Full text of Commercial and Financial Chronicle : June 8, 1918, Vol. 106, No. 2763

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VOL. 106

Published every Saturday morning by W IL L IA M B . D A N A C O M P A N Y ;
Jacob Seibert Jr., President and Treasurer; Arnold G . Dana, Vice-President
and Secretary. Addresses o l both, O ffice o f the Com pany.

NO. 2763

JUNE 8 1918

CLEARINGS—FOR MA Y, SINCE JAN. 1, AND FOR WEEK ENDING JUNE 1.
1

M ag.
Clearings at—
1918.

1917.

$

S
15,583,457,003
1,477,720,956
343,623,070
187,088,087
84,713,514
50,594,237
22,103,858
29,885,035
15,570,435
18,424,609
12,023,468
14.0S9.324
8,590,017
16,500,237
11,886,539

15,559,700,670
1.711,945,420
517.844,504
279,528,014
91,763,796
61.897,954
21,347,043
33,599,860
17,569,178
21,589,402
12,787,501
14,0 41,538
9,844,137
18,203,801
12,457,010
I d , 194,077
11,309,834
6,337,387
9,013,082
E r i e ...............................
3,828,400
5,502,505
6,599,678
2 268,679
3,388,311
2 19') 884
M ontclair .............
Oranges-------------------Hagerstown................

3,401/270
1,768,171
4,295,854
2,571,063

1917.

+ 14.5
+ 9.9
+ 5.0

8
70,471,912,582
7,465,079,921
1,795,266,138
1,0)2,911,496
434,949,338
274,203,198
101,756,914
151,537,878
80,530,701
92,299,080
57,514,274
63,895,017
44,179,452
82,451,551
56,232,209

9,304,822
5,181,378
7,807,491
4,397,900
4,708,801
6,243,097

+ 20.8
+ 22.2
+ 23.1
— 12.9
+ 10.9
+ 5.1

05.556,128
28,470,014
41,832.994
19,000,500
23,400.107
28,473,371

3,198,829

+ 5.9
28

15,107,807

8
72.380,259,019
7,001,259,482
1,656,204,515
901,745,117
385,20 5,251
221,388,716
105,000,476
146,377,553
75,6S3,o:)0
87,853,015
47,480,812
68/252,525
41,566,894
75,929,373
51.627,282
47/206,553
52:707,236
25,632,995
35,920,902
20,160,000
19,4)1,28)
29,029,705
9,661,16!)
14,260,503
10/248,787

-f.31 2
2,234,234 — 20.9
+ 5.3
4,077,247
2,868,308 — 11.1

14,746,391
9,486,018
20,013,334
14,391,351

Total Now England

Springfield, 111............

L i m a .......................... Lansing--------------------

Aurora.................... —
Total M iddle W est.

Oakland...................... -

Y a k im a _____________

B akersfield__________
Total P acific............

%

— 0.2
+ 15.8
+ 50.7
+ 49.5
+ 11.9
+ 2 2 .3
— 3.7
+ 12.4
+ 12.8
+ 17.2
+ 1.3

Week ending June 1.

Flee Months.
1918.

Inc. or
Dec.

%

— 2.6
+ 6.6
+ 8 .4
+ 20.8
+ 12.9
+ 23.9
— 1.2
+ 3 .5
+ 6.4
+ 5.1
+ 0.1
— 6.4
+ 6.3
+ 8.0
+ 2.9
+ 25.1
+ 24.4
+ 11.1
+ 10.5
— 5.8
+ 20.5
— 3.9
-1-1 2
+ 0.4
+ 14.9
—2 7
12,125,825 + 21.6
10:668,740 — 11.1
20,207,189
+ 1-7
+ 3.9
13,852,985

1913.

1917.

In c. or
D ec.

1916.

1915.

S
$
S
s
.
%
— 7.9 2,703,553,021 1,952,964,256
3,201,313,010 3,474,159,810
168,514,697
341,200,552 292,946,862 + 17.2 235,201.148
58,773,721
44,278,165
69,912,172 + 55.1
103,110,458
45,5)0,505
29.426.638
55,719,874
44,928,252 + 24.0
10,249,526
12,549,070
+ 9.1
15,023,985
10,392,145
10,6S6,5S)
9,323,629
11,366,592
+ 9.5
12,446,440
4,734,672
4,305,996
+ 4.3
3,591,583
3,442,576
8.528.0S4
7,155,296
— 5.5
8,018,946
8,487,279
3,222,455
2,861,751
3,049,241 + 2 4 .0
3,800,000
3,007,928
3,0)2,159
— 7.8
3,918,651
4,250,591
1,768,952
2,003.885
+ 3.6
2,800.000
2,909,090
1,820,603
2,736,358
2,850.529
+ 3.7
2,747,207
1,694,272
1,298,637
+ 6.5
1,700,009
1,596,658
1,799,684
3,745,298
3,969,312
4,009,830
+ 1.0
1,741,765
2,038,375
2,124,916
2,253,156 ______
2,160,025
1,072,756
1.672,553
650,200
1,100,000
1,279,447

2,019,602
+ 7.6
+ 6.8
1,004,018
1,402,754 + 19.2
748,400 — 13.1
951,777 + 15.5
1,226,974
+ 4.3

1,761,950
1,055,589
1,259,451
678,400
680,000
1,0 42,900

1,597,275
883,289
903,668
637,100
609,021
776,890

029,907

668,920

— 5.8

598,287

601,100

371,005

513,121
________

— 27.7
—
—

785,030

498,580

3,779.404,833 3,949,469,259

— 3.8 3,106,772,759 2,248,209,966

+ 2.9

82,042,974,977

83,60 7,401,60S

— 1.2

1,415,048,523
54,120,800
35,883,072
24,082,304
16,950,874
12,507,918
16.108.244
11,510,079
8,501,320
5,487,006
3.479,755
3,450,000
9,311,000
2,612,803

1,007,015,299 + 40.6
45,242,400 + 19.6
— 3.4
36,198,093
21,599,232 + 11.4
21,220,048 — 29.1
+ 3.1
12,130,101
14,838,584 + 11.3
9,490,219 + 21.0
7.503,570 + 13.2
+ 6.4
5,158,432
4,0)8,803 — 15.1
2,786,334 + 23.8
10,347,601) — 14.2
2,490,210
+ 4.9

5,859,207,890
247,143,900
166,313,534
101,312,642
79,570,0)7
52,818,505
75,524,190
40,274,015
40,00),080
25,453,834
15,607,873
10,219,879
40/283,60:)
11,010,358

4,929,003,081
221,805,500
181,712,872
105,686,8)5
92,574,436
58,685,841
78,807,424
40,128,592
35,171,436
23,275,108
19,420,0)3
14,050,440
40,101,678
11,196,652

+ 18.9
+ 11.4
— 8.5
— 1.3
— 14.0
— 10.0
----4 2
+ 15.3
+ 13.7
+ 9.4
— 19.3
+ 15.4
— 1S.l
— 1.5

269,904,163
10,010,200
7,068,499
5,200.000
3.514.767
2,500.000
3,400.000
2,552,019
1,509,000
995,358
6S 1,450
600,000

192,433,830 + 40.3
8,700,400 + 15.4
8,0 42,338 — 12.1
+ 6 .9
4,865,708
3,481,076
+ 1.0
+ 3 .3
2,419,589
3,024,934 + 12.4
1,917,214 + 33.1
1,302,234 + 15.2
930,273
+ 7.1
814,748 — 16.3
600,000 + 10.0

169,269,863
8 ,374,600
8,72S,705
4,510,965
3,855,762
2,241,322
3,129,180
1.395.010
1,087,931
9 46,737
909.020
659,299

1,619,670.303

1,200,624,534

6,779,889,937

5,800,830,588

+ 15.7

308,018,056

228,532,344

+ 34.8

205,117,315

159,910,822

10.307,570,716
+ 1.7
833,708,587 + 29.9
1,361,296,912 + 16.0
1.141,415,086
— 1.9
514,140,932 + 14.3
+ 6.9
278,14.1,790
—0.4
213,288,200
225,945,452
— 9.0
109,493,821
— 1.5
10),359,629
+ 1.9
53,442.347 + 39.1
77,901,624 + 10.0
40,019,957 + 17.5
35,145,922 — 24.3
+ 3.2
73,583,957
31,375,181 + 24.3
118,490,000
— 3.8
19,706,265 + 65.5
22,216,602
+ 9.9
24,758.434 + 2 1 .9
71,851,012
— 6.0
25,022,084 + 2 2 .9
25,235,074
+ 5.8
—6 9
18,374,702 + 21.2
19,036,112 + 18.7
12,895.677 + 10.7
8,700,895 + 35.8
16,663,943 + 13.9
10,188,419 + 35.4
24,142/297 — 46.6

400,833,809
47,170,659
66,440.157
52,097,388
22,875,074
10,726,000
8,70),900
7.403,475
6,500.000
4,403,226
2,918.093
2,942.597
1,700.000
1,195,000
2 ,9 0 ).0 )9
1,774,133
4.000.000
700,000
9 43.028
1,0 SO.523
2.500.000
838,392
945,337

409,493,00 4
31,978,339
58,744,744
44,821,064
21,503,888
10.8)9,0 18
8,012,900
8,053,176
7,500,000
4.125,965
2,600,286
2,776,025
1,600,000
1,183,621
2,6)4,635
1,358,421
4.353,000
509,845
1,100.000
937,6)6
2,9 42.0 47
1,170,10)
1,117,391

— 0.6
+ 4.8
+ 13.1
+ 16.2
+ 6.4
— 1.0
+ 1.1
— 8.0
— 13.3
+ 6.9
+ 9.7
+ 6.0
+ 6.2
+ 1.0
+ 12.5
+ 30.6
— 8.1
+ 37.3
— 14.3
+ 9.9
— 15.0
— 28.4
— 15.4

344,093,589
27.715.150
37,349,796
33,899,971
15.805,323
9,6 )5 ,8 50
9,581,700
7.165.00)
6.000.000
3,819,975
1,242,922
2,742.922
1,200,412
1,193,665
1,897.740
905,957
3.229,000
6 33.750
838,606
812.0)5
2,111,555
787,749
790,475

284,610,253
21,133,950
23,531,250
22,429,517
14,809,781
6,938,390
5,539,400
4,792,125
2,815,194
3,125,972
1,374,537
2,016.339
1,075,148
1,171.597
1,186,078
857,458
1,598.000
640,700
682,400
666,705
1,400.000
690,162
696,340

732.314
761,655
510.000
365,767
801,656
593,135
1,588.300

835,772 — 12.3
649,722 + 17.2
500,000
+ 2.0
350.173
+ 2.7
700,000 + 14.9
439,0 44 + 35.1
1,093,702 + 45.1

618,504
536,364
637,799
353,958
621,366
356.158
900,000

451,920
443,320
483,578
270,660
486.830
306,901
511,842

250,000

375,000 — 33.3

Total M iddle............ IS ,460,905,023 17,947,121,185

Stam ford____________

Inc. or
Dec.

2.163,787,350 2,211,075,057
245,092,239
105,901,254
340,09,687
298,514,834
251,935,950
244.102,087
119,143,314
109,599,309
59,105,000
60,001,000
45,189,300
42,455.100
43.719,801
40,577,459
18,088,190
23,477,450
22,452,152
21,852.384
10,507,439
12,922,675
10,712,021
14,572,104
9,544,867
8,227,084
5,874,500
0.078,719
14,900,000
14,190,703
8.346.055
6,515,857
23,510.000
24,012,000
4,121,007j
2,584,201
0,538,182
5,078,530
5,511,855
4,801,205
10,808,050
10,738,807
5.637,275
4,903,111
4,718,775
4,717,424
4,700.311
4,462,477
3,560,130
1.496.224
4,005,651
2.532,757,
2,310.409
2,421,443
1,970.102
4,280,845
3,440,310
4,390,281
2,251.304
4,369,405
5,440,671
7.200.000
7nv*nu
4,331,574
3,483/251;
1,536,275
1,708,935
980.695
427,453,
481,784
6504 (X
11 a
8.835.6771
4.842’780
1,043,906
1,631 800
2,845,725
2,577,140
3,501,659,136
455,393,221
127,523,00C
117.520,423
95.853,218
55,009,50'
33,847,209
19.400,000
20,857.208
8,430.810
17.450.472
4.441,971
8,127,600
4.022.153
7,618,921
3,407,186 ’
0,009,000
2,420,883
4,431,139
3,990,258
1,011,013,393 |

+ 34.9

— 2.1 10,539,705,726
+ 4.8.0
1,083.051,512
+ 13.9
1,579,713,080
+ 3.2
1.119,227,985
+ 8.7
587,062,731
— 1.5
297,197,000
+ 6.4
212,517,100
— 6.1
205,555,389
— 23.0
107.877.211
+ 2.8
105,277,775
+ 27.7
74.349,660
+ 14.7
85,651,202
+ 10.0
47,010,539
— 3.4
26,590,755
+ 5.0
75,919,205
+ 28.1
39,008,787
— 2.2
113,962,000
+ 59.5
32,059,580
+ 28.8
24,416,581
+ 14.8
30,186,956
— 35.4
07,537,811
31,490,162
+ 15.0
+ 0 .0 3
20,70),877
—7 1
+ 25.3
227264,818
22,071.953
+ 9.8
+ 9.0
14,271,548
11,899,183
+ 22.5
+ 24.4
18.988,0)8
+ 95.0
21,923,990
20,146.345
— 19.7
4-24.3
— 10.0

17^89 4/216
7,017,716

— 11.8
—5 3
+ 82 5

12,993,590

+ 1 5 .6

10,019,593,305

14^880! 630
7.953,824

+ 20.3
— 4.2

131,088,381
7,151,100
5,612,416
3,491,836
3,795,789
1,926,444
2,643,620
1,011,221
1,145,955
858,109
678,638
477,313

366,000

248.203

57,467

155,572

— 63.1

85,228

46,697

635,128,773

+ 10.4

1,882.982
3 0 U 059
2 9 ’714 029
8 444,688
15,017,244

3,400,019.019

+ 3.0

16.785.440,063

+ 4.8

663,275,184

+ 4 .4

517,948,562

407,031,258

390,874,088
134,470,000
90,744,998
74,114.392
54,019,348
22,327,000
13,226,360
22,654,085
10,017,593
11,025,732
5,145,000
6,863,938
3,345,420
0,512,191
2,705,161

2.096.457.525
615,970,000
653,512,080
410,651,970
265,430,764
100,966,220
89,0)2,380
125,101.160
43,443,405
74.779.523
22,707,506
45,515,014
20,703,791
41,974,515
15,981,087
37/263/251
31,111,911
11,70 1,50 1
21.192.02C
19,189,181

1,809,378,092 + 15.9
649,349,900
— 5.1
412,251.352 + 58.5
323.015,077 + 36.2
265,824,330
— 0.1
125,111,524 + 28.7
67.077,438 + 54,4
103.869,550 + 15.0
63,635,389 — 19 0
50,260,449 + 48.8
27,721,224 — 17.9
35,054,121 + 27.7
10,867,276 + 22.8
33,575,277
12,001,028 + 23.8
31,447,913
+ 8.2
27,407,701 + 13.5
10,201,548 + 14.7
14,5)0,371 + 45.8
15,369,383 + 21.9

91,233,757
25,918.000
27.553,239
19.566,130
11,121,251
6,000,000
3.602,449
4.789,901
1,402,909
2.415,075
710.653
1.365.598
674,879
1.205.984
640,000

77,591,S I1 + 17.6
+ 0.7
24,285,000
18,911,418 + 45.7
13,027.692 + 50.2
9,801,758 + 13.5
5,000,000 + 20.0
2.761,890 + 32.6
4.269,109 + 12.2
1,861.716 — 24.7
1.9 46,925 + 24.1
891,863 — 20.3
1,014,009 + 32.0
— 2.2
639,385
1.002,177 + 20.3
531,769 + 20.3

56,137,249
20,49 4,905
13,041.914
9,113,000
6.975,976
4,161,266
1.857.631
3,70).858
2,0 0 ) .851
1,567.051
8 45,481
753,506
589,300
89 3,795
417,871

42,059.223
16,85 4,381
11,651,586
8,675,965
5,276,390
3,681,871
1,977,591
3,095,455
1,743,009
1,336,110
673,096
689,872
550,000
696,404
433,977

6,107,775
2,211,137
2,919,237
3,019,635

+ 16.5
— 5.2
+ 62.6
+ 29.3
+ 1.8
+ 28.6
+ 40.7
+ 18.6
— 20.8
+ 58.3
— 13.7
+ 18.4
+ 20.2
+ 10.4
+ 25.E
4-11. u
+ 3.0
+ 9.6
+ 50.2
+ 32.4

400.00C
778.346

— 2.8
432,000
520,728! +47.S

________
360,000
589,706
................

_________
307,296
437,574

875,021,381

+ 19.0

4,832,818,018

4,084,075,982

123,512,360

100,140,340

2:240,947 — 10.0
3 114 422
— 2.7
+ 8 .1

.....

+ 18.3

199,440,174

104.565,310

+ 21.2

0.181,751.430 . + 3 6 .5

282,580,896

242,030,609

+ 10.S

178,310,OSS

150.348,642

7,644,900,103

+ 33.0

370,545,368

299,416,045

+ 25

215,295,302

109,482,978

+ 7.4 129,640,646,527 123,399,153,021

+ 5.1

Details of Other West ern and Soutt ern will bo foun d on pa ge 2418.
Total Other W e s t ..

1,632,953,114

1,328,337,00

+ 22.9

8,438,000,458

' Total Southern------

2,010,507.010

1.567,387.409

+ 28.3

10,107,462,474

Total all___________ 28.272,828.029 26.318,510,501
Outside New Y ork . 12.713,127,359 10,735.053,558

+ 18.4

59,174.733,945

51.012.894.002

Clearing* by Telegraph and Canadian Clearings on pages 1416 mid 24 l/.




5,603,20'4.511 5,519,142,342

+ 1 .6 4,346,986,980 3,235,124,000

+ 16.0. 2.407.951.501 2.0 44.982,530

+ 17.7 l .641.433.465 1.282.159.750

2366

THE CHRONICLE
THE FINANCIAL SITUATION.

[Vol. 106.

transactions in inter-State commerce, but under
the Minnesota rate and Shreveport cases has power
to remove any obstructions which may prevent
or hamper shipments in inter-State commerce.
..............Congress undoubtedly has the power to re­
move such obstruction from the path of the inter­
state competitor.” But if “ fourteen States have
statutes striking at the practice and yet it tends to
grow,” as the Commission says, why should effi­
cacy be expected from an Act of Congress? “ When
competition crosses State lines State statutes with
respect to trade practices are not actively enforced,”
adds the Commission. Here it is again; abundant
statutes, and lax enforcement, and so more statutes
are suggested. Better turn energy towards enforce­
ment, utilizing publicity as a deterrent, for if de­
tection can be evaded under State law it can be
under any other. Strive also to raise the standard of
commercial morality and the notion of good trade
policy, by agitation among merchants. No law has
curative powers; the purging must come from with­
out.

As noted in another column the Federal Trade
Commission last month sent to both branches of
Congress a call for something to be done against
trade or commercial bribery. The communication
recites that the Commission has made a considerable
investigation and has found that “ commercial
bribery of employees is a prevalent and common
practice in many industries,” the bribes taking the
form of commissions for alleged services, of gratui­
ties and entertainments of various sorts, and of
so-called loans. One man of commercial promi­
nence is said to have told the Commission that
“ from an experience of thirty years in the industry
I don’t believe there is a single house that has not
had to pay bribes to hold old business or to obtain
new; bribery is inherently dishonest and tends to
dishonesty and is unfair to competitors and cus­
tomers, and I don’t believe it will ever be stopped
until made a crime by the United States Govern­
ment.”
Certainly the only excuse ever offered for this
practice is that it is necessary in order to keep even,
The grain crop report of the Department of Agri­
because “ others” do it. But there is nothing new culture for June 1, issued yesterday, is in every sense
in the revelation that secret and indecent methods a very encouraging document. The present out­
are used more or less in trade. Known by such look, in fact, is for quite bountiful harvests of all the
colloquial terms as graft, rake-off, “ seeing” some­ cereals reported upon. Winter wheat, of course,
body, and rebate, it has been going on since the promises a yield not only very much greater than
oldest of us were boys. The servant in wealthy that of a year ago, but moderately in excess of the
houses, especially in domestic establishments “ run” indications a month ago, this outcome being assisted
by servants, has long been more or less in the habit by the expectations of fair crops from fields in Kan­
of getting his alleged share from the grocer and sas and elsewhere that were believed to be ruined
meat shop. The employee or agent who influences beyond recovery. It will be remembered that the
or can make himself seem able to influence trade is abandonment of winter wheat area, announced last
under a temptation to levy secretly on the seller; month, was greater than quite generally expected,
even the man solicited to purchase life insurance but even at that, and not allowing for territory in
has had such a habit of claiming something “ off” which the crop has revived, the acreage remaining
his first premium that the practice of rebating be­ to be harvested is second only to that of the bumper
came a prodigious nuisance in life insurance and year. Furthermore, spring wheat has been much
went on until, with the aid of some legislation, it more freely planted than in 1917, has started off very
has probably been nearly suppressed. The whole well as indicated by the current official announce­
thing is an abominable corruption, and the Com­ ment, and it is reasonable to expect that normal
mission says correctly that “ it is evident that this conditions hereafter will assure a production approxi­
inexcusable added cost is finally passed on to the mating close to the established high mark. In the
consumers;” this must be so, because all costs and aggregate, therefore, the wheat crop (winter and
burdens must go somewhere and have nowhere else spring varieties combined) should, according to
present calculations, reach a total only 94 million
to go.
The communication desires to note “ that the bushels under the 1,025 million bushels of 1915.
practice appears to have been most general on the Oats, too, with the area planted 2.1% in excess
part of concerns in introducing the goods and wares of last year and to that extent, therefore, the largest
of German firms (the printed report says “ to,” but in our history, and condition above the average for
apparently it should be “ of” ). So far as German the time of year, is relied upon to furnish a harvest
concerns are prominent in it, either as buyers or not far from the 1,587 million bushel total of 1917.
sellers, there is a halt in it for the present, and on Finally, corn, although not yet officially reported
the whole we may doubt whether the evil is greater upon (the first announcement on acreage and con­
now than formerly and whether the Commission dition by the Department of Agriculture not being
has not let zeal in finding work for itself somewhat due until next month) is expected, unofficially, to
outrun discretion. Is there any good reason to show only a slightly reduced planting, as compared
suggest that commercial morality averages lower with last year’s high record mark, and the conditions
now than formerly, and is it either wise or just to of the crop where up is stated to be better than then.
seek to cast more aspersions upon business?
Winter wheat, notwithstanding injury by drought
Aside from that, the proposed remedy is objec­ in a few localities, and damage by rust, &c., in others,
tionable. The communication says that “ a strong showed only very moderate deterioration during
Federal enactment against the practice, striking at M ay from the status reported at the first of that
each person participating, both givers and recipients, month, the condition on June 1 being stated at
coupled perhaps with immunity to the first infor­ 83.8% of a normal, and comparing with 70.9 last
mant, may aid greatly in stamping out the vicious year, 73.2 in 1916 and a ten-year average of 80.8.
practice,” and adds that this is for Congress, since For the whole country the Department of Agricul­
Congress “ has power not only to prohibit such ture estimates an average yield of 16.1 bushels per




June 8 1918.]

THE CHRONICLE

2367

acre, which, applied to the 36,392,000 acres remain­ has been doing very well, thus being in line with this
ing under cultivation, would give a winter wheat official pronouncement. Altogether, therefore, it
crop of 587,000,000 bushels, or 14% million bushels seems reasonable to expect that, with normal con­
more than its M ay 1 forecast, against 418 million ditions hereafter, a very good average yield from the
bushels harvested a year ago, and 674 millions and area planted will be secured, with an aggregate crop
685 millions, respectively, in 1915 and 1914— the very much in excess of any since that of 1914-15.
latter the established high record in production. To In fact, taking into account an increased planting
the increase over last year Kansas is expected to this spring, the promise now seems to be for a new
contribute no less than 51% million bushels, Nebras­ high-record production and a consequent replenish­
ka 36 millions, Missouri 22% millions, Indiana 17 ment of the materially reduced world’s surplus of the
millions, Illinois 21 millions and Montana 9 millions. staple.
The only mentionable losses are in Ohio, Michigan
The report, as issued, made the average condition
of the crop for the whole cotton belt the 25th of
and Texas.
The current report on spring wheat, the first of M ay 82.3% of a normal, that figure comparing with
the season, indicates that not only has there been the 69.5% a year ago (the lowest of which we can find
important anticipated increase in acreage (21.5% ), any record at this time of the year) 77.5 in 1916 and
but the crop on June 1 was above the average in 80 in 1915, with the average for the ten-year period
condition for that date, standing at 95.2, which 1908-1917, inclusive, 79. The indicated improve­
contrasts with 91.6 a year ago, 88.2 in 1916 and a ment, as contrasted with last year, appears in every
ten-year mean of 93.7. The area is given as 22,­ State except Florida (a very limited producer) and
489,000 acres, or the top notch in planting, exceeding is very pronounced in North Carolina, Alabama,
1917 by 3,978,000 acres, and 1911 (the record) by Mississippi, Arkansas and Tennessee. It is to be
2,108,000 acres. An average yield of 15.3 bushels noted, too, that since the date to which the report
per acre is officially announced as to be expected was brought down conditions have continued satis­
from the June 1 condition percentage, and normal factory. In fact, the weekly weather bulletin for
weather hereafter, and this, applied to the acreage June 4 refers to the generally warm weather, abund­
above stated, points to an aggregate crop of about ant sunshine and ample soil moisture of the week
344 million bushels, against 233 millions last year ending that day as having very favorably affected
and the 352 millions of 1915. Combining the winter the crop and allowed for cultivation. It is not too
and spring varieties, we have a total area under cul­ much to say, therefore, that the present promise for
tivation of 58,881,000 acres, against 45,941,000 acres the crop is excellent.
a year ago, and an indicated wheat production of
931 million bushels, or some 280 million bushels
Returns of bank clearings, individually and
more than secured in 1917, and but 94 millions less collectively, continue to show rising totals. Presum­
than the record yield of 1915. It is possible, more­ ably high prices are in no small degree responsible
over, that with conditions from now on above the for the further expansion in the aggregates. At the
average, this deficiency might easily be wiped out.
same time, however, there is no abatement of the
The territory planted in oats this season is an­ activity which has been for so long a prominent
nounced as 44,475,000 acres, or by 2.1% the largest feature of the mercantile and industrial affairs of
in our history, that being the extent of the increase the United States. In almost all sections of the
in planting as compared with 1917. With condition country manufacturing plants are limited in their
on June 1 high, 93.2 comparing with 88.8 a year ago output of products only by the extent to which the
and a ten-year average of 89.4, it is estimated that, necessary labor force can be obtained; and with the
the product per acre will reach 33.7 bushels and thei demand for help in Government work enormous
total yield 1,500,000,000 bushels, this contrasting; and urgent wages are steadily advancing. At the
with 1,587 million bushels in 1917 and 1,252 millionsi moment the supply of male help in practically all
lines is so far below the demand for it that girls and
in 1916.
women in large numbers are welcomed in kinds of
The cotton condition report of the Department ofr employment in which it was never expected they
Agriculture, issued on Tuesday, and covering thei would be permitted to engage. A development of
status of the crop on M ay 25, the initial date for• the late month was a revival in stock speculation
which information is officially furnished, was of ai at the local exchange with the values of most share
very favorable, character, and rather better thani properties showing an advancing tendency until the
generally expected, but neither at the time of itss latter part of the month, when the tendency was
announcement nor since has it operated to cause5 reversed.
weakness in the market for the staple, notwithstand­•
With every agency of business and industry taxed
ing the high level of prices ruling. Indicating thes to the limit to meet demand it is not surprising that
satisfactory nature of the report, we note that inl the M ay returns of clearings furnish an aggregate
making it public it was explained by Washingtoni heavier than for any preceding month, the high
officials that the condition on M ay 25 was higher• record established in October last year having been
than in any of the past ten years at date, except inl slightly exceeded. Nor is it strange that of the 175
1911 when the yield was a record one; consequentlyr cities included in our compilation on the first page
the crop is starting off well, whereas a year ago> of this issue only 41 fail to show some increase over a
condition was the lowest of the ten-year period andl year ago, or that 25 cities report heavier figures than
the final outturn poor. It is noted further that: in any month of any year, among them such leading
although the crop is somewhat late, the stand is good;; centres as Philadelphia, Pittsburgh, Baltimore,
the amount of fertilizers used is greater than forr Buffalo, Washington, Boston, Cleveland, Detroit,
several years and the quality of seed used is tending; Evansville, Oakland, Denver, Richmond and Tulsa.
toward improvement. Private advices, including5 Furthermore, a vast majority of the remaining 109
our^own, have indicated that the crop on the whole3 cities set new high marks for M ay and noticeably




2308

THE CHRONICLE

[Vol. 106.

large gains over 1917 are quite common, as for in­ gre results attained suggest that they were not numer­
stance at Cincinnati, Lexington, Owensboro, Omaha, ous nor of the cruiser submarine type, of which dis­
Seattle, Sioux City, Wichita, Topeka, Sacramento, patches from abroad have spoken so freely in the
New Orleans, Little Rock, Columbia, Dallas, Mus­ last week or so. Summarized the result has been
kogee and Montgomery.
a loss of shipping in round numbers of 23,000 tons.
Including New York, the total of clearings for This includes the Porto Rican liner Carolina of
M ay 1918 for the 175 cities represented in our state­ 5,093 tons, the tank steamer Texel of 3,210 tons,
ment is 828,272,828,029 against 826,318,510,561 a small steamer, the Eibsvold, of 1,570 tons, and
in 1917, or an augmentation of 7.4% , this following the British steamship Harpathian, 4,500 tons.
It
a gain of 27% in the latter year as compared with does not include the tank steamer Pratt of 7,200
1916, and of 41.6% in 1916 over 1915. The current tons which was sunk, but subsequently raised and
total is, in fact, almost double that of three years taken to port. Otherwise the damage was to coast­
ago. A nominal decline of 0.2% is to be noted at ing schooners and the entire incident accords more
New York for the month, but outside of this city closely with the idea of a spectacular demonstration
the gain is 18.4% . For the five months of 1918 than representing the beginning of any systematic plan
there is an expansion in the aggregate for the whole of marine destruction on our coasts. Nevertheless
country of 5.1% contrasted with last year, while the Navy Department at once very properly took
compared with 1916 the gain reaches 30.6% . At the developments as constituting a possible serious
New York the loss from 1917 is 2.6% , and the gain menace. For a time all Atlantic ports were closed
over 1916 some 17.2% . For the outside cities the and wireless messages were sent broadcast warning
increases are 16.0% and 51.3% , respectively. incoming and outgoing vessels against threatened
Analyzed by groups the totals for the period since danger. In New York City the police authorities
Jan. 1 are in all cases in excess of a year ago, the took matters in their own hands and ordered all
Middle, exclusive of New York, by 8 .5% , New lights dimmed except the ordinary street lamps.
England 15.7% , the Middle West 4 .8 % , the Pacific This action was based on the possibility that the
Slope 18.3% , the “ Other Western” 36.5% and the submarines might have on board complete parts
South 33.0% .
of airplanes which could be assembled and utilized
Operations on the New York Stock Exchange in to bomb the city. As a further precaution the
May were of very much larger volume than in April, police notified residents and published in the news­
moderately heavier than for the corresponding papers the course that should be pursued in the event
period a year ago and in excess of any month since of an attack from the air. Such attack was to be
December 1916. Dealings became active towards announced by the blowing of sirens continuously
the middle of the month, with the trend of values for ten minutes. When the danger had passed that
upward, and on several days the transactions ex­ fact was to be indicated by short blasts at intervals
ceeded the one-million share mark, reaching 1,747,600 of a minute each. Fortunately it was not necessary
shares on the 16th, which was, with the exception of to have recourse to such emergency measures.
one day in February 1917, the heaviest daily total
It appears reasonable to presume that had the
in over a decade. The sales for the month aggregated under-water attack been part of a really serious
21,139,092 shares against 19,354,400 shares last plan it would not have been inaugurated by the
year and 16,427,576 shares in 1916, but for the five sinking of a few small steamers, but would have
months the transactions were 61,997,179 shares, awaited something worth while, such as troop ships
against 82,798,734 shares and 72,231,817 shares, or large ocean liners. The suggestion certainly
respectively. Bond sales in M ay were decidedly obtrudes that the attack is in line with the longgreater in volume than those of 1917— more than range shelling of Paris, designed to aid in spreading
double in fact— due entirely, however, to the heavy demoralization at the time of the renewed drive
trading in Liberty Loan issues which reached 118 in France.
million dollars par value. For the period from Jan. 1
While making ample preparations to meet its
to M ay 31 the sales of all classes of bonds were worst possible phase the Navy Department is con­
604 million dollars par value, against 450 millions vinced that destruction of shipping is but a secondary
in 1917 and 463 millions in 1916. On the Boston object of the raid. Secretary Daniels, appearing
Stock Exchange, the five months’ operations were before the Senate and House Naval Committee,
only 1,509,610 shares against 2,856,694 shares last said it was the opinion of the authorities that the
year and 5,582,569 shares in 1916.
move was strategic rather than military. He gave
The shrinkage in clearings noted at some points it as the opinion of naval experts that the purpose
in Canada in April is more apparent in the May of the attack was to inflame the country into a
returns but except at Winnipeg, where a consider­ nation-wide demand for a return of American de­
able contraction is reported, is as yet of negligible stroyers and battle ships from the war zone to
importance. But consequent upon the falling off protect American shipping and American cities
at Winnipeg, there is a loss in the aggregate for the from threatened onslaughts of German undersea
23 cities making returns of 5.4% as contrasted with craft. He based his conclusions upon the fact that
last year. For the period since Jan. 1 the 1918 the submarines had made no attempt to destroy an
total exceeds that of 1917 by 2 .5% , with the armed boat and had taken no chance of an encounter
percentages of gain large at Vancouver, Edmonton, with vessels able to defend themselves. The Gov­
Halifax and New Westminster.
ernment, he said, was able to protect coastwise
shipping and in the future all transports would be
New York, and in fact the entire Atlantic Coast, convoyed the entire distance by destroyers, a policy
received its first practical war demonstration from which, he said, had been decided upon as necessary
the enemy this week in the form of attacks by German after the sinking of the transport steamer President
submarines on our shipping. The number of under­ Lincoln, when it became apparent that the German
water boats engaged, is not known. But the very mea­ submarines were operating in wider areas than in




J u n e 8 1918.]

THE CHRONICLE

the restricted war zone. The Secretary also argued
that the raid should be regarded in the same light
as the airplane raids on London— intended to
terrorize the civilian population and aid the peace
propagandists in their clamor for peace. In addition
to the destruction of shipping the enemy has been
able to plant minefields at several places along the
coast, but there is reason to believe that most of
these fields already have been cleared by mine­
sweepers.
The renewed German offensive in France and
Flanders appears to have been checked without
compensating the enemy for his huge waste of life.
The Berlin “ Vossische Zeitung’s” military corre­
spondent in an article cabled by way of Amsterdam
declares that “ It should be emphasized repeatedly
in view of exaggerated hopes, that a decision can
be procured only comparatively slowly. The foe
is enabled” the correspondent says “ to organize
his resistance owing to his brilliantly constructed
railroad system, which has junctions and un­
loading stations at Compiegny and Villcrs-Cotterets. The German supreme command cannot
well proceed now against the newly consolidated
French front which is richly provided with reserves
and bear the great losses which experience shows are
entailed by such operations. When the French
called up big reserves the exploitation of the surprise
movement was to a certain extent ended. Pre­
sumably a certain change will shortly occur in the
entire system of battle operations. The battle
can only proceed slowly. A decision cannot be
procured in a few days. We should therefore arm
ourselves anew with patience. The continuation
of the big offensive will come at the right time and
will again mean a surprise for our enemies.”
It would not be accurate, however, to say that
the offensive has definitely ended. All along the
front the enemy is launching assault after assault
in the hope that -the Allied ranks will break and
enable the Germans to straighten out the curve in
the line from Moulinsous-Touvent, northwest of
Soissons, to Troesnes which lies southeast of VillcrsCotterets. Great masses of artillery and large
numbers of troops are being used by the Germans
continuously, but the Allied line everywhere has
held and at several points the defenders have taken
the offensive and improved their positions. Along
the Marne front the fighting has died down, although
in the vicinity of Rheims the German artillery has
begun a violent bombardment, which suggests
another infantry attack in that region. A press
dispatch by way of Amsterdam says that the French
resistance of Rheims appears to be highly unpleasant
to the Germans. A semi-official telegram from
Berlin which seems to be intended for the ears of
the credulous in Germany tries to divert attention
from the German failure there by plaintively up­
braiding the French for not abandoning the city
which it is asserted has no tactical or strategical
value whatever. The Germans desire to spare
it but are forced to shell it because the French would
not evacuate. The message asserts that the defense
of the city has been left entirely to negroes from
Senegal and Madagascar.
On the Macedonia front Greek troops have cap­
tured more than 1,500 German and Bulgarian
prisoners and a large quantity of war materials
in their successful attack on the strong enemy



3369

positions of Srka Di Legen. This is the first time
in a considerable period that the Greek Army has
been mentioned as taking part in an engagement
of any size on the Macedonian front. American
troops are giving a good account of themselves.
The American marines began a second attack on
the German lines late on Wednesday, captured the
village of Torcy and drove their way into Bouresches, northwest of Chateau Thierry. Yesterday
morning they were holding Torcy in the face of re­
peated counter attacks, and were pushing back the
Germans through the streets of Bouresches. Vir­
tually all their objectives in this attack were at­
tained. The American plan did not include the
taking of Torcy, but the marines swept into it and
drove out the Germans. The one point where
the objective was not reached was on the right of
the attack, in the Balleau W ood. The fiercest
fighting is continuing there.
It is becoming obvious that in retaliation for air
attacks upon both London and Paris, German cities
are being severely and systematically bombed by
Allied airmen. Latest reports suggest that the
latter to a greater extent than ever before now have
control of the air. The London “ Evening Standard”
learns on what it says is high authority that the
official communication for May gives a total of
398 German machines brought down by British
airman, 20 brought down by anti-aircraft gun fire
and 100 driven down out of control, making a total
of 518 airplanes destroyed or damaged. In addition
7 observation balloons were destroyed. On Wednes­
day night British long distance bombing machines
attacked the Metz-Sablon station triangle and also
the railway sidings at Thionville, dropping 5 tons
of bombs with good results. On Thursday morn­
ing the railway station at Coblentz was attacked
heavily
On Wednesday night 13 tons of bombs
were dropped by the British on St. Quentin, Boesinghc, Cambrai and Armentiere stations. All the
machines returned. The bombing of Cologne by
British airmen is said to have caused consternation
among the inhabitants and to have resulted in more
than 300 casualties. French military experts now
expect the Germans will attempt to break through
somewhere other than on the present front, possibly
between Noyon and Montdidier with the object
of converging their advances toward Paris. It is not
considered improbable, however, that the enemy
will attack a totally different sector.
Some interesting and heretofore unpublished data
are cabled by the Associated Press correspondent
from Gumligen, Switzerland. Dr. Muhlon, who
was head of Krupps at the outbreak of the war, is
living in retirement in the city mentioned. The
information is based upon notes made by Dr.Muhlon
at the critical time of the opening of the war. The
entire trend of the present statement is to show that
the world conflict was imposed by the German
Emperor’s personal military policy and his private
engagements with Austria on the eve of the struggle.
The former Krupp director relates an incident fol­
lowing the outbreak of the war when the Emperor
required all the German leaders to become involun­
tary supporters of his war policy. Assembling
them as guests, the Emperor exclaimed suddenly:
“ Now gentlemen, advance and as we grasp hands,
promise me you will stand with me to the last

2370

THE CHRONICLE

breath.” Commenting on this, Dr. Muhlon says:
“ The guests could hardly do otherwise when thus
bidden by their Imperial host in his own castle to
shake hands with him, and thus a vow was
extorted' which would be of value only if given
freely.

[V o l .

106.

which compares with £11,235,000 for the week pre­
ceding, malcing the aggregate of sales to June 1
£725,440,000. The sales through the Post Offices
for the week ending March 25 amounted to £316,000,
bringing the total up to £29,210,000. The previous
week’s total through the Post Offices was £354,000.
Sales of war certificates during the week totaled
The Supreme War Council which completed a £1,673,000, making the aggregate £199,269,000. The
formal session at Versailles on Monday, expressed total by the banks does not include, it is understood,
in an official statement made public on that date, any of last Saturday’s dividend reinvestments.
full confidence in the outcome of the war with the
aid of American forces. Complete confidence also
The British Treasury statement for the week
was expressed in General Foch and tribute was paid ending June 1 indicated a small increase in revenues
to President Wilson for his co-operation in the work and a large one in expenses. The latter feature,
of transporting and brigading American troops. however, was accounted for in some measure by the
The advantage the enemy possessed in its strategic inclusion of the war loan interest due at the end
position and superior railroad facilities has, the of last month. There was a substantial increase in
statement says, “ enabled the enemy command to the issues of Treasury bills, and the amount again far
gain some initial successes. It will undoubtedly exceeded those repaid. Treasury balances sustained
renew its attack and the Allied nations may still be a marked decrease, while the Treasury bills out­
exposed to critical days.” After a review of the standing have once more passed the one billion pound
whole situation, the Supreme War Council is con­ sterling mark. Expenditures for the week totaled
vinced “ that the Allies, bearing the trials of the £80,536,000 (against £43,771,000 for the week ended
forthcoming campaign with the same fortitude as M ay 25), while the total outflow, including repay­
they have ever exhibited in defense of the right, will ments of Treasury bills and other items, was £160,­
baffle the enemy’s purpose and in due course bring 554,000, against £98,726,000 last week. Repay­
them to defeat. Everything possible is being done ments of Treasury bills equaled £79,136,000, com­
to sustain and support the armies of the field. The pared with £52,975,000 a week ago. Receipts from
arrangements for unity of command have greatly all sources amounted to £155,445,000, as against
improved the position of the Allied armies and are £99,568,000 in the week preceding. Of this total
working smootldy and with success.”
revenues contributed £10,938,000, in comparison with
£9,687,000 the week before. Sales of Treasury bills
The tone of the London markets for securities re­ were £92,233,000. Last week the total was £58,­
mains firm and cheerful, encouraged by the favoring 363,000; war savings certificates were £500,000,
character of the war news. Shipping shares and oil against £1,300,000, and other debts incurred £14,­
stocks have ruled stronger.
Reinvestments of 900,000, against £9,654,000 the week preyious.
dividends produced early-week strength in the Advances reached a total of £21,000,000, as com­
war loan, which closed at 93% (after touching pared with £8,546,000. War bonds were £15,794,­
94% ), against 93% last week. At a meeting be­ 000, against £11,838,000 last week. Treasury bills
tween representatives of leading discount houses and outstanding aggregate £1,005,587,000. This com­
the Governor of the Bank of England on Tuesday pares with the total of the previous week of £992,­
the question of reducing the interest rate on deposits 336,000. The Treasury balances now stand at
to 3 % in conformity with the practice of the banks £10,640,000, which contrasts with £15,749,000 a
was discussed and on Wednesday discount houses week ago.
agreed to reduce deposit rates but to give % of 1%
more (namely, 3 % % ) for bankers’ deposits. All the
Financial news that has been cabled from Paris
banks are now practically aligned regarding deposit this week has been entirely routine and without
rates so as not to compete with war bonds. The important feature. Quotations have been well main­
old rate, however, still is being paid on foreign tained as a rule, a sustaining feature having been the
balances in order to discourage withdrawals of such vote of confidence received by the Government on
funds. The lower rates for time deposits had the Tuesday, namely 377 against 110. Premier Clemendesired effect of increasing the demand for Treasury ceau,assoon as the Chamber opened its session, arose
bills. The Shell Transport Co. cut a melon in the and said that he had received several notices of inter­
form of distributing 3,000,000 ordinary shares at the pellations regarding the military situation. “ M y
ratio of three new shares for five shares held. At the first impulse,” he continued, “ was to come here and
same time the ordinary capital has been raised to reply to them, but after reflection I realized that I
£12,000,000 from £7,000,000.
could not do so at the present moment, although I
There seems every evidence that the era of English am sure that the interpellations are due to a patriotic
bank consolidations has ended. The Chancellor of spirit to which I render homage.” He added that it
the Exchequer, Mr. Bonar Law, announced in the was impossible at that time to give explanations in
House of Commons on M onday that the Govern­ the Chamber of the military situation. Investiga­
ment proposed to institute legislation to carry out tions are being made as to responsibility, but so far
recommendations of the Committee on Bank Amal­ it had revealed nothing. “ Certain people,” he de­
gamations. Pending this a committee will be ap­ clared, “ expect me to take active measures against
pointed to advise the Government as to the desira­ chiefs who have deserved well of their country,
bility of any new schemes of amalgamation which these people are mistaken. It would be a cowardice
might be proposed.
which I should never commit.” The vote of confi­
dence clarified the situation. The Chamber of
The British war bond sales for the week ending Deputies on Thursday passed a measure providing
June 2j[through the banks amounted to £16,296,000, for the increase by 3,000,000,000 francs of the



THE CHRONICLE

J u n e 8 1918.]

amount of money which the Bank of France may
loan to the Government.

3371

7.361.000 francs, Treasury deposits showed a gain
of 8,819,000 francs, while general deposits were fur­
ther augmented by 271,043,000 francs. The ex­
pansion in note circulation reached no less than
708.824.000 francs. This brings the total outstand­
ing up to 27,356,675,600 francs, comparing with
19,679,896,805 francs at this time last year and with
15,665,234,890 francs in 1916. On July 30 1914,the
period just preceding the outbreak of the war, the
amount was 6,683,184,785 francs. Comparisons of
thevarious items with the statement of last week and
corresponding dates in 1917 and 1916 were as follows:

Official discount rates at leading European centres
continue to be quoted at 5% in London, Paris,
Berlin, Vienna and Copenhagen; 6 % in Petrograd
and Norway; GYz% in Sweden, and 4}/£% in Switzer­
land, Holland and Spain. A cable dispatch from
London, under date of June 1, announces that the
rate of discount of the Bank of Bengal and the
Bank of Bombay is now 5% . In London the private
bank rate has remained at 3 ]/2% for sixty days and
B A N K OF 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 .
3 9-16% for ninety days. Money on call in London
——
Changes
— -------------------------------Status as of ------------------for Week.
June 6 1918. June 7 1917. June 8 1916.
has been reduced to 2 % % , from 3 % a week ago.
an Id Holdinos—
Francs.
Francs.
Francs.
Francs.
France
Inc. 1,320,734 3,346,636,050 3,244,760,626 4,676,061.937
No reports have been received by cable of open in
Abroad'-0-0-1111111 lin e . 24,999:516 2,062,108,000 2,033,740,406
69,182,975
market rates at other European centres, as far as
T otal
Inc. 26,320,250 5,408,744,050 5,278,501,033 4,745,244,913
saver.
276.000 255,200,000 257,741,742 350.032,273
we have been able to ascertain.
Bills d is c o u n te d ...In c .178,551,000 1,360,104,326
i 9n r ’ s o o 'r o I
A further increase in gold was shown by the Bank
of England in its weekly statement, the amount
being £343,028.
Note circulation, however, was
expanded no less than £804,000; hence total reserve
declined £461,000. The deposit accounts were this
week curtailed and this in turn served to bring about
a slight gain in the proportion of reserve to liabilities
which advanced to 17.82%, as compared with 17.50%
last week and 20.48% a year ago. A reduction of
£2,392,000 was shown in public deposits, while
other deposits decreased £3,365,000 and Government
securities declined £334,000. Loans (other secur­
ities) were contracted £4,920,000. Threadneedle
Street’s stock of gold on hand aggregates £63,794,502,
as against £55,087,565 last year and £61,570,271
in 1916. Reserves total £30,389,000. This com­
pares with £34,571,820 in 1917 and £44,535,181 the
year before. Loans now stand at £101,558,000, in
comparison with £106,749,030 and £63,601,721 one
and two years ago, respectively. Clearings through
the London banks for the week totaled £393,900,000,
as against £387,520,000 last week and £396,030,000
in the same period a year ago. Our special cor­
respondent is no longer able to give details by cable
of the gold movement into and out of the Bank for
the Bank week, inasmuch as the Bank has discon­
tinued such reports. We append a tabular state­
ment of comparisons:
BAN K

OK 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 .
1914.
1917.
1916.
191J
1918.
June 6 .
June 7.
June 9.
June 10.
June 5 .
£
£
£
£
£
38,965,745 35,484,090 33,152,700 28,695,500
Circulation- - - - - Public deposits____ 38,663,000 47,998,097 50,300,669 123,341,053 10,998,894
82,286,419 91,442,555 41,677,506
Other deposits......... 131,905,000 120,797,972
Government scours - 56.403,000 46,247.406 42,187,454 51,043,491 11,040,570
Other securities.- - - 101,558,000 106,749,030 03,601,721 136,810,139 38,655,690
Reserve notes & coin 30,389,000 34,571,820 44,535,181 44,682,541 20,689,987
Coin and bullion— 63,794,502 55,087,565 01,570,271 59,385,241 36,935,487

ProporUonof rcservo
to liabilities.........
Bank rate..................

W .82%
° /o

20

r i’
° /o

33.58%
5%

20.80%
5%

45.50%
3%

Advances
Inc 7,361,000
1,005,391,615 1,144,630,340 1,206,599,691
N ote circulation . . l i n e . 708.824,000 27,356,675,600 19 >679.896.805 15,665,234,890
Treasury deposits--In c. 8,819,000
54,882,000
75,441,303
• 42.213.108
General deposits___In c.271,043,000 3,367,160,000 2,640,700,517 2,096,454,460

The Imperial Bank of Germany in its statement,
issued as of May 31, showed the following changes:
Total coin and bullion increased 216,000 marks; gold
expanded 150,000 marks; Treasury notes showed a
gain of 16,233,000 marks; bills registered the large
increase of 544,325,000 marks; investments increased
7.923.000 marks; circulation expanded 302,441,000
marks, while deposits increased 301,4/8,000 marks*
and liabilities 44,127,000 marks. There were de­
creases of 5,192,000 marks in notes, 557,000 marks
in advances and 2,804,000 marks in securities. The
Bank reports its total gold holdings on hand as
2.845.674.000 marks, which compares with 2,533,­
215,000 marks last year, and in 1916, 2,464,400,000
marks. The totals of note circulation and loans and
discounts, &c., are not available.
Saturday’s bank statement of New York Clearing
House members, which will be found in more com­
plete form on a later page of this issue, was about
as expected and continued to reflect the operations
of the Federal Reserve Bank. Loans were reduced
$43,883,000. Net demand deposits showed a gain
of $16,178,000, to $3,724,617,000 (Government de­
posits of $328,028,000 deducted), while net time
deposits decreased $4,409,000. Cash in own vaults
(members of the Federal Reserve Bank) declined
$4,714,000, to $98,710,000 (not counted as reserve).
Reserves in the Federal Reserve Bank of member
banks showed a reduction of $7,780,000, to $502,­
932,000. Reserves in own vaults (State banks and
trust companies) increased $130,000, to $16,572,000.
Reserves in other depositories (State banks and trust
companies) were also expanded, namely $686,000,
to $8,203,000. Circulation was increased $386,000
There was a loss in aggregate reserves of $6,964,000,
thus bringing the amount on hand down to $527 ,­
707,000, as against $715,763,000 in 1917. Surplus
reserves were reduced $9,010,710, there having been
an increase in the reserve required of $2,046,710, and
now stands at $32,952,930, on the basis of only 13%
reserves for member banks of the Federal Reserve
System (but not counting $98,710,000 cash in vaults
held by these banks). At the corresponding period
a year ago excess reserves totaled $96,869,710, on
the basis then current of 18% reserves, including
cash in vault.

The Bank of France in its weekly return reports a
further and quite large gain in its gold item this
week, the amount being 26,320,250 francs. Of this
increase, however, only 1,320,734 francs represents
gold in vaults, the remaining 24,999,516 francs con­
stituting addition to the bank’s holdings abroad.
Total gold holdings now aggregate 5,408,744,050
francs, of which 2,062,108,000 francs is held abroad.
This compares with 5,278,501,033 francs (of which
2,033,740,406 held abroad) at this time in 1917 and
with 4,745,244,913 francs (including 69,182,975
francs held abroad) in 1916. The only decline was
in the silver item, which fell off 276,000 francs during
the week. Increases in the other items are reported
In the local money market some improvement is
as follows: bills discounted were increased by
to
be noted in the form of an easier feeling. For the
178,551,000 francs, advances were expanded by



2312

THE CHRONICLE

[ Vol . 106.




> York.

first time in many weeks there has been some pressure being placed usually at 34 of 1% higher. For fixed
or at any rate some freedom in offering funds for maturities the situation is slightly easier. This was
fixed maturities, chiefly sixty and ninety days. shown more in the freer offerings of funds than by
Towards the close the ninety-day period was rather actual reductions in rates, though thirty and sixtyless freely obtainable, but the sixty-day maturities^ day funds are now available at 5 ^ @ 6 % , against 6%
continued to be offered. The change has been the a week ago. In the initial transactions funds were
source of considerable relief in Stock Exchange circles, as scarce as ever. On Tuesday one large lender
where the almost complete absence of fixed date ac­ came into the market with offerings in fairly large
commodation has resulted in no little strain and in amounts for thirty, sixty and ninety days. No
some tendency on the part of commission houses to trades were reported in the longer maturities, which
refuse business involving obtaining any important continue to be quoted nominally at 6% for four,
volume of accommodation at their banks. Curi­ five and six months’ money. Some financial insti­
ously enough, now that the ice has been broken and tutions still appear reluctant to put out large amounts
time funds may be obtained, Stock Exchange com­ of funds until after the June 15 and July 1 require­
mission houses are not displaying the urgent demand ments have been disposed of, but the general expec­
for accommodation that might have been expected. tation now is for easier conditions in fixed date funds.
They argue that the relaxation is likely to become Last year sixty and ninety days and four months
still greater and that the very fact that the loans was quoted at 434@ 434% , five months at 4 3 4 @ 4 % %
have become available will permit advantage to be and six months at 4 % % .
taken of the lower rates for call money and a reason­
Mercantile paper was in fair demand, but dealings
able degree of safety still be maintained. While the continue to be restricted by an inadequate supply
final date for the payment of income taxes and also of bills. Rates remain at 5^4@ 6% for sixty and
those on excess profits is June 15, it is taken for ninety days’ endorsed bills receivable and six months’
granted that preparations have been completed for names of choice character, with names not so well
them, speaking broadly, and that the tax crisis has known still at 6@ 634% been successfully surmounted. The large corpora­
Banks’ and bankers’ acceptances were moderately
tions, as we have from time to time explained in active and brokers are looking for a considerably
these columns, have purchased Treasury certificates broader market after the payments of income and
of indebtedness fin anticipation of tax payments excess profits taxes are out of the way. A leading
and to that extent have discounted such payments in official of a-prominent financial institution is quoted
advance. The half-yearly payments of July 1 are as urging that banks support the market for accep­
still in sight but will probably be financed as routine tances and eligible paper by accepting and buying
transactions. It is estimated that more than $3,­ such paper even when borrowing from the Federal
000,000,000 of the subscriptions to the Third Liberty Reserve banks, as the advantages of turning book
Loan already have been paid in, which necessarily accounts into prime commercial paper are so obvious
removes further installment payments of the loan to all well-informed business men that the custom
from the position of becoming periods of strain in should be universal. It is announced that the addi­
banking circles. It is thus beginning to look as tional offerings of acceptances aggregating $1,000,­
though the money situation will enjoy a period of 000, drawn under the credit granted by a local syndi­
comparative quietude and possibly greater ease until cate to finance the Cuban sugar crop have all been
the time arrives for the fourth war loan, which of sold, the demand coming from local and out-of-town
course will be preceded as in the recent loan by the institutions. Quotations have ruled without im­
sale of anticipatory Treasury certificates of indebted­ portant change. Detailed rates follow:
-Spot DeliveryDelivery
ness. Another feature that is aiding the situation is
Ninety
SUtp
Thirty
vHhtn
Days.
Days.
Days.
30 Days.
the fact that so great a proportion of our industries Eligible bills of member ban k s____w 4
4 U ea 4 u
4 A bill
4% bill
S g ftW V W 1 ““
1>er b t o . . 4 ^ 4 a W A X
are devoting their capacities so exclusively to Gov­ SIneligible
bills.......................... .......... 5 X ®4X 6X & 4‘A 5 > i@ 4 &
6
bid
ernment orders. This in turn means that these
No changes in rates, so far as our knowledge goes,
plants are largely independent of their banks since
have
been made the past week by the Federal Reserve
they may apply to Washington for such funds as are
banks. Prevailing rates for various classes of paper
needed to purchase their raw material and carry out at the different Reserve banks arc shown in the
the process of manufacture. In this way it will be following:
D IS C O U N T R A T E S OE F E D E R A L R E S E R V E R A N K S.
observed that banking as well as industry is coming
more and more under the direction of the Govern­
8
ment. J. P. Morgan this week again offered and
|
"3 1
C LA SSE S
X3
a
OF
3
o*
3
3
C3 |
V
<3
sold an issue of British ninety-day bills on a 6% D ISCO U N TS A ND LOANS
fc
J3
s
=0
c
a
discount basis, which is the identical rate carried by
0
£
a.
$}
Cl
K
*
Discounts—
similar offerings during recent weeks. No new re­
*
Within 15 days, Incl. member
banks' collateral notes . .
1
4
i
4
4
ceipts of gold from Montreal have been reported
4 X 4 it 4
4
4
10 to 60 days' m aturity__ 4 X 4'A
I X 4 X 4 X IX 4 H 4 H 4M 4 H
01 to 90 days’ m aturity..
this week.
4H IX 4 X 4X 4X IX 5
4%
4X 5
4X
Agricultural and live-stock
paper over 90 days .
~o
5
Referring to money rates in detail, loans on call Secured
5A 5 'A
a x 6A
by U. S. certificate:;
of Indebtedness or Lib­
covered a range for the week of 4 @ 6 % , against 4%@,
erty Loan bonds—
Within 15 days. Including
6% last week. On M onday 43^% was the high and
member banks’ collateral notes_____
1
1
i
4
4
4
4
4
4
4
4
ruling figure, and 4 % low. Tuesday the maximum
10 to 90 days’ m atu rity.. ■IH 4 >4 1x 4H 4 X 4 X 4H IX 4X
4X 4X 4X
Trade Acceptances—
was still at 4 3/2% , which was also the renewal rate, 1 to 00 days’ m aturity......... 4 3 4 4 A 4 A 4 34 4'A 4'A 4'$ 4 A 4 A
4'A 4 A 4tia
61 to 90 days' m aturity____ 4 *4
4 A 4 Vi 4 A 4'A 4 A 4 A 4 A 4 A 4 A 4A
but the minimum was down to 434% . On Wednes­
Governm ent 4 % ^ ' ^
d,8Counw ln (' 0 ,incct|o>i with tbe loan operations
day there was no range, 5 % being quoted all day. o f a\heft
15 days an<l under 4 % .
Note 1 . Acceptances purchased In open market, minimum rate 4 % .
Thursday call loans were renewed at 6% , which was
nnr^r
*°«i COIflITJo d * P a p e r have Been merged with those for commercial
also the high and low for the day. On Friday the paper of corresponding maturities.
In case tbe 60-day trade acceptance rate is higher than the 15-day dlsacceptances maturing within 15 days will bo taken at the lower rate.
range was 4 @ 5 % , and 534% the renewal basis.
iVoie 4. W henever application Is made by member banks for renewal of 15-day
These rates apply to mixed collateral, all-industrials p a p ek oU h e same cl!ss erV0 bnnka mny charBe n rnt0 not e« c e d ln g « !» « for 00-day

June 8 1918.]

THE CHRONICLE

Sterling exchange for once in a long while had a
distinctive feature this week, namely a slight de­
cline following the sudden development of the sub­
marine scare and the consequent closing of the ports.
The natural effect of this, even though a temporary
influence was the still further withdrawal of inquiry
for checks and the concentration of all business on
cable transfers. Later the opening of the ports
relieved this position somewhat, but there nevertheless
continued a perceptible amount of nervousness.
Dealing with detailed rates, sterling exchange on
Saturday, in comparison with Friday of the preced­
ing week, was •dull but firm, with demand still at
4 7 5 4 5 @ 4 75 7-1G, cable transfers at 4 7 6 4 5 @ 4 76 7-16
and sixty days at 4 7 2 % @ 4 7 2 % . M onday’s deal­
ings were light, in keeping with which rates ruled
without change from 4 7 5 4 5 @ 4 75 7-16 for demand,
4 7 6 4 5 @ 4 76 7-16 for cable transfers and 4 7 2 % @
4 7 2 % for sixty days. A slightly easier tone devel­
oped on Tuesday conicident with the U-boat raid
off the Jersey coast and the subsequent closing of
the ports, and demand bills declined to 4 7 5 % ; later,
however, on announcement that the ports would be
reopened, the quotation rallied to 4 75 7-16; cable
transfers and sixty days remained pegged at 4 7 6 4 5 @
4 76 7-16 and 4 7 2 % @ 4 7 2 % , respectively. On
Wednesday demand showed a further slight reces­
sion, to 4 7 5 3 5 @ 4 7 5 % , although other sterling quo­
tations were still unchanged; an explanation of the
weakness in sight bills was the fear of impairment in
mail sailings likely to follow the submarine scare,
thus preventing the use of checks. Dulness marked
Thursday’s operations; trading was light and the
undertone a trifle easier; only one rate was quoted
for demand, namely, 4 7 5 % , while cable transfers
were a shade firmer at 4 76 7-16; sixty days remained
at 4 7 2 % @ 4 7 2 % . On Friday the market was quiet
and irregular, though with no important change.
Closing quotations were 4 7 2 % @ 4 7 2 % for sixty
days, 4 7 5 3 5 @ 4 7 5 % for demand and 4 76 7-16 for
cable transfers. Commercial bills, sight, finished at
4 7 5 % @ 4 7 5 % , sixty days at 4 7 1 % @ 4 7 1 % , mnety
days at 4 7 0 @ 4 7 0 % , documents for payment (sixty
days) at 4 7 .1 % @ 4 7 1 % , and seven-day grain bills at
4 74% @ 4 74% .
Cotton and grain for payment
closed at 4 7 5 % @ 4 7 5 % . The only foreign move­
ment of gold reported during the week was a ship­
ment of $6,000 to Mexico.
Operations in the Continental’exchanges this week
have shown no increase in activity. Some irregular­
ity has been evident, with the trend downward, al­
though changes in rates were relatively unimportant.
A development of the week was the temporary clos­
ing of the port of New York in consequence of enemy
submarine depredations on shipping in American
waters. This caused a more or less general decline
in checks on the Allied countries, on the ground
that the possible interference with mail facilities
to result therefrom would depreciate the value of sight
bills. Lire received better support and though the
improvement was reflected in an advance of only
about a point, international bankers are disposed
to look for a further substantial recovery in the quo­
tation later on, when the new plan of the Italian Gov­
ernment for the stabilization of Italian exchange has
been placed in operation. According to a dispatch
from Rome to the Italian Bureau of Information in
this city, Minister of the Treasury Nitti has an­
nounced that after June 1 no imports will be permitted



2373

without special government authorization and no ex­
portations will be allowed without the approval of the
National Exchange Institute. The importation of
goods will not be permitted unless it can be proved
•that they are absolutely necessary. In effect, M in­
ister N itti’s announcement is taken to indicate that
the Italian authorities are making an inventory of
Italian banking obligations abroad. This move is
then to be followed by the installation of a system to
control exchange and make feasible arrangements
with the Allied Governments for the reduction of ex­
orbitant exchange rates on Italy to more normal pro­
portions. As has already been noted, the National
Exchange Institute is the official Government agency
for the purpose of improving foreign exchange condi­
tions so far as they affect Italian interests. D r. Fe­
lice Ferrero, Director of the Italian Bureau of In­
formation, who made public Minister N itti’s cable
message, stated that the subject of Italian exchange
had already received widespread attention in this
country, and that one of the immediate results of the
discussions was the proposed appointment of a special
economic commission by the Italy-America Society
to investigate the matter. Advices from the French
battle front to the effect that General Foch had once
again succeeded in stemming the German advance,
created a good impression, and the fact that actual
rates failed to respond tangibly to the better news is
simply an added illustration of the arbitrary nature
of the exchange markets. Francs were fairly well
maintained, recording only slight fractional declines
for the week. Rubles continue entirely nominal,
at recent levels. All transactions have of necessity
been suspended in German and Austrian exchange
and quotation for •reichsmarks and kronen are not
available.
The unofficial check rate in Paris on
London closed at 27.16, gainst2 7 .1 6 a week ago. In
New York sight bills on the French centre finished
at 5 7 1 % , against 5 7 1 % ; cables at 5 7 0 % , against
5 7 0 % ; commercial sight bills at 5 7 2 % , against
5 7 2 % , and commercial sixty days at 5 7 8 % , against
5 78 on Friday of last week. Lire closed at 9 11 for
bankers’ sight bills, and 9 09 for cables. A week ago
the close was 9 11 and 9 10. Rubles have not been
changed from 14 for checks and 15 for cables. Greek
exchange continues to be quoted at 5 1 3 % and cables
at 5 1 2 % .
In the neutral exchanges there has been a renewal
of the strength shown some weeks ago and sharp
advances were again recorded in a number of cases,
notably in Swiss francs and Dutch guilders. Scan­
dinavian rates were firm and Spanish pesetas slightly
higher. This feature, however, is attributed more
to a marked scarcity of bills offering than to any
connection with the week’s events. Trading was
restricted and fluctuations continue to reflect in a
large degree the movements abroad. Bankers’ sight
on Amsterdam closed at 5 0 % , against 4 9 % ; cables
at 51, against 4 9 % ; commercial sight at 50 7-16,
against 49 3-16, and commercial sixty days at
50 5-16, against 49 1-16 a week ago. Swiss ex­
change finished at 3 97 for bankers’ sight bills and
3 93 for cables. This compares with 4 07 and 4 03
the week preceding. Copenhagen checks closed at
31 and cables 31 40, against 30 85 and 3 1 % . Checks
on Sweden finished at 33 90 and cables at 34 20,
against 33 85 and 34 20, while checks on Norway
closed at 31 10 and 31 70, against 31 30 and 31 55
last week. Spanish pesetas finished at 28 45 for
checks and 28 55 for cables, which compares

2374

THE CHRONICLE

with 28 20 and 28 35 on Friday of the week
previous.
As regards South American quotations, the check
rate on Argentina declined to 44 80 and cables to
45, comparing with 45 40 and 45 50. For Brazil
the rate for checks was further reduced to 25 50*
and cables 25 65, against 25 65 and 25 75 last week.
The Chilian rate has not been changed from 15% ,
and Peru at 55% . Far Eastern rates are as follows:
Hong Kong, 76 35@76 50, against 75 90@76; Shang­
hai, 109%@110, against 109@109%; Yokohama,
52 50@52 65, against 52 90@53; Manila, 49%@50
(unchanged); Singapore, 56%@ 56% (unchanged);
and Bombay, 36%@37 (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $2,516,000 net in cash as a result of the cur­
rency movements for the week ending June 7. Their
receipts from the interior have aggregated $8,143,­
000, while the shipments have reached $5,627,000.
Adding the Sub-Treasury and Federal Reserve op­
erations and the gold exports, which together oc­
casioned a loss of $122,301,000, the combined result
of the flow of money into and out of the New York
banks for the week appears to have been a loss of
$119,785,000, as follows:
Into
B a n ks.

W eek ending June 7.

Out o f
Banks.

8 8 .1 4 3 .0 0 0
S u b -T re a su ry an d

$ 5 ,0 2 7 ,0 0 0 G a in

F ed eral R eserv e

T o t a l ______________________________

N et Change in
Bank H oldings.
S 2 ,510 ,000

5 4 .9 8 0 .0 0 0

1 7 7 ,287 ,00 0 L oss 122 ,3 0 1 ,0 0 0

$03 ,1 2 9 ,0 0 0

S18 2,9 14,0 00 I.ossS l 1 9,785,000

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

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 -H u n c
Sp a in . .
I t a ly . __ .
N e th e r l’ ds
N a t .B e l.li
S w ltz ’ land
Sw eden _
D en m ark.
N orw ay. .

June 7 1917.

G old.

Silver.

Total.

Gold.

Silver.

£

£

£

£

£

03,7 9 4 ,5 0 2
133,805,442 i6 ,i2 ’o’,566
117,283,700
0 ,0 2 1 ,6 5 0
129,050,000 1 2.375.000
11.003.000
2 .2 8 9.000
8 2 .1 0 4 .0 0 0 2 8 .2 7 1 .0 0 0
3 3 .4 0 0 .0 0 0
3 .1 5 8 .0 0 0
0 0 ,1 7 0 ,0 0 0
000 ,000
15.380.000
600 ,000
1 5.040.000
14.307.000
10.229.000
136,000
0 ,7 3 1 ,0 0 0

63,7 9 4 ,5 0 2
143,985,442
123,305,350
142.025.000
13.297.000
110.375.000
.36,624,000
6 0 .7 70.000
15.980.000
1 5.046.000
14.307.000
1 0.365.000
6,7 3 1 ,0 0 0

5 5 ,0 8 7 ,5 6 5
129,790,453 10,280,000
126,606,000
2 ,0 5 8 ,2 0 0
143,029,000 12.273.000
17,000,000
4 .1 0 0 .0 0 0
5 7 ,1 0 3 ,0 0 ' 3 0 .1 2 0 .0 0 0
3 4 .0 4 8 .0 0 0
2.6 1 2 .0 0 0
49.6 3 6 .0 0 0
5 85 ,200
15.380.000
600 ,000
13,670,300
11.271.000
9 .5 9 5.000
131,300
7.1 6 3 .0 0 0

T o t .w e e k . 0 9 3 ,034 ,64 4 6 3 ,5 7 0 ,6 5 0 756,605,294 674,439 ,31 8
P r e v . w eek 092,408,2861 6 3 ,6 5 7 ,5 5 0 756 ,125 ,83 6 673,375,211

T otal.

£
5 5 ,0 8 7 ,5 6 5
140,070,453
128,724 ,20 0
160,302,000
2 1 ,1 0 0 ,0 0 0
8 7 .2 2 3 .0 0 0
3 6 .6 6 0 .0 0 0
6 0 ,2 2 1 ,2 0 0
1 5.980.000
1 3,670,300
1 1.271.000
9 ,7 2 6 ,6 0 0
7,1 6 3 ,0 0 0

6 2 ,7 5 9 ,4 0 0 737 ,198 ,71 8
6 2 ,3 3 8 ,9 0 0 735,714,111

a G o l d h o l d in g s o l t h e B a n k o f F r a n c e t h is y e a r a r o e x c l u s iv e o f £ 8 2 ,4 8 4 ,3 2 0
h e ld a b r o a d .
* N o fig u r e s r e p o r t e d s in c e O c t o b e r 2 9 1 9 1 7 .
c F ig u r e s f o r 1 9 1 8 t h o s e g iv e n b y " B r i t i s h B o a r d o r T r n d o J o u r n a l”
1 9 1 7 ; fi g u r e s f o r 1 9 1 7 e s t i m a t e d o n t h e b a s is o f t h e D e c . 7 1 9 1 7 t o t a l s .
h A u g u s t 0 1 9 1 4 In b o t h y e a r s .

fo r D e o . 7

G E R M A N S U B M A R IN E S O N OUR C O AST.

Beginning as it now appears on Saturday, M ay 25,
two or more German submarines have been engaging
in depredations on American coastwise commerce.
It was a week before their active presence became
known, and in that period and the present week
thirteen vessels have been sunk; eight of them
schooners, the rest small steamers, the aggregate
tonnage being somewhat in excess of 37,000. One
British steamer and one neutral Norwegian ship
were sunk along with the American vessels. All
were attacked 25 to 100 miles from shore, their
crews and passengers being compelled to take to
open boats before the ships were destroyed. In the
case of the largest of these vessels, the Carolina, of
the New York & Porto Rico Line, about 220 passen­
gers were thus consigned to the mercy of the sea.
From them and the crew of 120, about 16 seem to
have been lost.
To naval officers and experts we suppose that this
attack on our coastwise ocean vessels was not unex­




rV0L. 106.

pected. That the thing was possible had been
proved in October of 1916, when, at the very moment
of the German Government’s inauguration of its
overtures for peace, an armed German submarine,
having put in at Newport and reported to our own
naval commander at that port, proceeded to prey on
British commerce in our waters, and managed to
torpedo and sink off Nantucket Light five freight
steamers flying the British flag. This exploit was
so conducted as to fall within the technical rules of
war; it occurred four months before the declaration
of unrestricted submarine warfare and of torpedoing
without warning. But the essential point was the
proof by this submarine achievement, as indeed by
the visit of the merchant submarine Deutschland
shortly before, that it was possible to send German
submarines to American waters and attack hostile
commerce here.
Whether this program of ocean warfare would or
would not be resumed on a larger scale when the
United States itself went to war with Germany,
admittedly depended on circumstances. There was
a plausible argument that the exploit of the U-53
was what is popularly known as a “ gallery play” ;
that, in other words, it was merely designed to make
a public show of the possibilities and thereby frighten
America from any warlike purposes.
If so, it
manifestly failed, as the German Government usually
fails when it tries to penetrate the psychology of
other nations. On the contrary, that bringing of the
war into our own waters appealed strongly to our
people’s sense of resentment and antagonism. Not
only so, but it convinced a good many doubters
that our own supposed remoteness and aloofness
from the issues of the conflict did not actually exist.
B y so much the mind of the American people was
accustomed, through Germany’s own act, to look for­
ward to the possibility of our participation in the war. *
There were two reasons alleged why Germany
might not renew her submarine campaign in these
waters on the larger scale after we ourselves had
declared war. One was the doubt as to whether
submarines could engage for any length of time in
a campaign of destruction so far from their base.
That doubt is even yet not settled, for we do not
know what is the capacity of the new type of sub­
marine for a long continuous cruise. Well-known
naval experts hold that it is possible for such a boat
to store up power and supplies enough to cross the
ocean, engage in raids for a week or two, and return
to its European base. But this is yet to be proved
conclusively, for it is by no means absolutely certain
that there may not exist a secret base of supplies
on the American continent.
The second reason was that the German Govern­
ment might not see fit to aggravate hostile public
feeling in this country by an attack of just this sort.
It must be remembered that Germany, even after
we went to war, hesitated to make a special drive
at the United States— partly because of a lingering
idea that we were half-hearted in the war and ought
to be kept in that mood, and partly because her own
business men warned the Government not to turn
the wartime antipathy against Germany into an
abiding enmity which, in America, would long out­
last the war. An attack on our coastwise commerce
by the German submarines was the surest way to
create a unanimous sentiment of the second sort,
for the well-known reason that, even apart from tor­
pedoing without warning, Germany’s submarine

June 8 1918.]

achievements have invariably been conducted on
the cruel and unlawful plan of setting adrift
helpless passengers, men, women and children, in
small boats on the open ocean, to survive or perish
as circumstances might determine. Even Admiral
Von Tirpitz, not to mention the Chancellor and the
Foreign Secretary at Berlin, must have been well
aware that the moral effect of news that a ship-load
of American passengers had been thus treated by
these ruthless ocean corsairs, and had been landed
at Atlantic City, wet, sick and with actual loss of
life, would be greater a hundredfold than in the case
of similar news regarding foreign passenger ships in
foreign waters.
This has in point of fact been the actual result.
The newspaper accounts of the derelict boats and
their American passengers, committed by the Ger­
man submarine officers to the ocean twenty-five or
fifty miles from the American coast, have possibly
done more to intensify the feeling of our people
against Germany than any single action since the
sinking of the Lusitania. The effect on public feel­
ing differs only from the fact that in 1915 the German
Government’s brutality and lawlessness was still a
new discovery to us and that we were still at peace,
whereas now the character of the Prussian autocrats
and their instruments has become a household story,
and we are at war with them.
That the German Government foresaw the effect
on the American public mind of this last charac­
teristic stroke, it is difficult to doubt. The new
policy may have been adopted, after fourteen months
of delay, simply because the program of ruthlessness
is being extended to everything. More probably,
however, its adoption is explainable from the Ger­
man Government’s gradual realization that the Amer­
ican army was being carried in great force to France.
It is no accident that the appearance of the subma­
rines in our waters coincided almost exactly in time
with the appearance of American divisions in the
Allied line at the crucial points of battle. To that
extent the new policy is plan confession by the Ger­
man Government that its assurances to the German
people regarding the negligible importance of the
American reinforcements was a mere pretense. That
Government had seen that the German submarines
in the war zone were not able to harm a single eastbound transport, and had concluded that the only
imaginable chance of hampering the movement lay
in so terrorizing our traders and our people that part
of our warships which are now protecting the ocean
lane in Europe and incidentally destroying German
submarines would be called home.
This expectation lias immediately turned out to be
complete illusion. Our N avy Department has an­
nounced that not the slightest change will be made
in the program of transporting troops to Europe.
What will be the effect on our own coastwise mer­
chant commerce remains to be seen. As in so many
other German exploits of the kind, the initial success
of this one was largely due to the element of surprise.
It could hardly have been expected that a fleet of
destroyers should have been patrolling every league
of the American coast or that coastwise commerce
should itself have been suspended on the mere suspi­
cion that an attack might be made by German sub­
marines. As we see, no such attack was made in
more than a year.
But our naval coast guard has nevertheless been
in readiness, and may be expected very soon to give




2375

THE CHRONICLE

an account of itself. How far the convoy system can
be applied to all coastwise vessels, in case the present
embargo on their sailing is relaxed, is not yet clear.
Naturally, no explicit public statement on this point
is made by the Government. But that even our
coastwise commerce can be indefinitely paralyzed by
this threat, when our vastly larger trade with Europe
has been conducted uninterruptedly, regardless of the
enemy’s far more active demonstrations in the war
zone, is not to be supposed. For the present, the
public may very properly rely on the assurance of
Senator Lodge, based on authoritative examination
of the Department’s plans, that “ the navy and the
N avy Department have taken every precaution that
human foresight could suggest,” and that, while it
would be highly injurious to make public exactly
what those preparations are, “ they will do every­
thing that can be done, and they have the means
to do it.”
_______________
T H E PEOPLE A N D

T H E IR

S A V IN G S

BANKS.

In the address of Myron T . Herrick, to which we
alluded last w^ek, occurs the following prediction
and admonition:
“ It is my belief that Congress will remove more
restrictions from the postal savings banks, and will
enlarge the savings bank features of the Federal
farm loan system. I see no other outlook, owing to
the enormous monetary needs arising out of the
Government’s own public functions and the private
enterprises it is taking over, and is avowedly bent
on financing directly.
“ For this reason I apprehend that progress for the
private savings banks will not be so easy in the
future as it was in the past. We have rent, taxes
on reserves, salaries and expenses to pay out of
income and we are facing a highly privileged com­
petition, such as has crushed out private enterprise
in many a large foreign country.
“ We cannot escape this fact by ignoring it. Our
best hope lies in adjusting ourselves to changing con­
ditions, even by engaging in local welfare work.
In considering this readjustment, the first two
points which present themselves are, of course,
what interest may be paid on deposits, and how can
deposits be invested.”
After discussing the probable course of interest
rates the speaker says:
“ Perhaps the private and Government systems will
eventually give about the same net interest return to
the depositor. They will also be equal as regards
safety. So the only way left for the private savings
banks to meet this new competition is to become
more active in reaching out for deposits, and more
attentive to the local service they can render to
their respective communities.”
It is very clear that one of the compelling forces,
arising out of present conditions, which operates
upon all private industry, is closer attention to detail
in conduct and adjustment to the laws and demands
of Government. Laws must be obeyed, taxes must
be paid, and often priority of service must be ac­
corded. These claims are for the most part new,
have never appeared before, while the whole field
of operation is changed and clouded. Savings banks
must come under the requirements, as must all
private enterprises. There is no alternative.
But when vast savings are being directly placed
at the disposal of Government, the foodstuff of
savings banks, the deposits of the people, are con­
sumed. And although there is some' testimony to
show that our huge bond issues have made slight in­
roads upon deposits already placed in savings banks,

2376

THE CHRONICLE

there can be no sort of doubt that their ratio of
growth is being diminished. Such are the transfor­
mations and ramifications of credit that, in a state
which may be termed inflation, effects do not always
appear. The savings that go into bonds come back
in high wages, and may return to the savings banks
or go into new bonds. And in the rounds it may be
that results do not immediately appear in lowered
totals .of deposits in savings banks. But the di­
verted use from constructive works to destructive
sooner or later will show. And as the President of
the Society of Savings, of Cleveland, points out,
future growth will not be “ easy.” There m u st be
more energetic effort to secure deposits.
And just here is met a difficulty requiring tact and
discretion. Everywhere there is sounded the note
that business must do nothing that will interfere
with the prosecution of the nation’s task. And
nothing should be done. The succeeding bond issues
must be subscribed. But this feeling of the duty of
support is sometimes carried too far and becomes an
obsession. Citizens refusing to subscribe for bonds
have suffered in consequence in certain isolated
cases. On the other hand, excessive devotion is
lauded without discrimination. A certain “ rich
young man,” unmarried, in a Western State, sold
his farm, donated a large sum to the Red Cross,
subscribed for a block of the Third War Loan bonds,
and enlisted in the army. Certainly he obeyed liter­
ally the Scriptural injunction, “ Sell all thou hast
and give to the poor.” Learning of this, the Presi­
dent has written him a letter of commendation.
And we are disposed to praise the President for
recognition of so worthy and unselfish a course.
But we must not argue from this that it is possible,
or would be good for the country, for every man, in
business and out, to try to do the same thing.
“ Business” must be sustained by someone, indeed
by many.”
Seeking deposits in the face of this feeling, by un­
wise or over-strenuous means, might be fraught with
harm to the institution. But an,education through
service to the customer must serve to draw the people
closer to our constituted savings banks and thus
awaken in them a spirit of loyalty to the bank which
would be its present and future protection. The
field here is wide, it has really no bounds, but it is
not linked, we believe, to loud publicity by flam­
boyant advertising methods. Certainly it should
not be entered upon in opposition to Governmental
demands for savings, but in close alliance therewith.
The average customer of the savings bank, especially
in large cities and mixed populations, is in need of
business help and advice, and if he can be drawn to
depend upon the bank for these, he can be made a
customer who will not fail, who will stick, and who
will himself recognize the return of goodwill for
goodwill and service. Our intention is not to suggest
means, but to enunciate a principle.
Turning to investments— we should approach any
lowering of the standards of requirements cautiously.
As stated, savings banks have been safe, and suc­
cessful because safe. But safe because they are for­
bidden to take risks. Yet we perceive that if the
purpose of the Government is fostered by the ex­
tent of popular subscriptions, a wider distribution of
industrial and other credits in the communities where
the enterprises operate may serve to so strengthen
(if properly guarded) the bonds to be issued that the
field of investment may be broadened to the saving




[Vol. 106.

banks. Our thought is, to put it into concrete illus­
tration, that where the people are made a party to
improvements, say, by purchasing a part of legal is­
sues, that the field of investment for savings banks
might, with proper checks, be widened without lower­
ing the tone of the securities they handle. They
would come into a closer partnership with the people
and with their own customers; and with their finan­
cial ability and wisdom, experience and organization,
could protect themselves and the people. However
this may be, the savings banks are so constituted
that they can take hold and direct popular issues of
securities and thus without sacrifice of stability
widen the field of their investments.
No matter how far the Government’s present needs
may extend, they do not annul other domestic needs
of progress, indeed they enhance these needs, and
there will still be opportunity even when all the aids
of a War Finance Corporation have been exhausted.
But in all advances that may be practicable, the
character of the savings bank should be preserved.
It should not seek to enter the field of “ liquid assets,”
as demanded by commercial banks, whether by trade
acceptances or other forms. Not that innovations
might not be allowed without prospective disaster.
But the character of the institution is changed there­
by. And this should be preserved at all hazards.
We need as a people all our banking forms. And it
is very easy by closer attention to individual cus­
tomers to bring depositors to the savings banks and
to render a service that will hold them despite all
changes. Much may be learned from the trust com­
panies in this respect. And having loyal and defend­
ing customers, the investment of deposits may be wid­
ened where it also will receive an intensified popular
support. Again, it may be asserted that old and
rigid forms must be given new life and attraction
through intimate personal service.
W H A T I S P R O F I T E E R IN G A N D W H O A R E T H E
P R O F IT E E R S ?

‘

We shall endeavor to discuss this subject solely
in the interest of our national finance. It is an
important matter; more so than appears on the sur­
face; one that seems to relate itself immediately to
“ excess profits” and the new revenue bill now being
formulated. And there are two aspects to be con­
sidered, that relating to general business and that
invol'ved in Government work.
The word “ profiteering” now has little definite
meaning. No doubt, when the airplane investi­
gation by Charles E. Hughes for the Department of
Justice shall have been concluded we will have before
us concrete examples from which we may make
definitions. In popular use the word suggests both
fraudulent charges for work done for the Govern­
ment, and over-charges, exorbitant, more or less
concealed, resulting in undue and “ unpatriotic”
profits, “ excess profits,” in the marts of trade. The
President in his taxation address is authority for the
charge that “ profiteering” exists, and that there is
departmental evidence thereof. Senator Borah has
introduced resolutions calling for this evidence pre­
paratory to a law through which, to use his language,
“ the profiteer shall disappear as the blood-sucking
tarantula upon the American people.”
As so often said, arguments cannot proceed with­
out definitions. And it is the use of this term
“ profiteer” in connection with taxation that may

J u n e 8 1918.]

THE CHRONICLE

lead us into grave errors The President has said:
“ The profiteering that cannot be got at bj' the re­
straints of conscience and love of country can bo got
at by taxation.” And he further indicated the line
of procedure of the proposed eight billion dollar tax
law as in the direction of incomes, excess profits,
and luxuries. Looseness of thought, and obscurity
of meaning as to terms, often leads to injustice.
And we need to be very careful here. Justly analyzed
an “ excess profit/’ within the meaning of the present
Federal tax law, is n ot an illegitim a te p r o fit. It is
a profit over and above an average profit before the
war. It is a creation of conditions. In part it
results from higher price, carrying with it a larger
ratio of proportionate gain. It exists, too, by
virtue of the fulfillment of immediate need. It is
not in itself wrongful.
Let us now apply this statement to test its truth.
As a basis of legitimate honest taxation a legitimate
honest “ excess profit” should therefore in equity
be taxed no more, ratably, than any other profit.
For example, suppose the Government agrees to
pay a company a ten per cent profit under a “ costplus” plan. Suppose this ten per cent profit is four
per cent above the average profit on other similar
contracts in peace times. This “ excess” is legitimate
and the price the Government voluntarily pays for
having its contract fulfilled speedily and according
to specifications. The work done is special and will
cease when the contract expires— emergency work,
which carries with it on the part of the company a
diversion from its ordinary pursuits, and cannot
have the cumulative force and returns which in­
here in a continuing business. The Government is
willing to pay more, does pay more, proportion­
ately, and is benefitted thereby. The transaction
is perfectly legitimate. And the burden is on the
Government inspectors and auditors to see that
“ costs” are not padded, that labor is not un­
duly raised, expenses unnecessarily and wastefully
incurred, materials bought at more than market
value, simply for the purpose of increasing the total
on which the ten per cent profit is to be computed.
And similarly it is the duty of Government repre­
sentatives, where contracts arc entered into at definite
prices under a competitive system of buying, to see
that fair returns are secured for moneys expended,
and that the Government docs not pay for something
it does not get. And if these things occur they arc
wrongful and should be subject to a criminal statute.
All the “ excess” which arises under legitimate con­
ditions is legitimate, and if it does now pay, or is to
be made to pay, a ratably heavier taxation (and this
alone for a reason sentimental, or patriotic, as it
may be termed) it is because o f a fe e lin g that it is
u n fa ir to take advantage of the Government’s needs
to make a profit exorbitantly greater than a profit
of peace times. And just here confusion between
legitimate and illegitimate arises. And when a
wrongful excess does occur it must be because
of greed and fr a u d on the p a rt o f the con tra ctor and
lax in v estig a tion and bu sin ess in e ffic ie n c y

upon

the

This confusion, we
hold, should not occur in projecting a new equitable
and just revenue bill.
It is very plain that excess profits in either case,
whether by cost-plus or contract, carry with them
no right of the Government to penalize through tax­
ation. Every increase in production, wages, and
price, due to war conditions, would come under the
p a rt o f the G overnm ent agen ts.




2377

game condemnation, and should be made to pay a
progressively heavier taxation. This would be not
only unjust, but unwise. The Government cannot
afford to destroy its own efficiency by destroying the
legitimate rewards of industry that culminate in
larger proportionate, or “ excess,” profits in time of
continuing war. On an equal volume of business,
whether for the Government or otherwise, if a manu­
facturer d oes n ot m ake an in crea sed ra tio o f p r o fit in
war time over peace time, in a condition of universal
advancing ratio in wages and prices, he is losin g
grou n d an d losin g m o n ey .
Especially is this true
when there is a decline in business and trade as a
whole, which he must meet when the war is over.
We need then to understand and admit, at the
outset, that an “ excess profit,” per se, is not illegiti­
mate or wrongful. However, it is well understood
and generally admitted that the present excess
profit tax law is a misnomer— that subject to ob­
scurities of intent and interpretation it is a progres­
sively increasing tax on all profits in excess of a per­
centage of income or profit declared permissible, and
exempted from the gradated increase. Clearly, in
doing this, government declares how much business
shall be allowed to earn in the first instance (we will
say nine per cent on a physical valuation) and then
p erm ittin g a profit above this proposes to take it
under a tax law.
But the Government also undertakes to prevent
“ profiteering” by fixing price. It does so on coal,
steel, wheat, &c. Profits are here said to be fair.
Allowance is made for general advances. All that
is made in profit at a governmentally fixed price is
legitimate and cannot be made the basis of penalty.
But where prices are not thus fixed supply and de­
mand must remain in force to fix price, and this like­
wise is legitimate since there is no other law. Charges
in cither case do not constitute profiteering within
the meaning of exacting an undue profit and hence
afford no base for penalty. In one instance the
Government declares price, in the other the dealer.
When government declares price and profit there
can be no profiteering and a tax laid to prevent it is
unnecessary, and to seize a part of it is to forestall,
if not prevent a criminal prosecution under the law.
Excess profits here is a myth. But we say in theory
men shall not make profits out of war contracts that
are greater than in peace times when as in the case
of munitions and supplies there were no prices or
profits either before the war. Immediately there is
inextricable confusion. Other business, as far as the
penalty goes, business not directly in supply of war
needs, suffers immediate penalization, and the un­
scrambled profits of peace-supply and war-supply,
which inhere, arc subjected to taxation alike— based
on the theory that it approaches a wrong to profit
in time of war, at all. Justice can never come under
such a system. When supply and demand control
price the Government has no means of determining
what part of profit is due to peace and what to war
and cannot ever figure rationally and justly what an
“ excess” is.
As stated, however, in the present law there is
no excess profits tax, but a tax on all profits above a
declared percentage on a dubious basis of physical
valuation. And it follows irrevocably that if excess
profits do not exist in fact they cannot afford returns
in taxation. To talk of excess when current normal
profits are meant is to deceive. Excess profits not
being definable cannot become a base and a law so

2378

THE CHRONICLE

laid is meaningless both as to profiteering and to
returns paid into the treasury. The enormous
volume of four billions for this year under the present
law cannot be made into eight billions by pursuing
the same course for 1918 without perpetuating the
injustice, “ inequities,” of the present Act— and
Congress travels a dangerous road full of pitfalls and
contradictions and possible losses in revenue when
it attempts to do so.
As to the instances of petty extortion in prices for
goods consumed by the people, which undoubtedly
exist far more than they ought, the right of inter­
vention of government is a price-fixing problem and
is unrelated to a great taxing problem since the
incomes and profits of these small dealers do hot
reach up to where the heavy gradated increases
begin. Again, as to the right and policy of govern­
ment to exact more from the large profits, from “ big
business/’ and wealth, proportionately than from
small, that is a question not of equitable taxation
under one law for all citizens, but must be measured
by a necessity which asks greater contributions be­
cause of need. And judging by the temper and
feeling of the “ very rich” we do not find serious
objection but a degree of willingness highly patriotic
when these exactions are not asked as penalties.
But these tremendously higher gradated taxes on
the volume of incomes and profits must as revenue
producing propositions consider the effect, in a pro­
longed war, of the unquestionable tendency to thus
diminish the incentive to great industrial under­
takings, to drive men out of business, and thus to
reduce the whole of commerce and destroy revenue
thereunder. A determination of the feasibility of
an increased ratio of burdens on total individual or
corporation volume of trade, should be distinctly
separated from the one involved in laying taxes more
and more heavily on “ excess profits” on the theory
that they are illegitimate and should be penalized.
We not only must have a new tax law but we need
one, and as the President suggests to correct “ in­
equities.” But we should not multiply evil by in­
creasing or “ doubling” it. We should lay the new
taxes on a new base— one that will not declare a
profit wrong merely because of its volume or amount,
and then condone the wrong by sharing in the results,
penalizing the very “ business” which sustains the
Government in a nation’s crisis.
T H E C H IL D LABOR L A W PR O N O U N C E D
U N C O N S T IT U T IO N A L .

After the subject had been more or less in agitation
a number of years, a bill for suppression of child
labor was pushed through Congress, and went into
effect Sept. 1 last, achieving the unusual result of
being declared unconstitutional on the day before,
by a Federal District Court in North Carolina.
On Monday last the decision was affirmed in the
Supreme Court, by a division of five to four.
The law provided that no producer, manufacturer
or dealer shall ship or deliver for shipment, in inter­
state commerce, the product of any factory in which,
within 30 days prior to removing the product there­
from, children under 14 have been employed or
permitted to work, or in which children between
14 and 16 have been employed or allowed to work
more than eight hours in any day or more than six
days in any week, or between the hours of 7 p. m.
and 6 a. m. No dealer was to be prosecuted for
shipment or transportation who “ establishes a



[V o l .

106.

guaranty” issued by the person producing the goods
that there had been no such employment of children
in the last preceding 30 days, and no employer was
to be punished for a misstatement about the ages of
children employed if he acted under erroneous in­
formation. The ban was not confined to the parti­
cular product on which the child labor was expended,
but applied to the entire product of the offending
plant; by suspending child labor for 30 days (as
could be done in some industries) the ban could be
evaded in respect to all product, including that of
such labor.
The action passed upon in August sought an
injunction forbidding a cotton-mill in Charlotte
from dismissing two boys in obedience to the law’s
prohibition, the father contending that the boys’
wages belonged to him until they reached 21 and
that their working was not then forbidden by State
law. Counsel representing the Department of Jus­
tice admitted (what the terms of the law itself put
beyond question) that Congress had used the powers
granted to it over inter-State commerce for the
purpose of regulating local labor conditions within
the States, and counsel for the complaining parent
contended that Congress has no power to close the
arteries of commerce to lawful products which are
not intrinsically injurious to public safety or public
morals. The decision of the lower court, in harmony
with this latter contention, is now sustained by the
final tribunal, Justice D ay delivering the opinion,
concurred in by Justices Van Devanter, Pitney and
McReynolds, and by Chief-Justice White, with
Justice Holmes in dissent, and Justices McKenna,
Clarke, and Brandeis agreeing in the dissent.
In a two-fold sense, said Justice Day, this law is
repugnant to the Constitution, since “ it not only
transcends the authority delegated to Congress over
commerce but exerts a power as to a purely local
matter to which the Federal authority does not
extend.”
Now exactly here is the crux of the whole matter.
As conditions are and as they will surely continue
to be hereafter, articles which cannot be carried
across a State boundary line are practically banned
from production; under such a ban, sale and use in
any considerable degree are impossible, and what
cannot be sold cannot be produced; any denial of
this is a mere splitting of hairs. “ If Congress can
thus regulate matters intrusted to local authority,”
said Justice D ay, “ . . . all freedom of commerce will
be at an end and the power of the States over local
matters may be eliminated and thus our system of
Government may be practically destroyed.” There
is no possible room for disputing this; if one industrial
condition can be suppressed by means of such a ban
on transportation, any other condition can likewise
be suppressed. As Prof. Woodrow Wilson said, a
number of years ago, in a work on constitutional
Government, if this power of regulation of commerce
“ can be stretched to include the regulation of labor
in mills and factories it can be made to embrace
every particular of the industrial organization of
the country.” Mark the words “ every particular;”
and he added that then “ the only limitations Con­
gress would observe, should the Supreme Court
assent to such obviously absurd extragavances of
interpretation, would be the limitation of opinion
and circumstances.”
The States, said Justice Holmes in dissent, may
regulate their own internal affairs and their domestic

June 8 1918.]

THE CHRONICLE

2379

commerce, “ but when they seek to send their product its best asset and its only real asset; the children of
across the State line they are no longer within their to-day and the children of the future are what the
nations are now fighting to preserve.
rights.” And he added:
So the subject is one of means, not of an end. If
“ If there were no Constitution and no Congress
this power to send their products across the State every State has now some law regulating child labor,
line would depend upon their neighbors. Under the as Justice Day says, the only trouble lies in defects
Constitution, such commerce belongs not to the of such laws or in a laxity of public opinion upon
Statfes but to Congress to regulate. It may carry enforcement. The place for a campaign is thus
out its views of public policy, whatever indirect
clearly indicated; such a campaign within the States
effect they may have upon the activities of the States.
will
be furthered by dropping the attempt at a
The public policy of the United States is shaped with
Federal
law and will be hindered by persisting in that
a view to the benefit of the nation as a whole. The
national welfare as understood by _ Congress may attempt. The same remark applies to the unhappy
require a different attitude within its sphere from zeal which works to procure nation-wide adoption
that of some self-seeking State. It seems to me of prohibition, woman suffrage, and the like, instead
entirely constitutional for Congress to enforce its of allowing public opinion, declared to be for them
understanding by all the means at its command.”
all, to express itself by action within the States.
Before there was a constitution there were jealou­ In this matter the propagandists might turn them­
sies, and the sole thought in the framers of the selves to evolving a simple and model statute, and
“ commerce” clause was to prevent “ some self­ then try to get it adopted generally, since there are
seeking” or cranky State from setting up a barrier obvious advantages in uniformity, both in enforce­
against its neighbors upon its own boundary line. ment and as a needed example. With this they
The clause was necessarily couched in very general should rest content.
terms, as some other portions of the document are,
The disposition to obliterate State lines is revolu­
and it has been amazingly and dangerously over­ tionary and unnecessary. Is there, possibly, some
stretched. The conditions under which any article disposition arising to react from that? W e would
is produced are inseparably attached to the condi­ gladly think so. “ The purposes intended,” said
tions under which it may be transported; therefore, Justice Day, “ must be attained consistently with
solely under the “ limitation of opinion and circum­ constitutional limitations, and not by an invasion
stances,” there is literally no detail of industrial of the powers of the States; this Court has no more
and commercial life which could not be reached. important function than that which devolves upon
Under cover of that limitless phrase “ the general it the obligation to preserve inviolate the constitu­
welfare,” Congress might keep a controlling and a tional limitation upon the exercise of authority,
destroying grip upon every phase and detail of life Federal and State, to the end that each may continue
by “ regulating” transportation, which is as essential to discharge, harmoniously with the other, the duties
as the atmosphere itself, if the extreme doctrine entrusted to it by the Constitution.”
If we must do strange and doubtful things some­
regarding the commerce clause is to stand.
It is somewhat surprising to find Justice Holmes times, under stress of an emergency which puts
exalting that vague phrase to such an unlimited everything in peril, let us not see emergencies when
extent. He expressed surprise that the question they do not undeniably exist, and let us not try
of State rights is brought up at this late day, citing violent shocks when the desirable end can be attained
several cases in which the Supreme Court has held by the regular methods.
the broad general interest of the nation to be para­
mount. “ The national welfare,” he said, “ is higher THE ATTEMPT TO SUPPRESS THE HEARST
NEWSPAPERS— COURT INTERVENTION.
than the rights of any State or States, and Congress
was clearly justified in using all its efforts along this
An interesting phenomenon of the last few weeks
has been the persistent attempt in a number of towns
line.”
Congressman Keating of Colorado and Senator which are easily within the circulation radius of
Kenyon of Iowa, ardent supporters of this law, are metropolitan journals to boycott one of the most
greatly disappointed, says a Washington dispatch, bizarre among them. The owner of this journal,
and intend to begin a campaign for a new law which probably the largest individual owner of newspapers
will meet the Court’s objection, or for a constitu­ and periodicals in the United States, has never been
tional amendment empowering Congress to pass' credited with holding ethical standards above the
such laws. It is difficult to see how the objections ordinary; and his daily journals, long classed as
can be met, unless by M r. Keating’s suggestion “ yellow” in that they have been, at least, sensational
that a penalizing tax might be laid on the products and not catering to the most intelligent of readers,
of plants employing child labor. Perhaps so; here have long been guilty of fostering class jealousies
we have again the proposition to do indirectly what and of holding up large business as thriving by
cannot be done directly, as when, more than a half­ spoliation. To depict the consumer as helpless in
century ago, Congress furthered the establishing of the grasp of trusts controlling every necessary com­
the national bank system, according to what was modity has long been the stock in trade of the
then deemed good policy, by laying a 10% tax on caricaturists of these publications. That their
notes of State banks, an employment of the tax owner has correctly judged the level of his customers
power not to get revenue but to destroy outright the is plain from the business success he has won, yet
subject of the ostensible tax. There was the excuse the judgment of the more intelligent probably is
of a war emergency then, but that excuse has no that on the whole his influence is, at least, not
such force now, because another way is open, per­ elevating.
The simplest course is to not patronize such
fectly legitimate and fully effective.
There is no question that injurious child labor is journals, but there are many persons who like the
not only morally wrong but in the utmost degree pictures and the headings which to the rest of us
economically foolish. The children of a nation are seem absurd and repellent. If any newsdealer or



2380

THE CHRONICLE

[V o l . 106.

news company, because of a strong personal desire to in a democratic country and should be deemed
discourage the circulation of these journals or because intolerable here.
There are already enactments,
of what seems a good trade policy, chooses to refuse however, which carry extraordinary emergency
to handle them, that is clearly within private rights. powers in respect to treasonable litterings, printed
So when members of the Home Guard of a town vote or spoken, and they should be reserved for very
to buy no more copies of this man’s journals and to pressing needs, such heroic and perilous surgery
use their influence to persuade others likewise; so of the body politic are they. Better trust to the
when the citizens of another town hold a mass meet­ second thought and the underlying patriotism of
ing and vote to keep them out of town by all lawful the people, since they alone, and not any power in a
means; so when people in another town resolve to government, can carry on the war. The bond cam­
make a bonfire of the obnoxious journals, theiraction paigns and the Red Cross campaigns are doing a
is within lawful lines, although somewhat childish large and deep educational and awakening work,
and liable to advertise rather than suppress. In and now the enemy has come again to our shores
another town the borough council decided not to and has given us an object-lesson which must have its
take any official action but to individually ask news­ effect, as has already been proven by the stimulus
dealers not to handle the journals. A public library given to enlistments in the navy. A submarine
may exclude any publication, for what are judged to off our coast, turning women and children into open
be sufficient reasons, and when even the barrooms boats, to reach the distant shore if they can, may
decide to exclude the sale of these from their premises be trusted to counteract any disloyal utterances
(as has been reported from one town) the entire of a conscienceless press.
course is within private rights.
GOVERNMENT WORK AND FIRE
The city of M t. Vernon sought to go farther by
PREVENTION.
an ordinance making it a misdemeanor to sell or
circulate these journals or any printed in German,
The National Board of Fire Underwriters, an asso­
and Judge Giegerich of the State Supreme Court has ciation comprising 138 companies, coming together
been constrained to grant an injunction restraining en­ for mutual aid, but having no direct concern with the
forcement of this ordinance. He cites the guarantees problem of rates, held its 52d annual meeting very
of liberty of speech and of the press in both the Fed­ lately, which was of especial interest because much of
eral and the State Constitution, and adds the opinion the review of the year’s work relates to the war ser­
that not the legislature itself, from which come such vice rendered by the companies.
powers as the city authorities possess, is competent
The work of supplying Government with data con­
“ to prohibit in advance” the printing and issuing of cerning factories available for producing war muni­
the publications complained of. Yet the ban sought tions began a year ago; it has now covered over
by the M t. Vernon local government was not on the 13,000 plants, and orders were quickly placed with
printing and issuing (something beyond its juris­ many of them. The work of conservation against
diction and power) but upon the selling. The fire has been of no less importance. Tens of thou­
attempt was to deny the right of dealers to sell, sands of plants have been inspected, many of them
thereby interfering with the right of citizens to repeatedly, by trained men who drew their pay
buy, and thus to restrict the liberty of the press. from the underwriters but were told to “ forget that
“ If that freedom of the press which we have jealously they were insurance men” and remember onty their
guarded and which has meant so much to us could public service while engaged on this work. For
now, of all times, when questions of such supreme example, take the army cantonment, equivalent to
importance have to be considered and decided by a hastily-built and far-stretching wooden city, a sort
the will of the people, be suppressed at the will of of factory which receives human material raw and
the aldermen or trustees of any city or village, no turns out a khaki-clad product. Some of the under­
publication would be safe,” said Judge Giegerich, writers had faith that these apparently tinder-box
and he added that if any interference is to be under­ cities could be made virtually conflagration-proof,
taken it should be by the general Government and and they were invited to try it. They did try.
not locally anywhere.
Heating and lighting installations, water supply,
Under some limitations as to place and time, any fire extinguishment, safety rules, regular inspecting
person may lawfully state his opinions to anybody — all this has been worked out, with this result: that
who will listen; but when he attempts to declaim the loss on approximately 100 million dollars worth
in the public street he goes beyond his right, and of construction was only 82,150 up to the time that
this applies to all curbstone and soap-box oratory. the camps were turned over to the officers in com­
Assemblage in a hall may become unlawful when it mand. So far, it can be added, no large fire has
clearly tends to a breach of the peace or to an inter­ been reported; “ never before has it been possible
ference with public operations. When speech tends to try a fire prevention constructional experiment on
straight to rioting and to attacks upon good order, it such a huge scale, and never have results been ob­
becomes inflammatory and loses its rights by abusing tained that were more illuminating.” Further, says
them. The principle of the rule must be admitted the official in closest personal touch with this work:
with respect to possible misuse of the press; there is
“ National Board engineers have injected fire pre­
a line beyond which even the printing press cannot vention provisions into the huge plans of the Emer­
claim liberty. The right of use does not involve a gency Fleet Corporation, and the Bureau of Yards
right of misuse, whether the subject be the tongue, and Docks of the Navy Department have made
inspections of shipyards, marine and aviation en­
the printed page, or the right arm.
They have inspected Government
Yet interference by law is most undesirable, and campments.
buildings in Washington, where the emergency of
can be safely undertaken only in extreme cases and
the hour has led to various improvised office arrange­
as a last resort. Generally speaking, error need not ments and where serious interruption of war ac­
be greatly feared while truth is free to combat it. tivities would be caused by fire. Several of our own
A censored press and a subsidized press are exotics officials have Teen compelled to make such frequent



June 8 1918.]

THE CHRONICLE

2381

trips to the National Capital that they have come to munerative, and the persistence of capital in staying
out of it, notwithstanding the demand has long ex­
feel almost like commuters.”
ceeded supply and the statutory gate of entry has
This work, whose good results will reach far into
long stood wide open, silently but unanswerably
the future if it gives emphasis to the campaign for
refutes the charge than rates are extortionate. It
fire prevention in general, has now acquiicd a peican still be unthinkingly asserted that the defect
manent status by establishment of a Prevention
is in the management; but this line of human opera­
Bureau of the National Board in the War Depart­
tions is no exception to the rule that those who are
ment, its immediate efforts to be directed towards
most sure (according to their offering of advice) that
safeguarding private plants engaged on munitions
they understand how to run a particular business are
work where the fire hazard seems serious and the
those who have never tried doing it. The address
protection inadequate. A “ Safeguarding” series of
of the President of the National Board said to the
booklets, devoted to industry, grain, cotton and the
meeting upon this matter-of profits and duty:
home has been issued. The first named, issued in
“ In the recent past many State legislatures have
co-operation with the Council of National Defense
and bearing on its title page a signed commendation appointed committees for the investigation of the fire
from President Wilson, has been sent to 125,000 insurance business. Almost uniformly these investi­
manufacturers; the second, similarly indorsed by gations have shown that the profit from fire under­
writing was less than in almost any other business of
M r. Hoover, went to handlers and shippers of grain; equal importance, while capital invested in fire in­
the third, indorsed by Secretary Baker, went to surance incurs risks that are far above the average.
growers and handlers of cotton, the fourth, pieparcd Not only do our policies maintain business credit,
by the National Board for the U. S. Bureau of Edu­ but joint-stock fire insurance has frequently shown
cation, is designed as a fire prevention manual for itself to be the only safeguard against the over­
whelming financial disasters that, without it, would
the school children, and is practical and valuable.
follow great conflagrations. It is our positive duty,
Engineers of the Board have given much time to
therefore, by all proper means to see to it that the
construction and protection of ordinance depots and quality of the protection afforded shall remain unim­
magazines, also in suggesting regulations on storing paired. The truth which has long been known to us,
and handling fuel oil, acetylene and other hazardous namely that fire losses as well as the unavoidable
substances. This work is additional to the labora­ expenses incurred in the fire-prevention and losstory work carried on by the Board these many years adjustment work of the companies must be made up
from premiums collected from the public is beginning
and the inspection of cities with respect to fire
to be more widely appreciated.”
hazards. The fires which have occurred, especially
Possibly because of a slowly growing recognition
in industrial plants and food stores, have been exas­
of
the immovable fact that the only way to reduce
perating and have had notice as they occurred; the
companies call attention to the fires which have not the cost of insurance is to reduce the destruction of
occurred, an unknowable number and of unknowable property, as well as because of the absorbing theme
importance, prevented by the systematic effort of the great war, it has come about that in the nine
which began even before the country formally en­ legislatures which convened in the past year not one
bill inimical or hostile to insurance went through to
tered the war.
Aside from incendiarism, the industrial conditions enactment. There is also some indication of prog­
caused by the war, such as hasty building of new ress in the effort to bring about uniformity of statutes
plants and enlarging old, congestion in both shop on this subject.
The Board’s committee on building construction
and warehouse, overtime which often went to the
extreme of having three sets of hands, unavoidable reports that since many well-known causes probably
hiring of inferior men, constant shifting of men from increase the fire hazard of cities as well as of isolated
one to another employment, and the great increase producing plants in war time there should be increased
in production of hazardous substances, have in­ vigilance in municipal watchfulness and more rigid
evitably increased the physical hazards. The loss control over combustible construction. Some prog­
has increased. In 1917 it was about 251 millions, ress in this direction is noted, and the success in in­
against about 215 millions in 1916. The per capita troducing the committee’s building code as a text­
loss was $2 45. The total went about 20 millions book in technical schools and colleges is thought to
past that of 1904, and with the ever-memorable have a far-reaching influence. Last year, fifteen
exception of the 518 millions of 1906 the 1917 loss such institutions were using the book; this year, the
number rises to forty, and the number of students
was the worst in the 43 years 1875-1917, inclusive.
is
over 600, a gain of over 100%. Statistics of the
The table of combined underwriting results for
the past year is made up in the usual form. From cities and towns that have wholly or nearly restricted
the year’s premiums are first deducted the losses the use of wooden shingles are nearly ready for dis­
paid; then from the remainder is taken the year’s tribution, and are expected to aid the campaign for
expenses, plus the increase during the year in lia­ better roofs; tests of fire-resistive paints for wooden
bilities (to wit, outstanding losses, unearned pre­ shingles are also interesting and already show con­
miums, and all other) and then the remainder is the siderable promise.
The demand of the time is for conservation and for
profit. That was $11,751,567 in 1917, or 2.37% on
development
of a new national habit of care and
the premiums collected; the like computation for the
decade 1908-17, inclusive, gives a profit of $33,587,­ thrift. It is encouraging that the underwriters so
230, or 1.01% on the $3,336,703,842 of premiums. clearly recognize a public duty. “ We are expected
These figures, relating to joint-stock companies only, to be and we must more and more become the con­
include marine and inland premiums and losses as servators of the national resources,” said the Presi­
well as fire, but those are not large enough to impair dent of the Board to the meeting. He declared his
the deduction. A business which can show no larger belief that what is done for conservation “ as com­
profit rate than this upon so large a volume of funds pared with indemnification for loss sustained must
handled cannot be accused of being unduly re­ measure, and will be by the public considered as



3 38 2

THE CHRONICLE

measuring, our right to pursue our way untrammeled
by harassing statutory regulation and free from the
threat of Government or State insurance; responsive­
ness to the demand that we assume leadership and
direction in the campaign for lessening the scandalous
waste of national resources may well turn out to be

nized, and the insurance men have assumed the
leadership and direction.

CUTTING DOWN CANADIAN IMPORTS TO
CORRECT EXCHANGE CONDITIONS.
Ottawa, Canada, June 7 1918.

(Voi,. 106.

as to take a graduated percentage of the annual net
earnings. Such action by the Federal authorities
is regarded here as inevitable.
The thriving state of milling company treasuries
during the past eighteen months or more is wit­
nessed not alone by the advance of common stock
dividends but by the large sums transferred to sur­
plus account. In some cases, as with the Maple
Leaf Milling Company, common stock dividends
have been paid for the first time. With the Ogilvie
Milling Company the regular dividend on common
up to 1916 was 8 % . In 1916 it was increased to
12% and in 1917 to 25% . Surplus profits account
of the Maple Leaf Milling Company advanced from
$250,000 to $1,760,000 between 1913 and 1917.
Advances in surplus profits were registered in the
same period by the Western Canada Flour Mills
Company to the extent of $400,000. The Ogilvie
Milling Company increased surplus by $2,220,000
in addition to $750,000 war tax in 1917. The Lake
of the Woods Milling Company showed practically
the same surplus as in 1913 but had managed to
place $392,000 to the surplus account of a sub­
sidiary company, the Keewatin Flour Mills, and
redeem bonds and good will to the extent of $800,000.

Paring down Canada’s imports with a view to
correcting exchange conditions and enforcing econ­
omy on the well-to-do is now in its commencement
stage. The Finance Minister frankly admits that
the first taste of his remedy is merely introductory,
for “ unless exchange improves the list will have to
be largely extended.” The embargo announced
this week strikes first at all export of gold coin, fine
gold bars and gold bullion unless under license
obtained from the Finance Department. What
excites the popular mind, however, is the ban placed
on imports of “ non-essentials,” in which the Gov­
ernment includes billiard tables, pleasure skiffs,
(Current fgtr.ents and Iliscitssimts
skates, fishing rods, a great number of fruits having
little nutritive value, automobiles valued at $1,200 CONTINUED OFFERING OF BRITISH TREASURY
or over f. o. b. at place of manufacture, paintings,
BILLS BY J. P. MORGAN & CO.
T h e u s u a l o ffe r in g o f n in e ty d a y B r itis h T r e a s u r y b ills
perfumery, jewelry and many other things.
Canada imported over $5,000,000 worth of auto­ w a s d is p o s e d o f th is w e e k b y J . P . M o r g a n & C o . a t th e
mobiles in 1916, mostly of the higher price types d is c o u n t r a te w h ic h h a s r e c e n tly p r e v a ile d , v i z . , 6 % . T h e
b ills are d a te d J u n e 5 a n d m a tu r e S e p t . 4 .
which the embargo now eliminates. Of pineapples,
now on the forbidden list, we bought about $300,000
NEGOTIATIONS FOR LOAN BY JAPAN TO C H IN A.
worth; of “ fancy goods,” $2,800,000; of jewelry,
T h o fo llo w in g w ith re g a r d to n e g o tia tio n s u n d e r w a y fo r
$689,000; of musical instruments, $1,477,000; of a lo a n b y J a p a n to C h in a w a s c o n ta in e d in a s p e c ia l c a b le
perfumery, $448,000; of toilet soap, $405,000. fr o m P e k in g o n M a y 3 1 to th o N e w Y o r k “ T i m e s :”
A big loan is under negotiation 'with tho Japaneso with tho tobacco
Such items bundled together reach a very substan­
privileges as security. It is feared that this will infringe tho rights of other
nations.
tial total quite capable of influencing to a degree
the exchange rate and decreasing the amount of
available investment money during a time of very CANADA ANNOUNCES N E W DEBENTURE STOCK.
A c c o r d in g to th e T o r o n t o “ G lo b e ” o f J u n o 1 S ir T h o m a s
urgent need.
W h i t e , M in is t e r o f F in a n c e , a n n o u n c e s th e cr e a tio n o f a

n ow issue o f D o m in io n o f C a n a d a d e b e n tu re s to c k , b e a rin g

PROFITS OF CANADIAN MILLING COMPANIES
Ottawa, Canada, June 7, 1918.
The issue of a special report by the Dominion
“ Cost of Living” Commissioner on the profits of
Canadian milling companies during the past year
or more is being taken by the Department of Finance
as fresh provender for its hungry tax-mill. The
existing limitation of profit to 25 cents a barrel on
flour means a very moderate return on capital to
concerns producing from 100,000 to 500,000 barrels
a year. To mammoth industries as the Ogilvie
Milling Company, however, the Government maxi­
mum permitted a highly favorable showing on a
year’s business. This was due, though, as the
company’s manager pointed out to your correspon­
dent, to the profits on option trading in wheat befor the price was fixed, and to increased production
and increased turnover which in 1917 was two to
three times that of the pre-war year. In most
instances, nevertheless, there was some increase
in the net profit per barrel of flour over the pre­
war margin.
As a means of equalizing matters as between
the large and small mills and gathering into the Fed­
eral Treasury what public sentiment regards as
“ excess profits,” it is proposed to alter the tax so




in te re st a t

5% %

p er a n n u m a n d se llin g a t p a r .

T h e iss u e , th e “ G lo b e ” g o e s o n to s a y , carries th e p riv ileg e
o f c o n v e rsio n in to a n y fu tu r e w a r lo a n s , a n d w ill b e es­
p e c ia lly a t tr a c t iv e to th o se w h o , fr o m tim o to tim e , h a v e
m o n e y a v a ila b le fo r in v e s t m e n t in fo r th c o m in g w a r lo a n s ,
a n d , p e n d in g th e ir is s u e , d esire to in v o s t w ith p r o fit a n d
s e c u r ity .
I t is th e M i n i s t e r ’s h o p e th a t s u m s re c e iv e d in in te r e s t
p a y m e n t s o n p re se n t h o ld in g s o f V ic t o r y b o n d s a n d o th e r
w ar lo a n issues w ill bo in v e s te d in th is d e b e n tu re s to c k .
T h e n e w s to c k w ill b e issu e d in d e n o m in a tio n s o f $ 5 0 a n d
m u ltip le s th e r e o f, a n d w ill m a tu r o o n o , tw o or throe y e a rs
fr o m

June

1

1 9 1 8 , as

d e sire d .

I n te r e s t w ill b o p a id

by

c h e c k fr o m th e F in a n c e D e p a r t m e n t o n D e c . 1 a n d J u n o 1
in e a ch y e a r .
In v e s tm e n ts m a y a t o n c e bo m a d o in th is n e w s e c u r ity .
S u b s c r ip tio n s w ill b e re c e iv e d

d ire c t b y

th o F in a n c e D e ­

p a r tm e n t o r th r o u g h re c o g n iz e d b o n d doalors a n d b r o k e r s .

FRENCH EXPORT CREDIT PAID.
B o n b r ig h t & C o . , I n c ., a n n o u n c e d o n J u n e 3 th a t fu n d s
h a d b e e n re c e iv e d fr o m th e F re n c h b a n k s p a r tic ip a tin g
th o $ 1 5 ,0 0 0 ,0 0 0

F ro n c h

e x p o r t c re d it o f M a r c h

in

12 1917

fo r th o p a y m e n t o f th e th ird a n d fin a l $ 5 ,0 0 0 ,0 0 0 in s ta llm e n t
u n d e r th a t cred it d u o J u n o 7 1 9 1 8 .

T h is c o m p le te s th o re­

p a y m e n t in fu ll o f fo u r sim ila r c r e d its , a g g r o g a tin g $ 6 0 ,­

0 0 0 ,0 0 0 , w h ich w ere a r ra n g e d b y B o n b r ig h t & C o . , I n c .,
fo r S ch n e id er & C o . , th o F ro n c h m u n itio n m a n u fa c tu r e rs ,
in ord er to p ro v id e o x ch a n g o fa cilitie s fo r th o p a y m e n t o f
p a r t o f ou r F ro n ch a l l y ’ s large p u rc h ase s in th is
o f w a r m a te ria ls fo r e x p o r t.

c o u n tr y

FIN AN CIAL PLANS OF PREMIER LENIN E OF RUSSIA.
W ith

re g a rd

to

2383

THE CHRONICLE

J u n e 8 1918.]

fo r ra isin g m o n e y , A s so c ia te d

P re ss a d v ic e s fr o m

F IN AN C IN G OF GRAIN SHIPMENTS

TO SWEDEN.

R u s s ia

A c o p y r ig h t c a b le to th e N e w Y o r k “ T im e s ” fr o m C o p e n ­

M oscow

h a g e n on J u n e 4 g a v e th e fo llo w in g in fo r m a tio n c o n c e rn in g

th o p la n s o f P roin ior L on in o o f

o n M a y 2 0 , re a ch in g th o U n ito d S ta te s o n M a y 2 6 , sa id :

th o fin a n c in g o f s h ip m e n ts o f g rain to S w e d e n :

Addressing tho representatives o f tho financial sections o f tno All-Rus­
sian Soviots, assembled in Moscow for tho solution o f financial problems,
Premier Lonine declared that tho temporary plan o f raising money by
means o f tho printing press and by levying contributions must bo aban­
doned and a centralized taxation system bo dovisod.
Tho Socialists, said tho Premier, favored a property and incomo tax
rather than indirect taxation, and ho expressed expectation that tho Soviot
Government would adopt a general incomo tax, collected monthly.
Tho present currency, tho Premier announced, would soon bo replaced
by now money. Persons holding small sums would bo paid rublo for rublo,
but largo holdings would bo refunded at a discount. Tho Premier predicted
that tho Bourgeoisie, who, ho said, were hoarding largo sums o f money
would resist tho plan, but ho urged tho Socialists to unito "in this final
battlo necessary to economic reforms.”

The necessary money, 115,000,000 crowns, for the grain importations o f
Sweden, according to the new tonnage agreement, has been arranged for
through some private banks, which tho other day lent the State 550,000,000
crowns, says a special dispatch to tho “ Berllngsko Tidende” from Stock­
holm.
Delegates arc arranging for tho importations from offices in Washington
and London. The ships will bo sent as quickly as possible.
Tho Swedish Consulate in Chicago has been augmented by a council o f
nine prominent Swedes, aiding tho Consulate in financial and commercial
matters.
______________________________

O n th o su cc ee d in g d a y , M a y 2 7 , th o N o w Y o r k “ T im o s ”
in

c o p y r ig h t a d v ic e s fr o m

d a te d

M ay

22,

p rin te d

A r th u r

th o

R an som o,

at

M oscow ,

fo llo w in g :

LOAN BY CENTRAL POWERS TO U KRAINE.
A d v ic e s fr o m T h o ITaguo o n M a y 1 8 s ta te d th a t th o C e n ­
tral P ow ors h a d g r a n te d a lo a n o f 4 ,0 0 0 ,0 0 0 m a rk s to U k r a in o ,
a c c o r d in g to a d isp a tc h fr o m K i e v to th o T a g e b la t t o f B e r ­
lin , g iv in g th o d e ta ils o f th o fin a n c ia l a g re e m e n t w ith tho
W o q u o te fr o m T h o H a g u e d is p a tc h ;

“ Tho

lo a n is p a y a b le a t th o ra to o f s e v e n ty -fiv o k o p e c k s p er m a rk
and

fifty

m onoy,

k op ecks

por

r e s p e c tiv e ly .

k ro n er

By

p a p e r m o n o y in U k r a in o ,

fo r

re p la c in g

C o n c e rn in g a re d u c tio n m a d o in th e ru p e e ra to b y

th e

N o w Y o r k F e d e ra l R e s e r v e B a n k , th e “ W a l l S tr e e t J o u r n a l”
o f J u n o 4 sa id :

Much rubbish appoars to havo been cabled to America based on Lonino’s
speech on tho subject o f forthcoming financial measures. I can definitely
say there is no project for tho immediato devaluation o f tho ruble. As
to tho so-called cxchango o f now money for old, Lcnino’s real proposal is
that up to a certain amount its possessors should rocoivo new money, tho
surplus above that amount being opened as an account in tho State bank,
and that a check book should bo given to its possessor. A postal savings
bank on tho English model is to bo introduced.
The Germans in Ukraino aro carrying out local devaluation o f tho rublo,
buying Russian rublos at tho rato o f two Russian for one rublo in tho cur­
rency of tho occupied territory. With tiieso Russian rubles thoy will then
seek to do business with Russia. Lonino’s schomo would put a limit to
tho possibilities o f this picco o f ingenuity and also to tho steady importa­
tion of old-time rublo notos forged in Germany.

n ow re p u b lic .

REDUCTION BY FEDERAL RESERVE B A N K OF N E W
YORK I N RUPEE RATE.

G erm an
th o

The Federal Reservo bank has reduced tho rate at which it allots rupee
oxchango to applicants from 36 to 35M cents per rupee. Tho former price
had been in effect for several months, having been established when the
rato for council bills on India Was advanced in London to 18 pence
It
was, however, about a quarter of a cent above tho parity basis with Lon­
don, so that the new rate brings the position o f the local exchange to a
normal relation with the London rate.
Tho bank is still far behind in alloting the amounts applied for. Appli­
cations made in April for M ay delivery have not been entirely filled. It is
tho bank’s policy to receivo requests for exchange from importers and fill
them from timo to time in the order they are filed, although usually it
apportions only a part of tho applications, ranging from a fifth to a half,
according to the amount of exchange it may havo on band at tho moment.
Last week its sales wero heavier than usual, which probably accounts for
the reduction o f tho rate.
The open market rate has also been influenced by this more liberal selling
About threo weeks ago tho new high record of 39 H cents was established
at which price a sale of 100,000 rupees to a banker took place. Since then
it has gradually declined, and now is quoted at 38 cents, though there is
little demand for tho exchange in the open market and rato is for tho most
part nominal. That there should be such wide discrepancy between the
Roscrvo bank rate and the market rato is due, first, to tho small supplies
which tho Reservo bank has usually for sale, and then again to the fact
that bankers cannot apply to the Reserve bank for exchange.

a n d A u s tr ia n

e x istin g

issu es

RUSSIAN CLOCKS ADVANCED TWO HOURS.

of

th e G e r m a n s h o p o to forco th o

A c c o r d in g to M o s c o w a d v ic e s o f J u n e 2 , th e c lo c k s th r o u g h ­
o u t R u s s ia w e re a d v a n c e d tw o h o u r s , b e g in n in g M a y 3 1 , in

p e a s a n ts thoro to g iv o u p th eir largo g o ld r e s e r v e s .”

o r d e r to s a v e lig h t a n d fu e l.

FURTHER SALE OF SUGAR ACCEPTANCES.
A th ird lo t o f a c c e p ta n c e s d ra w n u n d e r th o C u b a n s u g a r
cre d it w a s sold th is w ee k .

T h o a m o u n t o f th o o ffe r in g w a s

M O VEM E N T IN LONDON TO ADVANCE CLOCKS
ANOTHER HOUR.

Yi%.

W i t h re g a rd to a m o v e m e n t in L o n d o n to p u t th o c lo c k s

T h o earlier o ffe r in g s w ero referred to in o u r issu o o f M a y 1 8 .

a h e a d a n o th e r h o u r , A s s o c ia te d P re ss a d v ic e s fr o m L o n d o n ,

$ 1 ,0 0 0 ,0 0 0 , a n d

th e y w e re p la ce d

at

fr o m

4

to 4

N o t ic o o f th o a d o p tio n o f th o fo llo w in g r e s o lu tio n b y

th o

d a te d M a y 2 1 , a n d re ce iv ed in th e U n it e d S ta t e s , J u n e 2 ,

In te r n a tio n a l S u g a r C o m m it t e o , w h ic h arra n g e d so m e .tim e

s a id :

a g o to p u rc h a se 2 ,5 0 0 ,0 0 0 to n s o f th o 1 9 1 7 -1 8 C u b a n su g a r

The shortage o f fuel continues so acuto that the Government is being
urged to save another hour o f daylight by putting tho clock ahead a total
o f two hours during tho summer months. The “ Daily M ail,” which has
taken tho initiative in tho campaign, also advocates the abolition o f street
lighting during the summer.
When wo put our clocks an hour forward a few weeks ago,” says tho
paper, "none realized it the next day. None of us would be inconvenienced
by this further change. Another hour of daylight saved would mean that
in tho vast majority o f homes no artificial light would be needed in the
summer months. It would mean an immense saving of fuel.”

c r o p , w a s m a d o b y th o c o m m it te e o n M a y 2 8 :

At a special meeting o f tho International Sugar Committeo hold at tho
office of tho committeo. 111 Wall Street, New York City, on Tuesday,
M ay 28 1918, at 2:15 o ’clock p. m., at which mooting a Quorum was present
and voting, tho following resolution was unanimously adopted:
“ Resolved, That tho option granted by tho seller to tho buyer in paragraph
4 of tho agreement as to Cuban sugars, 1917-1918 crop, to bo exercised on
or boforo tho 15th day of Juno 1918 as to 250,000 tons, bo and is hereby
availed of by tho buyer, and that notico to such effect bo at onco formally
given to tho seller.”
This notico is to adviso tho seller and all partlos to tho said agreomont
that tho International Sugar Committeo avails ltsolf o f tho option to pur­
chase an additional 250,000 tons o f sugar, as provided for in paragapli 4
of said agreement.
______________________________

NO EXPORTS TO I T A L Y WITHOUT APPROVAL OF
NATIONAL BODY.
Tho

I ta lia n B u r e a u o f I n fo r m a t io n , o f N o w

nou nced on M a y
fr o m

31

Y ork,

an­

th o re c e ip t o f th o fo llo w in g d is p a tc h

R om e:

Mlnistr of tho Treasury Nitti has announced that after Juno 1 no imports
will bo permitted without special Government authorization, and no expor­
tations will bo allowed without tho approval o f tho National Exchange
Institute. Tho importation of goods will not bo permitted unless it can
bo proved that they aro absolutely necessary.
I t is s ta te d t h a t , a c c o rd in g to M in is t e r N i t t i , th o I ta lia n
G o v e r n m e n t is m a k in g a n in v e n to r y o f I ta lia n b a n k in g o b li­
g a tio n s a b r o a d .

T h is w ill bo fo llo w e d b y th o in s t itu tio n of

a s y s to m to co n tr o l ox ch a n ge a n d m a k o p o ssib le a r r a n g e m e n ts
w ith th o A llie d G o v e r n m e n t s to re d u ce e x o r b it a n t o x ch a n go
ra te s o n I t a l y to ju s t p r o p o r tio n s.

T h o N a tio n a l E xch an go

In s tit u tio n is tho o fficia l G o v e r n m e n t a g o n c y fo r th e p u rp o se

ST. LOUIS B AN KS CHANGE CLOSING HOUR FROM
3 TO 2 P. M .
A n n o u n c e m e n t t h a t th o b a n k s in th o S t . L o u is C le a r in g
H o u s e A s s o c ia tio n h a d d e c id e d to c h a n g e th e d a ily c lo sin g
h o u r fr o m 3 p . m . to 2 p . m . h a s b e e n m a d e as fo llo w s :

Tho following institutions, being all tho members of the St. Louis Clear­
ing House Association, doslro to advise their customers and the public that
commencing Monday, Juno 3 1918, they will close at 2 p. m ., instead of
3 p. m ., but the closing hour on Saturadys, which is 12 m ., will remain
unchanged. This does not apply to savings departments, trust depart
ments or safe deposit departments.
Merchants-Lacledo National J at'kl
American Trust C o.,
Mercantile Trust C o.,
Boatmen’s Bank,
Mississippi Valley Trust Co
Central National Bank,
National Bank o f Commerce,
Franklin Bank,
Lafayette-South Side Bank,
United States Bank,
State National Bank,
Liberty Bank,
Third National Bank,
St. Louis Union Bank,
Mcchanics-American National Bank.
International Bank,

BRITISH TREASURY COMMITTEE'S REPORT ON B AN K
AM ALGAM ATIO NS— FEARS OF MONEY TRUST.
T h o fin d in g s o f th o c o m m itte o a p p o in te d b y th o B r itis h

o f im p r o v in g fore ig n ex ch a n g o c o n d itio n s as a ffe c tin g I ta lia n
in te r e sts.
F errcro,

I n m a k in g p u b lic th o c a b le m e s s a g e , D r . F e lic o
D ir e c to r

of

tho

I ta lia n

B uroau

of

I n fo r m a t io n ,

p o in te d o u t th a t th o s u b je c t o f I ta lia n ox ch a n g o h a d a lr e a d y
b e e n g iv e n co n sid e ra b le a t te n tio n in th is c o u n t r y .
th o m o s t fa v o ra b lo

sig n s o n

th is

p o in t ,

Ono of

ho s a id , w a s th o

p ro p o se d a p p o in tm e n t o f a sp e c ia l e c o n o m ic c o m m is s io n b y
th o I t a ly -A m e r ic a S o c io ty .




T r e a s u r y to in q u ire in to th e largo b a n k a m a lg a m a tio n s in
E n g la n d w ero m a d o p u b lic o n M a y 2 1 .
by

th o c o m m itte o

th a t

le g isla tio n

bo

I t is r e c o m m e n d e d
passed

m a k in g

ob­

lig a to r y th o a p p r o v a l o f th o G o v e r n m e n t b e fo re a m a lg a m a ­
tio n s aro ca rried in t o e ff e c t.
m ended

T h e c o m m it te e also r e c o m ­

t h a t a ll p ro p o sa ls fo r in te r lo c k in g d ire c to ra te s or

fo r a g re e m e n ts a lte rin g th o s ta tu s o f b a n k s a s re g ard s th e ir

2384

THE CHRONICLE

separate entity and control shall likewise be submitted for
the approval of the Government, and that such approval
shall be refused unless the amalgamation insures certain
advantages to tho public. W ith regards to dangers of a
“ money trust” the committee says, “ whilo wo behove that
thero is at present no idea of a money trust, it appears to us
not altogether impossible that circumstances might produce
something approaching to it at a comparatively early date.
Undoubtedly some of the dangers feared aro somewhat
problematical and remote. But on a careful review wo are
forced to the conclusion that the possible dangers resulting
from further largo amalgamations are material enough to
outweigh the arguments against Government interference.”
In the House of Commons on Juno 3 Andrew Bonar Law,
Chancellor of tho Exchequer, stated that tho Government
purposed to introduce legislation to carry out the recom­
mendations of the committee. In the meantime, he added,
a committee would bo set up to advise the Government as
to the desirability of any schomos of amalgamation which
might be proposed. The London “ Financial Nows” of
M a y 22 gave tho following extracts from the report of tho
Committee on Bank Amalgamations:
T h e r e m u s t c o m e a p o in t w h e n t h e p o lic y o f s u b s t itu tin g o n e la rg e b a n k
f o r t w o w il l u s u a l l y m e a n a v e r y s m a l l e x t e n s io n o f a r e a i f a n y , a n d s o m o
r e d u c t io n o f c o m p e t it io n .
T h a t p o i n t h a s a l r e a d y b e e n r e a c h e d in L o n d o n ,
a n d is b e i n g a p p r o a c h e d in a f e w o f t h o l a r g e s t t o w n s .
I t s h o u ld b o a d d e d
t h a t i f b o t h t h o a m a l g a m a t in g u n i t s h a v e , b e f o r e a m a l g a m a t io n , l e n t u p
t o t h e i r f u l l r e s o u r c e s , h o m o t r a d e a s a w h o l o c a n n o t g a in a n y in c r e a s e in
a c c o m m o d a tio n .
N u m o r o u s r e p r e s e n t a t io n s ( t h o C o m m i t t e e s a y ) h a v o r e a c h e d u s t h a t
1 a r b o b a n k s c a n s a f e l y m a k e i n d i v id u a l a d v a n c e s o n a m o r e g e n e r o u s s c a l e ,
a n d t h a t b a n k s m u s t g r o w t o e n a b le t h e m t o d e a l w i t h t h e d e m a n d s o f
a fte r-th o -w a r tra d o b o th a t h o m o a n d b a r o a d .
T h o p o i n t , h o w e v e r , is
o n o o f d e g r e e o n l y , a n d i t is a q u e s t i o n w h e t h e r e x c e p t i o n a l l y la r g o f ir m s
m i g h t n o t c o n t in u e t o m e e t a ll t h e i r n e e d s b y r e s o r t i n g t o t w o o r m o r e
b a n k s , a n d w h e t h e r t h e e x i s t i n g la r g o b a n k s a r e n o t , in f a c t , la r g o e n o u g h ,
a t a n y r a t e i f s u p p le m e n te d b y c o m b in a t io n s fo r s p e c ia l p u r p o s e s o n th o
l in e s o f G e r m a n “ K o n s o r t i u m s ” o r o t h e r w i s e .
T h o r e s o u r c e s o f o u r le a d i n g
b a n k s w e r e v e r y s u b s t a n t i a l e v e n b e f o r e t h o r e c e n t a m a l g a m a t io n s .
The
a r g u m e n t w i t h r e g a r d t o p o s t - w a r t r a d e c a n , o f c o u r s e , o n l y b o u s e d w it h
s o m o c a u t i o n a s r e g a r d s f o r e i g n t r a d e , in v i e w o f t h e s p e c i a l d e p e n d a n c o o f
E n g l i s h b a n k s o n d e p o s i t s w it h d r a w a b l e a t c a l l o r o n s h o r t n o t i c e . T h is
i s e s p e c i a ll y t h o c a s e a s r e g a r d s l o n g - t e r m a d v a n c e s f o r s u c h t r a d o , t o w h ic h
s p e c i a l r e f e r e n c e is s o m e t im e s m a d e .
A t t e n t i o n h a s b e e n d r a w n t o t h o f a c t t h a t a m a l g a m a t io n s c h e m e s u s u a l l y
m e a n a r e d u c t i o n in t h o t o t a l p a i d - u p c a p i t a l a n d u n c a l l e d l i a b i l i t y o f t h o
t w o p r e -a m a lg a m a tio n u n its .
I n th r e e o f th e r e c e n t sch e m a s s u b s ta n tia l
b e n e f i t s t o s h a r e h o ld e r s a r e p u r c h a s e d a t t h o e x p e n s e o f s o m e o f t h e s e c u r it y
o f t h e d e p o s ito r s .
B u t t h e r e d u c t i o n o f c a p i t a l (a s o p p o s e d t o t h e r e d u c t io n
o f u n c a l l e d l i a b i l i t y ) r e s u lt in g in t w o o f t h o c a s e s a p p e a r s t o b e o n l y n o m i n a l ,
t h e s u m w r i t t e n o f f , o r s o m e s u m a p p r o x i m a t in g t o i t , b e i n g a d d e d t o t h o
in n e r re s e r v e s , a t a n y ra te a t p r e s e n t.
W o h a v e r e c e i v e d r e p r e s e n t a t io n s t h a t b a n k s v a r y v e r y m u c h in t h e ir
w illin g n e s s t o a l lo w r e a s o n a b l e o v e r d r a f t f a c il i t i e s t o m u n i c ip a l c o r p o r a t i o n s ,
a n d t h a t s u ffic ie n t m o n e y , a n d ch e a p e n o u g h m o n e y , h a s o n ly b e o n o b ta in e d
h it h e r to b y r e s o r tin g to d iffe r e n t b a n k s .
S t r o n g r e p r e s e n t a t io n s h a v o o n
s im ila r g r o u n d s b e e n m a d e o n b e h a lf o f t h o S t o c k E x c h a n g e a n d th o M o n e y
M a rk et.
I t is c la im e d t h a t t h e w o r l d - w i d e f a m e o f t h o L o n d o n m a r k e t
b e f o r e t h o w a r w a s d u o t o t h o f r e e d o m w i t h w h i c h L o n d o n b i lls c o u l d b o
n e g o t ia t e d , o w in g t o th o e a s t w it h w h ic h d is c o u n t h o u s e s o b t a in e d a m p le
f u n d s f r o m a w id e n u m b e r o f b a n k s .
M o r e o v e r , i t is p o i n t e d o u t t h a t a
r e d u c t i o n in t h o n u m b e r o f i m p o r t a n t b a n k s m u s t m e a n , a n d h a s a l r e a d y
m e a n t , a r e d u c t i o n in t h o n u m b e r o f f ir s t - c l a s s a c c e p t o r s o f b i ll s .
A n y a p p r o a c h t o a b a n ld n g c o m b i n e o r m o n e y t r u s t w o u l d u n d o u b t e d l y
c a u s e g r o a t a p p r e h o n s lo n a n d g i v e r is e t o a d e m a n d f o r n a t i o n a l is i n g t h o
b a n k in g tr a d o .
S u c h a c o m b i n e w o u ld m o a n t h a t t h o f in a n c ia l s a f e t y o f
t h o c o u n t r y , a n d t h o i n t e r e s t o f i n d i v id u a l d e p o s i t o r s a n d t r a d e r s , w o u ld
b e p l a c e d in t h o h a n d s o f a f o w i n d i v id u a l s .
M o re o v e r, th o B a n k o f
E n g l a n d — w h ic h w o u l d , it m a y b o a s s u m e d , s t a n d o u t s l d o a n y s u c h t r u s t —
m i g h t f i n d i t o x t r e m o ly d i f f i c u l t t o c a r r y o u t i t s v e r y i m p o r t a n t d u t i e s a s
s u p p o r t e r a n d r e g u la to r o f th e M o n e y M a r k e t .
F u rth e r, it h as b eon
r e p r e s e n t e d t o u s t h a t t h e G o v e r n m e n t o f t h o d a y m ig h t n o t f i n d i t e a s y t o
a d o p t a c o u r s e o f w h i c h t h e c o m b i n e , f o r it s o w n r e a s o n s , d i s a p p r o v e d .
W h i l e w e b e l i e v e t h a t t h e r e is a t p r e s e n t n o i d o a o f a m o n e y t r u s t , i t
a p p e a r s t o u s n o t a l t o g e t h e r I m p o s s ib le t h a t c ir c u m s t a n c e s m ig h t p r o d u c o
s o m e t h i n g a p p r o a c h in g t o i t a t a c o m p a r a t i v e l y e a r l y d a t e .
U n d o u b te d ly
s o m o o f th o d a n g e rs fe a re d a r o s o m o w h a t p r o b le m a t ic a l a n d r e m o to .
But
o n a c a r e f u l r e v i e w , w o a r o f o r c e d t o t h o c o n c lu s io n t h a t t h o p o s s i b le d a n g e r s
r e s u l t i n g f r o m f u r t h e r la r g e a m a l g a m a t io n s a r o m a t e r ia l e n o u g h t o o u t w e ig h
t h o a r g u m e n ts a g a in s t G o v e r n m e n t in t e rfe r e n c e .
W e r e c o m m e n d t h a t le g is l a t i o n b e p a s s e d r e q u i r in g t h a t t h o p r i o r a p p r o v a l
o f t h e G o v e r n m e n t m u s t b o o b t a i n e d b e f o r e a n y a m a l g a m a t io n s a r o a n ­
n o u n c e d o r c a r r ie d i n t o e f f e c t .
A n d , in o r d e r n o t t o p r o d u c o h i d d e n
a m a l g a m a t io n s , w e r e c o m m e n d t h a t a ll p r o p o s a l s f o r i n t e r l o c k i n g d i r e c ­
t o r a t e s , o r f o r a g r e e m e n t s w h ic h in e f f e c t w o u ld a l t e r t h o s t a t u s o f a b a n k
a s r e g a r d s it s s e p a r a t o e n t i t y a n d c o n t r o l , o r f o r p u r c h a s e b y o n e b a n k o f
t h e sh a re s o f a n o th e r b a n k , b e a ls o s u b m it te d f o r p r io r a p p r o v a l.
A s g e n e ra l p r in c ip le s , t o b o a c t e d u p o n a t p r e s e n t b y t h o G o v e r n m e n t a t
i t s d i s c r e t i o n , w o w o u l d s u g g e s t t h a t a s c h e m e f o r a m a l g a m a t in g o r a b s o r b ­
i n g a s m a ll lo c a l b a n k , o r a n y s c h e m e d e s ig n e d t o s e c u r e im p o r t a n t n e w
f a c i l i t i e s f o r t h o p u b l i c o r a r e a l ly c o n s i d e r a b l e a n d m a t e r ia l e x t e n s i o n o f
a r e a o r s p h e r e o f a c t i v i t y f o r t h e la r g e r o f t h o t w o b a n k s a f f e c t e d , s h o u ld
n o r m a l l y b e c o n s i d e r e d f a v o u r a b l y , b u t t h a t i f a n a m a l g a m a t io n s c h o m o
i n v o l v e s a n a p p r e c i a b l e o v e r l a p o f a r e a w i t h o u t s e c u r in g s u c h a d v a n t a g e s ,
o r w o u ld r e s u l t in u n d u o p r e d o m i n a n c e o n t h o p a r t o f t h o l a r g e r b a n k . It
s h o u ld b e r e fu s e d .
C o n s id e r a t i o n s h o u l d a l s o , in o u r o p i n i o n , b o g i v e n
t o t h e q u e s t i o n o f t h e c le r i c a l l a b o r — u s u a l l y v e r y l a r g e — i n v o l v e d b y
a m a l g a m a t io n s d u r i n g t h e w a r , a n d t o t h e u n d e s i r a b i l it y o f p e r m i t t i n g a n
u n u su a l a g g r e g a tio n o f d e p o s its w it h o u t f u lly a d e q u a to c a p ita l a n d re s e rv e s .
W o t h in k t h a t t h e a p p r o v a l b o t h o f t h o T r e a s u r y a n d o f t h o B o a r d o f
T r a d e s h o u l d b o o b t a i n e d , a n d t h a t l e g is l a t i o n s h o u l d b o p a s s e d r e q u i r in g
th o t w o D e p a r t m e n ts to s e t u p a s p e c ia l s t a t u t o r y c o m m it t e e to a d v is e
th o r n t h e m e m b e r s o f w h ic h s h o u l d b e n o m i n a t e d b y t h e D e p a r t m e n t s f r o m
t i m e t o t i m e , a n d s h o u l d c o n s i s t o f o n o c o m m e r c i a l r e p r e s e n t a t iv e a n d o n o
f i n a n c i a l r e p r e s e n t a t iv e w it h p o w e r t o a p p o i n t a n a r b i t r a t o r , s h o u l d vt h o y
d is a g re e .




[Vol . 106.

VERDICT BY ENGLISH COURT I N FAVOR OF
GUARAN TY TRUST COMPANY I N COTTON
BILL OF LADING SUIT.
Tho litigation in the cotton bill of lading proceedings
brought by the Guaranty Trust Company of N ew York
against Anthony S. Hannay, a cotton merchant of Liver­
pool, has finally resulted in a verdict in favor of the trust
company. A decision upholding the lattor has been handed
down by the London Court of Appeals, composed of Justices
Bickford, Warrington and Scrutton, which delivered judg­
ments upon the plaintiff’s appeal from tho judgment last
July of Justice Bailhacho of the King’s Bench Division
which had been in favor of tho Liverpool defendant. A
stay of execution was at that time granted. Tho proceed­
ings grew out of the failure in 1910 of Knight, Yancey & Co.
of Alabam a, and had their origin in the United States,
Hannay having brought suit hero against tho trust company
in which it was ought to hold the lattor responsible for the
amount represented in a draft drawn by tho Alabama con­
cern covering spurious cotton bills-of-lading. In Decem­
ber 1913 a decision was handed down by the U . S. Circuit
Court of Appeals in New York reversing a verdict given
the previous February by the U . S. District Court of New
York in favor of Hannay. Following the decision of the
U . S. Circuit Court of Appeals an application was made
by tho trust company’s attorneys in England for an injunc­
tion restraining Hannay from tho further prosecution
of the proceedings in America; the trust company also asked
for a declaration as to the English law which was material
to the proceedings In the United States. In January 1915
Justice Bailhache of the Commercial Court decided against
Hannay who had interposed objections with regard to the
declaration of tho law of England on tho ground that the
court had no jurisdiction to hand down a judgmont in a case
where no relief other thana mero declaration was sought.
Judge Bailhache decided that it had jurisdiction. In March
1915 tho appeal taken by the defendant was dismissed by
the London Court of Appeals. Justice Bailhacho, however,
as indicated above, found for tho Liverpool defendant in
July 1917. His findings in that instance were referred to
in our issue of Sept. 8 1917. The latest decision was made
known in London advices of M a y 9, printed in tho Now York
“ Journal of Commerce” of M a y 29, which quotes Justice
Pickford in giving judgment as saying:
A . H a n n a y & C o . p u r c h a s e d , o r a g r e e d t o p u r c h a s o , 1 0 ,0 0 0 b u le s o f c o t ­
to n f r o m K n ig h t, Y a n c e y & C o . , o f D e c a tu r , A la .
M essrs. H a n n a y drow
o n t h o p u r c h a s e r s f o r t h e p r i c o , a n d d i s c o u n t e d t h o d r a f t , w h ic h p a s s e d
in t o th o h a n d s o f th e G u a r a n ty T r u s t C o m p a n y b y in d o r s e m e n t.
The
G u a r a n ty T r u s t p re s e n te d it fo r a c c e p t a n c e , a n d it w a s a c c o p t e d b y th o
B a n k o f L iv e r p o o l w it h th o a u t h o r it y o f M e s s rs . H a n n a y .
S u b s e q u e n t l y It b e c a m e k n o w n t h a t t h o b i l l o f l a d i n g a t t a c h e d h a d b e e n
f o r g e d , b u t t h o B a n k o f L i v e r p o o l r e fu s e d t o r o fe r t o d r a w e r a d o c u m e n t
b o a r i n g t h e ir a c c e p t a n c e , a n d a t m a t u r i t y t h o b i ll w a s d u l y h o n o r e d .
U n d e r t h e s e c ir c u m s t a n c e s A . H a n n a y & C o . c la im e d t o b e r e im b u r s e d
t h e m o n e y p a i d t o t h e u l t im a t o h o l d e r s , a n d l it i g a t io n c o m m e n c e d in
A m e r ic a .
F i a n a ll y t h o A m e r i c a n p r o c e e d i n g s w o r e s t a y e d b y c o n s e n t ,
a n d t h e s e p r o c e e d i n g s c o m m e n c e d b y t h o G u a r a n t y T r u s t f o r a d e c l a r a t io n
t h a t t h e y w e r e n o t l ia b le .
A . H a n n a y & C o . c o u n t e r c la i m e d f o r t h o i n o n o y
p a i d o n t h o b i ll .
J u s t i c e B a il h a c h e h o ld t h a t i n E n g li s h la w t h o i n s t r u m e n t w a s a b ill
o f o x c h a n g o a n d n e g o t i a b l e , a n d t h a t b y E n g lis h la w t h o G u a r a n t y T r u s t
w o u ld n o t b e . lia b le , b u t t h a t f o r c e r t a in p u r p o s o s h o h a d t o l o o k t o t h o
A m e r i c a n la w , a n d o n t h a t h o f e lt b o u n d t o f o l l o w J u s t i c e N o y e s , w h o
h e ld t h a t t h is w a s a c o n d i t io n a l o r d e r t o p a y , a n d t h e r e fo r e n o t a b ill o f
o x c h a n g o a c c o r d i n g t o U n it e d S t a t e s la w .
J u s t i c e B a il h a c h o w a s c le a r l y
r ig h t in h o l d i n g t h a t , a c c o r d in g t o o u r l a w , t h is i n s t r u m e n t w a s a b ill o f
e x c h a n g e a n d n e g o t i a b l e , a n d i f t h e r e w o r o n o t h i n g m o r o in t h o c a s e t h o
G u a r a n t y T r u s t w o u ld b e e n t i t l e d t o t h o d e c l a r a t io n t h o y a s k e d f o r .
T h o C o u r t , h o w e v e r , m u s t c o n s i d e r t h o d o c i s io n o f J u d g o N o y e s .
That
d e c i s io n r e s t e d o n t w o A m e r i c a n a u t h o r i t ie s , w h ic h , t o h is m i n d , d i d n o t
e s t a b lis h t h e p r o p o s i t i o n f o r w h ic h t h o y w e r o r e lie d o n , i . o . , t h a t t h e r o
w a s a c o n d i t i o n in t h e o r d e r t o p a y c o n s t i t u t e d b y t h o i n s t r u m e n t s t o w h ic h
t h e s o c a s e s r e fe r r e d .
S t ill le s s d i d t h o y e s t a b lis h t h a t t h o i n s t r u m e n t in
t h is c a s e w a s a n o r d e r t o p a y c o n d i t io n a l o n t h o g e n u in e n e s s o f t h o a t t a c h e d
d ocu m en ts.

T h o U n it e d S t a t e s c o u r t s t o o k s u r r o u n d i n g c ir c u m s t a n c e s i n t o c o n s i d e r a ­
t io n m o r o t h a n t h e E n g li s h c o u r t s d i d , b u t w h ic h e v e r w a y t h e A m e r i c a n
d e c i s io n s w e r e l o o k e d a t t h o b u lk o f t h e m s c o r n e d t o f a v o r t h e v i o w t h a t
t h o d r a f t in t h is c a s e w a s i u n c o n d i t l o n a l .
M o r e o v e r , th e ro w as so m o
d o u b t a s t o w h e t h e r t h o c o n d i t i o n f o r w h ic h t h o d e f e n d a n t s n o w c o n t e n d e d
a s im p li e d in t h o o r d e r t o p a y w a s o v e r a r g u e d b o f o r o J u d g o N o y e s , a n d a s
t o w h e th e r th o o n ly c o n d it io n th e n a rg u e d w a s t h a t fo r p a y m o n t o u t o f
a p a r t i c u la r f u n d w h ic h w a s e x p r e s s l y d i s c la i m e d d u r i n g t h o a r g u m e n t
o f t h is a p p o a l.
N o a u t h o r i t y h a d b o o n c i t e d w h i c h i m p a r t e d i n t o a d r a f t o n t ills f ir m
s u c h a c o n d it io n a s t h a t fo r w h ic h t h o d e fe n d a n ts n o w c o n t e n d e d , a n d
t h e r o w a s s o m o a u t h o r i t ie s t o t h o c o n t r a r y .
B u t e v e n t a s s u m in g t h is
d r a f t w e r o c o n d i t i o n a l , s t ill t h o d e f e n d a n t s h a d n o t p r o v e d a n y r ig h t t o
r e c o v e r a s a g a in s t t h o G u a r a n t y T r u s t . I n s u c h a n o v o n t t h o B a n k o f
L i v e r p o o l c o u l d h a v e d e f e n d e d a n a c t i o n o n t h o b ill b r o u g h t b y t h o u l t i ­
m a t e h o l d o r s o n a n y g r o u n d t h a t w a s o p e n t o th o r n a g a i n s t t h o d r a w e r .
A s t h o y c h o o s e t o p a y w it h o u t b e in g t o ld t o d o s o th o y w o ro n o t e n title d
t o b o i n d e m n i f i e d , a n d t h o d e f e n d a n t s c o u l d n o t r e c o v o r a s a g a in s t t h o
tr u s t m o n e y p a id b y w a y o f in d e m n ity .
In o r d o r to r e c o v e r th o d e fo n ­
d a n t s h a v e t o b a s e t h e ir c la im s o n a n a g r o o m o n t t o i n d e m n i f y o r a r o q u o s t
t o p a y t h o u l t im a t e h o l d o r s m a d o b y t h o G u a r a n t y T r u s t .
T h ero w as n o
o x p re ss w a r r a n t y , n o e x p re ss a g r o o m o n t t o in d e m n ify , a n d n o o x p ro ss re­
q u e st b y th o G u a ra n ty T ru st to p a y th o d r a ft.
N o r d id a n y s u c h im p lic a ­
t io n a r is e f r o m t h o c ir c u m s t a n c e s o f t h o c a s o .

THE CHRONICLE

June 8 1918.]

I n a n y e v e n t , t h e r e fo r e , th e d e fe n d a n ts c o u ld n o t r e c o v e r .
T ho ap­
p e a l m u s t b e a l l o w e d , a n d a d e c l a r a t io n m a d e i n t h e t e r m s a s k e d f o r b y
t h o p l a i n t if f s .
J u s tic e
W a r r in g to n
con cu rred .
J u s tic e S c r u tto n s a id th e p r a c tic o o f m e r ch a n ts w a s n o t b a s e d o n th o
s u p p o s i t i o n o f p o s s i b le f r a u d .
I n t h is c a s e t h o q u e s t i o n w a s w h o s h o u l d
n e a r t h o lo s s c a u s e d b y t h e f r a u d o f t h e v e n d o r s .
B y p r e s e n ta tio n th e
p r e s e n t e r d i d n o t w a r r a n t t h e g e n u in e n e s s o f t h e s ig n a t u r e t o a b i ll o f
exchange.
I t w o u ld b e s tra n g e in d e e d If h e d id b y th e s a m e a c t w a rra n t
t h e g e n u in e n e s s o f t h o d o c u m e n t s a t t a c h e d , a n d o f w h i c h h e m ig h t b o p r e ­
s u m e d t o h a v e lo ss k n o w l e d g e .
H o a g re e d th a t th e a p p e a l s h o u ld b o
a l lo w e d .
T h o a p p e a l w a s a c c o r d i n g l y a l lo w e d , w it h c o s t s .

SECOND TICKER EQUIPMENT INSTALLED BY
N E W YORK STOCK EXCHANGE.
W ith regard to the installation of a second ticker service
by it, the N ew York Stock Exchange, through Secret
E ly, made the following announcement on June 6:
NEW

YORK

STOCK

EXCHANGE.

June 6 1 9 1 8 .
To Members of the Exchange:
T h o N o w Y o r k Q u o t a t i o n C o . , w h ic h f u r n is h e s b y t ic k e r t o m e m b e r s
o f t h o E x c h a n g o t h o q u o t a t i o n s o f p r i c e s o n t h e f l o o r , h a s r e c e n t l y in s t a lle d
a s e c o n d t ic k e r e q u i p m e n t , b y m e a n s o f w h ic h q u o t a t i o n s ( w h i c h in b u s y
t im e s a r o o f t e n b e h i n d t h o m a r k e t ) , s h o u l d a t a ll t im e s b e w o ll u p t o t h o
m a rk et.
T h is s h o u ld b o p r a c t ic a b le b y p u ttin g s t o c k q u o t a t io n s o n ly
o n t h e o n e s y s t e m , a n d o t h e r m a t t e r s o f I n f o r m a t io n , s u c h a s b o n d q u o ­
t a t io n s . d i v i d e n d a n d o t h e r n o t i c e s o n t h e s e c o n d s y s t e m .
T h o com p an y
w ill b o r e a d y in a s h o r t t im e t o b e g i n i n s t a lla t io n s .
A r e p r e s e n t a t iv e o f
t h e c o m p a n y w ill c a ll o n y o u f o r y o u r s u b s c r ip t i o n t o t h e a d d it i o n a l s e r v ic e ,
w h ic h p le a s e m a k e p r o m p t l y , in o r d e r t h a t t h is n c c o s s a r y a d d i t i o n t o S t o c k
E x c h a n g o e q u i p m e n t m a y b o m a d e a s s u c c e s s fu l a s p o s s i b le .
A ll t ic k e r s
w ill b o a t t h o p r e s e n t m o n t h l y p r i c o o f S 2 0 e a c h .
I t w o u l d s e e m t h a t a ll
m e m b e r s s h o u l d h a v e b o t h s e r v ic e s , t o k e e p in t o u c h w it h t h o m a r k e t a n d
w it h t h o n o t i c e s s e n t o u t f r o m t im e t o t im e .
R e s p e c t fu lly ,
GEORGE

W . ELY,

Secretary.

The proposal to send out stock and bond quotations simul­
taneously on separate tickers, with a view to bringing about
quicker service, was referred to in these columns April 13.

N.

Y. STOCK EXCHANGE UPHELD I N ACTION TO
RESTRAIN BOSTON BROKERS FROM
USING TICKER SERVICE.

Tho United States Suprome Court on M a y 20 set aside
a decree sustaining an order of tho Massachusetts Public
Service Commission requiring the Western Union Telegraph
Company and the United Telegram Company to furnish
to Calvin H . Foster, a Boston broker, N ew York Stock
Exchange quotations by ticker service. In a petition filed
by tho Stock Exchange in tho U . S. District Court at Boston
in July 1916, asking for an injunction restraining the tele­
graph companies from furnishing quotations to the broker,
it was stated that he had applied for a ticker service in
September 1914, but after an investigation by the Stock
Exchango Committee had led to an allegation that *the
applicant intended to open a “ bucket shop” in this city,
his application was not approved. Following tho denial
by the exchango of its service to Foster, the Telegraph
Companies refused to act on his application, but he appealed
to tho Public Service Commission of Massachusetts which
ordered the companies to reverse their action, the Commis­
sion contending that by withholding service they were dis­
criminating against Foster. Later tho Supremo Judicial
Court of Massachusetts confirmed the Commission’s order.
Tho Stock Exchango held that tho Public Servico Commis­
sion’s order was void, inasmuch as ticker service is inter-State
commerce, over which, it was claimed tho Commission has
no control. Tho findings of tho U . S. Supreme Court in
favor of tho Exchange, were delivered by Justice Holmes.
In submitting its conclusions this tribunal said:
F o u r c a s e s w e r e a r g u e d t o g e t h e r in t h is C o u r t .
T h o f ir s t t w o w e r e s u it s
in t h o S u p r e m o J u d ic i a l C o u r t o f M a s s a c h u s e t t s , o n e a s t a t u t o r y p e t i t i o n
b y t h o t e le g r a p h c o m p a n i e s t o h a v e a n o r d e r o f t h o P u b l i c S e r v i c e C o m ­
m is s io n a n n u ll e d , t h e o t h e r a b i ll b y t h e C o m m i s s io n t o h a v o t h o s a m e
o r d e r o n fo r co d .
T h e c a s e s w e re c o n s o lid a te d a n d r e s e rv e d o n t h e p le a d ­
i n g s f o r d e t e r m i n a t i o n b y t h e f u ll C o u r t , w h ic h d e c r e e d t h a t t h o p e t i ­
t io n o f t h o p l a i n t if f s in e r r o r s h o u l d b o d is m is s e d a n d t h o o r d e r o f t h e
C o m m i s s io n o b o y e d .
24 M a ss 3 6 5 .
T h e o r d e r r e c it e d th a t th o G o ld
a n d S t o c k T e l e g r a p h C o m p a n y b y t h o W o s t e m U n io n T e l e g r a p h C o m ­
p a n y , le s s e o , a n d t h e U n it e d T e l e g r a m C o m p a n y h a d w i t h o u t j u s t c a u s e
r e fu s e d t o s u p p l y t o C a lv i n H . F o s t e r t h e c o n t i n u o u s q u o t a t i o n s o f
t h o N o w Y o r k S t o c k E x c h a n g o b y m e a n s o f t i c k e r s e r v ic o t h e n s u p p l i e d
t o o t h e r s , d e c l a r e d t h o r e fu s a l a n u n la w fu l d i s c r i m in a t io n a n d r e q u i r e d t h e
t w o c o m p a n i e s t o r e m o v e t h o d i s c r i m in a t io n f o r t h w i t h .
T h e m a t e r ia l f a c t s m a y b o a b r i d g e d a s f o ll o w s : T h o N o w Y o r k S t o c k
E x ch a n g o , h a v in g a m o n o p o ly o f th o in fo r m a tio n c o lle c t e d b y it o n th e
f l o o r o f t h o E x c h a n g o c o n c e r n in g t h o p r ic e s q u o t o d i n t r a n s a c t io n s t h e r e ,
m a d e c o n t r a c t s w it h t h o p l a i n t if f s in e r r o r o f t h o s a m e g e n e r a l c h a r a c t e r
a s t h o s e b o f o r o t h o C o u r t in Board of Trade v . Christie Grain A Stock Co.,
1 9 8 U . S . 2 3 6 , 2 4 6 , a n d Hunt v . Nciv York Cotton Exchange, 2 0 5 U . S .
322.
B y t h e s e c o n t r a c t s f o r s p e c i f i e d lu m p s u m s t h o E x c h a n g o a g r e e d t o
f u r n is h t o t h e T o l o g r a p h C o m p a n ie s s i m u lt a n e o u s l y f u ll a n d c o n t i n u o u s
q u o t a t i o n s o f p r ic e s m a d e in t r a n s a c t io n u p o n t h o E x c h a n g o .
T h o T e lo g r a p h C o m p a n ie s " m a y ” in t h e ir t u r n fu r n is h q u o t a t i o n s t o t h e i r " p a t r o n s ”
a t i n t e r v a ls o f m o r e t h a n f i f t e e n m in u t o s s u b j e c t t o d i s c o n t i n u a n c e u p o n
o b j e c t i o n o f t h o E x c h a n g o , a n d m a y fu r n is h c o n t i n u o u s s e r v i c o b y t ic k e r
t o s u b s c r ib e r s , p r o v i d e d t h o l a t t e r s ig n a p p li c a t io n s in d u p l i c a t e , o n e o f
w h ic h Is t o t o g o t o t h o E x c h a n g e , t h o a p p li c a t io n n o t t o b o e f f e c t u a l u n t il




3385

t h e s u b s c r ib e r is a p p r o v e d b y t h o E x c h a n g e , a g r e e in g t h a t t h e T e l e g r a p h
C o m p a n y m a y d i s c o n t in u e t h o s e r v ic e “ w h e n e v e r d i r e c t e d s o t o d o b y s a id
N o w Y o r k S to c k E x c h a n g e .”
T h e a p p li c a t io n r e c o g n i z e s t h a t t h e q u o t a ­
t io n s a r e f u r n is h e d u n d e r c o n t r a c t w it h t h o E x c h a n g e a n d a g r e e s n o t t o
fu r n is h t h o q u o t a t i o n s t o b r a n c h o f f i c e s o r c o r r e s p o n d e n t s u n le s s f ir s t
a p p r o v e d b y t h e E x c h a n g e a n d a l s o s ig n in g a g r e e m e n t s , o n e o f w h i c h is
t o b o d e l iv e r e d t o t h e E x c h a n g e .
T h e c o n tra ct sta tes th a t th e in te n t o f
t h o E x c h a n g o in r e s e r v in g t h e r ig h t t o d i s a p p r o v e , & c . , is o n l y t o p r e v e n t
i m p r o p e r a n d u n la w fu l u s e o f t h e f a c t s .
T h o G o l d a n d S t o c k T e l e g r a p h C o m p a n y ’s b u s in e s s is c a r r ie d o n b y t h e
W e s t e r n U n io n T e l e g r a p h C o m p a n y in t h e n a m e o f t h e f o r m e r .
The
q u o t a t i o n s a r e f u r n is h e d t o t h e l a t t e r in N e w Y o r k , t e le g r a p h e d b y i t t o
t h o o f f i c e o f t h e G o l d a n d S t o c k C o m p a n y in B o s t o n , t r a n s l a t e d f r o m t h e
M o r s e c o d e i n t o E n g li s h , a n d t h e n c e t r a n s m it t e d b y a n o p e r a t o r t o t h e
t ic k e r s in t h o o f f i c e s o f t h o b r o k e r s w h o h a v e s u b s c r ib e d a n d h a v e b e e n
a p p rov od .
T h e U n it e d T e l e g r a m C o m p a n y , a N e w J e r s e y c o r p o r a t i o n ,
r e c e iv e s q u o t a t i o n s f o r B o s t o n a l o n e , w h e r e is its p r i n c ip a l o f f i c e o u t s i d e
o f N ew Jersey.
T h e y a r o fu r n is h e d b y t h e E x c h a n g o i n N e w Y o r k , t e le ­
g r a p h e d t o t h e B o s t o n o f f i c e o v e r a w ir e o f t h e P o s t a l T e l e g r a p h C a b le
C o m p a n y , a n d t h e n c e t r a n s m it t e d a s i n t h e o t h e r c a s e .
O n th ese fa c ts
t h o p l a i n t if f s in e r r o r s a y t h a t t h o o r d e r is a n u n w a r r a n t e d i n t e r f e r e n c e w it h
p m m e r co a m o n g th o S ta te s a n d ta k e s p r o p e r t y w it h o u t d u e p r o c e s s o f la w ,
ittin g u p t h e C o n s t i t u t i o n o f t h e U n it e d S t a t e s .
[W e s h a ll n o t d i s c u s s t h e b e a r i n g o f t h o F o u r t e e n t h A m e n d m e n t n o r y e t
,v f a r a n o r d e r s i m p l y t o r e m o v e a d i s c r i m in a t io n c o u l d b e e f f e c t u a l
o n i f M r . F o s t e r w e r e l e t in o n t h e s a m e t e r m s a s t h o s e n o w a c c e p t e d
s u b s c r ib e r s , h o w o u l d a g r e e t h a t t h o T e l e g r a p h C o m p a n y m ig h t d i s c o n ­
t in u e it s s e r v ic e w it h o u t n o t i c e w h e n e v e r d i r e c t e d s o t o d o b y t h e N e w Y o r k
S tock E x ch a n g o.
I t is e n o u g h t h a t in o u r o p i n i o n t h e t r a n s m is s io n o f
t h o q u o t a t i o n s d i d n o t lo s e it s c h a r a c t e r o f i n t e r - S t a t e c o m m e r c e u n t il i t
w a s c o m p l e t e d i n t h e b r o k e r s ’ o f f i c e s a n d t h a t t h e i n t e r f e r e n c e w it h i t w a s
o f a k i n d n o t p e r m it t e d t o t h e S t a t e s .
T h o s u p p o s e d a n a lo g y t h a t h a s
p r e v a i l e d is t h a t o f a r e c e iv e r o f a p a c k a g e b r e a k i n g b u l k a n d s e llin g a t w ill
in r e t a il t r a d e .
B u t i t a p p e a r s t o u s m is l e a d i n g .
W o a ls o t h i n k i t u n ­
im p o rta n t t h a t t h e c o n t r a c ts b e tw e e n th e E x ch a n g e a n d t h e T e le g r a p h
C o m p a n ie s o m p h a s i z o t h o e le m e n t o f q u a s i-s a le f o r a lu m p s u m a n d le a v e
i t t o t h o i n t e r e s t o f t h e T e l e g r a p h C o m p a n ie s t o f i n d s u b s c r ib e r s .
N e it h e r
t h a t n o r t h o i n t e r v e n t io n o f a n o p e r a t o r , o r o f a n o t h e r c o m p a n y , a r e in t h e
le a s t d e g re e c o n c lu s iv e .
U n li k e t h e c a s e o f b r e a k i n g b u l k f o r s u b s e q u e n t ly
d e t e r m in e d r e t a il s a le s , in t h e s o t h e u l t im a t e r e c ip i e n t s a r e d e t e r m in e d
b e fo r o th o m e s s a g e s ta rts a n d h a v e b e e n a c c e p t e d as t h e c o n t e m p la te d
r e c ip i e n t s b y t h e E x c h a n g e .
I t d oes n o t m a tter if th e y h a v e n o c o n tra ct
w it h t h e E x c h a n g e , d i r e c t l y .
I t d o e s n o t m a tte r t h a t i f th e T e le g r a p h
C o m p a n ie s d i d n o t d e l iv e r t o a n y g i v e n o n e t h e E x c h a n g o c o u l d n o t c o m ­
p la in .
I f t h e n o r m a l , c o n t e m p l a t e d a n d f o l l o w e d c o u r s e is a t r a n s m is s io n
a s c o n t in u o u s a n d r a p i d a s s c ie n c e c a n m a k e i t f r o m E x c h a n g e t o b r o k e r s
o f f i c o It d o o s n o t m a t t e r w h a t a r e t h e s t a g e s o r h o w l it t l e t h e y a r e s e c u r e d
b y coven an t or b on d .
T h u s lu m b e r p u r c h a s e d in T e x a s f o r t h e p u r p o s o o f f il l in g f o r e i g n o r d e r s
w a s h e l d t o b e c a r r ie d in i n t e r - s t a t e c o m m e r c e , a l t h o u g h n o c o n t r a c t p r e ­
v e n t e d t h e p u r c h a s e r f r o m g i v i n g i t a d i f f e r e n t d e s t i n a t i o n . Texas A New Or­
leans Hit. Co. V Sabine Tram Co , 2 2 7 U . S . 1 1 , 1 2 6 P r a c t i c o , i n t e n t a n d
t h o t y p i c a l c o u r s e , n o t t it l e o r n ic e t ie s o f f o r m , w e r e r e c o g n i z e d a s d e t e r ­
m in in g t h o c h a r a c t e r , a n d o t h e r c a s e s t o t h e s a m e e f f e c t w e r o c i t e d .
Tho
p r i n c ip l e w a s r e a f fi r m e d in Railroad Commission of Louisiana v . Texas A
Pacific Ry. Co., 2 2 9 U . S . 3 3 6 : a n d is t o o w e ll s e t t le d t o n e e d t o b o f u r t h e r
s u s t a in e d .
Western Oil Refining Co. v . Lipscomb, 2 4 4 U . S . 3 4 6 , 3 4 9 . S e e
Swift A Co. v . United States, 1 9 6 U . S . 3 7 5 , 3 9 8 , 3 9 9 . I t is a d m i t t e d t h a t
t h e t r a n s m is s io n f r o m N e w Y o r k t o M a s s a c h u s e t t s b y t h o T e l o g r a p h C o m ­
p a n y w a s in te r-S ta te c o m m e r c e .
I f s o i t c o n t in u e d s u c h u n t i l i t r e a c h e d
“ t h o p o i n t w h e r e t h o p a r t ie s o r ig in a ll y in t e n d e d t h a t t h e m o v e m e n t s h o u l d
f in a ll y e n d . ”
Illinois Central RR. Co. v . Louisiana RR. Commission, 2 3 6
U . S. 157. 163.
I f t h o t r a n s m is s io n o f t h o q u o t a t i o n s is i n t e r - S t a t e c o m m e r c e t h e o r d e r
i n q u e s t i o n c a n n o t b e s u s t a in e d .
I t is n o t l ik e t h o r e q u i r e m e n t o f s o m e
i n c id e n t a l c o n v e n i e n c e t h a t c a n b e a f f o r d e d w i t h o u t s e r io u s ly i m p e d in g
t h o in te r-S ta to w o rk .
I t is a n a t t e m p t t o a f f e c t i n it s v e r y v i t a ls t h e
c h a r a c t e r o f a b u s in e s s g e n e r i c a ll y w it h d r a w n f r o m S t a t e c o n t r o l — t o
c h a n g e t h o c r i t e r i a b y w h ic h c u s t o m e r s a r o t o b o d e t e r m in e d a n d s o t o
c h a n g e t h e b u s in e s s .
I t is s u g g e s t e d t h a t t h o S t a t e g e t s t h e p o w e r f r o m
it s p o w e r o v e r t h e s t r e e t s w h ic h it is n e c e s s a r y f o r t h e t e le g r a p h t o c r o s s .
B u t i f w e a s s u m e t h a t t h o p l a i n t if f s in e r r o r u n d e r t h e ir p r e s e n t c h a r t e r s
c o u ld b e e x c lu d e d fr o m th o str e e ts , th o c o n s e q u e n c e w o u ld n o t fo llo w .
A c t s g e n e r a l l y la w f u l m a y b e c o m e u n la w fu l w h e n d o n e t o a c c o m p l i s h a n
u n la w fu l e n d . United States v . Reading Co., 2 2 6 U . S . 3 2 4 , 3 5 7 , a n d a c o n ­
s t it u t i o n a l p o w e r c a n n o t b e u s e d b y w a y o f c o n d i t i o n t o a t t a i n a n u n c o n ­
s t it u t i o n a l r e s u l t .
Western Union Telegraph Co. v . Kansas. 2 1 6 U . S . 1 .
Pullman Co. v . Kansas, 2 1 6 U . S . 5 6 . Sioux Remedy Co. v . Cope, 2 3 5 U . S .
197, 203.
T h o r e g u l a t io n in q u e s t i o n is q u i t e a s g r e a t a n i n t e r f e r e n c e a s
a t a x o f t h o k i n d t h a t r e p e a t e d d e c i s io n s h a v e h e ld v o i d .
It can n ot be
J u s t ifie d " u n d e r t h a t s o m e w h a t a m b i g u o u s t e r m o f p o l i c e p o w e r s . ”
Western
Union Telegraph Co. v . Pendleton, 1 2 2 U . S . 3 4 7 , 3 5 9 . Leisy v . Hardin.
135 U . S . 100 .
Savage v . Jones, 225 U . S . 5 0 1 , 5 2 0 .
Western Union
Telegraph Co. v . Brown, 2 3 4 U . S . 5 4 2 , 5 4 7 . W i t h o u t g o i n g i n t o f u r t h e r
r e a s o n s w e a r e o f o p i n i o n t h a t t h e d e c r e e o f t h e S u p r e m o J u d ic i a l C o u r t
m u st b e reversed .
^
T h o o t h e r tw ro c a s e s w e r e s u it s b r o u g h t b y t h e N e w Y o r k S t o c k E x ­
c h a n g o a g a in s t t h e T e l e g r a p h C o m p a n ie s s e v e r a l ly a n d F o s t e r .
T h o b ills
s e t f o r t h t h e r e s p e c t i v e c o n t r a c t s w it h t h o c o m p a n i e s , a l lo g e t h a t F o s t e r
m a d e a p p li c a t io n s t o t h e m in t h e p r e s c r ib e d f o r m , w a s g i v e n a f u ll h e a r in g
b o f o r o a c o m m i t t e e o f t h e E x c h a n g o , a n d t h a t a s a r e s u lt t h e E x c h a n g e
r e a ch e d th e c o n c lu s io n th a t F o s te r h a d b e e n c o n d u c t in g b u c k e t s h o p s
a n d w a n t e d t h o q u o t a t i o n s In a i d o f s u c h s h o p s , a n d t h e r e fo r e d i s a p p r o v e d
t h o a p p li c a t io n s .
T h e y s e t f o r t h t h e o r d e r o f t h e S t a t e C o m m i s s io n , t h e
d e c r c o o f t h e S t a t e C o u r t a n d t h e i n t e n t o f t h o T e l e g r a p h C o m p a n ie s t o
c o m p l y w it h t h o o r d e r , a n d a lle g e t h a t i t is v o i d a s b e y o n d t h e j u r i s d i c t i o n
o f t h e S t a t e C o m m i s s io n u n d e r t h e C o n s t i t u t i o n a n d A c t s o f C o n g r e s s
a n d a ls o a s d e p r i v i n g t h e p l a i n t i f f o f it s p r o p e r t y w it h o u t d u e p r o c e s s o f
la w .
I n j u n c t i o n s a r o p r a y e d a g a in s t d e l i v e r y o f c o n t i n u o u s q u o t a t i o n s
t o F o s t e r o r r e c e ip t o f t h e m b y h i m u n le s s a n d u n t i l h e s h a ll h a v o a c q u i r e d
t h o r ig h t b y c o n t r a c t w it h t h e a p p r o v a l o f t h e E x c h a n g e .
S u b s e q u e n tly
t h o m e m b e r s o f t h e P u b l i c S e r v i c o C o m m i s s io n w e r o m a d e p a r t i e s , a n d t h e n
u p o n t h e ir m o t i o n t h e b ills w o r e d is m is s e d b y t h e D i s t r i c t C o u r t , t h e j u d g e
a c c e p t in g th o r e a s o n in g o f th e S u p ro m e C o u r t o f th e S ta te .
T h e d e c i s io n
s e e m s t o h a v e b e e n u p o n t h e m e r it s , b u t t h o q u e s t i o n is c e r t i f ie d w h e t h e r
t h o b i ll p r e s e n t s a c o n t r o v e r s y w h ic h a r is e s u n d e r t h e C o n s t i t u t i o n o r la w s
o f t h o U n it o d S t a t e s w it h i n t h e m e a n i n g o f S e c t i o n 2 4 o f t h o J u d ic i a l C o d e .
I n v i o w o f t h e d e c i s io n in t h o S t a t e c a s e s p r o b a b l y i t w il l n o t b o n e c e s s a r y
t o p r o s e c u t e t h e s o s u it s f a r t h e r .
B u t i t f o l l o w s f r o m w h a t w o h a v e s a id
t h a t t h o d e c i s io n o f t h e D is t r ic t C o u r t w a s w r o n g a n d t h a t t h o d e c r e e s in
th o s e ca sos a ls o m u s t b e re v e rs e d .
I t is s u g g e s t e d , t o b o s u r e , t h a t t h e
E x ch a n g e w o u ld b e b a r r e d b y th o S ta te d e c r e e a g a in s t th o T e le g r a p h
C o m p a n ie s i f i t s t o o d , b e c a u s e t h o E x c h a n g e b y it s c o n t r a c t s r e s e r v e d t h e
r ig h t t o i n t e r v e n e in s u c h s u it s .
I t d i d n o t i n t e r v e n e a n d t h e r e fo r e w o u l d
n ot havo been bou n d.

2386

[Vol. 106,

THE CHRONICLE

REMOVAL OF ALL M I N I M U M PRICES ON
PITTSBURGH STOCK EXCHANGE.

F a r W e s t a n d t h e s p i r it i n w h ic h t h o p r o j e c t o r s o f t h o o n t o r p r is o h a v e
c a r r i e d l t t h r o u g h w i l l . i t is b e l i e v e d , s t r o n g l y a p p e a l t o t h o f a r m i n g c o m ­
m u n i t y in t h o W e s t .

The removal from the Pittsburgh Stock Exchange of all
minimum prices fixed by the Securities Committee of the
Exchango was announced on M a y 24. The Pittsburgh
“ Gazette” in announcing this said:

J. P . Morgan, a member of tho board, is quoted as follows
concerning the project:

W h e n t ji e s o r e s t r i c t io n s w e r e p l a c e d u p o n a s o l e c t c d l is t o f s t o c k s l a t e
l a s t y o a r t h e o b j e c t w a s t o a v e r t n e e d le s s s a c r i f i c e o n t i l e p a r t o f h o l d e r s .
T h e a c t i o n w a s n o t t a k e n u n t i l o t h e r e x c h a n g e s h a d a d o p t e d r e g u l a t io n s
f o r p r o t e c t i n g t ii o i r m a r k e t s .
T h e n e e d o f s u c h p r o t e c t i o n in t h e l o c a l
m a r k e t l o n g s i n c o c e a s e d t o e x i s t , a n d t h e a c t i o n r e m o v i n g a ll r e s t r i c t io n s
i s r a t h e r b e l a t e d . _________

W IT H D R A W A L

OF OFFERING OF FEDERAL
LOAN BONDS.

FARM

Tho Federal Farm Loan Board on June 5 withdrew the
offerings of the Federal Farm Loan Bonds, which wore
announced two wooks ago through a syndicate composed ofij
Aloxnader Brown & Sons, Brown Bros. & C o., Harris, F o rb el
& C o ., Leo, Iligginson & C o ., and the National City C o i r !
pany. The withdrawal was duo to the fact, it is announced!
that something like $60,000,000 of tho bonds had been sola
during tho two weeks’ intensive campaign, providing enough
funds for loans until about Novombor 1. It is stated that
tho offering will bo resumed after the Fourth Liberty Loan
campaign. The offering was referred to in our issues of
M a y 25 and Juno 1.

N E W H EAD OF FEDERAL LAND B A N K A T COLUM­
BIA, S. C.
F.
J. II. von Engolkon, who was recently mado head
the division created by the Federal Farm Loan Board to
organize machinery for distributing tho Fedoral Farm Loan
bonds, has boen succeeded as President of tho Federal Land
Bank at Columbia, S. C ., by D . A . Houston, previously
Treasurer of the bank.

CREATION OF MO NTAN A FARMING CORPORATION
TO RAISE W H E A T ON I N D I A N RESERVATIONS.

O f c o u r s o w o a r e in h o p e s t h a t t h o e n t e r p r is e w ill n o t p r o v o a l o s in g o n o .
W o k n o w l i t t l e o r n o t h i n g h e r o in t h o E a s t a b o u t p r a c t i c a l f a r m i n g o n a
l a r g o s c a l e , b u t w e b e l i e v e t h a t M r . C a m p b o l l w ill p r o b a b l y b o a b l e t o
o v e r c o m o t h o n a t u r a l h a n d ic a p s o f w o a t h o r c o n d i t i o n s , s c a r c i t y o f l a b o r ,
m a t e r ia l , e t c . , a n d w ill b e a b l o t o m a k e t h o e n t e r p r is e u l t i m a t e l y p r o f i t a b l e .
T h e d e t e r m in i n g f a c t o r , h o w o v o r , in o u r f i n a l d e c i s i o n t o g o i n t o t h i s
p r o p o s i t i o n w a s t h o d o s ir e t o lo n d o u r a i d a n d c o - o p e r a t e w it h S e c r o t a r y
L a n o in t h o w a r m e a s u r e o f in c r e a s in g t h e s u p p l y o f w li o a t b y c u l t i v a t i n g
o n a s u b s t a n t i a l s c a l o l a n d s w h ic h m ig h t o t h e r w i s e n o t b o u s e d .

One-half the capital, it is stated, is to bo paid in, tho
other half, it is understood, being subject to call in $10
insLaffiSTonts.

wNEW YORK FEDERAL RESERVE B A N K SUSPENDS
SERVICE CHARGES I N CONNECTION W IT H
CHECKiCOLLECTION SYSTEM.
In accordance with the recommendation mado by tho
Federal Reserve Board that tho sorvico chargo for tho collec­
tion of cash items be^suspended or oliminatod for tho time
boing, tho Federal Roservo Bank of New York has announced
that, beginning Juno 15, and until furthor notico, it will
recoivo from ; member jbanks for collection, without chargo,
all chocks which can be handled at par. Tho Federal Itosorve
Bank of Boston, in making a similar announcomont, states
that the present sorvico charge of 10 conts por item for tho
collection of time and spocial items will bo eliminated on
June 15, but that a chargo of^lS cents will be, imposed for
of
all time and special collections that are returned unpaid.
Tho modification of the check collection charges proposed
by tho Federal Reserve Board was refereed to in our issue of
M a y 18. Below is tho announcomont mado by tho Fedoral
Resorvo Bank of Now York in which it is also mado known
that it has arranged to mako free tolographic transfers of
funds to banks in othor districts at par.
C ir c u la r N o .
FEDERAL

103

( S u p e r s e d in g C i r c u l a r N o . 4 3 ) .

RESERVE

BANK

OF

NEW

YORK.

Tho formation of a new organization, designed to furnish
New York, June 1 1 9 1 8 .
facilities for wheat growing on tho Indian reservations in
C H E C K C O L L E C T IO N S Y S T E M .
M ontana and W yom ing, was announced this week. The To the Cashier, Sir:
S U S P E N S IO N O F S E R V IC E C H A R G E S .
organization, which is said to have been created by its pro­
U n d e r t h o p la n o f o p e r a t i o n o f t h o c h o c k c o l l e c t i o n s y s t e m o r ig in a ll y
jectors in co-operation with the United States Department o u t l in e d in o u r c ir c u l a r N o . 4 3 d a t e d J u n o 0 1 9 1 0 , a s e r v ic o c h a r g e o f I c o n t
of tho Interior, has been styled tho Montana Farming Cor­ p e r i t e m , a p p l y i n g o n a ll o u t o f t o w n c h o c k s , h a s b e e n m a d e .
A t a r e c e n t m e e t in g o f t h o r e p r e s e n t a t iv e s o f t h o F e d e r a l R o s e q v o b a n k s
poration. It has an authorized capital of $2,000 ,00 0. It
i t w a s r e c o m m e n d e d t h a t t h o s e r v i c e c h a r g e s b o s u s p o n d o d , w h ic h r e c o m ­
plans to undertake tho cultivation of wheat on some 150,000 m e n d a t i o n w a s a p p r o v e d b y t h e F e d o r a l R o s o r v c B o a r d .
Y o u a r e , t h e r e f o r e , a d v i s e d t h a t o n a n d a f t e r J u n o 15 1 9 1 8 , a n d u n t il
to 200,000 acres on four Indian reservations, viz.: tho Crow,
the Blackfoot, tho Fort Peck, in M ontana, and the Shoshono f u r t h e r n o t i c o , t h o F e d e r a l R e s o r v o B a n k o f N o w Y o r k w il l r e c o iv o f r o m
m e m b e r b a n k s f o r c o l l e c t i o n , w i t h o u t a n y c h a r g o w h a t s o e v e r , a ll c h e c k s
Reservation in W yom ing. Thomas D . Campbell, of Grand d r a w n o n b a n k in g i n s t it u t i o n s in t h o U n it e d S t a t e s w h ic h c a n b e h a n d le d
Forks, N . D ., is President of the now corporation, the other a t p a r . (S e o P a r L i s t . )
D IR E C T R O U T IN G .
officers being: Frederick W . Stevons, of Ann Arbor, M ich .,
T h o re q u ir e m e n t t h a t th o F e d e ra l R e s e r v e b a n k s s h o u ld c o lle c t c h e c k s ,
Vice-President; Theodore Rousseau, Secretary and Treas­
e t c . , w a s i n c o r p o r a t e d in t h o A c t n o t o n l y t o p r o v i d o a n e c o n o m ic a l a n d
urer, and John S. Johnston, Assistant Treasurer. Tho d i r e c t m e t h o d o f c o l l e c t i n g c h e c k s b u t f o r t h o m o r e i m p o r t a n t p u r p o s o o f
directors are: J. Picrpont M organ, Charles II. Sabin, Presi­ r e d u c i n g t h o “ f l o a t ” c a u s e d b y in d i r e c t r o u t in g o f c h o c k s a s w e ll a s t h o
s o c a l le d “ r e s e r v e s ” c r e a t e d t h e r e b y .
dent of tho Guaranty Trust C o ., Now York; James A .
W o a n t i c i p a t e t h a t t h o s u s p e n s io n o f s e r v k o c h a r g e s a s p l a n n e d w ill
Stillman, Chairman of tho Board of the National C ity Bank, r e m o v e o n o o f t h e p r i n c ip a l c a u s e s o f t h o i n d i r e c t r o u t in g o f o u t o f t o w n
c
h
ecks.
W o b e g t o e x p r e s s t h o h o p o t h a t t h o m o m b e r b a n k s w ill c o ­
Now York; Charles D . Norton, President of tho First
o p e r a t e w it h u s in t h o e f f o r t t o b r i n g a b o u t d i r e c t r o u t i n g .
B a la n c e s b u ilt
Security C o ., of New York; Maxwoll Upson; Francis H . u p in o n e F e d e r a l R e s o r v o d i s t r i c t c a n b o m a d e i m m e d i a t e l y a v a i l a b l e ,
Sisson, Vice-President of tho Guaranty Trust C o.; Thomas t h r o u g h t h o F e d e r a l R e s e r v o b a n k , w i t h o u t c o s t , in a n y o t h o r s u c h d i s t r i c t
D . Campbell, of Grand Forks, M o n t.; J. S. Torrance, of a n d a ll c h e c k s s h o u l d b o r o u t e d d i r e c t t o t h o F e d e r a l R e s e r v e b a n k o f t h o
d i s t r i c t in w h ic h t h o f ir s t e n d o r s i n g b a n k is s i t u a t e d , t h u s m a t e r ia l l y r e ­
San Francisco; and Frederick W . Stovens. W ith reference d u c i n g t h o f l o a t a n d t h o a t t e n d a n t c o s t a n d l a b o r o f t h o s o v o r a l b a n k s
to tho new undertaking it is said:
w h ic h h a n d lo t h e c h e c k s .
T h o D e p a r t m e n t o f th e I n t e r io r a t W a s h in g to n n o t lo n g a g o e x p re s s e d
t o M r . C a m p b o l l , w h o is t h o P r e s i d e n t o f t h o n e w c o r p o r a t i o n , t h o d e s ir e
t h a t h e s h o i d d u n d e r t a k e t h o f o r m a t i o n o f a g r o u p o f s u f f i c i e n t fin a n c ia l
s t r e n g t h t o fu r n is h a m p l o f u n d s f o r t h o c u l t i v a t i o n o f w h e a t d u r i n g t h e
w a r in t h o d i s t r i c t s n a m e d , i t b e i n g o b v i o u s l y i m p o s s i b l e f o r t h o I n d ia n s
t o u n d e r t a k e t h e c u l t i v a t i o n o f t h is l a n d u p o n a l a r g o s c a l e .
I t is e s t i ­
m a t e d t h a t o n t h o s e r e s e r v a t io n s t h e r e m a y b o f r o m 1 5 0 ,0 0 0 t o 2 0 0 ,0 0 0
a c r e s o f c h o i c o l a n d u p o n w h ic h w h e a t w ill b o c u l t i v a t e d b y t h o c o r p o r a t i o n .
S e c r e t a r y L a n o b e c a m o im p r e s s e d w it h t h o v i t a l i m p o r t a n c e a s a w a r
m e a s u r e o f p u t t i n g a s m u c h a s p o s s i b le o f t h i s o x t e n s i v o a c r e a g e i n t o w h e a t .
I I o t h e r e f o r e s u m m o n e d M r . C a m p b e l l , w h o h a s l o n g b e e n a s u c c e s s fu l
f a r m o r a l o n g s c i e n t i f i c lin e s in t h o N o r t h w e s t a n d in C a li f o r n ia a n d u r g e d
h i m t o f o r m a c o r p o r a t i o n w h i c h s h o u l d le a s e t h o l a n d s in q u e s t i o n f o r a
s e r ie s o f y e a r s a n d a t o n c e u n d e r t a k e a c t i v e l y t h o w o r k o f c u l t i v a t i o n .
T h o c o r p o r a t i o n h a s n o r ig h t n o r t l t l o t o t h o l a n d I t s e lf , a n d S e c r o t a r y
L a n o s p e c i f i e d t h a t t h o c o r p o r a t i o n s h o u l d p r o v i d e a ll t h o f u n d s f o r s u c h
p e r m a n e n t i m p r o v e m e n t s a s m a y b o n e c e s s a r y a l o n g t h o l in o o f fa r m
b u ild in g , e t c .
T h e c o r p o r a t i o n w ill a ls o p r o v i d o f u n d s f o r t h o a g r i c u lt u r a l
m a c h i n e r y r e q u i r e d a n d f o r a n y o t h e r n e c e s s a r y i n v e s t m e n t in p l a n t a n d
e q u ip m e n t.

R E V IS E D

T IM E

SCH EDU LE.

T h r o u g h t h o e l e v e n b r a n c h e s o f F e d e r a l R o s e r v o b a n k s w h ic h a r o n o w
in o p e r a t i o n , It h a s b e c o m o p o s s i b le t o r o t lu c o t h o t i m o o f c o ll e c t in g c h e c k s
d r a w n o n t h o s e b r a n c h e s a n d o n b a n k s s i t u a t e d in t h e i r d i s t r i c t .
A
r e v i s e d t im o s c h e d u l e is e n c l o s e d h e r e w it h , a d d it i o n a l c o p i o s o f w h ic h w ill
b o p r o v id e d o n a p p lic a t io n .
R E V IS E D P A R L IS T .
A p a r l is t s h o w in g t h o b a n k in g in s t it u t i o n s c h o c k s u p o n w h ic h c a n b o
c o l l e c t e d b y t h o F e d e r a l R o s e r v o b a n k s a t p a r . is p u b li s h e d a n d d i s t r i b u t e d
b y t h o F e d e r a l R e s e r v e B o a r d f r o m t i m o t o t im o .
A c o r r e c t e d p a r l is t w ill
b o is s u e d a s o f J u n o 1 1 9 1 8 .
I n S o p t o m b o r 1 9 1 0 t h o r o w e r e 1 4 ,0 5 0 b a n k s o n
t h o p a r l is t ; o n A p r i l 15 1 9 1 8 t h e r e w o r e 1 7 ,5 8 4 , a n d t h e n u m b e r Is s t e a d i ly
i n c r e a s in g .
I t is b e h o v e d t h a t t h o b a n k s o n t h o p a r lis t w ill in c lu d o o v e r
9 5 % o f t h e v o l u m o o f c h e c k s In c i r c u l a t i o n a n d a s t ill l a r g e r p o r c o n t a g o o f
t h o v o l u m e o f c h e c k s w h ic h m e m b e r b a n k s in t h is d i s t r i c t a r o c a l le d u p o n
t o c o lle c t .
F R E E T E L E G R A P H IC T R A N S F E R S .

A s u b s t a n t i a l p a r t o f t h o l a n d o n e a c h r e s e r v a t io n Is u n d o r i r r i g a t i o n .
T h i s p r o s o n t ir r i g a t i n g s y s t e m is t o b o m a i n t a in e d b y t h o G o v e r n m e n t a s
n o w , a n d t h o c o r p o r a t i o n w ill p a y a f ix o d c h a r g e f o r t h o u s o o f t h o w a t e r .
T h o c o - o p e r a t i o n o f t h o G o v e r n m e n t in o b t a i n i n g e q u i p m e n t a n d l a b o r
f o r t h o c o r p o r a t i o n w ill n a t u r a l l y b o a c c o r d e d , In v i e w o f t h e d e s i r e o f t h o
I n t e r io r D e p a r t m e n t to h a v e t h o la n d p u t u n d o r c u ltiv a t io n a s' e a r ly as
p o s s ib le .

R e c o g n i z i n g t h e v a l u o t o m e m b e r b a n k s o f h a v i n g t h o lr f u n d s o n d o p o s l t
w it h u s i m m e d i a t e l y a v a i l a b l e in a n y o t h o r F e d e r a l R o s e r v o D i s t r i c t , w o
h a v e a r r a n g e d t o m a k e t e le g r a p h i c t r a n s f e r s o f f u n d s t o b a n k s in o t h o r
d is t r ic t s a b s o lu t e ly a t p a r , n o c h a r g o o v e n b o in g m a d o fo r t h o c o s t o f th e
t e le g r a m .
I n o r d e r t h a t t h o r o m a y b o n o d o l a y In m a k i n g t h o s o t o lo g r a p h ic
t r a n s f e r s a n d In t r a n s a c t in g o t h o r b u s in e s s b e t w e e n F e d e r a l R o s e r v o b a n k s ,
p r i v a t e t e le g r a p h lin e s b o t w e o n a ll t h o R o s e r v o b a n k s a n d t h o lr b r a n c h o s
a s w e ll a s w i t h t h o F e d e r a l R e s e r v o B o a r d in W a s h i n g t o n w ill s o o n b o In
o p e r a tio n .

T h o w h o l o p la n is u n i q u e a n d m a r k s a r a d i c a l d e p a r t u r e b y E a s t o r n
f in a n c ie r s .
T h i s is t h e f ir s t i n s t a n c e in w h i c h a g r o u p o f N o w Y o r k c a p i ­
t a l is t s h a s o f f e r e d t o p r o v i d o fu n d s f o r a c t i v e f a r m i n g o p e r a t i o n s in t h e

T h e r u lo s a n d r e g u la t io n s c o n t a i n e d in C i r c u l a r N o . 4 3 w h ic h w il l r e m a in
In f o r c e a f t e r J u n o 15 1 9 1 8 a r o r e p r in t e d a s f o ll o w s :




RULES A N D

R E G U L A T IO N S .

June 8 1918.]

2387

THE CHRONICLE
Below is the par list referred to above:

Use of the Check Collection System Is Voluntary.
N o m e m b e r b a n k is r e q u i r e d t o u s e t h e c h e c k c o l l e c t i o n s y s t e m , n o r a r e
a n y f o r m a l i t i e s o r r e s o lu t i o n s r e q u i r e d b e f o r e i t m a y b o u s e d .
A m em ber
b a n k m a y se n d c h e ck s fo r c o lle c t io n th r o u g h t h e F e d e ra l R e s e r v e b a n k
r e g u l a r ly , o c c a s i o n a l l y o r n o t a t a ll; o r m a y c o l l e c t t h e m t h r o u g h p r e s e n t
c o r r e s p o n d e n t s o r in a n y o t h e r m a n n e r c o n s i d e r e d a d v a n t a g e o u s .

Items Which Will He Received.
W o w il l r e c e i v e f r o m m e m b e r b a n k s c h e c k s a n d d r a f t s d r a w n o n b a n k s
a s p e r p a r l i s t p u b li s h e d b y F e d e r a l R e s e r v o B o a r d .

When Proceeds of Items Will Be Available.
A l l c h e c k s d r a w n o n b a n k s s itu a te d in N e w Y o r k C it y (B o r o u g h o f M a n ­
h a t t a n ) , r e c e i v e d b y 9 a . m . w il l b e i m m e d i a t e l y c r e d i t e d a t p a r a n d w ill
th e r e u p o n b c c o m o a v a ila b le a s ro s e rv o o r t o p a y c h e c k s d r a w n .
C h eck s
d r a w n o n m e m b e r s o f th o N e w Y o r k C le a rin g H o u s o A s s o c ia t io n , h o w e v e r ,
w ill n o t b o r e c e iv e d fr o m m e m b e r s o f th o N e w Y o r k C le a r in g H o u s e A s s o ­
c ia tio n .
F o r a ll o t h e r c h e c k s i m m e d i a t e c r e d i t e n t r y a t p a r w il l b e m a d e , b u t
s u c h c r e d i t w il l n o t b o a v a i l a b l e a s r e s e r v e o r t o p a y c h e c k s d r a w n , u n t il
t h e a p p r o p r ia t e p e r io d in d ica te d o n t h e tim e s c h e d u le h a s e la p s e d .
Thes<
p e r i o d s a r e b a s e d o n t h o m a i l t im e r e q u i r e d f o r i t e m s t o r o a c h t h e p a y i n
b a n k p lu s t h o m a il t im e re q u ire d fo r th o p a y in g b a n k t o r e m it t o th e
F e d e r a l R e s e r v e b a n k o f its d i s t r i c t .
B y a v e ra g in g th e m a il t im e it h a s
b e e n p o s s i b le t o i n c lu d e a ll p o i n t s in t h o c o u n t r y in f o u r d i v i s i o n s , n a m o l y ,
1,2,4
and 8 d a ys.
T h o s c h e d u l e Is s u b j e c t t o c h a n g e , a n d f o r c o n v e n i e noc e
it’ h a s b o o n a rra n g e d b y S ta tes ra th e r th a n b y F e d e ra l R e s e r v e d is tr ic ts .

*

How Items Will Be Handled.
C h e c k s d r a w n o n m e m b e r b a n k s in t h i s F e d e r a l R e s e r v e d i s t r i c t w il l b e
fo r w a r d e d d ir e c t ly t o s u c h b a n k s a n d c h a r g e d t o th e ir a c c o u n t s a fte r
s u ffic ie n t t im e h a s e la p s e d fo r u s t o h a v e r e c e iv e d a d v ic e o f p a y m e n t .
Tho
f o r m f o r s u c h a d v i c e w il l b e a t t a c h e d t o o u r l e t t e r a n d m u s t b e s i g n e d a n d
r e tu r n e d t o u s o n t h o d a y o f r e c e ip t .
C h e c k s d r a w n o n n o n - m e m b e r b a n k s i n t h i s d i s t r i c t w il l b e s e n t t o
m e m b e r b a n k s w h e re v e r s a t is fa c t o r y a r r a n g e m e n ts a re m a d e , o r m a y , in
o u r d i s c r e t i o n , b e s e n t d i r e c t f o r r e m it t a n c e .
C h e c k s d r a w n o n m e m b e r o r n o n - m e m b e r b a n k s in a n y o t h e r d i s t r i c t
w il l b o s e n t t o t h o F e d e r a l R e s e r v e b a n k o f s u c h d i s t r i c t f o r c o l l e c t i o n
a n d s o t t lo m o n t .
U n p a id c h e c k s n o t s u b je c t t o p r o t e s t m u s t b e r e tu r n e d o n t h e d a y o f
r e c e ip t .
P r o t e s t e d c h e c k s m u s t b o re tu rn e d n o t la te r th a n th e d a y a fte r
r e c e ip t .
U n p a id ch e c k s m u s t n o t b o h o ld fo r a n y p u rp o s e w h a ts o e v e r

FE D E RA L RESERVE B A N K OF N EW Y O R K
S c h e d u le S h o w i n g W h e n t h e P r o c e e d s o f I t e m s
W ill B e c o m e A v a ila b le .
Im m e d ia t e C r e d it
N o w Y o r k (M a n h a t t a n ) W h e n r e c e iv e d b y 9 a . m .
O n o D a y a fte r R e c e ip t
B oston
P h il a d e l p h i a
R ic h m o n d
R o a n o k e , V a . (S e e p a r l i s t ) .
T w o D a y s a fte r R e c e ip t
C le v e la n d
x C in c in n a t i
C h ic a g o
x D e tr o it
A tla n ta
M in n e a p o l is
S t. P a u l
S t . L o u is
K an sas C ity , M o .
K an sas C ity , K an s.
x L o u is v i l le

1

Mo>ur D a y s

a fte r R e c e ip t
D a lla s
x N e w O r le a n s
xD enver
xO m aha
xSpokane
x S a lt L a k e C i t y
x P o r tla n d , O reg on
x S e a ttle
S a n F r a n cis c o

x B a lt im o r e
x P itts b u r g h

B a n k s in
N e w Jersey
*N ew Y ork
D e la w a r e
D i s t r i c t o f C o l u m b i a * P e n n s y lv a n ia
R h o d e I s la n d
M a in e
V erm on t
♦ M a r y la n d
* M assa ch u setts
♦ V ir g in ia
N e w H a m p s h ire

Connecticut

A la b a m a
A rk a n sas
F lo r id a
♦ G e o r g ia
♦ I llin o is
In d ia n a
Iow a
♦ K ansas
♦ K en tu ck y
♦ M i c h ig a n

g h t D a y s a fte r R e c e ip t
A r iz o n a
♦ C a lifo r n ia
♦ C o lo r a d o
Id a h o
♦ L o u is ia n a
M on ta n a
♦ N ebrask a
N evada
N e w M e x ic o

e x c e p t fo r im m e d ia te p r o te s t.

Special Routing Arrangements.

B a n k s in
♦ M in n e s o ta
M is s i s s ip p i
♦ M is s o u r i
N o r t h C a ro lin a
♦ O h io
S o u th C a ro lin a
T en n essee
W e s t V i r g i n ia
W isc o n s in
B a n k s in
N o rth D a k ota
O k la h o m a
♦ O regon
S ou th D a k o ta
♦T exas
♦ U ta h
♦ W a s h in g t o n
W y o m in g

I f a m o m b o r b a n k h a s a s u f f i c i e n t v o l u m e o f c h e c k s o n c e r t a in p o i n t s o r
d i s t r i c t s t o w a r r a n t m o r e d i r e c t r o u t in g , s p e c i a l a r r a n g e m e n t s c a n b o m a d e
t o se n d su ch ch e c k s d ir e ct t o o th e r F e d e ra l R e s e r v e b a n k s.

x B ra n ch b an k s.
♦ E x c e p t b a n k s i n c it i e s r e fe r r e d t o in f ir s t c o l u m n .
Note.— T w o d a y i t e m s w o f o r w a r d o n S a t u r d a y w il l b e a v a i l a b l e T u e s d a y .
F o u r d a y i t e m s w o f o r w a r d T h u r s d a y w il l b e a v a i l a b l e T u e s d a y a n d t h o s e
fo rw a r d e d F r id a y a n d S a tu rd a y o n W e d n e s d a y .
T o o b ta in q u ic k e s t
How Member Banks May Maintain Balances.
a v a i l a b l i t y o f f u n d s , s o r t a n d lis t c h o c k s in a c c o r d a n c e w it h a b o v e t im e
M e m b e r b a n k s m a y m a in t a in t t io ir b a la n c o s w it h u s (a ) b y s h i p p i n g t o
s c h e d u l e , w it h a s e p a r a t e c a s h l e t t e r f o r e a c h s e p a r a t e t im e g r o u p .
u s a t o u r o x p e n s o p r o p e r ly s o r te d la w fu l m o n e y o r F e d e ra l R e s e r v e n otes;
B a n k s d e s ir in g t o s e n d c h e c k s d i r e c t t o o t h e r R e s e r v o b a n k s o r t h e ir
(b )
b y d e p o s i t in g N o w Y o r k e x c h a n g e , o r ( c ) b y t h e p r o c e e d s , w h e n a v a i l ­
b r a n c h e s w ill p le a s e s e c u r e f r o m u s t h o c ir c u l a r s s h o w in g t h e t e r r i t o r y
a b le , o f o u t o f t o w n ite m s d e p o s ite d fo r c o lle c t io n .
N o n -m e m b e r b a n k s
h a n d le d b y t h e b r a n c h e s .
may m a k o r e m it t a n c e s in t h e m a n n e r d e s c r ib e d in (a ) a n d ( b ) in s e t t l e m e n t
une 1 1918.
____________
o f ite m s s e n t d ir e c t .
T h i s a r r a n g e m e n t h a s b o o n m a d e in o r d e r t o c o m p l y w it h t h e m a n d a t o r y
AN N O U N CE M EN T OF MINNEAPOLIS FEDERAL RE­
t e r m s o f t h e F e d e r a l R e s e r v e A c t t o t h e e f f e c t t h a t a ll s e t t le m e n t s o f ite m ;
w h e t h e r b y c h a r g e a g a in s t t h o m e m b e r b a n k ’ s a c c o u n t o r b y r o in it t a n ij'
SERVE B A N K CONCERNING E L IM IN A T IO N OF
o f c u r r e n c y o r e x c h a n g e m u s t b o m a d e a t f u ll f a c e v a l u o w i t h o u t d c d u c t i o (
SERVICE CHARGE FOR HAN DLING CHECKS.
w i t h o u t , h o w o v e r , c o n f l i c t i n g w it h t h o a s s u m p t i o n t h a t i t e m s a r e p a y a !
The Federal Reserve Bank of Minneapolis has issued the
o n ly a t th e c o u n t e r o f t h o b a n k o n w h ic h t h e y a r e d r a w n .

Restrictions A s to Endorsements.
T o i n s u i o d i r e c t r o u t in g t h is b a n k w il l n o t a c c e p t c h e c k s d r a w n 6 n
b an k l o c a t e d o u t s i d e t h i s d i s t r i c t , w h e n s u c h i t e m b e a r s t h e e n d o r s e m e n
o f a b a n k l o c a t e d o u t s i d e o f t h is d i s t r i c t .
T h e o th er F ed era l R e se rv e ban k s
w il l a d o p t s i m i l a r r u le s .

Sorting

Items.

I n o r d e r t o e x p e d ite th e fo rw a r d in g o f ite m s , m e m b e r b a n k s a re r e q u e s te d
t o s o r t t h e i r i t e m s i n t o t h o f o l l o w i n g c la s s e s a n d l is t e a c h c la s s o n a s e p a r a t e
sh eet:
(а ) I t e m s d ra w n o n m e m b e r s o f th e N o w Y o r k C le a rin g H o u s e ;
(б ) I t e m s d r a w n o n o t h e r b a n k s i n B o r o u g h o f M a n h a t t a n ;
(c ) I t e m s d r a w n o n o n e d a y p o i n t s ;
id) I t e m s d r a w n o n t w o d a y p o i n t s ;
(e ) I t e m s d r a w n o n f o u r d a y p o i n t s ;
( / ) I t e m s d ra w n o n e ig h t d a y p o in t s .
T h e y a r e .also r e q u e s t e d t o p r i n t o n t h o ir o w n c h e c k s a n d t h e c h e c k s u s e d
b y t li o l r d e p o s i t o r s t h o f ig u r e " 2 ” ( s ig n i f y in g F e d e r a l R e s e r v e D i s t r i c t
N o . 2 ) , p r e f e r a b ly in a l a r g o s k e l e t o n f ig u r o in t h o c e n t r e o f t h e c h o c k .

"Collectible at Par through the Federal Reserve Bank of New York.”
M o m b o r b a n k s a re e n title d to p la c e th o w o r d s , " C o lle c t ib le a t p a r th r o u g h
t h o F e d e r a l R e s e r v e B a n k o f N o w Y o r k , ” o n t h e ir o w n c h e c k s a n d t h o
' c h e c k s u s e d b y th e ir d e p o s ito r s .
Y o u r a t t e n t i o n Is c a l l e d t o t h o d e s i r a b i li t y
o f availing o f t h i s p r i v il e g e .

Penalty for Impairment of Reserves.
T h o p e n a l t y f o r i m p a ir m e n t o f r e s e r v o p r o v i d e d b y t h o F e d e r a l R e s e r v e
A c t h a s b e e n Im p o s e d s in c e J u ly 15 1 9 1 6 .
M e m b e r b a n k s a re req u ested
t o r e p o r t m o n t h l y t h o a v e r a g e r e s e r v o r e q u i r e d t o b o k e p t w it h t h e F e d e r a l
R eservo ban k.
T h o i m p a i r m e n t o f t h e ir r o s o r v e , i f a n y , is a s c e r t a in e d b y
c o m p a r in g t h is f ig u r o w i t h t h o a v e r a g e a c t u a l r e s e r v e s h o w n b y o u r b o o k s .
S h o u ld a d e f i c i e n c y a p p e a r , a m e m o r a n d u m s h o w in g t h o d a i l y b a l a n c o
a c c o r d i n g t o o u r b o o k s is f o r w a r d o d t o t h e m e m b e r b a n k f o r v e r i f i c a t i o n .
P e n a lt i e s a r e o n l y i m p o s e d a f t e r p r o p e r r e c o n c i l i a t i o n o f t h o t w o a c c o u n t s
a n d a f t e r d e t e r m in a t i o n t h a t t h o d e f i c i e n c y h a s n o t b e e n c a u s e d b y m a t t e r s
b o y o n d th o c o n tr o l o f th o m e m b e r b a n k .
T h is p e n a lt y h a s b o o n fix e d b y th e F e d e ra l R e s e r v o B o a r d , f o r th o
p r e s e n t , a t a r a t e o f i n t e r e s t o n t h o a v e r a g e i m p a ir m e n t e q u a l t o 2 %
a b o v e th o d is c o u n t r a te fo r n in e ty -d a y p a p e r.

Conditions upon Which Member Banks May Use System.
E v e r y m e m b e r b a n k s e n d i n g i t e m s t o u s a f t e r t h o i n a u g u r a t i o n o f t h is
s y s t o i e w il l b e u n d e r s t o o d t o h a v e a g r e e d t o t h e t e r m s a n d c o n d i t i o n s s e t
f o r t h in t h is c ir c u l a r a n d t o h a v e t h e r e b y s p e c i f i c a l l y a g r e e d t h a t in r e ­
c e iv in g s u c h ite m s th o F e d e ra l R o s e r v o B a n k o f N o w Y o r k w ill a c t o n ly
a s t h o c o l l e c t i o n a g e n t o f t h o s e n d in g b a n k , w il l a s s u m e n o r e s p o n s i b il i t y
o t h o r t h a n d u o d i li g e n c e a n d c a r e in f o r w a r d i n g s u c h i t e m s p r o m p t l y , a n d
w il l b e a u t h o r i z e d t o s e n d s u c h I t e m s f o r p a y m e n t d i r e c t t o t h o b a n k o n
w h ic h th o y a ro d ra w n o r t o a n o th e r a g e n t f o r c o lle c t io n , a t its d is c r e t io n .




R e s p e c t fu lly ,
BE N J. STRO N G ,

Governor.

following circular relative to the elimination of the serviccharge for handling checks and drafts:
FEDERAL

RESERVE

BANK

O F M IN N E A P O L IS .

To the Member Banks of District No. 9 :
I n a c c o r d a n c e w it h t h e p o l i c y o f t h e F e d e r a l R e s e r v e B a n k t o r e n d e r
o v e r y p o s s i b le s e r v ic e t o it s m e m b e r b a n k s , i t h a s b e e n d e c i d e d t h a t b e ­
g in n in g J u n e 15 1 9 1 8 a n d u n t il f u r t h e r n o t i c e t h e c u s t o m a r y s e r v ic e c h a r g e
o f lViC. p e r i t e m f o r h a n d lin g c h o c k s a n d d r a f t s s h a ll b o e l im i n a t e d . W i t h
t h e e x c e p t i o n o f s p e c ia l c o l l e c t i o n i t e m s , n o c h a r g e w ill t h e r e f o r e b e m a d e
a g a in s t t h o a c c o u n t o f t h e d e p o s i t in g b a n k t o c o v e r t h e c o s t o f p r e s e n t i n g
c h e c k s a n d d r a f t s d r a w n o n b a n k s w h o s e n a m e s a p p e a r o n o u r p a r lis t .
P r o v i s io n w a s m a d e f o r t h e s e r v ic e c h a r g e a t t h e t i m e t h e c h e c k c le a r i n g
a n d c o lle c t io n s y s te m w a s in a u g u r a te d , o n J u ly 15 191 6.
I n o u r C ircu la r
N o . 3 5 it w a s s ta te d th a t w it h th e e x c e p t io n o f c h e c k s a n d d r a fts d ra w n o n
T w i n C i t y b a n k s o n w h ic h t h e r e w o u l d b o n o c h a r g e , a s e r v ic e c h a r g e o f
l j ^ c . p e r ite m w o u ld b e m a d e t o c o v e r t h e a c tu a l c o s t o f la b o r , p o s t a g e ,
s t a t io n e r y , & c .
I n t h e r e v i s e d e d i t i o n o f c ir c u l a r s a n d f o r m s Is s u e d u n d e r d a t e o f M a y 1
1 9 1 8 a c o p y o f w h i c h w a s r e c e n t ly s e n t t o y o u , w ill b e f o u n d t h o r u le s a n d
r e g u la t io n s g o v e r n i n g c a s h i t e m s d e p o s i t e d w it h u s .
T h e t im e s c h e d u l e
n o w i n e f f e c t is a l s o g i v e n t h e r e in .
I t is a n t i c ip a t e d t h a t t h e s u s p e n s io n o f t h e s e r v ic e c h a r g e w ill r e s u lt i n a n
i n c r e a s e in t h e n u m b e r o f it e m s d e p o s i t e d w it h u s a n d b a n k s w ill n o r e
f r e e l y a v a i l t h e m s e lv e s o f t h o fa c il i t i e s o f f e r e d f o r t h e c o l l e c t i o n o f i t e m s .
W o s h a ll t h e r e fo r e b o p le a s e d i f t h o p r o v i s i o n s h a ll a c c o m p l i s h t h is p u r ­
p o s e a n d m e m b e r b a n k s w ill c o - o p e r a t e in o r d e r t o f u r t h e r t h e u n iv e r s a l
p a r c o lle c t io n o f c h e c k s , th e r o b y b e n e fitin g th e p u b lic a n d th e b a n k s th e m ­
s e lv e s .
V e r y t r u ly y o u r s ,
T H E O D O R E W O L D , Governor.
C ircu la r N o . 9 1 , M a y 31 1 91 8.

ATTORNEY-GENERAL OF ILLINOIS HOLDS THAT
NATIONAL BAN KS I N STATE M A Y CONDUCT
TRUST CO. BUSINESS.
A n opinion to the effect that national banks have a legal
right to engage in a trust business in Illinois was handed
down by the State Attorney-General, Edward J. Brundage,
on M a y 22. His conclusions were reached despite an ad­
verse decision of the Illinois Supreme Court, given in the
case of the First National Bank of Joliet. Attorney-General
Brundage based his findings on the decision of the United
States Supremo Court in the case of the First National
Bank of B ay C ity, M ich. In making known his conclusions
M r . Brundage advised State Auditor Russell to issue per­
mits to such national banks as desired to transact a trust

2388

[Vol. 100.

THE CHRONICLE

company business when granted the necessary authority
by the Federal Reservo Board. The Illinois Supremo
Court, at a recent term, in declining to recede from an orig­
inal position, did not, is is stated, ignore the sweeping de­
cision of the United States Supremo Court, but said the
Joliet bank had not observed the proper method of pro­
cedure. The decision of the U . S. Supremo Court in the
case of tho First National Bank of B ay City was referred
to in our issue of Dec. 1 1917.

d o l la r s .
T h o C o m p t r o l l e r m e n t io n s t h e c a s o o f o n o b a n k w h ic h f a il o d 2 7
y e a r s a g o w h o s e a f fa ir s w e r e s o b a d l y t a n g le d t h a t t h o f in a l d i v i d e n d in
l i q u i d a t i o n h a s n o t y e t b e e n p a id .
T h o C o m p t r o l l e r s t a t e s t h a t t h o p la n w h ic h h o is a d v o c a t i n g f o r t h o
g u a r a n te e o f b a n k d e p o s its has th o a p p r o v a l o f th o S e c r e ta r y o f th e T r e a s ­
u r y , t h o c h a ir m e n o f t h o B a n k i n g a n d C u r r e n c y C o m m i t t e e s o f t h o S o n a t o
a n d I I o u s o o f R e p r e s e n t a t i v e s , a n d , in c lu d in g its o x - o f f i c i o m e m b e r s , o f a
m a j o r i t y i n d i v id u a l ly o f t h o m e m b e r s o f t h e F e d e r a l R e s e r v e B o a r d .

The following is the Comptroller’s letter:
TREASU RY D EPA RTM E N T,
W a s h in g to n .

Comptroller of the Currency.

APPLICATIONS FOR N E W NATIONAL B A N K CHAR­
TERS FOR FIVE MONTHS OF 1918 A N D 1917.
According to an announcement of the Comptroller of tho
Currency on Juno 4 his office received during tho first five
months of 1918, 123 applications for charters for new na­
tional banks, with capital of 87 ,735,000, compared with
16G applications received during the corresponding period
in 1917 with capital of 813,000,000. Concerning charters
granted, capital increases, & c., tho statement says:
Charters Granted.

■

I n t h e s o f i v o m o n t h s o f 1 9 1 8 , 6 0 c h a r t e r s w e r o g r a n t e d , c a p i t a l $ 8 ,4 3 0 ,0 0 0
a s c o m p a r e d w it h 7 3 c h a r t e r s g r a n t e d d u r i n g t h o c o r r e s p o n d i n g p e r i o d
in 1 9 1 7 , w it h c a p i t a l o f $ 4 , 1 8 5 , 0 0 0 .

Capital Increases.
F o r t h is p e r i o d in 1 9 1 8 , 9 2 n a t i o n a l b a n k s in c r e a s e d t h e ir c a p i t a l s t o c k
in t h o s u m o f $ 7 , 2 7 5 , 0 0 0 , a g a in s t 9 8 b a n k s in c r e a s in g t h e ir c a p i t a l b y
$ 1 3 ,6 9 4 ,9 9 0 , d u r in g t h o s a m o p e r i o d In 1 9 1 7 .

Capital Reductions.
T h r e o b a n k s r e d u c e d t h e ir c a p i t a l d u r i n g t h o f ir s t f i v o m o n t h s o f 1 9 1 8 ,
b y $ 1 7 5 ,0 0 0 .
D u r in g t h o s a m o p e r i o d la s t y e a r 7 b a n k s r e d u c e d t h e i r c a p i ­
t a l $ 4 8 8 ,0 0 0 .

Liquidations.
T w e n t y - s i x n a t i o n a l b a n k s w e n t i n t o v o l u n t a r y l iq u id a t i o n (e x c lu s i v e
o f t h o s e c o n s o l i d a t i n g w it h o t h e r n a t i o n a l b a n k s ) d u r i n g t h o f ir s t f i v o
m o n th s o f 1 9 1 8 , th e ir a g g r e g a te c a p ita l b e in g $ 5 ,1 3 5 ,0 0 0 , a s c o m p a r o d
w i t h 3 8 s u c h b a n k s liq u id a t i n g d u r i n g t h o s a m o p e r i o d in 1 9 1 7 , w it h a n
a g g r e g a t e c a p i t a l o f $ 3 ,4 4 7 ,5 0 0 .

Charters Refused.
D u r i n g t h o fir s t f i v o m o n t h s o f 1 9 1 8 , t h o C o m p t r o l l e r o f t h o C u r r e n c y
r e fu s e d 10 a p p li c a t io n s f o r c h a r t e r s f o r n e w n a t i o n a l b a n k s .
D u r in g th o
s a m o p e r i o d la s t y e a r 11 a p p li c a t io n s w 'ere r e fu s e d .

Number of National Banks.
A t t h o c lo s e o f b u s in e s s o n M a y 31 1 9 1 8 t h e r o w e r o in o x i s t e n c o 7 ,7 0 7
n a t i o n a l b a n k s , a s c o m p a r e d w it h 7 ,6 1 6 o n M a y 31 1 9 1 7 .

/

/

.

1

.......

\

COMPTROLLER OF THE CURRENCY W IL LIAM S
ON REASONS FORf EN ACTMENT OF DEPOSITS
\. GUARANTY L AW.
A circular letter embodying tlieT reasons^ which liavo
prompted the Comptroller of the Currency to recommend
the enactment of the bill proposing tho guarantee of national
bank deposits not in excess of 85,000 has been addressed
by Comptroller Williams to tho national banks of the coun­
try. The Comptroller asks tho banks for an expression of
opinion with regard to the suggested legislation, and for
an indication as to their reasons for approving or disap­
proving of it. M r. Williams argues that tho adoption of
tho law would bring out many millions of dollars of hoarded
money, that it would afford a moro complete security to
some 16,000,000 depositors, that it would prevent runs,
and would contribute more to tho unification and solidarity
of tho entire banking systom than anything elso. A state­
ment which ho issued on June 5 regarding tho circular says:
T h e C o m p t r o l l e r o f t h e C u r r e n c y is t o - d a y s e n d i n g o u t a c ir c u l a r l e t t e r t o
a ll n a t i o n a l b a n k s i n v i t i n g t h e i r v i e w s o n a m e a s u r o b e f o r o t h o U n it e d
S t a t e s S e n a t e p r o v i d i n g f o r t h o g u a r a n t e o o f a ll d e p o s i t s in n a t i o n a l b a n k s
o f $ 5 ,0 0 0 a n d u n d e r , u p o n w h ic h in t e r e s t n o t in e x c e s s o f 3 % p e r a n n u m
is p a i d ; a n d l e a v i n g it o p t i o n a l w it h t h o n a t i o n a l b a n k s a s t o w h o t h e r t h e y
s h a ll a c c e p t t h o b e n e f i t s o f t h o g u a r a n t y o r n o t .
T h o C o m p t r o l l e r s h o w s , f o r t h e f ir s t t i m e In m o r e t h a n t li i r t y - s o v o n
y e a r s , t h a t f i v e m o n t h s a n d f i v o d a y s o f t h o c a l e n d a r y e a r h a v o e la p s e d
w i t h o u t r e c o r d in g t h e f a ilu r o o f a s in g lo n a t i o n a l b a n k ; w h ilo 123 a p p l i c a ­
t io n s h a v e b e e n r e c e iv e d f o r c h a r t e r s f o r n e w n a t i o n a l b a n k s s i n c o J a n . 1
1918.
I n t h o s a m o p e r i o d , t h i r t e e n b a n k in g i n s t it u t i o n s u n d e r S t a t o
s u p e r v i s io n in t o n S t a t e s h a v e c lo s e d .
T h o r e c o m m e n d a t io n f o r t h o F e d e r a l g u a r a n t e e o f d e p o s i t s is m a d e
p u r s u a n t t o a s t a t u t o w h ic h m a k e s i t t h o d u t y o f t h o C o m p t r o l le r o f t h o
C u r r e n c y t o r e c o m m e n d t o C o n g r e s s a n y “ a m e n d m e n t t o t h e la w s r e la ­
t i v e t o b a n k in g b y w h ic h t h e s y s t e m m a y b o i m p r o v e d a n d t h o s o c u r it y
o f t h o h o l d e r s o f it s n o t e s a n d o t h e r c r e d it o r s m a y b o i n c r e a s e d . ”
T h o m a i n a r g u m e n t s p r e s e n t e d b y t h o C o m p t r o l l e r in f a v o r o f t h o a d o p ­
t i o n o f t h o g u a r a n t y la w a r o :
F i r s t — T h a t it w o u ld b r i n g f r o m its h i d i n g p l a c e s m a n y m illio n s o f
d o l la r s o f h o a r d e d m o n o y in a ll p a r t s o f t h o c o u n t r y .
S e c o n d — T h a t s u c h a g u a r a n t y la w w ill a f f o r d c o m p l o t e s o c u r i t y t o s o m o
s i x t e e n m il l io n d e p o s i t o r s in t h o n a t i o n a l b a n k s , w h o s o b a l a n c e s a m o u n t
t o $ 5 , 0 0 0 o r less.
T h i r d — T h a t s u c h a la w w o u ld la r g e ly p r o v o n t in t h o f u t u r o r u n s o n
n a t io n a l b a n k s , w it h t h o d i s t u r b a n c e s a n d p a n ic s w h ic h t h o y s o m o t im e s
p r e c ip it a t e .
F o u r t h — T h a t t h o a p p li c a t io n o f t h is la w w o u l d c o n t r i b u t e m o r o t o t h o
u n i f i c a t i o n a n d s o l id a r i t y o f t h o o n t i r o b a n k in g s y s t e m t h a n a n y t h i n g e ls e
t h a t c o u l d b o d o n e a t t h is t lm o .
T h e r e c o r d s s h o w t h a t in t h o p a s t f i v o y e a r s t h o a m o u n t o f m o n o y w h ic h
w a s t ie d u p — t h o g r e a t e r p a r t o f it o n l y t e m p o r a r il y a n d s o m o p e r m a n e n t l y
— b y b a n k fa ilu r e s a n d s u s p e n s io n s a m o u n t e d t o a p p r o x i m a t e l y 7 5 m il l io n




F ed era l

G u a ra n tee

o f D e p o s it s

in N a t io n a l B a n k s .
June 5 1 9 1 8 .

To National Banks: _
I t is d e e p l y g r a t i f y i n g t o c li r o n i c lo t h o s t e a d y I n c r e a s o in t h o s t r e n g t h
a n d s a fe t y o f th o n a tio n a l b a n k s o f o u r c o u n t r y .
F iv o m o n t h s a n d f i v o
d a y s o f t h o y e a r 1 9 1 8 h a v o n o w p a s s e d w it h o u t t h o f a ilu r o o f a s in g lo n a t i o n a l
b a n k In a n y o n o o f t h o 4 8 S t a t e s o f t h o U n io n , w h ilo a p p li c a t io n s h a v o beenr e c e iv e d in t h is p e r i o d f o r 123 c h a r t e r s f o r n o w n a t i o n a l b a n k s .
Wo
c a n n o t , h o w e v e r , in t h e o r d i n a r y c o u r s e o f t h in g s , o x p e c t t h is e x t r a o r d i n a r y
s h o w in g t o b o i n d e f in i t e l y c o n t in u e d .
I n t h o s a m o p e r i o d t h e r o w e r o f a il ­
u r e s in t e n S t a t e s o f t h ir t e e n b a n k in g i n s t it u t i o n s u n d e r S t a t o s u p e r ­
v i s io n .
The records shoto that as to national banks there has been no such immunity
from failure before for thirty-seven years, or since the year 1 8 8 1 .
A t t h a t t im e t h e r e w e r o in o p e r a t i o n o n l y 2 ,1 0 2 n a t io n a l b a n k s w it h r e ­
s o u r c e s o f 2 ,2 7 0 m il l io n d o l la r s , a s c o m p a r e d w it h 7 , 7 0 7 n a t io n a l b a n k s a t
t h is t i m e w it h r e s o u r c e s o f o v e r 1 8 ,0 0 0 m illio n d o lla r s .
T h e r o is s t ill r o o m f o r i m p r o v e m e n t in b a n k in g c o n d i t i o n s .
S o c tlo n 3 3 3
o f t h e R e v is e d S t a t u t e s o f t h o U n it e d S t a t e s p r o v i d e s t h a t t h o C o m p t r o l l e r
o f t h o C u r r e n c y s h a ll s u b m i t .a n n u a lly a r e p o r t t o C o n g r e s s w h ic h s h a l l
c o n t a i n , i n t e r a lia , r e c o m m e n d a t io n s f o r “ a n y a m e n d m e n t t o t h o la w s
r e la t i v e t o b a n k in g b y w h ic h t h o s y s t e m m a y b o i m p r o v e d , a n d t h o s e c u r i t y
o f t h e h o ld e r s o f its n o t e s a n d o t h e r c r e d it o r s m a y b o i n c r e a s e d .”
A s a r e s u lt o f m u c h s t u d y a n d i n v e s t ig a t i o n , t h o C o m p t r o l l e r o f t h o C u r ­
r e n c y in h is la s t a n n u a l r e p o r t t o C o n g r e s s m a d e a n u m b e r o f r e c o m m e n d a ­
t io n s l o o k in g t o w a r d in c r e a s in g t h e s t r e n g t h a n d s a f e t y o f t h o b a n k s a n d
p r o m o t i n g t h e w e lf a r e o f t h e ir c u s t o m e r s a n d t h o p u b l i c .
P r o b a b ly th e
m o s t i m p o r t a n t r e c o m m e n d a t io n r e la t e d t o a b ill t o p r o v i d o f o r t h o g u a r a n ­
t e o o f a ll d e p o s i t b a la n c e s in n a t io n a l b a n k s o f $ 5 ,0 0 0 o r le s s , u p o n w h ic h
i n t e r e s t s h o u l d n o t b o p a id in e x c e s s o f a r e a s o n a b l e r a t e , t o b o d o t o r m in e d
b y C on gress.
T h o r e c o m m e n d a t io n s o f t h o C o m p t r o l l e r w a s t h a t t h is
r a t o o n s u c h g u a r a n t e e d d e p o s it s s h o u l d n o t e x c e e d 3 % p e r a n n u m .
T h o C o m p t r o l l e r 's r e c o m m e n d a t io n f o r a la w f o r t h o g u a r a n t e o o f n a t io n a l
b a n k d e p o s i t s w a s s u b m i t t e d In p u r s u a n c e o f t h o d u t y I m p o s e d u p o n h im
b y th o F e d e ra l s ta tu te q u o te d a b o v o .
A b ill f o r t h o g u a r a n t e e o f d e p o s i t s in n a t io n a l b a n k s o f $ 5 ,0 0 0 a n d less
h a s b e e n f a v o r a b ly re p o r te d b y t h o B a n k in g a n d C u r r e n c y C o m m it te o o f
t h o S e n a t o a n d is n o w b e f o r o t h e S c n a t o f o r c o n s i d e r a t io n a n d a c t i o n .
I t Is
u n d e r s t o o d t h a t t h o p la n f o r t h o g u a r a n t e o o f n a t io n a l b a n k d o p o s l t s f o r
$ 5 , 0 0 0 o r le s s , u p o n w h ic h in t e r e s t n o t e x c e e d i n g 3 % is t o b o p a i d , a n d
m a k i n g it d i s c r e t i o n a r y w i t h t h o n a t i o n a l b a n k s a s t o w h o t h o r o r n o t t h o y
s h a ll t a k e a d v a n t a g e o f it s p r o v i s io n s , h a s a l r e a d y r o c o iv e d t h o a p p r o v a l
o f t h o S e c r e t a r y o f t h o T r e a s u r y , a n d , in c lu d in g it s e x - o f f i c i o m e m b e r s ( t h o
T S e cr e ta r y o f th o T r e a s u r y a n d th o C o m p t r o lle r o f th o C u r r e n c y ) o f a m a jo r it y
\ t h e m e m b e r s , i n d i v id u a l ly , o f t h o F e d e r a l R e s o r v o B o a r d , a n d a ls o h a s
tfre s u p p o r t o f t h o C h a ir m e n o f t h o B a n k i n g a n d C u r r e n c y C o m m i t t e e s
o t u l i e U n it e d S t a t e s S e n a t o a n d t h o I I o u s o o f R e p r e s e n t a t i v e s a n d o f o t h e r
l o s i n g m e n in b o t h H o u s e s o f C o n g r e s s .
f t h a s b e e n r e c e n t ly d e v e l o p e d t h a t a p r o p a g a n d a h a s b o o n s t a r t e d f o r
t h a p u r p o s e , i f p o s s i b le , o f d e f e a t in g t h e b i ll , a n d o f d e p r i v i n g t h o n a t io n a l
bqffiks o f t h o c o u n t r y a n d t h e ir 1 6 ,0 0 0 ,0 0 0 d e p o s i t o r s , a n il t h o p u b li c
g e n e r a l l y ( w h o a r e in t e r e s t e d in h a v i n g m o n e y n o w in h id in g b r o u g h t a g a in
i n t o c i r c u l a t i o n ) , o f t h o m a n i fe s t a n d o b v i o u s a d v a n t a g e s w h ic h t h is b i ll
w o u ld s e c u r e .
I n o r d e r t o o b t a i n , i f p o s s i b le , t h o in d e p e n d e n t v i e w s o f n a t io n a l b a n k s ,
t h e C o m p t r o l le r o f t h o C u r r e n c y w ill b o p le a s e d t o h a v e a n e x p r e s s io n o f
o p i n i o n f r o m t h o m a n a g e m e n t o f e a c h n a t io n a l b a n k ( p r e f e r a b l y t h o v io w
o f a m a j o r i t y o f t h e d i r e c t o r s o f e a c h b a n k , o r , If t h is is i m p r a c t i c a b l e , a n
e x p r e s s io n o f o p i n i o n f r o m t h o p r e s id e n t o r o t h e r c h i e f o x e c u t i v o o f f i c e r )
a s t o w h e t h e r t h e y w o u ld lik o t o s e e s u c h a b ill a s h a s b o o n r e c o m m e n d e d
b y t h e C o m p t r o l l e r o f t h o C u r r e n c y e n a c t e d ; a n d , i f t h o a n s w e r Is n e g a t i v o ,
t h o C o m p t r o l le r w o u ld b o p le a s e d t o b o fu r n is h e d b r i e f l y w it h t h o p r in c ip a l
r e a s o n o r r e a s o n s f o r s u c h o p p o s i t io n .
I t is. o f c o u r s e , r e a s o n a b le t o a s s u m e t h a t t h o v a s t m a j o r i t y o f t h o s ix t e e n
m illio n d e p o s i t o r s in n a t io n a l b a n k s w o u ld r o c o iv o t h o G o v e r n m e n t g u a r a n ­
t e e o f t h e ir d e p o s i t s w it h d e e p s a t i s f a c t i o n .
S o m o o b j e c t o r s s a y t h a t t h e y a r o o p p o s e d t o t h o g u a r a n t y o r in s u r a n c e
o f d e p o s its " o n p r in c ip le .”
I f t h is r e a s o n is a l le g e d , t h o C o m p t r o l le r w o u ld
h o p le a s e d t o b o i n fo r m e d u p o n w h a t p r i n c ip l o s u c h o b j e c t i o n is m a d e .
S u r e ly t h e r o c a n b o n o s o u n d a r g u m e n t a g a in s t t h o g e n e r a l p r i n c ip l o o f
in s u r a n c e .
A m a n w h o i n v e s t s Ills s a v in g s in a h o u s e , w is e ly a n d g l a d l y p a y s a
p r e m iu m t o I n s u re o r g u a r a n t e o Ids I n v e s t m e n t a g a in s t lo s s b y fir e o r b y
t o r n a d o , a n d its c o n t e n t s a g a in s t lo s s b y b u r g l a r y .
I f Ids s a v in g s a r o in v e s t e d in a s h i p o r it s c a r g o , h o t a k e s t h o p r e c a u t i o n
t o in s u r e o r g u a r a n t e e it a g a in s t la s s a t s e a .
U p o n w h a t p r in c ip le c a n it b o c o n t e n d e d t h a t it is w r o n g t o g i v o a m a n
t h e o p p o r t u n i t y o f p a y i n g a s m a ll p r e m iu m f o r t h o p u r p o s o o f in s u r in g h is
s a v in g s d e p o s i t e d in a n a t io n a l b a n k , a g a in s t lo s s , w h e t h e r t h o lo s s b o t h o
t h o r e s u lt o f i n c o m p e t e n c y , m is f o r t u n e , o r c o r r u p t m a n a g e m e n t ?
T h o p r in c ip lo o f t h o g u a r a n t e o o f b a n k d e p o s i t s h a s b o o n t r ie d in a
n u m b e r o f S t a t e s a n d in s o m o o f t h e s e S t a t e s , d e s p i t e I m p e r fe c t io n s in t h o
la w s , a n d v a r io u s h a n d ic a p s w h ic h a r o a v o i d e d in t h o b ills n o w p r o p o s e d ,
t h e p la n h a s w o r k e d t o t h e d i s t in c t a d v a n t a g e o f S t a t o b a n k s a n d o f t h e ir
d e p o s i t o r s ; a n d in s o m o o f t h e s o S t a t e s w h e r e t h o n a t io n a l b a n k s , w h o s o
d e p o s i t s h a v e n o t b e e n g u a r a n t e e d , h a v o c o m p e t e d w it h t h o S t a t e b a n k s
w h o s o d e p o s i t s a r e g u a r a n t e e d , t h o n a t io n a l b a n k s h a v o b e e n p l a c e d a t a
c o n s id e r a b ly d is a d v a n ta g e .
I t Is b e l ie v e d t h a t t h e r e a r e m illio n s o f p c o p l o w h o h a v o s a v in g s In t h o
s h a p o o f g o l d , s i lv e r , o r p a p e r m o n o y , w h o k e e p n o b a n k a c c o u n t , b u t w h o
w o u ld g l a d l y o p e n a c c o u n t s w it h n a t io n a l b a n k s If s u c h a la w a s is n o w
p r o p o s e d s h o u ld b o e n a c t e d .
I t is in t e r e s t in g t o n o t o t h a t w it h t h o g r o w i n g
s t r e n g t h o f t h o n a t io n a l b a n k in g s y s t e m t h e n u m b e r o f d e p o s i t o r s h a s
in c r e a s e d b y m o r o t h a n e ig h t m illio n s i n c o 1 9 1 0 .
I f it s h o u l d b o a g r e e a b l e t o y o u t o I n fo r m t h is o f f i c o w h o t h e r y o u r b a n k
a p p r o v e s o r d i s a p p r o v e s o f t h o l e g is la t io n p r o p o s e d , i t is h o p e d t h a t y o u
w ill g i v e b r i e f l y y o u r r e a s o n s f o r y o u r c o n c lu s io n s .
I n t h o e v e n t t h a t y o u m a y h a v o w r it t e n o r t e le g r a p h e d t o S e n a t o r s o r
C o n g r e s s m e n in o p p o s i t i o n t o t h o m e a s u r o , it is a l s o h o p e d t h a t i t w ill b o
a g r e e a b le t o y o u t o s t a t o w h o t h o r s u c h t o le g r a m o r l e t t e r w a s s e n t a f t o r
th e s u b je c t h a d b e e n fo rm a lly d iscu sse d b y y o u r b o a r d o f d ir e cto r s a n d as

a r e s u lt o f t h e ir c o n c lu s io n s o r w h e t h e r it w a s s e n t b y s o m e o f f i c e r o f y o u r
b a n k in a d v a n c e o f fo r m a l a c t io n o f y o u r b o a r d .
I t is a s s u m e d t h a t i f
s u c h c o m m u n ic a t i o n s a s y o u m a y h e r e t o fo r e h a v e a d d r e s s e d t o y o u r S e n a t o r s
o r R e p r e s e n t a t i v e s w e r o s e n t w it h t h e a p p r o v a l o f y o u r b o a r d o f d i r e c t o r s
y o u w i l l , o f c o u r s e , l ia v o n o o b j e c t i o n t o s o s t a t in g in y o u r r e p l y .
I s u b m i t h e r e w it h a m e m o r a n d u m s o t t in g f o r t h b r i e f l y t h e p r i n c ip a l
a r g u m e n t s w h ic h h a v e m o v e d t liis o f f i c e t o a d v o c a t e t h e p a s s a g e o f a la w
f o r t h e g u a r a n t e e o f b a n k d e p o s i t s , w h ic l i i t Is h o p e d y o u m a y h a v o t h o
o p p o r t u n i t y o f c o n s i d e r in g b e f o r e s o n d i n g in y o u r r e p l y .
T h o b i ll , a s proposed, d o e s n o t f o r b i d t h o p a y m e n t o n d e p o s i t s o f a r a t e
o f i n t e r e s t In e x c e s s o f 3 % , b u t t h e d e p o s i t s o n w h ic h o v e r 3 % p e r a n n u m
m a y b o p a id are n o t t o h a v o th o b e n e fit o f th o B cd e r a l g u a ra n te e .
I f in y o u r r e p l y y o u d c s ir o t o o f f e r a n y s u g g e s t io n s in c o n n e c t i o n w it h t h o
r a t o o f i n t e r e s t p e r m is s ib le o n g u a r a n t e e d d e p o s i t s o r o t h e r f o a t u r c s o f t h e
p r o p o s e d l a w , t h is o f f i c o w ill b o g l a d t o h a v o y o u s u b m i t t h e m .
R e s p e c t fu lly ,
JO H N S K E L T O N W IL L IA M S ,

Comptroller.
SENATE

B IL L

4426.

Providing for the Guarantee of Deposits of $ 5 ,0 0 0 o r Less in National Banks.
T h o C o m p t r o l l e r o f t h o C u r r e n c y in h is a n n u a l r e p o r t f o r t h o p a s t y e a r ,
in r e c o m m e n d in g t h o p a s s a g e o f a b ill f o r t h o g u a r a n t e e o f a ll d e p o s i t s o f
$ 5 , 0 0 0 a n d u n d e r t o t h o c r e d it o f a n y o n o d e p o s i t o r in n a t i o n a l b a n k s ,
s u g g e s t e d t h a t t h is g u a r a n t e e s h o u l d a p p l y o n l y t o t h o s e d e p o s i t s u p o n
w h ic h t h o r a t o o f i n t e r e s t p a id s h o u l d n o t o x c e c d 3 % p e r a n n u m .
(S e e
C o m p t r o l l e r ’s A n n u a l R e p o r t , 1 9 1 7 , v o l . 1 , p . 2 4 .)
A s t h o b ill a s o r ig in a ll y p r e p a r e d c o n t a i n e d n o l im i t a t io n o n t h o r a t e o f
in t e r e s t t o b o p a i d o n d e p o s i t s , t h o S e n a t e C o m m i t t e o I n s e r t e d a p r o v i s io n
l im i t in g i n t e r e s t o n g u a r a n t e e d d o p o s i t s t o 4 % b o f o r o r e p o r t i n g t h o b ill t o
th o S o n a to .
T h o o p p o n e n t s o f t h o m c a s u r o h a v e s e iz e d u p o n t h o 4 % I n t e r e s t f e a t u r e
a s a b a s is f o r a g o n e r a l a t t a c k , a n d a r o u s in g i t a s a n a r g u m e n t t o d e f e a t
t h o w h o le p r o p o s i t io n .
T h e re aro sev era l rea son s w h y it m a y b e u n ­
d e s ir a b le t o g u a r a n t e e d e p o s i t s u p o n w h ic h a s m u c h a s 4 % i n t e r e s t Is p a i d ,
b u t t lio s o r e a s o n s d o n o t a p p l y t o t h e b ill a s o r ig in a ll y r e c o m m e n d e d l im i t ­
in g th o ra to o f in te re s t o n s u ch d e p o s its t o 3 % .
A 4 % g u a r a n t e e d in t e r e s t r a t o m ig h t i n t e r f e r e t o s o m o o x t o n t w it h t h o
i n v e s t m e n t o f i n o n o y in L l b o r t y B o n d s , b u t t h is in t e r f e r e n c e is n o t a s s e r io u s
a s t h o o p p o n e n t s o f t h o m c a s u r o w o u ld m a k e it a p p e a r — f o r G o v e r n m e n t
b o n d s w h ic h p a y 4 % a n d 4 \i% a r e exempt from taxation, w h il e m o n e y in
b a n k , w h e t h e r t h o in t e r o s t is g u a r a n t e e d o r w h e t h e r i t is n o t , m a y b o —
subject to taxation, w h ic h In s o m o S t a t e s a m o u n t s t o f r o m 1 % t o 2 % . A
4 % in t e r e s t r a t o o n d e p o s i t s Is n o t g e n e r a lly c o n d u c i v e t o s a f o a n d c o n ­
s e r v a t i v e b a n k in g .
W h e n b a n k s p a y h ig h r a t e s o n d e p o s i t s t h e y a r o
t e m p t e d t o e x a c t h ig h e r r a t e s f r o m t h o b o r r o w i n g p u b li c o n g o o d lo a n s
o f t e n r a t e s w h ic h a r o c o n t r a r y t o t h e u s u r y la w s ; a n d , m o r e o v e r , t h e y a r o
i n d u c e d s o m e t im e s t o t a k e i n d i ff e r e n t o r u n s a fo lo a n s b o c a u s o o f t h o h ig h e r
in t e r e s t y i e ld , w h ic h t li o y c la im t li o y a r o t h u s f o r c e d t o a s k w h e n t h e y p a y
h i g h in t e r e s t o n d e p o s i t s .
T h o e f fo r t s o f t h o C o m p t r o l le r o f t h o C u r r e n c y a n d a ls o o f t h o F e d e r a l
R c s c r v o B o a r d h a v o b o o n , f o r s o m o t im e p a s t , d i r o c t e d a g a in s t t h o p a y ­
m e n t o f e x c e s s iv e i n t e r e s t r a t e s o n d o p o s i t s , w h e t h e r t h is i n t e r e s t is p a id
o n b a l a n c e s t o t h o c r e d i t o f b a n k s o r o f i n d i v id u a l s .
T h o a r g u m o n t w h ic h c e r t a in n a t i o n a l b a n k s a r o u r g i n g , t h a t i t is u n ju s t
t o r e q u ir e s t r o n g a n d w e ll -m a n a g e d b a n k s t o p a y a p r e m iu m , s a y , o f
o n c - t o n t h o f 1 % f o r t h o b e n e f i t , a s t h e y c la im , p r i n c ip a ll y o f t h o w e a k e r
o r le ss w e ll -m a n a g e d i n s t it u t i o n s w h e n t h o s t r o n g b a n k s d o n o t w a n t t h o
g u a r a n t e e , a n d o b j o c t t o b o i n g t a x e d f o r t h o p u r p o s o o f in s u r in g t h e ir
d o p o s i t s , w ill b o f u ll y m e t i f t h o b i ll s h o u l d b o a m e n d e d s o a s t o p r o v i d o
t h a t , i f a n y national bank does not wish to have its deposits guaranteed, it

need not pay the tax which it is proposed to charge on deposits that are guaran­
teed.
I f s u c h a n a m e n d m e n t s h o u l d b o a d o p t e d t h o o p p o n e n t s o f t h o b ill w ill
h a v e t h e ir a r g u m e n t s c u t c o m p l e t e l y f r o m u n d e r t h e m .
T h e y can havo
n o J u s t ific a t io n f o r o p p o s i n g a m c a s u r o w h ic h , w h il e n o t t a x i n g t h e m , g iv e s
t o o t h e r b a n k s t h a t w il li n g l y p a y t h e t a x t h o b o n e f i t a n d a d v a n t a g e w h ic h
s u c h b a n k s a n d t h e ir d e p o s i t o r s g r e a t l y d c s ir o .
F o r o x a m p l o , w h a t r ig h t w o u ld t h o T e n t h N a t io n a l B a n k o f N o w Y o r k
w it h $ 1 0 ,0 0 0 ,0 0 0 o f c a p i t a l, a n d d e p o s i t s in p r o p o r t i o n , h a v o t o o b j e c t f o
a la w u n d e r w h ic h t h o C o l u m b i a N a t io n a l B a n k o f O s w e g o (w h o s o d o p o s i t s
o r b a la n c e s a r o all, w o w ill s a y , f o r $ 5 ,0 0 0 o r less) w o u l d s e c u r e t h o G o v e r n ­
m e n t ’s g u a r a n t e e o n t h o s e d e p o s i t s b y p a y i n g a n a n n u a l t a x o f o n e - t e n t h
of 1% ?
I s i t n o t o n l y a “ d o g - i n - t h o - m a n g c r " s p i r it w h ic h c o u l d in s p ir e
t h o b i g b a n k in a c a s e l ik o t h is t o o p p o s o a n d a t t a c k a m e a s u r e w h ic h
w o u ld g l v o a m u c h - d e s ir e d b o n e f i t t o a s m a lle r b a n k w it h it s t h o u s a n d s
o f s m a ll d e p o s i t o r s w h e n t h o s m a lle r b a n k is p e r f e c t l y w illin g t o p a y t h e
c o s t , a n d w h e n t h o la w r e q u ir e s n o p a y m e n t f r o m a n d i m p o s e s n o h a r d s h ip
u p o n t h o la r g e r b a n k ?
I f t h o b i g b a n k fe a r s t h a t s u c h a g u a r a n t e e l a w w ill d r a w a w a y it s d e ­
p o s i t o r s f r o m t h o l a r g o b a n k t o t h o s m a lle r b a n k , t h o b i g b a n k c a n r e a d i ly
o b t a i n a s im ila r g u a r a n t e e b y p a y i n g p r e c is e l y t h o s a m e t a x r a t o t h a t t h o
s m a lle r b a n k g l a d l y p a y s .
ARGUM ENTS

2389

THE CHRONICLE

June 8 1918.]

F A V O R IN G

PROPOSED

GUARANTEE

LAW .

T h o m a i n a d v a n t a g e s o f t h o b ill f o r t h o g u a r a n t e e o f b a n k d e p o s i t s m a y
b o b r i o f i y s u m m a r iz e d a s f o l l o w s :
F i r s t . S u c h a n a b s o l u t e g u a r a n t e e b y t h o G o v e r n m e n t w o u l d b r in g f r o m
Its h i d i n g p l a c e s m a y m il l io n s o f d o l la r s o f h o a r d e d m o n e y in a ll p a r t s o f
t h o c o u n t r y , s o m o o f w h ic h is b e i n g k e p t in s t o c k in g s a n d c u p b o a r d s a n d
s o m o In s a f o d e p o s i t v a u l t s .
T lie r o a r o th o u s a n d s o f p e o p lo th r o u g h o u t th o c o u n t r y w h o h o ld o n t o
t h e i r s a v in g s a n d l ii d o t h e m in t h e i r h o m e s b o c a u s o t h e y a r o a f r a id t o t r u s t
any bank.
O f c o u r s o , u p o n s u ch m o n e y t h o y g o t n o in te re s t— th a t m o n o y
is s i m p l y id le a n d w h o l l y u n p r o d u c t i v e .
I f th o G o v e r n m e n t s h o u ld g iv e
i t s g u a r a n t e e , t h is m o n e y w ill c o m o o u t o f i t s h i d i n g p l a c o s a n d a g a in b o c o m o a c t i v e in t h o c u r r e n t s o f t r a d e , w h e r e i t is e s p e c i a ll y n e e d e d in t h e s e
t im e s o f w a r .
T h c s o o w n e r s w il l r e a l iz o t h a t , w h e n g u a r a n t e e d b y t h o
G o v e r n m e n t , It is s a f e r t h a n It c o u l d p o s s i b l y b o h o w e v e r c a r e f u ll y i t m a y
b o s t o r e d a w a y in t h e ir h o m e s .
I n t h o s e c o n d p l a c e , i t w il l y i e l d t h e m 3 %
i n t e r e s t i n s t e a d o f n o t h i n g , a n d w ill b o h e l p f u l t o o t h e r s t o w h o m t h e b a n k

d e p o s it a c c o u n t s , s c a tte re d

th rou gh ou t ou r 48

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th e

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o f C o lu m b ia .
T h e r e c o r d s s h o w t h a t t h o s e w h o s e b a n k b a la n c e s a m o u n t e d
t o m o r e th a n $ 5 ,0 0 0 e a c h , a n d w h o s e a c c o u n t s w o u ld n o t
b o g u a r a n t e e d , n u m b e r e d o n l y --------------------------------------------------3 5 3 ,1 3 9
T h o m o n e y t o t h e c r e d i t o f t h e 1 5 ,9 0 2 ,1 9 4 d e p o s i t o r s w a s -------$ 4 , 5 2 1 , 0 2 7 ,0 0 0
W h i l e t h o l a r g o b a l a n c e s t o t h o c r e d i t o f t h e 3 5 3 ,1 3 9 la r g o
d e p o s i t o r s a g g r e g a t e d a b o u t ------------------------------------------------------- 8 ,0 0 0 , 0 0 0 , 0 0 0
T h i r d . T h e p a s s a g e o f s u c h a l a w s h o u l d p r a c t i c a l l y p r e v e n t , in t h e f u t u r e ,
r u n s o f a ll n a t i o n a l b a n k s w h ic h m a y e n j o y t h o p r o t e c t i o n o f s u c h a g u a r a n ­
t e e , w it h t h o m a n y d a n g e rs a n d d is tu r b a n c e s a t te n d a n t u p o n s u c h ru n s
a n d t h e fa il u r e s w h i c h s o o f t e n f o l l o w t h e m .
n a d s u c h a l a w b e e n in o p e r a t i o n in t im e s p a s t , s o m e o f t h e p a n ic s a n d
c o m m e r c i a l c r is e s w h ic h h a v e d i s t u r b e d a n d w r e c k e d t h o c o u n t r y a n d w h ic h
w e re p r e c ip it a t e d b y ru n s o n b a n k s c o u ld h a v e b e e n a v e r t e d .
F o u r t h . T h e g u a r a n te e o f b a n k d e p o s it s w o u ld g iv e p e a c e o f m in d ,
c o m fo r t , a n d c o n fid e n c e t o th o p o o r m a n a n d t h o p o o r w o m a n w h o m a y h a v e
a c c u m u l a t e d t h e i r s a v i n g s o f a l i f e t i m e in t h e s a v in g s d e p a r t m e n t s o f t h e s e
ban ks.
_
T h o m e n t a l w o r r y a n d a n x i e t y w h ic h t h o u s a n d s o f h e a d s o f f a m il i e s h a v e
e n d u r o d , e s p e c i a ll y in t im e s o f i lln e s s f o r f e a r o f w h a t m ig h t b e c o m e o f t h e i r
f a m il i e s i f t h e y s h o u l d b o t a k e n a w a y , a n d i f a t t h o s a m e t i m e t h e b a n k in
w h ic h t h e i r l i f e t i m e s a v i n g s h a v e b e e n d e p o s i t e d s h o u l d f a il , w o u ld b e c o m ­
p l e t e l y r e li e v e d a s f a r a s t h e s a f e t y o f t h e i r s a v i n g s is c o n c e r n e d .
T h is
a n x i e t y a n d c a r e a n d w o r r y w h ic h d e p o s i t o r s h a v e b e e n u n a b le t o c a s t a s i d e ,
e v e n w h e n b a n k s a r o in g o o d c o n d i t i o n , is m u l t i p l i e d a h u n d r e d f o l d w h e n
t h o b a n k f a il s a n d c lo s e s i t s d o o r s , a s h a s h a p p e n e d w it h n a t i o n a l b a n k s
4 5 1 t im e s s i n c e 1 8 9 0 , a n d w h e n t h e d e p o s i t o r s r e a l iz o t h a t t h e i r s a v i n g s o f
a ll t h e i r e a r lie r y e a r s a r e l o s t , o r e ls e t h a t it m a y b e m o n t h s o r y e a r s b e f o r e
t h o y r e c o v e r th e ir m o n e y .
D e p o s i t o r s s o m e t im o s h a v o t o w a it t h r o u g h
l o n g y e a r s o f m is e r y a n d p r i v a t i o n b e f o r o t h e y g e t b a c k t h e i r d e p o s i t s .
T h e r e is o n e b a n k s t ill in p r o c e s s o f l iq u id a t i o n w h i c k f a il e d o v e r 2 7 y e a r s
a g o , w h o s e a f fa ir s w e r e s o h o p e l e s s ly t a n g l e d t h a t i t h a s n o t y e t p a i d it s
f in a l d i v i d e n d t o d e p o s i t o r s , a n d t h e r e a r o d o u b t l e s s m a n y d e p o s i t o r s w h o
h a v e d i e d w h il e w a it i n g t o g e t t h e i r m o n e y — t h e ir d e a t h s p r o b a b l y h a s t e n e d
b y t h o t y in g u p o f t h e ir life t im e s a v in g s .
S u c h h a r a s s m e n t a n d d is t r e s s n o t
o n l y im p a ir t h o e f f i c i e n c y o f t h e d e p o s i t o r s a s w o r k m e n in s u c h t i m e s , b u t
h a v o o f t e n d r i v e n b o t h m e n a n d w o m e n t o d e s p e r a t i o n a n d s u i c id e .
F i f t h : I t is p r o b a b l e t h a t n o t h i n g w h i c h h a s t h u s f a r b e e n s u g g e s t e d
w o u ld c o n t r i b u t e m o r e t o t h e u n i f ic a t i o n a n d s o l id a r i t y o f o u r e n t i r e b a n k ­
i n g s y s t e m t h a n t h o e n a c t m e n t o f s u c h a la w a s t h i s .
I t is b e l ie v e d t h a t
i t w o u l d h a v o a p a r a m o u n t a n d d e t e r m in i n g i n fl u e n c e w it h t h o S t a t e b a n k s
in in d u c i n g t h e m t o n a t i o n a l iz e t o g o t t h o b e n e f i t o f t h e G o v e r n m e n t g u a r ­
a n te e o f b a n k d e p o s its .
T h e d e s i r a b i li t y o f t h e u n i f ic a t i o n , a s f a r a s p o s s i b le , o f t h o b a n k in g
s y s t e m o f t h e c o u n t r y is , I b e l ie v e , g e n e r a lly a d m i t t e d b y t h e t h in k e r s
a n d l e a d in g m e n o f b o t h p o l it i c a l p a r t ie s — e s p e c i a ll y in t h e s e t im e s o f w a r ,
w h e r e t h o c lo s e s t c o - o p e r a t i o n a n d c o - o r d i n a t i o n o n t h o p a r t o f a ll fin a n c ia l
i n t e r e s t s Is r e c o g n i z e d t o b e o f s u c h p r e - e m i n e n t i m p o r t a n c e .
T h o r e c o rd s s h o w t h a t th o n a tio n a l b a n k s o f th o c o u n t r y , fo r s e v e ra l
y e a r s p a s t , h a v o o u t s t r ip p e d t h e S t a t e i n s t it u t i o n s in t h o r a t e o f g r o w t h ;
w h il o a t t h e s a m e t i m e t h e y h a v o m a d e a m o r e c r e d it a b le e x h i b i t in t h e
m a t t e r o f lo s s e s .
S u ch a g u a r a n ty m e a su re m a y b e c o n fid e n tly e x p e c te d
t o h a v e a n im m e d i a t e a n d p o t e n t e f f e c t in b r i n g i n g S t a t e b a n k s m o r e
r a p i d l y i n t o t h e n a t i o n a l s y s t e m a n d in s t r e n g t h e n in g a n d s o l i d i f y i n g o u r
w h o le fin a n c ia l s t r u c t u r e .
S ix t h . T h e r e is n o f o r c e in t h o s u g g e s t i o n w h ic h h a s b e e n u r g e d t h a t t h e
g u a r a n t e e o f t h e i r d e p o s i t s b y t h o G o v e r n m e n t w o u ld h a v o t h e e f f e c t o f
m a k i n g n a t i o n a l b a n k o f f i c e r s l o o s e , l a x a n d c a r e le s s in t h e ir m e t h o d s a n d
m a n a g e m e n t.
T h o s u p e r v i s io n b y t h e G o v e r n m e n t w o u l d , i f t h e r e is a n y c h a n g e , b e
o v e n m o r e th o r o u g h a n d e ffe c t iv e .
I t w o u ld b o id lo a n d u n r e a s o n a b le t o
s u g g e s t t h a t , b o c a u s o t h e m o n e y o f d e p o s i t o r s is f u l l y p r o t e c t e d , t h e d i r e c ­
t o r s o f a b a n k , w h o a r e a l w a y s n e c e s s a r ily s t o c k h o l d e r s , w o u l d b e le s s
v i g i l a n t , le ss c a r e fu l t o p r o t e c t t h e ir , o w n p e r s o n a l In t e r e s ts — p a r t i c u la r l y
t h e ir c a p i t a l p l a c e d in t h e s t o c k o f t h e b a n k .
T h e m an agem en t o f th o ban ks
w o u ld t h e r e fo r e s t ill h a v o t h is v a s t s t o c k i n v e s t m e n t o v e r t w o b i ll i o n d o lla r s
t o p r o te c t; a n d fu r th e rm o r e , t h e y fa c e th o d a n g e r o f th o 1 0 0 % a ssessm en t
o n t h o s t o c k o f a n y b a n k i f t h o b a n k s h o u l d b o s o i n d e f in i t e l y o r l o o s e ly
m a n a g e d a s t o b r i n g i n s o lv e n c y .
A g u a r a n t e e o f d e p o s i t s c a r r ie s n o g u a r a n t e e o f s t o c k ; a n d t h e o f f i c e r s o f
n a t i o n a l b a n k s w o u ld n o t b e t e m p t e d m o r e r e a d i ly t h a n n o w t o m a k e
b a d lo a n s o r t o a d o p t l o o s e m e t h o d s w h e n t h e y k n o w t h a t t h e ir lo s s e s m u s t
f a ll e x t e n s i v e ly u p o n t h e m s e lv e s a n d u p o n t h e ir f e ll o w - s t o c k h o l d e r s a n d
o n th o G o v e r n m e n t, e v e n th o u g h th o G o v e r n m e n t s h o u ld p r o t e c t th e g e n ­
eral d e p o s ito r s .
S o v o n t h . U n d e r s u c h a p la n a s is p r o p o s e d , a ll b a n k s w ill e a r n e s t l y s t r iv e
t o in s p ir e p u b l i c c o n f i d e n c e a n d m a in t a in a g o o d r e p u t a t i o n , n o t o n l y f o r
t h o s a k e o f p r o t e c t i n g t h e ir s t o c k i n v e s t m e n t s b u t a ls o f o r t h o s a k e o f d r a w ­
i n g t o t h o b a n k t h e la r g e r d e p o s i t o r s — t h o s e w h o s o d e p o s i t a c c o u n t s
a m o u n t t o m o r e t h a n $ 5 ,0 0 0 .
T h o la r g e d e p o s i t o r s w ill n a t u r a l l y e x e r c is e s p e c ia l d i s c r i m in a t io n in
p l a c in g t h e i r f u n d s , a n d w ill e n d e a v o r t o s e l e c t f o r s u c h d e p o s i t s , w h ic h
m a y n o t h a v e t h o G o v e r n m e n t g u a r a n t e e , t h o s e b a n k s w h ic h h a v e t h o b e s t
r e p u t a t i o n f o r h o n e s t y , f id e l i t y , a n d in t e ll i g e n c e in m a n a g e m e n t .
T h o s u g g e s t io n t h a t t h e b e n e f i t s o f t h e g u a r a n t y la w w ill a p p l y m a i n ly
o r e n t i r e l y t o t h o s m a lle r b a n k s a n d t h e ir d e p o s i t o r s r a t h e r t h a n t h e d e ­
p o s i t o r s o f t h e l a r g e r b a n k s is n o t b o r n e o u t b y t h o f a c t s o f t h o c a s e .
T h o r e c o r d s o f t h is o f f i c e f o r t h o p a s t 3 6 y e a r s s h o w t h a t t h e t o t a l d e ­
p o s it s o f t h o s m a lle r b a n k s — o r , s a y b a n k s w i t h le s s t h a n $ 2 0 0 ,0 0 0 c a p i t a l —
w h ic h f a il e d in t h is p e r i o d a m o u n t e d t o $ 6 0 ,7 8 8 ,0 0 0 , r e p r e s e n t in g t h o
a m o u n t o f m o n o y w h ic h w a s t ie d u p f r o m t im e t o t i m o d u r i n g t h is p e r i o d
in t h e s e b a n k s , a p o r t i o n o f w h ic h w a s l o s t .
I n t h o s a m e t im e , t h e a m o u n t
o f d e p o s i t s t i e d u p in b a n k s w it h c a p i t a l o f $ 2 0 0 ,0 0 0 o r m o r e a m o u n t e d t o
$ 1 3 3 ,5 7 2 ,0 0 0 ; a n d o f t h is s u m o v e r $ 6 8 ,0 0 0 ,0 0 0 w a s t ie d u p in t h o la r g e s t
b a n k s — t h o s e w i t h c a p i t a l o f $ 5 0 0 ,0 0 0 a n d o v e r .
T h o a g g r e g a t e a m o u n t o f d e p o s i t s o f n a t io n a l b a n k s w h ic h w e r o t io d u p
b y b a n k fa ilu r e s f r o m 1 9 1 2 t o 1 9 1 7 w a s a b o u t $ 3 0 ,0 0 0 ,0 0 0 — e x c l u s iv e o f
d e p o s i t s a g g r e g a t i n g a p p r o x i m a t e ly $ 5 0 ,0 0 0 ,0 0 0 m o r e in b a n k s w h ic h
s u s p e n d e d t e m p o r a r il y , b u t w e r e s u b s e q u e n t ly r e s t o r e d t o s o l v e n c y , in

th o s a m o f iv e -y e a r p e r io d .
w il l t h e n b o a b l e t o l e n d i t .
T h o t y i n g u p o f $ 1 9 4 ,0 0 0 ,0 0 0 o f d e p o s i t s in f a il e d b a n k s o v e r t h is p e r i o d
I t is i n c o n t r o v e r t i b l e t h a t —
1.
S u c h a la w w o u l d b r in g la r g e s u m s o f h o a r d e d m o n o y b a c k i n t o c ir c u l a m
­ a y n o t sc o r n la r g o a s c o m p a r e d t o t h e t o t a l d e p o s i t s o f a ll b a n k s ; b u t i t is
o f h ig h i m p o r t a n c e w h e n w o c o n s i d e r t h e u n t o l d m is e r y w h ic h t h e s e f a i l ­
t io n .
u r e s b r o u g h t t o t e n s o f t h o u s a n d s o f h e lp le s s m e n a n d w o m e n w h o , u n d e r
B ocau so—
t h o p r o v i s io n s o f s u c h a b ill a s is n o w p r o p o s e d , c o u l d h a v e b e e n s p a r e d ,
1 . S u c li f u n d s a r o f a r s a f e r in b a n k g u a r a n t e e d b y t h o G o v e r n m e n t t h a n
a n d h e r e a f t e r o u g h t t o b o s p a r o d , s u c h lo s s a n d s u f fe r i n g .
in a n y h i d i n g p l a c e .
I t is b e l ie v e d , a n d w i t h m u c h r e a s o n , t h a t i f t h is b ill s h o u l d b e c o m e a
2 . In b a n k th o o w n e r ca n g o t 3 % p e r a n n u m in te ro s t; i f h id a w a y , h o
la w , l e a v i n g i t d i s c r e t i o n a r y w it h n a t io n a l b a n k s a s t o w h e t h e r t h o y a c c e p t
g e ts n o th in g .
it
s
p r o v i s io n s o r n o t , t h o v a s t m a j o r i t y o f t h e s e b a n k s w ill c o m o in p r o m p t l y ,
S e c o n d . T h o p a s s a g o o f s u c h a la w w o u l d g i v e a n a b s o l u t e g u a r a n t e e t o
a n d t h a t t h e y w ill b e f o l l o w e d r a p i d l y b y t h o s e S t a t e b a n k s t h a t a r e e lig ib le
1 5 ,9 0 2 ,1 9 4 d e p o s i t o r s in n a t i o n a l b a n k s , t h is b e i n g t h o n u m b e r o f d e p o s i t
a c c o u n t s o n M a r c h 4 1 9 1 8 o f $ 5 ,0 0 0 o r le s s .
T h a t m e a n s th a t th is la w , i f a v a ila b le o f , w o u ld g lv o a se n s o o f c o m p lo t o
p r o t e c t i o n a n d c o m f o r t t o n e a r l y s i x t e e n m il l io n d e p o s i t o r s o r o w n e r s o f




f o r n a t i o n a l iz a t i o n .
JO H N

SKELTON

W IL L IA M S .

Comptroller.

3390

THE CHRONICLE

N. Y. CHAMBER OF COMMERCE OPPOSED TO BILL
GUARANTEEING NATIONAL B AN K DEPOSITS.
The Chamber of Commerce of the State of N ew York on
the 6th inst. voiced its disapproval of the pending measure
proposing to guarantee deposits in national banks. Tho
Chamber adopted a report of its Committee on Finance and
Currency, endorsing the views of the New York Clearing
House Association on the bill, to which we referred in our
issue of M a y 18. The following is the report adopted by the
Chamber:
To the Chamber of Commerce:
Y o u r C o m m it te e o n F in a n c e a n d C u r r e n c y h a s g iv e n c o n s id e r a t io n to
S e n a t e b i ll N o . 4 4 2 6 , w h i c h p r o p o s e s t h a t t h o U n it e d S t a t e s g u a r a n t e e
d e p o s i t s in n a t i o n a l b a n k s b y p r o v i d i n g t h a t “ t li e r o s h a ll b o l e v i e d a n d c o l ­
l e c t e d y e a r l y f r o m e a c h n a t i o n a l b a n k a t a x , ” & c . , t h o f u n d s o r a is e d t o
b e u s e d t o p a y t h o l o s s e s o f d e p o s i t o r s in b a n k s w h ic h h a v e f a il e d .
T h o N o w Y o r k C le a r in g H o u s e A s s o c ia t io n h a s a lr e a d y , u n d e r d a t o o f
M a y 9 , is s u e d a p r o t e s t a g a in s t e n a c t m e n t i n t o l a w o f t h i s b i ll .
T h is
p r o t e s t , w h ic h is s i g n e d b y e v e r y m e m b e r o f t h o A s s o c i a t i o n , p r e s e n t s t h o
f o l l o w i n g e x p r e s s io n o f t h e ir v i e w s o n t h o p r i n c i p l e a n d p o l i c y o f t h o g u a r ­
a n te e o f d e p o s its .
S e n a t o B ill 4 4 2 6 , n o w p e n d in g in t h o U n it e d S t a t e s S e n a t e , p u t s a
p r e m iu m u p o n i n c o m p e t e n c e .
I t p r o p o s e s th a t th o G o v e r n m e n t o f th e
U n it e d S t a t e s g u a r a n t e e a ll d e p o s i t s in n a t i o n a l b a n k s o f 5 5 , 0 0 0 a n d le s s ,
a n d t h a t t h o G o v e r n m e n t g u a r a n t e e u p t o $ 5 , 0 0 0 in a ll d e p o s i t s in e x c e s s
o t t h a t a m o u n t ; o f c o u r s o , t h is g u a r a n t e e is t o b o m a d e g o o d a t t h e e x p e n s e
° f t h e c o n s e r v a t i v e l y m a n a g e d a n d s u c c e s s fu l b a n k s .
S h o u ld s u c h a p r o p o s i t i o n b o e n a c t e d i n t o l a w , a n y n a t i o n a l b a n k ,
h o w e v e r in e x p e r i e n c e d it s o f f i c i a l m a n a g e r s ; h o w e v e r l im i t e d it s c a p i t a l
r e s o u r c e s c o m p a r e d t o t h o f ie l d o f its a c t iv it i e s ; h o w o v e r g i v e n t o r is k y
a d v e n t u r o ; h o w o v e r v e n t u r e s o m e in b u y i n g d e p o s i t s b y p a y i n g e x c e s s iv e
r a t e s o f in t e r e s t ; h o w o v e r w a n t in g in t h o p r o v e n q u a li t ie s w h ic h t iin o a n d
o x p e r l e n c o h a v o s h o w n t o b o in d i s p e n s a b l o t o s u c c e s s fu l b a n k m a n a g e m e n t
s u c h a b a n k w o u l d , n e v e r t h e le s s , b o a b l e t o s o l i c i t b u s in e s s , t r u t h f u ll y
c la im i n g t h a t t h e ir d e p o s i t s w e r o p r o t e c t e d , a s a b o v e s t a t e d , b y t h o c o m
p i n e d f in a n c ia l s t r e n g t h o f t h e w h o le n a t i o n a l s y s t e m .
G o o d b a n k s w o u ld
t h u s b o c o m p e ll e d t o g l v o o f t h e ir s t r e n g t h t o f n d u c e t h o c r e a t io n o f a n d
t h e n t o s u p p o r t i n c o m p e t e n t r iv a ls .
S u c , ‘ ;>■ p r o p o s i t io n is in v i o l a t i o n o f c o m m o n j u s t i c o a n d c o m m o n f a ir ­
n ess.
1 h o s t o c k h o l d e r s in a b a n k in o n o l o c a l i t y w o u ld b o m u l c t e d in lo s s
t o c o m p e n s a t e f o r t h o m is m a n a g e m e n t o f b a n k s h u n d r e d s o f o v e n t h o u s a n d s
o r m il e s d i s t a n t a n d o v e r w h ic h n o m u t u a l c o n t r o l o r r e la t i o n s h i p e x is ts .
O u r p e o p l o s h o u l d b o a l lo w e d t o o x e r c is o w h o le s o m o d i s c r i m in a t io n h i
t h o b a n k s t li o y s e l e c t , a s w e ll a s in t h e i r b u s in e s s a c t iv it i e s in g e n e r a l.
Y J n h h h fy a n d i n d i v id u a l i n it i a t i v e a r o c a r d i n a l q u a li t ie s o f s u cce ss,
a n a t h e s o q u a lit ie s w o u ld b o im p a ir e d i f p e o p l o a r o t o b o t a u g h t b y le g is la
t io n t o r o ly u p o n t h o G o v e r n m e n t t o h e lp t h e m in t h e ir o r d i n a r y in d i v id u a l
t r a n s a c t io n s a n d in t h o o x e r c is o o f o r d i n a r y j u d g m e n t .
b i 'l *s w r o n g in p r i n c ip l e ; i t im p o s e s a n u n j u s t b u r d e n u p o n
c o n s e r v a t i v e b a n k m a n a g e m e n t , a n d w o u ld o x e r c is o a d e l e t e r i o u s i n flu e n c e
u p o n e v e r y c o m m u n i t y , s h o u l d i t b e c o m e la w .
Y o u r c o m m i t t e o is o f t h o o p i n i o n t h o a b o v e p r o t e s t s h o u l d b o e n d o r s e d ,
n d o f f e r s t h o f o l l o w i n g r e s o lu t i o n :

Resolved, T h a t t h o C h a m b e r o f C o m m o r c o o f t h o S t a t o o f N o w Y o r k is
o p p o s e d t o a G o v e rn m e n t g u a ra n te e o f b a n k d e p o s its , a n d e n d o rse s th o
p r o t e s t a g a in s t s u c h g u a r a n t e e m a d o b y t h o N o w Y o r k C l e a r i n g I I o u s o
A s s o c i a t i o n ; a n d b e It f u r t h e r
Resolved, T h a t c o p i e s o f t h is r e s o lu t i o n b o s e n t t o m e m b e r s o f t h o S e n a t o
a n d II o u s o o f R e p re s e n ta tiv e s .

New York, June

F R A N K A . V A N D E R L I P , Chairman-,)
A L B E R T II. Y V IG G IN ,
J A M E S S. A L E X A N D E R ,
I
W IL L IA M W O O D W A R D ,
GEORGE B. CORTELYOU,
TH EODORE E. BU RTON ,
I
TH OM AS W . LAM O N T.
4
918.

Committee
on
Finance
and
Currency.

FEDERAL TRADE COMMISSION SEEKS L A W TO END
“ COMMERCIAL BRIBERY
Recommendations for tho enactment of a law “ striking
at tho unjustifiable and vicious practices of commercial
bribery” has been made to Congress by the Federal Trado
Commission. The Commission makes announcement of
this as follows:
T h o F e d e r a l T r a d o C o m m i s s io n h a s s o n t t o b o t h b r a n c h e s o f C o n g r e s s a
c o m m u n i c a t i o n u r g i n g “ t h o e n a c t m e n t in t h o p u b l i c I n t e r e s t a s a n a id
t o t h o p r e s e r v a t io n o f f a ir a n d f r e e c o m p e t i t i o n , a s u f f i c ie n t la w s t r ik in g
a t t h o u n j u s t if i a b l o a n d v i c i o u s p r a c t ic e s o f c o m m e r c i a l b r i b e r y ; a n d t h a t
s u c h la w b o s o c o m p r o h e n s i v o a s t o s t r lk o a t e a c h p e r s o n p a r t i c i p a t i n g in
a n y s u c h t r a n s a c t io n s . ”
T h o F e d e r a l T r a d o C o m m i s s io n h a s f o u n d c o m m e r c i a l b r i b e r y t o b o
g e n e r a l t h r o u g h o u t m a n y b r a n c h e s o f i n d u s t r y , a n d s c o r e s o f c o m p la in t s
h a v e b e e n is s u e d b y i t o n t h a t a c c o u n t .
F o u r t e o n S t a t e s a t p r e s e n t lia v o
l a w s p r o h i b i t i n g s u c h p r a c t ic e s , b u t t h o y f a il t o r e a c h t h o r o o t o f t h o e v il
a n d e r a d i c a t e i t — in f a c t , a r o p r a c t i c a l l y d e a d l e t t e r s .
T h o C o m m i s s io n
c a n o n l y d e a l w it h c o m m e r c i a l b r i b e r y a s a n u n f a i r m e t h o d o f c o m p e t i t i o n ,
h a v i n g n o c r im in a l j u r i s d i c t i o n , a n d c a n d e a l o n l y w i t h o n o s i d o , h a v i n g
n o p o w e r t o r e a c h t h o r e c e iv e r .

Text of the Communication.
T h o c o m m u n i c a t i o n t o C o n g r e s s f o ll o w s :
m

To the Congress of the United States:

M aV 1 5 1 9 1 8 .

P u r s u a n t t o t h e p r o v i s io n s o f P a r a g r a p h ( / ) , S e c t i o n 6 , o f t h o F e d e r a l
T r a d o C o m m i s s io n A c t , t h o F e d e r a l T r a d o C o m m i s s io n s u b m i t s t h o f o l ­
l o w i n g t o C o n g r e s s f o r it s c o n s i d e r a t io n :
T h o C o m m i s s io n h a s m a d o c o n s i d e r a b l e i n v e s t ig a t i o n o f b r i b e r y o f e m ­
p l o y e e s o f c u s t o m e r s a s a m e t h o d o f s e c u r in g t r a d o .
T h e C o m m i s s io n h a s f o u n d t h a t c o m m e r c i a l b r i b e r y o f e m p l o y e e s is a
p r e v a l e n t a n d c o m m o n p r a c t ic e in m a n y in d u s t r ie s .
T h e s o b r ib e s t a k o
t h o f o r m o f c o m m i s s i o n s f o r a lle g e d s e r v ic e s , o f m o n e y a n d g r a t u i t ie s a n d
e n t e r t a in m e n t s o f v a r i o u s s o r t s , a n d o f lo a n s — a ll i n t e n d e d t o i n fl u e n c o
s u c h e m p l o y e e s in t h o c h o i c o o f m a t e r ia ls .

Cost Paid by Consumer.
I t is e v i d e n t t h a t t h is i n e x c u s a b l e a d d e d c o s t Is f i n a l l y p a s s e d o n t o t h o
con su m ers.
B r i b e r y is c r im i n a l p e r s o .
T h o F e d e r a l T r a d o C o m m i s s io n h a s n o
c r im i n a l j u r i s d i c t i o n .
I t t r e a t s t h o p r a c t i c o a s a n u n f a ir m e t h o d o f c o m ­
p e titio n .
I n d e a l i n g w it h c o m m e r c i a l b r i b e r y , a s a n u n f a i r m o t h o d o f
c o m p e t i t i o n , t h o C o m m i s s io n is e n t i r e l y l im i t e d t o d e a l i n g w i t h o n o s i d o ,
t o w i t , t h o g i v in g s i d e , a n d h a s n o p o w e r t o r o a c h t h o r e c e iv e r , w h o is a l s o
g u ilty .




[Vol . 106.

T h o p r a c t i c o is o n o w h i c h h a s b o o n c o n d e m n e d a l ik e b y b u s i n e s s m e n
le g is l a t u r e s a n d c o u r t s , i n c lu d in g a m o n g t h o b u s in o s s m e n t h o s e w h o h a v e
f i n a l l y r e s o r t e d t o i t In s e l f - d o f e n s o in c o m p o t l n g w i t h lo s s s c r u p u l o u s
r iv a ls o r in s e l li n g t o c o n c e r n s w h o s o o m p l o y o e s h a v e e x t o r t e d c o m m i s s i o n s
u n d e r th r e a ts t o d e s t r o y o r d is a p p r o v e g o o d s s u b m itte d to th e m fo r te s t.
H o w p r e v a l e n t t h o p r a c t i c o is a n d h o w g r e a t t h o n e e d o f l e g is l a t i o n
s e e m s t o b o is i ll u s t r a t e d b y t h o s t a t o m o n t o f o n o m a n o f p r o m i n e n c e in
a n in d u s tr y w h o w e lc o m e d th o p r o c e e d in g s o f t h o C o m m is s io n d e s tin e d
t o d e s t r o y t h o p r a c t i c e w it h t h is s t a t e m e n t :

One Alan's Experience.
" F r o m a n e x p e r i e n c e o f 3 0 y e a r s in t h o i n d u s t r y I d o n ’ t b c l i o v o t h a t
t h e r e is a s i n g lo h o u s e in i t t h a t h a s n o t h a d t o p a y b r i b e s t o h o l d o l d b u s i ­
n e s s o r to o b t a in n e w b u s in e s s .
B r i b e r y is i n h e r e n t ly d i s h o n e s t a n d t e n d s
t o d i s h o n e s t y a n d is u n f a i r t o c o m p e t i t o r s a n d c u s t o m e r s , a n d I d o n ’ t
b e l i o v o i t o v e r w il l b o s t o p p e d u n t il m a d o a c r i m o b y t h o U n it e d S t a t e s G o v ­
e r n m e n t .”
H o w t h o r o u g h l y I n s id io u s t h is p r a c t i c o lia s b e c o m e m a y b o i ll u s t r a t e d
b y t w o e x p e r i e n c e s o f r e p r e s e n t a t iv e s o f t h o C o m m i s s i o n .
In o n e ca se an
e m p lo y e e fra n k ly s t a t e d t h a t h o w a s “ e n title d to 1 0 % a n d a n y o n o w h o
d e m a n d s m o r e is a g r a f t e r . ”
A n o t h e r w a s s o f u l l y i m b u e d w it h t h o j u s ­
t i c o o f h is c la im t h a t h o d e s i r e d t h e r e p r e s e n t a t i v e o f t h o C o m m i s s i o n t o
a s s is t h i m in e n f o r c i n g t h o c o l l e c t i o n o f a n u n p a id s o - c a l l e d “ c o m m i s s i o n . ”
C o r r u p t e m p l o y e e s h a v i n g t h o p o w e r t o s p o il a n d d i s a p p r o v e m a t e r ia l s
h a v o b e e n a b l o t o b i d o n o s a le s m a n a g a in s t a n o t h e r u n t il in m a n y c a s e s
t h e y h a v e e x t o r t e d s e c r o t c o m m i s s i o n , s o - c a l l e d , a s la r g o a s 2 0 % o f t h o
v a iu o o f th o g o o d s s o ld .

Statutes in Fourteen Stales.
F o u r t e e n S t a t e s h a v o s t a t u t e s s t r ik i n g a t t h o p r a c t i c o , a n d y e t i t t e n d 8
t o g r o w . W h e n c o m p e t i t i o n e r o s s o s S t a t o lin e s S t a t o s t a t u t e s w i t h r e s p e c t
to tr a d o p r a c t ic e s a r o n o t a c t iv e ly e n fo r c e d .
J u s t ic o L u r t o n , w h e n o n t h o C ir c u it C o u r t o f A p p e a ls , a p t ly re fe r r e d t o
t h o c o n f l i c t c r e a t e d b y t h is p r a c t i c o b e t w e e n d u t y a n d in t e r e s t a s “ u t t e r l y
v i c i o u s , u n s p e a k a b l y p e r n i c io u s , a n d a n u n m i x e d e v i l . ”
L o r d R u s se ll, o f
K i l l o w e n , w h o w a s l a r g e ly r e s p o n s i b le f o r t h o p a s s a g e o f t li o E n g li s h l e g is ­
l a t io n p r o h i b i t i n g t h is p r a c t i c o , o x p r o s s o d t h e o p i n i o n t h a t “ t h o s o c o r r u p t
b a r g a i n s w e r o m a l ig n a n t c a n k e r s , ” a n d t h a t “ i t w a s a s y s t e m d i s h o n e s t
t o t h o f a ir t r a d e r , ” a n d “ d i s h o n e s t t o t h o f a ir e m p l o y e r . ”

Necessary to Free Competition.
T h o C o m m i s s io n f e e ls t h a t t h e s t a m p i n g o u t o f c o m m e r c i a l b r i b e r y I3
o n o n e c e s s a r y s t e p t o t h o p r e s e r v a t io n o f f r e e , o p e n a n d f a ir c o m p e t i t i o n ,
a n d t o t h a t e n d r e s p e c t f u l l y u r g e s t h a t s u c h le g is l a t i o n s h o u l d p r o h i b i t n o t
o n ly th e g iv in g a n d o ffe r in g , b u t t h o a c c e p t a n c e a n d s o lic ita tio n o f a n y
g ift o r o t h e r c o n s id e r a tio n b y an e m p lo y c o a s a n in d u c e m e n t o r re w a rd f o r
d o i n g a n y a c t in r e la t i o n t o h is e m p l o y e r ’s a f fa ir s o r b u s in e s s , o r f o r s h o w in g
o r f o r b e a r i n g t o s h o w f a v o r o r d i s f a v o r t o a n y p e r s o n in r e l a t i o n t o h is
p r i n c i p a l s ’ o r e m p l o y e r s ’ a f f a ir s o r b u s in e s s .
I n o r d e r t o p r e v o n t a r e s o r t t o a c o m m o n m e t h o d o f c o r r u p t i o n i t is
r e c o m m e n d e d t h a t t h o la w s h o u l d a l s o p r o h i b i t t h o g i v in g o f a n y s u c h g i f t s
o r o t h e r c o n s i d e r a t io n s t o m e m b e r s o f t h o a g e n t ’s o r e m p l o y e e ’ s f a m i l y
o r t o a n y o t h e r p e r s o n f o r h is u s o o r b e n o f i t , d i r e c t o r i n d i r e c t .
T h o f a c t s d i s c l o s e d b y t h o C o m m i s s i o n ’s i n v e s t ig a t i o n lo a d t o t h o c o n ­
c lu s io n t h a t p r e s e n t l a w s a r o n o t f u l l y o f f o c t i v o .
W h i l e t h o p r a c t i c o is
c le a r l y p e r s e a n u n f a i r m e t h o d o f c o m p e t i t i o n , a n d w h il e t h o C o m m i s s io n
is a c t i n g a n d p r o p o s e s t o c o n t i n u o t o a c t u n d e r t h o F e d e r a l T r a d o C o m m i s ­
s io n A c t as t o ca s e s b r o u g h t to its a t t e n t io n , y e t , b e c a u s e o f th o s e c r o t n a ­
t u r e o f t h e c o n s p i r a c ie s w h ic h a r o f o r t h o m u t u a l a d v a n t a g e o f a ll t h o p a r ­
t ie s e n g a g in g in i t , i t is b e l i e v e d t h a t a s t r o n g F e d e r a l o n a c t m o n t a g a in s t
t h e p r a c t i c o , s t r ik i n g a t e a c h p e r s o n p a r t i c i p a t i n g , b o t h g i v e r s a n d r e ­
c i p i e n t s , c o u p l e d p e r h a p s w i t h i m m u n i t y t o t h o f i r s t I n f o r m a n t , m a y a id
g r e a t l y in s t a m p i n g o u t t h e v i c i o u s p r a c t i c o .
F o r th o rea so n s s ta te d a n d o th e r s , th o n o e d fo r a c t io n b y C o n g re ss seem s
a p p a ren t.
I t s e e m s a l s o t h a t C o n g r e s s h a s s u f f i c i e n t p o w e r * t o s t r ik e a t
t h o e n t i r e p r a c t i c e , in a s m u c h a s C o n g r e s s h a s p o w e r n o t o n l y t o p r o h i b i t
s u c h t r a n s a c t io n s In I n t e r S t a t o C o m m o r c o , b u t u n d e r t h o M i n n e s o t a r a t e
a n d S h r e v e p o r t c a s e s h a s p o w e r t o r e m o v o a n y o b s t r u c t i o n s w h ic h m a y
p r o v e n t o r h a m p e r s h i p m e n t s in I n t e r - S t a t e c o m m o r c e .
T o ill u s t r a t e : i f a
c o m p a n y d o i n g b u s in e s s s o l e l y w it h in o n o S t a t o r e s o r t s t h r o u g h i t s a g e n t s
t o t h is v i c i o u s m o t h o d o f c o m p e t i t i o n , i t w ill s u r e l y h a m p e r , i f n o t m a k o
it im p o s s ib le f o r a m a n u fa c tu r e r o f a n o t h e r S t a t o s e e k in g t o c o m p o t o
h o n e s t l y t o m a k o a n y s a le s i n t o s u c h S t a t o e x c e p t b y r e s o r t i n g t o l ik e v i ­
c io u s a n d u n f a i r p r a c t i c e s .
C o n g re ss u n d o u b te d ly h a s th o p o w e r t o r e ­
m o v e s u ch o b s t r u c t io n f r o m th o p a t h o f th o In t e r -S ta to c o m p e t it o r .

Orders to Discuss Origin.
I t is u s e le s s t o d is c u s s t h o o r ig in o f t h o p r a c t i c o .
I t is s u f f i c i e n t t o k n o w
t h a t i t e x is t s g e n e r a l l y a n d a p p e a r s t o b o s p r e a d i n g .
T h o m e r o s u g g e s tio n
s h o w s t h a t i t m u s t e n g u l f o v o n t h o s o h o n e s t l y i n c li n e d i f t h o y d o s i r o t o m a i n ­
t a in t h e ir c o m m e r c i a l l if e In a n y I n d u s t r y w h e r o s u c h p r a c t i c e s p r e v a i l
It
s h o u l d a ls o b o n o t e d t h a t t h o p r a c t i c o a p p o a r s t o h a v o b o o n m o s t g e n e r a l
o n t h o p a r t o f c o n c e r n s in i n t r o d u c i n g t h o g o o d s a n d w a r e s t o G o r m a n
fir m s .
A m o n g s u c h c o n c e r n s a n d t h e i r s a le s m e n t h o o v i d o n c o l s t h a t t h o
p r a c t i c o is r e c o g n i z e d a s a l e g i t i m a t e m o t h o d o f c o m p e t i t i o n .
T h o C o m m is s io n , t h e r e fo r e , r o s p o c t fu lly r e c o m m e n d s th a t C o n g r e s s
c o n s i d e r t h o e n a c t m e n t in t h o p u b l i c I n t o r o s t a s a n a i d t o t h o p r e s e r v a t io n
o f f a ir a n d f r e o c o m p e t i t i o n , a s u f f i c i e n t la w s t r ik i n g a t t h o u n j u s t i f i a b l o
a n d v i c i o u s p r a c t i c e s o f c o m m e r c i a l b r i b e r y ; a n d t h a t s u c h la w b o s o c o m ­
p r o h e n s i v o a s t o s t r i k e a t e a c h p e r s o n p a r t i c i p a t i n g in a n y s u c h t r a n s a c ­
t io n s .
R e s p e c t fu lly s u b m itte d ,
W IL L IA M B . C O L V E R ,
JO H N F R A N K L IN F O R T ,
V IC T O R M U R D O C K ,

Commissioners.

PROTEST BY ST. LOUIS A N D HARTFORD CLEARING
HOUSES AGAINST BILL GUARANTEEING
NATIONAL B A N K DEPOSITS.
Besides the protest of the Now York Clearing House
Association against tho bill, wo also referred in our issuo of
M a y 18, to the disapproval voiced by tho Chicago and Cin­
cinnati Clearing Houso Associations. Tho St. Louis Clear­
ing House Association has likowiso protested against tho bill,
its petition, according to tho St. Louis “ Globo-Domocrat,”
stating among other things, that “ should such a proposition
bo enacted into law, any national bank, howover inexperi­
enced its official managers, however limited its capital
resources compared to tho field of its activities, however
given to risky adventures, howovor vonturosomo in buying

June 8 1918.]

deposits by paying excessive rates of interest, however
wanting in the proven qualities which time and experience
have shown to bo indispensablo to successful bank manage­
ment, such a bank would, nevertheless, bo able to solicit
business, truthfully claiming that their deposits were pro­
tected by tho combined financial strongth of the whole
•national system.” Under such a law, tho petition it also
said to state, good banks would thus be compelled to give
of their strength to induce tho creation of and then to sup­
port incompetent rivals. It further added that the pro­
position was in violation of common justice and common
fairness, because tho stockholders in a bank in ono locality
would bo mulcted in loss to compensate for tho mismanage­
ment of banks hundreds or oven thousands of miles away,
and over which no mutual control or relationship exists.
The Hartford Clearing House Association has also regis­
tered a protest against tho pending legislation.

APPLICATION OF ACT CREATING CAPITAL ISSUES
COMMITTEE.
Attention has been called by Richard L . Austin, Chair­
man of tho Sub-Committee on Capital Issues of tho Phila­
delphia Federal Reserve District to tho fact that while tho
Act creating the Committee gives authority to the Capital
Issues Committee to pass upon borrowing for capital pur­
poses in excess of $100,000, no misapprehension should exist
as to tho application of tho A ct, becauso it applies not only
to bonds and no to issues, but also to any loan mado by a
bank, trust company or individual, for a capital purposo,
whether such loan is entirely unsecured or is secured by
mortgage or otherwise. Ho stated on June 5 that tho prac­
tical difficulty of requiring loans ordinarily mado by banks
and trust companies to bo submitted at this time suggested
to tho central committee at Washington, tho adoption of
tho following resolution as its temporary policy:
P o n d in g t h o d o v o l o p m o n t o f a d e q u a t e o r g a n i z a t io n f o r s u p e r v is in g b o r ­
r o w i n g s , o t h e r t h a n b o n d a n d n o t e is s u e s , in o x c o s s o f $ 1 0 0 ,0 0 0 f o r c a p i t a l
e x p e n d it u r e s , t h o C a p it a l I s s u e s C o m m i t t e e s o l ic i t s t h o i m m e d i a t e c o ­
o p e r a t i o n o f a ll b a n k s , b a n k e r s , t r u s t c o m p a n i e s , i n s u r a n c e c o m p a n i e s ,
i n d i v id u a l s , a n d o t h e r s , c a l le d u p o n t o l e n d m o n o y f o r s u c h p u r p o s e s , in
r e s t r i c t in g c r e d it s f o r p e r m a n e n t i m p r o v e m e n t s a n d b e t t e r m e n t s , o r o t h e r
n o w w o r k , n o t e s s e n t ia l t o t h o p r o s e c u t io n o f t h o w a r .
A s p i r it o f p a t r i o t ­
is m a s w e ll a s c o n s i d e r a t io n s o f s e l f- in t e r e s t w il l s u g g o s t t h a t c r e d i t f o r c a p i ­
t a l u s e s , w h e t h e r o r n o t In o x c o s s o f $ 1 0 0 ,0 0 0 , b o e x t e n d e d o n l y t o b o r ­
r o w e r s w h o s e p a p e r w o u l d b o e l ig i b l o t o s e c u r e a d v a n c e s f r o m t h o W a r
F in a n ce C o r p o r a tio n .

Tho spirit of tho A ct, it is stated, applies with equal force
to all transactions involving tho use of cash for capital pur­
poses regardless of tho amount involved or tho character or
typo of security or loan whoroby the money is obtained.

LIBERTY

LOAN SUBSCRIBERS WHO
COMPLETE PAYMENTS.

FAILED

TO

According to an announcement mado yestorday by tho
Publicity Department of tho Liberty Loan Committee, of
the N ew York Fedoral Reservo District, tho city authorities
aro co-operating with tho Committeo in a campaign to trace
the persons who signed 30,000 applications for bonds of tho
Third Liberty Loan without completing their subscriptions
with cash payments. Arthur M . Anderson, Director of
Distribution of tho Liberty Loan Committee, stated yestor­
day that 15,000 of these application cards, which had been
turned in at headquarters during and after the third drivo,
havo been handed over to ono of tho city departments, and
that 15,000 moro aro boing sorted preparatory to investiga­
tion. Tho announcomont further says:
T h o c it y o ffic ia ls a ro fin d in g o u t w h e th e r th o p e rs o n s w h o s o n a m e s a ro
s ig n e d t o t h o a p p li c a t io n s h a v o c o m p l o t c d t h e ir s u b s c r ip t i o n s , a n d i f n o t
w h e t h e r t h e y h a v o a n y i n t e n t io n o f d o i n g s o .
I f th eso p erson s d o n o t ca ro
t o fin i s h t h e ir c o m p a c t w i t h t h o G o v e r n m e n t , t h e i r r e a s o n s f o r r o fu s in g
w ill b o r e c o r d e d .
T h o c a m p a i g n a l r e a d y h a s d o v c l o p c d t h o f a c t t h a t a f a i r l y la r g o p e r ­
c e n ta g e o f t h o p e rs o n s w h o s o n a m es a ro r e c o rd e d o n th o a p p lic a tio n ca rd s
h a v o in f a c t m a d o p a y m e n t s o n t h e ir s u b s c r ip t i o n s .
A s a r o s u lt o f t h o r u s h
o f s u b s c r ib e r s d u r i n g t h o la s t f o w d a y s o f t h o T h ir d L i b e r t y L o a n d r i v o , i t
b c c a m o im p o s s i b l e f o r a ll t h o in d i v id u a l s w h o t o o k s u b s c r ip t i o n s t h r o u g h o u t
th o c it y t o m a k o c o m p lc t o r e c o r d s , a n d p a r t o f th o w o r k n o w b o in g d o n o
b y t ills m u n i c ip a l d e p a r t m e n t c o n s is t s o f c o r r e c t i n g e r r o r s o f t h is s o r t .
S o fa r , th o D ir e c t o r o f D is tr ib u tio n r e p o r ts , 6 0 % o f th o p e rs o n s in te r ­
v i e w e d h a v o c o m p l e t e d t h o lr s u b s c r ip t i o n s , a n d 1 5 % h a v o o x p r o s s o d t lio ir
w illin g n e s s t o d o s o .
O f t h o r e m a in in g 2 5 % , a n u m b e r h a v e n o t y o t b o o n
t r a c e d b u t h a v o n o t b o o n g i v o n u p b y t h o i n v e s t ig a t o r s .

COLLECTORS OF INTERNAL REVENUE NOTIFIED OF
IMPORTANCE OF ACCEPTANCE OF TREASURY
CERTIFICATES I N P A Y M E N T OF TAXES.
Tho Bureau of Internal Rovenuo at Washington on June 5,
with tho approval of tho Secrotary of tho Treasury, addressed
a telegram to each of tho collectors of Internal Rovonuo in tho G4
collection districts, pointing out tho importance of tho uso of




2391

THE CHRONICLE

Treasury Certificates of Indebtedness maturing on Juno 25
in tho payment of taxes. It is said that word had recently
reached the Bureau that certain collectors had authorized
tho statement that the certificates should not bo tendered
and only cash presented in payment. It was to correct theso
reports that tho telegrams were sent. The message said:
I t is o f t h o u t m o s t i m p o r t a n c e t o t h o f in a n c ia l a r r a n g e m e n t s o f t h o
G o v e r n m e n t th a t ta x p a y e r s w h o h a v o p u r c h a s e d T r e a s u r y C e r t ific a t e s
o f I n d e b t e d n e s s m a t u r in g J u n o 2 5 1 9 1 8 s h o u l d u s e s u c h c e r t i f i c a t e s in
p a y m e n t o f th e ir t a x e s a n d s h o u ld n o t p re s e n t th e c e r tific a t e s fo r p a y m e n t
in c a s h .
Y o u m u s t a c c e p t a ll c e r t i f i c a t e s m a t u r in g J u n e 2 5 1 9 1 8 t e n d e r e d
t o y o u in p a y m e n t o f t a x e s a n d d o e v e r y t h i n g y o u c a n t o i n d u c e t a x p a y e r s
t o t e n d e r c e r tific a t e s in s te a d o f ca s h .

TREASURY D EPARTM EN TS ADVICE TO BANKS
SEEKING TO Q UALIFY A S DEPOSITARIES OF
MONEY ARISING FROM P A Y M E N T OF TAXES.
Under dato of M a y 29 tho Treasury Department issued a
circular announcing tho intention of tho Department to
make out of any unexpended cash proceeds arising from tho
paymont of income and excess profits taxes, deposits through
tho Federal Reserve banks with qualified depositaries, tho
amount of such deposits being determined in each caso by
tho amount of checks received by Collectors of Internal
Rovonuo after Juno 10, drawn upon and paid by such de­
positaries, and recoived in payment of income and excess
profits taxos; tho amount of Treasury Certificates of In­
debtedness maturing June 25 sold to and through such de­
positaries and the amount for which such depositaries shall
bo qualified*in excess of existing deposits. Tho following
is the circular:
Special Deposits o f P u blic Moneys un der the A ct of Congress A p ­
proved Sept. 24 1917, as Amended by tho A ct ol Congress
Approved A pril 4 1918.
Secon d

1918.
S u p p le m e n t t o D e p a r t m e n t
C ir c u la r N o . 9 1 .

D iv is io n
To

of

P u b lic

TREASURY DEPARTM EN T,
O ffic e o f th o S e c r e ta r y .

M oneys.

Washington, May 2 9 1 9 1 8 .
Federal Reserve Banks and other banks and trust companies incorporated
under the laivs of the United States or of any Stale:

D e p a r tm e n t C ir c u la r N o . 9 2 , d a t e d O c t o b e r 6 1 9 1 7 , a n d th o s u p p le m e n t
t h o r o t o , d a t e d A p r i l 1 0 1 9 1 8 , in r e la t i o n t o s p e c i a l d e p o s i t s o f G o v e r n m e n t
f u n d s in c o n n e c t i o n w i t h s u b s c r ip t i o n s f o r b o n d s a n d c e r t i f i c a t e s o f i n ­
d e b t e d n e s s o f t h o U n it e d S t a t o s is s u e d u n d e r t h e A c t o f C o n g r e s s a p p r o v e d
S e p t . 2 4 1 9 1 7 , a r o h e r e b y f u r t h e r s u p p l e m e n t e d a s f o ll o w s :
T h o p r o v i s io n s o f t h o s a id c ir c u l a r a n d s u p p l e m e n t a r e e x t e n d e d , s u b j e c t
t o t h o p r o v i s io n s h e r e o f , t o d e p o s i t s o f m o n e y s , a r is in g f r o m t h o p a y m e n t
o f in c o m e a n d o x co s s p r o fit s ta x e s , m a d e u n d e r th e A c t o f C o n g r e s s a p ­
p r o v e d S e p t. 24 191 7, as a m e n d e d b y t h e A c t o f C o n g ro ss a p p ro v e d A p ril 4
1918.
A p p lic a t io n s h o r e a fto r m a d o fo r d e p o s its o f p u b lic m o n e y s u n d e r
s a id a c t s s h o u ld b o , a n d a ll a p p li c a t io n s f o r s u c h d e p o s i t s m a d o o n a n d a f t e r
J u n o 5 1 9 1 8 , m u s t b o , in F o r m H 3 h e r e t o a t t a c h e d , a n d b o a c c o m p a n i e d
b y a c e r t i f i e d c o p y o f r e s o lu t i o n s d u l y a d o p t e d b y t h e b o a r d o f d i r e c t o r s
o f t h o a p p li c a n t in F o r m J 3 h e r e t o a t t a c h e d .
D e p o s it a r i e s a l r e a d y q u a li fi e d t o a s u f f i c ie n t a m o u n t p u r s u a n t t o D e p a r t ­
m e n t C i r c u l a r N o . 9 2 , o r p u r s u a n t t o s a id c ir c u l a r a s a m e n d e d a n d s u p ­
p l e m e n t e d u n d e r d a t o o f A p r i l 10 1 9 1 8 , w il l n o t b e r e q u i r e d t o f i l e a n e w
f o r m a l a p p li c a t io n s o r r e s o lu t i o n s in c o n n e c t i o n w i t h d e p o s i t s o f m o n e y s
a r is in g f r o m t h e p a y m e n t o f i n c o m o a n d e x c e s s p r o f i t s t a x e s , b u t , i f t h e y
d e s ir e t o r e c o lv o d e p o s i t s h e r e u n d e r m u s t s o n o t i f y t h o F e d e r a l R e s e r v e
b a n k o f t h o d i s t r i c t in w h ic h t h e y a r o l o c a t e d b y l e t t e r o r t e le g r a m ; a n d t h e y
w il l t h e r e b y a n d b y t h o a c c e p t a n c e o f s u c h d e p o s i t s , b o c o n c l u s i v e l y p r e ­
s u m e d t o h a v o a s s e n t e d t o a ll t h e t e r m s a n d p r o v i s io n s h e r e o f .
The
w o r d s “ q u a li fi e d d e p o s i t a r i e s " in t h i s c i r c u l a r r e fe r e x c l u s iv e l y t o d e p o s i ­
t a r ie s q u a li fi e d u n d o r D e p a r t m e n t C i r c u l a r N o . 9 2 a n d s u p p l e m e n t s
th o ro to .
C o l l a t e r a l s e c u r it y p l e d g e d o r t o b o p l e d g e d b y q u a li f i e d d e p o s i t a r ie s
w il l t)o c o n c l u s i v e l y d e e m e d t o b o p le d g e d a s c o ll a t e r a l s e c u r it y f o r d e p o s i t s
o f p u b lic m o n e y s m a d o u n d e r D e p a r t m e n t C ir c u la r N o . 9 2 a n d s u p p le ­
m e n t s t h e r e t o , w h e t h e r a r s i n g f r o m t h e s a le o f b o n d s o r c e r t i f i c a t e s o f i n ­
d e b t e d n e s s o f t h o U n it e d S t a t e s o r a r is in g f r o m t h o p a y m e n t o f i n c o m o a n d
o x co s s p r o fit s ta x o s .
P a y m o n t o f in c o m o a n d o x co s s p r o fit s ta x e s c a n n o t b o m a d e b y c r e d it .
I t is i n t o n d o d , o u t o f a n y u n e x p e n d e d c a s h p r o c e e d s a r is in g f r o m t h e
p a y m o n t o f in c o m o a n d o x co s s p r o fit s ta x e s , t o m a k o d e p o s it s , t h r o u g h th o
F e d o ra l R e s e r v e b a n k s , u n d e r d ir e c t io n o f t h e S e c r e ta r y o f th e T r e a s u r y ,
w i t i i q u a lifio c l d e p o s i t a r ie s t h r o u g h o u t t h o U n it e d S t a t e s , a s n e a r l y a s m a y
b o p r o p o r t i o n a t e l y , h a v i n g r e g a r d t o t h o f o l l o w i n g t h r e e d e t e r m in i n g f a c ­
t o r s : (1 ) T h o a m o u n t o f c h e c k s , r o c e i v o d b y c o l l e c t o r s o f in t e r n a l r e v e n u e
o n o r a f t e r J u n o 10 1 9 1 8 , a n d u n t i l f u r t h e r n o t i c e , d r a w n u p o n a n d p a i d
b y s u c h d e p o s i t a r ie s , r e s p e c t i v e l y , in p a y m e n t o f i n c o m e a n d e x c e s s p r o f i t s
t a x o s ; (2 ) t h o a m o u n t o f T r e a s u r y c e r t i f i c a t e s o f in d e b t e d n e s s o f a ll is s u e s
m a t u r in g J u n o 2 5 1 9 1 8 s o l d t o a n d t h r o u g h s u c h d e p o s i t a r ie s , r e s p e c t i v e l y ;
a n d (3 ) t h o a m o u n t f o r w h ic h s u c h d e p o s i t a r ie s , r e s p e c t i v e l y , s h a ll b o
q u a li f i e d in e x c e s s o f o x ls t in g d e p o s i t s .
I t is t h e I n t e n t io n t h a t s u c h d e ­
p o s i t s s h a l l , a s n o a r l y a s m a y b o , b o m a d e s i m u lt a n e o u s l y w i t h t h e p a y m e n t
o f c h e c k s d r a w n u p o n s u c h d e p o s i t o r i e s , r e s p e c t i v e l y , in p a y m e n t o f s u c h
ta x es.
A p p r o p r i a t e i n s t r u c t i o n s w il l b o g i v e n t o c o l l e c t o r s o f in t e r n a l
rov on u o an d to F ed era l R e s e rv e b a n k s.
A l l d e p o s i t s w il l 1)0 s u b j e c t t o w it h d r a w a l o n d e m a n d a n d w il l b e a r i n t e r ­
e s t a t t h o r a t o o f 2 % p e r a n n u m , a s p r o v i d e d in t h o a b o v e - m e n t i o n e d c i r ­
c u la r a n d s u p p le m e n t.
D e p o s i t s m a d e h e r e u n d e r s h a ll b o c r o d i t o d t o t h e
“ W a r L o a n D e p o s it A c c o u n t . "
A p r i n c ip a l o b j e c t o f t h o is s u e o f t h o U n it e d S t a t e s T r e a s u r y c e r t i f i c a t e s
o f i n d e b t e d n e s s m a t u r in g J u n o 2 5 1 9 1 8 , w a s t o p r e v e n t u n n e c e s s a r y d i s l o ­
c a t io n o f fu n d s , a n d th is o b je c t w o u ld b o d e fe a te d if s u ch c e r tific a t e s h e ld
b y t a x p a y e r s w o r o n o t t u r n o d in in p a y m e n t o f t h e ir t a x e s b u t w e r o e it h e r
s o l d o r h y p o t h e c a t e d b y t l i o t a x p a y e r s a n d in c o n s e q u e n c e w e r o p r e s e n t e d
f o r p a y m o n t in c a s h .
In v ie w o f t h o f a c t t h a t th e a g g r e g a te a m o u n t o f
t h e s o c e r t i f i c a t e s n o w is s u e d e x c e e d s $ 1 , 5 0 0 , 0 0 0 ,0 0 0 , t h i s Is I m p o r t a n t ,
a n d b a n k s a n d t r u s t c o m p a n i e s a r o r e q u i r e d t o c o - o p c r a t o b y a d v i s i n g t h e ir
c u s t o m e r s t o t u r n in c e r t i f i c a t e s , t o t h e e x t e n t t h a t t h e y h a v e t a x e s t o
p a y , in p a y m o n t o f s u c h t a x o s .
N o d e p o s i t o f m o n e y s a r is in g f r o m t h e

p a y m e n t o f I n c o m e a n d e x c e s s p r o f i t s t a x e s w ill b o m a d o w i t h a n y d e p o s i ­
t a r y w h ic h d is r e g a r d s t h i s r e q u i r e m e n t .
W . G . M cA D O O ,

Secretary of the Treasury.
F o r m 113— P u b l i c M o n e y s .
A P P L IC A T IO N

FOR

D E P O S IT S .

To the Federal Reserve Dank of ........................ , fiscal agent of the United States:
T h o u n d e r s i g n e d b a n k o r t r u s t c o m p a n y , in a c c o r d a n c e w i t h t h e p r o ­
v i s io n s o f T r e a s u r y D e p a r t m e n t C i r c u l a r N o . 9 2 , d a t e d O c t . 6 1 9 1 7 , a s
a m e n d e d a n d s u p p le m e n t e d A p r il 10 1918 a n d M a y 2 9 1 9 1 8 , a n d p u r s u a n t
t o d u e a c t io n o f its b o a r d o f d ir e c t o r s , h e r e b y m a k e s a p p lic a tio n f o r th e
d e p o s it o f p u b lic m o n e y s w it h it fr o m t im e t o t im e u n d e r t h o A c t o f C o n ­
g re ss a p p ro v e d S e p t. 24 19 1 7 , as a m e n d e d b y th e A c t a p p ro v e d A p ril 4
1 9 1 8 , t h e a g g r e g a t e a m o u n t o f s u c h d e p o s i t s n o t t o e x c e e d a t a n y o n e t im e
$ _____________ ; a n d a s s ig n s a n d a g r e e s t o p l e d g e , f r o m t i m e t o t i m e , t o a n d
w i t h t h e F e d e r a l R e s e r v e B a n k o f ___________________ _ a s f i s c a l a g e n t o f t h e
U n it e d S ta te s , a s c o lla t e r a l s e c u r it y f o r s u c h d e p o s its a s m a y b o m a d e fr o m
t i m e t o t i m e p u r s u a n t t o t h i s a p p l i c a t i o n , s e c u r it i e s o f t h o c h a r a c t e r a n d
a m o u n t r e q u i r e d b y s a id c ir c u l a r .
B y ......................................... - .....................
President ( Vice-President) .
Street ________________________________
City or Town____________________
State____________________________
F o r m J 3 — P u b lic M o n e y s .
R E S O L U T IO N S

[Vol. lot)

THE CHRONICLE

3393

A U T H O R IZ IN G

A P P L IC A T IO N

FOR

D E P O S IT S .

I h e r e b y c e r t i f y t h a t t h e f o l l o w i n g r e s o lu t i o n s w e r e d u l y a d o p t e d a t a
m e e t in g o f t h o b o a r d o f d ir e cto r s o f th o b e lo w -n a m o d b a n k (tr u s t c o m p a n y ) ,
W h ic h m e e t in g w a s d u l y c a l le d a n d d u l y h e l d o n t h o ------------d a y o f -----------------1 9 1 . . , a q u o r u m b e i n g p r e s e n t , a n d t h a t t h o s a id r e s o lu t i o n s w o r e s p r e a d
u p o n t h o m in u t e s o f s a i d m e e t in g :
Resolved, T h a t in a c c o r d a n c e w i t h t h e p r o v i s io n s o f T r e a s u r y D e p a r t m e n t
C i r c u l a r N o . 9 2 , d a t e d O c t . 6 1 9 1 7 , a s a m e n d e d a n d s u p p l o m o n t e d A p r i l 10
1 9 1 8 a n d M a y 2 9 1 9 1 8 , t h is b a n k ( t r u s t c o m p a n y ) m a k e s a p p li c a t io n f o r
t h o d e p o s i t o f p u b l i c m o n e s w i t h i t f r o m t im e t o t i m o u n d e r t h e A c t o f
C o n g re ss a p p r o v e d S e p t. 24 19 1 7 , as a m e n d e d b y th o A c t a p p ro v o d A p ril 4
1 9 1 8 , t h e a g g r e g a t e a m o u n t o f s u c h d e p o s i t s o n t t o o x c c e d a t a n y o n o t im o
$ ________________ : a n d a s s ig n a n d a g r e o t o p l e d g e f r o m t i m e t o t i m e t o a n d
w i t h t h e F e d o r a l R e s e r v e B a n k o f ________________ _ a s f is c a l a g e n t o f th e
U n it e d S t a t e s , a s c o ll a t e r a l s o c u r i t y f o r s u c h d e p o s i t s a s m a y b o m a d e f r o m
t i m e t o t i m o p u r s u a n t t o s u c h a p p l i c a t i o n , s e c u r it i e s o f t h o c h a r a c t e r a n d
a m o u n t r e q u i r e d b y s a id c ir c u l a r ; a n d
Resolved, T h a t t h o p r e s i d e n t , o r a n y v i c e - p r e s i d e n t , o r c a s h i e r , o r s e c r e ­
t a r y , o f t h e u n d e r s i g n e d b a n k ( t r u s t c o m p a n y ) is h o r e b y a u t h o r i z e d t o
m a k e a p p l i c a t i o n , a s s i g n m e n t , a n d a g r e e m e n t a s a f o r e s a id a n d f r o m t im e
t o t i m e t o d e l i v e r a n d t o p l e d g e w i t h s a id F e d e r a l R e s e r v e B a n k , o r a n y
c u s t o d i a n o r c u s t o d i a n s a p p o i n t e d b y i t , s e c u r it ie s o f t h o u n d e r s ig n e d b a n k
( t r u s t c o m p a n y ) o f a c h a r a c t e r a n d a m o u n t a t le a s t s u f f i c i e n t t o s e c u r e s u c h
d e p o s i t s a c c o r d i n g t o t h e t e r m s o f s a id T r e a s u r y D e p a r t m e n t c ir c u l a r a s
a m e n d e d a n d s u p p l e m e n t e d a s a f o r e s a id , a n d f r o m t im o t o t im e t o w i t h ­
d r a w s e c u r it ie s a n d t o s u b s t i t u t e o t h e r s e c u r it i e s a n d t o p l o d g o a n d d e p o s i t
a d d it i o n a l s e c u r it ie s .
I n w it n e s s w h e r e o f 1 h a v e h e r e u n t o s i g n e d b y n a m e a n d a f f i x e d t h o s e a l
o f t h o ___________________ o f ______________________________________

Cashier ( Secretary) .

The Treasury Department’s Circular N o . 92, dated Oct. G
was printed in our issue of Oct. 20 1917; that of April 10
was referred to in those columns April 20, but wo give it in
full herewith:
Spocial Deposits o f P ublic Moneys under the A ct o f Congress A p­
proved Sept. 24 1917, as Amended by the A ct o f Congress
A pprovod A pril 4 1918.
1918.
S u p p le m e n t t o D e p a r t m e n t C i r c u l a r
N o. 92.

TREASU RY D EPARTM EN T.
O ffic e o f th o S e c r o ta r y .

D iv is io n o f P u b lic M o n e y s .

Washington, April-10 1 9 1 8 .
To Federal Reserve Banks and other banks and trust companies incorporated
under the laws of the United States or of any State:
D e p a r t m e n t C i r c u l a r N o . 9 2 , d a t e d O c t . 6 1 9 1 7 , h e r e t o a t t a c h e d , In
r e la t i o n t o s p e c i a l d e p o s i t s o f G o v e r n m e n t f u n d s in c o n n e c t i o n w i t h s u b ­
s c r ip t i o n s f o r b o n d s a n d c e r t i f i c a t e s o f t h e U n it e d S t a t e s is s u e d u n d e r t h e
A c t o f C o n g r a s s a p p r o v e d S e p t . 2 4 1 9 1 7 , is h e r e b y a m e n d e d a n d s u p p l e ­
m e n t e d a s f o ll o w s :
T h o p r o v i s io n s o f s a id c ir c u l a r a r e o x t e n d e d , s u b j e c t t o t h e p r o v i s io n s
h e r e o f, to d e p o s it s o f t h o p r o c e e d s o f b o n d s o f t h o T h ir d L ib e r t y L o a n a n d
o f c e r t i f ic a t e s o f in d e b t e d n e s s o f t h o U n it e d S t a t e s is s u e d u n d e r t h o A c t
o f C on gra ss a p p ro v e d S e p t. 24 1917, as a m en d ed b y th e A c t o f C on grass
a p p r o v e d A p ril 4 1 91 8.
A p p lic a t io n s h e re a fte r m a d o fo r s u ch d e p o s its
s h o u l d b o , a n d a ll a p p l i c a t i o n s f o r s u c h d o p o s i t s m a d o o n a n d a fr e r A p r i l 2 0
1 9 1 8 m u s t b e , in f o r m 112, h c r o t o a t t a c h e d , a n d a c c o m p a n i e d b y a c e r t i f ie d
c o p y o f r e s o lu t i o n s d u l y a d o p t e d b y t h o b o a r d o f d i r e c t o r s o f t h o a p p li c a n t
in f o r m J 2 , h e r e t o a t t a c h e d .
D e p o s it a r i e s a l r e a d y q u a li fi e d t o a s u f f i c i e n t a m o u n t p u r s u a n t t o D e p a r t ­
m e n t C i r c u l a r N o . 9 2 w ill n o t b e r e q u i r e d t o f i l e n e w a p p li c a t io n s o r r e s o lu ­
t io n s in c o n n e c t i o n w i t h d e p o s i t s o f t h e p r o c e e d s o f b o n d s o f t h o T h ir d
L i b e r t y L o a n a n d o f c e r t i f i c a t e s o f i n d e b t e d n e s s o f t h o U n it e d S t a t a s is s u e d
u n d er th o A c t o f C on g ress a p p ro v e d S ep t. 24 1917, as a m on d ed b y th o A c t
a p p r o v e d A p ril 4 1 9 1 8 , b u t w ill, b y t h e a c c e p t a n c e o f s u ch d e p o s its , b e
c o n c l u s i v e l y p r e s u m e d t o h a v e a s s e n t e d t o a ll t h o t e r m s a n d p r o v i s io n s
h e r e o f.
Q u a lif ie d d e p o s i t a r ie s w il l b o p e r m i t t e d t o m a k o p a y m e n t b y c r e d i t o f
a m o u n t s d u e a n d p a y a b l e o n s u b s c r ip t i o n s , m a d o b y o r t h r o u g h t h e m , fo r
b o n d s o f t h e T h ir d L ib e r t y L o a n , p u rs u a n t t o D e p a r tm e n t C ir c u la r N o . I l l
o f A p r i l 1 9 1 8 , u p t o t h o a m o u n t f o r w h ic h e a c h s h a ll b o q u a li fi e d in e x c e s s
o f e x is t in g d o p o s i t s .
I n o r d e r , h o w e v e r , t o p r o v e n t u n n e c e s s a r y d i s lo c a t i o n
o f f u n d s , t h e y s h o u l d , t o t h e e x t e n t t h a t t h e y h o l d T r e a s u r y c e r t i f ic a t e s
o f in d e b t e d n e s s m a t u r in g o n t h o d a t e t h o p a y m e n t o n b o n d s u b s c r ip t i o n s
is d u o a t F e d e r a l R e s e r v e b a n k s , m a k o p a y m e n t in s u c h T r e a s u r y c e r t i f i ­
c a te s o f in d e b te d n e s s in s te a d o f b y c r e d it .
T h is d o e s n o t e x te n d t o p a y ­
m e n t fo r b o n d s fo r a d v a n c o d e liv e r y .
Q u a l if ie d d o p o s i t a r o s w il l b o p e r m i t t e d t o m a k o p a y m e n t b y c r e d i t , u p
t o t h o a m o u n t o f w h ic h e a c h s h a ll b o q u a li f i e d in e x c e s s o f e x is t in g d o p o s i t s ,
f o r b o n d s o f t h o T h i r d L i b e r t y L o a n a p p li e d f o r b y t h e m , o n f o r m L & C 8 ,
f o r a d v a n c o d e l i v e r y , t o b o s o l d in l o t s o f $ 1 0 ,0 0 0 o r lo s s t o a n y o n o s u b ­
s c r ib e r .




T h e c e r t i f i c a t e o f a d v i c e t o b o is s u e d a n d f o r w a r d e d t o F e d e r a l R e s e r v e
b a n k s , as p r o v id e d in D e p a r t m e n t C ir c u la r N o . 9 2 u n d e r t h o c a p t io n .
H o w D e p o s i t s A r e T o B o M a d e , m u s t b e s u b s t a n t i a l ly in f o r m K h e r e t o
a tta ch ed .
A n y q u a li f i e d d e p o s i t a r y m a y m a k o p a y m e n t b y c r e d i t o f a m o u n t s
w h ic h i t s c o r r e s p o n d e n t b a n k s o r t r u s t c o m p a n i e s w o u l d o t h e r w i s e p a y b y
c h e c k u p o n s u c h q u a lifie d d e p o s it a r y .
T h is m a y b o d o n e w h e t h e r s u c h
q u a li fi e d d e p o s i t a r y a n d c o r r e s p o n d e n t b a n k o r t r u s t c o m p a n y a r e in t h o
s a m e d i s t r i c t o r in d i f f e r e n t d i s t r i c t s .
I n c a s e s w h e r e t h e y a r e in d i f f e r e n t
d i s t r i c t s , t h o F e d e r a l R e s e r v e b a n k o f t h o d i s t r i c t w h o r o t h o s u b s c r ip t i o n
is m a d o m u s t b o n o t i f i e d b y t e le g r a p h b y t h o F e d e r a l R e s e r v e b a n k o f t h e
d i s t r i c t w h o r o p a y m e n t is m a d o , a n d t h e F e d e r a l R o s e r v o b a n k o f t h e
d i s t r i c t w h o r e t h e s u b s c r ip t i o n is m a d e w ill a c c e p t s u c h t e le g r a p h i c a d v i c e
in l ie u o f p a y m e n t t o i t b y t h o s u b s c r ib e r .
B a n k s a n d tru st c o m p a n ie s
d e s i r in g t o a v a i l t h e m s e v e s o f t h i s m e t h o d o f p a y m e n t m u s t g i v o a m p l e
n o t i c o t o t h o d e p o s i t a r y w h ic h t h e y e x p e c t t o c a l l u p o n t o m a k o p a y m e n t
in o r d e r t h a t s u c h d e p o s i t a r y m a y b o p r e p a r e d t o m a k e s u c h p a y m e n t , a n d
t o a v o i d t h e p o s s i b i l i t y o f p a y m e n t n o t r e a c h in g t h e F o d o r a l R e s e r v e b a n k
o n t im e .
T h o o b j e c t o f t h is p r o c e d u r e is t o a v o i d u n n e c e s s a r y d i s lo c a t i o n
o f f u n d s a n d t o r e d u c e t h o f l o a t a s f a r a s p r a c t ic a b le .
T h e u n e x p e n d e d c a s h p r o c e e d s , i f a n y , o f t h o s a le o f a n y i s s u e o f b o n d s
o r c e r t i f i c a t e s w il l b e r o - d e p o s it e d a m o n g t h e q u a li f i e d d e p o s i t a r ie s m a k i n g
a p p l i c a t i o n t o r e c e i v e s u c h r o - d e p o s it s a s n e a r ly a s m a y b o in p r o p o r t i o n
t o t h o s u b s c r ip t i o n s m a d o b y o r t h r o u g h t h e m .
E a c h d e p o s i t a r y w ill b e r e q u i r e d t o p a y i n t e r e s t a t t h o r a t e o f 2 % p o r
a n n u m o n d a ily b a la n c e s .
In terest p a y m en ts m u st b o m a d e w h en d e­
p o s i t s a r e f i n a l l y w it h d r a w n , b u t n o t le s s f r e q u e n t l y t h a n q u a r t e r l y .
T h o p r o v i s io n s o f D e p a r t m e n t C i r c u l a r N o . 9 2 n o t in c o n s is t e n t h e r e w it h
r e m a in in f u l l f o r c e a n d e f f e c t .
W . G . M cA D O O ,

Secretary of the Treasury.

N. Y. FEDERAL RESERVE B AN K ADVISES B AN KS
HOW TO QU ALIFY AS DEPOSITARIES FOR T A X
MONEY.
A circular to members of the Now York Federal Reserve
Bank has been issued by Benjamin Strong, Governor of"the
bank, regarding the Troasury Department’s advices con­
cerning banks qualifying as depositaries to recoive deposits
of tax moneys. In addition to pointing out tho necessity of
qualifying for this purpose, Governor Strong also impresses
upon members tho importance of thoir advising and encour­
aging clients and depositors to use to as groat an extent as
possiblo Treasury Certificates of Indebtedness maturing
June 25 in payment for income and excess profits taxes.
W e append Governor Strong’s circular herewith:
FEDERAL

RESERVE

BANK

OF N EW

YORK.

New York, June 1 1 9 1 8 .

Special Governm ent Doposits o f Receipts of Incom e and Excess
P rofits Taxes.
To the President.
Sir: — W o d e s lr o t o c a ll y o u r p a r t i c u la r a t t o n t l o n t o t h o p r o v i s io n s o f
T r e a s u r y D e p a r tm e n t C ircu la r N o . 9 2 , d a te d O c t . 0 1 91 7, a n d th o s u p p le ­
m e n t t h e r e t o d a t e d M a y 2 9 1 9 1 8 , c o p y o f w h ic h h a s b o o n m a i le d t o y o u
b y th e D e p a rtm e n t.
E m b a r r a s s m o n t t o t h o G o v e r n m e n t a n d c o n g a s t l o n in t h o fin a n c ia l
s i t u a t io n r a s u lt in g f r o m t h o p a y m e n t o f i n c o m e a n d o x c e s s p r o f i t s t a x e s
d u r i n g t h o c u r r o n t m o n t h m u s t , o f c o u r s o , b o r e d u c e d t o a m in im u m ; a n d
t o t h is e n d i t is e s s e n t ia l t h a t a ll t h e b a n k s a n d t r u s t c o m p a n i a s o t t h e
c o u n t r y c o - o p e r a t e w it h t h o T r o a s u r y D e p a r t m e n t a n d t h o F o d o r a l R e ­
s e r v o b a n k s in c a r r y in g o u t t h e p la n s p r o p a r o d b y t h o S o c r o t a r y o f t h o
T r o a s u r y , a s s e t f o r t h in t h o s a i d c ir c u l a r .
I f y o u r I n s t it u t io n is a l r e a d y a q u a li fi e d d e p o s i t a r y . It n o o d n o t r o h u a l i fy ,
b u t y o u c a n o n l y r e c e iv e d o p o s i t s o f t a x m o n o y s f o r a n a m o u n t f o r w h ic h
y o u r i n s t it u t i o n is q u a li fi e d in o x c e s s o f y o u r e x is t in g G o v e r n m e n t d o p o s i t s .
I t is i m p e r a t i v e t h a t y o u n o t i f y t h o F e d e r a l R o s o r v o B a n k o f N o w Y o r k b y
l e t t e r o r t o le g r a m o f y o u r d e s ir o t o r e c o iv e d o p o s i t s o f s u c h t a x m o n o y s .
I f y o u r in s t it u t i o n is n o t a l r e a d y q u a li fi e d a s a d e p o s i t a r y u n d e r t h o t e r m s
o f T r e a s u r y D e p a r tm e n t C ircu la r N o . 92 a n d o f th o s u p p lo m o n t th e r e to
d a t e d A p r i l 10 1 9 1 8 , o r i f y o u r i n s t it u t i o n is n o t q u a li fi e d f o r a s u f f i c ie n t
a m o u n t in o x c e s s o f y o u r p r e s e n t G o v e r n m e n t d o p o s i t s , y o u m u s t m a k o
a p p li c a t io n f o r d o p o s i t s o f p u b l i c m o n o y s o n F o r m I I - 3 , a c c o m p a n i e d b y a
c e r t i f ie d c o p y o f r e s o lu t io n s d u l y a d o p t e d b y t h o b o a r d o f d i r e c t o r s o r t r u s ­
t e e s o f y o u r i n s t it u t i o n o n F o r m J - 3 .
P le a s e b e a r i n m in d p a r t i c u la r l y t h o f o l l o w i n g p o i n t s , w h ic h a r e o f v i t a l
im p o rta n ce :
1. T h o n e c e s s it y o f q u a li f y in g t o r e c o lv o t h o t a x m o n o y s in a m p l e a m o u n t .
2 . T h o n e c e s s it y o f f o r w a r d i n g at once t h o n e c e s s a r y c o ll a t e r a l s o c u r i t y t o
o b t a in s u ch q u a lific a t io n .
3 . T h o i m p o r t a n c e o f y o u r a d v i s i n g a n d e n c o u r a g i n g y o u r c ll o n t s a n d
d e p o s i t o r s t o u s e t h o U n it e d S t a t e s c e r t i f ic a t e s o f i n d o b t o d n o s s m a t u r in g
J u n o 2 5 in p a y m e n t f o r t h o i n c o m e a n d o x c e s s p r o f i t s t a x e s t o a s g r o a t a n
o x t o n t a s p o s s ib le .
4 . T h o o b l i g a t i o n u p o n b a n k s a n d t r u s t c o m p a n i e s t h a t t h o y s h a ll u n d o r
n o c ir c u m s t a n c e s p e r m it t h o d e f e a t o f t h o p u r p o s e f o r w h ic h s u c h c e r t i f ic a t e s
o f i n d e b t e d n e s s w e r o is s u e d , e it h o r b y c a s h in g th o r n f o r t h o ir c u s t o m e r s
o r m a k i n g lo a n s u p o n t h e m t o e n a b lo t h e ir c u s t o m e r s t o m a k o p a y m o n t o f
t a x e s in c a s h i n s t e a d o f b y u s in g t h e s o c e r t i f ic a t e s o f I n d o b t o d n o s s .
T h o i m p o r t a n c e o f c o - o p e r a t i n g w it h t h o T r o a s u r y D e p a r t m e n t c a n n o t
b o o v e r s t a t e d , in v i e w o f t h o f a c t t h a t t h e r o a r o o u t s t a n d i n g m o r o t h a n
$ 1 , 5 0 0 , 0 0 0 ,0 0 0 o f s u c h c e r t i f ic a t e s o f i n d e b t e d n e s s a n d t h a t t h o ir p r e s e n t ­
m e n t f o r p a y m e n t w o u ld n o t o n l y c a u s e a s o r io u s d i s lo c a t i o n o f f u n d s , b u t
a l s o w o u l d r e q u i r e t h o G o v e r n m e n t t o m a k o h e a v y w it h d r a w a l s o f m o n o y s
n o w h o ld b y d e p o s i t a r ie s In o r d e r t o p r o v i d e f u n d s t o p a y f o r t h o c e r t i f i ­
ca te s p resen ted .

Any depositary which fails to comply with the requirements of paragraphs
three and four above will under the terms of the Treasury Department circular
be disqualified as a depositary for any moneys arising from the payment of
income and excess profits taxes.
I n s t it u t i o n s w h ic h h a v o n o t q u a li fi e d a s d o p o s i t a r io s o f p u b li c m o n o y s
a n d a ls o t h o s o w h ic h w ill d e s ir o t o q u a l i f y f o r a d d it i o n a l a m o u n t s p lo a s e
n o t o t h o f o ll o w i n g :
1. B a n k s o r t r u s t c o m p a n i e s w h ic h h a v o not q u a li fi e d s h o u l d fu r n is h
t h r e e c o p i e s o f t h o a p p l i c a t i o n ( f o r m G . D . 7 ) ; t h r o o c o p i o s o f t h o lis t o f c o l ­
l a t e r a l s e c u r it ie s a t t a c h o d t o t h o a p p l i c a t i o n , a n d o n o c e r t i f ie d c o p y o f t h o
r e s o lu t i o n ( f o r m G . D . 6 ) o f y o u r b o a r d o f d i r e c t o r s , w it h c o r p o r a t e s e a l
a f fi x o d .
2 . B o n d s o r c o m m e r c i a l p a p e r o f f o r o d a s c o ll a t e r a l s o c u r it y f o r d o p o s i t s
s h o u l d b o l is t e d b y t y p e w r i t e r o n t h o a p p li c a t io n ( f o r m G . D . 7 ) .
Bonds

June 8 1918.]

s h o u l d b o l is t e d a l p h a b o t i c a l l y i n d e t a i l; v i z . , n a m e o f b o n d , l io n , m a t u r i t y
( m o n t h , d a y a n d y e a r ) , r a t o , d a t e o f n e x t m a t u r in g c o u p o n , p a r v a l u e .
S e r ia l b o n d s s h o u l d b e l is t e d s e p a r a t e l y a s t o t h e a m o u n t o f e a c h m a t u r i t y .
Commercial paper s h o u l d b e lis t e d in a c c o r d a n c e w it h i n s t r u c t i o n s o n a p p l i ­
c a t io n s ( f o r m G . D . 7 ) .
No collateral security should accompany the appli­

cations; upon approval advice will be given when and where to deposit it.
T h o c o ll a t e r a l s o c u r it y s h o u l d b e d i v e r s if i e d a n d o f s u c h c h a r a c t e r t h a t t h e
m a r k e t v a lu e m a y b o r o a d ily o b t a in e d .
A s t o t h o e l ig i b i li t y o f c o ll a t e r a l
s e c u r it y , y o u a ro t o b o g u id e d b y D e p a r tm e n t C ircu la r N o . 9 2 a n d th e
a m e n d m e n t s t h e r e t o d a t e d A p r i l 10 1 9 1 8 a n d M a y 2 9 1 9 1 8 .
A p p l i c a t i o n s w ill b e a p p r o v e d i n t h e o r d e r i n w h i c h t h e y a r o r e c e i v e d
a t th is b a n k .
V e r y t r u ly y o u r s ,
BE N J. ST R O N G ,

Governor.

GOVERNMENT EXPENDITURES A N D NEEDED REVE­
N U E LEGISLATION OUTLINED BY
SECRETARY McADOO.
Secretary of the Treasury M cAdoo in a letter to Repre­
sentative Kitchin on June 6, setting out his recommendations
with regard to revenue legislation, estimates tho Govern­
ment expenditures in the fiscal year 1919 at $24,000,000,000,
of which, he states, not less than one-third, or $8,000,000,000,
should bo raised by taxation. He recommends that “ a real
war profits tax at a high rate be levied upon all war profits,”
and that there be made a substantial increase in the amount
of normal income tax upon so-called unearned incomes.", On
the latter point he says:
U n d e r e x i s t i n g l a w e a r n e d i n c o m e s a b o v e c e r t a in e x e m p t i o n s a r o t a x e d

4% a s a n i n c o m e t a x a n d 8 % a s a n o x c e s s p r o f i t s t a x , m a k i n g a t o t a l o f 1 2 %
w h il o u n e a r n e d i n c o m e s , d e r i v e d f r o m s e c u r it i e s , & c . , a r o t a x e d o n l y 4 % .
T h e 8 % ta x s h o u ld b o r e c o g n iz e d a s a n in c o m e ta x a n d t h o r a t o o f 1 2 %
( 4 % n o r m a l a n d 8 % e x c e s s p r o f i t s ) s h o u l d b o r e t a in e d in r e s p e c t t o e a r n e d
i n c o m e , w h il o a h i g h e r r a t o t h a n 1 2 % s h o u l d b e I m p o s e d o n u n e a r n e d i n ­
com es.

A further recommendation of Secretary M cAdoo is that
heavy taxation be imposed on all luxuries. His suggestions
were given in response to a letter from M r . Kitchin and con­
stituted an outline of the Treasury’s ideas not only of taxa­
tion to meet the nation’s future war expenses, but of pre­
paring the way for floating additional billions of Liberty
bonds. Increasing the rato of normal taxes on incomes,
from which Liberty bonds are exompt, said the Secretary,
will tend to make these bonds better investments and to per­
mit them to compete with industrial and municipal securities
bearing higher rates of interest. W e give M r . M cA d oo ’s
letter herewith:
Dear M r. Kitchin.— R e p l y i n g t o y o u r l e t t e r o f J u n o 3 , a n d r e fe r r in g t o
o u r r e c e n t c o n f e r e n c e o n t h o q u e s t i o n o f n o w r o v e n u o le g is l a t i o n , p e r m it
m e t o s u b m i t t h o f o l l o w i n g f o r y o u r c o n s i d e r a t io n ;
I f t h o p r o s e n t r a t o o f in c r o a s o in e x p e n d it u r e s h o u l d c o n t i n u e f o r s ix
m o n t h s t h o T r e a s u r y w ill a c t u a l l y h a v e t o d is b u r s e d u r i n g t h e f is c a l y e a r
e n d i n g J u n o 3 0 1 9 1 9 , a p p r o x i m a t e l y 5 2 4 ,0 0 0 .0 0 0 ,0 0 0 .
T h i s o s t lm a t o is n o t b a s e d m e r e ly u p o n a p p r o p r i a t i o n s , n o r m e r e l y u p o n
e s t im a t e s m a d e b y o t h e r d e p a r t m e n t s a s t o t h e i r p r o b a b l o e x p e n d it u r e s ,
a l t h o u g h t h e y h a v e b o o n o b t a i n e d a n d c o n s i d e r e d ; i t is b a s e d u p o n t h e
a c t u a l e x p e r ie n c e o f t h e T r e a s u r y d u r i n g t h o p a s t y e a r , w h i c h h a s s h o w n
t h a t a c t u a l e x p e n d it u r e s , e x c l u s iv e o f t r a n s a c t io n s in t h o p r i n c ip a l o f t h e
p u b l i c d e b t , h a v o i n c r e a s e d a t t h e a v e r a g e r a t e o f $ 1 0 0 ,0 0 0 ,0 0 0 p e r m o n t h
s in ce M a r c h 1917.
Y o u w ill o b s o r v o f r o m t h e i n c lo s e d s t a t e m e n t ( E x h i b i t A ) t h a t in M a r c h
1 9 1 7 t h o e x p e n d it u r e s w e r o in r o u n d f ig u r e s $ 1 0 0 ,0 0 0 ,0 0 0 .
In M a y 1918
t h e y w e r o $ 1 , 5 0 8 . 1 9 5 ,0 0 0 .
I f t h e r o s h o u l d b o n o f u r t h e r I n c r e a s e d u r in g
t h e c o m i n g f is c a l y e a r t h o c a s h e x p e n d it u r e s u p o n t h o M a y b a s is w o u l d b o
m o r o t h a n $ 1 8 ,0 0 0 ,0 0 0 ,0 0 0 .
I f . a s s e e m s l n o v i t a b lo , t h o i n c r e a s e i n o x p o n d it u r o s s h o u l d c o n t i n u e a t t h o r a t o o f $ 1 0 0 ,0 0 0 ,0 0 0 p e r m o n t h f o r t h o
n e x t s ix m o n t h s , o r u n t il D e c e m b e r 1 9 1 8 , a n d i f t h e r e a f t e r t h o m o n t h l y
e x p e n d it u r e s s h o u l d r e m a in s t a t io n a r y u n t il J u n o 3 0 1 9 1 9 t h o T r e a s u r y
w o u l d h a v o t o f in a n c e e x p e n d it u r e s a g g r e g a t i n g $ 2 4 ,0 0 0 ,0 0 0 ,0 0 0 d u r i n g t h o
f is c a l y e a r e n d i n g J u n e 3 0 1 9 1 9 ; o r , t o p u t It a n o t h e r w a y . I f t h o a v e r a g e
m o n t h l y e x p o n d it u r o s h o u l d e x c e e d t h a t f o r t h o m o n t h o f M a y 1 9 1 8 b y
3 3 1 - 3 % . w o s h a ll s p o n d $ 2 4 ,0 0 0 ,0 0 0 ,0 0 0 In t h o f is c a l y e a r 1 9 1 9 .
I n t h o f is c a l y e a r o n d l n g J u n o 3 0 1 9 1 8 o u r c a s h d i s b u r s e m e n t s w ill
a m o u n t t o b e t w e e n $ 1 2 ,5 0 0 ,0 0 0 ,0 0 0 a n d $ 1 3 ,0 0 0 ,0 0 0 ,0 0 0 .
O f t h is a m o u n t
a b o u t o n o - t h ir d w ill h a v o b o o n r a is e d b y t a x e s a n d t w o - t h i r d s b y l o a n s , a ll
o f w h ic h w il l b o r e p r e s e n t e d b y l o n g - t i m e o b l i g a t i o n s , t h a t Is, b o n d s o f t h e
F i r s t , S e c o n d a n d T h i r d L i b e r t y L o a n s a n d W a r S a v in g s C e r t i f i c a t e s .
We
s h a ll t h u s h a v e c o m p l o t o d f lf t o o n m o n t h s o f t h o w a r w it h a f in a n c ia l r e c o r d
u n e q u a l e d , I b o l lo v o , b y t h a t o f a n y o t h e r n a t i o n .
W e c a n n o t w is o l y c o n t o m p l a t o n e a r l y d o u b l i n g o u r c a s h d is b u r s e m e n t s
in t h o f is c a l y e a r 1 9 1 9 w it h o u t p r o v i d i n g a d d it i o n a l r o v e n u o .
W e cannot
a f f o r d t o r o ly u p o n $ 4 , 0 0 0 , 0 0 0 ,0 0 0 o n l y f r o m t a x a t i o n , b e c a u s e w o s h a ll
t h e n h a v o t o r o ly o n r a is in g $ 2 0 ,0 0 0 ,0 0 0 ,0 0 0 b y l o a n s .
T h is w o u ld b e a
s u r r e n d e r t o t h o p o l i c y o f h ig h I n t e r e s t r a t e s a n d i n f l a t i o n , w it h a ll t h o
e v i l c o n s e q u e n c e s w h i c h w o u ld f l o w i n o v i t a b l y t h e r e fr o m , a n d w h i c h w o u ld
I f i r m l y b o l lo v o , b r i n g u l t im a t o d is a s t e r t o t h o c o u n t r y .
W e can n ot
a f f o r d t o b a s o o u r f u t u r o f in a n c in g u p o n t h o q u i c k s a n d s o f i n fl a t i o n o r
u n h e a lt h y c r e d i t e x p a n s io n .
I f w o a r o t o p r o s o r v o t h o f in a n c ia l s t r e n g t h
o f th o n a tio n , w o m u s t d o s o u n d a n d sa fe th in g s , n o m a tte r w h e th e r th e y
h u r t o u r p o c k o t s o r i n v o l v o s a c r if i c e s — s a c r if ic e s o f a r e la t i v e l y i n s ig n if i c a n t
s o r t a s c o m p a r e d w it h t h o s a c r if ic e s o u r s o ld ie r s a n d s a ilo r s a r o m a k i n g t o
s a v o t h o lif e o f t h o n a t i o n .
T h e s o u n d t h i n g t o d o Is u n q u e s t i o n a b ly t o
i n c r o a s o t a x a t i o n , a n d t h o I n c r e a s e s s h o u l d b o d e t e r m in e d u p o n p r o m p t l y
a n d m a d o o f f o c t l v o a t t h o e a r llo s t p o s s i b lo m o m e n t .
I d o u b t s e r io u s l y I f t h o G o v e r n m e n t c a n b o f in a n c e d w it h o n l y $ 4 , 0 0 0 , ­
0 0 0 ,0 0 0 d o r i v e d f r o m t a x a t i o n , b e c a u s e , w it h a t a x b ill n o la r g e r t h a n t h is ,
s u f f i c ie n t e c o n o m ie s w il l n o t b o e n f o r c e d u p o n t h o p e o p l o o f A m e r i c a , a n d
w it h o u t s u c h o c o n o m io s I s e e n o w a y in w h ic h t h o g r e a t f in a n c ia l o p e r a t i o n s
o f t h e G o v e r n m e n t c a n b o s a f e ly c o n d u c t e d .
O n t h e b a s is o f t h o p r o s o n t r o v o n u e la w s , w o s h o u l d h a v o t o r a is e in t h e
fis c a l y e a r 1 9 1 9 $ 2 0 ,0 0 0 ,0 0 0 ,0 0 0 b y t h o s a le o f L i b e r t y b o n d s o r b y lo a n s
o f on o sort o r a n oth er.
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a n d s t a b i l i t y o f o u r f in a n c ia l s t r u c t u r e , w o s h o u l d r a is e b y t a x a t i o n n o t less
t h a n o n o - t h ir d o f t h o e s t im a t e d o x p o n d it u r e s f o r t h o f is c a l y e a r 1 9 1 9 , o r

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2393

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T h e r o a r e a ls o c e r t a in g e n e r a l c o n s i d e r a t io n s b e a r i n g u p o n t h e p r o b l e m
o f t a x a t i o n w h ic h I h o p e I m a y b e p e r m it t e d t o b r i n g t o y o u r a t t e n t i o n .
T h o o x is t ln g e x c e s s p r o f i t s t a x d o e s n o t a l w a y s r e a c h w a r p r o f i t s .
The
r a t e s o f e x c e s s p r o f i t s t a x a t i o n a r e g r a d u a t e d a n d t h o m a x i m u m is 6 0 % .
I n G r e a t B r i t a i n t h e r e is a f l a t r a t o o f 8 0 % o n a ll w a r p r o f i t s .
T h e G ov ern ­
m e n t d e p a rtm e n ts, u n d er grea t pressu re, as th e y a re, t o g e t n ecessa ry w a r
m a t e r ia ls a n d s u p p lie s w it h t h e u t m o s t e x p e d i t i o n , c a n n o t i n t h e n a t u r e
o f t h in g s f i x t h e ir p r ic e s n o r g u a r d t h e ir c o n t r a c t s in s u c h a w a y a s t o a v o i d
t h o p o s s i b il i t y o f p r o f it e e r i n g .
T h e o n e s u r e w a y is t o t a x a w a y t h e
o x c e s s iv o p r o f i t s w h e n t h e y h a v e b e e n r e a l iz e d .
I d o n o t s a y t h i s in a .s p ir i t o f c r it i c is m o f t h o c o r p o r a t i o n o r b u s in e s s m e n
o f t h e c o u n t r y , w h o h a v e fo r th e m o s t p a r t lo y a lly s u p p o r te d t h e G o v e r n ­
m en t.
I n e n t e r in g i n t o w a r c o n t r a c t s t h e y t a k e g r a v e r is k s .
T h e y aro
c a l l e d u p o n t o m a k e v a s t e x p e n d it u r e s o f c a p i t a l f o r p u r p o s e s w h i c h m a y
p r o v o u n p r o d u c tiv e a fte r th e w a r
T h e y a r e n o t to b o b la m e d in th e s e
c ir c u m s t a n c e s f o r a s k in g f o r p r i c e s a n d t e r m s w h i c h c o v e r t h e s e r is k s .
O n t h e o t h e r h a n d , w h o n t h e r is k h a s b e e n l i q u i d a t e d b y p r o p e r a l lo w a n c e s
a n d t h o c o n t r a c t h a s p r o v e d p r o fit a b le , t h e G o v e r n m e n t s h o u ld ta k e
b a c k in t a x e s a l l p r o f i t s a b o v e a r e a s o n a b l e r e w a r d .
U n d e r e x i s t i n g la w
t h a t d o e s n o t h a p p e n b e ca u s e t h e ta x ra te s a re n o t h ig h e n o u g h a n d c a n n o t
s a f o l y b o m a d o h i g h e n o u g h , s i n c e t h o t e s t n o w is n o t h o w m u c h o f t h e
p r o f i t s a r e d u o t o t h e w a r , b u t w h a t r e la t i o n t h e p r o f i t s b e a r t o t h e c a p i t a l
in v e s te d .
A c o m p a n y w it h a s w o lle n c a p it a l a n d h u g e w a r p r o f it s e s c a p e s .
O f c o u r s e , n o o n e o b je c t s t o re a s o n a b le p r o fit s ; o n th e c o n t r a r y , e v e r y
o n o s h o u l d w a n t , a n d I a m s u r e d o e s w a n t , b u s in e s s a n d e n t e r p r is e t o b e
r e w a r d e d w it h r e a s o n a b l e , o r e v e n l ib e r a l , p r o f i t s .
P r o s p e r it y s h o u ld b e
p r e s e r v e d , a n d c a n b e p r e s e r v e d , I b e l i e v e , o n t h e b a s is o f r e a s o n a b l e
p r o fit s .
T h e p r o b l e m o f s t a t e s m a n s h ip is t o e s t a b lis h a j u s t r e la t i o n b e ­
t w e e n n e c e s a r y t a x a t i o n a n d t h e e a r n in g p o w e r o f t h o n a t i o n .
T h i s b r in g s m e t o a n o t h e r c o n s i d e r a t io n o f g r e a t m o m e n t in t h e G o v e r n ­
m e n t 's f in a n c ia l p l a n s .
I h o p e t h a t i t w il l n o t b o n e c e s s a r y f u r t h e r t o i n c te a s o th e in te re s t ra te o n G o v e r n m e n t b o n d s .
T h e n u m b e r o f s u b s c r ib e r s
t o t h o th r e e L ib e r t y L o a n s a g g r e g a te d 3 0 ,0 0 0 ,0 0 0 .
T h e p e o p le w h o su b ­
s c r ib e d a r o i m p a t i e n t o f t h o s e w h o h a v o n o t . ' V a r i o u s p l a n s h a v e _ b e c n
u r g e d u p o n m o fo r .fo r c ln g th o p e o p le to b u y L ib e r t y b o n d s .
T h e m an o f
s m a l l m e a n s w h o b u y s a $ 1 0 0 . b o n d s w a n ts ', h is n e i g h b o r ^ t o d o s o , t o o .
T h e r o is a p o p u l a r d e m a n d a l s o f o r h i g h t a x e s u p o n w a r p r o f i t s .
T h ero
is a l s o a p o p u l a r d e m a n d t h a t a ll t h e p e o p l e s h o u l d c o n t r i b u t e t o f in a n c in g
th e w ar.
T h e r e s h o u l d , t h e r e f o r e , b e a s u b s t a n t i a l in c r e a s e in t h e . n o r m a l
i n c o m e t a x r a t o , a n d a h ig h e r t a x s h o u l d . b e l e v i e d u p o n s o - c a l l e d u n e a r n e d
th a n o n ea rn ed In com es.
I n c o m e d e r iv e d fr o m L ib e r t y b o n d s w o u ld .b e
e x e m p t fr o m th is ta x a t io n , a n d th e r e t u r n s ib e tw e e n .in c o m e fr o m L ib e r t y
b o n d s a n d i n c o m e f r o m o t h e r s e c u r it ie s w o u l d b o r e a d j u s t e d w i t h o u t i n ­
c r e a s in g t h o r a t o o f i n t e r e s t o n L i b e r t y b o n d s .
I t J .w o u ld n o t t a x t h e
p a t r i o t i c p u r c h a s e r s o f L i b e r t y b o n d s o n t h e i r h o l d i n g s , b u t T w o u l d ,w e i g h
h e a v i l y u p o n t h e s h ir k e r s w h o . h a v o n o t . b o u g h t . t h e m .
I t . w o u ld m a k e
t h e r e t u r n f r o m L i b e r t y b o n d s c o m p a r e ’. f a v o r a b l y w it l h t h e r e t u r n f r o m o t h e r
s e c u r it i e s .
I t w o u l d g i v e t h e G o v e r n m e n t ’ s b o n d s a n e s s e n t ia l a n d in o c o s s a r y a d v a n t a g e o v e r t h o s e o f c o r p o r a t o .b o r r o w e r s a n d , w o u l d v e r y g r e a t l y
d e c r e a s e t h o r e l a t i v e a d v a n t a g e w h ic h S t a t e d a n d m u n i c ip a l b o n d s n o w
e n j o y t h r o u g h t h o t o t a l e x e m p t i o n w h ic h ;, t h e y } c a r r y .
I t w o u ld p r o d u c e
a g r a d u a l r e a d j u s t m e n t o f t h e s i t u a t io n in t h o i n v e s t m e n t m a r k e t s in s t e a d
o f a n a b r u p t o n e , as w o u ld b e th e ca s e i f t h e in te re s t r a te o n L ib e r t y b o n d s
s h o u ld b e in c re a s e d .
A n o r m a l t a x f a lls u p o n a ll a lik e .
T h e r e f o r e , a s I p o i n t e d o u t in m y
s t a t e m e n t b e f o r o t h e W a y s a n d M e a n s C o m m i t t e e la s t s u m m e r , t h e r e Is
n o t th o s a m o o b je c t io n t o th e e x e m p tio n fr o m n o rm a l in c o m e ta x e s a s th e re
is t o t h o e x e m p t i o n f r o m s u r t a x e s .
A s u b s t a n t ia l in c r e a s e i n t h e n o r m a l
i n c o m o t a x is t h o s o u n d e s t a n d s u r e s t w a y o f s t a b iliz in g t h e p r i c e o f G o v e r n ­
m ent bon d s.
I f w o h a v e t o in c r e a s e t h e i n t e r e s t r a t e o n G o v e r n m e n t b o n d s ,
t h o in c r e a s e d r a t e m a y c o n t i n u e f o r t e n t o t h i r t y y e a r s , a n d s o m e o f t h e
b o n d s w h i c h w o h a v e is s u e d w ill g o t o g r e a t p r e m iu m s n o t l o n g a f t e r t h o w a r
is o v e r .
I f w e m a k e th e b o n d s a t th e p re se n t ra te m o r e a ttr a c tiv e b y in ­
c r e a s in g t h o n o r m a l t a x , t h e n t h e d e c r e a s e in t a x a t i o n w h i c h w ill f o l l o w
t h e c l o s o o f t h o w a r w ill a u t o m a t i c a ll y a d j u s t t h o s i t u a t io n .
I b e l ie v e
t h a t t p s t a b i li z e t h e p r i c e o f G o v e r n m e n t b o n d s b y f ir s t i n c r e a s in g a n d
s u b s e q u e n t ly r e d u c i n g t h e n o r m a l i n c o m e t a x e s , f r o m w h i c h t h e h o l d e r s
o f t h o s e b o n d s a r o e x o m p t , is s o u n d f in a n c e a n d s o u n d e c o n o m ic s .
T h e r o is a n o t h e r f e a t u r o d e s e r v i n g o f c o n s i d e r a t io n .
W e a re a s k in g th e
p e o p l o t o f i n a n c e t h is w a r , a n d w e a r e o f f e r i n g t h e m a n in v e s t m e n t p a y i n g
4 H % in t e r e s t . T h e p e o p l e h a v e r e s p o n d e d w o n d e r f u ll y t o t h is a p p e a l
I n t h o la s t L i b e r t y L o a n c a m p a i g n 1 7 ,0 0 0 ,0 0 0 a p p r x o i m a t e ly s u b s c r ib e d .
T h e r e is a w id e s p r e a d fe e lin g t h a t m a n y p e o p l e w h o a r e a b l e t o d o s o ,
e s p e c i a ll y t h o s o w h o a r o m a k i n g v a s t p r o f it s o u t o f t h o w a r , a r e n o t d o i n g
t h e ir p a r t , e it h e r in t h e p u r c h a s e o f L i b e r t y b o n d s o r in t h o p a y m e n t o f
t a x e s — t h a t t h e y a r e in v e s t in g i n c o r p o r a t e s t o c k s a n d b o n d s p r o d u c i n g
h ig h r o t u r n s in s t e a d o f in t h e b o n d s o f t h e ir o w n G o v e r n m e n t p r o d u c i n g
r e a s o n a b le r o t u r n s , w h e n t h e f i r s t d u t y o f p a t r i o t i s m a n d s e l f - p r o t e c t i o n
d o m a n d s t h a t t h e y s h a ll b u y G o v e r n m e n t b o n d s f o r t h e p r o t e c t i o n o f t h o
n a t i o n in it s h o u r o f p e r i l.
T h e r e is a n a t u r a l f e e li n g a m o n g t h o m a s s e s
o f th o p e o p le t h a t t a x a tio n u p o n in c o m e s a n d u p o n w a r p r o fit s s h o u ld b o
h ig h o n o u g h t o b r i n g t h e r e t u r n f r o m c o r p o r a t e in v e s t m e n t s m o r o n o a r ly
o n a p a r it y w it h th e r e tu rn fr o m G o v e rn m e n t b o n d s ; th a t th e G o v e rn m e n t
s h o u l d n o t b o f o r c o d t o c o m p e t o f o r c r e d it w it h w a r in d u s t r ie s w h ic h a r e
p r o f i t i n g a b n o r m a l l y a n d w h i c h , u n le s s r e s t r a in e d b y t h o e x e r c is e o f s o u n d
a n d j u s t t a x a t i o n , w ill c o n s t a n t l y a d d t o t h e d i f f i c u lt i e s o f t h e p e o p l o o f
t h o U n it e d S t a t e s In t h e i r e f f o r t t o s u p p l y t h e G o v e r n m e n t a t r e a s o n a b l e
i n t e r e s t r a t e s w i t h t h o c r e d it i t n e e d s t o f i g h t s u c c e s s fu l l y t h i s w a r f o r
lib e r t y .
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I f I m a y , w it h o u t im p r o p r ie t y , o ffe r a s u g g e s tio n a s t o t h e p r o p o s e d
r e v o n u o m e a s u re . I s h o u ld r e c o m m e n d : 1
.
1. T h a t o n e - t h i r d o f t h o c a s h e x p e n d it u r e s t o b o m a d o d u r i n g t h e f is c a l
y e a r o n d in g J u n o 3 0 1 9 1 9 b e p r o v i d e d b y t a x a t i o n .
A c c o r d in g to m y
e s t im a t e s , t h is w o u l d i n v o l v o r a is in g $ 8 , 0 0 0 , 0 0 0 ,0 0 0 t h r o u g h t a x a t i o n .
2 . T h a t a r e a l w a r p r o f i t s t a x a t a h ig h r a t e b o l e v ie d u p o n a ll w a r p r o f i t s .
T h i s t a x s h o u l d b o s u p e r i m p o s e d u p o n t h e e x is t in g e x c e s s p r o f i t s t a x in
s u c h a w a y t h a t t h e t a x p a y e r s h o u l d b e r e q u i r e d t o p a y w h ic h e v e r t a x is
th o g rea ter.
T h e e x i s t i n g e x c e s s p r o f i t s t a x s h o u l d b o a m e n d e d i n c e r t a in
i m p o r t a n t p a r t i c u la r s s o a s t o r e m o v e i n e q u a lit ie s .
3 . T h a t t h e r e s h o u l d b e a s u b s t a n t i a l i n c r e a s e In t h e a m o u n t o f n o r m a l
in c o m o ta x u p o n s o -c a lle d u n e a rn e d In co m e s .
U n d e r e x is tin g la w , e a rn e d
i n c o m e s a b o v o c e r t a in e x e m p t i o n s a r e t a x e s 4 % a s a n i n c o m e t a x a n d 8 %
a s a n o x c e s s p r o f i t s t a x , m a k i n g a t o t a l o f 1 2 % , w h ile u n e a r n e d i n c o m e s ,
d e r i v e d f r o m s e c u r it i e s , & c . , a r e t a x e d o n l y 4 % .
T h e 8 % ta x s h o u ld b o
r e c o g n i z e d a s a n I n c o m o t a x ,a n d t h e r a t e o f 1 2 % ( 4 % n o r m a l a n d 8 %
e x c e s s p r o f it s ) s h o u l d b o r e t a in e d i n r e s p e c t t o e a r n e d i n c o m e s , w h il o a
h ig h e r r a t o t h a n 1 2 % s h o u l d b e I m p o s e d o n u n e a r n e d i n c o m e s .
4 . T h a t h e a v y t a x a t i o n b o I m p o s e d u p o n a ll lu x u r ie s .

Sincerely yours,
W . G.’ McADOO.

Tho hearings on the new revenue bill, which were sched­
uled to begin on June 6 , did not open until yesterday, June
7 . Benjamin C . M arsh, a representative of the N ew York

2394

THE CHRONICLE

Tax Association, was the first witness called. Chairman
Kitchin of the House W ays and Moans Committee was
reported as stating on the 6th that 20 persons had filed
applications for hearings before his committee. In a
speech beforo the House on June 3 Representative Joseph
W . Fordney, ranking Republican member, stated that if
more revenuo was needed to help carry on the war we should
raise a portion of it from import taxes. The “ Journal of
Commerce” quoted him as saying:

[Vol. 106.

I clo n o t a g r e o w i t h s o m e o f m y c o ll e a g u e s a s t o t h o p r o p o r t i o n o f o u r
e x p e n d it u r e s t h a t w e m u s t r a is e b y t a x e s .
I t h a s b e e n r e p e a te d ly s t a t e d
b y th e A d m in is tra tio n a n d b y th e S e cre ta ry o f th o T r e a s u r y t o m o o n ly a
f o w d a y s a g o , t h a t w o a r o n o t r a is in g b y t a x e s in p r o p o r t i o n t o o u r e x p e n ­
d it u r e s t h e a m o u n t o f m o n e y r a is e d b y G r e a t B r i t a i n .
In th a t th e S ecre­
t a r y is in e r r o r .
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c a n A m b a s s a d o r a t L o n d o n , E n g la n d , d a t e d A p r il 2 5 . w h ic h I h a v e h e r e
in m y p o s s e s s io n .
H e g i v e s t h e a m o u n t o f m o n e y s p e n t in G r e a t B r it a in
s in ce th e b e g in n in g o f th o w a r.
H e g i v e s t h e a m o u n t r a is e d b y d i r e c t
t a x a t i o n , a n d g i v e s i t in g r e a t d e t a il a n d t h o a m o u n t o f b o r r o w e d m o n e y .
I n o r d e r t o b e b r i e f, le t m o s a y t h a t u p t o t h o e n d o f t h is fis c a l y e a r 1 9 1 7
a n d 1 9 1 8 , G r e a t B r i t a i n s i n c e t h e b e g i n n i n g o f t h o w a r h a s r a is e d £ 6 . 4 5 4 , ­
0 3 4 ,0 0 0 , o r $ 3 1 ,4 0 8 ,5 8 5 ,6 6 0 .
O f t h a t s u m t h e r o h a s b e e n r a is e d in G r e a t
B r it a in b y t a x e s $ 7 , 8 7 1 , 0 0 0 ,0 0 0 , o r 2 5 . 6 % .
T h a t is in r o u n d n u m b e r s
2 5 % o f a ll e x p e n d it u r e s h i G r e a t B r i t a i n f r o m t h o b e g i n n i n g o f t h o w a r
u n t il J u n o 3 0 1 9 1 8 .

A s f o r m y s e l f I h o p e y o u w ill p e r m it m o t o s a y t h a t t h e o n l y t h i n g w h ic h
I n f lu e n c e d m o In r e c o m m e n d in g t o t h o P r e s i d e n t t h a t a d d i t i o n a l r o v o n u o
l e g is la t io n w a s n e o d o d a t t h is s e s s io n o f t h o C o n g r e s s w a s t h o p u b l i c i n t e r e s t .
P e r h a p s n o o n o r e a liz e s s o k e e n l y a s m y s e l f t h o c o n d i t i o n a n d n e e d s o f t h o
T r e a s u r y , o r t h o i n f i n i t e l y c o m p l e x a n d i n c r e a s in g l y d i f f i c u l t p r o b l e m s w it h
w h ic h i t m u s t d e a l a s t h o w a r p r o c e e d s .
I a m n o t a la r m e d a b o u t t h o s e
p r o b l e m s , b u t I a m , a s I s h o u l d b o , a c u t e l y a l iv o t o t h e ir s e r io u s i m p o r t ­
an ce.
I s h o u l d h a v e b e e n d e r e l ic t in m y d u t y i f I h a d n o t a d v i s e d t h e
P r e s i d e n t o f t h o n e c e s s it ie s o f t h o T r o a s u r y .
I h a v e n o r e s p o n s i b il i t y f o r
le g is l a t i o n , b u t I h a v e e v e r y r e s p o n s i b il i t y f o r a d v i s i n g t h e P r e s i d e n t a s t o
t h o c o n d i t i o n o f t h o T r e a s u r y f r o m t im o t o t im o a n d a s t o w h a t , in m y
j u d g m e n t , is n e e d e d t o m e e t t h o s e c o n d i t i o n s .
I t is t r u e t h a t in t h o e a r l y p a r t o f t h o y e a r I h a d h o p e d t h a t a d d it i o n a l
r e v e n u e l e g is la t io n w o u ld n o t b o r e q u i r e d a t t h is s e s s io n o f t h o C o n g r o s s
b u t in a g r o a t w a r l ik e t h is c o n d i t i o n s c h a n g o r a p i d l y , a n d a s t h o w a r h a s
p r o c e e d e d t h e a c t u a l e x p e n d it u r e s o f t h e T r e a s u r y h a v o s t e a d i ly g r o w n
u n t il t h e y w ill e x c e e d $ 1 , 5 0 0 , 0 0 0 ,0 0 0 in t h o m o n t h o f M a y .
T h o record s
s h o w t h a t t h e y h a v e b o o n in c r e a s in g a t t h e a v e r a g o r a t o o f $ 1 0 0 ,0 0 0 ,0 0 0
per m on th .
W i t h t lie s o f a c t s b o f o r o m o a n d w it h t h o n o w e s t im a t e s o f t h o
W a r a n d N a v y D e p a r tm e n ts , t h o S h ip p in g B o a r d a n d o th e r G o v e rn m e n ta l
a g e n c ie s i n v o l v i n g i m m e n s o a d d it i o n a l o u t l a y s , I c o u l d n o t l o o k u p o n t h o
f u t u r e w i t h o u t g e n u in e c o n c e r n u n le s s p r o m p t s t o p s w e r o t a k e n t o s t r e n g t h e n
th o p o s it io n o f th o T r e a s u r y .
I a m p o s i t i v o t h a t t h o f in a n c ia l a n d b u s in e s s
s i t u a t io n w o u l d b o g r a v e l y im p e r ile d w i t h o u t a d d i t i o n a l m o a s u r o s .
1 c la im
n o i n f a l l i b i l i t y o f j u d g m e n t ; p e r h a p s I m a y b o w r o n g , b u t a t lo a s t I h a v o
d i s c h a r g e d m y d u t y b y s u b m i t t i n g t o t h o P r c s i d o n t t h o f a c t s in t h o c a s e
a n d m a k i n g s u c h r e c o m m e n d a t io n s a s I t h o u g h t n e c e s s a r y t o m o o t t h o
s i t u a t io n .

F r o m t h o f ig u r e s fu r n is h e d b y o u r A m b a s s a d o r , M r . F o r d n e y e s t im a t e d
t h a t E n g la n d r a is e d a b o u t 2 8 % la s t y e a r b e c a u s o h e r t a x e s w o r o r a is e d
a ll a l o n g t h e lin o .
C a n a d a , h o s a i d , is r a is in g 1 8 . 5 % b y t a x e s ; F r a n c e ,
1 1 % , a n d I t a ly , 9 % .

I t is w it h t h o g r e a t e s t r e lu c t a n c e t h a t I h a v o b e e n o b l i g e d t o s u g g e s t
a d d it i o n a l m e a s u r e s t o p r o t e c t t h o T r e a s u r y .
I n d o in g s o I a m s o le ly
r e s p o n s i b le a n d s h o u l d a l o n o b o c h a r g e d w i t h t h o c o n s e q u e n c e s w h a t e v e r
th ey m a y b o.

“ N o w th o S e cre ta ry o f th o T re a su ry s ta te d t o m o o n e w eek a g o ,” c o n ­
t in u e d M r . F o r d n e y , “ t h a t h o e x p e c t e d o u r e x p e n d it u r e s t h is y e a r , in ­
c l u d in g o u r lo a n s t o t h o A l l ie s , w o u ld r e a c h $ 2 4 ,0 0 0 ,0 0 0 ,0 0 0 ; in r o u n d n u m ­
b e r s , t h a t w o w o u ld lo a n t o o u r A l l ie s $ 6 , 0 0 0 , 0 0 0 ,0 0 0 .
M r . K it c h i n
s t a t e d t o m e s i n c e t h a t t im o h e u n d e r s t a n d s o u r lo a n s w ill r e a c h $ 8 , 0 0 0 , ­
0 0 0 ,0 0 0 o f t h is $ 2 4 ,0 0 0 ,0 0 0 ,0 0 0 o f o u r e x p e n d it u r e s a n d lo a n s t o t h e A llie s .
I d o n o t b e l io v o i t is c la im e d b y a n y b o d y t h a t w o s h o u ld t a x t h e p e o p l e
n o w f o r t h o m o n o y t h a t w o a r e l o a n i n g t o t h o A l l ie s .
W e a r o s e llin g b o n d s
o n w h ic h w o a r o o b t a i n i n g m o n e y t o lo a n t o t h o A l l ie s , a n d w o e x p e c t o u r
A l lie s t o p a y t h o in t e r e s t a n d t h o p r i n c ip a l o f t h o s o b o n d s w h e n t h e y c o m o
due.
" I s a y t o y o u t h o t im o h a s c o m o I f w e m u s t r a is o m o r o r o v e n u o t o h e lp
c a r r y o n t h is w a r . t h e n w o s h o u l d r a is e a p o r t i o n o f i t f r o m o u r i m p o r t
t a x e s .”

SECRETARY McADOO DENIES REPRESENTATIVE
K ITCH IN 'S IMPLICATION OF NEWSPAPER LOBBY
INFLUENCING REVENUE LEGISLATION.
A letter denying the implication contained in Repre­
sentative Kitchin’s speech of last week bearing on the
question of additional revenue legislation that Secretary of
the Treasury M cAdoo had been indirectly influenced in his
insistence for a now tax measure by a lobby seeking the
repeal or modification of tho zone system providing for in­
creased rates on newspaper mail, has been addressed by
M r .M c A d o o to Representative Kitchin. Secretary M cAdoo
not only denies M r . Kitchin’s assertions, but asks for
“ an appropriate correction” of tho remarks attributed to
him. Representative Kitchin’s speech was referred to on
page 2286 in our issue of Saturday last. In stating that the
speech carried the implication “ that some ono in whoso
judgment I have great faith has been influenced by a power­
ful newspaper lobby and that I may havo been influenced
myself indirectly thereby,” Secretary M cA doo, among other
things in his advices to M r . Kitchin, says: “ pleaso lot mo
assure you that no ono near mo or in whoso judgment I have
the slightest confidence has been influenced by any news­
paper lobby or any other land of lobby, that I havo not been
approached directly or indirectly by any such lobby and
that if 1 had it would not havo made the slightest impression
upon m e.” W o give M r . M cA d oo’s letter herewith:
While Sulphur Springs, May 3 0 1 9 1 8 .
Dear M r. Kitchin.— T h o v e r y c o r d ia l r e la t i o n s , p e r s o n a l a n d o f fic ia l
w h ic h h a v o a l w a y s e x i s t e d b e t w e e n y o u a n d m y s e l f a s s u r o m e t h a t y o u w o u li
n o t i n t e n t io n a ll y d o a n i n ju s t i c e t o m o o r t o a n y m e m b e r s o f m y l o y a l am
e f f i c i e n t s t a f f in t h o T r e a s u r y D e p a r t m e n t .
I s h o u l d b o m u c h m o r o w ill
i n g t o s u f fe r a n i n ju s t i c e m y s e l f t h a n t o h a v o th o r n s u f f e r a n i n ju s t i c e .
I t is f o r t h e s e r e a s o n s t h a t I s h o u l d Iik o t o r o fo r t o t h o f o l l o w i n g p a s s a g
w h i c h t h o p a p e r s r o p o r t a s h a v i n g b e e n c o n t a i n e d in y o u r s p e e c h in t h
H ou so o f M a y 28;
" I d o n o t t h in k t h a t S e c r e t a r y M c A d o o t h o u g h t a b o u t t h o p r e s s th
n e w s p a p e r s , a n d m a g a z in e s o n e w a y o r th o o t h e r .
H o w e v e r , I d o b e ’lle v
t h a t a w a y b a c k , h i d d e n s o m e w h e r e , u n s e e n b y m o s t o f u s , t h e r o w a s ai
i n f l u e n c e o f o n e o f t h e s h r e w d e s t a n d m o s t p o w e r fu l lo b b i e s t h a t o v e
in fe s t e d t h o c o r r i d o r s o f t h o C a p it o l o r t h o l o b b i e s o f t h e h o t e ls h e r o , w h ic l
m a d e i t s e l f f e l t w it h s o m o o n o in w h o s e j u d g m e n t t h e S e c r e t a r y o f tin
T r e a s u r y h a d g r e a t f a it h .
T h o i m p li c a t io n is t h a t s o m e o n o in w h o s o j u d g m e n t I h a v o g r e a t f a i t h
h a s b e e n in flu e n c e d b y a p o w e r fu l n o w s p a p e r l o b b y a n d th a t I m a y h a v o
b o o n in flu e n c e d m y s e lf in d ir e c tly th e r o b y .
P le a s o l e t m e a s s u r o y o u t h a t n o o n o n e a r m o o r in w h o s o j u d g m e n t I h a v e
t h o s lig h t e s t c o n f i d e n c e h a s b e e n i n fl u e n c e d b y a n y n o w s p a p e r l o b b y o r a n y
o th e r k in d o f lo b b y ; th a t I h a v e n o t b e e n a p p ro a ch e d d ir e c t ly o r In d ire ctly
b y a n y s u c h lo b b y , a n d th a t i f I h a d b e e n it w o u ld n o t h a v o m a d o th o
s l ig h t e s t im p r e s s i o n u p o n m e , o r h a v e a f f e c t e d in a n y m a n n e r w h a t e v e r
m y j u d g m e n t a s t o t h o n e c e s s it y f o r r o v o n u o le g is la t io n a t t h is s e s s io n o f
th o C on gress.
T h o m e n a s s o c ia t e d w i t h m o a s A s s i s t a n t S e c r e t a r ie s o f t h o
T r e a s u r y , t o g e t h e r w it h t h o C o m m i s s io n e r o f I n t e r n a l R o v o n u o , a r o s e r v in g
Avith s u c h e x c e p t i o n a l l o y a l t y , i n d u s t r y a n d p a t r i o t i s m in t r y i n g t o s o l v e
t h o c o lo s s a l p r o b l e m s o f t h o T r e a s u r y s u c c e s s fu l l y a n d in t h o in t e r e s t o f t h o
w h o l e c o u n t r y , t h a t I c o u l d n o t r e s p e c t m y s e l f i f I p e r m it t e d t h e m t o s u f fe r
f r o m a n y I m p li c a t i o n s w h a t e v e r o f s o u n j u s t a c h a r a c t e r .
I t Is f o r t h e m
p a r t i c u la r l y t h a t I s h o u l d b o g l a d i f y o u w o u ld m a k e a n a p p r o p r i a t e c o r ­
r e c tio n .




W i t h a s s u r a n c e s o f m y w a r m r e g a r d a n d h ig h e s t e e m , I a m
C o r d ia lly y o u r s ,
lio n .

( S ig n e d )
C L A U D E - K IT C H IN ,
H o u s e o f R e p re s e n ta tiv e s ,
W a s h in g to n , D . C .

W . G . M cA D O O .

Representative Kitchin was quoted as stating on June 1:
“ I have nothing to say now, and I havo nothing to retract.
Th at’s all I am going to say now.”

SENATOR BORAH SEEKS

TO EN D

PROFITEERING.

Tho enactment of legislation to end profiteering was urged
by Senator Borah on M a y 31, when ho submitted a resolution
asking that the Secretary of tho Treasury bo directed to
furnish the Senate Avith data in possession of the Troasury
Department relativo to profiteering which would enable
Congress to deal Avith tho matter. Tho resolution, aftor
being amended, as indicated furthor boloAv, Avas adopted
by tho Senate on Juno 6.
The Senator’s action Avas
prompted by the remarks in President W ilson’s speech of
M a y 27 that “ there is abundant fuel for tho light in tho
record of the Treasury Avith regard to profits of ovory sort” ;
and the added statement that “ tho profiteering that cannot
bo got at by tho restraints of conscience and lovo ‘of country
can bo got at by taxation.” In urging tho enactment of
legislation to reach tho profiteer, Senator Borah stated that
“ tho profiteer should not be permitted to escapo beyond the
timo Avithin which a v o can act intelligently and effectively” .
Tho resolution he submitted and his remarks Avith regard
thereto are reprinted from tho “ Congressional Record”
of M a y 31 heroAvith:
T h o S e c r e t a r y r e a d t h o r e s o lu t i o n (S . R e s . 2 5 3 ) a s f o l l o w s :
R e s o l v e d , T h a t t h o S e c r e t a r y o f t h o T r e a s u r y b o , a n d h o is h e r e b y
d i r e c t e d t o fu r n is h t h e S e n a t e w it h t h o f o l l o w i n g i n fo r m a t i o n :
1. A n y a n d all f a c t s , f ig u r e s , d a t a , o r in f o r m a t i o n n o w in p o s s e s s io n o f
t h o T r e a s u r y D e p a r t m e n t r e la t i v o t o p r o f it e e r i n g w h ic h w o u ld in a n y w a y
e n a b le C o n g r e s s t o d e a l w it h t h e m a t t e r e it h e r t h r o u g h t h e p r e s e n t p r o ­
p o s e d r o v e n u o le g is la t io n o r t h r o u g h e n a c t m e n t o f m o r o e f f e c t i v e c r im in a l
sta tu tes.
2 . T h o f ig u r e s s h o w in g t h e a m o u n t o f m o n e y w h ic h t h o G o v e r n m e n t h a s
r a i s e d u p t o t h is t im e s i n c o t h e b e g i n n i n g o f t h o w a r b y t a x a t i o n a n d t h o
a m o u n t w h ic h i t h a s r a is e d b y lo a n s .
M r . B o r a h .— M r . P r e s id e n t, I a s k th o in d u lg e n c e o f th o S e n a te fo r ju s t
a m o m e n t u n t i l I e x p la in m y o b j e c t a n d p u r p o s o in i n t r o d u c in g t h is r e s o lu ­
t io n . a n d m y d e s ire t o h a v o t h o in fo r m a tio n b r o u g h t t o th o S e n a te , a n d ,
a f t o r h a v i n g b e e n b r o u g h t t o t h o S o n a t o , t h a t It m a y h a v o t h o c o n s i d e r a t io n
o f th e S o n a to .
T h e r e is o n o p o r t i o n o f t h e P r e s i d e n t 's g r o a t m e s s a g e u p o n t a x a t i o n ,
d e l i v e r e d a d a y o r t w o a g o , t o w h ic h i t s e e m s t o m o s u f f i c i e n t a t t e n t io n h a s
n o t b e e n g i v e n in p u b l i c d i s c u s s io n , a n d t h a t is t h o p a r t w h ic h r e a d s a s
fo llo t v s :
l h e r o Is a b u n d a n t fu e l f o r t h o lig h t in t h e r e c o r d s o f t h o T r e a s u r y w it h
re g a rd to p r o fit s o f e v e r y s o r t .
T h o p r o f it e e r i n g t h a t c a n n o t b e g o t a t b y
t h o r e s t r a in t s o f c o n s c ie n c e a n d l o v o o f c o u n t r y c a n b o g o t a t b y t a x a t i o n .
T h e r e is s u c h p r o f i t e e r i n g n o w a n d t h o i n f o r m a t i o n w it h r e g a r d t o i t is
a v a ila b le a n d in d is p u ta b le .
T h a t s t a t e m e n t is e v i d e n t l y b a s e d u p o n f a c t s A vltldn t h o k n o t v lo d g o o f t h o
A d m i n i s t r a t i o n a n d , I t a k e I t , in t h o p o s s e s s io n o f t h o T r e a s u r y D e p a r t ­
m en t.
T h o P r e s i d e n t , in m y j u d g m e n t , s u g g e s t s a v e r y p r o p e r a n d e f f i c i e n t
w a y in w h ic h t o d e a l Avith t h o s u b j e c t o f p r o f i t e e r i n g , a n d t h a t is b y t a x a ­
t io n .
Y o u c a n n o t r e a c h i t in a ll I n s t a n c e s , in Its s u b t l o a n d d o v i o u s Avays
o f c a r r y in g o n its A vork, b y c r im i n a l s t a t u t e s .
AV hilo c r im i n a l s t a t u t o s a r o
d e s i r a b l e a n d s h o u l d b o p a s s e d A v h erov or i t is t h o u g h t t h a t t h e y c a n m o o t
t h o s i t u a t io n t h e r e is n o d o u b t b u t t h a t a n o t 'f o c t iv o a id t o a n y c r im i n a l
s t a t u t e is t h a t o f t a x a t i o n .
I n m a n y in s t a n c e s Avlioro i t c o u l d n o t b o
r e a c h e d a t a ll b y a n y o t h e r m e t h o d It c a n b o r o a c h o d e f f e c t i v e l y b y t a x a t i o n .
I a m , t h e r e f o r e , in h o a r t y a c c o r d Avith t h o e x p r e s s io n o f t h o P r e s i d e n t
Avith r e fe r e n c e t o t h o m e t h o d o f r e a c h i n g p r o f it e e r i n g ; b u t , M r . P r e s i d e n t ,
I r e g a r d e d t h a t s t a t e m e n t , Avlion m a d o b y t h o P r e s i d e n t , n s s om oA v h a t
s t a r t li n g .
I f i t h a d b e e n s a id b y s o m o p r i v a t o c i t i z e n , It A vould l ik e l y
h a v o s t a r t e d h i m u p o n t h o Avay t o t h o p e n i t e n t ia r y .
B u t th o P r e s id e n t
h a s m a d o t h o s t a t e m e n t a n d It Avas m o s t p r o p o r — i n d e e d , n o t o n l y p r o p e r ,
b u t h a s d e v e l o p e d u p o n u s t h o d u t y — t o d is c u s s t h o s u b j e c t a n d d e a l Avith
it.
I t a k e It t h a t h o Avould n o t h a v o I n c o r p o r a t e d i t iu h is m o s s a g o h a d h o

J u n e 8 1918.]

THE CHRONICLE

n o t re g a rd e d it as o f tra n sce n d e n t m o m e n t, a n d w o rth y o f th e s p e e d y
c o n s id e r a t io n o f C o n g r e s s .
T o s a y t h a t p r o f it e e r i n g is h e r o , a n d t h a t t h e o v i d e n c o o f i t is in d i s ­
p u t a b l e , a n d t h a t i t is s u b j e c t t o t h e c a l l o f C o n g r e s s , i s t o n o t i f y t h o
C o n g r o s s t h a t m o r e im p o r t a n t th a n d e a lin g w it h t h o g e n o ra l s u b je c t o f
r o v o n u e — w h i c h w e m ig h t d e a l w i t h l a t e r , p e r h a p s e f f e c t i v e l y — is d e a l i n g
w i t h t liis p a r t i c u la r s u b j e c t o f p r o f i t e e r i n g .
T h a t s h o u ld b o d e a lt w it h a t
on ce.
S u m m e r o r n o s u m m e r , v a c a t io n o r n o v a c a t io n , t h a t s h o u ld h a v e
o u r im m e d ia t e a t t e n t io n .
M r . P r e s i d e n t , o f c o u r s e in r e fe r r i n g t o a
p r o f i t e e r w o d o n o t r e f e r t o a m a n w h o is s i m p ly c o n d u c t i n g h is b u s in e s s in
a s k i ll f u l a n d e f f i c i e n t w a y a n d s e c u r in g t h o r e w a r d o f s u c h s k i llf u ln e s s a n d
e f f i c i e n c y b y t a k i n g a r e a s o n a b l e p r o f i t f o r h is e f f o r t s .
T h o m an to w hom
t h o P r e s i d e n t r e fe r s , a n d I p r e s u m e t o w h o m w o r e f e r w h e n w o s p e a k o f
p r o f i t e e r s , is t h o m a n w h o t a k e s a d v a n t a g e o f h is c o u n t r y ’ s c o n d i t i o n ,
o f i t s p e r i lo u s s i t u a t io n t o g a t h e r e x t r a o r d i n a r y p r o f i t s , w h o is t a k i n g
a d v a n t a g e o f i d s c o u n t r y ’ s s t r e s s a . i d t r ia l t o i n c r e a s e e n o r m o u s l y a n d
u n j u s t l y a n d u n f a i r ly h is i n d i v id u a l a n d p r i v a t o g a i n .
T o m y m in d , a n d I p r e s u m e I s i m p l y e x p r e s s t h e v i e w o f o v e r y p a t r i o t ,
t h o m a n w h o d o e s t h a t is u p o n a l o w e r m o r a l l e v e l t h a n t h e f o r e i g n s p y .
T h o f o r e i g n s p y is a t l e a s t l o y a l t o h is f l a g , h o is l o y a l t o h is c o u n t r y ; lie
t a k e s i d s l i f e in h is h a n d s t o s e r v o t h a t c o u n t r y ; b u t t h o m a n w h o c la im s
t h o p r o t e c t i o n o f t h o f l a g , w h o p r o f e s s e s h is l o y a l t y t o t h o G o v e r n m e n t
a n d Id s d e v o t i o n t o t h o f l a g , a n d a t t h o s a m e t i m e t a k e s a d v a n t a g e o f t h o
n a t i o n ’s p e r il a n d t h o G o v e r n m e n t ’s d i r e n e c e s s it ie s t o in c r e a s e h is p r i v a t e
g a i n , t h e r e b y d e m o r a l iz i n g t h o e f f o r t s o f t h o p e o p l e , i m p e d in g t h o p r o g r e s s
o f t h o w a r , a n d f in a ll y w o r k in g f o r i t s u l t im a t e f a il u r e , is i n f i n i t e l y l o w o r in
m o r a ls , in m y h u m b l e j u d g m e n t , t h a n t h e f o r e i g n s p y w h o t a k o s h i s l i f e
in h is h a n d s f o r h is o w n g o v e r n m e n t .
T h o C o n g r e s s o f t h o U n it e d S t a t e s is n o w a d v i s e d u n m i s t a k a b l y in t e r m s
w h ic h c a n n o t b o c o n t r a d ic t e d o r a b o u t w h ic h th e r e c a n b o n o d o u b t t h a t
t h i s p r o f it e e r i n g is a c t i v e a n d t h o e v i d e n c e i n d i s p u t a b l e .
I f th a t b e tru o,
t h e r e s h o u l d b o n o t a l k o f a d j o u r n m e n t u n t i l t h is b ill s h a ll h a v o p a s s e d .
W h i l e w o m ig h t p r o v i d o t h e r e v e n u e a m o n t h o r a m o n t h a n d a h a l f o r
t w o o r th r e e m o n th s f r o m n o w , t h o p r o fit e e r s h o u ld n o t b e p e r m it t e d t o
e s c a p e b e y o n d t h o t i m e w it h i n w h ic h w o c a n a c t i n t e ll i g e n t ly a n d e f f e c t i v e l y .
M r . P r e s i d e n t , a f e w d a y s a g o a n o t e d W o m a n in t h i s c o u n t r y w i t h
w h o s e m e t h o d s a s t o g o v e r n m e n t m o s t o f a s d i s a g r e e ,b u t w i t h w h o s o h u ­
m a n i t a r ia n o b j e c t s a n d p u r p o s e s m a n y o f u s a g r e e , w a s c o n v i c t e d in a n
A m e r ic a n c o u r t .
H e r e is t h o s t a t e m e n t u p o n w h i c h t h a t c o n v i c t i o n w a s
f o u n d e d , o r a t le a s t o n e o f t h e c o u n t s o f t h o i n d i c t m e n t :
N o g o v e r n m e n t w h ic h is f o r t h e p r o f it e e r s c a n a ls o b o f o r t h o p e o p l e .
N o t h i n g is t r u e r t h a n t h a t s t a t e m e n t .
N o g o v e r n m e n t w h ic h is f o r t h e
p r o fit e e r c a n b o fo r th o p e o p le .
I f t h o G o v e r n m e n t o f t h e U n it e d S t a t o s
p o s s e s s e s t h o f a c t s a s t o t h o e x i s t e n c e o f t h o s e p r o f it e e r s a n d fa ils t o p r o s e c u t o , f a il s t o d e a l w i t h t h e m b y t a x a t i o n o r o t li o r w i s o , t h o G o v e r n m e n t is
d e r e l i c t a n d j u s t l y s u b j e c t t o t h e c r i t i c i s m o f e v e r y b o d y w h o is f o r t h o
p e o p l e ; a n d n o t o n l y f o r t h e p e o p l o b u t , in t h o b r o a d e r s e n s e , f o r t h o G o v ­
e r n m e n t , f o r g o v e r n m e n t c a n n o t l o n g e x i s t w h ic h w ill n o t e l im i n a t e t h o
p r o fit e e r — •
A n d I a m f o r t h o p e o p l o , w h ile t h o G o v e r n m e n t Is f o r t h o p r o f i t e e r s .
N o w , i t is u p t o C o n g r e s s t o j u s t i f y t h o c o n v i c t i o n o f R o s e P a s t o r S t o k e s
in t h a t ' c o u r t
I t is u p t o u s t o d e m o n s t r a t e b e y o n d q u e s t i o n t h a t t h o
G o v e r n m e n t o f t h o U n it e d S t a t o s is n o t w i t h t h o p r o f i t e e r , a n d w o c a n n o t
d o s o i f w o l e a v o t h o e v i d e n c e b e f o r o u s u n d e a lt w it h a n d le g is l a t i o n u n on a cted .
I d o n o t a s s u m o a t t h i s t i m o t h a t t h o G o v e r n m e n t is f r i e n d l y t o t h o
p r o f i t e e r s , b u t t h e r o w ill b e n o d e f e n s e t o t h o c h a r g e m a d e b y t h e s e p e o p l e
i f t h o C o n g r e s s s h a ll a d j o u r n w i t h o u t m o s t d r a s t i c l e g is l a t i o n c o n c e r n in g
t h is m a t t e r . I f t h o f a c t s a r e h e r o , a n d t h o P r e s i d e n t t o ll s u s a n d t h o
A m e r i c a n p e o p l o t h e y a r o i i e r o , a n d w o f a il t o d e a l w it h t h o s i t u a t i o n ,
I l o s o P a s t o r S t o k e s w il l n o l o n g e r b o a c r im i n a l , b u t a m a r t y r .
T h is
G o v e r n m e n t c a n n o t b o a s l a c k e r in d e a lin g w it h t h o s o w h o h a d t h o p a y - r o l l s
a n d c h e a t t h o t a x p a y e r , w h o s c h o m o f o r t h o p o s s e s s io n o f t h o m o n e y w h ic h
t h e G o v e r n m e n t m u s t h a v o t o p r o s e c u t o t h o w a r , w h o , w h il e o u r b o y s a r o
d y i n g a n d l i b e r t y s t a n d s in h o u r l y p e r i l, e x t o r t t h r o u g h o v e r r e a c h i n g a n d
f r a u d f r o m t h e i r s t r u g g l in g n a t i o n a n d a t t h o s a m e t i m o j u s t i f y t h o c o n ­
v i c t i o n o f t h o s o p e o p l o w h o d e n o u n c e It.
N o w , a g o v e r n m e n t m a y c l o s o t h e l ip s o f a n i n d i v id u a l ; y o u m a y r c d u c o
t h e m a ll t o s i le n c e f o r a t i m o ; b u t o v e r y t i m o y o u c l o s o t h o l ip s o f a n i n d i­
v id u a l a n d fa il t o r e m e d y t h o w r o n g y o u p u t a t h o u s a n d m o r e t o h tin k in g ,
a n d y o u c a n n o t p r o v o n t p e o p lo f r o m th in k in g .
I n t im o t h e i r t h in k in g
w ill r ip o n i n t o a c t i o n .
I f w o w o u ld h a v o t h o p e o p lo c o n t o n t c d a n d c o n f i­
d e n t ; it' w o w o u ld h a v o o u r c o u n t r y r e li e v e d o f a m u l t i t u d e o f p r o s e c u t io n s ,
i t d o v o l v o s u p o n u s h e r o a n d n o w t o r o m o v o t h o o v i l w h ic h is n o w c o n ­
c e d e d b y t h o G o v e r n m e n t t o e x is t a n d t h o f a c t s c o n c e r n in g w h ic h a r o a t
o u r d is p o s a l.
M r . 1 ’ r o s t d o n t , I d o n o t d o s ir o t o g o f u r t h e r i n t o d o t a i l o r t a k o t h o t im e
o f t h o S o n a t o lo n g e r a t t h is t i m o .
H u t in c o n c lu s io n l o t m o s a y t h i s C o n g r o s s n o w a s s e m b l e d w ill i n o r t g a g o t h o o n e r g y a n d t h o c a p a c i t y o f t h o
A m e r ic a n p o o p lo fo r th o n e x t 2 5 0 y e a r s .
W h e n w o t h i n k o f t h o r e lu c t a n c e
o f a n a t io n a l d e b t o n c o e s t a b l is h e d t o r o a le a s o i t s h o l d u p o n t h o s w e a t a n d
t o i l o f m e n , w h e n w o r e f l e c t u p o n it s r e m o r s e le s s d e m a n d s f o r a n n u a l
t r i b u t o w o c a n w e ll b e l i o v o t h a t t w o a n d a h a l f c e n t u r ie s w il l s t ill f in d a
p o r t i o n o f t h i s o b l ig a t io n w o a r o s o s p e e d i l y i m p o s in g a b u r d e n u p o n t h e
p o o p lo .
O n o s h u d d e r s t o c o n t e m p l a t e t h o d e p r i v a t i o n , t h o s e l f- d e n i a l ,
t h o s u f fe r i n g , a n d t h o s a c r if i c e w h ic h Its p a y m e n t w ill i n v o l v o .
F rom
d e c a d o t o d o c a d o , f r o m g e n e r a t i o n t o g e n e r a t i o n , f a m il i e s w ill b e n d u n d e r
t h e b u r d e n , a n d t h o a v e r a g e c it i z e n t h r o u g h l o n g y e a r s w il l f o o l i t s h a u n t in g
p r e s e n c e a t t h o f ir e s i d o a n d a t h is t a b l o .
W i t h o v e r y n e c e s s a r y d o l l a r e x p e n d e d n o p a t r i o t w il l f i n d f a u l t — i t is t h o
p r i c o w o p a y f o r t h o l i b e r t y w o l o v e , f o r t h o f r e e d o m w o w o u l d t r a n s m it t o
o u r c h i ld r e n .
H u t i f w o f a l t e r in c u t t i n g o u t w a s t e a n d o x t r a v a g a n c o w o
w ill r o c c i v o , a n d j u s t l y , t h o e x e c r a t io n s o f t h o s o w h o m u s t m e e t t h i s g i g a n t i c
d eb t.
I f w o d e l a y o n o h o u r b e y o n d t h o t i m o n e c e s s a r y t o s h a p o t h e la w
t o d e a l w i t h t h e o x c c r a b l o w r e t c h , t h o h a t e d o f e a r t h , t h o a lie n f r o m h o li
w h o w o u l d p r o f i t o f f h is c o u n t r y ’ s p e r i l, w o w ill d e s e r v e w h a t w o w il l r e ­
e l v 0 _ t h o a n a th e m a s a n d th o c u rse s o f p o s t e r it y .
T h o p r o fit e e r .
That
s c a v e n g e r o f c i v i l i z a t i o n , t h a t t a r a n t u l a b u r y i n g i t s fa n g s in t h o v o i n s a n d
a r t o r io s o f t h o w o u n d e d a n d t h o g r i o f - s t r i c k o n , y e t t h o P r e s i d e n t s a y s
h o is in o u r m id s t , t h a t t h o c v i d o n c o is h e r o a n d i n d i s p u t a b l e .
Iu th o n a m o,
t h e r e f o r e , o f t h o s u c c e s s o f t h is w a r , in t h o n a m o o f e v e r y p a t r i o t in t h o l a n d
m a k i n g h is s a c r lf i c o a n d c o n t r i b u t i n g ills e f f o r t s t o t h o c o m m o n c a u s e , l o t
u s p r o c e e d t o h is d e s t r u c t i o n .
W o c a n c it h e r d r i v e h i m f r o m h is p r e y —
t h o A m e r i c a n p e o p l o — o r w o c a n t u r n Ills i l l - g o t t e n g a in s i n t o t h o T r e a s u r y
o f t h o U n it o d S t a t o s t o m o o t t h o b u r d e n s o f t h i s w a r .
T h o P r e s i d e n t is
r ig h t .
W o c a n d e a l w it h h im e ffe c t u a lly a n d c o n c lu s iv e ly b y ta x a tio n ,
a n d I t r u s t t h a t in t h o p a s s a g e o f t h is b ill w o w il l n o t f a l t e r in d o i n g o u r
f u l l d u t y iu t h a t r o s p o c t .
M r . l l o r a h s u b s e q u e n t ly s a i d :
M r . P r o s l d o n t , s i n c e a d d r e s s in g t h o C h a ir b e f o r e a S e n a t o r h a s a s k o d
t h a t t h o r e s o lu t i o n g o o v o r , in o r d e r t h a t h o m a y h a v o a n o p p o r t u n i t y t o
ro a d it a n d c o n s id e r it .
I a s k l o a v o n o w t o i n t r o d u c e t w o o t h e r r e s o lu t i o n s




3395

a d d re sse d t o o th e r d e p a rtm e n ts o n th e sa m e s u b je c t-m a t t e r , a n d t h a t t h e y
m a y g o o v e r a ls o , t o b e d e a lt w it h a t th e s a m e t im o .
T h o P r e s i d e n t p r o t e m p o r e . — S u c h w il l b o t h o o r d e r .
S e n a t e r e s o lu t i o n 2 5 4 , s u b m i t t e d b y M r . B o r a h , is a s f o ll o w s :
R e s o l v e d , T h a t t h e S e c r e t a r y o f W a r b e , a n d h o is h e r e b y , d l r e c t e d 't o
f u r n i s h t h e S e n a t e w it h t h e f o ll o w i n g i n fo r m a t i o n :
A n y a n d all f a c t s , f ig u r e s , d a t a , o r in f o r m a t i o n n o w in p o s s e s s io n o f t h e
W a r D e p a r t m e n t r e la t i v e t o p r o f it e e r i n g w h ic h w o u l d In a n y w a y e n a b le
C o n g r e s s t o d e a l w it h t h o m a t t e r e it h e r t h r o u g h t h e p r e s e n t p r o p o s e d
r e v e n u e l e g i s l a t i o n o r t h r o u g h e n a c t m e n t o f m o r e e f f e c t i v e c r im in a l s t a t u t e s .
S e n a t e r e s o lu t i o n 2 5 5 , s u b m i t t e d b y M r . B o r a h , is a s fo ll o w s :
R e s o l v e d , T h a t t h e F e d e r a l T r a d e C o m m i s s i o n b e , a n d i t is h e r e b y ,
d i r e c t e d t o f u r n is h t h e S e n a t e w it h t h e f o l l o w i n g i n f o r m a t i o n :
A n y a n d a ll f a c t s , f i g u r e s , d a t e o r i n f o r m a t i o n n o w in p o s s e s s io n o f t h o
F e d e r a l T r a d e C o m m i s s i o n r e la t i v e t o p r o f i t e e r i n g w h ic h w o u ld in a n y w a y
e n a b le C o n g r e s s t o d e a l w it h t h e m a t t e r e it h e r t h r o u g h t h e p r e s e n t p r o p o s e d
r o v e n u o le g is l a t i o n o r t h r o u g h e n a c t m e n t o f m o r e e f f e c t i v e c r im in a l s t a t u t e s .

Tlie resolution adopted by the Senate on June 6 was
amended to require presentation only of information re­
garding corporate earnings in excess of 1 5 % . In the form
accopted by the Senate it reads:
Resolved, T h a t t h o S e c r e t a r y o f t h e T r e a s u r y b e a n d h o is h e r e b y d i r e c t e d
t o f u r n is h t h o S e n a t e w i t h t h e f o l l o w i n g i n f o r m a t i o n :
F i r s t . — A n y a n d a ll f a c t s , f ig u r e s , d a t a o r i n f o r m a t i o n n o w in p o s s e s s io n
o f t h o T r e a s u r y D e p a r t m e n t r e l a t i v e t o p r o f i t e e r i n g , w h ic h w o u l d in a n y
w a y e n a b le C o n g r e s s t o d e a l w i t h t h e m a t t e r e i t h e r d u r in g t h e p r e s e n t
p r o p o s e d r o v e n u o l e g is l a t i o n o r t h r o u g h e n a c t m e n t o f m o r e e f f e c t i v e
c r im i n a l s t a t u t e s ; t h a t s u c h r e p o r t s h a ll c o n t a i n a l is t o f a ll c o r p o r a t i o n s
w i t h t h o a m o u n t o f t h e ir e a r n in g s , w h i c h h a v o e a r n e d in e x c e s s o f 1 5 %
o n th e ir c a p ita l s t o c k , as sh o w n b y th e ir re tu rn s t o th e In te rn a l R e v e n u e
B u re a u f o r t h o c a le n d a r y e a r 1 9 1 7 , a c c o m p a n ie d b y s u ch s t a t e m e n t as
w ill s h o w n e t e a r n in g s o f t h e s a m e c o r p o r a t i o n f o r t h o c a l e n d a r y e a r 1 9 1 6 .
S e c o n d . T h o f ig u r e s s h o w in g t h o a m o u n t o f m o n o y w h ic h t h o G o v e r n ­
m e n t r a is e d u p t o t h is t im e s i n c e t h o b e g i n n i n g o f t h o w a r b y t a x a t i o n a n d
t h o a m o u n t w h ic h i t h a s r a is e d b y lo a n s .

Secretary M cAdoo is said to have advised Senate leaders
on June 3 that he would not object to presenting the Treas­
ury records to Congress if they were called for properly.
Press dispatches from Washington in announcing this said :
I n s o m o c a s e s , i t is r e p o r t e d , b u s in e s s f ir m s h a v e k e p t a d o u b l e s e t o f
b o o k s f o r y e a r s , o n e c o n t a i n in g t r u e r e c o r d s f o r b u s in e s s p u r p o s e s a n d t h o
o t h e r s h o w in g i n f l a t e d e x p e n s e s a n d s h r u n k e n p r o f i t s f o r i n s p e c t io n b y
ta x o ffic ia ls .
I n o t h e r re tu rn s in s p e c to rs d e c la r e d th a t p r o fit s f r o m s u b ­
s id ia r y c o n c e r n s w e r e r e p o r t e d o n l y p a r t i a ll y a n d t h a t t h e y h a v e o b t a i n e d
e v id e n c e te n d in g t o s h o w th a t t h e e v a s io n w a s k n o w n t o o ffic ia ls o f th e
co m p a n ie s .
^

DEATH OF FORMER VICE-PRESIDENT C. W. FAIR­
BANKS.
Charles W . Fairbanks, formerly Vice-President of tho
United States, and ex-United States Senator from Indiana,
died at his home in Indianapolis on June 4. M r. Fairbanks,
who was born in Ohio in 1852, had been twice nominated for
Vice-President on the Republican ticket. After his first
nomination, on the ticket with Colonel Roosevelt in 1904,
ho was elected, but in the second race in 1916, with Justice
Hughes, heading tho ticket, he was defeated. Tho United
States Senate on June 5 adjourned out of respect to M r .
Fairbank’s memory.

JUNE

M IL K

PRICES FIX ED BY
COMMISSION.

FEDERAL

M IL K

Tho June prices fixed for milk by tho Federal M ilk Com­
mission for tho Middle States differ slightly from those of
tho previous month. In the case of grade B milk delivered
by distributers to consumers the price per pint is reduced
from 1V2 cents to 7 cents; the price charged to stores for
grade B bottled milk is now 1 1 cents per quart, instead of
12 cents; tho price to be charged to consumers by stores for
grado B bottled milk quarts is now 12 cents, against 12 ]/2
cents in M a y ; the price to bo charged to consumers by stores
for grado B loose milk is now 9 cents per quart, against 10
cents in M a y . The prices otherwise are unchanged. Below
is tho announcement made by D r. W . H . Jordan, Chairman
of tho Commission:
T l i o r o w e r e p r e s e n t D r . W . I I . J o r d a n , C h a ir m a n ; J u d g e L a m b f r o m
W a s h i n g t o n , a n d C o m m i s s io n e r s M i t c h e l l , W i ll ia m s , S c h i f f , B r o w n .
K i t t r e d g o , D o w , F u ll e r a n d L e w i s .
O n m o t i o n o f C o m m i s s io n e r M i t c h e l l ,
w h ic h w a s d u l y s e c o n d e d , t h e f o l l o w i n g r e s o lu t i o n w a s u n a n im o u s l y
a d o p te d :
Whereas, T h o D a i r y m e n ’ s L e a g u e a n d t h e M i l k D i s t r ib u t e r s ’ A s s o c i a t io n
h e r e t o f o r e h a v i n g a g r e o d b e t w e e n t h e m s e lv e s t o a p r i c e o f S I 8 0 f o r 1 0 0
p o u n d s o f 3 % m il k f o r t h o m o n t h o f J u n e ;
Whereas, T h i s r e d u c t io n in t h o p r i c o p a i d t o t h e p r o d u c e r s o f m il k s h o u l d
b o r e f l e c t e d in t h o p r i c o p a i d f o r m il k b y c o n s u m e r s , t h e r e fo r e , b e i t
Resolved, T h a t t h o f o l l o w i n g p r i c e s a r e t o b e c h a r g e d b y t h e d i s t r i b u t e r s ;
F o r g r a d e A m il k , d e l i v e r e d t o c o n s u m e r s , 1 5 c e n t s p e r q u a r t .
T h a t th e
p r i c e t o b o c h a r g e d b y t h o d i s t r i b u t e r s f o r g r a d e A m il k t o c o n s u m e r s in
p i n t s s h a ll b o 8 c e n t s p e r p i n t .
T h a t t h e p r ice t o b o ch a rg e d b y th e d is ­
t r ib u t o r s f o r g r a d e B m i l k , d e l iv e r e d t o c o n s u m e r s , s h a ll b e 13 c e n t s p e r
q u a rt; fo r p in ts , 7 c e n ts
T h a t th e p r ice t o b o ch a rg e d t o sto re s fo r g r a d e B
b o t t l e d m il k s h a ll b e 11)4 c e n t s p e r q u a r t ; p e r p i n t ,
cen ts.
T h a t th e
p r i c o t o b o c h a r g o d t o c o n s u m e r s b y s t o r e s f o r g r a d o B b o t t l e d m il k s h a ll
b o 12 c e n t s p e r q u a r t ; p e r p i n t , 7 c e n t s .
T h a t th o p r ic e t o b o ch a r g e d t o
s t o r e s f o r g r a d o B l o o s e m il k s h a ll b e 8 c e n t s p e r q u a r t .
T h a t th e p r ice
t o b o c h a r g e d t o c o n s u m e r s b y s t o r e s f o r g r a d e B l o o s e m il k s h a ll b o 9 c e n t s
p er q u a rt.
T h a t t h e p r i c e o f m il k d e l iv e r e d in w h o le s a l e l o t s t o h o t e l s a n d
r e s t a u r a n t s a t o n - g a l lo n c a n s h a ll b e 9)4 c e n t s p e r q u a r t ; f o r le s s t h a n t e n g a llo n lo t s , d e liv e r e d , 10 c e n ts .
T h a t n o p r o d u c e r o r d i s t r i b u t e r s h a ll b e a t l i b e r t y t o v a r y f r o m t h e f o r e ­
g o i n g p r i c e s , t h o s a m e t o b e t h o m in im u m a s w e ll a s t h o m a x i m u m p r i c e s .

2396

THE CHRONICLE

PRESIDENT WILSON OPPOSES PROHIBITION A M E N D ­
M E N T TO FOOD STIMULATION BILL.
The Randall amendment adopted by the House on
M a y 23, 178 to 137, to the Administration’s Food Stimula­
tion Bill, providing that $6,000,000 of the $10,864,000
appropriated in the food bill should not bo expended unless
the President issues a proclamation prohibiting the use of
foodstuffs and fruits during the war in the production of
beers and light wines, is opposed by President Wilson as
is indicated in the following letter to Senator Sheppard of
Texas:
F r a n k l y , I w a s v e r y m u c h d is t r e s s e d b y t h e a c t i o n o f t h e I I o u s o .
I do
n o t t h i n k t h a t i t Is w is e o r f a ir t o a t t e m p t t o p u t s u c h c o m p u l s io n o n t h e
E x e c u t i v e in t h e m a t t e r in w h i c h h o h a s a l r e a d y a c t e d a l m o s t t o t h e lim it
o f h is a u t h o r i t y .
W h a t is a l m o s t e n t i r e l y o v e r l o o k e d is t h a t t h e r e a r o , a s I a m i n f o r m e d ,
v e r y la r g o s t o c k s o f w h is k e y in t h is c o u n t r y , a n d i t s e e m s t o m o Q u ito
c e r t a in t h a t i f t h e b r o w in g o f b e e r w e r o p r e v e n t e d e n t i r e l y , a l o n g w it h a ll
t h e o t h e r d r in k s , m a n y o f t h e m h a r m le s s , w h ic h a r o d e r i v o d f r o m f o o d o r
f e e d s t u f f s , t h o c o n s u m p t i o n o f w h is k e y w o u l d b o s t im u l a t e d a n d in c r e a s e d
t o a v e r y c o n s id e r a b le e x te n t.
M y o w n j u d g m e n t is t h a t i t is w is e a n d s t a t e s m a n li k o t o lo t t h o s i t u a t io n
s t a n d a s i t is f o r t h o p r e s e n t , u n t i l, a t a n y r a t o , I s h a ll b e a p p r i s e d b y t h o
F o o d A d m i n i s t r a t i o n t h a t it is n e c e s s a r y in t h o w a y s u g g e s t e d s t ill f u r t h e r
t o c o n s e r v e t h e s u p p l y o f f o o d a n d f e e d s t u f fs .
T h e F o o d A d m in is tra tio n
h a s n o t t h o u g h t i t n e c e s s a r y t o g o a n y f u r t h e r t h a n w o h a v o in t h a t m a t t e r
a lr e a d y

gono.

Food Administrator Hoover, who is also opposed to the
measure, said:
A s t o t h e d i s c u s s io n o v e r t h o s u p p r e s s io n o f b r o w in g , I w is h t o s a y
e m p h a t i c a ll y t h a t f r o m a s t r i c t l y f o o d c o n s e r v a t i o n p o i n t o f v i o w I s h o u l d
lik e t o s e e t h o u s e o f f o o d s t u f f s s u p p r e s s e d in a ll d r i n k s , h a r d a n d s o f t .
T h i s is n o t , h o w e v e r , t h o w h o le s t o r y .
W o s t o p p e d d i s t il la t i o n a y e a r
ago.
T h e r o is a l o n g s u p p l y o f w h is k o y , g i n a n d o t h e r 2 0 % t o 4 0 % d is ­
t il l e d d r in k s in t h e c o u n t r y .
W o h a v o re d u ce d th o co n s u m p tio n o f fo o d ­
s t u f f s in b r e w in g b y 3 0 % a n d r e d u c e d t h o a l c o h o l c o n t e n t o f b e e r t o 2 M % .
I f w e s t o p b r e w in g , t h e s a l o o n s o f t h o c o u n t r y w ill s t ill b o o p e n , b u t c o n ­
f i n e d p r a c t i c a l l y t o a w h is k e y a n d g i n b a s is .
A n y tru e a d v o c a to o f te m ­
p e r a n c e a n d o f n a t i o n a l e f f i c i e n c y in t h e s o t im e s w il l s h r in k f r o m t h is
s i t u a t io n , f o r t h e n a t i o n a l d a n g e r in It Is g r e a t e r t h a n t h o u s e o f s o m e
4 ,0 0 0 , 0 0 0 b u s h e ls o f g r a in m o n t h l y in t h o b r e w e r ie s .
I f t h e A m e r i c a n p e o p l o w a n t p r o h i b i t i o n i t s h o u l d p r o h i b i t b y l e g is la t io n
t o t h a t e n d a n d n o t f o r c e t h e F o o d A d m i n i s t r a t i o n t o t h o r e s p o n s i b il i t y f o r
a n o r g y o f dru n k en n ess.
I t is m ig h t y d i f f i c u l t t o g e t d r u n k o n 2 M % b e e r .
I t w ill b e e a s y e n o u g h i f w o f o r c o a s u b s t i t u t i o n o f d i s t il le d d r i n k s f o r i t .
T h o F o o d A d m i n i s t r a t i o n h a s g o n o a s f a r a s it c a n t o w a r d t e m p e r a n c o
w i t h o u t p r e c i p i t a t i n g a w o r s e s i t u a t io n .
I f t h e A m e r ic a n p e o p lo o r C o n ­
g r e s s w ill s t o p t h o s a le o f d is t ille d l iq u o r s , t h o A d m i n i s t r a t i o n w ill f i n d n o
d i f f i c u l t y in s t o p p i n g b r o w in g .

M r. Hoover then went on to explain that no effort had
been made to prohibit the manufacture of wine, because “ the
wines produced in this country aro from grapes, of which a
very small proportion are available as table or raisin grapes,
and therefore the stoppage of wine making would add no
consequential amount of food to our national supplies. The
conversion of grapes to grapojuico instead of wino, as sug­
gested, would add nothing to our national food supplies.”
The food bill is yet to bo acted upon by tho Senate, but
according to Senator Sheppard tho prohibition amendment
will bo stricken from tho measure. Tho Amendment reads:
N o p a r t o f t h is a p p r o p r i a t i o n s h a ll b o a v a i l a b l o f o r a n y p u r p o s o u n le s s
t h e r o s h a ll h a v o b e e n p r e v i o u s ly i s s u e d t h e p r o c la m a t i o n a u t h o r i z e d b y
S e c t i o n 15 o f t h o A c t o f A u g . 10 1 9 1 7 , e n t i t l e d , “ A n A c t t o l ’ r o v i d o F u r t h e r
f o r t h o N a t i o n a l S e c u r i t y a n d D e fe n s e b y S t i m u la t i n g A g r i c u l t u r e a n d
F a c i l it a t i n g t h o T r a n s p o r t a t i o n o f A g r i c u l t u r a l P r o d u c t s , ” s u c h p r o c la m a ­
t i o n b e i n g t h o p r o h i b i t i o n o f t h o u s o o f f o o d s , f r u it s , f o o d m a t e r ia l s , o r
f e e d s in t h e p r o d u c t i o n o f m a l t o r v i n o u s liq u o r s f o r b o v e r a g o p u r p o s e s .

The $6,000,000 mentioned above is appropriated for the
purpose of increasing food production, eliminating waste
and promoting conservation by educational and demonstrational methods through county districts and urban agents.
Other items included in tho Food Stimulation Bill aro: For
the prevention and eradication of diseasos of livestock,
$1,058,975; for procuring seeds to sell to farmers at cost,
$2,500,000; and for the prevention and eradication of plant
disease, $811,300.

REGULATIONS FOR HANDLING WOOL CLIP I N
CALIFORNIA.
Regulations for handling this year’s wool clip in California
wero announced by tho W ool Division of the W ar Industries
Board on M a y 31. California producers will get tho full
Government prico, less freight to the Atlantio seaboard,
and interest on any advance made up to tho timo the wool
reaches its destination. Growers in States west of the
Missouri River may not sell, but must consign their wool
to an approved dealer in any approved contributing centres.
The following are tho regulations:
G o v e r n m e n t r e g u la t io n s f o r h a n d li n g t h o w o o l c l i p o f 1 9 1 8 p r o v i d e s u b ­
s t a n t ia lly :
T h a t g r o w e r s in t h o S t a t e s w e s t o f t h o M is s o u r i R i v e r a r e n o t
p e r m i t t e d t o s e ll, b u t t h a t a n y g r o w e r in t h o W e s t e r n S t a t e s m a y c o n s i g n h is
w o o l t o a n y a p p r o v e d d e a le r in a n y a p p r o v e d d i s t r i b u t i n g c e n t r o ; t h a t t h o
d e a le r w ill h a n d le t h o w o o l o n a c o m m i s s i o n , t o b o p a i d b y t h e G o v e r n m e n t ,
a n d t h a t t h o g r o w e r w il l g e t t h o f u ll G o v e r n m e n t p r i c o f o r h is w o o l , lo s s
f r e i g h t t o t h o A t l a n t i c s e a b o a r d , a n d lo s s i n t o r e s t o n a n y a d v a n c e w h ic h m a y
b e m a d e t o h i m u p t o t h e t im e t h o w o o l a r r iv e s a t i t s d e s t i n a t io n . T h i s a r -




[V ol . 108

r a n g o m o . it a l r e a d y a p p li e s t o C a li f o r n ia a n d a n y g r o w e r lia s t ills p r i v i l e g e , a s
s t a t e d a b o v e , a n d a s o u t l in e d in d e t a i l in t h o p a m p h le t o f r e g u l a t io n s
u n d e r t h e h e a d in g o f “ T e r r i t o r y W o o l R e g u l a t i o n s . "
T h e r e is a c o n s i d e r a b l e s a v i n g in f r e i g h t r a t e s o n b a le d w o o l o v o r w o o l in
b a g s a n d h e r e t o f o r e i t lia s a ls o b e e n n e c e s s a r y t o s c o u r a n d c a r b o n i z o m a n y
C a li f o r n ia w o o ls .
T o d o t h is i t h a s b e e n n e c e s s a r y in t h o p a s t t o h a v o
t h e s e w o o l s a s s e m b l e d a t v a r i o u s p o i n t s in C a li f o r n ia , t h e r e t o b o b l e n d e d
a n d b a l e d in t h o g r e a s e o r e ls e s c o u r e d , c a r b o n i z e d , a n d s h i p p e d E a s t f o r
s a le .
A f t e r t h o w o o l a a s a r r iv e d a t t h o e a s t e r n c o n t r o in t h o n e i g h b o r ­
h o o d o f t h o m il l s , it is t h e r e i n s p e c t e d b y t h o r e p r e s e n t a t iv e s o f t h o m ills
a n d p u r c h a s e d w i t h r e fe r e n c o t o t h o p a r t i c u la r n e e d s o f t h o m ill.
T h o Q u a r t e r m a s t e r G e n e r a l ’s D e p a r t m e n t , w h ic h t h is y e a r w il l b o t h o
o u y e r o f p r a c t i c a l l y a ll C a li f o r n ia w o o l s , w is h e s t o h a v o t h e m f o l l o w a s
n o a r l y a s p o s s i b le t h e c h a n n e ls h e r e t o f o r e t a k e n , a n d m a k e i t s p u r c h a s e
a f t e r t h e y h a v o a r r iv e d a t t h o e a s t e r n c o n t r e s o f d i s t r i b u t i o n w h e r e t h e y
c a n b o i n s p e c t e d b y t h o Q u a r t e r m a s t e r G e n e r a l ’s D e p a r t m e n t a n d t h o
r e p r e s e n t a t iv e s o f t h e m il l s , a n d b e d i s t r i b u t e d w it h r e fe r e n c o t o t h o p a r ­
t ic u l a r c la s s o f g o o d s w h ic h is b e i n g m a n u f a c t u r e d b y t h o m ills .
A ccord­
i n g l y , f o r t h e f o r e g o i n g r e a s o n s , t h e r o w ill b o n o a p p r o v e d d i s t r i b u t i n g c e n ­
t r e s e s t a b lis h e d in C a li f o r n ia .
H o w e v e r , in o r d e r t o l e a v e w o o o l e n o u g h in t h o S t a t e t o a m p l y t a k o c a r o
o f t h o n e e d s o f a ll t h o m ills in t h e S t a t e , a n d in o r d e r t o u t i li z o t h o v e r y
e f f i c ie n t c a r b o n i z in g a n d s c o u r in g p l a n t s o f t h o S t a t o t o t h e i r f u lle s t c a p a c i t y
a n d t o g iv o th o g ro w e rs h a v in g w o o ls w h ic h s h o u ld b o c a r b o n iz e d a n o p ­
p o r t u n i t y t o d i s p o s e o f t h e ir c li p s l o c a l l y s h o u l d t h o y d o s ir o t o d o s o ,
d e a le r s a p p r o v e d b y t h o B o a r d w ill b e p e r m i t t e d , u n d e r G o v e r n m e n t
r e g u l a t io n s , t o b u y C a li f o r n ia w o o l s a t a p r i c o s u f f i c ie n t l y b e l o w t h e e s ­
t a b lis h e d G o v e r n m e n t p r i c o t o e n a b lo t h o d e a l o r t o m a k e a n o t p r o f i t o f
n o t t o e x c e e d 1 c o n t p e r p o u n d f o r b u y i n g a n d a s s e m b lin g t h o s o w o o l s .
T h i s w ill b o d o n e in o r d e r t o h a v o t h e m b l o n d c d , b a l e d , s c o u r e d , c a r ­
b o n i z e d , a n d b a l o d f o r s h i p m e n t , e it h e r t o lo c a l m ills o r t o a p p r o v e d
e a s t e r n d i s t r i b u t i n g c e n t r e s a n d f in a l s a lo t o t h o G o v e r n m e n t .
T h o p r i c o t h o G o v e r n m e n t h a s f ix e d is o n a b a s is o f d e l i v e r y a t t h e A t ­
l a n t i c s e a b o a r d , a n d t h e g r o w e r w ill h a v o t o p a y t h o f r e i g h t t o t h o A t l a n t i c
s o a b o a r d w h e t h e r h o c o n s i g n s h is w o o l o r s o ils i t .
T h e r e fo r e , t h o d e a le r,
in b u y i n g a n d in o r d e r t o m a k e a n o t p r o f i t o f 1 c o n t p e r p o u n d , w il l, o f
c o u r s o , h a v o t o p a y t h o g r o w e r t h o G o v e r n m e n t p r i c o , lo ss t h o 1 c o n t loss
f r e i g h t a n d b a l i n g e x p e n s e , lo s s t h o c o s t o f s c o u r in g o r c a r b o n i z i n g i f i t
m u s t b o s c o u r e d a n d c a r b o n i z e d , a n d le ss t h o e s t im a t e d in t e r e s t a t t h o
r a t o o f 6 % o n t h o i n v e s t m e n t u n t i l t h o w o o l a r r iv e s a t t h o A t l a n t i c s o a ­
board.
T h o b o o k s o f a p p r o v e d d e a le r s s h a ll b o a t a ll t im e s o p o n t o G o v e r n m e n t
i n s p e c t io n a n d , i f a t t h o o n d o f t h o s e a s o n ’s b u s in e s s It is f o u n d t h a t t h o n e t
p r o f i t s e x c e e d 1 c o n t p e r p o u n d o i l t h o s e a s o n 's b u s in e s s , t h e n s u c h e x c e s s
p r o f i t s h a ll b e d i s p o s e d o f a s t h o G o v e r n m e n t d o c i d c s .
A t t e n t i o n Is a g a in c a l le d t o t h o f a c t t h a t n o g r o w e r is r e q u i r e d t o s o il
u n le s s h o w is h e s t o d o s o , a n d t h a t a t a ll t im e s h o h a s t h o p r l v il o g o o f c o n ­
s i g n in g h is w o o l t o a n a p p r o v e d d e a l e r in a n a p p r o v e d d i s t r i b u t i n g c e n t r o ,
a t w h i c h p o i n t t h o w o o l w ill b o a p p r a is e d a n d p u r c h a s e d b y t h o G o v e r n ­
m e n t , a n d t h o fu ll G o v e r n m e n t p r i c o p a i d t h o g r o w e r , w i t h n o d e d u c t i o n s
G r o w e r s o f s m a ll c li p s , w h o d o s ir o t o d o s o , w ill b o a l lo w o d t o p o o l t h e ir
c li p s in q u a n t it i e s o f n o t le s s t h a n m in im u m c a r lo a d s a n d c o n s i g n t h o w o o ls
s o p o o l e d a s o n o a c c o u n t t o a n y a p p r o v o d d e a le r s in a n y a p p r o v e d d i s ­
t r ib u tin g c e n tr o .
G r o w e r s w h o d e s ir o t o c o n s i g n t h e ir w o o l t o S a n F r a n ­
c i s c o , S t o c k t o n , o r o t h e r u s u a l c o n c e n t r a t i o n p o i n t s in C a li f o r n ia m a y
c o n s i g n i t t o a n y a p p r o v o d d e a l o r , w h o s o c o m m i s s i o n s h a ll b o Yi c o n t p e r
p o u n d t o b o p a id b y th o g r o w e r .
T h e s e r e g u la t io n s a p p l y t o C a li f o r n ia w o o l o n l y .
W o o ls fr o m S ta te s
t o t h o e a s t o f C a li f o r n ia w ill b e r e q u i r e d t o b o s l iip p o d E a s t .

REGULATIONS FOR N E W MEXICO WOOL CLIPS.
The following regulations regarding Now Mexico wool
clips havo been announced by the W ar Industries Board
through its W ool Division:
I n N o w M e x i c o t h e r o a r o a g r o a t m a n y s m a ll c li p s r u n n in g v e r y w l d o
in g r a d e .
T h e r e a ls o s e v e r a l s c o u r in g m ills in t h o S t a t o .
I t Is, t h e r e fo r e ,
d e e m e d n e c e s s a r y t o m a k o s p e c i a l r e g u la t io n s t o c o v e r t h o s i t u a t io n .
L o c a l d e a le r s o r s c o u r e r s in N o w M o x i c o a r o g r a n t o d t h o p r i v il e g e o f
b u y i n g c li p s o f ir r e g u la r g r a d o a n d s c o u r in g th orn a t t h o l o c a l s c o u r in g
m ills .
T h e s o l o c a l d o a le r s o r s c o u r e r s a r o r e q u i r e d t o p a y t h o g r o w e r s o f
t h e s o c li p s o f I r re g u la r g r a d o f a ir p r ic e s f o r t h e ir c li p s b a s e d o n A t l a n t i c
s o a b o a r d v a lu e s a s e s t a b lis h e d b y t h e G o v e r n m e n t , le s s:
1 . T h e c o s t o f s o r t in g a n d s c o u r in g .
2 . F re ig h t t o A t la n t ic s e a b o a r d p o in ts .
3 . E s tim a te d in te re s t a t th o ra to o f 6 % p e r a n n u m t o c o v o r th o tim o
e la p s in g b e t w e e n t h o t im o t h o g r o w e r Is p a i d a n d t h o t im o t h o b u y e r r e ­
c e iv e s h is m o n e y w h e n t h o w o o l is d e l iv e r e d E a s t .
4 . P r o f i t t o t h o l o c a l b u y e r n o t t o b o o v e r 1 c o n t p e r p o u n d n e t in t h o
groaso.
I n o r d e r t o a v o i d p r o f it e e r i n g t h o b o o k s o f t h o l o c a l d o a lo r s a n d s c o u r e r s
s h a ll b o o p e n t o G o v e r n m e n t i n s p e c t io n , a n d i f u p o n e x a m i n a t i o n t h o b o o k s
o f a n y o n e s h o w a n o t p r o f i t in e x c e s s o f 1 c e n t p e r p o u n d o n g r e a s y w o o l
h a n d le d d u r i n g t h o s e a s o n , t h e n s u c h e x c e s s s h a ll b o d i s p o s e d o f a s t h o
G o v e rn m e n t d ir e cts .
.
T h e s o r e g u la t io n s a p p l y o n l y t o t h o lo c a l d e a le r s in N o w M o x i c o .
D e a l­
e r s l o c a t e d In t h o d i s t r i b u t i n g c o n t r e s m a y r o c o i v o N o w M o x i c o w o o ls o n l y
o n c o n s ig n m e n t.

JOHN

IF. SCOTT M A D E DIRECTOR OF TEXTILE
DIVISION OF WAR INDUSTRIES BOARD.

John W . Scott, of tho firm of Carson, Scott & Co. of
Chicago, has been named as Director of tho Toxtilo Division
of tho W ar Industries Board. Ho assumed tho duties of
his new post on Juno 3. A statomont issued by M r. Scott on
tho 3d said:
W o a r e t r y in g t o f i n d o u t h o w w o c a n b o h o lp f u l a n d t o s e t u p m a c h i n e r y
f o r t h o s e r v lc o w o w a n t t o g i v o .
R u m o r s t o t h o c o n t r a r y , n o t w it h s t a n d i n g
a b s o l u t e l y n o p la n s w li a t o v o r h a v o y e t b o o n d i s c u s s e d f o r c o n t r o l o f a n y
b r a n c h o f t h o t o x t il o I n d u s t r y .

II. E. PEABODY CHIEF OF WOOLEN SECTION OF WAR
INDUSTRIES BOARD.
Herbert E . Peabody of Now York has been appointed
Chief of the Woolen Section of tho W ar Industries Board.
His appointment was announced by tho Board on Juno^3,
its statement saying:

J u n e 8 1918.]

THE CHRONICLE

M r . l ’ c a b o d y lia s b e e n c o n n e c t e d w it h S h e l b o u r n e M i l l s , lia s b o o n S e c r e ­
t a r y o f th o W a r S e r v ic e C o m m it te o o f W o o l M a n u fa c tu r e r s o f th o C h a m b e r
o f C o m m e r c o o f t h o U n it e d S t a t e s a n d P r e s i d e n t o f t h e A m e r i c a n A s s o c i a ­
t io n o f W o o le n a n d W o r s te d M a n u fa c tu r e r s .
H o lia s s o v e r e d a ll a c t i v e
c o n n e c t i o n w i t h t h o w o o l b u s in e s s o t h e r t h a n t h a t t h r o u g h h is c o n n e c t i o n
w it h t h o W a r i n d u s t r ie s B o a r d .

GOVERNMENT CONTROL OF FELT OUTPUT.
It was reported on M a y 19 in tho New York “ Times” that
in order to insuro adequate supplies of felt for Governmental
needs and to regulate, through a licensing system, the manu­
facture of felt for civilian needs, Sylvan Stroock, of the W ar
Industries Board, had assumed control of tho entire produc­
tion of felt in the United States. The action, it was said,
was decided upon by Government agents in conference with
the felt piece goods manufacturers in this city.

FEDERAL INVESTIGATION OF N E W YORK
N E W ORLEANS COTTON MARKETS.

AND

In an announcement relative to the proposed Federal
investigation of tho cotton markets of N ew York and Now
Orleans, tho Doprtmont of Agriculture on June 5 stated
that a special investigation of cotton futures quotations
would bo made through the Cotton Futures Section of the
Bureau of Markets. Tho reason for the inquiry being tho
apparent diversity between prices of middling cotton as
quoted in the spot markets and as quoted by the Now York
and Now Orleans futuro exchanges. Tho Department has
also, it is stated, taken up with tho W ar Industries Board tho
question of utilizing cotton of lower grades, now piling up
in huge quantities because its ordinary outlets have beon
closed by the war. W e give its statement herewith:
T h o S e c r e t a r y o f A g r i c u l t u r e , t h r o u g h t h o c o t t o n f u t u r e s s e c t io n o f t h o
B u r e a u o f M a r k e t s , w ill m a k o a s p e c i a l i n v e s t ig a t i o n o f c o t t o n f u t u r e s
q u o ta tio n s .
F o r s o m o w e e k s p a s t th c r o h a s b e e n a d is p a r ity b e tw e e n
t h o p r i c e s o f m i d d l i n g c o t t o n a s q u o t e d in s p o t m a r k e t s a n d m i d d l i n g c o t ­
t o n a s q u o t e d b y t h e N e w Y o r k a n d N o tv O r le a n s f u t u r o e x c h a n g e s .
T h is
s i t u a t i o n , i t is p o i n t e d o u t , i m p a ir s t h o u s e f u ln e s s o f t h o f u t u r e s e x c h a n g e s
t o m a n u f a c t u r e r s a n d d e a le r s in h e d g i n g t r a n s a c t io n s in s p o t c o t t o n a n d
to n d s t o ro n d e r th o m a r k e t u n s t e a d y a n d u n c e r ta in .
T h i s q u e s t i o n lia s
h a d t h e a t t e n t i o n o f t h o D e p a r t m e n t o f A g r i c u l t u r e f o r s o m o t i m e , a n d a ls o
is a m a t t e r o f c o n c e r n t o t h o s e e n g a g e d in t h o c o t t o n I n d u s t r y .
Tho
D e p a r t m e n t s t a t e s t h a t t h o in v e s t ig a t i o n o f t h o s i t u a t io n w ill b o c o m p l e t e
a n d t h o r o u g h , w it h a v i e w t o d e t e r m in i n g c a u s e s o f t h o d i s p a r i t y a n d s t o p s
n e ce s s a ry f o r its r o m e d y .
T h e D e p a r t m e n t a l s o lia s t a k e n u p w i t h t h o W a r I n d u s t r i e s B o a r d t h o
q u e s t i o n o f u t i li z a t io n o f c o t t o n o f t h o l o w e r g r a d e s , o f w h ic h a la r g o s u r ­
p lu s is a c c u m u l a t in g .
L o w g r a d e s c o t t o n is p i li n g u p b o c a u s o t h o o r d i n a r y
o u t l e t s f o r i t a r e c l o s e d b y t h o w a r a n d t h o f a c t t h a t c o t t o n o f h ig h e r g r a d e s
is b e i n g u s e d in t h o m a n u f a c t u r e o f g o o d s p a r t i c u l a r l y o n G o v e r n m e n t
c o n t r a c t s , w h e n c o t t o n o f t h o l o w e r g r a d e s m ig h t b o u s e d s a t i s f a c t o r i l y
In stea d .
____________________________________

PLANTERS AN D BANKERS I N CONVENTION IN
M EM P H IS OPPOSE TRADING I N COTTON FUTURES.
A t a'meeting in Momphis on M a y 29 of some 300 cotton
planters, bankers and others interested in cotton production
in Mississippi, Arkansas, Missouri and Tennessee, a reso­
lution recording opposition to trading in futures was adopted
as follows:
Resolved, T h a t i t is t h o s o n s o o f t h is m e e t in g t h a t n o t h i n g is m o r o d o t r i m o n t a l t o t h o in t e r o s t o f t h o c o t t o n g r o w e r t h a n t h o p r a c t i c o o f d e a l i n g in
w h a t is k n o w n a s " c o t t o n f u t u r o s , " o r , in o t h e r w o r d s , g a m b l i n g in t h o
p r i c o o f c o t t o n in t h e v a r i o u s e x c h a n g e s t h r o u g h o u t t h o c o u n t r y ; a n d w o
t h e r e fo r e c o r d ia ll y i n d o r s o t h o m o v e m e n t i n C o n g r e s s t o i n v e s t ig a t e t h o
m e t h o d s a n d p r a c t ic e s o f t h e N o w Y o r k a n d o t h e r c o t t o n e x c h a n g e s t o
t h o e n d t h a t t h o s a m o m a y b o r e g u l a t e d a n d c o n t r o l l e d a n d g a m b l i n g in
c o tto n p rev en ted .
T h a t a c o p y o f t h is r e s o lu t i o n b o f o r w a r d o d t o o u r S e n a t o r a n d R e p r e ­
s e n t a t i v e s in C o n g r e s s .

According to tho Memphis “ Appeal,” tho following
resolution, indicating tho purposo and sense of tho meoting,
was drawn up early in tho day by a committeo, and unani­
mously adopted:
T h is m e e t in g o f f a r m e r s , p l a n t e r s a n d o t h e r s d i r e c t l y i n t e r e s t e d in t h o
f a r m i n g o p e r a t i o n s o f t h o S t a t e s o f T o n n c s s c o , A r k a n s a s , M is s is s ip p i a n d
M is s o u r i h o r o b y o x p r e s s :
F i r s t . T h o i r u n q u a l if ie d i n d o r s e m e n t o f t h e b r e a d t h o f v i s io n a n d o x o c u t l v o t h o r o u g h n e s s w i t h w h ic h t h o A d m i n i s t r a t i o n is n o w c o n d u c t i n g t h o
a f fa ir s o f t h o n a t i o n in t h o p r e s e n t w o r l d c r is is , a n d a v o w t h o ir d e t e r m in a ­
t i o n t o a id t o t h o u t m o s t l im i t o f p e r s o n a l s a c r if i c e t h o n a t i o n a l G o v e r n m e n t
in t h o c o n d u c t o f t h o w a r .
S e c o n d . W h i l e w o l ia v o b e e n a b l o b y c o n c e r t e d e f f o r t t o m a t e r ia l l y i n ­
c r e a s e t h o p r o d u c t i o n o f f o o d c r o p s in o u r t e r r i t o r y i n r e s p o n s e t o t h o r e q u o s t
o f t h o n a tio n a l G o v e r n m e n t, w o p le d g o o u rs e lv e s in th o fu tu r o o p e r a tio n
o f o u r f a r m s t o m e e t w it h o u t h e s it a t io n a n y f u r t h e r d e m a n d s in t h is d i r e c t i o n .
T h i r d . C o t t o n , o u r p r in c ip a l f a r m c r o p , a n d it s b y - p r o d u c t s a r o o f v i t a l
im p o r t a n c e t o th o n a tio n f r o m th o s t a n d p o in t o f f o o d , c lo t h in g a n d m u n i­
t io n s , a n d w o r e c o g n i z o t h o n e c e s s it y o f c o n t in u in g t o f u r n is h t o t h o n a t i o n
t h o r e q u i r e d q u a n t it i e s o f s u c h p r o d u c t s .
F o u r t h . W o v i o w w i t h m u c h c o n c e r n t h o p r e s e n t t r a n s p o r t a t io n a n d
l a b o r c o n d i t i o n s a s t h e y m a y a f f e c t o u r a b i l i t y t o c o n t in u e t o m o o t t h o s e
r e q u ir e m e n t s a n d t h o f u r t h e r d e m a n d s o f t h o G o v e r n m e n t u p o n u s .
Tho
p r i c o o f f a r m l a b o r a n d t h o s c a r c i t y t h e r e o f r e s u lt a n t u p o n t h o d r a f t ,
t h o G o v e r n m e n t ’s d e m a n d f o r l a b o r in w a r a c t i v i t i e s , c o n f r o n t u s w it h a
p o s s l b lo s l io r t a g o o f t h o n e c e s s a r y f a r m l a b o r a n d a c e r t a in l y in c r e a s e d
c o s t t h e r e o f.
W o r e a liz o t h o n e c e s s it y f o r a c o m p l o t o u n d e r s t a n d in g o f t h o p r o b l e m o f
fin a n c in g t h o p r o d u c t i o n o f t h is c r o p b e c a u s e o f t h o f a c t t h a t i t is l a r g e ly
r a is e d o n a c r e d it b a s is a n d t h o f u r t h e r n e c e s s it y f o r f u ll c o n s i d e r a t io n o f




*4397

t h e p r o b l e m o f m a r k e t in g s a m e in t h e f a c e o f lim i t e d t r a n s p o r t a t io n f a c i l ­
it ie s w h ic h w ill b e a v a i l a b l e i f t h o w a r c o n t in u e s f o r t h o n e x t 12 m o n t h s .
F i f t h — A c r e a fu l a n a ly s is o f t h e a c t u a l c o s t o f p r o d u c t i o n o n f a r m s a n d
p l a n t a t i o n s w h e r o a c c u r a t e r e c o r d s h a v e b e e n m a i n t a in e d a n d a c o m ­
p a r a t i v e c a l c u la t i o n b a s e d o n c o s t o f p r o d u c t i o n o f o t h e r f a r m c r o p s , b o t h
r e s u lt in s u b s t a n t ia l a g r e e m e n t u p o n a p r o b a b l e c o s t o f f r o m 2 G 3 ^ c. t o
2 9 'Ac. p e r p o u n d l in t c o t t o n , a c c o r d i n g t o v a r y i n g c o n d i t i o n s w h ic h e n t e r
i n t o t h o m a k in g o f t h e c r o p .
S i x t h — W o b e l ie v e t h a t f o r t h e p r o p e r i n f o r m a t i o n o f t h e n a t i o n a s a
w h o le t h o f ig u r e s u p o n w h ic h t h e s e c a l c u la t i o n s a r o b a s e d s h o u l d b o m a d e
a v a i l a b l e f o r a ll in t e r e s t e d p a r t ie s .
S e v e n th — W o r e c o m m e n d t h a t th e B u re a u o f F a rm D e v e lo p m e n t o f th e
M e m p h is C h a m b e r o f C o m m e r c e b o r e q u e s te d t o a d v is e o t h e r c o t t o n
c e n t r e s o f t h o f a c t s a n d o p i n i o n s d e v e l o p e d in t h is c o n f e r e n c e , w i t h t h e
r e q u e s t t h a t t h e y in t u r n d e v e l o p f o r t h e ir o w n in f o r m a t i o n t h o s a m o d a t a
w i t h r e s p e c t t o t h e ir r e s p e c t iv e t e r r i t o r ie s , s o t h a t f u ll i n f o r m a t i o n m a y b e
a v a i l a b l e a s t o c o n d i t i o n s t h r o u g h o u t t h o e n t ir o c o t t o n - g r o w i n g s e c t io n .
E ig h t h — W o r e c o m m e n d t h a t a t a n e a rly d a t e a c o n fe re n ce b o h e ld o f
r e p r e s e n t a t iv e s o f t h e a c t u a l p r o d u c e r s o f c o t t o n a t s o m o c e n t r a l p o i n t t o
c o r r e l a t e t h is d a t a a n d g i v e p u b l i c i t y t h e r e t o .

CURTAILMENT

OF COTTON M ANUFACTURE
GREAT BRITAIN.

IN

The London cables of June 3 stated that the Cotton Con­
trol Board has decided that after next M onday (June 10)
twenty concerns licensed to run not more than fifty hours a
week must stop entirely on Saturdays and M ondays. Cer­
tain concerns m ay be specially licensed to work on Saturdays.
A special cable from London on June 5 to the “ Journal of
Commerce” said:
B y an A rm y
p u r c h a s e , s e ll,
S e a I s la n d o r
m a n u fa ctu re d
su ch co tto n .

C o u n c il o r d e r is s u e d t o - d a y n o p e r s o n w it h o u t a p e r m it s h a ll
t a k e d e l iv e r y o f o r p a y m e n t f o r o r m a k e a n y W e s t I n d i a n ,
C a r o l i n a S e a I s la n d c o t t o n o r a n y a r t ic l e w h o l l y o r p a r t l y
t h e r e f r o m , o r s h a ll p u t i n t o p r o c e s s o f m a n u f a c t u r e a n y

T h o C o t t o n C o n tr o l B o a rd h a s d e c id e d t o p o s t p o n e f o r s ix w e e k s f r o m
J u n o 10 t h o a b o l i t i o n s e t f o r t h a t d a t e o f t h e r o t a t i o n s y s t e m o f f ix i n g w o r k ­
t im e a n d p la y tim e o f o p e r a tiv e s .
I t lia s b e e n d e c i d e d a ls o t o a l lo w s p in n e r s e n g a g e d e n t i r e l y o n w a s t e o r
S u r a t a n d m a n u f a c t u r e r s e n g a g e d e n t i r e l y o n w a s t e c l o t h s t o r u n a ll t h e ir
s p in d le s a n d l o o m s i n s t e a d o f 8 0 % o f t h e m a s p r e v i o u s l y a n n o u n c e d .

AGREEMENT PROVIDING FOR GOVERNMENT
CONTROL OF STEEL DISTRIBUTION.
Under an agreement entered into between the W ar In­
dustries Board and the American Iron & Steel Institute,
the Government will exercise complete control of the dis­
tribution of tho country’s output of iron and steel. The
agreement provides that the direct and indirect require­
ments of tho Government and tho Allies are to be given
priority, tho non-war industries being taken care of only
in the ovent of any surplus existing after the priority orders
are filled. The Iron and Steel Institute agrees that no pig
iron or steel will be delivered except on a priority certificate
issued by tho W ar Industries Board, and then for no purpose
Qthor than those embraced in tho preference list of the prior­
ities division. The Government will keep a check on the
steel mills through reports to bo forwarded each week,
giving detailed information as to all shipments made not
.covered by priority certificates. Even after the Govern­
ment and Allied needs are cared for, tho approval of Director
ltoploglo will havo to bo obtained before any steel will be
available for non-war industries. A steel committee will
mako careful studies of the iron and steel requirements and
tho Government and the Allies and tho capacity of iron and
steel manufacturing plants. Recommendations will be
made for tho stimulation of production. The text of the
agroemont was made known by tho W ar Industries Board
in the following announcement issued on June 6:
T h o W a r I n d u s t r ie s B o a r d a u t h o r iz e s t h o f o ll o w i n g :
T h o B o a r d t h is a f t e r n o o n a d o p t e d t h e f o ll o w i n g :
B e it Resolved b y t h o W a r I n d u s t r ie s B o a r d , T h a t t h o f o l l o w i n g a g r e e ­
m e n t , r e a c h e d a s a r e s u lt o f s e v e r a l c o n f e r e n c e s b e t w e e n a c o m m i t t e o o f
t h i s B o a r d a n d t h o A m e r i c a n I r o n a n d S t e e l I n s t i t u t e , b e a n d t h o s a m o is
h o r o b y r a t if i e d , c o n f i r m e d a n d a p p r o v e d , t o b e c o m e e f f e c t i v e a t o n c o .
T h o a g r e e m e n t f o ll o w s :
Whereas, A c a r e fu l s t u d y o f t h e s o u r c e s o f s u p p l y in c o n n e c t i o n w it h t h e
p r e s e n t a n d r a p i d l y in c r e a s in g d i r e c t a n d i n d i r e c t w a r r e q u ir e m e n t s f o r
i r o n a n d s t e e l p r o d u c t s h a s c o n v i n c e d t h e W a r I n d u s t r ie s B o a r d o f t h e
n e c e s s it y f o r ( 1 ) a s t r ic t c o n s e r v a t io n o f t h e a v a i l a b l e s u p p l y o f i r o n a n d
s t e e l p r o d u c t s , o n t h o o n e h a n d , a n d ( 2 ) t h o e x p a n s io n o f e x i s t i n g s o u r c e s
o f s u p p l y o f Ir o n a n d s t e e l p r o d u c t s , o n t h o o t h e r h a n d ; a n d
Whereas, T h o p r o d u c e r s o f ir o n a n d o f ir o n a n d s t e e l p r o d u c t s in t h e
m a in c o n c u r in t ills c o n c lu s io n r e a c h e d b y t h o s a id B o a r d a n d h a v e e x ­
p r e s s e d t h e ir w illin g n e s s t o c o - o p e r a t e w h o le h e a r t e d ly w it h t h e s a i d B o a r d
In it s e f f o r t s t o p r o v i d e f o r p r o m p t l y m e e t in g t h e d i r e c t a n d i n d i r e c t w a r
r e q u ir e m e n t s o f t h o U n it e d S t a t e s a n d it s A llie s f o r ir o n a n d s t e e l p r o d u c t s ;
N o w , t h e r e fo r e , i t is u n d e r s t o o d a n d a g r e e d b y t h o C o m m i t t e o o n S t e e l
a n d S t e e l P r o d u c t s o f t h o A m e r i c a n I r o n a n d S t e e l I n s t it u t e a n d t h o W a r
I n d u s t r i e s B o a r d t h a t n o p i g ir o n o r s t e e l m a n u f a c t u r e d p r o d u c t s s h a ll b e
s h i p p e d o r d e l i v e r e d , e x c e p t a s f o ll o w s :
(1 ) B y p r i o r i t y c e r t i f ic a t e s is s u e d b y t h e P r i o r it i e s D i v i s i o n o f t h e W a r
In d u s tr ie s B o a rd , o r
(2 ) A f t e r p r i o r i t y c e r t i f ic a t e s s h a ll h a v e b e e n i s s u e d f o r o r f i l l e d , t h e n
p r o d u c e r s o f p i g ir o n o f s t e e l m a n u f a c t u r e d p r o d u c t s m a y u t i li z e s u c h r a w
m a t e r ia ls a n d m a n u f a c t u r in g c a p a c i t y , i f a n y , a s t h e y m a y h a v o a v a i l a b l e ,
t o fill o r d e r s o f t h e ir c u s t o m e r s n o t c o v e r e d b y p r i o r i t y c e r t i f ic a t e s , p r o v i d e d
s u c h o r d e r s a r o e m b r a c e d w it h i n t h e s c h e d u l e o f p u r p o s e s e n t i t l e d t o p r e f ­
e r e n c e t r e a t m e n t a s d e t e r m in e d b y t h e P r i o r it i e s B o a r d a s f o ll o w s :

2398

THE CHRONICLE

S h ip s :
I n c lu d in g d e s t r o y e r s a n d s u b m a r i n e c h a s e r s .
A ir c r a ft .
M u n i t i o n s , m il i t a r y a n d n a v a l s u p p lie s a n d o p e r a t i o n s :
B u ild in g c o n ­
str u c tio n fo r G o v e rn m e n t n e e d s.
E q u ip m e n t f o r s a m e .
F u e l:
D o m e s t i c c o n s u m p t i o n . M a n u f a c t u r i n g n e c e s s it ie s n a m e d h e r e in .

Press advices from Washington on June 5 in stating that
J. Leonard Reploglo, Director of Steel Supply of tho W ar
Industries Board, would furnish to the Board of the succeeding
day data indicating that a steel shortage exists and that tho
Government and tho Allies’ requirements would necessitate
the virtual cutting off of non-war industries from their steel
supply said:
F o o d a n d c o ll a t e r a l in d u s t r ie s : F o o d s t u f f s f o r h u m a n c o n s u m p t i o n a n d
p la n t s h a n d li n g s a m e ; f e e d in g s t u f f s f o r d o m e s t i c f o w l s a n d a n im a ls , a n d
p l a n t s h a n d li n g s a m e .
A l l t o o l s , u t e n s ils , i m p le m e n t s , m a c h i n e r y a n d e q u i p m e n t r e q u i r e d f o r
p r o d u c t i o n , h a r v e s t i n g a n d d i s t r i b u t i o n , m il l in g , p r e p a r i n g , c a n n i n g , a n d
r o fi n i n g f o o d s a n d f e e d s , s u c h a s s e e d s o f f o o d s a n d f e e d s , b i n d e r t w i n o , & c .
P r o d u c t s o f c o ll a t e r a l i n d u s t r ie s , s u c h a s fe r t iliz e r s , f e r t iliz e r i n g r e d i o n t s ,
i n s e c t i c id e s a n d fu n g i s id c s .
C o n t a in e r s f o r f o o d s a n d f e e d s , c o ll a t e r a l p r o d u c t s .
M a t e r ia l s a n d e q u i p m e n t f o r p r e s e r v a t io n o f f o o d s a n d f e e d s , s u c h a s
a m m o n i a a n d o t h e r r e fr i g e r a t io n s u p p l i e s , I n c lu d in g i c e . I n c lu d in g a ll n e c e s ­
s a r y r a w m a t e r ia l s , p a r t i a ll y m a n u f a c t u r e d p a r t s a n d s u p p lie s f o r c o m p l e ­
t io n o f p r o d u c t s .
C l o t h i n g : F o r c iv il ia n p o p u l a t i o n .
R a i l r o a d : O r o t h e r n e c e s s a r y t r a n s p o r t a t io n e q u i p m e n t , i n c lu d in g w a t e r
t r a n s p o r t a t io n .
P u b l i c u t ilit ie s : S e r v in g w a r in d u s t r ie s , a r m y , n a v y a n d c iv il ia n p o p u l a ­
t io n .
P r o v i d e d , h o w o v o r , w h o n e v o r t h o P r i o r it i e s B o a r d s h a ll h a v e p r o m u l ­
g a te d a n d c e r tifie d fo r o b s e r v a n c e t o t h o p r o d u c e r s o f p ig ir o n a n d steel
m a n u f a c t u r e d p r o d u c t s a r e v i s e d p r e f e r e n c e l is t , n o s u r p lu s m a t e r ia l o r
c a p a c i t y a f t e r f il l in g o r p r o v i d i n g f o r a ll o r d e r s c o v e r e d b y p r i o r i t y c e r t i f i ­
c a t e s s h a ll b o u s e d t o f il l n o n - p r i o r i t y o r d o r s s u c h a s a r e p l a c e d b y in d u s t r ie s
o r p l a n t s e m b r a c e d w it h i n s u c h p r e f e r e n c e lis t ; a n d
P r o v id e d fu r th e r, T h a t e a c h p r o d u c e r o f p ig iro n a n d o f ste e l m a n u fa c ­
t u r e d p r o d u c t s s h a ll a t t h o e n d o f e a c h w e e k e n d i n g w it h m id n ig h t S a t u r ­
d a y t h e r e o f , p r o p a r e a n d f o r w a r d t o t h o D i r e c t o r o f S t o o l S u p p ly o f t h o W a r
I n d u s t r ie s B o a r d a d o t a i le d s t a t e m e n t o f a ll s h ip m e n t s m a d e d u r i n g s u c h
w e o k n o t c o v e r e d b y p r i o r i t y c e r t i f ic a t e s .
B o it fu r th e r R e s o lv e d , T h a t s h o u ld a n y p r o d u c e r o f p ig iro n o r o f ste e l
m a n u f a c t u r e d p r o d u c t s h a v e a n y s u r p lu s w a r m a t e r ia l o r m a n u f a c t u r in g
c a p a c i t y a f t e r fil l in g ( a ) a ll o r d e r s c o v e r e d b y p r i o r i t y c e r t i f ic a t e s a n d (6 ) a ll
o r d o r s e m b r a c e d w it h i n t h e s c h e d u l e o f p u r p o s o o n t i t l e d t o p r o f o r o n c o t r e a t ­
m e n t o r p l a c e d b y in d u s t r ie s o r p l a n t s e m b r a c e d w it h i n t h o r o v i s o d p r e f e r ­
e n c e l is t , a f t e r i t s h a ll h a v o b e e n p r o m u l g a t e d a n d c e r t i f ie d b y t h o P r i o r i ­
t ie s B o a r d , t h e n in s u c h e v e n t s u c h s u r p lu s m a t e r ia ls o r c a p a c i t y m a y b o d i s ­
p o s e d o f b y s u c h p r o d u c e r o r m a n u fa ctu re r t o o th e r c u s to m e rs s u b je c t to
t h e a p p r o v a l in w r i t in g o f t h o D i r e c t o r o f S t e e l S u p p ly f ir s t h a d a n d o b ­
ta in e d .
B o It f u r t h e r R e s o l v e d , T h a t t h o D i r e c t o r o f S t e e l S u p p ly a n d a c o m m l t t e o
a p p o i n t e d b y t h e A m e r i c a n I r o n a n d S t e e l I n s t it u t e s h a ll j o i n t l y m a k o a
c a r e fu l s t u d y o f t h o p r e s e n t a n d p r o s p e c t i v e i r o n a n d s t e e l r e q u i r e m e n t s
o f e a c h a n d e v e r y d e p a r t m e n t a n d a g e n c y o f t h o G o v e r n m e n t o f t h o U n it e d
S t a t e s a n d o f its A l l ie s , a n d t h o c a p a c i t y o f t h o i r o n p r o d u c i n g a n d s t e e l
m a n u f a c t u r in g p la n t s o f t h o U n it e d S t a t e s t o m e o t s u c h r e q u i r e m e n t s ,
a n d p r e s e n t t o t h is B o a r d a s e a r l y a s p r a c t i c a b l e (1 ) a r e p o r t o f t h o lr f i n d ­
i n g s , t o g e t h e r w i t h (2 ) r e c o m m e n d a t io n s o f m e a s u r e s , i f a n y , w li ic h s h o u l d
b o t a k e n t o s t im u l a t e a n d in c r e a s o t h o p r o d u c t i o n o f i r o n a n d o f i r o n a n d
s t e e l p r o d u c t s in o r d e r t o m e e t t h o d i r e c t a n d i n d i r e c t w a r r e q u ir e m e n t s
a n d t h o d e m a n d s o f in d u s t r ie s o f e x c e p t i o n a l o r n a t i o n a l i m p o r t a n c e .
I t w a s s a i d t o - n i g h t t h a t o n o o f t h o c h i e f f a c t o r s in t h o s i t u a t io n is t h o
v a s t e x t e n s i o n o f t h o A m e r i c a n m il i t a r y p r o g r a m .
I n a d d i t i o n , t h o A l lie s
a r e a s k in g f o r in c r e a s in g q u a n t it i e s o f s t e e l p l a t e s a n d o r d n a n c o m a t e r ia l .
T h o s t e e l m ills h a v e n o w o n t h o lr b o o k s u n f i ll e d o r d e r s f o r s t e e l a p p r o x i m a t ­
i n g 1 7 , 0 0 0 ,0 0 0 t o n s , w h ic h is a l i t t l e n i o r o t h a n h a l f o f t h e e n t i r o o u t p u t
fo r la s t y e a r .
F ig u r e s M r . R e p l o g l o w il l g i v o t h o B o a r d t o - m o r r o w , h o w o v o r , d o n o t
i n c lu d e m a n y a n t i c i p a t e d r e q u i r e m e n t s o f t h o G o v e r n m e n t i f t h o f u ll ,
p r o g r a m is r a r r ie d o u t , i t is s a i d , b u t a r o c o n f i n e d t o t h o o r d o r s a l r e a d y
b o o k e d a n d t h o e s t im a t e s m a d e u p t o d a t e .
O p p o s it i o n t o a n y f u r t h o r c u r t a il m e n t o f s o - c a ll e d n o n - e s s e n t ia l in d u s t r ie s
h a s r e a c h e d s u c h p r o p o r t i o n s b o t h w it h i n t h o G o v e r n m e n t a n d t h o i n d u s ­
t r ie s t h e m s e lv e s , t h a t d o u b t is e x p r e s s e d in s o m e q u a r t e r s t h a t a n y i m m e ­
d i a t e c u r t a il m e n t w ill f o l l o w t h is r e p o r t .
O p in io n a m o n g t h o m e m b e r s o f t h o W a r I n d u s t r ie s B o a r d d i f f o r s .
Som e
p r o f e s s t o b e l i e v e t h e r o w il l b o s u f f i c ie n t s t e e l t o m e e t c o m m e r c i a l r e q u i r e ­
m e n t s a t l e a s t in p a r t .
O t h o r s , p a r t i c u la r l y M r . R o p l o g l o , in s is t t h o
G o v e r n m e n t a n d t h o A l l io s a r o g o i n g t o t a k o a ll t h o s t e e l t h a t c a n b o
p r o d u c e d d u r in g t h o n e x t y e a r .
I n o t h e r b ra n ch e s o f t h o G o v e r n m e n t a s im ila r d iffe r e n c e o f o p in io n
e x is ts .
O n o e l e m e n t h o l d s t h a t n o r a d i c a l c u r t a il m e n t s h o u l d b o m a d e
c h i e f l y o n t h o g r o u n d t h a t i t w ill t a k o f r o m t w o t o f o u r y e a r s t o g e t t o
E u r o p o m a t e r ia l s n o w m a n u f a c t u r e d o r in p r o c e s s o f m a n u f a c t u r e

EIGHT ANTHRACITE TONS FOR EVERY
ENGLAND F A M IL Y .

N EW

In stating that New England will receive 1,497,621 moro
tons of anthracite for the present coal year moro than its
1916-17 distribution, tho tonnage comparing 10,331,000
tons to 8,833,379 tons or an increase of 1 6 .9 5 % , tho Antliracito Committee says:
T h e N e w E n g la n d S t a t e s h a v o a 1 9 1 8 p o p u l a t i o n o f 6 .7 9 2 , 9 4 5 a c c o r d i n g
t o d r a f t c e n s u s f ig u r e s .
C o u n t 5 p e rs o n s t o a h o u s e h o ld a n d th o a v e ra g e
o f a b o u t o n o a n d tw o -th ir d s to n s o f c o a l p e r c a p it a , w h ic h th o a llo t m e n t t o
N o w E n g la n d g i v e s , a n d t h e r o w ill a p p r o x i m a t e l y b o e i g h t t o n s o f a n t h r a ­
c it e fo r e a c h h o u s e h o ld .
W h a t p a r t o f t h o c o a l in t h o a l lo t m e n t w ill b o
t a k e n f o r i n d u s t r ie s a n d u t i li t ie s , t h o a m o u n t w ill p r o b a b l y b o o f f s e t b y
t h o s a v i n g t h r o u g h t h e u s e o f w o o d a s f u e l in m a n y s e c t io n s .
W o o d s h o u l d b o s u b s t i t u t e d in p l a c e o f a n t h r a c i t o w h e r e v e r a n d w h e n ­
e v e r p r a c t ic a l.
B y t h is m e t h o d , i t is p o s s l b lo t h a t n e x t w in t e r m a y h a v o
n o t e r r o r s , l i k e t h o la s t o n o .
T h o G o v e r n m e n t is f i g u r i n g f o r u s o o f t h o w a s t o w a t e r p o w e r t l i r o u g h o u t
t h o N o w E n g la n d S t a t e s .
T h i s w o u ld s a v o a h u g e t o n n a g o o f a n t h r a c i t o
a n d b i t u m in o u s t h a t is n o w u s e d f o r p o w e r .
T h o trom on d ou s dom a n d s
m a d e u p o n t h o r a i lr o a d s f o r w a r t r a f f i c a n d t r a n s p o r t a t io n o f s o l d ie r s ;
t h e ir f o o d a n d e q u i p m e n t is m a k i n g a d d it i o n a l d r a in o f c o a l in c r o a t ln g
t h e p o w e r n e e d e d f o r f u e l t r a n s p o r t a t io n .




[Vol. 106

T h o i n d u s t r ie s o f t h o c o u n t r y , a c c o r d i n g t o s t a t is t i c s , r e q u ir e f o r m o t i v e
p o w e r 2 2 ,5 0 0 ,0 0 0 h o r s o p o w e r .
O f t h is a m o u n t a b o u t 1 7 ,5 0 0 ,0 0 0 h o r s o
p o w e r h a s b e e n d e v e l o p e d b y c o a l , r e q u i r in g o v e r 1 0 0 ,0 0 0 ,0 0 0 t o n s o r its
e q u iv a le n t.
I t is e s t im a t e d t h a t t h o a g g r e g a t e w a t e r - p o w e r d o v o l o p e d a n d u n d e ­
v e l o p e d in t h o U n it e d S t a t e s e x c e e d s 6 0 , 0 0 0 . 0 0 0 l io r s o - p o w o r .
O f t h is
a m o u n t n o t m o r e t h a n o n e - t w e l f t h is u s e d .

Anthracite shipments aro now absolutely barred to 24
States, except upon special permit. Tho latest order of
the U . S. Fuel Administration prohibits its uso in these
Western and Southern States until next April, while New
England and Atlantic Statos will bo permitted a larger
supply. W ith a view of meeting tho need for coal in the
Atlantic and New England Statos tho United Statos Fuel
Administration early last month temporarily prohibited
shipments of anthracite directly or indiroctly to nineteon
States in tho South and W est. Tho Statos to which the
order applied were:
A l a b a m a , A r k a u s a s , C a li f o r n ia , C o l o r a d o , F l o r i d a . G e o r g i a , I d a h o ,
K e n t u c k y , L o u is i a n a , M o n t a n a , M is s i s s ip p i, N o r t h C a r o l i n a , O k la h o m a ,
O re g o n , S o u th C a ro lin a , T e n n e s s co , T o x a s , W a s h in g to n a n d W y o m in g .

A t the time of tho issuance of tho order William T . Grier,
Secretary of tho Federal Anthracito Committee, issued a
circular saying:
T h o C o m m i t t e e d e s ir e s t o s t a t e t h a t t h o s i t u a t io n is s o g r a v e in N o w
E n g la n d a n d t h o M i d d l o A t l a n t i c S t a t o s , t o a n d in c lu d in g t h o D is t r i c t o f
C o l u m b i a , t h a t v e r y lib e r a l s h i p m e n t s m u s t b o m a d o b y a ll p r o d u c e r s a n d
d i s t r i b u t o r s i n t o t h is t e r r i t o r y , o v o n t h o u g h s u c h s h i p m o n t s c u r t a il t h e
a m o u n t o f c o a l t h a t p r o d u c e r s a n d d i s t r i b u t o r s d o s ir o t o s o n d I n t o t h o W e s t ,
e it h e r b y r a il o r w a t e r .
T h i s c o n d i t i o n is p a r t i c u la r l y t r u e o f t h o N o w E n g la n d S t a t e s , a n d p r o ­
d u c e r s a n d d i s t r i b u t o r s m u s t a t a ll t im o s , o r u n t il f u r t h o r a d v i s e d , s h ip
s u f f i c ie n t c o a l t o t id e w a t e r l o a d i n g p o r t s p r o m p t l y t o l o a d v c s s o ls t h a t m a y
b o a v a i l a b l e f o r N o w E n g la n d p o r t s .
U n n e c e s s a r y d o l a y s t o v e s s e ls w ill
n o t b o p e r m it t e d .
L i b e r a l a ll-r a il s h i p m o n t s t o N o w E n g la n d m u s t b o
m a d o b y a ll p r o d u c e r s a n d d i s t r i b u t o r s r e a c h i n g t h a t m a r k o t d u r i n g s u c h
t i m o a n d u p t o t h o e x t e n t t h a t t h o N o w E n g la n d g a t e w a y s a r o o p o n t o
r e c e iv e c o a l .

In a further statement tho Anthracito Committee said:
T h a t t h o C o m m i t t e e is m a k i n g a n a r b i t r a r y d i s t r i b u t i o n o f a n t h r a c i t o
is a b s o l u t e l y t r u o , b u t It is d o i n g s o t o p r o t o c t t h o s o w h o m u s t h a v o a n t h r a ­
c it o .
T o t h a t e n d , s h i p m e n t s t o 19 S t a t e s h a v o b o o n b a r r e d , n o o g g c o a l
is p e r m it t e d t o g o Jto a n y in d u s t r ia l u s o , t h o a m o u n t o f a n t h r a c i t e w liic h
m a y b o d e l iv e r e d f o r h o t h o u s o c o n s u m p t i o n is c u t in h a l f .
A n t h r a c i t o w ill b o p r o d u c e d t o t h o u t m o s t q u a n t i t y p o s s l b lo u n d e r t h o
p r e v a i l in g c ir c u m s t a n c e s .
I t w ill b o f a i r l y d i s t r i b u t e d , t h o u p p e r m o s t
p u rp o s e s b e in g , fir s t , t o fu lly m e o t th o G o v e r n m e n t re q u ire m e n ts , s e c o n d ,
t o s e o t h a t d o m e s t i c u s e s a r e a m p l y m o t in a ll s e c t io n s w h o r o a n t h r a c i t e
Is m o s t e s s e n t ia l a s f u e l.
T o s u c h e n d th o A n th r a c ito C o m m it tt e o o f th o
U n it e d S t a t e F u e l A d m i n i s t r a t i o n fe e ls j u s l f 'e d in a s k in g p u b li c s u p p o r t ,
b e c a u s o w h a t Is b e i n g d o n e is f o r t h o g o n o r a l g o o d .
O r d o r s is s u e d in M a r c h b y S t a t e F u e l A d m i n i s t r a t o r s r e q u i r in g c o n ­
s u m e r s o f a n t h r a c i t o t o g i v o t h e ir o r d e r s o n p r i n t e d f o r m s a n d l im i t in g t h o
a m o u n t o f c o a l w h ic h m ig h b o d e l iv e r e d b y d e a le r s w o r o a c q u i o s c o d In b y
t h o p u b l i c b e c a u s e t h o r e a s o n a b le n e s s a n d n e c e s s it y o f s u c h m e t h o d t o
p r o t e c t a l l , a n d , e s p e c i a ll y t h e s m a ll c o n s u m e r , w a s r e c o g n i z e d .

GOVERNMENT HIGHLY COMMENDS THE ANTHRA­
CITE INDUSTRY.
Concerning tho allotment of anthracito for tho coal year,
announced by the Anthracite Committee on M a y 29, also
endorsing and highly commending tho work of tho committee
and the anthracite industry behind it, J. D . A . Morrow,
Director-General of Distribution for the Unitod Statos Fuel
Administration, addressing the National Coal Association,
said:
T h e w it h d r a w a l o f a n t h r a c i t o f r o m t h o C o n t r a ! W e s t a n d S o u t h w e s t
w ill r e q u ir e t h o t a k i n g o f 5 , 0 0 0 , 0 0 0 o f t o n s o f b i t u m in o u s o v o r a n d a b o v o
a n y a m o u n t o f b i t u m in o u s w h ic h h a s b o o n u s o d h o r o t o fo r o f o r t h a t p u r p o s o .
W e r e a liz e p e r f e c t l y w e ll t h a t t h a t c h a n g o w ill i m p o s o a d o f l n i t o i n c o n ­
v e n i e n c e a n d o v e n a h a r d s h ip o n t h o c o n s u m e r s o f c o a l In t h a t t e r r i t o r y ,
b u t I w a n t y o u g e n tle m e n t o u n d e rs ta n d , a n d th o p c o p io g e n e ra lly to
u n d e r s t a n d , t h a t t h e r o is n o e s c a p o a t t h is t im e f r o m t h a t c o n d i t i o n .
I t Is n o t p o s s l b lo t o g e t e n o u g h c o a l i n t o t h is e a s t e r n t e r r i t o r y t o t a k e
c a r o o f it o n a n y b a s is t h a t c a n b o t o lo r a t e d u n lo s s t h is c h a n g o in a n t h r a c i t o
d i s t r i b u t i o n w h ic h h a s b e e n o u t l in e d b y t h is c o m n i i t t e o is m a d o .
I t lia s
b e e n g o n o o v e r t h o r o u g h l y in W a s h i n g t o n b y t h o v a r i o u s m a n a g e r s o f
b i t u m in o u s d i s t r i b u t i o n a n d w o r k e d o u t w it l i g r e a t c a r o .
T h o R a il r o a d
A d m i n i s t r a t i o n h a s a ls o b o o n c o n s u l t e d in r e s p e c t t o It, a n d t h is a l lo t m e n t
o f a n th r a c ito g o e s .
I w a n t t o s a y a w o rd a b o u t th o w o rk o f th o A n th r a c ito C o m m itte e a n d
w h a t i t h a s d o n o in t h o w a y o f c o - o p o r a t i n g w it h t h o F u o l A d m i n i s t r a t i o n .
T h o A n t h r a c i t o C o m m i t t e o is in c o n t r o l o f t h o d i s t r i b u t i o n o f a n t h r a c i t o .
T h e ir i n s t r u c t i o n s t o a n t h r a c i t o o p e r a t o r s t o s h ip c o a l a r o i m p o r a t l v o a n d
m ust b o ob ey ed .
T i l ls C o m m i t t e o h a s a r o c o r d o f t h o m o v o m o n t o f 9 9 . 7 5 % o f a n t h r a c i t o
i n t o 1 2 ,0 0 0 c o m m u n it i e s .
T h o a n th r a c ito o p e r a to r s h a v o d o n o th a t v o lu n ­
t a r il y a n d h a v o b o r n o t h o e x p o n s o o f i t , a n d h a v i n g t h a t c o m p l o t o r e c o r d ,
t h e y c a n s u b m i t i t t o t h o v a r i o u s S t a t o A d m i n i s t r a t o r s , s h o w in g w h a t
t o n n a g o o f a n t h r a c i t o h a d m o v e d i n t o t h o v a r io u s c o m m u n it i e s in t h o
y e a r 1 9 1 6 -1 7 .
S o it g a v e t o t h o S ta to F u ol A d m in is tra to r s a m o a su ro o f
in f o r m a t i o n n o t o t h e r w i s o o b t a i n a b l e , a s t o t h o a c t u a l n e e d s o f a n t h r a c i t o
in t h e ir c o m m u n it i e s a y e a r a g o , s o a » t o o n a b lo th o r n t o m a k o s u c h c h a n g o s
a s s c o r n e d d e s ir a b le .
T h a t is t h o k i n d o f c o - o p o r a t l o n t h a t w o h a v o h a d
f r o m th o a n th r a c ite o p e r a to r s .

ANTH RACITE COMMITTEE’S PLANS FOR COAL
DISTRIBUTION.
The Anthracito Committeo of tho U . S. Fuol Administra­
tion, of which Joseph B . Dickson is Chairman, outlined
in a statement to tho National Coal Association on M a y 29

June 8 1918.]

THE CHRONICLE

tho program which has been determined upon as the best
for working out the coal distribution problem. In part
the Committee said:
To the National Coal Association:
D i s t r i b u t i o n o f a n t lir a c it o u n d e r p r e v a i l in g c o n d i t i o n s is a p r o b l o m i n ­
v o l v i n g t h e c o m f o r t , w e lf a r e , a n d , in la r g o m e a s u r e , t h e h e a l t h o f h a l f
th o A m e r ic a n p e o p le .
A l s o , t h o n a t i o n ’s w a r r e q u i r e m e n t s a r e i n v o l v e d .
A p p r e c i a t i n g a ll t h is v e r y k e e n l y a n d w i t h t h a t d e o p s e n s e o f it s r e s p o n ­
s i b i l i t y a n d d u t i e s in t h e m a t t e r t h a t r e c o g n i t i o n o f s u c h v i t a l f a c t s u n ­
a v o id a b ly cre a te s, th o A n th ra cite C o m m itte e o f th e U . S . F u e l A d m in is tra ­
t i o n , a f t e r e a r n e s t s t u d y a n d c o n f e r e n c e w it h r e p r e s e n t a t iv e s o f a ll in t e r e s t s
m o s t c o n c e r n e d , h a v in g b e fo r e it as c o m p le t e a n d as o x a c t in fo r m a t io n ,
b o t h a s t o p r o d u c t i o n a n d c o n s u m p t i o n o f a n t h r a c i t e , a s i t is p o s s i b le
t o h a v e a t t h is t im o , d e e m s i t r ig h t a n d n e c e s s a r y t o m a k e p u b l i c a n n o u n c e ­
m e n t o f t h e p r o g r a m w h ic h h a s b e e n d e t e r m in e d u p o n a s t h o b e s t f o r
w o r k in g o u t a m o s t d i f f i c u l t s i t u a t io n .
F i r s t , c e r t a in b a s i c c o n d i t i o n s m u s t b e c o r r e c t l y u n d e r s t o o d .
T lio y
s ta n d as stern fa c ts .
W e a r e In w a r t im e s .
I n c o n s e q u e n c e , a n th r a c ito
a n d f u e l o f a ll k i n d s is in s u c h d e m a n d a s n e v e r b e f o r e .
T h ere are now
d e m a n d s o f im p e ra tiv e k in d f o r a n th r a c ite .
A t t h o s a m o t im o t h o w a r ,
d i r e c t l y t h r o u g h t h o A r m y d r a f t a n d i n le ss d i r e c t b u t e v e n l a r g e r w a y s ,
h a s d r a w n d o w n t h o a n t h r a c i t e m in e -w o r k e r s a r m y f r o m 1 7 7 ,0 0 0 t o n o w
a b o u t 1 4 5 ,0 0 0 In n u m b e r .
T h e r e Is g o i n g o n a f u r t h e r r e d u c t i o n in t h o
f o r c e , w h ic h a l r o a d y d o w n t o a p o i n t w h e r e i t r e s t r ic t s t h o p r o d u c t i o n o f
c o a l , is m o s t t h r e a t e n in g .
T h o p r e s e n t c o a l y e a r s t a r t e d w it h a b s o l u t e l y n o c a r r ie d o v e r s t o c k s
o f a n th r a c ito .
C o n s e q u e n tly th o d e m a n d s , t o t h e u t m o s t e x t e n t th a t
t h e y c a n b o s u p p lie d , h a v e g o t t o b o m o t o u t o f t h e c u r r e n t p r o d u c t io n .
W i t h l a b o r s h o r t , a s i t is , i t w ill b o d i f f i c u l t t o g e t o u t m a t e r ia l l y m o r e c o a l
t h a n t h o m a x i m u m a m o u n t w h i c h w a s s h i p p e d la s t y e a r a n d w h i c h t h e n
p r o v e d t o b o i n s u f fi c ie n t t o m e e t o v e r y n e e d t h r o u g h o u t t h o c o u n t r y .
T h o a n t h r a c i t o I n d u s t r y Is w o r k i n g n o w w i t h f u ll k n o w l e d g e t h a t o v e r y
t o n o f c o a l t h a t c a n b o p r o d u c e d b e t w e e n n o w a n d n o x t s p r i n g w ill b e
needed.
I t r e c o g n i z e s a n u r g e n t n e c e s s it y n o t o n l y t o g e t o u t t h e g r e a t e s t
a m o u n t o f a n t h r a c i t e , b u t t o o x e r t e v e r y e f f o r t a n d t o u t i li z e e v e r y p r o c e s s
t o i n c r o a s o t o t h e m a x i m u m t h o q u a n t i t y w h ic h c a n b o u s e d In d o m e s t i c
co n s u m p tio n .
T o a c c o m p li s h t il l s , i t is n e c e s s a r y t o r e c o v e r a n d c a r r y
i n t o t h o p r o d u c t a ll c o a l t h a t c a n b o u s e d i n d o m e s t i c s e r v i c e .
I t is h i g h l y
i m p o r t a n t , a n d , u n d e r t h e c ir c u m s t a n c e s , n e c e s s a r y , i f t h o A m e r i c a n p o o p l o a r e t o h a v o s u f fi c ie n t a n t h r a c i t o n o x t w i n t e r , t h a t t h o a v a i l a b l e l a b o r
p o w e r s h a ll b o i n c r e a s e d b o t h in v o l u m o a n d e f fe c t i v e n e s s .
A s t h o p r o b l o m p r e s o n t s i t s e l f i t is a c t u a l l y a c a s e o f c u t t i n g t h o c o a l
t o s u it th o c lo t h .
I t is a ls o a m a t t e r o f g i v e a n d t a k e b e t w e e n a n t l ir a c i t o
a n d b i t u m in o u s . T h o w a r a n d i t s r e q u i r e m e n t s c o m p o l s t h i s a n d d e m a n d s
c o n s e r v a t i o n a n d s a c r if i c e s i n u s o o f c o a l a s t h e y a r e b e i n g m a d o b y t h o
A m e r i c a n p e o p l o n o w in o v e r y w a y .
I t s h o u l d b o u n d e r s t o o d o v o r y w li e r e a n d b y a ll t h a t a n t h r a c i t e m u s t b o
u s e d c a r e f u l l y , t h a t its w a s t e o r n e e d le s s u s o b y s o m o w ill e n t a il a s h o r t a g e
a n d s u f fe r i n g f o r o t h e r s .
T h o A n t l i r a c i t o C o m m i t t e o h a s g o n e o v e r t h o w li o lo p r o b l o m o f f u e l
s u p p l y a n d d i s t r i b u t i o n in c o n f e r e n c e w i t h t h o U . S . F u e l A d m i n i s t r a t o r .
T h o s e in c h a r g o o f t h o b i t u m i n o u s d i s t r i b u t i o n , w h o h a v e a n e q u a ll y
d iffic u lt p r o b le m , h a v o a ls o b e e n c o n s u lt e d .
B o th m u st b o w ork ed o u t
t o g e t h e r t o b e s t u p h o ld t h o p u b l i c i n t e r e s t .
T o m eet th o w ar needs co m ­
p e l s u s o o f v e r y c o n s i d e r a b l e a n t h r a c i t e In p l a c e o f b i t u m in o u s .
T h is h a s
b e e n a r r a n g e d t h r o u g h u n d e r t a k in g s t o s u b s t i t u t e b i t u m in o u s w h o r o v o r i t
can b o u sed.
U p o n s u c h b a s is o f c o - o p e r a t i o n , w h i c h e n t a i ls n o t o n l y r e a d j u s t m e n t s
in t h o c o u n t r y ’ s f u e l s u p p l y a s b e t w e e n s e c t io n s a n d u s e s , b u t a n o w b a l ­
a n c e a s b e t w e e n a n t h r a c i t o a n d b i t u m i n o u s , d o m e s t i c s iz e s o f a n t h r a c i t o
w il l b o d i s t r i b u t e d d u r in g t h o c o a l y e a r , w h i c h r u n s u n t i l A p r i l 1 n o x t .
T h is d is t r ib u t io n a n d a rra n g e m e n t h a s t h o a p p r o v a l o f D r . G a r fie ld ,
U n it e d S t a t e s F u e l A d m i n i s t r a t o r .
T h e f o l l o w i n g a l lo t m e n t s w ill b o m a d o
u n d e r it:
1 . I t is c l o s o l y f ig u r e d t h a t a t o t a l o f 5 4 , 3 4 5 , 7 8 3 t o n s o f a n t h r a c i t e o f
d o m e s t i c s iz e s w il l b o a v a i l a b l e f o r d i s t r i b u t i o n t o c o n s u m e r s d u r i n g t h e
p e r io d .
S u c h a m o u n t w il l b o a n i n c r e a s e o f 2 , 6 6 8 , 3 2 3 t o n s o r m o r e t h a n
5 % o v e r t h o a c t u a l d i s t r i b u t i o n f o r t h o c o a l y e a r 1 9 1 6 -1 9 1 7 .
2 . D i s t r i b u t i o n t o N o w E n g l a n d a n d A t l a n t i c S t a t e s w il l b o v e r y m a ­
t e r ia l l y in c r e a s e d t o m e e t t h o g r e a t e r r e q u i r e m e n t s o f t h e i r e x p a n d e d p o p u ­
la t io n .
I t is t o b o n o t e d t h a t t h o g r e a t e r n e e d s in t h o s e S t a t e s f o r d o m e s t i c
f u e l a r o n o t in f u ll p r o p o r t i o n t o t h e la r g e r p o p u l a t i o n , f o r t h o r e a s o n t h a t
t h o a v e r a g e n u m b e r o f p e o p l o p e r h o u s e , p a r t i c u la r l y a m o n g in d u s t r ia l
w o r k e r s , h a s in c r e a s e d s o t h a t t h o a d d it i o n a l h o u s e s t o b o w a r m e d a r o n o t
a s m a n y a s m ig h t b o e x p e c t e d .
3 . G o v e r n m e n t r e q u is it io n s f o r a n t h r a c i t o t o b o s u p p l i e d t h o A r m y
a n d N a v y , a n d t o w a r in d u s t r ie s a n d u t i li t ie s w h ic h r e q u i r o i t , w il l b o
fu lly m o t.
4 . T o m a k o p o s s i b le s u c h n e c o s s a r y in c r e a s e d d i s t r i b u t i o n u p o n G o v e r n ­
m e n t o r d e r s a n d t h r o u g h t h o s e s e c t io n s o f t h e c o u n t r y w h e r o t l i o p e o p l o
a r e d e p e n d e n t u p o n a n t h r a c i t e f o r h e a t i n g a n d c o o k i n g t h e r o is n o a l t e r n a ­
t i v e b u t t o c u r t a il s h ip m e n t s t o o t h e r S t a t e s a n d t o b a r a n t h r a c i t e e n t i r e l y
f r o m m a n y m o r e w li o r o i t h a s b e e n u s e d b u t in w h ic h b i t u m i n o u s a n d o t h e r
fu e ls c a n b o p r o c u r e d a n d s u b s titu te d .
C o m p a r i n g w it h t h o c o a l y e a r 1 9 1 6 -1 7 t h o a b o v o w o r k o u t a s f o l l o w s :
In crea sed
p r o d u c t i o n ----------------------------------------------------------------------2 , 6 6 8 , 3 2 3 t o n s
C u r t a i l m e n t in d i s t r i b u t i o n .............. ......................................... ...............2 , 2 0 2 , 2 8 8 t o n s
G a in f r o m b a r r e d s e c t i o n s ------------------------------------------------------------7 6 5 ,9 3 1 t o n s
T ota l
g a i n e d _____________________________________________________5 ,6 3 6 , 5 4 2 t o n s
L e s s A r m y a n d N a v y -------------------------------------------------------------------6 0 0 ,0 0 0 t o n s
N ew

b a la n c e

a v a l l a b l o ----------------------------------------------------------------5 , 0 3 6 , 5 4 2 t o n s

S u c h a v a i l a b l e f r e e d b a l a n c o is a l l o t t e d t o in c r o a s o t h o d i s t r i b u t i o n o f
d o m e s t i c a n t l ir a c i t o a m o n g t h o N o w E n g la n d a n d A t l a n t i c S t a t e s .
It
o n a b le s a n I n c r e a s e o f 1 ,4 9 7 ,6 2 1 t o n s , o r 1 7 % in t h o t o t a l a m o u n t t o g o t o
N o w E n g la n d a n d o f 3 ,5 3 8 ,9 2 1 t o n s , o r 1 3 % In t h e a m o u n t f o r t h o A t ­
la n t ic S ta te s .
F u e l A d m i n i s t r a t o r s o f t h o s ix N o w E n g la n d S t a t e s f ig u r e d t h o p r o b a b l e
d e m a n d o f 1 0 ,6 9 9 ,4 0 0 t o n s f o r d o m e s t i c r e q u i r e m e n t s .
T h o a l lo t m e n t
m a d o b y t h o A n t h r a c i t o C o m m i t t e o is 1 0 ,3 3 1 ,0 0 0 t o n s o f d o m o s t i c s iz e s
f o r a ll p u r p o s e s
F u o l A d m in is tra to r s o f t h o A t la n t ic S ta te s — N e w Y o r k , N e w J e r s e y ,
P e n n s y lv a n ia , D e l a w a r e , M a r y l a n d , V i r g i n ia a n d t h o D i s t r i c t o f C o l u m ­
b i a - a s k e d f o r a t o t a l o f 3 3 ,4 1 3 ,6 2 1 t o n s f o r d o m o s t i c r e q u i r e m e n t s . T o
t h o A t l a n t i c S t a t e s t h o a l lo t m e n t s b y t h o C o m m i t t e o t o t a l 3 1 ,4 1 7 , 1 5 4
t o n s o f d o m o s t i c s iz o s f o r a ll p u r p o s e s .
S u c h I n c r e a s e d a l l o t m e n t s t o N o w E n g la n d a n d t h o A t l a n t i c S t a t e s a r o
m a d o w it h r e g a r d t o t h e i r n e c e s s it i e s — t h o l a r g e r p o p u l a t i o n w h i c h t h o
w a r h a s c o n c e n t r a t e d in s u c h s e c t i o n s , t h o ir e s s e n t ia l d o p e n d e n c o u p o n
a n t h r a c i t o , a n d t h o v i r t u a l I m p o s s ib i l it y o f g e t t i n g b i t u m in o u s f o r t h e i r
n eeds.
S h i p m e n t s t o t h o f u l l a m o u n t s o f t h o a l lo t m e n t s a r o d o p e n d o n t
u p o n t h o e x p e c t e d o u t p u t o f d o m e s t i c s iz o s b e i n g r e a c h o d j




3399

I t m u s t b o u n d e r s t o o d t h a t th o s e a llo t m e n t s t o N o w E n g la n d a n d t h e
A t la n t ic S ta te s re p r e s e n t a b s o lu t e ly t h e m a x im u m a m o u n ts w h ic h c a n b e
g i v e n w i t h o u t g r a v e i n j u s t i c e t o p e o p l o e l s e w h e r e i n t h o U n it e d S t a t e s a n d
C a n a d a W h o re q u ir o a n t h r a c it o in s u b s ta n tia l a m o u n t s .
T h o A n th r a c it e C o m m it te o s ta te s fu r th e r t h a t s h o u ld it b o p o s s ib le t o
g a i n a n y a n t h r a c i t o o u t o f t h o n e a r l y 2 , 5 0 0 , 0 0 0 t o n s u s e d b y t h o r a i lr o a d s
f o r f u e l, o r t o e x p a n d t h o t o t a l p r o d u c t io n a b o v o t h o 5 4 ,3 4 5 ,7 8 3 to n s o f
d o m o s t i c c o a l e s t im a t e d a s t h o o u t p u t f o r t h o y e a r , s u c h g a i n e d c o a l w il l
b o d i s t r i b u t e d t o in c r e a s e t h e a l l o t m e n t s a s n o w f i x e d f o r t h o c e n t r a l a n d
n o r t h w e s t S ta te s , w h ic h , a s it s ta n d s , a re c a lle d u p o n t o m a k e la r g e s a c r i­
f ic e f r o m t h e ir a c c u s t o m e d p r o -w a r s u p p ly o f a n th r a c ito .
C o m p a r e d w it h t h o a c t u a l d i s t r i b u t i o n f o r t h o c o a l y e a r 1 9 1 6 -1 7 , b o t h b y
S ta te a n d g r o u p s o f S ta te s , t h e a llo t m e n t o f d o m e s t ic a n t h r a c it o f o r a ll
p u r p o s e s fo r t h o cu rre n t c o a l y e a r a s m a d e a n d n o w p u b lic ly a n n o u n c e d
b y t h o A n t h r a c i t o C o m m i t t e o Is a s f o l l o w s :
A llo t m e n t o f D o m e s t ic A n t h r a c i t e f o r a ll P u r p o s e s f o r t h e C u r r e n t
C o a l Y e a r C o m p a r e d w i t h C o a l Y e a r 1 9 1 6 -1 9 1 7 .

Nero England—

1 9 1 6 -1 9 1 7

Allotment

Distribution.

1 9 1 8 -1 9 1 9 .

Increase, Dccr’se,
Per Ct.
Per Ct.

M a i n e __________________________
5 5 6 ,6 8 3
N o w H a m p s h i r e ____________ 3 1 4 ,9 4 5
V e r m o n t - ________ _________ 3 1 6 ,8 5 0
M a s s a c h u s e t t s _______________ - 5 . 0 2 7 ,9 9 3
R h o d o I s l a n d _______________ 6 6 4 ,0 0 8
C o n n e c t i c u t ___ ______________ - 1 , 9 5 2 ,9 0 0

fifio n o n

1 3 5f>

3 7 5 .0 0 0
330 000

1 9 .0 7
4 15

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

1 3 .1 5
2 0 .5 3
2 6 .8 2

T o t a l N o w E n g l a n d _____ - 8 , 8 3 3 , 3 7 9

1 0 ,3 3 1 ,0 0 0

1 6 .9 5

N o w Y o r k ___________________ . 1 4 , 1 6 9 , 8 0 9
N o w J e r s e y __________________ - 4 , 9 6 1 . 6 2 2
P e n n s y lv a n ia ____________
- 6 ,8 1 5 ,6 5 0
D e l a w a r e __________________ _ 2 2 3 ,5 0 3
M a r y l a n d ____________________ _
9 3 3 ,8 8 9
D i s t r i c t o f C o l u m b i a ______ 5 1 7 ,7 6 0
V i r g i n i a __________ .._________ 2 5 6 ,0 0 0

1 5 .8 5 5 ,3 0 0

1 1 .8 9
1 0 .0 4
1 8 .2 5
1 0 .0 0
10 no
2 8 .5 9

T o t a l A t l a n t i c S t a t e s ___ . 2 7 ,8 7 8 , 2 3 3

3 1 ,4 1 7 ,1 5 4

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

6 0 .0 0
1 2 .6 9

Central States—
O h io ................................ ............... I n d i a n a _______________________ -

Illinois................................
M ichigan_______________

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

Total Central States__ -

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

5 7 .9 5
6 0 .0 0
—

20.97
24.42

5 , 1 0 0 ,0 2 4

3 ,4 8 1 , 9 4 5

31.73

M innesota____________ . Wisconsin________________ North Dakota___________ South Dakota___________ -

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

9 9 0 ,0 0 0
1 ,0 2 4 ,0 0 0
2 0 0 ,0 0 0
1 6 6 ,0 0 0

7.61
13.36
19.78
19.97

Total Northwest_______ -

2 .7 1 0 .1 8 8

2 ,3 8 0 ,0 0 0

Northwest—

—

12.18

Trans-Mississippi—

Missouri_________________ Kansas__________________ Nebraska________________ Iow a____________________ Total Trans-Mississippi. -

1 0 0 .0 0
1 0 0 .0 0

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

100.00
100.00
____

6 2 7 ,9 6 5

100.00

Recapitulation.

Now England___________ - 9 , 8 3 3 ,3 7 9
Atlantic States__________ . 2 7 ,8 7 8 , 2 3 3
Central States___________ - 5 ,1 0 0 ,0 2 4
Northwest______________ - 2 ,7 1 0 ,1 8 8
Trans-Mississippi________ 6 2 7 ,9 6 5
Twenty-four States______ .
1 3 7 ,9 6 6
Railroad supply................ - 2 , 4 8 1 , 7 5 4
Canada__________________ . 3 ,8 5 6 .0 2 1
Miscellaneous exports___ 5 1 ,9 3 0
Army and Navy camps and

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

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

16.95
1 2 .6 9

__
__
__

__

31.73
12.18
100.00
100.00
6 .5 9

6 0 0 ,0 0 0

T o t a l _________________

.5 1 .6 7 7 , 4 6 0

5 4 ,3 4 5 ,7 8 3

6 .1 6

W i t h t h i s s t a t e m e n t o f t h o s i t u a t io n a n d a n n o u n c e m e n t o f t h e m e a s u r e s
w h ic h w ill b o p u r s u e d J o m e e t i t t h o A n t h r a c i t o C o m m i t t e e i s c o n s c i o u s
t h a t t h o p l a n c a n n o t b e s u c c e s s fu l u n d e r t h o c ir c u m s t a n c e s — l a b o r s h o r t a g e ,
c o n s e q u e n t i n a b i l i t y t o m u c h in c r e a s e p r o d u c t i o n o f a n t h r a c i t o a n d u n u s u a l
d e m a n d s f o r i t — u n le s s t h e r o s h a ll b o e a r n e s t a n d a c t i v e c o - o p e r a t i o n b y
a ll c o n c e r n o d .
T h i s m e a n s b y S t a t e a n d l o c a l f u o l a d m i n i s t r a t i o n s , d e a le r s
a n d c o n s u m e r s , e a c h a n d a l l o f w h o m m u s t h e l p t o s e e t h a t a n t h r a c i t e Is
c o n f i n e d t o i t s m o s t e s s e n t ia l u s e s a n d t h a t in c o n s u m p t i o n I t s h a l l b o c o n ­
s e r v e d a n d m a d o t o g o a s fa r a s p o s s ib le .
O t l i e r w i s o t h e r e w il l b o a s h o r t a g e o f a n t h r a c i t e n e x t w in t e r w h i c h n o
h u m a n p o w e r c a n th en s u p p ly .
T h o a n t h r a c it e in d u s tr y a n d th is c o m ­
m it t e e c a n m e e t t h o b ig p r o b le m o n ly w it h g e n e r a l s u p p o r t a n d c o -o p e r a ­
tio n .
I n o t h e r lin o s o f b u s i n e s s , i n t h o s e a b n o r m a l t i m e s , n o o n o e x p e c t s
t o g o t a ll h o w a n ts a n d ju s t w h e n h e w a n ts i t .
T h e r o is t o - d a y s h o r t a g e o f
s t o o l, o f c o p p e r , o f r u b b e r , o f w h e a t , o f f l o u r , o f a h u n d r e d a n d o n o t h i n g s .
A n t h r a c i t o is n o t a n e x c e p t i o n , b u t w i t h d u e p u b l i c c o n s i d e r a t i o n o f t h e
f a c t s s u r r o u n d i n g i t s s u p p l y a n d d i s t r i b u t i o n , t h is C o m m i t t e e b e l i e v e s t h a t
a ll a c t u a l n e e d s f o r i t . c a n b e s u p p l i e d .

ANTHRACITE PLANTS M A Y RUN BY F IXIN G BAD
BOILERS A N D FIRE BOXES.
A drivo was started this week in the anthracite regions to
wipo out inefficient steam boilers. The Anthracito Commit­
tee at Philadelphia, in announcing this, says:
I t h a s b e e n f o u n d t h a t in d u s t r ia l c o n c e r n s o f t h o c o u n t r y w a s t e m illio n s
o f t o n s o f c o a l y e a r l y t h r o u g h a n t i q u a t e d b o ile r s a n d f i r e - b o x e s .
I t is
e s t im a t e d t h a t a y e a r l y s a v i n g o f f r o m 3 0 , 0 0 0 , 0 0 0 t o 4 0 ,0 0 0 , 0 0 0 t o n s c a n
b o e f f e c t e d b y t h o i n t r o d u c t i o n o f i m p r o v e m e n t s i n t h i s l in e .
yj
R a tin g o f e ffic ie n c y o f e v e r y s te a m p la n t b u r n in g 5 ,0 0 0 to n s o f c o a l
y e a r l y w ill r e s u lt in t h o d i s c o v e r y o f c o a l l e a k s .
F u o l e n g in e e r s i n t h e
r e g i o n a r o o f t h o o p i n i o n t h a t o f f i c i a l s u p e r v i s io n w ill a i d i n k e e p i n g o p e n
m a n y p l a n t s t h a t m ig h t b o c lo s e d t h r o u g h l a c k o f c o a l , i f t h is c a m p a i g n
a g a in s t f u e l le a k s is c a r r ie d o u t t o t h o l e t t e r .
C o a l w a s te d w o u ld t h e n b
s a v e d a n d t h o n a t i o n a n d t h o c o m m u n i t y w o u l d b e t h e g a in e r s .
F u o l a d m in is t r a t o r s a r o c o n s i d e r in g c lo s i n g p l a n t s w h e r e c o a l is w e s t e d
w it h a p p a r e n t , d e l ib e r a t e n e g lig e n c e .

3400

T h e i m m o n s i t y o f t h e c o a l p r o b l e m f o r t h e y e a r a h e a d is e m p h a s i z e d b y
t h o f a c t t h a t a t r a in lo a d o f b i t u m in o u s s t r e t c h i n g f r o m N e w Y o r k t o S a n
F r a n cis c o h a s t o b e m o v o d w e e k ly .
T h o o u t p u t o f a n th r a c ito fo r th o s a m e
p o r i o d t a k e s a t r a in 2 2 5 m ile s l o n g , o r f r o m N e w Y o r k t o H a r r is b u r g .
O v e r 5 0 % o f t h o e n t ir o r a i lr o a d t r a f f i c Is c o a l h a u lin g .
O n e w e o k ’s
c o a l m o v e m e n t is a j o b e q u a l in s iz o t o t h o m o v i n g o f t h e e n t i r o A m e r i c a n
w heat crop.

AGREEMENT EFFECTED IN A L A B A M A IRON M IN E
STRIKE.
The following statement given out by the National War
Labor Board with regard to the agreement effected by it in
the Alabama iron mine striko, appeared in the “ Official
Bulletin” of M a y 29:
W i l l i a m I I . T a f t a n d F r a n k P . W a l s h , j o i n t c h a i r m e n o f t h o N a t io n a l
W a r L a b o r B o a r d , s i t t i n g in S t . L o u i s a s a s e c t io n o f t h o B o a r d , S a t u r d a y
e f f e c t e d a n a g r e e m e n t b e t w e e n t h e s t r ik i n g e m p l o y e e s o f t h o S lo s s S h e f f ie l d
S t e e l & I r o n C o . , o f R u s s e l l v il l o A l a . , a n d o f f i c i a l s o f t h o c o m p a n y , b y
W h ic h t h e m e n w il l i m m e d i a t e l y r e t u r n t o w o r k p e n d in g a r b i t r a t i o n o f t h o
p o in t s a t issu o b y M e s s r s . T a f t a n d W a ls h .
T h o m e n w o r k in t h e i r o n m in e s o p e r a t e d b y t h e c o m p a n y , a n d b e t w e e n
4 0 0 a n d 5 0 0 l i a v o b e e n i n v o l v e d in t h o s t r ik o .
T h o p roson t w a g o ra te
r u n s f r o m 19 t o 3 8 c e n t s a n h o u r .
T h o m e n a r o a s k in g a f l a t i n c r e a s e o f
$2 p e r d a y .
T h e y a l s o a s k a r e d u c t i o n o f t h o w o r k in g d a y f r o m 1 0 t o 8
h o u r s , a n d r e l i e f f r o m c e r t a in o t h e r c o n d i t i o n s , i n c lu d in g a n a l le g e d p r a c t i c e
o f t h o c o m p a n y o f c h a r g i n g 2 0 % f o r s a l a r y a d v a n c e s in c a s h a n d o f a s o c a l l e d “ p e r m i t s y s t e m , ” u n d e r w h i c h , i t is a l le g e d b y t h o m e n , n o n o o f
t h e m m a y e n t e r t h e e m p l o y o f a n o t h e r c o m p a n y in t h o R u s s e l l v il l o d i s t r i c t
w it h o u t a p e r m it f r o m th e ir la s t e m p lo y e r .
C o m p a n y o f f i c i a l s d e n i e d t h o e x i s t e n c e o f t h o p e r m i t s y s t e m e x c e p t a s it
a p p li e d t o t r a n s f e r s f r o m o n o t o a n o t h o r o f t h o d e p a r t m e n t s o f t h e s a m e
com pany.
R e p r e s e n t a t i v e s o f t h o c o m p a n y a ls o d e c l a r e d t h a t w a g e s h a v o
b e e n in c r e a s e d f r o m 8 0 t o 1 0 0 % s i n c e 1 9 1 4 .
•
R e p re s e n ta tiv e s o f th o m e n , h o w e v e r , a s s o rte d t h a t th o p re s e n t s ca le
d o e s n o t p r o v i d e a l i v i n g w a g e in v i e w o f t h o p r e v a i l in g c o s t o f l i f e n e c e s s i ­
t ie s .
A c o m p a n y s t o r e is o p e r a t e d b y t h o c o n c e r n a n d p a y c h e c k s w e r e
d o e s n o t p r o v i d e a l i v i n g w a g o in v i o w o f t h o p r e v a i l in g c o s t o f l i f e n e c e s s le x h i b i t e d b y r e p r e s e n t a t iv e s o f t h o m e n t o s h o w t h a t i n d e b t e d n e s s o f t h o
m e n t o t h o c o m p a n y s t o r o f r e q u e n t l y r e s u lt s in t h o d i m u n l t i o n o f t h o b i ­
w e e k l y p a y c h o c k t o l e s s t h a n a d o l la r .
T h o m o n a g r e e d , h o w o v e r , t h a t p r i c e s a t t h is s t o r o w o r e n o h i g h e r t h a n
a t o t h e r s t o r e s in t h o v i c i n i t y a n d d i d n o t d e n y t h a t in t h o c a s e s o f s o m e
c o m m o d it ie s th o c o m p a n y s t o r o p r ico s w o re lo w e r .

Tho following is tho agreement ontered into by both sides:
I t is a g r e e d b y a n d b e t w e e n t h o S l o s s -S h o f fi e ld S t e e l & I r o n C o . a n d it s
e m p l o y e e s t h a t a ll p o i n t s o f c o n t e n t i o n n o w e x i s t i n g b o t w c o n t h e m , a s
a p p e a r s in t h o r e c o r d o f t h e o v l d o n c o h e r o p r e s e n t e d , a r o h e r e b y s u b m i t t e d
t o t h e s e c t io n o f t h o N a t i o n a l W a r L a b o r B o a r d c o n s i s t i n g o f t h o j o i n t
c h a i r m e n t h e r e o f , a n d t h a t a n y a w a r d a s t o s a i d c o n t e n t io n s s h a l l b o
f a i t h f u l l y c o m p l i e d w i t h b y a ll o f t h o p a r t i e s c o n c e r n e d a s a n a w a r d o f
a rb itra tio n .
I t is f u r t h e r u n d e r s t o o d a n d a g r o e d t h a t i f a n y in c r e a s e in w a g e s is
a w a r d e d , i t s h a ll b e e f f e c t i v e a s o f A p r i l 17 1 9 1 8 .
I t is f u r t h e r a g r e e d t h a t a s a c o n d i t i o n o f t h is s u b m i s s io n t o a r b i t r a t i o n ,
^ h a t t h o m e n n o w u p o n s t r ik o w il l r e t u r n t o t h e i r r e s p e c t i v e e m p l o y m e n t s
im m e d ia t e ly .
________________________________________

T E XT OF ORDER PROHIBITING USE OF COAL OR FUEL
OIL ON PRIVATE YACHTS.
The order of U . S. Fuel Administrator Garfield, under
which no coal or fuel oil is to bo consumed, burned, used on or
furnished to a private yacht for any purpose whatsoever, ex­
cept for galley fuel, defines a “ private yacht” as “ any nauti­
cal craft not operated for profit, which derives its motive
power, either wholly or in part, through tho use of coal or
fuel oil.” The order, as indicated in these columns last week
(page 2293), became effective on June 1. W e givo the text
of it horewith:
Washington, D . C., May 2 9 1 9 1 8 .
O r d e r E s t a b li s h i n g R e g u l a t i o n t o R e s t r i c t F u e l C o n s u m p t io n b y B r i v a t o
Y a ch ts.
I t a p p e a r in g t o t h o U n it e d S t a t e s F u e l A d m i n i s t r a t o r , a f t e r c o n s u l t a t i o n
w i t h t h o C h a ir m a n o f t h e W a r I n d u s t r i e s B o a r d , in v i o w o f t h o n e c e s s it y
f o r c o n s e r v in g t h o c o u n t r y 's r e s o u r c e s f o r t h o p r o s e c u t io n o f t h o w a r , t h o
in c r e a s e d d o m a n d f o r f u e l f o r in d u s t r ie s e n g a g e d in t h e p r o d u c t i o n o f m u n i ­
t io n s a n d c o m m o d i t i e s r e q u i r e d in t h o c o n d u c t o f t h o w a r , a n d t h o f a c t
t h a t , o w in g t o t h o lim i t a t io n s u p o n t r a n s p o r t a t io n f a c il i t i e s a n d o t h o r c a u s e s
r e s u l t i n g f r o m t h o w a r , t h e r e is a n i n s u f fi c ie n t s u p p l y o f f u e l f o r t h o s e
p u r p o s e s , a n d a ls o f o r a ll t h o o t h e r p u r p o s e s f o r w h ic h i t w a s u s e d in n o r m a l
t im e s , t h a t i t is e s s e n t ia l t o t h o n a t i o n a l s e c u r i t y a n d d e f o n s o , f o r t h e o f f i ­
c i a n t a n d s u c c e s s fu l p r o s e c u t io n o f t h e w a r , a n d f o r t h o s u p p o r t a n d m a i n t e ­
n a n c e o f t h o A r m y a n d N a v y t o r e s t r i c t t h e c o n s u m p t i o n o f f u o l in c e r t a in
o f its u s e s , a n d t h a t a m o n g s u c h u s e s is t h a t o f f u r n is h in g p o w e r f o r p r i v a t e
y a c h t s , a n d t h o U n it e d S t a t e s F u o l A d m i n i s t r a t o r h e r o b y f i n d i n g t h a t i t is
r e a s o n a b l e a n d ju s t t o d e n y t h o u s e o f f u o l o n p r i v a t o y a c h t s , a n d t h a t s u c h
o r d e r w ill c o n t r i b u t e t o t h o s u c c e s s fu l o u t c o m e o f t h o w a r t h r o u g h t h o r e le s a o
o f f u e l f o r w a r p u r p o s e s , a n d w ill r e s u l t , w it h o t h e r l im it a t io n s u p o n t h o
u s e o f f u o l in v a r i o u s lin e s o f I n d u s t r y , in a n c q u i t a b l o d i s t r i b u t i o n a n d a p ­
p o r t i o n m e n t o f f u e l a m o n g c o n s u m e r s , in a c c o r d a n c e w i t h t h o r e la t i v e l y
e s s e n t ia l n a t u r e o f t h e i r p r o d u c t s t o t h o p r o s e c u t i o n o f t h o w a r :
T h o U n it e d S t a t e s F u o l A d m i n i s t r a t o r , a c t in g u n d e r a u t h o r i t y o f a n
E x e c u t i v e o r d e r o f t h e P r e s i d e n t o f t h o U n it e d S t a t o s , d a t e d A u g . 2 3 1 9 1 7 ,
a p p o i n t i n g s a id A d m i n i s t r a t o r , a n d o f s u b s e q u e n t E x e c u t i v e o r d e r s , a n d in
f u r t h e r a n c e o f t h o p u r p o s e o f s a id o r d e r s a n d o f t h o A c t o f C o n g r e s s t h e r e in
r e fe r r e d t o a n d a p p r o v e d A u g . 10 1 9 1 7 ,
H e r e b y m a k e s a n d e s t a b lis h e s t h e f o l l o w i n g r e g u l a t io n , e f f e c t i v e u n t il
fu r th e r o r o th e r o r d e r , a n d s u b je c t t o g e n e ra l o r s p e c ific m o d ific a t io n h e r e ­
a f t e r f r o m t i m o t o t im o a n d a t a n y t im o :
Regulation Restricting Fuel Consumption by Private Yachts.
D u r i n g t h o p e r i o d f r o m J u n o 1 1 9 1 8 t o M a y 3 1 1 9 1 9 n o c o a l o r f u e l o il
s h a ll b o c o n s u m e d , b u r n e d , u s e d o n , o r f u r n is h e d t o a p r i v a t o y a c h t f o r a n y
p u r p o s o w h a t c o e v e r , e x c e p t f o r g a l l o y f u o l.
P r o v i d e d , h o w o v e r , t h a t t h is
o r d e r s h a ll n o t b o c o n s t r u e d t o , n o r s h a ll i t . r e s t r i c t o r r e g u la t e in a n y w a y
t h e u s e o f c o a l o r f u o l o il b y a n y c r a f t o p e r a t e d o r e m p l o y e d in t h o s e r v ic o o f
t h e G o v e r n m e n t o f t h o U n it e d S t a t o s ; n o r s h a ll i t b o c o n s t r u e d t o , n o r s h a ll
i t , p r o v e n t t h o u s o o f c o a l o r f u e l o i l o n a p r i v a t e y a c h t w h ic h o n t h o 1 st d a y




[Vol . 106

THE CHRONICLE

o f J u n o 1 9 1 8 is a w a y f r o m it s h o m o p o r t , t o e n a b le s u c h p r i v a t o y a c h t t o
r e a c h its h o m e p o r t b y t h o s h o r t e s t c o u r s o w h ic h s a f e n a v i g a t i o n w ill p e r m it .
T h o t e r m “ p r i v a t o y a c h t ” s h a ll f o r t h o p u r p o s e s o f t h is r e g u l a t io n m o a n
a n y n a u t i c a l c r a f t n o t o p e r a t e d f o r p r o f i t w h ic h d e r i v e s it s m o t i v e p o w e r ,
e it h e r w h o l l y o r in p a r t , t h r o u g h t h o u s e o f c o a l o r f u o l o il.
A n y p e r s o n , f i r m , o r c o r p o r a t i o n v i o la t i n g t h is r e g u l a t io n is s u b j e c t t o
t h o p e n a l t y p r e s c r ib e d in t h o a f o r e s a id A c t o f C o n g r e s s a p p r o v e d A u g . 10
1917.
II. A . G A R F IE L D ,

United. States Fuel Administrator.

RESULTS OF SECOND RED CROSS CAMPAIGN
RAISE $100,000,000.

TO

A total of $100,439,291 was received by tho American
Red Cross in tho drivo for a second fund of $100,000,000,
which was conducted dining tho week of M a y 20. All
sections of tho country oversubscribed their quota. Greater
Now York, which was called upon to raise $25,000,000,
supplied over $33,000,000 of tho total realized. Tho Rocke­
feller Foundation gave $3,000,000 and tho Carnegio Founda­
tion $1,000,000. Tho results were made public by H om y P .
Davison, Chairman of the W ar Council of the Amorican
Red Cross, on June 2 as follows:
Division—
Quota.
8 1 0 ,0 0 0 ,0 0 0
A t l a n t i c .............. ..............................................................
G r o a t o r N o w Y o r k ____________________________
2 5 ,0 0 0 ,0 0 0
C e n t r a l __________________________________________
1 3 ,8 0 0 ,0 0 0
1 , 3 0 0 ,0 0 0
G u l f _____________ ____________ - ..................................
L a k e ............... ....................................................................
9 ,4 0 0 ,0 0 0
M o u n t a i n _______________________________________
1 , 3 5 0 ,0 0 0
N o w E n g l a n d ___________________________________
6 ,6 5 0 ,0 0 0
N o r t h e r n ________________________________________
2 ,2 0 0 ,0 0 0
N o r t h w e s t e r n ___________________________________
1 ,7 7 0 ,0 0 0
P a c i f i c .......................................... - ..................................
3 ,7 3 0 ,0 0 0
P e n n s y l v a n i a ______________________________________ 1 2 ,0 0 0 ,0 0 0
P o t o m a c _________________________________________
3 ,3 0 0 ,0 0 0
S o u t h e r n ________________________________________
2 ,9 5 0 ,0 0 0
S o u t h w e s t e r n ___________________________________
7 ,2 5 0 ,0 0 0
I n s u l a r a n d F o r e i g n __________________________
3 0 0 ,0 0 0

Subscribed.
8 2 0 ,1 9 2 ,0 9 2

33,455,764
2 0 , 4 8 3 ,6 0 1
4 ,1 3 3 ,7 6 9
1 2 ,4 4 1 ,0 0 8
3 ,0 5 6 ,0 5 2

11,100,000
4 ,2 1 7 ,0 2 9
3 ,7 7 1 , 9 9 9
7 ,0 5 8 ,4 0 4
1 8 ,1 0 0 ,0 0 0
5 ,8 2 1 ,0 5 0
5 .9 0 4 .0 0 0
1 5 ,5 0 4 ,4 9 3

1 .200.000

From tho returns which still continue to bo recoivod, it is
oxpected that tho fund will eventually reach $170,000,000.
M r . Davison, in addition to announcing tho totals on Juno 2,
had tho following to say regarding tho results of tho cam­
paign:
T h o s u p r o m o f e a t u r e o f t h is a c h i e v e m e n t is t o b o f o u n d , n o t in t h o a m o u n t
o f m o n e y s u b s c r ib e d , g r e a t a s i t is , b u t in t h a t i t h a s c o m e f r o m o v o r y p a r t
o f t h e U n it e d S t a t e s — f r o m it s c i t i e s , i t s t o w n s , i t s f a r m s , i t s f a c t o r i e s , f r o m
t h o r ic h a n d t h o p o o r , r e g a r d le s s o f s e c t , c o l o r o r p o l i t i c a l c r e e d .
W h i l e i t is e s t im a t e d t h a t t h o s o c o n t r i b u t i n g t o t h o w a r f u n d l a s t y e a r
n u m b e r e d p r o b a b l y 5 , 0 0 0 , 0 0 0 p e r s o n s , o u r r e t u r n s t h is y e a r g i v o o v l d o n c o
t h a t m o r e th a n 4 7 ,0 0 0 ,0 0 0 A m e r ic a n s h a v o c o n t r ib u te d t o th o n o w fu n d .
T h is m a n ife s ta tio n o f lo y a lt y a n d s a c r ific e b y t h o p e o p le o f o u r c o u n t r y
b r i n g s t o t h o R e d C r o s s W a r C o u n c i l a r e n e w e d c o n s c io u s n e s s o f t h o
s a cre d n e s s o f its t r u s t .
I t w il l s t a m p I n d e l ib ly o n t h o m in d s o f o u r o w n
s o ld ie r s a n d s a ilo r s t h e f a c t t h a t t h e A m e r i c a n p e o p l o a r o b e h i n d t h o r n
to th e u tterm ost.
S u c h a n o u t p o u r i n g o f g o n e r o u s o n t h u s i a s m a n d d e t e r m in a t i o n t o w in
t h o w a r a n d , in t h o w o r d s o f o u r P r e s i d e n t , “ t o w in i t w o r t h i l y a n d g r e a t l y , ”
w il l a l s o c a r r y a d e e p e n e d a s s u r a n c e o f s y m p a t h y a n d s u p p o r t t o a l l t h o
a r m ie s a n d c iv il ia n s f ig h t i n g t h o b a t t l e s o f d e m o c r a c y in t ills w a r .
N o A m o r i c a n w a n t s t h a n k s b e c a u s e h is c o u n t r y h a s s o r i c h l y f u lf i ll e d
h e r o b lig a t io n s , b u t I d o c o n g r a tu la te o v e r y A m e r ic a n w h o h a s c o n t r ib u te d
e ith e r tim o o r m o n o y to w a rd th is , t h o g r e a te s t w o r k o f m e r c y , p it y a n d lo v e
in t h o h i s t o r y o f m a n k i n d .

RED CROSS DRIVE FOR 25,000 NURSES.
A drive for tho enrollment of 25,000 nursos in tho army
was begun by tho Amorican Red Cross on Juno 3 . Con­
cerning this campaign tho Red Cross issuod tho following
statement from its headquarters in this city on Juno 3:
D e s p l t o t h o v i t a l n e e d o f t h o a r m y a n d n a v y f o r n u r s e s , c iv il ia n s a t h o m o
w il l n o t b o d e p r i v e d o f a n y n u r s e n e c e s s a r y t o m a i n t a in in g t h o p u b l i c
h e a lth .
W i t h t h o o p e n i n g o f t h e c a m p a i g n t o p o r s u a d o 2 5 ,0 0 0 n u r s o s t o
e n lis t in t h o U n it e d S t a t o s s e r v i c e , t h o A m o r i c a n R e d C r o s s m a d e p u b l i c
f ig u r e s w h ic h w il l e f f e c t u a l l y s t il l a n y p u b l i c f e a r o n t h is s c o r e .
T h e re aro
9 8 .0 0 0 r e g i s t e r e d n u r s e s in t h i s c o u n t r y .
F r o m t h is n u n ib o r 1 0 % m u s t
b o d e d u c t e d f o r d is a b ilit y .
T h i s p r o p o r t i o n , i t is a c k n o w l e d g e d , w ill n o t
b o e q u a l t o m il i t a r y s e r v ic e .
T h i s lo a v e s a p p r o x i m a t e l y 8 9 ,0 0 0 n u r s o s
q u a l i f i e d t o e n l is t .
T h e r e a r o , in a d d i t i o n , 1 7 ,0 0 0 g r a d u a t o n u r s e s w h o a r o
n o t re g is te r e d , b u t s u b je c t to t h o s a m o s u b t r a c t io n fo r d is a b ilit y .
T h us,
o f t h e t o t a l o f g r a d u a t o t r a in e d n u r s e s In t h i s c o u n t r y , p r a c t i c a l l y 1 0 3 ,0 0 0
a r o q u a l i f i e d t o e n lis t .
I n a d d i t i o n t o g r a d u a t e t r a in e d n u r s e s t h e r e a r o p r o b a b l y m o r e t h a n
1 2 7 .0 0 0 p r a c t i c a l n u r s e s o r a t t e n d a n t s w h o a r o f i t t e d f o r n u r s in g w o r k .
T h o c e n s u s o f 1 9 1 0 s h o w e d t h a t t h e r e w e r e 1 2 6 ,8 3 3 p e r s o n s s o o m p l o y o d
a t t h a t t im o .
T h i s n u m b e r h a s p r o b a b l y in c r e a s e d .
H ow great a p ro p o r­
t i o n o f t h i s n u m b e r c a n b o m a d o a v a i l a b l e f o r m il i t a r y p u r p o s e s is h a r d t o
d e t e r m in e , b u t c e r t a in l y a la r g e p e r c e n t c a n a s s is t m a t e r ia l l y t o r o ll o v e
t h o n u r s in g s i t u a t io n a t h o m o .
I n t h o m e a n t i m e t r a in in g s c h o o l s in t h is c o u n t r y t h is y e a r a r o g r a d u a t i n g
1 3 .0 0 0 n o w n u r s o s , a n d s in c e o u r e n t r a n c e I n t o t h o w a r in 1 9 1 7 e n r o l lm e n t
in n u r s e s ’ t r a in in g s c h o o l s h a s in c r e a s e d 2 5 % .
N e x t y e a r ’s g r a d u a tin g
c la s s e s w ill b e m u c h l a r g e r t h a n t h o s e o f t h i s y e a r , a n d a f t e r t h a t t h is
c o u n t r y w ill b o r e le a s in g y e a r l y f o r s e r v i c o a b o u t 1 8 ,0 0 0 n u r s o s o v o r y
tw e lv e m o n th s.
T h o c a l l f r o m S u r g e o n -G e n e r a l G o r g a s o f t h o U n it e d S t a t e s A r m y a n d
A d m i r a l B r a i s t e d o f t h o N a v y Is f o r 2 5 ,0 0 0 n u r s e s t o l o o k a f t e r o u r w o u n d e d
a n d s i c k s o l d ie r s a n d s a i lo r s .
W i t h t h is n u m b e r e n l is t e d , t h e r e w ill b o l o f t
t o l o o k a f t e r c iv il ia n h e a l t h in t h is c o u n t r y , a p p r o x i m a t e l y 9 0 , 0 0 0 g r a d u a t e
t r a in e d n u r s o s .
O f t h i s n u m b e r 1 0 % , o r 9 , 0 0 0 , a r o n o t e q u a l t o m il i t a r y
s e r v i c e , b u t t h i s d o e s n o t m e a n t h a t t h o y a r o u n o q u a l t o c iv il ia n n u r s in g .
I n a d d i t i o n t o t h i s n u m b e r t h e r e w il l b o i n a n o t h e r m o n t h 1 3 ,0 0 0 n u r s o s
j u s t g r a d u a t e d , o r in a l l 1 0 3 ,0 0 0 t r a in e d n u r s o s s u b j e c t t o c iv il ia n c a l li n g
a d d i t i o n t o t h o 1 2 7 ,0 0 0 o r m o r e w h o h a v e h a d m o r e o r lo s s c o m p l o t o n u r s in g
e x p e r ie n c e .

June 8 1918.]

THE CHRONICLE

GOVERNOR OF P A N A M A A UTIIORIZED BY PRESIDENT
WILSON TO EXERCISE POWERS OF ESPIONAGE ACT.
President Wilson has issued an Executive Order author­
izing the Governor of Panama to exercise the espionage
powers provided for in Title 11 of the Espionage A ct of
Juno 15 1917; the title in question authorizes tho issuance
by the Secretary of the Treasury, subject to the approval of
the President, of rules and regulations governing the anchor­
age of any vessel in tho territorial waters of the United
States. The following is the Executive order referred to:
E X E C U T IV E

ORDER.

The White House, May 2 8 1 9 1 8 .
Whereas a n a t i o n a l e m e r g e n c y e x is t s o f t h o c h a r a c t e r c o n t e m p l a t e d in
S e c t i o n 1 u n d e r T i t l e 11 o f t h e A c t o f C o n g r e s s a p p r o v e d J u n e 1 5 1 9 1 7 ,
c o m m o n l y k n o w n a s t h o E s p io n a g e A c t ;
Therefore, I , W o o d r o w W i l s o n , P r e s i d e n t o f t h o U n i t e d S t a t e s o f A m e r i c a ,
b y v ir t u e o f th o p o w e r s c o n fe rr e d u p o n m o b y s a id A c t o f C o n g r e s s , d o
h e r e b y a u t h o r i z e t h o G o v e r n o r o f t h o P a n a m a C a n a l t o e x e r c is e . w i t h i n t h e
t e r r i t o r y a n d w a t e r s o f t h o P a n a m a C a n a l a l l t h o p o w e r s m e n t i o n e d in s a id
S e c t i o n , T i t l e 1 1 , o f s a id A c t , t o t h o s a m e e x t e n t a s is c o n f e r r e d t h e r e in o n
t h o S e c r e t a r y o f t h e T r e a s u r y w it h r e g a r d t o t h o t e r r i t o r ia l w a t e r s o f t h e
U n it e d S t a t e s , a n d a ll a c t s h e r e t o f o r e d o n e b y t h e G o v e r n o r o f t h e P a n a m a
C a n a l o r u n d e r h is a u t h o r i t y p u r s u a n t t o s a id S e c t i o n o f s a i d A c t a r e h e r e b y
r a t ifie d a n d c o n fir m e d .
W O O D R O W W IL S O N .

REGULATIONS GOVERNING ZONE SYSTEM OF POSTAL
RA TES FORNEWPAPERS AND~MAGAZINES
Regulations rgoverning the zone system of postal rates
forfnowspapors’^andrmagazines, provided for under the W a r
Revenue Act of Oct. 3 1 9 1 7 7 were issued under dato of
M a y 24 by Postmaster-General A . S. Burleson. That
portion of publications devoted to reading matter will be
subject to a rate of
cents a pound after July 1 for the
first year, and
cents thereafter. In the case of that
part of the paper devoted to advertisements the rate por
pound will range according to the zone, from 1J4 cents to
3.M centajfrom J u ly T l9 1 8 to July 1 1919; frorn July'T lOlO
to July 1 1920 the scale will range from
cents to 5 ^
conts; for tho year to July 1 1921, tho chargo will"run from
1 % cents to 7 % , while aftor July 1~1921’ it wiirbe~from
2 to 1 0 .cents. The zones created aro similar to those es­
tablished for grading parcel post rates. To make effective
tho discrimination between tho weight of reading matter
and advertising, tho regulationsjprovide that all publishers
shall'file a copy of every publication marked to show the
percentage’of each. Publishers are also required to separate

publications’ in mailing in accordance with the zonesYo which
copies' aro"destined. ~T he", separation can he a, voided “only
bylthe filing of circulation estimates^shpwing^the percentage
o f'p u b lications Tgoing jjn t o j tho“ diffe76nt{ zones .““ 'The fol­
lowing is tho Postmaster-General’s ' order*'embodying the
regulations.
ORD E R OF THE POSTM ASTER-GENERAL.
Office of the Postmaster-General,
Washington, May 2 4 1 9 1 8 .

3401

m a t t e r , th e re m a y b e p r in te d o n th e c o p ie s t h e w o rd s " a p p lic a t io n fo r e n t r y
a s s e c o n d - c la s s m a t t e r is p e n d i n g . ”
P a r a g r a p h 2 , S e c t i o n 4 2 3 , P o s t a l L a w s a n d R e g u la t i o n s is r e v o k e d .
S e c t i o n 4 2 9 , P o s t a l L a w s a n d R e g u l a t i o n s , is a m e n d e d t o r e a d a s f o l ­
lo w s :
S e c . 4 2 9 . O n a n d a fte r J u ly 1 1 9 1 8 , t h e ra te s o f p o s t a g e o n p u b lic a tio n s
e n t e r e d a s s e c o n d - c la s s m a t t e r ( i n c l u d i n g s a m p l e c o p i e s t o t h o e x t e n t o f
1 0 % o f t h e w e ig h t o f c o p i e s m a i le d t o s u b s c r ib e r s d u r i n g t h e c a l e n d a r
y e a r ) w h e n s e n t b y t h e p u b lis h e r t h e r e o f f r o m t h e p o s t o f f i c e o f p u b l i c a t i o n
o r o t h e r p o s t o f f i c e , o r w h e n s e n t b y a n e w s a g e n t t o a c t u a l s u b s c r ib e r s
t h e r e t o , o r t o o t h e r n e w s a g e n t s f o r t h e p u r p o s e o f s a le .
(а ) I n t h e c a s e o f t h e p o r t i o n o f s u c h p u b l i c a t i o n d e v o t e d t o m a t t e r
o t h e r t h a n a d v e r t i s e m e n t s , s h a ll b o a s f o ll o w s :
(1 ) O n a n d a f t e r J u l y 1 1 9 1 8 , a n d u n t i l J u l y 1 1 9 1 9 , 1 M c e n t s p e r p o u n d
o r f r a c t i o n t h e r e o f;
( 2 ) O n a n d a f t e r J u l y 1 1 9 1 9 , 1)4 c e n t s p e r p o u n d o r f r a c t i o n t h e r e o f .

Rates on Advertising Sections.
(б ) I n t h e c a s e o f t h e p o r t i o n o f s u c h p u b l i c a t i o n d e v o t e d t o a d v e r t i s e ­
m e n t s t h e r a t e s p e r p o u n d o r f r a c t i o n t h e r e o f f o r d e l iv e r y w it h i n t h e s e v e r a l
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s p a c e d e v o t e d t o a d v e r tis e m e n ts d o e s n o t e x c e e d 5 % o f th e t o t a l s p a c e , t h e
r a t o o f p o s t a g e s h a ll b o t h e s a m e a s i f t h e w h o l e o f s u c h p u b l i c a t i o n w a s
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( A c t o f O c t . 3 1 9 1 7 , S e c . 1 1 0 1 .)
2 . W h e r e t h e t o t a l w e ig h t o f a n y o n e e d i t io n o r is s u e o f a n y p u b l i c a t i o n
m a i le d t o a n y o n e z o n e d o e s n o t e x c e e d o n e p o u n d , t h o r a t e o f p o s t a g e s h a ll
b o 1 cen t.
( A c t o f O c t . 3 1 9 1 7 , S e c . 1 1 0 4 .)
3 . T h o z o n o r a t e s p r o v i d e d b y - t h i s t i t l e s h a ll r e la t e t o t h e e n t ir o b u l k
m a l lo d t o a n y o n e z o n o a n d n o t t o i n d i v i d u a l l y a d d r e s s e d p a c k a g e s .
(A c t
o f O c t . 3 1 9 1 7 , S o c ) 1 1 0 5 .)
4 . I n t h o c a s o o f n e w s p a p e r s a n d p e r i o d ic a l s e n t i t l e d t o b e e n t e r e d a s
s e c o n d - c la s s m a t t e r a n d m a i n t a in e d b y a n d i n t h e in t e r e s t o f r e li g i o u s ,
e d u c a t i o n a l , s c i e n t i f i c , p h i l a n t h r o p i c , a g r i c u lt u r a l , l a b o r , o r f r a t e r n a l
o r g a n i z a t io n s o r a s s o c ia t i o n s , n o t o r g a n i z e d f o r p r o f i t a n d n o n e o f t h e n o t
i n c o m o o f w h ic h in u r e s t o t h e b e n e f i t o f a n y p r i v a t e s t o c k h o l d e r o r i n d i ­
v i d u a l , t h e s e c o n d - c la s s p o s t a g e r a t e s s h a ll b e , i r r e s p e c t i v e o f t h o z o n e i n
w h ic h d e l iv e r e d ( e x c e p t w h e n t h e s a m e a r e d e p o s i t e d i n a l e t t e r - c a r r i e r
o f f i c e f o r d e l iv e r y b y i t s c a r r ie r s , in w h i c h c a s e t h e r a t e s s h a ll b e t h o s a m e
c o n ts a p o u n d o r fr a c t io n t h e r e o f o n a n d a fte r
as n o w p r o v id e d b y la w ), 1
J u ly 1 1 9 1 8 , a n d u n til J u ly 1 1 9 1 9 , a n d o n a n d a fte r J u ly 1 1 9 1 9 , 1 )4 c o n ts
a p o u n d o r fr a c t io n th e r e o f.
T h o p u b lis h e r s o f s u c h n e w s p a p e r s o r p e r i o d i ­
c a l s b e f o r e b e i n g e n t i t l e d t o t h e f o r e g o i n g r a t e s s h a ll fu r n is h t o t h o P o s t ­
m a s t e r -G e n e r a l , a t s u c h t im e s a n d u n d e r s u c h c o n d i t i o n s a s h e m a y p r e ­
s c r ib e , s a t i s f a c t o r y e v i d e n c e t h a t n o n e o f t h e n e t i n c o m e o f s u c h o r g a n i z a ­
t i o n in u r e s t o t h e b e n e f i t o f a n y p r i v a t e s t o c k h o l d e r o r i n d i v id u a l .
(A c t
p f O c t . 3 1 9 1 7 , S o c . 1 1 0 3 .)

)4

Rules of Acceptances.

5 . N o p u b l i c a t i o n s h a ll b e a c c e p t e d f o r m a i li n g a t t h e s p e c ia l r a t o p r o ­
v i d e d in P a r a g r a p h 4 o f t h i s s e c t i o n u n t i l t h e p u b li s h e r h a s f u r n is h e d t h e
E f f e c t i v e J u l y 1 1 9 1 8 , t h o P o s t a l L a w s a n d R e g u la t i o n s a r o a m e n d e d a s
o v i d e n c o p r e s c r ib e d in t h a t p a r a g r a p h a n d t h e p o s t m a s t e r h a s b e e n a u ­
in d ica te d b o lo w :
t h o r iz e d b y t h e T h i r d A s s is t a n t P o s t m a s t e r -G e n e r a l t o a c c e p t t h o p u b l i c a ­
P a r a g r a p h 3 , S e c t i o n 4 1 8 , P o s t a l L a w s a n d R e g u la t i o n s , is a m e n d e d t o
t io n a t s u c h p o s ta g o r a to .
T h o p u b li s h e r s h a ll s u b m i t s u c h e v i d e n c e t o
r o a d a s f o ll o w s :
t h o p o s t m a s t e r , w h o s h a ll f o r w a r d i t t o t h e T h i r d A s s i s t a n t P o s t m a s t e r 3.
N o w s p a p e r s a n d p e r i o d ic a l s m a y h a v o m o r o t h a n o n e o f f i c e f o r t h o
G e n e r a l, D iv i s io n o f C l a s s i fi c a t io n .
P e n d in g c o n s i d e r a t io n b y t h o D e p a r t ­
t r a n s a c t io n o f b u s in e s s , b u t s h a ll b o m a i le d b y t h o p u b lis h e r a s s e c o n d - c la s s
m e n t o f th o e v id e n c e s u b m itte d th e p u b lic a t io n m a y , If a lr e a d y e n te r e d as
m a tte r a t th o p o u n d ra te s o f p o s ta g o o n ly a t th o p o s t o ffic o o r p o s t o ffic e s
s e c o n d - c la s s m a t t e r , b o a c c e p t e d u n d e r d e p o s i t s o f m o n e y t o c o v e r p o s t a g e
w h oro e n te re d .
T h o n a m o o r n a m e s o f th e p o s t o ffic o o r p o s t o ffic e s o f
a t t h o r a t e s s e t f o r t h in P a r a g r a p h 1 o f t h is s e c t i o n , s u c h d e p o s i t s t o b e
e n t r y s h a ll p r e c e d e t h e n a m e s o f a n y o t h e r o f f i c e s o f t h o p u b l i c a t i o n a n d b o
t r e a t e d a n d d i s p o s e d o f in t h o m a n n e r p r e s c r ib e d in S e c t i o n 4 2 2 .
g i v e n g r e a t e r p r o m in o n c o in a ll p r i n t o d n o t i c e s r e la t i v e t o t h o o f f i c e s o f
6 . T h e r a t e s o f p o s t a g e p r o s c r ib e d in P a r a g r a p h s 1 , 2 a n d 4 o f t ills s e c ­
p u b li c a t io n .
t i o n a r o a p p li c a b l e t o s o c o n d - c la s s m a t t e r m a ilo d b y p u b lis h e r s f o r d e ­
S o c t l o n 4 2 1 , P o s t a l L a w s a n d R e g u la t i o n s , is a m e n d e d b y t h o a d d it i o n
l
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e r y in M e x i c o , C u b a , a n d P a n a m a , a n d t o d a i l y n o w s p a p e r s , is s u e d a s
o f P a r a g r a p h 114 a s f o ll o w s :
f r e q u e n t l y a s s ix t im e s a w e e k , a d d r e s s e d t o b o n a f i d e s u b s c r ib e r s i n C a n ­
1 \4 ■ W h e n a p u b lis h e r o f a p u b l i c a t i o n e n t e r e d a s s e c o n d - c la s s m a t t e r
a d a , t h o e i g h t h z o n o r a t e b e i n g a p p li c a b l e t o a d v e r t i s in g p o r t io n s o f p u b l i ­
a t a n y p o s t o f f i c e d e s ir e s a n a d d it i o n a l o n t r y a t a n o t h e r p o s t o f f i c o , a n a p ­
c a t io n s s u b j e c t t o t h o z o n o r a t e s .
T h e r a t o o f p o s t a g e o n s e c o n d - c la s s
p l ic a t i o n f o r s u c h a d d it i o n a l e n t r y s h a ll b o s u b m i t t e d t h r o u g h t h o p o s t ­
m a tte r o th e r th a n s u c h d a ily n e w s p a p e rs a d d re s s e d fo r d e liv e r y in C a n a d a
m a s t e r a t t h o o f f i c e o f o r ig in a l e n t r y t o t h o T h i r d A s s i s t a n t P o s t m a s t e r s h a ll b o 1 c e n t f o r e a c h 4 o u n c e s o r f r a c t i o n o f 4 o u n c e s , c a l c u la t e d o n t h e
G o n o r a l.
w e ig h t o f e a c h p a c k a g e a n d p r e p a i d b y p o s t a g e s t a m p s a f f i x e d , a n d c o p i e s
P a r a g r a p h 2 , S e c t io n 4 2 2 , P o s t a l L a w s a n d R e g u la t i o n s , is a m e n d e d ,
o f s u c h p u b li c a t io n s a d d r e s s e d f o r d e l i v e r y f r o m t h o s a m e p o s t o f f i c e m a y
a n d P a r a g r a p h s 3 a n d 4 a r o a d d e d t o t h a t s e c t i o n , t o r e a d a s f o ll o w s :
b o p l a c e d in o n o p a c k a g e , a d d r e s s e d t o s u c h p o s t o f f i c e , a n d p o s t a g e p a i d
2 . T h o f o ll o w i n g in d i c i a s h a ll b o c o n s p i c u o u s l y p r i n t e d o n o n o o f t h e
th e re o n b y a ffix in g th o s ta m p s t o th o o u ts id e w ra p p e r.
f ir s t f o u r p a g o s p r e f e r a b ly o n t h o f ir s t p a g e o f e a c h c o p y o f p u b li c a t io n s
S e c t i o n 4 3 1 , P o s t a l L a w s a n d R e g u la t i o n s is a m e n d e d t o r e a d a s f o l ­
e n t e r e d a s s e c o n d - c la s s m a t t e r :
lo w s :
(a ) T i t l e o f p u b li c a t io n .
S o c . 4 3 1 . U n b o u n d b a c k n u m b e r s o f a p u b l i c a t i o n m a y b e m a i lo d a t t h e
(h) D a t o o f is su e .
s e c o n d - c la s s r a t e s s o l o n g a s t h e p u b l i c a t i o n c o n t in u e s t o b e p u b li s h e d a s
(c ) R e g u la r p e r io d s o f is su e ; t h a t is t o s a y , f r e q u e n c y .
s o c o n d - c la s s m a t t e r .
id) S e r ia l n u m b e r .
2.
B o u n d b a c k n u m b e r s a n d u n b o u n d r e p r in t s w ill b e t r e a t e d a s b o o k s
(e ) K n o w n o f f i c e o f p u b li c a t io n .
o r a s m is c e lla n e o u s p r i n t e d m a t t e r a c c o r d i n g t o t h e ir p h y s i c a l c h a r a c t e r .
CD S u b s c r i p t io n p r i c o .
P a r a g r a p h s 2 a n d 3 , S e c t i o n 4 3 2 , P o s t a l L a w s a n d R e g u la t i o n s , a r e
(g) N o t i c e o f o n t r y r e a d i n g a s f o ll o w s :
a m e n d e d t o r e a d a s f o ll o w s :
“ E n t e r e d a s s o c o n d - c la s s m a t t e r ------------ a t t h e p o s t o f f i c e a t --------------u n d e r
2 . T h e p o s t a g o o n a ll s e c o n d - c la s s m a t t e r m a i le d a t t h e p o u n d r a t e s
t h o A c t o f -------------. ”
s h a ll b o c o l l e c t e d in m o n e y b e f o r e t h e m a t t e r is d i s p a t c h e d .
O rd er N o .

1458.

Name of Post Office Where Entered.

3 . W h e n a p u b l i c a t i o n is e n t e r e d a s s e c o n d - c la s s m a t t e r a t m o r o t h a n
o n o p o s t o f f i c o , t h o n a m o o f e a c h o f f i c o s h a ll b o s h o w n in t h o n o t i c e o f
e n t r y , t h o n a m o o f t h e o n o w h e r e t h o “ k n o w n o f f i c o o f p u b l i c a t i o n ” is l o ­
c a t e d t o b o p l a c e d f ir s t .
4 . T h o in s e r t i o n i n a p u b li c a t io n b e f o r e e n t r y o f a n o t i c o t h a t i t is o n t e r o d a s s o c o n d - c la s s m a t t e r w ill b o r e g a r d e d a s s u b m i t t i n g " f a l s e o v i d o n c o
r o la t i v o t o t h o p u b l i c a t i o n f o r t h o p u r p o s o o f s e c u r in g a d m i s s io n t h e r e o f t o
t h o s e c o n d c la s s o f m a il m a t t e r . ”
(S o o S e c t io n s 4 2 8 a n d 4 1 6 .)
P o n d in g
a c t io n o n a n a p p li c a t io n f o r a d m is s io n o f a p u b li c a t io n a s s e c o n d - c l a s s




Duties of Postmasters.
3 . W h e n e v e r p u b li c a t io n s o f t h e s e c o n d c la s s a r e p r e s e n t e d f o r m a ilin g
b y t h e p u b lis h e r s t h e r e o f o r a n e w s a g e n t , t h o p o s t m a s t e r , a f t e r w e ig h in g
t h o s a m o , a s p r o v i d e d in S e c t i o n 5 3 6 s h a ll c o l l e c t t h e p r o p e r p o s t a g e t h e r e ­
o n , a n d g i v o t h o p u b li s h e r a r e c e ip t f r o m a b o o k o f f o r m s fu r n is h e d t h e r e fo r
( F o r m 3 5 3 9 ) , s h o w in g t h e w e ig h t o f t h e m a t t e r m a ile d a n d t h e a m o u n t
c o lle c t e d .
W h e n s p e c i a ll y a u t h o r i z e d b y t h o T h i r d A s s i s t a n t P o s t m a s t e r G o n o r a l, t h o p o s t m a s t e r m a y g i v e t h i s r e c e i p t t o t h e p u b lis h e r a t t h e e n d
o f t h e m a ilin g o f e a c h is s u e o f t h e p u b l i c a t i o n o r a t s t a t e d p e r i o d s .

THE CHRONICLE

2402

S e c t i o n 4 3 3 . P o s t a l L a w s a n d R e g u l a t i o n s , Is a m e n d o d b y a d d i n g P a r a ­
g r a p h 1 M t o r e a d a s f o ll o w s :
I K . (a ) T h e r a t e o f p o s t a g e o n d a ily n o w sp a p e rs w h e n th e sa m e a ro
d e p o s i t e d i n a l e t t e r - c a r r i e r o f f i c e f o r d e l i v e r y b y it s c a r r lo r s . s h a ll b e t h e
s a m e a s n o w p r o v i d e d b y la w (1 c e n t e a c h ) : a n d n o t h i n g i n t h i s t lt l o s h a ll
a f f e c t e x i s t i n g l a w a s t o f r e e c ir c u l a t i o n a n d e x is t in g r a t e s o n s e c o n d - c la s s
m a i l m a t t e r w it h i n t h e c o u n t y o f p u b l i c a t i o n .
(A c t o f O ct. 3 1917, S ec.

[V ol . 106
Separation bp Zones.

(6 ) W h e n i t is n o t p r a c t i c a b l e b e c a u s e o f t h o la r g o q u a n t i t y o r o t h e r
r e a s o n t o s e p a r a t o t h e s u b s c r ib e r s ’ c o p i e s b y z o n e s w i t h o u t d is a r r a n g in g
o r i n t e r f e r i n g w it h t h e ir r o u t i n g a s r e q u i r e d b y P a r a g r a p h 5 o f t h is s e c t i o n
o r w h e n t h o p u b li s h e r p r e f e r s n o t t o d o s o , s e p a r a t i o n b y z o n e s s h a ll n o t b e
r e q u i r e d o f t h o s u b s c r ib e r s ’ c o p i e s s u b j e c t t o z o n e r a t e s a d d r e s s e d t o p l a c e s
o u t s i d e t h o c o u n t y o f p u b l i c a t i o n , b u t i n s u c h c a s o t h e p u b li s h e r s h a ll
1102.)
p r o s o n t t o t h o p o s t m a s t e r w i t h t h e m a i li n g o f t h e f ir s t Issu e o n o r a f t e r
(6 ) P u b l i c a t i o n s o f t h e s e c o n d c la s s ( m a il e d f o r d e l i v e r y w it h i n t h e
J u l y 1 a n d O c t . 1 1 9 1 8 , a n d t h e r e a f t e r s o m i- a n n u a l ly o n A p r i l 1 a n d O c t . 1 ,
c o u n t y ) , w h e n s e n t b y t h e p u b li s h e r t h e r e o f , a n d f r o m t h e o f f i c e o f p u b l i ­
o r m o r e f r e q u e n t l y w h e n r o g a r d e d n e c e s s a r y o r t h e p u b li s h e r s o d o s ir e s , a
c a t i o n , o r w h e n s e n t f r o m a n e w s a g e n c y t o a c t u a l s u b s c r ib e r s t h e r e t o o r t o
s t a t e m e n t o n F o r m 3 5 3 9 - a s h o w in g t h e t o t a l n u m b e r o f c o p i e s , t h o a d v e r ­
o t h e r n o w s a g e n t s , s h a ll
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b e e n t i t l e d t o t r a n s m is s io n t h r o u g h
t i s i n g p o r t i o n s o f w h ic h a r e s u b j e c t t o t h e z o n e r a t e s w h i c h , a c c o r d i n g t o a
t h e m a ils a t 1 c e n t a p o u n d o r a f r a c t i o n t h e r e o f ( e x c e p t a s o t h e r w i s e p r o ­
c a r e f u l a n a ly s i s b y t h e p u b li s h e r o f h is s u b s c r ip t i o n r o c o r d s a t t h e t i m e o f
v id e d in t h e p r e c e d in g a n d fo llo w in g p a ra g ra p h s o f th is s e c t io n ) .
(A c ts
t h e s u b m i s s io n o f t h o s t a t e m e n t , a r o t o b o m a i le d t o s u b s c r ib e r s o u t s i d e
o f M a r c h 3 1 8 8 5 , a n d O c t . 3 1 9 1 7 .)
th o c o u n t y o f p u b lic a t io n , a n d th e p e r c e n t u m o f th is n u m b e r t o b e a d ­
S e c t i o n 4 3 5 , P o s t a l L a w s a n d R e g u l a t i o n s , is a m e n d e d b y a d d i n g P a r a ­
dressed to ea ch zon e.
T h e p e r c e n t a g e s g i v e n In t h e p u b li s h e r ’s s t a t e m e n t
graph
t o r e a d a s f o ll o w s :
o n F o r m 3 5 3 9 - a ( w h i c h s h a ll b e r e t a in e d in t h e f il e s o f t h o p o s t o f f i c e )
W h e r e a n e w s p a p e r o r p e r i o d i c a l is m a i le d b y o t h e r t h a n t h e p u b ­
s h a ll u n t i l a n o w s t a t e m e n t is d u e o r r e q u i r e d , b e a p p li e d b y t h e p o s t m a s t e r
lis h e r o r h i s a g e n t o r a n e w s a g e n t o r d e a l e r , t h o r a t e s h a ll b o t h e s a m e
t o t h o t o t a l w e ig h t o f t h e s u b s c r ib e r s ’ c o p i e s o f e a c h m a i li n g s u b j e c t t o z o n o
a s n o w p r o v i d e d b y l a w (1 c e n t f o r e a c h 4 o u n c e s o r f r a c t i o n t h e r e o f ) . A c t
r a t e s i n o r d e r t o a s c e r t a in t h o w e ig h t o f a n d c o m p u t e t h e p o s t a g e o n t h o
o f O c t . 3 1 9 1 7 , S e c . 1 1 0 6 .)
p o r t io n d e v o t e d t o a d v e r tis e m e n ts g o in g t o th e r e s p e c t iv e z o n e s a n d th e
P a ra g ra p h s 1, 5 a n d 8 , S e c tio n 4 3 6 , P o s ta l L a w s a n d R e g u la tio n s , a ro
p o r t i o n d o v o t e d t o o t h e r t h a n a d v e r t i s e m e n t s g o i n g t o a ll z o n e s .
Tho
a m e n d e d t o r e a d a s f o ll o w s :
p o s t m a s t e r s h a ll m a k e s u c h t e s t o f t h e p u b li s h e r ’s s u b s c r ip t i o n lis t o r r e c o r d s
S e c . 4 3 6 . S a m p l e c o p i e s , w h ic h m a y b e s e n t b y p u b li s h e r s f r o m t h e
a s m a y b o n e c e s s a r y t o d e t e r m in e t h e a c c u r a c y o f t h e p e r c e n t a g e s g i v e n
o f f i c e o f e n t r y a t t h e s e c o n d - c la s s p o u n d r a t e s , a r o c o p i o s s o n t t o p e r s o n s
b y t h o p u b li s h e r o n F o r m 3 5 3 9 - a .
I n c a s e a p o s t m a s t e r d o s ir e s i n f o r ­
f o r t h e p u r p o s e o f i n d u c i n g t h e m t o s u b s c r ib e f o r , a d v e r t i s o in , o r b e c o m e
m a t i o n w it h r e s p e c t t o t h e m a n n e r o f m a k i n g s u c h t e s t , o r i f i t s h o u l d a p ­
a g e n ts f o r th o p u b lic a t io n .
p e a r i m p r a c t i c a b l e i n a n y c a s e t o u s e t h e f o r e g o i n g m e t h o d in i t s e n t i r e t y ,
h o s h o u ld a d d re s s t h o T h ir d A s s is ta n t P o s tm a s te r -G e n e r a l, d iv is io n o f
Rates for Sample Copies.
c la s s i f ic a t i o n , f o r s p e c i a l in s t r u c t i o n s .
6.
S a m p l e c o p i e s s h a ll b o a c c e p t e d f o r m a i li n g a t t h e p o u n d r a t e s t o t h e
Percentages of Advertising.
e x t e n t o f n o t e x c e e d i n g 1 0 % o f t h o t o t a l w e ig h t o f c o p i e s m a i le d t o s u b ­
s c r ib e r s d u r i n g t h e c a l e n d a r y e a r .
S u c h s a m p l e c o p i e s m a y b e m a ile d
(c ) W h e n a r e a s o n a b l e n u m b e r o f c o p i e s o f p r e v i o u s is s u e s a r o i n c lu d e d
a t a n y t i m e d u r i n g t h e y e a r , b a s e d o n a n e s t im a t e o f t h e p r o b a b l e m a ilin g s
In a m a i li n g o f a c u r r e n t is s u e , t h e y m a y b e a c c e p t e d a n d c h a r g e d w it h
t o s u b s c r ib e r s d u r i n g t h o y e a r o b t a i n e d f r o m t h e b e s t i n f o r m a t i o n a t h a n d .
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m a t t e r o t h e r t h a n a d v e r t i s e m e n t s c o n t a i n e d i n t h o c u r r e n t is s u e ,
p e r w e e k t o s u b s c r ib e r s w o u l d m a il d u r i n g t h e y o a r 5 2 ,0 0 0 p o u n d s t o s u c h
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r e g a r d e d a s t h o c u r r e n t is s u o .
W h e n s u ch co p ie s a ro p re se n te d u n d e r
p o u n d s a t a n y t im e d u r i n g t h a t y e a r a t t h o s e c o n d - c l a s s p o u n d r a t e s .
t h e p r o v i s io n s o f t h e p r e c e d i n g s u b p a r a g r a p h w it h o u t b o i n g s e p a r a t e d b y
S h o u ld a p u b li s h e r o f f e r f o r m a i li n g a s “ s a m p l e c o p i e s ” c o p i o s In e x c e s s o f
z o n e s , t h e y s h a ll b e w e ig h e d w i t h t h o c o p i o s o f t h o c u r r e n t is s u e a n d c h a r g e d
t h e a m o u n t a b o v e p r e s c r ib e d , t h e p o s t m a s t e r s h a ll r o q u i r o p o s t a g e o n s u c h
w it h p o s ta g e a t th o z o n o ra te s a p p lic a b le t o t h o la tte r .
e x c e s s c o p i e s a t t h o t r a n s i e n t s e c o n d - c la s s r a t e , 1 c e n t f o r e a c h 4 o u n c e s
P a r a g r a p h s 4 , 5 a n d 6 a s t h e y e x is t e d p r i o r t o t h is d a t o a r o r e n u m b e r e d
o r fr a c t io n t h e r e o f.
(S e e S e c . 4 3 5 .)
a s 8 , 9 a n d 1 0 , r e s p e c t iv e l y .
8.
S a m p l e c o p i e s s h a ll n o t b e m a i le d b y n o w s a g e n t s a t t h e . s e c o n d - c l a s s
A . S. B U R L E S O N .
p o u n d ra te s o f p o sta g o .
(S e e S e c . 4 4 6 .)
Postmaster-Oeneral.
P a r a g r a p h 1 , S e c t i o n 4 4 5 , P o s t a l L a w s a n d R e g u l a t i o n s , is a m e n d e d t o
r e a d a s fo llo w s :
S e c . 4 4 5 . W h e n a p e r s o n , f i r m , o r c o r p o r a t i o n d e s ir e s t o m a il s e c o n d POST O F F IC E
D EPARTM EN T
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c la s s m a t t e r a s a n o w s a g o n t a t t h o s e c o n d - c la s s p o u n d r a t e s o f p o s t a g e ,
T IO N S R E L A T I V E TO P A R C E L P O S T S H I P M E N T O F
f o r m a l a p p l i c a t i o n f o r t h e p r i v il e g e s h o u l d b e m a d e a n d s u b m i t t e d t o t h e
p o stm a ste r o n F o r m 3 5 0 1 -c .
In s tr u c tio n s t o b o t h p o s tm a s te r a n d n e w s
FA R M PRODUCTS.
a g e n t a s t o p r o p e r p r o c e d u r e w il l b e f o u n d o n t h e f o r m .
P a r a g r a p h 6 , S o c t l o n 4 4 6 , P o s t a l L a w s a n d R e g u l a t i o n s , is a m e n d e d t o
r e a d a s f o llo w s :
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A modification of the restrictions applying to the packing
of perishable farm goods for shipment by parcel post, has
Rates for Returns.
been announced by the Post Office Department at Washing­
N e w s a g e n t s s h a ll n o t b e p e r m i t t e d t o r e t u r n u n s o l d s e c o n d - c la s ston.
Its statement in the matter is published in the “ Official
t o e i t h e r p u b lis h e r s o r o t h e r n e w s a g e n t s a t t h o s e c o n d - c l a s s p o u n d
Bulletin” of June 1, as follows:

6.
m a tter
r a t e s ; b u t w h e n s u c h m a t t e r is m a i le d f o r s a i d p u r p o s e , p o s t a g e s h a ll b o p r o ­
A n o r d e r w a s is s u e d W e d n e s d a y b y P o s t m a s t e r - G e n e r a l B u r l e s o n w h ic h
p a id a t t h e r a te o f 1 c e n t fo r o a c h 4 o u n c e s o r fr a c t io n t h e r e o f.
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w ill s im p lify a n d f a c ilt a t e s h ip m e n ts o f fa r m p r o d u c t s b y p a r c e l p o s t o v e r
8 o c . 4 3 5 .)
a grea ter a rea .
I n l ie u o f t h e p r e s e n t r e s t r i c t io n s a s t o t h o m e t h o d o f
S e c t i o n 5 3 6 , P o s t a l L a w s a n d R e g u l a t i o n s , Is a m e n d e d t o r e a d a s f o l ­
p a c k i n g p e r i s h a b l e a r t ic l e s , b u t t e r , e g g s , d r e s s e d f o w l s , v e g e t a b l e s , f r u it s ,
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S e c . 6 3 6 . W i t h t h e f i r s t m a ilin g o f e a c h is s u e o f e a c h s u c h ( s e c o n d -c l a s s )
t i m e w i t h o u t s p o i li n g , p a c k e d in c r a t e s , b o x e s , b a s k e t s , o r o t h e r s u i t a b l e
p u b l i c a t i o n , t h o p u b li s h e r s h a ll f i l e w it h t h e p o s t m a s t e r a c o p y o f s u c h
c o n t a i n e r s w h ic h w il l p r o p e r l y p r o t e c t t h o c o n t e n t s a n d p r e v e n t e s c a p e
is s u e , t o g e t h e r w i t h a s t a t e m e n t c o n t a i n i n g s u c h i n f o r m a t i o n a s t h e P o s t ­
o f a n y t h in g th e r e fr o m .
m a s t e r -G e n e r a l m a y p r e s c r ib e f o r d e t e r m in i n g t h e p o s t a g o c h a r g e a b l e
H e r e t o f o r e e g g s c o u l d b e p a c k e d i n t h is m a n n e r o n l y f o r l o c a l d e l i v e r y
th ereon .
( A c t o f O c t . 3 1 9 1 7 , S e c . 1 1 0 1 .)
o
2.
T h o P o s t m a s t e r -G e n e r a l m a y h e r e a f t e r r e q u i r e p u b lis h e r s t o s e p a r a t o r f r o m p o i n t s o n l o c a l r u r a l r o u t e s , a n d o t h o r p r o d u c t s t o p o i n t s w it h i n
t h e s e c o n d z o n o (1 5 0 m il e s . )
,
o r m a k e u p t o z o q e s in s u c h a m a n n e r a s h e m a y d i r e c t a ll m a il m a t t o r o f
M o r e l ib e r a l p a c k i n g r e g u l a t io n s c o v e r i n g l iq u id s a r e a l s o c o n t a i n e d in
t h o s e c o n d c la s s w h e n o f f e r e d f o r m a i li n g .
( A c t o f O c t . 3 1 9 1 7 , S e c . 1 1 0 2 .)
th is o r d e r .
R e c e n t l y t h o w e ig h t l i m i t o n p a r c e l s W as r a is e d f r o m 5 0 p o u n d s t o 7 0
Copies Marked bp Publishers.
p o u n d s w it h i n t h e f i r s t t h r e e z o n e s (3 0 0 m i l e s ) , a n d f r o m 2 0 p o u n d s t o 5 0
3
( a ) . T h e c o p y o f t h e p u b l i c a t i o n f i l e d w it h t h o p o s t m a s t e r a s r e q u i r e d
p o u n d s t o a ll o t h e r z o n e s .
b y P a r a g r a p h 1 o f t h is s e c t i o n s h a ll b o m a r k e d b y t h e p u b li s h e r t o s h o w t h e
B e g in n in g w it h t h e J u l y e d i t io n o f t h o “ O f f i c i a l P o s t a l G u i d o ” t h a t
p o r t io n d e v o t e d t o a d v e r tis e m e n ts a n d th a t t o m a t t e r o t h e r th a n a d v e r ­
p u b l i c a t i o n w il l b o r e v i s e d s o t h a t i t m a y b o u s e d a s a p a r c e l - p o s t g u i d o in
t is e m e n t s , a n d t h o p e r c e n t a g e o f o a c h s h a ll b e i n d o r s e d o n t h e f ir s t p a g e
a s c e r t a in in g r a t e s o f p o s t a g e o n p a r c e l s .
S p a c o is p r o v i d e d in t h o l is t o f
o f s u c h c o p y b y t h e p u b li s h e r .
T h o t e r m " a d v e r t i s e m e n t s " a s u s e d h e r e in
p o s t o f f i c e s b y S t a t e s in t h i s p u b l i c a t i o n f o r t h e i n s e r t i o n o f t h o z o n e
a n d i n P a r a g r a p h 1 ( 6 ) , S e c t i o n 4 2 9 , e m b r a c e s d i s p l a y , c la s s i f ie d , a n d a ll
n u m b e r a fte r th e n a m e o f th o p o s t o ffic e .
A z o n o k e y w il l b o f u r n is h e d
o t h e r f o r m s o f a d v e r t i s e m e n t s p u r p o r t i n g t o b e s u c h , a s w e ll a s a ll e d i t o r i a l
w it h e a ch g u id o .
T h o “ P o s t a l G u i d e " w ill b o s o l d b y t h o P o s t O f f i c e
o r o t h e r r e a d i n g m a t t e r f o r t h e p u b l i c a t i o n o f w h ic h m o n e y o r o t h e r v a l u a ­
D e p a r t m e n t t o t h e p u b l i c f o r 6 5 c e n t s a n d a n a d d it i o n a l 3 5 c o n t s f o r t h e
b l e c o n s i d e r a t i o n is p a i d , a c c e p t e d , o r p r o m is e d .
(S e o P a r . 2 , S e c . 4 4 3 .)
11 m o n t h l y s u p p l e m e n t s .
3
( 6 ) . W h e n a n o w s a g e n t p r e s e n t s f o r m a i li n g s e c o n d - c la s s m a t t e r s u b ­
j e c t t o t h o z o n e r a t e s o f p o s t a g e , h e s h a ll s u b m i t t o t h e p o s t m a s t e r a s t a t o m o n t s h o w in g t h e p e r c e n t o f t h o s p a c o in s u c h m a t t e r d e v o t e d t o a d v e r ­
L IM IT OF W E IG H T OF FOURTH CLASS M A IL M A T T E R
t is e m e n t s a n d t h o p e r c e n t d e v o t e d t o o t h o r t h a n a d v e r t i s e m e n t s .
Pub­
lis h e r s s h o u l d fu r n is h t h i s i n f o r m a t i o n t o n e w s a g e n t s p u r c h a s i n g c o p i e s
I N C R E A S E D TO
POUNDS.
o f t h e ir p u b l i c a t i o n s in o r d e r t h a t s u c h a g e n t s m a y b e a b l o t o p r e p a r o t h o
s ta te m e n ts re q u ire d .
4. S e c o n d - c l a s s m a t t e r s h a ll b o b r o u g h t f o r m a ilin g t o t h o p o s t o f f i c o ,
o r s u c h o t h e r p l a c e a s is d e s i g n a t e d t o r e c e i v e i t , a n d t h e r e w e ig h e d in b u l k .
5 . I t s h a ll b o i n c lo s e d in U n it e d S t a t e s m a il s a c k s , o r o t h e r s u i t a b l o r e ­
c e p t a c l e s , a n d s e p a r a t e d t o r o u t e s . S t a t e s , a n d c it i e s in s u c h m a n n e r a s m a y
b o p r e s c r ib e d b y t h e d e p a r t m e n t . T h e s a c k s o r b u n d le s s h a ll b o m a r k e d
t o s h o w t h e r o u t e . S t a t e , o r c i t y a n d S t a t e , a n d a ls o t h e z o n e w h e n t h e
c o p ie s a r o r o q u ir cd t o b o s e p a ra te d b y z o n e s .

Separate Sacks of Samples.
6 . P u b li s h e r s s h a ll m a k e s e p a r a t e s a c k s o r b u n d le s o f ( 1 ) s a m p l o c o p i e s
t o p l a c e s w it h i n c o u n t y o f p u b l i c a t i o n s u b j e c t t o p o s t a g o a t t h e r a t e o f 1
c e n t a p o u n d ; ( 2 ) s a m p l o c o p i e s t o p l a c e s o u t s i d e c o u n t y o f p u b li c a t io n ; (3 )
s u b s c r ib e r s ' c o p i e s e n t i t l e d t o f r e o c o u n t y c ir c u l a t i o n ; ( 4 ) s u b s c r ib e r s ’
c o p i e s t o p l a c e s w it h i n c o u n t y o f p u b l i c a t i o n s u b j e c t t o p o s t a g e a t t h o r a t o
o f 1 c e n t a p o u n d ; ( 5 ) s u b s c r ib e r s c o p i e s t o p l a c e s o u t s i d e c o u n t y o f p u b ­
lic a t io n .
S u c h m a il m a t t e r w h e n s o p r e s e n t e d s h a ll b e w e ig h e d s e p a r a t e l y
(S e e S e c . 4 3 4 .)
7 (a). I n t h e c a s e o f s a m p l e c o p i e s o f a p u b l i c a t i o n c a r r y i n g a d v e r t i s e ­
m e n t s s u b j e c t t o t h o z o n e r a t e s o f p o s t a g o a s p r e s c r ib e d i n S e c t i o n 4 2 9 , t h o
p u b li s h e r s h a ll a r r a n g e a n d p r e s e n t s e p a r a t e l y b y z o n e s t h o s a c k s o r b u n d lo s
o f s u c h s a m p le c o p ie s a d d re s s e d t o p la co s o u ts id e th e c o u n t y o f p u b lic a t io n .
T h c p u b l i s h e r s h a ll a ls o a r r a n g e a n d p r e s e n t b y z o n e s c o p i o s a d d r e s s e d t o
s u b s c r ib e r s o u t s i d e t h o c o u n t y o f p u b l i c a t i o n , e x c e p t w h e n s u c h z o n e
s e p a r a t i o n w o u l d in t e r f e r e w it h t h e ir r o u t i n g a s r e q u i r e d b y P a r a g r a p h 5
o f t h is s e c t i o n , o r t h e p u b li s h e r p r e fe r s n o t t o s e p a r a t e t h o c o p i e s , In w h ic h
c a s e l t h o y m a y b o p r e s e n t e d u n d e r t h o p r o v i s io n s o f t h e f o l l o w i n g s u b ­
p a r a g r a p h (6 ) w i t h o u t b e i n g s o p a r a t o d b y z o n e s .




70
Effective March 15 an order issued by Postmaster-Gen­
eral Burleson increased the limit of weight of fourth class
mail matter to 70 pounds for parcels mailed for delivery
within the first, second and third zones and to 50 pounds
for parcels mailed for delivery within any of the other zones.
Tho order and an announcement by tho Postmastor-Genoral
that it is not applicable to overseas mail, was issued as fol­
lows:
Office of the Postmaster-Oeneral,
Washington, Feb. 2 6 1 9 1 8 .
O rd er N o . 1140:
P a r a g r a p h 1 , S e c t i o n 4 5 4 , P o s t a l L a w s a n d R e g u la t i o n s , e d i t io n o f 1 9 1 3 ,
is a m e n d e d t o r e a d a s f o l l o w s , e f f e c t i v e M a r c h 15 1 9 1 8 :
S e c . 4 5 4 . F o u r t h c la s s m a il m a t t e r s h a ll e m b r a c e a ll o t h o r m a t t e r , in ­
c lu d in g f a r m a n d f a c t o r y p r o d u c t s ( a n d b o o k s ) , n o t n o w e m b r a c e d b y la w
In e it h e r t h e f ir s t o r s e c o n d c la s s , o r ( w i t h t h o e x c e p t i o n o f b o o k s ) in t h e
t h i r d c la s s , n o t e x c e e d i n g 7 0 p o u n d s In w e ig h t (w h e n m a ile d f o r d e l iv e r y
w it h in t h e f ir s t , s e c o n d , o r t h i r d z o n e s , n o r e x c e e d i n g 5 0 p o u n d s in w e ig h t
w h e n m a i le d f o r d e l i v e r y w it h i n a n y o f t h e o t h o r z o n e s ) , n o r g r e a t e r in s iz e
t h a n 8 4 in c h e s In l e n g t h a n d g i r t h c o m b i n e d , n o r in f o r m o r k i n d l ik e l y t o
i n ju r o t h o p e r s o n o f a n y p o s t a l e m p l o y e e o r d a m a g o t h o m a il e q u i p m e n t
o r o t h e r m a il m a t t e r , a n d n o t o f a c h a r a c t e r p e r is h a b le w it h i n a p e r i o d
r e a s o n a b l y r e q u i r e d f o r t r a n s p o r t a t io n a n d d o l l v o r y .
A. B. BURLESON,

Postmaster-Oenera l.

June 8 1918.]
N o t A p p lic a b le t o

O v e r s e a s M a il.

Office of Third Assistant Postmaster-General,
Washington, Peb. 2 6 1 9 1 8 .
P o s t m a s t e r s a r e in s t r u c t e d t o b r i n g t o t h e a t t e n t i o n o f t h e i r p a t r o n s t h e
p r o v i s io n s o f P a r a g r a p h 1 , S e c t io n 4 5 4 , P o s t a l L a w s a n d R e g u la t i o n s , a s
a m e n d e d b y t h o a b o v o O r d e r N o . 1 1 4 0 o f t h is d a t o , e f f e c t i v e o n M a r c h
1 5 1 9 1 8 , w h ic h in c r e a s e s t h o lim i t o f w e ig h t o f f o u r t h c la s s m a t t e r t o 7 0
p o u n d s f o r p a r c e ls m a ile d f o r d e l i v e r y w it h in t h o f ir s t , s e c o n d a n d t h i r d
z o n e s , a n d t o 5 0 p o u n d s f o r p a r c o ls m a i le d f o r d e l i v e r y w it h i n a n y o f t h o
oth er zon es.
T h i s c h a n g e w ill s e r v o t o in c r e a s e t h e u s e fu ln e s s a n d a v a i l a b i l i t y o f t h o
p a r c e l p o s t a s a p r o m p t , c o n v e n i e n t , a n d c h e a p m e a n s o f t r a n s p o r t in g
m a i la b le p a r c e l s .
T h o i n c r e a s e d w e ig h t l im i t w ill b o p a r t i c u la r l y a d v a n ­
t a g e o u s in t h o m a r k e t in g o f p r o d u c t s o f t h o f a r m , a s it w ill xn a k o i t p o s s i b lo
f o r p r o d u c e r s a n d c o n s u m e r s t o g e t i n t o d i r e c t c o n t a c t , t h e r e b y f a c il i t a t i n g
t h o c o n s e r v a t io n a n d d i s t r i b u t i o n o f f o o d , w h ic h is a m o s t i m p o r t a n t f a c t o r
in w in n in g t h e w a r .
T l i o in c r e a s e d w e ig h t lim it d o c s n o t a p p l y t o p a r c e ls s e n t t o t h o E x p e ­
d i t i o n a r y F o r c e s in E u r o p o .
P a r c e ls m a i le d t o t h o s e f o r c e s m u s t n o t
e x c e e d 7 p o u n d s in w e ig h t .
A.

M . DOCKERY,

Third Assistant Postmaster-General.

ORDER

L IM IT IN G

T IM E

A N D

OF POST O FF IC E

PLACE

M O N EY

OF

P A Y M E N T

ORDERS.

An order limiting the time and place of the payment of
Post Office Money Orders was issued as follows by tho Post
Office Department a short time ago:
[O r d e r N o . 1 1 2 8 .]
O F F IC E O F T H E P O S T M A S T E R -G E N E R A L .

Washington, February 2 0 1 9 1 8 .
P a r a g r a p h 1 , s e c t io n 1 1 4 8 , o f t h o P o s t a l L a w s a n d R e g u la t i o n s , a s
a m e n d e d b y O r d e r N o . 8 0 1 4 , d a t e d M a y 5 1 9 1 4 , is h e r e b y f u r t h e r a m e n d e d ,
e f f e c t i v e M a y 1 1 9 1 8 , a s fo ll o w s :
“ S e c . 1 1 4 8 . O r ig in a l d o m e s t i c m o n o y o r d e r s is s u e d a t a n y m o n e y - o r d e r
o f f i c e in t h e c o n t in e n t a l U n it e d S t a t e s , e x c e p t i n g A l a s k a , m a y b o p a i d
a t a n y m o n e v - o r d e r o f f i c o in t h o c o n t in e n t a l U n it e d S t a t o s , e x c e p t i n g
A l a s k a , i f p r e s e n t e d f o r p a y m e n t o n o r b e f o r e t h e e x p i r a t io n o f t h o t h i r t i e t h
d a y f o ll o w i n g t h o d a t o o f is s u e .
A f t e r t h a t l a p s e o f t im e w it h in t h o p e r i o d
o f t h e ir v a l i d i t y , w h ic h is o n e y e a r f r o m t h e la s t d a y o f t h o m o n t h o f is s u e ,
t h o y s h a ll b o p a id o n l y a t t h o o f f i c e t h e r e in d e s i g n a t e d a s t h e p a y i n g o f f i c e ,
o r r e p a id a t t h e o f f i c e o f is su e .
“ M o n o y o r d e r s is s u e d in H a w a ii , d r a w n o n o f f i c e s t h e r e in l o c a t e d , m a y
b o p a i d a t a n y m o n e y - o r d e r o f f i c e in H a w a ii i f p r e s e n t e d f o r p a y m e n t o n
o r b e f o r o t h e e x p i r a t io n o f t h o t h i r t i e t h d a y f o l l o w i n g t h e d a y o f is su e .
A f t e r t h a t l a p s e o f t im e w it h in t h o p e r i o d o f t h e ir v a l i d i t y , w h ic h is o n o
y e a r f r o m t h o la s t d a y o f t h o m o n t h o f is s u e , t h o y s h a ll b o p a i d o n l y a t t h o
o f f i c e t h e r e in d e s i g n a t e d a s o h o p a y i n g o f f i c e , o r r e p a id a t t h o o f f i c e o f is su e .
“ W h e n , in a c c o r d a n c e w it h t h e f o r e g o in g p r o v i s io n s o f t h is s e c t i o n , a
m o n e y o r d e r is p a i d a t a n o f f i c o o t h e r t h a n trie o n o t h e r e in d e s i g n a t e d a s
t h o p a y i n g o f f i c e , t h o p o s t m a s t e r m a k i n g t h o p a y m e n t s h a ll i m m e d i a t e l y
s e n d t o t h o p o s t m a s t e r a t t h e is s u in g o f f i c e a n o t i c e t h e r e o f ( F o r m 0 1 2 6 ),
w h ic h s h a ll d e s c r ib e t h o m o n e y o r d e r b y its s e r ia l n u m b e r , t h e a m o u n t
a n d t h o d a t e s o f issu o a n d p a y m e n t .
U p o n r e c e ip t o f s u c h n o t i c e t h e
p o s t m a s t e r a t t h o is su in g o f f i c e sh a ll f il e i t w it h t h o a p p li c a t io n f o r t h o
m o n e y o rd e r, a n d sen d a t o n c e t o th e p o s tm a s te r p a y in g th o o rd e r an
a c k n o w l e d g m e n t o f r e c e ip t o f t h o n o t i c o , w h ic h a c k n o w l e d g m e n t sh a ll
I n c lu d e a s t a t e m e n t t o t h o e f f e c t t h a t a n a p p li c a t io n f o r a d u p li c a t e o f t h o
o r d e r h a s n o t b e e n a n d w ill n o t b e c e r t i f i e d .
U n t il s u c h a c k n o w l e d g m e n t
i s r e c e iv e d c r e d it s h a ll n o t b e t a k e n f o r p a y m e n t o f t h e o r d e r , b u t i t sh a ll
lie c o n s id e r e d a s p a r t o f t h e c a s h o n h a n d . ’

M O N EY

ORDER

SE R V IC E

STOPPED.

Third Assistant Postmaster General Dockery issued the
following announcement at Washington on March 7:
T h is o f f i c e is a d v i s e d b y t h o P o s t a l A d m i n i s t r a t i o n o f I t a l y t h a t t h o
i n t e r n a t io n a l m o n e y - o r d e r s e r v ic o t e m p o r a r il y e s t a b lis h e d in A p r i l 1 9 1 7
in t h o I s la n d o f C o r f u lia s b e e n d i s c o n t in u e d .
P o s t m a s t e r s , t h e r e fo r e , w ill d e c l ln o t o a c c e p t a p p li c a t io n s o f i n t e n d i n g
r e m it t e r s f o r t h e is su o o f m o n o y o r d e r s p a y a b le in t h a t is la n d .

R U L IN G

ON

APP LIC A TIO N S
M O N EY

FOR

IN T E R N A T IO N A L

ORDERS.

Tho Post Office Dopartmont, through Third Assistant
Postmaster-Gonoral A. M . Dockery, gave out the following
statement:
P o s t m a s t e r s a t a ll i n t e r n a t io n a l m o n e y - o r d e r o f f i c e s a r e n o t i f i e d t h a t
e a c h a p p l i c a t i o n f o r a m o n e y o r d e r t o b o I s s u e d o n t h o in t e r n a t io n a l f o r m
m u s t b o a c c o m p a n i e d b y a s t a t e m e n t in t h o f o l l o w i n g f o r m , s ig n e d b y t h o
a p p li c a n t f o r t h o m o n o y - o r d e r
T i l ls t r a n s a c t io n is m a d e u n d e r r e p r e s e n t a t io n b y t h o u n d e r s ig n e d t h a t
t h e r e is n o t i n v o l v e d in c o n n e c t i o n t h e r e w i t h a n y t r a d i n g , d i r e c t l y o r i n ­
d i r e c t l y , w it h , t o , f r o m , f o r , o r o n a c c o u n t , b e h a lf , o r b e n e f i t o f a n y e n e m y
o r a l ly o f e n e m y o f t h o U n it e d S t a t o s , o r a n y t r a n s a c t io n v i o l a t i v e o f t h e
t r a d i n g - w l t h - t l ie - E n e m y A c t o f t h o U n it e d S t a t e s .
T h i s s t a t e m e n t is t o b e a t t a c h e d t o a n d f il e d w it h t h o a p p l i c a t i o n f o r t h o
m on oy ord er.
S lip s f o r t h is p u r p o s e w ill b o d i s t r i b u t e d t o p o s t m a s t e r s b y
t h o F o u r t h A s s is t a n t P o s t m a s t e r -G e n e r a l , D i v i s i o n o f E q u i p m e n t a n d S u p ­
p lie s , a s s o o n a s t h o y c a n b o p r i n t e d , b u t p o n d in g t h e i r r e c e i p t p o s t m a s t e r s
w ill f u r n is h t h o s t a t e m e n t s t h e m s e lv e s .
T h is n o t ic o b e c o m e s e ffe c t iv e
a t e a c h p o s t o f f i c o i m m e d i a t e l y u p o n Its r e c e ip t .

GERM AN

2403

THE CHRONICLE

S U B M A R IN E S
COAST

IN

R A ID

ON

A T L A N T IC

S H IP P IN G .

If the three thousand miles of ocean separating us from
the battlofiolds of Europe have heretofore proventod our
pcoplo from fully realizing that tho United States is in tho
war, wo may yet come to thank our enemies for dispelling
the illusion. For Germany has at last brought the war to
our shores, and with characteristic mothods has engaged in
sinking ships within sight of American shores without even
the protext that thoy were in a “barred zone.” Among tho
vessels sunk was tho passenger ship Carolina, on its way from
Porto Rico to Now York with 342 on board, including many
women and childron. Thoy wero forced to tako to opon
boats in tho night time, 60 miles from shore, and at the
prosont writing 10 passengers and 4 of tho crow are still
missing, and aro presumed to have been drownod.




For two weeks or more there had been rumors of sub­
marines seen on this side of the Atlantic, but nothing de­
veloped to confirm them. On Monday morning, however,
all doubts wero set at rest when tho steamship Bristol
brought into New York the crews of two American sailing
ships sunk the previous day about 50 miles off Barnegat,
N . J., and reported that at least two large submarines were
operating off the Jersey Coast. The Navy Department then
admitted having received the alarm on Sunday afternoon,
but on account of the many baseless rumors in the past had
held back the news until it could bo verified. The Depart­
ment had received a message saying that the steamship
Carolina had been shelled and was sending out S O S calls
for help, and a second message that the steamship Bristol
had sighted a submarine and had picked up survivors of the
crew of the schooner Edward H. Cole from an open boat.
Steps wero at once taken to place restrictions upon tho de­
parture of vessels from Atlantic ports, and every available
naval vessel and aeroplane was enlisted in the hunt for the
marauding submarines.
Tho raid on American shipping was begun on May 25, with
an attack on two small schooners, the Edna and the Hattie
Dunn. Tho Dunn appears to have been destroyed, but the
Edna was only slightly damaged by the bombs used, and
has since, it is reported, been towed into tho Delaware Capes.
Probably with the object of concealing the presonce of the
raiders as long as possiblo, the crews of these vessels were
taken prisoner and kept aboard tho submarine for eight days,
where thoy report, that they were treated with every con­
sideration, and wore subsequently sent off in the boats of
another vessel sunk. On May 26 the large schooner Winneconno, 1,860 tons, was sent to the bottom, and on tho 28th
tho schooner Ilauppauge of 1,500 tons. Sunday, June 2,
was tho most successful day the raiders had, three sailing
vessols and three steamships being sunk. The former com­
prised tho schooners Edward H. Colo, 1,791 tons; schooner
Isabol Wiley, 776 tons, and schooner Jacob Haskell, 1,778
tons. Tho steamships sunk included the Carolina, a passen­
ger vessel of 5,093 tons, plying between Porto Rico and New
York; tho Texel, 3,210 tons, one of tho Dutch freighters
recently taken over by the United States, and carrying a
valuable cargo of raw sugar; and the tank steamer Herbert L.
Pratt. The latter, a brand new vessel of 7,200 tons, at
first reported to have been torpedoed, was, it subsequently
developed, in all probability damaged by a mine, and though
run ashore, in a sinking condition, has since been raised,
and was able to proceed under her own steam to a dry dock
for repairs. On June 3 the submarines destroyed the
schooner Sam C. Mengel, 700 tons; and on June 4, the
schooner Edward Baird and the Norwegian steamer Eibsvold. On tho 5th the British steamer Harpathian, a 4,500
ton vessel, was sunk about 100 miles east of the Virginia
Capes. This brought tho number of vessels attacked off the
Atlantic Coast since May 25 to fourteen, so far officially
identified as having been sunk or damaged, and brought tho
total tonnago lost to 30,702. Deducting the tanker Herbort
L. Pratt of 7,200 tons, which was salvaged, tho net loss is
23,177 tons. Tho record of destruction so far as known is
given as follows:
Dale.

Type.

Name.

No.
Tonnage. Carried.

E d n a ____________
Hattie Dunn______
W inneconne______
Ilauppauge_______
Edward II. Cole—
Isabel Wiley--------Jacob Haskell_____
Carolina__________
P ra tt------------------T ex el______ ____
Sam C. Mengel----Edward Baird-------E ibsvold --------------Harpathian------------

...
325
...
436
..1 ,8 6 9
- .1 ,5 0 0
-.1 ,7 9 1
...
776
...1 ,7 7 8
..5 ,0 9 3
..7 ,2 0 0
..3 ,2 1 0
..
700
..
279
..1 ,5 7 0
-.4 ,5 0 0

Total............................ - .........................
Less Tanker Pratt (raised).................—
Less Schooner Edna (towed in)-------------

..7 ,2 0 0
..
3 '5

M ay 2 5 — Schooner
May 2 5 — Schooner
May 2 6 — Schooner
M ay 2 8 — Schooner
Juno 2 — Schooner
June 2 — Schooner
Juno 2 — Schooner
Juno 2 — Steamer
Juno °— Tanker
Juno 2 — Steamer
Juno 3 —Schooner
June 4 — Schooner
Juno 4 — Steamer
June 5— Steamer

N et

lo s s .

__

6
28

10
11
8
10
342

__
__

11
5

__
__

--

..2 3 ,1 7 7

In addition to the foregoing, reports wero received yester­
day afternoon of tho torpedoing of the Norwegian steamship
Vinlaiul off Capo May, N. J. The Vinland was carrying
sugar to a British port. Her crew of 19 was landed at Cape
May. Tho Shipping Board also announced the receipt of
a report that tho steamer Argonaut, a former German
liner carrying cotton from Gulf ports to New York, had been
unk by a submarine.

s

3404

THE CHRONICLE

I n a d d itio n to tk o a b o v e , th e F re n c h ste a m e r R a d io le in e
w a s a t ta c k e d , b u t b e in g a r m e d , a n d s p e e d y , e n g a g e d in a
r u n n in g fig h t w ith th e s u b m a r in e u n til a n A m e r ic a n d e stro y e r
c a m e o n th e scen e a n d fo rc e d th e ra id e r to s u b m e r g e .
T h e su b m a rin e s h a v e a lso p la n te d m in e s in a t le a s t on e
p la c e ,

at

th e

e n tr a n c e

to

th e

D e la w a r e

B rea k w ater.

It

w a s o n e o f th e se , it is th o u g h t , th a t d a m a g e d th e s te a m e r
P ra tt.

N a v a l m in e sw ee p ers h a v e b e e n a t w o r k , a n d h a v o

e x p lo d e d se v e ra l m in e s a n d b r o u g h t o th e rs a sh o re .
th e sin k in g s h a v e

b e e n a c c o m p lish e d

s o le ly b y

S o fa r

bom bs

or

sh e ll firo , n o to rp e d o e s h a v in g b e e n u se d a s fa r as k n o w n .
T h e field o f o p e ra tio n s h a s e x te n d e d fr o m th e N e w J e rse y
c o a s t , w ith in f i f t y m ile s o f N e w Y o r k , s o u th as fa r as th e
V ir g in ia C a p e s , w h ere th e E ib s v o k l w a s su n k o n W e d n e s d a y .
O n T u e s d a y th o M a l lo r y L in e ste a m e r S a b in e , T a m p a to

crew ,

except

[Vol. 106.
a

fe w

c o n v a le s c e n t

so ld ie rs.

A

s ta te m e n t

g iv e n o u t b y th o N a v y D e p a r t m e n t o n th o 3 d in re g a rd to
th e s in k in g w as as fo llo w s :
T l i o l a t e s t d i s p a t c h e s r e c e iv e d b y t h e N a v y D e p a r t m e n t s t a t o t h a t a ll
t h o p a s s e n g e r s , in c lu d in g t h e s i c k , a b o a r d t lio I ’ r o s id c n t L i n c o l n , w o re
saved.
N o n e o f t h o s u r v i v o r s w a s s e r io u s l y i n ju r e d .
T h o tra n sp ort w as
a t t a c k e d b y a s u b m a r i n e a t 9 :5 3 a . i n . , o n M a y 3 1 , w a s s t r u c k b y t h r e e
t o r p e d o e s , a n d s a n k in e i g h t e e n m in u t e s .
T h e s u b m a r in e w a s n o t s co n
u n t il a f t e r t h o t o r p e d o o s w e r o s i g h t e d .
T h o c o m m a n d t o a b a n d o n s h ip
w a s c a r r ie d o u t in e x c e l le n t o r d e r .
T h o a tt a c k in g s u b m a rin e w a s a b o u t 2 0 0 fe e t lo n g , a n d w a s n o t o f th o
c r u is e r t y p e .
A m e r ic a n d e s tr o y e r s w o n t t o t h o r e s cu e .
A s t h e y w e r o r e t u r n in g t o p o r t
w it h t h o s u r v i v o r s a s u b m a r i n e w a s s ig h t e d a t n o o n S a t u r d a y , a n d a t t a c k e d
b y a d estroyer.
T h o s m a l l lo s s o f l if o o n t h o P r e s i d e n t L in c o ln w a s d u o t o t h o t h o r o u g h
d i s c ip l i n e o f t h o s h i p ’s c o m p a n y a n d e x c e l le n t s e a m a n s h ip o f t h o c o m ­
m a n d e r s a n d o f f i c e r s o f t h o v e s s e ls c o n c e r n e d , p a r t i c u la r l y t h o c o m in a n d o r
o f t h e t r a n s p o r t , V i c e - A d m i r a l S im s s a y s in h is r e p o r t .

th a t

T h e P re s id e n t L in c o ln is th o se co n d A m e r ic a n tr a n s p o r t

sh e h a d sig h te d a s u b m a rin e o ff th o C a r o lin a c o a s t, b u t th is
w a s n o t c o n fir m e d .

u n d e r A m e r ic a n c o n v o y th a t h as b e e n lo s t sinco tho U n it e d

T h e su b m a r in e s , o f w h ic h th ere se e m to b o o n ly tw o , aro

w h ile th o ve sse ls w ere re tu rn in g to th is c o u n tr y fr o m a b r o a d .

d e sc rib e d b y th o se w h o h a v e seen th e m as b e tw e e n 2 0 0 an d

T h o fir s t ca se w a s t h a t o f th o A n tille s , w h ic h w a s to rp e d o e d

N ew

Y ork,

p u t in to

an

A t la n t ic

port and

re p o r te d

S ta te s e n te re d th o w a r.

B o t h o f th ese losse s w ero su sta in e d

3 0 0 fe e t lo n g , w ith a t le a st 5 fe e t fr e e b o a r d , a n d m o u n tin g

o n O c t . 17 1 9 1 7 , w h ile re tu rn in g fr o m F r a n c e .

tw o g u n s .

and

C a p t . G ilm o r e o f th e sc h o o n e r E d n a , w h o w as

se v e n te e n

p erson s

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on

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a p riso n er o n e o f th o su b m a rin e s fo r 8 d a y s , re p o r te d th a t

sav ed .

sh e ca rried a n e x tr a c a p ta in a n d a largo c r e w , as th o u g h

of

p re p a re d to ta k e p o sse ssio n o f a su ita b le p rize a n d tu rn it
in t o a c o m m e rc e ra id e r .

A m e r ic a n tr o o p s to w a rd F ra n c o ,w a s s u n k , w ith a loss o f 5 6

T h e o p in io n is g e n e r a lly e x p re sse d th a t tho ra id is in te n d e d

T h o P re s id e n t L in c o ln w a s on o o f tho G o r m a n ve sse ls ta k o n

th e

liv e s .

O n M a y 2 3 d , j u s t a w e e k p re v io u s to th o s in k in g
L in c o ln ,

th o B r itis h

tr a n s p o r t M o l d a v i a ,

c a rr y in g

F u r th e r d e ta ils aro g iv e n elsew hero in th is issu o .

r a th e r fo r its e ffe c t u p o n A m e r ic a n m o r a le , a n d in th o h o p e

o v e r b y th o U n ite d S ta te s a t th o b e g in n in g o f th o w a r .

o f d iv e rtin g A m e r ic a n n a v a l e ffo r t fr o m

w a s 6 1 6 fe e t lo n g , 6 8

E u r o p e a n w a te rs ,

Sho

fe e t b e a m a n d o f 1 8 ,1 6 1 to n s g r o s s .

&

th a n in th e h o p e o f in flic tin g a n y c o n sid e r a b le m ilit a r y d a m -

S h e w a s b u ilt a t B e lfa s t b y H a r la n

ago.
I t is p o in te d o u t th a t th e su b m a rin e s h a v e so fa r ,
w ith o n e e x c e p tio n , c o n fin e d th oir a t t a c k to u n a r m e d sh ip s

first v o y a g o to th is p o r t in J u n o 1 9 0 7 .

a n d k e p t o u t o f th e w a y o f .a rm e d tra n sp o r ts a n d c o n v o y e d

th r o u g h o u t, w ith h a r d w o o d p olish e d flo o r s , g y m n a s iu m s an d

v e s s e ls .

m a n y re fin e m e n ts w h ic h w ero n o v e ltie s in h e r d a y .

In

any

e v e n t,

th e

N avy

D e p a rtm e n t

exp resses

tio n s

fo r

3 ,0 0 0

p asso n ge rs

and

W o l f f , a n d m a d o her
S ho h a d a c c o m m o d a ­

w as

fitte d

s u m p tu o u s ly
H or

c o n fid e n c e th a t A tla n t ic c o a s t d efe n ses a g a in s t su b m a rin e s

a v e ra g e sp e e d , h o w e v e r, w a s o n ly a b o u t 13 k n o t s , re q u irin g

are a d e q u a te

nin e d a y s fo r th e p a s s a g e .

and

t h a t it w ill n o t bo n e c e ssa r y

to recall

ve sse ls fro m th e w a r zon o to d e a l w ith su b m a rin e s o n th is
s id e .

In g iv in g th is assu ra n c e to th e H o u s e N a v a l C o m ­

THE SINKING OF THE CAROLINA AND THE TEXEL.

m it te e on M o n d a y , S e c re ta ry D a n ie ls said th o p u rp oso o f

T h e sin k in g o f th e s te a m e r C a r o lin a la s t S u n d a y b y a G o r ­

th o G e r m a n s e v id e n tly w a s to frig h te n th e A m e r ic a n p eo p le

m a n s u b m a rin e w a s re p leto w ith d r a m a tic in c id e n ts , a n d th e

in to d e m a n d in g th e re tu rn o f so m e o f th e ir n a v a l forces n o w

su p erficial p o lite n e ss o f th o G e r m a n s u b m a rin e o ffic e r s , to

ab road.

w h ich a ll o f their v ic tim s t e s t if y , servos o n ly to sot o f f m o ro

is

not

T h o m o v e m e n t o f tr o o p s a n d su p p lie s to E u ro p o
to

bo

in te r r u p te d .

F o llo w in g

a

co n fe re n ce

w ith

g la r in g ly th e c r u e lty o f s e ttin g h u n d re d s o f m e n , w o m e n an d

S e c r e ta r y D a n ie ls , S e n a to rs L o d g e a n d S w a n so n o f th o N a v a l

ch ild re n a d r ift in tho o c e a n in o p e n b o a ts .

A ffa ir s

s u r v iv o r s , th o C a ro lin a h a d re ce iv e d a w ireless w a rn in g to

C o m m it t e e ,

exp re sse d

th e o p in io n

th a t

th o N a v y

A c c o r d in g to

D e p a r t m e n t h a d d o n e e v e r y th in g p o ssib le to m e e t th e new

lo o k o u t fo r s u b m a rin e s la te S u n d a y a fte r n o o n .

m enace

a s u b m a rin e a p p e a re d a b o v e th o su rfa ce close to tho C a r o lin a

of G e rm a n y ’s U -b o a t

w a rfa r e .

S e n a to r

S w a n so n

o n th o 4 t h , as q u o te d in th o N e w Y o r k “ T i m e s ,” sa id :

a n d ra ise d th o G e r m a n

N o c r it i c is m c a n p o s s i b l y a t t a c h t o t h e n a v y .
E v e r y t h i n g h u m a n ly
p o s s i b le h a s b o o n d o n o a n d is b e i n g d o n o t o p r o t e c t o u r c o a s t s a n d h a r b o r s .
T h o c r it ic is m a lr e a d y v o ic e d , t o t h o e ffe c t th a t t h o N a v y D e p a r t m e n t
d id n o t a c t p r o m p t ly e n o u g h o n r e c e ip t o f r e p o r ts s e v e r a l d a y s a g o t h a t
s u b m a r in e s h a v e b e e n s i g h t e d , w o f o u n d t o b o o n t i r o l y u n f o u n d e d .
Im ­
m e d i a t e s t e p s w e r o t a k e n , a n d e v e r s i n c e i t h a d b o o n e s t a b l is h e d t h a t t h o
s u b m a r in e s a c t u a lly w e ro o p e r a t in g , th e s o s te p s h a v o b o o n in c re a s e d , a n d
a d d it i o n a l p r e c a u t i o n s p u t in o p e r a t i o n .

to s t o p , w h ich w as

done.

C a r o lin a

an

se n t

out

f la g .

She

Tho

sig n a lled

w ireless

A t 6 o ’ clo c k
th e

a tea m e r

o p e ra to r

on

tho

“ S O S ” ca ll for h e lp , b u t b e fo re ho

co u ld g iv e th e v e s s e l’s p o s itio n tho s u b m a rin e ord ered th a t
s ig n a lin g bo s to p p e d o n p a in o f in s ta n t s in k in g .

A G erm an

o ffic e r w ith a n a r m e d g u a rd c a m o a lo n g sid e a n d ord ored all
h a n d s to le a v e th e sh ip in 2 0 m in u t e s .

T h o sea w a s c a lm ,

b u t it w as g ro w in g la t e , a n d th e y w ero a t le a s t s ix ty m ile s fr o m

AMERICAN HOSPITAL SHIP TO BE SENT INTO WAR
ZONE AFTER NOTIFICATION TO GERMANY.
N o tw ith s t a n d in g th e f a c t th a t G e r m a n y , o n o n o p re te x t

sh o r e .

T e n h e a v ily lo a d e d b o a ts p u t o ff fro m tho d o o m e d

lin e r, o f w h ich a ll b u t on o e v e n tu a lly re a ch e d p la ce s o f s a f o t y .
S o m e o f th e re fu ge es rea ch ed sh ore n e x t m o rn in g a t A tla n t ic

or a n o th e r , h as r e p e a te d ly to rp e d o e d B r itis h h o sp ita l sh ip s,

C i t y , N . J . , la n d in g in tho m id s t of tho h o lid a y th r o n g s ;

a n A m e r ic a n h o sp ita l s h ip , f u lly m a rk e d fo r id e n tific a tio n

a largo n u m b e r o f oth ers w ero p ic k e d u p b y tho sch o o n e r E v a

a n d w ith o u t c o n v o y , is to bo se n t in to th o w a r z o n e a fte r

B.

d u o n o tic e

e v e r , w a s ca p size d in a s to r m w h ic h blow u p , a n d a c c o r d in g to

to G e r m a n y as re q u ire d b y

in te r n a tio n a l la w .

D o u g la s a n d ta k e n to N e w Y o r k .

O n o b o a tlo a d , h o w ­

T h o v e sse l se le c te d fo r this se rv ic e is th o fo rm e r W a r d L in e r

e a r ly re p o rts 1 6 o u t o f 3 5 a b o a r d w ero d ro w n e d .

S a r a to g a , w h ic h h as b e e n re n a m e d th o C o m fo r t a n d fitte d

p o r ts p u t tlio to ta l loss o f lifo o n tho C a ro lin a a t 14— to n p as­

o u t to se rv e as a n a m b u la n c o sh ip b e tw e e n th is c o u n tr y an d

sen gers a n d 4 m e m b e rs o f tho c re w .

T h o su r v iv o rs in this

th e A m e r ic a n n a v a l b a se a b r o a d .

a

firs t A m e r ic a n h o sp ita l sh ip to e n te r th e w a r z o n o , A d m ir a l

b o a t w ere e v e n tu a lly
la n d e d a t L e w e s, D e l.

S im s ’s forc es
tr a n sp o r ts.

p erie n ce , a n d tho te s tim o n y is a lm o s t u n a n im o u s th a t tho

T h o C o m fo r t w ill bo th o

h e re to fo re h a v in g d e p e n d e d
_________________

upon

re tu rn in g

p ick ed

up

by

B r itis h

L a t e r re­

v e sse l a n d

N o t all th e ra id e rs’ v ic tim s , h o w e v e r, h a d su c h a tragic e x­
G e r m a n office rs w e n t o u t o f their w a y to m a k e a g o o d im p re s­

THE SINKING OF THE TRANSPORT LINCOLN.
A
th a t

b r ie f ca b lo fr o m A d m ir a l S im s o n M a y 3 1 a n n o u n c e d
th e

h o m e w a r d -b o u n d

A m e r ic a n

tr a n sp o r t

P re sid e n t

L in c o ln h a d b e e n to rp e d o e d a n d su n k b y a su b m a rin e a t
9 :5 3 o ’c lo c k th a t m o r n in g .

sio n .

T h e F ir s t O ffic e r o f tlio sc h o on e r W in n e c o n n e , for

e x a m p le ,

w a s a llo w e d

to

sa v o

a

m u c h -p riz e d

ty p e w r ite r ,

a n d C a p t a in G ilm o r e o f tho E d n a tells h o w a G e r m a n offic e r
s a v e d his silk u m b r e lla .

T h o m e ssa g e g a v e n o d e ta ils,

T h e fo rm e r D u t c h fre ig h ter T o x e l, w h ic h , w ith her cargo

a n d it w as n o t u n til J u n o 2 th a t a n x ie ty w a s to so m e e x te n t

o f 4 2 ,0 0 0 b a g s o f ra w s u g a r, w as v a lu e d a t 8 2 ,0 0 0 ,0 0 0 , w as

re lie v e d b y th e a n n o u n c e m e n t th a t th o loss o f life w a s c o m ­

u n d e r c o m m a n d o f C a p t . I t . K . L o w e r y w h e n a s u b m a rin e

p a r a tiv e ly s m a ll.

s a n k h e r la s t S u n d a y .

O n th e 3 d

th o N a v y

D e p a rtm e n t gave

o u t a s ta te m e n t sh o w in g th a t 3 o ffice rs a n d 2 3 e n liste d m e n

C a p t . L o w e ry re p o rte d th a t th e G e r ­

m a n C a p t a in w h o b o a rd e d his sh ip said h e h a d fo rm e r ly c o m ­

w ere m issin g a n d on o o ffic e r ta k e n p rison or b y th o su b m a rin e .

m a n d e d a n A m e r ic a n lin e r a n d e xp ressed re g re t a t h a v in g to

T h o tr a n sp o r t w as a tta c k e d a t a p o in t fa r b e y o n d th e u su a l

sin k th e s h ip .

ra d iu s o f s u b m a rin e a c t iv it y — p ress d isp a tc h e s s a y 6 0 0 to

b e fo re m a k in g la n d a t A tla n t ic C i t y .

8 0 0 m ile s fr o m

th o

c o a st— a n d

p e d o e s, sin k in g in 1 8 m in u t e s .

w as

str u c k b y

th ree to r­

T h ir d O ffic e r B ro w er o f tho sch o on o r W in n e e o n n o d escrib e d

F o r t u n a t e ly , th o p a sse n g e r

tho sin k in g o f his v e sse l b y “ g la ss b o m b s n o b ig g e r th a n a

list w as n o t la r g e , there b e in g n o on e on b o a r d , b e sid es th o




T h e crew o f th o T o x e l w ere 4 0 hou rs in b o a ts

b a s e b a ll,” fille d w ith a re d d ish liq u id .

3405

THE CHRONICLE

June 8 1918.]

AS A F F E C T E D B Y S U B M A R I N E

IN S U R A N C E RATES

ATTACKS.
T h e im m e d ia te e ffe c t in m a rin e in su ran ce circles o f th e n e w s
o f U - b o a t s o p e ra tin g o ff th e N e w J e rse y c o a s t w a s to in crease

t e r f e r e n c e w it h t h e o p e r a t i o n a n d s u c c e s s o f t h e s e f o r c e s , a n d t o p r o m o t e
a c o r r e s p o n d i n g s u c c e s s o f o u r e n e m i e s , I f f a l s e a n d k n o w n t o b o fa ls e
b y t h e o n e w h o m a k e s I t , c o m e s w it h in t h o t e r m s o f th is A c t o f C o n g r e s s .
A n y t h i n g w h ic h l o w e r s t h o m o r a l e o f o u r f o r c e s , w h i c h s e r v e s t o c h ill e n ­
t h u s i a s m , e x t i n g u i s h c o n f i d e n c e , a n d r e t a r d c o - o p e r a t i o n , m a y v e r y w e ll
c a u s e In s u b o r d in a tio n , d is lo y a lt y , o r m u t in y .

The

ra te s o n co a stw ise sh ip p in g risks b y a n y w h e re fr o m 1 ,5 0 0 to

v e r d ic t

of

th e

ju r y

w as

u n a n im o u s .

In

p a ssin g

A b o u t a w e e k b e fo r e , w h e n th e first ru m o rs s e n te n c e J u d g e V a n V a lk e n b u r g e x p re sse d th e o p in io n t h a t
o f su b m a rin e s in A m e r ic a n w a te rs b e g a n to b e h e a r d , m a rin e M r s . S to k e s ’ a c tiv itie s w ere “ p a r t o f a s y s t e m a tic p ro g ra m

2 ,0 0 0

p er c e n t.

u n d erw rite rs in N e w Y o r k

w ere w r itin g p olicie s o n c o a s t­

to c r e a te d is c o n te n t w ith th e w a r ,” s a y in g in p a r t:

K in g d o m w ere u n c h a n g e d a t 3 %

fo r a rm e d ve sse ls a n d 5 %

I b e l i e v e t h i s is p a r t o f a s y s t e m a t i c p r o g r a m t o c r e a t e d i s c o n t e n t w it h
t h e w a r , lo s s o f c o n f i d e n c e in t h e g o o d f a i t h a n d s i n c e r i t y u n d e r l y i n g t h e
c o n d u c t o f t h o w a r , a n d i t s u l t im a t e a im s ; t h e r e b y t o c a u s e w it h d r a w a l o f
s u p p o r t a t h o m o a n d a r e la x a t io n o f e f f o r t a n d e f f e c t i n t h e f i e l d . A l l t h is
t o t h e e n d t h a t p e a c e o n a n y t e r m s m a y b e b r o u g h t a b o u t w it h G e rm a n y
a n d t h e i n t e r e s t s o f t h e n a t i o n a t l a r g e s a c r i f i c e d f o r t h e r e a l iz a t i o n o f s o c ia l
a n d e c o n o m ic v ie w s o f c e r ta in g r o u p s .
W e h a v e in t h i s c la s s o f c a s e s a
s t u b b o r n a n d d e t e r m i n e d r e s is t a n c e t o G o v e r n m e n t d e c r e e s .
In a d e ­
m o c r a c y th is a m o u n t s t o d e fia n c e o f t h e p o p u la r w ill.
T o ju s tify th e sta n d
ta k e n , lo g ic , r e a s o n , a n d h u m a n s y m p a t h y a r e s p e c io u s ly in v o k e d , b u t n o
sta n d a rd s o f s u ch a r e r e c o g n iz e d , e x c e p t th o s e o f t h e o b je c t o r s t h e m ­
s e lv e s .
S u ch o p p o s it io n a m o u n ts t o fa n a tic is m a n d c o n t in u e s a ft e r d e b a te
h a s b e e n c l o s e d b y fin a l a c t i o n o n t h e p a r t o f t h e c o n s t i t u t i o n a l a u t h o r i tia s .
U n d e r s u c h c i r c u m s t a n c e s t h e o n l y p r a c t i c a l r e m e d y is a s t e r n a n d
s u b s ta n tia l a p p lic a t io n o f le g a l s a n c tio n s .

fo r n e u tr a l sh ip s.
G o v e r n m e n t r a te s ,

w oro

M r s . S to k e s s a id :

w ise b u sin e ss a t fr o m 7

to [10 c e n ts p er $ 1 0 0 , d e p e n d in g o n

th e class o f v e sse l a n d c a r g o , & c .
su b m a rin e s

w as

d e fin ite ly

A f t e r th e

e sta b lish e d ,

ra te s

pre sen ce o f
w ere

im m e ­

d ia te ly ra ised to $ 1 m in im u m , a n d so m e p o licie s w ere w r itte n
a t $ 2 p er $ 1 0 0 .

In su ra n c e m e n sa id th a t e v e n a t th e se f ig ­

ures th e y w ere ra th e r r e lu c ta n t to rak e o n a n y n e w b u sin e ss
u n til th e situ a tio n h a d b e e n cleared u p .

In su ra n c e o n ve sse ls

2 lA % -

t o B u e n o s A ire s w a s w ritte n o n W e d n e s d a y a t

Som e

o f th e c o m p a n ie s re fu sed to a c c e p t b u sin e ss a n d n e a r ly all
w ere r e lu c ta n t to p ro v id e c o v e r a g e .

R a t e s to th e U n it e d

I n a s t a te m e n t re a d to th e C o u r t b e fo re p a s s in g o f se n te n c e
how ever,

not

changed.

An­

n o u n c e m e n t w a s m a d e b y S e c re ta ry M c A d o o o n J u n e 5 th a t
n o a d v a n c e in ra te s fo r w a r risk in su ran ce o n v e sse ls a n d ca r­
go es in w a r zon e s o r c o a stw ise tr a ffic , o r else w h ere, w o u ld be
m a d e a t th is tim e , d esp ite th e G e r m a n su b m a rin e m e n a c e to
A m e r ic a n sh ip p in g .
S e c re ta ry M c A d o o a lso a n n o u n c e d th a t th e ra te s ch a rg ed
b y th o G o v e r n m e n t fo r th e in su ra n ce o n m a s te r s , office rs a n d
crew s o f m e r c h a n t ve sse ls e n g a g e d in tr a ffic th r o u g h th e
w ar z o n e h a d b e e n re d u ce d fr o m 2 5 c . p er $ 1 0 0 to 1 5 c .
c o rre sp o n d in g r e d u c tio n

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b e e n m a d e , it w a s a n ­

“ I h a v e a t a ll t i m e s r e c o g n i z e d t h e c a u s o o f o u r e n t r a n c e i n t o t h e w a r , a n d
I h a v o a t n o t im e o p p o s e d t h o w a r .
A n d a lth o u g h m y h o m e w a s s e a r c h e d
in m y a b s e n c e , a n d a l t h o u g h w it n e s s e s f r o m v a r i o u s m e e t in g s I a d d r e s s e d
h a v e t e s t ifie d f o r t h o G o v e r n m e n t, n o e v id e n c e h a s b e e n p r o d u c e d t o p r o v e
t h a t I h a v e a t a n y t im e o p p o s e d th o w a r .
“ E a r l y t h i s y e a r n e w s p a p e r s w e r e f il l e d w it h r e p o r t s o f t h e e x c e p t i o n a l l y
l a r g o p r o f i t s s e c u r e d b y w h a t is g e n e r a l l y k n o w n a s ‘ w a r p r o f i t e e r s , ’ a n d ,
r i g h t l y o r w r o n g l y , I h o n e s t l y f e a r e d t h e i r d o m i n a t in g i n fl u e n c e o v e r t h e
A d m i n i s t r a t i o n , a n d I a m n o t f r e e f r o m t h a t a p p r e h e n s io n a t t h e p r e s e n t
t im e .”

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

C O N S C I E N T I O U S OBJECTORS TO BE S E G R E G A T ED —
F U R L O U G H S FOR F A R M W O R K A T SO LDIER'S P A Y .

n o u n c e d , in sim ila r ra te s a p p lic a b le ou tsid o th e w a r z o n e .

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T R A N SPO R T M O L D A V I A TORPEDOED W I T H
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to m ilit a r y se rv ic e , S e c re ta ry o f W a r

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m o rn in g o f M a y 2 3 , w ith a loss o f 5 5 m e n , a ll so ld ie rs.
T h o v e sse l w a s u n d er c o n v o y o f B r itish d e stro y e rs a n d , w ith

h a v o re fu s e d to p e r fo rm m ilit a r y serv ice o r to a c c e p t th e

p e rfe c t d iscip lin e , th ere w a s little d iffic u lty in re scu in g th e

a lte r n a tiv e o f p e r fo r m in g n o n -c o m b a t a n t d u tie s , u n d e r th e

s u r v iv o r s .

T h o m o n lo s t w ere slee p in g o n a lo w e r d e c k a n d

w ere e ith er k ille d b y th e e x p lo sio n or d ro w n e d b y th o w a te r

te rm s o f th e P r e s id e n t’ s o rd er o f M a r c h 2 0 .

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o b je c to r s h a v e b e e n m e r e ly se g reg a te d a t th e v a rio u s c a m p s ;

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th e y w ill n o w b e re -e x a m in e d b y a sp ec ial b o a r d a p p o in te d

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sincere w ill b o g iv e n a n o p p o r tu n it y to v o lu n te e r fo r ag ri­
c u ltu ra l w o rk a t th e sa m e r a te o f p a y as a s o ld ie r, a n y e x ­

fired th e to rp e d o w a s n o t s ig h te d .

cess re c e iv e d fr o m e m p lo y e rs to g o to th e R e d C r o s s .

T E N - Y E A R S E N T E N C E S FOR M R S. S T O K ES, C H A R G E D
W IT H V IOLATIN G ESPIONAGE ACT.
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p e n d in g a n a p p e a l.

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“ ce rta in false re p o r ts a n d fa lse s ta te m e n ts w ith th e in te n t o n
h e r p a r t to in te rfe re w ith th o o p e ra tio n s a n d su ccess o f th e
m ilita r y a n d n a v a l forc es o f th e U n it e d S ta te s a n d to p ro ­
m o te th e su ccess o f th e e n em ies o f th e U n it e d S t a t e s .”

The

p a ssa g e in M r s . S to k e s ’ lo tte r to th o “ S ta r ” o n w h ic h th e
in d ic tm e n t w a s b a se d re a d :
N o G o v o r n m o u t w h i c h is f o r t h o p r o f i t e e r s c a n a l s o b o f o r t h o p e o p l o , a n d
I a m f o r t h o p o o p l o , w h il o t h o G o v e r n m e n t is f o r t h o p r o f i t e e r s .

T h o le tte r w a s w r itte n in e x p la n a tio n o f a n a d d re ss b e fo re
th o W o m a n ’ s D in in g C lu b o f K a n s a s C i t y , in th o co u rso o f
w h ic h M r s .
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m e n ts c h a rg e d , b u t e n te re d a ge n e ra l d on ia l o f im p ro p e r
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fo r t h b y J u d g o V a n V a lk e n b u r g in h is ch a rg e to th e ju r y ,
in w h ic h h e sa id :
O u r a r m ie s a n d n a v i e s c a n o p e r a t e a n d s u c c e e d o n l y s o f a r a s t h e y a r o
s u p p o r t e d a n d m a i n t a in e d b y t h o f o lk s a t h o m o a n d t h e m e a s u r o o f t h e i r
s u cce s s d o p o n d s u p o n t h o In te n s ity o f t h e ir m a in te n a n c e a n d s u p p o r t . A n y
s t a t e m e n t m a d e k n o w i n g l y a n d w il fu ll y a n d w it h I n t e n t t o p r o m o t o In ­




In

ce rta in ca ses t h e y w ill b e p e r m itte d to v o lu n te e r fo r se rv ice
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th e

th e fo llo w in g s ta te m e n t:

O r d o r s h a v e b e e n is s u e d b y t h e S e c r e t a r y o f W a r p r o v i d i n g f o r t h o s e g r e ­
g a t i o n o f c o n s c ie n t i o u s o b j e c t o r s a t F o r t L e a v e n w o r t h , K a n .
M e n re­
fu s in g e it h e r t o p e r f o r m m il i t a r y s e r v ic e o r t o a c c e p t t h e a l t e r n a t iv e o f
d u t i e s c la s s e d a s n o n - c o m b a t a n t w ill b e t r a n s fe r r e d f r o m t h e ir p r e s e n t
c a m p s a f t e r b o i n in t e r r o g a t e d p e r s o n a l l y b y a b o a r d o f i n q u i r y
T h o S e c r e t a r y h a s a p p o in t e d a s m e m b e r s o f t h is B o a r d M a j o r R i c h a r d
O.
S t o d d a r d o f t h o J u d g o A d v o c a t e ’s o f f i c e . C h a ir m a n ; F e d e r a l J u d g e
J u lia n W . M a c k o f C h i c a g o , a n d D e a n H . F . S t o n e o f t h o C o l u m b i a U n i ­
v e r s it y L a w S c h o o l , N e w Y o r k .
T h o B o a r d w ill v i s it t h e f o u r o r f i v e
c a m p s w h e r e t h o f o w c o n s c ie n t i o u s o b j e c t o r s a r o n o w s e g r e g a t e d .
S p e c ia l p r o v i s i o n is m a d e b y w h ic h o b j e c t o r s , w h o a r o h e l d t o b e s in c e r e
In t h e ir a t t it u d e , m a y b o fu r lo u g h e d w it h o u t p a y f r o m t h e G o v e r n m e n t
f o r a g r ic u lt u r a l s e r v ic e .
T h e s e m e n m u s t a g r e e n o t t o a c c e p t f o r t h e ir
l a b o r a g r e a t e r s u m t h a n t h e p a y o f a p r i v a t e p lu s s u b s is t e n c e .
C o n s c i e n t i o u s o b j e c t o r s , t h o u g h t h e ir n u m b e r s h a v e b e e n r e la t i v e l y
s m a l l, h a v o p r e s e n t e d a p r o b l e m t o t h e W a r D e p a r t m e n t a n d t h e p r e s e n t
in s t r u c t i o n s a r e b a s e d u p o n s e v e r a l m o n t h s o f s t u d y .
A m o n g s o m o o f t h o o b j e c t o r s a n i m p r e s s io n p r e v a i l s t h a t t h e y m a y i n
t h o n e a r f u t u r e b o d is c h a r g e d f r o m m il i t a r y s e r v ic e a n d r e li e v e d f r o m r e ­
s p o n s i b i li t y t o t h e G o v e r n m e n t a s a r e s u lt o f t h e ir a t t i t u d e .
S u c h is n o t
t h o f a c t a n d u n d e r n o c ir c u m s t a n c e s w il l t h is a c t i o n b o t a k e n in t h o c a s e
o f m e n o t h e r w i s e c o m p e t e n t t o p e r f o r m m il i t a r y s e r v ic e .
T h e i r r ig h t s o f
i n d i v id u a l c o n s c i e n c e w ill b e r e s p e c t e d , b u t in j u s t i c o t o t h o s o ld ie r s w h o
a r o w il li n g a n d a n x i o u s t o r is k t h e ir liv e s in d e f e n s e o f t h e r ig h t , m e n r e ­
fu s in g t o p e r f o r m a n y s e r v ic e w h a t e v e r u n d e r t h o p r o v i s io n s o f t h e s e l e c t i v e s e r v ic o A c t c a n n o t e x p e c t t o a v o i d t h e r e s p o n s i b il i t y f o r a n a t t it u d e w h ic h
Is s h a r e d b y o n l y a n e x t r e m e ly s m a ll p r o p o r t i o n t o t h e ir f e ll o w c o u n t r y ­
m e n , m u c h lo ss e x p e c t t o r e c e iv e a n y p r iv ile g e s n o t a c c o r d e d t o o t h e r s .
T h o S e l e c t iv e S e r v i c e A c t m a k e s p r o v i s io n f o r t h e a s s ig n m e n t t o n o n ­
c o m b a t a n t m il i t a r y s e r v ic e o f m e m b e r s o f r e lig io u s b o d i e s o p p o s e d in p r i n ­
c ip le t o w a r .
I n c e r t a in in s t a n c e s t h e c h u r c h in q u e s t i o n s p e c i fi e s t h a t
o b e d i e n c e t o a n y m il i t a r y o r d e r , w h e t h e r g i v e n b y a c o m p a n y c o m m a n d e r
o r b y a s u r g e o n in t h e h o s p i t a l i n v o l v e s a d e p a r t u r e f r o m t h e t e n e t s o f t h e
c h u r c h a n d in m a n y c a s e s in d i v id u a l o b j e c t o r s h a v e s t a t e d t h a t t h o s a m e
c o n c lu s io n p r e v e n t s t h e ir a c c e p t i n g t h o a U * r u a t iv e o f n o n - c o m b a t a n t
s e r v ic e o f f e r e d b y t h e t e r m s o f t h o P r e s i d e n
•« l o f M a r c h 2 0 .
Fof

2 4 0 6

THE CHRONICLE

t h is r e a s o n t h o n e w in s t r u c t i o n s h a v e b e e n d r a w n in s u c h a w a y a s t o p r o ­
v i d e t h o g r e a t e s t g e n e r o s i t y o f t r e a t m e n t t o t h o m e n w h o s e s i n c e r i t y is
p r o v e d , w h il e k e e p i n g t h e s t r ic t e s t c h o c k a g a i n s t g i v i n g a n o p p o r t u n i t y
t o t h o s la c k e r o r m a lin g e r e r .

T h e te x t o f th e o rd e r issu e d b y
fo llo w s :

th e S e c r e ta r y o f W a r

T h e S e c r e t a r y o f W a r d i r e c t s t h a t I n s t r u c t i o n s s u n s t a n t i a l ly a s f o l l o w b e
s e n t t o a ll c o m m a n d i n g o f f i c e r s c o n c e r n e d :
1. B y t h e te r m s o f th o P r e s id e n tia l o r d e r o f M a r c h 2 0 1 9 1 8 , m o n re ­
p o r t i n g a t t h o t r a in in g c a m p s u n d e r t h o p r o v i s i o n s o f t h o S e l e c t iv e S e r v i c e
l a w w h o p r o f e s s c o n s c ie n t i o u s s c r u p le s a g a in s t w a r fa r e a r e g i v e n a n o p p o r ­
t u n i t y t o s e l e c t f o r m s o f s e r v ic e d e s i g n a t e d b y t h o P r e s i d e n t t o b o n o n ­
c o m b a t a n t in c h a r a c t e r .
B y d ir e c tio n o f th o S e cre ta ry o f W a r , d a te d
A p r i l 2 2 1 9 1 8 , i n s t r u c t i o n s w e r e is s u e d b y t h is o f f i c o A p r i l 2 7 1 9 1 8 , t o t r y
b y c o u r t - m a r t i a l t h o s e d e c l in i n g t o a c c o p t s u c h n o n - c o m b a t a n t s e r v ic e ;
(a) w h o s o a t t i t u d e in c a m p is d e f ia n t ; (&) w h o s e s i n c e r i t y is q u e s t i o n e d ;
(c ) w h o a r e a c t i v e in p r o p a g a n d a .
2 . A l l o t h e r m o n p r o f e s s i n g c o n s c ie n t i o u s o b j e c t i o n s , n o w s e g r e g a t e d in
p o s t s a n d c a m p s , i . e . , t h o s o w h o , w h ile t h e m s o lv e s r e fu s in g t o o b e y m il i ­
t a r y I n s t r u c t io n s o n t h o g r o u n d o f c o n s c ie n t i o u s s c r u p l e s , r e lig io u s o r o t h e r ,
h a v e g i v e n n o o t h e r c a u s o o f c r it i c is m in t h e ir c o n d u c t , a n d a ll w h o h a v e
b e e n o r m a y b o a c q u i t t e d b y s u c h c o u r t s -m a r t ia l s h a ll b o t r a n s f e r r e d u p o n
o r d e r s I s s u e d b y t h is o f f i c e t o c a m p a n d o t h e r c o m m a n d e r s t o F o r t L e a v e n ­
w orth , K a n .
T h o c o m m a n d i n g o f f i c e r , F o r t L e a v e n w o r t h , w ill k e o p
t h e s e m e n s e g r e g a t e d , b u t n o t u n d e r a r r e s t , p o n d in g f u r t h e r i n s t r u c t i o n s
f r o m t h is o f f i c o .
3 . T h e s a m e p r o c e d u r e s h a ll b e c a r r ie d o u t a s p r o m p t l y a s p o s s i b le in t h o
c a s e s o f m e n p r o f e s s i n g s im ila r s c r u p le s w h o m a y r e p o r t a t p o s t s o r c a m p
in t h o f u t u r e .
4 . U n d e r n o c ir c u m s t a n c e s w ill c o n s c ie n t i o u s o b j e c t o r s o t h e r w i s e q u a ii t o p e r f o r m m i l i t a r y d u t y b o d i s c h a r g e d f r o m t h e i r r e s p o n s i b il i t ie s u n d e r
t h o S e l e c t iv e S e r v i c e l a w , b u t t h o S e c r e t a r y o f W a r h a s o c n s t i t u t o d a B o a r d
o f I n q u i r y c o m p o s e d o f a r e p r e s e n t a t iv e f r o m t h o J u d g o A d v o c a t o ’s o f f i c e
( M a j o r R i c h a r d C . S t o d d a r d ) , C h a ir m a n ; J u d g o J u lia n W . M a c k , o f t h o
I* e d e r a l C o u r t , a n d D e a n I I . F . S t o n o o f t h o C o l u m b i a U n iv e r s i t y L a w
S c h o o l.
I t w ill b o t h o d u t y o f t h is B o a r d t o i n t e r r o g a t e p e r s o n a l l y e a c h
m a n s o tra n sfe rre d .
S u c h m e n a s m a y b e d e t e r m in e d b y t liis B o a r d t o
b o s i n c e r e in t h e ir a t t i t u d o a n d d e s ir o u s o f s e r v in g t h e i r c o u n t r y in a n y
w a y w it h i n t h o lim i t s o f t h e ir c o n s c ie n t i o u s s c r u p le s m a y b o f u r lo u g h e d b y
t h o c o m m a n d i n g o f f i c e r , F o r t L e a v e n w o r t h , w i t h o u t p a y f o r a g r i c u lt u r a l
s e r v ic o u p o n t h e v o l u n t a r y a p p li c a t io n o f t h o s o l d ie r u n d e r t h o a u t h o r i t y
c o n t a i n e d in t h o A c t o f C o n g r e s s o f M a r c h 16 1 9 1 8 , a n d t h o p r o v i s io n s
o f G e n e r a l O r d e r 3 1 1 9 1 8 , p r o v i s io n s b e i n g m a d o :
(1 ) T h a t m o n t h l y r e p o r t a s t o t h o i n d u s t r y o f e a c h p e r s o n s o f u r lo u g h e d
s h a ll b o r e c e iv e d f r o m d is in t e r e s t e d s o u r c e s , a n d t h a t t h o f u r lo u g h s h a ll
t e r m i n a t e a u t o m a t i c a l l y u p o n r e c e ip t o r r e p o r t t h a t h e is n o t w o r k in g t o
t h o b e s t o f h is a b i l i t y ; a n d
( 2 ) T h a t n o p e r s o n s h a ll b o r e c o m m e n d e d f o r s u c h f u r lo u g h w h o d o c s n o t
v o l u n t a r i l y a g r e o t h a t h o s h a ll r e c e iv e f o r h is l a b o r a n a m o u n t n o g r e a t e r
t h a n a p r i v a t e ’s p a y , p lu s a n e s t im a t e d s u m f o r s u b s i s t e n c e i f s u c h b o n o t
p r o v id e d b y th o e m p lo y e r .
I t is s u g g e s t e d t h a t a n y a d d it i o n a l a m o u n t
w h ic h m a y b o o f f e r e d f o r t h o s e r v ic o o f s u c h m o n b o c o n t r i b u t e d t o t h e
R e d C ross.
5 . I n e x c e p t i o n a l c a s e s t h o B o a r d m a y r e c o m m e n d f u r lo u g h f o r s e r v ic e
in F r a n c o in t h e F r i e n d s ’ R e c o n s t r u c t i o n U n it .
6 . I f t h e r e s h a ll b o a n y in s t a n c e s in w h ic h t h o f in d in g s o f c o u r t s -m a r t ia l
a t c a m p s o r p o s t s in c a s e s i n v l o v i n g c o n s c ie n t i o u s o b j e c t o r s s h a ll b o d is ­
a p p r o v e d b y t h o S e c r e t a r y o f W a r , t h o m o n c o n c e r n e d s h a ll a ll b e t r a n s ­
f e r r e d t o F o r t L e a v e n w o r t h , a n d s i m i l a r ly e x a m i n e d a n d r e p o r t e d u p o n
b y th e B o a rd o f I n q u ir y .
7 . A n y m a n w h o is n o t r e c o m m e n d e d f o r f u r lo u g h b y t h is B o a r d , o r
w h o b e i n g o f f e r e d s u c h f u r lo u g h s h a ll r e fu s o t o a c c e p t i t , o r w h o s o f u r lo u g h
s h a ll b o t e r m i n a t e d f o r t h e r e a s o n s i n d i c a t e d a b o v e , o r f o r o t h e r r e a s o n s
d e e m e d s u f f i c ie n t b y t h e S e c r e t a r y o f W a r , s h a ll b o r e q u i r e d t o p e r f o r m
s u c h n o n - c o m b a t a n t s e r v ic o a s m a y b o a s s ig n e d t o h i m , a n d s h a ll b o h e ld
s t r i c t l y a c c o u n t a b l e u n d e r t h o a r t ic le s o f w a r f o r t h o p r o p e r p e r f o r m a n c e
o f s u c h s e r v ic o a n d t o s t r ic t o b e d l e n c o t o a ll l a w s g o v e r n i n g o r a p p li c a b l e
t o s o ld ie r s e m p l o y e d in t h a t s t a t u s .
I n th o e v e n t o f d is o b e d ie n c e o r s u ch
l a w s o r fa il u r e t o p e r f o r m s u c h s e r v i c o , t h e o f f e n d e r s h a ll b o t r ie d b y c o u r t m a r t ia l ; a n d i f f o u n d g u i l t y a n d s e n t e n c e d t o c o n f i n e m e n t , s h a ll b e d e t a i n e d
in t h o d i s c ip l i n a r y v a r r a c k s f o r t h o t e r m o f h is s e n t e n c e .
8 . P o n d in g t h o fin a l d e c i s io n in e a c h c a s e a s t o t h o d is p o s a l o f t h o s o m e n ,
t h o d i r e c t i o n s a s t o t h e ir t r e a t m e n t , is s u e d f r o m t im e t o t im o b y o r d e r o f
t h o S e c r e t a r y o f W a r , r e m a in in f o r c o .
T h o s o m a y b o s u m m a r iz e d a s
fo llo w s :
A s a m a t t e r o f p u b l i c h e a lt h e v e r y m a n in c a m p , e n t i r e l y a p a r t f r o m h is
m il i t a r y s t a t u s , s h a ll b o e x p e c t e d t o k e e p h i m s e lf a n d h is b e l o n g i n g s a n d
s u r r o u n d in g s c le a n , a n d h is b o d y in g o o d c o n d i t i o n t h r o u g h a p p r o p r i a t e
o x e r c is e .
M e n d e c l in i n g t o p e r f o r m m il i t a r y d u t i e s s h a ll b o e x p e c t e d t o
p r o p a r o t h e ir o w n f o o d .
I f , h o w e v e r , a n y d r a f t e d m a n , u p o n h is a r r iv a l a t c a m p , e it h e r t h r o u g h
t h e p r e s e n t a t i o n o f a c e r t i f ic a t e f r o m h is l o c a l b o a r d , o r b y w r i t t e n s t a t e ­
m e n t a d d r e s s e d b y h i m s o lf t o t h o c o m m a n d i n g o f f i c e r , s h a ll r e c o r d h i m ­
s e l f a s a c o n s c ie n t i o u s o b j e c t o r , h o s h a ll n o t , a g a in s t h is w il l, b o r e q u i r e d t o
w e a r a u n i f o r m o r t o b e a r a r m s ; n o r , i f p e n d in g t h o f in a l d e c i s io n a s t o h is
s t a t u s , h e s h a ll d e c l in o t o p e r f o r m u n d e r m il i t a r y d i r e c t i o n , d u t i e s w h ic h
h o s t a t e s t o b e c o n t r a r y t o t h o d i c t a t e s o f h is c o n s c io n c o , s h a ll lie r e c e iv e
p u n it i v e t r e a t m e n t f o r h is c o n d u c t .
N o m a n w h o f a il s t o r e p o r t a t c a m p , in a c c o r d a n c e w it h t h o in s t r u c t i o n s
o f h is l o c a l b o a r d , o r w h o , h a v i n g r e p o r t e d , fa ils t o m a k o c lo a r u p o n h is
a r r iv a l h is d e c i s io n t o b o r e g a r d e d a s a c o n s c ie n t i o u s o b j e c t o r , is e n t i t l e d
t o t h o t r e a t m e n t o u t l in e d a b o v e .
I n t h o a s s ig n m e n t o f a n y s o l d ie r t o d u t y , c o m b a t a n t o r n o n - c o m b a t a n t ,
t h o W a r D e p a r t m e n t r e c o g n i z e s n o d i s t in c t i o n b e t w e e n s e r v ic o in t h o U n it e d
S t a t e s a n d s e r v ic o a b r o a d .
1 1 . T h a t t h o C o m m a n d in g G e n e r a l, C o n t r a l D e p a r t m e n t , b o in s t r u c t e d
t o a d v i s e t h e c o m m a n d i n g o f f i c e r , F o r t L e a v e n w o r t h , K a n . , in a c c o r d a n c e
w it h t h o f o r e g o i n g , a n d d i r e c t h i m t o t a k e t h o n c c o s s a r y a c t i o n f o r t h o rev
c e p t i o n a n d s e g r e g a t io n o f t h o s o m e n , a n d t o c o - o p e r a t e w it h t h o B o a r d
o f I n q u i r y in d i s p o s in g o f t h e ir c a s e s .

WORK OR FIGHT ORDER TO SELECTIVE DRAFT MEN
NOT INTENDED TO AFFECT LABOR.
A s ta te m e n t in w h ich ho e x p la in e d th a t th o o rd er o f M a y 2 3 w ith re g a rd to th e re q u ire m e n t t h a t e v e r y m a n o f se le cte d
d r a ft ag e w ill bo o b lig e d to “ fig h t o r w o r k ” w a s n o t in te n d e d
to a ffe c t th o la b o r s itu a tio n , w a s m a d e a s fo llo w s b y S ecre­
ta r y o f W a r B a k e r o n M a y 2 5 :
M y a t t e n t i o n h a s b e e n c a l le d t o t h o p o s s i b il i t y o f s o m e m is u n d e r s t a n d i n g
o f t h o o r d e r is s u e d t h r o u g h t h o P r o v o s t M a r s h a l G o n o r a l a f f e c t i n g p e r s o n s
e n g a g e d in le s s -e s s e n t ia l in d u s t r ie s , o n e s u g g e s t i o n b e i n g t h a t t h is is t h e




[Vol. 106

b e g i n n i n g o f a s e r ie s o f r e g u la t io n s f o r t h o p u r p o s e o f a f f e c t i n g t h o l a b o r
s i t u a t i o n in t h o c o u n t r y .
I w a n t t o s t a t e in t h o m o s t p o s i t i v o w a y t h a t t h is r e g u l a t io n h a s n o t h i n g
t o d o w it h t h o l a b o r s i t u a t io n o f t h o c o u n t r y , a n d i t is n o p a r t o f t h o i n t e n ­
t i o n o f t h e W a r D e p a r t m e n t , e it h e r in t h is r e g u l a t io n o r a n y o t h e r , t o u n ­
d e r t a k e t o a f f e c t t h o l a b o r s i t u a t io n o f t h o c o u n t r y b y m il i t a r y r e g u l a t io n .
T h o s o l o p u r p o s e o f t h is o r d e r is t o g u i d o e x e m p t i o n b o a r d s i n t h e ir d u t y
t o a p p l y t h e p r o v i s io n s o f t h o la w a f f e c t i n g o c c u p a t i o n s a s a r e a s o n f o r
e x e m p t i o n a n d d e f e r r e d c la s s i f ic a t i o n .
T h o S e c r o t a r y w a s t h e n a s k e d w h a t t h o e f f e c t o f t ld s r e g u l a t io n w o u ld
b o u p o n p e r s o n s t e m p o r a r i l y o u t o f e m p l o y m e n t b y r e a s o n o f s t r ik e s g r o w ­
i n g o u t o f l a b o r d is p u t e s .
I I o s a id :
T h e r e g u l a t io n is s ile n t o n t h a t s u b j e c t ; b u t i t is n o t t h e i n t e n t io n o f t h o
D e p a r t m e n t t o p e r m it t h o d r a f t r e g u l a t io n s t o b o u s e d t o a f f e c t a n y s u c h
l a b o r c o n t r o v e r s y , a n d u n e m p l o y m e n t b y r e a s o n o f s t r ik e s w ill n o t b o
r e g a r d e d a s s u c h u n e m p l o y m e n t a s w ill c a n c e l e it h e r e x e m p t i o n o r d e f e r r e d
c la s s i f ic a t i o n .
T h e w h o lo q u e s t i o n o f t h o r e la t i o n o f t h e G o v e r n m e n t t o
l a b o r is f o r a d m i n i s t r a t i o n b y t h o L a b o r D e p a r t m e n t , a n d t h o W a r D e ­
p a r t m e n t d o e s n o t I n t e n d a n y in d i r e c t i n t e r f e r e n c e in it .

DRAFTED MEN WITH MINOR DEFECTS TO BE USED
IN PRODUCING ARMY SUPPLIES.
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b u t a fte r th a t d a te a llo tm e n ts w ero to b e m a d o to th o v a rio u s
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b o u s e d , it w a s e x p la in e d , h a v e a th u m b , a to o , o r a n e y e
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n e s s , a n d so h e ld to b e o f uso in s o m o c a p a c it y in th o m ili­
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DESTROYER BUILT IN 17
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SPEED RECORDS.
A ll re co rd s fo r s p ee d in sh ip c o n s tr u c tio n w ere b r o k e n ,
a c c o r d in g t o th e c la im s o f tho N a v y D e p a r tm e n t, w h en the
to rp e d o b o a t d e s tro y e r W a r d , u n d er c o n str u c tio n a t tho M a r e
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17 A

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th o fo llo w in g d e ta ils :

I h a v o r e c e i v e d a t e le g r a m f r o m M a r e I s la n d . C a l . , s t a t in g t h a t t h e d e ­
s t r o y e r W a r d , u n d e r c o n s t r u c t i o n a t o u r n a v y y a r d t h e r e , w a s la u n c h e d la s t
e v e n in g a t 8 .3 0 .
T h e k e e l o f t h is v o s s o l w a s l a id a t 7 . 3 0 a . m . M a y 15__
s e v e n t e e n a n d a h a l f d a y s p r i o r t o t h o la u n c h i n g .
T h i s is a w o r l d 's r e c o r d f o r t h o c o n s t r u c t i o n p e r i o d o n t h o b u i l d in g w a y s ,
t h o p r o v i o u s w o r l d ’s r e c o r d b e i n g t h o l a u n c h i n g o f a c a r g o v e s s e l , a b o u t 3 3 3
f o o t l o n g , b y t h o N o w Y o r k S h i p b u il d i n g C o m p a n y , C a m d e n , N . J . , in a
lit t le o v e r t w e n ty -s o v e n d a y s .
I n m a k i n g t ld s r e m a r k a b l o d e s t r o y e r r e c o r d a s m u c h s t r u c t u r a l w o r k a s
p o s s i b lo w a s p r e p a r e d in a d v a n c e , r e a d y f o r e r e c t i o n a n d a s s e m b lin g b e f o r e
th o k e e l w a s la id .
B u lk h e a d s , s e c t io n s o f t h o k e e l , d e c k h o u s e s , b r i d g o
s t r u c t u r e , a n d a s e c t io n o f t h o s t e m o f t h e v e s s e l w o r o r i v e t e d u p r e a d y f o r
a s s e m b l in g in p l a c o o n t h e W a y s .
W h i l o t h o M a r e I s la n d N a v y Y a r d h a s a w o ll -o a r n o d r e c o r d f o r e x p e ­
d i t i o u s a n d e f f i c i e n t w o r k in n o w c o n s t r u c t i o n , t h o p e r f o r m a n c e o n t h o
W a r d is t h o c u l m i n a t i o n o f it s e f f o r t s , s h o w in g t h o e x c e l le n t s p i r it a n d e n ­
e r g y o f th o n a v y y a r d w o rk m e n a n d o ffic o r s .
T h o c o m m a n d a n t W h o d r o v e t h o f ir s t r i v o t in t h o la y i n g o f t h o k e e l o f
t h e W a r d is C a p t a in H a r r y G e o r g o , U . S . N . , a n d t h o c o n s t r u c t i o n
o f f i c e r N a v a l C o n s t r u c t o r I I . M . G le a s o n , U . S . N . . w h o p l a n n e d a n d h a d
im m e d ia te ch a r g o o f th o w o rk .
W h i lo t h o r e c o r d o n t h o W a r d w ill p r o b a b l y s t a n d f o r s o m o t i m o , s i n c e
t h o b e g in n in g o f t h e w a r w it h G e rm a n y t h o e ffo r t s o f t h o D e p a r tm e n t t o e x ­
p e d it e d e s tr o y e r c o n s tr u c tio n h a v o m o t w it h d e c id e d s u c c e s s , d u o t o th o
e a r n e s t c o - o p e r a t i o n a n d e n d e a v o r s o f t h o b u i l d in g y a r d s c o n c e r n e d .
I n 1 8 9 8 , t w e n t y y e a r s a g o , t h o f ir s t s i x t e e n d e s t r o y e r s w e r o a u t h o r i z e d
f o r t h o U n it e d S t a t e s N a v y . T h e s e w e r o lo s s t h a n h a l f t h o s iz e o f o u r p r e s ­
e n t d e s t r o y e r s , a n d y e t t h e ir a v e r a g o t i m o f r o m t h o la y i n g o f t h o k e e l t o
la u n c h in g w a s a l m o s t o x a c t l y t w o y e a r s .
D u r in g t h o t e n y e a r s p r i o r t o
t h o w a r , C o n g r e s s a u t h o r i z e d a n a v e r a g o o f f i v o o r s ix d e s t r o y e r s a y e a r .
T h o r e c o r d s s h o w t h a t in t h o c o n s t r u c t i o n o f t h o s o t h o a v e r a g o t im o o n t h e
w a y s w a s a l m o s t e x a c t l y e le v e n m o n t h s , t h o t o t a l t im o o f c o n s t r u c t i o n
b e in g a b o u t t w o y e a r s .
T h o a v e ra g o tim o o n th o w a y s o f t h e n u m e r o u s
d e s t r o y e r s w h ic h h a v e b e e n l a u n c h e d d u r in g t h o la s t y e a r , h o w o v o r , is a
l it t l o o v e r f i v e m o n t h s , b e i n g s o m e w h a t lo s s t h a n h a l f t h o a v e r a g o t im e
u n d e r p e a c e c o n d it io n s .

NEW DIVISIONS IN ORDNANCE DEPARTMENT.
C e r ta in

c h a n ge s

D e p a rtm e n t,
crea sed

in

to o b ta in

e ffic ie n c y

2407

THE CHRONICLE

June 8 1918.]

in

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g r e a te r fre e d o m o f
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tlio

O rdn ance

MOURNING SUBSTITUTE FOR THOSE DYING IN
GOVERNMENT SERVICE.
T h e W o m a n ’ s C o m m it t e e , C o u n c il o f N a t io n a l D e f e n s e ,

a c tio n a n d in ­

d iv is io n s ,

n o u n c e d b y th e W a r D e p a r tm e n t o n M a y 2 8 .

w ero

an­

I n m a k in g

o n M a y 2 5 , a u th o r iz e d th o fo llo w in g , c o n c e rn in g m o u rn in g
e m b le m s re c o m m e n d e d fo r

th e r e la tiv e o f

th o se

d y in g in

k n o w n th eso c h a n ge s th e D e p a r t m e n t sa id :

th o w a r:

B y a n o r d e r o f t h o A c t i n g C h i e f o f O r d n a n c e c e r t a in c h a n g e s a r o m a d e
in t h o o r g a n i z a t io n o f t h o O r d n a n c e D e p a r t m e n t .
T h o c h i e f p u r p o s o o f t h e s e c h a n g e s is t o o b t a i n g r e a t e r f r e e d o m o f a c t i o n
a n d in c r e a s e d e f f i c i e n c y in t h o o p e r a t i n g d i v i s i o n s o f t h o O r d n a n c e D e ­
p a r t m e n t . c h a r g e d w it h t h o e x e c u tio n o f th o O rd n a n c e p r o g r a m , b y b r in g ­
i n g t h e o p e r a t i n g d i v i s i o n s m o r e c l o s e l y in c o n t a c t w i t h t h o A c t i n g C h i e f

T h o W o m a n ’s C o m m i t t e e o f t h e C o u n c i l o f N a t i o n a l D e f e n s e a t its
m o n t h l y m e e t in g h e l d t h i s w e e k in W a s h i n g t o n , r e c o m m e n d e d t h a t a s a
s u b s t i t u t e f o r m o u r n i n g t h e r e s h o u l d b e w o r n u p o n t h e l e ft a r m a t h r e e i n c h b l a c k b a n d , u p o n w h ic h a g i lt s t a r s h o u l d b o p l a c e d f o r e a c h m e m b e r
o f a f a m i l y w h o s e l if e h a s b e e n l o s t i n t h o s e r v ic e .
T h i s r e s o lu t i o n w a s l a id b e f o r e P r e s i d e n t W i l s o n f o r h is a p p r o v a l .
The
P r e s i d e n t h a s s e n t t h e f o l l o w i n g l e t t e r t o D r . S h a w , C h a ir m a n o f t h e
C o m m itte e :
T H E W H IT E H O U SE

of

O rd n a n ce.
T h o d iv is io n s u n d e r t h o n o w o r d e r a r e a s f o llo w s :
( а ) The Administration Division.— T h o n a m e o f t h o G e n e r a l A d m i n i s t r a ­
t i o n B u r e a u is c h a n g e d t o t h a t o f t h o A d m i n i s t r a t i o n D i v i s i o n , w i t h o u t ,
h o w o v e r , a n y c h a n g e in t h o w o r k w i t h w h ic h i t is c h a r g e d , w h i c h is a d ­
m in is t r a t io n o f fin a n c o , p e r s o n n e l, a n d p r o p e r t y ; t h o c o lle c t io n a n d d is ­
s e m in a t io n o f i n f o r m a t i o n o t h e r t h a n s t a t i s t i c a l i n f o r m a t i o n , a n d t h o m a i n t o n a n c o o f r e la t i o n s w i t h c e r t a i n o u t s i d e a g e n c i e s .
(б ) The Engineering Division.— T h o n a m e o f t h o E n g in e e r i n g B u r e a u is
c h a n g e d t o t h a t o f t h o E n g in e e r i n g D i v i s i o n .
T h o E n g in e e r i n g D i v i s i o n is
c h a r g e d w i t h t h o p r e p a r a t i o n o f d e s i g n s a n d s p e c i f i c a t i o n s o f m a t e r ia l a n d
t h o d e c is io n a s t o t y p o s t o b e m a n u fa c tu r e d .
(c ) The Estimates and Requirements Division.— C h a r g e d w i t h t h o f o r m u ­
la t io n o f re q u ir e m e n t s c h e d u le s b a s e d u p o n t h o m a n p o w e r p r o g r a m d ic ­
ta te d b y th o G en eral S ta ff.
T h i s d i v i s i o n is a l s o c h a r g e d w i t h t h o s t a t i s ­
t i c a l a n a ly s i s o f t h o w o r k a n d p r o g r e s s o f t h o O r d n a n c o D e p a r t m e n t .
(d) The Procurement Division.— T h i s d i v i s i o n is c h a r g e d w i t h t h o p u r ­
c h a s e o f a l l o r d n a n c e m a t e r i a l , a t a s k W h ic h i n c lu d e s t h o d e v e l o p m e n t o f
f a c i l i t i e s f o r m a n u f a c t u r e , a s w e ll a s t h o l e t t i n g o f c o n t r a c t s w h e r e s u c h
f a c ilitie s a lr e a d y e x is t.
(e) The Production Division.— C h a r g e d w i t h t h e r e s p o n s i b i l i t y f o r p r o ­
d u c tio n .
( / ) The Inspection Division.— C h a r g e d w i t h t h o r e s p o n s i b il i t y o f m a i n ­
t a i n i n g q u a l i t y a n d u n i f o r m i t y in p r o d u c t i o n .
(g) Supply Division.— T o t h i s d i v i s i o n is a s s ig n e d t h o o n t i r o t a s k o f
s t o r a g o a n d d i s t r i b u t i o n o f m o r e t h a n 5 0 ,0 0 0 d i f f e r e n t a r t i c l e s s u p p l i e d
b y th o O rd n an co D e p a rtm e n t t o th o a rm ed fo rce s.
T h i s f o r m o f o r g a n i z a t io n p l a c e s s p e c i a l e m p h a s i s u p o n t h o i m p o r t a n c e
o f p r o d u c t i o n , a n d g i v e s t h o f r e e s t r e in t o t h o s e d i v i s i o n s c h a r g e d w i t h t h a t
r e s p o n s ib ilit y .
T h o c h a n g e s m a d e d o n o t , h o w e v e r , c o n s t i t u t e a r e o r g a n i z a t io n o f t h o
O rd n a n ce D e p a rtm e n t.
T h o a c h i e v e m e n t s o f t h a t D e p a r t m e n t d u r in g
t h o p a s t fe w m o n th s a r o c o n s id e r e d t o h a v e d e m o n s t r a t e d t h o s o u n d n e s s
o f t h o f o r m o f o r g a n i z a t io n p l a n n e d l a s t f a l l , a n d f i n a l l y e s t a b l is h e d b y
o ffic ia l o r d e r o n J a n . 14 1918.
I t h a s b e e n r e a l iz e d f o r s o m e t i m o t h a t c e r t a in m o d i f i c a t i o n s a n d i m p r o v e ­
m e n t s in t h o p l a n o f o r g a n i z a t io n w o u l d b o s u g g e s t e d b y a c t u a l o p e r a t i o n
u n d e r t h a t f o r m o r o r g a n i z a t io n .
T h o o r d e r j u s t is s u e d is a n i m p r o v e m e n t a n d d e v e l o p m e n t o f t h e p la n
o f o r g a n i z a t io n a s i t e x i s t e d h e r e t o f o r e .

Washington, M ay 22 1918.

Mu Dear Doctor Shaw:

T h a n k y o u fo r y o u r le tte r o f y e s t e r d a y .
I d o e n t i r e l y a p p r o v e of t h o
a c t i o n t a k e n b y t h e W o m a n ’ s C o m m i t t e e i n e x e c u t i v e s e s s io n , n a m e l y
t h a t in s te a d o f th e u su a l m o u r n in g a t h r e e -in c h b la c k b a n d s h o u ld b e w o rn
u p o n w h ic h a g i lt s t a r m a y b o p l a c e d f o r e a c h m e m b e r o f t h o f a m i l y w h o s e
l if e is l o s t in t n e s e r v i c e , a n d t h a t t h e b a n d s h a ll b o w o r n o n t h e l e f t a r m .
I h o p e a n d b e l ie v e t h a t t h o u g h t f u l p e o p l e e v e r y w h e r e w ill a p p r o v e of t h is
a c t i o n , a n d I h o p e t h a t y o u w ill b o k i n d e n o u g h t o m a k e t h e s u g g e s t i o n
o f th o c o m m it t e e p u b lic , w it h t h e s t a t e m e n t t h a t it h a s m y c o r d ia l I n d o r s e ­
m en t.
C o r d ia lly a n d s in c e re ly y o u r s ,
W O O D R O W W IL S O N .
I n a n e x p l a n a t o r y s t a t e m e n t o n t h o s u b j e c t t h e W o m e n 's C o m m i t t e e
says:
T h i s a c t i o n o f t h o C o m m i t t e e a t t h is t im e is p r o m p t e d b y a f e e li n g o n
t h e ir p a r t t h a t w e s h o u l d d e t e r m in e b e f o r e h a n d t h o a t t i t u d e w e a r o t o t a k e
t o w a rd t h o in e v ita b ly g r o w in g d e a t h r o ll o f th e d e fe n d e r s o f o u r c o u n t r y .
T h o w e a r in g o f s u c h in s ig n ia w il l, t h o y f e e l , e x p r e s s b e t t e r t h a n m o u r n i n g
t h e f e e li n g o f t h o A m e r i c a n p e o p l e t h a t s u c h lo s s e s a r o a m a t t e r o f g l o r y
r a t h e r t h a n o f p r o s t r a t in g g r i e f a n d d e p r e s s io n .
F o r a l o n g t i m o t h o W o m e n ’s C o m m i t t e o h a s b e e n r e c e iv i n g le t t e r s f r o m
w o m e n u r g in g s o m e s u c h a c t io n o n th e ir p a r t .
T h e d e t e r m in e d a v o i d a n c e
o f m o u r n i n g b y E n g li s h w o m e n h a s b e e n m u c h c o m m e n t e d o n a n d p r a i s e d .
O n o w o m a n w h o a d v o c a t e s t h i s s t e p h a s f o u r s o n s i n t h o s o r v ic e , o n e o f
w h o m h a s a l r e a d y b e e n k i ll e d .
S h o -w rote r e c o n t l y : “ I k n o w t h o c o s t lin e s s
o f s u c h s u p r e m o g l o r y a n d s a c r i f i c e , a n d h a v e f e lt b o t h t h o s e lfis h t e m p t a ­
t i o n t o h i d e m y p a in b e h i n d a m o u r n i n g t h a t w o u l d h o l d o f f I n t r u s io n a n d
t h e in s p i r a t i o n a n d s t im u lu s o f k e e p i n g u p t o m y g a l l a n t s o n 's e x p e c t a t i o n
t h a t I s h o u l d r e g a r d h is d e a t h a s a h a p p y p r o m o t i o n i n t o h i g h e r s e r v ic e .
P a t r i o t is m m e a n s s u c h e x a l t e d l iv i n g t h a t d y i n g is n o t t h e h a r d e r p a r t . ”
T h o I n s ig n ia w h ic h h a s b e e n c h o s e n b y t h o W o m e n ’ s C o m m i t t e e is o f a
k i n d t h a t c a n r e a d i ly b o m a d e a t h o m e o u t o f w h a t e v e r m a t e r ia l c a n b e
p rocu red.
T h o b a n d is t o b e b l a c k a n d t h r o e in c h e s w id e — t h e s t a r s g i l t ,
a n d o n o f o r e a c h m e m b e r o f t h o f a m i l y w h o h a s l o s t h is l i f e in s e r v i c e .
T h e s o s t a r s m a y b e g o l d , o f g i ld e d m e t a l, o r s a t i n , o r o f c l o t h .
T h o d e s ig n
w ill n o t b o p a t e n t o d , a n d t h e in s ig n ia w ill n e v e r b e c o m e a c o m m e r c i a l
a r t ic lo

AMERICAN CONSULAR OFFICER AT COLOMBIA IN
NEW YORK.
T h e D e p a r t m e n t o f C o m m e r c e a t W a s h in g t o n o n J u n e 3

PRESS ASKED TO REFRAIN FROM COMMENT ON
SIZE OF U. S. ARMY IN FRANCE.
T k o S e c re ta ry o f W a r , a c c o r d in g to th o “ O ffic ia l B u lle ­
t in ” o f M a y 2 7 , m a d o th e fo llo w in g s t a te m e n t, in a n in te r­
v ie w w ith re p re se n ta tiv e s o f tho p ross:
A g o o d d e a l o f p u b l i c c o m m e n t , t h r o u g h t h o p r o s s a n d o t h e r w i s e , is
b o i n g m a d o o n t h o s u b j e c t o f t h o n u m b e r o f A m e r i c a n t r o o p s in F r a n c o a n d
t h o n u m b e r f r o m t im o t o t im o in c o u r s o o f t r a n s p o r t a t io n .
I w a n t t o a s k t h o n e w s p a p e r s o f t h o c o u n t r y t o r e fr a i n f r o m c o m m e n t
a n d s p e c u l a t io n o n t h is s u b j e c t o x c o p t t o t h o e x t e n t t h a t o f f i c i a l s t a t e m e n t s
w it h r e g a r d t o s u c h n u m b e r s a r o m a d o b y t h o S e c r e t a r y o f W a r .
I m ake
t h is r o q u o s t b e c a u s o a n y p r o g r a m o f t r o o p - s h t p m o n t n o c e s s a r ily d e p e n d s
u p o n a v a r i e t y o f c o n s i d e r a t io n s q u l t o a p a r t f r o m t h o n u m b e r o f t r o o p s
i n t h o c o u n t r y a n d t h e a v a i l a b l e t r o o p - s h i p c a p a c i t y , a n d I a m t h e r e fo r e
a n x io u s t h a t t h o p e o p l o o f t h o c o u n t r y h o n o t u n i n t e n t i o n a l ly m is le d e it h e r
a s t o t h o f a c t s a t a n y g i v e n t i m o o r b y s p e c u l a t i v e p o s s i b il i t ie s o f t h o s i t u ­
a tio n .
I w ill e n d e a v o r , f r o m t im o t o t im o , a n d w h e n e v e r i t c a n b o d o n o ,
t o sta to th ro u g h th o press a p p ro x im a te n u m b e rs.
M y p a r t i c u la r r e q u e s t ,
h o w o v e r , is t h a t s u c h s t a t e m e n t s b o n o t m a d e t h o b a s is o f in fe r e n c e s a s t o
f u t u r o i n t o n t io n s o r p o s s ib ilit ie s .

ann ounced

th a t

C la u d e

E.

G u y a n t,

A m e r ic a n

C on su l a t

B a r r a n q u illa , C o lo m b ia , is in N e w Y o r k fo r a lim ite d p e r io d .
H is h e a d q u a rte rs are a t th e o ffic e o f th e B u r e a u o f F o r e ig n
a n d D o m e s t ic C o m m e r c e , 7 3 4 C u s t o m H o u s e , w h ere h e w ill
b o g la d to c o n fe r b y a p p o in t m e n t w ith m a n u fa c tu r e rs a n d
e x p orte rs in te re ste d

in C o lo m b ia n

tr a d e .

M r.

G u y a n t is

q u o te d a s s a y in g :
T h e r e Is a n a c t i v e m a r k e t in C o l o m b i a f o r a ll lin e s o f g o o d s .
S in c e t h e
e n t r a n c e o f t h o U n it e d S t a t e s i n t o t h e w a r t h i s c o u n t r y h a s r is e n c o n s i d e r ­
a b l y in C o l o m b i a n p u b l i c o p i n i o n a n d B a r r a n q u i ll a n fb r c h a n t s a r e a n x io u s
t o e x t e n d t h e i r b u s in e s s w it h A m e r i c a n e x p o r t e r s .
O f co u rse , prosen t
c o n d i t i o n s a r e n o t e n t i r e l y f a v o r a b i o f o r t r a d o e x p a n s io n , b u t t h is is a n
e x c e l le n t t i m e t o e s t a b lis h c o n n e c t io n s t h a t w ill b e v e r y v a l u a b l e a f t e r
_______________________________________
th o w a r.

FAILURE OF NATIONAL WAR BOARD TO ADJUST
TELEGRAPHERS' CONTROVERSY WITH
WESTERN UNION.
W i t h th e fa ilu re o f th e N a t io n a l W a r L a b o r B o a r d , u n d e r
th e jo in t c h a irm a n s h ip o f W illia m

AMOUNTS INVOLVED IN ORDNANCE CONTRACTS.
A c c o r d in g to tlio “ O ffic ia l B u lle t in ” o f M a y 2 7 , tlio W a r
D e p a r tm e n t a u th o rize d
O rdn ance

th e fo llo w in g s ta te m e n t fr o m

th e

D e p a r tm e n t:

T l i o A r m y O r d n a n c o D e p a r t m e n t h a s n e g o t i a t e d a p p r o x i m a t e l y 1 2 ,0 0 0
c o n t r a c t s s i n c o t ills c o u n t r y o n t c r e d t h o w a r o n A p r i l 6 1 9 1 7 .
T h eso
c o n t r a c t s i n v o l v e w it h in $ 1 7 5 ,0 0 0 ,0 0 0 o f t h o t o t a l f u n d s d i r e c t l y a v a i l a b l o
f o r t h o D o p a r t m o n t f o r t h e p r e s e n t f is c a l y e a r — $ 3 , 3 8 3 , 2 8 6 ,0 4 5 .
A d d i t i o n a l c o n t r a c t s t o t a li n g $ 1 ,5 0 3 ,7 0 3 ,7 4 1 h a v e b e e n o n t e r o d i n t o o n
t h o a u t h o r i t y o f C o n g r e s s p o n d in g a p p r o p r i a t i o n o f a n a m o u n t a g g r e g a t i n g
$ 1 , 6 7 1 , 4 6 6 ,7 5 0 .
T h o m a g n i t u d e o f t h o t a s k o f t h o O r d n a n c o D e p a r t m e n t f in a n c ia l l y is
o v l d o n c o d b y t h e d is b u r s e m e n t r e c e n t ly in a s in g le d a y o f m o r e t h a n $ 2 5 , ­
0 0 0 ,0 0 0 o n o r d i n a r y c o n t r a c t v o u c h e r s .
D is b u r s e m e n t s f o r t h o m o n t h
o f A p r i l 1 9 1 8 , r a n t o $ 3 5 6 ,8 8 4 ,8 6 3 , a n in t e r e s t in g a m o u n t a s c o m p a r e d w it h
t h e $ 5 , 0 5 9 , 2 6 4 d is b u r s e d b y t h o O r d n a n c o D o p a r t m o n t in A p r i l 1 9 1 7 .
T h o d is b u r s e m e n t s m e n t io n e d a ll w e r o m a d o a t t h o O r d n a n c o O f f i c e in
W a s h in g to n .
A m o u n t s d is b u r s e d a t G o v e r n m e n t a r s o n a ls a r o n o t i n ­
c lu d e d .
O n o c h o c k r e c e n t ly d r a w n b y t h e o r d n a n c o d i s b u r s in g o f f i c e r f o r c e r t a in
o r d n a n c o m a t e r ia l w a s f o r $ 1 8 ,7 5 0 ,0 0 0 .
O n o r e q u i s it i o n m a d o r e c e n t ly
b y t h is s a n io o f f i c e r o f t h e T r e a s u r y w a s f o r $ 1 6 9 ,0 0 0 ,0 0 0 .
T h i s is t h o
la r g e s t s lu g lo r e q u i s it i o n o v e r m a d o b y a n y U n it e d S t a t e s d i s b u r s in g
o ffic e r .
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it s 11 d i s t r i c t o f f i c e s w h ic h z o n e d t h o c o u n t r y t o e x p o d l t o p a y m e n t s t o
c o n t r a c t o r s a n d r e lie v o t h o s t r a in u p o n t h o m a i n o f f i c e in W a s h i n g t o n , t h e
d is b u r s in g o f f i c e r a t W a s h i n g t o n s ig n e d f r o m 5 0 0 t o 3 , 0 0 0 c h o c k s a d a y .




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A t a n e x e c u t i v e s e s s io n o f t h e N a t i o n a l W a r L a b o r B o a r d a t t h e H o t e l
B e l m o n t , N e w Y o r k C i t y , J u n o 1, a s e c t i o n o f t h o B o a r d , c o n s i s t i n g o f
t h o j o i n t c h a i r m e n , M e s s r s . W i ll ia m H . T a f t a n d F r a n k P . W a l s h , s u b ­
m i t t e d t h e f o l l o w i n g r e p o r t o f t h e f in d in g s o f t h e s e c t i o n in t h e c o n t r o v e r s y
b e t w e e n t h e W e s t e r n U n io n T e l e g r a p h C o m p a n y a n d t h e i r e m p l o y e e s :

To the National War Labor Board:
I n t h e m a t t e r o f c o m p l a i n t s o f f o r m e r e m p l o y e e s a g a in s t t h e W e s t e r n
U n io n T e l e g r a p h C o m p a n y o n t h e g r o u n d t h a t t h e y , w e r e d i s c h a r g e d b y
t h e c o m p a n y f o r b e l o n g i n g t o a u n i o n c a l l e d t h e C o m m e r c ia l T e l e g r a p h e r s ’
U n io n o f A m e r ic a , th e m e m b e rs o f th e B o a r d a re a d v is e d o f th e g en era l
s i t u a t io n b y t h e f u ll o p p o r t u n i t y g i v e n t o t h o e m p l o y e e s o n o n e s i d e a n d
t h e P r e s i d e n t o f t h e W e s t e r n U n io n T e l e g r a p h C o m p a n y o n t h e o t h e r , t o
s t a t e t h e f a c t s i n r e s p e c t t o t h e c o n t r o v e r s y a s t h e y r e s p e c t iv e l y v i e w e d
th e m .
B e f o r e a s e c t io n c o n s i s t i n g o f t h e j o i n t c h a i r m o n w a s a p p o i n t e d t o a t ­
t e m p t m e d i a t io n a n d c o n c i l a t i o n t h e m e m b e r s o f t h e B o a r d h a d a v i g o r o u s
d is c u s s io n a s t o t h o m e a n i n g o f t h o p r i n c ip l e s r e c o m m e n d e d f o r a p p r o v a l
t o th e P re s id e n t a n d a p p r o v e d b y h im t o g u id e th is B o a r d .
T h o d is cu s ­
s i o n h a d b e e n s o f u ll b e f o r e t h e s e c t i o n r e c e i v e d t h e m a t t e r t h a t i t d i d n o t
s e e m n e c e s s a r y t o d o o th e r th a n s u b m it p r o p o s it io n o f c o m p r o m is e jto th o
o n e a n d t o th o o t h e r o f th e p a r tie s w it h a v ie w o f a d ju s tm e n t.
A c c o r d in g ly , M r . T a ft , a t th e s u g g e s tio n o f M r . W a ls h , s u b m it te d t o
M r . C a r l t o n a n d M r . W i g g i n , t h e C h a ir m a n o f t h e e x e c u t i v e b o a r d o f t h e
W e s t e r n U n io n d i r e c t o r s , a p r o p o s a l t h a t t h e W e s t e r n U n io n r e c e iv e b a c k
t h o m e n w h o m i t h a d d i s c h a r g e d u p o n t h o s e c o n d i t io n s :
1 . T h a t t h o W e s t e r n U n io n w o u l d r e c e iv e a c o m m i t t e e o f i t s o w n m e n
o n l y w h o d e s ir e d i n d i v i d u a l l y , o r in a g r o u p c o m p o s e d o f t h e e m p l o y e e s ,
t o p re s e n t r e q u e s ts fo r b e t t e r c o n d it io n s o f la b o r a s t o h o u r s , c o m p e n s a tio n ,
a n d o th e r w is e , a n d th a t i f a n a g re e m e n t c o u ld n o t b o re a c h e d th e m a tte r
s h o u l d b e r e fe r r e d t o t h is B o a r d a n d t h e q u e s t i o n d i s p o s e d o f i n a c c o r d a n c e
w i t h t h e p r o c e d u r e p r o v i d e d f o r t h e B o a r d u n d e r t h e r u le s g u i d i n g i t .
2 . T h a t t h o W e s t e r n U n io n s h o u l d n o t b o r e q u i r e d in a n y w a y t o d e a l
w it h t h e u n i o n o r t o r e c o g n i z e i t .
3 . T h a t t h e C o m m e r c ia l T e l e g r a p h e r s ’ U n io n s h o u l d a g r e e w i t h t h e
N a t i o n a l W a r L a b o r B o a r d a n d g u a r a n t e e t o i t t h a t in a n y e f f o r t b y it s
m e m b e r s t o s e c u r e b e t t e r c o n d i t i o n s o f l a b o r i t w o u l d n o t i t s e l f I n it ia t e
a n d It w o u l d n o t i t s e l f p e r m it i t s m e m b e r s t o u s e t h o s t r ik e , b u t t h a t i t
w o u ld s u b m it t h e ir g r ie v a n c e s t o th e N a t io n a l W a r L a b o r B o a r d a n d a b id e
t h e d e c i s io n u n d e r i t s p r o c e d u r e .
4 . T h a t i f a n y e m p l o y e e o f t h e W e s t e r n U n io n T e l e g r a p h C o m p a n y , a
m e m b e r o f t h o t e le g r a p h e r s ’ u n i o n , s h o u l d f a il t o c o n f o r m w it h t h is a g r e e ­
m e n t a n d t o a b i d e b y . t h o r u le s a n d p r i n c ip l e s o f t h o B o a r d t h e W o s t o r n
U n io n T e l e g r a p h C o m p a n y m ig h t d i s c h a r g e s u c h e m p l o y e e , a n d t h a t t h e
N a t i o n a l W a r B o a r d w o u l d s u s t a in s u c h d i s c h a r g e .
M r . C a r l t o n d e c l in e d t o a c c e p t t h is p r o p o s i t i o n , b u t t e n d e r e d a c o u n t e r
o n e b y t e le g r a m , a s f o ll o w s :
New York, May 2 2 1 9 1 8 .

[Vol. 106

Y o u d e a l o n l y w it h c o m m i t t e e s o f y o u r e m p l o y e e s .
Y o u ta k e b a ck y o u r
m e n d i s c h a r g e d f o r j o i n i n g a u n i o n , w h ic h u n d e r o u r p r i n c ip l e s a n e m p l o y e r
s h o u l d n o t p r e v e n t t h e ir d o i n g .
T h o u n i o n w o u l d a g r e e w it h t h o B o a r d
n o t t o o r d e r o r p e r m i t a s t r ik e u n d e r a n y c ir c u m s t a n c e s , b u t t o r e l y f o r a
re d re s s o f g rie v a n c e s s o le ly o n th e lo d g in g o f c o m p la in t s b y c o m m it t e e s o f
y o u r e m p l o y e e s w it h o u r B o a r d a n d t h o B o a r d s a c t i o n t h e r e o n .
Y ou
w o u l d b o g i v o n t h e e x p r e s s r ig h t u n d e r s u c h a c o m p r o m i s e t o d i s c h a r g e
a n y e m p l o y e e w h o s o u g h t r e m e d y f o r g r i e v a n c e in a n y o t h e r w a y , a n d t h e
B o a r d w o u ld s u s t a in t h e d i s c h a r g e .
U n d e r s u c h a c o m p r o m is e , w h ic h
w o u ld b o c o n s i s t e n t w it h o u r p r i n c ip l e s , t h e B o a r d w o u ld n a v e t h e p o w e r
t o s e c u r e y o u a g a i n s t t h e d a n g e r o f a s t r ik e a s c o m p l e t e l y a s p r a c t i c a l
m a c h in e r y ca n p r o v id e a g a in s t it.
T h u s w o u ld b o r e m o v e d th o d a n g e r
t o r e s o r t t o a s t r ik e a n d c o n s e q u e n t p u b l i c i n j u r y u p o n w h ic h y o u h a v o y o u r
o b l i g a t i o n t o e x c l u d o u n io n m e n f r o m y o u r e m p l o y .
I a sk y o u t o c o n s id e r
a g a in t h i s p r o p o s a l b e f o r e a f in a l r e j e c t i o n .
O f c o u r s e y o u r s u b m i s s io n t o
o u r j u r i s d i c t i o n is a m a t t e r o f d i s c r e t i o n , b u t I d e p r e c a t e a n a t t i t u d e o n
t h e p a r t o f a n e m p l o y e r o f m e n s o w i d e l y d i s t r i b u t e d w h ic h m a y d e f e a t t h e
u s e f u ln e s s o f o u r B o a r d .
Y o u m a y s h o w th is t o M r . O s b o rn o .
" W M . II. T A F T .”
M r . C a r l t o n , a f t e r r e c e iv i n g t h is t e le g r a m , a d v i s e d M r . T a f t t h a t h e
w o u ld s u b m it it t o th o e x e c u tiv e b o a r d o n T u e s d a y la s t.
U p o n t h is a f t e r ­
n o o n M r . C a rlto n n o tifie d M r . T a f t th a t h e w o u ld n o t a c c e p t th o c o m p r o ­
m is e .
I n v i e w o f t h e c o r r e s p o n d e n c e i t d o e s n o t s e e m u s o fu l t o f u r t h e r
p r o l o n g t h o m e d i a t io n .
T h e c o n s t r u c t i o n o f o u r p r ic lp la s , a s s o t f o r t h in
M r . T a f t ’s t e le g r a m t o M r . C a r l t o n , le a d s t o t h e c o n c lu s io n t h a t t h e W e s t ­
e r n U n io n T e l e g r a p h C o m p a n y s h o u l d a c c e p t t h is c o m p r o m i s e a s t h e r e in
ta ted .
I t d e c l in e s , h o w e v e r , t o d o s o o r t o s u b m i t t o t h e ju r i s d i c t i o n o f
r iiis B o a r d , a n d n o f u r t h e r a c t io n o f t h o B o a r d Is t h e r e fo r e r e c o m m e n d e d
t x c o p t t h e p u b l i c a t i o n o f t h is r e p o r t o f t h e s e c t io n a n d t h o v o t e o f t h is
eB oa rd u p on th e rep ort.
W M . H. TAFT,
F R A N K P . W A L S II.
T h o r e p o r t w a s t a k e n u p f o r c o n s i d e r a t io n b y t h e B o a r d a n d t h e f o l l o w i n g
a c t io n s e n s u e d :

M o t io n , M r . W a ls h , “ I m o v e as o n e o f th o m a k e rs o f th e r e p o r t th a t it
b e a d o p t e d ,” w h ic h w a s s e c o n d e d .
,
T h e n a n a m e n d m e n t b y M r . S a v a g e , " I m o v e th a t th o fo llo w in g b o a d d e d
a f t e r t h e w o r d s ‘ a s t h e r e in s t a t e d ':
“ I t is t h e r e fo r e r e c o m m e n d e d t h a t t h e a t t it u d e o f t h e W e s t e r n U n io n
T e l e g r a p h C o m p a n y in t h is c a s e b e b r o u g h t t o t h e a t t e n t io n o f t h o P r e s i ­
d e n t o f t h e U n it e d S t a t e s a n d a c o p y o f t h is e n t ir e r e p o r t is g i v o n t o t h o
p r e s s a n d t h a t t h e f o l l o w i n g w o r d s b o s t r ic k e n o u t o f t h o r e p o r t o f t h o s e c ­
t io n :
‘ I t d e c l in e s , h o w e v e r , t o d o s o o r t o s u b m i t t o t h o ju r i s d i c t i o n o f
t h is B o a r d a n d n o f u r t h e r a c t i o n o f t h e B o a r d is t h e r e fo r e r e c o m m o n d c d
E x c e p t t h e p u b l i c a t i o n o f th is r e p o r t o f t h o s e c t io n a n d t h o v o t o o f t h is
B o a r d u p o n th e r e p o r t .”
W h ic h m o t io n w a s v o t e d d o w n b y th o e m p lo y e r s a n d th e t w o ch a irm e n .
A m o t i o n b y M r . M i c h a e l , a s f o ll o w s :
“ I m o v e th a t th o re p o rt b o re­
c e iv e d a n d f il e d a n d f u r t h e r a c t io n d e f e r r e d u n t il t h o ,W e s t e r n U n io n T e l e ­
g r a p h C o m p a n y c a n b e h e a rd as t o th e e x is te n ce o f e m p lo y m e n t c o n t r a c ts
w it h t h e ir e m p l o y e e s a n d t h a t t h o B o a t d f u r t h e r c o n s i d o r t h o p r o p o s a l o f
s e t t le m e n t o f t h e c o n t r o v e r s y o f f e r e d b y t h e P r e s i d e n t o f t h o W e s t e r n
U n io n T o l e g r a p h C o m p a n y , ” w h ic h w a s v o t e d d o w n b y t h o w o r k o r s a n d
t h o t w o c h a ir m e n .
M r . O s b o r n e t h e n o f f e r e d t h e f o ll o w i n g a m e n d m e n t t o M r . W a l s h ’s
m o t io n t o a d o p t th o r e p o r t:
" I m o v e t h a t w it h t h o s t a t e m e n t t o t h e
p u b l i c t h a t thLs r e p o r t h a s b e e n a d o p t e d t h a t i t b e s h o w n w h o v o t e d f o r
Hon. W . II. Taft, National War Labor Board, Washington, D . C.
a n d a g a i n s t i t , ” w h ic h a m e n d m e n t w a s c a r r io d u n a n im o u s l y .
“ T h o W e s t e r n U n io n T o l e g r a p h C o m p a n y h o l d s t h a t i t s f ir s t o b l i g a t i o n
T h e n r e c u r r i n g t o t h e o r ig in a l m o t i o n t o a p p r o v e t h o r o p o r t , t h o m o t i o n
is t o t h e G o v e r n m e n t a n d p u b l i c in a n u n i n t e r r u p t e d a n d c o m p e t e n t t e le ­
g r a p h s e r v ic e .
.
w a s c a r r ie d b y a v o t e o f t h e w o r k e r s a n d t h o t w o c h a i r m e n , a ll o f t h o e m ­
T h o c o m p a n y h a s r e a c h e d th e c o n c lu s io n th a t th is e n d c a n n o t b e
p l o y e r s v o t i n g a g a in s t i t .
a c h i e v e d i f it s t e le g r a p h o p e r a t o r s a r e m e m b e r s o f t h e C . T . U . A .
Em­
F or th e rep ort:
M e s s r s . W i ll ia m H . T a f t a n d F r a n k P . W a l s h , J o in t
p l o y e e s n o w h a v o a b a s i c 8 - h o u r d a y , p r e m iu m f o r o v e r t i m e , v a c a t i o n s
c h a ir m e n ; V i c t o r A . O la n d e r , r e p r e s e n t a t iv e I n t e r n a t io n a l S e a m e n 's
w i t h n a y , s e m i- a n n u a l p r e m iu m s , s ic k n e s s b e n e f i t s a t f u ll p a y f o r v a r y i n g
P e r i o d s , p e n s i o n s , lif e in s u r a n c e , a n d m a n y o t h e r a d v a n t a g e o u s c o n d i t i o n s
U n io n ; T . M . G u e r in , r e p r e s e n t a t iv e U n it e d B r o t h e r h o o d o f C a r p o n t e r s
o f la b o r .
T h o c o m p a n y d e s ir e s , h o w e v e r , t h a t i t s e m p l o y e e s s h a ll h a v o
a n d J o in e r s ; A d a m W i lk i n s o n , r e p r e s e n t a t iv e U n it e d M in e w o r k o r s ; T h o m a s
w h a t o v e r b e n e f i t s t h e r e m a y b o in c o l l e c t i v e b a r g a i n i n g .
I t is s a t is f ie d
J . S a v a g e , r e p r e s e n t a t iv e I n t e r n a t io n a l A s s o c i a t io n o f M a c h i n is t s ; T . A .
t h a t th e s e b e n e fits c a n n o t b e o b t a in e d t h r o u g h th e m e d iu m o f th o C . T .
U.
A.
F u r t h e r m o r e , t h e c o m p a n y is o f t h o o p i n i o n t h a t a m a j o r i t y o f it s R i c k e r t , r e p r e s e n t a t iv e U n it e d G a r m e n t W o r k e r s .
t e le g r a p h o p e r a t o r s d o n o t d e s ir e t o j o i n t h e C . T . U . A . , b u t i t is w illin g
O p p osed to th o rop ort:
L o y a ll A . O s b o r n e , V i c e - P r e s id e n t W e s t i n g t o s u b m i t t h a t q u e s t i o n t o a r e fe r e n d u m o f s u c h e m p l o y e e s h a v i n g a r e a ­
h o u s e E le c t r ic a n d M a n u fa c t u r in g C o .; F . C . H o o d , P re s id e n t o f t h e ’ H o o d
s o n a b l e lo n g t h o f s e r v ic e a n d in t h e f o l l o w i n g m a n n e r :
R u b b e r C o . ; C . E d w i n M i c h a e l , P r e s id e n t o f t h e V i r g i n ia B r i d g o a n d I r o n
‘ T h e N a t i o n a l W a r L a b o r B o a r d s h a ll u n d e r t a k e , u n d e r a p r o g r a m t o
b o a g r e e d b e t w e e n u s , t o o r g a n .z e a n d c a r r y o u t t h o m a c h i n e r y f o r t h o t a k C o . ; W . H . V a n d e r v o o r t , P r e s id e n t o f t h e R o o t & V a n d e r v o o r t E n g in e e r ­
■ng o f a s e c r e t b a l l o t , t h o q u e s t o n t o b o p r o p o s e d s i m u lt a n e o u s l y in g e n ­
in g C o . : B . L . W o r d e n , P r e s i d e n t o f t h e L a c k a w a n n a B r i d g e C o .
e ra l te rm s a s fo llo w s :
“ 1- A r o y o u d e s i r o u s o f b e c o m i n g a m e m b e r o f t h o C . T . U . A . , o r
N e w c o m b C a r lto n , P re s id e n t o f th e W o s to r n U n io n
2.
A r e y o u i n fa v ® r o f a n o r g a n i z a t io n t o b e c o n f in e d t o W e s t e r n U n io n
e m p l o y e e s , s u c h o r g a n i z a t io n s t o h a v e t h o r ig h t o f c o l l e c t i v e b a r g a in in g
T e le g r a p h C o m p a n y , w a s q u o te d in th e N e w Y o r k “ T im e s ”
b u t n o t t o e m p l o y t h o s t r ik e o r a f f i l i a t e w it h a n y o r g a n i z a r lo n t h a t e m p l o y s
o f J u n e 3 a s s a y in g w ith re g a rd to th e B o a r d ’ s r e p o r t:
t h o s t r ik o e it h e r f o r i t s e l f o r f o r o t h e r s ; t h o o f f i c e r s o f t h o a s s o c ia t i o n t o b e
e m p l o y e e s o f t h o c o m p a n y , e l e c t e d b y t h o e m p l o y e e s , a n d t h o a s s o c ia t i o n
I f I h a v e t o c h o o s e b e t w e e n a l lo w i n g t h o u n i o n i z a t io n o f t h e e s s e n t ia l
t o b e c o n t r o l l e d a n d m a n a g e d b y t h e m ; d i ff e r e n c e s b e t w e o n t h e c o m p a n y
e m p l o y e e s o f t h e W e s t e r n U n io n T e l e g r a p h C o . a n d G o v e r n m e n t c o n t r o l
a n d t h e a s s o c ia t i o n o r i t s m e m b e r s t o b o a r b i t r a t e d b o f o r o t h e N a t io n a l
W a r L a b or B oa rd .
I w o u ld c h o o s e th o la t te r .
“ I n t h o e v e n t t h a t a m a j o n t y o f o u r t o le g r a p h o p e r a t o r s v o t e a f fi r m a ­
M r . C a r lto n w a s a lso re p o r te d to h a v e issu e d th o fo llo w ­
t i v e l y o n q u e s t i o n 1 , t h o c o m p a n y w ill w it h d r a w I t s o b j e c t i o n s t o t h a t
u n i o n a n d m e m b e r s h ip t h e r e in w il l n o l o n g e r b o c a u s e f o r d is m is s a l, b u t
in g s ta te m e n t:
w o s p e c i f y t h a t t h o c o m p a n y s h a ll n o t b o c a l le d u p o n t o r e c o g n i z e t h a t
u n i o n n o r s h a ll i t b e r e q u i r e d t o d e a l w it h o f f i c e r s o f t h a t u n io n a s s u c h ,
T h e t e le g r a p h c o m p a n y u n d e r s t a n d s t h a t i t s e m p l o y e e s h a v o m a d o n o
w h e th e r e m p lo y e e s o r o th e r w is e .
c o m p l a i n t s t o t h e N a t i o n a l W a r L a b o r B o a r d r e s p e c t in g h o u r s o f l a b o r ,
“ I f , h o w e v e r , a m a j o r i t y v o t o ‘n o ’ o n Q u e s t i o n 1 , t h e n t h o p r e s e n t p o l i c y
r
a
t
e s o f p a y , o r g e n e r a l w o r k in g c o n d i t i o n s .
T h o co m p a n y d o e s u n d e rsta n d
o r t h e c o m p a n y r e s p e c t in g m e m b e r s h ip o f i t s e m p l o y e e s in t h o C . T . U . A .
s h a h b o m a i n t a in e d .
t h a t t h e o f f i c i a l s o f a n o r g a n i z a t io n k n o w n a s t h o C o m m e r c ia l T o l o g r a p h e r s '
“ I f a m a j o r i t y a r e i n f a v o r o f Q u e s t io n 2 , t h e n t h e m a c h i n e r y f o r s u c h a n
U n io n o f A m e r i c a , w h o s e m e m b e r s h ip is m a d o u p o f a s m a ll c o n t i n g e n t o r
a s s o c ia t i o n s h a ll b e s e t u p b y j o i n t a g r e e m e n t b e t w e o n y o u r B o a r d a n d t id s
t e le g r a p h e r s n o t in t h o e m p l o y o f t h o c o m p a n y , a b o u t 2 , 6 0 0 In n u m b e r ,
c o m p a n y a n d tu r n e d o v e r t o th o e m p lo y e e s .
a n d p r i n c i p a l l y r e s id e n t in C a n a d a , d e s ir o t o e n la r g e t h o lr m e m b e r s h ip ,
“ I h a v o n o t d e a l t w it h t h e s c o p e o f a n a s s o c ia t i o n a s o u t l in e d in Q u e s ­
t io n 2 .
I t w o u l d b e o u r i d e a t h a t s u c h a n o r g a n i z a t io n w o u l d b o v o t e d
a m o n g a p p r o x i m a t e l y 4 0 ,0 0 0 W e s t e r n U n io n e m p l o y e e s , o f w h o m a b o u t
u p o n b y a ll e m p l o y e e s o f r e a s o n a b l e le n g t h o f s e r v ic e a n d t o i n c lu d e a ll e m ­
o n e - h a l f a r o d i r e c t l y e n g a g e d in w o r k in g t h o w ir e s .
p l o y e e s o f t h o c o m p a n y w h o d e s ir e d t o b e c o m e m e m b e r s .
I n r e c o g n i t i o n o f t h e f a c t t h a t t h o f ir s t o b l i g a t i o n o f t h o t e le g r a p h s y s t e m
T h is a g r e e m e n t t o c o v e r th e p e r io d o f th e w a r.
_______
“NEW COM B
C A R L T O N .”
is t o m a i n t a in u n i n t e r r u p t e d s e r v ic e f o r t h e p u b l i c a n d t h o G o v e r n m e n t ,
t h e s e t t l e d a n d w e ll - a d v e r t is e d p o l i c y o f t h o c o m p a n y h a s a l w a y s b e e n t o
" T o t h i s t e le g r a m M r . T a f t s e n t t h e f o l l o w i n g a n s w e r :
‘‘Chicago, M ay 2 7 1 9 1 8 .
o p p o s o a n y o r g a n i z a t io n o f o p e r a t o r s t h a t e m p l o y s t h o s t r ik o .
O u r p o lic y
Newcomb Carlton, President, Western Union Telegraph Co., New York.
in t h is r e s p e c t is b a s e d u p o n t h o s a m e r e a s o n in g a s t h a t o f t h o P o s t O f f i c e
•f * " Y o u r t e le g r a m r o c o i v e d .
I a m s o r r y y o u fin d it in c o n v e n ie n t t o c o m o
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t o C h i c a g o , b e c a u s e I h o p e d t o h a v o a t a l k w it h y o u b e f o r e o u r s e c t io n
e m p l o y e e s is s e t f o r t h in t h e la s t r e p o r t o f t h o P o s t m a s t o r - G e n e r a l .
T h is
r e p o r te d th o ca s e t o th o B o a rd a t C h ic a g o .
I m u s t , th e r e fo r e , tr u s t t o
t h e w ir o t o t o ll y o u m y i n d i v id u a l o p i n i o n a b o u t t h e c a s e a n d y o u r a t t i t u d e .
p o l i c y Is s o w e ll u n d e r s t o o d b y e m p l o y e e s t h a t t h o c o m p a n y f o o ls t h a t t h e r e
I h a v o n o t t o l d W a l s h o r O s b o r n e o r t h o o t h e r s , b u t I m u s t d o s o in m y
Is a n o b l i g a t i o n u p o n t h e m n o t t o a l l y t h o m s c lv e s w it h t h o C o m m e r c i a l
r e p o r t a s o n e o f t h e s e c t io n s .
T e l e g r a p h e r s ’ U n io n o f A m e r i c a .
I d o n o t t h i n k o u r p r i n c ip l e s i n c lu d e t h e c l o s e d n o n - u n i o n s h o p in t h o
s t a t u s q u o t o b o m a i n t a in e d .
I t is w e ll t o b e a r in m in d t h a t t h e r e a r e t w o n a t i o n a l s y s t o m s o f c o m ­
“ I d o n o t t h i n k o u r p r i n c ip l e s r e q u i r e u s t o i g n o r e o r i n v i t o a b r e a c h o f
m u n i c a t io n u n i v e r s a l in c h a r a c t e r a n d o p e n t o t h o p u b l i c a t l o w c o s t —
e x i s t i n g c o n t r a c t s o f e m p l o y m e n t in w h i c h t h e m e n a f f i r m a t i v e l y a g r e o
t h e U n i t e d S t a t e s m a il a n d t h o t e le g r a p h s y s t e m .
E a c h m u s t m a i n t a in
n o t t o jo in u n io n .
a n u n i n t e r r u p t e d , e f f i c i e n t s e r v ic e i f c o n f u s i o n a n ' d i s o r d e r a r e n o t t o t a k e
“ I d o n o t t h i n k y o u h a v o s u c h c o n t r a c t s w it h y o u r m e n .
A m ere u n d ert a n d i n g t h a t m e n w il l b o d i s c h a r g e d w h o j o i n t h o u n io n d o e s n o t c o n s t it u t e
t h e p l a c e o f w e ll - o r d e r e d n a t i o n a l p r o c e d u r e .
I t w o u ld b o im p o s s ib le t o
■ u c h a c o n t r a c t o n t h e ir p a r t n o t t o J o in u n io n s .
e s t im a t o t h e lo s s a n d d a m a g o t o t h o G o v e r n m e n t a n d t h o p u b l i c w e r e
“ I th in k th o m a k in g o f s u c h c o n t r a c ts a fte r th o p r o c la m a tio n o f th o
e it h e r o f t h e s e t w o g r e a t m e a n s o f c o m m u n i c a t i o n t o b o I n t e r r u p t e d .
At
P r e s i d e n t is n o t i n a c c o r d a n c e w i t h o u r p r i n c ip l e s o f a c t i o n b y h i m a p ­
t
h is h o u r , w h en th e d e s t in y o f n a tio n s d e p e n d s u p o n q u ic k c o m m u n ic a t io n ,
p r o v e d , t h o u g h t h o m a k i n g o f t h e m w o u l d do l e g a l.
I t h i n k t h e p la n u p o n
w h i c h o u r B o a r d a c t s c o n t e m p la t e s a w a iv e r b y e m p l o y e r s o f s u e n a r ig h t ,
th e r o s h o u ld b o n o e x p e r im e n ts .
j u s t a s i t c o n t e m p l a t e s a w a iv e r b y e m p l o y e e s o f t h e l e g a l r ig h t t o s t r ik e ,
I a m In c l o s e t o u c h w it h t h o u s a n d s o f o u r e m p l o y e e s a n d I a m s a t i s f i e d
a s a m e t h o d o f s o c u r ln g i n d u s t r ia l p e a c e .
f r o m m y p e r s o n a l a c q u a in t a n c e w i t h t h o r n t h a t f u l l y 9 9 % a r e g i v i n g t h o ir
“ W i t h t h e s e v i e w s , I t h i n k t h a t y o u r la s t p r o p o s a l d o e s n o t s q u a r o w it h
b
e
s
t e n e r g ie s in h e l p i n g t o w in t h o w a r b y m a i n t a in in g a n e f f i c i e n t t e lo g r a p h
t h o p r i n c ip l e s o n w h ic h o u r B o a r d m u s t a c t i f t h o is s u o is m a d o b y t h o
e m p lo y e e s p a r t o f o u r B o a rd .
a n d c a b l e s e r v ic e , a n d t h a t t h e y d o n o t r e q u i r e t h e a i d o f a n o u t s i d e o r g a n i ­
Y o u d e n y t o a m a j o r i t y o f y o u r e m p l o y e e s a r ig h t t o j o i n a l a b o r u n i o n .
z a t i o n t o s e c u i e t h e c o m p l o t e s t r e c o g n i t i o n o f t h o l r r ig h t s o n t h o p a r t o f
O n th e o t h e r h a n d , I th in k th o p r o p o s a l m a d o b y W a ls h a n d p re s e n te d b y
t h o c o m p a n y , a n d d o n o t d o s ir e t h e in t e r f e r e n c e o f s u c h o r g a n i z a t io n In t h e
m e t o y o u a t P h il a d e l p h i a is o n e w h ic h y o u s h o u l d a c c e p t in t h o i n t e r e s t
f in d u s t r ia l p e a c e .
B y i t y o u d o n o t r e c o g n i z e t h o u n i o n o r d e a l w it h i t .
a d j u s t m e n t o f t h e ir r e la t i o n s w it h t h o c o m p a n y .




June 8 1918.]

THE CHRONICLE

Tho telegraph company understands that in organizing tho National
War Labor Hoard it was intended that organizations that wore unionized
should remain so and those pursuing the policy of an open shop should not
be changed. By inference it is usually clear that organizations non-union
in character should also pursue that policy during tho period of the war.
It appears clear that the Board should act as mediator in disputes that
arise between employers and employees under the labor relationship and
policies that existed prior to the war; that tho principles formulated by
the War Labor Conference Board and recommended to tho President had
as their fundamental basis the continuance of the relations affecting the
organization of employees existing at the opening of tho war, and that is
the telegraph company’s understanding of tho effect of tho President’s
proclamation approving and adopting such principles.
If this is not truo, and if theso principles are interpreted as compelling
this company and others in like situation to abandon their settled policies
and leaving outside organizations free to work as they may seo fit among
their employees, then the hands of the employers are tied and the
principles of tho War Labor Board furnish a cloak behind which a
propaganda for the unionizing of labor in every industry may be
carried on without let or hindrance. Surely there was no such thought
in tho organization of tho War Labor Board, since to uso tho moral force of
that Board in an attempt to unionize all trades would inevitably lead to
serious disputes at a critical time in tho nation’s existence.
Tho Western Union has no quarrel with the principles of unionism, ana
there are associated with tho company many employees who are members
of various unions, but it holds to the belief and the practico that it cannot
surrender control of tho essential employees to an outside organization.
The Western Union is not seeking to deprive any one of his inalienable rights,
but it recognizes that its employees must choose between employment with
tho company and membership in tho C. T. U A. with employment in the
many other telegraph positions open to them. Tho Western Union employs
less than 20% of tho total telegraphers in the United States. Tho company
says in effect to its employees: If you desire to join tho C. T. U. A., then
wo must part. So long as you retain your position with tho company
you will have every protection and a full right of appeal, but wo cannot
agree that you shall join any organization which Imperils the continuity
of tho telegraph service which this company is expected to provide for tho
Government and public of tho United States.

2409

Employees receiving $1,200 to $1,999 99 per annum, both inclusive,fat
the rate of 3% of semi-annual wage, with a minimum of $25.
Employees receiving $2,000 per annum and more, at tho rate of 2M%
of semi-annual wage, with a minimum of $32 50.
As in tho past, these special payments will not affect increasingjjof
salaries, which will be, as heretofore, determined on individual merit.
P R O C L A M A T IO N P U T T IN G IN T O E F F E C T N E W
L A W

YORK

C O M P E L L I N G I D L E R S TO W O R K .

Gov. Whitman of New York State issued on June 1 a
proclamation putting into effect the Robinson law signed
by the Governor on M ay 13 requiring all able bodied men
between- the ages of 18 and 50 years to be regularly em­
ployed. The text of the law was given in our issue of April
20, and wo referred to the signing of the measure in these
columns M ay 18. The proclamation requires all persons
to whom the law is applicable to be employed at least 36
hours a week, and those not thus employed are given thirty
days within which to find some occupation or register with
tho Bureau of Employment of the Department of Labor, or
with such agency as the State Industrial Commission may
designate. The failure of non-workers to register or their
refusal to accept the employment assigned them by the
Commission will make them liable to a fine not exceeding
8100 or imprisonment for not more than three months or
both. The following is the Governor’s proclamation:

PROCLAMATION.
State of New York, Executive Chamber.
Whereas, Chapter 625 of the Laws of 1918 provides that at any time dur­
ing tho pondency of the present war with Germany and its allies, tho Gov­
may, by his proclamation, certify that public exigency requiros that
S.
J. Konenkamp, President of the Commercial Tele­ernor
overy able bodied male person between the ages of 18 and 50 years inclu­
graphers’ Union of America, according to tho “ Times” sive. shall bo habitually and regularly engaged in somo lawful, useful and
recognized business, profession, occupation, trade or employment, until
issued tho following statement:
tho termination of such war; and
Tho report of tho National War Labor Board again compels the union
Whereas, Tho industries of this State related to and essential in the suc­
to take tlie initiative and declare a strike against tho Western Union Telocessful prosecution of the war and the production, transportation and con­
graph Company In order to enforce tho decision of tho Board. Tho media­ servation
of food and food supplies, require a largo supply of labor to be
tors havo not reported on our grievances against tho Postal Telegraph regularly and
habitually engaged therein;
Company. Tho Commercial Telegraphers’ Union of America had agreed
Now,
therefore,
8. Whitman, Governor of tho State of New
to observe the rules laid down to tho National War Labor Board if the York, in pursuanceI,ofCharles
tho provisions of Chapter 625 of tho Laws of 1918,
telegraph companies would do tho same. Wo felt that this was a duty to do hereby proclaim that
public exigency requires that overy able bodied
the Government.
malo person, btween the ages of 18 and 50 years, inclusive, bo habitually
Tho flat defiance of tho proclamation of President Wilson by ohe tele­ and
regularly
engaged
in
some lawful, usoful and recognized business,
graph company and tho findings of tho National War Labor Board leaves profession, occupation, trade
or employment, until tho termination of the
us no alternative other than to strike for principles so cloarly enunciated by present war with Germany and
its allies, or until the Governor by like
tho proclamation, principles that aro held to bo tho inalienablo rights of all proclamation may otherwise order.
American workingmen. President Gompors of tho American Federation
And I do hereby notify and warn all persons that any able bodied male
of Labor has asked mo to confer with him before declaring a striko. I am
going to Washington to-night for the purpose. Confidential instructions person between the ages of 18 and 50 years who shall refuse to bo employed
for
at least 36 hours per week, or who, after unsuccessfully seeking em­
will be sent immediately to our members In moro than 200 cities.
ployment, fails to register with the Bureau of Employment of the De­
The “ Times” also said:
partment of Labor or with such agency as the Stato Industrial Commis­
Mr. Konenkamp said that action against the Postal might bo postponed sion may designate, within 30 days after this proclamation, or thereafter
as a courtesy to the War Labor Board, but that during the striko tho Postal continues out of employment for any period of 30 days without having so
would not bo permitted to handle any Western Union’s business. When registered, or who refuses to accept employment assigned to him by the
ho was asked if ho would urgo Samuel Gompers to start a campaign for Stato Industrial Commission, shall be guilty of a misdomeanor and punish­
able by a fine not exceeding $100 or imprisonment for not more than three
Government control of the tolegraph companies, ho said:
months or both.
. ^
*laY° alJ for/ s of suggestions to make to Mr. Gompers. Tho union
And I do further proclaim and require that the Stato Industrial Com­
In 1908 declared in favor of Government ownership, and has reaffirmedthat
mission shall forthwith prepare and publish such rules and regulations
governing tho assignment of persons to work as will assure that all persons
similarly circumstanced shall, so far as possible, be treated alike and take
g£r!
*■"“ * « «“
into consideration in any such assignment to work, tho ago, physical con­
Mr. Konenkamp was asked if ho would allow tho strike to interfere with dition and any other appropriate circumstances of tho person so assigned.
war work, such as telegrams from the Shipping Board to shipbuilding yards
And I do further proclaim and require that the sheriffs in tho respective
He said:
‘ counties of tho State, and all other officers, State or municipal, charged
Wo will stop that kind of business as well as overy other kind over tho with tho duty of enforcing the law, shall seek and continue to seek diligently
sRuation
’
Government will be able to handle thSt tho names and places of residence of able bodied malo persons within their
respective jurisdictions, between tho aforesaid ages, not regularly or con­
Aftor discussing with American Federation of Labor tinuously employed, as provided in this proclamation and in tho aforosaid
Chapter
625 of the Laws of 1918.
officials the calling of a strike of commercial telegraph oper­
And I do further require that all sheriffs in their respective counties and
ators, M r. Konenkamp, said on June 3 that ho had arranged other Stato or municipal officers, shall render to tho State Industrial
to discuss tho subject further on tho 4th with Samuel Gom­ Commission such assistance and service in carrying out the provisions of
tho said law as may reasonably be required or requested by the said Com­
pers, President of tho Federation, and that no striko would mission.
be called until aftor this conference. On the 4th aftor two
Given under my hand and the privy seal of the State, at the Capitol in
days spent in discussing the situation with Administration tho City of Albany, this first day of June, in the year of our Lord one
thousand nine hundred and eighteen.
officials, members of Congress and labor leaders, M r.
(Signed)
CHARLES S. WHITMAN.
Kononkamp said he doubted that even should the Govern­ By the Governor:
WILLIAM
A.
ORR,
ment decide to intervene action could be taken in time to
Secretary to the Governor.
„„

„

1

prevent tho men from going out. Secretary Wilson, who
discussed the situation with the union President, was un­
derstood to have laid the matter before the Cabinet.
A bill conferring on tho President authority to take over
tho tolegraph, telephone and cable wires and subject them
to tho samo conditions as aro enforced upon the railroads
while under Federal control, was introduced in tho House
by Representative George R . Lunn of New York on Juno 4.
Announcement of a special distribution to employees of
tho Western Union on Oct. 1 next was made by M r. Carlton
on June 5 as follows:
The board of directors is pleased to declare an extra special payment
payablo Oct. 1 1918, which will bo in addition to tho two special payments
of July 1 1918 and Jan. 1 1919, referred to in previous circulars. This pay­
ment will bo inado to all regular employees, excepting tho President, on
tho roll as of that dato who shall havo served tho company continuously
from April 1 1918, inclusive, as follows:
All messongors at independent offices, a flat sum of $6 25 each.
Employees receiving less than $1,200 per annum, at tho rate of 4% of
semi-annual wago.




Henry D . Sayer, of the State Industrial Commission, was
quoted to the following effect in the New York “ Tribune”
of June 2 regarding the purpose of the law:
There scorns to be considerable misapprehension as to the scope of the
so-called anti-loafing law and its purposes.
A vast deal of emphasis, it seems to me, has been placed upon tho prosecu­
tion under tho law of lounge lizards, white slavers, race track touts and
other undesirable citizens.
Thero always has been sufficient authority in law to rid the city of these
posts, for any person who has no visible means of support is a vagrant and
may bo arrostod and summarily dealt with by a city magistrate.
The purposo of this new law is to increase the productive labor of tho
Stato as a war moasuro. Too much emphasis cannot bo laid upon this fact.
My personal fear In the matter is that the emphasis being laid upon the
pqfrit of social rogonoration will defeat the very purpose of tho law for I feel
very suro omployors of lal**- will be most unwilling to place orders with
tho Bureau of Employment for applicants under this law if they feel the
only persons to bo procured are the undesirables of tho classes mentioned.
Thoro is a largo class of persons out of employment whose only vice is
laziness or an unwillingness to seek Jobs. These persons aro not moral de­
generates, dope fiends or crooks. Under tho urge of this law, theso per­
sons may be placed at useful employment where they can contribute their
share to tho productive labor of the State.

Tho purposo of tho law will bo defeated If theso persons are not sought
out and made to work, and if the only efforts that are raado rolato to clean­
ing up tho muck that necessarily abounds In any largo and populous centre.
Tho efforts of tho Industrial Commission will be to get jobs for ablo
bodied persons who aro capablo of work. Employers may bo assured that
If they placo their orders for help with tho Bureau of Employment they will
bo provided only with employable and capablo workers.
AD VAN CES

TO

R AILR O A D S

BY

GOVERNMENT.

According to a statement issued by Director-General
M cAdoo on Juno 1 the advances by tho Railroad Adminis­
tration to railroads under Government control, aggregated
on M ay 31 $124,314,000. The amount up to M ay 1 had
been $90,614,000 (as was indicated in these columns M ay 4)
there having thus been advanced during tho month $33,­
700,000. The following is tho Director-General’s announce­
ment of Juno 1:
Tho amount of money advancod by tho U. S. Railroad Administration
to various railroad companies, to May 1 1918, either in tho shape of loans
or partial payments on rentals as provided for under tho Railroad Act,
amounted to_________________________________________$90,014,000
The additional amount advanced in tho samo way since May 1
to various railroad companies has aggregated---------------- 33,700,000
Making the aggregate of all such advances from Jan. 1 1918
to May 31 1918......................................
$124,314,000
Tho individual companies to which tho advances woro mado during tho
past month wero:
Pennsylvania RR. Co_________________________________ $15,000,000
Illinois Central RR. Co........................................................... 5,000,000
Chicago Milwaukee & St. Paul RR. Co__________________ 5,000,000
Baltimore & Ohio RR. Co............. - ........................................ 4.000,000
Erlo Railroad Co______________________________________ 3,000,000
Denver & Rio Grando RR______________________________ 1,500,000
Ann Arbor RR. Co_____________________________________
200,000
$33,700,000
Theso advances were all made in tho shapo of demand loans to tho
various railroads with tho oxcoption of $5,000,000 to tho Pennsylvania RR.,
$1,500,000 to tho Donver & Rio Grando, and $70,000 to tho Ann Arbor
RR., which wero paid on account of rentals, but which woro included in
tho total of $33,700,000.
Of tho $124,314,000 advanced to Juno 1 1918, $109,514,000 was obtained
from tho $500,000,000 Treasury appropriation provided for in tho Railroad
Bill; and $14,800,000 was obtained from funds paid over to tho DirectorGeneral by 21 railroad companies from their surplus funds.
Tho sums advanced to tho fifteen railroad companies which have re­
ceived funds from tho Director-General were partly to enable tho railroad
companies to meet maturing obligations, partly for other current require­
ments, and partly to provide for additions and betterments necessary for
tho increasing business of the systoms.
Tho largest single payment was $43,964,000 advanced to tho Now York
Now Haven & Hartford RR. to pay its collateral trust notes which ma­
tured in April.
Tho loans have all been mado at 6% interest; and all wero on domand,
excopt tho $43,964,000 to tho Now Haven road, which was for one yoar
with tho right of twolvo months’ renowal.
The total loans and advances to all railroad companies to Juno 1 1918
wero as follows:
$43,964,000
New York Now Havon & Hartford RR. Co.
28,500,000
New York Central Linos----------------------22 ,000,000
Pennsylvania RR. Co_________________
9.000.
Baltimore & Ohio RR. Co---------------------5.000.
Illinois Contral RR. Co________________
5.000.
Chicago Milwaukeo & St. Paul RR. Co-----3.000.
Chicago Rock Island & Pacific RR. Co-----3.000.
Erlo Railroad Co______________________
1.500.000
Donver & Rio Grando RR---------------------1.300.000
Wabash Railroad Co___________________
750.000
Minneapolis & St. Louis RR. Co-------------500.000
Chicago Indianapolis & Louisville RR. Co.
400.000
Buffalo Rochester & Pittsburgh RR. Co—
200.000
Ann Arbor RR. Co-----------------------------200,000
Detroit Toledo & Ironton RR. Co----------$124,314,000
Practically all other maturing obligations of tho railroad companies
which fell duo In tho month of May wero provided for without aovernmont
assistance, or woro renowed at rates of interest not in excess of six per cent
per annum .

Thcro has also been a marked improvement in tho cash situation or tho
railroads generally; and a very gratifying reduction in tho amount of un­
paid vouchers reported.
PLAN S IN

[Vol . 106

THE CHRONICLE

2410

N E W

BER N , N .C .,
TO

TO C O M P E L I D L E R S

WORK.

From “ Financial America” of Juno 1 wo tako tbo follow­
ing indicatiing that a movement is under way in New Bora,
N . C ., to compel idlers to work;
To discuss and devise a plan to compel idlers to work the Now Born
Chamber of Commerce, New Bern, N. G., called togothor In its largo as­
sembly room on May 16, lumber-mill owners and other largo employers
of labor throughout eastern North Carolina. It is estimated that thcro
aro about 50,000 men in tho Stato, between tho ages of 16 and 50, who aro
not working, but aro physically ablo and should bo employed. There Is a
great shortago of farm help and other classes of common laborers.
Tho conference developed great interest in having tho Governor of tho
Stato call a special session of tho Legislature to pass a special war measure
that would tako caro of tho situation. Accordingly resolutions wero
passed, which, after reciting that winning tho war Is paramount and
pledging every effort to it, wero as follows:
Whereas, Tho labor at present availablo in North Carolina through volun
tary sorvico is greatly inadequate to enable tho business mon to accomplish
what they want to do and should do; and
Whereas, Tho labor situation in this Stato has reached such a critical
stago that all Industries aro suffering from a shortago of supply and aro
not bio to oporato ovor 60% of their normal operations; and
Whereas, There aro many thousands of men In tho Stato who aro not
working at all or aro working only two or throo days a week and generally
classed as vagrants or idlers; and




W h erea s, Wo believo that if tho full man-power of tho State is utilized
thcro will be sufficient labor to run all industries on full time; therefore bo it
Resolved, That wo business mon of eastern North Carolina in Now Bern
assembled hereby petition and urgo T. W. Bickott, tho distinguished war
Governor of tho Stato, to call a special session of tho Legislature for tho
purposo of passing a stringent vagrancy law or such other legislation as
will give tho necessary relief, feeling that during war time all men physically
able should either voluntarily work regularly or bo compelled to work full
time; and bo it further
Resolved, That all Chambers of Commerce and kindred business organiza­
tions in tho Stato be requested to indorso this action and accordingly communlcato with Governor Bickett.
A committee of three was appointed to prosent tho resolution to Gov­
ernor T. W. Bickett, at Raleigh, Juno 4, when a big State-wido conference
on tho labor question will bo held. All of tho Chambers of Commerce
and kindred bodies in tho Stato wero sent copies of tho resolutions by tho
Now Bern Chamber of Commerce and asked to tako similar action.

C O M M IT T E E
OWNERS

OF
OF

R AILR O A D

N A T IO N A L

R AILR O A D
CONTRACT

A SSO C IA TIO N

SE C U R IT IE S

OF

FIN D S

UNACCEPTABLE.

Tlio National Association of Owners of Railroad Securities
through its sub-committee, speaking for ovor $4,000,000,000
of railroad securities, together with tho Special Committee
Representing Owners of Railroad Securities, in a letter signed
by mombers of tho respective committees, submitted at tho
meeting of the Railway Executives Advisory Committee
held on Juno 5 tho views of those committees on tho draft
of contract in tho present stato of negotiations between the
railroads and officials of tho Government. This lotter was
accompanied by a lotter from Samuel Untermyor of counsel,
which was concurred in by B. II. Innoss Brown of counsel.
Those who signed this letter and compose tho-o committees
are as follows:
Tho sub-committco of tho National Association is composed of S. Davies
Warfield, Chairman (President Tho Continental Trust Co., Baltimore);
Gordon Abbott (Chairman of board Old Colony Trust Co., Boston, Mass.),
Forrest F. Drydon (President Prudential Lifo Insurance Co., Nowarlc,
N. J.), F. II. Eckor (Treasurer Metropolitan Lifo Insurance Co., Now
York), Myron T. Herrick (President Socioty of Savings, Cleveland, O.),
A. A. Jackson (VIce-Prcsidont Girard Trust Co., Philadelphia,Pa.),
Darwin P. Kingsley (Prosklent New York Lifo Insurance Co., Now York),
and Ernest Woodruff (President Trust Co. of Georgia, Atlanta. Ga.).
Tho Special Commlttco is composed of S. Davies Warfield, Chairman;
Gordon Abbott, James Brown of Brown Bros. & Co., bankers, Now York;
John J. Pulloyn, President Emigrant Industrial Savings Bank, Now York.
Counsel, Samuel Untermyor and B. II. Innoss Brown.

After a meeting of the Special Committee hold on tho
6th inst in New York, tho following statement was givon
out by tho Chairman, S. Davies Warfield:
If tho published reports of the proceedings of Wednesday’s meeting of
the Railway Executives Advisory Committee called to consider tho con­
tract betwcon tho Government and tho railroads havo given tho impression
that thcro is a satisfactory agreement in sight botwoon tho contracting
parties upon tho fundamental points involved, that impression should bo
promptly corrected in the interest of and in justice to tho security holders
of the roads as well as of the Government.
Tho two committees havo been constantly following tho proceedings in
connection with this contract, one tho sub-committco of tho National
Association of Owners of Railroad Securities, tho other a special committee
representing owners of railroad securities, through meotings hold in Wash­
000
ington and elsewhere.
000
000After wcoks of negotiations and careful study of tho agreement in its
prosent stato of negotiation, tho committees havo reached tho conclusion
000
that it is unacceptable in many vital particulars, but aro hoping that through
000
further negotiation a document will bo evolved which will reasonably
protect tho security holders of theso vast properties. Wo boliovo that tho
procuring of a reasonable contract in accordance with tho spirit of tho
President’s proclamation under which theso roads wero taken over by tho
Government is essential to the stabilizing of tho credit situation of tho
country and to tho winning of the war. Tho billions of dollars for which
tho Government must roly largely on tho millions of holders of railroad
securities can be best mado availablo to tho Government by a just treat­
ment of theso most important Interests. It is in that spirit and with tho
determination that no falso step shall bo takon at tills critical tlmo that
might Impair the stability of our financial structuro in its direct bearing
on tho winning of tho war; that theso committees will endoavor to procuro
substantial modifications in tho tentative draft of contract so far as tho
negotiations have progressed with tho Government officials. It is propor
to say that In tho negotiations none of tho representatives of tho security
holdors havo as yet come into closo contact with Director-General McAdoo
In tho discussion of tho questionablo features of tho contract.

At tho mooting of the Railway Executives on tho 6th tho
committee addressed a communication to Chairman T . Do
Witt Cuyler of that meeting. This letter contained a copy
of an opinion givon to tho Security Holders’ Committoo by
Samuel Untermyer of counsel, concurred in by associate
counsel, in which M r. Untormyer takes sorious oxcoption
to a number of tho fundamental featuros of tho proposed
contract in its present form, which tho Security Holders’
Committeo unanimously endorsed. Tho committees’ lottor
to M r. Cuyler is in part as follows:
/II New York, June 4 1918.
T. De Wilt Cuyler, Chairman, and llis Associate Members of the Committee
of Railway Executives:
Dear Sir—Tho Association Includes in its contributing momborshlp tho
owners of over $4,000,000,000 bonds and stock of tho railroads of tho coun­
try. Its membership speaks for lifo insuranco companies witli upwards of
25,000.000 individual policy holdors; for savings banks with millions of de­
positors, national banks, trust companies and In short, for all forms of finan­
cial and fiduciary institutions as well as individual owners of railroad socurltlos.
,
During tho earlier part of tho negotiations for tho contract, its formulation
appeared to those committees a comparatively slmplo mattor, and tlioy ac­
cordingly refrained from intervening, contenting themselves with kooping

June 8 1918.]

THE CHRONICLE

advised of tho negotiations, but it gradually became evident that the con­
tract was developing upon linos that involves a far-reaching departure from
tho spirit and principles of tho President’s proclamation and embodying
conditions that these committees regard as imperilling tho integrity of
the properties and tho fundamental rights of tho security holdors.
Whon, by roason of the constantly increasing demands of the Govonment
representatives, this conclusion appeared irresistible, tho committee asked
and received permission, through counsel, to tako part in the negotiations
that had been for months proceeding without their presence or patricipation.
It was felt that the Association and the Special Committoo could no
longer consistently with tho purposes of their organizations, escape this
responsibility in the crisis that is now confronting the security holders, espe­
cially in view of the facts (1) that tho contract oxpressly requires ratification
by tho stockholders of railroads; (2) that if it is recommended for execution
in its present substance or form (which to those committees is unthinkablo),
the values of railroad bonds and stocks will bo gravely imperilled, and (3)
that the officers and directors who are now acting for their respective roads
were elected by tho shareholders under normal conditions of private oper­
ation to perform tho current duties of management, and that no such vast
power as is now proposed to bo exercised by them in tentatively commit­
ting their respective companies to this contract, was contemplated. The
committees respectfully insist that no such power should be attempted to bo
exercised by tho executives beyond a mere recommendation to tho sharehold­
ers for or against the adoption of a contract.

*

*

*

*

*

*

j

|

|

,

|

(

Tlio views of tho committees upon tho leading features of tho contract
in its presont stage of negotiation, so far as its terms have been porinittod
to bocomo known to the committees or their counsel, Samuel Unterinyer
and B. II. Inness Brown, are sot forth in tho accompanying roport of
counsel which has been adoptod by the committeess in its ontiroty and which
wo will ask you to be good onough to read in full at your to-morrow's meet­
ing in conjunction with this letter.
In our judgment tho contract should bo re-drafted in Its main features.
* * * * * * *
It is, however, their earnest hope and expectation that by the oxerciso
even at this lato date of a fair amount of firmness in tho assertion and main­
tenance of tho just rights of tho security holders, a reasonably workable
agreement may yet be possible through further negotiations. Our right to
bo activo in theso proceedings has been questioned. Wo represent vast in­
terests in railroad ownership. Wo were organized to protect that owner­
ship. These committees shall, therefore, continue their offorts to socuro a
contract which will bo fair alike to tho owners of railroad securities and to
the Government. To that ond, tho undersigned committees will gladly
co-operate with your representatives.
Wo aro facing the imminont peril of the destruction of great property
values * * * .
If and when your body shall conclude upon recommending any action
upon the proposed contract, wo hereby request (1) that action upon the pro­
posed contract bo made tho subject of special meetings of directors of each
railroad; (2) that copies of tho proposod contract bo sont to each director in
advance of tho meeting at which action is to bo asked; (3) that action upon
tho contract at tho stockholders' mooting bo likewise mado tho subject of
a special meeting, and (4) that the stockholders bo fully advised of tho terms
of tho proposed contract.
A P P O IN T M E N T

BY

D IR E C T O R -G E N E R A L

M cADOO

O F C O M M I T T E E S TO H E A R C O M P L A I N T S A G A I N S T
FR E IG H T

RATE

IN C R E A S E S .

The appointment by Director-General of Railroads M cAdoo of traffic committees for tho Eastern, Western and
Southern districts and for local regions to hear complaints
of shipping against the increased freight rate schedule, and
recommend modifications, was announced on M ay 31. The
following statement concerning the traffic committees was
issued by M r. M cAdoo:
Tho Diroctor-Gcnoral invites tho co-opcratlon of tho shipping public in
working out a satisfactory adjustment of freight rates on tho higher level
now necessary. All shippers who dosiro to make suggestions as to tho
maintonanco of established differentials, or tho readjustment of freight
rates under General Order No. 28, may present their viows through the
freight traffic officers of the railroads serving them; but if shippers fool,
after presenting such matters to their own roads, that thoy want their
views given further consideration, tho Freight Committee for tho territory
or [district involved will bo glad to hoar and consider any proposal or sug­
gestion tho shippers have to offor.

These committees, it is said, are instructed to give careful
consideration to all complaints or suggestions of shippers and
to make recommendations for changes with all possible haste
in order not to subject traffic to prejudicial rates any longer
than is necessary. It was also said to have been explained
on M ay 31 that the now rates apply to short lines only, so
long as^thoy aro under Government control, and that as fast
as tliese'aro relinquished by the Railroad Administration the
increasedfcharges will cease to apply, except as to joint rates
with trunk lines. Consequently, the roads will be called on
to apply to tho Inter-State Commerce Commission for in­
creases in their local rates if they desire them.
The three^supervising directors of traffic committees were
announced as follows:
|StEastern Freight Traffic Committeo—B. Campbell, Chairman, 143
Liberty Street, N. Y. City, for official classification territory.
Southern Freight Traffic Committee.—Randall Clifton, Chairman,
Walton Bldg., Atlanta, .Ga., for Southern classification territory,
r* Western Freight Traffic Committee.—A C. Johnson, Chairman, Trans­
portation Bldg., Chicago, for Western classification territory.

Tholfollowing local freight traffic committees have also
been appointed:
- NowlKngland District Freight Committee.—II. L. Kentfiold, Chairman,
South'Station.iBoston, Mass.
Trunk-LinejDistrlct Freight Committee.—II. C. Burnett, Chairman,
143 LibortylSt., N. Y. City.
I?. Trunk Lino District Coal and Coke Committee.—E. B. Crosley, Chair­
man Reading .Terminal, Philadelphia, Pa.
!«. Central jDistrict Freight Committeo.—C . J . Brister, Chairman Transortation Bldg., Chicago.




2411

Central .District Coal and Coke Committee.—J. C. Venning, Chairman,
804 Penna. Station, Pittsburgh, Pa.
Chicago District Freight Traffic Committee.—F. P. Eyman, Chairman,
Transportation Bldg., Chicago.
-- St. Louis District Freight Traffic Committee.—J. L. West, Chairman,
Century Bldg., St. Louis.
St. Paul District Freight Traffic Committee.—H. M. Pearce, Chairman,
St. Paul, Minn.
Kansas City District Freight Traffic Committee.—D. R. Lincoln, Chair­
man, Kansas City, Mo.
Portland District Freight Traffic Committee.—F. W. Robinson, Chair­
man, Portland, Ore.
San Francisco District Freight Traffic Committee.—W. G. Barnwell.
Chairman, San Francisco, Cal.
*

It was stated on M ay 31 that a vast number of protests
against the increases andjsuggestions for local modifications
have been received and tabulated by the Railroad Adminis­
tration. They will be referred to the local and district
freight traffic committees. Among the organizations whose
complaints were received on'that day were the National Fed­
eration of Shippers, American Petroleum League, Western
Petroleum Refineries Association, National Petroleum Asso­
ciation, National Livestock Shippers’ Protective League,
State Livestock Association of Illinois, Corn Belt Meat
Producers’ Association, National Council of Farmers’ C o­
operative Association, National Livestock Exchange and the
Illinois Coal Traffic Bureau. Suggestions that lower mileage
rates be re-establishedjto'apply only to commercial travelers
came from T . J. Phelps, Supreme Councilor of the United
Commercial Travelers, tho Southern Travelers’ Association
and the Far Western^Travelers’ Association. A number of
independent oil companies protested that the rate increase
would place them at aJdisadvantage with the Standard Oil
Co. with its pipe line'system of transportation. Commercial
organizations in Oklahoma towns and cities protested
that since inter-State rates in Oklahoma recently had
been raised aboutj50%, their industries would bo at an unfair
disadvantage by the imposition of 25% additional. Grain
merchants and millers urged the Railroad Administration
to tako great pains to’preserve present differentials, saying
tho entire competitive system built up in the milling industry
would bo demoralized if this were not due. Eastern soap
manufacturers reported that the cancellation of export and
import rates would result in a 275% advance in rates on
copra and soya bean oils from the Pacific Coast.
Clifford Thorne of Chicago and a number of shippers’
organizations represented by him sent memorials prepared
before tho rato^increase was announced urging DirectorGeneral M cAdoo to grant hearings before taking definite
action. They recommended that the increases in wages
and other railroad expenses be met from the Treasury and
imposed on the general public, rather than on the shippers,
many of whom, they said, could not pass on the added ex­
pense to consumers.
According to press dispatches from Washington on June
4 hundreds of local]and special rate revisions will be ordered
by Director-General M cA doo before June 25, when the new
rate schedules go into effect, the Railroad Administration
announced to-day. This decision followed receipt of more
than 1,000 specific complaints from shippers. The dis­
patches said:
Mooting with tho Inter-Stato Commerce Commission to-day, members
of tho National Association of Railway and Utilitity Commissioners, repre­
senting about thirty Western States, explained that tho rate structures
within thoir States would bo badly disrupted if tho now rates should go
into effect without changes to maintain existing differentials and rate
relationships. Thoy will submit an extensive list of changes to be recom*
monded. Several State commissions have asked a postponement of the
effective dato of tho now rate order.

On the 6th inst. it was stated that postponement of the
new freight and [passenger rates, or modification to remove
injustices and discriminations which are said to threaten
many shippers and industries with “ commercial annihila­
tion,” was urged upon Director-General M cAdoo at White
Sulphur Springs b y ja delegation of the National Associa­
tion of Railway and Utilities Commissioners. T o put the
new rates into effect without revisions “ would imperil and
endanger tho national economic solidarity and bring addi­
tional hazards in the conduct of the war,” said a petition
presented by the delegation. M r. M cAdoo was asked
either to makolState commissions his agents in bringing
about necessary reqdjustments in rates or to require rail­
roads to submit to the authority exercised by State com­
missions before Government operation started in matters
of rate and police regulations. M r. M cAdoo was asked
to give the public greater representation on the railroad
administration’s staff, by the appointment of shippers,
consumers or State commissioners. N o specific changes
in the rate schedules were suggested.
The State com­
missioners are said to have asserted the effect of the

[Vol . 106.

THE CHRONICLE

24:12

order was to make increases in class rates, ranging from ernment, and that our work, though free from tho hardships and dangers
tho soldiors and sailors must face, is no less necossary than theirs for
25 to 350%, passenger rates from 10 to 300% and com­ that
the welfaro of our country and for victory in this war.
modity rates from 25 to 300%.
All previous orders which might interfere with the general A . C . N E E D L E S F E D E R A L M A N A G E R F O R N O R F O L K &
increase in freight and passenger rates announced last week
W E ST E R N R AILR O A D .
were sot asido in an order issued on June 4 by the Inter-State
Arthur C. Needles, Vice-President of tho Norfolk &
Commerce Commission. The action waived requirements
Western R R ., was appointed Federal Manager for tho road
that certain freight rates may not be changed without a
on M ay 24.
________________________
corresponding change in related rates, and temporarily
abrogated other differential and arbitrary requirements.
W .
J. J A C K S O N
FEDERAL
M AN AGER
OF T H E
The Commission also issued a formal order putting into
C H I C A G O & E A S T E R N I L L I N O I S RR.
operation Secretary M cA doo’s plan for a one-cent-a-mile
It was stated on Juno 2 that Direetor-Gonoral M cAdoo
rate on soldiers on furlough.
had ordered W . J. Jackson, Federal Manager of tho Chicago
It has been announced by Director-General M cAdoo & Eastern Illinois R R ., to take charge of the Evansvillo &
that commuters’ tickets bought before June 10 are good Indianapolis, which has been in tho receiver’s hands.
until used; mileage tickets must bo redeemed by June 10.
O L D R A I L R O A D R A T E S TO B E R E S T O R E D A F T E R
R E G IO N A L D IR E C TO R S OF A L L E G H E N Y
A N D

SOUTHERN

R AILR O A D

,POCAHONTAS

R EG IO N S.

The Railroad Administration, in formally announcing the
appointment of Charles H. Markham as Regional Director
for the Allegheny region, N . D . Maher for the Pocahontas
region and B. L. Winchell for the Southern region, on M ay 31
said:

W AR.

Tho following indicating that the lower railroad rates will
bo restored after tho war, appeared in tho Philadelphia
“ Record” of Juno 5, the advices emanating from Morchantvillo, N . J.:

Railroad faros will drop to former rates after tho war, according to a
letter addressed by Director-General McAdoo to James Polk, Secrotary
of the South Jersoy Commuters’ Association. Not only will tho old rates
bo restored, but tho Government will not prohibit tho restoration of intra­
state rates. Director McAdoo says when tho war emergency is over there
will bo a return to former conditions in every respect.
Present rates to nearly all points in Now Jersoy aro choapcr from Camden
than from the Philadelphia sldo of tho river, seashoro points on tho West
Jersey & Seashoro lines being tho only exception. When tho now rato
go into effoct this will not bo so, and the traveler in Now Jorsoy will not
enjoy tho round-trip ticket at reduced faro which has been continued
becauso tho Public Utility Commission refused to permit their abolishment.
New Diroctor McAdoo says theso cheap round-trip tickets will somo day
bo restored.
Director McAdoo also writes that ho doslres to bo advised at all times
when tho commuters of Now Jersey believe thoy havo any just griovanco
and that, while war conditions will of necessity work hardships, ho doos not
intend that the traveling public shall bo compelled to endure unnecessary
inconveniences.
___________________

Effective this dato, Juno 1, tho Allegheny rogion Is hereby created and
Charles H. Markham Is appointed Regional Director, with office in Broad
Street Station, Philadelphia.
Tho Allegheny region will comprise the following lines, which aro, for the
purpose, released from tho Eastern region: Atlantic City RK.; Baltimore &
Ohio RR. (east of and including Parkersburg and Pittsburgh); Bessemer &
Lako Erie RR.; Central RR. of New Jersey; Cumberland Valley RR.;
Coal & Coke Ry.; Hudson & Manhattan RR.; New York Philadelphia &
Norfolk RR.; Pennsylvania RR. (east of Erie and Pittsburgh, including
terminals at Pittsburgh); Philadelphia & Reading Ry.; Pittsburgh &
Lako Erie RR.; West Jersey & Seashoro RR., and Western Maryland Ry.
Effective this dato, the Pocahontas region is hereby created, and N.'D.
Maher is appointed Regional Director, with offices in Roanoke, Va.
Tho Pocahontas region will comprise tho following lines, which aro for
tho purpose released from the Eastern region: Chesapeako & Ohio Ry.
(east of Louisville, Ky., Columbus and Cincinnati, Ohio, including the
Chesapeako & Ohio Northern); Norfolk & Western Ry.; Virginian Ry.
R A IL W A Y SH O P M E N PROTEST A G A IN S T N E W
Tho terminals of all railroads at Norfolk, Portsmouth and Newport
SCALE— H IG H E R W A G E S SOUGH T.
News, Va., and tho Norfolk & Portsmouth Belt Ry. aro assigned to the
Pocahontas region.
A request that the Railroad Administration refrain from
Effective this date, B. L. Winchell Is hereby appointed Regional Direc putting the new wage scalo into effect unless it undertakes up­
tor, Southern region, with offices in Ilealy Building, Atlanta, Ga., suc­
ceeding C. II. Markham, who becomes Regional Director of tho Allegheny ward revision in the case of tho railway shopmen was mado by
region.
representatives of 500,000 of tho shopmen appearing before

A P P O IN T M E N T OF E L IS H A
SON

AS

FEDERAL
SY LV A N IA

LEE A N D

M AN AG ERS
A N D

B.

&

A .

W .

THOMP­

OF P E N N ­
0.

In making known the appointment last week of Elisha Lee
as Federal Manager of tho Pennsylvania R R . and A. W .
Thompson as Federal Manager of the Baltimore & Ohio,
Charles H. Markham, Regional Director of tho Allegheny
Region of the U. S. Railroad Administration, on M ay 31
said:
Mr. Samuel Rea and Mr. Daniol Willard will romaln Presidents of tho
Pennsylvania Railroad Company and tho Baltlmoro & Ohio Railroad Com­
pany, respectively, in charge of corporate affairs, and Federal Managers
have been appointed to conduct tho operation of thoso portions of tho two
railroad systems lying In tho Allegheny region.
Tho Federal Manager of tho Pennsylvania Railroad will bo Elisha Leo,
at present acting Vice-President In chargo of operation. His jurisdiction
will embraco tho directly operated lines east of Pittsburgh, Erio and Buffalo,
Including tho main lines and branches of tho Pennsylvania Railroad proper,
the West Jersey & Seashoro Railroad and tho New York Philadelphia &
Norfolk Railroad. Ho will also have jurisdiction over tho Pennsylvania
Railroad terminals in New York, Philadelphia, Baltimoro and Pittsburgh.
Tho Federal Manager of tho Baltimoro & Ohio Railroad, Eastern lines,
will bo A. W. Thompson, at present Vico-Prosident Traffic and Commercial
of that company. His jurisdiction will embrace tho main lines and branches
of tho Baltimoro & Ohio Railroad east of Parkersburg, W. Va., and Pitts­
burgh, including the terminals In thoso cities and at tho seaboard.
Tho appointment of tho Federal Managers for tho other railroad lines
embraced in tho Allegheny regions will bo announced at a later date.
Tho portions of both the Pennsylvania and Baltimoro & Ohio systems
not Included in tho Allegheny Region romain as heretofore, in tho Eastern
regions, under jurisdiction of Regional Director A. H. Smith.
Mr. Leo and Mr. Thompson will assume chargo as Federal Managers
to-day. Thoy will sever their corporate connections with both companies
and will devote their entire timo and attention to tho physical operation
of the railroad lines of which they havo charge.
Mr. Lee will continue to havo his headquarters in Philadelphia, and Mr.
Thompson in Baltimoro.

M r. Lee in assuming his new duties issued tho following
statement on Juno 1:
In assuming chargo as Federal Manager I do so with full assurance of the
undivided loyalty and support of every man and woman in tho servico.
We havo but one task before us and that is to render for tho Government
and tho people tho greatest transportation servico of which those railroad
lines aro capable.
All officers and employees ongaged in tho operation of these railroads by
the United States Railroad Administration aro hereby ordered and directed
to proceed with renewed energy and confidence in tho performance of their
accustomed duties.
. It is my Intention to disturb as little as possible tho present organizations
of tho various departments, in order that tho advantages arising from tho
long established relations of the officers and employees shall bo preserved.
Let us remember that wo aro now all directly in tho service of tho Gov­




the Board of Railroad Wages and Working Conditions at
its first hearing on June 3. Their claims wero presented
by J. F. Anderson, representing the International Association
of Machinists; G. C. Van Domes, of tho Brotherhood of
Blacksmiths and Helpers; Otto E. Hoard, of the Amalga­
mated Sheet Metal Workers; John J. Purcell, of tho Brother­
hood of Electrical Workers; J. S. Wilds, of tho Brothorhood.
of Railway Carmen and B. M . Jowell, of tho Brotherhood
of Boilermakers and Iron Shipbuilders and Ilelpors. Tho
spokesmen for tho six shop trades declared thoy had found
it difficult to work out a wago scale on tho basis of tho
Director-General’s order, and that extromo disappointment
existed among all men who had read it. Thoy urged speedy
action to revise tho scalo in order to prevent employees from
going to shipyards within the next week or two.
The shopmen renewed their demands as presented to tho
Railroad Wage Commission for a minimum of 75 cents an
hour for machinists, blacksmiths, sheot metal workers,
electricians, carmen with four years or moro experience
and boilermakers, and a minimum of 5634 cents for carmen
with less than four years experience, an eight-hour standard
day, six days work a week, and time and one-half for over­
time. These demands represented an increase of about 40%
above existing wages. They told tho Board that the higher
wages, longer vacations, extra pay for undosirablo work
and many bonuses in shipyards forced them to consider
Director-General M cA doo’s wage order “ as unjust, unfair
and inequitable” as applied to them. The scalo woidd wipe
out all the wage reforms, particularly the elimination of
differentials, effected sinco Decombor 1915.
IR IS H

ASKED

TO

VOLUNTEER

AS

A LT E R N A TIV E

TO C O N S C R IP T IO N .

Carrying out the promise contained in his proclamation
of M ay 17, at tho timo of the arrost of the Sinn Fein loaders
on charges of conspiring to foment a rebellion in Iroland,
Viscount Fronch, Lord Lieutenant, on Juno 3 issued a proclaation calling upon Iroland to furnish 50,000 voluntary en­
listments before Oct. 1, and thereafter from two to throo
thousand recruits per month, to maintain Irish divisions
in the field. The proclamation is universally interpreted
as a promise that if sufficient voluntary enlistments aro

June 8 1918.]

2413

THE CHRONICLE

Fifth—Arrangements wero completed through tho National Sporting
secured tho proposal to enforco conscription, in Ireland will Club
for tho holding of rogular boxing contests for Americans throughout
bo dropped, Tho proposition lias tbercforo, it is said, tho country.
Sixth—Sunday night vaudovillo and concerts for Americans aro to bo
beon favorably received, oven by tho Sinn le in pross. Tlio
regularly in tho London theatres.
proclamation, moreover, especially recognizes that men hold
Seventh—The King set aside a site in tho Windsor Castlo grounds for
volunteering are entitled to share in all their motherland an American Rod Cross Hospital.
can offer,” and promises that the necessary steps will be
The same cablegrams said:
taken to see that land shall bo available for all who have
Tho soasido town of Southport has initiated a scheme to provide a week’s
fought for their country. The text of tho procalamation holiday to convalescent American soldiers. Tho first contingent under
this plan will arrivo at Southport from the Mossley Ilill Hospital at Liver­
was givon as follows by tho Associated 1 less.
pool to-morrow, when tho Mayor will formally welcome tho men and in­
“ In pursuanse to our promise, wo now make our offer which, if success­
ful will insure that Ireland will play her part fully and freely in the world
struggle for liberty. The offer is that Ireland voluntarily furnish the
number of men required to establish her equitable ratio compared with
other jiarts of tho empire.
, ,
.
"In order to establish that ratio, Ireland can bo fairly asked to raise
50 000 recruits before Oct. 1 to replenish Irish divisions in the field and
thereafter raise from two to three thousand recruits per month to maintain
those divisions.”
.
,
, .
. ,, . ,
Tho proclamation proceeds to declare that there is no intention to disturb
farming or food production, or to do anything to interfere with tho coun­
try’s essential Industries. It says it is not expected that many of tho rural
population will bo available for military purposos and that the Government
is looking almost entirely to the large number of young men in tho towns,
which is far greater than is required to carry on tho ordinary rotail trade,
to furnish tho necessary contingent, as was done in England, Scotland and
Wales.
Thon, announcing that it is proposed first to call tho younger men and
thoso who can best bo spared to fight for tho motherland, tho proclamation
specifies tho ages. The first call is to men eighteen to twenty seven years
of ago. It is added, however, that it is not intended to preclude older
men who are specially fitted or desirous to servo tho country.
"Wo recognizo,” tho proclamation continues, that men volunteering
aro entitled to share in all their motherland can offer. Steps, therefore
are being taken to insure, as far as possible, that land shall be available for
men who have fought for their country, and tho necessary legislative meas­
ure is now under consideration.”
...
Tho proclamation concludes by saying that tho business of recruiting
still will bo in civilian hands and that stops Will bo taken to sec that fair
play shall be meted out to all.

troduce them to tho official hostesses, whose guests they will bo during
their stay.
_______
—
A U ST R A L IA
IN

W A N T S

S U P P O R T O F U . S. I N

S E C U R IN G A U S T R A L IA N

W AR

A N D

M O N R O E D O C T R IN E .

Speaking before the Pilgrim Society at the Union League
Club in.this city on M ay 31 William Morris Hughes, Prime
Minister of Australia, told of the part his country has
played in the present war, and how Australia looks to the
United States, “ to stand by her around the peace table
as well as on the field of battle.” “ If,” he said, “ we are
to continuo to be a commonwealth of free people, we must
have guarantees against enemy aggression in tho future,”
and this he added “ involves an Australian Monroe Doctrino in tho Southern Pacific.” M r. Hughes spoke at a
dinner givon in his honor by the Executive Committee of
thoSocioty. His remarks were given as follows in the New
York “ Times” of Juno 1:

To us in distant Australia the entry of America into the war was an
inspiration. It was the most dramtic and important event, not only of
tho year 1917, but of the war. It was the final and conclusive evidence
of tho justico of tho causo for which our soldiers wero fighting; tho positive
assurance of ultimate victory for tho Allies; the ringing answer of the great­
est of democracies to thocry of democracy in peril. For to us in Australia,
America in her lovo of liberty, her free institutions of government, her
A special dispatch to tho Now York “ Times” on Juno material wealth and greatness, stands as the very pattern of a great, free,
3 said that it is highly significant that tho “ Freeman’s and civilized nation.
. . .
c,,
Tho whole world recognizes the greatness and power of America, aho
Journal,” which is Dillon’s mouthpiece in tho Dublin press,
stands to-day a mighty Colossus, her feet bathed in the waters of two
regards Lord French's call for 50,000 voluntary recruits as ocoans tho numbers of her people as tho sands of the seashore, her material
marking definitely tho abandonment of conscription and con­ greatness amazing tho world. But to the Australian, America stands for
sequently tho achiovomont of tho purpose lor which tho much more than tills. He remembers that little more than a century and
a quarter have passed sinco the foundations of tho great Republic wero
Irish Party left Westminster and camo to their own country. dooply and woll laid by men sprung from the same stock as himself, who,
Tho ‘ ‘Independent,” which is more or less tho organ of the permeated with tho love of liberty, and having faith in their country’s
determined at all costs to achieve it as a freo people.
Sinn Foin, goes so far as to wish tho new effort success if it destiny,
Tho Australian believes that there stretches before his country, too, a des^
means tho end of tho conscription project. It is implied tiny great and splendid, which it shall surely achieve if he has but abiding
in tho proclamation, says tho Sinn Fein organ, that tho now faith and courage. What you were when the Declaration of Independence
recruits will bo drafted into Irish divisions, but a dofinito was signed, wo aro now. Tho same spirit animates us, the same ideals per­
meate our national life. The love of liberty saturates all our being. Wo
undertaking to this effect ought to bo given. It will bo believe wo shall become a groat nation. But in any case we are resolved
romombored that tho doplotion of Irish divisions was mado at all hazards to remain a freo one.
Wo have come to tho supremo crisis in tho great struggle. Daily tho
the excuso for applying conscription to Ireland. There is legions
of tho enemy, reinforced from the Russian front, hurl themselves
a certain humiliation in tho British State having to give a desperately against the Allies in frantic effort to break through before the
solomn pledgo, almost an oath, to keep its promiso, but^ in American reinforcements can arrive.
Tho Allies’ lino bonds backward before the fury of tho German onrush.
this caso humiliation has been mado inevitable by preceding Tho soldiers of tho empire and of France, until the coming of America in
force, bear tho brunt of tho attack, fighting heroically against odds,
bad faith.
clenching their teeth and dying where they stand. The Allies’ lino bends
“ Tho Irish Times” is quoted as saying:
If tho Nationalist party and tho Roman Catholic Church support Vis­ but is not broken. And still tho Huns press on, staking all on a last des­
count French’s appeal tho men can bo found not In five months but in ono perate throw. Calais, the Channel ports, or Paris via Amiens or Rheims,
This gives tho Nationalist leaders their last opportunity of putting thorn boforo tho American can arrivo in force—these are their objectives. It is
a raco against time. Across tho Atlantic Ilindenburg and Ludendorff
solves right with tho Allies.
peer with anxious eyes, watching the distant horizon for the swift speeding
It was announced at London on Juno 4 that Sir James argosies that aro transporting thoso mighty legions of America, whose
II. M . Campbell had boon appointed Lord Chancellor for coming shall utterly destroy for Germany all chance of victory. And the
armies of tho ompiro and of Franco, fighting heroically, contesting every
Ireland in succession to Sir Ignatius John O Brion, rotirod. foot of ground, dyeing tho soil of France and Flanders with their heart’s
Sir James Campboll has beon Lord Chief Justico of Ireland blood, they, too, gazo with anxious eye for these same legions.
To America, then, friend and foe aliko are looking, tho one with hope
since 1916. IIo is a close friend of Sir Edward Carson,
the other with dread. Now is Armageddon in very truth being waged,
tho Unionist loader in tho House of Commons, and has beon Now is tho fate of tho civillzod world being decided; whether man shall b.
Unionist Mombor of Parliament for Dublin University bound or free; whether right or might shall bo in tho ascendant. The forceo
sinco 1902. Sir Ignatius J. O’Brion was appointed Lord massed beneath tho banner of might are great, and great is their power for
evil. Valiantly do thoso who fight for right stand facing tho foe, and die
Chancellor for Iroland in 1913, and was reappointed to tho that wo and future generations may live as freo men. But the Allies are
post in tho Lloyd George Cabinet in December 1916. On sorely pressed, and daily tho need for reinforcements grows more imperaMay 21 last ho represented tho Labor Party at tho anti­ ativo and moro urgent.
And thoso can come in numbers only from America, for Franco and
conscription conference in Dublin and signed tho resolutions Britain havo borne and now bear tho heat and burden of the day. Italy
passod by tho conferonco protesting against the arrest of can lend but little help upon tho wostem front, being hard pressed by the
Austrians on tho Piavo. Franco, her sacred soli drenched with the blood
Sinn Foinors.
^ ^
of hor glorious sons, dosplte nearly four years of desperate war, still fights
on and will fight while ono Frenchman lives who can draw the sword, can
W H A T B R I T I S H P E O P L E A R E D O I N G TO M A K E U . S
do no moro than sho is doing. Britain with her brood from the outer
soas, standing shoulder to shoulder, against whom the full fury of the
S O L D IE R S F E E L A T H O M E .
has boon lately directed, stands hard pressed but resolute to carry
In indicating what tho British people had accomplished enemy
out Haig's order to “ fight it out to tho end." Britain is throwing tho last
in tho past month “ in an effort to do something tangiblo ounce of effort into the strugglo, combing out the last man, filling up the
and systematic to mako Americans feel at homo in Groat huge gaps torn in hor ranks. Sho and her brood beyond the seas are doing
will do all that is possible. But from America alone can come those
Britain” tho “ Weekly Dispatch” of London, was reported and
reinforcements that will turn the tide of battle. And they must como soon.
in cables from London on Juno 2 as summarizing seven
I speak freely as an Australian, as a representative of a young nation to
whom has fallen tho horltago of a great and fertile land, a continent not less
lines of work dono, as follows:
in extent or a potentiality of riches, than this groat United States of yours of
First—A project was launched for British towns to “adopt” Ameri­ which you aro so justifiably proud. Australia, in common with tho other
can hospitality to American soldiers and sailors.
dominions, has played a part In this mighty struggle for liberty not unwor­
Second—Tho Ministry of Information appointed Sir Randalf Baker as thy of tho greatness of tho cause, or of the valor and endurance of all those
director of tho American troops’ welfare in Great Britain.
who havo fought for it. Remote from tho scene of conflict, scarcely a
Third—Sir Edward Ward, Director-General of Voluntary Organizations, ripple of tho titanic upheaval has disturbed the placid seas which wash.our
announced a systematic plan for hospitality in prlvato ho tos to tho per shores. Wo aro 12,000 miles and more from the seat of war.
i/<v<t
sonnel of American aviation camps.
....
_
With a population but littlo more than 5,000,000 wo have enlisted nearly
Fourth—British authorities for tho first tinio in history authorized tho 400,000 men. As to what manner of fighters these men are, let their deeds
public playing of basoball on Sunday, and tho first match under tho schomo speak for them. Tho name of Anzac Is a passport to all places where
will tako placo in London next Sunday.




2414

THE CHRONICLE

v a lia n t m o n a n d th o s e w h o a d m ir e v a lo r a r o g a th e re d to g e th e r.
T iio
t r o o p s o f t h o A u s t r a l i a n C o m m o n w e a l t h h a v e f o u g h t a ll o v e r t h e w o r l d ,
a n d t h o f a m o o f t li o i r e x p l o i t s h a s s o u n d e d t h r o u g h o u t t h o e a r t h .
O n la n d
a n d s e a t h e A n z a c s h a v e h e ld t h e ir o w n .
T h a t r a i d e r o f t h e s e a , t h o E m d e n , f e ll r id d le d w i t h t h e s h e lls o f t h e A u s ­
t r ia n c r u is e r S y d n e y .
I n P o l y n e s i a , A s i a , E u r o p o , o u r s o l d ie r s h a v e f o u g h t ,
e n d u re d , a n d d ie d .
B u t y e s t e r d a y t h e y h a c k e d th e ir w a y t h r o u g h th e
a r m ie s o t t h o T u r k a n d s t o o d w it h t h e i r B r i t is h c o m r a d e s in J e r u s a l e m , t h o
H o ly C it y .
I n o v e r y g r e a t o ffe n s iv e t h e b a n n e rs o f A u s tr a lia h a v o b e e n
s e e n in t h o v e r y f o r e f r o n t o f t h e f r a y .
T h e s o il o f F r a n c o , F l a n d e r s , a n d
G a l l i p o l i , is r e d w it h t h o b l o o d o f i t s s o n s .
T h e y h a v o d o n o a ll t h a t m e n
c o u ld d o .
A u s t r a l i a h a s p l a y e d h e r p a r t in t h i s g r e a t w a r .
F ro m th o d a y w h en th e
s o u n d o f (h e fir s t t o c s in o f w a r b u r s t u p o n o u r e a rs t h o y o u n g m e n o fA u s t r a lia
h a v o ru sh ed th o fla g .
W ith in th r e e m o n th s o f th o d e c la r a t io n o f w a r o u r
s o l d ie r s h a d w r e s t e d N e w G u in e a f r o m t h o G e r m a n s a n d w e r o in E g y p t
a w a i t i n g o r d e r s t o e m b a r k f o r t h e D a r d a n e l le s .
F o r o v e r tw o years n o w
W o h a v o m a i n t a in e d f i v e d i v i s i o n s o f f i r s t - l i n e t r o o p s , m o n in t h o f r o n t
t r e n c h e s , in F r a n c e a n d F l a n d e r s , b e s i d o o u r f o r c e s in P a le s t i n e a n d M e s o ­
p o ta m ia .
A u s t r a l i a h a s p l a y e d h e r p a r t in t h i s w a r .
B u t s h e lia s p a i d
a g ro a t p r ice .
A t P o z i e r e s o u r c a s u a l t ie s in o n e w e e k w e r e 1 8 ,0 0 0 .
O u r d o a t li r o ll t o
d a t o is n e a r l y 4 7 , 0 0 0 ; o u r t o t a l l is t o f c a s u a l t ie s n e a r l y 1 5 0 ,0 0 0 .
O f th o
g r e a t a r m y A u s t r a l i a lia s s e n t o a t o n l y 3 , 0 0 0 h a v o b e e n t a k e n p r i s o n e r s ,
4 7 , 0 0 0 k i l l e d , o v e r 1 0 0 ,0 0 0 w o u n d e d , a n d 3 , 0 0 0 c a p t u r e d .
T h i s is n o t a
b a d r e c o r d f o r a n a t i o n o f a l i t t l e o v e r f i v o m il l io n s o f p e o p l o .
I f A m e r ic a
h a d l o s t p r o p o r t i o n a t e l y , h e r d e a d w o u l d n u m b e r n e a r l y 1 ,0 0 0 ,0 0 0 a n d h e r
c a s u a l t ie s m a n y m il l io n s .
G e r m a n y w a n t e d “ a p l a c o in t h o s u n . "
W h a t s h e a c t u a lly w a n te d w a s
t o c n c i r c l o in h e r h a i r y a r m s t h e e n t i r e w o r l d .
A m o n g th e la n d s s h e c o v ­
e te d w a s A u s tr a lia .
H e r r u le r s l o o k e d o u t a n d s a w a g r e a t a n d r ic h is la n d
c o n t i n e n t , i t s f e r t i l e s h o r e s w a s h e d b y s u m m e r s e a s , a s h in in g j e w e l in a
g o l d e n s e t t i n g , a g r e a t c o u n t r y w i t h b u t 5 ,0 0 0 , 0 0 0 o f p e o p l e s p a r s e l y s c a t ­
t e r e d a r o u n d i t s s h o r e s .- T h o H o h e n z o l l e m s a n d t h o w a r l o r d s s a w t h a t i t
w a s g o o d , a n d a s o n e o f y o u r S e n a to r s h a s s h o w n , d e lib e r a te ly p a r c e le d o u t
A u s t r a l i a a n d o t h e r c o u n t r ie s a m o n g t h o j u n k e r c a p i t a li s t s o f G e r m a n y .
I f G e r m a n y w in s t h is w a r t h o p o s i t i o n o f A u s t r a l i a is d e s p e r a t e .
E v e n if
f a ll i n g s h o r t o f c o m p l e t o v i c t o r y t h o m il i t a r y p o w e r o f G e r m a n y is s t il l u n ­
b r o k e n a n d p e a c e t e r m s m a d e w h ic h l e a v e h e r w it h t e e t h u n d r a w n a n d
c la w s u n c l i p p e d , t h e n f o r u s in A u s t r a l i a t h o s o - c a l l e d p o a c o w il l b e b u t a
r e ig n o f t e r r o r , a n i g h t m a r e o f f e v e r is h a p p r e h e n s io n , o f a w a i t i n g t h o n e x t
s w o o p o f t h o v u ltu r e .
F o r A u s t r a l i a , n o p e a c o c a n b o a c c e p t a b l e w h ic h
l e a v e s t o G e r m a n y t h e p o w e r t o m e n a c e s m a ll n a t i o n s .
A m e r i c a is a g r o a t
n a tio n , G e rm a n y c o u ld n o t d e s t r o y h er.
B u t f o r A u s t r a l i a , a s I h a v o s a i d , t h i s f i g h t is o n o o f l i f o a n d d e a t h .
C o m o w h a t m a y , t h o m o n o f A u s t r a l i a w ill f i g h t t o t h e e n d f o r t h e i r c o u n ­
t r y , a n d f o r t h o r ig h t t o g o v e r n t h e m s e lv e s in t h e i r o w n w a y .
B u t I repeat
t h a t u n le s s t h e m i l i t a r y p o w e r o f G e r m a n y is b r o k e n , p e a c o w ill b o w o r s e
fo r us th a n w a r.
F o r w o s h a ll l i v e o v e r in t h o d r e a d o f w a r , t h o s in is t e r
s h a d o w o f t h o p i c k l e h a u b o w il l d a r k e n a ll o u r d r e a m s .
A n d becau so w o
a s m a l l c o u n t r y , a n d y o u , a g r e a t n a t i o n , a r o n o t o n l y a l li e s , b u t a r o a k in
in l a n g u a g e a n d i d e a l s ; b e c a u s o w o a r o b o t h p a s s i o n a t e l o v e r s o f l i b e r t y ,
b e c a u s o o f a ll t h a t b i n d s u s t o g e t h e r , I c o m e t o y o u e a r n e s t l y s e e k in g y o u r
c o -o p e r a tio n , y o u r p o w e r fu l a id .
T h is b r in g s m e t o a m a tte r o f lifo a n d d e a th im p o r t a n c e t o A u s tr a lia .
A m e r i c a , A u s t r a l i a , a n d N o w Z e a l a n d h a v o c o m m o n in t e r e s t s in t h o
P a c ific .
A n d A u s tr a lia lo o k s to y o u , h e r e ld e r b r o t h e r , t o s ta n d b y h o r
a r o u n d t h o p e a c o t a b l o a s w e ll a s o n t h o f i e l d o f b a t t l o .
F o r if w o aro to
c o n t ln u o t o b o a C o m m o n w e a lth o f fr e e p e o p lo , w o m u s t h a v o g u a ra n te e s
a g a in s t e n e m y a g g r e s s io n in t h e f u t u r e . A n d t h is i n v o l v e s a n A u s t r a la s ia n
M o n r o o D o c t r i n e in t h o S o u t h e r n P a c i f i c .
L o t m o m a k e o u r p o s it io n c le a r .
A u s t r a l i a is a g r e a t is la n d .
A l o n g Its
n o r t h e r n a n d e a s t e r n s h o r e s , g u a r d i n g o r m e n a c i n g i t s c o a s t s , a c c o r d in g a s
t h e y a r e h o l d b y f r i e n d o r f o e , a r o t h r e e b e l t s o f is la n d s . T h e r e a r e h u n ­
d r e d s o f t h o s e is la n d s , s o m o b e i n g v e r y s m a l l, a n d t h e i r d l s t a n c o f r o m
A u s tr a lia v a r ie s c o n s id e r a b ly .
N e w G u in e a , t h o l a r g e s t , is o n l y a b o u t
1 5 0 m ile s f r o m A u s t r a l i a .
O t h e r s l ik o F i j i , t h o L o y a l t y I s la n d s , t h o S o l o ­
m o n s , a ro m o r o d is ta n t.
B u t n o n e o f a n y I m p o r t a n c e is a s d i s t a n t a s H o n o ­
lu lu f r o m S a n F r a n c i s c o .
A n d in t h o a g g r e g a t o t h o t e r r i t o r y in w h a t m a y
b o t e r m e d t h o A u s t r a l i a n p o r t i o n o f t h o is la n d s Is v e r y c o n s i d o r a b l o .
P e r h a p s I c a n b e s t g i v e y o u a n id e a o f t h o a r e a i n v o l v e d b y c o m p a r i n g
N e w G u in e a , t h o l a r g e s t I s la n d , W ith c o u n t r ie s w i t h w h ic h y o u a r o f a m ilia r
N e w G u in e a , w h i c h b o f o r o t h o w a r w a s d i v i d e d i n t o t h r e e p a r t s , h e l d b y
H o l l a n d , G e r m a n y a n d A u s t r a l i a , is a s la r g o a s C u b a , t h o P h il ip p in e s , .and
t h e g r e a te r p a r t o f J a p a n , a ll ta k e n to g e t h e r .
A n d t h i s g r e a t , r ic h is la n d
is w it h i n a s t o n e 's t h r o w o f A u s t r a l i a .
I t is m u c h n e a r e r t o A u s t r a l i a
t h a n is T a s m a n ia , o n e o f t h e S t a t e s o f t h o C o m m o n w e a l t h .
A n d stu d d ed
a r o u n d a b o u t N o w G u in e a a r o d o z e n s o f s m a l le r Is la n d s w h i c h s t r e t c h o u t
f o r m i n g a p a r t o f o n o o f t h e s e b o l t s w h ic h r u n p a r a l l e l w i t h t h o c o a s t o f
A u s tr a lia .
W h a t w o u l d y o u r a t t i t u d e b o t o w a r d a n y p r e d a t o r y p o w e r t h a t c la im e d
t e r rito r y so n e a r t o y o u r o w n s h o r e s ?
N o w , t h o p o s i t i o n o f A u s t r a l i a is
s u c h t h a t i t is e s s e n t ia l t o it s t e r r i t o r ia l i n t e g r it y t h a t i t s h o u l d e it h e r c o n ­
t r o l t h e s e i s la n d s i t s e l f o r t h a t t h e y s h o u l d b o in t h o h a n d s o f f r i e n d l y a n d
c iv iliz e d n a tio n s .
F o r t h e y s t a n d in t h o s a m o r e la t i o n t o A u s t r a l i a a s , s a y
M o u n t K o m m e l d o e s t o Y p r e s , A m i e n s t o P a r i s , o r a s C a la i s a n d t h o C h a n ­
n e l p o r t s d o t o E n g la n d . V e r y m a n y o f th e m a r o s u ita b lo fo r c o a lin g
s u b m a r i n e b a s e s , a n d o t h e r p o i n t s d ’a p p u l .
T o a llo w a n o th e r n a tio n t o
c o n t r o l t h e m w o u l d b o t o a l l o w It t o c o n t r o l A u s t r a l i a .
C a ll i n g o u r s o lv e s
a f r e e n a t i o n , w e s h o u l d in e f f e c t b o m e r e v a s s a l s .
S o w o c o m e t o y o u , o u r g r o a t a l l y , s e e k in g y o u r s t e a d f a s t a n d w h o le ­
h e a rte d c o -o p e r a tio n a n d a id .
H a n d s o f f t h o A u s t r a l i a n P a c i f i c Is t h o
d o c t r i n e t o w h ic h b y i n e x o r a b l e c ir c u m s t a n c e s w o a r o c o m m i t t e d . A n d
a g a i n s t a ll p r e d a t o r y n a t i o n s w o s h a ll s t r i v o t o g l v o t h i s d o c t r i n o e f f e c t t o
t h o la s t o u n c e o f e f fo r t a t o u r d is p o s a l.
A n d In t h i s w o d o n o t d o s ir o e m ­
p ir e , b u t o n ly s e c u r it y .
A n d s o w o r o jo ic o t h a t o u r g r e a t a lly F r a n c o h as
in t e r e s t s in t h o S o u t h e r n P a c i f i c , a n d t h a t H o l l a n d , a s l o n g a s s lio d o e s n o t
b e c o m e t h o a g e n t o f G e r m a n y , is o u r n e i g h b o r in J a v a a n d N o w G u in e a .

100,000

SM ITH S

IN

U.

S.

A R M Y .

In making known the numerity of Smiths, Wilsons,
Millers, & c., among tho fighting forces of tho country, the
Government in an announcement on March 31 said:
T h e r e a r o m o r o t h a n 1 0 0 ,0 0 0 " S m i t h s ” l is t e d In t h o a l lo t m e n t a n d
a l lo w a n c o f il e s o f t h e B u r e a u o f W a r - R i s k I n s u r a n c e o f t h o T r e a s u r y
D e p a r t m e n t — 1 ,0 4 0 J o h n S m i t h s , 2 0 0 J o h n A . S m i t h s , 1 ,5 0 0 W i ll ia m
S m ith s , a n d 2 0 0 W illia m H . S m ith s .
I t ta k e s 110 c a r d in d e x tr a y s a n d
a g o o d - s i z e d s q u a d o f f il i n g o x p e r t s t o k e e p t r a c k o f a ll t h o e n lis t e d m o n
in t h o f i g h t i n g f o r c e s o f t h o c o u n t r y w h o a n s w e r t o t h o n a m e o f " S m i t h . ”
T h e r e a r o m o r o t h a n 2 , 0 0 0 , 0 0 0 c a r d s in t h e a l l o t m e n t a n d a l lo w a n c e
f il e s o f t h o B u r e a u o f W a r - R i s k I n s u r a n c e , a n d b e c a u s o o f t h o g r o a t r e p e t i ­
t io n o f c e r t a in n a m e s S e c r e t a r y M c A d o o h a s a s k e d a ll s o l d ie r s a n d s a ilo r s
t o g i v e t h e i r f u ll n a m e s , n o t in it i a l s , in a p p l i c a t i o n s a n d in c o r r e s p o n d e n c e ,




[V ol . 106.

a n d t o w r i t e a ll n a m e s in a c lo a r , l e g ib le h a n d , p r i n t i n g t h e m o u t r a t h e r
t h a n u s in g s c r i p t .
t h e r e a i o 2 6 2 J o h n J . O ’ B r ie n s in t h o f il e s a n d in 5 0 c a s e s t h o w l f o ’s
n a m e is " M a r y . ”
T h e r e a r o 1 5 ,0 0 0 M i l ’ e r s a n d 1 5 ,0 0 0 W i l s o n s o n f i l e
in t h o b u r e a u .
T h e r o a r o 1 ,0 0 0 J o h n B r o w n s a n d 1 ,2 0 0 J o h n J o h n s o n s .
I t is n o t e n o u g h t o s a y " G e o r g e M i l l e r ” f o r t li o r o a r o 1 ,0 4 0 o f t h o s o , n o r
is i t e n o u g h t o s a y " G e o r g e J . M i l l e r , ” f o r t h i s is n o t u n i q u o .
T h o fu ll
n a m o a n d t h o c o m p l e t o p o s t o f f i c o a d d r e s s a r o b o t h n e c e s s a r y t o i d e n t if y
a m an.
S o ld ie r s a n d s a i lo r s a r o t h e r e f o r e u r g e d t o g i v o o x p l i c i t , c o m p l e t e , a n d
c a r e fu l i n f o r m a t i o n c o n c e r n in g t h e i r n a m e s , p o s t o f f i c o a d d r e s s o s , a n d r a n k
a n d o r g a n i z a t io n a t t i m e o f a p p l i c a t i o n , in t h e i r a p p l i c a t i o n s a n d in le t t e r s
a d d ressed to th e b u rea u .
T h o h o n o r o f h o l d i n g f ir s t p l a c o in t h o a l p h a b e t i c a l c a r d c a t a l o g u e s y s t e m
g o e s t o C la y t o n A lo y s iu s A a b , s e c o n d -c la s s s e a m a n , n o w s o m o w lie re o n
t h o h ig h s e a s o n a n A m e r i c a n b a t t l e s h i p .
H o is c l o s e l y p r e s s e d , h o w e v e r ,
b y E a rl O la f A a b e l.
T h o n a m es th e n ru n b y th o h u n d red s o f th o u sa n d s
t h r o u g h a ll t h o l e t t e r s o f t h e a l p h a b e t a n d e n d w i t h J o s e p h Z y n y .
I h o i m p o r t a n c e o f c le a r , l e g ib le h a n d w r i t in g is s t r o n g ly e m p h a s i z e d b y
th o B u rea u o f W a r -R is k In su ra n ce.
A l l o t m e n t a n d a l lo w a n c o a w a r d s
h a v o s o m e t im e s b e e n d e l a y e d b y b a f f l i n g s ig n a t u r e s , b y i n c o m p l e t e a d ­
d r e s s e s , a n d b y f a il u r e t o n o t i f y p o s t a l a u t h o r i t ie s o f r e m o v a l .
In co rre s­
p o n d e n c e w i t h t h o b u r e a u a n d o n a il a p p l i c a t i o n s , n a m e s a n d a d d r e s s o s
s h o u ld b o printed, r a t h e r t h a n w r i t t e n in script.

COSTA RICA DECLARES WAR ON GERMANY.
Advices received from San Juan del Sur, Nicaragua, on
M a y 24, announced that the Government of Costa Rica
had declared war on tho Central Powers. This, it is said,
brings tho total number of nations aligned against tho
Teutonic Empires up to twonty-ono.
All of tho Central
Amorican States have now clearly defined their attitudo
toward tho war. Panama, Nicaragua and Guatemala
have become bolligeronts. Honduras has sovorod diplo­
matic relations with Germany, while San Salvador has re­
mained neutral, explaining that this neutrality is friondly
to tho United States.
The Government of Costa Rica, headed by President
Tinoco, has never been recognized by tho Uni tod States.
It came into power after tho deposition of President Gonzalez
in January 1917. In an effort to obtain recognition, tho
Costa Rican Government sent an envoy to Washington last
July, but it is said that ho was not rocoived at tho State
_____________________
Department.

BANKING AND FINANCIAL NEWS.
N o sales of bank or trust company stocks woro mado at
tho Stock Exchango or at auction this week. Extensive
tables reporting bid and asked quotations, deposits, surplus,
& c., of banks and trust companies in all important citios in
tho United States aro published monthly in tho “ Bank and
Quotation” Section, tho Juno issuo of which accompanies
to-day’s “ Chronicle.” Bid and asked quotations for all
Now York City bank and trust company stocks aro also
published weekly in another department of this paper, and
will bo found to-day on pago 2436.
Tho Paris Bourse, it was announced on Juno 3, will close
overy Saturday until September.
The New York Coffee and Sugar Exchango, beginning last
Saturday, Juno 1, will closo on all Saturdays until Septem­
ber.
A Now York Stock Exchange membership was roported
transferred this week for $55,000, as against $53,000, the
last provious transaction.
A t a meeting of tho directors of tho Fifth Avonuo Bank
of this city this week, it was decided to make application for
admission to tho Fedoral Reservo Systom. Tho stock­
holders of the bank on M a y 27 ratified a proposal to increase
tho capital from $100,000 to $200,000.
The stockholders of tho Yorkvillo Bank of this city rati­
fied on June 6 tho proposal, referred to in our issuo of M a y 25,
to increase tho capital from $100,000 to $200,000. Like
tho Fifth Avenue Bank, the Yorkvillo Bank has also taken
steps toward becoming a member of tho Fedoral Reserve
Systom.
The Fulton Trust C o ., 149 Broadway, this city, was ad­
mitted to tho membership privileges of tho Fodoral Rosorve
Bank of Now York yesterday.
Tho directors of tho Bankers Trust C o ., Now Y ork, voted
this week to make a substantial cash payment to employees
to assist in meeting increased living costs. This is tho fourth
semi-annual adjustment to bo mado for this special purposo
by tho Bankers Trust C o. Tho payment is based upon a

THE CHRONICLE

J u n e 8 1918.]

study of living conditions made by a committee of the senior
clerks, and ranges from 5 % to 4 0 % of annual salaries. All
employees share in the distribution.
It is announced that the Central-Union Trust Co. of this
city, the institution resulting from the merger of the Union
Trust Co. with the Central Trust C o ., will take possession
of its new quarters at 80 Broadway in about three months.
The Union Trust C o. is at prosont occupying temporary
quarters on the ground floor. Alterations are still under
way on tho upper floor. The actual consolidation of these
two institutions has been deferred until tho necessary altera­
tions to accommodate tho enlarged institution are completed.
Harry T . Ramsdcll, President of tho Manufacturers &
Traders National Bank of Buffalo, and George H . Prince,
Chairman of tho board of directors of the Merchants’ N a ­
tional Bank of St. Paul, have been elected directors of the
American Foreign Banking Corporation of N ew York,
this city.

________

The two branches of the Commercial National Bank of
Washington, D . C ., located at Panama C ity, Republic of
Panama, and at Christobal, Canal Zone, have been acquired
by the American Foreign Banking Corporation of 56 W all
Streot. The Commercial National Bank of Washington
has through this transaction acquired a financial interest
in tho American Foreign Banking Corporation.
W . C . Cox, Vice-President of tho Guaranty Trust C o .,
has been commissioned a Captain in tho Sanitary Corps of
tho National A rm y, and will have charge of the funds at
the Medical Supply Depot in Now York C ity. M r . Cox
was one of the organizers and tho first Secretary of the Stand­
ard Trust C o ., which was merged with the Guaranty in
1912, when ho was elected a Vice-President. M r . Cox is
tho fourth Vice-President of tho Guaranty Trust C o. to
ontor Government service since war was declarod.

A judgment for $110,000 in favor of the State Superin­
tendent of Banks, George I . Skinner, in his suit against
seventy of the stockholders of the defunct Borough Bank
of Brooklyn, has been handed down by Supreme Court
Justice Callaghan. Some five years ago the State Superin­
tendent of Banks decided that in order to liquidate the affairs
of the bank tho holders of the 2 ,0 00 shares of capital stock
(the capital of the Borough Bank was $200,000) must be
compelled to pay $100, or the par value for each share of
stock held. Under this arrangement $8 8,00 0 was collected
from 893 shares of stock and the suit in which judgment has
now been awarded was brought to force the remaining
seventy stockholders to pay their assessments. The liabili­
ties of the failed bank at present amount to about $900,000,
while its unadministered assets are about $38,81 5. The
judgment carries with it accrued interest from M arch 1 1913.
The Borough Bank was organized in 1902. A t the time
of tho panic in October 1907 it suspended, but resumed
business in April 1908. Two years later it closed its doors.
W e learn that it is tho purpose of the Superintendent of
Banks, when the moneys realized from this judgment are
collected, to pay an additional dividend to the depositors of
this defunct institution. It is impossible to say just when
these moneys will be paid, as there is likelihood that some of
the stockholders will appeal from Justice Callaghan’s deci­
sion. On the other hand, it is stated, the financial responsi­
bility of some of the defendants is such that it will probably
bo impossible to collect any moneys from them. Two
dividends have been paid to the depositors of this institu­
tion since October 1911, one of 6 % , which was paid on July 10
1916, and another of 7 % , which was paid on Feb. 26 1917,
making the total 1 3 % paid to date.

Tho Guaranty Trust C o. of Now York has arranged to
open a branch office at Tours, I ranee, for tho convenience
of members of tho American Expeditionary Forces. N o
general banking business will bo transacted at tho Tours
office, which is to bo established primarily as an additional
offico for tho distribution of war-time services.
Clifton K . W ells, until recently Assistant Treasurer of tho
Continental Trust C o. of Baltimore, M d ., has joined the
Now Business Department of tho Guaranty Trust C o. of
Now York . M r . W ell’s banking experience has oxtondod
over a poriod of 25 years. Entering tho National Bank of
Commorce of Baltimore 25 years ago as a runner, ho left
that institution in a short time to accopt a position with tho
First National Bank. H e becamo goneral bookkeeper
shortly before tho bank morged with tho Morchants-Mechanics’ Bank in 1916. Ho was thon elected Assistant
Cashior of tho merged banks, but rosigned to become Assist­
ant Treasurer of the Continental Trust C o ., which position
ho hold until ho came to the Guaranty.
A t a rogular meeting of the directors of tho Chatham &
Plienix National Bank of this city last week, H arvey H .
Robertson was appointed Assistant Cashier.
Henry C . Strahmann has resigned as Vice-President and
director of tho Hudson Trust C o ., Broadway and 39tli Street,
of this city, because of ill-health. M r . Strahmann has
boon identified with tho Hudson Trust C o. since its organiza­
tion in 1906, and beforo that with tho old United National
Bank, 42d Streot near Broadway, which later was converted
into the Hudson Trust Co.
A t a meeting of tho directors of tho Continental Bank,
formerly tho Gorman-Amorican Bank, of this city, hold
Juno 30, Albert T a g, heretofore President of the bank, was
made Chairman of tho Board. J. S. Fredorichs was elected
President, and F . H . H ornby, Cashier. The cliango in tho
namo of tho bank went into effect on Juno 1. M r . Freder­
icks has boon connected with the bank for tho past forty-six
years, and roso from bank messenger to tho presidency of
tho institution.
Tho Gorman Savings Bank of this city announced on
Juno 3 that it had been decided to change tho namo of tho
institution to Tho Central Savings Bank in tho City of Now
Y ork . Tho bank was established in April 1859.




2415

Upon tho recommendation of District Attorney Lewis,
the two indictments pending against Edward M . Grout,
ex-Comptroller of New Y ork, growing out of the affairs of
the defunct Union Bank of Brooklyn, while he was President
of that institution, were dismissed by Justice Van Siclen in
tho Supreme Court on M a y 24. The first indictment
charged M r . Grout with making a false report to the State
Superintendent of Banks, and tho second with perjury in
swearing to an alleged false report. M r . Grout was con­
victed on the second chargo in July 1915 and sentenced to
a term of not less than one, nor more than two, years in
Sing Sing by Judge Lewis (now the District Attorney) who
was tho County Judge at the time tho case was tried. After
he had been held a few days in Raymond Street Jail M r .
Grout was released on a certificate of reasonable doubt in
$5,000 bail. In November 1916 tho Appellate Division
set aside the verdict and refused the application of the Dis­
trict Attorney to take the case to the Court of Appeals. In
his brief filed with the Court, when the motion to dismiss the
indictments was made, the District Attorney said in part:
I n m o v i n g f o r a d is m is s a l I f e e l i t t o b e m y m a n i fe s t d u t y h e r e t o s t a t e
m y rea so n s fo r s o d o in g , n o t o n ly fo r th e g u id a n c e o f th e c o u r t , b u t fo r a
p r o p e r c o m p le t io n o f t h e r e c o r d .
T h o s e r e a s o n s i n v o l v e t h is t h o r o u g h
a n d d e t a i le d d i s c u s s io n o f t h e s t r e n g t h o f t h o s o f e a t u r e s o f t h e c a s e w h ic h
n e c e s s a r ily r e s u lt e d in a c o n v i c t i o n , b u t w h i c h a r e n o w r u l e d o u t b y a n
a u t h o r i t y w h i c h c a n n o t b e r e v i e w e d , l e a v i n g s o l it t l e in t h o c a s e t h a t in t h e
D i s t r i c t A t t o r n e y ’s j u d g m e n t a n e w t r ia l c o u l d n o t p o s s i b l y r e s u l t in a
c o n v ic tio n .
I t is t o b e r e g r e t t e d t h a t t h e A p p e l l a t e D i v i s i o n d e n i e d t h o a p p l i c a t i o n
o f t h o D i s t r i c t A t t o r n e y t o a l lo w t h i s c a s e t o g o t o t h e C o u r t o f A p p e a l s f o r
f in a l d e t e r m in a t i o n o n t h e m a n y g r a v e a n d i m p o r t a n t q u e s t i o n s a f f e c t i n g
t h is c a s e .
T h o r e fu s a l o f t h e A p p e l l a t e D i v i s i o n h a s d e p r i v e d t h e p e o p l e
o f a r e l i e f w h ic h is u s u a lly a c c o r d e d t o l it i g a n t s in m a t t e r s o f le s s i m p o r t ­
an ce.
T h o D i s t r i c t A t t o r n e y is b o u n d b y t h e d e c i s io n o f t h o A p p e l l a t e
D i v i s i o n , n o t w it h s t a n d i n g h is c o n s c ie n t i o u s o p i n i o n t h a t t h o v e r d i c t w a s
r ig h t a n d t h a t t h e c o n v i c t i o n w o u l d h a v e b e e n s u s t a i n e d b y t h o C o u r t o f
A p p e a ls .
P i e c e b y p i e c e , ju d i c i a l a c t i o n h a s d e p r i v o d
a n t o f it s s t r e n g t h , s o t h a t n o w I w o u ld n o t
b e h a lf o f t h o c o u n t y t h e t i m e , t h e l a b o r a n d
i n v o l v e d i n a n o t h e r t r ia l .
T h e m o t i o n is
A t t o r n e y d o e s n o t b e l ie v e t h a t a c o n v i c t i o n

t h o c a s e a g a in s t th o d e fe n d ­
f e e l j u s t i f i e d in s p e n d i n g o n
t h o e x p e n s e w h ic h w o u l d b e
m a d e b e ca u s e th e D is t r ic t
u p o n e ith e r in d ic t m e n t c a n

now bo had.

W ork has been commenced by Hoggson Brothers on a
now individual bank building for the Niagara County N a­
tional Bank of Lockport, N . Y . In equipment, appearance,
appointment and conveniences tho building will, it is said,
be a decided acquisition to the city’s financial institutions
and public buildings. The Niagara County National Bank
was organized in 1864. It has a capital of $100,000 and sur­
plus and profits of $246,000. Tho officers are C . M . Van
Valkenburgh, President; C . G . Su tcliw , Vice-President,
and John T . Symes, Cashier.
Merritt Stcgman has been appointed an Assistant Treas­
urer of the Massachusetts Trust C o. of Boston. M r .
Stcgman assumed his new offico June 1. Ho has been with
tho company since its organization in 1914. Previous to

2416

THE CHRONICLE

that ho was with tho U . S. Sub-Treasury in Boston for eight
years.

Walter S. Detwiler has been elected a director of tho
M utual Trust C o. of Philadelphia.
Joseph E . Widener and Daniel B . W entz have been elected
directors of the Fidelity Trust C o. of Philadelphia.

106.

city. In 1890 M r. Street was olected Manager of the Chicago
Clearing House Association, tho position he held at tho time
of his death.

Application for a charter for the Citizens National Bank
of Boston, capital $500,000, has been made to tho Comp­
troller of the Currency.
A t a meeting of the board of directors of tho National
Bank of' Commerce of Providence on Juno 3, Charles H .
Manchester was elected a director.

[V o l .

Tho Germania National Bank of Milwaukee, W ise., has
been granted permission to change its name to tho National
Bank of Commerce.
The German-American Bank of M adison, W is ., was
granted permission by tho State Banking Department on
M a y 27 to change its name to the American Exchange
Bank. The stockholders took action toward changing tho
name on M a y 15. The new title was adopted on Juno 1.
The German National Bank of Ripon, W is ., has obtained
the permission of the Comptroller of the Currency to change
its name to tho American National Bank.

A t a meeting of the directors of the Mauch Chunk Trust
J. M . M cC arthy, formorly Assistant Cashier of tho Sea­
Co. of Mauch Chunk, P a ., on M a y 16, George Dreisbach
board National Bank of San Francisco, and connected with
resigned as Vice-President of tho company becauso of im­
that institution since 1905, has been elected Cashier to
paired health. M r . Dreisbach has for thirty years been succeed H . A . Estabrook, resigned.
identified with the banking interests of Mauch Chunk,
H . A . Estabrook, for tho last sevon years Cashier of tho
beginning with the Second National Bank of Mauch Chunk,
P a ., in 1888, until tho expiration of its charter D ec. 31 1902, Seaboard National Bank of San Francisco, has boon olected
and with the Mauch Chunk Trust Co. since its organization Assistant Cashier of tho Amorican National Bank of that
Jan. 1 1903 as Secretary and Treasurer, Vice-Presidont, and city and has already assumod his duties. Nino years ago
also as director. The directors, in expressing regret at his M r . Estabrook was connected with tho Amorican National,
resignation, recorded their appreciation of his worth, and leaving to become Cashier of tho Consolidated National
granted him a leave of absence with full pay from M a y 31 Bank of Tuscon, Arizona, a position ho hold for two yoars
1918 to July 1 1918, on which date, instead of M a y 31, as prior to his going with tho Seaboard National Bank.
M r. Dreisbach requested, his resignation is to become
effective.
IMPORTS A N D EXPORTS FOR MARCH.
W . G . Doench, who has been employed for 12 years with
the Bank of Secured Savings of Pittsburgh, was recently
elected Cashier, succeeding Geo. H . Loitch. W hen electod
M r . Doench was serving as Paying Teller with the Union
Savings Bank of Pittsburgh.

The Bureau of Statistics at Washington has issued tho
statement of the country’s foreign trade for March and from
it and previous statements wo have prepared tho following
interesting summaries:
FOREIGN TR A D E M O VEM E N T OF TH E U N IT ED STATES.
(In the following tables three ciphers (000) are In all cases omitted.)
___________________________ M ER C H A N D ISE .
E z p orts.

On M a y 23 Herman M . Schaefer was elected an Assistant
Cashier of the Marine National Bank of Pittsburgh. M r .
Schaefer has been twelve years with tho bank and his pro­
motion is a reward for his faithful services.
John Flanagan has resigned as Cashier of the Pearl Street
M arket Bank of Cincinnati on account of failing health.
W e are advised that the bank will not at preesnt elect a
new Cashier.

1918.
January............
February_____
M arch..............
A p ril..... ..........
M ay__________
Juno..................
Ju ly__________
August..............
September____
October______
November____
December____

$505,282
410,922
531,043

Total _.........

$613,325
467,648
553,986
529,928
550,061
573,593
372,758
488,656
454,507
542,101
488,193
600,064

William DeLatro Cameron Street, for twenty-eight years
Manager of the Chicago Clearing-House Association, died
on M a y 25 in his 73rd year. M r . Street, who was a Canadian
by birth, went to Chicago in 1860. Sovon yoars later his
banking career began in tho old Fifth National Bank of that




1917.

$233,949
207,715
242,198

1916.

$241,794
199,480
270,257
253,936
280,727
306,023
225,926
267,855
236,197
221,227
220,535
227,911

$184,351
193,935
213,590
218,236
229,189
245,795
182,723
199,316
164,039
178,659
176,968
204,834

$2,952,468 $2,391,635

E xp orts.

1918.
January............
Fobruary..........
M arch_______
April . . ............
M ay..................
June..................
Ju ly..................
August-............
September____
October...........
November____
December____

$3,746
5,084
2,809

Im p o rts.

1917.

1916.

$20,720
22,068
17,920
16,965
57,698
67,164
69,052
46,049
31,333
11,154
7,223
4.538

$10,213
13,685
10,774
11,503
11,919
8,312
9,395
11,780
6,849
7,054
26,335
27,974

$371,884

$155,793

1918.

1917.

1916.

$58,920
103,766
139,499
32,372
52,202
91,339
27,304
18,092
4,172
4,150
2,900
17,000

$15,008
6,010
9,770
0,122
27,322
122,735
62,108
41,239
92,502
97,509
48,973
158,620

$552,454

$085,990

$4,404
2,549
1,912

SILVER.
E xp orts.

1918.
January______
February.........
M arch_______
April..................
M ay__________
June..................
Ju ly..... ............
August..............
September____
October______
November____
December____

$6,627
0,519
13,432

T o ta l______

A t tho annual election this week of the Chicago Stock
Exchange, the following officers wore elected: President,
Frank W . Thomas; Treasurer, David R . Lewis; Governing
Committee, three years, Warren A . Lamson, Leeds Mitcholl,
J . Herbert Ware and Ford R . Carter; Governing Committee,
ono year, to fill vacancy, Seymour Ballard.

$330,036
401,784
410,742
398,569
474,804
464,686
444,714
510.167
514,924
492,814
516.167
523,234

1918.

G OLD.

T o ta l______

Since tho entry of tho United States into tho world war,
more than 130 of tho employees of the First National Bank
of Chicago have joined tho colors. This decrease in tho
number of experienced workers together with the general
increased volume of work has called for added efforts on the
part of those who remained. Appreciative of the response
received, and in view of existing conditions, tho First National
Bank of Chicago on M a y 28 distributed to its employees a
bonus of 5 % of their annual salary. This is tho second
bonus distribution made by this institution, the first one
of 1 0 % being made on Jan. 1.

1916.

$0,234,823 $5,482,641

Tho Comptroller of tho Currency has given permission
to tho Teutonia National Bank of Dayton, Ohio, to change
its name to the American National Bank.
An announcement was made recently by tho Receiver of
the First National Bank of Bowling Green, Ohio, which
failed in December 1916, following the suicide of its Cashier,
B . C . Harding, that a dividend of 1 0 % was ready for
distribution to tho creditors. W ith tho payment of this
dividend on M a y 15, 6 0 % of their claims will bavo been
returned to the depositors.

Im p orts.

1917.

Im p orts.

1917.

1910.

1918.

$5,887
7,694
5,550
4,353
0,272
8,965
5,538
7,504
10,465
6,983
4,789
10,125

$4,636
4,947
6,748
4,856
0,212
4,044
4,330
5,815
6,530
6,016
7,847
9,008

$84,131

$70,595

1917.

$5,997
4,449
0,963

1918.1

$3,340
2,478
2,977
2,370
4,741
2,235
3,420
5,681
5,796
5,050
9,080
6,165

$1,852
2,596
2,880
2,170
2,725
3,183
2,426
2,517
2,880
2,892
2,583
3,553

$53,341

$32,263

EXCESS OF EXPORTS OR IM PORTS.

Merchandise.
1918.

Jan___
Feb___
March .

$
+ 2 7 1 ,3 3 3
+ 2 0 3 ,2 0 7
+ 288 845

A p ril __

May__
June__
July . . .
Aug . . .
S ep t. . .
O o t ____

N ov__
D e o __
Total
+

E x p o rts.

—

a old.

1917.
$
+ 3 7 1 ,5 3 1
+ 2 6 8 ,1 6 8
+ 2 8 3 ,7 2 9
+ 2 7 5 ,9 9 2
+ 2 6 9 ,3 3 7
+ 2 6 6 ,9 7 0
+ 1 4 6 ,8 3 2
+ 2 2 0 ,8 0 1
+ 2 1 8 ,3 1 0
+ 3 2 0 ,8 7 4
+ 2 6 7 .6 5 8
+ 3 7 2 ,1 5 3

1916.

$

1918.

Stiver.
1917.

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

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

+ 3 , 2 8 2 , 3 5 5 + 3 ,0 9 1 ,0 0 6

— 1 8 0 ,5 7 0

Im p orts.

+
+
+
+
+
+
+
+
+
+
+
+

1918.
$
+ 630
+ 2 ,0 7 0
+ 6 ,4 6 9

1917.
$
+ 2 ,5 4 1
+ 5 ,2 1 6
+ 2 ,5 7 9
+ 1 ,9 7 7
+ 1 ,5 3 1
+ 6 ,7 3 0
+ 2 ,1 1 8
+ 1 ,8 2 3
+ 4 ,6 0 9
+ 1 ,9 3 3
— 4 ,2 9 7
+ 3 ,9 7 0
+ 3 0 ,7 9 0

Totals for merchandise, gold and silver for nine months:
o'

fed.)

G old.

M erch an d ise.

(000s
Im ports.

E xp orts.

$
'17-18 4,393,527
'16-17 4,636,980
*15-10 2,995,425
'14-15 1,931,078
'13-14 1,883,222
'12-13 1,908,058

Excess
of
Exports.

Im p orts.

E xports.

Silver.
Excess
E xof
Exports p orts.

Excess
of
E xports

Im p orts.

$
$
$
$
$
$
$
2,083,511 2,310,013 180,989 83,155 97,834 71,983 52,598
1,818,069 2,818,911 150,094 801,202 /651108 58,690 25,652
1,504,663 1,490,762 58,516 337,831 /279315 44,080 26,071
1,213,614 717,464 141,311 71.88S 69,423 37,861 20,533
1,398,353 484,869 46,689 57,289 /10.600 16,403 40,938
1,401,844 506,214 61,715 57,232 4,483 55,581 33,003

$
19,385
33,038
18,009
17,328
24,535
22,578

/ Excess of Imports.

Similar totals for the three months since January *1 for six
years make the following exhibit:

om it­

ted.)

Gold.

M erch an d ise.

3
(000s
E x­
ports.

S
1918.. 1,447,247
1917.. 1,634,959
1916.. 1,142,502
1915.. 864,297
1914.. 565,486
1913.. 608,457

Im ­
p orts.

Excess
of
Exports.

$
763,385
923,429
550,686
459,043
80,143
140,035

$
683,862
711,530
591,876
405,254
485,343
468,422

Im ­
ports.

E x­
ports.

$
11,638
60,708
34,673
2,669
18,625
47,688

$
$
8,865 2 ,n s
302,191 /241483
3,872
30,801
45,243 /42,574
21,493 /2,868
15,948 31,740

Excess
of
Exports

Im ­
ports.

$
S
$
26,578 17,409 9,169
19,137 8,801 10,336
15,330 7,328 8,002
11,768 7,164 4,601
11,484 6,800 4,684
17,288 9,866 7,422

TREASURY CASH A N D CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
M a y 31 are set out in the following. The figures are taken
entirely from the daily statement of the U . S. Treasury for
M a y 31.
C URRENT ASSETS AND LIA BILITIES.
G OLD.
L iabilities —
$
A ssets —
S
Gold o o ln ........................ 732,124,744 06 Gold certfs. outstand’g . 1,122,767,376
Gold bullion.................... 1,704,884,490 30 Gold settlement fund.
Fed. Reserve Board.. 1,067,857,850
Gold reserve.................... 152,979,025
Avail, gold In gen'l fund
93,404,981

T o ta l............................ 2,437,009.234 42

50
50
63
79

T o ta l.............................2,437,009,234 42

N o te .— Reserved against $346,681,016 of U. S. notes and 51,857,927 of Treasury

notes of 1890 outstanding.
the Treasury.

Treasury notes are also secured by silver dollars In
SILVER DOLLARS.

Silver dollars.

Total

L iabilities—

S

S

440,839,805 00 Sliver certfs. outstand’g 413,101,115 00
Treasury notes of 1890
outstanding_________
1,857,927 00
Available silver dollars
In general fund______
25,880,763 00
440,839,805100

Total

440,839,805 00

G EN ER AL FU N D .
A ssets —
Avail, gold (see above).
93,404,981
Avail, silver dollars (see
25,880,763
above)----------- -------- 7,055,564
United States notes-----Federal Reserve notes..
35,501,730
Fed. Res. bank notes—
71,795
National bank notes—
17,825,586
Cert, cheeks on banks..
94,860
Subsidiary sllvor coins..
15,603,258
3,239,822
Minor coin......................
Silver bullion (available
8,386,458
for subsld’y colnago).
Unclassified
(unsorted
884,280
currency, &o.)...........
Deposits In Fed'l Land
430,000
banks.............................
73,298,533
Deposits In Fed. Resorvo
banks.............................
Deposits In Special De­
positaries account of
sales of Liberty bonds
nnd certificates of In­
debtedness___________ 1 ,341,755,408
Deposits In nat banks:
42,027,491
To credit Treas. U. S.
To oredlt other Gov­
8,620,186
ernment officers___
Deposits In Philippine
treasury:
3,172,429
To oredlt Treas. U. S .
TO credit other Gov­
3,843,020
ernment officers—

L iabilities —
79 Treasurer's checks out­
standing ......................
00 Deposits of Government
00
officers:
00
Post Office Dept.........
00
Board of Trustees,
76
Postal Savings Sys­
25
tem (5% reserve)..
09
Comptroller of the
85
Currency, ageut for
creditors of Insol­
91
vent banks.............
Postmasters, clerks of
42
courts, &o................
Deposits (or:
00
Redemption of Fed­
73
eral Reserve notes
(5% fund)................
Redemption of Fed’l
Reserve bank notes
(5% fund)................
Redemption of na­
71
tional bank notes
(5% fund)........... ..
29
Retirement of addi­
tional circulating
85
notes, Aot May 30
1908...........................
Exchanges of curren­
27
cy, coin, &c..............

$
2,162,908 39
32,487,806 17
8,464,138 14

822,348 07
31,842,208 13

82,869,165 00
489,500 00
25,207,41-1 89

997,095 00
11,927,162 97

96

197,269,746 76
tNet balance................... 1,483,826,425 12

T o ta l.............................1,681,096,171 88

T o ta l.............................1,681,096,171 88

M ote ,— All reports from Treasury offices received before 11 a. m. aro proved on
the same day. All reports from depositary banks are proved on the day of receipt
or the day following.
fThe amount to the credit of disbursing officers to-day was $1,137,840,570 60.
This Is a book credit and represents the maximum amount for which disbursing
officers aro authorized to draw on the Treasurer of tho United States to pay Govern­
ment obligations as they become due. Tho net balance stated Is the amount avail­
able to pay Treasury warrants, disbursing officers’ checks and matured public-debt
obligations.
Under tho Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
tho retirement of outstanding national bank and Federal Reserve bank notes aro
paid Into tho Treasury as miscellaneous receipts, and these obligations are made
undor tho Acts mentioned a part of tho public debt. The amount of such obli­
gations to-day was $35,828,559.50.
t

tExcesslvo Credits.

F IN AN C IA L STATEMENT OF U. S. MAR. 31 1918.
(Formerly Issued as “ Statement of the Public Debt.1’)
Tho following statomonts of tho public debt and Treasury
cash holdings of tho Uni tod Statos are as officially issuod
as of March 31 1918.




CASH AVAILABLE TO PAY M A T U R IN G OBLIGATIONS.
Settlementwarrants,ma­
Balance held hy the
tured Interest obli­
Treasurer of the United
gations, and checks
States as per dally
outstanding:
$
Treasury statementfor
Treasury warrants—
17,168,072
M ar. 31 1 9 1 8 ..- ......... 1.012,094,761 10
Matured Interest obli­
D educt — Net excess of re­
gations.a................5,278,004
ceipts over payments
Disbursing officers'
In March reports sub­
checks____________ 133,016,110
sequently received
39,537,751 68
817,094,821
Balance....... ................

17
66

97
62

972,557,009 42
Revised balance_____ 972,557,009 42
a The unpaid Interest due Dec. 15 1917 on First Liberty Loan Is estimated on
the basis of receipts of the Treasurer of the United States for principal of bonds.
It Includes Interest on Interim certificates not exchanged for bonds and a calculation
on account of bonds and Interim certificates converted.
PUBLIC D EB T BEARING NO IN TER EST.
(Payable on presentation.)
Obligations required to be reissued when redeemed:
United States Notes__________________ ________________- .............. .$346,681,016 00
152,979,025 63
Less gold reserve......... ............ ............................................ ............ -

Silver.
Excess
E x­
of
E xports ports.

/E xcessof Imports.

A ssets —

2 4 17

THE CHRONICLE

J u n e 8 1918.]

Excess of notes over reserve......... ............ ....................... ............ $193,701,990 37
Obligations that will be retired on presentation:
Old demand notes...................... ................................................................
53,012 50
National bank notes and Federal Reserve bank notes assumed
by the United States on deposit of lawful money for their retire­
ment............................................................................................................. 36,134,454 50
Fractional currency........... ..................... ....................... .......... .......... ..
6,845,598 23
T o ta l...........................................................................................................$236,735,055 60
D EBT ON W H IC H INTEREST HAS CEASED SINCE M A T U R IT Y .
(Payable on presentation.)
Funded Loan of 1891, continued at 2 % , called for redemption May 18
1900: Interest ceased Aug. 18 1900________ _______________________
$4,000 00
Funded Loan of 1891, matured Sept. 2 1891_______ _____ - ............ 20,850 00
Loan of 1904, matured Feb. 2 1904__________________ ____________ _
13,050 00
Funded Loan of 1907, matured July 2 1907_______________________
494,250 00
Refunding Certificates, matured July 1 1907........................................
11,330 00
Old Debt matured at various dates prior to Jan. 1 1861, and other
Items of debt matured at various dates subsequent to Jan. 1 1861
900,620 26
Certificates of Indebtedness, at 3 , 3 ) 1 , 3 H and 4 % , matured...........
77,000 00
$1,521,100 26
INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
Interest
A m ou n t
-------- Outstanding M a r . 31 1918---------T itle o f Loan —
Payable.
Issu ed .
Registered.
C ou p on .
$
$
$
2s, Consols of 1930____Q.-J.
646,250,150 597,603,350 2,120,700
3s, Loan of 1908-1918.Q.-F. 198,792,660 48,733,100 15,212,360
4s, Loan of 1925_______Q .-F. 162,315,400 102,427,550 16,062,350
Panama Canal Loan:
10,140
2s, Series 1906_____ Q.-F.
54,631,980 48,944,040
141,880
2s, Series 1908......... Q .-F.
30,000,000 25,805,520
3s, Series 1911.........Q .-M .
50,000,000 42,928,300 7,071,700
3s, Conversion bonds..Q .-J.
28,894,500
6,250,000 22,644,500
3s, 1-yr. Treas. Notes.Q.-J.
50,902,000
27,362,000
4s, Certs, of lndebt.a.M at. 4,420,180,500
4 ^ s Certificate of lndebt’t . . 1,012,792,500
3Ha, 1st Lib.L.of'17 6.J&D 1,986,625,405
4s, 2d Lib. L. of 1917 c .M & N
2H s, Postal Sav. bonds:
3.807,736,497
764,460
9,994,100
(1st to 13th series)..J&J
10,758,560
275,280
26,860
1918-38 (14th series) .J&J
302,140
<i4s, War savings and
Thrift stamps______ M at. el44,725,891

T otal.
$

599,724,050
63,945,460
118,489,900
48,954,180
25,947,400
50,000,000
28,895,500
27,362,000
2,208,708,000
1,042,792,500
1,9S6,625,405
3,807,736,497
10,758,560
302,140
144,000,871

Aggreg.of Int.-bearingdebt 12,634,908,184
..... ............................ .. 10,164,241,463
a The Interest rate and maturity are given In respect of the certificates outstanding
Mar. 31.
b These amounts represent receipts of the Treasurer of the United States on
account of principal of the First Liberty Loan bonds to Mar. 31, and Include the
principal of bonds which have been converted under the authority of Section 11 of
tho Aet of Sept. 24 1917. Into 4% bonds.
c These amounts represent receipts of the Treasurer of the United States on
account of principal of the Second Liberty Loan bonds to M ar. 31.
’ d Tho average issue price of War Savings Stamps for the year 1918 with Interest
at 4% per annum compounded quarterly for the average period to maturity will
amount to $5 on Jan. 1 1923. Thrift Stamps do not bear Interest.
e This amount represents receipts of the Treasurer of the United States on account
of proceeds of sales of War Savings Certificate Stamps and U. S. Thrift Stamps.
RECAPITULATION.
N E T D E B T.
.
GROSS D EB T.
Debt bearing no Int___ $236,735,055 60 Gross debt (opposlte).10,402,497,619 77
D educt —
Debt on which Int. has
ceased_____________
1,521,100 26
Balance available to
pay maturing obli­
Interest-bearlng debt..10,164,241,463 91
gations___________
817,094,821 62
Gross debt..................10,402,497,619 77
♦Net debt............. $9,585,402,798 15
* Tho amount of $4,668,829,750 hits been expended to above date In this and the
preceding fiscal year from the proceeds of sales of bonds authorized by law for
purchase of the obligations of foreign Governments. When payments are received
from foreign Governments on account of the principal of their obligations, they
must bo applied to the reduction of the Interest-bearing debt of the United States.

T R E A S U R Y C U R R E N C Y H O L D IN G S .— The following
compilation, made up from the daily Government state­
ments, shows the currency holdings of the Treasury at tho
boginning of business on the first of M arch, April, M a y and
Juno 1918.
H oldings in
S ub-Treasuries.

M a r . 1 1918. A p ril 1 1918

S

$

M a y 1 1918. June 1 1918.

$

3

Net gold coin and bullion.
Net sllvor coin and bullion
Net United States notes..
Not national bank notes..
Net Fed. Reserve notes..
Net Fed. Res. bank notes
Net subsidiary silver____

230.905.330
42,520,603
13,918,100
16,510,412
30,693,360
138,500
8,392,651
3.606,971

234,610,242
44,459,026
11,485,378
15,094,480
31,449,191
67,570
10,667,733
8,475,069

239,947,082
22,386,270
8,334,715
16,549,875
26,480,570
161,570
12,772,325
6,870,615

Total cash In Sub-Treas
Less gold reserve fu n d ...

346,685,927
152,979,026

356,308,689
152,979,026

333,503,022 ♦360,928,127
152,979,026
152,979,026

Cash balance In Sub-Treas
Dep. In special depos’rles:
Acoount certs, of Indebt
Liberty Loan deposits.
Cash In Fed. Res. banks.
Cash In Fed. Laud banks
Cash In national banks:
To credit Treas. U. S . .
To credit dlsb. officers.
Cash In Philippine Isl’ds.

246,384,007
34,267,222
7,055,564
17,825,587
35,501,730
71,795
15,603,258
4,218,964

193,706,901

203,329,663

180,523,996

869.961,634
2,705,475
115.315,734
6,000.000

778,125.000

829,394,935 11341755,409

145,596,751
6,000,000

45,003.670
6,000,000

73,298,534
430,000

41,324,431
9,704,651

45,925,667
9,284,177

41,465,397
8,498,660

42,027,491
8,620,187

51,029,082
4,686,784

55,209,844
4,733,542

49,964,057
3,959,894

50,647,678
7,015,450

207,949,101

Not cash In banks, Sub­
Treasuries __________ 1,243,405,610 1,192,994,800 1.114,846.552 1,681,096,172
185.367,924
169,911,410
Doduot current liabilities.
180,900,039
197,269,747
Available cash balance. 1,073.494.200 1,012,094.761

929,478,628 1,483,826,425

♦Includes June 1, $8,386,458 91 silver bullion and $4,218,903 52 minor coin
& c„ not Included In statement "Stock of M oney."

3418

THE CHRONICLE

C le arin g s by T e le g ra p h — Sales o f Stocks, B on d s, &c
— The subjoined table, covering clearings for tho current
week, usually appears on tho first page of each issue, but
on account of the length of tho other tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.
Clearings— Returns by T elegraph.
W eek ending June 8.

Per
Cent.

1918.

1917.

New Y o r k ..'..
Chicago______
Philadelphia . .
Boston_______
Kansas City___
St. Louis_____
San Francisco.
Pittsburgh____
Detroit_______
Baltimore_____
New Orleans..

§2,944,171,678
392,474,032
331,088,417
246,075,356
142,687,131
121,316,535
86,625,958
91,430,311
46,000,000
56,410,694
40,736,927

$2,734,290,683
403,071,231
270,315,176
181,681,552
106,563,690
104,509,078
61,756,537
63,305,732
40,892,148
36,605,073
30,040,629

+
+
+
+
+
+
+
+
+

Eleven cities, five days.
Other cities, five days____

S4,499,017,039
772,014,267

§4,033,031,529
625,013,472

+ 11.5
+ 23.5

Total all cities, five days____________
All cities, one day_____________________

§5,271.031,306
1,046,247,392

$4,658,045,001
1,115,139,720

+ 13.2

56,317,278,698

$5,773,184,721

+ 9.4

Total all cities for week.

+ 7.7
— 2.6

22.5
35.4
33.9
16.1
40.3
44.4
12.5
54.1
35.6

— 6.2

Our usual monthly detailed statement of transactions on
the N ew York Stock Exchange is appended. The results
for the five months of 1918 and 1917 are given below:
F ive M on th s 1918.
D escrip ­
tio n .

P ar Value
or Q uantity.

Five M on th s 1917.

A ctua l
Value.

A ver.
Price.

P ar Value
or Q uantity.

A ctual
Value.

A ver.
Price.

Stock j Shs
61,997,179
82,798,734
l Vat *5,807,211,250 $5,340,520,146 91.9 $7,481,649,930 $7,172,058,451 95.9
122,803,500
100,738,392 86.9
278,974,500
252,298,155 90.4
392,656,000
380,880,134 97.0
369,000
377,951 102.4
for’n bds.
Bank stks.

88,784,500
12,400

83,078,522 93.6
21,392 172.5

170,754,000
51,200

165,270,612 96.8
100,740 196.7

$6,411,472,650 $5,911,238,586 92.2 $7,931,798,630 $7,590,105,909 95.7

The volume of transactions in share properties on tho Now
York Stock Exchange each month since Jan. 1 in 1918 and
1917 is indicated in the following:
SALES OF STOCKS AT TH E N E W YORK STOC K EX CH A N G E.
1917.

M 'lh .
N um ber
of
Shares.

1914.

Values.
P ar.

A ctua l.

N um ber
of
Shares.

Values.
P ar.

A ctua l.

$

$
•
S
§
v an - 13,616,357 1,279,740,700 1,175,427,682 16,939,440 1,537,971,930 1,465,087,290
1 e b . 11,418,079 1,083,216,900 996,548,289 13,588,465 1,219,280,130 1,170,569,988
* 1 ar_ 8,419,477 772,475,950 710,581,417 18,658,267 1,654,197,470 1,588,437,203
tqu 33,453,913 3,135,433,550 2,882,557,388 49,186,172 4,411,449,530 4,224,694,541
April 7,401,174 687,371,800 631,497,841 14,258,162 1,289,483,950 1,237.415,208
M a y 11,139,092 1,984,405,900 1,826,464,917 19,354,400 1,780,716,450 1,709,948,702

Tlie following compilation covers tho clearings by months
since Jan. 1 1918 and 1917:

C learings, Total A ll.

1917.

|

1916.

%

1916.

1917.
Kansas C lty.
Mlnneapolls .
Omaha_____
St. P a u l____
D enver_____
St. Joseph___
Des Moines.
Duluth . . .
Sioux City___
W ichita_____
Lincoln _____
Davenport . .
Topeka
Cedar Rapids
Fargo_______
Sioux Falls..
Waterloo____
Colorado Spgs
Pueblo______
Helena______
Fremont____
Aberdeen____
Billings______
Hastings____

764.594.36S
116,848,628
239,543,833
60,880,573
110,275,039
72,261,902
41,274,585
19,351,140
35,619,130
38,003,650
18,500,151
11,566,362
14,779,288
8,382,127
8.146,505
7,813,935
11,642,172
3,301,757
3,089,162
8,082,961
3,236,029
5,292,74”
4,288,002
2,600,000

J o p lin _________
G ra n d F o r k s ..
L a w ren ce_____
Iow a C i t y ____
O sh k osh ..........
K a n .C ity ,K a n
L e w lsto w n ____

8,1 6 5 ,6 9 4
5,5 2 4 ,0 0 0
1,713,217
1,814,264
2,146,001
2,073,708
2,1 4 2 ,2 1 5

1st an. 74,880,732,462 72,067,393,360j + 3 .9 34,008,027,497 29,916,813,241 + 13.0
April . 26,487,080,036 25,01.3,249,lOOi + 5.0 12.393,579 0 59 10,361,027,203 + 19.6
M a y .. 28,272,828,029 26,318,510,5611 + 7.4 12,713,127,359 10,735,053,558 + 18.4

The course of bank clearings at leading cities of tho coun­
try for the month of M a y and sinco Jan. 1 in each of the last
four years is shown in tho subjoined statement:
BAN K CLEARING 4 AT LEAD ING CITIES.
1 "1 iVJLUy~ - -■ ■
Jan. 1 to M a y 31—:--------(000,000?
1918. 1917. 1916. 1915.
1918.
1917.
1916.
1915.
omitted.)
$
S
$
$
S
•$
8
$
New York.................15,560 15,583 12,561 8,635 70,472 72,386 60,165 38,781
C hicago.....................2,164 2,211 1,691 1,318 10,540 10,368
7,927
6,497
Boston..... ....................1,416 1,007
900
67.3
5,859
4,929
4,390
.3,213
Philadelphia.. . . 1,712 1,478 1,0.37
647
7,465
7,004
5,027
3,220
633
St. L o u is................
563
4.31
327
2,71.3
3,156
2,018
1,661
Pittsburgh..............
518
.344
275
210
1,795
1,656
1,342
1,028
San Francisco...................... 455 .391
279
207
2,096
1,809
1,281
1,011
Cincinnati . ____
246
166
14.3
105
1,083
834
691
535
Baltimore_________
280
187
182
1,09.3
134
905
909
729
Kansas City______
765
585
369
293
4,086
2,750
1,751
1,523
Cleveland_________
340
299
178
119
1,580
1,361
827
565
New Orleans____________ 222 156
104
70
1,128
7.33
503
395
Minneapolis_____________ 11 7 154
102
82
645
638
543
529
Louisville ................
101
77
77
61
495
438
400
275
D e t r o i t ..................
252
244
175
113
1,119
1,141
803
51S
Milwaukee______________ 11 9 110
82
63
588
514
400
.348
Los Angeles______
128
134
107
85
616
619
507
•123
Providence..............
54
45
42
32
247
222
206
159
Omaha . . . _____
240
153
97
72
1,177
725
488
389
Buffalo....................
95
84
70
47
4.35
385
304
234
St. P a u l .................
61
67
63
51
305
.301
311
244
Indianapolis______
59
60
47
34
297
278
217
169
Denver ........
110
62
56
.39
468
309
242
187
Richmond . _____
191
109
73
850
39
498
340
191
M em phis................
45
4.3
.30
25
280
225
168
154
Seattle........... ..........
148
91
64
50
654
412
284
245
Hartford_______ .
36
30
37
27
166
182
167
138
Salt Lake C i t y ___
55
54
36
25
265
266
181
126

1632953144 1328337003
633,428,171
222,030,333
100,871,765
54,256,614
15,091,355
190,735,893
189,658,288
44,528,792
50,836,191
54,874,096
26,076,786
3 3 ,5 6 4 ,2 3 7
17,890,369
2 2 ,8 16,603
2 3 ,6 8 5 ,4 0 5
13,138,377
11,46.3,546
19,812,879
12,267,984
0 ,472,067
3 5 ,0 9 0 ,4 2 6
7,959,051
5 ,8 8 8 ,1 5 0
13,290,464
7 .8 0 4,485
2 ,8 9 3 ,6 5 7
2,4 4 0 ,3 4 0
1,320,698
2,2 5 0 ,0 0 0
51,284.621
9,438,821
17,573,436
2 ,2 9 1 ,1 8 ?
75,466,824
4,092,561
6 ,2 6 7,539
6,6 9 5 ,1 3 5
2,649,791
3,2 9 4 ,4 3 2
9 ,0 0 0 ,0 0 0

T o t a l ............. -.26,122 24,493 19,308 13,590 118,960 114,661
Other citie s............ 2,151 1,825 1,412 1,037 10,687
8,733

92,392
6,879

63,5.
5,31

Total all----------- 28,273 26,318 20,720 14,627 129,647 123,399
utsldo Now York. 17.713 10.735 8 >59 5 992 5 9 , 1 7 5 51,013

99,271
39,106

63,81
3 0 ,1<

..JO ther W e stern a n a S o u th e rn C learin gs brought for­
ward from first page:

+ 2 1 .0

— 2.6

+ 26.8
+30.1
— 9.7

563,059 ,28 8
155,743,633
77.040.73C
5 0 ,6 07,575
20,535,976.
108,989,382
103,696,472
4.3,129,785
55,190,332
4 0 ,1 15,036
26,305,051
2 5 ,3 91,732
14 240,763
18,720,132
16,060,359
10,576,552
9,218,984
13,882,852
11,386,751
6,433,471
28,716,828
9 .689,116
4,86.1,978
9 ,5 1 1 ,2 1 0
4 ,4 9 8 ,7 5 ?
2.5 4 8 ,7 9 6
2 ,692,604
1,120,737
1,966,501
27,949,991
6 ,405,199
18,182,059
1,707,575
5 2 ,0 9 5 ,1 0 ?
2,665,116.
4,1 3 0 ,0 0 0
5,6 3 3 ,7 4 5
1,952,283
2,837,251
7,8 0 7 ,7 0 7

+ 2 .7
+ 9 .6
+ 3 2 .2
+ 12.0
+ 11.2
+ 7 .5
+ 20 .2

+ 22.9 8 ,4 38,060,458 6 ,1 8 1 ,7 5 1 ,4 3 0

+ 3 6 .5

+ 12.5 3,1 5 6 ,3 9 5 ,6 8 0 2,74 2 ,5 6 4 ,4 7 4 + 15.1
+ 42.6 1,127,662,356
7 3 3 ,326 ,51 7 + 53 .8
+ 3 0 .fi 4 9 5 ,343 ,44 7 437.715.48C + 13.2
+ 7.2 302,828,866
2 5 3 ,882 ,06 7 + 19.3
5 .2
— 26.5
104 ,549 ,59 6
99,373.741
+ 75.6
849,629,191
498 ,3 2 2 ,5 9 2 + 70.9
506 ,0 9 8 ,7 8 0 + 8 8 .7
+ 82.9 955,108 ,00 3
+ 3.2 279 ,8 7 2 ,6 6 0 2 2 5 ,433 ,80 8 + 24.1
290,195,879
241,336,001 + 2 2 .7
— 7.9
+ 36.8 282 ,3 5 1 ,1 5 6
199,115,651 + 4 1 .8
— 0.9
148,443 ,89 7
116,899 ,15 2 + 2 7 .0
+ 32.2
105,872,328
116,906,817 + 4 1 .9
+ 25.6
89,789,511
7 3,141,078 + 2 2 .8
85,8 3 2 ,2 0 8 + 2 0 .9
+ 21.9
103,758,529
101,706,582
74,9 3 1 ,5 1 2 + 3 5 .7
+ 4 7 .5
+ 24.2
5 9,518,859
5 1 ,0 2 5 ,5 2 7 + 16.7
+ 24.4
7 4,880,169
4 5,700,976 + 63 .9
+ 4 2 .7
6)8,006,181 + 53 .5
104,515 ,69 0
+ 7.7
51,000,084 + 2 8 .8
6 9,581,712
+ 0.6,
29,0 7 2 ,1 0 6
+ 8.8
31,6 4 2 ,8 4 7
+ 22.2
186,822,307
128,684 ,29 9 + 4 5 .2
45,399,554
— 17.9
32,841,323 + 38 .2
28,197,638
+ 21.1
2 4 ,3 20,877 + 15.9
102,949,361
+ 39.8
8 8 ,6 4 2 ,7 0 2 + 16.1
+ 74.8
40,979,418
2 1,128,223 + 6 9 .8
+ 13.7
17,470,989
11,497,878 + 5 2 .0
— 9.1
15,078,923
9,349,051 + 61.3
8 ,984,995
+ 17.9
5,710,791 + 57.3
+ 14.5
11,829,447
+ 3 .0
11,409,883
+ 8.3.5 196,727,884
141.155,807 + 39.4
+ 47.3
52,678,312
3 2 ,2 76,334 + 63.2
— 3.4
84,3 3 9 ,3 7 0
— 5.7
89,545,171
+ 27 .5
10,406,459
8,1 8 1 ,8 7 5 + 27 .2
+ 48.7 398,096 ,78 8
264 ,697 ,14 4 + 50.4
+ 53.5
17,674,081
12,425,852 + 42 .3
3.3,303,090
+ 51.7
2 1,131,141 + 57 .0
+ 18.8
3 2 ,0 1 8 ,6 1 0
2 6 ,0 4 1 ,1 9 5 + 2 2 .9
14,272,669
+ 35.7
9,71.8,867 + 46 .8
+ 16.1
18,841,707
1 4 ,0 0 1,494 + 29 .0
+ 15.3
5 1,731,918
3 5 ,7 8 9 ,3 7 2 + 44 .5
+ 28,3 10167462.471 7.61 4 ,9 0 0 .1 0 3

1918.

1917.

Inc. or
Dec.

1910.

S

$

%

$

Total other West.

2 8 2 .5 8 0 ,8 9 6

St. Louis.........
New Orleans____
Louisville__
Houston...........
Galveston_____
Richmond____
Atlanta................
Memphis____
Fort Worth . .
N ashville____

Tulsa....................
Muskogee______
D allas__________

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

T o t a l Southern

3 7 6 .5 t 5 .3 6 g l

S h rev ep ort . . .
V ic k s b u r g _______
J a ck son _________

+ 33 .0

Week ending June l .

1 0 9 ,3 7 1 ,3 1 1
2 8 ,0 5 0 ,3 7 9
2 8 ,0 9 9 ,5 1 2
1 2 ,3 3 7 ,7 0 8
1 3 ,1 2 7 ,5 9 6
1 .3 ,6 1 0 ,9 5 2
6 ,7 9 1 ,7 4 9
4 ,8 6 5 ,5 3 7
4 .1 7 0 ,0 0 2
4 ,2 0 0 .0 0 0
.3 ,2 1 2 ,3 0 3
1 ,9 2 8 ,1 2 2
2 ,0 9 9 ,7 5 (1
1 ,7 4 0 ,0 4 3
6 0 0 ,0 0 0
1 ,3 5 0 ,0 4 5
4 4 0 ,6 6 2
450,00(1
1 ,7 6 0 ,6 9 6
1 ,5 7 1 ,4 9 6
8 0 5 ,9 1 2
6 1 0 ,6 0 4
8 2 1 ,0 7 5

M o b i l e ________

4 7,426,208
2 4 ,6 0 2 ,00C
8,2 8 7 ,0 5 5
9,285,288
10,966,393
11,294,631
9.567,832

39,352,191
2 2 ,4 4 9 ,0 0 0
6 ,270,276
8 ,3 0 2 ,3 3 9
9,802,961
10,507,607
12,906,455

1 .3 8 ,1 6 0 ,8 8 4
2 2 ,3 9 6 ,6 7 7
3 9 ,1 4 3 ,6 6 1
1 1 ,3 2 9 ,4 6 9
1 8 ,5 3 8 ,9 6 7
1 1 ,8 2 6 ,9 3 4
7 ,8 0 0 .0 0 0
5 ,9 4 0 ,9 0 9
6 ,2 7 4 ,1 7 8
3 ,8 0 7 ,0 1 0
3 ,0 0 0 ,0 0 0
2 ,4 6 5 ,8 2 5
2 ,1 2 7 ,4 4 7
1 ,4 0 5 ,3 3 5
550,00(1
1 ,4 5 0 ,0 4 8
5 3 8 ,1 7 3
5 8 1 ,6 3 1
1 ,4 8 3 ,8 4 9
1 ,5 0 0 ,0 0 9
8 3 2 ,0 8 3
6 0 0 ,0 0 0
8 2 7 ,8 1 6

Oklahoma...........
M acon______
Austin__________

085,637,037 2,749,207,558 + 48 .0
644,990,795 637,868,122
+ 1.1
117,220,077 724,145,658 + 62 .0
304,632,316 300,476,484
+ 1.4
467,805,625 308,988,611 + 51.4
402,121,671 323,394,280 + 24 .3
215,996,749 178,371,000 + 21.1
91,750,975 111,798,039 — 17.9
191,520,195 120,458,802 + 51 .5
184,237,355 124,688,934 + 47 .8
97,914,093
81,442,159 + 20 .2
57,603,239
+ 8 .8
52,938,751
73,527,160
52,851,957 + 39.1
52,584,933 — 16.7
43,814,186
33,574,498 + 2 4 .3
41,736,407
43,173,028
32,60S ,378 + 3 2 .2
+ 5 .4
49,235,790
51,884,440
18,857,837 — 10.4
16,902,416
13,140,184 + 14.4
15,030,132
37,528,968
39,374,104
+ 4 .9
13,897,514 + 3 8 .9
19,307,204
16,729,230 + 3 8 .2
23,114,384
+ 8.1
20,010,269
21,634,625

— 38.1
+ 39.2
+ 48.7
+ 3.6
+ 8.5
+ 38.4
— 18.9
+ 10.9
+ 20.3
+ 7.6
— 7.6
+ 13.9

Kansas City____
Minneapolis____
Omaha_______
St. Paul.........
Denver......... ........
St. Joseph______
Des Moines_____
Sioux City______
Wichita________
Duluth.................
Lincoln ................
Topeka________
Davenport......... ..
Cedar Rapids__
Colorado Springs
Fargo............. ......
Pueblo_________
Fremont_______
Waterloo_______
Helena_________
Aberdeen_______
Hastings...........
Billings................

Savannah ___

% **

+ 30.8
— 23.9
+ 56.9
— 9.2
+ 77.9
+ 8.9

8 ,643,411
— 5.5
5,095,001
+ 8.4
1,459,221 + 17.4
1,577,878 + 15.0
1,962,791
+ 9.4
1,703,79.3 + 21.7
2,8 7 5 ,1 9 0 — 25.5

S t. L o u is _____
N ew O rleans .
L o u is v i ll e ____
H o u s t o n _____
G a lv e s t o n '____
R ic h m o n d ____
A t l a n t a ..........
M e m p h is _____
F o r t W o r t h ..
N a s h v ille . . .
Sav annah ____
N o r f o l k ............
B irm in gham .
J a ck son v ille _
C h a t t a n o o g a ..
K n o x v i l l e ___
A u g u s ta ______
L ittle R o c k . . .
C h a rleston . . .
M o b i lo ___
O k la h o m a ___
M a c o n ________
B e a u m o n t ____
A u s t i n ______
C o l u m b i a ____
W llm 'g 'n .N .C
C olu m b u s, G a
V ick sb u rg _ . .
J a ck son _____
T u lsa . . _____
M u sk og ee . . .
El P a s o . . . .
M e r id ia n _____
D a l l a s _______
N e w p o rt New.M o n t g o m e r y ..
T a m p a ________
T e x a rk a n a ____
R a l e i g h ______
S h rev ep ort ___

Norfolk............
Birmingham . . .
Jacksonville . . .
Chattanooga___
Knoxville_______
Augusta................
Little Rock_____
Charleston............

I n c . or
D ec .

%

$

,378,441
,622,339
,677,898
,071,908
,998,648
,378,109
,105,599
,918,571
,592,732
,550,118
,858,OS6
,672,600
,676,655
,336,319
,346,752
,494,307
,816,094
,574,693
2,712,402
8,300,789
2,552,320
4,068,074
4,751,482
2,504,784

T o t .O t h .W e s t

%

$
1
S
I
$
S
J a n ... 20,540,574,018 25,642,505,405 + 3.6 11,821,506,488 10,515,1.39,790 + 12.6
Feb . . 22,259,358,886 21,030,473,389 + 2.8 10,000,002,811 8,836.380,145 + 13.2
M a r .. 26,086,799,579 24,794,414,500; + 5.2 12,246,518,198 10,565,287,300 + 15.9




F ive M on th s.
I n c . or
D ec.

Clearings at—

Clearings Outside N ew York.

1915.

M ay.
Clearings a t-

T o t a l S o u t h . '.'010567030 1567387400

M O N T H L Y CLEARINGS.

M onth.

[V ol . 106

1915.

S

+ 2 6 .3
— 2 0 .2
+ .39.3
— 8 .2
+ 4 1 .3
— 1.3.1
+ 1 4 .9
+ 2 2 .1
+ 5 0 .2
— 9 .4
— 6 .6
+ 2 7 .8
+ 1.3
— 2 5 .4
— 8 .3
+ 7 .4
+ 2 2 .1
+ 2 9 .2
— 1 5 .7
— 1.0
+ 3 .2
— 1.7
+ 0 .8

7 2 ,1 9 2 ,7 1 2
2 0 ,2 4 1 ,5 1 6
2 0 ,5 7 3 ,7 1 8
1 2 ,5 0 4,660
1 3 ,9 1 0 ,2 1 9
8 ,1 2 0 .1 1 1
5 ,8 0 5 ,4 2 1
3 ,4 7 8 ,1 6 2
3 ,7 3 8 ,1 9 4
3 ,2 3 5 ,6 1 4
2 ,9 3 6 ,3 1 6
1 ,1 4 8 ,8 9 6
1 ,5 8 3 ,7 0 0
1 ,6 8 6 ,3 9 1
5 9 .3 ,6 9 9
1 ,2 5 4 ,3 5 .3
3 5 4 ,6 0 6
.3 7 6 ,4 2 3
1 ,5 3 8 ,0 8 5
1 ,4 7 1 ,0 3 9
7.33 ,0 2 4
3 3 0 ,5 7 7
5 2 3 ,0 5 2

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

2 4 2 ,0 3 0 ,6 0 9

+ 1 6 .8

1 7 8 ,3 4 0 ,0 8 8

1 5 0 ,3 4 8 ,6 4 2

1 0 8 ,5 7 8 ,6 6 2
.3 2 ,0 9 7 .2 3 5
1 4 .4 4 4 ,3 1 2
1 1 ,0 0 0 ,0 0 0
3 ,4 0 0 ,0 0 0
2 1 ,6 0 8 ,1 3 6
2 0 ,1 6 7 ,3 9 6
9 ,3 9 0 ,0 8 8
1 1 .7 5 6 ,4 3 3
7 ,0 1 1 ,0 7 6
6 ,9 7 6 ,7 8 8
4 ,9 6 6 ,4 7 7
3 ,2 1 4 ,0 .3 3
3 ,5 9 7 ,4 0 9
.3 ,1 6 9 ,6 9 7
2 ,0 0 0 ,0 0 0
2 ,1 9 4 ,9 7 2
2 ,7 8 4 ,2 8 4
2 ,8 5 4 ,4 1 1
1 .5 0 0 ,0 0 0
5 ,2 5 2 ,4 7 8
1 ,3 9 6 ,8 8 3
1 .6 0 0 ,0 0 0
1 .8 3 9 ,7 0 9
23 4,1 14
2 9 8 ,6 5 0
5 ,2 5 8 ,6 9 2
1 ,1 1 5 ,8 3 9
9 ,6 7 8 ,2 1 1

+ 1 8 .5

0 0 ,7 1 4 ,0 5 5
1 7 ,8 4 6 ,0 6 7
1 4 ,7 2 1 ,3 6 8
7 ,8 8 5 ,0 4 2
2 ,6 9 1 ,9 0 0
1 5 ,0 0 9 ,4 7 0
1 1 .2 6 4 ,1 19
4 ,4 5 4 ,2 1 4
6 ,1 7 3 ,0 8 5
4 ,3 4 7 ,1 6 2
.3 ,4 4 1 ,3 5 3
4 ,5 1 6 ,0 1 9
2 ,1 4 6 ,7 5 0
2 ,5 0 1 ,6 2 0
2 ,0 8 8 ,3 4 4
2 ,1 0 0 ,0 0 0
1 ,1 0 3 ,4 9 1
1 ,4 9 9 ,5 3 8
1 ,9 8 2 ,1 0 7
1 ,2 5 0 ,0 0 0
3 ,2 .3 5 ,9 0 9
2 ,4 8 0 ,8 8 7
1 ,3 5 0 ,0 0 0

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

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

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

91 8 .9 0 5 .3 0 2 1

1 6 9 .4 8 2 .9 7 8

2 9 9 .4 1 6 .0 4 5

+ 3 5 .7
+ 2.3.0
+ 3 .2
— 5 .9
+ 7 4.3
+ 7 3 .5
— 16.1
— 2 4 .5
+ 3 0 .7
— 2 5 .8
— 0 .4
+ 1 2 .3
+ 3 3 .3
+ 5 0 .9
+ 1 5 .0
— 4.9
— 4.0
— 6 .4
— 3 .0
+ 2 5 .2
— 14.1
+ 3 0 .0

— 8.7
+
+
+
+
+

1 7 .2
1 7 .4
9.3.4
4 4 .8
4 9 .8

4 - 9 5 gl

Ju n e 8

THE CHRONICLE

1918.]

C a n a d i a n B a n k C l e a r i n g s .— T lio cle a rin g s o f th o C a n a ­
d ia n b a n k s fo r th e m o n th o f M a y 1 9 1 8 sh o w a d ecrease f r o m
th o s a m e m o n th o f 1 9 1 7 o f 5 . 4 % , a n d fo r th o fiv e m o n th s
th o g a in reach es 2 . 5 % . _______________________________________________
Five Months.

M ag.
Clearings at—
1918.

Inc. or
Dec.

1917.

$
s
189,506,210 391,895,064
305,201,996 284,304,551
181,967,114 286,596,748
43,706,931 33,163,458
28,427,575 26,152,598
8,793,527 7,015,602
25,517,397 29,936,606
22,474,328 22,195,355
14,035,461 11,506.06C
Quebec. . . . 19,883,493 19,711,001
9,444,776
9,742,078
St. John______
Halifax_______ 18,093,975 13,931,665
London ........... 10,828,125 9,968,629
13,680,377 12,905,464
7,584,122
7,358.18C
Saskatoon . .
4,759,882
5,577,273
3,480,367 3,622,051
Lothbrldgo . .
Brantford . - 4,366,775 3,868,011
2,179,844
2,193,090
Brandon . . . . .
2,880, 28 2,747 0 )5
1,989,714
1,458,012
1,878,426 2,638,570
M edicine H at.
3,190,908
2,867,030
1’eterborough .
4,184,991
3.386.03C
2,905,448
Kitchener . . 2,946,572

1918.

Inc. or
D ec.

1917.

S
$
%
%
— 0.6 1,691,085,703 1,075,400,530
+ 0.9
+ 7.3 1,295,192,742 1,230,908,268
4*5.2
— 36.4 905,259,896 1,023,052,291 — 11.5
+ 31.8 196,729,776 145,962,479 + 34.7
+ 8.7 125,365,956 111,664,052 + 12.3
+ 25.4
39,153,842
31,883,698 + 22.8
— 14.9 135,875,562 120,854.21C + 12.4
+ 1.3 103,087,308
90,438,779
+ 7.5
+ 21.3
09,183,774
53,231,02-1 + 30.0
+ 0.9
87,693,813
+ 3 .4
84,844,815
+ 3.1
46,293,829
+ 3.7
44,001,55C
+ 29.9
78,868,669
59,108,003 + 3 3 .4
+ 8.6
48,991,974
46,425,044
+ 5.5
+ 6 .C
65,453,369
56,900,635 + 15.0
— 3.0
+ 1.2
34,590,075
34,174,035
+ 17.2
22,894,848 + 10.S
25,363,407
— 3.9
+ 1.0
15,546,820
15,391,351
16,684,794 + 14.7
+ 12.9
19,141,739
10,297,654 + 14.5
— 0.6
11,780,931
11,261,728 + 22.7
+ 4.8
13,822,321
+ 3 6 .4
8,529,954
6,034,400 + 4 1 .3
10,233,970
— 28.8
12,483,205 + 18.0
+ 11.3
12,454,719 + 16.4
14,502,839
16,832,844
+ 23.6
14,128,089 + 19.1
+ 1 .4
12,552,006
12,299,753
+ 2.0
— 5.4 5,071,739,185 4,949,509,614

Total Canada 113189 4695 1196867493

+ 2.5

T h o clearin gs fo r th o w e e k e n d in g M a y 3 0 a t C a n a d ia n citie s
in c o m p a riso n w ith th o sa m e w ook o f 1 9 1 7 , sh o w a d ecrease
in th o a g g re g a te o f 1 8 . 4 % .
Week ending M ay 30.
Clearings at—
1918.
Canada—
Montreal ___ T o r o n to . . .
.
W innipeg.............
Vancouver. . _
<)ttaw a_...............
Q u e b e c .___
H alifax. . _____
Calgary - . _ .
H am ilton___ ..
St. John________
V ictoria................
Lon-’ o n ...............
E dm onton. __
Regina..................
Brandon _ __
Lothbrldgo
B ra n tford ______
M oose Jaw _____
Fort W illiam __
Now W estm ’ter.
M edicine H a t ..
Peterborough .
S herbrooke_____
K itch en er...........

$
73,666,953
64,269,439
36,972,260
8,827,772
5,306,992
3,858,998
3,406,370
4,663,118
4,698,092
1,775,605
1,497,944
1,947,013
2,564,740
2,445,616
435,053
651,869
1,415,398
777,120
999,031
450,501
401,389
370,946
587,047
661,361
478,289

Total Canada.

223,137,828

THE

Wo

EN G LISH

re p rin t

th o

Inc. or
Dec.

1917.

1910.

1915.

— 16.6
— 3.8
— 43.0
+ 16.1
— 1.0
— 12.2
+ 10.5
— 30.9
— 4.3
— 21.2
— 16.4
— 5.2
— 3.6
— 21.4
+ 3.4
— 20.7
— 24.4
— 6.0
— 9.9
— 31.2
+ 17.1
— 30.5
— 12.5
— 12.4
— 21.3

S
75,332,946
49,951,714
40,910,238
6,003,048
4,975,889
3,421,196
2,608,212
-4,281,588
3,457,242
1,500,000
1,895,735
1,935,448
2,057,742
1,918,820
458,847
450,793
1,064,114
625,308
755,42.3
538,534
2,85,774
.378,617
483,-490
432,792
578,078

$
37,688,565
36,750,160
16,492,300
-4,468,051
3,247,811
2,450,942
1,957,786
1,976,562
3,588,389
1,269,574
1,188,871
1,627,194
1.635,699
1,130,063
.321,279
251,200
559,269
390,603
695,550
309,376
281,65 2
181,464
334,04 0
.....................

273,319,449 — 18.4

200,341,624

118,813,306

S
88,359,388
66,780,889
65,511,313
7,601,091
5,358,805
4,395,459
3,0.81,815
0,744,510
4,909,892
2,252,152
1,790,232
2,054,561
2.600,845
3,122,985
420,611
888,803
1,871,375
827,924
1,109,103
603,080
345,323
534,091
671,787
755,983
607,372

GOLD

A N D

fo llo w in g

fr o m

SIL V E R

th e

M ARKETS.

w e e k ly

circu la r

o

S a m u o l M o n t a g u & C o . o f L o n d o n , w ritte n u n d or d a te o f
M ay

10 191 8 :

GOLD.
Tlio Bank of England gold reservo against Its note Issue shows an Increase
of £373,670 as compared with last week’s return. The Transvaal gold
output for April 1918 amounted to £3,0-16,045, as compared with £3,155,121
for April 1917 and £2,957,614 for March 1918. The expression “ precious
metal” has been commonly used to Imply a reference to either gold or
silver. To-day the rango is wider, for soveral other metals havo acquired
commercial valuas far exceeding those of gold and silver. It is reported,
for instance, that tho United States Government has just commandoorcd
tho-stocks of platinum, palladium and iridium in that country, and has
fixed tho respective prices at tho dollar equivalents of £21, £27 and £35
per troy ounce. On these bases, tho prico for platinum is twenty-fold, for
palladium ten-fold and for iridium thirty-fold that which once obtained.
(Coins composed of platinum once possessed circulation in Russia.) Theso
high quotations, however, scorn Insignificant beside that for radium, which,
at £16 per milligram, works out at £500,000 per troy ounce.
SILVER.
Tho market has continued perfectly steady, and tho valuo of tho metal
at Its source remains tho same. Tho fall on tho 13th inst. o f %d. in tho
prico represents merely the reduction in tho insurance rato from tho United
States of America to London. Tho only factor now likely to affect tho
price for somo time to come is, as intimated in our lottor of tho 21st March
last, variation in freight and insurance rates. Up to tho present this lias
been borno out by events. Shanghai exchange remains without animation,
at about tho samo figure. Tho last threo Indian Currency returns give
details as follow:
nil 22. April 30.
May 7.
(In Lacs of Rupees.)
10,198
10,596
10,530
Notes in circulation---------------------------Rescrvo In silver coin and bullion (within and
1,169
1,372
1,215
without India)-----------------------------------------2,260
2,236
Gold coin and bullion in India------------------------ 2,300
45
45
45
Gold out o f India_____________________
Tho stock in Shanghai on May 11 consisted of about 32,150,000 ounces
in sycoo and 15,800,000 dollars, as compared with about 31,700,000
ounces in syceo and 15,200,000 dollars on tho 4th inst.
Cash quotations for bar silver per ounce standard:
_d.49% M ay 1 6 ..................................... d .48%
M ay 10
. —49% A verago..................................... 48.958
“
11
...4 8 % Bank rato____________________ 5%
“ 13
...4 8 % Bar gold per ounco standard 77s. 9d.
" 14
...4 8 %
No quotation fixed for forward delivery. Tho quotation to-day for cash
delivery is %d. below that fixed a wook ago.




3419

E N G U SH

FIN A N C IA L

M A R K E T S — PER

CABLE.

T h e d a ily c lo sin g q u o ta tio n s fo r se c u ritie s , & c ., a t L o n d o n ,
as ro p o rto d b y c a b le , h a v o b e e n as fo llo w s th e p a s t w e e k :
London,
June 1.
Week ending June 7.
Sat.
Silver, per o z _____________ d. 48%
Consols, 2% per cents______ H oliday
“
British, 5 iter cents___________
British, 4 % per cents________
“
French Rentes (In P a ris )..fr . Closed
French W ar Loan (in
“
Paris)................................. fr.

June 3.
M on.
48%
56%
94%
99%
60.00

June 4. June 5.
Tues.
W ed.
48%
48%
56%
56%
94%
93%
99%
99%
60.00
60.00

87.95

87.95

June 6 . June 7 .
Thurs.
Fri.
48%
48%
56%
56%
93%
93%
99%
99%
60.00
------ -

87.95

88.00

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

T h o price o f silver in N e w Y o r k o n th e s a m e d a y s h a s b e e n :
Silver in N . Y ., per o z - .c t s . 99%

99%

99%

99%

99%

99%

C o m m e r c ia l a u d ^ is c e H a u e e u s IJ em s
N a tio n a l

B a n k s .— T h e fo llo w in g in fo r m a tio n re g a rd in g

n a tio n a l b a n k s is f r o m th e o ffic e o f th o C o m p tr o lle r o f th e
C u r r e n c y , T r e a s u r y D e p a r tm e n t:

APPLICATIONS FOR C H A R TE R.
For organization of national banks:
Capital.
Tho First National Bank of San Juan, Cal________________ $25,000
Tho First National Bank of Green, Kans--------------------------- 25,000
The Citizens National Bank of Boston, Mass-------------------- 500,000
The Choteau National Bank, Choteau, M ont-------------------- 25,000
Tho Tiber National Bank of Tiber, M ont__________________
25,000
Tho First National Bank of Edenwold, Tenn-------------------- 25.000
For conversion of State banks:
Tho Security National Bank of Bridger, M on t_______________ 25,000
Conversion of Tho First State Bank of Bridger.
-------------T otal_____________________________________________ $660,000
CHARTERS ISSUED.
Original organizations:
Tho First National Bank of Elkhart, Kans________________$25,000
Tho Farmers and Merchants National Bank of Boswell, O k la.. 25,000
Tho Broad Top National Bank of Coaldale, Pa. (P. O. Six Mile
Run, Bedford County, P a.)------------------------------------------------ 25,000
Conversions of State banks:
Tho Farmers National Bank of Norway, S. C ............................... 25,000
Conversion of The Farmers and Merchants Bank of Norway.
T otal........... ........................................................- ................... $100,000
CHANGES OF T ITLE APPROVED.
Tho Teutonia National Bank of Dayton, Ohio, to "Tho American
National Bank of Dayton.”
Tho Gorman National Bank of Ripon, Wis., to “ The American National
Bank of Ripon.”
__
. . .
Tho Germania National Bank of Milwaukee, W is., to The National
Bank of Commerce of Milwaukee.”
Tho German National Bank of Allegheny, Pa., to "Tho National Bank
of America at Pittsburgh.” (Allegheny annexed to Pittsburgh.)
INCREASES OF CAPITAL APPROVED.
Amount.
Tho First National bank of Van Nuys, Cal. Capital increased
from $50,000 to $100,000. Amount--------------------------------------- $50,000
Tho Millikin National Bank of Decatur, 111. Capital increased
from $200,000 to $500,000. Amount............................................. 300,000
Tho American National Bank of Iloldenville, Okla. Capital in­
creased from $25,000 to $50,000. Amount----------------------------- 25,000
T otal........................... ................................................- ........... $375,000
VOLUNTARY LIQUIDATIONS.
Capital.
Tho First National Bank of Trenton, Tenn----------- _ ...................$55,000
Liquidating Agent: John R. Walker, Trenton. Tenn. Succeeded
by the Bank of Commerce, Trenton, Tenn.
Tho Byrom National Bank of Byromville, Ga................................ .. 25,000
Liquidating Agent: S. B. Byrom, Byromville. Bank discon­
tinued business.
Tho Greene County National Bank of Carrollton, 111.................... 100,000
Expiration of corporate existence.
------------T otal.........................................................................................$180,000
A u c ti

n

S a l e s .— A m o n g otliq r se cu ritie s,

th e fo llo w in g

n o t u s u a l l y dealt i n at the Stock E x c h a n g e w ere re c e n tly sold

a t a u c tio n in N e w Y o r k , B o s to n a n d P h ila d e lp h ia :
B y M e s s r s . A d r ia n H . M u lle r & S o n s , N e w Y o r k :
Percent.
Shares. Slocks.
Per cent. Shares. Stocks.
I N . Y . Law Institute................$155
5 United Gas & Elec. Corp.
20 Richm ond Embroidery Works $200
(C onn.), 1st preferred............40%
Bonds.
Per cent.
100 Windsor Print W orks, com ___41%
$2,000 New York Bottling 6s, 1935 10
30 Hudson C o . Consum. Brew — 25

B y M e s s r s . R . L . D a y & C o ., B o s to n :
Shares. Stocks.
S per sh. Shares. Slocks.
$ per sh,
1.250 N. England Pow e\ pref____100
1,000 Internat. Manganese&Chem
$5 each___________________
1
14 Merchants N at. Bank______ 259%
25 Draper Corporation________ 114
3 Hamilton W oolen------------------- 93%
35 R lvett Lathe & Grinder,
30 M ass. C otton M ills_________ 139
c o m m o n _____________ 75% 75%
51 York M anufacturing________110
5 Lawrence G as
....................10S
50 Everett M ills________________ 125
1 Farr Alpaca................................175%
Bonds.
Per cent.
5 Cent. Vermont R R ------------- 2
>,000 M inneapolis General Elec.
80 Federal Bearing, com _________25
1st 5s. 1934..................................... 96%
80 Federal Bearing, pref_________ 85

B y M e s s r s . M i ll e t t , R o e & H a g e n , B o s to n :
Shares. Slocks.
$ per sh.\ Shares. Stocks.
$ per sh.
15 Whitman M ills.............................. 170% ! 2 Shove M ills.......................................91%
10 Edwards M anufacturing............. 72% ! 3 Boston Belting, pref., $50 each. 40
20 U. S. W orsted, 1st pref......... ......9t
|60 M errimac Cliem ., $50 each-------- 105

B y M e s s r s . B a r k e s & L o fla n d , P h ila d e lp h ia :
Bonds.
Per cent.
Shares. Slocks.
S per sh .
2,562 N . Z . Graves C o ________ $49 lot 5.5.000 Colon Gas 1st 6s. 1935......... 70
1.000 Schuylkill River E. S. R R ., 2 East Pa. R R ., $50 each_____ 55%
1st 4s, 1925................................... 9 %
5 Farme s & M ech. N at. B k .175 177
22.000 Altoona & Logan Valley
4 Fourth Street N at. Bank___272
Elec. R y . cons. 4% s, 1933____49
5 1st N at. Bank o f Pleasant4.000 Amer. Pipe M fg . coll. tr.
vllle, N . J ............................. 350
5s, ser. A, 1927______________ 41
5 M arket St. T itle & T r u s t ...1 2 0
10,009 New Castle L t., H . & P.
11 West End T rust....................... 160
1st 5s, 1929................................. 56
9 United Gas * Elec.. 1st pref. 40
5 Pottsvllle W ater, $25 e a c h .. 5 3 H

BA N K NOTES— CHANGES IN TO TALS OF, AN D IN
DEPOSITED BONDS, &o.— We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:

THE CHRONICLE

242 0
B ondi and Legal Tend er!
on D ep osit fo r —

Circulation A floa t U nder —

D IV ID E N D S .

Legal
Tender t .

Tho following shows all the dividends announced for the
future by large or important corporations.

1917-18.
Legal
Tender » .

Apr. 30
M a r .30
Feb. 28
Jan. 31
D ec. 31
N ov .30
O ct. 31
Sept.29
Aug. 31
July 31
June 30
M ay 31
Apr. 30

191 8 ..
191 8..
191 8..
1918..
191 7 ..
191 7..
1917.'.
1917..
191 7..
191 7..
191 7..
191 7 ..
1 9 1 7 ..

688.969.710 36,189,817
688,060,510 36,252,360
685,349,410 37,047,275
684,508,260 36,311,670
683,5S 1,260 37,397,649
681,565,810 38,103.287
679,440,210 39,573,272
678,134,370 41,396,305
677,818,430 43,223,059
673,121,730 45,410,747
671.333,060 47,749,577
669.392.710 50,241,202
667,587,120 53,245,374

686,098,360 36,189,817
684,667,147 36,252,360
680,992,730 37,047,275
681,521,545 36,311,670
681,814,981 37,397,649
678,948,778 38,103,287
676,703,103 39,573,272
675,182,077 41,396,305
674,514,656 43,223,059
670,367,175 45,416,747
667,670,433 47,749,577
666,344,773 50,241,202
664,245,448 53,245,374

D ividends a n n ounced this w eek are prin ted in ita lics.
722,288,177
720,919,507
718,010,005
717,833,215
719,212,630
717,052,065
716,276,375
718,578,382
717,737,715
715,7S3,922
715,420,010
716,585,975
717,490.822

SI 1,742,955 Federal Reserve bank notes outstanding M ay 1, of which 510,732,400
covered by bonds and 31,010,555 b y lawful m oney.

The following show the amount of each clas8 of U. S.
bonds held against national bank circulation and to secure
public moneys hold in national bank depositaries on Apr. 30:
U. S. Bonds Held April 30 to Secure—
Bonds on Deposit
April 30 1918.

2s,
3s,
4s,
2s,
2s,

U.
U.
U.
U.
U.

S.
S.
S.
S.
S.

Consols
Loan of
Loan of
Panama
Panama

On deposit to On deposit to
secure Federal
secure
Reserve Bank National Bank
Notes.
Notes.
S
9,605,900

of 1930____
1908-1918.
1925_____
of 1936____
of 1938____

Total

Total
Held.

825.000
146,500
155.000

$
557,271,600
17.941.820
41,699,350
47.189.820
24,867,120

S
566,877,500
17,941,820
42,524,350
47,336,320
25,022,120

10,732,400

688,969,710

699,702,110

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Apr. 1 and
Apr. 1 and their inc. or deo. during the month of April.
National Bank Notes— Total Afloat—
Am ount afloat April 1 1918.............................................................................. 5720,919,507
N et amount Issued during A pril.................................................. .......... ..........
1,368,670
Am ount of bank notes afloat M ay 1 1918........... ...................................... 5722,288,177
Legal Tender Notes—
Am ount on deposit to redeem national bank notes April 1 1918.............. 536,252,360
N et amount of bank notes retired In April.................... ....................... ..
62,543
Am ount on deposit to redeem national bank notes M ay 1 1 9 1 8 .. . . $36,189,817

GOVERNMENT REVENUE AND EXPENDITURES.
— Through the courtesy of the Secretary of the Troasury, wo
are enabled to place beforo our roadors to-day the dotails of
Government receipts and disbursements for April 1918 and
1917 and for the ten months of the fiscal years 1917-18
and 191G-17.
R e c e ip ts .
Ordinary—
Internal revenue:
Incom e and excess profitsi

April 1918.
April 1917. 10 mos.T7-T 8 10 mo.s.’ 16-T7
S
S
S
$
16,445,532 20,911,336
142,473,887
178,603,899
83,012,300
93,113,711
16,111,895

M iscellaneous....................
Miscellaneous revenue____

208,683,438
Panama Canal.
Tolls, A c . . ............

635,708

24,814,125
40,238,673
7,293,420

185,253,610
632,893,920
172,441.155

56,849,856
342,673,172
57,383,143

93,257,554 1,133,062,572

635,510,070

377,678

5,002,168

Public Debt.
First Liberty Loan b o n d s ..
119,806 ..........
520,404,735
Second Liberty Loan bonds
200,154 .................... 3,807,931,075
Third Liberty Loan bonds. 104,799,663 ............
104,799,663
Certificates of indebtednessl,150,805,500 205,000,000 7,457,905,500
W ar savings & thrift stamps 60,972,984 .....................
190,885,206
Postal Savings bonds....... ....................................................
1,020,940
Deposits for the purchase of
One-Year Troasury N otes
(Sec. 18. Fed. Res. Act,
approved D ec. 23 1913)..........................
4,390,000
19,150,000
Deposits for retirement of
nat. bank notes A F. R .
bank notes (Acts of July
14 1890 & D ec. 23 1913).
795,350
294,047
6,734,050

4,822,178

315,000,000
" ' 1,794",660

4,390,000

.1,317,699,457 269,634,047 12103,891,229

357,723,372

.1,527,018,601 363,319,279 13246,955,969

998,055,620

D isbu rsem en ts.
Ordinary—Checks and warrants paid
(less balances ropatd.Ac.)
Int. on public debt p a i d . . .

903,894,043
6,862,116

78,175,385 5,479,513,671
3,424,213
02,754,721

772,429,825
20,798,442

T o t a l......... .........................

910,756,759

81,599,598 5,542,268,392

793,223.267

Special—
Panama Canal: checks paid
(less balances repaid,Ac.)
1,674,638 2,340,335
15,976,189
18,832,612
Purchase o f obligations o f
foreign governm ents------ 237,500,000 200,000,000 4,071,329,750
200,000,000
Purch. o f Fed. Farm Loan bonds:
Principal.............................
15,050,000
45,600,000 .........................
Accrued Interest..............
306,382
759,201 ........................
Pay’ t for We3t Indian Islds................................................................... •_____
25,000,000
Subscription to stock o f Fed­
eral land banks..........................................
5,948,020 .........................
5,948,020
T o ta l....................................

304,531,020 208,294,355 4,133,665,143

Public Debt—
Bonds, interest-bcar’g notes
and certificates retired .. 385,005,823
One-year Treas. notes re­
deemed (Sec. 18, Federal
Reserve A ct, approved
D ec. 23 1 9 1 3 ) . .. ...........
8,212,000
N at’ l bank notes and F. R.
bank notes retired (Acts
o f July 14 1890 and
D ec. 23 1 9 1 3 ) . .. ..............
1,129,133
T o ta l...................................

394,346,956

938 3,732,532,939

247,780,632

15,509

4,390,000

27,362,000

4,390,000

3,289,510

19,168,545

34,415,485

7,680,448 3,779,063,484

38,820,994

Grand total disbursements. 1,009,634,735 297,574,401 13454,997,019 1,079,829,893
Excess o f total receipts over
total disbursements_____ _____ _____
05,744,878 ....................................................
Excess o f total disburse­
ments over total receipts
82,616,134 ....................
208,041,050
81,774,273




[Vol. 106

Name o f Company.
R a ilro a d s (S team ).
Albany A Susquehanna________________
Atch. Topeka A Santa Fe, pref__________
Atlantic Coast Line Co. (guar.)________
Beech Creek..................................................
Boston A Albany (qu ar.)______________
Boston & Lowell_______________________
Buffalo A Susquehanna, preferred______
Chesapeake A O hio....................................
Chicago Burlington A- Quincy (guar.)___
Delaware A Hudson C o. (qu ar.)_______
Detroit & Mackinac, pref_______________
Erie A Pittsburgh (qu ar.)______________
Fonda Johnstown A Glotersv., pref. (qu.)
Hocking Valley Railway________ ______
Illinois Central, leased lines_____________
Interborough Rapid Transit (qu ar.)___
Lillie Schuylkill Nav., HR. A Coal.
M anhattan Ity. (qu ar.)..................
M obile A Birmingham, pref______
New York A Harlem, com. & p r e f..
Northern Securities................................... .
Reading Com pany, 1st pref. (qu ar.)___
Reading Company 2d pref. (quar.)___
Rensselaer A S a ra to g a ..............................
Southern Pacific C o. (quar.) (N o. 4 7 ) ..
Union Pacific, com mon (qu ar.)________

Per
When
Cent. Payable
4 X July
*2 X Aug.
S I.50 Juno
50c July
2 X Juno
4
July
*2
June
2 X June
2
Juno
2
June
2 X June
2 X July
S 7 X c Juno
1 X Juno
2
Juno
2
July
2 X July
*$1.25 July
*S1.2.r July
1X July
2
July
52.50 July
1X June
3
Juno
50c Juno
50c July
4
July
I X July
2 X July

Books Closed.
Days Inclusive.

Holders of rec. Juno 15a
♦Holders of rec. Juno 27a
Juno 1 to
June 9
Holders of roc. June 19a
21 Holders of rec. M ay 31a
2 Holders of rec. M ay 25a
21 •Holders of rec. Juno 15
2! Holders of rec. June la
21 Holders of rec. June 7a
25 Holders of roc. June 19«
21 Holders of rec. Juno la
1 Holders of rec. Juno 15a
11 Holders o f rec. M ay 31a
15 Holders of rec. June 10a
2! Holders of rec. June 14a
1 June 12 to
July 4
1 Holders of rec. Juno 20a
1 ♦Holders of rec. Juno 15a
15 ♦Juno 18
to
July 15
1 Holders of rec. June 15a
1 Juno 2
to
Juno 30
1 Holders of rec. Juno»l7a
11 Holders of reo. M ay 31a
27 Juno 15
to
Juno 27
H Holders of rec. M ay 28a
1 1 Holders of rec. June 25a
1 Juno 16 to
Juno 30
1 Holders of rec. M ay 31a
1 Holders of reo. June la
K

S tre e t & E le ctric R ailw ays.
Arkansas Val. R y ., L . A Pow ., pf. (qu.)
IX
Brasilian Tr., L. A Pow., pref. (guar.).
IX
Cities Service, com . A pref. (m onthly).
X
Common (payable In common sto ck ).
fx
Consolidated Traction of N . J ___
2
Continental Pass. Ry., I’hila.........
•S3
Duluth-Superior Trac., com. A pref. (gu.)
1
El Paso Electric C o..corn.(quar.)(N o.28)
2X
Indianapolis Street R y ................
*3
Louisville R y . (quar.)....................
IX
Manhattan Bridge Three-Cent Ltno(qu.)
IX
Public Service Corp. of N . J. (quar.)
2
San Joaquin L. A P., pref. (qu .)(N o. 14)
IX
Sprtngflcld(M o.)Ry.AL.,pf.(qu.) (V o. 14)
IX
Twin City Rap. Tran., M inneap.,pf.(qu.)
IX
Union Traction, Philadelphia__________ *31 .5C
United Electric Co. o f N . J _____________
2X
United Light & Rys., com. (gu.) (No. 14)
l
First preferred (quar.) (No. 3 1 )......... ..
IX
Utah Power A Light, pref. (qu.) (N o. 2 2 ).
IX
West Penn R ys., pref. (quar.) (N o. 4 ) . .
IX
West Penn Trac. A Water Pow ., pf.(qu.)
IX

Juno
July
July
July
July
June
July
Juno
July
July
Juno
Juno
Juno
July
July
June
July
July
July
July
Juno
Juno

T r u s t C om panies.
Guaranty (quar.)__________________
New York Life Insurance A Trust..
United Stales.......................................

Juno 29 Holders of roc. June 21
June 10 Juno 5
to
Juno 10
July 1 Holders of rec. Juno 20

M iscella n eou s.
Ahmeek Mining (quar.) (N o. 2 6 )............
Ajax Rubber, Inc. (q u a r .)................. ......
Allls-Chalmers M fg ., pref. (guar.)______
Pref. (account o f accumulated dies.)____
Allouez Mining (quar.) (N o. 12)____
Amer. Bank Note, pref. (qu ar.).........
Amor. Beet Sugar, pref. (qu.) (N o. 76)
American Can, preferred (q u a r.)______
Amer. Car A Fdy., com. (qu.) (N o. 6 3 ).
Preferred (guar.) (No. 7 7 )....................
American Chicle, preferred (qu ar.)____
American Cigar, pref. (guar.)__________
American Express (qu ar.)____________
Amer. International Corp., com .A pf.(qu)
Amer. Locom otive, com . (qu ar.)..............
Preferred (quar.).....................................
American Public Service, pref. (q u a r .)..
American Radiator, com mon (q u a r .)..
American Se.vor Pipe (quar.) _______ _
Amer. Smelt. A R efg., com . (quar.)____
Amer. Smelters Securities, pref. /I (g u .) ..
Preferred B (quar.)...................................
American Snuff, common (guar.)......... ..
Preferred (quar.).......................................
American Steel Foundries (guar.)_______
Am. Sugar Refining, c o m .(q u .)(N o .107)
Com m on (extra)......... .......... .......... .. . .
Preferred (quar.) (N o. 106)
Amer. Sumatra T ob acco, pref_________
Amer. Telep. A Telcg. (quar.)..................
American Thread, preferred____________
American Tobacco, pref. (quar.)................
American Woolen, common (quar.)______
Preferred (guar.)_____________________
Associated Oil (guar.)___________________
Atl. Gulf A W . I. SS. Lines, com m on__
Preferred (quar.)......... ...........................
Atlantic Refining (qu ar.)______________
Atlas Powder, com . (qu ar.)_______ ____
E x tra ______________ _____ ___________
Baldwin Locom otive, preferred________
Barrett Co., common (quar.)_____________
Preferred (quar.)..................................... ..
Beldinq Paul Corticelli, Ltd.,pf.(N o. 14).
Bethlehem Steel, com m on (q u a r.)_____
Com m on, Class II (qu ar.)....................
Cum. conv. pref. (qu ar.)......................
7% preferred (qu ar.)...............................
Blumenthal (P .) C o ., common (q u a r .)..
Preferred (quar.).....................................
Booth v lsherles, com m on (qu ar.)______
Preferred (q u a r .)....................................
Borden’s Condensed M ilk, pref. (qu ar.).
Brier Hill Steel, com . (qu ar.)....................
Common ( e x t r a )...................... ...............
Preferred (q u a r .)........... .........................
Brltlsh-Amerlcan T obacco, ordinary____
Brooklyn Union Gas (qu ar.)....................
Buckeye Pipe Line ( q u a r . ) . . . ..................
Buffalo General Electric (guar.) (No. 95)
Burns Bros., com .(extra. In L.L. b d s .)._
California Packing Corp., com . (q u a r .)..
Preferred (quar.).....................................
California Petroleum, pref. (quar.)______
Calumet A Arizona M ining (qu ar.).........
Calumet A Hccta M ining (qu ar.)..............
Cambria Steel (qu ar.)................................
E x tr a ............. ............................................
Canadian Car A Foundry, preferred____
Canadian General Elec., com. (quar.)____
Carbon Steel 2d pref. (annual)................
Carwen Steel T o o l........................ ...............
Case (J. I.) Thresh. M ach., pref. (quar.

5
20
25
$2
$1.50
IX
hX
S I.50
75c.
1X
IX
2
IX
* ix
* ix
IX
90c.
lX
IX
IX
3
X
IX
*IX
*IX
3
IX
*IX
P IX
mX
V IX
3X
2
12 H c .
1X
1X
IX
*IX
5
IX
5
2
3

3X
* 1X
*IX
3X
2X
2X
2
IX
l X
IX
50c.
IX
IX
IX
3X
IX
6
IX
$2
2
15
$1
IX
* ix
$2
SI 5
75c.
75c.
3X
2
6
500.
IX

15 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
15 Holders of rec.
29 ♦Holders o f rec.
1 Holders of rec.
15 Holders of rec.
1 ♦June 22
to
1 Juno 16 to
29 Holders of rec.
29 Holders of reo.
15 Holders of rec.
1 Holders of rec.
2 Holders of rec.
29 ♦Holders of rec.
1 Holders of roc.
1 Holders of roc.
1 Holders of rec.
1 Holders of roc.
15 Holders of rec.
15 Holders of rec.

M ay
Juno
June
Juno
June
M ay
Juno
Juno
July
June
June
Juno
M ay
Juno
Juno
June
June
June
June
Juno
Juno
Juno

31
15
15a
15a
29a
31a
15a
5a
1
20
20
15a
31
15a
15a
8a
29a
15a
15a
15a
1
1

Juno 28 Holders of rec. Juno 8
Juno 15 Holders of rec. M ay 8 la
July 15 Holders o f rec. Juno 29a
July 15 Holders of rcc. June 29a
Juno 26 Holders of rec. Juno 12
July 1 Holders of roc. June 15a
July
1 Holders of rec. June 15a
July 1 Holders of rec. Juno 14a
July 1 Holders of rec.'June 13a
July 1 Holders of rec. June 13a
July 1 ♦Holders of rcc. Juno 20
July 1 ♦Holders of rec. June 15a
July 1 Holders of rec. M ay 31a
June 29 Holders of rec. Juno 15a
July 3 Holders of rec. Juno 18a
July 22 Holders of rcc. July 5a
July
1 Holders of roc. Juno 15
June 29 Juno 21
to
June 29
Juno 20 Juno 11
to
Juno 20
Juno 15 M ay 25
to
Juno 2
July
1 ♦Juno 15 to
Juno 23
July 1 ♦Juno 15 to
June 23
July 1 Holders of rec. Juno 15a
July
1 Holders of ree. Juno 15a
Juno 29 ♦Holders of rcc. Juno 15
July 2 Holders of rcc. Juno la
Inly 2 Holders of rec. June la
July 2 Holders of ree. Juno la
Sept. 2 Holders of rec. Aug. 15a
July 15 Holders of reo. June 20a
July
1 M ay 15 to
June 30
July 1 Holders of rec. Juno 15a
July 15 Juno 15
to
Juno 26
July 15 June 15
to
June 26
July 15 ♦Holders of rec. Juno 29a
Aug. 1 Holders of rec. June 28a
July 1 Holders of reo. June 10a
June 15 Holders o f reo. M av 20a
Juno 10 Juno 1 to
Juno 9
Juno 10 Juno 1 to
Juno 9
July 1 Holders of rec. Juno 8a
July 1 ♦Holders of rec. Juno 18
July 15 ♦Holders of rec. July
1
June 15 Holders of reo. Juno 1
July 1 Holders of rec. Juno 15a
July I Holders of ree. June 15a
July 1 Holders of ree. June 15a
July
1 Holders of roc. June 15a
Jun o 29 Holders of rcc. Juno 29a
July
1 Holders of rec. June 29a
July
l Holders of rec. Juno 20a
July
1 Holders of rec. June 20a
Juno 15 Holders of rec. Juno la
July
1 June 21
to
July 1
to
July 1
July
1 Juno 21
to
July 1
July
1 June 21
Juno 29 Holders of coup. N o. 67s
July
1 Holders of rec. June 13a
Juno 15 Holders of rec. M ay 31
June 29 Holders of rec. June 20a
June 10 Holders of roc. M ay 31a
June 15 Holders of rec. M ay 31a
July
1 Holders of rec. June 15a
July
1 ♦Holders of rec. Juno 20
Junc<J24 Holders of rje. .Line 7a
.June 14 Holders of rec. M ay 28
June 15 Holders of rec. M ay 31a
Juno 15 Holders of rec. M av 31a
July 15 Holders of ree. Juno 15a
July
1 Holders of roc. Juno 15
July 30 Holders of rcc. July 26a
June 10 Juno 2
to
June 9
July 1 Holders of rcc. Juno 10a

THE CHRONICLE

June 8 1918.]
Name o f Company.

Per
Cent.

When
Payable

Books Closed.
Days Inclusive.

M iscella n eou s (Continued,)—
Celluloid Co. (quar.)..................................: Centennlal Copper M ining (<iu.) (No.3)
Central Leather, prel. (quar.)--------- - - ­
Central Stales Klee. Corp., pref. (q u a r.)..
Chandler Motor Car (quar.)....... ...........—
Charcoal Iron of America, com . (quar.).
Preferreil___________________ ______
Chesobrough Manufacturing (quar.) —
E x tr a __________________________
Chicago Telephone (quar.)----------Childs Com pany, com mon (quar.)
Preferred (qu ar.)______________
Chino Copper Co. (.quar.)..................
Cleveland-Akron Hag (quar.)-----E x tra __________________________

2
June 29 Holders of rcc. Juno
Juno 28 Holders of rcc. June
SI
l M July 1 Holders of rcc. June
I K July 1 Holders of rec. June
♦3
June 29 Holders df rec. June
20c. June 29 Holders o f rec. June
30c. June 29 Holders o f rec. June
3
June 20 Holders of rec. June
60c. Juno 20 Holders of roc. June
2
Juno 29 Holders o f reo. June
I'A June 10 M ay 30
to
Juno
I K June 10 M ay 30
to
June
June 29 Holders of rcc. Juno
SI
to
July
I K Juno 3C June 21
/4 June 36 Juno 21
to
July
1 -y\ July 1 Holders o f rcc. June
1A
/i June 1j Holders of rcc. M ay
Colorado Power, preferred (quar.).
I K July l Holders o f rcc. June
1
July 10 Holders of rcc. June
I K Juno 16 Holders of rcc. M ay
Oousolidatcd Gas (quar.)..............
50c. June 15 Holders o f rec. June
Cons’d Interstato-Callahan M in. (quar.)
1 'A July
lH olders of rec. Juno
Continental Can, common (quar.)-----I K July 1 Holders o f rcc. June
Preferred (quar.)___________________
♦3
June
17
♦Holders of rcc. M ay
Continental Oil (quar.)....... .................
10c. June 10 Holders o f rec. M ay
Continental Refining, com . (monthly)
Copper Range C o. (quar.) (N o. 4 6 )------ S i.50 June 15 Holders of rec. M ay
75c Juno 15 M ay 24
to
Juno
Crescent Pipe Lino (quar.)-------------------10c. June 10 Holders o f rec. M ay
Cresson Cons. G old M . & M . (monthly)
3
June 15 Holders of reo. M ay
Crox C a r p e t ..................— ............ ........
I K June 29 Holders o f reo. June
Crucible Steel, pref. (quar.) (N o. 63 ).
*1K July 1 ♦Holders of rec. June
Cuba Cane Sugar, preferred (qu ar.).- —
I A July 1 Holders o f rec. Juno
Cuban-Arnerlcan Sugar, com mon (q u .).
I K July 1 Holders o f rec. Juno
Preferred (quar.)----------------------------*1K June 15 ♦Holders of rcc. June
Cudahy Packing, com mon (quar.)-----2
Juno 16 Holders of reo. M ay
Diam ond M atch (quar.)----------- ---------A July lh Holders o f rec. July
Distillers Securities (qu ar.)....................
ly-j July 18 Holders of rec. July
E xtra_______________________________
i
J uly 1 Holders of reo. June
D ominion Glass, Ltd., com . (N o. 1) —
I K July 1 Holders of rec. June
Preferred (q u a r .)..................................
I K July 1 Holders o f rec. Juno
D om ln. Steel Corp., com .(qu.) (N o. 17)
2
July 2 Holders of rec. June
Dominion Textile, L td., common (q u .).
4 'A June 15 Holders of rcc. M ay
du Pont (E .I.) de Ncm.& C o., com . (qu
l ‘A July 25 Holders of rec. July
Debenture stock (qu ar.)-------------------I'A Aug. 1 Holders of rcc. July
I K Aug. 1 Holders of rec. July
Preferred (quar.)...................... ........
2 >4 July 16 Holders o f reo. July
Eastern Steol, common (quar.)-------IK Juno 16 Holders of reo. Juno
First and second pref. (qu ar.)-----I A July 1 Holders of reo. M ay
Eastman K odak, common ( q u a r .)...
I K July 1 Holders of reo. M ay
Preferred (quar.)________________
10
Aug. 1 Holders of reo. June
Eastman Kodak, common (extra)___
Pled. Light A Power Co. o f Ablngton
4
July 1 Holders o f rec. June
A Rockland, M ass. (No. 50)______
1
July 1 Holders o f rec. June
Electric Storage /Littery, com. A pf. (qu.).
Juno 10 Holders of rec. Juno
31
S I.50 Juno 10 Holders of rcc. June
Preferred......................
3
Juno 15 Holders of rec. Juno
Equitable Ilium. Gas L Phlla., pref.
I K Juno 15 Holders of rec. M ay
I K Juno 17 Holders of rcc. Juno
Fc.leral Sugar R cfg., com . (quar.).........
S I.25 Juue 20 Holders of rec. Juno
Flrcstono Tiro & Rubber, com . (quar.)
I'A July 15 Holders of rec. July
Preferred (qu ar.)____________________
June 15 Holders of rec. Juno
$1
Foundation C o., com m on______________
3
July 31 Holders of rcc. M ay
Galena-Signal Oil, com . (qu ar.)..............
2
July 31 Holders of rec. M ay
Preferred (qu ar.)........................ ...........
I'A July 1 Holders of rec. Juno
General Chemical, preferred (quar.) —
2
July 15 Holders of rec. Juno
General Electric (qu ar.)_______________
'A
c
July 15 Holders of rec. Juno
Extra (payablo In stock ).................... .
♦l K July 1 ♦Holders of rec. Juno
1 ♦Holders o f rec. Juno
♦1A July
General Hallway Signal, com. & pf. (qu.)
15c. Juno 10 Holders of rcc. M ay
Globe Oil (m onthly)__________________
preferred stocks (qu ar.)---------Globe Wernicke, common (qu a r.)..
Goodrlch (13. F .) C o ., com mon (quar.).
Preferred ( q u a r .) ........................ .
Grasselll Chemical, com . (quar.) ..
Com m on (extra)____- . . . . Preferred (quar.)....... ...................
Preferred (quar.).
G ulf States Steel, com mon (q u a r .)..
First preferred (q u a r .)............... - ­
Second preferred (quar.)..................
Ilurblsan-W alkcr Refract., pf.(qu.)_
H art., Schaffner A M arx, Inc., pf. (<
IIa3koll A Barker Car (qu ar.)......... ..
Helme (George IF.) Co., com. (quar.).
Preferred (quar.)........................ ........
Hercules Powder, common (quar.)____
Common (erlra)____________ ______
Illinois Pipe Line.
Preferred (qu ar.)___________
International Halt (quar.).........
Jowel Tea, Inc., prof, (quar.)...........
Kelly Springfield Tire, pref. (quar.).
Capital distribution.
Kresge (S. S.) Co., common.
Preferred (quar.)................
Preferred (q u a r.)------------- - .........- La Belle Iron Works, com m on (quar.).
Preferred (qu ar.)----------------------------Com m on (extra)............. .. - - Lehigh Valley Coal Sales (q u a r .)..
Library Bureau, common (quar.)----Preferred (quar.) — ........................
Lorlllard (/’ .) Co., common (quar.).
Preferred (quar.)-----------------------Preferred (qurfr.) (N o. 58) —
M agm a Copper (q u a r.)...............
Manatl Sugar, preferred (quar.).
First awl second preferred (quar. ) ------Marconi Wireless Tel. of A m erdN o. 2)
Maxwell M otor. Inc., 1st pref. (quar.)
Preferred (qu ar.).................................
lontana Power, com . (quar.) (N o. 23)
Preforro 1 (quar.) (N o. 23) . .............

1A
2
1
IK
1A
2
1A
IK
IK
SI
•I'A
IK
1A
IA
$1
2A
IK
2
2
50c.
8
25c.
3
IK
IA
IK
50c
IK
I'A
50c
50c
25c.
I'A
1K
1
1K
3
2
lA
I'A
S2
♦1
♦2
154
♦154
3
IK

IA

1
50c.
HIM
l
1M
25c.
k 154
I'A
t2

i

IK

1M
*1M

National Biscuit, corn, (qu ar.)(N o 80).

1
IM
1M
IK
IK

National Grocer, commou (qu ar.)______
Preferred........................................

I
3

Preferred (q u a r.)...........
Mortgage Bond Co. (quar.).




IK

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

15
10
16
1
29
29
29
30
l
27
1
1
1
20
29
1
1
1
25
25
25
29

Juno 1 to
June
Holders of rec. M ay
Holders of reo. Aug.
Holders of rcc. June
Holders o f rec. June
Holders of rec. Juno
Holders of rec. Juno
June 16
to
Juno
June 16
to
July
Juno II
to
June
Holders o f rec. Juno
Holders of rcc. June
Holders of rec. June
Holders of rcc. July
♦Holders of rec. June
Holders o f rec. June
Holders of rec. June
Holders of rcc. Juno
June 16 to
June
June'16
to
June
Holders of rec. Juno
June 1
to Juno
is Juno 1 to Juno
15 Holders of rec. Juno
15 Holders of rec. June
29 Holders o f rec. June
1 June 16 to
July
28 Holders ot rec. Juno
1 Holders of rec. Juno
1 Holders of rec. June
29 Holders of rcc. June
29 Holders of rec. June
15 Holders ot rec. June
1 Holders of rec. June
1 Holders of rcc. June
1 Holders of rcc. July
1 Holders of rcc. Juno
29 June 16 to
Juno
29 June 16 to Juno
29 Holders of reo. June
29 Holders of rec. Juno
1 Holders of rec. June
1 ♦Holders o f rcc. June
1 ♦Holders of rec. Juno
1 Holders of ree. Juno
1 ♦Holders of rcc. Juno
1 Holders of rec. Juno
1 Holders of rec. June
1 Holders of reo. June
1 Holders of rec. Juno
29 Holders of ree. Juno
1 Holders o f rcc. June
1 Holders o f rec. June
1 Holders o f rec. Juno
1 July 16
to
Aug.
1 Holders of rcc. Juno
29 Holders of rec. June
10 Holders of rcc. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders of reo. Juno
1 ♦Holders o f rec. Juno
15 Holders of rcc. M ay
15 Holders of rcc. M ay
29 Holders of rec. June
15 Holders of rec. M ay
15 Holders of reo. June
15 Holders o f rec. July
30 June 20
to
Juno
30 June 20
to
June

Name o f Company.
14a
8
10a
10
18
15
15
la
la
28a
10
10
14

1
1
20
31a
15a
25a
9a
la
20a
20a
17
31a
22
16
31
31a
15a
15
15a
15a
5
31a
2a
2a

15

15
5
15
31a
10a
20a
20a
1
1
31a
31a
2Du
15a
17
la
la
8
25a
7a
10a
la
la
31
31
18a
8a
8a
20
20
25
16
31
2a
21a
15a
15a
15a
30
1
27
15a
15a
15a
10a
28
15a
14
14
24
24
20
19
14
1
1
i o(l
7
8
2f a
15
7a
7a
la
15a
15a
20a
20a
19
19
14a
14a
20
20
20
24a
17
15
15
8a
8a
7
15
20a
20a
l
14u
5a
15a
15a
15a
15a
20
31
31
20
31
29a
8a
30
30

M iscella n eou s (Concluded).
National Lead, pref. (quar.)....................
National Lead, com m on (quar.)_____ __
Common (Red Cross dlv. N o. 2 ) . —
National Sugar Refining (quar.)...........
National Surety (q u a r .).. . . . . —
National Transit______ __ ____________
E x tra __________________ - --------------Nevada Consolidated Copper (quar.)-------New Jersey Zinc (extra)_______________
New York Air Brake (quar.) (N o. 6 2 ) ..
New York Transit (quar.)_____________
Niagara Falls Power (qu ar.)___________
Nllcs-Bem ent-Pond, com . (qu.) (N o. 64)
North American C o. (quar.)____________
Northern Plpo Line (qu ar.)____________
Ohio Cities Gas, pref. (quar.)____________
Ohio Oil (quar.)______________________
Extra _______________________________
Oklahoma Gas & Electric, pref. (q u a r.).
Oklahoma Prod. A Refining (auar.)____
Old Dominion Co. (quar.)_______________
Osceola Consolidated M ining (qu ar.)__
Oils Elevator, common (quar.)___________
Preferred (q u a r .).....................................
Ottawa Light, Heat A Pow., Ltd. (q u a r.)..
Owens Bottle-M achine, com mon (quar.)
Com .(extra, pay. In 4 )4 % L.L.bonds)
Pabst Brewing, pref. (quar.)_____________
Pacific Mall Steamship, com m on______
Common (extra)____________________
Packard M otor Car, preferred (q u a r .)..
Pan-Amer. Petrol & Trans..corn. (q u .).
Preferred (quar.)....... .............................
Penna. Water A Power (qu.) (No. IS )___
Pennsylvania Rubber, com m on (quar.).
Preferred (qu ar.)____________ ________
Pelltbone,Afulllken A C o.,1st A 2d pf.(qu)
Philadelphia Electric ( q u a r .) ..................
Pierce-Arrow M otor Car, pref. (q u a r .)..
Pittsburgh Brewing, co m m o n ............ ......
Pittsburgh Rolls Corp., com .(qu.) (N o .l)
Preferred (qu ar.)............................ ........
Provincial Paper M ills, Ltd., com. (q u .)..
Preferred (quar.)_____________________
Quaker Oats, common (qu ar.)......... ......
Common (oxtra)....................................
Preferred (quar.)............................ ........
Quincy M ining (quar.)__________________
Railway Steel-Spring, com mou (qu ar.).
Preferred (qu ar.)____________________
Ray Consolidated Copper (quar.)________
Realty Associates (N o. 3 1 ).................... ..
Republic Iron & Steel, com . (qu.) (No.7)
Preferred (quar.) (N o. 5 9 )...................
St. Joseph Lead (qu ar.)_______ ________
St. L. Rocky M l. A Pac. Co., pref. (q u .)..
Savage Arms Corp., com mon ( q u a r . ) . . .
First pref. ( q u a r .) ................................
Second preferred (q u a r.)_____________
Savoy Oil (quar.)..................................... ......
Sears, Roebuck & C o., preferred (quar.)
Shattuck Arizona Copper C o _________
E xtra__________ _____
Sherwln Williams Co. of Canad , pf.(qu.)
Solar Refining_____
South Penn Oil (qu ar.)_____
South West Penn. Pipe Lines (qu ar.)__
Standard Gas A Electric, pref. (q u a r .)..
Standard Motor Construction
Standard Oil Cloth, common (q u a r .)..
Preferred Class A and B (qu ar.)___
Standard OH (Calif.) (quar.) (N o. 3 8 ) ..
Standard Oil (Kansas) (qu.) (N o. 4 6 )..
E xtra.............. ............................................
Standard Oil (Kentucky) (quar.)________
Standard Oil (N ebraska)_________ ____
Standard Oil o f New Jersey (qu ar.)___
Standard Oil o f N . Y. (qu ar.).................
Standard Oil (Ohio) (quar.)......... ..........
E x t r a _______________________________
Standard Screw, com mon (qu ar.)......... ..
Stromberg Carburetor of Am er.,Inc.(qu.)
Stulz Motor Car o f America, Inc. (quar.)
Subway Realty (qu ar.)........... ...................
Swift A C o. (quar.) (N o. 1 2 9 )...............
Special (payablo in stock) (N o. 130).
Texas Company (quar.).................................
Tide Water Oil (quar.)__________________
E x tr a _____________________ _____ ____
Tobacco Products, pref. (quar.)_________
T od d Shipyards Corporation (qu ar.)__
Tonopali-Belm ont D cvcl. (quar.) _____
Tooko Bros., pref. (quar.) (N o. 2 3 )____
Tuckett T ob acco, preferred (qu ar.)____
Underwood Typewriter, com mon (qu.)
Preferred (qu ar.)________ . . . . . . .
Union Bag A Paper Corp. (quar.)(N o.7)
Union Carbide (quar.)......... ..................... ..
United Cigar Stores o f A m ., pref. (qu .).
United D rug, com mon (quar.) (N o. 6).
United Dyewood Corp., com. (qu.) (No. 7)
Preferred (quar.) (No. 7 ) _____________
United Paperboard, pref. (qu ar.)______
U. S. Gypsum, preferred (quar.).
..
U. S. Industrial Alcohol, com . (quar.).
U. S. Stcamsnlp (bi-m onthly)__________
E x tra ........................ .................................
U. S. Steel C orp., com m on (quar.)_____
Common (extra)_____________________

2421
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

1M June 15 Holders of rec. M ay
IM June 29 Holders o f rec. June
July 25 Holders of rec. July
a
IM July 2 Holders of rec. Juno
3
July 1 Holders of rec. June
50c. June 15 Holders of rec. M ay
50c. June 15 Holders of rec. M ay
*75c. June 29 ♦Holders o l rec. June
♦4
June 10 ♦Holders of ree. June
5
June 21 Holders o f rec. June
4
July 15 Holders o f roc. June
2
July 1 Holders o f rec. June
3
June 20 Holders of rec. June
*1M July 1 ♦Holders of rec. June
July 1 Holders of rec. June
5
IM July 1 Holders o f rec. June
S I.25 June 20 M ay 23
to
June
S I.75 Juno 20 M ay 23
to
June
IM June 15 Holders o f rec. M ay
1 2 ^ c Juno 28 Holders of rec. June
June 28 Holders o f rec. June
SI
S2
June 28 Holders o f rec. June
IM July 15 Holders o f rec. June
1A July 15 Holders of rec. June
♦1A July 1 ♦Holders of rec. June
75c. July 1 Holders o f rec. June
150c. July 1 Holders of rec. June
IM July 1
IM June 15 June 8
to
June
50c. June 15 Holders o f rec. June
June 15 Holders o f rec. Juno
SI
IM June 15 Holders of rcc. M ay
r$l .25 July 10 Holders of rec. June
IM July 1 Holders of rec. June
IM July 1 H ohlcis o f rcc. June
1 A June 29 Holders o f rec. June
IM June 29 Holders of rec. June
*1M July 1 ♦Holders of rec. June
43J4C June 15 Holders o f rcc. M ay
July' 1 Holders of rec. June
2
A June 15 Holders o f ree. June
1
July 1 Holders of rec. June
IM July 1 Holders of rec. June
*1
July 2 ♦Holders o f rec. June
*1M July 2 ♦Holders o f rec. June
3
July 15 Holders o f rec. July
1
July 15 Holders of ree. July
l A Aug. 31 Holders of rec. A ug.
S2
June 29 Holders o f rec. June
IM June 29 Holders o f rec. June
IM June 20 Holders of rec. Juno
75c. June 29 ♦Holders o f ree. June
3
July 15 Holders o f rec. July
1A Aug. 1 Holders o f rec. July
IM July 1 Holders of rcc. Juno
50c. June 20 June 9
to
June
to
June
IM June 29 June 21
I A June 15 Holders o f rec. M ay
IM June 16 Holders of ree. M ay
I A June 15 Holders of reo. M ay
15c. June 25 Holders of rec. June
IM July 1 Holders o f ree. June
26c. July 20 Holders of rec. June
25c. July 20 Holders of rcc. June
IM June 29 Holders of rec. June
5
June 20 June 1 to
June
*5
June 29 ♦Holders ol rec. June
3
July 1 Holders of rec. June
1 'A June 15 Holders of rec. M ay
S2
July 15 Holders o f rec. June
1
July 1 ♦Holders of rec. June
IM July 1 ♦Holders o f rec. June
2 A June 15 Holders o l rcc. M uv
3
June
Juno 15 June 1 to
3
June 15 June 1 to
June
3
July 1 June 16
to
July
♦10
June 20 ♦Holders o f rec. M ay
5
June 15 Holders of rec. M ay
3
June 15 M ay 21
to M ay
3
July 1 June 1
to
June
1
July 1 June 1
to
June
♦6
July 1 ♦Holders of rec. June
75c July 1 Holders of rec. June
SI .25 July 1 Holders of rec. June
IM July 1 Holders of rec. June
2
July 1 M ay 19
to
June
e25
July 15 M ay 19
to
June
I'A June 29 Holders o f rec. June
I
June 29 Holders of rec. June
2
June 29 Holders of rcc. June
IM July 1 Holders o f rec. June
S I.75 June 20 Holders of rec. June
10c. July 1 June 16
to June
IM June 15 Holders of rcc. M ay
IM July 15 Holders of rec. June
I A July 1 Holders of rec. June
IM July 1 Holders of rcc. June
1A Juue 15 Holders of rec. June
2
July 1 June 21
to
June
July 2 Holders of rcc. June
SI
IM June 15 Holders of rec. M ay
IM July 1 Holders of rec. June
1 A July 1 Holders o f rec. June
IM July 1 Holders of rec. June
1 A July 15 Holders of rec. July
to
June
IM June 30 June 21
4
June 14 Holders of rec. M a y
10c. July 1 Holders of rec. June
5c. July 1 Holders of rec. June
June
IM June 29 June 1 to
3
June 29 June 1 to
June

Utilities Securities Corp., pref. (quar.)__
IM
10c
Wayland Dll A Gas, common (quar.).
Western /electric, common (quar.)......... ..
*IA
Preferred (quar.)......... .............................. *1M
4
Western Grocer, c o m m o n .. ..................
3
Preferred....................................................
W ’h'se .Church ,Kerr<tCo., In c., co m . (qu)
IM
Preferred (quar ) ______ _____________
IA
rio
Weyman-Bruton C o ., com m on
.....
Weqman-Bruton Co., pref. (quar.)______
IM
2
Wheeling Steel A Iron (quar.)___________
White M otor (q u a r .)............. .....................
SI
Wlllys-Overland, preferred (quar.)........... ♦IM
W oolworth (F. W .) C o ., pref. (quar.).
IM
W orthington Pump A Mach., pf.A (q u .)
IM
Preferred B (quar.) — --------- ---------1A
2A
Yale & Tow ne M fg . (quar.) (N o. 9 6 )__

Juno
June
June
June
June
June
June
June
O ct.
July
July
June
July
July
July
July
July

27
11
29
29
30
30
10
10
1
1
1
29
1
1
1
1
1

Holders o f rec.
Holders o f rec.
♦Holders of rec.
♦Holders o f rcc.
June 20
to
June 20
to
Holders of rec.
Holders o f rec.
Holders of rec.
Holders of rec.
June 16
to
Holders of rcc.
♦Holders of rec.
Holders of rec.
Holders of rec.
Holders of rcc.
Holders o f rec.

June
June
Juno
June
June
June
June
June
Sept.
June
July
June
June
June
June
June
June

24a
14a
5a
10
20a
31a
31a
14
1
3a
22
15a
3a
15a
11
15
16
16
31
15
15a
8
29
29
20
22a
22a
16
la
la
31a
15a
15a
19
15
15
20
22a
14a
la
20a
20a
15
15
la
la
la
10a
15a
8a
14
5
20a
18a
20
28
31a
31
31
15
15a
29a
29a
15
20
IS
15
31
3
15a
15a
15
16
16
1
20
20o
30
19
19
10
15
24
20a
30
30
14
15a
15a
17
10a
21
31
30
15a
15a
5a
30
8a
31a
15a
14a
14a
la
30
28a
14
14
3
3
17
1
22
22
30
30
1
1
16a
17
1
15a
20
10a
20a
20a
21

* From unofficial sources, a Transfer books not closed for this dividend, b Less
British Income tax. d Correction, t Payable In stock. / Payable In com m on
stock, g Payable In scrip
h On account of accumulated dividends. 1 Payable In
Liberty Loan bonds, k Payable in first preferred 6% dividend certificates due
July 1 1920. I Red Cross dividend,
m Declared four extra dividends payable
u % as above, K % Oct. 2 to holders o f record Sept. .3, K % Jan. 2 1919 to holders
o f record Dec. 2 1918, and K % pay. Apr. 2 1919 to holders of record M ar. 1 1919.
p Declared also regular quar. div. N o. 108 on com . and N o. 107 on pref., 1K %
each, payable O ct. 2 to holders of rec. Sept. .3. r Payable one-half In cash and onelialf In 2d Liberty Loan bonds. * Transfers received In order In London or on before
June 10 will be In time to be passed for payment of dividend to transferees.

2422

THE CHRONICLE

[V o l . 106

M e m b e r B a n k 3 o f t h a F e d e r a l R e s e r v e S y s t e m .— F o llo w in g is th e w e e k ly s ta te m e n t issu ed b y th e F e d e ra l R e s e r v e
B o a r d g iv in g th e p rin c ip a l ite m s o f th e reso u rces a n d lia b ilitie s o f th e M e m b e r B a n k s a n d d a te d J u n o 1. B e c a u s o o f th e la rg e
n u m b e r o f b a n k s fo r w h ich retu rn s a re fu rn ish e d th e s ta te m e n t is n o t issu e d u n til a w ee k la te r th a n th a t fo r th e F e d e r a l
R e s e r v e b a n k s o f th e s a m e d a t e .
D e fin itio n s o f th e d iffe r e n t ite m s co n ta in e d in th e s ta te m e n t w ere g iv e n in th e w e e k ly s t a t e m o n t issu e d u n d er d a te o f D e o . 1 4 1 9 1 7 a n d w h ioh w as p u b lis h e d in th e “ C h r o n ic le ’ ' o f D e o . 2 9 1 9 1 7 , p ag e 2 5 2 3 .

STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL
RESERVE AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS MAY 24 1918.

RESERVE,

Further liquidation of investments, notwithstanding very substantial withdrawals of Government deposits, is indicated In the Federal Reserve
Board s weekly consolidated statement showing condition on May 24 of 691 member banks In about 100 leading cities.
,,
U. S. bonds other than circulation bonds on hand show a dcclino for tho week of over 43 millions, while certificates of Indebtedness fell off about
11.4 millions. For the banks in the Central Rcservo cities decreases of 23.0 millions in U. S. bonds and of 11.2 millions in certificates are shown.
Total loans supported by Government war securities likewise show a slight decrease of 9.1 millions, though only at the Central Reserve city banks,
banks In tho other cities reporting practically no change In their holdings of this class of paper. A total decrease of 67.9 millions in other invest­
ments Is shown mainly for the banks outside tho three Central Reserve cities. Of the total investments reported about 17.8% is represented bv U. 8.
war securities and loans protected by such securities. For the Central Reservo city banks this ratio works out at 22.9% and for tho banks in Greater
New York at 25.9%.
Net demand.deposits of all reporting banks show a decrease of 53.1 millions and time deposits a decrease of about 32 millions. For tho banks in
Central Reserve cities corresponding decreases of 40.3 millions and 21 millions are shown. Net withdrawals of Government deposits aggregated
255.3 millions, of which 197.2 millions represents tho amount withdrawn during tho week from tho banks in tho three Central Roscrvo cities.
Aggregate reserves decreased 15.9 millions and cash in vault 13.6 millions, practically all at banks outside the Central Reserve cities. Owing
v\r?£iy to the considerable withdrawals of Government deposits the ratio of total investments to total net deposits shows an increase from 108.8 to
111%. l;or tho Central Reserve city banks a rise of this ratio from 105.4 to 109.2% is shown. The ratio of combined cash and reserve to total
deposits declined from 13.5 to 13.3%, though for Central Reserve city banks this ratio shows a rise from 14.2 to 14.8%. Excess reserves of all report­
ing banks work out at about 79-9 millions, as against 88.3 millions the week before. For the Central Reserve city banks corresponding figures are
55.1 millions compared with 49.2 millions on May 17.
1. D ata fo r all r e p o r tin g b a n k s In e a c h d is t r ic t .
M em ber Banks.

.Vein York.

Boston.

Number of reporting banks___

42

Phlladel. Cleteld'Ui. Rlchm ’ d.

A tlanta.

T w o ciphers (00) om itted.

C hicago.

St. L ou is. M ln n ea p . K a n . City

93

49

$
$
U . 8 . bonds to secure circulat’ n ll,r>ir,,0
51,307,0
Other U. S. bonds, Including
Liberty b o n d s ____________ _ 1(5,369,0 235,710,0
U. S certlfs. of Indebtedness.. 2S,395,0 801,714,0
Total U. S. securities______ 59,330,0 1,141,791,0
Loans see. by U S. bonds, & c. 58,639,0 274,792,0
All other loans & Investments. 775,845.0 4,027,762,0
Roserve with Fed. Ros. Bank. 61.899,0 598,952,0
Cash in vault_______ _________ 26,971,0
121,979,0
N et demand dopostts________ 637,881,0 1,219,673,0
Tim e deposits_________________ 95,788,0 219,172,0
Government deposits________ 102,863,0 474,707,0

81

S
12,973,0

65

38

S
43,016,0

S
21,903,0

91

S
11,190,0

32

3.3

S
13,317,0

72

S
17,392,0

S
0,163,0

$
14,012,0

22,271,0
46,129,0
81,678,0
34,313,0
62 5,813,0
57,293,0
19,661,0
536.110,0
13,740,0
71,403,0

70,435,0
42,837,0
156,233,0
44,411,0
911,757,0
81,153,0
30,639,0
688,252,0
228,795,0
87,910,0

22,832,0
16,372,0
61,162,9
15,224,
327,150,0
26,007,0
14,031,0
213,559,0
40,720,0
13,137,0

20,839,0
71,896,0 17,889,0 11,730,0
22.320,0
56,235,0 31,227,0 11,197,0
57,399,0 146,948,0 66,503,0 29,035,0
0,465,0
27,362,0 11,008,0
3,710,0
258,766,0 1,327,745,0 375,749,0 245,067,0
25,019,0
134,314,0 31,702,0 17,93.3,0
13,537,0
01,229,0 13,395,0
9,569,0
182,876,0 999,719,0 259,653,0 174,097,0
78.386,0 345,971,0 76,612,0 46,486,0
30,120,0
93,910.0 53,316,0 22,861,0

18,119,0
25,035,0
57,196,0
4,195,0
159,411,0
41,202,0
16,120,0
351,821,0
62,023,0
22,793,0

D allas.

San F ran .

Total.

40

•17

10,879,0

$
34,105,0

265,448,0

15,449,0 18,970,0
18,510,0 38,421,0
50,888,0 91,502,0
5,146,0
5,843,0
107,613,0 460,972,0
15,974,0 41,788,0
10,432,0 18.327,0
135,778,0 .361,818,0
21,827,0 91,896,0
28,520,0 10,890,0

592,695,0
1,141,692,0
l ,999,*835,0
492,441,0
9,993,680,0
1,132,181,6
359,489,0
8,869,542,0
1,354,740,6
1,023,738,0

S

S

691

2. D ata fo r ban k s In e a c h C e n tra l R eserve c it y , ba n k s In all o t h e r R eserve c itie s an d o t h e r r e p o r tin g ban k s.
N ew Y ork.

Chicago. St. Lou ts. Total Central Res. Cities.

Tw o ciphers om itted.
M a y 21.

Num ber of reporting banks___

M a y 17.

60

08

M a y 21.

M a y 21.

40

M a y 24.

It

M a y 17

120

Other Reserve Cities.
M a y 24.

120

M a y 17.

422

422

Country Banks.
M a y 24.

Total.

M a y 17.

149

146

M a y 24.

M a y 17.

691

688
S
S
$
3
S
S
$
$
S
5
S
8
U. S. bonds to secure clroulat’n
37,033,0
36,573,0
1,413,0 10.392.0
13,853,0
43,103,0
170.457.0
172.251.0 -16,133,0 46.103.0 265.448.0
266.765.0
Other U. S. bonds. Including
Liberty bonds_____________
256.026.0 263.676.0 43.031.0 11.710.0 310.767.0 331.353.0 236.741.0 253.032.0 15.187.0 48.296.0 592.695.0
035.731.0
U . S. certlfs. of Indebtedness..
733.777.0 798.990.0 30.757.0 20.572.0 846.100.0 857.316.0 253.713.0 253.293.0 36.873.0 37.409.0 1.141.092.0 1.158.048.0
Total U. 3. securities______ 1.031.826.0 1.101.239.0 75.231.0 43.674.0 1.205.731.0 1.210.107.0 665.911.0 633.629.0 128.193.0 131.808.0 1.999.835.0 2 ,0 5 5 ,6 ' 1,0
Loans seo. by U. 3. bonds, & c.
217.885.0 257.27.3.0 15.821.0 11.297.0 275.003.0 234.113.0
183.983.0
138.963.0 28.455.0 28.415.0 492.441.0
601.556.0
All other loans & Investments. 3.038.897.0 3.637.226.0 305.711.0 265.859.0 1.760.107.0 4.777.105.0 4,447,328*0 1.494.002.0 785.885.0 780.220.0 9.993.680.0 10,051,628,0
Reserve with Fed. Ros Hank.
571.018.0 567.101.0 93.990.0 23.186.0 033.191.0 638.169.0 392.131.0 403.316.0 51.553.0 51.126.0 1.132.181.0 1.148.111.0
Cash In vault_________________
112.111.0
7,102,0
113.130.0 37.794.0
157.307.0
153.743.0
167.173.0
173.383.0 35.099.0 36.009.0 359.489.0
373.136.0
Net demand deposits________ 3.920.053.0 3.963.140.0 674.755.0 181.793.0 1.779.606.0 4.810.877.0 3,163,735,0 3.481.514.0 626.151.0 621.220.0 3.869.512.0 8.922.011.0
Tim e deposits......... .....................
206.090.0 226.747.0 130.733.0 51.667.0 391.405.0 412.358.0 738.666.0
795.158.0 174.675.0 179,182,0 1.354.746.0 1.380.698.0
Government deposits________
421.103.0 593.741.0 79.310.0 43.527.0 546.940.0 741.116.0 419.263.0 473.021.0 62.530.0 06.914.0 1.028.738.0 1.284.081.0
♦Amended figures

T h e F e d e r a l R e s e r v e B a n k s . — F o llo w in g is th o w e e k ly s ta te m e n t issu e d b y th e F e d e r a l R e s o rv e B o a r d o n J u n o 1:

Liquidation In some volume of bills largely war and bank paper and substantial gains in gold reserves aro shown by tho Federal Roscrvo Board’s
weekly bank statement issued as at close of business May 31 1918.
INVESTMENTS.— Discounted bills on hand show a decrease of 25.9 millions, tho Now York, Kansas City and Cleveland banks reporting con­
siderable net liquidation of this class of paper. Of the total on hand, 62.7% as against 65.4% the week before, is represented by war paper, i. c.,
moraber banks’ collateral notes and customers paper secured by Government war obligations. Acceptances on hand decreased 21.8 millions tho
Chicago and New York banks accounting for a large portion of tho decrease. New York reports an increase of 12.9 millions in its holdings of U. 8.
bonds and of 60.9 mi,lions in certificates of indebtedness on hand, the bank holding 60 millions of Treasury certificates in antitipatlon of payments to
Government account due from member banks in connection with Liberty Loan operations. Total earning assets show an increase for tho week of
24.2 millions.
DEPOSITS.— Government deposits increased by 43.8 millions, Chicago and Cleveland reporting tho largest gains of Government funds on hand.
Member banks’ reservo deposits show an increase of 4.1 millions.
RESERVES.— Further gains of 19.8 millions in gold reserves aro shown. Owing to tho large Increase of both net deposits and Federal Reserve noto
circulation the banks’ reserve percentage shows a slight dcclino from 62.4 to 62%.
FEDERAL RESERVE CIRCULATION.— Additional not issued of 11.9 millions of notes aro reported by Federal Roservo agonts. Tlio actual
reserve noto circulation shows an iticreaso of 22.3 millions, the New York, Philadelphia and Chicago banks reporting the largest increases under this
head. Tho latter bank in addition placed in circulation during the week $560,000 of Federal Roservo bank notes.
CAPITAL.— Payment for Federal Reserve Bank stock by newly admitted members largely In the San Francisco district is mainly responsible for
an increase of $81,000 in tho amount of tho Reserve Banks' paid-in capital.Sf*
T h e fig u res o f th e c o n so lid a te d s ta te m e n t fo r th e s y s t e m as fT w h o le are g iv e n m the fo llo w in g ta b le , a n d m a d d i t i o n
w e p re se n t th e re su lts for e a ch o f th e se v e n p re ce d in g w e e k s , to g e th e r w ith th o se o f th o co rr e s p o n d in g w ee k o f la s t y e a r , th u s
fu rn is h in g a u sefu l c o m p a r is o n .
T h o earlier fig u res h a v e boon re v ise d in o rd er to c o n fo rm w ith now fo r m a d o p te d b y the
F e d e ra l R e se rv e B o a rd as o f J u n o 2 2 .
In th e se co n d ta b le w o s h o w th o resou rces a n d lia b ilitie s s e p a ra te ly for oa ch o f th e
tw e lv e F e d e ra l R e s e r v e b a n k s .
T h e s ta te m e n t o f F e d e ra l R e s e r v e A g e n t s ’ A c c o u n ts (th o third ta b le fo llo w in g ) g iv e s d e ta ils
re g a rd in g th e tra n sa c tio n s in F e d e ra l R e se r v e n o te s b e tw o e n th o C o m p tr o lle r a n d th e R e s e r v e A g o n ts an d b e tw e e n tho la tte r
a n d tho F e d e ra l R e se r v e b a n k s .
C o m b in e d

R esou rces an d

L ia b il it ie s o p t h e F e d e r a l R e se r v e B a n k s a t

the

C l o s e o f B u s in e s s M a y 21 1 9 1 8 .

M a y 31 1918. M a y 24 1918. M a y 17 1913. M a y 10 1918. M a y 3 1918. A p ril 28 1918 A p ril 19 1918. A p r . 12 1918 dun e-1 1917.
RESOURCES.

S

8

S
4 >6,177,000
415,237,000
52,509.090

S
478,460,000
407,767,009
52,500,009

S
479,529,090
418,337,000
53,500,000

480,580,000
437,444,090
52,500,000

S
482.832.000
437.771.000
52,500,000

S
480.820.000
439.177.000
52,500,000

488.829.000
41.3.819.000
52,500,000

S
488.762.000
407.971.000
52,500,000

5
299.225.000
187.556.000

933,914,090
955,019,009
27,993,090

933.727.009
930.181.009
29,115,000

950,368,000
915,536,090
28,592,009

970.521.000
835.027.000
27.584,000

973.103.000
862.296.000
24,541,000

978.797.000
821.218.000
2.3,985,000

955.148.000
854.822.000
23,179,000

949.233.000
857.492.000

486.781.000
466.969.000
' .V'UVU

Total gold reserves............................. 1,917,828,009 1,898,023,000 1,891,491,099 1,333,135,000 1.859,940,000 1.827.000.000 1,83.3,149,000 1,830,271,000
57,333,000
53,033.000
53,303,000
59,305,000
60,013,000
63,915,000
65,158,000
64,724,000

956,803,000
36,624,000

1,975.709,009 1,956,056,000 1,952,712,000 1,912,500,000 1,919,983,000 1,890,945,000 1,898,307,000 1,894,995,000
897.357.000 923,299,090 842.265.000 039,011,009 873.442.000 902.188.000 808.015.000 713.807.000
253.373.000 278,221,009 279.888.000 236,036,000 297.029.000 302.399.000 308.377.000 318.857.000

993.427.000
50,854,000
116.100.000

Total bills on h a n d .......................... 1,153,730,000 1,201,520,090 1,122,151,000 1,225,077,000 1.170,471.000 1,204,587,000 1,110,322,000 1,031,684.000
U. 3. Government long-term securities.
54.842.000
42.067,090
40,116,000 1 11.415.000
41.011.000
40.675.000
54,237,000
41.446.000
U. 3. Government short-term securities
92.032.000
32,476,009
73.013.000
106,762,009 136.116.000
46.295.000
37.470.000
142,143,000
736,000
3,293,000
1,151,000
1,492,000
1,814.009
2,537,000
2.722,000
3,771,000

166,951,000
36.387.000
77.495.000
14.061.000

1,301.309,000 1,277,214,000 1,237,727,000 1,373.799,000 1.250,569.000 1.286.102,000 1,212,585,000 1,331.815.000
at9,191,030 a 11,033,090
.11,832,000
a6,491,000 *23,080.000
470,000
10,314,000
1.815,000
427.33t.000 385,440,000 334,391,000 462,220,000 399,685,000 378,531,000 387,176,000 383,009.000

291.897.000
3,677.000
177.092.000

G old coin and certificates In vault_____
G old settlement fund— F. R . B oard__
Total gold held by banks________
G old with Federal Reserve Agent_____

Duo from other F. R . banks— not____
Total deduc’ ns from gross deposits
5 % redomp. fund agst. F. R . bank notes

403,137,000
636,000
138,009

351,107,009
537,090
89,000

332,509,090
530,000
77,000

455,726,009
401,000
66,000

376,605,000
537.000
329.000

388,845,000
528.000
359.000

387,655,000
409.000
201.000

381,824,000
537.000
324.000

180,769,000
400,000
5,905,000

. Total resources___________________ 3.636.300.090 3.585.303.000 3,573.555.090 3.772,405.099 3.548.023.009 3.560.8.39.000 3.499,217.009 3.512.495.000 1,475.195.000




2423

THE CHRONICLE

1918.]

Ju n e 8

M ay 31 1918. M ay 24 1918. M ay 17 1918. M ay 10 1918. M ay 3 1918. A pr. 26 1918. A p r. 19 1918. A p r. 12 1918. J u n e 1 1917.
8
$
S
*
$
S
S
$
L IA B IL IT IE S .
74.748.000
74.963.000
74.829.000
75.049.000
75,118,000
75.315.000
75,546,000
75,465,000
Capital paid In...................... - ...................
1,134.000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
Surplus....... .................................... ..............
100.523.000
75.499.000
73.888.000 130.668.000
48.753.000 138.529.000
166.191.000 122.350.000
Governm ent d e p o s it s ..............................
D uo to members— reserve account-------- 1,440,413,000 1,436,284,000 1,461,138,000 1,548,137,000 1,474,518,000 1,497,416,000 1,469,860,000 1,494,537,000
278.698.000 242.488.000 282.475.000 309.773.000 257,593,000 235.174.000 256,220,000 238.270.000
Collection ltem 3 ................- ............ - - - - ­
85.321.000
88.322.000
81.890.000
91.563.000
110.611.000
114.596.000
109.443.000
107.903.000
Other deposits, lncl. for. G o v 't credits.

Total gross deposits---------------------- 1.994.745.000 1.909.025.000 1.906.962.000 2.107.050.000 1.897.562.000 1.945.148.000 1.889.901.000 1.918.651.000
F . R . notes In actual circulation......... - 1.600.968.000 1.578.621.000 1.569.445.000 1.569.618.000 1.556.660.000 1.526.232.000 1.514.287.000 1.499.377.000
7,895,000
8 , 000,000
7,895,000
7.980.000
7,764,000
7,878,000
7,878,000
8.324.000
F . R . bank notes In circulation, net llab
11,171,000
10,585,000
11,467,000
9.638.000
11,697,000
12,821,000
5.583.000
13,294,000
All other liabilities.....................................

S
56.985.000
96.478.000
721.146.000
134.091.000
1 , 000,000
952.715.000
464.865.000
■ "* 8*33:666

Total liabilities............................. — 3,686,300,000 3,585,303,000 3,573,555,000 3,772,495,000 3,548,023,000 3,566,839,000 3,499,217,000 3,512,495,000 1,475,398,000
61.9%
77.4%
63.6%
62.9%
63.7%
58.9%
60.3%
62.3% ■
58.9%
G old reserve against net deposit lla b ..
63.3%
58.8%
58%
55.6%
57%
61.2%
61.5%
60.1%
58.1%
G old res. agst. F . R . notes In act. clro'n
Ratio of gold reserves to net deposit and
80.3%
60.3%
60.8%
60.4%
59.3%
60.2%
60.5%
61.2%
58.5%
F d . R es. note liabilities com bined. .
Ratio o f total reserves to net deposit and
101 . 0 %
62.5%
62.9%
62.4%
61.3%
62.4%
60.3%
62.0%
63.1%
Fed. Res. note liabilities com bined. .
Distribution by Maturities—
1-15 days bills discounted and bough t.
1-15 days U . S. G ovt, short-term secs.
1-15 days municipal warrants..............
16-30 days bills discounted and b ought.
16-30 days U . S. G ovt, short-term secs.
16-30 days municipal warrants................
31-60 days bills discounted and bough t.
31-60 days U .S . G ovt, short-term sees.
31-60 days municipal warrants------------61-90 days bills discounted and bought.
61-90 days U . 3. G ovt, short-term secs.
61-90 days municipal warrants................
Over 90 days bills dise'ted and bought.
Over 90 days U.S .Govt.short-term secs
Over 90 days municipal w arrants..
Federal Reserve Notes—
Issued to the banks...................................
Held by banks.......................................

661.804.000
62,120,000
457,000
110.168.000
10,185,000
43,000
187.415.000
5,411,000
1,000
159.874.000

$
713.043.000
2.292.000
32.000
118.118.000
204.000
455.000
191.411.000
15.615.000
44.000
148.054.000
3.397.000

34.469.000
14.366.000

*30,894.566
10.968.000

641,734,000
41,976,000

773,785,000
75,474,000

119.788.000
1.000
31.000
195.295.000
16.527.000
455,000
131.138.000
3,311,000
45.000
34.194.000
11.228.000

125.590.000
656.000
32,000
183.404.000
15.744.000
730.000
120.498.000
1,190,000

744.943.000
4.733.000
20,000
113.033.000
1.349.000
31,000
199.314.000
8.544.000
499,000
97.913.000
8.572.000

‘ 2*1*,*8*00,666
13.698.000

......... *1*666
15.268.000

673.064.000
5.719.000
40,000
194.238.000
6.621.000
217.535.000
4.248.000
513,000
106.431.000
6.454.000
*l*3*.3*f9*,666
14,365,000
1,000

S
536.016.000
105.716.000
14.000
99.869.000
4.959.000
21.000
282.036.000
2.109.000
36,000
103.898.000
15.703.000
496,000
9.845.000
13.656.000

S
581.700.000
12.541.000
14.000
200.131.000
4.399.000
21.000
206.190.000
1.986.000
492,000
113.781.000
13.004.000
26,000
14.520.000
14.365.000
1,000

47,463,000
11.443.000
23.776.000
81,000
57,407,000
1,069,000
34,971,000
273,000
3,337,000

1,724,685,000 1,710,240,000 1,707,522,000 1,671,168,000 1,640,656,000 1,639,056,000 1,625,698,000
126,321.000
124,769,000
114,424,000
137,904,000 114,508,000
140,795,000
146,064,000

499,844,000
34,979,000

In circulation________ _________
1,600,968,000 1,578,621,000 1,569,445,000 1,569,618,000 1,556,660,000 1,526.232,000 1,514,287,000 1,499,377,000
Fed. Res. Notes ( Agents Accounts) —
Received from the Com ptroller_______ 2,405,420,000 2,382,600.000 2,362,820,000 2,335,760,000 2,309,560,000 2,276,700,000 2,243,360,000 2,211,560,000
398,733,000 389,075,000 377,381,000 369,463,000 300,102,000 352,604,000 340,814,000 336,527,000
Returned to the Com ptroller............

464,865,000

,902,546,000 1,875,033,000
263,490,000 249.335,000

673.435.000
173.591.000

1,736,547,000 1,724,685,000 1,710,240,000 1,707,522,000 1,671,168,000 1,640,656,000 1,639,056,000 1,625,698,000

499,844,000
271.365.000

Am ount chargeable to Agent------- 2,006,637,000 1,993,585,000 1,985,439,000 1,966,292,000 1,949,458,000 1,924,096,000
270,140,000 268,900,000 275,199,000 258,770,000 278,290,000 283,440,000
In hands of Agent....... .............................
Issued to Federal Reserve banks.
How Secured—
By gold coin and certificates........... —
B ylaw fu l m oney....... ......................... ..
By eligible paper............................ ........
Gold redemption fund.............................
W ith Federal Reserve B oard................

232.448.000

228.449.000

236.950.000

253.452.000

"249,955,000

245.954.000

243.530.000

245.251.000

780.628.000
53,428,000
670.043.000

794,*504,666
53,080,000
648.652.000

79*4*,'70*4*666
50,004,000
628.582.000

8*2*2*.4*9*5',666
48,554,000
583.021.000

8*0*8*,8*7*2*666
49.061,000
563,280,000

8*16*,*4*38*666
50,521,000
527.743.000

7*4*3*,*234*,666
50,043,000
561.249.000

768,2*0*6*666

819.520.000
146.085.000

*32,875,656

48,504,000
563.737.000

23,314,000
172.290.000

1,736,547,000 1,724,685,000 1,710,240,000 1,707,522.000 1,671,168,000 1,640,656,000 1,639.056,000 1,025,698,000

499,844,000

Eligible paper delivered to F. R . Agent. 1.112,323,000 1,155,877,000 1,081,095,000 1,178,056,000 1,118,009,009 1,170,359.000 1,077,622,000 1,006,691,000

34,441,000

T o t a l _______ __________ _______

• Not am ount due to other Federal Reserve banks,

b This Item Includes foreign Government credits,

t Revised figures.

W E E K L Y STATEM EN T of RE SO U R CE S and L IA B IL IT IE S o f EACH of the 12 FE D E RA L RESE RVE BA N K S at CL O SE of BU SIN ESS MAY 31 1918.
Chicago. St. Louis. Mlnneap. K an. City

PMladel. Cleveland. Rlchm’ d.

Atlanta.

G old with foreign agencies...........

S
3,452,0
68,9S9,0
3,675,0

3
329,384,0
1,807,0
18,112,'

3
9,123,0
52,169,0
3,675,0

S
5
6,708,0 28,176,0
18,7 8 ',0 88,657,0
7,350,0
1,575,0

Total gold held b y banks_____
G old with Federal R es. A g en ts..
G old redemption f u n d ..................

76,116,0
63,122,0
2,000,0

349,303,0
247,204,0
12,500,0

64,967,0 78,587,0
86,059,0 117,295,0
3,000,0
318,0

Boston.

Two ciphers (00) omitted.
RESOURCES.

New York.

3
21,705,0
52,157,0
4,725,0

Dallas.

San Fran.

Total.

S
453,0
28,475,0
2,625,0

S
$
5,430,0 35,169,0
7,986,0 13,962,0
1,838,0
2.8S8.0

$
456,177,0
425,237,0
52,500,0

31,916,0 27,063,0 124,183,0 44,681,0 38,272,0 31,553,0
32,870,0 37,593,0 164,418,0 40,624,0 34,530,0 36,908,0
765,0
2,194,0
1,711,0
2,108,0
1,297,0
694,0

15,254,0 52,019,0
19,147,0 76,039,0
148,0
1,258,0

933,914,0
955.919,0
27,993,0

3
0,364,0
23,715,0
1,837,0

S
1,944,0
40,637,0
2,100,0

S
8,269,0
27,903,0
2,100,0

87,016,0
1,477,0

74,996,0
119,0

69,226,0 35,659,0 128,256,0 1,917.826,0
2,486,0
298,0
57,883,0
445,0

66,807,0 295,292,0 88,493,0

75,115,0

69,671,0

86,274,0 31,257,0
6,643,0
30,621,

26,330,0
3,013,0

05,463,0 30,082,0 41,897,0
92,00 19,964,0
635,0

Total gold reserves.................... 141,238,0
2,359,0
Legal-tender notes, silver, & c . . .

609,067,0I154.026.01196,200.0 65,480,0 65,953,0 290,709,0
4,583,0
450,0
854,0
43,343,0
1,179,0
390,0

Total reserves............................ 143,597,0
Bills discounted for members and
Federal Reserve banks----------- 43,815,0
Bills bought In open markot------ 23,000,0

652,310,0*155,205,0 196,650,0

65,870,0

403,275,0 42,840,0 47,258,0
133,420,0 20,968,0 10,492,0

49,027,0 24,839,0
3,840,0
2,797,0

541,695,0
15,041,0
64,354,0
................

57,750,0
7,800,0
9,457,0
............

51,824,0
1,233,0
1,524,C

28,679,0 116,895,0 37,900,0 29,343,0
2,233,0
1,845,0
7,090,0
730,0
511,0
1,352,0
3,004,0
1,202,0
56,0
30,0
54,0
53,0

66,098,0 31,002,0
8,865,0
3,981,0
3,706,0
1,530,0
533,0

61,861,0 1,153,730,0
3,461,0
54,842,0
1,758,0
92,082,0
10,0
736,0

75,007,0
16,288,0
80,915,0 | 60*.*05*2,6 39,745,0

54,581,0
29,473,0

30,664,0 127,043,0 40,674,0 32,596,0
...........
______
10,144,0
9,801,0
26,991,0 45,501,0 45,367,0

78,669,0 37,046,0
______
1,412,0
30,122,0 14,761,0

67,090.0 1,301,390,0
♦19,194,0
1,609,0
20,377,0 427,331,0

60,052,0

56,033,0

29,473,0

26,991,0

207,0

_ _
............

Total bills on hand....................
U .S . long-term securities______
U .S . short-term securities...........
All other earning assets................

66,875,0
616,0
1,541,0
.. . . .

Total earning assets.................. 69,032,0
Duo from other F .R . banks— Net
Uncollected Items_______ _______ 24,226,0
Total deduc'ns from gross dep. 24,226,0
5% redemption fund against Federal Reserve bank notes...........
All other r e s o u r c e s ...................
—

03,803,0
1,347,0
2,143,0

621,090,0 | 67,298,0

80,915,0
231,0

...........

______
—

38,145,0 128,554,0 1,975,709,0
897,357,0
256,373,0

55,645,0 45,367,0

9,801,0

31,534,0

14,761,0

21,986,0

408,137,0

—
...........

—
............

389,0
............

137,0
—

------ ---

626,0
438,0

100,0
...........

Total resou rces.......................... 236,855,0 1.355,146,0 :2S2,762,0 327,690,0 149,924,0 124.462,0 478,080,0 174,354,0 117,512,0 180,263,0 90,089,0 217,630,0 3,686,300,0
L IA B IL IT IE S .
75,546,0
2,968,0
4,381,0
2,735,0
3 ,51\ 0
9,745,0
3,623,0
3,024,0
Capital paid In.......................... ......
3.812.0
0,467,0
19.755.0
6,939,0
8,537,0
1,134,0
38,0
216,0
40,0
75,0
116,0
619,0
4,021,0 12,637,0
166,191,0
8,908,0
Government deposits.................... 14,479,0
6,288,0 22,142,0 14,625,0 10,275,0
6.900.0
21.572.0 11,800,0 32,544,6
Duo to members— Reserve aco’t . 91,963,0 618,611,0 89.231.0 111,591.0 42,999,0 38,247,0 182,974,0 40,631,0 39,164,C 66,082,0 41,323,0 71,562,0 1,440,413,0
8,115,0 13,772,0 278,698,0
Collection ltom s.............................. 18,492,0
54,766,0 36.818.0 23,192,0 21.437,0 16,232,0 22,748,0 33,178,0 10,011,0 19,937,0
109,0
1,176,0
11,171,0
3,519,0
247,0
Due to other F. R . banks— N et.
21,341,0
4,215,0
0,869,0
............
3,984,0
1*09,443,6
45,0
104,0
3,385,6
6,0
* 605,n
Oth. deposits lncl. for G ov’t cred.
101,314,0j
______
T otal gross deposits.................. 125,186,''
F. R . notes In actual circulation. 104,475,(
F. R . bank notes In clro’n— N ot.
652,0
Ail other liabilities......... - ............

817,63 l.o ! 142.064.0 Il67,932.0
517.108.0 133.759.01150.423.0
______

793,0

78,205,0
67,611,0
180,0

64.292.0 231.249.0 105,709,9 60,671,0 100,927,0 53,568,0 101,955,0 1,994,745,0
57.059.0 235.263.0 64,716,0 53,610,0 72,854,0 33,198,0 110,957,0 1,600,968,0
...........
........... ’ _____
8,324,0
7,764,0
560,0
1,208,0
337,0
5,583,0
48*6,0
403,0
355,0
17,Oj 1,147,0

T otal liab ilities.......................... 230,855.0 1.355.146,0 282,762,0 327,690,0 149,924,0 124.462.0 478,080,0 174,534,0 117.512.0 180.263,0
♦Difference between net amounts due from and net amounts due to other Federal Reserve banks.
.
Two ciphers (00) omitted.

90.089,0 217,630.0 3.686.300.0

* N et amount due to other Federal Reserve banks.

STATE M EN T O F FE D E RA L R E SE R V E A G E N T S ’ AC CO U N T S A T CLOSE O F BU SIN ESS M A Y 31 1918.
Boston.

New York.

PMladel. Cleveland. Rlchm’d.

Atlanta.

Chicago. St. Louis. Mlnneap. K an. City

Dallas.

San Fran.

Total

$
$
5
S
$
$
92.200.0 73.980.0 103,700,0 68.500.0 131,640,0 2,405.420.0
9,707,0 398,733.0
14.554.0 13.449.0 17,180,0 15.618.0

$
Federal Reservo notes—
Received from C om p tro lle r... 152,580,0
Returned to Com ptroller......... 29,428,0

$
%
S
$
$
8
875.880.0 190,20 \0 196,080,0 107,070,0 92.740.0 320,880.0
195.002.0 31,981,0 15,825,0 21,240,0 17.142.0 17,607,0

Chargeable to F. R . Agent......... - 123,152,0
In hands o f F . R . Agent................ 13,740,0

680.878.0 158,219,0 180,235,0
112.800.0 13,740,0 20,840,0

85,820,0 75.598.0 303,273.0 77,646,0
9,390,0
6,260,0 16.525.0 44,680,0

60,531,0
4,655,0

86,520,0
8 ,210,0

52.882.0 121,933,0 2,006,687,0
270,140,0
19.300.0

Issued to F . R . Bank................ 109,412,0
Held by F . R . Agent—
G old coin and certificates_____ 12 ,000,0
5,622,0
G old redemption fu n d ............
Gold Sett. F d ., F . R . B o a rd .. 45.500.0
Eligible paper, min. req’d ------ 46.290.0

568,078,0 144,479,0 159,395,0

79,560,0

59,073,0 258,593.0 68,256,0

55,876,0

78,310,0

33,582,0 121,933,0 1,736,547,0

109,412,0

568,078,0 144,479,0 159,395,0

79,560,0

59,073,0 258,953.0 68,256,0

541.695.0 58.853.0 57,750,0
568.078.0 144,479,0 159,395,0
8,967,0
50.970,0 10.720.0

50.286.0
79.560.0
11.940.0

21.581.0 111.847.0 33.355.0 23.884.0
59.073.0 258.593.0 68.256.0 55.876.0
2,266,0
3,540,0
1,984,0 23,530,0

T o ta l.

66,875,0
ered to F . R . Agent--------- —
F . It. notes o u ts ta n d in g .............. 109,412,0
4,937,0
F. R . notes held by banks...........




104.475.0

169.743.0
12,521,0
65,000,0
320.814.0

23.518.0
7*,3*85*,6 8,777,0
78.674.0 85,000,0
58.420.0 42.100.0

2.504.0
*3*7*8*,6 2,155,6
1,37*0,6 2.169.0
31.500.0 32.920.0 164,040,0 38.469.0
46.690.0 21.480.0 94,175,0 27.632.0

517.108.0 133.759.0 15n.499.f) 67.611.0 57.089.0 235.163.0 64.716.0

11.581.0
13.102.0
1.982.0
6 ,*5*93*,6
2,54S*,0
1,928,0
5.584.0 69.496.0
19.500.0 34.360.0
21.346.0 41.402.0 14.435.0 45.844.0
55,870,0

53.610,0

232.448.0
53,428,0
670.043.0
780.628.0

78,310,0 33,582,0 121,933,0 1,736,547,0
62.372.0
78.310.0
5.456.0

31.002.0 52.823.0 1.112.323.0
33.582.0 121,933.0 1.736.547.0
384,0 10.976.0 135,579,0

79.QS4.0 33.Q18.0 110.057,9 1.600,968.0

2424:

THE CHRONICLE

[Vol. 106

Statem ent of New York C ity Clearing House Banks and T ru st Companies.— T h e fo llo w in g d e ta ile d s t a t e m e n t
s n o w s th e c o n d itio n o f th e N e w Y o r k C i t y C le a rin g H o u s e m e m b e r s fo r th e w ee k e n d in g J u n e 1 .
T h e fig u re s fo r th e
s e p a r a te b a n k s a re th e a v e r a g e s o f th e d a ily r e su lts.
I n th e e ase o f t o ta ls , a c tu a l fig u res a t e n d o f th e w e e k are a lso g i v e n :
NEW
C L E A R IN G HOUSE
MEM BERS.

Capital.

W eek E n d in g
J u n e 1, 1918.

Net
Profits.

N at. Banks M ar. 4
State Banks M ar. 14
Trust C o ’s M ar. 14

M em bers o f F ederal
R eserve B a nk.
Bank of N Y , N B A .
Bank of M anhat C o .
M ercnahts' N ational.
Meeh & M etals N at.
Bank of Am erica____
National C ity _______
Chem ical N a tio n a l..
Atlantic N ational___
N at Butch & Drovers’
American Exch N a t.
N at Bank of C o m m ..
Paclflo Bank________
Chath & Phenlx N a t.
Hanover N ational___
Citizens' N ational___
M etropolitan B a n k ..
Corn Exchange Bank
Im porters & Trad Nat
National Park Bank.
East River N ational.
Second N ational____
First N ational.
Irving N ational_____
N Y C ouuty National
G erm an-Amerlcan___
Chaso N ational_____
Germaula Bank.........
Lincoln N ational____
Garfield N ational.
Fifth N ational______
Seaboard N a tion a l..
Liberty N ational____
Coal & Iron National
Union Exch National
Brooklyn Trust C o . .
Bankers Trust C o . . .
U S M tge & T r C o . .
Guaranty Trust C o ._
FUlelity Trust C o . .
Columbia Trust C o .
Peoples Trust C o ___
New York Trust C o
Franklin Trust C o . .
Lincoln T ru st______
M etropolitan Tr Co
Nassau N at, B klyn.
Irving Trust C o .........
Farmers Loan & T r Co

YORK

W EEKLY

Loans,
Discounts,
Investments,
&c.
Average.

C L E A R IN G

Legal
Tenders.
Average.

Average.

Average

H OUSE

RETURN.

National
Bank
and
Federal
Reserve
Notes.

Reserve
with
Legal
Deposi­
taries.

Additional
Deposits
with
Legal
Deposi­
taries.

Net
Demand
Deposits.

Net
Time
Deposits.

National
Bank
Circula­
tion.

Average

Average

Average.

Average.

Average.

Average.

3
s
3
3
S
$
$
$
000,000
47.056.000
395.200
116,000
27.000
106,000
126,000
5.238.000
341,800
,619,400
57.068.000 1.224.000
321.000
792.000 1.070.000 11.094.000
000,000
635.500
27.368.000
101,000
62,000
353.000
93.000
2.706.000
,000,000
157.813.000 8.091.000
,706,600
200.000 1.902.000
370.000 20.614.000
500.000
31.100.000
,530,700
353.000
212,000
366.000
335.000
3.872.000
,000,000
995.000 541.297.000 8.290.000 3.056.000 1.156.000 1.634.000 96.230.000
,000,000
,132,400
215.000
71.901.000
323.000
574.000
724.000
8.409.000
,000,000
872.100
15.978.000
91.000
89.000
197.000
131.000
1.760.000
300.000
2.783.000
87,700
33.000
44.000
63.000
8,000
401.000
,000,000
,450,700
116.875.000
632.000
211.000
524.000
610.000 15.002.000
.000,000
619.900 424.236.000
76.000
269.000
569.000 1.310.000 37.671.000
500.000
038,103
12.759.000
63.000
382.000
332.000
237.000
1.682.000
,500,000
,665,800
89.829.000
553.000 1.252.000 1.645.000
646.000
9.573.000
,000,000
,713,300
136.025.000 5.178.000
358.000
988.000
610.000 1C,053,000
,000,000
41.985.000
466.900
103.000
34.000
565.000
280,000
4.491.000
,000,000
,227,700
22.944.000
672.000
255.000
579.000
527.000
2.975.000
,500,000
115.050.000
,536,500
461.000
321.000 2.122.000 3.953.000 13.899.000
,500,000
,784,903
36.037.000
70.000
359.000
36.000
161.000
3.944.000
,000,000
,520,000
198.775.000
51.000
332.000
331.000
742.000 19.794.000
250.000
3.149.000
89,800
2,000
17.000
100.000
36.000
536.000
,000,000
890,300
19.642.000
52.000
59.000
337.000
334.000
2.094.000
,000,000
889.600 292.317.000
761.000
18.000
706.000
406.000 21.194.000
,500,000
,581,403
91.338.000 1.058.000
411.000 1.750.000 1.030.000 12.203.000
,000,000
322.500
51.000
10.647.000
32.000
191.000
386.000
1.527.000
750.000
870.900
5.974.000
16.000
30.000
15.000
89.000
787.000
,000,000
278.200 290.835.000 2,602,000; 2.071.000 1.818.000
936.000 36.973.000
400.000
6.206.000
834.200
33.000
42,000!
195.000
120.000
912.000
,000,000
008.900
152.000’
17.169.000
341.000
146.000
391.000
2.388.000
,000,000
364.500
11.747.000
37.000
2,000
228.000
118.000
1.492.000
250.000
401.000
7,025,000
40.000
28.000
234.000
78.000
750.000
,000,000
597.000
364.000
46.687.000
298.000
282.000
271.000
6.527.000
,000,000
80.352.000
900.000
169.000
34.000
87.000
375.000
9.074.000
,000,000
945,800
12.613.000
6,000
46.000
144.000
461.000
1.302.000
,000,000
298.600
13.771.000
36.000
14.000
238.000
256.000
1.655.000
,500,000
175,400
33.566.000
55.000
87.000
176.000
444.000
3.458.000
,250,000
932.100 255.287.000
152.000
255.000
140.000
672.000 29.700.000
,000,000
605.000
01.524.000
340.000
78.000
112.000
264.000
6.037.000
,000,000
270,709 446.679.000 2.609.000
168.000
384.000 1.959.000 51.819.000
,000,000
267.000
11.123.000
90.000
44.000
54.000
140.000
1.273.000
,000,000
502.500
43.000
86.266.000
106,000
419.000
429.000
8.477.000
,000,000
284,700
25.846.000
72.000
110,000
274.000
562.000
2.471.000
,000,000
533.000
88.354.000
20.000
7,000
12.000
223.000
7.479.000
,000,000
089,703
30.050.000
90.000
51.000
165.000
228.000
2.069.000
,00 ,000
566.100
14.455.000
8,000
25.000
120.000
241.000
1.818.000
,000,000
53,418,030
168.900
310.000
51.000
415.000
93.000
4.663.000
,000,000
167.200
14.542.000
10.000
136.000
220,000
58.000
1.327.000
,500,000
020.100
42.639.000
156.000
311.000
741,000 1.360.000
4.727.000
,000,000
706.000
137.692.000 3.838.000
24.000
60.000
196.000 17.092.000
Average for w e e k .. 194,541,800rj 328,563,400 4,358,392,000 38,791,000 13,054,000 22,248,000 27,074,000 517,142,000

Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condltl
condltl
condltl
condltl

on
on
on
on

Totals, avgo for wk
actual
actual
actual
actual

condltl
condltl
condltl
condltl

condltl
condltl
condltl
condlti

1.433.100
502,100
816,900
2.392.100
868,700,
56,600
1,116,700
520,400

4,076,600

7,706,600

Juno 1
M ay 25
M a y 18
M ay 11

on
on
on
on

21,678,000 26,592,000
22,971,000l27,848,000
23,731,000,'28,554,000
25,347,000 28,860,000

3
35.543.000
56.657.000
20.555.000
140.079.000
25.009.000
551.156.000
59.715.000
13.750.000
2.352.000
93.359.000
296.560.000
12.358.000
71.705.000
128.942.000
31.225.000
23.661.000
107.261.000
27.645.000
151.785.000
3.337.000
14.464.000
148.535.000
87.570.000
10.779.000
5.048.000
264.005.000
6.298.000
15.622.000
9.959.000
6.036.000
43.559.000
66.286.000
10,680,000
13.848.000
24.787.000
201.768.000
46.317.000
378.915.000
8.524.000
64.548.000
21.804.000
54.032.000
15.059.000
12.404.000
38.167.000
9,477,009
35.810.000
118.665.000

100,379.000

6,112,000

99.919.000 6.401.000
100.591.000 6.036.000
99.009.000 5.961.000
100.601.000 6.044.000

8.241.000
2.913.000
520,000
5.789.000
5.021.000
50,000
7.091.000
293,000
10,000
3,597,000
3,214,000
960,000

1.754.000
442.000
147.000
296.000
4.940.000
1.997.000
470,000
1.019.000
51.000
4.585.000
50.000
937.000
8.341.000
640.000
199.000

11,131,000

1,300,000

100,000
61,000
263,000

892.000
398.000
248.000
70,000
1,000,000
412.000
395.000

2.553.000
580.000
414.000
4.228.000
21.597.000
4.355.000
24.894.000
494.000
10.627.000
1.659.000
4.188.000
1.718.000
1.828.000
1.486.000
542.000
1.080.000
9,843,000

3,585,650,000 159,753,000 ]37,057,000

502,932,000
510,712,000
506.915.000
562,112,000

3.586.273.000
3.570.911.000
3.514.369.000
3.503.722.000

175.000
30.000
10.000
112.000
58,000
112,000
5 0,000
377,000

310.000
85.000
17.000
1,021,000
161.000
98.000
478.000
566.000

793.000
277.000
213.000
507.000
124.000
50,000
408.000
377.000

911.000
206.000
255.000
1.192.000
313.000
252.000
1.235.000
1.483.000

1,444,000

2,736,000

2,749,000

1.47.3.000 2.674.000 2.749.000
1.401.000 2.745.000 2.921.000
1.348.000 2.974.000 3.078.000
1.417.000 2.918.000 3.418.000

12,000
98.000
20.000

158,108,000|37,218,000
162,499,000,30,832,000
169.475.000 36,712,000
176.468.000 36,561,000

126,000
269,000
3 ,000

15.179.000
3.439.000
4.251.000
18.321.000
5.850.000
4.196.000
20.447.000
28.895.000

112,000

5,847,000

528,000

100,578,000

117,000

5.690.000
5.096.000
5.561.000
5.405.000

380.000
419.000
1,170,000
621.000

101,458,000
99.492.000
97.963.000
99.999.000

117.000
116.000
36.000
53.000

23.497.000
14.320.000

990.000
421.000
1,411,000

Bank.

5.000.
4.000.

000
11.751,800
000
5.169,200

41,498,000
23,431,000

1,603,000
449,000

140.000
189.000

217,000
59,000

436.000
146.000

1.175.000
1.375.000

600,000
256,000

9,000.000

16.921,000

64,929,000

2,052.000

329,000

276,000

582,000

2,550,000

856,000

37.817,000

63.661.000
65.552.000
67.166.000
68.336.000

2,010,000
2.165.000
2.074.000
2.568.000

329,003
334.000
342.000
370.000

306.000
201.000
235.000
196.000

600,000
549.000
524.000
615.000

2.513.000
2.421.000
2.672.000
2.486.000

1.493.000
657,000
1.912.000
2.096.000

36,8S6,COO
38.036.000
38.126.000
39.757.000

Juno 1
M ay 25
M ay 18
M ay 11

!
$
2,051,000
791,000
200,000
315,000 1,862,000
15,847,000 3,771,000

Bank.

15.026.000
850.000
3.459.000
43,000
4.689.000
277.000
912.000
17.376.000
6.149.000
417.000
4.181.000
220.000
22.016.000
936,000
27,483,000 2,457,000

Not Mem hers of Fed eral Reserve

Totals, avgo for wk
actual
actual
actual
actual

500.000
200.000
250.000
100.000
200,000
326,60
1,000,000
1,500,000

on
on
>>n
on

T r u s t C om p a n ies.
T itle Guar & T r u s t ..
Lawyers T itle & T r . .

Totals,
Totals,
Totals,
Totals,

341,948,000 37.692,003 12,748,000
383,26S,000.39,577,000 ,13,028,000
413.251.000 39,725,000 12,780,000
429.784.000 40,305,000 13,529,000

Not Mem hers of Fed eral Reserve

S ta te B anks.
G reenwich__________
Peoplo's........................
B ow ery_____________
Fifth Avenue..............
German Exchange___
W est SIdo___________
N Y Produce E x c h ..
S tate.........................

Totals,
Totals,
Totals,
Totals,

June 1
M ay 25
M ay 18
M ay 11

$

Grand aggregate.avge 207,816,400 353,191,000 4,523,700,000 46,955,000 14,827,000 25,260,000 30,405,000 525,539,000 1,384,000
a3,724,045,000
Comparison prev w k.
+ 39,000 1,491,000 -1,580,000 + 7,600,000 —759,000
39,945.000 — 814,000
+ 44,974.000
Grand ag’ gate, actual
4,505,528,000 46,133,000 14,550,000 24,658,000,29,941,000 511.135,000 1.873.000 b3,724,617,000 159.621.000 37,218,000
Comparison prov w k.
— 43,883,000 - l ,615,000 — 213,000 1,349,000-1,377,000
7,094,000 + 797,000
+ 16,178,000 — 4,409.0001 + 386,000
Grand ag’gato, actual condition M ay 25 . . 4,549,411,000 47,778,000 14,763,000 26,007,000 31,318,000 518,229,000
Grand ag’gato, actual condition M ay 1 8 ... 4,579,426,000 47,’70o!o00| 14!l7o!o00!2o[70o]o00;32itSO+OO 516,’l4S,’oOO 1.076.000 3.708.439.000 li. I .O IO.OOO 36,S32J)00
3.082.000 3.650.453.000 170,918,000'36,712,000
Grand ag'gate. actual condition M ay 1 1 . . . 4.598,721,000 48,917,000]
,
. . . . . 15,316,000
, ____ 28,401,000'32,893,000
___________________ 570.003,000
Grand ag’gate, actual condition M ay 4 . . . 4,500,972,00048,343,000 14,763.000 28,557,00031,229.000 523,605,000 2.717.000 3.643.478.000 177.958.000 36,561,000
2,759,000 3,787,791,000182,831,00036,221,000
a U. S. deposits deducted, $356,056,000.

b U . S. deposits deducted, $328,028,000.

t Includes capital set aside for foreign branches, $6,000,000.

ST A T E M E N T S OF R E SE R V E PO SITIO N .
A verages.

Cash
Reserve
Reserve
In
In Vault. Depositaries
Mombers Federal
Reservo Bank.
State hanks_____
Trust companies*
Total
Total
Total
Total

Juno 1 .
M ay 13.
M ay 11.
M ay 4 .

Total
Reserve.

A ctu a l Figures.
a

Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
from
PrevlouslVeek

Cash
Reserve
Reserve
In
In Vault. Depositaries

Total
Reserve.

b

Reserve
Required.

$
$
$
$
$
S
a
502,932,000 502,932,000 470,858,730 31,973,270 — 9,615,330
13,297,000
5.690.000 18,987,000 18,262,410
724,560
+ 431,120
3.275,000
2.513.000
5,788,000
5,532,900
255,100
+ 200,500

•5
S
$
S
b
517,112,000 517,142.000 470,927,090
13,041,000
5.817.000 18,888,000 18,101,010
3,239,000
2.550.000
5,789,000
5.672,550

16.572.000
16.407.000
16.811.000
17.469,000

16,280,000
16.412.000
16.356.000
17.510.000

511.135.000 527.707.000 194,751,070 32,952,930 — 9,010,710
517.939.000 531.316.000 433,922,780 45.423,220 — 1.116,520
+ 6,627,150
519.630.000 537.149.000 494,236,410 42,912,590 — 16,327,200

511.923.000 531.767.000 432,227,260 49.539,740

525.539.000
518.229.000
515.148.000
570.003.000

111.819.000
534.671.000
531.501.000
587.549.000

Surplus
Reserve.

Inc. or Dec.
from
PrevlousWeek

S
46,214,910
783,96c
116,450

%
+ 1,616,890
— 44,740
+ 119,950

494,703,680 47,115,320 + 1,692,100
192,707,360 41,963,640 — 1,235,900
485,301,460 46,199,540 — 56,608,190
484.741,270 102,807,730 + 65,608,160

* N ot members of Federal Roserve Bank.
a This Is the reservo required on net demand deposits In the case of State banks and trust companies, but In the case o f members of tho Federal Reservo Bank
jnoiudes also amount of reservo required on net time doposlts, which was as follows: June 1, $4,792,590; M ay 25, $4,953,600; M ay 18, $5,267,040; M ay 11, $5,348,370.
b This Is the reservo required on net demand deposits In the caso of State banks and trust companies, but In tho case of members of the Federal Reservo Bank Includes
also amount or reservo required on not time deposits, which was as follows: Juno 1, $4,743,240; M ay 25, $1,874,970; M ay 18, $5,034,250; M ay 11, $5,294,010.
c Amount of cash In vault, which is no longer counted as roserve for members o f the Federal Reserve Bank, was as follows:
June 1, $101,167,000; M a y 25, $101,886,000; M a y 18, $107,398,000; M ay 11. $109,530,000.
<1 Amount of cash In vaults, which Is no longer counted as resorvo for members of tho Federal Roserve Bank, was as follows:
June 1, $93,710,000; M ay 25, $103,424,0 0; M ay 18, $101,790,000; M ay 11, $103,011,000.




The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing H ou se, as follows:

ST A T E B A N K S A N D T R U S T C O M P A N IE S IN N E W Y O R K C I T Y .
Slate Banks.
Week ended June 1

.$28,677,600

21.05%

$100,874,000

C O M B IN E D R E SU LT S OF B A N K S A N D T R U S T C O M P A N IE S IN
G R E A T E R N E W Y O R K . (Two ciphers omitted.)

Feb.
Feb.
Fob.
Fob.
M ar.
M ar.
M ar.
M ar.
M ar
April
April
April
April
M ay
M ay
M ay
M ay
Juno

2 ..................
9 ..................
16..................
23..................
2 ..................
9 __________
18..................
23..................
30..................
6 ......... ........
13..................
20..................
27..................
4 __________
11..................
18__________
25__________
1..................

Loans
and
Investments
$
5.006.037.0
5.038.372.7
5.049.992.0
5.116.615.8
5.150.846.2
5,127,304,4
5.001.380.8
5.034.741.0
5.089.258.3
5.055.925.8
5.120.203.6
5.203.096.6
5.276.947.7
5.286.693.4
5.306.258.9
5,368,727,3
5.335.545.7
5.290.958.7

Demand
Deposits.

Specie.

•
Legal
Tenders.

Total
Cash in
Vault.

Reserve in
Deposi­
taries.

$
S
$
$
$
4.486.506.5 07.829.7 95.280.8 193.110.5 627.470.3
4.517.827.5 90.292.1 93.282.0 189.574.1 049.108.3
4.601.204.7 95.857.3 101,927,9 197.785.2 593.152.4
4.428.375.5 93.410.1 101,863,0 195.279.1 567.452.0
4.433.280.0 92.655.7 102.901,4 195.617.1 570,830,9
4.319.035.1 90.537.4 83.762.6 174.300.0 580.387.6
4.309.257.5 90.131.4 81,255,4 171,380,8 574.445.1
4.409.310.1 90.004.8 84.264.8 174.929.6 569.773.5
4.440.491.7 91.076.7 86.137.0 177.263.7 578,017,3
4.408.927.4 91.749.8 80.601.6 178,351,4 603.729.1
4.460.133.2 92.493.5 85.430.6 177.924.1 590.421.2
4,487,819,0 92.009.3 83.894.9 175.964.2 594.991.3
4.454.190.8 92.079.0 80.019.3 178.098.3 592.019.7
4.482.747.3 90.948.5 85.057.7 176.006.2 588.899.3
4.415.207.5 91.070.0 85.279.8 176.355.8 573.373.4
4.302.189.7 89.363.8 83.001.4 172.305.2 567,941,1
4.365.620.5 87.653.3 80.740.1 174.393.4 570.237.7
4.422.114.8 85.129.9 84,442,7 169,572,6 575,891,0

Differences from
previous week.

$
$
$
$
95,050,000
23,618,400
163,861,000
41,225,300
475,011,600 D ec. 7,783,700 1,964,068,000 D ec. 18,661,000
16,900
625,900
18,523,800 D ec.
15,760,600 Inc.
6,432,900 Inc.
885,500
975,300
25.165.100 D ec.
26.073.100
601,705,900
91,184,800
20.3%

195,360,100 Inc.
D ec. 8,416,500
Inc. 8,431,300 2,024,564,800 D ec.
D ec. 11,140,100 298,594,400 D ec.
19% D ec.
D ec.
2.8%

1,262,900
1,076,700
1,046,300
0 .3%

BO STON C L E A R IN G H OU SE M E M B E R S .
June 1
1918.

Change from
previous week.

$
4,978,000 Inc.
Loans, dlsc’ts & Investments. 482.419.000 D ec.
Individual deposits, lncl.U .S. 452.929.000 Inc.
121.074.000 D ec.
17.028.000 Inc.
Exchanges for Clear. H ouse. 17.054.000 Inc.
D uo from other banks______ 83.282.000 Inc.
Cash In bank & In F .R . Bank 59.099.000 Inc.
Reserve excess In bank and
Federal Reserve Bank____ 11.263.000 Inc.

M ay 25
1918.

M ay 18
1918.

S
$
$
15,000 $4,963,000
4,968,000
9,435,000 491.854.000 503.733.000
4,156,000 448.773.000 464.336.000
1,151,000 122.225.000 129.078.000
1,632,000 15.996.000 16.179.000
2,684,000 14.970.000 18.434.000
4,991,000 78.921.000 86.649.000
1,415,000 57.684.000 61.022.000
1,832,000

9,431,000

11,704,000

Philadelphia B anks.— The Philadelphia Clearing House
statement for the week ending Juno 1, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. “ Cash in
vaults” in not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”

♦Included with "Legal Tenders” are national bank notes and Fed. Roservo notes
held by State banks and trust cos., but not thoso held by Fed. Reserve mombors.

In addition to the roturns of “ State banks and trust com­
panies in New York City not in the Clearing H o u s e ” furnished
by the Stato Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of Now York:
,
.
For definitions and rules under which tho various items
are made up, soe “ Chornicle,” V. 98, p. 1661.
Tho provisions of the law governing the reservo require­
ments of State banking institutions as amended M ay 22
1917 were published in the “ Chronicle” M ay 19 1917 (V.
104, p. 1975). Tho regulations rotating to calculating tho
amount of deposits and what deductions^ aro permitted in
the computation of tho reserves were givon in the “ Chroniole”
April 4 1914 (V. 98, p. 1045).

June 1
1918.

Boston Clearing House Banks.— We give below a sum­
mary showing the totals for all the items in the Boston
Clearing House weokly statement for a series of weeks:

22.82%

The averages of the Now York City Clearing House banks
and trust companies combined wit !i those for the State banks
and trust companies in Greater New York City outsido of
the Clearing House are as follows:

Wee*
Ended—

Capital as o f M ar. 14
Surplus as of M ar. 14
Loans and Investm'ts
Specie______________
Currency & bk. notes
D eposits with the F.
R . Bank o f N . Y _ .
D oposlts......................
Reserve on deposits.
P . C . reserve to dep.

Trust Companies.

Differences from
previous week.

June 1
1918.

BUM M A R Y O F S T A T E B A N K S A N D T R U S T C O M P A N IE S IN G R E A T E R
*NEW Y O R K . N O T IN C L U D E D IN C L E A R IN G HOUSE S T A T E M E N T .
(.Figures Furnished by Slate Hanking Department.)
Differences from
June 1
previous week.
Loans and Investments---------------------------------------------- $767,258,700 D ec. $4,642,000
12,914,900 D ec.
218,400
S p e o ie ------------------ ---------------------------------------------------10,007,500 D ec.
192,600
Currency and bank notes___________________________
53,277,200 D ec. 1,912,800
Deposits with tbo F . R . Bank o l Now Y o r k . . ----------812,428,300 D e c. 1,938,300
T otal deposits----------------------------- ---------- --------------Deposits, eliminating amounts due from reservo de­
positaries and Irom other banka and trust com ­
panies In N . Y. C ity, exchanges and U . S. deposits. 698,069,800 Inc. 11,520,300
129,551,600 D e c. 4,270,500
Reserve on deposits________
Percentage ol reserve, 20.6.
RESERVE.
— Trust Companies—
-------State Banks------$65,674,900 10.77%
Cash In vaults__________________— $13,524,700 13.05%
7.00%
35,199,100 12.05%
D eposits In banks and trust cos------ 15,152,900
Total

24,25

THE CHRONICLE

June 8 1918.]

Two ciphers (00) omitted.

Week ending June 1 1918.
Memb'rs of
F. R. Sysl.

Capital_____ ______________ $25,975,0
Surplus and protlts______
68,068,0
Loans, dlsc’ ts & lnvestra’ ts 578.747.0
Exchanges for Cloar .House
24,683,0
D uo from banks__________ 134.030.0
Bank deposits____________ 164.515.0
Individual deposits............ 431.901.0
Tlm o deposits____________
4,291,0
Total deposits__________ 600.707.0
U.S. deposlts(not Included)
Itos've with Fed. Res. B k .
48,282,0
Res’ vo with legal deposit's
Cash In v a u l t * ..................
16.169.0
T otal rcsorvo A.cash hold.
64.451.0
Reservo required______ . . .
43.898.0
Excess res. & cash In vault
20.553.0

Trust
Cos,

Total.

55.500.0
13.878.0
45.949.0
671.0
182.0
1,181,0
30.515.0
31,696,0
4.231.0
1.782.0
6.013.0
4.626.0
1.387.0

$31,475,0
81.946.0
624.496.0
25.354.0
134.212.0
165.696.0
462.416.0
4.291.0
632.403.0
65.958.0
48.287.0
4.231.0
17.951.0
70.464.0
48.524.0
21.940.0

M ay 25
1918.

M ay 18
1918.

31,475,0
81,026,0
169,773.0
21,235,0
133,060,0
164,976,0
459,471,0
4,261,0
628,708,0
62,938,0
48,609,0
4,474,0
17,854,0
70,937,0
48,688,0
22,249,0

$31,475,0
81,718,0
624,278,0
23,111,0
143,540,0
168,980,0
465.518,0
4,226,0
638,724,0
75,372,0
51,856,0
5,926,0
17,993,0
74,875,0
48.442,0
26,433,0

♦Cash In vault Is not counted as reserve for F . R . bank members.

Non-Member Banks and T ru st Companies.— Following is the report made to the Clearing House by clearing non­
member institutions which aro not included in the “ Clearing House return” on the preceding page:
RETURN OF NON-M EM BER INSTITUTION S OF NEW Y O R K CLEA RIN G HOUSE.
Loans,
Discounts,
Investments,
Ac.
W eek E n d in g J u n o 1, 1918. 1N at. banks M ar. 4\
C L E A R IN G
N O N -M E M B E R 9.

Capital.

Net
Profits.

Cold.

Legal
Tenders.

SUver.

Average.
$

Average.
$

Average.
$

(State banks M ar. 14/

Average.

M em bers o f
F ed era l R eserve B ank
Battery Bark N at. Bank-----W . R . Grace & C o.'s b a n k ...
First N at. Bank, B ro o k ly n ..
N at. C ity Bank, B ro o k ly n ..
First N at. Bank, Jorsoy City
Hudson C o. N at., Jorsoy City
First N at. Bank, Ilo b o k o n ..
Second N at. Bank, Hoboken

400.000
500.000
300.000
300.000
400.000
250.000
220.000
125,000

T o ta l______________________

2,495,000

5,489,500 53,170,000

Bank of Washington H eights.
Colonial B a n k _____________
Colum bia B a n k .. -------------International Bank------------- M utual Bank -------------------Now Netherland Bank---------Yorkvtlto Bank____________ M echanics' Bank, B rooklyn.
North Side Bank, B ro o k ly n ..

100,000
500.000
1,000,000
500.000
200.000
200,000
100,000
1.600,000
200,000

T o t a l________________- ____

4,400,000

IS)

Ill

$
8,010,000
4.771.000
7.008.000
6.571.000
7.910.000
4.919.000
8.022.000
5,803,000

National
Bank
A Federal
Reserve
Notes.
Average.

Reserve
with
Legal
Deposi­
taries.

Additional
Deposits
with Legal
Deposi­
taries.

Net
Demand
Deposits.

Net
Time
Deposits.

National
Bank
Circula­
tion.

Average.

Average.

Average.

Average.

Aevrage.

Yf.ooo

13Y,666

25.000
190,000
7.000
4.000
45.000

65.000
144,000
86.000
40.000
81.000

%
98.000
2,000
93.000
110,000
220,000
125.000
107.000
19.000

365,000

293,000

595,000

834,000

5,210,000

2.485.000
480,300
1,003,400 10.233.000
620,800 13.941.000
6.366.000
140,900
8.835.000
523,000
4.242.000
213.700
7.267.000
003,400
798.700 23.150.000
5.737.000
174,800

71.000
608,000
653.000
152.000
510.000
42.000
366.000
140.000
168.000

5,000
121,000
16,000
43.000
77.000
80.000
350,000
24,000

73.000
303.000
389.000
53.000
232.000
239.000
379.000
612.000
102,000

132.000
159.000
554.000
371.000
300.000
105.000
137.000
1,062,000
227.000

135.000
658.000
785.000
240.000
477.000
259.000
444.000
1,376,000
273.000

4,025,000 82,250,000

2,770,000

721,000

2,442,000

3,113,000

371,000
22,000

27.000
21.000

20,000
110,000

393,000

48,000]

130,000

3,528,000 1.062,000
+ 30,000 — 182,000

3,167,000
— 60,000

527,900
642,400
070,500
601,100
1,320,900
782,700
032,800
302,200

70.000
3.000
13.000
4.000
200,000
57.000
6.000
6,000

11,000

42.000

$
1,372,000
754.000
590.000
553.000
1,000,000
308.000
346.000
281.000

420.000
492.000
3,094,000
890.000
921.000
627.000
6,552,000

$
108,000

S
SI
6.834.000
123.000
2.624.000 1.250.000
5.460.000
550.000
5.279.000
414.000
6.974.000
4.075.000
516.000
2.985.000 3.496.000
2.764.000 2.568.000

30,995,000

8,917,000

38.000
89.000
397.000
031.000
425.000

2.250.000
10.960.000
13.059.000
5.034.000
8.588.000
4.329.000
7.401.000
22.935.000
5.034.000

360.000
150.000
45.000
106.000
64.000
400,000

4,053,000

1,936,000

79,620,000

1,125,000

82,000
177,000

299.000
507.000

337.000
326.000

6,002,000
5,067,000

1.092.000
3.109.000

259,000

800,000

663,000

11,069,000

4,201.000

$
191.000
295.000
119.000
390.000
194.000
219.000
100.000
1,508,000

S ta to B anks.
.Vol Members of the

Federal Reserve Bank.

323.000
33.000

T r u s t C om p a n ies.

Not Members of the
Federal Reserve Bank.
Hamilton Trust Co..B rooklyn
M echanics’ T r . C o ., Bayonno

500.000
200.000

1,007,800
344,000

9.035.000
8.005.000

T o ta l______________________

700,000

1,351,800

17,010,0001

7.595.000 11,400,300 152.406,000!
— 2,128,000|
154,410 decroaso
Grand aggregate M ay 25------ 7.595.000 11.340.000 154,594,000;
Grand aggregate M ay 18------ 7.595.000 11.340.000 151,113,000,
Grand agkregate M ay 11------ 7.595.000 11,310,800 154.082.000
Grand aggregate M ay 3 ------ 6.895.000 11.442.000 151.942.000
Grand aggregate Apr. 2 7 ------ 0,895.000 11.442.000 151.357.000
a U . 8 . deposits dcductod, $13,300,000.
Grand a g g r e g a te ....................
Comparison previous w e e k ..




3,498,000
3.480.000
3.008.000
3.580,000
3.879.000

4,200,000 10,669,000 9,151,000 al27,684,000 14,243,000
— 87,000 — 154,000 — 954,000 — 1,495,000
+ 25,000

1.244.000 3.233.000 4.293.000 10.823.000 10.105.000
1.192.000 3.290.000 4.275.000 10.387.000 11.005.000
1.391.000 3.353.000 4.419.000 10.557.000 9.902.000
1.201.000 3.451.000 4.158.000 10.902.000 10.708.000
1.373.000 3.404.000 3.893.000 10.851.000 9.220.000

129.179.000
128.654.000
129.865.000
130.712.000
133.807.000

14.218.000
14.196.000
14.237.000
13.975.000
13.723.000

______

1,508,000
— 6,000
1.514.000
1.512.000
1.507.000
1.510.000
1.513.000

2426

THE CHRONICLE
% ix n k z x s r

(ga&eijbe.

Wall Street, Friday Night, June 7 1918.

The Money Market and Financial S itu ation . — It is a

[Vol. 106.

Railroad and M iscellaneous Stocks. — On a stoadily
decreasing volume of business tho stock market has been
relatively steady. Notwithstanding the transfer of a unit
of tho German Navy to American waters and tho destruc­
tion of several small sailing vessels thereby, the market was
steady to firm until Wednesday when tho highest pricos
of tho week were generally recorded. At that time a con­
siderable number of railway issues showed an advance of
from 1 to 3 points and a longer list of manufacturing stocks
were from 3 to 6 points higher than at the close last week.
Since Wednesday there has been a sagging off in prices
cheifly on profit-taking sales and few if any new buyers.
To-day’s market was by far the most inactive of the week.
Only about 390,000 shares were traded in, against 742,000
shares on Monday and almost evei*y active stock, from
simple inertion, settled to a lower lovol. New Haven has
been notably weak, losing 4 points of its recent advance.
St. Paul is down 2 % points, while Canadian Pacific moved
up nearly 5 points.
The industrial list has fluctuated widely with varying
results. Am. Car & Foundry when at its highest was
4 % higher than at tho close last week, Am. Sum. Tob.
6% , Bald. Loc. 9% , Gen. Motors 6, and other issues in this
group from 3 to 5. Gen. Motors is exceptional in a net
advance of 6% points.
For daily volume of business see page 2434.
The following sales have occurred this week of shares not
represented in our detailed list on tho pages which follow:

significant fact that the announcement early in the week
that mammoth German submarines wore destroying ships
off the Jersey coast had little if any effect upon security
values. Two important truths are illustrated thereby.
First, it is shown that our people aro not easily scared—
and second, that current security values rest on a sub­
stantial basis. Therefore business, on sea and land, has
been conducted as usual, practically without interruption
or change of any kind. Tho confidence thus evidenced is
strengthened, no doubt, by a cessation of the German
offensive drive in France and tho certainty that tho chief
objectives thereof have not been attained.
Practically all domestic matters are also in a favorablo
state. The Government report as to growing cotton shows
it to bo at a condition of 82.3 as against 69.5 last year
and a ten-year average of 79. If present prospects aro
realized it is readily seen that the income from this source
during the coming year will bo largo. Tho same is also true
in regard to wheat. Harvesting of this crop has already
begun in the South, and each passing week of favorablo
Sales
Range for Week.
STOCKS.
Range since Jan. 1.
weather now largely reduces the chancos of possible damage
for
Week ending June 7.
Week
Lowest.
Highest.
Lowest.
Highest.
to spring sown wheat. It has been estimated, indeed, that
Par. Shares S per share. S per share. 5 per share $ per share.
on tho increased acroago and present outlook a billion bushel
Adams Express........ 100
500 06
Juno 3 69
Juno 6 5954 May 80
Jan
wheat crop is a dream that may perhaps come true.
Am Sum Tobac pref. 100 1,.'S0C 98 ?4 Juno 4 100 % Juno 7 81
Jan 10054 Juno
Barrett,
prof............10(1
030
99
%
Juno
5
June
99%
Juno
5
Feb
10154
9954
The output of iron for M ay, tho largest ever reportod Batopilas Mining___ 2(1 00(1 1 Juno 4 1 Juno 4 1 Jan 154 Mar
except that of Oct. 1916, totaled upwards of 3,446,000 tons, Brown Shoo Inc___ 100 100 02 Juno 6 62 June 6 62 June 65
Apr
Brunswick Terml . _ 100 15,200 11% Juno 5 16% Juno 6 654 Jan 1654 Juno
a daily average of 111,175 as against 3,288,000 and 109,607 Butterlck...................100
70C 9% Juno 0 10% Juno 4 754 May 1154 Feb
in April. Of this enormous supply the Government takes Calumet & Arizona__ 10 100 69 June 1 69 Juno 1 6354 Jan 71 May
Jan 8854 May
a very large part. An incident of the week has boen a Caso (J I) pref______100 300 85 Juno 4 85 Juno 4 73
Central Foundry___ 100
400 35
Juno 1 37
Mar 4154 Apr
Juno 6 26
reduction of dividends by some of the copper producing Cert’n
Teed Prod no -par
23(1 38
Juno 7 38
June 38
Juno 7 38
Juno
Jan 56
Feb
companies. This reduction was made necessary by the Cluett.Peabody&Co. 100 200 48 % Juno 1 48 54 Juno 6 45
200 90 Juno 6 90 Juno 6 90
Deere & Co pref___ 100
June 96
Feb
increased cost of production which in some cases has been Detroit United........ 100 200 85 Juno 4 85 Juno 4 so
Apr 90
Jan
from 1 to 2 conts per pound.
Federal Mg & Smelt, 100
100 9% Juno 0 9)4 Juno 6 954 Apr 13 54 Jan
Preferred..............
100
30
% Juno 1 31
Jan
200
Juno
5
27
Fob
30
54
The Bank of England roports a substantial increase in Gen Chemical pref--100 100 100 Juno 5 100 Juno 5 100 June 10354 Jan
gold holdings within the week, making an aggregate of about General Cigar I n c ... 100 300 41 Juno 1 41 Juno 1 34
Jan 45
Mar
Hartman Corp’n___ 100
100 42
June 1 42
Juno 1 37
Mar 44
Jan
$12,000,000 within a month and a total the largest since Int
Nickel pref........ 100
100 90 Juno 4 90
Mar
Juno 4 8854 May 98
1915.gy
13
Apr 97 54 Jan
300 92
Jewel Tea. pref........ 100
Juno 7 9254 Juno 7 88
10 92
Klnga Co Elec I, & P 10(1
Juno 5 92
June 5 895.4 Apr 94
Feb
^ Foreign Exchange. — Sterling exchange ruled quiet and Kress (S II) & C o ... 100 200 55 Juno 6 55 % Juno 5 50 Jan 5754 May
Preferred________100
200 103 Juno 6 103
Jan 103
Juno 6 100
May
irregular, so far as demand bills aro concerned, though Liggett
& Myers pref 10C
300 100% Juno 3 101 % Juno 3 10054 June 107 54 Mar
without movement otherwise. The Continental exchanges Lorlllard (P )_______100 100 170 Juno 1 170
Jan 200
Juno 1 160
Mar
Mar 100
30 99 % June 7 9954 June 7 94
May
were well maintained, while neutrals ruled strong, especially Manhat’n (Elev) R y 100
Minn St P & S S M ..1 00
Juno 4 88
Juno 4 8054 Jan 90
50 88
Mar
for Swiss francs and Dutch guilders.
May
National Acme______50
700 29% June 7 3054 Juno 3 2654 Jan 33
To-day’s (Friday’s) actual rates for sterling exchange were Nat Biscuit pref___ 100 100 110 Juno 1 110 Juno 1 108 54 Jan 114 Mar
Apr 24 54 May
O Tex *fc Mex v t C 100
200 21
Juno 7 21
Juno 7 17
4 7 2 % @ 4 72% for sixty days, 4 7535@4 75% for cheques N
New York Dock___ 100
May
400 24
Juno 6 25
Juno 6 18 54 Jan 27
and 4 76 7-16 for cables. Commercial on banks, sight, Owens Bottle M a ch ..25
Juno 4 63
Juno 5 5554 Jan 05
Feb
75 58
Jan 80 54 May
Savago Arms Corp.-lOO
400 71
Juno 3 73
Juno 0 53
4 7 5 % @ 4 75% sixty days, 4 7 1 % @ 4 71% ninety days, So
100 157 Juno 3 157 Juno 3 157 June 162
Jan
Porto Rico Sugar. 100
4 70@ 4 70% and documents for payment (sixty days) Stutz Motor Car no par 100 42 H June 4 4254 Juno 4 3854 Jan 4754 Feb
Pac Land T r. .100
200 13054 Juno 4 150
Juno 7 13054 June 150 Juno
4 7 1 % @ 4 71% . Cotton for payment 4 7 5 % @ 4 75% , and Texas
Apr 2154 Jan
Third Avo (NY) Ry.100
Juno 4 10
300 17% Juno 7 18
grain for payment 4 75% @ 4 75% .
June 42
Transuo & W ’ms.no par
200 38
Juno 5 38
May
Juno 5 39
Jan 50
United Drug 1st pref.50
Mar
100 48 % Juno 6 4854 Juno 6 46
To-day’s (Friday’s) actual rates for Paris bankers’ francs U
Mar 17
S Realty & Impt.,100
100 14 Juno (5 14
Apr
June 6 8
were 5 78% for long and 5 72% for short. Germany bank­ Vulcan
Detlnnlng__ 100
50 9% Juno 4 954 Juno 4 754 Apr 854 Mar
100 38
Juno 4 38
Juno 6 25 54 Mar 38 54 Apr
Preferred.............. 100
ers’ marks were not quoted. Amsterdam bankers’ guilders
were 50 5-16 @50 1-16 for long and 50 7-16 @ 50 3-16 for Wells, Fargo Expr._100 200 70% Juno 1 77 Juno 6 7054 May 8354 Jan
short.
O utside M arket. — A generally strong undertone pre­
Exchange at Paris on London 27.16 fr.; week’s range
vailed in “ curb” trading throughout tho week, though the
27.16 fr. high and also 27.16 fr. low.
course of prices was irregular. Ono day’s trading was like
Exchange at Berlin on London, not quotable.
another, an early upturn being followed by a reaction in
The range for foreign exchange for tho week follows:
which the improvement was lost. High records woro estab­
S te r lin g A c t u a l —•
S ix ty D a y s .
C h eq u e s.
C a b le s .
lished in some instances, tho result boing higher prices gen­
4 7254
4 75 7-16
4 76 7-16
4 72 %
4 7535
4 7013%
erally. Tho oil stocks continue their prominent position.
P a r i s B a n k ers' F r a n c s Houston oil com. especially was active and reached a new
5 78%
5 71 %
5 70%
5 71%
5 70 %
5 7854
high record of 68% , a gain of almost 11 points during the
week. Tho close to-day was at 68% . Merritt Oil was also an
Iligh for tho week.
’ 50 5-16
50%
51
Low for tho week.
49 1-16
49 %
4954
active feature and sold down at the beginning of tho week
Domestic Exchange. — Chicago, par. Boston, par. St. from 22% to 21% , but thereafter moved upward, reaching
Louis, 15c. per $1,000 discount bid. San Francisco, par. 26% . Midwest Oil advanced from 1.03 to 1.15 and ends
Montreal, $17 50 to $18 75 discount per $1,000. Minneap­ tho week at 1.08. Midwest Refining, after early loss from
107 to 105%, rose to 113 and reacted finally to 109. Okla­
olis, 10c. per $1,000 discount. Cincinnati, par.
Proa. & Ref. eased off from 6 % to 6 % , then roso to
State and Railroad Bonds. — Sales of State bonds at the homa
7 % , the close to-day boing at 7 % . Sinclair Gulf Corpora­
Board aro limited to $1,000 New York 4% s, 1965, at 100%.
tion gained three points to 19%, but reacted to 18. Among
Tho market for railway and industrial bonds has been Standard Oil shares, Prairie Oil & Gas made a sonsational
active only in spots and strong in somo particular places. advance of 31 points to 526. Industrial issues wero with­
Of a list of 20 prominently active issues, 12 have advanced, out special feature. M otor shares wero in only fair demand,
6 are lower and 2 unchanged.
United Motors advancing from 26 to 28% , reacting to 26%
The Hudson & Manhattan issues, strong on Government tho final figure to-day being 27% . Chevrolet M otor from
management and financing, have been very active and ad­ 128 fell to 122 and recovered to 127. Standard M otor
vanced 1% and 2% points, respectively. Inter .-Met. coll, Constr. after an early advanco from 13 to 13% ran down to
tr. 4% s are 1% points higher than last week, while Inter. 11 % , but sold finally at 12%. Curtiss Aerop. after a period
Mer. Mar. are 3 points lower. Northern Pacifies, M o. Pa­ of inactivity sold up from 34 to 37% and back to 34% .
cifies and Now York Contrals have been strong features. Wright-Martin Aircraft com. improved from 9 % to 10%, but
The active list also includes Atchison, Baltimore & Ohio, reacted to 9 % . Aetna Explosives oponed tho weok at 14,
Rock Island, Reading, Leather, Rubber and Steels.
weakened to 13% and advanced to 14%. To-day, however,
United States Bonds. — Sales of Government bonds at tho it dropped back to 13% . Submarine Boat sold down about
Board include $92,500 2s reg. at 98% ; Liberty Loan 3% s at a point early in the week to 14%, recovered to 16% and ends
99.60 to 99.88; L. L. 1st 4s at 93.00 to 94.50; L. L. 2d 4s at tho week at 16%. Mining stocks wero quiet outside tho
93.00 to 94.34, and L. L. 4% s at 95.32 to 96.80. For to­ low-priced issues. Bonds without material change.
day’s prices of all the different issues and for the week’s range,
A complete record of “ curb” markot transactions for the
see third page following.
week will be found on page 2435.

-sr




________ _______________

$ew York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O PA GE S
Par raeord o f aalaa d a r in g th a w ool, o f (to o k * u r u a llr In a e tlra , to o

HIGH A N D LOW SALM PRICES— PER SHARE, NOT PER CENT.
Saturday
June 1.

Monday
June 3.

Tuesday
June 4.

Wednesday
June 5.

Thursday
June 6 .

Friday
June 7.

S per share S per share $ per share $ per share
84% 8434 84
84*t 81*4
84%
84% 85
*82
85G *82
84
*82% 85
*8212 83
93% 93% *93
93% 93%,
*93% 95
95
5434 55%
55% 55%
54% 55%
55% 55*8
55
55%
54% 54%
56*4
56% 56*4 *55
42% 42%
40% 40% *41*4 42
*42i4 44
148
148 *146 147% 140% 146%
147% 148
58% 59
58% 53*4
*55*4 56
58% 59
*7%
7%
7%
*7
7%
7%
7*4
7*8
23
*22
23%
23
23
23-2 23%
23*4
43% 44%
43% 44
42% 43
43% 43*4
73% 74
73% 74
73% 74%
73% 73%
93
*90
93
*90
92
92
*125 1-10 *130 140
22 % 23%
22*4 23*4 *22*4 23
22*4 23%
23%
70% 71
70%
70% 70%
70% 71
701.1 70%
60
60
60
00 %
59%
59% 59%
59% 59%
34%
*31% 34% *32
*32
35
35
70
*60
*60
70
*64% 70
70
*22
24% *22*4 24% *22% 2423
*22
24
50
*48% 50
48% *48
*48% 50
*431.1 50
*43
48
*43
■43
48
48
48
*43
48
110
113
n o *108% n o
*108 n o
*108 110
105 *160
162% 162%
165
*100
105
5
0
*4
5
5
5
5
5
*3%
9
8
S%
8
8%
3%
*7
9
8*4
16
15*4 16
15% 16%
15'8 16
15*4 15*4
32
33
32% 33%
32*4
32% 32%
32*2 33
23%
23
23
23
23
23
23
*21
23
89% 90
S9% 89%
89% *89% 91
89% 89%
32%
31% 32%
32
32%
31% 32%
31% 32%
*96
98
98
*90
98
97
97
98% 96%
7%
7%
7%
7%
8
7%
7%
7%
8%
39
37% 37% *3712 40
38
38
39% 40
18% 18%
18% 18%
18%
18*4 19% *17*4 18%
53
*50
53
*50
53
53
*50
*50
53
10%
*8
10%
*8
*8
0%
10%
*8
10%
*15
24
25
*15
*10
24
25
25
*10
59
59% 60
59
59
59% 59%
59
59%
115 *114
117 *114 117 §115 115 *115 117
10
10%
10
10
10% 10%
10*4
10% 10%
6
6
*5
6
*5%
6
*5'8
5%
518
8
*7
10
*9
*7
10
*7
9%
9*4
23
23% 23%
23%
23% 24%
23%
23% 23%
54
54
54
*53% 54%
54
5-1
54%
*53
72% 73%
72 14 72% 73
71*4 72-%
71% 72
42% 44
45%
40% 43%
40% 42
401.1 41%
21 %
20 %
20 % 20 *i * 20 % 21 %
20 % 20 % *20
106 *103% 104% 103% 103*i 103% 103% 102% 103
86
87
86
86
80
80% 87
86
87%
43% 43%
43% 43*i
43% 43%
43% 43*1
43%
12*4 12*4
12
12
12 % 12%
57 % 57%

Salcsfor
Week
Shares

ST O C K S
N E W Y O R K STOC K
EXCHANGE

2 4 :2 1

p ra oa d ln e p a «a
PER SHARE
Range Since Jan. 1.
On basis 0/ 100-share for*.
Lowest.

Highest.

PER SHARE
Range for Precious
Year 1917
Lowest

Highest

R a ilroads
Par $ per share.
$ per share.
$ per share $ per th a n
1,700 A tcb Topeka A Santa F e . .l 0 0
81 M ar23
88 M ay 15
75 D eo 107% Jan
200
Do pref............................. ICO
80 Jan 30
82% Jan 2
75 Dec
100% Feb
300 Atlantic Coast Line R R .. . 1 0 0
9434 M ay28
89% Apr 22
*797* D ec
119 Jan
9,200 Baltimore A O hio_________ 100
•19 Jan 24
57 M ay20
38% D eo
85 Jan
900
D o pref...................... . . . 1 0 0
53 Apr 25
57% Jan 6
767, Jan
48% Deo
1,300 Brooklyn Rapid T ra n sit.. 100
48% Jan 2
38% Feb 25
82 Jan
36 D ec
2,000 Canadian P a c i f ic ...............100
135 M ar25 150 M a y l6
126 Deo
167% M ar
4,500 Chesapeake A O h io .............100
49% Jan 15
60% M arl4
85*4 Jan
42 N ov
200 Chicago Great Western__ 100
6 Apr 9
834 Jan 2
a Dec
14% Jan
1,400
D o pref.............................io o
18*2 Apr 9
25 Jan 3
41*4 ->an
17% Deo
7,000 Chicago M llw A St P a u l.. 100
47% Jan 2
92 Jan
37'4 Apr 22
35 N ov
5,100
D o pref............................. 100
66% Apr 11
79% Jan 5
125% Jan
6212 Dee
200 Chicago A Northwestern. _ 100
95 Jan 3
124% Jan
8912 M ar25
S5 D ec
D o pref.............................io o
137 Jan 29 137 Jan 29
172% Feb
137% Dec
22% 23
15,666 Ohio R ock Isl A Par loinp otfs.
22*4
18 Apr 22
24% M a y l5
38% June
16 D ec
70% 70% *69%
1,800
7% preferred temp otfs____
56% Jan 15
84% Apr
71% M a y l5
44 Deo
59%
2,300
59% 59*4
0 % preferred tem p otfs____
61 M a y l4
46 Jan 15
35*4 D eo
71 Apr
*30
100
31*4
Clev Cln Chio A St L o u is.. 100
31*4
38 M ay 14
26 Feb 21
51 Jan
24 N ov
*00
70
*60
D o pref.............................io o
583* M ay 7
64% M ay 17
80 Jan
61*4 Oct
22 % 25
22*4
Colorado A Southern.........100
18 Apr 22
23% M ay29
18 N ov
30 Jan
50
48%
200
*48
D o 1st pref___________ 100
47 Apr 3
50% Jan 4
57% Jan
44% N ov
*44
48
*43
D o 2d pref..................... 100
40 Apr 4
45 M arl4
41 Sept
48 M a r
*110
113 *110
100 Delaware A Hudson______ 100
10012 Apr 11 115% Feb 1
87 N ov 1517, Jan
*160
165 *160
100 Delaware Lack A W estern. .5 0
160 Apr 17 *180 Jan 4 16712 Deo 238 M ar
*4%
*4%
0
250 Denver A Rio Grande____100
6 Jan 3
2% Jan 4
5 D ec
17 Jan
8%
600
8%
*714
D o pref............................. 100
5 Apr 23
13% Jan 2
978 Deo
41 Jan
15*4
3,200 Erie...................
15*4 16%
..1 0 0
14 Apr 17
17*8 M ay 15
34% Jaa
13% Deo
32
7,200
31*4 32%
D o 1st pref____________100
35 M ay 14
23% Jan 16
18*4 Deo
49% Jan
23% *20 %
*20
700
24*4 M ay 14
D o 2d pref......................io o
18% Jan 25
39*4 Jan
15% Deo
89
89ls 89%
800 Great Northern pref______ 100
93% M ay 14
86 Jan 15
79 % Dec
118%Jan
31% 32
31%
16,200
Iron Ore properties...Vo par
25% Jan 15
34*s M ay 16
38% M ar
22% N ov
*96
98
*96
200 Illinois Central...................1 0 0
97% M ayl4
92 Jan 7
85*4 D ec
106% Jan
7%
*7
7%
3,500 Inlerboro Cons C orp...V o par
9% Jan 3
6% Mar25
17% Jan
5*4 Deo
*30
38
*35%
1,200
Do
pref........................... io o
35% M ay29
47% Jan 3
72% Jan
39% Deo
18
18%
18
2,200 Kansas City Sou'hrrt)____100
15% Apr 17
20 M ay 16
257g Jan
13% N ov
*50
53
*50
Do
pref........................... io o
45 Jan 5
53 M ay20
68% Jan
40 N ov
10%
*8
*8
Lake Erie A W este-n_____ 100 " 8% M ay 1
10% Feb 19
25% Jan
8% N ov
*15
25
*15
Do
p r e f..........................io o
18 Apr 23
21 Feb 25
23 Oct
63*4 Jan
59
58% 58%
1,400 Lehigh Valley................. ...... 50
62% M arl 1
55 Jan 15
50% Deo
79% Jan
*115
117
115
150 Louisville A Nashville____100
110 Jan 2 118 Marl-1
133*4 Jan
103 Deo
*9% 10%
*9%
1,200 Mlnneap A St L (n e « !)._ .l0 0
7% Apr 17
11% M ay 15
32% Jan
6% Deo
*5%
6
*5
200 Missouri Kansas A Texas. 100
6% Jan 2
4% Jan 6
11 Jan
3% D eo
*8
9%
8
100
9% Jan 7
6% Jan 29
Do
pref........... .............. 100
20% Jan
7 N ov
2278 23%
22*4
13,900 Missouri Paolflo tr otfs____100
24% Jan 2
20 Jan 15
34 Jan
19% N ov
54
5H 2 53%
1,000
55% M a y l4
41 Jan 15
Do
pref tr otfs......... -.1 0 0
61 Jan
37% Deo
71*4 71*4
71%
9,500 New York Central...............100
75*4 M ay 14
67% Jan 15
62% Deo 103% Jan
42% 43%
42%
109,000 N Y N H A H artford_____ 100
45% M ay29
27 Apr 11
627, Jan
2 H i Sept
* 20 % 21%
20 %
800 N Y Ontario A W e s te rn ... 100
21% M a y l5
18% Jan 22
29% Jan
17 N ov
103% 103% *103
1,700 N orfolk A W estern______ 100
102 Jan 24 108% M ay 14
138% Jan
92% Deo
80
86
86
1,400 Northern Paclflo__________ 100
89 M a y l4
81% Jan 24
75 Deo 110% Jan
4334 43%
43%
5,800 Pennsylvania_____________ 60
47% Jan 2
43% May27
40% D ec
67*8 Jan
500 Pere M arquette v t 0 _____ 100
14 Jan 4
9% M ay 1
3 6 * 4 Jan
12 Deo
100
58% Feb 19
Do
prior pref v t c ____100
6212 Apr 3
73% Jan
45 Nov
37 Jan 11
Do
pref v t o _________ 100
30 Apr 5
67 June
37 Oct
28% 28% ♦27% 29*i *28
29
29%
4,200 Pittsburgh A West V a____100
29%
29% 29 % 29
301.1
31% M ay 15
22% Jan 2
35*4 June
18*4 D ec
68% 08%
68% 69*1
1,900
68% *67
68%
68% 68% *67
70% 71
Do
preferred..................100
61 Jan 10
71 June 7
53% Apr
68 Jan
8.8
87% 88% 262,800 R ea din g_______
80% 88
89% 91*8
90%
88% 90%
87% 89*4
go
70% Jan 15
91% June 5
60% N ov 104% Jan
*34% 39
*38
39
39
*35
*36
39
*38
*38
39
39
35 Jan 12
39 M a y l5
Do
1st pref_________ 1.60
45 Jan
34 N ov
*30
*36% 38
*35
38
*36
38
38
*35
38
*36% 38
Do
2d pref................. . . 5 0
38% M a r l6
35 Mar30
3378 D ec
45% Jan
*1178 12%
12% 12% *12
12%
12
12%
12% 12% *12% 12%
1,200 St Louls-San Fran tr c tfs . 100
9% Apr 3
14 Jan 2
26*g June
12 Dec
*21
22% *21
22% *2.
23% *22
22% *21
23% *21
23%
23% M a y l5
St Louis Southwestern____100
19fs M a rl2
32 Jan
22 Deo
♦35
40
*35
*35
38
*35
*35
38
38
*35
38
38
Do
pref........................... 100
34% Feb 13
40% Jan 3
63 Jan
34 Deo
8
*7%
8
8
8%
7%
8%
*7%
8
7%
4,600 Seaboard Air Lina.................100
7 Apr 17
8 %Jan 4
18 Jan
7% Deo
21
18
19% 20*1
20
17% 17%
17*4 18
19%
20
20% 11,100
15% Apr 19
Do
pref........................... m o
21 June 6
1678 Deo
39% Jan
82% 83%
82% 83
83% 83%
83% 83*t
83
83
83% 83*i
4,700 Southern Paclf 0 Cn______ 100
80% Jan 24
88*4 Feb 27
98% M a r
75*4 Deo
24
23
23% 23%
24
24%
23% 24%
23%
24%
23*i 24% 18,800 Southern Railway_________ 100
26 M a yl5
33*g Jan
20% Apr 30
21% Deo
61
02
62
62
61% 01%
61
62
*00*4 62
*00*4 62
400
63 M ay 15
67 Jan 21
Do
pref........................... 100
51% M ay
70% Jan
♦15
10
16
16
16
16
16
17%
*15
16
*15
17
500 Texas A Pacific___________ 100
19% Feb 20
14 M ay 4
19*4 Jan
11% N ov
*40
45
41
41
40
■10
40
40
40
40
40
40
700 Twin City Rapid T ran sit.. 100
65% Jan 31
40 Juno 3
95 Jan
62 Dec
120% 121% 121 121% 120% 122% 120% 121% 120 120% 16,300 Union Paclflo_____________ 100 10934 Jan 15 12612 M a y l4
120% 121
149% Jan
101% Deo
70*t 70*4 *69
*69
*69
71
71
70% *69
71
*69
71
100
69 Jan 3
74% M a r ll
Do
pref........................... 100
69% Deo
85 Jan
9
0
*9%
9%
9
9
*9
10
9
9*4
9%
*9
600 United Rallw ais Invest. ..1 0 0
4*4 Jan 15
10% M ay24
11% Jan
4% Deo
*17
18
*17
18
*17
18
17
17
*10% 18
100
10% Apr 9
20 M ay 7
Do
pref........................... 100
23*4 Jan
11% D eo
*8%
9
8*4
9
9%
8*4
9
9
*8*4
*8*4
*8%
9
300 W a b a s h _________
7 Apr 26
100
9% M a y l5
7 N ov
16*4 Jan
41% 41%
41*4 41*i
42
42
41% 41is
42
42%
41% 41%
1,100
39% Apr 12
44% Jan 2
Do
prof A ......... " I lO O
36% D ec
68 Jan
24
*23% 24% *23
*23
24% *23% 24% *23% 24% *23% 24%
20% Jan 15
25% M a y l5
Do
pref B ...................... 100
30% Jan
18 D ec
14
14
14
14
14
13% 14%
14
14
14% *14
14%
3,400 Western Maryland (D ew ).100
13 Jan 15
17*4 Feb 15
23 Apr
12 Deo
*24
29
*24
29
29
*25
29
*25
29
*2,4
20 Jan 29
31% Feb 16
Do
2d p r e f . . . ________ 100
41 M a r
20 D eo
20% 20%
20% 21
20*2 21%
20% 21
20% 20% *19% 20%
1,900 Western Pacific___________ 100
13 Jan 2
21% June 4
10% D ec
18% M ay
59% *5.8
69%
59% 59% *58
59% 59%
59% 59% *58% 60
400
59*4 M ay29
46 Jan 3
D o preferred__________ 100
35% Dec
48 J u ly
9%
10
9%
9%
*9
*8*4
10
9
9
*8*4
*8% 10
200 Wheeling A Lake E R y . . . l 0 0
10% Jan 2
8 Apr 22
227* Jan
7% D ec
21
22
*19
*19% 21
*19
21
* 9
19
19
21
*18
100
17% Apr 17
22% Feb 18
D o preferred......... ......... 100
16% N ov
50% Jan
*35
39
'3 5
38
*35
38
*35
38
*35
38
34 M ay 2
39% Jan 3
Wisconsin Central_______ 100
54% Jan
33 Deo
In d u stria l & M iscella n eou s
14
*13% 15
14
14
14
14
*13-2 15
14
*13% 15
600 Advance Rumely_________ 100
11 Jan 19
16% M ay 9
7% N ov
18% Jan
34
*32
34
35‘s *32
34
34% 34% *33
35
♦33
35
200
25% Jan 15
36% M ay20
19 Oct
37% Jan
Do
pref........................... 100
49 Jan 2
60% M a y l7
45% Deo
Ajax Rubber Ino___________ 50
80 Jan
*1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
900 Alaska Gold M ines_________10
1% Apr 27
1%
1%
2% Jan 12
1 D ec
1 l it Jan
*1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1,100 Alaska Juneau Gold M ln 'g .1 0
l% A p r 1
3% Jan 21
*1%
8% M a r
1*4 D ec
32
32% 3418 33*4 3-1%
33
32% 33%
32
32% 20,400 Allls-Chalmers M fg v t O ..100
33% 34%
37 M ay24
17% Jan 15
32% M ay
15 Deo
*82
84% 84%
*82
85
85
85
84% 84% *84% 85
85
500
86% M ay24
72% Jan 4
867* M ar
D o preferred v t 0 ____ 100
65 D ec
*83
88
*83
88
*83
*83
88
*84% 88
88
*84% 88
90 Feb 13
78 Jan 2
72 D ec
95% M ay
Arner Agricultural C hera.,100
*93% 96
91
94
*93
96
*93
96% *93% 90% *93% 96
100
89% Jan 17
Do
pref........................... 100
96 May21
91 Deo
103% Jan
66
64% 66%
09
60% 67%
69% 70%
07
68% *66% 67%
6,300 American Beet Sugar____ 100
84 Feb 27
63 Den
64% June 4
102% Feb
*80
*S0
90
85
*85
90
*80
85
*80
85
*80
85
91% M ay 8
84 Jan 0
Do
pref......................... '1 0 0
78% D ec
98 Jan
43% 45
43*4 44%
42% 43%
44% 45
44% 45%
44
45
20,100 American C a n . . . ......... . .. 1 0 0
50*4 M ay 17
34% Jan 15
29% N ov
53 M ay
95
*95
96
96
95
*95
95% 05*.|
90
96
95
95%
600
97 Apr 30
89% Jan 23
87 Deo
111% June
Do
pref---------------- I I I 100
78*4 79*4
79% 80%
75% 75*4
70% 78%
79
79%
78% 79
19,500 American Car A F ou cd ry.100
81% M a y l 6
68% Jan 14
57 Feb
80*s June
100*0 10012
106 Jan 3 IIO 34 M ay 1 100 N ov 118*4 M ay
Do
pref......... ................ 100
39
39%
38% 39
40
38
38
40%
40% 40*4
39% 39%
3,900 American Cotton O il_____ 100
43% May23
25 Jan 16
21 Dee
50% Jan
*72
82
82
•72
*70
82
*72
82
*72
82
*72
82
78 M a y l6
84 May22
80 D ec 101% Jan
Do
pref------------- -------- 100
13
13%
13
13% 13%
13
13
13% 14*i
13%
14
15
10,600 American Hide A Leather 100
11%Jan in
15 June 7
10 Feb
17% M ar
66% 07%
05% 66
68
69
*04% 66
68% 71%
09% 72%
8,810
50 Jan 2
72% June 7
43% Deo
Do
pref.......................... 100
75 Jan
32
32%
32
32
32%
32
32% 32%
32*2
33
*31
33
2,400 American Ice______________ 100
35% M ay 13
11%Jan 2
187* Aug
87g July
*45
50
50
*45
*45
50
*45
4934
49% 49%
50
*45
100
53 M a yl3
38*4 Jan 16
65 July
Do
preferred_______ 11100
3.5 D ec
.55
55
56
54
56
56
54
55*1 *53% 55
55% 57*4
4,000 Amer International Corp I ICO
62 Apr 25
581s Feb 1
46 Oct
62*4 Aug
39
40%
39% 40
39% 39%
39
39%
38% 39%
39% 39% 10,300 American Linseed______
42% May24
27 Jan 7
100
15*4 Feb
29% Aug
79
78
78
79% *79
79% 79%
78
78
79%
79% 79%
100
81% May24
69% Jan 7
48 Feb
75 N ov
Do
pref.......................I I 100
61
02% 63*4
63-*t 04%
62*4 63%
62%
02% 02%
65%
62
9,300 American L ocom otiv e.. 100
71% M ayl6
63% Jan 15
46% D ec
82*4 Jan
*97
99
§97
07
©3 Dec 1067* Jan
Do
pref........................... 100 *95 Jan 4 100 Feb 18
*7%
8
*7%
8
8
8
8*1
*7%
*8i,i
8%
7%
7*4
1,500 American M alting_______ 100
19*4 M ar
7% M ay 31
13% Feb 6
S% Dec
44
*44% 46%
45
*44% 46%
♦44% 47
*44
47
45*2 46
42% Apr 25
700
58% Feb «
71% July
60 Dec
D o 1st pref____ I . I I ’ 100
’ 40 *118 140 *118 1-10 *118 140 *118
140
*118 140 *118
90 Feb 21 144 M a y l4
88 Nov
93 Nov
American
S
hipbu
ilding...100
76%
75
75r»8 77%
75
74% 75%
76%
74% 74*4
73*s 74% 13,980 Amer Smelting A Refining. 100
86 % Feb 19
73 M ay28
67% Dec 112*4 June
105 106
106 106 *10512 108
*101
106 §101 101 §101 lo t
645
Do
pref........................... 100 104 Jan 5 106*4 M ar 2 *99% N ov 117%Jan
(>5-%i 65*4
65%
05
65% 05% *64
06
63% 64%
63%
63
1,100 Amer 8teel Foundries_____ 100
68% Feb 19
75 June
58 Jan 15
60% D ec
103 108% 108% 108*4 10S*i 109% 109% 111% 10S*4 108%
5,200 American 8ugar R efining..100
*107*4 109
98
. _ Jan 10 116 M ayl5
89% N ov 126% June
*108 110% 109% 109% *106
no
*106 n o
*109 110 *108 n o
100
Do
pref-----------------------100 108% M ar23 113% M ay 8 106 Deo 121%Jan
134% 136% 134% 137% 133% 135% 44,500 Am Sumatra T o b a c c o ..„ .1 0 0
132*4 137
130 133
128*4 131
60*4 Jan 5 145 M ay24
30 M ay
82% Deo
99% 99*4
98*4 99*4
99 100%
98% 98%
98% 98%
98*4 99%
8,128 Amer Telephone A T e le s .. 100
128% Jan
95% Apr 30 109% Feb 1
95*4 D ec
158 158
*155
160
1.55 168 *158 101 *156 161 *156 163
200 American T ob a cco________ 100 140% Jan 5 170 M a yl3
123 Dec 220 M ar
*93
97
97
*93
98
*92
96
*93
*93
96
95
*93
99 Feb 23
93 M ay27
89 Deo 109*4 Jan
Do pref (new ).............. 1 100
56% 57
55r>8 56%
54% 55%
51*4 54*4
55
50
55% 56
5,200 Am Woolen of M ass........... 100
60% M ay24
44% Jan 16
37% Feb
58*, June
95
*93
*93
95
94% 94%
95%
93% 93% *93
937g 93%
400
95% M arl2
92 Jan 4
87 Nov 100 June
Do
pref........................... 100
25
*21
*20
25
25
23
25*2 *21
22
22
23% *22
300 Am Writing Paper pref___100
20% Apr 11
54% M ar
3112 Feb 5
17 N ov
16%
16%
*1512
15%
15*4 15*4
16
16%
15*4
*15%
16
16%
1,200 Am /In c Lead 4 8 ____
41% Jan
19*4 M a y l4
12% Jan 18
10% Deo
26
*46
48
*45
48
48
*46
48
*45
*46
48
72% Jan
49% M a y l4
41 Jan 2
39% Dec
Do
pref................
28
62*t 64%
62% 63%
61% 61%
62
62%
63%
61% 02% 34,900 Anaconda Copper M ining. 50 *59% Jan 18
63
71% M a y l 6
87 M ay
61% N ov
108%
106%
106%
105
102% 106
106*4 109% 105% 107% 16,500 Atl Gulf A W ISS L i n e ... 100
105 108%
97*4 Jan 6 120% Feb 18
87% Sept 121% Jan
62
61% 61%
*61
61% 62
01% 61% *61% 61*4 *61
61*4
500
64% M a rts
58 Jan 5
54 Feb
66 Jan
D o p r e f .......... .................100
85% 88*4
80% 82%
84% 87%
88% 91%
85% 86% 263,100 Baldwin Locom otive W ks.100
87% 90%
76% July
56% Jan 15 101*4 M a y l 6
43 Feb
93 Jan 2 100 Feb 28
93 Dee 102% Jan
Do
pref........................... 100
91
*80
89%
91
*87% 88% *88
88% 88% *89
88
88
200 Barrett Co (T h e )............... 100
93 Feb 19
85 Jan 4
82 Dee 136 Jan
81% 8111
96 M ay 16
74% Jan 15
Bethlehem Steel C orp ____100
66% Deo 515 Jan
79% 8 H 4 82% 84%
77% 79%
80% 82% | 79% 80% 118,000
81*i 83%
91 M ay 16 *66% Deo 156 June
72% Jan 16
D o class B com m on...1 0 0
105 105
101% 105
104's 105
105 105
104*4 105 *104% 105
2,700
96% Jan 15 1067s Apr 29
93 D ee 101% Oct
D o cum conv 8% pref___
22% 23
*22
23
23% 1 23
23% ♦22
23*s 23*s *23
23
21 Jan 21
500 Booth Fisheries_______ No par
26 Feb 18
• Bid and asked prices; do sales on this day. t Ex-rlghts. i Loss than 100 shares . a Ex-dlv. and rlghta. * Bx-dlvldend. 0 Before payment of first installment
S per share
84% 8414
*80% 82 %
94
91
53% 5478
57
57
*41% 42*4
143% 43%
57% 57*4
7%
*7
23
*21
43% 43%
73
73%

S per share.
84% 84%
82
82%
96
*93
54% 55
*55
58
*41%
146
.48
57% 53%
*7
7%
22 % 22 %
43% 45
73% 74




3438

New York Stock Record—Concluded—Page 2
Vo* (•cord of sat«* darlntl the woak of stock* usually laactlra, sea toeond page preceding.

B I B B A N D LOW BALM PSICBS— PBR BBAKB, NOT PBtl CBNT.
Saturday
June 1.

Monday
June 3.

S -per share $ per share
*110
124
120
120 %
9%
9%
*9i-i
9%
*21
22
21 % 21 %
*40
41
41
41
19% 19%
19% 20 %
58% 61%
58ia 69
63% 04
64% 65
*1037S 104% *103% 104%
*33
34%
33
33
*80
82%
83% 83
*1512 16
15% 15%
41
41%
4012 40%
45% 40
45% 48%
*32% 34
*32
33%
*86
90
*86
90
72
*6612 72
*66
39
39%
39% 40%
*99 100
99% 99%
62% 64%
61
61%
*91% 91% *91
91%
29% 30%
30% 30%
*79% 82
*79% 81
55
55%
551,i 57%
7%
*7%
8%
*7%
32
32%
32
32%
146 146
147% 148%
117 119
117% 120
81
81
*81
81%
42% 42%
*42% 43
100 100
*99% 100
*75% 70% *75% 76%
40% 40%
40% 40%
*82
86
*83
85%
*80
*90
41% 41%
41% 42
47% 48%
48
49%
17
17
1612 16*2
55
56
57
57
*120 127 *123 127
29% 31%
25
30-%
103% 109% 101% 106%
27% 27%
27% 27%
34% 35%
35
36
*60
62
63
62
*43% 46
*43% 46*2
31% 32%
31% 32
83
83 % 83l,t 85
*16
____
1612 —
*211-4 22%
21% 23%
*63
*63
*73
75% *73
75%
*65
66
*65
66
*25
26
*25
26
*52
54
53
53
*18
19
*17% 19
90% 91%
91% 94

Tuesday
June 4.

Wednesday
June 5.

Thursday
June 6.

8 per share
121
122

$ per share

S per share

Friday
June 7.

S per share
120 *116
125
9%
*9%
9%
22
21 % 21 %
41
40
40%
20%
19% 19%
61%
60% 62
64
64%
66%
104% 104% 101%
32
*31% 33
84
86%
84%
15%
15% 15%
39%
36% 37%
48%
46% 47
32%
32% 32%
88
*86
88
72%
71
71%
40%
39% 40
99%
99% 99%
63%
60% 61%
91% *90
91%
30% 31%
32%
81
*80
81
60%
56% 57%
8
*7%
8
32%
31% 32%
142
148% *142
124% 121% 126
82%
82% 82%
43*2 *42% 45
100
*99% 100
76%
74% 74%
41% *40% 42
84% *84
86%
___ *96
43
42% 42%
49%
48%
48
18%
17% 18
56
58
56%
126% *125 128
29%
27% 28%
105% 101% 103%
27% 28
27%
37
35% 35%
64
*62
64%
48%
47
47%
33% * 3 1
31%
86 I.1 84% 84%
16
17
17
22% *21% 22%
____ *63
75
*71
75
66
*64
66
27
26% 26%
56
54
54%
19%
19% 19%
93%
92
92%

Salesfor
tha
Week
Shares

ST O C K S
N EW Y O R K STOCK
EXCH AN GE

PER SHARE
Range Since Jan. 1.
On basts o f \QO-share lots.
Lowest.

9 n d u * trla l& M lie .(C o n .) Par
Burns B r o s . .. .................. 100
Butto Copper & Zinc v t 0___5
Butte & Superior M in in g .. 10
California Packing____N o par
California Petroleum_____ 100
Do
pref.......................... 100
Central Leather_________ 100
Do
pref.......................... 100
Cerro de Pasco C o p . . . N o par
Chandler M otor C a r .. .
i 00
25
Chile Copper_______
Chino Copper....................
5
Colorado Fuel A Iron_____ 100
Columbia Gas AE lec____ 100
Consolidated Gas (N Y ) . 100
Continental Can. Inc_____ 100
Corn Products II. fining. . . 100
Do
p r e f . . . . . ............... 100
Crucible Steel of America 100
Do
pref........................ .t o o
Cuba Cano Sugar_____No par
Do
prof........... ..............100
Distillers' Securities Corp.100
D ome Mines, L td __
10
Gaston W A W In o-.iV o par
General Electric_________ 100
General M otors C orp_____ 100
D o p r e f .......................... 100
Goodrich C o (R F )______ 100
Do
p ro f...... ...................too
Granby Cons M H 4 P ____100
Greene Cananea C o p p e r .. 100
Gulf States Steel tr c t fs .. 100

Highest.

PER SHARE
Range for Precious
Year 1917
Lowest

Highest

t per share.
$ per share.
$ per share $ per share
122
122
90C
120
108 Feb 5 134 M ay 8
89 Jan
125%Apr
90C
9%
9%
*9%
9%
9%
10% Feb 15
21 % 21 %
21 %
1,000
21 % 22
33% M a yl4
16% Jan 2
62% Jan
12% Deo
70C
40% 40%
40% 40% *40
45% M aylO
36% Jan (
33% N o v
42% Aug
19% 20 %
11,300
19% 20 %
19%
20% Juno 4
30% Jan
12 Jan ;
10% Deo
8,100
6 OI.1 62%
60% 61%
60%
36 Jan 5
62% Juno 4
29% N ov
02% Jan
64% 66%
6,200
65
66%
65
61% Jan 15
73% Feb 27
101% Jun
65 Deo
*103% 104% 104 104 *103%
200
102% Marl-! *107 M ar 8
1167* Jan
97 Dee
32% 32%
31% 32%
31%
2,900
29% M ar 6
35% M aylO
41 Feb
2,50C
83% 85%
86
85
87
68*4 Jan 2
95 Feb 26
104% M a r
15% 15%
15% 15*2
15%
3,500
14% Apr 4
17% Jan 2
11% N ov
27% M a r
42% 42%
38% 41%
37%
17,750
47% M aylO
36% June 7
63% M ar
35% N ov
47
49%
47% 49%
47%
23,500
54% May24
34% Jan 21
58 June
29% N ov
*32
34
*32% 32%
32%
200
28% Mar25
35 Jan 30
*86
90
88
700
88
88%
84 Jan 5
92% Feb 7
76% Deo
70
71
70% 72
*71
1,200
95 Feb 19
67% M ay 1C
70 N ov 103)* June
40% 41%
40% 41%
20,800
40
43% M ay 13
29% Jan 15
18 Fob
37% July
*99 100
800
*99 100
99%
*90% Jan 7
99% Juno 7
88 I2 N ov 112% Jan
63% 64%
62% 65%
30,300
61%
52 Jan 12
74% M aylO
917* July
91% 91%
91% 91% *90
1,500
86 Jan 31
91% Juno 4
83 Deo
117% Jan
29% 30
30% 32%
33,800
31%
33% Feb 20
27% Apr 1C
65i* Jan
80
80
81
80%
700
81
83 Feb 18
78% Mar25
94% Jan
57% 59%
58% 60%
57%
95,100
04% M ay24
*33 Jan 2
11% May
44)* Oct
*7%
8%
*7%
*7%
7 M ay 6
10 Jan 4
8%
32% 33%
32% 33%
32
5,600
39 Feb 13
31 M ay28
41% Aug
28 Feb
148% 149
149 149
147%
3,100
127% Jan 7 153 M aylO
171% Jan
118 Deo
120 122% 122% 125
121%
33,000
106%Jan 15 141% Feb 9
74% N ov 146% Jan
81% 82
82
1,000
*81
82
79 Apr 17
88 Feb 1
72% Deo
93 Jan
43% 43% *42% 43%
300
43%
38 Jan 2 *50% Feb 5
6D* Jan
32% Deo
*99% 100
60C
*99% 100
99%
90 Jan 1C 100 Feb 19 *91% Deo
112 Jan
*74% 76% *74% 76% *74%
IOC
74 Jan 25
80 M aylO
92% Jan
65 N ov
40% 40%
41
41
41%
coc
45 Feb 6
38% Jan 17
47 Jan
34 Nox
86
86
86
86
8-1%
325
84 May2£ 111% A pr 25
77 Nov 137 Jan
*96
*96
*96
102 Jan 10
42
42%
43
42%
43%
5,200 Haskell & Barker C a r. _ATo par
34 Jan 6
43% Juno 5
27% N ov
40 June
49
50%
49
50% M aylO
51
49
24,100 Inspiration Cons Copper___20
42% Jan 15
661s June
38 Nov
17% 18%
18% 18%
18%
18% Juno 5
2,700 Internat Agrlcul C orp____100
10 Jan S
217* M ay
59
57% 5814
69% June 5
59%
55%
3,900
38 Jan 5
Do
pref______ ________ICO
26% N ov
00% July
*123 127 *125 128
126%
200 Intern Harvester of N J ..1 0 0
111%Jan 2 131% M ay 8 100% Nov 123 Jan
28% 29%
28% 29%
31% Feb 23
27%
93,850 Int Mercantile M arine____100
21 Jan 15
307* M at
377,000
10234 105% 103% 106% 100%
83% Jan 2 109% June 1
Do
p r e f ... ..................100
02% Feb
106)2 Oot
27% 28%
28
28%
27%
5,500 International Nickel (The) .25
31 M ayl3
27 Jan 15
47% M ar
24% Deo
35% 37
36% 371.1
36%
45% M n yl5
7,900 International Paper......... 100
24% Jan 15
49% Jau
18% N ov
63
63% *61
64
64
700
58 Jan 22
Do
stamped p r e f____100
0512 Jan 3
77% Juno
*43% 46%
45% 47i.i
47%
48% Juno 0
2,000 Kclly-Sprlngflcld T ire_____ 25
41 Apr 2
367* Deo
64% Jan
32i,i 32%
32% 33%
32%
9,000 Keunecotc Copper____No par
34% M aylO
29 Mar25
50% May
20 N ov
85
86%
85% 86%
85%
10,900 Lackawanna Steel_____
91% MaylO
73% Jan 12
io o
68 N ov 1037* June
*15% 16%
15% 16%
16
200 Lee Rubber A Tire__ No par
12 Apr 2
1S% M ay 15
30 JaD
*21% 22%
21% 21% *21%
200 Loose-Wiles Biscuit tr ctfs. 100
23 M aylO
17% Jan 8
12% N o v
*63
*63
*63
03 M a y l4
53 Feb 15
*73
75% *73
*73
78% Feb 28
75
74 M arl8
*65
65%
65
*65
65
200
57 Jan 4
65 M ay 28
Do
prof........... ...............too
671* Jau
20
26
*25
29
*25
32% Feb 19
23% Jan 15
200 Maxwell M otor, Inc______ 100
01% Jan
*52
54
*53
*52%
56
04% Feb 8
51 Apr 24
500
D o 1st pref___________ 100
74)* Jan
19% 19% *18% 19% *18
20 Feb 6
19 M ay27
300
Do 2d pref...................... 100
40 Jan
93% 94%
93% 94%
92%
33,100 Mexican Petroleum______100
79 Jan 5 102% M aylO
100)2 Jan
67 Deo
05 Feb 23
27% 27% *27
27% *27
27%
27% 27%
27% 27%
26% 27%
33% Jan 31
1,300 Miami C opper__
r<
26% Juno 7
43>* Apr
47
48% 50*2
48
50
51%
50% 51%
49
50%
47% 49
61 M aylO
45,400 Midvale Steel A Ordnance. .60
43% Mar23
39% Dec
67ti June
*66
*66
68
68
*66
68
*66
68
*66
68
*66
73 Jan 4
68
*99%
*99%
*100
*100
____ *100
*100
95 M arl 9 100% Jan 3
*14
15
14% 14%
14% 14%
*14% 15
14% 14%
18% Apr 22
14% 14%
600 N at Conduit A Cable N o par
13% Apr 8
39 “ June
13% Dec
49
49% 49%
49
50% 50%
50% 50%
50
51
50
50
3,300 Nat Enam'g A Stamp’g . . . 100
54% M ay20
37% Jan 7
24 Feb
40% Oct
*95
*92
98
98
*94
98
*94
98
*94
98
*94
99% Fob 20
98
*56
*56
58
*56
61%
Apr
4
58
58
*57
58
58
58
58
58
400 National Lead__________ 106
43%Jan 7
03% M ar
*98% 104
*98% 104
*98% 104
*98% 101
*98 104
*98% 104
99% M ar 2 105% M a y l 8
19% 20
19% 20
20
217* M aylO
19% 20%
19% 19%
19% 19%
17% Mar25
20 %
5,000 Nevada Consol Copper____ 6
16 Novi 26% June
*125 130 *120 130
125 127
125 125 *120 129 *120 130
000 New York Air Brake_____100
117% Jan 12 139 May22
08 N ov 166 M ar
* 10% 45
*40
45
*42
*42
45
*42
45
40% Fob 23
45
*42
45
72% M ar
41% M ay23
39 Deo
36% 37
36
36%
37
36% 38%
37%
37% 38
42% M aylO
37
37% 15,703 Ohio Cities Gas (The)____26
35% Mar25
1437, Apr
317» O ct
* 10% 11%
10% 10%
11
11
11%
11%
11% M ay27
11% 11% * 10% 11 %
2,500 Ontario Silver Mining____lo o
4% Jan 22
7% Sept
3% Nov
*28% 31
*28% 30% *28
30
*28
* 2 8 % ____ * 2Sl.i 30
30
32% Apr 19
Pacific Mall S S ................... 5
23% Jan 21
18 Feb
*89
91
91
*90
92
91
*90
92
*90
91% *90
92
100 Pan-Ara Pet A Trans, pref. 100
86 Jan 8
90 Feb 27
98 Jan
43
45% *43
45
44% 45
*44
43% 43%
44
46
44
65 Jan 31
600 People's O I- A C (C h ic ).. 100
39% Jan 2
35 Deo 100% Jan
*27% 28%
28% 28%
28% 28%
28
31 M ay21
28
*27% 29
21 Apr 12
1,000 Philadelphia Co (P itt s b )...6 0
42 Jan
2 1)2 Deo
43% M ar 1
37
37%
37% 37%
38% 38%
37% 38% *37% 38%
38
39
34 Jan 16
3,700 Pierce-Arrow M Car___No par
11% June
25 Dee
*94
*94
97
97
97
*94
97% M a rl2
97
97% §97% 97%
97
89% Jan 26
97
225
Do
pref......... .............. .100
88 N o v
98)2 Aug
48
48% 50%
48%
49% 50%
49% 51
48% 48%
58% Fob 28
48% 49
42 Jail 15
4,400 Pittsburgh Coal of P a ____100
37l 2 Deo
54)2 Sept
80
80
*78
*78
81
81
*80
82
84 Fob 19
*79% 80%
83
100
79% Jan 2
*80
D o pref...........................100
90 Aug
*50% 59
*57
59
*58
60
60
60
59% 59% *59
50% May28
69)2 Feb 19
60
400 Pressed Steel Car................100
83% Jan
49 Deo
*92% 94
*92% 94
____ _
*92% 95
*92% 94
93
93
100
93 Apr 27
97% Feb 13
Do
pref_____ _________ 100
*107 Jnn
*102
105 *102
105 *102
105 *102 105
102
102 *101
105
160 Public Serv Corp of N J ...1 0 0
98 Apr 17 109% Mar 6
131 Jan
99 Deo
*115 118 *115
118 *115 118
115 115 *115 118
115 115
300 Pullman C om pany_______ 100
100% Jan 7 119 M aylO
1071* Jan
106% Deo
53*4 53%
53
53%
53% 54%
541.1 54%
54
5-1
53
53%
1,700 Railway Steel Spring_____ 100
58% M aylO
45% Jan 7
58 lune
30% N ov
*98 100
*98 101
100
*98
*98 101
*97 1(M)
*97 100
98 Feb 16
Do
pref...................
106
101 Jan
23% 24
24% 24%
25
25
24% 25%
23% 24%
23
23%
26% M aylO
8,600 Ray Consolidated C o p p e r.. 10
22% Jan 15
32% Apr
19% N ov
84
81% 84
86 %
86 % 87%
85% 871.1 84% 86 % 82% 84
31,300 Republic Iron A Steel......... 100
90 MaylO
*72% Jan 15
60 Feb
941* June
99
99
—
____
*98% 100 §100 100
*99% 100
100
100
450
92%Jan 2 100 M ay20
Do
p r e f ........................ lo o
1057* May
89 Doe
87
87
87
87
*86
88
87% 87%
88
89
89
89
1,300 Royal D utch Co ctfs dep
70% Mar23
91 M ay20
*7
9
9
*6 %
7%
7%
7%
7%
7%
7%
7%
8
1,200 Saxon M otor Car C o r p ... 100
6 % Apr 17
11 Jan 31
lo5U 1o5*4 135 135 §135 135 *134 138
135 135
134 134%
950 Soars, Roebuck A C o _____100
134 Juno 7 150 Feb 15 123i» Deo
*16
*16
17
17
*16
17
*16% 17% *16
17
16
16
200 Shattuck Aria C opper.
15%Jan 17
18% Feb 19
10
27% 28
28
28%
28i.i 28%
28% 28%
27% 27%
28
2,800 Sinclair Oil A R e f g . .. N o par
25% Apr 11
39 Feb 6
28
25% Dee
*64
66
64U 01 % 66
67%
66 % 66 %
66
66 %
65
1,200 Sloss-Sbeffleld Steel A Iron 100
39 Jan 24
71% May24
65
74% M ar
33% Nov
39% 40%
40
41
41
42%
41% 43%
42
43%
41% 45% 58,600 Studebaker Corp ( T h e ) .. . 100
33% Apr 24
60)2 Feb 19
33% Nov IK))* Jan
95
*75
95
*75
*75
95
*80
90
*75
90
05 Feb 6
75
80% M ay 3
no
*37
40
38% 38%
4 %
40
40
40%
40
40
39% 39%
34% Mar25
1,200 Superior Steel C o r p 'n ..
ioo
45% M ay 3
30% N ov
*95 101
*95 101
*95
101
*95 101
*95 101
*59 101
95 Feb 10
95 Feb 10
17% 18%
18
18%
17% 18%
18
18
17% 17%
19% May24
17% 18%
12% Jan 2
3,500 Tenn Copp A C tr ctfs.lVo par
11 Nov
19% June
143 1451-1 144% 147% 146 148% 148% 150
146% 149
146 147
100%
Feb
2
7,300 Texas Company (T h e)____100
136% Jan 7
111% Deo 243 Jan
56*4 58
56
50%
02% 65%
58% 63%
60% 63%
6OI.1 62% 81,800 T obacco Products C o r p ... 100
65% Juno 5
48% Mar25
80% Aug
*91
94% *91
94% ____ ____
92% 92% *91% 94% *90
95 M ay 14 *86 Doc
94%
100
Do
pref............. ............ 100
*87% M ar 19
105 M ar
*100
—
____ *100
*100
____ *100 105% 104% 104% *100% 105
100 Underwood T y p e w r ite r ... 100
100 Apr 9 101% Juno 6 *83 Deo
107 Aug
*75
80
*75
80
*76
*73% 78%
80
75
75
*75
65 Jan 24
80 M ay 13
78%
145 Union Bag A Paper C o r p .. 100
112 Jan
40% 40% *39% 42
42
*40
39
40
39
39% *38% 39
44% MaylO
37 Jan 2
1,300 United Alloy Steel......... No par
34% Deo
49% June
87% 90
90% 92
92^3 95%
94% 96%
92
93%
91% 93
99 Jan 23
83% M ar28
24,800 United Cigar Stores______ ioo
81% N ov 1277* Aug
* 100% 112 * 100% 112
*102
112
*102
112
101% Jan 6 100 Apr 10
124 124 *121
*120
125
125 *121
130
126 126 *121
125
116% Jan 16 133 Feb 18 *105 Deo
500 United Fruit_____________ 100
154% Jan
*14
*14
15
15
14% 14% *14
15
14% 14% *14
15
11% Apr 6
19 M ay 7
200 U S Cast I Pipe A F dy____ 100
24% June
10 Nov
*40
40
*40
46
*42
*42
46
45
*42
46
*42
46
41 Mur 26
47% Feb 1
117 119% 117% 121
120% 123% 122% 124% 121% 123% 120% 121% 19,700 U S Industrial Alcohol____ 166
114 Jan 5 137 M ay24
171%June
*94
*94
99
99
*91
99
*94
97
*94
97
*92% 98
99 Mar21
88 N ov
54% 55
55
56%
56% 56%
57
57
56% 57%
55% 56%
5,300 United States Rubber____100
61 Jan 15
00% M aylO
67 Aug
*102
103 *101% 104 *102
103% §103% 103% *102 103
102% 102%
250
*95 Jan 15 105% M ayl7
114% Jan
Do 1st preferred______ 100
91 Dec
40% 40% *39% 41% *39'% 41
41
41
*39% 41% *39% 40%
32% Apr 12
48% Feb 19
200 U 8 Smelting Ref A M ......... 60
87% Jan
40 Deo
*42% 45
*42% 45
* 12%
*42%
* 4 2 % ____ *42%
42% Apr 12
45% Fob 1
48% N ov
Do
pref................
60
96% 98%
961s 97%
98% 100%
99% 101%
98% 100%
97l.i 98% 746,500 United 8 tates Steel C o r p .. 100
80% Mar25 113% M aylO
136% M ay
79% Deo
109% 109% 109% 110
110% 110% 110% 110% 110
110% 110
111)
1,900
Do
pref.......................... 100
108 Mar25 112% Jan 31
121% Jan
77% 78%
77
77%
78% 79%
76% 79%
77% 79%
78
78% 14,400 Utah Copper________ _____ 10
70% Mar25
87% M aylO
118% May
70% Deo
* 12% 13
*12
13% *12
13% * 12% 14
*12% 13% * 12% 13%
15% Feb 18
11% Jan 2
24% Jan
Utah Securities v t 0......... .106
9% Deo
47
47
47
47
47%
47% 491.1 48% 49%
47%
49% M ay24
48%
48
8,800 Vlrglnla-CarolInaChem .. .100
33% Jan 2
46 M ay
26 N ov
106 *105
*105
108% 106
108% *105
IO8 I.1 *105 10,3% 107
200
107
98 Jan 16 109 M ay 2
112% Jan
07 Deo
Do
p r e f .. ........... .......... 100
*70
75
*71
75
72
72% 73
73
*72
74
*72
74
73 M ay24
500 Virginia Iron C A C ______ 100
60 Jan 6
46 Feb
77 M ar
89% 89%
89% 89% *89
91
92
*90
*90
92
05% Apr 15 *70 Dee
90
90%
1,200 Western Union Telegraph-100
85% Jan 2
09% Jan
4L
41%
41% 42%
42
43
41*2 42%
41% 42%
41% 41%
47% M aylO
5,700 Westlnghouse Elec A M fg ..6 0
38% Jan 17
60 May
33*4 D eo
72
72
*62
*62
72
*62
72
*62
72
*62
72
64% Feb 20
69 Jan 11
*40
41
41
41
41%
*40
40% 40%
41
41
4 5 's Feb 20
300 White M otor_____________ 60
36% Jan 2
*4012 41%
62% Jan
18% 19
18% 19%
18% 19%
19
19%
19
19%
18% 19% 32,300 Wlllys-Overland (T h e)_____ 26
22 Jan 3
15% Jun 15
15 N ov
38% Jan
797s 79% —
—
82
81
*80
83
*80
82%
81
81
900
75 Jan 3
82% MarlO
D o pref ( n e w ) . .. ......... 100
69 N ov 100 M ao
58% 58%
59
59
60%
60
58*2 60
58% 59
56% 581.1 3,500 Wilson A C o. Inc, v t 0 ___100
45% Jan 2
60 ’ 2 M ay24
42 N ov
84% M a i
'111
1X3 *uo
14 *111 113 *111 114 *112
13
100 Woolworth (F W )______
110 Mar25 120% Jan 3
100
*11412 117 *11412 117 *114% 117 *114% 117 *115 121 *115% 120%
114% M ayl7 114% M a yl7
47% 47% *46
48%
47% 47% *47% 48
48
48
47% 47%
34 Jan 4
500 W orthington P A M v t 0.160
61% M ay 7
23% Feb
37% Jun
*86
90
90
*86
*86
90
90
*85
90
*84
89
85% Feb 6
D o pref A _____ . .
100
*66% 69
*60% 69
69
*67
69
*6612
*67
70
67
67%
200
59 Jan 18
D o pref B ...................... 100
68% M ay 0
63 J ul O
60 M ay
* Bid and asked prices: no sales on this d ay.
§ Loss than 100 shares,
t Ex-rlgbta.
a E x-dly. and rights.
ft Par $10 por sharo.
n Par $100 per share.
Certificates of deposit, * Ex-dlvldend.




New York Stock Exchange—Bond Record* Friday, Weekly and Yearly

In

Jan.

19(W t h e

E x c h a n g e m e th o d o f t u o i in g b o n d s tea s c h a n g e d a n d

BONUS
Y . STOCK EX CH AN G E
W e e k o n d ln g J u n o 7

a

Price
Fri/lav
June 7

I S

bid
J -D
0

S i s to n v e r to d fr o m le t L ib e r t y L o a n ______________ 1 9 3 2 -4 7 J - I )
M- M

A s*

9 9 .7 0 B a le
9 4 .4 8 S a lo
9 4 .4 0 S a lo

Week’s
Range or
La tf S al«
Low
9 9.60
9 3 .0 0
9 3.0 0

p r ic e s a r t n o is — " a n d

Range

3 2
S 0

SONDS
W. Y ST O C K E X C H A N G E
W e e k e n d in g J u n e 7

S in ce

Jan. 1 .

Utah No. Low
9 9 .8 3

High

in te r e s t” — e x ce p t f o r

C h e s a p e a k e A O h io (Con ) —
j c n e r a l g o ld 4 X a _________1992

5050 9 7 .2 0 9 9 .9 8
3 0 -y e a r c o n v e r t i b le 4 % a _ .1 0 3 O
5 0 - y e a r o o n v s e c u r e d 6 3 _ .1 9 4 0

9 4 .5 0 4 9 0 9 3 .0 0 9 3 .4 0
9 4 .3 4 8 1 8 5 9 3 0(1 9 7 9 3

C o a l R i v e r R y l e t g u 4 s . . 1 94 6
J -D

O
U
U
0

9
B
S
S

3s
3s
4a
4s

r e g i s t e r e d ____________* 1 9 1 8
c o u p o n . . ------------------ * 1 9 1 8
r e g i s t e r e d -------------------- 1925
c o u p o u .......................... -1 9 9.1

U S P a n C a n a l 1 0 - 3 0 - y r 3a r e s '3 8
R e g i s t e r e d _______________ 1901
U a P h ilip p in e I s la n d 4 8 .1 9 1 4 - 3 4

M- N
M - S
Q - J
Q - J
Q -K
y - v
Q - F
q - y
0 - Y
Q -N
-M
Q -M
F

9 0 .6 2 B a le 9 5 .3 2
9 0 .8 0 io o s i 9 5 .3 2 9 9 .1 0
97%
97
98
98^4 9 7 % M a y ’ 18
9 7 % A p r '1 8
98
_____
97% 97%
99
1 00
9 9 % M a y '18
99
99%
9 9 % M a y ’ 18
98% 99%
9 9 % _____
1 0 5 % M a y '1 8
1 0 5 % 1 07
1 05 %
105
1 05 % 1 07
1 0 6 % M a y ’ 18
105%
105
97
-------9 7 % O c t '1 7
97
_____
9 7 % F e b '1 8
97% 97%
85
_____
84
D e o 17
85
_____
83
M a y ’ 18
84
83
100
F e b '1 6

90%
97%
9 7 % S a le
1 51
A m e r F o r e ig n S e o u r 5a ------- 1019 P - A
9112 B a le
9018
9112 103 8
A D g lo - F r o n c h 6 - y r 5a E x t e r l o a n . A - O
8 3 % A p r ’ 18
8 1 i2 s 2
M - H
8 9 % S a le
88
89%
100
B o r d e a u x ( C i t y o f ) 3 - y r 0 s . 1 91 9 M - N
05
00
A p r ’ 18
J - D t 02
98
_____ 1 0 0
M a y ’ 18
C o b s — E x t e r n a l d e b t 5 j o f 1 9 0 4 . IV»- 8
92
94
9 4 % M a y ’ 18
F - A
A p r ’ 18
80% 82% 84
E x t e r n a l io a n 4 X a --------------1949 V - A
90%
95
90% 9 5%
A -O
0
9 2 % S a lo
91%
92%
12
Do
do
1928 A - O
9 1 % S a lo
91%
92
9
DO
do
1931 A - O
98
S a lo
97%
98% 309
F re n ch R e p u b 5 % s secu red lo a n .
P - A t 83% 80
8 3 % M a y ’ 18
8 3 % M a y ’ 18
J - J t 83% 80
79
79
1
7 4 % M a r ’ 18
J - J t --------- 7 3 %
89
S a le
88
89
L y o n s ( C it y o f ) 3 - y r 0 a ...........1 91 9 M - N
109
8 9 % S a le
88
8 9 % 127
M a r s e ille s ( C i t y o f ) 3 - y r 0 S .. 1 9 1 9 M - M
Q - J t 4 0 % --------- 4 0 % M a y ’ 18
31
40
3 3 % D e o ’ 17
G o l d d e b t 4 s o f 1 9 0 4 ........... 1 95 4 J - D
8 4 % S a le
81%
85
P a r is , C i t y o f , 6 - y e a r 0 a _____1 921 A - O
118
80
S a lo
78
80
T o k y o C i t y — 5 s lo a n o f 1 9 1 2 ____ M - S
21
9 9 % S a le
99%
99% 247
( J K o f Q t B r it A I 2 - y r 6 s . . 191 8 M - 3
9 7 % B a le
90%
9 7% 4 9 0
3 - y e a r 5 X % n o t e s ..............1 91 9 M - N
93%
04% 312
9 4 % S a le
6 - y e a r 5 X % n o t e s ..............1921 M - N
9 9 % B a le
99
9 9% 2 0 0
C o n v e r t i b l e 5 ) 4 % n o t e s . 1 91 9 P - A

94% 97%
88% 93
83%
78
84
90%
53% 00%
90% 100
90% 94%
84
80
93% 96%
90% 95%
88% 94
94
03%
80% 92%
8 3 % 927*
81
77
74% 70
90
84
84
90
40
42%
81% 89%
80
08
97
99%
95% 08
91% 9 5%
91% 100

ITbes* are p rin t on lb* ba m of S5to£
S ta te a n d C ity S e c u r it is e .
f» Y C it y — 4 % s C o r p s t o c k . 1 90 0
4 X s C o r p o r a t e s t o c k ____ 1 9 0 4
4 X s C o r p o r a t e s t o c k ____ 1 90 5
l ) 4 s C o r p o r a t e s t o c k ____ 1903
4 % C o r p o r a t e s t o c k ______ 1059
4 % C o r p o r a t e s t o c k ______ 1 95 8
4 % C o r p o r a t e s t o c k ...........1957
4 % C o r p o r a t e s t o o k r e g .1 9 5 0
N e w 4 K s ___________________ 1 96 7
4 X % C o r p o r a t e s t o c k . . . 1957
3 X % C o r p o r a t e s t o c k ___ 195-1
B Y S t a te — 4 s . . . . ......................1901
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 ___ 1902
C a n a l I m p r o v e m e n t -la ___ 1 90 0
C a n a l I m p r o v e m e n t 4 X » - 1964
C a n a l Im p ro v e m e n t 4 % s .l9 0 5
H ig h w a y im p r o v ’ t 4 % s . . l 9 6 3
H i g h w a y I m p r o v 't 4 X S . . 1 9 0 5
V ir g in ia fu n d e d d e b t 2 - 3 s . - . 1991

R a ilr o a d .
A n n A r b o r 1 st a 4 s __________ 4 1 9 9 5
A t c h is o n T o p e k a A S a n t a F o g e n
g I s ........ ..................................1 99 5
R e g i s t e r e d _________________ 1 99 6
........... 5 1 9 9 5
A d ju s t m e n t g o ld
R e g is t e r e d .......... ............ 5 1 0 9 5
S t a m p e d ________________ * 1 9 9 6
J o n V g o ld I s ............................. 1 95 6
C o n v 4 s is s u e o f 1 9 1 0 _____1 90 0
E a s t O k la D lv 1st g 4 8 ___ 1928
R o c k y M t n D iv 1 st 4 s . . . 1986
T r a n s C o n S h o r t L 1 st 4 s . 1 95 8
O a l-A r l* I s t A r e f 4 X a ”A ’ ’ 1 06 2
B F e F r e e A F it l i t g ( i s . . . 1942
A t l C o a s t L 1 st g o ld 4 s _____5 1 9 5 2
U e n u n ifie d 4 X * __________ 1004
A la M i d 1 st g u g o ld 6 s ___ 192*
B r u n s A W 1 st g u g o ld 4 s . 1931:
C h a r le s A S a v 1 st g o ld 7 8 .1 9 3 0
L A N c o l l g o ld 4 s _______ <;1955
tla v F A W 1st g o ld 0 s _____1 9 3 4
1st g o ld 5 s ............................. 1034
Oil B p O c a A Q g u g 4 s _____1 91 8
3 » J t A O h io p r io r 3 % s ______ 1 92 5
R e g i s t e r e d _____________ 5 1 9 2 6
1 st 6 0 - y e a r g o ld 4 s _______ 5 1 9 1 8
3 0 - y r o o n v 4 H # ____________1933
R e f u n d A g e n 6 s B e r le s A . 1 99 5
F li t s J u n o t a t g o ld 0 s _____1 92 2
P J u n o A M D l v 1 st g 3 X s 1 92 5
P L E A W V a 8 y a r e f 4 » . . 1941
S o u t liw D l v 1 st g o ld 3 X 8 - 1 9 2 5
C e n t O h io U 1 st 0 g 4 X s . . l 9 3 ( ]
C l L o r A W e o n 1 st g 6 s . . . 1 9 3 3
M o n o n R i v e r 1st g u g 5 s . . l 9 1 ( J
O h io R i v e r R R 1 s t g 6 s — -1 0 3C
G e n e r a l g o ld 6 s _________ 1 03 7
P it t s C l e v A T o l 1 s t g 0 8 . . 1 92 2
C o n s o l 4 X s ________________ 1957

C o r n e d 1 st g 0 s __________ 1 92 2
C a n a d a H ou c o n s g u A 6 s . . . 1 90 2
O a r C U n o b A O h io 1 s t 3 0 - y r 6 s '3 8
C e n t r a l o t O a 1 s t g o l d Bel p i 9 4 5
C o n s o l g o ld 6 s ................
’ l9 4 5
O b a t t D l v p u r m o n e y g 4 s 1951
M a o A N o r D l v 1 st g 6 s . . 194 0
M i d O * A A t l D l v 5a
1041
M o b i l e D l v 1 st g Be_____
19 40
G e n R R A B o f Q a c o l g 6 s . . 1 93 7
C en t o f N J gen ’ l co ld 6s
io s i
R e g i s t e r e d ____________ 5 1 9 8 7
A m D o c k A I m p g u 5 s . . . 1931
L c h A H u d R l v g e n g u g 6 s . ‘ 2C
N Y A L o n g H r g e n g 48
1941
C e n t V e r m o n t 1 st g u g 4 s . . < 1930
O h s s a A O f u n d A le a p t 6 s . . 1 92 9
1 s t o o n a o l g o ld 5 s . _
103'j
R e g i s t e r e d ____________ _ 1 9 3 9

m - h
- a
A - O
s -D
SV1- rt
M -N
M- K
M -N
M -N
M- M
M -N
M -N
m - a
1 - J
3 - J
J - J
3 - J
J - J
M- 3
M- B
J - .5

m

Q * J
A -O
A -O
N ov
N ov
M -N
J -D
J -D
M- 8
J - J
J - J
M- 8
M - S
M - S
J -D
M -N
J - J
J - J
M -N
A -O
a - <:
1 - j
j - j
Q - J
A -O
Q - J
j -D
J - J
m - r;
M - 11
J - J
M - 3
A -O
F - A
J -D
A -O
A - O
M - S
M -N
A -O
J - J
F - A
J -c
A -O
J -E
F -A
M -N
J -E
J - J
.1 - J
J - J
M -N
J " J
Q - J

J - J
J - J
m - a
Q - F
j - J
IV1-N
M -N

94
S a lo
9 3 % _____
93% 94
100
S a lo
9 9 % S a lo
8 9% 90%
89% 90%
8 9% 90%
88
_____
9 9 % S a lo
9 9 % 1 00
8 0 % 81*2
90
_____
♦ 9 4 % _____
---------9012
* 9 4 % _____
1 00
1073;
99
101
1 0 5 % _____
102
_____
--------- 79
48
48%

53^4

55

80
S a lo
---------8 0
7 4 1 2 ______
7 4% 70%
———— 8 5
84% 87
80% 91%
08
80
78
78%
8 3 l2 . . . .
80
1 00
8 0 % S a le
77
7 9%
9 5 % 99
7 0 % _____
1 0 7 % _____
70
S a lo
1 0 7 % _____
9 5 * 2 _____
0 8 % _____
8 5 % 8 0%
--------- 8 7%
7 0 % S a lo
7 0 % _____
80
80%
99
_____
8 2 % 82%
74% 74%
82
83
8 3 % _____
93
_____
9 8 % _____
9 1 % _____
85
_____
9 9 % 101 %
9 9 % 107
8 5 % 99-2
75
_____
85
_____
1 0 0 % _____
101
107
91
91%
78
84
9 0 % _____
_____ 8 9
79
* _____
85
_____
85
101%
_____ 01
_____ 9 3
1 02
1021;
101
103
0 8 % _____
9 4 % 101 %
92
_____
07
7 5%
90
_____
97
S a lo

93%
93
93%
99%
99%
89%
89%
90
85%
99%
93%
80%
1 01
94%
100
95
1 00
103
1 05
100%
74
50

55

94
2
87% 94
93%
4
87% 93%
877 q 9 3 %
9 3%
1
1 00
.34 9 3 % 1 0 0
9 9%
100
42
93
89%
89%
2
85
89%
89%
2
85
M a y ’ 18
90
85
__
M a r ’ 18
85%
85
9 9%
22
93% 99%
M a y ’ 13
93% 98%
80%
81
21
70
J u ly ’ 17
A p r ’ 18
94% 97%
N o v ’ IV
M a y ’ 18 _____
9 4 % 90
M a y ’ lS
100%
105
S e p t ’ 17
A p r ’ 18
104% 107%
100%
1 10 0 % 1 0 1 %
D e c ’ 17
M a y ’ 18
52
44

M n r ’ 18 _____

80
80
73%
85%
74%
84
85
91%
78
78
85
99%
80%
78
95%
85
1 29 %
70
116
105
99%
86%
90%
70%
92%
78%
80
1 12
83%

81%
30
A p r ’ 18
M a y ’ 18
N o v ’ 17
74%
3
84
15
86
23
O o t ’ 17
A u g ’ 17
78
1
M a y ’ 18 _____
J u ly ’ 17
80%
4
M a y ’ IS ___
9 5%
2
S o p t ’ 17
Aug T 5
71%
8
J u l y '17
J u l y '16
M a y ’ 18
87
3
S e p t '17
77%
34
M a r ’ 17
7 9%
27
80%
15
J a n '1 2
M a y ’ lS

83
1 00
95%
1 01 %
99%
88
99%
99
99%
97
103 %
101
103%
91%
84
97%
90
78
00
97%
104%
90
1 02 %

1

83
A p r ’ 17
A p r ’ 18
N o v ’ lC
O o t ’ 17
M a y ’ lS
M a r ’ 18
M a r ’ IS
O c t ’ 17
N o v ’ It
F o b ’ 1C
M a y ’ lS
A p r ’ IS
91%
D o c ’ 17
M a y ’ lS
M a y ’ 18
A u g '1 7
M a y ’ lS
J u n e ’ 17
A p r ’ 17
A u g ’ 17
102%
10 2
M a y ’ 18
99
M a y '1 8
1 00
A p r ’ 18
1 00 % J a n ’ 13
05
M a r ’ 18
88
88%
90%
9 7%
1 0 4 % J a n ’ 17

•No prise Friday: latest this week, a D im Jan. d Duo April,




e

O h lc A A l t o n R R r o f g 3 s . . . 194 9
Railway 1 st lien 3 X a ........... 1 95 0
C h i c a g o B u r li n g t o n & Q u in c y
D e n v e r D l v 4 s _____________ 192 2 F
J
I ll in o i s D l v 4 e ______________ 1 94 9 J
A
S in k in g fu n d 4 s _________ 1919 A

-A
- J
- J
- O
- O

N e b r a s k a E x t e n s i o n 4 s ___ 1 92 7 M - N
V 3 -N
G e n e r a l 4 s ___________________ 1 9 5 8 Itt- S
O h io A E 111 r e f A I m p 4 s g . . l 9 5 5 J - J

F u r c h m o n e y 1st c o a l 5 s . . 1 94 2 F - A
J ‘ J
C h i c a g o G r o a t W e s t 1st 4 s . . 195 9 M - S
C h l o I n d A L o u ls v — R e f 0 S .1 9 4 7 J - J
J " J
J - J
J - J

- j
Q - J
J -D
G e n A r e f S e r A 4 % s ____ a 2 0 l4 A - O
G e n r e f c o n v S e r B 5 s ___ a 2 0 1 4 F - A
J - J
G e n e r a l 4 U s S e rie s C . . . e l 9 8 9 J - J
2 5 - y e a r d e b e n t u r e 4 s ______ 193 4 J - 3
C o n v e r t i b l e 4 X s __________ 1932 3 - D
C h i c A I. S u p D l v g 5 s ___ 1921 J - 3
C h l o A M o R l v D l v 5 a . . .1 9 2 6 J - J
C h l o A P VV l e t g 5 s ______ 1921 J - J
C M 4 P u g e t S d 1 st g u 4 S .1 9 4 9 J - J
D u b u ij u e D l v 1 st s f 6 s . . . 1 9 2 0 J - J
J * J
L a C r o s s e 4 D l e t fis
. . 19 19 j - J
W I s 4 M i n n D l v g 5 s ____ 1921 J - J
W Is V a ll e y D l v 1 st 0 s ____ 1 92 0 J - J
M l l w 4 N o 1st e x t 4 H S . .1 9 3 4 J - D
C o n s e x t e n d e d 4 H e _____1934 J - D
O h io 4 N o r W e s t E x 4 i 1 8 8 0 -1 9 2 6 F - A
R e g is t e r e d ........... .. . 1 8 8 6 -1 9 2 0 F - A
G e n e r a l g o ld 3 X 3 __ __
m s7 M - N
Q - F
S t a m p e d -Is.......................... 198 7 M - N
M - N
A - O

S in k in g fu n d 6 s ______ 1 8 7 9 Q 9 2 9

D eb en tu re 6 s .

A -O
. 10 21 A - O
A -O

R e g i s t e r e d _______________ J933 M - N
M- S
F r e m E lk 4 M o V 1 s t 0 s ._ 1933 A - C
M a n G B 4 N W 1 st 3 X 8 .1 9 4 1 J - J

85%
80 '
70

71%
81%
82

78
87
87%

M i c h D l v 1 st g o ld 0 s I I 1924 J - J
M i l S p a r 4 N W 1st g u 4 s 1947 M - S
J - J

77
79

80%
85

R e g i s t e r e d __________
198 8 j - j
A -O
R e f u n d i n g g o ld 4 s _____ . . 1 9 3 4

80%
75
95%

84%
82%
95%

R 1 A r k 4 L o u ts 1 s t 4 % s . . 1934 M - S
B u r l O R 4 N -— 1 st g 6 s
1934 A - O
C I t I F 4 N W 1st g o 6*
1921 A - O

70

73%

M -N
C o n s o l g o l d 6 s _________ 195 2
K e o k 4 I ) e s M o l n e e 1 st 6 8 .1 9 2 3 A - O
S t P a u l 4 K O 8 h L 1 st 4 X s ’ 41 F - A

99
85%

99%
89%

C o n s 6s red u oed to 3 X 8 1 9 3 0 J - D
1 93 0 M - S
D e b e n t u r e 6 s ______

.

E x t 4 Im p s f g o ld 5s

M- S
1929 F - A

82
72
81

83%
70
85

....

95%

95%

_____
_____

88
99%
99

88
99%
99%

101
1 03
99% 103%
80% 91%

_____

00%
87%

97%
00

_____

90

90

2 100
104
102
1 04
_____
98% 99%
100
100
05
80
95

Due May

05
88%
1 00 %
0

S t P 4 8 C i t y 1 st g O s. , I ' l 9 1 9

A -O

C h lo T H 4 S o -E a s t 1st 5 s ’ I9 6 0 J - D
O h io 4 W e s t I n d g e n g 0 s . . #1932 Q - M
J - J
J
J
J - J
J - J
J -D
J - J
j - j
M- N
M- 5
j - j
M -N
Q - F
Q - F
J - J
J - J
A -O
Q - j
P e o ria 4 E a s t 1st c o n s 4 s . 1940 A - O
Apr
C le v e S h o r tL ls t g u 4 X S ---1 9 0 1 A - O
F -A
M -N
F t W 4 D e n O 1 st g 0 S .. . 1 9 2 1 J - D
A -O
j - -•
D e l L a c k 4 W estern —
M o r r is 4 E s s 1st g u S X a -2 0 0 0 J - D
J - J
C o n s t r u c t i o n 5 s _________ 1933 F - A
T e r m 4 I m p r o v e i s _____1 92 3 M - N
F - A
2 0 - y e a r d e b 4 X s .................I l 9 3 1

D im Jon*. A Due July, ft D m Aw .

0

No

Low

2

78

9
105

65%
70

75%
82%

F e b '1 5
M a y ’ 18
M a y ’ lS _____

50
35%

52
47%

97%
73
82
97

997*
76
87%
9912
97

91%

94%

80
25

84%
30
29

N o v ’ 10
F o b '1 6
J a n ’ 13
N o v ’ 17
O c t '1 7

9 9 % A p r ’ 18 _____
737*
737*
2
11
82%
83%
98
M a y ’ 18
97
J a n ' ’ 18

70
76
_____
61
97%
10
_____
32
5 ? % 58% 58
9 9 % 105
99%
85
07% 100%

F e b ’ 18 _____
J u ly '1 7
F e b 13
M a r ’ 17
9
58%
99-3*
1
A p r ’ 17

78

72
75
_____ ___
79
SO
6 7 % S a le
76
79
--------- 717*
8 0 % _____
6 6% 73
73
75
9 5 % ....
8 5 % _____
96% 97
--------- 747*
9 /% 106%
9 8 % 1 08
9 6 % 1 03 %
9 5 % 99
97*2 . . . . .
85
_____
8 1 14 . . . .
8 8 14 . . . .
*85
_
70
71%

71
F e b ’ 16
79%
687*
77
A u g ’ 17
A p r ’ 18
M a y ’ 18
757*
Jan T 8
F e b ’ 18
M a y ’ 18
D e o ’ 17
M a y ’ lS

98
96
977*
85
81%
89
86%
71
81%
8 0% s a le
80%
---------8 3
81
_____
100
997*
---------1 0 3 %
104
109%
94% 100
104
9 2 % _____ 1 0 3 %
96
1 02
95%
91
97
100
93% 95% 97
95% 97
94%
7 7 % _____ 1 0 1 %
1 0 4 % _____ 1 05
53
_
88

J a n ’ 18
M a y ’ 18
M a y '1 8
A p r ’ 18
F e b ’ 18
J a n '1 8
O ct T 7
M a y ’ 18
O e t ’ 16
82%
M a y ’ 18
M a y ’ 18
M a y ’ 18
A p r '1 6
S e p t ’ 17
A p r ’ 16
M a y ’ 18
J a n '1 8
M a y '1 8
M a y ’ 18
O c t ’ 16
A p r '1 8
J a n ’ 17

_____ 1011* M a y ’ 18
.
98
'98
_____ 1117* r )e n 'I S
_____ 1 0 2 % M a y ’ 18
7 8 % 7 6 % M a y ’ lS
95
93
'93
74%

74%
71%
67%
70
6 6 % S a lo
66%
87
96
96
9 2 % 1 00
97%
97
_____
97
90
92
93
5 5 % 61
60
66
68
68
1 05 % 1 06 % 1 0 6 %
8 4 % S a lo
81%
91
_____
907*
1 0 0 % _____ 1 18
100% 102
100%
6 7 % S a le

_____
58
1 0 2 % 1 05
657* g a i a

82
103%
657*
90
88
96
62%

--------- 9 6
6 3 % S a le
73% 76% 75 12
75
85
80
6 1 % 8 1 % 837*
62
6 4 % 62
6 8 % _____
64
6 8 % _____
73%
63
_____
84
99
101
102%
7 5 % _____
87
88%
88
_____ 1 02 %
104
105
107%
6 7 % _____
94
5 1 % S a lo
13
18
8 6 % S a le
85
86%
7 1 % S a le
96% 97%
84
_____
______9 4

98

10 1

70

70

54
98

60%
100%

70
N o v ’ 16
9 fli2 J a n ’ 17
9 7 % D e o ’ 16
71
92%
79%
67%
77
72%
80%
70
747*
97
94
97%
79
99%

io i’ %
98
102%
1 02
75
93

High

72

85%
96%
_____
843^
81% 73
82 ’
71
_____
93% 113%
52
52
42
41

92

cq

91%
5
M a r ’ IS
M a y ’ 18
M a y ’ 18 _____
28%
12
M a y ’ 18

73

78%

78

Rang*
Since
Jan. 1 .

^ 3

91%
91
81%
2778
28%
100

71

j

High
75%
80%

J -D
C h i c a g o M i lw a u k e e 4 S t P a u l—
G o n ’ l g o ld 4 s S e rie s A ___ < 1989

78

24=29
bon d s.

8 6 % M a r '1 7

75
79%

9 9 % 101
7 3 % 737*
82% 84
_____
99
9 7 % ______
91%

Week’ s
Range or
Last Sale

Ask Low
79
77%
75%
S a le
78
_____

81% 83
28
32
28
30
---------1 0 0
1 st c o n s o l g o ld 0 s __________ 183 4 A - C
--------- 8 4 %
M- N
* --------- 7 4
U S M tg A T r C o ctfs o f d ep

80
80
71%

80%
83%

7

Bid

59

70

0

Price
Friday
June 7

78
VI- B
VI- fe * _____
75%
f -A
A -O
80
J -D
66%
*65
J -D
J - J
J - J *63
73%
J " J
62
3 - 3
05%
M- N
M - S _____
50%
A -O
41
J - J

55

70%
80

2

3 fe
5 a.

in te r e s t a n d d e fa u lte d

747*
M a y '1 8
677*
M a y ’ lS
67%
F e b ’ 18
J u n e '1 7
M a y ’ 18
M a y ’ 18
M a y ’ 18
M a y '1 8
M a y ’ lS
84%
M a y '1 8
N o v ’ 10
A p r '1 8

71

79

1
28
1

7 fll«
64%
76

82
70
80

_____
_____
45
—
—
—
....
....

80%
66%
71%
97
94
95%

84%
74
78
97
94
98%

99%

99%

_____
_____
_____
_____
____
_____

98
96
97%
35
81%
89

98
96
077*
85
81%
89

70

73%

6
81 °
_____

___ _

1 04

95

iOO
_____
_____

94%
101

81
104

96%
1 00
94%
105

i

in n s* 1 0 2 %
98
98

1

1 02% 102%
7 3 i2 76%
93
93

7

30
23

5

71%
62%

7 i%
68%

62
90

67%
96

93
57
59

93
60
69

81%
85%

85%
907*

10 0 1* 16 0 %
95
J a n ’ 17
M a y ’ 18
1 03 % 104
00
2
66%
04
M a y ’ 17
M a r’ l l
J a n ‘ 17
03%
4
M a y '1 8
65% 75%
A p r ’ 18
80
80
M a r ’ 17
M a y ’ 18
65
62
M a y ’ lS _____
63
66
J u n e ’ 17
N o v ’ 10
O ct T 7
D e o ’ 17
M a y ’ 15
J a n ’ 17
A u g '1 7
J u ly ’08

5 1 34
5 1 34
13
M a y ’ 18
86%
86%
847*
85
71
72
9812 M a y ’ 18
94

2

1
1
3
20

46
1 2%
85
8 ‘2-Ti
no
90

51%
13
90
8GU
73

98%

F e b ’ ie

73
7 9 % 7 5 % A p r ’ 18 _____
1 0 1 % _____ 1 0 1 % M a y ’ lS
9 5 7 * _____
957* A p r '1 8 . . . .
9 0 % ______ 9 3 % J a n T 8 _____
102% F e b ’ 08

Due Oet. p D m N ov. < Due Dee.

73% 7 5 %
100% 102%
957* 9 8
93% 93%

Option sale

BONDS
N . Y . STOCK EXCH AN G E
W e e k e n d in g J u n e 7

Price

W e s t 's

Friday

Range or
Lati Sale

June 7

J - J

M -N
A -O
A -O
M -N
J - J
J - J
J -D

P - A
J -f»

High

No.' Low High
9 3 14 94
8 0 '2 86i 2
8 5 l2 90
71
76

A r t Low

933s
82%
86%
7 2 i2

69 Sale
71
73
72
77
5 1l2 533s
_____ 95

J - J
J
J
A
J
J

- J
- J
-O
-D
D

M -N
J - J
A -O
A O
J - J

M -N
M- S

M -N
M- S
M- S

A -O
.1
M
J
J
J

-D
- S
- J
J
- J

J

J

F - A

A -O
A -O
A -O

M -N
J
J
J
A

- J
- J
- i
-O

M -N
J - J
M -N
J - J
F - A

P - A
M -N
A -O
J -D
J - J
J
J
A -O

65
50
* 7 6 % _____
9634 Sale
94 100%
: : : :
8812
10012
80
96U
96
95U

*87**
95
101
_____
-------_____
--------

1 0 0 ) 8 _____

68

6 7 l2

54% Sale
78
79ia
4 7 i2 4 8 i2
4714 43%
52-">s Sale
93
98
83 i2 -------_____ 100
96
10378
107 _____
"so"
88
80
_____
_____
7712
76
62

m i
-------85
62
62
_____
-------74

'90" I I
5 0 i2 --------

A O
A -O
J -D
J - J

J - J
A -O
J - J
Q - J
1 - J
J - J
J - J
J - J
J - J
J - J
J - J
J -D
J -D
J - J

A -O
J - l
J - I
J - J
J - J
J -D
F eb
F eb
J - J
J - J
J - J
A O

P - A
J - i
J - J
J J

75U

9 2 12

_____ 88
93% Sale
" 8 7 " ”9514
“ 3" : : : :
IO S '8 1 1 3

9 9 1 3 -------9312 95
8 5 !s » 9
8 3 ls 86
84
89
8OI4 8612
101
105i2 -------94-78 _____
9 3 1 4 _____
_____ 7 9 i2
712

9 t8

74 R 77
_____ 83
7 0i2 8 7 i2
7 0 ) 2 -------....
95
83
95
60
93
73
90
63
81
6 2 58 _____
6258 -------

63
60
71 M a y ’ 18
7 4 i2 M a y ’ 18
5512 M a y ’ 18
37
Aug ’ 17
61% A p r ’ 41
30 J u l y '1 7
66 M a y ’ 18
55 M a y ’ 18
82
U oo ’ 16
75 i2 J u l y ’ 16
77 M a y ’ 18
9634
9334
9 7 M a y ’ 18
105i2 M ar ’ 03
87
M a r ’ 18
104 Jan '1
101 M a y ’ 18
73 A p r '1 8
96 is M a r ’ IS
931s Jan '1 8
9012 Ju ly '1 7
9434 N o v ’ 15
10 7 i2 D e o ’ 16
6012
6 6 i2
84 D e o ’ 16
5 1 l2
51%
73 J u u e ’ 16
73
78
4 7 12
4 7 i2
47%
48
5338
52'*8
93
93
1067S Jan ’ 17
100 M a y ’ 18
10334 A u g ’ 17
l lO ij N o v ’ 17
103 Jan ’ 18
1021a J u ly ’ 17
85 Jan ’ 18
7434 M a y ’ 18
100U D eo ’ 08
61
A p r ’ 18
103 Jan ’ 17
103 Jan 17
02
F eb ’ 18
2 3 i2 Jan ’ 17
97
N o v ’ 17
85% June’ 17
103
N o v ’ 11
95 Jun e’ 12
81 M a y ’ IS
92
A u g ’ 10
5612 O ct ’ 17
8 5 i2 J u u e’ 10
9 3 14
9334
927g M a y ’ 13
86%
8G7g
96 Jun o’ 16
89 i2 A p r ’ 18
108 A p r ’ 18
113 A p r ’ 17
9 3 i2 M a y ’ IS
10212 M a y ’ 16
85 A p r ’ IS
9512 M a r ’ 16
8 5 ‘ 2 N o v ’ 15
8 0 is D e c ’ 17
100U M a y ’ 18
113 J u n e’ 17
136U M a y ’ 00
93t2 A p r '1 8
109 )4 Aug ’ 16
6 0 3_t D eo ’ 18
83g M a y ’ 18
77 M a y ’ 18
75
75
9812 Jan ’ 14
82U A u g ’ 17
75
Feb ’ 13
90is A p r ’ 17
9314
931.1
92
S ep t’ 17
7818 D eo ’ 17
81
N o v ’ 15
80 Juue’ 17
80

M- 3
A - O
A -O
M- N
J - J
M -N
M -N
J -D
J - J
J - J
J - J
P - A
P
A
J - J
J - J
J - J

5314
57
65t2
63

J - J
P - A

*72*12

75
6.514
775s

61%
7 4 i2
70
713s

5 6 14
68
955s

P - A

i -D
M - 3
J -D
I -D
J D

93
"63*14

73

775s
9514
*70*14 79t2
71
75
75
75
72
84
80
79
05%
83
102
58%
62
68
8 3 U 63
SO
79tg 805s
7834 79
, 92
1117%
90
97
------114
90
I
"

23

W e e k en din g J u n e 7

69
71
76i4
56

6 3 12
50

67 i2
55

2 0 -y ea r p m d u b 5 s l

73
9634
97

7712
9 7 i2
97

N Y A R B 1st g o ld 5 s.

P arry g old 4 <4a . I

‘82 * * 8 7 *
10*0* * 101* "
78 178
96'8 96is
93)2 95

65

69

4912

57U

75"li *79**
42
49tg
4212 4914
4812 50
8734 93

9S12 100
103 103
85
75
01

61

62

62

92

943s

9134

9314

86ls

8912

86i2 90
108 103

93*2 95
81*12 '85 ‘
100'4 100%
9258

9312

7
9 ig
7 6 i2 83
75
78
67<2

75

87

95

72ia 78R
78*%
70
74
72

*83* "
71
7612
72

64>8

71

58%

5314

62
61

62
63

79

J -O

J -o
J - o
M- S

J - J
M -N
i -D
A
A
J
J

-O
-O
- I
- J

I - J
J
A
J
J
M
M

- J
-O
- J
- J
-N
-N

88
88
03ii 90
7 0 18 N o v ’ 17
65
N o v ’ 17
89
F e b ’ 13
7412 98
89
A p r '1 7
9 3 1 2 96
9312 M a y ’ 18
77% 85
8 2 i2 J u n o’ 17
5812 62l2 59 A p r ’ 18
63 O o t ’ 09
7914 Sale
79U
79U
76 Sale
70
7612
85
M a r ’ IS
73 '2 88
_____ 80
80*8 F e b ’ 17
_____ 85
89U M a r ’ 17
8 5 's 9434 85 A p r ’ 18
83% 93
89
O ot ’ 17
78
A p r '1 8
7 7 i2 78
88 101U 87 A p r ’ 18

L ex A East Is* >0-yr 5a gu 1965
L A N A M A M 1st g 4 H s 1915
L A N -S ou th M Jolut 4a .1 9 5 2
R e g is t e r e d ......................*1952
N Fla A S 1st gu g 5 s .......... 1937
N A C Btlge gen gu g 4 44s.1 9 4 5
Ponsao A A tl l e t g u g 0 e . .l 9 2 1
8 A N A la oon.s gu g 5 e . . _ 1938
G en c o o s gu 5 0 -y ea r 53.1983
L A J eff B d ge C o gu g 4 a . ..1 9 4 5
M a n ila R R — S ou llnea 4 8 ...1 9 3 0
M e x Internat 1st cone g 4 3 ..1 9 7 7
S tam ped g u aran teed______ 1977
M id la n d T erm — let a f g 5a. 1925
M in neapolis A S t L ou is—
1st g old 7 s ....... ................
1927
P a olfio E x t 1st g old 8.1_____ 1921
1st con sol gold 5a................. 1934
lat A refunding g old 4a . .. 1 9 4 9
R e f A ext 5 0 -y r 5a Her A . . 1982
Dea M A F t D lat gu 4 a ..1 9 3 5
Iow a C en tral 1st guld 5 s . . 1938
R efund ing gold 4 s______ 1951
M 3 t P A S S M o o n g 4s Intgu 1933
1st C h ic T erm a f 4 s ______ 1941
M S S M A A lat g 4s Int g u . ’ 2S
M ississippi C en tral le t 5a . .1 9 4 9
M issou ri K ansas A T e x a s—
1st g old 4 a . . ...........
1990
2d g old 4 s _____ __________ (/I090
lat o x t g old 5a................
1944
la t A refunding 4 « . . . .
2004
T r u s t C o certfa o f d o p ____
G en sinking fund 4 4 4 a ... 1936
St L ou is D lv lat ref g 4a. .2 0 0 1
5 % secured notea ‘ ‘ e x t ’ ” 10
D a li A W a co 1st gu g 5 a . . 1940
K au C ity A Pao lat g 4s. .1 9 9 0
M o K A E 1st gu g 5a____ 1942
M K A O kla lat guar 5 a . . 1942
M K A T o f T lat gu g 5 s . 1942
8 her 3h A S o t.at gu g 5 a ..1 9 4 2
T ex a s A O kla lat gu g 5s . 1943
M issouri P aolfio (reorg C o )
la t A refu nding 5 a _______1965
1st A refunding 5a _______1923
1st A refu nding 5 a _______1928
G eneral 4 a ............... .......................
M issouri P ac 1st eons g 6 a . .l 9 2 0
4 0 year g >|d loan 4 s .............1915
3d 7s extended a t 4 % ____1938
B o o n v S t L A S lat 5s g u .1 9 5 1
C a nt B r U P 1st « 4a.......... 1943
Pao R of M o lat ext g 4 a . . 1938
2d extended g old 5 a ____ 1933
St L Ir M A 3 gen eon g 5s. 1931
G en eon stam p gu g 5 s . . 1931
U nified A ref gold 4a
1929
R e g is t e r e d .....................1029
R lv A G D lv la t g 4 s ___1933
Vord! V I A tv 1st g 5a ..1 9 2 3
M o b A O h io now gold 6s
1937
1st ext g old 6s ............
31927

79

J -D
A -O
M- N
IVI • 8
q
f
j

j

J
M
J
M
J
J

-D
- S
J
- N
• J
- J

J
F
M
M

-D
- A
-N
- S

J * J
A - O
\i-~N
V - A
A -O
M -N
V I- 5
J - O
M 5

.. ..
..

--

M -N
M H
M- N
F - A
J D
F
A
I - J
A O
A -O
J - J
J
J
M -N
M - 8
J -D
Q
J
M S
F - A
J -D
J - J
A -O
J ■ J
J - J
A - O
J - J
A O
J - J
J
D
A -O
M -N
F
A
A - C

Aik Low

IO U 4 1 0 2 % 1 02
_____ 1 08
113
100
967g 1 0 0
105
"80%
87
93%
8433
86

. . . .

9 0 12
87
95U
95

71
78
_____
97
74
S a le
7414 8 5
9 5 " m
i
95
10 0

95
94%
85%
90
99%
89
97
74
74%
95
103%
92%
1 00
90
109%
94%

82
93 U
8 5 ‘ 2 871 2
10634 11234
9 7 % 10934
88
83
8 6 )3
*83
851 2 9038
_____ 9 9
99
____ 1 0 3 %
10 0 1s
9018 9434 8 7
108
10 2
112
9 3 78 . _
104%
75
8018 9 0 %
l O O U _____ 1 0 0 %
5 0 U 5314 5 8 %
77U 82
77%
96-34 _____ 1 0 8 3 4
1 0 1 > 4 _____ 1 05 %
73
7 -II3 77
9 23s 913 8 9 6
8 3 U 0134 9 4
6 7 14 81-38 6 7 %
95
'9 5 3 4 101*34 96-14
8238 _____
97?8
1003S 10.812 1 0 2 %
9 !)
001.4 1 0 0
9
3%
831.1 1 0 2 U
79
5 8 7s _____

l

^

Range
Since
Jan. 1 .

High N o. Low

M a r ’ IS _____
M a r ’ 17
M a r ’ 18 _____
O o t ’ 13

1 02

High
102

9 6 % 101

A p r ’ 17
A p r ’ 18
J u n e ’ 16
F e b ’ 17
J u l y ’ 17
O ot ’ 06
M a y ’ 17
J a n ’ 18
74
75
Jan ’ l l
A p r ’ 18
A p r ’ 18
A u g ’ 16
M a r ’ 18
M a y ’ 18
A p r ’ 18

_____
_____

* 1
4

---_____

5

86

J a n ’ 17
M a r ’ IS
J u l y ’ 17
A p r ’ 18
A u g ’ 17
F o b ’ 17
A p r ’ 12
J a n ’ 18
M a r ’ 18
M a y ’ 18
J a n ’ 17
A u g ’ 17
M a y ’ 18
M a y ’ 18
A u g ’ 17
A p r ’ IS
F eb ’05
J a n ’ 18
M a y ’ 16
F e b ’ 18
A p r ’ 18
J a u ’ is|
A p r ’ 17,

913 4
-- - -

95

97

97

72
73

76
79%

92% 9 2%
. .
_____
87%
90
109*4
1 09
93-% 9 4 %
83
88%

....

99

99

____

87

87

____
_____
_____

10 0 % 10 0 %

58
74

58%
79

_____
_____

73
91%

74
96

____

67%

07%

....

90%

963 4

_____
....
_____

10 2 % 10 2 %

.....

. . . .

09
93%

99
3%
. . . .

77
M a r* 10
75
N o v ’ 10
9 1 % J u n e ’ 17
101
_____ 1 0 4
_____________ 1 0 3
7 3 i 2 79">8 7 8
48
46
S a le
41
47
48
00
80
84-’ 4 8 1
4 3 'a 441.1 4 3 %
8 4 i 2 S a le
81%
92
85%
8 9 > 4 _____
_____ 9 U 2
05

104
F e b ’ 18
1 04
__ .
o o t ’ 18 _____
1 " fi"
79%
78
8
46
40
41
A p r ’ 18 _____
40
40
F e b ’ 15
..
M a y ’ 18
7 5 % 81
5
4 4 i3
40% 40%
5
84%
83% 86%
J a n ’ 17
N o v ’ 17 ____
D e o ’ 18

69
31
_____
40
40
2 3 12
______
30

03
3212
3 2 58
43%
42
27
40

M a y ’ 18
M a y ’ 18
N o v ’ 17
M a y ’ 18
M a y ’ 18
27%
N o v ’ 18

69%
58
30
55%
50%
61
40

Apr
Jau
Apr
D eo
Apr
D ec
Jan

62
35
32
44
4712
27
10
40

_____
65
3GU 5 0
55% 87
5212 5 4
_____ 6 0
-------- 5 0
8 U 2 85
9 0 s 01
8 7 i2 88
58
S a le
9 8 % 99%

*7 1 % m i
79
81
0 2 58 S a le

74%
70

7 5%
S a le

101
102%
95
_____
6 0 % _____
82% 91%
87% 92
71% 85
0 7 38 _____
9 3 % 1 03 %
_____ 3 0
21

_____

*63 “ " o f "
93
SalO
47
S a lo

82
9034
88
6734
99
60
82
100
97%
78%
100%
92%
102
74%
8 0 7x
69%
78
101%
95
65%
93
90
77
977g
110%
30
35
907g
30
03
93
47

’ 17
’ 18
’ 18
’ 17
’ 18
’ 10
’ 18

M a y ’ 18
90%
88
58%
99
J u l y ’ 17
A p r ’ 17
F e b ’ 13
D e e ’ 13
A p r ’ 18
A p r ’ 18
92%
J u l y ’ 14
75%
O o t ’ 17
70
S e p t ’ 15
M a r ’ IS
M a y ’ 18
A p r ’ 18
J u l y ’ 17
A u g ’ 17
D e o ’ 17
09%
M a r ’ 17
M a y ’ 17
A u g ’ 16
F e b ’ 13
O c t ’ 16
M a y ’ 18
93
47%

....
____
_____
“

"6

60%
28

64%
35

*4*0* * *4*5*
42
41
34
27

____
____

68
36

____

49

56%

. . .

40

40

134
10

79
90
86%
5 .Vs
O8 I2

80
92
90
5934
99%

____

78%

80

....
1

5

..

90%

.
13
1

____
....
....

58
37

95%

_____

72%

70

6 6 i2

71

10 1% 10 1%

92
05%

_

95
65%

_____
4

*’ * i
17

9 7 % 101

60
92
40

01
94%
4 9 78

9 13s S a le
7334 7 5
82
S a le

9378
95
247
75
M a y ’ 18 ____
15
82
83

91%
71%
80

04%
75
85

70
69
78%

72
713.x
80

____
....
7

70
70
7434

74%
71%
81

61

65%

71%
71%
80
92
6 4 )2
01
03%
75

____
____
____

01
61
62%

65%
01

7912

7912

N a w Y ork C a n t A H u d R lv —

80

91

■77" III.

80

80

Due Jan.

A -O
A - O
J - J
J - J
J - J
M- S
M- S
y - j
q - j
J -D
VI - 8
1 -D
M- 8
J -D
M -N
M - S
M- S
A - O
M- S
Q - J
M- S
J -D
M -N
J - J
J - J
M -N
J - D
M- N
J - J
J - J
F - A
M- S
M- 8
M -N
J -O
M - S
J - J
A -O
M- S
J - J
q - j
F - A
J - J
F - A
F - A
A -O
!Yt- S
M -N
M- 5
M - S
J - O

Week'i
Range or
Lait Sale

N ew Y ork C en tral R R — *

*83*“ Safe*

a

Price
Friday
June 7
Bid

6 0 i2
03
72
43 U

J u ly ’00
A p r ’ 18
S ep t' 12
7912
M a y ’ 18
75
F ob '1 8
A p r ’ 17
F eb ’ 14
M a y ’ 18
A u g ’ 12
Ju n e’ 18
A p r ’ 18
M a r ’ IS
A p r ’ 13
J u a e’ 10
N o v ’ 16
M a r ’ 18
N o v ’ 10
M a y ’ 10
Jan ’ 17
M a r ’ IS
Feb ’ l l
O c t ’ 09

J l

BONDS
N . Y . STOC K E X C H A N G E

J
J
M
M
P
1V
! P
1F
1J
1J
1J
1J
1J
\

• J
- J
-N
-N
- A
■A
A
- A
- D
- J
- J
- J
- J
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J- D
! J - D
: m - s
1 r - A
| (VI - N
1A O

J -D

No price Friday; latest bid and asked this weak,




Range
Since
Jan. 1.

94 A p r ’ 18
97
33
8 2 i2
8 2 l2
S358
831a 835s
72 M a y ’ 18
75
1 0 1 3 a -------- 11278 D eo '1 8

BUS
D e la w a r e A H u d s o n —
1 s t lie n e q u ip g 4 H is........... 1 9 2 2
1 s t * r e f 4 s ................................. 1 94 3
2 0 - y e a r c o n v 6 a .......................193.5
A l b A 8 u a q o o n v 3 14 s ____ 1 94 8
R e n a s A S a r a t o g a 1 st 7 s . . 1921
D e n v e r & R io G ra n d e—
1 s t c o n s g 4 s _______________ 1 9 3 6
C o n s o l g o l d 4 ^ 8 ............... . . 1 9 3 0
I m p r o v e m e n t g o l d 5 s ____ 1 92 3
1 st * r e f u n d i n g 5 s . . . ___ 195 5
R io G r J u n o 1 st g u g 5 s . . . 193 9
R i o G r S o u 1 st g o ld 4 s . . . 191 9
'
G u a r a n t e e d ______________ 1 94 0
R i o G r W e s t 1 s t g o ld 4 s . . l 9 3 9
M t g e A c o l l t r u s t 4 s A . . 194 9
D a t A M a o k — t a t lie n g 4 a . . 1 9 9 5
G o l d 4 s .........................................1 9 9 5
D e t U l v T u n — T o r T n n 4 V*s 1 93 1
D u l M ls s a b t i A N o r g e n 5 s . . 1941
D u ! A I r o n R a n g ) 1 st 5 s . . . . 1 9 3 7
R e g i s t e r e d .....................
1 93 7
D u l S ou S h ore A A tl g 5s ...1 9 3 7
E l g l o J o li e t * E a s t 1 st g 5 s . 1941
E r ie 1 s t c o n s o l g o l d 7 s _______ 1 92 0
N Y A E r ie 1 st e x t g 4 s . . . 1 9 4 7
3 d e x t g o ld 5 s . . ..................1919
3 d e x t g o l d 4 V 4 s ................. 192 3
i t h e x t g o l d 5 s ___________192 0
5 t h e x t g o l d 4 s __________ 1 92 8
N Y L E A W 1 st « fd 7 a ._ 192 0
E r ie 1 st c o n s g 4 s p r io r ___ 199 6
R e g i s t e r e d . . . .............. ........ 1 99 0
1 st c o n s o l g e n Hen g 4 s . 199 8
R e g i s t e r e d ...................... 1 9 9 0
P e n n c o l l t r u s t g o ld 4 s . . 1951
5 0 -y e a r c o u v 4 s S e r ie s A 1953
do
S e r ie s U _______ 195 3
G e n o o u v 4 s S e r ie s D ___ 1 95 3
O h io A E r ie 1 s t g o l d 5 s . . . 1 9 3 2
O le v A M a h o n V a il ( 5 s . . 1 9 3 8
E r ie A J e r s e y 1 s t s f 8 s . . . 1955
G e n o a a e e R i v e r 1 st s f 6 s . . 195 7
r.o n g D o c k c o n s o l g 0 s ___ 1 93 5
C o a l A R R 1 st c u r g u 6 s . 1 92 2
fl o c k A Ira p t 1st e x t 5 s . .1 9 4 3
51 Y A G r e e n L g u g 5 s . . 194 6
S Y S u a q A W 1 st r e f 5 s . 193 7
2 d g o ld 4 4 4 s . ....................... 193 7
G e n e r a l g o l d 5 s _________ 194 0
T e r m in a l 1st g o ld 5 s . . . 1 9 4 3
M i d o f N J 1st e x t 5 s ____ 194 0
W ilk A E a s t 1 s t g u g 5 s . . 194 2
E v A f n d 1 st c o n s g u g 6 s ___ 1 92 8
Q v a u s v A T H 1 st c o n s 6 1 . . 1921
1 st g e n e r a l g o l d 5 s ................1942
M t V e r n o n 1 st g o ld 6 a . . . 192 3
•hill C o B r a n c h 1 st g 5 s . . . 193 0
F lo r id a E C o a s t 1 st 4 4 4 s . . . 195 9
P o r i S t U D C o 1 s t g 4 4 4 9 - . 1941
F t W o r t h A R i o O r ta t g t j . 1923
O a l v H o u s A H e n 1st 5 s _____193 3
G r e a t N o r C B A Q c o l l 4 s . . 1921
R e g is t e r e d .......................... * 1 9 2 1
£331s t A r e f 4 44s S e r ie s A . . . 1 9 8 1
R e g i s t e r e d _________
1981
S t P a u l M A M a n 4 s ...........1933
1 st c o n s o l g o l d 8 s ..............1933
R e g i s t e r e d ...................... 193 3
R e d u o e d t o g o l d 4 44s. 1933
R e g i s t e r e d ................. 1933
M o n t e x t 1 st g o l d 4 s . . . 1 9 3 7
R e g i s t e r e d ................193 7
P a o lfio e x t g u a r 4 s C . . . 1 9 4 0
C M l n o N o r D t v 1st ? 4 s . 1948
M in n U n io n 1 s t g 6 a ______ 1922
M o n t O 1 st g u g 6 s _______ 1937
R e g i s t e r e d _________ 1 93 7
1 st g u a r g o l d 5 s ______ 193 7
W i ll A S P 1 s t g o ld 5 s . . 1933
G r e e n B a y A W d e b o t f s " A " _____
D e b e n t u r e o t f s " B ” _____________
G u l f A 3 I 1 st r e f A t g o s . . 6 1 9 5 2
H o o k in g V a ! 1 st c o n s g 4 4 4 s . 1 99 9
R e g is t e r e d .......................... . . 1 9 9 9
C o l A H V 1 st e x t g 4 s . . . 1943
C o l A T o l 1st e x t 4 s ........... 1953
H o u s t o n B e lt A T e r m 1 st 5 3 .1 9 3 7
I ll in o i s C e n t r a l 1 s t g o ld 4s . 1 9 5 1
m is t e r e d ................................. 1951
: s t g o ld 3 4 4 s ............................. 1951
R e g i s t e r e d ................ ........... 1951
SCxtouded 1st g o l d 3 4 4 s . . . 1 9 5 1
R e g i s t e r e d ............................1951
1st g o ld 3 s s t e r l i n g . . . . . 1 9 5 1
R e g i s t e r e d ............................ 1951
C o lla t e r a l t r u s t g o ld 4 s . . . 1 9 5 3
R e g i s t e r e d _______________ 1952
1st r e f u n d in g 4 s ............... . . 1 9 5 5
f u r o h a s e d lin e s 3 4 4 s ______ 195 2
t, N O A T e x a s g o l d 4 s . . . 195 3
R e g i s t e r e d ........... ................195.3
3 a lr o B r id g e g o ld 4 s . . . . 1 9 5 0
L l t o W e M O l t 1st g o ld 3 s . 1951
L c u la v D lv A T a r m g 1 44s. 195.3
R e g is t e r e d . . . . __________ 1 9 5 3
4 l d l l e D lv ra g 5 1 __________1921
C n a h a D ; v 1st g o ld 3 s . _ . t 9 5 1
It L o u ie D lv A T e r m g 3 s . 1951
G i l d 3 * s ..................
1951
R e g i s t e r e d .......................1951
C o r in g ! D lv 1st g 3 1 4 1 - .1 9 5 1
V e t t e r o lin e s l e t g 4 s _____1951
R e g i s t e r e d _______ _______ 1951
3 s l l a r A C a r 1 st 6 s . . . . 1 9 2 3
C u r b A 9 n a w 1st g o l d 4 s . . 1932
C o l o S t L A N O g o ld 5s . . 195 1
R e g i s t e r e d ________________1951
C ) l d 3 - 4 s _________________1951
R e g is t e r e d
....................1951
l o ' n t 1 st r e f 5 s S e r ie s A . 1 9 8 1
M r u p b D l v 1 st g 4s . . 1 9 5 1
R e g is t e r e d
.................... 1951
8 t L o u is 3 ) 1 1 st g u g 4 s . . 1931
J n d til A I o w a l e t g i s ______ 1 9 5 0
C a t A G - e a t N o r le i t 1 * ____ 191 9
J a m e s F r a n * A C l e a r 1st 4 s . 1 95 9
K a n s a s C i t y S o u l e t g o ld 3 s . 1 9 5 0
R e g is t e r e d
________
1 95 0
R e f t tr n p t 5 s ____ . . A p r 1 95 0
K a n sa s C ity T erm li t 4 s .. . I 9 6 0
L a k e E r ie A W e s t 1 st 2 6 s . . 193 7
3 1 g o l d 5 s _________________1941
N o r t h O h i o 1 st t i s r g 6 s . . 1 9 4 5
uah V al V Y le t g u f 4 4 4 s .. 1940
R e g is te r e d
_ . . . . . . . 1940
L o O gh V a l ( P a ) 0 0 is g 4 S . . 2 0 0 3
G e n e r a l c o n s 4 4 4 s . . ____.2 0 0 .3

[Vol. 106

New York Bond Record— Continued— Page 2

2430

90

93%

‘ 53** “ 61*12

7334 80
74is 78
78
92
85

9 D4

73
9012

5 Due Fob

a Due June.

6

Due July.

«

Due oat

_____ fll-%
_____

63%

M a y ’ 18
M a y ’ 18
80%
D e o ’ 16
M a y ’ 18
M a y ’ 18
M a y ’ 18
M a r ’ 17

0 3 73

_____ 9 0 % A p r ’ 17
95*4 N o v ’ 16
8 4 % _____ 1 0 4
M a y ’ 16

81

66

_____

89

7 5 % _____ 7 9 %
68
_____ 8 9 %
7 1 % _____ 8 0
9 5 % _____ 1 0 1

(Option sale

N o v ’ 10
A p r ’ 18 ____
F e b ’ 16 ____
M a y ’ 17
J u n o ’ 17 . . . .

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

—

Junh 8 1918.]

New York Bond Record— Continued— Page ‘6
Price
Friday
June 7

BONDS
N . Y . STOCK EXCH AN GE
W e e k ea < lla g J u a e 7
N Y C ent A U R R R (C o » .)~
N Y 4 P U 1 st c o n s g u g -is 1 99 3
P i n o G r e e k r c g g u a r 0 3 _____ 1932
R W 4 O o o n 1 st e x t 5 8 ..& 1 9 2 2
R u t l a n d l e t o o n g 4 H 8 — 1941
O g d c L C h a m l e t g u 4 s g 1943
R u t - C a n a d a 1 st g a g 4 a . 1 94 9
S t L a w r A A d lr l e t g 5 a . . . 1996
2 d g o ld 6 a .............................. 1 99 6
U t i c a * U lk R l v g u g 4 S .. 1 9 2 2
L a k e S h o r e g o l d 3 H a ____ 1997
H e g l a t o r e d _______________ 199 7
D e b e n t u r e g o ld 4 s ........... 1 92 8
2 5 - y e a r s o l d 4 s ___________1931
R e g is t e r e d ____________ 1931
K a A A G R l e t g u o 6 a . . . 1 93 3
M a h o n C l R l t 1 st 5 a . — 193 4
P it t a A L E r ie 2 d g 5 a . . . 0 1 9 2 3
P i t t s M o K A Y 1 st g u 6 s . . 193 2
2 d g u a r a n t e e d 6 s _______ 193 4
M o K e o s A B V 1 st g 6 8 .1 9 1 3
M i c h i g a n C e n t r a l 5 a ______ 1931
R e g is t e r e d _ ____________ 1931
4 a .....................
191 0
R e g i s t e r e d _______________ 1 94 0
J L A 8 la t g o ld 3 H * - - - 1951
la t g o l d 3>< a ......................... 1052
2 0 - y o a r d e b e n t u r e 4 a___ 192 9
N Y O h io A S t L 1 s t g 4 a . . 193 7
R e g i s t e r e d ...................... 1937
D e b e n t u r e 4 a _________ 1931
W e s t S h o r e l a t 4a g u a r . . . 2 3 6 1
R e g i s t e r e d ______ ________ 2 3 6 1
N Y O L in e s e g tr 5 a . . 1 9 1 8 -2 2
E u u lp t r u s t 4 H e - - 1 9 1 9 1925
N Y C o n n e c t la t g u 4 H a A . . 1 95 3
H a rtfo rd —
N Y N 1U
N o n - c o n v d e b a n 4 a . . _____1947
N o n -o o n v d o b o n 3 H « .. .1 9 4 7
N o n o o n v d o b o n 3 H s _____ 1951
N o n - o o n v d e b e n 4 a ............ 195 5
N o n - c o n y d e b e n 4 a . ............ 1956
C o n v d e b e n t u r e 3 H a ........... 1950
C o n v d e b e n t u r e 6 a ................1948
C o n s R y n o n - c o n v l a ____ 1930
N o n - o o n v d o b o n 4 a ____ 195 4
N o n - c o n v d e b a n 4 a ____ 195a
N o n - c o n v d e b e n 4 s ____ 1055
N o n - c o n v d o b o n 4 a ____ 1956
H a r l e m t l - P t O h e a la t 4 S .1 9 5 4
U A N Y A ir L in e 1st l a . . 195 5
C e n t N e w E n g la t g u 4 a . . 1 9 6 1
H a r t f o r d S t R y ln t 4 s ____ 1930
II
lu a a t o n ic R c o n s g 6 s . . . 1 93 7 M
N a u g a t u c k H R la t 4 a ____ 1954 M
N Y P ro v A B o s to n 4 a . .1 9 4 2 A
N Y W ’ o h o a A B 1st so r I 4 H s ' 40 J B o s t o n T e r m in a l 1 st 4 a . . . 1 9 3 9 A N o w R a g la n d o o n s 5 a _____1 94 5 J C o n s o l 4 a ............................. 1 94 5 J P r o v ld o n o o S c o u r d e b 4 a . . 195 7 M
P r o v A S p r ln g l lc l d la t 6 a . 1 92 2 J P r o v l d o u e e T e r m l a t A a . . . 195 8 IWW A C o n E a a t la c 4 H 8 . . . 1 9 4 1 J N Y O A W r e f l a t g I s ____ g l9 9 2 M R e g la t c r e d * 5 ,0 0 0 o n l y . . p l 9 9 2 M C e n e r a l 4 a ...................................195 5 J N o r f o l k S o u la t A r o l A 6 a . . 1981 F ■
N o r f A S o u 1st g o ld 6 a ............ 1 9 4 1 MN o r f 4 W e s t g e n g o ld 6 a ____ 1031 M f m p r o v e m e n t A e x t g O s .. 1 9 3 4 F N e w R i v e r 1 st g o ld 6 a _____1 93 2 A N A W R y l a t c o n s g 4 a . . 1 99 8 A R e g is t e r e d . . . ......................199 8 A •
D l v 'l la t lie n A g e n g 4 8 .1 9 4 4 J 1 0 -2 5 y e a r o o n v 4 a ...........1932 J 1 0 - 2 0 -y e a r c o n v 4 s ........... 193 2 M 1 0 - 2 5 - y e a r o o n v 4 H s . . . 193 8 M P o c a b C A C J o in t 4 e . . _ 194 1 J O C A T 1 s t g u a r g o ld 6 a . . 1 92 2 J S o lo V A N E 1st g u g 4 a . . 1 9 8 9 M N o r t h e r n P a o lflo p r io r Hen
r a ll w a y A la u d g r a n t g 4 a . 1 9 9 7 Q R e g i s t e r e d .......... .................199 7 Q G e n e r a l Hen g o l d 3 a ...........n 2 0 4 7 Q R e g is t e r e d ........................a 2 0 4 7 Q S t P a u l - D u l u t h D l v g 4s . . 1 9 9 3 J S t P A N P g e n g o ld 6 s . . . 1 9 2 3 F R e g is t e r e d c e r t i f i c a t e s . . 1 9 2 3 Q S t P a u l A D u lu t h 1st 6 s . . 1 9 3 1 F
1st o o n a o l g o ld 4 s _______ 1 96 8 J W a s h C e n t la t g o ld 4 a ____ 194 8 Q N o r P a o T e r m C o la t g 0 a . . l « 3 3 J O r e g o n - W a s h 1 st A r e f 4 s . . . 1 9 8 1 J P a c i f i c C o a s t C o la t g 5 a ____ 191 8 J P a d u c a h A Ills l a t a f 4 H s . . 1 95 5 J •
P e n n s y lv a n ia R R l a t g 4 s . . 1 9 2 3 M O o n s o l g o l d 6 8 ......................... 191 9 M H e g l s t o r o d _______________ 1 91 9 Q O o n a o l g o ld 4 a __________ . 1 9 4 3 M C o n s o l g o ld 4 a .........................1 9 1 8 M C o n s o l 4 H a .............................. 1 9 6 0 F O e n o r a l 4 H a . . . ....................1 9 6 5 J A lio s V a i g e n g u a r g 4 s . . . 1 9 4 2 M
D R R R A H ’g e ls t g u 4 a g ..1 9 3 6 F
P h la B u lt A W 1 st g 4 a . . 1 9 4 3 M
S o d u a B a y A S o u 1 st g 6 3 .1 9 2 4 J S u n b u r y A L e w is 1 st g 4 a . 1 9 3 8 J U N J H R A C a n g o o 4 a ___ 1 94 4 I*
P e n n s y lv a n ia C o —
Q u a r 1 s t g o ld 4 H ® ____. . . 1 9 2 1 1 R e g i s t e r e d _______________ 1921 J a u a r 3 H 8 0o l l t r u s t r e g A . 1 93 7 M Q u a r 3 H s c o l l t r u s t s c r B . 1941 F Q u a r 3 H s tru s t o t fs C . . . 1 9 4 2 J G u a r 3 H a t r u s t o i l s D . . . 191 4 J G u a r 1 5 - 2 5 - y e a r g o ld 4 s . . 1 9 3 1 A
4 0 - y e a r g u a r 4a c t fa S e r E . 1 95 2 M
O in L e b A N o r g u ta g . _ _ 1 9 4 2 M C1 A M a r l a t g u g 4 H S . . . 1 9 3 5 A!
C l A P g e n g u 4 M js aer A . 1 9 4 2 J S e r ie s B .................................194 2 A ln t re d u ce d t o 3 H 8 ..1 9 4 2 A S o r le s C 3 H a ...................... 1 9 4 8 M S o rle a D 3 H s ...................... 1 9 5 0 P E r ie A I 'l t t s g u g 3 H 8 B . . 1 9 4 0 J
S c r ie s 0 .................................1 9 4 0 J G r R A I o x l a t g u g 4 H 8 .1 9 4 1 J
O h io C o n n e c t 1 s t g u 4 s . . . 1 94 3 M P lttfl Y A A s h 1 st c o n s 5 a . 1 92 7 M T o l W V A O g u 4 H a A . .1 9 3 1 J S e rle a B 4 H a .......................1 93 3 J S cr le a C 4 s ........................... 1 9 4 2 M ­
P O C A S t L g u 4 H a A . .1 9 4 0 A S e r ie s B g u a r ...................... 1 94 2 A S e r le s C g u a r ...................... 1 9 4 2 M S c r lo s D 4 s g u a r _______ 1 9 4 5 M H 8 r tc s E 3 H s g u a r g o ld . 1949 F S o r lc a F g u a r 4 a g o l d ___ 1 9 5 3 J -

Bid

0No pries Friday; latest bid and Mked



W u fl
Range or
tan Sait

Ait tow

0978 _____ 7 4 12
1007g _____ 113
98
_____ 98
6 7 U _____ 80*g
00
_____ 6 0
70
101
103
91
_____ 94
_____ 73
73
_____ 73
73
8 2 i2 86
85
83 Sale
83
83 *2
_____ ______
8 9 i2 _____ 101i2
91
_____ 103
10U 2 _____ 130'g
l o m _____ 123U
89
_____
8 5 'i 98
7 5 U _____
72
_____
74U 76
82
_____
___ ______..
61 Sale
76 Sale
75
76^2
___________
___________
8 2 i2 87
*53 _____
5 1 i g _____
5 U g _____
5934 ------5934 _____
5 U 2 55
87
_____
_____ 50
_____ 56
. . . . _____
___________
7 0 3 g _____
63
_____
_____ 74

Jan. 1.

High NO. tow

M a r '18 . . .
M a y '15
M a r ’ 18
A u g '1 7
60
Jan ' 18
N o v 1G
N o v '1 6
A p r '1 8
7:5
M a y '18
85
83
N o v '1 7

.

2

i
I
4

99H A u g '1 7
92 A p r '1 8
80
N o v '1 7
87
F eb ' l l
90 J u n o’ 08
797g J u l y '17
7414
74U
1
82
82
1
85
N o v '1 7
04
64
1
70
77
is
76 M a y ’ 18
100H Jau '17
983g J u ly '1 7
8 5 i2 M a y ’ 18 —
56
50
51
60
58
46
87
50
91H
7 9 '2

S e p t '17
O ct '1 7
51
1
M a y ’ lS
M a y '18 —
D eo '1 7
35
8712
O ct '1 7
Jau '1 2
A p r '1 6

High
7 4 i2

98

93*4

60
70

63
70

92
94
7134 757g
72 i2 73
82
87H
8134 8 6 i2

92

02

72*4
75H

8012
82

61
64
76
SO
7 2 12 76*4
8 5 l2 88

5012 51
52
60
5 5 ’ g 58
8312

00

BONDS
N . Y . STOCK EXCH AN G E
W e e k e n d in g J u n e 7

31
S I
*5°*

j
J
MJ
F P -

77U Aug '1 7
79 lg D e o '1 7
74 A p r '1 7

23

99'g
833g
— I - ___ l
_____ ______
Ot
05
05
__________ _
60
_____ 60
63 Sale
03
81
-------- 8 1 i 2
10 7 7 g-------- 106
101 _____ 122
104
_____ 107'g
81
8334 8 4'g
_____ 94H
• 70
8018 757g
1237g
105
110
117U
105 110
105
8034 83
81
9 .)5 g _____ 103
78
87
79

45

05

2

52

0S12

A p r '1 8
60
60
63
8 60
61
M a y ’ 18
8112 8412
____
A p r '1 8
106 106
N o v '1 0
O ot '17
M a y ’ 18 - - 8 U 2 85
D e c '1 0
A p r '1 8
74ig 7 6 i2
M a y ’ 17
------- --------M a y ’ 17
M a y ’ 18 __
105 105 i2
M a y '18
8 0 7g 85'g
S op t'1 6
N o v '1 7

797g
8 0 i2
11 79
8 I34
7 9i2
79 i2
5 79 i2 80
59
59U
40 505g 6 U 2
01U J u n o '17 ____
913g M a y ’ 17
1025g M a y ’ 18 ____ W2 103
103H S op t'1 7
107 O ot '1 8
8 8 7g M a r '17
30*2 D e c '1 6
103*8
10S3g
4 103*3 10S*g
73 M a y '1 8
71
75
8412 M a y '1 8
82
95
100lg F eb '1 7
9 9 i2 July '17
100
100
1 160 100

75
8l"%
102»s 105
*100U 104
9 3 1 4 _____
67i4 83
61
76
1083g 110
72
73>g
82
84
_____ 100
O J U _____
100
_____
9934 _____
85
89
8 C g 805g
96 i4 97>g
8 8 i2 Sale
83
8 7 l2
S O U _____
84
_____
_____ ______
7712 ------8 4 * 4 _____

88
88
87 M a y '1 8
96U
96H
88I4
8 9 i2
8 9 12 N o v ’ 17
8 4 '2 Sep ’ 16
92
A ug *17
102 Jan ’ 93
_____
92
D eo '1 7

98t2 Sale
95
9034
7 5 U _____
4 ....
74
80
76
80
84
87
80
_____
8 2 i2 _____
92
_____
93
_____
90 lg . . .
8 6 l2 ____
8 0 5g _____
8 0 S g _____
70 U ____
7 6 1 4 _____
8 4 i g _____
90
91
9 5 ’ 4 _____
8 7 i2 98
87
92
76 _____
9112 92 3g
9 D 2 94
9212 99
8 8 ' g _____
8812 9 2
8S12 _____

93t2
983g
9534 A p r '1 8
S7 F eb '1 7
70 Jan '1 8
81'4 J u ly '1 7
3734 D ec '1 6
81 M a y '1 8
80
D e o '1 7
86 O ct '1 7
9014 M a y '17
9634 M a y ’ 18
101 D eo '1 5
90'4 F ob '12
9()ig O ot '1 2
8 8 i2 Feb '1 7
88
A p r '1 7
9 0'g J u l y '12
99
M a r '18
93 M a y '14
93
M a y ’ 10
98*4 A p r '1 7
92
D o c '17
88<g 8 e p t ’ 17
9 2 i2
9 2 i2
92
D e c '17
99 Ju n o’ !7
88
F eb MS
88 M a y ’ 18
05H M a y ’ 17

1 - 1

.....................
04

10
12
30

8

—

....

88
88
85
90
9 5 7g 99
8 8 I4 92

96ig
9534

985g
go

70

70

84

84

90*4

06*4

------ -

, , , . a , . - L OO----

M o r g a n 's L a A T 1 s t 6 s . . _____
N o o f C a l g u a r g 5 a _____
193 8
O r e A C a l 1 st g u a r g 5 s . . . 192 7
S o P a c o f C a l— O u g 5 s . . 193 7
S o P a o C o a s t 1 st g u 4 s g .1 9 3 7
S a n F r a n T e r m l 1 st 4 a . . . 1 9 5 0
T e x A N O c o n g o l d 5 s . . .1 9 4 3

D e v e l o p A g e n 4 s S e r A . . .1 9 5 6
M o b A O h io c o l l t r g 4 s . . .1 9 3 8
M e m D1 v 1 st g 4 H a -6 s . . . 1 99 6
8 t L o u la d l v 1st g 4 s ______ 1951
A l a C e n l a t g G a ...................... 191 8
A la G t 8 o u 1st c o n s A 5 s . . 194 3
A t l A C h a r A L 1st A 4 H e 194 4
1st 3 0 - y r 6a a e r B ..............191 4
A t l A D a o v l e t g 4a _______ 1 94 8
2 d 4a........................................ 194 8
A t l A Y a d la t g g u a r 4 a . . . 194 9
E T V a A G a D lv g 5 a ___ 1 93 0
C o n 1 st g o l d 6 a ..............1 96 8
E T e n r c o Hen g 5 a _________ 1 93 8
C a M i d l a n d l a t 3 a ____
1 94 8
C a P a c R y 1st g 8 s ...............1 92 2
K n o x A O h io 1 s t g 6 a _____1 92 5
M o b A B lr p r io r Hen a 5s 1 94 5
M o r t g a g e g o l d 4 s ..............194 5
R i c h A D a n d e b 5a s t m p d . 192 7
R i c h A M o c k la t g u 4 s . . .1 9 4 8
S o C a r A Q a 1 st g 5 s ___
191 9
V ir g in ia M i d s e r D 4 -5 a
1921
S erlea E 5a______ ________ 1 9 2 8
S c r ie s F 5 s _______________ 1 9 3 1
G e n e r a l 5 s _______________ * 1 9 3 8
V a A S o 'w 'n 1 st g u 5 a ” 2 0 0 3
la t c o n s 5 0 - y e a r 6 a . . . 1 9 5 8
W O A W la t c y g u 4 s _____192 4
S p o k a n e I n te r n e t la t g 5 a . . .1 9 5 5
T e r A o f S t L 1 st g 4 H a _____1 93 9
l a t c o n g o ld 6 a ..............1 8 9 4 -1 9 4 4
G e n r e fu n d a f g 4 a .............. 1 95 3
S t L M B r id g e T e r g u g 5 « 1 9 3 0
T e x A P a o l a t g o ld 5 a .............. 2 0 0 0
2 d g o ld In c 5a ______________,-2000
L a D l v B L 1 s t g 6 a ____
1931
W M in W A N W le t g u 5 s l9 3 0
T o l A O O 1st g u S j .................... 193 5
W e s t e r n D lv 1 st g 6 a ______ 1 93 5
G e n e r a l g o l d 5 s ____________ 1 93 5

C o l l tr 4s g S e r A
___ T IJ
T r u s t c o ctfa o f d e p o s it . -

- -

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

2

9 2 l2 92H

0

D
8
D
A
A
J D
A O
51 N

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

D e o '1 3 . . . .
F e b 14

M -N
M N
M -N
J - J
A O
M N
J - S
J - J
J- J
A -O
J - J
M- N
J - J
A -O
J - J
J - J
J - J
J - J
A -O
M- 8
J
J
J - J
J - J
J-D
J - J
J - J
J - J
J - J
A -O
1 - J
M -H
M- 8
A O
1 - J
J - J
J - J
J
J
A -O
M -N
IW -N
M- 8
M- 8
M- 8
M -N
J - J
A O
F -A
J - J
A -O
F -A
J - J
A -O
J -D
M ar
J - J
F - A
J - J
A -O
J -D
A -O
J - J
J - J
J - J
A -O
F - A
J -D
A - O
J - J
J - J
J - J
M- S
J -D
F - A
J - }

1 -O

— -

88
87

88
88

Price
Friday
June 7

Range or
Latt Sale

P O O A S t L (C o s .)
Bid
Atk tow
High
Series Q 4a g u a r................ 1957 M - N
8 8 12 9 6 l2 91
N o v ’ 17
Series I con s gu 4 H 8 - -- 1 9 6 3 F - A
9 2 *2 . . . .
92*8 O c t '1 7
O S t L A P 1st c o n s g 5 S .. 1932 A - O
98 lg 104 l2 100i2 M a y '1 8
P eoria A Pekin On 1st 6 s g . .1 9 2 1 Q - F
100 J u n e '17
2d g old 4 H a .......... .............. 51921 M - N
87
M a r ’ 16
P ere M a rq u e tte la t Ser A 5s 1950
80
81
8 0 7g 82
1st Series B 4a....................... 1956 _____
64
6 5 78 66 M a y ’ 18
P h ilip pin e R y 1st 3 0 -y r a f 4s 1937 J - J _____ 53
44 A p r '1 8
P itts Sh A L E 1st g 5a_____ 1940 A - O
96
_____ 99 Jan '1 8
le t con sol g o ld 6s __________ 1943 J - J
_____ 97U D e o '17
96
B ea d in g C o gen g old 4a____ 1997 J - J
8 2 7g
83*8
83 Sale
R e g is t e r e d ..........................1997 J - J
8 8 i2 O c t '1 7
Jersey C en tral ooll g 4a___ 1951 A - O
83
8 2 12 8 4 i2 83
A tla n tic C it y guar 4a g ___ 1951 J - J
S t J os A O r Is! lat g 4a_____ 1947 J - J
63
_____ 60 D e o '1 7
S t Loula A San F ran (reorg C o ) —
P rior L ien ser A i s . ............. 1950 J - J
5 9 i2 Sale
58*g
5 9 i2
7434
7 4 78
P rior lien ser B 5 s________ 1950 J - J
7434 Sale
C u m a d ju st ser A 6a____ A1955 A - O
67 i2 Sale
6614
6 7 l2
In co m e series A 6s.............61960 O c t
48
Sale
4 7 i2
4S i 2
St L ou is A San F ran gen 6s . 1931 J - J 10 2 i 2 n o
101 A p r '1 8
G eneral g old 5 s_________1931 J - J
94
9 7 i2 94 M a y '1 8
St L A 8 F R R con s g 4 8 ..1 9 9 6 J - J
78 M a y '16
S ou th w D lv 1st g 5 s . . . 1947 A - O
90 M a y '17
K C F t S A M con s g 6 a ..1 9 2 8 fH -N 101
lO lig lO lig
lO lig
H C F t S A M R y rol g 4 a . 1936 A - O
67 Sale
67
67
K C A M R A B 1st gu 5 8.1929 A - O
81*2 85ig 88
J u ly '1 7
St L 8 W 1st g 4s b on d e t fs . .1 9 8 9 M - N
6 6 ‘2 67
67
M a y ’ 18
2d g 4s Incom e b on d ctfs.i>1939 J - J
5 3 i2 63*4 55!2 Jan '1 8
60
62
C o n s o l-g o ld 4a . . ........... . . . 1 9 3 2 J - D
59 M a y '1 8
1st term l A u c lf 5 s................1952 J - J
57
5812 58
58U
9S i2 Jan '1 4
G r a y 's P t T e r la t gu g 5 3.1917 J - D
8 A A A P ass 1st gu g I s ____ 1943 J - J I I I I _ 60 ” 60 's M a y ’ 18
1 J - J _____100
100'8 F e b '1 7
1A O
67
_____ 7 U 2 M a r -18
1A -O
63U 72l4 71H M a r '1 8
F A
54
55*8
5514 Sale
A -O
56 i2 Sale
5 6 i2
5 6 '2
62
76
M. 8
75
M a r '1 8
J - J --------7 7i2
77 Jan '1 8
97*8 9934 99U J u n e'1 7
- 7 ------- - *
WO
UtJ
90
1 st la n d g r e x t g 5 e ...........1 93 0
_____ 101
D e c '1 5
C o n s o l g o l d 5 s .................. 194 3 j - j
9 3 U _____ 103*4 D e o '1 6
G a A A la R y 1 st c o n 6 a . .0 1 9 4 5 j
j
90ig 94
97 A u g '1 7
94
_____ 97
S e p t’ 17
G a C a r A N o 1 st g u g 5 s . . 1 33 9 j - j
8 e a b A R o a n 1 st 5 s _____
j - j
9 3 U _____ 91U
91U
S o u t h e r n P a c if i c C o —

------—
------- _7 0 ” S ep t 17

8 0 i2 Sale
77
_____
59U Bale

72 lg

D eo '1 5
M a y ’ 17
Jan '0 9
M a r '12

____________ 1 0 0 ‘2 M a y '15
. . . __ ______ 87
J u ly ’ 14
83 A u g '1 3
52 Sale 51
52
81
60

Range

SO

,4 'M

J - J
J - J
F - A
M -N

727g

§ 92
GQ

Range
Since
Jan . 1.

No. Low High
....
29
____
____
____
____
10
4

100

100i2

79t2 82*8
6 2 i2 66
44
50
99
99
81
81U

36 5 5 i2
26 66
51 60
46 44
____ 10 1
...
91

*86* ’
86

61
75
6 7 i2
51
IO U 4
95lg

I 10 0 U 10 2l 2
3 62
69
____
11

65
50*2
57
52

6 SH
5012
64
5912

59
6 0 i2
____
____ *711* *71*12
____
70
7U S
48 49
55*4
1 51*4 56 i2
____
73
75
77
77
* --____
...

!
5 | ' o i u *91*14

73

73 M a y '1 8
9 0 F e b ’ 14
81
79
7934
42
91
9134
2
80>8
805g
8 712 S e p t’ 16
85
S6i 2 8 7 's F e b MS
7 0 i2 77
1
76
76
9 0 ’g 100
100 O ct 17
96*4 Jan '1 8 ____
86
97
_____ 95
100U Jan M6 ____
8 5 i2 95
9 9 12 A p r M7 ____
8 5 l2 92
100 O ot '1 6
921g 104
103l2 A u g M7
87
_____ 92 M a y ’ 18 . . . .
10912 N o v '1 5
101i2 D e c *16
9 7 3 4 _____ lOOU O ct M7 ____
_____ 101*8 100 A p r ’ 18 ____
9 2 i2 _____ 102 's O ct '1 7
913g 96ig 9 8 i4 F eb '1 8 ____
92
_____ 107i2 8 8 p t'1 6
9 0 U _____ 93 i2 A u g '1 7
767g 787g 79?g M a y '1 8 ____
_____ 85
N o v ’ 16
95
80 Sale
8
7934
80
9014 Sale
70
90
9 0 l2
100U A u g '1 6
62*4 Sale
24
62<4
6 2 78
60
_____ 65 M a y ’ lS ____
92
_____ 87 Jan M8 ____
655g 69
63*8 M a y ’ 18 ___
99
101
102*8 S o p i’ 16
88
_____ 8 7 78 M a r '1 8
81
87
90
J u ly '1 7
92
93
1
93U
93U
70 i4 M a r '1 8
------- 80
S l l 2 M a r ’ 16 I I I I
_______ . . .
75 F e b M7
92*4 97
96
M a r '1 8 ____
9134 9 4 l2 9 U 2
9 1 l2
1
90
94
99
J u ly ’ 17
40
_____ 51
M a r '1 8
____
lOOSg_____ 103 D e o M7
10034 102
101 A p r '1 8 ____
85
95
106
S e p t’ 16 ____
62
72
68 Jan '1 8 ____
9434 103
95 Jan MS
73
S e p t’ 12
98 Sale
3
98
98
1 0 2 ij J u n e 'l l
9 4 i g _____ 93 A p r '1 8 . . . .
93
_____ 104l2 D e c MH
94U 9 4 12 94 M a y '1 8 ____
92 100
105
M arM 7 ____
65
84
72>2 Jan '1 8 ____
9 3 7g M a r ’ 17 ____
. .. . ....
___________
95*4 M a r '1 7 . . . .
8 5 l2 9 9 l2 8 5 i2 M a y '1 8 ____
94
9 4 l2 95 F e b M8
_____ 82 M
80
80
mmm2
_____ 1 0 U 2
95t2 J u ly '1 7
84
85
8 5 i2 M a y '1 8
40
70
46ig F e b '1 8 ____
_____ 93
86 M a y ’ lS ___
. .. .
106i2 N o v ’ 04 - - - 86>2 9312 93 A p r '1 8 . . . .
_____ 96ig 100 Jan ’ 17
73
80
90
F e b '1 7
67U 70
70
N o v ’ 17
_____ 88
91*4 D e c ’ 17
35
50
52
A u g '1 7
_____ 80
8 0 F e b ’ 18
48
53
50
50
" ’2
183g M a r '0 8
_____ 18
::::
70U 85
*80 " A p r *17
_____ 95
90
N o v ‘ 17 ____
_____ 70
S e p t'1 7
58
8 5 !2 Sale
85t2
8714
15
84
8 6 i2 8 6
M a y '1 8
8 7 Sale
87
87
’ *8
78 Sale
78
78*4
9
78
_____ 8 0
80
1
102>4 Sale 10178
102U
8
93
99
95*4 M a y ’ 18 . . . .
83
8 2 i2 85U M a y ’ 18
90*4 98
98
D e o '1 7
80ig 89
89 F e b M8
8 0 1 g _____ 8 0 Jan '1 8 . . . .
8 0 ' g _____ 81»g J u n e'1 7
79U Sale
91 Sale
80*4 83

III.

71U

70

*75*2 *8*0*i*«
8 6ig 95
77*8 82
86t2 88
71
76
9634 9634
_____ . _ _
_____ ____
87

9212

io o * io o *
93*8

06>2

73

8U2

76*4
90

82*g
9 3 14

59
65
87
64lg

63
68I2
87
6912

8 7 78

877g

91
70U

95
70U

96* ' * 9 6 *
9 H 2 9 7 i2
51

63

98*8 101
68”
95

68*
95

9 6 78

9S

93

93

93 " *94**
*72*2 *72*12
_____
"8*512 *851*
95
95
82U
SO
83
46ig
86

8 6 78
46ig
86

*9*0”

*93*"

80
45

80
53

::: :
* :::
_____ _____
85t2
80
82*4
7512
79*4
100*8
94ig
817g

89
86
89
81*4
8 2 i2
104
9712
S 5i2
_
* 8 9 * 89
80
80

a Dus Jan » Due Feb. « May. yDueJune. A Due July. kDueAb*. oDaeOet. * D w N o v . (D u e D m . • Option sals

b o n d s

Price
Friday
June, 7

I

N . T . S T O C K EXCHANGES
W e e k ending J u n e 7

S t r e e t R a ilw a y
B r o o k ly n R a pid T ra n g ofl._ 1915
lat refu nd oon v g o ld 4a___ 2002
0-year secured n otes 5a___ 1918
3 k O tty 1st oon 4 a ..1 9 1 0 -1 9 4 1
B k Q O o A S c o n gu g 5a. _ 1941
B k lyn Q G o A 8 lat 5 a ____1941
B k lyn Un El lat g 4-5.i ..1 9 5 0
S ta m p ed guar 4-5a______ 1950
K ings C o u n t y E 1st g 4 a . . 1949
S ta m p ed guar 4a.......... .1 9 4 9
N assau Eloo guar g o ld 4 a. 1951
C h ic a g o R y a la t oa .................. 1927
C o n n R y A L la t A ref i 41^31951
S tam p ed guar 4 X a . ...........1951
D e t U nited lat cona g 4 X 8 .- 1 9 3 2
F tS m lth L t A T r 1st g 5 a . - .1 9 3 0
H u d A M a n h a t 5a Snr A ____ 1957
A d ju st in com e 5 s ...................1957
N Y A J ersey lat 5a.............1932
I n te r b o r o -M e tr o p ooll 4 X 1-1956
Interburo R a p T ra n la t 59. .1 9 0 6
M a n h a t R y (N Y ) ooqs g 4 i . 1990
S tam p ed ta x -ex em p t_____ 1990
M e tro p o lita n Street R y -—
8 w ay A 7th A v 1st n g 5S. 1943
O ol A 9th A v lat gu g 6 s. . 1993
Lex A v A P T lat gu g 5 a . . 1993
M e t W 8 El (O hio) lat g 4a .1 9 3 8
M llw E lec R y A L t c on s g 5s 1920
R efu n d in g A exten 4 X 1 - 1931
M In n ea p 8 t 1st con s g 5.i._ . 1919
M o n tre a l T ra m 1st A ref 5a. 1941
N e w O rl R y A L t g e n 4 X S ..1 9 3 5
N Y M u n lolp R y 1st a f 5s A 1990
N Y R y s 1st R E A ref l a ___1942
30-year adj ino 5 a ______ a 1942
N Y S tate R y a la t cona 4 X s .1 9 6 2
P ortla n d R y la t A ref o s ____ 1930
P o rtld R y Lt A P lat ref 58 .1 9 4 2
P ortland Q an Elec 1st 5a. 1935
S t Joe R y L H A P lat g 5 a . . 1937
8 t Paul C it y C a b cons g 5 s . . 1937
T h ir d A v e lat ref 4 s ................I960
A<U Ino 5 s ..............................u l9 0 0
T h ir d A v e R y lat g 6a.......... 1937
T r l-O lty R 7 A L t la t a f 5a.. 1923
U n d erg r o f L on d on 4 X a ____ 1933
In co m e 0a................................ 1948
U nion E lev (O hio) la t g 5 i. . 1949
U nited R ya In v 5a P itts 138.1926
U nited R ya 3 t L lat g 4 s ____ 1934
S t L ou ie T ra n sit gu 6a ____ 1924
U nited R Re S an F r a f 4 a. _ . 1927
V a R y A P ow la t A ref 6 e ..I 9 3 4
□ j u a tu f E le c t r ic L ig h t
A tla n ta O L C o la t g 5 a ____ 1947
a k ly n U n O aa lat con s g 5a. 194.1
B u ffa lo C it y G as 1st » 6a. . . 1947
OInoln G ae A Elec IstA ref 5a 1950
C olu m b ia G A E 1st 5a____ . 1927
C olu m b u s G ae let gold 6 1 ..1 9 3 2
C on sol G aa oon v d e b 0 s ____ 1920
O ouaG asR L A P o f B a lt 5-yr5a*21
D etroit C it y Gaa g old 5 a . . . 1923
D etroit E d ison lat co ll tr 5 s . 1933
1st A ref 5a aer A ________ M 9 4 0
ajQ G L N Y 1st con s g o s . . 1932
J o s A E le c B erg C o o g 5 s. .1 9 4 9
H avana Eleo con sol g 5s____ 1952
H udson C o Gaa 1st g 5a____ 1949
Kan C it y (M o ) O aa la t g 5a. 1922
K in g s C o E l L A P g 5a______ 1937
P urchase m o n e y 6 s _______ 1997
C on v ertib le d eb 6a..............1925
E d El 111 Dkn lat c o n g 4 s . 1939
L a c O aa L o f S t L lat g 5 s . .e l 9 1 9
R ef and ext la t g 5 a _______ 1934
M ilw aukee O aa L la t 4a____ 1927
N ew a rk C on G as g 5a_______ 1948
N Y O E L H A P g S a ..............1948
Pu rcha se m on ey g 4a______1949
Ed E loo 111 lat cona g 6 a . . 1995
N Y A Q E l L A P la t c on g 5a 1930
P a cific G A El C o — Cal a A E
C o r p u nifyin g A ref 5 a . . . 1937
P a cific Q A E gen A ref 5a. .1 0 4 2
P a o P ow A L t la t A ref 2 0 -y r
5a Internation al Series___ 1930
P a t A Paaaalc G A E l 5 s ____ 1049
P e o p G aa A O 1st cona g 6a.. _ 1943
R a fun din g gold 5e_________1947
R e g is t e r e d ......................... 1947
C h O -L A C ok e la t gu g 5 i 1937
C on G C o o f C h lat g u g 5 sl9 3 6
In d N a t O aa A Oil 3 0 -y r 5a 1936
M u Fuel G a s lat gu g 5 3 .-1 9 4 7
P h iladelphia Co oon v 5 s _____1919
C o u v deben g old 6e___ - . . 1 9 2 2
Stand G ae A E l con v a f 0 a. _ 1026
Syracuse Lighting lat g 5 a . .1 9 5 1
S yracuse L igh t A P ow er fl# .. 1954
T ren ton G A El lat g 5a_____1940
U nion Eleo L t A P 1st g 5s_ . 1932
R efu n d in g A extension 5 s . 1933
U nited F u el G as l i t i f 0 a .— 1936
U ta h P ow er A L t l i t 5a_____1944
U tica E lec L A P l i t g Of— 1950
U tica G o* A Eleo ref 5a______ 1957
W eatoh etaerL tg g o ld 5a_____ 1930

J
N
N
A

J
J
J
0
a
A
A
0
J
0
3
O
J
A
5
3

J
J
N
O
J
J
J
N
J
A
A
A
A
J
A
J
J
J
a
A
A
O
J
O
0
O
S
s
A
A
J
J
J
J
J
J
O

H
fi
\
J
N
J

J
O
J
O
J
0
N

J
O
O
J
D
N
0
O
J

i
F
N
J
J
3
a
D
A
N
O
O
O
3
J
F
O
-N
O
-D
-A
J
A
N
J
A
9
O
s
8
J
0
N

8 4 3j

83

97
99
05
_____
92*s 102
_____ 77
-------- 71>3
_____ SO
6 5 's 80
80
85
5 9i8 60
9 5 1 2 _____
65
_____
40
____
8 2 i2 Sale
0278 90
--------9914
_____ 9834
GO
75
5612 6212
Ooia 85*8
72i.i 7434
75
70

A
D
J
3
3
N
J
A
J
J
D

70
85
_____ 85
_____ 75
9 2 i a _____
82
_____
9834 _____
_____ 80

_ ____

51*2
2213
68
69
6012

Sale
23
70
_____
75*2

80

100

5413 Salo
3 5 Sale
9 0 1 a _____
. 92
94
70
_____
50
58
_____ 84
_____ 09
5 1 14 55
_____ 51
23
_____
77*1 78*2

85
95
80
30
IOOIj
93
9834
97*2
74
99
51
22
08
38*2
6 2 ij
90>2
95
10212
5413
35
9013
92
70
50
84
58
55
60
25
78

9SU 100>4

92
100
_____ 73
_____ 90

89
78
87«.i
8U3

_____
85
9173
_____

_____ 93
_____ 85
9 3t2 95
82*2 8 3 l2
... .
057t
_____ 92

905s
78

903.1
78ia

95 Jan ’ 17
100 J u l y ’ 17
9 8 l2 M a r ’ 18
73
73
99
S o p t’ 03
90
8 op t’ l7
100 A p r T 7
89 M a r ’ 17
94
J u ly ’ 17
99U N o v ’ 15
78
M a y ’ 18
91
M a y ’ 18
9712 M a y ’ 17
34
J u ly ’ 17
983s O ot T 7
02*4 Sept* 17
10138 N o v ’ 10
95
95
83*2 M a y ’ 18
101 J u n o '17
90 A u g ’ 17
105
M a r ’ 17

79U

84

797g
65
92U

8334
09
9734

79
79
00

87*2
8512
GO

I !

N Y D o ck 50 -y r la t g 4a____ 1951 F - A
N ls * a /n f’ .ills P ow sr lat 6s ... 1932 J - J
A - O
N o r S tates P ow er 2 5 -y r 5a A 1941 A - O
O n ta rio P ow er N F lat 5 a . . - 1943 F - A

50
8 6*2

85
08

85
77

4878
1434

0214
25

5012
79
70
7634

‘ 57*12
85
8 Ota
82
85

W iU on 4 O o lat 2 5 -y r s 1 d a llO H A - O
I H a n u ls c t u r ln g a I m lu i t r la l
A m Ag C h em lat o 6a.............1928
C o n v deb en 53...................... 1924
A m C o t O il d eben tu re 5 S ---1 9 3 1
A m H ide 4 L lat a f g 03____ 1919
A m B r a * H 1st 3 0 -y r 5s sorA a ’ 47
Am T h rea d lat co ll tr 4 s ____ 1919
A m T o b a c c o 40-yoar g 0 s___ 1944
G o ld 4 a ..................... ..............1951
Am W rit Paper 1st a1 5a____ 1919
B aldw L o c o W ork s la t 6 3 - ..1 9 4 0
C en t F o u n d ry la t j f 5 a ...1 9 3 1
C en t L ea th er 2 0 -y ea r g 5.3..192 5
C orn P rod R e l a U 5a.............1931
lat 35 -y ea r s f 5a..................1934
D latll See C o r co n v la t g 53.1 9 2 7
d o n o ra l B a k in * lat 2 5 -y r da. 1938
G ea E lectric d o b g 3 X 3 ____ 1942
D eb en tu re 5 s . . . ..................1052

49
54
1734 24
08
03
021a *02*12

52 <2
2 7 ij
9 0 ia
91
70
50

57
3812
95
90
80
00
00
55U
25
80*8

90

9534

8 9l2 90
75
80
9 9 ii
92 ta
94
92
9112
94

99

102
9212
9512
98
9212
94

99U

07U
887s
85

9812
943s
8 5 7s

87U
08

90
73

8034 9 2 i2
78
8034

0S12 9 8 i2
73
81

In t A grloul C o rp iat 2 0 -y r 5a 1932
In t P aper C o —
O o n jo l o o n v s f g 5s............. 1935
Liggett Sc M y e rs T o b a c 73— 1944
5a — - ................................. . . . 1 9 5 1
I.orlllard C o (P ) 7a_________ 1944
5 a .......... ..................................... 1951
M exica n Petrol L td c o n 03 A 1921
lat lien A ref 6a aerlea C — 1921
N a t E n am A S tp g 1st 5 s _ _ .1 9 2 9
N a t Starch 20 -y r d e b 5a____ 1930
N ationa l T u b e 1st 5s________ 1952
N Y Air Brake le t co n v 03— 1928
R a ilw a y Steel Spring—
tnterooean P lat s f 5a____ 1931
Sinclair O il A R efin in g —
1st 3 1 7» 1920 Wiirr'nM uttoh
d o w ith ou t w arrant* attaoh
Htwidard M im a s lat 5a.......... 1930
T h e T ex a s C o oon y d eb « . . . 1931
U nion n a g 4 P a p er 1st 5 S ..1 9 3 0

91U
801s

9 7 ia
84

Ask Low

High No. L010 High

06
07*4 60 M a y ’ 18
_____ 98
9812 M a y ’ 18
98
102
105*2 O ot ’ 16
_____ 9314
83*4
8014 93 R 801.1
86*2 9 0 i4 86*2 M a y ’ 18
7973
7 8 ? 7912 79
92
0218 92*2 M a y ’ 18
89'a
_ 10:H2 J a « ’ 14
95 Sale
95
95*2

M -N

723.1

73*4

J - J
A - O
F - A
A -O
F - A
A -O
A -O
J -D
J - J
M -N
M -N

9353 903.J
1113,! Salo
91 Salo
111 112
90
92
106 109
10531 109
_____ 98
93
_____
95 Sale
99
9913

9014
111
91
11178
90*2
100
10712
98
93
95
99

95*2
11234
913.i
11178
9138
A p r *18
M a y ’ 18
M a y ’ 18
A p r ’ 18
95
M a y ’ 18

A -O

99

_____

00
97

3

80
85*2

8 7 i2
87*2

3

7 3l2
88

8 2 la
93

23

93*2

9034

1 9212 100*a
90
93
33 90U 9512
83
82
A p r ’ 18 ____
100
3 98 U 100*3
41), 8OI4 89*2
87*8
5 9078 986s
9S58
117
117
M a y ’ 18
A p r ’ 18
71
74*2
87
84
1 1 | 79
M a y ’ 18 ____
99*2 101 *4
80
83*2
M a y ’ 18
28 93
97*4
9 5 i2
M a r ’ 18
18 971.1 98U
98*4
99
0 95
99
88
3 75
8G5s
M a y ’ 17
75
M a y ’ 18 ____
75
74
73
0 71
981.1
5 943.1100

9 512
9234
83
100
8038
9S&3
117
71
84
10034
83*2
95U
31
9814
98U
8G
101
75
73
9734

J - J
A -O
F -A
J - J
M -N
F •A
A -O
F - A
M -N
M -N
A -O
1 -D
J -D
F - A
M- 8

05
9734

08*2

733.1

20 OOI4
2 no
14 80
1 110
3 85
105T1
____ 100
____
95
____
91*4
1 93
—
98

99
[17
95
L15
93
100
107*2
98
92U
90
100

53

96'a F o b T 8 ____

90*8

901s

U 8 R ea lty 4 I oon y d e b i 5s 1924
U 8 H ubbor 10-yr c o l tr 0 a . . 1918
1st A ref 59 serloj A .............1947
U 8 HmoR R o l * M oon v da. 1926
V -C ar C h em 1st 15-yr 5 s . . .1 9 2 3
C on 7 d e b 0s................. ..*1924
W est E leotrlo la t 5s D e o ____ 1922

M -N
J- J
J - J
J - J
J - J
J -D
.1 - J
F - A
J - D
A -O
J - J

93
21
92
9238 92
9312
8 8412 9134
901$ 90*2 9 0
90*2
88
89
92*2 92*2 M a y ’ 18 ____
9212
44 96*2 IO D s
031.1 Salo
07*2
98*4
8234 A u g ’ 17 ____ _____ _____
_____ 89
_____ 04
5 45
5212
52 Salo
51
52*2
101
38 100
101
101 Salo 100
81
797a
80*2 115 70
80 Salo
1 9 2 's 98
97
97
97*2 97
3 90
97U
9458
94
943i 94*4
Otl.i 98
95
905s 95 M a y ’ 18
3 95
98
90
90*2 9GU
90*2

C o a l I r o n & S ta s l
B oth Steel l s t a x t s / 6 9 .......... 1026
1st A ref 5s guar A .......... — 1942
20-year p in A Im p i f 5 s , 1930
B uff A S u * i Iron I f o s _____ 1932
D ebenture 5s____________ a l9 2 0

J - J
IW-N
J - J
J -D
M- S

95
90
90
90*2
83 Salo
_____ 96
80U 89

C o l F A 1 C o gen s f 53_______1943 F - A
C o l Indus 1st A co ll 5s g u ___ 1934 F - A
Cona C oa l o f M d lic A r e f 5a. 1950 J - D
J- D
O r R lv C oa l * c 1st j d e . ..5 1 9 1 9 A - O
III Steel d e b 4 X a ...................... 1940 A - O
In d ian a Steel 1st 5a
1QIV M -N
L a ck aw Steel lat g 5e.............1923 A - O
1st cona .53 8erlea A _______1950 M - 8
M id v a le Steel A O c o n v s f 5 sl9 3 0 M - S
J - J
P oca h C o n C ollier lat a f 5 s . 1957 J - J
R ep u b 1 * 8 1 0-30-yr 6s e 1 .1940 A - O
St L R o c k M t A P 5s s t m p d . 1955 J - J
T e n n C o a l I A R R gen 63— 1951 J - J
U S Steel C orp — l o o u p ___ d l9 0 3 M - N
M -N
M -N
V ictor F u el 1st a f 5 s ............... 1963 J - J
V a Iron C o a lA C o k e la t g 5a. 1949 M - S
T e le g r a p h a

95
95
5
10
90
0 0 i8
8231
83
73
00 M a y ’ IS
85 Jan ’ 18
101
D ec’ll
80 M a y ’ 18
84
80
73
74
4
74
74ls
M a y ’ 1,8 ____
88U 95*8 9 0
9 8 i2 S o p t’ 17
94
F eb ’ 18
82
82
b
813i 82
943.1
95
943.1 Salo
7
95 _____
95 M a y ’ lS
9 5 l2 96
91
9 3 l2 91U M a y ’ 18 ____
63
86*2
85*2 8013 80
7 5i8 ___ 87>3 M a y ’ lS
87*2 92
2
95
97
9 7 ii
9714
80 A p r ’ 18 ____
77
87
96
99
95*2 M a y ’ 1,8
9734 Salo
97*2
983.1 172
98*2 M a y ’ 18
8 6 * 4 _____
80 D e c ’ 10
-------- 75
86
8 9 is 8 4 A p r ’ 18 —

T e le p h o n e

C on v ertib le 4a____________ 1930
2 0 -y r con v ertib le 4 X * ____ 1936
3 0 -y r tem p co ll tr 5a_____ 1946
C en t D lat T e l la t 3 0 -y r & J -1 9 4 3
84
91

Range
Since
Jan. 1.

Week's
Range or
Last Sale

96
97
93 Salo
82
871*
100 10 1
863.4 Sale
9S53 99
117
_____
71*2 7 7 i2
83
84
100-% 10 1
80U 84*2
9 5 l2 Salo
_____ 81
98*4 Salo
9 8 14 9 9 i2
865g Salo
_____ 100
_____ 90*2
73 Sale
97
9734
_____ 99
7234 73

A -O
F - A
M -N
M- 8

2

18

Fries
Friday
Jane 7

M la e e lla n e o u i
04
63
67*2 60 M a y ’ 18
A d a m s E x co ll tr g 43_______ 1948 f li- a
G012
19 A p r ’ 18
I 8 I4 20is
18
24
A la sk a Q uid M d e b 09 A ____ 1925 M - 8
19
20
19 A p r ’ 18
18
20
C o n v d e b 69 serlea B _____ 1926 IN- S
M -N
8573
23 823s 87U
A rm o u r A C o lsc real est 4 X s '3 9 J - D
84*2 85*4 85*2
90
90
90 F ob ’ 18
B o o t h Fisheries d o b 3 f 0 3 . . . 1926 A - O
90
90
90 Sale
2 897s 93
B ra d en C o p M o o ll tr 9 1 03.1931 F - A
83
79
79
83
79 M a y ’ 18 ___
B u sh T erm in a l lat 4a_______1952 A - O
83
8G7S 80
84*2
M a r ’ 18
80
C on aol 53............................... 1955 J - J
79
74
77
80
77 M a y ’ 18
B ldgs 5a guar t a t o x ...........1960 A - O
58
58
M a r ’ 18
58
O h io O A O nnn R y s a f 5 8 .1 9 2 7 A - O
8078 90
8078
807a
1 8 6I.1 90
O hio (J u a t a t 'n lat ini 414s A 1903 J - J
105
0 1023s 107*2
C h ile O op p ar 10-yr c o n v 7 s . 1923 f t l-N 103^4 10473 10478
73
8034
C o ll tr dsconv 6 a aer A part pd A - O
78
7 8 l2 78 M a y ’ 18
87 O ot T 7
A- O
7 7 l2 80
78*?. 83
79
85->a 82 M a y ’ 13
O o m p u tln g -T a b -R e o a f Os. .1911 J - J
97
9634 M a y ’ 18
95
97
91
O ra u b y C on a M b l P e o n da A '25 M - N
90
95 A p r ’ 18
91
95
100
S t a m p e d .................................. 1928 M - N
G rea t Falla P o w lat s f 5 a ..1 9 4 0 M - N
89*2 9 2 14 90->a A p r ’ 18
90*2 94
1023S
9758
1023S 2231
90
Int M eroan M arine a f 03___ 1941 A - O
9 8 l2 8 ale
88 34
89
8884 Salo
28 8034 92
M o n ta n a P ow er la t 5a A - . . 1943 J - J
81
89 7g 90
J u ly ’ 17
00 . . . .

P u b Sorv C o r p N J gen 5 a - -19 5 9 A - O
T en nessee C o p 1st c o u v 6 a ->1925 M - N

70<4

Sept* 15
_____ 103
90
91
Salo
5 4 J u n o '13
02
90
92*2 90
7 5 M a y ’ 18
83
97 F o b ’ 15
100 Salo
997s
100
9 2 i 2 F eb ’ 18
_____ 92*2
91
94
94
96
9453 -------- 93 M a y ’ IS
0 1 i2 A p r ’ 18
_____ 91
F eb ’ 18
92 100'a 9 1
100 F e b ’ 13
8 7 -------- 9218 N o v ’ 17
_____ 90
90«a D o ° '17
81
_____ 9()7g D o c *10
G eo ’ 17
8 0 * 2 -------- 90
99U M a y ’ 18
_____ 100
110 Jun o’ 17
N o v ’ 17
74
-------- 70
93*2 9878 OS's M a y ’ 18
89
90*2 89 M a y ’ 18
853,!
8 5 3 ! -------- 8 6 »l
i o t '2 A p r '1 7
8G73 00
871a
87I2
88*2 M a y ' 18
68*3 78
93
_____ 105>2 J u n e '17
90*2 A u g ’ 17
_____ 101
92*2
80

02
99
70

7 l 34 73
72
77U

9U 2
90
_____
89*2
7773

91
78U

58
99
70

00
60
5512 60

F a b ’ 18
M a y ’ 17
B ep t’ 17
M a r ’ 14
Jim e'1 7
N o v ’ 10
Aug T 7
J u ly ’ 17
A ug ’ 17
M a y ’ 17
51*2
23
M a y ’ 18
N o v ‘ 10
A p r '18
F ob ’ 17
J u ly ’ 17
M a r ’ 12
54*8
35U
M a y ’ 18
92
M arM 8
M a r’ 18
O ot *08
F eb ’ 18
A p r ’ 18
Ju n o’ 17
M a y ’ IS
78>i

* N o p rice F r id a y ; la te st b id a n d a sk e d . a D u o J a n . d D u o A p r i l .




88 U 93
92 >4 95'’8
84*4 80ia

8U a 83*2 80«4 M a y '18
G5 _____ 03*4 M a y '1 3
955S Salo
95*2
67
94 O ct '17
_____ 89
80 M a y ‘ 12
--------90
101 M a y ’ 13
_____ 991*
7834 793i 7914
7914
SO M a y 'I S
78
80
65
70*2 GO M a y ’ 18
78
J u ly ’ 17
_____ 73
55 M a y ’ 18
55*2 06
81
81
81 Salo
84
_____ lo o ts F ob T 7
84
_____ 85 A p r ’ 18
72*2
7 2 12
7212 Sale
84 Jan *14
5012
621, 237
60-3.1 Salo
2353 Salo
21-%
^4*2 880)
100 F ob ’ 17
_____ 90
‘ *50
50t2
53
5 2 12 Sale
44
81*3 Salo
S0>3
8 l 7S
7514 7 8 i2 781.1 A p r - i s
7G3,i
763-i
7634 Salo

N
ft
D

S e p t '17!
9 0 i2|
95
8434 A p r ’ 18
105 O ot T 5
lOOU M a r ’ 13
73 M a y '1 7
99*2 d e p t’ 17
80
A u g ’ 12
75 A p r T 7
8 4 U Jan ’ 17
76
D oc T 7
85
D e o '17
597S
5Q78
9 0 Jan *18
70 A p r 'I S
30 O ot ’ 17
82*2
8212
10034 A p r T 7
100 Feb *17
9953 M a r ’ 17
00 M a y ’ 18
56*2 M a y ’ 18
85
M a y ’ 17
72U
7 2 14
70 M a y ’ 18

BONDS
N . Y . STOC K E X C H A N G E
W eek ending J u n e 7

Bid

Highi N o ,

35

80h 00’3 90*1
05
9512 9 412

2 _____ 90
8

fringe
Since
Jan. 1.

Week's
flange or
Last Sale

Ask Low

Bid
V era C rua Sc P lat g u 4 X 3 - .1 0 3 4
V irginian la t 5a Series A ___ -1 0 0 2
W a b a sh la t g o ld 5 a _____
1930
1939
2 d g o ld 5 a _____________
1039
D eben tu re Series .8 ___
_1921
lac lieu e<iulp a Id g 5a.
lat lien 5 0 -y r g terra 4 s . _ .1 9 5 4
D et A O h E xt la t g 5 a ., -19 1 1
Dea M oin es D lv la t 2 4a .1 9 3 9
D m O l v l 3 t g 3 X a _________ .1941
T o i * o n D lv let g 4 a . , . ,1 9 4 1
W a sh Terinl l a t g a 3 X a > - -1 9 4 5
le t 4 0 -y r guar la_______ .1 9 1 5
W e s t M a ry la n d la t g 4 a ._ -1 9 5 2
W e s t N Y * Pa lat g 6 8 . . . .1 9 3 7
1943
G en g o ld 4a___...
j»1943
In co m e 5a_________
W estern P a o lat ser A 5a._ 1940
W n eelln g A L E lat g 5a___ .1 9 2 0
W heel D lv lat g o ld 5a___ -1 9 2 8
K xten A leapt g old 5a___ -1 9 3 0
1966
R efu n d in g 4*ia aarlea A
S R le t con sol 4 a . _______ 1949
W in ston -S a lem 8 B la t 4a_ -I 9 6 0
W ls O e o t 5 0 -y r la t g en 4 a ._ 1919
S u p A D u l d lv A term lat 4 3 '3 0

[Voi*. 106.

New York Bond Record— Concluded— Page 4

3433

J - J
M- S
IV1 - S
J -D
J -D

Q- J
J- J
J - J
i1 - A
M -N
M -N
J - J
J - J
J - J
F d and real ent g l H a ____ 1950 M - N

C u m b T A T lat A g en 5 s . . . 1937
K e y s to n e T elep h on e lat fts— 1935
M ic h S ta te T c le p b lo t 5a___192 4
N Y A N J T e lep h on e 6a g — 1920
N Y T e le p la t A gen f I 4 X f . 1 9 3 9
Pao T o i A T el la t 5a________ 1937

N o rth w a it T e l gu 4 X l g — 1934 J

e D u o M a y . p D u o J u a e . A D u e J u ly . * D u o A u g ,

0 D uo

- ‘j

81*2 Salo
_____ 87
86
8 9 '8
90 Salo
_____ 100*2

81*2
823i
19
85*2 F e b T 8 ____
80is M a y ’ 18 ____
8!)3.i
90*8
38
993s M a y ’ lS —

08is
92
93*4 92
08
_____ 97
8738 02*4 8712
97
90
99
8 0'2 80*1 80*2
90
O il 4 90
93
91*4 94
931s
03is Snlo
80
82
85
94

Jan ’ 18
02
A p r ’ 16
871«
M a y ’ 18
87l.i
M a y ’ 18
M a y ’ 18
93*8
M a y ’ lS
N o v ’ lG

931s
87
78*2
1)0
85

99
93*8
8334
00
86

83
73
83

80
76
90

94
81
9434

04
85*2
97

9478
88
80*2

9012
9012
92

85*2
93
80
92*2
9012
90*4

871a
98*4
80
9712
100
DO7#

83

85*s

80«4 83*s
81»4 85*2
80
0112
893.i 95is
08is 9 9 i2

12

08*8
90

0 8 is
03*3

1
____
14
....
....
1
----

80*4
97
85*4
90
90*8
90
80

90
98
89
9258
95
93*8
88

- \

—

O o t . p D u e N o v . t fD u o D e o . f .O p t lo n ia lo .

Jrara 8 1918.]

811ARM PRICBS—NOT PXR CBNTV M
Saturday
June 1.

Monday
June 3 .

2433

BOSTON STOCK EXCHANGE—Stock Record
Tuesday
June 4 .

Wednesday
June 5 .

Sales

PRICBS.

Thursday
June 0 .

of the
Friday
June 7.

ir e e t

STO C K S
BO STON ST O C K
EXCHANGE

Shares.

Range Since Jan. 1.
Lotcest.

Range tor Previou
Year 1917
*
Highest

Highest.

R a ilr o a d *
120 D e o
84 B o s to n & A lb a n y __________ 100 122*2 A p r 17 133*2 M a y 2 2
130
13038 131
131
131
131
133
129
131
131
*12812 132
27 D e o
7 6 i2 M a y 2 9
37 Jan 2
1,036 B o s to n E le v a te d ___________ 100
72 l2 73
74
73
70*4
72
75
73
l2
75
7312
7434 75
70*2 D e o
87 M a r l 4 100 Jan 2
B o s to n A L o w e ll___________ 100
Last
Sale
98
M
a
y
’
18
*92
93
*92
98
98
*92
*90
98
15 D e o
36
M
a
y
2
9
Jan
23
19
B
o
s
to
n
4
M
a
in
e
___________
100
405
3314 331i
3314 33U
33U 3314
*3312 34
3312 34
3212 3278
150 D e o
1 B o s to n 4 P r o v id e n c e ______ 100 150 A p r 15 16312 Jan 17
*160
105
105
*160
105
*1G0
100
100
100
*150
3 Jun e 5
2 J u iy
2 Jan 28
B
o
s
to
n
S
u
b
u
rban
E
l
e
o
.
.
«
o
par
100
____
4
3
3
5
*212
*212
5
*212
14 J u n e 6
9 June
10>4 M a r 1
Do
p r e t ____________ no par
10
14
14
*14
14
*14
*14
B o s to n A W oro E lec ..no par
Last Sale 412 N o v ’ 10
30 A u g
30
M ar 6
30
M ar 5
Do
p r o f ____________ no par
Last Sale 30 M a r ’ 18
------- *30
*30
____ *3 0
-------- *30
148 N o v
O hio Juno B y A U S Y _____100 147 A p r 17 147 A p r 17
Last Sale 147 A p r’ 18
* ____ 1487s * ____ 1487s * ____ 14878 1____ 14878
85 Jan 30
83*2 D e o
8212 A p r 18
Do
p r e f_________________IO0
Last
Sale
8312
M
a
y
’
18
*8312
.
.
.
* 8 3 1 2 -----* 8 3 l2 ------ 1 * 8 3 l2 ------102*2 N o v
C o n n e cticu t B i v e r ------------- 100 104 F e b 14 120 M a r 6
Last Sale 120 M a y ’ 18
414
121
*114
121
*113
122
*114
121
44 D e c
65 Jan 3
53 Jan 22
F itch b u rg p r e f______________100
63
04
62*4
6234
*6212
6134
*0212 6412 *0212 0412
15 D e o
G eorg ia B y 4 E lec stam pdlO O 114*4 M a y 1 116*4 J a n 9
Last Sale l i B " M a y’ 18
'112
*12
*112
____ 1*112
...
83 June
81
F
e
b
25
80
M
a
r
8
Do
p r o f________________ 100
Last Sale 80 M a y ’ 18
84
*80
84
*80
*80
84 I *80
84
85 Jan 3
78 D e e
80 Jan 26
M
a
in
e
C
e
n
tr
a
l______________100
*80
82
10
82
*80
82
*80
*80
82
80
80
1 D eo
7*2 M a y l 6
2 Jan 2
234
3
4 ,903 M »3 s E lectric C o s __________ 100
‘ 234 ’ 27s
3
35s
4>2
3 l2
212
334!
2U
412
6 D eo
33 M a y 16
8*2 Jan 22
D o ore f s t a m p e d ________ 100
26
28*4
2734 30*2
2 0 i2 2 7 i2 18,492
2 9 i2 3234
2934 3212
2312 29'2
21*4 S ep t
46 M a y 2 9
27 F eb 25
N Y N II A H a r tfo r d ........... 100
4012
4178
3
,040
4
0
i2
41
4
1
is
4334
4 3 's 44
4212 45
4278 43-*s
Jan
10
90
Jan
10
90*2
O ct
90
N
orthern
N
ew
H
a
m
p
sh
ire.
100
Last Sale 90
J a n ’ 18
85 D e o
98 Jan 2
92 F eb 21
94
94
13 O ld C o lo n y .............................. 100
*92
*92
95
95
95
*92
95
25 Jan 8
10'2 D e o
20 Jan 2
B
u
tla
n
d
.
p
r
e
f..................
100
2334
M
a
y
’
IS
Last
Sale
*
2
2
l2
*22
25
25
*21
25
*20
88 A p r 18
83 D eo
83 Jan 24
V e r m o n t * M a ssa ch u setts. 100
Last Sale 88
A p r ’ 18
*90
*89
100
100
100
*89
*89
49 M a y 2 4
34 D e o
37 F e b 20
198 W est E nd S t r e e t ---------------- 50
4 7 l2 48
4 7 l2 4 7 i2
475s 4734 *-47*2
4712 48
*4712 48*2
62 A p r 1
47 Jan 10
z45 D e c
D
o
pref________________
50
3
00
60
*53
*58
60
58
*50
*5012 58
M is c e lla n e o u s
89*2 F eb 14
73 D eo
7 8 '2 Jao
A m er A grlcul C h e m ica l___ 100
Last Sale 85 M a y ’ IS
*8134 80
«3434 80
*3134 8012 *8434 86I2
95*2 M a y 2 1
88 D e o
88% Jan
Do
p r e f________________ 100
94
94
307
9 3 i2 9412
9 3 t2 9 3 i2
9 1 i2 9412
94
94
93 l2 94
21*
M
a
r
2
1 D eo
.76
Jan
24
Am
or
P
n
eu
m
a
tic
S
e
r
v
ic
e
..
25
810
H2
li2
U2
1 *2
178
*15s
2
134
1*2
l^S
2
Ha
153s M a r 4
7*2 D eo
8 Jan 29
Do
p r o f________________ 50
305
10i2
10i2
11
*10
11
*10
1U2
12
1214
1012
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4
37S
330 S h a n n on _____________ . . . . . 10
378
4
3*V. 3*V.
3*4
37g
3*4
19 O ct
17 M a y 8
10 Jan 15
L ist Site 17 M a y ’ 18 _______ Sliattuok A r is o n s __________ 10
17i2
i7>2 *16
*10
+ 10
18
17<2 *16
.8 9 D e c
2 Jan 3
II4
A
p
r
22
*1*4 I ’At ____
____
120 South L a k e . . . . . . . . . . . . . 25
* l 't
1 '*
*1*4
1*4
1*4
1*2
1'2
1*1
10 D e c
20 Jan 8
.11 Jau 23
6
* .1 0
.14
* .10
.14
.15
.15
100 S outh U ta h M A . . . . . . .
.14
* .l 1
+ .12
+ .12
.15
O' 2 M a y lS
314 D e c
4 Feb l 8
S u p erior_____________ - ___ _ 25
Last Sale 6
M a y ’ IS
5*4
*4*i
5*1
*4*4
*4*4
*411
514
5*4
3*8 D ec
3*4 Jan 3
2 M ay 3
*2*8
1,190 Superior A B oston C o p p e r . 10
2*2
2U
2%
2*2
2*2
21.1
21.1
2 '?
2 % 2*2
2*2
3
N ov
4*2 Feb 13
3<4 J an 14
. . . 25
4
4*i
55 T r in ity ____________
*3*t
*3*4
*3*4
4
3*8
3*4 ! *3*8
3*4
3*8
4*4
li< Feb 21
1 M ay
85 M ay 1
Tuolum ne C o p p e r _____ . . .
1
Last Sale .95 M a y ’ IS
*.98
1
1
*.93
*.90
*.96
i d 's O eo
30 A pr I S 49i-t F eb 19
4 1 12 ♦39*4 41*1
401- 40*135 u 9 Sm elt R efln A M i n . . . 60
43
43
40
40
41*s 41*8 *40
40 Jan 2
i l l s N ov
42*4 A pr 13
Do
p r e f_________________ 50
33
43*2: 4312 43*2
4 3 l2, *43
43
42i?. 43
43
43U 431.1 ♦43
17S M ac
1>4 M a y 3 1
2*8 Feb 8
2
709 VJtaii-Apex M i n i n g . . . ___ _ 6
178
2 At 2 'At ......................
1*1
17g
*1*4
1*4
1?8
1?8
12 Jau 16
9
M ir20
912 O eo
Utah
C
o
n
s
o
lid
a
t
e
d
..__.
.
.
6
190
*10
IOI4
10*2
10*2
9*4
10
10
97S 10
10
*10
10*2
7 1 D ec
85
Feb
19
77*2
M
ar-23
U
tah
C
o
p
p
e
r
C
o
____
.
.
.
.
.
10
77*-!
Last
S
ife.7
9
%
M
a
y
’
18
79*8 *77
* 7 7 'i 77*4 *78*s 78*8 *79
2*8 D e o
3 ‘X , Apr 8
l^s June 5
1
1*, ■
1,955 U tah M eta l A T u n n e l_____
178
1%
1^8
1%
l*i
2 13
17,
l 7s
17S
178
*17S
3 Jan 3
2 O ot
2 's Jan 26
2*4
2 04
2^8
2^8 i
*212
+2*2
*2I2
3
* 2 l2
3*4
2*.
10 V ic t o r ia ___ _____. . . . . . . . . 25
*2*2
2 O ct
1
Jan
10
2
Jan
3
W m ona . . . . . . . . . . . . . . . . 20
2 1 *1*2
*1*4
2
2
1*2
2
1*2
2 I * t '4
* ll4
*1*4
75
31
D ec
36 Jan 3
25*2 June
25 W olverine . . . . . . . . . . . . __35
27*2
25*2 25*2 1
27<2 *20
27*2 *26
*27
28
*26
•20
27
.15 Aug
.40 M a y lO
1M» M a r 7
W
v
a
n
d
o
tt
.
.
.
.
.
.
______
35
•
Last
Sup
.90
M
a
v
’
18
1
*1o
**2
1
1
*1 1
**2
**2

6*4

8

* Bid and asked price*,




a Ex-dlvldend and rights,

e Assessment paid.

6 Ex-atock dividend.

* Ei-rlghts.

s Ei-dlvldnd.

m Half-paid.

Jao
Jan
M ar
M ar
Jan
Ju ly
Ju ly
38 F e b
150 Jan
108 Jan
140 M a r
78*2 M a r
133 Jan
9 2 i2 Jan
100*8 M a r
0*s J une
31U J u ly
52*4 Jau
105 A p r
135 Jan
84*2 F eb
110 Jan
50*2 M a r
74 Jan
94*4 M a y
10312 Jan
2*s J a n

14
M ar
1 2 6 u June
12H * Jan
128U Jan
58 June
100*4 June
75 July
9 7 i 2 Jan
14*4 D e o
121*2 Jan
66 Jan
2 0 >g Jun e
10 Jan
226 Jan
170U Jan
i s i j Jan
33*2 Jan
102 Jan
100*2 M a r
81
M ar
109 Jan
95
M ar
92*2 A ug
I2 4 ’s M ar
112 Jan
166*4 Jan
46 I an
16 M a r
1627s A p r
68 June
15512 Jan
68 ‘4 Jan
30*8 M a r
135 M a r
121 Jan
8 '« Jan
414 Jan
108 Jan
I D s Jan
l ’i Jan
70 M a t
4 U4 Jau
73 Jan
15*4 J un e
2 U Jaa
52 Jan
8514 Jau
590 F eb
27*4 Jan
63
M ar
68 Jaa
3 Jan
7 'i Jan
16 Jan
9
M ar
92 Jan
46(2 Jan
20*2 Jan
4
M ar
7 6 't June
94
A pr
36 Jan
6 Aug
1 *< J a o
IS Jan
5 Jan
8*8 Aug
15 t Jan
3 M ay
6*2 M a r
98
Jan
23*» M a r
6
Jan
17*8 A p r
30
M ar
42*4 M a r
9*8 Hept
i-tu M a r
2*4 Jan
2% Jan
6714 M a t
95
M ar
2 8 % June
94*2 F eb
S 3 1» A p r
89*4 M a t
2
Jan
10 Jan
S Oi* M a r
6 , , Jan
.3 * Jan
lo s s 1 M a r
8 4 Jan
8 's Ju ly
2 *{, Jan
67*4 Jan
52 >2 Jan
S’n S ep t
2 L i F eb
113*8 M a y
3*8 Jan
6
Jan
i)<8 .Jan
51*s M a r
2*8 J1
*

2434

THE CHRONICLE

.. ...Outside Stock Exchanges
B o s t o n B o n d R e c o r d .— T r a n s a c tio n s in b o n d s a t
to n S to c k E x c h a n g e J u n o 1 to J u n o 7 , b o th in c lu siv e :
Friday
Last Week's Range Sales
Sale
o f Prices.
for
Price. Low.
High. Week.
99.54
94.60
94
96.50

ls t Lib Loan 4s_ 1932-47
2d Lib Loan 4s_„ 1927-42
3d Lib Loan 4 ‘4s__1928
A ti G & W I S 3 L 5 3 .. 1959
Chic Juno & U S Y 53.1940
D om inion Coal 5s____1940
French Repub 5)3s._1919
G t N or-C H & Q 4 s _ ..1921
M ass Gas 4 )3 s ________1929
M ich State Tel 5s___ 1924
Miss River Power 5S..1951
N E Telephone 5s___ 1932
Pond Creek Coal 6 s .. 1923
Punta Alegre Sugar 6s 1931
Swift & C o 1st 5s___ 1944
U S Smelt R& M conv 6s. .
W estern Tel A Tel 5s. 1932

90
95

99.44
93
92.84
95.14
74)3
91)4
87)4
97)3
93)3
90
87 )4
72
90
93
78
94)3
97
85)3

99.80
94.60
94.30
96.70
75 H
91)3
87)4
97)3
93 H
90
87 K
72
90 H
93
78
95
97
80

$66,050
49,700
137,900
54,750
5,000
3,000
3.0C0
1,000
1,000
4,000
1,000
2,000
4,000
4,000
1,000
14,000
5,(KM)
15,000

B os-

Range since Jan. 1.
Low.
96.52 Jan
93
June
92.84 June
95.14 June
74)3 M ay
87 'A Apr
87)3 June
97)3 June
92
M ar
88
Jan
87 )4 June
67)3 Jan
89
Jan
90
Apr
77
M ay
92)3 Mar
94)3 Jan
85)3 Juno

High.
99.80M ay
98
Jan
97.90 M ar
101
M ay
79
Jan
91)3 Feb
87)4 June
97)3 June
94)3 Jan
91)3 M ar
8 7 )f Juno
72)3 M ay
91)3 Feb
95
Feb
95)3 Feb
97 H Jan
90)3 M ar

C h i c a g o S t o c k E x c h a n g e .— T h e c o m p le te re co rd o f
tra n sa c tio n s a t th e C h ic a g o S to c k E x c h a n g e fro m J u n e 1
to J u n e 7 , b o th in c lu siv e , c o m p ile d fr o m th e officia l sales
lis ts , is g iv e n b o lo w .
P ric es fo r s to c k s are a ll d ollars p er
sh a r e , not p er c e n t.
F o r b o n d s th e q u o ta tio n s are p e r c e n t
o f p a r v a lu o .
Friday
Sales
Last Week’s Range
for
Sale
o f Prices.
Week.
Price. Low.
High. Shares.

N ow .................... (no par)
P referred.................... 100
Chic C ity A C R y R y prof.
_________

Preferred
Chic R y s part ctf ‘ ‘2”

12)3
167
100
no

Deere & C o, pref.

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

106
________

20)3
People's C. L & C ok e.

44
_

„

86
Quaker Oats C o ________ 100
P referred___________ io o
99
Sears R oebuck, com ___lo o
133
Stewart Warner Speedom
C o m m o n ___________ io o
58
Swift A C o ____________ io o 104
Swift rights........... ...............
K
Swift warrants____
" 104
Union Carbide & Carbon
_ C o - ................— (no par)
50
United Paper B 'd com . 100
19
W ard, M ontg & C o, p r e f.. 102)3
Wilson A Co, com ......... 100
58
P referred_____ _____ ioo
B on ds.
Chicago Telep 5s____1923
95)3
Com m onw-Edlson 5s. 1943
Liberty Loan 3^ 3.1932-47 _________
Lib Loan 1st 4 s . . . 1932-47
Lib Loan 2d 4 s . . . 1927-42 94.10
Liberty Loan 4 )4 s ____ 1928
Peop Gas Light <fc C o k e =
Chic G L & C 1st 5s 1937
Swift A Co 1st g 5 s . . . 1944
94)3

240
126

240
130

23
81)3
16
3
12)3
65
12)3
165
100
108)3
93
106
50
20
6)3
42)3
70
86
260
98)3
133

23
81)3
16
3
12)3
67 K
12 H
167
101)3
110
94
108
50
20)3
6)3
44
70
88
260
99
130

75
221

Range since Jan. 1.
Low.
240
87

25
18)3
5
80
2<J
14
16
2)4
21
12
210
47)3
50
8
50 165
1,766 100
75 107)3
40
93
165 102
50
48
420 *19
25
5
255
40)4
1
70
10
86
30 250
140
95
2,184 133

54)3 58
103M 106
■J3
1)3
103)3 105)3

1,215
6,154
33,550
469

49
51)3
19
19)4
102
102)4
58
59)3
97)3 97)3

3,410
120
67
120
10

M ay
Jan

High.
265
Feb
144)3 M ay

Jan
26
April
86
Jan
18
Apr
4
Apr
12)3
Jan
71)4
Jan
15
Jan 175
June 108
Jan 114)4
June
97
Jan 114
Apr
58
M ay
28
Mar
7
Apr
55
June
77
Apr
90
Jan 290
Jan 100
June 157

Fob
Feb
M ar
Feb
Juno
Apr
M ar
Feb
Apr
Jan
M ay
Jan
Jan
Feb

S tock s—

Arundel Sand A Gravel. 100
Atlantic Petroleum____ 10
Consol G as, E L A P ..1 0 0
97
Consolidation C oal____ 100
Cosden & C o ..... .......... ...... 5
6)3
P referred....... ................. 5
D avison C h em ical..n o par
Elkhom Coal C orp_____ 50
25)3
Houston Oil trust c t fs ..l 0 0
67)3
Preferred trust ctfs.-lO O
74
M er & M in Trans V T .1 0 0
M t Vornon-W oodbcrry
M ills v t r_____ _____ 100
Preferred v t r ............100
Northern Central........... 50
Pennsylv W ater & Pow.100
65
Poole Engineering & M .100
54)3
United R y & E lec............50
Wash Balt & Annap____50
27)3
P referred...................... 50
W ay land Oil A G as______ 5
B on ds.
Atlan A Chari 1st 5 s . . 1944
Balt Elec stamped 5s. 1947
Bos Sand A Grav 6s . . 1924
Carolina Central 4 s . . 1949
Consolidated Gas 5 s .. 1939
Consol Gas Elec Lt A Pow
5% notes______________
6 % notes______________
Consol Coal ref 5s____1950
89)3
Convertible 6s _____ 1923
Cosden A C o ser A 6s . 1932
79)3
Series B 6s.................1932
80
Elkhom Coal Corp 68.1925 _____
Georgia A Ala cons 5s. 1945
H ous Oil div c t fs .. 1923-25 _____
K irby Lumb Contr 63.1923
98)4
M onon Val Trac 5s___1942 ___- United R y A Elec 4 s .. 1949
Incomo 4s................... 1949
Funding 5s sm a ll...1 9 3 6
6 % notes..........................
Wash B alt A Annap 5s 1941
W est Penn Trac 5 s . . . 1960

S tock s—

Feb

59
146
Apr
2)3
105)3 June

P referred.................... IOO
nsurance C o of N A ___10

Apr
Feb
Apr
Jan
Jan

54)4 Feb
22)3 M ay
110
Feb
65)4 M ay
99)3 M ar

15)4
65 J4
59)4

85
43 H
24)
25) 4

95)3
91)3
99.50
93.40
94.10
96.50

$1,000
3,000
900
1,100
8,600
1,500

95)4 M ay
90
Mar
97
Jan
93.30June
93
June
9 5 .20June

96)3 Jan
94)3 M ar
99.50June
97.50
97.52 Mar
9S.10M ay

88)3
91)3

88)3
95

2,000
30,000

87)4 M ay
92)3 Apr

90
M ar
95)3 Jan

.100

54)3
78)4
91 M
101)3
1)4
113
147
49
______
41)3
23)3
______
41c
31c
30
97)3
_____
42

51
13)3
53
78)4
91)4
101)3
134
7)3
113
145
49
3
7
15)3
41 'A
23)4
2)3
9)4
48)3
l ie
31c
7
30
1)4
90)4
93
41)4

51
13)3
55)3
78)4
91)4
101)3
1)3
8
113
149)3
50
3)3
7)3
15)3
42)4
23)3
2)3
10
48)3
43c
35c
7)3
30
1)4
100)3
93)3
42)4

100
25
845
10
50
30
675
151
175
326
192
110
185
165
392
850
15
195
195
6,600
2,200
1,465
300
400
1,075
187
350

98)4
37

9S)4
37

2.000

Low.

High.

Jan
Mar
Jan
M ay
Jan
Jan
Jan
Jan
Jan
Apr
Apr

36)3 Jan
3)3 Feb
102
Feb
106
Jan
8)4 Jan
4
Jan
38)3 Jan
29
M ar
67)3 Juno
74
Jan
90
M ar

15
Jan
08
Jan
70
Jnn
60
Jan
53
M ay
18
June
24
Jan
35)3 June
3
Apr

17)4 Feb
74
Feb
73)3 Feb
67
M ay
54)3 Juno
24)3 Feb
29)3 M ar
41)4 Jan
3)3 Jan

31)4
2)3
94
85
6)3
3)3
30
22)4
40
61
70

15
72)3
73)4
65
54)3
18
26)4
35)3
3)3

15
72 H
73)3
65
54)3
18)4
27)3
35)3
3)3

3
46
7
50
50
760
515
60
50

93)4
90
90
75
99

93)4
91
90
75
99

*9,000
7,000
5,000
4,000
1,00"

92)3
90
90
75
98)4

M ar
June
June
June
Jan

94)3 Feb
93
Feb
90
Juno
80
Feb
100
Apr

90
90)4 17,000
97
97
4,000
2,000
88)3 89)3
98)3 98)3 13,000
79
5,500
79 )3
79
80
6,000
96
96
0,000
92)3 92)3
1,000
95
95
2,01)0
8,000
98)4 98)4
85
85
1,000
72)4 73)3
9,000
53
53
15,000
75)4 76)4
900
92
92
1,000
82)3 82)3
6,000
80
80
1,000

90
94)3
81
98)3
78)4
78)3
96
92
88
95)4
84)4
72)4
53
75
92
80
80

June
Jan
Jan
June
M ar
M ay
M ay
Jan
Jan
Apr
Apr
June
M ay
Apr
M ay
Jan
June

95
97
89)3
103)4
82)4
83)3
98)3
94)3
99
98)4
85
77)3
58)3
82)3
96
83)4
80

Jan
M ay
Juno
Jan
Feb
Jan
Jnn
Jan
Jan
Juno
Feb
Feb
Jan
Feb
Feb
Fob
Jure

73
73
73
73
85)4 88
40
40)4
128
130
49
50
15
19)4
4 7 ) 4 51
20
20
4 8 ) 4 48)4
15)4 16)4
65)4 66
58)4 60)4
26)4 26)4
46
46
51
51
85
85
43)4 44)4
2 4 ) 4 4 25)4
25) 4 26
67
67
80)4 91)4
2)4 3 1-16
2 11-16 2)4
39 % 40
187)4 187)4
60)4 67)4
90)4 101
8
8)4
05
95)4

9
8
65
58
55
318
3,888
385
27
100
2,050
312
22,

Range since Jan. 1.
Low.

73
73
58)4
40
115
48
14)4
47
24
48)4
12
61 )4
55
25)4
46
200
43)4
25
82
1,290
43)4
896
24)4
699
23)4
53
66
2,625
71
3,424
2)4
320
2)4
835
38)4
5 187H
604
65)4
14,896
86)4
85
7)4
125
74

High.

June
89
Jan
M ay
80
Feb
Jan 100)4 M ay
Apr z43
M ar
Jan 130
Jan
M ar
52)4 M ay
M ay
19)4 Juno
Jan
51 )4 Feb
Jan
26)4 Apr
M ay
57)4 Jan
Jan
18)4 M ay
Jan
68
M ay
Jan
63
M ar
M ar
26)4 M ar
June
46
Juno
Jan
59)4 M ay
Jan
9 0 ) 4 M ar
M ay
47)4 Jan
Apr
26
M ay
M ar
30
Jan
Apr
71) 4 Feb
Jan
9 1 ) 4 Juno
June
3)4 M ar
M ay
4
Jan
Apr
42)4 Jan
June 195
Feb
Apr
72) 4 Jan
M ar 113)4 M ay
Apr
8)4 M ar
Jan
95)4 Juno

United Gas Im pt_____ 50
U S Steel Corporation. 100
Warwick Iron A S te e l.. . 10
W m Cramp A Sons____100
B on ds—
U S Lib Loan 3 )4 s . 1932-17
99.10 99.70 $10,550
97
Jan 99.70 M ay
1st Lib Loan 4s. 1932-17
93
93)4
700
93
June 97.90 Jan
2d Lib Loan 4s. .1927-42 93.94 92.80 93.94 14,700 92.80 June 97.60 M a
3d Lib Loan 4)4 s . 1928 96.60 95.30 90.74 33,450 95.30 June 98.52 M a y
Am cr Gas A Elec 5 s . . 2007
79
79
79
2,000
78)4 Apr
82
Jan
do
small......... 2007
78)4 79
600
77)4 M ar
82
Jan
Range since Jan. 1.
Baldwin Locom 1st 5s 1940
7.000
100)4 100)4
99)4 Apr 101
M ay
Elec A Peop tr ctfs 4s. 1945
73
73
6.000
70
M ar
73)
4
M
ay
Low.
High.
Lako Superior Corp 5s 1924
55
55
3.000
47)4 Jan
55
M ay
Lehigh Coal A N av—
51
June
Consol 4 )4 s ...............1954
55
Apr
92
92
1.000
92
June
95
Jan
12 )3 Jan
Lehigh Valley—
15)4 Jan
40
Jan
Annuity 6s......... ............... 119)4 119)4 119)4
58
Feb
1,000 119)4 June 120
M ay
77
Feb
Gen consol 4s........... 2003
96 )3 Jan
77)4
77)4 78
10,000
77
M ay
80
Jan
89
Mar
Gen consol 4 )4 s ____ 2003
92
M ay
8 8 ) 4 89)4
4.000
88
Apr
91)4 Feb
101)3 June 102)3 Feb
Natl Properties 4-6S..1946
32
32
15.000
32
M ay
40
Jan
1 )3 Jan
Penna R R gen 4)4s._1965
2 ) 4 M ay
8 9 ) 4 89)4
7.000
88)4 Apr
92
Jan
6 )3 Mar
9 M Jan
Pennsylvania Co 4)4s 1921
97
97
1.000
97
June
97
Juno
106
M ar 115
Phil B A Wash 1st is. 1943
Feb
96
90
1,000
96
June
96
Juno
Jan 165
M ay
Phila Co— Cons A coll
Apr
tr 5s stamped............1951
53
Jan
82
82
13.000
73
Apr
82
M ay
Jan
Phila Elec 1st 5s......... 1966
4
M ar
9.000
9 4 ) 4 95
93
M ar
96
Jnn
Mar
do
sm all_____ 1966
9 )4 Feb
96
97
2,100
94
Jan
97
M ay
15)3 Jan
Reading gen 4s........... 1997
16
Jan
82)4
82)4 83)4
9.000
81J4 Apr
85
Jan
41
Mat
45
Jan
Spanish Am Iron 6s. .1927
100
100
4.000 100
Jan 101
Fob
23 )4 June
Welsbach Co 5s......... .1930
25
Jan
9 5 ) 4 95)4
1.000
91
Feb
95)4 Juno
1)3 M ar
3 ) 4 M ay
do
sm all......... 1930
600
95)4 95)4
91
M ar
95)4 M a y
8 'A Apr
13
Jan
W llm A N or gen 5s_______
2,000
92)4 92)4
92)4 Juno
92)4 Juno
45
Jan
58)4 Feb
x Ex-dividend.
40c
Jan
1
Feb
21c
Jan
48c M ar
5)3 Jan
7)4 M ar
30
June
30
June
1K Apr
1H Jan
T R A N S A C T IO N S A T T H E N E W Y O R K ST O C K E X C H A N G E
87 )3 M ar 113 M M ay
D A IL Y , W E E K L Y A N D Y E A R L Y .
93
June
97)4 M ay
39
Jan
47
M ay
Week ending
Railroad,
State, M un
June 7 1918.
Jkc.,
& Foreign
34
Apr
40
Jan
Shares.
Par Value.
Ronds.
Bonds.
Bonds.

B a lt i m o r e S t o c k E x c h a n g e .— C o m p lo to record o f tho
tr a n s a c tio n s a t tho B a ltim o r e S to c k E x c h a n g o fro m Ju n o 1
to Ju n o 7 , b o th in c lu siv e , co m p ile d fr o m tho officia l sales
lis ts , is g iv e n b o lo w .
P ric es fo r sto c k s aro all d ollars p er
sh aro, not p er c o n t.
F o r b o n d s th o q u o ta tio n s aro p er c o n t
o f p ar v a lu o .




49
19)3
51

'8 7 )4
3
2)4
40
187 !4
66)4
07)4

P i t t s b u r g h S t o c k E x c h a n g e .— T h e c o m p le to ro co rd o f
tra n sa ctio n s a t th e P itts b u r g h S to c k E x c h a n g e fr o m J u n o 1
to Ju n o 7 , b o th in c lu siv e , c o m p ile d fro m th e officia l sales
lis ts , is g iv e n b o lo w .
P ric es fo r sto c k s are a ll d ollars p er
sh a r e , not p er c e n t .
F o r b o n d s th o q u o ta tio n s aro p er ce n t
o f p a r v a lu o .

S to c k s -

10
855
47
17£
1,72?
122
13
25
50
810
35

Friday
Sales
Last Week's Range
for
o f Prices.
Sale
Week.
Price. Low.
High. Shares

47
Jan
103)4 June
H June
103)3 June
47)4
14)4
102
46
95

35
35
3
2)3
97
97 H
85)4 86
7
6)3
3)4
3)4
32
32)4
25)3 25)4
65
67)3
71
74
74
78

Range since Jan. 1.

P h i l a d e l p h i a S t o c k E x c h a n g e .— T h o c o m p le te reco rd
o f tra n sa ctio n s a t th o P h ila d e lp h ia S to c k E x c h a n g o fr o m
J u n e 1 to J u n o 7 , b o th
in c lu s iv e , co m p ile d
fro m
th e
officia l sales lis ts , is g iv o n b o lo w .
P ric es for s to c k s aro all
d ollars p er s h a ro , not por c o n t.
F o r b o n d s th o q u o ta tio n s

x Ex-dividend.

American Rolling M ill..25
American Sewer P ip e .. 100
Am . W ind. Glass M ach. 100
P referred....... ............ io o
Crucible Steel pref____100
H arb.-W alker Refr. pf.100
Indep. Brewing com ____50
P referred....................... so
La Bello Iron W o r k s .. . 100
Lono Star G as............... io o
M frs.’ Light A Ilea t____50
N at. Fireproofing c o m .. 50
P referred____________ 50
Ohio Fuel O il....................... 1
Ohio Fuel Supply........... 25
Oklahoma Natural G a s .25
Pittsb Brewing com ____50
Preferred......... ............. 50
Pittsburgh Coal c o m ..l0 0
Pittsb-Jerome Copper___1
Pittsb & M t Shasta C o p .. l
Pittsburgh Oil & G a s .. 100
Pittsburgh R olls C orp.100
Rlversido Eastern Oil com 5
U S Steel Corp com ____ 100
W est’house Air B r a k e ..50
W est’house Elec & M fg_50
B on ds—
Cont D lst Telep 5 s . . . 1943
Indep Brewing 6s____1955

Friday
Sales
Last Week's Rangt
for
Sale
o f Prices.
Week.
Par Price. Low.
High Shares

American Gas of N J ..1 0 0
American R ys prof____100
Baldwin Locom otive. .100

M ar

95)|
91)3
99.30
93.30
93
95.20

Friday
Sales
Last Week's Kange
for
o f Prices.
Sale
Week.
Par. Price. Low.
High Shares.

[Vol. 106

Volume of Business at Stock Exchanges

u. s.

Saturday . . .
M on day___
Tuesday . . .
W ednesday.
Thursday . .
F r id a y .........
T o t a l ....................

307.900 $29,532,500
741.800
69,440,500
743.SOO
69.326.000
617.800
57.067.000
534.900
49.132.000
396,090
37.009.000
3,342,290 $311.507,pool

$497,000
1.391.000
1.142.000
1.470.000
1.422.000
800,000
$6,731,000

$350,000
672.000
492.000
952.000
591.000
472.000

$1,773,000
4.027.000
5.440.000
4.302.000
3.863.000
4.844.000

*3,529,000 *24.249.000

Week ending June 7.

Sales at
New York Stock
Exchange.

1918.

4,381,747
3,342.290
Stocks— N o . s h a r e s ...
Par value........... ...... $311,507,000 $410,467,800

$34,509,000

T otal bonds_______

$16,000
5.504.500
6.194.500

$24,249,000
3.529.000
6.731.000

$11,715,COol

O th e r OH S tock s
0Concluded)—

1917.

65,339,469
$6,118,218,250
$12,900

88,398,442
$8,007,402,330
$51,200

$416,905,000
92,313,500
129,539,500

$385,000
177,924,000
286,554,500

$638,758,000

$464,863,500

D A IL Y T R A N S A C T IO N S A T T H E BO ST O N , P H IL A D E L P H IA A N D
B A L T IM O R E E X C H A N G E S .
Boston.
Week ending
June 7 1918.

Philadelphia.

Bond Sales.

Shares.

Shares.

Baltimore.

Bond Sales.

Shares.

Bond Sales.

Saturday................
M on day__________
Tuesday..................
W ednesday............
T h u r s d a y .............
F r id a y ....... ............

9,001
18,872
20,612
15,322
9,099
8,333

$33,550
57,100
93,200
59,700
82,350
40,500

4,671
0,997
7,197
0,034
2,984
5,562

$39,850
28,950
43,050
27,650
8,600
10,000

261
661
890
1,099
2,098
751

$3,500
32,000
19,000
44,200
18,600
14,000

T o t a l ..................

81,239

$366,400

33,445

$158,7001

5,760

$131,300

New Y ork “ C urb” M arket.— Below we give a record of
the transactions in the outside security market from Juno 1
to June 7, both inclusive. It covers the week ending Fri­
day afternoon.
It should be understood that no such reliability attaches
to transactions on the “ Curb” as to those on the regularly
organized stock exchanges.
On the New York Stock Exohange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed— that
Is, securities where the companies responsible for them have
oomplied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
Insure that quotations coming over the “ tape,” or reported
In the official list at the end of the day, are authentic.
On the “ Curb,” on the other hand, there are no restric­
tions whatever. Any security may be dealt in and any one
oan meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transac­
tions may creep in, or even that dealings in spurious securi­
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
It is out of the question for any one to vouch for the absolute
trustworthiness of this record of “ Curb” transactions, and
we give it for what it may be worth.
Friday
Sales
Last Week's Range
for
Sale.
o f Prices.
Week.
Par. Price. lo w .
High. Shares.

Week ending June 7.
S to c k s —

Aetna E x plos.r . (no par)
Amer & Brit M fg co m . 100
P referred___________ 100
Am cr Tin <fe T u n g s te n .r .l
Brlt-Amer T o b ord’y ___£1
Ordinary bearer_____ £1
Burns Bros Ico r ......... 100
Car Ltg & Power r ......... 25
Carwen Steel T o o l_____ 10
Charcoal Iron of Am pf.1 0
Chevrolet M otor........... 1Q0
Cities Service c o m . r . . 100
Cuprlto-Esmoralda Sul­
phur.r_________________1
Cuprite Sulphu r.r______ 1
Curtiss A erop & M com (t)
Eastern V en din g.r........... 5
Electric Gun r .................... 1
Emerson Phonograph___ 6
GUletto Safoty R a zor. r .( t )
Keyst Tire & Rub, com . 10
Lima Locom otive com rlOO
M anhattan Transit r . . . 2 0
M arconi Wtrel Tel o f A m .5
M axim M u n ition s.r.. .10
North Am Pulp & Pap (t)
Plttsb Rolls Corp r ____100
Poulsen Wireless r ____100
R c o M otor Car r ..............10
Republic M ot Truck r (t)
St Joseph Lead r_______ lO
Smith M otor T r u c k .r ... 10
Standard M otor C onstrr 10
Submarine Boat v t c . - ( t )
Ttalogen Co of Amer r .__5
United M otors.r (no par)
U 8 Aeroplano C o r p .r ___5
U S Light & Heat, com rlO
U 8 Steamship..................10
Wrlght-Martin Alro r . . ( f )
Form er S ta n d a rd Oil
S u b s id ia r ie s
Buckeye Plpo Line r ____50
Illinois Plpo Lino r ____ 100
Northern Plpo Lino r .. l 0 0
Ohio Oil r ................... 25
Pralrlo Oil & G a s .r ____100
Pralrlo Plpo L ln c .r ____100
South Penn Oil r ____ 100
Standard Oil (Calif) r .. l 0 0
Standard OH of N J . r . . l 0 0
Standard Oil of N Y . r 100
Union Tank Lino r ____100
O th er O il S tock s
Allen O ll.r ______________ 1
Amer Venturn O ll.r ......... 1
Appalachian OH r ......... 10c
Barnett Oil & G a s.r_____ 1




13X
5-16
___
17M
2X
127
1 3-16
IX
34 X
6X
X
______
______
18X
47
______
7-16
30
13X
______
39 X
H 4X
12X
16 X
4X
27 X
2X
2X
6X
9X
____ __
324
263
______
273”
98
X
17c
7o
7-16

Range since Jan. 1.
Low.

14X
5
on
5-16 X
16
16X
17 X 17X
24
25
2X
2X
9
9
ox
6X
122
128
2 1 2 X 215

24,300
6 X Feb
4
June
250
IK
.Tnn
420
6,300
’A . M ay
600
14X Apr
2,100
14X Apr
Apr
19
400
2
Jan
500
SU Jan
600
100
6 X Juno
Jan
5,100 100
Feb
550 200

I X 1 5-16
X
IX
37 X
0
7-16 X
2
2X
90
92 X
18X 19 X
47
47
6-10 5-16
3X
3X
7-16 X
2X
2X
30
30
12 X 15
13 X 13X
3JM 3 9 X
z l 4 X 14X
I X 1 13-16
11X 13 X
14X 16X
4X
5X
20
28 X
2
2X
2
2X
6X
6X
OX 10X

0,910
3,200
1,700
4,445
450
500
430
2,150
75
200
725
4,000
400
25
3,900
103
100
125
18,600
1,906
8,700
10,300
19,700
2,475
4,850
9,800
15,100

13X
4

34
5

94
172
113
326
526
268
275
210
545
275
100

94
167
110
324
495
260
275
215
537
267
98

10
25
10
30
97
50
10
15
103
270
200

5-16 7-10
18o
15o
7o
6o

X

X

Friday
Sales
for
Last Week's Range
Sale.
W eek.
o f Prices.
High. Shares.
Price. Low.

Jan. 1 to June 7.

1917.

1918.

Bonds.
Government b o n d s ...
State, m un., & c., bonds
R R . and m lsc. b o n d s..

2435

THE CHRONICLE

June 8 1918.]

1,800
30,900
17,000
21,600

1
X
25
4X
X
2
77X
12X
42 X
5-16
3X
X.
2
30
10
13X
31
i
8X
11X
4
19X
IX

1

4X
6X
93
107
100
300
418
255
272
212
510
252
85

M ay
M ay
Jan
M ay
M ar
Apr
M ar
Jan
Apr
Apr
June
Apr
Apr
June
Apr
Juno
Apr
June;
Jaa
Jan
M ar
Mar
Jan
M ay
M ar
Jan
Jan
M ar
Juno
Jan
Jaa
Jan
Feb
Apr
M ar
M ar
Jan
M ar

•A, M ay
Jan
6c
60 June
* A t M ay

High.
16 X
5
25
X
16 X
18
:in u
3X
9X
7
135
219X

M ay
Feb
M
<
lvaiiv
uy
Jan
Jan
Feb
A/Ta v
M ar
Apr
Feb
Feb
Jan

1 ‘A .
2X
41X
0
X
4X
95
20
SOX
X
3X
1
3X
30
15X
13X
40 X
17X
2X
13X
20 X
5X
30 X
3
2X
7X
11X

M ay
Feb
Feb
Juno
Apr
Jaa
M ay
M ay
M ay
Jan
M ar
Jan
M ay
Juno
M ay
Juno
M ar
Fob
Apr
June
M ay
Juno
Feb
M ay
M ay
M ay
M ay

100
192
113
365
520
279
290
237
579
28 S
100

Feb
Jan
M ay
Jao
Juno
M ay
Jan
Jan
Fob
Feb
Juno

11-16 Jan
19o M ay
7o Juno
1 3-18 Jan

Range since Jan. 1.
Low.

Boston-W yom lng O ll.r___1 . . . . . .
20c
22c
200 M ar
7,000
Cosden & C o , co m .r_____ 5
4,000
6 X Jan
6X
7X
Crown O ll.r_________ - -1
7 -i6
5,209
X M ay
X
Elk Basin Pctroleum _r___5
L400
6X
5 X M ay
5X
6X
Esmeralda Oil C o r p .r ._ _ l
6c
5o
9c
42,000
5c June
Federal O ll.r ..... .................6
2X
2 X M ay
2X
2 X 10,500
Glenrock O ll.r ..................10
4,000
3 X Jan
3X
3X
3X
Globe Oil r ...........................1
1
2,110
1
June
IX
IX
Hanover Oil A R e f . r . . . 6
3
Jan
3
3
5,100
3X
Houston Oil e o m .r ____luO
39 X Jan
69 X
5 7 X 68 X 22,800
500
Internat Petroleum r ___£1
13
13 X
12 X Feb
13 X
Island Oil A T r a n s .r ... 10
IX
Jan
4X
4X
4 X 37,200
Kinney Oil r _____ ________
2,200
X M ay
X
X
X
M erritt Oil C o r p .r ......... 10
1 7 X M ar
21X 2 6 X 27,200
26X
M etropolitan Petroleum .5
1
X Jan
X
I X 36,500
M id Cont ConsOilAUt.r.10 _____
700
6 X M ay
6X
7X
M idwest OH c o m .r ______ 1
87c
Apr
1.08
1.03
1.15 54,000
Preferred r .
.
1
1
Apr
500
IX
IX
97
M ar
Midwest R e fin in g.r____50 109
1,425
105 X 113
Mineral Wells P et..............1
2,100
3
IX
Jan
2X
2X
M onitor O A R (prosp’t )r 1
55c
58c
55o Juno
2,000
N Y-Chino O ll.r ................1
420
39c
Apr
40o
43c
2,700
N Y-Oklahoma Oil co m . r l
3,000
X
X Jan
X
X
Northwestern OH c o m .r .l
63c
69o
66o
Jan
67c
23,000
3C
Oklahoma Oil e o m .r ____1
2 X c 3s
12,000
2c M ay
Oklahoma Prod A R e f__ 5
7X
6X
6 X Apr
7 X 11,800
Okmulgee Prod A R e f___5
5
4X
2 X Jan
6 X 48,700
32c
Omar Oil A Gas com ____1
30c
40c
42,000
21o
Apr
Pan-Amer Petrol, com .r.59
51
53
400
40
Jan
Penn-Kentucky Oil _ .r _ _ l
3,265
5
Jan
6X
5X
5X
Penn Pet A R e f r _______ 1
1
9,950
X
X
X June
So
10c
Queen O ll.r ___________ l
8c M ay
10,000
Rlee O ll.r .......................... 1
3-16
5-32 3-16 43,600
3-32 Feb
Sapulpa R e fin in g.r......... 5
8
M ar
2,950
8X
8X
9X
Savoy Oil________________5
7
8
7
June
550
Senuoyah Oil A R e f......... 1 11-16
8,200
X Jan
X
X
Sinclair Gulf C o r p .r ___(t) ______
15
Jan
1,600
16X 19X
Stanton O l l . r . . ................1
7,300
I X M ar
IX
IX
IX
Texan Oil A R e f . r ........... 1
68c
93c
93c
21,000
68o June
Tuxpam Star O l l r . ......... 1
3c
2 X c 4c
70,000
2 X c June
United Western Oil n e w .r .
8,600
X Apr
IX
IX
IX
United W estern O l l r ____1
5-16 5-16
3-1 6 M ar
7,000
3-32 5-32 19,000
Vacuum Gas A Oil L t d .. . 1 * " ‘ x
1-16 M ar
Victoria Oil r .................10
2,960
3 X Jan
3X
3X
4X
M la la g Stock s
55c
550
65c
Alaska-Brlt Col M e ta ls .. 1
29,300
5-16 Apr
60o
55c
60o
60c Mar
America M in e s.r..............1
2,000
6X c
6c
7c
Atlanta M ines.................... 1
14,000
6c June
Aurora Sliver M in e s .r ...5
2,050
5X
2 X Feb
5X
6X
X Jan
Bl* Ledge Copper_______ 5 1 3-16
I X 1 5-16 34,700
Booth _ r .
1
3c
4c
3o
Jan
3,000
50c
48c
51c
41o
Jan
Boston A M ontana D e v ..6
61,000
Bradshaw C o p p e r.r_____ 1
2,200
X Jan
X
X
X
Butte-Det Copp A Z l n c .- l
5-32 5-32
5,000
X Jan
39c
13,400
Caledonia M in in g ........... 1 ” 4 0 c '
40o
39c M ay
*1
Jan
Calumet A Jerome Cop r .l
IX
IX
I X 34,700
600 1 5-16 Jan
Canada Copper C o L t d . . 6
XX
I X 1 11-16
7o 7 X c
Cash B o v ..
l
5,700
3 X o Jan
Cerbat Silver M A M r . . l
1,600
42o
Jan
X
X
X
2,000
X June
Cerro G ordo M ines_____ 1
X
X
2
725
C oco River M in in g .r____1
I X M ar
IX
7,600
Consol Arizona Smelt____ ______
I X 1 15-16
l'At Feh
6X
Consol Copper M ines____5
7
5
Jan
6X
5,400
22o
Feb
9-32
Consol-Hom estead. r ____1 - - - - - 3,500
X
1
Copper Valley M in in g .r .l
X Jan
X
1,800
X
4 « M ar
Crcsson Cons Gold M A M J
4,000
4X
4X
4X
72c
71c
73c
El Salvador Silver, r _____ 1
65o M ar
14,300
7-32
Emma C o p p e r.r................1
3-16 7-32 47,100
Apr
5,60'
Eureka Croesus M in r ___1 1 13-16 1 11-16 I X
X Feb
30c
32c
5,000
30c June
Fortuna C o n s o l.r_______ 1
Golden Rule M in e s.r____1 ” " x
1.65C
At Apr
X
X
7-32 9-32
4,000
7»i M ay
Goldfield Consolidated. 10
2c
2o
2X c
3,000
2 X c M ay
Goldfield M erg e r.r........... 1
3c
3X c
Great Bend r
1
2.000
3c June
..
500
Green M onster r ............50c
X Apr
X 11-16
61c
50c
62c
25,000
50c June
H attie G old M in l r ......... 1
4X
4 X 4 7-16
2,475
Heota M ining....... .......... 25«
2 X Jan
20c 2 6 X c 80,200
14c M ay
H ypothcek M A M . r . . l 0 c 2 5 X c
12c
100
13c
International M i n e s .r . .. l
38,000
8e
Jan
13-32 13-32
Iron Blossom r
10c
500
5-16 Apr
Jerome Prescott C op r ___1 ____
3,500
X
X M ay
X
9-16
Jerome Verde C opper____1
9-16 X
700
% M ar
65c
72c
Jim Butler r . .
]
9,200
65c
Jan
9c
Jumbo Extension___
1
10c
8,600
9o M ay
Kewanus r_
1
4c
4c
1,000
4c M ay
La Leona. Sllrer r
Ft
2,509
X
X
X M ay
350
35c
41c
Liberty Silv (p r o s p 't ) .r .-l
19,300
28c
Feb
2 X c3 X c
4,000
Lone Star C o n so l.r______ 1 ______
I X o M ay
4,900
7-16 Jan
Louisiana Consol_______ 1
X
X
X
4c 4 X c
Marsh Mining r
l
6,500
4c
Jan
Mason Valley
ft
300
4 X M ay
4X
4X
1,000
M onitor Sll L A Z M A M .l ___
X
X
X June
80
6c
8c
22,700
M onster Chief r ......... ......1
6 X o Apr
38c
37c
49c
M other Lode r ......... ........ j
61,000
26o
Jan
3c
National Leasing r ............1
2 X c 3c
65,500
2 X c M ay
22c
20c
26c
Nat Zlne A Lead r ........... 1
26,000
15o
Jan
Nevada Rand r
i()r
22c
22c
13c
Feb
1,200
New Cornelia r ......... ........ 6
1,200
18X
15 X Jan
18X 18X
55c
Nixon N evada___________l
55c
54c M ay
61c
5,400
Ohio Copper r ......... .......... l
13-16 15-16 17,900
%
Apr
X
2
Jan
Onondago M in e s .r........... 1
3X
3 X 11,200
3X
43c
Jan
51c
53c
1,500
Provincial M ining
T
2,400
Ray Hercules Mining r . . 6
4H
3 X Jan
4X
4X
200
Red Warrior Mining r . . . l L » ____
5-16
X Jan
X
8c
8,500
8c M ay
Rex Consolidated M g . . . l
7 X c ! 9c
43c
41c
47c
26,100
27o
Jan
Rochester M ines________ 1
11c
San T o y M in ing____
i
11c
1,000
10c
Apr
13-16
Silver Tissue S ilver.r____1
X M ar
X 13-16 10,200
5
5
Sliver Pick Consol r ......... l ______
1,000
3 X c Apr
71o
72c
72c
47o
Feb
5,500
Sliver Plume C o n s .r ____1
7-161 7-16
7-16
2,900
X Jan
Standard 81lver-Lead____1
7-32
7-321 7-32
8,300
3-16 Jan
Stewart.......................... ...... 1
9 ^ c 10c
3,500
7o
Jan
9uooe83 Mining__
1
3
250
Tonopah Belmont D ev r 1
2X
2 X June
6,150
Tonopah Extension_____1
IX
Jan
I X 1 5-16 1 9-16
213-16 213-16!
200
Tonopah M ining......... ...... 1
2 X M ay
3-16
Trl-BulIlon S A D ............. 5 ______
3-16 Jan
XI 1,000
15c
15c
17c | 8,000
10c M ay
T roy-A rlzon a.r....... .......... 1
3 X 3 15-16 11,920
United Eastern..................1
3 X June
3X
25c
23o
25c 1 6,510
9c
Feb
U 8 Lead A Zinc
......... 1
25c
12c
25c 1 75,000
W ard M in A M illing r . . . l
4c M ay
82c
65c
Jan
West End Consolidated. .6 1 1-32
I X 25,500
7c
7c
1,500
W hite Caps E xtens____10c ______
5c M ay
11-32 13-32 16,000
11-32 Jan
White Caps M in in g ...1 0 e
X
Wilbert M in in g ............ .1 l l X c
11c l i x c ; 1,500
8c
Feb
R on d s
Am Tel A Tel 1-yr 6s-------98 X M ar
99 X
99 X 9 9 X $19,000
96 X Jan
Beth Steel
n o te s .. 1919
98 X 98 X i 16,000
98 X
Canada (Dorn of) 5 s ..1919
94 X Jan
96 X
9 5 X 9 6 X 240,090
25
25
25
June
25
6,700
Cldcago Elec 6s r ................
Federal Farm Loan 5s____ 101X 101X 101X 255,000 101X June
Gen’ l Elec 6% n o te s .. 1920
98 X Jan
99 X
99 X 100X 40,000
N Y Cent R R 2-yr notes, r
9 7 X Apr
98 X 98 X 10,000
99
99
1,000
Phila Electric 6s_____ 1920
97 X Feb
Procter A Gamhle 7s r 1922, 101H 101
7,000
98 X M ar
101X
38
38
1,000
38
M ar
Russian G ovt 8 X 8 r_.1919! —

i

!'As

i.r

5%

High.
33c
Jan
8 X Feb
1 5-16 Jan
7
Feb
6-16 Jan
4
Feb
5
Jan
I X June
7 X Jan
6 8 X June
14 X M ar
5 X M ar
1
Apr
2 6 X June
I X June
7 X June
1.24 Jan
IX
Jan
119
M ay
3 X M ay
58c June
44o
Apr
X Feb
89o
Feb
8 X c M ar
8
M ay
11X M ar
40o
Jan
53
F eb
5 X Feb
1
June
86o
Jan
%
Apr
1 0 X M ay
9 X Jan
I X M ar
23 X Feb
2 X M ar
IX
M ay
22o M ar
2 X Feb
X Jan
X M ar
OX M ar
70c M ay
60c June
13c Feb
6 X M ay
I X M ar
6c
Apr
96o M ar
IX
Jan
X M ar
56c
Jan
I X M ar
2 X Jan
19c
Feb
I X M ar
I X Jan
2 X Jan
2 X Jan
•7 X M a y
X M ar
2 X M ar
5 X Jan
74c M ay
'At Feb
1 % M ay
40c
Jan
X M ay
7-1 6 Jan
5o
Feb
10c
F eb
1
Apr
62c June
5
Jan
26X cJu n e
20c
Feb
11-16 Jan
9
Apr
X Jan
90o
Jan
24c
Jan
9c
Feb
4 X Apr
42c M ay
5c
F eb
X M ay
8X o
M ar
6 X Jan
X June
5-16 Jan
56c Apr
8c
Feb
38o
Feb
27o M ar
20
M ay
I X M ar
I X M ar
4X M ar
54c
Apr
4 X Jan
X M ar
15c Feb
5 lo M ay
18c
Jan
X M ar
7c
Feb
70c
Apr
X Apr
X Jan
18o Apr
3 X M ar
IX
Jan
4
Jan
X Jan
24c M ay
5 X Feb
ooo M ar
25c June
I X June
18c
Feb
X Jan
14o
Jan
99 X
98 X
97X
25
101 X
101 X
98X
99 X
101X
58

M ay
M ay
M ay
June
June
M ay
June
M ay
M ay
Jan

• Odd lots, t N o par value. < Listed as a prospect, i Listed on the Stock E xhange this week, where additional transactions will be found, o New s to c k .
Unlisted, u Ex-cash and stock dividends, to W hen Issued, x E x-dlvlden d.
o Ex-rlghts. • Ex-stock dividend.

3436

[Vol. 106

THE CHRONICLE
CURRENT

New York City Realty and Surety Companies

NOTICE

— A t th e e n d o f N o v e m b e r , 191 7, W illia m M o r r is I m b r ie & C o . p re p a re d
a list o f n in eteen w ell-ra te d in v e s tm e n t b o n d s o f u n iv e rsa lly k n o w n c o r p o r ­
a tion s listed o n th e N e w Y o r k S to c k E x ch a n g e . T h e $1 9 ,0 0 0 p a r valu e
b o n d s w ere th e n ob ta in a b le f o r $ 1 1 ,8 0 0 . O n Ju n e 4 1918, six m o n th s a fte r
th is list w as p r e p a r e d , th e c o m p a n y states th a t th ese b o n d s h a d in crea sed
In m a rk e t v a lu e $92 0, a n d th e in v e s to r w h o m a y h a v e b o u g h t th e m has
r e c e iv e d $ 1 ,3 2 5 on his in v e s tm e n t. W illia m M o r ris Im p r io & C o . are
issu in g a c o m p a r is o n , b a s e d o n th is lis t, w h ic h is q u ite in te re stin g .
— M a u r y , R o g e rs & A u ch in c lo s s , 61 B r o a d w a y , N e w Y o r k C it y , h a v e
p rep a red fo r d is trib u tio n a v e r y in te re stin g circu la r o n th e earn in g p o w e r
a n d p o ssib ilities o f A m e r ic a n C a n C o . shares. T h e e x tr a o r d in a r y s itu ­
a tio n in th e c a n m a n u fa c tu r in g in d u s tr y , o w in g t o G o v e rn m e n t re q u ire ­
m e n ts fo r c a n n e d fo o d -s t u ffs fo r a rm y a n d n a v y s u p p ly is d e s c r ib e d , as
w ell as th e in crea sed v a lu e a tta c h e d t o p r e s e r v a tio n a n d d is trib u tio n o f
f o o d s u p p ly b y c a n n in g .
— T h e b o n d d e p a rtm e n t o f T o o le , H e n r y & C o . , m e m b e rs o f th e N e w
Y o r k S to c k E x ch a n g e , 120 B r o a d w a y , th is c it y , h as p re p a re d fo r d is trib u ­
t io n t o in v es tors an an a lysis o f ten ra ilro a d d iv id e n d p a y e rs a n d te n ra ilro a d
n o n -d iv id e n d p a y e r s . T h e b o o k le t co m p a r e s p re s e n t p rice s w ith high
r e c o rd p rice s , a ls o th eir a d v a n ta g e s u n d e r G o v e rn m e n t c o n t r o l. C o p y o f
th is “ R a ilr o a d A n a ly sis ” w ill b e m a ile d t o in v e s to rs u p o n in q u iry .
— B o n b r ig h t & C o . , I n c ., a n d H . M . B y lle s b y & C o . are Join tly o ffe rin g
fo r in v e s tm e n t b y a d v ertis e m e n t o n a n o th e r p a g e $ 3 5 0 ,0 0 0 A rk a n sa s V a l­
l e y R y ., L ig h t & P o w e r C o . b o n d -s e c u r e d 7 % n o te s o f P u e b lo & S o u th -C o n tral C o lo r a d o a n d $ 2 0 0 ,0 0 0 O ttu m w a R a ilw a y & L ig h t C o . b o n d -s e c u r e d
7 % n otes o f O ttu m w a , I o w a . B o t h issues are p r ic e d a t 9 7 % a n d in terest,
t o y ie ld 8 % o n th e in vestm en t.
— B e g in n in g Ju n e 10, th e sh ip p in g d e p a rtm e n t o f C h ris to ffe r H a n n e v ig
w ill b o lo ca te d a t 32 B r o a d w a y , this c it y . T h is b ra n ch o f th e bu sin e ss, as
h e r e to fo r e , w ill b e c o n d u c t e d u n d er th e n a m e o f C h ris to ffe r H a n n e v ig ,
I n c . T h e b a n k in g d e p a rtm e n t o f H a n n e v ig & C o . w ill rem ain in their
p resen t o ffic e s a t 139 B r o a d w a y , th e fo rm e r q u a rters o f th o L ib e r ty N a tio n a l
Bank.
— T h e N a tio n a l C it y C o m p a n y , 55 W a ll S tro e t, th is c it y , h a v e p re p a re d
a p o c k e t s izo circu la r e n title d “ U n ited S tates G o v e rn m e n t W a r L o a n s ,"
c o n c is e ly g iv in g a c o m p le te d e s c r ip tio n o f th e orig in a l a n d c o n v e r te d issues
o f L ib e r ty b o n d s . T h o circu la r has been c o p y r ig h t e d b u t c o p ie s m a y b o o b ­
tain ed o n a p p lic a tio n t o a n y o f th o o ffic e s or th e N a tio n a l C it y C o m p a n y .
— T a y lo r , D o d g e & R o s s , I n c ., o f C h ic a g o , a n n o u n ce th a t th e y h a v e a c­
q u ire d th o fir m in terests o f G e o rg e I I . T a y lo r J r. a n d th a t b e gin n in g
Ju n o 1 th o business o f pu rch a sin g an d d is trib u tin g issues o f m u n ic ip a l,
p u b li c u t ility a n d Industrial secu rities w ill b e c o n d u c t e d u n d er th o n a m o o f
D o d g e & R oss, In c.
— A b r a n c h o f th o N e w Y o r k ba n k in g firm o f A ld r o d & C o ., 24 E x ch a n g o
P la c e , h as b e e n in c o rp o ra te d in M o n tr e a l u n d e r th e firm n a m e o f A ld re d &
C o . , L t d . T h e c a p ita l is $ 1 ,0 0 0 ,0 0 0 . J . E . A ld r e d is th o P resid en t, a n d
th e d ir e cto r s in clu d e Sir H e rb e rt H o lt , H o w a r d M u r r a y , H . J . F u lle r a n d
M o r t o n O tis.
— N e w m a n & U n g er, b a n k ers a n d b r o k e r s , N e w Y o r k , C h ic a g o a n d D e ­
t r o it, a n n o u n c e th a t th eir fo re ig n b o n d a n d s h o r t-te r m n o to d e p a rtm e n ts
w ill h erea fter b o in ch a r g e o f A lfr e d R . R lsse , w h o h as p r o m in e n tly been
Id en tified w ith th ese s ecu rities fo r m a n y y e a s.
— G o ld -S t a b e c k C o m p a n y , in v e s tm e n t b a n k e rs, M in n e a p o lis , h a v e
issu ed a cir c u la r s h ow in g in g ra p h ic fo rm t h e p r ice ran ge a n d y ie ld o f ton
s ta n d a rd r a ilroa d issues 1913 t o 1918, a n d also In d ica tin g th o in v e s tm e n t
o p p o r tu n itie s in u n d e rly in g r a ilro a d b o n d s.
— D . L . B a b c o c k , w h o w as asso cia te d w ith A . B . L o a ch & C o . o f th is c it y
b e fo r e g o in g t o C in c in n a ti, has se v e re d his W e s te rn co n n e ctio n s in o r d e r to
a c c e p t a p o s itio n w ith th o J . G . W h it e M a n a g e m e n t C o r p o r a t io n , 43 E x ­
ch a n g e P la c e , th is c it y .
— A . B . L e a ch & C o . o f th is c it y h a v e b e e n a w a rd e d $ 5 0 0 ,0 0 0 S an ta
B a rb a ra , C a l., 5 % w a te r-w o rk s b o n d s, m a tu rin g seria lly fro m 1922 t o
1957. A p u b lic o ffe r in g o f th e b o n d s w ill b o m a d e in th o near fu tu re .
— Jason P a ig e , fo rm e r ly w ith W illia m IT. C o lv in & C o ., h as b e c o m e a sso ­
c ia te d w ith th e C h ic a g o o ffic e o f S p en cer T r a s k & C o . in ch a rge o f their s to c k
d e p a rtm e n t.
— T h o W illia m It. C o m p t o n C o . o f C h ic a g o a n n o u n ce th a t J . J . B u m s ,
fo r m e r ly w ith th o C r e d it G u id e C o ., h as b e c o m e c o n n e c te d w ith th eir
o r g a n iz a tio n .
— S. Y o n d o r f & C o . are n o w o c c u p y in g n o w q u a rters o n th e b a n k f lo o r
o f th e R a n d b o m B u ild in g , n o rth w e st co r n e r R a n d o lp h an d D e a r b o r n S ts .,
C h ic a g o .
— G e o rg e H . T a y lo r , J r ., w h o has retired fro m th o fir m o f T a y lo r . D o d g e
& R o s s , w ill co n tin u e in th e b o n d bu sin ess, a n n o u n cin g his lo ca tio n J u ly 1.
— C h arles C . W a rn er has retu rn ed t o C h ic a g o a fte r an a b s e n ce o f tw o
y e a r s an d is n o w a s s ocia te d w ith A m e s , E m o rich & C o .
— C a rl I I . P fo r z h e im o r & C o . h a v e r e a d y fo r d is trib u tio n th o 16th
e d it io n o f th e ir S ta n d a rd O il b o o k le t .
— S teph en s & C o . o f San D ie g o , C a l., a n n o u n co th o ad m ission t o p a rtn e r­
s h ip o n Ju n e 1 o f H o w a r d W . B a k er.

New York City Banks and Trust Companies
A ll p rice s n o w d o lla rs p er sh a re .
B a n k s — Y . y Bid. Ask. jl
B anks.
A m erica*___ 485
500 L in coln ......... ..
Am er Exch_. 220
230 ^Manhattan *.
A tla n tic_____ 170
180 j'Mech & M et.
Battery Park. 200
215 jlMerchunts__
____ 'M etropolitan*
Bowery * ____ 400
Bronx B oro*. 150
200 |Mutual*_____
Bronx N at__ 160
175 |New N oth *..
Bryant Park* 145
155 |New York Co
Butch A D rov
20
25 |INew Y ork __
C h a so ........... .. 350
360 j Pacific * .........
Chat A Phen. 238
212 Park________
Chelsea Ex * . 100
110 People’s * ____
C h em ical. . . . 3S5
305 Prod E x ch * ..
C itizen s___ _ 210
215 Public____
C i t y ................ 375
385 jSeaboard___
Coal A I r o n .. 205
215 Second ...........
Colonial *____ MOO
S h e rm a n ____
C o lu m b ia * ... <150
160 State*.............
C om m erce. . . 176
178 23d W a r d * ...
C om m ’l Ex*. 390
410 Union Exch.
Com m on­
UnitedState3*
w ealth *. .
180
190 Wash B ’ ts* .
Con tinental*. 102
108 Westrh Ave*
Corn E x ch * .. 315
325 West S id e * ..
Cosmoplltan ♦ 85
95 Yorkvilie « . . .
Cuba (Bk o f ). 175
East R i v e r ...
18
Brooklyn.
15
Fifth Ave*
3500 4000 Coney Island*
F i f t h ............. 215
230 First________
F ir s t ............... 850
875 F latbu sh ____
G arfield......... 170
185 Grecnpolnt . .
G oth a m ......... 200
Hillside * ____
Greenwich *. _ 335
350 Homestead *.
H anover......... 650
665 Mechanics’ *.
Harrtman___ 230
245 M ontauk * ___
Im p A T r a d .. 480
500 Nassau______
tlrv ln g (tr
National City
certificates) 273
278 North S id e * ..
L iberty______ 385
395 P eop le's_____

Bid.
280
162
300
110
165
375
200
130
415
135
510
50
200
200
450
400
125
no
115
150
500
275
160

Ask.
300
167
310
120
175

1 T r u s t C o ’s.
1 New York.
Bankers Tru3t
(Central Trust
Colum bia____
Com m ercial. .
Empire...........
21*5 ' Equitable T r .
145 Tarin L A T r .
____ 1F id e lity .........
____ F u lto n ______
[Guaranty T r .
55 [H u d son .........
Irving Trust
215
470 Law T it A Tr
425 jLincoln Trust
135 Mercantile Tr
115
A Deposit
130 M etropolitan.
160 MutuaUWestchester) . . .
N Y Lite rns
1*7*5 '
A T r u s t ..
120 N Y T r u s t ...
525" 575 Scandinavian
Title On A Tr
Transatlantic
140
155 Union Trust
255
270 U S M tg & T r
125
135 United States
150
165 W estchester..
110
120
Brooklyn.
110 Brooklyn T r .
55
60 Franklin.........
95 H am ilton____
200 " 207 [Kings County
133
138 Manufacturers
200 1People’s _____
175
140 'Queens C o ___
130

Bid.

Ask.

365
370
<378
385
255
100
290
300 *
342
337
380
390
210
200
240
255
325
335
135
115
/ See Irving
INat Bank
93
100
97
105
190
300

200
310

105

125

875
5S0
260
240
175
<378
395
910
130

900
600
270
250

500
230
265
620
130
265
70

OOd
405
930
140
530
240
275
050
2*7*5 *
80

* Banks marked with a (*) are State banks, t 8ale at auction or at Stock Ex­
change this week. J Includes one-third share Irving Trust C o . < New stock.
» Ex-rights.




A ll p rice s n o w d o lla rs p er s h a re .
Bid
Alliance U 'lty 58
Amer Surety.
55
Bond A M G . 180
Casualty C o . . . .
14
City Investing
P referred ..
65

Ask
68
58
190
75
19
70

Bid
Lawyers M tge 90
M tge B o n d ..
80
Nat Surety. . 165
N Y T itle A
50
M tge...........

Ask
95
85
169
60

Bid
Realty Assoc
(B rooklyn).
67
U S Casualty. 175
[US T itle Guar ____
W e st A Bronx
1 T itle A M O 160

Ask
76
190
60
175

Quotations for Sundry Securities
A ll b o n d p rice s are " a n d In te re s t” e x c e p t w h e re m arked “ f ” .
S ta n d a rd O il S to ck s Ft
Pai
Anglo-American Oil new . £1
Atlantic Refining_______ 10C
Borue-Sorymser C o ......... 10C
Buckeye Pipe Lino C o ___5C
Chesebrough M fg new___10C
Colonial Oil.....................1 0 0
Continental Oil................1 0 0
Crescent Pipe Line C o ___60
Cumberland Pipe L in e ..100
Eureka Pipe Line C o ____100
Galena-Signal Oil c o m ...1 0 0
Preferred.___________ 100
Illinois Pipe Line_______ 100
Indiana Pip- Line O o ____50
International Petroleum . £1
National Transit C o . . . 12.50
New York Transit C o ___100
Northern Pipe Line C o . . 100
Ohio Oil C o ........................ 25
Ponn-M ex Fuel C o ........... 25
Pierce Oil C orporation .. . 25
Prairie Oil A G as_______ 100
Prairie Pipe Line_______ 100
Solar Refining....................100
Southern Pipe Line C o . .100
South Penn O il..................100
Southwest Pa Pipe Lines. 100
Standard Oil (California) 100
Standard Oil (In d ia n a ).. 100
Standard OH (Kansas)__ 100
Standard OH (Kentucky) 100
Standard Oil (Nebraska) 100
Standard Oil o f New Jcr.100
Standard Oil o f New Y ’ k 100
Standard OH (Ohto)......... 100
SwanA v l r c h ____ . . .
100
Union Tank Line C o ____100
Vacuum OH_____________ 100
Washington O il ................ 10

rSian l
Bid. Ask.
11
11%
900 915
440 465
94
*90
300 320
10
40
425 450
*33
37
135 145
200 210
125 130
120 125
167 172
*94
98
*13
1312
*12b 1312
200 210
108 113
322 327
*30
35
*9*.| 10U
490 500
260 265
295 305
183 188
270 275
92
95
210 215
615 625
450 470
320 330
460 480
530 540
270 274
395 405
90
95
96
98
335 340
*27
32

B on d s.
Per Csnl
Pierce Oil Corp oonv 6s. 1924 74

77

O rd n a n ce S tock s— Per S Aart
63
69
Aetna Explosives pref___100
4
American A British M fg . 100
6
Preferred........................ 100
20
30
Atlas Powder com m on___100 175 180
88
92
Preferred........................ 100
Bahooek A W ilcox........... 100 11 Hi 113
Bliss (E W ) C o com m on. 60 •325 400
Preferred........... ............ 60 *65
75
Canada Fdys A Forgings. 100 140 160
Carbon Steel com m on__ 100 112 114
90 100
1st preferred..................100
72
65
2d preferred.................... 100
C olt’s Patent Fire Arms
M fg .................................. 25 *67
69
duPont (E I) de NemourB
A C o com m on............... 100 274 285
92
90
Debenture stock........... 100
90
95
Eastorn S te e l................. 1 0 0
51
Empire Steel A Iron com . 100 48
84
Preferred.........................100
80
Hercules Powdor c o m ... 100 240 250
Preferred........... ............ 100 107 111
Nlles-Bement-Pond co m . 100 120 125
95 100
Preferred ....................
lo o
Penn Boaboatd steel (no par) *50
55
Phelps-Dodge C orp_____ 100 205 275
3oovlll M an u factu rin g... 100 480 490
Thomas Iron...................... 50 *25
30
Winchester Repeat Arm s.100 700 825
50
Woodward Iron ________ 100
45
P u H Ic U tilities
Amer Gas A Elec c o m . . . 60
Preferred.........................60
Amer Lt A Trao oom ____100
Preferred........................ 100
Amer Powor A Lt eom __ 100
Preferred ........................ 100
Amer Public Utilities oomlOO
Preferred...................... 1 0 0
Cities Service C o oom __ 100
Preferred . ____________ 100
C om ’w’lth Pow Ry A L.100
Preferred........................ 100
Eioo Bond A Share p r e f.. 100
Federal Light A T raction.100
Preferred.................... .100
Great West Pow 5s 1946 JAJ
Mississippi Rlv Pow eo m . 100
Preferred........................ 100
First M tge 6s 1 9 5 1 ... JAJ
North’ n States Pow com . 100
Preferred........................ 100
North Texas Eleo C o oom 100
Prei erred........................ 100
Paolfio Gas A Eleo o o iu .. 10C
1st preferred..................100
Puget Sd T r I, A P c o m . 100
Preferred......... .............. 100
Ropublle Ry A Light____100
Preferred........................ 100
South Calif Edison e o m .. 100
Preferred.........................100
Standard Gas A El (Del) 60
Preferred........................ 50
Tennessee Ry L A P eom 100
Preferred.........................100
United Gas A Eleo C orp. 100
1st preferred....... .......... 100
2d preferred..................100
United Lt A Ry* eom ____100
l it preferred .
100
Western Power com m on. 100
Preferred_____________ 100

R R . E quipm ent-)— PerCl. Basis
Bid . Ask
6.2C1 5.80
6.0C1 6.50
6.0C 6.50
6.4C 6.00
6.5C 6 00
6.0C 5.50
6.00 5.50
6.60 6.00
7.25 6.75
7.00 6.00
6.35 6.00
5.95 5.45
6.80 5.30
7.00 6.00
6.50 6.00
6.40 6.00
6.40 6.00
6.40 6.00
6.10 5.70
6.10 5.70
6.00 6.65
6 00 5.65
6.25 5.75
5.90 6.40
6.10 5.70
0.20 5.80
6.75 6.00
6.75 6.00
6.40 5.80
6.40 5.80
6.25 5.75
6.26 5.75
6.40 0.00
6.70 5.40
6.70 6.40
6.80 5 30
5.80 6.30
7.00 6.00
6.75 6.00
7.00 6.00
7.00 6 00
6.00 5.50
6.25 6.75
0.50 6.00

Baltimore A O hio 4 « s _____
Buff Rooh A Pittsburgh 4M*
Equipment <s____________
Canadian Paolfio AMa______
Caro Cllnohflold A Ohio 6e...
Central of Georgia 59
Equipment 4>4s.
Chicago A Alton 4 s ________
Chicago A Eastern 111 5 K * . .
Equipment A M a.. ______
Ohio Ind A Loulsv 4 )* s _____
Chin flfc T^oiiln N O fin
Chicago A N W 4H s
Chicago R I A Pao 4 H a____
Colorado A Southern 6s___
Erie 5s_____________________
Equipment 4 H s .................
Equipment Is____________
Hocking Valley 4 m
Equipment 6s____
Illinois Central 5s___________
Equipment 4 ^ 9
Kanawha A M lohlgan 4 H « -LoulavlIIe A Nashville Cs____
Michigan Central 5 s _______
M inn St P A 8 8 M 4 H s ___
Missouri Kansas A Texas 6s.
Missouri Paolfio 5s........... ......
M oblio A Ohio 5s___________
Equipment 4 % s ..............
New York Central Lines 6e...
Equipment 4 H s ..................
N Y Ontario A W est 4HB—
Norfolk A Western 4 H s ___
Equipment 4s____________
Pennsylvania R R 4H s
Equipment 4 s ..................
St Louis Iron M t A Sou 6 * ..
St Louis A San Francisco 6a
Seaboard Air Lino 5s_______
Equipment 4 H « ...............
Southern Paolfio C o 4 M * --Southern Railway 4 H s _____
T oledo A Ohio Contral 4 o . . .

T o b a c c o S to c k s — Per S/ta T*.
Par Bid
American Cigar oom m on.100
97
85
Preferred.........................100
70
Amer M achine A Fdry_.100
British-Amer Tobao o r d .. £1 •16
Ordinary, bearer........... £1 •15
Conloy Foil_____________ TOO 190
Johnson Tin Foil A M o t. 100 75
M aoAndrows A Forbea._100 160
Preferred........................100 -93
Reynolds (R J) T ob acco. 100 220
B com s t o c k ..................100 190
98
P referred ...... ................ 100
Young (J S) C o ............. 100 125
P r e fe r r e d .._____ _____ 100 100

A ik.
101
90
80
17
16
210
125
180
98
260
225
100
150
106

S h o rt-T e rm N otes— Per qtni.
9912 99*4
Am C ot Oil 5s 1918 . .. M A S
5s 1919........................ M AS
96*1 97%
Amer TclA T el 6s 1919... r-AA 995s 097g
9978 100
Balto A Ohio 5e 1918 ..J A J
6s 191!)
JA 1 08*4 99
Beth Steel 5s 191 9.. FA A 16 98% 9814
Canadian Pao 6s 1924. MAS 2 99>4 99%
Ohio A West Ind 6s’ 18.M AS
99U 9912
971.1 97*4
Del A Hudson 5a 1920 FAA
90D 967g
Erie R R 6s 1919..............A-O
Gen Eloc 6s 1920........... JAJ 100% 1005g
6% notes (2-yr) ’ 19. JAD 100*8 101
General Rubber 58 1918 JAD
99*a 99*4
*84
87
Great N or5s 1920_____M AS
97% 975g
*3912 4012 Hooking Valley 6s 1918 M AN
09*4 100
188 190
99
K C R ys 6 H s 1918......... JAJ
94
95
K C Term R y 4 H s ’ 18.M A N "99Ci 99*4
42
38
4H s 1921......................JAJ
94
95
72
68
Laclede Gas L 6s 1919- .F A A
9712 98%
____ 20
M organAW right 6a D ec 1 ’ 18 99
____ 50
N Y Cent 5s 1 9 1 9 ...M A S 1 6 9S18 *98*g
212 214
Penn C o 4H s 192 1.. JAD 16 95*4 96*8
7U2 75*2 Pub Ser Corp N J 6s '19.M A8 05
97
20
22
901.1 96*4
Rem Arms U .M .C Ba’ IOPAA
47
45
Bouthorn R y 5» 1 9 1 9 ..M-S 2 985S 987g
dOO 92
87
Utah Beo Corp 0s ’ 22.M -S 15 85
9
7
Wlnohes RepArm s7s‘ 19.MAR
99U 995a
35
30
78
80
In d u s tr ia l
14
17
an d M lsce lla n e o u t
42
37
American Brass............... 100 230 234
7U 2 72*4 American Chicle oom .......100
34
36
43
45
67
Preferred........................100
63
84
86
American Hardware......... 100 127 130
CO Amer Typefounders corn 100 35
55
38
70
84
75
80
Preferred . .
........... 100
34
98
33
Borden’ s Cond Milk oom 100 94
92
95
Preferred........................ 100
7912 80i2
14
17
Celluloid C om pa n y........ IOO 146 155
70
40
50
Columbia Graphoph M fg (t) *07
08
72
19
21
Preferred........... .............100
60
Freeport Texas C o ......... (t) ♦3312 34%
58
80
Havana Tolm ooo C o... .100
82
Hi
15a
96
99
Preferred.........................100
2i2 5
*5
7
l it g 6s June 1 1 9 2 2 ..J -D /44
48
*23
Interoontlnon R ubb co m . 100
8
25
10
Internat Banking C o ____100 160
3
4
International Salt_______ 100
50 *55%
13
15
5
7
1st gold 6s 1951............A-O
07
6.8*4
41
International Silver pref. 100
45
78
7
10
Lehigh Valley Coal Bales. 60 *80 * 84
31
30
Otis Elevator co m m o n ...1 0 0
47 ___ _
ProfnrrM
|Q(j 74 *76
64
66
10
13l2 Remington Typewriter—
C o m m o n ._
0 100
48
50
14
15
74
78
1st preferred_________ 100
47
50
2d preferred__________100
Royal Baking Pow o o m ...100 125 135
Preferred_____________ 100
94
92
Ringer M f g ..... ............ . .. 1 0 0 170 174

•Per share. 6 Basis, d Purchaser also pays accrued dividend, e Now stook.
/F la t price. ■N om inal. * Ex-dlvldend. u Ex-righta. (t) W ithout par valuo.

2437

THE CHRONICLE

J u n e 8 1918.]

fm restim ut am i fSUulwrad
R A IL R O A D

G R O S S

E A R N IN G S.

Tho following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
oan be obtained. The first two columns of figures givo the gross earnings for the latest week or month, and tho last two
columns the earnings for the poriod from Jan. 1 to and including the latest week or month. The returns o f the electric rail­
ways are brought together separately on a subsequent page. ___ _____________________________ _______________
Latest Gross E arn ings.
ROADS.

W eek or
M on th .

A la b a m a & V ic k s b . A p ril
A n n A r b o r --------------- 3 d w k M a y
A t c h T o p e k a & S Fo A pril
G u lf C o lo & S Fe A p ril
P a nhandle & S Fo A pril
A tla n ta B irm f t A t A p ril
A tla n ta & W o s t P t . A p ril
A tla n tic C i t y _______ A p ril
A tla n tic & St L a w r . A p ril
B a lttm ore & O h i o , . A p ril
B & O C h T o r K K A p ril
B a n g or & A r o o s to o k A p ril
B e lt B y o f C h ic a g o . A p ril
B essem er & L E r ie . A p ril
B in gh a m & G arfield A p ril
B irm in gh a m Sou th A p ril
B o s to n ft M a in e ----- A p ril
B u ff R o c h & P i t t s .. 4 th w k M a y
B u ffa lo St Susq B i t M a r c h
C a n a d ia n N o r S yst 4th w k M a y
C a n a d ia n P a c i f i c . 4th w k M a y
C a r o C lin c h ! & O h io A p ril
Cen cral o f G eorg ia A pril
C en tra l R R o f N J . A p ril
C e n t N o w E n g la n d . A p ril
C en tra l V e r m o n t .. A p ril
C h a riest & VV C a r . . A p ril
C h es Sc O h io L in e s . A p ril
C h ic a g o & A l t o n ___ A pril
C h ic Burl & Q u in cy A p ril
O il D e t & C G jT.Tot A p ril
C h ic a g o & E a s t 111 A pril
C h ic a g o G rea t W ost 3d w k M a y
C h ic In d & L o u is v . 4 th w k M a y
C h ic a g o Ju n e R R . . A p ril
C h ic M ih v & S t P__ A p ril
C h ic & N o rth W e s t . A p ril
C ld c P eoria & St L . A p ril
C h ic R I & P a c if ic . . A p ril
C h ic a g o R 1 & G u lf A p ril
C h ic St P M & O m . A p ril
C h ic T erre 11 f t H K A p ril
C in e In d & W estern April
C o a l ft C o k e _______ A pril
C o lo r a d o M id la n d . A p ril
C o lo r a d o & S o u t h - . 4 th w k M a y
F t W ft D o n v C - A p ril
T r in ity & B ra z V A p ril
A p rii
C o lo ft W y o m in g
C r ip C rk & C o l Spgs A p ril
M a rch
C u b a R a ilroad
D ela w a re & H u d son A p ril
A p ril
D el L a ck & W e s t
D e n v St R io G ra n de A p ril
D o n v e r ft Salt L a k e A p ril
D e tr o it ft M a c k in a c 13 d w k M a y
D e tr o it T o l & Iron t A p ril
D o t St T o l S h ore L . A p rii
D u lu th ft Iron R — A p rii
D u l M issa b e f t N or