Full text of Commercial and Financial Chronicle : June 7, 1919, Vol. 108, No. 2815

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VOL. 108

JUNE 7 1919
CLEARINGS

N O . 2815

FOR M A Y , SINCE JAN . 1 , A N D FOR W E E K EN DIN G M A Y SI
Mag.

Clearings at—
1919.

t.EX?
VEFy §?tu£da? moIn'“8 by WILLIAM B. DANA COMPANY:
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President
and Secretary. Addresses of both. OHlce ot the Company v‘ce-rreeiaeni

Five Months.
Inc. or
Dec.

Week ending May 31.
Inc. or
Dec.

Inc. or
1919.
1918.
Dec.
1917.
1916.
%
,882,898,169 15,559 ,700,670 + 21.4 84,757,834,607
%
70,471,912,582
+20.3
3,865,663,141
3,201,313,010 + 20.8 3,474,159,810 2,705,053,621
,726,567,113 1,711 ,945,420 + 0.9 8,382,457,852
569,142,292
517 ,844,504 + 9.9 2,794,332,857 7,465,079,921 + 12.3 327,381,045 343,266,552 —4.6 292,946,862 235,201,143
114,197,106 108,416,458 + 5.3
302,597,990
279 ,528,044 +8.3 1,612,759,490 1,795,266,138 +55.7
69,912,172
58,773,721
1.092,941,496 +47.6
55,719,874 — 17.7
125,340,202
•15,861,080
94 ,763,796 + 32.3
44,928,252
45,530,506
495,910,728
434,949,338 + 14.0
33,404,852
16,392,145 + 103.8
71,323,072
61 ,897,954 + 15.2
15,023,985
12,549,070
325,007,121
274,263,198 + 18.5
12,968,872
21,800,014
12,446,440 +4.2
21 ,347,043 + 2.1
11,366,592
10,686,583
101,097,782
103,756,944 —2.6
4,000,000
3,591,583 + 11.4
39,375,230
33 ,599,860 + 17.2
3,442.576
4,306,996
179,075,037
151,537,878 + 18.2
18,420,102
8,018,946 — 10.1
7,209,675
17,569,178 +4.8
8,487,279
8,528,084
84,453,636
80,530,761
+
4.9
17,345,060
3,921,176
3.800.000
+3.2
21 ,589,402 — 19.7
3,049,241
2,863,751
82,436,525
92,299,686
— 10.7
10,980,523
2,798,995
3,918,651 —28.6
12 ,787,501 — 14.1
4,250,591
3,092,139
62,101,487
57,544,274 —9.5
1,863,552
15,778,916
2,355,478 —20.9
14,041,538 + 12.4
2,800,000
2,006,885
73.805,751
63,895,647 + 15.5
3,137,966
2,850,529 + 10.1
10,019,727
9,844,137
2,747,207
2,736.358
48,527,114
44,179,452
+
9.8
18,000,000
1.650.000
1.700.000
—2.9
18,208,801
1,596,658
1,298,637
85,619,872
82,451,554
+3.8
4.100.000
14,234,639
4,009,838 +2.3
12 ,457,040 + 14.3
3,969,312
3,745,298
68,499,343
56,232,209 + 4.0
2,204,064
13,500,000
2,124,916 +3.8
13,494,077 + 0.05
2,253,156
2,038,375
65,523,874
59,040,748
+
11.0
10,731,990
11 ,309,834 —5.1
55,846,149
65,556,12S — 14.8
1,934,996
5,712,800
2,160,025 — 10.3
2,019,602
6,337,387 —9.9
1,761,950
27,316,888
28,470,044 — 1.1
980.422
9,293,579
1,072,756 —8.6
9 ,613,082 —3.3
1,004,018
42,633,845
1,055,589
41,832,994 + 1.9
1,612,347
1,672,553 —3.6
4,168,500
3,828,400 +8.9
1,402,754
1,259,431
18,637,044
19,000,500 — 1.9
727,200
3,922,211
650,200
+
11.8
5,502,565 —28.7
748,400
678,400
20,710,507
23,406,107
—
11.5
900,000
6,640,871
1,100,000
—18.2
6,599,678 + 0.6
951,777
680,000
30,275,627
28,473,371
+
6.3
1,238,712
2.500.000
2 ,268,679 + 10.2
1,279,447
—3.2
1,226,974
11,026,535
1,042,900
9,777,807 + 12.8
3,832,903
3 ,388,311 + 14.6
17,926,761
15,167,807 + 18.2
768,426
2,114,184
629,907 +22.1
2 ,199,384 —3.9
668,920
*598*287
12,075,562
11.774.350 + 2.6
2,990,887
3,259,374 —8.3
13,130,428
14,396,349
—8.8
3,209,980
3 ,404,276 —5.7
14,777,616
14,746,391
+0.2
1,996,517
1,768,171 + 12.9
8,148,776
9,486,618 —14.1
3,166,701
463,280
4 ,295,854 —26.3
371,005 +24.8
513,121
785,030
14,973,940
20,613,334 —27.4
2.800.000
2,571,063 + 8.9
13,537,006
14.391.351 —5.9
Total Middle......... 21,920,422,172 18,466,965,023 + 18.7
99,500,459,760 82,642,974,977 +20.4 4,438,992,907 3,778,860,311 + 17.5
3,949,469,259 3,106,772,759
Boston___ __. . .
1,416,200,117 1,415,648,523 +0.04 6,541,081,314
5,859,267,890 + 11.6 264,239,784 269,904,163 —2.1 192,433,830 169,269,863
Providence_________
45,520,100
54,120,800 — 15.9
214,607,300
Hartford___________
247,143,900 — 13.2
40,525,193
9,238,200
10,040,200 —8.0
35,883,072 + 12.9
8,700,400
8,374,500
173,836,695
Now Haven________
166,313,534 + 4.5
23,960,187
7,454,823
7,068,499 + 5.5
24,062,304 —0.4
8,042,338
8,728,706
115,426,113
Springfield_________
104,312,642 + 10.7
17,025,506
3,991,757
5.200.000 —23.2
16,956,874 + 0.4
4,865,708
79,164,874
4,519,965
Portland___________
79,576,037
—0.5
12,000,000
3,342,252
3,514,767 — 4.9
12,507,918 —4.1
3,481,076
3,855,762
52,341,385
Worcester__________
52,818,505 —0.9
16,773,904
2,300,000
2,325,378 — 1.1
16,108,244 +4.1
2,419,589
72,956,773
2,241,322
Fall River_________
75,524,190 —3.4
3,352,411
11,336,096
2,989,600 + 12.1
3,024,934
11,540,079 — 1.8
3.129,180
40,407,880
46,274,015
New Bedford_______
—
12.7
7,448,374
2,082,503
2,552,619 — 18.4
1,917,214
8,501,320 — 12.4
36,152,678
1,395,030
40,003,080 —9.6
Lowell_____________
1,531,395
4,746,995
1.500.000 + 2.1
1,302,234
5,487,600 — 13.6
1,087,931
21,645,791
26,463,834 — 15.0
Holyoke................ ...
847,998
3,087,734
996,358
—
15.0
930,273
3,479,755
946,737
—
11.6
14,761,337
15,667,873 —5.8
Bangor____________
600,000
3.280.000
681,450
—
11.9
814,748
3,457,549 —5.1
909,020
14,665,307
10.227,428 —9.6
Waterbury...........
700,000
7.200.000
702,746 —0.4
580,941
659,299
9,311,000 —22.7
34,455,700
40,283,600
Stamford_______
—14.7
2,346,039
2,612,808 — 10.2
10,677,193
11,030,358 —3.2
T o t a l N o w E n glan 1,611,450,245
1,619,677,852 —0.5 7,422,180,340 6.779,897,486 +9.5
299,681,123 307,475,780 —2.5 228,513,285 205,117.315
C h ic a g o _______ _______ 2,406,279,329
2,163,787,350 + 11.2 11,250,233,129 10,539,705,726 + 6.7I
C in c in n a t i____________
245,822,730
449,874,915
406,833,809 + 10.6 409,498,004 344,093.589
245,692,239
+
0.05
1,238,530,847
C lev ela n d _____________
+ 14.4
46,261,443
■17,170,659 — 1.9
396,022,118, 340,106,667 + 16.4 1,971,409,916 1,083,051,512
31,978,339
27,715,150
D e t r o it ________________
+24.8
72,231,875
66,440,157 + 8.7
395,000,000
58,744,744
251,935,956 --56.8 1,621,635,874 1,579,713,680
37,349,796
M ilw a u k ee ____________
1,119,227,965
+44.9
81,449,968
135.473.16ll 119,143,314 + 13.7
52,097,388 +56.3
44,821,064
33,899,971
638,054,432
587,662,731
In dian ap olis___________
+ 8.6
23,853,274
22,875,074 + 4.3
62,801,000
21,506,888
59.105.000 + 6.4
15,805,323
299.467.000
C olu m b u s_____________
297.197.000 + 0.8
11.567.000
10,726,000 + 7.8
53,924,700
45,189,300 + 19.3
10,839,038
9,635,830
247,487,500
T o l e d o .............................
212,517,100 + 16.4
10,447,100
8,703,900 +20.0
52,408,207
43,719,861 + 19.9
8,612,900
9,581,700
242,112,762
P e o r ia _________________
205,555,389
+
17.8
9,996,081
7,406,475 +35.0
22,913,182
18,088,196 + 27.1
8,053,176
7,165,003
114,522,854
107,877,211
G ra n d R a p id s _______
+
6.2
4,116,584
4,527,820 —9.1
23,134,069
7.500.000
22,452,452 +3.0
6,000,000
103.863.239
105,277,775 — 1.3
E v a n s v ille ___________
4,478,468
4,408,226 + 1.6
20,592,858
4,125,965
16,507,439 +24.7
3,819,975
86,982,111
D a y t o n _____________ _
74,349,666 + 17.0
3,436,922
2,918,093 + 17.7
18,061,515
2,660,286
16,712,021 +8.1
1.242.922
84,884,375
Springfield, 1 1 1 ...
85,651,202
3,897,884
—0.9
2,942,597
+32.5
9,882,967
2,776,025
2.742.922
9,544,867 + 3.5
49,079.028
F o r t W a y n o _________
47,010,539 +4.4
1,639,924
1.700.000 —3.5
7,064,626
1.600.000
1,260,412
5,874,560 + 20.3
29,561,997
Y o u n g s t o w n ________
26,590,755 + 11.2
1,357,346
1,079,557 +25.7
18,217,543
1,183,621
14,907,555
1,193,665
+22.2
88,561,531
R o c k f o r d ......................
75,926,760 + 16.6
3,791,137
2,963,039 +27.9
8,208,016
2,634,635
8,346,655 — 1.7
1,897,740
42,242,345
A k r o n _____ _________
39,008,787
+8.3
1,600,000
1,774,133
41,349,000
* — 9.8
1,358,421
23.510.000 + 75.9
905,957
161.218.000
L ex in g ton _______ ____
113.962.000 +41.5
6,207,409
8.344.000
4,000,000 + 108.6
4.353.000
4,121,067 + 50.6
3,229,000
53,487,123
S ou th B o n d _________
32,609,586 +64.0
6,000,000
1.050.000
700,000 + 50.0
509,845
6,538,182 —8.2
633,750
23,743,909
Q u in c y ______________
24,416,581
—2.8
5,434,790
943,028
900,000
—4.5
1.100.000
5,511,855
838,606
— 1.4
33,270,999
C a n t o n ______________
30,186,956 + 10.2
14,157,330
1,000,000
1,030,523 —3.0
10,808,056 + 31.0
937,636
812,095
64,473,021
B lo o m in g t o n ___ . . . . _
67,537,811
—4.5
6,277,523
2,700,791
2.500.000
2,942,047
5.637.275 + 11.4
2,131,555
36.385.030
Springfield, O h io _____
31,490,162 + 15.5
5,317,365
1,169,944
838,392 -39.5
1,170,103
787,719
4,718,775 + 12.7
28,980,253
Jack son ---------------------26,709,877 + 8.5
6,177,518
1,018,486
945,337 + 7.7
1,117,391
4,334,312 +42.5
790,475
26,642,950
D e c a t u r __________
20,851,972
+27.8
5,409,085
4,402,477
+21.2
25.351.030
M a n sfield ------------22,264,818
+ 13.9
5,148,963
925,470
732,314 +26.3
835,772
4,465,224 - -15.3
618,504
25,139,519
D a n v lllo __________
22,071,953 + 10.9
4,103,114
1,095,037
761.655 + 43.9
536,861
649,722
2,532,757 + 62.0
16,058,765
J a cksonv ille, 111_______
14,271,548 + 12.5
3,055,842
700,000
510,000 +37.2
2,421,443 + 26.2
500.000
637,799
13,726,649
L im a ____________ ___ _
11,899,183
+
15.4
4,617,089
282,212
365,767 —22.6
4,280,845 + 7.9
356,173
353,958
20,995,801
O w en sb oro-----------------18,988,038
+
10.6
3,815,995
803,591
804.656 —O.l
4,390,281 — 13.1
621,366
700.000
27.110.239
L a n s in g _______________
21,923,990 + 23.7
5,415,322
495,637
593,135 — 16.5
439,644
356,158
4,369,405 + 23.9
22,953,817
F l i n t ..................................
20,146,845 + 13.9
9,083,754
1,250,000
1,588,360 —21.3
1.093,762
7,203,582 + 26.1
900,000
37,590,503
G a r y ................. ........
30,879,928
+
21.7
5,145,811
4,331,574 + 18.8
21.946,409
A n n A r b o r ----------------17,894,216 + 22.6
1.898,099
1.536.275 + 23.6
8,177,181
L o r a i n . . ...................
7,617,716 + 7.4
297,524
1,070,148
250,000 + 19.0
375,000
980,695 + 70.4
366,000
6,873,781
A d r i a n ......................
4,714,190 +45.8
438,137
427,453 +2.5
2,051,033
N e w A l b a n y ..........
1,882,982 +9.0
65,446
' 683,249
67,467 + 13.9
165,672
776,793 —12.0
‘
*85*228
3,235,169
P a d u ca h --------------3,157,852
+2.5
9,408,595
8,835,677 + 0.5
42,266,806
H a m ilt o n -------------29,714,029 +42.2
1.952,749
1,643,906 + 19.0
10,146,712
A u r o r a -----------------8,444,088 +20.2
3,321,477
2,845,725 + 16.7
16,078,610
15,017,244 + 7.1
Total Middle West. 4,031.954,385 3,501,797,066
+ 15.1 18,836.531,249 16,785,577,993 + 12.2 752,097,059
665,362,807 + 13 0 635,128,773 517,948,562
San Francisco----564,250,225
455.393,221 +23.9 2,607,900,406 2,096,457,525
Los Angeles-------179,090,985
108,287,038
91,233,757 + 18.7
77,591,811
56,137,249
127,623.000 +40.9
807,066,286
Soattlo-----------------615,970,000
157,362,029
34,739.000
25,918,000 + 34.0
24,285,000
20,494,905
147,520,423 + 6.7
748,060.830
Portland____ . . . . —
653,512,080
132,826,685
30,995,372
27,553,239 + 16.1
18,911,418
13,041,914
95.853.21.8
+
38.6
604,531,948
Salt Lake City___
440,651,970
64,282,710
22,203,528
19,566,130
+
13.5
13,027,692
66,009,666
9,113,000
+
10.9
297,058,269
Spokane__ . . . . —
265,436,704
40,198,840
13,000,000
11,123,251 - -16.9
9,801,758
6,975,976
33,847,209 + 18.8
180,180,136
Tacoma____ . . . .
160,966,220
19,577,409
7,974,640
6,000,000 +32.9
5,000,000
4,161,266
18,959,740
+
3.3
93,052,533
Oakland___________
88,592,120
38,235,760
3,822,971
3,662,449 +4.4
2,761,890
26.857.20.8 + 42.5
1.857,631
173,453,000
San Diego______
125,161,166
9,135,196
4,789,904 +48.3
7,104,128
4,269,109
3,703,858
8,436,810 +8.3
45,098,335
Sacramento........... .
17.619,418
43,443,405
1,623,588
1,402,909 + 15.7
1,861,716
2,009,851
17,456,472 + 0.9
84,032,201
Pasadena_______ . . .
74,779,523
0,134,633
3.881,838
2,415,075
+ 60.7
1,946.925
1,567,051
4,441,971 + 38.1
27,309,019
Fresno_____ . . . . . . .
22,767,506
10,723,339
891.682
710,653 +25.9
8 15,181
891,863
8,127,600 +31.9
54,621,752
San Joso________
45,515.614
5,650,010
V,225,976
1,365,698 + 63.0
1,034,069
753,506
4,022,153 + 40.5
24,915,828
Stockton . . . . . . . . . . .
20,706,794
8,040,969
671,879
,
1,114,078
+
65.2
7,618,921
689,385
589,300
+ 5.6
38,529,420
Yakima________
4,506,739
41,974,515
1,205,984
1,545,480
+ 28.2
1,002,177
893,795
3,407,186 + 32.3
21,431,799
Ogden.......................
8,831,567
15,981,687
787,263
640,000 +23.0
8,644,090 + 1.9
531,769
417,871
44,727.453
B olso..... . . . . . . .
37,263,251
6,300,000
5,646,697 + 11.6
30,646,892
Reno____ _____ _
30,158,508
3,409,481
2,426,883
+40.5
14,490,692
Long Beach________
6,271,924
11,704,503
640,000
400,000 + 60.0
432,000
360,000
4,431,139 + 41.6
29,011,459
Bakersfield...........
3,978,840
21,192,020
1,084.943
778,346 + 39.3
526,728
589,706
3,996,258 —0.4
17,680,443
19,189,184
Total Paclflo.......... 1,287,026,759 1.039,819,730
+23.8 5,943,798,791 4,831,424,955 +23.0 241,924,525 199,440,174
+21.3 164,565,310 123,512,360
Details of Other West orn and South era on page
2302.
New York_________
Philadelphia.............
Pittsburgh_________
Baltimore
Buffalo_____ ______
Washington________
Albany___ ___ . . . . .
Rochester_______ __
Scranton...._______
Syracuse______ ____
Reading----------------Wilmington________
Wilkes-Barre_______
Wheeling__________
Trenton___________
Harrisburg___ . . . . . .
Lancaster..._______
York.........................
Erie...........................
Binghamton________
Greensburg________
Chester____________
Franklin___________
Altoona___________
Frederick__________
Boaver County, P a ...
Norrlstown________
Montclair------ ------- Oranges----------------Hagorstown_____

1918.

1918.

±i:f

Total Other Western. 1,954,687,436 1.621,282,430
+20.6 8,921.886,183 8,380,352,867 + 6.4 354.699,004
280,245,546 + 6.6 239,930,859 176,756,988
2,392,159,128 2,017,036,932 + 18.6
11,450,552,840 10,213.737,509 + 12.1 467,584,685 376,090,324 +22.1 299,416,045 215,295,302
Total all___ . . . . . . 33,197,700,125 28,266,379,033
+ 17.4 152,075,408.169 129,633,965,787 + 17.3 6.554,979.303 5,603,299,696
+ 17.0 6,617,023,633 4,345,403,286
Outside Now York. 14.314,801.956l12,706.678.363 4-12
67,317,573,562

Total Southern__ . . .

Clearings by Telegraph and Canadian Clearings on page 33017




59,162.053,165 + 13.8 2,689,316.162 2.401,989,68(

+ 12.0 2,042,863,7211,639,848,765

THE CHRONICLE

2366

[V ol . 108.

resources unimpaired, with the whole world in
debted to it and the whole world in need (at least
for the time being) of everything it can raise, pro
The stock market received a shake-down this week,
or manufacture.
and is all the better for it. After the suspension of duce
The farmer and planter are prosperous, the wagebusiness for three days—namely Friday May 30 earner is prosperous, and the business man is also
(Memorial Day), Saturday May 31 and Sunday
prosperous; the latter has high costs to contend with,
June 1—the market on Monday manifested renewed
but he is adding the increase to the price of his goods
activity with a further great and general rise in prices,
and wares, and a little more too. There is always
the day’s transactions on the Stock Exchange passing
danger in overspeculating, and some great calamity
the two million share mark, the dealings footing up
like the failure of the pending peace negotiation
2,198,550 shares, being the largest day’s business
might reverse the course of values with startling
since March 14 1907, when the transactions aggre
swiftness. Barring some such happening as that it
gated 2,571,000 shares. But on Tuesday there came
a sudden and apparently unexpected spurt in call loan will not be easy to undermine the prevailing buoy
rates, some borrowers being obliged to pay as high ancy.
as 11%. per annum to get the accommodation they
The upward trend of bank clearings is still clearly
needed, and prices took a general tumble, the declines
in
evidence despite a declining tendency here and
in some of the specialties being as precipitate and
as large as the previous rapid and huge advances. there. In fact, the aggregate for the United States
Stop orders undoubtedly served to accelerate the as a whole for May overtops that of any preceding
month in the history of the country. Obviously,
downward movement.
In view of this drop, the action of the market on high prices are in no small degree responsible for the
Wednesday was looked forward to with no little further expansion in the total, but at the same time
anxiety. Wise heads recalled the experience at the the activity in mercantile and industrial lines which
time of the Northern Pacific corner back in May has been for so long a prominent feature, continues
1901. The sudden collapse at that time marked the unabated. Not only is there a very urgent demand
culmination of one of the most noteworthy bull from abroad for a wide range of commodities but the
movements in Stock Exchange history. Were we increasing absorption of goods at home is indicative
now to witness a repetition of that experience? At of the prosperity and consequent greater purchasing
all events the character and strength of the market power of many classes of our own people, especially
were tobe put to a supremetest. Andit must besaid farmers and wage earners. One sign of the times is
the quite recent reversal of conditions in the textile
the market stood the test admirably well.
Everyone was prepared for further notewoithy trades, cottons in particular. From a situation far
declines and not a few looked for the development from active, demand has become so great that the
of panicky conditions. But nothing of the kind volume of sales is only restricted by the difficulties
occurred. The decline went no further. At the buyers are experiencing in getting mills to accept
lower basis of values, the market quickly steadied orders, and prices have been, and are still, advancing
itself, and as call money was again to be had at steadily and rapidly. Another development of the
6%, a portion of the previous day’s decline was late month was a further broadening in stock specu
recovered in the afternoon—there being indeed some lation, with the values of share properties quite
inclination to resume the pyrotechnics which are generally rising to new heights.
The May returns of clearings, as just noted, fur
so much disliked by the conservative habitues of
nish
an aggregate heavier than for any preceding
the Street. Since then the course of the market
m
onth,
the high record established in January being
has again been upward, though on a diminished
exceeded
by a moderate amount. Of the 174 cities
volume of business, and sharp upward reactions
have occurred in the case of some of the specialties included in our compilation on the first page of this
whose violent fluctuations have for a long time fur issue, only 37 fail to show some increase oyer a year
ago (the decreases exhibited, moreover, being gener
nished much occasion for uneasiness.
To many the fact that the decline was so readily ally unimportant) and 19 cities report heavier figures
arrested is proof conclusive of the unhealthy chai- than in any month of any year, among them such
acter of the market. We cannot look upon it in leading centres of trade and industry as New York,
that way. To us it appears quite the contrary. Chicago, Detroit, Buffalo, Washington, Los Angeles,
No doubt there is much manipulation. No doubt Oakland, Wichita, Akron, Evansville and Chatta
cliques and pools are active in many of the shares nooga. Furthermore, by far the greater number of
dealt in on the Exchange and are engaged in boost the remaining 118 cities establish new high marks for
ing the prices of such stocks. Unquestionably May; and conspicuously large gains over 1918 are
there is menace in such operations. But these quite numerous. Including New York, the total
operations themselves could not be long continued of clearings for May 1919 for the 174 cities is §33,
if there were not public buying and public interest 197,700,125, against $28,266,379,033 in 1918, or an
augmentation of 17.4%, this following a gain of
in the market of the most pronounced character
What this week’s quick recovery Reaches is that 7.4% in the latter year, as compared with 1917, and
a large body of speculators and investors stand of 27% in 1917 over 1916. The current total is
ready to buy stocks on each downward reaction. therefore nearly 60% greater than three years ago
Those working for a rise know this, and their and much more than double that of 1915. An in
operations are based on that as their main factor. crease of 21.4% is to be noted at New York for the
The public is in the market to a degree that has per month, and outside of this city the gain is 12.7%.
haps never been surpassed in Stock Exchange his For the five months of 1919 there is an expansion in
tory. They have confidence in the country, in the the aggregate for the whole country of 17.3%,
stock market, and in themselves. They know that contrasted with last year, while compared with 1917
the country has come out of the war with its great thTgain reaches 23.2%. At New York the excess

THE FINANCIAL SITUATION.




June 7 1919.]

THE CHRONICLE

2367

over 1918 is 20.3% and the gain over two years ago on the date mentioned is stated to have been well
17.1%. For the outside cities the increases are below last year at the same time and quite a little
13.8% and 31.9%, respectively. Analyzed by groups under the ten-year average. Furthermore, in only
the totals for the period since January 1 are in all three years of the last forty (1903, 1914 and 1917)
cases well above a year ago, the Middle, exclusive was the condition lower on May 25 than in 1919.
of New York, by 21.3%, New England 9.5%, the Of course a low condition at this time does not pre
Middle West 12.2%, the Pacific Slope 23%, the clude the possibility of a good crop. On the con
“Other Western,, 6.4%, and the South 12.1%.
trary, some of the heaviest yields ever obtained in
Operations on the New York Stock Exchange in the United States have followed what might be called
May were, as already indicated, of much larger an indifferent or poor start, favorable seasons assist
volume than in April, considerably heavier than for ing. 1his was>particularly true of 1914-15, when the
the corresponding period a year ago, and in excess high-record crop was secured. One thing is obvious
of any month since January 1906. Dealings were at this writing and that is that the propaganda to
active from the start of the month, and on every bring about a>ery radical reduction in area has sig
full business day (meaning all days except Saturday) nally failed. In fact, advance indications are that
the transactions ran above the one-million share the decrease has been comparatively moderate.
mark, reaching 1,995,338 shares on the 26th, which
The Department's report, as issued, made the
was the heaviest daily total since March 14 1907, average condition of the crop for the whole cotton
when the sales totaled 2,571,516 shares. The high belt the 25th of May 75.6% of a normal, that figure
record is 3,281,226 shares on May 4 1901. The comparing with 82.3% a year ago, 69.5% in 1917
sales for the month aggregated 34,413,553 shares, (the lowest of which we can find any record at this
against 21,139,092 shares last year, and 19,354,400 time of year), 77.5 in 1916 and 80 in 1915, with the
shares in 1917. For the five months the transactions average for the ten-year period 1909-1918 inclusive,
have been 108,473,721 shares, against 61,997,179 79.2. The indicated deterioration, as contrasted
shares and 82,798,734 shares. Bond sales in May with last year, is not shared in generally, the con
were decidedly greater in volume than those of 1918, dition in North Carolina, Georgia, Alabama, Cali
due very largely, however, to the heavy trading in fornia, Florida and Virginia being stated as good as
Liberty Loanissues, whichreached 198 million dollars, oi bettei than then. On the other hand, however,
par value. For the period from January 1 to May 31 cool nights and too much rain, in checking growth
the transactions in all classes of bonds were 1,362 and development, have been reponsible for reports
million dollars, par value, against 604 millionsin1918 of rather low condition elsewhere. Mississippi at 73
and 450 millions in 1917. On the Boston Stock is 13 points under last year, and the deterioration in
Exchange, likewise, activity prevailed, with the May Texas is 6 points, Louisiana 11, Arkansas 17, Ten
sales 1,158,915 shares, against 529,223 shares in 1918 nessee 16 and Oklahoma 21 points. The weather
and the five months' totals 2,866,306 shares and bulletin for the week ending June 3, moreover, does
1,509,610 shares, respectively. Chicago, also, re not furnish much eyidence of improvement as the
ported greatly increased totals, that for the month rainfall is reported to have been rather heavy in
having been 696,419 shares, against 152,238 shares important localities and temperature below normal
a year ago, and for the five months 2,146,530 shares, over most of the territory. This, of course, indicates
against 545,175 shares.
that the crop is backward in development and in need
of cultivation. Nothing, however, seems to have
Noteworthy expansion is the feature of the com occurred to render impossible a good yield with favor
pilation of bank clearings for the Dominion of able seasons hereafter.
Canada for May. Several cities—Montreal, Toronto,
Ottawa, St. John, London and Kitchener, in fact—
Although, of course, other matters—notably the
report totals exceeding those for any preceding month troublesome Adriatic situation—were under active
in the record, and at all remaining points except discussion, Peace Conference authorities have been
Calgary, Lethbridge and Brantford increases over concerned chiefly with two big questions this week—
1918 are exhibited. Consequently, there is a gain consideration of the objections and counter-pro
in the aggregate for the 25 cities making returns, of posals of the Germans to the peace treaty and of some
24.2%, as contrasted with last year. For the period of the more important terms of the Austrian treaty.
since January 1 the 1919 total exceeds that of 1918 The shoe was on the other foot this week. For
by 16.7%, with the percentages of gain large at some days prior to last week Thursday, the repre
Montreal, Toronto, Vancouver, Ottawa, New West sentatives at the Peace Conference of the Allies wrere
minster and Kitchener. Sales of 421,827 shares on waiting to see what the German Peace Commissioners
the Montreal Stock Exchange, against 114,441 shares would do with the terms of the treaty that had been
in May 1918, furnish indication of the broadening submitted to them. Since the afternoon of Thurs
of stock speculation.
day, May 29, the Germans have been waiting, more
or less anxiously in all probability, to see what the
The initial cotton condition report of the Depart Allied peace delegates would do with their “observa
ment of Agriculture for the season 1919-20, announced tions" and counter-proposals.
on Tuesday, and covering the status of the crop on
May 25, was quite in accord with views of the situ
Prior to the date mentioned, the German peace
ation as depicted by recently issued private reports delegates had filed with the Peace Conference au
and consequently was a negligible factor inthe market thorities a dozen or more notes dealing with some
for the staple. Reflecting the prevalence of adverse of the important features of the treaty. In nearly
weather conditions—low temperature and too fre every instance Premier Clemenceau, as Chairman
quent rains—from time to time in important pro of the Peace Conference, had informed the Germans
ducing localities, as indicated by the weekly weather that their suggestions had been rejected. Up to
and crop bulletins of the Department, the condition the filing of the main reply on May 29, only unim


3268

THE CHRONICLE

portant concessions from the original terms of the
treaty had been granted. From that date on, until
yesterday, it was easy to note a steadily increasing
tendency, (judging from the Paris cablegrams) par
ticularly on the part of the British and Ameri
can representatives at the Peace Conference, to
modify even some of the most important feat
ures of the document. About midweek those
advices seemed to show pretty clearly that the
British Peace Commissioners had made almost a
complete reversal of their attitude toward some of
the most vital sections of the treaty, in comparison
with the stand that they had taken, at least up to
the time that it was presented to the Germans on
M ay 7.
N o one in authority at the Peace Conference ap
parently was willing to admit that the original terms
were unjust, but the American Commissioners, and
more particularly some of their expert advisers, were
said to have held strongly to the idea that several of
the stipulations unquestionably would prove un
workable, and therefore should be modified. Nearly
all the cablegrams from the French capital gave the
idea that the impelling factor with Lloyd George in
the steps that he was taking to secure concessions for
the Germans was political in its origin. To be more
specific, it was claimed that the Liberal Party in
England insisted that the terms were much too
severe and had given notice of its determination to
oppose Lloyd George in a serious way in domestic
politics if he did not do all in his power to secure
better terms for the Germans. As might have been
expected, the French representatives at the Peace
Conference, under the leadership of Premier Clemenceau stood firm, until the early part of this week at
least, for no changes at all. Bather positive state
ments were made, however, that the British delegates
had won over Clemenceau to the extent that he was
willing to grant some concessions provided that,
through an accredited intermediary, the Germans
would signify in advance their willingness to sign,
the changes to be made subsequently.
As for many weeks, the advices from Paris regard
ing what was actually going on at the Peace Con
ference and what was the real attitude of the rep
resentatives of the big Powers, seemed to savor so
much of guess work and were so distinctly con
flicting, that it was extremely difficult to form
a definite idea of the true situation. Reference
has already been made to the reported attitude of the
British and French toward the question of making
rather important changes in the German treaty.
While in a general way it was claimed in most of the
cablegrams that President Wilson was endeavoring
to play the part of a mediator between the English
and the French, and to remain as largely neutral
as possible, it was stated emphatically that some of
the American experts were the strongest supporters
of several of the most radical changes in the treaty
that were suggested by any group of authorities at
the Peace Conference. On Thursday it was asserted
that President Wilson had no desire to “ soften”
the terms, but that he stood ready to agree to some
modifications in the hope that it would make the
treaty more workable and would result in the Germans
signing it. In fact, as the week progressed it became
more and more apparent that outside of the political
considerations at home, that appeared to play a promi




[Vol . 108.

nent part with Lloyd George, the principal idea
with the representatives of the other Great Powers,
and of the United States as well, was to get the
treaty in such form that the present Ebert Govern
ment would sign it. In a cablegram received on
Thursday this idea was made emphatic, so far as the
British peace delegates were concerned, in the
following words: “ The British take the view that the
present Government’s signature would mean some
thing, whereas no faith could be placed in the sig
nature of the Independents, if they were substituted
for the present delegation.”
Generally speaking, the sections of the treaty
which it seemed from most of the advices were likely
to be modified, have to do with financial and terri
torial questions. From the first the German peace
delegates declared that the amount of the indemniy
demanded in the treaty was unjust and more than
Germany could pay. They offered to make the
amount 100,000,000,000 marks, and the offer was
said to have “ strong support in certain quarters.”
Earlier in the week came a dispatch in which it was
claimed that “ if the opinions of the American experts
who helped to draw up the treaty are consulted,” the
amount of the indemnity will be $30,000,000,000, to
be fixed immediately, and not after a period of two
years as provided in the original terms. Most of the
advices during the next two days indicated that this
idea of naming a definite amount was received with
pretty general favor in Peace Conference circles.
According to the dispatch just quoted, the first in
stallment of $5,000,000,000 would be paid in four
years instead of two, if the suggestions of the Ameri
can experts were to be adopted.
No official statement was forthcoming throughout
the week as to whether either the amount or the terms
would be changed materially. It was claimed on
Thursday, however, that the amount of the indem
nity will not be “ as low as $25,000,000,000, and that
the sum likely to be named will be in the nature of a
compromise and approximately $40,000,000,000.”
Still other cablegrams from the French capital that
reached here that day stated plainly that the day
before the Peace Conference had gone through its
most critical stage, but it was again asserted that
radical concessions would not be granted to the Ger
mans. An individual characterized as “ a spokes
man for the French Government,” declared that
“ Clemenceau is as unyielding as ever and will not
give up one jot or tittle of the reparations that
France gets in the present treaty.”
The territorial changes said to have been suggested
and under consideration by the Council of Four and
other Peace Conference authorities had to do prin
cipally with Danzig, Silesia and the Sarre Valley.
On Wednesday afternoon it was reported from Paris
that the Council of Four had practically decided to
internationalize the “ Danzig corridor,” which, under
the terms as originally submitted, was “ a solid Polish
wall cutting off East Prussia from the remainder of
Germany.” In a special dispatch from Danzig that
was received here Thursday morning Herr Sahm,
Chief Burgomaster of that quaint city, was quoted
as saying: “ We do not want to be a free State, and
still less do we wish to become Polish subjects. We
shall not allow ourselves to be separated from Ger
many. I am fully aware of the seriousness of what

June 7 1919.]

THE CHRONICLE

I say when I declare that should Berlin sign the terms
which throw us out of the Fatherland, we shall not
regard ourselves as bound by them.” Whereas,
under the terms presented to Germany* Silesia was
allotted to Poland, the proposal this week appeared
to be that Germany be allowed to retain it. One
dispatch stated that the British had gone so far as
to contend that as “ this territory has been German
for 700 years, probably it would be unwise to take
it away from Germany.” American representatives
at the Peace Conference were quoted as expressing
the belief that Germany was concerned about Silesia
“ merely to retain Silesian coal,” and consequently
that the adjustment of the problem would not be
serious. In order to guarantee Germany a coal
supply from this source it was suggested that a plebi
scite be held within a comparatively few years.

2269

man treaty to be signed before that date. Wed esday word was received here that the opinion was
entertained in certain Paris circles that, “ as a result
of steps taken on Tuesday, the reply to the German
counter proposals will be ready within 48 hours.”
On the other hand, advices that came to hand that
evening declared that “ peace cannot possibly be
signed before the last days of June.” The further
assertion was made that another ten days would be
required by the Allies for the drafting of their reply
and that the Germans would be given as much more
time for final consideration of it. Thursday a Paris
cablegram that reached the financial district during
business hours said it was learned from “ an authori
tative source” that the reply would be ready “ soon.”
Still later the same day the idea was advanced by a
prominent news agency in Paris that “ it is doubtful
if the Council of Four will be able to send a reply to
Other points in the treaty regarding which modifi the German counter proposals before the end of
cations were reported early in the week to be under next week.”
consideration had to do with control of the Sarre
Valley and of Germany getting coal from that source
Whatever may prove to be the date for the com
also; the period of evacuation of .Germany, which pletion of this work, the fact is that, according to the
the English were said to favor cutting down from 15 latest advices last evening, it is not yet done, and
to at least 10 years; the return of a part of the President Wilson did not sail on June 6, for that was
German merchant ships, or the giving of “ a guarantee yesterday and he is still in Paris. Several times
that the United States and Great Britain will charter during the week mention was made of his intention
for Germany a certain amount of the tonnage of to visit the devastated sections of northern France
their new ships at favorable rates,” and the admission and also to go to Belgium before leaving for home.
of Germany into the League of Nations. With As early as Wednesday afternoon, however, it was
respect to the last named point the prevailing opinion reported from Washington that the President had
in Peace Conference quarters was reported to be “ little hope of leaving for home before June 13,”
that Germany should not be admitted with the sign according to private information received in our
ing of the treaty, but “ should be allowed to come in national capital that day. This was a postponement
reasonably soon, if she showed good behaviour.” of one week from the original date, and it was stated
In favor of her admission at an early date it was in a dispatch from Brussels that King Albert had
urged that that veiy step would settle automatically suggested a postponement of the contemplated
the question of occupation, because of the provision visit of the President to Brussels for that length of
in the treaty that “ no nation member of the League time.
shall have an occupying army on its soil.” On
Thursday it was urged rather strongly that, because
As the week drew to a close Paris cablegrams made
of vigorous French opposition “ President Wilson it clear that “ every effort is being made to obtain
had gradually come to Clemenceau’s view of keeping early and unified action” on the German peace treaty.
Germany outside the League.”
Yesterday morning’s advices declared that such
progress had been made by the Council of Four at
Nearly every day, from the beginning of the week Thursday’s conferences that it was hoped that “ by
on, a new suggestion or estimate of the probable date working through Sunday the reply to the German
on which the final reply to the Germans would be counter-proposals on peace may be readyffor delivery
completed and the whole document signed, was on M onday.” These advices, if correct, largely upset
received. A week ago Thursday, the main German the speculation indulged in by American newspaper
reply, consisting of 146 pages, was delivered to the correspondents during the greater part of the week
Peace Conference through its Secretariat. The as to the probability of radical changes in the treaty
document was in German, as it was claimed by its as presented to the Germans on M ay 7. In fact, it
framers that there had been no time for translations. was stated yesterday morning that|“ the Council has
Immediately some thirty experts were assigned to decided to refuse Germany’s request that a fixed
the task of changing it into French and English. sum for reparation be indicated in the-^reaty.” This
That this work could not have gone forward with is in direct opposition to the trend of nearly all the
special rapidity was apparent if a statement in a advices during the preceding days of this week. It
Paris cablegram received Wednesday afternoon was was also said to be “ thought certain that compara
accurate, in which it was claimed that the experts tively few changes will be made in the text of the
of the Allies had not received the translation until treaty.” This idea is also at direct variance with
the day before.
most of the previous statements, an outline of which
At the outset it was asserted in Paris advices that has been given in preceding paragraphs, simply for
President Wilson would not wait for the completion the purpose of showing the drift of the current reports
of the Austrian treaty, but would leave for home as regarding Peace Conference deliberations, and not in
soon as the German document was signed and thus the belief that they represented the facts. Most of
out of the way. At the same time Paris cablegrams the American correspondents went so far in their
stated that the George Washington was being held cablegrams received here yesterday morning as to
in readiness to sail on or about June 6. Naturally say that the changes in the treaty that actually
it was assumed that the President expected the Ger would be made would chiefly be for the purpose of



3370

THE CHRONICLE

[Von. 108.

clarifying certain sections and that in principle very mediately stopped, the blunder corrected and the
proceedings permitted to go on. The Italian trans
few concessions would be granted.
lation was read last and almost before the delegates,
The Austrian peace delegates did not have to wait who, with the exception of the Italian, had been
long for a preliminary draft of the Allied peace engaged in a subdued conversation, realized that the
terms for their country. It was presented to them translator had finished his task, it is related that
last M onday at St. Germain, as it had become Chairman Clemenceau was on his feet and in his
known a day or two before was the intention of the characteristic way asked: “ Any remarks?” Receiv
Peace Conference authorities. The presentation ing no reply, he announced: “ Then the session is
took place in an attractive fifteenth century chateau closed.”
in the town a little way outside of Paris in which
The treaty as presented was by no means complete.
the Austrian delegates have been housed since their
arrival in reply to the summons of the Peace Confer In fact some of the most important sections were
ence. The ceremony was simple in the extreme. missing. Among them were those relating to military
All of the peace plenipotentiaries arrived in good affairs, reparations, finances and certain boundaries.
time except President Wilson, who was delayed by These questions were under consideration by the
an automobile tire puncture. Premier Clemen- Peace Conference authorities throughout the week.
ceau presided. The accounts state that imme The terms that were presented easily gave a vivid
diately after the Austrian delegates were seated he idea, however, to the Austrians of what the putting
called the session to order. In behalf of the Allies into effect of the whole document would mean to
he presented a preliminary draft of the treaty, but their country. Several maps have been published
made no attempt at an elaborate address, merely since the preliminary terms were presented showing
explaining that only a part of the treaty was ready the extent to which it is proposed to take away terri
and directing that, as in the case of the Germans, tory formerly under Austrian control, and which
the replies and observations be submitted in writing. make it clear that in reality Austria will be only “ a
Fifteen days were allotted for this work. His ad little Republic,” as claimed by Dr. Renner in his
address when the terms were presented to the Aus
dress was said to have lasted only three minutes.
trian delegation. It was set forth also in synopses
Dr. Karl Renner, head of the Austrian peace of the treaty cabled to this country that she would
delegation, made the address in reply. The im have only 5,000 or 6,000 square miles of territory,
pression created is declared to have been equally which would constitute a State with from 6,000,000
as favorable as when the credentials were exchanged to 7,000,000 people. These latter figures are in
between the Austrian and Allied delegates. The contrast with more than 50,000,000 before the war.
An outline of the terms of the treaty will be found
French Peace Commissioners were reported to have
in
greater detail in another section of the “ Chron
been specially pleased with Dr. Renner’s reply,
icle,”
but it may be noted here that she must recog
because it was made in their native tongue. He is
reported to have revealed “ a tone of moderation nize the complete independence of Hungary, Czecho
and absence of recrimination,” which so strongly slovakia, Jugo-Slavia and various other provinces
characterized Count von Brockdorff-Rantzau’s speech over which formerly Austria had absolute control.
when the treaty was presented to the German dele Furthermore, she must demobilize all naval and aerial
gates, that the peace representatives were put com forces; must subscribe to the League of Nations and
pletely at ease, after what was spoken of as a brief accept the labor charter agreed on at the Peace
period of more or less tension and embarrassment. Conference.
One of the most striking statements given in the
The first draft of the treaty having been presented
synopses of Dr. Renner’s address that reached this
centre was “ our State rests in your hands, and we to the Austrian delegates, the question naturally
hope before the conscience of the world that the arises as to what they and their Government at home
Allies will not abuse this power.” He did not seek will do with it. Several days elapsed before any
to extenuate the guilt of the former Austro-Hun intimations were received as to their attitude. Dr.
garian Government for “ the horrible curse of 1914,” Renner, accompanied by three of the leading members
but asked that the full weight of the punishment of the Austrian peace mission, and two secretaries,
should not fall alone on Austria, as is expected to be carrying sixty copies of the treaty in German, French
the case under the terms of the peace treaty, but and Italian, left Paris Tuesday night for Innsbruck,
that only her share of the eight republics into which where they were to meet representatives of the Gov
the former monarchy has been divided, should be ernment. Dr. Renner was expected to arrive at the
meeting place Wednesday evening and to be back in
meted out to her.
St. Germain to-day. He was not quoted as making
He finished his address at 12:50. Translations any comment on the treaty before taking his de
into German, Italian and English were furnished anc parture.
read one by one. Several incidents were said to have
The cablegrams from Vienna and from other cen
occurred in connection with the ceremony that were
tres
regarding the attitude of the Austrians toward
both embarrassing and amusing. First of all, in the
midst of Dr. Renner’s address a photographer fell, the treaty have been as conflicting as those regarding
with a crash of shattered glass, into one of the other important matters closely connected with
museum cases. Then the French translator twice Peace Conference negotiations. For instance, on
went astray, causing what was characterized as Wednesday evening it was reported from Vienna that
“ gasps of mingled horror and amusement.” It seems the “ Neues Abendblatt” of that city had announced
that when he attempted the German rendition he that “ the Austrian Government had decided unani
began by addressing the Austrians as “ the delegates mously that the peace terms presented at St. Germain
o f the Republic of German Austria.” He was im on Monday are acceptable.” The Austrian Cabinet



June 7 1919.]

THE CHRONICLE

was said to have held a session that lasted late into
the night, at which the peace terms were discussed,
and that printed copies of the summary had been
presented to all the members of the National Assem
bly, which it was proposed to convene as soon as the
full text came to hand. A cablegram from Vienna
made public here Thursday morning declared that
the Austrian Government, according to the local
newspaper mentioned above, had decided unani
mously that the terms were “ unacceptable.” Which
statement was right we do not know, but it woulc
seem safe to assume that the latter version more
nearly represents the opinion of the Austrian people
as well as of the Government officials. When the
first outlines of the treaty reached Vienna the advices
state that there was little or no excitement, that the
newspapers for the first day or two made very little
comment upon the terms and that they were pretty
generally accepted as a matter of course. Toward
the end of the week, however, the advices indicated a
show at least of opposition on the part of the people
and contained excerpts from the leading newspapers
in which strong denunciations of the terms were in
dulged in. Thursday afternoon word was receiver
from Basle that the Grand Council of Austria hac
met in Vienna, considered the treaty and declarer
that its adoption meant “ the death notice of the
Austrian people.” A cablegram from Copenhagen
that was made public here yesterday, and which bore
the date of June 5, said that “ Austria will mourn
to-morrow. Black flags will be flown throughout the
country as an expression of the feeling of the popula
tion over the peace terms handed to Austria.”
Last Monday was eventful, not only for the pre
sentation of the preliminary draft of the Austrian
peace treaty, but also for the announcement of the
setting up of the Rhine Republic, with Dr. Dorden
as President, and with Wiesbaden as the provisional
headquarters. The event was said to have been wel
comed with satisfaction by the people of the Rhenish
provinces, but according to all the advices it has met
with vigorous opposition on the part of the German
Government from the outset. Yesterday a cable
gram from Coblentz stated that Dr. Dorden and his
Government would not be recognized by the Ameri
can military authorities in charge of the occupation
forces on the bank of the Rhine. Monday afternoon
a Paris cablegram stated that Coblenz would be the
capital of the new Republic and that, therefore, the
new Government and National Assembly would meet
there, but that the Provisional Government would sit
at Wiesbaden. It was made known that Dr. Dorden
is from Bonn, that before the war he was a magis
trate, and during the war a German officer. He was
characterized by one writer “ as one of the idealist
Rhinelanders who have never been reconciled to the
subjection of the left bank of the Rhine to brutal
exploitation by Prussia.” Toward the end of the
week the opposition of the German Government to
this new undertaking was said to have become so
bitter that Chancellor Scheidemann had ordered the
arrest of Dr. Dorden and his associates.
This week France experienced a taste of the labor
troubles with which Great Britain had to contend
several months ago. A general strike started at the
very beginning of the week, and as early as M onday
“ La Verte” estimated that 500,000 former employees
were out in France as a whole. Of this number



2271

200,000 were said to have represented the metal
trades in the Paris region. Employees of the Paris
subway voted unanimously to leave their positions,
while chauffeurs and conductors on the motor buses
struck in sympathy. Some 50,000 workers in the
coal mines in the north of France were reported to
have quit work. At the close of the week there
appears to be very little improvement in the general
labor situation. The London policemen, who voted
by a large majority in favor of a strike, very sensibly
decided to postpone their actual going out until
after the signing of the peace treaty and the return
of Lloyd George.
The advices from various points in Russia, as
well as from Paris, indicated a further weakening
of the Lenine Government in Russia and of its forces
in the field, although it was claimed in yesterday’s
advices that the latter had scored victories on several
important fronts. Admiral Kolchak, on the other
hand, appeared to be making steady progress in the
establishment of the All-Russian Government in
North Russia, which it is hoped in some circles
will be made the Government that will control the
entire country. According to a cablegram from
Archangel on Tuesday the desertions of the Bol
shevist forces into the Allied lines were daily occur
rences. A Stockholm cablegram that was received
here yesterday stated that the Bolsheviki acknowl
edged defeat by the Siberians and Cossacks on the
Ural River, and also that their forces had been con polled to evacuate the town of Uralsk, capital of the
territory bearing the same name. On Tuesday it be
came known here also that President Wilson had di
rected Roland S. Morris, American Ambassador to
Japan, to proceed at once from Tokio to Omsk and
make a careful investigation of the situation there.
Because communications over the trans-Siberian route
are slow, Mr.Morris was not expected to reach his des
tination until the last of this week or the first of next.
Upon his report it is believed in Paris would rest Pres
ident Wilson’s decision as to voting in favor of recog
nizing the Kolchak Government. On Wednesday it
was reported again, this time from Copenhagen, that
Petrograd had been taken by “ an army composed
of Esthonians and Finns.” Similar reports have
come to hand rather frequently for some weeks,
inasmuch as Finnish troops have been reported to
ae pressing hard upon Petrograd. A day or two
ago the Bolshevists denied that they had lost control
of Petrograd. Thursday it was learned that six
companies of the 339th American Infantry, aggregat
ing 1,600 men, had set sail from the Archangel
district for the United States via Brest. Other
companies of infantry will leave as soon as ships are
available, but it is believed that the 13th Engineers
will be held several weeks longer.

Former Premier Ribot of France has submitted
interesting estimates of what his country would
realize net from the reparation clauses of the Ger
man peace treaty as originally submitted. He cal
culated that France will be called upon to pay $700,
000,000 in war costs and reparations by 1926, but
that in the meantime she will receive only $80,000,
000 from Germany. In the next 12 years he es
timates that France’s war expenditures will be
Detween $10,000,000,000 and $12,000,000,000. He
pointed out that up to 1921 Germany will pay
$25,000,000,000, without interest, according to the

2372

THE CHRONICLE

terms of the treaty. M . Ribot stated, however,
that the greater part of this amount will be used for
maintaining the army of occupation and in re
victualling Germany, and that only $10,000,000,000
would be left for the Allies. This amount in turn
would go to pay interest on reparations, leaving
nothing for the French treasury. As against this
final result M . Ribot said that France had counted
upon Germany paying reparations in full. His
statement further showed that up to 1926 France
would be called upon to pay $5,000,000,000 in pen
sions, $7,500,000,000 to repair war damages and
$3,000,000,000 in interest on war loans. Between
1926 and 1931 Germany will pay 5% interest but
M . Ribot declared that of the funds from that source
France would not receive more than $350,000,000 a
year.
Herbert C. Hoover, Chairman of the Allied Re
lief Organization, has issued another optimistic state
ment relative to food conditions and prospects,
which seem to show, that, on the basis of present
crop promises, the aggregate agricultural output
of the world will be sufficient to supply domestic
demands in the different producing countries and
also to take care of the war stricken nations of
Europe as well. While agricultural conditions in
the latter are rapidly improving, M r. Hoover be
lieves that the American crop of wheat and rye this
year will be needed. In eastern Europe he esti
mates that the sugar crop will be 65% of pre-war
normal, wheat and rye 77% and vegetables well
up to the average. His figures seem to show also
that, compared with pre-war conditions, there is
a decrease in Europe of 18,400,000 cattle, 39,500,
000 swine and 8,600,000 sheep. On Thursday an
interesting statement was received from Belgium
in which the Food Administrator was reported to
have declared that, while prices were high, his coun
try was recovering so rapidly agriculturally, that
it would be able to take care of a good sized number
of tourists, as well as its own people.

[Vol . 108.

One of the last to be reported is that of British dye
concerns with Levinsteins, under the title of the
British Dyestuffs Corporation. The new company
will have a registered capital of £6,000,000. The
announcement of the transaction stated that the
Board would include Government representatives.
In steamship circles one of the most important
deals reported was that of the sale by Lord Glanely of
the Tatem Steam Navigation Co. for £1,000,000
and the purchase of 12 standard vessels of a total
dead weight of 100,000 tons, at an estimated cost
of £2,000,000.
The London stock market was a rather quiet affair
this week. The lack of knowledge of the actual
terms and amount of the Government loan, that are
so eagerly awaited, and the races were the principal
restricting influences upon the purchase of securities,
particularly on a speculative basis. At the end of
the week the belief was expressed that a vigorous
campaign, such as characterized the sale of an offer
ing of $4,500,000,000 Victory notes.in this country
recently, would be necessary to make the British loan
a success.
British revenue returns for the week ended May 31
made a distinctly better showing and resulted in a
gain of £594,000 in the Exchequer balance. Sales
of Treasury bills, however, continue to exceed those
repaid, with the result that the volume of Treasury
bills outstanding was again expanded, this time
to £1,036,131,000, against £1,022,097,000 the preced
ing week. New issues reached a total of £78,734,000
against £63,131,000 last week, while repayments
were only £64,870,000. Expenditures for the week
were £19,094,000 (against £15,545,000 for the week
ending May 24), while the total outflow, including
repayments of Treasury bills and other items, was
£116,642,000, in comparison with £91,058,000 the
previous week. Receipts from all sources totaled
£117,234,000, as against £91,118,000 last week.
Of this total, revenue yielded £12,236,000, against
£13,009,000; savings certificates contributed £1,000,
000, against £800,000, and war bonds £4,992,000
against £5,841,000. Other debt brought in £7,
682,000, against £8,287,000, while from advances
no less than £12,500,000 was received. There were
none last week. The Exchequer balance is now
£7,325,000, which compares with £6,734,000 a week
ago. Temporary advances outstanding are reported
at £457,891,000.
War bond sales last week through the banks
totaled £4,164,000, in contrast with £6,499,000
last week, thus bringing the total sales to £74,156,000.
Sales through the post offices during the preceding
week amounted to £277,000, making an aggregate
of £3,661,000, and the grand total for seventeen
weeks £77,818,000.

London bankers and operators in the stock market
'are still waiting for definite information as to the
forthcoming Government loan. Chancellor of the
Exchequer Chamberlain, in announcing that one
would soon be offered, was reported to have said
that he hoped to be able to make the terms public
directly after the Whitsuntide holidays. The only
definite information contained in his preliminary
announcement was that he proposed to apply
£250,000,000 of the loan towards meeting the ex
penditures of the current year and the balance toward
funding the floating debt. The amount of the latter
item maturing this year is said to consist of £458,
000,000 temporary advances, £21,036,000 treas
ury bills, £245,000,000 Exchequer bonds,'and £98-,
000,000 foreign debt. Near the end of the week
Official discount rates at leading European centres
London cablegrams stated that it was expected the
loan would bear 4 % interest, would be issued in continue to be quoted at 5% in London, Paris, Ber
lin, Vienna and Copenhagen; 5 j^ % in Switzerland;
the neighborhood of 80, with drawings at par.
6% in Petrograd and Norway; 6 )^ % in Sweden,
The British treasury has announced the removal of and 4 ] /2% in Holland and Spain. In London the
restrictions over financial transactions with Russia. private bank rate has been lowered to V /± % for
It is now no longer necessary to secure licenses for sixty days and 3 ^ % for ninety days, against the
exporting money, credit or securities to that country. previous rate of 3 % % for both sixty and ninety
June 1 dividends payable in London were estimated days. M oney on call in London was also lowered
at upwards of £50,000,000. Consolidations of cor and is now quoted at 2 % % , as compared with 3 ] / $ %
porations are going forward steadily in Great Britain. last week. As far as we have been able to ascertain,



June 7 1919.]

THE CHRONICLE

2273

no reports have been received by cable of open market 463.000 marks, note circulation increased 328,
rates at other centres.
732,000 marks, and Treasury notes expanded 301,
172,000 marks. There were heavy declines in both
Another large increase in gold was shown by the total coin and bullion and gold, the former losing
Bank of England statement, amounting to £854,000, 199.183.000 marks, and the latter 198,575,000
and this brings the total stock of gold on hand to marks. Other reductions were 375,000 marks in
£86,934,000, comparing with £63,794,502 a year ago investments, 40,011,000 marks in other securities
and £55,087,565 in 1917. Total reserves, however, and 194,465,000 marks in other liabilities. Notes
were reduced, £178,000, there having been a heavy of other banks increased 945,000 marks and ad
expansion in note circulation, viz., £1,033,000, while vances 12,345,000 marks. The Bank’s total gold
the proportion of reserve to liabilities was again holdings are reported at 1,521,481,000 marks, which
brought down, this time to 18.20%, in comparison compares with 2,345,524,000 marks last year and
with 19.19% last week and 17.82% a year ago. Other 2.533.172.000 marks in 1917.
important changes were an expansion of £5,949,000
in other deposits and an increase of £6,199,000 in
Last week’s bank statement of New York Clear
Government securities. Public deposits increased ing House members, issued on Saturday, made a
£408,000 and loans (other securities) registered an poor showing, revealing as it did a substantial re
expansion of £324,000. Reserves now amount to duction in both aggregate and surplus reserves as
£27,190,000, as against £30,389,482 in 1918 and £34, well as an increase in loans. A feature of the state
571,820 the year before. Loans aggregate £80, ment was the further shrinkage in Government de
800,000. This compares with £101,558,000 and posits which are now down to 887,235,000, a loss
£106,749,030 one and two years ago, respectively. of $39,735,000 for the week, and indicating con
We append a tabular statement of comparisons:
tinued heavy withdrawals of Government funds
B A N K O F E N G L A N D ’S C O M P A R A T IV E S T A T E M E N T .
1919.
June 4 .

£
C ir c u la tio n .................. 7 8 ,1 9 4 ,0 0 0
P u b lic d e p osits.......... 2 1 ,4 4 1 ,0 0 0
O th er d e p osits.......... 127 ,532 ,00 0
G o v crn ra 't securities 5 8 ,7 2 1 ,0 0 0
O th er secu rities____ 8 0 ,8 0 0 ,0 0 0
R e s ’ v o n otes A c o in . 2 7 ,1 9 0 ,0 0 0
C oin an d b u l l i o n . . . 8 6 ,9 3 4 ,8 0 0
P r op ortion o f reserve
t o lia b ilit ie s ..........
1 8 .2 0 %
B a n k r a te ___________
5%

1918.
June 5 .

1917.
June 6 .

£

£

5 1 ,8 5 5 ,0 2 0 3 8 ,9 6 5 ,7 4 5
3 8 ,6 6 3 ,8 0 0 4 7 ,9 9 8 ,6 9 7
131,905,032 120,797 ,97 2
5 6,403,732 4 5 ,2 4 7 ,4 0 0
101,558 ,00 3 106 ,749 ,03 0
3 0 ,3 8 9 ,4 8 2 3 4 ,5 7 1 ,8 2 0
6 3 ,7 94,502 5 5 ,0 8 7 ,5 6 5
1 7 .8 2 %
5%

2 0 .4 8 %
5%

1916.
June 7 .

1916.
June 9.

£

£

35,4 8 4 ,0 9 0 33,152,700
6 0,300,669 123,341,653
8 2 ,2 86,419 91,442,555
4 2 ,1 8 7 ,4 5 4 51,043,491
63,601,721 136,816,139
44,535,181 44,682,541
61,570,271 59,385,241
3 3 .5 8 %
5%

2 0 .8 0 %
5%

The Bank of France continues to report gains in
its gold item, the increase this week being 574,704
francs. The Bank’s aggregate gold holdings now
total 5,550,144,515 francs, comparing with 5,408,
744,044 francs last year and with 5,278,501,033 francs
the year before; of these amounts 1,978,278,416 francs
were held abroad in 1919, 2,062,108,484 francs in
1918 and 2,033,740,406 francs in 1917. During the
week bills discounted gained 44,822,656 francs, ad
vances rose 22,469,193 francs and general deposits
were augmented by 101,090,806 francs. Silver, on
the other hand, decreased 330,474 francs, while
Treasury deposits fell off 67,668,204 francs. Note
circulation registered the large expansion of 309,633,
610 francs, offsetting to a great extent the 368,423,
635 francs contraction recorded in the past three
weeks. The total amount of notes now outstanding
is 34,370,876,795 francs, contrasting with 28,012,
196,490 francs in 1918 and 19,679,896,805 francs in
1917. In 1914, just prior to the outbreak of war, the
amount was only 6,683,184,785 francs. Comparisons
of the various items in this week’s return with the
statement of last week and corresponding dates in
1918 and 1917 are as follows:
B A N K O F F R A N C E ’S C O M P A R A T IV E S T A T E M E N T .
C h a n g e s ------------- -------------------- Status as o f--------------------------- -—
fo r W eek June 5 1919.
June 6 1918.
June 7 1917.
Gold Holdings—
F ra ncs.
F ra ncs.
F rancs.
F ra ncs.
I n F ra n ce ................. I n c .
574 ,704 3 ,5 7 1 ,8 6 6 ,0 9 0 3,34 0 ,6 3 5 ,5 5 9 3,2 4 4 ,7 6 0 ,6 2 0
A b r o a d ......................
N o Change 1,97 8 ,2 7 8 ,4 1 6 2 ,0 6 2 ,1 0 8 ,4 8 4 2 ,0 3 3 ,7 4 0 ,4 0 6
T o t a l .......................I n c .
5 74 ,704 5 ,5 5 0 ,1 4 4 ,5 1 5 5,40 8 ,7 4 4 ,0 4 4 5,2 7 8 ,5 0 1 ,0 3 3
S i l v e r ......................... D e c .
33 0 ,4 7 4
306 ,5 8 4 ,8 0 4
253 ,764 ,70 9
257 ,741 ,74 2
B ills d i s c o u n t e d .. . I n c . 4 4 ,8 2 2 ,6 5 6
901 ,4 9 2 ,0 8 3
1,399,150,043
4 9 3 ,657 ,55 4
A d v a n c e s .................. I n c . 2 2 ,4 6 9 ,1 9 3
1,26 2 ,7 0 4 ,8 8 8
9 4 9 ,652 ,15 3
1,144,630,340
N o te c ir c u la t io n ..I n c . 3 0 9 ,6 3 3 ,6 1 0 3 4 ,3 7 0 ,8 7 6 ,7 9 5 28,01 2 ,1 9 6 ,4 9 0 1 9 ,679,896 ,805
T rea su ry d e p o s it s .D e c . 6 7 ,6 6 8 ,2 0 4
7 8 ,5 4 5 ,9 5 2
5 4,683,778
7 5 ,4 41,303
G eneral d c p o s l t s .- I n c . 1 0 1 ,090 ,80 6 3 ,5 0 3 ,0 4 7 ,6 4 3 3,61 0 ,8 7 6 ,0 3 9 2 ,6 4 0 ,7 0 0 ,5 1 7

The Imperial Bank of Germany in its statement,
issued as of M ay 23, again shows radical changes
in practically all of its principal items. Bills dis
counted registered the huge reduction of 2,762,-




from the banks. Other important changes were
an increase of 833,410,000 in net demand deposits,
to 84,133,578,000 (Government deposits of 887,
235,000 deducted), and an expansion of $29,339,
000 in the loan item. Net time deposits declined
81.260.000, to 8148,932,000.
Cash in own vaults
(members of the Federal Reserve Bank) declined
85.870.000, to 891,2/2,000 (not counted as reserve).
Reserves in the Federal Reserve Bank of member
banks were reduced 827,003,000, to 8545,535,000,
while reserves in own vaults (State banks and trust
companies) fell 8588,000, to 812,379,000, and re
serves in other depositories (State banks and trust
companies) decreased 8587,000, to 812,294,000.
The loss in aggregate reserves totaled 827,002,000,
thus bringing the amount to 8570,208,000, com
pared with 8527,707,000 last year. Surplus was
cut to 822,665,160, a decline of no less than 831,
492,420. A year ago the total of excess reserves
was 832,952,930. The figures here given are on
the basis of 13% for member banks of the Federal
Reserve system, but do not include cash held in
vault by these banks which amounted last Satur
day to $91,272,000. The bank statement in more
complete form will be found on a later page of the
“ Chronicle.”
What conservative observers of both the money
and stock markets had been expecting for several
weeks actually occurred on Tuesday afternoon.
The rates for call money had undergone practically
no change, although stocks were being dealt in on a
speculative basis at the rate of from 1,000,000 to
1,500,000 shares or more a day, week after week.
The transactions in time money, during all this time,
were inconsequential. Within the same period,
moreover, the people of this country had over
subscribed, by a substantial amount, an offering of
$4,500,000,000 Victory Loan notes. In view of these
facts and others that might be mentioned, the
average observer was at a loss to understand why the
rates for call money did not advance materially.
Tuesday afternoon, without much warning, they
began to move up rapidly, until it was reported
around 2 o’clock that as high as 11% was being paid.
Before the day was over, according to some reports,
a few belated borrowers paid 12%. Naturally, while

Referring to money rates in detail, loans on call,
owing to Tuesday’s flurry, covered a wide range,
namely, 53^@ 11% , compared with 43^@ 6% last
week. While this latter figure was only for a brief
period, it represents the highest point touched for
many months and was incidentally a precautionary
measure on the part of the banks to check the recent
excessive Stock Exchange speculation. On M on
day only one rate was quoted— 6 % being the high,
low and ruling figure for the day. Tuesday the high
was advanced to 11%, though the low was still at
6 %
and renewals were made at this figure. On
Wednesday, owing to the action of one large bank
in placing several millions on the market to be loaned
at 6 % , there was a relaxation in call rates, with
the range 5 ^ @ 6 % and 6% the renewal basis.
N o range was reported on Thursday, and renewals
were again negotiated at 6% , which was also the
high and low. Friday’s range was 5 ^ @ 6 % , with
6 %
again the ruling rate. These figures are for
loans on mixed collateral. Ordinarily all industrial
loans are quoted Y i of 1% higher, but this week as
high as 10% was asked at times, or 4 % above the
rate current for mixed collateral loans. In time
money also a firmer tendency has become evident
and offerings were less liberal than has been the case
in recent weeks. Nearly all of the trading was con
fined to the shorter maturities, and rates have been

advanced to 5 3 ^ @ 5 % % for sixty and ninety days
and four, five and six months’ funds, as against
5 H % a week ago. In the corresponding week of
1918 all maturities from sixty days to six months
were quoted at 6% .
Mercantile paper shared in the general firmness
and sixty and ninety days’ endorsed bills receiva
ble and six months’ names of choice character are now
5 Mj% , against 5 ^ @ 5 3 ^ % , with names not so well
known requiring 5 % @ 5 % % , against 53^% the week
preceding. Trading was quiet and featureless.
Banks’ and bankers’ acceptances ruled dull, and
it is understood that transactions were smaller than
for some time, which was undoubtedly due to the
stiffening in interest rates. The initial block of
Belgian acceptances, amounting to $10,000,000, is
now being traded in here. These bills, it is stated,
arrived in New York some weeks ago, but through
a legal technicality their offering in this market was
delayed. This is said to be part of the $50,000,000
credit that was granted Belgium by a group of
American financial institutions, headed by a New
York syndicate. Rates were firm, but not quotably
changed. Demand loans for bankers’ acceptances
continue to be quoted at 43/2%. Quotations in
detail are as follows:
--------------- Spot Delivery ----------------

Ninety
Days.

Sixty
Days.

E lig ib le b ills o f m em ber b a n k a __________ 4 }* i@ 4 5 *
E lig ib le b ills o f n on -m em b er b a n k a ____ 45* @ 4 %
In elig ib le b ills ....................................................65* @ 4 5 *

Thirty
Days.

4 5 * @ 4 }* » 4 5 * j@ 4
45*«@ 4 5 * 4 % © 4
5 5 * @ 4 5 * 55* @ 4 5 *

Delivery
within
3 0 Days.
4 56 b id
4 % b id
0
b id

No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal
Reserve banks. Prevailing rates for various classes
of paper at the different Reserve banks are shown
in the following:
©
§
©
*t
a.

3
S3
St
©
s
-©

s

©
I

6

St. Louis.

£

ft

©
ft

SSt
St

s

©
©

1
©
Q

©
£

1

i

Discounts—
W ith in 15 d a y s , ln cl. m em ber
b a n k s’ colla tera l n o te s ____
16 t o 60 d a y s’ n a tu r lty ___
61 t o 90 d a y s ’ m a t u r i t y . ..
A g ricu ltu ra l and liv e-stock
pap er o v e r 90 d a y s ________
S ecured b y U . S . certificates
o f Indebtedness or L ib 
erty L oa n b on d s—
W ith in 15 d a y s , Including
m em ber b a n k s’ c olla t-

©
N
3

Atlanta.

CLASSES
OF
DISCOUNTS A N D LOANS

Kansas City.

D IS C O U N T R A T E S O F F E D E R A L R E S E R V E R A N K S .

Cleveland.

the money market was moving upward the stock
market was moving downward. The breaks in the
issues which had been advancing rapidly from day
to day, without a serious setback, were pronounced.
Before the close of the Stock Exchange session moder
ate recoveries had been recorded. Naturally, before
the opening of the Exchange on Wednesday morning
there was considerable apprehension in some specu
lative circles as to what the stock market would do.
Outside of some of the most important circles more
or less unsteadiness in the speculative favorites was
expected. As a matter of fact, a strong tone was
displayed at the start and after a short time the
market settled down to a very orderly affair. Call
money opened at 6 and 63^%, respectively, for
mixed collateral and for all-industrials, and these
may be said to have been the prevailing rates ever
since. Yesterday, and the day before, for that
matter, the trading in stocks was on an enormous
scale, although the totals were not as large as on
Tuesday, when they exceeded 2,000,000 shares,
because of the heavy afternoon selling. Stockbrokers
are not disturbed now over the money market and
regard last Tuesday’s developments as only a little
“ object lesson” to those who were indulging in stock
speculation in a seemingly reckless fashion.
Only a small amount of time money is being sought
for by brokers who still believe that money con
ditions will become easier in a comparatively short
time. If the speculation in stocks is to be kept up,
if important financial plans are to be carried through,
and if the business of the country is to increase
materially, and European requirements are met, it is
a little difficult for the careful student to determine
why money should be much easier than at present.
While the offerings of securities were of good sized
volume in the aggregate the individual blocks put
upon the market were rather small. The gold
received thus far on the present movement has not
been in sufficient volume to be a factor in the local
money market.




[V ol . 108.

THE CHRONICLE

1 Boston.

3374

4
4
45* 45* 45* 45* 4
45* 45* 45* 45*
4
45 * 5
45* 45* 45* 45* 45* 45* 45* 45* 45* 5
5
5
6
451 45* 45* 45* 45* 45* 45* 45* 5
5

6

5

55* 6

6

55* 55* 55 * 55 * 55* 55*

'4
4
4
4
4
4
4
>4 5* 4
*45* 4
45*
10 t o 90 d a y s’ m a tu r ity ___ 45* 45* 45* 45* 45* ’ 45* ’ 45* ’ 45* 45 * ’ 45* 45* 45*

Trade Acceptances—

10 t o 60 d a y s ’ m a tu rity ___ 45* 4 5* 45* 4*20 45* 412(1 4hb 45* 45 * 45* 45* 434a
61 t o 90 d a y s ’ m a tu rity ___ 45* 45* 45* 45* 45* 45* 45* 45* 45 * 45 * 45* 45*
1 R a tes for discou n ted ban k ers’ a ccep ta n ces m aturin g w ithin 16 d a y s , 4 % :
w ithin 10 t o 60 d a y s , 45* % . an d w ithin 01 t o 90 d a y s , 4 5 * % .
• R a te o f 4 % on pap er secured b y F ou rth L ib e rty L oa n b o n d s w here pap er re
d is c o u n te d has been taken b y d iscou n tin g m em b er ban k s a t rato n o t exceeding
Interest rate on b on d s.
•F o u r per cen t on pap er secured b y U n ited States certifica tes o f Indebtedness.
4
R a te o f 4 % on pap er secured b y F ou rth L ib e rty L oa n b o n d s w here pa p er redis
cou n ted has b een taken b y d iscou n tin g m em ber ban ks a t rato n o t ex ceed in g Interest
rate on b o n d s; a lso on pap er secured b y U n ited S tates certifica tes o f Indebtedness
a F ifteen d a y s and u n d er, 4 5 * % .
Note I . A cce p ta n ce s purchased In o p en m a rk et, m in im um rate 4 % .
Note 2 . R a te s on pap er secured b y W a r F ln a n co C o rp o ra tio n b o n d s, 1 % higher
than o n com m ercia l pap er o f corresp on d in g m atu rities.
Note 3 . I n case the 6 0 -d a y tra d e a ccep ta n ce rate Is higher than th e 1 5-d ay d is 
cou n t ra te, tra d e a ccep ta n ces m aturin g w ith in 15 d a y s w ill b e taken a t th e low er ra te.
Note 4 . W h en ev er a p p lica tion Is m ado b y m em ber ban ks for renew al o f 15-day
pap er, th e F ed era l R eserv e ban k s m a y ch argo a ra te n o t exceeding th a t for 9 0 -d a y
paper o f th e sam e class.
R a tes for c o m m o d ity pap er h a v e b een m erged w ith th ose for com m ercia l paper
ol corresp on din g m a tu rities.

While no radical change has developed in the sterl
ing exchange situation, considerable weakness was
displayed this week, and under a resumption of th
pressure of liberal offerings of bills, demand recede
to 4
a loss of more than 3 points from the hig
of a week ago. Trading, however, was at no tim
active and the declines were largely the result of
lack of buying power. The market may be said to
be adhering rigidly to its policy of maintaining a

Giy2}

June 7 1919.]

THE CHRONICLE

waiting attitude pending the formal declaration of
peace. The latter event is something devoutly
desired, since it is pointed out that nothing definite
can be accomplished in the way of regulating export
trade, establishing credits and attempting to restore
normal conditions in international business, until
that happy consummation shall have been reached.
Exchange authorities are still a unit in refusing to
hazard any predictions as to the probable efficacy of
the remedial measures now being proposed, and
usually content themselves with the emphatic state
ment that some plan of action is urgently necessary.
The greatest divergence of opinion appears to exist
over the degree of aid which should be tendered Eu
rope in the form of credits. European needs arc
prodigious, especially for food, and yet practically
none of the war torn nations has either money or
goods to pay for these much needed supplies, so
that an enormous trade balance in favor of the United
States is being piled up. Some idea of the present
disparity between exports and imports may be gleaned
from the latest official figures which show that during
the ten months of the current fiscal year our exports
to Italy have been $417,000,000, while imports were
only $16,000,000. Our exports to France totaled
$805,000,000; our imports $46,000,000. To Bel
gium we have exported to the value of $250,000,000,
while imports reached the nominal total of slightly
over $100,000. Exports to the United Kingdom
were $1,678,000,000, while imports amounted to
$123,000,000. In view of these figures, it is not
surprising that the foreign exchanges are deranged.
However, it is contended by those most closely in
touch with the situation, that as this is merely
a temporary state of affairs, brought on by the exigen
cies of war and practically certain to adjust itself
in the course of time, it is clearly America’s bounden
duty to put forth adequate assistance in tiding her
former Allies over their present difficulties. If
properly conducted and safeguarded, moreoever,
it is almost certain to prove a highly profitable invest
ment. At the extreme close a slight upward reaction
in sterling was noted, and some of the losses were re
covered. This was attributed to the favorable im
pression caused by the inauguration of an inflow of
gold, likely to prove of considerable dimensions.
•
Dealing with quotations in greater detail, sterling
exchange on Saturday was slightly easier, and a
fractional decline was recorded to 4 6 3 % @ 4 63%
for demand, 4 6 4 % @ 4 64% for cable transfers and
4 62@ 4 62j4 for sixty days. On Monday there
was a further recession to 4 62@ 4 6334 for demand,
4 63@ 4 6434 for cable transfers and 4 6 1 % @ 4 62 for
sixty days, on active selling by several prominent fi
nancial institutions. Increased weakness developed on
Tuesday, when demand declined to 4 6 1 % @ 4 62,
cable transfers to 4 6 2 % @ 4 63 and sixty days to
4 6034@4 60% . Wednesday’s market was quiet
and barely steady; rates were again a small fraction
lower, the range being 4 6 1 % @ 4 62 for demand,
4 6 2 % @ 4 63 for cable transfers and 4 60@ 4 6034
for sixty days. Dulness was the chief characteristic
of Thursday’s transactions, although the undertone
was somewhat steadier and demand did not go below
4 61%; the day’s range was 4 6 1 % @ 4 61% , cable
transfers 4 6 2 % @ 4 62% with sixty days still at
4 60@ 4 60%. On Friday the market was quiet
but steady and demand bills ralliedto461% @ 4 6234,
cable transfers to 4 6 2 % @ 4 6334 and sixty days to
4 6 0 % @ 4 61; an influence in the firmness was proba




2275

bly the receipt of a further substantial consignment
of gold from Canada. Closing quotations were
4 60% for sixty days, 4 6234 for demand and 4 6334
for cable transfers. Commercial sight bills finished
at 4 61, sixty days “at 4 59% , ninety days at 4 59,
documents for payment (sixty days) at 4 58% , and
seven day grain bills at 4 61% . Cotton and grain
for payment closed at 4 61.
The week just closed has marked the commence
ment of a movement of gold from Great Britain to
this centre, via Canada, two shipments having been
received at the Assay Office for the account of
J. P. Morgan & Co. (the first on Tuesday), aggregat
ing in all $11,800,000. It is expected that a still
larger volume will shortly follow. No exports were
reported.
The Continental exchanges have experienced
another week of comparative inaction, with the
undertone showing distinct irregularity. Early in
the week the quotation for lire checks was advanced
to 7 84, against 8 42 at the close of last week, while
French francs recovered to 6 27 for sight bills— 19
points up. But that this firmness was merely due
to covering of shorts was soon proved by the sudden
relapse into weakness of these exchanges as soon as
the buying movement had culminated. Later there
were declines to 8 09 for lire and 6 52 for francs,
as a result of heavy selling for account, it was stated,
of European interests. Belgian francs displayed a
greater degree of firmness than for some time,
though trading was of negligible proportions and the
quotation little more than nominal.
International bankers are showing some dissatis
faction over the protracted delays in arriving at
either a satisfactory solution of the Adriatic prob
lem or a final peace settlement with the Central
Powers. That no real apprehension is felt, however,
is shown by the degree to which the subject of for
eign credits is being worked out. Widespread ap
proval is expressed over the progress that has been
made at the recent conferences just completed in
Washington between leading bankers, exporters
and Treasury officials, and it is intimated in well
informed circles that another series of formal con
ferences will be opened in a few days. In the mean
time discussions between individual bankers are
continuing and it is understood that the situation
has been greatly clarified, though as previously
explained, no formal announcement of what is in
tended is expected until the peace treaty has been
signed. In the opinion of many, while Germany is
playing a desperate game in her attempt to escape
some of the penalties of her war crimes she is pretty
sure to capitulate before armed force is again re
sorted to. Secretary of the Treasury Glass is
credited with the statement that the flotation of
foreign securities in this country should be under
taken by private banking interests, and as this
view was expressed shortly after the introduction of
Senator Owen’s bill in the Senate proposing a huge
Government organization to raise the funds neces
sary to finance foreign purchases in the United States
it would seem to indicate that the measure is not
likely to receive any considerable measure of Gov
ernment support.
On Thursday the American Relief Administration
announced that on and after June 4, and until fur
ther notice, the rate for German marks will be

3376

12.65 per dollar. It also announced that on and
after June 5, and until further notice, the exchange
rate for Rumanian leis will be 9.35 leis per dollar.
Up to this time the Relief Administration has been
unable to quote a rate for Rumania and has ac
cepted dollars to be paid in Rumanian leis at the
best rate obtainable on the date of payment. A
dispatch from London under date of June 2 states
that the British Treasury has withdrawn its control
over financial transactions with Russia, and that
licenses will no longer be necessary for exporting
money, credit and securities to that country. Fi
nancial interests here are watching developments
in Russia closely and no little attention was aroused
by the recent statements that the collapse of the
ruble has been responsible for a complete disorgani
zation of trade in the Far East. It is stated that an
extraordinary situation has been created in Kharbin
and North Manchuria by the depreciation in the
value of rubles which have now dropped to about
165 to the pound, against a pre-war rate of 10 to
the pound and that the recent action of the Omsk
Government in seeking to maintain the ruble has
added still further to the confusion by prohibiting
importation of commodities from China. It ap
pears that Chinese financiers have been speculating
heavily in rubles since the opening of the war and
are now in a state of panic because of the fear that
the devaluation of one currency may be followed by
a similar devaluation of other currencies. What
is said to greatly complicate the situation is the
shortage of small change which leads to a high value
being placed on certain denominations and fre
quent hoarding.
The official London check rate in Paris closed at
30.00, as against 29.93 last week. In New York
sight bills on the French centre finished at 6 47,
against 6 46; cable transfers at 6 45, against 6 44;
commercial sight bills at 6 48, against 6 47, and
commercial sixty days at 6 53, against 6 52 on Fri
day of the preceding week. Belgian francs closed
at 6 57 for checks and 6 55 for the cable remittances,
comparing with 6 72 and 6 70 last week. Lire
finished at 8 07 for bankers’ sight bills and 8 05 for
cable transfers. A week ago the close was 8 42
and 8 40.
Nothing new developed in neutral exchange.
Movements pro and con were not especially significant
and dealings were again small in volume. Irregular
ity was still in evidence, with Swiss francs, as has
been the case so often of late, the weakest feature.
Guilders were also decidedly easier, though the
Scandinavian exchanges remained about stationary
until Friday, when slight net advances were recorded.
Pesetas ruled easier but rallied and closed without
change.
Bankers’ sight on Amsterdam closed at 38% ,
against 39; cable transfers at 39, against 39%;
commercial sight at 38 11-16, against 38 13-16,
and commercial sixty days at 38% , against 38 9-16
a week ago. Swiss francs finished at 5 25 and cable
remittances at 5 23. This compares with 5 17 and
5 16 last week. Copenhagen checks closed at 23.50
and cable transfers 23.70, against 23.40 and 23.60.
Checks on Sweden finished at 25.50 and cable trans
fers at 25.70, against 25.30 and 25.50, while checks
on Norway closed at 25.40 and cable transfers at
25.60 against 25.10 and 25.30 in the week previous.
Spanish pesetas finished at 20.03 for checks and 20.10
for cable remittances, the same as last week. A




[V ol . 108.

THE CHRONICLE

dispatch -from London this week states at that
centre neutral5' rates** are moving favorably on
London with Stockholm quoted at 18.25, against
13.97% a year ago, Amsterdam at 11.85, against
9.50 and Madrid at 23.12, against 16.77%. The
same dispatch further states that the Dutch and
Swiss exchanges are moving unfavorably to Berlin,
so that Swiss francs are to-day quoted in Berlin at
36.50, against 39.42 a year ago and Amsterdam
guilders at 18.25, against 79.25 last year.
Referring to South American quotations, very
little change was noted, and the check rate on Ar
gentina finished at 44.00 and cable transfers at 44% ,
compared with 44.00 and 44% last week. For Brazil
the rate for checks closed at 28.00 and cable transfers
at 28% , against 28.00 and 28% a week ago. Chilian
exchange remains at 9 31-32 and Peru at 50.125(5)
50.375.
Far Eastern rates are as follows: Hong Kong, 83@
83% , against 83@ 83% ; Shanghai, 124@124%,
against 123%@124; Yokohama, 5 1 % @ 5 1 % , against
51% @ 52; Manila, at 50 (unchanged); Singapore,
56% (unchanged); Bombay, 36 (unchanged); and
Calcutta (cables), 36% (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained 86,033,000 net in cash as a result of the cur
rency movements for the week ending June 6. Their
receipts from the interior have aggregated $8,720,000,
while the shipments have reached $2,687,000. Add
ing the Sub-Treasury and Federal Reserve operations
and the gold imports, which together occasioned a
loss of $117,358,000, the combined result of the
flow of money into and out of the New York banks
for the week appears to havejoeen a loss of $111,325,
0 0 0 , as follows:

B a n k s’ in terior m o v e m e n t............... - 
S u b -T rea su ry and F ed eral R eserv e
op era tion s and g old im p orts----------T o t a l ............................................................

Net Change in
Bank Holdings.

Out of
Banks.

Into
Banks.

Week ending June 6.

$ 2 ,6 8 7 ,0 0 0 G ain

3 8 .7 20.000
27.5 0 3 .0 0 0

$ 0 ,0 33,000

144,021,000! L oss 117,358,000

$ 36 ,283 ,00 0! S14 7 ,6 0 8 ,0 0 0 !Ross$111,325,000

The following table indicates the amount of bullion
in the principal European banks:
June 0 1918.

June 5 1919.
Banks o f-

E n g la n d .
F ra n ce a .
G erm a n y .
R u ssia * . .
A u s -IIu n c
Spa in
I t a ly .
N e th e rl’ds
N a t .B e l.h
S w itz ’ land
S w e d e n ...
D enm ark.
N o r w a y ..

Gold.

|

£

I

Silver.

|

Total.

Gold.

Silver.

Total.

£

£

£

£

,794,502
................. 6 3 ,7 9 4 ,5 0 2
___' 86 ,934,800
934,800
,865,442 1 0 ,1 2 0 ,0 0 0 1 4 3 ,9 8 5 ,4 4 2
870,643 12,280 ,000 155 ,150,643
,283,700
0 ,0 2 1 ,5 5 0 1 2 3 ,3 0 5 ,2 5 0
1,035 ,000 77 ,109,050
074,050
,6 5 0 ,0 0 0 1 2 .3 75.000 142,025 ,00 0
650.000 12,375 ,000142, ,025,000
,0 0 8 ,0 0 0
2 .2 8 9 .0 0 0 1 3 ,2 97,000
2,372 ,000 13 ,972,000
,600,000
,652,000 25,856 ,000116, ,508,000 — ,104,000, 2 8 .2 7 1 .0 0 0 1 1 0 .3 7 5 .0 0 0
750,000; 2,944 ,000 35, ,694,000; 33 ,466,000] 3 .1 5 8 .0 0 0 3 0 ,6 2 4 ,0 0 0
6 0 0 .0 0 0 0 0 ,7 7 0 ,0 0 0
645 ,000 55 ,809,000 60 ,1 7 0 ,0 0 0
164,000,
6 0 0 .0 0 0 1 5 ,9 8 0 ,0 0 0
380.000
600 ,0 0 0 15 ,980,000 15 3 8 0 .0 0 0
.................. 1 5 ,0 4 6 ,0 0 0
,232,000
2,689 ,000 19 ,921,000 15 0 4 6 .0 0 0
1 4 ,3 07,000
200.000
io ,200,000 14 307,000; ..................I
136.000 1 0 ,3 6 5 ,0 0 0
136 ,000 10 ,510,000 10 ,2 2 9 ,0 0 0
,374,000!
..................
6 ,7 3 1 ,0 0 0
. . —I 8 ,188,000 6 ,731,000
,188,000

T o t . w e e k .6 9 3 ,0 6 9 ,4 9 3 6 0 ,9 3 2 ,0 0 0 7 5 4 ,001 ,49 3 693.034,644] 6 3 ,5 7 0 ,5 5 0 7 5 6 ,6 0 5 ,1 9 4
P r e v .w e e k 702,183 ,41 4 60,9 2 5 ,5 0 0 7 6 3 ,108 ,91 4 6 9 2 ,4 7 5 ,7 8 6 6 3 ,6 1 0 ,5 0 0 7 5 6 ,0 8 6 ,2 8 6
a G o ld h oldings o f th e B a n k o f F ra n ce this yea r aro ex clu siv e o f £ 7 9 ,1 3 1 ,1 3 7
held a b ro a d .
♦ N o figures rep orted sin co O cto b e r 29 1917.
c F igures fo r 1918 are th ose g iv en b y “ B ritish B oa rd o f T r a d o J ou rn a l” fo r D e e . 7
1917.
h A u g u st 6 1914 in b o t h y ea rs.

THE NEGOTIATIONS WITH GERMANY AND
AUSTRIA.
While the Peace Conference is manifestly giving
careful consideration to the German criticisms of the
peace terms offered to that country and to the coun
ter-proposals of the German delegates, the gist of the
terms to Austria have this week been submitted. As
regards the German terms, cable dispatches appear
strongly to indicate that certain modifications are be
ing seriously discussed. As was to be expected, this

June 7 1919.]

THE CHRONICLE

2277

discussion affects primarily the question of the pro over which, according to reports, the authorities at
vision for money indemnity; though the need of con Vienna are hesitating. That the treaty terms would
trol of the Sarre Valley coal region during the perioc. erect four separate independent States from the ruins
in which its output is being delivered to France in of the old Austrian Empire— Austria proper, Hun
reparation for destruction of her mines has probably gary, Czecho-Slovakia and Greater Serbia— and
also had a place in the deliberations.
would also alienate Austrian Poland to the new Polish
What direction the discussion of the money terms State, is entirely clear. This, it was equally plain,
is taking, the dispatches have left pretty much in would reduce the population of Austria herself to
doubt. This is a natural result of the obscurity which six or seven million inhabitants, as against more than
surrounds the terms themselves in the original text of fifty million in the old Austrian Empire.
the treaty. It is becoming increasingly plain that this
I ho cables tell us that the Austrian plenipotentiary,
part of the treaty is differently interpreted by differ Dr. Renner, the present Austrian Chancellor, ad
ent people, and that each interpreter professes to find dressed the Paris conference last Monday in an
confirmation of his own view in the text itself. The amicable spirit, expressly stating his Government’s
money article of the “ Morning Post” of London, com wish not to extenuate “ the horrible crime of 1914,”
menting on this fact, lately stated it as the feeling of praising the relief work of the Allies, and tactfully
the London banking community that there seems to addressing the Conference in French. The contrast
be no certainty whether the definitely stated indem of this with the somewhat defiant answer of the
nity of one hundred billion marks was meant to cover German delegates to the Allied Powers, a month ago
the list of damages to civilians for which Gemany to-day, has not escaped the attention of the corres
was to accept responsibility, or whether that sum was pondents. It appeared on its face to indicate ready
additional to whatever should be determined as the acquiescence by the Austrian Government in the
total of the civilian damages. Assuming this to be inevitable, and it is not yet clear what is meant in
in doubt, the aggregate indemnity might be one hun the dispatches from Vienna, telling of Austrian states
dred billions or two hundred billions, according to men who describe the terms as impossible of accep
which interpretation was correct.
tance.
No such element of controversy ought to be left in
Events of an epoch-making character have fol
a binding instrument of the sort, and that is especially lowed one another in such rapid succession, since the
true when there have been reports of a difference be defeat of Germany, that the mind hardly grasps to
tween the nations represented in the Conference as to day the immense historical significance of the dis
what the actual indemnity should be. There is some ruption of the Austrian Empire, on which the signing
reason to believe that the one hundred billion marks of the peace will place an official seal. During at
specifically named in the treaty, with the stipulations least half a century it has been tacitly or openly
as to how and when that amount should be paid over, assumed by statesmen and publicists throughout the
represented the report of the Reparations Committee world, that maintenance of Austria’s political integ
as to what Germany was capable of paying, and more rity was necessary to the security of Europe. That
particularly represented the view of the American this ill-joined combination of quarreling States was
financial experts. On the other hand, the English m danger of some day going to pieces— people used
and French delegates have apparently stood out for to say that only the life of the aged Emperor Francis
a much larger total payment— perhaps as a conse Joseph held it together— has long been acknowledged,
quence of Lloyd George’s unfortunate pledges at the but also with the prediction that its disruption would
English general election in December. But there plunge Europe into a gulf of political disorder such
ought to be no reasonable question as to the clarify as had not been witnessed in a century. It now
ing of the clauses which fix the scope and character remains to be seen how far the forecast was correct.
of this indemnity, before the German delegates can
Perhaps the Great War has itself embodied in
rightly be expected to sign.
one intense five-year political convulsion, all the evil
The treaty terms as submitted to Austria are not that could have come from Austria’s disintegration in
yet complete; in particular, the clauses regarding fi time of peace. It may be that the League of Na
nancial reparation are for the present withheld. In tions, once strongly established, will prevent the fu
the main, the terms as handed to the Austrian dele ture recurrence of the conditions which once seemed
gates at Paris last Monday have to do with territorial so threatening. The one certainty in the political
questions. In this respect the matter presented from outlook would appear to be that unless some such
one point of view a problem similar to the provisions powerful organization is in the field, with super
to the treaty with Germany; from another, it pre visory and restraining powers over the impulses and
sented a problem much more complex. That is to mutual jealousies of these new States, European
say, the Austrian Empire had already disintegrated diplomacy of the future may be even more full of
into at least four separate independent States before danger than it was after 1878 and 1912. This is at
the Paris Conference assembled, whereas Germany least one impressive argument for the incorporation
held territorially intact, unless one should make the of the League of Nations plan with the peace treaties
exception of Alsace-Lorraine as occupeid by the Al themselves.
lies.
In the case of Germany, the territorial provisions
A M E R IC A N C A P IT A L I N EUROPE.
affecting Poland, Danish Prussia and Alsace-Lor
The proposal, broached in the press, for the for
raine overrule an existing political status; but in the mation of an English-American banking syndicate
case of Austria they merely recognize conditions which for the rehabilitation of the industries of Europe,
had already come about through force of events, and in its broad aspect, is but a logical extension of the
in large measure with the assent of the Austrian Gov beneficence of credit throughout the world. Yet
ernment. The stipulations of the Austrian treaty, such are the conditions under which this extension
nevertheless, have an air of finality about them which will be made that great circumspection and caution
is historically important, and it is possibly that fact are imperative. An eminent American banker




2278

abroad has cabled an interview in which he avers
that a loan extension of outside capital to European
countries will go far toward the consummation of a
“ real peace.” From this interview we are led to
believe that little and large countries in need should
alike receive this benefit.
There is a hint that these loans by the strong and
unravaged countries to the weak and despoiled would
command a high rate of interest, and this suggests
some observations upon the future course of capital
that it is well to consider. We should not forget
that a class even in our country declared that this
was a “ capitalistic war.” Another class is even now
only too ready to say that we are to have “ a capitalis
tic peace.” And we all know of this sullen darkening
tide of unrest and prejudice that is rising against
wealth, and in some countries of the world threaten
ing to overthrow democratic institutions, in one
country actually achieving that result.
An international banking syndicate to revitalize
the impoverished industries of European countries,
if it is to proceed discreetly, must be cognizant of
two things, the mind and temper of the peoples to
be aided, and the political as well as economic con
ditions into which this loan capital is sent. At
another time, a time separated from war’s influences,
the ordinary procedures and safeguards might be
sufficient. They are but a part of the problem now.
We do not refer so much to the usual demand that
this capital shall enter industries protected by stable
governments as to the more important demand that
in so entering it free itself from even the appearance
of exploitation.
We have already through the agency of the Federal
Government invested about ten billions of our capital
in foreign loans. And if industries, as averred, are
still suffering from “ paralysis,” then we have here
tofore met only the needs of war, and a popular
absorption of foreign loans now made must meet
the demands of our internal war indebtedness of
twenty-five or thirty billions of dollars, that rest a
first mortgage on those resources which are to back
our industrial extensions as aforesaid. And the
thought here awakened is that if commerce i s to
conduce to “ peace” we must not forget our internal
wants and needs, albeit we shall be able to assist
overseas where help is most needed.
In a word, we must have peace at home before we
can have it abroad, and our surplus capital must
bend its energies to our own reconstruction and
reinstatement, before we can be assured that we
have capital to send abroad. Again, the capital we
are able to and do send abroad must concern itself
with the change sure to be made that the strongest
of the victors are seeking to more completely enslave
a world now burdened with unheard-of debts by
fastening mortgages upon the very industries by
which these people must recoup and sustain them
selves, and if this is so, capital in its own interest
must not exact the highest interest.
More, however, such is the condition of world
affairs— capital must not only be cautious and cir
cumspect, must not only demand the ordinary
business safeguards and security— it must demand
that trade which will follow its advent shall not be
circumscribed by restrictive laws which will throttle
the natural energy of credit, or be imperiled by
political conditions set up in the construction of the
machinery of peace. T o illustrate, it would be foolish
to extend loan-capital to industrial Europe and then



|Vo l . 108.

THE CHRONICLE

refuse to deal equably with the trade-power thus
created. If now upon the ruins of war capital out
of its abundance, and in its individual capacity, is
to flow freely over the earth, then the goods created
by capital must be equally free from governmental
control. If this is not so, building up industries
foreign only to shut them out of world-markets by
restrictive laws imposed by the stronger govern
ments whence this very capital proceeds, will not
only endanger the peace of the world, but contribute
to a condition of dependency which gives rise to the
animus of hatred of the rich and threats of revolution
against so-called capitalistic governments and the
growth of the sinister appeal of anarchy. To state
a general truth— if capital is to preserve its existence
it must be warned always against political theories
that seek its destruction; and, though it wander far
afield, remember, it must demand the same freedom
for trade it claims for itself, trade having within it
as its largest component, labor.
P U B L IC

S E N T IM E N T

OF R A IL R O A D S

IN

FAVOR

TO P R I V A T E

OF

RETURN

O W N E R S H IP .

In order to gather data as to the feeling of the
country about the transportation problem, the
Association of Railway Executives lately sent a
circular letter of four questions to 13,424 conductors
of newspapers, addressing them as observers and
judges of public opinion rather than molders and
leaders of it. Replies came from 44% of this num
ber, as noted elsewhere. To the first question,
“ does public opinion, in your judgment, seem to
favor the return of railroads to private ownership
and operation as soon as this can properly be accom
plished,” 83% of the persons replying said yes,
11% said no, 4 % seemed uncertain, and 2% made
no answer. This is the main question in the case,
if what the country wishes is to be taken as the best
policy. To the second question, whether, if return
is favored, this is “ in part based on the desire to see
competition in service and facilities restored,” 75%
said yes, 6% said no, and 7% and 4% respectively
were doubtful and silent. To the third, “ what is
the general sentiment in your community on Govern
ment ownership and operation of railroads,” 78%
deemed opinion to be against such ownership, 11%
favored it, 7% were doubtful, and 4 % were silent.
To the fourth, concerning “ the feeling regarding the
proposal to extend the period of Government oper
ation for five years,” 74% were against that, 10%
were for it, 9% were doubtful, and 7% were silent.
We may, therefore, take it— and it is to be hoped
that Congress will so take it— as showing that the
people want the seized properties returned as soon
as practicable; further, that the return must be
effected in full and just accordance with the pledge
of a return without impairment. It would be rash
to assume that the members of the railway brother
hoods are clear-headed and unselfish enough to
readily consent to the ending of a relationship which
has given them repeated largess at the cost and
hazard of all others; but it is far from certain that
organized labor in general, not being so blinded by
apparent immediate self-interest, is nearly solid
against ending this bad situation. The conception
of the powers and functions of government, however,
has been so confused, and the popular mind has been
so muddled and misled by the swift rush into Govern
mental expansions in the last eight years, that we
should probably err if we ascribed this change in

June 7 1919.]

THE CHRONICLE

2279

public opinion to a better view of what constitutes the conspiracy is clearly wide-spread and clearly
a wise economic and national policy than to the fact well planned for its mad purpose. By whatever
that of Governmental operation the people have hac name these persons call themselves, whether Bolshev
enough to satisfy. The thing has been tried, with ist, Red, I. W . W . or Anarchist, they are all Ishmaels
abundant assurances of good results to be attained of the most extreme type, public enemies, cumberers
and it has failed.
of the ground. They manage to subsist, because
In the degree that people, in all localities and al they are a small minority and the working and orderly
walks of life and all lines of industry, have had to use support them, willingly or unwillingly. They would
transportation in the last eighteen months, Govern reform society by destroying society. Take a few
mental control has come to mean increased cost with of the “ plain words” in the circular left by them:
decreased efficiency. Concentration, consolidation
“ The powers that be make no secret of their will
practically, the “ pooling” which the regulative to stop here in America the world-wide spread of
policy had forbidden— this was to accomplish revolution; the powers that must be reckon that
great things, and it has accomplished them, al they will have to accept the fight they have provoked.
“ A time has come when the social question's
though not in the direction promised. A few
weeks before the seizure, one advocate of Govern solution can be delayed no longer; class war is on
mental ownership expressed to a Congressional and cannot cease but with a complete victory for
the international proletariat.
committee the roseate estimate that 400 millions
“ We are ready to do anything and everything to
annually would be saved out of expenses; a few weeks suppress the capitalist class, just as you are doing
after the seizure, the Director-General estimates anything and everything to suppress the proletarial
before a Senate committee that he would be able to revolution.
“ Long live social revolution; down with tyranny.”
offset completely, by various economies, the pending
rises in wages and prices. The wages were raised—
This would bring back, could it succeed, the times
raised almost before the ink on the seizure Act hac before any social state existed, when the fellow with
been allowed time to get its full strength of color; the stoutest arm, the heaviest club, and the thickest
they have been raised more than once, and have been skull was leader to the extent of having his own will
made retroactive; gross earnings have risen, but and preying upon the others. It casts from hiding
have not been able to keep pace with expenses. The its challenge to society by selecting as victims the
dismal tale has been repeated in the official figures,
men who have been prosecutors of criminals; it also
until the deficit for April is reported as over 41
challenges the skill and energy of the country to
millions from the standard return. The rates which
discover the plotters. Society must accept both
were raised to cover the wage advances that were
challenges; it must discover, and it must punish.
to be fully offset by economies will now, it is to be
It must realize that anarchy and Bolshevism has
expected, require to be further raised. How much,
become an active cult, misusing the press and even
nobody can tell in advance, in face of the demon
poisoning the minds of children. There seems to
strated fact that the roads are not paying their
be law enough, for the Penal Code of this State
way. No government on earth can alter or beat the
pronounces criminal anarchy any advocacy of over
arithmetic. Rosy estimates have no guarantee.
throwing the Government by violence, and makes
Not even a political necessity can coin a vacuum.
it a felony to teach or advise, verbally or otherwise,
The demonstration is complete as far as it has gone.
forcible overthrow of Government, or to counsel
Governmental operation is a dismal failure, with
assassination, “ with intent to teach, spread, or
only one last state possible that would be still worse,
advocate the propriety of the doctrines of criminal
namely Government ownership.
.
anarchy;” furthermore, “ the killing of a human
Congress is moving slowly in this matter, and it
being is murder in the first degree, when com
should move deliberately. Once let it be established
mitted by an act imminently dangerous to others
past any room for even raising a question that the
and evincing a depraved mind, regardless of human
country has determined upon carrying out the pledge
life,” even though there is no premeditated design
of return, in both letter and spirit as made, and that
on any particular life; and if the killing is done in
the difficulties are positively to be grappled with and
committing a felony but without design to effect a
overcome, and the end will be secure. Here is one
death it is murder in the first degree. The attempts
case where real progress involves turning back upon
made to destroy dwellings of public prosecutors,
and out of a dangerous path mistakenly and weakly
seeking to paralyze the arm of the law by terrorizing
entered. We cannot safely take one fresh step in
those who move that arm, come under this defini
the wrong direction. We have had our lesson; let
tion of murder, and when criminals openly defy
us act upon the teaching and set ourselves firmly
the law the response must be by redoubled and
against repeating the error. Thus only can the
successful efforts to punish. Anarchy announces
lesson be made worth its heavy cost.
its intention to destroy the social state; society must
protect itself by destroying anarchy.
A N A R C H I S T TE R R O R ISM A N D T H E N E E D OF
There has been too much leniency, and leniency
F IR M N E S S IN D E A L IN G W IT H IT .
is interpreted as conscious weakness. It is said
The country was startled on the last day of April
that the I. W. W . alone is publishing thirteen
by the discovery that some miscreant had placed a
journals and that the number of journals advocating
number of packages containing explosives in the
social revolt reaches at least a score. For an example,
mails here, and that one reached its destination and
this from a recent issue of a sheet calling itself
caused the death of an innocent servant. Now
“ Freedom:”
comes an attempt to destroy selected persons in a
“ How long are we going to tolerate the tyranny
number of cities, with the killing of one faithful
of lawmakers in this country? . . . At this very
night watchman and one of the criminals, the
lour an inestimable number of our comrades are
latter by a premature explosion of the missile he was aeing mutilated in the institutions of capitalism,
carrying. Operating simultaneously in eight cities, while at the same time countless thousands lie




2280

THE CHRONICLE

nullified, awaiting deportation. . . . Our answer to
you and your laws is as obvious as ever. We are
anarchists, and as such we will propagate the phil
osophy of anarchism until the establishment of the
free society is assured. Your laws do not disturb
us— the more laws you make the weaker becomes
your position. You threaten us with deportation;
we gladly accept your challenge— what's more, we
are ready, no matter where we go— we are anarchists
just the same. Governments are Governments,
no matter where they exist; and it is the duty of
every anarchist, wherever he may be, to work for
the abolition of such. We look your hirelings in
the face, and challenge them to deport u s."
These are the ravings of madmen, but madmen
are too dangerous to be allowed at large; so society
holds, and shuts up some, but permits others to
incite the pervert or weak-minded to acts of violence.
Governing of one person by another is an evil,
but a necessary evil. Until the ideal when each
governs himself according to the laws of God
is attained, there must be some external Govern
ment. That Government should be kept at the
minimum, but it becomes unjust and hurtful when
too lenient towards wrongdoers, and weakness
towards incendiarism tends to create incendiaries.
THE

T R A N S A T L A N T IC
AN D

F L IG H T — C O U R A G E

S C IE N C E .

M an’s courage is equal to any call that may be
made upon it. This has been proven in war; it is
now being proven in peace. Ascending into the
belt of air that swathes the globe and in frail aerial
barks, men have crossed the stormy Atlantic. The
honor comes to the United States under the tutelage
of its Navy, Commander Read in the NC-4 reaching
Plymouth safely. In the case of the American
planes, they were built for oversea voyages, and
their ocean route was marked by a line of war strips
so spaced as to be available for rescue if needed.
We steered by the smoke and searchlights of the
ships and the flares sent up, said the Commander of
NC-4, which alone of the three machines starting
from St. Johns made the first leg to the Azores
without mishap. In the case of the$English (Au
stralian) aviator Hawker, mounting his small land
plane, he really made his leap into the immensity
of space with little to guide by save the stars and
such nautical calculations as he might be able to
make, trusting his life and success to the dependabil
ity lo f his machinery, the rapidity of his flight and
his own endurance. All the world knows how,
after flying 1,050 miles, his engine failing, he alighted
safely in the sea, and was rescued. In each of these
attempts courage of the highest order was necessary,
and was possessed by all the men.
Secretary Daniels, on his return, said “ the navy
has been preparing for this for two years," and
expressed the opinion that little was left to chance.
The country, despite the added cost of ships other
wise idle, may well congratulate the navy on its
achievement; and the English Admiralty, though
the Sopwith machine and effort were but a private enter
prise, must feel some regret, even under the happy ter
mination, that it made so few preparations, set up so
few safeguards, in behalf of the intrepid men who
staked their all in behalf of an arm of the “ service"
so important to ships at sea whether in war or peace.
And yet when all is said, a flaw in the machinery,
aA.unexpected tempest of weather may mean dis
aster and nullify all hones. However, we trust our
lives every day to machinery in motion, and to



[V o l . 108.

constructions, in which the strength of materials,
though tested, measures life or death. It is a fair
conclusion, not only from these recent efforts, but
from the general rapid growth of aeronautics in the
past five years, that the air is conquered. Imagina
tion may well picture the upper air filled with
fleets of ships carrying man and his products, by the
most direct route and fastest speed, to every part of
the earth.
Progress, and we presume it must always be so,
moves forward by uneven stages, and rarely along
parallel lines. Power on these transatlantic air
planes is dependent upon explosive engines fed by
gasoline, though they carry wireless telegraph and
telephone. What has become of Mr. Edison’s
electric storage battery u Y s complete" according to
his own words in the “ North American Review,"
so many years ago? Undoubtedly aeronautics is
in its infancy, despite these prodigious feats that now
so astonish and exhilirate us. We see man in his
constructive moods. And while caution in experi
ment must deprecate unwarranted adventures based
on almost incredible courage, the layman is en
couraged in constancy and energy when he realizes
that the one supreme object is to bring into more
general usefulness a new achievement in trans
portation. So testing and so judging actual flight
he still may harbor the hope that new wonders are
in store.
It is now more than a quarter of a century since
many, perhaps they were more academic than prac
tical, experimenters saw in the fish the model of the
flying machine. And for centuries, we may say
almost, the air was to be conquered by bird-men with
movable wings. Finally the Wrights builded their
first gliding machines, one seeming principle of which
is that motion overcomes gravity, and it may almost
be said that to-day the aeroplane slides down the
wind or skates on thin air, a sort of combination of
the soaring eagle and lifting seagull. Somehow
power is translated into motion, though the axis of
resistance is the light medium of air, and the pro
peller with its marvellous revolutions draws or drives
all that is attached to it.
Speed is perhaps now a sacrifice to safety, and
starting and stopping hardly more than makeshifts.
Men have long observed the motions of the dragonfly
— darting hither and yon like a flash, stopping in
stantly, poised in air, or settling gracefully and easily
to rest, its winged power under complete control,
and serving it far beyond the powers of airships to
serve man at this time. Perhaps the machine power
of the airplane may be turned to new purposes, even
as a mere cogwheel transfers the direction of power
and motion, and speed become a willing sacrifice
to safety. At any rate, each new invention pro
gresses more rapidly than the last by reason of the
application of old laws to new uses.
The object developers of this science should ob
viously set themselves to is to make the new inven
tion of service to man in a better and more abounding
life. It is not “ all of life" to crowd every experience
into a few years. Life indeed may be extended by
slowing it down and made more enjoyable by tem
perate uses of things, opportunities as well as pos
sessions. Collectively it may be well to compress a
century into a day but individually it is well to stretch
a day into a century. One man can no more possess
himself of all knowledge than he can personally enjoy
the fruits of all wisdom. If there i s a spiritual nature,

J une 7 1919.]

THE CHRONICLE

a serene contemplation is as important as a riotous
physical progress. If this is true, a walk in the woods,
careless of the passing of a day, may be more than
a trip to London from crowded New York in twentyfour hours. To fly across lots at small cost in perfect
safety to visit a neighbor may in the “ simple life”
outweigh all the stunts and aerial acrobatic which
rash courage and a feverish desire to live fast may
accomplish. Men were brave enough when the
stage coach or prairie schooner crossed the plains
and in their six months’ journey developed between
themselves as much humanitarianism as now hangs
like a desert mirage above the smoke and waste
of a world war. If mere courage is to prove that it
is not “ all of death to die,” it must look beyond—
for self, and for others who linger on. T o save a
world by decimating and impoverishing it must ever
be open to question.
And invention if it is to
fill the world with peace and joy must become
a practical helper rather than a spectacular ad
vance.

THE

DEBATE

OVER

THE

A M E R IC A N

SYSTEM .

C R E D IT

2281

defines a trade acceptance as “ a draft or bill of ex
change drawn by the seller on the purchaser of goods
sold, and accepted by such purchaser.”
Such acceptances are of long established use in
the foreign markets. Generally what are known as
Acceptance Houses,” which guarantee such ac
ceptances, play a prominent part in their flotation.
No such provision has been made in connection with
them here. For this reason, or some other, the new
plan is not accomplishing the best results, or working
fiecly in the lines anticipated. It is attacked as
un-American, as inimical to the valuable and wellestablished Cash Discount System, and, in fact,
advocated wholly for selfish and personal reasons
by certain groups.
.
It is proposed now by some who are thorough
believers in its importance, especially under the new
conditions which the war entails everywhere, that
the situation would be wisely met if Trade Accep
tances should be modified by having them pass
through, and be supervised and endorsed, or ac
cepted across their face, by the local bank of the
maker. The process then would be this. The
buyer, after accepting the paper coming to him with
his invoice, would pass it to his bank, which would
add its acceptance, made as the result of previous
arrangement by the buyer, and would then forward
it to the seller.
I his proposed change is based on the recognition
of certain simple truths to which attention is asked.
Without venturing to say what will be the ultimate
method, or even that any one method will be the
best, we wish to call attention to certain obvious
considerations which are important to the discus
sion.

The question of credit, both as to the principles on
which it shall rest and the method by which it shal
be conducted, is evidently a very live issue; as wit
nessed by its appearance in the larger gatherings
of business men, the Chamber of Commerce of the
United States, the Southern Wholesale Grocers’
Association, and the American Bankers’ Conven
tion.
It is .always a matter of interest when the sug
gestion of a change, or a modification, of a widely
established habit arouses a sharp debate.
Trade acceptances, whether accepted by a bank
If America is to enter the markets of the world or not, must not be confused with bank acceptances
it is desirable, as it will certainly, prove necessary, piopei, inasmuch as they should represent strictly
that it understands the business methods of the commercial exchanges. They are based on the
outside world. It does not follow that its domestic value of the goods purchased, and also on main
methods should be the same, but it will be an ad taining that value as assets until the transaction is
vantage if they so far correspond as to merge readily, completed in their re-sale. The evil of trade ac
and there is strong probability that either, or both, ceptances made on any other basis than for mer
brought into close relation, may possess feat chandise bought for re-sale, appeared in the abuse
ures that would be of benefit if adopted in both of bills of exchange in the past, when they were made
fields.
to cover any sort of transaction, until the system
We arc having eager and intelligent advocacy of in our domestic use was discredited. This it is
the “ American Credit,” or the “ Cash Discount,” proposed to safeguard.
System, which is in general domestic u selm d has
Payment for goods may properly be connected
certain obvious merits. It shortens the term of
with their ultimate re-sale; consequently the trans
the credit, closing the transactions of buying and
actions involved may be treated as one. In usual
selling promptly, it tends to restrict indiscriminate and normal conditions the buyer is in a stronger
buying, and, now that free collection of checks is
position if he reserves his capital chiefly for current
provided under the Federal Reserve system, it
and emergency use, and buys on the basis of not pay
avoids the cost of collection which usually attaches
ing for goods until they are sold. He should buy at a
to notes or acceptances. The advantage it gives
price which exceeds net only by approximately the
to firms having ample capital over others having normal rate of interest. For, if the system adopted
less, but being equally valuable to the community is such as to establish trustworthy credit, this is all
and deserving of success, is charged against its the seller has a right to ask above the net cash price.
use, but this is only one of many incidental disad If he should offer a larger discount for cash than
vantages which differentiate one man from another this, the buyers in any given community would be
in every relation of life.
forced to borrow so extensively that the local rates
In the interest of this “ American System,” as it is would be forced up to an approximately equal level,
called, opposition is made against the introduction or loans would be restricted to the stronger film s'
of “ Trade Acceptances”..jis provided by the regula thus forcing out the younger and weaker men, or it
tion of the Federal1Reserve Board of Juno 29 1917. would quickly exhaust that portion of the funds
The Reserve Act of Dec. 23 1913 provided that of the local bank which could be allotted to loansYo
“ any Federal Reserve bank may discount notes, merchants.
drafts, and bills of exchange arising out of actual
The whole situation would be met if, instead of
commercial transactions;” and the Reserve Board advancing cash, the local bank should endorseTthe




3383

THE CHRONICLE

[V ol . 108.

acceptance. That would create a paper readily
T H E S Y M P A T H E T IC S T R IK E I N W IN N IP E G .
marketable at minimum rate in the larger financial
O tta w a , C a n a d a , J u n e 6 1919.
centres, because it would be guaranteed by a bank
The
first
serious
test
of the “ sympathetic strike”
of known character and connection. Meanwhile it
weapon
in
Canada
has
failed.
The City of Winnipeg,
would have this two-fold advantage (1) it would
which
recently
faced
a
general
tie-up by the action
leave the assets of the local bank as liquid as they
should be for the best interests of the community of 35,000 workers, is fast returning to normal.
and of the bank; and (2) it would keep the deter Not the least remarkable feature has been the total
mining of the credit of the merchant under the eye absence from physical violence. Two weeks of the
and in the hands of his bank, the personality nearest Ditterest sort of contest finds the record still un
to him, and far better able to know his actual con stained. This is to be attributed not only to the
dition and his right to credit in making purchases moderate counsels of the strike leaders, but to the
than is the visiting drummer, whose observation is firm stand of a neutral “ Citizens’ Army” of seven
necessarily only intermittent and superficial, and thousand and the determination of returned soldiers
whose chief interest is to make sales, but who to-day to lay low the first anarchist who showed his head.
This week, the Toronto Trades and Labor Council,
is the sole representative if the distant creditor.
which
lately espoused a similar city-wide sympathetic
The arrangement with his bank on which his time
strike
in
order to enforce compliance with the demands
purchases would be based would secure to the mer
of
metal
workers, was obliged to save its face by
chant the lowest prices in the open market, as the
bank’s guaranty would be the best obtainable, both rescinding its original order. Undoubtedly, this
for intimate knowledge and commercial responsi was a direct consequence of the Winnipeg failure.
bility. It secures an oversight which protects the Vancouver workers are staging another “ sym
trade acceptance in its use strictly for commercial pathetic” maneouvre, but the nation-wide spread of
transactions; and at the same time it provides such the plan, which Federal Ministers say was hatched
care for the maintenance of assets, which constitute in I. W . W . headquarters at Calgary, is not to be
the basis of the credit, as can be secured in no other apprehended at this time.
With the first force of labor disruptions pretty
way. Over against such acceptances, which would
be readily discounted by the banks of the commercial well expended in Winnipeg and arbitration of differ
centres, it is to be remembered that bills payable ences proceeding quietly, the Dominion Government
are not unlikely to be considered a sign of weakness, has sought to bespeak the community point of view
as at once is seen when those of any firm appears in in dismissing from Federal employment for all time
to come more than five hundred persons who ‘walked
quantity.
.
The benefit to the bank would be, beside keeping out” of the Winnipeg postal and other public ser
its resources fluid, to which we have already re vices, despite their signed contracts. The effect of
ferred, increasing substantially the average amount this tonic on future conduct is seen by the refusal of
of its deposits, as these acceptances would take the Toronto and other postal workers to adopt the
place of a certain amount of cash purchases; estab sympathetic strike plan.
Government ^nd other public leaders are quite
lishing a close touch and a valuable advisory rela
agreed,
however, that reform of Canadian industrial
tion with the local merchants; and greatly enhancing
the confidence of the community in the bank, conditions is on the wing and remedial action is urgently
which would be seen to be helpful in important called for. Legislation for shorter hours and minimum
ways and intimately connected with the general wages is not within the Dominion Government’s
jurisdiction, although such constitutional restriction
welfare.
If it is held, as some maintain, that the later does not discourage union leaders in demanding
modifications of the Federal Reserve law do not national laws recognizing collective bargaining as a
contemplate the same privilege of discount for these right, minimum wages, and an eight-hour day.
acceptances as for bills of exchange, as the accep It is by no means improbable that such concessions
tances would equally arise out of “ actual commer will be enacted by provincial legislatures within the
cial transactions,” the law could be so interpreted, next few months.
Another vital point of labor complaint, the cost
or, if necessary, amended.
of
food and clothing, is undergoing present investiga
The adoption of this simple method would place
tion
by the Ottawa authorities. The best index to
the responsibility for the credit where it properly
the
cost
of living twelve months hence is to be found
belongs, with the financial institution of the pur
in
the
preparations
of nearly all labor unions to en
chaser’s own community.
The knowledge of this fact would lift the general force new wage schedules at the expiry of present
level of commercial credits throughout the country, contracts. Many of these demand twenty to forty
and would increase the purchasing ability o f the per cent, advance.
community. It would stabilize the financial re
sources of the country and it would put us in line
with the merchandising of the world.*
We see no reason why the introduction of the
trade acceptance so strengthened in general use
should be antagonized as inimical to the cash dis
count whenever the resort to that seems advan
tageous, or why it should be charged with being
advocated because of selfish considerations or by
men ignorant of the country’s needs.
* In confirm ation o f this wo w ould call attention to tho im portant articlo
In our issue o f last week on tho Itussian situation and tho account o f tho
part played b y the Russian com m ercial banks in building up overy form o f
dom estic industry and trado and o f tho controlling part thoy will havo o f
tho reconstruction o f Russia.




.
6 1919.
In certain Canadian financial and railway corpor
ations, knighthoods have been bestowed with such
perfect regularity upon succeeding presidents that
the title is now popularly accepted as almost a per
quisite of the office. Democratic feeling in the Cana
dian Parliament has been aroused to such an extent
that by a vote of 96 to 43 the following request is now
on its way to King George: “ To refrain hereafter
from conferring any title of honor or titular distinc
tion upon any of your subjects domiciled or ordinarily
T H E T W IL IG H T OF C A N A D IA N

T IT L E S

O tta w a , C a n a d a , J u n e

June 7 1919.]

THE CHRONICLE

resident in Canada, save such appelations as are of a
professional or vocational character or which apper
tain to an office.” This radical measure went
through Parliament virtually with the consent of the
Government. Indeed, it was left to a very frank
Cabinet Minister, M r. Carvell, to read the obsequies,
which he proceeded to do with delightful bluntness:
“ We might as well realize that where there was one
of that class, there would be a dozen whom the King
did not know at all and about whom he cared noth
ing. The King has nothing to say about it except in
these few outstanding cases. People are made
knights because they want to be made knights; be
cause they have sufficient influence with their politi
cal friends, or in some other way. After all, the
recommendation of a knighthood ip Canada comes
from the Prime Minister, from the Government.”
According to the last printed list, Canada con
tained 85 knights, nine baronets and seven peers, the
latter two classifications being hereditary honors.
With some notable exceptions, nearly all of this num
ber had gained distinction in commerce and finance,
although the professions of law, medicine and engi
neering were fairly represented.
Following the strong pronouncement of the Cana
dian Parliament, it is regarded here as highly im
probable that any further knighthoods will be forth
coming from the British Colonial Office, with which
the Canadian Governments were wont to negotiate.

CEunxut gwirts ami §ism ssion s
C O N T I N U E D O F F E R I N G OF B R I T I S H T R E A S U R Y
B ILL S.

The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on a dis
count basis of 53^%, the rate recently prevailing. The
bills are dated Monday, June 2.
N E W C R E D I T TO I T A L Y .

A credit of $10,000,000 in favor of Italy was established
by tho Treasury Department on June 6, making a total of
$1,581,500,000 placed to tho credit of that country, and
bringing the total credits established in favor of the Allies
up to $9,390,219,124.

2283

E F F E C T OF CO LLAPSE OF R U B L E I N
A N D K H A R BIN .

M A N C H U R IA

The following, dated London, May 20, appeared in the
“Journal of Commerce” June 4:

Advices to the “ Times” from Pekin state that the collapse of the ruble,
which has now dropped to about 165 to the pound sterling (the pre-war rate
was ten to the pound), has created an extraordinary situation at Kharbin
and in North Manchuria. Business is at a complete standstill, and the
Omsk Government, in seeking to maintain the ruble, has added to the con
fusion by forbidding the import of goods from China.
Tho various kinds of notes differ enormously in value, while scratched,
dirty and torn notes are arbitrarily discounted according to their condition.
The time limit fixed for the "Kerensky beer labals,” for 40 tor 20 rubles,
hitherto tho principal currency on the Chinese Eastern RaUway, has de
preciated these notes by nearly 80% , and railway and banking finances
are totally out of gear.
The Chinese, who have been speculating extravagantly in rubles, since
the war began and are immense holders, are in a panic because they fear
that tho devaluation of one category may be followed by tho devaluation
of other categories. The curse of the situation Is tho shortage of small
change, which leads to a special value being placed on certain denomina
tions, and consequent hoarding. The urgent necessity is for some sort of
unification and the withdrawal of various categories of notes in circulation.

P A Y M E N T OF I N T E R E S T O N R U S S I A N G O V E R N M E N T
BO N D S.

It was announced on Monday last, June 2, that pay
ment of the semi-annual interest (due June 1) on the 5H%
Russian Imperial Government external bonds was being
made at the National City Bank of New York on behalf
of the Russian Commission.
RESOLUTION I N HOUSE B E A R IN G O N A M E R I C A N O W N E D R U S S I A N BO ND S.

On May 30 Representative Mason of Illinois introduced
in the House a resolution directing the Foreign Affairs
Committee to investigate the amount of American-owned
Russian bonds and tho plans for their interest payment.
Bondholders, his resolution said, have been charged with
using their influence to keep American troops in Russia, so
that any Government that may be recognized there may
be compelled to accept the validity of these securities. The
resolution was referred to the Committee on Rules.
A M E R I C A N RELIEF A D M I N I S T R A T I O N 'S A N 
N O U N C E M E N T A S TO E X C H A N G E R A T E FOR
R U M A N I A N LEIS.

On June 5 the following was issued at the New York of
fice of the American Relief Administration:

Tho American Relief Administration announces that on and after June 5
and until further notice the exchange rate for Rumanian leis will be 9:35
leis per dollar. Up to this time the American Relief Administration has been
unable to quote a rate for Rumania, and has accepted dollars to be paid in
Rumanian leis at the best rate obtainable on the dato of payment.

C O M P A R A T I V E F IG U R E S OF C O N D I T I O N OF
C A N A D IA N BANKS.

In the following we compare the condition of the Canadian
U R U G U A Y A N C R E D I T TO I T A L Y .
banks, under the last two monthly statements, with the
On June 4 the “Journal of Commerce” said: “Tho tJru- return
for June 30 1914:
guayan Government proposes to grant a credit to Italy of
ASSETS.
$15,000,000 to $20,000,000 for the purchase of Uruguayan
April 30 1919. Afar. 311919. June 30 1914.
produce, on tho same conditions as those of tho credits to
S
S
S
Gold and subsidiary coin—
other allies.”
B R I T I S H T R E A S U R Y R E M O V E S CONTROL OVER RUS
S IA N F I N A N C I A L TRANSACTIONS.

In special cablo advices from London Juno 1, the “Journa
of Commerce” said:

Tho Treasury announces the removal of control over financial transac
tions with Russia. Licenses will no longer bo necessary for exportini
money, credit or securities to that country.

R U S S I A 'S D E B T TO F R A N C E .

'

The following is taken from the “London Financial News”
ofJMay 11:
Great interest has been expressed in attempts to ascertain tho exact
amount of French capital invested in Russia at tho outbreak o f tho war
Wo bolieve that the following are accurate figuros:
State issues and municipal bonds guaranteed by tho Stato flrs.15.268,000 000
Shares and debentures:
, Railroads (not guaranteed) and tramways.
80 000 000
Metallurgical................................................ I " 1750.000!oOO
Collieries...............................................................200,000,000
& Sundry mines....................................................... 130,000,000
L Chomical products............................................... 50.000,000
Naphtha............................................................... 307,000,000
G Textilo................................................................... 67,000,000
Miscellaneous....................................................... 76.000,000
Total of industrials.....................- ................. ..................... 2.368.000,000
17 636 000 000
Graud t o t a l . . . . . . . . . . . . . — ________________
This is an amount of roughly £705.450.000^a’ hugo’ sum.’ but not so
largo as^tho estimates which have frequently boon published in this con
nection would have led us to suppose.




61,568,476
18.685,091

28,948.841
17,160,111

Total.............................
80,457.169
80,253.567
Dominion notes.......................... 177,085.317
172,651,993
Depos. with Minister of Finance
for security of note circulation
7,618,219
5,865.538
Deposit of central gold reserves
112,200.000 108,350,000
Due from banks-------------------- 177,356,952
180,703,585
Loans and discounts---------------- 1.289,887.182 1.289,811.502
Bonds, securities, &c_________ 430,748,639 429,460,447
Call and short loans in Canada.
86,091.844 87,601,337
Call and short loans elsewhere
than in Canada....................... 155.533.666
160,116,443
Other assets--------------------------90,174,659
97,349,148

46.108,952
92,114,482

In Canada..............................
Elsewhere.......................... ..

61,521,905
18,935,264

6.667,568
3,050.000
123.608,936
925,681,966
102.344.120
67.401.484
137,120,167
71,209.738

Total.

2,607,153,647 2.612.163.560 1.675,307,413
LIABILITIES.
S
$
$
189.075.000 192,866,666
Capital authorized..................... 194.075,000
Capitol subscribed.................. - 114,927.400
112,401,700
115.434.666
Capitol paid up--------------------- 113,766.272
111,722,628 114.811.775
Reserve fund............................... 119.799.736
117,433.322 113,368.898
Circulation..............— ........... 208,958,572 214.576,870
99.138,029
Government deposits.................. 209,884,010
249.848,086 ■’'-•’44.453.738
Demand deposits....................... 784,062,235
776,901.875 kf495.067,832
Time deposits.............................1,070,985,080 1,037,851,766 ; 663.650.230
Due to banks................................
50,616.614
45.183.472 ' 32,426,404
Bills payable.....................
2,535,218
1,931,593
20,096.365
Other liabilities----------------------25,054,552
31.864 683
12,656.085
Total, not Including capital
or reserve fund.................. 2,352,096.281 2,358,158.246 1.330,488.683
Note.— Owing to the omission of the cents Inlthe official reports, the
footings In tho above do not exactly agree with the total given.

2384

THE CHRONICLE

TR AD IN G I N BELGIAN ACCEPTANCES.

Announcement that the initial block of acceptances
amounting to $10,000,000, arising from the $50,000,000
commercial export credit established in New York in Feb
ruary for a consortium of Belgian banks was being traded
in was made on June 5. The New York “Times” of that
date had tho following to say regarding the placing of the
bills on the market:
Tho differences which have existed between tho group of American
banks and the Belgian syndicate over the terms o f the S50.000.000 Belgian
acceptance credit have now been adjusted and the first block of the bills,
totaling SIO.000,000, will bo offered in the open market to-day. Tho re
maining $40,000,000 will bo offered, it is expected, within the next fort
night. Tho bills are now in transit and tho American syndicate managers
expect to rcceivo them shortly.
Tho first allotment o f $10,000,000 comes from tho four original mem
bers o f the American group, which are the Guaranty Trust Company, tho
National Bank o f Commerco, tho National City Bank, and J. P. Morgan
& Co. This money was called about a month ago. The remaining $40,
000,000, wh.ch is to be supplied by tho 138 banks which participated in the
original agreement, has also been called and will bo available as soon as tho
bills arrivo from abroad.

[Vol . 108.

American Relief Administration in Europo. But this is merely a stopping
stone to permanent commercial arrangements and tho foreigners in America
aro asked to support this exchango system now, as it represents tho definite
beginning of financial connections between this country and tho liberated
nations. Whilo it is chiefly represented at tho present moment in tho
transactions of food, it will gradually bo transformed into transactions cover
ing other commodities and lead to definite trado relations. It is prohibited
by law to send money by any other medium, and no one of foreign birth
can justify using any other means for sending money to his relatives as tho
support given by him to the A. R. A. in tills work is indirect support of his
own Government as well as that of tho United States in its effort to complete
tho fourth and final step of its intervention in Europo.

BELGIU M A S IN T E R M E D IA R Y BE TW E E N U N IT E D
S T A T E S A N D CONGO F R E E S T A T E FOR T R A N S 
M I S S I O N OF M O N E Y ORDERS.

Tlio New York Post Office announced on June 2 that in
formation had been received from the Post Office Depart
ment at Washington to the effect that Belgium has announced
its readiness to act as intermediary between the United States
and the Congo Free State for the transmission of international
orders. T. G. Patten, Postmaster at Now York, says:
Last week (page 218G) we referred to tbe fact that the money
Belgium acted as intermediary between the United States and tho Congo
credit had not yet become operative because of differences Free State for many years prior to tho war, but with tho invasion of Belgium
tho Germans the service was necessarily suspended. Tho resumption
between the managers of tho American syndicate and the by
will be under the same rates and conditions as prevailed prior
Belgian banks. Tho “Wall Street Journal” in an explana ofto business
the interruption.
tion a week ago as to the delay stated that the agreement
printed in English when translated to French was not ac P L A N S FOR C O - O R D I N A T I O N OF F I N A N C I A L A N D
ceptable to tho Belgian interests, and until tho point at is
I N D U S T R I A L I N T E R E S T S OF U. S. FOR E X 
sue had been cleared up the bills would not bo offered in
T E N S I O N OF E U R O P E A N C R E D IT S .
the local market.
A movement looking to the co-ordination of tho financial
E X P L A N A T I O N B Y A M E R I C A N R E L I E F A D M I N I S  and industrial resources of tho United States with a view to
extending credits to European countries had its inception on
T R A T I O N OF F O R EIG N E X C H A N G E S Y S T E M
Tuesday last, June 3, when some twenty bankers mot in
B A S E D ON FOOD S H I P M E N T S .
at tho offices of J. P. Morgan & Co. From what
In an effort to eliminate misconceptions which have arisen conference
has
been
learned
of tho meeting, no definite stop was taken
as to the nature and operation of tho exchange system inaug beyond tho appointment
a Committee of Fivo to study
urated in April between the United States and the liberated tho situation and roport of
back its conclusions. In tho ab
nations of Central Europe, through the American Relief sence of any official statement
to tho plans, wo
Administration, Edgar Rickard, Joint Director of the Amer quote tho following from the Nowrelativo
York “Times” of tho 4th:
ican Relief Administration, issued a statement on Juno 1 The plan tentatively offered is to co-ordinate
financial re
giving the fundamental reasons why the Administration ex sources. and, if poss.ble, its .ndustrial resources, »nAmerica’s
such a way as to give
greatest degree of assistance with tho minimum expenditure of effort.
tended its relief work to include the transmission of money. tho
It is realized that the task ahead of tho Un.ted States .s tromendous, and
Mr. Rickard said that, in many quarters, the impression had w.ll
the most eff.c.ent efforts of all interests financial, industrial,
grown up in this country that it was necessary for foreign- and require
commercial. To this end. it w.ll be necessary, it was explained, to
perfect co-operat.on bouween bankers and producers of all comborn Americans to buy food here in order to transmit money insure
to their relatives and friends in Europoan countries. He mocLt.es.
Meetings similar to that of yesterday will bo held in tho loading financial
emphasized tho fact that this impression was an erroneous centres of tho country, w.th the Idea of form.ng uit.matoly one American
representing tho banking and industrial interests in ail parts of
one and that the American Relief Administration simply re committee
United States. Stress was laid on the importance of having manufac
ceives money orders through American banks which aro pay the
turers and merchants, mining interests, grain and cotton growers, food
able in the currency of the countrios to which they are sent animal producers, &c., assembled with tho bankers in tho general schemo.
them, it was said, no comprehensive plan could bo formed.
upon arrival on the other side. Foreigners deposit thoir Without
also said that Europe would have to co-ordluato its demands.
American dollars in tho banks here and the banks turn it over ThoIt was
European countries aro expected to form central groups, which wll
collect information as to tho national needs, and will forward this to the
to the American Relief Administration, which sees that the American
group. In this way, it is hoped to bring tho producer in America
orders are paid in currency to the porsons to whom they aro and the consumer
into closer touch, promote efficiency In tho hand
sent. There is no compulsory purchase of food required ling of trade, and abroad
return commercial relations to something approximating
basis as early as possible.
either of tho payer or payee. The American Relief Admin a normal
neutrals, which havo accumulated great gold supplies and are
istration ships food in bulk and does not receive packages of saidEuropean
to be richer than over before in their historios probably will organize
food for shipment.
along lines similar to those adopted in this country
Central committees,
after tho fashion of tho one proposed for America, arc expected to bo
Incidentally, Mr. Rickard states that the present arrange formed
brought Into being. One prominent banker yesterday expressed tho opin
ment represents the dofinito beginning of financial connec ion that at some timo in tho futuro, possibly quito soon, an international
tions between this country and tho liberated nations. Mr. committee might follow as a natural development. Such a committee
probably will not develop until plans In tho individual countries reach a
Rickard says:
more advanced state.
The intervention o f tho American Government in Europo can be divided
into four distinct stages: First, armed intervention; second, suggestion of
peace terms, which finally led to tho signing of tho armistice; third, supply
o f relief to tho liberated countries; fourth, re-establishing of commerce be
tween the liberated nations and tho outsldo world.
Each successive stage represents tho natural advanco beyond tho preced
ing stage, and all constitute a logical sequence of overlapping steps. For
instance, our armed intervention against Germany, oven if successful from
a military point of view, would not of itself havo attained our full purposes
in entering the war. Having established tho theory of self-determination
which effected tho isolation of Germany, wo had to endeavor to secure a
satisfactory arrangement as to geographical division o f territory. With
this in tho way o f accomplishment, we could not abandon tho now countries
thus established without making some effort to supply them with food.
Having drawn upon our stocks of food in America and placed these sup
plies at tho disposal of the liberated countries in order to meet their require
ments until their own harvests becamo available, wo shall not havo fulfilled
our full obligations unless we make some effort to ro-establish commerco.
Commerco is fundamentally dependent upon definite financial relations bo
tween countries which hope to do businesss with each other. Tho devel
opment of tho fourth stage o f American Intervention, therefore, has its
beginning in tho .scheme that has been worked out by which tho banks in
America aro offered immediate contact with tho banks in tho liberated coun
tries through the medium o f tho American Reliof Administration. Be
ginning April 22, this new arrangement offered foreign-bom Americans tho
opportunity to forward individual money gifts or payment of money for
firms, individuals, institutions or relatives at homo. It was expanded in
M ay so that drafts could bo purchased on home banks and travelers could
leavo America with the satisfaction of knowing that their dollars hero had
a definito value in tho currency of thoir own country at homo.
It is obvious that it would havo been impossible in tho early stages after
tho armistice, to sot up any such banking relations without tho intervention
o f tho Government and this was mado possiblo by tho relief work of the




Whatever is done, it was explained, will bo undortakon with tho knowl
edge and sanction of tho various Governments, but it was stated emphati
cally that tho program now being considered does not provide for Govern
ment participation in tho sonso that any Government will make money
advances or will participate in any financial syndicate. It may bo. it was
said, that arrangements will be mado botwoon Govornmonts which, to a
certain extent, will supplement what is done by privato Interests.

R E S U M P T I O N OF GOLD S H I P M E N T S FR O M G R E A T
B R I T A I N TO U N I T E D S T A T E S .

Gold shipments from Great Britain to tho Unitod States
have been resumed during tho past weok, tho first consign
ment of $6,300,000 having been receivod by J. P. Morgan
& Co. on tlio 3d inst. by Avay of Ottawa; on tho 5th inst. a
second shipment to Canada for tho account of tho firm was
announced, making a total of $11,800,000 in tho two ship
ments. Tho movement is tho first sinco early in 1917; it is
reported that a total of $50,000,000 is expected to bo brought
in. From the “Wall Streot Journal” of Juno 3 wo take tho
following:
Resumption of gold shipments from Canada is not altogether surprising
Several factors havo been pointing to tho movomont for some timo. It
means that Great Britain Is undertaking to pay her way again In tho Now
York oxchango market.
•
Some timo ago tho British Chancellor of tho Exchequer announced In
Parliament that Great Britain would endeavor to lean on tho United States
in tho matter of obtaining further credits from our Government only to tho

June 7 1919.]

THE CHRONICLE

extent that tho Allies leaned on her. In other words, that England would
attempt to meet her own Indebtedness by direct settlement.
In tho meantimo the amount which tho United States Government Is
authorized to loan to tho Allies Is approaching Its limit o f $10,000,000,000,
so that, unless Congress authorizes further credits, or private banking loans
aro obtained here, European countries will have to meet futuro Indebtedness
on this side through regular settlements in tho foreign exchango market or
by shipments of gold. Total loans to Allies aro now $9,370,300,000, of
which $4,236,000,000 was made to England.
Tho unpegging o f the sterling exchango market in Now York on March 20
pointed to the possibility of a resumption o f tho gold movomont before long.
Before we entered the war and undertook to extend credits to tho Allies,
Great Britain was successful in maintaining tho stability o f tho exchango
here principally by the shipment o f gold, tho sale o f securities and by floating
loans from time to time. When control was removed in tho exchange
market (which meant that J. P. Morgan & Co. wero no longer placed in
funds obtained by the British Government from tho United States loans to
purchaso sterling at $4.76 7-16 for cables) sterling underwent a decided
slump. Evidently tho British Treasury Is o f tho opinion that it is timo to
como to the aid of tho exchango market again by shipping gold to New York.
Bankers are inclined to think that Great Britain has a large store of gold
in Canada, accumulated there with tho ultimate object of taking caro of
the credit situation on this side upon the exhaustion o f tho United States
loans to tho Allies.
How much gold is stored in Canada for British account is, of course, not
known hero, but bankers are inclined to think that there may be at least
$200,000,000. As a.war measure tho British Government naturally sup
pressed announcements of gold movements so that nobody outside of official
circles knows where the regular weekly arrivals o f gold from the South
African mines, &c.. have been going to. The Bank o f England statement
gives no indication o f it and the reservo o f gold against tho British Treasury
notes has not been increased for three years.
A banker, commenting upon the gold movemont, says: "This is the only
way England can stabilize sterling exchange pow in this market. As long
as tho discount rate is maintained at a higher Iovel hero than in London
there is no Inducement for the movement o f funds from Now York to tho
British money market. England cannot ship goods, so for tho present sho
must ship gold to help rectify tho unfavorable balanco against her.”

2385

was concurred in by almost unanimous vote of the members
of the Exchange on May 28. The removal of the miminum
restrictions went into effect on Monday last, June 2. In its
reference to the removal of minimum prices the Montreal
“Gazette” of May 29 said:
At a mooting held early last January the consensus o f opinion expressed
was in favor of the retention of the minimum levels until the signing o f the
peace treaty, but the protracted negotiations at Versailles and tho possi
bility of still further delay owing to the reluctance of the Germany Govern
ment to sign the treaty have resulted in a change of sentiment in this
respect, with tho result that yesterday's decision was arrived at.
Toronto removed tho restrictions at the opening o f the present year,
but the action of the executive o f that exchango had little influence on
the local situation, although it was feared in some quarters here that some
effect of an injurious nature might be felt here as a result of such action.
Such fears, however, later proved goundlcss.
The improvement in Montreal market conditions, which has resulted
in the emerging of most of tho minimum-bound issues to the open trading,
and the feeling that little injury will result from the withdrawal o f the
restrictions in so far as they affect what stocks are still in this category, have
their corollary in yesterday’s action o f the members o f tho Montreal Ex
change. It is also felt that considerable bonefit will probably ensue through
making a market for the stocks affected. The decision of the brokers in
this respect, it is understood, has the approval of local banking interest.
Among the most important stocks In the mimumum class are tho follow
ing: Bell Telephone, on which the minumum was recently reduced to 125,
owing to the fact that the issue is selling ex-rights: Tram-Power, which has’
a mark of 23 set against it: Dominion Bridge, which so far has failed to
respond appreciably to the better tone of market conditions and Is bound
to a minimum o f 123: and Wayagamack, the price-restriction of which is 50.

ACTION OF NEW YORK CURB M ARKET TOWARD
PREVENTING DEALINGS I N WORTHLESS
SECURITIES.

The New York Curb Market Association, through its
Secretary, A. B. Sturges, made known this week the adoption
on May 29, at the instance of the District
Raymond T. Baker, Director of the U. S. Mint, is reported of a resolution
office, under which members promoting or
to have stated on June 3 that tho question of the lifting of the Attorney’s
advertising any new unlisted securities are instructed to
gold export embargo was under advisement by Secretary filo
with the Secretary a prospectus giving all information
of tho Treasury Glass and the Federal Reservo Board.
relative to such company. The following is the announce
ment made by Secretary Sturges:
MOVEMENT OF CURRENCY TO WEST.
To the Members of the New York Curb Market Association:
Complying with request o f the District Attorney's Office
_ With reference to tho currency demands in the Southwest at Gentlemen.—
York relative to certain transactions in securities traded in upon
incident to the crop moving period the “Wall Street Journal”, theNew
New York Curb Market, we beg to advise you that at a regular meeting
on tho 4th inst. stated that during last week alono a ship of the Board of Representatives held May 28 1919, the following resolution
unanimously adopted:
ment of $4,000,000 to rural points in Kansas, Missouri and was“ Resolred:
that members before promoting or advertising any new un
Oklahoma was made by the Fedoral Reserve Bank of Kansas. listed securities,
are instructed to file a prospectus or statement giving all
Wo quote as follows from the paper referred to, the inform Information in their
possession relating to such company with the Secretary's
office, and any violation of this resolution shall be deemed an act deteriation emanating from Kansas City:
rnental to the interests and welfare of the New York Curb Market Associa
L IFT IN G OF GOLD EMBARGO BY U N IT E D STATES.

Heavy shipments o f currency to interior points o f tho winter whoat bolt
of tho Southwest have begun. This demand is an annual feature of tho
whoat harvesting period, but it is expected that tho call for funds this
month will establish a now record, owing to tho extraordinary wheat crop
about to bo harvested in Kansas. Tho currency demands aro mainly for
$5 bills, as this is tho denomination used in paying tho thousands of harvest
workers who help gather tho now wheat. Tho harvest laborors will receive
$5 to $7 a day and board and lodging.
S In tho past week, tho Federal Reserve Bank o f Kansas City alono sent
$4,000,000 in currency to rural points in Kansas, Missouri and Oklahoma.
In tho month o f April, the Federal Reservo Bank shipped a total of only
$6,000,000 in currency to all points. This institution makes no charge
for shipping currency, so tho volume o f this business is centring moro'and
moro on it and drifting away from its member institutions.
For a period o f about three weeks, beginning Juno 15, Kansas whoat
growers will incur a daily oxpenso o f moro than $500,000 In paying tho
wages o f outside harvest hands who aro being urged to come to tho State to
help gather tho wheat crop. Kansas is asking for 100,000 to 120,000
harvest hands besides its own workers.
While Kansas binds only about half o f its wheat crop, heading the
remainder, its expenditures for binder twino for harvesting tho 1919 yield
will exceed $1,680,000. Kansas, Missouri, Nebraska, Oklahoma and
Texas combined will spend moro than $3,000,000 for binder twino alono.
Kansas City banks have already made loans to interior institutions to cover
payments on binder twine.
In addition to tho demand for money to meet tho oxpensos o f tho greatest
wheat harvest in history, banks report that grain dealers and millers aro
beginning to make Inquiry for funds. For a timo, Kansas City banks will
undergo a “ doublo load" in lending, providing funds to pay for tho harvest
work and to pay for purchases of tho grain. Howovcr, a heavy flow of
monoy into tho banks of this section will start by July 15 if weather con
ditions aro favorable. In tho past week, tho Federal Rcsorve Bank of
Kansas City reported an Increase o f moro than $4,000,000 in Its rediscounts,
tho first gain in moro than a month, owing largely to tho inauguration of
whoat harvest domands.
Liquidation o f loans on an unprecedented scale is expected to follow as
soon as tho now wheat crop movement is well under way. B y July 15, it is
probablo.that funds in banks will have reached a point which will lead local
institutions to withdraw from tho East loans which thoy discounted there,
especially cattlo paper. Ono o f tho Kansas City stockyards banks has
cattlo paper In tho East which it expects to begin withdrawing tho latter
half of July in order to provide employment for tho largo additions in its
doposits now in prospect.
Whilo tho weather has boon too wot, resulting in somo damage to tho
wheat crop, Kansas still lias a prospect for 200,000,000 bushels. Bright
weather throughout the month o f June will bring tho host results from
whoat and other crops in tho Southwest.

REMOVAL OF M IN IM U M PRICES ON MONTREAL
STOCK EXCHANGE.

Tho proposal of tho Governing Committee of the Montreal
Stock Exchango to abolish minimum prices which, owing to
war timo conditions wore re-established in tho fall of 1917,




tion.

Very truly yours,
A.

B. STURGES.
Secretary.

It is also announced that a General Welfare Committee
has been appointed whose duties, it is understood, will be
to investigate stocks sought to be traded in on the curb. In
referring to the action taken by the Curb Association the
New York “Times” of June 5 said:
Contrary to a somewhat general belief the New York Curb Market
Association cannot absolutely control transactions on the Curb market.
It can hold sway only over its members. The present move, it is hoped,
however, will do much to clear away any trading in securities which do
not have the approval of the association. The first attention, it is under
stood, will be directed toward the oil companies of which there have been
a largo number launched since the first of the year. About 90% o f these
aro not listed with the Curb Association. It is not the intention, however,
to discriminate against all unlisted securities, for the Standard Oil issues
como in this class and are among the highest priced stock traded in on tho
curb. The endeavor will be simply to separato the chaff from the wheat,
so that tho public may be protected against tho fraudulent companies.

CALL MONEY AT 11 % —W ARNING AGAIN ST SPECU
LATION BY FEDERAL RESERVE BOARD.

Tho extraordinary activity on the New York Stock Ex
chango this week, with call money reaching 12% on the
3d inst, has been one of the events of no little moment. In
pointing out that this was the third time since the Federal
Reserve System has been in operation that call money has
touched the high figure of Tuesday last, the “Wall Street
Journal” of the 3d inst. said:
This was due to tho excessive demands on the floor of the Exchange and
tho fact that banks had prepared for payments on Victory note allotments
in oxcess of $10,000 which were due on Juno 3..
When money touched 10% of the National City Bank sent $5,000,000
to the floor to be loaned at 6% . It is said that this institution never loans
call money at a rate higher than 6 % .

Incidentally the pressure on the clearing facilities of the
Exchange occasioned by the unusual trading has been com
mented upon in tho “Wall Street Journal” as follows:

Congestion o f stock clearing facilities on Tuesday was the greatest in
its history according to officials of the New York Stock Exchange Clearing
IIouso. To handle the largest turnover since Dec. 21 1916, amounting t o
2,219,600 shares, it was necessary to keep the Clearing House force a t
work all night. Some clerks who reported in at nine o'clock Tuesday
morning, were still at work after the opening of the Stock Exchange this
morning.

s h a ll n o v e r g e t u n d e r s u c h a n e x e c u t iv e lo a d

S t o c k c le a r in g s h e e ts w h ic h o r d in a r ily c o m e in d u r in g t h e a ft e r n o o n fr o m
th e

d iffe r e n t b r o k e r a g e h o u s e s , w e r e s t ill b e in g

la s t e v e n in g .
essary to

r e c e iv e d

up

to

q u it e s u c h

51 o ' c l o c k

keep stock

c le a r in g m a c h in e r y

at w ork

O n e p h a s e o f th o p r e s e n t s it u a t io n w h ic h p a r a lle ls c o n d it io n s t h a t h a v e

th e

in

th e

N ew

s e c u r itie s

Y ork

S tock

m a rk et.

D u r in g

E xch an ge

have

th o

been

past

upon

m on th
a

b a s is

p r a c t ic a ll y u n p r e c e d e n t e d s in c e t h e o p e n in g o f t h o w a r a n d p a r a lle le d o n ly
b y t h e a c t iv e m a r k e t o p e r a t io n s w h ic h m a r k e d th o a d v e n t o f la r g e m u n it io n s
o r d e r s w h e n t h o E u r o p e a n c o n t e s t h a d d e fin it e l y e s ta b lis h e d it s e lf.
A

s u c c e s s io n

of

“ m illio n -s h a r e

d a y s ,”

w it h

a b n o r m a lly

h ig h

p r ic e s

in

m a n y c la s s e s o f g o o d s , h a s in d ic a t e d t h o s c o p e o f th e s p e c u la t iv e m o v e m e n t
i t s e l f , w h i l o t h e f a c t t h a t m u c h o f t h e b u y i n g w i t h i n r e c e n t w e e k s is s a i d t o
have

com e

n o t fr o m

p r o fe s s io n a l tr a d e r s

but

fr o m

p r o s p e c tiv e

in v e s to r s

t h r o u g h o u t t h e c o u n t r y , in d ic a t e s t h e h o ld w h ic h t h o m o v e m e n t is a lr e a d y
ta k in g u p o n th e p o p u la t io n o f th e U n ite d S ta te s.
O n e p h e n o m e n o n w h ic h h a s p r e s e n t e d it s e lf a s a n in c id e n t t o th is s p e c u 
la t iv e

m o v e m e n t is t h o

e x is te n c e o f h ig h

c a ll m o n e y r a te s .

T h e s e ra tes

h a v e a t tim e s g o n e a s h ig h a s 7 H % , a lth o u g h o n ly fo r a s h o r t p e r io d
any

in s ta n c e .

S u ch

flu c tu a tio n s

of

th e

c a ll m o n e y

ra te

have

in

p r o m p tly

b e e n fo llo w e d b y lit t le m o r e th a n v e r y m o d e r a t e c u r ta ilm e n t o f th e v o lu m e
of

b a n k in g

a c c o m m o d a t io n .

T h ere

is

h ere

u n d o u b te d ly

an

e le m e n t

of

d a n g e r t o th e fin a n c ia l p o s it io n o f th e c o u n t r y .
O r d in a r ily a s h a r p c h e c k c o u ld b e a d m in is te r e d t h r o u g h th e a d v a n c in g o f
t h o r a te s o f r e d is c o u n t a t F e d e r a l R e s e r v o b a n k s .

S u ch a

ch e ck fo r th e

m o m e n t e n c o u n te r s s o m o d if f ic u l t y a s lo n g a s th e F e d e r a l R e s e r v e b a n k s
d e e m it n e c e s s a r y t o p r o m o t e t h o a b s o r p t io n o f L ib e r t y L o a n s e c u r itie s b y
m a in ta in in g

lo w

ra te s.

F or

th o

m om ent

th o

a v o id a n ce

of

a b n o r m a lly

h ig h lo a n a c c o u n t s m u s t b e e ffe c t e d b y m e a n s o t h e r th a n t h o s o w h ic h w o u ld
o r d in a r ily b e a p p lie d u n d e r th e m e t h o d s a n d p r in c ip le s o f c e n tr a l b a n k in g .
E v e n t u a lly ,

w hen

c ir c u m s t a n c e s

w ill

p e r m it,

and

th o

F ederal

R eserve

b a n k s a s su m o th e ir n o r m a l fu n c t io n s m a k in g a d v a n c e s c h ie fly a g a in s t liq u id
c o m m e r c ia l p a p e r , r e d u c in g t o s m a ll p r o p o r t io n s a d v a n c e s a g a in s t U n it e d
S ta tes

G overn m en t

c o lla t e r a l,

a

n a tu ra l a n d

e ffe c tiv e

ch eck

to

e x istin g

c o n d it io n s in t h e m o n e y m a r k e t m a y b e a f f o r d e d t h r o u g h c h a n g e s in r a t e s
a t F ederal R eserve ban ks.

Last week, when Wall Street brokers loans went beyond
the billion dollar mark, the “Wall Street Journal” in its issue
of May 27, said:
W a ll S tr e e t b r o k e r s ’ lo a n s h a v e n o w c r o s s t h e b illio n d o lla r m a r k .
is

an

in c r e a s e

of about

re m o v e d fr o m

$ 4 0 0 ,0 0 0 ,0 0 0

s in c e

M arch

1.

T h is

R e s t r ic t io n s

w ere

b e g in u n til M a r c h .
T h e a g g r e g a te o f b o r r o w in g s o n s t o c k m a r k e t c o lla te r a l o n S e p t. 16 1 9 1 8 ,

d u r in g

th e

past

tw o

m on th s

th e ir I n d e b te d n e s s a t th e F e d e r a l
.
. .
, .
d is a p p r o v a l In im p o r t a n t b a n k in g

t h o w a g e e a r n e r a n d t h e m o n e y e d in t e r e s t s m u s t m e e t o n a f a ir b a s is w h ic h

th o

con sequ en t

e x p a n s io n

in

sta tem en t w a s

m ade

th a t

th e

M oney

C o m m it t e e

reserved

t h o r ig h t t o in t e r v e n e in t h e lo a n s it u a t io n a g a in i f s u c h a c o u r s e w a s d e e m e d
a fiv is a u iu .
.
M e m b e r b a n k s a r e h e a v ily I n d e b t e d t o t h e F e d e r a l R e s e r v e in s t it u t io n s
th rou gh

th e

e x te n s iv e

G overn m en t

m e m b e r b a n k s o n ly 4 M % m oney

ra tes

a lth o u g h

banks

th ey

W ith

c o n tin u e

s h o u ld

now

be

R e s e r v e in s t it u t io n s .
T h i s p r a c t i c e Is m e e t i n g
q u a rters.

I w ill g e t a c q u a in t e d w it h m y c h ild r o n .

John G. Lonsdale, President of tho National Bank of
Commorce in St. Louis in an articlo which appeared in the
St. Louis “Republic” May 19, is credited with advancing
tho opinion that there is an extensive industrial unrest which
must ultimately be met by the business interests along lines
which will produce a square deal to workers and investors
alike. In part the article (written by Jesse Blythe) quotes
Mr. Lonsdale as follows:

and

I t w ill b e r e c a lle d t h a t w h e n t h e M o n e y P o o l w e n t o u t o f e x is t e n c e la s t
th o

I a m g o i n g o u t W e s t w it h s o m o o f m y c h ild r e n a n d w ill

JO H N G. LONSDALE ON NECESSITY OF SQUARE DEAL
TO WORKERS AND INVESTORS A L IK E .

b r o k e r s ’ lo a n s s o m e a c t io n m a y b o ta k e n t o c u r b W a ll S tr e e t a c t iv it y .
J an u ary

as I ca n ,

s t o c k m a r k e t c r e d it in J a n u a r y , b u t th e e x p a n s io n d id n o t

w h e n c r e d it w a s r e s t r ic t e d , w a s e s t im a t e d a t $ 6 8 0 ,0 0 0 ,0 0 0 .
I n v ie w o f th o e x c e s s iv e p r o p o r t io n s w h ic h s t o c k m a r k e t s p e c u la t io n h a v e
assu m ed

A s soon

Mr. Vanderlip became President of tbo National City
Bank in January 1909, succeeding tho late James Stillman,
who at that time was made Chairman of tho board. Prior
to becoming President, Mr. Vanderlip had from July 1901
been a Vice-President of the institution and during the few
years preceding his installation as President much of the
active management of the bank had devolved upon him.
Up to 1897 Mr. Vanderlip had been engaged in nowspaper
work in Chicago. In that year, when Lyman J. Gage was
made Secretary of the Treasury, Mr. Vanderlip went to
Washington as Mr. Gage’s private Secretary,and a month
later was made an Assistant Secretary. Ho resigned that
post several months prior to his election to the management
of the National City. Mr. Vanderlip, as noted in those col
umns last week (page 2190), returned from Europe on
May 18, after spending several months abroad in a study
of financial and economic conditions in Europe. During
the war Mr. Vanderlip was a momber of tho Liberty Loan
Committee of the Federal Reserve District of New York,
and also served until his resignation last fall as Chairman of
tho National War Savings Committee. James A. Still
man, Mr. Vanderlip’s successor as President of tho National
City Bank, is a son of the late James Stillman; tho younger
Mr. Stillman succeeded his father as Chairman of tho board
in April of last year following the death the provious month
of James Stillman. James A. Stillman boforo becoming
Chairman of tho board had been General Executive Manager.
It is understood that the post of Chairman of tho board will
not be filled for the present. The announcement of Mr.
Vanderlip’s resignation this week was couplod with reports
that Charles V. Rich, General Executive Managor, had also
resigned. Mr. Rich has been absent from tho bank since
last December, and is said to have at that time expressed
a desiro to resign in order to take an extondod rest.

e x is t e d a t t h e c lo s e o f m o s t fo r m e r w a r s is t h o d e v e lo p m e n t o f a n a c t iv e
s itu a tio n

a g a i n , b u t t h c r o is n o w lic r o

as th ere h a s b e e n h e ro .

g o o u t in t o th o m o u n ta in s .

It may be noted that the Federal Reserve Board has been
prompted to issue a word of warning with regard to the
speculative movement, its forthcoming “Bulletin” for Juno,
having the following to say:
on

e x e c u tiv e lo a d

s o rt o f a v a c a tio n .

a ll n ig h t , i t is t h e f ir s t

c o n tin u o u s ly .

s p e c u la tiv e

an

I a m g o i n g t o t a k e a v a c a t i o n w i t h o u t a d a t o a t t h o e n d , w h i c h Is t h o f in e s t

W h i l e t h is is n o t t h e f i r s t t i m e in Its h i s t o r y t h a t It w a s n e c 

t im e t h is y e a r t h a t t h e o f f i c e fo r c o h a s b e e n a t w o r k f o r t w e n t y - f o u r h o u r s

o p e r a tio n s

[V ol . 108.

THE CHRONICLE

*4286

to

fin a n c in g .

a broad

ex ten d

r e d u c in g

w ith

som e

T h ese

lo a n s

are

c o s t in g

a c t iv e s t o c k m a r k o t a n d

c r e d it

fo r

s p e c u la tiv e

h ig h

p u rposes,

T h e r o u n d o u b t e d l y Is a n e w e r a c o m i n g — a n d I s c o m i n g s o o n — i n w h i c h

I f t h e c o u n t r y is t o b e p r e p a r e d f o r h o m o I n d u s t r ia l e x p a n s io n

w ill a ssu re fa ir p la y t o e a c h .

W o m u s t fa c e t h is s it u a t io n , w h e t h e r w o lik e

t h a t It is h o p e d w ill s h o r t ly g e t u n d e r w a y , a n d fo r t h e e x t e n s io n o f c r e d its

it o r n o t.

a b r o a d a n d fu r th e r a s s is ta n c e t o o u r o w n G o v e r n m e n t , s p e c u la t io n o n W a ll

p la n s o f m e e tin g th o n e e d s o f th e ir w o r k e r s a c c o r d in g t o th e ir s t a t io n In life .

S tr e e t m u s t n o t b o p e r m itte d t o g e t o u t o f b o u n d s .
W h i le t h e r e c e n t I n flo w o f I n t e r io r f u n d s h a s t e m p o r a r ily e a s e d t h e s it u a 

a b le r e tu r n , b u t th e s o d iv id e n d s m u s t b o b a s e d

t io n , t h is m o v e m e n t o f m o n e y fr o m o u t - o f - t o w n m a y b o a s o u r c e o f d a n g e r .

m a r k e ta b le v a lu o o f la b o r .

U n fo r e s e e n o b s t a c le s m a y a r is e n e c e s s it a t in g a h u r r ie d w it h d r a w a l o f th e s e

b u t t h o w o r k e r s m u s t b e a llo w e d t o o x e r c is o a c e r t a in c o n t r o l o v o r th e ir p a y

fu n d s b y in te r io r b a n k s , t h e r e b y fo r c in g a d d it io n a l b u r d e n o n t h o m e m b e r

e n v e lo p e s t o t h o e x te n t o f a s su rin g t h e m

b a n k s , w h o . In t u r n m u s t t h e n c a ll u p o n t h o F e d e r a l R e s e r v e in s t it u t io n s .

e a t a n d a g o o d e d u c a t io n .
T i l l s Is n o t a n o w t h e o r y , b u t i t i s s p r e a d i n g o v e r t h o w o r l d

The withdrawal of Frank A. Vanderlip as President of the
National City Bank of New York, while rumored as an
eventuality from time to time for some months, becamo an
actuality on Tuesday of this week, June 3. Tho statement
issued by the bank announcing Mr. Vanderlip’s resignation
was brief; it said:
m e e tin g

o f th o

board

o f d ir e c to r s

to -d a y

M r.

F.

A . V a n d e r lip

r e s ig n e d a s P r e s id e n t o f t h o b a n k a n d M r . J a m e s A . S t illm a n r e s ig n e d a s
C h a ir m a n o f t h o b o a r d o f d ir e c t o r s .
y L a t e r : M r . J a m e s A . S tillm a n w a s e le c t e d P r e s id e n t o f th o b a n k .

Mr. Vanderlip in a statement to reporters on Tuesday
said that he had been hoping for years to arrange for his
resignation as President; a query as to whether there wore
any questions as to controversies over policies which had
led to his withdrawal brought from him the response that
there was positively nothing of tho sort. As to his futuro
plans, Mr. Vanderlip in his statement to the reporters said:
I s h a ll b e a c t iv e in v a r i o u s t h in g s , I h o p e .
I a m g o in g t o ta k e s o m o rest.
in g e n g a g e m e n t s .

I am

A s so o n as I ca n , h ow ever,

A t fir s t I m u s t a tte n d t o a n u m b e r o f s p e a k 

d u o a t t h o A s t o r f o r th o M e r c h a n t s ’ A s s o c ia tio n

t o -m o r r o w a n d a t W a s h in g t o n I a m s c h e d u le d t o m a k e a s p e e c h o n T h u rs "
day.

I am

a ls o t o d e liv e r a c o m m e n c e m e n t a d d r e s s a t t h o U n iv e r s it y o f

I llin o is , m y o ld c o lle g e , a n d I a m d u o t o s p e a k In a n u m b e r o f o t h e r c itie s ,
in c lu d in g C le v e la n d a n d In N e w E n g la n d .
I t h in k w o a r e c o m i n g i n t o a t im e w h e n t h e r e is g o i n g t o b o a l o t o f t h in g s
to

d o In w h ic h I c a n h e lp .

t h e s ta to o f th o w o r ld .




I am

v e r y w e ll a n d a m

a c u t e ly in t e r e s t e d in

T h e r e fo r e , I h o p e t o d o a lo t o f u s e fu l t h in g s .

c a p t a in s o f in d u s t r y m u s t d e v is e

T h e a r r o g a n c o o f p o s s e s s i o n Is p l a y e d o u t .

RESIGNATION OF FRANK A . VANDERLIP AS PRESI
D EN T OF NATIO N AL CITY BANK OF NEW YORK.

A t th e

I t is h e r o , a n d t h o s o - c a l l e d

I

s p ir it a n d is d u o t o w a r c o n d it io n s .
le s s o n s in
th e m .

M o n o y m u s t g e t its m a r k e t
on

th o fa ir p a y m o n t o f th e

T h o in v e s t o r s m u s t r e ta in c o n t r o l, o f c o u r s e ,
t o g iv o th e ir c lilld r o n e n o u g h t o
as a new

T h o w a r t a u g h t m a n y w o r k e r s v a lu a b le

h o m o a n d e c o n o m ic life , a n d c r e a te d n o w liv in g c o n d it io n s fo r

I t g a v o t h o w o r k e r s a n o w t h o u g h t o f th e ir s t r e n g t h , a n d g a v o t h e m

a n a d d it io n a l lo v e r b y w h ic h t h o y w ill a d ju s t t h o in d u s tr ia l m a c h in e r y t o
a s su ro t h e m a s u ffic ie n t w a g e a n d a s q u a r e d e a l.
M r . L o n s d a le d e c la r e s t h o w o r ld h a d Ju st a s w e ll m e o t t h o n e w c o n d it io n s
w ith

a s m ile a n d

h e lp

to

restore a

con ten ted

u p s e t c o n d it io n s p r e c e d in g p e a c e .
“ H o w a b o u t w a g e s ? " I a sk e d h im .
p r ic e s , o r w h a t m e th o d s s h o u ld

bo

h a rm o n y fr o m

th o

p resen t

“ S h o u ld w a g e s b o k o p t u p t o p r e s e n t
u sed

by

e m p lo y e r s

to

m eet th o

now

s it u a t io n ? "
“ T h e w a g e e a r n e r W h o c a n n o t jln g l o s o m o r e a l m o n o y in h is p o c k e t s o n
payday,

and

ca n n ot

show

h is

fa m ily

som o

r e a l d o lla r s

n e c e s sa r y h o u s e h o ld e x p e n s e s, c a n n o t fa c o th o w o r ld

as

above

h is fix e d

a con ten ted an d

e ffic ie n t w o r k e r ,” h e r e p lie d .
“ A m a n , n o m a t t e r w h e t h e r h o b o a w o r k e r in o v e r a lls o r a b a n k P r e s i
d e n t , m u s t h a v o t h a t e le m e n t w o c a ll p o p .
d o h is w o r k a t p a r a n d m u s t fa ll b e h in d .

U n le ss h o h a s p e p , h o c a n n o t
I I o c a n n o t h a v e p o p u n le s s h is

e a r n i n g p o w e r Is s u f f i c i e n t t o f e e d h i s f a m i l y , g i v o t h e m a r e a s o n a b l e s h a r e
o f e n t e r t a in m e n t a n d a m u s e m o n t, a n d b u y t h o k id d ie s a fo w t r in k e ts t h a t
b r in g o u t t h e ir s m ile s .
“ T h o w a g o s y s t e m s h o u ld b o r e a d ju s t e d o n a r e la t iv e b a s is .
o f liv in g

Is h i g h ,

w ages

m u s t r e m a in

w o r k e r s ’ d o lla r m u s t b e m a in ta in e d .

h ig h .

Tho

r e la tiv e

I f th o co st

v a lu o

o f th e

S ta tis tic s h a v e s h o w n t h a t th o w a g o

e a r n e r ’s d o lla r n o w b u y s c o m m o d it ie s w h ic h w o u ld h a v o c o s t th o r n 6 1 c e n t s
in

1914.
. . .
, .
,
f
“ T h o w o r k e r m u s t b e p a id e n o u g h t o k e e p u p w it h t h o m a r k o t v a lu o cr

l i v i n g n e c e s s it ie s a n d k e e p u p t h o r e la t l v o b u y i n g p o w e r .

U n le ss th o c o s t

o f l i v i n g Is r e d u c e d , i t i s n o t a s q u a r e d e a l t o t a l k o f t r y i n g t o r c d u c o w a g e s .
O f c o u r s e , t h e r e a r e e x c e p t i o n s i n w h i c h c e r t a i n c la s s e s o f w o r k m o n w e r e
p a id

abn orm al an d

u n ex p ected

dem and.

u n r e a s o n a b le w a g e s d u r in g th o w a r b e c a u s o o f s o m e
T h e s o a b n o r m a l r a te s s h o u ld

bo

e q u a liz e d

to

g iv e

o th e r s fa ir p la y .”
T h o c o n v e r s a t io n th o n d r ifte d b a c k t o th o b a n k , a n d I a s k e d M r . L o n s d a le
t o o u t ll n o w h a t h e h a d d o n o t o p u t m o r e p o p in t o t lip b a n k ’s c le r ic a l f o r c o

June 7 1919.]

THE CHRONICLE

a fte r h o h a d c o m p le t e d t e a r in g o u t t h e p a r t it io n s a n d p u t e v e r y t h in g o u t
In to fu ll v lo w .
"A fte r y o u

h a d t a k e n t h e p a r t ia l m y s t e r y o u t o f t h e b a n k in g b u s in e s s ,

h o w d id y o u in s till t h e n e w s p ir it in t o y o u r e m p lo y e e s , a n d w h a t w a s t h e
r e s u lt? ” I a s k e d .
“ O u r e m p lo y e e s g a in e d n e w c o n fid e n c e a n d b e c a m e fille d w it h p e p b y
th e ir o w n e ffo r t s .” h e r e p lie d .
“ I h a d co n v in c e d th e m th a t th e y a re a
p a r t o f t h o I n s t it u t io n , a n d t h a t t h e s u c c e s s o f t h e b a n k d e p e n d e d u p o n th e ir
e ffic ie n c y a n d c o u r te s y t o th o p u b lic .
"T h e y

soon

le a r n e d

th a t

th oy

a re

m ore

th a n

cogs

in

a

m a th e m a tica l

m a c h in e , a n d t h a t t h e y li a v o a g r e a t e r d u t y t h a n t o J u st p u t fig u r e s in b o o k s
T h e y a r e a p a r t o f t h o fin a n c ia l s y s te m
"I

h e r o , a ll w o r k in g t o o u r s u c c e ss .

h a v e t o ld o u r e m p lo y e e s th a t I a m

n o t h in g m o r o th a n a d ir e c t o r o f

s e r v ic e , w h ic h m e a n s fillin g a tr u s te e s h ip , a n d th a t in c o m m o n w it h th e m
w o a ll a r e w o r k i n g f o r t h o s t o c k h o ld e r s a n d t h o p u b lic .
“ I

h a v e r e g u la r m e e tin g s in

th e d ir e c t o r s ’ r o o m

w it h

th e h ea d s o f th e

v a r io u s d e p a r tm e n ts , w h ic h a re a lm o s t lik e a m e e t in g o f th e b o a r d o f d ir e c 
tors.

W e d is c u s s t h e lit t lo p r o b le m s w h ic h c o m e u p

a n d s tr a ig h te n th e m

ou t.

in

th e d e p a rtm e n ts

I t is a s o r t o f b i g f a m i l y g r o u p , i n w h i c h e a c h

e m p l o y e r is r e p r e s e n t e d b y t h e h e a d o f t h o d e p a r t m e n t u n d e r w h o m
s h o is w o r k i n g .
" W o h a v e a c o m p e n s a tio n

lie o r

c o m m it t e e , w h o s e d u tie s a r e t o a n a ly z e a n d

N . Y. FEDERAL RESERVE BANK ON PA Y M E N T OF
TAXES W ITH TREASURY CERTIFICATES.

Under date of June 3 the Federal Reserve Bank of New
York issued the following statement calling attention to the
advisability of holders of Treasury certificates of indebted
ness making use of such certificates in the payment of income
and profits taxes.
T h e F ed eral R eserv e B a n k o f N e w

a d e q u a te c o m p e n s a tio n

fo r th e w o rk

e m p lo y e e s , d o w n t o th o o ffic e b o y s .

p e r fo r m e d .

T h is e x te n d s t o

a ll

A n y e m p lo y e e w h o h a s a c o m p la in t

o r g r ie v a n c e h a s t h o r ig h t t o a p p e a r b e fo r e t h is c o m m it t e e a n d d is c u s s t h e
p r o b le m fr a n k ly .
T h o d e c is io n o f th e
r e s u lte d in s a t is fa c t io n t o a ll s id e s .

c o m m it t e e

has

a lm o s t

“ T h o w h o l e m e t h o d is b a s e d o n t h o i d e a o f a s q u a r e d e a l .
fa ir p la y , a n d I k n o w

in v a r ia b ly

I in s is t u p o n

t h a t a s q u a r e d e a l is a p p r e c i a t e d b y e v e r y w o r k e r

w h e t h e r h o b e d r e s s e d In o v e r a lls o r s ilk s h ir t a n d s ta r c h e d c o ll a r .”
Tho

b a n k e n c o u r a g e s th e p u r c h a s e o f it s s t o c k b y

e m p lo y e e s , a n d w ill

a r r a n g o f o r it s p u r c h a s e f o r t h o w o r k e r s w h o d o s lr o i t , M r . L o n s d a l o s a id .
N a t io n a l b a n k s a r e n o t p e r m it t e d

t o lo a n

m oney on

th e ir o w n

stock , h e

s a id , b u t t h e b a n k w ill p u r c h a s e t h e s t o c k o n t h e m a r k e t a n d a r r a n g o f o r
it t o b o c a r r ie d f o r e m p lo y e e s , t o b e p a id f o r in in s t a llm e n t s , h o s a id .

D EATH OF COLONEL ROBERT BACON.

Colonel Robert Bacon, American statesman, financier
and soldier, died at the New York Eye and Ear Infirmary
on May 29, following an operation for mastoiditis. Born
in Boston, Mass., on July 5 I860; he graduated from Har
vard University in 1880; entered the Boston banking house
of Loo, Higginson in 1881; and in 1883 was mado a partner
in the banking firm of E. Rollins Morse & Brother, re
maining there for 10 years. In 1894 he became a junior
partner in the firm of J. P. Morgan Co., likewise became affi
liated with Drexel & Co. of Philadelphia. Notable among
his financial activities was his participation in tho contest
for the control of tho Northern Pacific Railroad in 1902,
between the Morgan Co. and E. H. Ilarriman. He held
directorships in several financial and commercial institutions.
Col. Bacon retired from Wall Street in 1903; and in 1905 was
appointed First Assistant Secretary of State by President
Roosevelt, retiring therefrom in 1909. In December of
that year ho accepted the Ambassadorship to Franco under
President Taft. His last public service, was as a soldier,
a colonel on the staff of General Pershing, with the American
Expeditionary Army in the late war.
PROGRAM OF CONVENTION OF NATIONAL ASSOCIA
TION OF CREDIT M E N .

Y o r k , a s fis c a l a g e n t o f th e

U n ite d

S ta te s , d e e m s it o f th e u t m o s t im p o r t a n c e t h a t th e h o ld e r s o f th e fo llo w in g
c e r tific a te s o f in d e b te d n e ss u s e th e m

to as great an

e x t e n t a s p o s s i b l e in

i n c .o m e a n d w a r P r o f i t s a n d e x c e s s p r o f i t s t a x e s d u e J u n e 1 6
1919.
B y p a y in g ta x e s a s e a r ly in J u n e a s p o s s ib le , th e c o n g e s t io n o n
J u n e 16 w ill b e g r e a t ly r e lie v e d .
Tax

1 9 1 9 . . . ........................................ . . . A u g . ^ T

S e r ie s o f

S e r i e s T - 2 ...................................... ................................... . . J a n .

16

1918

J u J T f s i g

1919

June

17

1919

T u 3 -------- I , '. ! ------------- ...................... - ................... M a r ’ 1 5 1 9 1 9
J u n e 16 1919
° t I i e r c e r t f c a t c s w 11 b e a c c e p t e d i n p a y m e n t o f s u c h t a x e s o n J u n e 1 6

S
1919

s t u d y t h e e m p lo y e e s in e v e r y d e p a r t m e n t t o t h e e n d t h a t e a c h m a y r e c e iv e
an

3287

Tho

d iffic u lt ie s

overcom e

in

o f a d ju s t in g

c o n n e c tio n

w it h

accru ed

in te r e s t f o r

th e

th e c o u p o n s m a tu r in g

on

ta x p a y e r
June

c e r t i f i c a t e s o f S e r ie s T - 3 a n d t h e c o u p o n s m a t u r i n g o n

16

w ill b e
1919

on

o r b e fo r e M a y

15

1 9 1 9 o n c e r t i f i c a t e s o f t h e T a x S e r i e s o f 1 9 1 9 , I n a s m u c h a s t h e t a x p a y e r is
re q u e ste d

to

cu t o ff su ch

cou p on s

and

c o lle c t

th e m

in

th e

re g u la r w a y

a n d th e r e u p o n d e p o s it w it h th e C o lle c t o r o f I n te r n a l R e v e n u e th e p r in c ip a l
a m o u n t o f th e s e c e r t ific a t e s in p a y m e n t o f h is t a x e s .
A c c r u e d in t e r e s t o n c e r t if i c a t e s o f S e r ie s T - 2

( w h ic h w e r e is s u e d w i t h o u t

c o u p o n s a t t a c h e d ) fr o m J a n . 16 1 9 1 9 t o J u n e 16 1 9 1 9 , a n d a c c r u e d in te r e s t
o n c e r t if i c a t e s o f t h e T a x S e r ie s o f 1 9 1 9 f r o m M a y 1 5 1 9 1 9 ( t h e la s t c o u p o n
p a y m e n t d a t e ) t o J u n o 1 6 1 9 1 9 , w ill b e r e m it t e d t o
F ederal R eserv e B a n k b y ch eck .
C o u p o n s m a tu r in g J u ly

15

th e ta x p a y e r b y

th e

1919, m u st, h o w e v e r, b e a tta ch e d to c e r tifi

c a t e s o f t h e T a x S e r ie s o f 1 9 1 9 a n d s u r r e n d e r e d t o t h e C o ll e c t o r w it h s u c h
c e r t ific a t e s f o r c a n c e lla tio n .

N . Y. FEDERAL RESERVE BANK REPORTS SUBSCRIP
TION BOOKS TO TAX CERTIFICATES STILL OPEN.

An announcement issued yesterday (June 6) by the Federal
Reserve Bank of New York said:
The

F ederal

R eserve

B ank

o f N ow

Y ork

sta te s

th a t

th e

s u b sc r ip tio n

b o o k s t o t h e c u r r e n t is s u e s o f t a x c e r t i f i c a t e s a r e s t ill o p e n a n d s u b s c r i p t i o n s
are

b e in g r e c e iv e d

d a ily

by

th e

F ed eral

fis c a l a g e n t o f th e U n ite d S ta te s .
D a t e d a n d b e a r in g In te re st fr o m
S e r ie s T - 4 ,

due

S e p t. 15

1919.

S e r ie s T - 5 ,

due

D ec.

1919.

15

R eserve

B ank

of

N ew

Y ork

as

T h e s e a ro th e c e r tific a te s :
Ju n e 3 1919:

T h o y a r o a c c e p t a b l e a t t h e ir m a t u r i t y In p a y m e n t o f i n c o m e a n d p r o f i t s
ta x e s , p a y a b le , r e s p e c tiv e ly , o n th e d a te s m e n tio n e d .
T h o y b o a r In te re st a t 4 H %

p e r a n n u m a n d a re a p a r tic u la r ly a t t r a c t iv e

s h o r t -t e r m in v e s t m e n t fo r id le fu n d s o r f o r fu n d s a c c u m u la t e d
p a tio n o f fu tu r e ta x p a y m e n ts .

in a n t ic i

CUBA’S SUBSCRIPTION TO VICTORY LIBERTY LOAN.

According to an announcement received in New York on
May 29 from the Banco Mercantil Americano de Cuba,
Cuba’s quota of the last Liberty Loan was oversubscribed
with a total of $3,000,500 from 2,588 subscribers. A list
of the subscriptions of the various banks in Havana, in
cluding subscriptions of their clients follows:

National Bank of Cuba_____________________________1,026
Banco Espanol.............
312
Royal Bank of Canada...................................................... 354
N. Gelats & Co.....................
93
American Mercantile Bank_________________________ 138
Waldo & Co........................................................................
8
National City Bank.........................................
133
Pedro Gomez Mena________________________________
73
Mendoza & Co.............................
36
National Bank of Cuba...............
294
Trust Company of Cuba..................................................
56
Commercial Bank..............................................................
7
Bank Nova Scotia..............................................................
29
American Foreign Banking Corporation.......................
7
Demotrio Cordova...................................
12
Liberty Bank..................................................
9

Sl,617,000
285,250
206,950
256,800
132,300
101,050
96,150
98,650
53,750
53,650
33,550
22,200
21,450
13,650
5,750
2,350

J. H. Tregoe, Secretary-Treasurer, National Association,
of Credit Men, mado public on Juno 1 the program of the
twenty-fourth annual convention which will be held in
Detroit next week, June 10-13, with headquarters at the
Hotel Statler. Mr. Tregoe expects that there will assem
ble 2,000 of tho men responsible for handling hundreds of
millions of dollars of tho nation’s commercial and bank
credits. Tho morning session of Tuo day, June 10, will be
held at the Washington Theatre. Tho remainder of tho
meetings are to take place in the auditorium of tho Chamber MYRON T. HERRICK HEAD OF COM M ITTEE W HICH
of Commerce. Carter Glass, Secretary of tho Treasury;
WILL COMBAT STOCK SWINDLERS.
R. F. Maddox, President of trho American Bankers’ Associa According to the New York “Tribune” of May 29, Myron
tion; Paul M. Warburg, former member of the Federal T. Herrick, former Governor of Ohio and Ambassador to
Reserve System; Edward James Cattell, of Philadelphia; France in the early days of the war, will head a committee
Julius Henry Cohen, one of tho leading lawyers of New of
representative bankers, brokers and dealers in investment
York City, and W. II. Booth, Vice-Presidont of the Guar securities
for the purpose of putting the stock swind
anty Trust Company, aro a few of the many prominent men ler out of formed
business.
committee will at first confine its
who aro to discuss business matters of national importance. activities to the New The
York Federal Reserve District. The
F. B. McComas, President of the Association, will open tho ‘Tribune” says:
convention on Tuesday morning when addresses of wel
come will bo delivered by James Cousins, Mayor of De
troit, and A. J. Peoples, President of tho Detroit Associa
tion of Credit Men.
On Wednesday there are to bo addresses by Victor Rob
ertson of St. Paul, Minn.; Harry A. Wheeler, President of
the Chamber of Commerce of tho United States; A. A.
Mayno of St. Louis; D. Birney Neil of Columbus. Tho
afternoon will bo devoted to group conferences mado up
of allied trades for discussion of special credit problems.
Numerous other speakers will address the sessions on Thurs
day and Friday.




The

fo r m a tio n

of

th is

c o m m it t e e

Is t h e

N ew

Y ork

S tock

E x c h a n g e 's

c o n t r ib u t i o n t o w a r d t h e c le a n in g u p o f t h e fin a n c ia l d is t r ic t a n d t h e e lim in a 
t io n o f s t o c k s w in d le r s g e n e r a lly .
tis in g

C lu b s o f A m e r ic a , th e

I t w ill w o r k w it h t h o A s s o c ia t e d A d v e r 

In v e s tm e n t B a n k e r s ’ A s s o c ia t io n ,

Y o r k M e r c h a n t s ’ A s s o c ia t io n a n d o t h e r s im ila r b o d ie s .

th e N e w

F orm al an n ou n ce

m e n t o f i t s p l a n s w i l l b e m a d e a s s o o n a s t h e p e r s o n n e l o f t h e c o m m i t t e e is
c o m p le t e d .
T h o now

c o m m it t e e w ill n o t c o n f in e it s a c t iv it ie s t o

t h e s w in d le r s w h o

w o r k t h r o u g h c o n fe d e r a te s o p e r a tin g o n th e B r o a d S tr e e t c u r b m a r k e t, o r
t h r o u g h a d v e r t is in g in t h e d a ily p a p e r s .

T h e s e m a k e u p b u t a s m a ll p r o 

p o r t i o n o f t h e s w in d le r s w h o in t h e c o u r s e o f t h e y e a r s e p a r a t e t h e u n w a r y
and

th o Ig n o ra n t fr o m

h u n d r e d s o f m illio n s o f d o lla r s .

w ill b o a c a m p a ig n o f e d u c a t io n .

I ts c h ie f w e a p o n

I t w ill a ls o s e e k t h e e n a c t m e n t o f a " b lu e

s k y " l a w w h i c h w i l l m a k e i t a c o m p a r a t i v e l y e a s y m a t t e r t o J a il t h o s e w h o

In t h o p a s t h a v e b e e n r e a s o n a b l y i m m u n e f r o m p r o s e c u t i o n , m u c h le s s c o n 

v ic tio n .

T h is c o m in it t e o w ill h a v e t h e s s s is ta n c e o f t h e F e d e r a l T r a d e C o in m is s lo n a n d th e s y m p a t h e t ic , i f n o t th e a c t iv e , s u p p o r t o f th e T r e a s u r y D e p a r t 
m en t.
S e c r e t a r y G la s s h a s b e e n in t o u c h w it h t h o s e a r r a n g in g fo r th e
d r iv e o n

[V ol . 108.

THE CHRONICLE

2288

t h e s w in d le r s a n d h a s g i v e n d e fin ite ) p r o m is e s o f a s s is t a n c e .

T h e t h in g t h a t th e s o m e n le ft u s , t h o u g h t h o y d id n o t in th e ir c o u n s e ls
c o n c e i v e i t , is t h e g r e a t i n s t r u m e n t w h i c h w e h a v o j u s t o r o c t e d in t h o L o a g u o
o f N a tio n s .

T h o L o a g u o o f N a t i o n s is t h o c o v e n a n t o f G o v e r n m e n t t h a t

t h e s o m e n s h a ll n o t h a v o d ie d in v a i n .

I lik o t o tliin k t h a t t h o d u s t o f t h o s e

s o n s o f A m e r ic a w h o w e r o p r iv ile g e d t o b o b u r ie d in th e ir m o t h e r c o u n t r y
w ill m in g le w it h t h e d u s t o f th o m o n w h o fo u g h t fo r t h o p r e s e r v a t io n o f t h o

PRESID EN T WILSON’S MEMORIAL DAY ADDRESS
TO AM ERICAN DEAD I N WAR—LEAGUE OF
NATIONS AS THEIR LEGACY.
■ A Memorial Day address in tribute'to the Americans who

died in the late war, was delivered by President Wilson in
the American cemetery at Suresnes near Paris on May 30.
In stating that “it would bo no profit to us to eulogize these
illustrious dead if we did not tako to heart the lesson that
they had taught us,'' the President noted that these men
did not come across the sea merely to defeat Germany and
her associated powers in the war,” but “they camo to defeat
forever the things for which the Central Powers stood, the
sort of power they meant to assert in the world, the arrogant,
selfish domination which they meant to establish; and they
came moreover to see to it that thero should never be a war
like this again.” The thing these men left us, said the
President, “though they did not in their counsels conceive
it, is the great instrument which we have just erected in
the League of Nations.” The League of Nations, the
President recited, “is the covenant of Government that these
men shall not have died in vain.” Stating that these men had
given their lives in order to secure the freedom of a nation
and of mankind, the President announced that ho looked for
the time “when every man who now puts his counsel against
the united service of mankind under the League of Nations
will be just as ashamed of it as if he now regretted the
Union of the States. The President’s remarks wore delivered
in the presence of thousands of American soldiers and many
civilians and the official representatives of the French
Government, including Marshal Foch and Capt. Andre
Tardieu, the French High Commissioner. The following
is the President’s speech in full:
M r.

A m bassa d or,

L a d ies

and

G en tlem en ,

F ello w

C o u n try m en :

c a n s t a n d in t h e p r e s e n c e o f th e s e g r a v e s w it h o u t t h o m o s t p r o fo u n d e m o t io n .
s e e n s in c e t h o fa r d a y s o f th o C r u s a d e s .

th a t th o s o m e n h a v o g iv e n

th e ir liv e s in o r d e r t h a t A m e r ic a

m ig h t b o u n ite d .
o f a n a tio n .

T h o s o m e n g a v e t h e ir liv e s in o r d e r t o s e c u r e t h o f r e e d o m

T h o s e m e n g a v o th e ir liv e s in o r d e r t o s e c u r e t h o fr e e d o m

of

m a n k in d ; a n d I lo o k f o r w a r d t o a n a g o w h e n it w ill b o ju s t a s im p o s s ib le t o
r e g r e t t h e r e s u l t s o f t h e i r l a b o r a s i t is n o w

im p o s s ib le t o

re g re t th o

r e s u lt s

o f th e la b o r o f th o s e m o n w h o fo u g h t fo r th e U n io n o f th o S ta te s.
I l o o k f o r t h e t lm o w h e n e v e r y m a n w h o n o w p u t s h is c o u n s e l a g a in s t t h e
u n ite d

s e r v ic e

of

m a n k in d

u n d e r th o

L eague

o f N a tio n s

W ill b o

ju s t

as

a s h a m e d o f it a s if h e n o w r e g r e tte d th o U n io n o f th o S ta te s.
Y o u a r e a w a r e , a s I a m a w a r e , t h a t t h o a ir s o f a n o l d e r d a y a r e b e g i n n i n g
t o s tir a g a in , t h a t t h e .s t a n d a r d s o f a n o ld o r d e r a r o t r y i n g t o a s s e r t t h e m s e lv e s
a g a in .

T h e r e is h e r e a n d

th ero a n

a ttom p t to

In sert in to t h o c o u n s e l o f

s t a t e s m e n t h e o l d r e c k o n i n g o f s o lfis h n e s s a n d b a r g a i n i n g a n d n a t i o n a l a d 
v a n t a g e w h ic h w e r o th o r o o t s o f th is w a r ; a n d a n y m a n w h o c o u n s e ls th e s e
t h in g s a d v o c a t e s a r e n e w a l o f t h o s a c r ific o w h ic h th e s o m o n h a v o m a d e , fo r
i f t h i s is n o t t h o f i n a l b a t t l e f o r r i g h t t h e r o w i l l b o a n o t h e r t h a t w i l l b o f i n a l .
L e t t h e s e g e n t le m e n w h o s u p p o s e t h a t it is p o s s ib lo f o r t h e m t o a c c o m p lis h
t h is r e tu r n t o a n o r d e r o f w h ic h w o a r o a s h a m e d , a n d t h a t w o a r o r e a d y t o
f o r g e t , r e a liz o t h e y c a n n o t a c c o m p lis h it .
T h o p e o p l e s o f t h o w o r ld a r o a w a k o , a n d t h o p e o p le s o f t h o w o r ld a r o in
t h o s a d d le .
P r iv a t e c o u n s e ls o f s ta te s m e n c a n n o t n o w a n d c a n n o t h e r e a fte r
d e t e r m in e t h e d e s tin ie s o f n a t io n s .
I f w o a ro n o t th o s e r v a n ts o f th o o p in io n
o f m a n k in d w o a r o o f a ll m e n t h o l i t t le s t , t h o m o s t c o n t e m p t ib le , t h o le a s t
g ift e d w it h v i s i o n .

If w o d o n ot know

c o u r a g o w o c a n n o t a c c o m p lis h o u r

p u r p o s e , a n d t h is a g o is a n a g o w h ic h lo o k s f o r w a r d n o t b a c k w a r d , w h ic h r e 
je c t s t h o s t a n d a r d o f n a t io n a l s e lfis h n e s s t h a t o n c o g o v e r n e d

th o

c o u n s e ls

o f n a t io n s a n d d e m a n d s t h a t t h e y s h a ll g i v o w a y t o a n o w o r d e r o f t h in g s
th e in te r e s t o f m a n k i n d ? ”
T h i s is a c h a l l e n g e t h a t n o p r e v i o u s g e n e r a t i o n e v e r d a r e d t o g l v o e a r t o .
S o m a n y th in g s h a v o h a p p e n e d , a n d t h e y h a v o h a p p e n e d

t o fa s t , in t h e

l a s t f o u r y e a r s , t h a t I d o n o t t h i n k m a n y o f u s r e a li z e W h a t i t is t h a t lia s
happened.

T h in k

how

im p o s s ib le

it w o u ld

havo

been

to

get

a

body

or

r e s p o n s ib le s ta te s m e n s e r io u s ly t o e n t e r t a in t h o id e a o f t h o o r g a n iz a t io n o f
a L e a g u o o f N a tio n s fo u r y e a rs a g o .
p la c e .

A n d t h i n k o f t h o c h a n g o t h a t lia s t a k e n

I w a s t o ld b e fo r o I c a m o t o F r a n c o t h a t t lic r o w o u ld b o c o n fu s io n o f

c o u n s e ls a b o u t t h is t h in g , a n d I fo u n d u n it y o f c o u n s e l.
th e ro w o u ld b o o p p o s itio n , a n d I fo u n d u n io n o f a c t io n .
I fo u n d th o s ta te s m e n w it h w h o m I w a s a b o u t t o
id e a

th a t w e m u st h a v o a

L e a g u o o f N a tio n s ; th a t w o c o u ld

m a k e a p e a c e s e ttle m e n t a n d

th e n

th a t

com m on

wo

m ust

c o n c e iv o

I w a s t o ld th a t

d e a l u n ite d

som o

le a v o it t o

in

th o

n o t m e r e ly

m a k o it s e lf e ffe c tu a l, b u t

o r g a n iz a tio n

by

w h ic h

w o s h o u ld

g i v e o u r c o m m o n fa it h t h a t t h is p e a c e w o u ld b o m a in t a in e d , a n d t h e c o n 
c lu s io n s a t w h ic h w e h a d a r r iv e d s h o u ld b o m a d e a s s e c u r o a s t h o u n it e d
c o u n s e ls o f a ll t h o g r e a t n a t io n s t h a t f o u g h t a g a in s t G e r m a n y c o u ld m a k o

N o o n e w it h a h e a r t in h is b r e a s t , n o A m e r ic a n , n o lo v e r o f h u m a n it y ,
T h e s e m e n w h o Ho h e r o a r o m e n o f a u n iq u e b r e e d .

U n io n ; a n d

m ig h t b o u n it e d , th e s e m o n h a v e g i v e n th e ir liv e s in o r d e r t lia t t h o w o r ld

T h e ir lik o h a s n o t b e e n

N e v e r b e fo r o h a v e m en crossed

th e m .

W o h a v o lis t e n e d t o t h o c lia llo n g o a n d t h a t is t h o p r o o f t h a t t h e r e

s h a ll n e v e r b o a w a r lik o t h is a g a in .
t
L a d ie s a n d g e n t le m e n , w o a ll b o lio v o , I lio p o , t h a t t h o s p ir its o f th e s e
m en

a rc

not

b u r ie d

w ith

th e ir

b o d ie s .

T h e ir

s p ir its

liv o .

I

hope— I

t h o s e a s t o a fo r e ig n la n d t o f ig h t f o r a c a u s e o f h u m a n it y w h ic h t h o y d id

b e lie v e — t h a t t h e ir s p ir its a r o p r e s o n t w it h u s a t t h is h o u r .

n o t p r e t e n d w a s p a r t ic u la r ly th e ir o w n , b u t k n e w w a s t h o c a u s e o f h u m a n it y

I fe e l t h e c o m p u ls io n o f tlio ir p r c s o n c o .
I h o p o t h a t I r e a liz e t h o s ig n ific a n c e
o f th e ir p r e s o n c o .
T h in k , s o ld ie r s , o r th o s o c o m r a d e s o f y o u r s , w h o a ro

and

o f m a n k in d .

And

w hen

c o u r a g o a n d th e ir d e v o t io n .

th oy

cam o

th oy

fo u n d

com ra d es

fo r

th e ir

T h o y f o u n d a r m ie s o r l i b e r t y a l r e a d y in t h e

f i e l d — m e n w h o , t h o u g h t h e y h a d g o n e t h r o u g h t h r e o y e a r s o f f ie r y tr ia l,

gone.
I f th oy w ore h ero, w h a t
m e m b e r w h a t y o u a r o t a lk in g

s e e m e d o n ly t o b e ju s t d is c o v e r in g , n o t f o r a m o m e n t lo s in g , t h o h ig h te m p e r

A m e r ic a , w h ic h t h e y le ft w it h th o lr h ig h h o p o a n d p u r p o s o .

o f t h e g r e a t a f f a i r , m e n s e a s o n e d in t h o b l o o d y s e r v i c o o f l i b e r t y .

r e m e m b e r t h o te r r ib le fie ld

J o in in g

w o u ld
about

o f b a ttle .

I h o p o th a t

th oy s a y ?
T h o y w o u ld n o t r o to -d a y .
T h e y w o u ld r o m e m b e r
T hey

w o u ld

Ih ey

w o u ld

rom em b er w h a t th ey

h a n d s w it h th e s e , t h o m e n o f A m e r ic a g a v e t h a t g r e a t e s t o f a ll g i f t s , t h e g i f t

c o n s t a n t ly r e c a lle d in t im e s o f d a n g e r , w h a t t h e y h a d c o m o fo r , a n d h o w

o f lifo a n d t h e g i ft o f s p ir it .
I t w ill a lw a y s b o a tr e a s u r e d m e m o r y o n t h o p a r t o f t h o s e w h o k n e w a n d

w o r t h w h ilo it w a s t o g i v o th e ir liv e s f o r it .
A n d t h e y w o u ld s a y , “ F o r g e t a ll t h e iit t lo c ir c u m s t a n c e s o f

th o

day.

l o v e d th e s o m e n t h a t th e t e s t im o n y o f e v e r y b o d y w h o s a w t h e m in th o fie ld

B e a s h a m e d o f th e je a lo u s ie s t h a t d iv id e y o u .

o f a c t io n w a s th e ir u n flin c h in g c o u r a g e , t h e ir a r d o r t o t h o p o in t o f a u d a c it y ,

n a m e o f t h o s e w h o , lik o o u r s e lv e s , h a v o d ie d t o b r in g t h o c o u n s e ls o f m e n

t h e ir f u ll c o n s c io u s n e s s o f t h o h ig h c a u s o t h o y h a d c o m e t o s e r v e a n d th e ir

t o g e t h e r ; a n d w o r e m in d

c o n s t a n t v is io n o f t h e is s u e .

w a s b o r n , s h o s a id , t o s h o w m a n k in d th o w a y t o lib e r t y .

th ese m e n fig h t a n d sa w th e m

I t is d e lig h t fu l t o le a r n fr o m

th o se w h o saw

w a it in g in t h o tr e n c h e s f o r t h e s u m m o n s t o

you

W o com m and

you

w h a t A m e r ic a s a id s h e w a s b o r n

m a k e t h is g r e a t g i f t a c o m m o n g i f t .

Sho w as b om

in t h o
& 10

fo r .

Sho w as b orn to

to sh ow m e n th o w a y

th o f ig h t t h a t t h e y h a d a t o u c h o f th o h ig h s p ir it o f r e lig io n , t h a t t h e y k n e w

o f e x p e r ie n c e b y

t h e y w e r e e x h ib it in g a s p ir it a s w e ll a s a p h y s ic a l m ig h t , a n d th o s e o f u s

w o a d ju r e y o u in t h o n a m e o f a ll t h o g r e a t t r a d it io n s o f A m e r ic a t o m a k e

w h o k n o w a n d lo v e A m e r ic a k n o w t h a t t h o y w e r e d is c o v e r in g t o th e w h o le

y o u r s e lv e s s o ld ie r s n o w

w o r ld

th o tr u e s p ir it a n d d o v o t io n

o f th e ir m o t h e r la n d .

I t w a s A m e r ic a

w e a r n o u n ifo r m

w h ic h

t h o y m ig h t r o a llz o t h is g i f t a n d m a in ta in

it , a n d

o n c o f o r a ll in t h is c o m m o n c a u s o , w lie r o w o n e e d

e x c e p t th o u n ifo r m

o f t h o h e a r t , c lo t h in g o u r s e lv e s w it h

w h o c a m o in t h o p e r s o n o f th e s e m e n a n d w h o w ill f o r e v e r b o g r a t e fu l t h a t

th o p r in c ip le s o r r ig h t , a n d s a y in g t o m e n e v e r y w h e r e , “ Y o u a r e o u r b r o th e r s

sh o w a s so rep resen ted .
A n d it is t h e m o r o d e lig h t f u l t o e n t e r t a in t h e s o t h o u g h t s b c c a u s o w o k n o w

a n d w o in v it o y o u in t o th e c o m r a d e s h ip o f lib e r t y a n d o f p c a c o .

t h a t t h e s o m e n , t h o u g h b u r ie d in a f o r e ig n la n d , a r o n o t b u r ie d in a n a lie n
s o il.
th o

T hoy
sam o

a r o a t h o m o , s le e p in g w it h
th ou g h ts

and

e n te r ta in e d

t h o s p ir its o f t h o s e w h o t h o u g h t

th o

sam o

a s p ir a tio n s .

Tho

n o b le

w o m e n o f S u re sn e s h a v o g iv e n e v id c n c o o f th o lo v in g s e n se w it h w h ic h t h e y
r e c e iv e d

th eso

dead

a s th e ir

o w n , fo r

th oy

havo

cared

fo r

th e ir g r a v e s ,

L et us

g o a w a y h e a r in g th e s o u n s p o k e n m a n d a t e s o f o u r d e a d c o m r a d e s .
If I m ay
th a t

I

speak a

person al w ord ,

m y s e lf fe e l t h a t

cou n try

I

w as

th o

I

am

u n der.

I

bog you
B y

C o m m a n d e r -In -C h ie f

th o
of

C o n g r e s s t o d e c la r e t h a t a s t a t e o f w a r e x is t e d .
t o d ie .

to

r e a liz o t h e c o m p u ls io n

C o n s titu tio n

th eso

m en.

o f ou r

I

great

a d v is e d

th e

I s e n t t h e s e la d s o v e r h e r e

S h a ll I — c a n I o v e r s p e a k a w o r d o f c o u n s e l w h ic h is in c o n s is t e n t

t h o y h a v o m a d e it t h e ir in te r e s t, th e ir lo v in g in te r e s t, t o s e e t h a t th e ro w a s

w it h th e a s su r a n c e s I g a v o th e m w h e n t h o y c a m o o v e r ?

n o h o u r o f n e g le c t a n d t h a t c o n s t a n t ly t h r o u g h a ll t h o m o n t h s t h a t h a v o

T h e r e is s o m e t h in g b e t t e r , i f p o s s ib l o . t h a t a m a n c a n g i v o t h a n h is lif e , a n d

g o n o b y t h o m o th e r s a t h o m e s h o u ld k n o w

th a t th e ro w e ro m o th e rs h ero

w h o r e m e m b e r e d a n d h o n o r e d th e ir d e a d .
Y o u h a v o ju s t h e a r d in t h o b e a u t ifu l le t t e r f r o m

t h a t i s h i s l i v i n g s p i r i t t o a s e r v i c o t h a t Is n o t e a s y , t o r e s i s t c o u n s e l s t h a t
aro

M .

C le m e n c e a u w h a t

h ard

to

r e s is t,

to

sta n d

a g a in s t p u r p o s e s

a g a in st, a n d t o s a y , " H e r o s ta n d

I b e llo v o t o b o th o re a l m e s sa g e o f F r a n c e t o u s o n a d a y lik o t h is , a m e s sa g e

w ero on ce m y

c o m r a d e s a n il w h o

o f g e n u in o c o m r a d e s h ip , a m e s sa g e o f g e n u in e s y m p a t h y ; a n d

e tern a l

o f fid e lit y ."

I

havo no

I t is i n c o n c e i v a b l e .

bonds

th a t aro

d iffic u lt

to

sta n d

I , c o n s e c r a t e d in s p ir it o f t h o m o n w h o
aro n ow

gono, and

who

lo ft m o

under

d o u b t t h a t i f o u r B r it is h c o m r a d e s w e r e h e r o t h o y w o u ld s p e a k in th o s a m e
s p ir it a n d in t h o s a m o la n g u a g e .

F o r t h o b e a u t y o f t h is w a r is t h a t it h a s

b r o u g h t a n e w p a r tn e r s h ip a n d a n e w c o m r a d e s h ip a n d a n o w u n d e r s ta n d in g
in t o th o fie ld o f th o e ffo r t o f t h o n a t io n .
B u t it w o u ld b o n o p r o f it t o u s t o e u lo g iz e t h e s o I llu s t r io u s d e a d i f w o d id
n o t t a k o t o h e a r t t h o le s s o n w h ic h t h o y h a v o t a u g h t u s .

T h e y a ro d ea d ;

t h o y h a v o d o n e th e ir u t m o s t t o s h o w th e ir d e v o t io n t o a g r e a t c a u s o , a n d
t h e y h a v o le ft u s t o s e e t o it t h a t t h a t c a u s o s h a ll n o t b e b e t r a y e d , w h e th e r
in w a r o r p e a c e .

I t is o u r p r i v i l e g e a n d o u r h i g h d u t y t o c o n s e c r a t o o u r 

s e lv e s a fr e s h o n a d a y lik e th is t o t h o o b je c t s f o r w h ic h t h o y fo u g h t .
n o t n e c e s sa r y th a t I s h o u ld reh e a rso t o y o u w h a t th o s e o b je c t s w e r o .

I t is
T hese

m e n d id n o t c o m e a c r o s s th o s e a m e r e ly t o d e fe a t G e r m a n y a n d h e r a s so 
c ia t e d P o w e r s in t h o w a r .

T h e y c a m o t o d e fe a t fo r e v e r th o th in g s fo r w h ic h

th e C e n tra l P ow ers s to o d , th e so rt o f p o w e r th o y m e a n t to

a sse rt in th e

w o r ld ,

to

and

th e

a rrog a n t,

s e lfis h

th oy ca m e, m oreov er, to

lik o t h is a g a in .

d o m in a tio n
see to

w h ic h

th ey

m eant

e s t a b lis h ;

it t h a t th e r o s h o u ld n e v e r b o a w a r

I t is f o r u s , p a r t i c u l a r l y f o r u s w h o a r e c i v i l i z e d , t o u s o

o u r p r o p e r w e a p o n s o f c o u n s e l a n d a g r e e m e n t t o so o t o it th a t th e ro n o v e r
Is s u c h a w a r a g a i n .

T h o n a t io n t h a t s h o u ld n o w f li n g o u t o f th is c o m m o n

c o n c o r d o f c o u n s e l w o u ld b e t r a y th o h u m a n r a c e .
S o i t Is o u r d u t y t o t a k o a n d m a i n t a i n t h o s a f e g u a r d s w h i c h
to

it

la n d

th a t th o m oth ers
and

I ta ly

and

o f A m e r ic a

B e lg iu m

and

and

a ll o t h e r s u ffe r in g n a t io n s s h o u ld

b e c a lle d u p o n f o r th is s a c r ific e a g a in .
A n d it w ill b o d o n o .




w U l see

th o m o th e rs o f F ra n ce a n d

T h is c a n b o d o n e .

E ng
never

It m ust be dono

PREMIER CLEMENCEAU PROMISES THAT GRAVES
OF A M ERICAN DEAD W ILL BE CARED FOR.

A message from Premier Clemenceau to President Wilson
in which tho former declarod that the graves of American
soldiers would be as tondorly cared for as thoso of the French,
was read on tho occasion of President Wilson’s speech
on Memorial Day at tho Suresnes Cemetery near Paris.
Premier Clemenceau’s lottor began:
F a it h fu l t o n o b le t r a d it io n , th o liv in g a r m y re n d e r s h o m a g e t o th o d e a d
a r m y , a n d a ll F r a n c o h a s a s s o c ia t e d it s o lf w it h t h is h o m a g o .

After comparing tho Americans who havo fallen in Franco
with the French who fell in America, M. Clemenceau
ontinues:
F ran co

w ill o v e r

c h e r is h

th e ir

m e m o r ie s .

W ith

A m e r ic a ,

F ran co

w ill

r e s e r v e in p o a c o a s a n in s p ir a t io n a n d o x a m p lo a n u n d y in g r e m e m b r a n c e
f t h e ir e n th u s ia s m , d is c ip lin e a n d c o u r a g o .

W o s c o t h o w r e a th s o n tlio ir

a m b s , a n d w ill ta k e c a r o o f th o rn a s p io u s ly a n d g r a t e fu lly a s th o t o m b s
f m ir o w n s o lfllo r s .

June 7 1919.]

THE CHRONICLE

NO FURTHER PURCHASES OF W H EA T FLOUR BY
FOOD A D M IN ISTR A TIO N FOR PRESENT.

The Food Administration Grain Corporation, in announc
ing on May 31 that it would for tho present make no further
purchases of wheat flour, Victory flour or cereal products,
said:
The Grain Corporation announces that for the present it will make no
further purchases o f wheat flour, Victory flour or cereal products, but will
ro-enter the market for flour probably early in the new crop year. All
shipments on the American Relief Administration program have been
completed and there Is now sufficient flour contracted for an in transit to
meet other requirements.
The early publication o f export stattsties will show the total exports of
wheat flour much In excess of tho figures named as probably Grain Corpora
tion purchases for this crop year. The Grain Corporation takes this
opportunity o f expressing its appreciation of the co-oporatlon and support
received from the flour mills and cereal manufacturers who have made
these shipments possible.
Tho usual bulletin will bo issued when Grain Corporation flour purchases
are resumed.

FARMER NOT SUBSIDIZED THROUGH GUARANTEED
PRICE FOR W HEAT.
The Editor, Commercial and Financial Chronicle, New York City.
Dear Sir: From time to time references appear in tho daily, weekly
and monthly city press, which carry the impression that tho farmer has
been subsidized In some way through the price of wheat or of hogs. I
notico one such reference In your issue of May 24 on page 2073.
Speaking o f the suggestion that a minimum return should be assured
the railroads, you refer to “ tho unfortunate pledge already given to one
part of that industry,” as something that should bo allowed to stand soli
tary as a warning.
I am quito suro that you do. not mean to convey a wrong impression,
or to do injustice to tho farmor; but theso unfortunate references to the
price of wheat do convey a very wrong impression to tho people o f the
cities.
The farmer has not at any time in the last three yearn been the recipient
o f any bonus or subsidy from tho Government. On the contrary, Gov
ernment interference with prices of agricultural products—and I refor
especially now to tho price o f wheat—has resulted in giving tho farmer
much lower prices than ho would have obtained had thero been no such
interference. At tho tlmo the Government announced that it would take
over tho 1918 wheat crop at a price of $2 20 a bushel, tho shortage o f whoat
throughout the world had become evident. Thero was a good deal o f talk
about a groat surplus o f whoat in tho Argentine and in Australia; but the
farmer know that this surplus could not be reached. Had the Government
kept its hands off, tho farmer would have gotten from $2 50 to probably
as high as $4 for his 1918 wheat crop.
Whon tho prlco of wheat was fixed at *2 26 for the 1919 crop, the purpose
was not to give tho farmer a subsidy, but to promise him a prlco which
would Insure sufficient wheat production to meet tho needs. At that
time no one know how long tho war would last. Most intelligent people
believed it would last at least until tho summer o f 1 9 1 9 . It was important
that wo should have an abundance o f wheat, especially for our Allies. Tho
price of $2 26 named by the Goveniment was not a high price. Indeed,
it was a very low price, considering war conditions; but it was a price which
insured to tho average wheat farmer the cost of production and to tho
wheat farmer is well favored regions a profit in addition. It resulted in
stimulating the sowing of wheat and in persuading fanners in States like
Iowa, which under normal conditions grow very little wheat, to put out a
largo acreago of winter wheat. This price, however, cannot in any sense
bo considered a bonus or a subsidy. You do the farmer a grievous wrong
and you croato In the minds o f city people a prejudice which should not
exist, when you refer to It oven Indirectly as a bonus or a subsidy.
Whon this nation entered tho war, every contract made by tho Govern
ment with a manufacturer was on the basis o f President Wilson’s Just
contractors were assured cost plus a profit of
10%. and no limit was put upon tho expense which they might deem it
nocessary to incur. Manufacturers of equipment o f all sorts were dealt
with on tho same liberal basis. They were not asked or expected to assumo any risk. Thoir profits wore made certain.
I do not now criticize this policy. We had to have buildings for our
soldiers, and wo had to have equipment of all sorts for war needs But I
do wish to romind you that the basis upon which tho Government dealt
with tho fanner was quite different. Tho chief thought there was to keep
down the price paid tho fanner for agricultural products, and this without
regard to the rapidly mounting cost o f production, and also without re
gard to tho fact that more than ono-rourth of all the soldiers called into our
armies went from tho farms, thereby greatly decreasing tho labor available
on tho farms. Very truly,
HEN RY O. W ALLACE.

p^co, or1more’

announcement made by the American Relief Administra
tion at 115 Broadway also said:
As practically all the cottonseed of the past season's production has been
marketed at the stabilized price and tho major portion of tho manufac
tured products has boon disposed of on tho basis of tho price agreements
and the remaining quantity of manufactured products is so near the average
stocks at this time of year that there is no further necessity for control o f
the Industry.

A subsequent announcement (.June 3) of the Food Ad
ministration made known the issuance by President Wilson
of a proclamation, dated May 31, releasing from license
“all persons, firms, corporations or associations engaged
n the business of importing, manufacturing, storing or
distributing cottonseed oil, cottonseed meal, cottonseed
cake, cottonseed hulls, lard substitutes and all other cot
tonseed products.” It is pointed out that while all rules
and regulations were withdrawn under the Food Administra
tion’s announcement of May 31 it was necessary for the
President to issue a proclamation in order that the indus
tries might be released from license.
PLANS FOR SALE OF SURPLUS TOOL SU PPLIES HELD
BY U N ITED STATES.

The following is taken from Washington advices to the
New York “Tribune” May 23:
Adoption of a proposition now under consideration by the War, Treasury
and State departments may solve the problem of prompt re-equipment o f
the factories of Northern France and Belgium that were lotted of their
machine tools by the Germans.
The War Department, in settling contracts, has found itself the owner
of $75,000,000 worth of machine tools, which is equivalent to a year’s out
put of such goods in the United States, it is now proposed through inerGovornmcnt financing, which will establish tho nocessary credits, to dis
pose of the entire store to the French and Belgians. In this way a market
will bo found for the vast amount of machinery and the rohab'lation of
France and Belgium will bo promoted.

PERM A NEN T EM PLOYM ENT SERVICE FOR U N ITED
STATES RECOMMENDED BY SECRE
TARY OF LABOR WILSON.

Secretary of Labor Wilson has recommended to Congress
tho enactment of legislation creating a permanent public
employment servico for the United States. In letters to
Representative J. M. C. Smith, Chairman of the House
Committee on Labor, and to Senator Kenyon, Chairman
of the Senate Committee on Labor, he approved the genoral principles of a national employment system unaimously agreed upon by representatives of the Governors
of the States at the employment conference held in Wash
ington during May and transmitted an outline of a bill
embodying those principles. The outline calls for the
continuance of the United States Employment Service,
develped during the war, as a permanent bureau in the De
partment of Labor and in charge of a Director-General
______ __ __ _ appointed by tho President, and a system of public employ men t offices,
operated
by the States
and. co-operatine
,
, .,
,
c,
.
.
I .i, ^le Federal
Employment
Service.
The
Federal**
Government would' contribute funds to the States for the
maintenance of their offices, which would work under
standard rules and regulations prescribed by the United
States Employment Service, the national service handling
labor clearances between States, inspecting and gathering
of information as to labor and employment conditions. At
the conference which agreed upon this outline were repre
sentatives of 30 States, including nearly all the industrial
States, and representatives of employers and labor. In
his letters to the Chairmen of the Labor Committees of the
CHANGES ON NEW OR House and Senate, Secretary Wilson said in part:

RULING GOVERNING PRICE
LEANS COTTON M ARKET DURING HOLIDAYS
ON NEW YORK MARKET.

In noting on Juno 3 that tho Now York Cotton Exchange
would not observe the holiday of the Now Orleans Cotton
Exchange on that day, as was done by agreement with the
Government during tho war, the “Journal of Commerce”
said:
A rule has boon Incorporated In tho by-laws, however, whereby should
New Orleans advance or declino more than 200 points on a day when Now
York was closed, tho Board has the power to permit a similar chango to take
place horo tho following day.

CANCELLATION OF PRICE AND OTHER REGULA
TIONS AFFECTING C O T T O N S E E D PRESID ENT'S PROCLAMATION.

Tho Food Administration announced on May 30 that it
had canceled all rules relating to the cottonseed industry
and had withdrawn all price regulations and agreements
regarding cottonseed and the products manufactured
therefrom, including lard substitute as from May 31. Tho



3389

For many years there has been a growing recognition o f tho necessity for
public employment offices through tho assistance o f which mon and women
out of employment may bo able to learn of opportunities to work which
they could not find through their own efforts. That workers and employ
ers need so-called labor exchanges has beon demonstrated by the fact that
it has proved highly profitable for individuals to operato such exchanges
on a commercial basis. That such services to workers and employers
should not bo left solely to private fee-charging agencies has also been
demonstrated. In order to make the operation of such agencies profitable
they have to charge a fee for placing workers in employment. Such fees
are exacted from those who can least afford to pay them and instances of
abuse and extortion have been so frequent as to constitute an abuse known
to all who are familiar with the situation.
Inasmuch as the interests of the private fee-charging agencies are fos
tered by constant shifting of workers from one employment to another,
they are under constant temptation, to which unfortunately they some
times yield, to encouargo restlessness among laborers and thus to increase
tho evils and economic loss which inhere in a largo labor turnover.
From tho viewpoint of tho industrial efficiency of tho nation as well as o f
tho individual welfare of the workers it has proved to bo sound policy to
placo tho task of bringing together the worker and the job on a non-com
mercial basis. Furthermore, it is obvious that in order to enable workers
in one community to know of positions open in remote localities and to
enable employers who cannot find sufficient workers in thoir neighborhood
to take advantage of a surplus of labor existing elsewhoro. it is necessary
that thero should be intercommunication between the labor exchanges of
one community and among the various States. The only way this has over

2290

THE CHRONICLE

[V ol . 108.

I am glad to believe that It is tho beginning only of an acquaintance which
I trust may extend usefully over many years.
In accepting your resignation, permit me not only to express my appre
The need of an agency may to a largo extent bo gauged by the use to
ciation
of tho devotion and ability which you have brought to tho task and
which it is put. By this test it would seem to bo demonstrated that there
the
achievements which aro fairly yours, but also to say what I know is in
is necessity for a national system of employment servico offices. During
the 11 weeks from the first of September to tho week ending Nov. 16 1918. your own mind, that tho Administration of the Oil Division owes much to
1,158,792 workers wero placed in positions through tho United States the hearty and efficient co-operation rendered by tho National Petroleum
Employment Service, an averago of 105,000 a week. During tho 15 woeks War Service Committee, organized as a result of your activities in tho office.
In your now association with tho Sinclair petroloum interests I hope you
after the signing of tho armistice up to tho weok ending March l 1919,
1,282,543, or an averago of 80,000 workers a week, found omploymont will find time to continue your advocacy of the necessity for co-operation
through tho agencies of the Federal servico. During tho eight weeks since in tho petroleum industry between capital and labor, and between the
tho curtailment of this service, made necessary through failure of funds, industry, as a whole, and the Government along tho linos frequently dis
^
491,590 workers, an avearge of 61,000 a week, have successfully used tho cussed by us.
offices maintained under tho supervision of tho U. S. Employment Servico
T. A. SCOTT N A M ED TO SUCCEED BA IN BRIDGE
in fhiding positions.
In my judgment, tho duty of maintaining a system of labor exchanges
COLBY ON U. S. SH IPPIN G BOARD.
is primarily one which rests upon tho municipality and tho State. 9 ho
expense, for example, of securing employment in Now York City for men
and women out of work there and of assisting employers thoro in securing
I abor, does not seem to mo to bo ono which should be borno by thoso who
pay taxes to tho nation without contribution by tho citizons of tho Stato
and City of Now York. Not only does tho obligation rest primarily upon
tho locality but the local government is also primarily concerned with tho
efficient administration of tho local offices and thoso who live in tho lo
cality aro in tho best position to observo and Insist upon efficient local
administration.
b een b r o u g h t a b o u t h a s b o o n th r o u g h th o a c t io n o f th o F e d e ra l G o v e r n 

m en t.

O n t h e o t h e r h a n d , t h e e s t a b lis h m e n t a n d m a i n t e n a n c e o f a n e f fi c ie n t
s y s t e m o f lo c a l l a b o r e x c h a n g e s is a m a t t e r o f n a t io n a l c o n c e r n .
Just as
t h o F e d e ra l G o v e r n m e n t h a s f e lt t h e n e c e s s it y o f e n c o u r a g i n g , f o r e x a m p l e ,
t h e d e v e l o p m e n t o f g o o d r o a d s in t h o v a r i o u s S t a t e s , t h o e x t e n s io n o f i n 
d u s t r ia l t r a in in g a n d t h o d e v e l o p m e n t o f a g r ic u lt u r a l la n d s a n d p e r f e c t io n
o f a g r ic u lt u r a l m e t h o d s , s o t h e F e d e r a l G o v e r n m e n t h a s a lik e In t e r e s t
in t h e d e v e l o p m e n t o f n a t i o n a l e f f i c i e n c y t h r o u g h t h o p r o m p t b r in g in g
t o g e t h e r o f w o r k e r s s e e k in g o m p l o y m o n t a n d e m p l o y e r s s e o k in g w o r k e r s .

'

The nomination of Thomas A. Scott of Now London,
Conn., as a member of the U. S. Shipping Board to succeed
Bainbridge Colby, whose resignation was referred to in those
columns March 15, page 1027, was sent to tho United States
Senate by President Wilson on Juno 3. Mr. Scott is Presi
dent of tho T. A. Scott Towing, Pilo Driving & Wharf Build
ing Co. and the Scott Investment Co., both of Now London.
During the war ho had charge of tho Navy salvago opertions, with tho rank of Lieutenant-Commander in the
Naval Reserve.

Tho goal towards which tho proposed legislation is aimed is a locally
operated system to which tho Federal Government contributes an amount
equal to that contributed by tho Stato, tho Foderal contribution being
conditioned upon compliance with uniform rules, regulations and standards
of efficiency requ'red by tho national servico. For such a systom numorous
precedents exist.
Existing conditions, varying largely in tho different States, and tho
immediate naticnal necessity of meeting tho problems of soldier replace
ment and indus'rial readjustment complicate tho attaining of such an ulti
mate system. Many of tho States havo not as yet realized tho responsi
bility for establishing public omploymont offices and in thorn no Stato sys
tem exists. In a number of others there is a State omploymont system
but ono which is entirely inadequate.
At tho prosont time in only a
very few of tho States are conditions such that tho ultimate conception
o f an emploj met t so.'vice which has been sot forth, can bo put in operation
at once.

JUDGE GARY’S DENIAL OF PRICE AGREEMENTS ON
RAILS.

With regard to a denial by Judge E. H. Gary of reports
that there had been consultations between steel manufac
turers as to the uniform prices bid on the 200,000 tons of steel
rails, orders for which were placed by tho Railroad Admin
istration on May 23, “Financial America” of June 2 said:
Tho attention of Judgo E. II. Gary, Chairman of tho United States
Steel Corporation, and who was Chairman of tho committee of steel manu
facturers which conferred recently with tho various Governmental bodies
was directed to a published statement that manufacturers of rails had
been in consultation concerning a uniform price for their commodities
and he was asked to comment on the same.
He replied that since tho meeting of tho steel manufacturers and repre
sentatives of tho Railway Department at tho Plaza Hotel on M ay 8, held
by request of tho Director-General, there has been no discussion what
ever between manufacturers concerning prices nor will there be any un
less by request of tho Government officials, which is not expected.

STATUS OF INTER-A LLIED T IN ACCOUNT.

The following advices with regard to tho status of tho
Inter-Allied Tin Account were issued by Georgo Armsby,
Chief in Charge of Tin of tho War Industries Board on
June 2:
To the Tin Trade—
.. ..
Referring to my circular letter o f M ay 24 1919, pleaso bo advised that
according to reports made to the American Iron and Steel Institute, tho
status of the Inter-Allied Tin account as of May 31 1919 was as follows:
Gross Tons.
Total quantity allocated to United States------------------------------------- 10,169
Sales to April 30 1919, inclusive...................................- ......................... 6,863
Balance unsold May 1 1919------------------------------------------------------- 3,306
Sales between M ay 1 and May 22 1919, inclusive.............................. 1,107
Balance unsold May 23 1919---------------------------------------------------- 2,199
Sales May 23 to M ay 31 1919, inclusive................................................
584
Balance unsold Juno l 1919------------------------------------------------------ L61

RESIGNATION OF M . L. REQUA FROM FUEL
A D M IN ISTR A TIO N .

M. L. Requa has resigned as General Director of the Oil
Division of the United States Fuel Administration. Ho will
become associated with the Sinclair petroloum interests.
Dr. II. A. Garfield, head of tho Fuel Administration, in a
letter accepting Mr. Requa’s resignation, takes occasion
to express his appreciation of Mr. Requa’s labors, saying:
I a p p r e c i a t e t h a t y o u r w o r k h a s n o w r e a c h e d a s t a g o a t w h ic h i t is r e a s o n 
a b l e f o r y o u t o a s k , a s y o u h a v o d o n e , t h a t I a c c e p t y o u r r e s ig n a t io n ,
p resen ted so m o m o n th s a g o .
I d o s o w it h r e g r e t , a n d y e t w it h p l e a s u r e , f o r , w h ile i t m a r k s t h o c o n 
c lu s io n o f o u r j o i n t s e r v ic e s in c o n n e c t i o n w it h t h o F u e l A d m i n i s t r a t i o n ,




P. A. S. FRA N K LIN CH A IRM A N OF SH IP COMMITTEE
DELEGATED TO RECOMMEND NEW NAVIGATION
LAWS.

On May 29 P. A. S. Franklin, Prosidont of tho Interna
tional Mercantile Marino, was appointed by tho Unitod
States Shipping Board as Chairman of a committee to make, •
through tho Board, recommendations to Congress as to
such changes as are needed in our navigation laws with re
gard to the measurement of vessols operating under the
American flag, rovision of rules regarding standardization,
construction, inspection and othor mattors of a technical
character, tho object being to place our sea-going tonnago on
approximately the same basis as foroign shipping. Other
members of tho committee are: J. Parker Kirlin, an admiralty
lawyer of New York; H. F. Alexander, shipowner, of Seattle;
Eugene O. O’Donnell, shipowner and former U. S. steam
boat inspector of Boston; Ilomer L. Ferguson, President
of tho Newport Nows Shipbuilding & Drydock Co.; Alfred
Gilbert Smith, shipowner of Now York, and David T.
Warden, of Now York.
WASHINGTON STATE SUPREME COURT ORDERS
REFERENDUM ON PROHIBITION A M EN D M EN T.

The SupromS Court of the State of Washington on May 24,
by a vote of 5 to 4, granted a writ of mandate to the Cali
fornia Wine Growers’ Association permitting a referendum
vote on the legislative ratification of the Foderal Prohibition
Amendment. The Association has until Juno 15 to circulate
petitions and must obtain signatures from 10% of tho voters
in order to securo the submission of a referendum in tho
November 1920 election. If tho necessary signatures aro
secured, the effect will bo to take tho Stato from tho list of
States which have ratified the amendment until the people
have a chance to vote on tho referendum. Judge S. J.
Chadwick wroto tho opinion granting tho writ, and his
opinion was concurred in by Judges John S. Main, Wallace
Mount, O. R. Holcomb and Kenneth McIntosh. Judges
Parker, Mitchell, Fullerton and Coleman dissented, and
in an opinion held that the legislative action in ratifying the
Prohibition Amendment was not subject to referendum.
Tho action in Washington is ono of a number which tho
“wets” aro pushing in various States whero tho initiative
and referendum is in effect, in tho hope of taking enough
States off the “dry” list to upset the Federal amendment.
There is said to bo a fair chance that tho referendum may
be carried by tho wets, in spite of tho fact that the State of
Washington in two successive elections wont dry. Tho
sentiment in favor of allowing tho salo of light wines and
beer is claimed by tho wets to bo growing.
Referendum petitions havo been circulated and tho neces
sary number of signatures to invoko a special election is
22,050. These petitions must be in tho hands of tho Secre
tary of State by June 13, or ninety days after tho adjourn
ment of tho Legislature.
The “Seattle Post-Intolligonco” states in part that:
“ Providing tho necessary number of signatures can bo obtained, the
ordering of the referoudum in Washington will havo tho effect of suspending
operation of tho national bono-dry law until Novombcr a yoar hence,”
Attorney John F. Murphy, representing tho California Grapo Growers'
Association, said May 24. The explanation was given that Washington is
tho tenth Stato in which tho referendum lias been ordered on tho question,
or whero ratification has-been held up by court"procedure. As there were

June 7 1919.]

THE CHRONICLE

forty-five States which ratified the amendment, this leaves but thirty-five.
Instead o f tho necessary thirty-six, or three-fourths o f tho States in the
Union, required to give tho amendment endorsement, it is argued.

SENA TE ADOPTSNA TIONAL SUFFRAGE RESOLUTION.

3291

control given tho United States and ail-embracing scope of that control,
there is room for some doubt, the consideration of general context completely
dispels hesitancy. How can any other conclusion be reached if consid
eration bo given tho comprehensive provision concerning the administra
tion by tho United States of the property which it was authorized to take,
the final obligations under which it came and all the other duties and ex
actions which the Act imposed, contemplating one control, one adminis
tration, one power for the accomplishment of the one purpose, tho complete
possession by Governmental authority to replace for tho period provided
the private ownership theretofore existing.
This being true, it must follow that there is no basis for the contention
that tho power to make rates and enforce them, which was plainly essen
tial to tho authority given, was not included in it.
Conclusive as are these inferences, they are superfluous, since the portion
of Section 10 in express terms confers the complete and undivided powers
to fix rates.
A brief consideration of the contentions relied upon to the contrary will
at onco show the mistaken premises upon which they rest. Besides, the
presumption in question but denied tho power exerted in the adoption of
tho statute and displaced by an imaginary hypothesis tho dominant pre
sumption which arose by operation of the Constitution as an inevitable ef
fect of tho adoption of the statute, as shown by tho following:
(A) Tho complete and undivided character of tho war power o f the
United States is not disputable. On the face of the statutes it is manifest
that thoy wero in terms based upon the war power, since the authority
they gave arose only because of the existence of war, and the right to
exert such authority was to cease upon the war's termination. To interpret
tliereforo, tho exercise of the power by a presumption o f the continuance
of a state of power limiting and controlling the national authority was
but to deny its existence.
(B) Tho Elementary principle that under the Constitution the au
thority of tho Government of the United States is paramount when exerted
as to subjects concerning which it has the power to control, is indisputable,
this being true, it results that although authority to regulate within a given
sphero may exist in both the United States and in tho States, when the
former calls into play constitutional authority within such general sphere,
tho necessary effect of doing so is that to the extent that any conflict arises
the Stato power is limited, since in case of conflict that which is paramount
necessarily controls that which is subordinate.
Again, as tho power which was exerted was supreme, to interpret it upon
the basis that its exercise must be presumed to be limited was to deny the
power itself.
This, while admitting that the power which was conferred to initiate
rates, when considered in and of Itself, included all rates, it is nevertheless
said that such power must bo presumed to bo limited to the only character
of rates which under the prior law the Inter-State Commerce Commission
had the power to consider; that is, inter-State rates, because the now rates
when initiated were to be acted upon by that body. As, however, the stat
ute in terms gives power to the Inter-State Commerce Commission to con
sider tho new rates in the light of the new and unified control which it
creates, tho error in the contention becomes manifest, even putting out of
view the fact that by the effect of the duty imposed and the new control
created the now rates applying to the new conditions were within the pur
view of tho power which the Inter-State Commerce Commission previously
possessed.
Tho relief afforded against the officer of tho United States proceeded
upon the basis that he was exerting a power not conferred by the statute,
to the detriment of the rights and duties of the State authority, and was
subject therefore to be restrained by the State power within tho limits of
tho statute. Upon the premise upon which it rests— that is, the unlawful
acts of the officers— the proposition is undoubted, but in view of our con
clusion that the acts of the officers complained of were authorized by the
law of the United States.

The United States Senato adopted on June 4, by a vote
of 56 to 25, tho so-called Susan B. Anthony Resolution, to
submit tho woman suffrage amendment to tho Federal
Constitution to tho State Legislatures for ratification. The
House passed tho resolution on May 21 by a vote of 304 to
89 (see V. 108, p. 2155).
Analysis of tho vote on June 4 on the resolution was as
follows: In favor: Republicans, 36; Democrats, 20; total,
56. Against: Republicans, 8; Democrats, 17; total, 25.
This was moro than the required two-thirds vote of the
members present. Fifteen Senators were not present or
refrained from voting. Counting those paired for and
against tho amendment, the vote stood in tho proportion of
“for” and 32 “against.” The resolution has been voted
on by the Senate four times. The first time was in 1887
when it received 16 affirmative votes and 34 negative. In
1914 it failed by 11 votes. At the last session two votes
were taken, ono on Sept. 30 1918, when it failed by two votes,
and again on Feb. 10 last, when it lacked only one vote.
Tho amendment, before it can becomo effective, must
now be ratified by tho Legislatures of thirty-six States, this
formality being required even in those which already allow
their women the franchise. Unless special sessions aro
called, liowover, this cannot be done before 1921, inasmuch
as only eleven Legislatures will meet next year in regular
sessions. Fifteen States already have full suffrage for
women, twelve have woman suffrago with varying limita
tions, but permitting women to vote for Presidential electors,
and two, Arkansas and Texas, permit women to vote at
primaries.
Tho Congressional joint resolution submitting tho constitional amendment does not require the signature of tho
President. It is signed by the Speaker of tho House and tho
President of tho Senate. It will be forthwith certified by tho
Secretary of Stato to all the States.
Senator Cay of Louisiana proposed tho substitute resolu
tion which ho had suggested during the last sessions of Con
gress, in Avhich power to onforce the suffrage amendment was
given to tho soveral States intead of to the National Congress.
On call of tho roll this amendment receivod 19 votes, 62
being against it. Senator Underwood’s amendment to have
the Constitutional Amendment ratified by conventions
rather than the legislatures was lost by a voto of 55 to 28. In the decision as to the wire cases. Chief Justice White
said:
6 6

SUPREM E COURT UPHOLDS INCREASED RAILROAD,
TELEPHONE AND TELEGRAPH RATES—NORTH
DAKOTA AND OTHER CASES.

Opinions sustaining increased railroad, telephone and
telegraph rates ordered by the Railroad Administration and
by tho Poastmaster-General were handed down by the
United States Supreme Court on Juno 2. In rendering its
findings tho Court held that tho war powers conferred upon
tho President by Congress included sweeping control over
tho railroad and wire systems with “supreme and conclu
sive” authority to fix intra Stato rates. The Court’s con
clusions wore given in two opinions by Chief Justice White;
tho one with regard to railroad rates was unanimous; in
tho caso of that bearing on tho telephone and telegraph
rates Justice Brandeis dissented, without however deliver
ing a separate opinion. Litigation instituted in about
forty States is affected by the Court’s findings which operate
to dissolve injunctions restraining tho Director-General of
Railroads from enforcing an order increasing freight and
passenger rates in North Dakota. The Court by its de
cision likewise sets aside injunctions proventing an advance
in telephone rates in South Dakota and telograph rates in
Illinois, and upholds tho dismissal of proceedings instituted
by Massachusetts Stato authorities to prevent increased
intra State telephone rates in that State. Tho Court
furthermore dismissed an original suit by tho Stato of Kan
sas against tho Postmaster-General seeking to liavo tho
rates prescribed by him in Kansas declared unreasonable
and to prevent them from being made effective. In hand
ing down the conclusions of tho Court affecting the rail
roads Chief Justice White said:
No elaboration could make clearer than do the Act of Congress o f 1910,
tho proclamation of tho President exerting tho powers given and tho Act
of 1918 dealing with tho situation created by tho exercise of such authority
that no divided but a complete possession and control wero given tho United
States for all purposes as to tho railroads in question. But if it bo con
ceded that, despite tho aboslute clarity of tho provisions concerning tho




That under its war power. Congress possessed the right to confer upon
tho President tho authority which it gave him, wo think needs nothing here
but statement, as we have disposed of that subject in the North Dakota
railroad rate case. And the completeness of tho war power under which
tho authority was exerted and by which completeness its exercise is to be
tested suffices, wo think, to dispose of the many other contentions urged
as to the want of power in Congress to confer upon the President the author
ity which it gave him.
Tho proposition that tho President in exercising tho power exceeded the
authority given him is based upon two considerations. First, because
there was nothing in the condition at the time tho power was exercised,
which justified the calling into play of the authority; Indeed, the contention
goes further and assails the motives which it is asserted induced the exercise
of tho power. But as the contention at best concerns not a want of power,
but a mere excess or abuse of discretion in exerting a power given, it is
clear that It involves considerations which aro beyond the roach of judicial
power. Tills must be, since, as this court has often pointed out, the judi
cials may not invade the legislative or executive departments so as to
correct alleged mistakes or wrongs arising from asserted abuse of dis
cretion .
Tho second contention, although it apparently rests upon the assertion
that there was an absence of power in the President to exert the authority
to tho extent to which he did exert it, when it is understood, amounts only
to an asserted limitation of the power granted based upon a plain miscon
ception of the terms of the resolution of Congress by which the power was
given. In other words, it assumed that by the resolution only a limited
power as to the telephone lines was conferred upon the President, and hence
that tho assumption by him of complete possession and control was beyond
tho authority possessed. But, although it may bo conceded that there
is some ground for contending, in view of the elements of authority enum
erated in the resolution of Congress, that there was power given to take
less than tho whole, if the President deemed it best to do so, we are of
opinion that authority was conferred as to all the enumerated elements
and that there was hence a right in the President to take complete pos
session and control to enable tho full operation of the lines embraced In
tho authority.
*‘ Inherently, the power of a State to fix rates to be charged for intra-State
carriage or transmission is in its nature but derivative," the opinion adds;
“ since it arises from and depends upon the duty of those engaged in intraStato commerce to charge only reasonable rates for the services by them
rendered, and the authority possessed by tho State to exact compliance
with that duty. Conceding that it was within the power of Congress
subject to constitutional limitations, to transplant the State power as to
intra-State rates into a sphere where it, Congress, had complete control
over the telephone lines, because it had taken possession of them and was
operating them as a governmental agency, it must follow that in such sphero
there would be nothing upon which the State power could be exerted except
upon the power of the United States— that is, its authority to fix rates for
the services which it was rendering through its governmental agencies.

THE CHRONICLE

2292
CONTROL

OF

O P E R A T IO N S

TELEPHONE

L IN E S

OF

TELEGRAPH

RESTORED

TO

AND

OWNERS.

G overn m en t control of the operations o f the telegraph
and telephone lines was relinquished on June 5, when orders
for their return to private ownership were issued b y P ost
m aster-G eneral Burleson.
These orders, M r . Burleson
announced, “ do n ot affect questions of rates and finance
w ith which Congress m a y determine to d ea l.”
I t is pointed
ou t that the orders retain in effect regulations prohibiting
discrimination against wire em ployees because of union
affiliations, m aintaining existing rates and charges and in
structing com panies to keep special accounts to facilitate
cost settlem ent betw een themselves and the G o vernm ent.
A statem en t in explanation of the unexpected action of the
P ostm aster in restoring control of operations of the wire
lines to their ow ners, was issued as follows b y him on the
5 th in st.:
The President having recommended the return o f the wlro systems
and the control o f the owning companies with certain legislation designed
to stabilize their operation and tho Senato committeo having taken action
looking to their immediate return, and tho House committee, in its hearings
on the proposed legislation, having indicated concurrence in tho suggested
immediate return, with or without legislation so recommended, I feel
It my duty to now return tho actual control of operations to the companies.
Some days ago I directed tho necessary orders to be prepared to accom
plish this, and have to-day issued same. These orders do not effect ques
tions o f rates and finance, with which Congress may determine to deal.
Tho rates now in force and tho financial relations between the Government
and the companies, and the order o f Oct. 2 1918, prohibiting discrimination
because of union .affiliation, will continue, unless Congress, in its wLsdom,
may decide to change them or the emergency is cerminated by tho proclama
tion of peace.
By the action now taken, however, the wire companies resume actual
control o f operations of their respective property, and are free to formulate
and put into effect their own policies unrestricted by Government control,
which is to continue in any case but a few weeks, and thus will bo able to
prepare themselves for a complete resumption of tho management of
their property. It will bo necessary for each company to so keep its ac
counts during tho continuance o f Government control that its books may
be closed on tho day Government control ends, in order that a full and
accurate statement may bo promptly made when it is called on for same.
T h e order of the P ostm aster-G eneral returning the wires
to private operation reads as follow s:
June 5 1919.
ORDER NO. 3178.
All telegraph and telephone companies, including individual and part
nerships, whose properties wero taken over by the President undor authority
of tho joint resolution o f the Congress, approved July 16 1918, will hereafter
operate and manage their properties during the remainder of the period
of Federal control, as under Order No. 1783, free from direct Federal opera
tion, upon the following conditions:
(1) Contracts or awards fixing just compensation for the use of any
telograph or telephone line or system shall remain in effect until tho ter
mination of said period of control.
(2) Companies with which compensation contracts have been made or to
which compensation has been awarded shall continue to collect tho service
connection and other charges specified in Order No. 1931 as modified by
Order No. 2352, the toll rates specified In Order No. 2495 as modified by
Frdcr No. 2797 and any exchange or other rates or charges which may
have been specially approved by the Postmaster-General, and also tho rates
specified in Order No. 2940, and said companies shall also continue to ob
serve these provisions of Order No. 2067, intended to prevent discrimination
against employees because they do or do not belong to any particular labor
organization.
(3) Companies operating telephone systems falling within Class D, I. C.C.
classification, which havo waived their claims for compensation under tho
terms o f Order N o. 2980, and all companies accepting tho award made in
pursuance of order No. 3175, shall be released from any obligation to
observe conditions Nos. 1, 2 and 3, as set forth in Order No. 2980: and
mutual or co-operativo companies shall bo released from tho obligations set
forth in Order No. 2411.
(4) Orders Nos. 2479 and 2534 are hereby revoked and tho operating
board created thereby is hereby relieved of its operating duties and ordered
to complete or refer to the proper persons all matters now pending before it
and Is directed to prepare and submit a full report o f all its proceedings in
connection with a comprehensive statement of all expenso o f said board in
curred during its existence, and thereupon to dissolve not later than June 14
1919.
A. 8 . BURLESON.
Order N o . 1783, referred to ab ove, stipulates, am ong
other things, th at—
Until further notice the telegraph and telephone companies shall con
tinue operation in the ordinary course of business through regular channels.
Regular dividends heretofore declared and maturing interest on bonds,
debentures, and other obligations may be paid in due years, and tho com
panies may renew or extend their maturing obligations unless otherwise
ordered by the Postmaster-General. All officers, operators, and em
ployees o f the telegraph and telephone companies will continuo in tho
performance of their present duties, reporting to the same officers as hereto
fore and on the same terms o f employment. Should any officer, operator,
or employeo desiro to leave the service, ho should give notice as heretofore to
the proper officer, so that there may be no Interruption or Impairment of tho
service to the public.
T o dispel an y misconception as to w hat his order pur
ported to d o, P ostm aster-G eneral Burleson yesterday sent
to the Senato C om m itteo on Inter-Stato Com m erce a let
ter explaining his reasons for his order. T h is letter said:
An order Issued by mo yesterday relative to tho operation o f tho telegraph
and telephone systems bas boon construed by somo as actual return Qf the
properties to tho owners. No such action has been takon by mo or is any
contemplated. This order simply dissolves the operating board appointed
by mo under dato o f Dec. 13 1918, and directs that the systems bo again
operated by tho regular operating officials under Government supervision.
Responsibility o f tho Government to theso systems is nowise ceases. It
being evident that these properties are to bo return© in tho very near future.




[V ol . 108

it was necessary for the Postmaster-General to take steps immediately to
set up the regular operating organizations of tho companies so that whon the
properties are turned back it can bo done without confusion or Interruption
to tho service, which was the purpose of the order.
This order in no wise affects tho legislation pending before your commit
tee or before Congress. It will enable the companies to begin stops imme
diately to preparo tho data and collect their information to bo submitted to
the State Commissions for tho rate cases, which will probably bo taken up
immediately after tho period of Government control ends.
A favorable report on tho bill of Senator K ellogg (referred
to in these colum ns M a y 2 4 , pago 2 0 8 7 ), providing for tho
return of the telephone and telegraph lines to their owners,
was directed b y tho Senate Inter-State Com m erce C om m itteo
on Juno 3 , after the measure had been am ended so as to
continue existing telephone rates for GO days after final
action b y Congress. N o provision, how ever, was m ade for
continuing telegraph rates which had recently been increased
b y order of P ostm aster-G eneral Burleson, whoso action w as
sustained on Juno 2 b y tho U . S . Supreme C o u rt.
Claronce
H . M a e k a y , President of the P ostal T olegraph-Cablo C o .,
in recent letters to m em bers of Congross urging im m ediate
return of the wires, promised a 2 0 % decreaso in rates b y
his com pany if the lines were returned.
In a hearing before
tho H ouse Inter-State Com m erce C om m ittee on Juno 6
Charles E . E lm q u ist, President of tho N a tio n al Association
of Railw ay and Public Utilities Com m issioners, assorted
that the m om ent that the wire companies aro returned b y
tho G overnm ent to private operation the rates imposed
b y tho P ostm aster-G eneral m ust end, and that tho rates in
effect when the G overnm ent took over the com panies be
com e effective.
“ T h e ra te s,” said M r . E lm q u ist, “ were
imposed under the war power and , in m y ju d gm en t, can
remain in force only so long as the G overnm ent exorcises
tho war power b y retaining co n trol.”
M r . E lm quist is
also quoted as saying:
The principal objection to Congress extending the rates is that it probably
would mean a long period of enforcement of rates imposed by the PostmasterGeneral which are higher than those that would bo granted by local regu
latory bodies. Litigation would ensue to continue tho high rates in effect,
and tho cases would bo carried from one court to another and it might be
years beforo tho question was finally passed on by tho Supromo Court.
Meantime the companies would enjoy the high rates.
If Congress does conclude to extend theso rates tho bill should definitely
stato that at tho end of that period tho Burleson rates should expire except
In so far as they are modified by State regulatory commissions. It would
bo unfortunate if any litigation grew out of that situation.
Furthermore, if the Burleson rates are extended, as is provided in the
bill reported by the Senate Committee on Inter-State Commerce known as
tho Kellogg Bill, tho extension should apply both to toll and to exchange
rates. Tho American Telegraph & Telephone Co. does most of tho toll
business and tho effect of extending tho Burleson rates only to toll rates
would act as a discrimination in favor of that company. Congress ought
not to indulge in discriminations.
J . C . K o o n s, A ssistant P ostm aster-G eneral and Chairm an
of the B oard of W ire C ontrol, testifying at the samo hearing,
stated that he believed that if G overnm ent control of tho
wiro system s were continued until A ugust a deficit of $ 1 ,
0 0 0 ,0 0 0 in the telegraph com panies’ “ revonuos w ould be
absorbed in twelve m onths and a som ew hat larger ono in the
telephone revenues also would be taken care of in that tim o .”
Control of tho telephone and telegraph lines was form ally
assum ed b y the G overnm ent on July 31 1918 under a C on
gressional resolution signed b y President W ilso n on July 1 6.
D etails of tho taking over of tho lines was givon in our issue
of A u g . 3 1918.

STR IK E

OF

TELEPHONE

AND

TELEGRAPH

OPERATORS.

A strike order involving em ployees of tho W estern U nion
Telograph C o m p a n y in eleven Southern States was issued
to m em bers of the Com m ercial Telegraphers’ U nion of
A m erica b y tho President of that organization, S . J . K o n o n k am p , on June 5 .
T h o issuance of tho ordor foliowod al
m ost im m ediately the announcem ent that P ostm asterGeneral Burleson had directed that control of tho operation
of the wire lines be returned to the owners, and in a state
m ent relative to his action M r . K onenk am p on the 5 th said:
I took tho 6 tep immediately upon learning that Postmaster-General
Burleson had ordered tho wires returned to the companies. Authority
for it was extended by a strike vote taken somo time ago, which has been
hold up to seo if we could not negotiate a peaceable settlement. It is very
likely that tho strike will also involve the Postal Company, but that cannot
bo determined yet.
T h e strike order of the 5th M r . K on en k am p said was
issued in support of the A tla n ta em ployees of tho Southern
Bell and A tla n ta Telephono Com panies w ho w ont out on
June 1, and the union telegraphers of tho W estern U nion
Telegraph C o m p a n y a t A tla n ta who w ent out in sym p a th y
with the others on June 4 . M r . K onenk am p added that
a nation-w ide strike would follow within a few days tho
w alk-out ordered in tho eleven States on tho 5 th .
The

June 7 1919.]

THE CHRONICLE

2293

J

N e w Y o r k “ Sun’ ’ in a W ash in g ton dispatch June 5 quoted
M r . Konenkamp as saying:
When tho Postmaster-General returned control over tho operation of
telegraph and telephone companies to their owners, he simply relieved
himself o f his obligations to operate thorn.
Telegraphers and electrical workers In every
. section o f tho country
. are -

S

1

a“

Office D e p artm e n t in a letter sent b y the latter to form er

Chairman Sims of the House Commerce Committee on
M a y 2 8 . M r . M ackay’s offer was referred to in the “ Chronido” on M a y 2 4 , page 2 0 8 7 , and M a y 3 1 , page 2 2 0 1 . M r .
Burleson states that “ a most casual examination of the tele

C0 S ? ph

It was an outrage for the Postmaster-General to employ strikebreakers in
Atlanta to defeat tho labor policies proclaimed by President Wilson and em-

“ Lth» United States discloses the fact that

tlllS com Pany (the Postal-Telegraph) owns Only 3 0 ,0 0 0 miles
of the 2 0 0 ,0 0 0 miles of pole lines, and only 2 4 6 0 0 0 of the

t e r r 168

als°

^
L
r j ^
s ^
e , » „ « 6 y « u„ t o g c o a » . » , o p era.
tion to the owners. President Carlton o f the Western Union will have full d u r ln S the year 1918 it carried Only $ 1 4 ,9 3 0 ,8 9 6 Out o f a
say as to the policy of that company toward its employees. Already he has total o f $ 9 0 ,0 0 0 ,0 0 0 of the telegraph business.
In o t h e r
declared publicly that ho will fight organized labor to the finish. Therefore I w o r d s th e so vino- t o tlio nnKUn w h ic h t\/t_ tv/t i
,
wo decided to act quickly and beat him to it by authorizing a strike in the ™
S’ ttlG
\ ° t h e J ? ™ 10’ ,w h lc h M r ’ M ackay asserts
Southern states.
he can accomplish by a 2 0 % reduction in cost of messages
There will be something doing every minute from now on until June 16. I over his lines, would necessarily be limited to less t h a n
The electrical workers generally will walk out, and have been clamoring for «Q Q00 0 0 0 in s te a d o f <3:19 OOO Onn ”
“ Tf r t c t > *■ l m i
sanction of their strike vote. This means the telephones as well as the
m ®t e a a 0t $1 2,000,000.
If the Postal-Teleteiegraphs will be tied up.
graph Cable C o. were actually furnishing telegraph service

The N ew York “ Times” of yestarday reports M r. Konenkamp as having said on the 5th:

throughout the United States,” says M r . Burleson, “ this
offer would seem to be a very magnanimous sacrifice on the
The local strike at Atlanta had been on for several days, with the prospect | Pa^t Of its Owners in the public interest.”
He continues:

of its being extended unless wo could get action through Burleson to help
our cause. I was in a local office of a press association this afternoon when
tho flash came In that Burleson had turned back tho wires. I only waited
until I saw a copy of the official telegram, and then I fired a telegram to
our Third Vice-President at Atlanta, to extend tho strike at once to the
whole Southwestern Division, including Louisiana and New Orleans.
As soon as this strike is under way it will be extended all over the Western
Union system. As for other telegraph companies, I cannot state posi
tively what the situation will bo, but they probably will be involved before
this is over.
Tho
reads:

telegram ordering extension of the A tla n ta strike

Washington, D. C., June 5 1919
F. Mann, Third Vice-President Commercial Telegraphers’ Union, At
lanta, Ga.:
This is your authority to extend the strlko o f tho entire Southeast at once
In so far as it effects tho Western Union Telegraph Company. Include
Now Orleans in your district.
S. J. KONENKAM P. President.
C.

T h e States affected b y the strike order of the 5 th are
F lorida, A la b a m a , G eorgia, South and N o r th Carolina,
W e s t V irginia, V irginia, K e n tu ck y , T ennessee, M ississippi
and N e w Orleans, L a .
O n June 1 P ostm aster-G eneral Burleson announced that
he had directed an inquiry into the A tla n ta troubles, say
ing:
1 have asked Union N. Bethel, Chairman o f the Wire Operating Board
at Now York to find out exactly what tho facts are. While nothing has
been said to me by union representatives, I understand their claim is that
a number of telephone girls were discharged by the Southern company
because o f membership in unions. On tho other hand, tho local company
has reported to mo positively that this is untrue, that they have not dis
charged any employees for that reason, or for anything else than Ineffi
ciency.
M y order o f Oct. 8 1918 required all compnaies to refrain from
discharging employees for any such reason. It seems to me that a dis
crepancy as to tho facts is tho only difficult point in the situation.

If the Postal Company had carried the same proportion o f this Gov
ernment business which was normally sent over its lines in the pre-war
period, the existing high operating cost and the low Govern
ment rate would have reduced its net revenues far below the
showing it is enabled to make as a result of its systematic
policy of avoiding Government telegraph business, and tho Western Union
Telegraph Company, upon which the burden o f carrying Government
messages largely fell, would have been able to make a correspondingly
hotter showing. As the matter stands, the Postal claims a net revenue of
.$■1,200,000, while the Western Union claims a loss on account o f operating
expenses in carrying Government messages o f $5,000,000 or $6,000,000,
which loss, if divided between the two companies, would go far toward
wiping out the net revenues claimed by the Postal Company.
As I view it, Congress Is called upon to legislate with respect to the
telegraph and telephone industry as a whole and in tho interest o f the
public service to be rendered by that industry.
The Postal Telegraph-Cable Company operates in tho United States at
only 2,500 o f the 25,000 points at which telegraph service is tendered. Its
proposition would, therefore, reduce the rates to only a portion of the
telegraph-using public.
In the situation now-presented it would seem to be a matter o f public
concern of which Congress might well take cognizance that tho present
high operating expenses have made it impossible to operate these properties
at the pre-war charges for service. To turn the properties back without
making some adjustment which would enable the companies to resume their
operation on a basis comparatively equal to that in which the Government
took them would affect their financial standing materially, and in some
cases, in my opinion, disastrously, and would cause not only the investors,
but the public, to suffer.
The whole scale o f prices of commodities and services has been doubled
by the war. The price for telegraph and telephone service has risen less
than 10%, previous to the recent increase in telegraph rates. Such a price
situation is not normal, and cannot endure. It cannot again be stable
until the price of every product and service covers the cost of producing
that service, including a fair return on the investment in plant. Taking
the telegraph and telephone situation as a whole, Mr. Mackay’s suggestion
does not promise to help bring about this condition. To accept it at this
time would not, in my opinion, be to the best interest of the public.

A n appended statem ent from the P ost Office D ep artm en t
O n tho 4th in st. M r . K on en k am p had the follow ing to I said"
say w ith regard to the A tla n ta dispute:
The Postmaster-General also called Mr. Sims’s attention to the fact that
tho Mackay Companies, operating the Postal Telegraph-Cable C o., con
The Atlanta dispute is being handled by General Organizor O. F. Mann
who has been given full authority to act. Tho immediate cause of the tribute the only telegraph or telephone company whoso property was taken
Atlanta troublo is the recent discharge o f telegraph and telephone workers over by the Government with which the Postmaster-General has had any
in violation of Mr. Burleson’s Bulletin No. 9. This bulletin, issued last differences with respect to the management, and that such differences with
September, prohibits the telephono and telegraph companies from dis the Postal Company did not develop until some time after the property
criminating against union workers, but the Bell interests and tho Western was taken over by the Government, and grew out of a conflict between
Union Telegraph Company repeatedly have violated Mr. Burlson’s orders. the sworn statements of officers o f that company to the Inter-State Com
Wo havo filed complaints with the wire administration without being merce Commission for a series o f years, and its sworn statement to the
able to get this bulletin enforced, and since peaceful protests have brought Postmaster-General.
Officials of the Postal Company began, and have continued to this time,
no results there Is nothing loft for us to do but strike
mv
i;i-„i,‘ v,r, „ rl _p _ _ ,•
. ,
.
| a movement inside o f the organization of the company, and In the public
i n e ilKeimoou or a, nation-wide strike was referred to in press, to hinder and embarrass the Government’s opera tion o f this and other
our issue of Satu rd ay last, page 2201, wherein was given the tc,ograph and telephone properties in every possible way.
w a r n in g issued b v M r
j
•'
„
„
The sworn statements of Postal Telegeaph-Cable Company to the Inter
warning lS S U e U D y rn r. ivonenkam p and the grievances of state Commerce Commission showed an invested capital in that property of
tllO workers. J . E pp s B row n , President of the Southern s o ,617,472, upon which amount, it seems, it was paying local taxes in tho
Bell C o m p a n y, in stating on M a y 31 th at the G overnm ent varlous States 1,1 which the property lies, while information before the
W ire O perating B oard in N o w Y o r k had boon appealed to
“ “ tto
'‘'°r,h ~ mc,h,n8
to effect an adjustm ent of the differences, denied th at thoro
Tho compensation claimed by the Mackay C o., namely $4,200,000, was
had been discrimination against emnlovons b e c a u s e of u n io n 63% pcr annum on ,ts investment of $6,647,472, as sworn to in its report
in n m W ttliin
employees oecause or union to the Inter-state Commerce Commission, and about 15% on the $28.memoerbmp.
.
000,000, tho basis o f value used by the Postmaster-General in fixing the
N e w com b C arlton, President of the W estern U n io n T e le - award.
graph C o m p a n y , according to the “ T im e s ” o f v r s t o r r liv
Since ,the ?fficers of the Postal Co- were relieved of its management, a
Hoolororl o n tlin r.i-].
.1
...
^
request has been made to permit expert engineers and accountants emaoclared on trie Otn that the strike Of W estern U n ion e m - I ployed by the Government to examlno the records of the company’s previous
ployees in tho Southern S tates, ordered b y M r . K o n e n - I t°A u g . 11918, but access to such records have been denied by the company,
k a m p , w ould have virtually no effect on the W estern U nion.
M r . C arlton is quoted as saying:
Of more than 40,000 Western Union employees eligible for membership
nC
nTrimnnelal Telegraphers’
Tnloirronbn»o’ Union
TT.,! only
. about
. . 700 are members
. of4
ini tb
tho
Commercial
tho organization. In the territory covered by Mr. Konenkamp’s order less
than 400 o f our employees are members o f that union
M ACKAY

OFFER

M E R IT E D ,

TO

REDUCE

W IR E

RATES

UN-

DECLARES BURLESON.

T h o proposal m ade b y Clarence H . M a c k a y , President
of the P ostal Telegraph C able C o ., “ to knock ou t that 2 0 %
• _ ,
,.
•
, \ ,,
„.
', 7
J iuiuoK. u rn m a t z u /0
increase tin wire rates) tho first thing after tho return of the
lines” to their ow ners, is characterized b y P ostm asterGeneral Burleson as an a tte m p t to embarrass the P ost




response to the ab ove M r . M a c k a y issued the follow ing
statem ent which appeared in the
Y o r k “ T im e s” on
IM a y 29:
Mr. Burleson’s statements do not bear analysis. He says that the
Western Union does several times as much business as tho Postal, and yet
admits that it cannot compete. Everybody knows that a large business
can be handled more cheaply in proportion than a small business. This is
the secret of the great department stores and of tho great factories and, in
fact, all phases of American life.
_____________
___________________
___
Our
General Manager
lias repeatedly said that.
With proper management,
the Western Union could make a greater profit in proportion t° its business
then the Postal Telegraph Company. Hence, when Mr. Burleson says
that the Western Union does three or four times as much business as we
I do. but it cannot compete, he Is practically saying that the Western Union
I is badly manased* which is true. And yet why should the public pay for
1
° f WeStern Union management by increased

New

2294

THE CHRONICLE

Wo know how the Western Union money goes. For instanco, it has a
horde of solicitors who don’t create telegraph business but merely try to
get telegraph business from the Postal Telegraph Company. I could tell
you also of instances where the Western Union put two branch offices, one
on each side o f our office, in order to take our business away from us. I
could tell you of improvident contracts entered into by that company. No
wonder that they cannot compete. But why should the American people
pay for this wasto and extravagance and bad management?
Furthermore, what business is it o f Mr. Burleson? Has he a mandate
from Congress to protect tho Western Union against the competition of the
Postal Telegraph Company? Who authorized him to insist that the in
crease in telegraph rates shall continue after ho lets go of the telegraph
lines? It is bad enough for the Western Union to play the “ baby act.”
On what theory is M r. Burleson shielding the Western Union from com
petition ?
The sinister feature o f this whole letter of Mr. Burleson’s is his purpose.
What is he after? Does he expect Congress to pass a law prohibiting tho
Postal Telegraph Company from striking off the 20% increase? Or does
he expect Congress to order that the present 20% increase shall stand?
Congress never did such a thing as that and never will. There must be
some other purpose in Mr. Burleson’s mind. We know what that purpose
If.'
His purpose is so to demoralize the Postal Telegraph Company that it
cannot afford to strike off tho 20% increase, or bulldoze and pull it down
to earth until it consents not to strike off the 20% increase when Mr.
Burleson turns back tho lines. These are desperate moves across tho chess
board, but M r. Burleson seems willing to make them. Why does ho do it?

[V ol . 108.

to-day to full fellowship and international trade on ths
hemisphere.’ ’ The protest has been enterod by D r. Juan
B . Rojo, Counsellor and Charge d ’Affairs of tho Moxican
Embassy, who has signified both to tho Stato Department
and Washington and the Pan-American Union, his objec
tion to Representative Gillett’s utterances. Tho Now
York “ Tribune” in advices from its Washington Bureau
quoted Representative Gillett’s remarks as follows:

I do not suppose we have gathered hero in tills important conference
simply to congratulate each other. It does not seem to mo that it would be
wiso if an assembly of this kind, representing the whole Western Hemi
sphere, should meet and not a word bo said publicly of what I am sure w p
all have in mind as being tho greatest impediment to-day to full fellowship
and international trade on this hemisphere— tho prosent condition of
Mexico.
Security is necessary for trade. No merchant will risk getting profits un
less his capital is secure, and so any country which does not invito or pro
tect tho foreign merchant, which will not allow other nationals to livo in
security and peace there, is an obstruction to the trade which this confer
ence is gathered to increase: and therefore, it seems to mo, we ought not to
blink our eyes and pretend that there is nothing on tills hemisphere which is
interfering with commercial intercourse, but we ought all to try to see
that it is called to public attention and see if it cannot be remedied. . . .
I think we all ought to feel that tho worst sufferet from present condi
tions thero is Mexico herself, and if the other republics of this hemisphere,
under tho lead of tho United States, can only unito In somo way to smooth
out the troubled conditions there— to m iko us feel that our whole fellow
RESIGNATION OF A. II. SMITH AS REGIONAL DIREC ship
of nations is not a reproach, that our wliolo commercial Intercourse
TOR OF EASTERN RAILROADS—SUCwhich you are gathered hero to plan out is not going to be blocked by this
one
great
country which lies right in tho middle of our hemisphere, with un
I i '*■•
CEEDED BY A. T. HARDIN.
bounded possibilities— then certainly you arc doing tho greatest good that
A.
H . Smith, who since December 1917 had been Recan be done for trade in tho United States and the greatest beneficiary of
gional Director of the Eastern Railroads under the Rail your work would bo Mexico herself.
Wo ought to feel that if there Is any country hero which docs not comply
road Administration, has resigned, his resignation tendered
with Its obligation, which does not uphold tho rights of international law.
M a y 27, having taken effect June 1. M r. Smith’s with which does not make property and life sccuro, that that is an offence not to
drawal from the Railroad Administration was occasioned any one of the other nations, but that it is an offence to this whole hemi
sphere, because all of us suffer the stigma from it. We suffer not simply
by the fact that the war emergency which prompted his tho lawless violence that comes from it, but wo aro all united in one family
appointment had passed, thus making it possible to resume fellowship, and therefore we all incur somo reproach in our reputation for
ms!duties as President of the New York Central lines. In what any country loses.

Following the adjournment of M onday’s session of the
conference Senor Rojo, according to the “ Tribune,” per
On Dec. 28 1917, I was called upon by the Government to take charge sonally protested to John W . Barrett, Director-General
of the operation of a portion of the railroads in the Eastern district of tho of the Pan-American Union.
The “ Tribune” says that
United States. We were at war. The emergency was great and tho con “ for a time the expediency of suppressing M r. Gillett’s
ditions were serious. I felt it my duty to respond. Now that the emer
gency has passed and a formal declaration of peace appears to be probable speech was considered, but finally M r . Barrett decided to
in the not distant future I feel that I should be relieved and resume my content himself with disclaiming any responsibility for the
former position with the New York Central lines. I therefore confirm my
Speaker’s remarks.”
In his protest addressed to the State
telephone conversation with you to-day and formally tender the resigna
tion of my position as Regional Director of tho Eastern district, to take Department and to tho conference D r. Rojo said:

his letter of resignation to Director-General Walker D .
Hines M r. Smith said:

effect at any time between now and June 30 as will best suit your con
venience.
I want you to know that if I can at any time be o f service to you in the
future I shall be very glad to respond.

M r . Hines in reply said:
I have your letter of the 27th inst. tendering your resignation as Regional
Director of the Eastern region. The reasons you have urged upon me both
in your letter and in conversation impel me to accept the resignation, and I
hereby do so, effective June 1 1919.
In doing this I wish to express to you the profound appreciation of mysel
and my associates in the Railroad Administration for tho patriotic, selfsacrificing and able service you have at all times rendered.
It is gratifying to have your assurances of continued co-operation and I
shall have occasion to call upon you accordingly from time to time.

The following announcement was made at the offices of
the New York Central on M a y 30 regarding M r . Smith’s
resignation as Regional Director:
Mr. Smith's retirement is due solely to his desire to return to peace-time
interests and activities, together with the insistent requests o f tho New York
Central directorate that he return to the presidency of tho corporations
which he headed for tho five years preceding Federal control. The utmost
harmony attended his Government service, and his desire to relinquish
office has for some time only awaited the convenience of the Washington
Administration in permitting the change.

The following telegraphic advices were sent out by M r.
Smith to the employees of^the roads under his control as
Regional Director:
To All Federal, General and Terminal Managers:
In severing my connection with tho Railroad Administration, I want to
thank you, your officers and employees, for the great assistance and loyal
effort afforded me and the co-operation displayed between every one
through the very trying months when hostilities were in progress. Tho
prompt movement of troops in such largo volume and tho efficient hand
ling of the traffic is truly a commendablo accomplishment. During tho
unification of the railroads, as was necessary, there has been no feeling
whatever. This indicates a breadth of view and loyalty to the Govern
ment. The co-operation of every man has been hearty. I bespeak for my
successor the same loyal effort in the difficult tasks that are beforo you,
as was afforded me.
A. n. SMITH.

A . T . Hardin, Assistant Regional Director of the Eastern
roads, has succeeded M r. Smith as Regional Director.

Yesterday I protested beforo Acting Secretary of Stato Phillips, Acting
President of the governing board of tho Pan-American Union, against the
remarks made by Speaker Gillett.
I considered that tho Speaker violated tho rules of tho conference, as
politics were excluded from tho discussions, and I was surprised that he ac
cepted the hospitality of the Pan-American Union to offend ono of tho States
of this Union.
The statement made by Mr. Gtllott that Mexico is tho only obstacle to
International commerco is not based on facts. Tho statistics available at
tho Pan-American Union show that tho commerce between Mexico and the
United States increases every day and also that Mexico’s commerce with
Central and South America is beginning on firm steps.
I should have desired that tho Speaker had expressed his ideas with
more frankness as regards tho procedure ho suggested for remedying the
ills of Mexico. I interpreted his idea as moaning intervention in the in
ternal affairs o f Mexico. .
This statement was presented by mo to the Acting President of the Gov
erning B jard of the Pan-American Union in order to make formal the ver
bal protest that I made to Acting Secretary of State Phillips.

It was observed in the New York “ Tim es” of the 4th
inst. that Henry P . Fletcher, Amorican Ambassador to
Mexico, who was to have been a speakor at Tuesday’s
session of the conference failed to appear, having, it is re
ported, requested that ho bo permitted to withdraw.
On
the 5th Speaker Gillett in a statement answering D r. Rojo’s
protest said:
I have just read in the press tho statement made by tho representative
of Mexico about my remarks to tho Pan-American Congress. I appre
ciated that what I said would offend him, and I was reluctant to do that,
but it seemed to me that, oven at that risk, tho suggestions I made ought
to go before tho conference. I thought it would bo preposterous in a dis
cussion of the commercial conditions on tills continent to hae no allusion
to Mexico, whose persistent failure to observe her International obligations
and protect foreigners engaged in commerco has been notorious and is tho
most flagrant obstacle to commercial intercourse and growth in our hemi
sphere.
And yet I endeavored to make clear that my attitudo was entirely free
from hostility or jingoism, that I was eager that tho United States should
earn the permanent confidence and friendship of tho republics south of
us, and that it was for their interest as well as ours that Mexico should bocomo a safe region for foreign sojourn and investment, and that the greatest
beneficiary of such a salutary change would bo Mexico herself.
I believe that every nation should bo alert to guard its citizens wherever
they may be an:l I trust our South American friends hold tho same opin
ion and will co-operate with us in assorting and enforcing it. I sincerely
hope that I did not hurt the susceptibilities of any person present except
the Mexican representative.

REPRESENTATIVE GILLETT’S UTTERANCES AS TO
MEXICAN CONDITIONS AS BARRIER
TO TRADE—PROTEST BY 1)R. ROJO.
MESSAGE FROM PRESIDENT WILSON RECEIVED BY
PAN-AMERICAN CONGRESS.
A protest has been lodged against a statement made at
A cablod message from President Wilson recoived by tho
the Pan-American Commercial Conference at Washington
on June 2 by Frederick H . Gillett, of Massachusetts, Speaker
of the House of Representatives in which he described tho
present condition of Mexico as “ the greatest impediment




delegates to tho Pan-Anmorican Congress which opened at
Washington on June 2 was read as follows at tho opening
session:

June 7 1919.]

THE CHRONICLE

I ho President desires mo to convey to you the following message: Please
greet the members of the Second Pan-American Conference in my name and
convey to them the following message:
It is with genuine regret that I find myself unable to attend the confer
ence and greet you in person. I am sure that the members o f the Govern
ment who aro in Washington will make you feel abundantly welcome, but
I should have wished to express that welcome in person. We attach the
highest importance to this conference. Our hearts aro set upon a perfect
understanding between the Americans and the development of relation
which will be mutually beneficial not only, but will contribute to the sort
o f relations which promote peaco and good-will as well as prosperity.
Pray accept my most cordial good wishes for the success of the conference.

2295

their labor,
The German people would thus be condemned to perpetual
slave labor.
_ In spite of the exorbitant demands the reconstruction of our economic
life is at the same time rendered impossible. Wo must surrender our mer
chant fleet. AVe are to renounce all foreign securities. Wo are to hand
over to our enemies our property in all German enterprises abroad, even in
tho countries of our allies. Even after tho conclusion of peace the enemy
States are to have the right of confiscating all German property. No
German trader in their countries will be protected from these war meas
ures. AVe must completely renounce our colonics, and not even German
missionaries shall have the right to follow their calling therein. AVe must
thus renounce the realization of all our alms in tho spheres of politics,
economics and ideas.
Even in internal affairs we are to give up tho right to self-determination.
Tho International Reparation Commission receives dictatorial powers over
G E R M A N Y ' S R E P L Y A N D C O U N T E R PROPOSALS TO the whole life of our people in economic and cultural matters. Its au
PEACE TREATY.
thority extends far beyond that which the Empire, the German Federal
Council and the Reichstag combined ever possessed within the territory
of tho Empire. This Commission has unlimited control over the economic
life of the State, of communities and of individuals.
Further, the entire educational and sanitary system depends on it. It
can keep tho whole German people in mental thraldom. In order to in
crease tho payments due by the thrall tho Commission can hamper measures
for tho social protection of the German worker..
In other spheres also Germany’s sovereignty is abolished. Her chief
waterways aro subjected to international administration, she must con
struct In her territory such canals and such railways as her enemies wish,
she must agree to treaties the contents of which aro unknown to her, to
bo concluded by her enemies with tho new States on the east, even when
they concern her own functions. The German people is excluded from the
League of Nations, to which is entrusted all work of common interest to the
world.
Thus must a whole people sign the decree for its own proscription, nay, its
own death sentence.
Germany knows that she must make sacrifices in order to attain peace.
Germany knows that she has, by agreement, undertaken to make these
sacrifices, and Will go in this matter to tho utmost limits of her capacity.
1. Germany offers to proceed with her own disarmament in advance of
all other peoples, in order to show that she will help to usher in the new
era of the peaco of Justice. She gives up universal compulsory service and
reduces her army to 100,000 men, except as regards temporary measures.
She even renounces tho war ships which her enemies are still willing to leave
in her hands. She stipulates, however, that she shall be admitted forth
with as a State with equal rights into the Leaguo of Nations. She stipu
lates that a genuine League of Nations shall come into being, embracing
all peoples of good will, even her enemies of to-day. The League must
bo inspired by a feeling of responsibility toward mankind and have at its
disposal a power to enforce its will, sufficiently strong and trusty to pro
tect the frontiers of its members.
2. In territorial questions Germany takes up her position unreservedly
on tho ground of tho AVilson program. She renounces her sovereign right
in Alsace-Lorraine, but wishes a free plebiscite to take place there.
She gives up tho greater part of the Province of Posen, the district in
contestably Polish in population, together with the capital. She is pre
pared to grant to Poland, under international guarantees, free and secured
access to the sea by ceding free ports at Dantzig, Konigsberg and Memel,
by an agreement regulating the navigation of the Vistula and by special
railway conventions. Germany is prepared to ensure the supply of coal
for the economic needs of France, especially from the Saare region, until
such time as the French mines are once moro in working order. The pre
ponderantly Danish districts of Sleswig will bo given up to Denmark on
tho basis of a plebiscite. Germany demands that the right of self-deter
mination shall also be repeated where the interests of the Germans in
Austria and Bohemia are concerned. She is ready to subject all her col
onies to administration by the community of tho League of Nations if she
is recognized as its mandatory.
3. Germany is prepared to make payments incumbent on her in ac
cordance with the agreed program of peace up to a maximum sum of one
hundred billions of gold marks, twenty billions by M ay 1 1926, and the
balance (eighty billions) in annual payments without interest. These
Mr. President: I have tho honor to transmit to you herewith the observa payments shall In principle lie equal to a fixed percentage of the German
tions of the German delegation on tho draft treaty of peace
We camo to imperial and State revenue. The annual payment shall approximate to
Versailles in the expectation of receiving a peace proposal based on the
the former peaco budget. For tho first ten years the annual payments
agreed principles. Wo were firmly resolved to do everything in our power shall not exceed one billion of gold marks a year. The German taxpayer
witli a viow of fulfilling tho grave obligations which we had undertaken
shall not be less heavier burdened than tho taxpayer of the most heavily
We hoped for the peaco of justice which had been promised to us. Wo were
burdened State among those represented on tho Reparation Commission.
aghast when wo read In documents tho demands made upon us—tho vic
Germany presumes in this connection that she will not have to make any
torious violence of our enemies. Tho more deeply wo penetrato into tho
territorial sacrifices beyond those mentioned above and that she will re
spirit of this treaty tho more convinced we become of tho impossibility of cover her freedom on economic movement at home and abroad.
carrying it out. Tho executions of this treaty are more than tho German
4. Germany is prepared to devote her entire economic strength to the
people can bear.
service of reconstruction. She wishes to co-operate effectively in the re
With a view to the re-establishment of tho Polish State we must renounce
construction of the devastated regions of Belgium and Northern France.
indisputably German territory— nearly tho whole of tho province of West
To make good tho loss In production of tho destroyed mines in Northern
Prussia, which is preponderantly German; of Pomerania; of Danzig, which
Franco, up to twenty million tons of coal will be delivered annually for the
is Gorman to the core Wo must lot that ancient Hanso town bo trans first fivo years and up to eight million tons for the next five years. Ger
formed into a free State under Polish suzerainty. We must agree that
many will facilitate further deliveries of coal to France, Belgium, Italy and
East Prussia shall bo amputated from tho body of tho State, condemned ' uxemburg.
to a lingering death, and robbed of its northern portion, including Memel.
Germany is, moreover, prepared to make considerable deliveries of ben
which is purely German. Wo must renounce Upper Silesia for tho benefit zol, coal tar and sulphate of ammonia, as well as dyestuffs and medicines.
of Poland and Czechoslovakia, although It has been in close political con
5. Finally, Germany offers to put her entire merchant tonnage into a
nection with Germany for moro than 750 years, is instinct with German pool of the world's shipping, to place at the disposal of her enemies a part
life and forms the very foundation of industrial life throughout East Ger
of
her freight space as part payment of reparation and to build for them
many.
for a series of years in German yards an amount of tonnage exceeding their
Preponderantly German circles (Kreiso) must be ceded to Belgium with demands.
out sufficient guarantees that tho plebiscite, which is only to take place
6 . In order to replace the river boats destroyed in Belgium and Northern
afterward will bo independent. The purely German district of the Saar
ranee, Germany offers river craft from her own resources.
must be detached from our empire and the way must be paved for its sub
7. Germany thinks that she sees an appropriate method for the prompt
sequent annexation to I ranee, although wo owe her debts in coal only not fulfilment of her obligation to make reparations conceding participation
in mon.
in industrial enterprises, especially in'coal mines to ensure deliveries of
For fifteen years Rhinish territory must bo occupied, and after those coal.
fifteen years the Allies have the power to refuse tho restoration of the coun
8 . Germany, in accordance with the desires of the workers of the whole
try. In the interval the Allies can take every measure to sever tho eco
World, wishes to see the workers in all countries free and enjoying equal
nomic and moral links with tho mother country and finally to misrepresent rights. Slio wishes to ensure to them in the treaty of peace the right to
tho wishes of tho indigenous population.
tako their own decisive part in the settlement of social policy and social
Although tho exact cost of the war has boon expressly renounced, as yet protection.
Germany, thus cut in pieces and Weakened, must declare herself ready in
9. The German delegation again makes its demand for a neutral entry
principle to boar all the war expenses of her enemies, which would exceed into the responsibility for tho war and culpable acts in conduct. An im
many times over tho total amount of tho German State and private assets
partial commission should have tho right to investigate on its own respon
Meanwhile her enemies demand, in excess of tho agreed conditions, repara sibility the archives of all tho belligerent countries and all tho persons who
tion for damago suffered by their civil population and In this connection took an Important part in the war. Nothing short of confidence that the
Germany must also go bail for her allies.
question of guilt will be examined dispassionately can leave the peoples
lho sum to bo paid is to be fixed by our enemies unilaterally and to admit lately at war with each other in the proper frame of mind for the formation
subsequent modification and incrcaso. No limit is fixed save tho capacity of tho League of Nations.
of the German people for payment, determined not by their standard of
These aro only the most important among the proposals which we have
life but solely by^their capacity^to meet tho demands o f their enemies by to make. As regards other great sacrifices and also regards the details the

Germany’s reply to the peace treaty, embodying counter
proposals to the peace terms submitted by the Allies, was
delivered through the French authorities to the Secretariat
of the Peaco Conference at Paris on May 29, and was made
public by the State Department at Washington on June 1
The reply declares that “wo were aghast when wo read
. . . the demands made upon us” and adds: “the more
deeply we penetrate into the spirit of this treaty the more
convinced we become of the impossibility of carrying
out.” The reply among other things asserts that under
the terms of the treaty “Germany’s sovereignty is abolished.
. . . she must agree to treaties, the contents of which
aro unknown to her, to be concluded by her enemies with
the now States on the East, even when they concern her
own functions.” It also refers to the fact that “the German
people is excluded from the Leaguo of Nations to which is
entrusted all work of common interest to the world” and
says “thus must a whole people sign the decreo for its own
proscription, nay, its own death sentence.” After sub
mitting the counter proposals, the reply states that “the
time allowed us for the preparation of this memorandum
was so short that it was impossible to treat all the questions
exhaustively. A fruitful and illuminating negotiation
could only tako place by means of oral discussion.” The
treaty, to which the communication wo aro treating of is a
reply, was referred to in these columns May 10 and the
official summary was given in that issue page 1896. The
reply which is addressed to Premier Clemenceau, head of
the Peace Conference, and is signed by Count von Brockdorff-Itantzau, the German Foreign Minister, and head
of the German delegation, was drafted at Versailles by the
Gorman delegates, to whom the treaty was presented on
May 7. The reply was received in installments, and com
prised, it is said, 146 typewritten pages. The reply was
written in German and boro the caption: “Obervations of the
Gorman Delegation on tho Conditions of Peace.” The
following is tho text of the reply as given out at tho State
Department at Washington:




2396

[Vol. 108

THE CHRONICLE

delegation refers to the accompanying memorandum and tho annex thereto
aiTho time allowed us for tho preparation of this memorandum was so
short that it was impossible to treat all the questions exhaustively. A fruit
ful and illuminating negotiation could only take place by means of ora
discussion. This treaty of peace is to bo tho greatest achievement of its
kind in all history. There is no precedent for tho conduct of such com
prehensive negotiations by an exchange of written notes only. Tho feeling
of the peoples who have made such immenso sacrifices makes them de
mand that their fate should bo decided by an opon unreserved exchange of
ideas on the principle: “ quite open covenants of peace openly arrived at after
which there shall be no private international understandings of any kind,
but diplomacy shall proceed always frankly in the public viow.
Germany is to put her signature to tho treaty laid before her and to carry
It Even in her need, justice for her is too sacred a thing to allow hei to
stoop to achieve conditions which sho cannot undertake to carry out.
Treaties of peace signed by the great Powers have, it Is true, in tho history
of tlio last decades again and again proclaimed tho right of the stronger.
But each of these treaties of peace has been a factor in originating and pro
longing the world war. Whenever in this war the victor has spoken to the
vanquished, at Brest-Litovsk and Bucharest, his words were but tho seeds
of future discord.
„ ,, _
,
. ...
The lofty alms which our adversaries first set forth themselves in their
conduct of the war, the new era of an assured peace of justico, demand a
treaty instinct with a different spirit. Only tho co-operation of all na
tions— a co-operation of hands and spirits—can build up a durable peace.
Wo are under no delusions regarding the strength of the hatred and bitter
ness which this war has engendered, and yet tho forces which are at work
for a union of mankind are stronger now than ever they wero before. 1no
historic task of tho Peace Conference of Versailles Is to bring about tills
Accept Mr. President, tho expression of my distinguished consideration.
b r o o k d o r f f -r a n t z a u .

T E R M S OF P E A C E T R E A T Y W I T H A U S T R I A .

A draft of tho peace treaty with Austria in which are set
forth the demands of tho Allied Governments, was pre
sented to the Austrian peace plenipotentiaries at St. Ger
main on June 2 by Paul Dutasta, Secretary of the Peace
Conference. Certain clauses on military reparation, finan
cial and boundary clauses are not carried in the treaty
terms as presented this week and will be submitted when
they have been perfected. With the presentation of tho
treaty President Clemenceau of tho Peace Conference made
a brief speech in which he explained how the Austrian dele
gation might proceed as to further negotiations, and what
time would bo granted within which to reply to the terms.
Premier Clemenceau spoke in French, his remarks boing
translated into English, Italian and German. Ho spoke
only for three minutes. At the start ho said:
Gentlemen, plenipotentiaries of tho Austrian Republic, the Allied and
Associated Powers have charged mo to remit to you tho draft of the treaty
which has been deliberated among us. It is not tho entire draft, for we
shall have reserves to make, but it constitutes at least the principal parts,
on which you can forthwith deliberate.

Tho Austrian treaty follows exactly tho same outline as the Gorman
and in many places is identical with it excopt for tho change in name
Certain specific clauses which applied only to Germany are, of course,
omitted, and certain now clauses included, especially as regards the new
States created out of the former Austro-Hungarian Empire, and tho protec
tion of the rights of the racial, religious, and linguistic minorities in Austria,
Czccho-Slovakia, Rumania and the Serb-Croat-Slovene Stato.
Austria is left by tho treaty a Stato of from 6,000.000 or 7,000,000
people. Sho is required to recognize the independence of Hungary, Czecho
slovakia and the Serbo-Croat-Slovene State, and to cedo other territories
which previously in union with her composed the Empire of AustriaHungary with its population of over 50,000,000 people.
Austria agrees to accept the League of Nations Covenant and tlio Labor
Charter, to renounce all her extra European rights, to demobilize her whole
naval and aerial forces, to admit tho right of trial by the Allied and Asso
ciated Powers of her nationals guilty of violating the law and customs of
force, and to accept detailed provision similar to those of tho German
treaty as to economic relations and freedom of transit.
,
Part I of tho treaty containing tho Covenant of tho League of Nat o
and Part X II containing the labor convention are identical with correspond
ing sections of the German treaty. Part VI, dealing with prisoners Of war
and graves, and Part X I, with aerial navigation, are also identical except
for the substitution of names, and are likewise omitted. I art X III of the
German treaty containing guarantees of execution is not parallel in the
Austrian treaty.
#

Tho official summary of the treaty, as made public by
the Committee on Public Information at Washington on
.Tune 2. follows:

Preamble.
Whereas, On tho request of tho former Imperial and Royal Austro
lungarian Government, an armistico was granted to Austria-Hungary on
'lov. 3 1918, by tho principal Allied and Associated Powers In order that
i treaty of peaco might bo concluded: and
.
Whereas, Tho Allied and Associated Powers arc equally desirous that tho
var in which certain among them wero successively involved, directly
>r indirectly, against Austria, and which originated in tlio declaration
>f war against Serbia on July 28 1911, by tho former Imperial and Royal
\ustro-Hungarian Government, and in the hostilities conducted by Ger
many in allianco with Austria-Hungary, should bo replaced by a firm, just
»nd durablo peace; and
__ , .
Whereas, Tho former Austro-Hungarian monarchy has now ceased to
jxlst, and has been replaced in Austria by a Republican Government; and
Whereas, Tho principal Allied and Associated Powers havo already recog
nized that tho Czecho-Slovak Stato, in which aro Incorporated certain
portions of tho said monarchy. Is a free, independent and allied Stato; and
Whereas, Tho said powers havo also recognized tho union of certain
portions of tho said monarchy witli tho territory of tho kingdom of Ser
bia as a freo, independent and allied State, under tho name of Serb-CroatSlovono Stato; and
Whereas, It is necessary while restoring peaco to regulato tho situation
which has arisen from the dissolution of tho said monarchy and tho forma
tion of tho said States, and to establish tho Government of tlieso countries
on a firm foundation of justico and equity;
For this purpose tho high contracting parties, duly named,
Who, having communicated their full powers, found it in good and duo
form, havo agreed as follows:
.........
From tho coming into force of tho present treaty tho stato of war will
Austria is recognized as a now and independent Stato under tlio name
of tho Republic of Austria.
, .
...
From that moment, and subject to tho provisions of this treaty, official

.
..
i , ,i < .. *_Dnumru <i
t no T?CK.
Dr. Karl Renner, Chancellor and head of tho Austrian
delegation at the conclusion of Promier Clemenceau’s re public of Austria.
Austrian Frontiers.
marks addressed the Allied Commission, composed of Tho northern frontier New
Czccho-Solvakia follows tho existing and
President Wilson, Premiers Clemenceau, Lloyd George, administrative boundariesfacing
formerly separating tlio provinces of Bohemia
Orlando of Italy and Padorewski of Poland, Arthur J. and Moravia from those of Upper and Lower Austria, subject to certain
rectifications, notably in tlio regions of Gniund and Foldsberg and
Balfour, Marshal Foch, General Bliss, Admiral Bonson minor
tho River Moravia.
.
and the American Ambassador, Hugh C. Wallace. Dr. along
The frontier with Italy begins at tho Reschen Pass on tho Swiss fron
Renner, who spoke in French, stood while delivering his tier and follows in general tho watershed between tho basons of tho Inn
tho Drave to tho north and Adige, Piavo and Tagliamento on tlio
speech. His remarks are given in another item. Among and
This lino, which runs through Brenner Pass and tho peak of tlio
other things he stated that the Austrian Republic has be south.
Signori (Dreihemnspitze), includes In tho Italian frontiers the Valley of
come entirely free from the Ilapsburg dynasty. In ac Sachsen
and tho Basin of Tarvis.
East of tho Tarvis region tho Austrian frontier follows tho Karawanken
knowledging that the fate of tho Republic rested in the Mountains
a point southeast of Villach, thou runs north of tho Worhands of the Allies, he said in conclusion “we pray for a therseo, tho totowns
of Ivlagenfurt and Volkermarkt; tlionco along tho north
of
tho
Dravo
In
such a manner as to leavo to tho Serbo-Croat-Slovono Stato
decision which will insuro for all our national, political and Marburg and Radkerburg,
just to tho north of Which latter place it will
economic existence.”
Hungarian frontier.
The Austrian treaty is similar in its general features to joinThethodisposition
of the Ivlagenfurt Basin, which lies to tho south of tills
will be determined by a plebiscite to bo held within six months from tho
that handed to Germany on May 7, a summary of which lino
coming into effect of tho treaty, tho Austrian authorities to bo withdrawn.
appeared in the “Chronicle” of May 10, page 1896. In In case a majority of tho population votes for union witli Austria tlio
recognizing that tho former Austro-Hungarian Monarchy southern
frontier of Austria will continuo along tho Ivarawankon Moun
to a point southeast of Elsonkappel, thonco northeast, passing east
has been replaced by a Republican Government the pre tains
of Bleiburg, traversing tho Dravo just above its confluonco with tho Laamble to the treaty sets out “Austria is recognized as a new vanti,
then rejoin tho frontier already traced.
Tho western and northwestern frontiers facing Bavaria, tlio western
and independent State under the name of tho Ropublic of frontier
facing Switzerland and tho eastern frontier facing Ilungaiy remain
Austria.” The treaty stipulates that Austria shall re unchanged.
nounce all of her extra Europoan rights; “recognize and
Political Clauses.
accept the frontiers of Bulgaria, Greece, Hungary, Poland, Tho high contracting partios rccognizo and accept tho frontiers of Bul
Hungary, Poland, Rumania, tho Serb-Croat-Slovono State
Rumania, tho Serb-Croat-Slovene State and tho Czecho garia,theGreece,
Czecho-Slovak Stato as at present, or as ultimately determined.
slovak State as at present-or as utlimately determined;” and
Austria renounces in favor of tho principal Allied and Associated Powers
“accept definitely tho annulment of Brest-Litovsk treaty all her rights and titles over territories formerly belonging to her which,
though outsido tho now frontiers of Austria, havo not at presont been as
and of all treaties or agreements of all kinds concluded since signed
Stato undertaking to accept tho settlement to bo made in
the revolution of November 1917.” Austria likowiso as regard toto any
these territories.
sures “complete protection of life and liberty to all inhabi
Czechoslovak Slate.
tants of Austria, without distinction of birth, nationality, Austria recognizos the complete independent Czecho-Slovak Stato, in
tho autonomous territory south of tho Carpathians in conformity
language, race or religion, together with tho right to the eluding
tho action already taken by tho Allied and Associated Powors. The
free exercise of any creed;” “no restrictions are to be im with
boundary between Austria and tho now Stato is to be fixed by a field
posed on the free use of any language in private or public exact
commission of seven members, five nominated by tlio principal Allied and
Powers and one each by Austria and Czccho-Slovakia; Czecho
and reasonable facilities are to be given to Austrian nationals Associated
slovakia agrees to embody in a treaty with tho principal Allied and Asso
of non-German speech for the use of their language before ciated
such provisions as may bo deemed nocessary to protect racial,
the courts.” The following summary of the conditions of religiousPowers
or linguistic minorities and to assure freedom of transit and equitablo
treatment
for tho commorce of othor nations.
peaco was furnished in the cablegrams from St. Germain:




j

mi

June 7 1919.]

THE CHRONICLE

Serb-Croat-Slovene State.
Austria similarly recognizes the completo independence o f the Sorb*
Croat-Slovono Stato and renounces her rights and titles. A similarly ap
pointed field commission, including a member nominated by tho SerbCroat-SIoveno State, is to fix tho exact boundary. Tho question of tho
basin of Klagonfurt is reserved. Tho Serb-Croat-Slovene Stato agrees to a
similar treaty for tho protection of minorities and freedom of transit.

2397

Similar to thoso in the German treaty, relating to the inhabitants of Al
sace-Lorraine. their contracts are maintained subject to cancellation by
their governments. Austria undertakes to recognize any agreement or
convention made by the Allios to safeguard tho interests of their nationals
in any undertakings constituted under Austro-Hungarian law which oper
ates in territories detached from the former Austrian Empire, and to trans
fer any necessary documents and information in regard to them.

Rumania.
Freedom of Transit.
.
Rumania agrees to a similar treaty for protection o f minorities and free
Tho clauses as to freedom of transit are tho same in the Austrian as in
dom o f transit.
the German treaty, except for the omission of provisions affecting Germany
Russia.
alone and the insertion of specific clauses granting Austria transit privileges
Austria is to rccognizo and respect tho full independence of all the ter through former Austro-Hungarian territory in order to assure her access
ritories which formed part o f the former Russian Empire. Sho is to ac to the Adriatic.
cept definitely tho annulment of tho Brest-Litovsk treaty and of all treaties
Miscellaneous.
or agreements of all kinds concluded since tho revolution o f November
There are, after the necessary alterations, identical with thoso o f tho
1917 with all governments or political groups on territory o f the former German treaty, binding Austria to accept any agreements made by the
Russian Empire. The Allies rcservo all rights on tho part o f Russia for Allied and Associated Powers with Germany, Hungary, Bulgaria and
restitution and satisfaction to bo obtained from Austria on tho principles Turkey, to abandon all pecuniary claims against any power signing the
of tiip presont treaty.
treaty and to accept all decrees of Allied or Associated prize courts. Aus
General Arrangements.
tria also agrees to accept any conventions adopted by tho Allies as to traffic
Austria is to consent to tho abrogation o f tho treaties o f 1859, by which in arms, and the Allies in turn agree to continue on the missionary work
Belgium was established as a neutral Stato and her frontiers fixed, and to of any mission property falling to them.
accept in advanco any convention with which tho Allies may determine
Tlic treaty is to come into force when signed by Austria and three of
to replace them. Austria adheres to tho abrogation o f tho neutrality of the principal powers, and to be effective for the individual States on the
tho Grand Duchy of Luxemburg and accepts ii; advanco all international deposit of their specific ratifications.
agreements as to it reached by tho Allied and Associated Powers. Austria
accepts all arrangements which tho Allied and Associated Powers make
with Turkey and Bulgaria, with reference to any rights, privileges or in
terests claimed in theso countries by Austria or her nationals and not dealt SP EECH OF DR. R E N N E R O N B E H A L F OF A U S T R I A
with olsowhero. Austria accepts all arrangements with tho Allied and
U P O N P R E S E N T A T I O N OF P E A C E T E R M S.
Associated Powers made with Germany concerning tho territories whoso
abandonment was Imposed upon Denmark by tho treaty o f 1864.
Recognize League of Nations.
In a series o f special clauses Austria undertakes to bring her institu
tions into conformity with tho principles of liberty and Justice and ac
knowledges that the obligations for tho protection of minorities aro mat
ters of International concern over which the League of Nations has juris
diction. Sho assures completo protection of life and liberty to all inhabi
tants of Austria, without distinction o f birth, nationality, language, raco
or religion, together with tho right to the free exercise of any creed
Freedom of Language.
All Austrian nationals without distinction o f raco, languago or religion
aro to bo equal before tho law. No restrictions aro to bo imposed on the
free use of any languago in private or public and reasonable facilities aro
to bo given to Austrian nationals of non-German speech for tho uso of their
languago before tho courts. Austrian nationals belonging to racial, roligious or linguistic minorities aro to enjoy tho same protection as other
Austrian nationals, in particular in regard to schools and other educational
establishments, and in districts where a considerable proportion of Austrian
nationals of other than German speech aro resident, facilities aro to bo given
in schools for tho instruction of children in their own languago and an
equablo sharo o f public funds is to bo provided for the purposo. Theso
provisions do not precludo tho Austrian Government from making tho
teaching o f Gorman obligatory. They aro to bo embodied by Austria in
hor fundamental law as a bill of rights and provisions regarding thorn aro
to bo under tho protection o f tho League of Nations.
Territories.
Outsldo o f Europe Austria renounces all rights, titles and privileges as to
hor own or hor allios’ territories to all tho Allied and Associated Powers, and
undertakes to accept whatover measures aro taken by tho principal Allied
Powers in relation theroto.
Tho clauses as to Egypt, Morocco, China and Siam aro identical after
tho necessary modifications with thoso o f tho German treaty, except that
especially in tho case o f China thero is no need for so groat detail.
Tho portions of tho German troaty as to Liberia aro not included, owing
to tho fact that Austria was not at war with Liberia.
Military.
Tho military clauses aro reserved:
Natal.
Austria may havo no military or naval air forces, Including dirigibles,
must domolish all existing forces within two months and must surrender
to tho principal powers wldo categories o f aviation material.
All Austro-Hungarian warships, submarines and vessels o f tho Danube
flotilla aro doclared to bo finally surrendered to tho principal Allied and
Associated powors. Twonty-ono specified auxiliary crusiers aro to bo dis
armed and treated as merchant ships. All warships and submarines under
construction in ports which belong or havo belonged to Austria-Hungary
shall bo broken up, tho salvago not to bo used except for industrial pur
poses and not to bo sold to forolgn countries. Tho construction or ac
quisition o f any submarine oven for commercial purposes Is forbidden. AH
naval arms, ammunition and other war material belonging to AustrlaIIungary at tho dato o f tho annlstico shall bo surrendered to tho Allies.
Tho Austrian wireless stttlon at Vienna is not to bo used for naval, mili
tary or political messages relating to Austria or her allies without tho as
sent of tho Allied and Associated Governments during three months, but
only for commercial purposes under supervision. During tho same period
Austria is not to build any moro high power wireless stations.
Air.
Tho air clauses aro practically tho samo as in tho German troaty, except
for tho 100 airplanes and their personnel, which Germany is allowed to
retain until October to search for mines.
General.
Austria agrees not to accredit or sond any military, naval or air mission
to any foreign country, nor to allow Austrian nationals to enlist in tho army,
navyior air servico o f any foreign power.
Penalties.
Tho^section on penalties is Identical with tho German treaty except
for tho omission of any provision similar to that calling for tho trial of tho
ox-Kalser o f Germany, and tho addition of a provision requiring tho now
Stato to help prosecute and punish any o f their nationals so guilty.
Tho section on reparations Is reserved.
Financial.
Tho financial clauses aro rcsorved.
Economic.
Economic clauses aro, except in certain details, such as shipping, similar
to thoso o f tho German treaty. Special provisions are added, howovor
for former Austro-Hungarian nationals acquiring an allied nationality*




In tho speech made by Dr. Karl Renner, the Austrian
Chancellor and Chairman of the Austrian delegation, upon
tho presentation to the latter at St. Germain on Juno 2
of tho peace terms with Austria, the feature was the ex
pressed hope that the Allies would not permit the nation’s
economic ruin, and that its people would not be denied the
lnahonablo right of self-determination.” We give as fol
lows what Dr. Renner had to say as reported in the cable
grams from St. Germain to tho daily papers:

For a long time tho people of German Austria wero waiting in distress
or tins present day to come, which shall relieve the tension caused by! the
n f ? w t nty T t0 that peoplo's futuro stat0- We wcre longing for tho hour
of decision, because It was to render peace at last to our hard-tried counm
t0 ° rt,°r US an °PP°rtunity to proclaim before this illustrious tri
bunal tho world s highest authority, what our country is, and what the con
"
undor which wo may hope to organize the possibilities for the
existence of an independent commonwealth.
Tlio dual monarchy against which tho Allied and Associated Powers have
waged war, and witli which they havo concluded an armistice, has ceased to
exist, tho 12th of November 1918 may be considered the day of its death.
1 rom tills day on thero was no monarchy any more, nor a big power over
which ho could hold his sway. There was no moro the fatal dualism,
neither an Austrian nor a Hungarian Government, no army nor any other
recognized institution vested with public power.
1 hero remained only eight nationalities deprived of any public organiza
tion, and overnight they created their own parUaments, their own Gov
ernment, and their own armies: in short, their own independent States,
in the samo way as tho other national States our new republic, too, has
sprung into life. Consequently, sho can no more than tho former be con
sidered tho successor of the lato monarchy. From this very point arises
tho fundamental contradiction under which we are laboring tho most, and
which is waiting to bo cleared before this high assembly.
Wo aro beforo you as one of tho parts of tho vanquished and fallen em
pire. Wo assumo our portion of the liabilities growing out of these in
our relations to tho Allied Powers, and wo aro well aware of the fact that our
fato is resting in your hands.
Wo hopo and beliovo that the conscience of the world shall not deny
to our people, nor curtail, tho inalienable right of self-determination, which
tho Associated Powers have always proclaimed to bo tho very aim of their
war waged against tho Hapsburg and the Hohenzollern monarchies, a right
which our pcoplo, confiding in the principles recognized by the Allied
Powers, have adopted as a fundamental basis of their new constitution.
Wo trust that tho world’s common sense will not have in view nor will
permit our economic ruin. Tho destruction of the economic unit of the
monarchy, tho separation of our montainous country from all its na
tional resources, has condemned us, these last six months, to privations
wldch aro by far exceeding tho sufferings endured in war time. It was
only duo to tho generous relief action organized by Mr. Hoover, on resolu
tions passed by tho Allied Powers, that we have been saved from down
right starvation, but in all these times of distress our people havo in a man
ner deserving of admiration shown discipline, patient endurance and good
judgment.
Our new republic did not stain her revolution with blood, and, having
faith in tho decisions of this Conference, she even has abstained from any
military action against her neighbors, although tho latter have occupied
two-fifths of her territory. She has proved to bo a mainstay of peaceful
and organized social development in Central Europe.
Wo know that wo had to receive peace from your hands— from the hands
of victors, but wo aro firmly resolved conscientiously to weigh each and
every proposition laid beforo us and any advice offered by you to us. We
shall, above all, make It a point thoroughly to inform you of tho condi
tions prevailing in our country and to enlighten you regarding tho primary
exigencies of our existence. If you heretofore havo had tho opportunity
to hear, with a fow exceptions only, tho voice of our neighbors, we now in
voke your hearing, for you, tho arbiters of a great world, will have to
decide tho fato of our small world also, and it is only just and right that
arbiters should hear both parties.
Wo pray for a decision which will insure for all our national, political
and economic oxistonco.

F E A R OF P R E S I D E N T S E I T Z OF A U S T R I A T H A T
“ F O U R T E E N P O I N T S ” W I L L BE D I S R E G A R D E D .

Dr. Karl Seitz. President of Austria in a statement made
at Vienna on May 24, said that while ‘‘during the armistice
wo had hopos that President Wilson’s fourteen points would
be observed . . . we fear now that we will be badly dia-

2298

[V ol . 108.

THE CHRONICLE

appointed, first, as regards the self-determination of peoples
and in giving now States frontiers according to the principles
of nationality.” Dr. Seitz, in declaring that “Austria is
doomed to die if she is not permitted to join Germany,”
observed that “if the Allies give our German provinces to
the Czecho-Slovaks and Jugo-Slavs without making tho new
owners take up the burdens in tho way of taxation and war
debts, it will mean our bankruptcy,” and ho followed this
statement with the further one that “if we go bankrupt,
it will mean worse social troubles than those of Russia with
a menace to the peace of Europe.” The Associated 1 loss
gives the following account as to what Dr. Seitz had to say
in cablegrams from Vienna published by the daily papers here
onThoMay
28:
•
^
w ..
President said he was inclined to suppose that tho Germans would

BRUSSELS CONFERENCE PROPOSES INTERN A TIO N A L
COM M ITTEE TO ACT ON CONSERVATION OF FUEL.

The International Parliamentary Commercial Conference,
at its closing session at Brussels on May 23 is reported to
have adopted a resolution inviting the Allied and Associated
Govermont to appoint an international committee with the
object of centralizing information rolating to the production
transport and consumption of fuel with the view to bringing
about thrift in its use. It is stated that another resolution
which was adopted unanimously, favors a methodical census
in all countries of public and private fortunes and revenues.
HOTEL RESERVATIONS FOR A . B. A. CONVENTION.

Prospective delegates to tho American Bankers Association
Convention, St. Louis, Sept. 29 to Oct. 4 1919, should send
requests for reservations to A. C. White, Chairman of
Hotel Committee, 1801-500 Olive Street, St. Louis, Mo.
All reservations are being made through this committee.

not sign the peace treaty unless the Allies showed a “ sym patlhtic under
standing o f their real conditions.” Discussing tho Austrian siguation,
the President said:
^
“ During tho armistice we had hopes that President W ilson s fourteen
points would bo observed. B ut we fear now that wo will bo badly dis
appointed, first, as regards tho self-determination o f peoples and in giving
new States frontiers according to tho principles o f nationality. Thero are
3,500,000 German Bohemians who are made foreigners in their own country I T E M S
under tho rulo o f a peoplo not sym pathetic to Germany. The same m ay
be said o f the T yrol, where commercial and racial questions aro subordinated
to tho strategic, although President W ilson’s point said tho opposite.
“ W o aro also troubled about tho Jugo-Slav claims on M arburg and Klagenfurt, which aro Austrian cities. Last N ovem ber we gavo up our claims
to tho territory south o f tlieso cities, which is Solvono, but the Jugo-Slavs
are not content notwithstanding tho fact that thero aro only a few Slovenes
in tho territory wo claim and that they wish to llvo with us for business
reasons. W o also gavo up the Trentino without a question.
“ I wish to say in tho m ost solemn manner that Austria is doom ed to dio
if sho is not permitted to join t Germ any. W e cannot live alono. W e
have a great city with a small territory com posed o f mountains and plains
If the Allies give our German provinces to the Czecho-Slovaks and Jugo
slavs without making the new owners take up tho burdons in the way of
taxation and war debts, it will mean our bankruptcy. I f wo go bankrupt
It will mean worse social troubles than those o f Russia with a menace to
tho peaco o f Europo.
.
“ It must bo understood that m any o f these war debts were contracted
not for war purposes, but for allowances to families distributed throughout
tho empire, not in Vienna alone. Another point is that part o f the war debt
was contracted for supplies manufactured b y the industrial towns o f Bohe
mia, Who profited by it. T hey aro willing to take tho profits, but n ot the
l0S“ M y thought is that tho war burdens should be distributed per capita
am ong the 28,000,000 persons making up tho form er empire, not including
H ungary. It is impossible to make 6 H % o f tho peoplo p ay all the debt
I f it is argued that tho Czechs are entitled to special consideration because
they aro one o f tho Associated Powers, it must be taken into consideration
that a m ajority o f the Austrians did not want tho war. T hoy were forced
to fight, just as tho Czechs were. A s it stands wo have hardly enough
m oney to pay for our daily food , which wo aro im porting in part from the
U “ W o a l r e a d y for a peaco that will let us live. Our delegates at St
Germain must report to Parliament, which has solo authority to decide
whether or not to sign the terms.
. ..
Austria could live and pay her debts if her frontiers were open fully, the
President added. He said he did not approve o f the proposed conunission
to regulate tho com m erce o f tho States o f the former Austrian Em pire,
believing that tho question o f com m erce was one ot supply and demand
which it would bo best to leave to business men w ithout Governm ent inter
ference. Ho said that a Danube Federation Was impossible, adding
“ It would mean tho restoration o f the old empire and that tho new nations
would lose a great part o f their sovereignty. It w ould mean a tariff union
to securo which it would bo necessary to arrange custom s, taxes, banks,
railroads, tariffs, and labor laws o f tho same kind in all tho nations affected
which could not be done b y treaties, but would require a
in which tho German-Austrians would dom inato as in the old empire
because t h e / form a neutral b od y between tho Czechs and Jugo-Slavs.
who aro temperamentally different in thought and religion.

ABOUT

BANKS,

TRUST

C O M PAN IES,

ETC.

No sales of bank or trust company stocks were made at
the Stock Exchange or at auction this week. Extensive
tables reporting bad and asked quotations, deposits, sur
plus, &c., of banks and trust companies in all important
cities in the United States aro published monthly in tho
“Bank and Quotation” Section, the June issue of which
accompanies to-day’s “Chronicle.” Bid and asked quo
tations for all New York City bank and trust company
stocks aro also published weekly in another department of
this paper, and will be found on page 2304.
Arthur King Wood has been elected Vice-President and
Treasurer of Westinghouse, Church, ICorr’ & Co., Inc, 37
Wall Street, this city, succeeding John Soagor, who recently
resigned as Treasurer on account of ill health. Mr. Wood
was connected with tho Franklin Trust Co. of this city and
Brooklyn for ten years, having been President for oight years
and Chairman of the Board for two years, and resigned last
January to become identified with Westinghouse, Church,
Kerr & Co., Inc., as Comptroller.
Medley G. B. Whelpley has become associated with the
Mechanics & Metals National Bank as Manager of the Bond
Department. Mr. Whelpley, who has had a long experience
in the New York bond market, recently returned from over
seas, where he served in the United States Army with tho
rank of Captain.
The Treasury Department has designated the Brussels
office of the Guaranty Trust Co. of New York as a deposi
tary of the public moneys of the United States.

The new Park-Union Foroign Banking Corporation, or
ganized under the Fedoral Reservo Act by the National
Park Bank of New York and tho Union Bank of Canada,
began business in New York on Monday last, Juno 2. Tho
institution
is located at 50 Wall Street. It lias a capital
BRITISH PEERS AND PROFESSORS UNFAVORABLY of $2,000,000 and a surplus of $250,000 and will engage in
DISPOSED TOWARD PEACE TERMS.
and foreign banking along tho lines of the
According to London cablegrams of May 30 a letter signed international
large
British
banks.
In addition to branch offices in Seattlo
by Earl Loreburn, Baron Buckmaster, Baron Southwark, and San Francisco, the
institution is establishing branches
Earl Beauchamp, Baron Parmoor, and a number of other in Yokohama, Japan, and
Shanghai, China, as well as
publicists has been sent to Premier Lloyd George and I resi direct connections in tho Dutch
Indies and correspon
dent Wilson urging that German appeals for modification dents in Latin Amorica and otherEast
important
conters.
of the peace terms should be considered impartially and The officers are: President, Dr. Charles A.trado
Holder,
sympathetically, with a desire to meet them wherever merly Vice-President of G. Amsinclc & Co., and also for
for
possible. The cablegrams report tho letter as saying:
merly Foroign Trade Advisor to tho State Department;
W o believe that a peaco willing signed b y tho German Governm ent as
representative o f tho German peoplo is ono o f infinitely greater value than Vice-President, T. Fred Aspdon, formorly Vice-President
one forced on thorn by threats o f famine, and a far better foundation for of the American Foreign Banking Corporation, and Secre
tho new world order to which wo look forward.
tary and Treasurer, F. T. Short, of the Union Bank of
It was previously announced (May 23) through cablegrams Canada The following aro the directors: Richard Dela
from London to the daily papers that an appeal signed by a te d Stuyvesant Fish, Gilbort G. Thorne, Cornelius Van
number of eminent professors and others, including the derbilt, R. H. Williams, E. C. Hoyt, Sir William Price,
Bishop of Oxford, Arthur Henderson, leader of the Labor H B Shaw, R. O. McCulloch, Stophon Haas, W. J. DawParty, and H. G. Wells, John Masefield, Lady Gilbert, s^ T F . L. Appleby and Charles A. Holder. As was noted
George G. A. Murray and Jerome K. Jerome, authors, had in these columns April 5 tho organization of tho new institu
been published at London, urging the reconsideration of the tion is the result of a visit to the Orient last year by Gilbert
terms of peace on the ground that they belie the spirit of the G. Thorno, Vice-President of tho National Park Bank, and
fourteen points of President Wilson. Theso advices also said George Wilson, then first agent of the Union Bank of Canada
“the appeal declares that the terms constitute a breach of
faith -with a beaten enemy and reduce Germany to the in New^York.
position of a subject nation.” It concludes with a statement Negotiations for the purchase by the Bankers’ Trust
that on such a basis ‘it is impossible to establish any true CompanylofithisIcitytoflthelsovenlstorylAstorlBuilding at
League of Nations.’ ”




June 7 1019.]

THE CHRONICLE

c-10 Wall street, and running through to 9 Pino street were
consummated this week. The building was owned by
Capt. John Jacob Astor, son of William Waldorf Astor,
and the negotiations were conducted through the Douglas
Robinson, Charles S. Brown Company. The property
adjourns tho present building of the Bankers’ Trust Com
pany, which is held under lease. It is tho intention to erect
on tho newly acquired site a 32 story building which will
conform in height and other particulars to the building in
which tho Bankers’ Trust has its quarters and which will
form an annex of the present Bankers’ Trust Company
Building. Tho Astor Building has a frontage of GO feet
on Wall street and occupies 44.8 feet on Pine street, tho
average depth being 195 feet and the site containing ap
proximately 11,300 feet. The building is assessed at
81,700,000.
The New York offico of tho Bank of British West Africa,
Ltd., It. It. Appleby, New York agent, has moved to new
quarters at 100 Beaver St. Owing to the growing importance
of West and North Africa as a market for American goods,
the bank has found it necessary to take larger offices, where
complete banking facilities have been provided for the use
of American business men having dealings in that territory.
Reprints of a treatise on “Italy To-day—Roview of PoliticoEconomic Evonts of General Interest” may bo had upon
application to Luigi Criscuolo, care of Merrill, Lynch & Co.,
120 Broadway.
Tho promising outlook for tho growth of American trade
with China is reflected in the recent activities of the Asia
Banking Corporation, which opened its now offices at 35
Broadway early in May. Simultaneous with the opening
of this head office in New York came tho announcement
that branches of the Corporation had been established in
Peking and Tientsin. This makes four branches now doing
business in China—tho Shanghai hnd Hankow branches
having been established earlier in the year. Other branches
will be opened shortly in Hongkong, Canton, Changsha,
Manila, P. I., Harbin and Vladivostok. Herbert L. Pratt,
Vico-President and Treasurer of the Standard Oil Company
of Now York, was elected a director of the Asia Banking
Corporation on Juno 3. Ralph Dawson, Vice-President
and General Manager of the Corporation, who recently
returned to tho Head Office in the Far East at Shanghai
after a visit to South China and the Philippines, is looking
after tho establishment of the foreign branches, as well as
the organizing of tho personnel of each branch. J. H.
Wichers was made Assistant General Manager of the branches
of tho Corporation in the Orient.
Tho stockholders of tho Chelsea Exchange Bank of this
city will voto on Juno 19 on the question of increasing the
•capital from $400,000 to $1,000,000.
William P. Malburn has been elected Vice-President of the
American Exchango National Bank of this city. Mr. Mal
burn is Chief National Bank Examiner for tho Fedoral Re
servo District oi New York, and was formerly Assistant
Secretary of tho United States Treasury. Ho will assumo
his now post July 1.
Wo aro informed by tho Bank of Buffalo that at a meeting
of tho stockholders of that institution, tho City Trust Co.
of Buffalo and tho Market Bank of that city on May 27
tho proposed consolidation of tlieso three institutions under
tho titlo of tho Bank of Buffalo (referred to in our issuo of
April 20 and May 17) was unanimously approved. At tho
same time tho stockholders of the Bank of Buffalo voted to
increase tho capital stock of that institution from $1,000,(XX)
to $2,500,000.
An application has been made to the Comptroller of tho
Currency for a charter for the Lafayette National Bank of
Buffalo, N. Y. Capital, $750,000.
Clifford L. Lyall, treasurer of tho State Streot Trust Co
of Boston, Mass., has been electod a Vico-President of tho
institution. Mr. Lyall will also continue as Treasurer of
the company.
Freas Brown Snyder has resigned as Vico-President of tho
First National Bank of Philadelphia, effeotivo Juno 30.



3399

Mr. Snyder has been elected President of W. C. Hamilton &
Sons, Inc., manufacturers of quality paper at William Penn
Post Office, Montgomery, Pa., and will assume his new
duties on July 1. Mr. Snyder entered the Merchants
National Bank of Philadelphia in 1900 and was elected
Assistant Cashier in 1909. The Merchants National Bank
was merged with the First National Bank in July 1910, and
Mr. Snyder was elected Assistant Cashier of the First Na
tional Bank. In December 1910 he was elected Vice-Presi
dent. In his banking career Mr. Snyder has made many
friends. He carries with him the best wishes of all his asso
ciates at the First National Bank.
At a meeting of the directors of the Commercial Trust Co.
of Philadelphia on May 29 it was decided to submit to the
shareholders a proposition to double the capital of the insti
tution, making the same $2,000,000, the new stock (par $100)
to be issued at $200 per share. The surplus and undivided
profits of tho Commercial Trust Co. is $2,124,717. Be
sides increasing the capital from $1,000,000 to $2,000,000,
the issuance of the new stock (10,000 shares) at $200 per
share will permit an addition of $1,000,000 to the surplus,
raising it to $2,750,000. The new stock will be offered to
present shareholders and the increased capital will become
effective Nov. 1 1919.
Howard S. Kinney has been elected Assistant Treasurer
of the Commercial Trust Co. of Philadelphia. Mr. Kinney
assumed his new office June 1. A profit-sharing plan in the
interest of tho employees of the company was adopted at a
special meeting of the directors on May 31. It becomes
effective at once. With regard to tho plan, President
John H. Mason says:
I lio directors o f the com pany have for some time been favorable to the
adoption o f a profit-sharing plan. It seems m ost fitting to put it into effect
now as a recognition o f the splendid services rendered b y our employees
during the stress o f the war period. W e aro very proud o f the record made
n ot only b y our men on the battlefields o f France, but b y those men and
women who carried on the far less exciting duties here at hom e. I look
upon tho profit-sharing idea as a sound business m ethod, believing that the
em ployees should have their share in the earnings o f the com pany. In
addition, by taking them into what is practically a partnership I am firm ly
convinced they will give to the com pany even a m ore hearty co-operation
than they have rendered in the past.

On account of tho large oversubscription to the author
ized capital of the Security Trust Co. of Emaus, Pa., a new
institution, and the fact that numerous inquiries from persons
who wish to subscribe were still being received, the directors
of the institution have decided to call a meeting of the stock
holders for the purpose of ratifying a proposal to increase the
number of shares of capital stock from 2,500 to 5,000 shares.
At the same time the stockholders will also be asked to vote
on the matter of changing the name of the institution to
the Security Trust Co. The new trust company is to occupy
temporary quarters in the Weaver Building, which is to bo
remodeled for its accommodation. J. E. Bertsch of Moun'tainvillo, Pa., and F. M. Kunkle of Alburtis, Pa., have been
added to the directorate, and M. E. Gehringer of Emaus
has been appointed Real Estate Officer and Notary. The
stock of the trust company is in shares of $50 each. It has
a surplus of $12,500. The officials are: Dr. M. J. Backenstoe, President; Robert S. Rathbun and Dr. J. J. Weida,
Vice-Presidents, and Robert S. Iobst, Secretary and Treas
urer.
As a preliminary to the consolidation of the Lamberton
National Bank of Oil City, Pa., and the Oil City National
Bank under the title of the latter, which became effective
May 26, and to which we referred in these columns in our
April 26 issue, a joint meeting of the directors of both insti
tutions was held at which the officials and directors of the
enlarged institution were chosen. As George N. Reed, for
the past six years President of the Oil City National Bank,
wished to resign his office, Robert G. Lamberton. heretofore
President of the Lamberton National Bank, was made
President of tho enlarged bank. Mr. Reed, however, will
continuo to be identified with the institution as a member
of tho board of directors. The other officials elected were:
II. G. Rush, II. J. Crawford and Charles M. Lamberton,
Vice-Presidents; William S. McKay, Cashier, and E. s!
Rue, James A. Corrin and Lieutenant Willard B. Lamber
ton, Assistant Cashiers. A pleasing feature of the meeting
was tho presentation of a 32-degree consistory watch charm
to Fred C. McGill, the former Cashier of the Oil City
National Bank, by the old board of directors of that insti
tution. Mr. McGill resigned as Cashier a short time ago
to accept the Vice-Presidency of the Sharon Trust Co. of

3300

THE CHRONICLE

Sharon, Pa. The proposed consolidation has been approved
by the Comptroller of the Currency.
A new trust company is being organized in Baltimore as
In affiliated institution of the Manufacturers’ Finance Co.
at will be operated under the title of the Commerce Trust
Co. V. G. Dunnington, President of the Manufacturers’
Finance Co., in outlining the organization and purposes of
the new trust company, is quoted in the Baltimore “Sun”
of May 20 as saying:
T he purpose o f the trust com pany is unique, in that it only contemplates
the handling o f com m ercial and almost entirely interstate business. Its
dealings will be exclusively with m anufacturers, wholesalers and jobbers.
T h e need for such a trust com pany has long been evident. The capital
o f the trust com pany, for dem onstration purposes, will be $500,000, with
$125,000 surplus, cash paid. T he stock has been oversubcsrlbed and has
been underwritten b y Baker, W atts & C o . and Ham bleton & C o . at $62 50
per share, par $50.

[V ol . 108.

$1,000,000 at the same timo placing the surplus at
$200,000. The title of the institution will be changed on
July 1, when the bank will have the advantages of a national
bank with membership in the Federal system, together with
trust company powers. The increased capital will be taken
entirely by the bank’s shareholders. The Midwest National
Bank was organized 33 months ago by President Laughlin.
The bank’s record has seldom been surpassed, showing as it
did $9,000,000 in assets in published report of May 12. The
officers and directors are:
James F . H oulehan, Chairman; P . E . Laughlin, President; J. G . G ood
win, Louis II. W ulfekuhler and H arry W arren, Vice-Presidents; M . A .
T hom pson, Cashier; C . F . Adam s, L . M . Pence and M . O . Sutton, A s
sistant Cashiers; Lewis B . Andrews, Eugene Blako, W illiam B uchholz,
Francis O . D ow ney, G eo. II. H odges, W . D . D . Kuhn, Thom as M cG ee,
Thom as J. Sweeney, D r . H enry J. W aters and Fred W olferm an.

The name of the organization to be formed by the merger
The officers of the new institution are: V. G. Dunnington, of the St. Louis Union Bank, the Mechanics-American Na
President; Wilbur F. Smith and Walter D. Bahn, Vice tional Bank and the Third National Bank of St. Louis (re
Presidents; E. E. Kershaw, Secretary and Treasurer, and ferred to in our issues of May. 17 and 24) is to be the First
William C. Moore, Assistant Secretary, all of whom are National Bank in St. Louis and not the American Union
prominently identified with the Manufacturers’ Finance Co. Third National Bank as at first announced. The now name
Large manufacturing interests outside of Maryland will be has been conferred upon the institution by the Comptroller
represented on the board of directors. After demonstration, of the Currency, John Skelton Williams, and is a fitting
the capital of the new trust company will be increased.
recognition of the many years of successful growth and
development of these three old St. Louis banks. The new
The Union Bank of Chicago recently appointed Nels M. name will doubtless meet with much favor, not only because
Hokanson a Vice-President of the institution. Mr. Hokan- of its convenience, but for the fact that it will again give to
son, who prior to the entrance of the United States into the the city a First National Bank. The St. Louis “Republic”
war was Manager of the savings department of the State of May 30 quotes the Comptroller in his lettor to F. O.
Bank of Chicago, has been serving the Government through Watts, President of the Third National Bank, in which he
* the five Liberty Loan campaigns as Secretary of the Foreign announced the new title as saying:
Language Division for the district of which Chicago was the In view o f the fact that the Third National Bank is now the oldest existing
bank in St. Louis, and all the assets o f the First National Bank
centre (embracing five States), being in charge of the foreign national
St. Louis have been entirely liquidated, and neither the First or Second
language publicity and the speakers that were sent out to oNfational
now in liquidation, was consolidated with any o f tho exist
address the different racial groups. So great were Mr. ing banksbanks,
o f the city, ho would award the title o f the First N ational Bank
Hokanson’s efforts in behalf of the Government, it is said, for the new institution.
that at the end of the third campaign he collapsed, but not The First National Bank is scheduled to open July 7 in
withstanding returned to the next campaign with renewed temporary quarters at Broadway and Locust Street ponding
vigor. During the Victory Loan campaign, however, he con tho erection of its own now bank building and will cultivate
fined all his efforts to Chicago and Cook County. Mr. every class of banking business from the largest commercial
Hokanson is a graduate of the University of Chicago and the account to the smallest savings deposit. Action on the sev
eral propositions incident to the merger will bo taken by the
John Marshall Law School.
stockholders of the Mechanics-American National Bank and
The National City Bank of Chicago announces the elec those of tho Third National Bank on Juno 23. These ques
tion of James B. Christerson as Assistant Manager of the tions relate to the matter of increasing the capital in each
bond department. Mr. Christerson, who is 30 years of age, instance from $2,000,000 to $2,500,000.
has been with the National City for ten years, during which
time he has worked his way through nearly every depart Plans whereby the capital of the Charlotte National Bank
ment in the bank. For the past three years he has been in of Charlotte, N. C., is increased from $250,000 to $400,000,
charge of the foreign exchange department. At the same have been approved by the Comptroller of the Currency.
time the National City Bank of Chicago announced the resig
nation of Morris K. Baker as Assistant Manager of the bond The People’s State Bank is the title of a now financial in
department. Mr. Baker resigned to become associated with stitution to be opened in Houston on June 25. The new
the new Guaranty Trust Co. of Kansas City as Vice-Presi bank was chartered on May 10 under the laws of Texas with
dent and director, and will be Manager of its bond department capital of $150,000 (in shares of $100 each) and will conduct
a commercial banking business under tho depositors’ guar- '
as well.
To take care of the steady growth of its business and added anty fund of State banks of Texas. Louis Cohn and Eli
departments, the National City Bank of Chicago has leased Marks, both former State bank examiriers, and well known in
and is remodeling a portion of the banking floor of the Adams Texas banking circles, are its organizers and will hold the
Express Building, which adjoins the National City Bank positions of Active Vice-President and Cashier, respectively
Building at Monroe and Dearborn streets. The transit and in the institution. The other officials will bo: R. L. Young,
bookkeeping departments will be transferred to the new quar President, and J. A. Herring and Ike L. Freed, Vice-Presi
dents. Mr. Young is the Vice-President, Secretary and
ters, which will be ready for occupancy June 15.
George L. Wire has resigned as attorney for the National General Manager of the Crown Oil Refining Co. of Houston.
City Bank of Chicago in order to enter private practice as Tho bank will be located at 908 Congress Avenue.
a member of the law firm of Nelson, Little, Gordon & Wire
The Comptroller of the Currency has approved an increase
with offices at 203 So. Dearborn Street, Chicago.
of $400,000 in the capital of tho Houston National Exchange
The City Bank & Trust Co. of Denver was closed on May Bank, of Houston, Tex., raising it from $400,000 to $800,000.
28 and its affairs placed in the hands of the State Bank
Commissioner, Grant McFerson. President William J. Cullen F. Thomas, heretofore a Vice-President of the First
Ferguson is said to have stated that the bank’s troubles wore State Bank of Dallas, Texas, was on May 13 elected President
due to a shortage resulting from “secret transactions handled pro tem of the institution to assume the duties of the Hon.
by subordinate officers of the bank with an outside party.” George W. Riddle, who has resigned tho presidency in order
Estimates on the shortage range from $135,000 to $175,000 that he may devote more time to his large outside interests,
and are reported due to “kiting” of drafts that have been continuing, however, to be identified with the institution as
protested. On May 12 the bank reported deposits of $1, Chairman of the board of directors. Judge Riddle has long
076,403; total resources, $1,194,401; cash, $303,482; loans been prominent in the financial ciroles of Texas, having
and discounts, $721,149, and Liberty bonds and other se organized, it is said, upwards of fifty banks and being at tho
curities, $145,765. The depositors, it is stated, will be paid present time officially connected with twenty-one. In 1905
he founded and became President of tho First State Bank
in full. The bank has a capital of $100,000.
with an initial capital of $100,000. Under tho management
P. E. Laughlin, President of the Midwest National Bankof Judge Riddle this has been increased to $400,000, and at
of Kansas City, Mo., announces that on July 1 the stock the meeting of the directors on May 13 a furthor increase to
holders will increase the bank’s capital from $500,000 to $600,000 with an addition to surplus of $200,000 was recom


THE CHRONICLE

Ju n e 7 1919.]

2301 i

mended. During the same period doposits have increased received during the same period. On the 12th inst. the forward rate eased
to 5 7 K d ., whilst the cash quotation remained unaltered. On tho next and
from §300,000 to §4,500,000. At the beginning of tho pres succeeding
supplies were forthcom ing on a scale sufficient to meet
ent year tho bank purchased a five-story building in Dallas tho demanddays
and brought about lower rates. It is a satisfactory fact that
and contemplates its early remodeling and improvement. quite a substantial business has been dono during the week on this market,
it has been quite easy to buy and to sell large amounts. T he China
Mr. Thomas has been a Vice-President of the institution for and
exchanges have not m oved in anything like tho same proportion as the
many years.
valuo o f silver. T he silver quotation to-d ay is equal to 5s. 3 5-16d. per
tael (oxpenses o f transmission excluded) as com pared with tho cabled rate
Tho Dutch Bank for South America, which opened its o f 5s. 2>£d. per tael.
IN D IA N C U R R E N C Y R E T U R N S
doors to tho public of Buenos Aires in 1914 with a capital
A p ril 22. A p ril 30.
M ay 7.
of 4,000,000 guilders, has succeeded in developing its opera In Lacs o f Rupees—
15372
15416
. . 3453
3474
3,749
tions in tho Argentine in such a way that it has surpassed
. . 285
285
53
. . 1444
1606
1455
several old and well-situated institutions in Buenos Aires.
.. 312
300
150
- 1608
In tho same way tho branches in Brazil, opened in 1917 in
1608
1608
- 8250
8250
8250
Rio do Janeiro and Santos, have succeeded in establishing T ho valuo o f coins minted during the week
M a y 7 amounted to
themselves among the banks of tho country and their effi 124 lacs o f rupees. The stock in Shanghai onending
the 13th inst. consisted o f
30,750,000 ounces in sycee and $18,500,000, as com pared with about
cacy is extending in a palpablo way. This is tho result of about
ounces in sycee and $18,900,000 on the 26th ult.
combination of activity, preparation and experience of tho 31,400,000
for bar silver per ounco standard:
representatives of the Banco Holandes in South America M aQuotations
y 9 _______
5 3 H d . 2 m os. (buyers)
10— ___ ............... 58d.
“
57% d.
“
and Holland, as tho circumstances since the moment that MM aa yy 12_______
57J4d.
“
business started, only a few months before the outbreak of MM aa yy 13_______
55d.
“
14_______ ............... 54d.
“
53 y2d.
“
tho war, have been abnormal and difficult. Tho founding M a y 15_______ ............... 5 3 K d . "
53^d.
“
................55.479d. “
55.062d. "
capital of 4,000,000 guilders has been increased twico and A vcrago_______
forms now, including tho reserves of 2,500,000 guilders, ago.Tho quotation to-day for cash delivery is 5 l i d . above that fixed a week
tho important amount of 10,500,000 guilders. Tho whole Bank rate------------------------------------- 5 % |Bar gold per oz. standard___77s. 9d .
capital has been placed in Amsterdam with Dutch capitalists
who keep up direct or indirect connections with South
ENGLISH FIN A N C IA L MARKETS—PER CABLE.
America, and the founders of tho bank belong to tho most The daily closing quotations for securities, &c., at London
selected representatives of tho Dutch trading and banking
by cable, have been as follows the past week:
circles, as to say, Rotterdamscho Bankvoreeniging (the as reported
London,
May
June 2. June
June
June 5. June 6.
leading Dutch bank with international reputation), Neder- Week ending June fl 1. Sat. Mon. Tues. Wed. Thurs. Fri.
landscho Ilandel-Maatschappy and others. An idea of
'A
yx
tho progress of tho Banco Holandes in their operations in
the Argentine is shown in the following:
- ................ .
__
___
------- D ep osits------- Discounts & Advances.
fr.................
__
___
Balances at—•
$ oro
$ mi n
$ oro
$ mi n
Tho
price
of
silver
N
in
New
York
N ovem ber 30 1918______________ 9.403 58,488,928
----------- 63,155,199
on the same day has been
N ovem ber 30 1917.......................... 9.139 41,207,734
37.603
50,461,696
31.

S ilv er, p er o z ...........................d . 5522H
H
C on sols, 2
p er c e n ts ................H
ik a y
. H o lid
B ritish , 5 p er c e n t s ____________
. H olld
o lid a y
B ritish , 4 J i p e r c e n t s ..................H
- H olld
o lid a y
F ren ch R c n t e s (in P a ris ), f r . . ____
F ren ch W a r L o a n (ln P a ris ), f r ____

Silver in N . Y . , per o z . . . c t s .-10854
l0 8 )S

N ovem ber 30 1916.......................... 4.323

21,376,615

28.233

3.

53H
55
94J4
9 9 )4

5354
55

9454
99X
6 1 .50
8 7 .9 5

10954

10954

23,133,279

4.

5354
5454
9454
9954

5354
54

9454
9954
6 2 .15

5354
5454
9354
9954

8 8 .1 0

10954

10954

10954

Canadian Bank Clearings.—Tho clearings of the Cana
Eugene G. Grace, President of the Bethlohom Steel Cor dian banks for the month of May 1919 show an increase over
same month of 1918 of 24.2%, and fr the five months
poration, was elected a director of tho Guaranty Trust tho
Company of Now York at a meeting of tho board of direc the gain reaches 16.7%.
tors on Juno 4. The directors of tho Guaranty Trust
May.
Five Months.
Company liavo declared a quarterly dividend of 5% for tho Clearings at—
Inc. or
Inc. or
1919.
Dec.
1918.
1919.
1918.
quarter ending Juno 30 1919, payable on that date to stock
Dec.
holders of record June 19 1919.
Canada—
$
$
$
%
S
%
Montreal_____ 567,107,133 389,506,210 + 45.6
TH E ENGLISH GOLD A ND SILVER MARKETS.

We reprint tho following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 15 1919:

GOLD.
T ho Bunk o f England gold rcscrvo against its noto issuo is £84,013,240,
a dccroaso o f £476,230 as com pared with last week’s return. G old to tho
valuo or $950,000 has been reported as having beon engaged In Now York
fo r shipment to South America. T h e Transvaal gold output for April 1919
amounted to £2,951,936 as com pared with £3.046,045 for April 1918 and
£3,025,992 for M arch 1919.
S IL V E R .
On M a y 9, tho day following our last letter, tho official maximum price
was rem oved. Intimation was subsequently given that licenses would bo
granted freely for oxport. Tho immediate effect upon tho market, which
had beon in a stato o f suspended animation for m any m onths, was very
great. N o available stock o f silver existed from which tho continental
demands which Instantly set in could bo supplied, for tho good reason that
oyal adherence to tho known wishes o f tho authorities had eliminated tho
possibility o f any stock com posed o f speculative holdings. A s a conscquenco
tho price m oved at a speed absolutely without precedent. It leaped in ono
bound 4 J^d. on tho 9th inst. from 48 % d . to 53>$d., at which it was officially
quoted "b u yers,” both for cash and for forward delivery. On tho 10th inst.
58d. for cash delivery and 5 7 % d . for forward delivery were reached. T h o
quotation o f 58d. is a record since January 1877. It is a remarkable co 
incidence that a war brought about b y Germany should have beon tho
original cause o f tho relapso In tho valuo o f silver from Its ancient high lovol,
and another war half a century later, for which tho samo Power was re
sponsible, should have beon tho actual cause o f a phenomenal recovery.
T h o following prices, at any advance on which tho principal silver coins
(full weight-loco London) would show a profit when m elted, aro o f interest,
though it should bo remembered that with tho exception o f India and tho
U nited K ingdom , tho amount o f such coins in circulation is com paratively
small:
•53.81d. 5 franc pieco & similar coin. ■60.87d.
Rupee (at Is. 8 d .)._ .
.58.9d. Sterling silver______________ ■66d.
United .States dollar.
.60.45d. M a rk _______________________ 67.3d.
D utch 2 pa g u ild e r ...
Soveral o f tho Government banks d o not differentiate between gold and
silver holdings in their roturns. W o append, how over, tho figures givon
b y fivo o f thoso continental institutions:
Bank o f Spain (April 12)-----------------£25,730,000
Bank o f Franco (April 24)--------------. 12,427,000
Swiss N ational Bank (April 15)-----2.614.000
Imperial Bank o f Germany (April 7)
1.038.000
Netherlands Bank (April 12)----------738,000
T ho groat driving forco operating In tho market for tho last fow years
was clearly indicated by tho statement m ado in tho llou so o f Com m ons
on M a y 12 by tho Secretary o f Stato for India, nam ely that Indian net im 
ports o f silver during tho war had am ounted to 516,202,000 ounces (suffi
cient to coin about 1,500,000,000 rupees). In addition to this enormous
am ount o f precious m etal, net imports o f gold totaling £21,400,000 wero




Toronto.........
Winnipeg_____
Vancouver____
Ottawa..............
Victoria______
Calgary...........
Hamilton..........
Edmonton____
Quebec.............
St. John______
Halifax..............
London_______
Regina.............
Saskatoon ____
Moose Jaw____
Lethbridge____
Brantford.........
Brandon______
Fort William ..
New West min.
Medicine H at.
Peterborough..
Sherbrooke____
Kitchener_____

354,112,122 305,204,996
182,227,56C 181,967,144
50,903,919 43,706,931
44,624,476 28,427,575
9,464,188
8,793,527
25,291,231 25,517,397
23,896,245 22,474,328
18,350,000 14,035,461
24,112,898 19,883,493
12,967,896 19,742,078
20,105,292 18,093,975
13,561,006 10,828,125
15,627,585 13,680,377
8,471,523
1,358,180
6,200,000 5,577,273
3,071,020 3,480,367
4,315,046 4,366,775
2,218,442 2,179,844
3,001,853 2,880,028
1,989,714
2,503,206
2,101,864
1,878,426
3,350,353 3,190,908
4,205,733 4,184,991
3,970,128 2,946,572

2,252,780,453 1,691,085,703 + 33.2
+ 1 6 .C 1,507,732,067 1,295,192,742 + 2 1 .0
+ 0.1 777,319,600 905,259,896 — 14.1
+ 10.5 242,239,412 196,729,776 + 23.1
+ 57 .C 159,548,699 125,365,956 + 27.3
+ 7.6
44,216,325
39,153,842 + 12.9
— 0.9 114,902,310 135,875,562 — 15.4
+ 6.3 108,824,770 103,687,308
+ 5.0
+30.7
78,021,920
69.183,774 + 12.8
+ 21.3 103,789,906
87,693,813 + 18.4
+ 33.1
56,575,190
46,293,829 + 22.2
+ 11.1
90,714,565
78,868,669 + 15.0
+ 25.2
59,534,020
48,991,974 + 2 1 .5
+ 14.2
68,210,920
65,453,369
+ 4.2
+ 15.1
36,405,340
34,590,075
+ 5.4
+ 11.2
30,901,901
25,363,407 + 21.8
— 11.8
14,070,319
15,546,826 —9.5
— 1.2
20,173,782
19,141,739
+ 5.4
+ 1.8
11,339,564
11,786,931 — 3.8
+ 6.3
13,391,922
13,822,321 — 3.1
+ 25.8
10,864,891
8,529,954 + 2 7 .4
+ 11.9
8,300,934
10,233,970 — 18.9
+ 5.2
15,287,761
14,502,839
+ 5.4
+ 0.5
19,508,128
16,832,844 + 15.9
+ 34.8
10,613,763
12,552,060 + 32.4

Total Canada. 1405826919 1131894695 + 24.2 5,921,329,122 5,071,739,185 + 16.7

The eloarings for the week ending May 29 at Canadian
cities in comparison with the same week of 1918, show a
decrease in the aggregate of 24.9%.
Week ending May 2 9 .

Clearings at—
1919.

1918.

Inc. or
Dec.

1917.

1916.

Canada—•
S
$
S
S
%
Montreal............................. 114,275,775 73,666,953 + 55.1 88,359,388 75,322,946
Toronto...................... ........ 74,273,077 64,269,439 + 15.6 66,780,889 49,951,714
Winnipeg_______________ 33.000.000 36,972,260 — 10.7 65,511,313 40,910,238
Vancouver............... ........ 10,550,535
8,827,772 + 19.5
7,601,091
6,063,048
Ottawa........................ ........
8,298,591
5,306,992 + 56.4
5,358,805
4,975,889
Quebec_______ __________
3,786,538
3,858,998
— 1.9
4,395,459
3,421,196
Halifax.................................
3,663,983
3,406,370
+ 7.5
3,081,815
2,608,212
Calgary________________
5,132,599
4,663,118 + 10.1
6,744,510
4,281,588
Hamilton_______________
4,314,671
4,698,092
— 8.2
4,909,892
3,457,242
St. John________________
2,436,320
1,775,605 + 39.2
2,252,152
1,500,000
Victoria.............................
1,503,474
1,497,944
+ 0.4
1,790,232
1,895,735
London ________________
2,432,784
1,947,013 + 24.9
2,054,561
1,935,448
Edmonton_______ _____
3,298,229
2,564,740 + 28.6
2,660,845
2,057,742
Regina.......................... ......
3,064,079
2,445,616 + 25.3
3,122,985
1,918,826
Brandon ............................
435,053 + 13.4
450,000
420,611
458,847
Lethbridge........................
659,869
610,733
— 6.3
888,863
450,793
Saskatoon........................
1,415,298 + 21.0
1,712,760
1,871,375
1,054,114
Brantford______________
777,126 + 16.6
906,839
827,924
625,308
999,034 + 22.6
Mooso Jaw........................
1,225,322
1,109,103
755,423
475,000
Fort W illia m :...................
456,504
+ 4.1
663,080
538,534
New Westminster______
513,791
404,389 + 27.1
345,323
285,774
Medicine Hat___________
379,363
370,946
+ 2 .3
534,091
378,647
705,524
Peterborough___________
587,047 + 20.1
671,787
483,490
Sherbrooke........................
640,190
661,361
— 3.2
755,983
432,792
882,222
Kitchener..........................
478,289 + 84.5
• 607,372
578,078
Windsor............... ..............
1,284,912
843,522 + 52.3
Total Canada................ 279,817,311 223,981,350

+ 24.9 273,319,449 206,341,624

2303

[Vol. 108

THE CHRONICLE

Other Western and Southern Clearings brought for
Clearings by Telegraph—Sales of Stocks, Bonds, &c.
ward from first page.
—The
subjoined table, covering clearings for the current
Week endingM
ay 31.
week, usually appears on the first page of each issue, but on
ClearingsatInc. or
account of the length of the other tables is crowded out once
1919.
1918.
Dec.
1917.
1916.
a month. The figures are received by telegraph from other
S
$
S
S
%
leading cities.
172,846,031
138,160,884 + 25.1
109,371,311
72,192,712
Kansas City.........

Wichita ...............
Duluth__________
Lincoln__________
Topeka.................
Cedar Rapids__
Colorado Springs
Fargo....................
Pueblo..................
Fremont........... ....
Waterloo........... ..
Helena..................
Aberdeen_______
Hastings________
Billings..................

28,881,371
48,702,275
13,209,138
20,489,493
16,932,961
7,906,035
9,210,677
10,653,146
6,052,278
5,286,389
2,451,019
2,187,907
700,000
2,073,871
591,335
804,490
1,385,395
1,531,162
1,200,000
478,890
1,125,141

Minneapolis_____
Omaha..................
St. Paul................
Denver_________
St. Joseph______
Des Moines_____

22,396,677 + 29.0
39,143,661 + 2 4 .4
11,329,469 + 16.6
18,538,967 + 10.5
11,826,934 + 43.2
7,745,880
+ 2.1
5,940,909 + 55.0
6,274,178 + 69.8
3,807,010 + 59.0
2,949,790 + 79.2
2,465,825
— 0.6
1,405,335 + 55.7
550,000 + 27.3
1,450,048 + 43.0
538,173
+ 9.8
581,631 + 38.3
1,483,849
— 6.6
1,367,303 + 12.0
832,083 + 44.2
629,124 — 23.9
827,816 + 35.9

28,050,379
28,099,512
12,337,798
13,127,596
13,610,952
6,791,749
4,865,537
4,176,062
4,200,000
3,212,303
1,928,122
1,749,048
600,000
1,350,045
440,662
450,000
1,760,696
1,571,496
805,912
610,604
821,075

20,241,516
20,573.71S
12,504,660
13,910,219
8,120,111
5,805,421
3,478,162
3,738,194
3,235,614
2,936,316
1,148,896
1,686,391
593,699
1,254,353
354,606
376,423
1,538,085
1,471,639
733,024
339,577
523,652

Tot. oth. West.

354,699,004

280,245,546

+ 2 6 .6

239,930,859

176,756,988

St. Louis_______
New Orleans____
Louisville..............
Houston................
Galveston_______
Richmond______
Atlanta_________
Memphis.............
Fort Worth_____
Nashvtlle_______
Savannah_______
Norfolk__________
Birmingham____
Jacksonville_____
Chattanooga____
Knoxville_______
Augusta................
Little Rock_____
Charleston......... ..
M obile_________
Oklahoma______
M acon _________
Austin___________
Shreveport..........
Vicksburg-...........
Jackson ............. ..
T u lsa ___________
Muskogee_______
Dallas....................

126,949,550
58,832,198
13,883,860
15,000,000
5.S48.672
43,507,504
49,772,212
14,448,623
14,409,051
11,658,819
10,045,216
7,700,000
11,244,767
7,403,999
5,666,293
1,895,915
4,550,072
4,199,649
3,800,000
1,658,150
10,298,435
1,250,000
2,300,000
2,658,592
440,570
433,131
9,509,472
2,592,875
25,627,060

128,718,872
— 1.4
43,551,959 + 35.1
17,760,883 — 21.8
11,352,852 + 32.1
3,158,942 + 53.5
37,677,091 + 15.5
34,835,539 + 42.9
7,876,366 +83.4
8,873,178 + 62.4
D,582,758 + 21.7
5,178,929 + 94.0
4,948,560 + 55.6
3,642,959 + 208.7
4,794,166 + 54.4
4,781,110 + 18.5
2,346,134 — 19.2
2,087,103 + 11.8
2,648,421 + 58.6
2,670,724 + 42.3
1,353,419 + 22.5
6,577,571 + 56.7
1,200,000
+ 4.2
+ 5.3
2,185,432
1,679,120 + 58.3
274,353 + 60.5
426,544 + 15.4
10,167,917
— 6.5
1,615,476 + 60.5
14,500,000 + 76.7

10S,578,662
32,097,235
14,444,312
11,000,000
3,400,000
21,608,136
20,167,396
9,390,088
11,756,433
7,011,076
6,976,788
4,966,477
3,244,033
3,597,409
3,169,697
2,000,000
2,194,972
2,784,284
2,854,411
1,500,000
5,252,478
1,396,883
1,600,000
1,839,769
234,114
298,650
5,258,692
1,115,839
9,678,211

90,714,655
17,846,067
14,721,368
7,885,642
2,691,900
15,609,470
11,264,119
4,454,214
6,173,085
4,347,162
3,441,353
4,516,019
2,146,750
2,501,620
2,088,344
2,100,000
1,103,491
1,499,538
1,982,167
1,250,000
3,235,909
2,480,887
1,350,000

Total Southern

467,584,685

376,090,324

299,416,045

215,295,302

May.

Clearingsat—
1919.
Kansas City___
Minneapolis___
Omaha______
St. Paul_____
Denver______
St. Joseph___
Des Moines___
Duluth______
Sioux City__
W ichita.........
Lincoln______
Topeka______
Cedar Rapids

Fargo........ . .

Sioux Falls____
Waterloo
Colorado Spgs.
Pucblo____
Helena____
Fremont___
Aberdeen _ .
Rllllngs.............
Hastings______
Joplin . .

1918.

.105,331,127 ,085,637,037
+ 43.3 802,922,156 644,996,795
+ 2.1 ,208,529,398 ,177,220,077
+ 19.9 345,289,200 304,632,316
+ 28.9 597,978,791 467,805,625
+ 3.4 386,769,486 402,121,675
+ 5.9 219,778,386 215,996,749
+ 30.5 146,217,457
91,756,975
+ 29.9 222,708,234 191,520,195
+ 28.7 209,469,781 184,237,355
+ 21.0 104,797,465
97,914,693
— 12.3
68,129,371
73,527,160
51,393,622
+ 31.9
43,814,186
+ 58.8
57,970,740
41,736,467
+ 107.3
71,836,549
43,173,028
— 34.4
36,831,679
51,884,440
+ 22.4
18,034,332
16,902,416
15,939,002
+ 9.1
15,030,132
45,333,193
+ 6.1
39,374,104
16,483,885
+ 9.2
19,307,204
29,336,474
+ 54.3
23,114,384
26,721,239
+ 37.8
21,634,625
11,975,349
+ 9.3
12,575,222
— 12.5
33,461,000
40,426,208
+ 6.0
27,849,400
24,602,000
— 0.2
8,556,770
8,287,655
11,677,470
+ 26.8
9,295,288
+ 8.3
11,439,779
10,966,393
+ 47.9
15,780,567
11,294,631
+ 21.9
13,340,281
0,567,832

Tot.oth.West 1954687436 1621282430 + 20.6 8,921,885,183 8,380,352,867




New York____________________
Chicago______________________
Philadelphia__________________
B oston______________________
Kansas City__________________
St. Louis_____________________
San Francisco________________
Pittsburgh . . ...............................
Detroit______________________
Baltimore.................... ................
New Orleans__________________

$4,235,335,750
498,475,524
304,737,550
311,564,811
175,088,602
134,051,808
112,895,295
109,809,334
76,840,635
76,123,304
52,650,254

32,944,171,078
392,474,032
331,088,417
246,075,356
142,687,131
121,316,535
86,625,958
91,430,311
50,016,622
56,410,694
40,736,927

+ 43.9
+ 27.0
+ 10.2
+ 22.5
+ 22.7
+ 10.5
+ 30.3
+ 20.1
+ 53.6
+ 34.9
+ 29.2

Eleven cities, five days_____
Other cities, five days..............

$6,147,572,927
920,217,408

34,503,033,661
750,102,417

+ 36.5
+ 22.7

Total all cities, five days__
All cities, one day____________

$7,067,790,035
1,320,404,298

$5,253,136,078
1,004,356,869

+ 34.5
+ 31.4

Total all cities for week____

$8,388,194,333

$6,257,492,947

+ 34.1

Our usual monthly detailed statement of transactions on
tho New York Stock Exchange is appended. The results
for the five months of 1919 and 1918 are given below:
Descrip
tion.

FireMonths 1919.
Par Value 1 Actual
or Quantity.
Value.

+ 0.5
+ 24.5
+ 2.7
+ 13.3
+ 27.8
—3.8
+ 1.7
+ 59.4
+ 16.3
+ 13.7
+ 7.0
—7.3
+ 17.3
+ 38.9
+ 66.4
—29.0
+ 6.7
+ 6.0

+ 15.2
—14.6
+ 26.9
+ 23.5
—4.8
—17.2
+ 13.2
+ 3.2
+ 25.4
+ 4.3
+ 39.7
+ 39.5
+ 6.4

+12.1

FiceMonths 1918.
Acer. Par Value | Actual
Price. or Quantity. \ Value.

Acer.
Price.

Stock/Shs.
108,473,721
61,997,179
IV al. $ 10223,837,000 $8,903,474,262 87.4 $5,807,211,250 $5,340,520,146 91.9
122,808,500
RR. bonds.
227,645,000
201,581,584 88.6
106,738,392 86.9
U. S. bonds
973,570,500
392,656,000
380,880,134 97.0
922,509,148 94.9
State,city &
160,488,000'
for’n bds.
158,964,615 99.1
88.784,500,
83,078,522 93.6
Bank stks.
47,200,
101,182,214.3
12,400,
21,392172.5
Total . . . S11585,587,700S10186.630,79l| 87.9 $0,411,472,65035 ,911,238,586 92.2

Tho volume of transactions in share properties on tho
New York Stock Exchange each month sinco Jan. 1 in 1919
and 1918 is indicated in the following:
SALES OF STOCKS AT TH E N E W YO R K STOCK EXCH A N G E.

Inc. or M'th. Number 1
Dec.
Shof
ares. ,!
%

654,240,468 033,428,171
+ 3 .3 3,209,,461,758 ,156,395 ,680
St. Louis
+ 1.7
New Orleans.. 247,660,387 222,030,333 + 11.5 1,169,,710,452 ,127,662,,356
+ 3.7
73,041,648 100,871,769 — 27.0 430,,418,008 495,343,,447 — 13.1
Louisville
74,676,761 54,256,614 + 37.0 331, 845,590 302.828,,860 + 10.6
Houston.
24,044,220 15,094,359 + 59.3 108, 103,648 104,549,,596
Galveston
+ 3.4
Richmond____ 215,967,153 190,735,893 + 13.2 1,066, 314,304 849,629,,191 + 25.5
284,482,334 189,658,288 + 50.0 1,171,,490,564 955,108,,003 + 22.7
Atlanta.
Memphis_____ 78,486,406 44,528,792 + 76.3 383, 878,185 279,872,,660 + 37.2
Fort Worth__ 66,147,016 50,836,191 + 30.1 321,,761,804 296,195,,879
+ 8.6
+ 8.5 325,,306,822 282,351,,156 + 15.2
59,530,735 54,874,096
Nashville
Savannah......... 35,054,553 26,076,780 + 34.4 140,,125,701 148,443,,897 — 5.6
45,000,000 33,564,237 + 34.1 198,,912,214 165,872 ,328 + 19.9
Norfolk______
53,083,730 17,890,369 + 196.7 255,,005,314
Birmingham .
89,789 ,510 + 184.0
Jacksonville___ 37,726,202 22,816,603 + 65.4 180,,877,951 103,758 ,529 + 74.3
27.012.89S 23,685,405 + 14.0 115 ,419,035 101,706 ,852 + 13.5
Chattanooga .
11,494,082 13,138,377 — 12.5
55 ,918,977
Knoxville____
59,518 ,859 — 6.0
17,390,580 11,463,546 + 51.7
67 ,697,864
Augusta_____
74,886 ,169 — 9.6
+ 2.8 103 ,614,011 104,515 ,690 — 0.9
20,365,000 19,812,871]
17,882,090 12,267,984 + 45.8
76 ,641,295
69,581 ,712 + 10.1
7,712,706 6,472,667 ' +19.2
35 ,668,167
Mobile
31,642 ,847 + 12.7
47,114,620 35,090,426 + 34.3 211 ,467,537 186,822 ,307 + 13.2
36 ,532,391
7,000,000
7,959,051 — 12.0
Macon . . .
45,399 ,554 — 19.5
5,618,439; 5,888,150
— 4.6
30 ,362,138
Beaumont
28,197 ,638
+ 7.7
14,493,051 13,296,464
+ 9.0 155 ,902,705 102,949 ,364 + 51.4
Austin . . .
11,104,394
7,864,485 + 42.0
46 ,419,802
Columbia.
40,979 ,418 + 13.3
19 ,138,311
4,067,795 2,893,657 + 40.6
17,476 ,989
Wilm’n, N . C .
+ 9.5
2,446,346 + 22.3
3,000,000
15 ,294,517
Columbus, Ga.
15,078 ,923 + 1.4
1,320,698 + 28.1
1,691,455
Vicksburg
8 ,877,448
8,984 ,995 — 1.2
12,,209,770
2,226,0)08
1,982,348 + 12.3
Jackson ______
11,561 ,796
+ 5.6
41,214,320 51,284,621 — 19.6 201, ,359,975 196,727,,884
T u lsa _______
+ 2.3
11,519,398 9,438,824 + 22.1
57, 874,570
Muskogee____
52,678,,312
+ 9.9
24,000,000 17,573,436 + 36.6 116, 548,330
El Paso...........
84,339,.370 + 38.2
Dallas............. 118,443,844 75.466,824 + 56.9 542, 605,079 398,096,,788 + 36.3
4,809,652 4,092,564 + 17.5
22, 919,136
17,674,,081 + 29.7
7,000,000 6,267,539 + 11.7
35, 337,992
Montgomery . .
33,303 ,090
+ 6.1
43, 117,743
8,885,905 6,695,135 + 32.7
Tam pa______
32,018 .610 + 31.6
3,875,976 2,649,791 + 46.3
17, 520,704
Texarkana___
14,272 ,669 + 22.8
3,700,000 3,294,482 + 12.3
Raleigh...........
20, ,107,762
18,841 ,707
+ 6.7
58, ,250,171
12,034,043 9,028,737 + 33.3
Shreveport___
51,760 ,655 + 12.5
8,700,000 9,000,000 — 3.3
47 ,535,011
W a c o _______
56,920 ,408 — 16.5

■ fSot.Snnth’rn 2392159128i 2170360321 + 1 8 6 11.45055284610213737.509'

Per
Cent.

1918.

1919.

Values.
Par.
Actual.

Number 1
Sh*7
ares. ||

Par.

Values.
| A
ctual.

1
$
$
. 1
|
$
!
$
Jan.. 11,858,4651,126,755,705 1,037,426,80813,616,3571,279.710,700 1,175.427,688
Feb . 12,210,741 1,152,181,000 1,038,276,91811,418,079 1,08.3,216,900 996,548,212
M ar. 21,403,531 2,019,230,100 1.S45,369,427 8,419,477 772,475,950, 710,581,497
1st qr 45,472,737 4,298,166,805 3,921,073,153 33,453,913,3,135,433,550 2,882,557,388
April 28,587,4312,710,196,8502,141,053,298 7,404,174| 687,371,800 6.31,497,841
M ay. 34,413,553 3,215,473,425 3,841,347,811 21,139,0921,984,405,9001,826,464,917

The following compilation covers the clearings by months
sinco Jan. 1 1919 and 1918.
Month.

Clearings Outside NewYork.

Clearings, Total All.
1919.

|

1918.

i %

1919.

|

1918.

%

Jan___ 32,415,814,201 26,547,613,299 +22.1 14,555,171,367 11,828,545,769 + 23.1
F e b ... 25,792,839,256 22,255,063,757 +15.9 11,698,586,744 9,995,707,702 + 16.0
Mar . . 30,076,757,995 26,083,747,067 +15.3 13,589,784,326| 12,243,465,686 + 11.0
1st qu. 88,285,411,452 74,886,424,123 + 1 7 .9 39,743,642,437 134,067,719 , 157 + 16.7
April.. 30,592,296,592 26,481,162,63l| + 15.5 13,259,229 , 169112,387,655,645
M a y .. 33,197,700,125 28,266,379,033 +17.4 14,314,801,956 12,706,678,363

ot-

S
S
943,908,481 764,594,308
167,497,848 116,848,208
244,533,606 239,543,833
72,981,581 60,880,573
142,141,533 110,275,039
74,706,388 72,261,902
43,720,872 41,274,585
25,254,536 19,351,140
46,263,108 35,619,130
48,926,763 38,003,650
22,523,474 18,500,151
12,964,338 14,779,288
11,055,395 8,382,127
12,935,495 8,146,505
16,198,702 7,813,935
7,637,165 11,642,172
4,139,282 3,301,757
3,372,838 3,089,162
8,577,409 8,082,961
3,533,572 3,236,029
8,164,877 5,292,747
5,909,968 4,288,002
2,726,179 2,495,648
8,165,694
7,143,000
5.524.00C
5,858,400
1,713,217
1,709,557
2,300,000
1,814,264
2,324,976 2 ,146.00C
3,066,882 2,073,708
2,611,211 2,142,215

Inc. or
Dec.
%
+ 23.5

1918.

+ +

Iowa City.........
Oshkosh______
Kan. City, Kao
Lewlstown____

+ 22.1

180,581
432,031
3,452,017
855,430
4,971,483

1919.

Clearings—Returnsby Telegraph.
WeekendingJune7.

The course of bank clearings at leading cities of the
country for tho month of May and sinco Jan. 1 in each of
the last four years is shown in the subjoined statement:
BAN K

CLEARINGS AT LEADING CITIES.
--------------------------------1
311917.
1910.
1919.
1918.
1919. 1918. 1917. 1916.
$
S
$
$
$
$
$
$
New York............. .18,883 15,560 15,583 12,661 84,758 70,472 72,386 60,165
7,927
2,164 2,211 1,691 11,250 10,540 10,368
Chicago__________
4,929
6,541
5,859
4,390
900
1,410 1,007
Boston....................
7,004
7,465
5,027
8,382
Philadelphia_____ . 1,727 1,712 1,478 1,037
2,743
3,156
2,018
3,209
431
563
.
654
633
1,656
1,795
1,342
2,794
344
275
518
569
Pittsburgh............. .
2,096
1,809
1,281
2,608
391
279
455
564
San Francisco____ .
834
1,083
691
1,239
143
166
246
246
Cincinnati.............. .
1,093
905
909
1,613
182
187
.
303
2S0
4,086
2,750
1,751
4,105
585
369
765
.
914
1,580
1,361
827
1,971
178
299
340
.
396
733
1,128
1,170
503
104
156
222
.
248
638
645
803
543
102
154
117
.
167
Minneapolis.........
438
430
495
400
77
77
101
.
74
1,141
1,622
1,119
803
244
175
252
.
395
514
588
638
400
82
110
119
.
135
649
616
507
107
807
134
128
180
Los Angeles........... .
222
247
206
42
215
54
45
.
46
725
1,177
1,209
488
97
240
153
.
245
385
435
304
496
70
84
95
.
125
305
301
311
345
67
03
61
.
73
278
297
217
299
47
(iO
59
63
Indianapolis......... .
468
309
598
242
56
62
110
.
1 2
498
850
310
1,066
109
73
191
.
216
225
280
168
384
30
43
45
.
78
412
654
284
748
64
148
91
.
157
182
166
174
167
37
36
36
.
41
266
265
181
297
36
55
54
64
Salt Lake City___ .

-May

Jan. to May

(000,000s

omitted.)

T o ta l.................. .30,557 26,122 24,493 19,308 119,771 118,960 114,661
8,738
Other cities.......... . 2,641 2,144 1,825 1,412 12,304 10,674

92,392
6,879

.33.198 28.260 26,318 20,720 152,005 129,634 123,399
Outside New York .14,315 12,706 10,735 8,159 07,317 59,162 51,013

99,271
39,105

Ju ne

2303

THE CHRONICLE

7 1919.]

GOVERNMENT REVENUE AND EXPENDITURES.
—Through the courtesy of the Secretary of the Treasury, we
aro enabled to place before our readers to-day the details of
receipts and dibursements for April 1919 and
Breadstuffs figures brought from page 2354.—The Government
and for the ten months of the fiscal years 1918-19 and
statements below are prepared by us from figures eolleetod by 1918
the Now York Produce Exchange. The receipts.at Western 1917-18.
Receipts.
April 1919.
April 1918. 10 Mos. '18-19. 10 Mos. '17-18
Ordinary—
S
S
$
8
lake and river ports for the week ending last Saturday and C ustom
20,141,487
16,445,532
142,180,932
142,473,887
s........................
Internal Revenue:
since Aug. 1 for each of the last three years have been:
Income A profits tax 107,696,034
83,012,300
1,996,473,682
185,253,610
C o m

m

e r c i a l a tx t l3 $ X is c je lla t * je jc m s S t e m s

Receipts atChicago-------Minneapolis.
Duluth______
Milwaukee..
Toledo______
Detroit--------St. Louis-----Poorla........... .
Kansas City..
Omaha......... .
Indianapolis..

Barley. Rye.
bushASlbs bush.SQlbs.

Corn.
Wheat.
. 56
bbls.imbs, bush. 60 lbs.bush. 56 lbs.bush
1,116
394.000
943.000
430.000
48.000
15.000
14.000
256.000
72.000
231.000
105.000

176,000

18,000
7.000
70.000
09.000

2.000

342.000
224.000
313.000

Total wk. '19
Same wk. ’ 18
Same wk. ’ 17

2.508.000
1.379.000
4.482.000

892
137

89,

8,
10,
256,
192,
322,
498,
46,
2.454.000
3.768.000
4.654.000

517.000
1,039,000

387

121.000

11

809
65
43
420
104
241
334
155

480,000

3,685
3,482
3,885

2.179.000
728,000
1.259.000

43.000
193.000
425.000
32.000
16,000

22,000

1,000

710.000
92,000
193.000

Since Aug. 1—
1018-19... 14.571.000 393.067.000 177,681,000 251.840.000 78.879.000 35.303.000
1917-18... 13.969.000 159,237,000,211,655,000 289.476.000 49.832.000 22.615.000
1916-17... 10.505.000 330.765.000 486,697,000 242.149.000 79.549.000 20.291.000

Total receipts of flour and grain at the seaboard ports for
the week ended May 31 1919 follow:
New York__
Philadelphia..
Baltimore____
N ’port News.
Now Orleans.*
Galveston____
Montreal____
Boston______

Barley. Rye.
Oats.
Corn.
Flour. Wheat.
shels.
shels. Bu
shels. Bu149,000
ushels. Bushels. Bu676.000
Barrels. B
534.000
167.000
1,387,000
171.000
116.000
95.000
57.000
106,000
39.000
381,000
36.000

689.000
384.000

18,000
124.000

521.000
260.000
1,412,000
29,000

21,000
1,000

Total wk. ’ 19 1,001,000 4,682,000
Slnco Jan. 1’ 19 16,135,000 88,967,000

293.000
192.000

""55.566

259.000
416.000

595,000

799,000 1,209,000
331,000
1,383,000
6,020,000 27,049,000 11,035,000 18,762,000

19,000
488,000
517,000 2,489,000
318,000
458,000
Week 1 9 1 8 ...
Slnco Jan.1118 10,920,000 13,152,000 11,549,000 48,530,000 4,776,000 2,370,000
* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending May 31 are shown in the annoxed statement:
Exportsfrom—
Now Y o r k ______
Philadelphia____
Baltimore............
Nowport N ew s..
New Orleans____

|

Rye. Barley. | Peas.
Wheat. Corn. Flour. Oats.
Bushels. Bushels. Bushels.
Bushels. Bushels. Barrels. Bushels. 1,226,435
137,442^ 15,813
056,854

709,666
635,000
118,000
579,000

Total week____ 2,697,854
4,554
Week 1918............

150,592
5.000
97.000
6.000
57.000
26,000 17.000
71.000
188,000

53.000
86.000

192,350
............

274.000
460.000
378.000 198,000 ......... ..
150.000 ______
187.000 ______
94,000 ______

17,000

135,059,065
159,228,529

93,113,711
16,111,895

1,049,317,057
497,961,712

632,893,920
172,441,155

T o ta l..............
422,125,115
208,683,438 3,685,933,383
—
Tolls, Ac........................
427,185
635,706
5,560,978
—
First Lib. Loan bonds........................
119,806
2,664,346
206,154
Second Lib. Loan bonds ___________
1,045
Third Lib. Loan bonds
1,003,348 104,799,663
936,436,547
Fourth Lib. Loan bonds
365,729
____________
6,959,387,597
Victory Lib. Loan notes 122,420,100
___________
122,420,100
Ctfs. of indebtedness..
684,633,0001,150 ,805,500 15.631,587,800
War Savings and Thrift
.
771,349,872
60 972,984
stamps.................
9,572,728
289,260
Postal Savings bonds.. ....................
Deposits for purchase
of One-Year Treas.
Notes (Sec. 18, Fed.
Res. Act, approved
Dec. 23 1913).....................................
Deposits for retirement
of nat’l bank notes &
Fed. Res. bank notes
(Acts of July 14 1890
795,350
21,087,222
and Dec. 23 1913)..
882,700

1,133,062,572

PanamaCanal
Public Debt

T o ta l..........................

5,002,168
520,404,735
3,807,931,075
104,799,663
7,457,965",500

165,000 591,592 209,350 1,338,435 760,442 15,813
............1 63,282
220,325 59,640 2,210,598

190,885,266
1,020,940

19,150,000

6,734,050

818,877,605 1,317,699,457 24,445,223,789 12,108,891,229

Grand total recelpts.l,241,429,905 1,527,018,601 28,136,718,151 13,246,955,969

Disbursements.

Ordinary

—
Checks & warr’ts paid
(lessbal.repaid, &c.) 897,036,419
Int. on public debt paid 106,825,704

903,894,643 12,883,801,447
6,862,116
416,708,554

5,479,513,671
62,754,721

T o ta l........................... 1,003,862,123
910,756,759 13,300,510,001
—
Panama Canal: Checks
paid (less balances
1,674,638
11,347,263
repaid, A c .)________
609,361
Purchase of obligations
287,500,000 3,229,593,408
of foreign Govts____ 409,608,608
Purchase of Federal
Farm Loan bonds:
15,050,000
50,950,000
Principal___________
14,550,000
Accrued Interest__________________ 298,215306,382
751,861

5,542,268,392

Special

54,000
150,000
18,000

Miscellaneous______
Miscellaneous revenue.

T o ta l..........................

308,471,711

45,600,000
759,204

3,292,642,532

4,133,665,143

385,005,823 12,038,034,450

3,732,532,939

304,531,020

Public Debt

—
Bonds, Interest-bearing
notes & ctfs. retired. 306,388,791
One-Year Treas. notes
redeemed (Sec. 18,
Fed. Res. Act, ap
proved Dec. 23 1913) ....................
Nat’l bank notes and
Fed. Res. bank notes
retired (Acts of July
14 1890 and Dec. 23
1913 )..........................
2,082,920

15,976,189
4,071,329,750

27,362,000

8,212,000

19,150,000

1,129,133

18,754,183

19,168,545

394,346,956 12,075,938,633

3,779,063,484

Grand total disburs’ts. 1,737,400,017 1,609,634,735 28,669,091,166 13,454,997,019
Excess of total disburse
ments over total rec’ts 495,970,112
82,616,133
532,373,015
208,041,050
* Receipts and disbursements for June reaching the Treasury In July are included

The destination of these exports for the week and since BANK NOTES—CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &o.—We give below tables which
July 1 1918 is as below:
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Flour.
Corn.
Wheat.
Exports for Week Week
Since
and Since
May 31 July 1
July 1 to—
1919.
1918.

Week
May 31
1919.

Week
May 31

Since
July1

1919.

1918.

.%ince
July 1
1918.

Barrels. Barrels. Bushels. Bushels. Bushels. Bushels.
53.000

United Kingdom. 445,995 8,032,145
Continent.............. 128,597 7,852,437
6,000
463,204
So. & Cent. Amcr.
845,225
West Indies--------- 11,000
Brit.No.Am.Cols.
Othor Countries. .
" 153*,527

1,087,298 64,085,619
1,610,556 81,440,980

40

2,117,851
86.000 2,548,044
10,000
99,524
16,000
398,536
1,964
4,709

T o ta l................ 591,592 17,346,538
Total 1917-18------ 59,640 5,683,120

2,697,854 145,520,639
4,554 50,926,883

165,000 5,170,628
220,325 18,622,953

STOCK OF MONEY IN THE COUNTRY.—The follow
ing tablo shows the general stock of monoy in the country,
as woll as tho holdings by the Treasury and the amount in
circulation on tho dates given:
-StockofMoneyMay 1’ 19- ----- MoneyInCirculation----in U. S. alleldlnTreas. May 1 1919. May 1 1918.

*5
S
S
S
Gold coin (Including bullion
In Treasury)...................... 3,092,430,916 363,828,718bl,106,910,391 1,064,222,631
Gold certificates.................. - ........................... ..............
589,751,667
937,585,869
Standard silver dollars------- 311,018,930 32,634,081
81,306,958
77,648,167
Silver ccrtilicates......................................... .. ....................
195,311,625 442,009,740
Subsidiary silver................... 243,896.606 12,640,150
231,256,456 215,262,506
1,766,206
1,SOS,001
Treasury notes of 1890............................ ............................
United States notes............. 346,681,016 15,500,199
331,180,817 338,340,301
Federal Reservo notes------- c2,725,416,490 39,357,273 2,520,567,722 1,524,223,755
Federal lteservo bank notes 170,124,180 17,906,956
152,218,224
11,581,385
National bank notes............. 725,131,122 72,113,157
053,017,965 705,738,302
Total.................................... 7,014,699,200 553,979,534 5,863,288,091 5,318,540,717
Population of continental United States estimated at 107,311,000. Circulation
per capita, $54 64.
a This statement of money held In the Treasury as assets of tho Government
does not lncludo deposits of public money In Federal Rcservo banks and in national
banks and special depositaries to tho credit of the Treasurer of tho United States
amounting to $935,862,777 29.
b Includes $507,650,721 60 Federal Reserve Gold Settlement Fund deposited with
Treasurer of tho United States.
c Includes own Federal Reserve notes held by Federal Reserve banks.
— On May 1 1919 Federal Reserve banks and Federal Reserve agents held
against Federal Rcservo notes $810,022,860 gold coin and bullion, $221,917,280
gold certificates and $165,491,495 Federal Reserve notes, a total of $1,197,431,635.
agulust $901,215,605 on May 1 1918.

Note.




Bonds andLegal Tenders
on Deposit for—
Legal
Tenders.

1918-19.

Apr. 30 1919.
M ar.31 1919.
Feb.28 1919.
Jan. 31 1919.
Deo. 31 1918.
N ov.30 1918.
Oct. 31 1918.
Sept. 30 1918.
Aug. .31 1918.
July 31 1918
June 30 1918.
May 31 1918.
V|*r. 30 1918.

689.878.300
688,183,250
683.342.450
683.004.450
684.648.950
684.468.950
684,446,440
683.026.300
682,411,730
690.831,260
690,384,150
691,579,160
688.969.710

38,973,647
40,194,752
42,080,347
41,903,027
39,867,332
40,421,622
41,833,562
43.467,307
44,108.182
36.150.417
36,878,979
35,989,575
36.189.817

CirculationAjlopt Under—
Legal
Tenders.
686,157,475
684,292,440
679,799,125
680.025,471
083,661,878
676,431,533
679.637,575
678,465,863
680,210,470
687,577.645
687,326,508
687.998.070
686.098.360

38,973,647
40.194,752
42,080,347
41,903,027
39,867,332
40,421,622
41.833,562
43,467,307
44,108,182
36,150.417
36,878,977
35.989,575
36,189,817

725,131,122
724,487,192
721,879,472
721,928,498
723,529,210
716,853,155
721,471,137
721,933,170
724,318,652
723.728.062
724.205,485
723,987,645
722,288.177

$170,124,180 Federal Reserve bank notes outstanding May 1, of which $169,
466,800 covered by bonds and $657,380 by lawful money.

The following show the amount of each class of U. S.
bonds held against national bank circulation and to secure
public moneys held in national bank depositaries on Apr. 30.
BondsonDeposit
April 30 1919.

U. S. Bonds HeldApril 30 to Secure—
Ondeposit to Ondeposit to
secure Federal secure
Total
Reserve Bank National Bank Held.
Notes.
Notes.
%
%
$
563,960,200
53,350,800
47,620,380
24,946,920

2s! U. S. one-year ctfs. of Indebtedness.

14,129,000
2,593,000
404,500
285,30*
156,683,000

578,089,200
55.943.SOO
48,024,880
25,232,220
156,683,000

Totals ........................................................

174,094,800

689,878,300

863.973.100

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits April 1 and
May 1 and their increase or decrease during the month
April.

2304:

THE CHRONICLE

f ’ National Bank Notes— Total Afloat—
Amount afloat April 1 1919__________ ______________ _ _
$724 487 192
Net amount Issued during April...................... . . " I I " " " " " " " "
’643,930
Amount of bank notes afloat May 1 1919.............................................8725.131 122
Legal-Tender Notes—
.........
’
’
Amount on deposit to redeem national bank notes April 1 1919___ __ $40,194 752
Net amount of bank notes retired In April............................ ............ ..
I,221,’l05
Amount on deposit to redeem national bank notes May 1 1919______$38,973,647

N ew Y o rk C ity B an k s a n d T ru st Com panies
All prices now dollars per share.
Banks—N .Y Bid.
America*___ 555
Amer E xch .. 255
Atlantic
185
Battery Park. 203
Bowery *___ 425
BroadwayCen 135
Bronx Boro*. 125
Bronx N a t... 150
Bryant Park* 145
Butch A Drov 33
Cent M e r e ... 160
Chase..
485
Chat A Phen. 410
Chelsea Exeh* 100
Chemical____ 515
Citizens
235
City . . .
440
Coal A Iron .. 210
Colonial*___ 400
Columbia*__ 175
Commerce.. 248
Comm’I Ex*. 390
Common
wealth * . . . 215
Continental*. 110
Corn E xch*.. 390
Coemop’tan*. 95
Cuba (Bk o f). 178
East River__ 150
Europe.
120
Fifth Avenue* 1700
Fifth.............. 225
FlT8t________ 1010
Garfield......... 198
Gotham____ 190
Greenwich*.. 3C0
Hanover____ 775
Haniman___ 310
Imp A Trad. 560

Ask
570
210
145
175
160
155
38
170
500
425
115
530
245
450
220

I Banks.
1Irving (trust
certificates)
Liberty__
Lincoln__
Manhattan *.
Mech A M et.
Merchants__
Metropolitan*
Mutual « ___
New Neth*_.
New York Co
New York__
Paclflo * . .

Park_____
Prod Exch*..
Publlo............
Seaboard____
Second__
Sherman___
186" State * - - .
254 23d Ward*__
410 Union E xch..
United States*
230 Wash H’ts*..
120 Westch Ave*.
400 Yorkvllle *__
105
183
Brooklyn.
Coney Island*
130 First_____
2300 Greenpoint . .
Hillside *___
Homestead *.
200 Mechanics’ *.
200 Montauk •__
Nassau_____
790*' National City
340 North Side*..
585 People’s ........

Bid.
360
650
265
215
385
145
185
375
200
140
440
150
705
350
<240
500
475
125
128
115
195
<165
275
190
300
140
190
150
110
70
78
85
200
130
195
130

Art.

Trust C o’s. Bid
New York.
370 Bankers Trust 422
427
675 Central Union 458
465
285 Columbia___ 340
350
225 ;Commerclal.. 105
395 Empire.
290
3*0*5"
155 Equitable T r. 475
485
200 Farm L A T r. 460 470
Fidelity
220
230
2*15*" Fulton.
240 260
150 Guaranty T r. 405 415
Hudson
135
145
Irving Trust. /See Irving
715
INat Bank
■Law Tit A Tr 135 145
250 Lincoln Trust 175 185
jMercantile Tr 230
5*25*' Metropolitan. 360 370**
135 MutuaKWeetcheater)__ 105
138
125
130 N Y Life Ins
205
A Trust__ 790 810
175 N Y T ru st... 610 630
Scandinavian 315 330
Title Gu A Tr 395 405
350 U S Mtg A Tr 440 450
United States 910 930
Westchester.. 130 140
155
200
Brooklyn.
165 Brooklyn T r. 500
610
120 Franklin.
220
230
80 Hamilton___ 265
275
85 Kings County 650
700
95 Manufacturers 160
165
210 People’s.
275
285
137 Queens Co__
70
80
205
140

* Banks marked with a (*) are State banks, t Sale at auction or at Stock Ex
change this week,
t Includes one-half share Irving Trust Co. < New stock
V Ex-rlghts.

N ew Y o rk C ity R ea lty an d Su rety Com panies
All prices now dollars per shore.
Alliance R ’lty
Amer Surety.
Bond A M G .
City Investing
Preferred. .

Bid.
60
65
256
35
70

Art.
70
70
263
40
80

[i
1Lawyers Mtge
Mtge B ond..
Nat Surety..
N Y Title A
Mortgage..
11

Bid.
130
94
260
112

Art.
Bid.
140 Realty Assoc
98
(Brooklyn). 95
268 U S Casualty. 185
US Title Guar 60
118 West A Bronx
Title A M O 150

Art
105
195
170

A u c tio n Sales.— Among other securities, the following
not usually dealt in at the Stock Exchange were recently sold
at auction in New York, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, N ew York:
Shares. Stocks.
Per cent. Shares. Stocks.
Per cent.
17 Goetz Silk Mfg., Holyoke____ 245
250 Butterworth-Judson, pref........ 80
28 Marden, Orth A Hastings, com. 12
Bonds.
900 United Copper, preferred, cer
$25,000 2d Avo. R R . 1st cons. 5s,
tificates of .deposit________$14 lot
1948 ctfs. of deposit..............$1,000 lot
10 Am. Zinc A Slate, pref............ \$2 lot 25,000 Beaver Mtge. Co. 1st 6s,
10 Am. Zinc A Slato, com_____ /
1920; March 1916 coupon o n ..$50 lot

B y Messrs. R . L . D ay & C o ., Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
%per sh.
16 Nat. Shawmut Bank_________ 238X
8 Chapman Valve M fg., prof.,
17 Sharp M fg., com......... 118X-120
ox-dlv......................................100
1 Arlington Mills.......................... 137X
15 Hood Rubber, com___________ 167
1 Dwight Mfg., $500 par______1120
62 Merrlmac Chemical, $50 each.. 97
5 Nashua Mfg., pref................... 102X
45 N . E. Equitable Ink__________ 5c.
60 U. 8. Worsted. 2d pref............ . 50X
1 Columbian Nat. L. Ins............ U 7X
5 King Philip Mills..................... 185
10 Worcester Elec. Lt. rights........ 4 X
1 Conn. A Pass. Rlv. R R ., p ref.. 80
50 Quincy M k t.C .S . A W . rights. 15)4
1 Boston Atheneum, $300 par__415)4 10 Hood Rubber, pref___________ 104X
10 Sullivan Machinery__________ 149
110 Thompson Elec. Weld.............. 67X
1 Waltham Watch, pref_________ 90
100 Fairbanks A C o., pref________104
10 Essex C o., $50 each...................193X

B y Messrs. W ise, Hobbs & Arnold, Boston:
Shares. Slocks.
$ per sh. Shares. Stocks.
$ persh.
5 National Shawmut Bank____ 237X
5 Nashawena Mills____________ 141X
5 First National Bank of Boston .477 X 40 Puget Sd. Trac., L. A P., pref. 66
5 U. S. Worsted, 1st pref______ 89
5 Merrlmac Chemical, $50 each. 97
10 Whitman Mills...................... ..195
12 Quincy Mkt. C. S. A W ., pref. 87
10 Nashua Manufacturing_______280
50 Walter Baker Co., Ltd._130X-131
50 U. S. Worsted, 2d pref______ 50
12 PugetSd.Tr., L. A P ., pf.,stpd. 63X
20 Massachusetts Cotton M ills...133X 220 Montpelier A BarreLt. A P .,p f. 80
5 Bigelow-Hart. Carpet, p re f... 99X 95 Fitchburg Gas A Electric____ 75
2 King Philip Mills..................... 186X
55 Worcester Elec. Light rights.. 4 X

B y Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
900 Penn Machine Mfg. of Phil.,
5 Belmont Driving Club_______55X
$10 each....................................$100lot95 Phlla. Warehouso____________105
900 Penn Machine Mfg. of Phil.,
2 Pa. Acad, of Fine Arts_______ 25
$10 each....................................$200lot
25 Media Title A Trust, $25 each. 55
Bonds.
Per cent.
5 John B. Stetson, com........ ..367-369 $2,000 West Chester St. R y. 1st 5s,
14 Com. Exch. Nat. Bank_____ 380
1932.................................... 79X
2 Bank of North America_____ 272
8.000 Ohio Val. Elec. R y. 1st 5s,
3 Southwark Nat. Bank________216
1946.................................... 79
1 Sixth National Bank_________207
12,000 Consol. Lt. Ht. A Power 1st
11 Market St. Nat. Bank.............. 187X
6s, 1946................ ............. 79
10 Market St. Title A Tr., $50 ea.166
1.000 Central Mkt. St. R y. (Col
10 Fidelity Trust_______________ 510
umbus, O.) 1st 5s, 1922.. 94X
3 Girard Trust________________ 808X 3.000 Jacksonville, Fla., Gas 1st
29 Aldlne T r u s t ..._____ _______ 160
5s, 1942.............................. 79
2 Provident Life A Trust_______438
3.000 Suburban Gas 1st 5s, 1952.. 95
25 West End Trust........................160
2.000 Wllkesbarre Gas A El. cons.
16 Nat.Bk.of Malvern,Chester C o.155
5s, 1956.............................. 94 X
20 1st Nat. Bk. of Conshohocken.155
2.000 Wllkesbarre Co. 1st A reg.
5 Citizens Pass. R y____________ 225
6s, 1960........................... 74
2 Camden A Burlington Co. R y .. 28
1.000 Phil. Suburban G. A E. 1st
44 National R y. Publication____ 60X
reg. 5s. 1960...................... 88X
25 Amer. Pipe A Construe. Secur.,
1.000 Washington Ry. A Elec.
preferred . . . . . ___ ______ 56-56X
cons. 4s, 1951................ .. 66X




[V ol . 108

National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S F O R C H A R T E R .
F or organization o f national banks:
Canital
L afayette National Bank o f B uffalo, N ew Y ork
S750 000
Correspondent, Fred D . C orey, B uffalo.
.......................
’
T ho St. Augustine National B ank, St. Augustine, F lorida____
50.000
Correspondent, G . B . Lamar, St. Augustino, Fla.
T he Planters National Bank o f W alnut R idge, Ark
25 000
Correspondent, W . R . Lano, W alnut Ridgo.
-- - ,u
The Commercial National Bank o f Phoenix, Arizona
100 000
Correspondent, N . A . Lytlo, Glendalo, Ariz.
..........
'
The Farmers A M erchants National Bank o f Paola, K a n s a s ...
50,000
Correspondent, O. Peterson, Paola, ICans.
T he First National Bank o f W altonville, Illinois___
25 000
Correspondent, T . D . Slater, W altonville, 111.
"
T he First National Bank o f M aiden R ock, W isconsin..........
26,000
Correspondent, Leonard M athys, M aiden R ock .
T he Burley National Bank, Burley, Id a h o___
50 000
Correspondent, A lbert Plooger, Burley, Idaho.
Tho First National Bank o f W aconia, M innesota....................
25,000
'm S°r^CSr <ATCl°-n t’ ®JJseno H . M a ck , W aconia, M inn.
The First National Bank o f D ovol, Oklahoma
25 000
Correspondent, J. E . Dickson, D ovol, Okla.
..............
T he Farmers National Bank o f M ora, M innesota____
$25,000
Correspondent, A nton Peterson, M ora.
T he Cedar G rove National Bank, Cedar Grovo, Indiana.
25,000
Correspondent, Charles D orflein, Cedar Grovo.
T he First National Bank o f Zimmerman, M innesota................
25,000
Correspondent, F . O. J. Peterson, E lk R iver, M inn.
T he Farmers National Bank o f P om eroy, W ashington............
60,000
Correspondent, G . W . Jewett, Pom eroy.
The First National Bank o f Bigheart, Oklahom a.....................
25,000
Correspondent, E . O. L ovo, Chandler, Okla.
60.000
The First National Bank o f Dillwyn, Virginia____________
Correspondent, W . R . C onnor, Dillwyn.
F or conversion o f Stato banks:
The First National Bank o f Narrows, Virginia________________
25.000
Conversion o f the First Stato Bank o f Narrows, Inc.
Correspondent, F. D . Kelley, Narrows.
The First National Bank o f R oanoke, Indiana_____________
30.000
Conversion o f tho State Bank o f Roanoke.
-C o rre s p o n d e n t. D . A . W asm uth, Roanoke.
100.000
Ih o Citizens National Bank o f Albuquerque, N ew M e x ico____
Conversion o f the Citizens Bank o f Albuquerque.
Correspondent, Citizens Bank o f Albuquerquo.
Ih o First National Bank o f Ingom ar, M on tana____
25.000
Conversion o f tho Ingomar State Bank.
Correspondent, W . T . Craig. Ingom ar.
T he National Bank A Trust C o. o f Pasadena, California............
300,000
Conversion o f tho Crown C ity Trust A Savings Bank.
• Correspondent, J. B . C oulston, Pasadena.
T o te 1........................................................... - .................................... $1,805,000
_ . . ,
C H A R T E R S ISS U E D .
Original organizations:
Tho Dum ont National Bank, D um ont, N ow Jersey
$25 000
^ P re sid e n t, C loyd Marshall; Cashier, A . H . Robertson.
T h e First National Bank o f Vernon, California_____________
25.000
President, J. W . Phelps; Cashier, A . L . Hill.
The First National Bank o f Cum berland, Ohio______ _______
40,000
I resident, W . L. Beaschler; Cashier, C . E . Knowles.
Tho National Mechanics Bank o f Newport News, V a____ __
100.000
President, FL S. Blanton; Cashier, J. H. C ook.
25,000
Tho First National Bank o f Kerklioven, M innesota_________
President, Hans Johnson; Cashier, A lbert L . Anderson.
The Arkansas National Bank o f H eber Springs, Arkansas____
$25,000
President, W . C . Johnson; Cashier, N . B . D e Leach.
Conversions o f State banks:
T he St. Louis Union National B ank, St. Louis, M issou ri____ 2,500,000
Conversion o f the St. Louis U nion Bank, St. Louis.
President, N . A . M cM illan; Cashier, F . V . Dubrouillet.
T o ta l..................................................................................................

$274,000

CHARTERS E XTE N D E D .
Tho Central National Bank o f M arietta, Ohio. Charter ex
tended until close o f business M a y 28 1939.
Tho W aggoner National Bank o f Vernon, Texas. Charter ex
tended until close o f business M a y 31 1939.
The Mechanics National Bank o f M illville, N ow Jersey. Charter
m extended until close o f business June 5 1939.
T he First National Bank o f R idgew ood, N ow Jersey. Charter
extended until close o f business Juno 2 1939.
C H A R T E R S R E -E X T E N D E D .
T he Black R iver National Bank o f Low villo, N ow Y ork. Char
ter re-extended until close o f business M a y 30 1939.
IN C R E A S E S O F C A P IT A L A P P R O V E D .
T ho W isconsin National Bank o f M ilwaukee, W isconsin.
Capital increased from $2,000,000 to $3,000,000.
Tho Brown National Bank o f Jackson, M innesota .
Capital increased from $40,000 to $55,900.
The American National Bank o f F indlay, O h io..................
m Capital increased from $100,000 to $150,000.
Tho Charlotto National Bank, Charlotte, N . O __________
__Capital increased from $250,000 to $375,000.
Tho C ity National Bank o f W ichita Falls, Texas_______
Capital Increased from $250,000 to $400,000.
T ho M cC artney National Bank o f Green Bay, W isconsin.
Capital increased from $200,000 to $375,000.
The Llano National Bank, Llano, T exas___________________
Capital increased from $25,000 to $50,000.
Tho Houston National Exchango Bank, H ouston, T exas.
Capital increased from $400,000 to $800,000.
The F’irst National Bank o f Brcckonridgo, T exas__________
Capital increased from $40,000 to $200,000.

A m o u n t.

-$1,000,000
-

15.000

-

50,000

-

125,900

-

160.000

-

175,000

-

$25,000

.

400,000

.

160,000

Total..........................................................................................$1,100,900
R E D U C T IO N S OF C A P IT A L A P P R O V E D .
T ho Farmers National Bank o f Big Sandy, M on tana..............
Capital reduced from $50,000 to $25,000.

25.000

C O N S O L ID A T IO N S .
T ho Fidelity National Bank and T rust C om pany o f Kansas C ity,
M issouri, and the National C ity Bank o f Kansas C ity,
Missouri, under charter o f the Fidelity National Bank and
Trust C om pany o f Kansas C ity, and under the title ’ ’F idelity
National Bank and Trust C om pany o f Kansas C ity ,” with
capital stock o f____________________
$2,000,000
Com bined capital o f banks prior to consolidation....... .......... .. 2,500,000

Amount of reduction____________________________________

Tho Oil C ity National Bank, Oil C ity, Pennsylvania, and tho
Lamberton National Bank o f Oil C ity , Pennsylvania, under
the charter and title o f tho Oil C ity National Bank, with
capital stock o f ............................................................
Combined capital o f banks prior to consolidation___________

Amount of increase__________________________

5O0.000

300,000
200,000

100,000

V O L U N T A R Y L IQ U ID A T IO N S .
T he First National Bank o f P olo, M is so u r i_______ __________ _
Liquidating agents, II. C . Zimmerman and Chas. Hickman,
P olo, M o . Succeeded b y tho P olo Trust C om pany.
Tho First National Bank o f Allen, N ebraska__________________
Liquidating agent, S. C . Stockoy, Allen. Succeeded b y tho
Farmers State Bank o f Allen.
T o ta l.............................................. ........ ..........................................

C a p ita l.

$30,000
25,000

$55,000

DIVIDENDS.

The folio-wing shows all the dividends announced for the
future by largo or important corporations:

Dividends announced this week are 'printed in italics.

Name of Company.
Railroads (Steam).
Atlantic Coast I.lno H it., common...
Atlantic Coast I.lno Co. (quar.)_____
Boston A Albany (quar.)----------------_____________________
Buffalo & Susquehanna, com. (quar.)___
Common (extra)__________________
Preferred_________________________
Canadian Pacific, com. (quar.) (No. 92)
t
...................................
—
t
.................................- t
___
tDelaware & Hudson Co. (quar.)______
Detroit & Mackinac, preferred________
Erie A Pittsburgh (quar.)........................
Fonda Johnstown & Glov., pref. (quar.)
Hocking Valley............................ - ..............
t
------------......... .......... .......... ........
........................ ........
------------------ ----------------Mobile & Birmingham, preferred______
....................
Norfolk A Western, common (q u a r.)...
—
Heading Company, 1st pref. (quar.) —
Heading Company, 2d pref. (q u a r.)...
Southern Pacific (quar.) (No. 51)------Union Pacific, common (quar.)_____
Street and Electric Railways.
American Railways, common.............
Arkansas Val. R y., L. & P ., pref. (quar.)

BostonALowell

Chesapeake A Ohio
ChicagoBurlington AQuincy (guar.)
Chicago&NorthWestern, com. (guar.)
Preferred (guar.)
Colorado A Southern, first preferred

Lehigh Valley, common (guar.)
Preferred (guar.)
ManhattanRy. (guar.)
MichiganCentral
NewYorkCentral RR. (guar.)
PhiladelphiaBaltimore A Washington

BrazilianTrac., LI. APow., pref. (guar.)
Cities Service, com. &pref. (monthly). .

Preferred (payable In common stock).
Cities Service, com. A pref. (monthly)..
Preferred (payable in common stock)

CitiesSendee, Bankers' shares (monthly).
Duluth-SuperiorTrac., pref. (guar.)..
El Paso Elec. Co., com. (qu.) (No. 3 2 ) ..
Frankford A Southwark, Phlla. (guar.)..
Illinois Traction, pref. (guar.).............
PortoRicoRys., Ltd., pref. (guar.)...
San Joaquin Light & Power, pref .(quar.)
SecondAThirdSts. Pass.. Phlla. (guar.).
Springfield(Mo.) Ry. AL., pref. (guar.)
Tri-CUyRy. ALight, pref. (guar.).........
Twin City R. T ., Mluneap., pref. (qu.)
Union Traction, Philadelphia----------UnitedLight ARys., com.(guar.)-----First preferred(guar.)........... ............
West EndStreet Ry., Boston, preferred...

Columbus (Ga.) Elec. Co., pref. (No.26)

West Penn Hallways, pref. (qu.) (No. 8)
Banks.

Cuba, Bankof, InNewYork_________
Commerce, Nat. Bankof (guar.).........
FifthAvenue (guar.)..............................
Special — ...........................................
Greenpolnt National (Brooklyn)____
Extra-------------------------------------------

IrvingNational (guar.)............. ............
Trust Companies.
Guaranty (guar.)____________________
Irving(guar.)................- .......... ..............
Scandinavian(guar.)............. .............. ..
United States...........................................

Per When
Cent. Payable.

Books Closed.
Days Inclusive.

July
Juno
June
July
June
June
June
June
Juno
June
July
July
Juno
Juno
July
Juno
Juno
Juno
July
July
July
July
July
Aug.
June
June
Juno
July
July
July

10
20
30
2
30
30
30
30
30
25
1
1
25
20
1
10
15
30
5
5
1
29
1
1
19
30
12
10
1
1

Holders of rcc. Juno 19a
Juno 1 to Juno 9
Holders of rcc. May 31a
♦Holders of rcc. May 31
June 20
to
Juno 30
June 20
to
June 30
June 20
to
Juno 30
Holders of rcc. May 30a
Holders of rcc.{June 13a
Holders of rcc. June 19a
Holders of rect-June 2a
Holders of rcc.{June 2a
June 15 to
June 25
Holders of rcc. May {28a
Holders of rec. June 15«
Holders of rec. May 31a
Holders of rec. Juno 10a
Holders of rec. Juno 13a
Holders of rec. June 14
Holders of rcc. June 14
Holders of rec. June 16a
Holders of roc. Juno 30a
Juno 1 to June 30
Holders of rcc. July 9
Holders of rec. May 31a
♦Holders of rec. Juno 14
Holders of rec. May 27a
Holders of rcc. June 24a
Holders of roc. May 31a
Holders of rec. June 2a

87 Kc Juno
IK Juno
♦IK July
K July
July
/I
K Aug.
Aug.
/1
42.8c July
July
3
July
1
2K Juno
S4.50 July
IK July
IK July
IK Juno
July
$3
IK July
IK July
IK July
♦SlloOa •July
July
*f
*1K July
$2
July
IK June

14
16
1
1
1
1
1
1
1
1
16
1
1
2
11
1
1
1
1
1
1
1
1
16

Holders of rcc. June
Holders of rec. May
♦Holders of rcc. Juno
Holders of rec. Juno
Holders of rcc. Juno
Holders of rec. July
Holders of rec. July
Holders of rec. June
Holders of rcc. Juno
Holders of rec. Juno
Holders of rec. Juno
Holders of rcc. May
Holders of rcc. Juno
Holders of rec. June
Holders of rec. May
Holders of rec. May
Holders of rec. June
Holders of rec. June
Holders of rec. Juus
♦Holders of rec. June
♦Holders of rcc. June
♦Holders of rec. June
June 22
to
July
Holders of reo. Jun*

10a
31
14
14a
14a
15a
15a
14a
18a
14
4a
31a
14
20
31
31a
14a
20
14a
9
14
14
1
2a

♦6
2K
12K
55
3
2
3

July
July
July
July
July
July
July

1
1
1
1
1
1
1

♦Holders
Holders
Holders
Holders
Juno 24
Juno 24
Holders

20
20a
30
30
1
1
16a

5
2
*2K
25

Juno 30 Holders of rec. June 19
July 1 Holders of rec. June 16a
Juno 30 ♦Holders of rcc. June 14
July 1 June 20
to
June 30

3K
SI.50
2K
*4
IK
K
2
2K
2
2
IK
2
2
2K
2K
87Kc
IK
2
87KC
•SI.25
IK
2
2
IK
IK
*31.50
50c.
50c.
IK
2K

of
of
of
of

rcc.
rcc.
rcc.
rcc.
to
to
of rec.

Juno
Juno
June
Juno
July
July
June

Miscellaneous.

AdvanceRumely, pref. (guar.)..................
Ajax Rubber, Inc. (quar.)......................
Allls-Chalmers Mfg., pref. (guar.).........
Pref. (accountaccumulateddlvs.)_____
American Bank Note, preferred (quar.)
Amer. Beet Sugar, pref. (quar.) (No. 80).
American Bosch Magneto (quar.).
American Can, preferred (quar.).

Amer. Car AFdy., com. (qu.) (No.
Preferred (guar.) (No.
AmericanCigar, pref. (guar.)

0 7 ) ..
81)......... ..
American Chicle, preferred (quar.)
-------American Express (quar.)----------American Fork & IIoo, common (quar.).
56).

Amer. Graphophone, com. (gu.) (No.
Preferred(guar.) (No. 8 4 ) ...............

Amer. Hide A Leather, preferred (quar.)
Amer. Internat. Corp., com. A pref.(qu.)
American Locomotive, common (quar.)
Preferred (quar.)...................................
American Public Service, pref. (quar.).
American Radiator, common (quar.)___
..................

AmericanSeuer Pipe (guar.)
Amer. SmellersSecurities, pref. A(gu.)
PreferredB(guar.)-------- ----------------Amer. Smelting A Reflnlng^om. (quar.)
Amer. Snuff, common (guar.)-----Preferred (guar.)---------------------Amer. SteelFoundries, newcom.(guar.)..
Amer. Sugar Refill., com. (qu.) (N o .Ill)
Common (extra)---------------- -----Preferred (quar.) (No. 110)----Amer. Sumatra Tobacco, pref. (No. 19).
American Telephone A Tcleg. (quar.)..

American Tobacco, pref. (guar.)..
AmericanWoolei, com. (guar.)...
Preferred (guar.)..........................
ArmourACo., pref. (guar.)--------AssociatedOil (guar.)....................

Atl. Gulf A W . I. SS. Lines, common___
Atlantic Refining (quar.)........................

AtlanticSugarRefineries, pref. (guar.)..

Atlas Powder, common (quar.)------------Autosales Corporation, pref. (quar.)____
........... .............. ..
Baldwin Locomotive Works, preferred.
Barrett Co., common (quar.)________
Preferred (quar.)___________________
Bcldiug Paul Corttcclll, pref. (quar.)..
Bethlehem Steel, common (quar.)_____
Common (extra).................... ...... ..........
Common B (quar.)_________________
Common B (extra)_________________
Non-cumulatlve preferred (quar.)___
Cumulative convertible pref. (quar.).
Booth Fisheries, preferred (quar.)
Borden'sCoud. MlU.pref. (qu.) (No.70)
Brltlsh-Amcrlcan Tobacco, ordinary____
Brooklyn Union Gas (quar.) (No. 7 3 ) ..
Brown Shoes, Inc., com. (quar.)______
Buckeye Pipe Line (quar.)............. .........
17)_____
Buffalo General Elec, (quar.) (No. 99)._
California Packing Corp., com. (quar.).
Preferred (quar.)............. ..........

AveryCo., pref. (guar.)

BucyrusCo., pref. (guar.) (No.




2305

THE CHRONICLE

June 7 1919.]

*1K July 1 ♦Holders of rec. June 16
$1.50 Juno 16 Holders of rec. May 31a
IK July 16 Holders of rec. June 30a
/iK July 15 Holders of rec. Juno 30a
75c. July 1 Holders of rcc. Juno 16a
IK July 1 Holders of rcc. June 14a
SI.50 Juno 30 Holders of rcc. Jun* 16a
IK July 1 Holders of rec. June 17a
2
July 1 Holders of rcc. June 13a
IK July 1 Holders of rec. June 13a
IK July 1 Holders of rcc. June 21a
IK July 1 Holders of rcc. June 14a
IK July 1 Holders of rec. May 31a
IK Juno 15 Holders of rec. June 5a
$2.74 w Juno 5 Holders of rcc. June 4
S2.74ir Juno 5 Holders of rec. June 4
IK July 1 Holders of rec. June 14a
$1.20 Juno 30 Holders of rec. June 16a
IK July 3 Holders of rec. Juno 18a
IK July 22 Holders of rcc. July 3a
IK July 1 Holders of rcc. Juno 14
3
Juno 30 Juno 22
to
June 30
K Juno 20 Holders of rcc. June 10
♦IK Juno 23 ♦Holders of rec. June 13a
*1K Juno 23 ♦Holdors of rec. June 13a
1
Juno 16 May 30
to
June 8
3
July 1 Holders of roc. June 14a
IK July 1 Holders of rcc. June 14a
♦75c. Juno 3C ♦Holders of rcc. Juno 19
IK July 2 Holders of rcc. Juno 2a
K July 2 Holders of rec. June 2a
IK July 2 Holders of rec. June 2a
3K Sept. 1 Holdors of rec. Aug. 15a
2
July 15 Holders of rcc. June 20a
IK July 1 Holders of rcc. June 14a
*1K July 15 ♦Holders of rec. Juno 16
♦IK July 15 ♦Holders of rc.c Juno 16
♦IK July 1 ♦Holders of rec. June 14
♦IK July 15 ♦Holders of rec. June 30
5
iAug. 1 Holders of reo. June 30a
5
June 16 Holdors of roc. May 24a
IK July 2 Holders of rec. June 12
3
Juno 10 Juno 1 to June 9
50c. Juno 3C Holders of rec. Juno 14a
♦IK July 1 ♦Holders of rec. June 21
3K July 1 Holders of rec. Juno 7a
2
July 1 Holders of rec. June 16a
IK July 15 Holders of ret'. June 30a
3K June 14 Holders of rcc. Juno 2
IK July 1 Holders of rec. June 16a
K July 1 Holders of rec. June 16a
IK July 1 Holders of rec. June 16a
K July 1 Holders of reo. June 16a
IK July 1 Holders of rec. June 16a
2
July 1 Holdors of rec. June 16a
*1K July 1 ♦Holders of rec. Juno 14
l >, June 11 Holders of reo. M »y 31e
0
Juno 3C Holders of Coup. No. 72j
IK July 1 Holders of rec. Juno 13a ,
IK Juno 1 Holders of rec. May 20
*2
Juno 14 Holders of reo. May 31
1
July 1 Holders of rec. June 20
2
June 3C Holders of rec. June 20a
Juno 1(1 Holders of rec. May 31a
$1
IK July 1 Holders of reo. June 16a

N a m e o f C om pany.

Per
Cent.

W hen
Payable.

Books Closed.
D ays In clu siv e.

M is c e lla n e o u s (C ontinued)
5 0 c. Jun o 23 H old ers o f rec. Jun e 6a
Calumet A A rizon a M in in g (guar.) ____
7 5 c. Jun e 14 H old ers o f re c . M a y 31a
C a m b ria S teel ( q u a r . ) . . ............... ................
2 5 c. June 14 H old ers o f rec. M a y 31a
E x tr a ___________________________________
C a n a d a E x p losiv es, co m m o n (e x t ra )___
1 2 K Ju ly 31 H old ers o f reo. Jun e 30a
1
Jun e 16 H old ers o f rec. J u n e 2
C a n a d a S team ship Lines c o m . ( q u a r . ) . .
P referred ( q u a r . ) ______________________
J u ly
2 H old ers o f rec. J u n e 16
IK
Canadian C rocker-W heeler , co m .A p f.(q u .) * 1 K Jun e 30 *
2
Canadian General Electric, com . (g u a r .)..
J u ly
1 H old ers o f re c . J u n e 14
C a rb on S teel, secon d pref. (a n n u a l)____
6
July 30 H olders o f re c . Ju ly 28
C a se ( J .I .) T h resh . M a c h ., p ref. (q u a r.)
J u ly
1 H old ers o f rec. J u n e 16a
IK
Central A guirre Sugar Cos. (g u a r.)______
1 ♦H olders o f rec. J u n e 24
* 2 K J u ly
C en tra l L ea th er, preferred ( q u a r .)_____
J u ly
1 H old ers o f re c . J u n e 10a
IK
Central States Elec. C orp., pref. (g u a r.)__
J u ly
1 H old ers o f r c c . J u n e 10
IK
3
J u n e 19 H old ers o f re c . M a y 3 1 a
C h eseb rou g h M a n u fa ctu rin g (q u a r .)___
5 0c. Jun e 19 H old ers o f rec. M a y 31a
E x tr a ___________________________________
Jun e 30 ♦H old ers o f re c . J u n e 28
C h ica g o T e le p h o n e ( q u a r . ) . . ...................... ♦2
to
Jun e 10
C h ild s C o m p a n y , c o m m o n (q u a r .)_____
K J u n e 10 M a y 30
Jun e 10 M a y 30
Preferred ( q u a r . ) ______________________
to
J u n e 10
IK
Jun e 30 J u n e 23
to
J u n e 30
C lev ela n d -A k ron B a g, co m m o n ( q u a r .).
IK
1 H o ld e rs o f re c . Jun e 20
Cluelt, Peabody A C o ., I n c ., p ref. (g u a r.).
I K J u ly
Jun e 16 H old ers o f rec. M a y 31
C o lo r a d o P o w e r, preferred (q u a r .)_____
IK
1 H old ers o f rec. J u n e 10a
C olu m b ia G r a p h o p ., c o m .(q u .) ( N o . 5 ) . $2.50 Ju ly
J u ly
1 H old ers o f rec. J u n o 10a
(r)
C o m m o n (p a y a b le In co m m o n s t o c k ).
J u ly
1 H old ers o f rec. Jun e 10a
P rcferreil (q u a r.) ( N o . 5 ) _____________
IK
1
J u ly 10 H old ers o f re c . J u n e 25a
C o m p u t.-T a b u la t .-R e c o rd ln g C o . ( q u . ) .
Jun e 2 H old ers o f re c . M a y 28a
Connecticut Power, p ref. (gu.) (N o . 2 5 ) . .
IK
Jun e 16 H old ers o f rec. M a y 9a
C on solid a ted G as ( N . Y . ) (q u a r .) _______
IK
2
J u ly
1 H old ors o f re c . J u n e 14a
C o n s o l'd G a s, E l. L . A P . (B a lt.) (q u a r.)
J u ly
1 H old ers o f re c . J u n e 20a
Continental C an, com m on (g u a r.)________
IK
J u ly
1 H o ld e rs o f rec. Jun e 20a
P referred (g u a r.)_____________________
IK
5 0 c. Jun e 16 H old ers o f rec. M a y 21a
C o p p e r R a n g e C o . ( q u a r .)...........................
76o. June 16 M a y 23
to
Jun e 16
C rescen t P ip e Line ( q u a r .)______________
10c. Jun e 10 H o ld e rs o f rec. M a y 31
Cresson C o n s . G o ld . M . A M . (m th ly .)
3
Jun e 14 H old ers o f re c . M a y 29a
C rex C a r p e t............... ..................................... ..
Jun e 30 H old ers o f re c . J u n e 16
C ru cib le S teel, p re f. (q u a r.) (N o . 6 7 ) ___
IK
1 ♦H olders o f rec. J u n e 16
Cuba Cane Sugar C orp ., p ref. (g u a r.)____ ♦ IK J u ly
1 H old ers o f re c . J u n e 16a
2 K J u ly
C u b a n -A m erlca n Sug ar, c o m m o n (q u a r.)
J u ly
1 H old ers o f re c . J u n e 16a
P referred (q u a r .)______________________
IK
5 H old ers o f re3- J u n e 21
Cudahy P acking, com m on (g u a r.)________
I K J u ly
June 16 H o ld e rs o f rec. M a y 31a
2
D ia m on d M a tc h (q u a r .)_________________
J u ly 15 H o ld e rs o f rec. Jun e 30
D icto g ra p h P rod u cts C o r p ., p ref. ( N o . l ) $2
1
J u ly
1 H old ers o f re c . J u n e 14
D om in ion Glass, L td., com . (g u a r.)______
1 H old ers o f rec. J u n e 14
Preferred ( g u a r . ) . . .............................. ......................
I K J u ly
l
June 15 J u n e 1
to
J u n e 15
D om in ion Power A T ran sm ., com . (g u .).
to
J u n e 30
Preferred _________
3 K J u ly 15 J u n e 16
Ju ly
1 H old ers o f re c . J u n e 14
D o m in io n Iron A S teel, L t d ., p re f. (q u .)
IK
J u ly
1 H old ers o f rec. J u n e 5
D om in io n Steel C o r p .,c o n .(q u .) (N o . 21)
IK
J u ly
2 H old ers o f rec. J u n e 14
2
D om in io n T e x tile , L t d ., c o m . ( q u a r . ) . .
J u ly 15 H old ers o f rec. J u n e 30
Preferred (q u a r .)______________________
IK
d u P o n t ( E .I .) d e N e m . A C o ., c o m . (q u .)
4 K Jun o 14 H old ers o f rec. M a y 31a
Ju ly 25 H old ers o f r c c . J u ly 10a
D eb en tu ro sto ck (q u a r .)...........................
IK
d u P o n t (E .I .)d e N e m . P o w ., c o m . (quar.) * 1 K A u g . 1 ♦H olders o f rec. J u ly 19
Preferred ( q u a r . ) ______________________ * 1 K A u g . 1 ♦H olders o f rec. J u ly 19
1
E a stern S teel, c o m m o n (q u a r .)_________
2 K J u ly 16 H old ers o f roc. J u ly
2
Jun e 16 H o ld e rs o f re c . J a n .
F irst a n d secon d preferred (q u a r .)___
IK
1 H old ers o f re c . M a y 31a
E a stm an K o d a k , c o m m o n ( q u a r .)_____
2 K Ju ly
1 H old ers o f re c . M a y 31a
C o m m o n (e x t ra )_______________________
7 K J u ly
P referred ( q u a r . ) . . .....................................
J u ly
1 H old ers o f rec. M a y 31a
IK
5 0c. J u ly
E d m u n d s A Jon es C o r p ., c o m m o n _____
1 H old ers o f rec. Jun e 20
1
Electric Storage Battery, com . A pref. (gu.)
J u ly
1 H old ers o f re c . J u n e 16a
7 5c. June 11 H old ers o f rec. J u n e 2a
Elk H orn C o a l C o r p ., c o m . A p r e f.(q u .)
E q u ita b le Iliu m . G as L ig h t, P h lla ., p r e f. ♦3
Jun e 16 ♦H olders o f rec. Jun e 7
1
June 14 H old ers o f re c . M a y 24a
F ed eral M in in g A S m e lt., p ref. (q u a r .).
G a len a-S ign al OH, old A new p ref. (q u .)
2
June 30 H old ers o f rec. M a y 31a
G eneral C h em ica l, preferred ( q u a r .)____
J u ly
1 H o ld e rs o f re c . Jun e 18a
IK
G eneral E lectric ( q u a r .)_________________
2
J u ly 15 H old ers o f re c . J u n e 7a
J u ly 15 H old ers o f rec. J u n e 7a
E x tra (p a y a b le In s t o c k )_____ _________ e l
G eneral R y . Signal, c o m . (q u .) (N o . 24)
J u ly
1 H old ers o f rec. J u n e 20
IK
J u ly
1 H old ers o f re c . J u n e 20
P referred (q u a r.) (N o . 6 0 ) ____________
IK
1 ♦H olders o f rec. J u n e 20
General T ire A Rubber, pref. (g u a r.)_____ ♦ I K J u ly
G lo b e O il ( q u a r .)________________________
4 K c . Jun e 10 H old ers o f rec. M a y 25
Preferred (q u a r .)______________________
July
1 H olders o f re c . J u n e 20a
IK
G lo b e R u b b e r T ir e M fg ., c o m . ( q u a r . ) . .
Juno 15 H old ers o f reo. M a y 31
IK
G lo b e S oa p , c o m ., 1st, 2d A special p r e f.
to
J u n e 16
( q u a r . ) ..............................................................
I K Jun e 16 J u n e 1
1 • H olders o f re c . Jun e 30
G o ld A S tock T eleg ra p h ( q u a r .)_________
• I K J u ly
1 ♦H olders o f re c . J u n e 30a
Gold A Slock Telegraph (g u a r.)___________ * 1 K J u ly
Ju ly
1 H old ers o f re c . J u n e 20a
G o o d r ic h (B . F .) C o . , preferred ( q u a r .).
IK
Jun e 30 H old ers o f re c . J u n e 15a
Grasselll Chem ical, com . (g u a r.)_________
IK
Common (extra )______________________
K Juno 30 H old ers o f re c . J u n e 15a
Jun e 30 H old ers o f re c . J u n e 15a
Preferred (g u a r.)_____________________
IK
to
J u n e 30
Great iMkes Tow ing, com m on (g u a r.)_____
I K Jun e 30 Jun e 16
to
J u ly
1
J u ly
1 Jun e 15
Preferred (g u a r.)_____________________
IK
2 H old ers o f rec. J u n e 14a
G rea t W estern Sug ar, co m m o n ( q u a r .).
I K J u ly
10
J u ly
2 H old ers o f rec. Jun e 14a
C om m on (e x tra )_______________________
2 H old ers o f rec. Jun e 14a
Preferred (q u a r .)-------- ------------------------I K Ju ly
J u ly
1 H old ers o f re c . J u n e 16a
G ulf States Steel, 1st pref. (g u a r.)..........................
IK
J u ly
1 H old ers o f re c . J u n e 16a
Second preferred (g u a r.)...........................................
IK
J u ly 19 H old ers o f rec. J u ly
9a
H a rblson -W alker R e fr a c t., pref. (q u a r.)
IK
Jun o 30 H old ers o f re c . J u n e 20a
H a r t, S chaffner A M a rx , I n c ., p ref. (q u .)
IK
J u ly
1 H old ers o f re c . J u n e 16a
SI
H askell A B arker C a r (q u a r .)......................
1 H old ers o f rec. J u n e 13a
H elm e (George W . ) C o ., com m on ( g u a r .)..
2 K J u ly
1 H o ld e rs o f re c . Jun e 13a
Preferred (g u a r.).................................................................
I K J u ly
2
June 25 Jun e 15
to
J u n e 25
H ercules Powder, com m on (g u a r.)_______
2
Jun e 25 Jun e 15
to
J u n e 25
Common (extra )______________________
1
Ju ly 15 H old ers o f rec. J u n e 30
H lllcrest C ollieries, c o m m o n ( q u a r .)____
J u ly 15 H old ers of r^c. J u n o 30
P referred ( q u a r .)______________________
IK
H u p p M otor Car, p ref. (g u a r.)................................. * 1 K J u n e 30 •H olders o f rec. Jun e 25
to
J u n e 22
Illinois P ipe L in e ------------------------------------8
Jun e 30 Jun e 1
to
Jun e 15
5 0c. June 14 M a y 31
In d ep . B rew in g, P it t s b ., c o m . ( q u a r . ) . .
3
Jun e 16 H old ers o f re c . J u n e 2a
Indian R efin in g , c om m on (q u a r .)_______
Jun e 16 H old ers o f re c . J u n e 2a
Preferred ( q u a r . ) ______________________
IK
1 H old ers o f rec. J u n e 14
International Salt (g u a r.)_______________
I K J u ly
1 H old ers o f rec. J u n e ‘2 0a
Jew el T e a , preferred ( q u a r . ) ............... .......
I K J u ly
1 H old ers o f re c . J u n e 16
K elly-S p rh ofleld T ire, p ref. (g u a r.)_____
I K J u ly
2 5 c. June 30 H old ers o f rec. J u n e 6a
K e n n c c o tt C op p er C orp ora tion ( q u a r . ) . .
2 5 c. Jun e 30 H old ers o f rec. J u n e 6a
C a p ita l d istrib u tion ................. ..................
25o. June 16 H old ers o f re c . J u n e 2a
K err Lake M in es, L td . (q u a r.) ( N o . 7 ) .
1
A u g . 1 H old ers o f rec. J u ly 19a
K ress (S . I I .) C o ., c o m m o n ( q u a r .)____
J u ly
1 H old ers o f rec. J u n e 20a
P referred ( q u a r .)........................................
IK
Jun e 30 H old ers o f re c . Jun e 16a
1
La B elle Iron W ork s, co m m o n ( q u a r . ) . .
1
Jun e 30 H old ers o f rec. J u n e 16a
C o m m o n (e x tra )________ _______________
2
J u n e 30 H old ers o f re c . Jun e 16a
Preferred ( q u a r . ) ........................................
June 30 H old ers o f re c . J u n e 10a
L a ck aw an na S teel, co m m o n (q u a r .)____
IK
L a clede Gits L ig h t, p referred ____________
2 K J u n e 16 H o ld e rs o f re c . Jun e 2a
J u ly
1 H old ers o f rec. M a y 27
$2
Leh igh V a lley C o a l Sales ( q u a r .)_______
S pecial (p a y a b le In L. L. 4 K % b on d s) $2 .50 Jun e 16 H old ers o f re c . M a y 27
50c. J u ly 15 H old ers o f re c . J u n e 21
L ib b y , M c N e il A L ib b y ...................... .........
1 ♦H old ers o f r e c . J u n e 20
L ib ra ry Bu reau, co m m o n (q u a r .)_______ ♦ I K J u ly
J u ly
1 ♦H old ers o f re c . Jun e 20
P referred ( q u a r . ) .......... ............. ................ •2
J u ly
1 H o ld e rs o f re c . Jun e 16
L ig g ett A M y ers, T o b a c c o , p ref. (q u a r.)
IK
June 30 H old ers o f re c . M a y 31a
5
Lindsay L igh t, c om m on ( q u a r .)________
June 30 H old ers o f rec. M a y 31a
Preferred (q u a r .)............ ........... ................
IK
3
J u ly
1
J u ly
1 H old ers o f re c . J u n e 14
Preferred (g u a r.)_____________________
IK
J u ly
1 H old ers o f reo. J u n e 7 a
M a ck a y C om p a n ies, c o m . (q u .) ( N o . 56)
IK
1
J u ly
1 H old ers o f re c . J u n e 7a
P referred (q u a r.) (N o . 6 2 ) . ............... ..
1
J u ly
1 H o ld e rs o f re c . J u n e 20
M anhattan Electrical Supply, com . ( g u . ) . .
J u ly
1 H old ers o f r c c . J u n e 20
F irst and second pref. (g u a r.)......................... ...
IK
3
J u ly IS H old ers o f re c . J u ly
3
M a p le L ea f M illin g , c o m m o n ( q u a r . ) . .
3
Preferred ( q u a r . ) ........................ ................
I K J u ly 18 H old ers o f rec. J u ly
to Jun e 14
l Jun* 1
2 5 c. July
M arcon i W ireless Teleg. o f A m erica
June 17 ♦H olders o f re c . J u n e 10
M a rlln -R o ck w e ll C orp ora tion (m on th ly ) ‘ SI
J u ly 15 H old ers o f re c . Jun e 10
M a son T ire A Rubber, com . (special) ____ 10
M a y D epartm en t S tores, c o m . ( q u a r . ) . .
I K S e p t. 1 H old ers o f rec. A u g . 15a
M a y D epartm ent Stores, p ref. (g u a r.)____ * 1 K J u ly
1 ♦H olders o f r e c .1J u n e 14
M erg cn th a lcr L in oty p e (q u a r .) ( N o . 94)
2 K June 30 H old ers o f rec. J u n e 4a
J u ly 1C H old ers o f re c .fJ u n e 14
M exica n Petroleum , com m on (g u a r.)_____ ? 2
J u ly
1 H olders o f re c . J u n e 14
Preferred (g u a r.)_____________________
2
Jun e 1 H old ers o f re c . M a y 15a
M ichigan Sugar, com m on (g u a r.)_______
2
Common (sp ecia l)______________________
K Jun e 1 H old ers o f re c . M a y 15a
Jun e 15 H old ers o f rec. M a y 31a
Preferred (g u a r.)........................ ............................
IK

2306
Name of Company.

THE CHRONICLE
Per
Waen
Cent. Payable

Books Closed.
Days Inclusive.

Miscellaneous (Concluded)
Midland Securities (quar.)____________ *$2.5C June 3C ♦Holders of rec. Juno 10
Montana Power, com. (quar.) (No. 27)
IX July : Holders of rec. Juno 14a
Preferred (quar.) (No. 27)............ t . .
IX July : Holders of rec. June 14a
Montreal Cottons, Ltd., com. (quar.)..
1
Juno L Holders of rcc. May 31a
Preferred (quar.).................. ...............
IX June 1- Holders of rec. May 31a
Mount Vernon-Woodbury Cot. Mills, pref.
3 X July 11 Holders of rcc. July 1
Muskogee Gas A Electric, pref. (quar.).
ix June If Holders of rec. May 31
National Aniline & Chcm., pref. (quar.)
IX July : Holders of rcc. June 10a
National Biscuit, com. (quar.) (No. 84)
IX July 15 Holders of rec. June 30a
National Breweries (Canada) (quar.)____
IX July 2 Holders of rcc. June 10
National Grocer, common (quar.)____
2
Juno 3( Holders of rec. June 19
Preferred_______________ _____ _____
3
June 3( Holders of rec. Juno 19
National Lead, common (quar.)_______
IX Juno 3( Holders of rcc. June 13a
•National Lead, preferred (quar.)______
IX June It Holders of rec. May 23a
National Oil, pref. (quar.)_____________ *20c. July 15 ♦Holders of rec. July 1
National Sugar (quar.)____ __________
IX July 2 Holders of rec. Juno 9
National Surety (quar.)______________
3
July 1 Holders of rec. Juno 20a
National Transit (q u a r.)_____________
50c June 16 Holders of rcc. May 31a
Extra............................ ......... ......... .....
50c Juno 16 Holders of rec. May 31a
New York Air Brake (quar.) (No. G6)._
2X June 20 Holders of rec. June 3a
Now York Dock, preferred____________
2X July 15 Holders of rec. June 5
New York Shipbuilding Corp. (quar.).. *31 July 15 ♦Holders of rcc. July 1
New York Transit (quar.)______________
4
July 15 Holders of rcc. June 21
Nlles-Bement-Pond. com. (qu.) (No. 68)
2
June 2C Holders of rec. June 2a
NIpissIng Mines (quar.)...... ..................... *25o. July 21 ♦Holders of rcc. June 30
E xtra_____________________________ * 25c. July 21 ♦Holders of rec. June 30
North American Co. (quar.)__________
I X July 1 Holders of rec. June 16a
Northern Pipe Line__________________ *5
July 1 ♦Holders of rec. June 11
Ohio Cities Gas, pref. (quar.)___________
IX July 1 Holders of rcc. June 14
Ohio Oil (quar.)___ _______ __________ $1.25 June 3C Juno 1 to June 24
E xtra..................................... ......... ..... $4.75 Juno 3C June 1 to June 24
Oklahoma Gas A Electric, pref. (quar.).
IX Juno 16 Holders of rcc. May 31
Oklahoma Produc. & Rcfg., com. (qu.) l ’2 Hc July 2 Holders of rec. June 14a
Owens Bottle-Machine, com. (quar.)__ * 75c. July 1 ♦Holders of rcc. June 21
Preferred (quar.)__________________ *1)1 July 1 ♦Holders of rcc. Juno 21
Pabst Brewing, preferred (quar.)______
IX Juno 11 June 6 to June 15
Pacific Mall Steamship, com. (quar.)..
50c. June 16 Holders of rec. June 2a
Common (extra)___________________ $1
Juno 16 Holders of rec. June 2a
Packard Motor Car, preferred (quar.)..
IX June If Holders of rec. May 31a
Pan-Amer. Petrol. <fc Trans., com. (quar.) * $ l « z July If ♦Holders of rec. June 14
Preferred (quar.)................................... *zlX July 1 ♦Holders of rec. June 14
Penmans, Limited, common (quar.)______
IX Aug. 15 Holders of rec. Aug. 5
Preferred (quar.)............ ..... .................
I X Aug. 1 Holders of rec. July 21
Penna. Rubber, com. (qu.) (No. 11)__
I X Juno 3C Holders of rec. Juno 15
Preferred (quar.) (No. 11)__________
IX Juno 3C Holders of rec. Juno 15
Pennsylvania Water & Power (quar.)__
IX July 1 Holders of rec. Juno 19
Pettlbone, Mulllkcn Co., lstA2d pf.(qu.)
IX July l Holders of rec. June 19a
Philadelphia Electric (quar.)__________ 42.75c Juno 1-1 Holders of rec. May 22a
Pierce-Arrow Motor Car, pref. (quar.)..
2
July 1 Holders of rec. Juno 16a
Pittsburgh Brewing, common (quar.)..
50c. Juno U Holders of rec. May 31a
Price Bros, (quar.)____________________
2
July 1 June 16 to June 30
Quaker Oats, common (quar.)___________ *3
July 15 ♦Holders of rcc. July 1
Preferred (quar.).... .............................. *IX Aug. 3C ♦Holders of rec. Aug. 1
Quincy Mining (quar.)________________
SI June 3C Holders of rcc. June 7a
Railway Steel-Spring, common (quar.)..
2
June 3C Holders of rec. June 17a
Preferred (quar.)__________________
IX June 2C Holders of rcc. June 7a
Realty Associates (No. 33)____________
3
July 15 Holders of rec. July 5
Reo Motor Car (quar.)_________________ *2 X July 1 *
Republic Iron A Steel,com.(qu.)(No. 11)
I X Aug. 1 Holders of rec. July 16a
Preferred (quar.) (No. 63)........ .........
IX July 1 Holders of rec. June 16a
Reynolds (R. J.) Tobacco, com. (quar.)__
3
July l Holders of rcc. June 20
Common, Class B (quar.)____________
3
July 1 Holders of rcc. June 20
Preferred (quar.).._____ ___________
IX July 1 Holders of rec. June 20
Rlordon Pulp A Paper, Ltd., pref. (qu.).
IX Juno 30 Holders of rec. June 20
St. Joseph Lead (quar.)______________ 25c. June 20 Juno 10 to June 20
Savage Arms Corp., common (quar.)__
I X Juno 15 Holders of rec. May 31a
First preferred (quar.)_____________
IX June 15 Holders of rcc. May 31a
Second preferred (quar.)___________
I X Juno 15 Holders of rec. May 31a
Soars, Roebuck A Co., pref. (quar.)___
IX July 1 Holders of rcc. June 14a
Shattuck Artz. Cop. (capital dlstrlb'n).
25c. July 19 Holders of rec. June 30a
Sherwin-Williams Co. of Can., pf. (qu.)
IX June 30 Holders of rec. June 15
Shredded Wheal, common (quar.)________ *2
July 1 ♦Holders of rec. June 20
Preferred (quar.)................................... *IX July 1 ♦Holders of rcc. June 20
Solar Refilling________________________
5
June 20 June 1 to June 20
Extra................................................ .
5
June 20 June 1 to June 20
South Penn OH (quar.)................ ........... *5
June 30 ♦Holders of rec. June 12
South Porto Rico Sugar, com. (quar.)..
5
July 1 Holders of rec. June 16a
Preferred (quar.)__________________
2
July 1 Holders of rec. June 16a
South West Pa. Pipe Lines (quar.)____
July 1 Holders of rcc. June 16
3
Standard Gas A Electric, pref. (quar.)..
2
Juno 14 Holders of rcc. May 31
Standard OH (Calif.) (quar.) (No. 4 2 )..
2X Juno 16 Holders of reo. May 15
Standard OH (Indiana) (quar.)________
3
Juno 14 May 8 to June 14
Extra_____________________________
3
Juno 14 May 8 to June 14
Standard Oil (Kansas) (quar.)________
3
June 14 Holders of rec. May 31a
Extra_____________________________
3
Juno 14 Holders of rec. May 31a
Standard Oil (Kentucky) (quar.).......... *3
July 1 ♦June 15 to July 1
Standard Oil (Nebraska)______________ 10
June 20 May 21 to June 20
Standard Oil of N. J. (quar.)__________
5
Juno 16 Holders of rec. May 19a
Standard Oil of N. Y. (quar.)................
4
June 16 May 20 to May 28
Standard Oil (Ohio) (quar.)___________
3
July 1 May 30 to June 18
E xtra___ ______ ____________ ______
1
July | 1 May 30 to June 18
Standard Textile Products, com. (quar.)
1
July 1 Holders of rcc. June 15
Common (extra)...................................
X July 1 Holders of rec. June 15
Preferred Class A and B (No. 20)___
IX July 1 Holders of rec. June 15
Stromberg Carburetor, Inc. (quar.)___ $1
July 1 Holders of rcc. June 16a
Slutz Motor Car, Inc. (quar.)___________ $1.25 July 1 Holders of rcc. June 23
Submarine Signal___________________ _ 50c. June 30 Holders of rec. May 22
Swift International (Companla Swift In
ternational) ________________________ $1.20 June 20 Holders of rcc. May 31a
Swift A Co. (quar.) (No. 34)__________
2
July 1 Holders of rcc. May 31
Texas Company (quar.)................ .........
2X June 30 Holders of rcc. June 10a
Texas Pacific Coal A Oil (quar.)________
IX June 30 Holders of rcc. Juno 19a
Special______________________ _____
7X June 30 Holders of rec. June 19a
Tobacco Prod. Corp., pf. (qu.) (No. 26)
IX July 1 Holders of rcc. Juno 16
Todd Shipyards Corp. (quar.) (No. 12). $1.75 June 20 Holders of rec. June 6
Tonopah-Belmont Development (quar.) 10c. July 1 June 15 to June 20
Tonopah Extension Mining (quar.)___
5c • July I June 11 to June 20
Extra_____________________________
Be. Inly 1 June 11 to Juno 20
Tooke Bros., Ltd., pref. (qu.) (No. 2 8)..
I X June 14 Holders of rec. May 31
Underwood Typewriter, com. (quar.)..
2
July 1 Holders of rec. June 5a
Common (pay. In U. 8. Victory Notes) p5
July 1 Holders of rec. June 5a
Preferred (quar.)__________________
IX July 1 Holders of rec. June 5a
Union Bag * Paper (quar.)___________
IX luno 16 Holders of rec. June 6a
Union Carbide A Carbon (quar.)______ ♦$1.25 July 1 ♦Holders of rec. June 10a
Union Tank Line (quar.)_____________
IX Fune 25 Holders of rec. June 5
United Cigar Stores, pref. (qu.) (No. 27)
IX June 15 Holders of rcc. Muy 29a
United Drug, common (qu.) (No. 1 1 )...
IX July 1 Holders of rec. June lfia
United Dycwood Corp., common (quar.)
IX Fuly 1 Holders of rec. June 14a
United Dyewood, pref. (qu.) (No. 11)___
IX July 1 Holders of rec. June 14a
United Paperboard, Inc., pref. (quar.).. *1X July 15 ♦Holders of rcc. July 1
U. S. Gypsum, preferred (quar.)______
IX June 30 Juned21 to June 30
U. 8. Industrial Alcohol, com. (quar.)..
4
Funo 16 Holders of rec. Juno 2a
U. 8. Steel Corp., com. (quar.)________
IX June 28 May 30 to June 2
Virginia Iron, Coal A Coke......................
3
July 25 June 26 to July 25
Wabasso Cotton, Ltd. (quar.) (No. 6 )..
I X Fuly 2 Holders of rec. June 13
Wayland Oil A Gas, common_________ 10c. Funo 11 Holders of rec. June 2
Western Canada Flour Mills (quar.)____
2
Fune 10 June 6 to June 16
Western Grocer, common_____________
4
lun* 30 Holders of rec. June 20
Preferred ...............................................
3
Fune SO Holders of rse June 20
West'h’se.Church.Kerr A Co.,com. (qu.)
IX Funo 10 Holders of rcc. May 31
Preferred (quar.)........ .........................
IX Funo 10 Holders of roc. May 31
Weetlnghouse Elec. A Mfg., com.(quar.) $1
Fuly 31 Holders of rec. June 30
Preferred (quar.)........................ ......... $1
July 15 Holders of rcc. June 30
Weyman-Brulon Co., common (quar.)___
ruly 1 Holders of rcc. June 16
2X
Preferred (quar.)...................................
IX Fuly 1 Holders of rec. June 16
White Motor (quar.)_________________ $1
Juno 30 Holders of rec. Juno 14a
Willys-Oterland Co., pref. (quar.)______
*IX Fuly 1 ♦Holders of rec. June 30
Wolverine Copper Mining (quar.)........
50c. Fuly 1 Holders of rec. June 14a
Woolworth (F. W.) C o., pref. (quar.)..
IX July 1 Holders of rec. Juno 10a
Worthington Pump A Mach., pf. A (qu.)
IX Fuly 1 Holders of rcc. June 20a
Preferred B (quar.)________________
IX Fuly 1 Holders of rec. June 20a
Yale A Towne Mfg. (quar.) (No. 102)__
2 X July 1 Holders of rcc. June 20




[V ol . 108

• From unofficial sources, t Declarod subject to the approval of Director-General
of Railroads. I The New York Stock Excliange has ruled that stock will not be
quoted ex-divldend on this date and not until further notlco.
a Transfer books not closed for this dividend, b Lees British Income tax. d Cor
rection. e Payable in stock. / Payablo In common stock. (/Payable In scrip.
* On nccount of accumulated dividends, i Payablo In Liberty loan bonds. 1 Rod
Cross dividend, m Payable In U. 8. Liberty Loan 4 X % bonds, n Transfor books
closed for annual meeting from May 3 to May 22, both Inclusive, p Payable In
U. S. Government Victory Notes.
r One-twentieth of a share In common stock, s All transfers received In order In
Iondon on or before June 4 will be In time to bo passed tor payment of dividend to
transferees, t Also declared $1 20, payablo Dec. 20 to holders of rec. Nov. 8.
u Less 2 X cents for counsel fees In connection with income tax suits, v Payable on
presentation of Coupon No. 3. ic Also one-hundredth of a share of the Columbia
Graphophone Mfg. com. stock, x Payable one-half in cash and one-half In Fourth
Liberty Loan bonds.

Statement of New York City Clearing House Banks
and Trust Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending May 31. The figures for the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
(Stated In thousands of dollars— that is, three ciphers [,0001 omitted.)
CLEARING
HOUSE
MEMBERS.
(.000 om itted.)
Week ending
May 31 1919.

N et
L oans,
Capital Profits D iscount
Invest
Nat'l, May 12 m ents,

State, Feb. 21
Tr.Cos.Feb. 21

Members o f

etc.

Reserve
Cash
with
N et
in
Legal
D em and
Vault. D ep o si D ep o sits.
tories .

Average. Averag Average

Fed. Res. Bank

Bk of N Y, NBA
Manhattan Co.
Merchants’ Nat
Mech A Metals
Bk of America.
National C ity ..
Chemical N a t..
Atlantic Nat__
Nat Butch A Dr
Amer Exch Nai
N Bk of Comm.
Pacific Bank__
Chath A Phen.
Hanover N a t..
Citizens' N a t..
Metropolitan .
Corn Exchange
Imp A Trad N .
National Park.
East River Nat
Second Nat___
First National.
Irving Nations
N Y County N .
Continental__
Chase National
Fifth Avenuo..
Comm’l E xch..
Commonwealth
Lincoln Nat__
Garfield N a t...
Fifth NationalSeaboard N at..
Liberty Nat__
Coal A Iron Nat
Union Exch Nat
Brooklyn Tr Co
Bankers Tr Co.
U 8 Mtge A T r.
Guaranty Tr Co
Fidelity Tr C o.
Columbia Tr Co
Peoples Tr Co.
New York TrCo
Franklin Tr Co.
Lincoln Tr Co.
Metropolitan . .
Nassau N. Bkln
Irving Trust Co
Farmers L A Tr
Columbia____

$
2,00(
2 ,50(
2,000
6,000
1,500
25,000
3,000
1.000
3CK
5,000
25,000
500
3,500
3,000
2,550
2,00(
4,200
1,500
5,000
1,000
1,000
10,000
4,500
1,000
1,000
10,000
200
200
400
1,000
1,000
250
1,000
3,000
1,500
1,000
1,500
15,000
2,000
25,000
1,000
6,000
h i, 200
3,000
1,000
1,000
2,000
1,000
£2,250
5,000
1,000

t
5,732
7,21(
2,997
11,815
6,780
52,572
9,793
96>
100
5,915
26,051
1,134
3,062
17,662
3,289
2,404
8,290
8,311
19,919
641
4,149
32,347
6,368
440
642
18,363
2,301
868
762
2,070
1,377
395
3,891
4,774
1,420
1,327
2,280
17,361
4,551
28,525
1,284
6,904
111 ,612
10,677
1,305
663
4,402
1,228
£1.197
12,006
672

Average

$
$
$
52,16-1
523 5,284
35,599
58,917 1,542 9,90)
58,245
33,046
549 3,215
23,578
160,354 10,079 21,765
158,472
31,369 1,088 3,502
25,208
568,640 13,917, 95,064 *682,158
81,302 1,402 8,002
03,117
17,092
502 2,031
15,371
3,832
129
61-1
3,811
109,50f
1,713 12,085
90,193
377,588 2,557 38,345
281,33-1
17.77C 1,11!
2.77C
17,000
114,401 5,678 12,901
92,900
126,5G( 5,58: 10,983
124,858
38,835 1,022 5,250
37,190
52,651
2,28!
3,077
26,269
134,511 5,412 17,951
133,938
38,195
711 3,215
24,734
214,117 1,05- 21,398
105,050
8,45(
32:
1,285
8,873
21,08.'
832 2,403
10,993
300,597 1,20; 20,445
148,05-1
122,622 3,08( 17,033
123,175
12,797
Old 1,660
12,154
7,526
151 1,145
6,365
334,634 7,165 38,700
296,703
22,109 1,281 2,607
18,507
7,900
267 1,014
7,375
8,999
338
889
8,541
10,593 1,085 2.044
15,578
14,811
321
1,955
13,259
8,055
305
949
7,805
53,727 1,05C 6,794
49,452
41E 8,373
81,472
61,545
23,098
766 1,777
13,113
17,217
078 2,420
18,049
39,913
784 4,202
20,825
276,286 1,038 31,924
251,329
07,842
703 6,907
52,979
500,337 3,212 53,497 *460,601
12,996
322 1,452
9,861
87,041 1,001 10,490
74,595
30,850 1,0 IE 2,707
27,275
105,550
46(1 8,036
07,921
25,350
490 2,295
17,075
22,909
445 2,734
10,504
40,960
777 4,438
34,573
17,069
359 1,077
10,675
53,957 2,408 0,774
54,443
129,211 4,194 14,708 *151,896
10,484
615 2,315
15,480

N a t'l
T im e
Bank
D e
Circu
posits. lotion

Average A v g t

$
1,860

$
774

2,734 1,831
1,771 3,773
18,750 1,436
0,186
437
553
145
296
4,917 4,948
4,846
50
9,498 2,892
150
244
986
10
3,220
2,974 4,885
186
60
643
1,552 8,261
1,412 1,438
693
198
10,417 1,700

50
210
31
396
382
245
140
70
2,003 1,990
417
412
394
395
5,895
10,080
3,219
26,848
472
0,429
1,730
2,710
2,017
1,039
1,148
589
50
1,096
9,890
431

Average______ 200,550 370,841 1,731,982 95,847 551.057 c3,978,774 148,948 38,662
co edition May 31 4,743,354 91,272 515,535 3,992,673 147,672 18,708
co ndltlon May 24 4,715,712 97,142 572,538 3,902,803 148,927 38,704
co edition May 17 4,847,345 97,657 570,929 3,979,933 143.839 38,818
oo ndltlon May 10 4,865,565 99,387 550,481 3,982,093 154,439 38,914

Totals,actual
Totals.actual
Totals.actual
Totals .actual

S t«t« Bank*. Vol Me nbers 6 f Federal Reserve Hank
500 1,559
17,290 2,370 1,250
Greenwich___
812
250
Bowery............
5,099
075
322
N Y Prod Exch 1,000 1,242
24.004 2,436 2,293
607
2,000
State Bank___
49,367 4,995 3,025
3,760 4,221
Average______
97,026 10,470 7,490

17,114
5,772
25,900
47,343

38
loo

95,795

144

97,648
03,849
95,769
96,755

144
144
143
142

Tru*t Cim paa e*. JV a M em bsrs of Ft U ral Re serve Bank.
Title Guar A Tr 5,000 12,033
43,073
036 3,194
27,449
Lawyers T A Tr 4,000 6,264
24,952
802 1,727,
10,340]

707
410

Totals,actual co ndltlon
Totals.actual co ndltlon
Totals .actual oo ndltlon
Totals .actual oo udltlon

Average............
Totals.actual
Totals.actual
Totals.actual
Totals.actual

co
oo
co
oo

May
May
May
May

31
24
17
10

9,000 17,297
ndltlon
ndltlon
ndltlon
ndltlon

May
May
day
May

31
24
17
10

98,184
90,007
97,870
98,526

10,525
10,084
10,189
11,000

7,573
7,869
7,724
7,039

68,025

1,738

4,921

43,789]

1,123

67,422
07,842
07,509
66.071

1,854
1,707
1,811
1.785

4,721
5,022
4,499
5.0011

43,257
43,516
43,202
43,079

1,110
1,121
1,123
1,100

Gr'd aggr.. avge 213,300 592,360 1,897,033 108,001 503.474 <14.118.358 150.21538.062
Comparison,pre v. week ........... — 39,121 —2,985 -10,181 + 17,892 + 2 ,056i — 44
Gr’d aggr, act’l jeond’n May 31 4,908,900103,051 557.829 c l . 133.5781148.93238.708
Comparison,pre v. week
+ 29,339, —5,282 -27,590 + 33,410 —1,200 — 56
Gr’d aggr, act'l joond’n
Ur d aggr, act 1 cond n
Or a Aggr* acvi com] n
Gr’d m rr. act’l oond'n

May
Muy
May
May

24 4,870.621,108,933 585,419
17 5.012.730 109.557 583,152
10 5,020,702 112,172 508,521
8 5.020.633100.666560,277

4,100,108
4,118,904
4,121,927
4,040,391

150,192 38,704
145,105 38,818
155,68138,914
155,09938.616

* Includes deposits In foreign branches not Included In total footings as follows:
National City Bank, $99,329,000; Guaranty Trust Co., $59,769,000; Farmers’ Loan
A Trust Co., $34,993,000. Balances carried In banks In foreign countries ns reserve
for such deposits were: National City Bank, $24,385,000; Guaranty Trust Co..
$13,434,000; Farmers’ Ix>an A Trust Co., $8,224,000. c Deposits In foreign
branches not Included, d U. S. deposits deducted, $108,997,000. e U. S. deposits
deducted, $87,235,000. Bills payablo, rediscounts, acceptances and other lia
bilities, $774,048,000. g As of April 2 1919. li As of May 16 1919.

STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.

Total
Total
Total
Total

May
May
May
May

31___
24___
17___
10___

Reserve
in
Depositaries

a
Reserve
Required.

Total
Reserve.

Surplus
Reserve.

$

S
$
$
$
551,057,000 551,057,000 521,709,060 29,347,940
10,476*,000
7.496.000 17,972,000 17,243,100
728,900
1,738,000 4.921.000 6,659,000 6,568,350
90,650
12.214.000
12.173.000
12.516.000
12.194.000

563.474.000 575.688.000 545,520,510
573.655.000 585.828.000 543,100,090
558.636.000 571.152.000 544,168,750
561.827.000 574.021.000 538,303,700

30,167,490
42,727,910
26,983,250
35,657,300

Actual Figures.
Cash
Reserve
in
Reserve
in Vault. Depositaries

Total
Reserve.

b
Reserve
Required.

Surplus
Reserve.

s
Members Federal
S
$
$
$
Reserve Bank___
545,535,000 545,535,000 523,477,650 22,057,350
State banks*........... 10,525*000 7.573.000 18.09S.000 17,576,640
521,360
Trust companies*. . . 1,854,000 4.721.000 6,575,000 6,488.550
86,450
Total
Total
Total
Total

May
May
May
May

31----24___
17___
10___

12.379.000 557.829.000 570.208.000 547,542,840
11.791.000 555.419.000 597.210.000 543,052,420
12,000,000 583.152.000 595.152.000 545,434,180
12.785.000 568.521.000 581.306.000 546,183,010

22,665,160
54,157,580
49,717,820
35,122,990

* Not members of Federal Reserve Bank.
a This Is the reservo required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve banks In
cludes also amount of reservo required on net time deposits, which was as follows:
May 31, 84.468,440: May 24, $4,406,700; May 17, $4,472,730; May 10, $4,632,810.
b This Is the reserve required on net demand deposits In the caso of State banks
and trust companies, but In the caso of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: May 31,
$4,430,160; May 24, $4,467,810: May 17, $4,315,170; May 10, $4,633,170.

S t a te B a n k s a n d T r u s t C o m p a n ie s N o t in C le a r in g
H ouse.

—The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Flgu'es Furnished by Stale Banking Department.)
De/ferences from
May 31.
previous week.
$811,632,600 Dec. $2,577,400
Loans and Investments...............
Specie.......................................................
8,491,700 Dec.
22,500
16,922,000 Dec.
30,900
Currency and bank notes...............
Deposits with Federal Reserve Bank of New York.. 67,084,600 Dec.
559,400
Total deposits...................................................
839,302,200 Inc.
956,600
Deposits, eliminating amounts due from rcservo de
positaries and from other banks and trust com
panies In N. Y. City, exchanges and U. S. deposits 766,949,200 Inc. 5,899,000
Dec.
Percentage of reserve, 20%.
RESERVE.
——Trust Companies__
• »■ . state Banks------$73,016,100 13.38%
Cash In vaults.............................. $19,482,200 13.44%
Deposits In banks and trust cos___ 12,174,400 8.40%
33,844,800 6.21%
Total........................................... $31,656,600 21.84%

State Banks.

$106,860,900

19.59%

May 31
1919.

Trust Companies.

Differences from1
previous week. 1

May 31
1919.

Differences from
previous week.

%
$
$
$
25.900.000
................. 104,600,000
.................
43.559.000
1
172,776,000' .................
614,477,400 Dec. 1,660,500 2,091,451,000 Dec. 16,092,700
8,293,500'Dec.
49,600, 11,890,200 Inc.
66,600
26,481,100 Dec.
978,600 22,771,700 Inc.
961,800

Capital as of Feb .21.
Surplus as of Feb .21.
Loans & Investments.
Specie____________
Currency & bk. notes
Deposits with the F.
R. Bank of N. Y ..
Deposits__________
Reserve on deposits. .
P. C. reserve to dep..

.

Cash
Reserve
in Vault.

STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
Week Ended May 31.

Averages.

Members Federal
Reserve Bank___
State banks*...........
Trust companies*.. .

2307

THE CHRONICLE

June 7 1919.]

57,305,400 Inc.
532,500' 213,368,500^Inc. 20,421,600
727.244.200 Inc. 4,712,400 2,115,903,600 Inc. 15,298,900
111.875.200 Dec.
303,800 304,877,600 Dec.
85,900
20.7%'lnc.
0.1%l
17.4% Dec.
0.6%

N o n -M e m b e r B a n k s a n d T r u s t C o m p a n ie s . —Follow
ing is the report made to the Clearing House by clearing
non-member institutions which are not included in the
“Clearing House return” on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars—that is. three ciphers 1000] omitted.)
Net Loans,
Capital. Profits. Dis-

C L E A R IN G

Week ending
May 31 1919.
Members o f
Fed’l Res. Bank.

N a t .b k s M a y l 2
S t a t e b k s .F e b 2 l;
T r . c o s. F e b . 21

Reserve
Net
Net
Nat’l
rvn
§h
CuJ/l
inin Demand
Bank
Investin Legal De Time
De Circu
ments, Vault. Deposi posits. posits. lation.
<tc.
tories.

\

Average Average Average Average Average Average

B a tte r y P ark N a t .
M u tu a l B a n k _____
N e w N e t h e r l a n d ..
W R G race A C o ’s
Y o r k v llle B a n k ___
F ir st N a t ’ l , J er C y

$

$

217
20 1
187
12
34 2
67 8

$
1 ,2 8 3
1 ,5 6 0
929
1 ,0 4 1
1 ,1 3 7
90 3

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

6 1 ,5 1 4 i

1 ,6 3 7

6 ,8 5 3

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

2 ,7 2 3
1 2 ,7 7 3
7,201]
5 ,6 2 8

317
1 ,4 0 4
75 9
42 1

14 7
1 ,1 0 3
335
310

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

1 ,3 0 0 | 2,0211 2 8 ,3 2 5 }

2 ,9 0 1

1 ,8 9 5

2 6 ,5 0 5

797

464
274

282
367

5 ,8 8 8
4 ,0 7 5

935
4 ,2 0 0

738,

649j

9,963; 5,135'

1 ,5 0 0
200
20 0
50 0ij
200
40 0 i!

T o t a l ...................... 1 3 ,0 0 0 i

*
1 ,6 0 7
560
195
835 1
633
1 ,3 5 1 ;

»
1 3 ,5 0 0
1 1 ,6 2 3
7 ,1 3 9 ;
6 ,2 9 5
1 1 ,918 ;
1 1 ,0 3 9

5 ,1 8 3

44 1
1 ,1 3 7
222
220

$

$
10 8
193
36 1 ——
•
70
73 2
________
!
4 ,7 4 4
386
579

State Banks

Not Members of the
Fed’l Reserve Bank.
B ank o f W a sh H ts
C olon ial B a n k _____
In te rn ation al B a n k
N o r th S id e . B k ly n
T o t a l ____________

100
500
50 0
200

477

1-

32° ..........

Trust Companies

Not Members of the]
Ftd’l Reserve Bank.

H a m ilto n T r , B kln
M ech T r , Bayonne

Total............... j

500
20 0

1 ,0 4 5
384

8 ,5 8 0
8 ,6 2 3

700

1,430; 17,203

Grand aggregate.-i 5.000i 8,634107,042
Comparison prevlo(us week
Gr’daggr, May
Gr’daggr, May
Gr’daggr, May
Gr’daggr. May

231
171
10'
3!

5,000i
5,000
5.000
5,000

8,634105,945
8.581 100,802
8.581 107,005
8.581 105,086

5,276; 9,397 a80,830 11,947}
579
—333j +46( Same
5,451
5,659
5,551
5,320

9,655
9,648
9,008
9,221

81,103
81,999
81,617
80,853

ll,90l|
11,9591
11,957
11,9011

579
585
581
583

a U. S. deposits deducted, $5,385,000.
Bills payable, rediscounts, acceptances and other liabilities, $7,714,000.
B a n k s a n d T r u s t C o m p a n ie s in N e w Y o r k C it y . —The
averages of the New York City Clearing House banks and Excess reserve, $416,970 decrease.
trust companies combined, with those for the State banks
and trust companies in Greater Now York City outside of B o s t o n C le a r in g H o u s e B a n k . —We give below a sum
the Clearing House, are as follows:
mary showing the totals for all the items in the Boston
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
Clearing House weekly statement for a series of weeks:
GREATER NEW YORK.
Wee* ended—
Deo.
Dec.
Doc.
Deo.

7.............

Loans and
Investments.
5.330.133.600
5.384.107.700
5.373.134.600
5.378.736.500
5.416.960.500
5,473,492,200
5,495,539,400
5.644.714.000
5.525.768.300
5.492.269.000
5.509.784.600
6.571.631.800
5.583.221.600
5.629.541.700
5.649.123.500
5.698.070.800
5.633.730.000
5.596.229.300

BOSTON CLEARING HOU8E MEMBERS.
Demand ,
Deposits.

•Total Cash Reserve in
in Vault.
Depositaries.

4.458.973.900 142.319.200
4.527.415.100 142.105.300
4.592.634.000 141.455.900
4.587.455.700 146,531,400
4.650.393.400 147.245.300
4.635.056.500 148.938.900
4.673.410.100 141.934.500
4.650.058.300 135,813,100
4.030.229.500 132.677.300
4.539.150.100 130.568.700
4.504.885.000 133.267.700
4.527.389.800 133.632.800
4.566.358.800 131.342.200
4.571.345.100 128,952,600
4.633.702.000 132.655.200
4.733.613.800 130.905.000
4.618.029.500 134.143.000
4.747.993.000 130.736.900
5.630.305.500
4.722.746.700 135.497.500
5.730.276.600 4.689.495.300 134.131.300
5.694.610.000 4.736.482.100 136.428.700
5.735.152.000 4.773.617.400 139.041.500
6.817.606.300 4,822.202,600 134.432.800
5.830.948.700 4.873.611.200 141.466.900
5.750.364.000 4.861.516.200 136.791.200
5.708.065.600 4.885.307.200 133.474.700
* This Item Includes gold, silver, legal tenders, national bank notes
Rcservo notes.

14...............
21...............
28...............
Jan. 4 ...............
Jan. 11...............
Jan. 18...............
Jan. 25...............
Fob. 1.............
Feb. 8 ................
Feb. 15................
Feb. 21................
Mar. 1................
Mar. 8 ................
Mar. 15................
Mar. 22................
Mar. 29................
Apr. 5 ................
April 12................
April 19...............
April 20...............
May 3................
May 10...............
May 17...............
May 23........... ..
May 31................

646.812.500
661.730.000
678.028.900
649.133.500
697.931.000
688.196.700
676.355.700
646.857.000
648,143,600
645.124.800
628,112.400
625.109.700
643.761.000
647.186.900
658.275.500
692.405.000
627.395.900
682.805.200
651.649.200
672.170.700
682.036.200
665.625.800
677.399.900
671.089.000
689.984,100
676.577.800
and Federal

May 31
1919.
Circulation...........................
Loans, dlsc’ts A Investments.
Individual deposits, lncl. U.8.
Due to banks_____ _______
Time deposits......................
Exchanges for Clear. House.
Dufi from other banks____
Cash In bank A In F. R. Bank
Reserve excess In bank and
Federal Reserve Bank-----

Changes from
previous week.

In addition to the returns of “Stato banks and trust comanies in Now York City not in the Clearing House," furnished
y the Stato Banking Department, the Department also
presents a statement covering all the institutions of this
class in tho City of New York.
For definitions and rules under which the various itoms
are made up, see “Chronicle,” V. 98, p. 1661.
The provisions of tho law governing tho reserve require
ments of Stato banking institutions as amended May 22
1917 woro published in tho “Chronicle” May 19 1917 (V.
101, p. 1975). Tho regulations relating to calculating tho
amount of deposits and what deductions are permitted in
tho computation of the reserves were given in tho “Chron
icle” April 4 1914 (V. 98. p. 1045).



May 17
1919.

$
4,744,000 Inc.
552.808.000 Inc.
428.657.000 Dec.
114.969.000 Dec.
11,111,000 Dec.
17.317.000 Inc.
61.062.000 Dec.
62.263.000 Dec.

$
$
$
14,000 4,730,000 4.739,000
3,251.000 549.557.000 550.565.000
3.402,000 432.069.000 426.147.000
5,692,000 120.661.000 127.916.000
165,000 11.276.000 11.967.000
33,000 17.284.000 17.335.000
4,731,000 65.793.000 68.755.000
1,377,000 63.640.000 62.545.000

15.405.000 Dec.

932,000 16.337.000 15.389.000

P h ila d e lp h ia B a n k s . —The Philadelphia Clearing House
statement for the week ending May 31 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. “Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Fedoral Reserve system the reserve
required is 15% on demand deposits and includes “Reserve
with legal depositaries” and “Cash in vaults.”
IF«* ending May 31 1919.

N e w Y o r k C it y S t a te B a n k s a n d T r u s t C o m p a n ie s .—

May 24
1919.

Two ciphers (00) omitted. Members of
F.R. System

Trust
Cos.
$3,000,0
7,631,0
30,255,0
996,0
13,0
274 ,o;
22,354,0;;
-------22,628,0
..........1

Total.

$32,775,0
88,193,0
817,358,0
24,611,0
106,794,0
146,967,0
504,206,0
5,257,0
656,430,0
48,711,0
51,597,0
3,702,6
3,702,0
923,0 14,898,0
4,625,0! 70,197,0
3,242,01 53,213,0
1,383,0 16,984,0

May 24
1919.

May 17
1919.

$32,775,0 $32,775,0
87,820,0 87,804,0
807,357,0 785,008,0
23,363,0 21,404,0
108,918,0 110,787,0
152,685,0 154,559,0
504,969,0 505,061,0
5,349,0
5,609,0
663,003,0 665,229,0
51,364,0 22,114,0
51,503,0 52,942,0
3,644,0
3,894,0
13,975,6
16,241,0 15,784,0
65,512,0
71,388,0 72,620,0
49,971,0;
53,749,0 53,916,0
15,601,0
17,639,0 18,704,0
• cm * la vault la not counted u reserve for Federal Reserve bank members.

Capital_____ _____ ____
Surplus and profits______
Loans, dlsc’ts A lnvestm'ts
Exchanges tor Clear.House
Due from banks________
Bank deposits........... —
Individual deposits_____
Time deposits..._______
Total deposits.................
U.S.deposlts(not Included)
Rcs've with Fed.Rcs.Bank
Ites've with legal deposit's
Cash In vault*.................
Total reserve A cash held.
Reserve required.............
Excess res. A cash In vault

$29,775,0
80,562,0
787,103,0
23,615,0
106,781,0
146,693,0
481,852,0
5,257,0,
633,802,0
51.597,6 1

2308

THE CHRONICLE

[V ol .

108

Member Banks of the Federal Reserve System.— Following is the weekly statement issued by the Federal Reserve
Board giving the prinoipal items of the resouroes and liabilities of the Member Banks. Definitions'of tho different items
oontained in the statement were given in the weekly statement issued under date of Deo. 14 1917 and which was published
In the “ Chroniole” of Deo. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS MAY 23 1919.
Following tho first payment on account of tho Victory Loan, tho Federal some of tho banks. For tho Now York City banks this item shows an in
Reserve Board’s statement o f condition on May 23 o f 773 mombor banks in crease of 40.1 millions.
selected cities shows a reduction of 444.4 millions in tho holdings of Treas
For all reporting banks the aggregate of U. S. war securities and war paury certificates, as against a not incroaso o f 189.4 millions in other U. S. por shows an apparent declino from 3,984.9 to 3,830.4 millions, constitut
securities, besides an increase of 100.6 millions in loans secured by Govern ing 26.2% of total loans and investments, as against 27.1 % tho weok beforo.
ment war obligations, including Victory notes.
For the New York City banks this ratio shows a declino from 30.9 to 28.6%.
For tho member banks in New York City a reduction of 227.1 millions in
As against an increase of 193.1 millions in Government deposits, there is
certificates on hand is shown, accompanied by increases of 40.6 millions in shows a reduction of 200.8 millions in other demand deposits (net). For
U.|S. securities and 31.7 millions in loans secured by U. S. war obligations.
tho Now York City banks decreases are shown in both Government and other
Pending tho segregation o f Victory notes in tho weekly statement, accurate demand deposits, apparently as tho result of large withdrawals from local
figures of holdings o f tho newly issued securities cannot bo given, though it depositories and tho large drafts on those banks by country correspondents
is probable that most of the banks have included these notes with Liberty in connection with Victory Loan payments. In keeping with tho fall in dobonds.
mand deposits other than Government deposits, reservo balances with the
Other loans and Investments of all reporting banks wont up 86.6 millions, F. R . banks declined 19.8 millions, all outsido Now York. Cash in vault
possibly as the result of the inclusion under this head o f Victory notes by shows a nominal decrcaso of 1.4 millions.
1. Data for all reporting banks in each district.
Member Banks.

Boston.

New York. Phtladel. Cleseland. Rtehm'd. Atlanta.

45

Number of reporting banks..

108

50

89

83

Two ciphers (00) omitted.

CMeago.

47

St. Louts.\Minneap. Kan. CUv Dallas. San Fran.

36
35
76
S
S
$
S
S
S
S
S
S
8
49,645,0 11,597,0 40,960,0 25,270,0 15,515,0
U.8 .bonds to secure clrculat’n 14,208,0
20,112,0 17,106,0 6,870,0 14,009,0
Other U. 8. bonds. Including
Liberty bonds.................... 21,857,0 353,634,0 51,895,0 89,500,0 57,643,0 48,025,0 107,194,0 30,951,0 15,078,0 31,522,0
U. 8. certlfs. of Indebtedness. 101,970,0 772,903,0 125,165,0 122,729,0 70,315,0 64,484,0 229,597,0 59,591,0 43,309,0 53,553,0
Total U. 8. securities......... 141,035,0 1,176,182,0 188,657,0 253,189,0 153,228,0 128,024,0 356,903,0 107,651,0 65,257,0 99,084,0
Loans sec. by U. 8. bonds, Ac. 88,134,0 504,533,0 162,877,0 109,781,0 47,510,0 26,475,0
96,133,0 26,414,0 12,667,0 13,544,0
All other loans A Investments 798,615,0 4,176,382,0 634,230,0 998,503,0 381,301,0 301,856,0 1,441,176,0 386,744,0 234,078,0 461,898,0
Reserve bal. with F. R. bank. 72,693,0 676,067,0 57,736,0 92,008,0 33,223,0 30,250,0 160,816,0 39,899,0 21,170,0 40,512,0
05,507,0 9,657,0 9,485,0 15,615,0
Cash In vault_____________ 22,293,0 122,321,0 18,927,0 34,624,0 17,481,0 13,166,0
Net demand deposits_______ 712,375,0 4,894,958,0 651,115,0 794,537,0 308,830,0 244,069,0 1,248,834,0 289,893,0 215,126,0 396,151,0
Time deposits.................. ..... 109,490,0 287,19.3,0 20,769,0 292,811,0 79,378,0 114,871,0 422,067,0 97,722,0 54,860,0 70,934,0
Government deposits_______ 68,997,0 170,826,0 67,697,0 67,787,0 32,206,0 31,476,0
66,547,0 38,268,0 18,433,0 29,162,0
2.

101

44
53
S
S
18,324,0 34,599,0
24,472,0
36,532,0
79,328,0
7,058,0
179,231,0
18,946,0
9,349,0
165,272,0
28,801,0
16,933,0

40,026,0
94,717,0
169,342,0
25,500,0
521,082,0
54,088,0
20,759,0
449,581,0
136,646,0
19,565,0

773
$
268.215.0
871.797.0
1.777.868.0
2.917.880.0
1.180.736.0
10.515.096.0
1.298.008.0
359.184.0
10.370.747.0
1.715.542.0
627.897.0

Data for Banks in Federal Reservo Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks.
New York.
May 23.

May 16.

Chicago.

AU r . It. Bank Cutes.

May 23. | May 16.

May 23. | May 16.

F. R. Branch Cities.
May 23.

May 16.

AU Other Report'g Banks
May 23. | May 10.

44
No. reporting banks_____
65
44|
255
255
162
65
162
356;
S
U. 8. bonds to secure clr$
8
S
5
$
S
S
S
1
dilation................ .......
39,227,C 39,228,0
1,369,0
1,169,0 103,712,0, 103,613,0
56,529,0
56,479,0 170,974,0
Other U. S. bonds, includ
1
52,982,0 23,185,0 492,738,0 382,0.30,0 158,386,0 121,344,0 220,673,0,
lng Liberty bonds_____ 299,610,0 259,036,0
U. 8. ctfs. of lndebtednesf 695,089,0 922,183,0 125,546,0 162,467,0 1,106,692,0 ,494,142,0 310,591,0 365,697,0 300,585,0,
Total U. 8. securities... 1,033,932,0 1,220,447,0 179,897,0 186,821,0 1,763,142,0 ,979,785,0 525,506,0 543,520,0 029,232,0
70,092,0 69,004,0 912,603,0 839,913,0 131,747,0 120,179,0 130,386,0
Loans sec. by U.8. bds.,*o 515,806,0 484,063,0
All other loansAlnvestm’ts 3,724,912,0 3,684,800,0 893,622,0 882,35.3,0 0,939,724,01 ,862,038,0 1,612,203,0 1,008,935,0 1,963,169,0]
Res. balances with F.R.Bk 037,699,0 630,849,0 111,600,0 115,678,0 970,826,0 980,393,0 156,861,0 161,688,0 170,321,0
Cash In vault.................. 106,721,0 106,461,0 39,411,0 39,581,0 206,622,0 206,962,0 58,716,0 59,028,0 93,840,0
Net demand dsposlta........ 4,457,409,0 4,476,790,0 842,400,0 86.3,891,0 7,347,010,0 7,459,733,0 1,315,957,0 1,363,152,0 1,707,780,01
Time deposits.................. 222,353,0 214,231,0 164,556,0 102,560,0 702,459,0 691,792,0 515,596,0 517,094,0 407,487,0,
Government deposits. . . . 132,548,0 161,749,0 47,188,0 31,988,0 401,717,0 295,075,0 108,667,0 71,848,0 117,513,0
Ratio of U.8. war securities
and war paper to total
30.9
22.4
28.6
21.7,
26.7,
28.1
26.5
24.11
loans and Investments %
26.7

Total.
May 23.

356

$
108,003,0

773

$
268,215,0

May 16.
773
$
268,095,0

179,116,0 871,797,0
682,490,0
302,49.3,0 1,777,868,0 2,222,332,0
649,012,0 2,917,880,0 3,172,917,0
119,988,0 1,180,7.36,0 i,0S0,080,0
,957,538,0 10,515,090,0 10,428,511,0
175,679,0 1,298,008,0 1,317,760,0
94,606,0 359,184,0 360,596,0
,748,602,0 10,370,747,0 10,571,547,0
510,008,0 1,715,542,0 1,718,894,0
67,925,0 627,897,0 434,848,0
24.3

26.2

27.1

Tho Federal Reserve Banks.—Following ia the weekly statement issued by the Foderal Reserve Board on May 29:
r Further gains of about 9 millions in gold reserves as tho result of Govern
ment deposits, and increases of 50.5 millions in war paper and other dis
counts on hand, are indicated in tho Federal Reserve Board’s weekly bank
statement, issued as at closo o f business on Thursday, May 29 1919, in
stead of Friday, May 30, which was observed as a holiday by most of tho
Federal Reservo banks and branches.
t. Holdings of war paper increased 40.4 millions and those of other discounts
10.1 millions, while acceptances on hand declined 9.5 millions. An in
crease of 2.1 millions is shown in tho holdings of Treasury certificates,
chiefly o f the 2% typo to secure Federal Reservo bank notes. Total earn
ing assets o f the Reserve banks increased 43.1 millions.

Paper hold undor discount for other F. R. banks increased from 109.3 to
112.9 millions, while tho total of bankers’ acceptances includes $858,000
bought from other F. R. banks with tho latter’s endorsement, and 26.4
millions bought from othor reservo banks without such endorsement.
As .against an incroaso o f 41.5 millions in Government deposits, there ia
shown an almost eaual decrcaso in reservo deposits. Not deposits show an
increaso of 33.4 millions, while F. R. note circulation shows an addition for
tho week of 15 millions. Tho rosult is seen in a declino of tho banks’ re
serve percentage from 52.3 to 51.8%, notwithstanding a gain of 7.2 millions
in total cash reserves.

The figures of the consolidated statement for the system as a whole are given in the following tablo, and in addition we present
the results for each of the seven prooeding woeks, together with those of the corresponding week of last year thus furnishing a use
ful comparison. In the second table we show the resouroes and liabilities separately for each of the twelve Foderal 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 tho Fedoral Reserve banks.
C o m b in e d

R esources and

L i a b i l i t i e s o f t h e F e d e r a l R h s b r v b B a n k s a t t h e C l o s e o f B u s in e s s M a y 2 9 1919
Afay 29 1919. May 23 1919. May 16 1910. May 9 1919. May 2 1919. April 25 1919. Apr. 18 1919. April 111910. May 31 1918.

RESOURCES.
Gold coin and certificates____________
Gold settlement fund. F. R. Board____

$
346.618.000
586.742.000

$
346.997.000
572.001.000

$
335.224.000
548.954.000

S
345.797.000
569.082.000

$
346.707.000
600.989.000

$
335.162.000
610.196.000

3
456.177.000
425.237.000
52,500,000

933.360.000 918.998.000 884.178.000 914.879.000 947.696.000 945.831.000 958.610.000 945.358.000
Gold with Federal Reserve agents_____ 1,131,725,000 1,139,825,000 1,150,903,000 1,134,198.000 1,104.699.000 1.109.949,000 1.085,519,000 1.082.441,000
122.658.000 119.910.000 140.756.000 125.271.000 114.223.000 113.436.000 118.128.000 115.078.000

933.914.000
955.919.000
27,993,000

$
340.022.000
005.809.000

$
340.145.000
012.365.000

Total gold reserves_______________ 2,187,743,000 2,178,739,000 2,175.837,000 3,174,348,000 2,166,618,000 2,169.216,000 2,102,167,000 2,142,880,000 1,917,826,000
07,363,000
69,194,000
70,020,000
70,601,000
68,436,000
70,930,000
68,702.000
69,109,000
57,883,000
Total reserves___________________ 2.255.106.000 2.247.933.000 2.245.857.000 2.242.784.000 2.237.219.000 2.240.152.000 2.230.859.000 2.211.089.000 1,975,709,000
Bills discounted:
Secured by Govt, war obligations___ 1.802.893.000 1.762.487.000 1.863.476.000 *1795,735,000 1.788.068.000 1.760.672.000 1.720.960.000 1.767.459.000 562.993.000
186.499.000 176.379.000 175.464.000 172.568.000 178.715.000 189.740.000 201.314.000 200.465.000 334.364.000
183.650.000 193.187.000 184.717.000 182.036.000 195.284.000 185.822.000 196.885.000 218.590.000 256.373.000
Total bllla on hand.................. ........ 2,173,042,000 2,132,053,000 2,223,657,000 2,150,339,000 2,162,067,000 2,138,234,000 2,119,150,000 2,180,514,000 1,153,730,000
27,131,000
27,144,000
27,132,000
27,131,000
27,149,000
27,136,000
27.135,000
27,137,000
54,842,000
17,000
19,000
83,000
U. S. certificates of Indebtedness......... 201,800,000 199,748,000 204,082,000 202,363.000 194,262,000 191,501,000 189,038,000 185,711,000 t92,082,000
22,000
736,000
Total earning assets________ _____ 2,402,056,000 2,353,967,000 2,454,889,000 2,379,846,000 2,383,461,000 2,354,870,000 2,335,334,000 2,399,383,000 1,301,390,000
10.976.000
10,974,000
10,974,000
10,574,000
10,558,000
10,558,000
10.976.000
10,986,000
626,034.000
653,926,000 630,614,000 055,440,000 636,384,000 408,137,000
634,639,000 679,798,000 709,355,000
8.176.000
8,271,000
8,924,000
7.858.000
8.630.000
8.454.000
6.988.000
8,96.3,000
626,000
10.242.000
9.227.000
10.289.000
8.010.000
8.301.000
7.332.000
10,0.35,000
7.905.000
438,000

Uncollected Items and other deductions
from gross deposits_________ _____
6% redernp. fund agst. F. R. bank notes
All other resources........... ................

Total resources__________________ 5.321.785.000 5.316.234.000 5.440.243.000 5.276.723.000 5.302.220.000 5.252.687.000 5.248.640.000 5.272.634.000 3.686.300.000
LIABILITIES.
82,228,000
82.397.000
82.198.000
82.015.000
82.553.000
82.589.000
81.774.000
81.750.000
75,546,000
49.466.000
49.466.000
49.460.000
49.466.000
49.406.000
49.466.000
49.468.000
49.466.000
1,134,000
99.999.000 185.841.000
89.761.000 143.273.000
91.720.000 100.581.000 169.972.000 166.191.000
141.479.000
Due to members, reservo account_____ 1.656.118.000 1.697.524.000 1.713.341.000 1.688.906.000 1.644.431.000 1.664.320.000 1.055.800.000 1.628.693.000 1.440.413.000
517.638.000 537.642.000 519.702.000 453.501.000 512.703.000 491.005.000 496.788.000 487.153.000 278.698.000
Other dsposlta. Incl. for. Govt, credits
150.324.000 142.138.000 125.786.000 129.175.000 128.460.000 135.057.000 131.307.000 128.481.000 109.443.000
Total gross deposits______________ 2.465.559.000 2.477.303.000 2.574.670.000 2.391.343.000 2.428.876.000 2.382.703.000 2.390.516.000 2.414.299.000 1.994.745.000
F. It.notes In actual circulation........... 2.519.292.000 2.504.253.000 2.532.039.000 2.556.749.000 2.549.040.000 2.549.552.000 2.543.704.000 2.548.588.000 1.600.968.000
F. It. bank notes lu circulation—net llab 168,427,000 107,208,000 168,045,000 161,415,000 161,450,000 158,8-18,000 155,074,000 151,660.000
8.324.000
28.971.000
All othor liabilities________________
33,626,000
32,522,000
31,190,000
30,098,000
28,112,000
35,451,000
30,452,000
5.583.000
Total liabilities_________________
'Amended figured,




5,321,785,000 5,316,234,000 5,440,243,000 5,276.723,000 5,302,226,000 5,252,087,000 5,248,640,000 5,272,634,000 3,686,300,000

t Included One-Year Treasury Notea.

THE CHRONICLE

June 7 1919.]

Maj 29 1919 May 24 1918 May 16 1919. M a y 9 1919.
Gold reserve against net deposit nab..
Gold res. agst. F. R. notes In act. clre’n
Ratio of gold reserves to net deposit and
F. H. n > e liabilities combined______
Ratio d to'al rcuerres to net deposit and
F. R. n it liabilities combined--------Rati i of go'd reserves to F. R. notes In
circulation after setting aside 35%
against net deposit liabilities---------

'1

Distributionby Maturities—

1-15 days bills bought In open market.
1-15 days bills discounted-----------------1-15 days U. S. ccrtlf. of Indebtedness
1-15 days municipal warrants-------------10-30 days bills bought In open market.
16-30 days bills discounted____________

2309

May 2 1919.

April25 1919 Apr. 18 1919 April111919

51.0%
49.8%

51.7%
50.3%

47.4%
51.0%

51.8%
49.2%

53.4%
47.8%

50.3%

50.6%

50.9%

50.3%

50.1%

50.4%

51.8%

52.3%

51.1%

51.9%

51.7%

52.1%

64.1%

64.6%

62.9%

63.5%

63.4%

63.8%

63.8%

62.4%

54.0%
48.0%

May 31 1918.

53.2%
47.0%

58.9%
61.5%

60.5%

49.5%

60.2%

52.1%

61.1%

62.0%

65.aH
4i*'

5
S
%
*
$
$
f
*
$
57.635.000
57.255.000
57.301.000
62.919.000
04,796,000
60.702.000
68.050.000
78.832.000
1,727,796,000 1,675,512,000 1,765,491,000 1,706,881,000 1.677,868,000 1,648,426,000 1.667.271,000 1,731,817,000 } 661,804,000
30.938.000
30.746.000
34.655.000
33.827.000
29,234,000
28.738.000
29.806.000
62,120,000
29.375.000

31-60 days bills discounted.

39.711.000
35.738.000
3,318,000

37.957.000
42.344.000
681,000

40.139.000
64.850.000
3,392,000

42.458.000
49.507.000
3,331,000

49,955,000
58,491,000
68,000

51.327.000
74.823.000
103,000

46,792,066
76.460,000
250,000

69.632.000
141,123.000
765,000

65,767,000
138,435,000
3,209,000

60.787.000
70.024.000
3,971,000

55,5.80,666
70,308,000
3,846,000

53,034,000
84,453,000
7,017,000

52.688.000
80.574.000
6,715,000

67.867.000
96.412.000
3,826,000

22,006,000
60.509.000
13.726.000

31.828.000
60.492.000
2,097,000

26,536,000
119,991,000
109,000

,
123,701,000
270,000

27,499.666
120,066,000
101,000

21,105,000
123,022,000
373,000

14.176.000
58.325.000
3,184,000

61-90 days bills discounted------------------61-90 days U. 3. ccrtlf. of Indebtedness.
61-90 days municipal warrants--------------

21 676.606

”66,859,666
67,467,000 } 110,168,000
1.611,000
10,185,000
43,000
78.501,000
103.834.000 } 187,415,000
3.624.000
5,411,000
10.398.000
52.742.000
3,749,000

1,000
1159,874,000

\
1

23,567,000
22,083,000
18,534,000
17,846,000
25,905,000
23,806,000
24,226,000
22,264,000
34,469,000
Over 90 days bills discounted----------------161,089,000
157,842,000
155,572,000
163,015,000 161,955.000
151,882,000 147,352,000
153,053,000
Over 90 days ccrtlf. of Indebtedness____
14,366,000
Over 90 days municipal warrants----------—
Outstanding__________________________ 2,708,447,000 2,725,791,000 2,741.265,000 2.735.798.000 2,731,274,000 2,732,403,000 2,736.384.000 2,724.097,000 1,736,547,000
182,851,000
179,049.000
182,234,000
192.680,000
1.89,155,000 221,538,000 209.226.000
Hold by banks_______________________
175.509,000
135,579,000

Federal Reserve Notes

In actual circulation_______________ 2,519,292,000 2.504,253,000 2.532.039.000 2,556,749,000 2,549,040,000 2,549,552.000 2.543.704,000 2,548.588,000 1,600,968,000
)—
Recolved from the Comptroller________ 4.497.080.000 4.4.34.140.000 4.455.660.000 4.419.140.000 4,390,120,000 4.358.520.000 4.316.560.000 4.268.400.000 2.405,420,000
Returned to the Comptroller___________ 1.383.785.000 1.347.634.000 1.311.040.000 1.279.342.000 1,241,901,000 1.211.172.000 1.173.891.000 1.143.348.000 398,733,000

Fed. Res. Notes (AgentsAccounts

Amount chargeable to Fed. Res. agent 3.113,295,000 3,136.506,000 3.144,020.000 3,139,798,000 3,148,219,000 3,147,348,000 3,142,669,000 3.125.052.000 2,006.687,000
In’,hands of Fed. Res. agent____
404,848,000 410,715,000 402,755,000 404,000.000 416,945,000 414,945,000 406.285,000 400,955.000 270,140,000
Issued to Federal Reserve b a n k s ..... 2,708,447,000 2,725,791.000 2.741,265,000 2,735,798.000 2.731.274.000 2,732.403,000 2,736.384,000 2,724,097,000 1,736,547,000
—
Ry gold coin and certificates___________
228,498,000 228,498,000 240,498,000 232,498,000 230,498,000 230.498.000 232,747,000 235,747,000 232,448,000
By lawful money_______________________
By eligible paper_______________________ 1,576,722,000 1,585,966,000 1,590,302,000 1,601,600,000 1,626,575,000 1,622,454.000 1,650,865,000 1.641,654,000 780.628.000
81,219.000
85,0.84.000
84.829,000
75,595,000
84,133,000
84.094.000
Gold redemption fund__________________
87,251,000
84.538,000
53,428,000
With Federal Reservo Board___________ 815,976,000 830,10.8,000 825,321,000 817,567,000 790,107,000 788,622,000 777,177,000 762,158,000 670.043.000

HowSecured

T o ta l________________________________ 2,708,447,000 2,725,791,000 2,741,265,000 2.735,798,000 2,731,274,000 2.732.403,000 2,736,384,000 2.724,097,000 1,736,547,000
Eligible per delivered to F. R. agent — 2,079,281,000 2.052,784,000 2.135.541.000 2.087.062.000 (2,069,765.000 2,044,106,000 2,064,724,000 2,111,610,000 1,112,323,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF TH E »

FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 29 1919

Boston. NswYork. Phila Cleveland Richm'nd Atlanta. Chicago St. Louis Minneap Kan.CUy Dallas SanFren
S
S
s
$
S
t
*
$
S
%
$
t
650,C 27,342,0
2,240,0
7,868,0 23,116,1
3,639,0 252,840,f
3,905,1

Two ciphers (00) emitted.
RBSOURCKS.

Gold coin and certificates.............
Gold Settlement Fund. F. It. B’d 47,971,0

Total.
9

27,905,

8,358,
21,467,(

62,
39,914,

24,760,0 110,691,f
42,592,0 266,485,(
5,806,0 26,830,0

31.810.C
56,804,(
4,559,0

29,825,0
40,263,0
5,544,0

39,976,
14,048,0 44,153,f
933,360,0
29,957 ,C 16,594,0 105,269 ,f 1,131,725|0
11,894,0
2,413,0
2,036,0
122,658,0

73,158,0 404,006,0
1,703,0
028,0

93,173,0
2,309,0

75,632,0
106,0

81,827,0
192,0

69,313,0

74,861,0 404,934,0

95,482,0

75,738,0

82,019,0

35,191,0 151,800,0 2,255,106,0

81,594,0
12,503,0
6,760,0

72,198,0 228,140,C 61,623,( 45,184,0
13,011,0 18,604,C 8,350, C 5,361,0
5,283,0 27,640,0
4,264,0
7,088,0

53,028,0
36,312,0
577,0

25,887,0
26,927,0
838,0

7,256,0
6,792,0

9,342,
34,911,

346,618,0
586,742,0

45,801,0

26,716,0

16,892,0

51,010,0
Total Gold held by banks----Gold with Fed Reserve Agems _ 56,893,C
Gold redemption fund................. 14,268,0

439,626,0
286,920,0
24,942,0

44,662,0 73,143,0
OS,375,0 130,019,0
1,659,0
14,303,0

28,956,0
31,554,0
8,404,0

Total gold reservw .................... 122,771,0
7,356,0
Legal tender notes, silver. Ao—

751,488,0 127,340,0 304,821,0
1,005,0
303,0
50,684,0

68,914,0
399,0

Total reserves............................ 130,127,0
Bills discounted: Secured by Oovernment war obligations (a) - 146,191,0
All other_____________________
5,488,0
Bills bought In open market (b). 14,673,0

802,172,0 127,643,0 205,826,0
703,252 ,C 183,577,0 131,404,0
6,785,0
26,677, C 13,012,0
1,113,0 21,364,0
44,853,0

Total bills on band___________ 166,352,0
U .S . Gov't Bonds_____________
539,0
16, C
U. S. Certlf. of Indebtedness___ 16,916,0

774,782,0 197,702,0 159,553.0 100,857,0
1,083,0
1,234,0
1,385,0
1.302.C
50,C
5,860,0
68,482,0 19,690,0 16,407,0

90,492,0 274,384,0
377,0
4,477,1
7.0
9,584,0 21,642,0

74,237,0
1,153,0

57,633,0 89,917,0
116,0
8,S67,0
,c
15,182,0
9,171,0
6,456,0

53,652,0 133,481,0 2,173,042,0
3,966,0
2,632,0
27,131,0

Total earning unseat--------------- 183,823,0
800,0
Uncolfected items nnd other doAuctions from gross depoalts.. 51,919,0
6% Redemption fund against
840,0
F. R. bank notes-----------------511,0
All other resources------------------ - -

844,616,0 218,777,0 177,103,0 107,951,0 100,460,0 300,503,0
875,0
3.782.C
500,1
312,0
218,0
2,936,0

90,572,0
541,0

66,930,0 115,250,0
401,0

62,518,0 143,563,0 2,402,056,0
221,0
400,0
10,986,0

14,705,0

52,261,0

24,381,0

27,963,0

634,639,0

357,0
232,0

730,0
504,0

379,0
701,0

408,0
1,063,0

8,963,0
10,035,0

186,786,C 44,012,0

154,077,C 59,387,0

57,242,0

43,542,0

31,933,0

975,0
824,0

808,0
762,0

180,0
596,0

4.89.0
334,0

1,803,0
2,864,0

87,575,1

77,861,C 39,368,0
1,376,0
1,251,0

618,0
393,0

10

33,055,0 151,558,0 2,187,743,0
2,136,0
242,0
67,363,0

4,900,0

70,815,0 1,802,893,0
13,469,0 186,499,0
49,197,0
183,650,0

7,450,0

201,800,0

Total resources---------------------- 308,020,0 1,809,314,0 408,106,0 442,616,0 221,894,0 208,295,0 788,861,0 226,974,0 157,962,0 241,155,0 123,391,0 325,197,0 5,321,785,0

LIABILITIES.

6,852,0
Capital paid In............— - — —
2,996,0
Surplus........... ..................................
Government deposits----------------- 21,702,0
Duo to members, roeerre account 97,824,0
Deferred availability Items-------- 47,214,0
191,0
All other deposits--------- -----------Total gross deposits......... ........ 166,931,0

F. R. notes In actual circulation. 172,171,0
F. R. bank notes In ctrulailon
— net liability-----------------------All other liabilities........................

16,356,0
2,714,0

9,225,0
7,632,0
21,345,0
4,195,0
3,552,0
2,608,0
21,117,0
2,196,0
18,094,0 13,218,0 12,311,0
2,063,0
692,133,0 97,514,0 131,152,0 51,255,0
129,876,0 59,065,0 43,400,0 39,165,0
1,679,0
722,0
136,551,0
199,0

3,245,0 11,440,0
3,865,0
3,000,0
3,785,0
1,510,0
0,416,0
1,603,0
1,415,0
2,421,0
8,638,0 24,257.0
9,912,0
6,382,0 12,084,0
46,727,0 236,827,0 55,812,0 50.0S0.0 73,434,0
24,258,0 58,677,0 35,702,0
5,978,0 37,689,0
142,0
2,520,0
875,0
426.0
1,157,0

976,654,0 170,519,0 188,542,0 92,082.0 79,765,0 322,281,0 102,301,0
742,390,0 205,734,0 223,599,0 115,484,0 113,350,0 422,327,0 104,180.0
34,730,0
13,078,0

18,609,0
3,004,0

15,191,0
2,507,0

5,524,0
1,813,0

9,023,0
1,402,0

22,680,0
3,717,0

13,751,0
1,274,0

62,866,0 124,364,0
83,894,0 95,585,0
5,755,0
1,032,0

12,967,0
2,033,0

3,235,0
4,770,0
82,589,0
1,184,0
2,448,0
49,466,0
6,397,0
6,421,0
141,479,0
40,644,0 82,716,0 1,656,118,0
17,137,0 19,477,0 517,638,0
169,0
5,693,0
150,324,0
64,347,0 114,307,0 2,465,559,0
46,268,0 194,310,0 2,519,292,0
7,020,0
1,337,0

6,821,0
2,541,0

168,427,0
36,452,0

Total liabilities........................... 368,020,0 1,809,314,0 408,106,0 442,616,0 221,894,0 208,295,0 788,861,0 226,974,0 157,962,0 241,155,0 123,391,0 325,197,0 5,321,785.0
— Contingent liability
Discounted pnpor redlsoounted
with other F. R. banks-----35,533,0
45,000,0
32,332,0
112,865,0
Bankers' acceptances sold to
other F. It. bunks------------858,0
858,0
(a) Includes bills discounted for
other F. R. banks, viz............
35,533,0
52,332,0 10,000,0 15,000,0
112,865,0
(b) Includes banker*’ acceptanom
_____
With their endorsement—
858
Without their endowment.
................
............
______
............
26,429,0
26,429,0

Memoranda

STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MAY 29 I91<»

Twociphers (00) emitted.

Boston NewYork Phila Cleveland Richmond Atlunta Chicago. 81 Louis.Minueav Kan.City Dalles. SanFren. Total
s
%
t
t
%
s
%
%
%
%

*
Federal Reserve notes:
s
Received from Comptroller— 307,200,0 1,546,780,0 559,740,0,353,400,0 223,220,0 225.000.0 608,600,0 197.040.0! 131.880.0 164,800,0 103,160,0 276,260,0 4,497,0S0,O
Returned to Comptroller_____ iu4,r>2u,u 585,121,0 136,617,0| 85,413,0, 74,212,0! 47,088,0 124,741,0 59,702,0 30,911,0 48,366,0 31,667,0, 54,527,0 1,383,785|0
Chargeable to F. R . Agent..
In hands of F. R. Agent............

202,680,0!

961,659,0- 223,123,0'267,987,o' 149.008.01177.012.oUs3.859.0 137.338.o!lOO,969.0 116,434,0 71.493.0 221.733.0 3,113,295,0
143,600,0
6,040,0| 32,520,0j 28,988.0 59,895,0 30,680,0 19,380,0 15,140,0 14,380,0 23,705,0- 6,000,0 404,84810
I
I

24,520,0j

Issued to F. R. Bank, less amt
rcluruod to F. R. Agent tor
redemption:_______________ 178,160,0 818,059,0 217,083,0 235,467,0 120,020,0 117,117,0 453,179,0 117,958,0
I
Coltat’l security for outst'g notes1
______ j 183,740,0'
17,625,0
Gold ooln and ctfs. on hand —
2,500,0
9,893,0
13,180,0 14,486,5 12,394,0
Gold redemption fund.............
2,554 ,<V 3j)92io' 5,340,6
3,374,0'
47,000,0
Gold Set'm't Fund, F. R. B'd
90,000,0 63,889,0,100,000,0 29,000,0 37,000,0 261,145,0 53,430,0!
Eligible paper, mln'm required 121,267,0 531,139,0 148,708,0 105,448,0’ 88,466,0 74,525,0 186,694,0 61,154,0
Total_________ ______________

818,059,0 217,083,0 235,467,0 120,020,0 J117,117,oj453,179,0 117,958,0

85,829,0 102,054,0

47,788,0 215,733,0 2,708,447,0

13,052,0
2,411,0
2,597,6
24,800,0 27,360,0
45,566,0 72,097,0

l l r581 0
228,498 0
2.829,0 15,101,0
87,251,0
2,184,0 90,168,0 815,976,0
31,194,0 110,464,0 1,576,722,0

85,829,0 102,054,0

47,788,0 215,733,0 2,708,447,0

ered to F. It. Agent................... 166,352,0
F. R- notes outstanding........... .. 178,160,0
6,989,0
F . R. notes held by bank_______

774,782,0 151,084,0 158,956,0' 92.418.01 83.681,0*274,317.0 63.987.0 49,774,0 89,917,0 53,652,0 120,361,0 2,079,281,0
818,059,0 217,083,0 235,467,0 120,020,0 117,117.0 453.179,0 117,958.0' 85,829,0 102,054,0 47,788,0 215,733,0 2,708,447,0
75,609,01 11,349,0 11,868,0
4,636,0! 3,767,0' 30.852.0j 13,778,0
1,935,0| 6,469,0; 1,520,0 21,423,0
189,155,0

F. R . notes In actual circulation. 172,171,0

742,390,0*205,734,o' 223,599,0 115,484,0 113,350,0 422,327,o '104,180,0 83,894,0' 95,585,0’ 46,268,0 194,310,0 2,519,292,0




[V ol . 108

THE CHRONICLE

3310
^ B a n k e r s ’’

( © a ^ j e t b e * ____

W all Street, Friday N ight, June 6 1919.
R a ilr o a d a n d M is c e lla n e o u s S t o c k s . — T h e first reaction
of an y m om en t which has occurred since the upward m ove
m en t began nearly four m onths ago occurred on T u esd a y of
this w eek, when call m on ey on the N e w Y o r k Stock Exchange
rose above 1 0 % , w ith the result that declines ranging from
2 to 16 points developed in practically all issues. T ho
heaviest declines were in the m otor group, which had been
conspicuously strong for som e tim e. T h o decline had no
lasting effect, the m arket steadying itself on W ed n esday and
resuming its upward trend on T hu rsd ay and F rid a y .
On
the latter d ay m ost issues had m ade up all of their previous
losses and m an y showed net advances for the w eek.
T h e railroad list did not display the resiliency of the
industrial properties, U n ion Pacific closing tho week with
a net loss of 3 % points and Southern Pacific 1 % .
In the industrial list, the m otor issues were again con
spicuous, General M o to rs showing a gain for the week of
3 2 points and Studebaker about 10 points.
T o -d a y ’s m arket m anifested considerable irregularity,
strength in the early trading being followed in the afternoon
b y a reactionary tendency, b ut the general undertone remained
firm , despite heaviness in certain issues ju st beforo the close.

S t a t e a n d R a ilr o a d B o n d s . — Sales of S tate bonds on tho
B oard this week were lim ited to S I ,0 0 0 4s of 1958 at 9 6 } ^ .
T h e genoral bond m arket was som ew hat less activ e, par
ticularly towards tho close of the w eek, an d prices showed
a tendency toward heaviness, B . & O . 4s declining 1 }^
points to 7 6 3 ^ , Inter .-M erca n tile M arin o 43^s 2 % to 100 34,
Inter .-M e t . coll. 43^s 2)4, to 4 0 , and Pierco Oil 1 % to 10734O n the other han d, certain of the railroad issues were stronger,
particularly B . & O . co n v. 434si which advanced 34 to 7 9 ;
H u d son & M a n h a tta n a d j. 5 s, up 24 to 6 2 % , an(l N . Y .
Central deb. 6 s, which gained % to 1 0 0 % .

U n it e d S ta te s B o n d s . — T h e 3 2 4 % V icto ry Loan notes
m ade their initial appearance on M o n d a y , opening at par.
T h e w eek’s range has been betw een 1 0 0 .2 0 and 9 9 .9 8 , with
the close a t 1 0 0 .0 8 .
T h o F ou rth Liberty Loan 434s broke
through 9 5 , again reaching a low point of 9 4 .8 4 and closing
the week a t 9 4 .9 4 .
For to-day's ■prices o f all the different
issues and f o r the week's range see third page follow in g .
F o r e ig n E x c h a n g e . — Sterling has ruled easier, though
showing partial recoveries before the close. Continenta lexchange m oved irregularly and tho neutrals were again w eak.
N o spectacular changes, how ever, were recorded.
T o -d a y ’s (F rid ay’s) actual rates for sterling exchange were
4 6 0 3 4 @ 4 61 for sixty d ay s, 4 6 1 2 4 @ 4 6 23 4 for checks and
4 6 2 2 4 @ 4 6334 for cables. .Com m ercial on banks, sight,
4 6 0 % @ 4 6 1 ; sixty d a y s, 4 5 9 3 4 @ 4 5 9 2 4 ; ninety d ays,
4 5 8 3 4 @ 4 5 9 , and docum ents for paym en t (sixty d a y s),
4 5 8 2 4 @ 4 59.
C o tto n for p ay m en t, 4 6 0 % @ 4 6 1 , and
grain for p aym en t, 4 6 0 2 4 @ 4 6 1 .
T o -d a y ’s (F rid ay’s) actual rates for Paris bankers’ francs
were 6 5 3 @ 6 57 for long and 6 4 8 @ 6 5 2 for short.
G er
m a n y bankers’ marks were not qu oted.
A m sterd am bank
ers’ guilders were 3 8 5 -1 6 @ 3 8 2 4 for long and 3 8 1 1 - 1 6 @
38 13-16 for short.
E xchange at Paris on L on don , 3 0 .0 0 f r .; w eek’s range,
2 9 .7 3 fr. high and 3 0 .0 0 fr. low .
T h e range for foreign exchange for the week follow s:
Cables.
Checks.
Sterling, Actual—
Sixty days.
4 64 4$
High for tho week__ 4 62 M
4 634$
4 62 4$
Low for tho week__ 4 604$
4 614$
Paris Bankers' Francs—
6 25
High for the week__ 6 33
6 27
Low for the week___ 6 58
6 50
6 52
Amsterdam Bankers' Guilders—
39?$
High for tho week
39 11-16
394$
38 15-16
Low for the week__ 38 5-16
384$
O u t s id e M a r k e t . — T rading on the “ curb” this week
while not so active as recently was in good volu m e. T here
was a slight drop in prices on T u esd a y but the m arkot soon
regained tho firm tono which has been its chief character
istic for som o tim e p ast.
In the industrial group N a t .
Ice & C oal was a strong feature. A fte r early weakness
from 71 to 6 9 , it sold up to 7 93 4 and closed to -d ay at 7 9 .
General A sph alt co m . after a loss of somo five points to
7 1 3 4 recovered to 7 4 .
W m . Farrell & Son co m . after a
drop from 5824 to 55 ran up to 6 2 , tho close to -d ay being
at 6 13 4 Intercontinental R ubber declined from 33 to 2934
and ends tho week at 3 0 .
L im a L ocom otive co m . was
off from 53 to 5 1 % , then advanced to 5 5 and sold finally
at 5 4 .
Peerless T ru ck & M o to r declined from 3 6 to 3 3 ,
advanced to 4 0 and closed to -d ay at 3 9 .
Savold Tire Corp.
sold up from 5 73 4 to 5 9 2 4 . reacted to 5 5 and ends the week
at 5 5 3 4 N . Y . Savold Tire lost tw o points to 5 4 .
In the
oil stocks Com m onw ealth Petroleum was one of the m ost
active advancing from 53 to 63 tho final figure to -d ay being
60.
H ou ston Oil co m . dropped over 10 points to 120, but
recovered finally to 1 28.
Sinclair G u lf C orp . gained threo
points to 6 33 4 but reacted to -d ay to 6 12 4 - T e x -K e n Oil




C o r p ., tho successor to the K en tu ck y P etroleum , m ade its
appearance and m oved up from 4 3 4 to 634 and closod to
d ay at 5 3 4 . M id w e st R e fg . lost five points to 184, bu t
recovered to 188 fin ally. Sholan Oil im proved som e 6 34
points to 52 and ends the week at 5 0 3 4 T h e m ining group
was m ore activ e, due to the introduction of several new
issues. B onds quiet and stead y.
A com plete record of “ curb” m arket transactions for the
week will be found on page 2 3 1 9 .
For daily volume o f business see page 2 3 1 9 .
T h e following sales have ocourred this week of shares n ot
_a_J -_
linta AnofAa T*rninn Pa II ATir*

Rangesince Jan. 1.
Range for Week.
Sales
STOCKS.
for
Week ending June 6. W
Lowest. Highest.
Highest.
eek. Lowest.
are.
share. $ pershare. $ pershare. $64persh
Par. Shares S perJune
May
Juno 2 294$ Apr
3 54
Adams Express......... 100 1,200 50
Jan 474$ Juno
474$ Juno 4 33
200 444$ June 2 105
Juno
June 3 84 4$ May 105
984$ Juno 4
Am Bosch Mngn_.no -p
ar18,500
6 90 May 914$ Juno
100 914$ Juno 6 914$ Juno
Am Brake Shoe A F . . 100
103
May
Juno
2
Apr
8
8
June
5
91
824$
1,300
American Express___100
Am Smelters Securs—

505 934$ Juno 3 94
700 1224$ June 3 125
Am Sumat Tob rights__ 15,625 34$ June 4 5
34$ June a 34$
2
June 4 2 4$
Juno 4 55 4$
11,900 53
341 744$ June 4 75
420 764$ June 2 77
904$
900 884$ June
94$ Juno £ 94$
Atlanta Blr A Atl.
zl 10 June (’
14$ June 2
2,300
1024$ June 2 102 4$
June 2 99
125 99
25
Juno
26
Bklyn Bap Tr ctfs dep.
91
June 5 91
Bklyn Union Gas____101
600 914$ June 5 92
Juno £
400 100
900 84$ Juno £ 94$
Juno 2 78
500 76
53
June 4 53
5,400 274$ June 4 324$

100
1,000

6
zl 10
2

100
200
1,100
2,000
200

6

100

100

June
Juno
Juno
Juno
Juno
June
Juno
Juno
Juno
June
Juno
June
June
June
Juno
June
Juno
Juno
June
Juno
Juno
June

Mar
2 92 4$ Feb 94
May
105
Jan 130
2
24$ May 54$ May
Apr
Apr 5
3
Jan 34$ Mar
3 174$ Jan 55j^ May
Mar 794$ May
5
3 584$ Feb 804$ May
Jan 964$ May
3
May
Mar 11
3
Jan •rllO Juno
4
14$ Jan 24$ May
2 904$ Jan 1024$ Juno
Apr 1004$ May
2 97
5 194$ Mar 274$ May
May
5 774$ Apr 92
May
5 71
Feb 92
May
4 98
Feb 101
2
4$ Mar 114$ May
Juno
Apr 78
70
June
4 50
Apr 53
16
Jan 324$|Juno

6

1
6 1
01
68
6
6102

6
6

8

Juno
Mar 117
Juno 5 109
June 5 117
June 4 r70Ji June 0 564$ Mar 704$ Juno
May
Juno 4 914$ Jan 100
Juno 5 100
May
May 28
Juno 2 244$ June 2 21
June 2 27
Apr 524$ May
Juno 4 51
June 2 304$ Apr 504$ May
June 2 4 4
4
May 114$ May
Juno
94$ Juno 3
Jan
75
Juno 5 654$ May 82
June
May
604$ Feb 75
June 2 744$ June
374$ Jan 524$ Juno
Juno 3 52 4$ June
June
109
June 1114$ May
Juno 109
9 4$ Juno
June
54$ Apr 94$ Juno
Apr
Jan 74
72
Juno 3 58
June
Mar 624$ May
June 4 48
Juno 4 54
Jan 1984$ Juno
Juno 1984$ June 5 150
May
June 4 934$ Feb 99
June 4 99
Jan 404$ Juno
27
June 2 404$ Juno
294$ June 2 284$ June 294$ Juno
June
Juno
May 117
Juno 2 110
June 5 117
May
Juno 2 144$ June
94$ Feb 20
May
Jan 47
June 3 43 4$ Juno 3 33
88
Juno
Juno
June 3
384$ Jan
Juno
June 2 1634$ Feb 197
June 2 197
Jan 844$ Juno
47
Juno 3 844$ Juno
June 2
June 5 824$ Feb 944$ Apr
June 3 10>4 Juno 3
74$ Feb 114$ May
May
Juno 5 314$ Jan 38
Juno 5 38
June 4 964$ Juno 5 964$ June 974$ May
Mar
Feb 48
Juno 4 424$ Juno
Mar
Apr 91
June 2 874$ Juno 5
Apr
Apr 130
Juno 2
June 2 125
Jan 594$ May
June
June 3 58
May
Jan 100
June 3 994$ June 2
Apr
884$ May 109
June 3 994$ Juno
Juno
Juno 4 1064$ Jan 136
June 4 136
Jan
June 2 004$ Juno 5 654$ May 83
Feb 114$ May
7
Juno
114$ Juno 2
May
June 5 234$ June
164$ Apr 25
Apr 2244$ Jan
Juno 2 2194$ Juno 2 201
Jan 1134$ May
Juno 4 1124$ Juno 2 107
June 4 1034$ Juno
944$ Jan 1034$ Juno
Juno
Juno
110
Apr 195
Juno 3 195
Juno
Juno
Jan 112
June 0 112
107
June
Apr 119
Juno 5 100
Juno 3 119
Apr 804$ Apr
Juno 4 70
Juno 4 74
May
Mar 40
June 5 31
Juno 5 25
Jan 994$ May
Juno 3 97J$ Juno 2 60
May
Jan 110
June 110
Juno 3 104
Juno
May 100
Juno 2 100
Juno 5 90
June 5 97
June 5 854$ Mar 984$ May
Feb 1194$ May
June 4 114
June 4 117
Juno -l 374$ June 2 294$ Jail 394$ Apr
109
Jail 1274$ Juno
June 4 1274$ June
June 5 1034$ Feb 1084$ May
June 5 106
Mar
Juno 5 104$ Juno
54$ Feb 14
Juno 2 424$ June
284$ Apr 424$ Juno
June 2 25
Apr 324$ May
Juno 2 32
May
Juno 5 52
Juno 5 424$ Apr 52
Apr
Juno 4 32
Juno 2 194$ Feb 35
May
June 3 524$ June 2 444$ Mar 55
May
Juno 3 194$ Juno 2 15
Mar 20
Juno
Jan 97
Juno 2 97
Juno 2 46
Juno
Jan 52
Juno
52
Juno 2 43
Mar 574$ May
June 4 56
Juno 2! 46
Jan 334$ Juno
22
Juno
334$ June
Juno 2 274$ Apr 394$ May
Juno 4 39
May
Juno 0 44$ Mar 14
Juno 2 14
Apr
44
Juno
June
4 08
.100 1,3001 58 4$ Juno
Pitts C C A St L
June 2 904$ Jan 994$ May
Juno 2: 98
^00, 98
Pitts Steel pref........... .100May
Juno 3 124$ Feb 19
T>nrw1 Grook Gnnl
IOi 4 ,200] G /“S «JIIDG*>| IS
Apr 644$ Juno
51
Punta Al^re Sugar
50 11,200 554$ Juno 2 644$ Juno
May
St Joseph lead
lo! 2,700i 144$ June 4 15
June 2 134$ May 15
Jan 37
May
22
St L-San
a
100
324$ June
wt
u-san Fr
rr nrcf
pret .a
iu
i>| U 0 0 60J<
June 5, 33
< ^ June 5
534$ Jan 64 4$ Juno
Mar 93
85
Juno
6001 914$ Juno 5 93
Juno
Jan 181
Juno
174 Juno
181
Juno 5, 132
Mar 2824$ May
270 Juno
279
June 2 200
Jan
470
May
180
Tex Pac Land Trust. 10O
£ r ? 5 ,. ’Iune
-Juno 3
134$ Jan 244$ May
Third Avenue B y____ 100 ,
| 224$ Juno 4 24
June
Jan 250
May
Tidewater Oil_________ 100400245
Juno 3.250
June 5 207
May 84$ May
5
T o lS t L A W trre c......... LS00, 54$ Juno 5
June (.
Mar 18
Juno
Preferred tr rec_____ . 1.200 164$ June 5 18
June (> 10
37>$
Transue A W ’ms
‘{u n 0 qtno Juno.1Jan 584$ May
Jan 187
May
Underwood.................100
400180
June
3 182Juno115
2
Apr
United Drug .
100 1,0001234$ June
4 12;>Juno2904$ Jan 130
504$2 Jan 584$ May
1st preferred_______ 50
500 544$ Juno
554$Juno
913
Jan 124
Juno
9,1 nreferred
100
300123
JuilO
2 124JllIlO
Feb 324$ May
104$
T i i r.wnr^ ............100
400 294$ June
3 294$June
4
174$ Jan 504$ Juno
U Bealty A Ymptl1100,13.400 44
June
3 504$June
Apr 79
May
Wells, Fargo Express 100 LOOOj
Juno
2, 70 June 53
Jan 116
May
944$
Westlngh’se Air Brake 50
*90 J-l “ >‘ -June
54134sJuno
4
Juno
Wilson A Co pref____100
400 1034$ Juno
3 104June4964$ Feb 104
117
C a lif P a ck in g p ref___ 100
C a lu m et & A riz o n a ___10 L70O 64 4$
97
600
C a so (J I) p re f.............100
700 22
C en tra l F o u n d r y ____ 100
48
P referred .................1 0 0 4,600
100 44 4$
C erta in -T eed P rod n o p a r
9
C h ic A E a st 111 p r e f . . 100 1,086
200 75
C h S t P M & O m a h a . 100
744$
800
C lu e tt, P e a b o d y A ColOO
C o m p u t-T n b -B e c o rd 100 2,000 40
100 109
C on s G E 1, * P B a lt . 100
84$
C on s In tersta te C a ll. .1 0 4,000
400 714$
C on tin en ta l In su r____ 25
54
100
C rex C a rp e t __________100
C u b a n -A m S u g ar____ 100 3.608 196
200 99
D eere A C o p ref_____ 100
E lk H orn C o a l.......... . . 5 0 42.500 *30 4$
900 28 4$
E m e r s o n -B r a n t _____ 100
F a m P la y -L a s k y n o p a r 31.500 112
14
300
F ed eral M g A S m ltg .1 0 0
600 42 4$
P referred ............. . .1 0 0
F isher B o d y C o rp n o p a r 10.400 77
200 1954$
G eneral C h em ica l___ 100
79
G eneral C ig a r I n c ___ 100 41,700
G en M o to rs d eb s tk _ .1 0 0 3,400 90
104$
100
G u lf M o b A N or c t fs . 100
100 38
P r e f e r r e d __________100
964$
225
I n t N ick el p r e f______ 100
38
Jew el T e a I n c ................100 11.400
700 854$
P r e f e r r e d __________100
125
100
K a y ser (Julius) A C o 100
600 53
K elsey W h eel I n c ___100
300 98
Preferred .................. 100
914$
47,100
K e y s to n e T ir o A B ___10
100 136
K resge (S S) C o .......... 100
4$
L a cled e G a s .................1 0 0 1,200
300 11
L a k e E rie A W e s t . . .1 0 0
500 234$
P r e f e r r e d __________100
100 210M
L ig g ett A M y e r s ____ 100
300 112
P r e f e r r e d .................. 100
200 1034$
L oose-W iles 1st p r e f. 100
L orlllard ( P ) .................. 100 10,520 1744$
-P referred .....................100
( ” [) 112
M a n h a tta n S h irt____ 100 2 ,500 1164$
73
200
M a r lin -B o c k v t c n o p a r
100 31
M ath leson A lk a li_____ 50
95
1,450
M a y D e p t S tores____ t o o
300 1094$
P r e f e r r e d __________100
60 99
M ich ig a n C e n tra l___100
600 95
M St P A S S M a r ie .. 100
100 117
N a sh v C h a tt A St L .1 0 0
N a tion a l A c m e ................50 2.900 364$
N a tion a l B is c u it____ 100 2,300 122
100 106
N a tl C loa k A Suit p f.1 0 .
600 94$
N a t B y s M e x 2d pref 1(1
9,800 37
N O T e x A M e x v t c . 10
300 32
N Y C h ic A St L o u is . 100
100 52
2d p referred _______100
N ew Y o r k D o c k _____ 100 1,100 30>6
400 52
P r e f e r r e d .................. 100
N o rfo lk S ou th ern ___iOOi 1-200 19
N o v a S cotia S A C . . . 100 * ‘ -000 814$
O h io F u el S u p p ly ____ 2 5 j.0 9 0 51
O w e n s B o tt lc -M a c h ___25 LJOO 55
P a cific T e l A T e l ____ 100 L 7 0 0 264$
P en n Seab S t’ l v t c n o p'r\ 3 ,0 0 0 364$
P eoria A E a stern ____ 1001 2 ,4 0 0 12

>6
'A

6
6
6

6

6

6

6
6
6

88

90'A

6
6
6

66

6

6
6
6
6

6

6
6
6

14

6

6

68

6

6
5 54 Jun0 6
6
6
6
6
6
1-4,w'1^7

500
1,200
3 41700

..no par''

6

8

88

6

6

N ew

Y ork

S to ck

E x c h a n g e — S to c k R e c o r d , D a ily , W e e k ly
OCCUPYING TWO PAGES

an d

Y e a r ly

2 3 1 1

Pcx record of ealet during the week o f stocks usually Inactive, tee preceding page.

Sales/or
the

niQH AND LOW 8ALB PR1CBS—PBR 811ARB, NOT PER CENT
Saturday
May 24
S per share

Monday Tuesday Wednesday
June 4.
June 3.
June 2.
pershare $ pershare
$ per sh
are S 99%
102% 100
101%
101?t
87%
100
54%
59
28%
103l2
07l2
9*,
281g
46%
711a
103i2

103
87%
.07
55
59
29%
165%
08%
10%
29%
47
72
104

87
104%
53%
59%
20%
103%
07
10
28%
45%
70
101
130
29%
30i2 31
82%
83li 83%
70%
70% 70%
48
47%
48
72
72
71
29
29
29
58

yA
w
o

A

w
o

a
O
o
H

50
113% 113% ♦111
208 208
8
8
81.1
10%
*10
11
19
18% 18%
30%
30% 30%
22%
*21
22
97%
97% 98%,
40%
45% 46%
101%
101% 102
8
7%
7%
28%
27% 29
23
23
23%
50
*55
57
54%
50% 59%
120
120 120
15%
14% 15%
9%
9
9%
20
19
19%
32%
31% 33%
57
50
57%
82
81
81*i
32%
31% 31%
23
23
23
108% 108% 110
97% 98%
98
47% 47%
47
21%
20% 21%
01% 02
02
48
48
37
39%
40%
83% 83%
84
87% 91
90%
*30% 38
*37
*37
40
*37
20% 21%
20%
*20
22
*20
*34
38
*35
10% 10%
10
20% 20*4
119 l in * 111%
30% 31
30%
70
70
70
51
54
54

113%
31%
70%
52
56
135
73%
12%
20%
11%
30%
24%
13
*22
22%
56
10%
♦22
*38

115
109%
32
■30%
72
70
54%
51
57
58
130% 133%
73%
7o*4
12%
12^2
20-3
20%
12
11
37
36
24?j
13%
12%
♦22
26
22%
23
56
55
10%
10%
*21
25
41
*38

113%
31%
70%
53%
00
135% 132% 135%
73% *73
73%
13
*12
12%
20%
24% 20
11*2
10% 11%
35% 30
30%

32%
09%
91
3*1
2%
44%
95
109%
101%
83*8
95
58%
104%
103*4
116*4
59

33
33%
75 | 73%
90
91%
3%
3%
2%
2%
43
45%
90%
90%
112% 109%
102% 100%
82%
80%
*93
95
57
59%
101% 103%
100% 101%

35*8
74%
95
3%
2%
45%
90%
114%
100%
87%
95
00
101%
100%

33%
74
91%
3%
2%
43%
♦94
109
100%
84%
*92
50%
____
104%

34%
74
92%
3%
21*
44
90
110%
100%
87
95
58%
____
107%

01%

57%

00%

57%

59

12%
37%
124
01%
74
iiu>8

13
38%
127%
64
75
xio«i

12%
32%

96

~~3*2
~~

115

96
----

ZiOZ>4 loo*2
109%
1U0*4 lU/*8
105
103
45%
18%
53%
70%
102
72*4
103%
135%
80%
81%
112%
21%
*151
13%
27%

XUi
111
105%
40%
18%
54%
71%
103
72%
100%
137
82*<
85
1123!
22%
155
13%
31%

13%
26
23
55
10%
23%
41

12%

12%

23% 23%
50
50
—
____
—
____
—
____

102%
80%
105
54%
59%
28%
105%
68%
10
28-%
40%
72
103
133
30%
83%
71%
49
28%

35
72
92%
3%
2%
44%
95%
110%
100%
88
*93
58%
105
107
117
59

ay Week
Jun 0 Shares
$ persh
are
101%
87%
104%
54
58%
27%
104
67%
10%
29
453,
71%
102%
132%
30
833,
71%
49%

1027*
87*,
105
54%
58%
28%
104%
68%
10%
291*
47%
713,
10378
132%
30%
84
72
54%

27%

28%

50
115

♦111 115
201 205
8
11%
10% 11
19
19%
19%
31%
30% 32
22%
22% 22%
99
98% 99%
40% 48%
47%
101% 101% 102
73,
8%
8%
29%
28
29%
233, 243,
24
50
♦56
57
55%
55% 50
120
120 120
18%
18% 19%
97g 10%
10%
21%
21%
20
34
33% 34%
58
58% 58%
82% 83*,
83%
34
33
34%
23
110% 1093, 110%
98%
98% 99
47% 471*
47%
223, 23%
22%
02% 03%
02
40%
41
823,
84
92%
91%
371, *37
38% *37%
2P% 213,
____
22
36
10
10
20 lo
112% 111%
32
31%
71
70%
53
65%

13 4% 135%
*73% 73%
11% 12
24% 24%
11
11%
35% 37
24*2
12% 13%
*22
20
24
24%
♦50
58
10% 10%
22
22
40
40%

13
12% 13%
12%
38%
35% 36%
35%
120
122% 125% 125%
62*2 05%
04% 081.1 09%
71% 75
73% 75
75
1U**2 112
100 108% 108
0/®4
00% 07%
07
*95
90%
95% 95%
95%
80%
82% 84%
85%
107% - - - - ____ *100%
33t
3*8
2%
3%
2%
00
62
62
82*8 80% 81%
80%
106*2 100% 100%
03*8 36
38%
38%
129 132
130% 135% 136%
* 117 1L9
____
IUO‘2 1U3*8 100% 107% 100%
1U3
100% 100% 100%
211'8-*209 211
211
AUU'*8 XUU*8 •100% 100% 100%
HU loU
114% 120
120
100 109
108 109% 108
44
40%
43% 44% 45
10% 19%
17% 19%
19%
52% 53%
53
55
50%
09% 71%
69% 70%
70%
100 108
102 163% 104
*71
74
♦72
75
•72
101*2 10734 101% 103% 103%
132% 135% 133% 13 4
134%
83% 83%
83
83
84
82
85%
81% 83%
84
112% 112%
113
21% 22
21% 21%
21%
152 151% 151% 151% 151
12% 13%
12% 13
12%
27% 31%
30%
291*
20

* Bid and asked prloec no s »ies on this dap.




June 5
S persh
are

101
87
80%
105
105
54%
53%
59%
59
28
28
1041* 103%
07%
07%
9%
10
28%
28%
45
45%
70%
71%
102%
L02
133 *130
29%
30
82
83
70%
70%
48
48
74
28
28

109
99
47'%
22
02
49
37%
82%
90
♦37
38%
22%
22%
*35
10

*7%
10%
18%
30%
*21%
98%
40%
zl01%
8%
29%
23%
*54%
GO
121
143,
9%
20%
33
57
82%
32

2

87
103%
53%
*58%
20%
104
00%
9%
28%
45
70%
102
♦130
29%
82
70
48
*70
28

114% 115
*208 210
8
8%
8
10
11%
11%
19%
18% 19%
31%
30% 30%
22% *21
22
99%
97% 99
45% 47%
47%
102
101% 101%
9%
8%
7%
30%
29
20
24
23% 23%
57
50% 50%
00%
59% 00%
121
14%
13% 14%
9%
9
9%
20%
18% 19%
33%
31% 33%
50
57%
57%
83%
81% 82%
32%
31% 32%
23% 23%
110% 108% 109%
991*
98
99%
47% 47%
47%
23%
20% 22%
02%
02
02
49
37%
30% 37%
82% 83
82%
87
89%
90%
37%
37
37
38% *37
40
23
21% 22%
22% 22%
22%
*34
38
37
10%

115

W

88
105
55
59%
28%
105
08%
10
29%
40%
71%
103%
L32
30%
83%
71
47%
7212
29 “
53

Thurs

135
73%
12%
20%
11%
37
♦24
123,
♦22
24
*50
10%
22
*39

42%
83
93%
37%
38%
23%
____

30,550
1,800
1,500
12,000
1,100
18,000
5,200
18,100
2,400
3,900
21,700
7,200
3,500
400
21,300
2,000
5,900
2,300
400
2,000
100
100
1,500
400
400
5,700
15,800
6,800
800
15,000
34,400
3,300
29,900
23,700
4,300
200
23,700
3,400
40,900
10,300
3,500
92,500
4,100
28,100
23,100
1,100
2,300
10,700
12,700
35,100
3,200
2011
81,500
1,400
144,700
100
200
30,482
200

37%
73%
94%
3%
2%
4,91
90
112
101
90
95
59%
100
1073,

13
37%
128%
73%
70%
109
08
95%
86%
107%
3
62%
83%
100%
38%
139%
____
109%
107%
2133,
100%
1243,
110%
40%
21%
60
72%
107
75
105
134%
84
853,
113
21%
151
13%
31%

12% 10,000
30% 09,800
128% 131,200
70% 43,400
701,
7,800
1093, 84,000
72
27,700
97%
1,520
80% 50,800
107%
200
2%
8,300
02
4.100
84% 71,800
100%
1,200
38% 58,000
139% 41,800
118
100
109% 25,600
107% 19,000
217*1
0,100
1011*
500
123
01,900
109%
7,249
493, 17,200
21% 41,000
01
5,300
73
79,400
178
37,100
73
100
105% 148,000
134%
2,000
85
5.30C
803, 100.90C
113%
1,000
23
10,800
151
800
13% 11,000
301® 71.900

t Ex-rlghti.

Railroads
Par
Atoh Topeka * Santa Fe.-lOO
Do
pref...........................100
Atlantic Coast Line R R ..1 0 0
Baltlmoro A Ohio................100
Do
pref...........................100
Brooklyn Rapid Transit.. 100
Canadian Pacific__________100
Chesapeake A Ohio______ 100
Chicago Great W estorn ...l00
Do
pref______ ________ 100
Chicago MUw A St P a u l.. 100
Do
pref______________ 100
Chicago A Northwestern.. 100
Do
pref...........................100
Chic Rock Isl A Pac temp ctfs.
7% preferred temp ctfs____
6% preferred temp ctfs____
Clev Cln Chic A St U ju ls.. 100

1

00%

20,200
3,900
17,200
1,000
8,100
27,410
1,400
17,700
500
52,600
100
74,700
740
30,900

PER SHAKE
Range Since Jan. 1.
On basis ot 100-Jftare lots.
Lowest.
$ per share
90
Feb 3
85 May 2
95 Mar27
44
Jan21
50
Apr21
18% Jan27
155»« Jan21
53>, Jan21
7% Jan21
23% AprlO
34% Feb 15
65% Jan21
93% Jan21
128
Apr22
22% Jan21
73% Jan21
61% Jan21
32
Feb17

Do
pref.......................... 100
American Beet Sugar......... 100
American C a n ...................100
Do
pref________ _____ 100
American Car A Foundry. 100

27,900 American Cotton Oil--------100
Amer Druggists Syndicate. 10
American Hide A Leather. 100
Do
pref______________ 100
American Ice_____________ 100
Do
pref.......................... 100
Amer International C orp.. 100
American Linseed............. 100
Do
pref.......................... 100
American Locomotive____100
Do
pref.......................... 100
American Malting............. 100
Do 1st pref ctfs dop stpd. .
Amer Smelting A Refining. 100
Do
pref.......................... 100
American Sugar Refining.. 100
Amer Telephone A Teleg ..l00
American Tobacco........... .100
Do pref (new)............... 100
Do
pref......... .................100
Amer Writing Paper pref.. 100
Amer Zinc Lead A Smelt— 25
Do pref............................ 25
Ancaonda Copper M ining..50
Atl Gulf A W I S3 Line.. . 100
Do
pref.......................... 100
Baldwin Locomotive Wks.100
Barrett Co (The)................100
Bethlehem Steel Corp------100
Do Class B common.. 100
Do cum oonv 87, pref__
Booth Fisheries..............
par
Burns Bros............................ 100
Butte Copper A Zinc v t 0 ..5
V
Mlnlnir 10

No

Lowest.

Jan21
Janl4
Jan 9
Janl3
Jan20
Jan21

138% May29
74*i Mar 5
15% Apr29
31
Apr28
12% M ayl9
38 May 19

109*, Jan

9% Apr21

13% May 19
27 MaylO
2478 June 6
01% Jan 9
12 MaylO
24 MaylO
41% MaylO

7% Feb13
25 ' Jan2l
063, Jan21
27% Jan21
124%
72
7%
15
7*,
30%

17
52%
7*,
17
30%

Feb 3
Feb20
Mar 5
Jnn30
Jan22

37% June 0
Jan2l
75 June 2
Jan20
95
Apr28
Janl3
4% Janl5
Apr 4
23, May22
Jan 2
46% May27
Jan21
96% June 2
Jan23
Jan29 113*, May 1
Jan 9 108 Mar 15
90 June 6
Jan 3
95 May 29
Jan 13
61 May 27
Feb 11
Jan 6 105 June 5
FeblO 108% June 5
117
Apr22
61%June 2
39% Jan 2

21
50%
60
3%
13,
30
81%
99%
98
62
84*,
42%
98%
84%

10% Jan21
13% Jan 4
71% Jan 2
38
Jan21
543, JaniO
52% Feb 8
44% Mar 1
85 Mar 1
53
Jan21
100
Janl4
1
Janl7
51
Apr 2
62% Feb 0
103
Feb20
33% May 10
111% Jan21
113% Jan 6
90% Janl3
98% Jan29
191% Feb 4
90% May 14

45% JanlO

94%
27%
11
40
66%
92
64
64%
103
65%
55%
101%
18%
138
5%

Feb 8
Jan 2
Jan31
Jan21
Feb 6
Fob 8
Jan29
Jan29
Jan 2
Jan20
Jan21
Jan22
Janl4
Feb 6
Feb20

I]Leas than ioo shares, a Ex-dlv. and rights. x,Ex-dlvldend,

14% Mar 7
3878 June 2
12878June 6
76% June 6
76% Juno 6
113*, June 2
72 June 6
98% Aprl5
87% June 2
1073, May27
5% May20
62% June 5
847s June 0
109 M ayl3
39 May27
139% June 0
119 May 24
118 Marl2
108% MarlO
217*,June 6
106
Jan 6
130 June 3
HO*, June 5
49*, June 6
21%June 6
61 June 6
73 June 6
178 June 6
76% May 8
107*4 June 3
138*, May 21
85 June 6
86*, June 6
113% June 6
24*, May22
166 Apr 23
14% May27
31% .Tune 3

Highest.

$ per share S per share
81
80
89%
48%
53
25%
135
49*i
6
18%
37%
66%
89%
125
18
56*4
40
26

..No par

Advance Rumely................100
Do
pref.......................... 100
Ajax Rubber Inc..................5 0
Alaska Gold Mines-------------10
Alaska Juneau Gold Mln’g.10
Allls-Chalmers M fg........... 100
Do pref......... ................ 100

Highest.

%per share

PER SHARE
Range for Previous
Ytar 1918.

104 May27
89
Jan 4
107 May29
55% May27
59% May27
29*, June 2
170% May 7
68% May 17
11% M ayl9
30% M ayl9
47% May 19
74% M arl2
105 May20
133
Janl7
31 May 19
84 June 6
72 June 6
54% June 6
73 M ayl6
31*4 May 5
58 May26
51% May29
116 May29
217 May 7
8% May21
13% May 5
20% M ayl9
32% May 19
23 M ayl9
100% May27
48% June 6
104 May 16
9% June 2
30% June 2
25% M ayl9
57 May 21
60% June 2
1223, May 17
19% June 6
11% Apr25
25 M ayl9
34% June 6
58% May26
83*, June 6
34% M ayl9
24 M ayl9
112% May 19
99% May27
48% M ayl9
24% May 19
63% June 6
49 May21
42% June 6
84 June 5
93% June 6
38% Fob 4
39% MaylO
25% May 8
223, May 8
37 M ayl4
11% May 19
22 MaylO
115 June 2
33 M ayl9
72% May27
5578 June 6

Colorado A Southern_____ 100
19»« Jan22
Do
1st pref___________ 100
Do
2d pref.................... 100
45 ’ F«h 4
Delaware A Hudson______ 100 101
Jan20
Delaware Lack A W estern..50 172% M arl8
Denver A Rio Grande____100
33, Jan 8
Do
pref...........................100
6% Feb 3
Erie..........................................100
15% Jan21
Do
1st pref___________ 100
24*, Jan21
Do
2d pref.................... 100
17% Apr 3
Great Northern pref______ 100
89% Apr21
Iron Ore properties..No par
31», Jan 2
Illinois Central___________ 100
96
Jan21
Interboro Cons Corp
3% Mar24
Do
pref______________ 100
11% Mar29
Kansas City Southern____100
16*, Jan30
Do
pref______________ 100
49% Jan21
Lehigh Valley_____________ 50
53% Aprl5
Louisville A Nashville____100 113 Mar 8
Mlnneap A St L (neto)____100
9% Jan21
Missouri Kansas A Texas.100
4% Feb 10
Do
pref.......................... 100
8% Janl3
Missouri Pacific trust ctfs. 100
223, Jan21
Do pref trust ctfs_____ 100
49% Jan21
New York Central_______ 100
69% Jan21
N Y N II A Hartford------ 100
253, Feb 13
N Y Ontario A Western.. 100
18% Jan21
Norfolk A Western_______ 100 103 Mar 0
Northern Pacific..................100
88% Jan21
Pennsylvania.......................... 50
433, Apr21
Pere Marquette v t c_____ 100
12% Jan21
Do prior pref v t o____100
50 Mar27
39 Apr 7
Pittsburgh A West Va____100
34
Jan21
Do
pref______________ 100
79
Jan31
Reading................. .................50
75
Jan21
Do
1st pref____________ 50
35% May 2
Do
2d p re f.....................5
30 Apr 30
St Louls-Sah Fran tr ctfs.. 100
103, Jan21
St Louis Southwestern____100
10 Apr22

1,100 Seaboard Air Line................100
10%
211a
90C
112% 270,000 Southern Paclflo Co........... 100
32% 29,300 Southern Railway________ 100
3.80C
70%
Do
pref______________ 100
55% 128,000 Texas A Pacific....................100
1,800
130% 25,000 Union Paciric........................ 100
900
73%
Do
pref......................... 100
123,
2,700 United Railways Invest.-.10 0
20%
1,400
Do pref......... .................100
11% 13,700 Wabash__________________ 100
37% 13,000
Do
pref A ...................... 100
200
24*0
131,
4,700 Western Maryland (new). 100
20
24%
5,500 Western Pacific....................100
58
500
10%
2,300 Wheeling A Lake Erie Ry.100
22%
OOO
Do
pref______ ________100
41
500 Wisconsin Central_______ 100

30%
30
74%
73
933,
94%
3%
3%
2%
2%
44%
45
90%
90
111% 111
100% *993,
893,
88
*93
95
59%
58%
106 *104
108% 100
117
59%
58*,
12%
35*8
127%
72%
74%
100%
08%
95%
843,
107%
2%
01%
83
1053,
37%
130%
118
108%
107
213%
101
118%
108
40%
20%
60
713,
101%
*72
1033,
134%
85
843,
113
21%
150
13%
203,

STOCKS
N E W YO R K STOCK
EXCHANGE

18

Mar
Jan
Apr
Dec
Apr
Dec
Mar
Jan
Apr
Apr
Apr
Apr
Mar
July
Apr
Jan
Jan
Feb
May
Apr

100%
160
2%
5
14
23%
18%
80
25%
92

Apr
Apr
Jan
Apr
Apr
Jan
Jan
Jan
Jan
Jan

17% Dec
45
Jan
53% Dec
7% Apr
4% Jan
6% Jan
20
Jan
41
Jan
67% Jan
27
Apr
18% jSn
102
Jan
81% Jan
43% Juno
9% May
62% Apr
22% Jan
61
Jan
70% Jan
35

Mar

19

Oct

14

May

99*4
92%
109
62
64%
48%
174%
62%
11
32
541,
86%
107
137
32%
88
75
40

NOV
NOV
Nov
Nov
Nov
Jan
Oct
NOV
Nov
NOV
Sept
Nov
Nov
Jan
Nov
Nov
Nov
Nov

27% NOV
55 Nov
48
Dec
119*4 Nov
185 Sept
7 Nov
13% Jan
23% Nov
36% Nov
27% Nov
108% Nov
34% Nov
105% Nov
9% Jan
47% Jan
24% Nov
59% Nov
65% Nov
1243, Nov
15% Nov
6*, Nov
13% Nov
31% Nov
02 Nov
84% Nov
45% May
24% Nov
112% Nov
105 Nov
50% Nov
18% Nov
64 Nov
50 Nov
40% Nov
82 Nov
96% Oct
39 May
40 July
% Deo
25 Nov
got; Jan
12 " Nov

17

110
34%
75%
29%

NOV
Nov
Nov
Dec

137% Oct
76», Nov
12 June
20 May
11«, July
44% Jan
17*, Feb

297g Dec

24*, Nov
66 June
12*4 Nov
26 Nov
39*4 Oct

11
Jan
25% Jan
49
Jan
1% Apr
1% Apr
173, Jan
72% Jan
78
Jan
89% Jan
48 Nov
.*82 Sept
34% Jan
89% Jan
68% Jan

26*4 Nov
62% Nov
72% Dec
5% Nov
3% June
37 May
86% May
100
Oct
101
Aug
84
Feb
91% May
50*, May
99
Deo
93», Deo

13

25
78

Jan

Jan
May

44*, Oct
88
Deo

22% Sept
llTs Jan
94% Aug
50
Jan
49
Oct
11% Jan
61
Oct
383, jan
60% Oct
61% Sept
47% Deo
27
Jan
92
Deo
09% Jan
71*, May
53% Jan
*95
Jan 102% Deo
13% Feb
2% Sept
41 Sept
48
Deo
73 May
94*, Oct
103 Sept 110% Nov
98
108%
60*,
90%
140%
92%

Jan
Mar
Jan
Aug
Jan
Sept

92
20%
11
38*,
59
97*4

Jan
Apr
Dec
Dec
Dec
Jan

66% Jan
85
60
69*4
96%
21
108
6%

Jan
Dec
Nov
Jan
Jan
Feb
Dec

*11. T%n

116 May
114% Deo
145 May
109% Feb
198*, Deo
100% Deo
60% May
90*i Dec
39% Aug
21% July
53% July
*74% Oct
120% Feb
67% Nov
101», May
110 Dec
96 May
94 May
106% Apr
28% Sept
61% Oct
112% July
May

2312

N ew
'o *

'•COfd

Y ork

at

S to ck

durJaa

R e c o r d — C o n c lu d e d — P a g e 2

week o f stock* usually Inactive. *«e

BI0H AND LOW BALBPRICKS—PER30ARB. N
OTPERCBNT.
t Saturday
Monday
Tuesday
WednesdaV Thursday
Friday
May 24
May 26
May 27
May 28
June 5
June 6

Salesfor
the

Week
Shares
$ per share S per share $ per shar« S per share $ per share 5 per share
1
68 69 67% 69 % 67% 6£ % 70 71 70% 71% 4 MOO
31% 32 % 31*4 35 4 33% 34 *4 34% 357s
1
35
357g
79% 79 % 79
81 2 79*4 S
C 81 81 % 81 82 26.900
5,900
1
96% 102 7* 98 105 2 99% 102 % 103 107% 107% 109% 261,000
----- ---- . 111% 111 2 H l% 111 2 112 112 112 112%'
1
900
4
4
14
45 S 43
44 2 43% 44
44
46 7* 47
48% 28,400
1
190 200
191 201
189 195
197 199
199 200% 18,500
25^4 25 8 24% 25 2 24** 24 % 24% 25 % 25 It 25% 37.700
1
41
41 2 39% 41 s 39% 40 3 40% 41 % 41% 42% 17.900
1
48
50
49
52
48% 50 2 49% 51
497* 51% 52.100
53
54 2 51% 541s
1
51% 53 8 54
54 >4 53% 51% 20,600
1013.4 102
100
% 101
100
% 101
100
% 101 4* 101% 101%
2,100
1
8534 so?8 85% 89“8 80% 92 94 98 2 97 98% 59.700
1
67% 68-% 64% 67 8 64% 66
65% 67
1 0 1 ,0 0 0
1
1

1
1
1

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

1
1
1

>
Q
a

2
0
w
s
1
Q
H
CO

0

0

H
0
t,
3
w
0

a
«

0
5

CO
•
1
1

1

1
1
1
1
1

•

1
11
1
11
1

•

1

:

1
1
1
1
11
11
>
•
1
111
1
1
11
1

B;,l and

0 .ge preceding

PERSHARK
PKRSHARE
Range Since Jan. 1.
Rangefor Prestons
Onbasisof lOO-tftare Ion
Year 1918.
Lowest
Hight st
Lotoest Highest
IndustrU15cMisc.(Coa.) P
ar pershare S pershare 8 per share 8 per short
California Packing___ N
o par $48%
Jan
711.1 Juno
36% Jan
60 Nov
STOCKS
N E W YORK STOCK
EXCH A NG E

California Petroleum_____ 100
20% Jan
357* June
12
Jan
247* Nov
Do
pref...........................loo
641* Jan
82 June
36
Jan
70% Deo
Central Loather....... ..........
50% Feb
109*4 Juno
54%
Dec
73%
Feb
Do
pref......... .................ioo 104% Jan
Juno
101% Dec 108 Nov
Cerro de Pasco Cop___
31
Jan22
48*2 Juno
29% Mar
39 NOV
Chandlor Motor C a r ____ 100 103
Jan18 201 June
% Jan 1097, Dee
Chtlo Copper_____________ 25
1 7 Jan21
26 May 2
14% Apr
24
Oct
Chino Copper_________*”
32% Feb
425* Juno
31%
Dec
47% May
Colorado Fuel A Iron__ *100
H Fob 10
52 Juno
34% Jan
64% May
Columbia Gas A Elec. .
100
Feb
55 May23
28*4 Mar
447* Deo
Consolidated Gas (N Y)__100
87% Jan27 103% M a y l
July 105% Nov
Continental Can. Inc_____ 100
65tj FeblO
Juno
05% Oct
95
Feb
Com
Products
Refining
100
46
Jan21
Sl
May28
107*2 1071
107*4 107-1 *107 108 *107 108 *107 103
297* Jan
50% Nov
350
Do
prof...........................
Jan23 IO I May
% 07
x90% Jan 104
89% 961 t 90% 92
Deo
93% 96% 122,500 Crucible Steel of America. 100 102
9354 95
52ig Feb
97% Juno
" 1007* 100
52
Jan
747* May
700
Do pref...........................
91
Jan
1007* Juno
357* 36
34
36r
Jan
34% 36
91% Juno
35% 36 4 35% 36*8 38,600 Cuba Cano Sugar____
20% Jan27
39's May
81*4 82
81*4 82
27%
Apr
82% 83
34
Nov
817S 82
83% 84%
5,400
Do
prof...........................
Mar
85U May
14*4 15- % 14% 15
77% Dec
83
Feb
14% 14
14% 15
4,100 Dome Minos, Ltd_________
103s
Jan31
18%
M
ayl2
36
36
34% 30
June
34% 35
15 Nov
34% 25
34% 35% 15.700 Gaston \V A W In c..N o
35<g Jan21
37% May 19
1687* 169 4 160*4 169
25*4 Oct
39
Feb
168% 169 4 rl657g 166%
167*8 168
5,750 General Electric__________100 144%
Feb
169*t
Juno
215 2251 216
Jan 158% Oct
221% 235
234% 243 114,900 General Motors Corp .
100 11812 Jan21 243 Juno
91
93
92*4 95
106*4 Jan 164
Aug
93
94
93% 94
94
91%
7.200
Do pref............................
82
Jan
95 Juno
767* 78*
75% Oct
77*4 87i
81
85
88
Feb
83U 85
83% 84% 105.800 Goodrich Co (B F )_______ 100
87*8
June
3
56t2
JanlO
106 106
3.8
Jan
59% Oct
*105% 106%
100
Do
pref............................
Jan
1091* Aprl
72% 721
72
72
95% Deo 104
72% 72*
Deo
73
73
*70
73
1,000 Granby Cons M 3 & P____100 103
64
Apr21
80
Jan
42% 421*
42*4 423
42% 43
43% 44
74
Jan
86
Oct
44
44%
3.200 Groene Cananea Copper.. 100
387S Apr25
46i* Jan
74% 81
75% 78*
38% Jan
67
65% 76
58% Nov
67% 21.100 Gulf States Steel tr ctfs.,100
t Feb
81 June
58% 59*
57% 59'
58% 597
Doc 111% Apr
57% 841
59
60
9.300 Hasltel A Barker Car..,Vo
61% Mayl5
40
Feb
58% 591
56*4 59
577g 59*s 58% 60
56% 58
34
Jan
49% July
78.100 Inspiration Cons Copper..
60 Juno
42is Feb
26% 27*
25
26
26
261 *25% 20
25
25
58% Oct
41% Doc
4,000 Internat Agrlcul Corp____100
101* Jan
27*4 Juno
84
871
% 87*
87
87
10
Jan
80
87
19 June
84% 85%
1.900
Do
pref............................
48
Jan
87*4 Juno 3
131 132* 130% 1321
130% 1321
133% 136
38
Jan
65 Juno
134% 135*8 16,000 Inter flaverster (new)____100
42
45
43
461
47% 49
104
Oct 121 Nov
43% 48'
40% 48% 91.800 Int Mercantile Marine__ 100 110‘s Jan21 136 June
Jan31
53*8 May 19
124* 118*4
* 119% 123
121% 125'
%
% 105,100
21
Jan
33
Oct
Do pref......... ..................loo
92% FeblO 1281* May28
28% 28*.
27% 281
83% Jan 125% Nov
27% 28*i
27% 28
28% 29
44.300 International Nickel (The) 25
32»* Jan
24ts Feb
56% 591
56% 591
59% 61*
507* 59-*j
37
Jan
35 Nov
60% 62% 68.100 International Paper_______
30U Jan 3
62% Juno
767* 77
76% 76L
77% 771 *77% 78
76% 77
24% Jan
45% May
1.300
Do stomped pref.......... 100
62
Janl3
77i2Juno 5
127 128
123 129% 123 120-T- 125% 1261
58
Jan
125 126% 17.300 Kolly-Sprlnsfleld Tire____25
65% Jan
Jan2I 1297* April
30’% 3 /
35% 37%
35% 37
37% 38*- x38
41
Apr
39% 53,831 Kcnnocott Copper____
72
Deo
29is Feb 13 x39% Juno
84
85lj
84%
% 84%
%
% 871
87%
% 30,200 Lackawanna Steel_________ 100
29 Mar
41% Nov
% Juno
621s Jan'J
34
34*.
33% 37
34% 35
65% Dec
34% 351
91% May
347* 35% 11.300 Lee Rubber A Tiro
37% May 2
Jan22
58
01
61
63*4
607* 64
04
681
70
707g 12,100 Loose-Wiles Biscuit tr ctfs 100
12
Apr
24
Deo
40'* Feb 17
707*Juno
*105 115 *105 115 *112 115
115 115
17% Jan
45% Deo
100
Do 2d pref____________
115 June
91
Fob
*76% 80
*76% 80
*76% 80
53
Feb
96
Deo
*76% 80
Mackay Companies.............100
70
Jan22
797* May27
*64
65
___
64% 64% *63% 05
78% Feb
x63
63
70
Dec
200
Do pref............................
65
Jau
52
58
51
58*4
53% 57
51% 55
54
56
57
Jan
65 May
44.200 Maxwell Motor, Inc_______100 x03 June
58*4 June 3
26*4 Jan22
78% 79%
76% 79
78
79*.
23%
Jan
42% Nov
75% 70%
79% 83% 16,600
Do 1st. pref___________ 100
s Jan22
83*2 Juno
40
45
37
46%
43
44
697* NOV
42
437 20,000
39
45
50 Dec
Do 2d p ro f.......... .......
Jan
461* Juno 3
188% 204
188 2057* 188% 194% 192 1941, 192% 197% 2 18,300
19 May
32% Nov
Moxlcan
petroleum______
162% Jan23 2057*Juno 3
108 108
79
Jan 11)1
Oct
100
Do pref............................
108% AprlO
105
Feb
27% 27%
27% 27%
26%
27
27*.
87
Jan 107
Deo
27% 23%
5,580 Miami Copper____________
28i* May 19
Feb
53
53*4
51% 54%
52% 53%
52% 537g 64,800 Midvale Steel A Ordnance*
32% Dec
% Jan
51% 52%
40% Feb
54% Juno 3
76% 79
76% 76%
61 May
41
Dec
1.500 Montana Power________ 100
69 Mar28
79% May27
%
%
%
% 207 21% 26,100 Nat Conduit A Cah!e.N>
81% Nov
%
64 June
22% Juno 3
14
Feb
69%
76% 78
21% July
69% 70*4
13 Nnv
69% 76
79% 84% 27,500 Nat Knam'g A Starap’g . . . 100
84% Juno
451* Feb
64% May
37% Jan
*100 103
100
Do
pref...........................
93
Jan15 104 May27
807* 83
79% 82
88 Nov
99% Fob
80
81%
81% 82%
81% 82% 12.200 National L en d .................... 100
64
Jan11
83 June 2
*109 111
43% Jan
109 109 *108%
400
109% 109%
69% Dec
Do
pref_______________
107
Jan
110% May 19
18
18
17*4 IS
17% 18
99*4 Mar 105% May
17% 17*4
18
18%
8,600 Nevada Consol Copper__
5
18% Juno
MarlS
121*4 124 Zl %
% *115 120
217, May
16% Dee
%
1.500 New York Air Brake____ 100
OU Feb 3 124 May 26
56
56
56
57
*56
58
98% Dec 139 May
*56
57
57
57
500 North American Co______ 100
47
Jan 11
61*4 May23
54% 56
577* 587g 58l.t 59% 2
54% 57
37%
Aug
57%
Nov
.54% 57%
Ohio Cities Gas (The)____25
Juno
Feb 14
%
%
%
35% Mar
48
Oct
11% 11*4
%
%
%
Oklahoma Prod A Refining 5
13% May 10
Feb 3
87*
9%
%
87*
%
87a
%
%
%
87g 3,800 Ontario Silver Mining____100
10% May 14
MarlS
------ -----___
36% 38
13 Juno
36% 37
4% Jan
37
39%
2,100 Pacific Mall a s ....................
40%
May
9
29is
Feb
95*4 97%
95% 1037*
99% 101%
97% 100
%
%
40
Dec
23% Jan
Pan-Am Pet A Trans_____ 50
87
Jan21 10378 Juno 3
167 167
175 175
72% Oot
03% Oct
300
Do pref.............................100
17
Jan22 175 Juno 3
54
55
52
54%
52% 52%
53
54%
537g 537g
86
Jan 124% Oot
3,800 People’s G L A C (Chic).. 100
45's Jan22
57 May26
39% 40%
39% 40
39% 397*
397 40%
61 Nov
39% Jan
39
39%
Philadelphia Co (Plttsb).. 50
30
Jan 3
43
Apr28|
61% 05%
60%
%
64% 65%
60% 64%
63% 65% 1
35% Oot
21
Apr
Pierce-Arrow M Car___
38% Jan22
% June 3|
109% 1097* 109% 110
109% 109%
51% Nov
34
Jan
Do
pref............................
100
1011* Jan 3
10 May29
26% 27
25% 26*4
25% 26%
25% 26
104
Deo
89*4
Jan
25% 25%
Pierce Oil Corporation____25
16
Jan 2
H Aprl7
62% 63%
59% 631*
64% 60%
60% 63%
64%
%
19% Oct
15 Sept
Pittsburgh
Coal
of
P
a
..
100
45
Feb
3
%
Juno
95% 95% *95
97
92%
42
Jan
92% 93*8 *92
68% Fob
95% 95%
Do
pref............................
100
851* Marl7
98 May28
80% 82%
857, Deo
82
83%
85% 87%
85% 87%
81*4 84%
79*4 Jan
Pressed Steel Car.................100 *69 Feb11
87% Juno
55% Nov
73 Aug
104 101
Do pref....................... .100 100 Mar 3 104
Jan 14
*82
*82
93
Apr 100 Aug
*82
*82
.
Public
Serv
Corp
of
N
J
..1
00
82
Jan31
91*4 Jan 7
127 127% 127% 128*4 127% 127% 128 128
128 128
85
Oct 109% Mat
2,400 Pullman Company_______ 100
HDs Feb 14 129% May 19 100% Jan 132% Nov
92% 947*
% 85
93% 94
93% 95%
91% 92%
Railway Steel Spring......... 100
681* FeblO
95% Juno
*109 115
* 1 0 3 % ____
45% Jan
*109
____ ___
78% Deo
Do pref............................100 104
Feb 4 112 Juno 3
22% 227*
22% 227*
22% 23
%
%
95
Jan 105t, Deo
23
23%
Ray
Consolidated
Copper.
10
19 Mar 4
23% Juno
89
907*
% 90%
89
90%
89% 91% :
26% May
19% Dec
87% 89
Republic
Iron
A
Steel____100
71'* Janls
91*4 Juno
10-1% 104% *104% 104% *104% 104% 104%
% 101% 1047S
*72% Jan
98 May
Do
pref...................... .100 100
Janl3 105 MarlO
115% 117
92% Jan 102 % Sept
111 117% 113 114% 1137* 114% 113 114% 1
Royal Dutch Co (Am shares)
7044 Jan21 119% May21 *70
115% 117*4 111% 117% 112% 114% 112% 115
Dec 145
112% 115 17
Oct
Cortfs
for
New
York
shares.
i* Marl3 119% Muy21
107* 1.3
12
13
12
14
12
13
2
%
%
Saxon Motor Car C o r p ... 100
U Mur
14 Juno
%
2
% 2027* 2027* 203 203%
IS Nov
206
% Aug
1,200 Soars Roebuck A Co____100 1681*
Feb
13
212
May21
14% 147*
14% 147*
76% Deo
133*4 Juno
14
14%
14
14
14% 15
Shattuck Arlx Copper____10
10
FeblO
15% Muyl5 *13
65% 67
65
18% Fob
Dec
%
%
65% 667
% 07% 17
Sinclair Oil A Ref’g . .. V o
33U Jan 2
69% May
647*
63% 077*
25% Apr
69%
39
Feb
67
69% 1
64
65%
Sloss-Sheffleld
Steel
A
Iron
40i*
FeblO
69% Juno
517* 62%
63% 65
71% May
39
Jan
57*2 65*3
59
04%
61
65 a
Stroraherg-Carburetor.N'J
36*4 JanlO
65% Juno 3
%
105 123*4 107 112% 113% 118
115 120 32
Studebakor Corp (T h u )... 100
Jan22 124*4 Juno 2
___ ___
337* Apr
727,
Nov
99% 100
Do
pref_______________ 100
92
Jan22 100 May
69*4 71*4
67% 72
70% 72
80% July 100 Nov
67% 69%
72
73% 3
Stutx Motor Car of
42*4 Febl4
73% Juno
52
54%
507* 547*
52%
37
Oct
52% 537g 1
65
Deo
50i2 52i8 52
Superior Steel Corp’n____100
32
Jan21
547sJuno 3
34% Mar
45% May
Do
1st
pref.......
.............
100
Mar29
102 Juno 4
14% 147*
95
Feb
14% 147*
14% 15
100
Sept
14% 14%
15
15% 1
Tenn Copp A C tr ctfs.No
12i» Marl7
17% May 5
281 285
12% Dec 21 July
275% 283*4 275% 279% 2807* 283
280 282
Texas Company (The)____100 134
Jan
292 May 9 136% Jan 203
98
99%
94% 9S%
96% 99*3
Oct
97% 104
7
94% 97
Tobacco Products C orp.. 100
72»* Jan2Q 104 June
107** 108
48% Mar
104 107
106
82% Deo
1057* 106
107 108%
Do pref_______________100
99i* Mar20 108% May28
04
96
93
94
*87% Mar 1047, Deo
95
95
*90
95
*90
95
900 Union Bag A Paper Corp . 100
76
Jan
3
96
Juno
2
53
.54% 50% 53%
65
Jan
53
547g 53% 55
80 May
51% 52%
2
United Alloy Steel. . . . Vo
374* Jan 11
55 May24
133*4 134*4 132*1 135*2 132% 134% 1347* 140
367* Oct
44% May
133% 142
7,
United Cigar Stores......... 100 107U Jao
142 Juno
♦112 117
83*4 Mar 108% Deo
Do
p
r
e
f
...___________
lot)
106
Feb
113
May2J
185 1861., 182% 185
101% Jan 110 July
184 184% 184% 186
185 190
United Fruit_____________ ioo 157
FoblO 190 Juno
26% 27%
116% Jan 166% Deo
27% 28%
27% 28%
27% 28
28% 29
1'
U 3 Cast l Pipe A Fily____100
14 Janl 5
20 Juno
*63
04
63% 63%
19 May
63% 63% *02
11% Apr
64
63
03
400
Do
pref________
100
42i* JanlO
60 Apr 21
76*4 79%
47% Feb
41 Mar
75% 787*
77% 787*
77% 79% 5'.
70
77%
U F,kx1 Products C orp.. 100
Apr
81% M.vy27
* 166% 165% 155 161% 155% 158% 158 165
160% 163% 5t
U
S
Indu'trUI
Alcohol____100
97U
Jan22
167
May27
109 111 * 109 111
*96
Doc 137 May
109% 109% 109 109
400
Do
pref.....................
KV)
90U Jan
111 May23
115% 118
99 Mar
% 116% 111% 114
94
Ocr
114% 117
115 119% 10'
73
Jan31 119% June
114 115
51
Jan
80% Deo
114 114% 113% 114% 114% 114% 114% 114%
■ .710:
Do
st
preferred_______to*)
109
Jan.’O
115
Juno
2
*95
Jan 110
% 69%
Doo
06%
%
67%
67% 67%
% 09
S,4001 U So oltlng Ref A VI_____
43U Jan2t
70% May22
*49% 50
32% Apr
60% Oct
50
50
*48
50
*48% 50
*49
50
100
»„
prof............................. 50
45
Janl
50 Mar | 42% Apr
108
% 106% 1097* 1067* 108% 108% HO
47% Deo
) 11173 987
Statot
Steel
C
orp..
100
U
FeblO
U
Us
Juno
116% 117
86% Mar 116% Aug
116% 116*4 116
;
% 116% 116% 116% 1107*
pref............................loo 113's FeblO 117% May 2 108 Mar 113% Deo
81
83
80
82
80% 81%
82
84%
82% 85
27
85i* Feb 7
85 Juno :
18
IS
71% Doc
93
Oot
17% 17% *17% 18%
300
Utah
Securities
v
t
______
too
13
Jan
2
19% May 9,
73*4 80
16% Nov
11 Sept
73% 79%
77% 79%
73% 777*
70% 79% 30
51
FeblO
80 Juno 2;
114 114
33% Jan
1137* 114
114 114
60%
Nov
14 114
114 114%
1
Do
pref____________
110
Jan 7 114% Apr 3
73% 74
98
Jan 113% Deo
72
72
70% 70%:
500 Virginia Iron C A C ...........
54 Mar31
74 May29
89% 89%
90
92
91
917g 90% 91%' 3
73% July
50
Jan
90% 91%
34»s
vi
ir27
92% May26
57% 5S*4l 56% 587*
77% Aug
95% Apr
56% 57%
57% 58%
57% 58 I 56
to
40t*
Jan21
59*8 May20
. . . ___„ | 70
38% Jan
70 |
47% May
70
70
70
70
Do
1st
preferred___.
.
.
50
61
Fel>27
70 May 10
61% 62 | 58% 62%' 59
69
Jan
64% Feb
60
%
60%
60% 61%' 17
45
Jan 3
63% May 3
36% Jan
39% 4
• 37% 40%
49 Nov
367* 3778 37% 38%
38
38% 146
23U Jan22
40% Juno 2
15% Jan
30 Nov
97% 971? .
07% 97%
Do pref (new).................100
87*4 Jan 7
98% May Oj
90% o'l | 87*4 91 | 83*4 967*
75
Jan
89% Nov
96% 98
95% 98 I 40
nWwQ A Co. Inc. v I « N#
655*
Jan20
98
Juno
5
45%
Jan
77% Deo
30% 130%
30% 130%
700|
Woolwortb
(F
W
)
________
120
Feb
7
131*4 May 19, 110 Mar 128% Oot
m il :
Do
pref.................
100 115
Jau22 117% Janl7
111
Oct 115 Sept
71
71*4
69% 71%
69% 70%
71% 71%
72% 83% 20
60
Fob13
83%
Juno
0
95% 96 I 95% 91% *95
34
Jan
69 Allg
957g <)0 |
96
96
96
coo
Do prof A............... II100 83 Jan 9 08 Apr24
85% Fob
75
76 1 * 75
76
91
Apr
76
76
76
70
76
76%'
600 Do pref B _____________100
Jan 3
77% A pr29
59
Jnn
70% I iiy
asked prices; no sales on this day
( Less than 100 shares
t Ex-rights
o.Ex-dlv and rights
xEx-dl rldend

2
1
86
100 100 2 100 1008
2
8
8
2
2
210 220
1
8
8
2
1

100
No par

2202

4

8

66

120

122

110 122

86

86

86

88

8

27

20*4 22
68*4

20 22

21

21

100 110

21 121

11

12

11 11
8 8

8

21 21
8
102 102
110
121 122 120 121
118 11

86

6
127*4

11 11
8
100 102 1
8

66

6

par 492
20
100
211.1
100
No par 68
...No pa 21
100
100
3
100 519014
100
100
5
50 21*4
pa
100
100
1512
4
33544
8
6 5*2

86

1

6

86

86

88
112 112
86

200 201 20 202
68
68

88

6

33

8

59*4

66
34
66

86

88
6

200
8 66 68 66
66

par
100
par

Am.Nopar

21

4544

6

par 97*4

2

6

100

par

8

110

110

68

110

68
111

8

6
6
6

68

1

6

50

88

0

1*4




6
6

6
6
6

102 102

68*4

6

8

Nopar

100 100 100 100

68

6

6

101

110 121*4

6
6

6

22 22
12 12

01

p
10a0r

66

58*4

6

66

86

6 82*4

9312
62
84

100
100

2

66

34
3914

100
100
No par
100 6912
10
par

2

8

6 68

5

2

2
8
2
8

112>2

8

2
6
6

New York Stock Excnange— Bond Record, Friday, Weekly and Yearly

^313

BONDS
N. Y. STOCK EXCH AN G E
W e e k E n d in g J u n o 0

* 1
fe r

P r ic e

Friday
June 6
B id

U. S. G ov ern m en t.
S M s 1 s t L i b e r t y L o a n ___ 1 9 3 2 -4 7
i s 1 s t L ib e r t y L o a n _______1 9 3 2 -4 7
i s 2 d L ib e r t y L o a n ---------- 1 9 2 7 -4 2
4 ) 4 8 1 s t L i b e r t y L o a n ___ 1 9 3 2 -4 7
4 ) 4 s 2 d L ib e r t y L o a n _____ 1 9 2 7 -4 2 M
4 )4 s 2 d L ib e r ty L o a n . ..1 9 3 2 - 4 7 J
4 ) 4 s 3 d L i b e r t y L o a n ________ 1 9 2 8 M
4 ) 4 s 4 t h L i b e r t y L o a n ________ 1 9 3 8
4 ) 4 a V i c t o r y L ib L o a n . . 1 9 2 2 23
3 ) 4 s V i c t o r y L ib L o a n . . 1 9 2 2 -2 3
2 s c o n s o l r e g i s t e r e d _________ d l 9 3 0
2 s c o n s o l c o u p o n ____________ d \ 9 3 0
i s r e g i s t e r e d ____________________1 9 2 5
i s c o u p o n ______________________ 1 9 2 5
P a n C a n a l 1 0 3 0 - y r 2 s ............* 1 9 3 6
P a n C a n a l 1 0 -3 0 -y r 2 s r e g . . l 9 3 8
P a n a m a C a n a l 3 s g ___________ 1981
R e g i s t e r e d ______ _____________ 1961
P h ilip p in e I s l a n d i s ______ 1 9 1 4 -3 4

W eekTs
R ange or
L a s t S a le

A sk L eu

H ig h

9 9 .4 6 S a le 9 9 .2 2
9 9 .5 2
9 5 .3 2 S a le 9 5 .1 0
9 5 .4 0
9 4 .3 8 S a le 9 4 .2 0
9 4 .8 0
9 5 .8 0 S a le 9 5 .6 0
0 6 .0 0
N 9 4 .7 0 S a le 9 4 .7 0
9 5 .0 0
9 9 .7 0 _____ 9 9 .7 6
9 9 .7 6
9 5 .5 2 S a le 9 5 .4 1
9 6 .0 0
9 4 .9 4 S a le 9 4 .8 4
9 5 .4 0
9 9 .9 8 S a le 9 9 .9 2 1 0 0 .0 8
1 0 0 .0 3 S la o 9 9 .9 8 100.20
97
______ 993s A p r T 9
98
M a r ’ 19
- 106
______106*8 106
106*3
_____ 106*2 100*8
98*4 M a r ’ 19
99
J u l y ’ 18
90*4
90*4
91
M a r ’ 19
100
Feb T 6

R ange
S in ce
J a n . 1.
Ne

L ou

2107
318
1528
517
3784
1
7279

9 8 .2 0
9 2 .5 0
9 2 .1 0
9 4 .2 0
9 3 .2 0
9 5 .4 2
9 4 .9 0
13226 9 3 .1 2
10125 9 9 .8 8
4 8 8 9 9 .9 8
9 7 78
98
104%
104*4
98*4

H ig h
9 9 .8 0
9 6 .0 0
9 5 ,1 0
9 6 .6 0
9 5 .3 6
9 9 .7 6
9 6 .6 0
9 5 .7 2
100.03
100.20
99*8
98
106*4
106*4
98*4

BONDS
N . Y . STOCK E X C H A N G E
W e e k E n d in g J u n e 0
C h e s a p e a k e A O h io ( C o n )—

IYI 8
IVI S
F
A
A O
J D
D
J
J
J
J
J
J
J
J
J
M N
S
*
O
A
J
J
C h i c a g o B u r li n g t o n A Q u in c y —
F
J
J
A
A

87*2

91

J o in t b o n d s .
F o r e ig n G o v e r n m e n t .
A m e r F o r e ig n S e c u r 6 s ______ 1 9 1 9
A n g lo -F r e n c h 5 -y r G sE x te r lo a n .
A rg e n tin e In te rn a l 6s o f 1909 —
B o r d e a u x ( C i t y o f ) 3 - y r 6 s . .1 9 1 9
C h in e s e ( U u k u a n g R y ) 5 s o f 1911
C u b a — E x tern a l d e b t 6s o f 1 9 0 4 .
E x t o r d t 6 s o f 1 9 1 4 s e r A . .1 9 4 9
E x t o r n a l lo a n 4 M s __________1 9 4 9
D o m in i o n o f C a n a d a g 5 s ___ 1921
do
do
...1 9 2 6
do
do
...1 9 3 1
J a p a n e s e G o v t — £ lo a n 4 M s . 1 9 2 5
B e c o n d s e r ie s 4 M b _________ 1 9 2 5
do
do
"G e rm a n sta m p ” .
S t e r lin g lo a n 4 s ____________ 1931
L y o n s ( C i t y o f ) 3 - y r 6 s ______ 1 9 1 9
M a r s e ille s ( C i t y o f ) 3 - y r 6 s . 1 9 1 9
M e x i c o — E x t e r lo a n £ 5 s o f 1 899
G o l d d e b t 4 s o f 1 9 0 4 ............ 1954
P a r is ( C i t y o f ) 6 - y e a r 6 s _____1 921
T o k y o C i t y 5 s lo a n o f 1 9 1 2
U K o f G t B r i t & I r e la n d —
3 - y e a r 5 ) 4 % n o t e s --------------- 1 919
5 - y e a r 6 ) 4 % n o t e s --------------- 1921
2 0 -y e a r g o ld b o n d 5 ) 4 s - - 1 9 3 7
T h ese a r e p r ic e s o n th e b a sis o f

M
J

99%
97*2
86*s
99*2
N
t 70
99
9 1 78
8334
98*2
98^8
98
t 91*2
t 92

J
J t 80
99*2
M N
99*2
M (.N
Q
“ t 66
J
A
M
M
M
F

N
N
A

S a le 9 9 %
S a le 9 7 %
i S a l o 86*8
S a lo 993s
715s 71
” 93*2
85
98*4
S a le
S a le
S a le
S a le
80*3
99%
995s
71

687s
S a le
80*8

9 9 % 100
99
S a le
9934 S a le

%5to£

99*8
9D *

833s
98*4
98
975*

91
913.1
87*4
80

100
0758
86*s
995s
715*
99*8

92
84*2
985s
98*2
93
91*2
92
87*2

May’19

993s
99
06*4

9938
993s
06*4

53

63

97*8

98

80*4 May T9
9 9 78

9834

100
99*8

100*8

99*2

99*4 1 0 0
95%
977*
821* 9 3
99
102**
70
72*8
92*2 1 0 0
90*4 03*2
82 8 5
90*4 9 9
90*8 98*a
9 0 % 08*s
8 6 78 92*8
86 9 3
89
84
75
80*2
99
102**

98 *4 1 0 2 *1
01
7 9 **
50
01
9 6 ** 10 0*4
7 9 7 * 83
98*4 1 0 0 %
9 7*4 99*8
98>i I O D 4

S t a t s a n d C ity S e c u r it ie s .
H y C it y — 4 )4 s C o r p s t o c k . 1960
4 ) 4 s C o r p o r a t e s t o c k --------1 9 6 4
4 ) 4 s C o r p o r a t e s t o c k --------1 9 6 0
4 ) 4 s C o r p o r a t e s t o c k J u ly 1 9 6 7
4 ) 4 s C o r p o r a t e s t o c k ........... 1 9 6 5
4 ) 4 s C o r p o r a t e s t o c k _____1 9 0 3
4 % C o r p o r a t e s t o c k ........... 1 959
4 % C o r p o r a t e s t o c k ----------1 9 5 8
4 % C o r p o r a t e s t o c k ----------1 957
in c o r p o r a t e sto ck r e g ..l 9 5 0
N o w 4 ) 4 8 ___________________ 1 9 5 7
4 ) 4 % C o r p o r a te s to c k — 1957
3 ) 4 % C o r p o r a te s t o c k — 1954
W Y S t a t e — 4 s .............................. 1961
C a n a l I m p r o v e m e n t 4 s ___ 1961
C a n a l I m p r o v e m e n t 4 s — 196 2
C a n a l Im p ro v e m e n t 4 s — 1960
C a n a l I m p r o v e m e n t 4 ) 4 8 .1 9 6 4
C a n a l I m p r o v e m e n t 4 ) 4 8 .1 9 6 5
H ig h w a y I m p r o v ’ t 4 ) 4 s . . l 9 6 3
H ig h w a y I m p r o v 't 4 ) 4 s . . l 9 6 5
V ir g in ia f u n d e d d e b t 2 - 3 8 .- 1 9 9 1
6 s d e fe r r e d B r o w n B r o s c tfs

97*8 Sale 97*8
97*2
973s
97*8 97=8 973s
97*8____ 967* M a y T 9

IYI
M
A

1023s 1025s

y

IYI
(VI
M
M
M
M
IYI
(VI
IYI
J
J
J
J
J
M

N
N
N
N
N
N
N

S
S

1023s Sale
1023a 1025s
92*2 93
92*2 . . .
92*2____
92 _
1023a 1025s
1023s 1023s
83*2 84*4
98>s 9834
98*2
98*2 9834
98*2 . .
107*2 108*2

10078 M a y ’ 19
10238
1027*

102*4

102*4

92*2
9H *
92*a
903*
102*4
1023*
82
98*4
96*8
98*4
9 0 34
107*4
102*2
107*2 108*2 1065s
100**
787*
60 i.Salo 6 0

9234
M ay T9
M a y ’ 19
M a y ’ 19
102*8
102*8
M a y ’ 19
M a y ’ 19
Apr T9
M a y ’ 19
Apr T9
M a y ’ 19
D ec T8
M a r ’ 19
J u n e 18
doo T 8
00*2

96 97*2
96 98
90 99*4
1003* 102*4
100** 102*8
100 1027g
9034 92%
90*i 92*4
90*2 92*2
905* 91
100*2 102*2
1003* 1027*
81*2 82
98 98*4
90*2 97*2
98*4 98*4
9634 96*4
10634 108

1065* 1065*
63

74*4

R a ilr o a d .
J
A n n A r b o r 1 st g 4 s ----------------- A 1995 Q
A t c h is o n T o p e k a A S a n t a F e —
G e n g i s _____________________ 1 9 9 5
R e g i s t e r e d _________________1 9 9 5
A d ju s t m e n t g o l d 4 s ----------5 1 9 9 5 N o v
R e g i s t e r e d _______________ 5 1 0 9 5 N o v
S t a m p e d _________________5 1 9 9 5 M N
C o n v g o l d 4 s _______________ 1 9 5 5
C o n v 4 s Issu e o f 1 9 1 0 -----------1 9 6 0
E a s t O k la D l v 1 s t g 4 s . . . 1 0 2 8
R o c k y M t n D lv 1st 4 S ...1 9 0 6
T r a n s C o n S h o r t L 1 s t 4 s . 1 958
C a l-A r li 1 s t * ref 4 ) 4 s " A ’ T 9 6 2
8 F o P r e s A I ’ h 1 s t g 6 s . . .1 9 4 2
A t l C o a s t L 1 s t g o l d i s ------- 5 1 9 5 2
G e n u n ifie d 4 M s ---------------- 1 964
A la M i d 1 s t g u g o l d 5 s . . .1 9 2 8 M N
B ru n s A W 1st g u g o ld 4 s . 1938 J
C h a r le s A S a v 1 s t g o l d 7 8 .1 9 3 6 J
L A N c o l l g o l d i s ..............0 1 9 5 2 M N
S a v F A W 1 s t g o l d 5 s _____1 9 3 4
1 s t g o l d 5 s ___________________ 1 9 3 4
B a lt A O h io p r io r 3 ) 4 s ........... 1 9 2 5
R e g i s t e r e d _______________5 1 9 2 5
1 s t 6 0 - y c a r g o l d 4 s ________5 1 9 4 8
R e g i s t e r e d __________ . . . 5 1 9 4 8
1 0 - y r c o n v 4 ) 4 s ____________ 1 9 3 3
I)
R e f u n d A g e n 5 s S c r ie s A . 1 9 9 6
J
P i t t s J u n e 1 s t g o l d 0 s _____1 922
P J u n o A M D l v 1 st g 3 ) 4 s 1 9 2 5 M N
P L E A W V o S y s r e f 4 s . . 1941 M N
J
S o u th w D lv 1st g o ld 3 ) 4 s .l 9 2 5
S
C e n t O h io R 1 s t c g 4 ) 4 s . . l 9 3 0
O
C l L o r A W c o n 1st g 5 s . .1 9 3 3
D
O h io R i v e r R R 1 s t g 6 s . . . 1 9 3 6
O
G e n e r a l g o l d 5 s — ............ 1 9 3 7
o
P i t t s C lo v A T o l 1 s t g 6 s . . 1 9 2 2
J
T o l A C l n d l v 1st re f 4 s A . 1959
B u f f a l o It A P g e n g 5 s ........... 1 9 3 7
C o n s o l 4 ) 4 s ____
1 9 5 7 IYI N
O
A ll A W e s t 1 s t g i s g u _____1 9 9 8 A
J
C le a r A M a h 1 s t g u g 5 s . . 1 9 4 3
A
R o o h A P it t s 1 s t g o l d 6 s . .1 9 2 1
D
C o n s o l 1 s t g 6 s ___________ 1 9 2 2
O
C a n a d a S o u c o n s g u A 6 s ___ 1 9 6 2 A
D
C a r C li n c h A O h io 1 s t 3 0 - y r 6 s ’ 3 8 J
A
C e n tr a l o f G a 1st g o ld 6 s . . . p l 9 4 5 F
C o n s o l g o l d 6 s ......................... 1 9 4 5 M N
D
C h a t t D l v p u r m o n e y g 4 s 1951
M a c A N o r D l v 1 s t g 6 s . .1 9 4 6
J
M i d G a A A t l D l v 6 s ........... 1 9 4 7
J
M o b i l e D l v 1 s t g 6 s ..............1 946
J
C e n t l t l t A B o f G a c o l l g 5 8 .1 9 3 7
N
C e n t o f N J g e n g o l d 5 s ______ 198 7
J
R e g i s t e r e d ........................... 5 1 9 8 7
J
A m D o c k A I m p g u 6 s . . . 1921
J
L eh A H u d R lv gen gu 6 s . 1920
J
N Y A L o n g B r g e n g 4 s . .1 9 4 1
S
C e n t V e r m o n t 1st gu g 4 s ..« 1 9 2 0
F
C h e s a A O f u n d A I m p t 5 s . . 192 9
J
1 s t c o n s o l g o l d 6fl__________1 9 3 9 51 N
R e g i s t e r e d .............................. 1939 IYI N

s

50
8212
81
70

573s

5 5 l2

55*2

5 4 78

58

823 4
82
I S a lo

8212

827*
M a y ’ 19
70

803*

85*2

82

70

- - —
86
73*2JunoT 8
755s 7534 70*4
763*
7 0 * 4 _____
763*
76*8
101*2 S a lo 1 0 1
102*4
9 0 U 9 11*1 91*4 M a y T 9
74
80 1 76
M a y ’ 1 9 _____
78*2 --------- 78*8 M a y ’ 1 9 _____
833.4 85*2 8 5
M a y ’ i o ! _____
94
100*8! 99*4 J u l y ’ 17
82
823* 8 2
827S
83*4 8378 ! 837g
84
98*2 S a lo 1 n
° ’98*2
98*2
83*2 8 9
78
O ot T 8
1 1 3 i2 _____ 1297* A u g T 5
77
78
77
773.4
108
______ 107*4 A p r T 9
9 0 * 4 _____ 105
J u l y ’ 15
88*2 89*s 893a
89*2
87
______ 8 7
Feb T 9
76*2 S a le 76*8
77

7934

74
70*2
74
70*2
935* 102*4
90** 92**
74
70
77*a 8 1
85
85
80*8
82
961*

101

102*4 101
103
102

80
80*4
Jan T 2
M ayT9
M a y ’ 19
84*2
M a r ’ 19
Apr T 9
Jan T 9
M a r ’ 19
M a r ’ 18
M a y ’ 19
M a r ’ 19
88
N o v ’ 16
F ob TO

101
102

102
93*2 937* 9 4 i 2 M a y ’ 19
757* 7 8
7778 M a y ’ 19
99*4 104*4 1 0 0
M a r ’ 19
91
92
91*2
91*2
73*4 8 2
7412 M a y ’ 19
8 9 78 _____
90
M a y ’ 18
9 0 * 8 ______ 975* J u n e ’ 17
92
91*4 J a n T 9
90
______ 8 8 7* A p r T O
102*8 103
102*8
103

101*4 102

101*2

99*4 100*4 995*
95
. . .
100
887* . . .
100*1
_____
64% 65
92
95
91*4
97*8 9 9
97*4
104**
---------98*8

101*2
M a y ’ 19
Apr T 8
Jan T 3
Jan T 9
Apr T9
98
Jan T 7

85**
88
98*2

737* 78**
107*4 107*4
89*2
-8 7 ,
82**

92*4 Mar’ 17
79
S a le 7 9
80
80*8 797*
98*4 .
112
86
86*2 8078
73*8 747* 7 5
84
85
84*2
875* . . .
89*4
95*2 . . .
95**
9 0 * 8 _____
96
9 0 * 8 _____
91*8
9 9 * * _____
99**
03*8 64*4 6 5 78
97*4 98*2 9 9
87*2 88
87*2
703s 81
97
89*8 . . .
103*8

82

741* 8034

73

80

77*8 821*

8312

87

717S 7 8
83
86*4
89*4 89*4
95**
96
90

05*2
96
91*8

6312
09
87*2

68
99
88*4

10034 101

101

88
7 7 73

100
89
74*2

102
957*
82

100**
947*
76*4

91*4 91*4
86
102

89
105

100% 10112
99

65
89
97*4

995*

65
93*8
99*2

P r ic e
F r id a y

W e e k 's
R ange or
V a st S a le

June 6

R ange
S in c e
Jan. 1.

B id
A sk L o u
H ig h
80*2 80*4 80*4
80*4
73
78
86*4 M a r ’ 17
84
S a le 8 4
85*4
91
S a le 9 0 %
91%
78
83
78*8 M a y ’ 19
7 2 * s _____
82*4 M a y ’ 19
835s
96*4 F e b T 6
66% 69
84*4 J a n T 3
78
81
80
M a y ’ 19
6 9 % ______ 71
O e* T 7
74*4 . .
88*2 8 e p t ’ 16
81*4 —
113
F eb T 5
62*4 S a le 52*4
5234
3 7 78 S a le 377*
38

A
J
J
O
O

99% .
75*2 76*4
84*s 84*2
9 9 % 100
99*4 99*4

99*2 M a y ’ 19
75*2
75*2
84
84*2
9 9 % M a y ‘ 19
99*4 M a y ’ 19

S ee G r e a t N o r t h

N o. L ou
13
77

H ig h
83>*

77*4
84U
78%
82*4

85U
91%
78%
82*4

50
35*4

53
40

99%
73%
82%
99%
99

99*2
76**
85%
99*4
99*4

92*4 9 5 % 9 3 %
10 9 2 % 93*4
93%
90
. .
91
M a r ’ 18
82*2 S a le 8 2
82%
80
83**
33*2 3 5
34*2
35
25
35%
32
35*2 3 4
34
22
36*4
6 * ---------1 0 5
100
M a y ’ 19
103% 104
N
77
78
77
M a y ’ 1 9 -------75
77
77
77
M a y ’ 19
70*4 7 7
75*8 .
"
75
M a y ’ 19
75
75
A
97*4 F e b '1 3
6
J
32
M a r ’ 17
62
S
S a le 6 2
62%
59
63*4
J 1 0 1 % S a le 101%
101*4
100*8 1 0 3
J
85%
100% A p r T 7
68%
J
84% A p r T 7
J
63
M a y ’ 19
60*8
79
J
82% 80
M ayT9
78*4
82
D
—
97% D e o T 6

M N
(VI N
Si S
J
J
V S M t g A T r C o c tfs o f d e p _ .
1 s t o o n s o l g o l d 6 r___________193* A
M
U S M t g A T r C o c tfs o f d e p .
G u a r T r C o c tfs o f d ep
F
J
M
J
C h ic I n d A L o u ls v J
J
J
J
J
C h l c a g o M il w a u k e e A S t P a u l—
J
G e n ’ I g o l d 4 s S e r ie s A _____«1 9 S ( J
J
Q
D
J
O
A
A
F
J
J
J
J
J
J
J
D
J
J
J
J
J
C h i c A P W 1 st g Oe.............. 1921 J
J
J
J
J
J
J
J
J
J
J
J
J
D
J
D
J
A
F
F
A
M N
V
Q
M N
M N
M N
O
A
O
A
O
A
O
A
D e b e n t u r e 5 s _______________ 1921 A O
R e g i s t e r e d ________________ 1921 A O
S in k i n g fu n d d e b 5 s ________1 9 3 3 M N
R e g i s t e r e d _________________1 933 M N
D e e P la in e s V a l 1 s t g u 4 M * ’ 47 M S
O
F r e m E lk A M o V 1st 6 S . . 1 9 3 3 A
J
M a n O B A N W 1 s t 3 ) 4 8 .1 9 4 1 J
J
M l l w A S L 1 s t g u 3 M s ___ 1941 J
M i l L S A W e s t 1st g 6 8 . . . 1 9 2 1 IYI s
A
E x t A im p s f g o l d 5 s ___ 192 9 F
S
A s h la n d D l v 1 s t g 6 s ___ 1 9 2 5 M
J
M ic h D lv 1st g o ld 6 s . . 1924 J
M i l S p a r A N W 1 s t g u 4 s . 1 9 4 7 IYI s
J
S t L P e o A N W 1 s t g u 5s 1 9 4 8 J
C h ic a g o R o c k Isl A P a c —
J
R a ilw a y g e n e r a l g o l d 4 s ___ 1 9 8 8 J
J
J
A
0
J
J
8
R I A r k A L ou ts 1st 4 M s . . 1934 M
O
B u r l C I t A N 1 s t g 5 s _____1 9 3 4 A
0
C R I F A N W 1 s t g u 5 3 . .1 9 2 1 A
J
C h o O k l a A G g e n g 5 s . .0 1 9 1 9 J
C o n s o l g o l d 5 s __________ 1 952 M N
O
K e o k A D e s M o in e s 1st 5s 1923 A
A
S t P a u l A K C Sh L 1st 4 M s ’ i l F
J
D
J
D
M S
J
N o r t h W i s c o n s in 1 s t 6 s ___ 1 9 3 0 J
8
S u p e rio r S h o r t L 1st 5s g .c l 9 3 0 M
D
C h ic T H A S o E a s t 1st 5 s . . 1960 J
C h i c A W e s t I n d g e n g 6 s . . (1 9 3 2 Q M
J
C o n s o l 5 0 -y e a r 4 s ___________ 1 9 5 2 J
J
C ln H A D 2 d g o l d 4 M s _____1 937 J
C F in d A F t W 1 s t g u 4 s g 1 923 M N
J
D a y A M i c h 1 s t c o n s 4 M s 1931 J
D
C l e v C ln C h A S t L g e n 4 s . . 1 9 9 3 J
J
2 0 - y c a r d e b 4 M s ___________ 1931 J
G e n e r a l 5 s S e rie s B ________1 9 9 3 J D
J
C a i r o D l v 1 s t g o l d 4 s ........... 1 9 3 9 J
J
C ln W A M D l v 1 s t g 4 s . .1 9 9 1 J
S t L D l v 1 s t c o l l t r g 4 s ___ 1 9 9 0 M N
S
S p r A C o l D l v 1 s t g 4 s _____1 9 4 0 M
J
W W V a l D l v 1st g 4 s _____1 9 4 0 J
C I S t L A C c o n s o l 6 s _____1 9 2 0 IYI N
F
1 s t g o l d 4 s ........................... * 1 9 3 6 Q
F
R e g i s t e r e d ____________ Jtl936 Q
J
C ln S A C l c o n s 1 s t g 5 s . .1 9 2 8 J
J
C C C A I g e n c o n s g 6 s . .1 9 3 4 J
I n d B A W 1 s t p r o f 4 s _____1 9 4 0 A O
J
O I n d A W 1 s t p r e f 5 s ___ J 1 9 3 8 Q
P e o r ia A E a s t 1 s t c o n s 4 s . 1 9 4 0 A O
I n c o m e 4 s _________________1 9 9 0 A p r
C l o v e S h o r t L l s t g u 4 M s ___ 1961 A O
C o l o r a d o A S o u l i t g 4 s _____1 9 2 9 F A
R e f u n d A E x t 4 M s ..............1 9 3 5 M N
D
F t W A D e n C 1st g 6 S . . . 1 9 2 1 J
C o n n A P a s R l v s 1st g 4 s ___ 1 9 4 3 A O
J
C u b a R R l i t 5 0 -y e a r 6s g ___ 1 9 5 2 J
D e l L a ck A W e stern —
D
M o r r i s A E s s 1st g u 3 M S . . 2 0 0 0 J
J
N Y L a c k A W 1st C l ........... 1921 J
A
C o n s t r u c t i o n t e _____. . . 1 9 2 3 F
T e r m A I m p r o v t i s _____1 9 3 3 IS N
A
W a r r s n 1 s t r e f g u g 3 M i . .2 0 0 0 F

G*No price Friday; latest this week. a Due Jan. d Du# April, e Due May. g Due June, ft Duo July.



In ter es t
P e r io d

J a n . 1 9 # # th e R z c h a n g e m eth o d o f g u e tt n g b o n d s u < i cha rm ed a n d p r ic e s a r e n o te— “ a n d in t e r e s t " — e x c e p t f o r in t e r e s t a n d d e fa u lte d h a n d s.

72*2

73%

84%
71
79%
64
81%
71%
78*4
98
92
99
73%
99%
99%
98
97*2
99%
89
81%
89*2
87
70%
67
81%
81
100
103

S a le
71*2
S a le
66
82*2
S a le
S a le
98*4
100
99*4
73%

7 3 % M a y ’ 19
92% F e b T 6
84*4
84*2
71
72
797*
80*s
66
N o v ’ 18
82
82
71*2
72
78*2
78%
9 8 i2
98*2
92
O ct T 8
98*2 M a y ’ 19
70
Apr T 9
9 9 % M a y ’ 19
104
100
M a y ’ 19
100
99% F eb T 9
99
96*4 A p r T 9
99
j aQ >19
89
M a y ’ 19
89
90% D e c T 8
89
Apr T 9
92
95
D e o ’ 18
71% 71
M a y ’ 19
70*2 A p r T 9
82
82*2
82*2
82
81% O et T 8
S a le 9 9 %
1 0 0 's
109
104
M a y ’ 19
109% A p r T 6
96% 97
96% M a y T 9
96
96
N o v ’ 18
98%
98
M ayT9
97
98
98
M a r ’ 19
95 % 96*2 9 0 % F e b T 9
92% 100
97
N o t ’ 18
8 0%
106
61
Jan T 7
-------- 8 8
100*4
96 %
103*4
103*4
75
95*4

_____

75%
. . . .
74

76*4 7 5 %
76*4 7 6 '
S a le | 7 4
70*2
S a le ' 70*2
___
95
98% 97%
9912 1 9 7
92
93
70
70
70
69%
108
107
8 6 % 88
95
95
118
95
68
58
107
104*4
65
64*4
90

70*4
94*2
92%
98%
G9
69 %
106
85
93
105
94
59
103*4
64*4

98
_____
106% 104
84
78*4
102
95*4

88

93

F e b '1 6
Apr T9

101% : .00%

95 %
6 7 % _____

v Duo N or.

97

98%
70
99%

88*4

99%
93%
99
89

89

89

70
69
81

71
70*2
82%

98% 101
101% 104
96%

96%

98
97
96*2

98
98
96*2

106% 109

100*4 101
98
104
10 4
78
93
75%
76%
70
7012
67
94%
97*4

99
104
104
78*4
98
79*2
76%
76%
70*2
72
96

97%

65
70*i
6 6 % 71
105
10 7

58
60
102% 104%
61
65

85*4
79
70
71
70
8 0 % S a le 8 0 %
85
91
86*4
7 3 % 81
80*4
70
71
70
73
75
73
74
74%
70%
84
9 9 % 106
99*4
84*4 9 0
83%
84
85*4 88*2
93*4
93%
103*4 _____ L04
76%
94
82*2
60
60% 60%
60%
29
S a le 2 8
29
88% 89
86
M a y ’ 19
86
S a le 86
86*4
80*4 S a le 7 9 %
80*4
99
99*4 9 9 % M a y ’ 19

73

84%
73%
81%
98%

99
96*4
99

75%

94%

80
70
75
98*2

100 100

75%
M a r ’ 19
70*4
Apr T 9
Feb T 9
M a y ’ 18
M a y ’ 18
M a y ’ 19
69%
107
S e p t ’ 18
M a y ’ 19
N o y ’ 10
M a y ’ 18
M a y ’ 19
104*4
64*4
M a y ’ 17
M ar’l l
N o v ’ 18
72*8
80*2
Aug T 8
M a y ’ 19
70
M a y ’ 19
Jan T 9
N o v ’ 16
M a y ’ 19
M a y '1 9
M a y ’ 15
M a y '1 9
M a y ’ 19
J u ly ’ 08

74

85
74*4
81%

99%

-

72%
101
98

76%

68*2

M a y ’ 19
Apr T 9
Apr T9
M a y ’ 19
F eb T 9
M ay T9

—

72
81%
66%
77

72%
80*2
78*4
67*4
73
74*2

8H 4
70
76%
74%

99*4
83*2

99*4
83*2

93
1937g
103% 107

100%

50
12
86
87
77%
98*4

60%
30
89
89*4
80%
99*4

73

73

100% 100%

9 7 % M a r ’ 19
95
95

95*4 101
92% 95

(Due Dee. Option sale.
s

3314
BONDS
Y. STOCK EXCHANC
Week ending June 6

New York Bond Record— Continued— Page 2
•5T3
1ST4
!*
•

Price
Friday
June 6
Bid

Week’s
Range or
Last Sale

As Low

Si

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week ending June 6

S|

[V ol . 108.

Price
Friday
June 6

Week's

Range or
Last Sale

Higl No Lew High
97
96 97

Range
Since
Jan. 1.

Bid
Ask Low
High No I Low High
11 A O 100 Sale 100
100
5 98% 102%
O
11
A
113 Mar’17
lit A ref 4s.
N
1021,t Sale 101% 102%
28 . .
101% 102%
C
33 J J 97% lOOt* 97% Mar’19
97% 97%
C 77
771
33 J J
105 Oct ’ 13
In 103% 104 10234 Apro’ll ___ I 102% 102%
33 J J 795s ..
Denver A Rio Qrande—
15 M S 70*8 87*4 70 July’18
1st cons g 4s............... .
56 J
74 Sal<
21
15 M S
36 J
76% 79! 76% May’ H ___ 1 72 76%
31 Q J 96t8 97% 98% Apr ’ 19
96% 98%
28 J L ____ 85 80 May’ ll ___ 1 76 80
31 Q J 87% 97% 99% Juno'16
55 F A 57% 58t 57%
59
5L 45 59
38 J D 79 81
79
79
78% 80
!9 J I
77 ___ 8734 Nov’li ___
!2 IV1 S 913s 96i2 88% MarT9
86% 86%
0 J . ____ 38
61% Apr T ___
12 J D 75is 85 99% Oct ’06
:0 J - ________ 39 July’ ll
19 IV! S 75 ____ 75% Mny’ 19
75% 75%
59 J J 73% Sal! 72%
27 63% 7314
731.
14 J D 81 ____ 84 Apr '19
76 84
9 A C 58% 60 58% May’ ll —
66 60
17 M N 76 Sale 70
76
74% 77%
15 J I
65% 78 82 Dec ’It
19 IV! S 75% 77
77
77
75 77
)5 J D 50 78 75% July’lf ___
19 IV! 8
95 Jan ’ll
51 M N 80 817( 81% May’ lS ___ 80 84%
15 A O 94 ____ 94 Jan ’ 19
94 94
1J .
97%___ 963i June'lS
921
8
98
1
7
M
S
92 Apr ’ 19
92 92
17 A O 93%----- 95 May’ ll) . . . . 92% 95
12 q
J 90i8 93i2, 90% Apr ’ 19
90% 91
57 A O
105% Mar’08
17 M s 82 85%! 85% May’ 19
85%
88%
17 J J 82 863< 84% Apr TO -83 84%
to J D
108 Fob ’ 19
108 108
l M N 93 100 98 May’ ll ___ 93% 96
17 M N 98% 100 97% Apr ’19
97% 100%
0 m a 100 100% 100% May’ ll ___
99% 100%
>0 J J 84 86% 85%
86%
83% 88%
7 M N 81%___ 78% Oct ’ li ___
,0 J J 83% ___
96% Jan '17
9 M S 97% 106 96% June’ 18
11 M N 97% 100 97% May’ 19
97% 100
3 M S 91%___ 93% Jan T8
11 M N 94% •95% 93%
93%
93% 93%
0 A O 96%----- 99% July’17
10 J J 103% 106 104 Apr '19
103% 106%
8 J D 82%___ 9434 Nov’ 15
___
97
to
J
100 Jan ’ 19
J
100 100
0 M S 97% 993. 100% July’ 18
6 r A 78% 81 79% Jan '19
79% 79%
6 J J 68% Sale 68%
7 65 70%
68%
1 M 8 101% ___
101% May’ 19
100 101%
6J J
84 Dec T6
55%
57
0
M
S
55% Apr ’ 19
65% 67
6 J J 56 Sale 56
42 62% 57%
57
5 M N 79 81
79 May’ 19
76% 79
6J J
73 June’ 16
6 J D 98% 100% 95 Nov’ 18
1 F A 82 85% 82
1 77*% 82"
82
1 M S 101% ------1
3 A O 60% 62% 5034
51% 12 46% 52
7 J J 78% 79%' 79 May’ 19
75 80%
do
3 A O 51 Sale 50%
51% 32 46 52
5 A O 96 -.--1 94% May’ 19
92% 95%
3 A C 5314 Sale 52%
54% 65 47% 55
5 M S 86%
87% Apr ’ 19
85% 87%
2 M N 92 93 90 May’ 19 __ _ 90 95%
2 J J 71 71% 72
72
71 73
8 J J 92%____ 106% Jan T7
2 q
95 Feb ’05
J
5 J J 99% 100% 101 May’ 19 ___ 96% 101
7 r
A 94% 99
95 Aug ’ 18
7 J J 98 ____ 98 May’ ll __ _ 95% 101
5 j
J 84% . . . . 97% May’ 10
5 A O ____109 108 Mar’ll ___ 108 108
1 F A . . . . 104 101% Jan ’ 1 9 ___ 101% 101%
2 61 M 93%____ 103 Jan T8
96% . . . . 90%
6
F
A
96%'
1 96% 96%
00%____
3J J
102% July’ 17
3 A O 93 95% 92% Apr '191___ 92% 93
0 IV! N 87 ____ 85 Jan T8
an
TntnM
Q1
5 M S 71 —
60
July’
18
7 J J 71 73 71 Apr T9
71 78%
6 IW N
7 F A 45 65 100% Deo ’0(
7M S«
"eo‘ 77 Mar’ 10
0 F A ____ 59% 80 June’lf
7M s
75 Nov’ 10
3 M N 88% 98% 97 Dec T8
5
J
0
91% June’17
0 A O 86 ____ 108 Jan T7
7 J D 101
101 July’ 18
2 J D 60 66 64 Apr T9 . . . . 64 72
96
101"
1
A
O
97% Apr '19
97% 99%
6J J
23% Jan T7
4 M N 77% Sale 77%
78%
75 78%
1 J J 95 98 95 May’ 19 . . . . 95 98
9 IV1 S 49 Sale 47%
49
41% 49
2 A O 70%____ 85% Jun'e’17
2 q F
44 49 46%
40%___ 44 46%
3A O
108 Nov’ l l
5 J
J
60% Feb ’ 16'
0A O
95 June’ 12
8 J D 79 81 80 May’ 19
76% 80
9 J D 83 83% 83
83
i 81 85
1 IV! 8 45% 48% 46
48%
42 48%
1J J
92 Aug TO
85%
Sale
8
J
J
85%
85%
83% 89
8 J J 67 ____ 56% Oct T7
g
96% . . . . 97% Feb ‘19
97% 97%
i A O 70% 78 80 Deo T8
1 M N 88 « . . . 92 Jan ’ 17
1 J J 96% Sale 95%
96% 422 95% 96%
6 J J 93%
93% 93%
92 94%
1Q J
95% May’ ll) ___ 95% 95%
9 J J 88% 90 95 Deo ’ 16
9534 86%
1 J J -on”
86 89%
86%
5 85 89
Missouri Kansas A Texas— "
1J J
96 June’16
65*4
0
J
D
GG<*4 07% May’ 19
62 69
3 J J 88%____ 88 May’ 19 ___ 88 88
0 F A 35 36 35%
35%
29 37%
3 J J 105% 109 108% Apr T9 ___ 108% 108%
30%
4M N
___30 May’ 19
28 30
3 J J 102 ____ 118 Apr T7
4M S
47% 45% May’ 19
42 48%
3 J J 93%____ 94 May’ 19
94 95%
Trust Co certfs of dep.
40% 41 May’ 19
41 43
3 J J 91% 09 102% May’10
32% 32% May’ 19
29% 32%
7 J D 85% 88% 85% May’ 19 ___ 85% 88%
St
Louis
Dlv
1st
ref
g
4s..2001
35 40 Nov’ 10
7 J D 83%____ 95% Mar’ 16
6% secured notes "ext” '16
40
0 J J 77 ____ 85% Nov’ 15
Dali A Waco 1st gu g 6s..1940 M N
69% Apr *17
S A O 80%____ 80 Nov’ 18
Kan City A Pac 1st g 4 s..1990 F A 53 . . . . 63 Apr ’ 19
53 63
2 J J 101 ____ 100% May’18
1942
Mo
K
A
E
1st
gu
g
6s___
40
65
A
O
50 Jan ’ 19
60 50
Mont O 1st gu g 6s.
7 J J 108% . . . 107% May’ 19 ___ 106% 107%
M K A Okla 1st guar 6s..1942 IV! N 60%
70 Apr ’ 19
70 71%
7 J J 107 ____ 136% May’06
M
K
A
T
of
T
1st
gu
g
6s
1942
67
58
May’
19
60%
68
7 J J 98% 9934 98%
3 98 99%
9834
Sher 8h A So 1st gu g 6s.. 1942
Deo ’ 16
8 J D 97%____ 109*4 Aug T6
Texas A Okla 1st gu g 5s.. 1943
30% Nov’ 18
Green Bay A W deb ctfs '
. Feb
61% 70 51% Feb T9 .
51 62
Missouri Paclflo (reorg Co)—
Debenture ctfs "B ” __
. Feb
12% 13% 12%
13% I ll
6% 14%
1st A refunding 5s Ser A ..1965
87% 89 87
83% 87%
87%
2 J J 73 73% 80 Jan T9
80 82%
1st A refunding 6s Ser Ba 1923
94 94%
oi*ai 94%
94%
01% 04%
9 J J 78% 80 79%
7
79%
77 83
1st A refunding 6s Ser C..1926
01%!
92
91%
02
88% 92
)J J
73% June’18
General 4 s ...................... 1975
62% Sale 62«2
63
67% 63%
8 A O 77%____ 73% Oct T8
Missouri Pao 1st cons g 6s..1920 M N 99% 99% 99% May’ 19
08% 100
5 F A 74%____ 76% Apr T9 ___ 76% 76%
40-year gold loan 4s......... 1945 M S 68 ____ 68 Oct '18
7 J J 85 95 85 Deo T8
3d 7s extended at 4%___ 1938 M N 71%------ 82 Apr ’ 17
J J 84% 86% 87 Mar’19 . . . . 86 88"
Boonv St I. A S 1st 6s gu. 1951 F A
100 Feb ’ 13
J J
92 Sopt’17
Cent Br U P 1st g 4 s___ 1948 J
66% 84% 97% Dec ’ 13
J J 76 ____ 76 May T9
76 76
Pac R of Mo 1st extg 4s.. 1938 F
83 90 82 May’ 19
80% 82
J J 72 ____ 84 Nov’ 15
2d extended gold 5s___ 1938 J
89
89 May’ 19
89 89
A O 74 80 80 June’17
StLIrM A S gen con g 5s 1931 A
94*4 95% 95 May’ 19
94 96%
A O 72 ____
Gen con stamp gu g 6s..1931 A
102 July’ 14
IN S
80 July’09
Unified A ref gold 4s ..1929 J
81 81% 81
23 78% 82%
81
M 8
Registered_________
1929
J
80% Oot '17
A O 77% 80 77 Feb T9 . . . . 77" 79
RIv A G Dlv 1st g 4 s ...1933 M N 70% 77% 77%
77%
72% *77’%
A O
95% Sept‘12
Verdi V 1 A W 1st g 5 s... 1926 M S 91%____ 78 Sept’ 16
M N 80 82 81%
4 78% 84%
81%
Mob
A
Ohio
new
gold
6s___
1927
103%____
J
102% Apr ’ 19
102% 106%
J J 71% 75 75 May’ 19
71% 75
1st ext gold 6s.................A1927 Q
06%____ 05 May'18
M N 76% Salo 76%
9 73 77%
76%
General gold 4s_________ 1938 M
68 ____ 71 Nov’ 18
M N 70% 85 71% Apr T9
71% 71%
Montgomery Dlv 1st g 58.1947 F
87% . . . . 01 May’ 19
86% 91
1J D
79 ____ 78 Nov'18
St
Louis
Dlv
5s...............
1927
85
____ 87 Apr ’10
86% 87
J J 60 ____ 79 Feb T4
St L A Cairo guar g 4s..,_.1931
80% 81% 80% May’ 19
80% 81%
J J 71%------ 73% Nov’ 18
Nashv
Chatt
A
St
L
1st
6s..
1928
99 100 99 May’ 19
98% 100
J J
83 Aug T2
Jasper Branch 1st g 6 s... 1923
100% 104% 110% Mar’ 17
F A 97%____
Nat Rys of Mex pr lien 4H s.1957
60 Mar’19
50 £9
F A 61%___ 58% 8ept’ 18
Guaranteed general 4s___ 1977
35 Aug ’ 16
J J 61 ____ 62 Oct T8
Nat
of
Mex
prior
lien
4HS.1926
96%
Feb
’
13
J J 72 ____ 65% Oct ’ 18
1st consol 4s..................... 1961
21 Aug ’ 18
J J 68 ____ 80 June’ 16
New Orleans Term 1st 4 s ...1953
67%
67%
67%
66% 68%
J J 68% 81% 80% Nov’ 16
N
O
Tex
A
Mexico
1st
6
s...
1925
96
95
90
04 97%
F A 80 ____ 79% May’ 19 . . . . 79% 79%
Non-cum income 5s A___ 1935
60% Salo 65
62%
60 62%
F A
92 Nov’ 10
New York Central RR—
J D 95%____ 117% May’10
Conv deb 6s..............
1935 M N 100% Salo 09% 100% 517] 07 100%
M S 93%____ 73 Mar’ 19
73 73
Consol 4s Series A ........... 1998 F A 76 78% 77 May’ 19
73% 78%
J D 95% 98
96 May’ 19 . . . . 94% 99*4
Ref
A
Imp
4Ms
“
A”
........
2013
84% Sale 84%
84%
81
86
J D
95% Feb T9
95% 95%
New York Cent A Hud Rlv—
J D 66%____ 65% July’18
J
Mortgage 3Hs................. 1997
70% 71% 71%
71% 35
73
J D
Register! d___________ 1997
J 71
72% 71 May’ 19
71
J D 90% Salo 90%
90%
1 87 95
Debenture gold 4s______ 1934 M N 83% 85 83%
84%
80
Memph DIv 1st g 4 s... 1951 J D 7 3 3 4 ____ 70% Oct '18
Registered..................... 1934 M N
79
Nov’
18
Registered.................1951 J D 71
78 65 Nov’17
Lake Shore coll g 3Ms___ 1998
A 67% 69% 67%
68
64% 68
St Louis Sou 1st gu g 4s..1931 M S 81%____ 79*4 Jan T9
79*4 79%
Registered.....................1998
A
66
67
62% 67
66% May T9
J J 81%___ 80% Feb T9
80% 82
Mich Cent coll gold 3HS..1998
A 67% 67% 67%
67%
65 70
M N 93% 96 93% May T9
93 90
Registered.....................1998
A 66 ____ 75 Mar’ 17
James Frank A Clear 1st 48.1959 J D 81
90 8034 May’ 19
80% 82
D
Battle
Cr
A
Stur
1st
gu
3s.
1989
64%___
Kansas City Sou 1st gold 3s.1950 A J 60% 61
60%
60%
8 60 64%
Beech Creek 1st gu g 4s..1936
J 84%____ 80% Deo '18
Registered........................ i960 A O
78 Oct ’09
Registered.....................1936
J
95% Nov'16
Ref A ImptSs........... Apr 1950 J J 86*4 Sale 86%
87% ii 81% 88
2d guar gold 5s..............1936
J 88%____ 104 May'16
Kansas City Term 1st 4s...I960 J J 80% Sale 80%
80%
3 76
81
Registered.................
1936
J
Lake Erie A West 1st g 5s.. 1937 J J 87% Sale 87%
4 87% 90
88%
Beech Cr Ext 1st g 3Hs.»1951
o
65%____
2d gold 6s.....................1941 J J 65 80 80% Feb T7
Cart A Ad 1st gu g 4s___ 1981
D 75%___ 49 Nov’ 16
North Ohio 1st guar g 5s.. 1945 A O 65 90 80% Oct T8
Gouv
A
Osws
1st
gu
g
6a..1942
D
91
____
Leh Val N Y 1st gu g 4H<>--1940 J J 87% 90% 90% May’ 19
89 92
Moh A Mai 1st gu g 4s...1991
S 77%___ 80 May’ 19
80 80
Registered........................ 1940 J J 82%____ 89 Oct T7
N
J
June
R
guar
1st
4s.-.1986
A
89% Feb T6
71
____
Lehigh Val (Pa) cons g 4s..2003 M N 75% 79% 80 May T9
75% 80%
N Y A Harlem g 3%s___ 2000
N 72'3____ 80 May’ 17
General cons 4Hs........... 2003 M N 85%101% 87 May’ 19
85
90
N
Y
A
Northern
1st
g
5s.
1923
O 98%------ 07% Fob T9
—
97% 97%
Delaware A Hudson—

22 J
13 IYI
i5 A
16 A
21 M

97 ___
831j 84

97

....

•No prise Friday; latest bid and aitaj thM woe*, a Uaj



£]Oue Feb. # Due June. h Due July, n Duo Sept. • Due Oot.

1

Option Sale.

BONDS
N Y. STOCK EXCHANGE
Week ending June 6

3S
3

N Y Cent & H R UR (Cton)—
N Y& P u 1st cons gu g 48-1993
Pine Creek reg guar Os----- 1932
R VVA: O con 1st oxt 5s-.ftl922 A
J
Rutland 1st con g 4Ha—
Og & L Cham 1st gu 4a g. 1948
Rut-Canada 1st gu g 48.1949
8t Lawr A Adlr 1st g 5s— 1990
2d gel I 6s___________ 1990
Utica A Blk Rlv gu g 48.-1922 J
Lake Shore gold 3Ha— -.1997
Registered___________ 1997
Debenture gold 4a------ 1928 M
25-year gold 4s----------- 1931 M
Registered_________ 1931
Ka A A O It 1st gu c 5s.-.1938
Mahon C*l RR 1st 6s___ 1931
Pitts A L Erie 2d g 5s.—a1928
Pitts McK A Y 1st gu 6s. .1932
2d guaranteed 6s--------1934
Michigan Central 5s-------1931
Registered----------------- 1931
J
4s.............................
Registered----------- J L A S 1st gold 3Ha— 1951
A
A

Non-conv
Non-conv
Non-conv
Non-conv

doben 4s__
deben 4s.. .
doben 4s—
deben 4s__

pnu
Friday
June 0
Did

J
S
N

66%
84%
89's
96%
72%
70%
89%
87

Wetk's
Range or
Last Sal*

Aik Low

D 1045s
O 98%
J 77

■3s
S3
«

Rang*
Sine*
Jan. 1.

mot! No.' Low High
78 80

113 May’15
SID Apr '19 ___
67 Jan ’ 19

(58 67 Fob ’19
87%
103 Nov’ 10
95% Apr '19 __
3
74 74
74
72% 73% Nov’18
2
89%
Sale 89%
13
88
Sale 87
83% Nov’ 17
....................
104% Dec ’ 15
103 May’17

123% Mar’12
99% Aug ’ 17
98% Nov’ 18
81% 83% 84 Mar’ 19
87 Feb *14
90 Juno'08
74
84
5
84 Sale 84
12
84
81 [Sale 82%
85 Nov’ 17 ___
74% 20
74% Salo 74%
80
79% 82% 79%
2
76% 77
70 May’ IS
99%
99% Feb ’ IS . . . .

99
07

99
67
61%
67

95% 95%
71% 74
80% 90
80 89

J
o
o

F A

84% 86

M
M
A
J
rvi
J
J

s
s
o
J
N
J
J

54
50
50
54
54
50
82%

85%

J

J

49

J

J

79% Deo ’17
60% 60% Apr T9

J

j

60

69

85%

i

63 M av'19___
52
50 May’ 19
60
50
52
1
56 53 Apr ’ IS
55% 52% Apr ’ 19,----___
50
May1
IS
51%
4
'83
84 82%
50 Oct ’ 17

82

84

70*8 70%
82 85
80 84
71
75
74
9912

75
81%
78%
99%

73

86%

53
50
60
53
49
49%
80

54
60%
52
50%
69%
52
88

49

49

July’18

49 MayTS ___

60% 02%

Houaatonlc R cons g 6s_

IM N
Provldonco Term 1st 4s.

N Mfo'.k Sou 1st A ref A 5S--1961
Norf A Sou 1st gold 6s-------- 1941
Norf A West gen gold 6s----- 1931

Pocah C A C Joint 4s— 1941
No them Pacific prior lien rall-

IM S

62% 52% 53%
90%
75%
40
85
09

53%

8 42% 51

70 8ept’17
4 40
40
40
99% Deo T3 ___
88% Feb T4

M 8 67% 70% 67% MayT9 ___
70
M H
60 Apr *18
61%
8
68%
66 67 07
89 May’ 19 ____
M N 87% 95
109 May’ 19
M A 109%
1085a
122 Nov'10
A O 107% 108% IO8 I2 May'19
83
59
A O 82 Salo 82
93% Deo TO
J J 80% 81 80% May’ 19 ___
J D 73% mmmm 84% Feb T9 —
117% May’17
S
104% Apr T9 ___
M s
109 Salo 108% 109% 258
j D 86 85% 84 May’ 19 —
103 Hept'16
J J 98%
77% May’19 ___
M N 79% 81

BONDS
N Y. STOCK EXCHANGE
Week ending June 6

5 ■o
££

Bid

P. C. C. & St. L (Con.)—
M
Series I cons gu 4Ha— 1963 F
C St L & P 1st cons g 5s..1932 A
Q
M
Philippine Ry 1st 30-yr a f 4s 1937 j
A
J
Roadlng Co gen gold 4s____ 1997 J
Registered----------------- 1997 J
A
J
J

40

65

70

67
89
103

69%
89
109%

107% 108%
81 86%
79% 82
84 84%
104l2 104%
105% 110%
83% 86
76

81

St Louis A San Fran gen 6S.1931 J
J
J
A
K C Ft 8 A M cons g 68.1928 IM
K C Ft 9 A M Ry ref g 4s.1936 A
A
St L S W 1st g 4s bond ctfs.-1989 M
J
2d g 4s Income bond ctfs.pl989
Consol gold 4s_________ 1932 J
1st terminal A unifying 58.1952 J

Week’s
Range or
Last Sal*

Aik Low

S:?

Range
Since
Jan. 1.

High No. Low High

N 89% 90% 89 Apr T9
88% 89
91
A 91
91 Apr T9 ___ 91
o 101 IoT% 102 Jan T9
102 102
F
100 JuneT7 ___
N
87 Mar’16
88
89
16 83% 90
71
72
71
71% 17 68% 72%
54
J 50% 54
54 May’ 19
45
0
98%
J 94%
97% Dec 'll
J 83% Sale 83%
83% 38 82% 8634
J
89% 81% Mar’ 19
81% 81%
o
82% 83% 83% May’ 19
82% 85
J
J 63
64
63% 63
63
1 60
63%
147
64
76% Sale 7d2
36 73% 79%
78
0934
69
70
82
71
533i
52%
54% 534
56
J 103% 106 103% Apr T9
102 “ 106
J 97% 98 98 May’ 19
96% 98
J 70
78 May’ 16
o
90 May’ 17
N 101% 103% 102% May’ 19
101% 103%
0 71 Sale 70
71% 15 66% 75%
o 88
89 May'19
89 89
N 72 Sale 71%
72
7| 66 74
J ____ 62 60 May’ 19 ___ 1 57% GO
D 64% 66
65
65%! 11' 57% 65%
J 63% Salo 03%
63%
4 58% 64%
D
67
J 66% 67% 67
11' 64% 68
72
72
3 70 72
O 70% —
O 70% 72% 72
72%
5 71% 74
62% 32 47 53%
A 52% .Sale 6 U2
58% 15, 57 60
O 58% 59% 58%
77
S 75% 7634 77
5 74 80
J 75% ----- 76 Apr T9
76 76
100 % 100 %
J 100% 103% 100% Apr T9
101 Dec T5
J
J 90% 94 90 Jan T9 ___ 90 90
J 91%
90% June’ 18
J 94%
94% Apr T9
94 94
95U May'19
95% 96%
J 95

S A A A Pass 1st gu g 4s-----1943 J
A
A
Adjustment 5s________ 01949 F
Refunding 4s____ - ____ 1959 A
Atl Blrra 30-yr 1st g 4s..«1933 M
Caro Cent 1st con g 4s...1949 J
Fla Cent A Pen 1st ext 68.1923 J
1st land grant ext g 6S..193C J
J
J
J
J
Southern Pacific Co—
J D 76%
75i2
77% 12 75 79%
90 Feb T4 . . . .
J D
87% 3071 8534 87%
20-year conv 4s________ 01929 M S 86% Sale 84
378 100 115
J D 111% Sale n o
115
F A 80%
80%
80%
4 78 S3
F A
80%
___
J D 83% 86% 83%
84
8 80 8534
80 80 Apr T9
75% 80
Through St L 1st gu 48.1954 A O
rvi N 91% 101 100 Oct ’ IS
J J 85% 97
IM N 91% 102 95 Nov’ 18
92% 92%
Hous E A W T 1st g 6s...1933 IM N 92% 95 92% Mar'19
M N 92%
10(1 Oct '10
9834
H A T C IstgSsInt gu__ 1937 J J 97% 98% 97% May'19 ___ 97
A 0 94% 96
94%
91 Mar'19
94 94
Waco A N W dlv 1st g 6a '30 IM N 94
J J 93 95 93 Nov’ 18
J
99%
J J 97 100 100 Apr T8
A O 94%
102% Oct '18
5 96 99%
99's
Ore A Cal 1st guar g 6 s ...1927 J J 97 101% 09
___ |
J J 92% 03 92% May’ 19
93 93
78 78% 77’s
777s
6, 77 8034
San Fran Terml 1st 4s._-1950 A o
___
82
98 79% 83%
So Pac RR 1st ref 4s........1955 J J 80% 81% 80%
J J 94% SUe 04%
95% 27| 92% 90%
___
J J
94
A o
68% Salo 88%
142 66“ 69
69
M s 6S% Sale 68%
2 64 08*4
68%
J J 92 94 91% May'19
90% 91%
J J 74
77
74
74
1 70% 74%
93 Jan '19
J D 91%
93 93
88% May'19
87% 88%
Atl A Chari A L 1st A 4 Ha 1944 J J 88%
9534 May’ 19 ___I 93% 97%
1st 30-year 5s Ser B___ 1944 J J 95% 90
J J 65% 74 74
74
6 74
74
J J
81% Mar’ 16
A o 70%
97
97
E T Va A Ga Dlv g 5s..ll930 J J 95% 99% 97 Mar'19
M IM 94% 96 95 Apr '19
92% 97
IM 8 92 94 96% Jan T9
95% 95%
52 Jan '19
52 52
Ga Midland 1st 3s........... 1946 A O 53 57
100 % 101
Ga Pao Ry 1st g 6s..........1922 J J 100% 100% 10034 May’ 19
1011s 10134
91% 97
91% Oct *18
J J
68% 68 Jan *18
96% 102 95 Jan *18
A o
69
M N 69 69% 69
1 69 71
N
99 LOO
IM S 96%
102% Juna’ ll
93%
93%
5, 93% 93%
Series E 6s.................... 1926 IM 8 93% 100
Series F 5s .................. 1926 IM 8 92% ____ 101% Deo T6
2 90 96%
!M N 96% 96% 96%
96%
J J 88% 94%
A O 70 73
71 May’ 19
71
71
F A 87%
93% Mar’ 17
75% 75%
Spokane Internat 1st g 5s..1955 J J 75% 78% 76% Apr T9
89 May'19 . . . . 85 91%
A O 89
93
F A 93 LSale 93
93
98%
77
72
J J 73% 75 73 May’ 19
O 00% 94% 95% July'18
J D 91% Sale 91%
93
5 87% 93
50 00 41 8ept’ 18
J J 75*4
80 May’ 18
F A
106% Nov'04
94% 92 Apr *19
J J 91
92 92
A O 84% 90 87 Jan T9
87 87
J D 69% 84% 93 Oct *18
A o 68% 80 75i* May’ 19
75 75%
SS84
1 88
91
J J 90 97 8 S34
30 Feb T9
J J
36 36
Tol St L A W pr lien g 3HB-1925 J J 74% 80 75% Feb T9 ----1 75% 75%
56
10 45 50
A O 55 Sale 55
20
18% Mar’00
F A
20
18 Aug *18
J D 70% 87 80 Apr *17
J I)
90 89% Dec '18
A O
70 58 Sept’ 17
23 85% 89%
J J 86% Sale 80%
86*4
86 85% Oct T8
J J
89
21 85% 89%
20-year conv 4s............... 1927 J J 88% Sale 88
80%
81
M 8 80% 81
62 79
83%
103% 38 10234 106
10-year perm secured 6s. 1928 J j 103% Sale 103
83
8 79% 86
J I) 82 Sale 82
F A 100% 101% 101 % 10 1 %
6 100% 101%
J J 97% 98% 98 May’ 19 . . . . 96% 98%
8684
J D 86% Sale 8634
33 84% 88
98
98
i ! 98 98
Utah A Nor gold 6a___ 1926 J J 03%
J J 83% 88 89 Feb T8
A 78%
80% Apr T9
80% 80%
N 83
Vera Cmi A P 1st m 4 m 1934 J J 36 45 35 May’ 19 -----1 35 35

83% 25 82 80
Q J 82 Sale 82
82 Mar’ 19
82 82
Q J
60% 20 68% 617|
Q F 69% Sale 69%
q F
59 57% May’ 19
57% 57%
J J 88 89 89% May’ 19 ___ 85% 90
J 76 70
76 May’ 19
J D 70% 86
Bt Paul-Duluth Dlv g 4fl.
1 102 104%
F A 102% 104% 1037g 1037g
8t P A N P gen gold 6s._
100% 100%
Q A 100% ___ 100% May’19
Registered certificates.
97 98%
St Paul A Duluth 1st 6S--1931 F F 07% ____ 97 Feb T9
J 1) 76% 85
78 Deo T8
Q M 71% 85
38% Deo T fl___
J J 107%
107% May’ 19 _ 107% 1076.
77
4 74% 79%
Oregon-Wash 1st A ref 4b. . . 1961 J J 76% 77 77
86 88
86 85 May’ 19
Faolflo Coast Co 1st g 5e._.194G J D
Paducah A Ills 1st s f 4HS..1955 J J 80% 96 100% Feb *17
95% Apr T9
95% 95%
Pennsylvania RR 1st g 4S--1923 IV1 N OS'.
M S 09% 100 99% Apr-T9 ___ 99% 99%
Q M 99% 99% 99% Feb T9
99(4 99%
IM N 88 Sale 88
88
1 88 88
IM N 86% 87 87 May’ 19
86 89l*>
F
05
A
3 93% 90%
96 95%
95%
Consol 4H84!) 84% 89?*
J I) 87%
87%
88
96
119 94
J D 95% Sale 9534
07%
87% Nov'18
Alleg Val gen guar g 4a.__1942 M S 80
D R RR A B’ge 1st gU 4s g 1930 F A 83%
87% Jan T9 ___ 87% 87%
Phlla Halt A W 1st g 4S..1943 M N 83%
102 Jan ’93
Sodua Day A Sou 1st g 68.1924 J J 06%
Sunbury A Lewis 1st g 48.1936 J J 81%
92 Deo’ 17
U N J RR A Can gen 4s.-1944 IM 8 86%
Pennsylvania Co—
__ _
98%
4 97%
Guar 1st gold 4H8— — 1921 J J 07% 97% 98%
90% 007i
Registered----------------J921 J J 07% 98 96% Apr T9
Guar 3Ha coll trust reg A.1037 M S 77% 79% 87 Fob T7
Guar 3Ha coll trust ser B.1941 F A 77% 80 78 Jan T9
78 78
D
J
77%
81% July’ 17
Guar 3Ha trust ctfs C— 1942
Guar 3Ha trust ctfs D — 1944 J D 76% 78 86% I)eo Tfl
85 Apr T9
8334
Guar 16-25*yoar gold 4s_.1031 A O 80% 90
85% Fob T9
85% 87
40-year guar 4s ctfs Ser E.1952 (VI N 80%
M N 82l8
81% Apr T9
81% 8134
Cln Lcb A Nor gu 4s g .
IM N 88i.i 05
Cl A Mar 1st gu g 4Hs.
9fl3< May’18
Cl A P gen gu 4Ha *er A. 1942 J J 02%
A O 92%
104 Deo *16
A o 77%
96% Feb T2
M N 75
goois Oct '12
F A 73%
88% Fob T7
88 Apr T7
J J 79
84
J J 79 84 79% May’ 19 ___ r 7934 79%
84% Doe *18
Gr R A I ex 1st gu g 4H8-1941 J J 85
83% 83%
Ohio Connect 1st gu 4s— 1943 M S 86% . . . . 83% Apr T9
93 May’ 10
Pitts Y A Ash 1st cons 6fl-1927 M N 97%
Tol W V A O gu 4Ha A..1931 J J 89% 04 9884 Apr *17
92 Deo *17
Series B 4Ha________ l®33 J J 89%
Series C 4s.................... 1942 M s 70%
88% 8eptT7
94% 92 May’ 19
P O C A 8t L gu 4Ha A ..1940 A o 91
92 94%
Olio
92% 02*4
Series B guar______ ___ 1912 A 0
Series C guar________ 1942 M N 01% 97% 99 June’ 17
Series I) 4s guar----------1945 M N 89% 03
Serlea E 3 Ha guar gold.1949 F A 89% 90% 90% Peht’ 18
olDu# Jan. 6]Du#|Feb. alDuoJune. AjDuo July. JfclDue Aug. ojDus Oct*
• No prlco Friday: latest bid «




Price
Friday
June 6

J J
J J
A o

102%
94%

Debenture Is------------ 1931 IM N
West Shore 1st 4s guar— 2361 J J
Registered___________ 2361 J J
M N
N Y N II A Hartford—

3315

New York Bond Record— Continued— Page 3

June 7 1919.]

Nori f Due Dec, i Option sale.

New York Bond Record— Concluded— Page 4

2316
BONDS
ST. Y. STOCK EXCHANGE
Wtak ending June 6

2
s
^

Virginian 1st 5a gerlee A____ 1962 M
Wabash 1st gold 5a________1939 M
2d gold 5a......................... 1939 F
Debenture aeries B______1939 J
lat Hen equip a Id g 5s____1921 M
let lion 50-yr g term 4a.-.1954 J
Det * Ch Ext lat g 5a____ 1941 J
Dea Moines Dlv lat g 4a..1939 i
OmDlv 1st g 3Hs.............1941 A
Tol A Ch Dlv lat g 4s____ 1941 IY1
Wash Tsrml 1st gu 3 44s____1945 F
1st 40-yr guar 4s............. 1945 F
West Maryland 1st g 4s------1952 A
West N Y * Pa lat g 5a____ 1937 J
Oea gold 4s____________ 1943 A
Income 5s_____________ M943 Nc
Western Pae lat aer A 5a...1946 IV1
Wheeling A L E 1st g 5s___ 1926 A
Wheel Dlv lat gold 5s___ 1928 J
Exton A Inapt gold 5a-----1930 F
Refunding 4 J4s series A ..1966 M
RR 1st consol 4s________ 1949 M
Winston-Salem S B 1st 4a.. 1960 J
WIs Cent 60-yr lat gen 4a__ 1949 J
Sup A Dul dlv A term 1st 4a '36 M
Street Railway
Brooklyn Rapid Tran g 5s..1945 A
1st refund conv gold 4s__ 2002 J
3-yr 7% secured notes..51921 J
Certificates of deposit........... ...
Certificates of deposit stmp’d . . .
Bk City 1st cons 5s..1916-1941 J
Bk Q Co A 8 con gu g 5s..1941 M
Bklyn Q Co A S lat 5a___ 1941 J
Bklyn Un El 1st g 4-5S...1950 F
Stamped guar 4-5s____ 1950 F
Kings County E 1st g 4a.. 1949 F
Stamped guar 4s______1949 F
Nassau Elec guar gold 48.1951 J
Chicago Rya 1st 5s________1927 F
Conn Ry A L lat A ref g 4>4sl951 J
Stamped guar 4 44a______ 1951 J
Dot United 1st cons g 4HS..1032 J
Ft Smith Lt A Tr 1st g 5a... 1936 M
Hud A Maohat 6s aer A____ 1957 F
Adjust Income 5 s ______ 1957
N Y * Jersey 1st 5s_____ 1932
Interboro-Metrop coll 4J48.1956
Certificates of deposit
Interboro Rap Tran lat 5s.. 1966
Manhat Ry (N Y) cons g 4s. 1990
Stamped tax-exempt____ 1990
Manila Elec Ry A Lt s f 5s.. 1953
Metropolitan Street Ry—
Bway A 7th Av 1st o g 5s.1943
Col A 9th At lat gu g 5s..1993
Lex Av A P F 1st gu g 5s..1993
Met W S El (Chic) lat g 4s.. 1938
Mllw Elec Ry A Lt cona g 5s 1926
Refunding A exten 4^48..1931
Montreal Tram lat A ret 5s.1941
New Orl Ry A Lt gen 4)48—1935
N Y Munlclp Ry lat a f 5s A 1966
N Y Rya lat R E A ref 4s...1942
Certificates of deposit
30-year adj Ino 5s______ al942
Cestlficates of deposit
N Y State Rya lat cons 4He 1982
Portland Ry 1st A ref 6s-----1930
Portld Ry Lt A P 1st ref 5s. 1942
Portland Gen Eleo 1st 5s. 1935
St Jos Ry L n A P lat g 5 s ..1937
St Paul City Cab cons g 5s.. 1937
Third Ave 1st ref 4s..............1960
Adj Income 5s_________ al960
Third Ave Ry 1st g 5s.......... 1937
Trl-CIty Ry A Lt 1st a f 63—1923
Undergr of London 4X8___ 1933
Income 6 s .................
1948
United Rys Inv 5s Pitts 188..1926
United Rys St L 1st g 4s___ 1934
St Louis Transit gu'Ss___ 1924
United RRa 8an Fr s f 4a... 1927
Union Tr (N Y) ctfs dep..
Eqult Tr (N Y) Inter ctfs
Va Ry A Pow lat A ref 6a... 1934

Week's
Range or
Laet Salt

Rangt
Since
Jan. 1

33

BONDS
N. Y. STOCK EXCHANGE
Week Ending June 6

Bid
As Low
HU NO Low High
N 91 941 92
921
If 89% 94%
N 96 961si 95*4
961
; 933* 98
A 87% 88
87
87i 1
' 83 89
J ________ 90 Aug T \ S 97%----- 98 Nov’ l . . . .
J 65 . . .
...
J 91 . . .
88% Fob T ) . . . . 88% 88%
J 75 80 80 Aug T ___
O ------ 69 67 Feb T . . . . 67 67
S 65 . . .
74 Jan T ) . . . . 74 74
A 75 80 75 May'l 1. . . . 75 75%
A 82% . . .
82 Aug *1 1___
O 61 Sal 60*4
611
57% 03
J 98 99 97% May’ l' 1 ----- 96% 100
O ------803,
70 Deo T ___
36 Oo» T" ___
S 84% 84L 84%
841
1C 81% 80%
O 93% 96
93 Oct 'If
J 90 95 100 Feo T"
A _____
90*8 Mar’ ll
S 59% 66 64 Jan ’ 1{ ___ 04 61
S 63 65% 64% May’ 1! —
59% 05%
J 76 Salt 76
76
1 75 70
J 76 77
77
77
1 70 80
N 75% 77 77
77
1 72% 77
O
J
J
.
.
J
N
J
A
A
A
A
J
A
J
J
J
8
A
.
A
1
.
J
3
3
3

65 66
44% 48
81 83
79% 823j
76
82
_________
____
____ 70
78 79
78 Sale
____01
60 68
50 55
77 Salo
____ 83
____80
7fiij 76
_
6 2 % Sale
18% Salo
____ 93
40 Salo
39 Salo
74% Sale
69% 71
70 72
78 81

60%
44%
82%

66*,
4G
83

6 62
:• 43
75
79

76
53
86
79

75

75

72
7134
57
62
50
71%
85%

79%
79%
68
62

12

92 Deo 12
80 May *18
101 Mav'13 ___
2
78
79
78
78
2
08 Apr ’ ll . - .
02 Jan ’ ll
53
53
2
14
77
78
85% Mar’lt
80% Oct ’ If
77
77
5
84 Jan •14
02
62% 72
18
19% 179
90 MayTt
393.,
42*4 405
38
40% 57
73
7434 400
71
71%
6
2
71
71
77 Mar’ 19 —

» 70 72 70
3
70
5 65% 70 65 May’ 19 ___
3 04 72% 02% May’ 19 ___
t _________ 64 Deo ’ 18
A 95 100
J 78 ___ 81% Deo T8
J 84 96% 97% July’ 17
J 64 ____ 61 Apr" T9
J 55 70 01 May’ 19 __
J 45*4 Sale 45
46% 03
44 May’ 19
3 16 Sale 15*s
16% 158
.
15% Salo 15
16% 85
1 53% 64
52 May’ 19 ___
1 75%____ 88*2 Nov* 10
A 65 ____ 62% Apr T9
1 82 ____ 90% Feb T7
4 _________ 95 July’ 17
J 85 99% 102% Mar’ 12
55% 57 57
0
68%
3 40% Sale 40
42 242
1 89 ____ 97 Deo ’ IS
3 93*4 95% 93% May’ 19 ___
1 73 ------ 73 May’ 19 ___
73% 90 71% May’ 19 ___
____ 71
1
701.,
70%
51%____ 60%
1
50%
1 ------47%
33% 35 32 May’ 19 „___
32% 33% 32%
"33% 30
33 Sale 321,
33% 123
____78
74% May’ 19 —

5414

81
88

71

81%

54
14
90
27%
2934
05
65%
69
77

65
19%
90%
43*4
40*4
743,
72%
74%
77

00 70
02 68
02% 74

61
55
39
4 2 I2
10%
11%
52

61
63
49
44
16%
16%
62

62% 63%
50
25

58*4
42*2

93%
73
07%
70%
43%

97
73
78
70%
62%

22
22
22
74%

32*4
3434
3434
79 ,j

95 ____ 103 Sept'15
87% 93 91% May’ 19 ___ 91% 96
1 ____ 93% 91 Deo T8
5 82 89
88%
88% 89 88%
87 93 97 Fob T5
194 100 1043*
103% Sale 103
104
___
98% 99 96% May’ 19
90% 99
1 96% 90%
96%____ 96%
96%
90% 99 96 Apr T9
95% 96*2
1 93 94
93% Sale 93%
93%
1
_
94 Feb T8
85 ____ 100 Feb T3
85%___ 92% Nov’17
89% 95 90 May’ 19 __ 90 90%
90 99
92% May’ 19 ___ 92% 92%
90 ____ 93 Feb T9
94 94
100% 102 LOO May’ 19
100 105
98 ____ 93 Apr T9
90 93
83 ____ 80% May’ 19
79% 84
90 93% 291 May’ 19
93 97
89 ____ 87% May’ 19
87% 88
89 ____ 01% Apr T7
91% 923* 92%
13 91% 94
93
71% Salo 71*4
72
5 69 74%
95% 99 99 Mar'19 ___ 98 100
89 101 90% Aug T7
___________
N
J

93% 94%
94% 90%
86%____
74%____
90 ____
____93%
N 82%____
J 95% Sale
00 95
90 ____;
87 92%
86%____

82 Apr T9
.00 July.17
LOO A pr'19
75

75

1 93 96%
24 85% 88
e*

____ 90
85 . . . .
99% 99%
75 Sale
____ 89%
____ 94%

93%
87%

3

100 101
73 77%
85 85
________
......... ..
75 75
91
94
94 96%
...............
___ ____
...............
90 92
...............
94 98
88 90

85 May’ 19
.00 Apr T7
89 Mar’17
75 May’ 19
93%
93% 20
96% Apr T9
97% May’ 17
70 Nov’ 18
98% Oot T7
90 Mar’ 19 __
01% Nov’ 10
95%
95%
5
24
88*4
90
01 June’ 17
90 Feb T9
90
90 May’ 19 —Jl 90

90
92

Manufacturing & Industrial
Am Agrlc Chem 1st c 5s___ 1928
Conv deben 5s__________1924
Am Cot Oil debenture 5 a ...1931
Am Hide A L 1st a f g 6s___ 1919
Am Sm A R 1st 30-yr 5s ser A ’47
Am Tobacco 40-year g 6s__ 1944
Goid 4s............................ 1951
Am Writ Paper 1st s f 5s__ 1919
Trust Co ctfs of deposit........
Baldw Loco Works lat 5s.. 1910
Cent Foundry 1st s f 6s___ 1931
Cent Leather 20-year g 6s_1925 A
Consol Tobacco g 4s______ 1951 F
Corn Prod Ref’g s f g 5s___ 1931 IVI
1st 25-year a f 5s.............. 1934 M
Distil Sec Cor conv 1st g 5s. 1927 A
E I du Pont Powder 454s...1936
General Baking 1st 25-yr 68.1936
Gen Electric deb g 354s____1942
Debenture 5s__________ 1952
Ingersoll-Rand 1st 6s......... 1935
Int Agrlc Corp lat 20-yr 6s.. 1932 M
Int Paper conv s f g 5s____ 1935 J
1st A ref s f conv 6s sor A. 1947
Liggett A Myers Tobao 7s.. 1944
5s..................................... 1951
Lortllard Co (P) 7s.............. 1944
6s..................................... 1951
Nat Enam A Stainpg 1st 6s.1929
Nat Starch 20-year deb 5s._ 1930
National Tube 1st 5s______ 1942
N Y Air Brake 1st conv 6 s ..1928
Pierce Oil 5-year conv 6a..? 1920
10-year conv deb 6s____ A1924
1st s f 7s 1920 warrants attach
do without warrants attach
Union Bag A Paper 1st 5s—1930
Stamped..........................1930
1st A ref 5s series A_____ 1947
Conv dob 6s__________ el924 A
Yeat Electrlo 1st 5s Deo___ 1922 J
Coal, Iron & Stool
1st A ref 5s guar A______ 1942
20-yr p m A Imp s t 5s__ 1936
Debenture 5s_________ al926 M
!J
F
F
IJ
iJ
iA
hi
J
A
1st cons 5s series A _____ 1950 iYI
M
IJ
J
A
iJ
1
J
M
8 f 10-60-year 6slreg___ <11963 M
x
M
J
A
M

c
c
(
I
1
l
*
V
6
V

Telegraph & Telephene
m Telep A Tol coll tr 4 s...l9 _.
Convertible 4s................. 1930
20-yr convertible 4X »___ 1933
30-yr temp coll tr 5s____ 1946
7-year convertible 0s........ 1925
Registered_____________ 2397
M
M
J
J
Fund A real est g 4 34s___ 1950
Uut Un Tel gu ext 5s___ 1941 M
Northwest Tel gu 434* f —19341J

•No priceFriday; latep. oldaadaaked. aDueJan. d Due April. t Duo Mar. pDseJue.




Price
Friday
June 6

Miscellaneous
Adams Ex coll tr g 4s..........1948 M
Alaska Gold M deb 6s A___ 1925 M
Conv deb 6s aeries B____ 1926 M
Am as of W Va 1st 5s......... 1920 M
Armour A Co 1st real est 4X* ’39 J
Booth Fisheries deb s f 6s. ..1926 A
Braden Cop M coll tr s f 6s. 1931 F
Bush Terminal 1st 4s_____ 1932 A
Consol 5s______________ 1955 J
Buildings 5a guar tax ex..1900 A
Chic C A Conn Rys s f 5s__ 1927 A
Chic Un Stat’n 1st gu 4 54s A 1963 J
Chile Copper 10-yr conv 7s. 1923 M
Recta (part paid) oonv 6s ser A A
Coll tr A conv 6s ser A ... 1932 A
Computing-Tab-Rec s f 6s.. 1941 J
Granby Cons M S A P con 6s A 28 M
Stamped______________ 1928 M
Great Falls Pow 1st s f 5s...1940 M
Int Mercan Marine a f 6 s ... 1941 A
Montana Power 1st 5s A___ 1943 J
Morris A Co 1st s f 454s___ 1939 J
Mtge Bonds (NY) 4s ser 2..1966 A
10-20-year 5s series 3___ 1932 J
N Y Dock 50-yr 1st g 4s___ 1951 F
Niagara Falla Power 1st 5s..1932 J
Ref A gen 6s__________ a 1932 A
Nlag Lock A O Pow 1st 5s..1954 M
Nor States Power 25-yr 5s A 1941 A
Ontario Power N F 1st 58—1943 F
Ontario Transmission 5s___ 1945 M
Pan-AmPetATrlst conv6s ’ 19-’27 J
Pub Serv Corp N J gen 5s..1959 A
Tennessee Cop 1st conv 6s.. 1925 M
Wash Water Power 1st 5s..1939 J
Wilson A Co 1st 25-yr a f 6s. 1941 A
10-yr conv s f 6a_______ 1928

CO
0
0

N
N

93 93% 933*
86% Sale 86%

00

Gat and Electric Light
Atlanta G L Co 1st g 5s___ 1947
Bklyn Un Gas 1st cons g 5s. 1945
Clncln Gaa A Elec latAref 5s 1956
Columbia O A E ltt 5s........ 1927
Columbus Gas 1st gold 5s.. 1932
Consol Oas conv deb 6s___ 1920
Cona Gas ELAP of Balt 5-yr 5s’21
Detroit City Gaa gold 5a... 1923
Detroit Edison lat coll tr 6s. 1933
lat A ref 5s aer A............51940
Eq O L N Y lat cons g 5s..1932
Gas A Eleo Berg Co o g 5s..1949
Havana Eleo consol g 5s___ 1952
Hudson Co Gas 1st g 5s___ 1949
Kan City (Mo) Gas lat g 63.1922
Kings Co El L A P g 5a........1937
Purchase money 6s_____ 1997
Convertible deb 6s_____ 1925
Ed El 111 Bkn 1st con g 4s. 1939
Lao Gaa L of St LRef A ext 5s ’34
Milwaukee Gas L 1st 4a___ 1927
Newark Con Gaa g 6s_____ 1948
N Y G E L H A P g S s ........1948
Purchase money g 4s____ 1949
Ed Eleo 111 1st cons g 5s.. 1995
NYAQ El LAP 1st con g 68.1930
Pacific G A El Co—Cal G A E
Corp unifying A ref 6s___ 1937 M
Pacific G A E gon A ref 5s.. 1942 J
Pac Pow A Lt lat A ref 20-yr
6a International Series__ 1930 F
Pat A Passaic G A El 6s___ 1949 M
Peop Gas A C lit cona g 8s. 1943 A
Refunding gold 6s______ 1947 M
Ch G-L A Coke 1st gu g 6s 1937 J
Con G Co of Ch 1st gu g 5al936 J
Ind Nat Gas A Oil 30-yr 5sl936 M
Mu Fuel Gas let gu g 5a..1947 M
Philadelphia Co conv g 5s.. 1922 M
Stand Gas A El conv a f 6s..1920 J
Syracuse Lighting 1st g 5s..1951 J
Syracuse Light A Power 5s.. 1954 J
Trenton G A El lat g 6a___ 1949 M
Union Elec Lt A P 1st g 5s.. 1932 M
Refunding A extension 5a. 1933 M
United Fuel Gaa 1st a f 6s...1930 J
Utah Power A Lt lat 6s___ 1944
Utica Elec L A P lat g 5 s... 1950
Utica Gaa A Eleo ref 5a___ 1957
Westchester Ltg aold 5e. _ 195Q

Price
Friday
June 6

[V ol . 108.

h

Bid

N
D

N

O
N

O
N
O
D

N
N
O

N
J

1
f
r
1
1
k
l
1
1
1
1
1
1
1
(
.

Wtek't
Rant* or
Lait Salt

At k Low

65
29
29

Since

High

Low High

65%
65%
29 May’ 19
30 May’ 19

67ts
35
35

87% 88

88
88%
48 86 8834
90 Feb ’ 18
96% Sale 00
97
92% 97
80'g 81
81 May’ 19
90% 81
82-1.1 Sale 823f
82%
80 85%
80% 81
81 May’ 19
79% 81
40 50
58 Mar’ 18
85% 85% 85% May’ 19
85 ‘ ~89 "
119 Sale 118
120
10534 121%
92 Sale . 92
93%
82% 93%
92% Sale 91%
92%
81% 93%
84 Sale 83%
84
8234 85%
98 102
98% Fob T9
97
98%
96 98
96% May’ 19
95 98
93%____ 95% Apr T9
93% 95%
100% Sale 100
104% 1094 97 I0534
92ta Sale 92
92% 15 91 95%
88 Sale 87%
88% 23 83 88%
83 Apr T4
04 June’ 16
69 72
68% Apr T9
68% 71
95 90
95 May’ 19
93% 97
101 ____ 101 May’ 19
101 101
90% 93 89% Oct T7
89% Sale 89%
89%
87%
00% 91% 90 May’ 19
89
____ 05
84 J'uie’ 17
140 ____ 155% May'19
112% 1&%
77 Sale 76% 77
75 80
03%. . . . 96
90
91 00
90% 92% 90 Apr T9
90 93
100% Sale 99’4 101% 190 96% 101%
103% Sale 99% 10434 870 0934 104*4
99 100 99% 100%
110 Salo 10934 111
. ,89% - Sale 89
89%
100 100% 100
100
90% Salo 90
90-%
118%------ 119 May'19
78%------ 75% Apr T9
99% 99% 99% May’ 19
90 Sale 89
90
100 101 100 May’ 19
79% 82 80
80
90% Sale 90%
97%
74 80% 73% Dec
100% 100% 100 Ma
1 ___
99% 1001 100
1
1
92% Sale 92
! 10
94 100
1 __ __
85 00
88 Feb T 1 .....
75 80
73% May’ l I . . . .
98 98% 98%
99 ,
7i
90 Nov’ l
82% 83
82%
83
20
98 ------ 98
2
98
88 91% 90% Nov'18
1143s Sale 113% 114
8
94*2 Sale 94%
27
94
112% 113% 113% May'l
93 93% 93
93 :
5
98 Sale 97%
13
98
93% . . . . 94 Aug '18 . . . .
98% 99 97% May’ 19 —
103 100% May’ 19
101
123 135 120
135 ” l5
107% Sale 106
115
109

140
99%
93
101%
88%
89%
93%
76*4
103%
89%
104%
1 97
1 101%
13 97*4

150
Sale
95
Sale
92*4
94%
Sale
Sale
Sale
Sale
97%
Sale
93%

98 101
109 112%
87 89%
9 9 3 4 100%
89% 93
119 119%
72% 78%
88 9934
86 90%
100 101%
78
82
05% 97%
29% 100
99% 100%
89 92%
92% 92%

88

88

71% 73%
97% 101
70% 83
98
98
133%
90 95
109*4 113%
90% 04
96 98
....
99%
101 %
.885 145
88*4 112 %

111

5 98% 15212
144
150%
79( 95 100
99% 100
95 Apr T9
93 95
101% 102% '*37 100 % 103
89-% Apr T9 —
85 893<
87 Dec T8
94 May’ 19 ___ 93% 94
76
7634 30 00
77%
103% 103% 60 102*4 10434
88%
89% 149, 86
8934
104% 105%
87*4 105%
97%
97% 3!i 95% 97*4
5 100 % 102 %
101% 101%
8 97
97%
98
99%

1 96% 983* 96
1
96
’ 893* 91
89%
89% 11
1 89 Sale 87%
122
89
90
91
90 May’18
8
86% July’ 18
D
101 Deo T4
93%
A 91
91 May’ 19
A 79% Sale 703,
79-2
D 87 95 87% Apr T9
D
98 Feb T9
O 85% I
85%
85%
N 90 1
98
98% 111
D 90 O 06% 97% 90%
97
8 96% Salo 93%
97
S 90% Sale 89%
90%
J 80%
88
-----J
88%
88%
95 95% 95%
o
95%
J ____88
8034 Mar’lu
93
95
J
02 May’ 19----N 100 Sale 100
100% 159
'
N
09% Apr T9
N 87
J 65 70 70 Mar'19
S 85% 88»4 85% May’ 19
J
8
S
D
A
D
J
J
J
J
A
N:
N
J
J
J
N
N
J

Rangt
Jan. 1.

95% 90*4
87 90
80 89
88
73%
83
95
82%
95

91
79%
90
98*4
88
08%
98
97
90%

87*4 88%
92% 90%
80*4 80*4
91% 92%
99% 101%
99% 100%
70 70
85% 87%

85is Salo
____ 84
91 Sale
92% Sale
10334 Sale
98 Salo
05 ------

85
85% 33 83*4 85%
80 May’ 19
77 80
903.,
91 “ l6 85% 91
91%
02% 33 90
04
10334 104% 288 100*4 104%
1 90 08%
08
98
73 Nov'17
68% Jan '18
933s 94 04 May’ 19
03 94
____ 9634 08 Apr T6
91% 92 01 May’ 19
00 92%
98%----- 98% Apr TU
98% 98%
80 Salo 89
89%
87% 91%
91% 9134 91%
913*
90% 95%
92% Salo 92%
92%l
90 93%
93% 03% 93% May'19
93 94
86 86% 80 May’ 19
85>2 92
____99
101% Bept'17
81%____ 04 Nov’ 10

DuoJuly. * DuoAug. oDueOot. pDueNov. t Duo Deo, * OptionBale.

Ju n e 7 1919.]

BO STO N STO C K

E X C H A N G E — Stock Record

SHARK PRICKS—NOT PKR CBNTVM PRICKS.
Saturday
tag 3 1 .

Monday
June 2 .

1
1
1
1

Tuesday
June 3 .

Wednesday
June 4.

Thursday
June 5 * .

Salesfor
Friday
June 6

Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

BONDS
See Next Page

Range Since Jan. 1.
Lowest

Range for Pretiout
Year 1918
Highest

Highest

Railroad*
137
136
136
135*2 135*2 135*2 135*2 *136
136
Jan 8 145 Apr 3
136
00 Boston & Albany________100 131
74
73*2 74
73
72*8 73
7212 73
727g 73
470 Boston Elevated________ 100
64»4 Mar24 80*4 Apr 5
*87
*87
*87
87
87
85 Feb 8 95 Jan 3
62 Boston & Lowell________ 100
33
33
33*2
33
33
34
34
33*8
34
34
28 Jan30 35 MaylO
441 Boston & Maine________ 100
•
____ * ___
____ *160
*160
170
Last Sale 160 M a y ’ 19
Boston & Providence____ 100 159 Aprl5 168 Jan 6
1
* ____
.50 * ____
.50
.50 * . . . .
.50
.50
.50
Apr28 50c Apr28
250 Boston Suburban Elec_no par 50o
*4
*4
*4
1
6*2
6*2
6*2
Last Sale.6*2 M a y ’ 19
Bo pref--------------------- nopar 6 ** Apr28 11 Janl4
1
*134
*134
130
130 *134
134
134
136
Aprl7 135 Jan 4
16 Cblo Juno Ry & U S Y___ 100 134
1
*89
*871 2
*89
Last Sale. 87 M a v ’ 19
Do prel____________ 100 84 Feb14 881* Apr 8
112
*109
*107
*107
1
107
107
Apr 9
9 Connecticut River_______ 100 107 June 5 115
1
5434 5434
52*4 523i
*53*4 ____ *53*4 ____
52
527g
Fitchburg
pro!__________
100 511* Apr24 58 Jan 2
86
1
*105*4 —
*105*4 ____ *150*4 ____
Last <Saleil03 A p r ’ 19
Georgia Ry & Elec stampd.100 993s Marl5 103 Apr 5
7212
Do prel____________ 100 70 Marl5 74 Feb27
1
79
7934 7934
79*4 79*4 *78
79*4 7934
1
83 Jan 6
30 Maine Central__________ 100
79*4 May 6
7
Mass Electric Cos_______ 100
8'*?.
1 Mar21
8i2June 6
10
Do prel stamped_____100
4 Mar27 19 June 6
1
313i
33.84
32
3 2 18
31*4 32*8
31*4 3 2 i2
33
34
34i2 MarlO
257g
Febl3
2,200 N Y N H * Hartford.........100
1
*
92
92
92
Last SaleA 8 M a y ’ 19
Northern New Hampshire. 100 88 MaylO 94 Mar l
____
1
96*2 96*2
96*2 96*2 *56
97
97*2
98
98
31 Old Colony____________ 100
95 Aprl2 105 Jan 3
22*4
* 21
23
* 22*2 23
Last Sale 23 M a y ’ 19
Rutland pref___________ 100 18 Aprl4 23 May 27
1
*
* ___ _
99
99
99
Last Sale 93 M a y ’ 19
Vermont & Massachusetts. 100 93 May 8 100 Janl8
1
*45
46
40
46
45*2 45*2
46
45*2 46
46
West
End
Street_________
50
236
40 Mar21 50 Apr 3
56
*50
____ —
—
56
50
50
*56
Do pref..................
52
50 491* Marl3 56 Apr 5
•
Miscellaneous
1
1103i
111*4
1
*109*2
110*2
1
1
0
110
I I U 2 1 1 2 i2
110*2 1 1 0 %
428 Amor Agrlcul Chemical__ 100 100
Jan29 114 May _
10 1
10 1
Do pref___ _________ 100 97i* j an 3 1021* MarlS
97
100*2 100*4 100*2 100*2 100 100*4 *100 10 1
1
100
10 1
101*4 101*4
100 10 1
192 Amer Bosch Magneto.no par
101*4 100
64*4 MarlO 104*4 June 3
1
*U4
1*4
1*4
355 Amer Pneumatic Service.. 25
55e Jan 2
U?
U?
11 ?
*1*4
1*2
H?
1*2
1*4 May29
6*2
612
Do pref_____________ 50
0*4
7
6*4
0*4
* 6*8
290
21* Apr 8
6*4
6*8
6*4
6 i*June 5
1
131
131
134*2 136*4 1383g 1373g 139*4
*132
133 *129
247 Amer Sugar Refining........ 100 111
Jan 2 139*4 June 0
1
Do pref____________ 100 113 Jan 2 119 Apr 5
117*4 118
176
116*4 116*4 *116*4 117*4 *116*2 117*4 117*4 118
106*4 107U 1073s 108*2
99 Jan29 IO8 I2 May27
1
106*2 107*? 106
108
106*4 107
2 ,725 Amer Telep & Teleg.......... 100
1223.4 121
123
117
125
45 Jan20 125 June 3
119*4 1195s
380 American Woolen ol Mass.100
110*8 112*4 1 1 2
1
111
103
106
1091? 108
Do pref ............. .........100 94 Jan21 111 June 5
105
108*4 107
108
10S34
2 ,0 7 9
1
115
117
119
12 0 12 0
120
120
116
254 Amoskeag Manufacturing___
79 Feb 15 120 May29
78i* j an 9 84 Mar22
82
81
81
81
82
81
*81
8212
Do pref_______________
180
1
2 2 1 ? *21
Last Sale 22 M a y ’ 19
*20
2 2 12 *21
171* Jan21 221* May 5
Art Metal Construo Inc__ 10
2 2 12
1
*162
104 *159
Last Sale 164*2M ay'19
162
Atl Gulf & W I SS Lines..100 97 Feb 3 174 May 9
*161*2 164
10*1
10*2 11
lots June 5 1312 MaylO
7 ,405 Blgheart Prod & Refg........10
1 0 *s 1 1
1
10*4 1 1 1 ?
11*4 11*8
10*8
1
217g 217g
22
* 21*2 22
22
215g 23
2434 May22
385 Booth Fisheries__________nopar18*4 Feb 7
*21*4 2 2
1
14
133t 14*8
13*; 14
14
14*4
1,509 Century Steel ol Amer Inc. 10
135s JanlO 151* Marl7
1334 14*8
14*4
153i 16
18*4 May 6
10
Mar26
1
16
16
2 ,225 Cuban Portland Cement.. 10
15*8 16
15*4 16
15*4
I
6
I
4
1
41* Jan 4
6*8 May 6
*6
0*4
*6
*6
*6
6*4
0
6
25 East Boston Land............. 10
6*4
0*4
1
150
Apr26 172 Jan 2
157
157
157l2 157
245 Edison Electric Ilium____ 100 155
156*2 157 1*156*2 157
158*2
521* Jan21 651* May 6
1
0112 6134
61
01
61
6212
61*2 62
4 ,746 Fairbanks Co____________ 25
613 4 04*2
171
*168
170
166*2 166*2 *169
14 General Electrlo________ 100 14678 Feb 7 169 June 3
167*2 169
1
*3334 34*2
34
34
3334 34
3334 34
28 April 38 May 17
245 Gorton-Pew Fisheries____ 50
1
8
8
8
8
8
8
8*8
*7*2
73i 73i
9*4 May 6
4i« Mar26
235 Internat Port Cement___ 10
*24
*24
*24
Last Sale 26 M a v ’ 19
28
26
28
28 May 6
Do pref........................ 50 18 Jan
1
34*2 34*2 *33
*33
341?
3 4 i2
19 Mar20 40 Mar20
34*2 *33
10 Internat Products____ no par
1
8
0 Jan
8*8
8 *s
8*2
9*8 Feb20
8*8
8*4
8 Mi 8*8
8
3 ,806 Island OH A Trans Corp__ 10
8 Mi
*96
96
96
90
96
90
90
•
90 Janl7 99 Mar26
14 McElwaln (W H) 1st pref-100
1
82
83
8 § 326*2
8 U 2 82
8212 83
74 Apr30 86 Jan 9
81
1,141 Massachusetts Gas Cos__ 100
81
1
60
*07
66
07
00
60
00
07*4
67
60
104
Do pref____________ 100 66 June 3 71 Janl3
1
*14212
*14412
145
145
*145*4
146
140
27 Mergenthaler Linotype... 100 130
Feb 10 146 June 6
94
94
*94
95
95
95*?
95
90
90 Jan22 96. MarlO
95U 96
509 New England Telephone. .100
97
*89
93
*89
*90
93
Last Sale,737S M a y '19
7378May27
Q
Nova Scotia Steel A C ___ 100 46 Mar
50
50
57
58
3,192 Punta Alegre Sugar..........60
5912
0 0 i 2 63*4
48 Feb 1 65 June 6
57*4
63*2 65
15
10
16
10
*15
16
*15*4 16
31 Recce Button-Hole_______ 10
14_ Jan _ 16 Mayl5
47*4 47*4
493i
47*2 49*8
48*4 49*?
49
50
49
8 ,5 9 0 Stowart Mfg Corpn_____
3218 Jan23 50 June 5
138
1,681 Swift & Co.........................100 115
13078 136
137*4 135*4 1303i
138*4 137
138*4 130
Jan30 150 May 5
4*
6434 043i
04*4
64*4 04*4
6412 041?
50 Torrlngton______________ 25
521* Janl3 68 May 2
185
183
183
611 United Fruit..................... 100 1571* FeblO 190 June 6
180
180
183
185
186
190
185
52
51
52
4 ,368 United Shoe Mach Corp.. 25
531?
44
Janl3 55 May 6
51*4 521?
5U 2 52
51*2 52*4
242
27*2 28
Do pref........................ 25 26U Jan 2 31
27*4 28
27*2 28
27*2 27*2
- - Jan25
0
2,182 U S Steel Corporation___ 100
1 10
108*2 110*8 107
107*8 108*8 108*4 110
8 8 U FeblO 111*8 June 6
110*4 111*8
1434 15
14
15
1412 143 i
15i2 Mayl5
7*4 Jan2l
14*4 14*8
1412 147g ! 6 ,155 Ventura Consol Oil Fields.
16
10
16
1638
17
16 Mayl9 17*8 May20
10*2
16*4 17*8
17*4 11,773 Waldorf System, Inc_____ 10
16*4
<
Mining
H
130
17SMay27
50 Apr22
*.9 0
* .9 0
1*4
1*8
1*2
Di
1*4
U?
*1
H4
O
70
70*2
793.1 80
76
1,270 Ahmeek________________ 25
75*2 76*2
70
81
621* Mar22 81 June 5
76*4
*3*2
37g
3*4
33.4
37S
100 Alaska Gold_____________ 10
*3*2
37g
3 Apr 5
X
3*4
*3*2
3*4
4U Marll
*.7 5
.90
.99
*•60
1,500 Algomah Mining_________ 25
.96
*.6 0
«
.90
* .6 0
.90
.90
10c Apr30 99c June 6
40
40
40
40*2' 39*2 42
42
45
44
44
1,480 Alloues_________________ 25
331* May 1 45 June 5
*18*4 18*4
18*2 19
M
18*4 19
19*2 21
545 Amer Zlno, Lead A Smelt. 25
20*2 21*2
10*4 Febll
2 D2 June 6
55
*52
*54
"
1 *53
54
62
55
70
55
5834 *00
Do pref ..............
25 39 Febl5 58*4 June
137g 14
14
14*8
13*2 13*4
14
14
1334 14*8
2 ,5 2 0 Arizona Commercial_____
5 10*4 Feb28 14is May29
O
*.5 5
.05
.61
. 6(1
.50
.56
.65
.05
.50
.65
2 ,5 0 0 Butte-Balaklava Copper.. 10
20c Jan30 90c May 14
*30
31
*28
31
H
29*2 *29
Last Sale 27 M a y ’ 19
Butte A Sup Cop (Ltd)___ 10 171* Jan23 27 May29
02
65*2 67
65*2 66
63*4 641?
6412 67
2 ,6 2 0 Calumet A Arizona_______ 10
z 6612 60*?
57 FeblO z69i*June 6
1
400
405 410
405
*405
410
409 419
410
409
1 1 0 Calumet A Hecla............... 25 350 Marl4 445
Jan 3
13*4 137g
1
13*2 13*4
14*2 14*2
1412 14*4
2 ,1 5 0 Carson Hill Gold________
14*4 15
15 June 6
1214 May 5
16
15
*15
15
*15
10
*15
16
17
12 Mar21 17 June 6
230 Centennial______________ 25
15*2
1
48
50
47*2 48
47*4 5034
39 Mar 5 5178 June 6
50*2 51*2
4 ,6 9 8 Copper Range Co________ 25
50*4 517g
1
27S
* 2*2
2?S * 2*2 3
27*
27g
3
3
3
3*4 May 14
2 Marll
235 Daly-West.......................... 20
7
6 Mi 7
Cl2
6*4
1
6341
0)3.4
7*8
7*4
4*4 Febl3
7% June 6
7*8
6,18 8 Davls-Daly Copper______ 10
1
12*4 14i4
12*4 1378
13
16*2
157g 17
8 Feb28 17 June
15*4 IOS4 2 6,238 East Butte Copper Min___ 10
1
3
e4*2
3*4
434
468
4*4
47g
4*2
453
434
4 ,1 7 5 Franklin..............................25
1*8 May 9 e4?sJune 6
74
*70
*72
73
*72
1
74
Last Sale 69U M a v ’ 19
Granby Consolidated_____100 65 Apr21 7312 Febl3
1
4 2 l2
42*8 42*8 *41
*43
44*2 *43*2 44*9
45*4 Jan
10 Greene Cananea________ 100 41UMayl3
1
6
6
5*2
014
0*2
6*41
0 l2
7
0
2 ,095 Hancock Consolidated____ 25
4 May 1
7*2
7i2June 6
4*4
1
4*4
5*4
4%
07g
4,*4
6*2
7*4
6*2
7% 14,805 Helvetiat......................... 25
7*4 May21
20o
Feb
20
*1
1
1
*f
*1
____
1*2
1
1 '?
2 10 Indiana Mining__________ 26
50o Mar 8
li* June '
1*4
1
60
50
50
491 2 50
50*2
50
52
52*2
51
42 AprlO 5212June 6
1,150 Island Creek Coal_______
'
1
* 86*2 88
* 86*2
*85*2 87
Last Sale 85 M a y ’ 19
78 Aprl2 85 Mayl4
Do
pref____________
32
31
32
31
31*2 34*4
1
33*2 35
34*4 35*4
2 ,9 1 4 Isle Royale Copper...____ 25
24 Jan 2 35U June 5
1
6
6
534
z5*4
6
57S
*55g
57g
0
534
495 Kerr Lake_____________
4 Janl7
6>8 May 9
6
13.1
2
2
1
2
*13.4
2
2
2
2
2
99c Mar 4
2 June 2
1,300 Keweenaw Copper_______ 25
6*4
53|
5*4
6*8
6 i2
1
6
558
0
6
3 Jan25
6*2
6*8 June 2
2 ,1 9 5 Lake Copper C o . . . . _____ 25
1
4
*334
4*4
4*4
3*4
41,
4
45s
4*2
2 AprlO
4*8June 5
4*4
1,593 La Salle Copper_________ 25
1
3*8
3*4
3*4
3*8
3*4
3*4
3*4
36g
3*4
37S
2's Apr23
378June 6
2 ,575 Mason Valley Mine_____
5
6*2
6*4
6*4
6
1
6*4
63i
6
6*4
06g
4 Fob 7
6*4 June 6
0*4
1,085 Massachusetts Consol-----25
912 1 2
9*4 10*2
1178 13*4
11
12
10*4 107g
2 Janl3 13*4 June 2
2 8 ,0 8 0 Mayflower-Old Colony__ 25
i
6*4
7
67g
7*4
6*8
61?
65g
8 May27
21* Fet>24
6*4
0*4
6*2
1,300 Michigan............................ 25
64*4 64*4
63*2 03*2
0334 65*2
1
0578 70
70*2
68
491* Feb 7 70*2 June 6
890 Mohawk________________ 26
*1712 M
*17*4 18
*17*4 18
Last Sale 17*2 M a y ’ 19
17*2 MaylO
15U
Mar26
Nevada
Consolidated------6
1
3
3*4
3»8
3*8
37g
4
4
4
31.1
3 ,425 Now Arcadtan Copper----- 25
4*4 June 6
1 Mar 8
4*1
20*2
20
19*4 21
1
19*2 21
20*4 21
14*4 Mar 5 2 1 i2 June 6
20*2 2 1 12
3|915 Now Cornelia Copper-------- 6
10
*9*4 10*4
10
*9*2 10
*9
10
*9
10
61* May 2 ID 2 May26
200 Now Idrla Quicksilver----5
1
20*4 20*2 *20
20*2 20*2
20*? *20
20*2 *20
20*2
87* Febll 2012 May22
305 New River Company____ 100
*80
80
1
*79
81
80
80
*79
80
*79
80
270
Do pref.......................100 571* Mar 1 80 May23
I D s 21*4
11*8 12
11*4 11*1
113l 12
1
1U 2 12
2 ,9 9 0 Nlplsslng Mines________
8U Janl5 13i2Mayl2
6
1
13*4 14*2
13*4 14*2
133.1 14*4
14%
14
14*4
1412
9 Fob 20 14*4June 5
3 ,410 North Butte.........- .......... 15
*.75
.90
1
.90
*.8 0
.95
•9°
.90
.90
.90
25o
Apr22
1*2
2 ,8 5 0 North Lake_____________ 25
1*2 June 6
3
*2*4
*212
3*4
1
3*8
3.
3
3*4
*2*2
3
1,000 OJlbway Mining_______
25 75o MarlS
3*4 May 16
1
37^4 37*4
37*2 38*4
36*2 37
38
39*2 *39
40
424 Old Dominion Co________ 25
301*
Mar
5
39i2June
5
1
56
*56
55
5 5 12 50
50
54*2 55*2
59
45 Mar 17 59 Juno 6
509 Osceola_________________ 25
?18*2
7
18
183S 183g] *17*4 18
1
17*2 18
18
18*4
121* Feb 8 19 May 5
1,145 Pond Creek Coal............. 10
67
*07
68
68
67*2 08
68
69*2
70
71*2'
323 Quincy.....................
25 52 Mar22 71i2June 6
1
223s 22*8 *22*4 23
22*4 22*41 *22*4 23
*23
23*1
191* Feb 8 23's May27
12 0 Ray Consolidated Copper. 10
*54
59
58
57
1
58
00 I 58
60
60
60
40 Mar 4 60 June 6
507 St Mary’s Mineral Land.. 25
24*4 24*4
24*2 21%
22*4 24
23
24
23*1 24
13 Jan22 25)2 May 19
775
1
3*2
3 *4!
3*4
3*2
3*4
338
33i
3*4
3*2
334
37g May26
1,052
li* Marl 5
2*4
2
2
1
2*8'
23g
25S;
2*8
2*8
2%
3*2'
40c Janl3
1,200
3*2 June 6
.25
.25
*.20
.20
.20
•
.25
.30
.25
.25' 2 ,2 3 5
80 Janll 45o Mayl4
1
9
9
9
7*2
9*2
9*2 11*4
4 Mar 8 11*4 June 5
9*2 11*4
3 ,8 4 0
4
1
3*4
3
3*2
3*4
334
3*2
37g' 13,950
3%
1 Mar28
4 June 2
4*2
4*4
4*2
5*4
414
1
4*2
4
4
*4
4
*
2
'
6*4 June 2
2 Feb 3
1,640
1
l 1# 1*4
1*4
1*4
Hs
*1
1*2
*1
1*8
1*8May28
1 *2 ' 1,250 Tuolumne Copper----------- 1 74c Apr 1
1
67*2 69*2
68*4 69*2
67*2 6734
07
68
68
69 1 1,493 U S Smelt Rofln A M in ... 50
— Jan2l 70*4 May29
43
49% 50
1
49*2 50
49*8 49*4
4934 50
49*2 50
44U Jan24 50 Mayl4
590
Do pref____________ 50
3*2
3*8
3*4
3*8
3*4
3*?
3
3*4
3*2
1*4 May 9
3*2
5 ,095
3*8June 2
1
10
10*4
10*4
10*8 10*8.
103g 10*2'
10*8 11 1 2,030
71* JanlS
11 June 6 j
3
2*8
»
2*4
25g
27g'
2*4
2*4
2 *4! 5 ,625 Utah Metal A Tunnel___
3
2*2
3 May23|
1U Jan28
1
4
4
3
4*8
412'
4*8'
1
4*8
4*s
45s
4*2
5 ,325 Victoria________________ 25
4*8 June 5,
1U Marl3
1
1*2
1*2
1*4!
1*2
1*4
1*2,
1*2
1*2'
6 O0 Jan 9
1*2
1*4' 3 ,2 5 0 Winona_________________ 25
l 7s May26|
•
21*2 22
2 U 2 22
22*4 25
20*4 22
25*4 26 1
863 Wolverine_______________ 25
15 Mar 5 26 June 6
1
.95
1 1 *.8 0
1
1 1 * .9 0
1
1
1 1
* .9 0
145 Wyandotte..... .........
25 40o Marl3 1% May27'
• Bid and asked prices, A Ex-dlvldond and rights. « Asiossmont paid. t>Ex-stook dividend h Ei-rlghts t Ex-dlvldend u> Half-paid.




2317

122i2 Apr
37 Jan
80 July
19 Jan
150 Apr
.50 Dec
10U Mar
138 July
8212 Apr
104 Feb
53 Jan
106 Sept
70 Oct
77i2 June
134 Sept
81* Jan
27 Feb
84 Oct
Z88 I2 June
20 Jan
80 Aug
37 Feb
47 Jan

146 Nov
80 Nov
104 Nov
40 Sept
170 Aug
3 June
15 June
147 Apr
851* Dec
125 Nov
65 Jan
116U Jan
81 Feb
88 Nov
71* May
33 May
46 May
95 Nov
112i2 Deo
25 Jan
90 Oct
50 July
62 Apr

7812 Jan 106
Jan 100

88*8

.40 July
4 Sept
99 Jan
107 June
90*4 Aug
45i2 Jan
90 Jan
601* Jan
76 Jan
11 Feb
98 Jan

Oct
Dec

2i2 Mar
15*8 Mar
115i2 May
116 Dec
109*8 Oct
60*8 May
9712 Deo
92 Nov
82 June
zl9 Deo
120*4 Feb

21 Jan 28*2 Sept
lOUMay 147* Deo
ID 2 Nov 17*2 May
4 Jan ' 5*4 May
134 June 186 Nov
27i*June 64U Nov
128 Jan 157*4 Nov
27 Aug 35 Aug
7l2 Oct
4>2 Oct
12 Apr 23 Nov
3*8 Aug
88 Sept
z77U Jan
62 June
107 June
8212 July
S3 Dec
29 Jan
11 Jan
27 Oct
102 Aug
45 Jan
115*2 Jan
38*2 July
24*4 Aug
87 Mar
6 Jan

6*8 Dec
93 Nov
91U Nov
71 Nov
147 Nov
IOOI2 Oct
69 Jan
51 Dec
1378 Mar
4U* Nov
146*4 Aug
56 Deo
166 Deo
48*2 May
26*2 May
II 6 I2 Aug
9 Nov

1*4 Jan
12 June
69 Dec 86 Nov
53* Nov
1*8 Apr
.45 May
.15 July
40*2 Dec 64 Feb
10 Dec 21U July
40*2 Dec 64 July
11 Jan 16*4 Aug
.48 Nov
.20 Oct
16*4 Dec 33 May
61 Dec 731* May
425 Dec 470 Dec
10*4 June 14i2 Feb
40 Dec 6 U2 Nov
li2 Apr
3 Sept
4*4 Dec
67g Mar
8i2 Mar 12 Nov
6
Feb
3 June
84*4 Oct
7312 June
39 Jan 67*4 Nov
4*4 Dec
10ig JanSea
15c Mar 300
1 Jan
.40 July
447* Dec 70 May
79i2 Oct 84 Feb
19*2 Jan 29 July
5 Jan
61* Oct
1*4 May
.80 Sept
8*4 May
3*4 Dec
2 Jan
3U Mar
2*4 Dec
6
Feb
7 Jan
3*4 Sept
41* Nov
.65 Mar
414 Oot
.40 June
50*2 Dec 661* May
16*2 Dec 20i* May
1U Aug
2*2 July
9*4 Dec
12 Aug
63i* Dec
8 Mi Jan
10*2 Dec
.25 Feb
i* June
32 Dec
46*2 June
12*4 Dec
69 Dec
19*2 Dec
38 Dec
7 Jan
2*4 Dec
1* Sept
.10 Dec
4 Feb
1*4 Aug
2i* Sept
.73 Dec
36 Apr
42 July
1U May
7 Doc
1 Dec
1*8 Dec
*2 Nov
18 Dec
.40 May

17U Mar
20 Jan
80 Jan.
978 Apr
17*8 M a y

.95 Mar
1*8 Dec
45*2 Jan
65 Jan
20U Feb
78 May
25*4 May
67 Jan
15*4 Dec
5*4 Jan
2 Jan
.20 Jac
87g Nov
4*4 S ep t

41* Feb
1% Aug
601* Oct
471* Nov
4*8 N o v

12 Jan
3 Mi Apr
3 Jac
2 Jan
36 Jan
1 Mi Maz

THE CHRONICLE

2318
_______________O u t s i d e

S to ck

E x changes

B o s t o n B o n d R e c o r d . — T ransactions in bonds a t B o s
ton Stock E xchange June 2 to June 6 , both inclusive:

Erlday
Last Week's Range Sales
Sale. of Prices. for
Price. Low. High. Week.

Bonds.

U S Lib Loan 3%S-1932-47
1st Lib Loan 4s. 1932-47
2d Lib Loan 4s-_ 1927-42
1st Lib L’n 4 % s . 1932-47
2d Lib L’n 4% s.l927-42
3d Lib Loan 4 % s . . . 1928
4th Lib Loan 4 % s ..l9 3 8
Victory 4 % s ____ 1922-23
Alaska Gold Ser B 6s. .1926
Am Agric Chem 5s____1924
5s......... - ............... -..1 9 2 8
Am T d & Tel coll 4 s .. 1929
85
Anglo-French 5 s ...........
97%
Atch Top & S Fe 4s___1995
Atl G & VV I SS L 5s. . 1959
Chic June & U S Y 4s. 1940
75 %
Gt Nor-C B & Q 4 s . . .1921
K C M & B Income.-.1934
Mass Gas 4 % s ________1929
91%
4 % s .................
1931
Miss Riv Power 5s____1951
80
Pond Creek Coal Cs___1923
96
Punta Alegre Sug GS..1931 105
Swift & Co 1st 5s_____ 1944
97 %
U S Smelt, Ref & M conv 6s 105
Ventura OH conv 7s____
Western Tel & Tel 5s. - 1932
90

99.14 99.44
95.04 95.34
94.04 94.80
95.34 95.80
94.14 95.04
95.24 95.74
94.64 95.46
99.84 100.04
31
31
108% 110
100
100
85
85
97% 97%
82% 82%
83
83%
75% 75
95% 95%
73
73
91% 91%
86
86
79% 80
96
96
96
107
97% 97%
104% 105
145
147
90%
90

$22,700
7,750
13,500
4,800
19,950
105,350
410,500
155,350
5,000
6,000
1,000
2,000
10,000
1,000
19,000
5,000
5,000
1,000
1,000
4,000
6,000
7,000
165,700
23,000
17,000
3,500
2,000

H

Range since Jan. 1.
Low.
High.
98.04 Feb
91.64 Jan
92.04 Jan
93.24 Mar
93.04 Mar
94.40 Mar
93.04 Apr
99.64 May
31
June
Jan
100
98% Jan
83% Jan
96% Apr
81% Apr
79
Feb
74
Feb
95% Jan
71% May
89% Apr
83
Apr
77% Jan
92
Jan
87
Jan
95% Mar
99
Feb
94
Jan
89
Jan

99.64 Mar
95.90 Mar
94.80June
96.50 Jan
95.90 Jan
96.50 Jan
96.50 Jan
lOO.OlJune
31
June
110% May
100
Mar
85% May
97% May
83% Jan
84
May
77
Mar
95% Jan
74
Mar
94
Mar
87% Mar
80
May
98% May
107
June
97% June
105
May
150
May
91
Mar

P i t t s b u r g h S t o c k E x c h a n g e . — Record of transactions at
Pittsburgh June 2 to Juno 6 , compiied from official sales
lists.

Friday
Sales
Last Week's Range for
Sale. of Prices. Week.
Par. Price. Low. High. Shares.

Stocks—

Amer Rolling Mill com ..2 5
Amer Sewer Pipe......... .100
Am Wind Glass Mach. .100
Preferred.................. .100
Arkansas Nat Gas com
Columbia Gas & El___ .100
Consolidated Ice com. ..5 0
Crucible Steel pref------ .100
. 100
Indep Brewing com___ ..5 0
..5 0
La Bello Iron Wks com .100
Lone Star Gas_______ . 100
Mfrs Light & Heat___ ..5 0
_50
__50
Ohio Fuel O i l ............. . . . i
Ohio Fuel Supply____ ..2 5
Oklahoma Nat Gas___ ..2 5
Plttsb Brewing com .. -.5 0
Preferred__________ ..5 0
Pittsburgh Coal com .. .100
Preferred .................. .100
Plttsb-Jerome Copper. . . . 1
Plttsb & M t Shasta C o p .. 1
Pitts O il* Gas............. .100
Pitts Plate Glass com. .100
Riverside East OH com . . . 5
Preferred.................. . . . 5
Riverside West Oil com.25
Preferred..... ............ ..2 5
San Toy Mining-------- . . . 1
Union Natural Gas__ .100
U S Glass____________ .100
U S Steel Corp com .. . .100
West’house Air Brake. ..5 0
West’liouso Elec & M fg .50
W Penn Tr & W P com .100

53%
24
85
85
55
75
53%
7%
95%
95
4%
12
106
260
54%
i o y*
19
27
51%
36%
6%
15
60%
92%
14c
36C
16
119%
1%
3%
11%
19%
9c
133%
34
107
112
57
14
66

24
85
85
58
5-1%
7%
95%
5
265
54%
29%
51%
37%
7%
15
65
92%
15c
36c
17%
120
2%
3%
12
19%
10c
133%
36%
112
57%

Bonds.
Cent Dlst Telep 5 s . .. 1943
Indep Brewing 6s____ 1955
Monou Rlv ConC&C 6s ’49
Plttsb Brewing 6s____ 1949
Plttsb M cK & Conn 5s 1931
West Penn Tr 5s.........

C h ic a g o

Range since Jan. 1.
Low.
High.

53%
25
86
85%
58
75
54%
7%
99%
95
5
12
106
265
55%
1014
19
29%
52%
38
7%
16
65
92%
22c
38c
18%
120
3
4%
12
19%
10c
133%
36%
110
113%
58%
14
66

100
975
975
55
1,230
30
1,160
200
90
10
1,169
40
100
202
1,315
884
620
90S
5,241
2,769
1,165
295
370
72
67,700
3,500
18,404
50
18,110
5,465
1,136
135
13,500
37
1,190
375
660
1,730
14
10

44% Apr
53
May
16
Jan
29% May
79
Jan
94% May
77% Jan
86
May
55
May
58
June
75
75
39% Feb
55
May
3
Jan
7% May
91
Jan
09% June
95
95
7
May
i % Jan
10
514
94% Feb 106
June
170
Jan 300
May
48% Jan
56
May
5
"\Tiy
10
16
Jan
31
May
42% Feb
52% Juno
28% Jan
38% May
2
Jan
9
May
7 5 Jan
18 iM ay
Feb
45
65
June
85% Feb
98
May
8c
Jan
22c
Apr
21c
Jan
46c
Apr
8
Jan
18% June
116
Jan 120
Jan
June
3
% Feb
2% Jan
4% June
9
May
12
June
13% Jan
X June
6c
Feb
13c May
122
Jan 135
May
30
Feb
40
May
88% Feb 110
June
93
Jan 116
May
40% Jan
59
May
12% Apr
14
May
GO May
66
Juno

95% 95%
53
53
106
106
75
75
86
80
68
68

$9,000
5,000
1,000
2,000
1,000
1,000

95% May
36
Jan
106
May
52
Jan
Aug
86

lA

19

Jan
May
May
May
June

99
55
106
75
91

S t o c k E x c h a n g e . — R ecord of transactions at

Chicago Juno 2 to Juno

Stocks-

6 , com piled from official sales lists:

Friday
Sales
Last Week's Range for
S
a
le.
of
P
rices.
W
.
Par. Price. Low. High. Sheek
ares.

American Radiator____100
Amer Shipbuilding____100
Preferred___________ 100
Armour & Co, pref..
Booth Fisheries—
Common, new..(no par)
Preferred___________ 100
Chic City & C Ry pt shcom
Preferred________

103%
22%

7OX
Cons Motors____
Cudahy Pack Co (
Deere & Co, pref.

9%
117%
84

_____
..........
Libby (W I ).

31%
23

..........
.........
Mitchell Motor Co.

Reo M otors..
Republic Tire.

..........
..........
..........
..........
..........
..........
51%
206%

_____
_____
I* Rights___________
Swift Internatlonal.
J R Thompson_____




104%
136
7%
59
38
73%

305
310
129
132
90% 90%
103% 104%
21%
79
%
10
75
209
111%
9
117%
98
113
83%
87%
68
30%
21%
8
64
45
121
6%
92
92
275
102
30%
51%
199%
140
48
99%
135%
7
57%
38
69%

22%
80%
%
10%
77
210
112
9%
120
99
116
85
88
68
32%
25
9%
64
47%
121
8
93
92
275
102
31K
54"
207
140
49%
109%
138%
7%
59%
39%
74%

Range since Jan. 1.
Low.
IHgh.

33 275
Apr 310
255 100
Fob 135
25
85% Apr 92
4,689 100 % Mar 105
2,505
820
200
265
1,560
23
995
8,260
2,402
104
309
575
460
15
20,766
8,849
5,750
10
175
30
1,040
986
10
13
80
530
960
945
359
1,290
15,180
4,455
13,464
6,936
5,255
41.085

18
78

%
6%

60%
178
109

8%
100%
78
109
54%
08
56
19%
16

8

49
33
118
3%

88%

89
275

100

28%
45
168%

112%
45
84
115%

6%

41
38
56

Feb
Apr
Jan
Mar
Feb
Feb
Apr
Apr
Feb
Apr
Jan
Feb
Feb
Feb
Jan
Apr
June
Mar,
Apr
Apr
Apr
Feb
Feb
June
Apr
May
May
Feb
May
Apr
Jan
Jan
May\
Jan
June
Jan

H

Juno
May
; May
Apr

24%
83
I
II
78%
210
115

May
Mar
Feb
Feb
May
May
Jan
Apr
123
May
100
May
116
June
85
June
88
May
70 'A May
34
Apr
25
Juno
10% Apr
65
May
51
May
Mar
8
May
95% Apr
94
Mar
300
Jan
105
May
32% May
54
May
212 ?M ay
140
May
49% Juno
109% Juno
149% May
7% May
65
Apr
39% June
74% Juno

0%

122X

[V ol . 108

Concluded)—

Stocks (

Friday
Sales i
Last Week's Range for
Rangesince Jan. 1.
Sale. of Prices. Week. Price. Low. High. iSftares.l Low.
High.

United Paper B’d com.lQO
Ward, Mont, & Co, pf____
Western Stone............. ........
Wilson
Co common.. 100
Bonds.
Armour & Co deb 6s. .1923
Booth Fisheries s fd 6s 1926
Chic C’y & Con Rys 5s 1927
Chicago Rys 5s........... 1927
Chic Rys 5s series “ A ”
Chic Rys 4s scries “ B ”
Chicago Telephone 5s. 1923
Commonw-Edtson 5S-1943
M orris* C o 4 % s ......... 1939
Swift & Co 1st g 5s___1944
Wilson & Co 1st 6s____1941

23

24%

111 112%
OX OX

&

91

98

160
255

100
140

17% Jan
110
Jan
4
Jan
91
June

24% May
112% Juno
12% Apr
102
May

102% 102% $19,000 100% Mar 102% Apr
94
45%
77%
59%
38
96%
93

88

94
40
77%
59%
59%
96%
93%

88

97% 97%
99% 100

9.000
17.000

2.000

3.000
54.000

1.000

3.000
5.000

1.000
6,000

89%
41
72
55
38
96
92%
85
95%
96

95
Feb
Apr
Apr
May
June
96%
Feb
94%
May
88
May
98%
Mar
Mar 100%

May
May
Jan
May
Jan
Jan
Jan
June
Jan
May

P h ila d e lp h ia S t o c k E x c h a n g e . — Record of transactions
a t Philadelphia June 2 to Juno (3, both inclusive, compiled
from official sales lists:

Friday
Sales
Last Week's Range for
Sale. of Prices. Week.
Par. Price. Low. High. Shares.

Stocks—

Rangesince Jan. 1.
Low.
High.

22%
98
19
Jan
Alliance Insurance______ 10
22% 22%
54
60
Jan
American Gas_________100
73
71
May
American Milling______ 50
10
9
9
9
62% May
American Rys, pref____100
65
68% 69
23
100
American Stores___
20% Apr
23
23
1,175
65% Jan
Baldwin Locomotive___100 104% 104
107
Buff & Susq Corp—
50
Fob
15
Preferred v t c______ 100
52
52
40
110
40
Jan
Cambria Iron.................... 50
40
40
1,449
Elec Storage Battery. .100
73
51% Jan
73
75
638
39
Jan
General Asphalt.............. 100
72% 70%
376
76
Jan
Preferred_____ ______ 100 110
110
113%
34
197
25% Jan
Insurance Co of N A __ 10
33% 34
19% Feb
51
J G Brill Co___________ 100
49
47
20
47
Mar
Keystone Telephone pref 50
49
49
17
5,060
Jan
Lake Superior Corp____100
19%
19% 20%
96
67
Apr
Lehigh Navigation_____ 50
71
70
71%
53% Apr
2,050
55%
Lehigh Valley.................. 50
54% 60%
25
Feb
26
200
Lehigh Val Transit, prcf.50
26
26
6
41
Little Schuylkill................50
May
41
41
41
170
Midvale Steel & Ord____ 50
Jan
53%
52% 53%
62
50
Jan
Minchill & S I I . .............. 50
51%
51% 51%
66
80% May
82
Pcnnsyl Salt M fg______ 50
82
82
44
1,410
Mar
Pennsylvania................... .50
47%
47% 47%
2,700
Penn Traffic.................- .2 %
2% June
2%
2%
10
30
40
Jan
Philadelphia Co (Pitts) .50
39% 40
20
28% Apr
Preferred (5 % )............50
30
30
391
31% Jan
Pref (cumulative 6 % ).5 0
35% 30
24% Jan
2,579
Phlla Electric of Pa_____ 25
25%
25% 25%
Jan
20
25
Phlia Rap Transit........... 50
27% 28%
23
Apr
Voting trust rects____50
28%
26% 28'% 13,394
66
Apr
60
69%
Philadelphia Traction__ 50
69
76% Jan
985
Reading________________50
92%
89
92%
1,460
2% Jan
Tono-Behnont Devel____1
3%
3%
3%
1,110
2% Jan
Tonopah Mining_________ 1
3%
3%
3%
964
37
Jan
Union Traction_________50
40%
40
40
Feb
15 185
United Cos of N J......... 100
192% 193
67% Apr
874
United Gas Impt.............. 50
69% 70
69%
8,414
88% Feb
U S Steel Corporation.. 100 110% 100% 111%
8% Jan
10
Warwick Iron & S______ 10
8%
8%
33
41% May
42%
West Jersey & Sea Sh__ 50
42% 43
75
Feb
258
Win Cramp & Sons____100
131
137
Mar
35
7
York Railways................. 50
9%
9%
Bonds.
98.20 Apr
$300
99.00 99.10
U S Lib Loan 3% s.l932-47
92.30 Feb
250
95.00 95.00
1st Lib Loan 4s_1932-47
91.8( Jan
1,250
94.10 94.40
2d Lib Loan 4 s .. 1927-42
93.80 Mar
50
1st Lib L’n 4 % s . 1932-47
95.50 95.50
93.00 Apr
2,550
94.30 94.90
2d Lib L’n 4% s 1927-42
94.5( Feb
8,000
3d Lib Loan 4 % s ...l 9 2 8
95.30 95.04
93.00 Apr
4th Lib Loan 4 % s ..l9 3 8
94.70 95.40 39,550
99.60June
9,150
Victory L L 4 % s 1922-23
99.60 100.04
3,000
83% Apr
Amer Gas & Elec 5s__ 2007
85
85
83% Apr
600
84%
do
small_____ 2007
84
Mar
12,000
65
Elec & Peop tr ctfs 4 s .1945
70
69
70
Apr
9,000
88
Keystone Telep 1st 53.1935
89
89
5,000
58
Jan
Lake Superior Corp 5s 1924
63% 63%
6,000 101% 1 Jan
102
102%
Lehigh Valley 6s......... 1928 102
1,000 100
Jan
100
Lehigh Val Coal 1st 5s 1933
100
9,050
Apr
30
Natl Properties 4-6S..1946
39% 39%
93% Mar
1,000
Pennsylvania RR gen 5s '68
95% 95%
3,000
95
Feb
P W & B ctfs 4s____1921
97
97
97
2,000
72
Mar
78
Peoples Pass tr ctfs 4 s .1943
77
Philadelphia Co—85% Apr
8,000
87%
Cons
coll tr 5s stpd '51
87% 87%
93% Apr
48,000
96
95% 96
Phlla Elec 1st 5s_____ 1966
93% May
1,100
96%
do
sm all______ 1966
95
Phlla & Reading—
Juno
1,000 101
101
101
2d ext 5s reg________1933
1,000
82% Apr
83% 83%
Reading gen 4s________1997
3,000 100% Jan
Spanish Am Iron 6s___1927 100% 100% 101
Jan
95
17,000
Welsbach Co 5s........... 1930
98% 98
90% Apr
700
do
small_____ 1930 ...........
98% 98%

no-par

X

&

H

23% May
73
Juno
12% Apr
69% Jan
28
Feb
107
Juno
53
Jan
41% Feb
77% May
76% June
114
May
34
June
49
May
50
Jan
20% May
73
Jan
00% Juno
26
Jan
45
Mar
53% Juno
54
Mar
84% Feb
48% May
3% Mar
41% May
30
May
37% Apr
20% May
28% Juno
28% Juno
71
Jan
92% June
3 15-16 May
4
May
41
May
193
May
74% Jan
111% Juno
9
Apr
46
Jan
137
May
9% June
99.70 Jan
95.50 Apr
95.00 May
95.80 Jan
95.30 Jan
96.38 Jan
95.70 May
lOO.OlJune
88
Jan
88% Jan
71
Jan
90
Jan
64% Apr
102% Jan
100% Mar
40
May
98
Jan
97
May
78
Juno
89%
90
97%

Feb
Jail
Jan

101
Juno
86% Jan
101% Feb
98% June
98% Juno

B a lt im o r e S t o c k E x c h a n g e . — Record of transactions a t
Baltim ore June 2 to Juno
lists:

0 , compiled from official salos

Friday
Sales
Rangesince Jan. 1.
Last Week's Range for
Sale. of Prices. Week.
High.
Par. Price. Low. High. Shares. Low.

Stocks—

inn
inn
Arundel Sand & Gravel- 100
100
.10
Baltimore Tube............. 100
Preferred _________ 100
Commercial Credit pref.25
Consol Gas E L & Pow 100
Consolidation Coal__ 100
Cosden
Co________ . . 5
Preferred ............... .. . . . 5
Davison Chemlcal-.no par
Elkhorn Coal Corpn.. ..50
Houston Oil pref tr ctfs .100

&

M t V-Woodb Mills v t r.100
100
50
Pcnnsyl Wat & Power. .100
United Ry & Elec____ ..50
Wash B A Annap......... ..50
50
Wayland Oil
Gas___ . . 5
Bonds.
Atl Coast L RR conv 4s '39
Baltimore Brick 1st 5s. 1943
Consol Gas E L& P 4 % s ’35

&

7% notes....... .......... ..........

1,565
149
250
30
1,950
175
10
300
20
230
2,106
11,669
975
640
7,825
20
4,002
325
270
10
109
755
880
50
2,210

69
60
34%
92
2
70
71%
1
20
103%
78%
6%
4
32
27
72%
2%
16
71
71
77%
15
24%
35%
3%

Feb
Feb
Jan
Mar
Jan
Jan
Feb
Mar
Feb
Apr
Apr
Feb
Jan
Jan
Mar
Jan
June
Jan
Fob
Mar
Jan
Mar
Mar
Feb
Feb

93
70
42%
95
3%
90
92%
1.50
26
111%
92
12%
5
40%
40
101
7%
25%
92%
80
88%
20%
29%
38
4%

Juno
Juno
May
Juno
May
May
May
Feb
Feb
May
June
May
May
Feb
Juno
May
May
May
May
Feb
May
Jan
Juno
Apr
Juno

82% 82% $10,000
1,000
71
71
2,000
84% 84%
12,000
98% 99
1,000
97% 97%
28,000
100% 101

77%
71
83%
95%
97
100%

Apr
June
May
Jan
Mar
Mar

82%
71
85%
99
98%
101

Juno
Juno
Jan
May
Feb
May

93
87
70
75
41% 42
94 % 95
3%
3%
85
83
80
92%
92% 92%
1.20
1.20
26
26
110% 111
86% 92
91%
12
11% 12%
4%
4%
4%
37% 38%
40
30
39%
94
94
4%
2%
24%
23
91
90
75
75
87% 88
87%
18
18%
18
29
29%
29%
37
37
4
4
4%

101

Bonds (Concluded)—

HOtOtiO

Friday
Sales
Last Week’s Range
ir ”i
o f Prices.
Sale.
Price. Low. High. Shares.

&

do

s m a ll____1936
82K

Wash B & A 5s............. 1941

High.

Low.

4.000
28,500
97.000
38.000
2.000
IX
IX
2,000
82
82
9,000
55X 56 K
4,000
73 X 73X
5,000
73
73
500
74K 74K
1,000
93
93
3,000
80X 82 X

United Ry & E 4s------1949

00X
81X
85 K
98

IX

82
55 X
70
69 X
69 X
92 X
80

X

Apr
Jan 100
Jan 102 X May
Jan 103 X May
99 X June
Feb
3 X May
May
82
June
June
56 X June
June
76 X Jan
Apr
76
Mar
Apr
76
Mar
May
96
Jan
May
83 X Jan
May

Volume of Business at Stock Exchanges

Total......... ............

Par Value.

1.737,955 8155,784,700
2,198,550 197,583,125
1,697,741 149,753,100
1,683,500 145,052,500
1,719,059 152,686,900

H OLIDAY
85,830,000
2,992,000
2,213,000
2,808,000
2,326,000

9,036,865 $800,860,325

$16,169,000

Week ending June 6.

Sales at
New York Slock
Exchange.
Stocks— No. share
Par valuo______
Dank shares, par.

Stale, Mun.
& Foreign
Bonds.

Railroad,
&c..
Bonds.

Stocks.
Shares.

1919.

United
Slates
Bonds.
$8,527,000
9,429,000
0,544,000
6,424,000
7,340,100

$654,000
444,000
492,000
513,000
413,000

$2,516,000 $38,264,100

January 1 to June 6.
1918.

1919.

1918.

65,339,469
114,110,586
9,036,865
3,342,290
$800,860,325 $311,507,000 $11,024,797,405 $6,118,218,250
$12,900
S47.200

Bonds.

$38,264,100
2,516,000
16,169,000
$56,949,100

$1,011,834,600
163.001.000
243.814.000

S416,905,000
92,313.500
129,539,500

93,509,000! SI,418,652,600

$638,758,000

$24,249,000
3.529.000
6.731.000

DAILY TRANSACTIONS AT TH E BOSTON, PH ILADELPH IA AND
BALTIMORE EXCH ANGES.

Weekending

June 6 1919

Saturday ------------Monday__________
Tuesday.......... —
Wednesday---------Thursday......... —
Friday....................
Total....................

Bond Sales.

53,887
56,371
46,659
63,161
60,575

Shares.

$449,350
148,100
108,500
181,850
129,000

280,653 $ 1,016,800

Bond Sales. Shares. Bond Sales

HOLI D A Y .
8,170
$60,550
11,309
43,300
14,207
24,700
4,850
45.000
10,763
21.000

1
7,837;
$68,000
11,854
46,500
HOLI D A Y .
11,605
121,100
5,648j
26,000

49,299

36,9441

$194,550

$261,600

New York “Curb” Market.—Below we give a record of
the transactions in the outside security market from Juno 2
to June 6, both inclusive. It covers the week ending EYiday
afternoon.
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale.
Far. Price. Low. High. Shares.

Wee* ending June 6.
Stocks —

\0X

56
Am & Brit Mfg prcf---100

1 i-ie
46
19

Am Malt & Grain.r — (t)

ox

Brlt-Ain Chem com .r_.10
Brlt-Am Tob ord bear— £1 ______

10K
52
49
1
45
18
9
22
22

11X
56
49
IK
47
19K
10K
23 K
22

X

10X 13X
30X 38X 39 X
70X 70X
7 8
11

Cities Serv Bankers Bha.(t)
Claiborne & Annap Ferry.
Consol Cigar, c o m .r ... (t)

60
86

7X

Continental Candy.r------ Cramp (Win)
Sons S &

&

135

Endlcott J’nson Corp r.50
Everett Hcancy&Co.Inc 20
Excello Tire Rubber.r. 10

134
76

139
3,835
82
1,300
20
200
2,700
8K
61
300
63 K
55
62
55,700
71K 77
11,100
112K 114
300
13-16
3,500
1 5-16
5,000
7
300
4
4
100
23,000
ox
20,200
15K 16
500
33
16,100
35
300
25
*28
965
30
38
1,700
30
32
1,400
*51
2,150
31
10,200
5
11,000
4K
78
3,100
12
16,700
36
5,000
*38 K
20
20
100
69
79 K 35,400
3,600
3K
1,150
UK 1
54
56
2,800
45
46
300
17
200
17K
ox
o x 46,000
05
67
500
55
59 K
1,200
28
30
9,900
3,200
3K
3K
33
40
10,800
1 1-16 I X 86,000
14
14
50
1,800
73 K 77
39
40
400
55
59 X
8,100
36K *40
3,000
48** 481*
200

10X
8% 8X
63 X
01X
74

&

Farrell (Wm) & Son,Inc(t)
General Asphalt com.r 100

X
IX
OX ox
7X 7X 8X
OX
10X
30
20X
35 X

13-16
1 5-16

Grapo Ola common........... 1
Hall Switch & Signal.r. 100
Havana Tobacco prof r . 100
Heyden Chemical r(no par!
H upp Motor Car Corp. 10
Intercontinental llubb. 100

26

Jones Bros Tea r ......... 100
Kirby Lumber com r _ - - 100
Libby, McNeil A LlbbyrlO

X
54
X 05
30X 20X
4K
73X 73X
12X
12X

Manhat Shirt com w 1— 25
Marconi Wlrol Tel of A m .5
Morris (Philip) A Co------10
Nat AnlllncACh,com.r. 100
Nat Fireproofing pf.r_.50
National Ice A C o a l.r.100
N ow M oxA Arlz Land.r. 1
New Print Rcclalm.r— 10
N Y Savold Tiro r (no par)
N Y Shlpbldg____(no par)
N Y Transportation------ 10
No Am PulpAI’ap. (no par)
Paclflo Devel Corp.r___50
Pacific Gas A El com r.lOC
Parry (Martln)Cor wl r.(t)
Pearson Coal.r..................1
Peerless Tr A Mot Corp.51
Perfection Tiro A Rubb r

63
86
8K

______
79
______
_____ 54
______

ox

------

20X
3X
39
1 IX

Rom’ton Typew com.r 100
Santa Cecilia Sugar, r. 10C
Savold Tiro C orp .r...2 5
55K
Stand'd Gas A Elec com r 5C
Preferred r ___________50 -..........




5,700
1,350
100
3,300
2,300
46,500
26,200
4,000
100
38,000
5,010
100
700
1,800
100
26,000

4X
IX

Range since Jan. 1.
Low.

High.

JaD
May
OX June
12X May
52
*65
23
1
34
18
9
22
22

4X
35

7
55
86

7X

Mar
Apr
Apr
May
June
June
Mar
Mar
Feb
Apr
May
June
June

82
Jan
44
Apr
19H June
June
Mar
54
May
55
39K Jan
83 LI
9-16 Apr
1 1-16 Apr
4K Mar
Jan
3
May
6
4K Jan
14K Feb
10K Jan
Apr
35
24 K Mar
Jan
18
Jan
19
27K Feb
30
May
4
Jan
June
73
Feb
7
Mar
24
13K Jan
Jan
47
3K Apr
May
10
May
50
25
Jan
Mar
10
2K Jan
May
63
52
Apr
Juno
28
Jan
18
Jan
K Feb
14
June
Apr
36K May
24
Apr
29 K Apr
48
Juno

8X
X

X

IX

*41X

49
47^
19
10K
28
28
15K
40K
80K
16
74
99
8K

X

139
90
20
8
65
62
77
114
13-16
1 5-lG
8
7
9K
10

Yi

X
17X
35

41
28
38
34 K
*56
32
5K
78
14
40
24
79

X
ox
1
1
X
60
47
19
7K
69
59
31

X

3X
38 K

IX

14
82
41
64
44 K
50

Submar Boat Corp v t o. 5
Swift Internat’l .r ______ 15
Themells Bros Co Inc r_ 10
Triangle Film Corp v t o.5
Union Carbide A Carb r (t)
United Motors.r_.(no par)
United Profit Sharing..25o
U 8 Steamship__________10
Warren Bros.r_______ 100
Wayne Coal_____________ 6
Weber A Hellbr, com .r.(t)
Wrlght-Martln Alrc r .(t )
Rights.
Brltlsh-Amerlcan Tobacco.

17X

60

1
73
52
2K
3K
49
3K
16K
5K
6K

Anglo-Amer O ll.r______ £1
24X
Galena-Signal O ll.r------ 100
Illinois Pipe L i n e .r ....100 184
Northern Pipe Line.r__ 100
Ohio O l l .r ........................25 383
South Penn O ll.r_____ 100
Standard OH (Calif)-r_ 100 279
Standard Oil of N J.r.1 00
Standard Oil of N Y.rlOO
Vacuum O ll.r_________100 443

Other OH Stock*

Allon O l l .r _____ _______ 1
Alliance Oil A R ef.r_____ 5
5K
Amalgamated R oyalty.r.l
IK
8c
Amer Ventura O ll.r_____ 1
5-16
Barnett Oil A G as.r_____ 1
13
Boone O ll.r_____________ 5
45
Boston Mex Petrol _r._ 100
60c
Boaton-Wyomlng O ll.r .,1
Can-Amcr O A G .r ......... 1
Com'nw’th Petr 1__ wl (t)
60
Continental Refg______ 10
14X
Cosden A Co. com .r____6
12
Crystal Oil A Refining.r.l
IX
Duke Cons Royalty.r .1
1
Klford O ll.r______
X
Elk Basin Petroleum _r__ 5
11
Ertel O ll.r....... ...................5
8
17c
Esmeralda Oil Corp.r___5
Federal Oil Corp
5
3K
Glenrook Oll.r__________10
7X
Gulfport O A R .r _____ 10c
39c
Gum Cove O ll.r........... 100 120
Hercules O ll.r_________
47C
Hercules Petrol Class A r 10
11X
High Gravity O ll.r______ 1
Home Oil A Refg.r w 1_10
37
Houston Oil, com .r___100
Hudson Oil _ r ___________
2
Internat Potroleum .r..£l
8
Island Oil A Transp.r..10
Kentucky Oil A R e f .r . .. 5 26
Kentucky Petroleum...
Lance Creek R oyaltles.r.l
IK
Livingston Oil C o r p .r ...!
IK
Louisiana Oil A R e f .r ..5 0
40
McCombs Prod A Ref . l
IX
Morrltt OH Corp.r_____ 10
30
Metropolitan Po'troleum 25
3K
Mexlcan-Panuco Oil____10
12K
Middle States Oil C orp.r.l
IX
Midwest Refining______ 50 188
IX
Mldwest-Texas O ll.r____1
Morton Pet of M e.w l .r . l
4X
National Oil..................1 0
5X
Northwestern O ll.r_____ 1
Ohlo-Ranger.r...................1
IX
Oklahoma A Tex O ll.r. .5
OX
Omar Oil A Gas. oom____1
Orient Oil A G as.r______ 1
4X
Osage Nation Oil S y n d .r.l
IX
Pennok O ll.r___________ 10
15K
Plttsb-Texas O A G .r ___5
OX
14c
Queen O ll.r_____________ 1

1

r . ..

1

Baltimore.

Philadelphia.

Boston.
Shares.

)

Stocks (Concluded —

Former Standard Oil
Subsidiaries

TRANSACTIONS AT TH E N E W YO R K STOCK E X C H A N G E
D A IL Y . W E E K L Y AN D Y E A R LY .

Week Ending
June 6 1919.

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares.

Range since Jan. 1.

100
100K
101K 102
101X 102 K
99
99 K

oooo

Consolld Coal conv 68.1923
Cosden & Co ser A Cs. 1932
Series B 6 s . . . ......... 1932
Elkhorn CoalCorpn 6s. 1925
G-B-S Brewing 2d Inc 5s ’51
Mllw El Ry
I.t 4KS-1931

do

2319

THE CHRONICLE

Ju n e 7 1919.]

Juno
Apr
June
May
June
May
May
May
Apr
May
Juno
Juno
May
Juno
June
May
Juno
Juno
Juno
Juno
May
May
May
May
Fob
May
Mar
Mar
Juno
Apr
May
May
May
Juno
Apr
May
May
Juno
May
June
May
Apr
Mar
Apr
May
June
May
Feb
May
Apr
May
May
May
May
May

1

570

200
48 K
16
17K 21,500
58
2,600
60
200
U K 12
i
4,300
IK
70
74
1,400
52
53
1,000
2 3-16 2K 34,000
3K
3K 36,800
49
1,800
50 K
4
4,100
3K
300
16K 16 K
6
17,500
4K

48X

5X
4X
24X

112
184
116
383
302
335
278
745
385
443

3X
OX
IK
6c

X

10 X
44
60c

X

6K
5
25
120
187
116
383
305
335
280
752
390
450
4
6K
IK
10c
5-16
13K
47
63c
IK
63
*16K
12K
IK
IK
1
UK

55
13
UK
IK
1
K
10K
sk
7K
16c
20c
3K
3K
6K
7K
30c
40c
116
123
42c
55c
10K 11K
18c
21c
36K 39
120
130
2
2K
30K 31
7K
8K
24
26 K
4K
4K
IK
IK
IK
IK
40
*42 X
IK
IX
29K 31
3K
3K
11X 12K
IK
IX
184
189
IK
IK
4K
4K
5K
ox
02c
65c
IK
IK
4K
5K
55c
58c
6
4K
IK
IK
15K 16K
9K
8K
14c
13c

X

X
X
X

Low.

High.

Apr
Feb
10
40K Jan
Mar
10
K Feb
60 X Feb
33K Jan
7-16 Jan
Mar
2
42 K May
3K May
16 K May
Feb
3
38

49

18

May
Apr

65K
12K
IK
74
53
3
5K
52
4K
18 K
7

May
May
June
June
May
Jan
May
Apr
May
May

Mar

13,800
2,000

5
May
3K May

2,500
140
20
10
10
87
40
40
83
75
50

16K Jan
88
Feb
164
Jan
107
Jan
Jan
315
Mar
263
292
Apr
258
Jan
Apr
668
310
Jan
Jan
395

26K
137
197
116
404
317
350
294
761
395
490

May
May
May
June
Apr
May
May
May
May
Apr
May

Jan
Apr
I K Apr
5c May
3-16 Jan
3
Mar
44
June
18c
Jan
June
Mar
7
8K Apr
6K Jan
IK Feb
IK May
June
6
Jan
May
7
4o
Jan
2
Jan
3K Mar
29c May
116
May
42c June1
10
Mar
18c June
10
Feb
75
Jan
55o
Feb
16K Jan
6K Jan
15
May
3K Apr
I K June
I K June
23 K Jan
I K June
Jan
21
2K Jan
10 H May
IK May
124
Jam
IK Apr
1
Mar
4K Apr
46c
Feb
l}4 June
3
Apr
22c
Jan
IK Apr
IK Apr
U K Feb
8K Feb
Feb
13c
June
14
Apr
23 c
Mar

4K
6K
2K
10c
5-16
16 K
47
67c
IK
63
*16K
12K
2
IK
IK
UK
9
33c
4
8K
40c
128
55c
UK
40c
40 X

Apr
June
Apr
May
Jan
May
June
May
May
June
June
May
Mar
May
May
May
May
May
Apr
Apr
June
May
June
June
May
May
May
Apr
Apr
Mar
June
Apr
May
June
May
Mar
May
Mur
June
May
May
May
Apr
Apr
Apr
May
Apr
Mar
May
May
Apr
June
Jan
May
June
May
May
June
Apr
May
May
May
May
June
May
May
June
May
May
June
June
May
May
June
May
June
May
June
June
Feb
Apr
Apr
May

10,500
5,800
47,000
107,400
7,700
25,100
1,850
80,450
15,400
88,000
45,750
19,700
1,025
2,600
12,300
20,500
8,600
44,000
29,500
14,300
61,700
960
69,000
5,000
5,000
43,000
2,300
4,400
2,700
18,700
11,310
1,000
21,500
37,500
4,600
2,800
9,800
11,300
3,700
7,800
5,285
13,200
8,000
2,300
10,200
35,250
1,700
59,000
5,800
27,000
6,200
14,300
40,000

K
1K
R a n g eb u rn ett O l l . r _____ 1
4,5 0 0
2 1 K 23 K
R a n g e r G u l l . r ____________ 5
9-16 17,600
K
K
R a n g er-IIom er O U . r ____ 1
K
I K 45,500
R a n g er O i l . r ______________1
K
19
1 7 K 23 K 11,600
R ick a rd T e x a s C o . r _____ 5
39,400
K
K
R o c k O l l . r ______________10c
6
6 K 35,000
5K
R o y a lt y P r o d C o r p . r ____ 1
15,200
54
59
58
Salt C rk P r o d u c e r s .r ___ 25
4,300
9
8K
8K
S ap u lp a R e f in in g .r ______5
1
1 ,0 0 0
11-16
K
K
S eq u oy a h OH & R e f _____ 1
31,000
4 5 K 52
Sh olan O l l . r . w 1___________
50 X
01X
60 K 63 X 24,500
Sin clair G u lf C o r p . r . . _ (t)
2 ,1 0 0
6
ox
ox
S ou th O il & T r a n s p .r ___ 10
80c 157,000
80 c
52c
S ou th w est O l l . r __________ 1
14,100
6
5K
6K
S ou th w P r o d & R o f . r ____ 5
IK
I K 3 6 ,900
S ta n to n O l l . r ____________ 1
IK
18
8,260
21K
21K
Sterling O il & R e f . r ____ 5
5
1
c
1
9-16
43,100
1
9-16
T e x a n a O il <fe R e f . r ______1
1
4,200
K
T e x a s N a t P e t r o l .r _____ 1
4 K 28,000
3K
4K
T e x a s-R a n g e r P r o d * R r 1
9,400
8K
8K
8K
T e x a s P r o d & R c f g . r ------ 5
10,900
1
K
IK
T e x a s Steer O l l . r ------------- 1
17,100
6K
4K
5K
T c x -K e n O il C o r p -------------5
71,000
K
K
T c x o n OH & L a n d .r _____ 1
2
30,850
IK
IK
T e x y o rk P r o d u c in g .r -------1
3
22,600
2K
2K
T rl-S ta to O & R . r ________ 1
2
900
IK
T y o p a O l l . r _______________5
0
500
OK
V a lv erd o O il P r o p . r ___ ( t )
8,700
3
2
K
2
K
V ic to r ia O l l . r ___________ 10
I K 1 1-16 1 7-16 12,600
V lr k y te x OH & G a s .r ____ 1
1,500
4
4K
W a y la n d O il & G a s, c o m . 5
8,500
7K
8K
7K
W est States O il & L new _r
1
5,710
K
W est V a P e t r o le u m .r _____
1
31,000
K
•■Y” OH & G a s .r .................. 1
M in in g S t o c k * .
30c
19,000
28 c
25c
A d elph la M & M . r _______ 1
I K 128,900
A la sk a -B rlt C o l M e t a ls . .1 1 13-16 1 5-16
K 1 3 -1 6 15 -1 6 87,000
A la sk a M in e s C o r p -----------1
2,300
1
K
K
A la sk a Z in c & C o p p e r . r . . l
4,700
IK
I K 1 1-16
A llied G o l d . r ..........................1
6,595
IK
IK
IK
A m c r I lo n d M in C o rp w 1.1
2 ,1 0 0
K
K
K
A m erica M in e s .r ------------- 1
7 1c
3,400
70o
65c
A rizon a B u t t e . r __________ 1
9 -1 6
K 34,700
A rizon a S i l v e r .r __________1 1 1 -1 6
4c
4o
5,500
4K c
A tla n ta M in e s ____________ 1
4,100
I K 1 5 -1 6
IK
A tla n tic O res & R e f . r -------1
7 -1 6 9 -1 6 21,700
K
B e lc h e r -D lv ld o .r __________
30c
20,500
K
B elch er E x ten sion . r ---------11,650
9 -1 6
K
B ig L e d g e C o p p e r C o -------6
4,800
K
B ls b co C o p p e r .r --------------- 1
9
c
1
0
c
1
0
c
7 ,550
B o o t h . r ___________________ 1
70c
7 5c
77 c
17,300
B o s to n & M o n t a n a D e v . . 5
100
K
K
B u tte & N Y C o p p e r -------1 ______
40 c
3Sc *41c
1 2 ,2 0 0
C a led on ia M in in g ................ 1
K
K 7 -1 6 13,500
C a lu m et & J erom e C o p . r . l
2
6,900
IK
IK
Canada C opper C o L t d ..6
2
388,000
1 3-16
2
C a n d a la rla S i l v e r . r . . . — 1
5,800
2
IK
2K
C a sca d e S llv M & M . r . . 1
9o
9c
6 ,3 0 0
9K c
C a sh B o y ______ _— . . . 1

X

Range since Jan. 1.

X
4X

Vxi

%

X

K Jun e

6
42c

2K
38

7
K

44 X
22
2K

36o
4

Mar
Mar
Apr
Mar
Jan
Jan
May
Jan
Apr
F eb

Mar
Mar
4K Apr
lie
Jan
K May
2
Apr
7
May
May
K

X
June
4X Jun
e
X
IX May

6 K June
Mav

7X1

144 X

5K
35 K
9K
26K
5K
2K
IK
45 K
*2K
35

4%,
12 X

2K
196
IK
5K
7
75c
2K
6K
04c
6K
2K
17 K
9K
30c
6
23

X
IX

2K
23K
2
7K
62

9X
X

62
64 K
7
80o
7

IX

21K
I%

IH
8X
IX
O
X
1

5K

2

3
2 K May
I K Mar
6
Jun e
OX
Jan
6
2K
K May
IX
Jan
4 X Feb
3K
May
7 K Juno
1 3-16 May
K
I K May
K

3X

10X

8c
31c
K
K
66c
1

May
May
May
May
Mar
May
May
Apr

K
36 c
9-1 6 J u n e
3K c F eb

May

1

7 -1 6 Jun e
30c June

K Mar
1-16 May
9 c May
42o
F eb

X May
Jan
27c
5-16 June
1 5-16 Jan
Jan
52o
I K May
5o

F eb

34o
IX

151

Apr
June

16 June
June
May
June
1
Feb
82c May
IX May
6K c Mar
1 5-16 May
0-16 June
June
1616 Jan
June
36c
Apr
78c
Apr
Apr
M
*41e June
X Jan
2H Feb
2
June
2 X May
ISK cM ar

IX

IX
Xt

X
X

THE CHRONICLE

2320
Mining

Sales
Friday
Last Week’s Range for
Sale. of Prices. Week.
Price. Low. High. Shares.

(Concluded)—

Cerbat Silver (ncw)_r___1
Consol Arlz Smelting____5
Consol Copper Mines____5
Consol Mayflower.r_____1
Cresson Con Gold M A M 1
Crown Croesus L G o ld .r ..

9c
4
32c

Divide Charter.r_____ 20c
Divide Syndicate of Nevrl
El Salvador Silver M ____1
Eureka Croesus Min C o .rl

22c

Flagg Tunnel M .r ______ 5
Florence Silver. r__......... 1
Fortuna Consolidated.r.l

7K
80c
70c

Golden Gate Explor.r___6
Goldfield Consol.............10
Gold Zone Divide.r......... 1
Hamilton M & S . l .r ____1
Harmill Divide.r_____ 10c
Hasbrouck Divide.r......... ..
Hattie Gold Mining r . 1

3K
19c
90c
IK
22c
18c

Jim Butler.r____________ 1
Jumbo Extension......... _ . l
Knox Divide.r_______ 10c
La Rose Mines Ltd______ 5
Liberty Bell D lvlde.r___1
Lone Star Cons'd.r_____ 1
Louisiana Consol’d______ 1
MacNamara Crcse M in .r.l
MacNaniara M in in g ..r ..l

30c
lie
17c

Mammoth Dlvlde.r___10c
Mangan M of A m .r_____ 1

57c
K

Mason Valley...................5
McKinley-Darragh-Sav.. 1

61c

Mother Lode.r__________1
Nat Tin C o rp .r............50c

41c
4K

Nevada Ophlr Mining.rlOc
Nlplsslng Mines________ 5
Nixon Nevada...................l
Onondago Mines C orp .r.l
Porphyry Copper_______ 1
Potts Canyon.r..............1
Ray Hercules M ln .r_____ 5
Red W arrior....................1
Rex Consolidated Min__ 1

40c
12
25c
3K
K

IK

4
5
1 3-16
IK
4K
5K
8c
9c
3K
4K
30c
35c
IK
IK
21o
22c
16
16
4K
4K
2
IK
2
IK
6K
7K
70c
80c
60c
80c
3
3K
3K
3K
18c
22c
83c
93c
IK 1 5-16
15c
22c
16c
20c
40c
45c
0
5K
4K
4K
36C
38c
He
13c
15c
19c
K 7-16
12c
16c
7c
8K c
K
K
24c
31c
79c
3-32
K
55c
70c
K
K
8c
8c
3
3K
60c
64c
25c
25c
42c
45c
4K
3K
10c
14c
40c
50c
U K 12K
24c
35c
3
3K
K
K
2K
IK
2K
2K
K
K
14c
14c
20c
22c
16c
21c
23
25
IK
IK
15-16
IK
27c
30c
K
IK
4K
6K
K 7-16
29c
31c
18c
23c
3 11-16 3K
8K o 9K c
2K 2 15-16
3K
3K
4K
4K
3K
3
13c
15c
7
7K
7-16 53c
71c
73c
IK 2 1-16
K
K
17c
23c
IK
IK
IK 1 5-16

Yx
A
X

6,400
4,00(1
2,200
5,000
33,100
32,900
20
9,500
1,500
17,800
12,800
1,700
8,600
2,400
19,500
2,600
29,300
17,200
66,290
2,100
19,200
20,100
2,500
3,200
5,900
5,700
10,000
45,400
3,600
41,300
32,500
2,000
27,000
285,000
4,500
20,300
23,850
2,000
8,200
15,000
1,500
13,700
15,500
12,500
30,700
15,000
63,000
2,600
2,250
41,100
6,000
4,700
5,000
7,000
8,000
4,400
6,700
54,000
63,500
2,100
14,000
4,800
25,500
36,000
200
6,300
3,200
1,425
5,425
16,500
21,700
11,100
21,300
8,600
4,600
48,000
11,500
300
13,600

%

16c
8c

3H

1

%

2K
K

17c
Royal D lvlde.r....... .......... 1
Seneca Copp Corp.(no par)
23
Silver Dollar M .r ..............i
IK
Silver King of Arizona___1 1 1-16
28c
Silver King Dlvldo.r____1
Silver Plume Consol.r___1
Simon Silver & Lcad.r___1
Standard Sliver-Lead____1
K
30c
Stew art_________________ 1
Sutherland Dlvlde.r______
18c
Tonopah Belmont D ev.r 1
3K
Tonopah Dlvlde.r_______
SUc
2
Tonopah Extension_____ 1
Tonopah M in in g............. 1
3U
United Eastern__________1 4 13-16

H

A

U S Continental M ines.r 1 15c
Unity Gold Minos_______ 5
7
Victory Dlvlde.r............... ..
7-10
Washington Gold Quarts. 1
West End Consolidated..5
IK
West Treo Mines________ 1
9-32
21c
White Caps Mining___I0e
White Knob Copper, pf.10
Wilson Silver M ines.r___1
IK
Bonds—
Am T A T 6% notesr.1924 100K
Anaconda Cop Min 0s r’29 100
Beth Steel ser 7s. r____1921
Serial 7 s.r_________ 1923
96
Braden Cop Mines 6s r '31
Central of Georgia 6s. 1929
99 K
Consol G, E L A P (Balt).r 100K

A
n

H

100
99 K
101K
102
95K
99
100K
103
98 K
98K
97K
97K
90
lot
101
10 IK *101
60
59
54
54

Hocking Valley 6s................
Illinois Central 5KS--1934
K C Term Ry 6s......... 1923
N Y Telephone 0s____1949
Russian Govt 6 K s .r .l9 1 9
5 K s .r .........................1921

V*

100K
100
101K
102 54
96
99 K
100K
103
98 K
97 K
91K
101
101K
64
50

$38,000
58,000
2,000
19,000
33,000
86,000
7,000
14,000
22,000
15,000
35,000
2,000
345,000
195,000
32,000

— The

Rangesince Jan 1.
High.
Low.
Apr
Feb
Feb
June
June
Juno
May
May
Apr
Mar
Feh
Feb
May
Jan
Feb
Feb
Feb
May
Apr
Jan
May
June
Mar

5K May
1 9-16 Jan
6K Jan
9c June
5K Jan
42c May
IK June
28c May
Apr
20
5K May
2K May
2K June
8K May
85o
Feb
90c May
6K Feb
4K May
Jan
24o
Apr
IK
IK May
Apr
44c
47c
Apr
50c ■ Feb
6K June
5K May
44c
Feb
16c Mar
30c May
K May
40o Apr
30o Mar
K Apr
36c May
IK May
K
76c May
Apr
2K
10c May
3K June
65c May
53c May
47o
Apr
4K May
Apr
25o
500 May
May
15
Jan
48c
3K May
K June
2K June
3K Jan
K May
19c May
32c
28o May
26
May
IK Apr
IK May
37c Mar
I K May
7K May
May
34c May
47c
Apr
4 May
♦120 Apr
3K May
4K May
5K Mar
3K
19c May
7K June
53c June
94c Mar
3
May
K June
35c
Apr
IK Jan
IK May

Mar
Apr
Apr
June
Apr
June
Feb
Apr
June
Mar
Feb
May
May
Fob
Apr
Jan
Feb
Mar
Apr
Jan
Apr
Jan
June
May
Jan
May
Apr

Juno
Feb
May
13-32 Feb
21c
Apr
68c May
3K May
K Jan
lie
Mar
18c May
2 9-16 Jan
6K c Mar
IK Jan
2K Jan
3 3-16 Jan
3K
Jan
4K Mar
7-10 June
71c
Apr
1
Mar
K Juno
lOo
Jan
IK Jan
1 1-16 May

1

lit

60

98 K
97 K
100K
100K
92 K
99
100 K
103
98
96
83 K
101
99

48
40

Jan
Feb
Jan

100K
100
101K
102%
Mar
96 '
June
99 K
June 100K
104 K
May
98K
Mar
97 K
92 K
June 101
Feb 101K
Jan
72
May
65

May
May
May
Jan
May
June
May
Apr
Feb
June
June
Feb
Feb

* Odd lota, t No par value. I Listed aa a prospect. I Listed on the Stock
Exchange this week, where additional transaction will bo found, o New stock.
Unlisted, to When Issued,
Ex-dlvldend.
Ex-rlghts. s Ex-stock dividend,
t Dollars per 1,000 lire. flat.

i

x

y

CURRENT
— "N ew

NOTICES

York State Income Tax Individuals . " —

E q u ita b le T r u s t C o . o f N e w

U ndor

th is

t itle

th e

Y o r k h a s p r e p a r e d fo r t h o u so o f it s fr ie n d s

a n d c u s t o m e r s a 4 0 - p a g e p a m p h l e t , g i v i n g o n h e a v y p a p e r a n d In la r g o
t y p e , w it h a m p le in d e x , t h o c o m p le t o t e x t o f th o in c o m e t a x la w r e la tin g
t o in d iv id u a ls a s p a s s e d b y b o th b r a n c h e s o f th o N e w Y o r k S ta t e L e g is la 
tu r e o n A p r il 19 1 9 1 9 , a n d a p p r o v e d b y th o G o v e r n o r o n M a y
T h i s p a m p h l e t is a c o m p a n i o n p i e c e t o

14 1 9 19 .

th o “ U n i t e d S t a t e s R e v e n u e A c t

o f 1 9 1 8 , ” b o t h b e i n g p r e p a r e d in t h o s a m e e x c e lle n t s t y l e a n d o f u n i f o r m
s i z e , b y t h e T r u s t C o m p a n y ’ s i n c o m e t a x d e p a r t m e n t , o f w h ic h M r . F r a n k 
lin C a r t e r J r . is t h o h e a d .
— T h o n e w l y o r g a n i z e d f i r m o f C o b o , J o h n s t o n & P r a t t h a s o p e n e d o f f ic e s
a t 8 2 B e a v e r S t . , N e w Y o r k , t o e n g a g o in t h o i n v e s t m e n t b a n k i n g b u s i n e s s ,
s p e c ia liz in g

in

r e o r g a n iz a tio n s

and

r e fu n d in g

o p e r a tio n s .

Tho

fir m

is

c o m p o s e d o f I r a M . C o b o , f o r t w e n t y - f i v e y e a r s s e n io r m e m b e r o f t h o f i r m
o f C o b o & M c K i n n o n ; I I . A . J o h n s to n , c o n n e c te d w ith t h e fir m o f W . R ,
C r a i g & C o . u n t i l A p r i l 1 9 1 7 , w h e n h o w a s c o m m i s s i o n e d L i e u t e n a n t in t h e
N a v y , a n d S . C . P r a t t , w h o w a s A s s i s t a n t G e n e r a l S o li c i t o r o f t h o L e h i g h
V a lle y R R . u n til h o e n te r e d t h e A r m y a s M a j o r .
— T h o m e m b e r s o f th e fir m

o f C h aso &

F a lk h a v o r e tu rn e d fr o m

th o

m i l i t a r y s e r v ic o o f t h o U n i t e d S t a t e s , a n d a n n o u n c e t h a t t h e y h a v e r e s u m e d
t h e ir b u s i n e s s in i n v e s t m e n t s e c u r i t i e s w i t h o f f i c e s a t 5 9 W a l l S t . , t h i s c i t y .
K e n n e t h O . W i ls o n , w h o w a s fo r m e r ly a s s o c ia te d w ith th is fir m , h a s b ee n
a d m itte d a s a p a r tn e r .
E llio tt I I . F a lk .

T h e s e n io r p a r t n e r s a r e N e w t o n

G.

C hase and

— N e w t o n G . C h a s o a n d E l l i o t I I . F a l k , j u s t r e c o n t ly r e l e a s e d f r o m t h o
m i l i t a r y s e r v i c e s o f t h e U n i t e d S t a t e s , a n n o u n c o t h a t t h e y w ill r e s u m o t h e ir
b u s in e s s in i n v e s t m e n t s e c u r it ie s u n d e r t h o f i r m n a m o o f C h a s e & F a l k a t
5 9 W a il S tr e e t, N e w

Y o rk C ity .

K e n n e t h C . W i l s o n , w h o w a s fo r m e r l y

a s s o c i a t e d w it h t h i s f i r m , h a s b e e n a d m i t t e d a s a p a r t n e r .^ H a n o v e r 9 2 6 7
j s t h e ir t e le p h o n e n u m b e r .




M e r c a n tile

T ru st

Com pany

tra n sfe r a g e n t o f th e s t o c k

o f th e

of N ow

S h o la n

Y ork

has

been

a p p o in te d

C o m p a n y , I n c ., a n d re g is tr a r

o f th o s to c k o f th e C o n s o lid a te d C ig a r C o r p o r a tio n a n d o f t h e C h ic k a s a w
R e fin in g

3K
1
4K
8c
3K
30c
IK
21c
15
IK
IK
IK
5
60o
24o
3
2K
15c
79c
41c
15c
160
30c
4K.
3K
300
10c
15c
15C
12C
5c
1-16
24c
34c
22c
*62c
K
3o
2
45c
25c
28e
K
10c
15o
8K
17o
3
K
55c
1K
7-16
11c
17o
16o
13K

[V o l . 108

Com pany.

F o r N e w Y o r k C i t y B a n k s a n d T r u s t C o m p a n i e s u s u a l l y g iv e n h e r e ,
see p a g e 2304.
F o r N e w Y o r k C i t y R e a l t y a n d S u r e t y C o m p a n i e s u s u a l l y g iv e n
h e r e , see p a g e 23 04 .

Quotations for Sundry Securities
All bond prices are "and Interest” except whore marked " f "
Standard Oil Stocks

S/larje
Pt rR
id. As*.

Anglo-American Oil new. £1
Buckeye Pipe Line Co___66
Cheeebrough Mfg new___10(

Eureka Pipe Line Co____100
Galena-Signal OH com___10C
Preferred old__________10(
Illinois Pipe Line..............100
Indiana Pipe Line Co____60
International Petroleum. £1
National Transit Co___12.5C
New York Transit Co___101
Northern Pipe Lino Co. .101
Ohio Oil Co........................ 25
Prairie OH A Gas..............100
Prairie Plpo Line.............100
Southern Pipe Line C o. .100
South Penn Oil__________101
Southwest Pa Pipe Lines.101
Standard OH (California) .101
Standard Oil (Indiana) . .10(
Standard OI1 (Kansas)... 1(X
Standard Oil (Kentucky) 101
Standard OH (Nebraska). 10C
Standard Oil of Now Jer.lOC
Standard Oil of New Y ’k.lOC
Standard Oil (Ohio)......... 10C
Swan * Finch_____ _____ 100
Union Tank Line Co____100
Vacuum Oil........................ 106
Washington Oil__________16

24% 1 25
1390 1410
490 510
*102 104
315 330
615 035
37
*35
215 230
170 175
116 120
115 130
105 111)
183 188
102 105
*30% 31
24
*23
185 190
113 117
*383 380
72
*70
760 770
300 305
385 395
168 172
330 340
108 112
276 280
805 815
600 025
435 450
545 505
740 750
386 390
515 525
100 110
136 138
440 450
*43
48

Per S

ftare.
Ordnance Stocks—
63
65
Aetna Explosives pref___100
4
5
American A British M fg. 100
50
45
Preferred................ ........ 100
Atlas Powder common___100 148 152
93
90
Preferred........................ 10(1
Babcock A Wilcox........... 100 118 122
Bliss (E W) Co common. 50 •275 310
75
Preferred.............. .......... 50 * 60
Canada Fdys A Forglngs.100 175 200
Carbon Steel common___100 100 110
1st preferred....... .......... 100 100 ____
73
68
2d preferred___________100
Colt’s Patent Fire Arms
56
♦54
M fg.................................. 25
duPont (E I) do Nemours
A Co common......... ......100 284 290
92*2 9412
Debenture stock............100
77
75
Eastern Steel____________ 100
30
Empire Steel A Iron com. 100 27
80
77
Preferred...................... 100
Hercules Powder com__ 100 228 232
Preferred......................100 100 110
Nllea-Uement-Pond com. 100 116 119
9612 100
Preferred.........................100
Phclpe-Dodge Corp_____ 100 240 260
Scovlll Manufacturing___100 405 125
30
*25
Thomas Iron...................... 60
200
95
9612
1st preferred.................. 100
48
44
Woodward Iron________ 100
85
Public Utilities
Amer Gas A Elec c o m ... 50
Preferred.........................50
Amor Lt A Trao com____100
Preferred_____ ________100
Araer Power A Lt com___100
Preferred........................ 100
Amor Publlo Utilities comlOO
Preferred.........................100
Carolina PowALlght com 100
Cities Service Co com___100
Preferred........................ 100
Colorado Power com____100
Preferred_____________ 100
Com’w’th Pow Ry A L t .. 100

♦162
*42
269

106
43
271

99

101

70
74

75
70

10
30

12

40
41
38
374 378
81
80
24
26
90 100
30
27
62
60
96
Elec Bond A Share pref.. 100 d92
12
Federal Light A Traction. 100 10
50
40
Preferred-...................... 100
90
Great West Pow 6s 1946.JAJ 87
12
10
Mississippi Rtv Pow com. 100
45 ____
Preferred....................... 100
79
80
First Mtgo 6s 1951.. .JAJ
22
Northern Ohio Elec Corp.(t) ♦d20
55 65
Preferred.................... ..to o
74
North’n States Pow com .100 72
90
92
Preferred........................ 100
55
North Texas Elec Co com 100 52
78
75
Preferred.........................100
62
Paclflo Gas A Elec com .. 100 60
87
89
1st preferred............ .100
17
16
Puget 8d Tr L A P com .. 100
65'2 0712
Preferred...................... 100
18
20
Republic Ry A Light____100
62
59
Preferred....................1 0 0
South Calif Edison com .. 100 87*2 89%
99
Preferred.........................100
40
Standard Gas A El (Dsl). 50 *38
*47
49
Preferred_____________ 50
4
5
Tennessee Ry L A P com. 100
20 22
Preferred...................... 100
3
5
United Gas A Elec C orp.100
24
1st preferred__________100
25
5
8
2d preferred....... .......... 100
40
United I.t A Rys com____100
50
72
1st preferred................
74
Western Power oommon.100 21
24
72
Preferred ______________100
74

.100

• Per share. 6 Basis,
/F la t price, n Nominal

RIt. Equipments—

PerCt BastsJ

Buff Roch A Pittsburgh 4K
Canadian Pacific 4 K s ____
Caro Clinchfleld A Ohio 5s.

Chicago A Alton 4 K s ______
Equipment 5s....... ...............
Chicago A Eastern 111 5 K s ..
Chic St Louis A N O 5s___
Chicago A N W 4 K b..............
Chicago R I A Pac 4 K s _____
Equipment 5 s . . ..................
Colorado A Southern 5s____
Eric 5s..... ........................... ......

Kanawha A Michigan 4 K 8._
Louisville A Nashville 5 s .._
Michigan Central 5s..............
Equipment 6s..... ................
Minn St P A S S M 4 K s ____
Missouri Kansas A Texas 5s.
Missouri Pacific 5s..................
Mobile A Ohio 5s___________
Equipment 4 K s . . ..............
Now York Central Lines 6 s ..
N Y Ontario A Wost 4 K S ...
Norfolk A Western 4 K s____
j Equipment 4a......................
St Louis Iron M t A Sou 5 s ..
St Louis A San Francisco 5s.
iSoaboard Air Lino 5s_______
Equipment 4 K s......... ..
Southern Paclflo Co 4 K s __
Southern Railway 4 K s _____
Toledo A Ohio Central 4 s .
Tobacco Stocks —

5.75 5.50
5.80 5.40
5.80 5.40
5.80 5.40
5.87, 5.50
6.25 5.75
0.35 5.75
5.90 5.50
5.90 5.50
7.0( 6.00
7.0l 6.00
7.0i 6.00
0.2£ 5.75
5.8E 5.40
5.6E 5.25
6.3E 5.75
6.3E 5.75
0.5( 5.75
6.37 5.80
. ; 5.80
6.90 5.50
5.90 5.50
5.65 5.30
5.65 5.30
6.25 5.75
5.75 5.30
5.9< 5.60
5.9( 5.60
5.75 5.40
7.0( 6.00
7.0( 6.00
6.35 5.75
6.35 5.75
5.8C 5.50
5.8C 5.50
5.90 5.75
0.30 5.70
5.05 5.25
6.60 5.20
5.60 5.20
6.80 0.00
7.00 6.00
6.50 5.90
6.50 5.90
5.70 5.35
0.00 5.60
6.00 5.60
0.50 5.75

63

are.
PerPS
ah
r Bid.

Amerloan Cigar common.100
Preferred.........................100
Amer Machine A Fdry.,100
BrlMsh-Amer Tobao o rd ..£ l
1 Ordinary, bearor.......... £1
Conley Foil........... ............ 100
Johnson Tin Foil A M et.100
MacAndrews A Forbes. .100
Preferred....... .................100
Reynolds (R J) Tobacco. 100
B common stock........... 100
Preferred........ ............. 100
A dividend scrip_________
Young (JS) C o .................100
Preferred.........................100

135
88
80
*20
*27
205
80
195
90
410
365
111
98
98
125
100

A*t.
140
95
90
27
28
215
100
205
100
440
390
114
100
100
150
110

Short Term Notes — Per C'enl.
99% 100
Amer Cot OH 6s 1 9 1 9 ..MAS
100l8 100’’S.
Amer Tel A Tel 6s 1924.FAA 100 100%
Balto A Ohio 5s 1 9 1 9 ...JAJ 99% 99%
101 i o m
Del A Hudson 5s 1 9 2 0 ..FAA
99ls 99%
Fed Sugar Rfg 5s 1920..JAJ
98% 99%
General Elec 6s 1920.. .JAJ 100% 100%
6% notes (2-yr) 1919.JAI) 100% 100%
Great North 6s 1 9 2 0 ...MAS
99% 99%
K C Torm Ry 4K s 1921.JAJ 90
97
5s Nov 16 1923..M A N 16 100% 100%
LlggettAM ycrsTobOs'21JAD 100% 100%
N Y Cent 5s 1 9 1 9 ..MAS 16 99% 99%
Ponn Co 4K s 1921..JA D 15 97% 97%
Pub Ser Corp NJ 7s ’22.MAS 97% 97%
Southern Ry 6s 1922 w I MAS 99
99U
SwiftACo 6s 1921 w 1FAA 15 100% 100%
Utah Sec Corp 0s '22.M AS 15 92
93
Industrial
and Miscellaneous
American Chicle com____100
Preferred........................ 100
American llardwaro.___ 100
Amer Typefounders com.100
Preferred.........................100
Borden's Cond Milk com.100
Preferred_____________ 100
Carlb Syndicate Ltd____25
Celluloid Company......... 100
Columbia Graphoph Mfg (t)
Preferred........... .......... 100
Freeport Texas Co........... (t)
Havana Tobacco Co____100
Preferred....... ........ ........ 100
1st g 5s June l 1 9 2 2 ..J-D
Intercontlnen Rubb com.100
Intornat Banking Co____100
International Salt_______ 100
1st gold 6s 1961........... A-O
International Silver pref. 100
Lehigh Valloy Coal Sales. 50
Otis Elevator common. . . 100
Preferred.........................100
Remington Typewriter—
Common_____________ 100
1st preferred..... ............ 100
2d preferred..................100
Royal Baking Pow com ..100
Preferred_____________ 100
Singer Manufacturing... 100
Toxaa Fuc Coal A Oil____100
W ’houscChurchKerrACo 100
^referred______
. 1(H)

235 240
108 112
82
84
158 100
41
47
88
92
107 109
98 too
*1650 1750135 140
•319 323
90% 97
♦42% 43%
2% 3
4
5

/45

30
160
_
71
89
*87
85
88

74
94
95
135
90
205
1890
58
82

55
31

54
72%
90
90
92
75
96
97
145
99

210

1920

63

86

d Purchaser also pays accrued dividend.
« New stock.
Ex-dlvldend.
Ex-rlghts.
(t) Without par value.

x

v

THE CHRONICLE

Ju ne 7 1919.]

\ u m s tm m t

ami

% xd \ xm &

.. RAILROAD GROSS EARNINGS

The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric
________
railways are brought together separately on a subsequent page.
ROADS.

Latest Gross Earnings.
Week or Current Previous
Month.
Year.
Year.

Jqn. 1

to Latest Date.

Current
Year.

ROADS.

Previous
Year.

$
$
Alabama & V ick sb . April
220,273
892,231
193.730
731,216
Ann A rbor_________ 3d wk M a y
73,515
63,738 1,481,751 1,141,380
A tck T opeka & S Fo April
12818623 12837 146 50,910,056 46,607,274
G u lf C olo & S F o . April
1,515,299 1,476,489 5,778,536 6.156.217
Panhandle & S Fo April
413,998 1,498,919 1,555,635 1,916,158
Atlanta Birm & A tl. April
390,530 332.046 1,559,145 1,381,836
Atlanta & West P t . April
222,411
197,903
705,560
901,414
Atlantic C ity ______ April
297,128 271,507 1,072,417
810,370
A tlantic Coast L in e. April
6,312,477 4,397,989 22,960,934 17.659.674
Baltimore & O h io .. April
13301950 12699 042 50,199,190 41,214,284
B & O Ch T e r m .. April
480,476
120,878
156,545
472,125
Bangor & Aroostook April
460,631
445,928 1,810,366 1.497.729
18,544
Bellefonte C entral. M arch
22,824
6,397
7,069
961,095 1,122,300
B elt R y o f C h ica go. April
256.398 353,149
916,421
Bessemer & L E rio. April
861,950 2,866,924 2,523,965
997,341
442,076
Bingham & Garfield April
86,929 270.789
227,319
460,395
Birmingham South. April
58,224
114,586
Boston & M aine___April
5,484,928 5,549,897 20,320,399 18,714,085
62,152
135,215
115,358
Bklyn East D Term February
68,352
B u ff R och & P ittsb . 4th w kM ay 392.267 510,602 5,405,710 6,958,014
743,640
666,808
Buffalo & Susq____April
150.309 158,050
Canadian N at R y s . 4th w kM ay 2.477.484 2,180,725 33,999,727 28,595,566
C an Pac Lines in M o April
347,612 307,551 1,310,816 1.036.218
Canadian P acific___4th w kM ay 4,505,000 4,035,000 61,827,000 58,185,000
Caro Clinch & O h io. April
446,073 347,195 1,796.087 1,360,052
Central o f G e o r g ia .. April‘
1,774,179 1,653,298 6,717,673 6,616,804
Central R R o f N J . . April
3.482,129 3,339,617 13.174.502 11,610,765
C ent N ew E ngland. Aprd
466,901 486,746 1,879,659 1,714,247
Central V erm ont___ April
448,729 449,031 1,645,303 1,421,309
Charleston & W Car April
897,122
279,548 224,883 1,042,996
Ches & Ohio L in e s .. April
5,438,226 5,329,613 21,538,164 18,294,934
C hicago & A lton ___ April
1.980.677 1,818,207 7,136,255 6.364.730
C hic Burl & Q u in cy. April
11161011 11666499 44,566,854 40,879,322
Chicago & E ast I11-. April
1,828,764 1,949,151 7,455,375 6,977,061
Chicago Great W est April
1,585,432 1,523,525 6,429,861 5,590,766
C hic Ind & L o u ls v .. April
952,838 834,668 3,529,240 2,788,740
C hicago J u n c tio n .. April
240.050 289,815 1,063,735
961,536
C hic M ilw & St Paul April
11967299 10193 964 44,149,524 35,312,650
C hic & N orth W est. April
9.840,279 9,172,082 38,734,266 32,457,919
C hic Peoria & St L . April
135,427
186.046
496,282
663,720
C hic R I & P a c ific .. April
8,272,617 8,058,052 31,882,242 29,066,103
Chic R I & G u lf.. April
377.268 367,009 1,463,458 1,418,505
Chic St P M & O m . April
2,031,349 1,846,629 8,295,824 7,087,716
Chic Torre H & S E April
287.355 333,242 1,257,461 1,209,703
Cine Ind & Western April
886,064
225,971 238,523
987,554
Cin N O & T ex P a c. April
1,435,788 1,233,329 5,572,445 4,062,865
C olo & Southern___ 3d wk M a y 468,217 364.790 9,0/6,405 7.615.743
Ft W & Den C ity April
593,019 3,262,740 2,442,910
824,231
Trin & Brazos Val April
379.497
119,894
95,342
405,108
C olo & W yom in g___ April
94,537
345,147
88,885
379,510
Cuba R ailroad____ March
1,283,088 1,233,503 3.614.833 3,629,902
Delaware & Hudson April
2.557.678 2,602,939 10,193,225 9,236,403
Del Lack & W est___ April
5,450,194 5,217,570 21,810,350 18,663,530
D onv & R io Grande April
2,236,386 2,332,559 9,140,272 9,054,592
662,554
D enver & Salt Lake April
124,396
191,430
420,273
D otroit & M ackinac April
109,266
135.470
452,983
435,750
D etroit T ol & Iron t. April
284,417 236,915 1,199,332
682,678
D ot & T o l Shore L . April
735,293
154,179 180,570
614,741
D ul & Iron Ita n g o .. April
516,227
893,400
198.470
524,830
D ul Missabe & N or. April
1,130,206 303,914 1,728,324
759,104
2d
wk
M
a
y
Dul Sou Shore & Atl
96,115
96,868 1,465,937 -1,358,041
Duluth Winn & Pac April
146,924
691,266
151,593
561,746
East St Louis C on n . April
88,586
92,205
361,238
312,259
Elgin Joliet & E ast. April
1,631,494 1,537,247 7,269,485 •4,887,790
El Paso & So W est. April
1,051,950 1,268,398 4,180,821 4,970,563
Erio Railroad______ April
6.801.844 6,525,179 26,531,361 22,092,892
Chicago & E r ie .. April
805,622 919,073 3,241,785 2,896,012
Florida East C oast. April
834,315 1,011,473 3,800,106 3,590,711
Fonda Johns & G lov April
363,690
90,494
334,568
102,313
Ft Smith * Western April
468,504
92,267
120,802
415,913
Galveston W harf___ April
341,011
264,199
101,363
69,274
Georgia R ailroad___ April
528.309 461,326 2,093,614 1,798,696
Georgia & Florida ..I April
334,278
338,912
68,661
80,726
G r T rk L in Now E . April
697,129
506,759 212,325 1,530,971
Grand Trunk S y s t .. 4th w kM ay 1,746,105 1,507,723 24,633,447 18,909,748
Grand Trk R y ___1st w k M a y 1,131,124 1,070,732 20,505,717 15,126,398
Grand Trk W est. April
1,736,048 1,552,240 6,392,656 4,605,647
Great N orth System April
7,370,704 6,691,071 29.866,890 24,168,936
G u lf M obilo & N o r. April
731.497
768.432
194,790
179,215
G u lf & Ship Island. April
784,097
721,685
182,473
194,599
H ocking V alley____ April
765,559 792,899 2,216,569 3.003.674
Illinois Central____April
8,015,774 8,484.010 32,772,806 30,911,071
Internat & Grt N o r . April
1,092,233 1,060,747 4,260,564 4,252,550
Kan C ity M ex & Or April
395,928
123,633
350,051
97,766
I£ O M ex & O o f Tox April
319,709
406,665
81,986
100,416
Kansas C ity South. April
1.147.678 1,261,312 4,658,510 4.777.743
Texark & F t S m . April
121,408
436,887
396,592
104,291
Kansas C ity T e r m .. April
410,656
101.355
358,848
90,165
Lehigh & Ilud River April
759,317
181,098 187,516
650,418
Lehigh & New E n g. April
286,881
938.433
968,738
286,378
Lohigh V a lle y -------- April
5,105,030 4,700,621 18,548,829 15,894,371
Los Ang & Salt Lako April
1,507,112 1,159,488 5,544.089 4,263,977
Louisiana & A rkan. April
688,084
172,223
152,984
590,610
Louisiana R y & N av April
280.050 255,761 1,135,916
965,350
Louisville & N ashv. April
8,600,941 7,269,436 33.606.503 28,084,314
Louisv Hend & St L April
228,212 212,786
914,396
815,478
M aino Central-------- Anril
1,385,944 1,319,669 5,412,745 4,327,870
M idland Term inal. M arch
181,374
70.635
M idland Valley____ April
307,301
302'490 1,235,612 1,067,127
Mineral R an ge____ 2d wk M ay
13.738
352,209
18,617
403,055
M inneap & St Louis April
1.007,539 959,774 3,810,739 3,631,046
M inn St P & S S M . April
3,131,747 2,544,320 12,131,329 9,079,973
Mississippi C entral. April
„ 75,353
309,674
108,372
382,720
Missouri Kan & Tex April
2,565,830 2,688,870 10,103,488 9,425,870
M o K & T R y ofT ox April
1.944.485 1,420,210 7,257,424 5,905,235
M o & N orth A rkan. April
481,187
117,918
464,347
122.731

Latest Gross Earnings.
Week or
Month.

to Latest Date.
Current Previous
Year.
Year.

Jqn. 1

Current Previous
Year.
Year.

$
S
$
S
399,049
602,387
M o Okla & G u lf____ April
101,505 142,696
6,868,821 7,562,394 27,471,548 27.033,321
Missouri P acific___ April
778.694
226,954 1,023,397
M onongahela______ |April
218.920
615,000
661,131
M onongahela C o n n . |April
99,349 193,809
305,819
321.652
94,870
M on tou r___________ iApril
111,366
N ashv Chatt & St L April
1,599,324 1,605,967 6.016.176 5,822,680
81,262
N evada-C al-O regon 3d wk M a y
92,935
5,573
5,868
809,956
535,235
N evada Northern . _' April
110,529 207,496
292,172
Newburgh & Sou Sh April
553,448
92.873
151,303
652,313
N ew Orl Great N o r . April
' "
717,766
190,609 167,432
N ew Orl & N or East April
503,175 1,995,532 1,922,185
517.100
N O Texas & M e x .. April
754,259
558,753
151.570 186,192
Beaum S L & W _ _ April
436,071
536,707
149,761
129,005
St L Browns & M April
411.371
295,901 1.583.177 1.241.931
N ew Y ork C e n tra l.. April
22701 274 22305437 91,467,178 77,455,747
Ind H arbor B e lt. April
153,335 429,840 1,973,116 1,491,712
Lake Erie & West April
706,788 745,549 2,939,754 2,638,613
M ichigan Central April
5,757,070 5,619,384 22,521.264 18,767,091
C lev C C & St L . April
5,279,820 5,235,390 20,725,110 18,234,906
Cincinnati N o rth . April
919,266
753,791
266,079 227,427
Pitts & Lake Erie April
1,963,786 2,501,947 9,545,589 8,676,493
T o l & Ohio C en t. April
591.208 666,811 2,306,615 2,396,271
351,594 414,594 1.096.713 1,306,471
Kanawha & M ich April
1,960,898 1,776,928 8,075,660 5,549,892
N Y Chic & St Louis April
8,118,783 7,776,823 30,062,653 27,228,592
N Y N II & H a r t f.. April
725,652 795,627 2,712,267 2,978,203
N Y Ont & Western April
325,289 1,189,621 1,160,098
314.571
N Y Susq & W e s t .. April
6,189,619 6,036,030 23,966,345 21,670,719
N orfolk & Western . April
511,269 467,274 2,018,237 1,729,328
N orfolk S ou th ern .. April
99,831
405,880
368,388
80,692
Northern A labam a. April
Northern P acific___ April
7,747,573 7,307,304 29,949,640 27,219,923
90,279
361,175
354,878
96,009
M inn & Internat. April
454,439 394,486 1,583,349 1,419,585
N orthwest'n Pacific April
329,074
337,343
Oahu R y & Land C o M arch
110,265 113.530
P acific C oast______ M arch
415,839 519,848 1.277.895 1.595,670
28413269 26986146 112453769 91,465,885
Pennsylvania R R . . April
251,180
399,070
107,611
124.813
Balt Ches & A t l . . April
419,957 428,139 1,707,607 1.376.971
Cumberland V ail. April
L ong Island_____ April
1,985,636 1,575.166 6,560.633 5,207,267
81,307
348,333
192,417
103,993
M a ry 'd Del & V a . April
N Y Phila & N o r. April
639.208 551,030 2,453,860 1,770,711
5 2 5 ,8 7 1
463,287
118,543
140,271
T ol P eor & W est. April
W Jersey & Seash April
832,378 634,985 3,020,359 2,265,164
Pennsylvania C o ___ April
8,068,486 6,854,361 29,497,421 22,178,978
Grand Rap & Ind April
580,875 2,239,364 1,961.344
608,911
Pitts C C & St L . April
7,813,282 6,662,298 28,754,044 22,973,681
Peoria & Pekin U n. April
414.694
121,339
387,189
94,190
Pere M arquette____ April
2,690,532 2,323,348 9,982,717 7,409,109
April
P erk iom en ____
247,488
92,277
66,513
326,769
Phila Beth & N E .I April
469,597
52,597
299,931
112,670
Phila & R eading___ April
5,471,389 6,603,074 20,656,423 21,641,853
Pittsb & Shawm ut. . April
384,378
84,474
97,755
343.090
Pitts Shaw & North April
451,086
96,170
329,639
86,770
421,172
540,121
Pittsb & W est V a .. April
100,236 158,537
P ort R eading______ April
823,313
626,110
233,938 224,555
85,023
91,260
Quincy Om & K C . . April
336,858
330,333
564,882 424,953 2,616,254 1.631.721
R ich Fred & P o to m . April
938,083
309.100 260,667 1.470,576
W ash S ou th ern .. April
R u t la n d ____
April
402,152 398,715 1,387,496 1,356,101
885,542
St Jos & Grand’ Isl’d April
861,290
205,945 231,387
St Louis-San F r a n .. April
5,855.857 5,455,252 23,370,322 19,275,623
366,849
F t W & R io Gran April
82,404
423.653
101.078
538,153
412,689
St L-S F o f Texas April
148,888
113,289
989,182 1,216,473 3,998,853 4,379,913
St Louis Southwest. April
429,321
482,929 1.856.896 2,238,279
„ St L S W o f Texas April
320,392
319,394
86,292
70.823
St Louis T ra n sfe r.. April
San A nt & AranPass April
295.758 343,646 1.280.674 1,413,766
3,359,084 3,047,549 13,766,771 11,375,151
Seaboard Air L in e .. April
168,252
444,133
470,753
62,444
South B uffalo_____ April
12469790 11306731 48,931,942 43,413,473
Southern P acific___ April
235.920 374,465 1,248,132 1,472,095
Arizona Eastern. April
1,600,060 1,767,908 6,567,383 6.814,070
Galv Harris & S A April
661,959 652,510 2,612,536 2,823,007
Hous & T ex Cent April
170,750
728,103
666,200
178,401
Hous E & W T e x . April
318.814 355,589 1,229,231 1,343,850
Louisiana W est’n. April
546.759 712,960 3,328,904 2,580,900
M org La & Texas April
663,418 628,599 2,411.342 2.353.972
Toxas & New O rl. April
10110423 10019882 39.214,317 34,606.580
Southern R a ilw a y .. April
711,857 3,188,631 2.497.722
828.982
Ala Great South. April
1,214,250 1,279,924 4.735.674 4,287,433
M o b i l e * O h i o . .. April
Georgia Sou & Fla April
350,551 313,833 1,496,427 1,114,504
551,464
441,475
South R y in M iss. April
131,637 100,752
301,001
280,764
89,346
Spokane In te rn a tl.. April
74,963
Spok P ortl & Seattle April
557,583 589,319 2,227,347 2,426,041
660,534
394,109
Staten Island R T . . April
146,111
188.371
47,758
42,686
1,806
Tonn Ala & Georgia 3d wk M a y
1,058
874,058
719,493
228,577 247,575
Tennessee C entral. . April
Term It It Assn o f StL April
290,913 295,301 1,171,523 1.125.932
861,791 1,011,664
St L M er Bdgo T . April
206.100 292,172
Texas & P acific____ 3d wk M a y 648.983 458,546 12,230.447 9,036,660
683,273 2.256.714 2,216,054
618,991
T oledo St L & W est April
75,885
288,826
241,584
98,452
Ulster & D ela w a re.. April
8,171,586 6,903,147 32,783,685 25,150,287
Union P acific........... April
2,823,799 2,624.452 11,077,218 9,644,988
Oregon Short Line April
2,049,454 2,085,195 8,307,165 7,139,603
Ore-Wash R R & N April
612,679 530,181 2,382,459 1,584,593
Union R R (P e n n ).. April
91,407
392,975
U ta h ....... ................... April
64,379
355,200
814,244
Vicks Shreve & P a c. April
239,839
195,591 1,028,271
Virginian R R ______ April
.
680,346 903,584 2,922,214 3,150,696
Wabash R R ............... April
3,880,977 3,656,296 14,449,064 12,207.347
Western M arylan d. .April
1,124,868 1,084,656 4,378,019 4,149,512
Western P acific____'April
830,825 858,621 3,191,941 3,224,159
8 8 5 ,3 2 9
741,626
Western R y o f A la .. April
235,873 201,883
Wheel & Lako E rie, jApril
962,184 955,100 3,046,637 3,205,288
336,561
W ich Fails & N W. _ i April
79,561
574,663
150,178
Yazoo & Miss Valley April
1,798,195 1,681,233 7,336,040 6,569,363

A G G R E G A T E O F G R O S S E A R N IN G S — W eekly and M o n th ly .

*Weekly Summaries.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d

Current
Year.

Previous I Increase or
Year. | Decrease.

%

S
$
week M ar (14 roads)
6.124.280
5,682,239
+442, 0 411 7.78
week M ar (14 roads)
6,390,893
+741 817 13.13
5,649.076
wook Mar (14 roads)
6.728,645
+507, 852 8.16
6.220,793
woek M ar (14 roads)
10,785.495
9.545,903 + 1,239, 592 12.99
woek A pr (12 roads)
6 ,7 1 7.70 1; 6,602,753
+ 144, 9 511 2.20
week Apr (11 roads)
6,950,228
6.819.385
+ 130, 843: 1.89
week April (14 roads)
7,015.340
+ 172, 657 2.51
6,872,689
wook April (14 roads)
9,503,910
+ 31, 182 0.33
9.472,758
wook M ay (12 roads)
6.839,092 6,671,104
+ 167, 988 2.52
week M ay (13 roads)
6,719,582: 6,571.295
+ 148, 287 2.25
week
M a y (12 roads) ___________
7.361.232
_________________
________
|______ +549, 454 8,00
6,811,778

• We no longer Include Mexican roads In any of our totals.




*Monthly Summaries.

Mileage.
M ay.

Carr. Yr. Prev.Yr.
230,355

June___ ..2 2 0 ,3 0 3
July_____ ..2 3 1 .7 0 0
August__ .230,743
September ..2 3 2 .1 8 6
i October . . ..2 3 0 .1 8 4
I November .232.274
December .332,774

! J a n u a r y .. .232.655
F eb ru a ry. .232.957
i M a r c h ___ .226.086

Current
Year.

Previous
Year.

$
228,892 374.237 .097 342 146.096
219.294 363,165 ,528 323 163,161
230,570 463,684 ,172 340 .022.857
230.015 498.269 .'.50 362 .509,561
232.378; 437.140 ,781 357 .772.850
230.576 484.824 ,750 377 ,867,933
232.259 438.002 283 356 ,438.875
232,399! 438.365 327 335 607,571
233,199 395,552, 020 284 ,131,201
233.266 351,048, 747,289 392,150
225,631 375,772, 750 365 096,335

Increase or
Decrease.

%

f3 2 .O 9 l.0 01
+ 40.002.412
+ 117661315
+ 135759.795
f 129367,931
+ 106956.817
+ 82,163,408
+102757756
+ 111420.819
+ 61,656,597
+ 10,676,415

9.38
12.38
34.00
37.45
3616
28.30
23.06
30.62
39.22
21.31
2.90

[V ol . 108

THE CHRONICLE

2323

Net Earnings Monthly to Latest Dates.—The table
following shows the gross and not earnings with charges and
surplus of STEAM railroad and industrial companies re
ported this week:
------ Gross Earnings------------- Net Earnings—-—■

Current
Year.

Roads.
A la b a m a & V ic k s b u r g .b - A p r
Jan 1 to A p r
3 0 ______. .

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

Previous

Current

Previous

Y ear.

Y ear.

Y ear.

1 9 3 ,7 3 0
7 3 1 .2 1 6

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

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

----------G r o s s E a r n i n g s --------------------- N e t E a r n i n g s ---------C u rren t
P rev io u s
C u rren t
P rev io u s
Y ear.
Y ear.
Y ear.
Y ea r.
$
$
$
$

R oa d s.

M in n S t P a u l * S S M . b . A p r 3 ,1 3 1 ,7 4 7
J a n 1 t o A p r 3 0 ................ 1 2 , 1 3 1 , 3 2 9
M is s o u r i & N o r A r k . b . . A p r
1 1 7 ,9 1 8
J a n 1 t o A p r 3 0 ................
4 8 1 ,1 8 7

2 ,5 4 4 ,3 2 0
4 2 0 ,7 8 0
9 ,0 7 9 ,9 7 3
1 ,5 4 9 ,2 1 9
1 2 2 ,7 3 1
d c f5 0 ,2 5 6
4 6 4 ,3 4 7 d e f2 3 3 ,4 1 0

M o K a n & T e x o f T e x .b .A p r
J a n 1 t o A p r 3 0 ................

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

N evada
Jan

N o w O r lo a n s G t N o r . b - . A p r
J a n 1 t o A p r 3 0 ................
N e w O rl T e x a s & M e x .b .A p r
J a n 1 t o A p r 3 0 ................

A t c h is o n T o p e k a & S a n ta F o S y s te m —
G u l f C o lo & S a n F e . b - A p r 1 ,5 1 5 ,2 9 9
J a n 1 t o A p r 3 0 ................ 5 , 7 7 8 , 5 3 6

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

____ _____
1 2 0 ,5 8 5
8 1 2 ,1 9 9

4 6 8 ,3 7 4
1 ,8 7 3 ,1 4 4

P a n h a n d le & S a n F o . b . A p r
4 1 3 ,9 9 8
J a n 1 t o A p r 3 0 ................ 1 , 5 5 5 , 6 3 5

4 9 8 ,9 1 9
1 ,9 1 6 ,1 5 8

d e f 1 3 1 ,6 9 6
d e f4 9 1 ,1 7 1

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

B eau m S L a k e & W .b .A p r
J a n 1 t o A p r 3 0 .................

1 9 7 ,9 0 3
7 0 5 ,5 6 0

6 1 ,5 6 2
2 5 6 ,6 7 3

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

St L B row n s & M ex b A p r
J a n 1 t o A p r 3 0 ................

3 3 2 ,0 4 6 d e f 1 4 0 ,6 2 2
1 ,3 8 1 ,8 3 6 d e f4 8 8 ,1 0 2

d o f8 ,0 5 7
4 9 ,4 2 1

A t la n t a & W e s t P o i n t .b - A p r
J a n 1 t o A p r 3 0 ................

2 2 2 ,4 1 1
9 0 1 ,4 1 4

.

A t la n t a B ir in & A t l . b - . _ A p r
3 9 0 ,5 3 0
Jan 1 to A p r
3 0 1 ,5 5 9 ,1 4 5
C i t y . b --------------------A p r
2 9 7 ,1 2 8
1 to A p r
3 0 1 ,0 7 2 ,4 1 7
.

A tla n tic
Jan

B . & O . C h ic a g o T e r m .b .A p r
J a n 1 t o A p r 3 0 ................
B a n g o r & A r o o s t o o k .b ..A p r
J a n 1 t o A p r 3 0 ................

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

B essem er & L a k o E r ie .b -A p r
9 1 6 ,4 2 1
J a n 1 t o A p r 3 0 ................ 2 , 8 6 6 , 9 2 4

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

3 7 ,9 5 5
7 9 ,7 3 5
d e fl0 6 ,5 5 4
d e fl0 3 .6 2 4
8 8 ,1 8 8
2 0 7 ,6 2 8
1 7 9 ,3 9 5
6 1 ,1 8 6

1 2 ’§ § i
4 3 ,2 7 6

9 6 ,0 1 9
3 3 3 ,6 7 1

N o r t h e r n P a c i f i c . b .............. A p r
7 ,7 4 7 ,5 7 3
7 ,3 0 7 ,3 0 3
J a n 1 t o A p r 3 0 ................ 2 9 , 9 4 9 , 6 3 9 2 7 , 2 1 9 , 9 2 3

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

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

2 1 8 ,8 7 9
2 ,7 b b

B u f f a l o & S u s q . b ____________ A p r
J a n 1 t o A p r 3 0 ................

1 5 0 ,3 0 9
6 6 6 ,8 0 8

2 ,2 7 8
8 9 .1 4 0
2 3 ,7 1 8
d o fll8 ,7 0 7
6 5 ,9 1 7
d o f8 7 ,8 9 5

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

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

6 9 ,5 9 9
1 5 4 .6 7 4

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

C h i c a g o & E a s t e r n 111 . b . A p r 1 , 8 2 8 , 7 6 4
J a n 1 t o A p r 3 0 ................ 7 , 4 5 5 , 3 7 5

1 ,9 4 9 ,1 5 1
6 ,9 7 7 .0 6 1

d e f8 7 .9 9 5
d e t '5 6 3 , 1 7 6

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

C h ic a g o I n d & L o u i s . b . . A p r
9 5 2 ,8 3 8
J a n 1 t o A p r 3 0 ................ 3 , 5 2 9 , 2 4 0

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

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

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

1 8 6 ,0 4 6
d e f5 7 ,7 9 8
6 6 3 .7 2 0 d e f2 7 1 ,4 5 1

d e f8 ,4 9 4
d e f5 5 ,5 7 6

C h ic a g o P e o r i a * S t L . b - A p r
J a n 1 t o A p r 3 0 _________

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

C hi T er H a u te * S E .b .-A p r
J a n 1 t o A p r 3 0 ................
C ln I n d & W e s t e r n , b . . . A p r
J a n 1 t o A p r 3 0 ................

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

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

d o f4 0 ,9 9 0
d e fl0 4 ,2 5 2
d o f2 5 ,9 3 0
d e f 1 3 0 ,0 1 6

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

C o lo r a d o & S o u t h e r n .b .A p r 1 ,0 2 7 ,4 6 3
J a n 1 t o A p r 3 0 ................ 4 , 1 5 0 , 4 6 1

9 6 9 ,4 8 5
3 ,8 0 9 ,8 3 6

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

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

5 9 3 ,0 1 9
2 6 5 ,6 4 3
2 ,4 4 2 ,9 1 0
8 3 7 ,2 7 5
1 1 9 ,8 9 4
d e fll,2 7 6
3 7 9 ,4 9 7 d e f l 9 0 ,9 6 0

1 3 2 ,6 5 4
6 7 2 ,1 9 8
1 4 ,4 7 9
d o f5 1 ,3 4 3

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

9 4 ,5 3 7
3 4 5 ,1 4 7

2 3 ,4 8 2
7 8 ,6 3 8

2 9 ,6 3 0
9 2 ,3 5 2

D e n v & R io G r a n d e . b . . A p r 2 ,2 3 6 ,3 8 6
J a u 1 t o A p r 3 0 ________ 9 , 1 4 0 , 2 7 2

2 ,3 3 2 ,5 5 9
9 ,0 5 4 ,5 9 2

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

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

D e n v e r & S a lt L a k o . b . . . A p r
J a n 1 t o A p r 3 0 ................

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

1 2 4 ,3 9 6
d e f7 8 ,7 6 0
4 2 0 ,2 7 3 d e f3 9 7 ,2 9 2

d e f7 1 ,6 7 4
d e f2 6 8 ,4 7 3

D e t r o it * M a c k in a c -b ...A p r
J a n 1 t o A p r 3 0 ................

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

1 3 5 ,4 7 0
d e f2 9 ,5 9 6
4 3 5 ,7 5 0 d e f l l 2 , 1 1 8

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

D e t & T o l S h oro L in o . b -A p r
J a n 1 t o A p r 3 0 ................

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

1 8 0 ,5 7 0
6 1 4 ,7 4 1

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

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

D e t T o le d o & I r o n t o n .b .A p r
J a n 1 t o A p r 3 0 ................

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

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

d e f3 9 ,1 4 7
d o f 2 1 1 ,3 7 8

d e fl5 ,1 2 S
d e f2 9 8 ,3 1 2

D u lu th & Ir o n R a n g e .b .A p r
J a n 1 t o A p r 3 0 ................

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

1 9 8 ,4 7 0
2 2 2 ,5 6 3
5 2 4 ,8 3 0 d c f 2 1 8 ,4 l 0

d e fl3 3 ,460
d e f5 7 1 ,9 9 5

D u lu t h M i s s a b e * N o . b . A p r
J a u 1 t o A p r 3 0 ................

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

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

5 7 3 ,0 4 6
d c fl3 ,6 8 1

d e f 2 1 1 ,3 7 6
d e f9 9 4 ,1 0 2

D u l S o S h ore & A t l .b ...A p r
3 4 1 ,5 0 2
J a n 1 t o A p r 3 0 .............- 1 , 2 9 8 , 4 5 6

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

1 7 ,0 9 8
d e fl9 ,4 5 1

4 9 ,1 1 9
d e f4 ,3 7 9

D u l W in n ip e g & P a c . b . A p r
J a n 1 t o A p r 3 0 ................

1 5 1 ,5 9 2
6 9 1 ,2 6 6

1 4 6 ,9 2 4
5 6 1 ,7 4 6

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

1 3 ,9 5 6
5 4 ,4 5 9

E lg in J o li e t & E a s t e r n . b - A p r 1 ,6 3 1 ,4 9 4
J a n 1 t o A p r 3 0 ________ 7 , 2 6 9 , 4 8 5

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

4 0 7 ,7 0 6
2 ,0 6 7 ,0 4 6

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

E l P a s o * S o u t h w e s t . b . . A p r 1 ,0 5 1 ,9 5 0
J a n 1 t o A p r 3 0 ................ 4 , 1 8 0 , 8 2 1

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

4 2 1 ,4 6 4
1 ,5 8 1 ,8 1 4

6 1 7 ,7 5 7
2 ,3 0 3 ,0 0 6

E r i e . b .................. .......................A p r
6 ,8 0 1 ,8 4 4
6 ,5 2 5 ,1 7 9 d e f 1 ,0 0 2 ,9 4 4
3 6 2 ,3 2 7
J a n 1 t o A p r 3 0 ________ 2 6 , 5 3 1 , 3 6 1 2 2 , 0 9 2 . 8 9 2 d J f 2 , 1 9 2 , 0 0 S d o f l , 4 7 0 , 6 4 9
C h i c a g o & E r i o . b ............... A p r
8 0 5 ,6 2 2
J a n 1 t o A p r 3 0 ................ 3 , 2 4 1 , 7 8 5

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

3 2 ,9 6 2
1 7 9 ,8 5 5
3 0 6 ,4 5 0 d e f 1 7 0 ,8 5 0

F lo r id a E a s t C o a s t . b . . . A p r
8 3 4 ,3 1 5
J a n 1 t o A p r 3 0 ................ 3 , 8 0 0 , 1 0 6

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

4 1 ,7 8 7
5 2 2 ,1 2 8

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

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

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

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

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

G e o r g i a . b ....................................... A p r
5 2 8 ,3 0 9
J a u 1 t o A p r 3 0 ................ 2 , 0 9 3 , 6 1 4
8 0 ,7 2 6
G e o r g i a & F l o r i d a . b _______A p r
J a n 1 t o A p r 3 0 . .............
3 3 4 ,2 7 8

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

1 3 4 ,4 5 2
4 9 5 ,4 5 0
d e f3 5 ,6 3 2
d e f7 2 ,8 0 1

1 7 3 ,5 1 7
5 7 0 ,1 0 9
d e fl0 ,4 3 2
1 6 ,9 9 9

F t S m ith & W
Jan 1 to
G a lv e s to n W h
Jan 1 to

estern .b .A p r
A p r 3 0 ................
a r f . b ________ A p r
A p r 3 0 ................

G r T rk L in N ew E n g .b .-A p r
5 0 6 ,7 5 9
J a n 1 t o A p r 3 0 ________ 1 , 5 3 0 , 9 7 1

2 1 2 ,3 2 5
6 9 7 ,1 2 9

d e f2 5 ,8 0 2
d e f2 7 7 ,0 1 0

d e f3 7 4
d e f2 1 0 ,3 4 5

G u lf M o b i l e * N o r t h . b - .A p r
J a n 1 t o A p r 3 0 ................

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

d o f3 6 ,9 9 4
d e f7 9 ,3 0 6

4 2 ,8 8 7
1 7 7 ,7 5 5

H o c k in g
Jan

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

V a l l o y . b .................. A p r
7 6 5 ,5 5 8
1 t o A p r 3 0 ................ 2 , 2 1 6 , 5 6 8

7 9 2 ,8 9 9
1 0 4 ,8 2 9
3 ,0 0 3 ,6 7 3 d e f3 6 5 ,1 8 5
1 ,0 6 0 ,7 4 7 d e f2 1 0 ,0 1 3
4 ,2 5 2 ,5 5 0 d e f6 0 2 ,0 4 3

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

K a n s a s C it y S o u t h e r n .b .A p r 1 ,1 4 7 ,6 7 8
J a n 1 t o A p r 3 0 ................ 4 , 6 5 8 , 4 1 0

1 ,2 6 1 ,3 1 2
4 ,7 7 7 ,7 4 3

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

4 8 7 ,4 6 9
1 ,6 7 8 ,9 5 7

T e x a rk a n a * F t S m . b -A p r
J a n 1 t o A p r 3 0 ................

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

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

d e f3 ,1 6 0
5 1 ,3 2 5

3 8 ,8 5 8
1 5 4 ,5 5 8

K a n s a s C ity T e r m in a l.b .A p r
J a n 1 t o A p r 3 0 ................

1 0 1 ,3 5 5
4 1 0 ,6 5 6

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

1 2 ,3 3 9
2 7 ,9 7 1

1 9 ,8 6 7
7 0 ,6 6 8

L e h ig h & H u d s o n R l v . b - A p r
J a n 1 t o A p r 3 0 ................

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

1 8 7 ,5 1 6
6 5 0 ,4 1 8

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

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

L o s A n g & S a lt L a k o . b - . A p r 1 ,5 0 7 ,1 1 2
J a n 1 t o A p r 3 0 ................ 5 , 5 4 4 , 0 8 9

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

3 9 9 ,9 9 1
1 ,3 4 3 ,2 8 8

2 9 4 ,7 2 0
9 7 6 ,7 5 9

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

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

d o f l,8 0 0
d o f0 4 .9 5 7

8 4 ,2 8 5
2 8 1 ,3 8 6

L o u i s v i l l e * N a s h v i l l o .b .A p r 8 ,6 0 0 ,9 4 0
J a n 1 t o A p r 3 0 ................ 3 3 , 6 0 6 , 5 0 2

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

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

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

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

1 7 ,7 5 2
1 5 1 ,4 9 7
2 2 ,2 4 1
1 7 ,0 5 5
748
1 7 ,0 7 2

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

9 5 9 ,7 7 4
d o f3 1 ,2 5 0
3 ,6 3 1 ,0 4 6 U d c f2 8 4 .4 9 4

1 7 2 ,7 4 7
5 1 6 ,5 8 2

L o u i s H e n d * S t L . b _____ A p r
J a n 1 t o A p r 3 0 ................
L o u is ia n a & A r k a n s a s - b .A p r
J a n 1 t o A p r 3 0 ................
M i n e r a l R a n g o . b ................A p r
J a n 1 t o A p r 3 0 ................

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

M in n e a p o li s & S t L . b . . . A p r 1 ,0 0 7 ,5 3 9
J a n 1 t o A p r 3 0 ................ 3 , 8 1 0 . 7 3 9




N o r f o l k S o u t h e r n . b ______ A p r
J a n 1 t o A p r 3 0 ................

M in n
Jan

& I n t e r n a t .b -.A p r
1 t o A p r 3 0 ................

9 0 ,1 7 5
d o f8 4 ,6 6 2
d o f2 i,8 4 9
d e fl6 5 ,5 2 8

1 2 6 ,1 2 1
2 4 5 ,8 2 5
5 1 ,7 6 2
d e fl8 ,5 1 2

9 6 ,0 0 9
3 6 1 ,1 7 5

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

7 ,3 4 1
1 3 ,1 9 0

1 5 ,5 2 6
6 9 ,1 7 8

N o rth w e ste rn P a c ific .b .A p r
J a n 1 t o A p r 3 0 ................

4 5 4 ,4 3 9
1 ,5 8 3 ,3 4 9

3 9 4 ,4 8 6
1 ,4 1 9 ,5 8 5

8 6 ,6 2 1
3 1 ,3 5 4

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

P e n n s y lv a n ia S y s te m —
M o n o n g a h e l a b _________ A p r
J a n 1 t o A p r 3 0 ................

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

2 9 ,2 1 6
2 4 6 ,4 2 3

________
8 9 ,9 5 1
1 9 0 ,4 1 8

2 2 6 ,9 5 4
7 7 8 ,6 9 4

T o le d o P e o r ia & W .b .A p r
J a n 1 t o A p r 3 0 ................

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

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

d o fl3 ,0 4 3
d e f2 7 ,8 1 0

3 ,9 2 2
d o f2 ,7 3 2

P e o r ia & P e k in U n i o n .b .A p r
J a n 1 t o A p r 3 0 ................

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

1 2 1 ,3 3 9
4 1 4 ,6 9 4

d o f .3 4 ,2 6 9
d e fl2 6 ,2 0 2

2 5 ,4 4 8
1 4 ,2 4 8

P e r k i o m e n b ________________A p r
J a n 1 t o A p r 3 0 ______ I .

9 2 ,9 7 7
3 2 6 ,7 6 9

P it t s S h a w & N o r t h . b - . A p r
J a n 1 t o A p r 3 0 ................

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

9 6 ,1 7 0
d o f2 4 ,7 8 6 d e f3 3 ,2 5 8
4 5 1 ,0 8 6 d o f l 0 4 ,1 5 0 d e f l2 0 ,1 1 6

P ort

R e a d i n g . b ___________ A p r
J a n 1 t o A p r 3 0 ................

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

5 6 ,7 7 8
1 5 1 ,7 8 3

2 3 3 ,9 3 8
8 2 3 ,3 1 3

2 2 4 ,5 5 5
6 2 6 ,1 1 0

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

8 5 ,0 2 3
3 3 0 ,3 3 3

d c f2 2 ,5 9 9
d e fl0 ,8 0 9

5 ,5 9 7
d c f7 ,9 9 6

R ic h m F re d & P o t o m .b .A p r
J a n 1 t o A p r 3 0 . .............

5 6 4 ,8 8 2
2 ,6 1 6 ,2 5 4

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

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

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

W a s h in g to n S o u t h .b - A p r
J a n 1 t o A p r 3 0 ................

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

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

8 3 ,6 5 9
6 3 7 ,6 8 0

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

R u t l a n d . b . ............................... A p r
J a n 1 t o A p r 3 0 ................

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

S tL o u is -S a n F r a n .b . . . A p r
5 ,8 5 5 ,8 5 7
J a n 1 t o A p r 3 0 ________ 2 3 , 3 7 0 , 3 2 2

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

1 2 0 ,5 3 2
2 7 7 ,7 2 5

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

Q u in c y O m a h a & K C .b .A p r
J a n 1 t o A p r 3 0 ________

2 4 ,9 6 7
d e f4 6 ,3 7 9

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

9 0 ,5 5 2
1 0 6 ,0 1 0

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

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

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

d e f2 1 ,4 3 6
d e f l 1 3 ,9 3 9

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

F t W o rth & R io G r .b .A p r
J a n 1 t o A p r 3 0 ................

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

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

St L S a n F r a n * T e x .b .A p r
J a n l t o A p r 3 0 _________

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

1 4 8 ,8 8 8
5 3 8 ,1 5 3

d o f9 .2 9 2
d e f5 9 ,3 9 9

S an A n t & A ra n s P a s s .b -A p r
J a n 1 t o A p r 3 0 ................

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

3 4 3 ,6 4 6
1 ,4 1 3 ,7 6 6

d c fl3 1 ,1 7 8
d e f3 4 8 ,4 l8

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

S o u t h e r n P a c i f i c . b _______ A p r 1 2 , 4 6 9 , 7 9 0 1 1 , 3 0 6 , 7 3 1
J a n 1 t o A p r 3 0 _________4 8 , 9 3 1 , 9 4 2 4 3 , 4 1 3 , 4 7 3

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

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

A r i z o n i a E a s t e r n . b ______ A p r
2 3 5 ,9 2 0
J a n l t o A p r 3 0 ................ 1 , 2 4 8 , 1 3 2

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

d e fl0 ,1 0 4
2 0 4 ,1 4 0

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

G a l v l i a r * S a n A n t . b . A p r 1 ,6 0 0 ,0 6 0
J a n 1 t o A p r 3 0 . ............. 6 , 5 6 7 , 3 8 3

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

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

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

I lo u s t & T e x C e n t - b ..A p r
6 6 1 ,9 5 9
J a n 1 t o A p r 3 0 ................ 2 , 6 1 2 , 5 3 6

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

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

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

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

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

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

IIo u s tE & W T e x a s .b .A p r
J a n 1 t o A p r 3 0 ................

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

L o u i s W e s t e r n . b _________A p r
3 1 8 ,8 1 4
J a n 1 t o A p r 3 0 ................ 1 , 2 2 9 , 2 3 1

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

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

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

M organ s L a & T ex R R .
&
N a v C o . b _____A p r
5 4 6 ,7 5 9
J a n 1 t o A p r 3 0 ................ 3 , 3 2 8 , 9 0 4

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

9 ,4 9 7
2 2 7 ,4 0 6

3 2 8 ,6 5 5
1 ,0 8 0 ,1 0 0

T e x a s * N ew O r l.b .-.A p r
6 6 3 ,4 1 8
J a n 1 t o A p r 3 0 ................ 2 . 4 1 1 , 3 4 2

6 2 8 ,5 9 9
2 ,3 5 3 ,9 7 2

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

2 0 6 ,0 2 4
7 1 6 ,7 2 6

S o u th e rn R y . S y ste m —
G a S o u t h & F l a . b _______ A p r
3 5 0 ,5 5 1
J a n 1 t o A p r 3 0 ................ 1 , 4 9 6 , 4 2 7

3 1 3 ,8 3 3
1 ,1 1 4 ,5 0 4

1 4 ,6 5 7
1 4 5 ,8 1 2

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

S p o k a n e I n t e r n a t io n a l.b .A p r
7 4 ,9 6 3
J a n 1 t o A p r 3 0 ................
2 8 0 ,7 6 5
S pok P o r t * S e a t t le .b ...A p r
5 5 7 ,5 8 3
J a n 1 t o A p r 3 0 ................ 2 , 2 2 7 , 3 4 7
T e n n e s s e o C e n t r a l . b _______A p r
2 2 8 ,5 7 7
J a n 1 t o A p r 3 0 . .............
8 7 4 ,0 5 8

8 9 ,3 4 6
1 3 ,0 5 4
3 0 1 ,0 0 1
6 4 ,8 2 1
5 8 9 ,3 1 9
1 4 1 ,9 0 9
2 ,4 2 6 ,0 4 1
4 6 3 ,7 8 3
2 4 7 ,5 7 5
d e fl8 ,1 5 4
7 1 9 ,4 9 3 d e f l 4 7 ,0 0 3

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

T e x a s * P a c i f i c - b ___________ A p r 2 , 7 0 8 , 2 0 4
J a n 1 t o A p r 3 0 ................. 1 0 , 4 0 0 , 3 0 0
T o l S t L o u is & W e s t . b - . A p r
0 1 8 ,9 9 1
J a n 1 t o A p r 3 0 ................ 2 , 2 5 6 , 7 1 4

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

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

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

7 5 ,8 8 5
2 4 1 ,5 8 4

d e f2 6 ,7 7 t
d e f9 6 ,4 9 0

7 ,5 0 6
d e fl2 ,1 6 0

U n i o n P a c i f i c . b . ..................... A p r 8 , 1 7 1 , 5 8 6
6 ,9 0 3 ,1 4 7
J a n 1 t o A p r 3 0 ................ 3 2 , 7 8 3 , 0 8 5 2 5 , 1 5 0 , 2 8 7

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

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

U l s t e r & D e l a w a r e - b _______ A p r
J a n 1 t o A p r 3 0 ................

9 8 ,4 5 2
2 8 8 ,8 2 6

O regon S h ort L in e .b .A p r
2 ,8 2 3 ,7 9 9
J a n 1 t o A p r 3 0 ________ 1 1 , 0 7 7 , 2 1 8

2 ,6 2 4 ,4 5 2
9 ,0 4 4 ,9 8 8

0 5 5 ,5 3 9
2 ,0 4 5 ,9 0 9

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

O regon
& W ash
R R
& N a v C o . b _____ A p r
J a n 1 t o A p r 3 0 ................

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

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

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

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

S t J o s & G r I s la n d .b .A p r
J a n 1 t o A p r 3 0 ................

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

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

d e fl8 ,2 8 1
d o f7 9 ,4 0 3

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

U t a h . b ....................................... A p r
J a n 1 t o A p r 3 0 ................

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

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

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

5 1 ,2 0 5
2 1 2 ,5 4 3

1 2 2 ,1 8 7
1 4 4 ,8 7 7

I n t e r n a t & G t N o r t h . b - . A p r 1 ,0 9 2 ,2 3 3
J a n 1 t o A p r 3 0 _________ 4 , 2 6 0 , 5 6 4

L o u is R y & N a v C o . b . . A p r
J a n 1 t o A p r 3 0 ................

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

______
__ „ „ „
7 1 ,9 7 1
5 5 ,1 2 9
1 9 2 ,0 5 3
9 5 ,0 2 8
d o f8 0 ,7 5 8
3 ,5 7 0
d c f l 9 7 ,9 9 3 d o f2 4 2 ,1 5 7

d o f6 ,2 4 4
d o fl0 ,7 8 0

6 ,6 6 6
2 9 ,4 0 6

C o lo r a d o & W y o m in g .b .A p r
J a n 1 t o A p r 3 0 _________

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

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

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

1 6 ,7 0 6
7 1 ,0 8 8

F t W o r & D on C it y .b .A p r
8 2 4 ,2 3 1
J a n 1 t o A p r 3 0 ................ 3 , 2 6 2 , 7 4 0
T r in & B r a z o s V a l .b ..A p r
9 5 ,3 4 2
J a n 1 t o A p r 3 0 ________
4 0 5 ,1 0 8

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

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

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

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

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

C h a r ie s t & W e s t C a r o . b . A p r
J a n 1 t o A p r 3 0 ................

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

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

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

4 4 9 ,0 3 1
d e f3 4 ,7 6 3
1 ,4 2 1 ,3 0 9 d o f2 3 9 ,0 8 8

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

4 1 1 ,3 7 1
1 ,5 8 3 ,1 7 7

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

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

B ir m in g h a m S o u t h e r n .b - A p r
J a n 1 t o A p r 3 0 ................

C e n t r a l V e r m o n t . b ________ A p r
4 4 8 ,7 2 9
J a n 1 t o A p r 3 0 ................ 1 , 6 4 5 , 3 0 3

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

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

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

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

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

1 3 ,9 8 6
d e f3 5 ,3 2 1

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

1 0 0 ,0 1 8
4 0 8 ,7 9 4

2 8 ,9 8 5
1 9 2 ,3 9 9

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

d o fl3 ,3 3 3
d e f .3 ,6 4 1

1 5 8 ,0 5 0
d e f3 0 ,3 2 9
7 4 3 ,6 4 0 d e f l0 2 ,9 9 9

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

1 4 2 ,7 4 8
3 4 ,7 1 2

K an aw h a & M ic h .b ..A p r
J a n 1 t o A p r 3 0 ________

270 789
9 9 7 ,3 4 1

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

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

T o l e d o * O h io C e n t .b .A p r
J a n 1 t o A p r 3 0 ................

86 929
4 4 2 ,0 7 6

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

N e w Y o r k C e n tra l S y ste m —
C in c in n a t i N o r t h . b - . A p r
J a n 1 t o A p r 3 0 .................
In d H arbor B e lt .b .— A p r
J a n 1 t o A p r 3 0 _________

1 1 0 ,5 2 9
5 3 5 ,2 3 5

d e f6 2 ,0 4 6
d o f2 7 7 ,3 9 1

B in g h a m & G a r f i e l d .b .A p r
J a n 1 t o A p r 3 0 ................

C a n P a c L in e s in M o . b . _ A p r
J a n 1 t o A p r 3 0 ................

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

N o r t h e r n . b _____ A p r
1 t o A p r 3 0 ................

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

V ic k s b S h r e v e * P a c .b - A p r
J a n 1 t o A p r 3 0 ................

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

1 9 5 ,5 9 1
8 1 4 ,2 4 4

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

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

W e ste rn R y o f A l a . b . . . A p r
J a n 1 t o A p r . 3 0 ................

2 3 5 ,8 7 3
8 8 5 ,3 2 9

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

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

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

W e ste rn
Jan
'W h e e l i n
Jan

P a c i f i c . b ............. A p r
1 t o A p r 3 0 ................
g * L a k o E r io .b .A p r
1 t o A p r 3 0 ................

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

W i c h it a F a lls & N W . b . A p r
J a n 1 t o A p r 3 0 ................

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

8 5 8 ,6 2 1
3 4 ,8 7 8
3 ,2 2 4 ,1 5 9
1 1 7 ,1 2 4
9 5 5 ,1 0 0
1 2 8 ,9 5 4
3 ,2 0 5 ,2 8 8 d e f l 0 3 ,0 4 7
7 9 ,5 0 1
3 3 6 ,5 0 1

d o f5 2 ,7 4 4
d o f7 5 ,4 0 0

2 9 6 ,8 7 1
1 ,0 0 5 .0 7 8
1 6 3 ,8 9 1
3 3 6 ,1 6 2
d o f2 7 ,9 9 3
d o f0 2 ,0 9 1

h N e t e a r n in g s h e r o g i v e n a r e b o f o r o d e d u c t i n g t a x e s ,
( G ross
E a r n in g s .

□

ta m

N et a fter l
T axes,

B k is

N i Y j C h l c a g o & [S t I .o u is R R —
A p r ’ 19
a 1 ,9 6 0 ,8 9 7
4 4 3 ,4 8 0
'1 8
1 1 ,7 7 6 ,9 2 7
4 8 9 ,1 0 9
4
m o s '1 9 1 8 ,0 7 5 ,6 6 0 1 ,8 1 4 ,4 6 7
'1 8 J 5 ,5 4 9 ,S 91
4 9 1 ,1 5 9

O ther
In com

S

G ro s s
In com e.

F ix e d
C h a rg es .

s

E fo * .
2 0 ,2 9 4
[4 7 2 ,7 7 4
1 3 ,9 2 3 8 ) 1 .5 0 3 ,0 3 2
6 6 ,2 0 6
1 ,8 S 0 ,6 7 3
7 3 ,4 7 9
; 1 5 6 4 ,6 3 8

*
,

B a la n c e ,
S u r p lu s .

s

„
[2 8 ,7 7 4
4 4 4 ,0 0 0
[ 2 1 1 ,4 3 4
2 9 1 ,5 9 8
1 8 5 ,0 9 7 1 ,6 9 5 ,5 7 6
8 9 4 ,1 2 8 d c f 3 2 9 ,4 9 0

2323

THE CHRONICLE

June 7 1919.]

Gross
Earnings.

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.

Net after
Taxes.

Balance,
Surplus.

Fixed
Charges.

S

Jan. 1 to Latest Dale.
Latest Gross Earnings.
Previous
Current Previous Current
Year.
Year.
Year.
Year.
Month.

Name of Road
or Company.

A d ir o n d a c k E l P o w C o A p r il
A la b a m a P o w e r
A p r il
/lA n ie r P o w & L t C o . M a r c h
A t la n t ic S lio r o R y —
A p r il
A u r o r a E lg in & C h i c . M a r c h
B a n g o r R y & E le c t r ic M a r c h
B a t o n R o u g e E le c C o A p r il
B la c k s t o n o V G & E l .'A p r i l
(/B r a z ilia n T r a c , L & P M a r c h
B r o c k & P l y m S t R y . 1A p r i l
p B k ly n R a p T r a n S y s F e b r u a r y
C a p o B r e t o n E le c C o . 'A p r i l
C e n t M is s V E l P r o p . M a r c h
C h a tta n oog a R y & L t M a rch
C i t i e s S e r v i c e C o -------- A p r i l
C le v o P a in e s v & E a s t M a r c h
(/C o lu m b ia G a s & E le c A p r 1
C o lu m b u s (G a ) E l C o A p r il
C o l u m ( O ) R y , P & 1/ F e b r u a r y
C o m ’w ’th P , R y & L t A p r il
C o n n e c t ic u t P o w e r C o A p r il
C o n s u m P o w ( M i c h ) . A p r il
(C u m b C o (M e ) P & L M a rch
D a y t o n P o w e r & L t . A p r il
( / D e t r o i t E d i s o n _______ A p r i l
( /D e t r o it U n it e d L in e s A p r il
D u lu t h -S u p e r io r T r a c A p r il
E a s t S t L o u is & S u b  M a r c h
E a s te r n T o x a s E l e c . . A p r il
a E l P a s o E le c t r ic C o . A p r il
F a ll R iv e r G a s W o r k s A p r il
F e d e r a l L ig h t & T r a c . M a r c h
F t W o r t h P o w & L t . _ A p r il
G a lv -I I o u s E le c C o _ _ A p r il
G e o r g ia L , P & R y s . M a r c h
G r a n d R a p id s R y C o D e c e m b e r
a G r o a t W e s t P o w S y s A p r il
H a r r is b u r g R a ilw a y s . F e b r u a r y
H avana El R y , L & P M arch
H o n o lu lu R T k L a n d A p r il
H o u g h t o n C o E l L C o A p r il
H o u g h t o n C o T r a c C o A p r il
b H u d so n k M a n h a tr. F e b ru a ry
A p r il
6 I llin o is T r a c t io n —
/ I n t e r b o r o R a p T r a n . A p r il
J a c k s o n v ille T r a c C o . A p r il
K e o k u k E le c t r ic C o . . A p r il
K e y W e s t E le c t r ic C o A p r il
L a k e S h o re E le c I l y . . M a r c h
L c w is t A u g k W a te r v J a n u a r y
L o n g Isla n d E le c t r ic . F e b r u a r y
A p r il
L o u is v ille R a ilw a y —
L o w e ll E le c t r ic C o r p . A p r il
M a n h a t B d g e 3 c L in e F e b r u a r y
a M ll w E l R y & L t C o A p r il
N a s h v ille R y & L ig h t M a r c h
N e w E n g l a n d P o w e r . A p r il
N o w p N & l I R y , G & E A p r il
N Y k L o n g I s la n d .. F e b ru a ry
N Y & N o r th S h o r e .. F eb ru a ry
N Y & Q u e e n s C o ____ F e b r u a r y
N o w Y o r k R a ilw a y s . F e b ru a ry
N o r t h a m p t o n T r a c . . A p r il
N o r t h e r n O h io E l e c . . A p r il
A p r il
N o r t h T e x a s E le c tr ic
O c e a n E le c t r ic ( L I ) . F e b r u a r y
P a c ifi c P o w e r k L ig h t A p r il
P e n s a c o la E le c t r ic C o A p r il
P h i l a & W e s t e r n _______ A p r i l
P o r t la n d G a s & C o k e A p r il
P o r t (O r e ) I t y ,L & P C o M a r c h
P o r t o R ic o (ta ilw a y s . F e b r u a r y
R ic h m o n d L t k R R - F e b r u a r y
M arch
St L R ock y M t k
S a n tia g o E l L t k T r . M a r c h
S a v a n n a h E le c t r ic C o A p r il
S e co n d A v c n u o (Ite c) F e b ru a ry
S o u th e rn B o u le v a r d . F e b ru a ry
S o u th e r n C a l E d is o n . A p r il
S ta te n Isld M id la n d . F e b r u a r y
T a m p a E le c t r ic C o . . A p r il
T e n n e s s e o P o w e r -------- M a r c h
T cn n R y, L t
I’ C o M a r c h
T o x a s P o w e r & L t C o A p r il
T h ir d A v e n u e S y s te m . A p r il
1) I ) E B k B R R — F e b r u a r y
42dStM&StNA R y F e b r u a r y
U n io n R y C o ( N Y C ) F e b r u a r y
Y o n k e r s R a ilr o a d . F e b ru a ry
N Y C ity In te r R y F e b ru a ry
B e l t L i n o R y ----------- F e b r u a r y
T h i r d A v c n u o -------- F e b r u a r y
T w in C i t y R a p T r a n . A p r il
V ir g in ia R y & P o w e r . M a r c h
W a s h B a it & A n n a n .- M a r c h
W e s tc h e s te r E le c tr ic . F e b ru a ry
Y o r k R a ilw a y s — . . . F e b ru a ry
Y o u n g s to w n k O h io . M a r c h

Co..

g

Pac

&

k

s u b w a y lin e s .

Electric Railway and Other Public Utility Net Earn-

inga>_«phe following table gives tho returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus
reported
this week:
— —Gross Earnings---------- —Net Earnings
Current
Year.

$
I l l i n o i s T r a c t i o n . a ------------- A P r L ; ? 4 0 , 4 4 0
J a n 1 t o A p r 3 0 ................ 5 . 5 5 9 , 7 0 4
S o u th w e ste rn P o w e r & L t.
C o r p (su b c o s o n ly ) - a - A p r
4 7 8 ,( > 2 4
M a y 1 t o A p r 3 0 ............... 5 . 9 1 7 , 0 0 3
q

2 2 ,8 0 0
2 0 5 ,0 4 8

1 9 ,9 1 2
2 6 5 ,1 6 2

M is s is s ip p i R i v e r P o w C o A p ril .
1 8 4 ,9 2 2
19 3 ,2 3 3
12 m o s . . 2 ,2 1 9 ,1 7 6
2 ,0 7 3 ,0 0 5

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

1 5 7 ,4 6 3
1 ,6 6 8 ,7 7 5

3 6 ,7 5 3
5 0 3 ,7 4 2

5 3 ,1 0 0
4 3 7 ,5 1 6

N o r th e r n T e x a s E lc c C o —
2 6 7 ,9 1 4
2 5 9 ,5 9 5
A p r i l ____
12 m o s . . 2 ,8 8 6 ,6 1 5 2 ,9 3 2 ,2 8 2

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

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

7 9 ,8 7 8
7 8 9 ,5 1 7

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

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

3 7 3 ,1 3 1
1 ,6 1 1 ,2 2 0

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

T a m p a E le c t r ic C o —
A p r i l ____
9 8 ,5 7 9
1 2 m o s . . 1 ,1 2 4 ,0 6 9

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

1 6 3 ,3 2 6
2 ,1 1 5 ,8 2 4

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

Apr T9
T8

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

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

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

* After allowing for other Income received.

8 4 ,8 6 3
9 9 7 ,9 5 5

Subsidiary Companies

o f ta x es

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




2 0 ,8 5 9
2 7 7 ,6 6 7

Previous
Year.

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

18

2 4 ,8 9 4
2 2 5 ,2 4 9

Current
Year.

A p r ’ 19
*1 8
4 m os T 9
T 8

4 m os T 9

L o w e l l E le c t r ic L i g h t C o r p —
A p ril
7 9 ,2 6 0
6 6 ,6 3 1
12 m o s ..
9 6 8 ,3 6 3
7 4 1 ,7 4 5

Previous
Year.

Fixed Chgs. Palance,
Gross
Net
Earnings. Earnings. & Taxes. Surplus.
8
8
$
$

L o u is v ille
R a ilw a y C o

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

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

k

P e n s a c o la E le c t r ic C o 3 5 ,0 0 8
A p r i l ____
4 2 ,9 3 6
3 9 1 ,6 4 0
12 m o s . .
5 5 0 ,9 5 6
S a v a n n a h E le c tlic C o —
9 2 ,5 8 0
A p r i l ____
1 1 5 ,2 8 7
1 ,0 3 5 ,1 3 4
12 m o s . . 1 ,2 5 1 ,0 0 6
S ie r r a P a c ific E le c t r ic C o —
A p r i l ____
4 9 ,3 1 9
5 6 ,4 6 1
12 m o s ..
6 8 1 ,8 6 2
7 1 2 ,5 2 3

e a r n in g s h e r o g iv e n a r o a ft e r t h o d e d u c t i o n

D e tr o it U n ite d
L in e s

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

x

f
’ P o w w O o .. th e N a s h v ille R y . & L ig h t C o ., th o T e n n e s s e o P o w e r
a n d th o C h a t t a n o o g a I t y . & L ig h t C o .
(.I n c lu d e s b o t h e le v a t e d a n d

Companies.

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

K ansas G as
Apr T9
2 1 2 ,1 2 2
* 1 4 ,2 3 9
5 8 ,6 6 0
4 4 ,7 1 7
S
$
E le c t r ic C o
1 7 3 ,0 0 5
T8
5 3 ,7 2 0
2 9 ,7 0 2
2 4 ,0 1 8
1 3 3 ,5 7 4
5 5 4 ,0 2 7
5 9 2 ,7 5 8
1 3 5 ,7 3 0
2 ,3 3 5 ,0 2 6
* 3 3 5 ,1 3 2
12 m o s T 9
7 5 4 ,4 9 6
4 3 7 ,6 6 8
9 4 5 ,7 7 4
2 2 1 .9 0 1
8 5 4 ,4 4 5
2 2 0 ,5 8 1
1 .7 9 8 ,3 6 1
2 1 5 .7 7 3
T 8
5 2 4 ,5 5 6
3 0 8 .7 8 3
3 ,9 7 6 ,3 7 6
1 2 5 4 ,7 5 5 1 0 4 2 ,0 8 8
3 ,3 1 5 ,6 4 5
P a c ific P o w e r &
A pr T9
1 6 8 ,3 1 9
8 4 ,7 9 6
4 6 ,0 5 7
* 3 9 ,6 7 0
4 5 ,4 8 7
4 6 ,4 1 4
1 0 ,8 3 2
1 4 ,2 8 5
1 4 5 ,2 9 8
L ig h t C o
6 3 ,8 0 7
3 8 ,9 4 6
* 2 4 ,8 6 1
T8
5 6 3 .5 8 5
4 3 9 ,4 0 9
1 9 7 ,5 6 7
1 6 8 ,6 9 3
12 m o s T 9
1 ,9 3 1 ,2 9 8
8 8 9 ,2 3 5
5 2 9 ,9 8 0
* 3 6 6 ,7 2 3
2 2 1 ,3 6 8
7 6 ,1 0 7
2 4 8 ,1 5 3
8 3 ,7 1 7
1 ,7 2 6 ,0 9 9
8 9 9 ,5 1 0
4 4 7 ,7 2 7
* 4 5 1 ,7 8 3
T 8
1 1 4 ,4 9 2
2 0 ,8 1 6
8 2 ,5 1 5
2 7 ,3 7 1
8 1 6 ,6 5 5
7 2 9 ,4 7 2
1 9 1 ,6 1 9 , 1 8 2 , 7 7 9
6 5 ,1 2 3
1 6 0 ,9 2 3
2 9 ,1 3 9
3 5 ,9 8 4
P o r t la n d G a s &
Apr T9
1 9 3 3 0 0 0 0 1 8 0 9 4 0 0 0 /2 5 8 2 4 .0 0 0 /2 3 2 4 6 .0 0 0
6 1 ,6 7 9
3 2 ,4 2 1
1 3 0 ,6 6 1
2 9 ,2 5 8
C oke C o
T8
4 0 ,8 2 0
1 2 ,3 1 2
7 ,5 1 0
3 0 ,2 3 9
8 5 3 ,6 1 6
5 0 0 ,7 2 7
3 5 2 ,8 8 9
1 ,9 7 0 ,2 6 8
12 m o s T 9
5 ,1 9 1 ,7 8 7
2 5 0 1 .3 2 0 2 2 1 7 ,0 8 5
4 ,5 5 3 ,4 8 8
6 6 4 ,8 9 2
3 4 3 ,9 0 9
3 2 0 ,9 8 3
1 ,4 6 8 ,0 7 9
T 8
1 8 4 ,5 3 4
3 7 ,6 7 4
4 6 ,4 5 6
1 5 4 ,9 1 4
1 1 4 ,0 3 6
* 3 3 ,5 1 5
1 4 3 ,5 6 6
4 9 3 ,3 6 4
A pr T9
9 9 ,5 2 4
R e p u b lic R y &
3 1 .2 1 3
2 5 ,2 3 9
7 9 ,2 6 9
1 3 1 ,3 3 2
1 0 2 ,7 8 4
* 3 4 ,2 3 9
4 6 3 ,1 9 4
T8
1 4 6 ,1 1 6
1 5 1 ,5 3 3
L ig h t C o
3 3 4 .5 8 6
4 2 2 ,3 2 6
* 1 3 4 ,7 7 4
4 5 5 ,3 0 8
5 6 6 ,0 9 1
2 ,0 4 6 ,1 3 1
4 m os T 9
1 8 0 7 ,2 5 5 1 8 8 5 ,7 5 0
7 ,3 7 5 ,9 4 8
7 ,7 4 2 ,0 3 5
* 1 3 8 ,8 7 2
4 0 1 ,3 5 5
5 0 3 ,8 9 5
1 ,8 8 9 ,2 2 8
T 8
4 9 ,1 5 9
4 2 ,2 5 3
1 4 0 ,9 6 1
1 1 8 ,4 2 2
4 ,3 8 0 ,0 7 4
9 6 8 ,6 1 3
9 9 8 ,6 3 3
4 ,4 3 6 ,9 0 6
* 2 4 ,3 4 3
7 7 ,3 4 2
5 4 ,4 8 1
2 5 9 ,3 7 7
Apr T9
T exas P ow er &
9 4 ,2 2 4
1 0 0 ,2 4 9
4 0 4 ,0 1 8
3 9 5 .8 5 8
2 2 ,4 4 5
5
2
,
3
2
0
7
4
,
7
6
5
2
3
0
,
1
2
7
T8
L ig h t C o
1 6 9 ,2 0 2
1 8 4 ,6 6 1
3 7 6 .5 8 7
3 4 6 ,1 1 1
6 7 6 ,3 3 4
* 4 0 8 ,2 5 1
3 ,3 5 3 ,8 3 0
1 ,0 8 0 ,8 8 8
12 m os T 9
2 0 0 7 ,0 3 3 1 7 2 1 ,3 5 2
8 ,2 0 6 ,5 8 2
6 7 9 7 ,7 1 1
4 4 2 ,5 0 4
5 8 9 ,4 3 2
1 ,0 3 1 ,9 3 6
2 ,8 0 5 ,6 7 1
T 8
9 3 ,7 5 0
7 6 ,8 0 7
4 1 1 ,4 3 8
3 1 1 ,7 8 1
1 4 1 ,4 9 2
* 8 8 ,9 7 5
4 3 8 ,6 0 1
2 2 1 ,8 6 5
6 4 2 ,7 7 4
5 0 1 ,7 2 4
Apr T9
2 ,6 4 7 ,3 1 6
U ta h P ow er &
2 ,0 1 4 ,1 8 5
1 4 0 ,3 2 3
* 1 0 0 ,4 6 3
2 3 3 ,6 1 1
2 0 2 ,9 1 9
2 4 5 ,2 7 0
6 1 7 ,6 3 9
6 8 7 ,9 1 3
4 3 9 ,0 7 8
L ig h t C o
T8
1 ,7 2 8 ,5 9 2 * 1 ,3 6 2 ,7 9 8
2 ,9 6 0 ,3 7 9
2 3 3 ,8 2 3
1 8 8 .9 0 1
9 9 7 ,6 0 4
5 ,6 2 4 ,7 6 2
7 7 1 .8 5 8
12 m os T 9
1 ,6 0 7 ,3 9 5 * 1 ,2 6 3 ,3 3 6
2 ,7 7 1 ,7 2 6
5 ,3 7 6 ,9 8 4
1 2 8 5 ,0 4 7 1 0 9 0 ,2 9 7
5 ,4 4 0 .9 6 6
T 8
4 ,6 5 0 ,8 0 5
1 8 6 9 ,5 3 6 1 4 5 2 ,6 9 8
5 ,7 9 8 ,6 0 4
7 ,1 6 5 ,7 6 7
A ft e r a llo w in g f o r o t h e r in c o m e r e c e iv e d .
1 5 9 ,5 2 2
6 1 1 ,7 3 6
5 5 7 ,0 9 8
1 3 6 ,1 7 6
1 ,0 7 4 ,5 8 7
9 3 8 ,9 7 2
3 6 9 ,7 8 6
3 2 8 ,2 2 1
- N e t a f t e r T a x es -------------S u r p . a f t e r C h a rg es—
-G ro ss1 0 9 ,1 3 4
4 3 0 ,0 7 6
3 4 1 ,6 4 5
8 9 ,3 1 8
19 18 .
19 19 .
19 18 .
19 19 .
5 0 0 ,7 9 5
4 2 8 ,4 3 2
1 2 4 ,6 5 2
1 0 2 ,6 6 5
$
5
S
S ’
S
’
S
2 2 1 ,7 3 9
2 1 5 ,5 3 7
5 1 ,8 6 1
5 6 ,1 7 2
B a t o n R o u g e E le c t r ic C o —
9 9 5 ,4 0 4
9 0 1 ,7 8 3
3 3 2 ,4 6 4
3 0 0 ,8 9 8
7 ,1 3 5
1 0 ,4 1 3
6 ,4 9 6
9 ,9 7 0
2
0
,8
1
6
A
p
r
i
l
____
2
7
,3
7
1
4
4
2
,
8
5
2
4 2 2 ,2 1 1
9 4 ,9 8 1
1 0 3 ,9 2 1
7 4 ,9 4 0
8 4 ,9 1 9
1 1 3 ,5 5 6
1 2 7 ,0 3 5
2 3 7 ,9 4 7
12 m o s ..
2 9 9 ,7 8 7
7 9 6 ,6 7 9
9 6 5 ,5 0 9
2 0 5 ,0 8 3
2 4 7 ,4 8 1
3 0 0 ,7 7 4
3 5 1 ,5 7 2
1 1 8 ,2 5 6
1 0 2 ,2 9 5
B la c k s t o n o V a l l e y G a s & E l e c C o —
1 ,3 0 3 ,8 6 0
1 ,2 7 8 ,3 4 8
2 5 ,1 6 9
3 0 ,8 0 0
4 8 ,6 8 5
5 5 ,4 0 8
1 1 7 ,6 5 6
1 1 7 ,2 3 8
1 9 1 ,6 1 9
1 8 2 ,7 7 9
A p r i l ____
1 ,3 8 8 ,1 9 7
1 ,6 5 0 ,4 1 8
3 8 2 ,8 9 3
3 5 3 ,9 1 1
6 3 0 ,3 6 2
3 4 2 ,2 0 8
6 7 1 ,2 1 3
4 0 9 ,6 8 2
12 m o s . . 2 ,5 3 1 ,9 1 7 2 ,0 7 8 ,8 8 0
1 8 9 ,6 6 1
2 6 0 ,4 8 2
8 9 ,8 5 7
1 2 4 ,0 0 4
B
r
o
c
k
t
o
n
&
P
l
y
m
o
u
t
h
S
tr
e
e
t
R
y
C
o
—
1 ,9 0 4 ,1 9 1
2 ,0 8 6 ,7 6 9
6 4 2 .1 1 0
6 5 7 ,2 5 5
d e f3 ,5 6 1
1 ,2 8 9
d c f 2 ,1 9 6
2 ,7 3 5
1 2 ,3 1 2
7 ,5 1 0
A p r i l ____
2 2 4 ,8 2 1
2 3 7 ,7 8 2
5 4 .0 3 0
6 0 .7 7 0
d e f 2 0 ,7 9 3 d e f l8 ,2 9 4
d e f3 ,5 8 6
d c f 2 ,7 6 3
12 m o s ..
1 1 2 ,0 1 1
1 2 0 ,6 2 9
1 4 1 .7 4 5
1 4 5 .6 7 7
3 2 ,0 9 4
3 5 ,5 3 5
1 1 3 ,8 0 3
1 0 4 ,0 1 7
2 5 ,9 0 1
2 4 ,6 2 9
C a p e B re to n E le c C o , L t d 1 ,0 9 0 .5 5 2
1 ,2 4 9 ,3 3 7
5 2 7 ,6 3 6
5 9 0 ,3 7 2
4 ,4 3 3
3 7 ,6 7 4
9 ,6 8 8
7 ,7 8 5
A p r l l ____
4 6 ,4 5 6
1 3 ,1 3 9
4 ,7 7 4 ,0 9 3
5 .5 5 9 ,7 0 4
1 3 4 0 ,4 4 0 1 1 6 2 ,4 9 6
8 3 ,5 9 4
4 8 0 ,1 4 1
1 4 6 ,8 1 5
7 0 ,1 7 5
12 m o s . .
5 4 2 ,6 2 5
13 3 ,8 5 0
4 0 1 5 ,0 3 7 3 5 3 9 ,6 6 7 1 5 ,3 2 2 ,0 3 5 1 4 ,0 1 4 ,6 6 9
C e n t r a l M is s V a i l E l c c P r o p —
3 4 2 ,3 2 4
2 8 4 .7 9 0
7 4 ,3 3 0
8 5 ,3 5 3
2 ,7 6 6
M a r c h ...
3 1 ,2 1 3
2 5 ,2 3 9
5 ,2 4 1
4 ,6 1 8
7 ,0 4 7
8 1 ,3 9 6
9 9 ,3 9 1
2 0 ,1 9 3
2 4 .2 1 3
6 1 .5 S 9
12 m o s . .
3 5 9 ,3 3 2
3 1 6 ,6 3 6
8 8 ,3 4 7
8 6 ,2 7 7
5 9 ,1 0 9
5 6 ,5 6 3
7 6 ,5 6 6
1 4 ,6 9 8
1 8 ,2 4 5
5 5 1 .6 7 8
4 4 7 ,6 5 7
1 6 4 ,9 1 0
1 8 5 ,8 0 7
C o l u m b u s E le c t r ic C o —
4 7 ,1 2 0
7 8 ,0 7 0
4 7 ,1 2 0
7 8 .0 7 0
2 6 ,5 1 0
5 3 ,5 9 1
2 3 ,1 4 9
1 0 0 ,2 4 9
9 4 ,2 2 4
5 4 ,7 0 9
A p r i l ____
2 9 ,5 9 6
2 8 ,6 4 5
1 3 ,9 8 4
1 4 ,4 0 6
2 2 3 ,0 6 4
3 7 6 ,5 7 7
12 m o s . . 1 ,1 8 9 ,5 7 1
1 ,1 4 9 ,7 6 2
5 7 5 ,1 9 0
6 9 5 ,3 4 4
1 ,1 3 9 ,1 3 3
1 ,3 0 3 ,1 0 3
2 9 2 ,5 1 4
3 3 9 ,3 5 0
3 3 8 ,5 3 7
2 6 3 ,0 2 1
6 6 ,6 3 1
C o n n e c tic u t P o w e r C o —
7 9 ,2 6 0
2 4 .1 1 0
2 1 ,1 5 1
1 0 ,4 0 1
1 5 ,3 0 0
1 1 .3 7 5
A p r i l -------9 3 ,7 5 0
2 4 ,5 9 4
7 6 ,8 0 7
4 3 ,3 5 1
3 3 ,5 7 6
4 ,7 6 9 ,8 8 2
3 ,7 5 2 ,2 8 6
1 8 7 ,1 1 0
1 1 5 8 ,7 9 0 9 0 3 ,5 9 6
1 2 m o s . . 1 ,1 2 7 ,9 0 8
3 8 5 ,7 4 1
2 2 2 ,4 9 2
9 0 5 ,2 8 2
4 4 8 ,7 7 9
8 0 2 ,5 9 4
6 2 2 ,0 3 3
2 1 8 ,5 8 4
2 6 7 ,2 8 4
E a s t e r n T e x a s E le c t r ic C o —
1 ,2 2 6 ,0 1 6
1 ,0 1 3 ,4 4 3
2 4 2 ,5 6 5
2 8 9 ,8 4 8
2 6 ,0 9 8
A p r i l -------1 0 9 ,1 3 4
8 9 ,3 1 8
4 1 ,7 4 9
2 8 ,9 0 6
3 7 ,9 0 8
8 2 0 ,6 6 2
5 6 5 .1 7 1
1 5 6 ,2 9 4
2 0 3 ,4 0 1
3 2 2 ,3 0 6
1 2 m o s . . 1 ,2 2 0 ,1 8 3
9 7 5 ,9 1 1
3 3 5 ,1 1 5
4 8 6 ,4 5 8
4 3 0 ,3 6 8
7 5 ,0 8 0
5 3 .4 1 5
2 6 ,8 8 7
3 4 ,7 9 5
2 1 ,4 4 1
1 7 ,2 6 4
8 ,2 6 9
1 0 ,6 5 9
E d is o n E lc c Iliu m C o o f B r o c k to n —
1 5 0 ,6 4 1
1 2 4 ,5 6 3
7 1 ,9 5 3
6 0 ,7 8 3
1 2 ,5 7 8
3 0 ,5 0 1
1 8 ,5 3 0
A p r i l ____
9 2 ,4 5 9
5 9 ,1 8 4
3 7 ,1 8 4
1 ,8 7 9 .8 4 7
1 ,6 9 5 .7 3 6
9 1 7 ,5 8 3
8 3 0 ,3 5 9
2 2 2 ,8 2 6
2 1 2 ,6 8 6
2 7 8 ,2 9 3
12 m o s . .
9 4 2 ,8 7 7
7 4 0 ,0 3 3
2 9 1 ,2 5 5
8 3 ,7 3 2
7 0 ,6 8 8
2 0 ,1 2 0
1 7 ,6 7 8
E lc c L t & P o w C o o f A b tn g to n & R o c k la n d —
2 ,8 0 5 ,1 1 0
7 2 3 ,3 9 8
5 8 4 ,7 1 1
2 ,2 6 5 ,4 0 1
2 ,3 8 2
1 ,0 0 2
2 ,9 1 1
1 ,5 9 1
2 0 ,5 2 5
1 5 ,4 3 4
A p r i l -------1 ,0 1 1 ,6 0 7
2 6 7 ,9 1 4
1 ,0 5 4 ,7 5 1
2 5 9 ,5 9 5
4 1 ,6 2 2
4 1 ,7 9 5
4 6 ,4 7 5
2 1 1 ,6 2 1
4 9 ,6 4 8
12 m o s . .
2 5 3 ,5 7 8
1 3 ,8 5 3
1 1 ,0 3 2
6 ,5 7 7
5 ,7 6 2
6 5 0 ,0 3 2
5 7 7 ,6 7 0
1 6 8 .3 1 9
1 4 5 ,2 9 8
E l P a s o E le c t r ic C o —
1 8 9 ,3 2 1
4 2 ,9 3 6
3 5 ,0 0 8
1 4 4 .4 1 5
2 6 ,8 8 0
3 3 ,3 2 1
3 0 ,4 7 6
10 2 ,6 6 5
3 7 ,8 8 6
A p r i l ____
1 2 4 ,6 5 2
2 1 3 ,3 6 9
1 7 7 ,0 9 4
5 7 ,5 2 9
4 5 ,8 0 5
3 8 0 ,5 8 6
3 0 3 ,1 4 3
3 8 5 ,9 6 2
4 5 1 ,1 4 7
1 ,2 7 4 ,7 9 7
1 2 m o s . . 1 ,3 2 9 ,9 9 5
7 0 5 ,7 9 0
1 6 0 ,9 2 3
1 3 0 ,6 6 1
5 3 2 ,9 8 3
6 2 1 .1 4 5
F a l l R iv e r G a s W o rk s C o —
7 3 6 ,1 6 7
2 ,1 2 6 ,6 2 5
1 ,7 8 8 ,5 1 3
9 ,9 1 4
9 ,9 4 9
4 ,3 1 7
4 ,6 1 5
A p r i l ____
5 1 ,8 6 1
5 6 ,1 7 2
1 8 2 ,6 0 0
9 2 ,5 6 2
8 3 ,1 8 6
1 6 5 ,3 0 7
1 4 5 ,2 6 9
1 7 0 ,6 3 3
1 7 0 ,8 4 8
1 4 7 ,2 2 5
12 m o s . .
7 2 4 ,4 1 2
6 2 3 ,3 6 6
7 3 ,6 0 8
3 6 ,2 3 6
2 9 .6 5 5
5 8 ,9 8 6
2 8 2 ,0 7 4
9 6 8 ,4 6 7
4 1 4 .1 1 8
1 ,2 6 4 ,4 6 3
G a lv -IIo u s E le c C o —
6 0 ,5 3 9
5 4 ,0 9 6
1 8 0 ,0 3 5
1 6 1 ,8 6 7
3 1 ,0 0 1
3 8 ,9 4 2
6 8 ,5 0 6
6 9 ,0 2 7
2 0 5 ,0 8 3
A p r i l ____
2 4 7 ,4 8 1
4 3 3 ,6 4 5
1 1 5 ,2 8 7
9 2 ,5 8 0
3 6 5 ,5 2 9
4 4 9 ,1 0 7
7 8 2 ,9 9 4
4 4 3 ,8 1 3
8 1 5 ,5 1 2
1 2 m o s . . 2 ,8 6 0 ,1 6 2 2 ,2 6 5 ,2 7 3
5 5 ,2 6 2
1
1
5
,
0
5
7
5 0 ,8 7 2
1 0 5 ,2 6 7
1 6 ,3 8 2
1 4 ,2 1 2
3 4 ,3 2 1
H a v e r h ill G a s L ig h t C o —
2 9 ,5 0 6
d e f5 2 1
d e f2 9 3
271
9 74
2 3 ,8 8 7
3 ,0 3 6 ,9 5 7
A p r i l ____
2 7 ,5 3 4
7 8 9 ,8 2 3
6 4 2 ,0 5 1
2 ,5 4 7 ,7 2 2
3 4 ,1 0 3
3 6 ,2 4 0
2 4 ,6 2 6
3 1 ,5 0 1
3 0 6 ,2 5 9
2 0 ,6 3 4
4 1 ,8 7 9
1 7 ,8 9 5
12 m o s . .
3 5 2 ,4 3 2
3 6 ,2 1 7
9 8 ,5 7 9
8 4 ,8 6 3
4 1 2 ,8 6 9
3 5 1 ,3 4 6
H o u g h to n C o u n t y E lc c L ig h t C o —
2 0 8 ,5 9 4
1 6 9 ,3 5 7
6 3 9 ,9 2 7
4 9 0 ,0 5 0
6 ,2 1 9
6 ,3 2 7
9 ,6 3 5
1 0 ,0 1 1
A p r i l ____
3 5 ,5 3 5
3 2 ,0 9 4
5 4 7 ,6 4 1
1 ,6 4 2 .4 1 0
4 7 8 ,5 2 8
1 ,3 6 1 ,4 7 7
1 1 9 ,3 9 7
1 5 7 ,4 7 4
1 0 0 ,7 5 8
1 4 4 ,1 9 1
12 m o s . .
4 3 7 ,6 3 4
4 1 5 ,3 1 7
2 5 9 ,3 7 7
2 3 0 ,1 2 7
1 ,1 3 1 ,2 5 2
1 ,0 2 5 ,6 0 2
9 0 4 ,8 6 2
8 2 3 .1 1 9
3 .3 3 8 ,8 6 7
3 ,0 8 7 ,7 3 4
H o u g h to n C o u n ty T ra c C o —
3 ,3 8 6
9 ,5 0 4
1 ,5 6 1
7 ,6 2 6
4 8 ,0 7 9
3 2 ,8 4 3
9 0 ,1 2 5
A p r i l ____
2 4 ,6 2 9
2 5 ,9 0 1
6 8 ,0 5 0
4 9 ,2 0 3
1 2 3 ,0 3 0
2 3 ,8 0 9
9 7 ,2 0 5
1 2 9 .3 2 0
1 1 1 ,5 9 0
2 5 9 ,8 1 5
2 3 2 ,5 3 2
12 m o s . .
3 1 0 ,2 8 2
3 4 0 .9 0 0
1 9 5 ,7 1 8
4 0 7 ,5 0 0
1 8 2 ,0 9 9
3 7 8 ,9 5 8
J a c k s o n v il le T r a c C o —
6 4 ,1 9 7
1 3 2 ,8 8 4
5 7 ,3 0 1
1 1 8 ,6 6 0
1 0 ,0 8 4
2 4 ,2 1 3
d e f l 1 ,0 9 6
3 ,1 2 2
7 4 ,3 3 0
A p r i l ____
8 5 ,3 5 3
5 1 ,6 2 5
5 0 ,7 5 5
1 0 7 ,4 4 6
1 0 5 ,9 8 8
6 8 ,1 1 0
d e f 4 ,0 3 1
2 3 6 ,8 9 0
1 7 3 ,9 9 5
7 4 9 ,6 3 5
1 2 m o s . . 1 ,0 0 3 ,1 0 3
4 3 ,1 7 6
8 8 ,5 1 6
4 3 ,9 7 9
8 9 ,9 7 8
6 2 2 ,9 4 9
3 0 0 ,8 3 3
2 9 5 ,2 3 0
6 1 8 .7 3 4
K e o k u k E le c t r ic C o —
2 ,6 4 8
4 ,9 5 6
2 ,5 3 0
8 8 2 ,2 2 1
7 7 6 ,9 6 7
4 ,7 8 6
3 ,5 0 0 ,7 2 5
3 .2 3 4 ,3 5 8
2 0 ,1 9 3
A p r i l ____
2 4 ,2 1 3
3 7 ,6 6 9
4 2 ,7 5 1
7 3 7 ,3 0 7
6 5 ,1 5 4
6 6 ,9 9 5
6 4 7 .8 2 1
2 ,1 5 1 .0 4 6
1 .8 7 2 .1 3 7
2 5 1 ,8 5 2
12 m o s . .
2 8 2 ,2 3 1
1 8 1 ,5 2 4
1 9 3 ,1 4 0
5 6 8 ,8 9 0
5 2 9 ,8 8 1
K e y W e s t E le c t r ic C o —
4 2 ,3 0 0
3 8 ,2 8 5
8 7 ,2 3 9
7 9 ,4 4 5
4 ,9 3 2
3 ,9 5 8
5 ,9 1 8
7 ,0 1 2
1 4 ,6 9 8
A p r i l ____
1 8 ,2 4 5
1 0 9 ,4 7 9
9 1 ,5 4 2
2 2 7 ,4 5 1
1 8 9 ,0 7 0
6 5 ,0 4 6
3 4 ,2 9 6
5 8 ,1 4 0
8 9 ,6 5 1
15 8 ,5 3 0
12 m o s ..
2 2 2 ,8 7 7
1 1 0 ,2 2 4
3 8 ,7 9 8
3 5 ,4 0 9
9 5 ,9 9 2

a I n c lu d e s M ilw a u k e e L ig h t . H e a t & T r a c t i o n C o . b I n c lu d e s a ll s o u r c e s .
f F a m i n e s e i v e n in m il r e is . g I n c l u d e s c o n s t i t u e n t o r s u b s i d i a r y c o m p a n i e s .
h S u b sid i ir v c o m p a n ie s o n ly , j L o w is to n A u g u s ta k W a t c r v illo S tr e e t R y .
e a r n in e s e x p e n s e s & c . , n o t in c lu d e d in 1 9 1 9 .
k I n c lu d e s T e n n e s s e e R y . ,
S
C o

F ort W o rth P ow er
Apr T9
& L ig h t C o
T 8
12 m o s T 9
T 8

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

of

7 ,9 9 4
13 3 ,5 6 0

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

d e fll
4 3 ,3 2 1

3 ,7 9 3
7 0 ,6 9 8

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

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

d e f6 ,0 8 0
d e f 3 ,4 1 8

6 ,7 9 6
6 5 ,9 6 8

16 ,5 9 0
3 1 2 ,2 1 1

2 7 ,6 5 2
3 8 6 ,9 7 9

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

2 2 ,3 6 0
3 2 3 ,4 5 0

3 7 ,4 3 5
4 5 9 ,4 1 6

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

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

3 2 ,2 5 3
3 7 3 ,3 3 5

General Gas & Electric Co.

Preliminary Statement of Gross Revenue for Month of May
Comparison.
1919.
R u ^ a /M R a ilw a y . L ig h t & P o w e r O o . . . . . . 4 3 * 0 1 4
N o r t h w e s t e r n O h io R a d w a y & P o w e r C o . . . 3 0 .1 0 0
S a n d u s k y G a s & E l e c t r i c C o ....................................... 4 2 , 0 0 4
B i n g h a m t o n ( N . Y . ) L i g h t , H t . k P o w . Co. 3 7 , 1 6 4
S a y r e ( P a . ) E l e c t r i c C o . ............................................1 0 . 2 9 0
N e w J e r s e y P o w e r & L i g h t C o ........................ ..
2 4 ,6 1 7
I n t e r u r b a n G a s C o ----------------------------------------------------7-tO

1919

1918.
•S
3 8 ,5 4 2
2 7 ,0 9 3
3 2 ,4 2 7
3 4 ,2 6 3
9 ,9 1 0
2 4 ,1 1 1
842

and 1 9 1 8 and
-Inc. or Dec.+
+
+
+

$
%
4 , 4 7 2 1 1 .6
3 ,0 0 7 1l . l
9 ,5 7 7 2 9 .5
2 ,9 0 1
8 .5
+380
3 .8
+506
2 .1
— 1 2 2 1 4 .5

+ 2 0 . 7 2 1 12.4
1 2 .4
Total............................................. 187,909 167,188
1 6 7 , 1 8 8 +20.721

THE CHRONICLE

3334
FINANCIAL REPORTS.

[V ol . 108
Reading Company.

Y ea r ended D e c . 31 1918.)
Pres. Agnew T. Dice, Phila., April 16, wrote in substance:
(R eport f o r F isca l

F in a n c ia l R e p o r t s .— A n index to annual reports of steam
railroads, street railway and miscellaneous companies which
h ave been published during the preceding m o n th will be given
o n the last Satu rday of each m o n th .
T h is index will n ot
include reports in the issue of the “ Chronicle” in which it is
published. T h e latest index will bo found in the issue of
M a y 3 1 . T h e next will appear in th a t of June 2 8 .
N e w Y o r k C e n tr a l R a ilr o a d .
(R ep o rt f o r F is ca l Y e a r en d in g D e c . 31 1 9 1 8 .)
O n subsequent pages there are published a t length the re
m arks of President W illia m K . V anderbilt J r ., the income
account based upon the Federal com pensation, and the
balance sheet as of D e c . 31 1918.
OPERATING STATISTICS I N 1918 AS REPORTED B Y U. S. RR. A D M .
1918.
1917.
1916.
Miles operated.................
5,682
5,685
5,697
Passengers carried.................
51,121,085
57,288,436
55,529,127
Passengers carried one mile. 2,520,526,836 2,546,427,088 2,353,190,469
Rovenue per pass, per mile. _
2.395 cts.
1.963 cts.
1.934 cts.
$2.94
S2.06
$1.86
Pass. rev. per train mile___
Tons carried (revenue)_____
117,495,612
110,237,661
106,407,668
Revenue tons car’d one mile.23,851,287,933 22,542,547,774 21,382,080,540
Revenue per ton per mile
0.737 cts.
0.603 cts.
0.598 cts.
Freight rev. per train mile..
$6.57
$5.09
$4.58
Operating rovenuo per mile.
$47,392
$38,039
$35,383
INCOME ACCOUNT FOR CAL. YEARS (In 1918 U. S. RR. Adm. Figures)
Revenues—
1918.
1917.
1916.
Freight.................................
$175,869,945 $135,979,337 $127,866,102
Passenger._________
60,370,139
49,987,343 45,521,329
4,099,304
4,668,311
5,737,536
M a il............................ ...................
Express....... ................
11,113,916
9,408,420
7,967,160
Miscellaneous.............................. ..
6,680,018
6,629,770
6,483,370
Incidental, &c.............................
11,137,634
9,594,336
8,009,551
Total operating revenues______ $269,270,957 $216,267,517 $201,585,048
Operating Expenses—
Maintenance or way & structures- $31,867,769 $20,704,306 $18,965,061
Maintenance of equipment........... 57,312,738
38,446,594 35,995,816
Traffic expenses............................
2,572,460
2,929,824
2,897,683
Transportation expenses................ 109,405,171
83,627,440 64,950,528
3,240,396
2,966,724
2,596,471
Miscellaneous operations________
General expenses............................
6,239,315
4,923,016
4,332,810
Total operating expenses............$210,637,849 $153,597,905 $129,738,369
Not operating revenues................... 58,633,108
62,669,612 71,846,679
Percentage of expenses to revenues
(78.23)
(71.02)
(64.36)
For income deductions see report on a following page.— V. 108, p. 1937.
M ic h ig a n C e n tr a l R a ilr o a d .
(73 d A n n u a l R ep ort— Y e a r en d in g D e c . 31 1 9 1 8 .)
T h e report containing the rem arks of President W illia m K .
V an d erbilt J r ., the incom e accoun t based on the U . S . G o v 
ernm ent com pensation, and balance sheet as of D e o. 31 1 9 1 8 ,
will be found on subsequent pages.
OPERATING STATISTICS.
Operations—
1918.
1917.
1916.
1915.
6,692,122
6,348,341
5,720,669
Passengers carried........... 5,957,036
Pass, carried one m ile...588,696,347 575,100,489 508,992,914 425,196,764
Rov. per pass, per mile.. 2.701 cts.
2.236 cts.
2.190 cts.
2.208 cts.
Revenue tons m oved... 29,653,126 27,240,892 24,947,892 20,103,493
Rev. tonscar’d l m ile ...5203158096 4669331209 4172557226 3146630782
Revenue per ton per milo 0.883 cts.
0.726 cts.
0.714 cts.
0.733 cts.
Tons rev. frt. per tr. mile
698
655
580
506
Oper. revenue per mile..
$36,804
$28,403
$24,933
$20,267
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
Operating Revenues—
1918.
1917.
1916.
1915.
Freight......... ....................$45,949,560 $33,898,247 $29,810,576 $23,050,122
Passenger...................... 15,901,585 12,859,299 11,146,342
9,386,421
Mail, express, &c______ 4,826,283
4,341,425
3,816,162
2,967,127
1,780,463
1,645,710
1,136,995
Incidental, Ac_________ 1,842,659
Total oper. revenue..$68,520,087 $52,879,434 $46,418,790 $36,540,665
Expenses—
Maintenance of way, &c. $7,705,080 $5,389,671 $5,166,401 $4,533,241
Maintenance of equipm’t 12,382,137
8,026,084
6.674,868
5,764,870
Traffic expenses.............
738,990
865,239
8)9,782
721,914
Transportation............ 28,214,019 22,211,260 16,406,747 13,395,872
General & miscellaneous 2,029,815
1,796,883
1,578,462
1,311,590
Total expenses............. $51,070,072 $38,289,136 $30,646,261 $25,727,487
Per cent of exp. to rov..
(74.53)
(72.41)
(63.02)
(70.41)
Net revenue.................... 17,450,015 14,590,298 15,772,529 10,813,178
The fixed charges, dividend payments, Ac., for 1918 aro shown in tho
compensation-income account on a following page.— V. 108, p. 2022.
C le v e la n d C in c in n a t i C h ic a g o & S t. L o u is R y .
(30th A n n u a l R ep ort— Y e a r en d in g D e c . 31 1 91 8 .)
T h e report, including the remarks of President W illia m Iv.
V an d erbilt J r ., the income account based on the Federal
com pensation, and the balance sheet as of D e c . 31 191 8 , will
all be found on subsequent pages.
OPERATING STATISTICS.
Operations—
1918.
1917.
1916.
1915.
Tons rev. freight carried 39,215,867 35,802,523 32,902,583 27,483,677
Tons carried one m ilo ...7010027424 6372050048 5848072312 4763382878
Rev. per ton per mile__ 0.712 cts.
0.566 cts.
0.556 cts.
0.557 cts.
Fr’t earns, per train mile
$5.55
$3.91
$3.64
$3.28
Tons rev. frt. per tr. mile
779
691
654
589
Passengers carried......... 9,479,864
9,693,611
9,153,536
8,136,219
Pass, carried one mile...633,482,893 588,927,073 499,539,762 425,467,914
Rev. per pass, permilo..
2.425cts.
2.039 cts.
2.007 cts. 2.001 cts.
Pass. rev. per train mile.
$2.50
$1.69
$1.43
$1.32
Oper. revenuo per mile..
$29,846
$22,058
$19,556
$16,086
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenue—
1918.
1917.
1916.
1915.
Freight.................
$49,934,633 $36,077,390 $32,536,544 $26,510,832
Passengers....................
15,359,128 12,009,346 10,026,742
8,514,689
Mail, express A miscell-. 4,238,642
3,594,677
3,339,408
2,774,900
Incidentals, &c............... 1,871,568
969,507
775,5*16
563.666
Total oper. revenues..$71,403,970 $52,650,920 $46,678,240 $38,364,087
Expenses—
Maint. of way & struc.. $7,298,040 $4,378,438 $4,547,917 $4,417,348
Maint. of equipment... 13,894,337
9,808,418
8,686,251
7,487,072
Traffic expenses.............
882,576
1,042,726
1,028,789
876,499
Transporta’n expenses.. 28,229,455 21,459,558 15,815,902 13,709,987
General & misc. expenses 1,590,881
1,370,280
1,143,117
1,037,461
Total expenses............. $51,895,289 $38,059,421 $31,221,976 $27,528,367
P .c. exp. to revenuo___
(72.68)
(72.29)
(66.89)
(71.76)
Net operating revenuo.. 19,508,682 14,591,499 15,456,264 10,835,720
For income deductions see report on a following page.— V. 108, p. 2122.




E q u ip m e n t.— W a r - t i m o c o n d i t i o n s s e r io u s ly h a m p e r e d t h e d e liv e r y o f t h e
b a la n c e o f t h e e q u ip m e n t c o v e r e d b y E q u ip m e n t T r u s t S e r ie s " G ,
d a ted
J a n . 1 1 9 1 7 (s e e o ffe r in g , V . 1 0 8 , p . 6 8 4 ) , b u t t h e fo llo w in g u n it s c o v e r e d
b y th e tr u s t w e r e d e liv e r e d t o R e a d in g C o m p a n y a n d tu r n e d o v e r t o th e
P h ila d e lp h ia & R e a d in g R a ilw a y C o . fo r o p e r a t io n b y t h e U . S . R R . A d m in 
is t r a t io n : 1 ,0 0 0 s t e e l u n d e r fr a m e b o x c a r s ; 1 ,0 0 0 s t e e l u n d e r fr a m o g o n d o la
c a r s ; 10 c o n s o lid a t io n t y p e lo c o m o t iv e s ; 9 M a lle t t y p e lo c o m o t iv e s ; 5 P a c ific
t y p e lo c o m o tiv e s ; 9 ste e l p a ss e n g e r c o a c h e s .
T h e b a la n c e o f $ 4 ,5 0 0 ,0 0 0 S e r ie s “ F ” c e r t if i c a t e s , d a t e d J a n . 1 1 9 1 6 , w e r e
Issu ed b y th e tr u s te o d u r in g 1 9 1 8 .
O f t h e $ 6 ,0 0 0 ,0 0 0 a u t h o r iz e d c e r t if i
c a t e s , $ 1 ,2 0 0 ,0 0 0 h a d b e e n c a n c e le d , le a v in g $ 4 ,8 0 0 ,0 0 0 o u t s t a n d i n g D e c . 3 1
1918.
T h o s e c e r t ific a t e s m a t u r o $ 3 0 0 ,0 0 0 e a c h J a n . a n d J u ly 1 t o a n d
in c lu d in g J u ly 1 1 9 2 6 (s e o o ffe r in g , V . 1 0 7 , p . 6 9 7 ).
F u n d ed D e b t.— T h o f u n d e d d e b t o f R e a d in g C o m p a n y w a s d e c r e a s e d
$ 7 0 5 ,4 9 3 in 1 9 1 8 , a s f o ll o w s : G e n . M t g e . b o n d s c a n c e le d t h r o u g h s in k in g
f u n d , $ 6 3 7 ,0 0 0 ; m o r t g a g e s a n d g r o u n d r e n t s o n r e a l e s t a t o p a id , $ 6 8 ,4 9 3 .
T h e g o n . m t g e . b o n d s o w n e d b y R e a d in g C o m p a n y o n D e c . 31 i9 1 8 w e re
r e d u c e d t o $ 3 ,3 6 7 ,0 0 0 t h r o u g h t h o s a le o f $ 6 3 7 ,0 0 0 t o t h o G e n e r a l M t g e .
S in k in g F u n d .
A t o t a l o f $ 1 0 6 ,0 8 2 ,0 0 0 g e n . m t g e . b o n d s w e r e is s u e d to
D e c . 3 1 1 9 1 8 , b u t $ 8 ,9 9 8 ,0 0 0 t h e r e o f h a v e b e e n p u r c h a s e d a n d c a n c e le d
th r o u g h t h o o p e r a t io n o f t h o s in k in g fu n d , le a v in g o u t s t a n d i n g $ 9 7 ,0 8 4 ,0 0 0 .
P r io r t o th o p a y m e n t o n J a n . 10 1 9 1 8 o f th e d iv id e n d o f 1 % u p o n th e 2 d
p r e f. s t o c k , R e a d in g C o m p a n y p a id t o t h e tr u s te e o f it s g e n e r a l m o r t g a g e
$ 5 3 4 ,6 1 6 f o r t h o s in k in g f u n d , w h ic h r e p r e s e n t e d 5 c e n t s p e r t o n o n a ll
a n t h r a c it e c o a l m in e d d u r in g th o c a le n d a r y e a r 1 9 1 7 f r o m la n d s o w n e d a n d
c o n t r o lle d b y t h e P h ila . A R e a d in g C o a l & I r o n C o . a n d p le d g e d u n d e r th e
gen eral m o rtg a g e .
T h is s u m o f $ 5 3 4 ,6 1 6 w a s p a id o u t o f s u r p lu s e a r n in g s
a n d w a s a p p lie d t o t h o p u r c h a s e o f th e a f o r e s a i d $ 6 3 7 ,0 0 0 g e n . m t g e . b o n d s .
E q u ity P r o c e e d in g s .— N o c h a n g o in t h e s t a t u s o f t h e e q u i t y p r o c e e d i n g s
b y t ile U . S . G o v e r n m e n t , r e fe r r e d t o in p r e v io u s r e p o r t s , t o o k p la c e d u r in g
th e y e a r 1 9 1 8 .
T h o U . S . S u p r e m e C o u r t c a lle d f o r a r e a r g u m e n t o f t h o
c a s o , b u t n o d a te h a d b e e n s e t th e r e fo r t o D e c . 3 1 .
F e d e r a l C o m p e n s a tio n .— A lt h o u g h t h o c o m p e n s a t i o n p a y a b l o b y t h e U . S .
R R . A d m i n i s t r a t i o n t o t h o c o m p a n y ’s s u b s i d i a r y , t h e P h i l a d e l p h i a & R e a d 
in g R y . C o . a n d 1 7 a ffilia t e d c o m p a n ie s , a g g r e g a t in g $ 1 7 ,1 5 0 ,b 5 9 , h a d b e e n
p r o p e r l y c e r t i f i e d b y t h e I n t o r - S t a t o C o m m e r c e C o m m i s s i o n , in a c c o r d a n c e
w it h t h o p r o v is io n s o f th e F e d e r a l C o n t r o l A c t , o n ly $ 6 ,0 9 0 ,0 0 0 t h e r e o f h a d
b e e n r e c e iv e d b y th e s e c o m p a n ie s a t D e c . 3 1 1 9 1 8 .
I n a d d itio n , th o R a il
r o a d A d m in is tr a tio n d ir e c t e d s u n d r y a d d itio n s a n d b e tte r m e n ts t o b o m a d o
a t th e c o m p a n ie s ’ e x p e n s e .
T h e s e a d d itio n s a n d b e tt e r m e n t s c a lle d fo r
e x p e n d it u r e s b y t h e c o m p a n ie s m u c h in e x c e s s o f a n y s im ila r e x p e n d it u r e s
p r e v io u s ly u n d e r ta k e n b y t h e m in a s im ila r p e r io d .
R E A D IN G

C O M P A N Y

IN C O M E

ACCO U N T.

------------ Y e a r s E n d i n g D e c e m b e r 3 1 ------------ J u n e 3 0 Y r .
R e ceip ts—
1918.
1917.
1916.
1 9 1 5 -1 6 .
I n t . a n d d i v . r e c e i p t s ____$ 1 3 , 2 0 1 , 1 3 3 $ 1 2 , 4 1 8 , 9 9 6 $ 1 1 , 9 2 8 , 2 2 8 $ 1 2 , 2 5 3 , 4 6 6
R e n t o f e q u i p m e n t _______
3 ,3 7 3 ,0 3 8
3 ,0 9 6 ,3 5 2
2 ,9 0 3 ,0 5 2
2 ,8 3 0 ,3 6 4
R e n t o f D e la w a r e R iv e r
w h arves & o th . p r o p ..
3 3 2 ,5 3 6
2 9 8 ,8 9 2
3 4 7 ,9 7 8
3 4 3 ,7 7 3
.$ 1 0 ,9 0 6 ,7 0 8
E x p en se s— C o n t in g e n t . ..
1 1 3 ,7 5 7

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

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

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

.$ 1 6 ,7 9 2 ,9 5 1 $ 1 5 ,6 9 6 ,1 6 8 $ 1 5 ,0 7 7 ,1 5 2 $ 1 5 ,3 3 4 ,8 8 4
In terest o n :
$ 3 ,7 5 9 ,9 3 0
F u n d e d d e b t ____
. $ 3 ,7 5 9 ,9 3 0
$ 3 ,7 5 9 ,9 3 0
$ 3 ,7 5 9 ,9 3 0
.
3 8 8 ,1 1 6
U n fu n d e d d e b t .
R e a d . C o . Jer. C en t.
9 2 0 ,0 0 0
9 2 0 ,0 0 0
9 2 0 ,0 0 0
9 2 0 ,0 0 0
c o l l a t e r a l b o n d s _____1
Z
W ilm . & N o r . s
5 1 ,8 0 0
5 1 ,8 0 0
5 1 ,8 0 0
t r u s t c t f s ________
.
5 1 ,8 0 0
8 7 ,4 8 3
.
7 8 ,1 1 8
7 9 ,1 9 5
8 1 ,9 4 6
R e a l esta to b o n d s
.
8 4 ,9 3 8
R e n t a l o f le a s e d ec
6 3 8 ,4 5 8
7 2 0 ,2 8 9
.
7 1 5 ,6 1 1
1 ,1 0 5 ,0 0 0
T a x e s .................................
. $ 5 ,9 9 8 ,5 1 3
.$ 1 0 ,7 9 4 ,4 3 8
P R O F IT

A N D

S u r p l u s f o r 1 2 m o n t h s ..............................
P r e v i o u s s u r p l u s _______________________
S u r p lu s f o r h a lf-y e a r t o D e c . 31 ’ 16

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

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

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

LOSS A C C O U N T .
Y ear 1918.
1 8 M o s . ’ 1 7 . Y e a r ’ 1 5 -’ 16.
$ 1 0 ,7 9 4 ,4 3 8
$ 9 ,7 8 0 ,2 4 2
$ 9 ,8 7 7 ,2 1 2
3 0 ,7 4 9 ,0 6 6
2 8 ,4 5 9 ,4 0 6
2 7 ,4 0 2 ,9 2 6
-----------------------5 ,5 2 1 ,6 0 6
------------------------

T o t a l ...................
$ 4 1 ,5 4 3 ,5 0 4
$ 4 3 ,7 6 1 ,2 5 5 S 3 7 ,2 8 0 ,1 3 8
1 s t p r e f e r r e d d i v i d e n d ........................ ( 4 % ) $ 1 , 1 2 0 , 0 0 0 ( 6 ) $ 1 . 6 8 0 , 0 0 0 ( 4 ) $ 1 , 1 2 0 , 0 0 0
2 d p r e f e r r e d d i v i d e n d . . ......................( 4 % ) 1 , 6 8 0 , 0 0 0 ( 6 ) 2 , 5 2 0 , 0 0 0 ( 4 ) 1 , 6 8 0 , 0 0 0
C o m m o n d i v i d e n d ............... .. .................( 8 % ) 5 , 6 0 0 , 0 0 0 ( 1 2 ) 8 , 4 0 0 , 0 0 0 ( 8 ) 5 , 6 0 0 , 0 0 0
G e n e r a l m o r t g a g o s i n k i n g f u n d ____
5 3 4 ,6 1 6
4 8 6 ,5 8 9
4 2 6 ,8 9 1
M i s c e l l a n e o u s a d j u s t m e n t s _________
4 9 ,8 5 2
0 .7 4 ,4 0 0
0 .6 ,1 5 9
P r o f i t a n d l o s s s u r p l u s ____________
B A LA N C E

A sse ts—
L o c o m .e n g .A c a r s
S e a tu g s , b a r g e s ,
A c ...................................
R e a l e s t a t e _____
L e a s e d e q u ip m ’ t
U n c o m p l ’ d e q u ip
M t g s . A g r ’ il r e n t
B d s .P .& R .R y .
d o o th e r c o s .
S t k s .P .A R .R y .
S to c k s o t P . & R .
Coal & Ir. C o .
O t h e r s t k s .( b o o k
v a l u e ) .......................
F u r t h e r I n v e s t .I n
P .A R .C .A I .C o
S u n d ry R R s - .& c
C a s h ..................................
N o t e s r e c e iv a b le
C e n tr a l T r .C o .o f
N . Y . , tr u s te e
A c c ru e d In c o m e .
C u r r e n t busin ess
P . A R . R y . cu r
r e n t as s e ts ___
U .S .R R .A d m i n .
A c c ’ ts re c e iv a b le

$ 3 2 ,5 5 9 ,0 3 5

SH EET

19 18 .
S
4 4 ,2 2 3 ,0 6 2

19 17.
S
4 4 ,6 9 0 ,4 9 8

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

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

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

8 ,0 0 0 ,0 0 0

8 ,0 0 0 ,0 0 0

5 3 ,3 9 4 ,4 3 8

5 3 ,3 9 5 ,7 0 4

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

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

4 0 8 ,0 8 5
4 5 3 ,2 2 3
4 ,8 0 5

7 0 3 ,2 4 9

T o t a l .......................... 3 1 9 ,6 0 4 ,2 2 3 3 1 0 ,5 3 1 ,0 9 3

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

DECEM BER

31.

19 18 .
L ia b ilitie s —

$

1 s t p r e f . s t o c k .. 2 8 ,0 0 0 ,0 0 0
2 d p r e f . s t o c k .. 4 2 ,0 0 0 ,0 0 0
C o m m o n s t o c k . 7 0 ,0 0 0 ,0 0 0
G e n . M . l o a n . .n 9 7 , 0 8 4 ,0 0 0
M t g s . A g r ’ d r e n ts
8 0 0 ,3 1 5
D e l .R l v . T e r .b d s
5 0 0 ,0 0 0
d o e xto n s , b ds
5 3 4 ,0 0 0
W l l m .A N o .R R .
s to c k t r u s t c tfs 1 ,2 9 5 ,0 0 0
R e a d in g C o .- J e r .
C c n t .c o l l .b d s - 2 3 ,0 0 0 ,0 0 0
R R . c q . c t f s .‘ ‘ F ”
4 ,8 0 0 ,0 0 0
M t g e . , n o w lo c o 
m o t iv e s , A c . .
1 ,2 0 0 ,0 0 0
C o n t i n g e n t a c c 't b l , 1 5 3 ,2 2 9
................... ...
C u r r e n t busin ess
A c e r , i n t ., ta xe s ,
1 ,3 9 1 ,2 8 9
A c . ( e s t .) ____
S k . f d . g o n . m tg o
0 95
A c c ’ t n e w e q u ip .
to be p u rc h ’ d .
U n a d J . b a l . fo r
n e w e q u i p , p u r 5 ,6 0 2 ,2 2 7
16 5 ,6 4 5
U n a d j u s t , c re d its
A c c ’ ts p a y a b l e .. 4 ,4 0 2 ,6 4 8
2 ,1 1 6 ,1 4 0
R e n t s ,A c ..m a t 'd
P r o f i t a n d l o s s .. 3 2 ,5 5 9 ,0 3 5

19 17.
S

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

1 ,4 2 4 ,0 0 4
4 3 ,2 5 5
3 ,2 6 1 ,5 2 8
13 3
5 ,1 3 4
8 ,5 2 9 ,1 0 4

3 0 ,7 4 9 ,0 6 6

T o t a l _________3 1 9 ,0 0 4 ,2 2 3 3 1 0 ,5 3 1 ,0 9 3

a A ft e r d e d u c t in g D e c . 31 1 9 1 8 $ 8 ,9 9 8 ,0 0 0 G e n e r a l M o r t g a g e b o n d s p u r 
c h a s e d a n d c a n c e le d f o r s in k in g f u n d ,
b C o n tin g e n t a c c o u n t fo r u n a d 
ju s t e d m a t t e r s in c o n n e c t io n w it h f o r e c lo s u r e s a le , A c .

Philadelphia & Reading Coal & Iron Co.
(Report f o r Fiscal Y ear ending D ec. 31 1 91 8 .)
President W . J . Richards, P hiladelphia, M a y 21 191 9 ,
wrote substantially as follow s:
T h o t o t a l p r o d u c t i o n o f a n t h r a c it o c o a l fr o m t h o la n d s o w n e d , le a s e d a n d *
c o n t r o ll e d b y t h o c o m p a n y w a s 1 2 ,7 1 9 ,9 8 3 t o n s , a s c o m p a r e d w it h 1 2 ,8 1 8 ,
7 0 6 to n s m in e d d u r in g 1 9 1 7 .
T h o c o m p a n y m in e d 1 1 ,6 7 2 ,0 6 1 t o n s , a n d
s o ld 1 1 ,3 7 1 .5 6 0 t o n s , a s c o m p a r e d w i t h 1 1 ,5 1 7 ,9 0 4 t o n s m in e d a n d 1 1 ,7 2 9 ,
6 7 2 to n s s o ld th e p r o v lo u s y e a r .
O n a c c o u n t o f t h o e p id e m ic o f in flu e n z a
d u r in g O c t o b e r a n ti N o v e m b e r , th o o u t p u t o f th o m in e s w a s g r e a t ly d e (T’ p.TsiM 1.
T h o fu n d e d d e b t h a s b e e n r o d u c e d b y t h o p a y m e n t o f $ 3 0 ,0 0 0 P . A R .
C o lla t e r a l S in k in g F u n d L o a n .
A s u p p le m e n ta l a g r e e m e n t , t o w h ic h th e U . S . F u o l A d m in is t r a t io n w a s
a p a r t i c i p a n t , w a s e n t e r e d i n t o o n N o v . 1 5 1 9 1 8 , c o v e r i n g a n in c r e a s o in t h o
w a g e s o f th o e m p lo y e e s o f th o a n t h r a c it e r o ig o n fr o m N o v . 1 1 9 1 8 , a n d t o
r e m a in in e f f e c t d u r i n g t h o p e r i o d o f t h o w a r o r u n t i l M a r . 3 1 1 9 2 0 , in c a s o
t h e w a r Is n o t t e r m i n a t e d b y t h a t d a t e .

000
000

June

THE CHRONICLE

7 1 9 1 9 .]

Tho company subscribed during the year to SI,420,000 Third Liberty
4}£% Loan and to $2,000,000 U. 8. 4 H % certificates o f indebtedness, the
latter afterwards exchanged in part payment of a subscription of S3.063.000
to the Fourth Liberty 4 'A% Loan.
INCOME ACCOUNT.
---------- Years ending Dec. 31------1918.
1917.
1916.

June 30 Yr.
1915-16.
Tonnage (anthracite)—
Mined_______________ 11,572,061 11,517,904 10,006,688
9,399,722
.Sold...............
11,371,560 11,729,672 11,135,266 10,152,082
On hand.......................
399,319
197,910
407,374
1,057,020
Earnings—
Anthracite c o a l . . . .........$54,218,911 S48,054,942 $40,673,463 S34.869.157
Bituminous coal............. 1,292,089
1,092,962 1,423,277
1,156,498
Coal rents and m iscell..
875,939
749,004
604,321
578,104
T o t a l........................... $56 386,939 $49,896,908 842,701,061 $36,603,759
Expenses—■
Fixed chgs., taxes & int.
S1480,000 S I,151,334
$207,308
$160,646
Mining coal and repairs. 37 ,798,862 27,851,557 22,384,973 20,839,430
Coal purchased (anth.).
18,099
Coal purchased (bitum.) 1 ,143~434
982,206
1,265,105
1,062,962
Royalty leased collieries
908,303
823,090
625,042
557,188
Transp’n of coal by rail. 7 ,035,980
5,935,060
5,848,808
5,799,566
do do by water__
400,328
882,701
978,201
1,067,853
Colliery, &c., imprts__ 1 455,912
1,505,507
867,665
709,345
Judgin’t paid Bellas est.
362,497
362,497
Coal sold from stock___
492,272
3,934,952
1,704,245
Work. comp, fund appr.
497,689
523,072
474.254
233,833
T a x es_________________
754,734
735,973
780,360
741,105
All other expenses, & c .. 2 246,396
2,123,418
1,789,300
2,066,541
Coal added to stock___ Cr.l 126,254
Depl. o f coal lands fund.
453,305
451,339
Contingent fund_______
178,089
1,002,745
718.806
Total expenses............ $51,746,777 S44.460.275 $40,237,271 S35,323,711
Net income.................... $4,160,162 $5,436,633 S2.463.790 S i,280,048
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
1917.
A oo/’/ .. <
Liabilities—
S
S
S
C oa l la n d s ..............45,467,513 4 0,619,959 C a p ita l s t o c k _____ 8 ,000,000 8,000,000
O th er p ro p ’ y , & c . 6,2 0 1 ,4 7 8 5,8 6 4 ,1 7 8 R ea d in g C o m p a n y 70 ,514,388 7 1,122,053
I m p r o v . & e q u ip .
P . & R . collateral
930 ,000
a t collieries.......... 13,657,800 12,959,224
sin k , fund lo a n .
960 ,000
S to ck s , b d s. & l'n s
P a y -rolls & v o u c h . 2 238 ,110 1,983,784
2,841
53,658
t o con trolled c o s . 9,9 1 9 ,5 1 0 9 ,889,024 D u o for coa l pu rch .
C a s h ............................ 1,422,561 8 ,0 3 8,846 D u e for r o y a lty on
2 9 0 ,710
192,507
coa l m in ed -------C o a l a c c o u n ts ____ 0 ,2 7 5,936 5,324,452
50,523 F reigh t & tolls du e
R e n t a c c o u n ts ____
44,268
20,526
foreign r o a d s ___
30,315
1,180,628
C o s . & ind ivid u als 2,7 0 4 ,9 8 3
346 ,263
1,171,158 C o s . A Individuals
585 ,915
C o a l on h a n d _____ 2,3 3 5 ,3 8 5
15,742
12,240
M a teria l & su p p l's 4 ,425,941 3,0 7 0 ,0 7 6 M is c e lla n e o u s ____
998 ,126
07,483 A ce r. in t. & ta x e s .
S t k s . ,b d s ,& m tg c s . 1,001,544
1,091,791
L ib . L oa n b o n d s ..a 6 ,8 1 9 ,712 3,035,171 C on tin g en t f u n d . . 1 ,749,674
1,721,551
W o r k . co m p , fund
926 ,188
D e p ic tio n o f coa l
662 ,154
468 ,797 0 . S . R R . A d m in .—
la n d fu n d _______ b 9 8 5 ,7 7 5
662,154
P ort R ead. R R .
W o r k . C o m p , fund
926,188
6,134
106,805
P . & R . R y . cu rr’ t
P . & R . R y ..........
72,987
107,408 P r o fit and lo ss____ 16 146,469 11,986,307
a cco u n t .....................................
M is c e lla n e o u s ____
69,564
T o t a l ....................102,258,159 9 8,509,081

T o t a l ...................102,258 ,15 9 9 8,509,081

a Includes $300 First Liberty Loan bonds converted, SI,834,300 Second
Liberty Loan bonds, $1,400,969 Third Liberty Loan bonds, $3,053,000
Fourth Liberty Loan bonds, and $531,142 Second, Third and Fourth
Liberty Loan bonds purchased for sale to employees, less collections on
account.
b Includes cash, $41,036, and securities, $914,739.
See Annual Report” o f Reading Co. abovo.— V. 1
] 07, p. 408.

S t. L o u is -S a n F r a n c is c o R a ilw a y C o.
( Report fo r Fiscal Year ending D ec. 31 1 9 1 8 .)
Chairm an H en ry Ruhlonder, M a y 3 , wrote in brief:
Contract with Federal Government.— Negotiations with the Railroad Ad
ministration for a contract covering tho compensation to be paid to the
company have not been consummated and tlio directors are using their
best efforts to obtain a reasonable adjustment.
1 he Inter-State Commerce Commission has tentatively-certified that tho
averago annual radway operating income [standard return] for the three
yearn ending June 30 1917 was as follows:
St. Louis-San Francisco Ry. Co. (incl. 1C. C. F. S. & M . Ry.
Co-, K. C. & M . R y & Bridge Co., IC. C. M . & B. RR. Co.,
Birmingham Belt RIt. Co., S. & O. F. R R . and West Tulsa
Belt Ry. Co.) ....
........................................................ ...$13,690,213
Fort Worth & Rio Grande Railway C o......................................
1,301
r oo
n i. I, . , _
513,691,514
Less Deficits: Paris & Great Northern R R . Co., $39,385: St.
& rFexa£ o ^ y - Go" 3327,035; Brownwood
North & South Ry. Co., $8,522; total
374,943
Net total appearing in pro-forma income account.......................$13,316,571
Quanali Acme & Pacific Railway Co
98 939
Kansas City Clinton & Springfield Railway C o’ .........................
7’890

2 is2 5

Average Expenditure forJRepairs of Cars and Locomotives [Company Data in
u, 1917 for Comparison.— Ed.]
SLBass. Car. Freight Car..Service Car. Locomotive. 3
1918............................... $1,667 48
$191*11 * $160 36 u $7,837 40
892 53 vT fel02.94 ' fe. 91 82
4,448138
1917--------- ---------------PRO-FORMA STATEMENT OF INCOME ACCOUNT ON BASIS OF
TENTATIVE STANDARD RETURN, CALENDAR YEAR 1918.
T e n ta tiv e "sta n d a rd retu rn '
D e d u c tio n s (C o n tin u e d )—
(see t e x t ) ..................................... $13,316 ,57 1
M is c . In com e ch a rg es_____
S16.037
O th er In co m e —
Sinking & o th er res. fu n d s .
55,991
R e n ta ls ________________________
7 4 ,9 0 4
D e f. F risco R e fr lg 'r L i n e . .
123 ,879
In te r e s t________
143,339
M iscella n eou s______________
113,599
B a la n ce fo r in terest, & c . $ 1 3 ,O i l , 017
T o t a l ............................
$13 ,6 4 8 ,4 1 4 In terest on fixed ch a rg es___ $18 ,4 4 8 ,8 7 7
D e d u ctio n s—
I n t . on cu m . ad ju stm en t b d s . 2,3 2 5 ,0 3 3
E x p . o f c o r p . o r g a n iz a tio n .
$114,74 4 In terest on in co m e b o n d s ___
2 ,1 1 1 ,5 2 0
T a x e s ................................
107,059
R e n ta ls ............................
21 9 ,6 8 8
S u r p lu s ........................................
S125.587

COMMODITY STATISTICS FOR CALENDAR YEARS ( Tons Carried).
Agriculture. Animal.
Mines.
Forests.
Manufac.
Miscell.
1918 ...3,432,919 693,672 9,917,043 2,939,103 4,636,152 1,379,217
1917 ...2,979,610 705,838 9,784,471 3,460,983 4,622,468 1,457,792
1916 ...3,317,120 701,546 8.660,087 3.067,467 4,137,041 1,386,763
TRAFFIC, &C., STATISTICS FOR CALENDAR YEARS.
1918.
1917.
1916.
Number passengers carried-----13,322,806
14,564,107
14,078,498
do carried ono milo________ 783,014,137 719,118,333 595,473,034
Revenue per passenger per mile
2.68 cts.
2.24 cts.
2.20 cts.
Revenue tons carried_________
22,998,106
23,011,162
21,270,024
do carried ono mile_______ 4,155.542,672 3,963,259,492 3,697.396,315
1.13 cts.
0.99 cts.
0.99 cts.
Revenue per ton per mile_____
Revenue per milo of road______
$14,031
$11,140
$10,106
PRO-FORMA STATEMENT OF CONSOLIDATED INCOME ACCOUNT.
[The 1918 figure in this statement, for continuity of record, combine the
income account o f tho Federal management with that of the company,
eliminating the “ standard return.” ]
— Six Months ended------------------Calendar Years------------June30’ 18. Dec.31’ 18.
1918.
1917.
1916.
Avge. miles, oper.
5,166
5,166
5,166
5,207
5,256
S
S
S
S
S MB!
Freight earnings. 19,865,255 27,296,563 47,161,818 39,421,538 36,555,444
Passenger--------- 9,551,207 11,425,306 20,976,513 16,139,384 13,113,727
M ail......... ...........
439,213
437,792
877,005
976,777 1,012,157
Express................

M iscellaneous...
Other................

822,766

346,025
436,740

1,075,874

407,118
371,456

1,898,639

753,143
808.196

1,680,830

777,034
681,094

1,258,716

758,653
421,302

..T o t a l -—- ------31,461,205 41,014,108 72,475,313 59,676,657 53.119,999
Ma nt.way&struc 4,923,884 5,714,276 10,638,161 6,853,602 7,403,385
Maint. of equlp't 7,109,260 9,243,501 16,352,762 9,887,332 9,703,458
Traffic expenses.
353,314
2.54,840
608,154
832,723
862,644
Transport n exp.13,276,472 14,895,379 28,171,852 20,567,230 16,721,227
General expenses. 999,301 1,140,094 2,139.395 1,698,547 1,417,646
Investment......... 0.3 5,01 9 0.6 7,99 5 0.103,013 0.228,615 0.461,581
Total oper. exp26,627,213 31,180,097 57,807,310 39,610,818 35,646,779
Net oper. rev. 4,833,993
Taxes__________ 1,534,579
Uncollectibles__
8,697

9,834,011 14,668,004 20,065,839 17,473,220
1,277,491
15,389

2,812,070
24,086

2,757.344
15,694

2,175,532
17,562

Oper. incom e.. 3,290,717 8,541,131 11,831,848 17,292,801 15,280,127
Hire of equip’t.deb.564,555 deb.59,204dob.623,759deb.997,522deb.455,469
Other in com e...
274,771
393.327
668,098
411,855
957,206
Gross income. . 3,000,933 8,875,25-1 11,876,188 16,707,134 15,781,864
Deduct— Rentals. 482,625
476,284
958.909
915.019
941,177
Sinking, &c., fds.
27,743
28,248
55,991
55,795
5-1,601
Sep. oper. prop—
loss________
56,154
67,724
123,879
75,166
148,458
Total deduc’ns
from income.
Bal. for int., &c.
Interest on—
Fixed charges.
Cum. adj. bds.
Income bonds.

566,522
2,434,411

572,256 1,138,778 1.045,981 1,144,236
8,302,998 10,737,409 15,661,153 14,637,628

4,198,609
1,162,183
1,055,760

4,250,268
1,162,851
1,055,760

8,448,877
2,325,033
2,111,520

8,377,690
2,324,156
2.111,520

8,505,652
2,322,013
2,111,520

Bal. o f income. *3,982,140 1,834,119 *2,148,021 2,847,788 1,698,443
* Deficit.
The transactions of the Quarvah Acme & Pacific Ry. Co., which company
is operated separately, are not included in tho above.
The above statement, included herein for continuity o f record, combines
the income account of the Federal management with that of the company,
eliminating the “ standard return."
CONDENSED BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
1917.
Liabilities—
S
$
Assets—
$
S
5 0 ,4 47,026
R o a d A c q u l p 't .3 3 9 ,210,389 3 3 5 ,965 ,54 9 C o m m o n s t o c k . . 5 0 ,4 4 7 ,0 2 6
S in k in g fu n d s . .
a 3 ,6 3 0 P referred s t o c k . 7 ,5 0 0 ,0 0 0
4,6 8 9
7 ,5 0 0 ,0 0 0
D e p o s . in lieu of
E q u ip , t r .o b l i g 's 2 ,2 1 5 ,0 0 0
3,0 4 1 ,0 0 0
447 ,744
285,472 M t g e . b o n d s . . 1)180,438,929 169 ,800 ,14 0
m tg . p r o p . sold .
7 8 2 ,813 C o ll, tru st b on d s
M ls c .p h y s .p r o p .
787 ,962
A c e r t ific a t e s .. 7 ,3 6 0 ,5 0 0
I n v . in a ffil. co s .:
7 ,4 5 8 ,6 0 0
319 ,089
2 3 5 ,756 In c o m e b o n d s . . 7 9 ,7 0 7 ,4 7 3 7 9 ,6 8 6 ,6 9 8
S to ck s p led g ed .
1 ,548,000
1 ,540,000 M is c . fu n d , d e b t
B o n d s p ledged .
S05.6S4
6 6 4 ,558
158,811
107,135 L oa n s an d b ills
N o t e s _________
1 ,300,000
4 8 ,623
A d v a n c e s ______
p a y 'le ( s e c 'd ) .
2 50 ,000
3 8 2 ,335
1,017,141
119,915 T r a ffic ,A c .,b a ls .
O th er in v estm 'ts
6 ,846
C a s h . . .................
4 ,055,821
5 .121,152
3 ,4 6 1 ,9 6 8 A c c ’ ts A w a g e s .
2 3 9 ,802
S pecial d e p o s its . 4,088,301
713,661
4,1 4 4 ,9 5 3 M iscella n eou s . .
15,066
3 6 ,798
L oa n s A bills rec.
4 ,7 7 5,121
2 8 ,6 4 5 iln t ., A c . , m atu r. 6 ,0 2 4 ,7 5 0
37,729
T r a ffic ,A c .,b a ls .
2 ,9 7 9 ,8 0 9
8 3 0 ,9 2 4 jln t ., A c . , n ccr’ d . 2 ,9 5 6 ,2 2 4
A g en ts & c o n d u c
1,125,112 T a x lia b ility ____
1,314,930
101,369
7 1 9 ,285
M iscella n eou s . .
2 ,7 0 2,392 A ccru ed d e p r e c . 1 5,325,070 15,540,267
M a teria l & s u p p .
1,594,752
5,8 5 5 ,5 2 3 U n a d j. c r e d it s ..
2 ,4 5 0 ,0 1 5
” 26470
D eferred a ssets.
65,234 A d d 'n s t o p r o p .
P rep a id ren ts A
t h r o .in c .A s u r p .
22 6 ,3 8 5
142,315
9 ,203
93,451 F u n d .d eb t r etir'd
insu ran ce _____
179,453
O th .un adJ.debits
1,372,292 t h r o .in c .A s u r p .
5 25 ,000
529 ,000
D u o fro m D ir e c .S in k , fu n d r e s 'v e
7 0 2 ,939
6 52 ,630
G e n . o f R R s ._ 6,0 0 1 .3 4 3
178,592
D e f. lia b ilit ie s ..
138,346
3 ,3 1 9,608
P r o fit an d l o s s . .
1 ,569,088

Grand total.......................... ......................................................... $13,423,400
There is submitted herewith a pro-forma statement showing what tho
company s Income account would bo, made up on tho basis of this amount,
merely to give tho security holders a picture of what the results would be
on the basis o f such amount as compensation, and of our fixed and con
tingent charges.
Bonded Debt. On Jan. 1 1918 tho company had in its treasury $6,440,000
Prior Lien mtge. 5 /o bonds, Series B, o f which $1,950,000 were pledged to
[jbeuro loans aggregating $1,300,000. These loans wero paid on Marcli 1
1918, and on the same date tho company borrowed at 6% interest per annum
bonds' Series B ?3 '500'000' securcd by $6,380,000 prior lien mortgage 5%
On Feb. 131 1948 the Issuei o f $2,890,000 additional prior lien mtgo. 5%
bonds 'was^authorized for tho following purposes: To refund equipment
notes, $826,000, to reimburse expenditures: For other lines o f railroad,
terminals and terminal facilities, $213,000;-and for improvements, better
ments and additions other than now mileago $1 851 000.
■Pn
t,l° com2arW created a series'of prior lien bonds bearing
interest at 6% per annum, designated Series CLdue July 1 1928, to bo issued
in exchange for or in lieu.of $ 9 .330,000 Series IS 5 % bonds previously auth.
At maturity (Sept. 1 1918) tho $3,500,000 loans abovo referred to were
T o t a l ................. 358,013 ,12 3 3 5 8 ,7 6 9 ,3 8 8 T o t a l .................. 3 5 8 ,0 1 3 ,1 2 3 358 ,7 6 9 ,3 8 8
renewed for a further period, with interest at 6% tier annum, repayment
being secured by tho pledge of $4,376,000 prior lion mtge. 6% bonds,
a Total book assets, $697,689, less $693,000 issues of the railway at par;
V
n
<i a^
n ^3*® thc company borrowed from tho balance as above, $4,689- b After deducting in 1918 $833,036 mortgage
Director-General of Railroads, on demand, sums aggregating $1,710,000, bonds held by or for the railway.
depositing as security therefor $1,682,000 prior lien mtgo. 6% bonds
Note.— The transactions of tho Quanah Acme & Pacific R y., which com
,?.f. th0! noV's !!clnK unsecured. On Dec. 4 1918 tho issue of pany is operated separately, arc not included in the above.— V. 108, p. 1823.
$1,268,000 additional prior lien mtgo. 6% bonds. Scries C, was authorized
n’ ’ urso expenditurcs ibr Improvements, betterments, &c., $1,268,000,
C h ic a g o & E a s t e r n I llin o is R R .
making a tot<il of $ 10,598,000 of said bonds authorized.
(30th A nnual Report— Year ended D ec. 31 1 9 1 8 .)
o
r.9 Vf ^ ° „ C" r !P? ny so. <l t,lcso S 10,598,000 prior lien mtgo. 6%
bonds. Series C, at 93 and int. and out o f tho proceeds paid its entire floatReceiver T hom as D . H e ed , M a y 2 6 , wrote in substance:
ami'‘ loss’account fv ? lo 7 .' p. 2477)
° f 7% Was chargcd dlrcct to profit
Federal Contract Not Yet Signed.— By reason o f tho large expenditures
^P^n<inrnnnnCiT a W18 the company subscribed through its de- for tho reconstruction and improvement of the railroad during the test
nositories for $250,000 IT. S. Fourth Liberty Loan 4 H % bonds, payment period, its standard return, as certified by the I.-S. C. Commission, was
being arranged on 90-day notes, bearing same rate of interest as the bonds only $2,916,001, an amount substantially less than the fixed charges against
renewable for liko periods, not, however, exceeding ono year.
the property and, in the opinion of tho receiver, wholly inadequate as a
Maintenance, Sec. , statistics for 1918 furnished by Fodcral Manager,show: measure of just compensation. As no contract lias yet been entered into
- a i n p - J P C P u e d for maintenance o f way and structures during tho with the Director-General, his power to advance compensation was, by
S10.638,160, or an average o f $2,059 per mile. The renowals'included Federal Control Act, limited to the payment of 90% of the standard return
1.301,485 cross ties o f which 719,694 were crcosoted; 30.430 tons of new or $2,651,401 p. a., and tho amount of compensation actually advancodt
w,as ,aJ‘i i l nia,i,n track?i and ballast was applied on 182.78 miles the receiver during tho year 1918 was $719,000.
of main track. 57.97 miles o f side track were added, and various other
After many months of investigation, the Compensation Committee,ap
improvements wero made.
pointed by the Director-General to hear and act upon applications’




2326

THE CHRONICLE

compensation in excess o f the standard return, filed a report, rccommonding
the payment to tho receiver, as compensation, of an annual amount of
$4,408,030, being tho amount o f tho railway operating income of your
property for tho calendar year 1917. Such report was supported by a writ
ten opinion by tho Hon. Charles A. Prouty, Director of tho Division of
Accounting of tho U. S. R R . Administration, and by Mr. Halo Holden,
tho Regional Director of tho Central Western Region, in which your prop
erty is located, to each o f whom tho receiver’s application was referred by
tho Director-General’s staff for investigation and report. On reviewing tho
Compensation Committee’s report, tho Director-General’s staff, in confer
ence (the Director-General not being present), declined to approvo tho
award of the Compansation Committeo, and reduced such award to $3,360,
160, that being tho average annual railway operating incomo for the three
fiscal years ended June 30 1913, 1916 and 1917.
Under the terms of tho
Federal Control Act, the incomo for tho year 1913 could not have been
substituted for that o f tho test period year 1915 without a finding that tho
standard return for the test period was ‘ ‘plainly inequitable as a fair meas
ure of just compensation."
At tho dato of publication of this report, tho case is awaiting the decision
o f the Director-General on the appeal o f the receiver from the award of the
Staff Conference.
Until July 1 1918 all expenses and obligations o f tho receiver were corrently paid out o f tho Federal revenues and were charged to the receiver on
tho Federal books. After July 1 tho receiver was able to meet all of his
current obligations out o f tho advanced compensation and miscellaneous
Income, so that no default has occurred on any o f tho receiver’s obligations,
and on Dec. 31 1918 there remained in his hands a cash balance of $258,267.
Additions and Betterments.— Tho Director-General provided tho funds to
pay for additions and betterments to tho proporty during tho year, including
seven Santa Fo typo locomotives ordered by tho receiver prior to Federal
control, and 15 Mikado locomotives ordered and allotted to this railroad
by tho Director-General. Five additional Santa Fo typo locomotives,
500 doublo-sheathed box cars and 500 drop-bottom gondola cars were also
allotted to your railroad by tho Director-General, but the receiver has
filed protests against tho allotment of this additional equipment, and, in
lieu of accepting samo, has offered to pay tho cost of repairing 1,000 badorder freight cars now on hand. The allocation o f this additional equip
ment is still under negotiation and undetermined.
Earnings.— The increases in freight and passenger rates during Federal
control, effective for tho most part in Juno 1918; tho numerous increases in
wage schedules, practically all of which were made retroactive to Jan. 1
1918; tho increased cost of materials and supplies and tho larger forces of
employees engaged in all branches of the service, have made it extremely
difficult, oven for ono in constant touch with operations, to make fair and
trustworthy comparisons of incomo and oxponsos as betwcon Federal and
pre-Federal operations.
Statement for 1918 Illustrating What the Results of the Year of Federal Control
Would Have Been Had Rates, Wages, Costs, &c.. Remained as in 1917.
Total
Less Increase Earnings,
Federal Cross Earnings and
Earnings,
in Rales
Based on
Expenses Year 1918—
Year 1918. (Estimated). 1917 Rates.
F roight...........................
$20,811,732 $3,046,720 $17,765,012
657,499
3,373,172
Passenger.................................
4,030,671
______
542,246
M a i l .....................
542,246
693,528
Express__________
693,528
672,215
Other.......................
674,915
2,700
Total earnings (in 1917 $21,018,985).$26,753,092 $3,706,919 $23,046,173
-----Increased Expenses Due to---- Oper. Exps.
Operating (1) Inc. in (2) Cost of Wages & aft. Deduct'g
Expenses.
Wages.
Material. Materials. Increases.
Maint. way and
$888,553 $2,670,487
$69,587
structures__ $3,559,040
$818,966
6,235,972
Maint. of equip. 8,745,842 1,859,129
650,741 2,509,870
244,370
25,197
25,197
Traffic________
269,567
8,537,266
601,769 2,263,938
Transportation. 10,801,204 1,662,169
121,510
12,422
12,422
Miscoll. operas.
133,932
545,567
General.............
628,665
83,098
83,098
Transporta, for
Cr.52,690
investment _ . Cr.52,690

[Vol . 108.

INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenue—
1918.
1917.
1916.
F reig h t................
..$20,811,732 $15,883,738 $12,536,725
Passonger................................................. 4,030,671
3,446,858 3,007,803
Mail, express, &c.................................... 1,607,720
1,401,654 1,121,043
Other than transportation___________
302,969
286,734
219,126
Total operating rovenuo___________ $26,753,092 $21,018,985 $16,884,697
Maintenance of way and structures.. $3,559,040 $2,102,545 $2,310,448
Maintenance of equipment__________ 8,745,842
5,299,255 4,071,920
269,567
331,608
313,260
Traffic expenses_____________________
Transportation...................................... 10,801,204 8,053,615 5,926,770
81,242
57,781
60,854
Miscellaneous operations, &c_________
General expenses____________________
676,482
498,503
460,772
Total operating expenses...............$24,133,377 $16,343,307 $13,144,025
Netearnings...........................
$2,619,715 $4,675,678 $3,740,672
Taxes, &c_________
1,009,525
888,827
761,071
Operating income_________________ $1,610,190
Hire o f equipment (credit)__________
$450,581
Joint facility rent income___________
377,627
Other
income.
~"
'
189,735

$3,786,851
$1,080,831
420,903
289,339

$2,979,601
$939,694
308,379
198,514

Total income_____________________ $2,628,133
In terest___________________________
$967,831
Rents.................................
1,012,425
M iscellaneous_____________________
5,004

$5,577,925
$1,020,360
825,179
37,500

$4,426,188

Total charges_____________________ $1,985,261
Balanco____________________________
$642,873
Accrued interest not paid___________
3,310,077

$1,883,040
$3,694,885
2,356,793

$1,871,899
$2,554,289
2,384,795

Balance, surplus______________def.x$2,667,204

$1,338,092

$169,494

$ 1 ,0 4 5 ,6 0 2

803,329
22,967

x Consists of refunding and improvement mortgago 4s, $639,840; gen
eral consolidated and first mortgago 5s, $1.067,150; Chicago & Indiana Coal
Ily. first mortgago 5s, $231,3d0; Evansvillo & 'I’crro Haute Railroad Co.
refunding mortgago 5s, $56,707; Evansvillo & Terre Haute Railroad Co.
first consolidated mortgage 5s, $157,250; Evansvillo & Terre Haute R R . Co.
M t. Vernon Branch mortgago 6s, $22,500; Evansvillo & Terro Ilauto R R .
Co. Sullivan County Coal Branch mortgago 5s, $22,500: and miscellaneous
bonds, including interest on receiver’s certificates, $1,112,830.
CONDENSED GENERAL BALANCE SHEET DEC. 31.
1918.
1917.
$
8
I n v . in r’d A cq u lp .8 3 ,6 9 8 ,5 2 7 8 1 ,7 56,217
Im p ts. on leased r y .
p r o p e r t y ________
50,917
66,951
Sinking fu n d s ____
4.S50
4 ,850
D e p o sits in lieu of
7,792
7,792
m tg e d . p rop .sold
M is c . p h y s. p r o p . . 5,552,741 5,552,751
In v e s t, in a ffll.c o s .:
138,657
S t o c k s .......... .........
138,657
518,000
B o n d s ....................
634 ,000
858,699
779 ,007
A d v a n c e s _______
O th er in vestm en ts:
187,722
S to c k s ....................
187,722
B o n d s ___________ 3 ,058,162 3 ,058,462
965
M is c e lla n e o u s . .
965
258,267 3 ,5 2 1,798
C a s h ..........................
Special d ep o s its ___
3 5 1 ,676
369,519
L oa ns and b ills re c .
3 7 0 ,146
T r a ffic , A c . , b als.
72.5S7
653,833
re ce iv a b le ............
D u e from agents &
519,846
c o n d u c t o r s ______
1,249,573
3 5 4 ,678
M is c . a c c ’ ts r c c ’ le .
3 ,243,692
M a teria l A s u p p l’ s
99,471
140,812
I n t . A d lv s . re c’l o .
18,383
18,383
O th . current assets
14,791
6,616
W ork in g fund a d v .
T ru st assets_______ 2,1 9 5 ,7 0 2 2,1 9 5 ,7 0 2
A p p r o p . for a d d ’ ns
61,762
t o c oa l p r o p e r t y .
61,762
U . S. G o v ’ t— D e 
ferred assets____ 5 ,7 7 0 ,8 6 7
204,332
O th er d e l’ d a sse ts.
.............
33,215
P rep a id a c c o u n t s .
12,166
1,904,309
D ls c ’ t on fu n d . d ’ t . 1,904,309
U . S . G o v t .— U n
ad ju sted d e b it s . 7,3 3 7 ,4 0 2
O th er u n a d j. d e b lts l 1,967,772 9 ,071,522

Assets—

1917.
1918.
Liabilities—
$
$
C om m on s t o c k ___ 7, ,204,400 7,2 0 4 ,4 0 0
Preferred s t o c k ___ 11, ,063,500 1 1,063,500
S tock lia b ility for
14,552
14,552
c o n v e r s io n _____
G ra n ts In aid of
4,656
4 ,6 5 6
c o n s tru ctio n ____
F u n d , d e b t u n m a .O l, ,110,150 62,6 7 9 ,1 5 0
R e ce iv e rs’ c t fs ____ 6, 000,000 6,000,000
L oans & b ills p a y . 4,,951,593 4,9 5 1 ,5 9 3
T r a ffic & car serv .
5 9 9 ,610
8 8 ,333
b als. p a y a b le ___
1,686,601
63,104
A c c ’ ts A w ages p a y
2 6 3 .850
6 4 ,344
M is c . a c c ’ ts p a y ’ lo
3 4 9 .850
3 5 1 ,353
I n t. m a t’ d u n p a id .
3,739
3,7 3 9
D lv s . m a t’ d u n p ’ d
F u n d ed d e b t m a t’ d
236
6 ,236
u n p a i d _________
U n m a t’ d In t., A c .,
166,120
3 3 2 ,243
a c c r u e d _________
I n t. a ccr’ d , n o t p ’ d
b y ord er o f C o u r t l l ,859,249 8,5 4 9 ,1 7 2
U . S . G o v t . — D e f’ d
lia b il i t i e s _______8 ,763,820
233 ,131
85,749
O th er d e f’d Habit’s
882 ,443
115,153
T a x lia b ility _______
9 0 ,704
90,704
l ’ rcm . on fu n d , d ’ t
7 2 ,335
7 2 ,027
In s. & ca su a lty res.
U . S . G o v t .— U n 
7 4 9 ,000
a d ju s t. c r e d it s ..
A ccru e d d ep recia 
tio n , e q u ip m e n t. 2 ,793,825 2 ,1 9 0 ,5 4 5
906 ,739
197,489
O th . u n a d j. cred its
2 6 7 ,9 2 0
2 9 8 ,598
A p p rop ria ted su rp .
P roiit A loss b a l . . 8 538 ,317 6 ,9 7 9,811

T o ta l...........$24,085,560 $4,460,981 $1,322,097 $5,783,078 $18,302,482
The net revenue from operations for 1918 after deducting increases in
rates and increases due to increases in wages and cost of material would
thus bo $4,743,691, against $4,675,078 in 1917.
Traffic.— Tho volume of tho traffic carried during tho year 1918 was sub
stantially the same as during the year 1917. There was an increaso of
1.88% in tons of rovenuo freight carried ono milo in 1918, and a decrease of
12.01% in passengers carried ono mile.
Maintenance.— Although tho cost o f maintenance was much higher dur
ing the year 1918, the maintenance actually accomplished was very much
less than in 1917. Notwithstanding tho loss amount of maintonanco
actually accomplished, the track and equipment were in better condition
for efficient operation in 1918 than in 1917, by reason of tho substantial
completion at tho close of 1917 of tho five-year reconstruction program of
tho receivers. This is shown by a comparison of tho train miles run each
T o t a l ..................124 ,955 ,81 9 115326,780
T o t a l ................. 124 ,955 ,81 9 115326,780
year to handle substantially tho samo amount of traffic:
-V . 108, p. 2240.
1918.
1917.
Froight train miles____________________3,920,290 4,314,420
Net tons per fr’t train milo (rev. fr’t ) . .
796
710
O h io C it ie s G a s C o m p a n y .
Passengers and mixed train miles_____ 2,661,935 3,058,665
Number of passongers per train milo___
69
61
(5th A nnual Report— Year ended M a r. 31 1 9 1 9 .)
Industries.— During tho year 12 now Industries were located, at an esti
T h e report of Prosidont B . G . D a w es, w ith consolidated
mated cost of $1,214,500, employing 181 men with yearly inbound and out
bound tonnage o f approximately 700 cars.
balance sheet and income and surplus account and a list of
Additions and Betterments Completed During 1918.— The double-track
reinforced concrete arch viaduct across tho Okaw River, which was nearly tho holdings in subsidiary com panies, will bo found in full on
completed during tho year 1917, was finally placed in operation Mar. 24 a subsequent page of this issue.
1918. Its total cost was approximately $300,000, of which about 60% was
accounted for prior to Federal control. The strengthening of the steel CONSOLIDATED INCOME STATEMENT— YEARS ENDING MAR. 31.
viaduct across tho Kaskaskia River at Shelbyvillo was also completed, at
1918-19.
1917-18.
a cost of $64,034. The work done on these viaducts made possible tho use
o f Santa Fo typo and Mikado locomotives on tho Illinois and St. Louis divi Gross earnings__________________________________ $47,422,890 $39,929,134
Costs
and
operating
expenses_____________________
33,025,858
a25,141,258
sions and was largely responsible for tho increased train haul during the
year.
Net operating earnings________________________ $14,397,033 $14,787,876
Tho towing steamer W . J. Jackson was purchased and put in service at
Deduct—
Joppa, at a cost of $58,512 33.
Taxes (Including Federal taxes)________________ 2,151,177 a l,772,640
The following new equipment was constructed, for account of renewals:
Interest on serial notes________________________
190,625
259,375
21 box car cabooses wero rebuilt as standard cabooses, at a cost of $43,644;
Int. on bonds of subsidiary companies__________
161,479
167,275
149 drop-bottom box cars wero rebuilt as largo capacity standard box cars,
Amortized discount on serial notes_____________
51,200
51,200
at a cost of $236,968; 10 box cars wero rebuilt at a cost of $17,599; work
Depreciation__________________________________
2,305,984
2,208,896
service equipment, $24,548; total cost, $322,759.
RECEIVER'S INCOME ACCOUNT FOR YEAR 1918 IF FEDERAL COM
Total deductions.__________
$4,860,465 $4,459,385
PENSATION IS FIXE D A T $2,946,001 INSTEAD OF $4,408,030.
Net surplus Incomo___________________________$9,536,568 $10,328,491
Standard return certified by Inter-Stato Commerco Commission
Preferred dividends (5K % ) - - ____________________
474,332
473,865
(seo remarks abovo)________________________________________ $2,946,001 Common dividends (20% In 1918-19; 19M in ’ 17-’18)7,348,388
5,960,612
Maintenance of investment organization (operating expenses)_____________ 47,817
Dividends paid by Pure Oil C o__________________
______
468,395
Railway tax accruals_________________________________________
65,122
Balance, surplus________________________________ $1,713,848 $3,425,618'
Total operating income____________________________________ $2,833,061
Non-operating income: Incomo from lease o f road, $8,231; mis
a Tho ordinary taxes In year 1917-18 wero included with operating
coll. non-oper. physical property, $19,930; dividend incomo,
expenses, but in 1918-19 are added to Federal taxes.
$78,400; income from funded securities, $42,857; incomo from
CONSOLIDATED BALANCE SHEET MAR. 31.
unfunded securities and accounts, $18,310; miscellaneous in
como, $306.......................................................... ....................... ..
168,033
1919.
1918.
1918.
1919.
Gross incomo______________________________________________ $3,001,094
Deductions from gross income: Int. on funded debt, $565,276;
int. on unfunded debt, $402,547; misc. incomo charges, $5,204.
973,027
Items prior to Jan. 1 1918 (net)______________________________
463,417
Balanco of incomo carried to profit and loss_______________ .81,564,650
Credit p. & 1. balance Dec. 31 1918, after sundry adjustments. .$8,538,317
GENERAL STATISTICS FOR CALENDAR YEARS.
1916.
**
1918.
1917.
1,161
Miles operated_____________________
1,131
1,131
Operations—
4,933,900
Number o f passengers carried_______ 5,377,698 5,612,190
Passengers carried ouo mile_________ 182,880,721 186,633,830 161,867,000
1.86 cts.
Rato per passenger per milo______. . .
2.20 cts.
1.85 cts.
Revenue froight (tons) carried_______ 18,909,753 18,747,002 15,793,042
Rev. freight (tons) carried 1 mile___ 3120617 703 3062989000 2346826 000
0.53 cts.
Rato per ton per mile_______________
0.67 cts.
0.52 cts.




Assets —
$
P rop ., plant A eq. 9 9 ,2 4 3 ,8 1 5
67,443
O th er Investm ’ ts
8,5 5 9 ,0 4 9
C a s h . ....................
226,041
U .S .G o v t . secur.
A cco u n ts r e c e lv . 4 ,3 1 6 ,2 6 4
1,143,375
N o te s ,A c..re cclv .
3,1 9 0 ,2 6 9
Stks. o f fin 'd o i l .
1,839,990
Stk s. o f cru d e oil
M a t 'l A supplies.
1,882,402
381 ,093
D eferred charges

S
96,0 4 8 ,1 5 8
738,019
3,4 2 1 ,6 4 0
871,708
4 ,219,418
290,597
3 ,143,500
1,641,423
1,376,728
395,282

M T o t a l ............... 120,850,341 112,140,473

— V. 108. p . 2246. 2027.

Liabilities —
8
C o m m o n s t o c k . 4 5 ,9 37,500
9 ,0 0 2 ,1 0 0
P referred s t o c k .
Bonds—
C olu m .G n s C o. 1,3 3 2 ,0 0 0
1 ,441,000
D a y t. G a s C o .
400 ,000
S p rin g ! .G .C o .
Serial T r . n o t e s . 2 ,5 0 0 ,0 0 0
A cco u n ts p a y ’ bio 1,626,511
2 ,015,741
A ccru ed t a x e s . .
71,616
A ccru ed Interest.
2 6 9 ,867
C on su m ers’ d e p .
N o te s p a y a b le ..
8 ,8 7 4 ,6 4 0
P rem . A d i s c 't . .
S u rp lu s.................. 4 7 ,3 7 9 ,3 6 6

S
36,7 5 0 ,0 0 0
9,0 0 2 ,1 0 0
1,371,000
1 ,441,000
4 0 0 ,000
3 ,7 5 0 ,0 0 0
1,767,073
2,4 0 2 ,3 5 6
88,411
24 0 ,9 5 5
11,917
8,6 9 0 ,1 2 2
4 0 ,1 6 5 ,5 3 9

T o t a l ............... 120,850 ,34 1 112,146 ,47 3

June 7 1919.1

THE CHRONICLE

I n t e r n a t i o n a l M e r c a n t ile M a r in e C o .
( Report f o r Fiscal Y ear ending D ec. 31 1 9 1 8 .)
T h e report, dated June 2 , says in substance:
Comparative Net Results, including Subsidiaries 100% Owned, Also Leyland Line.— The net results o f operating all the companies 1918, as shown
below, was $11,493,075, a decrease compared with 1917, o f $678,467
The operations of the company and its subsidiary companies including
Frederick Loyland Sc Co., Ltd. (American Line, Red Star Lino White
Star Lino, Atlantic Transport Line, Dominion Lino and Loyland Lino),
during tho year 1918, were as follows [1917 insorted by Kdltorf:
Gross earnings (after providing for British excess
profits duty), also miscellaneous earnings and
Insurance fund surplus for the year and propor
tion o f profits payable to vendor of steamship..$38,042,093 $60,027,267
Gross operating and general expenses, including
U. S. income tax and excess profits tax, and
British incomo tax, also interest on debenture
bonds o f subsidiary companies___________ _____ 20,507,389 41,188,379
Net earnings.
— - - — ......... - - - - - - - - - - - -$17,534,704 $18,838,888
Interost on bonds of Int. Mercantile Marine C o__ 2,336,308
2,362,840
Depreciation on steamers........................................ .. 3,705,322
4,304,506
Not result................................................................ $11,493,075 $12,171,542
Tho foregoing statement represents earnings o f steamers, directly oper
ated by tho company, together with earnings o f tho subsidiary companies
(largely British), o f which tho entiro issues o f capital stock are owned by
tho International Mercantile Marino Co., except Frederick Loyland &
Co., Ltd., o f which company about 42% o f tho preferred shares and 98%
of tho common shares aro owned by tho International Mercantile Marino Co.
Income of Company Proper.— Tho International Mercantile Marine Co.
can secure tho earnings of tho British companies (which constitute a largo
majority o f tho totals shown above) only through tho receipt o f dividends.
Of tho earnings shown in tho foregoing statement, tho amount actually
recoived by the International Mercantl
__
_ Co.
_
dercantilo Marino
is represented by:
(1) Earnings of steamers directly operated by it and
(2) Dividends from subsidiary companies
out o f earnings) of
preceding year [1917 inserted by' Editor] as follows^
For the year 1918 the total net incomo of tho Inter'
national Mercantile Marine Co. from thoso
sources was...................... ............................. ......... $10,268,378 $15,923,521
Deduct— I. M . M . Co. bond interest_____________ 2,336,308 2,362,841
660,405
660,405
Depreciation on steamships directly owned___
B alan ce................................................................... $7,271,665 $12,900,275
Combined Income Account.— Tho combined income account for tho year
1918 (see below) shows a surplus o f $12,940,537, after meeting all fixed
charges and operating expenses, in which latter are included all charges for
repairs, maintenance and overhauls, as compared with a surplus o f $15,
475,986 for tho year 1917, a decroaso of $2,535,448.
Cash and Cash Assets.— The consolidated balance sheet o f Dec. 31 1918
shows (1) for your company and tho constituent companies which it entirely
owns: and (2) for Loyland Co.:
(1) I.M .M .C os. (2) Ley land Total Dec. 31.
Marketable stocks and bonds.............$30,856,144 $39,641,418 $70,497,562
C a sh ...................... ........................ ..
18,443,555 10,939,395 29,382.950
$49,299,699 $50,580,813 $99,880,512
Deduct— Amount payable for taxes and oxcoss profits duty
accrued to Dec. 31 1918................ ................. ................... ......... $15,684,632
Proceeds of British steamers lost or sold, In replacement of
which other vessels must ultimately bo secured, in order to
adequately maintain your services at their pre-war standard
(approximately).................................................... ....................... $48,190,000
Balance, including working capital.......................................... 336,005.880
As already pointed out, earnings of tho subsidiary companies can reach
the Treasury of tho International Mercantile Marino Co onlv through
tho payment of dividends.
b
Sinking Fund.— The sum o f $400,000 was paid into tho sinking fund for the
First Mortgage & Coll. Trust bonds on Oct. 1 1918 and $406,000 6s
were purchased and canceled, leaving $502 cash in tho sinking fund and
bonds in tho hands of tho public $38,655,000.
8
The debenture bonds of constituent companies held bv tho nubile
amounted on Dec. 31 1918 to $9,662,170 as compared with $10 230 299
on Doc. 31 1917.
Pref. Dividends, 57% of Accumulations Unpaid May 16 1919.— Since
Jan. 1 1917, dividends havo been paid on this company's preferred stock
as follows: (1) April 14 1917, 3% semi-annual dividend and thereffter;
each Aug. 1 and 1'eb. 1, 3% semi-annually to and including Fob 1 1919(2) Also account o f unpaid back dividends, Dec. 31 1917 io % - M av i
1918, 5% : M ay 15 1919, 10%. This leaves a balance o f 57% unpaid
back dividends on May 16 1919 [viz., $29,483,535 on $51,725,500 pref
outstanding.— Ed.J
Insurance Fund.—Tho Insurance Department shows net profits for tho
year of $355,919.
Holland-America Line Shares.— In addition to the shares o f the IlollandAmerica Lino held by tho Oceanic Steam Navigation Co Ltd on Dec 31
1918, tho Atlantic Transport Co. o f West Virginia has since acquired
through rights accruing to the Oceanic Steam Navigation C o L t d ? 1,040
shares of new stock in tho Holland-America Lino.
ulu
War Loans.— Tho company has subscribed liberally to tho war loans of
tho United States, Great Britain and Canada: tho majority o f those seen
ritics remains in tho treasury o f tho company.
J
y or tnose sccu
Submarine Losses. Losses by enemy submarines mado further serious
inroads into tho company s tonnage during tho year. Since the outbreak
of tho war the total loss o f tonnage from enemy action has been 43 steamers
of 409,967 tons gross register. .These vosscls wero, o f course all covered
by war risk insurance.
’
Release of Steamers from Requisition.—‘Tho American steamers of your
fleet continued under requisition to tho U. S. Government during tho entiro
year of 1918, and the British and Belgian steam erfeontinu^ ^
lion to thoir respective Governments.
1
Tho British Government began releasing from requisition on Fob g
1919 all of tho British flag steamers not actually required for war purposes,
which hasjresultod in most of the British flag steamers being freed from
requisition but continuing under certain licenses as to trades and special
requirements and regulations for tho carriage, at very moderato fixed rates
of a proportion of British Government traffic.
'
This release from requisition is very satisfactory, as it permits of a
majority of your British steamers being returned to their regular services
Your American flag steamers have not been released from requisition
as they aro still roquired for the transport of troops from Franco
’
Reconditioning o f Steamers.— I lie work of reconditioning tho steamers is
proceeding as promptly as the repatriation o f troops to all parts of tho world
will allow, but a considerable amount o f work must remain in abeyance
until this supreme service is, completed. Everything practicable is being
dono toward tho earliest possible restoration o f normal service
Antwerp Service.— Tho lied Star Lino servico under American manage
ment has been re-established, and a number o f steamers aro now operating
between New York and Antwerp Tho other services o f tho Bed Star
Lino will bo resumed in the near future.
Sale of British Property.— Negotiations with a British syndicate, regarding
tho nurchaso of tho steamships belonging to tho British Companies in
wh ch your company Is interested, culminated in Nov. 1918 in an offer
which, under tho then oxisting circumstances and conditions, was acceptable
to your board.
v
On Nov. 26 our Government informed us that approval o f this salo could
not bo given, and that they were prepared to take over the ownership of
thoso vessels upon tho terms or tho British offer. On April 2 1919 however
wo wero advised that they could not consider further tho acquisition of the
British tonnage, and that wo were freo to deal with tho properties as wo
Tlioconditions'iu shipping have materially altered since tho negotiations
with tho British Syndicate: tho armistice has in tho meantimo been signed
and thoro havo been changes in tho United States tax laws, and also In tho
sterling oxchango situation.
I^VVhllo tho situation was being carofully coasldorcd by your board tho
British Syndlcato mado a definite offer to tho British companies for their
steamers and other assets, which thoy rogarded favorably. Your directors




2327

oti M ay 20 1919 approved the acceptance of this offer by tho International
Navigation Co., as tho owner of the shares of the other British companies,
and voted to call a special stockholders’ meeting for Juno 16 next, when that
question will be submitted [see V. 108, p. 2245, and news item in this issue.]
Development.— Purchase of Eleven British Steamers.— As the shipping
policy of Great Britain has been fairly well defined, your subsidiary com
panies havo purchased during tho past few months eleven new British flag
steamers of a gross tonnage of about 75,000: and havo under construction
and ordered 16 steamers of approximately 215,000 gross tonnage.
To what extent it will be desirable for tho company to purchase and oper
ate American flag steamers will depend upon the policy to be adopted by
the United States for tho salo of its tonnage and tho conditions surrounding
such sale, as, should American flag tonnage be handicapped by conditions
that do not apply to other nations, tho successful operation of American
flag steamers in foreign trades, in competition with steamers of other nations,
will be impossible.
Outlook.—-The outlook for 1919 is very satisfactory and encouraging;
and the reduction recently announced in British excess profits tax from
80 to 40% will materially benefit your British companies.
War Activities.— Between Aug. 1 1914 and Nov. 11 1918, the duration of
tho war, 2,549 steamers were loaded by the International Mercantile Marine
Co., carrying a total of 14,988,294 tons of food, munitions, &c., to Allied
countries from the United States and Canada, in addition to large cargoes
carried by your steamers to Allied countries from ports other than those of
the United States and Canada.
More than one-quarter of the entire American Expeditionary Force was
transported to Europe in vessels owned or operated by the International
Mercantile Marine Co., 521,913 Americans in all having been carried
eastward on 295 voyages between April 1917 and Nov. 1918.
Tho first American shot in tho hostilities was fired from the company’s
steam^T “ Mongolia” when attacked by a submarine in mid-ocean on April
During the four years o f hostilities a total of 186,697 Canadian tropps and
Cl^neso laborer's for service with the force were carried abroad on 139 sailings.
*
Star Lino SS. Olympic, tho largest British steamer, was
requisitioned by the British Government as a transport in Sept. 1915. and
between that time and Dec. 31 1916 made four voyages to Mudros filled
with troops, in addition to crossing from Canada to England, with 55,596
military passengers. During her participation in the war, including the
transportation of American troops, up to Nov. 11 1918. the Olympic ear
ned 201,010 persons without one life being lost.
In the darkness of an early morning in May 1918, when the Olympic,
laden with American troops, was nearing the English Channel, a sub
marine was detected on the surfaco. Fire at once opened and the mighty
ship was swung around and crashed at full speed into the enemy. An
escorting destroyer rescued 30 of the submarine s crew of sixty. Through
out tho war the Olympic steamed 184,000 miles, consuming 347,000 tons
of coal, without tho slightest delay of any kind or accident to her machinery,
a record which is probably unique in the history of shipping.
0 lL'l$Tr£,N
„9,IN? CAVITAL STOCK, ETC., OF SUB. COS. JUNE 1 1919 AND PER
CENTAGES THEREOF OWNED BY THE COMPANY OR ITS SUBSIDIARIES.
(1) Int. Merc. M. Co. Owns- Ord. Stock. Share Lien Clfs. Pref. Stock.
Ownership.
Bclglan-Amer. Nav. Co.-_fr.13,845,000
.
100%
Atl. Transp. Co. (W. Va.). . . S3,000,000
..........
100%
Internat.Nav.Co.,Ltd.(Gt.B.) £700,000 £25,000.666
IIIIIIII
100%
(2) Int. Nav. Co., Ltd. Owns—
Fred. Leyland & Co., L td ... £1,200,000
............. £1,414,350 (41 M% pref.,
198.7% ord.
Oceanic Steam Nav. Co..Ltd. 3,750,000
..................................
100%
Brit. & Nor. Atl. Steam Nav.
456,920
..................................
100%
Atl. Trans. Co., Ltd.(Gt.B.)_ 1,000,000
..................................
100%
(3) Ocean. St. Nav. Co., Ltd.—
Geo. Thompson & (Ordinary.
50,000
150,000 /20% ord’y,
Co., Ltd.,
(
18 % preier’d
(Great Britain) [Managem’t
50,000
■............
40%
Shaw, Savlli & Alb. Co., Ltd.
195,375
195,375 /44.2% ord..
2% pref.
(4) O.S.N.Co. & Al.T.Co. of W. Va.—
Hoi .-Am. L. (Holland) gullders2 0 ,0 0 0 ,000
........... .
....
10%
(5) Atlantic Trans. Co. (W. Va.)—
N.Y. Shipbldg. Corp.(no par) 200.0008hs..........................................
16.5%
COMBINED EARNINGS OF THE COM PANY A N D SUBSIDIARIES.
Calendar Years—
1918.
1917.
1916.
1915.
Gross earns., after pro
viding for British ex
, cess profits duty_____$30,151,369 $41,604,208 $60,602,010 $51,056,579
Miscellaneous earnings. 4,516,985
9,541,546
9,514,104
4,307,588
Total earnings_______ S34,668,354 $51,145,754 S70,116,114 $55,364,167
Oper., general expenses,
taxes and mlsc. I n t ... 18,938,054 32,871,452 40,471,441 34.217,230
Not earnings............... $15,730,300 $18,274,302 $29,644,673 $21,146,937
Fixed charges_________ 2,789,763
2,798.317
3,698,023
3,805,910
Profit before deprec'n.S12,940,537 $15,475,985 $25,946,650 $17,341,027
Previous surplus............. 26,611,836 24,686,172 -------8,997 -------Total............................ $39,552,373 $40,162,157
Deduct— Depreciation . . 3,301,511
3,722,477
Misceli. adjustments.....................
Pref. divs. (text)............. 5,689,805
9,827.845
do P ercen t.............- x ( l l % )
y(19%)

$47,863,703
23,134,501
43,030
...........

Sur. a so f bal. sheet.-.-$30,561,057 S26,611,836
$24,686,172
The foregoing includes the earnings from operations, viz.: American, Red
Star. White Star, Atlantic Transport and Dominion Lines, together with
dividends received from the Leyland Co. and other partly owned companies.
x Includes 5% paid May 3 and 3% each paid Aug. 1 1918 and Feb. 1
1919. y Includes 10% paid Dec. 31 1917 and 3% each paid Apr. 14 1917,
Aug. 1 1917 and Feb. 1 1918.
’
CONSOL. BALANCE SHEET DEC 31 (Including Constituent Companies).
[American, Red Star, White Star, Atlantic Transport and Dominion Lines.]
1918.
1917.
1916.
Assets—
$
$
$
♦Cost of properties...............................142,032,588 143,220,617 142,528.872
Investments In—
Frederick Loyland & Co., Ltd____ 11,965,177 11,965,177 11,965,177
Other investments.............
3,550.511
3,506,369 3,732,618
Cash (on hand, & c.)............................. 18,443,556 14,056,248 5,607,025
Accounts, &c., receivab le............. .. 31,511,955 30,195,194 18,379,489
Agency balances..................................
730,573
295,836
434.331
Marketable stocks and bonds----------- 30,856,144 25,129,937 17,907,363
Inventories________________________
1,349,537
1,068,879 1,025,991
Deferred charges.............................
2,818,131
1,192,141 2,707,537
T o ta l..................................................243 258,172 230,630,399 204,288.403
Liabilities—
Preferred stock.a___________________ 51 ,725,500 51,725,500 51,725,500
Common stock, b ----------------------------- 49 ,872,000 49.872.000 49.872.000
Capital stock of British &. North At
lantic Steam Nav. Co., Ltd--------243
243
1st M . & Collat. Trust 6% bonds----- c38 ,655,000 39.061.000 39.497.000
Debenture bonds of constituent com
panies held by public------------------- 9 ,662,170 10,230,299 10,879,714
Loans on mortgage_________________
339,500
351,329
365,156
Loans, bills payable, &c____________
229,034
3,653
2.045.635
Accounts payable___________________ 36 ,767.165 34,381,621 13,152,696
Agency balances___________________
475,706
711.647
203,036
Interost accrued____________________
825,266
783,924
619,313
Reserve for liabilities_______________ 3 ,360,759
2,547,741
2,109,809
Miscellaneous reserves....................... 15 ,469,328 11,275,980
5,285,423
Deferred credits____________________ 2 ,882,713
996,814
3,846,706
Insurance fund_____________________
880.966
525,047
Preferred stock dividend__________
1 551,765
1,551,765
Surplus_____________________________ 30 .561,058 26,611,836 24,686,172
Total...................................................243,258,172 230,630,399 204,288,403
♦ Combined undertakings and theCr properties at cost to the I. M .M . Co.
in bonds, stocks and cash. $182,138,771 add net additions in 1918 $22,525
and deduct reserve for depreciation $40,128,708; balance Dec. 31 1918.

THE CHRONICLE

2328

8 1 4 2 ,0 3 2 ,5 8 8 .
a A f t e r d e d u c t i n g 8 8 , 2 7 4 , 5 0 0 in t r e a s u r y ; a c c u m u l a t e d
d iv id e n d s u n p a id , 6 7 % .
b A f t e r d e d u c t i n g 8 1 0 , 1 2 8 , 0 0 0 in t r e a s u r y ,
c O r i g i n a l l y 8 4 0 , 0 0 0 , 0 0 0 , le s s in t r e a s u r y $ 5 0 0 ,0 0 0 a n d r e t ir e d b y s in k in g
f u n d , 8 8 4 5 ,0 0 0 ; b a la n c e , $ 3 8 ,6 5 5 ,0 0 0 .
.
T h e c o m p a n y ’s f l e e t a s o f D e c . 3 1 1 9 1 8 in c lu d e d 9 3 s h ip s ( f o u r o f w h ic h
w e r e t e n d e r s ) , a g g r e g a t i n g 8 9 6 , 5 2 4 t o n s a n d t h e r e w e r o a ls o s t e a m e r s u n d e r
c o n s tr u c tio n a n d o rd ered a g g r e g a tin g 2 1 5 ,0 0 0 t o n s .
IS T h e 9 3 s h i p s a g g r e g a t i n g 8 9 6 , 5 2 4 g r o s s r e g is t e r e d t o n s in c l u d e d :

FLEET, DEC

31

1918

(Showing Gross Registered Tonnage o f Each Vessel).

[ I n c l u d e s c o m p a n i e s a ll o f w h o s o s t o c k is o w n e d , a ls o F r e d . L e y l a n d & C o .]
( 1 ) 8 2 V esse ls 7 6 5 , 9 9 9

Tons Under British Flag [Incl. in Proposed Sale.— Ed.]

A d r ia t ic , 2 4 ,5 4 1 ; A lb a n ia n , 3 ,0 1 3 ; A le x a n d r ia n , 4 ,4 6 7 ; A n t illia n , 5 ,6 2 4 ;
♦ A r a w a , 9 ,3 7 2 ; A s ia n , 5 ,6 1 4 ; * A t h e n ic , 1 2 ,3 4 5 ; B a lt ic , 2 3 ,8 7 6 ; B e lg ic ,
2 4 ,5 4 7 ; B o h e m ia n , 8 ,5 5 5 ; B o v ic , 6 ,5 8 3 ; C a le d o n ia n , 4 ,9 9 8 ; C a n a d a , 9 ,4 1 5 ;
C a n o p ic , 1 2 ,0 9 7 ; C e d r ic , 2 1 ,0 3 9 ; C e lt ic , 2 0 ,9 0 4 ; C e r a m ic , 1 8 ,4 8 1 ; * C o r in t liic ,
1 2 ,3 4 3 ; C o r n is h m a n , 5 ,7 4 9 ; C r e tic , 1 3 ,5 1 8 ; C u fic , 8 ,2 4 9 ; D o m in io n , 7 ,0 3 7 ;
H a v e r f o r d , 1 1 , 6 3 5 ; H u r o n i a n , 8 , 7 6 6 ; I n d i a n . 9 , 1 2 1 ; * I o n i c , 1 2 , 3 3 2 ; I r is h 
m a n , 9 ,5 3 0 ; * K a r a m e a , 5 ,6 2 4 ; * K u m a r a , 6 ,0 3 4 .
L a n c a s tr ia n , 5 ,1 3 4 ; L a p la n d ,
1 8 ,5 6 5 ; M a c k in a w , 3 ,2 0 4 ;
*M a h a n a ,
1 1 , 7 9 6 ; * M a h i a , 1 0 ,8 3 5 ; M a h o p a c (e x M i n n e s o t a ) , 3 , 2 1 6 ; * M a m a r i , 7 , 0 6 2 ;
M a n h a t ta n , 8 ,0 0 4 ; M a n ito u , 6 ,8 4 9 ; M a r y la n d , 4 ,7 3 1 ; M e d ia n , 6 ,3 0 6 ;
M e d i c , 1 2 ,0 3 2 ; M e g a n t ic , 1 4 ,8 7 8 ; M e lt o n ia n , 6 ,3 0 6 ; M e n o m in e e , 6 ,9 1 9 ;
M e r c ia n , 6 ,3 0 5 ; M ic h ig a n , 8 ,0 0 1 ; M in n e k a h d a , 1 7 ,2 2 1 ; M is s o u r i, 4 ,6 9 7 ;
M is s is s ip p i, 4 ,7 1 7 .
N a p ie r ia n , 6 ,4 1 0 : N e s s ia n , 6 ,2 7 6 ; N e v is ia n , 6 ,3 6 9 ; N in ia n , 6 ,3 8 5 ; N i t o n i a n , 6 , 3 8 1 ; N o r t h l a n d (e x Z e e l a n d ) , 1 1 , 9 0 5 ; N o r t o n i a n , 6 , 3 6 7 ; N o v i a n ,
6 ,3 6 8 ; N u b i a n , 6 ,3 8 4 ; O ly m p ic , 4 6 ,3 5 9 ; O r a n ia n , 3 ,9 4 2 ; O x o n ia n , 6 ,3 8 3 ;
* P a k e h a , 7 ,9 1 1 ; P e r s ic , 1 2 ,0 4 2 ; * R a r a n g a , 7 ,9 5 6 ; R e g in a , 1 6 ,3 1 3 ; Iiim o u s k i,
9 ,2 8 0 ; R u n ic , 1 2 ,4 8 9 ; S c y t h ia n , 4 ,8 6 5 ; S u e v ic . 1 2 ,5 3 1 ; u S m o le n s k , 2 ,4 8 7 ;
* T a in u i, 9 ,9 5 7 ; T r o p ic , 8 ,2 3 0 ; T u r c o m a n , 5 ,8 2 8 ; V e d ic , 9 ,3 3 2 ; * W a i m a n a ,
7 ,8 5 2 ; W e ls h m a n , 5 ,7 3 0 ; W in ifr e d ia n , 1 0 ,4 2 8 ; * Z e a la n d ic , 8 ,0 9 0 ; 4 te n d e r s,
2 ,9 6 2 .
( 2 ) 1 1 Vessels Under American and Belgian Flag (not Included in Sale),
Total 1 3 0 , 5 2 5 Tons.
(a) American Flag .— N e w Y o r k , 1 0 , 0 8 0 ; S t . L o u i s , 1 0 , 2 3 0 ; S t . P a u l ,
1 0 ,2 3 0 ; M a n c h ir ia , 1 3 ,6 3 9 ; M in n e s o ta , 2 0 ,6 0 2 : M o n g o lia , 1 3 ,6 3 9 ; F in la n d ,
1 2 ,2 2 3 ; K r o o n la n d , 1 2 ,2 4 1 ; P h ila d e lp h ia , 1 0 ,2 3 3 .
(b) Belgian Flag.— G o t h l a n d , 7 , 6 6 0 ; a n d S a m l a n d , 9 , 7 4 8 . ( S e v e r a l o f
t h e B e lg i a n v e s s e ls w e r e t r a n s fe r r e d t o A m e r i c a n r e g i s t r y e a r l y in t h e w o r ld
w a r .)
* J o i n t l y o w n e d w it h T h e S h a w , S a v i l l & A l b i o n C o . , L t d .
o n e - h a l f i n t e r e s t .— V . 1 0 8 , p . 2 2 4 5 , 2 1 2 8 .

a

O w n e r s h ip ,

A m e r ic a n W o o l e n C o ., B o s t o n .

(20th A n n u a l Report— Year ended D ec. 31 1918.)
The comparative tables of income account and balance
sheet were given last week, page 2238.
President Wm. W. Wood says in substance:
Record Business .— T h e v o l u m o o f b u s in e s s d u r i n g 1 9 1 8 w a s g r e a t l y in
e x c e s s o f 1 9 1 7 , t h o p r o d u c t i o n h a v i n g r e a c h e d , e a r l y in M a r c h , t h e h ig h e s t
p o i n t in o u r h i s t o r y , a n d , g e n e r a l l y s p e a k i n g , t h o s a m e r a t e w a s c o n t i n u e d
u n t i l t h e c e s s a t io n o f h o s t i l i t i e s in N o v e m b e r . D u r i n g t h is p e r io d a ll m a 
c h i n e r y .a d a p t a b le t h e r e t o w a s d e v o t e d t o t h o s e r v i c e o f t h e U . S . G o v t .

All machinery not so used was placed at the disposal of the civilian trade,
but the difficulty in securing wools, occasioned by tho Governmental con
trol for military purposes, rendered it extremely difficult if not impossible
to meet civilian demands.

Government Contracts, A c .— D u r i n g t h o y e a r 1 9 1 8 , t h o a m o u n t o f G o v 
e r n m e n t c o n t r a c t s a lo n e p l a c e d w it h y o u r c o m p a n y a m o u n t e d t o $ 1 0 2 , 
4 0 0 ,0 2 9 .
W i t h t h o s ig n in g o f t h o a r m i s t i c o , c a m o t h o a b r u p t c a n c e ll a t i o n s
o f su c h o f th e so c o n tr a c ts a s re m a in e d u n c o m p le t e d .
A lth o u g h th e a d 
j u s t m e n t s o f c a n c e le d c o n t r a c t s w e r o f a i r l y a n d i m p a r t i a l l y p r o v i d e d f o r ,
y e t t h o s u d d e n c e s s a t io n o f t h o h u g e m i l i t a r y d e m a n d s , w i t h t h e in c id e n t a l
m a r k e t d e p r e s s i o n , c o n t r i b u t e d t o w a r d s a s e v e r e t e m p o r a r y d e p r e s s io n o f
c o n d i t i o n s in t h e w o o le n b u s in e s s .
D u r in g th o la s t tw o m o n th s o f th o y e a r
p r ic e s o f w o o l f e l l 2 0 % t o 3 5 % f r o m t h o e n o r m o u s l y h ig h p r ic e l e v e ls r e a c h e d
d u r i n g t h e w a r , t h o t r a d e n a t u r a l l y h e s i t a t i n g t o p l a c e o r d e r s in v i e w o f
p r o b a b l e f u r t h e r m a r k e t d e c lin e s .
Outlook.— T h o b u s in e s s o u t l o o k , h o w e v e r , f o r 1 9 1 9 is e n c o u r a g in g .
Y o u r m a n a g e m e n t w a s q u ic k t o e ffe c t a r e a d ju s tm e n t to p e a c e c o n d itio n s
a n d h a s s t a r t e d a f t e r it s s h a r e o f t h o 1 9 1 9 w o o le n b u s in e s s o n t h o b a s is o f a
n a r r o w m a r g i n o f p r o f i t a n d a v o l u m e p r o d u c t i o n , t h u s r e d u c in g t h e u n it
c o s t o f m a n u f a c t u r e , a n d m a k i n g a t t r a c t i v e p r ic e s fo r c u s t o m e r s .
Common Dividend .— O n A p r i l 1 5 1 9 1 6 t h e c o m m o n s t o c k w a s p la c e d o n
a 5 % d iv id e n d b a s is .
T h i s d i v i d e n d h a s s in c e b e e n p a i d r e g u la r ly a n d it
is t h o h o p e o f y o u r D i r e c t o r s t h a t t h e c o m m o n s t o c k h a s b e e n e s t a b lis h e d
o n a p e r m a n e n t p a y in g b a s is .
D u r in g th o w a r y o u r D ir e c to r s h a v e a u 
t h o r i z e d s u b s c r i p t i o n s t o t h o v a r i o u s L i b e r t y L o a n s a m o u n t i n g t o se v e r a l
m il lio n d o lla r s .
I n v ie w o f t h o f a c t t h a t f o r 1 7 y e a r s t h e h o ld e r s o f t h e
c o m m o n s t o c k r e c e iv e d n o d i v i d e n d s , i t w a s d e c id e d t o d i s t r i b u t e a p o r t io n
o f t h e s e b o n d s a s e x tr a d i v i d e n d s o n t h e c o m m o n s t o c k .
A t t h o d a t e o f is s u in g t h is r e p o r t t h e a v e r a g e a n n u a l r e t u r n o n t h e p r e s e n t
a m o u n t o f c o m m o n s t o c k f o r 2 0 y e a r s o r s in c e t h o f o r m a t i o n o f t h o c o m 
p a n y , a n d i n c lu d i n g a ll e x t r a d i v i d e n d s , is a b o u t 1 4 2 % .
1Vool.— A t t h e s ig n in g o f t h o a r m i s t i c e , t h e r e r e m a in e d a b o u t 3 2 5 , 0 0 0 , 
0 0 0 p o u n d s o f w o o l o w n e d b y t h e G o v e r n m e n t , a n d in a d d i t i o n t o t h is
a b o u t 1 0 0 , 0 0 0 , 0 0 0 p o u n d s o f A u s t r a l i a n w o o ls w h ic h w e r o b e i n g n e g o 
t i a t e d f o r w i t h t h e B r it is h G o v e r n m e n t .
T o d i s p o s e o f t h is s t o c k , p u b li c
a u c tio n s w e r e h e ld .
A t f i r s t t h e s a le s w e r e g e n e r a l ly u n s a t i s f a c t o r y .
L a t e r o n , t h o u p s e t p r ic e s w e r o e s t a b li s h e d o n t h e b a s is o f t h o B r i t i s h c iv ilia n
is s u e p r i c e s , w h i c h w e r o a p p r o x i m a t e l y 2 5 % t o 3 0 % lo w e r t h a n t h o p r ic e s
a t w h ic h o u r G o v e r n m e n t is s u e d w o o ls t o m a n u f a c t u r e r s d u r i n g t h e w a r
T h i s h a d a s t e a d y i n g e f f e c t a n d s e l lin g b e c a m o m o r e a c t i v e .
Dyestuffs .— T h e s u p p l y o f G e r m a n d y e s in t h is c o u n t r y n o w is p r a c t i c a lly
e x h a u s t e r !.
T h e A m e ric a n m a n u fa c tu r e r s o f d y e s h a v o m a d e c o m m e n d a 
b l e p r o g r e s s s a n d t h e ir p r o d u c t s a r e , w i t h a f e w e x c e p t i o n s , t h o e q u a l o f
th e G e rm a n .
T h e r e a r o n o w a b o u t 7 0 m a n u f a c t u r e r s o f d y e s in t h e U n i t e d
S t a t e s a n d a l t h o u g h c o m p e t i t i o n is k e e n a n d v a l u e s s t e a d i l y d e c lin in g ,
s t i l l p r ic e s a r e f o r t h e t i m e b e i n g t w o t o t e n t i m e s a b o v o p r e -w a r l e v e l s .
Export Business .— D u r i n g t h o y e a r 1 9 1 8 t h o A m e r i c a n W o o l e n P r o d u c t s
C o . , a s u b s id ia r y o f th e A m e r ic a n W o o le n C o . a n d fo r m e d to c o n tr o l y o u r
e x p o r t b u s i n e s s , h a s m a i n t a i n e d It s b r a n c h o f f ic e s in t h e A r g e n t i n e R e 
p u b lic , B r a z il, C a n a d a , C h ile , C o lo m b ia , C u b a , P e ru , M e x ic o a n d th e
F ar E a st.
I n s p i t e o f a l a c k in s h i p p i n g fa c ilit ie s G o v e r n m e n t a l r e g u la 
t i o n s , & c . , o v e r $ 2 , 3 0 0 , 0 0 0 o f g o o d s h a v o b e e n s o ld t o f o r e ig n c u s t o m e r s .
W o a n t i c i p a t e a m a r k e d in c r e a s e in fo r e ig n t r a d e d u r i n g t h e c o m i n g y e a r .
Plants .— N e w b u il d in g s h a v o b e e n e r e c t e d a t s e v e r a l o f t h e p l a n t s a n d
m o r e n o w m a c h i n e r y h a s b e e n in s t a ll e d t h a n in a n y p r e v i o u s y e a r .
Shareholders.— O n D e c . 3 1 , t h e n u m b e r o f s h a r e h o ld e r s t o t a l l e d 1 7 , 7 4 5
( a n in c r e a s e o f 8 4 4 ) o f w h o m 9 ,0 2 1 w e r e m e n , 8 , 0 0 3 w e r o w o m e n a n d 7 2 1
w ere T r u s te e s a n d E x e c u to r s.
Treasurer's Report.— F o r 1 9 1 7 a r e s e r v o o f $ 3 , 0 0 0 , 0 0 0 w a s s e t u p fo r
ta x e s.
A s a m a t t e r o f f a c t t h e F e d e r a l t a x e s f o r 1 9 17 w e r e p a id o u t o f
1 9 1 8 e a r n in g s .
C o n s e q u e n t l y t h is i t e m o f S 3 , 0 0 0 . 0 0 0 l o s t i t s c h a r a c te r
a s a r e s e r v e a n d h a s b e e n c a r r ie d t o S u r p lu s A c c o u n t .
O n t h e l i a b i l i t y s id e o f t h o s t a t e m e n t f o r 1 9 1 8 a r e s e r v e o f $ 1 4 , 5 0 0 , 0 0 0
Is s e t u p f o r d e p r e c ia t io n o f i n v e n t o r y v a l u e s .
A t th o e n d o f 1 9 1 7 it w a s
f e l t in v i e w o f t h e p o s s i b i l i t y o f t h o e n d in g o f w a r c o n d i t i o n s d u r in g 1 9 1 8
i t w o u ld b e p r u d e n t t o c h a r g e o f f f r o m t h o i n v e n t o r y o f s t o c k a n u l m e r 
c h a n d is e a v e r y s u b s ta n tia l s u m .
T h is w as d o n o an d th ere w a s ch arged
t o p r o f i t a n d lo s s $ 1 4 , 5 0 0 , 0 0 0 a n d s u b s e q u e n t l y t h is a m o u n t w a s c a r r ie d
in a r e s e r v e f u n d t o m e e t t h o lo s s e s o r d e p r e c ia t io n in v a l u e w h ic h w o u ld
b o c e r t a in t o a r is o w h e n w a r d i d e n d .
A s it h a d n o t b e e n n e c e ssa ry to
e n c r o a c h u p o n t h e f u n d d u r in g 1 9 1 8 t h e d ir e c to r s o n D e c . 1 9 r e s o l v e d ,
t h a t “ in a n t i c i p a t i o n o f t h e r e a d j u s t m e n t t h a t w ill f o llo w t h e e n d in g o f
t h e w a r t h is a m o u n t b e f u r t h e r h e ld f o r t h o p r e s e n t a s a r e s e r v e f u n d . ”
C o m p a r e e a r n i n g s , & c . , in Y . 1 0 8 , p . 2 2 3 8 .

C o lu m b ia G r a p h o p h o n e M a n u f a c t u r in g C o .

( Report fo r Fiscal Year ending D ec. 31 1918.)
President Francis S. Whitten on Apr. 30 1919 said in subst.:
T h e y e a r 1 9 1 8 w a s th o m o s t t r y i n g in t h e h i s t o r y o f y o u r c o m p a n y .
The
d i f f i c u l t i e s w h i c h b e s e t t h e p h o n o g r a p h i n d u s t r y In t h e l a t t e r h a l f o f 1 9 1 7 ,
n a m e l y , t r a n s p o r ta tio n tr o u b le s a n d h ig h c o s ts o f fu e l, la b o r a n d raw m a 
t e r i a l s , a n d d i f f i c u l t y in o b t a i n i n g s a m e a t a n y p r i c e , in c r e a s e d d u r i n g 1 9 1 8 ,
f i n a l l y r e a c h in g a c l i m a x w h e n t h e W a r I n d u s t r i e s B o a r d , in t h e e a r l y f a l l ,
re q u ir e d th o p h o n o g r a p h in d u s tr y t o rc d u c o its o u t p u t t o b u t 4 0 % o f t h a t
o f th e y e a r p r e v io u s .
F o r t u n a t e l y , t h e s ig n in g o f t h o a r m i s t i c e in N o v e m -




[V o l . 108.

b e r r e l io v e d t lio s i t u a t i o n a n d t h e r e p r e s s iv e i n fl u e n c e s w h i c h h a d e x i s t e d
in 1 9 1 7 a n d 1 9 1 8 w ero r e m o v e d .
A s a r e s u lt o f th o p a in s t a k in g w o r k o f t h e m a n a g e m e n t d u r in g t h e p a s t
t w o y e a r s in r e o r g a n i z i n g t h e c o m p a n y , a n d a s a r e s u lt o f a n e x t e n s i v e s a le s
a n d a d v e r t i s i n g c a m p a i g n , y o u r c o m p a n y is p l a c e d in a p o s i t i o n t o t a k e
a d v a n ta g e o f th o o p p o rtu n itie s p re se n te d a n d to a s s u m e a m u c h m o r e p r o m 
i n e n t p o s i t i o n in t h e i n d u s t r y t h a n f o r m e r l y .
In c o n se q u e n c o o u r b u s in e s s h a s g r o w n r a p id ly a n d w ill u n d e r g o fu r th e r
g r o w th a s s o o n a s th o fa c ilitie s , e x te n s io n s a n d im p r o v e m e n ts n o w u n d e r
w a y a r e a v a i l a b l e f o r i n c r e a s in g i t s o u t p u t o f p r o d u c t .
A m p le reso u rce s
a r e a v a i l a b l e f o r t h e s e e x t e n s i o n s a n d a ls o t o f i n a n c e t h o a d d i t i o n a l b u s i n e s s
r e s u ltin g t h e r e fr o m .
T h e b o n a fid e d e m a n d a n d a c tu a l o rd e rs o n h a n d a t p r e se n t fo r b o th m a 
c h i n e s a n d r e c o r d s a r e m o r e t h a n d o u b l e t h a t o f a n y c o r r e s p o n d i n g p e r io d
in t h o h i s t o r y o f t h o c o m p a n y .
D u e t o t h o g r e a t g r o w t h in b u s in e s s a b o v e r e fe r r e d t o , t h e n e t p r o f i t s
h a v e in c r e a s e d in t h o o p e n i n g m o n t h s o f 1 9 1 9 in a m o s t s a t i s f a c t o r y m a n n e r ,
a n d a s t a t e m e n t f o r t h e f i r s t q u a r t e r is a p p e n d e d h e r e t o .
A s a r e s u lt o f t h e in c r e a s e in b o t h g r o s s s a le s a n d n o t e a r n in g s a n d t h e f a 
v o r a b l e o u t l o o k , i t w a s b e l i e v e d w i s e , e a r l y in 1 9 1 9 , t o e s t a b l i s h a d i v i d e n d
p o l i c y w h i c h c o u l d b o f o l l o w e d o v e r a p e r i o d o f y e a r s u n le s s g r e a t a n d u n 
fo re se e n d iffic u ltie s s h o u ld b e s e t th o in d u s tr y .
(Dividends .— R e g u l a r p r e fe r r e d d i v i d e n d s a t t h o r a t e o f 7 % p e r a n n u m
h a v o b ee n p a id o n th o o u ts t a n d in g p r o f, s t o c k o f th is c o m p a n y a n d its p re d e 
c e s s o r s in c e 1 9 1 2 .
O n t h e c o m m o n sh a re s $ 1 .7 5 w a s p a id fr o m J u ly 1 9 1 8
t o J a n . 1 9 1 9 , w h il o in A p r i l 1 9 1 9 a q u a r t e r l y d i v i d e n d o f $ 2 . 5 0 p e r s h a r o w a s
p a i d in c a s h a n d 1 - 2 0 o f a s h a r e in c o m m o n s t o c k .
S e e o f f e r i n g o f $ 7 , 2 0 0 , 0 0 0 n o w p r o f , s t o c k in V . 1 0 8 , p . 2 0 2 4 , a n d r e 
c a p i t a l i z a t i o n p l a n u n d e r A m e r i c a n G r a p h o p h o n c C o . in V . 1 0 5 , p . 2 3 6 7 . ]

S T A T E M E N T OF IN CO M E A N D SURPLUS.
3 M os. to
M ar. 3 1 T 9 .
E a r n i n g s f r o m a ll s o u r c e s __________________________________ $ 1 , 8 3 5 , 9 3 6
Deduct— I n t . o n f u n d e d a n d f l o a t i n g d e b t --------------------$ 1 0 6 ,5 6 7
D c p r e c . o f p r o p o r t y , p l a n t , e q u i p m e n t , A c ________ 1
4 5 9 ,9 8 3 (
B a d a c c o u n t s a n d n o t e s r e c e i v a b l e , w r i t t e n o f f ____/
(

Cal. Year
1918.
$ 1 ,9 3 9 ,5 1 3
$ 5 0 3 ,7 1 5
5 8 7 ,1 8 8
2 2 9 ,1 4 8

N e t i n c o m e ..................... .. ............................ .....................................$ 1 , 2 6 9 , 3 8 5
S u r p lu s a c c o u n t a t D e c . 3 1 1 9 1 7 ________________________________

$ 8 1 9 ,4 6 1
2 ,1 8 8 ,1 7 9

T o t a l s u r p l u s ________________________________________________________________
D iv id e n d s p a id d u r in g 1 9 1 8 o n p r e f. a n d c o m . s t o c k . .

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

S u r p lu s D e c . 3 1 1 9 1 8 , p e r b a l a n c o s h e e t ____________________________

$ 2 ,3 9 6 ,3 6 1

Add —

Deduct—

B A L A N C E SH EET D E C .

Assets.

31.

Liabilities.

C ash.......................
53,496,325
Notes and acc’ts receivable.. 3,347,551
Inventories__________________ 7,257,737
Investments In affll. company
685,000
Other securities........................
10,000
Real estate, buildings, ma
chinery and equipment____ 3,994,446
Pat’ts, franchises, g’d-wlll, &c. 1,000,000
140,771
Deferred charges......................

7% cum. pref. stock..............xS3,571,450
Common stock "stated value” x4,510,362
Notes A acc’ts pay. A accruals 4,896,240
First Mtgc. 6% gold bonds,
duo Juno 1 1930___________ 1,936,800
6% Serial gold notes, 1919-’20 2,500,000
2 0 ,0 0 0
5-ycar Mtge. on real estate..
Amer. Graphophonc stock—
30,160
Preferred__________________
40,456
Common.
Surplus_____________________ 2,396,361

Total....................................... $19,931,830

Total....................................... $19,931,830

x T h o c o m p a n y ’ s p r e fe r r e d s t o c k h a s a p a r v a l u e o f $ 1 0 0 a s h a r e .
Tho
c o m m o n s h a r e s h a v e n o p a r v a l u e a n d in t h e b a l a n c o s h e e t t h o 5 6 , 7 5 4 , 5 2 4 2
s h a r e s o f c o m m o n s t o c k o u t s t a n d i n g a r e in c lu d e d a t t h e ir a r b i t r a r y “ s t a t e d
v a lt io ” o f $ 8 0 a s h a r o .
A s o f M a y 7 1 9 1 9 , f o l l o w i n g t h o s a lo o f $ 7 , 2 0 0 , 0 0 0
a d d itio n a l p r e f. s to c k ( V . 1 0 8 , p . 2 0 2 4 ) , th o c o m p a n y h a d o u ts ta n d in g
$ 1 0 , 7 8 1 , 8 9 0 p r o f , a n d 6 5 , 0 3 0 . 4 8 s h a r e s o f c o m m o n , t h o in c r e a s e in t h o l a t t e r
in c lu d i n g in p a r t t h o s t o c k d i v i d e n d p a id A p r i l 1 .
T h o a m o u n t s o f s t o c k s h o w n in t h o b a la n c o s h e e t a r o g i v e n a f t e r d e d u c t 
i n g , r e s p e c t i v e l y , $ 4 5 0 ,0 0 0 f o r p r e f . s t o c k a n d $ 7 8 , 0 0 0 f o r c o m m o n s t o c k
in t h e h a n d s o f t h o A m e r i c a n G r a p h o p h o n c C o . , a n d $ 7 , 2 3 7 , 8 3 4 f o r p r e f .
a n d $ 7 7 8 ,0 7 9 f o r c o m . h e ld in t h o t r e a s u r y ,
'f h e p r e s e n t c o m p a n y e a rly
in 1 9 1 8 t o o k o v e r t h o a s s e t s a n d b u s in e s s o f t h o A m e r i c a n G r a p l i o p h o n o C o . ,
g i v i n g in e x c h a n g o t h e r e fo r c e r t a in a m o u n t s o f it s o w n c a p i t a l s t o c k s u f f i c i e n t
t o r e t ir e t h o s t o c k o f t h o o ld c o m p a n y o n t h e b a s is s t a t e d in V . 1 0 5 , p . 2 3 6 7 .
T h e p o r t i o n o f t h e s t o c k n o w in t h o h a n d s o f t h e A m e r i c a n c o m p a n y i s , n o
d o u b t , r e s e r v e d f o r e x c h a n g e f o r t h o s m a l l a m o u n t o f t h o l a t t e r ’s s t o c k s t i ll
h e ld b y t h o p u b l i c .— E d .
S e e a ls o V . 1 0 8 , p . 2 0 2 4 .

P il ls b u r y -W a s h b u r n F lo u r M ills C o ., L t d

( Report fo r Fiscal Year ending A u g . 31 1918.)
Secretary H. K. Davis, April 11, wrote in substance:
T h o g r o ss r e v e n u o , a fte r d e d u c tin g th o a m o u n t a p p lie d t o d e p r e c ia tio n
r e s e r v e , is £ 2 3 0 ,6 9 3 , w h i c h , a f t e r p r o v i d i n g f o r c u r r e n t e x p e n s e s , i n c o m e
t a x , t h e s e r v i c e o f t h o 6 % fi r s t d e b e n t u r e s a n d t h o 5 % s e c o n d m o r t g a g e
b o n d s , le a v e s a b a la n c o o f £ 1 2 1 ,4 2 5 .
T h c r o a r o o n o o r t w o i t e m s in th o
a c c o u n t s f r o m t h i s a n d p r e v i o u s y e a r s , w h i c h m a y in c e r t a in c o n t i n g e n c i e s
n e c e s s i t a t e s o in o m o d i f i c a t i o n o f t h o f i g u r e s .
!"3
T h o r e c e ip t s f r o m t h o w a t e r p o w e r c o m p a n i e s d u r i n g t h e y e a r u n d e r
r e v ie w h a v o b e e n s m a l l e r t h a n t h o s e o f l a s t y e a r , o w i n g t o a d i m i n u t i o n
in t h o f l o w o f w a t e r in t h o r i v e r .
A s s u m i n g t h a t t h o p r o p e r t ie s a p p r o x i m a t e t h o v a l u e s s t a t e d in t h o b a l a n c o
s h e e t , w h i c h u n d e r p r e s e n t c o n d i t i o n s t h o d ir e c t o r s s e o n o r e a s o n t o d o u b t ,
t h e a m o u n t a l l o c a t e d t o d e p r e c i a t i o n r e s e r v e , v i z . £ 2 9 5 ,8 1 1 , a n d a l s o t h o
a m o u n t b y w h ic h t h o s e c o n d m o r t g a g e b o n d s h a v o b e e n r e d e e m e d , v i z .
£ 1 3 8 ,4 9 5 , a g g r e g a t i n g £ 4 3 4 ,3 0 6 , w o u ld b o a v a i l a b l e o n a r e c o n s t r u c t io n
t o w a r d s r e d u c t io n o f t h o d e f i c i e n c y o f £ 6 0 2 ,3 1 2 s h o w n in t h o p r o f i t a n d
lo s s a c c o u n t .
I t is h o p e d t h a t d u r in g t h o c o m i n g y e a r i t w ill b e p o s s i b l e f o r r e p r e s e n 
t a t i v e s o f t h o b o a r d s in L o n d o n a n d M i n n e a p o l i s r e s p e c t i v e l y t o m e e t t o
d is c u s s t h o v a r i o u s q u e s t i o n s o u t s t a n d i n g , i n c lu d in g r e c o n s t r u c t i o n , p e r 
m a n e n t im p r o v e m e n ts , A c .
REVEN UE AC C O U N T FOR YEARS E N D IN G A U G . 3 1 .
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
1 9 1 5 -1 6 .
1 9 1 4 -1 5 .
x
£G
2 3r 0o ,6
s s9 e3a r n i n£ g1 s7. 9 ,5 8 2
£ 1 1 6 ,5 5 8
£ 1 4 2 ,6 7 0
£ 8 0 ,9 9 2
£ 7 8 ,8 8 5
In te r e s t ch a rg es
£76,679
£ 7 7 ,3 8 5
5 0 ,2 1 3
S in k in g f u n d -----1 2 ,3 7 1
12,371
1 2 ,3 7 1
2 ,6 5 4
M is c e lla n e o u s . .
y l2 ,0 6 9
2,494
1 1 ,4 3 7
I n c o m e t a x _______
Z17.724
B a l a n c e , s u r p l u s .............
f £ 1 2 1 ,4 2 5
£ 7 8 ,3 8 9
£ 1 3 ,2 3 3
£ 8 ,9 1 1
x I n c lu d e s d i v i d e n d s f r o m w a t e r p o w e r c o m p a n i e s , a m o u n t s r e c e iv e d
f r o m o p e r a t i n g c o m p a n y u n d e r p r o v is io n o f le a s e (le s s d e p r e c i a t i o n ) , a n d
m i s c e l la n e o u s i n c o m e ,
y In c lu d e s e x ce ss p r o fits d u t y to D e c . 3 1 1 9 1 5 .
F o r la te r y e a r s , seo b e lo w ,
z I n c lu d e s £ 1 5 , 6 3 7 f o r 1 9 1 7 - 1 8 a n d £ 2 , 0 8 7
A m e r ic a n i n c o m e t a x fo r 1 9 1 5 - 1 6 a n d 1 9 1 6 - 1 7 .

fT fc: t .
B A L A N C E SHEET A U G U S T 3 1 .
1918.
1917.
, !l
Liabilities—
£
£
■ Assets—
Preference stock___
Cost of properties A
expend, on prop’s. 1,895,95:? 1 ,866,220 Ordinary stock........
376 1st Mtge. debentures
376
Furniture A fixtures.
87,418 2nd Mtge. bonds___
nPillsb. FI. M. Co— 152,900
14,655 Sinking fund...........
79,394
Investments_______
Redemption account
Water power com17,526
30,928 Depreciation reserve
panics, for dlvs —
12,713
21,489
8,713
7,733 Accrued Interest less
Miscellaneous.........
Income tax...........
602,312 723,737
Miscellaneous_____
Total.................... 2,778,662 2,743,780

1918.
£
472,520
473,600
875,000
478,206
12,384
138,495
295,811

1917.
£
472,520
473,600
875,000
492,536
12,378
124,165
266,079

13,757
18,890

14,677
12,825

Total....................2,778,662 2,743,780

a B a l a n c o o f a c c o u n t , I n c lu d in g r e n t a c c r u e d t o d a t o a n d s u r p lu s p r o f i t s .
T w e lv e y e a r s d iv id e n d s a c c r u e d t o d a te o n th o 8 % c u m u la t iv e p ro fe re n c o
sh a re s fo r m a fir s t c h a r g o o n fu t u r o p r o fits a v a ila b lo fo r d is tr ib u tio n .
T h e r e is a c o n t i n g e n t l i a b i l i t y t o t h o o p e r a t i n g c o m p a n y a t t h e t e r m i n a 
t io n o f t h o le a s o in r e s p e c t o f o n e -h a l f o f t h o v a l u a t i o n a t t h a t d a t o o f t h o
im p r o v e m e n t s e f f e c t e d b y t h o le s s e e c o m p a n y a n d in r e s p e c t o f t h o B r i t i s h
in co m e ta x o n a n e q u a l a m o u n t.
N o p r o v i s i o n h a s b e e n m a d e in t h o
b a la n c o s h e e t f o r A m e r i c a n i n c o m e t a x .
N o p r o v i s i o n h a s b o o n m a d o in t h o b a la n c o s h e e t s f o r e x c e s s p r o f i t s d u t y
fo r th o y e a r s 1 9 1 6 a n d 1 9 1 7 .
T h e A m e r i c a n t r a n s a c t i o n s a r o c o n v e r t e d , a s in p r e v i o u s y e a r s , a t t h e
ex ch a n g o o f $ 4 .8 5 to th o £ .— V . 1 0 6 , p . 2 3 4 2 .

THE CHRONICLE

Ju ne 7 1919.]

GENERAL INVESTMENT NEWS

RAILROADS, INCLUDING ELECTRIC ROADS.
Aurora Elgin & Chicago RR.— Fares .—
J u d g e L a n d i s h a s o r d e r e d t h a t t h o fa r o o n t h i s r o a d b o 2 c e n t s a m i l e f o r
r o u n d -t r ip t ic k e ts u s e d o n d a t e o f p u r c h a s e t o a n d fr o m a ll t o w n s w h ic h it
s e r v e s .— V . 1 0 8 , p . 2 1 2 2 , 9 7 1 .

Boston & Albany Railroad.— Earnings .•—

T h o o p e r a t i n g r e s u lt s f o r 1 9 1 8 b y t h o U . S . U R . A d m i n i s t r a t i o n c o m p a r e
w ith th o p r e v io u s y e a r s b y t h e c o m p a n y a s fo llo w s :

Calendar Years—
1918.
G r o s s e a r n i n g s ....... ................. $ 2 5 , 5 5 2 , 0 7 9
O p e r a t i n g e x p e n s e s ________ 2 1 , 7 0 5 , 8 5 0
T a x e s , & c ......................................
8 7 2 ,3 0 1

1917.
1910.
1915.
$ 2 2 ,5 0 2 ,2 8 2 $ 2 1 ,0 7 0 ,5 4 2 $ 1 7 ,0 9 5 ,8 0 5
1 0 ,9 4 4 ,2 2 3
1 3 ,0 2 5 ,4 8 4
1 1 ,9 0 7 .3 0 0
8 8 8 ,9 1 3
7 8 0 ,0 0 0
7 0 2 ,5 0 9

Operating income----- $2,913,922 $4,729,140 $7,204,392 $4,900,055
No income account is furnished for tho year 1918, but in 1917, after
adding other income, $209,822, and deducting interest and other charges.
$3,002,495, and the 8 % in dividends ($2,000,000) guaranteed under lease by
tho N . Y . Central RR., there remained a deficit of $4,533. For tho report
of N. Y. Contral RR., tho lessee, see a preceding pago.— V. 107, p. 1918.
B r o o k ly n R a p id T r a n s it C o .— A p p ea ls Receiver's Ctfs. —
An appeal from the order of Federal Judge Julius M . Mayer authorizing
tho issuance o f $2 0 ,0 0 0 ,0 0 0 of receiver’s certificates has been filed by tho
Central Union Trust Co., N. Y . Tho appeal has been set for argument
before tho U. S. Circuit Court o f Appeals on Juno 18.— V. 108, p. 2240,2122.
B u f fa lo & S u s q u e h a n n a R R . C o r p .— Dividends.—
A quarterly dividend of 1M % and an extra o f }4 of 1% has boon declared
on tho common stock, both payablo Juno 30 to holders o f record Juno 19.
A like amount was paid in March last.— V. 108, p. 1816.

C e n tr a l o f G e o r g ia R y .— Bonds Sold.—Kuhn, Loob &
Co. have sold the entiro issue of $8,000,000 10-year 6%
bonds (see adv. on another page), described in last week’s
“Chronicle,” page 2240.

C h a t t a n o o g a R y . & L ig h t C o .— Permanent Receivership.
Percy Warner of Nashville, Tenn., and John S. Graham of Philadelphia,
Pa., appointed temporary receivers by Judge Sanford (V. 108, p. 1721) .have
been mado permanent receivers. It is stated that tho receivership covers
tho streot railway part of tho property, but it does not includo tho lighting
part.— V. 108, p. 1930.
C h e s a p e a k e & O h io R y .— D ividend .—
A semi-annual dividend of 2% has been declared on tho capital stock,
payablo Juno 30 to holders of record June 13, subject to tho completion of
tho necessary financial arrangements with tho U. S. HR. Administration
or otherwise.— V. 108, p. 972.

2329

Western Pacific RR. Corp. Offers to Purchase Coupons.—The
Equitable Trust Co. as trustee on June 2 announced:

The Receiver finds himself unable to pay the interest on this mortgage
duo June 1. The necessary appropriation bill not yet having passed Con
gress, tho Government has faded to pay to tho Receiver sufficient of the
actual earnings of the road and the Court Is disinclined to permit the Re
ceiver to borrow on warrants showing earnings.
It is expected, however, that within tho sixty day period of grace al
lowed by the mortgage the necessary appropriation will have been passed
and tho Receiver thus placed in funds to take up the Juno 1 coupons.
Meanwhile these coupons will be purchased from holders desiring to sell
tho same by the Equitable Trust Co. of New Yoek for account of the West
ern Pacific RR. Corporation on presentation at tho office of tho Trust Com
pany, 37 Wall St., N. Y . City.— V. 108, p. 1511, 578.

Denver Tramway Co.— Citizen's

Committee Reports.—

Tho adjustment committee of 55 citizens appointed in January by the
Mayor, recommends a special election to adopt tho servico-at-cost plan
a middle course between municipal and private ownership: under a board
of control, two members appointed by city and one by tramway, to take
over management of the system. Also the abolition of $60,000 yearly
franchise, paving between rails and free riding by city employees. If the
plan works the city may purchase the system upon tho basis of the public
Utilities Commission valuation of $23,674,100. The company now oper
ates upon a six-cent fare. The new Mayor, Dewey C. Bailey, just elected,
has advocated the restoration of the five-cent fare. General Manager
F. W. Ilild states that a five-cent faro now would mean a receivership for
tho company.— V. 108, p. 1060, 378.

Ft. Wayne & Nor. Indiana Trac. Co.— Default— Com.

The company having given notice that default would be made in tho
payment of interest due June 1 on Lafayette Streot R y. First Mtge. 5 U s ,
the following committee has been formed:
C o m m i t t e e .— Dimner Beeber, Pres. Commonwealth Title Insurance &
Trust Co., Warren G. Griffith, and Walter L. Haehnlen, of Charles Fearon
& Co. The committee has asked holders to make deposit with tho Real
Estato Trust Co., Philadelphia.— V. 108, p. 1936.

Georgia Coast & Piedmont RR.— Sale.—

This road, which was offered for sale on M ay 6 at Brunswick, Ga., for
tho upset prico of $300,000, but had no bidders, will again be offered for
sale on July l .— v . 108. p. 1936, 1060.

Great Northern Ry.— Offering of Bonds.—First National
Bank and Clark, Dodge & Co., N. Y., are offering at 86 K
and int., yielding over 5% (see advertisement on another
page) 81,800,000 First & Ref. Mtge. gold 4 \ i % bonds,
Series “A,” of 1911, due July 1 1961. Int. payable ,J. & J.
at the company’s office, N. Y., without deduction for the
normal Federal income tax up to 2%. Compare V. 92, p.
1499). A circular shows: 1 / 0
1
11

Authorized, $600,000,000: outstanding, $35,668,000. In addition to
w n n S v as of Dec. 31 1917, S18,2U,000 wero in tho treasury and
C h ic a g o & E a s te r n I llin o is R R .— D irectors. —
R.
R. Hunter and D. F. McPherson were elected directors for a 2-year^o.UUU.OOO were pledged under tho Collateral Trust notes. The balance
i i r(lVre e£istin£ obligations and for acquisitions and construction,
period to succeed W. J. Jackson, resigned, and Charles S. Holt, deceased. 1S
p
,en» eitlier by direct mortgage or collateral trust, on
T. D. Heed, A. VV. Krech and II. II. Porter were ro-electod directors for o line
tnUno mirneiS {raclf» by second lien on 4,113 miles, and by third lien on 669
three years.— V. 108, p. 2240.
nines.
* lies° bonds,
treasury
and
pledged
are
outstanding
+
, ------ -» including
‘
V.UOU1 Jr O
UU p
iC V a S G V l bonds,
U U U U S, d
iU U
U L .'b L U I lU lilU
C h ic a g o & N o r t h W e s t e r n R y .— Usual Dividends Pro
S L ab<5«u t t 3 1 1 ’ 2 S 9 p e r m i l e > a n d * i n c lu d in g $ 1 0 7 , 5 2 5 , 5 1 5 p r io r
t
ua b o l *t 3 2 5 , 0 0 0 p e r m i l e .
T h o p r io r lio n s o n t h o m il e a g e
vided Sufficient M on ey is Received from RR. A dm in istration .—
tll<3 r a t e o f § 2 2 , 4 8 5 p e r m i l o .
A ls o secu red b y e q u ip m e n t
This company has declared tho usual quarterly dividends of $2 a share i h i ? ® K , ‘ “ rt gaJ T co,s t l n ? $ 5 9 , 0 7 3 , 1 8 0 , u p o n $ 4 0 , 2 0 0 , 0 6 8 o f w h ic h
on tho pref. stock and $1.75 a share on tho common stock, both payable July 1 t h e y a r o a f i r s t lie n
t
e
r
m
i
n
a
l
p
r
o
p
e
r
t
i
e
s
.
-------------------- —
-----------— w
to holders o f record Juno 2. “ provided that tho company shall liavo then re
ceived from tho Federal Administration of Railroads sufficient money „ i e
h a s e x e c u t e d a c o n t r a c t w i t h t h o D i r e c t o r -G e n e r a l o f I i R s .
therefor cither by way of advancement on Just compensation or other n n n n n iiv
c o m p a n y Is toi r e c e iv e a c o m p e n s a t i o n o f $ 2 8 , 7 5 4 , 6 7 6
a n n u a lly .
T o t h is a m o u n t s h o u ld b e a d d e d o v e r $ 1 , 0 0 0 , 0 0 0 n o n -o p e r a t i n g
w is e .— V. 108, p. 1928.
C le v e la n d , C in c in n a t i, C h ic a g o & S t . L o u is R y — Offer

— Report.—Callaway, Pish & Co.
aro offering at prices to yiold 5 ) 4 % to 5.85%, according to
maturities, $1,896,000 “Big Four” Equipment Trust 6%
gold certificates.
ing o f Equipm ent Trusts.

r Da‘ edJo T ? 1 ,191?;,. M auirlng$ 2 37 ,0 0 0 annually from June 1 1920 until
Juno 1 J927, Inch 1 ^ . payable J. & D
Authorized, $2,370,000: matured
and canceled, $471,000, outstanding, $1,896,000. Guaranty Trust Co^
New York, trustee.
fi.r5fc Hen on 500 50-ton self-clearing
" combin-ton
switching
J?fsQR Jmn^rHf«
2 ’^See"^inaneJa?pW^^c5 « ^ r® ,s now outstanding theso
$1,896,000
certlfs.—
See 1<lnaneial Reports above.— V. 108, p . 2122,1822.
C o lo r a d o & S o u t h e r n R y .— p rer% D ividend __
Tho regular quarterly dividend o f 2% has been rWlnrnU mi the firsi
preferred stock payablo June 25 to holders o f record Juno 14 "conditional
or-rece.pt 0f funds from U. S. Railroad Administration.” -—V. 108, p.

Authorized not to exceed $20,000 per mile* ontsfnnriimr 5 1 1 ivn rmn
Int. payable J. & J. in N. Y. City, without deduc ion fo r ^ w toxes except
Federal income taxes now or hereafter deductible at t o S
S
l S
f
2 %.
Denom. $1,000 c*r*. Guaranty Trust Co o f N Y truTtee
Data from l etter o f Pres. George H. W higham , Dated May 23 1 9 1 9 .
nroDortles now^wned^ir her^fSterUaco^^«Hn° rr? a>?0 ° » a" railway and other
gauge railway, the main line o f which forms th e ^ a s te ^ o r ti^ ^ th ^ th r o u g h
route traversing the Island o f Cuba from Havana toSantlago
An°Vm
portant and populous agricultural territory is served and a very hargo portion
of tho Cuban sugar crop is annually shipped to tidewatervifthIsfvstom
Tho bonds have priority over $4,000,000 Improv & K m |„ bonds
0 0 0 ,0 0 0 notes. .$1 0 ,0 0 0 ,0 0 0 6 % pref. stock, on whTch fun dT^s^am heln’J
paid, and $15,800,000 common stock. There aroalso outstanding ^$ 9 S4 9 8
000 Equipment Trust certificates.
0 also outstanding 82,842,In Nov. 1915 tho Cuba RIt. Co. purchased all of the stnrir o f th« n«mn
guoy & Nuevitas R R ., which is subject to a mortgage^securing ui iss i of
$2,000,000 6 % gold notes redeemable N ov. 15 1920 Tl s list-named
company owns tho railroad running from Camaguoy to Nuevitas and thence
to Pastellllo, a total distance of 48 miles. At Pasteliho there has b im co£
lugaf anda m o ll^ T & c ter termi” al Wlth largc capaclty for the stmage o?
”r
? n !30
? T Years—
v l S% 1 Ye(lrs emrCross
L i lrnr2?
° l IncT
l- Camaguey
& Nuevitas
nil.).
June
Corns {^Gross
Inc.
Fixed digs.
Bal., Surp.
ph i

:::::::::::::::::
.....................- .........

iiif:::::::::::::::::

1^

:

87?

f .® ®

$l f f l f e
80L222

iffg-ffg

1,414:280

1918 ---------- ----------- — 11,645,098
3,937 078
1 31 1*487
2 695*501
1919 (9 months)............. 8,581.258
2,144:534
961.216
L l l 'i n i
From July 1 1909 to June 30 1918, total fixed charges wero earned ann'rnv
Im^ enyi S ti , ^ r 3D<£ int‘ 0,1 th0 lst F - bdnds ^
4
PtS S £
lstd M . ^ o n d s ^ Oet1 mM gCS WCr° 681116(1 moro than ^ ti,nes and lnt- on tho
llabillMTO.— V30^ ? 118pCU]f481t aSSCtS t0tallcd $2,898,073 in excess o f current

Cumberland Valley RR.— Consolidation Arproved.—
Denver & Rio Grande RR .—Interest Delayed on 5 %
Improvement Bonds Secured by Mortgage of June 1 1888__
Soo Pennsylvania RR. below.— V. 108, p. 378.




S5
!t
t o t a o f ° y e r $ 2 9 , 7 5 4 , 6 7 6 a v a i l a b l e f o r in t e r e s t c h a r g e s
c o m p l y h a s p a id d iv id e n d s o n it s c a p it a l s t o c k a t th e
r a t o o f 7 % p e r a n n u m s in c e 1 8 9 9 .
T h e r e is a t p r e s e n t $ 2 1 9 4 7 8 2 5 0 o f t h is
s t o c k o u t s t a n d i n g .— V . 1 0 8 , p . 7 8 4 , 3 7 8 .
p
ou oi t m s

Indianapolis Street Ry — Consolidation,

& c., Plan.—

„ „—
----------—
—
s p e c ia l c o m m i t t e e o f
15
s t o c k h o ld e r s a p p o i n t e d A p r i l 9 1 9 1 9 .
J oh n W . H o ltz m a n , W illia m
C.
S h a n lo y a n d o t h e r s h a r e h o ld e r s o f t h e S t r e e t R y . f i le d a p r o t e s t a n d
d e m a n d e d f o r fe it u r e o f t h e le a s e t o t h e T r a c t i o n & T e r m i n a l C o .
T h o S ta t e P . S . C o m m is s io n h a s b ee n a sk e d to s a n c tio n t h e c o n s o lid a 
t io n p l a n a n d a ls o t h o c o n t i n u a n c e o f t h e 5 - c e n t f a r e in I n d i a n a p o l i s a n d
a n in c r o a s o in t h e r a t e f o r in te r u r b a n p a s s e n g e r s f r o m 4 t o 6 c e n t s , b u t
h a v e in s is t e d t h a t t h o s c h e m e m u s t fi r s t h a v e t h o a p p r o v a l o f t h e c i t y
a u th o r itie s .
M a y o r C h a r le s W . J e w e t t in a l e t t e r m a d e p u b l i c M a y 2 9
e x p r e s s e d h is d is a p p r o v a l o f t h e p l a n , w h i c h , h e c o n t e n d e d , d id n o t r e d u c e
s u ff i c i e n t l y t h o fi x e d c h a r g e s , t h e f u n d e d d e b t b e in g l e f t u n d i s t u r b e d .

M e r g e r P la n S u b s t a n t i a l l y a s O u t l i n e d b y S p e c ia l C o m m it t e e o f 15
,,
S t o c k h o l d e r s , I n d i a n a p o li s , M a y 12 1919.

bare Situation.— I n N o v . 1 9 1 7 t h e I n d i a n a p o l i s T r a c t i o n & T e r m i n a l
C o . p e t i t i o n e d t h o P . S . C o m m i s s i o n f o r in c r e a s e d f a r e s t o m e e t e m e r g e n c y
(w a r ) c o n d i t i o n s .
U p o n t h e h e a r in g in A u g . 1 9 1 8 i t d e v e l o p e d t h a t t h e
c o m p a n y h a d b e e n r u n n in g f o r a c o n s id e r a b le p e r io d a t a h e a v y lo s s a n d
t h a t it s i n c o m e in 1 9 1 8 , u n d e r e x is t in g f a r e s , w o u ld b o in s u f f i c i e n t b y a t
l e a s t $ 5 0 0 ,0 0 0 t o p a y it s f ix e d c h a r g e s , in c lu d in g a r e n t a l t o t h o I n d i a n a p o li s
S t r e o t R y . C o . a n d s in k in g f u n d o b l i g a t i o n s .
I n O c t . 1 9 1 8 t h e C o m m i s s i o n a u t h o r i z e d a 6 0 - d a y t r ia l o f a 5 - c e n t f a r e ,
w h i c h , w i t h o t h e r e c o n o m i e s , t h e C o m m i s s i o n t h o u g h t , w o u ld p r o d u c e a d 
d i t i o n a l in c o m e o f $ 5 0 0 ,0 0 0 .
T h e C o m m i s s i o n a ls o o r d e r e d w a g e in c r e a s e s
a v e r a g i n g 5 0 % a b o v e t h e w a g e s o f J u l y 1 1 9 1 8 , w h ic h w o u ld a b s o r b a t
l e a s t $ 3 7 5 ,0 0 0 o f a n y in c r e a s e in r e c e ip t s .
T h e s i x t y - d a y s ' p e r io d e n d i n g in D e c . 1 9 1 8 w a s m o s t u n s a t i s f a c t o r y
b e c a u s e o f t h o in fl u e n z a e p i d e m i c , a n d t h e 5 - c e n t fa r o w h o l l y fa ile d t o m e e t
e x p e c ta tio n s .
T h o c o m p a n y r e p o r t e d t h a t t h e n e t e a r n in g s h a d b e e n le s s
t h a n in 1 9 1 7 , a n d t h a t t h e c o n d i t i o n s r e q u ir e d a 6 - c e n t fa r o i f r e l i e f w e r e t o
b o p r o v id e d .
Readjustment Ordered by Commission— Th o C o m m i s s i o n r e fu s e d a 6 - c e n t
f a r o , b u t a u t h o r iz e d c o n t i n u i n g t h e 5 - c e n t f a r e u n t i l 1 0 0 d a y s a f t e r r a t i fi c a 
t io n o f a t r e a t y o f p e a c e .
I t a ls o o r d e r e d : T h a t a s s o o n a s p o s s i b le t h e s e v 
e r a l g r o u p s o f b o n d a n d s t o c k h o ld e r s o f p e t i t i o n e r a n d a lli e d a n d u n d e r 
l y i n g c o m p a n i e s s h o u ld c o n s id e r t h o r e t i r e m e n t o f b o n d s h o ld in t h e s in k 
in g f u n d a n d t h e s u s p e n s io n o f p a y m e n t s i n t o s in k in g f u n d s , s o t h a t t h e s e
c o m p a n i e s m a y m e e t t h e ir fr a n c h is e a n d le a s e o b l i g a t i o n s a s t o m a i n t e n a n c e
o f p r o p e r t y a n d s e r v ic e : a n d a ls o t h e r e d u c t i o n — a t l e a s t d u r in g p e r io d s o f
e m e r g e n c y — o f e x c e s s iv e f i x e d c h a r g e s t e n d i n g t o i m p a i r t h e s e r v i c e r e n 
d e r e d t o t h e p u b li c .
Defaults, i&c — 1T h o o p e r a t i o n s f o r t h e y e a r 1 9 1 8 , a f t e r p a y i n g fi x e d
c h a r g e s , in c lu d in g r e n t a l t o t h e I n d i a n a p o li s S t r e e t R y . C o . a n d s in k in g
f u n d o b l i g a t i o n s , s h o w e d a n e t d e f i c i t o f $ 3 4 2 ,8 4 8 .
T h e com p an y w as
w h o l l y w i t h o u t m e a n s t o p r o v i d e t h is s u m , w h ic h w a s a d d e d t o t h e f l o a t 
in g d e b t .
T h o in t e r e s t o n t h o $ 6 , 0 0 0 , 0 0 0 4 %
I n d i a n a p o li s S t r e e t R y .
b o n d s , a m o u n t i n g t o $ 1 2 0 ,0 0 0 , d u e J a n . 1 1 9 1 9 , a n d t h e s in k in g f u n d p a y 
m e n t o f $ 6 0 ,0 0 0 d u e M a y 1 1 9 1 9 h a v e n o t b ee n p a id .
T h e in t e r e s t o n t h o
$ 5 , 0 0 0 , 0 0 0 I n d i a n a p o li s T r a c t i o n & T e r m i n a l C o . b o n d s , d u e A p r i l 1 1 9 1 9 ,
a m o u n t i n g t o $ 1 2 5 ,0 0 0 , a n d t h e s in k in g f u n d p a y m e n t s o n a c c o u n t o f t h e s e
b o n d s , a m o u n t i n g t o $ 6 0 , 0 0 0 , d u o J a n . 1 1 9 1 9 , h a v e a ls o n o t b e e n p a i d .
On
J u l y 1 1 9 1 9 t h e r e w ill b o d u e $ 1 5 0 ,0 0 0 , o r six m o n t h s ’ r e n t a l , t o t h e I n 
d ia n a p o lis S t r e e t R y . C o . a p p l i c a b le t o th o s e m i -a n n u a l d i v i d e n d o f 3 % o n
its s to c k .
T h o c o m p a n y h a s f o r s e v e r a l y e a r s b e e n a id e d in m e e t i n g o t h e r c u r r e n t
o b lig a tio n s b y p o s tp o n in g t h e p a y m e n t fo r its p o w e r p u r c h a s e d f r o m th o
T e r r o H a u t e I n d i a n a p o li s & E a s t e r n T r a c t i o n C o . , t n o o w n e r o f a l l t h e
c o m m o n s t o c k o f t h o I n d i a n a p o li s T r a c t i o n & T e r m i n a l C o . , a n d M a y 1
1 9 1 9 It o w e d t o t h a t c o m p a n y a p p r o x i m a t e l y $ 7 1 8 ,0 0 0 .
Forfeiture of Lease Deemed Inadvisable.— T h e r e a r e a p p a r e n t l y b u t t w o
m e th o d s o r m e e tin g t h e s itu a tio n : F ir s t , a s e p a r a tio n o f th o p r o p e r tie s ’
s e c o n d , a c o n s o li d a t io n w i t h a c o n s e q u e n t e l i m i n a t i o n o f t h e p r e s e n t le a s e
A n u m b e r o f s t o c k h o ld e r s w o u ld lik e t o s e e t h o le a s e f o r f e i t e d a n d t h e
I n d i a n a p o l i s S t r e e t R y . r e s u m e t h e o p e r a t io n o f it s o w n p r o p e r t y .
T h o s e r io u s o b j e c t i o n s t o t h is i n c lu d e : (a ) M u c h o f t h e p r e s e n t p r o p e r t y
h a s b o o n a d d e d b y t h o le s s e e , a n d o n l y p r o lo n g e d li t i g a t i o n c o u ld d e t e r m i n e
how m u ch .
(6 ) T h e S t r e e t R y . c o u ld n o t o p e r a t e w i t h o u t t h e u s e o f s o m e

2330

THE CHRONICLE

[V o l . 108.

of tho property which admittedly belongs to tho lessee, (c) Bond interest
Nashville Ry. & Light Co.—New Equipment.—
and sinking fund on tho Street Ky. 4s are in default; financing theso bonds
The Tennessee Railroad and Public Utilities Commission has granted the
at this time would bo almost, if not quite, impossible, (d) Tho Street Ky
company permission to purchaso ton now street cars, estimated to cost
stockholders aro investors and not street railway operators.
Plan Recommended.— Tho committee therefore proposes following plan about $57,980. Permission is granted to issuo car notes for 333,425 of
o f consolidation under which two-thirds of tho voting power in tho new this amount. Tho cars, it is stated, will be purchased from tho American
company (i. o., $5,000,000 6 % cum. pref. stock) will bo in tho Street Ry. Car Co. of St. Louis.— V. 108, p. 1938. 1820.
stockholders, and they will bo in a situation to obtain their dividends,
New Orleans Ry. & Light Co.—To Pay War Loan Int.—
if earned, before anything can bo paid on tho 32,500,000 common stock.
Judge Foster, in tho U. S. District Court at New Orleans, La., on May
If this plan is carried out, it is proposed to make immediate efforts to
reduce tho sinking fund obligations on account o f tho existing mortgages, 29 ordered J . D . O’ Keefe, receiver, to pay $28,482 interest duo on Juno 1
and to cancel tho bonds held in tho two sinking funds, now amounting to on tho $1,000,000 loan by tho War Finance Board. Tho principal of tho
loan was also duo on Juno 1 , but tho War Finance Board has expressed
about $2 ,2 0 0 ,0 0 0 .
'
.
It is also proposed to issuo a consolidated mortgago with a total bond issuo its willingness not to press payment of tho principal at this timo. The
equal to tho total of tho existing mortgages, so that ultimately all of tho total o f tho debt has beon reduced to $940,000, bonds to tho extent of $60.
present debt may bo refunded therewith. Upon tho releaso of tho bonds 000 having been retired.— V. 108. p. 2241, 2023.
now in tho sinking funds, a like amount of tho consolidated bonds will bo
New York Central RR.—A. II. Smith Again President.—
available, subject to tho approval o f tho P. S. Commission, for tho making
■A-. II. Smith has been re-elected President and a director of this company
o f betterments and extensions, for which funds aro now lacking.
the Michigan Central R R . Mr. Smith merely resumes tho placo on
It is believed that with tho cutting off of tho rental as a fixed charge, the and
-- - --------- ■■ - - reduction of sinking fund obligations and tho provision of means for making tho board which he hel d—
further extensions, tho suggestions of tho P. S. Commission will have been
practically met and a better spirit of co-operation with all interests will bo
created. Of course, as long as tho present high costs of operation continuo, it is understood, resume the Vice-Presidency.— V. 108, p . 1937, 1512’.
tho samo emergency which necessitated a 5-cent faro will bo upon us, but
Northern Ohio Traction & Light Co. Increased
in our opinion tho first step must bo this compliance with tho wishes of tho
public authorities.
Fare Defeated— Bond Issue
[Signed by Stockholders’ Committee: J. F. Wild, Walter J. Ball, R. K.
The citizens of Akron, Ohio, on M ay 31 voted five to one against an or
Willman, John W. Smith, Frank Donncr, Robert Elliott, Gcorgo O. Hitt, dinance submitted to them providing for an increase in faro from 5 to 6
cents.
W . A. Hough, Otta N. Frenzel, S. T. Murdock, M . J. Ready, and H. H
nornbrook.J
Tho Ohio Utilities Commission has authorized tho Northern Ohio Trac
Digest of Consolidation Plan.
tion & Light Co. to issue 34,998,000 7% 6 -year bonds, for which the com
Tho Indianapolis Street Ry. Co. and Indianapolis Traction & Terminal pany will pledge as collateral 5% bonds heretofore authorized for which
Co. agreo to consolidate as the “ Indianapolis Street Railway C o.,” the no market could be found.— V. 108, p. 2241, 1611.
lease of the Indianapolis Street Railway to the Indianapolis Traction &
Pennsylvania RR. Report on Mileage
Tramlnal Co. and all claims growing out of said lease to bo extinguished.
Tho annual record o f transportation lines of tho Pennsylvania Railroad
The capital stock of said consolidated company shall bo 37,500,000,
System, which has just been issued, shows that tho Pennsylvania R R . Co.
In shares o f $ 1 0 0 each, with no distinction in voting power, viz.:
and tho corporations controlled and associated in interest with it, both east
Preferred Stock entitled to cumulative dividends at tho rate of 6 % per ann. and
west of Pittsburgh, own a total of 11,942.66 miles of railroad lino. All
of these lines aro temporarily in Governmental possession and operation.
Of tho total mileage, 3,937.26 miles or double track, 850.51 miles are
three-track and 648.86 miles aro four-track. Tho total trackago of tho
stock shall bo fully redeemed or paid at tho par value with all unpaid system
sidings and yards, is 27,795.64 miles. In addition to the
accrued dividends, in priority to any o f the common stock. Total railroad including
lines specified, tho system owns 69.94 miles o f ferries and canals.
authorized preferred stock__________________________________ $5 ,0 0 0 ,0 0 0
Tho title to tho various portions of tho railroad miieago constituting tho
Common Slock, total authorized [This stock, it is stated, will bo allowed Pennsylvania System is lodged in tho Pennsylvania UR. Co. proper and
no voting power unless tho pref. divs. aro paid in full.— Ed.]__ 2,500,000 113 suPJj‘c**:(r7 railroad corporations. Tho parent company owns directly
Rzchanpc of Old Slock for Stock of Consolidated Company.
2,905.77 miles of lmo, all of which lies in tho State of Pennsylvania. Tho
$100 / resent Stock—
Outstanding. Ncto Preferred. New Common
remainder of tho mileage, both within and without tho Stato of Pennsylvania
................... is owned by the subsidiaries, which aro tied into tho Pennsylvania System
Indianapolis Street R y . . ...........$5,000,000 $100-35,000,000
Ind. Traction & Term. C o......... 5,000,000
.......................$50-$2,500,000 by long-term leases, guarantees or stock ownership.
East o f Pittsburgh tho Pennsylvania System owns 6,549.71 miles of line
or ^ ^ r P or\ iJ ssue~^Ire, senl. Limit 15,000,000— After April 7, 1933 $25.000,000.— Tho consolidated company shall executo a mortgage upon all and 15,851.65 miles of track. West of Pittsburgh it owns 5,392.95 miles
Its property and franchises, subject to tho lien o f tho several divisional of lino and 11,943.99 miles of track.
mortgages below mentioned, to securo an authorized $15,000,000 of bonds
Consolidation Approved
bearing interest at not exceeding 6 % . Theso bonds shall be issued only
Tho Pennsylvania P. S. Commission has approved tho acquisition by
tor additions and betterments to and extensions, acquisitions and replace this
company of the corporato rights, franchises, property, &c., of tho
ments o f lines o f street railroad, which become a part o f tlio street railroad Cumberland
Valley R R ., in accordance with tho agreement entered Into
system o f the consolidated company in Indianapolis and Its vicinity.
by tho two companies Jan. 22 1919. Under tho agreement of salo the
“ a*d bonds shall only bo issued to tho amount o f par valuo of bonds of purchase
price
of the capital stock is to bo $150 a sharo.— V. 108, p. 1275.
tho threo divisional issues which havo been or shall bo taken up and can
celed by sinking fund payments, so that at no time while any or divisional
Philadelphia Co. Foreclosure on Property of Subsidiary.
bonds aro outstanding (unless their presont dates of maturity shall bo ex
Seo Southern Traction Co., Pittsburgh, Pa., below.— V.108, p.2241, 2123.
tended, as hereinafter provided) shall tho aggregato amount of [new and
oltI ,5 onds secured by mortgages on tho property exceed $15,000,000,
Pittsburgh (Pa.) Rys. Street-Car Loop Subway Proposed.
and the proceeds o f these now bonds shall bo used exclusively for permanent
Tho M ayor and Public Works Department of tho city of Pittsburgh havo
improvements and betterments. (An amendment, it is said, restricts tho proposed
to tho voters of tho city a $6 ,0 0 0 ,0 0 0 issuo of city bonds to build
refunding prior to tho presont maturity dates to tho amounts of bonds a street-cat
subway loop in downtown Pittsburgh. Tho structure is to bo
retired or to bo retired by sinking funds.]
8,400
ft.
long and is to do a two-track subway in which all cars will operate
But notwithstanding tho foregoing, provision may bo mado In said mort
tho samo direction around tho circuit.
gago for tho issuance o f the bonds to refund tho existing mortgago indebted in No
definite plans for operation havo been formulated, but tho city officials
ness, or any part thereof (at their maturity]. All bonds issued for refund
that tho subway can bo leased to tho streot railway company for
ing shall bo subject to bo taken up and canceled by tho sinking fund pro believe
operation. Inasmuch as tho uso o f tho subway would probably not in
visions which were applicable to tho refunded bonds in their original form, crease
tho
revenues of tho street car system very greatly, it is anticipated
when so taken up and canceled, original bonds may bo issued in sub
stitution therefor, which, or the proceeds thereof, shall bo used only for that part of tho cost of tho subway will havo to bo borno by tho city.
permanent improvements and betterments.
Foreclosure on Property of Subsidiary
Provision may be mado in said mortgago that tho maturity of any out
Seo Southern Traction Co., Pittsburgh, Pa., below.— V.108, p .2123,1512
standing bonds which become duo on or before April 7 1933 may bo extended
*° such date as may bo determined by the Board at not exceeding 6 % inter
Railroad Rates. Federal Control Over Rates Upheld
est if permitted by law.
The U. S. Supremo Court, on Juno 2, by unanimous decision, reversed
After April 7 1933, tho total amount of bonds authorized to bo Issued and decrees entered by the North Dakota Supremo Court enjoining tho Northern
secured by said mortgago may bo increased to tho aggregato o f $25,000,000, Pacific RR. and Director-General Hines from enforcing an order of tho
l n c l u t ^ tho divisional bonds, if any, then outstanding, and such excess of Railroad Administration increasing rates in that Stato. Tho decision
510,000,000 bonds may bear such rate o f interest, not exceeding 6 % p. a., specifically upheld freight and passenger rate increases mado by tho Rail
and bo used for any proper corporate objects and purposes of said consoli road Administration in June 1918. The court also set aside decrees of
dated company.
tho lower court which held that under Section 15 of tho Railroad Control
Existing Bond Issues.— Tho lien o f tho several existing mortgages named Act, pre-existing intra-Stato rates remained in effect as lawful police regula
below snail bo confined to the property and interests upon which each is tions.
now a lien, and shall not extend to any other property o f tho consolidated
Tho court held that tho authority conferred by tho resolution and tho
company, except as “ general debts,” without priority, after satisfying of Act were war powers conferred on the President and that the power of tho
tho mortgage liens thereon.
Federal Government was "supremo and conclusive.” Tho opinion, which
...
_
Issued, x In Sk. Fd. was written by Chief Justice White, in effect authorizes tho R R . Ad
Indiana St. Ry. mtgo. of 1899, auth., $7,000,000..$G,000,000 $1,013,000 ministration to continuo the collection of tho increased freight and passongor
Citizens’ Street R R . Co. Mtgo. o f 1893..................... 4,000,000
...............
intra-Stato rates as provided in orders Issued in Juno 1918, which orders
Indianapolis Traction & Terminal Co. Mtgo______ 6.000,000
1,167,000 provided for a 25% increaso in freight rates and an incroaso in passonger
rates to a three-cents-a-milo basis.— V. 108, p. 2123.
x These approximate amounts in sinking fund aro supplied by Ed.
Reading Company. Director Report
Directors.— Tho board o f tho consolidated company shall bo composed of
A.
S. Smith has been elected a director to succeed William n . Vanderbilt,
nino members, and until tho first annual meeting. In Juno 1920, shall con?istT? f JJ?,nry Jameson, Robert Elliott, Walter J. Ball, W. T . Durbin, resigned.
Sco also “ Annual Reports” on a preceding page.— V. 108, p. 974, 684.
R . K . Willman, II. O. Thomson, Joseph A. McDowan, John J. Appel and
Robert I. Todd.— V . 108, p. 2241, 78.

—

.—

—

.—

.—

—

—

.—

—

.—

—

International Traction Co. (Buffalo).—Sale Post

poned .—

Tho salo by tho Central Union Trust Co., Now York, o f tho collateral
securing tho 6 % serial gold notes, dated April l 1911 (V. 108, p. 2122)
scheduled for M ay 27 has been postponed until Juno 11.— V. 108, p. 2241.

Lehigh Valley Railroad Co.—Com. Div. Reduced.—

Tho company has declared a quarterly dividend of 1 % % on tho common
?i0CTTPayable on or as soon after July 5 “ as tho company receives from
the U. S. Gov t an adequate payment o f tho rental now duo,” to holders
o f record June 14. This reduces tho annual rate on tho common stock
from 10% to 7 % . The regular quarterly dividend o f 2]/%% on tho pref.
was also declared.
President Loomis is quoted as saying: “ This action has been taken
because we boliovq it is tho conservative thing to do at this timo. Paying
1 0 % dividends under oxisting conditions— in tho judgment o f tho directors—
Jeaves too small margin o f safety for careful management.
If futuro earnings o f tho Lehigh Valley R R . Co. and its controlled
properties should, after providing for all contingencies, justify it, tho
opart will give careful consideration to an increased distribution to its
stockholders.” — V. 108, p. 2241.

Memphis Street Ry. Co.—Interest Payment.—

Funds for tho payment of tho M ay 1 1919 interest on tho 2-year Collateral
Gold notes has been deposited with tho Now York Trust Co., together with
Interest at 6 % for one month on tho deferred payment.— V. 108, p. 2241.

Missouri Kansas & Texas Ry.—Dec. 1 Coupon.—

Coupons for interest matured Dec. 1 1918 on tho First Mortgago 4%
bonus will bo paid upon presentation at tho office o f agent for receiver. 61
Broadway, N. Y . City. Tho Juno 1 1919 coupon will bo deferred.—
V. 108, p. 2241, 1823.

Mohongahela Valley Traction Co.—Notes Offered.—A

banking syndicate headed by Fidelity Trust Co., Baltimore,
are offering at 99 and int., to yield 7 ys % , $2,000,000 one-year
6% notes, proceeds to bo applied to completion of payments
on power plant costing $3,000,000, extensions, &c.—-V.
108, p. 973, 480.



—

.—

Rhode Island Co.— Master in Chancery Appointed, & c .—

Presiding Justice Tanner, in tho Superior Court at Providonco, R. I.,
on M ay 28 entered a decree giving tho recoivers temporary directions for
operation of tho lines and appointing Richard E. Lyman, Master in Chan
cery. Tho receivers were authorized to pay tho Federal rovonuo taxes,
to pay rentals duo to tho United Traction & Elec. Co., tho amount to be
determined by tho master, and mcanwhilo to operato tho lines, paying the
traction company, tho lessors, at tho rato of tureo cents per car milo per
month.
The Master in Chancery was ordered to dotermino and report to tho
Court tho sum for rentals to bo paid tho United Traction & Elec. Co. from
Jan. 30, the date of appointment of a temporary receiver, to April 21, when
tho Court decreed that leases terminated; tho amount to bo paid tho re
ceivers for operating expenses, tho monthly compensation to do paid tho
lessor company for rentals, beginning April 21; tho exact disposition of
property or tho lessors and any losses resulting from neglect or broach of
Icaso terms; tho exact ownership of all tho property, lines, equipment and
rights of way. &c., composing the systom.— V. 108, p. 974, 684.

Rio Grande RR. of Texas.— Standard Gauge.—

A dispatch from Brownsville, Tox., says that everything is being mado
ready to convert this road from narrow to standard gaugo. Tho lino runs
between Brownsvillo and Point Isabel, Tox., a distance of about 2214 miles.
— V. 108, p. 1061.

Roanoke River RR.— To Resume Operations.—■

A press dispatch states that tho Townsvillo Township of Vanco County,
No. Caro., has voted to Issuo $75,000 5% 30-year bonds to purchaso con
trol of tho company, operating 12 miles standard-gaugo road from Manson,
a station on tho Seaboard Air Lino Ry,, to Townsvillo. It is understood
that the approval of tho bonds by tho voters moans that operation of tho
road will be resumed. G. W . Marrow, of Townsvillo, N. O., is Pres. &
Gen. M gr.; J. R. Paschall and O. J. Sands, Richmond, Va.. aro Vico-Prosldents, and Thos. Graham, of Richmond, is Sec.

St. Louis-San Francisco Railway Co.— Bonds Ready.—

Tho definitive engraved Prior Hon Mortgage bonds, Series O, wifi bo
ready for delivery upon surrender of tho temporary bonds at tho Central
Union Trust Co., 80 Broadway, N. Y . City, on and after Monday, Juno 9
1919. As tho temporary bonds do not bear any coupons, thoy should bo
exchanged on or before July 1, when somi-aunual interest is payablo.
See “ Annual Report” on a preceding page.— V. 108, p. 1823, 1166.

June

7 1919.]

THE CHRONICLE

S e a ttle & R a in ie r V a lle y R y .— Fare In crease Granted .—
Tho Washington P. U. Commission on May 23 granted tho company’s
application for an increased faro in Seattle from 5 cents to 0 cents. A propo
sition for tho purchase of tho company's linos in Seattlo by tho city is now
before tho City Council.— V. 108, p. 1276, 380.
S o u t h e r n T r a c t i o n C o ., P i t t s b .— P erm ission to Foreclose.
Judgo Chas. P. Orr, in tho U. S. District Court at Pittsburgh, on M ay 29
granted tho application o f the Union Trust Co. of Pittsburgh, trustee for
tho $4,000,000 First Mortgage bonds, interest on which is in default, for
permission to forecloso its mortgage on tho company's property. It is
understood that an appeal will bo taken to tho U. S. Supremo Court.
— V. 108, p. 785.
S p o k a n e & I n l a n d E m p ire R R . C o .— Earnings.—
,
1918.
1917.
1916.
1915.
$1,226,910 S I,242,005 $1,193,835
Total oper. rovonuo-$1,143,015
Net after taxes... (def.)$97,594
G’r.$38,935 Cr.$113,778 Cr.$173,489
Int. on funded debt___
$221,512
$225,759
$230,204
$232,015
Int.onunfundeddobt.etc.
305,547
275,178
243,527
242,837
$527,059
$500,937
$473,731
$474,853
Total deductions_____
Balance, deficit...............
$624,653
$462,002
$359,953
$301,364
Tax deductions in 1918 wero $142,811; in 1917,$121,468.— V. 108,p .1611.
T o le d o R y s . & L ig h t C o .— W ages In creased .—
The National War Labor Board on May 28 announced its award in tho
case of tho employees of this company. Wages of motormen and conduc
tors are to bo 42 cents per hour for tho first 3 months o f service; for tho next
9 months 44 cents an hour, and thereafter 46 cents an hour. Other em
ployees wero granted an increase o f 8 cents an hour. Tho request of tho
employees for a closed shop was denied. Frank It. Coates, President of
tho company, estimates that tho award will increase tho pay-roll approxi
mately 8300,000 per annum and will make increased fares imperative.
— V. 108, p. 880.
T o r o n t o R a ilw a y .— City to Finance Purchase .—
On M ay 28 in tho Toronto Board of Control, Mayor Church introduced
a motion regarding tho taking over o f tho Toronto Itailway Co., in brief:
“ That a by-law bo submitted to tho electors at the next municipal elec
tion. .Jan. 1, 1920, to provido for tho expenditure of $5,000,000 to prepare
tho way for tho taking over of tho Toronto Kailway Co. by tho city in 1921,
tho said by-law to provido for: (a) A largo number of now and up-to-dato
cars. (5) A reasonable number o f extensions to tho civic lines, to givo all
parts of the city a service in 1921, as far as possible, (c) Tho re-laying of a
reasonable amount o f track, now in bad repair, (rf) For necessary equip
ment and rolling stock. That Messrs. Harris and Bradshaw bo requested
to report on a dofinito plan for tho aforosaid."
The matter was referred to tho Transportation Committee for them to
submit a report back to tho Board o f Control within a month.— V. 108, p.
1276, 1166.
T w in C it y R a p id T r a n s it C o .— Cost o f Service Franchise

to Be Submitted to Voters .—
The City Council of Minneapolis on M ay 29, by a vote o f 16 to 10, ap
proved a report o f its Committee on Street Kail way Matters, putting up
to tho voters of tho city tho question whether tho Minneapolis Street Ky.
shall obtain a 25-year cost-of-service-franchiso on a valuation of $24,000,000
with a return of 7% . The company has 10 days in which to accept tho
proposal, and if accepted, tho franchise will go to tho voters o f tho city for
ratification at a special election to bo called within 90 days after acceptanco.
Tho committee’s report recommended a valuation o f $24,000,000, with
a return o f 7% on tills amount, and 1 % over tho interest paid by tho com
pany on all added capital. It also provided that all earnings o f tho com
pany in excess of 7% on this valuation shall go to tho city, and tlio city shall
have tho right to take over tho property at tho end of any year. Tho coin■’s present franchise expires in 1923.
^SFa'
layor .1. 10. Moyers of Minneapolis on M ay 30 announced: “ The 7%
clauso is tho most vicious part o f tho franchiso, in my opinion. I beliovo
6 % is ample return, and I don’t think tho valuation should bo above $2 0 ,
000,000. I shall do my best to defeat a franchiso carrying a 7% return
when it comes before the people for acceptance.” — V. 108, p. 2242, 1052.
U n it e d R y s . o f S t . L o u is .— M otion to D ism iss Seaman
Suit Overruled .—
Special Master Henry Lamm, on May 29, overruled motions to dismiss
tho John W . Seaman receivership proceedings, which allege present and
past mismanagement o f tho company’s affairs and which demand tho re
moval of tho directors and an accounting from certain of tho present and
former officers and directors.— V. 108, p. 1823, 1611.
U n it e d T r a c t i o n & E le c . C o . (P r o v id e n c e , R . I . ) . —
Seo Itiiodo Island Co. abovo.— V. 108, p. 2124, 2023.
V a n B r u n t S t . & E rie B a s in R R ., B r o o k ly n .— Fare .—
Tho company applied to the P. S. Commission on Juno 2 for permission
to increase its rato o f faro from 3 to 4 cents. Tho lino extends from Hamil
ton Ferry to tho Erlo Basin, is a trifle moro than ono mile. and is ono o f tho
few in Brooklyn which has not boon absorbed by tho Brooklyn Kapid Tran
sit Co.
W e s t e r n P a c ific R R . C o r p .— To Purchase C oupons .—
Seo Denver & Rio Grando R R . abovo.— V. 108, p. 2023, 1938.
IN D U S T R I A L A N D M IS C E L L A N E O U S .
A e t n a E x p lo siv e s C o .— Plan — O perations .—
J. & 4V. Seligman & C o., Reorganization Managers, givo notico that on
Juno 10 application will be mado to U. S. District Court Judgo Mayor for
consent to amend their plan of March 14 1918 to accord with tho plan out
lined last week. Seo pago 2242.
Benjamin B. Odell, one or tho receivers, donylng recent reports that tho
company would discontinue its commercial powder business, says:
“ Since tho receivers were appointed in April 1917 they have spent over
explosives plants which _have no connection with tho domestic powderbusiness. Tho company s lino of commercial dynamite, blasting caps and
other commercial powder products is to bo continued and all o f its eight
domestic powder plants, seven in this country and ono in Canada, aro
now boing operated.
“ With tho unusually strong financial position in which tho company now
is and which will bo bettered as a result of tho proposed readjustment, it is
my confident belief that tho company will bo a far greater factor in tho
domestic explosives business in this country than it has ever been in tho
past. It will bo my policy, if 1 am selected as President of tho new com
pany, as is contemplated, to can-y out this policy in tho futuro conduct of
tho business. — V. 108, p. 2242, 1276.

A llis-C h alm ers M fg. C o,— Accum. Dividend— Directors
A dividend of
of 1% has been declared on tho prof, stock on account
of accumulations, in addition to tho usual quarterly dividend of l?J%
both payable July 15 to holders of record Juno 30. By tho present navi
ment of tho % of 1% on account o f accumulations, tho amount now re
maining unpaid is 2M % .— V. 108, p. 1823, 1607.

Am erican Car & F o u n d ry C o.— Deal Off —
Negotiations which have boon under way for acquisition o f National Steel
Car Go., Ltd., o f Canada, aro said to have been broken off, owing to ina
bility of both parties to agreo on satisfactory terms.— V. 108, p. 975, 880.

American Graphophone Co.— Dividends.—
An advertisement says a dividend of $2 74 per share in cash and 1-100
of a sharo o f common stock of tho Columbia Graphophono Mfg Co ins
been declared on the common and preferred stocks o f tho American Grapliophono Co., both payabio Juno 5 to holders o f record Juno 4.— V. 108, p.1612.

American Malt & Grain Co.— Purchase Approved.—

Seo American Malting Co. below.— V. 108. p. 1823.

American Malting Co.— Sale Approved.—
„ „ T,l10t s ? ] 0 ? f
lilani2kEc2™ state’ &c-’ ° r.tao company to tho American
Malt & Grain Co. for $995,000 was approved on Juno 4 by Vicc-Cliancollor
Lowls of tho N . J. Chancery Court.— V. 108, p. 2243, 2124.




3331

A m e r ic a n P ia n o C o .— Balance Sheet D ec. 3 1.
Assets—
1918.
1917.
Habtllties—
1918.
1917.
Real cat., machin
Capital stock.........$7,019,700 $7,019,700
ery and equip...$1,736,565 $1,857,916 Accounts payable. 181,669
338,203
Mdse., materials,
Floating debt........ 1,091,500 1,651,500
stock In process. 1,253,125 1,518,000 Other liabilities and
Cash and debts rec. 2,000,107 2,558,824
reserves............
64,658
266,537
Patent rights........ 3,805,127 3,805,127 Surplus................. 831,730
819,087
Invest.&oth.assets 394,333
355,160
T o ta l...--------- $9,189,257 $10,095,027
Total______
so 189 257 S10 005 097
Data filed with Massachusetts authorities.— V.*i04, p. 2344, 1047. ’

American Railway Express Co.— D irecto r .—
!’’ ■(1“ C ' Sullivan has been elected a director to succeed A. J. Hemphill
Other directors were re-elected.— V. 108, p. 2124.

American Steel Foundries Co.— Dividend.—
ft*™ .d ^ rcd a Quarterly dividend of 75 cents per share
(2M %) on the $17,184,000 outstanding capital stock (par now $33 1-3 per
share) payable Juno 30 to holders of record June 19. This declaration
puts tho stock on $3 a year (or 9% ) basis, contrasting with tho recent 80%
rato on the old $100 shares.
Sale o f P ref. Stock f o r Purchase o f G riffen W h eel C o .— E a r n s

“ Daily Financial America” of N. Y . on June 5 says]h<ercJ s to beTa sp^ ial meeting of stockholders of the
A’permim Steel Foundries(Co. on June 17 next, for tho purpose of formally
ratifying a now issue of 7% preferred stock which is about to lie put out in
connection with the purchase of tho Griffin 4Vheel Co. A group of New
York, Chicago and Boston bankers will underwrite the issue which it is
understood, will not exceed S10,000,000 to bo outstanding directly
An
official announcement is expected at an early date.
The purposo of tho sale of this preferred stock at present is to provide
the necessary funds to pay for the Griffin Wheel Co. recently acquired
Iho financial statement for tho first quarter was not made public after
tho meeting of directors to-day. It was learned, however, that tho net
earnings for the quarter was approximately $1,850,000. Tho surplus for
?,fucr taklng care o f (a/es and dividends is reported to amount to
$570 000 — Vh°l o T plU2213*' aS‘ d° f° r taXCS Ls said to amount to about

American Telep. & Teleg. Co . —

In crea sed Rates U p h eld .

The U. S. Supremo Court on Juno 2 handed down a decision, written by
Chief Justice White, upholding increased telephone and telegraph rates
put into effect on Jan. 21 1919 by Postmaster-General Burleson. The
court held that under the joint resolution by which the wire systems wero
taken over by tho Government there was authority for interfering with
mtra-Stoto rates. Decrees by the South Dakota Supreme Court, enjoining
tho Dakota Central Telephone Co. and three other telephone companies
from Increasing intra-State toll rates in compliance with the PostmasterGeneral s order were set aside, and Federal court decrees permanently rostraining tho Postmaster-General from charging increased telegraph rates
in Illinois wero dissolved. At the same time Massachusetts decrees dis
missing the State Public Service injunction against the Now England Tel. &
le i. Co. were affirmed and original proceedings brought by tho State of
Kansas against Postmaster-General Burleson and tho Southwestern Bell
Telephone Co. wero dismissed.— V. 108, p. 2124, 1513.

Ames-Holden-McCready Co.— D iv id e n d .—

i , l ! 10 "Ehiamcial Post” of Toronto of May 31 says: “ Very important events
i> f } 10 !u-sto,ry-, both o f Ames-Holden-McCready Co. and Atlantic Sugar
Ltd., took piaco on Thursday, May 29, when tho directors of
t 0 t'vo closely related companies met and decided to start current dividends
h?nn Snlrhn°irrw Stoc^ at the rate o f 7% per annum. No decision has
dividends on both^tocks
WUI b° doU° wlth tho arrcars in P u r r e d
A t tho Ames-Holden-McCready. Ltd., meeting D Lorno MeGihbon
Rhvinr i°,Vn t i1>0 Presidency and became Chairman of tho Board, and T H
Kicdcr, into 1 resilient of the Canadian Consolidated Rubber Co was
olocted President and General Manager.— V. 103, p. 495.

Appalachian Power Co. —

E a r n in g s f o r Calendar Y e a r s .—

„
,
1918.
w » H n « mlngs.......................................... $1,254,266
N etlncom e--------------------$580,718
^ e r e s t cheirges------------511,197

1917.
$948,277
$422,400
483,384

1916.
$794,922
$444,402
424,575

Balance, surplus or deficit...............sur.$25,521 def.360,984 sur.$19,827
C hange i n C on trol .—

Seo Standard Gas & Electric Co. below.— V. 107, p. 1289.

Arkansas Natural Gas Co . —

J oint L ea se — R ep ort .—

Tho following has boon confirmed for tho “ Chronicle” : “ Arkansas Nat
ural Gas Co. and Plymouth Oil & Gas Co. have jointly leased 20,000 acres
of Shelton Ranch on Bravo Dome, Oldham County, Texas. Tract is a
few miles from Texas-New Mexico line.”
For annual report seo a previous page.
Securities L isted in Pittsburgh— A c q u isitio n
Leaseholds in T exa s D istricts .—

of

E xten sive

Seo “ Annual Report” on a preceding pago.— V. 108, p. 2243, 1062.

Atlantic Sugar Refineries, Ltd.— D iv id e n d .—

Seo Ames-Holden-McCready Co. abovo.— V. 108, p. 476.

Bethlehem Steel Corp . —

Im p ro vem en ts P la n n ed — O rders.

Charles M . Schwab, Chairman, recently on an inspection visit to tho
Sparrow’s Point (M d.) plant is quoted as saying that he will spend between
$25,000,000 and $40,000,000 in improvements at the plant by Jan. 1 1920,
this amount to bo in addition to the $50,000 improvements now being
completed. Now tin mills, a new hearth furnace and the adding of 10
ships to tho present oro fleet of the corporation are among the Improve
ments for which the appropriation will be made.
The General Motors Corp., it was announced, on June 4 has placed an
order for 345,000 tons o f steel with this corporation. The order, it Is
understood, covers a large variety of steel products, Including bars, sheets,
plates, shafting, &c.— V. 108, p. 2125, 1722.

Brooklyn Union Gas Co.—E a r n in g s .—

Calendar Years—
1918.
1917.
1916.
1915.
Gross revenue................. $13,053,797 $12,243,761 $11,353,594 $10,719,758
Net after taxes_________
812,378
2,129.430
1,987,346 2,324,211
Other incomo................ 242,767
261,914
239,200
232,166
Total income.................. $1,055,145
Fixed charges, int. on
funded debt. &c..........
855,354

$2,391,344

Surplus:., .................
$199,791
Previous surplus----------- 5,744,072
Adjustments..................... deb.68,350
D ividends...................
1,080,000
Approp. to conting. fund ________

$1,531,432 $1,388,916 $1,717,059
6,121,719
6,049,207
5,942,578
cr.199,618 deb.123.596 deb.170,431
1,260,000
1,440,000
1,440,000
848,697
- ...........________

859,912

$2,226,546 $2,556,378
837,630

839,319

Total p .& l . surplus.. $4,795,513 $5,744,072 $6,121,720 $6,049,207
Figures as furnished by P. S. Commission. F'irst District.— V. 108, p.2244.

Butte & Superior Mining Co., Ltd.— P rod u ction .—
1919-----May-----1918.
Zinc (p ou n d s)............... 10,000,000 6,850,000
Silver (ounces)...............
210,000
170,000
— V. 108, p. 2125. 1938.

1919— 5 Mos.— 1918.
39,125.000
62,750,000
751,000
1,220,000

C a lifo r n ia P e tr o le u m C o r p .— Combined E a rn in gsEarninas for Three Months Eending March 31.
„
,
„ 1919.
1918.
1919.
1918.
Gross earnings..$1,137,664 $853,466 Interest on bonds. $22,958 $24,552
Oper. expenses..
320,052 198,279 ♦Minority interest
2,594
7,814
Net earnings. $817,612 $655,187 Reserve for Federal
Dep. exit, of dep.
taxes & con tin .. 64,079
.
182,921
& c...................
_
Balance............. $550,248 $622,821
* Proportion of earnings applicable to minority stockholders of subsidi
aries.— V. 108, p. 1722.

2333

C a lu m e t & A r iz o n a M in in g C o .— Dividend Reduced .—
The directors have declared a quarterly dividend o f 50 cents (5%) per
share on the stock, payable Juno 26 to holders o f record June 6 . This com
pares with $1 (10%) paid in March and $2 (20%) paid quarterly in 1918.
Annual Dividend Record (Per Cent).
1908-11. 1912. 1913. 1914. 1915. 1916. 1917. 1918.
1919.
40 yearly 4 2 ^
50
30
32 'A
90
110
80 M ar., 10; Juno, 5
— V. 108, p. 1939. 1718.
C a n a d ia n C o n s o l. R u b b e r C o .— Directors.—
Sir Charles B. Gordon and Lieut.-Col. Herbert Molson have been elected
tolthe board o f directors.— V. 108, p. 1722.
C e n tr a l F o u n d r y C o .— N ew Com pany Organized .—
See Iron Products Corp. below.— V. 108, p. 2125, 2024.
C e rro de P a s c o C o p p e r C o r p .— Production {in lbs.).—
1919.
1918.
1917.
Month of M ay.................................
4,034,000
6,166,000
4,670,000
24,074,000 31,214,000 28,204,000
Jan. 1 to M ay 31...........................
— V. 108, p. 1939, 1818.
C h a lm e r s M o to r C o r p .— Merger Plan.—
See Maxwell M otor C o., Inc., below.— V. 108, p. 2024.
C h a r c o a l I r o n C o . o f A m e r ic a .— Further Particulars.—
T h e offering of $ 1 ,4 0 0 ,0 0 0 7 % Serial gold debenture notes
b y P . W . C h a pm a n & C o . and A m e s , E m erich & C o . was
noted in these colum ns and b y a d v t. M a rc h 8 , (p . 9 7 6 ).
Data from Letter o f Pres. Frank W. Blair, Dated Detroit, March 1 ’19.
Business.— The company’s principal business consists of the production
o f charcoal pig iron, used for car wheels, automobile cylinders, &c., and
two by-products— wood alcohol and acotato of limo. It is the largest
producer in the U. S. of these threo products, which are distributed through
selling agencies, to all parts of this country.
Properly.— Consists of largo holdings of raw materials and modern plants
for their conversion located at Newberry, Manistique and Boyne City,
M ich., and Ashland, Wise. Owns 187,000 acres of hardwood timberland
in northern Michigan, also a lease which has 23 years to run on an ore body
in Gogebic County, Mich. Authorities have placed a physcial valuo on
the property of more than .'$11,000,000, which, with quick assots of $3,217,
824 in tho form of cash, manufactured products, &c., makes a total valuo of
moro than 814,000,000.
Balance Sheet as of Jan. 31 1919, After Giving Effect to This Financing.
Assets (Total Each Side 813,300,322).
Land, building, plants, machinery and equipment.......................89,919,686
Current assets: Inventories and supplies at cost, 82,732,221;
notes and acc’ts receivable, 8408,858; miscellaneous advances,
844,663; cash in banks, $27,712; Liborty bonds and stamps,
$4,373 ______________________________________________________3,217,825
Deferred charges to futureoperations-------------------------------------162,811
Offsets.— Pref. stock, 6 % cumulative, 85,217,150; common,
$2,839,450...................................................- ..................................88,056,600
7 % serial gold debenture notes-----------------------------------------------Current accounts payable-------------------------------------------------------- 5742,157
Reserves for plants, leases and rawmaterials____________________ 81,118,766
Surplus - - - - - .............................................................- ......................81,982,796
Earnings.— Net earnings for 1918, after taxes and depreciation, and
after charging off over 8200,000 as additional amortization covering recent
construction, were $971,714. Tho annual net earnings, after taxes and
depreciation, for tho past soven years, have averaged moro than .$700,000.
Security.—T he company has no mortgage debt. Tho notes will bo tho
direct obligation and constitute tho only funded obligation. So long as
any of theso notes are outstanding, tho company (a) may not mortgage or
pledge its present assets, though it may give purchaso monoy mortgages
for now property; and (ft) may not issue, guarantee or endorso any other
long-time notes, bonds, &c.; (c) total quick assets must equal at least 1M
times the amount of total quick liabilities and Indebtedness, including
notes outstanding.
_
. ,
Tho indenture requires that 33 1-3% of net earnings, after fixed charges,
including principal of notes and interest and preferred dividond payments,
shall bo used in redeeming theso notes or in the purchase of new property.
Directors.— F. W. Blair, Pres. Union Trust Co., of Detroit; II. M . Camp
bell, Detroit, attorney, Campbell, Buckloy & Ledyard; A. A. Fowler,
N. V ., partner Rogers, Brown & Co.; F. M . Harrison, N. Y ., Pres. U. 8 .
Industrial Alcohol Co.; Edwin Lodge, Detroit, capitalist; J. W. Mitchell,
Toronto, Treas. Dominion Securities Corp.; G. J. Webster, Marquette,
manager Charcoal Iron Co. Compare V. 108, p. 976.
C h ic o u t im i P u lp C o .— Stocks and Bonds .—
See North American Pulp & Paper Companies Trust below.— V. 106, p.
2653.
C itie s S ervice C o .— Sub. Co. Fin ancin g .— H enry L .
D o h erty & C o . are form ing a syndicate to underwrite an
issue of $ 2 5 ,0 0 0 ,0 0 0 6 % sinking fund convertible notes of
tho E m pire G a s & Fuel C o .
T h e notes will be dated Juno 15
1919 and m ature June 15 1924.
Convertible at any tim e,
par for par, into a now issue of 8 % cum ulative pref. stock of
Em pire G as & Fuel C o .
I t is said the notes will bo offered
at 9 7 ^ .
Further Option to Convert 7 % Series B Gold D ebentures .—
Holders of Series B 7% convertible gold debentures will be permitted to
convert on or after June 1 a further 10% o f tho principal amount of deben
tures owned by them on May 1 into Cities Service preferred and common
stocks, at the fiscal agents, Henry L. Doherty & C o., New York.
Similar privileges o f partial conversion wero extended to holders of deben
tures or record Dec. 1 1918, Jan. 1 1919, Feb. 1 1919 and April 1 1919, the
present option making 50% o f tho total Issuo thus accorded conversion
rights to date.

E arnings .—

— 12 Mos. end. A pr.30—
1919.
1918.
Gross earnings_________$21,913,980 $20,127,717
Expenses_____________
628,793
380,00i

------ Month of A pril-----1919.
1918.
$1,807,255 $1,885,750
63,075
37,253

Not earnings.............$21,285,187 $19,747,716
Intorcst on debentures..
872,653
2,635
Dividends on pref. stock 4,060,201
3,879,316

$1,744,180
172,746
342,970

$1,848,497
212
335,901

Not to com. stk. & r e s ..$16,352,333 $15,865,765 $1,228,464 $1,512,384
Tho total surplus and reserves April 30 1919 aggregated $39,799,982, viz.;
Debenture fund, $630,825; contingent fund, $587,894; stock surplus, $1,
607,721; surplus reserve, $6,191,744; and surplus, $30,781,795.
,, , ,
Capital stock outstanding, $71,208,760 pref. ($2,347,345 of which is
owned by tho company) and $36,274,360 common stock ($3,361,777 owned
by tho company).— V. 108, p. 2024, 1513.

C utler-H am m er M fg. C o .— Offering of Preferred Stock.— ■
W m . A . Read & Co. are offering at 102)^ and accrued div.,
$1,500,000 (entire issue) 7 % cum. pref. stock (par $100).
Redeemable as a wholo, or in part by lot, at 110 and accrued div., on
3 months’ notico. Divs. payable quarterly, March 1, c.
Data from a Letter o f Pres. Frank R. Bacon to the bankers shows:
Company organized in 1893 to manufacture electrical controllers and
other electrical apparatus, has manufacturing plants located In Milwaukee
and|N. Y. City, with branch offices in New York, Pittsburgh, Boston,
Philadelphia, Cleveland and Chicago.
Based upon the company’s condition as at Dec. 31 1918, and aftor giving
effect to tne proceeds of this Issue, net curront assots amount to $240 per
share o f preferred stock. Upon this basis, total net assots, after deducting
all liabilities, aro equal to $ 1 0 0 per sharo.
Net earnings for the past 16 years havo averaged over 3 times tho annual
dividends upon tho present issuo of prof, stock, and for tho past 3 years,
after all taxes, have averaged over 4 times this dividond requirement,




[V ol . 108.

THE CHRONICLE

The properties aro appraised at more than $2,500,000. Tho company
has no funded debt except $100,000 notes, duo Dec. 1 1919 for the retire
ment of which a like amount of cash Is reserved.
P r o v i s i o n s . — (a) No bonds or stock ranking ahead of, or equally with,
the present issuo can bo created without tho consent of 75% of this preferred
stock; (b) no cash divs. shall bo paid on tho com. stock ($2 ,0 0 0 ,0 0 0 out
standing) unless, after providing for such div payment, net quick assets
shall be at least 1 2 0 % of tho amount of pref. stock outstanding; (c) a sinking
fund of 1 0 % of the annual net income after pref. divs., beginning with tho
fiscal year Dec. 31 1920, is provided for tho redemption of pref. stock at
1 1 0 and accrued div., or by lot at that price; (d) tho pref. stock has equal
voting rights with tho common stock in tho event of non-payment of four
consecutive quarterly dividends.

DakotaHeat, Light & Power Co.— Merger Petition Denied.
The North Dakota Railroad Commission on M ay 28 denied tho company’s
application for permission to merge 13 North Dakota public utilities and to
capitalize tho combine at $2,775,000, on tho ground that tho purchaso
prices in all instances aro excessive.

Dallas Power & Light Co.— To Issue Stock and Bonds.—

The company was granted permission by the City Commission on M ay 30
to issue pref. stock not exceeding $1,500,000 and bonds not in excess of
$6 ,0 0 0 ,0 0 0 , for alterations, extensions and other improvements contem
plated.— V. 106, p. 824.

Dominion Textile Co., Ltd., Montreal.— Earnings.—
31 Y e a r s —
1919.
1918.
1917.
Sales........................................................$23,666,217 $16,850,279 $13,375,750
Net income__________________________ $3,434,753 $1,873,371 $1,657,083
198,000
198,000
469,lbo
Rentals____________________________
Bond interest_______________________
441,023
441,013
274,679
________
3,089
Miscellaneous______________________
Tax reserve_________________________ 1,100,000
-------J22’92?
Preferred dividend (7%) — .........—
135,842
135,842
135,331
Common dividend__________________(8%)400,000 (7)350,000 (6)300,000
M a rch

Balance, surplus__________________ S I,159,888
— V. 108, p. 2025.

$745,028

$350,632

(E. I.) du Pont de Nemours & Co.— Decision.—

The Supreme Court on Juno 3 refused to roviow tho Federal court decrees
in the so-called du Pont stock suit which had dismissed proceedings brought
by Philip F. du Pont against Pierre 8 . du Pont and cloven directors of tho
du Pont Company to deciaro invalid tho purchaso for $14,000,000 from
D. Coleman du Pont, of stock having a market valuo of $57,000,000. I he
Supremo Court in effect sustains the lower court. Tho decision of tho U. 8 .
Circuit Court of Appeals, handed down in Philadelphia on March 6 (V.
108, p. 976) by Judgo Buffington, sustaining a decision by Judge J. Whit
aker Thompson in the lower court. Judgo Thompson had dismissed tho
bill of complaint in the case.— V. 108, p. 2244, 2025.

E ast B u tte Copper M in in g C o.— Production {Lbs. ) .—
1919.
Month of M ay------------------------,--------Jan. 1 to M ay 31___________________ 7,387,780
— V. 108, p. 1939. 1514.

1918.
2,208,300
11,313,780

1917.
2,008,060
8,626,440

E lectric B on d & Share C o .— N e w V ic e-P resid en t .—

H.
H. Crowell, a Vice-President of tho Michigan Railway Co. and tho
Consumers Power Co., and who has represented tho Commonwealth 1 ower.
Railway & Light Co. interests for tho last eight years, has been elected a
Vice-President of tho Electric Bond & Sharo Co. to fill tho vacancy recently
created by the death of George E. Claflin.
, , , ,
.
. oon
M r. Crowell has been identified with tho electrical industry since 1889,
serving with tho Thomson-Houston interests till 1893, then with the
General Electric until 1906, when he became Chief Engineer of tlio Commis
sion of Gas and Electricity of New York Stato, and later of tho I ublic Servico
Commission, Second District.— V. 108, p. 2244, 2126.

Electric Storage B attery C o.— L is ted .—

,

Tho Philadelphia Stock Exchange has admitted to list $2,000 additional
common stock, issued in exchange for a liko amount of pref. stock, making
tho total amount of common stock listed $ 1 6 , 1 3 1 ,9 0 0 and reducing tlio
amt. of pref. stock outstanding and listed to $117,500.— V. 108, p. 1819.

Empire Gas & Fuel C o.— N e w Convertible N o te s . —
See Cities Service Co. above.— V. 108, p. 976.

F airb an k s, Morse & C o.— Stock I n c r e a s e . —

The stockholders approved an inereaso in tho capital stock from $4,500,
000 to $12,000,000.— V. 108, p. 1939.
.

Federal D y e stu ff & C hem ical C orp.— Sale— Receivers
D isch a rg ed .—

Certain parcels o f real estate owned by tho company and located at Kings
port, Tenn., will bo offered for salo on Juno 17 by I. W . J. Donaldson,
Special Master, at the Sullivan County Court House, Blountville, lenn.,
by order of the U. S. District Court for tho Eastern District or 1 ennessco.
Judge Hough in tho U. S. District Court on May 21 issued an order
approving all the proceedings and accounts of Frank II. I latt, John W.
Ilerbort and Charles W. Holloway, receivers, in an equity suit brought
by tho Central Foundry Co. and directing that they bo discharged when
certain final payments aro made.— V. 108, p. 1392.

Federal Oil C o.— Stock In c re a se. —

Press reports stato that this company has increased its capital stock from
$4,300,000 to $6,300,000.— V. 103, p. 2345.

Fisk R u b ber C o.— First P r ef. Stocks Called .—

Ail of tho outstanding first preferred and first preferred convertible stocks
amounting on Dec. 31 1918 to $3,629,900 and $5,000,000, respectively,
havo been called for payment Aug. 1 at tho rate of $120 a sharo for tho
first pref. and $110 a share for tho first pref. convertible at tho Now Eng
land Trust C o.. Boston, Mass.
To I s s u e N e w Preferred Stock .—

^

Tho stockholders will vote Juno 10 on issuing $15,000,000 now 7% first
preferred and $2,500,000 7% second preferred stock. The proceeds from
tho salo of the now stocks will bo used to rotiro the present first preferred
and tho first convertible preferred (see above).
. . .
The first preferred stockholders of record Juno 10 will liavo the right to
subscribe to the new first preferred stock at par, and second preferred and
common stockholders of record July 15 will havo the right to subscribe to
tho additional second preferred at $135 a sharo. Both issues havo been
underwritten at tho prices stated.
,
,
Tho question of issuing 81,000.000 common stock will also bo acted upon.
See also Federal Rubber Co. (V. 108, p. 2126).— V. 108, p. 1058, 787.

G eneral A sp h a lt Co — O ffic er s.—

,

,

Secretary J. L. Rake has been elected a Vice-President and director to
succeed A. D. Andrews, resigned. Charles W. Bayllss and Arthur L.
Robinson have been elected additional Vice-Presidents, making threo VicoPresidents in all. Prank Seamans was elected Secretary to succeed
M r. Rako.— V. 108, p. 2245.

G eneral M otors C orp.— Places Steel Orders.—
See Bothlehein Steel Corp. above.— V. 108, p. 2245.

(B. F .) G oodrich C o.— To In crea se C a p ita l.—

The stockholders will voto June 26 on Increasing tho capital stock from
$84,000,000 to $109,000,000. the new stock to b e p r o r e r r e d a ^
^
same privileges as tho present preferrred stock. It is said that $15,000,000
of the new stock will bo sold immediately to holders of both tho common
and preferred in proportion to their presont holdings, tho proceeds to be
used to take up the $15,000,000 serial notes duo Novomber noxt.— V.
108, p. 1392, 779.

Grasselli Chemical Co., Cleveland, Ohio.— Offering of
Preferred Stock.— Worthington, Bellows & C o ., Cleveland,
recommend for investment this company s 0 % cumulative
preferred stock (par §100).

Prcf. as to assets and divs. Dividends payablo quarterly March 31, &c.
Redeemable at 110 on any div. date. Citizens’ Savings & Trust Co.,
Cleveland, transfer agent and registrar.
Capitalization —

Authorized.

Issued.

Preferred stock (including this issuo)___________ $15,000,000 $8,224,200
Common stock__________________________________ 35,000,000 16,116,400
Properties.— Owns and operates plants at Cleveland, O., Meadowbrook,
W . Va., Clarksburg, W . Va., Grassclli, Ala., East Chicago, Ind., Grasselli,
N . J., Selma, Ala., Fortvillo, Ind., Terra Haute, Ind., Locklatul, O., Park
City, Utah, New Castle, Pa., Dotham, Ala., Beaver Falls, Pa., Canton, O.,
Boughton, Pa., and Niles, O.
Cal. Year —

2333

THE CHRONICLE

June 7 1919.]

N et Earn. A fter Pref. Stock
Com. Stock
Depreciation. Outstanding. Outstanding.

.

.........................................SI,680,580
$1,505,300 $11,466,500
1914
1915
___
4,859,288
3,224,100 12,623,700
...........
9,935,621
3,225,100 13,913,000
1916
1917
.........................................a4,340,062
5,000,000 15,000,000
1918
.........................................b l,018,865
5,000,000 16,116,400
a After deduction of Federal taxes, b After deduction of ost. Fed. taxes.
Business.— Engaged in the manufacture of heavy chemicals, spelter,
fertilizers, insecticides and spraying products, zinc metal and zinc dust.
Also tho manufacture of sulphuric, muriatic, nitric, acetic and oxalic acids,
chlorido of ammonia, caustic potash, arsenate of lead, &c. On Dec. 16 1918
acquired at a cost estimated at $2,500,000 tho chemical end of tho business
of the Bayer Chemical Co., Now York. Tho company is tho third largest
producer of spelter in the United States.— V. 108, p. 484.

In d ia n R e fin in g C o.— Bond Call.—

G u lf S tates Steel C o.— No Dividend.—

Tho directors took no action on tho declaration of tho quarterly dividend
usually paid at this time. In April last a dividend of 1 % was paid, previous
to which 2 fi% was paid.
Net Operating Income.
A pril.
March.

1919
.......................................$23,294
1918
.................................... 272,524
— V. 108, p. 1824, 1270.

$67,124
259,437

Feb.

$80,839
224,544

Jan.

$57,241
370,132

H ale & K ilb u rn C orp.— Offering of Bonds.— Montgomery
& C o. and Frazier & C o ., aro offering, at 96 and in t., $ 1 ,
500,000 First M tge. 20-year 6 % sinking fund gold bonds
dated Juno 1 1919, due Juno 1 1939. (Soo advt.on another
page.)
Callable in wholo or in part, or for sinking fund, at 102J3 and int. Int.
payable .1. & D. 1. Denom. $1,000 c*. Fidelity Trust Co., Phila., trustee.
Freo o f Penn. State tax and normal Federal incomo tax up to 2% .
Data from Letter o f Pres. W. VV. W asliburne, Dated P hila., May 22 '19.
Purpose o f Issue. — To provido funds to pay o ff bank loans amounting to
$800,000, an existing ground rent (principal $50,000) and to furnish addi
tional working capital to handle largoly increased business.
Ilistoru and Business.— Tho present corporation was formed under tho
laws o f Delaware Feb. 18 1918 [per plan in V. 105, p. 2576, as modified in
V. 106, p. 90, 825]. Tho business, originally tho manufacture and salo of
interior wood work for buildings, high-grado furniture, &c., was later
developed to includo interior trim for cars and steam and electric railway
seats. In recent years has developed Important products in automobilo
equipment, principally enclosed types of automobilo bodies and various
pressed metal automobilo parts and units. Within tho past few years a
largo additional factory has been erected especially to meet tho requirements
of specialized steel and composite work, which has been broadened greatly
by tho development o f pressed steel parts in tho largo automobilo field.
Security.— Secured by a first mortgage on tho plant located at 18th St.
and Lehigh Ave., Phila., covering about 4 acres, and comprising 5 modern
buildings of fireproof and slow-burning mill construction, containing approxi
mately 600,000 sq. ft. o f floor space. Tho American Appraisal C o.’s
appraisal as o f Dec. 31 1918 is $2,246,819, approximately 50% in excess of
the amount of bonds to bo issued.
Additionally secured by deposit o f entire capital stock, 10,000 shares
(par $50), of tho Central Realty Corp., of Phila., owning a largo building at
6 th and Filbert streets, Phila., having a gross revenue over $100,000. Tho
land and buildings aro subject only to a mortgage of $400,000.
The mortgage also provides that no dividends shall bo paid that will
reduce net quick assets below 1 0 0 % , and that total physical assets exclusive
of quick assets shall bo at all times at least 150% of tho amount of bonds
outstanding, exclusive of bonds in tho sinking fund.
Capitalization {after Issue o f these Bonds) —

Capitalization (after Present Financing)—
Authorized. Outstanding
Common stock_________________________________ $15,000,000 $15,000,000
Pref. stock (7% cumulative)____________________ 1,000,000
950,600
First Mortgago 5s, due 1947____________________ 100,000.000 *6,7OO,O0o
♦Includes $ 1 ,0 0 0 ,0 0 0 bonds now offered which aro pledged under an
indenture securing $700,000 2-year 6 % secured gold notes, which will be
called for payment in conjunction with the present financing; also includes
$ 1 ,2 0 0 ,0 0 0 bonds in company’s treasury.
The company also has outstanding $3,299,000 of notes payable, all of
which, as well as all o f the common stock (except directors’ shares) are
owned by the National Securities Corp.
Earnings Years ended April 30—
1919.
1918.
Gross earnings____________________________________ $1,575,148 $1,376,490
732,004
628,140
Net, after taxes and maintenance_________________
Ann.int.on lstmtges. (incl. bonds offered and in treas.) 335,000
Balance, surplus___________________________________
397,004
Franchises.— The company owns municipal franchises entitling it to op
erate in 33 municipalities in Idaho and Oregon. Of these, three (incl. a
Boiso franchise) are without time limit. The franchises in seven munici
palities expire at various dates prior to Jan. 1 1947, but all the remainder
are for terms extending beyond that date. Also owns county franchises
entitling it to operate in unincorporated communities served. Franchises
in general are satisfactory.
[Full history, description of property, &c., will be found in V. 104, p.
1148.]— V. 108. p . 818.

Authorized.

Issued.

First Mtge. 20-year6 % sinking fund bonds________$2,000,000 $1,500,000
750,000
Serial 5 to 15-year notes__________________________ 1,000,000
Preferred stock___________________________________ 4,000,000 2,882,266
Common stock___________________________________ 2,250,000 1,750,000
Net Sales and N et Earnings (before Federal Taxes) Applicable to Interest on
These Bonds, Ilad They Been Outstanding.
Net Sales.
N et Earnings

Two hundred and fifty-one First Mtge. bonds of 1911, which are all of
tho bonds now outstanding, ranging in number from 3025 to 3995, both
inclusive, have been called for payment at 102 and int. on July 1 at the
Bankers Trust C o., New York.— V. 108, p. 1514.

In sp ira tio n C on so lid a ted C opper C o .— Production (lbs.)
1919.
Month of M a y ............................... 6,200,000
Jan. 1 to May 31............................32,900,000
— V. 108, p. 2245. 2128.

1918.
10,250,000
39,450,000

1917.
11,900,000
56,250,000

In te r n a tio n a l M ercan tile M arine C o.— Annual Report—
List of Vessels Included in Proposed Sale.—
See “ Financial Reports” on a preceding page.

Net Earnings for April 1919 Indicate Large Annual Increase.

A pamphlet giving tho minutes of the stockholders’ meeting on June 2
is prefaced as follows: “ The directors to-day (June 3) received a report of
tho estimated combined net earnings for tho month of April 1919, during
which, for the first time since the war, tho majority of your properties
have been operated under more nearly normal conditions and that these
earnings show a decided improvement, indicating that the combined net
earnings of your British and American properties for the year 1919 will
probably exceed by not less than from 25 to 50% tho average net earnings
of 1917 and 1918, which were, respectively, $12,171,542 and $11,493,075.

Opposition to Plan.— Careful consideration of the plan for
selling all the company’s British interests (see V . 108, p.
2245) has led to considerable opposition to the proposition
both within and without the management and the officers of
the company are anxious that the shareholders should be in
a position' to judge for themselves as to what course they
should pursue. For this reason tho minutes of the annual
meeting held on Juno 2 have been printed for distribution.
John 4V. Platten, President of tho United States Mortgago & Trust Co.,
and F. 4V. Scott on Thursday resigned as members of tho proxy committee
for tho special meeting of shareholders to bo held on June 16 for a vote on
tho salo, and other members of tho board, it was learned, also disapproved
o f tho plan to liquidate the company, notably Donald G. Geddes and
Charles A. Stone. Hayden, Stone & Co. hold $2,227,400 common stock
and $1,125,500 preferred and Scott & Stringfellow hold $2,060,000 common.
Tho directors also o f the American International Corporation, which
owns $8,274,500 of the pref. stock, have instructed their executive officers
to vote against the plan.
If the plan goes through it will be necessary to liquidate the pref. stock
through an issue of share lien certificates, otherwise the company would be
obliged to pay heavy taxes on the profit involved. Theso certificates would
represent tho holders pro rata proportion of the share and share lien
certificates of the International Navigation C o., Ltd., which in turn would
represent the other proceeds received.
President Franklin at tho meeting explained that the company would be
selling liquid assets (less tho outstanding debentures over in England, and less
tho shares in the Leyland Lino) at £15,000,000, which is what they are
supposed to represent; also 703,000 tons of shipping over and above that at
£ 1 2 ,0 0 0 ,0 0 0 , at about $82 a ton as we work it out, while for the vessels
under construction or under order it would receive exactly what was paid
for them. None of theso 215,000 tons are afloat; some of them may have
their keels laid, but they aro not afloat. They were ordered on a cost plus
basis, the cost being fixed in 1903, and it is thought may prove a valuable
asset.— V. 108, p. 2245.

Average for 7-year period 1912-1918________ $3,576,236
$339,582
Calendar year 1918__________________________
4,476,552
685,253
Tho average net earnings for tho past 7 years have been nearly four times
and for tho calendar year 1918 were over soven times tho interest on tlieso
bonds. Theso net earnings over this period aro after deducting over
$ 1 ,0 0 0 ,0 0 0 for maintenance and depreciation.
•
Balance Sheet Dec. 31 1918, A fter Giving Effect to This Financing.
Iro n P rod u cts C orp o ration .— Organized.—
Assets —
This company has been incorporated in Delaware with a capital stock of
. Liabilities—
___
Plant and equipment____ $2,246,819 Preferred stock__________ $2,882,266 $18,000,000, of which $3 ,0 0 0 ,0 0 0 is 8 % cumulative preferred, convertible
Central Realty Corp. (cap
Common stock__________ 1,750,000 into common at $60 per share.
ital stock)____________
400,000 First mortgago bonds------ 1,500,000
This company will acquire the Central Foundry Co. and other kindred
Miscellaneousinvestments
4,037 Serial notes_____________
750,000 corporations. (See V. 108, p. 2125.)
Patents and good will____ 2,501,347 Accounts payablo-----------333,842
Jewel Tea C o ., In c .— Sales for 4 and 20 Weeks to M ay 17.
Cash................... ...........
576,616 Misc. res. (incl. $167,000
Receivables______________ 1,084,154 for Federal taxes)________________ 440,524
1919.
1918.
1917.
Inventories_______________ 1,117,065 Surplus_________________
273,405 Four weeks to May 17.........................$1,274,395 $1,183,788 $1,186,259
Twenty weeks to M ay 17................... 6,394,082 5,900,720
5,955,425
T o ta l...............................$7,930,037 T o ta l............................. .$7,930,037 — V. 108, p. 2026. 1940.
Sinking Fund.— Annual sinking fund of $40,000, payablo in cash or bonds
La Belle Iron W o rk s C o .— Extra Dividend.—
at par, in equal semi-annual installments; cash payments to bo applied to
Tho directors have’ declared an extra dividend of 1% on the common
tho redemption by lot at 102M and int., unless bonds can bo acquired in
tho open market at a lower price. Tho bonds acquired through the opera stock in addition to tho usual quarterly dividend of 1 % on tho common
tion of tho sinking fund will be kept alive and the interest added to tho said and 2% on the preferred stocks, all payablo June 30 to holders of record
fund. If additional bonds bo issued, tho sinking fund payments will bo Juno 16. This compares with an extra of 2% paid quarterly since June
1917.— V. 108, p. 1064.
increased to an amount which should retire all bonds at maturity.
Provisions.— Additional bonds may be issued to tho extent of 75% of
L ib by, M cNeill & L ib b y .— Div.— Balance Sheet as of M ay 3 .
tho cost of additional property, betterments, &c., only when tho earnings
A dividend of 50 cents (5% ) per share has been declared on the out
applicable to tho payment of interest aro not less than three times tho inter
standing capital stock, par $10, payable July 15 to holders of record June 21.
est on tho bonds outstanding and those applied for.
Directors.— W. D. Baldwin (Chairman), Joseph A. Bower, S. Proctor In Jan. last a dividend of 60 cents (5% ) was paid.
Brady, A. J. Brosseau, Herbert II. Dean, Gcorgo G. Foster, Henry J.
1919.
1919.
1918.
1918.
Fuller, Henry S. Halo, Arthur II. Lea, Arthur H. Lockett, John B. Kilburn,
S
Liabilities—
S
$
Assets—
S
James R. McKee, Robert Radford, Wintlirop Sargent, William W . Wash- Cash_________ . . 2,452,098 1,807,395 Capital stk ..........12,800,000 8,000,000
burne, Charlton Yarnall.
Accts. receivable. . 6,201,354 9,314,299 Surplus................. 9,326,142 10,708,878
Officers.— Pres., William W . Washburno; V.-Pres. & Treas., John B . Liberty bonds. - . .
713,561
Reserves________ 2,725,851 3,717,020
Kilburn; Sec.. II. L. Boyer, all of Philadelphia.— Y. 108, p. 1168.
Investments___ . . 721,363 1,045,205 Bills payable........22,198,500 19,598,500
Inventory......... ..29,660,234 21,014,442 Accounts payable- 4,452,866 2,368,924
. H ercules Powder C o.— Extra Dividend.—
Federal taxes, 1918 2,758,349 _______
Real est., bldgs. &
An extra dividend of 2% has been declared on tho common stock along
equipment — ..14,513,098 11,211,980
with tho regular quarterly dividend o f 2% , both payablo Juno 25 to stock
. .54,261,708
______________
.
.
______
Total.................54,261,708 44,393,323
of record Juno 14. Tho samo amount was paid in March and tho four
44,393,323
Total.............
quarters of 1918.— V. 108, p. 1055.
Tho increase of $4,800,000 in the capital was made on Oct. 11 1918 out
of surplus.— V. 108, p. 1724.

H op kin s & A llen Arm s C o .— Receivers' Sale.—

Edwin W . Higgins, L. J. Garcey and Lewis D. Parker, tho receivers, will
soil at public salo at Norwich, Conn., on Juno 9, pursuant to an order of tho
U. S. District Court of Connecticut, 3,000 shares class B of the capital stock
of Hopkins & Allen Machino Gun Co. and 3,000 shares of tlio common stock
and 625 shares o f the prof, stock o f tho Hopkins & Allen Arms Co.—
V. 105, p. 1806.

Id ah o Power C o.— Offering of Bonds.— Harris Trust &
Savings Bank, Chicago; Harris, Forbes & C o ., Now York
and Boston, and Coffin & Burr, Ino., Boston, aro offoring
at 89 and int. §1,000,000 First Mortgago 30-Year gold 5s.

Dhtcd Jan. 2 1917. duo Jan. 1 1947. Int. J. & J. Callable at 105 and
int. on any int. datoon or after Jan. 1 1922. Denom. $ l, 0 0 0 q*r*. Bankers
Trust Co. and F. I. Kent, N . Y ., trustees (V. 104, p. 1198).




Lone Star G as Co.— New Stock, &c.—
It is announced that the directors will shortly recommend to the share
holders that tho company’s capital bo increased from $6,000,000 to $10,
000,000. the $4,000,000 of new stock to be offered to the stockholders at
par, $100 a share, the proceeds to be used in financing new gas pipe line
construction and well drilling operations. Tho company’s construction
program contemplates a new 18-inch pipe line from the North Central
Texas gas territory eastward to Cleburne, Tex., with a 16-Inch line south
from that point to servo Waco, Hillsboro. Waxahachie, Corsicana and other
nopulous’clties in the famous “ black land region.— V. 108, p. 1613, 1064.

(W.f H.)JMcElwain & Co.— Offeringfof Preferred Stock.—
Leo, Higginson & C o. are offering at 96, yielding 6 .2 5 % ,
§500,000 6 % cumulative first preferred (gold) stock, par’§10 0.

THE CHRONICLE

2334

Divs. payable quarterly, Feb. 1, &c. Callable as a whole, but not in
part, on any div. date, after 60 days’ notice, at 8115 and accumulated divs.
Sinking fund of 10% from net earnings after divs. on tho first pref. stock is
provided. Dividends and principal payable in gold. (See fuller descrip
tion o f 1st pref. in V. 92, p. 600.)
Data from Letter of Pres. J. Franklin McEl wain Dated Boston, June 2.
Organization.— Company one of tho largest shoo manufacturing concerns
in the United States, established in 1895, incorp. in Maine in 1901 and
incorp. in Mass. Feb. 6 1911.
Capitalization—
Authorized. Outstanding.
First pref. stock, 6% cum. (incl. this issue)_____ 85,500,000 85,000,000
Second preferred stock__________________________
2,000,000 2,000,000
Common stock_______
3,000,000
3,000,000
A further 8500,000 first pref.stockauthorized and issued has been retired
by tho sinking fund. Present management owns substantially tho entire
common and second preferred stock.
Purpose of Issue.— The proceeds of this 8500,000 stock, together with tho
proceeds of 8500,000 common stock recently sold, will be used to increaso
the working capital and strengthen the financial position. The entire pro
ceeds of tho 85,500,000 first pref. stock issued to date, including tho stock
now offered, will be used exclusively for working capital. Tho entire cost
o f the manufacturing plants, machinery and equipment, as well as a large
portion of tho working capital, have been financed entirely from earnings
or by tho issue o f second preferred and common stock.
Earnings Fiscal Years ended May 31.
Net after ls< Pref.
*Other
Balance,
Total
Dies.
Surplus.
Sales.
Taxes.
Div.
S104,080
$705,550
$291,900
$309,570
1914_____ .........821,817,542
291,000
192,296
165,290
648,586
1915......... _____ 25,174,847
267,310
348,709
288,000
904,019
1916_____ _____ 24,344,730
633,982 1,151,743
282,750
1917......... _____ 28,140,984 2,068,475
370,313
273,000
375,433
1918_____ _____ 35,552,691 1,018,746
1919......... _____x35,000,000 x l,200,000
* Includes also profit-sharing distributions to managers, x Conservative
estimates based on known results to April 30.
The net earnings after charges for repairs, renowals, depreciation, and
after payment of all taxes, incl. Federal incomo and excess profits taxes,
during the past 6 years (incl. estimates for 1919) have averaged 81,090,896,
or 3.63 times tho div. requirement on tho first pref. stock. Tho average
earnings in the past 3 years have been 81,429,073, or 4.76 times such div.
Tho volume of business already booked justifies us in expecting a maxi
mum production for at least six mouths ahead with excellent net earnings.
Dividends.— The company has paid dividends on its first and second pref.
stocks regularly since incorporation in 1911, and has also earned and paid
dividends on its common stock in each year.
Assets. — Tho net assets amount to more than 812,300,000, or S246 per
share, and net current assets amount to 88,400,000, or 8168 per share of
first prof, stock. Theso current assets do not include securities held in tho
treasury, nor any valuation of good-will, trade names and other intangible
assets.
Properties.— Operates 12 plants for the manufacture of shoes and tho de
tailed parts entering into the finished product. Owns in feo, free from all
incumbrances, well-located tracts o f land, with factories, tanneries, store
houses, side-track facilities and two developed water powers at Manchester,
Newport, Claremont and Merrimack, N . II. The East and West Central
plants at Manchester, N. II., havo a floor space o f 418,176 sq. ft. Other
plants at Manchester and at Nashua, N . II., aro occupied under lease.
®*The entire plant account is carried on its balance shept at a valuo of
about 83,500,000. Also operates largo wholesale distributing houses in
Boston, Now York, Columbus, Chicago, Kansas City and San Francisco.
Compare annual report in V. 107, p. 398.— V. 107, p. 1104.

M a c k a y C o m p a n ie s .—

Increased Rates Upheld .—

tisement on another page), $6,250,000 First Mortgage Sink
ing Fund 4 % % gold bonds of 1909, due July 1 1939. Int.
J. & J. at Chicago and New York. Red. on any int. date
on 3 months’ notice at 103 and int. Authorized, $25,000,
000; issued, $18,750,000; cancelled through sinking fund,
$1,800,000; outstanding, incl. these bonds, $16,950,000.
Digest of Letter from President Edward Morris, Dated June 3 1919.
Tho proceeds of this issue will bo used, at tho rate of 75% of cost, to
replace in current account part of tho earnings placed from time to time
in fixed assets for tho increasing of plant capacity.
An annual sinking fund is provided on July 1 in cash or bonds of not less
than 1.6% of the aggregate amount of bonds certified, including cancelled
bonds, but in no year less than S200,000, for tho retirement and cancellation
of bonds at not over 103 and int.
The business is tho result of a gradual and continuous development over
a period of more than 60 years, until to-day it is the third largest packing
business in tho world. Tho net current assets as at Nov. 2 1918, not includ
ing the proceeds of this issue, amounted to 833,486,449 and total fixed
assets wero 843,150,135, making total net assets, after liabilities, except
funded debt, of 876,636,584, or over 4H times tho total amount of bonds
outstanding, including the present issue.
The average earnings available for all interest and Federal taxes for the
past 5 years have been about 85,569,400 per annum, or over 11 times the
annual interest charges on the then outstanding bonds. Earnings avail
able for interest and Federal taxes for the year ended Nov. 2 1918 were
88,304,000, or over 10 times such charges, incl. this issuo. Since 1911 tho
earnings available for divs. havo amounted to 822,444,628, out of which
cash divs. of only 83,370,000 have been paid, tho balance, 819,074,628,
having been retained in tho business. Seo annual report for fiscal year
1918 in V. 108, p. 475.

Nashua Mfg. Co., Boston.— Stock Increase .—

At a meeting held May 28 the stockholders voted to increaso tho capital
stock from S i,450,000 to 810,000,000 divided into 85,000,000 common
and $5,000,000 7% cum. preferred stock (callablo at 110) par value $100.
It was voted to issue at tho present time 83,625,000 of tho preferred stock,
the proceeds to be used to make important improvements in the Jackson
plant, and to provide substantial addition to tho working capital. These
improvements will cost about $2,500,000 and will includo tho erection of a
new mill which will increase tho capacity of that plant about 15%. A
new water power plant at tho Lower Dam will increaso tho power produced
thero from about 1,100 to 1,900 h. p.
Preferred Stock Provisions.— (a) Entitled to 7% cumul. divs. and no
more and in tho event of dissolution to $110 and accrued divs. beforo tho
com. stock but with no right to subscribe for any new common stock, (b)
No funded debt of a term longer than 15 months shall bo created, and no
mortgage or lien shall be placed upon tho property, and no additional pref.
stock shall bo authorized without tho consent of 75% of tho pref. stock
outstanding. No further issuo of pref. stock shall be made unless (1) the
net assets (incl. tho proposed issuo) shall bo 2 14 times all pref. stock out
standing, incl. the proposed issuo and (2) tho annual net earnings are twice
tho annual requirements of the pref. stock outstanding and proposed, (c)
In each fiscal year not less than 10% of tho annual net profits remaining
after payment of the pref. div. shall bo applied to tho purchase of pref.
stock at not exceeding 8110 and div. (d) Cash div. on tho com. stock may
be paid only from profits earned subsequent to Oct. 31 1918 and must not
reduce the net quick assets below 110% of tho pref. stock outstanding,
(e) Tho pref. stock shall have no voting power unless four quarterly divs.
aro in arrears, in which case it will havo voting power but only until all
past-duo divs. aro paid.

National Steel Car Co., Ltd.—Deal Off.—

See American Tel. & Tel. Co. abovo.— V. 108, p. 2128, 1940.

M a s s a c h u s e t t s G a s C o s .—

To Enter Oil Business .—

Tlie following data are pronounced correct for tho “ Chronicle:”
“ The trustees recently decided to enter tho oil business and in consoquence, tho Beacon Oil Co. has been incorporated with a capital of 82,
500,000 to build an oil refinery (as soon as permits are obtained) on land
in Everett now owned by tho Mass. Gas Cos. interests. About 100 acres
will bo devoted to this new enterprise. Flans for tho refinery, which havo
been filed with tho authorities in Everett, show tho capacity of tho proposed
plant to bo 10,000 barrels of oil per day.
“ Associated with tho Alass. Gas Cos. in tho oil industry will bo Clifford
M . Leonard of Chicago, Pres, of tho Leonard Construction Co., &c. Harry
L. Wollenberg also will be interested in this new oil company as an investor
and as Vico-Pres. & Gen. M gr.; Captain W . E. M cK ay will bo President;
James L. Kichards will bo Chairman of tho Board; Edwin M . Richards
will bo Treasurer. Among tho directors will be C. M . Leonard, Chicago;
Robert Grant (Pres, o f the New England Fuel & Transportation Co.);
Henry B. Endicott (President Endicott-Johnson C o.); Robert Winsor (of
Kidder, Peabody & Co.); Louis K. Liggett (Pres, of tho United Drug Co.);
Harry L. Wollenberg, and others prominent in tho financial and business
world.
“ The Massachusetts Gas Companies will havo stock control. There
will bo no public offering of tho securities and thcro are no circulars is
sued.” — V. 108. p. 1515.

M a x w e ll M o t o r C o ., I n c . —

Merger Plan. — •

Wo have confirmed the statement that tho consolidation of this company
with the Chalmers Motor Co. provides for a new company having approxi
mately 400,000 shares of capital stock of no par value. Maxwell 1st pref. to
get 120% in new stock, Maxwell 2d pref. 60% and Maxwell common 70%.
Chalmers pref. will get 90% in new stock and Chalmers common 15%.
The plan also contemplates tho issuance of 810,000,000 notes convertible
into common stock to provido for future extensions of tho new corporation.
A number o f details havo not yet been consummated but official announce
ment is expected shortly.— V. 108, p. 2026, 1724.

[V ol . 108

See American Car & Foundry Co. abovo.— V. 108, p. 884.

Nebraska Power Co.—Offering of Bonds.—Harris, Forbes
& Co., New York and Boston; Harris Trust & Savings Bank,
Chicago, and Coffin & Burr, Inc., Boston, are offering at
90 and int., to yield 5.70%, $5,000,000 First Mtge. 30-year
5% gold bonds. Dated June 2 1919, duo June 1 1949.

Int. J. & D. Callablo on 4 weoks’ notlco at 105 and int. on any date
from Juno 1 1924 to Juno 1 1939 thereafter at 102'A and int. Denom.
S1.000 and 8500 c*r*, and 81,000 and multiples. Guaranty Trust Co. and
F. J. H. Sutton, Now York, trustees. The company agrees to pay normal
Federal incomo tax to an amount not exceeding 2% .
Data from Letter of Vice-Prcs. E. \V. Hill, Dated Omaha, Neb., Ju ne 2.
Company.— Organized April 23 1917 in Maine and acquired by purchaso
tho Omaha Electric Light & Power Co., which with its predecessor had suc
cessfully conducted an electric light and power business in Omaha and
vicinity for a period of 32 years (V. 106, p. 1904). Does substantially tho
entiro electric light and power business in Omaha, estimated population,
200,000; also supplies at wholesale all tho electrical energy to tho local com
pany serving Council Bluffs, la., with an estimated population of 30,000.
Capitalization upon Completion of Present Financing.
Common s t o c k .................................................................................. 85,000,000
Preferred stock (7% cumulative)__________ __________________ *3,000,000
Second preferred stock (7% nofi-cumulative)_________________ 1,000,000
First Mortgage 5s, duo 1949 (this issuo)______________________ 5,600,000
Unsecured notes, 5% due 1927.......................................... approx. 1,100,000

*8500,000 additional pref. stock is held in trust for benefit of tho co.
Tho interest on tho unsecured notes, prior to June 1 1927, will bo payable
only as earned, but any unpaid interest thereon, together with tho prin
cipal, will bo payablo In full on Juno 1 1927.
Purposes of Issue.— Proceeds of theso bonds will bo used for tho redemp
tion (at 105 and Int.) o f $2,099,000 Omaha Electric Light & Power Co.
M a y D e p a r t m e n t S t o r e s C o .— Preferred Dividends.—
First
Mtgo. 5s, duo 1933; to retire approximately $400,000 o f unsecured
Tho directors havo declared three quarterly dividends on tho pref. stock,
the first payable July 1 to holders of record Juno 14, second Oct. 1 to holders notes, and for the discharge of other debts incurred for additions, exten
o f record Sept. 15 and tho third Jan. 2 1920 to holders of record Dec. 15. sions, &c., mado prior to April 1 1919.
Earnings Years ended April 30—
1919.
1918.
— V. 108, p. 1825.
Gross earnings..................... ........................................ $2,065,101 Sl.727.732
Net, after maintenance andtaxes________________
732,017
668,956
M e x ic a n N o r t h e r n P o w . C o ., L t d . — Reorg’n Plan. —
280,000
Soparato meetings of tho holders of tho 6% Prior Lien bonds and tho Annual interest on these bonds___________________
Balance, surplus_______________________________ 8452,017
5% First Mortgage bonds have been called for Juno 16 at Toronto for tho
Property.— Generates electric energy from a central station, having a
following purposes:
(a)
T o approve a plan o f reorganization adopted by tho committeorated capacity o f 33,000 k.w., of which 15,000 k.w. has been installed
within the past two years. The distributing system is extensivo and In
representing tho bondholders, which is on deposit at tho 'l’oronto and cludes
conduits in more than 24 miles of streets serving 147 city blocks.
Montreal offices of tho National Trust C o., Ltd., and tho Canadian Bank
Current is supplied to 34,369 customers, and for tho year ended March 31
of Commerce, London, Eng.
(5)
To authorize tho Montreal Trust Co. to accept and receive on behalf1919 tho sales of electrical energy amounted to 69,792,980 k.w.h.
Franchises.— A decision of tho U. S. Supreme Court has held the company
o f the holders of the 5% First Mtge. bonds, 810,000,000 fully paid common
iossesses a franchise right, unlimited in time, to distribute electricity for
stock of tho now company instead of S 10,000,000 First 5s, the common
ight, heat and power purposes. This franchise covers territory from which
stock to bo distributed so that tho bondholders depositing their bonds, with tho
company derives tho very major portion of its revenuo.
the July 1 1913 and subsequent coupons attached, will receive in oxchango
Security.— Secured by a first and only mortgago upon the entiro physical
an equal amount of common stock in tho new company.
(c) To authorize tho Montreal Trust Co. to sell tho assets and property property, rights and franchises. Tho authorized amount is unlimited,
o f the company to a new company, tho Northern Mexican Power & Develop but additional bonds may bo issued for only 80% of tho actual cash cost
ment Co., Ltd., to bo organized under tho laws of Ontario, tho consideration of permanent additions, extensions, &e., mado subsequent to April 1 1919
to the mortgaged property or (to tho extent of not more than 10% o f tho
to bo 83,000,000 full paid 7% preference stock and 810,000,000 full paid outstanding
bonds) ot similar additions, extensions, &c., to tho property
common stock o f tho new company.
(rf) T o authorize the Montreal Trust Co. to accept in behalf of the holders of subsidiaries, all of whoso mortgago bonds and stocks are pledged with tho
trustees;
and
no bonds may bo issued in either case unless the annual net
o f SI.940,900 Prior Lien bonds, 82,911,400 fully paid 7% preference stock
are twico tho anuual interest charge on all 1st M tgo. bonds
o f tho now company, tho stock to bo distributed, so that the bondholders earnings
together with those proposed.
depositing their bonds with the July 1 1917 and subsequent coupons at outstanding,
Improvement or Sinking Fund.— Tho company must pay annually to tho
tached will recelvo 8150 In pref. stock for overy 8100 of bonds.— V. 108, p.
trustee as a special fund beginning (a) Juno 1 1924 to 1928 incl., 1% of all
884.
First Mtge. bonds outstanding; (b) Juno 1 1929 to 1948 inch, l B % . This
fund to be used either (1) for extensions, A c., or (2) for tho purchaso and
M e x ic a n P e t r o le u m C o .— Dividend Declared.—
cancellation of bonds of this issuo.— V. 108, p. 884.
** The directors havo declared a quarterly dividend of 2% on common,
half of which is payablo in cash and tho other half in 4 \i% Liberty bonds, Jgi Northern California Power Co.— R a tes .—
on July 10 to stock of record Juno 14. Regular preferred dividend of 2%
Tho California R R . Comm, has granted tho company authority to add a
was also declared payablo July 1 to holders of record June 14. Tho common surcharge,
effective M ay 1, of 10% to its charges for electricity, tho company
div.’ has been paid half in Liberty bonds since April 1918.— V. 108. p. 884.
asked increases of 14% to 25%. Tho surcliargo will not bo applied to tho
rates
for
energy
sold In that part of Butte and Colusa counties where it
^ M o rris & C o .— Offering of Bonds.—
competes Aylth tho Pacific Gas & Electric Co., nor will it affect tho rates
charges by tho company as a result of tho trl-party contract which provides
for the transfer over its system of power received from tho California-Oregon
87%
5% %
Power Co for tho Pacific Gas & Electric Co.— V. 108, p. 884.

f

National City Co.,
Now York, &c., and First Trust & Savings Bank, Chicago,
aro offering at
and int., to yield over
(see adver



June 7 1919.]

THE CHRONICLE

O k la h o m a G a s & E le c t r ic C o .— Notes Sold.—Bonbriglit
& Co. and H. M. Byllesby & Co. have sold at 99.75, to yield
over 7.30%, an additional $500,000 one-year 7% gold notes,
due April 1 1920, making the total amount outstanding
$3,000,000. Comparo V. 108, p. 1394.
O ld D o m in io n C o . o f M a in e .— Production {in pounds.)—
1919.
M o n t h o f M a y ......... ..........................................
2 ,5 0 4 ,0 0 0
J a n . 1 t o M a y 3 1 .............................................. 1 2 , 0 9 9 , 0 0 0
— V . 108, p . 1941, 1825.

1918.
3 ,2 3 9 ,0 0 0
1 5 ,1 6 0 ,0 0 0

1917.
4 ,4 3 0 ,0 0 0
1 0 ,9 7 6 ,0 0 0

O m a h a E le c t r ic L i g h t & P o w e r C o .— Bonds to Be Retired.
See N e b ra sk a P o w e r C o . a b o v e .— V . 108, p . 224 6.

P a n -A m e r ic a n P e t r o le u m & T r a n s p o r t C o .— Dividend.
T h e d i r e c t o r s h a v o d e c la r e d a q u a r t e r l y d i v i d e n d o f S I 2 5 a s h a r e o n t h e
c o m m o n s t o c k , h a l f o f w h ic h is p a y a b le in c a s h a n d t h e o t h e r h a l f in 4 M %
L ib e r ty b o n d s, o n J u ly 10, o n s to c k o f re c o rd J u n e 14.
R e g u la r p r e f e r r e d
d iv id e n d o f l 3
A % w a s a ls o d e c l a r e d , p a y a b l e J u l y 1 t o s t o c k o f r e c o r d
.Tune 1 4 .
T h e c o m m o n d i v i d e n d h a s b e e n p a i d , h a l f in L i b e r t y b o n d s ,
s in c e A p r i l 1 9 1 8 .— V . 1 0 8 , p . 1 1 7 0 , 8 8 4 .

(A lb e r t ) P ic k & C o .— New Stock— Dividend.—
S t o c k h o l d e r s o f r e c o r d J u l y 2 5 , i t is a n n o u n c e d , w ill h a v e t h e r i g h t t o
s u b s c r ib e t o n e w s t o c k t o t h e e x t e n t o f 1 0 % o f t h e ir p r e s e n t h o l d i n g s a t p a r ,
p a y m e n t to b o m a d o on o r b e fo re A u g . 1 1919.
S e c r e t a r y H u g o P i c k is q u o t e d a s s a y i n g : “ T h e o f f e r o f c o m m o n s t o c k
f r o m o u r t r e a s u r y t o c o m m o n s t o c k h o l d e r s a t p a r Is f o r t h e p u r p o s e o f e x 
p a n d in g o u r b u s in e s s .
M a y s a le s in c r e a s e d 2 5 % , o r a b o u t t h e s a m e p e r 
c e n t a g e o f in c r e a s e a s f o r t h e y e a r t o d a t e .
A ft e r o u r s to c k h o ld e r s s u b 
s c r i b e t o 1 0 % o f t h e ir h o ld in g s t h e r o w ill b o v e r y l it t l e t r e a s u r y s t o c k l e f t . ”
T h e r e g u la r q u a r t e r l y d i v i d e n d o f 2 ) 4 % h a s b e e n d e c l a t e d o n t h e c o m 
m o n s t o c k , p a y a b l e A u g . 3 1 t o h o l d e r s o f r e c o r d A u g . 1 .— V . 1 0 8 , p . 8 8 4 .

Q u a k e r O a ts C o .— No Extra Dividend.—
T h e r e g u la r q u a r t e r l y d i v i d e n d o f 3 % h a s b e e n d e c l a r e d o n t h e c o m m o n
R tnok n a v a b le J u l y 15 t o h o l d e r s o f r e c o r d J u l y 1.
T h e e x tra d iv id e n d o f
1 % w h ic h w a s p a i d q u a r t e r l y f r o m A p r i l , 1 9 1 8 t o A p r i l , 1 9 1 9 h a s b e e n
o m it t e d .— V . 10 8 , p . 9 7 1 , 8 8 5 .

Q u i n c y M in in g C o .— Dividend.—
T h e d ir e cto r s h a v o d e c la r e d a q u a r te r ly d iv id e n d o f $1 ( 4 % ) o n t h e s t o c k
o a r $ 2 5 ) p a y a b le J u n e 3 0 t o h o ld e r s o f r e c o r d J u n o 7 .
I n M a r c h la s t
i l “ a s p a i £ p r e v i o u s t o w h ic h $ 2 w a s p a i d . - V . 1 0 8 , p . 1 8 2 6 , 8 8 5 .

S

S t. P a u l U n io n S t o c k Y a r d s C o .—

Further Particulars. —

In connection with the rocent offering of $747,000 6% Notes
(V. 108, p. 2130), a circular further shows:
Receipts o f Animals, Calendar Years.

1909

-

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

1 9 1 ! : : : : : _____ 2 , 1 9 6 , 2 0 5 1 1 9 1 5 ....................... 3 , 7 2 5 , 0 0 1 1 m s ------------------- 4 , 1 2 8 ,5 4 2

Gross and Net Earnings (after Taxes), Calendar Years.

Gross. Net, aft. Tax.
Gross. Net,
.......8791,298
1912
..$ 356,924
$221,795 19 16
1914
- - 495,794
319,834 1917 ............... 803,093
459,752 1918 .................1,084,823
1915------------ 674,343
— V. 108, p. 2130.

aft. Tax.
$459,738
397,442
457,246

Scranton (Pa.) Lace Co.— Offering of Debenture Stock.—

J. II. Brook & Co., Scranton, are offering, at 89 and div., to yield about
6 75%, $200,000 cumulative 6% debenture stock, par $100. Redeemable
at 110 and divs. Dividends payable quarterly March 30, &c. Preferred
as to dividends and assets. Capitalization, including this $200,000 deben
ture stock and $100,000 common stock to bo presently Issued, auth. and
outstanding, SI,000,000 debenture stock and $500,000 common stock.

Sears, Roebuck & Co.— Sales.—

1919.
Month of M a y ................................. S17.484.350
Jan. 1 to May 31............................... 88,985,325
— V. 108, p. 1826, 1394.

1918.
$13,720,665
76,239,912

1917.
$14,854,843
74,906,019

Shaffer Oil & Refining Co.— Organized.—

This company was incorporated in Delaware on May 31 with an auth.
capital stock of $50,000,000 7% cumulative participating pref. (par $100)
and 500,000 shares of common stock, no par value. The Corporation Trust
Co. of America is the Delaware representative. See Standard Gas & Elec
tric Co. below, also offering of bonds in issuo o f May 31, page 2246.

Sholan Company.— New Name.— Increase in Capital
Stock.— Underwriting.— White, Weld cfc Co. Not Interested.—

The stockholders on Juno 4 authorized the chango in name to Sinclair
Consolidated Oil Co. and also an increase in capitalization from 1,000,000
shares to 5,000,000 shares.
The company was incorporated In Dclawaro on May 8. Practically all
the original 1,000,000 shares is reported to have been subscribed or over
subscribed at $40 a sharo. Tho purpose is believed to be to mergo the
ownership or control o f the properties o f the Sinclair Oil & Refining Co.,
Sinclair Gulf Corporation and possibly other concerns.
White Weld & Co. deny tho report that they have any interest whatever
In tho underwriting.
Edward Roedcr, caro o f the law firm o f Ruslimoro, Bisbco & Stearn,
61 Broadway, N. Y ., is said to bo Treasurer o f tho now company.
Mark L. Itequa, General Director o f tho Oil Division o f tho U. S. Fuel
Administration since the beginning o f tho war, has resigned from that post
to become associated with tho Sinclair potroleum interests.

Sinclair Consolidated Oil Corp.— Proposed Merger.—
(G. A.) Soden & Co., Chicago.— Offering of Pref. Stock.—
John Burnham & Co., Chicago, aro offering $400,000 7%
cumulative first pref. stock and $400,000 8% cumulative
and participating second pref. stock. (Soo advt. on another
page.)
Divs. on both Issues quarterly Jan. 1 &c. First pref. stock red. at $110
See Sholan Company, Inc., above.— V. 108, p. 2247.

per share and second pref. stock red. at $120 per share on any int. date.
Transfer agent: Continental & Commercial Trust & Savings Bank, Chicago.
Registrar: Chicago Savings Bank & Trust C o., Chicago.
Dnta from Letter o f President H. V. King, dated Mar. 28 1919.
Ilistorg.— Will incorporate under the laws o f Illinois and take over the
business of G._A. Soden & Co. and Bcrnadetto Joseph & C o., wholesale
jewelers. Business founded about 35 years ago, is conducted entirely by
mail, and includes high grade jobbing stocks o f diamonds, watches, jewelry,&c., with 12,000 activo accounts on books. Plant thoroughly modern,
occupying the entire eighth floor of tho Standard Oil bldg., Chicago, over
25,000 sq. ft. o f floor space.
Sales and Earnings.— In tho last 10 years tho sales havo increased ap
proximately 250%, and tho profits over 400%. After liberal depreciation,
tho profits for tho calondar year 1918 woro $331,441, whilo tlio averago
annual net earnings for tho past 10 years and 10 months were $140,807, or
over clovon times and fivo times respectively tho dividend requirements
on tho first preferred stock. Earnings for tho first quarter o f 1919 (March
partly est.) will show an increaso of moro than 40% over same period of 1918.
Preferred Provisions.— Tho company agrees (l) to maintain not quick
assets o f at least 250% of tho largest amount o f first pref. stock at any
time outstanding: (2) without tho consent o f 75% o f tho first pref. stock
not to (a) create any lion or mortgage : (b) issuo any stock prior to or on a
parity with tho First Pref. stock: (c) issue any obligations; running moro
than a year; (d) guarantee any obligations. (3) Will set asido out of each
year’s profits 10% o f tho largest amount of first preferred stock at any time
outstanding, or 15% of tho net profits available for common stock dividends,
whichever shall bo the larger, to retire and cancel the first pref. stock;
(4) after meeting tho first preferred dividend, and sinking fund and tho
second preferred dividend, then tho second preferred stock shall receive, in
addition to tho regular 8% , one-quarter of tho rato p. c. of any dividend
which shall bo paid upon tho common stock.




2335

Balance Sheet as of Mar. 1 1919, will show substantially the following:
Liabilities—
Cash, merchandise, &c__ $1,296,647 First preferred stock_____ $400,000
Fixed assets____________
40,623 Second pref. stock (partic.)
400,000
800.000
Good will, catalogue, & c_.
400,000 ♦Common stock_________
Current accounts________
50,394
Surplus_________________
86,875
Total
Total
.81.737,269
.$1,737,269
* Tho common stock has all been deposited with the Chicago Savings
Bank & Trust Co., under an agreement dated April 1 1919 by which Lucius
Teter and John Burnham are appointed voting trustees. Against this
deposited common stock 12,000 shares of participating certificates have
been issued.
Directors and Officers.— Lucius Teter, Chairman; John H. Hardin, John
W . O’Leary, John Burnham, H. V. King (President); W. J. Smeal (Vice
President); E. II. Cumming (Vice-President); Nicholas Jacobs (Treasurer);
H. C. Rowbotham (secretary).

Southern California Edison C o .—

N ew

P la n t,

&c —

R. II. Ballard, First Vice-President of the company, who is
in New York and who lias just been elected President of the
National Electric Light Association of America, has issued
the following statement:
The Southern California Edison Co. has just completed the purchase of
what is known as the Shaver Lake property on the San Joaquin watershed
of Central California, in the Sierra Mountains, at an elevation of approxi
mately 6,000 feet above sea level.
The company’s purchase of the Shaver Lake property was for the pur
pose of securing a large natural reservoir site. It is proposed to construct
a dam and the necessary tunnels to connect this reservoir with its existing
power plant No. 2 on Big Creek, with the result that the output from this
plant will bo, without any increase in generating units or in capacity of
transmission lines, substantially increased. The water supply will also
be available for proposed power plants Numbers Big Creek 3 and 4, below
the two existing plants. In other words, the water will eventually be
used through three power plants with a total drop of 4,000 feet.
Prior to the construction of the now power plants the reservoir will be
completed to impound a total of 50,000 acre feet, resulting in the generation
o f an additional 75,000,000 k. w. hours through tho Big Creek No. 2 plant.
Ultimately the dam will be raised in height to enlarge the reservoir to a total
in excess of 100,000 acre feet, with a very largely augmented power genera
tion not only of the No. 2 plant but of tho two additional plants it is pro
posed to build.
In addition to tho valuable reservoir site, the company acquires a large
tract of timber which at some later date it will operate, bringing the product
down to sea level over its own railroad. [Received from G. Ulbricht,
specialist in the company’s securities, 30 Broad St., N. Y.]
T erm s o f Sale o f Electrical D istrib u tin g System to C ity .—

An agreement has been reached between representatives of the company,
tho City of Los Angeles and tho California R R . Commission covering the
urchasc of the electric distributing system of the company in the City of
os Angeles. The purchase price will bo $11,000,000, including the physi
cal valuation of the system and $2,453,067 severance damages for taking
the business of the Edison company. Payment is to be made by the city
to tho company in cash before June 30 1920.
The agreement also includes the following details:
(a)
Tho company to make all extensions and betterments pending tho
final purchase, (ft) All money so expended by it to be added to the pur
chase price, (c) The company to maintain a depreciation fund of 3.36%
on the physical valuation of tho system of $8,870,000, plus 3.36% on ex
tensions and betterments, pending tho conclusion of the purchase, (d) The
depreciation fund to bo turned over to tho city at the time of purchase,
(e) The city agrees not to compete with the company for business in terri
tory outside the city. (/) The city to purchase power required from the
company in addition to that generated in its own plants for a period of 30
years at a price to be fixed by tho State RIt. Commission.
President Edgerton of the State R R . Commission in connection with the
negotiations says in part:
“ The conference has come to an agreement on the sale of the Southern
California Edison C o.’s electric distributing system in the City of Los An
geles for a cash price of $11,000,000. Of course the final judgment as to
whether this purchase will bo consummated rests with the people, and tho
proposal in detail will be submitted to them. After full opportunity for
consideration and discussion of this project, tho people will have an oppor
tunity to express themselves at an election hereafter to bo called, wherein
the ratification of the proposed new contract and a bond issue to make it
effective will be presented. The people of the City of Los Angeles now have
an opportunity to acquire at a reasonable price a complete electric distribut
ing system doing a large and remunerative business.
“ This conference was fisrt called by me, as President of the Railroad Com
mission, in August, 1918. The Commission realized that there was a rapid
drift toward a situation where either the city must allow its electric power
generated on the acqueduct to go to waste or it must duplicate the existing
distrubuting systems. This would mean a bitter competitive fight, result
ing in serious loss both to the company and the city.”
At the general election held Juno 3 a proposal to issue $13,500,000 in
power bonds was submitted to the voters, of which $11,000,000 is required
for the above purchase.

E

B ond s Called .—

Eighty-nine ($89,000) First & Refunding M tgc. 5% gold bonds, dated
Sept. 1 1902, have been called for apyment Sept. 1 at 110 and int. at the
U. S. Mortgage & Trust C o., New York.— V. 108, p. 2247.

Standard Gas & Electric Co., Chicago.

— O fficial A n 
nouncem ent as to Acquirem ent o f the Public Utility, & c.,
Business o f II. M . Byllesby & C o., In c . {Other Than Banking
Business ) and o f Purchase o f Control o f Shaffer Oil & Refining
Co.— Financing A ll Underwritten— Plan to Liquidate A ccu m u 
lated P ref. Dividends — P ref. Stock N ow to Receive Full 8 % p . a.

—The directors announce tho acquirement by the company,
effective as of Jan. 1 1919, (1) of the business (excepting the
banking department) heretofore operated under the style
of H. M. Byllesby & Co., Inc., and (2) the control of the
Shaffer Oil & Refining Co., whose guaranteed notes were
offered in last week’s “Chronicle,” page 2246.

Condensed Statem ent by President H. M. Byllesby, May 27 1919.
As a part of these transactions, your company has acquired a large inter
est in Appalachian Power Co. (see that company above), owning and
operating two modern water powers of 19,000 k.w. installed capacity, and
a modern steam turbine power house of 15,000 k.w. capacity (now approach
ing completion) on the New River in Virginia. Tim total generating caacity of the three plants aggregates 34,000 k.w., or approximately 45,000
.p .
Also, your company has acquired, on a profitable basis, certain other
utility interests, principally increasing its holdings in existing properties.
The net results to your company by tho completion of the foregoing trans
actions, after accounting for all interest and dividend charges on securities
issued or guaranteed in connection therewith, and computed solely upon the
elapsed earnings of the interests and securities acquired, plus the elapsed
income of Standard Gas & Electric C o., are sufficient to pay the full 8% p. a.
dividend upon the outstanding preferred stock and to leave an immediate
balance equivalent to a substantial dividend upon the common stock.
The largo elapsed earnings of the acquired interests and the substantial
amount of cash (in excess of $4,000,000) provided for the immediate de
velopment of tho already extensive operations and proven acreage of the
Shaffer Oil & Refining Co. justify the belief that tho net income of Standard
Gas & Electric Co. from this time forward will largely increase and be
highly satisfactory.
Tho entire organization o f the Shaffer interests remains with the new
Shaffer company; C. B. Shaffer will bo its President and H. M . Byllesby
will be Chairman of the Board. Mr. Shaffer becomes a member of the
board of Standard Gas & Electric Co.
The Shaffer interests, in addition to their present production in excess o f
4,000 barrels per day, own approximately 57,000 acres of oil leases in Okla
homa, Texas and Kansas. The financing required for tho acquirement o f
theso interests has all been underwritten.

E

2336

THE CHRONICLE

In consequence o f the foregoing, and the excellent financial condition of
your company and its greatly increased earnings, and the large addition to
the value o f its holdings, your directors have this day declared a dividend of
2% upon the preferred stock for the quarter to end M ay 31 1919, payable
June 14 to shareholders o f record M ay 31.
Your directors have appointed a committee to formulate a plan for the
liquidation of the accumulated unpaid preferred stock dividends of Standard
Gas & Electric C o., amounting to approximately 13%.

Report.—For

the years ended Dec.
31:
1917.

1918.
Gross revenue.................$1,618,567
Net revenue.....................$1,574,927
Other income*_________

1916.
1915.
$1,620,342 $1,712,927 $1,618,467
$1,566,051 $1,664,200 $1,575,441
100,000
311,857

Gross income...............$1,574,927 $1,666,051 $1,976,057 $1,575,441
Interest charges
786,184
792,746
789,763
833,064
Preferred dividends..-(6% )707,097(6% )707,097(4 2-3)549,964 (4)471 [398
Amort, o f debt disc., & c.
55,000
55,000
55,600
...............
$26,646
$111,207
$581,330
$270,979
* 1917, financial services rendered subsidiaries; 1916, profit on subsidiary
company s bonds called for redemption.
Every subsidiary Increased its gross earnings. Increases in service rates
are responsible to a material extent for these results, but increased business
was a factor o f even greater importance. The ratio o f increase in gross
earnings for the period Nov. 1918 to Feb. 1919, incl., is 21.6% . Operating
costs continued their marked upward trend, and net earnings would have
shown a serious decrease but for the relief derived from increased rates.
Earnings for 4 Months to April 30—
1919.
1918.
Increase
Gross earnings...................................... $9,530,452 $7,896,411 $1,634,04041
487,357
Ke^ e^ ^ lngs- ^ - - ^ - - - .............3,643,290
3,’ l55,’933
— V. 108, p. 2247, 2130.

S t a n d a r d O il C o . o f N e w Y o r k .—

Officers.—

S c r e w C o .—

New Secretary & Treasurer .—•

Theodore H. Sterling, New York, has been elected Secretary and Treas
urer, to succeed Solon C. Kelley, resigned.— V. 107, p . 693.

(T h e ) S ta n d a r d
t o w n , O h i o .— Stock

T e x t ile

— Report.—

P ro d u cts

C o .,

Y oun gs

President II. M . Garlick in circular o f M ay 13 says In brief: “ At thostockholders’ meeting held M ay 13 1919 the required action was taken to increase
the capital stock from $9,000,000 to $15,000,000, o f which increased stock
$2,000,000 is class “ A ” pref. stock, $2,000,000 class ” B ” pref. stock and
$2,000,000 common stock. The pref. stock is becoming a better Invest
ment and more valuablo becauso o f the increased strength of the company.
Tho common stock is offered at par, whereas its real value is considerably
higher and it might be said in this connection that tho market valuo does
not reflect the truo value o f the stock.”
The option o f tho stockholders to subscribe at par for $2,000,000 of the
now class “ A pref. stock and $1,000,000 o f the common stock expired
Juno 5 (comparo V. 108, p. 2028).
Payments for stock subscribed for are to be made at tho Dollar Savings
& Trust C o., trust department, Youngstown, O., in four installments of
25% each payable July 1 1919, Oct. 1 1919, Jan. 1 1920 and April 1 1920,
with tho right, however, to pay any or all installments o f said subscriptions
on or beforo tho date tho same become due, providing interest in such event
bo paid on anticipated payments from the date o f the last dividend until tho
date o f payment at tho rate of 6% per ann. Comp. V. 108. p, 2028,1724.

S t r o m b e r g C a r b u r e t o r C o .—

E arnings .—

3 Months to
„
,
Mar. 31 T9.
Gross earnings...............
$158,661
Administration, general, &c., expenses
46,959
Reserve for Federal ta x e s..................
25,000
Balance, surplus____
— V. 108, p. 2247, 885.

$86,702

Cal. Year
1918.
$372,368
22,879
70,392
$279,097

$318,820

Dated May 15 1919. due $20,000 each M ay 15 1920 to 1924. Denom
inations $500, $1,000. Interest payablo M . & N. 15 at Central Trust Co.
o f Illinois, trustee, without deduction for normal Federal income tax tip to
2 % . Optional on any int. date at 102 and accrued lnt. Authorized, $500,
000. Outstanding, First and second series, $180,000.
Secured by deposit with the trusteo of $110 face value of special assess
ment certificates or direct municipal obligations issued by municipalities
In the State o f Texas .
Tho company (a subsidiary o f Warren Brothers C o., Boston) confining
Itself to paving, reports in its operations extending from 1906 to 1918, out
o f a total o f $8,737,449 o f assessment certificates recoived, a not amount
charged off as uncollectible o f only $18,461, with a further anticipated
loss o f approximately $10,000, amounting in all to less than 1-3 of 1%
o f its gross business.

Extra Dividend .—

An extra dividend of 7 Yi% has been declared, along with the regular
quarterly o f 1 ^ % , both payablo Juno 30 to holders o f record June 19. An
extra o f 5% was paid in Mar. last and Oct. and Dec.1918.— V.108, p. 1615.

T id e

W a t e r O il C o .— Earnings

from A nnual Report.—

Comparative Consolidated Income and Surplus Accounts, incl. Subsidiaries.
Calendar Years—
1918.
1917.
Inc.+D ec.$
$
Total volume business, excl. inter-co. 40,644,352 31,436,998 +9,207,353
Total operating expenses___________ 25,133,176 17.794,629 +7,338,547
Operating income________________ 15,511,176
Other income........................................ .
470,558
Restored deprcc. chgd. off in prior yrs. ..............
Depreciation, &c_________
' 6,137,978
Federal taxes.....................
. 3,115,498

13,642,370
161,521
1,374,475
3,721,050
2,082,592

Net Income______________________ . 6,728,258
Outside stockholders’ proportion____
_292,110
_
Company stockholders proportion__ 6,436,148
Previous surplus.............
12,917,001

9,374,724 — 2,646,465
520,683 — 228,573
8,854.010 — 2,417,892
13,023,617 — 106,616

T otal______________________
Cash dividends (19% )________

21,877,65/ — 2,524,506
6,060,656
+269
2,900,000 — 2,900,000

. 19,353,150
6,060,925

+1,868,806
+309,037
— 1,374,475
+2,416,928
+ 1,032,905

Total profit and loss surplus Dec. 31 13,292,225 12,917,001
— 375,223
The report will be cited more fully in a subsequent issue.— V .108,p .1941.

P r o d u c t s C o r p o r a t io n .— Stockholders!? Given
Right to Subscribe for 2 5 6,000 Shares of Export Corporation .'—•

S$ T o b a c c o

The common and preferred stockholders of record July 1 have tho right
to subscribe at $10 per share for 256,000 shares, o f no par value, of the
Tobacco Products Export Corp. (which seo below) to tho oxtent of one
sharo o f new stock for each share held. The right to subscribe expires
July 15. The stock will be placed in a voting trust for five years with the
Bankers Trust Co. Voting trustees will bo George L. Storm. L. B. M cKitterick and Sidney Whelan.— V. 108, p. 789.

^ T o b a c c o P r o d u c t s E x p o r t C o r p .—

Authorized Capital, cfee

w The company has filed a certificate with the Secretary of State increasing
Its capital from $1,640,000 to $2,250,000. consisting o f 450,000 shares or
no par value. Seo also Tobacco Products Corp. above.— V. 108, p. 789.

T o r o n t o E le c t r ic L i g h t C o .— Notes Sold.— W m . A .
R e a d & C o . h a v e sold a t 9 9 % a nd in t., to n et a b o u t 6 .2 0 % ,




Red. as a whole at 101H and int. on 60 days’ notice. Int. payable
J. & J. l In New York, and Toronto. National Trust Co., Ltd., Toronto,
trusteo. Denom., $l,000c. The company agrees to pay the U. S. Normal
income tax up to 2% .
Digest of Statem ent by V.-Pres. D.H.McDougall, T oron to, May 28 1919.
Security.— Direct obligation of tho company and secured by pledgo of
$1,000,000 (authorized issue) First Mortgage twenty-year 5% bonds, due
1939, which are secured by direct (closed) first mortgage on the entire
assets and income o f the property.
An independent appraisal, just completed, places the value of tho physical
assets covered by tho first lien of tho pledged bonds at $8,212,100, or over
8 times the amount o f the issuo.
Income Account, &c., for Cal. Year (Int. on these notes calls for $60,000 p. a.)
„ „ „
1918.
1917.
1915.
1911.
K .
W . H. sold... 73,935,304 71,592,832 51,395,537 31,822,363
Gross earnings.............
$1,693,324 $1,522,564 $1,320,065 $1,403,623
Net available for int-----567,634
636,629
564,620
630,467
Sinking Fund.— The company agrees to pay $30,000 quarterly as a sinking
fund, the first payment to do made in Oct. 1919, to bo applied to tho pur
chase of these notes at par and lnt., if so obtainable; notes so purchased
to be canceled.
History, Franchise, &c.— For details see V. 102, p. 2347.— V. 107,p.697.

T r i n i t y B u ild in g C o r p . o f N . Y . —Bonds Offered Jointly
by National City Company and Guaranty Trust Co.—

Tho National City Co. jointly with tho Guaranty Trust Co. and not
Harris Forbes & Co. were the issuing houses for the First M tge. 5 H %
guaranteed loan, described in last week’s “ Chronicle,” p. 2248.

President Resigns.—

Philip Cabot has resigned as President o f this company.— V. 108, p. 387.

U n io n T a n k C a r C o .—

New N am e .—

See Union Tank Line Co. below.— V. 108, p. 2131.

U n io n T a n k L in e C o .—

New Name, & c .—

At a special meeting tho stockholders voted to change tho namo of Union
Tank Lino Co. to Union Tank Car Co. and also voted that the authorized
capital be $25,000,000. No further action was taken.— V. 108, p. 2131,1576.

U n it e d V e r d e C o p p e r C o .—

Dividend .—

This company has just paid a dividend of $1 50 per share.
was paid in Feb. last and July 1918.— V. 106, p. 2238.

W a s h b u r n -C r o s b y C o .—

A llko amount

Officers.—

John Crosby has been elected President to succeed John Washburn, who
was made Chairman of the Board. Benjamin S. Bull was elected Treas
urer to succeed Mr. Crosby and W. G. Crocker was made Secretary. O. O.
Bovoy, James F. Bell and Fred. G. Atkinson will continue as Vice-Presi
dents.— V. 104, p. 1904.

W a s h in g t o n U t ilit ie s C o .—

Interest Defaulted .—

The interest due Juno 1 on 5% Collateral Trust notes romalns unpaid.
Tho holders of tho notes aro asked to deposit them with tho American
Security & Trust Co. or tho Metropolitan Trust Co., New York. Tho
notes aro secured by $2,750,000 stock of the Washington Ry. & Electric
Co., which company passed the M ay 1 1919 dividend.— V. 100, p. 1350.

— 5-Year
Richards & Co., Cincinnati, in Marok
and int., to yield over 7)^%, $400,000
Cal. Year
1917.
5-year 7% guaranteed gold notes dated Mar. 1 1919, due
$335,331
16,511 Mar. 1 1924, principal and interest guaranteed by endorse
.........
ment of Morris L. and Samuel E. Stophenson of Jackson, O.

T e x a s B i t u l i t h i c C o ., D a lla s , T e x .— Offering of Bonds.—
Central Trust Co. of Illinois, Chicago, are offering at prices
ranging from 100 to 99, to yield 6% for first maturity, and
6 % % for remaining maturities, $100,000 (series 2) tax
secured Collateral Trust 6% gold bonds.

T e x a s P a c if ic C o a l & O il C o .—

$1,000,000 Three-Year 6% Secured gold notes dated July 1
1919, due July 1 1922.

T u r n e r s F a lls P o w e r & E le c . C o .—

F. J. Frost has been elected Treasurer and A . E. flinch, formerly General
Auditor, was elected Comptroller.— V. 108, p. 1826.

S ta n d a rd

[V ol . 108

W e ll s t o n I r o n F u r n a c e C o ., J a c k s o n , O h i o .

7 % Notes.—Field,
last offered at 9 9

Interest M . & S. at the Central Trust C o., Cincinnati, O. Denom. $500
and $1,000 c*. Redeemable at option of company, all or part, by lot, after
one year, on any interest dato upon 30 days’ notice, at 102 and int. Inter
est payablo, so far as may be lawful, without deduction for Federal income
taxes not in excess o f 4 % . The Central Trust C o., Cincinnati, O., trustee.
Data from Letter of Pres. M. L. S tephenson, Dated Fob. 21 1919.
Company.— Manufactures pig iron and Portland cement. Tho furnace
property, at Wellston, O., Includes two modern pig iron furnaces with total
capacity of 120,000 tons per year. Tho ccmont property at Superior, O.,
consists of 7,500 acres owned in feo, upon which is a modern cement plant,
total capacity of 2,000 bbls. per day, some 500 company-owned houses for
employees, churches, schools, &c.
Security.— A direct obligation, upon which principal and Interost aro un
conditionally guaranteed by Morris Lee and Samuel E. Stephenson, whose
net worth is at least $1,000,000. As long as any of theso notes are out
standing, no mortgage can bo made upon any of tho property or assets.
Current borrowing shall not have longer maturity than 9 months. A
sinking fund of 50c. per ton on pig iron manufactured and 10c. per barrel
on cement, exclusively to pay interest and for purchase or redemption of
these notes. Net current assets are to equal at least 100% of theso notes
outstanding at all times.
Purpose of Issue.— The proceeds will reduco current liabilities, thereby
not increasing present indebtedness.
Earnings.— The earnings for tho past several years have averaged over
five times tho interest charges on this note issuo.
Balance Sheet (After Giving Effect to Proceeds of Note Issue).
Assets—
L iabilitiesPlants, equip., bldgs., &c..$676,430 First preferred stock----------- $154,000
160,811 Second preferred stock_____ 100,000
C ash...................
Accounts receivable_______
3,601 C om m on _________________ 300,000
Liberty bonds, &c_________
17,534 Surplus___________________ 128,357
Inventories........................... 482,705 5-year 7% gold notes--------- 400,000
Deferred charges__________ 46,911 Accounts and notes payable 239,043
Accrued wages, sundries___________ 25*684
Total each side...............$1,387,9931Deferred cred its................. 41,008

W e s t e r n U n io n T e le g r a p h C o .—

Increased Rates Upheld.

Seo American Tel. & Tel. Co. above — V. 108, p. 2131, 1947.

W o r c e s t e r (M a ss .) G a s L ig h t C o .—

Order Rates Reduced.

Tho Massachusetts Board of Gas and Electric Light Commissioners has
ordered tho company to reduce tho prlco of gas from $1 15, tho present
price, to $1 10 not per 1,000 cu. ft. on or beforo March 1 1920. Last Janu
ary the Board ordered tho company to reduco tho price of gas from $1 15 to
$1 10 on or beforo July 1 1919. Tho Board has further ordered tho com
pany to set aside $20,000 out of tho earnings of tho year to end Juno 30 1920,
to bo added to tho surplus to mako good tho payment of dividends not
earned prior to April 1 1917.— V. 108, p. 1947.

Y o l o W a t e r & P o w e r C o .— M artin Committee Still Ac
tively Opposing Reorg. Plan— Stokes Committee Disbands .—

Tho reorganization plan was outlined at considerable length last week,
p. 2448, together with a digest of the letter by President Arthur O. Huston
In support of the plan. Tho Stokes committee has disbanded and its mem
bers aro Individually participating in tho plan, without, however, advising
tho depositors what course to pursue with reference to tho reorganization.
By a slip of the pen it was made to appear last week that tho Martin com
mittee was the ono retiring from tho field. As a matter of fact the latter
committee, of which Henry W. Martin of 52 Broadway, N. Y ., is Chair
man, and the Empire Trust Co. Is depositary, has all along, and still is
actively opposing tho reorganization plan as Inequltablo and confiscatory
of the rights of the First Mortgage bondholders. Tho circular of tho Martin
committee stating their reasons for this action was referred to at some
length in V. 108, p. 1827.— V. 108, p. 2248.

C U R R E N T

N O T 1C E S

—A new Issue of $1,500,000 Halo & Kllburn Corporation first mtge.
20-yr. 6% sinking fund bonds, duo Juno 1 1939, Is jointly advertised for
investment in to-day’s “ Chroniclo” by Frazier & Co. of Phila., N. Y . and
Balto., and Montgomery & Co. of Phila., N. Y . and Chicago. Prlco 96
and int. A full description of tho offering appears In tho advertisement.

June 7 1919.]

THE CHRONICLE

2337

ffkpxrrts amt ^oxmmmfs.
N EW Y O R K CENTRAL RAILROAD COMPANY

ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1918.
To the Stockholders of The New York Central Railroad Company:

Tho New York Central Railroad Company__

see ono con cn

The Toledo & Ohio Central Railway Company___ 11111111 l ’086’650 87
The Board of Directors herewith submits its roport for The
Zanesville & Western Railway Co. (deficit)___________
107 598 45
the yoar ended December 31 1918, with statements showing Tho
Kanawha & Michigan Railway C o_____________
q
& West Virginia Railroad C o . . __________________
' 45,260
tlio income account for tho year and tho financial condition Kanawha
of the company.
$58,122,084 92
The operation and maintenance of the company’s road
wore conducted undor Federal control during the year 1918. Under tho agreement, all salaries and expenditures in
Tho mileage covered is as follows:
curred by tho company, during Federal control, for purposes
Miles.
which relate to the existence and maintenance of the corpor
Main line and branches owned______________________
non
Leased lin e s.......................................................... .................
1'920 40 ation, are required to bo borne by the corporation, out of its
Lines operated under trackage rights__________________
'456 25 compensation and other income.
Immediately upon his taking office, tho Director-General
Total road operated__________________________________________ 6,075.79
of
Railroads appointed as Regional Director in charge of the
Tho construction of a joint terminal of the Putnam Branch Eastern
District Mr. Alfred H. Smith, then President of the
at Sedgwick Avcnuo, Now York, in accordance with an agree Now York
Contral Railroad Co. This district at that time
ment with tho Interborough Rapid Transit Company, included practically
of the railroad lines north of the Ohio
whereby tho Putnam bridgo over tho Harlem River was sur and Potomac riversalland
of the Indiana-Illinois State
rendered for use in connection with tho extension of the ele lino. Mr. Smith assumedeast
duties of the Regional Direc
vated systom up Jerome Avenue, decreased tho length of tor’s office, which involved the
dealing with a complicated traffic
tho Putnam Division by 23-100tlis of a milo.
and tho co-ordinating of the lines for war purposes,
Tho Cardiff Branch, Reddick to Cardiff, Illinois, 3.49 situation
as an addition to his obligations as President of the company.
miles, was abandoned.
in 1918, the Director-General decided that officers
To correct an orror in tho 1917 roport, ll-100ths of a mile in Early
charge of Fedoral operation should not continue their
has boon added to tho main lino mileage in tho Stato of positions
with the corporations, except in special cases and
Illinois.
permission was given. Thereupon, Mr. Smith re
These changes produce a not decrease in operated iniloago where
signed Ins offico as President, effective May 31, and Mr. Will
of 3.61 miles.
iam K. Vanderbilt Jr. was elected in his stead. Later in the
There was no chango in tho capital stock of the company year
the following general executive officers also resigned in
during the year.
that they might continue in tho service of the United
Since tho date of tho annual meeting on January 23 1918 ordor
States Railroad Administration: Mr. Abraham T. Hardin,
tho number of stockholders has grown 1,591, tho total num Vice-President;
Mr. Charles F. Daly, Vice-President; Mr.
ber at tho end of tho yoar being 28,693, of whom 28,395 aro Patrick E. Crowley,
in tho United States and 298 abroad. Tho par value held Biscoo, Vice-President.Vice-President, and Mr. Howard M.
by those hero is $247,543,855, and by those abroad $2,053, 1 \
corporate organization has been formed to con
500, tho average holdings being 87 and 69 shares respectively. duct
the affairs of the company under instructions from the
In 1915 the numbers roported wero 22,270 hero, and 2,772 l resident
tho Board of Directors, and to take all appro
abroad, tho general average holding boing, approximately, priate andand
necessary corporate action to carry out the obli
100 shares, while now it is 87 shares.
assumed by it under the agreement. Through this
Tho changes in tho funded dobt of tho company aro shown gations
organization, tho personnel of which is shown on the first
in tho following statement:
pago of this [pamphlet] report, expenditures for additions
Amount as reported on December 31 1917 was------------------$711,883,086 19
and betterments to tho property, and for tho maintenance of
Included therein wero tho following securities which had
boon reacquired or held pending their salo, and (with tho
road and equipment under Federal management, are investi
exception of certain o f them with a par valuo o f $730,
gated and verified and supervision is exercised for the pro
) had boon pledged for tho company’s notes:
tection of tho company’s interests, both as to the property
N. Y . O. & H. 11. HR. Co. refunding and
improvement mortgago 4 lA % bonds-------$20,000,000 00
transferred under tho Federal Control Act and that remain
N . Y. C. HR. Equipment Trust certificates
ing
with tho corporation.
of 1917.............................................. - ......... 1,218,000 00
N. Y. C. & II. It. lilt. Co.— Lako Shoro col
lateral gold bonds______________________
SUMMARY OF FINANCIAL OPERATIONS AFFECT
R . W. & O. It It. Co. 1st consolidation bonds
2,000 00 21,230,000 00
ING INCOME.
Year Ended
1 29'>, 141

3

7
63

14

000

1 0 ,0 0 0 0 0

Leaving tho total funded dobt actually outstanding at tho
beginning of 1918----------------------------------------------------$690,653,086 19
Retired during tho year:
It. W. & O. Terminal 1st mortgago 5%
bonds matured and paid-------------------$375,000 00
Payments falling duo during the yoar on
tho company's liability for certificates
issued under equipment trust agree
ments as follows:
N. Y . C. Lines Trust o f 1907, install
ment duo November 1918__________ 1,492,884 74
Boston & Albany Trust of 1912, install
500,000 00
ment duo October 1918____________
a total decrease o f__________________________________

2,367,884 74

leaving tho funded dobt actually outstanding Dec. 31 1918.$688,285,201 45

Now York Central Railroad Equipment Trust certificates
of 1917 to an aggregate amount of $6,648,000 wore issued
during 1918, but as all of thorn wero concurrently acquired
by tho company, there is no chango in tho funded debt in
this connection.
As was pointed out in tho last annual roport, the President
of•the United States took possession and assumed control of
tho railroad property of your company on Dec. 28 1917. By
tho terms of tho President’s proclamation tho possession, con
trol, operation and utilization of tho transportation systems
wore vested in a Director-General; and it was stated that,
until tho Director-General should otherwise determine, his
powers would bo oxorcisod through tho boards of directors,
officers and employees of tho systems taken over. Tho
Director-General appointed Regional Directors under whom
tho railroads of tho sovoral districts wore unified as to con
trol and operation. Subsequently, Fedoral Managers and
other Federal officers wero appointed and required to roport
through the Federal Managers to tho Regional Directors and
tho Director-General.
As of Dec. 27 1918 tho company, jointly with tho Toledo
& Ohio Contral Railway Co., the Zanesville & Western Rail
way Co., tho Kanawha & Michigan Railway Co. and tho
Kanawha & West Virginia Railroad Co., executed an agree
ment with tho Director-Gonoral of Railroads providing for
tho operation, during Fodoral control, of tho roads of tho
parties to tho agreement by tho Director-Gonoral of Railroads
for an annual total compensation of $58,122,084 92, divided
as follows:



„
Dec. 31 1918.
compensation accrued for the possession, use and control of
the property of this company and its leased lines..............$55,802,630 50
Miscellaneous operations:
Revenues........................................................
$1,963 5 9
Expenses.................................................... ..
4,925 78
Not deficit............................................................................
other corporate income:
Income from lease of road_________________
$106,424 8 8
Miscellaneous rent in com o..____ ________
904,841 70
Miscellaneous non-operating physical prop
e r ty .....................................
632,283 40
Separately operated properties—profit___
1,147,244 01
Dividend incomo............................................ 6,379,728 5 7
brom funded securities...............................
500,845 06
From unfunded securities and accounts___ 3,745,610 50
Miscellaneous incomo____________________
54,274 23
Total other corporate Incomo.
Gross incomo_______________________
Deductions from gross incomo:
Miscellaneous rents____________________
Miscellaneous tax accruals_____________
Rent for leased roads___________________
Interest on funded debt________________
Interest on unfunded debt________ _____
Amortization of discount on funded debt.
Miscellaneous incomo charges__________
Separately operated properties— loss___
War taxes_____________________________
Corporate general expenses_____________

$2,962 19

13,471,252 35
........................$69,270,920

66

$689,074 60
300,045 83
9,314,910 15
29,432,623 35
2,004,364 10
556,975 56
138,783 96
62,628 25
2,017,501 92
288,667 84

Deductions from gross Incomo.

44,805,575 56

Less revenues and expenses applicable to the period ended
prior to Jan. 1 1918, settled for account of the corpora
tion by tho United States Railroad Administration_____

$24,465,345 10
6,548,223 55

Net corporate income________________________________ $17,917,121 55
Disposition of net incomo:
Dividends declared— 5 % _________________$12,479,610 00
To sinking funds________________________
115,563 46
Total appropriations_________________________________

12,595,173 46

Surplus for tho year carried to Profit and Loss___________ $5,321,948 09
PROFIT AND LOSS ACCOUNT.
Balance to credit of profit and loss Dec. 31 1917____________ $75,245,201 74
Additions:
IM
Surplus for tho year 1918________ _______ _ $5,321,948 09
Sundry deferred credits and adjustments..
802,435 98
Profit on road andlequipment sold________
27,766 74
--------------------- 6,152,150 81
$81,397,352 55

2338
Deductions:
Loss on retired road and equipment----------Loss on sale o f capital stock of tho Pennsyl
vania Coal & Coke C o__________________
Charging o ff various uncollectible accounts.
Readjustment of operating results o f the De
troit Terminal Railroad prior to Nov. 1
1912.................................. - ..........................
Sundry deferred debits and adjustments—

S31,054 16
281,250 00
29,850 40
42,645 66
69,254 43

8454,054 65

Balance to credit o f profit and loss Dec. 31 1918----------------S80.943.297 90

Tho amount of standard compensation, $55,802,630 50,
accrued under Federal control for the possession and use of
the company’s property, and its leased and operated lines,
was based upon the average annual railway operating incomo
for the three years ended June 30 1917.
As required by the Federal Control Act, this amount was
certified by the Inter-State Commerce Commission as agree
ing with the income reported to it, subject, however, to such
changes and corrections as tho Commission might hereafter
determine and certify to be requisite.
There wero delivered in 1918, 1 electric locomotive, 139
steam locomotives, 20 steel baggage and mail cars, 71 steel
passenger coaches, 2 steel dining cars, and 105 steel baggage
cars, which were provided for under the New York Central
Railroad Equipment Trust of 1917, as authorized by tho
Board of Directors on Oct. 19 1916. On account of tho pre
vailing unsatisfactory market conditions for the salo of tho
equipment trust certificates, and in order to procuro tho
equipment as needed, the company has purchased at par and
accrued interest $6,648,000 of the certificates, of which
$4,187,000 were pledged as security for short-term loans and
$2,461,000 carried in tho treasury of the company.
The Director-General of Railroads allotted to tho company
4,500 freight cars, estimated to cost $13,201,000, and 120
locomotives, estimated to cost $6,192,955; a total of approx
imately $19,393,955. Of this equipment, 2,556 freight cars
and 114 locomotives wero delivered during tho year.
The Director-General also allotted to tho company, as
Lessee of the Boston & Albany Railroad, 10 locomotives,
estimated to cost $622,770, for use on that road.
These allotments wero accepted by tho company and tho
equipment is being constructed under contracts between the
Director-General and the builders, and tho financing of tho
cost thereof is being arranged between the Director-General
and the company.
Tho changes in tho property investment account for the
year
wero as follows:
Additions and betterments— Road:
„ „ „„
Expenditures by the Federal Manager------ SI 1.432,818 09
126,860 84
Expenditures by the corporation__________
Less sale of land by corporation and miscel
laneous credits__________________

SI 1,559,678 93
63,522 96

SI 1.496,155 97

Additions and betterments— Equipment:
Expenditures by the Federal Manager, less
equipment retired and transferred--------- S2,933,531 70
Equipment assigned to tho N. Y . C. RR.
by tho United States Railroad Adminis_
tration________________________________ 13,002,056 00
Expenditures by the corporation---------------- 8,511,006 80

24,446,594 50

Total addition to road and equipment accounts-----------S35.942.750 47
Improvements on leased railway property:
Expenditures by the Federal Manager------ 84,783,284 40
Less miscellaneous credits by tho corporat’n
11,911 68
- 4,771,372 72
Improvements on miscellaneous physical property:
Expenditures by the Federal Manager-----S18.541 61
Expenditures by tho corporation-------------52,293 74
Less credits by tho corporation.

S70.835 35
50,000 00

20,835 35

Tho net increase in property investment accounts during___
the year b e i n g . . . . . . . . . ...................................................... .840,734,958 54

Pending the execution of the agreement with tho DirectorGeneral of Railroads and tho settlement of accounts there
under, tho company borrowed from him $20,000,000 for
which it gavo its 6% demand notes. Of tho notes so given
$13,500,000 were secured by collateral, the balance, $6,500,
, being unsecured.
In the operation of the Pension Department, 107 employees
were retired and placed upon the pension roll. Of these
retirements, 43 wero authorized because of tho attainment
of seventy years of age, and 64 because of total and perma
nent physical disability. 165 pensioners died during 1918,
and at the close of tho year 1,469 retired employees were
carried upon tho pension rolls. Tho average monthly pen
sion allowance of these is $26.34, and tho total amount paid
in pension allowances during tho year was $471,075 11,
which was paid by and charged to tho operating expenses of
the United States Railroad Administration, as provided in
the agreement with tho Director-General of Railroads.
The following changes took place in the Board of Directors
during
tho year:
Resigned: March 13 1918...........- ................................. Robert S. Lovett
0 0 0

April 10 1918.............................- ................. Marvin Hugh tt
M ay 31 1918................................................ Alfred H. Smith
September 18 1918...................................... Frank J. Jeromo
September 18 1918...................................... Leonard J. Hacknoy
Elected:
September 18 1918.......
Charles T. Lewis
September 18 1918................................... Charles B. Scger
September 18 1918................................... Edward S. Ilarkness
November 13 1918................................... Samuel Mather
Re-elected: December 11 1918...................................... Frank J. Jeromo

The Board records, with regret, the death on August 10
1918 of Mr. William II. Newman, a Director of this Company
and who was President of Tho Now York Contral & Hudson
River Railroad Company from June 3 1901 to February 1
1909.




[Vol . 108.

THE CHRONICLE

Tho Board also records, with regret, the doath of two
other of its members, Mr. Charles T. Lewis on September
29th, and Mr. Horace E. Andrews on Docembor 1st 1918.
As an appendix to this report will bo found statements
showing results of operations by tho United States Railroad
Administration during 1918 compared with similar results
for 1917.
.
t
On subsequent pages will bo found tho condensed general
balance sheet of the company as of December 31 1918, and
statements giving details of capitalization, expenditures for
improvements to property, investments, equipment trusts,
taxes, rentals of leased lines, equipment, description of
physical property, &c.
.
Appreciative acknowledgment is made to all officers and
employees of their loyal and efficient co-operation and servico.
For tho Board of Directors.
WILLIAM K. VANDERBILT JR., President.
CONDENSED GENERAL BALANCE SHEET DEC
EMBER 31 1918.

ASSETS.
________
Investments—
Investment in road____________________ 8472,010,405 09
Investment in equipment:
T ru st.......................... .8116,733,517 07
Other.......................... 141,642,599 21
-------I----- I--------- 258,376,116 28
„„
----------------------- 3730,386,521 37
96,903,574 44
Improvements on leased railway property----------------------Miscellaneous physical property-----------------------------------8,701,43J l<
Investments In affiliated companies:
___
S tocks...............................
3133,447,346 64
Bonds........................................................
9,735,838 38
Notes......................................................... 43,500,926 84
............................................... 14.008.08560 m m M J ( |
0' £ £ ” “
.......................- ............$31,110,024 32
Bonds........................................................
3,858.079 67
Notes_______
- 11,780,026 03
Advances____________________________
712,514 11
Miscellaneous...........................................-______ 12,7650 0

47,503,409 13

Total Investments_________________________________ 81.085,148,041 57
Current Assets—
___ ______ „
Cash_________________
88,993,280 27
Special deposits----------------------------------981,245 14
Loans and bills receivable_____________
59,108 99
Traffic and car-servico balances receivable
41,509 59
Miscellaneous accounts receivable--------6,815,012 7b
Interest and dividends receivable----------4,354,563 58
Rents receivable
__
Compensation duo from United States
Government
________________ 27,672,084 92
48,916,805 25
Deferred Assets—
8124,392 30
Working fund advances-----------------------908.611 38
Insurance and other funds--------------------United States Government:
___
Cash taken over--------- 813,407,045 26
Agents’ and conduc____ _
tors’ balances______
9,616,893 84
Materials and supplies. 34,239,829 70
Assets December 31
____
1917, collected_____
6,919,234 06
Other items__________
5,163,370 15
- 69,346,373 01
4,097,745 84
Other deferred assets___________________
74,477,122 53
Unadjusted Debits—
Discount on funded debt unamortized.. 86 321,634 59
Securities acquired from lessor companies
(per c o n t r a )............................................
457,851 00
Other unadjusteddebits------------------------2,214,851 31
8,994,336 90
Securities issued or assumed— unpledged (83,443,005 00)
Securities issued or assumed—pledged (824,687,000 00) ^ 217 536 306 25
LIABILITIES.
Stock—
Capital stock ---------------------------------------------Long Term Debt—
Funded debt unmatured:
Equipment obligations________________ 841
Mortgage bonds---------------------------------- 526
Debentures__________________________ 105
Notes__ ’____________________________ 15

S249.597.355 00
591,201
194.000
500.000
000,000

45
00
00
00

688,285,201 45

Current Liabilities—
__ ___„
„
Loans and bills payable------------------------ 841,963,000 00
Traffic and car-servico balances payable.
2,239,089 84
Audited accounts and wages payable-----4,380,970 65
Miscellaneous accounts payablo-----------5,921,122 .>1
Interest matured unpaid.............
3,955,549 15
Dividend declared, payablo Feb. 11919.
3,119,902 50
Dividends matured unclaimed---------------170,630 42
Funded debt matured unpaid...................
4,<90 00
Unmatured interest accrued___________
6,241,945 73
Unmaturcd rents accrued---------------------748,207 37
Other current liabilities________________
4,596,902 90
Deferred Liabilities—
„„„
Liability to lessor companies for equipemnt 814,715,322 52
United States Government—
Additions and better__
ments_____________ 816,650,703 63
Liabilities December 31
1917. paid................. 21,512,363 92
Corporate transactions
8,214,989 85
Revenue and expenses
prior to Jan. 1 1918.
6,906,821 83
Other items__________
5,734,017 03
59 ,018,896 26
192,861 20
Other deferred liabilities___________
Unadjusted Credits—
Tax liability.................................................
Insurance and casualty reserves-----------Operating reserves_____________________
Accrued depreciation of equipment------Liability to lessor companies for securities
acquired (per contra)-----------------------Other unadjusted credits----------------------

__
$2 553,255
565.079
350,029
32 806,683

73,342,111 07

73,927,079 98

51
82
88
77

457,851 00
13 970,888 63

Corporate Surplus—
Additions to property through Incomo and
surplus......................................................
Sinking fund reserves.................................

, 0_
$93.924 85
643,547 3J

Total appropriated surplus...................
Profit and loss— balance.............................

* 7 3 7 ,4 7 2 24
80,943,297 90 ,r r

50,703.788 61

gg0 ^

^^

..............................................................................................81,217,536,306 25

THE CHRONICLE

June 7 1919.]

2339

THE MICHIGAN CENTRAL RAILROAD COMPANY

SEVENTY-THIRD ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1918.
To the Stockholders of the Michigan Central Railroad Company:

Tho Board of Directors herewith submits its report for
the year ended Dec. 31 1918, with statements showing the
results for the year and tho financial condition of the com
pany.
The operation and maintenance of the company’s road were
conducted under Federal control during the year 1918, the
mileage covered being as follows:
Miles.
Main line and branches owned-----------------------------------------------------1,182.84
Line Jointly owned_____________________________________________
.71
Leased lines____________________________________________________ 578.16
Lines operated under trackage rights------------------------------------------ 100.06
Total road operated----------------------------------------------------------------1,861.77

There was no change in capital stock during the year, the
amount authorized being 818,738,000 and actually outstand
ing 818,736,400.
The funded debt outstanding on Dec. 31 1917 was...................$52,738,843 79
It has been decreased during the year by payment o f pro-rata
of installments on account o f equipment trust certificates
as follows:
Trust of 1907, due November, 1918 (N . Y . O.
Lines).................................................................$260,425 45
Trust of 1915, duo October, 1918 (M .C .R R .) 300,000 00
„
d„
---------------560,425 45
Total funded debt outstanding Dec. 31 1918-------------------$52,178,418 34

Of the 88,000,000 refunding and improvement mortgage
bonds authorized in 1917 there were issued during the year
86,171,000, but as all of them, ponding their sale, are held
by the company and pledged as collateral for short-term loans,
there was no change in the funded debt in this connection.
Michigan Central Railroad Equipment Trust certificates
of 1917, issued during tho year, amounted to 83,848,000.
On account of tho prevailing unsatisfactory market condi
tions for tho sale of equipment trust certificates, and in or
der to procure equipment as needed, tho company, through
the medium of short-term loans, purchased at par and ac
crued interest these certificates, pledging 83,658,000 of them
as collateral, pending more favorable conditions for their
sale. There is therefore no change in the funded debt in
this connection.
SUMMARY OF FINANCIAL OPERATIONS AFFECT
ING INCOME.
Year Ended

,
,
Dec. 31 1918.
Compensation accrued for tho possession, uso and control of
the property of this company and its leased lines.................$8,052,127 48
Other corporate incomo:
Income from lease o f road-------------------------$123 43
Miscellaneous rent incomo-------------------------2,883 56
Miscellaneous non-operating physical prop
erty ___________________________________
2,881 23
Dividend incomo--------------------------------------487,540 00
From funded securities------------------------------48,579 78
From unfunded securities and accounts.........
359,257 06
Miscellaneous incomo-------------------------------1,714 81
Total other corporate income.............................. .............

902,979 87

Gross income------------------------------------------------------------ $8,955,107 35
Deductions from gross income:
Miscellaneous rents-----------------------------------$3,208 88
Miscellaneous tax accruals-------------------------5,379 92
Rent for leased roads...................................... 2,774,022 11
Intcrost on funded debt................................... 2,077,363 38
Interest on unfunded debt------------------------- 1,282,387 40
Amortization o f discount on funded debt-----22,482 24
Miscellaneous Incomo charges.........................
8,645 02
Separately operated properties—loss----------58,883 36
War taxes accrued.............................................
81,566 38
Corporate general expenses-------------------- __
71,605 54
Deductions from gross incomo...........................................

6,385,544 23

.
„ K1 . tu
$2,569,563 12
Less revenue and expenses applicable to tho period prior to
Jan. 1 1918, settled for account o f the corporation by
United States Railroad Administration............................. 2,021,705 41
Net corporate income---------- -------------------------------------Disposition of net income:
Dividends doclared— 4% -----------------------------------------------

$547,857 71

Deficit for tho year carried to profit and loss.............................

$201,598 29

749,456 00

Amount to credit o f profit and loss, Dec. 31 1917.................... $18,589,136 74
Add:
Profit from sale of land at Detroit...................
$96,960 00
Readjustment o f advances and interest to
Dec. 31 1917, account Detroit Terminal
Railroad Company_____________________
211,469 88
Profit in connection with sale o f rail leased to
Eastman Lumber C o___________________
12,643 17
Proceeds from sale o f grain at Elevator B,
D etroit...........................................................
6,762 32
Adjustment of sundry accounts (net).............
63,963 80
------------------391,799 17




$18,980,935 91

Deduct:
Deficit for year 1918—.....................................

$201,598 29

Depreciation unaceruod prior to July 1 J907

on equipment retired during 1918________
311,910 04
Adjustment of over-accrual prior to Dec. 31
18,672 17
1917 o f mail revenue...................... ...........
--------------------

$532,180 50

Balance to credit of profit and loss Dec. 311918.................. $18,448,755 41

As was pointed out in the last annual report, the Presi
dent of the United States took possession and assumed con
trol of the railroad property of your company on Dec. 28
1917. By the terms of the President’s proclamation the
possession, control, operation and utilization of the trans
portation systems were vested in a Director-General; and it
was stated that, until the Director-General should otherwise
determine, his powers would be exercised through the boards
of directors, officers and employees of the systems taken
over. Tho Director-General appointed Regional Directors
under whom tho railroads of the several districts were unified
as to control and operation. Subsequently, Federal Man
agers and other Federal officers were appointed and required
to report through the Federal Managers to the Regional
Director and the Director-General.
As of Dec. 27 1918 the company, jointly with the ChicagoKalamazoo & Saginaw Railway Company, executed an agree
ment with the Director-General of Railroads providing for
the operation, during Federal control, of tho roads of the
parties to the agreement by the Director-General of Rail
roads for an annual total standard compensation of 88,105,
727 04, divided as follows:
The Michigan Central Railroad Company_________________ $8,052,127 48Chicago Kalamazoo & Saginaw Railway Company.............
53,599 56
$8,105,727 04

Under the agreement, all salaries and expenditures incurred
by the company, during Federal control, for purposes which
relate to the existence and maintenance of the corporation,
are required to be borne by the corporation out of its com
pensation and other income.
Immediately upon his taking office, the Director-General
of Railroads appointed as Regional Director in charge of theEastern District Mr. Alfred H. Smith, then President of this
company. This district at that time included practically
all tho railroad lines north of the Ohio and Potomac Rivers
and east of the Indiana-Illinois State line. Mr. Smith as
sumed the duties of the Regional Director’s office, which
involved dealing with a complicated traffic situation and the
co-ordinating of the lines for war purposes, as an addition
to his obligations as President of this company.
Early in 1918, the Director-General decided that officers
in charge of Federal operations should not continue their
positions with the corporation, except in special cases and
where permission was given. Thereupon Mr. Smith re
signed his offico as President, effective May 31, and Mr. Will
iam K. Vanderbilt Jr. was elected in his stead. Later in the
year the following general executive officers also resigned in
order that they might continue in the service of the United
States Railroad Administration: Mr. Abraham T. Hardin,
Vice-President; Mr. Charles F. Daly, Vice-President, and
Mr. Edmond D. Bronner, Vice-President and Genera
Manager.
A separate corporate organization has been formed to con
duct tho affairs of the company under instructions from the
President and the Board of Directors, and to take all appro
priate and necessary corporate action to carry out the obliga
tions assumed by it under the agreement. Through this
organization, the personal of which is shown on the first page
of this [pamphlet] report, expenditures for additions and bet
terments to the property, and for the maintenance of road
and equipment under Federal management, are investigated
and verified and supervision is exercised for the protection of
the company’s interests, both as to the property transferred
under the Federal Control Act and that remaining with tho
corporation.
The amount of standard compensation, 88,052,127 48,
accrued under Federal control for the possession and use of
tho company’s property and its leased and operated lines,
was based upon the average annual railroad operating in
como for tho three years ended June 30 1917. As required
by the Federal Control Aot, this amount was certified by the-

[Vol. 108.

THE CHRONICLE

3340

A N C E S H E E T D E C E M B E R 31 1918.
Inter-State Commerce Commission as agreeing with the C O N D E N S E D G E N E R A L B A LASSETS.
Investments
income reported to it, subject, however, to such changes Investment
___
road and equipment:
and corrections as tho Commission might hereafter deter Road and Inequipment
to June 30 1907------$35,213,2o7 09
mine and certify to be requisite.
,
Road and equipment since June 30 1907:
Roa<l . . .................................. $31,238,429 62
Pending the execution of the agreement with the DirectorEquipment— trust______ 37,182,261 35
General of Railroads and the settlement of accounts there
E quipm ent-owned . . . ■ 1,718,831 86 ^ ^ ^ g3
under, the company borrowed 87,050,000 of which $4,000,
000 were obtained from the Director-General of Railroads
investment in road and equipment----------------$105,352,779 92
and the Secretary of the Treasury on 6% demand notes DepositsTotal
in lieu of mortgaged property sold...........................
13,273 70
secured by collateral, and $3,050,000 from The New York Improvements on leased railway property:
Central Railroad Company on unsecured notes, endorsed To June 30 1907................- .........................
2 6gl>221 68
by that company and sold by it to the Director-General Since Juno 30 1907....................................... 1,867,447
Miscellaneous
physical
property...............................................
669,399 15
of Railroads.
The Michigan Central Railroad Equipment Trust of Investments in affiliated companies:
1917, established by agreement dated March 1 1917, pro . B00ndS ..........................................................
o t e s . ! " ! . ” .................... ......................... 1,014,468 63
vides for a total issue of $9,000,000 equipment trust certifi NA dvances______________________________
660,026 35
cates. The original agreement provided for an interest rate
11,289,889 48
of 4 M % Per annum. Under date of December 31 1918, by Other investments:
$15,004 00
supplemental agreement, the interest rate was increased to stopks
B
o
n
i s ................................
% per annum. Under tho provisions of the trust 3,470 Miscellaneous_____________________________
25,00100
260,365 62
freight train cars were delivered in 1918.
Tho Director-General of Railroads allotted to tho com
Total investments.............................................................. $120,276,935 55
pany 2,000 freight cars, estimated to cost $5,747,000, and Current
Assets—
.,
30 locomotives, estimated to cost $1,512,000, a total of
_____________________
$1,397,745 44
approximately $7,259,000. These allotments were accepted Special deposits...................... - ....................... oo’non no
and bills receivable...............................
, n Kro ct
by the company and of this equipment 827 freight train Loans
accounts receivable.................
420,552 01
cars and 20 locomotives were delivered during the year. Miscellaneous
Interest and dividends receivable---------------264,127 72
This equipment is being constructed undor contracts be Rents receivable— Compensation duo from
tween tho Director-General and the builders and tho financ United States Government......................... 5,055,727 04 7,235,046 62
ing of the cost thereof is being arranged between tho Director- Deferred Assets—
Working fund advances...............................
$29,508 10
General and the company.
United States Government:
The changes in the road and equipment accounts for the Cash taken over______ $2,713,163 02
Agents and conductors bal
year were as follows:
ances_________ _____ _— 5,487,939 17
—

8 0 7 ,2 0 0 0 0

2 2 0 ,3 0 0 0 2

6

Additions and betterments— Road:
Expenditures by the Federal Manager--------- $2,066,319 88
Expenditures by the corporation...................... —
l^ ^ -^ $ 2 ,0 6 7 ,8 5 3 68

Additions and betterments— Equipment:
E q u i p m e n t a s s i g n e d to t h o M . O. R R . by t h o
U. S. R R . Administration---------------------- $3,302,419 00
Expenditures by tno Federal Manager, less
118,830 12
equipment retired and transferred.............
Expenditures by the corporation..................... 5,119,481 66 g 540 730 78
Improvements on leased railway property:
Expenditures by the Federal Manager--------- $162,187 13
Less misceUaneous credits by the corporation._______725 87

2g

In tho operation of tho Pension Department, 24 employees
were retired and placed upon the pension roll; of these rotiiements 5 were authorized because of the attainment of sovonty
years of age, and 19 because of total and permanent physical
disability. 29 pensioners died during 1918, and at tho close
of the year 288 retired employees wero carried upon tho
pension rolls. Tho average monthly pension allowance of
these is $23 82, and the total amount paid in pension allow
ances during tho year was $82,635 68, which was paid by
and charged to the operating expenses of the United States
Railroad Administration as provided in the agreement with
the Director-General of Railroads.
Tho following changes took place in tho Board of Directors
during the year:
_
Elected:

22,059,249 12
3,297 33
Other deferred assets..------- --------------------- ----------------------

I * Smith

g g g m g g }f

____ _____ ______ ———————-------------

Discount on funded debt................................
Other unadjusted debits----------------------------Securities issued or assumed—
Unpledged______________
($421,600 00)
Fledged_________ - ______ ($14,042,000 00)




■' 1'

™ j,702 26
3 1 3 ,/JU J2
1,093,540 24
.$150,697,576 96

Total.
LIABILITIES.
Stock—

CaBook liability at dato........................................ $18,738,00000
Held by or for carrier at dato---------------------1,60000
Actually outstanding at dato.................... ....................... $18,736,400 00
Long-Term Debt—
Funded debt unmatured:
Equipment obligations.........................
$11,388,418 34
Mortgage bonds___________________________ 33,156,00000
Miscellaneous obligations— Gold deben
tures of 1909.................................................... 7,634,00000
Current Liabilities—

52,178,418 34

___

L o a n s a n d b i l l s p a y a b l o .................................................. $ 2 2 , 8 8 5 , 2 2 8 0 0

3o

A u d i t e d a c c o u n t s a n d w a g e s u n p a i d ...................

7 8 7 ,1 5 3

M i s c e U a n e o u s a c c o u n t s p a y a b l e ..............................
I n t e r e s t m a t u r e d u n p a i d ...............................................

109,232 no

D i v i d e n d s m a t u r e d u n p a i d .................................- - -

The Board records, with regret, the death on August 10
1918 of Mr. William H. Newman, a Director of tho com
pany and who was President of tho company from January 31
1905 to February 1 1909.
The Board also records, with regret, the death on Decem
ber 1 1918 of Mr. Horace E. Andrews, a Director of the
company.
As an appendix to this report will be found statements
showing results of operations by tho United States Railroad
Administration during 1918 compared with similar results
for 1917.
On tho subsequent pages will be found the condensed
balance sheet of the company as of December 31 1918, and
statements giving details of capitalization, expenditures for
improvements to property, investments, equipment tilists
taxes, rentals of leased lines, equipment, &c.
Appreciative acknowledgment is made to all officers and
employees of their loyal and efficient co-operation and
services.
For tho Board of Directors.
WILLIAM K. VANDERBILT JR., President.

22,092,054 55

Unadjusted Debits—
Rents and Insurance premiums paid in advivnrn

^

T otal.............................- ......................................................... $10,770,045 72

Resigned. | g jj> 1 9 }8ll Y I Y

80
Material and supplies.. 8,070,073
Assets Dec. 31 1917 collected 4,045,116 89
Equipment retired------ 1,032,643
09
Other items_________
298,962
42
Cash transferred subsequent
to Dec. 31 1917........
411,350
73

7 8 ,4,3 5 0 0
4 ,0 4 b 0 0

F u n d e d d e b t m a t u r e d u n p a i d ....................................
U n m a t u r e d d i v i d e n d s d e c l a r e d .................................

J .V W
3 7 4 , 7 2 8 OO

U n m a t u r e d i n t e r e s t a c c r u e d ......................................
U n m a t u r e d r e n t s a c c r u e d ----------------------------------------

,3 2 6 0 0
4 5 7 ,2 7 2 2 b

25,295,022 26

Deferred Liabilities—
U n ite d S ta te s G o v e r n m e n t:
A d d it io n s a n d b e t t e r m e n t s ..$ 4 ,3 6 1 ,6 6 8 3 9
R e v e n u e p r io r t o J a n . 1 1 9 1 8

1 0 3 ,2 8 9 6 0

C o r p o r a t e t r a n s a c t i o n s ----------- 2 , 9 4 2 , 7 9 3 1 0
L ia b ilit ie s D e c . 3 1 1 9 1 7 p a id 1 0 .3 6 5 ,4 3 9 2 2
E x p e n s e s p r io r t o J a n . 1 1 9 1 8
O th er

i t e m s .......................................,

1 ,8 1 2 ,7 1 1 3 0
5 3 ’ 4 0 5 .^

O t h e r d e f e r r e d l i a b i l i t i e s ..................- .............................

I Q ,6 3 9 , 3 0 6 7 5
3 3 8 ,0 6 8 7 2

19,977,375 47

Unadjusted Credits—
T a x l i a b i l i t y ..............................................................................
O p e r a t i n g r e s e r v e s ................................................................

$ 8 1 .o 6 6 3 8
6 9 ,4 6 0 3 4

A c c r u e d d e p r e c ia t io n :
R o a d a n d e q u i p m e n t ..................................................
M i s c e l l a n e o u s p h y s i c a l p r o p e r t y ........................
O t h e r u n a d j u s t e d c r e d i t s ...............................................

^
3 ,6 0 4 ,7 7 3 b 4

9,605,720 84

Corporate Surplus—
A d d it io n s t o p r o p e r t y t h r o u g h in c o m o a n d
s u r p l u s ....................................................................................... $ 6 , 4 5 5 , 8 8 4 6 4
P r o f i t a n d l o s s — b a l a n c e .................. ..............

T o t a l.

1 8 ,4 4 8 ,7 5 5 4 1

24.904,640 05

.$150,697,576 96

THE CHRONICLE

June 7 1919.]

THE CLEVELAND CINCINNATI

3341

CHICAGO & ST. LOUIS R A IL W A Y COMPANY

THIRTIETH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1918.
To the Stockholders o f the Cleveland C intinnati Chicago &
St. Louis Railway Com pany:

The Board of Directors herewith submits its report for
the year ended December 31 1918, with statements showing
the results for the year and the financial condition of the
company.
The operation and maintenance of the company’s road
were conducted under Federal control during the year 1918.
The mileage embraced in tho operation of the road is as
follows:
Miles.
Main line and branches owned___________________________________1,693.03
Proprietary lines________________________________________________ 126.09
Leased lines_____________________________ - ______________________ 204.43
Operated under contract________________________________________ 201.37
Trackage rights_________________________________________________ 170.85
Total road operated

.2,395.77

As compared with mileago operated in 1917, there was an
increase in mileage of leased lines of 2.01 miles account of
the Mt. Gilead Short Line Railroad, which heretofore had
been reported as separately operated, and an increase of
trackago rights of (5.85 miles over the Toledo Terminal
Railroad between Stanley and Gould, Ohio, making an
increase of 8.86 in mileage operated during 1918.
There was no change in capital stock during tho year, the
amounts authorized and issued to December 31 1918 being
as follows:
Preferred stock authorized___________________________ .
§ io 000 000 00
Common stock authorized___________________________ I .H I 50i000,000 00
Total stock authorized.
Preferred stock issued___
Common stock issued___

.$10,000,obif 66
. 47,056,300 00

$60,000,000 00

57,056,300 00
Balance common stock authorized but not issued Decem
ber 31 1918.................................................. ..........................$2,943,700 00
The funded debt unmatured outstanding Dec. 31 1917 w a s ..$99,231,284 62
It has been decreased during tho year as follows:
Big Four Railway equipment trust certifi
cates payable Juno 1 1918.........................
$373,000 00
Big Four R adw ay equipment trust cortifi-

cates payable July 1 1 9 1 8 .......................
Pro rata New York Central Lines equipment
trust certificates payable N ov 1 1 9 1 8 ...
C . I. St. L. & C. Ry. Co. general first mort
gage bonds retired............................
C . I. St. L . & O. R y . C o. first consolidated
mortgage bonds retired.................. ............
Central Grain Elevator C o. bonds retired
C . C . C . & St. L. R y . C o. (St. Louis D lv b
sion) first collateral trust m ortgage bonds

purchased for sinking fu n d .................

1 1 5 ,0 0 0

00

246,689 81
7c

qoo

00

n 000 00
26 000 00

22 000 00
----------- 1---------

869,689 81

Total funded debt outstanding December 31 1918.........$98,361,594 81

.. Tho Big Four Railway Equipment Trust of 1917, estab
lished by agreement dated Juno 1 1917, provides for a total
issue of $2,370,000 equipment trust certificates. The origi
nal agreement provided for an interest rate of 5 per cent
per annum, but under date of December 31 1918, by supple
mental agreement, tho interost rate was increased to 6 per
cent per annum. Under the provisions of the Trust 20
locomotives and 30 passenger cars were delivered during
tho year.
The Big Four Railway Equipment Trust certificates issued
during the year amounted to $465,000. On account of the
proyailing unsatisfactory market conditions for the sale of
equipment trust certificates, and in order to procure equip
ment as needed, tho company, through tho medium of short
term loans, purchased at par and accrued interest these cer
tificates, using $317,000 of them as collateral, pending more
favorable conditions for their sale. There is therefore no
change in tho funded debt in this connection.
As was pointed out in the last annual report, tho Presi
dent of the United States took possession and assumed con
trol of tho railroad property of your company on Decem
ber 28 1917. By tho terms of tho President’s proclamation
tho possession, control, operation, and utilization of tho trans
portation systoms were vested in a Director-General; and
it was stated that, until tho Director-General should other
wise determine, his powers would bo exorcised through the
boards of directors, officors, and employees of the systems
takon over. Tho Director-Genoral appointed Regional Di
rectors under whom the railroads of tho several districts were
unified as to control and operation. Subsequently, Federal
Managers and other Federal officers wero appointed and
required to roport through tho Federal Managers to tho
Regional Director and the Director-General.
As of Dec. 27 1918 tho company, jointly with the Muncie
Belt Railway Co., executed an agreement with the Direc
tor-General of Railroads providing for tho operation, during
Federal control, of the roads of tho parties to the agreement
by tho Director-General of Railroads for an annual total
standard compensation of $9,945,738 41, divided as follows:
Tho Cleveland Cincinnati Chicago & St. Louis R y. C o...........$9,938,597 23
Tho Muncie Belt Railway C o_______________ . . . _____ ___ _
7,141 18
Total




.......................... $9,945,738141

Under the agreement, all salaries and expenditures incurred
by the company, during Federal control, for purposes which
relate to the existence and maintenance of the corporation,
are required to be borne by the corporation out of its com
pensation and other income.
Immediately upon his taking office, the Director-General
of Railroads appointed as Regional Director in charge of the
Eastern District Mr. Alfred H. Smith, then President of this
company. This district at that time included practically all
the railroad lines north of the Ohio and Potomac Rivers and
east of the Indiana-Illinois State line. Mr. Smith assumed
the duties of the Regional Director’s office, which involved
dealing with a complicated traffic situation and the co-or
dinating of the lines for war purposes, as an addition to his
obligations as President of this company.
Early in 1918 the Director-General decided that officers in
charge of Federal operation should not continue their 'posi
tions with the corporation, except in special cases and where
permission was given. Thereupon Mr. Smith resigned his
office as President, effective May 31, and Mr. William K.
Vanderbilt Jr. Avas elected in his stead. Later in the year
Mr. Abraham T. Hardin, Vice-President, and Mr. Harry
A. Worcester, Vice-President and General Manager, also
resigned in order that they might continue in the service of
tho United States Railroad Administration.
A separate corporate organization has been formed to con
duct the affairs of the company under instructions from tho
President and the Board of Directors, and to take all appro
priate and necessary corporate action to carry out the obliga
tions assumed by it under the agreement. Through this
organization, the personnel of which is shown on the first
page of this [pamphlet] report, expenditures for additions
and betterments to the property, and for the maintenance of
road and equipment under Federal management, are inves
tigated and verified and supervision is exercised for the pro
tection of the company’s interests, both as to the property
transferred under the Federal Control Act and that remain
ing with tho corporation.
.
Pending the execution of the agreement Avith the DirectorGeneral of Railroads and the settlement of accounts there
under, tho company borroAved $5,300,000, of Avhich $4,300,
000 Avere obtained from the Director-General of Railroads
and the Secretary of the Treasury, for Avhich the company
gave $2,500,000 of 6% demand notes secured by collateral
and $1,800,000 unsecured. For the balance of $1,000,000,
an unsecured 6% demand note was given by the company
to the N oav York Central Railroad Company, endorsed by
that company and sold by it to the Director-General of Rail
roads.
SUM M ARY OF FINANCIAL OPERATIONS AFFECTING INCOM E.
Year ended
Dec. 31 1918.
Compensation accrued for the possession, use and control of
the property of this company and its leased lines________ $9,938,597|23
Revenues from Miscellaneous Operations—
Revenues____________________________________ $18,842 68
Expenses and taxes___________________________
16,867 55
Miscellaneous operating income________________________
Other Corporate Income—
Miscellaneous rent income_____________________ $195,016 70
Miscellaneous non-operating physical property.
81,107 27
Separately operated properties— profit________
2,797 20
Dividend income_____________________________
74,705 89
From funded securities------------------------------------ 238,218 40
From unfunded securities and accounts________ 234,546 14
Release of premium on funded debt___________
1,885 80
Miscellaneous income------------------------------------3,427 88
Total other corporate income.
Gross income________________________
Deductions from Gross Income—
Miscellaneous rents_____________________
Miscellaneous tax accruals______________
Separately operated properties— loss____
Rent for leased roads__________________
Interest on funded debt________________
Interest on unfunded debt______________
Amortization of discount on funded debt.
Miscellaneous income charges___________
AVar taxes accrued______________________
Corporate general expenses_____________

1,975 13

831,705128
$10,772,277 64
. $141,315
.
469
. 64,290
. 561,280
.4,580,303
. 505,581
.
9,026
. 56,392
. 74,825
. 42,085

15
86
97
09
37
75
69
50
62
45

Deductions from gross income.
Less revenues and expenses applicable to the period prior to
January 1 1918, settled for account of the corporation by
United States Railroad Administration_________________

6,035,571 45
$4,736,706119
1,616,343 07

Net corporate income__________________________________ $3,120,363212
Disposition of Net Income—
Dividends declared— 5 per cent preferred stock. $499,925 00
Sinking funds__ _____________________________
31,894 10
Investment in physical property_______________
95,530 40
Total appropriations of income_________________________

627,349 50

Surplus for tho year carried to profit and loss___________ $2,493,013 62

2342

THE CHRONICLE

PROFIT AN D LOSS ACCOUNT.
Amount to credit o f profit and loss Dec. 311917________ ____ S9,661,133 72
Add:
Surplus for year 1918_____________________ 52,493,013 62
Unrefundable overcharges_________________
13,360 31
Reacquirement of securities below par--------15,357 60
Unclaimed wages and pensions, 1912_______
6,524 94 ^
^,-g ^
312,189,390 19
Deduct:
Interest to Dec. 31 1917 on advances by New
York Central Railroad Co. for purchase of
coal lands In the State o f Illinois_________ 5546,267 60
Unaccrued depreciation prior to July 1 1907
123,983 21
on equipment retired during 1918________
Operations o f Peoria & Eastern Railway in
cluded in income account for 1918 and
credited to that company________________
107,341 11
Refund o f freight overcharges previously
written o ff_____________________________
24,199 66
Surplus appropriated for investment in physi
3,438 97
cal property____________________________
Adjustment of sundry accounts (net)_______
58,550 48
-------------------863,781 03
Balance to credit o f profit and loss Dec. 311918__________ 511,325,609 16

The amount of standard compensation, $9,938,597 23, ac
crued under Federal control for tho possession and use of the
company’s property, and its leased and operated lines, was
based upon the average annual railroad operating income for
the threo years ended Juno 30 1917. As required by tho
Federal Control Act, this amount was certified by the Inter
State Commerce Commission as agreeing with the income re
ported to it, subject, however, to such changes and correc
tions as the Commission might hereafter determine and cer
tify to bo requisite.
The Director-General of Railroads allotted to tho company
2,000 freight cars, estimated to cost $5,736,000, and 35 loco
motives, estimated to cost $1,780,000, a total of approxi
mately $7,516,000. Of this equipment 1,246 freight cars
and 25 locomotives wore delivered during the year. Those
allotments wero accepted by the company and tho equip
ment is being constructed under contracts between the Direc
tor-General and the builders and the financing of tho cost
thereof is being arranged between the Director-General and
the company.
Tho changes in tho road and equipment accounts for the
year wero as follows: *
Additions and betterments— Road:
Expenditures by the Federal Manager_____$4,086,454 43
Expenditures by tho corporation__________
54,199 91
-------------------- $4,140,654 34
Additions and betterments— Equipment:
Equipment assigned to tho O. O. O. & St. L.
R y. by the United States Railroad Admin
istration _______________________________ $4,875,074 00
Expenditures by the Federal Manager, less
equipment retired and transferred_______
78,483 15
Expenditures by tho corporation___________ 1,344,469 35
-------------------- 6,298.026 50
Improvements on leased railway property:
Expenditures by the Federal M anager------- $229,458 28
Expenditures by the corporation__________
1,774 85
no, „ „ „
————————
Z
o lo
Total.......................................................................................$10,669,913 97

In the operation of the Pension Department 32 employees
were retired and placed upon the pension roll; of these re
tirements 18 wero authorized because of the attainment of
seventy years of age, and 14 because of total and permanent
physical disability. 39 pensioners died during 1918, and at
the close of tho year 313 retired employees wero carried upon
the pension rolls. The average monthly pension allowance of
these is $23 06, and tho total amount paid in pension allow
ances during the year was $86,471 77, which was paid by
and charged to the operating expenses of the United States
Railroad Administration as provided in the agreement with
the Director-General of Railroads.
The following changes took place in tho Board of Directors
during the year:
Resigned:

Elected

R e -e le c te d :

March 13 1918--...........................Robert S. Lovett
M ay 31 1918................................ Alfred H. Smith
May 31 1918................................ Harry A . Worcester
September 18 1918...................... Frank J. Jermoo
September 18 1918...................... Leonard J. Ilacknoy
September 18 1918...................... Charles T. Lewis
September 18 1918--.................. Charles B. Seger
September 18 1918____________ Edward S. Ilarkness
September 18 1918____________ Horace E . Andrews
October 30 1918...............- ........... Samuel Mather
D e c e m b e r 11 l 9 l 8 ____________________L e o n a r d J . H a c k n e y

The Board records, -with regret, tho death on August 10
1918 of Mr. William II. Newman, a Director of the company,
and who was President of the company from January 31
1905 to February 1 1909.
The Board also records, with regret, tho death of two other
of its members, Mr. Charles T. Lewis, on September 29th,
and Mr. Horace E. Andrews, on December 1st, 1918.
As an appendix to this report will bo found statements
showing the results of operations by the United States Rail
road Administration during 1918, comparod with similar
results for 1917.
On tho subsequent pages will be found the condensed
general balance sheet of the company as of December 31
1918 and statements giving details of capitalization, expendi
tures for improvements to property, investments, equip
ment trusts, taxes, rentals of leased lines, equipment, &o.
Appreciative acknowledgment is mado to all officers and
employees of their loyal and efficient co-operation and service.
For the Board of Directors.
WILLIAM K. VANDERBILT Jr.,



President.

[V ol . 108

CONDENSED GENERAL BALANCE SHEET DEC
EMBER 31 1918.

ASSETS.
Investments—
Investment in road and equipment________ 5172,342,676 82
Improvements on leased railway property—
705,103 21
Sinking funds____________________________
652 42
Miscellaneous physical property---------------2,341,825 32
Investments in affiliated companies:
Stocks.........................................$6,798,53416
B on d s__________________ 5,285,402 00
N o t e s .......................................
5,00000
A dvances___________________ 1,177,16761
13,266,103 77
Other investments:
Stocks___________________
$36 00
B onds___________________ 1,115,166 45
N o t e s __________________ 30,775 15
A dvances________________
81,000 00
M iscellaneous___________
1,330 00
1,228,307 60
-$189,884,669114
Current Assets—
C a sh .........................................i ..................... $1,277,803 60
623,631 41
Special deposits__________________________
650 00
Loans and bills receivable_________________
29,583 58
Traffic and car-service balances receivable.
646,335 78
Miscellaneous accounts receivable________
Interest and dividends receivable_________
26,220 50
Rents receivable:
Compensation duo from
U. S. Governm ent..___ $7,295,738 41
17,411 34
M iscellaneous___________
7,313,149 75
812 75
Other current assets.
9,918,187*37
Deferred Assets—
38,881 99
Working fund advances__________________
261,883 69
Other deferred assets_____________________
United States Government:
Cash taken over___________ $1,655,048 11
Agents’ and conductors’
balances_______________ 3,235,259 67
Materials and supplies____5,381,116 19
Assets, Dec. 31 1917, col
lected ............................... 5,133,017 72
Equipment retired________
505,090 47
M iscellaneous____________
337,907 73
16,247,439 89
16,518,205 57
Unadjusted Debits—
$111 41
Rents and insurance paid in advance--------Discount on funded debt_________________
62,960 22
2,181,268 66
Other unadjusted debits__________________
2,234,340 29
Securities issued or assumed—
Unpledged....................... ($163,330 00)
Pledged.........................
($6,963,000 00)
_______________
Total.................................................................................... $218,555,402 37
LIABILITIES.
Stock—
$57,027,200
Capital stock____________________________________
Long Term Debt—
Funded debt unmatured:
87
Equipment obligations_$10,358,488
Mortgage bonds___ 59,146,500
00
Collateral trust bonds____ 9,194,000 00
Miscellaneous obligations. 19,662,605 94
--------------------- $98,361, 594 81
Non-negotlablo debt to affiliated companies
6,025, 927 00
104,387,521
Current Liabilities—
Loans and bills payablo__________________ $8,327 650 00
212 549 90
Audited accounts and wages payablo.
38 466 23
Miscellaneous accounts payable1,079 218 19
interest matured unpaid_______
7 898 77
Dividends matured unpaid_____
124 981 25
Unmatured dividends declared..
Unmatured Interest accrued____
739 273 46
Unmatured rents accrued_______
103 103 40
Other current liabilities__ _____
5,514 948 18
16,148,089
Deferred Liabilities—
Other deferred liabilities____________
2.344,478 72
United States Government:
Additions and botterm en ts_____________$5,186,803 64
Liabilities, Dec. 31
1917, paid............... 7,360,837 55
Corporate transactions 4,607,356 41
Expenses prior to Jan.
1 1918-.1............... 1,574,242 46
M iscellaneous______
153,389 66
18,882,629 72
21,227,108
Unadjusted Credits—
Tax liability_____________ ________ - _____
$213,925 12
Premium on funded debt_________________
9,272 44
Accrued depreciation— equipment________
5,505,568 14
Other unadjusted credits_________________
1,338,044 64
7.066,810
Corporate Surplus—
Additions to property through Income and
$845 735 71
surplus _______________________________
527 ,327 53
Sinking fund reserves____________________
Total appropriated surplus____________
Profit and loss—balanco_________ ________

00

81

38

44

34

$1,373,063 24
11,325,609 16
12,698,672 40

Total.....................____________......................................... $218,555,402 37

THE CHRONICLE

J une 7 1919.]

2343

T H E O H IO IC IT IE S G A S C O M P A N Y
C O L U M B U S , O H IO

FIFTH ANNUAL REPORT—FOR THE YEAR ENDED MARCH 31 1919.
FIFTH ANNUAL REPORT OF THE DIRECTORS OF CONSOLIDATED BALANCE SHEET A T MARCH 31 1 91 9 .
THE OHIO CITIES GAS COMPANY FOR THE
ASSETS.
FISCAL YEAR ENDED MARCH 31 1919.
P r o p e r t y , P la n t and
E q u ip m e n t. _______ ________$ 1 0 4 ,4 1 5 ,5 8 0 0 0
15 1919.
Less Reserve for Depre
cia tio n -----------------------------5 ,1 7 1 ,7 6 5 49
The Directors submit herewith their report of the opera
----------------------------- $ 9 9 ,2 4 3 ,8 1 4 51
tions of the Company for the fiscal year ended March 31st Other In vestm en ts_____________________________
6 7 ,4 4 3 2 7
last with a Consolidated Balance Sheet showing the assets Current Assets:
and liabilities of the Company and its subsidiaries and a C ash______.........................
$ 8 ,5 5 9 ,6 4 9 18
U . S . G o v e r n m e n t S e
Consolidated Statement of Income and Surplus.
curities___________________
2 2 6 ,0 4 0 9 6
Having in view further additions to the property of the
R eceivable______
4 ,3 1 6 ,2 6 3 93
Company in the way of greater distributing facilities, par ANccounts
o te s and T rade A ccep
ticularly in the neighborhood of the Cabin Creek Refinery;
tances R eceivab le______
1 ,1 4 3 ,3 7 5 23
new production and other accessions to the Company’s Stocks
of Finished O il_____
3 ,1 9 0 ,2 6 8 65
business, the Directors deemed it prudent to increase cash Stocks of Crude O il_______ 1 ,8 3 9 ,9 9 0 3 5
M aterial and Supplies_____
1 ,8 8 2 ,4 0 2 17
resources by means of an issue of common stock.
----------------------------- 2 1 ,1 5 7 ,9 9 0 4 7
Accordingly on January 31 1919 the Directors authorized Deferred C harges____________________________________
3 8 1 ,0 9 3 12
and directed that thero be allotted to the common shareholders
.$ 1 2 0 ,8 5 0 ,3 4 1 3 7
at par one-fourth of the number of shares standing in the T o ta l A ssets..................................
name of each shareholder at February 15th. Tho outstand
L IA B IL IT IE S , C A P IT A L A N D S U R P L U S .
ing common stock was thereby increased to the extent of C apital Stock O utstanding:
367,500 shares, yielding to the Treasury of tho Company C o m m o n _____________________ $ 4 5 ,9 3 7 ,5 0 0 0 0
tho sum of $9,187,500 in money, and making the total out Preferred____________________ 9 ,0 0 2 ,1 0 0 0 0
standing common stock at the close of the year 1,837,500
-------------------------------$ 5 4 ,9 3 9 ,6 0 0 0 0
shares of tho gross par value of $45,937,500. Thero was no Funded D e b t:
change during the year in tho amount of preferred stock B o n d s—
outstanding, but the funded debt of tho Company was
Colum bus G as C o m p a n y $ 1 ,3 3 2 ,0 0 0 0 0
decreased $1,289,000.
D a y to n G a s C o m p a n y .
1 ,4 4 1 ,0 0 0 0 0
The Salt Plant at Bello, W. Va., has been substantially
SpringfieldG asC om pany
completed and should be in operation by Juno 1st; now Serial T ru st N o te s _________ 2 ,540000,0,000 00 00 00
casing-head gasoline plants at Dawes, W. Va., and Heald.
5 ,6 7 3 ,0 0 0 0 0
ton, Oklahoma, have been installed and are in operation Current Liabilities:
and tho capacity of the Cabin Creek Refinery increased by A ccounts P a y a b le _________ $ 1 ,6 2 6 ,5 1 0 76
25%. The Company’s five refineries, its oil producing A ccrued T a x e s_____________ 2 ,0 1 5 ,7 4 1 13
properties, pipe lines, gasoline plants and natural gas A ccrued In te re st__________
7 1 ,6 1 5 76
distributing companies are all in first-class operating con C onsum ers’ D e p osits______
2 6 9 ,8 6 7 3 5
dition, and wo believe are near to tho point of 100%
----------------------------3 ,9 8 3 ,7 3 5 0 0
efficiency.
P rem ium and D iscou n t_____________________________
8 ,8 7 4 ,6 4 0 16
The requirements of our Government and Allies for all S u r p lu s ____________
4 7 ,3 7 9 ,3 6 6 21
the products of oil during tho groator portion of tho year just
closed, together with tho loss of moro than 300 of our men T o ta l Liabilities, C apital and Surplus_____$ 1 2 0 ,8 5 0 ,3 4 1 3 7
in the service of the United States Army and Navy added
T H E O H IO C IT IE S G A S C O M P A N Y
to the exacting duties of those remaining.
Subsidiary Com panies C ontrolled.
Tho Board of Directors take this opportunity of expressing
INCLUD ED IN CONSOLIDATED STATEM ENTS.
their appreciation of the loyal, efficient and unselfish services
of all officers and employees of tho Company and its con
Holdings of Percent
trolled and associated properties.
Capital
The Ohio of ComBy order of tho Board of Directors.
.
Stock
Cities Gas pany's
Name of Company—
Outstanding. Company. Holdings
B. G. DAWES,
C o lu m b u s ,

T o

the

O h io ,

M a y

S h areh olders:

____________

Presid en t.

THE OHIO CITIES GAS COMPANY
AND SUBSIDIARIES.
31 1919.
Gross Earnings................................................ .. $47,422,890 16
Costs and Operating Expenses____________ 33,025,857 59
Not Operating Earnings.................................$14,397,032 57
Deduct:
_
Taxos (Including Federal
^Taxos)---------------$2,151,176 87
Interest on Sonal Notes______ 190,62500
Interest on Bonds of Sub
sidiary Companies_________ 161,47950
Amortized Discount on Serial
Notes------------------------------- 51,20000
Depreciation............................ 2,305,983 59
Total Deductions,............
4,860,464 96
Net Surplus Income................................... $9,536,567 61
Surplus:
April 1st 1918 Ohio Cities
Gas Company and Sub
sidiaries......... .....................$46,165,539 38
Less Surplus Adjustments.. 500,021 78
------------------ 45,665,517 60
Total.................................................................$55,202,085 21
Deduct:
Preferred Dividends paid in
13.Cash............................. ........ $474,331 50
Common Dividends paid in
Cash............................................ 7,348,38750
•------------------ 7,822,719 00
Surplus at March 31 1919_____________ $47,379,366 21
C O N S O L I D A T E D
S U R P L U S

F O R




S T A T E M E N T
Y E A R

E N D E D

O F

M

I N C O M

A R C H

E

A N D

Tho

Colum bus G a s & Fuel
Com pany:
Preferred S t o c k ........................
C om m on S to c k ______________
T h e Federal G as & Fuel C o m 
p any ________
T h e Springfield G as C o m p a n y
T h e D a y to n G as C o m p a n y :
Preferred S tock .........................
C om m on S to c k ______________
M o u n ta in State G as C o m p a n y
Pure Oil Pipe Line C o m p a n y
(O h io )_________________________
Pure Oil Pipe Line C o m p a n y
(P e n n sy lv a n ia )______________
Producers & Refiners Pipe
Lino C o . ................

$
6 ,0 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0

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

1 ,0 0 0 ,0 0 0
6 1 0 ,0 0 0

1 ,0 0 0 ,0 0 0 1 0 0 .0 0
6 1 0 ,0 0 0 1 0 0 .0 0

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

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

1 ,8 6 0 ,0 0 0

1 ,8 6 0 ,0 0 0 1 0 0 .0 0

3 0 0 ,0 0 0

3 0 0 ,0 0 0 1 0 0 .0 0

1 0 ,0 0 0

1 0 ,0 0 0 1 0 0 .0 0

9 9 .5 7
9 9 .9 8

1 5 ,2 3 8 ,7 0 0 1 5 ,2 0 3 ,0 0 0
J. D . CLOUD & CO.,
Certified Public Accountants,
Traction Building, Cincinnati.
Impartial Audits
Special Investigations Accounting & Cost Systems
May 2 1919.
To the President and Board of Directors, The Ohio Cities Gas Company,
Columbus, Ohio.
Sirs:— Wo beg to report that wo have audited the accounts of The Ohio
Cities Gas Company and of its subsidiary companies for the fiscal year
ended March 31 1919, and wo are submitting herewith a Consolidated
Balance Sheet, setting forth the Assets and Liabilities at that date, in which
Tho Ohio Cities Gas Company has practically a full equity, and a Con
solidated Statement of Income and Surplus for the year.
Wo havo verified the cash and securities by count and inspection, or by
reconcilement with the accounts of depositaries. Tho securities are being
carried at fair valuations.
Wo have inspected the accounts receivable and believe that the loss In
collection of same will be negligible.
Tho inventories of oils and of materials and supplies appear to be cor
rectly stated.
Wo havo examined the liability accounts and found them to be as stated.
Tho management assures us that no other liabilities exist.
Wo hereby certify that the Statements submitted are in accord with the
books, and, in our opinion, correctly show tho condition of tho affairs o f the
Company and of its subsidiaries as of March 31 1919 and tho combined
results from operation for tho year ended that date.
Respectfully submitted,
J.
D. CLOUD & CO.,
Certified Public Accountants.

THE CHRONICLE

2344

[V ol . 108.

T H E A T C H IS O N T O P E K A & S A N T A FE R A IL W A Y C O M P A N Y

TWENTY-FOURTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING DECEMBER 31 1918.
Office of the Atchison Topeka cfe Santa Fe Railway System,
No. 5 N assau Street, New York City.
A pril 15 191 9 .
To the Stockholders:
.

Y o u r Directors su bm it the follow ing roport for the fiscal
year January 1 1918 to D ecem ber 31 1918, inclusive.
T h e Lines com prising tho A tch ison System w hich wero
taken over under the President’s proclam ation of D ecem 
ber 2 6 1 91 7 , and which have been operated throughout tho
year b y tho U n ited States R ailroad A dm in istration , are as
follow s:
Dec. 31 1918.
Dec. 31 1917.
Atchison Topeka & Santa Fo Railway_.8,624.67 miles
8,629.59 miles
Grand Canyon Railway____________________
64.09 “
64.11
Gulf Colorado & Santa Fo Railway_________ 1,917.95 “
1,937.25
Kansas Southwestern Railway_____________
61.51 "
61.51
703.77
Panhandle & Santa Fo Railway_____________ 767.63 "
Rio Grando El Paso & Santa Fe Railroad____
20.22 “
20.22
11,456.07

“

11,416.45* “

Construction and acquisition of now mileago, including tho
acquisition of bonds and stocks of other railway and
terminal companies:
Barton County & Santa Fo R y____________ $231,408 45
Eastern Ry. of Now M exico_______________
7,676 32
Grand Canyon R y _______________________
2,000 00
Gulf & Interstate Ry. of Toxas___________
689 08
Kansas City Term. Ry. Co.— Capital Stock
83,333 33
Minkler Southern Railway________________
52,299 56
North Texas & Santa Fo R y _______________
210,290 21
Oil City Branch, California________________
114,251 43
2,082 00
Oklahoma Central R R ____________________
Osago County & Santa Fe R y ____________
629,827 55
St. Joseph Terminal R R __________________
175,000 00
South Plains* Santa Fo R y ______________
97,907 06
Tulsa & Santa Fo R y . . ___________________
574,487 00
Verdo Valley Railway_____________________
345,000 00
Additions and Betterments— Systom Lines:
Fixed Property___________________________ $9,383,632 78
Equipment_______________________________ 11.753,229 92
Betterments to Equipment________________
19,570 95
Fuel Lands and Other Properties:
Ice and Power Plant, Winslow------------------Real Estate held for future uso___________
Tio and Timber Lands____________________
Santa Fo Tio & Lumber Preserving P lan t..
Miscellaneous Items______________________

$97,462
149,941
106,673
28,598
*95,757

$2,526,251 99

21,156,433 65

93
99

88
* Tho mileage for tho fiscal year ending December 31 1917, used for
29
comparative purposes, is not tho same as shown in tho last annual report,
65
but Is revised to cover lines included in tho compensation contract with the
286,919 44
Director-General o f Railroads.
,234,566 20
Other Investments, including Sinking Fund-------------------- - 2,_______
Increase during the year 3 9 .6 2 m iles.
Total Charges_________________________________________ $26,204,171 28
T h o average mileage operated during the fiscal year end Reduction of Book Values:
Sunset Railway___________________________
$8,000 00
ing D ecem bor 31 1918 was 1 1 ,4 5 8 .7 4 m iles, being an increaso
Santa Fe Pacific RR.-—Land Sales.............
700.000 00
of 4 9 .6 1 miles as compared w ith tho averago mileage oper
Ico Plant, B elen__________________________
4,564 37
Ico Plant, San Bernardino ............................
22,747 44
ated during the preceding fiscal year.
------------------- 735,311 o l
In addition to lines covered b y this report thoro wero com 
Not Increaso in Capital Account during tho year---------$25,468,859 47
pleted on D ecem ber 31 1918 6 1 .0 8 milos of additional lino
* Credits.
which will be ready for operation in the near future.
T h e com p an y is also interested, join tly w ith other com 
panies through ownership of stocks and bon ds, in other lines
^°62 Locomotives....................................................... - ............. I ?
aggregating 5 5 6 .9 2 m iles.
Freight-Train Cars.......................... ............... ............... 7 ,7??’Z§9? q
F or detailed statem ent of present mileage and for changes 2,844
17 Passenger-Train Cars-------------------------------- ----------- 311.041 lb
128 Miscellaneous Work Cars___________________________
274,642 74
in mileage during the year see pages 2 9 to 3 3 [of pam phlet
1 5-ton Automobile Truck____________________________
5,207 50
report].
$12,304,607 6 6
IN C O M E S T A T E M E N T .
Less— Value of Equipment retired during tho year as follows:
9 Locom otives __________________________
$50,694 49
T h e follow ing is a su m m ary of tho transactions of tho
408,015 35
664 Freight-Train C ars ----------------------------S ystem for the year ended D ecem ber 31 1918:
21 Passenger-Train Cars-------------------------62,366 10
Compensation under Federal Control contract— A ccrued ..$42,885,310 80
61 Miscellaneous Work Cars--------------------30,301 80
-------------------551,377 <4
Other Income___________________________________________ - 4,310,951 70
$11,753,229 92
Gross Corporate Income___________________________________ $47,196,26250
Taxes........ __................. ..................... ............................... ..........*3,095,398 38
Rentals and Other Charges (exclusive o f Equipment and
128
Joint Facility Rents)__________________________________
4,056,239 44
$40,044,624 68
Interest on Bonds, including accrued interest on Adjustment
B on d s____________________________________________________ 11,696,19179
Net Corporate Incomo (representing amount available
for dividends and surplus)_______________________________ $28,348,43289
From the net corporate incomo for tho year tho following
sums have been deducted:
Dividends on Preferred Stock—
No. 40 ( 2 A % ) paid Aug. 1
..$3,104,342 50
1918.......................
No. 41 (2 H % ) paid Feb. 1
1 9 1 9 ...............
3,104,342 50
Common........................ ............................... .$220,455,500 00
--------------------$6,208,685 00
Dividends on Common Stock—
Prcferrcd.........................................................- 1 2 4 ,1 7 3 ,7 0 0 0-S344,629,200 00
No. 52 ( 1 A % ) paid Juno 1
Issued during tho year:
.
1918.................................
$3,313,342 50
Common Stock Issued In oxchango for Convertible Bonds
No. 53 (1 'A%) paid Sept. 3
retired................... ...............................................................
1,330,000 00
1918.........
3,323,707 50
Capital Stock outstanding December 31 1918:
__
No. 54 ( l ' A%) paid Dec. 2
Common_____________________________ $221,785,500 00
1918.......
3.325,762 50
No. 55 ( 1 A % ) paid March 1
Preferrcd.....................................................~ 124-173:Z-°^ $ 3 4 5 .9 5 9 ,2 0 0 00
1 9 1 9 - - . - . . - . . . ..................... 3,326,782 50
-----13,289,595 00
...
59,91013
Appropriation for Fuel Reserve Fund.
Bonds Sinking Fund.
19,628 03
California-Arizona Lines B
S. F. & S. J. V. Railway Bonds Sinking Fund.
10,032 22
-------------------- $19,587,850 38

Tho item of $11,753,229 92 for “Equipment” analyzes aa

The 664 freight-train cars roportod as retired and tho
miscellaneous work cars addod, includo 103 cars, which,
being permanently assigned to work service, wero relettered
in work service equipment series during tho year and trans
ferred from freight equipment to work service equipment at
their depreciated value at time of relettering.
CAPITAL STOCK AND FUNDED DEBT.
Tho outstanding Capital Stock (deducting stock in treas
ury) on December 31 1917 consisted of:

The uumber of holdors of tho Company’s capital stock on
December 31 1918 and tho changes in number for tho year
were as follows:
Number o f
Increase

Surplus carried to Profit and Loss_______________________ $8,760,582 51
Surplus to credit of Profit and Loss, December 31 1917____ 33,230,068 11
Surplus appropriated for Investment in Physi
cal Property______________________________
Sundry adjustments_________________________

$41,990,650 62
$110,587 05
82,428 38

193,015 43

Surplus to credit of Profit and Loss, December 31 1918------$41,797,635 19
* Tho items o f "Other Income” and "Rentals and Other Charges,” for
tho year 1918 include lap-over revenues and expenses and adjustments for
prior years’ revenues and expenses resulting in a not debit to tho Company’s
income o f $2,620,483 25.

Income from sources other than earnings from operation
consisted of interest on casli in banks and sums collected as
interest and dividends upon bonds and stocks of companies,
the operation of which aro not included in the Systom ac
counts.
#
.
During the year the sum of $700,000 in cash was received
as the net proceeds of sale of land embraced in tho Santa Fe
Pacific Land Grant, but this was directly written off tho
book value of Railroads, Franchises and Other Property and
the transaction does not appear in the Income Account.
CAPITAL EXPENDITURES AND REDUCTION OF
BOOK VALUES.
The total charges to Capital Account, as shown by tho
General Balance Sheet, page 20 [pamphlet report], at De
cember 31 1918, aggregated $782,829,303 18 as compared
with $757,360,443 71 at December 31 1917, an increase dur
ing the year of $25,468,859 47, which analyzes as follows:



Stockholders,

fo r the Year.

Preferred_________________________________
18,749
1.147
C om m on _________________________________
30,892
2,223
Tho outstanding Funded Dobt of tho Systom (deducting
bonds in the treasury) amounted on Dccomber 31 1917 to $287,969,989 20
Tho foliowing changes in tho Funded Debt occurred during
tho year:
Obligations Retired:
Convertible 4% Bonds________________________________
1,330,000 00
Total Systom Funded Dobt outstanding Dec. 31 1918— $286,639,989 20

Iutorest charges for year ending Docember 31 1919 will be
approximately $11,676,000, or an averago monthly charge
of about $973,000.
TREASURY. #
...
Neither this Company nor any of its auxiliaries has any
notes or bills outstanding except $9,500,000 of notes given
in connection with purchase of $10,000,000 of Fourth Liborty
Loan Bonds.
The Company held in its treasury on Decombor 31 1918
$5,599,773 41 cash, of which amount $2,345,215 54 was hold
as banker for its affiliated companies. In addition, tho
Company and its affiliated railway companies own $4,436,250
of short-term notes, and $17,491,450 of Liberty Loan Bonds,
including tho $10,000,000 roferred to abovo.
FUEL RESERVE FUND.
.
Tho fund has been increased during tho year by appropria
tions of incomo, as follows:
Amount to credit of Fund December 31 1917---------------------- $1,973,774 12
Added during tho year----------------------------------------------------

59,910 13

In Fund December 31 1918____________________________ $2,033,684 25

THE CHRONICLE

June 7 1919.]

CONSTRUCTION OF NEW LINES.
The^complotion of the sevoral new lines mentioned in the
last Annual Report has been retarded and in some cases
postponed by order of the Railroad Administration. The
present status of these lines is briefly outlined in the follow
ing:
BARTON COUNTY & SANTA FIE RAILWAY.
The construction of this line extending from Ilolyrood to
Galatia, Kansas, a distance of 31.20 miles, has now been
substantially completed and will soon be turned over for
operation.
MINKLER SOUTHERN RAILWAY.
The extension from Porterville to Ducor, about 13 miles
in length, was ordered deferred by the Railroad Administra
tion early in the year 1918, hence the progress made during
the year was negligible.
NORTH TEXAS & SANTA FE RAILWAY.
This line which is projected westerly from Shattuck, Ellis
County, Oklahoma, to terminus at Spearman, Hansford
County, Texas, a distanco of about 85 miles, has been
constructed for a distance of 29.59 miles to the station of
Darrouzett. West of that point work has ceased by order
of the Railroad Administration.
OIL CITY BRANCH.
In the last annual report, reference was made to negotia
tions with the Southern Pacifio Company looking to the
purchase of an undivided one-half interest in this line, ex
tending from Oil Junction to Ainrof, Korn County, Califor
nia, a distance of 6.07 miles, with a branch of 2.40 miles in
length, extending from said line at Treadwell Junction to
Porque, Kern County. This purchase was completed during
the year and transfer of tho half interest duly accomplished.
OSAGE COUNTY & SANTA FE RAILWAY.
No important progress has been made during the year in
tho construction of this lino from Owen, Washington County,
Oklahoma, to a connection with the Eastern Oklahoma Divi
sion of your main lino between Remington and Fairfax,
Oklahoma, a distance of about 62 miles.
SOUTH PLAINS & SANTA FE RAILWAY.
The extension of this lino from Lubbock southwesterly to
a terminus at Seagraves, Gaines County, Texas, a distance
of about 64 miles, was completed and the lino turned over
for operation on July 1 1918.
ADDITIONAL MAIN TRACK MILEAGE.
The mileage of second tracks in operation as of Decem
ber 31 1918 was 1,086.60 miles, with additional tracks under
construction as follows:
At Camdon Junction, Missouri_______________
Eldorado to Augusta, Kansas___________
Winfield Junction, Kansas, to Newkirk, Oklahoma
At Bagdad, California________________
.

.

89

9 '9 9

24/J8
63

36.40

mu0
“
“
••
"

It is expected that this second track work now in progress
will be completed during the year, increasing the mileage of
second track in operation to 1,123.00 miles.
GOVERNM ENT CONTRACT.

After extended negotiations a contract between the Director-Goneral
Full text of Commercial and Financial Chronicle : June 7, 1919, Vol. 108, No. 2815

FRASER
