refunding Mtge. 5-year
7% gold bonds, dated June 1 1918 and offered by Harris, Forbes & Co., of $2,975,000 on the company's properties, which are located in various
Guaranty Trust Co. and E. H. Rollins & Sons, offered, by advertisement in parts of the State.-V. 106, p. 1582, 1465.
last week's "Chronicle," has all been sold, the subscription price being 98
Oklahoma Natural Gas Co.-Rates.and interest, yielding about 754%. A complete description of this issue
The Oklahoma Corporation Commission has permitted this (producing)
may be found in V. 106, p. 2653, 1691.
company to Increase its minimum price for natural gas in Oklahoma to 20c.
1,000 cu. ft. at the meters of customers of the distributing plants.
McClintic-Marshall Construction Co., Pottstown. per
This increase will not advance domestic rates.-V. 105, p. 1621.
This company, it is reported, will erect additions at a cost of about
Page Steel & Wire Co.$2,000,000, which will more than double the present capacity. It is
Arthur A. Clement, President of the American Wire Fence Co., has been
stated the extensions will be used for production of fabricated steel for
elected Vice-President of this company.-V. 106, p. 2126, 92.
Government vessels.-V. 102, p. 1350.
Peoples Gas Light & Coke Co.-Bonds.-
(W. H.) McElwain Co., Boston.-Earnings.-For Fiscal Years ended May 31.
1917-18.
1916-17.
1915-16.
Gross sales
$35,552,691 $28,140,984 $24,344,730
Net earnings after depreciation
$1,143,139 $2,068,475
$904,020
Federal taxes
124,393
Profit-sharing
51.536
216,859
27,310
Special appropriation to plant acc'ts_
100,000
100,000
Dividends
596,897
699,874
528,000
Total undivided surplus May 31_
-V. 106, p. 1904, 1504.
$370,313 $1,051,742
- $2,089,998 $1,719,685
$248,710
$667,943
Mackay Companies.-Telegraphers Controversy.See page 2619 in last week's issue.-V. 106, p. 2126, 1581.
Massachusetts Lighting Co.-Dividend Omitted.-
The directors have omitted the dividend on the common stock but have
declared the usual dividend of $1 50 per share on the preferred stock,
payable July 15 to holders of record June 25.-V. 106, p. 825.
The company has petitioned the Illinois U. P. Commission for authority
to issue and sell at 90, $1,500,000 50-year 5% General Refunding Mtge.
gold bonds to reimburse the company for expenditures, improvements, &c.,
between Jan. 1914 and April 1916.-V. 106, p. 2233, 1905.
Phelps Dodge Corporation.-Obituary.Dr. James Douglas, formerly Chairman of the board of directors, died
at his New York home on June 25. For many years Dr. Douglas was
President of the company.-V.106, p. 2654.
Philadelphia Electric Co.-Offering of First Mtge. 58.Harris, Forbes & Co. are offering at 93 and in $1,500,000
First Mtge. Sinking Fund 5% gold bonds of 1916, due
Oct. 1 1966, making the total amount outstanding of 5%
bonds $35,163,300, the 4% bonds of the same issue being outstanding to the amount of $1,671,700. The bankers report:
"Passed by the Capital Issues Committee as not incompatible with the
national interest, but without approval of legality, validity, worth or security. Opinion No. A702."
The Company.-Operating under a franchise unlimited in time, does the
Mexican Telegraph Co.-Quarterly Earnings.central station electric light and power business in the city and county
The statement for the quarter ending June 30 (partly estimated) com- entire
of
Philadelphia. Its 'principal subsidiary, the Delaware County Electric
pares as follows:
Co. conducts the entire commercial electric light and power business in
Quarter ended*J'ne 30 '18. Mar. 31 '18. Dec. 31 '17. theimportant manufacturing and shipbuilding district extending southwest
Gross
$375,000
$362,001
$385,001, from Philadelphia along the Delaware River for approximately 15 miles,
x Net after tax
255,000
247,000
279,000 through the city of Chester to the Delaware State Line.
Other income
56,387
62,000
50,000 Data from Letter of Pres. Jos. B. McCall, Philadelphia, June 25.
Total income
$311,387
$309,000
$329,000
Cf:pitatizationAuthorized. Outstanding.
Mexican Government charges
16,250
12,500
13,000 Capital
stock (7% dividends), par $25
$50,000,000 $24,987,750
Dividend
124,880
124,880
124,877 First Mortgage
5s1due 1966
60,000,000f *35,1.63,300
Repairs, replacements,&c25,175
11,457
First
Mortgage
4sf
I 1,671,700
War tax
45,007
Sub. co. bonds (Dela. Co. El Co. 1st 5s, due 1939) Closed
*300,000
Two-year
6%
secured
gold
notes, due Feb. 1 1920- 12,000,000
7,500,000
Surplus
$100,075
$161 ,163
$191,123
* Partly estimated. x War taxes not deducted.
*$2,500,000 additional of the 1st 5% bonds, together
all of an outPresident John L. Merrill says in brief: Proper provision has been made standing issue of $10,000,000 6% Mtge. bonds of the with
Delaware County
from the quarter's earnings for war taxes, depreciation and possible repairs, Elec. Co., are pledged
securing the $7,500,000 2-yr. 6% secured gold notes.
and despite these large deductions the estimated net addition to surplus for
Security.-A first mortgage on the entire property of the company, real
the quarter will amount to $100,075. We consider that the establishment and personal, exclusive of securities of subsidiary companies,
of a definite reserve fund for replacement has greatly strengthened the as above indicated, operate outside the city of Philadelphia. all of which,
financial position of the company. The gradual increase of the business Combined Earnings of Philadelphia Electric Co. and Subsidiary
Companies,
to and from the Republic of Mexico augurs well for the future commercial
Inter-Company Charges Eliminated (Year Ended April 30 1918)
prosperity of the Republic of Mexico.-V. 106, p. 2554.
Gross earnings
$12,849,242
after taxes, maintenance and rentals
4,359,285
Middle West Utilities Co.-Suspension of Dividend on Net
Annual interest on funded debt, incl. the bonds now offered
2,290,033
Common Stock.-
See "Annual Reports" in last week's issue.-V. 106, p. 2649, 2646.
Midvale Steel & Ordnance Co.-Revised Data.-
Balance
$2,069,252
Growth of Business During the Past Ten Calendar Years.
Conn'd Load K.W. K.W.H.Sales. Gross Revenue. No.Customers.
78,368
76,306,618
$4,984,350
22,962
5,4 9,903
97,054
86,957,956
27,819
132,554
114,491,379
6,425,590
38,651
182,973
198,386,977
7,815,615
52,085
230,177
248,503,730
8,777,924
69,141
309,689
502,396,589
12,160,769
96,920
322,935
520,181,937
12,849,242
99,446
Year1907
1909
1911
1913
1915
1917
1918 *
A revised proof received too late for us in connection with the "Railway &
Industrial Section," which was issued this week, shows changes in outstanding 5% bonds as follows:
Amounts Outstanding June 26 1918.
Collateral trust, 1916.._ _$43,991,000 I Pittsburgh & WestmoreUnion Coal & Coke, 1916 3,370,000
land, 1907
$3,421,000
Pitts. & Westmore'd, 1905 643.000 Beaver SS. Co., 1916---- 265,000
The stock of the Cambria Steel Co. now pledged to secure the $43,991,000
*Figures are for 12 months ended April 30 1918, or as April 30 1918.
Collateral Trust 5s of 1916 aggregates .875,295 shares out of a total of
900,000 shares and the cost thereof to the Midvale Co. was about $71,000,- -V. 106, p. 1691, 1683, 1582.
000. The total profit and loss surplus Dec. 3 1917, including proportion
Pierce Oil Corp.-New Directors.for minority shares of controlling companies was $45,383,011. For the
On Apr. 10 W. L. Wagner and Frederick Lewisohn were elected direcquarter ended March 31 1918 the net income was $9,775,044, against tors,
increasing the
from 7 to 9 members. E. W. Stetson was also
$9,670711 in Jan. 1916-17, after providing for Federal taxes; Provision for elected a director on board
June 26 to succeed Charles
@FedFRASER