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Bank & Quotation Section
Railway Earnings Section
VOL. 108
ljratude
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, MARCH 1 1919
The
Threinitte
Week ending February 22.
Clearings at
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advan
ce
For One Year
NO. 2801
1919.
1918.
Inc. or 1
Dec. 1
1917.
I
1916.
3
Chicago
I %
439,296,201 424,981,043,. +3.4 404,658,292
324,811,033
Cincinnati
46,791,451
40,824,562' +14.6
33,122,709
26,615,850
Cleveland
89,398,168
59,890,2771 +49.3
49,692,179
29,742,442
Detroit
90,752,432
42,270,592 +114.7
45,117,378
31,679,817
Milwaukee
22.438,828
23.541,080 -4.7
19,538,874
15,888,967
Indianapolis
10,782,000
13,268,000, -18.7
10,626,999
8,868,610
Columbus
9,601,301
7,917,100 +21.3
7,540,600
5,737,700
Toledo
11,645,430
8,957,459 +30.0
8,970,746
7,307,798
Peoria
4,700,000
4,786,581 -1.8
3,750,000
3,800,000
Grand Rapids...
3,854,161
3,939,517 -2.2
3,962,210
3,367,684
Dayton
3,021,178
3,044,246 -0.8
2,699,709
2,510,717
Evansville
3.345,387
3,085,069 +8.4
2,179,001
Terms of Advertisina-Per Inch Space
1,571,616
Springfield,
1,556,047
1,550,000 +0.4
Transient matter per inch space(14 agate lilies)
1,400,337
1,189,244
Lexington
2,000,000
2,394,599 -16.5
911,329
$420 Fort Wayne__ _ _
929,512
Two Months
(8 times)
979,648
936,077 +4.6
1,654,372
22 00 Youngsto
1,392,286
(13 t1mes)
Standing Business Cards
3,265,646
2,465,027 +32.5
1,831,267
29 00 Rockford wn ___ _
1,452,549
(26 times)
1,777,218
1,596,168 +11.3
1,376,102
5000 Blooming
1,144.208
TwelveMonths(52 times)
1,090.317
1,301,451 -16.2
87 00 Quincy ton _ _
898,108
704,500
CHICAGO OFFICE-39 South La Salle Street, Telephone
1,297,799
1,203,294 +7.8
967,539
Majestic 7396.
872,787
Akron
6,919,000
LONDON OFFICE-Edwards & Smith,1 Drapers'
4,990,000 +38.7
5,308,000
2,593,000
Gardens, E. C.
Canton
2,016,576
2,939,635 -31.4
2,418,823
2,039,845
WILLIAM B. DANA COMPANY,
Springfield, 0...
1,542,566
1,065,509 +44.8
Publishers,
733,276
1,488,777
Decatur
Front. Pine and Deveyster Sta.. New
953,708
788,823 +20.9
711,860
York.
600,604
South Bend
906,000
774,785 +16.2
789,171
605,839
Mansfield
1,100,000
Publishol every Saturday morning by WILLIA
1,056,121
+4.2
790,233
M 13. DANA COMPANY. Danville
467,417
450,000
Jacob Seibert Jr., President and Treasurer; Arnold G.
480,000 -6.2
525,000
464,855
432,381
Secretary. Addressess of both, Office of the CompanyDana, Vice-President and Jacksonville, Ill_
473,120 -8.7
451,116
274,219
.
Lizna
800,000
669,096 +19.6
613,907
483,152
Owensboro
1,120,129
1,512,211 -25.9
767,227
353,607
CLEARING HOUSE
Lansing
850,000,
802,290 +5.9
991,432
843,374
The following table, made up by telegraph, RETURNS.
Ann Arbor
259,688
266,558 -2.6
291,045
255,036
clearings of all the clearing houses of the Unitedj'a., indicates that the total bank Adrian
80,000
105,218 -24.0
States for the week ending to-day
93,213
104,132
have been $7,477,157,841, against $5,646,292,065
last week and $6,571,785,322
the corresponding week last year.
Tot. Mid.West 765,017,260 663,875,508 +15.2 615,383,0
54 480,091,177
San Francisco__ _ 102,744,599
85,488,481 +20.2
Clearings-Returns by Telegraph.
67,227,830
50,125,844
Los Angeles
Per
31,619,000
23,764,000 +33.1
1Veck ending March 1.
24,545,000
21,930,660
1919.
1918.
Seattle
Cent.
28,560,229
23,716,557 +20.4
16,910,554
10,347,844
Portland
20,641,862
New York
16,210,687 +27.3; 12,429,976
$3,487,095,054 52,993,272,542
9,373,882
+13.2 Salt Lake City
10,729,646
Chicago
10,950,294 -2.0
9,711,185
517,988,152
7,475,953
465,693,958 +11.2 Spokane
5,837,420
Philadelphia
6,027,340 -3.1:
4,729,848
341,546,232
3,684,623
304,821,213 +12.0 Tacoma
3,290,986
Boston
3,463,204 -5.0
1,987,363
247,138,763
1,612,536
216,320,678
+14.2 Oakland
Kansas City
6,700,550
4,393,636 +52.5
4,088,082
155,649,040
3,323,554
182,935,134 -14.9 Sacramento
St. Louis
4,725,205
3,515,419 +34.41
1,939,466
125,969,210
1,612,190
133,809,088
-5.9 San Diego
1,769,362
San Francisco
1,200,000 +47.4!
847,240
*103,000,000
1,815,397
85,361,180 +20.7 Fresno
Pittsburgh
2,576,324'
3,380,470 -23.8
1,345,100
126,081,653
801,990
66,933,891
+89.7 Stockton
2,054,656
Detroit
2,415,075 -14.9!
1,397,632
849,230
*75,000,000
42,889,692
+77.6 San Jose
979,776
Baltimore
756,869 +29.6,
640,000
539,784
67,380,134
36,867,152 +82.8 Pasadena
1,349,331;
New Orleans
798,902 +69.0,
970,923
757,146
47,970,351
48,778,591
-1.7 Yakima
813,570,
549,524 +48.0;
518,121
315,000
Reno
532,494'
Eleven cities, five days
551,116 -3.4!
460,000,
400,246
$5,295,718,589 $4,577,083,119
+15.7 Long Beach
1,032,835
Other cities, five days
719,372 +43.5'
579,6371
895,497,981
438.082
825,426,381
+8.5
Total Pacific_ 225,957,845 18;,900,946 +20.3: 150,328,857
115,403,962
Total all cities, five days
$6,191,216,573 $5,402,509,500 +14.6
All cities, one (lay
Kansas City__ __ 153,229,475 174,466,463 -12.1! 110,033,928
1,285,941,268
1,169,275,822
+9.9 Minneapolis ____
71,767,593
26,499,690
25,704,504 +3.11 22,858,078
25,651,718
Total all cities, for week
I 40,432,459
Omaha
42,478,723 -4.81 29,425,475
7.477.157.841 $6.571.78g.322
21,635,199
+13.8 St. Paul
12,660,003
* Partly estimated.
11,241,353 +12.61 12,864,867
11,947,569
Denver
15,044,384
The full details for the week covered by
18,069,131 -16.71 11,890,781
9,343,857
15,347,235
We cannot furnish them to-day clearings the above will no given next Saturday. St. Joseph
17,603,018 -12.81 12,193,942
7,887,022
being made up by the clearing houses Des Moines
at noon on Saturday, and hence , the above
7,308,370
7,339,619 -0.4
6,410,041
In
5,336,407
the last day of the week has to be In Sioux City
9,270,275
all cases estimated, as we go to press Friday
7,144,458 +29.8
5,016,064
3,735,463
night.
Duluth
5,293,318
Detailed figures for the week ending Feb. 22 show:
4,789,453 +10.5
4,119,844
4,065,102
I
Wichita
8,314,363
8,180,211
+1.6
4,760,886
3,928,062
Lincoln
3,062,267
I
3,536,439 -13.4
3,043,593
2,364,915
1Veek ending February 22.
Topeka
3,110,819
3,465,920 -10.2
1,974,198
Clearings at
1,319,016
Cedar Rapids_ _ _ 1
1,500,000
1,433,923' +4.7.
1,786,667,
1,442,695
Inc. or
Colorado Springs
583,969
637,848 -8.5
739,745
587,418
1919.
1918.
1 Dec.
Pueblo
637,198
,
1917.
1916.
552,833 +15.4
458,053
373,303
2,296,828
Fargo
1,627,077 +44.1
1,060,339
1,332,990
$
$
Fremont
569,962
%
721,567 -21.1'
New York
493,020
372,627
3,060,818,992 2,750,611,905 +11.3 2,575,264
Waterloo
1,541,956
,832
2,084,290 -25.9
1,929,6141
Philadelphia
1,835,540
330,674,628 276,308,109 +29.6 266,941,4 2,385,066,836 Helena
1,375,038
53 200,788,195
1,420,688 -3.2
1,613,320
Pittsburgh
1,051,961
103,211,034
63,664,545 +62.1
I
74,697,119
Billings
1,033,143
63,538,498
867,327 +19.1
758,347;
Baltlinore
487,092
64,014,008
36,044,675 +77.6
34,083,442
307,017
38,617,453 Hastings
497,926 -38.3
Buffalo
357,490
267,399
23,492,611
20,272,422 +15.9
14,093,691
1,297,552
11,791,112 Aberdeen
847,798' +53.1
Washington
551,198'
699,799
12,275,405
10,758,425 +14.1
8,381,993
7,189,551
310,718,351 334,710,560, -7.2, 234,285,490,
Albany
Tot.oth.West
3,500,000
4,958,096 -29.4
176,432,747
4,932,680
5,765,680
Rochester
siniitittl..4
6,183,957
5,507,545 +11.1
1
5,684,632
4,477,588 St. Louis
Scranton
130,128,377 130,438,5531 -0.2 112,300,2321 75,397,51
3,917,063
3,645,304 +7.5
2,734,585
6
2,612,712 New Orleans....
Syracuse
58,071,319
44,422,328 +30.7
3,032,791
3,104,644 -2.3
24,151,988' 22.073,454
3,050,453
2,858,671 Louisville
I 17,018,595
Reading
22,337,364 -23.8
1,786,239
1,878,851 -4.9
20,285,2931 16,702,961
2,199,534
1,781,014 Houston
Wilmington
16,580,399
13,000,000 +27.5
2,500,000
2,284,356 +9.5
11,000,000
10,567,733
2,883,041
2,082,O14 Galveston
Wilkes-Barre_ _
4,000,000
4,627,271 -13.6
1,900,000
2,195,352 -13.5
2,871,279
1,847,545
4,446,680
1,521,667 Richmond
Wheeling
44,196,911
36,463,118 +21.2
2,862,314
2,805,036 -1.5
18,798,139' 14,895,208
3,072,854
2,055,861 Atlanta
Trenton
40,677,372
39,515,922 +29.4
3,214,498
1,829,069, +75.7 • 2,173,810
19,084,812
14,173,818
1,809,419 Memphis
Lancaster
13,266,745
11,763,617, +12.8
2,591,497
2,192,3341 +18.2
8,599.369
6,457,865
2,064,910
1,566,021 Savannah
York
5,182,704
6,384,436 -18.8
916,864
4,117,663
966,229, -5.1
3,701,804
1,004,685
886,645 Nashville
Erie
11,599,492
11,645,194 -0.4
1,469,220
1,566,3931 -6.3
7,740,849
6,394,342
1,421,758
1,143,056 Fort Worth
Chester
14,720,277
15,245,718 -3.4
1,180,838
9,540,407
956,189, +23.2
7,610,462
1,154,656
1,023,372 Norfolk
Binghamton _ _ _ _
8,078,273
7,384,744 +9.4
840,700
4,086,423
870,700 -3.4
3,745,091
720,800
610,200 Birmingham. _I 10,294,910
Greensburg
3,435,242 +199.7.
694,996
725,000, -4.1
2,913,255
2,408,278
719,217
602,606 Augusta
Altoona
2,479,974
2,674,024 -7.3
718,415
580,721' +23.7
1,455,345
1,735,183
593,198
492,963 Knoxville
Montclair
2,004,972
2,350,707 -14.7,
337,810
2,263,935
382,962 -11.8397,158
2,068,703
369,008 Little Rock
4,900,000
4,980,213 • +0.2
Total Middle_ 3,632,162,940 3,194,301,762i +13.7 3
2,495,489
2,112,023
,010,124,076 2,738,649,710 Jacksonville
7,221,131
4,315,856 +67.3
3,652,871
3,057,949
Mobile
1,350,000
1,260,858 +7.1,
Boston
1,025,996
952,612
231,367,987 210,310,2131 +10.0 178,378,595 169,719,234 Chattanooga
1
4,886,831
4,834,412 +1.1'
Providence
3,055,006
2,324,248
8,122,700
0,081,700, -10.6
8,286,300
7,620,300 Charleston
2,800,000
2,700,000 +3.7
Hartford
2,137,242
2,261,588
5,284,412
5,892,8571 -10.3
6,316,120
5,533,245 Oklahoma
8,703,035
9,490,672 -8.3
New Haven
4,433,682
3,068,277
4,659,346
4,500,320, +3.5
4,248,274
3,280,755 Macon
1,700,000
1,800,000 -5.5
Springfield
1,013,696
2,940,613
2,680,677
3,259,165 -17.8
3,815,109
3,085,535 Austin
6,756,543
4,000,000 +68.9
Portland
5,000,000
8,672,905
2,100,000
2,050,000 +2.4
2,165,918
1,700,715 Vicksburg
325,000
363,157 -10.5
Worcester
190,010
175,543
2,612,932
3,024,767 -13.6
2,899,920
2,600,110 Jackson
492,512
557,199 -11.6,
Fall River
573,817
592,042
1,555,742
1,550,946 +0.3
1,264,692
1,389,890 Tulsa
9,804,007
8,824,080 +11.1,
New Bedford_ _ _
4,801,246
2,541,087
1,770,869
2,098,303, -15.6
1,407,538
1,001,946 Muskogee
2,667,159
2,647,611
Holyoke
+8.3
1,186,181
944,972
546,797
599,1771 -8.7
738,949
706,132 Dallas
18,000,000
13,977,788 +28.8
Lowell
10,018,648
6,226,625
827,669
914,761 -9.5
959,951
805,133 Shreveport
2,400,000
2,150,339 +11.6
Bangor
1,600,000
600,000
581,216 +3.2
486,703
496,558
Total Southern 450,306,538 415,992,088 +8.2, 290,392,873 228,260,382
Tot. New Eng_ 282.126.131 243 583 59n; 4-7 5 2111 065.159 197.039
Total all
5,646,292,065,5,040,644,298 +12.014,511,482,609
553
3.936.777,531
Note.
-For Canadian clearings see "C enlr
Outside N. Y_ 2,585,443,073 2,290,002,391 +12.9 1,936,217,6771,551.710.695
4cellaneous News."
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BANK AND QUOTATION (monthly) RAILWAY AND
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THE CHRONICLE
[voL. 108.
Wilson himself for that as a part of "The New Freedom." Some members of the War Labor Board,
THE FINANCIAL SITUATION.
The controversy between the marine workers and says Mr. Macy, think nothing has happened since
the towboat and lighterage concerns, which for a July to warrant a change, but he sees differently.
of
time tied up shipping in New York Harbor early At that time, he argues, we were "at the height
to the a period of rising prices," and some other unfavorain January, has again come prominently
front the present week. The demand of these har- ble conditions, "but since the signing of the armistice
bor workers was for both-shorter work days and higher the entire situation has been reversed." We are gopwages, and when the members of the National War ing through a period of falling prices and over-su
can be adjusted to a
Labor Board found themselves unable to agree upon ply of labor; so if industry
the issue raised, Mr. V. Everitt Macy was chosen shorter day excessive hours are no longer needed.
as umpire, and he has now rendered his decision, Arguing from this, he thinks we can as well as not
which bears a close resemblance to many past find- have the "principle" put into practice.
But in dealing with the demand for a directly-exings of arbitrators in wage controversies, in that it
nothing, and names pressed wage increase, he turns his face and his plea
satisfies neither side, settles
only a brief time of truce (in this case four months) in the opposite direction without really changing his
before the adjustment of wages and conditions can direction of movement; "just as the armistice has
resulted in a condition favorable to the reduction of
again be taken up.
In their advertised "frank statement to the pub- the working day to eight hours, it has also created
lic," about two months ago, the boat owners ex- a condition unfavorable to an increase in wage." In
plained their refusal to arbitrate the demand for an asking (and getting) an increase last summer, he
eight-hour day by saying that "the principle" of it thinks the men must be assumed to have gone their
has no application to their calling, inasmuch as, full length; both parties agreed, and "convincing
although the men are on duty more than eight hours, proof" must be produced in order to justify another
they actually work less; for example, the captain increase now. Further, "in order for industry to
of a coal boat or barge lives with his family on the revive on a peace basis, it must be stabilized; .
boat, and is technically always on duty, but his constant readjustment only delays the return of norwork will not average two hours a day, and the cap- mal conditions." He adds this just and elementain and crew of a tug, though on duty twelve hours tary observation:
"It must also be remembered, if the employees rea day as required by Federal law, do not work more
the time, the craft being either tied ceive the same wages for eight hours' work that they
than one-half
up awaiting orders or held quiet by weather con- did for twelve, that while they receive no increased
ditions. Further, said the owners, an eight-hour income the labor cost to the employer is increased
day would compel three crews on coal boats and 50%. The only offset to this higher labor cost is
barges, where there is and can be space for only greater production per hour than previously prevailed."
one captain and his family.
On the rendering of the umpire's report, both sides
umpire grants the eight-hour day as to ferryThe
boats, tugs, and lighters, because the service on called meetings to consider, and on part of the men
ferries is practically continuous, and says that if the the dissatisfaction was so great as to revive threats
others, now using two crews, are engaged in contin- that the strike shall be called and the threatened
uous service, "an additional crew shall be employed tie-up of the harbor be made actual. The counsel
to form a third shift." As to the "single-crew" for the boat owners expressed the opinion that they
boats, the commerce of the port is too important to will acquiesce and that the award is in several parthe public to warrant reducing the day from 12 or ticulars less favorable to the men than the proposals
10 to 8 hours without having the full facts presented; made voluntarily to theta some months ago; 'they
yet as any industry requiring a work-day of such seem to have given up an assured wage increase for
length must show affirmatively the necessity and a bauble of considerably less value." The head of
the evidence has not been fully presented, he finds one towing concern considers the award a victory
that craft coming under the jurisdiction of this award for the owners and thinks the men realize their misand now using one crew should keep on unchanged take in not coming to an agreement when offered,
until July 1; meanwhile, he advises that "all in- while the head of two of the organizations of the
terested parties in the harbor keep with each other" men "inferred" that President Wilson will be asked
in establishing a commission of not more than ten to interfere again on their behalf; he also said he
persons to study the problem and recommend what believed the umpire had done his best in struggling
changes are advisable and how such can be made,&c. with 2,500 pages of testimony in a short time, "but
The boat owners said in their statement that the I also recognize an attempt to decide for both sides,
demand for eight hours was not made in good faith, which can't be done." Thursday night, Thomas L.
but only as a means of raising pay through claiming Delahunty, President of the Marine Workers' Afthe wage for the extra lhours on the _basis of time filiation, is said to have telegraphed President Wiland a half for "overtime." This agrees with the son of the seriousness of the situation in that regard.
Thus nothing seems to have been accomplished;
evident intention of the railway brotherhoods in
making the same demand, intending to work in so- only the same old attempt to smooth over an issue
called "overtime" and be paid an extra rate; the which will keep coming forward, fiercer and more
boat owners also added that a certain marine inter- aggressive after each successive surrender. Organest was at that very date tied up by a strike since it ized labor claims all, and concedes nothing. This
had put its men on the eight-hour basis, and "they class of workers, demanding an eight-hour day (with
immediately rebelled at this, because they were over-time pay) and also an increase of wages of from
120 to 579 per cent upon the scale of last December,
thereby deprived of overtime pay."
The argument presented for "the principle" of are not satisfied with the umpire's award and they
the eight-hour day follows the declaration of Mr. will come again. Such are the natural fruits of pro
MAR. 1 1919.]
THE CHRONICLE
crastination, evasions, and delays for a short respite,
in every field of industrial controversy, and the
more intervention is undertaken by Government the
more seems to be needed.
803
decision. Accordingly it was agreed to have each
nation submit its estimate of what it thought Germany should and could pay, and the medium that
should be utilized. These reports are to be used
by the Supreme War Council itself in an effort to
arrive at the exact terms which shall be imposed upon
the defeated nation.
Unquestionably the Council will find it no less
difficult than did the Reparation Commission to
solve the problem. In fact, as the week advanced,it
developed that the American, French and English
representatives at the Peace Conference each held
different ideas of what the demands upon Germany
should be. The Americans suggested that the
reparation should cover only actual damage as a
result of "wanton destruction of property and violation of the laws of war and of nations." The British
believed that "Germany should be compelled to pay
the whole cost of the war, as well as reparation for
wanton damage." The French, while admitting the
justice of England's demands, recommended that
"Germany first settle for bills covering violations of
international law and pay the other bills later if she
could." Whatever the demands of the various
nations may be, it is believed that the economic and
financial conditions in Germany for some time to
come will not make possible payment of indemnities
beyond the limits of the American and French ideas.
With the lapse of time since the presentation to
the Peace Conference, by President Wilson, of the
covenant of the League of Nations, there has been
unmistakable evidence of an increasing desire, and
even demand, on the part of France and other
European nations for an early peace with Germany,
and with the whole world for that matter. This
week it was easy to see that the rapid spread of
Bolshevism and disorder in Germany had much to
do with the attitude of the Entente nations toward
the question of peace.
Seemingly, one of the most important sessions of
the Supreme War Council thus far was held last
Saturday. At that time it was decided to speed up
the consideration of all important questions, particularly those having to do with the peace treaty
with Germany. There appeared to be a determination on the part of the members of the Supreme
War Council to have a tentative draft of such a
treaty prepared for the consideration and approval
of President Wilson upon his return to France about
March 15th, when Premiers Lloyd George and
Orlando are expected back also. Yesterday it was
announced that, the former had arranged to be in
Paris March 8. It was even stated that the treaty
Opposed to the well-defined desire for an early
might be ready for presentation to representatives peace, which was
so apparent both in and out of
of the German Government not later than June 1. Peace Conference circles
early in the week, there
Unless the whole matter is hurried as much as pos- was a disposition on
Monday to await the reception
sible, it is greatly feared that control of conditions in given the Presiden
t's address in Boston that afterGermany will be altogether lost.
noon and possible action by Congress on the League
Various specific questions are understood to have of Nations, before
taking definite action on any of
been decided upon at last Saturday's session of the the important question
s before the Peace ConferWar Council, among the more important of which ence. On Wednesday
it became known here that
are:' A continuance of the present armistice with the British papers generall
y were well pleased with
Germany until the signing of the peace treaty, in- what the Preside
nt said, which every thoughtful
stead of submitting a new armistice which had been American knew would
be a general statement reoutlined in a general way; the incorporation in the garding the desirability
of a League of Nations and
peace treaty itself. of most of the conditions and a patriotic appeal to
the people of the United States
stipulations which it had been planned to have to accept and support it.
It was realized that a
covered by the next armistice; the fixing of March 8 detailed discussion of
its chief features would be left
as the date for completing and filing of reports on by the Preside
nt for the dinner to the Foreign Repolitical, economic and other questions as between lations committ
ees of both the Senate and the House
the Allies and Germany; the taking up of all these at the White
House on Wednesday evening, or for
matters that would serve largely as a basis for a an address
before a joint session of Congress, or
peace treaty, first, as they relate to Germany, and possibly for
another address to the people. On
afterward, as they have to do with Austria, Turkey Thursda
y it became definitely known that a gatherand Belgium.
ing of the latter character had been arranged for
Illustrative of the attitude that the War Council Tuesday
evening next at the Metropolitan Opera
and the Peace Conference evidently intend to main- House in this city.
Washington advices stated that
tain toward Germany in the making of the peace former President
Taft would also speak on the Leatreaty, it was stated that her plenipotentiaries would gue of Nations
.
not be given any greater opportunity to discuss its
If Senators Borah and Fall had accepted the
terms with representatives of the Entente nations Presiden
t's invitation to the Wednesday evening
and of the United States than Marshal Foch gave to dinner
they would have been surprised to learn
members of the German armistice commission to that the Chief
Executive had no intention of sealing
discuss the ultimatum terms of the armistice which the lips
of his guests as to what occurred at that
he submitted to them. In fact, it was even asserted functio
n, to which such great importance had been
that the German peace commissioners would be attache
d in advance. It developed that the disexpected to remain in Paris only three days. The cussion
following the formal dinner was of a frank
peace document would be submitted to them simply
and good-natured character and those present went
for their signatures—a dictated peace.
away perfectly free to talk about what happened.
It was stated, however, in the Washington disThe inter-Allied commission having in hand the patches
on Thursday morning that the Republican
question of reparation, and of which Premier Hughes,
members of both houses, after listening to all that
of Australia, is Chairman, was unable to reach a the
President had to say, came away no less op
804
THE CHRONICLE
[VoL. 108.
posed to the League of Nations plan than they States was in the war; she must be in the peace. The
had been before going to the White House, although peace that we will get if she goes out will be very
they had a much better understanding of his attitude different Trom the peace we shall get if she stays in."
Particularly gratifying was a long editorial in
toward it.
The President is said to have expressed the opinion "Le Temps," of Paris, commenting favorably on
that any nation that might become a signatory to President Wilson's efforts for a League of Nations
the League of Nations would be permitted to with- and announcing its full support of the covenant,
draw therefrom, if such action seemed advisable or which it declared "is necessary for unusual order,
necessary. In urging the importance of the League, and an agent which no considerations of party should
the President said that the people of Europe had prevent." Yesterday "Figaro" said: "It will be
suffered so keenly from the war that they were to Wilson's everlasting honor if he succeeds in
determined to prevent a continuance of the old ways aligning America with the League to defend the
of controlling the situation. He added that Euro- world against barbarism." "La Liberte said: "Let
pean statesmen are convinced that there must be us hope the Republicans will make the project more
practicable without combating the adoption of the
united action to eliminate war.
scheme of the principles it contains."
In setting forth his belief in the
Toward the close of the week it was apparent
League of Nations, the President is said to have
emphasized the following points, among others: It that both the British and the French press were not
does not infringe upon the Constitution, except pos- a little concerned as to the probable effect on the
sibly in an implied and indirect way;it will strengthen League of Nations of the opposition to it in the
rather than weaken the Monroe Doctrine; there is United States. This is shown in the foregoing
little probability of the neutral European Powers quotations from the French papers. In case the
joining a separate league that might be organized United States should not join the League there was
by the Central Powers, because practically all of much speculation as to whether we would favor
the neutral nations are now eager to join the league some sort of an alliance with Great Britain and
being formed by the Entente Powers and the United France, or what we would do. Senator Lodge in
States; it is unlikely that the league would result his address yesterday said that the European Powers
in a material increase in the standing armies and might very properly enter into an alliance or agreenavies above a peace basis, and that on the other ment, but that the United States should remain
hand, the purpose of the league would be to reduce aloof. He added, however, that in principle we
armies and navies to purely defensive organizations. might subscribe to the terms of such an agreement,
The day following the dinner it was announced but take no flart in carrying them out.
Commenting upon the opposition in the United
in Washington that Senator Lodge and other opponents of the League of Nations were preparing States, the "Manchester Guardian" said: "It is
"constructive" criticism of it. Yesterday the Mas- harder for America than for the European nations
sachusetts Senator delivered a powerful, dignified to enter the League. At any rate it is certain that
and convincing address in the Senate in which he• if Americans hold back the League will never come
unequivocally declared that the acceptance by the into being." The "Morning Post" expressed the
United States of the constitution of the League of same belief when it declared that "unless America
Nations as drawn and approved by a special com- is willing to form an alliance all alternative plans
mittee for the purpose would automatically do away disappear." The "Evening News" asserted "the
with the principles of Washington's Farewell Address President will not have talked to his people in vain."
and also the Monroe Doctrine.
World-wide satisfaction was felt over the pracUndoubtedly there was as much interest on this tically uninterrupted and truly remarkable progress
side as to how the British and English papers would toward recovery made by the veteran Premier of
receive the President's Boston address as there was France, Georges Clemenceau. Anyone could see
in Europe as to what it would contain. A careful last week that he was permitting his will power to
reading of the leading London dailies disclosed the get the better of his judgment and that of his physifact that the League of Nations idea is growing in cians and attendants. Saturday they made a deGreat Britain, and also that the British belief that termined effort to "put on the brakes," but before
President Wilson, in his Boston address, fully under- night they slipped. That morning the physicians
stood the inter-dependence of Europe and the United announced that the Premier would not be allowed to
see anyone during the day, and not even to talk.
States, if the League of Nations is to be a success.
Referring to the President's appeal to America to Before night, however, he had received • a represenplay its part in policing the unsettled nations of the tative of the Peace Conference, who discussed the
Old World, and in protecting the young nations, the necessity of speeding up the deliberations of that
"Morning Post" said: "If he succeeds in carrying his body, to which proposal M. Clemenceau, its Chairpeople with him in this new crusade, he will have man, gave his consent.
On Monday the attending physicians were quoted
rendered a second service to mankind as great as
that of bringing in the United States to finish the as expressing the opinion that their distinguished pawar." The "Daily News" observed that in declaring tient was out of danger and that within a few days he
that "America is the hope of the world," he meant might take a drive in the open air. This privilege
that "the hope of founding a new world order rests was enjoyed on Wednesday, apparently with no unprimarily upon the willingness of the American favorable effects, but on the contrary, with distinct
people to take their share in the task. If they benefit. It was predicted that within a few days,
refuse there can be no new world order and the possibly on Thursday, the Premier would resume his
League of Nations covenant will be a memorial to duties and place at the Peace Conference table.
Early in the week the military authorities were
the' failure of humanity to shape its destiny." The
"Daily Mail" emphatically asserted, "The United busily engaged in taking testimony preparatory to
MAR. 11919.]
THE CHRONICLE
the court-martial of Emile Cottin, the would-be assassin of Clemenceau. No one among the many
who were examined gave such a lucid account of the
dastardly attack upon the life of a great man as the
victim himself. Raoul Dreyfus, who was arrested
for having remonstrated with the crowd after the
shooting, was released temporarily at the beginning
of the week. Upon being arraigned, Cottin protested that he was absolutely sane previous to and
at the time of the shooting.
On Thursday the Premier resumed his work at both
the War and Foreign offices, and also presided at a
meeting of the Supreme War Council.
French Finance Minister Klotz announced that
his proposal of last week to levy a tax of 20% on
capital would not be urged if a more satisfactory way
of raising specially needed funds could be found.
At a lengthy meeting, Thursday night, of the budget
committee of the Chamber of Deputies, it was
decided that the best plan to adopt would be that of
making a new issue of bank notes through an interAllied loan committee. Furthermore, the budget
committee was of the opinion "that justice and interest alike required that the Allies pool the expenses of
the war."
805
in the House of Commons earlier in the week. This
committee will study and report on all conditions of
employment and causes of unrest and report back
to the National Industrial Conference on April 15.
In urging the appointment of the committee, the
Premier declared that employers should take their
employees into their confidence and share with them
the benefits derived from increased profits. He
made an eloquent appeal to all sections, factions
and classes to hold together to make Great Britain
greater than ever. At the close of the week the
opinion prevailed in important British circles that,
while the labor situation was bad, there was no
occasion for fearing that Bolshevism would gain a
foothold in Great Britain. On the other hand, the
opinion was expressed that the necessity of thrift
and production will be realized even by the most
radical labor element, and that accordingly the
industrial situation would settle down gradually.
The British securities market continued firm,
but did not display briskness, the seriousness of
labor conditions being fully realized. In the first
half of the week fear of the declaration of a general
coal miners' strike naturally exerted a restricting
influence, but with the developments at the conference on Thursday there was a more general disposition to buy securities. Dissatisfaction was
shown over the severity of the amended regulations
of the Treasury regarding new issues of capital.
It was admitted, however, that probably they would
lessen delay in the issuance of new securities. The
opinion prevails that included in the next budget
will be a graduated tax on profits in excess of 10%,
which will take the place of the excess profits tax
now in force. While the proposed new measure
might prove less detrimental to business and industry, nevertheless it is expected to prove unpopular.
Lloyd George had another busy week with the
labor situation in Great Britain. In introducing a
bill in the House of Commons on Monday providing
for a committee to inquire into conditions in the coal
industry, he declared that the United Kingdom
was facing the prospect of civil strife. While an
agreement has not been reached with the Miners'
Union, the whole situation appears somewhat
easier. On Thursday official announcement was
made that that organization had voted not to declare the nation-wide strike until March 23.
By far the most significant and important gathering and event of the week in the British industrial
and labor situation was the National Industrial
More details are now obtainable regarding the
Conference, which assembled Thursday in Central new British Overseas Bank, to
which reference was
Hall, Westminster. There were present fepresen- made in these columns last
week. The total capital,
tatives of employers, employees and also a goodly it is expected, will be £2,000,000 and
will be divided
number of Government officials. Sir Robert Stev- into two classes, preferred and ordinary.
A public
enson, Home Minister of Labor, opened the con- offering of the former will be made,
while the latter
ference or Parliament, as it was variously desig- will be held by the Anglo-Sou
th American Bank,
nated. Other prominent Government officials were Glyn, Mills, Currie
& Co., Northern Banking Co.
Premier Lloyd George, Sir Albert Stanley, President of Belfast, Union
Bank of Scotland, The Williams
of the Board of Trade; George H. Roberts, Food Deacons Bank, and perhaps
other institutions.
Controller, and Sir D. J. Shackleton, Permanent
Yesterday announcement was made that Lloyds
Secretary of the Ministry of Labor. The delagets Bank had purchased 50,000 shares
out of a total of
numbered some 800 and were said to represent 100,000 of the National Bank of
New Zealand.
10,000,000 workers.
The price given was a 10s. The remainder of the
The attitude of labor on the question of main- issue will be offered at the same figure to the
sharetaining its own rights and prerogatives was for- holders of the New Zealand Bank.
cibly voiced by James Henry Thomas, Secretary
of the National Union of Railwaymen, when he
In attempting to outline, or merely chronicle,
said: "Labor has become increasingly alive to its the acts of the Bolshevist, Socialist and
other radical
sovereign powers, and will shirk no responsibilities, factions in Germany, and
the attending disorder,
and will be denied none of its rights and privileges." one scarcely knows where to begin or
where to stop.
Regarding the attitude of the men he represented Following the assassination a week
ago of Kurt
toward Government ownership of public utilities, Eisner, Premier of Bavaria, and the
shooting of
he declared: "The miners, railwaymen and trans- Minister Auer and Clerical Deputy
Oesel, in the
port workers stand unalterably for the ownership Bavarian Diet, disorder in many forms
in many
by the States of the mines and railways and the parts of Germany and Austria
ran rampant. The
means of inland and coastal transportation."
plot to do away with Premier Eisner and the military
Lloyd George in his address won a personal vic- party is said to have originated with
the Monarchists,
tory and succeeded in securing the appointment of a while the death of Auer and Oesel
is reported to
joint committee representing capital and labor such have been the result of an uprising of the
Spartacides
as provided for in the bill that he had introduced to avenge the killing of the Premier. On
Monday
806
THE CHRONICLE
Prince Leopold of Bavaria, who commanded the
German armies on the eastern front, had, it was
claimed,been put in prison at Munich on the suspicion that he had planned the assassination of the
Premier of his country.
At the beginning of the week one of the worst
situations in all Germany existed in Munich, where,
according to advices from London and other centres,
a Soviet Government had been proclaimed by the
Workmen's and Soldiers' Executive Council. A
Bolshevist leader by the name of Lewin, reported
to be a friend of Nikolai Lenine, and Karl Radek,
were mentioned as members of the Executive Council
that had been appointed. At the same time it was
said that six ministers besides Premier Eisner had
been shot. In fact, a dispatch from Berlin declared
that a state of siege had been proclaimed in Munich
and that the Red Flag was waving everywhere.
An orgy of destruction and loot, it was claimed,
followed, so that the Soviet troops were compelled
to make use of their weapons.
The Bolshevist uprising which had been expected
in Hungary for some time broke out a week ago at
several points. Heavy street fighting and an attack
upon a monastery in Budapest were reported. Bela
Kern, leader of the Communists, who had made a
demonstration, was arrested.
On Monday it was declared that a Soviet Government had not really been established in Munich,
as at first reported, and that conditions there were
quieter, but greatly disturbed. The strike which
had been declared was expected to be called off
soon. According to an announcement later in the
week, this actually happened, and in addition
railroad,telegraph and postal services were restored,
and milk was being delivered to the people.
Spartacan riots, the opening of the prisons and
street fighting were reported in Nuremberg, while
equally bad conditions were said to prevail in Dusseldorf, the city being surrounded by Spartacan
bands. Toward the end of the week came the report that a crisis was inevitable in the new German
Cabinet, the trouble having arisen from a disagreement between Mathias Erzberger, Chairman of the
German Armistice Commission, and Count von
Brockdorff-Rantzau, Foreign Minister.
In Berlin it was stated that an attempt had been
made by the Spartacans to overthrow the Government in Saxony. A general strike was proclaimed
and railway communications with Halle, an important junction point, had been broken. The American Third Army received reports that the Spartacides had seized many public buildings in Mannheim,
where a number of Americans were reported to be.
The latter rumor was not confirmed, however, by
American army officers on the western frontier of
Germany.
[VoL. 108.
to have decided that it would be best for the country to have a form of money that could be quoted
abroad, which, it is believed, will be taken care of
when the question of a money standard is settled by
the Peace Conference. It is expected that the new
money will be issued by a new national bank.
All the advices indicate that serious differences
exist between Lenine and Trotsky, although their
correctness was doubted a week ago, when first
they were heard. The latter leader is reported to
be posing as an Emperor having held frquent military reviews of late. In spite of the comradeship
that he endeavored to develop between the commissaries that he had gathered about him, it is
reported that they nevertheless walked away with
his somewhat famous sable overcoat. One of the
chief causes of the quarrel between Lenine and
Trotsky is said to be over the sending of peace delegates to the Princes' Islands. Trotsky is said to
be strongly opposed to the conference, while Lenine
is decidedly in favor of it. Incidentally he prevailed. His policy is reported to be to preserve
Bolshevism at all costs; to endeavor to have the
friendship of the Allies, believing that Bolshevism
will sweep over the world. Last evening in Paris
Andre Tardieu was quoted as saying that there was
little or no probability of going on with the Prinkipo
conference, inasmuch as "the Bolsheviki had failed
to comply with the conditions laid down by the
Entente as to a suspension of hostilities."
Appalling conditions in Petrograd were reported
via London. It was characterized as "a city of
dead and dying." Not far away in the country
there is said to be a very good supply of food, but
that all attempts to bring it in are thwarted by
armed guards at the railway stations, who seize it.
The population of Petrograd is asserted to be now
only 700,000, against 2,000,000 before the Bolshevists came into control.- Food prices are declared to be exorbitant, butter for instance, costing
from 100 to 120 rubles a pound.
Equally bad conditions are declared to exist in
Warsaw, where it is alleged that wheat flour is being
sold for 800 rubles and sugar for 50 rubles a pound.
A big decrease in the number of cattle in Russia is
said to have taken place. It is asserted, furthermore, that over 50% of the animals left in the
Bolshevik section of the country are affected with
glanders and mange, and that these diseases are
spreading among the people. Because of the intensity of the cold and scarcity of fuel, wooden
houses in the suburbs, it was claimed, have been
torn down and used for fuel. Many kinds of diseases in addition to those found in the cattle prevail in Russia, according to advices from Warsaw.
Out of conditions something like the foregoing,
at least, an effort must be made, and is being made,
and the United
A dispatch came from Warsaw claiming that Pres- by the Entente nations of Europe
to restore peace and order and to establish
ident Ebert and prominent members of his Cabinet States
a tremendous task.
at a recent meeting had decided that, while they stable Governments—certainly
neverwould make peace with Poland, they would
British revenue returns for the week ended Feb. 22
theless order the German troops on the Polish fronoff, which resulted in a
tier to continue operations. From Weimar was re- indicated a slight falling
thus bringing the Exchequer balceived the interesting announcement that Poland deficit of 071,000,
00, against £7,934,000, the
would soon introduce new paper money, with the ance down to £7,563,0
total. There has also been further curtailsame value given to the unit as that of the French previous
ing, to 078,600,000,
franc. As there are now three or four kinds of for- ment in Treasury bills outstand
Diet is said a decline of £14,812,000. Last week's total was
eign money circulating in Poland, its
MAR. 1 1919.]
THE CHRONICLE
807
£993,412,000. Expenditures for the week were
£34,483,000 (against £37,451,000 for the week ending Feb. 15). The total outflow, including Treasury bills repaid and other items, was £145,627,000,
as against £102,019,000 a week ago. Receipts from
all sources totaled £145,256,000, which compares with
£102,007,000 the preceding week. Of this total,
revenues contributed £32,09900, against £34,034,000 last week; war savings certificates brought
in only £650,000, comparing with £1,400,000 the
week before, although other debts added £39,924,000, against £1,150,000. Advances yielded £16,500,000, against £13,500,000, and from war bonds
£3,653,000 was received, contrasting with £4,480,000 the week preceding. Sales of Treasury bills
reached a total of £52,330,000. This compares with
£47,293,000 last week. Savings certificates sold during the week ending Feb. 15 totaled £2,826,000, and
the aggregate amount now stands at £297,237,000.
silver fell off 600,000 francs and Treasury deposits
were reduced 3,500,000 francs. An expansion of
224,000,000 francs occurred in note circulation,
bringing the total outstanding up to 32,716,414,530
francs, which compares with 24,308,307,215 francs
in 1918 and with 18,097,436,325 francs in 1917.
Just prior to the outbreak of war in 1914, the total
outstanding was only 6,683,184,785 francs. Comparison of the various items in this week's returns
with the statement of last week and corresponding
dates in 1918 and 1917 is as follows:
The Bank of England reports this week a decline
in its gold item of £140,991—the first in several
weeks—and also a heavy contraction in total reserve,
namely, £909,000, due to a coincident expansion of
£768,000 in note circulation. The proportion of
reserve to liabilities was reduced to 20.50%, which
compares with 20.58% a week ago and 18.24%
last year. There was a decline in public deposits
of $4,856,000, although other deposits increased
£836,000. Government securities gained £2,038,000. Loans (other securities) registered a reduction
of £1,017,000. The total stock of gold now held
by the Bank of England stands at £81,628,393,
as against £59,352,898 in 1918 and £54,296,090 the
year before. Reserves aggregate £29,742,000, in
comparison with £30,551,673 a year ago and £34,161,380 in 1917. Loans total £83,130,000. This
compares with £98,641,366 in 1918 and £117,383,137
in the year preceding. Circulation has reached a
total of £70,335,000. A year ago it was £47,251,225
and in 1917 £38,584,710. .Clearings through the
London banks for the week amounted to £424,940,000
as against £453,140,000 a week ago and £385,730,000
last year. Our special correspondent is not as yet
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 not resumed publication of
such reports. We append a tabular statement of
comparisons:
In its statement, as of February 15, the Imperial
Bank of Germany shows the following changes:
Total coin and bullion was reduced 2,193,000
marks. Gold declined 2,601,000 marks. Advances
decreased 992,000 marks, other securities 23,093,000
marks, and other liabilities 46,639,000 marks. Increases were shown of 30,144,000 marks in Treasury
notes, 87,000 marks in notes of other banks, 171,000
marks in investments, and 5,025,000 marks in note
circulation. Deposits recorded the large expansion
of 604,887,000 marks, and bills discounted of 649,149,000 marks. The German Bank's returns of
gold holdings show a total of 2,249,549,000 marks,
which compares with 2,406,519,000 marks held in
1918, and 2,525,800,000 marks the year before.
Note circulation, which as shown, is still mounting,
now aggregates 23,570,643,000 marks, as against
11,097,732,000 marks last year, 7,880,920,000 marks
in 1917 and 1,890,892,000 marks in July 1914.
DANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1918.
1917.
1916.
1915.
Feb. 26.
Feb. 27.
Feb. 28.
Mar. 3.
Mar. 1.
70,335,000
Circulation
Public deposits _L- 25,823,000
119,169,000
Other deposits
Governm't securities 50,196,000
securities_ _ _ _ 83,130,000
Other
Reserve notes & coin 29,742,000
Coln and bullion— 81,628,393
Proportion of reserve
to liabilities
20.50%
Bank rate
47,251,225
42,649,768
124,767,163
56,350,082
98,641,366
30,551,673
59,352,898
38,584,710
47,846,179
167,992,209
82,445,859
117,383,137
34,161,380
54,290,090
33,306,500
50,630,757
102,018,500
32,838,646
96,743,043
41,253,192
56,992,087
34,532,920
51,872,482
118,841,851
26,917,424
118,173,863
43,909,167
59,992,087
18.24%
5%
15.83%
5%
27.02%
5%
25.75%
5%
The Bank of France reports a further gain in the
gold item this week, the increase amounting to
2,161,075 francs. The Bank's total gold holdings,
therefore, now aggregate 5,526,817,975 francs, of
which 1,978,308,475 francs are held abroad. This
compares with 5,368,146,475 francs last year and
with 5,148,881,453 francs the year before; of these
amounts 2,037,108,484 francs were held abroad in
1918 and 1,945,603,286 francs in 1917. During
the week general deposits were augmented to the
extent of 8,300,000 francs. On the other hand,
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Feb. 27 1919. Feb. 28 1918. March 1 1917.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc. 2,161,075 3,548,509,500 3,331,037,990 3,203,278,167
Abroad
No change
1,978,308,475 2,037,108,484 1,945,603,286
Total
Inc.
2,161,075 5,526,817,975 5,368,146,475 5,148,881,453
Silver
Dec.
313,781,253
600,000
254,926,174
270.511,996
Bills discounted_ _
1,312,234.122
556,822,938
Advances
1,183,156,886 1,247,343,069
Note circulation....Inc. 224,000,000 32,716,414,530 24,308,307,215 18,097,436.325
Treasury deposits_Dec. 3,500,000
34,082,827
52,227,269
92,680,681
General deposits_ _Inc.
8,300,000 2,651,003,704 2,581,224,874 2,455,565,677
Official discount rates At leading European centres
continue to be quoted at 5% in London, Paris, Berlin, Vienna and Copenhagen; 53/2% in Switzerland;
6% in Petrograd and Norway; 63/2% in Sweden
and 43/2% in Holland and Spain. In London the
private rate has not been changed from 3 17-32%
for sixty-day and ninety-day bills. Money on call
in London remains at 31 %. As far as we have been
4
able to ascertain, no reports have been received by
cable of open market rates at other European
centres.
A decline in both aggregate and surplus reserves
was the most conspicuous feature of last week's•
bank statement of New York Clearing House members, issued on Saturday. This was accompanied
by an increase in net demand deposits of $35,927,000, to $3,831,656,000 (Government deposits of
$225,714,000 deducted). Net time deposits, however, were reduced .slightly, 465,000, to $140,603,000. The loan item showed a contraction of $17,084,000. Cash in vaults (members of the Federal.
Reserve Bank) expanded $3,076,000, to $100,548,000 (not counted as reserve). Reserves in the
Federal Reserve Bank of member banks was reduced $30,813,000, to $501,477,000, while the reserves in own vaults (State banks and trust companies) increased $99,000, to $11,498,000, and reserves in other depositories (State banks and trust
companies) declined $145,000, to $11,359,000. In
808
THE CHRONICLE
[VOL. 108.
tion purposes, this news was particularly significant
and gratifying. The Belgium credit for $50,000,000
was well oirersubscribed.
Yesterday, the Finance Committee formally placed
before the Senate the bill giving Secretary of the
Treasury Glass authority to issue $7,000,000,000
short term notes running from one to five years
and which are to take the place of the longer term
Liberty bonds that were to have been offered in
April. Prominent Republican members of Congress
were quoted yesterday as stating that they would
make no effort to delay the passing of this bill at
the present session. President Wilson signed the
$6,000,000,000 Revenue bill on his way from Baltimore to Washington Monday evening. Bond
houses reported a moderate slackening in their
over-the-counter business, which they said was
For a few days this week Stock Exchange houses perfectly natural in view of the increasing discussion
became somewhat apprehensive over the money about the forthcoming Government loan. As they
market. The sudden advance to 7% for mixed distribute to investors the issues that they have
collateral call loans and 732% for accommodation bought in recent weeks their loans will decrease
3
on "all industrial" and a stiffening of from 4 to proportionately, but it is safe to assume that the
M in the rates on time loans, led members of some banks will husband these funds against the needs of
of the smaller firms to fear that during the next Stock Exchange houses and others for accommodafour or five weeks money would be decidedly tight. tions when the Government offering is actually
With a gradual decline, however, in call rates to made.
Referring to money rates in detail, loans on call
5 and 53/2%, which as a matter of fact have been
ruling quotations for several weeks, there this week touched the highest point reached in many
really the
was a general feeling of relief and a disposition to months, having on Monday, just after the close of
believe that the higher quotations represented only a business, shot up to 7%. This, however, was simbrief flurry. Of course, it has been known for ply a temporary flurry, and the rate dropped back
some time that the banks and other financial in- again to 6%, with the range for the week 5@7%.
stitutions were not disposed to put out large sums On Monday 7% was the high, 532% low and 6% reof money for the longer periods for which loans newals. Tuesday there was a decline to 6% for the
ordinarily are made in the financial district. Con- maximum, although the minimum remained at
sequently brokers and bond houses have been using 53/2%, with 6% still the renewal basis. On Wednesa larger proportion of call money than ordinarily day the range was 5@59% and 5% the ruling
figure. There was no range on Thursday, and
and larger than they might wish to do.
of at least a 532% was quoted all day, this being the high and
About mid-week there was a shading
quarter per cent in the quotations on "allindustrial" low and the basis on which renewals were negotiated.
time money. Brokers found it impossible to make On Friday the highest was 6%, 53/2% low, and reindustrial loans for 30 and 60 days at 6%,and accord- newals at 6%. The above rates are for mixed colingly some of the institutions made the concession lateral loans, with all-industrials still quoted M of
just noted. This was found the more necessary, 1% higher. In time money increased firmness deif actual business were to be done, because of the veloped, which was especially noticeable during the
receipt of increasingly large amounts of money from earlier days of the week, when hinds for fixed-date
interior points. It is understood that a prominent loans were in light supply. Later on there was a
Broadway bank loaned for the account of out of slight easing off, though this was shown mere in
town clients a fairly good sized block of money on freer offerings than in any reduction in rates. The
"all industrial" collateral for 30 and 60 days at 5%%. range of quotations is now 532@5%% for all dates
While the best authorities do not look for money from sixty days to six months, as against 531@
to flow freely to this centre, they do believe that the 532% a week ago. Trading in the aggregate was
receipts will be sufficiently large to serve as a check small in volume. In the corresponding.week of 1918
to any material increases in rates that otherwise sixty and ninety day funds and four, five and six
might come about. Transactions in stocks on the months' were quoted at 6%.
Mercantile paper rates were also firmer and sixty
Exchange were in pretty good volume and, of course,
the monetary requirements were in proportion. and ninety days' endorsed bills receivable and six
While pools are manipulating individual issues months' names of choice character are now quoted
actively, there has been no disposition to carry at 53@532%, comparing with 5@53i% last week.
Names less well known require 532%, against 53@
.the general market beyond reasonable bounds.
development so far as international 532%, but most brokers report that very little differAn interesting
financing is concerned was the return, by the Bankers entiation is being made between the various classes of
Trust Co., to the French Finance Minister of a good paper. The volume of transactions recorded was
sized block of investment securities, which had been light.
Banks' and bankers' acceptances ruled dull and the
placed here for a war loan. At the same time it was
announced that another block would mature on inquiry continues limited. There was a tendency
April 1, which will be paid off at that time, as the towards increased firmness, but this has not, as yet,
previous one was, and the collateral returned in due resulted in higher rates. The rate for demand loans
course. In view of the difficulty which the French on bankers' acceptances has not been changed from
Government has found in raising funds for reconstruc- 432%. Quotations in detail are as follows:
round numbers the loss in aggregate reserves totaled
$30,859,000; thus reducing the amount to $524,334,000, as against $534,137,000 last year. Reserve requirements were increased $4,734,670, which
brought the reduction in surplus to $35,593,670,
and carried the total of excess reserves on hand
down to $16,821,810, or the smallest total held in
quite some time. In the corresponding week of
1918, the total was $57,786,080, on the basis in
each instance of reserves of 13% for member banks
of the Federal Reserve system, but not including
cash held by these banks which last Saturday
amounted to $100,548,000. Circulation registered
a reduction of $110,000, to $36,056,000. The bank
statement will be found in fuller detail on a later
page of this issue.
MAR. 11919.]
THE CHRONICLE
Ninety
Days.
4%0454
434@4%
53.1043(
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills
Spot Delivery
Sixty
Thirty
Days.
Days.
434@4% 0,404
45.@43-( 4%@4
534©44 5%@434
Delivery
within
30 Days.
4X. bid
4% bid
8 bid
No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal Reserve banks. Prevailing rates for various classes of
paper at the different Reserve banks are shown in the
following:
1
O
1
St. Louts.
m
...
I
1
1
'i•et
Atlanta.
4
4
4
g
t
1
til
A
4
1
CLASSES
OF
•
DISCOUNTS AND LOANS i
New York.
I
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
:
Discounts—
Within 15 days,incl. member
banks' collateral notes__ 4 4 4
434 431 434 4 4
16 to 60 days' maturity-__ 434 434 434434 434 434 434 434
61 to 90 days' maturity__ 434 4% 4% 434 434 434 434 434
Agricultural and live-stock
paper over 90 days
5 5
5 534 5 5 534 534
Secured by U. S. certificates
of indebtedness or Liberty Loan bonds
-Within 15 days, including'
member banks' collateral notes
4 4 2434 4 4 4
4 4
2434 4% 434 434 1434 2434 2434 2434
16 to 90 days' maturity
Trade Acceptances
18 to 60 days' maturity— 44 434 434 434 434 4544% 44
ai tn ilt) davit' maturity
434 434 414 44 434 434 434 434
434 44 434 434
434 5 434 5
5 5 5 5
534 534 534 534
4 2434 4 434
434'4% 434 434
44 45-4 4%45a
44 454 VA ats
*Rate of 3 to 44% for 1-day discounts in connection w th the loan operations
of the Government. Rates for discounted bankers' acceptances maturing within
15 days, 4%; within 16 to 60 days, 454%. and within 61 to 90 days. 434%•
Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper rediscounted has been taken by discounting member banks at rate not exceeding
Interest rate on bonds.
a Fifteen days and under, 434%.
Note 1. Acceptances purchased in open market, minimum rate 4%.
-day trade acceptance rate is higher than the 15
Note 2. In case the 60
-day discount rate, trade acceptances maturing within 15 days will be taken at the lower rate.
Note 3. Whenever application is made by member banks for renewal of 15
-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90
-day
paper of the same class.
Rates for commodity paper have been merged with those for commercial paper
of corresponding maturities.
Conditions surrounding sterling exchange show no
important alteration; hence rates remain pegged and
transactions were again at a minimum. Indications,
however, would seem to point to the fact that hopes
of exchange operators for a modification of prevailing restrictions may soon be realized, as yet another
ruling was given out this week by the Division of
Foreign Exchange, to the effect that "Notice is
hereby given that 'dealers,' as defined under the
Executive order of the President of Jan. 26 1918,
until otherwise instructed, may make transfers of
funds to persons not enemies or allies of enemies
resident in colonies owned or controlled by Germany
on Aug. 1 1914." While not in itself important, it
is neverthless one more removal of a restriction on
foreign exchange trading. For some little time past
the Treasury authorities have been steadily withdrawing these restrictions, and it is believed that
before long a broader and more liberal policy will be
followed; although, as already pointed out, normal
conditions in sterling are impossible until complete
trade relations with foreign countries are formally
restored, and this, of course, waits upon the actual
declaration of peace. Following upon the recent
announcement of the granting of a credit to Belgium,
comes an intimation from Washington that the Treasury Department is not disposed to regard favorably
the granting of other loans or credits to foreign nations until the forthcoming Victory loan has been
distributed. It is suggested that in all such cases
the approval of the Treasury would be essential,
and while this does not necessarily imply a refusal,
it will undoubtedly discourage such attempts for
the present.
Dealing with quotations in greater detail, sterling
on Monday (Saturday was a holiday) was firm,
with demand a shade higher at 4 7570@4 7580;
cable transfers, however, remained at 4 76 7-16 and
sixty days at 4 73@4 733. Trading continued
809
limited in volume on Tuesday and quotations were
practically unchanged; demand bills ruled at 4 754,
3
against a range of 4 7570@4 7580 the day before, but
cable transfers and sixty days were still pegged at
4 76 7-16 and 4 73@4 7331, respectively. Wednesday's market was dull and lifeless and variations in
rates were trivial; demand ranged between 4 7570
@4 75%; cable transfers were not changed from
4 76 7-16, while sixty days exhibited a range of
4 73@4 7332. Dulness marked Thursday's operations, and quotations, which were largely nominal,
were unchanged for cable transfers and sixty days,
though demand bills ruled at 4 759@4 75773/2.
On Friday the market ruled quiet but steady and
without quotable change. Closing quotations were
4 73 for sixty days, 4 75% for demand and 4 76 7-16
for cable transfers. Commercial sight bills finished
at 4 75 11-16, sixty days at 4 723/ ninety days at
2
,
4 71, documents for payment (sixty days) at 4 723/
s,
and seven-day grain bills at 4 75. The week's gold
engagements amounted to $502,700 in gold coin
withdrawn from the Sub-Treasury for shipment to
South America. Treasury officials state that the
Federal restrictions upon the exportation of gold
are still effective, or the exports would be considerably larger. It is understood that most of this
gold represents metal shipped to this country for
coinage purposes. No imports were recorded.
The Continental exchanges continue to mark
time, and despite a slight improvement in activity
during the latter part of the week, very little expectation is entertained in banking circles that
anything approaching normal will be established
until the decisions of the Peace Conference have
been made known and all artificial restrictions removed. The improvement was attributed to a
tendency among operators to discount the future,
although 'recent reports regarding the financial
position of certain European nations were discouarging from the standpoint of a speedy resumption of
trade relationships. The undertone was steady,
though French exchange has ruled easier, with the
close considerably below last week's levels. With
the increase of commercial shipments to France,
it is argued that difficulty will be experienced
in supporting francs at present levels. Lire continue pegged, while quotations for rubles are purely
nominal. Late last evening a Washington dispatch
stated that transactions between the United States
and Russia had been prohibited until further notice.
Quotations for reichsmarks and kronen are not
as yet available. An announcement that attracted some attention was one stating that in a
few months Poland is to introduce new paper currency, the unit of which is to be of the same value
as the French franc. The money will be issued bya new national bank to be known as the "Fatherland Bank," when final settlements have been
arrived at. Arrangements are under way to have
the new Polish money printed in London, Paris
and Brussels, and efforts are being made by the
newly organized Polish Government to secure foreign credits in order to stabilize the proposed currency, since Poland has but little gold or silver
within her own borders and the value of the new
money must rest on Poland's national guarantee,
plus all that is owed her by Germany in the form
of restitution for war requisitions and thefts, indemnities, &c. The official London check rate in
810
THE CHRONICLE
[Vol,. 108.
Paris closed at 26.023/2, comparing with 25.983 against 513j@51%; Manila, 50 (unchanged); Singalast week. In New York sight bills on the French pore, 563 (unchanged); Bombay, 36 (unchanged)
centre finished at 5 473., against 5 45%; cable and Calcutta (cables) 363 (unchanged).
transfers at 5 463, against 5 45%; commercial
The New York Clearing House banks," in their
sight at 5 49, against 5 46%, and commercial
%
sixty days at 5 533', against 5 513 last week. operations with interior banking institutions, have
Lire have not been changed from 6 363/ for bankers' gained $4,780,000 net in cash as a result of the cursight bills and 6 35 for cable remittances. Greek rency movements for the week ending Feb. 28.
exchange continues to be quoted at 5 163/ for Their receipts from the interior have aggregated
checks and 5 15 for cable transfers. Ruble ex- $8,349,000, while the shipments have reached
change remains nominally at 14 for checks and 15 $3,569,000. Adding the Sub-Treasury and Federal
for cable remittances. The rates on Belgian ex- Reserve operations and the gold exports, which tochange have been lowered from 5 643/b and 5 623/ gether occasioned a loss of $49,028,000, the combined
result of the flow of money into and out of the New
to 5 66% for checks and 5 653/i for cable transfers.
Dealings in neutral exchange this week have been York banks for the week appears to have been a loss
featured by the erratic fluctuations in Spanish of $44,248,000, as follows:
pesetas, which on Tuesday shot up to 21.25 for
Net Change in
Into
Out of
Week ending Feb. 28.
Bank Holdings.
Banks.
Banks.
cables—a rise of 95 points from the previous close.
Banks' interior movement
Later there was a partial reaction, with the final Sub-Treasury and Federal Reserve $8,349,0001 $3,509,000 Gain $4,780,000
29,893,000
78,921,000 Loss 49,028,000
quotation below this figure. Very little explanation operations and gold exports
1
Total
$38,242,0001 $82,490,000 Loss $44,248,000
is forthcoming of the sudden strength further than
that it was a reflection of movements on the London
The following table indicates the amount of bullion
market, where the quotation went as high as 22 at in the principal European banks:
one time. It was thought that the fact that the
February 28 1918.
February 27 1919.
Treasury authorities had decided to draw an addi- Banks of
Silver. I Total.
Gold.
Total.
Gold.
Silver. I
tional credit of 75,000,000 pesetas, against the
£
I
£
59,1,898
I 81,628,393 59,352,898
81,628,393
credit of 250,000,000 pesetas arranged with Spanish England__ 141,940,380 12,520,000,154,460,380 133,241,519 10,160,000143,401,519
Francea....
Germany_ 112,477,450 1,019,910,113,497,360 120,334,250 5,834,906126,169,150
banks may have had a sentimental effect, but ex- Russia 129,650,000 12,375,000 142,025,000 129,650,000 12,375,0001142,025,000
2,289,0001 13,297,000
Aus-Hun c 11,008,000 2,289,006 13,297,000 11,003,00
change experts here express the opinion that a fac- Spain.... 89,144,000 25,611,000114,755,000 79,138,000 28,265,000,107,403,000
37,071,000 3,000,0001 40,071,000 33,434,000 3,496,006 36,930,000
to ex- Italy
tor not usually appreciated in its relation
600,000 60,301,000
750,000i 57,194,000 59,701,000
Netherl'ds 56,444,000
15,980,000
15,380,000
600,0001
15,380,000
change fluctuations is the buying from time to time Nat.Bel.h 16,442,000 2,542,000 15,980,000 14,525,000 000,000 14,525,000
18,984,000
Switeland
13,125,000
I 15,532,000 13,125,000
Sweden__ _ 15,532,000
of supplies in Spain for the American armies in Denmarx_ 10,405,000 135,001 10,540,000 9,622,000 137,000 9,759,000
6,414,000
0,714,000 6,414,000
Norway__ 6,714,000
France. Aside from this, the trend in other neuTot. week.723,836,223, 60,841,916784,678,133684,925,667 63,756,900 748,682,567
trals was towards a lower level. Scandinavian Prey.week 724,719,0711 60,385,610785,104,681.683,121,142 63,903,250747,024,392
rates were all weaker and guilders also registered a Gold holdings of tne Dank of France this year are exclusive of £79,132,339
held abroad.
declines. Swiss francs were relatively firmer owing
No figures reported since October 29 1917.
c Figures for both years are those given by "British Board of Trade Journal" for
to the covering of shorts.
Dec. 7 1917.
Bankers'sight on Amsterdam closed at 41, against h August 0 1914 in both years.
41 1-16; cables transfers at 413', against 41 5-16;
THIS CONGRESS, AND THE NEXT.
commercial sight at 40 15-16, against 40 15-16,
The approaching dissolution of the Sixty-Fifth
and commercial sixty days at 40%, against 40%
on Friday of last week. Swiss exchange finished Congress, to be succeeded by a Congress of the oppoat 4 88 for bankers' sight bills and 4 83 for cable site political complexion and in some respects with
remittances. A week ago the close was 4 91 and an opposite set of political problems to deal with,
4 87. Copenhagen checks closed at 25.90 and calls for a good deal of retrospect as well as a good
cable transfers 26.10, against 26.00 and 26.20. deal of conjectural forecast. The Congress which
Checks on Sweden finished at 27.95 and cable re- adjourns sine die next Tuesday, March 4th, has had
mittances at 28.15, against 28.00 and 28.20, while in more than one respect a remarkable history. Dischecks on Norway closed at 27.05 and cable trans- tinctively a "War Congress," when judged by the
fers 27.25, against 27,20 and 27.40 the week be- necessary direction of its entire labors, its actual
fore. Spanish pesetas, after advancing to 21.10 sessions have far exceeded in length those of any other
for checks and 21.25 for cable transfers declined war Congress in our history. The Congress elected
and finished at 20.85 and 21.00, which compares in November 1860, and which President Lincoln
called in extra session on July 4 1861, occupied 356
with 20.22 and 20.30 last week.
As to South American quotations, the check rate days in its three sessions; the present Congress has
on Argentina has been advanced and the close was occupied 632. In this it has been exceeded only by
at 44.95 with cables remittances 45.00, comparing the Sixty-Third Congress (the first under Mr. Wilwith 44.60 and 44.75 a week ago. Cable advices son), which sat continuously from April 7 1913 to
from Buenos Aires on Thursday state that the Oct. 24 1914, reassembling the next December, and
Argentine House of Deputies has passed the con- by the Fortieth, which sat from March 4 1867 to
vention with France, Great Britain and Italy, ac- Nov. 10 1868; thus leaving less than a month of its
cording to those countries credit for the purchase of whole existence when, except for brief recesses, it
supplies in Argentina. For Brazil the rate for was not in formal session.
The Fortieth Congress had the struggle with Presichecks was also higher and finished at 25.85 and
dent Andrew Johnson on its hands. The Sixty-Third
cable transfers 26.00, against 25.70 and 25.85 a
week ago. Chilian exchange remains as hereto- enacted the Tariff Law and the Federal Reserve
Law and wrestled with the earlier economic problems
fore at 10 7-16 and Peru at 50.125@50.375.
Far Eastern rates are as follows: Hong Kong, brought by the European war. The present Con74@74%, against 75@753j; Shanghai, 114@1143', gress covered the entire period of our own participa,
against 115@1153/ • Yokohama, 513@51.35, tion in that war. To say that its appropriations, its
2
MAR. 1 1919.)
THE CHRONICLE
811
loan bills and its tax measures vastly surpassed in headlong into fiat money without a respectable
magnitude the grants of credit made by any previous effort to avoid it.
The new Congress has a very different task before
Congress in our history, or indeed, by any other
Government in this war; that it authorized far more it; yet a task which in some respects will have to be
extensive "war powers" to the Executive than any approached with the large-mindedness, and perhaps
former Congress, and that it approved a control of with some of the wide grants of power to the Execuindustry by Government such as had never been tive, which marked the career of its predecessor.
dreamed of until 1917, is merely to repeat obvious There are enormous problems ahead of us in what
and well-known facts.
we are accustomed to call the "era of reconstruction,"
, But what is often forgotten, though it will give and Congress will have to legislate on most of them.
this Congress an interesting distinction in our political That the legislative branch is now of opposite political
history, is the fact that it was elected unmistakably faith from the executive will in many respects be an
as a "peace Congress." Just how our history or the advantage to the country; it will at least serve as a
history of the war would have proceeded if Ger- brake on impulsive schemes and on the adoption of
many, under the influence of her Tirpitzes, had not rash short-cuts to a desired end. It ought also to
gone criminally mad in 1917 and defied the whole insure a better quality of chairmanships for many
outside world, will no doubt be always in debate. important Congressional committees.
One cannot even be sure how events would have been
But there is a risk in such political division at
affected if the Russian revolution and the break- precisely such a juncture as exists. The relations of
down of the Russian army had occurred in 1916 President Johnson and Congress in the immediate
instead of 1917. But the transformation through aftermath of the Civil War, and the resultant absoforce of circumstances, of a legislative body chosen lute chaos of legislation, showed what has sometimes
with such a mandate into a legislative body which happened under the unsettled conditions of such a
achieved the tasks it did, has been something very period, even with Executive and legislature nominally
rare in history.
of the same party, though actually antagonistic in
Much fault has been found with the action and opinion. There will inevitably be a movement in the
attitude of this Congress in relation to the war. coming Congress to investigate such shortcomings,
Criticism was directed first at the constant reitera- failures, or extravagances as may be alleged or proved
tion, in committee proceedings and in open debate, against the war adniinistration. There is opporof the absurd and base assertion that the United tunity for such a task, as there is in every war, and
States was pushed into war by her rich men for their perhaps it is as well that the thing should be done and
own profit. Afterward it took the form of censuring all the facts elicited.
Congress for its complete surrender of authority to
But it is possible to carry such a quest too far. If,
the Executive. We doubt if either criticism will in the heat of partisan bitterness and with another
hold good, as a verdict of history on the record of Presidential election impending in 1920, such anithis Congress as a whole.
mosities should be created as to make co-operation
It is not fair to forget that the railing at Wall difficult between the President and the Congressional
Street as the "inciter of the war" met with no en- majority, the outcome might easily be deplorable.
dorsement from the body of Congressional opinion. Certainly this danger would be none the less serious,
Nor is it right to ignore the fact that a war of such when an important part of the work which lies before
magnitude as this one could not be successfully con- the next Congress is the ratification of the treaty of
ducted except by an unfettered Executive. The peace and the determination of this country's future
meddling of the Continental Congress with Washing- political relations with our allies and our enemies in
ton's campaigns, and the repeated interference with this war.
Mr. Lincoln's plans by the "Committee on Conduct
THE PSYCHOLOGY OF INDUSTRIAL
of the War," are remembered nowadays only as irriORGANIZATION.
tating obstacles to great achievements.
There is one question that the Peace Conference
part of its record which deserves the highest
The
recognition is the prompt co-operation of this Con- will not settle—that is the labor question. They
gress in the program for an army powerful enough may receive reports and appoint commissions about
to turn the scales of war, the boldness with which it it, but they will at best only deal with labor in its
faced the unprecedented borrowing demands, and the general relations. The root of the matter is beyond
readiness with which it recognized the necessity for their reach or control. It lies deep in human nature
advancing very large credits to our allies. Its man- and concerns the personal relations of individuals.
In this it is akin to one of the outstanding facts
ner of constructing the two revenue bills will contribute least to its repute. This is all the more evi- of the war. The German system which lay back
dent a fact when one considers that extreme dila- of the war, by which the war was urged, and which
toriness in this legislation seemed to increase rather in its extension was the • directive'cause of the war,
than diminish the 'clumsiness, inconsistencies and was the subjection of the individual, putting him
obscurities of the statutes. Largely a result of completely under the control of men above him,
weakness in the leadership and organization of the in the case of the Germans, powerful, ambitious,
House committees, these results, in the case of the tyrannical and cruel. Against this the Allies fought.
revenue bills, leave the mind in a good deal of won- The war meant more than the deliverance of weak
derment over the question, how the rest of the war nations from the oppression of the strong; an atlegislation cane to be enacted as successfully as tendant aim was to free men as men. To the Gerit actually was. Nevertheless, in appraising the man in a position of power the individual is at best
work of this Congress as a whole, it is but just to but a tool. As the war has progressed the world
remember that it was only after a year of our Civil has come to know this, and the contest has become
War that Congress grappled in any intelligent spirit a protest in which the souls of men have been aroused
with the problem of war taxation, whereas it plunged and it became a war for humanity.
812
THE CHRONICLE
This goes far to explain the world-wide joy that
marks its successful close, and it accounts in a measure for the unrest of the people in all lands. The
mass is moving. Humanity is awakening. •Groups
are breaking up and as individuals they are reaching
out for new alliances and new opportunity for the
exercise of the new powers they have discovered as
their own. There is vast disturbance, but there is
life where before was repression and death. Out of
it progress must come; the world is moving into light
and freedom and joy. It cannot fail to be a movement in the direction of right and justice and peace.
Murderers and tyrants like the chiefs of the Bolsheviki may ride upon it for the hour; even in America
there may be ground for some anxiety because of it;
we may not yet be ready to accept Lord Abton's
prophetic definition of Liberty as "the assurance
that every man shall be protected in doing what he
believes to be his duty, against the influence of
authority and majorities, custom and opinion";
but we must recognize the awakening of humanity
and the emergence of the common man under the
influence of certain impulses which are planted in
the human heart. The labor unions may be wholly
selfish and often unfortunate in their leaders; the
I.W.W. may deserve all and more of the obloquy they
have aroused, and the young radical Socialist orators
and writers may be as mistaken and mischievous as
they are violent in their denunciations and doctrines,
nevertheless men charged with the direction of labor
and the organization of great industries may be
called to go deeper into familiar problems and to
deal more thoroughly with recurring difficulties than
they have been accustomed to do.
It is not necessary to assume that these men do not
know their own business, nor to question their
competency or their intelligence, but recent events
are giving new importance to a line of inquiry which
has been largely overlooked.
It is no new thing to have study given to various
schemes that have been adopted to arouse the interest of employees in their work by sharing in profits
or by benefits of one kind and another. Details have
been set out of the method of the Colorado Coal
& Iron Co., the Standard Oil, the United States
Steel and others, and their greater or less success
described. Opinions are freely expressed as to their
different degrees of merit. But thorough-going
analyses of the fundamental elements in the situation,
and the 'determining of the essentials in a successful
method of dealing with employees so as to secure
the two results of efficiency and permanence appear
still to be lacking. Many as may be the excellencies of any scheme, how can it be known
whether or not it lacks any one of the elements
without which it must fail?
The maximum of production with the minimum
of cost for a standard quality of product is, of course,
the aim. The essentials of any workable plan to
secure this,in view of the current situation,are that
it shall create:
1. A keen interest on the part of employees.
2. A sense of personal responsibility for the result.
3. The stimulus that comes from co-operation in
team work.
4. That mental alertness which produces invention and improved processes.
Are not these all problems of psychology? Do
they not concern that part of a man that lies within?
Do they notibelong to the soul, what the Greeks
[VoL. 108.
called the psyche, the spirit of the man himself?
May we not say that they are not offered in the
market, cannot be acquired for money, but are the
elements of a man's peace and of his true life? He
cannot be himself unless he isireached there and
these find free expression.
To attain this• result the method of his employ-.
ment must address the workman's inner consciousness. He must be dealt with ada man, not as an
implement; labor is not an article of merchandise.
His freedom has taught him to think of himself as
his own; his work he may regard ag primarily his;
he has put himself into it, however insignificant it
may in itself appear; and as his and a part of himself
he must see that it will accrue to his benefit and give
him satisfaction. In short, it must do for him what
the possession of property,large or small,doesfor the
man who has created it.
This does not mean that the article he makes is
his alone. Others are producing other parts which
give it its value. He joins his responsibility for its
production with others. He is engaged in team
work. When that thought lays hold of him he shares
something of the spirit of the soldier who thinks more
of his company,his regiment,his army, than he does
even of himself. His sense of possession passes over
to his place among his fellows. All are striving for
the common goal; all will share the one result. He
has acquired a new confidence and a new ambition.
It is worth while for him to do his part, as others
are doing theirs. He cannot abide slackers. In his
efforts and in his achievement he surprises himself.
He must experience not only the uplift of teamwork,
but that sense of solidarity which arises when each
makes his individual contribution to the combined
result.
The effect of being set in such a relation both to
his work and to his fellows will also open the way to
special honor and special reward for individual invention. He recognizes unconsciously the value of
a better method or an improved machine, and he
attains a new dignity as well us gains new returns
when he finds that he has become not simply a user
of other men's devices, but himself a creator. He has
passed out appreciably upon another plane of existence. He has become more of a man and gained
more self-respect.
Thus, in this psychological realm one thing flows
out of another. What is in fact a limitless field of
human attainment is opened. Every man to whom
t is opened must gain a new sense of opportunity
iand pleasure. He cannot but feel bound to the
man or the organization which has led him into it;
while any scheme to benefit him or improve his condition, lacking this element, is sure to prove unsatisfying and will have a troubled and, probably, a brief
career. Far from being only an ideal, it is one of the
most real and solid of facts; it belongs to men as men
and to the fixed conditions of a sound human
society.
It ought not to be beyond the powers of intelligent and right-minded captains of industry
to devise the organizations that will do this for their
employees.
In any case, these are lines along avhich successful
industrial organization must move, and here is the
"acid test" by which new and existing methods of
creating good-will may be estimated. It applies
equally to business houses, and indeed to all who
employ labor of any sort.
MAR. 1 1919.]
THE CHRONICLE
ON THE ATTAINMENT OF SUCCESS IN
LIFE.
An editorial writer in the "Times" of this city
comments upon a recent address by a railway
president to a group of boys upon how to obtain
success. Very properly, we think, the writer asks
for a definition of "success." He assumes that the
speaker must have had in mind such success as his,
the speaker's, own: "A reasonable amount of wealth
and a position in life recognized as high and honorable." But the writer does not fund that the qualifications laid down "health, honesty, education, and
industry" always produce the indicated result;
while, on the other hand, some men do reach the
"recognized" goal without the possession or use
of the qualifications named. Definition is, therefore, the essence of the whole problem.
It .is not our purpose to undertake a definition
of true "success." We may observe, however,
that success, in the sense used by the eminent
speaker, even with the qualifications named by the
writer is not possible to every young man. "Wealth"
is not competence; honorable "position" is not
mere high place compared to that held by other
men. In the sense used there are not enough
"wealth" and "high positions" to go round. And
yet success is possible to every man who "does his
best" for himself and others, according to his
abilities, in the light of the circumstances and
opportunities that environ him, led by the highest
ideals of human service evolved in his time and
place. How many of our "hero" soldiers from
oversea now returning are privates? How many a
simple stone crumbles above the dust of one "unsung," who met to the full every obligation of a life
of service to others and to self.
This short editorial comment has suggested to us
a line of inquiring thought which as we dwell upon
it assumes great breadth and importance. It is this—
what has the aspiring youth of to-day to look forward
to, and what are the responsibilities of "society"
toward him? The mind at once runs out into all
the seething tumult of ideas that now engage the
attention of mankind. A cataclysm of universal
war has uplifted an ideal of "democratized" life,
and has precipitated an unmistakable protest to
"things as they are." Transition is apparent, for
we live not wholly either in the old or the new.
Six years ago what industrious and ambitious
youth in all our broad land could even have dreamed
of battlefields in France? It is not enough to say
that wars cannot be predicted in advance. The
important truth is that an "unbelievable" one has
come and gone, leaving in its wake a condition
that affects every human career.
In the midst of things as they are at this moment,
of what use to talk of possible success to young men
unless there are some changeless principles of guidance and some certainty of stable results? Of what
use to talk of wealth or even competence, if "society"
is to be reorganized "from the foundation," and all
things "socialized," whatever that may mean. Of
what use to talk of "high position," if industries,
governments, institutions, are to be transformed
into no one knows what? Of what use to blazon
forth "ideals," if in their practical attainment they
are to result in the dead levels where neither wealth
nor position can exist for anyone? Why strive to
learn by the use of God-given talents, if "intellec-
813
tuals" are to be considered enemies of "democracy?"
Why talk of "liberty", if it is to be so circumscribed
that an actual "equality" ensues? What guarantees
do society and government give this young man?
Theorists, mulling around in the whirling dregs
Of war, question everything. 'Nothing is the same;
nothing ever will be the same." The divinity and
human dignity of labor, caught up in delirious
ecstasy by men blinded by the storm and stress of
affairs, is made to do service as the evangel of a
coming millenium. Corporations, hard pressed by
arbitrary and insistent demands, seek palliations,
restoratives, in governmental "regulation." Nations
are being submerged in the vaporings of internationalism, and world-unions, canting of immemorial
wrongs to those who would toil, haunt the closed
doors of Congress for universal and perpetual peace.
A "labor" leader hints darkly of a "powder mine";
it is said Bolshevik propaganda are being sown in
the slums; there is even a smothered belief, halfuttered, that a world-revolution impends, and that
those who want shall soon have everything and those
who have won shall have nothing. What "success"
is it that the young man can with assurance look
forward to?
Certainly it is high time to attempt a definition of
"success" by defining "wealth" and "position." If
the latter are mere chimeras, immemorial wrongs, as
we know them, then no success is possible to "health,
honesty, education and industry." Some publicist,
we have forgotten whom, recently remarked, in discussing the revenue bill just passed, "what inducement is there to men to undertake the toil and
hazards of business if all their profits are to be immediately given over to the Government?" We would
annotate this by saying "our debts must be paid
promptly at whatever cost." But the principle that
the individual is entitled to the results of his honest
endeavor, that stands out as something to be set
above all turmoil and theory or consigned now and
forever to infamous oblivion. Are we going to build
this principle into the very structure of "society''
and "government," or are we going to discard it?
And what are we going to say to our boys, eager to
enter life? And it matters not that we who will pass
out and on have neither "wealth" nor "position,'
are we to bequeath the "opportunity" to those who
follow?
Now the Socialist will at once reply, why, your own
definition of true success, denying that wealth and
position are the only measurements, destroys your
argument. In communism men do actually live for
others and actually exercise the utmost self-abnegation. This is a fatal fallacy. A man cannot "live
for others" who. receives from others the exact
equivalent of his own effort. He makes no sacrifice at all. And he can make sacrifice only when
out of the results of his more industrious or able,
or even fortunate, endeavor, he uses his rewards for
the good of others or actually transfers his ownership to others in a spirit of benevolence. Deny a man
the right to the ownership and possession' of the rewards of toil and thought and he becomes an automaton, a puppet on a string, and can only Move
when an alien influence (presumably the State) pulls
the string. And if he can attain neither wealth nor
position in comparison with others, any form of success is impossible to him.
Christ was charged with proclaiming himself
King of Judea, then a Roman province. And it is
814
THE CHRONICLE
said that for this the Roman soldiery slew him.
Socrates was accused of corrupting the youth by
his "conversations" in a democracy. And for this
he drank the hemlock. Neither of these had
"wealth," or "position" by virtue of the possession
of wealth, or by election. But by the exercise of
the powers inherent in them they rose to vast and
enduring power, and this remains true though the
one was endowed with the attributes of God and
the other was a man. But the very right to renounce
the acquisition of the material results of selfhood,
of individual effort, can only be postulated on the
right to receive and retain these same results.
Denial of one is deprivation of the other: No man
can "live for others" who is not the owner of his
own life and effort. The property of the socialistic
slave still belongs to his master, the State. He
who has nothing to give can give nothing. He who
cannot direct his own effort, his own toil and thought,
cannot attain any form of "success," either by
renunciation or acquisition. And here the argument
ends.
We need not then define "success" to our youth
by material standards. It matters not whether a
man be president of a railroad or a "section hand."
In the long run the "mudsill" is as important as
the "Keystone of the Arch." It does matter that
he own himself, that he have liberty to exert that
self, that society and Government guaranty to
him the free use (impossible without ownership)
of the results of toil. And if we cannot hold this
goal out to a youth, he becomes a wastrel in a world
of want.
ACQUISITION AND OWNERSHIP.
That profound thinker, Adam Smith, in declaring
the doctrine that man is born with the "propensity
to acquire," saw in this one of the fundamental
of the civilized life. To "acquire" is to take
z bases
unto one's self, to own. And it has accompanied
every step of the human advance from the time when
the savage gathered shells from the seashore and
strung them,about his neck. The prompting from
within is the same, whether the objects be shells or
pearls or rubies. There is satisfaction in retaining
what one has gained by his own efforts. In the complexities of modern life this becomes necessary to
continued effort, and therefore to existence. Lands,
houses, tools, agencies of endeavor, institutions,
necessities and luxuries—one cannot conceive of a
state of life in which all these are owned in common.
Envy might die out—but what of incentive, ambition
and the power for helpfulness?
•
We may be uttering merely a: series of platitudes.
But we cannot too much and too often meditate
upon the principles upon which our free life is founded. This matter of the right and benefits of ownership must be settled by every man and for himself,
and settled now. A man's thought, opinion, taste,
desire, are a part of his very self. He cannot divest
himself of this form of possession. And when they
flower into forms of use and beauty, become embodied
in a material world around him, through his physical
toil, shall they therefore become the common property of mankind in that their possession passes without his control? Do not think this is an unimportant
question. It lies at the very root of the so-called
"social reforms" which certain men and classes are
now agitating all over the world.
[VOL. 108.
We have an example. Mr. Garretson, President
of the Order of Railway Conductors, has lately been
before the Senate Inter-State Commerce Committee
to testify concerning the railroad problem. Incidentally, it may be said, he is a "convert" to Government ownership of railroads with private leased
operation, and favors the plumb plan of a fifty-fifty
division of profits between capital and labor. Here
are some of his general statements on conditions that
make for unrest and revolution: "As one who knows
the danger this country is facing, I tell you that we
are as near a powder mine as one can imagine. A
careless spark may start a conflagration, the end of
which is difficult to foretell."
"You must provide a remedy based on a deep,
thorough study of underlying causes. And unless
we, so-called democratic people, are ready to rectify
these causes to a very considerable degree, we shall
only add to the strength of the flame, which, at
last, will communicate itself to sufficient numbers of
the people to overturn that which was created by
the fathers who set up our Government, and which
was fortified by the blood of succeeding generations."
He points out that England, Canada and the
United States, unlike Europe, have not been "socialistic." "But in England the tendency is rapidly
growing socialistic, and such a tendency might readily
exist in this country."
"The world owes
every man a living, and the only way to shift the
burden of supporting a man from society to the man
himself is to see that he gets work when he needs it."
We select these quotations to show that there is
an underlying spirit of confiscation at work—for
property, of whatever nature, if it is "taken over"
by the Government, and held and owned by it, must,
in fact be so taken—or the huge debts incurred by
purchase will create a dominating class, fully as odious to "labor," and more excating and tyrranical
than is the capital now owned privately which must
be personally directed and operated in order to
earn.
There is not the shadow of doubt that this whole
question of acquisition and ownership must be met,
sooner or later, in this country; and indications are
strong and growing that in principle it must soon be
met. It is the basis of this heralded "social reform."
It may begin with the railroads. It may end, as
announced, "no one knows where." In Russia it
seized upon the industrial concerns. Not only was
agriculture to be "in common" but manufacture—
albeit the peasant was to be given the land in fee—
that was to be divided, though every form of owner.
ship of land in the resulting chaos is now suspended
in air. He who for a moment ponders on the principle
of "ownership" must see that communism and socialism have no logical place' to stop until everything
belongs to the State. Can a sane man in the United
States picture a civilization in which a child born is
dressed in a State-owned uniform, is fed and schooled
to a workable age by the "Government," is then
applied to production and distribution as the State's
chattel slave, living in a cpmmunity-house, sitting
down at a mess-table, toiling under the lash of an
official task-master, and dying, is buried in "public
ground?" Yet this is the logical end. And it is
true that every man ought and must decide this
question of the right of .private ownership now,
before he can pass justly and intelligently upon these
preliminary steps as they come before him through
the insistence of special classes.
MAR. 1 1919.]
THE CHRONICLE
411
-971 1815
Settle the principle first—then make the applica- now stand, that Canadian corporations will be
tions. We leave out of the count at this time the saddled with this tax during the reconstruction
nature and province of republican government and period.
The holding of a Government party caucus this
dwell only on the social phase or content of these
week at the summons of Saskatchewan members is
radical and revolutionary proposals. A great "labor"
chief warns us of lurking danger, of smothered dis- frankly for the purpose of discussing the grain
content, of possible "socialism." Are we as citizens growers' demands for lower customs duties on all
ready to meet the impending issue, having determined agricultural machinery and farm necessities. To
the right and comparative benefits of private and counter this movement, the Cabinet has arranged
public ownership? Until we do we can reach no for the construction of more than 300 miles of new
solution that will give us poise and direction on the railway in Saskatchewan and Alberta, the building
of new elevators and cold storage warehouses and
way.
own other public works calculated to assist the rapidly
Can a man be a man who can acquire and
nothing? We do not refer to a spiritual form of growing cause of mixed farming. The building of
ownership. There is no bar in nature on this kind 2,500 railway cars, new orders for steel rails involving
of ownership—and title possession has nothing to an enormous outlay,°the expenditure of $65,000,000
do with it. A man owns the stars and the sea who for shipbuilding and as many millions as the Provloves them. A man, looking with wide wonderment inces will absorb for a public housing scheme are
on the piled mass of "sky-scrapers" on the water- other items in the public works program which, in
front, thrilled by the grandeur and beauty of the the words of the Federal Minister of Labor, "will
scene, and sensing the vast power to be and do that eliminate unemployment in sixty days."
The disorganization of the Opposition in the House
heaved these high buildings in air, may spiritually
own them all, though he have not a dollar. But no of Commons, with no probability of amalgamating
man can live without a degrading sense of slavery the French and English elements for years to come,
who owns not his clothing, his shelter, and his tools; relieves the Government of a lively peril which a
who cannot take into his possession some part of that vigorous and tactful Liberal party could easily press
which his labor creates. And all this talk of drawing to advantage at the present time of rather frail
a line at which honest possession and honest income public confidence. The rehabilitation of soldiers is
shall stop, as a result of thought, energy, thrift and undoubtedly the outstanding problem, in the soluaccomplishment, is idle—and begs the whole ques- tion of which the present Union Government is displaying a generous and businesslike concern. In a
tion.
War workers, made suddenly affluent by unheard- country of eight million persons, the approval of
of war wages, are said to be buying player-pianos and 500,000 returned soldiers is manifestly a stake for
diamonds. They are not donating excess wages to which a political party ordinarily is not slow in
•
new books for the public libraries. They are exer- bidding high.
and desires, in a physical OFFICIAL EXPLANATION OF WAGEINCREASES
cising, according to tastes
world the "propensity to acquire," which fosters selfBY U. S. RAILROAD ADMINISTRATION.
esteem, which gratifies their own peculiar sense of
In an article in our issue of Jan. 4 1919, under the
pleasure, and which, therefore, gives them courage,
title "The Gravity of the Railroad Situation," we
energy, and independence (of the physical environwent at length into the question of wages paid railment). Yet they could not own or refuse to own
road employees under Federal control as compared
music and beauty, spiritually, if they willed to do so, with wages paid railroad employees under private
once having the ability and taste and independence control. In the following F. F. Gaines, Chairman
which physical ownership fosters and guarantees..
of the Board of Railroad Wages and Working CondiNo man can now hesitate—he must 'choose in tions, established by the Director-General of Railprinciple between individualism and socialism. In
roads to deal with the wages of railroad employees,
principle, it is to own everything, or nothing. And
undertakes an analysis of the figures presented by us.
there need be no fear of one man getting it all, while
Mr. Gaines's argument may be summed up by
all men are free. Besides, men die—mankind lives
saying that he contends the excessive earnings made
on.
by railroad employees under the wage increases
granted to them must be ascribed to the circumCANADIAN PROJECTS FOR LIMITING
stance that with an eight-hour day put into force
UNEMPLOYMENT.
and with labor scarce, it has been necessary for the
Ottawa, Canada, Feb. 28 1919.
employees to work extra hours at overtime pay, but
With the House of Commons in full swing and the that with labor now plentiful, such overtime can be
budget of the Finance Minister soon to be made largely avoided in the future with a corresponding
public, the business world is drawing what comfort saving in the pay-rolls. Here is what Mr. Gaines
it may from the good-natured and conservative tem- has to say:
per of practically all of the parliamentary members. ANALYSIS ON BEHALF OF RAILROAD ADMINISTRATION.
The Government's statement as to new sources of
It has been a somewhat popular impression that in the
revenue is expected to take pattern in some degree past railroad employees were among the ,most highly paid
from the tax bill just signed by President Wilson. workers, but this is not borne out by available statistics:
Canada, however, cannot draw upon much additional as 51% of all employees during December 1917 received
month or less.
revenue from luxuries without defeating the purposes $75 per month or less and 80% $100 per all roads fell
The greatest number of employees on
of the tax and ruining !Important lines of trade.
into the class receiving between $60 and $65 per month, beAlthough the Government has permitted the busi- ing 181,693, while in the range of the next $10 in monthly
ness profits tax to lapse, as promised, there arises a salaries there were a total of 312,761. In December 1917
clamorous protest from labor bodies that the fifty there were 111,477 clerks receiving an annual pay of $900
million dollars thus remitted will fall upon the backs and less. In 1917, the average pay of this class was $56 77.
of consumers. It is hardly probable, as matters There were 270,855 section men whose average pay as a class ,
816
THE CHRONICLE
was $5031 per month; 121,000 other unskilled laborers
whose average pay was $58 75 per month; 130,075 station
service employees whose average pay was $58 57 per month;
75,325 road freight brakemen and flagmen whose average
pay was $100 17 per month; and 16,465 road passenger
brakemen and flagmen whose average pay was $91 10 per
month. These illustrations indicate that the wages of railroad employees were quite inadequate.
There has been a wide disparity in the past in the wages
of railroad workers, both as to employees in the same and
in different occupations, and in order to create a condition
that would eliminate inequalities and bring about contentment it was necessary under Government control of the railroads to establish a minimum rate for various classes of employees and the minima rates established were not far above
the average rates previously existing for the various classes
of employees.
The following table was embodied in an article in ,the
"Commercial & Financial Chronicle" of Jan. 4, purporting
to show a comparison of earnings of certain employees before
Government control with their earnings thereafter:
[VOL. 108.
The following tabulations will show the comparison of
earnings by employees in some of the occupations mentioned where 8, 9, 10 and 12 hours per day for 30 days per
month are worked both prior and subsequent to Government control:
CROSSING FLAGMEN.
Prior to
After
Government Control. Government Control.
$60 66
$85 66
60 66
96 22
60 66
107 14
60 66
139 27
—Before Govt. Control— —After Govt. Control—
Punitive Overtime Rates. (Hourly Rate 68c. per Hour.)
8.
9.
10.
Eight hours' work_ _ _-$3 48 $3 48 $3 48
$544
Nine hours' work__ 4 13
3 92
3 92
6 46
Ten hours' work
4 79
4 57
4 35
7 48
Twelve hours' work
6 09
5 87
5 66
9 52
Eight hours per day
Nine hours per day
Ten hours per day_ .
Twelve hours per day
The article in the "Chronicle" indicates that ticket clerk
and telegraph operator was increased from $75 83 per month
to $182 per month. In 'order for a ticket clerk and telegraph operator to earn $182 per month, it would be necessary for him to work 30 days a month at 93'2 hours a day.
With respect to the car repairer blacksmith, apparently
the $5 22 per day as shown was based upon the rate of
Before
After
Government Control. Government Control. 43M cents per hour for 12 hours service, no allowance being
Crossing flagmen
Per month $60 66 Per month $138 92
made for punitive overtime. On a large number of railBaggagemen
72 80
140 44
Drawbridge deckhand
91 00
• 188 28 roads in the United States a punitive overtime rate was in
Drawbridge watchmen
66 12
147 89 effect for shop forces prior to Government control,
some of
Drawbridge operator
88 83
184 86
Freight house watchman
80 16
171 08 which were based upon the 8-hour day, some the 9-hour day
Ticket clerk and telegraph operator
75 83
182 00 and others the 10-hour day. A car repairer blacksmith
Ticket clerk
72 80
122 11
at 4332 cents per hour with punitive overtime rates and
Porters and janitors
71 28
138 19
Office boy
Per week
•8 00 Per week
13 40 working 12 hours per day prior to Government control
Station agent
Per month 74 75 Per month 182 00
received after 8 hours per day $6 09 per day, if on a punitive
Station agent
98 28
200 00
Car repairers, blacksmiths
Per day
5 22 Per day
9 52 overtime basis for 9 hours per day, he would receive $5 87
Plain carmen
4 02
812 per day, and if on a punitive overtime basis after 10
hours
These figures are based on assumptions of long working Per day, he would receive $5 66 per day, and after Governhours by employees, a condition often made necessary during ment control with a punitive overtime rate for service after
the war by the shortage of labor. They do not represent 8 hours, his daily earnings would be for:
Eight hours service
peace conditions.
$5 44
Nino hours service
6 46
Any analysis of increases granted employees on railroads
Ten hours service
7 48
under Federal contrOl must sharply differentiate between an
Twelve hours service
9 52
increased wage rate and gross earnings. This is absolutely
Assuming the $5 22, as quoted, is for 12 hours service
necessary from the fact that during the war period when with no punitive overtime, the employee would earn, if
these increases were made effective, the railroads as well as placed upon an actual 8
-hour day, $5 44, or an increase of
other industries suffered severely on account of shortage 22 cents per day, or 4.2%. An employee rated at
4332
of man power. The only way to offset this condition was to cents per hour, working 12 hours per day with punitive overwork longer hours, and longer hours involved not only more time rate after 9 hours, would earn $5 87 per day. Prior to
than an eight-hour day, but also, in many cases, longer Government control this same employee if placed on an
hours than existed even in the pre-war period. With the 8
-hour -basis would receive $5 44, a reduction, after Govern-.
eight-hour day established ,as a principle, not only of the ment control, in his earnings of 43 cents per day.
Railroad Administration by General Order No. 27, but also
We have referred specifically to only several classes of the
by all other Government departments, such as shipyards, employees included in the article, and what has been said
munition plants, arsenals, navy yards and cantonment work, with reference to the classes to which we have made parit was impracticable to secure maximum output with mini- ticular reference would apply with equal force to the other
mum available employees, without working overtime in all classes of employees listed in the article. In other words,
departments and in all lines of work. Without a punitive the pay indicated in the article for railroad employees could
rate of overtime, this requirement would have resulted in only be earned by working long hours and such long hours
greatly increased earnings; and where punitive overtime are not required in peace times.
rates were in effect the earnings were correspondingly augWhen the man power is available, three eight-hour shifts
mented. However, this was a war condition, and now that can be established, and the overtime ear.nings practically
the labor supply is increased and gradually becoming normal eliminated. The excess amount due to overtime service
the hours worked are being rapidly reduced in all depart- cannot be consistently used as an argument that the Railments. While, in many cases, under pre-war conditions road Administration has granted abnormally high increues
nine, ten and in some cases even twelve hours a day were in wages.
worked on flat salaries without regard to a basic day, it is
The eight-hour day has for years been well established,
possible with the increased labor supply to so rearrange the both in Government work and in industrial activities, and
work and limit the hours of service so that the earnings will the Railroad Administration recognized the principle of the
assume a more normal amount and the wage rate in con- basic eight-hour day and extended it to railroad workers, it
junction with the eight-hour day will not produce excessive being considered an inherent right of workmen to. have eight
earnings. This principle of reducing the day to eight hours hours of work for a day and to receive a rate of wage for
work and the consequent earnings in connection therewith such hours of work as will enable them to live properly, that
, is further illustrated later. It is not believed that there can right had to be met by the Railroad Administration in fixing
be any proper criticism of a living wage for eight hours work, the wages and hours of service of the railroad workers, notand if this fundamental principle is acknowledged an analysis withstanding the resulting increase in operating expense to the
can intelligently be made of wage increases.
railroads. The requirement of long hours of service to
As an illustration, crossing flagmen, prior to Government secure an adequate wage can no longer be justified and the
control, who received $60 66 per month, and whose rate Railroad Administration therefore attempted to establish
under the provisions of the wage increase order was advanced rates that would enable the employees to earn a proper wage
$25 per month, establishing a new rate of $85 66 per month in the generally recognized eight-hour day.
for an 8-hour day, would, in order to earn $138 92 as shown
The overtime work required of railroad employees is
in the table above taken from the "Commercial & Financial largely a controllable factor, and in many cases can be
Chronicle" work 12 hours per day every day in the month. eliminated by proper distribution of the working force.
66
4$
It
MAR. 11919.]
THE CHRONICLE
RAILROAD GROSS AND NET EARNINGS FOR
THE CALENDAR YEAR. A contemplation of the earnings of United States
railroads for the calendar year 1918 does not offer
either a pleasing retrospect or an encouraging prospect. The compilations we are able to present are
exceedingly comprehensive. They cover all the
roads in the country obliged to file monthly returns
of revenue, gross and net, with the Inter-State Commerce Commission at Washington—which means
every road or system whose gross operating revenue
amounts to $1,000,000 a year or over. The aggregate length of roads represented is 233,014 miles
(out of a total of somewhat over 250,000 miles for
the whole country), and as indicating the importance
of the country's rail-carrying industry and the magnitude of its income, it is needful only to say that in
the calendar year 1918 the total gross earnings of
the roads contributing returns fell only a little short
of five billion dollars—the exact amount of our total
being $4,900,759,309. At that figure comparison is
with a total of no more than $4,036,866,565 in the
calendar year 1917.
It will be seen that the increase for the twelve
months reaches $863,892,744, or 21.40%. If the
story ended here, there would be no reason for complaint. That is to say, gross earnings met expectations in showing satisfactory improvement, whether
we consider either the amount or the ratio of gain,
though in no small part such of the increase as
accrued during the last half of the year must be ascribed to the higher rates both for passengers and for
freight that were put in effect in June. But, unfortunately, with this splendid addition to the total of
the gross revenues, the net earnings after providing
for ordinary operating expenses, actually show a
heavy loss. The explanation is found, of course, in
the circumstance that the augmentation in expenses,
by reason in the main of prodigious wage increases,
far outran the gains in gross earnings, noteworthy
though these proved to be. In other words, with
$863,892,744 increase in gross earnings, or 21.40%,
the addition to operating expenses has been no less
than $1,148,664,364, or 40.35%. As a result, the
net earnings have been reduced in the large amount
of $284,771,620, or, roughly, 24%, falling from
$1,190,566,335 in the calendar year 1917 to $905,794,715 in the calendar year 1918. In tabular form
the figures are as follows:
Inc.(+)or Dec.(—)
Jan. 110 Dec. 31—
(194 Roads)—
Miles of road
Gross earnings
Operating menses
Net earnings
1918.
1917.
%
Amount.
233,014
232,639
+375 00.16
$4,900,759,309 $4,036,866,565 +$863,892,744 21.40
3,994,964,594 2,846,300,230 +1,148,664,364 40.35
$905,794,715 $1,190,566,335 —5284,771,620 23.92
This, then, is the result of the first year's operations of the roads by the Government, and, as already said, it is neither an inviting prospect nor a
pleasing retrospect. The loss in the net earnings
for the twelve months is even heavier than the loss
was found to be for the first six months—an outcome
which no one would have imagined possible when the
Director-General of Railroads made such radical increases in both freight and passenger rates last June,
for these rate increases, it was thought, would more
than suffice to take care of the wage increases and
the higher operating costs generally. Our tabulations for the first six months of the year published in
our issue of Aug. 24 1918 showed a loss of $275,205,583 in the net and the effect of the higher rates put
in force it was confidently supposed would be to
817
wipe out a considerable portion of this loss during
the second half of the year. Instead of that, the
loss for the twelve months now exceeds that for the
six months, having increased from the figure given
to $284,771,620. It is for this latter reason that
disappointment is especially keen.
As we pointed out in reviewing the figures for the
first half of the year, it would not be fair to hold
Government control entirely responsible for the poor
results of that period. During the early months of
the year conditions affecting the operation and
running of the roads, entirely outside of and apart
from Government control, were inordinately unfavorable and a poor showing for the six months could
not have been avoided even though the properties
had remained under private management, though in
that case we mustsuppose the shrinkage in net would
not have reached so large a figure, since it is inconceivable that wages would have been pushed up to
any such extent under private operation as was
done under Federal operation. In a word, if the
outcome in the matter of net in these six months was
the worst of which there was any record, the conditions governing the operation of the roads were likewise without a parallel, and this was entirely apart
from the change in management.
The Government took over control of the roads at
noon on Dec. 28 1917, but the President's proclamation provided that "for the purposes of accounting,
said possession and control shall date from 12 o'clock
midnight on Dec. 311917." January 1918 thus was
the first month of Government operations. It
was also a period of extraordinarily unfavorable conditions, wholly without parallel or precedent. The
month opened with the railroads in the eastern half
of the country, north of the Ohio and Potomac
rivers, particularly at New York and in lesser degree
at other points on the North Atlantic seaboard,
congested as never before in the history of railroading
in the United States. The weather during the
month was of such severity as had not been experienced before in a generation, and possibly never
before. The temperature most of the month ruled
exceedingly low, many Previous records in that respect being broken. Indeed, the cold was so intense
that outdoor operations in the running of trains and
in the clearing away of the mass of accumulated
freight were rendered extremely difficult. Then
there were repeated snow storms in the territory
between Chicago and the seaboard, several of which
took the form of veritable blizzards and were re.ported as altogether unprecedented. In addition
there was a coal famine which extended all through
the Eastern and Middle States, this scarcity of coal
becoming so acute that on Jan. 17 the Fuel Administrator had to resort to the desperate expedient of
issuing orders denying the use of fuel to manufacturing establishments in the whole of the eastern half
of the country for the five-day period beginning
Jan. 18 and ending Jan. 22, involving, therefore, a
shut-down for these days, and denying also the use
of fuel not only to manufacturing establishments but
to office buildings, retail stores and nearly all other
activities for several successive Mondays thereafter.
It became necessary likewise to place embargoes on
different classes of freight and to route special kinds
of freight over special lines for the purpose at once
of getting coal through and for clearing the tracks
of the accumulated freight which the intense cold
and recurring snow storms had served to increase,
818
THE CHRONICLE .
[Vol.. 108.
notwithstanding the heroic methods employed for at about $300,000,000 when the Wage Commission
providing relief. Some of the most prominent sys- made its report, but, as just said, subsequently
tems in the territory east of the Mississippi and there were other increases, and in an order promulnorth of the Ohio and Potomac rivers failed for this gated by Mr. McAdoo in August, enjoining
reason to earn even their ordinary operating expenses courtesy and politeness upon railroad employees, he
during January. This was true, for instance, of figured the aggregate increase in wages given railthose two great railroad systems, the Pennsylvania road employees at not less than $475,000,000 per
and the New York Central. In brief, then, the annum.
It was part of this wage award that the increases
situation was an abnormal one and the conditions
also were wholly abnormal, the two together pro- granted should be retroactive to Jan. 1 1918. Mr.
ducing a state of things such as had never before McAdoo issued instructions that the railroads in
been encountered.
their accounting must include these wage increases,
This abnormal situation continued into February, retroactive feature and all, in the returns for the
but the latter half of that month a decided change month of June. This will explain why the climax
for the better occurred. The last Monday during of unfavorable results was reached in that month.
which the fuelless order was in effect was Feb. 11, By reason of that circumstance expenses increased
the next day, Feb. 12, beinq Lincoln's Birthday for this single month $182,340,983, or 84.35%, reand a legal holiday. There had been some expec- sulting in a loss in net of $142,338,571, or 134.06%.
tation that Monday, Feb. 4, might prove the last Because of this great increase in expenses the roads
of the fuelless Mondays, but very low temperatures failed to earn their expenses in amount of $36,156,continued to rule, Tuesday, Feb. 5, proving in this 952, as against net earnings above operating expenses
city the second coldest day on record, the ther- in the corresponding month of 1917 of $106,181,619.
mometer standing at 7 degrees below zero at 7
To furnish compensation for the great addition
o'clock in the morning; the previous Dec. 30 (1917) to the annual payrolls of the railroads and for the
the mercury had dropped to 13 degrees below, prior enhanced cost of fuel, materials and supplies and all
to which date New York's coldest day, according the other items entering into the operating accounts
to the records of local Weather Bureau (which was of the roads, Mr. McAdoo,at the end of May,ordered
established in 1871), had been Dec. 30 1880, when a sweeping increase in rates, both passenger and
the official thermometer recorded 6 degress below. freight. In the freight schedules the increase was
After Feb. 5,fortunately, there was decided ameliora- 25%, while passenger rates were advanced to three
tion in weather conditions, with the result that much cents a mile from the prevailing basis of two and
traffic, which had been delayed during January, one-half cents. It was estimated that these higher
came forward; and by the end of February the long- rates would yield between $800,000,000 and $900,continued freight congestion had been considerably 000,000 more revenue per annum to the railroads.
relieved and freight embargoes greatly modified.
But the increased rates did not become operative
In these circumstances it is not surprising that in until towards the latter part of June and therefore
January there should have been a loss even in gross counted for practically nothing in swelling the gross
earnings, and that the falling off in net earnings revenues of the half year. Mr. McAdoo ordered
should have reached no less than $66,436,574, or that the new freight rates, covering both inter-State
79.59%, while in February, though the gross earn- and intra-State traffic, become effective on June 25
ings now recorded an increase as compared with and the increases in passenger fares June 10. It folthe previous year (the increase being $25,148,451, lows that the roads in June had the benefit of the
or 9.65%), the net earnings should have continued advanced schedules for only twenty days in the case
to show losses, the falling off for the month reach- of the passenger schedules and for no more than five
ing $28,944,820, or 51.42%. Succeeding months all days in the case of the freight schedules.
registered increases in gross earnings of varying
With June, however, it was supposed that the
amounts and percentages, but such was the rising country had definitely closed this very bad chapcost of operations that the augmentation in expenses ter in the country's history, and in the Government
consumed the whole of these gains, leaving the net operation of the roads. Thenceforward, the belief
earnings in each month smaller than in the corre- was, we were to enter upon a new and entirely difsponding month of the preceding year. In the final ferent, that is a brighter, era. 'That the result has
month of the half-year came the crowning loss of disappointed expectations in that respect must be
entirely ascribed to Government operation, for there
all in a shrinkage in net of startling proportions.
In the whole of the first five months the ques- were in the last six months no extraneous circumtion of the wage increases of the employees had re- stances such as had existed during the first six months
mained open and unsettled. On May 8, however, to augment operating expenses. But new wage inthe report of the Railroad Wage Commission, which creases, first for one class of employees and then for
Mr. McAdoo, the Director-General of Railroads, another, often without request from the employees
had appointed the previous January for the investi- themselves, were piled on top of one another with
gation of the matter, was made public, recommend- great rapidity, and by the end of the year it was
ing large and general increases in the wage schedules estimated that the pay-roll of the railroads had been
—these wage increases in the case of. the employees increased somewhere between. $800,000,000 and
receiving the lowest wages running in some cases $1,000,000,000 per year, with other increases still
as high as 50%—and these recommendations the under consideration and in contemplation, so that
Director-General accepted; he even went further, fears arose that still further advances in railroad rates
and in some instances extended and enlarged the might have to be made.
proposed increases. A little later some other
The first month of the second half of the year,
classes of employees not covered by the general namely July, proved satisfactory enough, there
increase were also given higher pay. The addition being $117,661,315 gain in gross, or 34%, and $34,to the annual payroll of the railroads was estimated 466,131 gain in net, or somewhat over 31%. In
THE CHRONICLE
MAR. 1 1919.]
August, with $135,759,795 increase in gross, or
37%, the increase in net fell to $24,312,758, or
203/%. In September, with $129,367,931 gain in
2
gross, or 36%, the gain in the net dropped to $3,190,550, or 2.79%. In the remaining three months
with the gross earnings still rising in a notable way,
though with the ratio of improvement on a somewhat
smaller scale, the gains in the net entirely disappeared and were converted into losses—what is more,
the losses in the net kept growing steadily larger
with each succeeding month; for October the shrinkage in net was $15,493,587, or 12.63%; for November it was $19,927,774, or 20.80%, and for
Decem-ber it reached no less than $41,028,870, or
47.84%.
Owing to the great augmentation in expenses the
ratio of expenses to gross earnings kept mounting in
amazing fashion, rising uninterruptedly month by
month. In July it still seemed about normal at
68.87%, but August saw the ratio up to 71.41%;
September to 76.09%; October to 77.92%; November to 82.94%, while for December the ratio of expenses to earnings actually got very close to 90%,
being in exact figures 89.79%. We add here a summary of the monthly totals for the different months
of the year, from which it will be seen that while in
the case of the gross there was a loss only in January
(on account of the extreme weather conditions then
prevailing) all the other months recording gains and
of especially large magnitude during the last six
months, the showing. as to the net was the precise
reverse of this, losses being registered in all the
months except July, August and September.
Gross Earnings.
Net Earnings,
Mth.
1918.
1917.
Inc. or Dec.
1918.
1917.
Inc. or Dec.
$
$
Jan-- 282,394,665 294,002,791 —11,608,126 17,038,704 83,475,278 —66,436,574
Feb..285,776,203 260,627,752 +25,148,451 27,305,808 56,250,628 —28,944,820
Mar _ 362,761,238312,276.881 +50,484,357 82,561,336 87,309,806 —4,748,470
April_ 369,409,895 319,274,981 +50,134,914 89,982,415 91,678,695 —1,696,280
May 374,237,097 342,463,442 +31,773,655 91,995,194 106,454,218 —14,459,024
June_ 363,165,528 323,163,116 +40,002,412 df36156952 106,181,619 —142,338,571
July 463,684,172 346,022,857 +117,661,315 144,348,682 109,882,551 +34,466,131
Aug_.498,269,356 362,509,561 +135,759,795142,427.118 118,114,360 +24,312,758
Sept _ 487,140,781 357,772,850 +129,367,931 117,470,621 114,280,071 +3,1911,550
008.. _ 484,824,750377,867,933 +106,956,817 107,088,318 122,581,905 —15,493,587
Nov .438,602,283356,438,875 +82,163,408 75,882,188 95,809,962 —19,927,774
Dec..438,365,327 335,607,571 +102,757,756 44,738,149 85,767,019 —41,028,870
Note.—Percentage of increase or decrease in Gross for the above months have been:
January, 3.95% dec.; February, 9.65% inc.; March, 16.22% inc.; April, 15.70%
Inc.; May,9.28% inc.; June, 12.38% inc.; July, 34.00% inc.; August, 37.45% Inc.;
September, 36.16% Inc.; October, 28.30% inc.; November, 23.06% inc.; December,
30.62% Inc.
Percentage of increase or decrease in Net for the above months have been: January.
79.59% deo.; February, 51.42% dec.; March, 5.36% dec.; April, 1.85% dec.; May,
13.58% dec.; June, 134.06% dec.; July, 31.36% Inc.; August, 20.58% inc.; September, 2.79% inc.; October, 12.63% dec.; November,20.80% dec.; December,47.84%
dec.
In January the length of road covered was 240,046 miles in 1918, against 239,885
miles in 1917; In February, 238,891 miles against 237,463 miles; in March, 230,336
miles against 228,835 miles; in April, 233,884 miles against 231,755 miles; in May,
230,355 miles against 228,892 miles; In June, 220,303 miles against 219,294 miles; In
July, 231,700 miles against 230,570 miles; in August, 230,743 miles against 230,015
miles; in September, 232,186 miles against 232,378 miles; in October, 230,184 miles
against 230,576 miles; in November, 232,274 miles against 232,259 miles; in December, 232,774 miles against 232,399 miles.
It should be added that under the great rise in
operating costs many railroads in December again
failed to earn their bare running expenses just as
they had the previous June. In fact this was true
for the month of December in the case of no less than
seventy-four roads (out of 194 reporting), while
twelve roads more failed to earn running expenses
plus taxes. The list included some of the largest
railroad systems in the country, among them the
Pennsylvania RR., the Boston & Maine, the Maine
Central, the New Haven, the Central of New Jersey,
the Chicago & Alton, the Chicago Great Western,
the Chicago & North Western, the Milwaukee &
St. Paul, the Rock Island, the Great Northern,
the Illinois Central, the Delaware & Hudson,
&c., &c.
819
What invests the loss of $284,771,6201in net in the
calendar year 1918 with added significance is that
rising operating expenses to the extent that they overtopped the gains in gross were already a feature of
the return in the preceding year. In other words,
our compilation then showed that while gross had
increased $430,679,120, or 11.61%, this had been
attended by a rise in operating expenses of no less
than $490,758,869, or over 20%, leaving, therefore,
a loss of $60,079,749 in net earnings. There was
this qualifying circumstance, however, with reference to the 1917 loss in net, namely that it followed
strikingly good results, both as regards gross and
net, in 1916 and 1915. The statement for 1916
was one of the best on record; the addition to
gross earnings reached $547,647,836, or• 17.35%,
and notwithstanding an augmentation in expenses of $311,024,409, or 14.68%, there remained a gain in net in the very satisfactory amount
of $236,623,427, or 22.84%. In 1915 our tables
showed $152,539,756 gain in gross and $211,653,900
gain in net. On the other hand, it is equally important to remember that these gains for 1916 and
1915 represented in part a recovery of previous
losses. For 1914 our compilations showed a loss
of not less than $208,178,035 in gross and a loss also
of $75,925,113 in net. In 1913 there was a gain in
gross in the very considerable sum of $142,521,797,
but the augmentation in expenses reached $176,008,897, leaving an actual loss in net in amount of
$33,487,100. In 1912 there was a gain of $221,579,969 in gross, but $161,229,136 of this was consumed in augmented expenses, leaving only $60,350,833 increase in gross. Moreover, the improvement was qualified by the circumstance that comparison was with losses in gross and net alike in
1911. In the gross the loss in 1911 wai $30,024,816
and in the net $24,288,388. Again, in 1910, though
the additions to gross earnings reached $239,011,258,
expenses rose in the prodigious amount of $230,014,410, leaving, therefore, the insignificant gain
of $8,996,848 in net. In 1909 there was a substantial
addition to the net. But the results then were
wholly exceptional. At that time the roads were
still economizing in every conceivable way, cutting
down their outlays in all directions, and accordingly
they were able in their returns to show very satisfactory increases in both gross and net. The 1909
improvement, moreover, represented to a considerable extent merely a recovery of what had been previously lost. The increase in gross in 1909 was
$282,453,959 and in net $151,040,332. For 1908
our tables showed very large losses in both gross and
net—$301,749,724 in the former and $53,371,196
in the net. But our compilations at that time were
not nearly so complete as they are now. They covered only 199,726 miles. Careful compilations
which we then made showed. that if We could have
had returns for the whole railroad mileage of the
country, the decrease in gross earnings for 1908
would have reached no less than $345,000,000 and
the loss in net earnings about $60,000,000.
In the following we show the yearly comparisons
as to both gross and net for each year back to 1907.
For 1910 and 1909 we take the aggregates of the
monthly totals as then published by the Inter-State
Commerce Commission, but for the preceding years
we give the results just as registered by our own
tables each year—a portion of the railroad mileage
of the country being always unrepresented in the
820
THE CHRONICLE
[VoL. 108.
As already stated, Western roads also had the
totals, owing to the refusal of some of the roads at
that time to furnish monthly figures for publication. benefit of a larger live stock movement. At Chicago
the receipts of livestock for the calendar year 1918
Net Earnings.
Gross Earnings.
comprised 309,136 car loads, against 255,093 carYear
Increase or
Year
Year
Increase or
Year
Year
loads in 1917; at Omaha 137,393 cars against 116,949
Preceding. Decrease.
Often.
Decrease.
Preceding.
and at Kansas City 161,812 cars against 138,191.
19072287,501,6052090,595,451 +196,906,154660,753,545 665,280,191 -4,526,646
In the South there was a further shrinkage in the
1908 2235,164,8732536,914,597-301,749,724694,999,048 748,370,244-53,371,196
19092605,003,3022322,549,343 +282,453,959901,726,065 750,685,733 +151040332
cotton movement after the falling off in the years
191 2836,795,091 2597.783.833 +239,011,258909.470,059 900,473,211 +8,996,848
1911 2805,084,7232835,109,539 -30,024,816883,626,478 907,914,866-24,288,388
The shipments overland in 1918 were
19123012,390,2052790,810,236 +221,579,969937,968,711 877,617,878 +60,350,833 preceding.
19133162,451,434 3019,929,637 +142,521,797907,022,312 940,509,412-33,487,100
1914 2972,611,302:3180,792,337-208,178,035 828,522,941 904,448,054-75,925,113 2,364,423 bales against 2,783,497 bales in 1917 and
19153166,214,0163013,674.851 +152,539,765 1040304301 828,650,401 +211653900
At the Southern outports
19163702,940,241 3155,292,405 +547,647,836 1272639742 1036016315 +236623427 3,108,517 bales in 1916.
19174138,433,2603707,754,140 +430,679,120 1215110554 1275190303-60,079,749
19184900,759,3094036.866,565 +863,892,744905,794,715 1190566335 -284771620 receipts for the calendar year 1918 were only 4,930,-The number of roads included was 152 in 1907, 164 in 1908, 814 in 1909, 740 bales against 5,328,882 bales in 1917, 7,561,641
Note.
796 in 1910, 774 in 1911, 458 in 1912, 462 in 1913, 476 in 1914, 481 in 1915, 483 in bales in 1916 and 9,734,000 bales in 1915, as will be
1916, 486 in 1917, 194 In 1918.
seen by the following:
As far.as concerns ordinary traffic conditions and
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY 1 TO
the movements of the leading staples, Western roads
DECEMBER 31 1913 TO 1918, INCLUSIVE.
had the advantage during 1918 of a much heavier
Full Year.
1
grain movement than in the year preceding, and also
Ports.
1914. I 1913.
1015.
1916.
1918. I 1917.
of a heavier live stock movement. At the Western
bales_ 1.488,623 1,968,018 2,800,245 3,463,217 3,220,293 3,247,965
Galveston
I 117,875 107,398 448,706 685,833 437,988 708,254
primary markets, the receipts of wheat for the 52 Texas City, &c
1,552,729 1,355,695 1,646,911 1,979,406 1,534,583 1,517,379
New Orleans
99,511 172,401 141,824 219,094 379,241
• 117,371
Mobile
weeks ending Dec. 28 were 385,102,000 bushels, Pensacola, &c
00,069 178,397
57,908 124,187 143,060
; 45,880
1,009,146 907,757 1,086,194 1,585,215 1,261,039 1,709,206
against 255,476,000 in the 52 weeks of 1917; of corn, Savannah
90,550 175,770 168,132 208,200 135,208 278,484
Brunswick
I 145,506 198,533 204,860 377,244 262,230 435,689
Charleston
287,285,000 bushels against 190,873,000; of oats, Georgetown
110
2,484
101
93,830
72,272 162,576 315,728 172,828 376,942
I
Wilmington
331,392,000 bushels against 283,542,000; of barley, Norfolk
* 263,373 379,895 686,553 726,695 440,994 597,236
70,196,000 bushels, against 78,472,000, and of rye, Newport News,&c.._ 5,857 6,125 60,775 115,294 179,325 104,952
4,930,740 5,328,882 7,561,641 9,734,000 7,953,651 9,533,855
29,629,000 bushels against 21,180,000 bushels. For Total
combined the receipts for the 52
the five cereals
The merchandise and manufacturing traffic was,
weeks of 1918 aggregate 1,103,604,000 bushels against
of course, large during 1918, as Government require829,543,000 bushels. The Western grain movements kept practically every mill and factory operment in detail is set out in the following:
ating to full capacity until after the signing of the
WESTERN FLOUR AND GRAIN RECEIPTS.
armistice, when cancellations of Government orders
Rye.
Barley.
Oats.
Corn.
Wheat.
Flour.
„Ian. 1 to
(bush.)
(bush.) and contracts on a large scale were made. The
(bush.)
(bush.)
(bush.)
(bbls.)
Dec.28.
Chicago
was, likewise, very heavy, and the
1918___ 8,833,000 65,039,000 101,067,000 137,852,000 18,732,000 4,416,000 mineral traffic
1917_ 9,617,000 31,674,000 71,344,000 125,487.000 22,208,000 4,934,000
movement of coal may be said to have been of unMilwaukee
1918...... 834,000 12,578,000 11,687,000 38,664,000 10,655,000 2,614,000 precedented dimensions.
The best evidence of this
1917_ 1,060,000 8,670,000 11,468,000 27,322,000 16,316,000 2,554,000
St. Louis
is furnished in the fact that the production of
415,000 latter
826,000
1918__ 2,910,000 37,004,000 24,720,000 30,642,000
488,000
1917___ 3,850,000 29,858,000 22,004,000 30,454,000 1,64:3,000
bituminous coal for the year 1918 is estimated by the
••
Toledo8,186,000 1,057,000
336.000 Fuel Administration at 585,883,000 tons, against
2,771,000
6,873,000
1918
77,000
2,000
3,424,000
2,180,000
5,149,000
1917_
Detroit
551,790,563tons in 1917 and 502,519,682tons in 1916.
3,000
3,000
3,716,000
4,579,000
1,417,000
82,000
1918_ _
1,000
3,787,000
2,646,000
2,591,000
322,000
. 1917___
In the case of the anthracite shipments to tidewater
Cleveland
171,000 there was only moderate increase.
The shipments
127,000
.
6,617,000
4,365,000
3,777,000
1018... 713,000
207,006
87,000
4,466,000
2,0:34,000
781,000
721,000
1917___
of Lake Superior iron ore by water from the upper
Peoria
362,000
978,000
3,405,000 34,655,000 15,856,000
1918___ 2,492,000
351,000 to the lower Lake ports during the season of naviga2,784,000 29,328,000 16,681,600 3,170,000
1917._ 1,950,000
Duluth
2,711,000 5,063,000 8,118,000 tion in 1918 were only 61,156,963 tons, against
183,000
73,451,000
1918
717,000 7,939,000 3,787,000
15,000
22,815,000
1917
62,498,901 tons in the season-of 1917 and 64,734,198
Minneapolis35,000 110,104,000 16,604,000 43,401,000 32,755,000 13,192,000 tons in the season of 1916.
1918-__
29,000 99,988,000 8,122,000 28,895,000 27,056,000 8,782,000
1917Kansas City
As far as the separate roads are concerned their
2,000
20,000 49,821,000 34,403,000 15,489,000
1918._
36,566,000 13,810,000 14,457,000
1917_
experience is accurately reflected in' the character
Omaha and Indianapolis
21,603,000 52,251,000 28,288,000
of the comparison of the general totals. The in1918_
14,600,000 27,922,000 27,852,000
1917_
creases in gross were of huge dimensions, but exTotal of All
1918_15,919,000 385,102.000 287,285,000 331,392,000 70,196,000 29,629,000 cept in a few special instances they were attended
1917_17,519,000 255,176,000 190,873,000 283,542,000 78,472,000 21,180,000
by such striking additions to the expenses that the
The grain movement towards the Eastern sea- losses in net are as general and almost as pronounced
board was much smaller than in either of the years as the gains in the gross. Thus the Pennsylvania
immediately preceding, but as the Eastern trunk lines RR. on the lines directly operated East 4,nd West
were very much congested, and in the early part of of Pittsburgh has $107,832,886 increase in gross
the year freight embargoes existed for long periods of with $46,714,327 decrease in net and the New York
time, the decrease in the shipments to the Eastern Central (not including the controlled lines) with
seaboard must be taken to signify to some extent $55,861,513 increase in gross falls .$6,000,062 beat least the diverting of grain traffic to other ports. hind in net. And illustrations like these might be
A summary of the grain and flour receipts at the continued almost indefinitely. There are afew roads
seaboard is furnished in the following:
that have succeeded in saving some of the gains in
gross for the net, but the number is very small.
' GRAIN AND FLOUR RECEIPTS AT SEABOARD FOR 52 WEEKS.
1914.
1915.
1916.
1917.
1918.
Receipts ofAmong the larger systems the Union Pacific, the
bbis_ 19,625,600 21,962,000 25,453,000 27,532,000 24,075,000
Flour
Southern Railway and the Chesapeake & Ohio are
bush 101,926,000 204,521,000 374,883,000 323,640,000 254,942,000
Wheat
that category. In the
20,311,000 49,439,000 57,960,000 53,049,000 31,614,000 the only ones belonging in
Corn
' 102,514,000 135,255,000 178,940,600 152,285,000 75,058,000 following we show all changes for the separate roads
Oats
2,941,000
10,250,000 17,396,000 27,499,000 17,391,000
Barley
8,556,000 for amounts in excess of $1,000,000 whether in8,016,000 14,569,000 16,862,000 14,726,000
Rye
creases or decreases and in both gross and.net.
243,023,000 421,180,000 858,144,000 581,091,000 373,111,000
Total grain
MAR. 1 1919.]
THE CHRONICLE
PRINCIPAL CHANGES IN GROSS EARNINGS IN 12 MONTHS •
Increases.
Increases.
a$107,832,886 Buffalo Rochester & Pitts $3,504,659
Pennsylvania (3)
555,861,513 Colorado & Southern (2) 3,392,642
New York Central
40,578,127 Chicago St Paul M & 0_ 3,353,472
Baltimore & Ohio
35,857,728 Grand Trunk Western.._ 3,167,465
Southern Railway
28,743,312 Denver & Rio Grande__ 2,929,076
Union Pacific (3)
27,651,050 Kansas City Southern__ 2,839,441
Southern Pacific (8)
24,485,405 Chicago Great Western_ 2,748,602
Louisville & Nashville
Atch Topeka & S Fe (3) 21,908,450 Wheeling & Lake Erie
2,563,268
Chicago Burlington & Q 21,830,062 Hocking Valley
2,459,427
20,175,475 Cin New On & Tex Pac_ 2,426,822
Illinois Central
Chicago Milw & St Paul 19,155,253 Georgia
2,349,866
19,118,916 Maine Central
2,289,601
Erie (2)
19,077,003 Kanawha & Michigan..__ 2,289,143
Chesapeake & Ohio
19,030,695 St Louis Southwest (2).._ 2,279,104
Chicago & North West
Cleve Cin Chic & St L 18,753,050 Alabama Great Southern 2,145,580
16,509,319 N Y Phila & Norfolk___ 2,087,869
N Y N II & Hartford
16,093,792 West Jersey & Sea Shore 2,044,496
Norfolk & Western
15,640,653 Toledo & Ohio Central... 1,938,016
Michigan Central
14,682,533 Richmond Fred & Potom 1,914,965
Northern Pacific
Chicago R I & Pac (2) 14,680,843 Chicago Ind & Louisv__ 1,855,376
Philadelphia & Reading_ 13,938,166 Western Maryland
1,763,902
12,928,998 Los Angeles & Salt Lake 1,750,655
Atlantic Coast Line
12,773,508 N Y Ontario & Western 1,730,127
St Louis-San Fran (3)
12,228,323 Spokane Port & Seattle_ 1,718,145
Lehigh Valley
12,126,904 Virginian
Great Northern
1,663,971
Delaware Lack & West__ 11,528,852 Duluth & Iron Range..._ 1,607,531
11,139,539 Now Orleans & Northeast 1,505,453
Missouri Pacific
10,724,578 Minn St Paul & S S M__ 1,389,802
Boston & Maine
Seaboard Air Line
8,577,960 Union RR of Penna.... 1,345,688
Wabash
7,774,412 New On Texas & Mex (3) 1,282,207
Central RR of N J
7,693,932 Toledo St Louis & West_ 1,264.465
Pittsburgh & Lake Erie_ 7,370,618 Washington Southern_ _ _ 1,263,628
Missouri Kansas & Texas 7,239,614 Mobile & Ohio
1,236,395
Nashville Chatt & St L__ 6,562,648 Lake Erie & Western
1,221.009
Duluth Missabe & Nor__ 6,238,671 Tennessee Central
1,214.561
1 61
0
1:2194 531
N Y Chicago & St Louis 5,755,175 Chicago Ter II & S E
Chicago & East Illinois.. 5,740,919 Western Pacific
1,167,479
Pere Marquette
5,447,157 El Paso & Southwestern 1,155,605
Long Island
4,927,266 Cumberland Valley
1078,639
,
Elgin Joliet & Eastern__ 4,868,576 Monongahela
1,055,921
Delaware & IIudson____ 4,800,465 Bessemer & Lake Erie
1,044,945
Central of Georgia
4,622,846 Atlantic City
1,036,844
Texas & Pacific
4,580,826 Minn & International_ _ _ 1,023,237
Yazoo & Mississippi Vali 4,324,886
Chicago & Alton
Representing 110 roads
3,832,972
Mo Kan & Tex of Texas 3,540,175
in our compilation_$849,461,713
Note.
-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate roads so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting $77,180,602 increase, the Pennsylvania Company $16,935,024 increase and the P. C. C. & St. L. $13,717,260 increase.
S These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
York Central System, the result is a gain of $103,915,509.
PRINCIPAL CHANGES IN NET EARNINGS IN 12 MONTHS.
Decreases.
Increases.
Duluth Miss & Northern $5,421,894
Cleve Cin Chic & St L__ 4,917,183
Union Pacific (3)
4,833,564
Southern Railway
4,160,901
Chesapeake & Ohio
3,039,807
Michigan Central
2,859,717
Pitts & Lake Erie
1,657,937
N Y Chicago & St Louis 1,546,727
-Duluth & Iron Range__ 1,280,87:3
Elgin Joliet & Eastern.. 1,081,019
$3,291,536
Lehigh Valley
3,103,366
Delaware & Hudson
3,064,269
Maine Central
3,051,655
Seaboard Air Line
St Louis Southwest (2)__ 2,664,651
Denver & Rio Grande__ 2,635,970
Chicago Great Western_ 2,542,084
2,541,801
Mobile & Ohio
2,496,284
Minn & St Louis
2,262,487
Central of New Jersey
Buffalo Koch & Pittsb__ 2,193,983
Representing 12 roads
International & Grt Nor 2,104,345
in our compilation_ _$30,799,622 Louisville & Nashville__ 2,072,808
IM
Decreases. Chicago & East Illinois__ 1,946,277
Pennsylvania (3)
1,929,800
a$46,714,327 Texas & Pacific
.
Chicago Milw & St Paul 17,844,888 Virginian
1,915,081
Baltimore & Ohio
16,989,839 Indiana Harbor Belt_ _ _ _ 1,796,835
Great Northern
13,018,881 Mo Kan & Tex of Tex__ 1,742,581
Southern Pacific (8)
12,953,124 Chicago & Alton
1,710,480
Chicago & North West__ 11,708,889 Chicago St Paul M & 0 1,689,414
Chicago Burlington & Q 11,605,210 N Y Ontario & West
1,623,818
Erie (2)
10,808.856 Florida East Coast
1,540,453
N Y N II & Hartford_ 9,267,144Los Angeles & Salt Lake 1,389,807
Missouri Pacific
8,724,873 Lake Erie & Western_ _ _ 1,347,470
Chicago R I & Pac (2)
8,699,725 Cin Now On & Tex Pac_ 1,336,156
Atch Topeka & S Fe (3) 8,329,556 Wheeling & Lake Erie__ 1,324,371
Illinois Central
7,669,102 , Central New England... 1,197,531
Boston & Maine
6,758,567 Colorado & Southern (2) 1,191,033
New York Central
56,000,062 Central Vermont
St Louis-San Fran (3).. 5,378,332 Missouri Kan & Texas
50
I:15 233
24 1
4
Minn St Paul & S S M__ 5,336,013 Norfolk Southern
1,139,463
Philadelphia & Reading_ 5,251,923 West Jersey & Seashore_ 1,059,233
Norfolk & Western
4,324,002 Kansas City Southern__ 1,050,878
Western Maryland
4,201,230
Representing 72 roads
Northern Pacific
in our compilation_$296,876,234
Wabash3881, 08
3,
535 3 1
90
a This is the result for the'Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting $30,794 666 decrease, the Pennsvlvana Cootpany_$6,867334 decrease and the P. ti. C. & St. L. $9,052,327 decrease.
b These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four " &c., the whole going to form the New
York Central System, the result is a lois of $149,769.
'
When the roads are arranged in groups or geographical divisions according to their location the
result is what might be expected; every division
shows an increase in gross and likewise every division a
-decrease in net. Our summary by groups is as follows:
SUMMARY BY GROUPS.
Gross Earnin‘s
Increase (+) or
1917.
1918.
Decrease (-).
Jan. Ito Dec. 31S
S
$
%
.Group 1( 7 roads), New England 205,622,692 174,714,766 +30,907,926 17.69
Group 2(34 roads), East & Mid_1,359,478,360 1,093,433,146 +266,045,214 24.33
Group 3(28 roa(is), Middle West 602,668,821 486,587,692 +116,081,129 23.89
• Groups 4 & 5 (34 roads),Southern 675,989,747 519,940,480 +156,049,267 30.01
Groups 6 & 7 (30 roads), Northw.1,041,146,745 880,381,291 +160,765,454 18.26
Groups 8 & 9(49 roa(Is), Southw. 735,231,966 637,354,152 +97,927,814 15.37
.
Group 10(12 roads), Pacific Coast 280,570,978 244,455,038 +36,115,940 14.77
Section or Group-
Total (194 roads)
4,900,759,309 4,036,808,565 +863,892,744 21.40
Net Earnings
ileage1918.
1918.
1917.
inc•(+) or Dec.
1917
.
(-).
Group No. 1.Group No. 2.Group No. 3-.
Groups Nos.4 & 5
Groups Net.6 & 7
Groups Nos. & 9
Group No. 10
Total
7,157
28,724
21,692
37,973
66,125
54,873
16,470
7,161
28,506
21,731
38,053
66,1:36
54,621
10,431
20,503,257
182,442,232
106,591,441
158,207,751
204,038,023
151,576,230
82,435,731
42,991.362
271,726,809
124,377,422
169,161,952
276,925,293
208,724,487
96,656,010
-22,491,105
-89,284,577
-17,735,981
-10,954,201
-72,887,270
-57,148,207
-14,220,279
52.31
32.86
14.30
6.47
26.32
27.61
14.71
233,014 232,6'39 905.791.715 1.190,566,335 -284,771,620 2'3.92
821
NOTE.
-Group I. Li:whiles all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme-northern portion of West Virginia.
Group III. includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania wart of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. aid VII. combined include the northern peninsula of Michigan, all of
Minnesota. Wisconsin, Iowa and Illinois; all of South Dakota and Noah Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and XI. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, Colifornia, Nevada, Utah
and Arizona and the wester part of New Mexico.
We now add our detailed statement for the last
two calendar years classified by groups the same
as in the table further above and giving the figures
for each road separately.
EARNINGS OF UNITED STATES RAILWAYS JAN. 1 TO DEC. 31.
Gross
Net
Group I.
1917.
1918.
1918.
Inc. or Dec.
1917.
New England
Bangor & Aroostook 4,863,222
4,384,562
623,706
1,394,193 -770,487
Boston & Maine_ 69,911,393 59,186,815
5,480,621 12,238,188 -6,758,567
Can Pac Lines in Me 2,409,261
2,424,739 de1287,898
295,301 -583,199
Central Vermont _ _ 5,188,837 4,482,811 def399,701
752,500 -1,152,201
Maine Central
16,415,178 14,125,577
385,432 3,449,701 -3,064,269
N Y N H & Hartf 102,294,212 85,784,893 14,547,689 23,814,833 -9,267,144
Rutland
4,540,589 4,325,369
153,408
1,049,646 -895,238
Total (7 roads) 205,622,692 174,714,766
Gross
Group II.
1918.
1917.
East de MiddleAtlintic City
4,252,270 3,215,426
Bald nore & Ohio_ _174,191,448 133,613,321
Bait Chesap & Atl.. 1,436,440
1,281,365
Buffalo & Susq
2,249,666
1.785,856
'Buff Roth & Pittsb_ 18,479,659 14,975,000
Central New Eng.. 6,063,156 5,477,288
Cumberland Valley. 5,017,543 4,838,904
Central RR of N J. 44,790,671 374096,739
Delaware & Hudson 34,789,864 29,989,399
Del Lack & West 68,740,076 57,211,224
Erie
87,855,461 70,982,219
Fonda Johns & Glov 1,123,137 1,064,318
Lehigh & New Eng. 3,989.895 3,666,567
Lehigh & Hud River 2,476,851 2,247,617
Lehigh Valley
65,586,769 53,358,446
Long Island
22,213,445 17,286,179
Mary'd Del & Va.. 1,101,323
1,011,519
Monongahela
3,208,757 2,152,836
Monong Connecting 2,473,704 2,010,970
New York Central_294,691,313 238,829,800
N Y Ont & Western 10,895,005 9,164,878
N Y Phila & Norf.. 7,632,494 5,544,625
N Y Susq & West
4,353,420 3,478,993
Pennsylvania RR_ _367,414,695 290,234,093
Phila & Reading_ _ _ 80,769,564 66,831,398
Pitts & Shawmut
1,343,608
1,150,806
Pitts Shaw & North 1,216,348
1,230 927
Port Reading
2,637,218 2,105,395
South Buffalo
1,563,096
1,168,509
Staten Iii Rap Tran 1,934,751
1,493,513
Ulster & Delaware_ 1,006,444
1,008,893
Union RR of Penn.. 7,078,314
5,732,626
W Jersey 4fte Seashore 10,599,543 8,555.047
Western Maryland_ 15,402,352 13,638,450
20,503,257 42,994,362-22,491,105
Net
1918.
Inc. or Dec.
1917.
$
1,351,264
873,701
+977,563
13,599,268 30,589,107-16,989,839
7,505
108,038 -100,533
def17,988
374,833 -392,821
902,451
3,096,434 -2,193,983
661,269 1,858,800 -1,197,531
2,207,037 2,297,062
-90,025
8,421,400 10,683,887 -2,262,487
3,436,080 6,539,446 -3,103,366
18,814,392 19,534,736 -720,344
191,687 10,164,534 -9,972,847
426,248
462.100
-35,852
1,205,775
1,402,922 -197,147
523,732
779,810 -256,078
8,240,744 11,532,280 -3,291,536
5,495,961
5,325,644 +170,317
def40,437
72,181 -112,618
937,641
793,750 +143,891
266.442
289,654
-23,212
62,287,609 68,287,671 -6,000,062
920.481
2,544,299 -1,623,818
1,349,061
-63,276
1,412,337
559,350
729,127 -169,777
33,790,171 64,584,837-30,794,666
14,880,192 20,132,115 -5,251,923
40,822
250,676 -209,854
def490,006 def198,088 -291,918
844,802
+106,451
738,351
310,394
+44,561
265,833
234,325
326,599
-92,274
def8,200
211,418 -219,618
723,172
32,664 +690,508
493,684
1,552,917 -1,059,233
def124,096 4,077,134 -4.201,230
Total 34(roads). 1359478360 1093433146 182,442,232 271,726,909-89,284,577
Gross
Net
1918.
1917.
1917.
1918.
Inc. or Dec.
Group III.
Middle West
-
Ann Arbor
3,585,908
Bess & Lake Erie
13,417,564
Erie System
11,039,823
Chicago & Erie
Chic Ind & Loulsv_ 11,017,274
Chic T H & So East 5,000,956
Cinc Ind & Western 3,137,153
Clev Cinc Ch & St L 71,403,970
Cincinnati Northern 2,812,980
Detroit de Mackinac 1,557,034
Det & Tol Sh Line
1,999,026
Detroit Tol & Iront 3,413,341
Grand Rap & Ind
7,207,727
Grand Trunk West_ 19,376,033
Hocking Valley
13,155,861
Kanawha & Mich
5,896,134
Lake Erie & West
9,343,905
Michigan Central
68,520,087
NY Chic & St Louis 22,656,381
Newburgh & So Sh_ 1,453,757
Penn System
Penn Company__ 95,530,322
Pitts C C& St L. 87,224,888
Pere Marquette__ 28,955.012
Pittsb & Lake Erie_ 32,992,272
Pittsb & West Va.. 1,800,146
Toledo & Ohio Cent 10,026,557
Toledo St L & West 8,306,127
Wabash
48,246,411
Wheel & Lake Erie_ 13,592,172
3,138,943
12,372,619
390,484
4,250,326
754,054
3,700,385
-363,570
+549,941
8.794,149
1,298,701
2,134,710 -836,009
9,161,898
1,725,490 2,689,893 -954,403
3,805,025
627,906
915,536 -287,630
2,639,537
def13,911
512,079 -525,990
52,650,920 19,508,682 14,591,499 +4,917,183
2,440,830
470,042
673,628 -203,586
1,350,450
68,576
279,411 -210,835
1,827,430
901,720
949,179
-47,459
2,903,354 def381,800
232,670 -614,470
6,491,359
732,782
1,375,098 -642,316
16,208,568
2,135,981
2,375,492 -239,511
10,696,434 2,707,069
3,287,312 -580,243
3,606,991
1,689,015
1,063,865 +625,150
8,122,896
903,893 2,251,363 -1,347,470
52,879,434 17,450,015 14,590,298 +2,859,717
16,901,206 5,166,624
3,619,897 +1,546,727
1,143,321
309,682
110,929 +198,753
78,595,298 8,980,065 15,847,399 -6,867,334
73,507,628 8,093,352 17,145,679 -9,052,327
23,507,855 5,639,460 6,126,410 -486,950
25,621,654 10,627,089 8,969,152 +1,657,937
1,588,787 det132,349
545,652 -678,001
8,088,541
1,112,434
1,974,237 -861,803
7,041,662
1,881,990 2,017,800 -1,135,810
40,471,999 8,121,802 12,003,103 -3,881,301
11,028,904
2.326,321
3,650,692 -1,324,371
Total (28 roads)-602,668,821 486,587,692 106,591,441 125,377,422-18,785,981
Gross
Net
Groups IV. dc V.
1918.
1917.
1918.
1917.
Inc. or Dec.
Southern
$
Alabama & Vicksb_ 2,470,856
425,738
638,074 -212,336
2,139.316
Alabama Grt South 9,296,635 7,151,055
2,193,120
2,416,645 -223,525
Atlanta & West Pt- 2,548,440
1,770,251
818,085
529,022 +289,063
AtI 13irm & Atlantic 4,703.381 3,983,368 def335,074
661,111 -996,185
Atlantic Coast Line 56,992,329 44,063,331 14,329,027 14,289,336
+39,691
Birmingham South_ 1,397,254
1,201,530
382,492
39,707 +342,785
Caro Clinch & Ohio 4,811,231
4,063,267
1,185,670
1,729,670 -544,000
Central of Georgia_ 20,647,383 16,024,537
4,685,391
4.978,688 -293,297
Charles'n & W Caro 3,015,887
698,485
2,401,443
873,516 -175,031
Chesapeake & Ohio_ 73,720,797 54,643,794 19,577,795 16,537,988 +3,039,807
CMc NO & Tex Pac 15,478,641 13,051,819 2,874,602
4,210,758 -1,336,156
Florida East Coast_ 8,841,222 8,140,167
2,098,519 3,638,972 -1,540,453
Georgia
6,716,503 4,366,637 2,357,731
1,426,594 +931,137
Georgia Sou & Fla
3,694,801
445,263
2,983,428
647,347 -202,084
Gulf & Ship Island_ 2,548,060 2,328,741
514,927
776,431 -261,504
Gulf Mobile & Nor_ 2,418,292 2,322,650
262,182
733,249 -471,067
Louisville & Nashv _101,392,792 76,907,387 21,835,821 23,908,629 -2,072,808
Loulav Rend & St L 2,858.463
2,226,650
853,644
774,329
+79,315
Mississippi Central- 1,246,990
974,750
279,795
308,293
-28,498
Mobile & Ohio
14,840,901 13,604,506
709,729 3,251,530 -2,541,801
Nash," Chatt & St L 21,757,403 15,194,755
4,133,838
3,644,723 +489,115
New Orl & No East 6,474,718
1.282,302
4,969,265
1,629,760 -347,458
New On Grt North 2,197,315
1,916,218
671,411 -167,975
503,436
'Norfolk & Western_ 82,004,034 65,910,242 20,424,737 24,748,739 -4,324,002
Norfolk & Southern 5,753.644
5.299,914
480,083
1,619,546 -1.139.463
THE CHRONICLE
822
Net
Gross
1918.
1917.
Inc. or Dec.
1918.
1917.
$
2,385,592 +954,569
Rich Fred & Potom 7,164,372 5,249,407
3,340,161
Seaboard Air Line._ _ 38,923,106 30,345,146
5,576,313 8,627,968 -3,051,655
Southern Railway_ _126,574,297 90,716,569 34,763,872 30,602,971 +4,160,901
170,377
332,405 -162,028
South Ry in Miss__ 1,519,496
1,309,222
417,949 -118,663
Tennessee Central__ 3,011,813
1,797,252
299,286
11,906,444 10,242,473 2,628,527 4,543,611 -1,915,084
Virginian
1,952,942
1,401,384 +551,558
Washington South_ 4,027,035 2,763,407
484,014 +229,450
713,464
West Ry of Alabama 2,558,203
1,725,860
+63,481
5,745,471
5,681,990
Yazoo & Miss Vali_ 22,477,009 18,152,123
.675,980,747 519,940,480 158,207,751 169,161,952-10,954,201
Total (34 roads)
Gross
Groups VI & VII 1918.
1917.
Northwest.
Bait & Ohio Chi Ter 1,761,486
1,940,003
Belt Ry of Chicago_ 3,899,765
3,805,947
Chicago & Alton... 24,358,661 20,525,689
Chicago & East Ill_ 26,753,092 21,012,173
Chicago & North W 127,295,678 108,264,983
Chic Burl & Quincy 144,172,769 122,342,707
Chicago Grt West__ 19,116,925 16,368,323
3,260,982
Chicago Junction.. 3,435,784
Chic Milw & St P__132,894,455 113,739,202
Chic Peo & St Louis 2,147,466
2,191,451
Chic St P Minn &0 24,829,981 21,476,509
Dul & Iron Range__ 8,978,930
7,371,399
Dul Miss & North__ 21,545,271 15,306,600
Dui So Shore & Atl_ 4,824,187
4,316,295
Dul Win & Pacific_ 1,712,066
2,026,109
East St L Connect.. 1,118,382
1,126,252
Elgin Joliet & East.. 20,685,049 15,816,473
Great Northern_ _ _100,661,067 88,534,163
Illinois Central_ _ _107,320,261 87,144,788
Ind Harbor Belt _ _ _ 5,591,235
5,121,878
Mineral Range__ __ 1,143,534
1,184,850
Minn & St Louis__ 12,028,300 11,005,063
SIPMim
& SS SM 35,930,293 34,540,491
Minn & Internet992,094
1,029,960
Northern Pacific__ _102,908,259 88,225,726
Peoria & Pekin Un. 1,306,395
1,206,718
Quincy 0 & K City 1,057,825
871,889
St J & Grand Island 2,588,577
2,346,814
Toledo Peo & West.. 1,645,593
1,289,433
Union Pacific
98,443,365 76,988,423
Net
1918.
def938,217
124,356
3,681,232
2,667,532
17,797,106
32,105,153
1,333,827
de1356,310
10,698,350
def393,698
3,945,782
4,234,188
13,587,838
561,166
228,674
def197,147
5,899,772
16,271,497
17,135,850
def806,477
42,272
657,204
8,239,685
29,196
31,391,957
def208,447
de1264,899
29,547
def22,521
38,565,555
1917.
Inc. or Dec.
def64,361 -873,856
1,019,316 -894,960
5,391,712 -1,710,480
4,613,809 -1,946,277
29,505,995-11,708,889
43,710,363-11,605,210
3,875,911 -2,542,084
363,077 -719,387
28,543,238-17,844,888
323,254 -716,952
5,635,196 -1,689,414
2,953,315 +1,280,873
8,165,944 +5,421,894
863,723 -302,557
496,736 -270,062
255,571 -452,718
4,818,753 +1,081,019
29,290,378-13,018,881
24,804,952 -7,669,102
990,358 -1,796,835
62,348
-20,096
3,153,488 -2,496,284
11,575,698 -5,336,013
295,962 -7266,766
34,927,865 -3,535,908
133,068 -341,515
63,935 -328,834
1,273
+28,274
104,659 -127,180
31,049,757 +7,515,798
Total (30 roads) 1041,146,745 880,381,291 204,038,023 276,925,293-72,887,270
Gross
GroupsVIII. & IX. 1918.
SouthwestAtch Top & S Fe...162,369,130
Gulf Colo & S Fe... 18,885,098
Panhandle & S Fe. 5,809,657
Chicks° R I & Pao_ 99,869,557
Chic R I & Gulf__ 4,420,008
Colorado & South'n. 12,955,827
Ft Worth & Den C 7,950,342
Colorado & Wyom_ 1,123,241
Crip Crk & Col Spgs
927,306
Deny & Rio Grande 31,352,214
Denver & Salt Lake 2,055,509
Ft Smith & Western 1,296,857
Galveston Wharf__ 1,049,838
Internet & Grt Nor_ 13,476,888
K C Mex & Orient.. 1,259,675
KCM&O of Texas 1,188,657
Kansas City South_ 15,250,406
Kansas City Term_ 1,247,830
Louisiana & Arken. 1,671,651
Louisiana Ry & Nay 3,078,059
Midland Valley_.... 3,504,780
Missouri & No Ark_ 1,404.131
Mo Kan & Texas__ 33,230,335
Mo K & Tex of Tex 19,840,331
Mo Okla & Gulf__ 1,780,546
Missouri Pacific __ 89,612,397
N 0Texas & Mexico 1,885,624
Beau Sour L & W. 1,417,974
St L Brown & Mex 4,448,927
St Louis Transfer__ 1,080,329
St Louis San Fran_ 69,812,604
Ft Worth & Rio Or 1,151,033
St Louis S F of Tex 1,366,345
St L Mer Bdge Term 3,620,589
St Louis Southwest_ 13,035,153
St L SW of Texas. 6,553,608
San Ant & Ar Pass. 4,370,334
Southern Pac Sys
Gals Harr & S Ant 21,273,847
,
Hous & Tex Cent- 9,041,981
Hous E & W Texas 2,087,716
Louis Western..
4,348,152
M L & T RR & SS 8,352,107
Texas& New Orl_ 7,445,600
TermRRAssnofStL 3,882,410
Texas & Pacific__ _ 27,294,833
Texark & Ft Smith_ 1,281,122
Trinity & Bras Vail 1,164,137
Vicks Shreve & Pao. 2,689,104
Wich Falls & NW.. 1,068,157
1917.
1918.
140,978,936
17,285,640
6,890,859
85,709,549
3,899,173
10,966,664
6,546,863
1,164,541
1,113,170
28,423,138
2,065,217
1,179,849
1,092,444
12,588,224
1,217,344
1,308,779
12,410,965
1,131,294
1,569,722
2,497,535
2,927,127
1,417,969
25,990,721
16,300,156
1,906,916
78,472,858
1,517,604
1,034,523
3,918,191
901,107
57,434,625
1,008,719
1,113,130
3,166,033
11,468,728
5,840,929
4,178,192
47,456,755
4,055,169
457,782
13,770,982
1,091,911
3,578,837
1,913,719
268,451
374,030
6,058,739
def834,049
176,382
362,148
1,833,885
def345,007
def325,001
3,725,408
134,800
211,200
492,085
882,489
def16,645
6,083,993
1,147,165
def267,254
16,380,659
388,485
455,338
1,419,261
173,166
14,560,638
47,906
187,027
150,576
4,144,364
def396,218
def39,995
Net
1917.
Inc. or Dec.
52,474,886 -5,018,131
5,100,167 -1,044,998
2,724,209 -2,266,427
22,220,459 -8,449,477
1,342,159 -250,248
4,169,360 -590,523
2,514,229 -600,510
452,052 -183,601
593,698 -219,668
8,694,709 -2,635,970
23,708 -857,757
238,149
-61,767
491,597 -129,449
3,938,230 -2,104,345
15,052 -360,059
21,089 -346,090
4,776,284 -1,050,878
361,490 -226,690
446,326 -235,128
759.483 -267,398
886,328
-3,839
295,659 -312,304
7,235,426 -1,151,433
2,889,746 -1,742,581
213,100 -480,354
25,105,532 -8,724,873
532,557 -144,072
370,468
+84,870
1,518,930
-99,669
258,902
-85,736
19,960,067 -5,399,429
-80,901
128,807
85,029 +101,998
871,253 -720,677
5,274,760 -1,130,396
1,138,037 -1,534,255
660,597 -700,592
19,737,997 6,287,718 8,223,018 -1,935,300
3,297,800 -652,830
8,223,425 2,644,970
238,429
760,067 1,862,980
521,638
+35,508
1,999,635
1,964,127
3,653,551
6,910,459
3,008,449 -235,070
2,773,379
2,509,320 -1,217,223
1,292,097
6,410,077
689,298
1,590,417 -901,119
3,712,529
22,714,007 5,394,452 7,324,252 -1,929,800
565,667 .-123,104
442,563
1,136,522
1,095,339 def372,750 def185,838 -186,912
343,490
809,243 465,747
2,206,658
75,431 -397,077
1,053,274 def321,648
Total (49 roads)-735,281,968 637,354,152 151,576,280 208,724,487-57,148,207
Gross
Net
Group X.
1918.
1917.
1917.
Inc. or Dec.
1918.
Pacific Coast3
Bingham & Garfield 3,450,747
1,596,654
3,351,394
2,011,624 -414,970
El Paso & Southwes 14,790,468 13,634,863 6,161,447
6,334,904 -173,457
Los Angeles & S L__ 14,517,378 12,766,723
3,645,690
6,035.497 -1,389,807
Nevada Northern__ 2,706,332
2,512,402 1,362,575
1,444,537
-81.962
Northwestern Pea__ 5,702,398
4,871,595
1,728,630
1,757,899
-29,269
Southern Pacific.....153,948,641 132,257,556 40,295,743 48,613,199 -8,317,456
Arizona Eastern.. 4,478,691
4,269,650
1,742,185
2,134,609 -392,324
Spokane Internet__ 1,011,605
1,000,131
353,076
385,605
-32,529
Spok Port & Seattle 8,496,944
3,300,671
6,778,799
3,472,859 -172,188
Union Pacific System
Ore Short Line_ _ _ 34,136,854 31,016,343 12,527,367 14,538,049 -2,010,682
Ore-WashRR&N 26,264,957 22,097,098
6,547,348
7,218,900 -671,552
Western Pacific.... 11,065,963
9,898,484
3,174,345
3,708,428 -534,083
[VOL. 108.
NEW CREDIT TO SERBIA.
The extension of a credit of $15,000,000 by the United
States in favor of Serbia was announced on Feb. 25. This
makes a total of $27,000,000 for Serbia. The grand aggregate to all the Allies is now given as $8,674,657,836.
PAYMENT OF INTEREST ON RUSSIAN GOVERNMENT
BONDS.
Payment of such of the coupons due on the Russian internal 532% bonds as were presented was made by the
National City Bank of this city on Feb. 14. Payment was
made in accordance with the option given holders of accepting 15 cents a ruble, the rate fixed by the financial
attache of the Russian Embassy at Washington. It was
pointed out in the New York "Evening Post" that according to the custom, only those coupons were paid which had
been detached from bonds "identified" or registered with
the bank. The "Post" of Feb. 15 also said:
Wall Street remained in the dark as to the source of the funds with
which payment was made. It was reported among dealers that the money
was supplied by "Russian interests." The impression has prevailed that interest on the two series of Russian "dollar bonds," which has hitherto
been regularly met, has been paid from funds previously advanced to
Russia by the United States Government. A credit of $325,000,000 to
Russia appears in the statements of the Treasury covering loans to foreign
countries. It was not believed, however, that this motley could be used
to pay interest on the internal issues.
NEW BRITISH REGULATIONS PROHIBITING CAPITAL
ISSUES EXCEPT BY TREASURY LICENSE.
The "Official Bulletin" of Feb: 26 states that advices from
London announce the following regulations prohibiting capital issues excepting under Treasury license designed to provide capital for the speedy restoration of industry:
1. No person shall, except under and in pursuance of a license granted
by the Treasury (a) issue, whether for cash or otherwise, any stock shares
or securities, or (b) pay or receive any money on loan on the terms, express
or implied, that the money is to be or may be applied at some future date
in payment of any stock, shares, or securities to be issued at whatever date
to the person making the loan, or (c) subdivide any shares or debentures
into shares or debentures of a smaller denomination or consolidate any
shares or debentures of a larger denomination, or (d) renew or extend
the period of maturity of any securities, or (e) purchase, sell, or otherwise transfer any stock, shares or securities or any interest therein or
the benefit of any agreement conferring a right to receive any stock,
shares, or securities, if the stock, shares, or securities were issued, subdivided, or consolidated or renewed, or the period of maturity thereof
extended, or the agreement was made, as the case may be, at any time
between Jan. 18 1915 and Feb. 24 1919, and the permission of the Treasury was not obtained to the issue subdivision, consolidation, renewal, or
extension, or the making of the agreement, as the case may be.
2. No person shall, except under and in pursuance of a license granted by
the Treasury, (a) buy or sell any stock, shares or other securities except for
cash when the purchase or sale takes place in any recognized stock exchange
subject to the rules or regulations of such exchange, (b) buy or sell any
stock, shares, or other securities which have not remained in physical
possession of the United Kingdom since Sept. 30 1914.
3. A license granted under this regulation may be granted subject to
any terms and condition specified therein.
4. If any person acts in contravention of this regulation, or if any person
to whom a license has been granted under this regulation subject to any
terms or condition fails to comply with those terms or conditions, he shall
be guilty of a summary offense against these regulations.
5. In this regulation the expression "securities" includes bonds, debentures, debenture stock, and marketable securities.
SHIPMENT TO FRANCE OF FRENCH OWNED
SECURITIES.
Concerning the shipment to France this week of securities
owned by French investors, the New York "Tribune" of
Feb. 26 said:
The Bankers Trust Company is shipping to-day twenty cases of Frenchowned securities to the Minister of Finance in Paris, consisting of prime
investment bonds and stocks owned by French investors mobilized by the
French Government in 1916 and 1917 and sent to the United States to be
used as collateral for war borrowings. This consignment is a part of a shipment of between $100,000,000 and $125,000,000 of such securities that have
been held in the vaults of the trust company for two years or snore.
The securities going back to France consist of French municipal, corporation, foreign corporation and foreign goverrunent bonds and other giltedged paper. Altogether several hundred millions of dollars' worth of these
securities were borrowed by the French Treasury in 1916 and the early
part of 1917, when it became evident that they were needed for use for collateral purposes for loans obtained in this country to stabilize the French
Total (12 roads)
.280,570,978 244,455,038 82,435,731 96,656,010-14,220,279 exchange rate before the United States entered the war.
Loans backed by the securities being shipped in the current consignment
Grd.tot.(194 rds.)4900,759,309 4036866,565 905,794,715 1191566,335-285,771,62
have matured and been paid off, thus freeing the collateral and placing the
securities at the disposal of the French Treasury. Another $100,000,000
will be released on April 1 with the payment Of the $100,000,000 French
Government loan which falls due on that date.
The lot of securities going forward to France by to-day's steamship Was
boxed in heavy steel-bound wooden cases. Two trucks Were required to
haul these cases out of Wall Street late yesterday. They weighed in the
CONTINUED OFFERING OF BRITISH TREASURY
neighborhood of four or five tons and were addressed to the Minister of
BILLS.
Finance, Paris. Insurance for the full value of the securities was taken
The usual offering of ninety-day British Treasury bills out by the bankers for protection against the risk of loss at sea.
Bankers here were without definite knowledge as to the disposition that
was disposed of this week by J. P. Morgan & Co. on the the French Treasury will make of the securities on their arrival in Paris.
same discount basis as in the past few weeks, viz., 5%. It was stated that a part would probably be returned to the original owners
While the bills have heretofore borne a Tuesday'date, those in France, While the remainder would likely be helil in the possession of the
Treasury, which at the time they were mobilized gave the owners French
disposed of this week are dated Monday, Feb. 24. Government securitieq in exchange on a liberal basis.
Or/n=2d plods and gliscnssions
MAR. 11919.]
THE CHRONICLE
With the French Government beginning the demobilization of its security
holdings here, bankers were much interested yesterday in what the British
Treasury will do with the hundreds of millions of dollars' worth of British
owned securities which were mobilized under similar circumstances and
shipped to this country. A great part of the British owned securities sent
here were never pledged and are still reposing in bank vaults in New York
awaiting the orders of the British Treasury authorities.
823
"Financial America" in its issue of Feb. 17 said:
A cable from London says that it is understood that the Belgian Government is forming an organization to deal with foreign exchange matters in connection with recent credits established by it abroad. It is believed that more or less definite rates will be fixed respecting the Importation of essentials.
TWO BELGIAN LOANS DECIDED ON.
REGULATIONS ON SALES OF SECURITIES ABROAD.
The following Central News cable from Paris appeared
.
A report of Commercial Attache Philip B. Kennedy, at in "Financial America" Feb. 26:
Paris, Feb. 26.—It has been decided by the Belgian Government to
London, says:
The Treasury announcement on Jan. 2 to the effect that a written permit need no longer be obtained from the American Dollar Securities Committee before selling securities abroad will eliminate certain formalities
which have been necessary under Treasury regulations for the past two
years. The import restrictions on securities, however, will still be continued, as will the prohibition on the export of capital, and it is estimated
that relaxations cannot be expected until after peace has been concluded.
The American Dollar Securities Committee has ceased to purchase any
securities except those belonging to or lent to the Treasury. Holders of all
other foreign securities will now have to effect their sales through the stock
exchange. The Treasury Department is returning the securiltes to the
lenders and it is assumed that before long all other securities will be returned and in larger volume.
BRITISH BANK TO FINANCE FOREIGN TRADE.
According to London cablegrams to the daily press the
Anglo-South American Bank, Glyn, Mills, Currie & Co., the
Northern Banking Company of Belfast, the Union Bank of
Scotland and Williams Deacon's Bank are combining to
furnish capital for a new banking institution to be called the
British Overseas Bank. The cablegrams state that the
special object of the new bank will be to facilitate and finance
foreign trade.
OVERSUBSCRIPTION OF EXPORT CREDIT FOR
BELGIUM IN NEW YORK.
The commercial export credit of $50,000,000, to be established in New York on behalf of a group of about seventy
banks in Belgium, has been oversubscribed, it was announced on Feb. 26. Details concerning the credit, the
proceeds of which will be used only to provide funds in the
United States to purchase American supplies for re-establishing industrial operations in Belgium, were given in these
columns last week, page 720. The Chicago "Herald and
Examiner" of Feb. 26 stated that sixteen Chicago banks
had been invited to participate in tho credit. These banks
were:
The Continental & Commercial National, the First National, the
Merchants' Loan & Trust Co., the Illinois Trust & Savings, the Northern
Trust, the Corn Exchange, the Standard Trust & Savings, Foreman Brothers, State Bank of Chicago, the National City Bank of Chicago, the National Bank of the Republic, the Union Trust Co., the Central Trust Co.
of Illinois, the Harris Trust & Savings, the Fort Dearborn National and
the Live Stock Exchange National.
The bankers managing the syndicate are the Guaranty
Trust Co. of New York, J. P. Morgan & Co., the National
Bank of Commerce of New York and the National City
Bank of New York. From the Chicago "Herald and Examiner" we take the following:
The Belgian syndicate is composed of banks with aggregate capital and
reserves in excess of $150,000,000. The money to be loaned them will
cost thorn a net rate of 63 % per annum.
The American syndicate is assured of a commission of 1%, taken at
the rate of Yi of 1% for each ninety-day acceptance the members are
called upon to sign.
The financing arrangement is similar to that employed in financing
the Cuban sugar crop, and it is improbable the American syndicate members will be called upon for any considerable outlay of cash.
Under the credit the Belgian group is privileged to draw ninety-day
drafts from time to time, but in no event for an aggregate of less than
$10,000,000. upon the American group. These drafts will be distributed
pro rata among the American group for accpetance.
They will then be returned to the Guaranty Trust Co. of New York,
acting for the American syndicate managers, for sale in the open market
at current rates. But in no event is this rate to be higher than 1% in
excess of the then prevailing New York Reserve Bank rediscount rate
for eligible 90-day bankers' acceptances.
Original drawings under the credit will be completed not later than
May 31. Each series of original drafts will be drawn at 90 days' sight,
with privilege of three renewals of 90 days each.
Tho Belgian group will receive the face amount of the acceptances less
discount at the rate of 1% per annum above the prevailing New York
-day bankers' acceptances,
Federal Reserve Bank rediscount rate for 90
and less the acceptance commission. As the New York rate is 4X%,
discount up to 6%% per annum.
this would bring the total
This permits the syndicate a two-point margin above the New York
Federal Reserve Bank rate. It is understood whatever profits accrue
above the 1% commission will be distributed pro rata among the syndicate members, as the agreement provides in case the total amount of the
credit is not availed of or is not used for the full period, each syndicate
participant is to receive a commission which will aggregate 1% of his
participation.
All drafts will be payable at maturity in United States dollars at the
Guaranty Trust Co. in New York.
It is intimated that the oversubscription of the credit
may result in the early establishment of additional Bulgium
credits.
Issue two loans, each amounting to £40,000,000, at 95. They are to
bear interest at 5%.
U. S. BANKS SEEK RETURN OF BALANCES IN
BELGIUM SEIZED BY GERMANY.
From the New York "Tribune" of Feb. 22 we take the
following:
Wall Street banldng institutions whose balances in Belgium were seized
by the Germans when that country was invaded in 1914 have made representations to the authorities in Washington asking that the present German
Government be compelled to make restitution of these funds with interest.
It is estimated that the total of such balances amounted to around $2,000,000.
The German authorities took the money, which was in the form of
Belgian francs, and transferred it to Germany, crediting it to the American
banks in the form of German marks on a rather unfavorable exchange basis.
When the United States came into the war the balances were confiscated
by the Geeman Government. One of the local banks which has asked the
United States Government to obtain for it restitution of the funds has
urged that the balances be restored in their original form of Belgian francs.
Fred I. Kent, Director of the Foreign Exchange Division of the Federal
Reserve Board, has undertaken the task of compiling an accurate statement
of the amount of all such American banking balances in Belgium at the
time of the German invasion. A statement issued by Mr. Kent says that
"enemy occupied Belgium territory has been restored to its own Government, and it has been found that balances of American institutions with
Belgian banks have been taken over by Germany."
To enable proper checking and assure the delivery to the Alien Property
Custodian of a correct statement, Mr. Kent has asked dealers in foreign
exchange to furnish his department immediately with a detailed statement
of balances which are owed them from enemy territory in the foreign moneys
of the country, including that part of Belgium which was,occupied by
Germany, and giving the names of the banks and institutions with which
the funds were on deposit.
At the same time the exchange dealers here have been asked to include
in their statement for the Alien Property Custodian balances held here for
enemy account, even though they may have been previously reported.
The foreign exchange manager of a large Wall Street banking firm said
yesterday that German bank balances held here were much in excess of
the amount of American balances seized by the Germans so that the
American interests will be able to obtain a satisfactory settlement in any
event.
ARGENTINA PASSES CREDITS.
A Washington dispatch appearing in "Financial America"
Feb. 27 reported that advices from Buenos Aires to the
State Department on that day announced that the Argentine
House of Deputies had passed the convention with France,
Great Britain and Italy, according to those countries credit
for the purchase of products of Argentina. The convention
passed by a vote of 33 to 30 after considerable debate, the
message stated. The signing of the convention by representatives of Great Britain, France and Italy and the
Acting Minister of Finance of Argentina, Julio Moreno,
was announced in these columns Feb. 8, page 526.
RENEWAL OF INSTALLMENT DRAWN UNDER SPANISH CREDIT TO UNITED STATES.
A renewal is announced of the first installment of $15,000,000, or 75,000,000 pesetas, drawn some time ago by the
United States under the acceptance credit which it became
known last November had been arranged in behalf of this
country by the syndicate of Spanish bankers. The total
credit amounted to 250,000,000 pesetas, or $50,000,000; the
first installment drawn falls due on March 2, and the present
transaction is merely an extension of the old credit. In an
announcement concerning the credit published in these
columns Nov. 16, page 1872, in stating that the loan of
250,000,000 pesetas would take the form of an acceptance
credit under which a group of American banks would draw
bills upon a syndicate of Spanish banks, it was added that
the Government would avail itself of credit in installments,
as it required funds in Spain.
In noting the effect of this credit upon Spanish ex )hange,
the New York "Times" in its issue of Feb. 27 had the following to say:
On last Friday, in sympathy with an advance in London, Spanish pesetas
in this market started to rise and went from around 20 cents to above 21
cents, and continued their gains on Monday and Tuesday, when the highest
figure reported was 21.40 cents per peseta. Yesterday, when it was
learned that the new credit would be arranged and available within a few
days, the market broke sharply, sales being made as low as 20.20.
The market for Spanisfi exchange has been active of late and at times has
moved over rather wide ranges. It has not, however, been as unfavorable
to the United States as it was last summer and fall, before the group of
Spanish banks agreed to supply the United States with the 250,000,000peseta credit. Before that arrangement was completed Spanish exchange
sold at a premium of as much as 60% in New York.
824
THE CHRONICLE
CANADA TO FURNISH CREDITS TO FRANCE AND
RUMANIA.
The following is taken from the New York "Tribune" of
Feb. 19:
•
Contracts have just been concluded by which Canada will furnish credits
of $25,000,000 each to France and Rumania, the credits to be expended in
the purchase of important necessities in Canada. Negotiations for a
similar loan, it is said, are under way between Belgium and Canada.
The French and Rumanian credits will be expended approximately as follows: One-fifth for raw materials, one-fifth for foodstuffs and three-fifths
for manufactured materials.
Rumania, among other things, plans to replenish her badly depleted
herds of cattle.
The arrangements for the loans have been made by the Canadian Government officials who are attending the Peace Conference here.
The Canadian and Argentine are the first of what are expected to be a
series of similar transactions by which the Entente Allies will replenish
their grain stocks by purchases in countries which have large reserves.
On Feb.20the following Ottawa advices were printed in the
"Tribune":
The outlook for trade in Canada, in France, Belgium and certain Balkan
countries is discussed in a communication received from Lloyd Harris,
Chairman of the Canadian Trade Mission Overseas, by the Canadian
Trade Board here. Mr. Harris recently visited Belgium and conferred
with Government officials and members of the Internatioal Supply
Committee. In his letter he reiterates the view that both France and
Belgium will, endeavor to rebuild their war-crippled industries as rapidly
as possible, supply their own requirements and keep the money within
their own borders.
FOREIGN EXCHANGE TRANSACTIONS TVITH RUSSIA
BARRED BY UNITED STATES—SIMILAR ACTION
BY GREAT BRITAIN AND FRANCE.
Press dispatches from Washington yesterday said that
foreign exchange transactions between the United States
and Russia have been prohibited by the Federal Reserve
Board, and similar action has been taken by the authorities
of Great Britain and France. These dispatches state:
It is understood that one purpose of the step is to stop the financing of
Bolshevik propaganda.
The Reserve Board, it became known to-day, acted at the request
of the State Department. Under the Board's system of supervising
foreign exchange transactions, evidence was obtained, it is said, that
large sums of money had been made available in the United States for
use of Bolshevik agents. Practically the only means of stopping this
was to shut off these transactions.
REMOVAL OF RESTRICTIONS ON FOREIGN EXCHANGE
TRANSACTIONS WITH MEDITERRANEAN AND
OTHER COUNTRIES.
The removal of the restrictions on foreign exchange transactions with a number of Mediterranean and other countries
was ordered by the Federal Reserve Board on Feb. 27,
acting in conjunction with the State Department, War
Trade Board and cable and postal censors. Great Britain,
Canada and France, it was announced, have taken the same
action. The countries included are: Rumania, Serbia,
Syria, Mesopotamia, Finland, Bulgaria, Turkey, Black Sea
ports, Bohemia and Moravia, part of the Trentino and part
of Palestine. Trading with enemies or allies of enemies
still is forbidden.
SILVER FOR INDIA.
According to Philadelphia advices in the "Wall Street
Journal" last night (Feb. 28) the Philadelphia Mint is shipping $2,000,000 of silver bullion in connection with the
movement to India. This, it is stated, makes $15,000,000
shipped from this city in February, $41,800,000 since the
first of the year and $128,000,000 since last April. As is
known the silver was obtained from melting silver dollars.
GOVERNMENT PLANS TO ENCOURAGE INVESTMENTS
IN FOREIGN SECURITIES.
With a view to encouraging American investments in
foreign securities, the Government, it is announced, has
taken steps to gather extensive information on credit conditions in other countries to be placed at the disposal of
prospective purchasers of private securities. This work,
undertaken by the Department of Commerce with the
assistance of the War Trade Board and the Treasury, has
been started on a comparatively small scale with reports of
consular agents; it is said to be the intention of the Government, however, to extend the scope of the inquiry by
assigning special financial and commercial agents to certain
subjects. The press dispatches from Washington Feb. 17
also said:
Eventually, officials plan, an American investor considering purchase
of stocks or bonds of some industrial enterprise or public service corporation
in a foreign country can apply to the Department of Commerce for information on the general credit of the enterprise. This is expected to minimize sales of foreign securities of doubtful value in the United States and
strengthen the market for legitimate securities
[vol.. 108.
The Government's interest in the matter, it was explained, arises out of
the desire to cut down Government loans to Allied countries as fast as
possible, and, instead, to get private capital to take up foreign securities,
public or private. This will aid foreign trade, since, in effect, large purchases of goods in the United States will be paid for in securities instead
of cash. Similarly, the rates in foreign exchange will be kept nearer a
parity, officials explained.
FOREIGN EXCHANGE RULING PERMITTING TRANSFERS OF FUNDS TO PERSONS RESIDING
IN GERMAN COLONIES.
Announcement of the issuance of a regulation permitting
the transfer of funds to persons not enemies or allies of
enemies residing in German colonies, was made as follows
by the Federal Reserve Bank of New York on Feb. 25:
The Feddral Reserve Bank of New York stated to-day that the Division of Foreign Exchange of the Federal Reserve Board Issued the
following regulation under the Executive Order of the President, dated
Jan. 26 1918:
"Notice is hereby given that 'dealers' as defined under the Executive
Order of the President of Jan. 26 1918, until otherwise instructed may
make transfers of funds to persons not enemies or allies of enemies resident
in colonies owned or controlled by Germany on Aug. 1 1914."
COMMITTEE OF INTERNATIONAL BANKERS. ON
MEXICAN AFFAIRS—REFUNDING OF MEXICAN
DEBT.
The formation of a Committee of International Bankers
on Mexican Affairs for the purpose of protecting holders of
Mexican securities, was announced by Thomas Cochran of
J. P. Morgan & Co., in the library of Mr. Morgan's home.
last Sunday, Feb. 23. Mr. Morgan will serve as Chairman
of the Committee until the return from abroad of T. W.
Lamont. According to Mr. Cochran's statement, the
functions in general of the committee, which is made up of
representative banking interests of the United States, Great
Britain and France, "will be to inform itself as fully as
possible as to existing conditions in Mexico, with a view to
such positive action as may be taken whenever circumstances
permit." The following is the statement:
J. P. Morgan & Co. made the following announcement to-day:
"The following international committee has been constituted for the
purpose of protecting the holders of securities of the Mexican Republic
and of the various railway systems of Mexico, and generally of such other
enterprises as have their field of action in Mexico. The committee will
be prepared to take such further steps as may seem wise in order to afford
counsel and aid to investors who hold interests in Mexico:
J. P. Morgan, Chairman, of J. P. Morgan & Co.
John J. Mitchell, President Illinois Trust & Savings Bank, Chicago.
Walter T. Rosen of Ladenburg, Thalmann & Co.
Charles H. Sabin President Guaranty Trust Co., New York.
Martimer L. Schiff of Kuhn, Loeb & Co.
James A. Stillman, Chairman of the board National City Bank, N. Y.
James N. Wallace, President Central-Union Trust Co., New York.
Albert H. Wiggin, Chairman of the board Chase National Bank, N. Y.
Robert Winsor of Kidder, Peabody & Co., Boston.
Laurence Currie of Messrs. Glyn, Mills, Currie & Co., London.
Sir Clarendon Hyde of Messrs. S. Pearson & Sons, Ltd., London.
E. R. Peacock, Chairman of the bondholders committee of the Mexico
Tramways and the Mexican Light & Power group of companies, London.
Vivian H. Smith of Messrs. Morgan, Grenfell & Co., London.
Vincent W. Yorke, Chairman of the Mexican Ry. Co., Ltd., London.
William d'Elchthal of Mirabaud & Co., Paris.
Georges Heine, director of the Banque de l'Union Parisienne.
Andre Honnorat, member of the commission for the protection of French
holders of Mexican securities.
Jacques Kulp, Auditor of the Banque de Paris et des Pays-Bas, Paris.
Joseph Simon,Inspector of Finance, General Delegate of the Commission
for the Protection of French Holders of Mexican Securities.
"This committee is not yet prepared to announce a definite program of
procedure, but in general its functions will be to inform itself as fully as
possible as to existing conditions in Mexico with a view to such positive
action as may be taken whenever circumstances permit. Especial care
has been taken as to the composition of the committee upon a broad international basis, so as thereby to ensure so far as may be joint and united
action by security holders in all three countries concerned, namely the
United States, Great Britain and France.
"The U. S. State Department at Washington, D. C., and the Foreign
Offices respectively of the British and French Governments have been
advised of the formation of this committee.
"Upon T. W. Lamont's return to New York City from Paris, where,
on behalf of the United States Treasury, he is in attendance upon the sessions of the American Commission to negotiate peace, and where he will
have opportunity of conferring with the British and the French interests,
he will, as originally planned, undertake the active duties of the Chairmanship of the committee."
Announcement as to the committee's formation was made
simultaneously in Paris, London and New York. It is
also made known that each American member has named
an alternate to serve in case of need the following having
been appointed to serve as such alternates:
John H. Fulton for James A. Stillman.
Benjamin S. Guinness for Walter T. Rosen.
Jerome J. Hanauer for Mortimer L. Schiff.
E. D. Hulbert for John J. Mitcell.
Thomas W. Lamont for J. P. Morgan,
Frank W. Remick for Robert Winsor.
Francis H. Sisson for Charles H. Sabin.
Edward R. Tinker for Albert H. Wiggin.
J. Y. G. Walker for James N. Wallace.
The newly formed committee has, it is said, no connection
with the recently organized National Association for the
Protection of American Rights in Mexico, referred to in
another item in to-day's issue of our paper. As announced
in these columns Feb. 15, page 635, Rafael Nieto, Acting
MAR. 1 1919.]
THE CHRONICLE
Secretary of Finance for Mexico, arrived in New York last
month to confer with banking interests here regarding the
refunding of the Mexican loans. Mr. Nieto has been in
conference since his arrival with J. P. Morgan and others.
He has, it is reported, estimated the national debt at about
$250,000,000, the railway debt guaranteed by the Government bringing the total up to $370,000,000, on which the
interest has not been paid for some five years. The revenue
is estimated at approximately 160,000,000 pesos a year,
of which 120,000,000 pesos is consumed in the operating
expenses of the Government, leaving 40,000,000 as available
for interest payment. With regard to the conferences held
with the local bankers, the "Times" of Feb. 24 said:
He (Mr. Nieto) has been given to understand, it was said, that so far
as financial aid is concerned, nothing definite can be said until the status
of foreign investors in Mexico is made the subject of a clear and concise
pronunciamento by the Government. There is to be an extraordinary
session of the Mexican Congress, and in some quarters it is felt that the
session may result in a solution of the oil land controversy.
825
can Government would send a committee to treat Mexican
affairs with the newly formed group of international bankers.
NATIONAL ASSOCIATION FOR PROTECTION OF
AMERICAN RIGHTS IN MEXICO.
A delegation representing the recently formed National
Association for the Protection of American Rights in Mexico,
left the United States for Paris on a mission to set before the
Peace Conference the situation in Mexico and seek protection
of American property rights. The delegation is headed by
Edward L. Doheny, President of the Mexican Petroleum
Co. A statement concerning the object of the creation of
the Association, issued on Jan. 29, said:
Because of the conditions that have existed in Mexico during the past
eight years, with so disastrous an effect upon the lives and property
of
foreigners in that country and upon the lives, property and well-being
of the Mexican people themselves, the organization above named
has
been formed by a group comprising some of those who responded to Mexico's
invitation to invest in enterprises in that republic, as well as others who
On Feb. 24 Mr. Nieto issued a statement relative to the are desirous of assisting in the protection of American rights and in the
promotion of the welfare and peace of the common people of Mexico.
Committee of International Bankers, saying:
who are among the principal sufferers from the chaotic conditions now
The appointment of a committee of bankers to represent the interests
of prevailing.
holders of Mexican Government and industrial securities will furnish
the
It must, we think, be apparent that the effective, practical and friendly
Mexican Government an opportunity to discuss on the broadest possible
recognition by the Mexican Government of its obligation to protect Amerbasis the matters which, as Secretary of Finance, I have been
dispatched to ican and other foreign rights will be followed
by a rapid development of
New York by President Carranza to take up with banking interests.
Mexico's resources, with increased revenue to the Government, re-estabThe Mexican Government aims to resume the payment of interest on
its lishment of its credit, employment for its
debt and to give the fullest security to foreign investors.
people and a supply of food
It is clear to
every one, of course, that the revolutionary Government has heretofore products more than sufficient for the country's needs. But it is also
had to devote most of its energies to the establishment of law and order clear that this development is largely dependent upon the continued help
and to meeting its immediate Government responsibilities. As a result of American capital and enterprise, neither of which will be available
of the effective work done by President Carranza in this respect, Mexico for this purpose until the Mexican laws and officials recognize the rights
is arriving at the time when it will he able firmly to re-establish its financial of Americans and afford adequate protection to their lives and property.
The organizers of this association feel that gross injustices have been
credit. Despite the revolution during the past few years, many foreign
business enterprises have prospered exceptionally in Mexico, to the mutual committed in Mexico to American citizens, and to American property
rights; that there has been a lack of accurate information concerning the
advantage of owners of these enterprises and the Mexican Government.
actual conditions which'have prevailed and a lack of co-ordinated effort
I refer especially to the oil and mining companies.
It is my confident belief that a group such as the bankers' committee, to prevent their repetition; that there exists a vital necessity for the creaby considering the needs and problems of the Mexican people, can, in con- tion of a medium for the ascertainment of all of the facts bearing upon
the Mexican situation, and through which an appeal may be made to
ference with representatives of the Mexican Government, arrive at a plan
of public opinion and
to the governments of Mexico and of the United States;
co-operation in regard to their investments and interests which
-will redound
and that it is only through concerted action, in which it is hoped that all
to the mutual advantage of Mexico and investors in Mexican securities.
Mexico hopes to share in the great progress which is coming to the world persons interested in Mexico may participate, that a condition of stability
after the period of readjustment is past. It looks forward to building up and responsibility in that country can be effected which will result in the
its civilization in common with other nations of the world. In its efforts full recognition and protection of American rights.
It seems clear that too much light cannot be thrown upon the facts
it will welcome all legitimate enterprises on the part of foreign investors
whenever such enterprises does not thwart the progress of the Mexican regarding the Mexican situation if we are to secure intelligent and effective
action on the part of the American people and representatives. To that
people themselves.
end the associadon will, among
Henry Bruere, former City Comptroller and unofficial foreign industries and enterprisesother things, collect all data regarding
in Mexico. will keep in touch with all
financial adviser to the Mexican Government, was quoted decrees, laws, regulations and other developments affecting American
rights in Mexico, and will be prepared to furnish information in respect
in the Now York "Tribune" of Feb. 24 as saying:
Mexico's future depends on its economic development. This develop- thereto to the Government of the United States and to the American
public. It will also make a thorough study of the Mexican situation
ment depends on outside co-operation from the quarter represented by the
interests on this committee. If the committee will look at Mexico as a from historical, legal and economic standpoints, and will request its memnation, as a human enterprise, it will be able to accomplish a great piece bers to keep it constantly informed.as to such matters as will enable it to
prepare a complete report on American rights in Mexico upon their vioof statesmanship.
There is a right and a wrong way of going about the work of the com- lations, upon the resultant paralysis of American enterprises, upon the
mittee. If the work is done in the right way it will bring Mexico back effects of such acts upon the moral and economic life of the Mexican peointo association with the civilized nations and will establish its credit and ple, and upon such other matters as bear upon the relationship between
this country and its citizens and the Mexican republic and its people.
good-will, without which it cannot get along in the world of nations.
The association will endeavor to keep itself constantly in touch with
Mr. Lamont is a big man, and I am sure he will not consider the problem
from the point of view of money counting and coupon clipping, but from the the Mexican Government and with the Government of the United States,
broader aspect of assisting the Mexican people to develop their own gatural as to all matters affecting American rights and property, and will at all
resources. A new era in Mexican affairs will be brought about by such co- times be prepared to take and vigorously prosecute such legitimate steps
as may be necessary for their protection.
operation between outside big business and the Mexican people.
We wish to emphasize the fact that it is the desire of this association
The committee, I take it, will offer the Mexican Government and people
constructive suggestions as to ways out of their present difficulties, instead not to embarrass our Government (which might have appeared to be
of lamenting the state of their holdings. What it will accomplish, if it does the case had this organization been undertaken during the continuance
its work right, will be to develop Mexico's natural resources, establish sound of hostilities in Europe), and not to bring our Government into conflict
credit and banking systems, build up education, make internal improve- with the Mexican Government, but that its chief aim will be to work
ments, promote sanitary living conditions, establish an adequate constabu- with both Governments upon a friendly and helpful basis with reference
lary to maintain order, and devise a land system whereby there will be to all of the foregoing matters.
If such a program can be carried out, the organization can, it is conmany'small land owners instead of a few large ones.
fidently believed, be of great service
Following the announcement of the organization of the friction between the United States and in assisting to remove causes of
the Republic of Mexico.
International Committee for the Purpose of Protecting
Holders of Mexican Securities, attention was called to the MEXICAN PROBLEMS AND THE PEACE CONFERENCE.
fact that the appointment of the American members of this
Cablegrams to the daily press from Paris under date of
committee was made by the recently formed Foreign Securi- Feb. 24 had the following
to say with reference to the Mexities Committee of the Investment Bankers' Association of can problems and the Peace Conference:
America. It may be recalled that an Executive Committee
That Mexican problems already have been the subject of formal discuswas appointed recently by the Foreign Securities Committee sion between the delegates of the peace conference and that Great Britain
and France have indicated willingness to leave to the United States adcomposed of the following members:
justments of all questions
Thomas W. Lamont, Chairman, Charles H. Sabin,
ex-officio,
Mortimer L. Schiff,
Moreau Delano,
H. L. Stuart,
Allen B. Forbes,
Albert H. Wiggin, Vice-Chairman.
Charles E. Mitchell,
in Mexico in which their nationals are interested
was revealed by the publication in Paris newspapers of the announcement
of the formation of an international committee of bankers to protect the
holders of Mexican securities.
It is not planned to bring the Mexican question before the Conference
officially, but advantage has been taken of the presence here of official
representatives of the three nations most concerned.to bring the committee
into existence at this time and to begin joint consideration of plans that may
serve as a basis of adjudication.
Mexico is not represented at the conference, but the presence in Paris
of Alburto J. Pant as a representative of President Carranza opens the way
for direct negotiations should they be desired.
It is regarded as possible that before the Conference adjourns the incidental discussions instituted by the committee of bankers may find.
formal place in the conference program.
Several of the members of this Executive Committee,
notably Messrs. Lamont,Sabin, Schiff and Wiggin, are members of the International Committee on Mexican Securities.
It is pointed out that the action of the Foreign Securities
Committee in appointing a special committee for dealing
with this Mexican situation is in line with the policy which
has been adopted in the past by a similar body in the London market—the Corporation of Foreign and Domestic
MEXICO'S INTEREST IN LEAGUE OF NATIONS.
Bondholders—and it is hoped will be the beginning of concerted action among American financiers to protect as well
The statement that Mexico needs, "not a peace imposed
as foster American investments abroad.
by arms, but an organic peace," is attributed in an Associated
A copyright cable to the New York "Times" from Mexico Press statement cabled to the daily press from Paris on
City,:onlFeb. 26 stated that it was understood that the Mexi_ Feb. 14, to Francisco de la Barra, formerly Provisiona 1
826
THE CHRONICLE
[VOL. 108.
or purchase taken
however, that on notes or other obligations for disount
President of Mexico. According to these accounts, Mr. do from banks, bankers or trust companies, with or without their endorsement.
that Mexico has a direct interest in the maintaining on account with the member bank discounting or purchasing
la Barra stated
at maunderstanding that
League of Nations, because she is in full sympathy with the the same, with the exchange at par, thepayment is to be provided
charge shall be discretionary
turity in New York
principle of a League of Nations and has a direct interest in
While, as thus charged, the regulations did not entirely
participating practically with its organizers in the great
have satisfy the Boston Clearing House, none of the accounts of
work of strengthening right and justice. He is said to
this week's action of the New York Clearing House indicate
•
added:
was made in response to
I know that this remedy will not cure all the evils and that unfortunately that the piesent week's revision
the time has not yet come to "substitute the ploughshare for the sword," the demands of the Boston body. Some of the newspaper
but it is useful to encourage the general effort toward orderly life in each reports anent the change stated that it merely made the
country as well as order in international life.
the Federal Reserve
For countries in the same condition as Mexico a League of Nations will Clearing House practice coincide with
represent another guarantee in addition to the ordinary guarantees con- Bank schedule. The New York "Tribune" of Feb. 25 in
templated by international law. Mexico, the same as other neutrals,
reporting that a change in the Clearing House was about
has not been asked thus far to participate in a League of Nations, but
opinion in Mexico is favorable to the idea and will show itself from now to be announced, said:
on, not only in the spirit animating the Government, but also through
all organs of its national life.
We Mexicans must show the entire world that we deserve as a nation to
participate in the "formal concert of the Powers," as President Wilson has
called it. In this solemn moment of history every Mexican must consider
earnestly the special obligations imposed upon us by the present situation.
Mexico needs peace, not a peace imposed by arms, but an organic peace,
if I may so call it, which must be the result of free expression under a legal,
firm and democratic regime in which the liberty of the press, liberty of
meeting and liberty of conscience and of franchise will contribute to the
adequate solution of the problems of labor, of the land and of the nation.
All this must have as a basis a feeling of frank cordiality and friendship
with the United States and the Allies and not only in appearance. In this
way will the necessary guarantees be given to our own countrymen and to
foreigners.
As the result of an agreement reached between the New York Clearing
House Association and the Federal Reserve Board authorities, the collection charge of 1-40 of 1% on acceptances payable outside of New York
City is to be abolished. An official announcement of the new arrangement
Is expected shortly.
Under the agreement acceptances payable outside of New York will in
the future be collected through the Federal Reserve banks, which will make
no charge for the operation. This collection arrangement will be extended
to the whole Federal Reserve system, so that acceptances payable in a
Federal Reserve city or branches thereof will be collected by the Reserve
banks and settled through the gold settlement fund at Washington.
A simple illustration of the working of the new arrangement is this:
A New York bank holding acceptances payable in Boston will have the
Federal Reserve Bank of Boston collect the acceptances on maturity.
The Boston Reserve Bank will in duo course credit the Federal Reserve
Bank of New York with the amount involved through the use of the gold
settlement fund at Washington. The Federal Reserve Bank of Now
York will then settle and close the operation by crediting to the New York
banking institution holding the acceptances the amount due it. There
will be no charges for the transaction. The operation will be conducted
in a similar manner in a case where, say a Philadelphia bank holds the
maturing acceptances of a San Francisco bank. In this case the transaction will be handled between the Philadelphia and the San Francisco
Reserve banks.
AMENDMENT TO COLLECTION RULES OF NEW YORK
CLEARING HOUSE ASSOCIATION.
An amendment to the rules and regulations of the New
York Clearing House Association, regarding collections
outside of the City of New York, adopted on Feb. 10, were
made public on Wednesday of this week (Feb. 26) and will
The following announcement of the Federal Reserve
go into effect to-day (March 1). The particular change
of bankers'
which Bank of New York, showing when proceeds
affects section 6 of the Clearing House regulations,
acceptances will be available, was made public simultaneously
is now made to read as follows:
nt of the change in the Clearing House
Sec. 6. (a) On acceptances of banks, bankers, and trust companies with the announceme
taken by member or clearing non-member institutions the charge shall be rules:
No. 147.
governed by the "Schedule Showing When the Proceeds of Bankers
Acceptances Will Become Available," as published by the Federal Reserve
Bank of New York from time to time; that is to say, for such items for
which credit is available at the Federal Reserve Bank of New York on the
day of maturity, the charge shall be discretionary; where credit is available
at said bank one or two days after maturity, 1-40 of 1%; where credit is
available at said bank three or four days after maturity, 1-20 of 1%.
where credit is available at said bank later than four days after maturity;
1-10 of 1%.
(b) All notes or other time obligations, not provided for in sub-division
(a) of this section, purchased by member of clearing non-member institutions payable elsewhere than in N'ew York City,shall be subject to a charge
of not less than 1-10 of 1%,except that in the States of Florida, Louisiana,
Mississippi, New Mexico, North Carolina, and South Carolina, the charge
of 1%; provided, however, that for notes or other
shall be not less than
time obligations purchased or discounted by any collecting bank, payable
New York City, but with respect to which, the maker,
elsewhere than in
endorser or guarantor; or any bank, banker or trust company maintaining
an account with the collecting bank, gives a written agreement at the time
of such purchase or discount, that payment is to be provided in New York
City on date of maturity in New York funds at par, the charge shall be
discretionary.
The amendment to this section follows two others made
since last summer; under•the regulations as revised on July
29 1918 (and published in our issue of Aug. 3, page 446)
the wording of the section had stood as follows:
Sec. 6. All notes or other time obligations purchased by member or nonmember institutions payable elsewhere than in New York City shall be
subject to a charge of not less than 1-10th of 1%,except that in the States
South
of Florida, Louisiana, Mississippi, Now Mexico, North Carolina and
Carolina the charge shall be not less than 34 of 1%. Provided, however,
or discounted by any colthat for notes or other time obligations purchased
lecting bank, payable elsewhere than in New York City, but with respect
to which the maker, endorser or guarantor, or any bank, banker or trust
company maintaining an account with the collecting bank,gives a written
agreement at the time of such purchase or discount, to provide New York
of
funds for the payment of such notes or other time obligations on day
maturity, the charge shall be discretionary with the collecting banks.
A protest made by the Boston Clearing House against
the collection charge of 1-10 of 1% imposed by the New
York Clearing House resulted in the modification of the
section on Sept. 3 making the charge 1-40 of 1%, and as
thus amended it read:
Section 6 of the Rules and Regulations Regarding Collections Outside of the
City of New York, as Amended Sept. 3 1918.
Sec. 6. (a) On acceptances of banks, bankers and trust companies lo)
.
cated in Federal Reserve cities (except New York City and cities where
Federal Reserve bank branches are at present, or may hereafter, be estabor clearing non-member
lished, purchased for their own account by member
institutions, the charge shall be 1-40 of 1% on items payable at such cities
where credit is available at the Federal Reserve Bank of New York two days
or less after receipt; 1-20 of 1% on such items where credit is available at
said bank three or four days after receipt; and 1-10 of 1% on such items
where credit is available at said bank eight days after receipt. The above
charges apply to the above items whether collected through the Federal
Reserve banks or otherwise.
(b) All notes or other time obligations, not provided for in Sub-Division
(a) of this Section, purchased for their own account by member or clearing
non-member institutions, payable elsewhere than in New York City,
shall be subject to a charge of not less than 1-10 of 1%, except that in the
States of Florida, Louisiana, Mississippi, New Mexico, North Carolina
and South Carolina, the charge shall be not less than 34 of 1%, provided,
Circular
FEDERAL RESERVE BANK OF NEW YORK.
February 26 1919.
Schedule Showing When Proceeds of Bankers' Acceptances Will Be
Available if Collected through the Federal Reserve Bank of
New York.
On and after March 1 1919 bankers' acceptances will be received by the
Bank of New York for collection from its member banks
Federal Reserve
and from Federal Reserve banks, but bankers acceptances payable at
New York Clearing House banks will not be received from Clearing House
members.
By arrangements completed with all other Federal Reserve banks the
proceeds of bankers' acceptances payable in cities where Federal Reserve
banks or their branches are at present or may hereafter be established will
be available, subject to payment, on day of maturity.
Proceeds of bankers' acceptances payable elsewhere than in Federal
Reserve or Federal Reserve branch cities will be available, subject to payment, one or more days after maturity, until further notice, in accordance
with the following schedule:
Credit for Items
Credit Available
Payable Elsewhere in
at Maturity for
District Available
Items Payable in
District.
1 day after maturity
Boston, Mass.
1. Boston
1 day after maturity
Now York, N. Y.
.York
2 Now
Buffalo, N. Y.
1 day after maturity
Philadelphia, Pa.
3. Philadelphia
1 day after maturity
Cleveland, Ohio
4. Cleveland
Cincinnati, Ohio
Pittsburgh, Pa.
2 days after maturity for MaryRichmond, Va.
L Richmond
land, District of Columbia
Baltimore, Md.
and Virginia.
3 days after maturity for West
Virginia, North Carolina and
South Carolina.
1 day after maturity for acceptAtlanta, Ga.
Atlanta
6.
ances of member banks only.
New Orleans, La.
Acceptances of non-members
Jacksonville, Fla.
when collected.
Ala.
Birmingham,
1 day after maturity
Chicago,
7. Chicago
Detroit, Mich.
1 day after maturity
St. Louis, Mo.
8. St. Louis
Louisville, Ky.
Memphis, Tenn.
Little Rock, Ark.
Minneapolis, Minn. 1 day after maturity
9. Minneapolis
St. Paul, Minn.
1 day after maturity
Kansas City, Mo.
10. Kansas City
Omaha, Nob,
Denver, Col.
1 day after maturity
Dallas, Texas
11. Dallas
El Paso, Texas
12. San Francisco San Francisco, Cal. 1 day after maturity.
Spokane, Wash.
Portland, Ore.
Seattle, Wash.
Salt Lake City, Utah
MASSACHUSETTS HOUSE REJECTS BILL AUTHORIZING STATE TREASURER TO MAKE
DEPOSITS IN NEW YORK BANK.
in the Massachusetts Legislature proposing to auA bill
thorize the State Treasurer to make deposits in a national
MAR. 11919.]
THE CHRONICLE
827
bank in New York City was rejected by the House on Feb. Senator Marshall. Reference to the first of these is made in
21. The Boston "Herald" in reporting its rejection said:
the preceding article. It permits a bank or trust company
Mr. Rice of Boston, in charge of the measure, explained that the Treas- which is a member of a Federal Reserve bank to maintain
urer frequently goes to New York and borrows money there for about X
of 1% less than he could obtain it in Boston and that under the present such reserves with that bank as are required by the Federal
law there was no way that he could lawfully deposit the money in a New Reserve Act. The second of the bills permits savings
York bank for the credit of Massachusetts. He said that every Western banks to borrow money for the purpose of purchasing stocks
State has a fiscal agent in New York and that Massachusetts should have
one as a matter of convenience, economy and enterprise. In States that or bonds or interest-bearing notes or obligations of the
are thus represented in New York, he said, New York checks are accepted United States. The third removes the prohibition against
at their face value, but under the present arrangement, Massachusetts
loans by trust companies exceeidng one-tenth of their
checks are at a discount.
Messrs. Nichols of Fitchburg and Furness of Everett, both members of capital to any director thereof.
the Committee on Banks and Banking, opposed the measure as unnecessary, arguing substantially that all requirements of the Treasurer's office
could now be met through existing arrangements between Boston banks
that have New York correspondents.
N. Y. LEGISLATURE PASSES BILL AUTHORIZING
STATE BANKS IN FEDERAL RESERVE SYSTEM
TO MAINTAIN RESERVE REQUIREMENTS OF
FEDERAL RESERVE ACT.
A bill introduced by Senator Marshall in January amending
the State banking law as to reserves so as to authorize any
bank or trust company which is a member of a Federal Reserve Bank to maintain such reserves with the latter as are
required under the Federal Reserve Act, was passed by the
Senate on Feb. 18 and by the Assembly on Feb. 26. The
bill provides that, so far as a State institution shall comply
with the reserve requirements of the .Federal Reserve Act,
it is to be exempt from the State law governing reserves.
The following is the text of the bill. The matter in italics is
new, that in black-faced brackets is the old law omitted.
AN ACT, To amend the banking law, in relation to reserves of banks and
trust companies.
The People of the State of New York, represented in Senate and Assembly,
do enact asfollows:
Section 1. Section 112 of Chapter 369 of the Laws of 1914, entitled
"An Act in relation to banking corporations, and individuals, partnerships,
unincorporated associations and corporations under the supervision of
the banking department, constituting Chapter 2 of the consolidated laws,"
as amended by Chapter 579 of the Laws of 1917 and Chapter 92 of the Laws
of 1918, is hereby amended to read as follows:
Sec. 112. Reserves against deposits. Every bank shall maintain total
reserves against its aggregate demand deposits as follows:
1. 18% of such deposits if such bank has an office in a borough having
a population of two millions or over; and at least 12% of such deposits
shall be maintained as reserves on hand, except as otherwise provided in
this section.
2. 15% of such deposits, if such bank is located in a borough having a
population of one million or over and less than two millions, and has not
an office in a borough specified in subdivision 1 of this section; and at least
10% of such deposits shall be maintained as reserves on hand.
3. 12% of such deposits if such bank is located elsewhere in the State;
and at least 4% of such deposits shall be maintained as reserves on hand.
Any part of the reserves on hand in excess of 4% of such deposits may
be deposited, subject to call, with a Federal Reserve bank in the district
in which such, bank is located, and the reserves on hand not so deposited
shall consist of gold, gold bullion, gold coin, United States gold certificates,
United States notes or any form of currency authorized by the laws of the
United States; but, if any bank shall have become a member of a Federal
Reserve bank, it [may maintain as reserves on hand with such
Federal Reserve bank such portion of its total reserves as shall be
required of members of such Federal Reserve bank] shall maintain
such reserves with such Federal Reserve bank as are required by the Federal
Reserve Act and so long as it complies with the requirements of such Federal
Reserve Act with reference to reserves shall be exempt from the preceding provisions of this section.
If any bank shall fail to maintain its total reserves in the manner authorized by this section, it shall be liable to, and shall pay the assessment or
assessments provided for in Section 30 of this chapter.
Sec. 2. Section 197 of said Chapter 369 of the Laws of 1914, as amended
by Chapter 579 of the Laws of 1917 and Chapter 92 of the Laws of 1918,
is hereby amended to read as follows:
Sec. 197. Reserves against deposits. Every trust company shall maintain total reserves against aggregate demand deposits, as follows:
1. 15% of such deposits, if such trust company has an office in a borough
having a population of two millions or over; and at least 10% of such
deposits shall be maintained as reserves on hand;
2. 13% of such deposits, if such trust company is located in a borough
having a population of one million or over and less than two millions, and
has not an office in a borough specified in subdivision 1 of this section;
and at least 8% of such deposits shall be maintained as reserves on hand.
3. 10% of such deposits, if such trust trust company is located elsewhere
in the State. Trust companies located in cities of the first and second
class but not falling within subdivisions 1 or 2 of this section, shall maintain
at least 4% of such deposits as reserves on hand; and trust companies
located in cities of the third class and in incorporated and unincorporated
villages, shall maintain at least 3% of such deposits as reserves on hand.
Any part of the reserves on hand in excess of 3% of such deposits may be
deposited, subject to call, with a Federal Reserve bank in the district in
which such trust company is located and the reserves on hand not so deposited shall consist of gold, gold bullion, gold coin, United States gold
certificates, United States notes or any form of currency authorized by the
laws of the United States; but if any trust company shall have become a
member of a Federal Reserve bank, it [may maintain as reserves on
hand with such Federal Reserve bank such portion of its total
reserves as shall be required of members of such Federal Reserve
bank] shall maintain such reserves with such Federal Reserve bank as are
required by the Federal Reserve Act and so long as it complies with the requirements of such Federal Reserve Act with reference to reserves shall be exempt
from the preceding provisions of this section.
If any trust company shall fail to maintain its total reserves in the
manner authorized by this section, it shall be liable to, and shall pay the
assessment or assessments provided for in Section 30 of this chapter.
Sec. 3. This Act shall take effect immediately.
HOUSE PASSES BILL PERMITTING FEDERAL RESERVE
BANKS TO HAVE 100% SURPLUS.
The bill amending the Federal Reserve Act so as to permit Federal Reserve banks to accumulate a surplus equal
to 100% of their capital, instead of 40% as at present, was
passed by the House on Feb. 17. The bill differs somewhat
from that passed by the Senate on Jan. 20, and the two have
been taken up in conference. The Senate bill was given in
these columns Feb. 1, page 424. Besides enabling the
Reserve banks to create a larger surplus, both the House
and Senate bills liberalize rediscounting through the use of
Liberty bonds or certificates of indebtedness, and permit the
use of engraved signatures of bank officials on bank notes.
The House bill in addition modifies restrictions which prevent members of the Federal Reserve Board from holding
office in a member bank for two years beyond the time they
hold office in the Board. The bill as reported to the House
by its Committee on Banking and Currency had contained a
provision permitting the establishment of not to exceed ten
branches by national banks having a capital and surplus of
$1,000,000 or more, in a city with a population of 100,000 or
more. The following is the bill as passed by the House:
Be It Enacted by the Senate and House of Representatives of the United States
of America in Congress Assembled.
That that part of the first paragraph of Section 7 of the Federal Reserve
Act which reads as follows: "After the aforesaid dividend claims have been
fully met,all the net earnings shall be paid to the United States as a franchise
tax, except that one-half of such net earnings shall be paid into a surplus
fund until it shall amount to 40% of the paid-in capital stock of such
bank," be amended to read as follows:
"After the aforesaid dividend claims have been fully met, the net earnings shall be paid to the United States as a franchise tax, except that the
whole of such net earnings shall be paid into a surplus fund until it shall
amount to 100% of the subscribed capital stock of such bank, and that
thereafter 10% of such net earnings shall be paid Into the surplus."
Sec. 2. That that part of Section 10 of the Federal Reserve Act which
reads as follows: "The members of said board, the Secretary of the Treasury, the Assistant Secretaries of the Treasury, and the Comptroller of the
Currency, shall be ineligible during the time they are in office and for
two years thereafter to hold any office, position, or employment in any
member bank," be amended to read as follows:
"The Secretary of the Treasury, the Assistant Secretaries of the Treasury, and the Comptroller of the Currency shall be ineligible during the
time they are in office and for two years thereafter to hold any office,
position, or employment in any member bank. The appointed members
of the Federal Reserve Board shall be ineligible during the time they are
in office and for two years thereafter to hold any office, position, or employment in any member bank, except that this restriction shall not apply to
a member who has served the full term for which he was appointed."
Sec. 3. That Section 11 of the Federal Reserve Act, as amended by the
Act of Sept. 7 1916, be further amended by striking out the whole of
subsection(m)and by substituting therefor a subscetion to read as follows:
"(m) Upon the affirmative vote of not less than five of its members,
the Federal Reserve Board shall have power to permit Federal Reserve
banks to discount for any member bank notes of any one borrower in
excess of the amount permitted by Section 9 and Section 13 of this Act:
Provided, however, That all such notes discounted for any member bank
In excess of the amount permitted under such section shall be secured by
not less than a like face amount of bonds of the United States issued since
April 24 1917, or certificates of indebtedness of the United States."
Sec. 4. That Section 5172, Revised Statutes of the United States, be
amended to read as follows:
"That in order to furnish suitable notes for circulation the Comptroller
of the Currency shall, under the direction of the Secretary of the Treasury,
cause plates and dies to be engraved, in the best manner to guard against
counterfeiting and fraudulent alterations, and shall have printed therefrom
and numbered such quantity of circulating notes in blank, or bearing
engraved signatures of officers as herein provided, of the denominations of
$1, $2. $5, $10, $20, $50. 3100, 3500 and $1,000, as may be required to
supply the associations entitled to receive the same. Such notes shall
express upon their face that they are secured by United States bond de
posted with the Treasurer of the United States, by the written or engraved
signature of the Treasurer and Register, and by the imprint of the sea
of the Treasury; and shall also express upon their face the promise of the
association receiving the same to pay on demand, attested by the writte
or engraved signatures of the President or Vice-President and Cashier;
and shall bear such devices and such other statements and shall be in such
form as the Secretary of the Treasury shall, by regulation, direct."
PROPOSED AMENDMENTS TO NEW YORK STATE
BANKING LAW.
Four bills proposing important amendments to the New
York State Banking Law,in accordance with the recommendations of Superintendent of Banks George I. Skinner, have
been drafted for introduction in the Legislature. The bills
are to be introduced by Senator N. Monroe Marshall, of
The Now York State Assembly passed on Feb. 26 three Franklin County, and Assemblyman N. W. Cheney, of
amendments to the State banking laws, all sponsored by Erie County, the Chairmen of the Senate and Assembly
828
THE CHRONICLE
Committees on Banks. The measures, it is announced by
the State Banking Department, have the express approval
of representatives of the Association of State Banks, of the
Trust Companies Association and of the Savings Bank
Association of the State, and,so far as known, of the banking
institutions of the State generally. State Bank Superintendent Skinner, in indicating the nature of the bills, on
Feb. 25 said:
[VOL. 108.
Secretary of the Treasury and Government or Governments issuing such
obligations, through their accredited representatives. That the said
bonds and debentures may be redeemed in the following manner:
When the Secretary of the Treasury shall receive from the foreign Government or Governments issuing such bonds, debentures or obligations,
the principal and interest due, on or before the date fixed in the said bond,
debenture or obligation for its redemption, he shall advertise the fact
that the said bond, debenture or obligation will be paid, together with the
accrued interest on a date mentioned, in two newspapers published
in the principal cities of the United States, having a population of over
two hundred and fifty thousand, and on and after the date mentioned
One of the most important of recent amendments to the Federal Reserve In such notice the interest on said bond, debenture, or obligation shall
Act, in its general effect upon banking conditions throughout the United cease. The coupons only up to the date of the redemption period shall
States, is the so-called "Phelan Bill," by which the Federal Reserve Board be attached to said bonds or debentures.
Is authorized to grant special permits to national banks, under certain
The Secretary of the Treasury is hereby authorized and directed to
conditions, to exercise trust powers in States where any class of State offer the said bonds or debentures for sale at a price of not less than par
banking institutions are authorized to act in a fiduciary capacity. Among and accrued interest from the date of issue.
the conditions imposed upon national banks in this connection is the deThe bonds and debentures shall be printed and engraved in the United
posit of bonds with the State Superintendent or Commissioner for the States of America, in the English language, at the expense of the foreign
protection of private and court trust funds held by any such bank where government or governments issuing the same, and shall be signed by the
such deposit was required of the State institutions exercising trust powers Ambassador or an accredited representative of such foreign governby the laws of that State.
ment to the United States having such power.
The national banks given this power are also required to maintain trust
That no act of a foreign government shall relieve the United States
departments and the law permits the examination of such trust depart- from its guarantee.
ments by the State Superintendent or Commissioner of Banks.
The sum of $25,000, or so much thereof as may be necessary, is hereby
The Attorney-General of the State has held that the Superintendent of appropriated for the expense of advertising and incidental expenses in
Banks in the State does not, without an amendment to the Banking Law, connection with the sale of the said bonds or debentures.
have the power to receive such deposits or to make such examinations. As
the Federal Reserve Board has already authorized forty-two national banks
to act in various fiduciary capacities in this State, it would seem that the
RESIGNATION OF M. C. ELLIOTT AS GENERAL
State law should be amended at an early date so as to authorize the Superintendent of Banks to receive deposits of securities from national banks
COUNSEL FOR FEDERAL RESERVE BOARD.
and to examine their trust departments. The first of the proposed bills
The resignation of M. C. Elliott as general counsel of the
will give him such powers.
As the avowed purpose of the passage of the amendment to the Federal Federal Reserve Board was announced yesterday. Mr.
Reserve Act was to enable national banks to compete with State institu- Elliott will resume private practice. G. L. Harrison, who
tions, there does not seem to be any reason why the powers of State banks
In this respect should not be made equal to those of national banks. If has been Assistant Counsel for the Board, has been apthis were not done, moreover, the tendency of State banks engaged in pointed to succeed Mr. Elliott.
commercial business to be converted into trust companies, as they may do
under the provisions of the Banking Law, would be greatly accelerated
and any distinction between large State banks and trust companies might
soon be entirely obliterated.
R.' W. GIDNEY MANAGER OF BUFFALO BRANCH OF
The second bill authorizes such State banks as may obtain special auNEW YORK FEDERAL RESERVE BANK.
thorization from the Superintendent of Banks to exercise fiduciary powers
IL M. Gidney, who has been with the Federal Reserve
under the same conditions as national banks are authorized to exercise
them by the Federal Reserve Bank.
Bank for the past two years as Assistant Federal Agent, has
At the time the Banking Law was adopted, conditions under which the
the Buffalo Branch of the New
National Government might operate the railroads of the country could been appointed Manager of
not be foreseen or contemplated, and no reference to such a possibility was, York Federal Reserve Bank.
therefore, made in the provisions of the Banking Law making certain railroad bonds legal investments for savings banks.
The third bill removes any doubt with reference to the legality of such
NEW PROPERTY ACQUISITIONS BY FEDERAL
bonds as investments for savings banks, on account of the operation of the
•
RESERVE BANK OF NEW YORK.
railroads by the National Government. It also removes any question as
to legality of any investments made by the trustees of such savings banks
The Federal Reserve Bank of New York has increased its
or other trustees during the period of operation.
Section 46 of the Banking Law,revised in 1914, provided for a very wide- property holdings on Maiden Lane and Liberty Street. The
spread publication of all unclaimed deposits, dividends and interest held taking over by it of the Fahys Building at 52-54 Maiden
by State institutions or the Superintendent of Banks in order that the
sums so held may be called for and repaid to the actual owners thereof. Lane and 29-31 Liberty Street was announced in these
It was found, however, that the cost of such publication as originally con- columns Jan. 11, page 115. This week it was made known
templated was practically prohibitive and no money was appropriated for that the Bank had acquired the property at 23-27 Liberty
such publication in January 1916 as provided by statute. Ultimately the
Legislature of 1917 appropriated a sufficient amount to admit of publica- Street, running through to 56-58 Maiden Lane. The bank's
tion in the State paper and in a newspaper in the City of New York to be announcement regarding the purchase of the additional
designated by the Superintendent. The fourth bill, if enacted, would so property was made as follows on Feb. 24:
amend the Banking Law as to require the publication of unclaimed deposits
The Federal Reserve Bank of New York has concluded negotiations
In one newspaper in the City of New York and in the State paper published
In Albany. It seems better to have such a limited publication in 1921 than through Horace S. Ely & Company, real estate brokers, for the purchase
of the property Nos. 23 to 27 Liberty Street running through to Nos. 56-58
to have such publication entirely omitted.
Maiden Lane, having a frontage of about 58 feet on each street.
The premises Nos. 25-27 Liberty Street and Nos. 56-58 Maiden Lane
SENATOR SMOOT'S BILL FOR CONVERSION OF LOANS were purchased from Mrs. Frederick C. Penfield. The premises No. 23
Liberty Street were purchased from Mr. Cortlandt P. Bishop.
TO ALLIES INTO BONDS.
The largest single tenant iii these properties is the Employers Liability
On Feb. 15 a bill was introduced in the Senate by Senator Assurance Corporation of New York, under tho management of Messrs.
Dwight & Mlles. They occupy almost the entire twelve-story building
Smoot authorizing the Secretary of the Treasury to nego- at 56 Maiden Lane. The Hartford Fire Insurance, Co. occupies the
tiate with the Allied Governments and other Governments building No. 58 Maiden Lane, which is a six-story fire proof structure.
The acquisition of these properties gives to the Federal Reserve Bank of
whose obligations are held by the United States for the
the
New York an ownership
conversion of the loans into bonds or debentures to be sold entire block bounded byof about 43,500 square feet of land and takes Inand
Liberty Street, Nassau Street, Maiden Lane
in the open market. The following is the text of the bill:
William Street, with the exception of the properties No. 21 Liberty Street,
now occupied by Horace S. Ely & Co., and the Montauk Building at the
A BILL
Directing the Secretary of the Treasury to negotiate and arrange with corner of William Street.
Messrs. Dwight & Hilles and Hurry & Dutton represented Mrs. Penfield
certain foreign governments to convert their present indebtedness
and the firm of White & Case were the attorneys for the Federal Reserve
to the United States into marketable and saleable securities.
Bank. The Title Guarantee & Trust Co. represented Mr. Bishop.
Be it enacted by the Senate and House of Representatices of the United
States of America in Congress assembled, That within twenty days after
the passage of this Act the Secretary of the Treasury shall negotiate and
arrange with the Governments of Great Britain and France, Kingdom SUBSCRIPTIONS TO THIRD ISSUE OF TREASURY
of Italy. Kingdom of Belgium, and Kingdom of Rumania,and other GovCERTIFICATES ISSUED IN ANTICIPATION OF
ernments whose obligations are held by the Government of the United
TAXES.
States, through their duly accredited representatives to the United States,
all of whom are indebted to the United States in large sums of money by
- The Secretary of the Treasury announced on Feb. 24 that
reason of loans made to them from time to time by the United States,
that such loans be converted into marketable and saleahle securities, the subscriptions to the third offering of Treasury certificates
either bonds or debentures, with coupons attached, negotiable in form, of Indebtedness issued in anticipation of this year's taxes
payable in dollars, and in lawful money of the United States, either to
would be closed on that day. The subscriptions then totaled
bearer or the registered holder of same, having a maturity of not less
than five years, nor more than twenty-five years, and bearing a rate of about $370,000,000. Final figures, it was stated, would be
Interest of not more than six per centum per annum, or not less than five announced on receipt of final reports from the Federal
per centum per annum, payable semi-annually, payable in dollars, in
which reference was
lawful money of the United States, which bonds or debentures shall be Reserve banks. The certificates, to
divided into denominations of $1,000, $500, $100 and $50, lawful money of made in these columns Jan. 11, page 116, are known as
the United States.
Series T-2; they are dated Jan. 16, and mature June 17 1919;
The Secretary of the Treasury is hereby authorized and directed to
indorse on each and every such bond, debenture, or obligation, payable they bear interest at 43/2%. The statement is as follows:
The Federal Reserve Bank of New York stated to-6y that the subas aforesaid, a guaranty on behalf of the United States Government,
guaranteeing to bearer, or the registered holder of said bond, debenture, scriptions for Treasury certificates of indebtedness, Series T-2, dated
or obligation, the payment of the principal of said bond, debenture, or Jan. 16 1919, and due June 17 1919, will close at the close of business to-day
obligation, together with the interest accrued thereon, from time to time, and no further subscriptions will be received for such certificates except
until maturity. Said obligation may contain a redemption privilege at such as may have been actually in the mails at the close of business to-day.
par and accrued Interest from and after a date agreed upon between the The total subscriptions to date amount to approximately $370,000,000.
MAR. 1 1919.1
THE CHRONICLE
FOURTH ISSUE OF TREASURY CERTIFICATES IN
PAYMENT OF TAXES.
The fourth offering of Treasury certificates of indebtedness
acceptable in payment of income and excess profits taxes
next June, was announced on Feb. 25. These certificates,
carrying 432% interest, are dated Mar. 15 1919 and will
mature June 16 1919. The subscription books will close
Mar. 15. The Federal Reserve Bank of New York issued
the following announcement on Feb. 25 regarding- the
offering:
829
that expenditures for the fiscal year ending next June 30
would be $19,000,000,000, which is $5,000,000,000 more
than the estimated .receipts of $14,000,000,000, exclusive of
the yield from the Victory Loan. Explaining the provision
in the proposed bill for $7,000,000,000 of notes, the committee's report said:
The Treasury Department and the committee believe that out of an abundance of caution we should authorize the issue of $7,000,000,0
00 of notes,
since the excess over $5,000,000,000 will doubtless be required
early in the
next fiscal year.
While declaring the issuing of short-term notes instead
of long-term bonds was preferrable, the report added:
The Federal Reserve Bank of New York stated that the Secretary
of the
It is believed such notes, should it become advisable or necessary,
Treasury announced yesterday a new issue of Treasury certificates
of
can be
indebtedness receivable in payment of income and profits taxes known converted at or before maturity into long-time obligations for the Government, bearing lower rates of interest than if long-time obligations
as Series T-3, dated Mar. 15 1919, and maturing June 16 1919 at the
were israte
sued at the present time.
of 44% per annum.
Payment at par and accrued interest for certificates allotted
According to the New York "Times" of Feb. 25, Chairman
must be
made on or before Mar. 15 1019, or on later allotment. Subscription
books Kitchin's report, submitted to the
House on the 24th,
are now open.
Treasury certificates of indebtedness of Series T maturing
analyzes the bill, and explains in detail the amount of exempMar. 15,
Series T-2, maturing June 17th, and the 4% tax series of
1919, maturing tions under the pending bill and the bond Acts. Under
July 15th (with interest coupons maturing May 15 and July
15 attached) these provisions, a taxpayer could
will be accepted at par with an adjustment of accrued
hold the following amounts
interest in payment
for any certificates of the Series T-3 now offered which
shall be subscribed of Government obligations exempt from all income taxes
for and allotted. In case of payment before Mar. 15 1919
in Treasury and excess and war profits taxes:
certificates of any of said three series, interest will
nevertheless be paid to
Bonds absolutely tax free in addition to the 334% First Liberty bonds,
Mar. 15 1919; in the case of certificates of Series T-2 to the
holders of such $50,000.
certificates and in the case of certificates of Series T and
of the tax series
Fourth Liberty bonds, tax free until two years after the termination
of 1919, to the holders of the coupons for such interest which
of
should be the war, $30,000.
detached and presented for payment in the ordinary
course when due.
First Liberty bonds, converted; Second Liberty bonds, converted
or
unconverted, and Third Liberty bonds, until two years after the terminaVICTORY LOAN BILL PASSED BY HOUSE.
tion of the present war, $45,000.
First Liberty bonds,
The Victory Liberty Loan bill authorizing the issue of unconverted; Third and converted; Second Liberty bonds, converted or
Fourth Liberty
short-term notes, maturing in one to five years,and empower- termination of the present war, $30,000.bonds, until five years after the
First Liberty bonds, converted; Second Liberty bonds, converted or
ing the Secretary of the Treasury to fix the interest rates,
unconverted; Third and Fourth Liberty
was passed by the House on Feb. 26, with but three dissent- $6.667 of notes originally subscribed forbonds, so long as the owner holds
by him, $20,000.
ing votes, following the failure of efforts of Republican
members to have stricken out a provision continuing the
War Finance Corporation with authority to make loans to
finance export trade. The bill was favorably reported to
the Senate yesterday (Feb. 28). Representative Moore of
Pennsylvania led the attack on the War Finance Corporation section, with a motion to send the bill back to committee for its elimination. Referring to Senate efforts to
block the bill, "Financial America" yesterday said:
An effort was made by Chairman Simmons to report the bill
yesterday
[the 27thi but it was blocked by Senator Jones of Washington who
wanted
it amended and who announced he would talk at great length upon
the
measure if necessary. Apparently, this threat of a filibuster was
overcome
by the President's visit to the Capitol yesterday, when he took no pains
to conceal his decision that an extra session will not be called at once
and
that if supply bills are held up the Republicans who hold them
up will be
permitted to bear the burden of objections the country would be
expected
to make.
The bill, which had been reported to the House on Feb. 22,
authorizes the issuance of $7,000,000,000 of notes, but
Democratic leader Kitchin informed the House on Feb. 25
that the amount of the forthcoming loan was expected to
be $5,000,000,000. The sale of the other $2,000,000,000
of notes, he said, would probably be necessary early in the
fiscal year beginning July 1. The bill provides for the
issuance of four classes of notes as follows:
(1) Exempt, both as to principal and interest, from all taxation (except
estate or inheritance taxes) now or hereafter imposed by the
United States,
any State, or any of the possessions of the United States,
or by any local
taxing authority:
(2) Exempt, both as to principal and interest, from all
taxation now
or hereafter imposed by the United States, any State, or any
of the possessions of the United States, or by any local taxing authority,
except (a)
estate or inheritance taxes, and (b) graduated additional
income taxes,
commonly known as surtaxes, and excess-profits and war-prof
its taxes,
now or hereafter imposed by the United States, upon the income or
profits
of individuals, partnerships, associations, or corporations;
(3) Exempt, both as to principal and interest, as provided in paragraph
(2); and with an additional exemption from the taxes referred to in clause (I))
of such paragraph, of the interest on an amount of such notes the principal
of which does not exceed $30,000, owned by any individual, partnership,
association, or corporation; or
(4) Exempt, both as to principal and interest, from all taxation now or
hereafter imposed by the United States, any State, or any of the possessions
of the United States, or by any local taxing authority, except (a) estate
or
inheritance taxes, and (b) all income, excess
-profits and war-profits taxes,
now or hereafter imposed by the United States, upon the income or
profits
of individuals, partnerships, associations, or corporations.
The bill also contains provisions creating a sinking fund
to retire Government war bonds in twenty-five years,
granting additional tax-exemptions on past issues of bonds,
and authorizing further loans to foreign Governments to
promote the sale of equipment and supplies owned by the
United States abroad.
.After the House Ways and Means Committee had reported the bill on Feb. 24, the Treasury authorized the
statement that the $5,000,000,000 estimate was not necessarily exact, since the amount would not be finally determined
by the Treasury for a month and a half. The size then
will depend on Government expenses, which cannot be forecast accurately for the next month or more. The committee's estimate, it is said, was based on the assumption
The "Times" also says:
Mr. Kitchin points out that the bill makes provision for the extension
of credits to foreign Governments to the amount of $1,500,000,000, and
that the section on the maturity of foreign obligations reads:
"That the obligations of foreign Governments acquired by the Secretary
of the Treasury by virtue of the provisions of the First Liberty Bond Act
and the Second Liberty Bond Act, and amendments and supplements
thereto, shall mature at such dates as shall be determined by the Secretary
of the Treasury;
"Provided, That such obligations acquired by virtue of
provisions
of the First Liberty Bond Act or through the conversion the short
-time
of
obligations acquired under such Act shall mature not later than June 15
1947, and all other such obligations of foreign Governments shall mature
not later than Oct. 15 1938."
TWO CLASSES OF NOTES FOR VICTORY LOAN FAVORED BY STATE BANKS OF NEW YORK.
At Thursday's meeting of the Association of the State
Banks of the State of New York, held in Syracuse, at which
State Superintendent of Banks George I. Skinner was
present as a guest, a Victory Loan running for five years
at not less than 5%, subject to all Federal taxes, and a tax
free loan to run for the same period and bear not less than
4% were advocated. It was urged that both issues be redeemable by the Government at par at the end of three years
at the option of the Government. Resolutions adopted
by the association declare that any attempt on the part of
the Government to float the Loan on the lines and terms
prevailing in the four preceding campaigns might prove
"wearisome and perhaps unsuccessful." The resolutions
which were forwarded to Secretary of the Treasury Carter
Glass also stated:
It seems to us that the patriotic and willing subscribers to these loans are
entitled now to some consideration in the terms of the new issue, inasmuch
as the extra burden of interest is practically assumed by the whole country
in the payment of taxes.
Elliott C. McDougal, of the Bank of Buffalo and President
of the Association, in addressing the meeting said in part:
The great majority of our citizens who bought Liberty Loan Bonds
during the war were not, and even now are not, real investors. They
bought out of pure patriotism, or because they were afraid that they would
be called unpatriotic, or because they did not want to refuse their employers, or because they did not want to be in a minority in a plant that
otherwise would be reported as 100% in subscriptions, or for other reasons.
Many of them might have been educated as investors had the Government
sold them bonds that were worth what was paid for them. Many good
judges think that the opportunity to make investors of them probably is
lost but if there still be opportunity, it can be availed of only through the
issuance of bonds bearing a rate of interest sufficient to keep them from
falling below par.
Unless the Government should issue bonds that will not fall below par in
the open market the banks of this country cannot safely load themselves
with Government securities. A bank safely can invest in bonds which it
knows it could sell without loss on the drop of the hat a much greater
amount than it would dare invest in bonds that could not readily be disposed of. In other words the banks of this country, as a body, safely
could absorb to-day two or three times the sum of $5,000,000,000 in Government bonds, providing every bank knew that it could realize, without
loss or delay, on such of the bonds as it might become necessary to sell.
It is for the best Interests of the Government to pay the market price for
money, thus insuring the fullest possible support and co-operation from
the banks of the country. It is for the best interests of the GoNernment
and for the public served by the banks that they should not be crippled
by being compelled to take large quantities of unmarketable securities.
Unless the banks of this country are kept in liquid and sound condition,they
cannot adequately take care of the business and commerce of the country
and assist in the work of reconstruction, which now faces them.
830
THE CHRONICLE
[VOL. 108.
theatre7admissions and club dues, and a variety of stamp
taxes. Levies against the excess of value of so-called semiluxuries, such as. articles of dress, will be imposed after'
May 1. The soda fountain tax becomes effective May 1.
Taxes on products of child labor will be imposed in sixty days.
An advisory tax board of six members is to be appointed by
Internal Revenue Commissioner Roper to hear appeals from
taxpayers or revenue officials concerning the fairness of
assessments and questions growing out of the auditing of returns. The bill provides for two months extra pay to all
persons serving in the military or naval forces upon discharge.
Preparations for the repeal of the semi-luxury taxes in the
bill are already under way by Chairman Kitchin of the House
NO EXTRA SESSION OF CONGRESS UNTIL PRESIDENT Ways and Means Committee.
WILSON'S RETURN FROM SECOND TRIP ABROAD
—HIS PLANS WITH RESPECT TO LA TER.
PRESIDENT WILSON'S RETURN.
After a conference with President Wilson at the White
The transport George Washington, bearing President
House on Feb. 25 Senator Martin of Virginia Democratic
leader in the Senate announced that President Wilson would Wilson and his party on the return voyage from France,
not call an extra session of Congress until after his return arrived at Boston on Sunday night, Feb. 23. The Presifrom Europe following his second trip abroad. The Presi- dent remained on board for the night and landed during
dent only this week returned to the White House after the forenoon of Monday. The day had been declared a
an absence on the other side of nearly three months. Plans holiday, and officials of the State and city joined in exfor his return to France were completed yesterday (Feb. 28). tending an enthusiastic welcome to the President. Through
Following the adjournment of Congress on March 4 he will streets crowded with cheering thousands, the President
leave Washington stopping en route at Philadelphia and drove to the Copley Plaza Hotel for luncheon, and afterward
New York. In the latter city he will deliver an address at to Mechanics' Hall, where he delivered the public address
the Metropolitan Opera House on Tuesday night when previously planned. Immediately after the address the
with ex-President Taft he will speak in support of the pro- President took the train for Washington.
During his brief stay in Boston President Wilson received
posed League of Nations. The President will sail for
a Polish delegation, expressing the gratitude of the Poles of
France on the George Washington on Wednesday morning.
While it is reported that the President did not on Tuesday America for his sympathy for Poland. A delegation from
last indicate when he expected to get back from the other the Women's Trade Union League also presented the Presiside after his second trip Senator Martin personally ex- dent an engraved address of welcome, bound in leather and
pressed it as his opinion thatlit was not likely to be earlier gold. No untoward incidents marked the President's stay,
though several arrests were made of suspicious persons, and
than June 1.
a group of militant suffragists was arrested to forestall a
threatened demonstration.
WAR REVENUE BILL SIGNED BY PRESIDENT
The President is expected to return to France on or shortly
WILSON.
the Peace ConferThe war revenue bill, as agreed to in conference and after March 5, to finish up his work at
passed by the House on Feb. 8 and the Senate on Feb. 13, ence. On Tuesday, as stated elsewhere, it was announced
was signed by President Wilson on Feb. 24. The President that the President would not call the new Congress in session
affixed his signature to the bill while he was on the train after March 4 (the date when the life of the present Congress
en route from Boston to Washington. Secretary Glass in expires) until his second return from Europe.
announcing the approval of the bill, and appealing to the
patriotism of the people for co-operation in fulfilling the PRESIDENT WILSON, IN. BOSTON ADDRESS, CHALLENGES OPPONENTS OF LEAGUE TO A TEST OF
requirements of the law said:
President Wilson signed the new revenue bill Monday and thereby set
AMERICAN SENTIMENT.
in motion to-day the well-oiled machinery of the Bureau of Internal RevPresident Wilson, in an address at Boston on Feb. 24 to
enue, every cog and wheel of which is adjusted for the greatest task in its
history, the collection of $6,000,000,000.
a crowded audience in Mechanics' Hall, challenged the
Last year we were in the midst of a world's war and taxpayers, sustained
opponents of the League of Nations to a test of American
by the white heat of patriotism, gave cheerful and ready response to the
demands of the Government for war revenues. To-day the war is over, sentiment. and declared that for his part he had "no more
but the spirit of America does not change. The war must be paid for.
doubt of the verdict than I have of the blood that is in me."
It is a shallow kind of patriotism that does not burn brightly in time of
The President declared that he had not come to report on the
as well as in time of war. It is a poor sort of patriot who would
peace
progress or the results of the Peace Conference, and in fact
shirk the duty he steadfastly performed a year ago.
The income tax last year was a Liberty Tax. This year It is a Victory his address was more in the nature of an interpretation
cost of a world's
Tax, but the purposes of each are the same, to defray the
in Europe, especially among the
war that has brought to the Uhited States and its associates ineffable of the spirit that prevails
masses of the people. He declared that the people of Euboon of peace.
The Government, therefore, appeals to that higher form of patriotism rope trusted the unselfish purposes of this country, and
Which is not dependent upon the shouting and the tumult to co-operate in
looked to us to lead the way toward a better day. "The nathe collection of taxes this year with the same splendid spirit of last year.
The success of the Victory Tax depends, in the final analysis, upon the co- tions of the world," the President said, "have set their heads
operation of the American people, who never yet have failed to answer the now to do a great thing, and they are not going to slacken
demands of their Government. Taxes are ever irksome, but I believe that
this Victory Tax will be paid by the great majority of taxpayers cheerfully their purpose. And when I speak of the nations of the
and willingly. To do less is to confess a lack of that spirit of patriotism world I do not speak of the Governments of tins world. I
Which has made this an enduring Republic.
speak of the peoples who constitute the nations of the world.
The text of the law was published by us in two installThey are in the saddle, and they are going to see to it that
ments—the first in our issue of Feb.8 pages 518 to 525 and
their present Governments do not do their will, some other
of Feb. 15 pages 619 to 634. if
the second in the "Chronicle"
Governments shall. And the secret is out and the presTaxes which became operative at once include those on
ent Governments know it." The Presideht referred to the
liquor, tobacco, soft drinks, so-called luxuries, such as autoas those whose "minds have no
and opponents of the League
mobiles, pianos, candy, chewing gum, sporting goods
sweep beyond the nearest horizon," and, inviting them to
slot machines, capital stock of corporations, brokers, amuse"test the sentiments of the nation," declared that he "should
ment places, taxicabs and other special businesses. Other
welcome no sweeter challenge than that."
features of the bill which went into legal effect with its apThe address was received with warm approval, which rose
proval by the President on Feb. 24, but which are retrothe President gave evidence of his inby the time of to enthusiasm when
active and which are not practically affected
tention to fight just as hard for his ideals here as he has
the signing of the bill, include: taxes on incomes, excess
at Paris.
profits and war profits; estates and inheritances, and excise
The full text of the address follows:
taxes on a number of special businesses, such as brokers,
-4 wonder if you are half
Governor Coolidge, Mr. Mayor, fellow-citizens
bowling alleys, insurance companies, theatre and amuse- as glad to see me as I am to see you. It warms my heart to see a great
and liquor dealers. Drastic measures body of my fellow-citizens again, because in some respects during recent
ment place proprietors
without your comradeship and
been very lonely
months
to prevent the narcotic drug traffic became effective at once. council, I havetried at every stepindeed, work which fell to me to recal
of the
and I
Among taxes which become effective April 1 are those affect- what I was sure would be your counsel with regard to the great matter ;
ing railroad and steamship tickets, pipe lines, insurance, which were under consideration.
The present system of arbitrary allotment under pressure amongst banks
of Government securities pro rata is entirely unsound. In the future
there doubtless will be a growing tendency'among banks to refuse to take
allotments that force them to overtrade, at least so long as pressure is
brought to bear upon them to convert short time certificates of indebtedness into bonds instead of exercising their undoubted right to present them
for payment in cash when due. The Government is facing a very serious
situation. There is every evidence that this is appreciated by the Treasury
Department but not by Congress as a body. Congress must not forgetthat officers and directors of banks are charged with duties which they can
not renounce. If officers and directors, by weakly yielding to Government
pressure, neglect their duties, if the banks which they represent become
unsound or unable to discharge their obligations to their depositors and
to the general public, the fact that Government pressure had been brought
to bear on these officers and directors would be for them no valid excuse.
From now on the Government of the United States should do business
on business principles.
MAR. 11919.]
THE CHRONICLE
831
what it was all about reached them
I do not want you to think that I have not been appreciative of the country, and when these accents of
they raised their eyes to heaven,
extraordinarily generous reception which was given me on the other side, from America they lifted their heads,
in spirit of crusaders, and
in saying it makes me very happy to get home again. I don't mean to then they saw men in khaki coming across sea
they found these were strange men, reckless of danger not only, but recksay I wasn't very deeply touched by the cries that came from greater
made that danger worthcrowds on the other side. But I want to say to you in all honesty, I felt less because they seemed to see something that
our men were possessed
them to be the call of greeting to you rather than to me. I did not feel while. Men have testified to me in Europe that
they could only call religious fervor. They were not
that greeting was personal. I had in my heart the overcrowning pride by something that
the plaudits of men every- like any of the other soldiers. They had vision, they had dream, and
of being your representative and of receiving
and fighting in dream they turned the whole
where who felt that your hearts beat with theirs in the cause of liberty. they were fighting in dream,
back. And now do you realize that this
There was no mistaking the tone in the voices of these great crowds. It tide of battle and it never came
have established throughout the world imposes a burden
was not the tone of mere greeting, it was not the tone of mere generous confidence we
call it a burden.'It is one of those burdens
welcome, it was the calling of comrade to comrade, tho pry that comes upon us—if you choose to
be proud to carry. Any man who resists the
from men who say we have waited for this day when the friends of liberty which way nation ought to
world will find himself thrown upon a shore
should come across the sea and shake hands with us to see that the new present tides that run in the
will seem as if he had been separated from his
world was constructed upon a new basis and foundation of justice and so high and barren that it
human kind forever.
right.
Europe that I left the other day was full of something that it had never
I can't tell you the inspiration that came from the sentiments that
It was full of hope. The Europe of the
came out of these simple voices of the crowd. And the proudest thing felt fill its heart so full before.
of the third year of the war, was sinkI have to report to you is that this great country of ours is trusted through- second year of the war, the Europe
They did not see any great thing
out the world. I have not come to report the proceedings or results of ing to a sort of stubborn desperation.
when the war should be won. They hoped there
the proceedings of the Peace Conference—that would be premature. I to be achieved even
salvage; they hoped they could clear their territories of incan say that I have received very happy impressions from this Confer- would be some
they hoped they could set up their homes and start their
ence, impressions that while there are many differences of judgment, while vading armies;
afresh. But they thought it would simply be a resumption of
there are some divergencies of object, there is nevertheless a common industries
life that Europe had led—led in fear, led in anxiety, led in conspirit and a common realization of the necessity of setting up a new stand- the old
and watchfulness. They never dreamed that it would
ard of right in the world. Because the men who are in conference in stant suspicion
settled peace and justified hope. And now these ideals
Paris realize as keenly as any American can realize that they are not mas- be a Europe of
magic that all the peoples of Europe are buoyed
ters of their people, that they are servants of their people, and that the have wrought this new
hope, because they believe that we are
spirit of their people has awakened to a new purpose and a new concep- up and confident in the spirit of
when nations will understand one
tion of their power to realize that purpose, and that no man dare go home at the eve of a new age in the world,
will support one another in every just cause; when
from that Conference and report anything less noble than was expected another; when nations
nations will unite every moral and every physical strength to see that
of it.
to fail the world,
The Conference seems to you to go slowly; from day to day in Paris right shall prevail. If America were at this juncture
It seems to go slowly, but I wonder if you realize the complexity of the what would come of it?
war afI do not mean any disrespect to any other groat people when I say
task which is undertaken. It seems as if the settlements of this
world. And if she does not juftify that
fect, and affect directly, every great, and I sometimes think every small, that America is the hope of the
will be thrown back upon bitterness
nation in the world. And no one decision can prudently be made which hope results are unthinkable. Men
but bitterness of despair. All nations will
is not properly linked in with the groat series of other decisions which of disappointment not only,
reckoned in with the final result if be sot up as hostile camps again; men at the Peace Conference will go
must accompany it, and it must be
home with their heads upon their breasts, knowing they have falled—for
the real quality and character of that result is to be properly judged.
there until they did something
What we are doing is to hear the whole case, hear it from the mouths they were bidden not to come home from
Suppose we sign the treaty of peace
of the men most interested, hear it from these who are officially commis- more than sign the treaty of peace.
of peace that the confusing elesioned to state it, hear the rival claims, hear the claims that affect new and that it is the most satisfactory treaty
and go home and think about our
nationalities, that affect now areas of the world, that affect new commer- ments of the modern world will afford
we have left written upon the historic table
cial and economic connections that have been established by the great labors, we will know that
and Benjamin Franklin wrote their
world war through which we have gone. And I have been struck by the at Versailles, upon which Vergennes
no nations united to defend
moderateness of those who have represented national claims. I can testify names, nothing but a modern scrap of paper,
good, no assurance given to the
that I have nowhere seen the gleam of passion. I have seen earnestness, it, no great forces combined to make it
that they shall be safe.
I have seen tears come to the eyes of men who plead for down-trodden down-trodden and fearful people of the world
will take part in giving the world any
people whom they were privileged to speak for, but they were not tears Any man who thinks that America
that does not know America. I invite
of anger, they were tears of ardent hope; and I don't see how any man such rebuff and disappointment as
nation.
can fall to have been subdued by these pleas, subdued to this feeling that him to test the sentiments of the
We set this nation up to make men free and we did not confine our
he was not there to assert an individual judgment of his own but to try
conception and purpose to America, and now we will make men free. If
to assist the cause of humanity.
America would be gone and all her
And in the midst of it all every interest seeks out first of all when it we did not do that all the fame of
then have to keep her power
reaches Paris the representatives of the United States. Why? Because— power would be dissipated. She would
purposes which seem so dear to some
and I think I am stating the most wonderful fact in history—because for those narrow, selfish, provincial
horizon. I should welcome
there is no nation in Europe that suspects the motives of the United States. minds that have no sweep beyond the nearest
blood in me, and it is
Was there ever so wonderful a thing seen before? Was there ever so no sweeter challenge than that. I have fighting
is challenged on this
moving a thing? Was there over any fact that so bound the nation that sometimes a delight to let it have scope, but if it
think of the
had won that esteem forever to deserve it? I would not have you under- occasion it will be an indulgence. Think of the picture,
world. America has failed. Amerstand that the great men who represent the other nations there in con- utter blackness that would fall on the
America said,
ference are disesteemed by those who know them. Quite the contrary. ica made a little essay at generosity and then withdrew.
But you understand that the nations of Europe have again and again "We are your friends," but it was only for to-day, not for to-morrow.
right," and then next day
clashed with one another in competitive interest. It is impossible for America said, "hero is our power to vindicate
and we will take care of ourselves.".
men to forget those sharp issues that were drawn between them in times said, "let right take care of itself
men along the paths of liberty,
past. It is impossible for men to believe that all ambitions have all of America said, "we set up a light to lead
to light our own path."
a sudden been foregone. They remember territory that was coveted, but we have lowered it—it is intended only
and then we said "Liberty is a thing
We set up a great ideal of liberty,
they remember rights it was attempted to extort, remember political
realize, and while they believe men that you must win for yourself." Do not call.upon us, and think of the
ambitions which it was attempted to
you realize how many new nations are
have come into different temper they can not forget these things, and world that we would leave. Do
of old and powerful nations in Europe
so they don't resort to one another for dispassionate view of matters in going to be set up in the presence
by us, without a disinterested friend? Do
and left there, there, if left
controversy.
as I do? Are you going to set up Poland,
They resort to that nation which has won enviable distinction being you believe in the Polish cause
as yet unorganized, and leave her with
regarded as the friend of mankind. Whenever it is desired to send a small Immature, inexperienced,
in the aspirations of the
force of soldiers to occupy a piece of territory where it is thought no- a circle of armies around her? Do you believe
know how many Powers
body else will be welcome, they ask for American soldiers. And where Czecho-Slovaks and Jugo-Slavs as I do? Do you
were not guarantees of the
other soldiers would be looked upon with suspicion and perhaps met with would be quick to pounce upon them if there
of the sufferings of Arresistance, the American soldier is welcomed with acclaim. I have had world behind their liberty? Have you thought
help succor Armenians after
so many grounds for pride on the other side of the water that I am very menia? You poured out your money to
strength so that they shall never suffer
thankful that they are not grounds for personal pride, but for national they suffered. Now sot up your
again.
pride.
Arrangements of the present peace cannot stand a generation unless
If they were grounds for personal pride, I'd be the most stuck-up man
the civilized world. And
world. And it has been an infinite pleasure to me to see these they are guaranteed by the united forces of
in the
you see the picture? Your hearts
gallant soldiers of ours, of whom the Constitution of the United States if we do not guarantee them, cannot
burden of this war fell. It did not fall
made me the proud commander. Everybody praises the American sol- have instructed you where the
upon the instruments of adminisdier with the feeling that in praising him he is subtracting from the credit upon national treasuries; it did not fall
nations. It fell upon the
of no one else. I have been searching for the fundamental fact that con- tration; It did not fall upon the resources of
in hope that their
verted Europe to believe in us. Before this war Europe did not believe voiceless homes everywhere, where women were toiling
in us throughout the first three men would come back. When I think of the homes upon which dull
in us as she does now. She did not believe
I should wish for
years of the war. She seems really to have believed that we were hold- despair would settle if this great hope is disappointed,
whatever in this attempt
ing off because we thought we could make more by staying out than by my part never to have had America play any part
going in. And all of a sudden, in short, 18 months, the whole verdict to emancipate the world.
But I talk as if there were any question. I have no more doubt of
is reversed. There can be but one explanation for it. They saw what
than I have doubt of the blood that
we did, that without making a single claim we put all our men and all the verdict of America in this matter
ens, I have come back to report progress.
our means at the disposal of these who were fighting for their homes in is in me. And so, my fellow-citiz
that progress is going to stop short of the goal. The
the first instance, but for the cause—the cause of human right and justice and I do not believe
heads now to do a great thing, and
—and that we went in, not to support their national claims, but to sup- nations of the world have set their
purpose. And when I speak of the
port the great cause which they held in common. And when they saw they are not going to slacken their
of the Governments of the world. I
that America not only held the ideals but acted the ideals, they were nations of the world, I do not speak
the peoples who constitute the nations of the world. They
speak of
converted to America and became firm partisans of those ideals.
to see to it that if their present GovI mot a group of scholars when I was in Paris. Some gentlemen from are in the saddle, and they are going
universities who had come to see me and in whose pres- ernments do not do their will, some other Governments shall. The secret
one of the Greek
know it. •
ence, or rather in the presence of the traditions of learning, I felt very is out, and present Governments
There is a great deal of harmony to be got out of common knowledge.
young indeed. And I told them that I had had one of the delightful redeal of sympathy to be got of living in the same atvenges that sometimes come to men. All my life I have heard men speak There is a great
the differences of languages, which puzzled my
with a sort of condescension of ideals and of idealists, and particularly mosphere, and except for
I could have believed I was at home in France,
of those separated, encloistered persons whom they chose to term academic, American ear very sadly,
in England, when I was on the streets, when I was in the
who were in the habit of uttering ideals in a free atmosphere when they or in Italy, or
was in great halls where men were gathered
clash with nobody in particular. And I said I have had this sweet re- presence of crowds, when I
not feel quite as much at home there as I
venge. Speaking with perfect frankness in the name of the people of irrespective of class. I did
now, at any rate, after this storm of war had cleared
the United States, I have uttered as the objects of this great war ideals do here, but I felt that
were seeing, eye to eye, everywhere and that these were
the air, men
and nothing but ideals, and the war has boon won by that inspiration.
would understand what the kind of folks at home
Men were fighting with tense muscle and lowered head until they came the kind of folks who
they were fighting for their lives and their would understand; that they were thinking the same things.
to realize those things, feeling
832
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[VOL. 108.
iska.
It is a great comfort, for one thing, to realize that you all understand
the language I am speaking. A friend of mine said that to talk through
an interpreter was like witnessing the compound fracture of an idea. But
the beauty of it is that whatever the impediments of the channel of communication the idea is the same, that it gets registered, and it gets registered in responsive hearts and receptive purposes. I have come back
for a strenuous attempt to transact business for a little while in America,
but I have really come back to say to you, in all soberness and honesty.
that I have been trying my best to speak your thoughts. When I sample
myself, I think I find that I am a typical American, and if I sample deep
enough and get down to what probably is the true stuff of the men, then
I have hope that it is part of the stuff that is like the other fellows at
home. And, therefore, probing deep in my heart and trying to see things
that are right without regard to the things that may be debated as expedient, I feel that I am interpreting the purpose and the thought of
America; and in loving America I find I have joined the great majority
of my fellow-men throughout the world.
meritorious, they will be strengthened by debate. If they aro unwise or
ill-advised, that fact may be disclosed by free discussion. No injury can
possibly accrue to anyone by the freest and most painstaking examination
of the provisions of this proposed constitution of the world.
In its simplicity of form, the absence of what might be called specialization of functions of the government of this constitution of nations the
machinery of the league is similar to the Soviet Government • of Russia.
Its "body of delegates" and "executive council" and "permanent secretariat" are very largely a duplication of the framework of the Soviets.
Now, Mr. President, coining to the substance of this constitution of a
League of Nations. I may say that there are five principal matters of prime
importance contained in the constitution, and it is in regard to those, because the others are of comparatively slight importance, that I desire to
speak.
First—There is contained in this constitution a surrender by the several
nations to the league of the power and discretion of determining the rules,
methods, and degree of disarmament, and the relative and absolute size
of the Army and Navy which any member of the league may maintain.
Second—Compulso
all
SENATOR POINDEXTER'S STRICTURES AGAINST scription, even those ry arbitration ofhavequestions of every kind and dewhich heretofore
been regarded as nonjusticiable,
affecting the vital interests, honor, and even the independence of the
PROPOSED LEAGUE OF NATIONS.
nations.
The opening attack in the Senate last week on President
There is no exception whatever. No question concerning the welfare
Wilson's plan for a League of Nations was made by Sena- or even the existence of the United States can arise in controversy with
tor Miles Poindexter (Republican) in a three:hour speech on another nation which, if this league is adopted and its provisions enforced,
our people will not
Feb. 19. Besides declaring that the adoptionof the "fright- by its decision. be compelled to submit to a foreign tribunal and abide
ful compact" meant the surrender of our destinies to the
Third—The commitment of each member of the league, including the
League with the awful penalty of immediate war upon us United States, if it should become a member, to participate in the wars
all by the combined nations composing its membership and controversies of every other nation, and to assume the general guardianship of "various peoples," quoting' from the constitution itself, in
should we decline to obey the decrees of the League" the Europe, Asia and Africa.
Fourth—The participation by the league, through an international
Senator asserted that if the administration of the Monroe
bureau of labor, in the domestic,
Doctrine were "transferred to the congregated nations of lems, quoting from the constitutionsocial, ecomnomic and industrial probof the league, "both in their own counthe Old World, it ceases to be a Monroe Doctrine." In tries and in all countries to which their commercial and industrial relations
essaying that "we have had but few wars andthave avoided extend." This is contained in Article 20 of the proposed constitution,
and the extent of the participation
war by avoiding the cause of war" the Senator argued that of labor are left entirely vague andand powers of the international bureau
indefinite. What steps will be taken
"we are now asked to avoid war by multiplying immeasur- by the league or what power it will legitimately have to early out the
policies declared in this article are left to the wide discretion of the league
ably the cause of war and by surrending to a heterogeneOus itself,
as there is no limitation placed upon it.
League of diverse races our sovereign rights and privileges."
Fifth—The surrender by the United States to the other members of the
The following are some of the criticisms lodged against the league—I say to the other members of the league because the other members of the league constitute the overwhelming majority and will direct
League by the Senator in his speech:
its action—of the power which under our Government is vested by the
It is perhaps not an exaggeration to say that the matters contained in Constitution in Congress to
regulate Commerce with foreign nations in
the proposed constitution of the League of Nations, recently reported by a arms and ammunition. This is
contained in Article 18 in the following
special committee authorized to investigate and report by the Peace Con- language: "The high contracting
parties agree that the league shall be
gress, are the most momentous in their effect upon the Government and intrusted with general supervision of the
trade in arms and ammunition
the people of the United States since the Civil War. They are closely with the countries in which
the centrol of this traffic is necessary in the
related, in fact, to the problems presented for discussion and determina- common interest."
tion by the people in the formation of the Constitution of the United
Of course, the league is to determine in what country its control is
States. In adopting or rejecting this constitution—and I quote the words necessary. There is no limit, consequently,
placed upon the power of the
which the instrument itself uses in characterizing it as a constitution—and league to supervise the commerce
of the United States or any other nation
thereby becoming or not becoming a member of the League established in arms and ammunition, which power
under the Constitution of the
under it, the Government and the people of the United States will deter- United States is vested in Congress.
mine whether they are to remain the great sovereign and independent
The control of trade in arms and ammunition is one of the most essential
nation, with the most complete self-government ever devised by man and attributes of sovereignty. It has been
exercised by the United States
the highest functions of citizenship ever enjoyed; a people controlling their in various ways, at various times,
and in relation to various countries.
own destiny, determining for themselves, through their constituted Gov- It is one of the chief weapons
of defense, both direct and indirect, whether
ernment, the extent of their military preparations, the size of their armies in the matter of export or import of arms
and ammunition from or into the
and navies, maintaining peace and amity with the world during the greater United States itself, as in the
case of neighboring countries, such as Mexico
part of their career, establishing for themselves their international rela- or Cuba, in the matter of a
controversy between them and the United
tions, or whether, on the other hand, they are to merge their destinies with States, or whether in the matter
of the shipment of munitions of war to
those of the other nations of the world, share their burdens, participate in other belligerents, in the exercise
of their belligerent rights, in a war which,
their quarrels, and become a party to all the international complications as in the case of the present war with
Germany before we ourselves became
arising from diversity of race and language and conflict of interests of the a belligerent, indirectly involved
our most vital interests.
various peoples of Asia, Africa and Europe. Are we to surrender to an
Mr. President, the provisions of the constitution of the league as prointernational council and body of delegates those high functions of sov- posed, giving the league absolute
discretion as to the armament of its
ereignty which heretofore we have exercised for ourselves, and vest in the several members, are contained in
Articles 7, 8 and 9 of the proposed conJurisdiction of an international league the determination of our armaments, stitution. 1 want to ask Senators
to pay particular attention to Article
the decision of peace or of war, even in the most vital questions affecting 7, especially to one part of
it. It contains an unequivocal provision, as
our national honor, integrity, or material welfare? I think I can demon- follows:
strate that that is the issue which is to be determined.
No State shall be admitted to the league unless its people give effective
There is this further question involved of whether or not we would be guaranties of its sincere intention
to observe it international obligations
promoting tha cause of peace in the world by the adoption of this con- and unless it shall conform to such
principles as may be prescribed by the
stitution, or, on the other hand, would be plunging the world into a new league in regard to its naval and military
forces and armaments.
III
set of controversies, and, by requiring every nation to meddle with every
Under this the determination of what are the international obligations
other nation's business, would be bringing about an indefinite series of of the United States, once it has
joined the league, will be taken from the
armed conflicts. "Mind your own business" is a good motto for an in- people of the United States, where it
is now vested, and given to the League
dividual, and heretofore it has been the fundamental principle of our for- of Nations, and the United States will be
absolutely bound by every order
eign policy as a nation. It has saved us from many wars and given us of the league, backed by its
power, as to our naval and military forces and
long eras of peace, in which we have developed our social and industrial armaments.
life, brought happiness to our people, and waxed great and prosperous
Article 8 provides for a different degree of disarmament in the different
among the nations of the world. The question is now presented of whether nations in accordance with "the
geographical situation and circumstances
we are to adhere to this policy of Washington and Monroe, of cultivating of each State," and that "the executive
council shall also determine, for
friendly relations with all nations and making entangling alliances with the considereation and action of the
several governments, what military
none, or whether we are to enter into a treaty and adopt a constitution equipment and armament is fair and
reasonable in proportion to the scale
of a league which binds us to a great number, and possibly to all, of the of forces laid down in the program
of disarmament, and these limits, when
other nations of the vi orld in the most entangling alliance that could be adopted, shall not be exceeded
without tho permission of the executive
conceived, since it binds us as one of the guardians and guarantors of council."
every right or interest of any of these nations which might be involved in
The nations should avoid entering into an agreement whim canna be
actual or threatened war.
kept, which compromises the interests of the ptiople and subjects them
Under this plan, while Congress, the council of the people, is to remain to the sname of an inevitable
repudiation of ill-advised, unwise, and unsilent, the various organizations, such as the League to Enforce Peace, constitutional agreements.
the Society of Free Nations, Carnegie Endowment for International Peace
There should be a common-sense plan among all of the great military
and other internationalists employing an ex-President of the United States powers for a reduction and
limitation of armament; but this plan shouldibe
as one of their chief lecturers, and including members of the Cabinet, are specifically worked out
in advance of its acceptance. It should be subbusy in appealing to the American people in its behalf. Before the busy mitted to the
Government and to the people of the United States for their
world, whose destinies are to be controlled by this new dispensation, has approval or rejection;
and, when approved, there should be an express
had an opportunity to thoroughly read and digest its provisions, we are reservation of the right
of the people of the United States to abrogate the
requested not to make it the subject of debate in Congress until the Presi- agreement upon due notice
and duo procedure. This blind commitment
dent can again speak in its behalf. The situation is very similar to that of the people to submit their
future to the decision of a tribunal in which
when the people of this country indignantly protested against premature the United States is only one
'voice in a multitude, Without limitation as
negotiations for peace with Germany, and were told to leave the discus- to what its decision shall be, or any
provision whatever for its discussion,
sion of terms of peace to the Governments involved and to busy them- acceptance, rejection,
modification, or abrogation under any circumstances
selves with providing the necessary funds.
by the people, would be a betrayal of the trust and heritage of the nation.
So we are requested here, Mr. President, while the advocates of this It would mean the end
of the high station which both as citizens and_as a
supergovernment of the world are making arguments in its favor, to re- Republic we have occupied
heretofore in the world.
main silent. It is a matter, however, of too much importance for us to
It is said by some that this is not an entangling anianco.ff Some of the
remain altogether silent. No harm can be done by full discussion. These advocates of a league
of Nations have gotten into such a transcendental
great questions should be considered from every standpoint and should plane of logic that I
have been unable to follow them. They have said
be decided in the full light of public information and well-informed public that the Monroe doctrine
is not affected. I always thought thelMonroe
opinion. If the proposals contained in the constitution of thel eague are doctrine:was an American
doctrine to be administered by America, and
MAR. 1 1919.]
THE CHRONICLE
that was one of its essential elements. They propose to transfer its administration to Europe and say it is not affected at all. I have never quite
understood the process of thought by which they arrive at that conclusion.
. Another very ethereal and difficult—sublimated, as the able Senator
from Connecticut [Mr. Brandegeel suggests to me—process of reasoning
is the assertion that the obligation which we here enter into by this constitution, if it is adopted, to defend every member of the league in all parts
of the world and to assume the guardianship of unknown and undesignated peoples of Africa and elsewhere is not an entangling alliance. They
seem to argue in some way which I am not able to understand that if you
carry on the process of entanglement far enough you finally get to a point
where it is not entanglement.
The fact of the case is, Mr. President, that, looking at it from the standpoint that I think the American citizens look at it, the everyday man on
the street, the way I look at it, from a common-sense standpoint, no such
colossal burden or entangling alliance was ever before conceived in the world,
not only in the United States but in the world at large.
Under this obligation the United States assumes, if it is adopted, the
protection of every nation which shall become a member of the league. In
this we would have the co-operation of other members who were willing
and able to fulfill their obligations under this article, but, whether acting
jointly with them or alone, or with such of them as would live up to their
obligations, the United States would be bound to tax its people and sacrifice its soldiers to make war in behalf of every foreign country, member
of the league, when attacked in the manner indicated, either . a member
by
or by a nonmember nation. No such colossal burden or entangling alliance was ever before conceived in the world. Instead of being an instrument of peace it is the fertile seed of war—the dragon's teeth from
which, when sown, armed soldiers will spring.
Article 19 places upon the United States the further burden of the
Joint guardianship, with the other members of the league of "colonies and
territories which, as a consequence of the late war, have ceased to be under
the sovereignty of the States which formerly governed them and which
are inhabited by peoples not yet able to stand by themselves," of "certain
communities formerly belonging to the Turkish monarchy," and "other
peoples, especially those of central Africa." The further scope of this
guardianship, to which the United States pledges itself by this article, is
unlimited and undefined, and presumably would be left to the unlimited and
undefined discretion of the League of Nations. The extent to which this
guardianship shall be delegated to a "mandatory State" as agent is left
entirely in the discretion of the League.
Not satisfied with the service to mankind, greater than all others, which
has been rendered by the establishment of a government without class,
with equal opportunity, and subject to the control of the people, in the
United States, and with that protection which we have extended under
the Monroe doctrine to other nations in the Western Hemisphere, we
thus undertake, practically unsolicited and unsought, to extend our responsibilities and cares into the uttermost parts of the earth, The expense, labor, and sacrifice of life which will be the direct result of the
performance of such an obligation on the part of the United States are
past calculation. The indirect injury, however, to the spirit of our Government in thus assuming, along with others, a despotism, however benevolent we may conceive it now to be, over large portions of the world is far
more sinister than the losses which we will inevitably suffer directly in men
and money. It is an insidious menace, undermining the principles of the
localization of government, of nationality, and substituting for them the
principle of despotic internationalism, in which the self-determination of
all peoples will be merged.
Correspondingly, while assuming obligations of government in Asia,
Africa and Europe, this article, at once, by the same terms, surrenders to
Asia, Africa and Europe American policies which have been the prize
jewels in the American diadem of State. Emergencies which have arisen
in the past may arise in the future. The expulsion of Maximilian from
Mexico, the protection of Venezuela from Germany and Great Britain,
the freeing of Cuba from the despotism and cruelty of Spain under Lincoln,
Roosevelt, Cleveland, and McKinley, in pursuance of the famous policy
of Monroe, would have been impossible under a League of Nations. All of
these issues instead of being decided by the United States, in the light of
the high ideals of these traditional doctrines would be left to the administration of an alien tribunal, established under the League of Nations.
What the outcome would be no man can tell. Whatever it would be,
it would be the decision wnich at the time corresponded with the motives
and beliefs of the majority of the foreign members of the tribunal. This,
of course, means the end and obsequies of American determination and
control of these matters. The Monroe doctrine is an American doctrine.
If its administration is transferred to the congregated nations of the Old
World, it ceases to be a Monroe doctrine. Its application, construction,
and existence would then be dependent upon the mercy of the very nations
against whose interests it was promulgated. Its fate can easily be foreseen.
*
*
*
*
*
*
*
*
*
*
This is the frightful compact, Mr. President, that we are asked to make
—to surrender our destinies to the league, with the awful penalty of immediate war upon us by all the combined nations composing its membership, should we decline in any respect to obey the decrees of the league,
however destructive they may be of our happiness or prosperity.
This is the substitute we are asked to make for the peaceful and happy
state under which we have lived during the greater part of our national
career in peace and amity with the world. We have had but few wars,
and have avoided war by avoiding the cause of war. We are now asked
to avoid war by multiplying immeasurably the cause of war, and by surrendering to a heterogeneous league of diverse races our sovereign rights
and privileges. By such a course the independence which was perserved
by the patriotism of our people and the heroism of our soldiers in the fighting which has just been concluded will be surrendered, and the guarantees
of peace which victory has afforded us will be mortgaged to every nation
in the world.
If this constitution is ratified without being submitted to the American
people in a political campaign, where it shall have been made an issue, and
upon which they will have had an opportunity to render judgment in an
election, then self-government in America will have disappeared. We are
facing an abyss and the American people should not be led into it blindfolded. •
SENATOR BORAH'S PRONOUNCEMENTS AGAINST
LEAGUE OF NATIONS.
Senator Borah of Idaho (Republican), who intends to
make a tour of the country beginning March 10 against the
proposed League of Nations, registered his disapproval of
it in a speech before the Senate on Feb. 21. In declaring
it as his opinion that the question of the adoption of the
plan should be put to a vote of the people, Senator Borah
said:
833
We are now proposing what to my mind is the most radical departure
from our policies hitherto obtaining that has been proposed at any time
since our Government was established. I think those who are advocates
of the League will agree with me that it is a radical departure from the
policies which we heretofore have pursued. It may be wise, as they contend; nevertheless it involves a different course of conduct upon the part
of the Government and people for the future.
I believe this proposed program, if made effective and operative under
the proposed Constitution of the League necessarily involves a change in
our Constitution. Certainly, questions of that kind ought to be submitted
to a plebiscite or to a vote of the people. I am aware that the process by
which that may be done involves difficulties, but they are not insurmountable, and they are by no means to be compared with the importance of
being right and in harmony with the judgment of the people before we proceed. It must be conceded that this program can never be a success unless
there is behind it the intelligent and sustained public opinion of the people.
We also take the following from Senator Borah's utterances in the Senate against the League:
I think I should have deferred any remarks I had to make upon this
subject until a later day had it not been for an interview which was put
out by Mr. Taft some two or three days ago upon this matter. 1 felt in
view of that statement that those who were opposed to the program were
justified in proceeding at once to the debate because it is a statement which
in my judgment is not founded on fact.
Mr. Taft informs the American people from the pedestal of an exPresident that this program does not destroy the policy announced by
Washington in his Farewell Address and does not destroy the doctrine
known as the Monroe Doctrine, two fundamental principles underlying
our foreign policy for more than 100 years in one instance and nearly 100
years in the other, and two policies to which the American people long
have been committed and which in my judgment they believe to be indispensable to their happiness and future tranquillity. If, indeed, this
program does dispose of these policies it presents an entirely different
question to the American people than if the reverse were true.
Mr. Taft says: "Article X covers the Monroe Doctrine and extends it to
the world. . . . The League is to be regarded as in conflict with the
advice of Washington only with a narrow and reactionary viewpoint."
Mr. President, prior to the Administration of Washington, America
had been involved in every European war since colonization began. When
a difficulty arose in Europe, whatever might be the subject of the difficulty, whether dynastic quarrels or territorial aggrandizement, it spread
at once to the American continent, and although we might be wholly unconcerned in the controversy upon its merits, nevertheless the evil effects
of the conflict in Europe enveloped the American people in its consequences.
When Washington assumed the responsibilities as administrator of this
Government he immediately set about to change that condition of affairs;
to wit, to separate the European system from the American system; to
Individualize the American nation and to divorce us from the broils and
turmoils of European difficulties. This was peculiarly and distinctly a
policy originating with the Father of Our Country.
If there is any one thing in his entire career, marvellous as it was, which
can be said to be distinctly his it is the foreign policy which characterized
his administration.
His idea was that we never could become a nation with a national mind,
a national purpose and national ideals until we divorced ourselves from the
European systems.
Why quit our own land to stand upon foreign ground? Why by interweaving our destiny with that of any part of Europe entangle our peace
and prosperity in the toils of a European ambition, rivalship, interests,
humor or caprice? Are there people in this day who believe that a Euro.
pean now or in the future shall be free of selfishness, of caprice, of ambition?
Does the ex President of the United States mean to say to an intelligent
and thinking people that this League, which thus grants this power to
European nations, is not interweaving our destiny with Eurorlean destiny?
Does he pretend to say that this is not a departure from the plain terms
of Washington's Farewell Address? It may be that the people of America
want to do this; it may be that they think their future happiness and tranquillity necessitates their doing it. but I inveigh against the misleading
statement that we do not propose to do it by this League of Nations.
Let us be candid with those upon whom must rest the future and not
undertake to advise them that that Is not going to happen which necessarily
and inevitably must happen.
The ex President said the Monroe Doctrine is covered and extended
to the world. That was the condition before Monroe announced it. The
world was one. Monroe determined to separate and divide it and divorce
it and that was the very object of it. It was a distinct announcement that
the European system could not be transferred to America. The rest was
simply detail. We could not even share the responsibility of the execution
of the Monroe Doctrine upon the western continent.
It is personal: it is individual; it is the law of self-defense. It belongs
to us and we alone must determine when it shall be enforced and when it
shall be executed. Yet we are advised solemnly that although we should
share it with all the Governments of Europe and Asia and all the tribes of
the different generations which may in the future be organized into some
form of Government it is still the doctrine of self-defense which Jefferson
and Monroe announced and which Mr. Root so clearly explained.
The mere reading of the constitution of the League will convince any
reasonable mind, it seems to me. that the policies of Washington and
Monroe must depart if it is adopted. The two propositions cannot exist
together.
In the first place the League provides for an organization composed
principally and at the present time of five great nations, three of them
European, one Asiatic and one American. Every policy determined
upon by the League and every movement made by it could be and might
be controlled solely by the European Powers, whether the matter dealt
with the European continent or whether it dealt with the American continent. It makes no distinction between European affairs and American
affairs and erects a common tribunal which has jurisdiction over one
continent the same as the other, but in addition to that giving the majority
votes to the European system.
We, if we mean what we say in this constitution, are pledging ourselves,
our honor and our sacred lives to territorial possessions the world over and
not leaving it to the judgment and sense of the American people, but to
the diplomats of Europe.
By the insertion of three lines in the constitution of the proposed League
of Nations you can place it beyond peradventure, beyond contention or
cavil. The question which I submit now is: If you are unwilling to do this
Is it not proof conclusive that you intend to destroy the Monroe Doctrine?
Now, Mr. President, let us go to another feature of this League. I am
not here to-day to criticize in any way either directly or by inference the
great British nation or the great British people. They are among, if not
excepting our own, the most powerful people on the globe, but when we
come to deal with England we must deal with her intelligently and withra
due regard for our own interests and our own rights, for one of the dis-
834
THE CHRONICLE
tinguishing features of that proud nation is that she always looks after
Britain's interests and I admire her for doing so.
This constitution of the League of Nations is the greatest triumph for
British diplomacy in three centuries of British diplomatic life.. This constitution in the first place is lifted almost bodily from the constitution
proposed in January by Gen. Smuts. When they finally settle down to
business Great Britain will have one vote, Canada one vote, New Zealand
one vote, Australia one vote and South Africa one vote, while the American nation, created by our fathers and preserved through the century by
the blood and sacrifice of our forebears, will have one vote.
In both the executive council and the delegated body the same proportion obtains, and these two bodies direct, dominate and mark out the
policy of this entire program, whatever it is to be under the League. A
matter of profound significance.
I ask you who are in favor of this League, are you willing to give to any
nation five votes against our one? Do you presume that the question of
interest, of ambition, of selfishness, of caprice, of humor will not arise in
the future? Have they not already in a proper way, but none the less in an
unmistakable way, made their appearance since the armistice was signed?
Yet we are seriously proposing that we shall join a League whose constitutional powers shall determine policies upon the two continents and shall
give to our great commercial rival five votes to our one.
But that is not all. There are Italy and Japan associated with Great
Britain, and more nearly like her in their systems and in their policies than
they are like us. There are already treaties between these nations and
Great Britain which Mr. Balfour frankly says are not to be abrogated.
In other words, we are in the very beginning put up not only against this
extraordinary vote by one nation, but we have the disadvantage of contending against a system which covers other nations as well as that of
Great Britain.
What has England given us in this League of Nations? What has she
surrendered? Will some one advise me? Did she surrender the freedom
of the seas? That was pushed aside at the first meeting of the Congress,
and is not subject to its jurisdiction. Has she surrendered her contention
for the largest navy? What has she surrendered? On the other hand,
we have surrendered the traditional foreign policy of this country, which
has been established for 100 years, and we have gone behind these Powers
and placed at their disposal our finances, our man power and our full
capacity to guarantee the integrity of their possessions all over the globe.
Is it an even balance between these great Powers and the United States?
I come now to another feature which to me is even more interesting than
those over which we have passed. Conceal it as we may, disguise it as
some will attempt to do, this is the first step in internationalism and in
the sterilizing of nationalism. This is a recognized fact tacitly admitted
by all who supported it and expressly admitted by many that the national
State has broken down and that we must now depend upon that international State and international power to preserve our interests and
civilization.
That is disclosed in every line and paragraph of this instrument. It
begins with the preamble and ends with the last article—a recognition that
internationalism must take the place of nationalism. Here I want to call
attention to a statement from perhaps the most famous internationalist
now living. I read from a book entitled "The Bolshevik!and World Peace,"
by 'Isrotzky. He says:
"The present war is at the bottom a revolt of the forces of production
against the political form of national State. It means the collapse of the
national State as an independent economic unit. We Russian Socialists
stand firmly on the ground of internationalism. The German Social
Democracy was to us not only a party of the international, it was the party
par excellence. The present war signalizes the collapse of the national
State."
That is at the bottom of this entire procedure whether consciously or
unconsciously upon the part of those who are advocating it. It is a distinct
announcement that the intense nationalism of Washington, the intense
nationalism of Lincoln no longer can serve the cause of the American
people, and that we must internationalize and place the sovereign powers
of this Government to make war and control our economic power in an
International tribunal.
There is not a Government in existence to-day but which feels the strain
of those inscrutable forces which are working their way through all the
institutions of men. Church and creed, ancient Gover_maents and new,
despotic and liberal, order and law, at this time stand under challenge.
Hunger and disease, business anxiety and industrial unrest at this hour
threaten to demobilize the moral forces of organized society.
How shall we help to bring order out of chaos? Shall we do so by
becoming less or more American? Shall we entangle and embarrass the
efforts of a free people to decide in every emergency what in that particular
hour and in that supreme moment the interests of the American people
shall be and where wisdom calls and where duty lies, or shall we leave them
free, according to their wisdom and their judgment, to meet the emergencies of the future as they have so nobly met them in the past?
In a single line I can state my position—that there is not a supernational
tribunal or a supernational government which can be created or devised
by the wit of man so well calculated to take care of this republic as the
conscience and the wisdom of the 100,000,000 people to whom the loving
God has entrusted its keeping and its destiny.
SENATOR CUMMINS IN CRITICISM OF THE LEAGUE
OF NATIONS.
- Senator Cummins spoke on the proposed League of Nations on Wednesday and saw some element of good in the
President's plan. "From my standpoint," he said,"there is
some good in it, and I sincerely hope that at some stage of
the proceedings of the Senate I may have an opportunity to
express in a definite way my approval not only of the purpose in view but of these parts themselves." He then went
on to criticise it, however, as follows:
There is more that is bad in it; and it is my prayer that these parts may
be stricken from it. In order that there may be no doubt about my position, I desire to say that if I were compelled to vote upon the instrument
as a whole as now proposed, I would unhesitatingly vote against it, because there are articles and parts of articles in the proposed treaty which
are not only far beyond our authority to make but which change the whole
character of our Government and overturn the institutions upon which
we have so long depended for the safety of our people and the perpetuity
of our independence.
There are provisions in it which not only degrade the spirit of our people, but put it beyond the power of the republic to establish, "insure domestic tranquility, provide for the common defense, promote the general
welfare, and secure the blessings of liberty to ourselves and our posterity,"
[VOL. 108.
and so fulfill the intial declaration of the Constitution of the United States.
Senator Cummins expressed himself as unalterably opposed
to the section guaranteeing the territorial integrity of the
contracting nations. "I am opposed to it," he asserted,
"because it is the most destructive, unjust and reactionary
proposal which was•ever submitted to a patriotic and intelligent people. I predict that when the citizens of the United
States thoroughly grasp the meaning of the proposed agreement and fairly understand its inevitable consequences, it
will be rejected in a storm of obloquy, the like of which has
never been witnessed within the borders of the Republic."
He then proceeded as follows:
Let us survey it for a moment and endeavor to gather its true import.
It means that a few men, assembled in Paris in the year 1919, are dividing
the whole world into sovereignties, and are assigning the innumerable men
and women who in all time to come are to inhabit the earth to these few
sovereignties; sovereignties which the ambitions of the men of this, a passing generation, are pleased to call eternal.
The man who, even in his thought, is willing to play with the fate of
mankind in this fashion is indifferenct to both the lessons of the past and
the judgment of posterity. We are solemnly asked to guarantee that the
boundaries of nations as they now exist or as they will exist when the
Peace Conference has redrawn the map of Europe, Asia, Africa and OceanIca, shall remain without change forever.
The statesmen who are now gathered in Paris might, with equal propriety, have ventured to set bounds to the Heavenly Kingdom or prescribe
the activities of the Prince of Darkness.
How dare we attempt to determine what sovereignties the civilization of
the next century will demand? How dare we attempt to give judgment
upon the welfare of all the oncoming generations?
The proposal is to gridiron the earth with an inflexible territorial pattern.
It would be just as reasonable that the Constitution of the League of Nations should declare that neither man nor woman should pass from one
sovereignty to another as to declare that the boundaries of sovereignties
should remain forever inviolate.
I cannot help wondering whether those who have submitted this proposition to us have looked over the past and considered what the effect of an
agreement of this character would have been, assuming its enforcement,
if it had been adopted at another period of the world's history. I will not
concern muself with the ancient days, the days of Alexander, of Rome
in her power, of Charlemagne in his triumphs.
I am thinking of the days when Charles and Philip of Spain held the
world in their grasp. I am thinking of the days when Napoleon swept
over Europe and when a League of Nations enforced by France and England would have choked liberty to death.
I am thinking of all the years of the seventeenth century, when such
an agreement between England, France and Spain, confirmed by the
remaining nations of Europe respecting territorial integrity in the North
American continent, would have given Canada forever to France, would
have partitioned the territory of the United States and of Mexico among
England, France and Spain, and would for all time have precluded the
republic of the United States.
There is no student of history, however dull of comprehension, who does
not know that the discord, rivalry and wars of these three great European
Powers made it possible for our beloved country to emgerge from their
struggles a free and independent nation.
I am thinking of the first half of the nineteenth century, when Texas,
New Mexico, Arizona and California became parts of the United States.
It matters not whether the Texan war was justifiable or unjustifiable, it
matters not whether our war with Mexico was defensible or indefensible; the
decree of civilization demanded this territory for the republic, and let the
men and women who inhabit these fair And fruitful regions stand up and
declare whether they are willing to bind their country to preserve the
territorial integrity and political independence of every nation on earth as
it shall exist when the Peace Conference at Paris concludes its labors.
Taking up the question of mandatories for the backward
nations, Senator Cummins discussed the possibilities involved in a mandatory over Turkey..
I confess to more amazement when I reflect upon this proposal than ever
filled my mind before. "It does not require a man trained in the
study of the law to determine instantly that the people of the United States
never gave to the President and Congress, or both, the authority to do this
thing.
There is not a semblance of power in the Constitution to perform such
an Act, and the proposal is more inconsistent, if that can be, with the spirit
of the Constitution than with its letter.
Unquestionably we have the right to acquire territory by conquest,
and it is just as clear that we have the right to acquire it by purchase, but
we have not conquered the Turkish Empire, nor have we bought one foot
of its soil. Moreover, when we acquire territory, whether by conquest
or purchase, it becomes the territory of the United States, controlled by the
laws of the United States and destined either for admission as a State,
governed directly as a Territory, or to be disposed of as the will of Congress
may direct.
To insist that we can take possession of the territory of any nation, with
its millions of people, simply to act as the tutor of these people and to
police the country solely to make the inhabitants better men and women,
is the wildest fancy which ever entered the human mind.
What I have said I am quite willing to admit is a question for lawyers,
and if I ever hear of one who affirms the validity of such a transaction I
shall be tempted to tear my certificate of admission to the bar of the courts
of this country into little pieces and consign the fragments to the flames,
and therafter I shall do my best to forget that I ever belonged to the
honorable profession of the law.
The President repeats over and over again that we must accept our
responsibility in world work, and I agree with him. I am no advocate
of isolation. It seems plain to mo, however, that the chief contribution
to peace and good order at this time is to meet boldly and to solve wisely
for ourselves the one mighty question which is tearing Europe asunder and
which is advancing upon us with terrific force.
If we cannot show the world by our own example that the workingman
can get more justice. more happiness, more comfort under a rticonstructed
system of individdal industrial activity than he can secure through complete
socialism, the world will try the experiment and,from my standpoint, with
the most disastrous results to civilization.
We ought now to be bending all our energies upon the vital subject of
reconstruction, and this should be our immediate contribution to the
welfare of humanity. .
MAR. 1 1919.]
THE CHRONICLE
BILL FOR GOVERNMENT GUARANTEE OF WHEAT
PRICE PASSED BY HOUSE.
The bill appropriating $1,000,000,000 to enable the
President to carry out the price guarantees made to producers of wheat of the crops of 1918 and 1919 "and to protect the United States against undue enhancement of its
liabilities thereunder," was passed by the House on Feb. 22
by a vote of 277 to 14, and yesterday was also passed by the
Senate without material amendment. The bill gives the
President authority to provide all the machineryfor handling
the wheat from the time it is purchased from the farmer until
sold to the consumer, with control over millers, wholesalers,
jobbers and bankers, importers, manufacturers and exchanges. A bill calling for an appropriation of $1,250,000,000 to enable the Government to carry out its guarantee
for the 1919 wheat crop was transmitted to the Chairmen
of the Senate and House Agricultural Committees by the
Food Administration on Jan. 28, as noted in our issue of
Feb. 1, page 428. As a substitute for the bill of the Food
Administration and the Department of Agriculture, the
House Committee on Agriculture on Feb. 6 approved a bill
whereby the farmer would be paid the Government guarantee of $2 26 for the 1919 wheat crop, the wheat to be
sold to tbe consumer at a price to be dictated by the law of
supply and demand. Besides appropriating $1,000,000,000
as a revolving fund to carry out the guarantee discretionary
powers were conferred in the bill to continue the present
agency for handling the wheat crop, or create a new one.
The Committee's bill, which was introduced in the House
on Feb. 8, empowered the President to regulate and control
the domestic and foreign commerce in wheat and wheat
products until Dec. 31 1920, and authorized the Food Administration or any committee designated by the President
to buy wheat at $2 26 a bushel and sell it in the United
States or abroad at the market price—that fixed in the
Liverpool market. Representative Lever, Chairman of
the Committee, in presenting the bill, said in explanation
of the measure:
It confers on the President every power to enable him to make good the
guarantee to purchasers, to protect the Government against undue enhancement of the liabilities, and at the same time protect against excessive
prices and insure the trade against undue losses resulting from fluctuations
in wheat prices. The bill includes power to buy and sell wheat and wheat
flour and to control trading in wheat on exchanges, in elevators, and by
dealers and others engaged in the commercial handling of wheat and wheat
flour. It continues the existing authority of the Government to control
imports and exports of these products. The life of the bill is limited to the
duration of the emergency conditions growing out of the war, and all operations must cease not later than Dec. 31 1920, so as to permit the normal
laws of supply and demand to operate as soon as practicable. •
835
duction in the price of bread. Mr. Barnes said he believed
it would be impossible to continue the present personnel
of the Grain Corporation, as all of the officials desired
return to private enterprise. He expressed the belief that
the Food Administration would be out of existence before
the 1919 wheat harvest. The House bill appropriating
$1,000,000,000 to maintain the Government's price guarantee was ordered favorably reported by the Senate Agriculture Committee on Feb. 24, and has now passed both
houses as stated.
CANADIAN WHEAT CREDITS.
The following Ottawa advices, dated Jan. 24, appeared in
the Montreal "Gazette" of Jan. 25:
The Minister of Finance, in answer to an inquiry as to wheat credits,
stated to-day that the Dominion Government had,in addition to the outside
funds which the British Government had been able to provide, authorized
to date from the proceeds of the Victory Loan over $60,000,000, of which
$11,000,000 had not yet been expended, and was at the credit of the Imperial Government for the purpose of buying wheat.
In addition to this assistance, arrangements had been made with the
Canadian banks for the financing of the wheat in elevators pending the
delivery and sale to the Wheat Export Company. If the wheat has not
gone forward as rapidly as in former years, it has not been due to lack of
financial facilities, but owing to causes arising out of difficulties of the
trade in forwarding the wheat to the seaboard.
OPPOSITION OF NEW YORK PRODUCE EXCHANGE TO
WHEAT BILL.
The New York Produce Exchange in a letter to the Senators at Washington on Feb. 24 points out through its President, Edward Flash Jr., that "having gone publicly on
record as being opposed to further Government conduct of,
or control over, business in foodstuffs beyond the point
necessary to protect contracts already made in good faith,"
it is also opposed to the so-called wheat bill. Mr. Flash in
his letter continues:
We believe it would be for the best interests of the people of our country to have the 1919 wheat crop marketed through the usual commercial
channels as before the war, so that world prices may be regulated by the
law of supply and demand, and to this end we hand you herewith our
,
plan for the handling of the 1919 wheat crop.
We, of course, do not oppose the granting of the appropriation for the
purpose of protecting the Government's guarantee to the wheat grower
and we further recognize that, in view of the Government's financial interest in the outcome of the handling of this crop, they should exercise
proper control over the facilities for marketing, and retain some measure
of control over the prices, which is provided for in the last paragraph of
our plan.
We ask your support in our effort to restore the grain trade to its natural
channels, as far as is practicable at this time.
The plan, which among other things suggested "that some
Government agency be provided with the necessary capital
and authorized to make the Congressional price guarantee
As passed by the House on Feb. 22, the date when the effective," in part follows:
It has been suggested, and perhaps even urged, by those in high authority
Act shall cease to be effective, is changed to June 1 1920;
that Government control
In the present Food
another amendment gives the President greater authority should be renewed forAdministrationand a half from June 30th of wheat
another year
next, but
in restricting importations of wheat to protect the Gov- they are no longer able to appeal to the high and altruistic motives to which
ernment from undue loss. During the hearings on tho bill our country responded so readily a year and a half ago. On the contrary,
new extension of Government control and inter/
the reasons
early in February before the House Agriculture Committee ference are given for this suggested possibility (by no means guaranteed)
based on the
grain dealers in proposing that the Government pay the that such control may be able to market to our consumers and to our
guaranteed price of $2 26 a bushel recommended that it Allies an indicated surplus at a higher price than might be obtainable were
This
the business restored to
be sold to the consumer at the world market price which of lofty character, and private enterprise. sordidcertainly is not a motive
when it is incidentally
it becomes almost
they estimated would be about $1 25. While admitting suggested that it may be better accomplished by refusing to sell our custhat this plan would cost the Government probably $1,- tomers products they cannot purchase elsewhere unless at the same time
at
take from us
250,000,000, this loss they are said to have claimed, was they is not certainour wheatthe our price. could minimize its indicated
Government
whether
It
preferable to any attempt on the part of the Government bookkeeping loss on the 1919 wheat crop guarantee in this manner, but
to maintain an artificial price. On Feb. 5 Julius H. Barnes, even if it were certain that something could be passed on in this way by
tremendously expensive regulating and inquisitorial machinery
the
head of the Food Administration's Grain Corporation, in thatuse of a powers over elevator facilities and the issuance of licenses can
by its
asking Congress through the House Agriculture Committee and will interfere with every business activity, can there be any suggestion
in any
to delegate broad powers to President Wilson as a means that this possible profit iswith theway commensurate with the menace of
ordinary conduct of private enterprise?
this continued interference
of making effective the Government's guaranteed price for
If our crops should be so disappointing, and the world's needs great
the 1919 wheat crop, recommended an appropriation of at enough to naturally maintain present values, the cumbersome organization
utterly useless: whereas if the contrary is the case,
least $1,000,000,000 with authority to borrow more if recommended would belevel, we then have an organization for the especial
and prices seek a lower
necessary on the credit and property of the Grain Corpora- purpose of artificially increasing food cost.
By the suggestors of this legislation, Congress has been asked to grant
tion, and authority to buy and sell wheat and wheat products
over wheat and wheat products,
the absolute
at home and abroad for cash or for credit. He also asked elevators and power of embargo, controlas stated, that everything may be
storage facilities, in order,
that to the President be given import and export embargo subordinated to the one affair of trying to market a crop of wheat at home
powers, authority to build or requisition storage facilities, and abroad for more than it will naturally bring. In other words, Congress
history,
is asked to legalize the greatest
and to license dealers, millers, and elevators, control over for the same purposes that mostcommodity corner in the world'sto create
corners have occurred; that is,
exchange trading, and authority to give preferential rail an artificial and unnatural price, because the commercial value promises
service on American railroads and steamships in trans-. to be disappointing and unsatisfactory to the manipulator. This operation
needy peoples of the world pay a manipulated
and
to make
porting cereals to markets at home or abroad. The Grain price forour workersyear thecertainly a far cry from the functions of the
food next
is
Corporation, Mr. Barnes said at that time had on hand United States Food Control as we have hitherto understood them.
Is it not wiser to let food control lapse with the need which created it,
the equivalent of 145,000,000 bushels of wheat to meet deadvisable that this Government contract guarantee for
is it
mands for the rest of this crop year, estimated at 165,000,000 and 1919 not rather
crop of wheat be honorably and equitably settled as a difference
the
bushels. Outside of the Grain Corporation's holdings there to be arrived at and paid to the grower, just as the Government has enare apparent stocks in the country of about 100,000,000 deavored to honorably and equitably settle other war contracts whose
continuance the sudden coming of peace has rendered inadvisable?
bushels, he said, and an estimated amount still to come
Our objects will then be:
from the farms of not more than 150,000,000 bushels. He
1. To make good the Government guarantee to the producer.
2. To secure the withdrawal of Government control over the grain
said that there was no indication that therelwould be a rebusiness.
836
TIIE CHRONICLE
3. To assure to American consumers their basic food necessities at fair
prices, determined by the free operation of the law of supply and demand.
4. To fix and determine fairly and equitably the liabilities of the Government under Its guarantee.
In the terms which naturally suggest themselves for such a settlement,
certain provisos stand out as essential.
The settlement of the difference, if any, due under the guarantee, should
be a matter apart from the grower's operation of marketing his wheat; in
order to restore an absolutely free and open market; in order that the
grower shall have every inducement to get the best possible price for his
crop; and also in order that the Government need not enter into the question of the grade and quality of each individual parcel.
In order to meet these requirements, it is essential to devise, first, a
means for arriving at the quantity to be settled for in the case of each
grower; and, second, to arrive at a fair basis of the difference in cents per
bushel to be settled. The following suggests itself:
[VOL. 108.
also removed. The supplies of these classes of food available permitted withdrawal of previous regulations. Consequently, it was announced, the following Food Board
orders and relevant sections were repealed:
Sections 1B to 23, inclusive, of Order 46, Orders 23, 30,
34, 50, 55, 62 and 69. Order 30 related to sugar holdings.
Order 34 covered the use of sugar, fats and flour by confectioners, ice cream makers and candy manufacturers.
Order 62 covered the use of sugar, fats and milk to be used
by bakers. Order 69 regulated flour and sugar supplies
for persons living in isolated districts.
The following was the official order of the Canada Food
Board:
Determination of Quantity.
CANADA FOOD BOARD.
That in order to avail himself of the Government guarantee, every
grower of wheat be required to obtain from and file with his county clerk, Order No. 78.
Whereas, The available supplies of beef, veal and butter permit of the
or such other agency as may be named by the Government, a non-transferable certificate, verifying under affidavit the acreage of his harvest, the removal of certain restrictions, the Canada Food Board orders:
1. Beef and veal may be served in public eating places at any time of
threshing return per acre, and the amount of bushels upon winch he intends
to claim benefit of guarantee. (It is assumed that the Government agency the week.
2. Restrictions on the amount of butter that may be served in public
may provide checks on the correctness of these returns, and suitable penalty
eating places are removed.
for fraudulent returns.)
3. Sections 1B to 23 inclusive of Order No.46 are hereby repealed, and
(Note.—It is possible that the privilege of filing partial certificate
Whereas, The available supplies of sugar and flour, lard and other fats
should be granted.)
permit of the removal of the restrictions on the use and holdings of these,
The grower may then, or earlier or later, market his wheat in the usual
way, when and where he sees fit, for what he can get for it on its own the Canada Food Board orders:
4. Orders Nos. 23, 30, 34, 50, 55, 62 and 69 are hereby repealed.
merits.
Dated at Ottawa, this 22nd day of January 1919.
In order to collect the determined difference due from the Government,
the grower will need to have endorsed from time to time on his county
CANADA FOOD BOARD.
clerk's or authorized agent's certificate, the quantities of his actual deliveries on sales to elevators or mills. The evidence of these quantities to be
the official weight notes or receipts, or duplicates thereof, which will be IMPORT AND EXPORT RESTRICTIONS RESCINDED
taken up by the County Clerk in exchange for such endorsement up to
IN CANADA.
90% of the total quantity named in the certificate, it being assumed that
To enable Canadian foreign trade to return to normal
10% is a fair reservation for seed.
These certificates thus properly endorsed, would be a voucher for collect-, channels as readily as possible, a sweeping withdrawal of
ing from the Government at Federal Reserve or authorized banks, as may restrictions was made,
it was announced on Jan. 23, through
be arranged for by the Government agency, and it seems a fair expectation
that they would be looked upon by the grower's banks, if desired, as some the War Trade Board and the Canada Food Board. The
security against loans, even though not negotiable.
Montreal "Gazette" in announcing the withdrawal of the
Determination of Difference in Cents per Bushel.
That some Government agency be provided with the necessary capital
and authorized to make the Congressional price guarantee effective.
In each market named in the President's proclamation, a trade committee
containing a Government representative shall determine and publish each
business day an average market settlement price for the basic grade; the
difference between sucn daily published price and the Government guarantee figure for that Presidential market shall be the settlement difference for
any wheat tributary to that market which is certified for settlement by the
grower for that date.
Any grower of wheat harvested in 1919 within territory tributary to such
market, may elect to settle with the Government as to market difference,
on any business day, not before the day of such application for settlement
and not later than May 31 1920% in the manner prescribed in the foregoing
paragraph. The difference so determined, computed on the quantities
actually delivered on sales, as prescribed, shall constitute the amount due
such grower, which amount shall be paid promptly by the Government in
such manner and in such place and subject to such verification as the Government may deem necessary.
The above suggestions do not altogether provide against fraud, and
possibly could not altogether prevent it, but further safeguards in detail
can probably be worked out.
What is arrived at by this solution is that the Government does not buy
or own any wheat, and the wheat market becomes again an open world's
supply and demand proposition. The law's guarantee is made good to
the grower without necessity on the part of the Government of entering
into the quality and grade of his crop, for the premium or discount and
actual price of his wheat is a matter of bargain between the grower and his
buyer, just as it has been in former years. The Government settlement,
however, at average of daily prices, is the same, as far as the Government
is concerned, in dollars and cents as it would be if it had settled direct with
each individual grower. Moreover, the grower is left absolute liberty of
action as to when, where and to whom he shall sell his wheat, because the
date which he has chosen for settlement of his difference with the Government affects not at all the altogether different matter of selling the actual
wheat itself.
Should Congress feel that the interests of the Government require further
protection in the shape of a minimum price, we suggest that any such authorization should be about as follows:
Should commercial values of the guaranteed grade of wheat decline
75 cents or more below the guarantee figure in any Presidential market,
the Government agency may at its discretion protect the price by purchases
of terminal receipts for tne guaranteed grade in that market.
On Thursday, when it appeared likely that the Senate
would pass the bill (its adoption by that body occurred late
that night), Mr. Flash was quoted by the "Journal of Commerce" as saying:
The Exchange has received advices from Senators in Washington that
the so-called wheat bill will be passed as an Administration measure, and
we have no hope of the Senate failing to enact it. It was reported upon
favorably by the Agricultural Committee, and it seems that our attempt
to have it blocked in the Senate will be in vain.
kiThere is a possibility that there will be some slight amendments to the
bill as passed by the House of Representatives, but we understand that they
will not be material.
REMOVAL OF CANADIAN BAN AGAINST SERVING
OF BEEF AND VEAL IN RESTAURANTS
—OTHER RESTRICTIONS REMOVED.
It was announced on Jan. 24 that an order had been
issued by the Canada Food Board permitting the selling
of ibeef and veal in public eating places at any time, and
withdrawing the restrictions on the amount of butter which
maybe served in public eating places. Restrictions on the
use and holdings of sugar, flour, lard and other fats were
restrictions said:
Henceforth the Commissioner of Customs will issue a general license to
shippers and importers covering all commodities except the foodstuffs
detailed below and gold and silver, in place of the specific permit for each
shipment which was in force until now. The foodstuffs which still require
export permits from the Food Board are:
Wheat flour, farina, fresh milk and cream, butter, cheese, condensed,
evaported and powdered milk, bran, shorts, middlings, pollard, gluten
meal, brewers' and distillers' grains, cottonseed cake, meal and oil, calf
meat, patent and proprietary cattle foods, eggs, sugars, syrups and molasses, sugar beets, clover seed, mill screenings, and screenings of grain,
and canned salmon.
Export and import permits for wheat and oats must still be obtained
from the Board of Grain Supervisors, Winnipeg. Foodstuffs which still
require import permits from the Food Board are:
Macaroni, vermicelli, spaghetti, wheat flour, candy and confectionery,
cocoa and chocolate, prepared or manufactured and sugars.
For foodstuffs, if destined for any of the American countries, any part
of the British Empire, the European Allies, the Far East of Africa, the
general license system Is adopted. Exports of food to Norway, Sweden,
Denmark, Holland, Russia, Rumania, Switzerland and Spain will still
require special permits, and, of course, no trade at all with enemy countries
or enemy trades is yet allowed.
With the withdrawal of these restrictions, the War Trade Board practically ceases active work and its members pay a high tribute to the loyal
spirit of co-operation given by all classes of trade and industry in carrying
,
out Canadian trade restrictions during the war.
PRESIDENT WILSON'S PROCLAMATION PERMITTING
USE OF GRAIN IN MAKING OF "NEAR BEER."
Mention was made in.these columns Feb. 1 (page 430) of
the issuance of a proclamation by President Wilson removing
the restrictions on the manufacture of "near beer." The
proclamation modifies one of last September to the extent
of permitting the use of grain in the manufacture of beverages which are not intoxicating. It was signed in Paris by
President Wilson and was made public by the State Department upon its receipt from the other side last week. We
give the same herewith:
By the President of the United States,
A PROCLAMATION.
Whereas, Under and by virtue of an Act of Congress, entitled "An Act
to provide further for the national security and defense by encouraging
the production, conserving the supply, and controlling the distribution of
food products and fuel," approved Aug. 10 1917, the President, on the 16th
day of September 1918, made the following proclamation:
"Now, therefore, I, Woodrow Wilson, President of tho United States
of America, by virtue of the powers conferred on me by said Act of Congress, do hereby find and determine that it is essential, in order to assure
an adequate and continuous supply of food. In order to subserve the national security and defense, and because of the increasing requirements
'of war industries for the full productive capacity of the country, the strain
upon transportation to serve such industries, and the shortage of labor
caused by the necessity of increasing the armed forces of the United States,
that the use of glucose. corn, rice, or any other foods, fruits, food materials,
and feeds in the production of malt liquors, including near beer, for beverage purposes, be prohibited. And by this proclamation I prescribe and
give public notice that on and after October first 1918, no person shall use
any sugar, glucose, corn, rice, or any other foods, fruits, food materials,
or feeds except malt now already made, and hops. in the production of
malt liquors, including near beer, for beverages purposes, whether or not
such malt liquors contain alcohol, and on and after Dec. 1 1918, no person
shall use any sugar, glucose, corn, rice, or any other foods, fruits, food materials, or feeds, including malt, in the production of malt liquors, incltid-
MAR. 11919.]
THE CHRONICLE
837
ing near beer, for beverage purposes, whether or not such malt liquors con- needed for repairs and necessary extensions. Unemployment exists and
tain alcohol."
this unemployment is increasing at such a rate as to challenge the best
1.,41,4nd whereas, The prohibition of the use of grain in the manufacture of thought that can be given to the situation.
beverages which are not intoxicating has been found by the President to
2. One of the striking features of the present situation is the high prices
be no longer essential in order to assure an adequate and continuous supply demanded for practically all articles and commodities of trade and comof food:
merce. This high-price condition is undoubtedly the cause of most of the
lItNow, therefore, I do hereby modify the aforesaid proclamation made on business inactivity, and, therefore, also is the cause of the widespread
the 16th day of September 1918 to the extent of permitting the use of unemployment of labor.
grain in the manufacture of beverages which are not intoxicating.
3. The living costs of the present are unusually high and will continue
ks In witness whereof, I have hereunto set my hand and caused the seal high until there are substantial reductions in the cost of the necessary staple
of the United States to be affixed.
foodstuffs.
sr. Done this thirtieth day of January in the year of our Lord one thousand
4. A large and it is believed satisfactory latent buying power exists in
nine hundred and nineteen, and of the independence of the United States the country—an abundance of money—but it is not being used to employ
of America the one hundred and forty-third.
labor and to purchase goods and materials.
WOODROW WILSON.
ie.(Seal)
5. The present conditions have come about by a series of unusual hapEt By,the President:
penings due to the war. The industries and labor of the country were
1ROBERT LANSING,
diverted into new and unnatural channels in order to mobilize all efforts
..Nlida.Secrelary of State.
L
possible in the winning of the war.
The capacities of many factories were expanded, new ones built, abandoned plants remodeled and put into production, and industry was manWAR TRADE BOARD ANNOUNCEMENT AS TO TRAD- aged and operated in accordance with war necessities
ING WITH GERMAN COLONIES.
This control and direction of effort and change of policies resulted in the
suspension
The War Trade Board announced in a new ruling, W.T.B complete the demandof the ordinary operation of the law of supply and
for war commodities and the necessary agreements
demand,
R. 609, made public Feb. 20, that all persons in the United with industries as to prices and terms of conversion of industry to war
work, &c., had the effect of inflating prices to an abnormal extent, so as
States are authorized, subject to the rules and regulations
to encourage maximum production, even by
of the War Trade Board, to trade and communicate with greatest handicaps and at the highest costs. producers operating under the
Prices were advanced dispropersons residing in the colonies owned or controlled by portionately, some articles showing increase in selling prices over pre-war
prices of 250%, while others showed but approximately 50%. The law
Germany on Aug. 1 1914. The Board further said:
of supply and demand is really inoperative at the present time, for the
In accordance with this authorization applications will now be con- reason that it is found difficult, if not impossible, for this law to resume
sidered for licenses to export or import all commodities to consignees, or normal functioning on account of the fact that at the present time the
from consignors, in such territory.
price relations between the industries producing basic essentials are out of
For importations into the United States front such territory individual balance and not properly adjusted to efficiently meet peace-time conditions.
import licenses will be required, except where shipment sare covered by
6. It therefore is apparent that the trouble resulting in the present
general import licenses.
stagnant, unsatisfactory condition of industry is due to the continuance
The War Trade Board has received no official advices as to what the of the high, uneven, unstable prices of war times, which were, in many
import regulations into this territory, if any, will be. Prospective ex- Instances, agreed to by agencies of government functioning for war purposes
porters should, therefore, communicate with their customers abroad before and not to any unhealthy general condition. These abnormal prices still
making shipments in order that the importer may comply with any import remain because there has been provided, up to this time, no agency to bring
regulations that may be in effect.
about the necessary reductions.
II.—Some Suggestions Which Ought to Be Observed in Seeking a Solution of
the Problem.
1. A wise solution is equally important to the Government, to industry,
and to labor, for their true interests are so indissolubly connected and
united that no detriment can be suffered by one without a harmful effect
and reaction upon the others.
2. The vital need of the situation is resumption of industrial activity to
the fullest extent possible, and it should be the aim to find the wisest and
most effective way to accomplish this.
3. It is felt that the proper basis of selling prices for the present will be
found to be upon a scale higher than those of the pre-war days. However,
the level should be established on the lowest plane possible, having due
regard for industry, labor and Government. The announcement of such
a plane of prices will immediately create confidence in the buying public.
4. It is believed that the reductions from the high prices to the proper
level, so that consumers may be justified in buying,should be made at once
by one reduction.
The effort should be to wholly eliminate the abnormal, unbalanced
Whereas, Leonidas L. Bracken, who became Secretary of the Federal
had and the inflated prices that have resulted,
Trade Commission on Nov. 5 1915, did on Dec. 23 1918 tonder his resig- stimulation that business has
and to start anew upon a normal level, and thereafter industry, having
nation as Secretary, to take effect March 31 1919. Therefore be it
Resolved, That such resignation be accepted and that the Federal Trade adopted that level, can safely rely upon the law of supply and demand to
Commission record a tribute to Mr. Bracken's industry, acumen and govern future values. Such a policy adopted and announced will, it is
loyalty. His service as Secretary, which began virtually with the cre- believed, when understood by the consumers, induce at once sufficient buywarerooms, and to inaugurate
ation of the Commission, has proved a continuing attestation of single- ing to start factories, fill empty yards and
programs.
minded devotion to his task, capacity for it, and an exhibition of sterling the interrupted building and other
5. Industry and labor have a mutual interest in remedying present conworthiness in the full meaning of that word. His counsel, as well as his
should take the first step by the reduction of prices
excelling ability in office management, have proved of invaluable assistance ditions, but industry
of commodities and should require of labor only reasonable aidl
to the Commission, and his resignation is accepted with reluctance.. He
M.—Procedure--Remedy.
carries with him the bast wishas of the Coinmissioners and the personnel
of thellooderal Trade Commission for success in the practice of the law, for
1. It is believed that a remedy for these conditions can be had by a
whichthe is so eminently qualified.
comparatively simple program. As the President has approved my appointing a board which will make a study of the subject and take action
plain that the Department of Commerce
SECRETARY REDFIELD'S PROGRAM FOR STABILIZA- thereon, and as it will be made the President, there
can be no doubt that
and its board has the support of
TION OF COMMODITY PRICES THROUGH
industry generally will be glad to co-operate with the board in an endeavor
INDUSTRIAL BOARD.
a solution of the difficulties.
to arrive at
of the first steps which the board should take would
According to an announcement made on Feb. 23 by Secre- be2. Therefore, one
to call into consultation and conference the leaders of industry in such
tary of Commerce William C: Redfield, the proposed board numbers and by such groups as it may be felt is wise. Probably the first
representatives
through which it is planned to readjust prices is to be known of these conferences should be withlumber, textiles,of industries producing
cement, copper, brick,
basic materials, such as iron, steel,
Industrial Board of the Department of Commerce. and other construction materials, and from time to time thereafter such
as the
Mr. Redfield's Recommendations for the creation of the new others as may be deemed proper. It is believed, however, that industries
able to largely
body were referred to at length in these columns last week, dealing in finished products will be policy, without(if not entirely) adjust
material aid from the
line with the above
therein stated, the proposals have had the their prices in
page 727. As
committee.
3. At such conferences the general situation or conditions outlined above
approval of President Wilson, and the Board, composed of
and as
representative men from industry, labor and the Govern- sidered they may change up to the time of the conference, should be conand carefully understood, and the above-mentioned principles
ment,. is being selected under the Chairmanship of George which ought to apply and govern the solution of the problems should also
believed that
N. Peek, formerly Vice-Chairman of the War Industries be fully understood and appreciated. It isgreat majority these principles
of those called
readily accepted by the
and views will
Board..kSecretary Redfield's announcement of the 23d says: into conference,be further, that if any of those who come into conference
and
They are to put into practical effect a program for the readjustment of question these principles and views, a discussion thereof in the conference
prices for basic materials in such a fashion as to create a firm foundation will, without any considerable delay, lead to a unanimous acceptance
on which the consumer can base his future purchases, and the producer thereof.
can form necessary estimates. The Industrial Board has the assistance
4. In addition to giving assistance to industry in reaching satisfactory
of thaCouncil of National Defense.
price bases, the board ought to b cable to give valuable advice in regard
furnishes the following summary of the to such questions as the disposal of surplus war materials, it being desirable
Mr. Redfield also
as to have
industrial situation and an outline of the work of the Board: to accomplish this in such a wayactivities. as little detrimental effect as
passible upon private industrial
I. General Conditions.
It will be the endeavor of the board to act promptly by consulting and
1. There:exists at the present time an abnormal situation in the indus- interchanging views with these representatives of industry in the fullest
condition of stagnation of business and industrial and freest manner possible, with a view to aiding and assisting industry in
trial world. It is a
activity. Mills and factories are idle or are producing but a small part general to resume activities to the fullest practicable extent. The immediof what they are capable of doing: building operations, now deferred for ate object is to bring about such reduced prices as will bring the buying
several years, are not beginning—and, in fact, resumption is not contem- power of the Government itself, including the railroads, telephones, and
plated until the confused conditions of the transition period are clari- telegraphs, into action and make it possible for the Government to state
fied. Many enterprises, such as street railway companies in various that it is willing to be a buyer for its needs at the reduced prices. If these
municipalities, laboring under restrictions of charter contracts, are con- conferences result in such an understanding on the part of the Government
fronted with advanced wage scales and unprecedented prices of materials with respect to the important basic industries concerning proper prices and
RESIGNATION OF L. L. BRACKEN FROM FEDERAL
TRADE COMMISSION.
It was announced on Feb. 25 that Leonidas L. Bracken,
has resigned as First Secretary of the Federal Trade Commission, his resignation, which has been accepted by the
Commission, to take effect March 31. Mr. Bracken was
appointed ,to the post Nov. 5 1915, shortly after the Commission's creation. Before his connection with the Commission he had practiced law in his native State, Indiana.
lie intends to return shortly to the active practice of his
profession. The following resolution of regret was adopted
by the Commission:
838
THE CHRONICLE
[VoL. 108.
bases for prices at which purchases may be made by it, and these aro ap- the United States changed from a savage-infested wilderness into the most
proved by the board, it is believed that upon announcement thereof to the highly developed civilization the world has ever known and that in our nacountry in general the public will feel justified in promptly beginning a tional life we had readied the point where we constituted ourselves our
brother's keeper in the interests of humanity and without desire to add to
program of extensive buying.
Such a procedure will in substance establish immediately a basis upon our national domain or wealth.
What road leads back is the question the nation will ask its guides.
which to resume activities, and in this way the law of supply and demand
will be enabled to come into play and from that time forward it will control The road is a well marked one. The first guide-post says "Faith in Busithe changes and readjustments in selling prices of materials and the trend ness;" the next one reads "Employment for All," and the third one is
"Gradual Readjustment."
of prices, it is believed, will be upward and not downward.
Faith in the future business of this nation is justified. All the elements
(Signed) WILLIAM C. REDFIELD,
which make for prosperity are present. Chief among these is the financial
situation. We are on a sound basis. Our credit system is more highly
Secretary of Commerce.
organized, and it has vindicated itself under the severe strain of war. This
new organization of our credit forces makes more available our resources
for improvement, expansion and development. It has enabled us not only
COUNCIL OF
PLANS FOR PERPETUATION OF
to finance the war, but to make loans to our Allies and to buy back the
securities that were sold abroad. We are no longre a debtor nation; we
NATIONAL DEFENSE.
have become a creditor nation.
The following statement with reference to plans for the
Of course money is only one of the requisites of business; equally imperpetuation of the United States Council of National portant is ;steady consuming market. This nation in itself is the best
Defense was issued on Jan. 23 by Grosvenor B. Clarkson, consuming market in the world. Our one hundred millions of people
are free spenders, and their aggregate buying power is greater than exists
Director of the Council:
in any other nation under the sun.
The Council of National Defense, comprised of the Secretaries of War,
But the home market is not our only market. Partly as a result of
Navy, Interior, Agriculture, Commerce, and Labor, has just taken an the war, we have developed the facilities for entering into world comaction vitally affecting community life and organization in the United merce to a degree impossible a few years ago. We now have or shortly
States. Through the Director of the Council, Grosvenor B. Clarkson, will possess merchant ships that will carry our products to the far corners
the 48 State Councils of Defense and that of Alaska, and the State Divisions of the earth, and American ingenuity and enterprise, if given rein, will
of the Woman's Committee of the Council are being asked to take imme- find markets for Yankee
-made goods wherever there is money to pay
date steps to secure legislation in their respective States to provide for the the price.
development of community organization and for permanent State leaderThe presence hero of great quantities of gold and the prospect that
ship in all organized communities on a wholly nonpartisan and nonsectarian our exports of the future will add to the supply, causes a complication
basis.
which need only be realized to be remedied.
The council has recommended to each State that in securing the necessary
There is a definite relation between the big supply of money in this
legislation the proper functions be vested in a bureau or commission com- country and the high prices which prevail. After all is said and done,
posed of representatives of State Departments, such as those dealing with gold is a commodity that is subject to the laws of supply and demand,
agriculture, labor, and education, which come in most intimate contact Just as is cotton or wheat or coal. There is no real cause for concern that
With the small communities. By this means the organized community labor costs nearly twice what it did before the war. The true basis for
will be made of most assistance to tile State executive departments, and the workers' wage is the cost of a decent living, and whether that cost
those State departments made of most assistance to the individual com- be one dollar a day or ten dollars a day makes no material difference.
munities. When such a bureau has been established it is contemplated The present high cost of materials and supplies of all kinds is principally
that the State Council of Defense should arrange that the Community the workers' wage reflected in the product of his labor.
Councils now reporting to it are transferred with the goodwill of the State
Only in so far as we come in contact with the rest of the world does it
Council to the permanent bureau or commission.
make any difference what value we place upon the dollar in deciding how
The State of New York has already taken the lead in this matter by many of them shall represent a decent living. If the great wall of China
Gov. Smith's appointment of a reconstruction commission which may encircled us, we could use a dollar bill or a thousand dollar bill to reprevery well act as a head center for Community Council activities in the sent the worth of a day's work, and commodity values would apportion
State. Representations to that end were made to Gov. Smith by William themselves in ratio, and we could prosper even while paying ten dollars
N. Cohen, ex-judge of the New York State Supreme Court, field repre- for a paper of pins.
sentative of New York of the Council of National Defense.
But because there is no Chinese wall around us, and because we do
The foregoing action is taken by the council not only to meet the many come in more or less contact with tho rest of the world, our commodity
emergencies of the readjustment and demobilization period, but to estab- values, in the long run, must approximate the world standards. And so
lish wholesome community organization on a permanent basis throughout I expect that, gradually, money will become more valuable and that a
the nation. It is plain that one of the great lessons of the war to America dollar will purchase more than it does now—more of a man's work and
has been the interdependency of social effort. It is equally plain that more of the products of his work.
permanent dividends for the future should be drawn from this wartime
It is a narrow vision, however, that counsels a business man to hold
co-operation.
back on contemplated improvements or expansion or an investor to hold
The Council of National Defense believes that community organization back on his investment. A "hold back" policy, if followed widely, would
will bring into our national life a much needed element of co-operative bring on the very thing we seek to prevent—an industrial depression—
endeavor and civic orderliness which will make for more democratic and and while a few people always profit from such depressions, the nation
efficient public service. It will provide for the drawing together and articu- does not and the great majority suffers.
lation of the various voluntary agencies at work in the community so that
Bearing these facts in mind, capital must not lie low till prices come
Without in any way stifling or interfering with the individual integrity down and labor has nothing to gain through keeping the value of the dollar
of any, they will present a united front to community problems and be at its present low level.
supported in their work by the co-operation of every member of the comThis Congress can do the nation no greater service than to make plain
munity. It will develop an intelligent interest and sense of responsibility to the public the true relations between wages anti the cost of products,
In the improvement of the buildings, grounds, streets, and parks of the between profits and the cost of service, between investments and the recommunity and in the community health, sanitation, and general welfare; turns thereon. I have come to the conclusion that the greatest need we
and it will lead to the initiation of action on behalf of the whole community face to-day is that of understanding. We have had too much talk about
upon these matters. It will bring about community recreation and com- "masses" and "classes," and too little recognition of the truth that in
munity social activity, which aro so greatly needed,especially in our smallest the main all men are very much alike; that they aro actuated pretty much
communities and our largest cities. It provides a ready contact between alike by the desire to live and to get the joys that life should be made to
the community and the forces of the State and nation, so that each in- provide.
dividual in the community can be brought into more intimate contact and
The time is at hand when capital must give more'thought to the workworking relationship with the work and problems outside of his immediate ers' problems and the worker must be informed as to the problems of
environments, so that the voice of the community may become articulate business and industry. That we aro making progress toward that beton State, national, and community affairs, and so that at any time the ter understanding is my fond hope.
assistance of all members of the community can be quickly mobilized by
Employment for all is essential in the months to come, as several milthe State and nation to meet new problems and emergencies.
lion virile young men doff khaki and blue for civilian clothes, and as
thousands,of men bid good bye to the work benches of mushroom munition plants which the war caused. The kind of employment to which
these millions of workers turn their hand is of the utmost importance to
J. OGDEN ARMOUR ON READJUSTMENT PROBLEM. the nation.
We must enable them to be productive.
J. Ogden Armour, in an address before the' Trans-MissisIt is my opinion that the Congress of the United States
sippi Readjustment Congress at Omaha on Feb. 18, noting cognizance of this need for giving our returning soldiers the should take
opportunity
that the after-war problem for the United States is not one to engage in productive work, and that steps be taken to provide the
means. I think this matter is of sufficient importance to justify an extra
of reconstruction, but one of readjustment, stated that "our
session of the Congress if need be.
big concern must be that we get back to the great highway
Our Government possesses millions of acres of arable land. It has
of human progress from which we turned off at the by-road millions more that can be reclaimed and made arable. I advocate the
opening up of this Government land and its apportionment among solwhich led to the downfall of democracy." "From where diers who wish to enter into productive work. .
we stand now," he said, "there are two roads: one:of them
With thousands of our returned soldiers producing new wealth from
leads to Bolshevism. Bolshevism is a mental state . It:has the soil in the shape of grain, live stock, wool, cotton, foods, and feeds
of all kinds, minerals, lumber, &c., the cost of these basic products would
brought to life the worst forces that are in men. We find undoubtedly come down, and the whole cost of living would be lowered
it manifested in excesses of destruction, savagery and a materially, with advantage to everyone and injury to none.
I can think of many projects that could properly be started now and
complete disregard for the rights of others. It is a'
'desire
which would help to provide work for all. I
for liberty gone insane and is unthinkable in the United the need for improved roads in this country. am greatly impressed by
Smooth, hard highways,
States. The other road leads back to individual and cor- extending out from the industrial centres into tae farm lands, will enefficient and economical freight carrier, the
porate freedom which is limited only by the rights of others." able the utilization of that
war-developed motor truck. Such highways should, not be built as
Mr. Armour in expressing the hope that the good_ sense of petitors of railroads, but as supplementary to the great trunk linescomthat
the American citizen will obviate the possibility of there criss-cross the country.
looking toward the harnessing of the nation's unused water
A program
being unwise legislation at Washington or the State capitols,
power would give employment to many more. I regard it as little short
added:
of criminal that we are busily engaged in exhausting the coal beds of the
Legislation such as often comes from sincere and well-meaning men who country while power past comprehension is noisily going to waste. 114.4
have no real knowledge of the problems involved, or legilsation born
Many Government, State and municipal projects might be launched to
of the idealist who seeks by legislation to change the trend of human nature provide the work that means prosperity, but I am strongly of the opinion
a pen the foundation of our national life.
and replace by the stroke of
that there would hardly be enough labor to go around if it were not for
Granting that there were some faults in our national life as it ran prior the spirit of hang-back on the part of the man with capital and the'spirit
to the war, still it cannot be denied that under this "oldlorder_of things" of hang-to on the part of the wage earner.
MAR. 1 1919.]
THE CHRONICLE
839
ment and consequent unrest. Plans for the conference are
STEEL INTERESTS CONFER ON JUDGE GARY'S
said to have been under Way for some time.
PRICE STABILIZATION BOARD.
PROPOSED
In a statement announcing the calling of the conference,
At a meeting of steel interests held in this city Thursday Secretary Wilson said:
Judge Elbert H. Gary, Chairman
Feb. 27 at the office of
Secretary of Labor William B. Wilson to night telegraphed invitations to
of the Board'of the U. S. Steel Corporation, consideration State Governors and Mayors of some one hundred cities to attend a conferwas given to the proposed Industrial Board of the Depart- ence at the White House on March 3 and 4. The President will address the
conference. The conference will take up vital questions affecting business
ment of Commerce formed at the instance of Secretary and labor. It is the desire of the President to establish before he returns
Redfield. Following the meeting Judge Gary issued a to Europe a definite nation-wide policy to stimulate public and private
construction and industry in general. A large number of officials have alstatement saying:
such a conference. Plans will
Some of the leading steel people were called together to discuss the general
steel situation. Attention was called to the recent publications concerning
the naming by Secretary Redfield of a Conference Board to take up in
different lines of industry questions relating to readjustment. We learn
that Mr. Peek, who was mentioned as Chairman of the Board, was in
town and invited him to visit us to explain the purposes of the Board.
He stated in some length what was in his mind, and asked for the cooperation of the steel industry. It is our purpose to consult the representatives of the manufacturers of iron and steel generally at some future
meeting and after we have arrived at a conclusion, to report the same to
Mr. Peek. During the discussion to-day no opinions were expressed or
formed. It is well known the steel industry, speaking broadly, is in favor
of the principle of co-operation, but beyond that we have no information
to give or opinion to express. I do not know what will be the conclusion
reached. In this connection I think I am justified in saying that the
steel industry is in better condition than it has been, in some quarters,
reported to be. So far as our information goes there is less unemployment throughout the country than we would be led to believe through some
of the publications.
Those in attendance at the meeting included James A.
Farrell, James A. Campbell, A. C. Dinkey, Charles M.
Schwab, Eugene G. Grace, W. H. Donner, E. A. S. Clarke,
James A. Burden, Edward Bailey, L. E. Block, John A.
Topping, Thomas K. Glenn, C. H. McCullough, Jr., and
Samuel Mather.
PLAN TO DISPOSE OF SURPLUS GOVERNMENT
OWNED NITRATE.
A surplus of 226,000 tons of sodium nitrate in the United
States and 120,000 tons in Chile was reported at a meeting
last week in Washington of representatives of the War
Trade and War Industries Board and the Nitrate Committee
at which the latter appointed a committee to• draw up an
offer to the Government to buy the surplus nitrate, the
Government to allow them a certain fixed amount per ton
to cover the cost of selling. The War Department authorized on Feb. 20 the following statement from the office of
the Director of Sales regarding the meeting:
A meeting for the purpose of taking up the matter of the disposition of
surplus stocks of sodium nitrate in this country was held in the office of the
Director of Sales and was attended by a representative of the War Trade
Board, a representative of the War Industries Board, the Nitrate Committee and representatives of the Sales Office.
It developed at this meeting that the Government has a surplus of approximately 226,000 tons of sodium nitrate in the United States and 120,000 tons in Chile. It was decided that the importers should dispose of the
surplus in this country and that the Government should endeavor to dispose of the surplus in Chile to foreign interests. A committee was appointed by the Nitrate Committee to draw up an offer to the Government
to buy the surplus nitrate, the Government to allow them a certain fixed
amount per ton to cover cost of selling.
Tho operation outlined is simply a continuation of the method under
which the consumers have obtained sodium nitrate through the importers
since November 1917. The same importers who brought the sodium
nitrate into the country for distribution to consumers are now disposing
of the surplus on exactly the same basis as previously outlined by the War
Industries and War Trade Boards. The importers who will have the responsibility for the sale of the surplus are still held out of the primary
market for shipment to the United States pending the distribution and sale
of this surplus, or until import restrictions are removed by the signing of
peace.
ready signified their willingness to attend
be presented to show that the Federal Government is anxious to co-operate with the various States and municipalities in all efforts to assure continued prosperity in the interests of manufacturers, merchants and wage
workers.
-HOUR DAY—
HARBOR BOATMEN AWARDED EIGHT
OTHER DEMAND'S DENIED.
A decision in the case of the harbor boatmen's strike was
rendered on Feb. 25 by V. Everitt Macy,the umpire to whom
the dispute was referred by the National War Labor Board.
By the terms of the award the men are granted a basic
-hour day, with the same monthly rates of pay as formerly
8
paid for 12 hours; the award is not made retroactive, and
the demand for higher pay for the lessened hours was refused
altogether. All employed on army and navy floating equipment get the eight-hour basic day and overtime pay at once.
So also do those employed on railroad tugs, floats, barges
and lighters, except where the equipment is operated by a
single crew. In such instances no relief is granted, Mr.
Macy recommending that matters remain as they are until
July 1. In the meantime he recommends that a commission
investigate working conditions on these boats. So far as
private operators, who operate 60% of the boats, are concerned, with the exception of the Red Star Towing Company,
which agreed to abide by the findings of the War Borad,
the Macy findings are only recommendatory.
The only wage increase that will accrue from the award
will result from application of the time and a half overtime
basis. Regarding the question of wage increase the opinion
of Mr. Macy says:
Just as the armistice has resulted in a condition favorable to the reduction
of the working day to eight hours, it has also created a condition unfavorable to an increase in wage. . . . It is certainly, therefore, necessary
for those asking an increase now to show convincing proof that the desired
increase is justified. In order for industry to revive on a peace basis it
must be stabilized. This cannot be accomplished during the next few
months if wages are to be radically changed, either up or down. Constant
readjustment only delays the return of normal conditions.
It must also be remembered if the employees receive the same wages for
eight hours' work they did for twelve hours, that while they receive no
increased income the labor cost to the industry is increased 50%. The
only offset to this higher labor cost is greater production per hour than
previously prevailed. The records do not show how the efficiency of the
harbor crafts can be increased by shortening the work day. An increase
of 35% in tho labor charge, due to reduced hours of work in operating the
harbor crafts, would in itself be a heavy burden to carry and precludes
granting an increased wage at the same time.
There is little or no evidence in the records as to the wages now being
paid in other ports for similar services. We cannot assume that the cost
of moving freight in the port of New York has no relation to the cost in
other ports, and an unwarranted cost might easily result in diverting freight
thus reacting unfavorably on the marine workers of New York.
I therefore find that no wage increase should be granted, and that the
wage scales in the award of the New York Harbor Board, datcd July 12
1918, and those in the award of the Railroad Administration Board, dated
Sept. 11918, shall remain in effect during the life of this award; that those
employees whose working day is herein reduced from twelve hours to eight
hours shall receive the same monthly salary as previously.
In discussing the matter of an eight-hour day, the award
said:
CENSORSHIP RELAXATIONS.
CABLE
The desirability of limiting the working day to eight hours has been
The Chief Cable Censor, Navy Department, announced recognized by Congressional enactment for all Government departments
on all direct Government contracts, by most State Legislatures and
on Feb. 19 that effective Feb. 20, the restrictions imposed and
municipalities, by the Railroad Administration, and is the prevailing
by the "Regulations of U. S. Cable Censorship" would no custom in many of our largest industries. Such a general acceptance of
has not been obtained merely
longer be enforced on normally routed cablegrams which the principle of an eight-hour workday
The nation has come to realize that its security
terminate in the United States, Alaska, through sentiment.
both originate and
demands that its citizens have a reasonable opportunity for family life,
Porto Rico, Virgin Islands, Hawaiian Islands, Philippine a reasonable amount of leisure and a proper standard of maintenance.
nation has the ,right to demand of its ableof this recognition
Islands, or any other island possessions of the United States In viewcitizens eight-hours'the
service for six days in the week in some useful
bodied
in the Pacific.
effort. Good citizenship requires that this service be rendered either
PRESIDENT CALLS NATIONAL CONFERENCE TO CONSIDER RECONSTRUCTION AND RESUMPTION
OF BUSINESS.
President Wilson on Feb. 25 issued a call for a nationa
conference, to be held at the White House on March 3 and
4, to "discuss vital questions affecting business and labor."
Invitations to attend the conference were telegraphed by
Secretary of Labor William B. Wilson to the Governors of
all the States and to the Mayors of more than 100 cities.
President Wilson will address the meeting. It is said to
be the desire of the President to see a national policy adopted
for the resumption of private business and the construction of public works, with a view to lessening unemploy-
voluntarily or for pay, according to the financial needs of the individual.
The right of an eight-hour day carries with it the obligation upon the part
of the individual to render better service during the fewer hours, for no
right can be obtained without its corresponding obligation.
-hour day
There may be certain occupations in which the straight eight
Is inherently impossible; if so the basic eight-hour day should be the standard, and the pay for overtime regarded as a legitimate expense and a just
charge to be borne by the public. It would seem,therefore, that the burden
of proof that an eight-hour day is impossible in an industry lies on those
who deny its practicability as well as upon those who request its installation.
The workers in a dangerous occupation or in one requiring undue hours
should not be compelled to carry the burden alone.
The eight-hour day is granted to ferry-boat crews and to
crews on tugboats, other towing vessels, and steam lighters,
but these craft must have two crews. No crew must work
more than a double shift in any twenty-four hours, and are
to receive time and one-half for extra time. If the boat is
840
THE CHRONICLE
engaged in continuous service, an additional crew must be
employed to form a third shift.
Neither the boatmen nor the owners appear to be satisfied
with the award. The owners have all along maintained
that the eight-hour day is unworkable in a business that
depends on such uncertain factors as tide and wind.
A full account of the boatmen's strike, which tied up
New York Harbor for three days early in January, will be
found in our issue for Jan. 18, page 228.
[VoL. 108.
The matter was discussed at the White House between the
President and Mr. Hines on the 27th, and it is stated that
it was the President's conclusion that in view of the situation
as it stood it would not be advisable to return the railroads
to private ownership immediately.
APPROVAL OF SHORT LINE RAIL CONTRACTS.
In making known on Feb. 26 that he had approved two
standard forms of co-operative short line contracts, DirectorGeneral of Railroads Walker D. Hines announced that arBILLS CREATING STATE SOCIALISM IN NORTH rangements were being made to make certain that "friendly
consideration" would be given to questions affecting the
DAKOTA SIGNED BY GOVERNOR.
short lines. The announcement concerning the approval
The signing of several of the measures, sponsored by the of the contracts says:
Non-Partisan League of North Dakota, which bills in effect
Walker D. Hines, Director-General of Railroads, has approved two
introduce State Socialism, was reported in the New York standard forms of co-operative short line contracts pursuant to an agree"Tribune" of Feb. 27. The League (which controls both ment with representatives of the short line railroads; the first covering
roads having no competitive traffic,
the
Houses of the North Dakota Legislature) and its proposals competitive traffic. The two forms and the second covering roads having
are
same except that in the form
have several times been referred to in these columns; two of for roads having competitive traffic, a clause has been added providing
these references appeared in our issues of Feb. 8, page 539, for reimbursement for competitive traffic diverted from the short lines
between
1 1918, and for
and Feb. 22, page 727. In announcing the signing of cer- quent to April 1 and Nov.same proportion giving to the short lines subseNov. 11018, the
of competitive traffic as it had
tain of the bills the "Tribune" in special advices from in the years 1915, 1916 and 1917.
The contracts provide:
Bismarck on Feb. 26 said:
(1) That all joint rates shall be fairly divided between the DirectorNorth Dakota to-day entered upon a program of State activity in indus- General and the company.
try unparalleled in its own history or in the history of any other State in
(2) That the short lines shall receive an equitable allotment of cars.
the Union. Little more than three years from its foundation the Farmers'
(3) That short lines having a length of 100 miles or less shall be allowed
Non-Partisan League saw its complete program of political and social two days free time
for cars owned by the road under Federal control and
reform in the presence of both Houses of the Legislature become a fact, used by the short
lines.
as Governor Frazier signed several of the most important bills on the
(4) That the short line shall have the right to use the purchasing agenLeague's legislative schedule.
cies of the Director-General in the purchase of materials and supplies and
By these bills the State will now:
shall have its repairs done in the shops of the Director-General upon the
1. Establish and operate the Bank of North Dakota.
same terms as were enjoyed before Federal control.
2. Build and operate terminal grain elevators and flour mills.
(5) That in the publication of tariffs and routing the short lines shall be
3. Establish and operate the North Dakota HOme Builders' Association treated in the same manner as
roads under Federal control.
for the purpose of enabling inhabitants of the State to build and own their
(6) That if in the opinion of the Director-General, it becomes necessary
own homes.
for him to operate the short line railroad, he shall have the right to do so
4. Set up an industrial commission to manage these and the other in- upon the payment of
compensation as provided by the Federal Control
dustries the State may decide to embark upon under the unlimited power Act.
granted by new amendments to the State Constitution.
The effective date of the contracts is to be April 11918.
The bills signed are, as League members point out, only the capstone of
The Director-General is making appropriate arrangements to make
the arch of the unusual legislation passed by the House and the Senate at certain that all officers
and employees of Federally controlled railroads
the present session. In some fourteen amendments approved by the voters give fair, just and
friendly consideration to questions affecting the short
at the last election and ratified by this Legislature, one of the speakers lines which may come
up for consideration in connection with the applicato-day declared "North Dakota now has the most democratic constitution tion of the contracts.
In the United States."
Among the amendments are provisions for an easier method of amending than hitherto in force, restricting the State Supreme Court from de- FINANCIAL OPERATIONS OF RAILROAD ADMINISclaring unconstitutional a large body of laws unless four of tho five justices
TRATION AS REVEALED BY HOUSE COMMITTEE
concur; removing the limit on State indebtedness, which hitherto stood at
REPORTING BILL APPROPRIATING $750,000,000.
$200,000, and authorizing the State, or any city or county, to engage in
As indicated in these columns last week, page 730, the bill
any industry or business except the manufacture of intoxicants.
Other bills passed at this session of the Legislature include a working- calling for an appropriation of,$750,000,000
for the Railroad
man's compensation Act with a State insurance fund; women's 40
-hour
week and minimum wage laws; a mining law and various laws providing Administration's Revolving Fund was passed by the House
for new methods of taxation and of regulations of freight rates and on Feb. 21. The bill had been approved by the House
franchises.
Appropriations Committee on Feb. 17, and we learn, through
A large audience, including such leaders of the League as Townley,
Lemke, Mils and Bowen, heard legislators hail the work completed as the "Railway Age" of Feb. 21 that before reporting the bill
establishing "industrial as well as political democracy," and as representing the committee made public the printed report of the hearings
the "only program that holds out any ray of hope for the struggling masses in executive session
before its sub-committee on deficiency
of earth."
A. C. Townley, founder of the League and a political leader in whose appropriations giving the testimony of Director-General
hands 100,000 farmers of the Northwest have placed somewhere around Hines, Secretary of the Treasury Glass and Eugene Meyer Jr.,
$1,000,000 for the accomplishment of such projects as North Dakota a director of the
War Finance Corporation, which includes
launched to-day, moved practically unnoticed among the crowds of the
capital, making no speech and receiving no formal congratulations on the some interesting facts regarding the financial operations of
completion of his work.
the Railroad Administration heretofore unpublished. As to
"North Dakota," he told the "Tribune" correspondent,"can now embark
this testimony, we take the following from the "Age:"
on any business undertaking that it wants to, but I can tell that it is going
to stick pretty close to the program of State's industry Indicated in the
The Contract Situation.
bills passed. If necessary to accomplish any one of the measures the
The number of standard contracts signed, Mr. Hines said, was 34 and
State will take up another activity. For instance, the State may have to
44 more were about ready to sign, while 23 others had been drawn and were
establish a market in Chicago or some Eastern city to see that its wheat in
process of consideration. He said that as far as he knew, practically
and flour products are handled fairly, but North Dakota has not started
cry company whose road has been taken over is relying on the making
on a career of State Socialism. North Dakota will do just what a majority of the contract
and the Railroad Administration is assuming the standard
of its voters want to do 'provide carefully, slowly, thoroughly.'"
return will be paid to all of them. He submitted a statement of the contract situation as of Jan. 26 showing that 101 contracts, providing for
$599,190,646 of compensation, had been drawn by the Division of Law,
30 had been executed by both parties, 38 had been approved by the Division
NO IMMEDIATE RETURN OF RAILROADS TO PRIVATE
of Law and circulated among members of the Administration staff for their
OWNERSHIP.
opinion, 19 had been approved and sent to the Companies to print and 14
Walker D. Hines, Director-General of Railroads, an- had been drawn, but were awaiting the determination of special claims, &c.
Since the statement was compiled four more
Of the
nounced yesterday, with the approval of President Wilson, 51 were with Class I roads, besides whichhad been signed. more total,
probably 20 or
Class I
that the railroads would not be relinquished from Govern- roads were parties to the contracts as affiliated companies. In addition,
ment control until there has been an opportunity to see 13 short line contracts had been executed. The compensation provided
for by the 34 signed contracts amounts to about $360,000,000.
whether a constructive permanent program of legislation was
No contracts had been executed, Mr. Hines said, which include any
likely to be adopted within a "reasonable time." Announce- allowance for compensation in addition to the standard return, except in
ment of this was contained in a letter sent by Mr. Hines to the case of the Missouri & North Arkansas, which had a very heavy abnormal loss in one of the three years of the test period
Senators Smith and Martin, Chairmen, respectively, of the allowed $161,230 in addition to its standard return ofand which had been
$13,146. No conSenate Committees on Inter-State Commerce and Appropri- tract had been executed for less than the standard return. Eighty-two
companies had made claims for excess compensation, amounting to $75,ations. The letter said:
538,832 and claims amounting to 81,316.538 had been tentatively allowed.
As you are aware, there has been some inquiry as to whether there might The Director-General filed the following statement of the claims
for addibe an immediate or precipitate return of the railroads to private manage- tional compensation:
ment. The Railroad Administration has indicated whenever this inquiry
Summary of Special Claims for CompensatiOn, in Addition to the Standard
has been made that it would not recommend any such step be taken.
Return, Filed with United States Railroad Administration to Feb. 6 1919.
For your further information, I am glad to say that I have now discussed
Number
Amount of
Amount of
the!matter with the President and he has authorized me to state that not
Status—
of Claims.
Claim,
Allowance.
only will there be no sudden relinquishment of the railroads, but further, Allowed in part..
11
$6,419,875 82
$1,316,538 71
that it is not his purpose to relinquish the railroads until there has been an Denied
30
22,593,184 45
Withdrawn
5
321,635 38
opportunity to see whether a constructiVe permanent program of legisla36
46,204,136 44 Not yet determined
tion is likely to be considered promptly and adopted within a reasonable Pending
_.....
time.
Total
82
875,538,832 09
MAR. 1 1919.]
THE CHRONICLE
841
.Recapitulation of Claims Tentatively Allowed to Feb. 6 1919 in Excess of 918,283. The capital expenditures for the year for the Class I roads were
Standard Return.
$573,000,000, and it was estimated that $214,000,000 of surplus, after
$440,082 39 fixed charges and dividends had been paid from the standard return and
• Chicago Milwaukee & St. Paul
250,000 00
Missouri Oklahoma & Gulf, approximate
161,230 00 other income, could be applied to their payment. As $68.000,000 was due
Missouri & North Arkansas
150,000 00 the companies on open account, this left a balance of $290,000,000.
New York New Haven & Hartford, estimated
140,026 61
Kansas City Mexico & Orient
Mr. Hines explained that the figures of $750,000,000 had been arrived
129,259 18
International & Great Northern
19,885 50 at by taking the $381,000,000 required to settle accounts, $20,000,000 for
• Cumberland & Pennsylvania
•
15,000 00 the Boston & Maine, $12,800,000 for the inland waterways and a margin
Salina Northern
11,055 03 of about $50,000,000. On this basis the companies will be required to
Van Buren Bridge Co
No compensation finance about $291,000,000 of the program for 1919 in addition to $150,Trinity & Brazos Valley
No compensation
Gulf Texas & Western
000,000 deducted from their compensation, and as they will have to finance
$1,316,538 71 something over $200,000,000 for maturities this year, this contemplates
Total
that the railroads during 1919 will be able to borrow in the open market
Claims Filed to Feb. 6 1919.
something like $500.000,000. He thought that is all it is possible to hope
Denied
Denied
New York Central.._ _ 35,339,941 20 Waterloo C. F. & No. $123,410 94 they can do. In reply to questions, he said he hoped that in the latter
120,695 30 part of this calendar year, if financial conditions are reasonably good. the
Chicago R.I. & Pac_ _ 5,193,045 34 Louisiana & Arkansas
109,721 01 Government will begin to get back some of the money, but the AdminisSt. Louis-San Fran.._ _ 4,971,520 73 Ann Arbor
107,170 24
1,426,320 00 Bangor & Aroostook_
Great Northern
89,224 00 tration will be needing it in the meantime.
Minneapolis & St. L. 1.073,680 75 Hudson & Manhattan
Mr. Hines said that the economies effected by unified operation in 1918,
57,520 45
809.624 34 Lehigh & New Eng.
Maine
Boston &
57,447 11 so far as it has been possible to aditnate them in money, have amounted
595,079 00 Kansas City Southern
Union I'acific
470,808 12 Toledo Terminal Co_
47,000 57 to about $91,000,000 a year, which served in part to offset the abnormal
•Chicago Ind. & Lou_ _
437,579 28 Port Reading
42,288 86
Northern Pacific__
32,479 41 costs that the railroads were subject to in time of war.
392,856 95 Galveston Wharf Co_
Chicago T. H. & S.E.
341,776 40 Vicksburg Shr. & Pac.
28,780 00
"Have you gotten to the point where you believe you are shaking down
Louisville & Nashville
216.054 32 Detroit Bay City & W.
& G.
18,000 00 your organization into any greater efficiency than has heretofore existed?"
San Ant. Uvalde
,
155,192 21 Gall. Hons. & trend.
9,458 00 asked the Chairman.
New Orleans Grt. No.
189,700 09 Catasauqua & Fogel.
8,107 52
Norfolk & Western_ _
"We are just getting to the point 'where processes of readjustment can
128,059 50 Atlantic City RR
642 81
Phila. & Reading....
be undetaken," said Mr. Hines, "and this month the regional directors
$22,593,184 45 and Federal managers are hard at work on that proposition anf I might
Total
say, with a great deal of co-operation from labor. They are trying to
Withdrawn
Withdrawn
$43,818 97 adjust things to the basis that ought to exist after the cessation of hosElgin Joliet & East__ $115,756 01 Ocean Steamship Co_
& St. L.
78,230 47 Central of Georgia_ _ _
39,468 09 tilities."
Nash. Chatt.
44,361 84
Atlantic Coast Line_ _
Chairman Sherley said there seems to be a general impression that there
$321,635 38
Total
Is a complete demoralization existing in all branches of the railroad service.
PendingPendingMr. Hines said he thought the state of relaxation that came about after
Evansv. & Indianan_
8622,504 69
Mo. Kansas & Texas
524,736 84 the signing of the armistice and the natural state of inquiry as to what
System (3 claims)_ _ $5,559,636 61 Ill. Cent. and Y.&M.V
476,595 43 would happen to the railroads have tended to produce a situation of that
4,771,398 97 Norfolk Southern_ _ _
Southern
4,383.736 12 Old Dominion SS. Co.
325,000 00 sort which will be cleared up largely as soon as we can know something
Missouri Pacific
Baltimore & Ohio_
171,513 49
3,685,022 00 Chicago Great West_
134.823 16 definite as to what is to happen to the railroads.
3,344,916 01 Atl. Birm. & Atlantic
Western Pacific
In connection with questions asked about the status of the short line
98,461 02
Chicago & East. Ill. _ 3,244,463 00 N. Y. Susq. & West_..
86,084 99 railroads which were relinquished, Director-General Hines filed a statement
Wheeling & Lake Erie 2,828,314 63 M. St. P. & S. S. M.
74,863 06 giving an estimate of the amount of the probable obligation of the Railroad
2,731,368 00 Pt. Towns'd & P. Sd_
Wabash
71,722 32
2,538,726 00 Ulster & Delaware_ _ _
Seaboard Air Line
53,647 33 Administration in connection with the co-operative short line contracts as
Western Maryland.._ 1.883,478 94 Farmers' 0. & S. Co_
46,311 99 $2,500,000. This includes $500,000 for adjustments of per diem and
Caro. Clinch. & Ohio_ 1,758.227 53 Escanaba & L. Sup..
.
38,407 17 $2,000,000 for adjustments of traffic.
1,547,698 39 Wrightsv. & Tenni]le_
Erie
35,222 28
Gulf Coast Lines_ __ _ 1,487,722 75 Pacific Coast
Mr. Hines said the appropriation was imperatively needed to meet
15,562 75
N. Y. Connecting._ 1,469,758 80 Wildwood & Del. Bay
5,760 60 current payments for equipment and additions and bettedhents. On
St. Louis Southwest_ 1,335,185 29 Louisville & Wadley_
2,605 23 account of the shortage in its cash, the Railroad Administration, he said,
154,164 39 Piedmont & Northern
Ft. Dodge D. M.& S.
696,593 66
St. Louis Term. Asso_
was able to pay only about $25,000,000 on equipment in January, whereas
$46,204,136 44
Total
it ought to pay at the rate of about $50,000,000 per month so that it is
Mr. Hines also filed with the committee a list of the Class I railroads holding back bills that ought to be paid. The whole amount of $286,that have been relinquished and are not being operated by the Railroad 000,000 ought to be paid by the month of June and the current program
Administration, as follows: Arizona & Now Mexico By. Co., Bingham & for additions and betterment work would run at the rate of about $50,000,Garfield By. Co., Canadian Pacific Lines in Maine, Colorado & Wyoming 000 per month.'
By. Co., Colorado Midland RR. Co., Cripple Creek & Colorado Springs
RR. Co., Duluth Winnipeg & Pacific By. Co., Nevada Northern By. Co., IRELAND'S CAUSE TO BE URGED BEFORE PEACE
Pittsburgh Shawmut & Northern RR. Co. and Spokane International
CONFERENCE.
By. Co., also a list of the Class II and Class III roads and switching and
A "Convention of the Irish Race in America" was held
terminal companies that have been retained. The list included 96 Class II
roads, 73 Class III roads and 136 switching and terminal companies.
at Philadelphia on Feb. 22 and 23, at which resolutions
Efforts to Resume Normal Basis.
Since the armistice was signed, Mr. Hines said, the Railroad Administration has been trying to get the transportation service back to the normal
basis and, realizing the probability that in the reasonably near future the
railroads may go back to their owners, is endeavoring to give more consideration to individual railroads than during the war period, and to pursue
a policy of considerateness so as not to interfere needlessly with the sort
of traffic that would be handled by the corporation if it were in control of
its own lines.
Asked whether it was proposed to adjust passenger service and rates
back to normal, Mr. Hines said there is no thought of reducing the threecent passenger rate, but that the three cents has no more purchasing power
than the two cents before the war. The surcharge for Pullman passengers
has been abolished and it will be the policy to gise special rates where they
will encourage an additional traffic that is profitable to carry, he said.
As to freight rates, Mr. Hines said that it will be the policy to make rates
that will develop traffic, but that it must bo remembered that to a large
extent the increase in rates merely reflects the universal diminution in the
purchasing power of money.
Mr. Hines said the railroad companies have a great many maturities to
meet this year, but although they want assistance for that purpose, his
policy is going to be that they will have to meet their own Maturities as
well as to finance largely the additions and betterments for 1919, but that
until the next Government loan is out of the way they would have difficulty
in borrowing money to pay the $290,000,000 advanced to them for additions
and betterments in 1918 and the $100,000,000 of temporary advances.
Charles B. Eddy, who had been assistant general counsel, was recently
appointed associate director of the Division of Finance and charged with
the duty of taking up the accounts of the companies for the purpose of
finding out their ability to finance themselves and of endeavoring to collect
various'amounts due the Government.
Accounts will: Corporations.
As illustrating some of the Administration's financial methods, Mr. Hines
described the loan made to the New Haven, and the relations with the
Atchison Topeka & Santa Fe and the Illinois Central. On Dec. 31 the
Administration owed the Atchison $38,000,000 on account of its rental,
none of which had been paid, but it had expended for the company $22,385,000 for additions and betterments and the company owed it on open
account $1,828,236. The Administration cannot deduct the entire indebtedness of the company from the standard return, under the terms of
the contract, because that would impair its ability to pay its interest,
taxes, &c., but it can deduct $8,211,328, and after it has paid the balance,
$30,000.000, it can require the company to borrow part of the money to
pay it. The rental of the Illinois Central is $16,282,000, of which $2,000,000 was unpaid, and $24,830,199 of expenditures for additions and betterments had been made for its account. while the company owed the Government $7,311,365 on open account. The total deduction that may be made
is $1,125,144 and the net amount due the company was $932,230.
At the request of the committee Mr. Hines put into the record a statement of the accounts between the Director-General and the companies as
of Dec.311918,showing the net amount due the companies as $381,806,904,
which is reproduced herewith.
bile also filed an estimate of the capital expenditures made during 1918
which will have to be financed by the Government, amounting to $290,-
were adopted urging the Peace Conference to apply the
doctrine of national self-determination to Ireland. In addition, a declaration of principles was adopted, setting forth
the reasons why, in the opinion of the gathering, the Irish
question must be settled before there can be real peace in
the world. Furthermore, the demand is made that "if any
League of Nations be made, that all features of it which
may infringe on the traditional American policy [of avoiding entangling alliances with European Powers], including
the Monroe Doctrine, shall be eliminated, and that, in any
such League, the right of self-determination of all peoples,
and the American doctrine of freedom of the seas, so often
and earnestly advocated by President Wilson, shall not
be overlooked,forgotten or abridged." The meeting pledged
themselves to raise a fund of $1,000,000 to be used in the
cause of Irish freedom, and a committee of 24 was named
to convey to President Wilson the resolutions adopted by
the convention, and go to the Peace Conference, if necessary, and if need be to state that war existed between Ireland and England. This committee is headed by John
W. Goff of New York, and includes ex-Governor Gunne
of Illinois; Mayor Edward Quinn of Cambridge, Mass.;
Bishop Thomas J. Shahan of Washington; Justice D. F.
Cohalan of New York; Bishop P. J. Muldoon of Rockford,
Ill., and James K. McGuire of New Rochelle, N. Y.
The resolutions, presented to the convention by Cardinal
Gibbons, read as follows:
Wo, the delegates to the Convention of the Irish Race in America, assembled in Philadelphia, the city in which the immortal declaration of
American liberty was given to the world, and speaking for many millions
of American citizens, call upon the President and Congress of these United
States of America to urge the Peace Conference now in session at Paris to
apply to Ireland the great doctrine of national self-determination and to
recognize the right of the people of Ireland to select for themselves without interference from any other people the form of government under which
in future they shall live.
We urge this claim, in the first place, in the name of justice-recognizing and insisting on the truth set forth by the founders of our republic
that all governments derive their just powers from the consent of the governed.
We urge this claim in the name of America, insisting, as we have just
shown in the case of France, that we are not an ungrateful people, and recalling that no other people have contributed more than those of Irish blood
to the creation, the upbuilding, the development, and the preservation and
defense of our great country.
842
THE CHRONICLE
We urge this claim in the name of Ireland, because of the unparalleled
struggle for now seven and a half centuries that Ireland has carried on
for national existence and liberty; because all efforts to break down and destroy that existence have failed, and because of the extraordinary majority
by which less than two months ago the people of Ireland declared not alone
their dissatisfaction with the government of their land by England, but also
their determination to govern themselves without interference from any
outside influence or power.
We urge this claim in the name of humanity, because we believe that war
cannot be ended, and a just and permanent peace cannot be brought
about, unless the doctrine of self determination be applied to Ireland and
the people of that country be permitted to decide for themselves the form
of government under which they shall live.
We point out that England has tried in every way to coerce or to persuade or to cajole the people of Ireland to give up their devotion to their
national aspirations, and tried them all in vain. Lloyd George within the
last few months has been compelled to assert that Ireland is at present as
much opposed to British rule as in the days of Cromwell. The industries
of Ireland have been destroyed; her trade and commerce wiped out; her
population cut in two; her leaders deported and held in English jails without
indictment or trial, and yet within the last two months the people with a
unanimity never before attained have again declared their utter dissatisfaction with English rule and their determination to be free.
England refuses to listen to the voice of Ireland, but we point out that
England likewise refused to listen to the voice of the American colonies.
England was compelled less than a century and a half ago to recognize the
Independence of the colonies and within the last year the efforts of our
country saved England and her allies from total defeat at the hands of the
Central Powers. The land to which England was thus compelled to do
justice has just saved England in her hour of need. Let England now realize that justice to Ireland, which she has so long denied, with grievous loss to
Ireland, but also with great loss to herself, will now remove from her
path the bitterest hostility which she has to encounter all over the world,
and will convince mankind in general of the sincerity of her declarations
when she says that she believes in liberty and justice for others as well as
for herself.
Finally, we urge this claim that peace and order may be brought out
of the chaos with which the whole world now seems to be threatened.
In this great hour, when governments are being reformed and when peoples long oppressed by tyranny are emerging again into the sunlight of
liberty, let there be sincerity and unselfishness upon the part of those who
are controlling the Peace Conference, to the end that the mistakes of the
Congress of Vienna may be avoided, and a peace made that will be lasting
and permanent because it will be just and right.
Upon the shoulders of our President and Congress rests ir the last analysis
the responsibility of the peace that shall be made. We urge them to act
in accordance with the doctrines laid down on our behalf when we entered
the war, and in accordance with the resolution recently adopted, almost
unanimously, by the Foreign Affairs Committee of the House of Representatives, to the end that autocracy and militarism may be foerver destroyed, and that the right of self determination shall be given to all the
peoples of the earth.
With the adoption of the Cardinal's resolution,Michael J.
Ryan,Philadelphia,read the declaration of principles, which,
he said, had been drawn up by a committee representing
every section of the United States. The text of the declaration follows:
We, the delegates to the Convention of the Irish Race in America,
assembled in Philadelphia, the cradle of American liberty, on February 22
and 23 1919, and representing many millions of citizens of the United
States, hereby solemnly declare and resolve:
As American citizens we uphold the honor and interests of the United
States, as our race has done during all the years that have elapsed from
the start of the Revolution to the present day. We are proud of the splendid record our people have made in the fighting forces of the republic in
the war which has just closed, and are ready to perform any duty and make
any sacrifices our Government may in the future demand.
We heartily approve the principles of justice, liberty and peace for all
mankind proclaimed by President Wilson in his declarations of America's
objects in the war. These had the approval of the entire American people,
and were the chief cause of their enthusiastic support of the war. They
were endorsed by the spokesmen of the British Government while hostilities were in progresss, and the whole world was led to believe that the
achievement of the purposes proclaimed by the President was the sole
object of the war.
Among thoscedeclarations the one that "all peoples are entitled to selfdetermination" received universal support, and became the war cry of the
peoples who were fighting Germany. Our Government and those of the
countries associated with us in the war are therefore bound An honor to
apply the principle of self-determination to Ireland as well as to the other
submerged nations which have been granted their freedom as a result of
the war. If it is not applied to Ireland the United States will be placed
in a most unfavorable light before the civilized world, and President Wilson's solemn declarations will be made a mockery.
Aside from Ireland's inalienable right to govern herself in her own way
without interference by any people outside her own shores, the attempt
of England to rule her against the consent of her people is the most conspicuous failure in all history. It has failed in every essential thing for
which Governments exist—the promotion of the welfare of the governed,
the protection of their natural rights and interests, the development of
their resources, and their contribution to the sum of human happiness and
the world's prosperity. Even if conquest be acknowledged as giving one
people the right to rule another, England has forfeited that right by centuries of continuous misgovernment and injustice, which are practiced
by the English Government to-day as relentlessly as at any time in the
past, and in utter disregard of the opinions, wishes, and protests of the
Irish people.
The condition of Ireland, which is the direct result of the deliberate
action of the English Government, is an international scandal and a constant
menace to the world's peace. Three times during the last 300 years her
soil has been invaded by foreign armies to aid her people to overthrow
English rule. So long as England holds Ireland by military force and denies
her right to govern herself. the Irish people will continue to assert their
rights by every means in their power. In 1916 they rose in rebellion,
and on Jan. 211919, their elected representatives, supported by the overwhelming majority of the people, met in the national capital, issued a
declaration of independence, and proclaimed an Irish republic. This
action was followed by an appeal for recognition to the free peoples of the
world. They elected three delegates to plead their case at the Peace
Conference, two of whom, with thirty-nine other elected representatives
of the people, are held in English prisons, without trial, and with no charge
formulated against them.
[VOL. 108.
A state of war, therefore, exists between England Ireland which, in
the interests of the peace of the world, the Peace Conference cannot ignore,
and President Wilson's great task of establishing permanent peace will
not be completed until the Irish question is settled on the principle of selfdetermination, to which he has unequivocally committed himself and
the United States,
We, therefore, in the name of the many millions of American citizens of
Irish birth or lineage who have contributed their full share to the winning
of the war, and with the approval and sympathy of the overwhelming
majority of the American people, now demand that President Wilson place
before the Peace Conference and support with all his powerful influence
Ireland's right of self-determination and secure for the elected delegates
from her Constituent Assembly to the Peace Conference the same status
and recognition which have been accorded to those of other small nations.
We remind our fellow Americans of the farewell address to the American
people of George Washington, and, particularly, that portion thereof embodying his advice to avoid all entangling alliances with European Powers.
These words are as true to-day as when he first uttered them. . . .
We demand, therefore, if any League of Nations be made, that all
features of it which may infringe on the traditional American policy, including the Monroe Doctrine, shall be eliminated, and that, in any such League,
the right of self-determination of all peoples, and the American doctrine
of freedom of the seas, so often and earnestly advocated by President
Wilson, shall not be overlooked, forgotten, or abridged.
That as an earnest of our devotion to the principle this day enunciated
and to further the attainment we pledge the raising within six months of
the sum of $1,000,000, and that a subscription list be forthwith established
and the pledges of cities, towns, and individuals be now established.
OFFICIAL COMMUNIQUES OF THE PEACE
CONFERENCE.
Every effort is being made to expedite the work of the
Peace Conference, and while the Commission on a League
of Nations is the only one so far to make a complete report,
it is said that one other commission—that on Responsibility
for the War—has finished its work and will be ready to report to the next plenary session of the Conference.
We continue herewith our record of the work of the Conference as recorded in the official communications. New
committees are constantly being appointed to study and report on various questions as they come up, and the enormous complexity of the task in hand becomes more obvious
from day to day.
MEETINGS OF THE SUPREME COUNCIL.
Since the plenary session of the Peace Conference held
on Feb. 14 to receive the report of the Commission on a
League of Nations, the following official communications
have been issued:
Feb. 15.—The representatives of the Allied and Associated Powers
met this afternoon at the Quai d'Orsay from 3 to 6 o'clock and heard the
delegates of the Administration Council of the Lebanon.
They then began the examination of the Russian question.
The next meeting Will be at 3 o'clock on Monday.
Feb. 17.—The Supreme War Council met to-day at the Qual d'Orsay
from 3 p. m. to 5 p. m.
.
Marshal Foch informed the Ministers of the Allied and Associated Powers of the acceptance by the Germans of the conditions for the renewal of
the armistice. The next meeting will take place to-morrow at 3 p. m.,
when the Serbian delegation will be heard.
Feb. 18.—The representatives of the Allied and Associated Powers met
to-day at the Qual d'Orsay from 3 to 6 o'clock.
Mm. Vesnitch, Zolger and Trumbitch explained the territorial claims
of the Serbs, Slovenes, and Kroats, respectively.
It was decided to submit the question of the frontiers claimed with the
exception of those in which it was directly interested to the Commission
already charged with the examination of the question of the Banat.
The next meeting will take place on Thursday Feb. 20 at 3 p. m.
Associated Press advices from Paris on Feb..20, in stating
that the meeting of the Supreme Council which was to have
been held on that day had (on account of the attempt on
the life of M. Clemenceau) been postponed until the 21st,
when Stephen Pichon, Foreign Minister, and Captain Andre
Tardieu were scheduled to represent France, said:
The agenda for the session comprises, first, the zone of nonoccupation
in Transylvania between the Hungarians and Rumanians; second, recognition of the Polish Government; third, hearing of the Danish Minister in
Paris on Schleswig; fourth, hearing of Turkhan Pasha, representing the
Albanian delegation, and, fifth, hearing of the report of the Economic
Commission, charged with the provisioning of the devastated districts and
also reports on the commercial policy to be adopted as regards neutrals and
economic relations between the Allies.
Premier Clemenceau was stricken tit the moment that he was starting for
a meeting that might have had a decisive influence in systematizing the
problems of the conference so as to lead the course of the transactions of
the body (tom war conditions to a state of peace and take in hand the
construction of the actual peace treaty.
The preliminary soundings on this question had already been taken, and
the prospect seemed good for the decision upon an efficient procedure that
.would obtain results within a short time from all the conference comn>1
sions.
Feb. 21.—All economic measures of a transitory nature which come
before the Peace Conference will be referred to the Economic Council,
which was appointed by the Conferente at the suggestion of President
Wilson. it was announced on Feb. 21 in the official communique issued by
the Supreme Council of the Conference. The communique follows:
"The Allied and associated representatives were in session at the Quill
d'Orsay to-day from 3 till 5:30 p. m. Stephen Inchon, French Minister of
Foreign Affairs, presided. The following matters were considered:
"The question of the creation of a neutral zone between the Hungarians
and Rumanians in Transylvania was referred to the Supreme War Council
at Versailles.
"It was decided that the Allies, as a result of the session of the Polish
Diet at which the powers of the Polish Ministers were confirmed, and at
which Ignace Jan Paderewski was acclaimed as head of the Government,
should recognize the Polish Government.
MAR. 1 1919.]
THE CHRONICLE
"Conclusions reached by the commission formed to draw up a plan of
procedure for disposing of economic questions were considered. It was decided to refer to the Economic Council appointed by the Conference at the
suggestion of President Wilson all economic measures of a transitory nature.
Matters of a permanent nature will be examined by a special commission
to be appointed by the Conference at an early session.
"Five delegates of the Powers have been entrusted with the task of drafting a plan of procedure for the new Cabinet, a sub-committee being formed
to make suggestions regarding its composition and in so doing to take into
account the reservations made by Lord Robert Cecil regarding the representation of the British dominions. This tmestion was referred to the
Commission on Foreign Affairs.
"The next meeting will take place to-morrow afternoon at 3 o'clock."
Feb. 22.—Results of far-reaching character were obtained at the meeting of the Supreme Council on Feb. 22, when resolutions were adopted
requiring the speeding up of all important branches of the work of the
Peace Conference. To accomplish this all commissions dealing with
reparations, boundaries and economic and financial issues must report to
the Supreme Council by March 8 at the latest. These reports, in turn,
will form a basis for the drafting of the treaty. The official statement
issued after the meeting announced that:
"The meeting decided on proper steps to be taken in order to accelerate
as much as passible the labors of the conference."
Feb. 24.—The representatives of the Allied and associated Governments
met to-day at the Quai d'Orsay from 3 to 5 p. m.
The Albanian representatives were introduced, and Turkhan Pasha
stated the Albanian claims. The examination of the question was referred to the committee on Greek affairs.
The Paris inter-allied commission on Polish affairs communicated certain
information and proposals received from the inter-allied commission now
at Warsaw. Marshal Foch was present.
The next meeting will be held Feb. 25 at 3 p. m.
The sub-committee of the international waterways commission has
completed its discussion of the draft of the convention on the freedom of
transit submitted by the British. It was decided that the convention
be left to the drafting committee. The character of the plans submitted
is not disclosed.
Feb. 25.—The Supreme Council on Feb. 25 began a hearing on Morocco,
in which France seeks to terminate the present unsatisfactory international
supervision. Henry White, for the United States, and Arthur J. Balfour,
for Great Britain, spoke in favor of the observance of the "open door"
in any readjustment,so that all countries might enjoy equal trade facilities.
The official statement said:
"In behalf of the Inter-Allied Financial Commission M. Crespi (Italy)
explained the measures to be taken to avoid the non-payment of coupons
of the Austro-Hungarian debt falling duo March 1, in the absence of an
agreement among the different States of the former Austro-Hungarian
monarchy. The commission's proposals were approved.
"The question of the transport to Poland of the Polish divisions in
France and Italy was examined, Marshal Foch taking part. The conference sent instructions on this subject to the Inter-Allied Commission at
Warsaw.
"M. Perotti of the African department explained the demands of France
in the direction of the suppression of the Act of Algeciras and the imposition
on Germany of necessary guarantees to prevent her resuming the hostile
action in Morocco which she has taken against France during the last ten
years.
843
On motion by the American delegates it was decided to organize a central commission for territorial questions.
Afterward the Zionist case was presented by Dr. Weizmann and M.
Sokolow, representing the Zionist Organization; Professor Sylvain Levi of
the College of France, and a member of the Palestine Committee; M.Andre
Spire, representing the French Zionist organization, and Mr. Szsyahkin.
representing the Jews of Russia.
The next meeting will be held Saturday, March 1, at 3 p. m.
The Associated Press advices also stated:
The Zionist claims vary. The minimum comprised establishment of
Zionist communities in Palestine and the guaranty of special rights and
sovereignty for these communities. The maximum claims call for the
erection of a Jewish State in order that the Jews may have a national home
where they can live in peace.
The claim of Armenia, as placed before the Supreme Council, at its meeting yesterday, it is understood, were as follows:
First. Liberation from the Turkish yoke.
Second. Formation of a new Armenian State to be made up of the six
Armenian provinces of Turkey and the territories of the Armenian Republic
in the Caucasus, and also the Port of Alexandretta, which is claimed by
Syria.
Third. Protection for twenty years by a great Power under a mandate
from the League of Nations.
•
COMMISSION ON RESPONSIBILITY.
An Associated Press dispatch from Paris under date of
Feb. 24, in reporting that the Commission on Responsibility for the War had completed its work,said:
The sub-committee of the Peace Conference dealing with the responsibility of the authors of the war has completed its work. Its report has
not been made public, but as its meetings and the hearings it gave were
attended by most of the members of the full committee there seems no
doubt that the report will receive formal approval and be laid before the
Supreme Council.
It is believed that the sub-committee has made findings only as to the
moral responsibility of the authors of the war and not as regards technical
violations of international law by individuals.
Other sub-committees, dealing with other phases of responsibility for the
war, have not yet reacned the point of reporting their findings.
Present indications are that nothing regarding the responsibility for the
war, beyond a declaration of general principles, will be included in the preliminary treaty of peace. The special commission has worked in secrecy
and heard arguments on every side of the problem, but it is gathered that
the only result to be expected in time for incorporation in the Peace treaty
is an expression of opinion on the general principles that may be applied
to the cases thus far considered.
On Feb. 14 the following official communication was issued as to the work of this Commission:
Feb. 14.—At a meeting at the Department of the Interior this morning
at 11.30 o'clock questions of organization and procedure in connection
with the three following sub-committees of the commission on responsibilities were discussed: Sub-committee on acts, sub-committee on responsibility for the war, sub-committee on the responsibilities for the violation
of the laws and customs of war.
An arrangement was made whereby each sub-committee is to meet at
least twice during the next week.
COMMISSION ON REPARATION.
The Allied representatives at their meeting at the Quai
d'Orsay on Feb. 26 discussed the allotting to commissions for
The Commission on Reparation has divided its work
consideration frontier questions affecting enemy States, acthe study reent made that evening. among several sub-committees charged with
cording to an official announcem
spectively of valuation of damages, means of payment and
We quote as follows from the Paris cablegrams to the daily
financial capacity, of enemy countries, and measures of
press:
following communications have
claims and the problems arising control and guaranty. The
The conditions under which Belgian
been issued:
should be considered were laid down.
from them
The representatives of the Supreme War Council of Versailles, the announcement adds, reported the Council's conclusions as to the establishment of an intermediate zone in Transylvania between the Rumanian
and Hungarian troops, and they were adopted by the conference.
The claims of Armenia were set forth by M. Ahrounian and Boghos
Nubar Pasha.
The terms that the latter was expected to present were understood to
include the extension of the western boundary of the Armenian province to
a line west of the Taurus Mountains, running from the Mediterranean to
the Black Sea. This extension would give the Armenians four times more
territory than is now comprised in what is known as Armenia proper.
Feb. 14.—The Reparations Commission met this morning at 10:30
under the Presidency of M. Klotz.
upon
"The Commission continued the examination of the principles
which the right to reparation rests, and hoard in succession Mr. Dulles
(United States) and Mr. Hughes (British Empire), who explained the,
point of view adopted by their respective Governments. The meeting was
adjourned until 10:30 a. m. to-morrow (Saturday).
Feb. 15.—The Reparation Commission met this morning at 10:30
under the Presidency of M. Klotz.
The discussion of the principles on which the right of reparation is based
was continued, and MM. Van Don Ileuvel (Serbia) and Klotz (France)
of Feb. 26 appearing in the New York expressed at length the views of their respective Governments.
A Paris cablegram
Further discussion of this subject will be taken up at the next meeting
"Sun" said:
Supreme Council has decided, according to another Havas report, on Monday, Feb. 17 at 10:30.
Tho
to telegraph to Vienna asking that coupons of the Austro Hungarian debt
Feb. 17.—The Reparation Commission met this morning, with Monsieur
falling due on March 1 be paid. This action followed a report before the
Council by Signor Crespi of Italy, on behalf of the Inter-Allied Financial Klotz in the Chair. continued with the examination of the principles on
The Commission
Commission, who pointed out that there are funds in Austro-Hungarian
which is based the right to reparation, and heard in turn MM. Chiesa,
banks to make the payment, but expressed a fear that such payment might
Van Den Heuvel,
which could later be used against the different Italy; Protchitck, Jugo-Slavia; Loucheur, France:.
create a kind of precedent
Belgium.
the former Austro-Hungarian Empire.
States of
The next meeting will take place on Wednesday (Feb. 19) at 10:30 a. m.
The Czecho-Slovaks and others of the political units that are now indeWe quote as follows cablegrams to the daily press from
pendent saw in the use of these funds a possible inference that they might
continue to be obligated to an allegiance which they had renounced, and Paris on Feb. 21 concerning the Reparation Commission:
they appalled to the Inter-Allied Financial Commission for a ruling on
While the Peace Conference leaders have been awaiting the outcome of
that point. This has resulted in assurances sent to the different States Premier Clemenceau's injury to determine the program of the Conference
formerly a part of Austria-Hungary that the use of this common fund in for the immediate future, the question of fixing the huge amount which
the payment of the interest on the war debt would not be construed as the enemy is to pay for reparation is taking such form before the Commisobligating them for the future, and the telegram to be sent to Vienna, it is sion on Raparation that it may have to be i'eferred to the council of the
stated, will specify that the payments made on the coupons will not affect great powers and the heads of various Governments, owing to the seriousthe apportionment of' the Austro-Hungarian debt among the various ness of the main issue presented.
States of the old monarchy.
This issue turns principally on whether the cost to the various countries
It is understood that the present action of the Allies in authorizing the
in conducting the war should be included in the claim, in addition to reparapayment of the interest was due to a desire not to aggravate the financial tion for damages. It is maintained by those, urging the negative view,
difficulties of Austria and the various other nationalities formerly under that the communication sent to President Wilson by the Allies, when they
the dual monarchy.
first accepted the German proposal for an armistice, declared specifically
cost of
With regard to the meeting on Feb. 27 of the Supreme for reparation only, and made no mention of the claims. the war. The
one of the chief
however,
Council, which wsa the first to be attended by Premier latter, amount tohas now become reparation alone could probably be debe required for
The
Clemenceau since the attempt on his life, an official com- termined quickly, but the addition of the cost of the war would swell the
aggregate to such a stupendous total that doubts are raised concerning
munication said:
it.
A meeting of the Ministers and representatives of the allied and associated the ability to collect
Preiident Wilson and others in the highest authority will probably be
Powers was held to-day at the Quai d'Orsay. It began at 3 p. m. and
and wireless, as neither the Commission nor the delecable
lasted until 5:30 p. m. M.Clemenceau came to M.Pichon's room in order consulted by
gates have thus far been able to reach a decision.
to resume work with the delegates to the conference.
844
THE CHRONICLE
In outlining recently the difficulties met by the Commission on Reparations in determining the approximate war losses of any one belligerent,
Captain Andre Tardieu, one of the French delegates to the Peace Conference, said that France alone would present a bill for 450,000 houses
which had been destroyed. This does not include factories, it was added.
M.Tardieu said that the Allies had agreed that Germany must pay to the
limit of her capacity, which is now being determined from divers sources by
the Committee on Reparations.
[VOL. 108.
INTERNATIONALIZATION OF PORTS, RAILWAYS AND
WATERWAYS.
The first meeting of the Commission on International—
ization of Ports, Waterways and Railways was held on
Feb. 18. The Hon. Henry White, United States of America, was elected Chairman, and Sir Herbert Llewellyn Smith,
A dispatch from Paris on Feb. 24 referring to the work British Empire, Vice-Qhairman. The committee considered a draft dealing with freedom of transit, submitted by
of the Reparations Committee said:
The Peace Conference Commission on Reparations decided at its meet- the British delegation. The discussion indicated general'
ing to-day to push forward the work of the first and second sub-commit- agreement on the principles
involved, but various amendtees, which are charged, respectively, with questions of the valuation of
damages and a study of means of payment and the financial capacity of ments of detail were suggested. These amendments are now
being collected and will form the basis of discussion at the.
the enemy countries.
A third sub-committee was appointed to study measures of control and subsequent meetings. The
official statement issued on the
guarantees. William M. Hughes, the Australian Premier, was elected
19th said:
President and B. M. Baruch of the United States
Vice-President of the
Committee.
The Commission also welcomed the delegates of Portugal—Senors
Moniz, Freiee and Doudrade.
COMMISSION ON INTERNATIONAL LABOR RELATIONS.
Incomplete reports from Paris in regard to the Commission on International Labor Relations indicate that some
friction has developed between the advocates of the British
and American labor plans, especially in regard to the question of the freedom of labor to seek employment in any
country. Such freedom is directly opposed by the American labor representatives as conflicting with the proposition
to restrict the immigration of foreign labor to America.
Methods of dealing with complaints against a State for failing to observe the provisions of the International Labor
Conferences to which it is a party have also been under
consideration. A communication issued on Feb. 13 said:
The eighth meeting of the Commission on International Labor Legislation was held this morning under the presidency of Mr. Gompers. Tne
articles of the British draft dealing with the establishment of the international labor office were adopted. It was agreed that the office should
have an international staff. Its duties will include the collection and distribution of infotmation on all subjects relating to the international adjustment of the conditions of industrial life, labor and employment, and
It will undertake any special investigations ordered by the Conference.
It will also issue a journal dealing with the problems of industry and employment of international interest.
It was also decided how the expenses of the Conference and the governing body should be met.
The Commission then commenced the examination of the articles dealing with the procedure of the international conference, and reached article
17 of the draft.
On Feb. 18 the following was issued:
Feb. 18.—The ninth meeting of tho Commission on International Labor
Legislation was held at the Ministry of Labor under the presidency of
Mr. Campers at 2:30 p. m. on Monday, Feb. 17.
The discussion of the procedure laid down in the British scheme for
the meetings of the annual conference was continued. The Commission
agreed to the British proposal as amended in accordance with a proposal
of the Belgian delegation, which provided that at the annual labor conference the government of each State shall be represented by two delegates having one vote each, while there will be one delegate from each
State representing employers and having one vote, and one delegate representing work people also having one vote.
The announcement of Feb. 19 is missing.
The following was the announcement of Feb. 20:
Feb. 20.
--The eleventh meeting of the Commission of International
Labor Legislation took place under the presidency of Mr. Samuel Gompers
this morning. The discussion of the British scheme was continued and
the Commission considered the method of ratification and enforcement
by the different States of the conventions adopted by the International
Labor Conference.
The announcement for Feb. 21 read:
The twelfth meeting of the Commission on International Labor Legislation was held this morning under the Presidency of Samuel Gompers.
Continuing examination of the British scheme, the commission discussed
articles dealing with the procedure in regard to complaints lodged against a
State for failure to carry out the provisions of the International Labor
Conferences to which it is a party.
Discussion of the article dealing with the ratification of the convention
was adjourned to a later sitting, in view of the difficulty arising in conneotion with the constitutions of various countries.
The next meeting will be held Monday afternoon (Feb. 24) at 2:30
o'clock.
The first meeting of the sub-committee on the International Regime'
of Ports, Waterways and Railroads took place at 3 o'clock this afternoon at the Ministry of Public Works.
There was an exchange of views on the two drafts of the convention presented by the British and French delegates regarding the internationalization of rivers.
The suggestions and amendments proposed by the various delegates.
were referred to a drafting committee of three members, which will prepare a new draft of the convention for the next meeting of the sub-committee, which will be held on Friday, Feb. 21, at 10 a. m.
The later communications of this sub-committee follow:
Feb. 20.—The sub-committee of the Commission on the International'
Regime of Ports, Waterways and Railways for the study of freedom of*
transit held a meeting on Wednesday, Feb. 20, at 10 o'clock.
The Chairman, referring to the dastardly attack on M. Clomenceau on
the previous day, expressed the sympathy of the members of the subcommission and their satisfaction that the attack had not had a more.
serious result. It was agreed that a resolution in that sense should be
signed by all the members of the Commission and sent to M. Clemenceau
by the Secretary-General. Subsequently an interesting exchange of views
took place on the amendments to the British draft convention on freedom
of transit, which had been proposed by the United States delegation, the
Italian delegation, the Portuguese delegation, and the Grecian delegation. The discussion of the first half of the draft was completed and it
was agreed that a further meeting to complete the discussion should be'
held on Monday, the 24th of February, at 10 o'clock.
Feb. 21.—The sub-committee on the International Regime of Ports,
Waterways and Railways held a meeting on Friday, Feb. 21, at 3 o'clock
at the Ministry of Public Works. At the opening of the session the delegate from the United States expressed the profound indignation felt by
his country on receiving the news of the dastardly attempt made against
the President of the Peace Conference, M. Clemenceau, and expressed the.
hope that he would recover very shortly. The delegates of all the other
Powers joined their approval of the sentiments expressed by the American delegate. M. Weiss, French delegate, who was presiding, thanked
the delegates most warmly.
The sub-committee continued to examine the draft presented by the'
British and French delegations regarding the internationalization of rivers.
In addition to the four main Commissions, a number of
special committees have been appointed to study various.
subsidiary questions, mostly connected with the territorial
claims of the new nations in process of formation. A number of official statements have been issued by these subcommittees, of which the following have come to hand:
Feb. 17.—The Commission for the study of Roumanian territorial questions met this morning at 10.30 under the chairmanship of Monsieur Tarthen, and continued the examination of Roumania's claims.
The official statement on the work of the special committee on territorial claims issued on Feb. 18 said:
The special committee for the study of territorial questions relating to
Greece met Tuesday at 10 a. m. at the Foreign Office. This committee
is composed of the following delegations: Representing America, W. L.
Westerman and Clive Day; Great Britain, Sir Robert L. Borden and SirEyre Crowe; France, Jules Cambon and Jean Gout; Italy, M. de Martino,
Castolidi.
The committee is making an examination of the conditions to be considered in determining the northern boundary of Greece and Northern.
Epirus. The different delegations presented their tentative proposals.
The announcement for Feb. 24 is missing.
On Feb.26the International Labor Commission concluded
its consideration of the British draft dealing with penalties
for failure to carry out obligations with regard to the labor
convention. The Commission, it is announced, also considered the position of self-governing dominions, protectorates and colonies in regard t labor legislation, and what
conditions must be fulfilled to enable the proposed organization to be altered. Samuel Gompers, Chairman of the
Commission, presided at the meeting. The official communication of the 26th said:
The Commission to Study Belgian Claims also held its first
meeting on Feb. 18, and elected Captain Andre Tardieu
President. The commission made a general examination
of the scope of its work and ordered the Chairman to request
the Supreme Council for additional instructions regarding
the purpose and extent of this work.
A. W. Dulles and Professor Charles Seymour have been
appointed the American members on the special committee
of the Supreme Conference to study the claims of CzechoSlovakia.
On Feb. 27 the Conference Commission to examine into,
Ate problems of the new nation of Czecho-Slovakia held its
first meeting and completed the study of the question of
Germans in Bohemia, after which it took up the question of
Silesia. The commission organized by electing Jules Cambon as President.
The fourteenth meeting of the Commission on International Labor
Legislation took place to-day under the Presidency of Samuel Gompers.
After concluding the consideration of the articles in the British draft
dealing with penalties applicable to a State which has failed to carry out
Its obligations in regard to the International Labor Convention, the commission proceeded to consider the position of self-governing dominions,
protectorates, and colonies respectively in regard to international labor
legislation.
It also considered what conditions must be fulfilled to enable the proposed
roganization to be altered.
The Supreme Council of Alsace-Lorraine at its first meeting in the French War Office on Feb. 27 adopted a resolution declaring against the German proposals for a plebiscite
in Alsace-Lorraine. The Council was created to adjust vari.
ous matters connected with the provisional administration
of the two provinces. The resolution says:
SUPREME COUNCIL OF ALSACE-LORRAINE.
MAR. 11919.]
THE CHRONICLE
We refuse to stand for any foreign interference in our national affairs
such as these attempted recently at Weimar (the seat of the German National Assembly) and elsewhere with the object of making the future of
Alsace and Lorraine depend on a plebiscite. We most energetically deny
to all Germans tho right of manifesting solicitude for us, which comes fortyeight years too late. We are and will remain French without any plebiscite through the restoration of the rights violated in 1871.
THE ATTEMPTED ASSASSINATION OF PREMIER
CLEMENCEAU.
Latest reports from Paris are to the effect that Georges
Clemenceau, the French Premier, who was shot on Feb.
19, has resumed his official duties and that his complete
recovery is only a matter of a short time. The attempt
on M. Clemenceau's life was made by a young French
anarchist early on the morning of the 19th, just after the
aged Premier had entered his automobile and was being
driven from his residence in the Rue Franklin to the Foreign
Office for a conference with Colonel House of the American
Peace Delegation, British Foreign Secretary Balfour, and
Baron Sonnino, the Italian Foreign Minister. The car was
turning a corner of the Rue Franklin into the Rue Delessert
when a man standing on the sidewalk jumped toward the
door of the automobile and fired, shattering the windows.
M. Clemenceau at the first shot tried to open the door, although the automobile was under considerable headway,
and it was while he was thus engaged that a bullet hit him
in the shoulder. His chauffeur and a police agent detailed
to guard the Premier and who was seated beside the chauffeur, were also hit, their wounds, however, being slight.
M. Clemenceau returned to his house, and insisted on
treating the affair lightly. It developed that the Premier
had been struck by three of the seven bullets fired, and that
one of the wounds was very deep, the bullet piercing the
lung. On account of his extreme age (he is 78 years old)
grave consequences were feared, but the astounding vitality
of the Premier asserted itself, and his recovery was remarkably rapid. His physicians found it impossible go keep
him in the seclusion they recommended, and he insisted on
receiving callers and transacting a certain amount of business. By Friday his physicians expressed the opinion that
M. Clemenceau was out of danger, and while some extra
precautions were taken over Sunday, it was announced
on Monday that the Premier would probably be able to
get back to business again by Thursday (the 27th).
The author of the dastardly attack on Premier Clemenceau, was a young French carpenter named Emile Cottin,
only 25 years of age. He describes himself as a "solitary
philosophical anarchist," and claims sole responsibility
for the deed. He despribed Clemenceau as "the greatest
enemy of mankind," and declared that he "wished the man
who was preparing for another war to disappear." "I am
an integral anarchist," he is quoted as saying, "a friend of
men, not excepting the Germans, and a friend of humanity
and fraternity." Searches made by the police in the quarters frequented by Cottin led to suspicions that his act was
in reality instigated by Russian Bolsheviki, though no
direct evidence has so far been revealed. Cottin himself
denies he had any accomplices, and is looked upon by many
as a solitary fanatic. It is pointed out, however, that
Premier Clemenceau has of late been the object of constant
bitter attacks by the radical press.
Among the first to extend sympathy to the stricken
Premier was President Wilson, who sent the following wireless message from the transport George Washington, then
at sea, to Secretary of State Lansing in Paris:
845
of detestation against the outrage attempted upon Premier Clemenceau by
some vile hand, and our great satisfaction and relief that, so far as we are
at present informed, he is in no serious danger.
There is no living man—perhaps for many years there has been no man—
who has embodied more fully in his own personality the valiant soul of the
French nation struggling against odds and determined to be free. He has
animated not only the brilliant nation of which he is the political chief but
all who have been brought in contact with him In every part of our grand
alliance through this struggle, and to-day he represents as much as any
one does the virile, manly, sober, sane qualities which are needed greatly
at the present time, not less needed now that the fighting has stopped than
they were in the days when actual firing was proceeding upon the front.
Press reports from Paris state that the would-be assassin
will be tried by court martial instead of by the civil courts,
and that he is subject to the death penalty for his offense
in spite of the fact that death did not result from his attack.
KURT EISNER, BAVARIA'S RADICAL PREMIER,
ASSASSINATED BY ROYALIST NOBLEMAN.
Kurt Eisner, the Independent Socialist Premier of Bavaria, was shot and killed on Feb. 21 by Lieut. Count Arco
Valley. Shortly after, Henry Auer, Minister of the Interior, while announcing the death of Eisner from the tribune
of the Diet, was fatally wounded by a fusillade from the
visitors' gallery, which also killed one Deputy and wounded
several others. The murders are believed to be connected
with a royalist plot to overthrow the revolutionary Government and prevent the disclosure by Eisner of further
evidence of Germany's guilt for the war. The royalist
plot, so far as seizing the Government was concerned, was
apparently nipped in the bud, but the Spartacides took
advantage of the opportunity to declare a Soviet republic,
and attempt to establish a "dictatorship of the proletariat"
on the Bolshevik model. There were upheavals in Munich
and several other Bavarian centres with severe fighting.
The more moderate Socialist elements, however, appear
to have joined hands, and formed a coalition Cabinet, which
at last accounts had succeedded to a large extent in restoring
order. Meantime, to forestall the danger of a serious
counter-revolution by the royalist element, Prince Leopold,
former Commander-in-Chief of the German armies on the
Russian front, is reported to have been arrested, and a
number of hostages taken from among the aristocratic
families.
Eisner, the slain Premier, was a Jew, born in Galicia,
and had been a picturesque figure in Germany since the fall
of the old regime. With Auer and the Independent Socialists he seized the reins of power in Bavaria immediately
after the departure of ex-King Ludwig. One of his first
official acts was to publish a series of communications between the Bavarian Ambassador at Berlin in 1914 and his
home Government, showing that the Bavarian Government
was fully aware of the plans on foot in Berlin and Vienna
to bring about the war. Recently Eisner followed up this
disclosure by a sensational speech delivered at the international Socialist Conference at Berne, in which he declared Germany's guilt for beginning the war and exposed
the hypocrisy of the attempt by the Majority Socialists to
lay the blame at the door of "the whole world." Eisner also
expressed himself as shocked at the treatment of French
prisoners in Germany, and refused, therefore, to join in a
protest against the detention of German prisoners in France,
saying that after what he had seen he would be ashamed to
protest against the holding of German prisoners, who had
at least been treated humanely. Eisner is said to have
predicted at the time that he would be killed when he returned to Bavaria, for speaking out the truth.
Count Arco Valley, the assassin of Eisner, was himself
Lansing, American Mission, Paris: Please convey to M. Clemenceau
wounded by a guard, but at last accounts was declared to be
my heartfelt sympathy and my joy at his escape.
I sincerely hope that the report that he was only slightly injured is alto- still alive. The Arco Valley family, it is said, has been
gether true. I was deeply shocked by the news of the attack.
prominent in Bavaria and Germany for years. Probably
WOODROW -WILSON.
(Signed)
King George of England sent the following message to the member of the family best known in the United States
is the Count Arco Valley, who was German Minister to the .
Premier Clemenceau on the 19th:
United States from 1888 to 1891.
I am shocked to hear of the dastardly attack on you this morning, and
earnestly trust that the injuries are not serious and that, thanks to your
splendid energy and courage, you will soon be restored to health to continue your great and valued efforts for France and the Allies.
RESOLUTION OF TRUST COMPANY SECTION OF
A. B. A. PROTESTING AGAINST REMOVAL
TO WASHINGTON.
I am horrified at the dastardly attempt on your life, but felicitate you.
In a resolution adopted on Feb. 21 the Trust Company
France, and all on your escape from serious injury. I am looking foward
Section of the American Bankers' Association registers its
to seeing you at the Peace Conference in a few days.
Clemenceau was paid by protest against the contemplated moving of the headAn eloquent tribute to M.
Winston Spencer Churchill, Secretary of War in the British quarters of the Association to Washington. The proposed
Ministry, during the course of a speech at the Mansion removal, the resolution states, will be especially detrimental
to the Trust Company Section. In its view the purposes
House on Feb. 19 he said:
will be best served by the establishment
Before we come to the business which forms the reason for this gathering, of the Association
I am sure you wouldlwishtme to express sentiments, which every one feels, of a branch office there as recommended by the Committee
The following message was sent by Premier Lloyd George
to M. Clemenceaut
846
THE CHRONICLE
on Co-ordination, for the reason, among others, that the
Association is a financial, not a political organization, and
New York, where its headquarters are located, is the financial centre of the nation. The resolution also states that
the Trust Company Sections Committee on Federal Legislation has demonstrated its ability• effectively to prosecute
its work as at present constituted and without any taint
of accusation relative to lobbying. The resolution in full
follows:
[VoL. 108.
moval has been based upon insufficient consideration and that the entire
membership of the Association should not be deprived of a voice in the
matter; therefore be it
Resolved, That it is the consensus of opinion of the Trust Company Section of the American Bankers' Association that no further action be taken
in respect to the contemplated change until the next annual session of the
general convention, which Is the supreme body of the Association, and be
it further
Resolved, That copies of this resolution be forwarded immediately to
the President and Vibe-Presidents of the Association, the members of the
Executive Council and members of the Executive Committees of the
various sections, and that the Secretary of the Trust Company Section
be instructed to procure publication of this resolution in the next issue of
the "Journal" of the Association and forward same to all members of the
Trust Company Section.
Whereas, The Committee on Co-ordination of Association activities;
created by the Executive Council to unify the efforts and work of the
Association, reported to the Chicago convention in regard to the question
of moving the headquarters of the Association to either Washington or
Chicago that, in their belief, such a move was not advisable nor practicable
at this time, but recommended instead that an office be opened as soon ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
as practicable in Washington, in charge of a competent representative as
No bank stocks were sold at the Stock Exchange or at
assistant to the general counsel and with such other duties as might be
required by the Administrative Committee, which report was unanimously auction this week. The only public transaction in trust
adopted by the convention, the supreme body thereby declaring its policy
company stocks was a sale at auction of eight shares of
and purpose in accordance therewith, and
Whereas, The Administrative Committee of the Association adopted Guaranty Trust Co. The price at which the stock was
a resolution at its meeting in New York on Jan. 23 1919, giving reasons, sold-384%—represents an advance of
143 points over
more specious than sound, why the headquarters should be removed to
Washington, and directing that such resolution be forwarded to the mem- the last previous sale price.
--.-New York. Low. High. Close.
bers of the executive committees of the respective sections and the mem- Shares. TRUST CO.
Last previous sale.
Nov. 1918— 370
384% 384
bers of the Executive Council of tne American Bankers' Association, and 8 Guaranty Trust Co
3843
upon majority vote that such removal be proceeded with which majority
vote, it is confidently believed, has been obtained without due consideraJ. P. Morgan and Lord Reading were among those who
tion and in deference to the prestige of the Administrative Committee, and
arrived from Europe yesterday on the steamer Aquitania.
Whereas, In view of the mandate of the general convention that the
general offices should remain in New York, such removal cannot with
A special meeting of the stockholders of the Merchants
propriety be proceeded with by direction of a lesser authority, but will
require contrary action at the next general convention, if then deemed National Bank of this city will be held Mar. 31 for the purwise and practicable, and
pose of acting upon propositions to alter the par value of
Whereas, Irrespective of the propriety the following reasons demonstrate
the soundness of the decision of the general convention that removal to the capital stock of said bank from $50 per share to
Washington is at present neither wise nor practicable, but the purposes per share; to increase the capital stock from $2,000,000,
of the Association will be best served by the establishment of a branch
represented by 40,000 shares, each of the par value of $50,
office there as recommended by the Committee on Co-ordination, viz.:
1. The Association is a financial, not a political organization, and New to $3,000,000, to be represented by 30,000 shares, each of
York, where its headquarters are located, is the financial centre of the
the par value of $100, and to elect three directors to fill
nation;
The largest Federal Reserve Bank and the largest financial institutions vacancies in the board.
are located in New York;
2. The greater part of the membership necessarily visit New York in
connection with financial business and in far greater numbers than in any
Augustus C. Corby, Cashier of the Metropolitan Bank,
other city. The advantages to them of the facilities of the Association
offices and the advantages to the Association of their personal touch in corner Fourth Avenue and 23rd St., this city, has been
connection with Association affairs and their advice on matters of banking
elected Third Vice-President and Cashier; James L.
policy and practice would be lost In a large degree by such removal;
3. The Association through its Federal Legislative Committee, working
from headquarters in New York, with occasional visits to Washington, Miller Assistant Cashier and William P. Larbig Assistant
and working through its members in every State, has been increasingly Cashier, were also elected Third Vice-Presidents, Joseph
successful in a legitimate way in procuring the serious attention and action
of Congress upon matters of law and legislative policy affecting banking Pulvermacher William A. Johnson and Frank C. Meyer
interests, and the Association has acquired a reputation of working for
sound banking and the public welfare and not for selfish ends. There were appointed Assistant Cashiers. Henry 011esheimer is
is grave question whether this favorable standing would not be lost and the President of the institution which now has a capital of
dignity and weight of influence of the Association minimized and discredited by removal of the main headquarters to the nation's Capitol. Too $2,000,000; surplus and profits of $2,523,825; over $67 much familiarity breeds contempt. The public charge made through
the newspapers and impressed upon the minds of the people that a great 902 195 resources.
organization of bankers was camped as an organization of lobbyists at the
seat of the national Government, however far from the truth, might be
W. H. MacIntyre, New York agent of the Standard Bank
disastrous to its future effectiveness.
4. Congress only meets certain months in the year, and for the gathering of information and activities in connection with legislation, as well as of South Africa, has received a cable from the London offor presenting matters for attention to the various departments of Gov- fice announcing that the directors have recommended to
ernment, a branch office as recommended by the Committee on Co-ordination, maintained in a quiet and unobstrusive way, would answer every the stockholders at a meeting to be held on April 30 the
purpose. Anything more would be harmful rather than beneficial. More declaration of a dividend for the
last half-year of 14%, toeffective legislative work is done away from than at the nation's Capitol.
All the interests of the national banks which call for a representative in gether with a bonus of 2s. 6d. per share, making the total
Washington, as well as all banks organized tinder State charters, can be
distribution for 1918 163/2%, subject to income tax. The
effectively handled by a representative in a branch office;
5. From the standpoint of the State Institutions who favor continuance
of their State charters and regulations, the thought suggests itself that the directors have further recommended the writing off of
maintenance of the Association headquarters at the national Capitol might £50,000 on the bank's premises, the adding of £40,000 to
have a tendency towards nationalization of all State institutions and the
gradual extinction of State banks by the subtle influence of the national the officers' pension fund, and £200,000 to the reserve
atmosphere upon the Association itself, which is the source and mouthfund, making the latter item £2,200,000, and also the carrypiece of their aims and policies.
6. Aside from matters of Federal legislation, Interpretation of laws and
departmental rulings, there are many other activities of the Association— ing forward of £200,000. On Dec. 31 last, it is stated, the
protection against criminals, education, insurance, improvement of bank- bank's investments were carried on the books at less than
ing methods, publication of the Association Journal—as to which there is
absolutely no reason for removal to Washington, and in the promotion market value. The stockholders' meeting will be folof which the Association is immeasurably better equipped at its present
owed by a special meeting to consider proposals for inlocation than elsewhere, and
Whereas, The proposed removal will be especially detrimental to the creasing the authorized capital to £10,000,000, which will be
Trust Company Section for the following reasons:
ssu ed as required.,
1. The work of the Trust Company Section, which is constantly reaching a higher state of efficiency cannot be effectively prosecuted if removed
Brown Brothers & Co. have issued the second annual
from its present location.
2. A close personal relationship has been developed through the contact edition of their booklet, "The Income Tax on Individuals."
of members with the Secretary's office while visiting New York from all This contains tables based on 1918 and 1919 tax schedules
parts of the country.
3. The Section's Committee on Federal Legislation has demonstrated and other data by which the individual may readily deterits ability to effectively prosecute its work as at present constituted and mine the amount of his 1919 income tax.
without any taint of accusation relative to lobbying.
4. The Section's Committee on Publicity, through which substantial
The Seaboard National Bank ot 18 Broadway has sesavings have already been effected for member companies in all parts of the
country and through whose program of action when more fully executed cured an option on property at 74 Broad Steeet, corner of
will be enabled to effect savings of many hundreds of thousands of dollars Marketfield Street. The site, which is owned by Col.
for members, and greatly stimulate fiduciary activity In all parts of the
Edward H. R. Green and others, consists of a five-story
country, and the fullest measure of help for the prosecution of this Committee's program can only be successful througn the kind of assistance building occupying a plot 33.11x100x4x31x8x97.10. The
obtainable in New York.
option is for a period of three and a half years from Feb. 1
5. The Committee on Co-operation with the Bar, which was created
1919and the refusal may be terminated upon throe months'
at the last convention of the Association at Chicago, has formed facilities
in New York City, which, if disturbed, will seriously impair the usefulness notice. The present lease of the bank at 18 Broadway does
of Its work which is of vital importance to trust companies in every State not expire until three years hence.
in the Union.
6. The Chairman and members of other important committees of the
A. E. Lindhjem, Assistant Cashier of the Midland Nasection, during their frequent visits to New York are enabled to further
the work of their several committees through a conference or reference tional Bank, Minneapolis, Minn., on April 15 will become
to important papers on file in the Section's office, all of which contact associated with the Irving National Bank, New York, as
would be destroyed if the offices were removed to Washington, and
its Scandinavian representative. A statement issued by
Whereas, For the above reasons as well as for minor reasons of inexpediency in losing a large part of a trained office force, the expense and in- the bank says:
convenience involved in such a removal of the entire Association headDuring the past few years the growth of the Irving's foreign department
quarters, and above all because we feel that the hasty decision for re- has been particularly rapid and has been developed until In volume of
$100
MAR. 1 1919.]
THE CHRONICLE
business and representation in other countries it is one of the most important
centre
in the United States. In touch with every principal commercial
intimate
of the world, its activities in these centres are maintained through
correspondconnections with well established and carefully chosen banldng
by the presents. These relationships are supplemented and strengthened
more important commercial centres,
ence of Irving representatives in the
Scandinavian
such as London and Paris. Personal representation in the
policy
countries, therefore, is in line with the Irving's definitely established
correspondents.
of close and friendly co-operation with its foreign
847
safeguard the city's interest." The same paper also credited
Bank Commissioner Thorndike with the following statement regarding the affairs of the institution:
One of the receiving tellers, when receiving deposits, entered on his cash
sheet, a less amount than he received. He then altered the deposit tickets
to make them correspond. When it came thne to issue the monthly statements, he changed them on the machine, so as to make them appear all
right to the depositors, but they did not agree with the depositors' accounts as shown on the bank ledger.
The bank was examined the last of July, all of the investments and
securities were checked up and found to be correct.
The bank has a capital of $250,000; a surplus of $200,000 and undivided
earnings of more than $67,000. The directors have agreed to make good
the loss. No depositor will lose.
A pamphlet of "Practical Questions and Answers" covering the income tax law of 1918 as passed by Congress has
been issued by the Irving National Bank of this city. This
An increase of $200,000 in the capital to cover the loss is
pamphlet also contains special tax charts for quick reference
and a digest of the Federal tax laws affecting indi- said to have been voted by the directors; $5,000 of the
purposes
the
viduals, partnerships and corporations. A copy will be amount abstracted is reported to have been returned by
defaulter.
supplied by the bank to inquirers.
The New York agency of the Banca Commerciale Italiana
at 165 Broadway announced on Feb. 24 the receipt of a
cablegram from its head office at Milan, Italy, stating the
bank's branches at Trento in "Italia Redenta" and Marseilles, France, were already open for business, and that the
Trieste branch would open for business to-day (March 1).
George C. Clark, senior member of the banking firm of
Clark, Dodge & Co., of this city, died on Feb. 24 at Aiken,
S. C. Mr. Clark was a trustee of the Seamen's Bank for
Savings and the Atlantic Mtual Insurance Co.; treasurer
and director of the Brearley School, Ltd.; director of the
City Investing Co., and a manager of the New York Zoological Society. lie was also a member of the Metropolitan Museum of Art and the American Museum of Natural
History as well as of various clubs. Mr. Clark was in his
75th year.
Andrew Mott Cahoone of the Stock Exchange firm of
Martin & Co. of this city, died at his home in Brooklyn of
apoplexy on Feb. 23. Mr. Cahoon° had been a member
of the Stock Exchange since 1862 and served from 1870 to
1912 as a member of its board of governors. He was in
his 88th year.
William B. Boulton has been elected President of the
Morristown Trust Company, Morristown, N. J., succeeding Samuel Freeman, who declined re-election at the
organization meeting on Feb. 15. Mr. Freeman, who has
been head of the institution since it was founded in 1892,
continues with the company as chairman of the board.
Because of his duties as Circuit Court Judge, Willard W.
Cutler declined renomination as director and Vice-President of the company at last month's meeting. John H. B.
Coriell continues as Vice-President and Secretary, while
H. A. Van Gilder has been re-elected Vice-President and*
Treasurer. R. S. Streett, Frederick B. Strong and Harry
N. Card have each been re-appointed Assistant Secretary
and Assistant Treasurer.
The National Shawmut Bank of Boston has issued a
pamphlet entitled "War Taxes," which gives an analysis
of the new War Revenue Act as it affects individuals and
corporations. The changes and additions from the old law
are featured by using a bold-face type. .There is a chapter
index and also an alphabetical index. We presume copies
can be obtained on application.
Approval by the Comptroller of the Currency of plans
to increase the capital of the Deposit National Bank of
Du Bois, Pa., from $100,000 to $200,000 is announced.
General Ceilan M. Spitzer, founder of the banking house
of Spitzer, Rorick & Co., of Toledo, Ohio, died in California
Feb. 20, after a year's illness. A statement as to his activities, coming to us from the firm, says:
General Spitzer was born in Batavia, N. Y., Nov. 2 1849, and was one
of the pioneer municipal bond authorities in this country. With his
cousin, Adelbert L. Spitzer, who is now senior member of the firm of
Spitzer, Rorick & Co., he established the municipal bond house of Spitzer
& Co. in Toledo, Ohio. and in 1887 he opened the Eastern branch in
Boston. Since 1899 this Eastern branch has been located in New York
City, the firm name becoming Spitzer, Rorick & Co. Feb. 1 1911. In
the meantime, the business had grown so that branch offices were opened
also in Chicago, Kansas City, and Austin, Tex., and in 1911 Mr. Spitzer
organized the Spitzer, Rorick Trust & Savings Bank of Toledo, or which
ago.
he was President until he retired from active business about five years
Mr. Spitzer was for many years among the foremost in Toledo's business
activities, putting up the first modern skyscraper there. the Spitzer Building, and later their second skyscraper, the Nicholas Building, and in 1900
was commissioned by Governor Nash, Quartermaster-General of the State
of Ohio.
W.J. Kowalke has resigned his position with the Wisconsin State Banking Department to accept the cashiership of
the Dairymen's State Bank of Kewaunee, Wis.
A charter has been issued for the Webster County National
Bank of Fort Dodge, Iowa, with a capital of $240,000.
The Comptroller of the Currency has approved an increase of $100,000 in the capital of the Citizens' National
Bank of Okmulgee, Okla., raising the amount from $100,000
to $200,000.
An application has been made to the Comptroller of the
The Comptroller of the Currency has approved the proCurrency for a charter for the East Buffalo National Bank posed change in the name of the Southwest National Bank
of Commerce of Kansas City, Mo., to the National Bank
of Buffalo, N. Y., with a capital of $400,000.
of Commerce. The plans to drop the name "Southwest"
At a recent meeting of the directors of the Old Colony and revert to the name adopted ,when the institution was
Trust Co. of Boston, it was decided on account of the growth reorganized about 1882 as a conversion of the Kansas City
in the banking, foreign, bond and trust departments of the Savings Association was referred to in these columns Feb.
institution to issue $1,000,000 additional stock which had 1. The word "Southwest" was made a part of the title
been authorized by the stockholders in 1911 and thereby in- when the Southwest National Bank was taken over by
crease the capital of the institution from $6,000,000 to the National Bank of Commerce in 1912.
$7,000,000. The new stock was offered to stockholders of
Lieut. Natt T. Wagner has been chosen Manager of the
record as of Feb. 21 at par, $100. The time for filing substock expires March 7. The authorized new Bond Department of the Third National Bank of St.
scriptions to the new
Louis. Mr. Wagner began his business career with the
capital, voted by the stockholders in 1911, is $7,500,000.
United States Indian Land Department. Later he was
Charles F. Mills has been chosen an Assistant Cashier of engaged in business for several years in Oklahoma. In
the First National Bank of Boston. Mr. Mills had previ- 1912 he assisted in the organization of the National Bank
ously been Assistant Secretary of -le Savings Union Bank & of Commerce at Wichita Falls, Tex. He later served as
Manager of the Municipal Bond Department of Sweet,
Trust Co. of San Francisco.
Causey, Foster & Co. of Denver.
Luther R. Hanson, formerly Assistant Treasurer of the
The American National Bank of Cordele, Ga. (capital
Market Trust Company of Brighton (Boston) was sentenced on Feb. 14 in the Superior Court of Boston to from $100,000) has been placed in voluntary liquidation, having
nine to ten years in the State prison following his convic- been succeeded by the American Bank & Trust Company
tion on charges of having embezzled $171,000 of the fu: de of Cordele.
of the institution. His arrest occurred on Feb. 5. On the
The Comptroller of the Currency announces the consame date, according to th Boston "Transcript," it was
of South San Francisco into the First
announced that City Treasurer Murray had withdrawn version of the Bank
funds from the trust company "to National Bank of South San Francisco.
$106,000 of the city's
848
THE CHRONICLE
TRUST COMPANIES.
We reprint below the statement of the Title Guarantee &
Trust Company because some of the figures were omitted
from the statement published by us last week.
Title Guarantee & Trust Co. (New York).
ResourcesStock and bond investments
Public securities
Private securities
Real estate owned
Mortgages owned
Loans on bond & mtg. or oth. r.e. coll.
Loans & disc. sec. by other collateral_
Loans dis. & bills pay. not sec. by coll.
Overdrafts
Due from trust co's, bks., bankers,&c.
Specie
Other currency auth. by laws of U. S.
Federal Reserve notes
Cash items
Due from Fed. Res. Bank of N. Y.._
Other assets
Nov. 1 '18. Nov. 14 '17. Nov. 29 '16.
$5,460,732
$577,650
$604,115
6,159,046
6,334,000
7,460,250
2,439,013
2,477,668
2,660,505
8.896,744
9,658,351
8,783,220
593,385
980,212
1,260,045
12,453,532 17,742,146 20,345,679
3,762,757
3,826,794
3,031,649
1,544
1,232
121
2,672,775
3,358,508
2,870,493
337,868
2,261,966
2,759,616
685,386
351,888
243,082
14,440
1,995,364
1,114,743
1,877,606
1,021,271
516,921
529,351
567,523
Total
$46,996,318 $49,214,509 $52,478,344
Liabilities
Capital stock
Surplus fund and undivided profits.._ $5,000,000 $5,000,000 $5,000,000
11,947,880 11,706,254 12,587,939
Preferred deposits
Due N. Y. State savings banks_
1,931,049
1,569,665
Due savings and loan associations_ 1,061,866
415,127
235,251
360,447
Due as executor, administrator, &c.
792,681
966,987
902,525
Deposits secured by pledge of assets 3,470,935
665,582
56,778
Due depositors (not preferred)
23,621,147 26,698,754 29,472,698
Due trust co's, banks and bankers._
317,395
1,639,601
2,039,516
Other liabilities
369,287
371,031
488,776
•Total
$46,996,318 349,211,509 $52,478,344
Supplementary
-For Cal. Year1918.
1917.
1916
Total int. & comm.rec'd during year $2,053,377 $2,158,78
1 $1,917,011
All other profits received during year_ 1,627,842
1,927,099
2,119,656
Charged off book value of securities._
787,349
Charged to profit and loss
On account of losses
59,506
345,987
72,885
Int. credited to depositors during year
692,396
707,294
690,644
Expenses during year, excluding taxes 1,579,507
1,728,695
1,687,336
Amt. of divs. declared on cap. stock_ 1,000,000
1,000,000
1,000,000
Taxes paid during the year
213,271
198,694
Amt. deposits on which int. Is paid_ _a27,532,550 27.660,29
3 32,128.790
a As of Nov. 1 1918.
[VOL. 108.
By Messrs. R. L. Day & CO.,Boston:
$ per sh.
$ per
30 Old Colony Trust rights_ _22 X-22X Shares. Stocks. Estate Trust, $1,- sh.
1 Suffolk Real
16 Tecumseh Mills
160
000 par
370 & div.
5 Chace Mills
13734 17 Sullivan Machinery
13134
11 Ipswich Mills, common
154 15 Hood Rubber, preferred
10234
4 Lancaster Mills
90
1 Hotel Trust Touraine
85 flat
1 Int. Cotton Mills, corn., ex-div.
150 American Felt, common
10
$50 par
8 Eastern Machinery,$10 each 11
3634
9 Arlington Mills
112 .4 Pepperell Manufacturing
190
10 U.S. Worsted,first pref
73 Bonds.
1 Lowell & Andover RR
86 $10,000 Springfield City 334s,Per cent.
10 Towle Manufacturing,
1,000 Bangor & Aroostook 1921 98
RR.
10 Turners Falls Power &common 66
Elec_ _120
cons. ref. 4s, 1943
50
By Messrs. Millet, Roe & Hagen, Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
15 Old Colony Trust rights
2234 10 N.E. Fuel, $10 each
40
10 Mass. Cotton Mills
5 Hendee Mfg., preferred
118-11834
94
50 Lockwood Co
110
5 Cambridge Gas Light
170
15 Meild Mills
145 23 Old Colony Woolen Mills,coin_ 10
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks. '
$ per sh. Shares. Stocks.
$ per sh.
5 Girard Trust
Si lot
3 Franklin National Bank 80834 225 Harris SafetyIndust'l
New Orange
$1 lot
25 Central Land & Title _ _ _502Si 125 Hollenbeck Saddle Assn $1 lot
30
134
20 Peoples Nat.F.Ins., $25 ea. 18
2734 Photo Metallic Art
15 Phila. Life Ins., $10
20 Broad Street Bank,$50 each$1 lot
60
15 Loan Soc. of Phila., each__ 10
1 Philadelphia Trust
705
19.8 U.S. Loan Soc., $10$10 eak $185
each_ J lot
4 Aldine Trust
160
27 Luther & Co., Inc., pref._51 lot
10 People's Trust, $50
276 Luther dc Co., Inc., com_ _83 lot
25 Phila. Co.for Guar.each.. 39
Mtges..140
250 Columbia Commercial
$3 lot
3 Continental Passenger Ry_ _100
50 Arizona Development
k$3 lot
5 American Railways, com___10
200 Mohave Gold Mining
f
Kimberly Cons.Mines,$1 ea. 7c.
20,000 Senator Gold M. & M....$10 lot 5,000 United Gas & Elec., 1st pref. 3934
12
14,500 Yaqui Copper$10 lot
10,000 Dexter Gold Mg.& MM.__ 36c. Bonds.
Per
300 Doremus Machine, pref___$1 lot $1,000 Phila. & Willow Grove St. cent.
50 Doremus Machine, com _51 lot Ry. 434s, 1934
65
Shares. Stocks.
Canadian Bank Clearings.
-The clearings for the week
ending Feb. 20 at Canadian cities, in comparison with the
same week in 1918, show an increase in the aggregate of
16.7%.
Week ending February 20.
Clearings al1919.
Canada
THE ENGLISH GOLD AND SILVER MARKETS.
Montreal
We reprint the following from the weekly circular of Toronto
Winnipeg
Samuel Montagu & Co. of London, written under date of Vancouver
Ottawa
Feb. 6 1919:
Calgary
GOLD.
Edmonton
The Bank of England gold reserve against its note issue is
£80,460,890, Victoria
an increase of £628,040 as compared with last week's return.
This total Hamilton
is about eight millions above the record created
West African gold output for December 1918 was in October last. The Quebec
with E122,602 for December 1917 and £108,796 for £112,621, as compared Regina
November 1918. The Halifax
output for the year 1918 was £1,333,553 as compared
with £1,529,977 St. John
for the year 1917.
Saskatoon
CURRENCY.
London
News has been received that Italy is now issuing
Moose Jaw
and nickel. It is reported from the U. S. A. that subsidiary coins in iron Lethbridge
the American army of
occupation will be paid in French notes of the
Fort William
20 and 40 cents, and that it is the first occasion approximate value of 10, Brandon
that the
ment has issued any lower denomination than five francs.French Govern- Brantford
New Westminster
SILVER.
Medicine Hat
The condition of the market is unaltered,
compensate for reduced rates of freight fromthe anticipated reduction, to Peterborough
place. The foreign trade of China (exclusiveAmerica, has not yet taken Sherbrooke
of bullion) during the last Kitchener
seven years was as follows:
Net Imports.
Net Exports. Excess Imports.
Lotal Canada
1911
£63,628,938
£50,704,816
£12,924,1
22
72,000,048
56,542,957
15,457,091
86,103,508
60,915,941
25,187,567
74.564,285
47,116,453
27,447,832
58,939,819
54,32l,069.
86,067,833
80,299,561
5,768,272
119,072.400
110,301,853
8,770,547
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Jan. lb. Jan. 22. Jan. 31.
Notes in circulation
14720
14889
14974
Silver coin and bullion in India__,
2118
2028
1995
Silver coin and bullion out of India
1032
1101 .
1217
Gold coin and bullion in India
1890
1890
1892
Gold coin and bullion out of India
12
12
12
Securities (Government of India)
1418
1608
1608
Securities (British Government)
8250
8250
8250
No fresh news has been cabled as to the stock in Shanghai,
which consisted of about 27,250,000 ounces in sycee and $12,200,0
00 on the 25th ult.
Quotations for bar silver per ounce standard:
Jan. 31
cash_48 7-16d. Feb. 6
cash_48 7-16d.
Feb. 1
48 7-16d. Average
48.437d.
Feb. 3
48 7-16d. Bank rate
Feb. 4
48 7-16d. Bar gold per oz. standard_ _77s.5%
9d.
Feb. 5
48 7-16d.
No quotation fixed for forward delivery. The
delivery is the same as that fixed a week ago. quotation to-day for cash
1912
1913
1914
1915
1916
1917
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Feb. 22. Feb. 24. Feb. 25. Feb. 26. Feb. 27. Feb. 28.
Week ending Feb. 28.
Sat.
Mon.
Silver, per oz
3
d 474
Tues.
Wed.
Thurs.
Fri.
4734
4734
4734
4734
4734
Consols, 236 per cents
,
Holiday 5834 5934 5934 5934 5934
British,5 per cents
Holiday 95
95 95
9534
British,434 per cents
Holiday 99X 9934 9934 9934 9534
French Rentes (in Paris)
64.75 64.40 63.90 __ 9934
.._
French War Loan (in fr_
Paris)
fr_
91
91 90.40
The price of silver in New York on the same
Silver in N.Y., per oz_ _ _cts_ II )11day 10134 101% 10134 days has been
10134
10134
Commercial andAXiscellaneonsBtxxls
Auction Sales.-Among other securities, the following
not usually dealt in at the Stock Exchange were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Per cent. Shares. Stocks.
Per cent.
10 Union Mills, Inc.,com__.$45 per sh. 100 J. Spencer Turner,
pref
90
8 Guaranty Trust
Bonds.
Percent.
1,000 Montana & Mexico Mining,38434 $5,000 Pacific Sugar Corpn.interim
$5 each
3e. per sh. receipts for 1st 5s
10
1918.
Inc. or
Dec.
1917.
1916.
$
$
%
$
8
94,577,583 74,315,203 +27.3 65,139,044 55,315,488
68,858,781 53,601,982 +28.5 48,556,682 39,992,288
34,516,048 39.670,456 -13.0 30,706,142 27,835,470
10,198,625 8,465,966 +20.5 6,414,372 5,069,985
5,768,927 5,483,775 +5.2 4,701,999 3,647,833
5,060.312 5,908,875 -14.4 4,244,308 3,753,220
3,274,769 3,017,538 +8.5 2,165,776 2,045,101
2,065,231 1,662,158 +24.2 1,390,736 1,322,645
4,682,299 4,752,320 -1.5 3,627,529 3,039,237
4,276,048 3,384,808 +26.4 2,896,021 2,768,423
3,078,807 2,536,724 +21.4 1,915,701 1,605,172
3,843,797 2,951,268 +30.2 2,837,784 1,786,786
2,710,654 1,852,628 +40.3 1,675,802 1,389,608
1,433,908 1,390,7b6 4-30.9 1,210,318 1,028,433
2,273,638 1,916,525 +13.4 1,816,332 1,545,944
1,482,442 1,107,162 +33.9 1,118,278
745,929
626,050
541,552 +15.6
528,279
384,254
537,178
595,576 -9.8
476,758
410,905
440,824
490.333 -10.1
408,108
473,255
862,683
741,391 +16.4
760,693
654,262
304,656
292,102 +4.3
206,372
208,345
486,578
491,435 -1.0
402,557
267,439
693,870
582,934 +19.1
533,857
547,133
732,572
840,188 -12.8
710,125
442,022
681,662
537,571 +26.8
528.551
9A9 4117 059 917 191 99R
4-1/1 7 1RA 099 105 1All 970 177
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
For organization of national banks:
Capital.
The Collinsville National Bank, Collinsville, Ala
$25,000
The Farmers' National Bank of Remington, Ind
30,000
The Arlington National Bank, Arlington, Mass
100,000
The First National Bank of Des Moines, N Mex
25,000
The East Buffalo National Bank of Buffalo, N Y
400,000
The Security National Bank of Sisseton, S. Dak
50,000
The First National Bank of Dexter, Mo.(succeeds
the Bank of
Dexter, Mo.)
50,000
For conversion of State banks:
The First National Bank of South San Francisco, Cal.
(conversion of the Bank of South San Francisco)
106,000
Total
$780,000
CHARTERS ISSUED.
Original organizations:
The Puente National Bank, Puente, Cal
$25,000
The Webster County National Bank of Fort Dodge, Iowa
250,000
The First National Bank of Wakefield, Mich. (succeeds
the
Citizens Bank of A. Ringsmuth & Co., Wakefield
, Mich.)
25,000
Total
$300,000
CHARTER EXTENDED.
The Murchison National Bank of Wilmington, N. C. Charter
extended
until close of business Feb. 17 1939.
INCREASES OF CAPITAL APPROVED.
The Rupert National Bank, Rupert, Idaho. From $25,000 to Amount.
$50,000
$25,000
The Farmers' National Bank of Greensburg, Kan. From
$25,000
to $40,000
15,000
The First National Bank of Waseca, Minn. From $50,000
to
$100,000
The First National Bank of Willmar, Minn. From $50,000 to 50,000
•
$100,000
The First National Bank of Bound Brook, N. J. From $50,000 50,000
to $100,000
The Phelps National Bank, Phelps, N. Y. From $25,000 to 50,000
$50,000
25,000
The First National Bank of Kuhn, N. Dak. From $25,000
to
$30,000
5,000
The Citizens' National Bank of Okmulgee, Okla. From $100,000
to $200,000
100,000
The Deposit National Bank of Du Bois, Pa. From $100,000
to
$200,000
The Citizens' National Bank of Blooming Grove, Texas. From 100,000
$25,000 to 350,000
25,000
The First National Bank of Olney, Texas. From $25,000 to
$50,000 25,000
'‘•-• Total
$470,000
REDUCTIONS OF CAPITAL APPROVED.
The Mount Jewett National Bank, Mount Jewett, Pa. From Amount.
$60,000 to $30,000
$30,000
MAR. 1 1919.]
849
THE CHRONICLE
CHANGE OF TITLE APPROVED.
Southwest National Bank of Commerce of Kansas City, Mo., to "National
Bank of Commerce of Kansas City."
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
Mar. 1 Holders of rec. Feb. La
Brandram-IIenderson, Ltd.,com. (qu.)- 1
134 Apr. 1 Holders of rec. Mar. la
Preferred (guar.)
Mar. 1 Holders of rec. Feb. 14a
.2
Brooklyn Edison, Inc.(guar.)
National Bank of Cordele, Ga. Liquidating Agent,
The American
.134 Apr. 1 *Holders of rec. Mar. 15
Brooklyn Union Gas (guar.)
J. W. Cannon, Cordele. Succeeded by the American BAnk &
134 Mar. 1 Holders of rec. Feb. 20a
$100,000 Brown Shoe, Inc.,common (quar.)
Trust Co. of Cordele
Mar.15 Holders of rec. Feb. 21
$2
Buckeye Pipe Line (quar.)
National Bank of Valley City, N. Dak. LiquiThe American
Mar. 15 Holders of rec. Feb. 286
California Packing Corp., com.(quar.)_ SI
dating agent, H. 0. Aamoth. Succeeded by the American Ex'134 Apr. 1 *Holders of rec. Mar.15
Preferred (guar.)
50,000 Calumet & Arizona Mining (guar.)
change Bank of Valley City
*51 Mar.24 'Holders of rec. Mar. 7
75c. Mar. 15 Holders of roe. Feb. 28a
$150,000 Cambria Steel (guar.)
Total
75e. Mar. 15 Holders of rec. Feb. 28a
Extra
Mar. 15 Holders of rec. Mar. 10
dl
Canada Steamship Lines, common
14 Apr. 1 Holders of rec. Mar. 20
Canadian Loconwtive, common (guar.)
Mar.20
of
DIVIDENDS.
Preferred (guar.)
134 Apr. 1 Holders of rec. Sept.26
roe.
Mar.31 Holders
n4
Carbon Steel. 1st preferred
July 30 Holders of rec. July 26
6
Second preferred (annual)
The following shows all the dividends announced for the
Central Leather, preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 10
future by large or important corporations:
"35e. Mar. 1 *Holders of rec. Feb. 20
Century Steel (guar.)
Mar. 1 Holders of rec. Feb. 190
Cerro de Pasco Copper (qu.)(No. 13)_.. $1
Dividends announced this week are printed in italics.
Apr. 1 *Holders of rec. Mar. 11
*3
Chandler Motor Car (guar.)
Mar. 20 Holders of rec. Mar. la
3
Manufacturing (quar.)..
Chesebrough
When
Books Closed.
500 Mar. 20 Holders of rec. Mar. la
Per
Extra
Mar. 31 Holders of rec. Mar.29a
2
Days Inclusive.
Cent. Payable.
Chicago Telephone (guar.)
Name of Company.
13.4 Mar. 10 Mar. 1 to Mar. 10
Childs Company, preferred (guar.)
34 Apr. 15 Holders of rec. Mar. 31a
Colorado Power,common (quar.)
Railroads (Steam).
134 Mar. 15 Holders of rec. Feb. 28a
Preferred (quar.)
Atch. Topeka & Santa Fe, corn. (quar.) 13.4 Mar. 1 Holders of reo. Jan. 31a
Mar. 1 Holders of rec. Jan. 280 Columbia Graphophone Mfg., com. (qu.)- $2 50 Apr. 1 Holders of rec. Mar. 15a
2
Baltimore dr Ohio, common
Mar. 1 Holders of rec. Jan. 28a
2
Common (payable in common stock)._ (z) Apr. 1 Holders of rec. Mar. 150
Preferred
Mar. 31 Holders of rec. Feb. 280
2
134 Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.) (No. 4)
Boston & Albany (guar.)
Apr. 10 *Holders of rec. Mar. 25
234 Apr. 1 Holders of ree. Feb. 28a Computing-Tabulating-Recording (guar.)_ *1
Canadian Pacific, common (quar.)
Apr. 1 Holders of rec. Feb. 28
2
154 Mar. 1 Holders of rec. Feb. 26a
Connecticut Power, pref.(guar.)(No.24)_
Preferred
134 Mar. 15 Holders of rec. Feb. 7a
75c. Mar. 4 Feb. 21 to Mar. 3
Consolidated Gas (guard
Chestnut Hill (guar.)
134 Apr. 1 Holders of rec. Mar. 20a
Cin. N.0.& Texas Pacific, pref.(quar.) 1% Mar. 1 Holders of rec. Feb. 21a Continental Can, Inc., corn. (guar.)
Mar. 1 Holders of rec. Feb. 21a
3
134 Apr. 1 Holders of rec. Mar. 20a
Preferred (guar.)
Cincinnati Northern (annual)
Mar. 17 'Holders of rec. Feb. 24
*3
Continental Oct (guar.)
Clew. Cin. Chic. & St. L., pref. (quar.) 134 Apr. 21 Holders of rec. Apr. 1
Mar. 15 Holders of rec. Feb. 20.
Cleveland & Pittsburgh, reg. guar.(qu.) 873.40 Mar. 1 Holders of rec. Feb. 10a Copper Range Co.(guar.)(No.49)_ _ _ _ SI
50e. Mar. 1 Holders of rec. Feb. 103 Cosden & Co., prei. (gnar.)(No.7)---- 834c Mar. 1 Holders of rec. Feb. 15a
guar. (quar.)
Special
75e. Mar. 15 Feb. 21 to Mar. 16
Mar. 1 Holders of rec. Feb. 14a Crescent Pipe Line (quar.)
Cripple Creek Cent., pt.(qu.)(No. 53)- 1
10c Mar. 10 Holders of rec. Feb. 28
15o. Mar. 15 Holders of rec. Feb. 20
Cresson Cons. Gold Min.& Mill.(mthy.)
Dayton Coal, Iron & Ry.. preferred...234 Mar.20 Holders of rec. Feb. 262 Crucible Steel, pref.(quar.)(No.66).... 134 Mar. 31 Holders of rec Mar. 15a
Me!aware & Hudson Co.(quar.)
234 Apr. 1 Holders of rec. Mar. 14a
87340 Mard10 Holders of rec. Feb. 28a Cuban-American Sugar, com. (quar.)
Erie & Pittsburgh (quar.)
13.4 Apr. 1 Holders of rec. Mar. 140
Preferred (quar.)
Fonda Johnstown & Glov., pref. (guar.) 134 Mar. 15 Holders of rec. Mar. 10a
14 Mar. 1 Holders of me. Feb. 15a
13.( Mar. 1 Holders of rec. Feb. 23a Deere & Co., preferred (quar.)
2Illinois Central (quar.)
Mar. 15 Holders of rec. Feb. 28a
2
Mar. I Holders of rec. Feb. 20a Diamond Match (guar.)
7
Keokuk & Des Moines, preferred
134 Mar. 1 Holders of rec. Feb. 150 Dodge Manufacturing, common (guar.)-134 Apr. 1 Holders of rec. Mar.28a
Maine Central, preferred (quar.)
1
Apr. 1 Holders of rec. Mar. 28a •
334 Apr. 15 Holders of rec. Mar. 20
Common (special)
Minn. St. P. de S. S. M., cont. de pref.. _
134 Apr. 1 Mar.22 to Mar.31
134 Mar. 19 Holders of rec. Feb. 28a
Preferred (guar.)
Norfolk & Western common (quar.)_ _ _ _
April 1 *Holders of rec. Mar. 15
*1
Dominion Glass, Ltd., com.(gnat.)
Phila. Germantown & Norristown (qu.) $1.35 Mar. 4 Feb. 21 to Mar. 3
*134 April 1 'Holders of rec. Mar. 15
134 Mar. 1 Holders of tee. Feb. 130
Preferred (guar.)
Pittsburgh & West Virginia, pref. (q11.)2
Apr. 1 Holders of rec. Mar. 15
Pittsb. Youngs. & Ashtabula, pref. (qu.) 114 Mar. 1 Holders of rec. Feb. 20a Dominion Textile, Ltd., corn. (quer.)
50c Mar. 13 Holders of rec. Feb. 211a
134 Apr. 15 Holders of rec. Mar.31
Preferred (quar.)
Reading Company, first pref. (quar.)
50c. Apr. 10 Holders of rec. Mar. 25a du Pont (El.) deNem. & Co., corn.(qu.). 434 Mar. 14 Holders of rec. Feb. 27
Second preferred (quar.)
2% Mar. 1
134 April 25 Holders of rec. Apr. 10
Debenture stock (guar.)
Sharon Railway
134 Apr. 1 Holders of roe. Feb. 28a duPont (El.) deNem. Powd., corn. (qu.) *134 May 1 *Holders of rec. Apr. 19
Southern Pacific (quar.)(No. 50)
"14 May 1 *Holders of rec. Apr. 19
234 Apr. 1 Mar. 9 to Apr. 8
Preferred (guar.)
Union Pacific, common (quar.)
Apr. 1 Mar. 9 to Apr. 8
2
234 Apr. 15 Holders of rec. Apr. 1
Eastern Steel, common (quar.)
Preferred
134 Mar. 15 Holders of rec. Mar. 1
Apr. 1 *Holders of rec. Mar. 11,
*2
First and second preferred (guar.)---Wisconsin Central, preferred
234 Apr. 1 Holders of rec. Feb. 28a
Eastman Kodak,common (gnar.)
234 Apr. 1 Holders of rec. Feb. 28a
Street & Electric Railways.
Common (extra)
May 1 Holders of rec. Mar. 31a
5
Common (extra)
Cent. Ark. Ry.& Lt., pf.(qu.)(No.24) 134 Mar. 1 Holders of re*. Feb. 15a
% Mar. 1 Holders of rec. Feb. 150
14 Apr. 1 Holders of rec. Feb. 28a
Preferred (guar.)
Cities Service, com, and pref.(monthly)
75c. Mar. 10 Holders of rec. Mar. la
Mar. 1 Holders of rec. Feb. 15a Elk Horn Coal Corp., com.(guardCommon (payable In common stock). fl
75e. Mar. 10 Holders of rec. Mar. la
Mar. 1 Holders of rec. Feb. 13
Preferred (guar.)
Detroit United Ry.(quar.) (No. 59).__ 2
134 Mar. 1 Feb. 21 to Feb. 28
Eastern Wisconsin Elec. Co., pref. (011.1.) In Mar. 1 Holders of rec. Feb. 200 Fairbanks, Morse & Co.. prec. (quar.).._
234 Mar. 15 Holders of rec. Mar. 5a Federal Mining & Smelting, pref. (qu.). 114 Mar. 15 Holders of rec. Feb. 25a
El Paso Elec. Co., corn.(qu.)(No.31)
134 Mar. 1 Holders of rec. Feb. 15
$4
Apr. 1 Holders of rec. Mar. be Federal Utilities, preferred (quar.)
Frank!. & Southwark (Phila.) (guar.).
Mar. 1 Feb. 22 to Feb. 28
3
Ironwood de Bessemer Ry. de L., pf. (qu.). 134 Mar. 1 Holders of rec. Feb. 15a Freeport Gas Co., preferred
Mar. 31 Holders of rec. Feb. 28a
Northern Ohio Elec. Corp., pref.(quar.) 14 Mar. 1 Holders of rec. Feb. 210 Galena-Signal Oil, pt. & new pf. (quar.) 2
Mar. 1 Holders of rec. Feb. 150 General Asphalt, pref..(quar.) (No.47). 134 Mar. 1 Holders of rec. Feb. 13a
Northern Texas Electric Co., com.(qu.) I
3
Mar. 1 Holders of rec. Feb. 210
Mar. 1 Holders of rec. Feb. 15a General Chemical, common (guard---- 2
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 18
$1.25 Mar. 1 Holders of rec. Feb. 10a General Chemical, preferred (gmar.)
Philadelphia Company. 5% pref
1 % Mar. 1 Holders of rec. Feb. 24a General Cigar. Inc.. preferred (guard- 1% Mar. 1 Holders of rec. Feb. 24
Rochester Ry. & Light, pref. (guar.)
2
Apr. 15 Holders of rec. Mar. 15a
1% Mar. 1 Holders of rec. Feb. 24a General Electric (guar.)
Preferred B (guar.)
General Fireproofing, corn. & pref. (qu.) r134 Apr. 1 Mar. 21 to Mar. 31
134 Mar. 15 Holders of rec. Feb. 28
San Joaquin L. dr P., p1.(qu.)(No. 17)_
Apr. 1 Holders of rec. Mar. la General Railway Signal,com.(gad(No.23) 13.4 Apr. 1 Holders of rec. Mar.20
Sts. Pass., Phila. (quar.)_ _ $3
Second (le 3d
134 Apr. 1 Holders of rec. Mar. 20
Mar. 1 Feb. 21 to Mar. 1
3
Preferred (guar.) (No. 59)
Terre Haute Tract. & Light, pref
Mar. 1 Holders of roe. Jan. 30
$2
134 Mar. 15 Holders of rec. Mar. 1
Gillette Safety Razor (quar.)
West Penn Rys., pref.(quar.)(No.7) -May 31 Holders of rec. May 1
$2
Mar. 1 Holders of rec. Feb. 20a Gillette Safety Razor (guar.)
13.4
Wisc.-Minn. Lt.& Pow., Pref.(quar.)._
May 31 Holders of rec. May 1
$1
Extra
Globe Soap, com., 1st, 2d&spectal pf.(qu.) 13-4 Mar. 15 Mar. 1 to Mar. 16
Banks.
May 15 Holders of rec. May 5
1
Goodrich (Ti. F.) Co.. common (gust.).
334 Mar. 1 Feb. 25 to Feb. 28
Chemical National (hi-monthly)
134 April 1 Holders of rec. Mar. 210
Preferred(guar.)
13-4 July 1 Holders of rec. June 20a
Preferred (guard
Miscellaneous.
3
Mar. 1 Holders of rec. Feb. 150
134 Mar. 1 Holders of rec. Feb. 20a • Goodyear Tire & Rubber, com.(guard_
Acme Tea, first preferred (quar.)
10c Mar. 1 Holders of roe. Feb.d200
Grant Motor Car Corp., corn. (No. 1).
Acme White Lead & Color Wits., PL(qW.) 134 Mar. 1 Holders of rec. Feb. 20
134 Mar. 3 Holders of rec. Feb. 24
April 1 Holders of roe. Mar. 17a GreatNorthern Paper
134
Advance namely, preferred (No. 1)
*1
Apr. 1 'Holders of rec. Mar. 15
$1 50 Mar. 15 Holders of rec. Mar.28a Gulf Stales Steel, cont. (guar.)
Ajax Rubber, Inc. (quar.)
*134y Apr. 1 *Holders of rec. Mar. 15
*S1
Mar. 31 *Holders of rec. Mar. 17
First preferred (guar.)
Allouez Mining (guar.)
"1 %y Apr. 1 *Holders of rec. Mar. 15
(guar.)
Second preferred
Amer. Beet Sugar pref. (qu.) (No. 70). p13.4 April 1 Holders of roe. Mar. 15a
1% Apr. 1 Holders of rec. Mar. 14a Harbison Walker Refrao., corn. (guar.). 134 Mar. 1 Holders of rec. Feb. 190
AmericanCan, preferred (guar.)
134 Apt. 19 Holders of rec. Apr. 9a
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 22
American Chicle, preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 20a
Mar. 1 Holders of rec. Feb. 28a Hartman Corporation (guar.)
$2
American Coal
51
Apr. 1 Holders of rec. Mar. 17a
Mar. 1 Holders of rec. Feb. 153 Haskell & Barker Car (guar.)
1
American Cotton 011, common (quar.)_
Mar. 1 Holders of roe. Feb. 250
40e. Mar. 15 Holders of roe. Jan. 31a Heywood Brothers de 1Vakefteld Co., pref._ 3
American Druggist Syndicate
1$3 Mar. 1
.
134 Apr. 1 Holders of rec. Feb. 28a Imperial Oil, Ltd
American Express (quar.)
500. Mar. 15 Holders of rec. Feb. 28a
American Fork & Hoe,common (guar.). 134 Mar. 15 Holders of rec. Mar. 5a Independent Brewing, common (guar.).
3
Mar. 15 Holders of red. Mar. la
334 April 15 Holders of roe. April 5
Indian Refining, com.(guar.)
Preferred
13.4 Mar. 15 Holders of rec. Mar. 10
Preferred (guar.)
Amer. Graphophone, corn. (qu.)(No. 55). 134 Apr. 1 Holders of rec. Mar. 15a
Mar. 1 Holders of rec. Feb. 10a
2
13.4 Apr. 1 Holders of rec. Mar. 15a Inland Steel (quar.)
(guar.) (No. 83)
Preferred
Mar. 1 Holders of rec. Feb. 20a
13.4 April I Holders of roe. Mar. 15a Internat. Cotton Mills, common (guard $1
American Hide & Leather, pf. (guar.)._
13.4 Mar. 1 Holders of rec. Feb. 20
Preferred (guar.)
Amer. Internat. Corp.,corn.& pret.(qu.) 90c. Mar. 31 Holders of rec. Mar. 15a
114 Mar. 1 Holders of rec. Feb. 8
1
Mar. 1 Feb. 20 to Mar. 1
(guar.)_ _
International Harvester, pref.
Amer. Laundry Machinery,corn.(guar.)
50c. Mar. 1 Holders of rec. Feb. 130
13.4 Apr. 15 April 11 to April 15
International Nickel, common (quar.).. _
Preferred ((War.)
134 Mar. 1 Feb. 21 to Feb. 28
Interstate Iron & Steel, pref. (guar.)
American Locomotive, common (guar.)._ *134 Apr. 3 *Holders of roe. Mar. 18
*50c. Mar. 31 *Holders of rec. Mar. 7
"134 Apr. 2 *Holders of rec. Apr. 4
Isle Royale Copper Co.(guar.)
Preferred (guar.)
134 April 1 Holders of rec. Mar. 20a
Jewell Tea, preferred (guar.)
Amer. Manufacturing, common (quar.).... w134 Mar. 31 Mar. 16 to Mar. 30
25e. Mar. 15 Holders of rec. Mar. laa
2
Mar. 31 Mar. 16 to Mar. 30
Kerr Lake Mines, Ltd. (quar.)
Common (extra)
wl 34 Mar. 31 Mar. 16 to mar. 30
Kresge (S. S.) Co., preferred (quar.)_ _ 13.4 Apr. 1 Holders of rec. Mar. 17a
Preferred (guar.)
Mar. 31 *Holders of rec. Mar. 17
*3
Mar. 1 Feb. 21 to Mar. 2
La Belle Iron Works, corn. (guar.)
American Multigraph, common (quar.).. 2
*2
Mar. 31 'Holders of rec. Mar. 17
Mar. 1 Holders of rec. Feb. 24a
Preferred (guar.)
Amer. Power de Lt., coin. (qu.) (No. 25).. 1
•134 Mar. 31 *Holders of rec. Mar. 10
Mar.31 Mar.23 to Mar.31
Lackawanna Steel, common (guar.)
American Radiator, common (guard --- 3
134 Mar. 15 Holders of rec. Mar. la
Mar.31 Mar.23 to Mar. 31
_
Laclede Gas Light, common (quar.)
Corn.(extra pay.In L.L.434% bonds) m4
Mar. 1 Holders of rec. Feb. 22
Mar. 15 Feb. 27 to Mar. 4
Lake of the Woods Milling, com.(guar.) 3
Amer. Smelt. & Refining, corn. (guar.). 1
13.4 Mar. 1 Holders of rec. Feb. 22
134 Mar. 1 Feb. 12 to Feb. 20
Preferred (quar.)
Preferred (quar.)
Apr. 15
"1
134 Apr. 1 Mar. 22 to Apr. 1
Laurentide Power (guar.) (No. 1)
first pref. (quar.)__ _American Stores,
Mar. 1 Holders of rec. Feb. 17a
Amer.Sugar Refining,corn.& pref.(q11.) 13.4 April 2 Holders of rec. Mar. la Liggett de Myers Tobacco, corn. (quar.) 3
% April 2 Holders of roe. Mar. la Liggett h Myers Tobacco, pref. (guar.)_ _ _ •
134 Apr. 1 'Holders of rec. Mar. 17
Common (extra)
6 2-3 Mar. 31 Holders of rec. Mar. 10
Tobacco pref.(No 18). 33.4 Mar. 1 Holders of roe. Feb. 14a Lindsay Light, common (quar.)
Amer. Sumatra
2 1-3 Mar.31 Holders of rec. Mar. 10
Preferred (guar.)
American Telegraph & Cable (quar.)... 134 Mar. I Holders of rec. Feb. 28a
134 Mar. 1 Holdera of rec. Feb. 20
Apr. 15 Mar. 15 to Mar. 25
2
Louisville Gas & Elec., pref.( gnat.)
American Telep. & Teleg.(quar.)
86 Apr. 15 Holders of Iva. Apr. 5
Cos., common (guar.)(No. 55) 134 Abr. 1 Holders of rec. Mar. 8a
Mackay
American Thermos Bottle
Apr. 1 Holders of rec. Mar. 8a
I
Mar. 1 Feb. 16 to Mar. 16
Preferred (guar.) (No. 61)
Amer. Tobao., com.(qu.) (pay. in scrip) g5
Mar. 1 Holders of rec. Feb. 24a
3
134 Apr. 1 Feb. 16 to Mar. 16
Mahoning Investment
Preferred (quar.)
234 Mar. 1 Holders of rec. Feb. 15
314 Mar. 1 Feb. 20 to Feb. 28
Mama'Sugar, common (guar.)
American Window Glass Co., prefert edMar. 1 Holders of rec. Feb. 200
1
Associated Dry Goods Corp., let Pt.(q11.) 134 Mar. 1 Holders of rec. Feb. 8a Manhattan Shirt, common (guard
25e. July 1 June 2 to June 14
1 14 Mar. 1 Holders of rec. Feb. 8a Marconi Wireless Teleg. of America_ _
Second preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 20a
May Department Stores, com.(guard
Atlantic Gulf de IV. I. S. S. L., pf.(qu.)- - 1134 Apr. 1 *Holders of rec. Mar. 10
5
Mar. 15 Holders of rec. Feb 21a Mergenthaler Linotype (guard (No.93) 254 Mar. 31 Holders of rec. Mar. 5a
Atlantic Refining (quar.)
Apr. 10 *Holders of rec. Mar. 15
"g2
3
Mar. 10 Mar. 1 to Mar. 9
Mexican Petroleum, common (guar.)
Atlas Powder, common (gnar.)
*2
Apr. 1 *Holders of rec. Mar. 15
50e Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
Aulosales Corporation, pref. (quar.)_
Michigan Drop Forge, corn. (monthly).. 15c. Mar. 1 Holders of rec. Feb. 15
Belding Paul Corticelli, Ltd., pref. (guar.) 334 Mar. 15 Holders of rec. Mar. 1
(monthly)... 15c. Mar. 1 Holders of rec. Feb. 15
Michigan Stamping, com.
134 April 1 Holders of rec. Mar. 12
Bethlehem Steel, common (quar.)
2
Mar, 1 Holders of rec. Feb. 17
Michigan Sugar, common (quar.)
134 April 1 Holders of ma. Mar. 12
Common (extra)
IC. Mar. 1 Holders of rec. Feb. 24
Middle States MCorp.(monthly)
134 April 1 Holders of rec. -r. 12
Common 13 (guar.)
254 Mar. 1 Holders of rec. Feb. 16
I% April 1 Holders of rec. Mar. 12
Minnesota Sugar, common (guar.)
Common B (extra)
I% Mar. 1 Holders of rec. Feb. 16
April 1 Holders of roe Mar. 12
Preferred (guar.)
Cumulative convertible pref. (quar.)- 02
Moline PloW, first preferred (guar.) _ _. 134 Mar. 1 Holders of rec. Feb. 15a
Non-cumulative preferred (guar.).
- el% April 1 Holders of rec. ..tr. 12
134 Mar. 1 Holders of rec. Feb. 15a
Mar. 1 Holders of rec. Feb. 26
Second preferred (guar.)
Blackstone Val. Gas & Elec. cont. (qu.)- - $1
500 Apr. 1 Holders of rec. Mar. 12a Montana Power, com. (guar.)(No. 26).... 13.4 Apr. 1 Holders of rec. Mar. 15
Booth Fisheries, common equar.)
14 Apr. 1 Holders of rec. Mar. 15
26)
Preferred(guar.) (No.
134 Apr. 1 Holders of rec. Mar. 124
imPrefer d(quar.)
1
Mar. 15 Holders of rec. Feb. 28
I3ord (n' Cond. Milk pref.(qtr.) (No.69) 134 Mar. 15 Holders of rec. Mar. la Montreal Cottons, Ltd., com.(guard_
154 Mar. 15 Holders of rec. Feb. 28
Preferred (guard
1% June 14 Holders of rec. May 31a
Pre erred ((mar.) (No. 70)
VOLUNTARY LIQUIDATIONS.
Capital.
850
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[Vol.. 108.
p Declared 8% payable 2% each April 30, July 31 and Oct. 31 1919 and Jan. 31
1920, to holders of record on April 12. July 12 and Oct. 12 1919 and Jan. 10 1920,
respectively.
q Payable half in cash and half in Fourth Liberty Loan bonds.
r Declared 7% on pref., payable 131% each on April 1, July 1, Oct. 1 1919
and
Jan. 11920.
s Declared 7% on pref. payable in quarterly installments of 1%% each on Mar.
June 30, Sept. 30 and Dec. 31 to holders of record on March 11, June 10, Sept.31,
10
and Dec. 11, respectivdly.
I Declared 7% payable lg% each on April 1, July 1, Oct. 1 1919 and Jan. 1
to holders of record March 14, June 14, Sept. 13 and Doe. 13, respectively. 1920,
ts Declared 5%, payable in quarterly installments.
o Declared 8% on cum.cony. pref. and 7% on non-cum. pref., payable in quarterly
installments of 2% and 131%,respectively, on Apr. 1, July 1, Oct. 1 1919 and Jan.2
192010 holders of record on Mar. 12, June 16, Sept. 15 and Dec. 15, respectively.
w Declared 6% on corn. and 5% on pref., payable in quarterly installments of
14% and 131% each, respectively, payable Mar. 31, July 1, Oct. land Dec. 31.
Books closed the fifteen days before date of payment of any dividend.
x Declared one-twentieth of a share in common stock.
y Declared 7% on 1st pref. and 6% on 2d pref., payable in quarterly installments
of 131% and 14% each, respectively, on Sept. 1, July 1, Oct. 1 1919 and Jan.
1
1920, to holders of record on Mar. IS. June 16, Aept. 15 and Dec. 15. respectively.
Miscellaneous (Concluded)
National Acme Co. (guar.)
75c. Mar. 1 Holders of roe. Feb. 15a
National Biscuit, common (guar.)
131 April 15 Holders of rec. Mar. 31
National Candy, common
231 Mar. 12 Feb. 19 to Feb. 25
First and second preferred
34 Mar. 12 Feb. 19 to Feb. 25
Nat. Cloak & Suit, pref. (qu.) (No. 19) 1% Mar. 1 Holders of rec. Feb. 21a
Nat. Enamel.& Stampg., corn.(guar.)- 014 Mar. 20 Holders of rec. Feb. 28a
Preferred (guar.)
81% Mar. 31 Holders of rec. Mar. ha
National Lead, common (guar.)
131 Mar. 31 Holders of rec. Mar. 14a
Preferred (guar.)
131 Mar. 15 Holders of rec. Feb. 21
National Screw & Tack (bi-monthly)--Mar. 10 Holders of rec. Feb. 18a
National Sugar (guar.)
1% Apr. 2 Holders of rec. Mar. 10
National Surety (guar.)
3
Apr. 1 Holders of rec. Mar. 20a
Nebraska Power, preferred (guar.)
131 Mar. 1 Holders of rec. Feb..18
New York Air Brake (guar.)
231 Mar. 21 Holders of rec. Mar. 4a
N. Y. dc Queens El. L. & Pow., pref.(qu.)
Mar. 1 Holders of rec. Feb. 21
New York Shipbuilding Corp.(No. 1)
Mar. 1 Holders of rec. Feb. 14a
$1
New York Transit (guar.)
4
Apr. 15 Holders of rec. Mar. 22
Niles-Bement-POnd, common (quar.)_
24 Mar. 20 Holders of rec. Mar. in
Ogilvie Flour Mills, Ltd., pref. (guar.)
131 Mar. 1 Holders of rec. Feb. 20
Ohio Cities Gas, common (guar.)
$1.25 Mar. 1 Holders of rec. Feb. 15a
Ohio Oil (guar.)
$1.25 Mar.31 Mar. 1 to Mar. 27
Non-Member Banks and Trust Companies.
-FollowExtra
$4.75 Mar.31 Mar. 1 to Mar. 27
Oklahoma Producing & Refining (guar.) 124c April 2 Holders of rec. Mar. 20a ing is the report made to the Clearing House by clearing
Pabst Brewing, preferred (guar.)
131 Mar. 15 Mar. 7 to Mar. 17
non-member institutions which are not included in the
Packard Motor Car, pref.(quar.)
1% Mar. 15 Holders of rec. Feb. 28a "Clearing
House return" on the preceding page:
Pan-Amer. Petrol. & Transp.,corn.(qu.). /011.25 Apr. 10 *Holders of rec. Mar. 15
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 15
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
Paton Mfg. of Sherbrooke, Canada_ _ _ d4
Mar. 15 Holders of rec. Feb. 28
HOUSE.
Bonus
d2
Mar. 15 Holders of roe. Feb. 28
(Stated in thousands of dollars-that is, three ciphers 10001 omitted.
Extra (pay. in Canadian Government
Victory Bonds)
*25
Penmans, Limited. common (quar.)_ _ _
Net Loans,
1% May 15 Holders of rec. May 5
Preferred (guar.)
CLEARING ,Capital.,Profits. Dis14 May 1 Holders of rec. Apr. 21
Reserve
Net
Net
Nat'l
Pennsylvania Rubber,common (guar.)_
NON-MEMBERS;
14 mar. 31 Holders of rec. Mar. 15
counts, Cash
with Demon Time Bank
Preferred (guar.)
INat.bks.Dec.31 Invest1% Mar. 31 Holders of rec. Mar. 15
in
Legal
DeDe- CircuPenn. Water & Power (guar.) (Ng. 21) 14 Apr. 1 Holders of roe. Mar. 19a
Week ending ,State bks.Novl ments, Vault. Deposi- posits. posits. lation.
Pettibone-Mut:WI Co., is: & 2d pf. (qu.) .1% Apr. 1 *Holders of rec. Mar. 20
Feb. 21 1919. (Tr. cos. Nov. 1 &c.
tories.
Philadelphia Electric (guar.)
43750 Mar. 15 Holders of rec. Feb. 21a
Pittsburgh Brewing, common (guar.)_ _
Members of
Average.4 verage Average Average Average Average
500. Mar. 15 Holders of rec. Mar. la
Pittsburgh Steel, preferred (guar.)
1% Mar. 1 Holders of roe. Feb. 15a Fed'l Res. Bank.
$
Porto Rican American Tobacco (guar.)_ g3
176 1,143
Mar. 6 Holders of rec. Feb. 15a Battery Park Nat_ 1,500 1,463 11,864
6,829
69
192
Pressed Steel Car,corn.(guar.)(No.34) 2
651 15,429
Mar. 4 Holders of rec. Feb. Ila Columbia Bank_ _ 1,000
630 1,980 14,109
397
Price Bros. (guar.)
Mutual Bank _ _ _
200
548 10,080
2
Apr. 1 Mar. 15 to Mar. 31
174 1,229 10,063
238
Quaker Oats,common (guar.)
200
196 5,340
3
April 15 Holders of rec. April in New Netherland_.
228
791
4,967
68
Common (extra)
500
1
757 8,853
April 15 Holders of rec. April in W R Grace & Co's
12 1,224
0,325 1,070
Preferred (guar.)
200
609 9,695
134 Mayd31 Holders of rec. May in Yorkville Bank_ _
353
953
5,449 4,316
Quincy Mining (guar.)
300
668 8,279
Mar. 31 Holders of rec. Mar. in First Nat'l, Bklyn
$1
208
6,602
685
588
294
Railway Steel-Spring, common (quar.)- _ 2
300
602 6,444
Mar. 31 Holders of rec. Mar. 17a Nat'l City, Bklyn_
209
5,483
567
414
119
Preferred (quer.)
400 1,309 11,435
1% Mar. 20 Holders of rec. Mar. 10a Fins Nat'l, Jer Cy
607
900
7,067
400
Republic Iron & Steel,com.(qu.)(No.10) 14 May 1 Holders of rec. April 21a
Total
Preferred (guar.) (No. 62)
4,600 6,806 87,419 2,597 0,472 66,894 7,160 1,005
1% April 1 Mar.21 to April 16
Republic Rubber Corp., 1st pref. (guar.)_ _
1% Mar. 1 Feb. 22 to Mar. 4
Second pref. (guar.)
State Banks
2
Mar. 1 Feb. 22 to Mar. 4
Not Members of the
St. Joseph Lead (guar.)
350. Mar,20 Mar. 9 to Mar.20
Savage Arms Corp., common (quar.)_ _
14 Mar. 15 Holders of rec. Feb. 28a Fed'l Reserve Bank.
First preferred (guar.)
100
469 2,465
293
135
1% Mar. 15 Holders of roe. Feb. 28a Bank Wash. Hgts.
2,270
Second preferred (guar.)
500 1,088 11,29
1,346
995 11,732
14 Mar. 15 Holders of rec. Feb 28a Colonial Bank _ _ _ _
Shattuck-Arizona Copper Co. (quar.)_ _
500
198 5,870
652
324
25c. Apr. 19 Holders of rec. Mar. 31a International ___ _
5,379
079
Sherwin-Williams Co. of Canada, Ltd.
Mechanics' Bklyn. 1,600
865 26,878 1,730 2,095 26,746
40
Preferred (guar.)
North Side, Bklyn
200
226 4,921
484
300
1% Mar. 31 Holders of rec. Mar. 15
4,718
319
Southern Pipe Line (guar.)
Mar. 1 Holders of rec. Feb. 15
5
South Penn Oil (guar.)
Total
2,900; 2,849 51,433 4,505 3,846 50,845 1,038
*5
Mar. 31 *Holders of rec. Mar. 12
South Porto Rico Sugar Co., corn. (quar.)_ g5
Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Trust Companies
Apr. 1 Holders of rec. Mar. 15
2
South West Pa. Pipe Lines (guar.)
Not Members of the
3
Apr. I Holders of rec. Mar. 15
Fed'l Reserve Bank.
Southwestern Power & Light, pref.(qu.) 1% Mar. 1 Holders of rec. Feb. 21
Hamilton Tr,Bkln
Standard Gas & Electric, preferred (guar.) *14 Mar. 15 *Hohlers of rec. Feb. 28
500 1,030 8,253
489
294
5,887 1,104
Standard Oil (California) (guar.)
Mech Tr,Bayonne
200
377 8,741
293
438
2% Mar. 15 Holders of rec. Feb. 15
4,883 4,138
Extra (payable in 4th L. L.4%s)._ _ _ m234 Mar. 15 Holders of rec. Feb. 15
Total
Standard Oil (Kentucky) (guar.)
700 1,408 16,994
7821
*3
Apr. 1 *Mar. 16 to Apr. 1
7821 10,770 5,332
Standard Oil of New Jersey (guar.) -- 5
Mar. 17 Holders of rec. Feb. 20a
Standard 011 of New York (guar.)
4
Mar. 15 Holders of rec. Feb. 210 Grand aggregate__ 8,200 11,063 155,846 7,8841 14,106a128,509 13,530 1,005
Comparison previo us week
Standard Oil (Ohio) (guar.)
+3,081 -89 +119' +349 +429
3
Apr. 1 Mar. 1 to Mar. 19
-9
Extra
1
Apr. 1 Mar. 1 to Mar. 19
Gr'd aggr, Feb. 15 8,200 11,063 152,765
Strornberg Carburetor (quer.)
13,984 128,160 13,101 1,014
75e. Apr. 1 Holders of rec. Mar. 15
Or'd aggr, Feb. 8 8,2Ol 11,063 150,394
Extra
14,241 125,755 12,727 1,014
25c. Apr. 1 Holders of rec. Mar. 15
Studebaker Corporation, corn.(guar.)_ _
13,856 123,687 12,581 1,002
1
Mar. 1 Holders of rec. Feb. 20a Gr'd aggr, Feb. 1 8,200, 11,063 147,144
Preferred (guar.)
13,948 122,550 12,444 1,009
I% Mar. 1 Holders of reo. Feb. 200 Gr'd aggr, Jan. 25 8,206 11,152 146,738
Subway Realty (guar.)
*1g Apr. 1 *Holders of rec. Mar. 20
a U. S. deposits deducted, $6,384,000..
Swift & Co. (quer.)(No. 133)
2
Apr. 1 Holders of rec. Mar. 10
Bills payable, rediscounts, acceptances and other liabilities, $8,133,000.
Tennessee Eastern Elec. Co., pref.(qu.) 1% Mar. 1 Holders of rec. Feb. 17
Excess reserve, $65,600 decrease.
Texas Company (guar.)
24 Mar. 31 Holders of rec. Mar. 7
Thompson-Starrett Co., preferred
4
Apr. 1 Holders of roe. Mar. 25
Boston Clearing House Banks.
-We give below a sumTobacco Prod. Corp., pf. (qu.)(No.25) 1% April 1 Holders of rec. Mar. 14a
Todd Shipyards Corporation (quar.)
*$1.75 Mar.20 'Holder'.0 rec. Mar. 10
mary showing the totals for all the items in the Boston
/
Tonopah Extension Mining (guar.)
'Sc. Apr. 1 *Mar. 12 to Mar. 21
Clearing House weekly statement for a series of weeks:
Tooke Bros., Ltd., pref.(guar.)(No.27) 1% Mar. 15 Holders of roe. Feb. 28
Underwood Typewriter, common (quar.)_ _
BOSTON CLEARING HOUSE MEMBERS.
2
Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 15
Union Bag & Paper Corp.(guar.)
14 Mar. 15 Holders of rec. Mar. 5a
Feb. 21
Changes from
Feb. 15
Feb. 8
Union Carbide & Carbon (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 10a
1919.
previous week.
1919.
1919.
Union Tank Line
24 Mar. 25 Holders of rec. Mar. 1
United Cigar Stores of Amer., pref.(qu.) 1% Mar. 15 Holders of rec. Feb. 28a
$
$
$
$
United Drug,second preferred (quar.)_ _
14 Mar. 1 Holders of rec. Feb. 15a Circulation
4,747,000 Deo.
20,000
1,767,000
United Dyewood, preferred (quar.)_ _ _ _
1% Apr. 1 Holders of rec. Mar. 14a Loans,disc'ts & investments_ 519,875,000 Dec. 5,292,000 525,167,00( 4,789,000
530,746,000
United Fruit (guar.)(No. 79)
2% Apr. 15 Holders of rec. Mar. 20a Individual deposits, Incl.U.S. 410,125,000 Dec. 2,153,000 412,278,00( 424,761,000
Extra
50c. Apr. 15 Holders of rec. Mar. 20a Due to banks
105,370,000 Des. 4,837,000 110,207,00( 109,557,000
U.S. Cast Iron Pipe & Fdy.. pf.(qu.)_. u134 Mar. 15 Holders of reel. Mar. In Time deposits
12.686,000 Inc.
51,000 12,635,00( 12,653,000
U. S. Envelope, common
34 Mar. 1 Feb. 22 to Mar. 14
Exchanges for Clear. House_ 15,755,000 Inc. 1,076,000 14,679,00( 15,191,000
Common (extra)
24 Mar. 1 Feb. 22 to Mar. 14
Due from other banks
63,878,000 Dec. 1,175,000 65,053,00( 60,683,000
Preferred
34 Mar. 1 Feb. 22 to Mar. 14
Cash in bank dc in F. R. Bank 58,693,000 Inc.
376,000 58,317,00( 58,729,000
U.S. Gypsum, preferred (guar.)
1% Mar. 31 Mar. 16 to Mar. 31
Reserve excess in bank and
U. S. Industrial Alcohol, corn. (quar.)_ _ 4
Mar. 17 Holders of rec. Mar. 4a
Federal Reserve Bank.__ 14.726.000 In.!. 1.063.000 13.663.00( 12,505,000
U. S. Steel Corporation, corn. (guar.)_
1% Mar. 29 Mar. 1 to Mar. 3
Common (extra)
1
Mar. 29 Mar. l to Mar. 3
Philadelphia Banks.
-The Philadelphia Clearing House
Vulcan Detinning, pref.(quer.)
'134 Apr. 20 *Holders of rec. Apr. 10
Preferred (on acct. accum. dies.)
statement for the week ending Feb. 21, with comparative
*hi
Apr. 20 *Holders of rec. Apr. 10
Wabasso Cotton Co., Ltd. (guar.)
14 Apr. 2 Holders of rec. Mar. 14
figures for the two weeks preceding, is as follows. Reserve
Wayland Oil & Gas, common (guar.)._
10c Mar. 10 Holders of rec. Mar. la
requirements for members of the Federal Reserve system
Western Grocer, common
4
June 30 Holders of roe. Juned20
Preferred
3
June 30 Holders of rec. Juned20
are 10% on demand deposits and 3% on time depiosits, all
TVesthouse, Church, Kerr & Co.,com.(qu.) 1% Mar. 10 Holders of rec. Feb. 28
Preferred (quer.)
to be kept with the Federal Reserve Bank. "Cash in
14 Mar .10 Holders of rec. Feb. 28
White (J.G.) Co., pref. (guar.)(No. 63) 134 Mar. 1 Holders of rec. Feb. I5a vaults" is not a
part of legal reserve. For trust companies
White(JO.) Engineering Corp., pf.(qu.) 1% Mar. I Holders of rec. Fob. 15a
White (.1.0.) Management Corp.,pf.(qu.) 1% Mar. I Holders of rec. Feb. 15a not members of the Federal Reserve system the reserve
White Motor (guar.)
$1
Mar. 31 Holders of rec. Mar. 15a required is 15% on demand deposits and includes "Reserve
Wilmington (Del.) Gas, preferred
Mar. 1 Feb. 22 to Feb. 28
3
with legal lepositaries" and "Cash in vaults."
Wolverine Copper Mining (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 15
Woods Manufacturing, Ltd. (guar.)....._
1% Mar. 1 Holders of rec. Feb. 22
Week ending Feb. 211919.
Woolworth (F. W.) Co., common (qu.) 2
Mar. 1 Holders of roe. Feb. 10a
Preferred (quay.)
Feb. 15
Feb. 8
1% Apr. 1 Holders of rec. Mar. 10a
Two ciphers (00) omitted. Member:of
Trust
Worthington Pump & Mach., pref. A(qu.) *I% Apr. 1 *Holders of rec. Mar. 20
1919.
1919.
F.R.Sysiem
Total.
Preferred B (guar.)
Cos.
*14 Apr. 1 *Holders of roe. Mar. 20
Yale & Towne Mfg.(quer.)(No. 100)._ _
2% Apr. 1 Holders of rec. Mar. 22
Capital..
529,475,0 $3,000.0 $32,475,0 532,475,0 $32,4750
Yukon-Alaska Trust (guar.)
411
Mar. 31 *Holders of rec. Mar. 1
Surplus and profits
7,631,0 85,932,0
78,301,0
85,919,0 85,915,0
'From unofficial sources. t Declared subject to the approval of Director-General Loans, disc'ts & investm'ts 732,087,0 26,686,0 758,773,0 759,658,0 754,248,0
of Railroads. I The New York Stock Exchange has ruled that stock will not be Exchanges for Clear.House 24,262,0
399,0 24,661,0 24,262,0 21,416,0
Due from banks
quoted ex-dividend on this date and not until further notice.
106,149,0
10,0 106,159,0 106,490,0 97,913,0
Bank deposits
a Transfer books not closed for this dividend. b Less British income tax.
151,606,0
270,0 151,885,0 154,921,0 148,308.0
rection. e Payable in stock. f Payable in common stock. g Payable in d Cor- Individual deposits
469,461,0 16,284,0 485,745,0 486,482,0 479,368,0
scrip
11 On account of accumulated dividends. I Payable in Liberty Loan bonds. 1 Red Time deposits
5,327,0
5,327,0
5,195,0
5,070,0
Total deposits
626,394,0 16,563,0 642,957,0 646,598,0 632,746,0
Cross dividend. m Payable in U. S. Liberty Loan 4%% bonds.
j Declared 7% on pref., payable in quarterly installments of 131% each on April 1, U.S.deposits(not included)
29,507,0 33,211,0 34,364,0
July 1, Oct. 1 1919 and Jan. 11920,to holders of record on Mar. 10, June 10,Sept. 10 Res've with Fed.Res.Bank 52,366,0
52,366,0 52,657,0 53,276,0
Res've with legal deposit's
and Dec. 10, respectively.
2,190,0
2,190,0
1,981,0
2,501,0
Cash in vault*
n Declared 8% on first pref. stock, payable 4% as above and 4% on Sept. 30
16,017,0
878,0 16,895,0 15,816,0 15,411,0
1919 Total reserve & cash held_
to holders of record Sept. 26.
3,068,0 71,451,0 70,454,0 71,188,0
68,383,0
Reserve required
o Declared 6% on com, payable in quarterly installments of
2,423,0 51,647,0 52,055,0 51,822,0
49,224,0
% each on
Mar. 20, May 31, Aug. 30 and Nov. 29 to holders of record on Feb. 28, May 10, V.repan rag Ar ensth In vault 10.159.0
645.0 19.81)4.0 18.399.0 19.366.0
Aug. 11 and Nov. 10, respectively.
*Cash in vault is not counted as reserve for Federal Reserve bank members
851
THE CHRONICLE
MAR. 11919.)
Statement of New York City Clearing House Banks
-The following detailed statement
and Trust Companies.
shows the condition of the New York City Clearing House
members for the week ending Feb. 21. The figures for the
separate banks are the averages of the daily results. In thg
case of totals, actual figures at end of the week are also given.
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDE9 IN CLEARING HOUSE STATEMENT.
(Figures Furnished by kite Banking Department.) Differences Irons
previous week.
Feb. 1.
Nall
Reserv
Loans,
Net
CLEARING
$777,581,800 Inc.$10,889,200
Loans and Investments
Time Bank
Net
with
Discount, Cash
HOUSE
capitai.J Profits.
8,300
8,393,900 Dec.
Circu- Specie
DeLegal Demand
in
InvestMEMBERS.
197,600
16,057,900 Dec.
posits. latton. Currency and bank notes
Depost
(.000 omitted.) Nat'l, Dec. 31 ments, Vault. tortes. Deposits.
57,528,100 Dec. 3,512,700
Deposits with the F.It. Bank of New York
&c.
Week ending State, Nov. 1
801,125,600 Inc. 3,244,800
Total deposits
Feb. 21 1919. Tr.Cos,Nov. 1
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust comAverag • Average Average Avge.
Average.. Average
Members of
panies in N.Y.City,exchanges and U.B.deposits 722,538,800 Dec. 1,459,200
s
$
a
$
a
$
s
$
Fed.Res.Bank
123,084,500 Dec. 3,509,600
705 Reserve on deposits
31,711 1,825
477 4,678
48,649
I3k of N Y,NBA 2,000 5,617
Percentage of reserve, 19.1%.
56,847
64,948 1,918 8,952
Manhattan Co_ 2,500 7,165
RESERVE.
308 1,823
21,749
218 3,035
29,044
Nat 2,000 2,731
Merchants'
144,509 2,439 3,777
State Banks- -Trust ComapniesMech&Met Nat 6,000 11,301 153,461 10,299 19,443
25,169
30,804 1,184 3,14
$64,292,600 10.03%
$17,687,300 12.54%
Cash in vaults
Bank ofAmerica 1,500 6,859
547,392 25,831 1,439 Deposits in banks and trust cos.... 11,891,900 8.44%
29,212,700 4.56%
51,412 588,570 14,247 96,068
National City__ 25,000
443
57,479 5,817
88,082 1,535 7.941
Chemical Nat__ 3,000 9,437
146
546
14,476
494 1,941
15,680
393,505.300 14.59%
$29,579,200 20.98%
900
Total
Nat_ _ _ 1,000
Atlantic
298
3,113
499
102
3,409
98
300
Nat'dutch & Dr
11,521
86,237 5,607 4,953
Amer Exch Nat 5,000 5,689 107,435 2,753 32,981
-The
264,670 4,668
Banks and Trust Companies in New York City.
25,000 24,607 402,874 2,818
13kof Commerce
70
15,554
15,835 1,368 1,984
500 1,097
:
.
Pacific Bank .
House banks and
84,137 8,768 2,166 averages of the New York City Clearing
Clutt&PhenNat 3,500 2,673 96,432 5,386 12,408
150
121,736
Hanover Nat__ 3,000 17,112 131,209 5,641 12,998
combined with those for the State banks
993 trust companies
993 5.051
215
32,911
37,148
Citizens' Nat__ 2,550 3,098
52
58,328 2,009 3,485
23,541
and trust companies in Greater New York City outside of
Metropolitan .._ 2,000 2,316
128,266 1,766
Corn Exchange. 4.200 8,548 129,061 0,290 16,721
51 the Clearing House, are as follows:
066 3,335
25,110
37,173
Imp & TradNat 1,500 7,980
150,701 2,716 4,981
National Park_ 5,000 18,698 198,593 1,543 19,815
809
269
50
201
6,033
5,634
609
East River Nat 1.000
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
644
896 2,464
16,16 •
19,908
Second Nat.... 1,000 4,050
GREATER NEW YORK.
149,131 1,885 8,383
National. 10,000 30,504 244,994 1,385 19,241
First
837 1,196
112,255
Irving National 4,500 5,811 111,736 3,922 14,942
754 1,720
199
Reserve in
11,532
11,271
524
*Total Cash
Demand
427
Loans and
NYCounty Nat 1,000
Depositaries.
5,495
in Vault.
811
162
7,131
Deposits.
664
Investments.
Week ended
Continental __ _ 1,000
261,178 10,755 1,100
Chase National. 10,000 15,000 350,970 6,910 30,932
20,873 1,248 2,509
18,467
$
200 2,223
Fifth Avenue__
973
289
7,183
6,776
871
200
5,499,400,200 4,364,815,800 139,935,700 638,211,600
Commercial Ex.
Nov. 2
409 1,070
7,475
753
7,669
400
5,471,164,400 4,430,932,200 137,695.000 648,002,100
Commonwlth..
Nov. 9
210 Nov. 16
15,957 1,387 2,092
40
15,258
5,489,226,000 4,515,346,900 141,922,100 667,230,500
Lincoln Nat'l__ 1,000 1,992
447 1,684
395 Nov.23
59
12,948
11,455
5,470,203.800 4,511,208,200 141.983,700 661,674,400
Garfield Nat... 1,000 1,317
345 1,145
248 Nov.30
6,658
480
398
7,029
250
5,360,177,900 4,449,150,600 141,405,200 661,755,700
Fifth National_
70 Dec. 7
49,59' 1,037 6,219
240
42,468
5,330,133,600 4,458,973,900 142,319,200 646,812,500
Nat__ 1,000 3,602
Seaboard
796 Dec. 14
692 7,884
85,273
54,969 1,684
5,384,107,700 4,527,415,100 142,105,300 661,730,000
Liberty Nat- _ - 3,000 4,446
771 1,605
403 413 Dec. 21
18,076
11,747
5,373,134,600 4,592,634,000 141,455,900 678,028,900
Coal & Iron Nat 1.000 1,044
636 1,919 • 14,363
397 Dec. 28
13,955
468
5,378,736,500 4,587,455,700 148,531,400 649,133,500
Union Exch Nat 1,000 1,219
36,158
4,441
26,19
3,841
Brooklyn Trust 1,500 2,518
5,416,960,500 4,650.393,400 147,245,300 697,931,000
Jan. 4
958 31,984
640'
226,103 9,836
5,473,492,200 4,635,056,500 148,938,900 688,196,700
Jan, 11
Bankers Trust_ 15,000 16,617 287,095
642 10,330
65,634
57,121 1,013
5,495,539,400 4,673.410,100 141,934,500 676,355,700
Jan. 18
U S Mtge & Tr 2,000 4,628
393,773 20,974
5,544,714,000 4,650,058,300 135,813,100 646,887,000
Guaranty Trust 25,000 27,428 503,367 2,719 53.629
Jan. 25
11,148
326 1,311
512
8,712
Trust_ 1,000 1,283
5,525,768,300 4,630,229,800 132,677,300 648,143,600
Fidelity
Feb. 1
92,934
969 9,300
73,187 6,624
5,492,269,000 4,539,150.100 130,588,700 645,124,800
Columbia Trust 5,000 6,850
Feb. 8
28,183
955 2,571
24,639 1,714
5,509.784,600 4,504,885,000 133,267,700 628,112,400
Peoples Trust__ 1,000 1,306
Feb. 15
342 7,518
56,041 2,276
5.571.631,800 4,527,389,800 133,632,800 625,109,700
Feb. 21
N Y Trust Co.. 3,000 10,760 110,320
413 2,119
25,739
14,993 1,784
Franklin Trust_ 1,000, 1,170
422 2,575
014
22,140
17,351 . 1,549
Trust__ 1,000
* This item Includes gold, silver, legal tenders, national bank notes and Federal
Lincoln
781 4,101
30,483 1,222
Metropolitan Tr 2,000 4,383 45,265
Reserve notes.
50
713
471 1,064
15,231
10,531
Nassau N,Bkln 1,000 1,200
39,953 2,550 5,079
40,139 1.039
Irving Trust Co 1,500 1,142
New York City State Banks and Trust Companies.
111,743 7,594
Farmers L & Tr 5,000 12,009 133,036 4,192 15,720
NEW YORK WEEKLY CLEARING HOUSE RETURN.
(Stated in thousands of dollars-that is, three ciphers [,000] omitted.)
Avge. for week_ 198,100 354,1074,643,235 97,880515,199 3,677,647 139,335 36,116
Totals,actual condition
Totals,actual condition
Totals,actual condition
Totals,actual co ndition
3.703,358 139,22236,056
3,668,690 139,33336,166
3,668,486 139,60830,444
3,747,013 142,668 35,972
-
Feb. 21 4,036,253 100,548501.477
Feb. 154,653,098 97,472532,200
Feb. 84,564,502 95,918517,822
Feb. 1 4,618,682 95,175558,159
State Banks. Not Me mbers of Federal Reserve Bank
500 1,476
16,470 2,205 1,261
Greenwich
322
668
5,672
816
250
Bowery
23,822 2,564 2,146
N Y Prod Exch 1,000 1,206
548
40,243 4,136 3,082
State Bank_ ___ 2,000
16,524
5,365
25,309
40,060
48
6,811
87,258
48
3,750
Totals, avg. wk.
4,048
86,207
9,633
9,754, 6,520 '88,475
87,066
0,7781 6,877
9,2761 6,948
87,057
87,251
9,0951 7,148
Trust Compan les. Not Afembers of Fe deral Re serve Ba nk.
23,946
826 2,788
40,442
Title Guar & Tr 5,000 11,947
842 1,679
16,000
24,166
Lawyers T & Tr 4,000 5,236
Totals,actual condition
Totals,actual condition
Totals,actual co ndltion
Totals,actual co ndition
Feb. 211
Feb. 151
Feb. 8;
Feb. 1'
87,011
85,775
85,012
85,118
48
48
40
.
45 ...
.
666
638
9,000 17,184
Totals, avge wk
64,608
1,668
4,467
39,946
1,304
Feb. 21
Feb. 15
Feb. 8
Feb. 1
63,301
64,776
64,298
63,099
1,744
1,621
1,735
1,021
4,839
4,627
4,336
4,079
39,825
39,973
39,708
38,798
1,333
1,287
1,276
1,273
Totals,actual condition
Totals,actual condition
Totals,actual condition
Totals,actual condition
In addition to the returns of "State banks and trust companies in New York City not in the Clearing House,"furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up,see "Chronicle," V.98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computittion of the reserves were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
Trust Companies.
Slate Banks.
Week Ended Feb. 21.
2
10,850 375,3394,794,050 109,181 526,477 a3,804,851 140,687;.116
,
Gr'd aggr, avge 1 +50,958 +571 +301 +23,964
+81 +71
Comparison, pr ev week
I 112,046512,836
b3,831,656 140,60336,056
Gr'd aggle, act cond'n Feb. 21 4,786,565
0841 +3,175 -30,958 +35,927 -65 -110
-17,
Comparison prey week
Gr'd aggr, act'l cond'n Feb. 15 4,803,649108,871 543,794 3,795,721 140,668 36,166
Gr'd aggr, act'l cond'n Feb. 84,713,812'106.029 529,106 3,795,231 140,92436,444
0 923569.38013,873,062 143,980 35,972
clod aggr, act'l cond'n Feb. 1 4 756 80910 ,
. .
Gr'd agar, act'l cond'n Jan. 25 4,773,704,109,282555.710i 3.016.707 12R 221 56_(12(1
a U.S. deposits deducted,$260,906,000. b U.S. dep. deducted,$225,714,000.
Bills payable, rediscounts, acceptances and other liabilities, $808,180,000.
Feb. 21
1919.
Differences from
precious week.
Feb. 21
1919.
Differences from
previous week.
$
99,550,000
24,100,000
Capital as of Nov. 1_
169,723,000
42,973,000
as of Nov.1.
Surplus
Loans & investments 570,182,300 Inc. 1,847,300 2,062,995,500 Inc. 27,675,300
11,478,100 Dec. 1,020,800
1,700
8,408,700 Inc.
Specie
20,319,600 Dec. 210,000
25,673,300 Dec. 384,000
Currency & bk. notes
Deposits with the F.
49,325.5043 Inc. 1,693,600 203,739,900 Inc. 6,331,900
R.Bank of N.Y.
640,830,700 Inc. 8,642,100 2.027,881,900 Inc. 26,614,100
Deposits
Reserve on deposits_ 101.974,800 Inc. 1,553,100 288,664.000 Inc. 7,936.400
0.3%
0.1%
17.7% Inc.
20.5% IInc.
P. C.reserve to den-
1
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS AND TRUST COMPANIES.
Actual Figures.
Averages,
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank _
State banks'...
Trust companies*
Total Feb. 21.
Total Feb. 15_
Total Feb. 8_
TOW Feb. 1_
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
PreviousWeek
$
$
$
$
3
$
515,199,000 515,199,000 482,274,160 32,924,840 -3,018,290
c
+120,100
737,560
9,633,000 6,811,000 16,444,000 15,706,440
-30,500
143,100
1,668,000 4,467,000 0,135,000 5,991,900
11,301,000 526,477,000 537,778,000 503,972,500
11,384,000 526,176,000 537,500.000 500,825,810
10,950,000,543,950,000 554,000,000 506,201,600
11 129 n00545.140.000 556.281.000 517.22A Ran
33,805,500 -2,928,690
36,734,190 -11,984,210
48,698,400 +9,653,060
no tun nan 4.1f1 ma 2(1t1
Reserve
Cash
in
Reserve
in Vault. Depositaries
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
Inc or Dec.
from
Previous Week
$
$
$
$
$
$
501,477,000 501,477,000 485,612,940 15,864,060 -35,316,250
d
-634,620
9,754,000 8,520.000 16,274,000 15,925,500 • 348,500
009,250
+357,200
1,744,000 4,839,000 6,583.000 5,973,750
11,498,000 512,836,000 524,334,000 507,512,190
11,399,000 543,794,000 555,193,000 502,777,520
11,011,000 529,106,000 540,117,000 502,715,280
10.7454.0(10 589.388.000 580.134.000 512.916.610
16,821,810 -35,593,670
52,415,480 +15,013.760
37,401,720,-29,815.670
67.217.390!4-19.083.620
*Not members of Federa Reserve Bank.
In the ease of members of the Federal Reserve Banks
a This is the reserve requ red on net demand deposits in the case of State banks and trust companies. but 34,179,030; Feb.8,$4,203,420; Feb. 1, $4,173,570.
Feb. 15,
includes also amount of reserve required on net time deposits, which was as follows: Feb. 21, $4,180,050;
but in the case of members of the Federal Reserve Bank include
b This Is the reserve required on net demand deposits In the case of State banks and trust companies, $4,179,990; Feb.8, $4,188,240; Feb. 1, $1,280,010.
15,
also amount of reserve required on net time deposits, which was as follows: Feb. 21, $4,176,660; Feb.
Bank, was as follows:
c Amount of cash in vault, which is no longer counted as reserve for members of the Federal Reserve
Feb. 8, $95,641,000; Feb. 1, $98,172,000.
Feb. 21, 397,880,000; Feb. 15, $97,226,000;
In vaults, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
d Amounts of cash
Feb. 21, $100,548,000; Feb. 15, $97,472,000; Feb. 8, $95,918,000; Feb. 1, $95,175,000.
1111MINE
852
MOM
THE CHRONICLE
[VOL. 108.
Member Banks of the Federal Reserve System.
-Following
Board giving the principal items of the resources and liabilities of is the weekly statement issued by the Federal Reserve
the
contained in the qtatement were given in the weekly statement issued Member Banks. Definitions of the different items
under date of Dec. 14 1917 and which was published
In the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILI
TY ITEMS OF MEMBER BANKS LOCATE
D IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF
BUSINESS FEBRUARY 14 1919.
Aggregate increases of over 278 millions in the holdings of
Treasury for the week of 233.9 millions
,
certificates, largely the result of the issue of the sixth series
-and constituted 26% of the total loans and
of
cates, only partially offset by reductions of about 16 millions these certifi- investments of the reporting banks, as against 24.9% the week before.
of U. S. bonds and of 28.4 millions in the amount of war in the amount For the member banks in the twelve Federal Reserve cities a rise in this
paper held are ratio from 26.3 to 27.4% is shown,
indicated by the Federal Reserve Board's weekly statement showing
and for the Now York City banks a
con- rise from 29.4 to 30.6%.
dition on Feb. 14 of 770 member banks in about 100 leading
Government deposits show an increase for the week of
Member banks in New York City report an aggregate increase cities.
62.5 millions, the
in Treasury banks outside the Federal Reserve bank
certificate holdings of 122.5 millions, while for the member
and branch cities showing the
banks in
twelve Federal Reserve cities an increase in these holdings of 191.9 all the principal gains. Demand deposits went up 120.1 millions, and time deposits
millions 5.4 millions. Reserve balances with the
is shown. Combined holdings of U. S. war securities and paper
supported 29.6 millions, while cash In vault went Federal Reserve banks increased
by such securities (so-called war paper) were 3,635.3 millions
up 7.3 millions.
-an increase
1. Data for all reporting banks In each district. Two
ciphers (00) omitted.
-'
Member Banks.
Boston.
New York. Phtladel. Cleveland. Richm'd, Atlanta. Chicago.
St. Louis. Minneap. Kan. City Dallas. San Fran.
Total.
106
56
90
82
47
101
36
35
76
44
$
52
$
8
770
$
$
$
U.B.bonds to secure eirculat'n 14,402,0
s
$
$
46,201,0 11,497,0 41,355,0 24,949,0 15,265,0 $
$
$
$
19,855,0 16,907,0 6,466,0 13,780,0 17,929,0 34,505,0
Other U. S. bonds, including
263,111,0
Liberty bonds
22,234,0 288,174,0 44,904,0
73,009,0 31,082,0 12,064,0
G.S. certifs. of indebtedness_ 106,787,0 820,317,0 113,187,0 76,762,0 56,739,0 35,292,0
723,202,0
148,712,0 53,230,0 55,122,0 212,577,0 52,576,0 33,574,0 26,765,0 20,600,0 35,577,0
# Total U.S.securities
38,650,0 16,947,0 90,414,0 1,742,093,0
143,423,0 1,154,692,0 169,588,0
Loans sec. by U.S. bonds,dm 85,109,0 624,873,0 147,033,0 266,829,0 134,918,0 105,679,0 305,441,0 100,565,0 52.104,0 79,195,0 55,476,0 160,496,0 2,728,406,0
94,880,0 39,455,0 18,205,0
85,326,0 24,417,0 10,337,0 11,009,0 8,661,0 20,661,0
All other loans dr investments 753,434,0 3,962,778,0 620,808,0
1,169,966,
Reserve bal. with F.R.bank_ 71,659,0 629,340,0 62,289,0 969,792,0 370,261,0 295,561,0 1,372,965,0 380,020,0 219,552,0 435,609,0 170,119,0 517,796,0 10,068,695 0
91,572,0 36,010,0
,0
Cash in vault
22,849,0 122,083,0 19,650,0 33,487,0 17,226,0 30,980,0 159,283,0 39,811,0 22,476,0 43,034,0 17,995,0 50,339,0 1,254,788,0
14,509,0
65,584,0 11,032,0 8,764,0 15,501,0 9,058,0 20,791,0
Net demand deposits
701,918,0 4,519,933,0 631,872,0 802,527,0 324,189,0 244,791,0
360,534,0
1,189,781,0 303,131,0 210,747,0 391,634,0 157,960,0 428,503,0
Time deposits
108,729,0 258,187,0 21,316,0 283,294,0 68,960,0 101,446,0
fanttarn mon t rlarmaltst
410,243,0 92,014,0 51,263,0 85,651,0 28,361,0 132,413,0 9,906,986,0
40 554 n 251 045 n 45 515 n 54 552 Al 14 ARR
1,621,877,0
0 15.51R.11
50.5570 25 441.0 10 254 n lemon
2 5112 11
49.50
544 52R .fl
Number of reporting banks__
45
2. Data for Banks in Federal Reserve Bank Cities, Federal
Reserve Branch Cities and Other Reporting
Banks.
New York.
Feb. 14.
Feb. 7.
No.reporting banks
65
65
U. S. bonds to secure cir$
s
culation
35,983,
35,983,0
Other U. S. bonds, including Liberty bonds
246,282, 246,554,0
U. S. ctfs. of indebtedness 765,179,0 642,664,0
Total U.S.securities_ _ 1,047,444, 925,201,0
Loans sec. by U.S. bds.,&e. 582,392, 610,341,0
All other loans&investm'ts3,577,771,03,570,079,0
Res. balances with F.R.Bk 596,269, 583,670,0
Cash in vault
107,228, 104,418,0
Net demand deposits
4,145,539, 4,119,832,0
Time deposits
200,855, 200,087,0
Government deposits
307,386
287,546,0
Ratio of U.S. war securiti
and war paper to total
loans and investments%
30.6
29.4
Chicago.
Feb. 14.
$
All F. R. Bank Cities. F. R. Branch Cities.
Feb. 7.
44
1,119
26,558,0
119,871,0
147,548,
62,180,
847,786,
109,207,0
39,227,
799,410,
157,450,
39,054,0
19.7
$
44
1,119,0
Feb. 14.
a
Feb. 7.
255
09,860,0
Feb. 14.
1
Feb. 7.
255
157
157
99,863,0
54,729,0
54,729,1
$
s
a
All Other Repose(' Banks
Feb. 14.
$
358
Feb. 7.
$
358
108,522,0 108,622,0
Total.
Feb. 14.
$
770
263,111,0
Feb. 7.
$
770
263,214,0
31,516,0 394,491,0 399,725,0 127,238,0 129,043,0
105,493,0 1,210,981,01,019,096,0 268,485,0 224,352,1 201,473,0 210,340,0 723,202,0 739,108,0
138,128,01,705,332,01,518,884,01450,452,0 408,124,1 262,627,0 220,507,0 1,742,093,0 1,463,955,0
63,764,0 941,295, 070,188,01 103,651,0 104,589,0 572,622,1 539,469,0 2,728,406,0 2,466,277,0
125,020,0 123,576,0 1,169,966,0 1,198,353,0
812,181,06,645,423,0 6,602,781, 1,505,047,0 1,493,263,
0
„i 929,235,0 908,249,01 153,993,0 149,180,0 1,918,225,01,909,967,0 10,068,695,0 10,006.011,0
171,560,0 167,790,0 1,254,788,0 1,225,219,0
37,939,0 208,980, 203,077,0 58,613,0 56,462,0
92,941,0 93,638,0 360,534,0 353,177,0
776,641,06,963,767,06,908,605.01,262,309,01,233,877,0
156,239,0 658,596, 654,939,0 468,643,0 468,433,1 1,680,820,01,644,425,0 9,906,986,1 9,786,907,0
53,840,0 478,430, 458,707,0 70,248,01 59,500,1 404,638,0 493,080,0 1,621,877,0 1,616,452,0
95,860,0 63,762,0 644,536,0 581,989,0
,
19.8
27.4
26.3
24.3
22.8
22.5
21.5
26.0
24.9
The Federal Reserve Banks.
-Following is the weekly statement issued by the Federal
Reserve Board on Feb. 21:
short-ter
Saturday, Feb. 22, being a legal holiday, the
weekly bank statement was issued the day before Federal Reserve Board's
as at close of business on
Thursday Fob. 20 1919.
The statement indicates moderate net liquidation of
a substantial reduction in reserve deposits and a slight all classes of bills,
decline
Reserve note circulation. Gold reserves increased 5.7 millionsin Federal
and total
cash reserved 6.2 millions.
Holdings of war paper, I. e., bills secured by U. S. war obligations,
show
a decline of 6.6 millions, other discounts a decrease of 11.9 millions,
and
acceptances a decrease of 5.1 millions. On the other hand, United
States
m obligations on hand increased during the
largely due to purchases of 2% Treasury certificat week by 5.9 millions
es by the Boston and
New York banks.
Government deposits show an increase for the week
reserve deposits fell off 59.2 millions. Net deposits, of 12.7 millions, while
because of the reduced
"float" show a smaller decrease of 13.9 millions.
is shown in the volume of Federal Reserve notes A reduction of 2.1 millions
reserve percentage, because of the decrease in in circulation. The banks'
note and deposit liabilities
and the simultaneous increase in reserves, shows a
rise from 51.9 to 52.2%.
The figures of the consolidated statement for the system as
a whole
we present the results for each of the seven preceding weeks, togethe are given in the following table, and in addition
r
thus furnishing a useful comparison. In the second table we show the with those of the corresponding week of last year,
twelve Federal Reserve banks. The statement of Federal Reserve resources and liabilities separately for each of the
Agents' Accounts (the third table following) gives
details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between
the latter and the Federal Reserve banks.
FEDERAL RESERVE BANK OF NEW YORK.
-The weekly statement
under a more general classification in the statement prepared at Washington. issued by the bank subdivides some certain items that are included
Thus, "Other deposits, Ste.," as of
Government deposits." $96,249,479; "Non-member bank 'deposits," $5,455,76
6, and "Due to War Finance Corporati Feb. 21, consisted of "Foreign
on," $191,649.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERV
E
THE CLOSE OF BUSINESS Feb. 20
_
1919.
' Feb. 20 1919. Feb. 14 1919. Feb. 7 1919. Jan. 31 1919. Jan.
24 1919. Jan, 17 1919. Jan. 10 1919. Jan. 3 1919,
Feb. 21 1918.
RESOURCES.
3
$
$
$
$
Gold coin and certificates
$
$
350,417,000 347,764,000 348,805,000 338,916,000 343,692,0
$
$
Gold settlement fund,F.R.Board
457,889,000 437,278,000 419,050,000 422,686,000 407,698.000 334,684,000 334,552,000 338,717,000 447;508,000
00 387,572,000 430.730,000 398,997,000 375,273,0
Gold with foreign agencies
5,829,000
5,829,000
5,829,000
00
5,828,000
5,828,000
5,828,000
5,828,000
5,829,000
52,500,000
Total gold held by banks
814,135,000 790,871,000 773,484,000 767,430,000 757,218,0
00 728,084,000 771,110,000 743,543,000 875,281,0
Gold with Federal Reserve agents
1,197,983,000 1,217,363,000 1,231,166,000 1,253,330,000 1,255,192,
000 1,289,105,000 1,238,245,000 1,263,383,000 877,023,000
Gold redemption fund
112,923,000 111,113,000 103,533,000
00
91,346,000
88,907,000
85,368,000
84,715,000
85,768,000
20,091,000
Total gold reserves
2,125,041,000 2,119,347,000 2,108,183,000 2,112,106,000
2,101,317,000 2,102,557,000 2,094,070,000 2,092,694,000 1,772,395,
Legal tender notes, silver, Ac
66,491,000
65,971,000
000
67,431,000
67,540,000
67,070,000
67,594,000
67,828,000
60,960,000
60,129,000
Total reserves
2,191,532,000 2,185,318,000 2,175,614,000 2,179,646,000
2,168,387,000 2,170,151,000 2,161,898,000 2,153,654,000
Bills discounted:
1,832,524,000
Secured by,Govt. war obligations.... 1,596,458,000 1,603,052,000
1,451,147,000 1,357,650,000
All other
221,996,000 233,849,000 243,254,000 243,478,000 1,498,298,000 1,346,746,000 1,484,847,000 1,545,274,000 263,905,000
Bills bought In open market
209,920,000 275,068,000 282,702,000 281,293,000 263,735,000 254,412,000 273.229,000 284,590,000 245,629,000
284,539,000 273,607,000 277,896,000 290,269,000 296,170,0
00
Total bills on hand
2,088,374,000 2,111,969,000 1,9/7,103,000 1,882,421,000
2,046,572,000 1,874,765,000 2,035,972,000 2,120,133,000 805,704,0
U.S. Govt.long-term securities
28,095,000
28,101,000
00
28,250,000
28,252,000
28,571,000
U. B. Govt. short-term securities
28,571,000 28,821,000
147,123,000 141,204,000 139,501,000 266,532,000
29,824,000
52,950,00
147.398,000 271,173,000 175,809,000 125,063,000 169,707,0 0
All other earning assets
4,000
00
4,000
4,000
4,000
4,000
4,000
13,000
13,000
3,436,000
Total earning assets
2,263,596,000 2,281,278,000 2,144,858,000 2,177,209,000
2,222,545,000 2,174,513,000 2,240,615,000 2,275,033,000 1,031,797,
Bank premises
8,969,000
000
8,967,000
8,072,000
8,648,000
8,108,000
Uncollected Items and other deductions
8,083,000
8,083,000
from gross deposits
633,806,000 701,465,000 624,861,000 691,454,000
716,588,000 808.046,000 705,910,000 823,079,000 310,80,0
5% redemp.fund agst. F.R.bank notes
6,809,000
6,842,000
00
6,822,000
6,767,000
6,752,000
6,531,000
AU other resources
6,452,000
.
6,265,000
8,480,000
537,000
10,658,000
9,788,000
11,631,000
10,278,000
17,172,000
MP
18,473,000
30,337,000
731,000
Total resources
5,113,192,000 5,194,528,000 4,970,615,000 5,075,355,000
6,132,658,000 5,184,496,000 5,141,431,000 5,288,368,000 3,176,454,
Gold reserve against net deposit liab
' 54.3%
54.0%
000
53.8%
53.7%
53.6%
Gold res. agst. F. R. notes In act. cIrc'n
53.4%
53.1%
53.4%
53.6%
70.8%
53.3%
53.1%
52.9%
Ratio of gold reserves to net deposit and
52.7%
52.6%
52.5%
52.8%
77.2%
10
F. R. note liabilities combined
53.9%
53.7%
53.4%
53.0%
52.9%
Ratio of total reserves to net deposit and
52.8%
52.4%
52.8%
74.3%
F. R. note liabilities combined
52.2%
51.9%
53.5%
53.0%
52.3%
Ratio of gold reserves to F. R. notes in
52.8%
51.8%
51.2%
66.0%
circulation after setting aside 35%
against net denosit liabilities
64.3%
63.8%
l'A.i"
65.6%
65.2%
84.1%
64.1%
62.1%
60.7%
BANES AT
c.
853
THE CHRONICLE
MAR. 11019.]
Feb. 20 1919. Feb. 14 1919. Feb. 7 1919. Jan. 31 1919. Jan. 24 1919. Jan. 17 1919. Jan. 10 1919. Jan. 3 1919. Feb. 21 1918.
LIABILITIES.
80,812,000
73,305,000
80,510,000
80,792,000
80,820,000
80,913,000
81,061,000
81,211,000
81,406,000
Capital paid in
1,134,000
22.738,000
22,738,000
22,738,000
22,738,000
22,738,000
22,738,000
22,738,000
22,738,000
Surplus
56,165,000
49,370,000
37,291,000
91,321,000
64,928,000 146,381,000
96,809.000
205,675,000 192,970,000
Government deposits
1,563,912,000 1,623,153,000 1,590,441,000 1,693,132,000 1,624,415.000 1,695,263,000 1,640,729,000 1,602,901,000 1,459,720,000
Duo to members, reserve account
199,278,000
480,257,000 517,726,000 439,221,000 472,042,000 511,899,000 534,012,000 495,354,000 569,055,000
Deferred availability items
58,329,000
Other deposits, Incl. for. Govt. credits_ 114,758,000 112,273,000 112,551,000 120,809,000 113,429,000 128,186,000 114,874,000 118,581,000
2,364,602,000 2,446,127,000 2,239,022,000 2,350,911,000 2,396,124,000 2,406,831,000 2,288,248,000 2,381,858,000 1,773,492,000
Totalgross deposits
2,466,248,000 2,468,388,000 2,454,165,000 2,450,729,000 2,466,556,000 2,512,973,000 2,590,681,000 2,648,605,000 1,314.581,000
F. R. notes In actual circulation
7,999,000
F. R. bank notes in circulation-net liab 133,465,000 132,291,000 131,315,000 129,445,000 126,810,000 124,997,000 123.466,000 120,267,000
5,943,000
35,486,000
34,108,000
36,447,000
40,619,000
39,610,000
43,773,000
42,314,000
44,733,000
All other liabilities
5,113,192,000 5,194,528,000 4,970,615,000 5,075,355,000 5,132,658,000 5,184,496,000 5,141,431,000 5,288,368,000 3,176,454,000
Total liabilities
Distribution by Maturities
1-15(lays bills bought in open market.._ 1,451,139,000 1,450,476,000 1,302,953,000 1,219,601,000 1,308,754,000 1283,297,000 84,452,0001
61,546,000
338,543,000
55,743,000 1414,208,0001 1,402,827,000
53,030.000
82,689,1)00
76,048,000
81,985,000
1-15 days bills discounted
49,207,000
8,837,000
8,523,000 146,815,000
7,869,000
6,339,000 132,845,000
12,563,000
1-15 days U. S. Govt. short-term secs10,000
634,000
10,000
1-15 days municipal warrants
92,171,000 55,622,0001
77,373,000
91,787,000
57,683,000
72,951,000
56,820,000
16-30 days bills bought in open market _ _
63,689.000 89,617,000f 320,185,000
74,984,000
93,985,000
72,098,000
63,848,000
65,083,000
66,051,000
16-30 days bills discounted
25,000
370,000
8,711.000
779,000
724,000
130,000
16-30 days U. S. Govt. short-term secs_
10,000
16-30 days municipal warrants
95,112,000 198,206,000 129,955,000 104,198,0001
87,087,000
88,873,000
95,961,000
market_ _
31-60 days bills bought in open
161,024,000f 268,008,000
185,542,000
98,850,000 103,967,000 103,872,000 103,623,000 108,353,000 160,741.000
31-60 days bills discounted
10,568,000
1,030,000
631,000
460,000
130,000
1,001,000
967,000
31-60(lays U.S. Govt.short-term secs
7,000
4,000
4,000
4,000
31-60 days municipal warrants
68,381,000 33.624,0001
61-90 days bills bought in open market_ _ 191,538,000 218,152,000 204,853,000 184,717,000 175,933,000
150,567,000
53,434,C00 65,416,000f 102,077,000
41,140,000
51,058,000
24,564,000
37,699,000
23,034,000
61-90(lays bills discounted
16,000
2,643,000
643,000
15,000
15,000
217,000
7,169,000
350,000
61-90(lays U.S. Govt.short-term secs_ _
1,000
3,000
1,000
4,000
61-90(lays municipal warrants
27,354,000
24,925,000
27,353,000
23,503,000
24,771,000
22,996,000
Over 90(lays bills bought In open marleet
10,155,000,
27,811,0001
27,036,000
Over 90(lays bills discounted
Over 90 days U.S. Govt.short-term secs 134,080,000 132,264,000 125,026,000 132,671,000 137,859,000 123,287,000 104,680,000 114,344,000
469,000
3,000
4,000
3,00(1
Over 90 days municipal warrants
Federal Reserve Notes
Issued to the banks
Held by banks
•
2,677,835,00(1 2,690,702,000 2,691,859,000 2,703,420,000 2,730,916,000 2,770,301,000 2,844,516,000 2,866,047,000 1,429,732,000
115,151,000
211,587,000 222,314,000 237,694,000 252,691,000 264,360,000 257,328,000 253,835,000 218,442,000
In circulation
Fed. Res. Notes (Agents Accounts)
Received from the Comptroller
Returned to the Comptroller
2,466,248,000 2,468,388,000 2,454,165,000 '2,450,729,000 2,466,556,000 2,512,973,000 2,590,681,000 2,647,605,000 1,314,581,000
Amount chargeable to agent
In hands of agent
3,097,505,000 3,118,267,000 3,127,679,000 3,142,795,000 3,146,831,000 3,163,106,000 3,179,456,000 3,176,737,000 1,642,228,000
212,496,000
419,670,000 427,565,000 435,820,000 439,375,000 415,915,000 392,805,000 334,940,000 310,690,000
1,013,680,000 4,001,520,000 3,985,680,000 3,967,080,000 3,948,640,000 3,938,240,000 3,932,000,000 3,913,960.000 1,926,680,000
916,175,000 883,253,000 858,001,000 824,285,000 801,809,000 775,134,000 752,544,00(1 737,223,000 284,452,000
Issued to Federal Reserve banks_ __ _ 2,677,835,000 2,690,702,000 2,691,859,000 2,703,420,000 2,730,916,000 2,770,301,000 2,844,516,000 2,866,047,000 1,429,732,000
How Secured
225,147,000 225,147,000 225,147,000 240,527,000 241,527,000 249,707,000 254,656,000 246,315,000 292,877,000
By gold coin and certificates
By lawful money
552,709,000
1,479,852,000 1,473,339,000 1,460,693,000 1,450,090,000 1,475,724,000 1,481,196,000 1,606,271,000 1,604,664,000
By eligible paper
45,699,000
82,599,000
84,632,000
80,598,000
80,142,000
83,379,000
77,193,000
84,562.00(1
83,758,000
Gold redemption fund
889,457,000 908,458,000 921,457,000 932,661,000 936,472,000 958,800,000 900,990,000 930,436,000 538,447,000
With Federal Reserve Board
2,677,835,000 2,690,702,000 2,691,859,000 2,703,420,000 2,730,916,000 2,770,301,000 2,844,516,000 2,866,047,000 1,429,732,000
Total
Eligible paper delivered to F. R.Agent_ 2,022,006.000 2.037.506,000 1,920,051,000 1,823,485,000 1,978,084,000 1,813,066.000 1,993.694.000 2,069,228,000
732,855,000 .
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF TIIE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 20 1919
New York.
Boston.
Two ciphers (00) omitted.
$
RESOURCES.
3,604,0
Gold coin and certificates
Gold Settlement Fund, F. R. B'd 41.675,0
408,0
Gold with foreign agencies
Phila.
Cleveland. Richnetzd. Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
a
$
$
$
$
S
$
$
$
$
$
123,0 21,616,0 2,319,0 8,303,0 22,456,0 4,206,0 28,303,0 . 112,0 5,956,0 12,614,0
260,805,0
42,547.0 41,193,0 55,923,0 19,758,0 19,331,(1 103,589,0 23,654,0 22,488,0 36,946,0 11,120,0 36,665,0
321,0
204,0
291,0
233,0
204,0
525,0
233,0
816,0
175,0
408,0
2,011,0
Total.
$
350,417,0
457,889,0
5,829,0
45,687,0
51,156,0
13,495,0
305,363,0 41,724,0 78,064,0 22,281,0 27,809,0 126,861,0 31,093,0 31,024,0 31,349,0 17,280,0 49,600,0 814,135,0
257,793,1) 71,497,0 130,482,0 49,165,0 41,398,0 296,815,0 69,442,0 55,318,0 47,785,0 20,021,0 107,111,0 1,197,983,0
25,000,0 15,372,0 1,769,0 4,694,0 4,803,0 26,340,0 4,347,0 4,619,0 6,632,0 1,728,0 4,124,0 112,923,0
110,338,0
5,650,0
588,156,0 128,593,0 210,315,0 76,140,0 74,010,0 450,016,0 104,882,0 90,961,0 91,766,0 39,029,0 160,835,0 2,125,041,0
66,491,0
266,0 1,887,0
186,0
173.0
386,0 1,008,0
264,0
857,0 1,275,0 2,232,0
52,307,0
115,988,0
Total reserves
Bills discounted: Secured by Gov138,158,0
ernment war obligations
7,831,0
All other
12,033,0
Bills bought in open market
640,463,0 128,979,0 211,323,0 76,401,0 74,867,0 451,291,0 107,114,0 91,134,0 92,032,0 40,916,0 161,021,0 2,191,532,0
158,022,0
Total bills on hand
538,0
U.S. Gov't long-term securities_
U. S. Gov't short-term securities 11,416,0
All other earning assets
795,680,0 191,644,0 164,197,0 103,042,0 83,185,0 206,071,0 71,594,0 51,016,0 81,178,0 52,718,0 130,027,0 2,088,374,0
28,095,0
118,0 8,868,0 3,967,0 3,468,0
1,392,0 1,385,0 1,084,0 1,234,0
378,0 4,510,0 1,153,0
52,727,0 11,280,0 11,340,0 5,375,0 6,964,0 16,612,0 7,568,0 9,199,0 5,416,0 3,900,0 5,326,0 147,123,0
4
4,0
169,976,0
Total earning assets
800,0
Bank premises
Uncollected items and other de53,617,0
ductions from gross deposits
5% Redemption fund against
510,0
F. R. bank notes
363,0
All other resources
849,799,0 204,309,0 176,621,0 109,651,0 00,531,0 227,193,0 80,315,0 60,333,0 95,462,0 60,585,0 138,821,0 2,263,596,0
400,0
221,0
400,0
8,969,0
541,0
217,0 2,936,0
500,0
296,0
2,658,0
Total gold held by banks..
Gold with Fed. Reserve Agets ._
pold redemption fund
Total gold reserves
Legal tender notes, silver,(to
707,364,0 177,300,0 95,522,0 84,477,0 60,197,0 154,870,0 45,248,0 17,420,0 32,324,0 17,653,0 65,865,0 1,596,458,0
46,917,0 12,168,0 7,316,0 11,480,0 15,008,0 17,952,0 8,355.0 1,992,0 37,990,0 33,265,0 21,722,0 221,996,0
41,399,0 2,116,0 61,359,0 7,085,0 7,980,0 33,249,0 17,991,0 31,604,0 10,864,0 1,800,0 42,440,0 269,920,0
158,844,0 70,851,0 52,342,0 47,022,0 :30,956,0 66,962,0 41,830,0 11,125,0 52,801,0 18,185,0 28,371,0
1,851,0
2,236,0
575,0
735,0
525,0
693,0
228,0
388,0
350,0
436,0
872,0
1,026,0
282,0
439,0
264,0
00,0
686,0
417,0
310,0
717,0
356,0
940,0
633,806,0
6,809,0
8,480,0
341,254,0 1,655,851,0 405,949,0 441,504,0 234,889,0 197,357,0 750,280,0 230,521,0 162,946,0 241,798,0 120,934,0 329,909,0 5,113,192,0
Total resources
LIABILITIES.
81,406,0
20,925,0 7,566,0 9,209,0 4,084,0 3,196,0 11,300,0 3,820.0 2,948,0 3,712,0 3,194,0 4,679,0
6,773,0
Capital paid in
726,0 1,211,0
592,0 1,224,0
22,738,0
801,0
8,322,0 1,304,0 1,776,0 1,156,0
775,0 3,316,0
1,535,0
3urplus
44,352,0 15,323,0 15,689,0 6,439,0 5,005,0 29,607,0 11,610,0 9,669,0 14,411,0 4,284,0 25,136,0 205,675,0
24,150,0
Government deposits
account 96,364,0 635,846,0 03,287,0 128,372,0 53,517,0 42,859,0 220,0:35,0 61,461,0 46,723,0 70,598,0 37,501,0 77,349,0 1,563,912,0
Duo to members, reserve
40,432,0 119,811,0 61,019,0 43,801,0 31,916,0 24,095,0 52,774,0 35,251,0 7,792,0 34,033,0 15,431,0 13,902,0 480,257,0
Deferred availability items
All other deposits, including for148,0 6,551,0 114,758,0
98,0
125,0
434,0
130,0 104,470,0
45,0 1,130,0
239,0
725,0
663,0
eign government credits
161,070,0
Total gross deposits
F. R. notes in actual circulation_ 158,190,0
F. R. bank notes in circulation,
9,989,0
net liability
3,691,0
All other liabilities
904,479,0 170,292,0 188,587,0 92,111,0 72,004,0 303,546,0 108,756,0 64,309,0 119,140,0 57,364,0 122,938,0 2,364,602,0
666,858,0 213,257,0 228,815,0 1:30,661.0 113,009,0 410,057,0 108,079,0 88,812,0 102,908,0 52,309,0 192,393,0 2,466.248,0
36,305,0 10,919,0 10,144,0
18,962,0 2,611,0 2,973,0
5,055,0
1,822,0
6,979,0 17,432,0
1,394,0 4,629,0
6,720,0
1,445,0
4,985,0 12,585,0 • 6,051,0
1,166,0 2,242,0 1,424,0
6,101,0
2,374,0
133,465,0
44,733,0
341.251.0 1.655.851.0 405.919.0 441.6010 2(4 889 n11)7.357.0 750.280.0 230.521.0 162.946.0 241.798.0 120.934.0 329.909.0 5.113.192.0
rmst.1 1101.111th.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS FEB. 20 1919.
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Two ciphers (00) omitted.
5
S
5
$
$
S
$
$
$
S
$
$
$
rederal Reserve notes:
Received from Comptroller_ _. 256,560,0 1,326,680,0 330,420,0 327,840,0 204,820,0 204,560,0 559,440.0 166,700,0 124,480,0 158,700,0 101,960,0 251,520,0 4,013,680,0
71,257,0 407,656,0 86,496,0 50,595,0 46,601,0 32,686,0 74,210,0 37,564,0 23,056,0 34,629,0 24,740,0 26,685,0 916,175,0
Returned to Comptroller
,
Chargeable to F.R. Agent._ 185,303,0 919,024,0 243,924,0 277,245,0 158,219,0 171,874,0 485,230,0 129,136,0 101,424,0 124,071,0 77,220,0 224,835,0 3,097,505,0
23,880,0 152,000,0 18,500,0 30,215,0 22,405,0 55,285,0 48,280,0 8,015,0 11,400,0 14,520,0 24,170,0 11,000,0 419,670,0
In hands of F. R. Agent
Issued to F. R. Bank,less amt.
returned to F. R. Agent for
161,423,0 467,024,0 225,424,0 247,030,0 135,814,0 116,589,0 436,950,0 121,121,0
redemption
.7ollat'l security for outst'g notes:
2,501,0
173,740,0
23,270,0
Gold coin and etre. on hand14,053,0 14,608,0 12,212,0 1,165,0 2,624,0 5,871,0 3,011,0
11,156,0
Gold redemption fund
70,000,0 56,889,0 95,000,0 48,000,0 36,270,0 290,944,0 66,431,0
Gold Bet'in't Fund, F. R.13'd_ 40,000,0
Eligible paper, min'm required 110,267,0 509,231,0 153,927,0 116,548,0 86,649,0 75,191,0 140,135,0 51,679,0
90,024,0 109,551,0 53,050,0 213,835,0 2,677,835,0
WSW
13,052,0
225,147,0
12,581,0
3,266,0 3,425,0 2,756,0 9,232,0
83,379,0
39,000,0 44,360,0 4,684,0 97,879,0 889,457,0
34,706,0 61,766,0 33,029,0 106,724,0 1,479,852,0
161,423,0
Total
tmount of eligible paper deliv158,022,0
ered to F. R. Agent
161,423,0
F. R. notes outstanding
3,233,0
F. R. notes held by bank
767,024,0 225,424,0 247,030,0 135,814,0 116,589,0 436,950,0 121,121,0 90,024,0 109,551,0 53,050,0 213,835,0 2,677,835,0
n
666.858.0 213.257.0 228.815.0 130.661.0 113.009.0 410.057.0 108.979,0 88,812,0 102,908,0 52,309,0 192,393,0 2,466.248.0
7 15
nnteM In Rehm] nirmilfttlrin
10
155 1,
795,680,0 157,072,0 163,409,0 100,892,0 78,019,0 206,071,0 66,467,0 49,842,0 81,178,0 52,718,0 112,624,0 2,022,006,0
767,024,0 225,424,0 247,030,0 135,814,0 116,589,0 436,950,0 121,121.0 90,024,0 109,551,0 53,050,0 213,835,0 2,677,835,0
741,0 21,442,0 211,587,0
100,166,0 12,167,0 18,215,0 5,153,0 3,580,0 26,893,0 12,142,0 1,212,0 6,643,0
854
THE CHRONICLE
Vaulting and financial.
LONDON JOINT CITY & MIDLAND
BANK LIMITED
ANNUAL GENERAL MEETING, WEDNESDAY,
JANUARY 29TH 1919.
[VOL. 108.
have received on the basis of our peace time Revenue. The difference
between the war expenditure and the war revenue is 6,704 millions, and
this cash deficiency has been made good by borrowing by means of
War Loans, Treasury Bills and other forms of debt. A large amount
of this money has been borrowed by the Government in order to finance
the purchases of our Allies and Overseas Dominions in this country and
abroad. The loans to Allies and Dominions amounted on October 19th
last to no less than 1,683 millions, being divided as follows:
To Russia
£568,000,000
" France
425,000,000
" Italy
345,000,000
" Other Allies
127,0.00,000
£1,465,000,000
Speech of Sir Edward H. Holden, Bart., Chairman.
" Dominions
218,500,000
The General Meeting of the Shareholders of the London Joint City
£1,683,500,000
and Midland Bank Limited was held at the Cannon Street Hotel, Lon- Making Total Loans to Allies and Dominions of
don, E. C., on Wednesday, the 29th day of January 1919 for the purpose
Our borrowings since the beginning of the war have added a net
of receiving the Report and Balance Sheet, declaring a Dividend, electing
amount of 6,750 millions to our National Debt, raising it from 650
Directors and Auditors, and other ordinary business.
millins to about 7,400 millions. This amount may be considerably
The Chairman (Sir Edward H. Holden, Bart.,) said:
increased, as the Government may find it necessary to continue borrowMy Lords, Ladies and Gentlemen:
ing after the actual signing of peace. On the other hand, there are
We are to be congratulated that after 44 years of war an Armistice important deductions to be made from the gross amount before we can
estimate the net amount of the debt on which we have to pay interest
has been signed and a Conference is now being held to settle the terms
and sinking fund charges.
of peace.
Briefly, the position may work out as follows:
As you are aware, the dangers of a great European War first became
evident in the summer of 1911 in consequence of the attitude of Ger- The National Debt in August 1914 was
£650,000,000
many in regard to the French claims in Morocco, which culminated in The increase due to Borrowings up to December 31st
1918 was
6,750,000,000
the appearance of a Germany gunboat off Agadir for the alleged purpose
of safeguarding German interests in the interior, and when our presento raising it to
£7,400,000,000
Prime Minister announced at the Mansion House that we were prepared Further Borrowings to defray the cost of demobilization
to stand by France if Germany continued to pursue her policy of aggresand other charges may amount to
700,000,000
sion, we realised the full gravity of the danger. It is believed Germany
bringing the figure of the Gross Debt to
£8,100,000,000
did not go to war in 1911 chiefly for the reason that the German financiers
From this amount we must deduct the amount to be
told the Kaiser that their finances were not in a sufficiently strong
received out of Surplus Assets estimated by the Chan' condition to stand the strain of a war which might involve the whole
cellor at
672,000,000
of Europe.
The Agadir incident took place in the summer of 1911, and soon after reducing it to
£7,428,000,000
we had evidence that the danger had not been finally averted, and that The Loans to our Dominions and India's obligation to•
gether may amount to about
260,000,000
Germany was making fresh preparations for war. In 1913 a law was
passed increasing the size of the Germany Army, and various financial thus further reducing the figure to
£7,168,000,000
measures were adopted for strengthening the position of the banks and Then the Chancellor estimates that about
50% of the
Improving the financial position of the country. The President of the
Loans we have made to our Allies, amounting now to
Reichsbank made known his intention of building up a big gold reserve,
about 1,500 millions, will be recovered, or
750,000,000
and from week to week bought large parcels of gold in the London market
leaving the net amount of the Debt at
£6,418,000,000
at a loss. By this means, and by preventing the export of gold from
Germany, he succeeded in increasing his reserve from 36 millions sterling
This is approximately the figure on which we shall have to pay interest
in December 1911 to 68M millions in June 1014. This was the highest
and sinking fund charges, unless means are found to relieve us of part
figure which had been reached up to that time in the history of the bank. of the burden.
Thereafter events followed with almost clocklike regularity. The
GERMANY.
assassination of the Archduke Francis Joseph took place at Sarajevo
Coming now to Germany, it is more difficult to ascertain even approxion June 28th. On July 5th the Kaiser called together at Potsdam the mately the
cost of the war to that country, as information as to the
leaders of Commerce, Shipping and Finance and questioned them as to amount of revenue
received and expenditure incurred has been consisttheir state of preparedness for war. The commercial magnates replied ently withheld by the German
Government since the outbreak of war.
In the affirmative, but the financial men asked for fourteen days in which
Before the war the normal Expenditure of the Empire, including
the realise their securities and make their final preparations. This expenditure on the Army and Navy, amounted to
about 130 millions
concession was granted, and within a few days large parcels of securities sterling, and the Revenue, which was derived from indirect taxation
were thrown upon the principal international markets of the world. and the profits from various Government Services, amounted to about
There is evidence also that the Dresdner Bank,one of the leading German 150 millions, thus showing a surplus of revenue over expenditure of 20
banks, even went so far as to circularise its clients advising them to millions. The National Debt stood at 240 millions, and the interest
realise their foreign investments, and no doubt other banks did the same. charges amounted to about 12 millions annually.
The German Empire, as you know, was made up of 26 States, each
Having thus completed his final preparations, the Kaiser tried to camouflage the situation and deceive everybody by going away on a pleasure of which was more or less independent in matters of finance. Before
the war the net revenue and expenditure of these States balanced at
trip to Norway, and gave the Army leaders special furlough. The
Austrian Ultimatum, using as a pretext the assassination of the Arch- about 175 millions, and their combined indebtedness stood at about
800 millions.
•
duke, was despatched to Serbia on the 23rd of July, and war was deSince the beginning of the war very little information has been given
clared on the 28th. Germany declared war on Russian on the 1st of as
to the financial status of the Federal States, but we do know that
August on the ground that Russia refused to discontinue the mobilisation their revenues
have been increased by taxation, that their expenditures
of her forces. On August 2nd Germany called upon neutralised Belgium have been greatly increased
in order to pay separation allowances,
to allow German armies free passage through Belgium to attack France, pensions and other charges in the nature
of relief to the dependents of
and declared war on France on the following day. On August 4th this men on service, and that they have been compelled to cover
the deficits
country declared war against Germany in consequence of the violation between their income and expenditure by borrowing.
of Belgium's neutrality, and other declarations of war followed in due
As regards the Imperial Exchequer, Secretary Von Helfferich ancourse. In the meantime, on August 1st, the Reichsbank had been nounced in 1915 that he did not propose to burden the German people
relieved of its obligation to redeem its notes in gold; on August 4th with additional taxes, but that "the leaden weight of milliards would
new banking laws were put into operation in order to enable the financial be dragged by the instigators of the war," meaning, of course, that
machine to move smoothly and easily, and in September the President Germany would recoup herself at the cost of the Allies. Owing,however,
of the Reichsbank jubilantly proclaimed that the plans for the financial to the prolongation of the war, it was found necessary to impose increased
mobilization of Germany, thought out and prepared down to the final taxation in the Spring of 1916 in order to meet the increased charges
for interest on the war debt. The practice was then adopted, and has
details in times of peace, had proved extraordinarily efficient.
During the course of the war we have met together five times, and been followed in each of the subsequent Budgets, of taking the estimates
revenue and expenditure in the last year of peace, deducting the whole
on each occasion we have endeavored to give you some idea of the of
of the military and naval expenditure, and adding a sum sufficient to
position of the banking and financial affairs in this country, in Germany pay the
increased amount of interest on the debt. It is claimed that
and in America. To-day, as the war is practically over, we propose the deficiencies shown
by this method of drawing up their Budgets have
to give an estimate of the cost of the war in each of these countries, been covered by taxation, which
has made permanent additions to the
and to show how the war has been paid for and how we all stand
revenue of 25 millions in 1916, 40 millions in 1917, and 120 millions last
in
regard to our National indebtedness.
year. The expenditure on the Army and Navy has been covered by
War Credits amounting to about 7,200 millions up to December 31st
OUR OWN COUNTRY.
last. The whole of this amount was borrowed. The nine German
In the year before the war our Revenue amounted to 198 millions War Loans, which
were issued at intervals of six months, brought in
sterling and our Expenditure to about the same figure. In August
1914 about 4,800 millions in cash, and the balance of 2,400 millions was
our National Debt amounted to about 650 millions and required 19 raised by the Government borrowing on Treasury Bills and other
shortmillions a year for interest charges. This was briefly the position at term securities. In addition to the people finding 7,200
millions, we
the beginning of the war.
estimate that they have paid increased taxes to the extent of about 450
We now place before you an estimate of the cost of the war and
the millions, raising the total cost 0 the war to Germany to 7,650 millions
to December 31st last. In comparing this figure of 7,650 millions with
amount of our National Debt.
Between August 1st 1914 and December 31st last, our total expendi- the figure of 8,128 millions, which represents approximately the cost
ture amounted to 9,002 millions, and, deducting normal peace expendi- of the war to this country, we must remember that the increased expenditure of the various States and municipalities has not been included and
ture, the war expenditure stood at 8,128 millions. How has this
been
met? New taxes have been imposed or old taxes have been increased that Germany has lent about 450 millions only to her Allies, whereas
we have found over 1,700 millions for France, Italy and the other counIn five Budgets since the war began. In the aggregate our revenue
tries which have been allied with us.
has brought in 2,298 millions, or 1,424 millions more than we
should
What has been the effect of the war on the National Debt of Germany?
Before the war their National Debt amounted to
Their borrowings during the war have added about
£240,000,000
7,320,000,000
making the Imperial Debt on December 31st, 1918,about_ £7,560,000,000
It is unlikely that Germany will recover anything from
the loans she has made to her Allies, and her surplus
260,000,000
assetb will probably not amount to more than
£7,300,000,000
thus reducing the debt to
To this figure we must add the probable cost of demobiliza1,000,000,000
tion and other charges, which may amount to about
£8,300,000,000
thus raising the debt to about
In addition to this debt of 8,300 millions there are also the debts
Incurred by the different States.
With regard to the nine German War Loans, amounting in the aggregate to 4,920 millions, nearly 4,400 millions are irredeemable before 1924,
and thereafter only at the option of the Government. They will,
therefore, not be troubled with the redemption of these issues, but their
position in regard to short indebtedness is different. We believe the
German Government have borrowed on short term in the aggregate
about 2,400 millions, mostly on Treasury Bills, and of this amount the
Reichsbank held on December 23rd last about 1,200 millions, the balance
being in the hands of other banks, firms, and companies. Assuming
that a stable Government is formed in Germany, what is the prospect
of these bills being paid off?
Last year we explained that before the war the Reichsbank issued
their notes against their cash balance and ordinary bills of exchange,
and we pointed out that they altered their law in August, 1914, in order
to obtain currency for carrying on the war, by permitting the Bank to
Issue notes against Treasury Bills in addition to ordinary trade bills.
The following figures will show how the bills discounted by the Reichsbank have increased in amount, and also how the notes have increased
since the beginning of the war:
Bills of Exchange
Date.
(Including
Notes Issued.
Treasury Bills).
37,545,000
94,544,000
July 23rd, 1914
235,606,000
199,640,000
Sept. " "
"
182,783,000
221,579,000
Dec. "
243,771,000
March " 1915
247,203,000
"
211,007,000
261,245,000
June "
277,433,000
266,342,000
Sept. " "
313,519,000
270,296,000
Dec. "
"
1916
318,686,000
March
294,895,000
"
331,707,000
306,240,000
June "
343,019,000
378,898,000
"
Sept. "
376,746,000
"
412,836,000
Dec. "
411,241,000
462,904,000
March " 1917
"
410,087,000
June "
479,313,000
480,179,000
563,298,000
Sept. "
"
551,302,000
"
630,908,000
Dec. "
569,960,000
March " 1918
873,455,000
"
602,376,000
741,601,000
June "
721,469,000
879,504,000
Sept. "
"
"
1,222,954,000 1,056,216,000
Dec. "
The alteration in the law has placed the Bank in a difficult position.
They have been able to create credits for carrying on the war by discounting Treasury Bills for the Government and providing the Government
with notes, but now they are in a difficulty as to how the Treasury Bills
are to be paid off. Before the war the bills of exchange held by the
Reichsbank amounted to 37 millions and were ordinary trade bills; in
December last, the bills amounted to over 1,222 millions and were practically all Treasury Bills, i. e., they have to be paid by the Government.
The notes before the. war were 94 millions; in December last, they
amounted to 1,056 millions. In order to meet these Treasury bills the
Government must in some way get possession of the notes which have
been issued against them, or the credit balances which have been created
by the discount of the bills. To do this, they must either increase taxation, put out a new loan, or renew the Bills. As the internal debt of the
Empire will amount to about 8,300 millions, and as there will be other
heavy charges, it is doubtful if the Government will be able to reduce
these Treasury Bills by resorting to taxation, and it is equally unlikely
that the proceeds of a loan would be available for such a purpose. If
they cannot obtain the means, therefore, to pay off the bills they will
be compelled to renew them, and will continue to do so until they are
in a position to repay them gradually. As regards the balance of the
Treasury Bills outstanding which are held by other banks, firms, and
companies, the Government will be compelled to renew them also.
The holders of these Bills are, however, in a more favorable position
because they will be able to take them to the Reichsbank and re-discount
them if they desire to do so. It is not unlikely that in course of time a
great part of the total Treasury Bills outstanding might in this way find
their way to the Reichsbank.
It may be noted here that an issue of notes against Treasury Bills is
wrong in principle, because it is not certain that the Bills will be paid
off when they mature. We propose to refer to this question later. The
only comment we make now is that the Reichsbank are finding themselves
In great difficulties because of the enormous amount of bank notes which
they have issued against Treasury Bills, which are not being paid off.
The Balance Sheets of July 23rd 1914 and December 23rd last, which
we append,show how the position of the Reichsbank has been altered in
consequence of the war:
BALANCE SHEETS OF THE REICHSBANK.
July 23 1914.
Dec. 23 1918.
Capital
Z9,000,000
£9,000,000
Reserve
3,725,000
4,741,000
Notes Issued
94,544,000
1,056,210,000
Deposits
47,198,000
574,193,000
Other Liabilities
1,998,000
76,799,000
Total Liabilities
Gold
Silver
Treasury Notes
Notes of other Banks
Loan Bank Notes
Total Cash Balance
Bills
Advances
Investments
Other Securities
Total Assets
855
THE.CHRONICLE
MAR. 11019.]
the balance of 3,750 millions by borrowing on War Loans, Certificates
of Indebtedness, and War Savings and Thrift Stamps.
Four War Loans have been placed in the United States up to the
present time. The First Liberty Loan was issued in June 1917 and
carried interest at 3% per cent, free of tax. The Secretary of the
Treasury asked for 400 millions; 607 millions were subscribed, and he
took 400 millions. The Second Liberty Loan was issued in October
19.17 and carried interest at 4 per cent, subject to war raxes. The
Secretary asked for 600 millions; 924 millions were subscribed, and he
took 762 millions. The Third Liberty Loan, carrying interest at 43(
per cent, subject to war taxes, was issued in April 1918. No specific
amount was asked for, but 835 millions were subscribed and taken.
The Fourth Liberty Loan was issued in October last for an unlimited
amount, carried interest at 43 per cent, subject to war taxes, brought
In subscriptions of 1,398 millions, and the Secretary of the Treasury
took the whole of it. In the aggregate, the four American Liberty
Loans have amounted to 3,395 millions.
The financing of these War Loans has been done on simple lines. It
has been the policy of the Treasury to issue Certificates of Indebtedness
to the American bankers in the interval between the issue of the Liberty
Loans, and to fix the maturities of these Certificates so that they fell
due on or about the installment dates of the loan. The bankers were
therefore in the position of being able to use these Certificates in payment
of their customers' applications, and the War Loans were paid up without any disturbance to the Money Market. In addition, by these
methods the Treasury were enabled to anticipate the proceeds of the
War Loan and at the same time to prevent the accumulation of a large
amount of floating indebtedness. Before the First Liberty Loan was
Issued, 173 millions of Certificates were sold to the banks, and as the
Loan brought in 381 millions, the Certificates were paid off, leaving
a surplus of 208 millions. In the interval before the Second Loan was
issued 464 millions of Certificates were placed with the banks, and as
the Loan brought in 762 millions, all the Certificates were redeemed and
the Treasury had a balance of 298 millions. In the interval before the
Third Loan was issued in April 1918, 602 millions were placed with the
banks, and as the allotments on the Loan were for 835 millions, the
Certificates were again paid off and the Treasury had a surplus of 233
millions. Between July and November of last year 944 millions of
Certificates were sold to the banks, and as the subscriptions to the
Fourth Loan amounted to 1,398 millions, these Certificates were again
paid off and the Treasury had a surplus of 454 millions to finance their
current expenditure and make loans to the Allies. The ground is even
now being prepared for the Fifth Loan, which will probably be issued in
the spring of this year, and already some hundreds of millions of Certificates have been placed among the banks.
Since the beginning of the war the Loans granted to the Allies by the
American Government amount to 1,717 millions up to December 31st
last, being distributed as follows:
£835,196,000
To Great Britain
487,285,000
France
262,000,000
Italy
65,000,000
Russia
50,579,000
Belgium
7,911,000
Greece
3,000,000
Cuba_
2,400,000
Serbia
1,400,000
Czecho-Slovaks
1,333,000
Rumania
1,000,000
Liberia ,
£1,717,104,000
Total
It is hoped that the American Government will continue to make loans
to the Allies during the period of reconstruction, and in the aggregate
these loans may eventually amount to about 2,000 millions.
Summarizing the Amencan national position in the same way as we
have summarized the position of this country and of Germany:
the National Debt of the United States before the war
204,000,000
amounted to
When demobilization has been completed and all other war
charges have been met, we estimate that the war debt
4,800,000,000
will be
thus making the MSS debt
Loans to Allies will probably amount to
5,000,000,000
2,000,000,000
thus reducing the debt to
if these loans are all repaid.
Surplus assets may amount to
3,000,000,000
leaving the net debt at about
2,600,000,000
400,000,000
as against ours of 6,418 millions, and 8,300 millions in the case of
Germany.
This amount of 2,600 millions will represent in round figures the debt
on which the American people will have to pay interest and sinking
fund charges, if the whole of the Loans to the Allies are reproductive.
and I think you will agree with me that in view of the wealth of the
people, their banking system, and the productive capacity of the country, the burden should prove a light one.
As we explained to you last year, the Americans succeeded in November, 1914, in establishing the new Federal Reserve Banking System,
which has been a very important factor in enabling the American Government to issue their Loans and solve the financial problems arising during
the war.
We append the consolidated statements of the twelve Federal Reserve
Banks for December, 1914, December, 1917, and December, 1918,
showing how their figures have increased since they were first established:
(000 omitted.)
Dec.19De.14 17.Dec.1918.
Capital
Reserve
Notes Issued
Dec. 23 1918. Deposits
£113,131,000 Other Liabilities
1,007,000
194,000
Total Liabilities
146,000
244,650,000 Gold
Legal Tenders
£359,128,000
1,222,954,000
Total Cash
464,000 Bills
7,810,000 Investments
130,593,000 Other Assets
3,610
13,810
3,205
51,204
222,18
294,472
2,598
£156,465,000 £1,720,940,000
'
July 23 1914.
£67,843,000
16,727,000
3,275,000
2,005,000
£89,850,000
37,545,000
2,510,000
16,540,000
10,020,000
£156,465,000 £1,720,949,000
Total Assets
16,117
227
532,740
309,950
33,227
58,019
532,987
892,261
48,264
5,315
326,272
10,390
415,798
10,927
53,579
2,119
51 •
2,270
336,662
175,517
20,108
700
426,725
389,413
70,788
5,335
58,019
532,987
892,261
It will not be out of place to refer once more to the system under which
Ratio of Gold to Notes
17 Federal Reserve Notes are issued. When it was decided by the Ameri71.7
Cash Balance to Notes
95.0
34.0 can Government, after the crisis of 1907, that a new banking system
Gold to Notes and Deposits
6.9 was required in the interests of the country, the framers of the new law
47.8
Cash Balance to Notes and Deposits
63.4
22.0 kept before them the necessity of adopting a system under which the
Let us pass now to
note issue would be dependent upon the demands of trade, automatically
AMERICA.
expanding and contracting according to the real requirements of the
Before the United States' entered the war their revenue amounted to country. Their object was to ensure that when trade is brisk the notes
155 millions sterling and their expenditure to 143 millions, or 12 millions will be increased, and when trade slackens the notes will be returned to
less than revenue. Their National Debt amounted to 204 millions, and the Bank. To effect this object the Government agreed to issue notes
the interest charges to less than 5 millions per annum.
to the Federal Reserve Banks on the security of commercial Bills of
Between April 1917 and December 31st last, their war expenditure, Exchange and gold, and these banks put the notes into circulation.
including loans to Allies, amounted to about 4,650 millions, and of this The theory was that additional currency could be obtained when trade
amount about 900 millions have been found by increased taxation, and required it by the discount of Bills of Exchange, but that the Bills of
856
THE CHRONICLE
Exchange, being of short date, their payment,"when due, would necessarily cause a contraction of the notes issued against them.111111Wirm
A large and increasing volume of trade entails an increased use of Bills
of Exchange, and requires an expansion in currency. To provide for
the expansion of the currency an issue of notes against Bills of Exchange
seems to be the simplest and safest way of meeting trade requirements,
but the total issue should be limited in proportion to the amount of the
gold reserve. When trade diminishes in volume and the total of Bills
of Egchange outstanding is reduced, the total of notes outstanding must
also automatically be reduced. It will be observed that in this system
the currency in circulation is not increased unless there has been a
previous increase in the volume of goods produced, as the Bills of Exchange which are discounted for currency must be commercial bills
representing goods. Hence there Is no similar effect upon prices consequent on an increase in currency obtained in this way as would be the
case when notes are issued against securities not representing goods,
such as Treasury Bills.
As I said last year, the experience of most State banks is that commercial Bills of Exchange are the best security on'which to issue currency
after gold, and it has been on this basis that the Americans have worked
and have built up their Federal Reserve Banks.
Senator Robert I. Owen, who was the principal pioneer of the Federal
Reserve Bills through the Senate, has been on a recent visit to this
country,and has said:
"The central idea of the system is elastic currency issued against commercial paper and geld, expanding and contracting according to the needs
of commerce.
"The reserve note is the most powerfully fortified note in the world.
There is no probability of any want of confidence arising with regard
to this note, and it was intended that there should be none.
"It is of great importance that the volume of these notes should
contract when the commerce of the.country does not require the notes
to be in circulation, and the Reserve Board can require them to be
returned by imposing a tax upon the issue. The soul of the Reserve
System is elastic currencylissued by Government, under Government control,
expanding and contracting as the nation's commerce may require.
"Under the Reserve System a financial panic is impossible. People
will not hoard currency nor hoard gold when they know that they can
get currency or get gold when required. This was an important object
of those who prepared the Reserve Act.
"America no longer believes a financial panic possible, and therefore
the business men, being perfectly assured as to the stability of credits,
do not hesitate to enter manufacturing and commercial enterprises from
which they would be deterred under old conditions of unstable credit.
"The system has expanded the use of acceptances and of cheques and
drafts, has stimulated industry, provided enlarged employment of labor,
increased output, and greatly enhanced the financial prestige of American
banks.
"It has enabled the United States to place gigantic bond issues and
finance the world war."
Compare the situation of the United States described by Senator
Owen with our present position.* From the figures I have given in this
rapid survey of the financial .position consequent upon the war in this
country, Germany, and the United States, it will be seen that the United
States have by far the smallest burden of debt, and are much the best
equipped to meet the charge.
Let me pass now to a consideration of the question whether the recommendations in the First Interim Report of the Committee on Currencyand the Foreign Exchanges are.calculated to strengthen our position.
REPORT OF THE CURRENCY COMMITTEE.
Everyone will agree that it is the duty of a Government to provide
their • country with legal tender currency. This currency must be
provided either by the Government itself or by a bank created for that
purpose. Our Government have given the Bank of England a Charter
empowering it to issue legal tender currency, that is, Bank of England
Notes, but the Bank is restricted in its issues by the Bank Charter Act
of 1844, under which it was divided into two Departments, and under
which it can only issue notes against gold. It follows from this restriction that if • the Bank does not receive gold it cannot issue currency,
however much currency may be required, so long as the Bank Act,
under which it works, is in force. This was the position when the war
broke out. There was a demand on the Bank of England for Bank notes.
The Bank supplied about 19 millions, and then intimated to the Government that it would be compelled to curtail facilities, unless it had
authority to issue notes against securities in excess of the amount permitted by the Act of 1844. The Government then adopted the other
alternative, and decided to issue currency itselL. namely the Currency
Notes. The Issue of these -nOtes afforded immediate relief and has
continued to afford relief up to the present time, although it may be one
of the factors which have led to an increase in prices. If the Bank of
England had issued notes on securities to the same extent, and such notes
had continued in circulation, the effect on prices would have been the
'same. But, whatever the effect on prices may have been, an Increased
issue of currency has been absolutely necessary under the conditions which
have prevailed during the war.
We called attention at our last meeting to the position in which we
were placed at the beginning of the war, and submitted that, as the Bank
Charter Act of 1844 had been an obstacle at the'beginning of the war,
some means ought to be adopted in order to avoid similar difficulties
In the future, and we advanced the argument that the Bank Act should
be repealed, that the Bank of England should be authorized to issue
notes on the security of gold and bills of exchange, that the two Departments of the Bank should be amalgamated, and that the whole of the
liabilities and assets of the Bank should be shown In one Balance Sheet.
The same argument holds good at the present time. In consequence
of the war, and the measures which have been adopted, the deposits
of the Joint Stock Banks have almost doubled, and a large portion of
these increased deposits have been lent to the Bank of England by the
banks for the purpose of re-lending them to the Government. If there
, should be any difficulty about the issue of Bank of England Notes, then
undoubtedly more currency notes would hate to be issued. Bankers
have a very great work before them to provide the means for the reconstruction of the trade and business of the country, and they should
not be left in doubt; in other words, they ought to know definitely that
in case of necessity Bank of England Notes or currency notes will be
provided..As we tand at the present time, before the Bank of England can
Issue notes against securities, it will have to obtain the sanction of the
Treasury.* The sanction of the Treasury, or of the Government, has
been given for this purpose on four occasions previous to the present time,
and on each occasion a stipulation has'been made that the Bank Rate
should be put up to 10%, or thereabouts, so the presumption is that if
the Bank of England should receive Treasury sanction to issue notes
at the present time against securities, a similar condition would be
attached, namely, an Increase in the Bank Rate to 10%. The rate is
put up to this figure presumably to cause borrowers either to pay 10%
for their loans or to pay off their loans altogether, thus reducing banking
credits and ultimately contracting the note issue. To adopt such a
method when the country is reconstructing its trade and industry, and
when manufacturers and others are requiring increased accommodation,
would lead to undue restriction of credit, would impede reconstruction,
and would curtail our exports, just at a time when we are anxious to
export more than we have ever exported before. The result would be
serious for the nation. No proper.discrimination Is made between the
case when additional urrency is needed to meet trade requirements,and the
case when additional currency is needed in consequence of over-trading.
In describing the financial condition of Germany, I pointed out that
the Reichsbank are in great difficulties because of the enormous amount
of bank notes which they have Issued against Treasury Bills, and showed
that the German Government owed the bank about 1,200 millions on
Treasury Bills in December last, and that the Reichsbank had put 1,056
millions of their own notes into circulation. Here it will be observed
that notes have been issued against Treasury Bills, which is a very
[VOL. 108.
different thing from issuing notes against Bills of Exchange, which are
based on commercial transactions and represent commodities. When
the commodities pass into the hands of the ultimate consumer, the Bill
of Exchange will, generally speaking, be paid off, and the currency,
which was expanded when the bills were discounted, will be correspondingly contracted. We are in the same position in a smaller degree with
regard to our currency notes as the Reichsbank are with regard to their
bank notes. We have in circulation over 300 millions of currency notes,
which, except for a comparatively small amount, have been issued
against securities. There is no automatic system for the redemption
of currency notes as would be the case if they were issued against Bills
of Exchange, which in due course would have to be paid off.
We have seen then that, when the restriction upon note issue made
by the Bank Act of 1844 p,revents the Bank of England from meeting
trade requirements, a remedy is found by issuing notes against securities
under a letter from the Treasury, and a simultaneous raising of the
Bank Rate to 10%, or thereabouts. The Currency Committee was
appointed to examine into this position and into the working of the
Bank Act of 1844, and to make recommendations thereon, and the
result of their deliberations has been to recommend that the Bank of
England should continue to work under the Bank Act as heretofore,
which means that we ace to undergo in the future the same experiences
as those which we have undergone in the past. It seems to me that the
method adopted in the American Federal Reserve Bank was more
worthy of recommendation, and that notes should not be issued against
Government Securities, which may or may not be paid off, but against
Bills of Exchange which must be met at their due date. One of the
experiences from which we have suffered since the Bank Act came into
operation has been in regard to the Bank Rate, which has been altered
about 473 times, whereas in France and Germany, during the same
period, the rates of their respective central banks have been altered 123
and 212 times only. These alterations in the Bank Rate adversely
affect the position of our trading community and, in our opinion, might
have been avoided on some occasions under a better system. In a large
measure the alterations in the Bank of England rate are due to the
division of the Bank into two Departments, one result of which is that
the reserve in the Banking Department has always been smaller than
it would have been if the two Departments had been consolidated. A
small reserve is necessarily very sensitive, as even a small attack upon it
may bring it below the margin of safety, and thus cause a rise in the
'Bank Rate.
last:append herewith the Bank of England statement of December 19th
I
BANK OF ENGLAND STATEMENT DECEMBER 19th 1918.
Issue Department.
£96,428,000 Government Debt
£11,015,000
7,435,000
Other Securities
77,978,000
Gold
Notes Issued •
£96,423,000
Capital
Rest
Deposits
Other Liabilities
£96,428,000
Banking Department.
£14,553,000 Government Securities_ £69,255,000
3,249,000 Other Securities
93,218,000
172,753,000 Notes
27,464,000
627,000
9,000 Gold and Silver
.C190,564,000
£190,564,000
Ratio of Reserve to Liabilities=16.3%.
The notes issued from the Issue Department find their way into the
reserve of the Banking Department and then into circulation, that is,
into the hands of the people and into the tills of the banks. In ordinary
times they are fairly equally divided, but at the present time the notes
issued amount to 96 millions, of which 69 millions are In circulation and
only 27 millions in the reserve.
This reserve in the Banking Department is the pivot on which the
price for money depends. The criteria, which really govern the rate for
money, are the Bank of England reserve and the ratio of that reserve
to the liabilities. If the reserve fall and the ratio be reduced unduly,
then the Bank Rate will go up and money will become dearer. If the
reserve and the ratio go up, then the Bank Rate will be reduced and
money will become cheaper. Seeing, then, that the price of money is
dependent upon the reserve and its ratio, It is of the greatest importance
that the construction of the Bank should not be on lines calculated to
make the reserve too sensitive; in other words, we want the reserve to
be continuously as high as possible, for by that means we shall have a
steadier money market and shall not have so many fluctuations In the
rate, which, of course, cause great inconvenience to our manufacturing
and export trade. It is clear that our manufacturers and our merchants
would be able to conduct their business more efficiently and snore advantageously if they could be certain that there would be a more stable
Bank Rate than we have had in the past. This can only be accomplished
by having a larger reserve and therefore a reserve which is less sensitive,
and by having a higher ratio of'reserve to liabilities.
Our traders are in competition with the trailers of other countries,
and if the banks of other countries work with fewer fluctuations in the
Bank Rate than is the case in this country, our traders are placed at a
disadvantage in comparison with the trailers of other countries. We
say, therefore, that the constitution of the Bank, which is restricted in its
working by the Bank Act of 1844, requires to be altered, and altered in
such a way that the reserve will be larger, the ratio will be higher, and
the fluctuations in the rate will be fewer.
We see by the statement of December 19th last, In which the Bank
is divided into two departments, that the ratio of gold to notes Is 80.8%,
and the ratio of the reserve In the Banking Department to the liabilities
Is 16.3%.
We will now suppose the two Departments to be amalgamated, when
all the liabilities and assets of the Bank would be shown, as follows:
AMALGAMATED BALANCE SHEET OF THE BANK OF
ENGLAND, DECEMBER 19TH, 1918.
(000 omitted.)
Capital
£14,553 Gold
£78,605
Reses
Nott
3,249 Government Debt
11,015
68,064
£69 625
89:250
Deposits
172,753 Government Securities
Other Liabilities
9 Other Securities
100,053
£259,528 .
£259,528
Ratio of Gold to Liabilities •••=-- 32.5%. •
We here see that the reserve of the Bank, taking gold alone, is 78M
millions, as against 28 millions in the divided statement, and that the
ratio of gold to note; is 114%, and the ratio of gold to the whole of the liabilities 32.5%. Under the amalgamated system, therefore, the ratio of
gold to notes is higher by 33.2% than under the divided statement, and
the ratio of the reserve to liabilities is twice as large. If the two Departments of the Bank be amalgamated and the reserve fall, the rate can be
put up in the same way as under the present system. There is no reason
why the reserve should not respond to an Increase In the rate in the same
way as it does under the present system, but in the one case the reserve
is not so small and consequently there would be no need for the same
number of variations in the rate.
As I have said, the smallness of the reserve in the Banking Department is responsible for its seesitiveness, and may compel the raising of
the rate under conditions which really do not call for drastic measures.
A careful consideration of the working of the Bank under both systems
of presenting the accounts has convinced me that the position of the
Bank is weakened by having two Departments, that the raising of the
rate, when such a step Is necessary, will be just as effective under the
amalgamated system as under the old, and that fluctuations In the rate
MAR. 1 1.91.9.1
THE CHRONICLE
857
would be fewer in number and less severe. The old system offers no the note would be an inconvertible note, and would tend to drive the
advantages which do not apply equally in the case of the new system, gold out.
Coming now to a question in the Report which closely affects the
but by adopting the latter we should strengthen the position of the
Bank and avoid those fluctuations in the Bank Rate which must have Joint Stock Banks. The Committee make the suggestion that banks
should hold aline of Treasury Bills and short-dated Government Securinjurious to our industries.
proved
Sir R. H. Inglis Palgrave has compared the fluctuations of the Bank ities, holding out the inducement that such securities might be disRate in this country and in France, Germany and Holland since 1844, counted at the Bank in case of pressure. This, in may opinion, is an
and he states that the number of changes has been very much greater unwise suggestion. We have had recently, as you know, a great change
they
in the case of the Bank of England, that the fluctuations between the In the condition of the Joint Stock Banks, as a result of whichthink have
they
highest and lowest rates have been more severe, that the Bank of England become much larger and more powerful. For this reason I
has charged higher rates than any of these countries, and that higher ought to keep sufficient reserves to make themselves independent of any
Bank of England for a longer period. need for discounting at the Bank of, England in times of crisis. If the
rates have been maintained by the
crisis
The effect of raising the rate is to tax the industries in cases where money recommendation of the Committee were carried out, and a would should
by reis borrowed, because they are called upon to pay increased rates for their occur, there is no doubt that very large amounts of bills be reduced
accommodation. Consequently we have had complaints almost con- quired to be discounted at the Bank, and the reserve would
they were placed in a disadvantageous as it was reduced at the beginning of the war. I repeat that, in my
tinually from the industries that
position as compared with their foreign competitors, and it is undeniable opinion, the policy of the Joint Stock Banks ought to be to make themthat the increased charges to which they were subjected must have selves independent of the Bank of England by maintaining large reserves
in their own vaults, thus removing the necessity for going to the Bank for
affected adversely the amount of our exports.
It is not without interest to compare the ratios of the Bank of England, assistance, except in very exceptional cases.
The Committee further recommend that the Joint Stock Banks should
as it is at present constructed, and as it would appear if the two Departments were amalgamated, with the ratio of the Federal Reserve Banks. adopt a common form of balance sheet, which has been brought to their
Under the divided statement the ratio of our reserve to our liabilities was notice by two or three bankers. In this balance sheet they suggest that
16.3% on December 19th, 1918; under the amalgamated statement the the item Cash should include a line "Balances with other banks." Now,
ratio of our reserve to liabilities would be 32.5%; and in the case of the a balance with another bank is not cash and can by no stretch of imagiAmerican Bank the ratio of reserve to liabilities was 50.6%. In neither nation be made so. The adoption of this recommendation, and the
case does our ratio come up to the ratio of the American Bank, but we treatment of a balance with another bank as cash, will lead to questions
should come much closer to it if both Departments were amalgamated as to the correctness of balance sheets so drawn and the good faith of
be'regarded
than we do under the present system. Our traders, therefore, although • the officers who sign them. Nothing should bank cannot as cash unless
be considered
they are not benefited to the same extent as in America, would be it be legal tender, and a balance at another to the conditiRn of affairs
benefited to a much greater extent under the amalgamated system than as legal tender. This brings our minds back
which obtained in America before the passing of the Federal Reserve
system.
they are under the divided
1907 and,
• The Currency Committee object to the amalgamation of the two Act and which was very largely responsible for the crisis in during the
Departments of the Bank of England chiefly upon the ground that the in fact, for all the crises which have occurred in that country cities were
smaller
main effect would be to place deposits with the Bank of England in the last half-century. Country banks and banks in the
same position as regards convertibility into gold as is now held by the permitted under the old law, which fixed certain reserve requirements,
note. In reply to this statement, I say that the depositors at the present to keep balances with banks in New York and other large cities and to
the New
time can always get gold by drawing out notes from the reserve and taking treat such balances as a reserve against their liabilities. AsExchange
gold from the Issue Department. There seems to be little difference York banks could employ these funds at a profit on-the Stockresult that
between the depositors attacking the gold direct and attacking the gold they were willing to allow interest on the balances, with the
through the notes in the reserve. If the Benk cannot pay the notes the country banks maintained a larger proportion of their reserves with
when demanded the whole machinery stops. This argument against the other banks than was &Insistent with safety. Consequently, when a
amalgamation of the two Departments does not seem to be sufficiently demand was made for those balances to be repaid to meet any local
drain, suc4 as for harvesting the crops, they were not always forthstrong.
Further, the Committee state that the amalgamation of the two coming except with difficulty... This unsatisfactory state of affairs led
Departments would lead to State control of the creation of banking credit to crises an( to the passing of the Federal Reserve Act, under which
by all the banks, but they do not give us any arguments in support of National banks were forbidden to treat their balances with correspondents
their statement. I fail to see that the fact of having a larger reserve as cash. I do not think the Committee can have had the American
would lead to Government interference to a greater degree than if the experience fully in mind or they would not have made this recomBank of England has a smaller reserve, always assuming that the mendation.
The Committee also recomznend that the gold, which the Joint Stock
directors and management of the Bank show the same care in making
Banks hold in their vaults, should be taken away from them and handed
their loans as they do at the present time.
like to draw attention to another to the Bank of England. If this were dbne, the position of our Joint
Before going any furher I should
recommendation of the Committee, which touches very closely the Stock Banks would be weakened in the eyes of the public and of foreign
present condition of affairs and the reconstruction which is to be brought bankers. It is our duty, to protect our depositors with reserves of the
about in our trading concerns. We all admit that capital will be re- very best quality, and to take away the gold of the Joint Stock Banks,
quired to re-convert those concerns which have been used for the manu- which has proved so useful during the war, is to take away from the
facture of munitions of war, and that large resources will be required to depositors of the Joint Stock Banks the_best reserve a bank can hold.
renew and bring into a state of efficiency machinery and plant which The transfer of the gold from the Joint Stock Banks to the Bank of
have been allowed to deteriorate. Large sums of money will also be England would not improve the reserve in the Banking Department,
required for the purchase of raw materials and the extensions of business. because the banks would demand 'notes in exchange for their gold, and
We all agree that it is necessary to increase our exports, but before we therefore the'position of the Reserve of the Bank of England would not
can do this the reconstruction of our industries must take place. If be improved, while the position of the Joint Stock Banks would be greatly
the industries are not to look for accommodation to the bankers, who depreciated. I fear most of the recommendations of the Conimittee,
have gathered up all the resources of the country, then the reconstruction if carried out, would have the effect of Weakening the position of the
and reconversion which we admit to be necessary cannot take place. Joint Stock Banks and not of strengthening them. The gold which
The Committee state that "the shortage of real capital . . . . cannot was held by the Joint Stock Banks before the war has proved most useful,
be met by the creation of fresh purchasing power in the form of bank and has enabled them to withstand many of the difficulties which they
advances . . . to manufacturers under Government guarantee or have encountered during the war. At the beginning of the war the
otherwise." Does this mean that the industries of our country are not banks paid out gold, satisfied the demands of their customers for small
to seek accommodation from the banks for the purposes which I have currency, and thus eased the situation until currency notes became
Indicated? If they are to wait for the savings of the people, which available. When the bankers, in order to assist the American exchange,
must be accumulated slowly out of the profits of employers and out of borrowed from the American bankers 10 millions of money, they repaid
that money when it became due by using a portion of the gold which
wages, it appears to me that our industries will be left to languish.
In their further recommendations the Committee deal with the new they held in their own vaults. On another occasion when it became
of the war. .They necessarrfor the Allies to send 120 millions sterling in gold to Anierica,
currency position which has been created as- a result
recommended that, during the period of transition, currency notes should to support the exchanges, France and Russia each contributing 40 milcontinued to be issued by the Government, but that additional issues lions, the Joint Stock Banks of this country were called upon to find
should be made against Bank of England notes taken from the reserve 20 millions. This they (lid without difficulty, and without any effect
in the Banking Department. Let us see how this would affect the con- upon the Money Market. The gold reserve of the Bank of England at
dition of affairs. The reserve in the Banking Department is held to that time was about 60 millions. If the Bank had provided the amount
secure the liabilities. These currency notes may be issued to a consider- found by the Joint Stock Banks, it would have meant most probably
able amount before we get through the transition period, and, if we are an increase in the Bank Rate. These are instances which show how
to take an amount of Bank notes out of the reserve equivalent to the advisable it is for the Joint Stock Banks to hold gold.
It is alleged that the gold of-the Joint Stock Banks and the gold from
additional issue of currency notes, the reserve may be very seriously
depleted. For example, during the last three months of 1918 the in- the Currency Note Department are required by the Bank of England
creased issue of currency notes amounted to about 60 millions sterling, in order tb protect the foreign exchanges, but, as I have said, I do not
and during the same time the reserve in the Banking Department was think the Bank of England will be in a position in future to maintain
about 28 millions only. If such a recommendation had been adopted a large reserve in gold. There are other means.which could be adopted
four months ago the whole of the reserve would have been swept away. to support the ,exchanges. Before the war we had from 100 to 120
They also recommend that the gold, amounting to 283/4 millions, which millions sterling of gold circulating in the hands of the people and in the
Is now held as a cover against the currency notes, should be taken away reserves of the Joint Stock Banks. This gold has, of course, been
and held in the Bank of England, and that Bank of England notes driven in to a large extent by the issue of currency notes during the war,
should be substituted therefor. What is the object of supplanting this but we have little doubt that in course of time, when credit has been
gold by Bank of England notes? We know that at the present time the properly re-established and prices fall, the amount of currency notes
gold in the Currency Note Department is regarded as a security for the will be greatly reduced, perhaps to something like 100 to 120 millions,
notes, and that it would be used either directly or indirectly in paying or an amount corresponding to the amount of gold which used to circurrency notes, if they were presented for payment in gold. If the culate. We would suggest, therefore, that 100% of gold should be
Committee propose to use Bank of England notes in place of gold, in accumulated and held as a reserve by the Government against the
case currency notes are presented for payment, this would amount currency notes in circulation, thus making the currency note always
practically to a breaking of the Currency and Bank Notes Act, because convertible into gold. The gold thus held would not be so liabile to
the Government have undertaken that these notes will be paid at the attack as the gold in the Bank of England, and would always be available
Bank of England in gold. Are these Bank of England notes to be used as a second reserve. In addition, the Joint Stock Banks should continue
to obtain gold from the Issue Department if a demand for payment of to hold gold in their reserves in increased amounts. We should thus
currency notes in gold should arise? If so, we say that, as the Bank was have three reserves of gold; one reserve in the Bank of England, another
unable to hold more than 42 millions in gold before the war, when we held against the currency note, and a third reserve in the vaults of the
were a creditor nation, there is a strong presumption that in future it Joint Stock Banks. The gold reserve against the currency notes might
will be unable to hold gold to a sufficient extent having regard to the diffi- be used to strengthen the foreign exchanges when required. The gold
cult position in which we may be placed. If, therefore, the gold held which is held by the Joint Stock Banks, in addition to being a security
against the currency notes to be paid into the Bank of England, and for their deposits, might be used for a similar purpose, thus giving us
currency notes be presented for payment in gold at a time when the three reserves acting as one reserve for the protection of the exchanges.
gold in the Bank has been reduced by foreign demands, we should have I feel staisfied that this plan has only to be tried to prove successful.
Summing up, the Currency Committee have stated in effect that they
an internal drain following an external drain for gold. An alteration in
the currency position of such a nature as proposed by the Committee cannot recommend anything better than the old system. They simply
currency note holders, and it therefore put us back to the old machine which has broken down before, and which
might prove disturbing to the
seems to me that it would be much better to go on as we are going on may break down again. In consequence of this Report not going far .
at the present time than to adopt the reconunendation of the Committee. enough we may have a State Bank, which is practically what the AmeriAnother reconunendation is that when the currency position has become cans have got to-day in their Federal Reserve Banking System.
We now come to
normal small Bank of England notes should be substituted for the cur•
•
OUR OWN BANK.
rency notes, which have been issued by the Government against securAs you are aware, we had an Extraordinary General Meeting in Septhen in circulation. According to the Committee,
rities, and which are
these Bank of England notes are to be issued by the Issue Department tember last which we held for two purposes;first, to sanction the arrangeagainst securities, but they make no provision for the issue of an y additi- inent for the amalgamation of the London Joint Stock Bank with the
onal notes if they should be required. If additional notes are to be issued London City & Midland Bank and, second, to sanction the issue of
against gold alone, then in future we shall be in the same position with 500,000 new shares fully paid. As to the first, we are now in a position
regard to these notes as we are with regard to the ordinary •Bank of to say that the amalgamation has been completed. After four months'
England issue, and, should additional small notes be required, the same working we are able to judge of the position in which we find ourselves,
difficulties will arise as have already been experienced tinder the Act of and we can assure you that the anialg.amation has been satisfactory in
1844. If additional notes of small denomination are to be issued against every respect to the Directors of both Banks. The Capital, ReserVe
securities, then we shall be in a worse position than we are in at the Fund and Carry Forward which this 13ank received from the Joint Stock
present time, because we have a Government note now and we shall Bank amounted in the aggregate to £4,420,428, for which we paid in
then have a bank note only. Then again, as I have already pointed Capital, carrying 18% dividend, £1,980,000, leaving available £2,440,out, the issue of notes against securities by the Bank of England has 428. Of this amount, £2,326,697 was added to the Reserve Fund of
always been accompanied in the past by a Bank Rate of 10%, or there- the combined Bank, leaving a balance of £113,731, out of which the
abouts, and presumably this rate would be charged in future. Further, expenses of the amalgamation will be paid. The Capital Account was
•
•
•
858
THE CHRONICLE
thus increased from £5,192,697 to £7,172,697. The Reserve Fund has
been increased from £4,346,000 to £7,172,697 by the transfer from the
Capital, Reserve and Carry Forward of the Joint Stock of £2,326,697
as stated, and of £500,000 from the Profit and Loss Account of the combined Bank for this year.
vms
Being able thus to increase our Capital and Reserve Fund to such
figures is one of the great advantages accruing from the amalgamation.
The Joint Stock Bank have contributed to the capital of the London
Joint City & Midland Bank a sum of £1,980,000, and the .London
City & Midland Bank contributed £5,192,697. The Joint Stock Bank
have contributed to the Reserve Fund of the combined Bank a sum of
£2,326,697, and the Midland Bank contributed £4,346,000. We have
received from the Joint Stock Bank sufficient profits to enable us to
pay 18% on the capital we have given their shareholders, together with
a surplus sufficiently large to enable them to contribute their share
towards the increased reserves of the Bank. We are highly satisfied
with the amalgamation and its results.
At our meeting in September we laid it down as the policy of the
Directors to try to give the shareholders a benefit by the issue of shares
at a price substantially below the market value, in place of increasing
the dividend, and during the year we have issued to our shareholders
new shares in the proportion of one new share for seven old shares.
Each new share, £2 10s. Od. fully paid, was issued at the price of £5 and
Is now selling at from £8 7s. 6d. to £8 10s. Od., thus showing a profit to
the holder of £3 7s. 6d. to £3 10s. Od. per share, and the shareholders,
who did not take up their allotment, will have been able to dispose of
their rights at a cash profit of from nine to ten shillings for every old
share which they held.
The advantage of the policy of increasing the Capital and Reserve
Fund rather than increasing the dividend is that the Bank is strengthened
and not weakened by the transaction. In making choice of our policy
we have taken into consideration the interests of two distinct and separate
bodies of persons, namely our depositors and our shareholders.
The increase in our figures shows that the Bank enjoys the greatest
confidence from depositors.
In 1910 our DEPOSITS were £73,415,000
" 1911 they were
77,708,000
" 1912 " "
83,664,000
" 1913 " "
93,834,000
" 1914 "
125,733,000
" 1915 "
147,751,000
" 1916 "
174,621,000
" 1917 "
220,552,000
exclusive of the London Joint
Stock
" 1918 "
271,000,000
Inclusive of the London Joint
,, 1918 II
II
,Stock
334,898,000
I need not say that an increase in dividend would not be regarded with
the same degree of favor by our depositors as a strengthening of the
Capital and Reserves of the Bank. The policy which we have adopted
will undoubtedly meet with greater favor from depositors than would
the policy of increasing dividend. We still adhere to the same policy,
and we hope to repeat the transaction of issuing new shares. When
our present issue is completed our capital will be increased by £1,250,000
and our Reserve Fund by a similar amount, and in our opinion there
can be no question that our depositors will look upon this policy of
strengthening the position of the Bank as a better policy than increasing
dividend.
As regards our shareholders, they must remember that their Capital
Is responsible for the liabilities of the Bank, and, such being the case,
they are interested in the conservative policy which the• Bank is pursuing. The Directors give them an advantage in the issue of new shares,
which is equivalent to an increase in the dividend, and in doing so they
are more careful in safeguarding the permanent interests of the shareholder than they would be if they increased the dividend.
I have dealt with the Capital, Reserve Fund and the Deposits of the
Bank.
Ili The ACCEPTANCES amount to £13,146,000 against £8,827,000
last year. These are our Acceptances on behalf of Colonial and Foreign
Bankers, and it is through this medium that our imports and exports
are financed. We must expect these figures to grow still larger now
that the war is over, because trade restrictions in this country and in
foreign countries are being removed. When goods are shipped to this
country from foreign countries they are paid for by the negotiation of
the Acceptances of the English bankers, and when exports•are made
they also are paid by the negotiation of these Acceptances in one way or
another. Of course the payment of these Acceptances is ultimately
made in London, and this has been one of the means by which London
has become the financial centre of the world. We hope, of course, that
London will remain the financial centre after the war, but this will depend to a large extent upon the accommodation which London bankers
are able to afford foreign bankers by way of Acceptances.
Coming now to our
ASSETS.
Our CASH amounts to £63,756,000, as against £44,110,000 last year,
and consists of eight millions of gold, Bank of England Notes, Currency
Notes and a Bank of England balance payable on demand. These items
do not earn interest, aria it is our ambition in the future to displace both
Currency Notes and Bank of England Notes by gold.
CHEQUES ON OTHER BANKS which are in the course of being
cleared amount to £2,001,000. These, of course, will become cash
when paid, but we do not consider them as a portion of our Cash Balance.
Our MONEY AT CALL AND SHORT NOTICE amount to £65,800,000. Of this about £15,100,000 is at Call, and £50,700,000 is at
very short Notice. Last year this item amounted to £31,003,000.
Our total INVESTMENTS amount to £61,600,000 against £36,255,000 last year. They consist of:
47 Stock and National War Bonds, which are free of Inconier
°
Tax,amounting to
£14,100,000
5% War Loan, due between 1029 and 1947, amounting to
15,300,000
33 % War Loan,repayable between 1925 and 1928, amounting to
5,100,000
5% and 6% Exchequer Bonds, falling due between 1919 and '
1922, amounting to
12,600,000
5% National War Bonds, payable between 1922 and 1928,
amounting to
9,000,000
Miscellaneous Government Securities, amounting to
1,400,000
Other Investments
£57,500,000
4,100,000
£01,600,000
A few of these Investments are taken at cost, but the great bulk:are
written down to market value, and ample provision has been made for
any depreciation that might occur. We anticipate that in future there
will be very little depreciation in these securities, if any, but, on the
contrary, we hope to see them rise in value.
Our BILLS OF EXCHANGE amount to £39,249,000 against £35,053,000 last year. With regard to these Bills we offer a similar explanation to that which we gave last year. In respect of about 15 millions
they are good Trade Bills repayable within three months; the balance
is made up of Bankers' Bills and Treasury Bills, but neither class has
more than two months to run. If we had taken Bills for a longer period,
we should have made larger profits, but liquidity has been more to us
than profit. The only observation I can offer on these Bills is that they
are gilt-edged.
,
Our ADVANCES ON CURRENT AND OTHER ACCOUNTS
/amountm
to £99,214,000 against £68,510,000 last year. They showed a,
percentage to the deposits of 31.1 last year; this year they show a percentage of slightly under 30. At meetings during the last twelve months
bank amalgamations have been criticized and complaints have been
made by the industries that bankers did not accommodate their cus-
[VOL. 108.
tomers to the extent which they ought. I have never seen how such
complaints could be made against this Bank, seeing that we are affording
to the trade and industry of the country a sum of close on 100 millions
sterling. Our percentage of loans to deposits is slightly down on last
year, but this is due to the very large increase in our deposits. In our
own business, excluding the figures of the Joint Stock Bank, deposits
have increased over 50 millions on the amount which we showed last
year. The decrease in the percentage is due also to the fact that trade
has been restricted, and consequently applications for loans have also
been restricted in amount. In no sense can it be alleged that this Bank
has not done its duty to its borrowing customers, or that it has not
assisted the trade and industry of the country to a legitimate and generous extent. We are quite alive to the fact that increased demands
may be made upon us during the next year or two, and to the problems
with which we shall be confronted, and it is for these reasons that we
have taken the prudent course of providing for future contingencies.
I hope this course will.meet with your approval.
This brings us to our ADVANCES ON WAR LOAN. We have
recognized the absolute necessity of winning this war, and also of assisting
the Government in every way we could. When the last big War Loan
came out in February 1917 we advanced about 26 millions to our customers to enable them to take up the Loan. These Loans were reduced
to about 10 millions, but the amount outstanding has since been increased
by advances to customers to enable them to take up National War
Bonds, and at the present time the loans amount on balance to
£14,218,000.
Last year our BANK PREMISES stood at £2,837,000. This year
they stand at £3,762,000, or an increase of nearly one million sterling.
The increase in this item is due to the amalgamation of the Joint Stock
Bank with this Bank. I have to repeat again that in modern days it
is absolutely necessary to have good bank premises, because a good
bank with poor premises does not attract deposits in the same way as a
bank with good premises. For this reason we have not hesitated to
maintain the standard of our bank premises, believing in the long run
that this is the proper policy to adopt.
With regard to our investment in the Belfast Bank shares which, as
you see from the Balance Sheet, amounts to £1,237,500, and has been
written down to £759,690, we are still perfectly satisfied with it. We
receive from that Bank the dividend on their shares, which is practically
the amount of the dividend which we have to pay on the shares we issued.
Their profits are good, and there is a considerable sum remaining after
they have paid us the dividend. We leave that sum in the Belfast
Bank for the purpose of strengthening and consolidating its position.
We believe that this is a policy of which you will approve, because
It makes the shares which we hold in that institution more valuable.
Their Capital is £500,000, their Reserve Fund £500,000, and their
Carry Forward £49,150, and as the shares stand in our books at £759,690,
the investment stands at a lower figure than the Capital, Reserve Fund
and Carry Forward by the sum of £289,460.
Coming now to our
• PROFIT AND LOSS ACCOUNT,
I should like to say that we carefully estimate all our accounts every
half-year, and throw out any amount in those accounts which we consider doubtful, making full provision therefor. We have provided for
you a thoroughly sound institution. Our business is increasing year by
year, but we have to call your attention to the fact that we are working
now during a period not only of high prices but also of large profits, and
it must not be considered that the profits we have made this year will
be equalled in succeeding years, particularly when we have a fall in the
rates for money. We have had to take into consideration that we are
entering the period of reconstrutclon, and a period in which the rates
for money may fall, and it has been our duty to make proper provisions
for the Bank in order to give the greatest security to our depositors.
You must remember that it is out of our deposits that your profits are
made, and consequently we must be able to provide for any losses that
may be made during the next few yesars, even though we exercise the
greatest care in the management of our business.
As you will see from our Balance Sheet, we were conservative last year,
and brought forward to this year the sum of £733,785. This year we
have made profits of £2,700,330, so that we have for disposal £3,434,115.
Out of this we have paid dividends at the rate of 18%, amounting to
£919,885, and we have provided for future contingencies the sum of
£600,000. Now,gentlemen, this Bank is a large institution and requires
the greatest care and skill in its management. We know that some
of you will be disappointed that we have not increased our dividend, as
some other banks have done. We did not think increasing dividend
at this time to be a wise policy.
As regards our Staff, during the war we have made up the pay of those
who have joined His Majesty's Forces to the amount of the salary which
they received from the Bank, and we are under an obligation to reinstate
them in their positions on their return to civil life. During the last three
years we have paid salaries and bonuses to the Staff serving with the
lorces, and bonuses to other members of the Staff, amounting in the
aggregate to £1,000,000. Our men are coming back rapidly from the
war, and in the course of a few months we shall have a large surplus of
labor. It is proposed to take into consideration the question wh.ether,
Instead of reducing our Staff, it is not a favorable opportunity to send
this surplus abroad to work in foreign banks for the purpose of acquiring
the languages of other countries, and also a better knowledge of foreign
banking. If men are sent abroad it will mean, of course, that we shall
have to pay their salaries, and in respect of this expenditure we shall not
get any immediate return.
Out of the profits of the Bank we have also taken £100,000 to write
down our Bank Premises Account. I need not say that this account
should be reduced continuously to as great an extent as possible. Our
Bank premises have cost us in the aggregate about £5,700,000, and we
have written off altogether about 2 millions.
We have taken £100,000 for our Pension Fund. We are now paying
pensions to the amount of about £95,000 per annum, but, as'our Pension
l'und is not yet large enough to be self-supporting, we have to give it a
helping hand out of our profits. In due course the interest on this Fund
will be sufficient to meet the pensions, but at the present time it is not.
The Staff has a Widows' Fund, which also requires assistance, and
this year we have contributed £50,000. The fund is managed by a
Committee, chosen by the Staff, and provides an annuity or sum of
money at death for the benefit of the widow or nominee. Contributions
are made by the Staff to this fund.
A further allocation is £500,000 to the Reserve Fund. When the
Government sanctioned the amalgamation of the Joint Stock Bank with
this Bank we gave an undertaking that we would make our Reserve Fund
equal to our Capital. We could only do this by taking £500,000 out
of the Profit and Loss Account, and placing it to the credit of that Fund.
After these allocations our Carry Forward is £675,097, or £58,.688
less than the amount which we brought forward.
Now, gentlemen, we have made our explanations, and to those who
may feel disappointed that we have not increased our dividend I should
like to say that both the Directors and the management have the responsibility of preserving and increasing the strength and soundness of
the institution. This responsibility is a very great one, and they have
firmly decided that they are bound to provide the depositors with all
the security they can, and for this reason they have refraiued from increasing the dividend. There are other reasons, in addition to those
we have already given you, why banks should not at this juncture increase their dividends, which confirm us in our opinion that we are
acting on the soundest lines. We should like our shareholders to appreciate these motives, although they have precluded us from complying
with the desires of many.
Now, gentlemen, we are entering upon another year. I think there
will be a great alteration in our figures during the year, but we have a
very great work before us, and we trust that you will give us your sympathy and assistance as far as it is possible for you to do so. You can
rely on us to exercise the same watchfulness and care which has brought
the Bank to its present proud position. We hope and trust that the
year will be a successful one for us. Beyond this, we can say nothing.
MAR. 11919.]
THE CHRONICLE
Vanittrs" 6aettt.
Wall Street, Friday Night, Feb. 28 1919.
The Money. Market and Financial Situation.—The
prominent characteristics of the security markets this week
indicate a very general feeling of confidence in the business
situation as it is to-day and of hopefulness as to the future.
The latter is doubtless based upon the theory that the really
critical period of readjustment is past, that what is still to
be accomplished is pretty well understood and that the
process will go steadily on, without much disturbance or
friction until a normal state has been reached. Whether
these hopes and expectations are well grounded remains to
be seen. Much has still to be worked out and in some
directions the way is not very clear.
The attention of the entire country has been largely
centred this week upon the movements of President Wilson
and what is known about the proposed "League of Nations."
As to the latter, opinion is sharply divided without much
regard to party lines. The matter is generally thought to be
a choice between an optimistic idealism on one hand and
the cold, hard facts of international history on the other.
Which shall we trust for guidance? For those in doubt there
may be a suggestion in the fact that our forefathers had to
make the same choice when they framed the Declaration of
Independence.
Foreign Exchange.—Sterling has been maintained during
the week at or near the levels previously current. • Continental exchange has also ruled firm, with the exception
of francs which under an increase in the supply of offerings
showed weakness and declined fractionally for the week.
Neutral exchange was easier, with the exception of Spanish
pesetas which have again shown exceptional strength, mainly
however, as a result of operations on the European markets.
To-day's (Friday's) actual rates for sterling exchange were 4 73(4)4 73%
for sixty days, 4 754@4 7577% for cheques and 4 76 7-16 for cables.
Commercial on banks, sight, 4 75%4;4)4 75%; sixty days, 4 72t@4 727;
ninety days, 4 71@14 71%, and documents for payment (sixty days),
4 7204 72%. Cotton for payment, 4 75%04 75%, and grain for payment, 4 75% ©4 754.
To-day's (Friday s) actual rates for Paris bankers' francs were 5 5334
for long and 5 483i05 49 for short. Germany bankers' marks were not
quoted. Amsterdam bankers' guilders were 4034 ©4034 for long and
0
4 13-16©40 15-16 for short.
Exchange at Paris on London, 26.0234 fr.; week's range, 25.98 fr. high
and 26.0234 fr. low.
The range for foreign exchange for the week follows:
Sterling Actual—
Cables.
Sixty Days. Checks.
7
High for the week
4 76 7-16
4 75/
4 7334
Low for the week
4 76 7-16
4 73
4 7570 •
Paris Bankers' Francs—
High for the week
5 45
5 45%
5 5134
Low for the week
5 5334
5 4734
5 46%
Amsterdam Bankers' Guilders—
High for the week
4131
4034
4134
4034
41
41 3-16
Low for the week
Domestic Exchange.—Chicago, par. Boston, par. St. Louis, 15 ®
25c. per $1,000 discount. San Francisco, par. Montreal, $19 3750 per
$1,000 premium. Cincinnati, par.
State and Railroad Bonds.—Sales of State bonds at the
Board are limited to $92,000 Virginia 6s deferred trust
receipts at 70 to 74.
The market for railway and industrial bonds,in sympathy
with the shares market, has been more active but, unlike
the latter, the tone has been weak under adverse influences.
Of a list of 18 relatively active issues 4 are fractionally higher
and 1 unchanged. The principal "influence" referred to
was a suspension of dividend by one of the local traction
companies which caused a drop of over 4 points in Inter.
Met. 43/2s and of nearly 2 points in Inter. Rapid Transit
ref. 5s. New York Railways 5s, however, recovered %
point of its recent decline and Am. Tel. & Tel., Ches. & Ohio
and U. S. Rubber 5s are issues which show a net advance.
United States Bonds.—Sales of Government bonds at
the Board include $1,000 4s, reg., at 1043%; $25,000 4s,
coup. at 105 to 105%; $3,000 2s, reg., at 97%, and Liberty
'
Loan 3%s at 98.42 to 99.60; L. L. 1st 4s at 93.20 to 93.80;
L. L. 2d 4s at 93.10 to 93.46; L. L. 1st 43's at 95 to 95.30;
L. L. 2d 43s at 93.88 to 94.34; L. L. 3d 43 at 95.20 to
-is
95.80, and L. L. 4th 43's at 93.86 to 94.30. For to-day's
prices of all the different issues and for the week's range see
third page following.
Railway and Miscellaneous Stocks.—The stock market
has continued to show increasing activity. The transactions
have averaged. about 852,000 shares per day as against 714,000 last week when the market Was, as then stated in this
column, the most active of the year thus far. This larger
business has, moreover, been better distributed than usual,
the railways and high grade industrials having been more
conspicuous in the day-to-day operations.
Notwithstanding a reactionary tendency of to-day's
market a considerable list of prominent stocks have added
from 1 to 5 points to the advance noted last week. The
highest prices were generally recorded early on Thursday
4
when Canadian Pacific showed a gain of 43 points within
the week, New York Central 13%, New Haven 33/2, Southern
Pacific 13%, and Union Pacific 13 .
4
At the same time Am. Sum. Tobacco was up 73 , Cruc.
4
and Kelly-Spring Tire 13
Steel over 3, Gen. Motors 133%,
On the other hand Mex. Petroleum advanced nearly 6 points
then declined 93/2, Royal Dutch advanced 13/2 and declined
7%, and other issues in this group moved irregularly within
a narrower range.
For daily volume of business see page 868.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
859
Sales
STOCKS.
Week ending Feb. 28. for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1,
Lowest..
Highest.
Par.1 Shares $ per share. $ per share. $ per share.S per share.
Adams Express
100 4
40
Feb24 4134 Feb28 40
Feb 50
Jan
Am Brake S & F prof.100
250 160 '
Feb24 165
Feb25 160
Jan 165
Jan
American Express.
...100
100 87
Feb24 87
Feb24 8434 Jan 95
Jan
American Snuff
100
200 111% Feb24 11131 Feb24 105
Jan 119
Feb
Am Sumutra Tob p1.10))
100 95
Feb27 95
Feb27 93
Jan 98
Feb
Associat Dry Goods_100 7,100 20% Feb24 2234 Feb24 1731 Jan 2634 Jan
1st preferred
100
800 62
Feb26 63
Feb25 6134 Jan 65
Feb
Associated 011
100
400 73% Feb26 7434 Feb27 68
Ja 7631 Jan
Atlanta Birm & Atl_ _100
100 8
Feb25 8
Feb25 734 Jai 8
Jan
Baldwin Locom pref_100
300 102
Feb24 10234 Feb28 102
J 10234 Feb
Batopilas Mining
_20 1,500 1% Feb24 134 Feb25 134 Ja. 134 Feb
Beth Steel prof
100
225 95
Feb28 9031 Feb 95
Feb28 95
Feb
Bklyn Rap Tr efts dep.
400 23% Feb28 2431 Feb27 2334 Feb 2431 Feb
Brown Shoe prof._ _ _10d
100 98% Feb24 9831 Feb24 98
Feb 9831 Feb
Brunswick Terminal_100' 400 8% Feb25 931 Feb28 831 Feb 10% Jan
Butterick
100
200 18% Feb25 1834 Feb24 16
Jan 1834 Feb
Calumet & Arizona_._10 1,200 5734 Feb26 60
Feb24 57
Feb 6134 Jan
Central Fdry prof...1001 300 32
Feb25 3334 Feb26 3034 Jan 3334 Feb
Certain-teed 1st pref.100
100 85% Feb24 8534 Feb24 85
Jan 88
Jan
Clueff Peabody & Co.100
40 6034 Feb27 61
Feb24 6034 Feb 65
Jan
Computing-Tab-Rec _100
3
lOOj 3931 Feb26 3934 Feb26 37% Jan 40
Feb
Cons Inter-State Call_10
3001 634 Feb26 7
Feb27 634 Feb 834 Jan
Continental Insur__ _ _25
1001 64
Feb24 64
Feb24 58
Jan 66
Feb
Cuban-Amer Sugar._100 1,26054
Feb2F1 165
Feb28 150
Jan 165
Feb
Deere & Co pref._ _ _100
10 953j Feb26 9534 Feb26 9334 Feb 96
Jan
Detroit United
2501 80
100
Feb24 80
Feb24 80
Feb 85
Jan
Diamond Match_ _ _ _100
45 110
Feb26 z113 Feb28 110
Feb x113 Feb
Duluth 55& AtL _ _ _100
100 3
Feb25 3
Feb25 231 Feb 3
Jan
Federal Mng & Smet.100
200 10
Feb24 10
Feb27 934 Feb 10
Jan
Preferred
100 200 3834 Feb26 39
Feb24 33
Jan 39
Feb
Fisher Body Corp _no par 5,000 45
Feb24 5434 Feb28 3831 Jan 5434 Feb
Preferred
10(1
600 9331 Feb24 9734 Feb28 91
Feb 9734 Feb
Gen Chemical prof. 100 4 103
Feb25 10334 Feb25 10234 Jan 108
Feb
General Cigar Inc_ ...10() 11,700 51
Feb25 5434 Feb28 47
Jan 5434 Feb
Preferred
100
1 z104 Feb24 z104 Feb24 103
Jan z104 Feb
Gen Motors deb stk_100 5,275 8434 Feb28 86
Feb25 8234 Feb 86
Feb
Gulf Mb & Nor el fs.100 2,2
Feb28 7
Feb 10
Feb
731 Feb27 10
100 8
Prefffred
34
Feb25 3534 Feb28 3131 Jan 3534 Feb
100 3
Hartman Corpn
55
Feb27 55
Feb27 5434 Jan 56
Jan
Hotnestake Mining _ _100
100 100
Feb26 100
Feb26 94
Jan 100
Feb
1 116
Int Harvester prof._100
Feb24 116
Feb24 115
Feb 118
Jan
100
2
3
Feb26 3
Iowa Central
Feb27 234 Feb 334 Jan
100 1,000 3134 Feb24 3434 Feb28 28
Jewel Tea Inc
Feb 3734 Jan
100
3
87
Preferred
Feb24 88
Feb25 84
Feb 90
Jan
Kelly-Springf pref. _10() 1
94
Feb27 94
Feb27 9031 Jan 95
Feb
Wheel Inc_..100 300 3634 Feb27 3634 Feb27 34
Jan 3634 Feb
Kelsey
100 95
Preferred
100
Feb25 95
Feb25 89
Jan 95
Feb
Keokuk & Des M__ -100
100 334 Feb24 334 Feb24 234 Jan 334 Feb
Kress (5 H)& Co.--100
100 6331 Feb24 6331 Feb24 60
Jan 6331 Feb
Preferred
100
Jan 10734 Feb
10010734 Feb26 10734 Feb26 105
Laclede Gas
100 300 80
Feb24 83
Feb27 7734 Feb 83
Jan
Lake Erie & Western.100 400 7
Feb26 734 Feb27 7
Feb 934 Jan
Preferred
100 200 1934 Feb24 20
Feb28 18
Jan 20
Feb
Liggett & Myers.._ _100
100220
Feb28 220
Feb28 20434 Jan 224% Jan
Liggett & Myers pref.100
Jan 11134 Jan
10010934 Feb27 10934 Feb27 107
Lorillard (P)
100 600 154
Feb28 16434 Feb25 154
Feb 16834 Jan
Marlin-Rock vtc_no par
100 7831 Feb25 7831 Feb25 7831 Feb 7934 Feb
May Dept Stores__ -100 1,200 6534 Feb27 67
Feb27 60
Jan . 67
Feb
Preferred
300,107
Feb24 108
10
Feb27 104
Jan 108
Feb
Morris & Essex
131 73
Feb26 73
50
Feb26 7134 Jan 7134 Jan
Nashv Chatt & St L_100
140116
Feb26 116
Feb26 114
Feb 116
Feb
National Acme
Feb25 31
50 7001 30
Feb27 2934 Jan 3131 Jan
National Biscuit.._..100
4001115
Feb27 11634 Feb28 109
Jan 11734 Feb
Preferred
1001120
100
Feb25 120
Feb251115% Jan 120
Feb
Nat Cloak & Suit p1.100
10010334 Feb26 10334 Feb26' 10334 Feb 105
Feb
Nat Rys Mex 28 pref.100 3.000, 934 Feb28 1034 Feb24 534 Feb 1031 Feb
NOTex&Mexvte_100 1,4001 33
Feb25 3634 Feb26 30
Jan 3634 Feb
New York Dock_ _ _ _100
300 21
Feb25 2131 Feb24 1934 Feb 2634 Jan
100 45
Preferred
100
Feb25 45
Feb25 45
Feb 48
Jan
Nova Scotia S & C..100
Feb28 46
100 50
Feb28 50
Jan 55
Jan
Ohio Cities Gas rights_ _ 18,950 234 Feb25 334 Feb26 234 Feb 334 Feb
Oklahoma P & R rights_ 8,5009-16
Feb24
% Feb25 9-16
Feb
% Feb
Owens Bottle-Mach._25
400 49
Feb25 4931 Feb27 47
Jan 4934 Feb
Pacific Tel & Tel_ _ _ _100 3,900 2331 Feb24 29
Feb28 22
Jan 29
Feb
100 88
Preferred
Feb27 88
Feb27 88
Feb 88
Feb
100
Peoria & Eastern _ _ _ _100
100 5
Feb26 5
Feb26 5
Jan 534 Jan
Pitts Cin C & St 1,_ _100
200 4734 Feb25 48
Feb
Feb28 45
Jan 48
Punta Alegre Sugar_ _50 1,400 53
Feb 5434 Feb
Feb27 5434 Feb28 53
St L-San Fran pref._100
100 2434 Feb24 2434 Feb24 22
Jan
Jan 27
100 61
Savage Arms Corp _ _100
Feb27 61
Feb27 5334 Jan 6234 Jan
200 88
Sloss Sheffield pref._100
Feb24 88
Feb24 87
Feb 88
Feb
So Porto Rico Sugar-100
100 140
Feb27 140
Feb27 132
Jan 140
Jan
Feb
Standard Milling_ _ _100 400 129
Feb24 130
Feb27 124
Jan 130
100 89% Feb24 8931 Feb24 8534 Jan 9031 Feb
Preferred
100
Texas Co full pd recta...
75 187
Feb27 188
Feb28 187
Feb 188
Feb
Tex Pac 1,and Trust _100
10270
Feb24270
Feb24 180
Jan
Jan 320
Third Avenue Ry_..100 700 1634 Feb26 1634 Feb24 1334 Jan 1634 Feb
Feb
Tidewater 011
Feb25 221
Feb25 207
Jan 221
100 300220
Tobacco Prod rights_ _ _ _ 15,500 334 Feb28 434 Feb27 334 Feb 434 Feb
900 38
Feb28 40
Feb26 3734 Jan 40
Feb
Transue & W'ms no par
Feb27 9034 Jan 96
Feb
United Drug
100 400 9434 Feb24 96
Feb24 5334 Feb24 5034 Jan 5434 Feb
1st preferred
50 500 53
100 94
Feb27 94
Feb27 91
Jan 9534 Feb
2d preferred
100
S Express
700 18
Feb25 20
Feb26 1631 Feb 20
Feb
100
US Realty & Impt_ _100 1,200 2534 Feb25 27
Feb27 1731 Jan 2734 Jan
Feb27 6234 Feb 75
Jan
Wells Fargo Exprms_100
300 64
Feb24 65
_1
Outside Market.—Speculation on the "curb" this week
was on a broad scale and considerable activity developed,
especially among industrials. There was a general upward
trend to prices. Keystone Tire & Rubber corn. was heavily
traded in towards the close of the week, the price advancing
over five points to 655.,a new high record. The close to-day
was at 643%. Intercontinental Rubber also developed unusual activity, gaining almost two points to 193 , the final
4
figure to-day being 193/8. Aetna Explosives corn. was conspicuous for an advance from 73 to 103v, with the closing
4
figure to-day 93%. Submarine Boat attracted attention by
reason of the advance in price and heavy trading. From
143/2, after an early decline to 14, it ran up to 163/2, then
moved downward again, resting finally at 143%. General
Asphalt corn. lost about three points to 683 , recovered to
4
703% and dropped finally to 663/8. Lackawana County
Coal sold up from 113/2 to 173/2. United Motors.improved
from 41 to 423/2 and ends the week at 42. Wright-Martin
Aire. corn. advanced from 33/2 to 43 and closed to-day at
4
434. Among oil shares Louisiana Oil & Ref. was conspicuous for an advance of some three points to 40, the final figure
4
to-day being 393 . Midwest Refining after an early loss
of nine points to 150 sold up to 1593/2 and at 1583/2 finally.
Sinclair Gulf Corp. after the loss of over a point. to 273i
rose to 293/2, but reacted and finished to-day at 283/2. Houston Oil corn. receded from 843/2 to 79, the close to-day being
at 803/2. Bonds without special feature. Russian Govt.
63/2s advanced two points to 68 and closed to-day at 67.
A complete record of "curb" market for the week will be
found on page 868.
'
860
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Feb. 22
Monday
Feb.i24
Tuesday
Feb. 25
Wednesday
Feb.,26
Thursday
Feb. 27
Friday
Feb. 28
Sales/or
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Lowest.
Highest.
- PER SHARE
Range for Previous
Year 1918.
Lowest.
Highest.
S:ver share $ per share $ per share $ per share $ per share $ per share
Railroads
Par $ per share
$ per share $ per share $ per shar
4 91
9212 923
92
913 9234 9238 9278 92
4
9278 4,000 Atch Topeka & flanta Fe...100 90 Feb 3 9414 Jan 3
81 Mar, 9934 Nov
*8612 89
Do pref
100 86 Jan21 89 Jan 4
873 88
4
8712 8712 *8512 8712 *86
8712
300
80 Jan 9212 Nov
977s 98
98
98
96
1,100 Atlantic Coast Line RR 100 9558 Jan22 99 Jan 6
*97
98
957 9718 96
8
8938 Apr' 109 Nov
4812 4918 4814, 487
Baltimore & Ohio
8 48
100 44 Jan21 50 Jan 2
487
8 483 49
481i 49
4
4812 Dec' 62 Nov
2
5514 5514 5512 5512 55
Do pref
553
7:3201
100 53 Feb10 56 Jan14
8 55
5512 553 56
4
53 Apr 6412 Nov
2358 2414 237 2412 2312 235
2512 2614 24 .25
8
8 7,700 Brooklyn Rapid Transit-100 1838 Jan27 2678 Jan 8
2538 Dec 4814 Jan
162 164
16212 163
100 1553 Jan21 165 Feb27 135 Mar 1747 Oct
16334 164
16412 165 *160 164
4,100 Canadian Pacific
4
8
567 58
8
57
5712 58
58
58
5838 5734 59
100 5334 Jan21 59 Feb28
200
6;2 0 Chesapeake & Ohio
80
4934 Jan 6238 Nov
Chicago Great Western__ _100
8
8 18
8
8
83
8 83
4
718 Jan21
918 Feb27
812 912
6 • Apr 11 Nov
84
3
834
26
26
2573 2578 26
Do pref
2658 2612 27
*2612 27
100 2358 Jan21 27 Feb27
1,900
1812 Apr 32 Nov
36
37
355 3633 3(1
8
3634 3514 3718 3614 3678 18,000 Chicago Milw & St Paul. 100 3412 Feb15 41313 Jan 9
3714 Apr 5414 Sept
6834 70
6878 6912 6938 7014 68
Do pref
100 6512 Jan21 7414 Jan 9
70
683 701,1 9,800
4
6614 Apr 8638 Nov
9512 9512 9518 9518 9518 9512 9512 96
3,100 Chicago & Northwestern._100 9318 Jan21 9612 Jan 3
8912 Mar 107 Nov
9512 96
*131 13534 *131 13534 *131 1353 *131 1353 *131 1353
Do pref
4
100 13178 Jan 7 133 Jan17 125 July 137 Jan
4
4
2412 2512 245 2514 245 2538 25
8
8
2558 2412 253 17,000 Chic Rock Isl & Pac temp etre. 2218 Jan21 2612 Jan 3
8
18 Apr 3212 Nov
7814 7912 7712 7712 7714 78
77
78
7% preferred temp ctfs--7634 7712 3,700
5634 Jan 88 Nov
7314 Jan21 8014 Jan 3
65
66
*6512 6613 66
6634 66
6% preferred temp ctfs_ _ _ _
6612 6512 .66
46
4,600
6118 Jan21 67 Jan 3
Jan 75 Nov
35
35
*32
36
*32
36
3514 3613 *32
400 Clev Cin Chic S. St L01113_ _100 32 Feb17 3618 Feb27
38
26 Feb 40 Nov
*63
75. *63
75
*65
75
*65
75
Do pref
• 100 6612 Jan15 70 Jan16
*63
75
583 May 70 Nov
4
2178 22
*21
23
*21
23
22
2273 *22
2212
800 Colorado & Southern
100 1934 Jan22 227 Feb27
18 Apr 2712 Nov
8
*49
50'
50
50
*4912 51
Do 1st pref
100 4814 Jan 3 50 Feb26
*4913 54
100
47 Apr 55 Nov
*43
*43
48
*43
48
*4312 48
48
Do .24 pref
100 45 Feb 4 47 Jan27
40 Apr 48 Dec
-4
107 107
10731 10731 *10512 1073 1065 10734 1044 mot
4
8
650 Delaware de Hudson
Jan20 1073 Feb25 10012 Apr 11934 Nov
4
100 101
180 180 *175 180 *176 179 *175 185 *175 185
100 Delaware Lack & Western_ _50 176 Jan10 1823 Jan 2 160 Apr 185 Sept
4
*4
51,1 *418 514 *418 51.1 *5
514
100 Denver & Rio Grande_ _100
33 Jan 8
4
5
5
514 Jan14
214 Jan
7 Nov
Do pref
100
712
73
s 83
8
718 73
8 *7
838 Feb26
81s 83
8
5 Apr 1358 Jan
73
4 818 5,442
618 Feb 3
1658 17
1634 1718 165 17
8
100 1518 Jan21 173 Jan 3
17
1738 1718 1738 12,700 Erie
8
14 Apr 2338 Nov
28
2812 28
28
2/3
287
8 2812 2978 2914 305
8 9,900
Ist pref
100 2434 Jan21 3038 Feb28
Do
2318 Jan 3612 Nov
*193 22
4
21
2012 2012 -,2134 2112 2178
600
100 18 Jan21 22 Jan14
Do 24 pref
1812 Jan 2714 Nov
9214 937 *93
8
9412 -933 - 3 9Sis 94
9433 94
100 9014 Jan21 9512 Jan 2
9438 5,550 Great Northern pref
86
Jan 10612 Nov
3953 4014 3918 3934 3878 3938 3914 395
Iron Ore properties_ _No par 313 Jan 2 4038 Feb20, 2518 Jan 3412 Nov
8 383 3912 17,160
4
4
9612 9612 *96
99
9634 963
578
4 93
98
*95 9g4v Illinois Central
100 96 Jan21 9934 Feb 4
,4 13,4 )
92 Jan 10512 Nov
7
712
6
614 7
63
8
614
.No par
1nterboro Cons Corp.
712 Feb24
638
912 Jan
434 Dec
434 Jan 2
2258 24
2014 2212 1912 2134 2012 2078 1958 206 8,500
100 16 Jan 2 24 Feb24
Do pref
1714 Dec 4712 Jan
18
1912 19
19
1912 21
4 9,400 Kansas City Southern__ A00 1634 Jan30 2134 Feb27
205 213
8
4 2012 2031518 Apr 2414 Nov
52
52
*5012 53
51
5114 5112 5112 5114 52
700
100 4912 Jan21 53 Jan14
Do pref
45 Jan 5912 Nov
5538 555
8 5518 5558 5514 5514 5514 56
5558 5534 5.400 Lehigh Valley
50 54 Jan 2 5718 Jan25
5358 Dec 6518 Nov
116 116 *115 116 *115 116
11534 116 *115 116
300 Louisville & Nashville____100 11312 Jan23 119 Jan13 110
Jan 12434 Nov
1112 1158 1112 1112 1112 1112 1112 12)8 12
1238 3,300 Minneap & St L (new)__ _100
918 Jan21 123 Feb28
8
712 Apr 157 Nov
8
53
4 614
6
63
8
614 67
8
612 7
612 658 17,000 Missouri Kansas & Texas_100
7 Feb27
438 Jan
458 Feb10
63 Nov
4
13
914 1114 1112 113
1414 12
13
5,300
100
4 1214 14
Do pref
812 Jan13 1414 Feb27
612 Jan
1312 Nov
25
2534 2458 25
2558 16,400 Missouri Pacific trust etfs_100 2234 Jan21 27 Jan 3
255
8 25
2438 2512 25
20 Jan 3158 Nov
5334 5412 *53
54
5312 5413 5334 541t 5311, 5334 2,100
Do pref trust ctfs
4
41
00 4914 Jan21 543 Jan 3
Jan 62 Nov
74
75
74
7433 7334 75
7478 7534 747 7534 5,604 New York Central
8
00 6914 Jan21 753 Feb27
14
6712 Jan 845 Nov
8
2834 2918 2818 2834 2838 3014 3014 31
2912 3012 10,500 N Y N II & Hartford_ _100 2534 Feb13 3314 Jan 3
27 Apr 4578 May
2013 2012 *1912 21
*19
2012 2012 2013 2012 2012
N Y Ontario & Western. 100 1812 Jan21 21
Jan 7
8
1814 Jan 243 Nov
10712 10712 1063 10634 1063 1063 10612 107 z105 105
4
4
100 104 Jan21 10814 Jan 2 102
4
301 Norfolk & Western
1,3
Jan 11214 Nov
9238 9313 9258 9314 9258 9314 93
9338 9212 9314 8,000 Northern Pacific
100 8858 Jan21 9412 Jan 2
8118 Jan 105 Nov
4412 4473 4412 4434 4458 4434 4412 4434 445 4434 10,400 Pennsylvania
A
50 4418 Feb 1 46 Jan 7
8
404 June 5018 Nov
93
1312 1411 1414 1414 14
1414 1414 1414
100 1218 Jan21 1414 Feb24'
1411 1411 1,600 Pere Marquette v t c
41
1878 Nov
*5712 59
*57 2 58 • 58
,
58
500
58
583g 58
58
Cr)
Do prior pref v t c_ _ _ _100 57 Jan20 583 Feb27
3
5212 Apr 64 Nov
3442
45
3
.40
45
*40
45
*40
45
100 42 Feb2I 4318 JanI5
*10
45
Do pref v t c
30 Apr 50 Nov
O
3712 3834 3734 38
38
3973 39
4038 3812 3938 69,310 Pittsburgh & West Va._ _ _100 34 Jan21 40 8 Feb27
3
2258 Jan 4038 Nov
.1
82
81
8112 82
82
8212 83
100 79 Jan31 83 Feb27
83
*31
843
4 1,100
Do pref
61
Jan 82 Nov
C.)
81
8218 803 8114 81
82
3
8158 8212 8158 8258 52,950 Reading
50 75 Jan21 8412 Jan 3
7018 Jan 0614 Oct
*3713 3838 *3712 3812 38
38
*3712 3838 *38
3838 1,410000
Do 1st pref
50 3612 Jan 9 3812 Feb 4
4
35 Jan 39 May
*3712 39
38
38
*3712 39
38
3712 3712
38
300
Do 24 pref
35 Mar 40 July
5 37 Jan 2 38 Feb24
C..1
13
1318 1214 1214 1214 125 *1212 13
8
-San Fran tr ars...100 1034 Jan21 1414 Jan 3
St Louis
938 Apr 1714 Dee
Z
22
*17
*17
22
*17
22
*1712 20
. 1
;ii12 .. 61;
St Louts Southwestern___ _100 17 Jan28 18 Jan21
19 Oct 25 Nov
.4
*28
30
*30
32
*30
32
32
100
100 2312 Feb 4 32 Feb27
32
*30
3512
Do pref
28 Oct 4012 Jan
8
8
8
8
100
814 838 2,800 Seaboard Air Line
.4
818 818
73t
73 Feb13
8
8 8 Jan 3
7
7 Apr 12 Nov
1738 18
100 1534 Feb 3 183 Jan 4
1734 18
1,800
4
18
1714 173 *17
4
Do pref
1518 Apr 2514 Nov
1.)
102 10312 I511i4 1023; 1017 1027 10214 1033 31007 10214 107,700 Southern Pacific Co
8
100 9518 Jan21 1033 Jan 3
8
4
8
4
8012 Jan 110 Nov
2818 285
8 2814 293
2778 2918
2933 28,400 Southern Railway
100 25 Jan21 3018 Jan 3
8 2918 2912 29
2038 Apr 347 Nov
8
4
6812 6812 *68
6873 6778 6814 6812 6812 68
100 6634 Jan21 70 Jan 2
6812 2,400
Do pref
57
Jan 7514 Nov
32
3234 32
3234 32
3334 3258 3314 323 33
8
12.900 Texas & Pacific
100 2712 Jan21 3618 Jun 3
14 May 651 1 !Len
I
2913
a
*45
50
*45
50
*45
48
*4478 50
49
49
100 Twin City Rapid Transit. _100 38 Jan16 49 Feb28
32 Dec
>4
130 13138, 12912 13034 130 131
13034 13134 13034 13158 12,600 Union Pacific
100 1241 Jan21 13134 Feb27 10934 Jan 13712 Oct
1
-4
7334 7334 74
74
7312 7334 *7312 711 1 /733 7334
100 72 Jan14 7414 Feh21
670
4
4
Do pref
69 Jan 763 Nov
12
1314 1138 12
12
A
1234 12
1214
1314 Feb21
1134 1212 6,000 United Railways Invest__ -100
Jan
12 June
434 Jan
2514 27
2414 2538 2514 277
8 263 2714 26
26
24,000
8
100
Do pref
8
1012 Apr 20 May
7
5 Jan13 277 Feb26
4
'
'
1
814 814
833 878
814 85
8
834 5.700 Wabash
100
834 87
814
8
73 Jan20
4
87 Feb26
8
7 Apr 1134 July
E444
3214 3314 3278 33
33
3414 34
3434 34
100 3012 Jan21 343 Feb27
4
3412 8,700
Do pref A
3078 Dec 4412 Jan
g
20
2034 20
20
2012 213
4 2114 2158 *20
22
5,300
100 19 Jan23 2134 Feb26
Do pref B
1918 Dec 2612 June
...
11
.11
11
1118 107 1138 1114 1112 11
8
1114 4,100 Western Maryland (new)_100 1038 Feb 7 123 Jan 9
8
10 Dec 173 Feb
4
4
*20
30
*20
30
*20
30
*20
30
100
Do
2d pref
Jan 32 June
3
•17
4317
*17
19
19
19
"iii- 19" *18 20
100 Western Pacific
100 -fi" Feb 3, 2012 Jan 3
Ca
13 Jan 2434 Nov
5512 5512 55
*54
56
55
55
300
55
100 5218 Feb20 6112 Jan 9
*53
57
Do pref
46
Jan 66 June
9
9
87
8 0
87
8 912
9
914 6,300 Wheeling & Lake Erie Ry_100
912 93
4
X
934 Feb27
Jan18
8 Apr 1234 Nov
g
183 1.812 *19
8
22
20
20
22
,
300
100 27 Jan30 20 Feb26
____ ---- *19
Do pref
O
1712 Apr 26 Nov
3212 3212 *31
33
*31
33
*31
34
100 UN Jan22 35 Jan 4
100 Wisconsin Central
2978 Dec 3934 Oct
i
..
Industrial & Miscellaneous.
t..5
2278 23
*2214 2314 227 23
8
2234 2234 *2212 231t
900 Advance Rumely
100 21
Jan21.2514 Jan 3
11
Jan 2634 Nov
5912 592 1,000
Z
5978 60
60 60
*5934 597
s 597 60
8
100 5612 Jan20 6114 Jan30
2578 Jan 6278 Nov
Do prat
,-,
7412 7514 7312 75
7378 7512 741 t 81
z7612 79
38,200 Ajax Rubber Ine
50 66 Jan13 81 Feb27
49 Jan 7214 Dee
35
8 37
8
312 35
8
35
8 35
8
33% 33
4
33
8 33
4 2,200 Alaska Gold Mines
Z
10
338 Feb '4
414 JanI5
114 Apr,
538 Nov
178 2
173
178'
134 178 , 134
178
178
178 8,700 Alaska Juneau Gold Min'g_10,
4
218 Jan 3
134 Jan 2
112 Apr
312 June
3412 3514 34
3434, 3418 3534 3438 357
8 3414 35
29,700 Allis-Chalmers Mfg
100, 30 Jan21 357 Feb19
8
1734 Jan' 37 May
.4
8612 87
*86
87 I 8678 87
87
88
1,166 , Do prat
8714 88
100 8178 Jan23 88 Feb28
7214 Jan 8612 May
>
...10238 103
102 10238 102 10218 1021.4 10212 10114 102
2,300 Amer Agricultural Chem_100, 9978 Jan20 103 Jan 8
Oct
78 Jan 106
_
*9812 9912 *9812 9912 *9812 9912 *9812 9914
100 98 Jan 9 9912 Feb.8
Do pref
8941 Jan 101 Aug
-70" -71 2 7034 74 7338 7614 75 7534 7234 7434 37,500 American Beet Sugar
-1100, 62 Jan 3 77 Jan 9 I 48 Nov 84 Feb
§90
90 '
385
90
90 90
*86
90
*81
95
105
100 8434 Jan13 90 Feb26 z82 Sept 9112 May
Do pref
4534 4612 453 4614 4512 4714 4614 4'712 4534 4638 29,600 American Can
8
100' 4278 Febl 1 503 Jan 9
3
3453 Jan' 503 May
4
10118 10118 *101 102 *101 102
_
10173 10178
200
Do pref
8
8914 Jan 99- Dee
100! 987 Jan 6 10178 Feb 5
905
8 9038 9134 -911a -1 31- 9218 9438 29,000 American Car & Foundry-100, 8418 Feb10 943 Feb28
9034 913
4
5 -2
8
6814 Jan 9334 Dee
116 116
116 116 *11512 11712 *11513 117 *11512 117
300
100 113 Jan18 116 Feb24 106 Jan 11512 Dec
Do pref
4434 46
'4414 4412 4412 4434 45
100 3958 Jan 2 46 Feb24
4513 44
4434 4,900 American Cotton Oil
25 Jan 4434 Oct
*85
93
*85
93
*85
93 '
3.37
93
*87
93
Do pref
'78 May 88 Dee
1001 88 Jan 7 89 Jan18
1218 1238 1214 1278 1234 1338 1318 1312 131.4 '1312 43,100 Amer Drucgists Synd1cate_10 1038 Jan24 1312 Jan30 _ _.__
1734 1778 1712 1712 1753 1734 18
1814 1834 2013 25,100 American Hide & Leather 100 1318 Jan 4 2012 Feb28
iiis ifei)i
1178 Jan -92
9412 92
9273 92
9438 95
9838 96
9838 40,800
100 7114 Jan 2 983 Feb27
8
Do pref
50 Jan 947 Aug
8
4234 4314 423 4514 443 4512 43
4
4
4434 425 43
8
9,100 American Ice
100 38 Jan21 4512 Janl 1
1112 Jan 49 Oct
6134 63
6212 6314 6312 6334 62
6312 63
100 5434 Jan20 6334 Feb26
6312 3,000
Do pref
Oct
383 Jan 61
4
547 5614 5478 5512 553 5612 5614 57
8
8
56
6134 78,100 Amer International Corp_ _100 52 8 Feb 8 613 Feb28
4
3
5112 Sept 6012 Oct
4812 4918 4818 4812 4718 48
4618 48
4512 46.
8,300 American Linseed
100 4512 Feb28 5234 Jan 9
27 Jan 4712 Dee
*87
88
8714 8714 87
87
87
8714 8612 8612
900
4
100 8612 Feb28 923 Jan 7
6914 Jan 92 Dee
Do pref
633 6514 6333 6458 6312 64
4
6414 653
4
5312 Jan 713 may
4 65
67
32,800 American Locomotive.._ _100 58 Jan21 67 Feb28
*104_ *104 108 *103 108 *104 110 *104 108
100 100 Jan14 10414 Feb18 z95 Jan 10238 Dee
Do pref
158 --158
158 158 .2
2
112 178 *112 . 2
1,200 American Malting
100
43 Jan 7
8
1
Jan17
238 Sept 1312 Feb
47 47
4678 4678 47
4818 49
4912 4914 50
3,500
Do Ist pref certlfs of dep__ 4312 Feb19 50 Feb28
41 Sept 48 Dec
6718 683s 6612 6714 z6534 6673 6612 673
4 6653 67
36,900 Amer Smelting & Refining-100 6218 Feb 6 7838 Jan 3
73 May 9434 Oct
10473 1047 105 105 *10413 10512 *10414 10514 *10312 105
8
200
100 103 Feb20 107 Jan14 103 Sept 11014 Nov
Do pref
82
8314 81
82
8158 8238 8134 8233 RO
81
9,500 American Steel Foundries.100 68 Feb 8 8612 Jan 3
58
Jan 95 Nov
11914 12112 12012 12214 121 12134 11912 12118 .//117 118. 14,300 American Sugar Refining_ _100 11114 Jan21 12214 Feb25
98
Jan 116 May
11712 11712 117 117 *116 118
11618 11618 *113 118
500
100 11312 Jan 6 118 Feb 5 10814 Mar 11412 Dee
Do pref
110 114
113 11538 11312 11534 11213 11514 *11034 11378 49,700 Amer Sumatra Tobacco_..100 9612 Jan13 11534 Feb26
6034 Jan 145 May
10458 10538 105 10512 10514 100
106 107
10638 1073
8 8,000 Amer Telephone & Teleg-100 9834 Jan20 10738 Feb28
0058 Aug 10914 Feb
19812 19914 196 196
196 196
196 197 *195 199
100 19178 Feb 4 206 Jan10 14012 Jan 1983 Dec
900 American Tobacco
4
100 100
*99 101
1007 10078 10012 101 *10011 101
8
100 100 Feb24 106 Jan 6
600
9218 Sept 10012 Dec
Do pref(new)
54' 5614 5512 5734 563 5712 553 5718 55
4
4
5553 19,100 Amer Woolen of Mass--100 4514 Jan16 5734 Feb25
4478 Jan 607 May
8
97 97
*96
97
*96 97*96 97
100
100 9438 Feb 8 97 Feb24
92
Jan 9634 Dee
Do prof
37
38
3512 37
3512 3512 -54T8 "i6; 3512 3778 4,200 Amer Writing Paper pref....100 2758 Jan 2 38 Feb24
2014 Apr 393 Aug
8
*1112 12
1134 12
1218 1218 12
1312 1212 15
4,400 Amer Zinc Lead & Smelt.....25 11
Jan31 15 Feb28
11 Dec 2138 July
*40
45
*40
43
*1012 45
43
43
3441
49
100
Do pref
25 40 Jan21 4312 Jan10
3834 Dec 5314 July
5953 6012 5918 5934 5914 6118 6038 613
8 5978 6018 36,600 Ancaonda Copper Mining...50 5613 Fob 6 613 Jan 3
8
59 Dec z7414 Oct
98
99
9658 9818 98
12,600 All Gulf A NV I SS Line__ _100 92 Feb 8 10812 Jan 4
9812 9314 9834 9912 104
9731 Jan .12014 Feb
*63
65
*6312 65
165
65
*6312 65
Jan29 67 Jan 2
65
6530
100 64
350
Do pref
58 Jan 6758 Nov
753 805
8
8 7738 7938 77 .7878 7734 7912 765 7/314 147,000 Baldwin Locomotive Wks..100 6478 Jan20 805 Feb24
8
8
5619 Jan 10134 May
11918 121
11812 119
119 120
119 11938 118 119
2,200 Barrett Co (The)
100 103 Jan 2 12214 Feb20 • 85 Jan 110 Dec
*6214 6312 *62
63
*624 6312 *6312 6412 3 63
.
6.112
Bethlehem Steel Corp...
.100 5512 Jan20 6211 Jan 6
60 Dec 98 May
627 0378 6238 6234 6238 65
8
64
65
633i 6518 59,100
Do Class B common..100 553 Jan21 6518 Feb28
8
5934 Nov 94 May
10412 1043 10412 10458 10458 1047 1047 10514 10514 10512 1,800
4
8
8
Do cum cony 8% pref._ 1015 Jan22 10512 Feb28
8
9612 Jan 10678 Apr
2058 2078 2078 21
2012 205 *2018 2012 *20
8
2012 1,300 Booth Fisheries
No par 1814 Jan14 2234 Jan 6
21
Jan 2812 Sept
*144 147
144 144
140 1433 142 143
4
142 142
900 Burns Bros
100 138 Feb 6 157 Jan 3 108 Feb 6112 Oct
6
612
7
614 ' 714 3,900 Butte Copper & Zinc v t 0.-5
*514 53
4
57
s 5 s *512 6
714 Jan 6
8
51s Dee 1127 July
518 Feb20
1818 1818 184 1814 1812 1812 183 2112 2012 2512 18,500 Butte & Stmerior MIntruz_10 167 Feb111 2512 Feb28
8
1612 Jan 3311 May
8
•Bid and asked prices: no sales on thlv clay. t Ex-rights. i Less than 100 shares. a Ex-div. and rights. 2 Ex-dividend.
New York Stock Record-Concluded-Page 2
861
For record of sales during the week of stocks usually Inactive, see second p.tge preceding.
-PER SHARE, NOT PER CENT..
HIGH AND LOW SALE PRICES
Saturday
Feb. 22
Monday
Feb.24
Tuesday
Feb.25
Wednesday
Feb.26
Thursday
Feb. 27
Friday
Feb. 28
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan, 1.
On basis of 100
-share lots.
PER SHARE
Range for Previous
Year 1918.
Lowest
Lowest
Highest
p Highest
Industrial&Misc.(Con.) Par $ per share
share
$ per share $ per share $ per share $ per share $ per share
$ per share $ per share l$ per share
5338 53
54 $ P81.
3 53
5234 533
552135
5213 53
3,725 California Packing__ _ No par 4814 Jan 2 54 8 Jan25
3
,
3612 Jan 50 Nov
4 2638 2738 263 273
2738 283
8 2612 2714 2612 2718 14,800 California Petroleum
4
100 2038 Jan 2 2834 Feb21
12 Jan 247 Nov
7212 7212 73
733
3 72
72
737 737
3
7318 3,400
73
Do pref
100 6418 Jan 2 74 Feb21
36
Jan 7012 Dec
63 . 6218 6438 63
6238 6312 6114 8238 62
6518 27,300 Central Leather
100 5612 Feb 8 8518 Feb28
543 Dec 7338 Feb
4
10612 10612 .10614 1063 1063 1063 10614 10612 10634 10634
4
4
4
800
Do prof
100 10412 Jan 7 1063 Feb26 10112 Dec 108 Nov
4
3218 32
3278 *3414 347
8 32
3134 317
32
32
1,800 Cerro de Pasco Cop___No par 31
Jan22 3453 Jan 3
2914 Mar 39 Nov
1253 1263 123 124
124 12518 125 126
8
125 127
7,000 Chandler Motor Car
3
103 Jan18 127 Feb24
6814 Jan 1097 Dec
.1734 18
1912 17,100 Chile Copper
1958 la
13
1812 18
1778 18
25 1718 Jan21
1953 Feb27
1412 Apr 24 Oct
3312 3418 3318 3358' 3312 337
8 3312 3438 3312 3373 8,700 Chino Copper
5 3213 Feb 6 3438 JanJO
3138 Dec 4714 May
3734 3812 3812 3858; 383 383
3818 2,700 Colorado Fuel & Iron
3
8
3 383 393
4 38
4
100 343 Feb 10 3934 Feb27
3434 Jan 5412 May
46
45
8
4458 447 46
423 4318 43
4412 4514 32,000 Columbia Gas & Elea
100 3914 Feb 1 46 Feb26
2834 Mar 447 Dec
9614 98
043 96
9634 *94
4
*96
96
95
98
4,300 Consolidated Gas(N Y).-100 8718 Jan27 98 Feb27
4
823 July 10538 Nov
8 7434 77
6978 6834 767
*68
74' 743 18,300 Continental Can, Inc
6812 70
4
100 6512 Feb10 77 Feb27
6513 Oct 95 Feb
4758 483
3
4 473 4814 4712 4918 48
487
3 4758 4814 25,600 Corn Products Reflning_100 46 Jan21 5073 Jan 4
297 Jan 5018 Nov
104 101 *103 105
104 104
311
Do pref
10312 10312 *103 104
100 102 Jan23 104 Jan 2 s9012 Jan 104 Dec
62
5912 6078 -00
7
5934 6114 60,100 Crucible Steel of America-100 5218 Feb 7 62 Feb27
5834 60 8 5858 60
52 Jan 747 May
9218 9214 *9012 0212 9112 9112 9112 0112 *9212 94
400
Do pref
100 91
Jan 2 0214 Feb24
86 Jan 9134 June
2238 23
2134 2214 16,100 Cuba Cane Sugar_ _ __No par 2038 Jan27 3112 Jan 9
8 2218 231.8 2212 2278
2234 235
2712 Apr 34 Nov
7458 7214 7312 7213 7234 7234 7312 727 7314 6,300
Do prof
73
100 7118 Jan28 80 Jan 9
7714 Dec 83 Feb
5512 5634 551 4 5538 5534 5612 5614 583
3 5658 587 53,100 Distillers' Securities Corp-100 :49 Jan 2 5872 Feb28 s33
Jan 6454 May
1234 1278 1258 123
4
123 13
1234 13
4 1258 1234 2,000 Dome Mines, Ltd
10 1053 Jan31 1314 Feb18
6 June 15 Nov
3012 31
8 3012 3114 3012 31
3014 313
3012 3238 31,300 Gaston W & W Inc__No par 2518 Jan21 3238 Feb28
2534 Oct 39 Feb
153 15534 *15214 15112 15412 155
15514 15512 155 15512 1,900 General Electric
100 14412 Feb 3 15534 Feb24. 12734 Jan 15812 Oct
141 14412 14113 14418 144 15012 15014 1543 148 15314 124,200 General Motors Corp_ _ _ _100 11812 Jan21 15434 Feb27; 10634 Jan 164 Aug
4
855
8 3514 8512 8533 86
8512 8558 85
*85
1,900
86
Do • prof
100 82 Jan 8 8614 Feb 6
7538 Oct 88 Feb
7112 70
6658 7114 5814 7014 70
713
4 6812 7012 60,100 Goodrich Co (B F)
100 5812 Jan10 7134 Feb271 38 Jan 5978 Oct
10'112.10538 108
10612
108 103
*105 110
.300
Do prof
100 103 Jan 8 108 Feb26
9558 Dec 104 Dec
68
68
68
68
6812 *65
68
1,600 Granby Cons M S & P_ _ _ _100 68 Feb24 80 Jan 3
69
74 Jan 86 Oct
4214
4214 4218 42
4258 4212 423
4212 *42
42
4 1,800 Greene Cananea Copper.
.100 41 Feb13 4612 Jan 9
3812 Jan 5814 Nov
56
5118 5278 5278 5278 2,008 Gulf States Steel tr ctfs_100 4912 Feb 8 617 Jan 3
*5412 5312 *5412 5713 51
5834 Dec 11112 Apr
4238 4218 4212 4212 4434 3,400 Haskel & Barker Car No par 40 Feb 6 457 Jan 4
4218 3,
42
4 42
1134 423
34 Jan 4914 July
4
4458 4514 4414 4478 443 4518 45
453 22,200 Inspiration Cons Copper
8
4614 45
20 4212 Feb 6 4714 Jan 9
4118 Dec 5812 Oct
*133 15
4
15 •133 15
4
*14
*1334 15
100 Internat Agricul Corp_ _ _ _100 1012 Jan 2 1538 Jan14
10 Jan 19 June
4
5812 573 587 *58
*56
58
3
_
59
59
800
Do pref
100 48 Jan 4 59 Jan14
38 Jan 65 June
s
8
115 fill
115 11512 1147 1147 114 115
114 114
1,200 Inter Haverster (new)_ _ _ _100 110% Jan21 117 Jan 7 104 Oct 121 Nov
2212 2412 2314 237
8 233 2418 2312 2458 14,800 Int Mercantile Marine
25
24
4
100 2114 Jan31 27 Jan 4
21
Jan 33 Oct
100 10234 961.8 10114 085810114 101 10218 10053 10318 147,400
Do prof
100 9234 Feb10 11378 Jan 3
8338 Jan 12512 Nov
8
2514 2612 255 26
2512 2614 2534 2612 16,000 International Nickel (The) 25 2412 Feb 3 3233 Jan 3
2638 27
27 Jan 35 Nov
4738 463 4.834 46
4612 483
8 4512 4634 46
4738 56,100 International Paper
4
100 3014 Jan 3 483 Feb27
4
2412 Jan 451 May
70 4 711.8 7118 7112 7113 7158 3,200
3
72
*70
695 70
8
Do stamped pref
100 62 Jan13 715 Feb28
8
58
Jan 6512 Jan
108 113
110 11314 107 110
10318 10618 1023 109
4
65,280 Kelly-Springfleld Tire_ _ _ _ 25 68 Jan21 11314 Feb27
41 Apr 72 Dee
4
3018 3012 293 3018 293 304 3014 3114 3018 3012 14,400 Kennecott copper.....,No par 2913 Feb13 3334 Jan30
4
29 Mar 4114 Nov
8
6634 665 67
6612 6712 6634 6718 5,700 Lackawanna Steel
66
665 67
8
100 6212 Jan21 6813 Jan 3
6512 Dec 915
8May
2612 2712 2614 2713 2614 2714 2614 27
2534 2634 12,900 Lee Rubber & Tire_ _No par 21
Jan22 2712 Feb24
12 Apr 24 Dec
42
4312 43
4253 4318 4212 43
4312 .43
44
2,200 Loose-Wiles Biscuit tr ctfs_100 4018 Feb17 4738 Jan20
1712 Jan 4555 Dec
9712 *93
9712 *92
*02
9712 *9212 9712 .96
100
Do 2d pref
93
100 94 Feb 5 9712 Jan20
53 Feb 96 Dec
78
*72
78 .71
*70
78
.71
78
Mackay Companies
78
*72
100 70 Jan22 7334 Feb 4
70 Dec 7812 Feb
*633 65 I *64
4
*633 65
4
*633 65
4
65
*6334 65
Do prof
100 64 Jan15 65 Jan 4
57 Jan 65 May
36
36141 3514
35
35
3312 338 33
35
3538 1.3,200 Maxwell Motor, Inc
100 263 Jan22 3614 Feb26
4
2312 Jan 4212 Nov
4
563 5778 5814 593
58
57
41 59
4,400
5912 .58
Do 1st prof
59
100 503 Jan22 593 Feb26
8
4
50 Dec 6978 Nov
83
2413 2434 2412 2514 2512 26
2512 2612 2512 2512 5,000
Do 2d prof
100 1914 Jan 2 2612 Feb27
19 May 3238 Nov
1751ti 180381 17538 1783 173 17712 156,300 Mexican petroleum
18012 184 I 178 181
8
100 16234 Jan23 19714 Jan 2
79 Jan 194
Oct
a
------*105 109
_
Do pref
Feb21
100 105 Feb 7 10712
87 Jan 107 Dec
2214 2273 2238 - - 2 227g 227-1 2214 23
2218
-i3. /Ai - 3,500 Miami Copper
7
18
4
5 213 Feb 7 2433 Janll
2214 Dec 3318 Jan
4234 43 I 4212 4234 4238 427
8
31 427 4333 4214 4234 12,000 Midvale Steel & Ordnance_ 50 4014 Feb 7 447 Jan 9
41 Dec 81 May
*71
73
74
73
1,000 Montana Power
7412 *71
7314 7412 7312 74
100 697 Jan13 7412 Feb27
s
64 June 8112 Nov
0
*105
10614 10614 *10512-_- 106 108 .105 ____
200
Do prof
100 105 Jan22 10614 Feb25
95 Mar 10618 Dec
1558 1553 1614 1513 16
1578 I 1558 1614 .1612 1634 12,300 Nat Conduit dc Cable_No Par 14 Feb 8 1612 Jan10
13 Nov 2138 July
5012 513
4 5114 523
4
8 513 5258' 513 523 5497 5014 21,400 Nat Enam'g & Stamp'g_ _ _100 4513 Feb 8 5253 Feb26
4
8
3
43
3714 Jan 541s May
.96
*96
99
99 .96
99 1 .96
99
Do prof
100 93 Jan15 97 Feb17
88 Nov 9912 Feb
6634 67
*66
6678 67 1 67
87
6714 "fii- iiii - 1,900 National Lead
100 64 Janll 6878 Jan24
4314 Jan 6934 Dec
300
10318 10818 *107 111
Do pref
10818 10818 *10814 111
100 107 Jan 3 11018 Jan25
9934 Mar 10512 May
16 117
738 1
1618 1618 16
1618 16
1018 '16
3,200 Nevada Consol Copper
1612"0
5 16 Feb25 1712 Jan 3
1612 Dec 217 May
8
106 106
10478 106 *100 106 *103 10512 *103 106
1,100 New York Air Brake_ - _ -100 9114 Feb 3 106 Feb24
9812 Dec 139 May
49
55
49
*47
49
•46
49
*47
100 North American Co
513
*47
100 47 Janll 50 Feb19
3712 Aug 5712 Nov
3758 27,100 Ohio Cities Gas (The).- 25 a353 Feb14 447 Jan 3
3738 3714 3778 3712 373
3718 3712 37
4 37
4
3513 Mar 48 Oct
85
8 88
8
8 4 87
3
83
3
4 83
83
4 87
4 0,400 Oklahoma Prod & Refining 5
87
3 9 .
8 Feb 3 1018 Jan10
7
718
57 Jan15
400 Ontario Silver Mining__ _..100
3 *714 712
3 71 4
73
3 73
8
*71a 75
67
43
8 Feb 1
414 Jan 13 June
3112 3113 *29
3112 317 33
*3012 34
32
31
1,500 Pacific Mail SS
5 2912 Feb 8 3813 Jan 4
2312 Jan 40 Dec
3 7738 7914 101,300 Pan-Am Pet & Trans
8 7812 8038 7812 8034 7852 803
8012 827
50 67 Jan21 8273 Feb24
6314 Oct 7214 Oct
13612 139 *138 142
14112 14212 *137 140
13613 13812 1,000
Do prof
100 117 Jan22 14212 Feb24
86 Jan 12412 Oct
497 503
4973 5012 *48
E.
52
4812 4958 50
50
4 3,400 People's 0 L & C (Chic)._100 4515 Jan22 52 Feb27
39% Jan 61 Nov
3518 3658 3414 3512 3512 3612 353 3618 3412 3412 12,300 Philadelphia Co (Pittsb).... 50 30 Jan 3 385 Feb24
4
8
21 Apr 3514 Oct
4412 4638 45
4112 4278 4138 4212 4234 443
4
463 84,300 Pierce-Arrow M Car___No par 383 Jan22 4638 Feb27
8
4
34 Jan 5134 Nov
*103 106 *10312 106 *104 106
105 105 *104 105
200
Do prof
100 10112 Jan 3 105 Feb27
8934 Jan 104 Dec
1734 1814 1712 1734 1712 1773 1714 173
4 1718 1712 6,700 Pierce Oil Corporation__ _ _ 25 16 Jan 2 1938 Jan 6
15 Sept 1918 Oct
83
4612 4734 453 4638 4514 457
4534 4634 4,600 Pittsburgfi Coal of Pa. 100 45 Feb 3 5012 Jan 9
8 4512 46
4
42 Jan 5834 Feb
86
86
86
*85
*8512 86
86
87
*85
86
300
Do prof
100 853 Feb 6 87 Jan 9
4
793 Jan 85% Dec
4
6714 6714 6814 6712 6811 4,500 Pressed Steel Car
67
6712 68
8 67
667
100 x59 Febll 6814 Feb20
5512 Nov 73 Aug
*99 103
*99 103
*99 102
_ .99 102
Do prof
100 101 Jan 2 104 Jan14
•
93 Apr 100 Aug
90
90
*82
*82
*82
90
82 - 0 - *82
9
90
E.
Public Say Corp of N J _ _100 82 Jan31 91% Jan 7
85 Oct 10912 Mar
8
8
1153 1153 1153 11578 11514 1151.8 4,050 Pullman Company
3
115 11612 11334 115
100 1117 Feb14 122 Jan 4 10013 Jan 13214 Nov
7412 75
7514 7614 7434 7638 9,200 Railway Steel Spring
76
7638 75
75
100 6812 Feb10 7738 Jan 3
4512 Jan 7812 Dec
*10514 108 *10514 107 *10514 107 *10514 107 *10514
107100 104 Feb 4 107 Feb21
Do pref
95 Jan 10512 Dec
8
1934 20
1934 1978 1934 1978 197 20
1934 197
6,900 Ray Consolidated Copper_ 10 1912 Feb 6 213 Jan 3
4
1914 Dec 261g May
7712 76
4 77
7534 7614 7534 773
7618 77
77
12,700 Republic Iron & Steel_ _ _ _100 7112 Jan18 7734 Feb26 z7258 Jan 96 May
uS
10212 10212 *10112 102
*10188 102 *10158 102 *101 102
100
Do prof
100 100 Jan13 10212 Feb27
9258 Jan 10212 Sept
43
96
9512 99
9414 9612 9412 0612 94
9013 9514 48,300 Royal Dutch Co ctfs dep-- 70 4 Jan21 9912 Feb20 z70 Dec 145 Oct
3
034 1178 1118 12
1012 1114 1058 11
958 1018
21,900 Saxon Motor Car Corp_ _ _100
718 Jan23 12 Feb26
434 Aug 18 Nov
171 17114 170 171
171 171 *17012 174
171 172
1,000 Sears, Roebuck & Co__ _ _100 16812 Feb13 18514 Jan 8 13334 June 17612 Dec
1014 1012 1012 1012 1012 1013 3,300 Shattuck Ariz Copper
1012 1012 *1014 11
10 10 Feb19 1312 Jan10 z13 Dec 1814 Feb
3673 3534 3638 3512 36
3612 36
3678 3734 36
21,800 Sinclair Oil & Reg_ _No par 3314 Jan 2 377 Feb21
2514 Apr 39 Feb
4912 5012 *49
51
50
51
*49
50
50
50
1,300 Sloss-Sheffield Steel & Iron 100 4612 Feb10 53 Jan16
39 Jan 7114 May
41
40
3914 3914 *3818 3914 39
407
3 40
408 3,100 Stromberg-Carburetor_No par 3634 Jan10 42 Jan15
8
8
5412 553
4 543 8014 5812 6134 595 6212 583 803 180,700 Studebaker Corp (The)__.100 4534 Jan22 6212 Feb27I 337 -A pr 727 Nov
8
4
9312 9312 *8914 94
*89
94
100
Do prof
100 92 Jan22 9313 Feb24I 8012 July 100 Nov
4
4514 -4514 471- -2
4234 4412 43
1534
4512 4614 14,300 Stutz Motor Car of Am_No par 4214 Feb14 51
Jan13
37 Oct 55 Dec
3612 36
8
3612 36
363 *36
3638 *33
3614
3614 1,000 Superior Steel Corp'n..._ -100 32 Jan21 3612 Feb20
3414 Mar 45% MaY
*95 101
*95 101
•95
.95 101
09
*95 99100
• Do 1st prof
95 Feb 100 Sept
135
8 1338 1338 13
1338 1338 *13
1338 13
1318 2,300 Tenn Copt)& C tr ette_No par 1214 Feb13 1412 Jan 4
123 Dec 21 July
4
192 10512 19214 1943 191 193
103 19578 192 103
4
22,500 Texas Company (The)___ _100 184 Jan 2 19578 Feb24 13612 Jan 203 Oct
8834 8938 8953 9078 1843 87
8834 9038 8818 80
4
35,500 Tobacco Products Corp.
.100 72% Jan29 907 Feb27
8
4813 Mar 8238 Dec
10512 10558 10514 10558 1055 1055 110214 10214 1,200
8
10573 106
8
Do pref
100 102 Jan21 106 Jan 8 58714 Mar 104% Dec
*74
80
80
*74
78 .74
77
80
*74
80
400 Union Bag & Paper Corp_100 75 Jan 3 79 Jan24
65 Jan 80 May
42
41
4012 41
4114 42
4012 42
407 415
8
8 8,800 United Alloy Steel_ ___No par 3738 Janll 42 Feb24
367 Oct 4412 May
3
12278 12414 12238 12434 12378 12512 12514 12958 65,900 United Cigar Stores
12418 126
100 10714 Jan 2 12958 Feb28
8334 Mar 1083 Dec
4
*109 119 *109 119
*109 119 .109 119
Do pref
100 106 Feb 5 108 Feb 5 10114 Jan 110 July
163 16412 16312 164
16212 16312 *162 163
jail 1- - - - 1,100 United Fruit
65
100 157 Feb10 1673 Jan 2 11614 Jan 16612 Dec
4
1912 1958 1912 20
20
1812 2018 19
19
10
4,700 U S Cast I Pipe & Fdy...... _ 100 14 Jan15 2012 Feb21
1118 Apr 19 May
4
5458 5412 543
4
64
4 543 543 *5314 55
z5314 5334 1,100
Do pref
47 2 Jan 6
100 0214 j 12 543 Feb25
4
an2
41 Mar 4734 Feb
10014 11112 11014 11114 11114 114 *102 10
110 112
112
15
7
30,700 U S Industrial Alcohol__..100
115 Feb28, z96 Dec 137 May
1103 103 *101 103 *102 105
115
Do pref
100 9614 Jan 2 10012 Feb18, 94 Oct 99 • Mar
82
845 -8214 -Ail- 8114 8238 114,400 United States Rubber
8
8178 8478 8134 83
8
47,Feb24' 51 Jan 8012 Dec
b28
100 73 Jan21
111 111
11134 112
*110 112 *11012 112
112 11218
Do 1st preferred
600
100 109 Jan20 1812188
:95 Jan 110 Dec
473 48
3
47
4734 48
48
4712
*47
47
4712 2,900 US Smelting Ref & M..... 50 4314 Jan21 48 Feb24
3212 Apr 503 Oct
4
*4612 483 *47
4712 4712 *48
4812 *4712 49
4
4834
220
Do pref
50 45 Jan18 4712 Feb27
4238 Apr. 4734 Dec
4
955
8 9478 953 z92
9418 9518 9312 9418 94
93 443,900 United States Steel Corp_ ..100 8814 Feb10 9634 Jan 3
8612 Mar 11612 Aug
114 11412 11414 11412 11412 11412 2,310
11418 11414 114 11438
Do prof
100 11318 Feb10 11512 Jan14 108 Mar 113% Dec
6812 6934 6912 7138 6938 7058 25,300 Utah Copper
6712 6812 6712 68
10 6518 Feb 7 74% Jan 2
7114 Dec 93 Oct
16
16
*1612 1612 1578 16
153 1638 1534 16
4
1,400 Utah Securities v t 0
100 13 Jan 2 1712 Feb 4
11 Sept 1634 Nov
8
537 55
55
56
543 5518 5358 54
8
543 5513 4,500 Virginia-Carolina Chem_ _ _100 51 Feb10 5634 Jan 6
4
3334 Jan 6014 Nov
11214 11214 112 112
112 112
112 112 .111 113
600
Do pre(
100 110 Jan 7 11312 Jan14
98 Jan 113% Dec
*55
56
_
60
*55
Virginia Iron C At C
100 58 Jan25 58 Jan18
50 Jan 7312 July
88
8738 88
89
8714 8712 *873 88
3
-- 818 - - - i3,266 Western Union Telegraph_100 8614 Jan22 897 Jan13
8
89
8
7714 Aug 95% Apr
4334 4414 4333 4334 4312 46
4518 463
3 4434 46
39,600 Westinghouse Klee & Mfg- 50 4012 Jan21 4633 Feb27
3812 Jan 4712May
0384 01
*61
*60
65
65
*60
6314 6112 6112
600
Do 1st preferred
50 61 Feb27 6314 Feb271 59 Jan 6412 Feb
52
5712 5114 5612 53
5112 52
52
51
5112 24,700 White Motor
50 45 Jan 3 5712 Feb26. 363 Jan 49 Nov
4
2758 2818 2678 273 08,200 Willys-Overland (The)._ 25 2314 Jan22 2813 Feb274
2714 2678 28
2618 2613 26
4
1512 Jan 30 Nov
9212 92
9278 02
92
93
9134 9278 *91
9214 1,800
Do. pref (new)'
100 8734 Jan 7 92% Feb24; 75 Jan 8914 Nov
70 I 69 69
70
70
7078 7078 *67
69
69
700 Wilson & Co,Inc, v t c No par 65% Jan20 74% Jan 6: 4514 Jan 77 Dec
14
12134 12134 4
'12014 123 *120 122
...... ____
,
100 Woolworth (F W)
100 120 Feb 7 13312 Jan 91 110 Mar 12812 Oct
*115 117 1 3
115 118 *115 118 ,*115 118
Do pref
100 115 Jan22 11712 Jan171 111
Oct 115 Sept
59
60
6112 593 61
593 61
59
4
4
60 60
6,950 Worthington P & M v t o 100 50 Feb13 6112 Feb26: 34 Jan 69 Aug
93
9212 9213 927 93 .01
9114 9113 92
3
04
1,100
Do prof A
100 88 Jan 9 93 Feb251 85% Feb 9112 Apr
7013 70
71
71
70
71
.70
•70
71
*70
1,000
Do nref B
100 68 Jan 3 71 Feb26' 59 Jan 70% July
• Bid and asked prices; no sales on this day.
Leas than 100 iduires.
Ex-rights. a Ex-div. and rights. 2 Ex-dividend.
862
New York Stock Exchange Bond Record, Friday, Weekly and Yearly
Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"-ercept for interest and defaulted bond,.
BONDS
N. Y.STOCK EXCHANGE
Week Ending Feb. 28
41
Price
Friday
Feb. 28
Week's
Range or
Last Sale
14
,..4
''''
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ending Feb. 28.
tt
Week's
Range or
Last Sale
Price
Friday
Feb. 28
4 1
t I
e3 I
Range
Since
Jan. 1.
High No.I Low' High
Ask Low
Bid
Chesapeake & Ohio (Con)
8
8318
795
6
1992 M 114 7814 Sale 7814
General gold 4345
4
863 Mar'17 -1992 M S ---- 76
Registered
31 -H34 "
79
'77- iiii
Sale 78
-year convertible 4 34s.. _1930 F A 79
20
129 8414 89
85
s
-year cony secured 58_1946 A 0 857 Sale 8512
30
- -1944 J D 7812 ---- 75 Nov'18 --- _ _
Big Sandy let 4s
8234 854 Nov'18 ---- -_ - --Coal River Ry 1st gu 4s 1945 .1 D 72
4
1910 J J 824 --- 963 Fob '15 ---- ---- -Craig Valley 1st g 5s
-1946 J J 6612 ____ 8434 Jan '13 --- Potts Creek Br 1st 4s
1989 J J 7412 80 7012 Nov'18 ---- - ---R & A Div 1st con g 4s
71 Oct '17 ---1989 J J 6818 85
2d consol gold 4s
Greenbrier Ry 1st gu g 49.1940 M N 74 ....-- 8812 Sept'16 -- :::: ::::
Warm Springs V 1st g 5s 1941 M 5 97 --__ 11314 Feb '15
5013 Feb '19
2
-S61- -iiChic & Alton RR ref g 3s...._1949 A 0 5012 53
3834 30
4
303 ---5 353 40
4
1950 J J 36
Railway 1st lien 334s
Chicago Burlington & Quincy
4
1922 F A 993 - 9914 Jan '19
Denver Div 4s
4
7 2 7
9 4 9 4
9
5391
1919 J J 744 7534 7412 Feb '10
Illinois Div 340
8312
8 833 99 3
,
9 13 85 4
4
3
7
1919 J J 84 814 8312
Illinois Div 4s
4
4
Iowa Div sinking fund 58..1919 A 0 993 ---- 993 Jan '19
Foreign Government
9918 9918
9918 Feb '19
1919 A 0 9914 __
Sinking fund 4s
Joint bonds. See Great North.
4
994 90 9913 9978
4
993 Sale 993
1919 P A
Amer Foreign Secur 5s
934 9312 Feb '19 ---- 9253 93 4
3
Nebraska Extension 4s.....1927 M N 92
9712 1005 964 977
8
Anglo-French 5-yr 5s Exter loan_ AO 9714 Sale 9718
1927 M N *8818 --__ 91 Mar'18
93
Registered
90
MS 8514 90 90 Feb '19
Argentine Internal 5s of 1909_
82 ---- -if .
8
iii
58 10014 10213
1958 M s 82 Sale 82
General 45
4
3-yr 68_1919 MN 1013 Sale 10134 102
Bordeaux (City of)
2913 29
5 25
29
29
72
Chic & E Ili ref & imp 4s g 1955 J .1 28
724 72 Feb '19
70
D j 72
Chinese(Hukuang Ry)53 of 1911
25
_
2812 22 Jan '19 ---- 22 22
2 9212 9513
95
S Mtg & Tr Co Ws of depCuba-External debt 5s of 1004_ MS 95 Sale 93
104
1 10312 101
- 0
1914 A - 10212 105 104
9238 36 9012 9313
1st consol gold Os
9014 9212 9013
Exter dt 5s of 1914 ser A_ _1949 FA
75
75 Feb '18 --- 75
1 82
1937 M N 7514 87
84
84
General consol 1st 5s
84
1919 FA 8313 _
External loan 44-8s
7514 ---- 764 Jan '19 -- '754 '764
9838 21 9734 99
,S Mtg & Tr Co etfs of dell -- __
1921 AO 9813 Sale 084
Dominion of Canada g 5s
7514 78
75 Nov'18 --Guar Tr Co ctfs of dep
9634 967 907
8
8
9718 26 9653 98
1926 AO
do
do
_ _- _
A 56 ---- 9734 Feb '13 __-__ - - _ - - _
Purch money 1st coal 5s...1942 I 973
4 19 9714 9818
1931 AO 9713 975s 9712
do
do
32 Mar'17 --_ . _ _iii1;
66
1936 J J ..- 20
,
8
Chic & Ind C Ry 1st 5s
10514 Sale 1053 4 10538 191 103 1051
French Repub 5s secured loan_
9134 44 8678 9134
Chicago Great West 1st 4s.,_1959 DA s
Sale 91
91
#
Japanese Govt-.£ loan 4)0_1925 /
_8
- 83
19
'
83 82 10112 Jan62 4 _5.. 103 103
j 9212 Sale 92
9212 27 86 9212
Chic Ind dr Loutsv-Ref 68_1947 J J 10113 -1925 J
Second series 4s
1947 J .1 8212 -- 10012 Apr '17 ---- __ _89
8712 12 84
8712 Sale 87
Refunding gold 5s
do do "German stamp"_
5 75
1917 J J 68 --- 8112 Apr '17 ---- __ _ _
7738
774
Refunding 4s Series C
7714 Sale 7718
13
1931
Sterling loan 45
240 10014 10213
1956 .1 J 604 --70 Nov'16
Ind & Loulsv 1st gu 4s
4 102
4
N 1013 Sale 1013
1919
Lyons (City of) 3-yr 6s
7834 --- ti -78-58 - i34
783
101 10014 10213
f 4
102
Chic Ind & Sou 50-yr 4s__ -1956 J J 7734 84
4
Marseilles (City of) 3-yr 65_1919 MN 1013 Sale 10134
_ __8
- 973 Dec '16 ---- _
6 61
78
78
Chic 1,5 & East 1st 434s._..1969 .1 D 824 77 ____ 76
Mexico-Exter loan £ 5s of 1399 Q
3 50
57
Chicago Milwaukee & St Paul57
5712 55
1951 J o 47
Gold debt 4s of 1901
7514 7514
7578 15 '73
'7612
Gen'i gold 4s Series A. _ _e1939 J j 74
8
8 101) 238 983 10014
-year 6s.... _1921 AO 100 Sale 997
Paris (City of) 5
8
20 81
e1989 Q J -.... --- 923 Feb '16
82
Registered
83
MS 82 Sale 82
Tokyo City 59 loan of 1912
8
8112 -- - 12 -ii 181
1925 J D 8112 823 8113
Permanent 45
UK of Gt Brit & Ireland
72
58 693 7414
4
Gen & ref Ser A 4 M___a2014 A 0 72 Sale 6934
Sale 100
10014 372 994 100iie
1919 MN 100
-year 544% notes
3
4 33 '773 817
793
4
8
8
Gen ref cony Bar B 5s_ __a2014 F A 7112 7214 7912
8
4
983 331 9778 99
1921 MN 984 Sale 983
-year 55i% notes
5
Gen'l gold 334s Ser B__-e1989 J J 66 69 66 Noy'18 -10014 Jai '19
100 10138
notes _1919 FA
Convertible 5
80
8212 8014
8014 10 -Iiii,
....e1989
General 440 Series C..
10058 Sale 1004 10014 314 100 10134
-year gold bond 540_1937 FA
20
J
7212 71
3 71
7
73 8
71
1934 j j 71
25-year debenture 4s
These are prices on the basis of 35to.0
79
8
8
85 7534 82
1932 J D 783 Sale 777
Convertible 434s
Chick L Sup Div g 5s__-1921
State and City Securities.
J
7
7 :
j . 9 -11 : : 8
9
- -67, i ts.
9 Do 1 2
1- i
.
98
-.
Chic & Mo Riv Div 58_ -1926 j j. 's 98 92 °e 0718:7_3 ...- - -i::
2
971- Sale
1921
9714
Chic & P W 1st g 58
96
4
S 9614 963 97 Feb '19
N Y City-414s Corp stock 19(30
j j 9914 .. 52 977 Dug' 18 _-_-:: _ _ _ - -- _
70 .. 791 A eo .1
8
7.
.
:
4 9612 98
9612
CM & Puget Sd 181 gu 4s..1949
44is Corporate stock__ _1964 MS 9014 9712 9612
97 Feb '19
Dubuque Div 1st s t 13s.. _1920
9612 9914
4Xs Corporate stock -. 1956 AO 9514 99
8
,10114
10118 Feb '19
4
8
Fargo & Sou assum g 6s 1924 j ',j 99 104 1047 Sept'17 -._ - - - - 1003 1013
434e Corporate stock July 1957
8
8 101 10112
1919 J .1 984 10314 9958 Feb '19 ---- -99 - -995
La Crosse & D 1st 58
1955 JD 10114 103 10118 10114
40Corporate stock
9712 9818 Jan '19 ---- 9318 984
1921 J .8 97
Wis & Minn Div g 5s
100 102
1963 MS 101 102 10118 Feb '19
4s Corporate stock
.
Ili)
1920 J j 90 _ - 99 Jan '19 ---- 99
9034 924
Wis Valley Div 1st 6s
9112 9113 Feb '19
3
1959 MN 90 4
4% Corporate stock
4 - 9012 Deo '18 -2 9012 9214
Wilw Jr Nor 1st ext 440_1934 J D 883 9114
1958 MN 9114 92 9114
4% Corporate stock
9012 Dec '18 ---- - - - - Cons extended 4 As_ __ -1934 J D 8114 90
1957 MN 9034 9112 9314 Dec '18
4% Corporate stock
9313 925 Dais '18 ---- - - - - 3
9114 8978 Oct '18
Chic & Nor West Ex 48 1886-1926 F A 89
4%Corporate stock re3-1955 MN 90
95 Dec '18 ---- -- - - --1886-1925 F A 87 90
Registered
1014 -15 10012 idi
1957 MN 10118 Sale 10118
New 4s
71
70
General gold 334s
101 10112 10078 Feb '19
1003g 10112
% Corporate stock_ 1957 MN
1
18
4 7 13
77 4 Oct79 3 ---Registered
8112 8113
98
19 7 M N
0 87 Q F 867912 -e,
1954 MN 82 ___ 8112 Feb '19
354% Corporate stock
1987 NI N 81
847; 813
2 -ii1 5- -El;
8134
4
.8
General 4s
1951 MS 9534 99 99 July 18
N Y State-4s
8172 i' 4 20
7
87 DA
198 M N -69.- 81512 0818 Oct0 1i8 -_0
9713 Jan '19
Stamped 4s
9712 9712
1961 J J 9714 101
Canal Improvement 4s
Sale
"tiiii itii General 53 stamped
4
973 Dec '18
4
- --- - Canal Improvement 4s......1962 J J 963
-104 May'18 -_- _ _ _ _
1879-1929 A 0 10158 Sinking fund 6s
Improvement 4s_ 1960 J J 9634 ____ 9718 Oat '18
Canal
737,
1879-1929 A 0 -", -..-- 10913 Apr '16 --__
Feb '19
10714
107
Registered
107
10634
Canal Improvement 4345.1964 J J
4 -4518 -664
9638
1879-1929 A 0 90 Sale 9538
10212 Dee '18
Sinking fund 5s
Canal Improvement 4343_1965 J 2
16611879-1929 A 0 9814 100 96 Nov'18 -2
Registered
10012 Oct '18
Highway Improv't 440_1963 M
- - -4 68 - -967i"
otos 93
98
1921 A 0 98
10018 June'18
Debenture 5s
Highway Improv't 4345_1965 MS
--- 97 Feb '19 ---- -97
1921 A 0 97 93
Registered
7878 Dec '18
Virginia funded debt 2-3s 1991 J J
1933 in N 9814 973 0612 Feb '19 4
4
743
- 9612 9612
112 63
70 Sale 70
• 74
Sinking fund deb 5s
Bros ate_ __
Os deferred Brown
1933 M N 9614 ---- 97 Nov'18 -Registered
:
Des Plaines Val 1st gu 4345'47 M S 804 ---- 10112 Oct '16 ---- :::- :: Railroad.
2 55
55
Frem Elk & Mo V 1st 58..1933 A 43 107 - 108 Feb '19 _--5712
Q J 55 53 55
51995
Ann Arbor 1st g 4s
- - - - -Man GB&NW 1st 344(4_1941 .1 .1 60 ....88 Jan '17 -----------Atchison Topeka & Santa Fe
--- - 824 49 8134 8513
Milw & s List gu 33.4s.._1941 .3 J
1995 A 0 824 Sale 821 4
Gen g 48
15 8
C4
180 Feb '19 .-- 80 80
Mil L S & West 1st g 6s1921 M S i0481- ..:....:_:..: I01 2 kii/Iii ::::
1995 A 0 814 82
Registered
-__ 19178 Jan 4 7_ __... -66 - -6619
9
c 5
1929 F A 9
7812
4 7518 80 4
3
Ext dr imp s f gold 5s
754 Sale 7518
51995 Nov
Adjustment gold 4s
-Ashland Div 1st g Os__ _1925 M 5
7312 June'18
51995 Nov ....- 86
---- --- Registered
J 103 10614 1024 May'18 --_ _
2 7518 7913
76
Mich Div 1st gold 6s...1924 J
51995 M N 7518 Sale 754
Stamped
7814 Feb '19 --__ "'IC -ffil;
74
5 74
77
I\111 Spar & NW 1st gu 48_1947 M S 7814 80
764 74
1955 J D 74
Cony gold 4s
03
93
2 93
8
96
9412 11 933 9514
St L Peo & N W 1st gu 53 1943 J J --- 96
1960 J I) 9418 ____ 9112
Cony 48 Issue of 1910
'
9218 9218
Chicago Rock Isl & Pac-1928 M 5 8913 9218 9218 Feb '19
East Okla Div 1st g 4s
71 1
7 18
,
8
19 8J
&ilium general gold 4s_ _19 8 j J 7712 7813 773: may712 _4_ 7512 '79
79 June'18
.
- -- ---1965 J J 70 77
Rocky Mtn Div 1st 4s
81
79 Feb '19 ---- 79
Registered
Trans Con Short L 1st 43-1953 J J 75's 79
8
71
23, -fi7-4 -i6 11
11
1934 A o "firs "6;1; 737
Refunding gold 48
8514 83 Feb '19 _-- 85 85
Cal-Ari3 1st & ref 434s"A"1952 M S 85
8018 Aug '18 -.a.'
1932 J J
-year debenture 5s
9934 July'17j--20
S Fe Pres & Ph 1st g 5s._1912 M 5 913 106
4
. 8338' 9 -823 -igi3
8213 8312 8234
R I Ark & Louis 1st 4)58-1934 M 8 -M.- -ii- 70 Feb 'to ----t "'Ai' "fiAll Coast L 1st gold 45-.51952 M S
98
8
947 Fob '19 --. 944 96
1934 A 0 96
88
8112
Burl C R & N 1st g 5s
3 81
1964 J D 834 8112 81
Gen unified 434s
1
.
8
7
9: 9 13 99714 mm byy.1 ...........!
1
:
.1
C RI F & N W 1st gu 5s 1921 A 0 971 .... . 937 Feas'9 ._ : 0714 974
Ala Mid 1st gu gold 5s. _1928 M N 9618 --- 9612 Feb '19 --- 9913 9612
G gong 5s_g1919 J J
78 Oct '18
Cho Okla &
89
Bruns & W 1st gu gold 43_1938 J J 81
1952 M N --- 92
--_Consol gold 58
Charles & Say 1st gold 7s-1936 J J 11112 __ __ 1294 Aug '15 -----------.
' -66 - - 3 -- .- "f6 70
ii iil;
Keok & Des Moines 1st 5s 1923 A 0 70 Sale 6818
01952 M N 7512 7613 77 Feb '19 ____ """
L & N coil gold 4s
71
8
1 69
8
691
St Paul dr K C Sh L 1st 4348'41 F A 694 Sale 695
-108 Dec '18 --_- -- - - Say F & W 1st gold 5s_ -1934 A 0 10818 10814 2 10614 107
0
93 wi s
1930.1 D 10614 112 10014
Chic St PM & 00005 6s
1934 A 0 9553 - - - - 105 July'15 --_1st gold 59
2:21197 S pv 09
- 88 J eon98 :-......-: ..iii.. -if 1
88
10 Na
833
4 14 88
Sale 88
Cons 644 reduced to 330-1930 J o 1086 % :9:3
8914
1925 J .1 83
Bait & Ohio prior 344s
Debenture 5s
51925 Q J 87 _ .1 87 Feb '19 -- 87 87
Registered
7712 27 753 8212
North Wisconsin 1st 63_1930 .1 J
4
4
51948 A 0 703 Sale1 764
1st 50-year gold 4s
5 -iii 1.661
100
-4
923 Mar'17
St P dr 8 City 1st g Os__ _1919 A 0 100 Sale 100
_.
51918 QJ --- - 78
Registered
7838 25 -ffi - -86 Superior Short L 1st 5s g-e1030 M 5 92 _ _ _ _1 95 May'18
8
783 Sale 7714
1933
10-yr cony 434s
50
1, -do'- -iii Chic T H & So East 1st 5s....1960 J D 50 58 60
8213 24 807 8212
8
45 824 Sale 82
A.1995 J Refund & gen 5s Series
Chic & West Ind gen g 613_41932 Q M 10114 10412 10212 Jan '19 -- -110212 10212
Pitts Juno 1st gold 65_ -1922 J .1 98 --- 112 Jan '12 -4
023 6212
6234 17 6134 65
1952 J J 52
.2 . 2
Consol 150-year 4s
P June & M Div let g 3;is 1925 M N 8118 8614 8313 Jan '19 --- -831- -83190 m ay
:r
7 727 78
74
8
4
Cin H & D 2d gold 440.--1937 J J 80 --- 88 M a r i -..-.......P L E & W Va Sys ref 4s__1941 M N 733 7412 71
834
1 83
C Find & Ft W 1st gu 48 g 1923 M N
8614
Southw Div 1st gold 340_1925 J .1 834 834 8318
79 Nov'18 ---- --::: -- -- -:
Day & Mich 1st cons 440 1931 J '.4 81
8
Cent Ohio P. 1st e g 440_1930 M S 893 ....-_ 100 Apr '17 -__ ___ _ _ _ _ _
6734 Feb '19 --- -6f41- -72i2
4
.
_
Clev Chi Ch & St L gen 4s-1993 J D 6712 71
Cl Lor & W con lat g 5s....1933 A 0 951 -..._ 9312 Aug '18 -_ _783 Fob '19 8
4
- '784 80
1931 J J 787 79
-year deb 4448
20
..
Monon River 1st gu g 55-1919 F A ---- ----10114 Nov'16 --4
1993 .1 D 8214 843 8614 Aug '18 ....... ____ __General 5s Series B
Ohio River RR 1st g 55-1936 J D 9512 ---- 95 Jan '19 -- -91- 96
8
1939.3 J 734 80 837 Mar'17
Cairo Div 1st gold 4s
90 90
- - 90 Jan '191937 A 0 91
Generalgold 5s
4 -1, -673 -654
673
4
4
Cln W & M Div let g 4s-1991 J J 673 ---_ 6731
Pitts Clev & Tol 1st g 68_1922 A 0 9913 -- 9918 NIar'18 -__
1 76
79
7618
75
4 -- 186613
iii12
St L Div 1st coll tr g 4s___1990 M N 7512 ---- 75
Tol & Chi div 1st ref 4s A.1959 J J 6313 6618 6113
744 Jan '19 --__ 7413 7418
1940 M S 7414
99
4 99
99
99
Spr & Col Divlst g 4s
1937 M S 99 Sale
Buffalo R & P gen g 53
W W Val Div 1st g 4s____1940 J J 70 ---- 84 Nov'16 _-__
1957 M N 8812 - - _. 9912 Oct '17 -- - - - - --Consol 1445
,
8
- ___ ___ _
4
C I St L & C consol Os__ -1920 M N 993 1001 99 Sept'18 4
All & West 1st g 4s gu-1998 A 0 743 9612 97 Nov'16 -- __ _ _ _ _
87 Dec '17 --- _ -- _ _
k1936 Q F 8214 90
1st gold 4s
Clear & Mali 1st gu g 5s 1943 J J 88 _ _ _ _ 10318 Feb '16 --_ _ _ _ _ _ _ _ _
k1936 Q F ------ 8812 May'15 ---- _.-Registered
Roch de Pitts 1st gold 65._1921 F A 1004 102 101 Nov'18 --._ _ ___ _ _ _
.
L.
Cln S & Cl cons 1st g 5s...1928 J J 9318 ---- 1024 Jan '17 - 8
1922 J D 10114 ........ 1007 Sept'18 ___
Consol 1st g 63
fed - iff8
C C C&I gen cons g 6s-1934 J J 101 ....-- 107 Feb '19
7.
8
Canada Sou cons gu A 55.....1962 A 0 95 957 95 Feb '19 __ __ -ii1- -91 3
_Ind B & W 1st pref 4s_-__1940 A 0 74 ---- 94 July'03 ---- .
Car Clinch dr Ohio 1st 30-yr 58'38 J D 75 8212 82 Jan '19 -- 82 82
0 Ind dr W 1st pret 55...81938 Q J 82
F A 100 --_- 100 Jan '19.... 100 100
Central of Ga 1st gold 5s_ __p1945
56 -56 -66 - - -51 - 66
2
9113
1 91
Peoria & East 1st cons 45_1940 A 0 49
9113
92
944
1945 M N 91
Consol gold 5s
1212 1718 1212 Feb '19 - 12
1212
1990 Apr
Income 4s
4
Chatt Div pur money g 4s 1951 J D 74 80 723 Nov'18 -- _ _ _ _
90 90 Dec '18 -- _
C.leve Short L 1st gu 048_1951 A 0 88
Mack Nor Div 1st g 5s-1946 J J 82 ____ 90 May'18 ---- ---- - 4
8814
1929 F 'A 8814 883 8814
Colorado & Sou 1st g 4s
1017 J J 904 ___ 9738 lone 17 _....... _ _ _
Mid Ga & Ati Div 5s
8 77 71 7 5
Sale 78
7834 18 -8' L -i91C4
'i
61935 M N 78
Refund & Ext 454s
-913- -9134
4
4
3
1916 J J 917 - - 913 Jan '19
Mobile Div 1st g 5s
9934
1' 09
99
Ft W & Den C 1st g fis_ _1921 J D 99 Sale C19
3
883 Dec '18 -- _ _ _ _ _
Cent RR & B of Ga coil g 58_1937 M N 87 89
1(102 105
103
Conn & Pas Elys 1st g 4s...1913 A 0 65 ---4
1987 J J 10218 1053 103
Cent of NJ gen gold 5s
-year 5s g_ 1952 J J --. 9434 -iii- FeLIiiti --:-_-- --- - Cuba RR 1st 50
51987 Q J 10018 102 10114 Feb '19 ..„. 10114 10114
Registered
Del Lack & Western2 99 99
99
4
4
Am Dock & Imp gu 5s_ _A921 .1 J 983 1003 99
77
71 Oct '18 ............
Morris dr Ess ist gu 3;45_2000 J D 72
100 Apr '18
Leh &Hud Riv gen gu 53_1920 J J
8
1921 J J 100 1017 102 Dec '18 __
N Y Lack & W 1st es
N Y & Long Br gen g 48_1911 M S 8818 - 10012 Jan '13
1
100
'18-6Es-4 kW'
1923 F A 9712 --_- 100
Construction 5s
-55 - -rii 80 65 Jan '19
Cent Vermont 1st gu g 1s e1920 Q F 60
4
1923 M N 9218 933 92 Den
9318
Term & Improvt 4s
_ 92
Chesa & 0 fund & impt 5.9_1929 J J 89 9012 9318 Jan '19
1st ref gu g 3M-2000 F A 6712 -- 1024 Feb '0319912
Warren
9312
5 9714
1939 M N 9712 Sale, 9714
1st consol gold 58
____ _ _
.
1939 M N --- 109 110113 Jan '17
Registered
e Due May, g Due June. 5 Due:July. k Due Aug. 0 Due Oct. p Due Nov. q Due Dee. 8 Option sale.
,
vrt 14v: 4test thls week a Due Jan 8 Due April.
•Nlo
Bid
U. S. Government.
344s 1st Liberty Loan_ _1932-47 J D
1932-47 3D
4s 1st Liberty Loan
1927-42 MN
4s 2d Liberty Loan
4)is 1st Liberty Loan...1932-47 J D
43s 2d Liberty Loan__ _1927-42 MN
1928 M S
04s 3d Liberty Loan
1938 AO
41-(s 4th Liberty Loan
81930 Q J
2s consol registered
d1930 Q J
2s consol coupon
1925 Q F
4s registered
1925 Q F
de coupon
k1936 Q F
10-30-yr 2s
Pan Canal
Pan Canal 10-30-yr 28 reg__1938 Q N
1961 Q M
Panama Canal 3s g
1961 Q M
Registered
1914-34 Q F
Philippine Island 4s
Ask Low
HighiNo. Low High
99.60 Sale 198.42 99.60 2316 98.20 99.80
93.52 Sale 93.20 93.80 534 92.50 94.18
93.14 Sale 93.10 93.46 2459 92.10 94.10
95.02 Sale 95.00 95.30 . 375 91.60 96.60
91.08 Sale 93.88 94.34 5271 93.74 95.32
95.44 Sale 95.20 95.80 10111 94.90 98.50
94.05 Sale 93.88 94.30 19544 93.75 95.72
8
8
3 977 977
8
977
8
-..... ---- 977
98 Feb '19 -1 1044 1043
4
1013
4
1043410512 10434
1054 25 10414 1051
10434 10512 105
9814 98 June'18 --- - - - --97
97 _--- 99 July'18 ---8712 Feb '19 --- 8713 87l2
89
88
92 89 Sept'18 88
90 95 100 Feb '15 --
-ii5;
J
j
I
803
New York Bond Record-Continued-Page 2
MAR. 1 1919.1
7-ns
•1
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 28
1.g
Price
Friday
Feb. 23.
Week's
Range or
Last Sale
I*
<t,c4
Range
Since
Jan. 1.
Ask Low
High No. Low High
Bid
Delaware & Hudson
96 Feb '19 _
96
964
1922 J J 9614 97
1st lien equip g 430
85
12 833 8514
4
85
1943 NI N 8414 85
1st & ref 4s
9414
9414
6 9312 9534
1935 A 0 9312 94
20
-year cony 55
2 755 77
753
4
7534
8
Alb & Snag cony 330-1946 A 0 7414 77
8
- _
Renss & Saratoga 1st 78 1921 fil N 10318 -_ 1033 Sept'lb -.
Denver & Rio Grande
7078 13 6978 73
1936 J J 7014 Sale 7014
1st cons g .48
76
7313 Jan '19 -- 7313 76
1936 J J 74
Consol gold 43.0
79
794 Jan '19 __- 794 7918
1928 J D 75
Improvement gold 5s
Sale 51
5112 27 497 5714
8
1955 F A 51
1st & refunding 55
4
Rio Gr June 1st gu g 58.-1939 J D 82 ---- 873 Nov'18 -- -- 6114 Apr '11 ....-- - - - - 1940 J J____ 38
Rio Or Sou 1st gold 48
ff-39 July'17 1940 J J
Guaranteed
-5 70
7234
71
fr" 12 71
Rio Gr West 1st gold 4s 1939 J J 1 57
57
57
Mtge & coil trust 4s A 1949 A 0 57 Sale 57
lien g 4s 1995 J D 60 -- 82 Dec '16 --- - - - --Det Sr Mack-1st
7512 July'16 -- 1995 1 D ____ 89
Gold 4s
4
8134 8414
823 823 Feb '19
4
Det Riv Tun Terfun 430-1961 M N
1378
4
1941 J J .-- ____ 963 June'18 .._
Dul Miasabc & Nor gen 5s
9414 Feb '19 __ _ _ 9414 9412
18 95
1937 A 0
Dul & Iron Range 1st 5s
1937 A 0 --- ----10512 Mar'08
Registered
86
83 Feb '19 _- 83 83
1937 J J 81
Dul Sou Shore & ALI g 5s
Elgin Joliet & East 18t g 58 1941 M N 9158 102 99 Nov'18
1920 NI S 10014 Sale 1004
10014
51 9918 166(2
Erie 1st consol gold 78
8138 ---- 7818 Oct '18 -- -- NY & Erie 1st ext g 4s-1947 NI N
9618 June'18
1919 M S 9738 100
2d ext gold 58
1923 M S 91 -- 9312 Jan '18 -3rd ext gold 430
1920 A 0 9614 -- 9912 July'17
dth ext gold 5s
4
1928 1 D 82 ---- 943 Nov'15
5th ext gold 4s
NY L E & W 1st g Id 78_1920 M S 99 10012 100% July'18
I -66" -7012
Erie 1st cons g 4s prior. _J996 J J 6612 6712 86464
Dee
--- I
1996 J J
Registered
66
.18 6212 6612
gen lien g 48_1996 .1 J -gi- -ga e 5312
1st consul
73 June'19
1996 J J
Registered
- --Penn coil trust gold 48_1951 F A -f618 -ai- 7734 Feb '19 -- 7758 73
474 31 47
49
A._1953 A -0 4712 Sale 47
50-year cony 4s Ser
48
42 464 487
8
1953 A 0 47 Sale 47
do Series B
4912 72 4813 523
8
Gen cony 4s Series D-1953 A 0 4912 Sale 49
954
Chic & Erie 1st gold 58-1932 Y1 N 9312 100 94 Feb '19 -- 9,4
8
Cloy & Mahon Vail g 58.-193s 1 J 91 _ _ - - 1067 Jan '17 --98 Feb '19 -_- 98 101
Erie & Jersey 1st s f 6s.__1955 J J 100 101
8
1957 J J 87 9714 957 Feb '19 -- 9572 lin
Genesee River lets f 6s
Long Dock consol g 68-1935 A 0 108 --- 108 Dec '113 ---cur gu 66_1922 M N 9112 --- 103 Jan '18 -Coal St RR 1st
Dock & impt 1st ext 58.-1943 J J 8718 --_- 10213 July'17 ..N Y & Green L gll g 58_1946 111 N 8612____ 85 Jan '18 --7314
1, 75
77
77
79
N Y SUM & NV 1st ref 58_1937 1 J 71
::
1937 F A,__, --__ 1004 Dee '06 --2d gold 430
62
_
60 June'18 -1940 F A
General gold 58
Terminal 1st gold 55.-1943 IN N 83 -- 97 Dee '18 -108 Jan '17 -1940 A 0 85
Mid of N J 1st ext 5s
72
717
8
Wilk & East 1st gli g 5s 1942 J D ____ -- 72 Jan '19 -- 72
2312 Jan '17
Ev & Ind 1st cons gu g 6s....1928 J J
98
3 96
We 96
66""
97
Evansv & T II 1st cons 6s 1921 J J ..... --- - 6 ---- 1gr512 June'17 1.
8
1942 A 0
hit general gold 55
Mt Vernon 1st gold 68_1923 A 0 -----I83 95 June'12
2
Still Co Branch 1st g 58_1930 A 0
82
7 82 85
82
1 82
1959 1 D
Florida E Coast 18t 430
Fort St TJ D Co 1st g 430 1941 J .1 -------. 92 Aug '10 ---- Ft Worth & Rio Or 1st g 48_1928 J J 5613 -- . 5812 Oct '17 --80 80 Dec '18 -,..
1933 A 0_
Galv Hous & Hen 1st 5s
. -953 2,0 663; -66
4
Great Nor C B & Q coil 4s 1921 J J 9512 Sale 9512
2' 9512 9558
9512
h1921 Q J --9512 9512
Registered
2, 8514 89
8553
1st & ref 45(s Series A-1961 J .1 8514 8614 8553
1961 1 J 83 ...-- 98 June'16 ---- - - Registered
8912 Apr '18 ---- - - - - - - 1933 J J 8814
St Paul M & Man 4s
1933 J .1 10718 111 111 Nov'18 -18t °onset g 6s
1933 J J 104 -- 118 Apr '17 ---Registered
95
95 Jan '19 -- 94
Reduced to gold 430_1933 J J 9214 95
--- _
1933 J J 9038 99 L10213 May'18 ---Registered
8
3
8
Mont ext 1st gold 48-1937 .11 D 8814 89 887 Feb '19 -- 887 887
1937 ./ D 844 -- 9512 Marla -- - - - - - Registered.
-Pacific ext guar 4s L._ _1940 J J 77 --- 8512 Nov'15 -----E Minn Nor Div 1st g 48_1948 A 0 7714 ---- 80 Nov'18 -- _
1922 J J 10134 ---- 10014 May'18 ---Minn Union 1st g Cs
1937 J J 10758 ---- 108 Nov'18 -Mont c 18t, gu e 6/3
1937 J J 105 ..--- 13614 May'06 ---Registered
1937 J J 9818 -- 9912 Jan '19 -- 9912 9912
1st guar gold 58
--- 1093 Aug '16 -4
Will & S F 1st gold 58._1933 J D
7 51
52
52
5114 Sale 5114
ctfs "A"....._ Feb 109Green Bay & W deb
3 7
713
818
613 712 712
Feb
Debenture etfs "13"
Gulf & S list ref & t g 5s__61952 J J 724 80 80 Jan '19 -- 80 8212
79
82
79' 83
Hocking Val 1st cons g 430 1999 J J '79
7 18
'
6
1999 J J ........ ---- 7312 June9 8 ---Registered
Col & H V 1st ext g 4s......_1918 A 0 7514 ....- 7312 Oct '18
1955 F A 7614 -- 75 Feb '18
Col & Tot 1st. ext 4s
85 Dec '18
Houston Belt & Term 18t 59_1937 J J 86 81
1 87
- 87
87
88
Illinois Central 1st gold 4s-1951 1 J 8614
_
Registered
Bgt j 1
1
--1st gold 330
•
- -1951 -1 1 7138 ---- 84 Nov'15 ...Registered
--Extended 1st gold 330-1951 A 0 7138 --- 80 June'17
_i
);
.1.
1951 54 O --------80....- -- juiy . -_
, A s . .
5
Registered
---1st gold Is sterling
1951 M S
Registered
79
i ii
fo
Collateral trust gold 4s...1052 A 0 - -17i --ii, -.. - Feb '19 ------: 77
• 1952 A 0.....-- 95'8 Sept'12 ---- - - - - Registered
5 8112 8414
8112
8112
82
1955 M N 81
1st refunding 4s
72
72
1952 J J 7018 8414 72 Jan '19
Purchased lines 330
774
3
747 757 764 Feb '19 :-........ 75
8
L N 0 & Texas gold 45.._1953 M N
7318 84
72 Feb '18 ......- 1953 M N
Registere(1.
Cairo Bridge gold 4s_ _1950 J D 78 .....„ 7798 Feb:1148
---- - - -Litchfield Div 1st gold 38_1951 J J
7312 Nov'18 LI:: - - - - Loulsv Div & Term g 330 1953 J J 6'738
----83 Aug '12
1953 J J ---- -Registered
9718 ...._ 102 June'18 ---1921 F A
Middle Div mg 58
-- -5918 ---. 5814 Sept'18 -Omaha Div 1st gold 38_ __1951 F A
- ---6912 62 Oct '18 ---- ---- ---1 65
St Louis Div & Term g 38.1951 J
713
1951 J 1 7018 -_. 86054 Oct '18 ---Gold 330
June'16
1951 .1 1 *94%
Registered
--- - ---8112 804 Nov113 --- --- Springf Div 1st g 310.._1951 J 1 67
82
0
_1.
Western Lines 1st g 4s___-1951 , A '7814 81 ,12 Dee '18 --- _
------1951 F A Registered
1923 J D 954 _-.. 11712 May'10 ---Bellev & Car 1st Ss
Carb & Shaw 1st gold 48..1932 IN S 70 -___ 90 Jan '17
2 94% 993
4
4
9834
4
Chic St L & N 0 gold 158 1951 J D 983 Sale 983
1951 J D 9518 --- 9518 Feb '19 -- 9518 9518
Registered
1951 1 D 6614 ---- 6513 July'18
Gold 330
•
1951 J 13
Registered
6
.
6o12 ..5 9012 95
Joint 1st ref 5s Series A.19(13 J D _-- - -1 - -66C2
Memph Div let g 48_1951 1 D 7214 ....- 7018 Oct '18 65 Nov'17 -78
1951 .1 D 71
Registered
4
St Louis Sou 1st gu g 48_1931 M S 8012 803 7934 Jan '19 ---- 793 -f63
8014 Feb '19 --__ 8014 82
1950 J J 8058 84
Ind 111 & Iowa 1st 848
96
1919 M N 9512 964 96 Jan '19 --__ 96
Int & Great Nor 1st g 6s
82
82
James Frank & Clear 1st 48_1959 1 D 8078 90 82 Feb '19
65 643 Feb '19 -- 8212 6438
8
Kansas City Sou 1st gold 38_1950 A J 61.
1950 A 0 ..--- 78 Oct '09
Registered
23 84
85
853
4
Apr 1950 J J 8378 8418 84
Ref & Impt 55
79
22 7878 81
Kansas City Term 1st 48...1960 J J 7734 Sale 7712
8934 8934
893 893 Jan '19
4
4
Lake Frio & West 1st g 5..1937i J 89
8
83 805 Feb '17
- - -1941 J J
24 gold 58
803 Oct '18 -8
North Ohio 1st guar g 58_1945 A 0 ___ 99
02
Leh Val N Y 1st gu g 430_1940 J J 89 -__ • 894 Feb '19 - - _ 89
;
1040 J J 8418 883 89 Oct '17 -__.
Registered
8012 Feb '10
8012 8012
Lehigh Val (Pa) cons g 48_2003 NI N 80 81
90
2003 IN N 8538 90 90 Feb '19 -__ 90
General cons 430
73%2H_ t3,1er.177.-8 8
MD.
01
I.
• No price Friday; latest bid and asked this week. a Due Jan
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 28.
'''.2
b
.45,
Price
Frtddy
Feb. 28,
Week's
Range or
Last Sale
1-1 1 Range
O
.,..,1 Since
- I Jan. 1.
Bid
Ask Low
High No.IILow High
,
Leh V Term Ry 1st gu g 58_1941 A 0 10014 ____ 10014 Feb '19 __ - -I 9813 102 4
_ 10114 113 Mar'17 _ __
1941 A 0
--Registered
4
1017
8 56 10118 1025
8
Leh Val RR 10-yr coil 6s_n1928 __ __ f613 Sale 1014
Leh Val Coal Co 1st gu g 58_1933 J J 99 ---- 9934 Dec '18 -.... __ ____
--- ---1933 J J ---- ----105 Oct '13 ---- .
Registered
1933 .1 J 7918 ---lst int reduced to 48
1945 M S 79 ---- -id- Jai1'i:: :::: ::::
Leh & N Y 1st guar g 4s
1945 M S
Registered
8
Long Isld 1st cons gold Eos_h1931 Q J ..6ii- i661- -6(i." NJiii :::::: :::: -_-_-_.:
h1931 Q J 87 ---- 994 June'16
1st consol gold 4s
81
79 Jan '19 ------ -ii- i d
1938 J D 78
General gold 4s
-- - - 85 SeptIS ---- 1922 NI S 86 98
Ferry gold 430
78 Nc 16
- 9914 Octv:08 :-...... __ _ _ _ _
D
5
1,93449 7 D 7514 _49
11932 5 8
Gold 4s
Unified gold 48
77 801g 81 Jan '19 ____ "if- "ii"
Debenture gold 551
75 Feb '19 _-_- 75
20-year pm deb 5s
1937 NI N 73 77
7712
4
7612
, m S
4
,
Guar refunding gold 48_ 1949 ri S 77 823 7612 Feb '19 _- 76
--------95 Jan '11
Registered
NYB&MB1stcong5s.1935 A 0 94 ___ 94 Jan '19 --- -iii- -ii1927 M S 92 98
N Y & R B 1st gold 5s
94 Dec '18 ...... - - --Nor Sh 13 1st con g gu 58_81932 Q .T 91 _-- 100 Aug '16 -2
1927 M S 8814 901- 91 Dec '18 -. - --- -Louisiana & Ark 1st g 58
.
Sale 1013
1 16g - 108 108
Louisville & Nashv gen 6s 1930 J D 108
1937 M N 9714 102 10012 Jan '19 ____ 10014 10012
Gold 5s
1
1
851
1940 1 .i 8512 Sale 8512
Unified gold 45
1910 J .1 8312 8814 9552 Jan
Registered
100 100 Jan '19 ____ ii6" (56"
'17. 96
1931 M N
Collateral trust gold 5s
9313 Feb '19 ____ 9318 931a
L Cin & Lox gold 430_1931 M N 9218 95
1930 1 J 10214 1074 10312 Jan '19 __ 10512 10544
N 0& M 1st gold 6s
19305 J 98 _-__ 100 Jan '19,____ 100 xpo
2d gold 65
79i 5:80 '19 ____ 7912 7912
Paducah & Mem Div 48 1946 F A 80 84
St Louis Div 1st gold 68_1921 M 8 100 -___ 10014 Jan '19'..... 10014 10014
8
3 75 7
57 ____ 57 Feb '19..... 5718 5714
2d gold 38
75181
Atl Knox & Cin Div 0......1.685 I" N 7518 764 7318
1 950 M s
Atl Knox & Nor 1st g 5s 1946 J D 957 --- 95 Novi:SI-- - - - - - - - 8
'lender Bdge 1st s f g 68_1931 M S 10112 ___ 10312 Sopt'181__
8 -151
8018 Jan '19 --- -ili1- -8 ;
Kentucky Central gold 48.1987 J J 7418 79
94 Feb '19 ____ 94 95 4
,
Lox & East 1st 50-yr 58 gu 19651 A 0 94 95
,
L & N & M & M 1st g 4301945 M S 85 s ---- 88 Nov'18!____
L & N-South M Joint 48._1952'J J
---_-72721 7212
250
4
Registered
h1952 @ J ---- ---- 95 Feb' 121 . -7-1-- -7-2-1;
98
95 Aug 181 ____ ---- ---N Fla & 5 1st gu g 5s- _1937 F A 97
8
N & C ridge gen gu g 430_1915 J J 8512 ____ 977 May'113!-4
8
8
Pensac & At! 1st gu g 68__1921 F A 1015 ____ 1013 Jan '19.... i6i1- idfai
S & N Ala cons gu g 5s___1936 F A 9614 --_- 99 Apr '18' _ _ ____ - _ - _
Gen cons gu 50
-year 5s.1963
'A 0 93 99
9312 Jan '18 - , - - - - -- -L & Jeff Bdge Co gu g 4s___1945 M S 693 ---- CO July'18
4
. - - - - --Manila RR-Sou lines 48_ _1936 M N ---- -...... ---....- - --- • - - - - ---Mex Internat 1st cons g 4s-1977 M S --------77 Marl0 _. - - - -Stamped guaranteed
1977 m s --------75 Nov'10 _Midland Term-lets f g 58_1925 J 0
9112 June'17 __-- - - - - -- - -- - - -Minn St Louis 1st 7s
____ -1927 J D 101 „., _ 101 July'18
Pacific Ext 1st gold 6s
1921 A 0 97 101- 99 Feb' )- --- 99 99
'
1
1st consul gold 58
7812 Nov'18 ____ - -- - - --1934 M N 7814 80
5 44
4718
1st & refunding gold 4s
8
464
1949 M S 465 Sale 4638
____
Ref & ext 50-yr 58 Ser A 1982 Q F
497 5018 Dec '18
8
60 Feb '15
Des M & Ft D 1st gu 48 1935 J J --if - -ifIowa Central 1st gold 58._1938 J D -f612 -Ur; 77 Jan '19
4618
1961 in 5 43 45
444
43
-ii 43
Refunding gold 45
89
8614 10 86
1938 __
8
SS Mcong4sintgu _193 J .1 8512 8118 8618
5c
-_ 98 ---- 973 Feb '19 _-_ 973 973
4
4
4
lvfrst
tPcons
1st Chic Term s f 4s
1941 M 14 9314 ..-- 92 Jan '17 - -__
9112 Jan '19,-- -6412 -ii12
M SS M & A 1st g 4s int gu_'28 J J 9212 94
-p
- -1949 J .1 --- 90 93 Dee '161-_ - Mississi pi Central 1st 58
Missouri Kansas & Texas
1 6412 gg
6518
1990 J D 6538 Sale 6538
1st gold 4s
24 2978 31
31
294
34
2d gold 48
g1990 F A 31
1944 M N 2818 3131 32 Sept'18 -__
1st ext gold 58
42 4
3
45
4234
4234 23 -ii- -.-2004 M S 42
1st & refunding 48
42
44
43 Feb '19- 43 43
_,
Trust Co certfs of dep
34
324 Dec '18 -- -- -Gen sinking fund 430_ 1936 J J 26
4(1 Nov'16 -- _ .. _ ___
St Louis Div 1st ref g 4s-2001 A 0_ _.....:: 30
40 ---____ __ _5% secured notes "ext" '16 _
6912 Apr' 17 .........
N
Dell et Waco 1st gu g 58..1940 M Kan City & Pac 1st g 48__1990 F A -gir "ai- 60 Oct '18 -.. -- -- -- -- ---- --.:
50 Jan '19 __ 50
50
Mo K & E 1st gu g 5s____1942 A 0 3614 62
73
7112 Jan '19 _.__ 7112 7112
M K & Okla 1st guar 58..1942 IN N 63
51
51 Feb '19 __ 51
55
M K & T of T 1st gu g 5s 1942 M S 51
51 I)ec '18 __
Sher Sit & So 1st gu g 58_1942 J D ---- 65
_ _ ___
- 3012 3018 Nov'18 ---- -- -- - _
Texas & Okla 1st gu g 58_ _1943 M S Missouri Pacific (reorg Co)3
1st St refunding 5s Ser A_1965 F A 83 8714 873 Jan '19 ____ 8738 8778
95 93
3 9134 9478
93
1st & refunding 58 Sec Ba 1923 F A 93
8912
1 8912 92
lst,& refunding 5s Ser C__1926 F A 8913 Sale 8912
01
1024 103: 5912 6312
60
4
1975 M S 613 Bale 18014
General 45
li 9918 100
8
18
Missouri Pac 1st cons g 68..1920 M N 9912 997 58
Oct
1945 IN S
40-year gold loan 4s
82 A pr 7
- 2
85
1938 M N ---- :.---.--- 100 Fcb 413 =7. 2- -_-_-_-3478 extended at 4%
Boonv St L & S 1st 5s gu_1951 F A
.
2
-i
.
i
_ .- -11948 J D -Oi 4 7343 9712 Dec '13 -.-_-__-_ -8.-_ -8 - -Cent Br U P 1st g 48
8134 A p :1 8
n
Pac R of Mo 1st ext g 48_1938 F A 80 90. 100 Ja, 19
1938 J J 87 -- 24 extended gold 5s
1 - - 66 2
95 --- - -95- -1StLIrM&Sgencong 58 1931 A 0 ____ 9512 93
.. _1_
. _0
Gen con stamp gu g 58_1931 A 0 ____ ---- 102 July'14 -T _8- _82 2
80
gold 4s _1929 J J 80 Sale 80
Unified & ref
807 Oct '17
8
1929 J .1
Registered
fi 2
1933 M N - 3 -in 75 Feb '19 ------- , -fin "if Riv & G Div 1st g 4s
75 SeIty 15
_ 926 M 13 885
Verdi V I & W 1st g 5s-h 1927 Q .1 100 8 ...-_____. 98 ms f:18 ----II 3 10338
4
9 10852 ilii11927 J D 102 105 1033
Mob & Ohio new gold 68
__ -1st ext gold (38
1938 M S 63 ---- 71 Nov'18 __ ___- _
General gold 48
-Montgomery Div 1st g 5s_1947 F A 86 .....-- 93 July'17 -- _ _ _
- - -_
.
1927 J D 84 87 90 Aug' 17
St Louis Div 5s
St L & Cairo guar g 43_ _ 1931 J J 7914 8418 78 Oct '18
Naahv Chatt & St L 1st 58 1928 A 0 100 _-_. 100 Feb '19 __ itifi - 166 8
, -----1923 J J 1003 10414 11014 Mar'17
Jasper Branch 1st g 68
Nat Rys of Mex pr lien 430_1957 J J ---- ---- 35 Dec '18 ....11 ..--- --- -- -- - 1977 A 0 ---- ---- 35 Aug '16
Guaranteed general 4s
-8
- 967 Feb '13 --- Nat of Mex prior lien 430_1926 J J
--------21 Aug '18 _- _ - 1951 0- ---A
1st consol 48
67 Feb '19 ._-_ 664 67
New Orleans Term 1st 48...1953 J J 6712 68
4, 96
9614
9712
N 0Tex & Mexico 1st Os...1925 J D 91314 9612 9614
5658 20 54
4
5812
1935 A 0 5412 563 5112
Non-corn income 58 A
l
New York Central RR110 977 99 4
09
g
3
1935 M N 984 Sale 9812
Cony deb Cs
6 74
7814
Sale 7434
75
1998 F A 75
Consol 4s Series A
6, 82
8512
85
2013 A 0 85 Sale 8412
Ref & imp 4548 "A"
i
New York Cent St Hud Riv'7234
7178
2.
1997 J .1 72 '7212 7112
Mortgage 334s
667 Aug '18 ----I
8
1997 J 1 _ _ _
Registered
8438 Feb '19- -E34ni-I 71,- 3 84
1934 M N
Debenture gold 46
1934 M N -------- 79 Nov'18 ____I
Registered
2
4
Lake Shore coll g 330--1998 F A 633 6612 6612 Feb '19 _ -__! -661- -88 .. 67
67
1998 F A -_ 6612 87 Jan '19
Registered
70
Mich Cent coll gold 330_1998 F A 6112 70 65 Feb '19 __--I 65
75 Mar'17 --I __ _1908 F A --_- '76
Registered
___ _
Battle Cr & Stur 1st gu 38-1989 J D 54 -__ ____
:
.
Beech Creek let gu g 48..1936 J .1 8234 ---- 8614 Dec '18:Z -- - 9534 No '16 _ _
,
1938 J J
Registered
1936J 1 "for -ii- 104 Mat'16
2d guar gold 53
__
J 75.
-1936 J D _.-1 a .......
.
Registered
Beech Cr Ext 1st g 330.b1951 A 0 65 -----4
a ..._. -N - 1.7(;v ;', :2: -_ -_-1981
Cart & Ad 1st gu g 4s
0
s 7 3
Gouv & Oswe 1st gu g 58..1942 .1 D 971 4 -__
-in Oci'18i..-- - - -- Molt & Mal let gu g 48-1991 M
4
N J June R guar 1st 48-1986 F A 683 ....-- 8912 Feb •181___ - I ---/11Fty'17- I - ---- 1
4
N Y & Harlem g 3 Wl...._2000 M N 75 ....- 80 '
2
NY & Northern 1st g 58.1923,A 0 9714 -- 9714 Feb '19'........! -971- 9714
1
--------------..
b Due Feb. 0 Due June. h Due July. n Due Sept. o Due Oct. 5 Option sale.
•
New York. Bond Record-Continued-Page 3
864
•
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 28.
lp.
Price
Friday
Feb. 28.
Week's
Range or
Lass Sale
Range
Since
Jan. 1.
Ask Low
High No, Lowe High
Bid
N Y Cedt & H It RR (Con)_
80
78
N Y & Pu 1st cons gu g 48-1993 A 0 741 - 80 Feb '19
Pine Creek reg guar Os__ -1932 J 0 10314 --- 113 May'15
99 Jan '19
99 -66R IN &0 con 1st ext bs_h1922 A 0 99
67 67
Rutland 1st con g 40...1941 J .1 7614 8212 67 Jan '19
61% 6118
Og& L Cham lat gu 48g_1948 J J 8112 ---- 6118 Feb '19
67
67 67
-Canada 1st gu g 48-1949 J J 56 --- 67
Rut
St Lawr & Atilt' 1st g 53.-1996 J .1 8314 --- - 101 Nov•16
1996 A 0 89 - 103 Nov'18
2d gold 68
94 Apr '18
Utica Jr Blk Riv gu g 48_ _1922 J .1 9412 .._ _
1997 .1 D 73 75 8 73 Jan '19
73
7
73
Lake Shore gold 3s
1997 J D 73 7512 73% Nov'18
Registered
1928 M S 8914 Sale 891 t
88311 90
8914
Debenture gold 48
4
le 873
8734
73
7 8734 89
1931 M N
25
-year gold 45
8
1931 M N -------- - 837 Nov'17
-Registered
-_
Ka A & G It 1st gu c 5s-1938 J .2 9134. _ _
----10412 Dec '15
Mahon C't lilt 1st 53-1934 J J 9518
---Pitts & L Erie 2d g 5s _a1928 A 0 95 -- 103 May'17
Pitts McK & Y 1st gu 68..1932 J J 10312 ---. 13018 Jan '09
1934 J J 10238 ___ _ 12314 Mar'12
2d guaranteed 68
-Michigan Central 581931 M S 95% ._ _ _ 9912 Aug '17
1931 Q M 93 ---- 9812 Nov'18
Registered
82 82
1940J J
4s
84 -- -- 82 Jan '19
87 Feb '14
1940 .1 J
Registered
.Ail
-__--- 90 June'08
.
1951 M S - ;
J L & S lst gold 3As
1952 M N
7018 --- - 797 July'17
let gold 3)0
4
-gi- -E1
20
-year debenture 4s 1929 A 0 84 ___. 8314 Feb '19
8012 Feb '19
80 82
N Y Chl & St L 1st g 45_1937 A 0 8014 81
1937 A 0 77 ___. 85 Nov'17
Registered
7214 75
73
72% Feb '19
71
1931 IN N
Debenture 4s
8
4
783
7838 8112
4
West Shore 1st 48 guar _.2361 J J ---_ 783 783
78 Feb '19
76 86
783
4
75
2361 J J
Registered
9912 Feb '19
9912 9912
N Y C Lines eq tr 53_1919-22 M N
Equip trust 43
-is_ _1919-1925 J ./ 96 roc 98% July'17
86
10 8414 -id NY Connect 1st gu 4;is A_1953 F A 8518 86 86
N Y N If & Hartford
53 Feb '19
60
54
53
1947 NI S 55
Non-cony deben 48
5012 5012
Non-cony deben 3As-- I947 IN S 5012 ___ 5012 Feb '19
6012 Feb '19
504 5038
1954 A 0 5012 54
Non-cony deben 3As...
5812 56 Feb '19
bl
5678
1955 J .1 56
Non-cony deben 4s
5878 56
56
54
5912
1956 VI N 55
Non-cony deben 48
52
5012 Feb '19
5012 52
1956 J J 51
Cony debenture 354s
5 84 88
87
1948 J J 86 Sale 86
Cony debenture 6s
Cons fly non-cony 48...._1930 F A ...-- ---- 50 Oct '17
-----Non-conv deben 48.-1954 J J ......- --- 9112 Jan '12
-Non-cony deben 48_ __1955 J J ---- 60 60 July'18
-- .Non-cony deben 48-__1955 A 0 -58
Non-cony deben 48____1956 J J 733 Dee' 18
4
ii
-;
3
Harlem fl-Pt Ches 1st 43_195481 N
-3
B & N Y Air Line list 4s.._1955 F A 717 ____ 7912 Dec '17
6212 -621..2
Cent New Eng 1st gu 48__1961 J J 5514 6238 6212 Jan '19
Hartford St fly 1st 48-__1930 M S ___-__
15
Housatonic It cons g 55_1937 M N 9012 -- 15612 May'
Naugatuck RR 1st 4s__1954 M N 70 ---- 87 July'14
N Y Prov & Boston 4s_ __1942 A 0 8014 ---- 83 Aug '13
3 -66 53
5012
51
NYW'clies&B 1st ser I 43.8'46 .1 J 5012 51
Boston Terminal 1st 48_1939 A 0 -------New England cons 58.......1945 J J 9012 ---1945 J .1 7312..-, 'iaConsol 48
40 Feb '19
40 40
Providence Secur deb 45._1957 M N ---_ 48
8
Prov & Springfield 1st 58_1922 J J 85 -- 997 Dec '13
Providence Term 1st 48_..1956 NI S 691 -..- 88% Feb '14
W & Con East 1st 4)0_ _1943 J J
;
-66 70
N Y 0& W ref 1st g 4s_ .g1992 M S - - - - i '18 6912 Feb '19
- gs
Re i tered 35.000 only._g1992 M S - .. ---- 9212 June'12
1955 J D -_-- 65 60 Apr '18
General 45
67I2
6712
Norfolk Sou 1st & ref A 53_1961 F A 69 _ __ _ 6712
Norf & Sou 1st gold 58
1941 IN N 87% --- 8138 June'18
10912 10 109 10912
Nod & West gen gold 68--1031 M A 108 10912 109
122 Nov'18
Improvement & ext g 68-1934 F A 10618
1932 A 0 10718 110 107% Dec '18
New River lit gold 6s
3 8112 -81312
847
8
N & W Ry 1st cons g 48_ _1996 A 0 82% 84% 833i
9312 Dec '16
1996 A 0
Registered
'57 ii
82
82
Div'l 1st lien & gen g 48 _1944 J J - .8 - - 82 Jan '19
8412 Feb '19
84
8412
1932 J D 84
10 -year cony 48
-25
11714 May'17
1932 M S 84
10 -year cony 48
-20
10412 Dec '18
1938 M S
10 -year cony 434s
-25
1e
8
. 8
16712 -g;- 10712 1077 174 10614 1981-10
-year cony (is (w 1)_ 1929
31 84% 86
85
.
Pocah C & C joint 43_ __194I i- If 85 Sale 85
CC & T 1st guar gold 58_1922 1 J 9738 -- 103 Sept'16
81 Jan '19
-if - -ifSelo V & N E Ist gu g 4s1989 M N 80 81
Northern Pacific prior lien rail42 8318 86
86
Sale 8312
way & land grant g 4s____1997 Q J 86
7914 Oct '18
Registered
1997 Q i -.1.Z 82
603
8 30 59% 617
8
8
General lien gold 38
a2047 Q F 597 Sale 6912
- - - - - - - -a2047 Q F --_ 60 58 Oct '18 _
Registered
90 Jan '19
;
90
90
Ref & imp 41is ser A
2047 J J 867 90
St Paul-Duluth Div g 48_ _1996 J D 7612 8612 74 Aug '18
8
102 idi
St P & N P gen gold (I8_.A923 F A 1027 10412 102 Feb '19
.
.1923 Q A 1011 _ 10334 Sept'17
Registered certificates.
97 Feb '19
97
981
St Paul & Duluth 1st 58_1931 F F 9718 100
1968 J D 7318 ...,.... 78 Dec '18
1st consol gold 48
3612 Dec '16
69 85
Wash Cent 1st gold 4s
1948 Q M
4
10714 idi1Nor Pao Term Co 1st g 68_1933 J J 10718 -- 10714 Feb '19
77%
7712 25 773 797
8
s
Oregon-Wash 1st & ref 4s
I961 J J -- 78
85
3 85
85
88
Pacific Coast Co 1st g bs-.1946.2 D -___ 86
Paducah & Ills 1st 8 f 4348_1955 J .1 --__ 95 100% Feb '17
954 Nov'18
Pennsylvania RR 1st g 48_1923 NI N 9518
4
Sale 997
3 997 -6678
997
8
1919 M S 9978 Consol gold 53
9914 9914
1919 Q M 9918 - - - - 994 Feb '19
Registered
904 9014 Nov'18
1943 IN N 89
Congo' gold 48
8615 g818
877 Feb '19
8
1948 NI N 8818
Consol gold 4s
9614
9514 9514
9514
95
1960 F A 94
Consol 43.sis
887
8 28 871k 897
8
1965 .1 D 8712 Sale 8712
General 41-is
8
957 692 95% 973
8
1968.7 D 953 Sale 9518
General 58
4
Alleg Val gen guar g 45
1942 IN 13 84 ---_ 8712 Nov'18
8412 Sept'16 - - 3
--D R RR & Wge 1st gu 4s g 1936 F A 80 4
8712 8712
Phila Bait & W 1st g 48_1943 M N 88 -- - - 8712 Jan '19
Sodus Bay Jr Sou 1st g 55_1924 J J 90 - - -- 102 Jan '93
Sunbury & Lewis 1st g 48_1936 J J 78 --- -- - - _
U N J RR & Can gen 48_1944 M 8 8512 9338 92 Dec'17
Pennsylvania Co
3 97% 9812
97%
1?21 J J 9738 9812 9712
Guar 1st gold 4;is
1921 J J 9514 --- 97% July'18
Registered
87 Feb '17
Guar 3 yis coil trust reg A.1937 NI S 76% 80
7634 78% 78 Jan '19
78 78
Guar 3;is coil trust ser B_1941 F A
1942 J I) 76 ---- 8114 July'17
Guar 30 trust ars C
-- -- - 8(1
373 Dec '16
4
1944 J D 75
Guar 3 tis trust ctts D
833 Jan '19
4
13 4 -813
3Guar 15 -year gold 48_1931 A 0 8518 91
-25
8514 87
40
-year guar 4s ctfs Ser E..1952 M N 8213 8438 8512 Feb '19
-_
Cin Leb & Nor gu 48 g_1942 M N 81 - - 86 Oct •17
9614 May'17
4
Cl & Mar 1st gu g 4;is
1935 IN N 873 95
---CI & P gen gu 444s ser A_1942 l J illiia --- 9634 May'18
Series 11
1942 A 0 92 _-- 104 Deo 'lb
lot reduced to 3)43-1942 A 0 _- -- 9614 Feb • 12
Series C 31
• 1948 M N 73% ---- 9018 Oet •12
-is
1950 F A 7312 --- 88% Feb •17
Series D 334s
Erie & Pitts gu g 37s B_1940 J .1 7634 --- 88 Ayr '17
90% July 12
Series C
1940 J J 763
4
Or R & I ex Ist ftu g 40_1941 J .1 89 -- 8418 Dec '18
Ohio Connect 1st gu 48.__1943 M S 831* --- 78 Oct '18
_
Pitts Y & Ash 1st cons 58_1927 M N 978 --- 93 May'10
Tol WV & 0 gu 44;5 A _ _1931 1 J 89 ---- 9834 Apr '17
92 Dec '17
J 89 ..
Series B 4;is
1933 J
88% Sept'17
Series C 48
1042 M S 7818
9412 9412 Jan '19
P 0 C & St I. gu 4Sig A 1940 A 0 91
9412 9112
1942 A 0 9134 9512 923 Jan '19
923 923
Series B guar
4
4
4
99 June'17
1042 M N 9038 09
Series C guar
3
1945,M N 88% 93 90 8 Sept'18
Series D 4s guar
9714
Series E 3 t4s guar gold _ IntqlF A
9011 Sent'Is
• No price Friday: latest bid and asked. a Due Jan. 8 Due Feb. •Due June
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 28
t1
,
4
Price
Friday
Feb. 28.
[vol..
Week's
Range or
Last Sale
108.
Range
Since
Jan. 1.
Ask Low
High No. Low High
Bid
P. C. C.& St. L (Con.)
91 Sept'18
.--1957
Series F guar 45 gold-1953 3D 881* 93
92 Nov'18
M N 8812 90
---Series 0 45 guar
Series I cons gu 448.._1963 FA 9038 -_-.. 95 Nov'18
102 102
C St L Jr P lst cons g 5s 1932 A0 10014 102 102 Jan '19
100 June'17
Peoria & Pekin Un 1st 68 g 1921 Q F
87 Mar'16
b1921 M N
28 gold 43is
86
Sale 85
86
841 8812
95
6
Pere Marquette 1st Ser A 59 56
7018 7118 6834 Feb '19 __ -- 6814 72%
1st Series B 4s
45 Jan '19
45 45
45's .49
Philippine fly 1st 30-yr s f 43 1937
1940 A0 9612 ___- 99 Jan '18 -- Pitts Sh & L E 1st g bs
11994973 J J 94 - 9714 Dec '17
1st consol gold 58
J J 843 Sale 8414
4
8512 23
Reading Co gen gold 48
1997 J J ---- 8912 8112 June'18
Registered
85 863 Dec '18 -4
Jersey Central coil g 4s......1951 AO 81
J
1951 J
Atlantic City guar 48 g
J -E6 70
717- Dec1
3 St Jos & Grand Isl 1st g 4s 1947 J
St Louis & San Fran (reorg Co)623 Sale 617
6212 50 60% 64
Prior lien Ser A 48
77% 151 76% 7938
J
195 I I 7712 Sale 7714
0J
9
Prior lien Ser B 53
4 : 638 26 6212 89
21
4478
7
Cum adjust Ser A 68...._h1955 A 0 46347182 Sale 641
Sale
21 4012 4512
51900 Oct
Income Series A (Is
J 10318 ____ 102 Feb '19 _.. 102 102
St Louis & San Fran gen 65_1931 J
97 Nov'18
-_
1931 J I 965 98
General gold Si
9
70 May:16
8 May'17y17
a
I 70
St L & S F RR cons g 45-1996
Southw Div 1st g 58..._ -1947 A 0
2
4
iof1- 10314
2
K C Ft S & M cons g 63_1928 M N 11311- 1023- 10112 10212
72
7512
71
31 71
KCFtS&MRyrefg 48_1936 A 0
79742
_ 8751% Aug '18
KC&MR&Blstgu 58_1929 A 0 8
3 J1
74
71
St L SW 1st g 4s bond ctfs_1989 M N ---- 7078 71
1 5714 5812
, 6a
5
2d g 4s income bond ctIs_p1989 J J 5812. S0le
58: 5813 12 5712 60
511
9
60
Consol gold 4s
8
587
8
4 58
31 62
193 J J
1st terminal & unifying 5s-1952 I D 5812 607 58-14
Gray's Pt Ter 1st gu g 53_1917 J D 85 ____ 9812 Jan '14
SA&Apasslstgog4s.....1943J -1 65 67 67
67
1 65 68
7578 72 Jan '19
72
72
1950 A 0 71
Seaboard Air Line g 4s
1950
'A 0 7112 ____ 72 Feb '19
72
74
Gold 4s stamped
8
4834 25 4712 5314
o1949 F 0 48 Sale 477
,
o1 5, A A
Adjustment 58
5812 Sale 57
57
60
Refunding 4s
7318 -___ 74 Feb '19 75 74 74
9
Atl Birm 30-yr 1st g 4s_e1933 M
75 _
76 Oct 'IS
Caro Cent 1st con g 48- _1949
12)
0_3..! S_a_113 1003 De10013
01 ,1
0 8
10034 10634
4
Fla Cent & Pen 1st ext 68_1923 J J . ..
1st land grant ext g 58.._1930 J J
90 Jan '19 __
J .1 9018 95
90
90
Consol gold 58
9012 June'18 1943
Ga & Ala fly 1st con 5s-09 5 J J 9118
9312 - - - - 94 June'18
- - -Oa Car Jr No 1st gu g 58._1929 J
96
96
1st 5s .1926 J J 9412 ___ 96 Jan '19
Seaboard Sr Roan
Southern Pacific Co
9
0 7
0
7
791.. 7
.
75 77
n9 9
D
Gold 48 (Cent Pac coil) __X 1949 J D.. .8 8 % 9
3
Feb '14
Registered
83's 8538
01929M 8
20
-year cony 48
82 8 Sa le 83: 10414
31
1934 J D 103173 8ale 102
100 105
20
-year cony bs
79's
79
%
r
7938 83
Cent Pac 1st ref gu g 48-1949 F A 80 Sale 8712 seu i,
1949 F A
Registered
4
-igi 8538
Mort guar gold 3;is_k1929 J D 8534 8612 853 Feb '19
7512 Feb '19
7512 7612
Through St L lit gu 48_1954 A 0 701 76
_
GII&SAM&Plst 5s1931M N 9138 101 100 Oct '18
963 Jan '18
4
1931 J .1 85 97
28 exten Si guar
95 Nov'18
Gila V G & N 1st git g 58..1924 B N 90 102
T 1st g 5s_ 1933 M N 9212 9918 8512 July'18
!Ions E &
9218 ____ 100 Oct 'IS
1st guar Ss red
08 Jan '19
97 98
J
19 3 a
11 & T C 1st g 58 Int gu-1937 Ji N 9834 104
o 5
w
3 Nov'18
_ _1921 A 0
10901% 9912 N, v1,8
Gen gold 48 int guar__
9394
10
Waco & N W div 1st g 6s'30 B N 94
93 Nov'18
A&NWlstgug 5s
I
7
100004 Chit 418
104
Louisiana West 1st 68_ _ ..1921 I I
5
3
-Apr
2
Morgan's La & T 1st 138._1920 5 .1 87 10859378 ____ 10218 Oct '18
No of Cal guar g 58
Feb '19
98
97
1927 A
8
Ore & Cal 1st guar g 5s-193 J
10
96
613
96712 Sept'18
-Go g 5.3-1937 M N 9
So Pao of Cal
93
- 93
So Pac Coast 1st gu 48 g 1937 J 5 9238 ____ 93 Jan '19
77 80 803
4
8034 -1 77
5
19 0 A j
803
4
San Fran Terml 1st 48_ _195 J O
8
Tex & N 0 con gold 58-1943 J .3 --_- 897 04 Nov'16
4
8112 813 8112
4 44 -if 831*
813
So Pao RR 1st ref 45
94 Sale 10414 Aug . 18 50 94
0
9
9 10
5
98%
Southern-Ist cons g 5s- 1994 J
1994
J
Registered
8
4
6712 511 Wag -8 1
- 4
8
Develop & gen 48 Ser A...1956 A 0 -667 Sale 663
675
8
1' _661s 8738
Mob & Ohio coil tr g 4s_1938 M S 6738 Sale 6738
July'18
Mem Div 1st g 4;is-53_ _1996 J J 9212 _
72
7412 72
72
2
-fit;
St Louis div 1st g 48
_ 93 Jan '19 _
93
93
91 J I
5
Ala Gt Sou 1st cons A 58 1943 j D 86
8814 88 Feb '19 -88
88
Atl & Chart A L 1st A 4 Ws 1944 J J 88
4
9534 9718
1944 J .1 0338 943i• 953 Feb '19
• 1st 30-year 5s Ser B
74
85
70 Oct '18
Ati & Deny 1st g 4s
956 . mari6
112
_
r 78
19483
--2d 48
Ij
A O
--Atl & Yad 1st g guar 48_1989944459886 M B 70
E T Va & Ga Div g bs_ _1930 J J 9612 -991;
97 100 9512 Feb '19 ---- -igi 951
Cons 1st gold 55
9512 9514 Jan '19 7:2 9514 9514
14952
8
N 92
E:
J.1
E Tenn reorg lien g 58-11192
1:993
52
52
1946 A 0 5214 ____ 52 Jan '19
Oa Midland 1st 38
1003 ____ 101 Jan' 19
4
101 101
Ga Pao Ry 1st g 6s
101 102 100 Oct '18 _Knoxv & Ohio 1st g 68-1 25 3
J 9012 95 9112 Oct '18 -prior lien g 58_1945 J
Mob & Bit p
18
65
6912 68 Jan ,
-Mortgage gold 45
95 Jan '18
Rick& Dan deb 5s stmpd_1927 A 0 93 102
70
73 Sept'12
1948 M N 66
Rich & Meek 1st g 5s
99 Jan '19
9914 100
-66- 09
So Car & Ga 1st g 55
Virginia Mid Ser D 4-55_1921 PA S 9814 __ 10212 June'll
9938 ___. 93 Apr '18
_
Series E 58
913
4
1044 Dee '16
192 1"
9 6 51
2
8
Series F 5s
461936 M N
-66- General 53
8712 91 8 S p : 9
8
Va & So'w'n 1st gu 6s.20031 J 98 -9- 883 Febt 18
70
79
7018 Nov'18
-year 58_1958 A 0 .
1st cons 50
92
937 mar17
1924 F A 86
_
W 0& W 1st cy gu 4s
4
g
Spokane Internet 1st. 58 1955 J J 75 ...._ 953 Mar'17
91% „Tan '19__.. -if1- 9112
3
Term Assn of St L lst g 4;0.1939 A 0 90 95
9678 98 Feb '19
1894-1944 F A 94
98
9818
1st cons gold 6s
7034 77
9
1953 J J 95 9412 7512 I. ulay1
J i '9
'e 18
77
75
Gen refunds Is 48
St L M Bridge Ter gu g 58_1030 A 0
_2000 J D 89 90 90
90
5 -66- 92
Texas & Pac 1st gold
41 Sept'18
g2000 Mar
2nd gold Income 5s
06
19311 J 73 93 18612 May'18
La Div B L let g 5s
W Min W & N W 1st gu 581930 F A -....-9012 Oer:94
N
18
Tol & Ohio Cent 1st gu 53..1935 J J 9212 96
9212 87 Jan '19
87
87
1935 A 0 87
Western Div lst g 58
estern
78
93 Oct '18
1935 J D 74
General gold 5s
76
674 Sept'18
1990 A 0 68
& M 1st
g 48
901 911927 J J 9012 Sale 9012
2d 20-year 5s
9012 --i 38 ____ 36 Feb '19
36
36
Tol P & W Ist gold 48
751s 751s
8318 751 Feb '19
1915 F I 73
,
Tol St L Jr W pr lien g 340..1927 I A
4934 49
51
493 -o 48
4 i
1950 A 0 48
50 year gold 4s
___ 32
1838 Mar'06
Coll trust 48 g Ser A
_--- 30
18 Aug '18
Trust co Ms of deposit _____
7012 87 80 Apr '17
Tor Ham & Buff 1st g 4s_h1946
95 8314 D pt718
59 eac:
1
Ulster & Del 1st cons g 5s....1928 ID 91
A0
00
1st refunding g 4s
8613 33 86
Sale 8618
J J
Union Pacific 1st g 48
891*
86
8512 Oct '18
_
L947 J J
272
517
Registered
▪ J 87 Sale 87
8912,...
873
4 37 87
-year cony 48
20
82
8112 Sale 811i
63 80 83%
g2008 M
1st & refunding 43
8
104
48 1033 106
8
-year perm secured 68A928 J J 10338 Sale 1033
10
4
85
29 84% 86
Ore RR & Nay con g 4s__1946• D 843 Sale 8412
100% 101%
Ore Short Line 1st g 6s_ -1922 FA 101 103 101 Feb '19
Ms 99
9812
983
4 17 98 98 8
1946 J J
7
lst consol g 5s
8712
8 8412 88
1929 JO 8512 8714 8812
Guar refund 4s
98 Dec '17
Utah & Nor gold 5s..19263 J 921
8
6- 89 Feb '18
1933 J J 83 4-1st extended 48
- 80 Jan '18
Vandal% cons 548 Ser A.....1955 F A
8018 June'18
1957 M N -fit;
Consols 4s Series B
36 Sept'17
Vera Cruz & P 1st CM 4;48.1934 J J --- 35
Due Deo. a Option sale.
Due July. k Due Aug. o Due Oct. p Due Nov
-a;
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 28
'43
Virginian let 5s series A____1962 M N
1939 M N
Wabash 1st gold 53
1939 F A
2d gold 5s
J
1939 J
Debenture series B
1921 M
1st lien equips Id g 5s
1951 J J
50-yr g term 4s
1st lien
1941 J J
Dot & Ch Ext 1st g 5s
Des Moines Div 1st g 4s 1939 J J
1941 A 0
Om Div 1st g 31.'33
1941 fYI S
Tot & Ch Div 1st g 4s
1945 F A
Wash 'Fermi 1st gu 3%s
1945 F A
1st 40-yr guar 4s
1952 A 0
West Maryland 1st g 4s
1937 .1 J
Pa 1st g 5s
West N Y&
1913 A 0
Gen gold 4s
p1943 Nov
Income Os
Western Pac 1st ser A 5:3_ _1946 M S
Wheeling & L E 1st g 53... _ _1926 A 0
J
Wheel Div 1st gold 5s_ ___1928 J
Exton & Inapt gold 5s_ ___1930 F A
Refunding 4%s series A __1966 M S
1949 M S
RR 1st consol 4s
J
Winston-Salem S B let 4s 1960 J
J
Wis Cent 50-yr 1st gen 4s_ _A919 J
Sup & Dul div & term let 43'36 M N
Street Railway
Brooklyn Rapid Tran g 5s 1945 A
1st refund cony gold 43_2002 J
1918 J
-year secured notes 5s
6
Ctfs 3-yr sec 7% notes opA1921 J
3-yr 7% secured notes _h1921 J
Ilk City 1st cons 58_1916-1911 J
Bk (1 Co & S con gu g 5s...1941 M
Bklyn 1) Co & S 1st 53._ _ 1911 J
Bklyn Un El 1st g 4-5s_1950 F
1950 F
Stamped guar 4-5s
Kings County E 1st g 43 1949 F
1949 le
Stamped guar 43 •
Nassau Elec guar gold 43_1951 J
1927 F
Chicago Rye 1st Os
Conn Ry & L let & ref g 4 As1951 J
1951 J
Stamped guar 4%3
Det United 1st cons g 4%s_1932 J
Ft Smith Lt & Tr let g Os....1936 M
1957 F
11u0 & Ntanhat Os ser A
1957 -Adjust Income 53
1932 F
N Y & Jersey let .5s
Interboro-Metrop coil 4lis_19561A
Interboro Rap Tran 1st 51_1966:J
Manhat Ity(N Y) eons g 4s_19901A
1990,A
Stamped tax-exempt
Manila knee Ry & Lt s f 53_1953M
Metropolitan Street Ityilway SG 7tipAv 1st c g 53_1943,J
Col & 9th Av let gli g 53..1993 M
Lex Av & P F 1st git g 5.s 1993 M
Mot W S El (Chic) 1st g 4s 1938 F
Milw Elee Ky & Lt cons g 55 1926 F
Refundirw & exten 44s.1931 J
Minneap St 1st cons g 5s__ _1919 J
Montreal Tram 1st & ref 59_1941 J
J
New On Ity & Lt gen 4
N Y Munleip Ity lets f 5s A 1966 J
N Y Rys 1st E & ref 4s..- 1942 J
al942 A
-year ad) Inc 5.i
30
N Y State Rye 1st cons 4%s 1962 M
Portland Ity 1st & ref 5s_..1930 M
Portici Ry Lt & P let ref 5,3_1942 F
Portland Gen Elec let 53_1935 J
St Joe Ry L 11 & P 1st g 5s__1937 NI
St Paul City Cab cons g 5s-1937 J
1960 .1
Third Ave let ref 4s
a1960 A
Ad.1 Income 5s
1937 J
Third Ave lty 1st g Os
Tr -City Ry & Lt 1st s f 5s 1923 A
Undergr of London 43-'s._._1933 J
1948
Income 60
United Rye Inv 5s Pitts lee. 1926
1934 J
United Rye St L let g 4s
1924 A
St Louis Transit gIl 5s_
1927 A
United Rita San Fr s t 4s
Union Tr(N Y) etts dep
Equit Tr (N Y) inter ars_
Va Ry & Pow let & ref 53._ _1934
Gas and Electric Light
Atlanta 0 L Co let g 53_ _ _1947 J
Bklyn Un Gas 1st cons g 58_1945 M
Cincin Gas tit Elee lstScret 5s 1956 A
1927 1
Columbia 0& N let 5s
Columbus Gas let gold 5s 1932 J
1920 Q
Consol Gas cony deb Os_
Cons Gas EL&P of Bait 5-yr 5321 M
Detroit City (]as gold 55_1923 J
Detroit Edison let coil tr 5s_1933 J
51940 M
let & ref 58 ser A
Eq 0 L N Y 1st cons it Os..1932 M
Gas & Elea Berg Co c g 5.3_1949 J
Havana Mee consol g 5s____1052 F
Hudson Co Gas let g Os__ _1919 M
Kan City (Mo) Gas let g 58_1922 A
1937 A
Kings Co El L & P g Os
1997 A
Purchase money Os
1926 NI
Convertible deb Os
Ed El Ill 111kn let con g 4s.1939 J
Lac Gas L of St L let g 55_51919 Q
1934 A
Ref and ext 1st g Os
1927 M
Milwaukee GAS I. let 45
1948 J
Newark Con Gas g 58
1948 J
NYGELII&I'g 51
1049 F
Purchase money g 4s
Ed Flee III 1st cons g 5s 1095 J
NY&C) El L&P 1st con it 53.1930 F
Pacific 0 .1c El Co-Cal 0 & IT
1937 at
Corp unifying & ref Os
Pacific 0 & E gen & ref 5:1_1942
Pao Pow & Lt let & ref 29-yr
5s International Series_ _1930
1949 at
Pat & Passaic 0& El 5.9
Peop Gas & C 1st cons g 68_1943 A
1947 M
Refunding gold Os
Ch (3-1.& Coke let gu g 5s 1937 J
ConG Co of Ch let gu g 531936 J
Intl Nat Gas St Oil 30-yr 5.31936 at
Mu Fuel Gas let gu g 5s-1947 M
1919 F
"'..‘Philadelphia Co cony 53
1922 M
Cony &ben gold Os
Stand Gas & El cony s f (Is..1928 J
Syracuse Lighting 1st g 53_1951 .1
.1954 J
Syracuse Light & Power Os.
Trenton G & El 1st g Sc.. 1949 M
Union Ektc Lt & P let g 53-1932 M
Refunding & extension 50_1933 M
United Fuel (Ins lets f
Utah Power & Lt let 53._ _1944 F
Utica Flee T. & P 1st it Os.. _1950 J
Utica Gas & Mee ref Os__ _ _1957 J
wp.stellester Lts? wad 5q, __ .1950 J
•
9004
865
New York Bond Record-Concluded-Page 4
MAR. 11919.]
Price
Friday
Feb. 28
Week's
Range or
Last Sale
,
13
.
O c.1
.4 I
Hiah
Ask Low
Bid
9112 Sale 9112
0112
97
9618 9612 9634
8534 Feb '19
8514 86
---- -- 90 Aug '18
8
963 -...... 98 Nov'18
65 _- 65 Sept'18
8814 Feb '19
8812
80 Aug '12
67
57.
-. 71
- -- 74 Jan '19
76 Dec '17
7418 76
8218 __ 82 Aug '18
6138 61
61
61
99 Jan '18
9912 100
8
- --- 865 70 Deo '18
38 Oct '17
81
E4
- 3- 84
8112
91 Oct '18
9114 96
---- 96 109 Feb '17
9038 Mar'17
64 Jan '19
5914 66
69 Nov'18
65
69
75 Feb '19
75
82
7512
77
77
78
7412 Jan '19
7258 Si)
Range
Since
Jan. 1.
Low
9112
9612
8518
High
9412
98
89
8814 8814
67
74
67
74
58
-614
81
8012
61
64
75
75
80
77
7214 7412
74
4 65
76
74
0 74
75
5:3
1 45
8
507
5078 Sale 5073
J
9534 Dec '18
J
9614 Aug '18
J
31 75 86
86
Sale 85
J 85
.1 8312 9138 92 Dee '18
80 May'12
N ......- 70
101 May'13
J
73
72
8
8
777
A -783; 7812 775
7134 72
,
78 8 787 7134 Fob '19
8
A
62
66
62
5 57 65
A 62
7258 62 Jan '19
62
62
A 62
60 Dee '18
5012 60
J
79
7812 Sale 7812
7812 81
A
87
88
87
88
87
J
_
861t Oct '18
J
(W 747 7478 Feb '19
7512
J 73
84 Jan '14
60 - - -- _
5778 Sale 577
8
58
:1T3 561z 6014
A
1638 Sale 16
1718 146 16
13
87 Oct '18
9112 93
43% 701 -3 3 133
4
Sale 39
3
. 74
0 39
191 683 7412
72
Sale 7112
74
J
4
8318 72 Feb '19
7211
72
0 71
7412
72
0 7314 7414 7411 Feb '19
75 -___ 80 July'18
D
S
S
A
A
J
J
J
J
J
J
0
N
N
A
J
N
J
J
0
J
0
J
87
J
0
0
NI
A
0
A
A
7712 79 Dee '18
68 Feb '19
68
68
08
74 Jan '19
74
74
74
54 Dec '18
95 ___ 10012 June'17
_
77 --- 8112 Dec '18
4
983 Aug '17
9812 9712 July'17
82
72'3' 74 Aug '17
63
8 55
Sale 60
63
60
4312 4412 4234
1312
15 4012 44
1514 132 115 1514
1414
1418 15
8
5812 '55
62
2 55
56
55
.
8812 Nov 16 _
7314 79
67 Aug '18
0212
- - 85 --- 9012 Feb '17
- -- - 84 ---- 95 July'17
- -- 9912 10212 Mar'12
85
--- - -- 51
6, 50
8
5112
5278 Sale 527
3214 61 2712 3212
3112 Sale :301.
Dec '18
97
9118 100
21 -9-I3 97 97
97
9612
95
77 _-__ 76 Mar'18
56 Aug '18
90
80
85 Dee '18
65
„...
75
•
_ 76
1 4.312 521
4812
4812
50 June'17
60
22 Jan '19
22 2515 37
22
25
253.1 61) 22
29
26
2531
Sale 25
27
36 22
27
27
79 Feb '19
7712 78
79
79
70
•
94 _ - 103 Sept'15 -9414 93
93
1
93
91 Deo '18 _95
90
82 Feb '19 ---80 83
87 -__ 97 Feb '15 Salo 101
102
10238 81
9612 Feb '19 _9812 99
9638
1
9IP8 Sale 9658
4
96 1
9614 9613 96
93 Feb '19 -_
931. 94
---- -- 94 Feb '18
100 Feb '1:1
85
90
.84
9218 Nov'17
9011 95
9618 Dec '17
9018 _ _ _ 9078 Doe '18 -.._ i
94
91
91
10014 105 105 Feb '19
9212
90 Jan '19
82
79
83 Feb '19
4
9912 993 9934 Feb '19
9418 95
4
913 Feb '19
88 ____ 8412 Oct '18
89 ___ 10412 Apr '17
9312 Sale 9312
17
9312
7412 73
74
74
10
98
98 100
98
1
89 ____ 9612 Aug '17
95
94
95
95
4
8512 863 8714 Feb '19
A
.1
A
I)
A
-93 - -6,i82
82I
i661;
9512 97
9618 9638
9512 96
91
93
--- -- - _
91
100
90
8
797
0914
9434
-- --
91
105
90
84
4
993
97
-
9113
69
98
- --
91
7414
100
-.-
9618
2 95
8714 88
91
88 Jan '19 _
88
88
100 July'17
85
9534 ---- 10018
10018
2 100 101
7612
7614 Feb '19
7414 7614
8
897 96 8ept'17
82
---J1 8 100 Apr '17
---- ---89 Mar'17
---70 -- 94 July'17
9914 Nov'15
9112 9114
.391
9111
8 -61 - -112 8
95
97
94
95
95
94
8512 --- 9712 May'17
7412 7518 70 Nov'18
---90 ---- 9838 Oct '17 ___ ---92 92
---- 91 14 92 Jan '19
80 -- -. 10118 Nov'18 _95
9614 97
2 -95" 64 97
5512 Sale 8812
8812
5 8812 8912
101 June'17
-90
1 90 90
9213 90
83
II')
91
4 90
On
Sale 90
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 28
11.-3
t,
Miscellaneous
1918
Adams Ex coil tr g 4s
51
1925 61
Alaska Gold NI deb 6s A
Cony deb Os series B
0
192
Am SS of W Va let Os19 6
Armour* Co let real est 4)4s'39 .1
1926 A
Booth Fisheries deb s f 63
Braden Cop M coil tr s f 63_1931
A
Bush Terminal 1st 4s
95
1952
,G0119015s
.1960 A
Buildings Sc guar tax ox.
Chic C & Conn Rye s f 5s
1927 A
Chit: Un Stat'n 1st gil 4 t4s A 1963 .1
Chile Copper 10-yr cony 7s_1923
Recta (part paid) coos' 63 ser A A
1932 A
Coll tr & cony 6s ser A
Computing-Tab-Rec s f 6s 1941
Granby Cons M S & P con 6s A 28
1928
Stamped
1940 at
Great Falls Pow lets I 5s
lot Mercan Marine a f 6s
1941
Montana Power 1st Os A.._ 1943
Morris & Co 1st s f 43.4s..._1939
Mtge Bonds(N Y) 4s ser 2.._1966 A
1932
10-20
-year 5.9 series 3
1951
N Y Dock 50-yr let g 43_
Niagara Falls Power 1st 5s 1932
A
Ref & gen 63
Niag Lock & 0 Pow let 5s..1954
Nor States Power 25-yr Sc A 1941 A
Ontario Power N F 1st 5s 1943
Ontario Transmission 5s_ _ 1945
Pan-AmPet&Trlst contras '19-'27
Pub Serv Corp N J gen 5s...1959 A
Tennessee Cop 1st cony 63..1925 at
Wash Water Power let 53_1939
Wilson & Co 1st 25-yr s f 63_1941
itieek's
Range or
Last Sale
Price
Friday
Feb. 28
BM
60
30
26
A
0
0
.1
0
A
0
A
0
.1
0
Manufacturing & Industrial
Am Aerie Chem 1st c 5s__1923 A 0
1924 F A
Cony de6en Se
1931 MN
Am Cot 011 debenture 5s
Am Hide & L let s f g
1919 MS
Ant Sm & R let 30-yr 58 ser A '47 AO
Am Tobacco 40-year g Gs__ _1944 A0
1951 FA
Gold 4s
J
1919 J
Am Writ Paper 1st S f 5s
Trust Co Ws of deposit....
Baldw Loco Works let 53_1910
Cent Foundry let s I Gs__ _1931 • A
Cent Leather 20-year g 5s_1925 AO
1951 FA
(2on.sol Tobacco g 4s
1931 MN
Corn Prod Reg ii f g 5s
193-1 MN
let 25-year s f 5s
Iu
I)IstgSee Con cons: 1st g 53_1927 AO
IT
Pont Powder 4 lie_ _ _1936• D
General Baking let 25-yr 63.1936 J
Gen Electric deb g 3%,3_ _ 1912 F A
1952 • S
Debenture 5s
J
1935 J
Ingersoll-Rand let 53
Int Agri° Corp let 20-yr 5a 19:32 MN
J
lot Paper cony s f g 53
1935
1st eic rots fconv Sc ser A_1917
Liggett & Myers Tobac 7e..1944 AO
1951 F A
5s
1911 A0
Lorillard Co (P) is
1951 F A
.58
Mexican Petrol Ltd con Os A 1921 AO
1st Hen & ref Os series C 1921 AO
Nat Enam & Stampg 1st 5s_1929 J 1)
Nat Starch 20-year deb 53..1930 J
19421M N
National Tube Is: 53
N Y Air Brake let cony es_ _192S MN
Pierce 011 5-year cony tis_ 41920 J D
51924 J 1
10-year cony deb 63
Sinclair 011 & RefinIng1st s f 7e 1920 warrants attach • A
!Io without warrants attach FA
Standard Milling let .5s_ _1930• N
J
The Texas Co cony deb 6:3_1931 J
Union Bag & Paper 1st 55..1930 J
1930 J
Stamped
J
Union 011 Co of Cal 1st 5s 1931 J
US Realty & I cony deb g 5s 1924 J 1
-year sec 7s...1923 J D
U S Rubber 5
J
1947 J
let & ref 5s series A
11 S Smelt Ref & M cony 63_1926 F A
Va-Caro Chem let 15-yr 58_192:3 J D
e1924 A 0
Cony deb 6s
West Electric let 58 Dec__ _ _1922 J J
Coal, Iron & Steel
J'
1926
Beth Steel let ext 5 f 5s
1942 111 N
1st & ref Sc guar A
20-yr p m & imp s f 5s__ _1936 J J
19321.1 D
Buff & Susq Iron s t 5s
a1926 M S
Debenture 58
Caltaba C M Co 1st gu 6,3_1922,J D
Colo F dc I Co gen s f 5s____1943'F A
Col Indus let & coll 5e gu_ _1934 F A
Cons Coal of Md 'stare! 58_1950 J
Elk Horn Coal cony 6s
1919 A D
Or lily Coal & C let g 6s_ _51925 j O
1940 A 0
Illinois Steel deb 43
-is
Indiana Steel let 5s
26
9 r4 N
1962 JD
Jeff & Clear C & I 24 5s
Lackawanna Steel 1st g 5s 1923 A 0
1950 M S
let cons 5s series A
Midvale Steel &0 cony s f 581936 NI S
J
Pleasant Val Coal 1st s f 5s 1928 J
Pocah Con Collier let s f 58_1957 J
Repub I & 8 10-30-yr 5s s f_1940 A 0
St L Rock Mt & Os stmpd_1955 J .1
Tenn Coal I & lilt gen 58-1951 J
J
U S Steel Corp-J coup. d1963 1st N
f 10-60-year 5sIreg ____d1963 NI N
Utah Fuel let s f 58
1933 J N
51 M J
Victor Fuel 1st s f 52
Va Iron Coal & Coke 1st g 5s 1919 M S
Ask
Sale
34
33
Low
60
3234
30
Range
Since
Jan. 1.
High No.1 Low
11; 60
6334
1, 3012
3234
30
21 30
High
65 •
35
34
8834
8834 Sale 88
4 251 86
883
90 Feb '18
9312 95.8 94 Feb '19 --.
91
96
8018 Feb '19
8018 801s
8034 83
80
8313 8553
8514 8312 Feb '19
81
81 Jan '19
81
7938 82
4978 58 Mar'18
40
8812 12, 88
8814 88
89
88
Sale 10612
108
10818 192' 10534 110
421 8212 85
84
85
8312
84
8418
8 8112 85
8
835 8178 84
84
s
8358 Sale 835
4 11 83
833
_ 97
9814 9812 9812 Feb '19
9812
98 Jan '19
9814 101
OS
98
- 9314 Feb '19
9512
9812 Sale 9714
99
1 993 95
1
9138 Sale 91
9138 -i80 9014 192371
:
8778 83 Feb '19 ---- 83
83
83
83 Apr '14
--- 94 June'16
69
69
-3 -66 -66
Sale 69
9014 96
2 95
97
8
957
6
957
101 ____ 101 Feb '19
_ _ 101 101
9314 8912 Oct '17
90
88
8534 8858 88
88 -66 91
8918 9114 89 Jan '19
89
84 June'17
_ 95
1121 13413
128 135 13112
13412
79
78
33, 754 80
7834 79
9212
_ 9112 9212
_
6. 91
9212
92
927 927
_ 9278 Jan '19
e
s
-le
9514 -8a 9734 9814 53' 9634 987
8
3 98 101
10038
4
9914 993
97
10012 10212 102
29, 100 103
103
8914
86
2 88
8914 8812
8914
lows
4 9934 10012
10018 Sale 10018
37 8912 93
92
90
90
91
119 119
119 ___ 119 Feb '19
1 7212 7812
783 80
4
7312
7812
94
95
88 Feb '19
88
9158
12 86
88
Sale 877
00
8
88
9978 ____ 101 Jan '19
101 101
80 Dec'18
80
82
8 23 957 97
963
8
9518 957
98
8
1
8011 7312 Dec '18 -.
74
2
9913 Feb '19
661- 661;
9912 100
9912 10112 9912 Feb .19
9912 loo
90
90
9014 90
5912 91
100 101 May'17
11, -gi - 88
88
8414 88
88
7312 Feb '19
7012 73
73
7312
S0834 Sale 9712
4
4 12 971.2 1003
983
977 ---- 96 Nov'18
Sale 80
80
2
8038 1051 "761- -863;
04 Oct '18
9712 102
85
9178 904 Nov'18
112 1125 1123
8
11212
8
9114 Sale 91
9378
9212 12 91
113
11212 113 11212
7! 11214 113
9012 917 903
9 9014 94
4
9178
165 Nov'18
-- -- --185 Jan '19 __ 182 185
9512 Nov'18
9.5
96
9312 ____ 94 Aug
-'189512 97
9912 Feb '19 __I -98 -991-2
9978 100 100
100
7, 995 1001s
8
101
Sale 101
10112
5 10014 10318
03
Sale 92
56 8834 9314
93
9914 Sale 9914
100
18. 9818 100
96
Sale 96
9614
9658
18' 95
9234 95 95
95
11 93
95
1015* Sale 1015
8
102
36 10012 103
8712 Sale 8712
3 85
8712
81712
87 ____ 87 Dec '18
- - - - - -93
94
937 Jan '19 ....„ 9378 9378
8
68
Sale 673
68
4
68
36 60
10312 10358 1035
8
10334 18 1023 1043t
4
867& Sale 863
8778
4
8678 316 88
9914 Sale 09
7 973 100
4
9914
96
6 9514 96
96
Sale 9512
10134 Sale 10112
8 101 10214
10134
18 97
9812 Sale 981.3
9914
9914
96
812
8
8112
91
88
7312
88
8412
9712
9614
967e
8612
865*
8734
95
8114
92
10012
9612
8,
887
Sale'
98
8
955
95 8
5
3 9512 9612
89
87
89 Feb '19
8114
8112 44 80
83
90 May'18;____
8614 July'18j....__
101 Deo
90
90 Feb '19
9018
88
7334 7312
74
6 7312 7712
90
91
1 87
90
90
98 Feb '191._ 95
9834
94 Feb
-- - -851; 8512
8512,
5, 8214 8513
Sale 9'712
97581
2' 9512 981s
97
91 -011- 98
9714 967
4
87
8
865
87
8 86
8712
8634 31 86
Sale 86
8812
8914
Sale
83
9514
Sale
90 Dec '18
95
11 943 951k
9518
8018 Dec '18
---- - --9514 Dec '18
2
10018
10034 141 -663; 161110014 Feb '19
99410014
• 87
50
70
80 Deo' 18
8718 8912 87 8 Jan '19
5
875*
-ifs;
Telegraph & Telephone
8414 84
8414
6 8334 8512
m ./
Am Telep & Tel coil tr 4s__ _1929 J S 84
7812
4
783 84
77
7812 Feb '19
1936
Convertible 4s
89 Feb '19 __- - 8512 89
1933 M S 8612 90
20-yr convertible 4 lis
9158 20: 90% 94
8
8
1946 J D 907 Sale 907
30-yr temp coil tr 5s
4
34
10314, 330 100 10314
1925 F A 10318 Sale 1023
7-year convertible 6s
9812 Feb '191...
9812 9812
Cent Dist Tel let 30-yr 59_1943 J
Q
239 ) .1
Commercial Cable 1st g 4s...2397( j 65 ____ 73 Nov'171 -__
6818 Jan '18
Registered
J
9334 Sale 9334
9334
71 93
9334
Cumb T & T Ist & gen 53... _1937 .1
_
- 9634 98 Apr '16 ...„1
Keystone Telephone let 55_1935 J .1
0212
4- 90
9212
1924 F A -9212 Sale 9212
Mich State Teleph let 5s
981
9814 99
'19
984 9812
NY&NJ Telephone 51 g 1920 14 N
9112
917s 241 88
N Y Tele!) 1st & gene t 4 lis_1939 at N 9013 Sale 9012
1 93
93 Feb '19
0.555
1937 J .1 9312 94
Pacific Tel & Tel 1st .55
8
917 93
9118 925 92 Feb '19
8
South Bell Tel & T let Cf 5s_1941 J J
2 93
94
94
91
West Union con tr cur 5s_ _ _1933 J J 9378
8718 Feb '19
8614 92
8612 91
1950 14 N
Fund & real est g 4 lis
_ 99 10112 Sept'17
ext 5s_ _1911 M N
Mut Un Tel
94 Nov 161-- - - 8114
Northwest Tel en 44s e_ _1934 ii J
.
1,r1d.av: latest 1.1#1 #1,14 ag•ked. a Duo Jan.'11)114 Aurll. 6 Duo May. u Duo Juno, It Duo July. k Duo Aug. 0 Due Oct. p Duo Nov. g Due Dec. s Option sale.
866
BOSTON STOCK EXCHANGE-Stock RecordS..
SHARE PRICES
-NOT PER CENTUM PRICES.
Saturday
Feb. 22
B
a
o
tS
X
••
o
Monday
Feb.24
Tuesday
Feb.25
Wednesday Thursday
Feb.26
1 Feb. 27
Friday
Feb. 28
Salesfor
the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
7t age
:
D
Range Since Jan. 1.
Lowest
I
Highest
Railroads
137 137
13612 13612 *138 140
140 140
92 Boston & Albany
100 131
Jan 8 140 Feb27
68
67
68
6718 6712 68
68
14
68
684 68
201 Boston Elevated
100 87 Jan22 73 Jan14
.88
*88 ___- 90
90
90 9024
90
Boston & Lowell
100 85 Feb 8 95 Jan 3
2912 2978 30
30
295 Boston & Maine
30
-56- 16*2912 30
30
100 28 Jan30 3112 Jan17
Last Sale 167 Feb'19
_ _*167 _ -- *167
Boston & Providence
100 167 Jan 9 168 Jan 6
*50
Last Sale 12
0.50
2
Dec'18
2
*.50
2 '
Boston Suburban Elec_no par
Last Sale 7
*7
11
Feb'19
*7
11
*7
11
no par
Do pref
7
Feb 3 11
Jan14
Last Sale 412 Nov'16
Boston & Wore Elec_ no par
Last Sale 304 Feb'19
•
16- *:::: -- - s:::: .. 1i 36
3
par 30 Feb 7 3014 Feb 7
Do pref
Last Sale 135 Jan'19
• __ 135 *____ 135 *__ 135
n
Chic June Ry & U S Y.. .100 135 Jan 4 135 Jan 4
Last Sale 84 Feb'19
*84
*85
88
*85
88 •
88
100 84 Feb14 874 Jan 9
Do pref
Last Sale 112 Feb'19
*11212 114 *11212 114 *1121/ 114
100 112 Jan15 113 Jan23
Connecticut River
4
20 Fitchburg pref
*57
_ _ _ *57
5712 2553 553
57
571
57
57
4
100 £553 Feb28 58 Jan 2
4
Last Sale 109 Oct'18
-, Georgia Ry & Elec stampd.100
74
74
____ ____
10 Do pref
74
100 74 Feb27 74 Feb27
wio- ii- wiii70
80 8062
8
80
80
80 80 *_ _ _ - 0
100 80 Jan23 83 Jan 6
80
Maine Central
258 258
100
25
8 258
212 234
212 212 --- 12 -- -52
28
238 Jan 2
250 Mass Electric Cos
312 Jan14
137 14
1334 1412 1,620 Do prof stamped
*1334 14
1334 14
135 14
100 12 Jan 2 1714 Jan14
28
29
2878 2934 30
31
2878 29
30
100 257 Feb13 33 Jan 4
303
4
753 N Y N H & Hartford
8
92 92
*92
__
*92
___ *93
94
1 Northern New Hampshlre_100 02 Feb21 92 Feb21
ii25 Old Colony
*9512 90
,:__ -5/ 98 - - *98 100
93
100 97 Feb28 105 Jan 3
*20
22
--Lastsale 19 Feb'19
*19
22 • *19
22
100 19 Jan24 20 Jan18
Rutland pref
Last Sale 95 Feb'19
*95
97
*95
97
*95
97
Vermont & Massachusetts_100 95 Jan 6 100 Jan18
4312 44
4312 44
4312 4312 431/ 44
43
43
212 West End Street
50 43 Jan22 4712 Jan 8
51,
52
51
52
53
51
51
51
51
51
89 Do pref
50 31 Feb25 55
Jan 6
Miscellaneous
1021/ 103
10212 103
102 10234
102 10234 10218 103
819 Amer Agricul Chemical__ _100 100 Jan29 10314 Jan 9
99
9914 9812 99
994 994 0912
9912 99
99
193 Do pref
100 9712 Jan 3 9912 Feb 5
*.60
.94 *.60
.94 *AO
.94 *.60 .94
.60 .65
150 Amer Pneumatic Service._ 25 55c Jan 2
114 Feb 3
Last Sale
F'
5
--5
50
5 Jan 7
6 •Jan
Do pref
__
124 Amer Sugar Refining
11914 120% 121 121 - 121 12178 £11414 11534 ----- ----100 111
Jan 2 1217 Feb26
117 117 *117 11712 117 117 £11813 11812 1154 116
197 Do pref
100 113 Jan 2 211812 Feb27
1045 105% 105 10512 105 106
106 107
10612 1073
8
8 1,938 Amer Telep eic Teleg
100 99 Jan29 10738 Feb28
67
*55
58
5434 5434 57
*56
52 American Woolen of Mass_100 46 Jan20 67 Feb25
57
563 57
8
9714 9712 97
9712 97
9718 964 97
9612 97
• • 297 Do pref
100 94 Jan21 9712 Feb24
82
5 Amoskeag Manufacturing_ __
*80
_
*80 - _ _- *80 ___ _ *80 _ _ _ - 82
79 Feb15 83 Jan 11
81
Last Sale 80 Feb'19
*80 - - *30
*80 ____
7812 Jan 9 82 Jan 8
Do prof
*19
Last Sale 22 Feb'19
22
231/ *1912 ____
*19
Art Metal Construe Inc-- 10 1712 Jan21 22 Feb20
9978 997
8
*9712 99
*96
98
*97
90
*98 100
5 All Gulf & W I SS Ltues-100 97 Feb 3 10512 Jan 9
Last Sale 65 Feb'18
*63
66
*63
66
*63
66
100 63 Feb15 667 Jan25
Do pref
201/ 21
no par
4
2058 21
2012 2014 203 204 2014 2014 1,177 Booth Fisheries
1814 Feb 7 2212 Jan 2
1414 14
1414 2,475 Century Steel of Amer Inc_ 10 1358 Jan10 15 Jan 3
1414 14% 1411 143
8 1418 1438 14
12
1234 13
430 Cuban Portland Cement- 10 118 Jan20 14 Jan 2,
1212 121/ 1212 1212 1214 12141 12
*5
612, --------90 East Boston Land
412 Jan 4
5
5
10
638 Jan14'
538 53
8
*53
8 512
*166 169
167 169 I 170 170
45 Edison Electric Ilium
100 164 Feb18 172 Jan 2
169 169 *16812 171
5612 5512 5512 56
5512 5512 5512 5512 5512 5512
140 Fairbanks Co
25 5212 Jan21 6114 Jan 2
*154 156 *154 156
154 15414 *155 1571 155 15512
100 1487 Feb 7 15512 Feb28
8
111 General Electric
30
*293 30
4
2912 2912
30
*2878 30
30
30
50 2912 Jan 2 324 Jan10
130 Gorton-Pew Fisherk.s
434 Jan 2
512 Jan 2
4 *54 53
4
100 Internat Port Cement.... 10
*514 53
4
514 514 *514 53 ---- ---Last Sale 21
Feb'19
*18
23
2112 *IS
50 18 Jan 4 21 Feb 11
204 *19
Do prat
6 Jan 2
4
918 Feb20
73
4 73
305 Island Oil & Trans Corp_.. 10
VA 7%
4'
712 73
4 *712 73
4 *712 73
*92
95
*93
98 I ____ ____
*92
95
95 95
__5 McElwain(W II) ist pref.100 90 Jan17 95 Feb25
8214 8212 82 8212 8214 8212 8238 8212 82 83
0 8112 Jan20 86 Jan 9
10
0
6, Massachusetts Gas Cos
62
5
*70 7012 70 70 70 7012 70 70 I 70 70
69 Jan11 71
Jan13
Do pref
134 134
135 135
135 13512 135 135
134 134
71 Mergenthaler Linotype--100 130 Feb10 13512 Feb27
Last Sale 92 Feb'19
_ _ '92 ___ *92 ____
New Eng Cotton Yarn-_-100 92 Jan 7 92 Jau 7
92
94 I 93 9312
*92- 93
445 New England Telephone_ _100 90 Jan22 94 Jan 3
9212 9212 93
9212 93
*46
Last Sale 48 Feb'19
50
*45
50
*46
50
140 Nova Scotia Steel & 0-.100 48 Feb 6 62 Jan25
____ ____
aann10
4
1154 11612 *116 1161/ *11412 11534 *115 116 I
,e
100 14312 } b l.:3 18212 j 5
18 Fe 1 2
Pullman Company.
52
52
5334 54
52
5212 5312 54
50
5134 52
970 Punta Alegre Sugar
*14
15
Last Szle'14 Feb'1910 14 Jan 3 15 Janl I
*1414 1434 *14
15
Reece Button-Hole
39% 40
385g 3918 383 4012 3912 4034 39
4
3218 Jan23 4014 Feb20
39 2 7,52 Stewart Mfg Corpn
,
4
123 1233 12234 1233 1223 12312 123 124
12312 124
4
4
1,299 swift & Co
4
100 115 Jan30 12614 Jan 3
5934 60
____
__
5912 6912 5934 5934 *5934 60
25 5212 Jan13 60 Feb21
Torrington
163 164
164 16412 16312 1658
163 163
163 165
100 1574 Feb10 167 Jan15
1
4 . . Riw United Fruit
,
454 4614 4512 46
4534 46
4512 46
4512
258 United Shoe Mach Corp- 25 44 Jan13 463 Feb28
2814 28
4
2812 283
28
28
2- - -,--- Do tire!
-8
283 29
4 28
23 2614 Jan 2 31
Jan25
9412 9518 935 94
93
9378 953 292% 9312 92
3,978 U S Steel Corporation--100 8814 Feb10 9658 Jan 3
*11418 11412 *114 11458 *114 11412 *14414 1143 11458 11478
4
25
100 113 Jan 2 11512 Jan25
9% 1018
3,455 Ventura Consol 011 Fields_ 5
95s 10
93 1018
4
73 Jan21 1012 Feb15
4
9 4 10
3
93
4 98
Mining
25 .56 Feb 6 .75 Feb 6
.75 *.75
1 '
0.75 1
*.75 1
.75
1 '
0.75
50 Adventure Con
70
70
69
25 0812 Feb 6 71 Feb10
693 697
4
8 6912 697 *69
8
6912 69
151 Ahmeek
31/ Feb26
1C
4 Jan 3
*312
3 8 334
5
a
*.25
(
20, 12'j 0m ? ining
i g8kaa 0,11
.35 *.P .3g *.A2 . 1g •
33
3
3
11 3.31
25 20c Jan15 30e Feb 7
41
4112 4112 4112
41
41
41
25 41 Feb24 44 Jan21
*41
42
41
Alloues
_76
1378
1112 1158 *1112 12
*1112 1212 *1212 1312 13
Amer Zinc, Lead & Smelt_ E 1034 Feb 11 137 Feb28
44
43
*43
45
*40
42
42
39 Feb15 44 Jan14
*40
*40
43
4
113 1138 1111 1114 1114 1112 1114 1112 1034 113
8
5 1034 Feb28 123 Jan 6
nanCreofmtnercial
4
888 Arizona
Last Sale .22 Feb'19
.30
.30 *.20
.30 '
0.20
Butte-Balaklava Copper._ 10 20c Jan30 300 Jan17
2514
8 24
130 Culu m&Sup C (Ltd)... 10 1712 Jan23 2414 Feb28
*1712 19
207 207
8
*1712 19
*1612 18
Batte et a 4riopna
59
59
1,493
60
60
5738 58
5812 59
10 57 Feb10 63 Jan 4
574 60
Arizona
420 430
415 4207Calumet & Ilecla
.415 420
420 420 420 420
25 415 • Feb28 445 Jan 3
3
15
14 Feb13
25 123 Jan21
13
1312 *1212 13
134 1312 *13
4
*13
14
14
Centennial
925
401/ 4078 4012 41•
414 4214 4114 42
40% 41
25 40 Fek20 4212 Jan25
400 CopperCopper Range Co
*234 3
278 3
3
3
20
25 Jali 2
8
3 Feb 3
*23
4 3
*234 3
Daly-West
8
47
3 5
405
478
478
478 47
434 Feb13
*4% 5
*478 518
10
53 Jan31
8
-W y Copper
812 83
4
814 85
8 . 838 2,820 East Butte Copper Min
8
10
8 Feb28
834 9
• 8 4 84
3
912 Jan 3
3
3
*3
312 *318 314
25
3% 3% *3
3 Feb 6
3
314
37 Jan 6
8
235 Franklin
71
*67
100 6812 Feb26 7312 Feb13
70
*67
70
*67
70
6812 6812 *67
230 Granby Consolidated
Last Sale 4312 Jan'19
43
100 4312 Jan27 453 Jan 2
4334
*41
4
*411/ 4318 *42
Greene Cananea
_
45 Feb ,6
8
512 Jan 2
*54 5%
514 514 *5
513
5
518
.- 85 Hancock Consolidated.... 25
7
5
514
Last Sale .60 Feb'1925 60c Feb19 750 Feb18
.75 '
.76
*.50
0.50
.75 *.60
126 Indiana Mining
46
4612 4612 46
1 424 Feb 7 48 Jan 4
*45
46
4512 46
45
45
Island Creek Coal
Last Sale 82 Feb'19
1 80 Jan29 823 Jan21
4
*80
82
*8014 82
*80
82
Do prof
25 2625 24
2578 27
Jan 2 27 Feb27
2512 2512 254 2514 *2513 26
735 Isle Royale Copper
5
514 514 *514 5 2 *514 512
4 Jan17
8 53s
53 Jan24
4
514 558 253
,
240 Kerr Lake
Feb'19
Last Sale 118
118 Feb10
1
25
*.95
1
0.95
118 Feb10
*.95
1 '
100 Keweenaw Copper
4
4
k5 3 Jan25
*312 4
.
412 Jan 2
ase
Coppe ppoo
50 ta atlecor Co.C r
*312 358
312 312 *312 4
212 Jan21
234 2% *23
25
*23
4 3
23 Jan 3
4 27
4
*2% 3
---Fei3
i55 214 Feb18
-.
*211, 23
4 *214 ____
*214 3
Last Sale 258
3 Jan 9
Mason Valley 1411ne
414 414 *414 412
1
44
25
*414 412 *414 42
4 Feb 7
4
340 Massachusetts Consol
43 Jan 2
4
318 338
338
3
314 1,310200
3
314
314 312
3
2 Jan13
33 Feb13
4
n
er-Old Colony... 26
21/ 21/
*258 3
*258 3
212 212 '
0212 3
25
212 Feb24
418 Jan23
Michigan
Igo Mohawk
5212
62
52
52
5178 52
5134 513
4 513 52
.1
25 491/ Feb 7 543 Jan 3
4
*1614
1634 *1614 17
*16
1578 151 *164 17
175 157 Feb26 157 Feb26
_5 Nevada Consolidated
_0
112 112 .138
134 *138
13
4 *13
25
112 Jan18
8 13
4
18 Jan14
4
13
4 13
4
z85 New Are:t•Pso Copper
15 155 15 Feb28 17 Jan13
1614 1614 16
1512 1534 1514 16
16
569 New Cornelia Copper
*812 958
*9
912 *9
9
9
912 *9
912
83 Jan23
4
Jan18
50 New Idris Qiiickstiver___
Last Sale 5858 Feb'19
100
5
*812 10
*812 10
104 Jan28
*812 10
87 Febl 1
s
New River Company
59
59
*57
59
Feb'19
*57
*57
Last Sale 9
100 5812 Febl 1 6312 Jan20
*87
8 918
878 9
290 Nlpti nr NfilInes
9
918
9
94
9
9
5
814 Jan15 1014 Jan13
i
"
97
97
97 10
10
10
1,045 North Butte
9 Feb20 1112 Jan 4
15
9% 9%
97s 97
.50
.50 .50
.50
.60 • .50
.60 '
0.50 .60
305 North Lake..
'25 40c Jan 7 60c Feb28
15 Jan13
40 Eolbway Mining
118 Jan20
114 114 *114 112 *14
25
Vs *114 112 *114 1 2
,
3212 33
*3214 3212 3213 323i *3212 3425 32 Feb20 3514 Jan14
*3212 34
64 Old Dominion Co
481/ 4812 4712 48
481
48
48
*4814 49
48
100 Osceola
25 4712 Feb26 52 Jan14
1312 1312 1312 1312 131/ 1312 1312
10 1218 Feb 8 1312 Jan 2
205 pond Creek Coal
1314 1312 13
56 '53.6625 56 Feb25 61
58
56
66
66
56
56
*57
Jan 3
31 Quincy
Last.Sale 2018 Feb'19
*20
203 *1912 2012 *1912 20
4
Jan 6
Ray Consolidated Copper- 10 1912 Feb 8 21
42
*41
42
10 St Mary's Mineral Land
41
44
*41 .43
42
41
Jan20 43 Feb 4
*41
25 41
14
14
1412
*1312 14
14
235 Seneca Copper Corp. no par 13 Jan22 1412 Jan 4
8
*135 14
8
*135 14
212 212 1,480 Shannon
212
212
238 258
2 Feb25
2
25
8
2
2 18
312 Jan -0
10
*1
112 *1
112 *1
112
Last Sale 114 Feb'1925 400 Jan13 PA Feb14
Lake
Last Sale .14 Feb'19
*.13
.15 '
14o Feb10
.15 *.13
.14
80 Janll
0.13
5
oth
e
South U
75 su utrtortah M & S
43 Feb 11
*41/ 5
*412 5
6 Jan 4
*412 5
5
25
5
5
5
214 238
218 214
214 214
850 Superior & Boston Copper. 16 1% Jan22
218 214 '2'/, 214
3 Jan 4
234 234
2 Feb 3
23
4 23
3 Jan13
2%, 2%
2%, 2%,
25
4
212 212
634 Trinity
.85 .85 3,660 Tuolumne Copper
.85
.90 .85
.87 .85
.85
.85 .89
1 75c Feb 11 000 Feb 11
47
4714 4718 4712 473 4814 4714 4814 1,250 u S Smelt Rena & Mln_ 5() 43 Jan21 4814 Feb27
4712 48
4
335 Do pref
474 4714 47
474 4712 48
4712 4812 *4714 48
50 4414 Jan24 4812 Feb27
212 212
212 212
214 Feb 4
318 Jan 3
*214 23
4
260 Utah-Apex Mining
5
212 212 *212 3
83 Jan 2
8
8
8
734
712 Jan18
8
8
8
8.
*7
5
8
275 Utah Consolidated
1/ 112
14
14 Jan28
158 Jan 2
112 112
14 158
PA 15
8
153 15
8 2,415 Utah Metal & Tunnel
1
2
2
13 Jan14
4
214 Jan 2
134 134 *13
4 17
25
13
4 13
4 *13
4 I%
325 Victoria
.85
.85 .
114 Jan 4
'
.85
.95 .80
.85 *.80 .85
.70 .70
25 50e Jan 0
145 Winona
1712 1712 1712 1714 1714 1712 1712 *1712 18
41 Wolverine
*17
26 174 Feb15 19 Jan14
Last Sale 12
*.50
Dec'18
1
*.50
1
25
1 I '''.50
Wyandotte
57g
4
E.
pra
cfl
1-4
53
4gg
• Bid and asked prices. • r..s dividend and rights. o Assessment paid. b Ex-stook dividend.
h Ex-rights. s Ex-dividend
so Half-pald
[Vol,. 108.
Range for Previous
Year 1918
Lowest
I
Highest
12212 Apr 146 Nov,
37 Jan 80 Nov
80 July 104 Nov
19 Jan 40 Sept
150 Apr 170 Aug
3 June
.50 Dec
1014 Mar 15 June
25 July
138 July
8212 Apr
104 Feb
53 Jan
106 Sept
70 Oct
7712 June
134 Sept
812 Jan
27 Feb
Oct
81
288i2June
20 Jan
80 Aug
37 Feb
47 Jan
3014 Nov
147 Apr
8512 Dec
125 Nov
65 Jan
11614 Jan
81 Feb
88 Nov
7' May
33 May
46 May
95 Nov
11212 Dee
25 Jan
90 Oct
50 July
62 Apr
7812 Jan
8858 Jan
.40 July
4 Sept
99 Jan
107 June
9034 Aug
4512 Jan
90 Jan
6012 Jan
713 Jan
11 Feb
98 Jan
5812 Jan
Jan
21
1014 May
111/ Nov
4 Jan
134 June
2712 June
128 Jan
27 Aug
412 Oct
12 Apr
318 Aug
88 Sept
27714 J.an
62 June
107 June
88 Jan
821 July
53 Dec
102 Jan
29 Jan
Jan
11
27 Oct
102 Aug
45 Jan
11512 Jan
3812 July
2434 Aug
87 Mar
108 Mar
5 Jan
106
Oct
100 Dee
212 Mar
1558 Mar
11512 May
115 Dee
10918 Oct
6058May
9712 Dec
92 Nov
82 June
£19 Dee
12014 Feb
6714 Nov
2812 Sept
141 Dee
1712 May
5 4 May
3
186 Nov
6414 Nov
15734 Nov
35 Aug
74 Oct
23 Nov
638 Dee
93 Nov
9114 Nov
71 Nov
147 Nov
05 Oct
10013 Oct
69 Jan
130 Nov
51 Dee
8
137 Mar
4112 Nov
14614 Aug
56 Dec
168 Dee
4812 May
28l May
11612 Aug
11338 Dee
9 Nov
134 Jan
12 June
69 Dec 86 Nov
53 Nov
1% Apr
.45 May
.15 July
4012 Dec 54 Feb
10 Dec 2114 July
4012 Dec 54 July
Jan 1614 Aug
11
.48 Nov
.20 Oct
1634 Dec 33 May
61 Dec 7312 May
425 Dec 470 Dee
103 June 1412 Feb
4
40 Dec 5112 Nov
3 Sept
112 Apr
434 Dec
68 Mar
812 mar 12 Nov
6 Feb
3 June
7312 June 844 Oct
39 Jan 5734 Nov
43 Dec 1018 Jan
4
Jan
1
.40 July
447 Dec 70 May
794 Oct 84 Feb
1912 Jan 29 July
812 Oct
5 Jan
.80 Sept
13 May
4
834 May
334 Dec
2 Jan
314 Mar
234 Dec
6 Feb
7 Jan
33 Sept
4
412 Nov
.65 Mar
414 Oct
.40 June
5012 Dec 6613 May
1612 Dec 2012 May
212 July
114 Aug
914 - - ; -iflq Mar
15C
12 Aug 20 Jan
6312 Dec 80 Jan
97 Apr
8%, Jan
1012 Dee 1733 May
.95 Mar
.25 Feb
12 June
158 Dee
32 Dec 4512 Jan
4612 June 65 Jan
1234 Dec 2014 Feb
59 Dec 78 May
1912 Dec 2534 May
38 Dec 57 Jan
153 Dee
.
7 Jan
23 Dec
4
53 Jan
4
1/ Sept
2 Jan
.10 Dec
.20 Jan
4 Feb
878 Nov
114 Aug
434 Sept
212 Sept
44 Feb
.73 Dec 1% Aug
36 Apr 504 Oct
42 July 4712 Nov
44 Nov
114 May
7 Dec 12 Jan
1 Dec 34', Apr
15 Dee
8
3 Jan
12 Nov
2 Jan
18 Dec 86 Jan
.40 May ix. Mar
THE CHRONICLE
MAR. 1 1919.]
867
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston Stock Exchange Feb. 24 to Feb. 28, both inclusive:
-Complete record of the
Baltimore Stock Exchange.
transactions at the Baltimore Stock Exchange from Feb. 24
to Feb. 28, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Price. Low. High.
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale.
ofPrices.
Par. Price. Low. High. Shares.
38
38
Arundel Sand Sr Grave1.100
2% 2%
10
Atlantic Petroleum
70
70
100
Baltimore Tube
1.10 1.15
Celestine Oilv t
26
26
Commercial Credit, pf_ _25
108 108
Consol G,E L & Pow_ _100 108
823%
82
Consolidation Coal__ _ _100 82
7% 8%
5
834
Cosden & Co
5
Preferred
43% 4%
36% 39
Davison Chemical_ no par
28
28%
Elkhorn Coal Corpn_ _50
86
86
Houston Oil trust ctfs_ _100
86
85
Preferred trust etts_ _100
24%
243%
Libby, McNeil
50
50
Mfrs Finance &Libbyloo
17
17
Mt V-Woodb Mills v t r100
71
100
71%
Preferred v t r
72% 73
50
Northern Central
80
80
Pennsylv Wat & Pow_ _100 80
7%
7)
10
Robinson 011, pref
123 123
Swift & Co
United Ry & Electric_ _ _50 1934 193% 193%
26
26
Wash Bait & Annap_ _50
35% 35%
50
Preferred
5
Wayland Oil & Gas
33% 3%
Bonds.
89
89%
Bait Spar Pt & C 43%s.1953
Bait Traction 1st 5s_ _1929
1003% 1003%
99
99
City & Suburb 1st 58_1922
98
98
Consol GEL&P 5% notes
97% 97%
6% notes
88
88
Consol'n Coal ret 43%s.1934
1923
99% 99%
Convertible Os
90% 913%
Cosden & Co Ser A 68_1932
1932 92% 91
Series B Os
923%
93% 933%
(Old Co) refund 68_1926
98
Elkhorn Coal Corp 68_1925
983%
Fair & Clarks Trac 5s_1938
923% 923%
95
95
Hess Steel Os
109 110
Hous Oil dtv ctfs.. _1923-25 110
Kirby Lumb Contr 68-1923
993% 99'4
Norfolk Ry & Lt 55_,,-1949
92% 923%
Pennsylv W & P 5s_ _ _1940
903% 903%
United Ry & Elec 4s.A949
723% 723%
Income 4s
1949 55
54% 55
Funding 5s, small 1936
75% 75%
6% notes
95
95
Va Mid 4th ser 3-4-58_1921
99% 99%
Wash Bait & Annap 581941
82% 82%
Range since Jan. 1.
Low.
35 34%
1,490
2
100 70
550
1.10
229 26
159 105
377 7934
9,536
6%
670
4
830 32
715 27%
5 72%
502 7234
127 243%
15 40
52 16
69 71
60 7234
278 7734
120
7%
115 123
1,315 19
8 26
3 35%
200
334
High.
Jan 38
Feb
Jan
3% Jan
Jan 72
Jan
Feb
1.50 Feb
Feb 26
Feb
Jan 10834 Feb
Feb 83
Jan
Feb
8% Feb
Jan
434 Feb
Jan 4034 Feb
Jan 30
Jan
Feb
Jan 86
Jan 90
Feb
Feb 243% Feb
Feb 50
Feb
Jan 1734 Jan
Feb 74% Jan
Feb 7454 Jan
Jan 80
Feb
Feb
73% Feb
Feb 123
Feb
Jan 20% Jan
Feb 27
Jan
Feb 35% Feb
Feb
4% Feb
$3,000 88
Jan 90
Feb
1,000 1003.4 Feb 10034 Feb
2,000 99
Jan
Feb 100
3,000 9534 Jan 983% Feb
1,000 97% Feb 9834 Feb
2,000 88
Feb
Feb 88
6,000 993,4 Jan 10054 Jan
67,000 84% Jan 913% Feb
13,000 853% Jan 9234 Feb
2,000 91
Jan 93% Feb
4,000 98
Feb 99,4 Jan
3,000 92
Feb 95% Jan
Feb
6,000 94
Feb 95
Feb
9,500 98% Jan 112
2,000 98% Jan 99% Feb
1,000 9234 Feb 92% Feb
5,000 893% Feb 903% Jan
4,000 7234 Feb 763% Jan
Feb
28,000 52% Jan 55
Jan 75% Jan
600 75
Jan
Feb 96
4,000 95
4,000 99% Feb 99% Feb
6,000 82% Feb 83% Jan
-The complete record
Philadelphia Stock Exchange.
of transactions at the Philadelphia Stock Exchange from
Feb. 24 to Feb. 28, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks-
Frtday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
1934 193%
10
Alliance Insurance
64
64
100 64
American Gas
1034 1034
10
American Milling
64% 65
American Rye, prof__ A00
79
79
Baldwin Locomotive_ ..100
40% 41%
50
Cambria Iron
59
59
Consol Trac of N J_ .... _100
60
6034
Elec Storage Battery.. _100 60
100 6734 6734 71
General Asphalt
101 105%
100 101
Preferred
28
2834
Insurance Cool N A_ _10
100 30
19% 31
J G Brill Co
193% 20%
Lake Superior Corp_ _ _100 1934
50 71% 71
72
Lehigh Navigation
55%
50 55% 55
Lehigh Valley
'Midvale Steel & Ord- _ _ _50 42% 4234 42%
50
52
52
Minehill & S H
50 7134 71% 71%
Northern Central
50 8434 8434 84%
Pennsylv Salt Mfg
50 44% 44% 45
Pennsylvania
35,4 36%
Philadelphia Co(Pitts). 50
.50 35% 3534 36
Pref (cumulative 6%)
Phtla Electric of Penn_ _25 25,4 25,4 2554
26
25
Philo,R T vet trust rects.50 25
Philadelphia Traction_ _50 6934 6934 69%
50 82% 80% 82%
Reading
334
3,4 334
Tono-Belmont Devel......1
2,4 3' 6
2%
1
Tonopah Mining
50 3834 38% 38%
Union Traction
186 186
100
United Cos of N J
72
71
50 71
United Gas Impt
91% 95,4
U S Steel Corporation _100 91%
8% 8,4
Warwick Iron & Steel_ _10
75
75
Westmoreland Coal_ _50
77%
75
100
Wm Cramp & Sons_
Bonds.
98.30 98.30
US Lib Loan 3345_1932-47
93.10 93.10
2d Lib Loan 45....1927-42
93.90 93.90
2d Lib L'n 4Xs_1927-42
95.10 95.64
3d Lib Loan 4Xs__1928
93.80 94.24
4th Lib Loan 4 X s....1938
88
88
Consol Trac NJ 1st 5s 1932
69,4 70
Elec & Poop tr ctfs 40_1945
6934 693%
do
small_ _ _ ...,1945
101% 102
Equit Ilium Gas Lt 58.1928
Inter-State Rys coil 4s 1943 4034 40% 4034
Lehigh Valley 6s
1928 10134 10134 1013%
100% 10034
Lehigh Val Coal let Os 1933
99
99
Registered Os
1933
Penn RR general 5s_ _1968 95,4 953% 95%
Pa & Md Steel cons(1s.1925
1013% 10134
Philo,Co 1st Os stmpd_1949
10034 1003%
87
86
Cons & coil tr 5s stpd '51 86
9334 94
Phila Electric 1st 58_ _1966 94
do
small
1966
9334 94
8534
Reading gen 48
85
1997 85
Spanish-Amer Iron 68.1927
10034 10034
United Ilya Invest 58_1926
67% 68%
Range since Jan. 1.
Low.
High.
50 19
Jan 1934
20 60
Jan 69
30 1034 Feb 10%
10 64% Feb 69%
30 65% Jan 79
107 40
Jan 4134
20 59
Feb 59
1,019 51% Jan 6034
1,781 39
Jan 7234
533 79
Jan 108
190 25% Jan 29
1,931 19% Feb 31
2,850 17
Jan 2134
540 69% Feb 73
1,403 55434 Jan 5634
50 41
Jan 4434
2 50
Jan 52
45 71% Feb 75
163 84
Jan 8434
1,462 443.4 Feb 4634
225 30
Jan 3634
60 3111 Jan 30
1,421 2434 Jan 25%
912 x23% Jan 28
36 6934 Feb 71
364 76% Jan 83%
3,125
2% Jan
3,4
1,075
234 Jan 3 3-16
139 37
Jan 3934
9 185
Feb 190
294 7034 Jan 74%
4,490 88% Feb 96%
100
8% Jan
834
25 75
Jan 75
190 75
Feb 82
$50
100
50
3,800
7,600
2,000
5,000
300
4,000
1,000
29,000
3,000
5,000
33,000
3,000
4,000
5,000
22,000
1,200
7,000
1,000
71,000
98.30
91.80
93.40
94.50
93.40
87%
69
6934
101%
40%
101%
100
99
95%
101
100
86
93,4
93%
85
100%
6234
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb,
Feb'
Jan
Jan'
99.70
93.68
95.30
96.38
95.64
80
71
75
102%
4034
102%
10034
99
98
102%
10054
8934
96
97%
86%
10134
68%
Feb
J,an
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Bonds
-
US Lib Loan 334s_1932-47
1st Lib Loan 49_1932-47
2d Lib Loan 4s_ _1927-42
1st Lib L'n 434s.1932-47
2d Lib L'n 4348_1927-42
3d Lib Loan 4qs___1928
4th Ltb Loan 454s...1938
Am Agric Chem 5s_..1924 102
Am Tel Sr Tel colt 4s_ _1929 8434
Convertible 6s
1925
Atl G & W I SS L 5s_ _1959 80
Gt Nor
-C B & Q 4s_ _1921
Miss River Power 5s.1051 7934
N E Telephone 5s_ __ _1932
Pond Creek Coal Os_ _1923
Punta Alegre Sugar 6s 1931 93
1944
Swift dr Co 1st 5s
Terre Haute Elec 58_ _1929
United Fruit 434s...1923
US Smeltg, R & M cony 6s
Ventura Oil cony 7s
Western Tel & Tel 58_1932
Range sineetlan. 1.
Low.
98.14 99.28 $15,500 98.04
93.04 93.50 2,850 91.64
93.04 93.44 8,400 92.04
94.30 95.34 1,650 93.44
93.94 94.30 19,050 93.64
95.24 95.78 50,800 94.64
93.84 94.34 63,250 93.54
102 102% 6,000 100
84
8454 4,000 83%
103 103% 6,800 100%
80
80
2,000 79
9534 95% 4,000 95%
793.4 7934 3,000 7754
93% 9334 1,000 9034
95
95
1,000 92
91
93
7,000 87
95% 95% 2,000 95%
87
87
3,000 87
100 100
1,000 100
100 100
4,000 99
105 105
2,500 94
2,000 89
8934 90
High.
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
99.62
94.00
94.02
96.50
95.90
96.50
96.50
102%
84%
103%
83%
95%
79%
93,4
92
93%
96,4
87
100
100
106
9034
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
-Record of transactions at
Chicago Stock Exchange.
Chicago Feb. 24 to Feb. 28, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
American Radiator_ _..100
Amer Shipbuilding----100
100
Preferred
Armour & Co, pref
Booth Fisheries
Common_ _ _new(no par)
100
Preferred
Chic City& CRy pt sh com
Preferred
Chic Pneumatic tool_100
Chic Rys part elf "2"__ _ _
Commonw'th-Edison _ _100
Cudahy Pack Co,com_100
100
Deere & Co,pref
100
Diamond Match
Hartman Corporation_100
Hart Shaft & Marx,com100
Illinois Brick
100
Libby(WI)
10
Lindsay Light
Middle West UM,com_100
Nat'l Biscuit, pref __ _100
People's Gas Lt & Coke 100
Pub Serv of N I11, com_100
100
Preferred
Quaker Oats Co, pref_ _100
Sears-Roebuck,com__ -100
100
Shaw W W,corn
Stewart Warner Speedom
100
Common
100
Swift & Co
Swift International
Un Carb&CarbCo_(no par)
Un Car & Car Rights B
_
United Paper Bd, pf. _100
Ward, Montg & Co, pret.
Wilson & Co,common_100
100
Preferred
8634
90
%
12336 1223
46./ 46
3
62% 6134
4
______
20
111
70
98
Bonds.
Armour & Co 434s_ _ _1939
1923
Debenture 6s
Booth Fish s 1 d 6s._ _ _1926
Chicago City Ry 5s.. _1927
Chic City & Con Rys 5s'27
1927
Chicago Rys 5s
19,23
Chicago Telep 5s
Commonw-Edison 58_1943
Peoples G L & C 1st 6s1943
Pub Serv Co 1st ref g 5a'56
88
10054
9034
83
47
7854
9634
93
77
8734
Range since Jan. 1.
High.
Low.
285 285
106 112
863.4 8654
1013% 10154102
10 285
Feb 290
Jan
465 100
Feb 112
Feb
85 857% Feb 8636 Feb
Feb
2,100 1017% Jan 102
20
213%
80
8134
1
1
834 11
65
65
7% 9
11234 114
102
102 10234
95
9534
113
113 114
5434 55
68
68
56
56
233% 2354 25
16
1534 14
25
25
12134 122
49
52
90
90
90
90
1023% 10254
170 173
172
9134 9236
2,265
90
350
1,195
50
93
354
303
120
44
300
10
25
9,505
9,616
35
84
426
60
60
25
368
55
2134
813%
1
11
65
9
115
104
97
114
553.4
7734
60
25
16
25
122
52
92
90
103
179
923.4
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan 93
93
11,380 84
12334 2,196 11554 Jan 124
473% 9,272 4134 Jan 4734
6234 13,426 56
Jan 6234
4
90
4
334 Feb
20
25 1734 Jan 2134
112
155 110 Jan 112
71
70 • 6634 Jan 71
98
65 95
Feb 98
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
2034
813.4
a...I
. r.., 1.4. .... m.
r.. .
1055
---
OR
18
79
%
834
6036
7
111
10034
95
109
5434
68
56
1954
934
24
121
46
883%
89
101
1683%
91
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb 88
Feb
88
$7,000 88
10054 1,000 10034 Feb 10034 Feb
9234 60,000 893% Feb 9254 Feb
83
9,000 81
Jan 84
Feb
4734 3,000 4634 Feb 493% Jan
Jan
79
3,000 7836 Feb 81
9634 6,000 ssg Feb 963% Jan
12,000 93
Feb 943.4 Jan
93
6,000 77
Jan 78
Jan
77
8734 8,000 8734 Jan 8734 Jan
OR t‘
19 OM
AR
Vph
OR IA
Jan
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Feb. 22 to Feb. 28, compiled from official sales
lists.
Stocks-
Sales
Friday
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.,
Range since Jan. 1.
Low.
448% 44%
50' 44%
Amer Rolling Mill corn_ _25
40 16
100
17,4 17%
Amer Sewer Pipe
575; 79
83
8434
Amer Wind Glass Mach 100 84
180, 77%
79,4 80
100 80
Preferred
44
2921 39%
Columbia Gas & Elec_ _100
4554
3
200,
Consolidated Ice corn.. 50
33.4 5
16
15
200 15
50
Preferred
40 91
Crucible Steel pref_ _ _ _100 92
9154 92
5c
Sc
1
5c
2,000
Gold Bar Mines
40 99
Harbison-Walker pref..100 99% 99% 99%
134
2% 334
340
2%
Indep. Brewing com_ _ _ _50
534
9
9
75
50
Preferred 957 170
184% 204
100 202
Lone Star Gas
465 48%
Mfrs.' Light & Heat_ _ _50 49% 49,4 50
5
675
6% 7%
6%
Nat Fireproofing corn..50
14% 14%
200 10
50
Preferred
18% 20
285 16
1 19
Ohio Fuel 011
1,399 42%
45
25 44% 44
Ohio Fuel Supply
2934 1,650 28.%
Oklahoma Natural Ga8_25 29,4 29
30
8%
9% 9%
Oklahoma Prod & Ref_ 5
2
534 1,015
5
Pittsb Brewing corn..' 50
12% 1334
200
7
50
Preferred
45 . 4634
525 45
100
Pittsb Coal corn
160 200 11,100
Sc
Pittsb Jerome'Copper_..1 19c
330 34c
1,000 21c
Pittsb & Mt Shasta Cop _1
8
9% 9% 4,291
9%
100
Pittsb Oil & Gas
100
Riverside East Oil com_ _ _5
%
%
34
600
2%
2% 2,4
254
5
Preferred
18 13,4
15
15
Riverside West Oil pref_25
122% 124
345 122
_100
Union Natural Gas
30
70 30
3034
100 30
U S Glass
95%
395 8834
94
S Steel Corp corn._ _ _100
205 93
West'house Air Brake_ _50 9434 943.4 9454
West'house Elec & Mfg_50 45,4 4334 46% 4,050 4034
BondsIndely Brewing fis_ _1955
Pittsb Brewing 6s....1949
_1931
Pittsb Coal deb 5s
Union Natural Gas 68
68
46
6334
96
10034
High.
Jan 47,5
Jan
1834
Jan 88
Jan 81
Feb 45%
Jan
5
Feb 16
Jan 92
50
Jan
Jan 100
Jan
33.4
Jan 10
Jan 204
Jan 53
Jan 10%
Jan 18
Jan 20g
Feb 45%
Jan 3134
Feb 10
Jan
554
Jan 1434
Feb 49%
Jan 20c
Jan 340
Jan 10%
1
Feb
Jan
2,4
Jan 15
Jan 128
Feb 33
Feb 96%
Jan 95,4
Jan 4634
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan 46
46
$6,000 36
Jan 68
68
3,000 52
96% 27,000 9554 Jan 9634
10034 1,000 10034 Feb 100
Feb
Feb
Feb
Feb
THE CHRONICLE
868
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
volume of Business at Stock Exchanges
FRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY. •
Par Value.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Ra Woad,
Stocks.
Week ending
Feb. 28 1919.
State. Ad un
Foreign
Bonds.
Bonds.
U. S
Bonds
HOLIDAY
853,560 $80,741,500 - $1,805,000 $1,138,000 $8,181,000
614,000 7,432,000
1,493,000
670,550 63,669,500
531,000 6,355,000
1,973,000
940,940 88,991,350
879,000 7,915,000
903,450 83,419,000 • 1,782,000
1,614,500
655,500 9,358,500
802,770 71,935,000
4,171,270 $388,756,350
38,667,500 $3,817,500 539,241,500
Week ending Feb. 28.
Sates at
New York Stock
Exchange.
Jan. 1 to Feb. 28.
I
1919.
1918.
1919.
1918.
24,069,206
25,366,681
4,171,270,
2,976,979
Stocks
-No.shares_ _ _
$388,756,350 $283,288,400 $2 278 936 705 $2,393,713,600
Par value
$7,200
$28,700
Bank shares, par
Bonds.
$93,867,500
$346,177,500
Government bonds... $39,241,500 $9,810,000i
42,380,000
98,841,000
4,722,500'
3,817,500
Statebonds
57,044,000
70,104,000
8,667,500,
5,925,500
RR.and misc. bonds
,1
$193,291,500
$515,122,500
• 351,726,500 $20,458,000
Total bonds
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Baltimore.
Philadelphia.
Boston.
Week ending
Feb. 28 1919
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales
11,915
7,900
16,728
12,508
11,356
$90,300
81,000
35,650
61,100
12,000
60,4071 $280,050
HOLI DAY
$63,500
4,390
62,250
5,980
49,100
6,176
21,200
5,832
15,000
3,438
25,816
$211,050
2,518
2,276
3,884
4,508
4,760
$71,500
33,000
16,500
53,000
6,000
17,946
$180,000
-Below we give a record of
New York "Curb" Market.
the transactions in the outside security market from Feb. 22
to Feb. 28, both inclusive. It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed-that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
Week ending Feb. 28.
Stocks-
93%
Aetna Explosives_ r(no par)
Guaranty Trust ctfs_
100
Preferred r
Air Reduction Co r(no par)
Amer Bosch Magneto r (t) 643%
Am Road Machinery-r-(t) 19
434
Amer Writing PAD COM 100
100 30
Brill (J G) Co.r
-Amer Tob ordinary £1 24
Brit
£1
Ordinary bearer
234
25
Car Ltg & Power_ r
100
Chevrolet Motor
Cities Service corn_ r _ _ _100 346
3734
Bankers' shares w i_r_ _ _
Dictograph Products _ r _10 1134
33-4
Emerson Phonograph_ _ _5
25 56
Fairbanks & Co r
Freeport(Tex) Co_(no par) 35
Genegal Asphalt corn r 100 663-4
100 102
Preferred _r
Gillette Safety Razor-r_(t)
Havana Tobacco corn r 100
634
Hupp Motor Car Corp-10
Imperial Tob of G B&Ir £1
Intercontinental Rubb_100 193%
Keyst Tire & Rub com_100 643%
Lackawanna Co Coal r 10 1736
Libby, McNeil & Libbyr10 2336
Lima Lecom com_r_ _ _100 30
Marconi Wire! Tel of Am_5
73,1
Morris (Philip)& Cow 1_10
Nat Fireproofing corn r_50
50
Preferred r
100 5434
Nat Ice & Coal_r
4
(no par)
No Am Puip&Pap.
Peerless Trk & Mot Corp50 1934
%
Perfection Tire & Rubb r 1
Rem'n Typewr com.r _ _100 43
836
Standard Motor Constr r10
393%
Stewart Mfg_r
3ubmar Boat Corp v t o_ 5 143%
'
.
3wift Internat w 1_ r_ _ _15 4636
Un Carbide & Carbon r (t) 62
rr....4 lUfo. 4.dsrea ••• 1,,,,, rinrN 4/
•
73/, 103%
934 934
64
63
54
54
6456 6534
1134 22
334 53%
2936 31
2434
24
25
253%
2
234
175 175
339 348
35
3736
1034'1134
*23,1 33,1
56
56
35
33
6634 7134
1013-4 107
130 133
236 234
‘)/t
734
153% 17%
18
193%
5934 653%
*12
173-4
233% 243%
273% 31
4
43,4
73,1 836
634 7%
1436 143%
53
553%
33,1 4
193%
19
% 15-16
43
43
8
834
383% 403%
14
1634
46
48
62
6234
41
42%
45,700
200
150
25
1,450
4,400
7,000
1,200
500
. 2,400
1,500
100
900
5,400
6,700
4,709
200
75
12,600
1,300
710
100
28,000
2,540
23,700
35,700
14,495
1,400
1,300
2,000
15,300
1,100
425
2,700
9,100
2,200
121,000
500
1,300
6,000
38,500
6,400
1,400
6.500
.
Range since Jan. 1.
Low.
63%
63%
60
54
*6134
8
234
293%
2334
233-4
2
145
294
35
834
2
55
33
393-4
8336
109
1H
454
1434
103,1
4336
103.4
19
273%
4
7
634
133%
47
234
18
34
43
734
39
10
4034
603,1
3:14i
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
*Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
High.
1034
934
64
543,4
653%
22
53%
31
2434
2534
234
175
348
37%
1136
33,1
603,1
35
7234
109
136
354
734
173%
21
6534
1734
2436
31
436
9
12
204
58
4
20
1
43
834
41
1634
48
6234
4214
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Fah
136 234 82,000
United Profit Sharing_ _25c 115-16
1% 3,150
U S Lt & Ht Corp corn r 10
134
1%
3
1,000
Preferred r
10
3
3
3% 3%
3% 15,600
U S Steamship
10
4,34 334 6,805
Wayne Coal
5 .3%
3,000
World Film Corp v t o...5
%
3.4
336 4% 12,500
4%
-Martin Airo..r..(t)
Wright
Former Standard Oil
Subsidiaries
18
18
200
Angle-Amer Oil_r
£1
93
200
Galena-Sig 011 corn r_100
88
35
170 171
Illinois Pipe Line_ r.. _ 100
110 110
10
Northern Pipe Line_ r_ -100 110
322 326
50
Ohio 011_ r
25 325
665 665
10
Prairie Oil & Gas_ r_ _ __100
270 270
10
Prairie Pipe Liner_
309 317
70
South Penn 011_r
100
99
99
10
South West Pa Pipe L r 100
590 590
5
Standard Oil(Kan)_ r_ _100 590
400 400
10
Standard 011 (Ky) _ _100 400
.r687 690
70
Standard Oil of N J_r- 100
150
327 333
Standard Oil of N Y r 100
10
Union Tank Liner. 100
118 118
420 426
105
Vacuum 011.r
100 422
Other Oil Stocks.
234 2 3-16 2 9-16 69,500
1
Allen 011.r
3-16 %
500
Barnett Oil & Gas.r. -1
334 3% 8,500
3)4
Boone Oil_ r
5
460 150,000
39c 30e
Boston-Wyoming OIL r 1
12
1536
,
Caddo 011_ r
1534
,
1,300
1
134 8,100
Continental 011 & Ref _r
1%
7% 8% 16,300
8
Cosden & Co. com_r-___5
4% 4%
200
Preferred r
5
Crown Oil_r
25e 35c 26,500
1 330
134 9,800
Crystal 011 & Refining_ r-1
134
134 15-16 1,050
Curman Petroleum_ r _ _ _ _1
13-4
% 13-16 2,250
Drillers 011_r
10c 13-16
Sc 434o
5360 84,600
Esmeralda 011 Corp_ r....1
2%
234 27 11,500
Federal 011_ r
5
-4
3%
334 3% 8,200
Glenrock 011.r
10
11% 12
1,800
Home Oil & Refg_r w L _10 12
8434 3,600
Houston Oil, com_r_ _100 8036 79
8,700
Hudson 011 _r
1 82e *77c 83c
7,200
Internal Petroleum_ r__ £1 22% 22% 23
736 7% 48,000
7%
Island Oil & Transp_r_10
Sc
8o
90 11,800
Kenova Oil
1
40
18,500
Louisiana Oil & Refin_r_50 39% 37
Merritt Oil Corp_r
10 2434 24 *24% 7,780
336
3 3 11-16 54,400
Metropolitan Petroleum.25
25e 30c
2,600
Mexican Gulf 011_ r
1 30e
1.35 134 68,000
Midwest 011, com..r
1 1 7-16
Preferred.r
200
1 1 11-16 1 11-16 111-16
150 15934 9,400
Midwest Refining_ r..
50
460 530 52,000
Northwestern 011_r
1%
134
5,000
Okmulgeo Prod & Refg_.5
13,1
370 (110 115,000
Omar Oil dr Gas. com----1 530
Pennok 011_r
10 1274 12% 13% 16,500
130 16c 46,000
Queen 011_r
1 150
Royal Dutch (new).,
8534 85
87% 15,200
734 736
Sapulpa Refining_ r
1,800
5
2936 22,400
Sinclair Gulf Corp_r__(t) 2835 28
Southwest 011_r
360 400
1 400
9,300
1% 1%
1% 14,370
Stanton 011_ r*
1
Texana 011 & Ref _r
13o 22e 23,000
1 21c
1% 1%
3,650
United Western Oil new_r 1 5-16
2% 2% 2,145
2%
Victoria 011_r
10
Mining Stocks.
38c 40e 16,200
Alaska-Brit Col Metals. l
1 1 9-16 2,100
America Mines
.r
1 1 1-16
Amer Tin & Tungsten_r_l
5,800
3
1 11-16 2,800
Arizona Bing Conner----1
1
54
Arizona flutter
52
1,700
1 54
40 434e 14,700
Atlanta Mines
40
1
Big Ledge Copper Co-- -5 11-16
%
% 4,800
15e
150
Booth_r
1,800
1
430 52e 65,500
Boston de Montana Dev--5 510
28e 300 14,300
Caledonia Mining
1 300
5-16 7-16 16,300
Calumet & Jerome Cop_ r.1
2
Canada Copper Co Ltd _ _5
1 15-162
1,100
580 610 20,550
Candalarla Silver_r
1 610 •
6c 10,300
Cash Boy
60
5o
1
136
1%
Cerbat Silver M &
174 28,600
1 11-16 4,500
Consol Arizona Smelt..--5 1 1-16
Consol Copper Mines_ ..5
4% 534
1,800
5
4% 4%
3,500
Cresson Con Gold M & M 1
El Salvador Silver M
1% 3
2%
16,000
_1
Eureka Croesus Min_ r.... 1
1% 1% 5,100
134
Florence Silver..r
750 850 11,650
1 79c
Gadsden.r
434 5% 4,400
5
5
Golden Gate Explor_ r
334 3% 33,400
,
3%
Golden Rule_r
1
3-4 6,800
34
%
Goldfield Consol
170 200
8,400
10 18e
5360 60
Goldfield Merger_r
8,000
1
Sc
Great Bend_r
50
1
1,000
68e 700
Hamilton M &8 MA_ r..-1 69c
3,200
Hattie Gold Min_ r
350 45e 24,500
1 450
Hecia Mining
250 4 9-16 4 9-16 4% 1,790
33e 39c
Jim Butler_r
9,050
1 36o
120 140
5,200
Jumbo Extension
1
300
Kerr Lake
534 534
5
50
50
2,200
Kewanus.r
1
7e
100 356,501i
Lone Star Cons'd_r
1 934 ,
Louisiana Cons
1
2,000
X
X
Magma Chief _r
1 37e
X
% 50,700
Magma Copper
2734 2834
5
300
30
Marsh Mining r
3o
1
1,000
234 3
3
Mason Valley
5
1,450
30e 330
8,400
Mother Lode_ r
1 32e
9
9
Niplssing Mines
5
400
320 40a
15,400
Nixon Nevada
1 370
12c 250
4,500
North Butte Devel_ r..
336
,
1,300
334
3
Onondago Mines Corp_ r.1
234 236
900
Pinar Copper (prosp't)-5
234
2% 234 4,500
Ray Hercules Mtn_ r_ _5
18,600
200 29e
Rochester Alines
1 210
14%
500
Seneca Cep Corp_(no par) 14%
14
800
740 74c
Silver Canon Alining_ _1
,
6c
60 834c 16,200
Silver Pick ConsoLr
1
5-16 % 4,800
5-10
Standard Silver-Lead.__.I
160 18,500
16e
Stewart
1 160
Sc
Sc
2,500
Success Mining r
5e
1
316 3% 3,400
,
Tonopah-Belmont Dev_r 1
336
1% 29,1 30,500
Tonopah Extension
1 2 1-16
1.15 1.55 57,500
1.45
Tuolumne River Placer r.1
434 4% 2,600
United Eastern Mining...1 4 9-16
% 11-16 11,300
United Sulphur Mlnes_r _1 11-16
120 13,500
10c
17 /3 Continental Min_r_ I 110
33e 38c 19,000
Ward Min & Milling_r-1 350
90c 930 10,200
Washington Gold Quartz _1 930
1%
134 7,250
West End Consolidated -5
Western Utah Exton_ r_ _1
- 1,000
90
9c
• 234c 3c
White Caps Exten_r
1
6,000
130 44,000
White Caps Mining..
.100 1134c 10o
White Knob Cop, pi_ r _ _10
136
,
725
[VoL. 108.
Range since Jan. 1.
Low.
7-16 Jan
134 Jan
236 Feb
3% Jan
334 Feb
34 Jan
3
Feb
High.
2%
1%
3
5%
4%.
36
434
18%
93
171
113
335
685
270
320
101
590
400
731
334
123
437
Feb
Jan
Feb
Jan
Jan
Jan
Jan
1636
88
164
107
315
630
266
297
99
590
360
675
310
107
395
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jac
334
18e
12
1
6%
4
130
1%
1%
7-1
40
2
334
1()
75
55o
16,1
634
8o
23%
21
2%
250
1.13
1%
124
46e
1%
22o
11%
13o
70%
7
22
360
1
lbo
13-16
234
Jan
23%, Feb
Jan
5-16 Jan
4% Feb
Jan
Jan 470 Feb
1536 Feb
Feb
1% Feb
Feb
sq Feb
Jan
4% Feb
Jan
Jan 35c Feb
Feb
1% Jan
1%, Feb
Feb
13-16 Feb
Feb
Ile
Jan
Jan
3116 Fob
Jan
434 Jan
Feb
Feb 12
Feb
Jan 8634 Feb
Feb 98e
Jan
Feb
Jan 23
Jan
834 Feb
Feb 16o
Jan
Jan 40
Feb
Jan 2534 Feb
Jan
334 Jan
Jan 45e
Jan
1.62 Feb
Jan
Jan 1 13-16 Feb
Jan 161
Feb
Feb 550 Feb
234 Jan
Feb
Jan 610 Feb
Jan
Feb 15
Feb 300
Jan
Feb
Jan 90
734 Jan
Jan
Jan 2934 Feb
Feb 420
Jan
156 Jan
Jan
Jan
Jan 22c
234 Jan
Jan
Feb
Jan
3
35e Feb
,
Feb
31
34 Feb
1
Jan
46
Feb
3%c Feb
% Feb
1234o Jan
42e Feb
270
Jan
if6 Feb
1 5-16 Jan
Jan
52o
5o Feb
Jan
1
1
Feb
4% Feb
4% Feb
1% Jan
13 Feb
,
4
Jan
60e
3
Feb
236 Feb
34 Feb
17c Feb
50 Feb
30
Jan
410
Jan
330 Feb
OA Jan
320
Jan
12o Feb
5% Jan
5o Feb
50 Feb
X Feb
22e
Feb
Feb
25
30 Feb
234 Feb
28o Feb
834 Jan
32c Feb
10e Feb
Jan
3
2% Jan
1% Jan
250
Jan
1334 Feb
600
Jan
534c Feb
% Jan
Jan
15o
40 Jan
2 9-16 Jan
1% Jan
30c
Jan
3% Jan
54 Jan
6o
Jan
24e
Jan
890 Jan
131 Fen
90 Feb
2o
Jan
10o
Jan
134 Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
500
Jan
1,
34 Feb
94 Feb
1% Jan
54
Feb
534C Jan
15-16 Jan
170 Feb
54e
Jan
33e
Jan
34 Jan
234 Feb
610 Feb
834o Feb
17 , Feb
/
1 9-16 Jan
6% Jan
5% Jan
3
Feb
154 Jan
85o
Feb
634 Feb
3% Feb
% Jan
240
Jan
To Jan
6c
Jan
710 Feb
500 Feb
4 15-16 Jan
440 Feb
15o
Jan
536 Feb
8o
Jan
10e Feb
g Feb
% Feb
2836 Feb
40
Jan
334 Jan
35o
Jan
9% Eel)
48o
Jan
250 Feb
3% Jan
2% Feb
334 Jan
32o Feb
15% Jan
84c Jan
8Hc Feb
34 Jan
180
Jan
7c
Jan
334, Feb
3
Feb
1.55 Feb
4% Feb
1% Jan
12o Feb
40o Feb
030
Jan
1% Feb
17e
Jan
40
Jan
18%0 Jan
1% Jan
Bonds.
Aluminum Co of Am 6s. r_
,
99% 99% 9934 $1,C00 9936 Feb 909-4
Am T & T 6% notes_ _1924 9934 99% 99% 66,000 98% Jan 99%
Amer Tobac serial 7s r '23
10336 104
3,000 1027-4 Jan 104%
Anaconda Cop Min 6s -'29 9736 07% 97% 133,000 9734 Feb 99%
101% 25,000 10034 Jan 1013.4
Beth Steel serial 7s_ r _1023 101% 101
Canada(Dom of) 5s_ _1919 0936 99% 99% 15,000 99% Jan 0934
Feb
Feb
Feb
Jan
Feb
Feb
THE CHRONICLE
MAR. 1 1919.1
Bonds (Concluded)
-
Friday
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High. Week.
Chic& N W fly gen 5s.1987
Federal Farm Loan 58_
Ills Cent 5:is w 1- --1934
1921
Interboro R T 713
Italian Govt 5s of 1918__ _
Kansas C'y Term fly 6s'23
Liggett & Myers Tob 6s'21
1949
N Y Telep deb 6s
Phila. Eke 6s_r
Russian Govt ()%s_r_1919
1921
534s_ r
South fly 6% notes w 1 '22
Swift &Co 6%notes wl r'21
Wilson & Co Inc 6s_ _ _1928
Range since Jan. 1.
Low.
99% 50,000 99
99
103% 103%
3,500 103
/
96% 963 i 97 301,000 96%
91% 91% 92% 136,000 85
8141% 8142 50,000 8141
100% 100% 13,000 99%
6,000 99%
100% moq
99% 99% 99% 31,000 0934
06
25,000 95%
96% 96
66
68 140,000 48
67
61
67,000 47
59
59
7
991
4 993%
09%
99% 9914 993% 125,000 99%
93%
92%
933/g 9334 47,00
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Listed as a prospect. I Listed on the Stock
• Odd lots. t No par value.
Exchange this week, where additional transactions will be found. o New stock.
r Unlisted. to When issued. z Ex-divldend. y Ex-rights. s Ex-stock dividend.
t Dollars per 1,000 lire. flat.
CURRENT NOTICES.
-A resume of the annual statement of the Metropolitan Life Insurance
Co., John R. Iregeman, President, is advertised in this issue. The total
amount of outstanding insurance was
which is larger than
any other company in the world; the gain in iiisurance in force in
was
The company's assets were
Dec.
Indicating an increase of
during
the largest increase
shown by any company in the world. The surplus at the end of the business year stood at
after the company had paid
claims
of which
to policholders totaling
was attributable to the influenza epidemic. The Metropolitan holds the world's records
for the ordinary life insurance paid for in
amounting to
the industrial insurance paid for in
representing
or
total insurance placed and paid for
-the largest amount
ever placed in one year by any company in this or any country. The
number of policies in force Dec.
totaled
the largest
in America, a gain of
in outstanding policies. It is also interesting
to note that the nurses of the Metropolitan made
visits free of
charge to the homes of sick policyholders. The company bought 8100,000,000 war bonds of the United States and Canada, and starting on Feb. 1
its field organization of
agents and
employees of the
home office sold
of War Savings Stamps and in October
Liberty bonds, a year's record of more than
over
There are twenty-eight companies doing an industrial insurance business
of the industrial insurance is handled by the
in this country and
Metropolitan Life.
$493,329,918.
1918
$22,000,000
$4,429,511,816,
1918
$775,454,698 28
311918.
$71,429,182 97
1918,
$27,048,914
336,533
$82,391,144 32,
$18,000,000
1918,
$463,008,744,
1918
8419,331,865,
8882,340,609
31 1918
19,784,261,
1,521,328
1,431,085
13,000
$112,000,000
5.600
8133,000,000.
42%
-Berdell Brothers have regained their direct private telephone wire to
Boston which connects them with Moors & Cabot of that city.
-The Guaranty Trust Co. of Now York has been appointed transfer
agent of the Ranger Gulf Corporation.
-Adams, Davis & Bartol, members of the New York Stock Exchange,
and Walter B. Seymour, manager of the firm's bond department, announce by advertisement elsewhere in tho "Chronicle" that they have reWall Street to larger offices at
moved from
Broadway, this city.
and has been located in the United States
The firm was established in
Wall Street for twenty years, and has had to vacate
Trust Building at
their old offices owing to the requirements of the United States Trust Co.
for additional floor space. • In to-day's.advertisement the bond department of the firm is offering a list of municipal, short-term and railroad
bonds for March investment, to yield about
to
return. Walter
B. Seymour, manager of the bond department, will execute orders for
any of the securities in the list advertised.
Telephone "Rector,
45
45
66
1854
4.25 6.75%
9684-5-6-7-8."
Co., 14
-William R. Compton
Wall St., this city, are adverti,sing some
timely investment literature which will be mailed to any one interested.
A "Schedule of the Now Federal Income Tax" shows exactly what various
taxable incomes must pay under the now law. A "War Record of Municipal
Bonds" contains the price fluctuations of municipal 'bonds for twenty
leading cities during the war period. The "Premier Investment" describes the different kinds of municipal bonds, purposes for which they are
issued and safeguards surrounding them. A "List of February investment Suggestions" is a circular describing an extensive list of attractive
municipal bonds yielding from
% to
43.4
6%.
New York City Banks and Trust Companies
All prices now dollars per
share.
Banks-N.Y. Bid. Ask.
Banks.
Bid. Ask. I Trust Co's- Bid. Ask.
America•_ _- 510 530 :Irving (trust
New York.
certificates) 300 310 Bankers Trust 390 400
Amer Exch.._ 230 237
180 Liberty
170
520 540 Central Union 407
Atlantic
412
____ Lincoln
270 300 !Columbia__ 307 312
Battery l'ark_ 220
Manhattan •_ 195 205 commercial__ 88
Bowery •__ 425
100
iii Meets & Met_ 350 361) Empire
BroadwayCen 135
£285 295
145
175 ,Merchants
Bronx Bore*. 125
Equitable Tr_ 418 425
165 IIMetropolitan' 175
Bronx Nat___ 150
_ _ Farm L & Tr_ 4:30 440
155 Mutual .... _ _ 375
Bryant Park. 145
Fidelity
220 235
35 New Neths_ . 200 215 Fulton
Butch & Drov 25
240 260
170 New York Co 130
140 Guaranty Tr_ t384 4 - Cent Merc__. 165
,
425
Chase
390 400 New York
iftidson
132
.. Pacific •
150
Chat & Phen_ 255
Irving 'frust_ 'See Irving
580 600
- - Park_
5
Chelsea Exch* 100
1Nat Bank
__ ,Prod Exch•__ 200
law Tit & Tr 105
Chemical_ _ _ _ 500
115
1245 255 Lincoln Trust 175
Citizens
220 230 ;Public
185
455 465 Seaboard. _ _ .. 450 470 Mercantile Tr
City
400
425
& Deposit. 210
220 230 „Second
Coal it Iron
125
135 Metropolitan_ 345
Colonial._ _ __ 400
_._ ,Sherman
124
130 Mutual(West170 State •
Columbia'... 160
130
Commerce__ 212 215 23d ward'... 115
chester)
125
105
170 N Y Life Ins
Comml Ex*. 390 410 Union Exch.. 160
Common160
United States* /150
& Trust _. 700 810
275
wealth *._ 198
N Y Trust_
208 Wash Tfts•
610 620
Continental*. 107 115 ;Veatch Ave*. 160
175 Scandinavian 295 315
Corn Exch'._ y312
315. Yorkville'... 290 310 .Title Gui & Tr 325 335
Cosmop'tan*. 100 110
'Fransationtle. _
170
Brooklyn.
Cuba (Bk of). 175
____
S Mtg & Tr 415 425
East River
'....!,Coney island' 140
155 United States 890 910
185 200 Westchester.. 130
Europe
-0
1 0 - 13 !'First
-1140
Fifth Avenue'2200 2500 1,0reenpoint
150
165
Brooklyn.
Fifth
120 !Brooklyn Tr_ 505
215 230 !;1111Iside •_ _ _ _ 110
515
First
70
80 ',Franklin
050 970 liHomestead •
220 225
Garfield
70 l!llamilton
175
185 1!Mechanics' •_ 65
260 270
Gotham
200
_...,Montauk'.. 85
95 !!Kings County 630 650
Greenwich'._ 340
200 '207 [Manufacturers 160
...,
:Nassau
Hanover
138 !People's
730 745 IINational City 133
_290 ioo
Ifarriman_.. 250
__ _.North Side__ 175 200 1,'Queens Co__ 70
80
Imp & Trod
540 560 People's
130
140 !!
• Iltinka marked with a (s) are State banks. t Sale at auction or at Stock
Exchange this week. I Includes one-third share Irving Trust Co. I New stock.
y Ex-rights.
14
New York City Realty and Surety Companies
All prices now dollars per share.
High.
Feb 100%
Jan 104
Feb 97%
Jan 92%
Feb *8144
Jan 100%
Jan 100%
Feb 101%
Feb 96%
Jan 72
Jan 65
Feb 99(4
Feb 99%
Jan 94%
869
Alliance R'lty
Amer Surety_
Bond & M (.1_
Casualty Co_
City Investing
Preferred __!
BM. Ask.
BM. Ask.
BM. I Ask.
70 :Lawyers Mtge 110
60
117 Realty Assoc'
65 !Mtge Bond__ 85
60
90
(Brooklyn)_i 77
83
225 230 Nat Surety__ 213
218 U S Casualty..1 175
190
__ 75 N Y Title &
U S Title Guar; 50
60
20
Mortgage__ 95
-17
102 .West & Bronx!
60
67 !
, Title&MO 150
170
Quotations for Sundry Securities
All bond prices are "and interest" except where marked
Standard Oil Stocks Per Share
Par Bid. Ask.
Anglo-American 011 new. Ll 1734 1814
100 1250 1275
Atlantic Refining
100 500 515
Borne-Scrymser Co
Buckeye Pipe Line Co
50 .90 93
Chesebrough Mfg new. A00z320 340
100 550 560
Continental 011
Crescent Pipe Line Co.__ 50 .38 40
Cumberland Pipe Line_ _ _100 170 180
Eureka Pipe Line Co_ _ _100 165 170
Galena-Signal 011 corn._ A00 89 92
100 130 150
Preferred old
102 105
Preferred new
Illinois Pipe Line
100 170 175
Indiana Pipe Line Co.... 501 99 102
International Petroleum_ El *22 2212
National Transit Co_ _ _12.50 *181 19
New York Transit Co__.100 185 195
Northern Pipe Line Co_ _100 110 115
25 *324 328
Ohio Oil Co
25 *58 60
Penn-Mex Fuel Co
100 645 655
Prairie Oil & Gas
100 286 270
Prairie Pipe Line
Solar Refining
100 340 350
..100 175 180
Southern Pipe Line Co.
100 308 312
South Penn 011
Southwest Pa Pipe Lines_100 97 100
Standard 011 (California).100 266 272
Standard Oil (Indiana) _100 775 785
Standard 011 (Kansas). _100 590 600
Standard 011 (Kentucky) 100 400 110
Standard Oil (Nebraska)
.100 540 560
Standard 011 of New Jer_100 685 690
Standard 011 of New Y'k.100 332 335
Standard 011 (Ohio)
100 460 480
Swan & Finch
100 98 102
Union Tank Line Co_
100z114 116
Vacuum 011
100 420 425
Washington 011
10 *36 40
Ordnance Stocks-Per Share.
Aetna Explosives pref _100 61 65
4
American & British Mfg.100
1
Preferred
100 15 25
Atlas Powder common__ _100 153 158
Preferred
100 90 92
Babcock .5r Wilcox
100 107 110
Bliss (E W)Co common_ 50.250 325
Preferred
50 *65 75
Canada Fdys & Forgings_100 185 195
87 93
Carbon Steel common..- 101
1st preferred
100 90 100
2d preferred
100 67 70
Colt's NUM Fire Arms
Mfg..__25 .36 38
duPont(E 1) de Nemours
100 270 272
& Co common
100 9112 9212
Debenture stock
Eastern Steel
100 70 75
Empire Steel & Iron com_100 20 30
Preferred
100 68 71
Hercules Powder corn__ _100 206 212
Preferred
100 107 110
Niles-Bement-Pond corn_100 x106 108
Preferred
100 96 99
Penn Seaboard Steel (no par) .30 35
290
Phelps-Dodge Corp
100
Scovill Manufacturing__ _100 340 360
Thomas iron
50 *20 30
Win Repeat Arms corn w 1 __'d100
Preferred w I
d90 100
Woodward Iron
100 44 52
Preferred
85 95
Public Utilities
Amer Gas dr Elm corn_ _ _ 50 *103
Preferred
50 *43
Amer Lt & Trac corn.._100 240
Preferred
100 98
Amer Power & Lt com_ _100 57
Preferred
100( 75
Amer Public Utilities com100 12
Preferred
100 35
Carolina Pow&Lieht corn 100 30
Cities Service Co corn__ _100 339
Preferred
100 79
Colorado Power corn._ _ _100 24
Preferred
100 98
Com'w'th Pow fly & Lt_ _100 19
Preferred
100 40
Elec Bond & Share pref....100 d94
Federal Light & Traction.1
Preferred
100 40
Great West Pow 5s 1940.J&J 84
MISSISS1ppi Ely Pow coni_l
10
Preferred
100 40
First Mtge 55 1951_ _J&J 77
Northern Ohio Flee Corp-(t) d14
Preferred
100 59
North'n States Pow corn _100 72
Preferred
100 so
North Texas Elec Co corn 100 51
Preferred
100 70
Pacific Gas & Elec corn..100 49
1st preferred
100 87
Puget Sel Tr L & P com 100 14
Preferred
100 56
Republic fly & Light _ _ 100 16
Preferred
100 54
South Calif Edison com 100 84
Preferred
100 98
Standard Gas & El (Del)_ 50 .
24
Preferred
50 *40
Tennessee fly L& P corn. 100
4
Preferred
100 16
United Gas & Elec Corp_100
3
let preferred
100 38
2(1 preferred
100
5
United Lt ifc Rys coin_ _ _ _ 100 36
1st preferred
100 70
Western Power common _100 18
Preferred
100 65
RR. Equipments-PerCl.Basis.
1
Baltimore & Ohio 434s
5.85 5.50
Buff Roch & Pittsburgh 434s 5.87 5.65
Equipment 4s
5.87 5.65
Equipment 6s
5.87, 5.65
Canadian Pacific 47%s
5.85 5.50
Caro Clinchfield & Ohio 5s.. 6.20 5.75
Central of Georgia 5s
6.25 5.75
Equipment 434s
6.25 5.75
Chicago & Alton 4s
6.75 6.25
Chicago & Eastern Ill 5%s
7.00 6.00
Equipment 434s
7.00 6.00
Chic Ind & Louisv 43%s
6.75 6.00
Chic St Louis & N 0 5s
5.85 5.40
Chicago & N W 434s
5.60 5.20
Chicago RI & Pee 43.45
6.40 5.90
Colorado & Southern 5s_
6.50 6.00
Erie 5s
6.10 5.80
Equipment 434s
6.10 5.80
Equipment 4s
6.10 5.80
Hocking Valley 4125
5.90 5.50
Equipment 5s
5.90 5.50
Illinois Central 5s
5.65 5.30
Equipment 434s
5.65 5.30
Kanawha & Michigan 434s.. 6.25 5.75
Louisville & Nashville 55
5.65 5.35
Michigan Central 5s
6.10 5.75
Minn St P&SSM 434s_ _ _ _ 5.85 5.50
Missouri Kansas .6.: Texas 5s_ 7.00 0.00
Missouri Pacific 5s
7.00 6.00
Mobile & Ohio 5s
6.20 5.75
Equipment 434s
6.20 5.75
New York Central Lines 5s_ _ 6.00 5.70
Equipment 434s
6.00 5.70
N Y Ontario Ar West 43.4s. _ 6.25 5.75
Norfolk de Western 4%s _ _ _ 5.60 5.25
Pennsylvania RR 434s
5.55 5.20
Equipment 45
5.55 5.20
St Louis Iron Mt & Sou 5s_. 6.75 6.00
St Louis bc San Francisco 5s_ 7.00 6.00
Seaboard Air Line 5s
6.50 6.00
Equipment 43.4s
6.50 6.00
Southern Pacific Co 4%s__ 5.65 5.35
Southern Railway 43.4s
5.95 5.60
Toledo & Ohio Central 4s_ _ 6.25 5.75
Tobacco Stocks-Per Sh are.
Par
American Cigar common _100 118
Preferred
100 85
Amer Machine & Fdry_100 60
British-Amer Tobac ord._ fl .25
Ordinary, bearer
El *24
Conley Foil
100 190
Johnson Tin Foil & Met_100 80
MacAndrews & Forbes_ _100 195
Preferred
100 90
Reynolds (R J) Tobacco_100 375
13 common stock
100 330
Preferred
100 107
A dividend scrip
95
B dividend scrip
95
Young (J S) Co
100 120
Preferred
100 95
Ask.
123
95
80
26
26
10
100
05
GO
25
60
10
00
00
150
105
Short Term Notes-Per Cent.
Amer Cot Oil 5s 1919_ _M&S 99%100
7% notes Sept 1919
100121100 4
,
Amer Tel & Tel 65 1924..F&A 993 999
81 A
Balto dr Ohio 5s 1919._ _J&J 99121 9934
Canadian Pac(30 1924.M&S 2 100121007
s
Del & Hudson 5s 1920__F&A
9834 99
Erie RR 58 1919
A-0 9712 9812
Fed Sugar Rfg 5s 1920 J&J 9814 9914
General Elec Os 1920_
J&J 1001
8100%
6% notes (2-yr) 1919.J&D 1003
8100Wa
Great North 5s 1920.._M&S 9834 99
K C Term Ry 414s 1921_J&J 0612 97
5s Nov 15 1923_ _M&N 15 100 10014
LIggett&M yersTob68'21J&D 100 10014
N Y Cent 5s 1919__M&S 15 9912 99%
Penn Co 434s 1921__J&D 11 967s 9714
Pub Ser Corp NJ 75 '22.M&E 97 9811
,Southern fly 55 1919_M&S 2 99 9914
'Southern fly Os 1022w I M&S 99 99%
Swift&Co Os 1921w 1 F&A 15 99% 9934
Utah Sec Corp 1313.
22.M&S 15 89 90
Winches RepArms7s'19. M&S 99%100
105
46
245
100
60
78
15
36
32
.341
80
27
Industrial
102
and Miscellaneous
20 American Brass
100 207 210
42
American Chicle corn
100 76 79
96
I'referred
100 75 79
11
American Hardware
100 135 138
45 Amer Typefounders com_100 38 42
87
Preferred
100 84 88
12 Borden's Cond Milk com _100 96 98
44
Preferred
100 99 101
7912 Celluloid Company
loo; 130 136
18 Columbia Graphoph Mfg (t)•175 177
62
Preferred.
100 90 92
75 'Freeport Texas Co
(t) *3212 3312
92 Havana Tobacco Co
100
312 5
56
Preferred
3
100
4
75
let g 5s June 1 11,22. _J-D 140
51 'Intercontrnen Rubb corn _100 19 1912
89 Internat Banking Co__ 100 160
17 'International Salt
"Eg.
"
lot gold 5s 1951
A-01 70 71%
18 !International Silver pre _1001 90 95
57 ,Lehigh Valley Coal Sales_ 50 *81
84
86 !Otis Elevator common_ _ _1001 62 65
102 I Preferred
100 80 84
26 ,Remington Typewriter
4112
Common
100 42 41
412
let preferred
100 86 88
18
2d preferred
100 85 88
5
Royal Baking I'ow corn. _100 130
40 I Preferred
100 93 98
8 Singer Manufacturing_100 184 187
38 !Texas PAC Coal & 011_ _ _ _100 1500 1550
71 !W'houseChurchKerr&Co 100 64 67
20 1 Preferred
100 81 86
67
*Per share
b Basis. I Purchaser also rays accrued dividend
e New stock.
s Ex-dividend.
/ Flat price. n Nominal
y Ex-rights. (t) Without par value.
[VOL. 108.
THE CHRONICLE
810
Investment atut failitorad 1114704(nm.
RAILROAD GROSS EARNINGS
weekly or monthly returns
The following table shows the gross earnings of various STEAM roads from which regularor month, and the last two
week
oan be obtained. The first two columns of figures give the gross earnings for the latest month. The returns of the electric
oolumns the earnings for the period from Jan. 1 to and including the latest week or
railways are brought together separately on a subsequent page
Latest Gross Earnings.
ROADS.
•
Week or
Month.
Current
Year.
I Jan.1 to Latest Date
Previous Current
Year. I Year.
Latest Gross Earnings.
ROADS.
Previous
Year.
$
262,609 212.125 2,470,856 2.139.316
Alabama & Vicksb_ December
320,527
470,289
50,072
61,211
2d wk Feb
Ann Arbor
13028540 10834788 13,028,540 10,834,788
Atch Topeka & S Fe January
Gulf Colo & S Fe.. December 1.430,497 1.666.354 18,885,097 17.285,640
412,254 537,794 5.809.657 6,890.859
Panhandle & S Fe December
469.176 383.1171 4.703.381 3.983,369
Atlanta Birm & Atl December
265,304 166.939, 2,548,440 1,770,250
& West Pt_ December
Atlanta
308.601 187.5941 4,252.270 3,215.426
December
Atlantic City
5,887,841 4,213,955 5,887,841 4,213,955
Atlantic Coast Line January
13332117 7,531,635 13,332,117 7,531,635
Baltimore & Ohio January
116,060 121,138 1,761,486 1.940,003
December
B &0 Oh Term
437,617 339,380; 4,863.223 4,384.562
Bangor & Aroostook December
80.067
88,753
6.386'
_ December
8.240
Bellefonte Central
304,800 268,056' 3,899.765 3,805.947
Belt Ry of Chicago.. December
862,812 690.307 13,417,564 12.372.620
Bessemer & L Erie.. December
260,779 340,840 3,450.747 3,351,395
Bingham & Garfield December
83.312 113,856: 1,397,254 1,201,530
Birmingham South_ December
5,445,485 4,092,1741 5,445,485 4,092,174
Boston & Maine_ _ January
Buff Roch & Pittsb_ 3d wk Feb 213,773 297,138, 2,061,551 2,083,806
189,868 155,9331 2,249,666 1.785,856
Buffalo & Susquen. December
Canadian Nat Rys_ 3d wk Feb 1,505,872 1,061,581 11,232,089 7,909,105
Canadian Pacific 3(1 wk Feb 2,729,000 2,435,000 20,988,000 17,407,000
318,426 238,9341 2.409,261 2,424,740
Can Pac Lines in Me December
494.763 310,7081 4,811.231 4,063.267
Caro Clinch & Ohio December
1,658,806 1,542,9271,658,8061,542,927
Central of Georgia.. January
3,612,0032,434,532 3,612,003 2,434,532
Central RR of N J.. January
507,837 426,656 6,063,156 5,477.288
Cent Now England_ December
453,097 362,311 5,185,838 4.482,811
Central Vermont December
219,811 213,514 3,015,886 2,401.444
& W Car December
Charleston
6,032,070 3,562,341 6,032,070 3,562,341
Ches & Ohio Lines_ January
2,032,653 1,233,626 2,032,653 1,233,626
Chicago & Alton_ _ _ January
Chic Burl & Quincy December 12639318 10388401 144172769 122342707
Chicago & East Ill_ December 2,225,996 1,682.331 26,753.092 21.012.173
Chicago Great West December 1,685,460 1,376,426 19,116.925 16,368,323
Chic Ind & Louisv_ December 1,045,275 750,234 11,017,274 9,161,397
339,178 260,917 3,435,781 3,260.982
Chicago Junction__ December
11054718 7,492,519 11,054,718 7,492,519
Chic Milw & St P.._ January
9,795,841 6,809,603 9,795,841 6,809,603
Chic & North West.. January
159,283 175,839 2.147.466 2,191.451
Chic Peoria & St L.. December
Chic R I & Pacific__ December 8,423,884 7,505,216 99,869,556 85,709,549
354,541 398,193 4,420,008 3,899,172
Chic R I & Gulf.... December
Chic St P M & Om.. December 2,245,995 1,856,397 24,829,982 21,476,509
386.494 364.391 5.000,956 3,805,025
Chic Terre H & S E December
268,713 201,263 3,137,153 2.639,537
Cinc Ind & Western December
Colo & Southern__ 3d wk Feb 247,784 246,582 1,806,424 1,666,921
800,144 654,810 7,950,342 6,546,863
Ft W & Den City December
122,125 118,811 1,164,137 1,095,339
Trin & Brazos Val December
88.034 1,123,240 1,164,540
90,737
Colo & Wyoming_ December
Constit Rys of Mex December 2,756,042
927,006 1,113,169
78,456
72,018
Crip Crk & Col Spgs December
772.173 1,043,086 12,062,581 7,837,700
Chiba Rallroad____ December
2,663,954 2,117,105 2,663,954 2,117,105
Delaware & Hudson January
Del Lack & West__ December 6.009,723 4,286,064 68,740,076 57,211,224
Deny & Rio Grande December 2,869,532 2,384.349 31,356,214 28.423,138
61,859 130,339 2,055,509 2,065,217
Denver & Salt Lake December
159.841 113.140 1,557.033 1.350,450
Detroit & Mackinac December
322,594 200,695 3.413.341 2.903,354
Detroit Tol & Iront December
204,229 147,251 1,999.026 1,827.431
Dot & Tol Shore L. December
119,151 157,191 8,978,930 7,371,399
Dul & Iron Range.._ December
242,145 345,035 21.545,271 15.306,600
Dul Missabe & Nor December
390,796
432,263
61,785
64,402
Dul So Shore & Atl_ 2d wk Feb
147,986 136,693 1,712,066 2,026,109
Duluth Winn & Pac December
73,436 1.118,382 1,126,252
80,347
East St Louis Conn December
Elgin Joliet & East_ December 2,037,563 1,194,688 20,685,049 15,816.473
El Paso & So West.. December 1,222.273 1.175.861 14.790.468 13,634.862
6,954,626 4,534,628 6,954,626 4,534,628
January
Erie Railroad
Chicago & Erie December 1.137,353 700,084 11,039,823 8,794.149
821,685 656.533 8,841,222 8,140,167
Florida East Coast_ December
90,039 1,123,137 1,064,318
99,157
Fonda Johns & Glov December
121.660 141,729 1,296.857 1,179,849
Ft Smith & Western December
92,406 1,049,838 1,092,444
111,715
Galveston Wharf.... December
637,528 537,133 6,716,503 4,366,637
Georgia Railroad December
439,892
412,499
Grand Trunk Pac epth wk Jan 127,114 139,868
Grand Trunk Syst_ 3d wk Feb 974,220 683,121 7,229,787 4,671,489
4,405,246 3,237,928
Grand Trunk Ry 4th wk Jan 1,429,072 1,062,960
Grand Trk West_ December 2,211.029 1.523,657 19,376,032 16.208.568
Great North System December 9,848,200 6,884,843 100661067 88,534.163
219,352 180,207 2,418,292 2,322,649
Gulf Mobile & Nor.. December
182,480 202,585 2,548,060 2,328,742
Gulf & Ship Island_ December
699.244 747.606 13,155,861 10,696,434
December
Hocking Valley
December 9,130.043 7.398,783 107320261 87.144.786
Illinois Central_ _
Internat & Oct Nor December 1.178.349 1,260.865 13,476,888 12,588.224
69,824 115,792 1,259.674 1,217,344
Kan City Mex & Or December
77,131 115,337 1.188,657 1,308.779
KC Mex &0 of Tex December
Kansas City South_ December 1,387,028 1,072,302 15,250.406 12,410,966
127,061 114,932 1.281.122
Texark & Ft Sm.. December
95.874 1.247,830 1.131,295
108.877
Kansas City Term.. December
372.252 158,315 2.476,8511 2.247.617
Lehigh & Hud My,December
334,727 254,037 3.989,894 3,666,567
Lehigh & Now Eng.. December
5,062,565 3,195,888 5,062,565 3,195,888
January
Lehigh Valley
Los Ang & Salt Lake December 1,269,545 1,133,860 14.517,378 12,766,723
146,072 142,794 1,671,652 1,569,722
Louisiana & Arkan_ December
274,391 251,534 2,078.059 2,497,535
Louisiana Ry & Nay December
Louisville & Nashv_ December 9,644,401 6.866.585 101392792 76,907.387
262,761 191,913 2,858,463 2,226,650
Louisv Hend ev St L December
December 1.429.414 1.125,183 113,415,178 1,4125.576
Maine Central
December
323,539 257.002 3.504,780 2,977.127
Midland Valley
133,631
130,780
22,600
16,080
Mineral Range_ _ _ _ 2d wk Feb
Minneap & St Louis December 1,067,625 1.033,697 12,028,300 11,005,063
Minn St P & S S M,Docember 3,905.179 2,580,086 35,930.293 34,540,491
974,749
80,465 112,256 1,246,990
Mississippi Central.. December
Missouri Kan & Tex December 3,036.614 2,334,702 33,230.335 25,990,721
Mo K & T Ry of Tex December 1,925,129 1,774.821 19,240,331 16,300,156
94,914 109.609 1,404.131 1.417.969
Mo & North Arkan December
121,728 145,227 1,780,546 1,906,916
Mo Okla & Gulf.......December
Week or
Month.
Current
Year.
I Jan.i to Latest Date
Previous I Current
Year.
Year.
I
Previous
Year.
$
Missouri Pacific___ December 8,111,594 6,780.313 89,612,398 78,320,313
292,821 171,277 3,208.7571 2,152,835
December
Monongahela
228,302 300,865 2,473.7631 2,010,970
Monongahela Conn December
Nashv Chatt & St L December 1,893.378 1.353,892 21.757.403 15.194.755
28,263
34,956
2,724
2,918
Nevada-Cal-Oregon 2d wk Feb
218,304 235,842 2.706,331 2,512.402
Nevada Northern.._ December
134,838 228,448 1.453,757 1,143.320
Newburgh & Sou Sh December
156,966 165,682 2,197,315 1,916,217
New On Great Nor_ December
572,053 511.905 6,474,717 4,969,265
New On & Nor East December
97.734 186,424 1,885,624 1,517,604
N 0 Tex & Mexico_ December
98,865 117,902 1,417,973 1,034,523
Beaum S L & W.. December
407,424 392,607 4,448.928 3.918,191
December
St L Browns & M
24821606 16246806 24,821,606 16,246,806
New York Central.. January
529.779 345,7241 5.591,235 5,121.878
Ind Harbor Belt_ December
773,021 622.9851 9,343,905 8,122,895
Lake Erie & West December
Michigan Central December 6.568.887 4.727,395 68,520,087 52.879.434
5,347,881 3,533,0211 5,347,881 3,533,021
Cleve C C & St L January
266,795 176,990 2,812,979 2.440,829
Cincinnati North December
Pitts & Lake Erie December 2,762,004 1,940,318 32.992,272 25,621,654
December
975.780 583.558 10,026,558 8,088,542
Tol & Ohio Cent_
423.367 300,549 5,896,134 3.606,990
Kanawha & Mich December
N Y Chic & St Louis December 2,505,362 1,293.790 22,656.382 16,901.206
8,608.151 6,961,617 102294212 85,784.892
NYNH& Hard_ _ December
823,999 688,248 10,895,005 9,164,878
N Y Ont & Western December
337,629 242,337 4,353,420 3.478,993
N Y Susq & West_ _ December
Norfolk & Western_ December 6,828,688 5,354,765 82,004.034 65,910,242
566,697 416,262 5,753.644 5,299.914
Norfolk Southern.... December
Northern Pacific_ __ December 10066392 7,368,750 l02908259 88,225,726
992,093 1,029,959
76,829
68,697
Minn & Internat. December
434,304 406,215 5,702,398 4,871,594
Northwest'n Pacific December
87,367 102,799 1.405,733 1,377.715
Oahu Ry & Land Co November
459,484 557,524 5,620,600 5,201,117
December
Pacific Coast
30477483 19657449 30,477,483 19,657,449
Pennsylvania RR January
80,999 1,436,440 1,281,365
135,134
Bait Ches & Atl_ _ December
596.028 378,752 5,917,543 4,838,904
Cumberland Vail. December
January
1,499,583 1.124,465 1.499,583 1,124,465
Long Island
76,228 1,101.324 1.011,519
117,702
Mary'd Del & Vs December
765,177 432,944 7.632,494 5,544.625
N Y Phila & Nor? December
459,307
735,887
459,307
735,887
W Jersey & &ash January
7,472,886 4,156,899 7,472,886 4,156,899
January
Pennsylvania Co
558,608 504,377 7,207,727 6.491.358
Rap & Ind December
Grand
7,377,274 4,479,031 7,377,274 4,479,031
Pitts C C& St L.. January
94,245 1,306,396 1,206.718
122,602
Peoria & Pekin Un.. December
Pere Marquette _ _ _ December 2.689,573 1,979,155 28.955,012 23.507.855
83,651 1,343,608 1.150,806
116,225
Pittsb & Shawmut_ December
89,122 1,216,348 1,230,927
91,139
Pittsb Shaw & Nor.. December
77,343 127,419 1,800,146 1,580.787
Pittsb & West Va.._ December
295,203 272,824 2,637,219 2,105,395
December
Port Reading
871.889
78,690 1,057.825
98,506
QuincyOrn&ICanC _ December
Reading Company:
Phila & Reading.. December 7,629,262 5,118,847 80,769,563 66,831.398
741,875 797,827 7,164,372 5,249,407
Rich Fred & Potom December
466,354 435,943 4,027,034 2.763,407
Wash Southern.._ December
340,659 325,595 4,540,589 4,325,369
December
Rutland
183,524 200.693 2,588,578 2,346.814
St Jos & Grand IsI'd December
-San Fran_ December 6.033,729 5,003,192 69,812.604 57,434,625
St Louis
97,237 1,151,032 1.008.719
100.059
Ft W & Rio Or December
70,837 1,366,345 1,113,130
93,936
St L-S F of Texas December
St Louis Southwest December 1,318.752 1,062,340 13,035,153 11,468,728
616,044 640,827 6,553,608 5,840,929
St L SW of Texas December
901,107
68,251 1.080,329
64,361
St Louis Transfer_ _ December
369,984 437,230 4,370,334 4,178.192
San Ant & Ar Pass.. December
Seaboard Air Line December 3,609,185 2,837.494 38.923.106 30.345.146
82,828
167,894
82,828
167,894
January
South Buffalo
Southern Pacific_ _ _ December 13961660 12259984 153948641 132257556
393,432 354,587 4,478,691 4,269.650
Arizona East_.. _ December
Galv Harris & S A December 1.850,416 1,829,025 21.273,847 19,737,997
810,053 907,887 8,041,980 8,223,426
Hems & Tex Cent December
196,528 187,359 2,087,716 1,862,980
Hous E & W Tex_ December
374,371 354,081 4,348,152 3,653,551
• Louisiana West'n December
841,009 706,295 8,352,108 6,910,459
La & Tex December
Morgans
626,073 590,321 7,445,600 6,410,077'
Texas & New Orl December
10126429 7,276,557 10,126,429 7,276,557
Southern Railway.._ January
915,859 676,906 9,296,635 7.151,054
Ala Great South.. December
Cin N 0& Tex P_ December 1,556,886 1,033,956 15,478,641 13.051.819
572,053 511,905 6,474,717 4.969,265
New On & N E__ December
Mobile & Ohio__ December 1,341,075 1,047,353 14,840,90113,604.507
421,573 328,809 3,694,801 2.983,428
Georgia Sou & Fla December
195,545 154,007 1,519,496 1,309,222
South By in Miss December
97,458 1,011,605 1,000,131
98,701
Spokane Internati. December
728,508 565,853 8,496,944 6,778,798
Spok Portl & Seattle December
179,164 105,337 1.934,751 1.493,513
Staten Island R T _ _ December
11,119
14,757
1,952
2,932
Tenn Ala & Georgia 2d wk Feb
245,094 141.892 3,011,813 1,797.252
Tennessee Central _ December
315.142 250,291 3,882,410 3,712.529
Term RRAssnof StL December
250,285 248,481 3.620,589 3,166.033
St L Mer Bdg T_ December
2d wk Feb 606,829 481,747 3,879,726 2,872,622
Texas & Pacific_
164,583 107,482 1,645,593 1,289.433
Toledo Peor & West December
399,433
575,623
575,623 399,433
Toledo St L & West January
64,020 1,006,445 1.008,893
55.863
& Delaware_ December
Ulster
December 8.732.532 7.082.019 98.443.365 76.998.423
Union Pacific
Oregon Short Line December 3,046.862 2,866,620 34,136,854 31,016,343
-Wash RR &N December 2,342,623 1,852,883 26,264,956 22.097,008
Ore
646,165 361,831 '7.078.314 5.732.627
Union RR (Pa)__ _ December
63,568 1,409,236
120,096
December
Utah
323,799 225,693 2.689.104 2,206.558
Vicks Shreve & Pac December
887,349 710,232 11,906,444 10,242,473
December
Virginian RR
December 4,556,981 3,282,330 48.246.411 40,477.999
Wabash RR
918,821
1,331,668 918,821 1,331,668
Western Maryland_
891,643 878.837 11,065.963 9,898.484
Western Pacific.. December
245,165 187,301 2,558.203 1.725,860
Ala.. I)ecember
Western By of
951.455 743,779 13,592,172 11.028.904
Wheel & Lake Erie_ December
96,057 109,239 1,068,157 1,053,274
Wich Falls & N W December
Yazoo & Miss Vall_IDecember 2,398,801 1.810,053 22,477,008 18,152.123
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*1Veekly Summaries.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
week Dec
week Dec
week Dec
week Dec
week Jan
week Jan
week Jan
week Jan
week Feb
week Feb
week Feb
Current
Year.
(15 roads)____ 7,512,032
(13 roads)__.... 7.853,955
(11 roads).- 6,924,046
14 roads)____ 10,698,660
13 roads)____ 5,257,043
(12 roads)....... 6,073,616
(14 roads)____ 6,810,241
(14 roads)_..__ 10,082,381
(14 roads)____ 6,091,560
(14 roads)......... 6,611,679
5.670.049
(8 roads)_ _ _ _
Previous
Year.
Increase or
Decrease.
$
6,541,897
5,756,694
5,376.100
8,136,132
4,280,891
4,701,322
4,968,084
7,814,588
4,638,628
5,132,672
4.723.422
Cur. Yr.
Mileage.
S
4-1,010,135 15.90 February......230,338
238.891
-1-2,097,261 36.43 March
233,734
ay
+1,547,946 28.79 tfril
230.355
+2,562,528 31.49
220.303
+976,152 22.80 June
231,700
+1,372,291 29.19 July
230,743
+1,842,15737.09 August
+2,267,793 28.87 September.. 232,186
+1,452,932 31.32 October ........230.184
+1,479,007 28.80 November 232,274
-1-917.227 20.05 December _232,774
%
*Monthly Summaries.
Current
Year.
I Previous
Year.
I
Increase or
Decrease.
$
I
$
Prev.Yr.
228,835 362,761,238 312,270.881 +50,484,357 16.22
237.463 285,776,203 260.627,752 +25,148,451 9.65
232,255 369,409.895 319,274,981 +50.134,914 15.70
223,892 374,237.097 342.146,096 +32,091.001 9.38
219,294 363,165.528 323,163,161 +40,002,412 12.38
230,570 463.684,172 316,022,857 +117861315 34.00
230,015 498.269,356 362,509.561 +135759.795 37.45
232,378 487.140.781357,772,850 +129367,931 36.16
1.3g
230,576 484,824,750377.867.933 +106956.817 2 0
232,259 438.602,283 356,438,875 +82.163,408
232,399 138,365.327,335,607,571 +102757756 30.62
871
THE CHRONICLE
MAR. 1 1919.]
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third week
of February. The table covers 8 roads and shows 20.05%
increase in the aggregate over the same week last year.
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Lake Shore Elec By.. December 200,636 167.572 2,189,3241 1,786,012
Lewist Aug & Watery December
898,373
894,7841
79,624 62,331
Long Island Electric_ October
219,104
195.7661
16,693 18,194
Louisville Railway__ November 321.256 289,154 3.373,789i 2,989.549
$
$
1
$
892.846' 723.632
97,366 71,506
83,365 Lowell Electric Corp_ December
297,138
213,773
Buffalo Rochester & Pittsburgh
103,609
Manhat Ildge 3c Line October
119,476
12,374 11,569
1,505,872 1,061,581 444,291
Canadian National Rys
Milw El By & Lt Co_ January
774,083
940,621
940,621 774,083
2,729,000 2,435,000 294,000
Canadian Pacific
Milw Lt, lit & Trac_ January
193,950
293,298
293,298 193,950
246,582
247,7841
1,202
Colorado & Southern
Mississip Riv Pow Co December
186,906 158.989 2,213,392 1,976,461
Grand Trunk of Canada
Montreal L, H & P__ October
970.106 905,216 5,297.130 4,822.709
683,121 291,099
974,220
Grand Trunk Western
Nashville By & Light December
277,227 223,117 2,866,213 2,458.321
Detroit Or Hay & Milw_ _ _ _
New England Power_ December
376,741 267,515 3,557,281 2.645,974
Canada Atlantic
Newp N &II Ry.G &E November 230.308 142,032 1,996.921 1,223,444
176,641 167,784 1.844.277 1.676.290
83,365 Nevada-Cal El Corp_ October
5,670,649 4,723,422 1,030 592
Total (8 roads)
N Y & Long Island__ October
397.578
420,251
42,636 47,519
947,227
Net increase (20.05%)
N Y & North Shore__ October
143,655
12,829 14,910
127.545
N Y & Queens Co_ October
952,420
83,675 77,764
805,675
second week of February our final statement covers Now York Railways_ November 903,152 998,423 10,232.898 11,487.876
For the
217.058
236,662
December
21,980 19,117
14 roads and shows 28.80% increase in the aggregate over Northampton Trac__ January
Northern Ohio Elec__
548,392
696,194
696,194 .548,392
h North Texas Elec__ December 249.512 294.208 2,929,759 2,582,113
the same week last year.
Ocean Electric (L I)_ October
145,015
7,880
144,001
7,503
Pacific Gas & Elec_ __ October
1910.696 1619,738 18,412.850 16,296.962
172,309 153,626 1,860,867 1,647,401
1919.
Increase, Decrease. Pacific Power & Light December
1918.
Second week of February.
Pensacola Electric Co December
350,459
506.050
50,756 35.082
Phila. Rapid Transit_ November 2764,923 2512,229 28,820.945 27.104,497
569.064
619,151
57.863 48,332
reported (8 roads) _ _ 5,675,733 4,332,010 1,402,670
58,947 Phila & Western__ December
Previously
Portland Gas & Coke December
173,233 125,0.59 1,797,461 1,361,150
942,785
229,854
Colorado & Southern
12,931
Port(Ore)Ity,L&PCo. December
744,002 594,020 7,669,389 6,023.510
64,409
61,785
Duluth South Shore & Ati
2.617
744,454
865.213
86.047 72.493
16.080
22,600
Louisville & Nashville
6,520 Porto Rico Railways_ October
gRepublic Ry & Light September 443.863 426.250 4.151.145 3,469.834
2,918
2,724
Mobile & Ohio
194
384,961
Richmond Lt & RR_ October
372,523
33,249 34,256
2,932
1,952
Tennessee Alabama & Georgia_
980
St L Rocky Mt & Pac November 394,369 402,023 4,760,910 3,570.760
606,829
481,747 125,082
Texas & Pacific
583,594
Santiago El Lt & Tr_ December
665,250
53,502 56,459
968,173
110,395 92,611 1,182,891
6,611,679 5,132,672 1,544,474
65,467 Savannah Electric Co December
Total (14 roads)
728.373
Second Avenue (Rec) October
698.713
68,478 75,545
1 ,479,007
Not increase (28.80%)
185,370
Southern Boulevard.. October
169,557
18,629 18,338
565,770
702,731
702,731 565,770
Net Earnings Monthly to Latest Dates.
-The table Southern Cal Edison_ January
305,986
Staten Isld Midland.. October
239,263
20,728 23,834
103,665 87,953 1,062,546
following shows the gross and net earnings with charges and Tampa Electric Co.._ December 243,532 146,638 2,237,151 1,001,311
1,940,124
Tennessee Power____ December
surplus of STEAM railroad and industrial companies re- Tenn By, Lt & P Co.. December 607,241 447,930 6,146,619 5,259,049
Texas Power & Lt Co December 345,813 267,290 3.248,180 2,600,816
ported this week:
748,351
Third Avenue System January
800,552
800,552 748,351
--Gross Earnings--Net Earnings
378,896
DDE B&B RR__ October
401,262
40,280 40,780
Current
Previous
Previous
Current
42dSt M&StNA Ry October
131,613 151,893 1,365,743 1,491,853
Year.
Roads.
Year.
Year.
Year.
217,034 239,669 2,231,404 2,475,238
UnionRyCo(NYC) October
691,361
Yonkers Railroad_ October
685,537
66,227 71,868
620,351
N Y City Inter By October
568,880
55,108 60,805
Atch Top & Santa Fe_a_Jan 13,028,540 10,834,788 1,738,263 2,077,520
571.969
Belt Line By
October
480,912
44,079 58.869
Atlantic Coast Linea_Jan 5,887,841 4,213,955 1,322,065 1,10:3,99:3
Third Avenue
October
303,285 344.645 3,164,752 3,444,283
Baltimore & Ohio_ a_ __ ..Jan 13,332,117 7,531,635def1587,284def2867,826 Twin City Rap Tran_ January
841,725
874,584 841,725
874,584
Jan 5,445,485 4,092,174 def152.771 def659,483 Virginia By & Power_ January
615,586
Boston & Maine .a
725,451
725,451 615,586
352,964 Wash Bait & Annap_ December 249,654 182,420 2,902.015 1.560.125
Jan 1,658,806 1,542,927
Central of Georgia_a
3,264
468,308
Westchester Electric._ October
42,390 44.908
499,739
Central RR of New J_a_Jan 3,612,003 2,534,532
468,976 def213.662 York Railways
96,834
-January
116,779
116.779 96.834
109,455 Youna-stawe & OhIn_InoremhPr
Jan 6,032,070 3,562,341 1,087,740
ChesaPeake & Ohio_ b
RCA AAA
49A OAR
f19 A9C
f57411R
Jan 2,032,653 1,233,626
Chicago & Alton_a
118,380 def216,395
b Includes all sources. f Earnings given in milreis. g Includes conChic Milw & St P_a_ __ _Jan 11,054,718 7,492,519 def531,761 def603,589
80,509dof1095,312 stituent or subsidiary companies. h Decrease in gross earnings due to
Chicago & N W_a
Jan 9,795,841 6,809,603
the omission this year of the Texas State Fair, to the influenza epidemic
Delaware & IIudson_b_ _Jan 2,663,954 2,117,105 def80,660 def284,805 and to the reduction in the number of troops at army camps.
Jan 6,954,626 4,534,628 def479,863df1,130,724
Erie_ b
Electric Railway and Other Public Utility Net Earn276,550 def823,574
Jan 5,062,565 3,195,888
Lehigh Valley_b
-The following table gives the returns of ELECTRIC
Jan24,821,606 16,246,806 4,285,435 def114,397 ings.
New York Central_b
553,403 def89,855 railway and other public utility gross and net earnings with
Clev Cin Ch & St La Jan 5,347,881 3,533,021
567,155df1,824,690 charges and surplus reported this week:
Jan 30,477,483 19,657,44g
Pennsylvania RR_b
20,093
Jan 1,499,583 1,124,465 def98,200
Long Island_ b
-Gross Earnings--Net Earnings
4.59,307 def230,433 def200,434
West Jet* & Sea Sh_a_Jan 735,887
Previous
Current
Current
Previous
Year.
Year.
Jan 7,-172,886 4,156,899 def330,566df1,309,162
Year.
Pennsylvania Co_ b
Year.
Companies.
$
$
$
$
251.066 def729,143
Pitts Cin Ch & St L_ b_Jan 7,377,274 4,479,031
120.303
143,581
197,062
Jan
53,691
167,894
82,828
def6,800 Alabama Power Co_a__Dec 291,772
South Buffalo_b
Jan 1 to Dec 31
3.019,731 2,101.958 1,572,250 1,300,624
Southern Railway_ b_ _ Jan 10,126,429 7,276,557 1,253,670 1,495,433
399,433
65,551 def71,842 Amer Pow & Lt Co (subsld'y
Toledo St L & West_a Jan 575,623
432,572
543.546
companies only)_a_ _ _Dec 1,387,929 1,110,673
Jan 1,331,668
918,821 def146.352 def47,723
Western Maryland_b
13.674,311 11,389,659 5,240,082 4,762,414
Jan 1 to Dec 31
Third week of February.
1919.
1918.
Increase. Decrease.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
AdiromiackElPowCo January
Alabama Power Co__ December
Amer Power & Lt Co December
Atlantic Shore Ry___ January
,
Aurora Elgin & Chic_ January
Bangor By & Electric December
Rouge Elec Co December
Baton
Blackstone VU & EL December
Brazilian Trac. L & P November
Brock & Plym St Ry_ December
g Bklyn RapTranSyst October
Cape Breton Elec Co December
Cent Miss V El Prop_ December
Chattanooga By & Lt December
Cities Service Co_ _ January
Clove Painesv & East November
gColumbia Gas & El_ December
Columbus(Ga) El Co December
Colum (0) Sty, P & L December
w'th P. Ry & Lt January
Com'
Connecticut Pow Co_ December
Consum Pow (Mich)_ December
Cumb Co(Me)P & L December
Dayton Pow & Light January
a Detroit Edison__ January
°Detroit United Lines December
,
Duluth-Superior Trac January
East St Louis & Sub_ December
Ea.stern Texas Elec__ December
g El Paso Electric Co December
Fall River Gas Works December
Federal Lt & Trac___ December
Ft Worth Pow & Lt__ December
Galv-Hous Elec Co__ December
g Georgia L,P & Rys December
Grand Rapids By Co December
g Great West Pow Sys January
Harrisburg Railways November
Havana El Ry,L & P December
Honolulu R or & Land December
Houghton Co El L Co December
Houghton Co Tr Co.. December
b Hudson & Manhat_ November
Illinois Traction____ November
Interboro Rapid Tran December
Jacksonville 'frac Co December
Keokuk Electric Co_ December
Key West Electric Co December
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
105,109
88,602
269,623
Cinc & Sub Telep_b___Dec 305,442
3,386,267 3,122.014 1,186,313 1,257,511
Jan 1 to Dec 31
19,366
16,990
68,018
62,274
Dakota Central Tel_b__Dec
250,634
270,375
784,544
745,967
Jan 1 to Dec 31
328,810
292,678
Gas Co_c _Jan
Massachusetts
53,221
20,090
26,569
42,887
South Can Pow Co Ltk1_Jan
197,869
69.881
155,482
93,005
Oct 1 to Jan 31
Utah Securities Corp.._(sub
341,631
626,868
351.008
620,930
companies only)_a_Jan
6.999,165 6,673.786 3,740,808 3,555,558
Feb 1 to Jan 31
8,912
15,192
45,502
35,469
Western Elec Telep_b__Dec
163,624
485,142
461,353
168,370
Jan 1 to Dec 31
$
$
$
$
148,772 166,698
148,772
166,698
291,772 197,062 3,019,731 2,101,958
1387,929 1110,673 13,674,311 11,389,659
11,606 10,832
11,606
10,832
a Net earnings here given are after deducting taxes.
186,780 183,518
186,780
183,518
b Net earnings here given are before deducting taxes.
82,935 83,790
923,122
886,120
c Includes gas and miscellaneous departments.
27.596 21,584
231,965
267,809
Net after
Fixed
Gross
Balance,
234,979 188,557 2,444,733 1,991,844
Charges.
Earnings.
Surplus.
Taxes.
J7581000 17695000193363,000 184131.000
6,125
S WEI
124,316
8,910
101,429
2490,780 2552,117 26,227.664 25,720,25:3 Adirondack Elec
52,754
Jan '19
22,963
148,772
29,791
166,698
'18
22,106 def13,068
51,173 46,120
9,038
Power Corp
464.081
513,005
173,847
261,793
30,700 29,258
435,640
12 mos '19 1,816,151
311,630
339,076
177,162 132,286 1,843,947 1,356,732
'18 1,663,311
114,918
370,458
255.540
1853,598 2031,462 1,853,598 2,0:11,462
17,778
38,800 def21,022
186,653
Jan '19
Aurora Elgin &
51,442 41,817
496,164
511,630
35,651 def51,359
129.901 def18,708
'18
Chicago RR Co
1123,844 1125.086 11,451,863 10,865,673
102,325 103,821 1.181,413 1,096,066 (lities Service Co
Jan '19 1,853,598 1,791,871
108,002 1,683,869
417,737 385,269 4,264,485 4,024,186
205 2,000,828
'18 2,031,462 2,000,491
2149,554 1700,470 2,149,554 1,700,471)
380,377 21,169,585
12 mos '19 22,102,203 21.549,962
110,435 81,592 1,028,252
2,770 19,060,265
'18 19,429,505 19,063,03.5
870,621
691,601 573,444 6,608,100 5,775,371
148,669
xdef 968
12.357
15,141
Jan '19
286,401 249,608 3,226,900 3,081,927 Duluth-Superior
15,135
140.971
20,468
z7,065
'18
Traction Co
271.625 195,477
195,477
271,625
1470,679 1277,766 1,470,679 1,277,766 Eastern Texas
46,864
13,042
111.506
x34,126
Dec '18
1735,236 1523,965 19,014,018 17,427.940
41,363
85,478
x33,228
'17
11,117
Elect Co
148,669 140,971
140,971
148,669
469,593
148,931
z328,437
12 mos '18 1,131,753
406,855 357,987 4,215,887 3,692,472
421,082
122,081
938.074
x318,819
17
111,506 85,478 1,131,75:3
938,074
121,592
40,404
337,559
Dec '18
81,188
122,307 108,471 1,257,633 1,283,525 Federal Light &
95,611
50,970
307,865
'17
44,641
Tract Co
62,800 48,837
582,753
718,210
328,130
724,179
12 mos '18 3,497,231 1,052,309
337,559 307,865 3,497,231 2,867,310
856,846
717,744
139,102
'17 2,867,310
116,199 111,993 1,305,160 1,015,938
425,749
261,288
136,982
x132,806
Jan '19
.256,283 209,590 2,691,332 2,088,122 Great Western
365,273
204,431
139,044
118,847 103.884 1,225,671 1,093,412
z61,875
'18
Power System
12 mos '19 4,704,883 2,937,758 1,654,366 z1,276,718
117,656 117,238 1,278,348 1,303,860
x842,007
'18 4,032,142 2,508.332 1,677,533
425,749 365,273
365,273
425,749
118.822 96,651 1,073,902 1,189,917 Lake Shore Elec
Dec '18
35,832
200,636
114,827
50,659
709,891 673,789 8,176,545 6,989,599
167,572
60,220
'17
39,335
20,885
Co.
65,881 66,260
735,151
726,603
596,241
432,860
163,381
12 mos '18 2,189,324
45,136 40,633
420,553
423,703
575,321
'17 1.786,012
421,333
153,988
29,252 :31,193
343,134
320,067
x717,802
12 mos '18 8,955,595 1,807.768 1,221,258
569.259 527,250 6,032,741 5,596,927 MilwlElec Ry
'17 7,968,192 2,129,454
931,362 x1,306,220
& Lt Co
1343,655 1243,066 13,446,064 12,275.726
9.10,621
170,826
Jan '19
127,954
x69,851
Milw Elec By
3782,284 3740,928 40,881,932 40,512,136
117,103
98,785
774,083
x25,980
'18
& Lt
98,461 69,590
698,123
945,568
509,110 z130,081
637.880
248,546 Milw Lt Ut & 12 mos '18 3,054,676
22,955
264,230
22,985
'17 2,232,388
539,654
446,774
z93,787
146.087
202.873
21.109 14.067
Trac Co
872
THE CHRONICLE
Gross
Earnings.
Net after
Taxes,
Fixed
Charges.
Balance,
Surplus.
Milw Lt Ht &
Trac Co
Southern Calif
Edison Co
Third Ave Ry
System
[VOL. 108.
OPER. RESULTS AND TRAINMEN'S WAGES FOR 9 YEARS PAST.
Gross
Fixed Per Ct.
Net
Fare Wages
Calendar Income. Charges.
to
Income. Passengers per
per
Years$
$
Gross.
$
Carried. Pass. Hour.
1918
31,704,427 9,800,039 30.91 1,534,816 767,758,406 3.98c.48c.
1917
29,726,926 9,745,703 32.79 2,863,684 731,470,879 3.91 36
1916
27,279,516 9,785,653 35.87 2,377,552 672,959,447 3.91 32
1915
24,315,455 9,972,306 40.27 584,501 598,111,900 3.91 30
1914____,.23,961,408 9,698,125 40.47 201,340 585,364,297 3.95 30
1913
24,240,582 9,447,080 38.97 538,496 584,721,865 4.00 30
1912
23,282,408 9,032,048 38.80
72.342 553,471,846 4.03 25
1911
22,147,974 8,842,771 39.93df.560,707 520,425,581 4.07 23X
1910
19,232,622 8,717,009 45.32df1222,735 445,599,008 4.13 23
Dividends paid in 1918 amounted to $1,499,290, which, deducted from
the $1,534,816 net income shown above, left a balance of $35,526 earnings
for the year.
-V. 108. p. 785.
Jan '19
293,298
56,018
53,313
z3,121
'18
103,950
20,332
43,362 zdef23,419
Jan '19
702,731
424,054
246,167 z275,650
'18
565,770
291,664
232,097 z157,138
Jan '19
800,552
90,902
219,634zdef115,980
'18
748,351
107,715
224,300zdef103,776
7 mos '19 5,821,465
930,570 1,544,150zdef522,572
'18 6,138,448 1,290,729 1,556,346zdef172,790
z After allowing for other income received.
Gross
Net
Fixed Chgs. Balance,
Earnings. Earnings. & Taxes.
Surplus.
New York
Jan '19
440,457
368,366
90,156
78,210
New York State Railways.
Dock Co
'18
422,410
196,801
90,055
106,746
Twin City Rapid
Jan '19
874,584
(Report for Fiscal Year ending Dec. 31 1918.)
209,765
162,179
47,586
Transit Co
'18
841,725
179,560
160,515
19,045
[Compare maps, &c., on pages 111 and 113 of "Electric Ry." Section.1
New York Street Railways.
SUMMARY OF OPERATIONS FOR YEARS ENDING DECEMBER 31.
-Gross Earnings--Net Earnings
1918.
1917.
1916.
1915.
Current
Previous
Current
Previous
Gross earnings
$8,474,164 $8,460,002 $8,256,470 $7,264,675
Companies.•
Year.
Year.
Year.
Year.
Expenses and deprec'n
6,583,714
5,758,999
5,153,199
4,487,270
$
$
Hudson & Manhattan___ Oct 387,371
Net earnings
$1,890,450 $2,701,003 $3,103,271 $2,777,405
393,500
133,046
198,102
Jan 1 to Oct 31
4,007,905 3,617,214 1,667,989 1,816,668 Taxes
507,197
548,091
509,962
456,578
Interboro(Subway)
Oct 1,757,806 1,929,711
548,357
999,502
Net(after taxes)
$1,383,253 $2.152,912 $2,593,309 $2,320,827
Jan 1 to Oct 31
17,873,599 18,098,696 7,781,144 9,868,143 Net non-oper. revenue_.
25,719
110,664
146,214
166,904
Interboro (Elevated)_ _ __Oct 1,541,818 1,633,880
350,563
647,509
Gross income
$1,408,972 $2,263,576 $2,739,523 $2,487,730
Jan 1 to Oct 31
15,790,263 15,217,825 4,910,237 6,063,559 Inc. deduc. (int. & rent).. 1,480,771
1,438,588
1,377,775
1,389,121
Total Interboro
Oct 3,299,624 3,563,591
898,920 1,647,012
Net income
def.$71,799
$824,988 $1,361,748 $1,098,611
Jan 1 to Oct 31
33,663,962 33,616,521 12,691,381 15,921.711
Propor.to N.Y.S.Rys.:
Schenectady Ry., 50% _1 def.23,479?
35,705
17,035 def.15,163
Brooklyn Rapid Transit_ Oct 2,490,780 2,552,117
523,002
815,477 Ont.L.& Tr. Co.,
1,515
8,089
100.J
7.091
Jan 1 to Oct 31
26,227,664 25,720,253 7,380,653 8,651,242
Total not income_ __ _def.$95,278
$862,208 $1,386,872 31,090,539
New York Railways_..__Oct 903,152
998,423
113,506
284,529 Divs. on pref. stock_ _(1 %)48,281 (5)$193,125 (5)3193,125 (5)4193,125
Jan 1 to Oct 31
10,232,898 11,487,876 1,510,323 2,585,132 Divs. on common stock
(2)398,940 %)947,482 (4)797,880
(4
Second Avenue
Oct
68,478
75,545
4,741
15,563
Balance,sur. or def_ _def.$143.559sur.$270,144sur.$246,265 sur.$99,534
Jan 1 to Oct 31
698,713
728,373
109,829
138,783
Schenectady Railway.
•
Dry Dk E Wway & Batt_ Oct
40,280
40,780
156
5,097
Jan 1 to Oct 31
Gross Net,.after Other
Income
401,262
Dividends
Balance,
378,896
33.907
28,714 Cal.
Year. Earnings. Taxes. Income. Deduc'ns.
Paid.
Sur. or Def.
42d St M & St N Ave_ __Oct 131,613
151,893
15,583
45,289 1918_51,427,778 $96,036 def.$1,079 $152,724
def.$57,767
Jan 1 to Oct 31
1,365.743 1,491,853
389,207
501,098 1917-- 1,447,151 372,721
1,142 148,703 (3%)$153,750 sur. 71.410
Belt Line(NY City)_ _ __Oct
44,079
58,869
10,007
11,230
CONDENSED GENERAL BALANCE SHEET DECEMBER 31.
Jan 1 to Oct 31
480,912
571,969
73,335
66,535
1918.
1917.
1918.
1917.
N Y City Interboro
Oct
55,108
60,805
Assets5,639
12,298
$
Liabilities
$
Jan 1 to Oct 31
568,888
620,351
89,430
Preferred stock... 3,862,500 3,862,500
143,095 Road, equipment,
Jo
50,562,917 50,231,709 Common stock__ .19,952,400 19,952,400
Southern Boulevard_ _ _ _Oct
18,629
18,338
1,741
3,267 Unamort. replaceFunded debt__ _ _x24,689,000124,693,000
Jan 1 to Oct 31
169,557
185,370
22,752
.36,596
ments& depreciReal estate mtges_
36,000
36,000
Union Ry(N Y City)__ _Oct 217,034
ation suspense... 4,650,000 4,750,000 Taxes accrued... _ _ 124,319
239.669
30,050
49,597
181,140
Jan 1 to Oct 31
2,231,404 2,475,238
558,732
528,753 Interest accrued__ 259,781
346,274
606,411 Material & supp
253,514
Cash
192,043
183,927 Bills payable
1,210,000 1,585,000
Westchester Electric_ .._ _Oct
42,390
44,908
1,121
7,744 Bills, accounts,&e.
Accounts payable_ 879,490
451,799
Jan 1 to Oct 31
499,739
468,308
98,417
81,407
receivable
117,241
131,465 Other unfund.debt 402,793
445,601
Yonkers
Oct
66,227
71,868
205,435
8,433
13,194 Stocks owned_ _ x2,456,124 x2,454,224 Mat'd coup.int.,&c 226,166
Jan 1 to Oct 31
304,957
267,748 Reserves
685,537
312,093
691,361
202,149
108,325
159,654 Special deposits
Prepayments
101,416
128,875 Accrued amortizaNew York & Queens Co_Oct
83,675
77,764 def25,038 def32,620 Re-acquired securtion of capital... 1,704,842 1,407,910
Jan 1 to Oct 31
805,675
952,420 def166,475 def120,384
ities
9,900
9,900 Res've for accrued
replac't & depr_ 5,000,000 5,000,000
Long Island Electric_ __ _Oct
16.693
18,194
def7,810
def1,468 Unamortized debt
discount, itte..
1,542,333 1,577,519 Surplus
Jan 1 to Oct 31
1,836,279 1,987,671
195,766
219,104
11,280
27,332
N Y & Long Island
Oct
42,636
47,519
def1,462
11,712
Total
60,495,663 60,264,119 Total
60,495,663 60,264,119
Jan 1 to Oct 31
420,251
397,578
40,309
67,352
x See page 111 of "Electric Railway" Section.
-V. 108, p. 784.
Ocean Electric
Oct
7,880
7,503
def1,880
def1,175
Jan 1 to Oct 31
144,001
145,015
58,562
57,242
United Railways Company of St. Louis.
N Y & North Shore
Oct
12,829
14,910
del 24
3,230
Jan 1 to Oct 31
(19th Annual Report-Year ended Dec. 31 1918.)
127,545
143,655
6,915
34,876
Manhattan Bdge3cLine_Oct
12,374
11,569
281
2,780
President Richard McCulloch,Feb. 11, wrote in substance:
Jan 1 to Oct 31
119,476
103,609
15,100
25.850
-Increase in Fares.
Revenue
-Passenger revenue for 1918 was $13,516,790.
Richmond Lt & RR_ _ _ _Oct
33,249
34,256
def2,328
2,750 an increase over 1917 of $507,806, or 3.90%.
Jan 1 to Oct 31
372,523
Passenger revenue for the first five months of the year shows a decrease
384.961
34,796
67,863
of 4.57%, while the passenger revenue for the last seven months (period
Staten Island Midland__Oct
20,728
23,834
def7,368
def1,424 of 6
-cent fare) shows an increase
the road transported
Jan 1 to Oct 31
239,263
305.986 def45,736
10,212 241,436,666 full fare passengers,of 9.82%. [In 1918 in 1917, but in
against 257,794,495
1917
these were all 5
Note.
-cent fares, whereas in 1918 the company received 33,395,060
-All the above net earnings here given are after deducting taxes.
-cent fares and only 108,041,606 5
6
-cent fares.Ed.]
The increase in fare granted by the Missouri P. S. Commission, effective
June 1 1918, was applicable to the full-fare passengers on the city lines only.
The fare for adults on the county lines and for children on the city and
county lines remains as before, 5 cents and 23.6 cents, respectively. (V.
106, p. 2451.)
-The increase in operating expenses is ascribed to the increase
Financial Reports.
-An index to annuli reports of steam in Expense.
wages amounting to 35%, effective March 1 1918, and an increase in
railroads, street railways and miscellaneous companies which the price of all material used in the operation and maintenance of the
property. While ordinary
have been published during the preceding month will ba given 19.68%,the increase in grossoperating expenses increased $1,500,686,•or
oper. revenue was only $514.059, or 3.92%
Increases in
on the last Saturday of each month. This index will not Way and structuresCurrent Operating Expenses Coinpared with 1917.
$66,982 37- 9.50%
include reports in the issue of the "Chronicle" in which it is Equipment
248,982 47-24.61%
31,341 48- 2.11
published. The latest index will be found in the issue of Power
Conducting transportation
974,230 24-31.69
General and miscellaneous
179,149 26-13.27 0
Feb.22. The next will appear in that of March 29.
FINANCIAL REPORTS
Philadelphia Rapid Transit Company.
(Preliminary Report for Calendar Year 1918.)
The preliminary report for the late fiscal year, issued this
week, contains the tabular data given below, and further
recites some of the accomplishments during the past eight
years of the Stotesbury-Mitten management as follows:
RESULTS IN EIGHT YEARS OF PRESENT MANAGEMENT.
-Gross earnings have greatly increased over expectations,
Income, &c.
due in part to quickened service and the introduction of new cars, of
which 1,825 have been secured.
Fixed charges required 45.32% of gross earnings in 1910 to meet the
rentals and interest account; this condition left no equity whatever to
P. R. T. stockholders. The 30.91% of gross for rentals and interest account, as now,leaves stockholders with a substantial equity.
Net income of $4,482,119 earned in excess of P. R. T..dividends paid.
Co-operative efficiency lessened the number of accidents, thus reducing
liability costs from 6.08% to 3.47% of gross earnings. This item alone
saved $5,392,054.
Passengers Carried.
-Increased over 70%, or more than 320,000,000
passengers per year.
Fares.
-Lowered from 4.13c. per passenger by granting additional free
transfer privileges, resulting in a total saving of $7,941,984 to the car rider.
The increase to 3.98c. per passenger in 1918 was caused by lesser use offree
transfers by free-spending war workers.
Wages.
-Increased 43c. per hour, July 1918; thereafter voluntarily increased to 48c. per hour by agreement with War Labor Board. Increases
for trainmen alone were $7,692,844 in excess of wage scale effective following 1910 strike.
Dividends.
-None paid to P. R. T. stockholders until October 1916.
This stock is now on a 5% basis. The total return of $3,597,578 so far
received by P. R. T. stockholders represents less than 1% per annum on
their $30,000,000 from the dates upon which it was actually paid in.
Rehabilitation, Wages, &c.
-The Stotesbury-Mitten management in
1911 undertook the rehabilitation of the property, promised to meet the
needs of the car rider, increase the wages of the men, and then to pay to
the stockholders such_return as possible by co-operative efficiency.
Total
$1,500,685 82-19.68%
-The income acct. shows a loss of $400,299 for 1918.
Loss in Net Income.
The loss in earnings during the strike period in February was approximately $185,000,and the back wages paid employees amounted to $349,800,
-cent fare. The fare increase was effecwhich amount was paid out of a 5
tive June 1 1918, While the increase in wages was effective March 1 1918.
The amount of money paid out in wages was $5,811,547, or 42.61%
of the gross operating revenue.
Earnings for 1918 were at the rate of 3.57% on valuation of $60,000,000.
-The amount set up during 1918 was $877,283, viz.: Taxes
Taxes.
assignable to railway operations (exclusive of mill tax), $852,476; bond
coupon taxes, $19,227; non-operating taxes, $5,580. The above is subject
to an actual determination of the Federal war taxes-payable June 15 1919.
The taxes paid during 1918 aggregated $884,241, viz.: Federal, $86,415;
State,$75,284:county,$46,482; municipal and school, $432,065; municipal
franchise, $243,995.
Also under the terms of the mill tax settlement, we must pay annually
on accrued mill tax (exclusive of interest) $264,528, and annually for current mill tax, about $250,000, making the total taxes in 1918 $1,398,769,
or equal to 10.26% of gross operating revenue.
Capital Expenditures.
-These during the year aggregated $239,944.
Adjustments to capital account for property discarded and charged
off during the year aggregated $301,650, notably $149,711 for 41 cars, 34
of which were destroyed by fire June 14 1918.
Maturing Bonds
-Loan.
-The $3,500,000 6% bonds of the Union Depot
RR. matured June 1 1918; to meet this maturity, arrangements were made
with the War Finance Corporation to advance $3,235,000 upon the security
of the Union Depot RR. bonds and $800,000 U. S. Government 33. %
Liberty bonds. (V. 106, p. 2561).
Track.
-The total mileage in single track on Dec. 31 1918 was as follows:
City, 345.31; county, 115.59; total, 460.00 miles. During the year 4.91
miles of track were added and 1.79 miles removed. The new City Limits
line represents the only new track built during the year.
Miles of Track Built and Renewed in City and County-Miles.
1910. 1911. 1912. 1913.
1914. 1915. 1916. 1917. 1918.
45.34 32.69 25.85 27.72 21.77 28.06
15.39
19.72
15.80
.-The company obtains its power from three sources: (1) Water
Power
power purchased, 22,400 k.w.;(2) steam power purchased, 14,000 k.w.;(3)
steam power produced in company's plants, 21,600 k.w. The average distribution of power in 1918 on k.w.h. basis was as follows: Purchased water
THE CHRONICLE
MAR. 1 191.9.]
power, 61.3%, cost 5.81 mills per k.w.h.; purchased steam power, 29.3%,
cost 9.82 mills; United Railways plants, 9.4%, cost, operation and maintenance only, 17.74 mills.
Our power requirements seem to be covered by existing contracts for
purchased power and by the limited operation of its present plants up to
Dec. 31 1920, prior to which time arrangements should be completed for
taking care of the expiring contracts as well as discontinuing operation
of present steam plants.
-The report of the P. S. Commission ,:uthorizing
Fares-Return Allowed.
an increase in the faro to 6 cts. on June 1 said: "The average net annual
return to which the company is entitled, after paying operating expenses
and taxes and providing a reserve for replacements, including both minor
and major obsolescence, upon property within the limits of the city of
St. Louis, is $3,168,000, which represents6% on an investment of$52,800,000 and is $644,769 in excess of the fixed charges on the property both
within and without the city. The return to which the company may be
entitled will hereafter be modified to comply with the valuation of the
property to be made by the Commission. In making their calculations
the Commission adopted as a tentative valuation the figure of $60,000,000.
They assumed that 88% of this valuation, or $52,800,000, was within the
limits of the city. (V. 108, p. 581.)
On Dec. 16 the Missouri Supreme Court handed down an opinion sustaining the authority of the Commission to authorize the collection of a
6-cent fare, and on Dec. 31 the Court overruled the city's motion for a
rehearing, thus making the judgment final. We now have pending before
the Commission petitions for increased revenues, both in the city and county.
-The reuit of the increased fare during the seven months
Six-Cent Fare.
ended Dec. 31 1918 was as follows: Increase in rate of full fare, 20%; increase in revenues, 10.32%; decrease in number of passengers, 7.82%.
For the cal. year 1918 we failed to earn.6% on the valuation of the
property as allowed by the P. S. Commission by $1,576,125. This deficit
is partly accounted for by the large increase in wws made on June 1
and the greatly increased cost of materials and supplies.
-As it is evident that the increased fare is responsible for
Zone System.
the decrease in number of passengers, the company, in its pending application to the commission for increased revenues, has proposed a zone system of fares for the city with the idea of restoring the 5-cent fare as the
basis of the zone system.
-The compromise ordinance was signed by
Negotiations With the City.
the Mayor on April 10. Nearly two years had elapsed since negotiations
began and conditions had radically changed. The directors therefore gave
formal notice that they would not accept the ordinance. (V. 107, p. 1482.)
On Oct. 14 the ordinance was repealed by the Board of Aldermen.
-The only controversies between the city of St. Louis and the
Settlement.
company were (1) the payment of the accrued and current mill tax, and
(2) the city's attack upon the validity of our franchises.
On Jan. 13 1919 these controversies were settled by the company's
agreeing to pay judgments for the accrued mill tax, amounting, with interest, to $2,645,284, in ten annual installments, and agreeing also to pay
the current mill tax in the future (V. 108, p. 270, 481). The city agreed to
abandon its appeal pending in the Supreme Court in the Jefferson Ave.
franchise case), and on Jan. 15 1919 the Supreme Court affirmed the
judgment of the Circuit Court, which upheld our right to operate the
Jefferson Ave. line until the expiration of the St. Louis Transit franchise,
on March 18 1939.
On Jan. 16 1919 the company made a payment of $248,662 on the accrued mill tax which constituted its payment for 1919.
-During January 1918 a labor union was formed among our
Wages.
trainmen and an increase in wages of about 50% was demanded, followed
by a strike from Feb. 2 to 8. When the fare increase was announced, an
agreement was reached by which the wages of trainmen were increased
10 cents per hour (35%) and for all other employees proportionately,
this increase being later dated back three months prior to June 1. The
back pay (about $350,000) had to be paid out of the surplus. The contract of June 1 was made for a period of three years, but can be re-opened
on June 1 of each year by either party, on two months' notice, with respect
to wages and working conditions.
PASSENGER STATISTICS FOR CALENDAR YEARS.
1918.
1917.
Calendar Years1915.
1916.
Revenue pass. carried
133,395,060
6-cent fares •
108,041,606 257,794,495 247,706,0941232,771,390
5-cent fares
4,440,244
4,770,370
231-cent fares
5,340,4921
131,108,817 140,735,831 136,065,566 124,043,205
Transfer passengers_
376,985,727 403,300,696 389,112,152 356,814,595
Total passengers
42,380.108 43,996,905 43,568,964
Passenger car mileage
3.59 cents 3.23 cents 3.22 cents 3.23 cents
Average fare per pass
RESULTS FOR CALENDAR YEARS.
1917.
1918.
Calendar Years1916.
1915.
Revenue pass. carried__245,876,910 262,564,865 253,046,586 232,771,390
Transfer passengers___ _131,108,817 140,735,831 136,065,566 124,043,205
$13,551,541 $13,038,623 $12,548,859 $11,589,488
Transportation
86,937
92,435
91,712
.
Other than transport'n88,077
Total oper. revenue_ _313,639,618 $13,125,560 $12,641,294 $11,681,200
10,763,267 9,200,895
8,470,080 8,176,356
Oper. exp. & deprec'n
Net earnings
Taxes
$2,876,351 $3,924,665 $4,171,214 $3,504,844
853,161
852,476
821,684
749,833
Net income
Other income
$2,023,875 $3,071,504 $3,349,530 $2,755,011
94,703
116,697
82,589
98,484
Gross income
Interest, &c., charges
$2,140,572 $3,166,206 $3,432,119 $2,853,495
2,540,872
2,523,230
2,544,614
2,587,968
Balance, sur. or def_def.$400,300 sur.3642,976 sur.$887,505 sur.3265,527
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
1917.
Liabilities3
Assets$
Road & equipl_101,319,596 101,381,302 Pref. shs. issued 16,383,000 16,383,200
Corn.shs.issued 24,913,000 24,013,800
Investments in
953,513 Funded debt(see
993,040
affiliated cos"St.Ry."See.). 52,603,000 55,825,000
U.S.Governm't
op% bonds___ 1,990,350 1,675,000 Loans and notes
pay
Other stocks and
3,208,000
76,210 Aud. vouch.,&o.
31,144
bonds owned444,235
400,425
Coupons due._
Material & sup667,550
667,550
764,838 Coupons mat'd,
043,385
plies
613,452
not presented.
456,709
Cash
91,622
50,737
50,433 Miscellaneous_ _
91,317
299,091
Cash for coupons
185,917
Accrued taxes__
249,123
Notes and loans,
386,470
111,296 Accrued interest
118,342
281,308
278,354
&o., recolv'le.
109,008 Deprec'n res've_ 2,286,630 1,404,967
32,833
Unadjust. debits
20,985 Mill tax (city)_ _ 2,640,845
712,815
Special deposits.
Other reserves__ 1.058,581 2,475,076
Profit & loss,sur. 1,563,543 a 2,784,541
Total
106,689,531 105,756,038
Total
106,689,531 105,756,038
a After making adjustments for the year, $20,059.-V. 108, p. 581.
-Cincinnati Traction Co.
Ohio Traction CO.
(Results for Calendar Year 1918.)
President Kesley Schoepf of the Ohio Traction Co., which
owns and controls the Cincinnati Traction Co., the lessee of
the Cincinnati Street Ry. Co., is quoted by the "Cincinnati
Enquirer" of Feb. 11 as .saying in substance:
Franchise.
-During the year the most important subsidiary of the
company,the Cincinnati Traction Co., had one franchise revision invalidated
by the Supreme Court of the State of Ohio, and it negotiated another
revision with the city and has seen that put into effect.
Wage Increases.
-The company made two voluntary increases in pay
to its men, and having agreed to submit the question of further increases
to the Federal War Labor Board, It has had an additional increase awarded
resulting in a total increase in wages to conductors and motormen of from
60 to 75% for different men in less than a year.
The increase in cost of operation already experienced, together with this
Increase in wages, has made it impossible for the company to earn sufficient
revenue to meet its requirements, and if it were not for the action of the
city in revising the terms of its franchise, the company could not have
continued solvent, and as it is the greatest economy must be practiced.
873
As to what will result in the next few months cannot be foretold. The
War Board's award is for the period of the war with the privilege of opening
the question up at the end of six months.
Increase in Fares.
-The necessity for increased revenue on street railroads has been generally recognized, and increases in the rates of fare have
been allowed by scores of cities.
It is one feature of the Cincinnati franchise that allows increases of fares
by half cent stages. The increase, furthermore, did not begin to be made
until the new arrangement had been tried out for three months at the old
rate of 5 cents. The first increase was made Jan. 1 1919 to 534 cents for
tickets and 6 cents cash. It is anticipated that another increase will be
made to six cents flat on April 1.
-The increase of one-half cent put into effect
What Increase Yields.
on Jan. 1 1919 should yield an increase of about $500,000 in a year, while
the increased operating expenses of the Cincinnati Traction Co. will
amount in the year to approximately $1,250,000. For the year 1919 the
Increase in wages alone as allowed by the War Labor Board will amount to
over $1,000,000. Taxes payable will be increased over 3150,000, and will
amount to just $40,000 less than a round million dollars.
The cost of new cars must be capitalized, extensions must be paid for
by new money secured from those who are convinced that street railroad
securities offer a safe investment and an assured return in the way of interest
and dividends. The credit of street railroads must be re-established in
order to secure money for their expansion and improvement.
Gross Receipts of the Cincinnati Traction Co. For a Period of Years.
$5,305,454
1918
$5,468,17711915
1917
5,295,324
5,741,440 1914
1916
5,654,664
In the early part of 1918 weather conditions reduced riding to a great
degree, while during the year the absence of 20,000 or more men in various
branches of war work is clearly reflected.
EARNINGS OF CINCINNATI TRACTION CO. UNDER THE NEWLY
REVISED FRANCHISE (Including the Millcreek Valley Lines).
1917.
1918.
$5,468,177 $5,741,440
Gross receipts C. T. Company
285,407
271,815
Gross receipts M.C. V. Lines
Totals
Less operating expenses C. T. Co
do
M. C. V. Lines
Totals
$5,739,992 $6,026,847
3,481,813 3,220,834
218,003
217,887
$3,699,816 $3.438,721
$2,040,175 $2,586,126
Taxes except City of Cincinnati
Cincinnati Traction Co
M.C. V. Lines
Totals
Rentals C. St. Thy. Co., C. T. Co
Rentals C. and H. T. Co., M. C. V. Lines
Totals
Interest on equipment notes
Interest on floating debt
Totals
Net earnings under ordinance
-V. 107, p. 803.
$486,331
21,334
$419,700
17,583
$507,665
$437,283
$1,532,510 $2,150,842
$1,134,337 $1,134,337
100,600
100,600
$1.284,937 $1,234,937
$297,573
$47,021
20,564
$915,905
$29,050
1,186
$67,585
$30,236
$229,988
$885,668
Brooklyn Edison Co., Inc., Brooklyn, N. Y.
(Report for Fiscal Year ending Dec. 31 1918.)
The report of this company, recently known as the Kings
County Electric Light & Power Co. will be found, including the text, income account and balance sheet, at length in
the advertising pages. The usual comparative income account for several years was published in V. 108, P. 576, 582.
Superior Steel Corporation.
(Report for Fiscal Year ending Dec. 31 1918.)
The report for the calendar year 1918 will be found on a
subsequent page, containing the remarks of President E. W.
Harrison, the income and surplus accounts and balance
sheet.
During 1918 the company retired $105,000 of its First Pref. and $60,000
of the Second Pref. stock.
Sales amounted to $9,038,742, representing 74,727 net tons of steel, at
an average price per ton a $120 95.
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
1918.
1917.
Gross sales
38,961,862 $10,821,194
Gross manufacturing profit
3,416,078
2,372,431
Other income
72,584
178,912
Gross income
Administration expenses, depreciation, &c
$2,551,343 $3,488,662
611,977
704,187
Net income
Sinking fund first preferred stock
do second preferred stock
Reserve for excess profits tax
Dividends
$1,939,366 $2,784,475
$105,000
3860,000
60,000
25,833
942,862
931,279
800,475
530.332
Surplus
$31,029
Profit and loss, surplus
$501.034
BALANCE SHEET DECEMBER 31,
Assets1917.
Liabilities1918.
1918.
Land,b1dgs.,eq't x $1,675,862 $1,876,357 1st pref. stock_ _ _$2,535,900
Good-will
2,500,000 2,500,000 2d pref. stock _ .. _ _ 1,909,800
Cash
763,643 2,008,430 Common stock__ 2,301,349
U.S. Treas. et's _ _ 913,484
Accounts payable_ 271,495
Liberty bonds...... 574,091
549,819 Res've for accr.tax
Fin.&semi-fin.prod. 211,377
168,915 Res've for Fed. tax 1,169,729
874,706 Dividends payable 176,408
Mat'l & supplies.. _ 896,559
131118 & accts. recle 1,115,931
670,841 Surplus
501,034
Investments
10,846
49,954
Insurance fund..
Prepaid insurance_
5,887
9,050
67,857
Empl.subscription
Treasury stock_ _ _
130,178
165,611
$437,031
$466,926
1917.
$2,644,200
1,973,200
2,136,348
629,074
2,656
931,279
90,000
466,926
Total
$8,865,715 $8,873,683 Total
$8,865,715 $8,873,683
x Consolidated bal. sheet of Superior Steel Corp. and Superior Steel Co.
-V. 107, p. 1925.
The New York Air Brake Company.
(Report for Fiscal Year ending Dec. 31 1918.)
Pres. C. A. Starbuck, N. Y., Feb. 21, wrote in substance:
-The gross and net earnings would have been materially
Operations.
larger except for the influenza epidemic, which was very severe in our shops
during October. November and December, there being as many as 2,100
men out at one time.
None of our Government orders have yet been settled, the profits of
which will appear in the earnings of 1919.
The sales of air brakes for the year 1918 were the largest in the company's
history, and the outlook is good for a very large business in the year 1919.
Diviclends.-The company has been quite liberal in its distribution of
dividends among its stockholders, having paid during the last four years
$56 73 per share, amounting to $5,673.365.
874
THE CHRONICLE
The net earnings for the past year were more than sufficient to continue
the payment of the dividend at the rate of 20%. However, the board has
decided to pay at this time a dividend at the rate of 10%, being of the
opinion that the past earnings and future prospects justify the belief that
this rate can be permanently maintained and still permit the company
to continue to enlarge its working capital to enable it to take on some
special business now under consideration.
CONSOLIDATED INCOME ACCOUNT YEARS ENDING DEC. 31.
1916.
1917.
1918.
1915.
Sales
$10,380,584 $10,157,038 824,051,103 $4,731,529
Receipts from investments,interest,&c
83,924
93,894
112,292
38,624
Total income
$10,464,508 $10,269,330 $24,144,997 $4,770,153
Cost of manufac'g, &c $7,137,317 $7,792,145 $14,083,282 $2,358,249
Admin., &c.,expenses
682,159
361,691
306,563
437,249
Taxes
26,719
98,533
32,172
20,237
Royalties
213,946 .
72,890
70,077
195,976
Depreciation
100,000
200,000
1,200,000
Interest on bonds
180,000
180,000
180,000
180,000
Interest on loans
35,156
Dividends
(20%)1,937,715(20)1,986,980(11 A)1149126 (6)599,544
Total deductions____$10,349,670 $10,362,484 $17,079,161 $4,026,411
Sur. or def.(see below)_sur.$114,838 def.$93,154 sr$7,065,836sur.$743,742
Previous surplus
6,480,829 8,082,591
Total p. &I.surplus... $6,595,667 $6,480,829
CONSOLIDATED BALANCE SHEET DEC. 31.
1918.
1917.
1918.
1917.
Assets
Liabilities
Factories, patents,
Capital stock____10,000,000 10,000,000
water power,
1st M.cony.bonds 3,000,000 3,000,000
land & mach'y_14,040,663 13,610,554 Accounts payable_ 1,180,227
293,246
Stooks and bonds_ 1,636,207 1,435,821 Cash adv. by U.S.
Cash
2,360,670 2,027,957 Govt.acct.o,ontr. 1,283,390 2,567,250
Accts.& bilis reo- 2,313,447 1,664,743 Accrued bond Int_
30,000
30,000
Inventory
5,245,010 3,391,996 Reserve for taxes
Expend, for acct.
and depreciation 1,004,737 1,101,077
U. S. Govt. on
Bills payable
5,950,000
contracts
3,928,024 1,341,331 do Liberty bonds 480,000
Profit and loss__ 6,595,667 6,480,829
Total
29,524,021 23,472,403
-V. 108. p. 788.
Total
29,524,021 23,472,403
Pressed Steel Car Co., Pittsburgh, Pa.
(20th Annual Report-Year ended Dec. 31 1918.)
Pres. F. N. Hoffstot, N. Y., Feb. 19, wrote in substance:
Results.
-The gross earnings were $4,818,893, and after deducting
$468,108 for repairs and renewals, the net earnings were $4,350,786.
Ample reserves have been maintained for taxes, wheel replacements, &c.
These results ant considered satisfactory in view of the severe weather
conditions prevailing early in the year and the epidemic of influenza, which
retarded production the latter part of the year.
Railroad Needs.
-When the war began the railroads were shackled by
Governmental restrictions and persistent demands for increased wages all
along the line. These conditions, together with reduced earnings, prevented adequate maintenance, and since the Railroad Administration took
over the railroads little has been done in this regard. Less steel rails were
purchased during the lost five years (and especially last year) than probably in any previous five years during the last 20 years, and there has also
been less equipment built for domestic use, while on the other hand the
gross tonnage handled by the railroads has greatly increased. Therefore it is believed that the time is near when larger expenditures must be
made for the renewal and upbuilding of roadbeds and equipment in order
to keep the railroads efficient. The exhaustion, however, of coal and
ore, and the world shortage of pig iron, with increased wages and freight
rates in the United States, will probably keep prices on a higher level than
heretofore.
Unfilled Orders on Hand.
-These on Jan. 1 1919, including the business
of the Western Steel Car & Foundry Co., amounted to $73,000,000.
Only about 15% of this business was for the Ordnance Department and
subject to termination, but your company has their assurance that all
contractors will be treated fairly.
All the other business was covered by contracts containing no cancellation clauses. About 25% of this business was for military railways overseas, and about 35% was for the U. S. Railroad Administration for domestic use. As regards the cars for the military railways overseas, shortly
after the signing of the armistice, orders to "suspend" were given, and
your company told that certain cars "will not be wanted," and yet your
company, with others, as late as Oct. 15 1918, were virtually commandeered
to build this equipment, and had received and contracted for large quantities of material.
It seems that apparently no provision has been made to dispose of this
equipment
-which is not standard for railroads in the United States
-to
our allies. It is hoped that either some disposition will be made of it, thus
using the material and furnishing employment to our men, or a fair settlement may be permitted.
The U. S. Railroad Administration, shortly after they took over the railroads, asked them how much equipment they required, and the response
was at least 100,000 cars to start with. This estimate was based on the
operations of 1917, and with no idea of what effect the suspension of nonessential industries would have. Bids were asked for and early in April
prices were submitted, and after a month's negotiations, your company
was awarded 14,000 standard cars. A low percentage of profit was agreed
to, based on the Railroad Administration financing the inventory. It
was also agreed that your organization should give preference to this work,
but, owing probably to the attempt to arrive at standard designs and
specialties satisfactory to all the railroads, actual manufacture could not
be commenced for about four months. This resulted in the loss of output
at our McKees Rocks and Hegewisch works over that period.
Ship Material.
-In June, on request of the Emergency Fleet Corporation,
your company set aside over one-half the facilities of the Allegheny plant
for the fabrication of ship material and were more than able to fulfill its
obligations. If a full complement of steel is furnished, a large output of
this material may be expected.
Special Lines
-New Facilities.
-Early in the year the Government desiring more work in special lines than our facilities at McKees Rocks and
liegewisch plants provided, requested that same be increased, and at their
expense had your company provide the facilities with the understanding
that we would repurchase certain buildings and machinery at their appraised
valuation on completion of the contracts. As these contracts have now
been terminated, our exact position in this respect has yet to be determined.
Labor.
-How labor rates can be kept up if material prices fall, or how
labor can exist on decreased wages, if the cost of living does not decrease,
will have to be demonstrated.
Wherever possible effort has been to diversify our product so as net to
be wholly dependent upon the varied fortunes of the railroads, and yet
be ready at all times to meet any reasonable demands.
Liberty Bonds, &c.
-Your company and its employees subscribed to all
the Liberty Loans, as well as Red Cross, Y. M.0. A. and other war relief
funds. Subscriptions for the last loan aggregated $1,875,000, which will
be paid during 1919.
Dividends.
-There were declared and paid "four quarterly dividends, two
of $1 75 per share and two of $2 00 per share, on the common stock.
Securities and Stocks
.-The increase shown in this account represents our
investment in the Koppel Industrial Car & Equipment Co. and Liberty
bonds at cost or less.
Inventories.
-Owing to the scarcity of labor and the necessity of maximum
production last month, an actual physical inventory was not taken, but
the inventory records have been verified and the values shown are not in
excess of lowest market prices.
Properties.
-During the year there was spent in improvements and betterments the sum of 3599,409, of which $370,567 was spent at our McKees
Rocks works and $228,842 at our Allegheny works.
The powdered coal plant has been completely installed at our McKees
Rocks plant; it is the largest of its kind in the world and has shown the savings estimated.
[Vol,. 108.
Lincoln Gas Coal Có.
-This mine began to ship coal in September and at
present is producing 350 tons per day. The contractors expect to turn the
mine over to the company by March 1,from which time increased production will be simply a question of how fast the mine can be developed. For
months past this mine has been furnishing the coal to your Allegheny plant.
Koppel Industrial Car & Equipment Co.
-The plant of the OrensteinArthur Koppel Co., located at 'Koppel, Beaver County, Pa., about 35
miles from Pittsburgh, and manufacturing a number of typos of industrial
cars, rails and miscellaneous products, was purchased from the Allen Property Custodian on Sept. 12 1918 as a going plant at a cost of $1,312,000.
This consideration was represented, about one-half by the value a the
plant, land, water, railroad and townsite, and the other half by raw material, material in process and finished product. The Koppel Industrial
Car & Equipment Co. has been incorporated, with a capital stock of $1,600,000, and of this amount $1,350,000 has been paid in in cash, as shown
by the "securities and stocks account." The plant, however, will be operated entirely apart from the Pressed Steel Car Co. and will be developed
along the lines heretofore followed.
Western Steel Car & Foundry Co.
-The operations of this plant throughout tho year were subject to the same general and varying conditions as
obtained at your plants in the Pittsburgh District, owing to the changing
needs of the war situation, and the results were.satisfactory. The new
steel casting foundry will be ready for operation within the next sixty days,
thus equipping this works for the manufacture of the requirements of our
trade in the Western district as to new and repaired freight cars, malleable
grey iron and steel castings, forgings and car parts.
Your management has considered it unwise to disburse any of its earnings at this time.
SALES, PROFITS, DIVIDENDS, ETC., FOR CALENDAR YEARS.
[In 1918"
ample reserves" were maintained for taxes, &c.]
1918.
1916.
1917.
1915.
Gross sales
$44,034,844 $31,202,646 $17,492,621
Earnings, all sources __x$4.818,893 $2.940,601 $3,476,831 $1,517,458
Repairs and renewals_ __ $468,108
$510,293
$425,678
$192,643
Divs. pref.stock (7%)._
875,000
875,000
875,000
875,000
Divs, common stock_.(7 h)968,750 (7)875,000(4()531,250
Depreciation of plants__
400,000
300,000
300,000
Balance, surplus
$2,107,035
$380,308 $1,344,902
$449,815
Previous surplus
10.597,377 10,217,069 8,872,167
8,422,352
Total surplus
$12.704,412 $10,597,377 $10,217,069 $8,872,167
x Includes: From operations, $4,726,030; from divs.,int., &c., $92,863.
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
1917.
Assets$
Liabnies$
$
Prop.& franchise_ 28,026,205 27,826,796 Common stock. 12,500,000 12,500,000
Securities & stocks
Preferred
_12,500,000 12,500,000
owned
5,233,699 3,334,077 Acc'ts & bills pay- 8,199,328 7,880,940.
stock_Taxes & insurance
Accr.sal'y & wages 391,594
292,734
not accrued
30,423
33,615 Acced pref. dive__ 218,750
218,750
Notes & aco'ts. rec. 8.473,274 5,350,277 Accr'd corn. divs _ 250,000
218,750
Material on hand_ 3,384,478 6,180,427 Rei've for conting. 800,000
800,000
2,436,005 2,053,358 Surplus
Cash
12,704,412 10,597,377
47,564,084 44,788,551
Total
-V.108, p. 788.
Total
47,564,084 44,788,551
Central Leather Co., New York City.
(14th Annual Report-Year ended Dec. 31 1918.)
Pres. Edward C. Hoyt, N. Y., Feb.21, wrote in substance:
-For the year 1918 the earnings were only about one-half of
Results.
those made in 1917. The marked decline in earnings late in 1917 continued over the first quarter of 1918. Improvement in domestic trade,
due in a large extent to the demand of the Government for boots and
leather equipment for the army, stimulated the business during the six
months from April to October.
Cancellation of Contracts.
-At the signing of the armistice the unfilled
portions of the contracts for boots and equipment leather were largely
canceled by the Government with the provision, however, that in the
adjustment with manufacturers the undelivered portions of the leather
contracts would be recognized. Except in the case of equipment leather,
the contracts were not direct between the Government and this company
but were with the shoe manufacturer who contracted with us for his supply of leather to make Government boots.
Government Control.
-With all other leather manufacturers we have suffered from Government price fixing. Prices of hides of the character required for Government use were fixed from May 1 to July 31 at an increase
of from 13 to 35%. We were obliged to contract for the hides needed at
the prices so fixed; then,following July 31, before the hides bought had been
received, the committee reduced the price of hides of equal quality from
Aug. 1 to Oct. 31 by 4 to 10%, with an arbitrary maximum price on leather
on the basis of August, September and October prices for hides.
This left us with three months' purchases/of hides at higher prices producing a shrinkage in market value on our purchases of Ailey, June and
July of upwards 5596.000. In view of this unusual loss, duo to the action
of the Price Fixing Committee, it was thought proper to charge this loss
to profit and loss, applying in partial offset thereto the $500,000 which
have since 1912 been carried as a protection against inventories.
Lack of Ocean Freight.
-Both the importation of hides and exportations
of leather were adversely affected duo to the conditions of ocean freight.
Restrictive measures on importations were deemed essential by the Government of Great Britain and our exports to that country were confined
to direct Government contracts. Exportations to France were possible
only under licenses from the French Government and were in very small
allotments during the year. No opportunities for exportation to neutrals
were available and the chaotic situation in Russia has shut off trade opportunities in that country.
Manufacturing Costs Increase.
-Both labor and materials have been higher
and we have suffered in production at times through irregularity of labor
and lack of transportation due to the severe climatic conditions during the
earlier part of the year and Government restrictions and priority orders
due to war necessities; 976 of our employees were enrolled in the army
and navy. The influenza epidemic of last fall practically closed a number
of plants for a considerable period.
Earnings
.-The earnings for the year, after making deductions for estimated income and excess profits taxes aggregated 38,314,642, viz.:
First quarter
$1,601,000 I Third quarter
$2,368,715
Second quarter
2,582,034 I Fourth quarter
1,762,893
Net Profits of Central Leather Co.and Sub. Cos. After Providingfor Int. on This.
For Quarter1916.
1917.
1918.
Ending March 31
$1,141,448 $6,334,624 $2,554,152
Ending June 30
3,164,013
2,122,482 4,520,807
Ending Sept. 30
1,913,984
1,909,163
3,147,535
Ending Dec.31
1,303,341
1,635,440 6,623,501
-Railroad earnings have been poor. The Government
Other Income.
took over under lease one of the company's roads as of Sept. 1 1918. The
earnings of the lumber and glue business have been satisfactery, although
not equal to 1917, the Government commandeering all the better grades
of lumber produced in Pennsylvania.
Volume of Business by All Companies.
-The combined gross sales and
earnings equaled $94,147,418, as compared with $91,731,547 in 1917
and $93,247,552 in 1916.
Sales of Co.and Its Subsidiaries.
1916.
1917,
1918.
Sole, belting and harness leather,sides 8,477,137
7,271,831 10,062,530
Hemlock lumber,feet
117,276,108 158,880,954 165,140,404
Hardwood & miscell, lumber, feet
30,574,728 40,868,356 38,667,382
Glue, pounds
3,970,228 4,426,588 8,591,881
Grease, pounds
3.691,416 3,849.358
3,262,147
Tankage, pounds
3,104,660 3,587,080 4,226,440
Finances
.-The company has no indebtedness except for current monthly
accounts and dividends declared and unpaid. Current assets arc'in excess
of current liabilities by $75,934,105 and are $45,310,955 in excess of the
entire liabilities (including the bonds), exclusive of capital stock, this excess
being an increase of $2,170,710 over 1917.
Retirement of Bonds.
-$1,000,000 derived from stumpage was during 1918
appropriated and invested in our bonds [making a total investment to
date of $5,250,0001. The incone from this special fund which to Dec. 31
1918 amounted to $709,525, has been carried to reserve for depreciation;
$182,000 of bonds in the treasury are available for appropriation to the
special fund in 1919.
MAE. 1 1919.1
THE CHRONICLE
875
-A subscription of $2000,000 was made to the Fourth
Liberty Bonds.
Liberty Loan, of which $900,000 remains unpaid.
-The net earnings of the Baldwin Locomotive
Results of Baldwin Co.
Works for 1918 were $5,752,295, out of which there was distributed to the
preferred stockholders $1,400,000. Provision has also been made for unexpended appropriation for plant improvements authorized of $2,500,000,
leaving a surplus for the year of $1,852,295.
-This plant was employed to its maximum caStandard Steel Works.
pacity throughout the year. Contracts amounting to $2,500,000 were
canceled after the armistice. The gross sales of normal products were
$21.912,468. There has been expended for additions and betterments
5886,629, and there are unexpended appropriations for the same account
of $165,000. A reserve has been set up for taxes of $2,400,000. The net
profits, after allowing for above, together with deductions for interest and
sinking fund, are $934,601. The bills payable, which at the beginning of
the year were $2,500,000, have been paid.
-After the respective payments to the sinking funds,
Sinking Funds.
that of the $10.000,000 1st M. 5% bonds of Baldwin Locomotive Works
contains $856,000, leaving outstanding $9,144,000; and that of the $5,000,000 1st M. 5% bonds of tho Standard Steel Works Co. $2,200,000 have
been paid, leaving outstanding $2,800,000. •
-The report for 1917 announced the formation
Eddystone Munitions Co.
of the Eddystone Munitions Co., for the purpose of manufacturing munitions. The capital stock of this company is owned by the Baldwin Locomotive works. This company has completed contracts aggregating
$14,636,479. Contracts were suspended subject to adjustment amounting
to 16,179,621. As the war has ceased, the company s affairs are undergoing liquidation.
-The prior contracts received and set aside to give precedence
Outlook.
to Government orders had been taken when costs were lower than at
present. The completion of these delayed contracts will undoubtedly
entail a reduction of profits, and in many cases considerable loss. The
uncanceled Government contracts are now largely completed, and there are
no immediate prospects of further Government orders.
The U. S. Railroad Administration is pursuing a policy of retrenchment
of expenditures. So long as this curtailment of domestic business continues, the foreign market must be the chief source of orders. The completion of foreign readjustments will probably, at some time in the future,
create a large demand for our products.
The directors have therefore adopted the conservative policy of strengthening the company's finances, believing that the interests of the stockholders wore best served by placing the company in the strongest financial
position to meet the uncertainties of the future. For this reason they have
continued the policy of omitting dividends on the common stock.
ANNUAL RESULTS BALDWIN LOCOMOTIVE WORKS, CALENDAR
YEARS 1916 TO 1918.
12 Mos. to 12 Mos. to 12 Mos. to
Dec. 31 '18 Dec. 31 '17. Dec. 31 '16.
$123,179,252 $98,263,865 $59,219,058
Gross sales
105,322,455 86,484,845 52.857,347
Cost
Total outstanding (excluding $1,500 issuabio for U. S.
Leather Co. pref. stock)
$30,621,650
$17,856,796 $11.779,019 $6,361,711
Manufacturing prOfit
681,227
961,466
1,903,644
CONSOLIDATED RESULTS FOR YEARS ENDING DEC. 31.
Other income
3,462,125
Eddystone buildings
1918.
1917.
1915.
1916.
$94,147,418 801,731,548 $03,247,552 $68,917,939
Volume of business
$19,760,441 $12,740,485 $10,505,063
Gross profit
Earns, after oper. exp.,
1,060.420
1,546,645
1.498,329
Deduct taxes, interest, &c
incl. repairs & maintop nance and all taxes*
12,022,437 $21,066,061 $21,788,679 $12,145,589
$18,262,112 $11,193,840 $9,444,641
Profit
3,703,949
5,000,270
Exp.& losses of all cos
4,498,966
4,863,848
Special Deductions
$7,922,167 $16,202,213 $17,289,713 $8,441,640 Reserve for deprec'n and adjustm't_ $1,850,000
Net profits
$800,000
$600,000
23,464
Income from investm'ts.
37,696
40,849
392,475
1,750,000
6,500,000
Reserve for taxes
597,804
460,895
Total
538,118
$8,314,642 $16,243,062 $17,327,409 $8,465,104 Charges and adjustments
Deduct-Int. on 1st M.55 1,838,207 $1,838,208 $1,838,208 $1,838,208 Amortiz'n of machinery, bldgs., &c
2,563,051
3,698,921
2,330,930 Capital surplus (net value Eddystone
Con. Leath.pf.divs.(7%) 2,330,930
2,330,930
2,330,930
2,864,321
Common dividends_.(7%)2,779,063 (0)3,573,081(8 Y03275326 (4)1,588,038
buildings)
Balance, surplus
$1,366,441 $8,500,844 $9,882,945 $2,707,929
$12,509,816 $2,888,118 $6,825.176
Total special deductions
The "net profits" come from manufacture and sale of hemlock, union Net profit
$5.752,295 $8,305,722 $2,619,466
and oak solo leather, harness leather and oak belting butts; also lumber, Dividend on preferred stock
1,400,000
1,400,000
1,400,000
glue, grease and other miscellaneous products; sale of logs and other forest
products; railroad earnings and other miscellaneous not earnings.
$4,352,295
Surplus after dividend
2,500,000
*Expenses include yearly also provisions for plant abandonment and Less unexpended appropriations..
stumpages; repairs and maintenance approximately $2,474,639 in 1918,
$1,852,295 $6,905,722 $1,219.464
Surplus for year
$2,234,559 in 1917, $1,654,111 in 1916, 31,390,091 in 1915 and $1,322,279 Surplus brought forward
4,865,837
55.346 8,949,624
in)1914, and also in addition in 1918 and 1917 Federal income tax and Capital surplus
2,864,321
excess profits tax.
15,800,000
Written off, patents and good-will.
CONSOLIDATED BALANCE SHEET DEC. 31.
$55,346 $8,949,624
$1,907,642
Total profit and loss surplus
1917.
1918.
1918.
1917.
SUMMARY OF OPERATIONS, 1912 TO 1915.
Assets$
1912.
1913.
1914.
1915.
Property ace' .x 56,435,350 56,792,212 Preferred stock_ 33,299,050 33,290,050
Common stock- 39,701,030 39,701,030 Gross sales
Investm'ts, inei.
$22,083,011 $13,616,163 $37,630,969 $28,924,335
4,383,602
981,753 4,673,638
Lib.bds.in '17 6,718,326 4,548,249 1st M.5% bds_ 36,764,150 34,665,150 Total income
3,510,383
Foreign drafts-75,302 Deduct-Int.on bds..&c.
322,772
685.030
655,838
616,524
642,567
Leather in stores,
Accts. payable_ 2,180,303 1,434,242
lumber, finish.
459,552
459,552
8365,229 $4,017,800 $3,698,571
$2,867,816
Product, &c.y 14,488,446 14,508,760 Accrued interest
Profit
Pref. div. Jan. 2
582,733
582,733
Bides & leather,
BALDWIN LOCOMOTIVE WORKS BALANCE SHEET DEC. 31.
Corn. div. Feb.2
496,261
496,261
raw & in proo.
1917.
1917.
1918.
1918.
&o., materls_y48,872,325 48,967,528 Prov. for excess
$
Liabilities$
$
$
AssetsAccts.receivable 11,671,795 15,037,676 profit,income,
Preferred stock___20,000,000 20,000,000
Real estate, ma958,671 &c., taxes._ 3,200,000 6,000,000
Bills receivable_
260,709
chinory, &e....__29,586.117 28,254,408 Common stock_ _ _20,000,000 20,000,000
Reserves
Call loans, dre
4,277,281
899,299 Bonded debt
10,000,000 10,000,000
Cash In bankAto 3,605,170 4,380,850 Fire Insurance
650,000 Pat'ts & good-will 899,299
875,000
Stand.St.Wks.Co. 4,041,501 4,041,501 Accounts payable_ 5,159,527 5,768,698
112,955 Marine insur_
Deferred clurges
172,068
150,000
312,398
650,000 Pay-rolls & salaries 252,891
Southw.F.&M.Co. 650,000
Liability insur
250,000
' x900,000 8,250,000
100,000 Bills payable
Eddyst. Mun.Co_ 484,735
Special depreo
709,525
.
403,937 Adv.byU3 Govt. 4,894,798 4,778,620
71,694
Miscellaneous 3,401,140 2,059,069 Other real estate__
19,456,363 20,434,766 Say. funds, &c.,
Surplus
30,250,953 28,884,511 Inventories
Accts. receivable_ 11,818,557 9,872,053 sublect to notice 1,512,760 1,367,338
83,334
83,334
603,587 Accr.int.on bonds
146,501,470 14006,900 Total
Total
146,501,470 145,306,900 Bills receivable.. _ _ 350,027
60,318
8,396
Marketable secur_ 3,113,383 1,143,581 Int.rec.in adv.,&c.
255,000
5,769,907 6,757,339 Res.for adi., &c__ 671,485
x Includes timber lands, railroads, tannery plants and plants engaged Cash
64,057 Depreen reserve.. 3,050,000 1,200,000
Deferred charges_ 115,768
in lumber, glue and other allied industrial operations as shown above.
Res. for taxes.._ 6,500,000 1,750,000
y The special provision of $500,000 made Dec. 31 1912 to cover inven- Mach.,&c.,special
81,050
Int. in sink. fund_
contractsinprog.
tories and which had been continued through 1917 has been applied towards
656,525 Unexp.approp'ns_ 2,500,000
offsetting the ioss In value of hides purchased in May, Juno and July 1918, 1st M.bond sk.fd. 812,000
55,347
1,907,643
Surplus
in maximum hide prices by the Price Fixing
resulting from the reduction
-V. 108, p. 82.
Committee of the War Industries Board.
77,521,884 73,881,052
77,521,884 73,881.052 Total
Total
-After adding some increase in tram roads
Deduction for Stumpage, &c.
and other equipment and stumpage acquired, there was a net reduction
in the property account of $356,861.
-Since Jan. 1 1919 domestic business has been quiet but conOutlook.
siderable confidence in the future demand for boots and shoes seems prevalent in the industry. The export field has been considerably broadened
by a more liberal attitude as to French licenses and also by the opening
up of trade with neutral countries. While Great Britain may keep her
restrictions on shoe and leather importations for some few months to come,
a renewal of trading relations is confidently looked for later in the year.
All restrictions by our Government as regards hide prices have been removed and the tendency of ocean freight is downward and available tonnage
for importation increasing.
The future of the leather business will, of course, be largely influenced by
the general conditions prevailing at home and abroad, but If the problems
as to prices and wages can be properly solved the outlook has many hopeful aspects.
-The expenditures made by all companies for maintenance
Maintenance.
and renewals and for replacement compare as follows, the entire amount
being charged to current operating expenses and to replacement funds:
1917.
1918.
1916.
Ordinary maintenance and repairs--$1,651,062 $1,432,134 $1,196,272
823,577
802,425
457,839
Replacements
-The average number of employees of all companies was:
Employees.
1918.
1917.
1916.
Number of Employees8,630
8,705
8,548
At manufacturing properties
605
708
669
Railroad and miscellaneous
$10,437,283 $8,610,390 $7,446,895
Total annual salaries and wages
Analysis of Propertt, Account, Total 856,435,350.
Real estate situated in N. Y. City, Elizabeth, N.J.,& elsewhere $1,029,591
Tannery plants, extract works, saw-mill plants, glue factories,
warehouses, machine shops, wood-working shops & laborat's 17,738,949
220.94 miles of railroads and sidings and 142.26 miles of tram
3,924,196
roads, with equipment
Miscellaneous personal property, such as locomotives, log cars,
418,887
service cars, teams, &c., not considered as quick assets
Balance of property account, including bark and timber lands,
comprising 525.004 acres of land owned in fee, 1,007,400 tons
growing hemlock and oak bark, 1,735,442,607 feet growing
sawing timber. Also sundry chestnut wood for extract purposes, pulp wood, railroad ties, cedar posts and poles, and
33,323,727
other valuable forest products
-These aggregated $296,773 agst. $593,627 in 1917.
Capital Expenditures.
-First M.5% bonds, auth. issue, $45,000,000, viz.:
Bonded Debt.
Unissued, of which $5,808,000 were reserved for retirement of
$8,237,350
U. S. Leather Co. debentures and are now free bonds
Held in stumpage and special depreciation fund
• 5,959,000
182,000
Held in general treasury
The Baldwin Locomotive Works.
(Report for Fiscal Year ending Dec. 31 1918.)
Pres. Alba B. Johnson, Phila., Feb. 21, said in substance:
x Due on Liberty bonds.
CONSOLIDATED BALANCE SHEET.
1918.
1917.
1917.
1918.
-Liabilities
.
Assets$
Preferred stock...._20,000,000 20,000,000
Real estate, machinery, &c_ _ _ _39,385,709 37,374,084 Common stock___ 20,000,000 20,000,000
12,800,000 13,000,000
899,299 Bonded debt
Pat.& good-will__ 899,299
1,558,962 1,153,937 Accounts payable_ 5,882,062 6,387,470
Investments
900,000 10,750,000
25,331,233 25,937,164 Bills payable
Inventories
Accts. receivable_13,177,877 11,213,318 Pay-rolls & salaries 252,891 1,244,616
307,598
612,287 Depositors' funds.. 1,701,044
Bills receivable_ _ _ 355,063
Adv.byU.S.Govt. 4,894,798 4,778,620
Marketable secur.,
Lib. bonds, &c.. 3,617,383 1,342,902 Int. accr. on bonds1 172,780 J 83,334
1 60,318
5,795,109 6,889,804 Int. rec. In adv_ _ _ J
Cash
365,000
64,057 Res.for adj., &c__ 671,485
34,718
Deferred charges_
Depreciation res.... 3,050,000 1,200,000
Sinking fund for
Res. for taxes_ .._ 8,900,000 2,516,604
Baldwin Loco.8
Sink.Id.8 .W.Co. 2,200,000 2,000,000
motive Works
656,525 Appropriations__ 2,500,000
1st M. bonds:_ 893,050
7,123,343 *3,449,816
Surplus
Production.-I3oth the volume and the value of production exceed all
previous records. There were constructed 3,532 now locomotives and 11
railway mounts for 14-in. guns, 16 caterpillar mounts for 7-in. guns, &c.,
having a value of $109,515,971; other regular work was completed amounting to $13,663,281. The total production of every kind amounted to
$123,179,252.
Acting in conformity with Government regulations, no work was accepted other than that authorized by the Government to help in winning
the war. Large expenditures for buildings and machinery were necessary
to meet the Government's requirements. Work for private customers was
sot aside and practically the entire production was for the Government.
-Contracts with various departments of the U. S.
Contracts Canceled.
Government for locomotives, gun mounts, tanks and other materials, to a
value of approximately $68,400,000, were canceled after the signing of
the armistice.
-The new erecting shop at EddyImprovements-Amount Written Off.
stone, constructed at a cost of $3,226,940 was placed in operation and
91,048,403 86,143,377
91,048,403 86,143,377 Total
Total
proved to be of inestimable value In increasing production to meet the war
necessities. There has been charged off $1,613,470 as the excess cost due
* After deducting $1,800.000 Standard Steel Works Co. sinking fund and
to building and equipping it under war conditions.
-V. 108, p. 685.
Other expenditures for plant improvements and machinery, chargeable $15,800,000 written off patents and good-will.
to capital account, amounted to 31,803.690.
Laclede Gas Light Co., St. Louis.
-0wing to the standardization of locomotives by the U. S.
Depreciation.
RR. Administration, the value of patterns and drawings has been depre(Report for Fiscal Year ending Dec. 31 1918.)
dated $2,085,451, leaving their valuation at $500,000. There has been
set aside for depreciation of plant $1,850,000.
President C. L. Holman says in substance:
Tax Reserve.
-A reserve for taxes has been made of $6,500,000.
Earnings. --The gross earnings showed an increase of $146,146, distrib-The bills payable, which on Jan. 1 1918 were
Floating Debt Paid.
in net earnings, amount$8,250,000. have all been paid, and as of Dec. 31 1918 your company had uted over the several departments. The decreaseincrease in operating exing to $393,215, was due to the unusually large
no such indebtedness.
876
THE CHRONICLE
penses, which were not offset by a corresponding increase in the selling
prices of gas and electricity.
The abnormal business conditions prevailing were responsible, to a great
extent, for the heavy increase in operating expenses, chiefly because of the
increased cost of labor, gas oil, steam coal, taxes, &c.
Reserves.
-The charge against income for replacements reserve was
increased $16,516, but as no reserve for contingencies was set aside, the
net amount reserved under this heading shows a net decrease of $157,048
as compared with last year.
Construction.
-The plant and investment account was charged with
$878,240 for new additions and improvements; the net increase was $768,287, the difference, or $109,953, representing the cost of property condemned and written off in 1918.
A plot, 765 feet front, on Forest Park Boulevard, was purchased, on which
a central shop,storehouse, stables, garage, &c., will be erected.
Light oil recovery plants were installed under orders from the U. S.
Government. and contracts were entered into covering the toluol produced
at these plants. At the coke station, one 500 h.p. Edgemoor boiler and
accessories were installed. At Station "E," Foster superheaters and
soot blowers were installed.
The gas distribution system was increased to serve the 3,376 new gas
customers added during the year.
Accounts Receivable.
-The increase of $787,236, when compared with
last year,represents mainly unpaid balances due from the U. S. Government
on war contracts. These balances are rapidly being liquidated.
Bills and Accounts Payable.
-This increase of $885,335 represents principally purchases made for the account of the U. S. Government on war
contracts. These accounts are being paid from time to time as approved
by the Government.
Surplus and Reserves.
-This account shows a decrease of $167,570 during
the. year, due to the abnormal and unusual conditions brought about by
the war. The fact that no contingencies reserve was set up during the
year likewise contributed to this decrease.
Government Contracts.
-The company was ordered by the U. S. Government to erect two munition plants for the production of 155 and 240 mm.
shells, the company to be reimbursed for all expenditures in connection
therewith. The war ended prior to their completion and the contracts
were suspended. While no profit accrued to the company, there was no
money loss experienced, the company being fully protected under its
contracts.
Gas Rate Increase.
-Schedules have been filed with the P. S. Commission
of Missouri providing for an increase in our gas rates of 15e. per 1,000 cu. ft.
Hearings have been held and full information furnished, fully showing
that due to the present abnormal operating conditions the increase prayed
for is just and reasonable.
Compare bond offering, &c., V. 108, p. 273; V. 107, p. 295.
[voL. 108.
acquiredi n South Oklahoma and what is known as the Ranger field in.
Texas. Some of these properties are producing, others should.be promptly
drilled and rendered productive.
New Stock Issue Partly in Nature of Dividend.
-While our earnings have
been satisfactory, we have been extending operations and also paying up
obligations issued when we acquired the properties. In view of the company's success the directors desire to increase the distribution to its stockholders more than the 10% that is now being paid. In view, however of
the requirement for cash in the development of these new properties,
we have called a meeting of the stockholders to authorize an increase of the
capital stock by the amount of $2,000,000 and offer the same at $5 per
share, not as any indication of the value of the stock, but to give to the
stockholders an opportunity tantamount to a stock dividend distribution.
(V. 108, p. 176, 274, 485.)
Annual Meeting.
-It is also proposed to amend the by-laws so as to
change the date of the annual stockholders' meeting to the third Tuesday
of March in 1920 and annually thereafter.
PROFITS OF OKLA.PRODUCING & REFINING CO. FOR CAL. YR. 1918.
Earnings of the company and subsidiary companies
before providing for depreciation and depletion,
development,and war excess profits and Inc.taxes_$4,540,380 $2,982,710'
Deduct-Depreciation and depletion
$1,624,813 $966,481
Development, $615,059, and cancellation of
leases, $188,115
803,174
521,557
War excess profits and income taxes (estimated)
600,000
319,025
Proportion of earnings applicable to stock of Union
des Petroles d'Oklahoma not owned
211,835
355,583
Dividends paid (23i% quarterly)
988,375
677,745
$312,183
Add-Balance Jan. 1 1918
557,278
Dividends received on stock on Union des Petroles
d'Oklahoma declared from profits to Dec. 31 '17 242,019
Surplus Dec. 31
$1,111,478
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
Assets
Operated properCapital stock _ _ _10,000,000
ties,lands,leases,
Capital stk. Union
pipelines,b1dgs.,
des Pet. d'Okla.
machinery, &c-18,008,340 17,404,852 (book value)_ _ 3,035,522
Inventories
1,074,681 1,021,754 Bills payable
2,038,500
Accts. receivable_ 711,151
466,616 Accounts payable_ 741,532
Call loans & other
Dividend payable.. 250,000
investments _
375,571
128,947 War taxes (est.)._ 600,000
1,544,899 2,711,319 Prem.oncap.stock
Cash
Deferred charges..
34,937
30,717
iss., less comm. 3,972,549
Surplus
1;111,478
INCOME ACCOUNTS FOR YEAR ENDING DEC. 31.
1917.
1918.
1916.
1915.
Gross earnings
$4,946,511 $4,800,264 $4,509,424 $4,577,731
Operating expenses, incl.
maintenance & taxes.. 2,884,152 2,187,742
1,663,177. 1.986,850
Total
21,749,580 21,854,206
Reserve for replacements
and contingencies_ _ _
207,760
364,808
359,552
359,499 -V. 108, p. 485, 788.
Total
$142,319.
151,178
263,781
$557,278
1917.
$
9,845,000'
3,090,977
3,365,000.
480,573
635,829'
3,879,549
557,278
21,749,580 21,854,206
Liggett & Myers Tobacco Co., New York.
(Report for Fiscal Year ending Dec. 31 1918.)
Net earnings
$1,854,499 $2,247,714 $2,486,695 $2.231,382
Interest
$1,244,381 $1,204,533 $1,162,500 $1,117,167
Pref. dividends(5%) _ _
125,000
125,000
125,000
125,000
1918.
Corn. dividends (7%).._
1917.
1916.
1915.
749,000
749,000
749,000 Net profits, incl.
749,000
diva.
from subsidiary cos_ ..$10,050,222 $9,184,783 $8.416,814 $8,633,449'
Total deductions..__ $2,118,381 $2.078,533 $2,036,500 $1,991,167
Balance, sur, or def___def.$263,882sur.$169,181 sur.$450,195sur.$240,215 *Difference between pur.
price & par,7% bonds
Also on Jan. 2 1917 an extra cash dividend of 10% accumulated during
$22,220
$34,601
$33,248
$30,537
the preceding seven years, was paid out of the dividend common stock Interest on bonds
1,777,328
1,786,463
1,794,511
1.802,636
Interest on 6% notes_ _ _
account to common stockholders of record Dec. 26 1916.
96,666
Pref. dividends(7%)
1,575,980
1,201,634
1,076,866
1,076,866
CONSOLIDATED BALANCE SHEET DEC. 31.
Corn, dividends (16%)_ 3,439,424
3,439,424 3,439,424
3,439,424
1918.
1917.
1918.
1917.
AssetsTotal deductions......- $6,911,618 $6,462,121 $6,344,049 $6,349,463
$
$
Plants and investCommon stock.._ _10,700,000 10,700,000 Balance, surplus
$3,138,604 $2,722,662 $2,072,765 $2,283,986
ment
39,133,050 38,384,763 Preferred stock ..._ 2,500,000 2,500,000
Stores
852,960
* Difference between purchase price and par of 7% gold bonds (par value.
696,243 First Mtge.5s_ _ _ _10,000,000 10,000,000
Cash
177,858
106,069 Ref.& Ext. M.58_10,000,000 10,000,000 $127,750 in 1918, $115,350 in 1917 $116,750 in 1916 and $119,450 in 1915)
Accounts receiv5% debentures__ 5,000,000 3,850,000 purchased and canceled during year.
able, &c
1,583,180
Dividends paid on the common stock in 1018 and previous years were
795,944 Accounts payable_ 1,931,881 1,046,546
Liabilities accrued 472,361
396,822 four quarterly dividends of 4% and an extra of 4% paid in April.
Reserve corn. div..
159,274
As to offering of $20,000,000 6% gold notes in Nov. 1918
Other reserve__} 1,142,806f 1,128,785
Surplus
1 181,592 see V. 107, p. 2012.
Total
41,747,048 39,963,019
BALANCE SHEET DEC. 31.
Total
41,747,048 39,963,019
-V. 108, p. 787.
1918.
1917.
1918.
1917.
AssetsLiabilities$
$
Real est., mach.
(S. S.) Kresge Co., Detroit, Mich.
Preferred stock.. 22,514,000 22,513,400
and fixtures_ 11,910,956 9,556.986 Common stock.. 21,496,400 21,496,400
Brands, trade(Report for Fiscal Year ending Dec. 311918.)
7% bonds
14,665,100 14,792,850
marks, good5% bonds
15,059,600 15,059,600
New Company
Old Co.
will, &c
40,709,711 40,709,711 6% gold notes 20,000,000
1918.
1917.
1916.
Leaf tobacco,
1915.
Acor.int.pay.Apr
256,639
258,875.
Stores
170
164
157
manufactured
139
Accr.Int.pay.Fob
313,742
313,742
Sales
$36,309,513 $30,090,700 $26,396,544 $20,943,301
stook & oper.
Accr.int.pay.Jun
100,000
Net income
$2,950,999 $2,360,988 $1,809,126 $1.293,220
supplies
53,613,552 42,905,555 Pf.div.pay.Jan.1
393,995
393,984
War exc.prof.& Inc.tax_l 1,250,000
500,000
Stocks other cos. 1,677,707
90,207 Accts.&bills pay 4,693,144 15,831,491
Res. for contingencies.. _ j
Cash
10,093,757 7,261,825 Res.for taxes,&e 7,283,236
Preferred diva. (7%)_. _
140,000
140,000
105,000
126,000 Bills & accounts
Red. for adv.,&e 1,123,318 1,875,827
Common dividends_ __(5%)500,000 (4)400,000 (3)300,000 (6)300,000
receivable
12,079,425 10,735,867 Depree'n reserve 3,346,542 3,023,194
Profit and loss__ 18,839,392 15,700,789.
Balance, surplus
$1,060,999 $1,320,988 $1,404,126
$867,220
Total
130,085,108 111,260,152 Total
130,085,108 111,260,152
BALANCE SHEET DECEMBER 31.
-V. 107, p. 2102, 2012.
1918.
1917.
1918.
1917.
AssetsLiabilities$
$
Leaseholds,organiCommon stock_ _10,000,000 10,000,000
GENERAL INVESTMENT NEWS
z'Lion, &c
5.989,408 5,989,408 Preferred stock..__ 2,000,000 2,000,000
Merchandise_ a_ _ 7,168,777 5,197,841 Mortgage payable. 305,000
310,000
Rents,&c.,prepaid. 548,652
418,849 Notes payable.. _
615,000
30,000
Acc'ts receivable.._ 220,306
192,743 Accounts payable
RAILROADS, INCLUDING ELECTRIC ROADS.
bFurn., fiat's, &c.. 4,101,882 3,743,837 (Including war
Office building.. _ _ 757,842
773,604
taxes & reserve
Government Ownership of Railroads.
-Appropriation.
Cash
503,097
632,646 for contingen's). 3,388,787 2,086,555
The House of Representatives on Feb. 21 passed the
Lib. bds. for empl_ 862,477
110,288 Accrued tax, &c....
57,541
51,845 $750,000,000 for the Railroad Administration revolvingbill appropriating
L.L. bowls & accr.
Profit and loss__ 3,786,114 2,725,115 to the $500,000,000 carried in the Act which provided forfund in addition
Federal control.
int. thereon
144,300
-V. 108, p. 478. 268.
Total
20,152,442 17,203,515 Total
20,152,442 17,203,515
Alabama & Vicksburg RR.
-Government Contract.
A press dispatch from Washington on Feb. 28 states that the contract
a At or below cost. b Furniture,fixtures and permanent Improvements between this company and
the RR. Administration has been signed, the
on leased property, less depreciation.
-V.108, p. 787. .
annual compensation being fixed at $322,854.-V. 107, p. 1836.
Oklahoma Producing & Refining Co., New York.
(Report for Fiscal Year ending Dec. 31 1918.)
This company, whose very full statement to the New York
Stock Exchange was published in the "Chronicle" on Jan. 18,
pages 278 to 282, reports through President John M. Crawford in substance as follows:
Consolidation of Operating Cos.
-Your company effected in 1918 a consolidation of all of its subsidiary companies and those of your French subsidiary, the Union des Petroles d'Oklahoma. (V. 108, p. 279.)
In order to simplify the management and financial structure of these
nine subsidiary companies, a new operating corporation, the Oklahoma Producing & Refining Corporation of America, was incorporated and has taken
over all of the assets of these subsidiary companies.
The new company has an authorized capital of $25,000,000; of
amount $21,500,000 has been issued, corresponding approximately to this
the
bona fide capital turned into the treasuries of your company and the
Union des Petroles d'Oklahoma. Your company has now received
500,000, or about 63% of this $21,500,000 of capital stock of the $13,new
company; the other $8,000,000 is held by the Union des Petroles d'Okla°
homa. Your company owns 62% of the capital stock
Petroles,so in effect we own 86% of the capital stock of the of the Union des
new
co.
On Jan. 21 1919 it was decided to place in the treasury of operatingopthis new
erating company $2,000,000 more cash vigorously to develop the properties
Bay State Street Ry.-Foreclosure Proceedings.
-
The Old Colony Trust Co. and the American Trust Co. of Boston on
Feb. 21 filed with the U. S. District Court for the District of Massachusetts
foreclosure bills to bring about the foreclosure of the Boston & Northern
Street Ry. and the Old Colony Street Ry. Refunding 4% Mtges., being the
two principal mortgages of the Bay State Street Ry. system. These bills
are filed as preliminary measures in completing the reorganization of the
company under the terms of the legislation passed last year.
-V. 108.
p. 783, 682.
Boston Elevated Ry.-Report of Mayor's Committee
Recommendations as to Dividends, Fares, &c.
-The Mayor's,
committee named below made a report on Feb. 15. The
"Boston Transcript" reports the' recommendations, &o.,
in substance:
(a) Allow the trustees and the management a fair chance to work out
their problems without further legislative or other public action, except
possibly in regard to a purchase by the Commonwealth of the Cambridge
subway and the elimination or reduction of dividends to common stockholders of the Elevated and to stockholders of the West End Street Ry.
(V. 108, p.679).
(b) A continuation for the present of the 8
-cent faro, unless and until a
satisfactory and workable zone system can be established.
(c) That the Commonwealth purchase that part of the Cambridge 1111
subway now owned by the Elevated under legislation along the lines of House-
MAR. 1 1919.]
THE CHRONICLE
bill No. 721, except that the question should be carefully considered by
the Legislature as to whether the rental to be paid should not be 4%% of
the purchase price instead of 4%%.
(d) That the Elevated should not be relieved from the obligation to pay
subway rentals.
(e) That until the Elevated can be operated profitably, no dividends
should be paid to common stockholders of the Elevated, or to preferred or
common stockholders of the West End. The question whether such divid mds can be eliminated legally should be referred by the Mayor to the
Law Department for consideration. [This measure is favored by five of
the committee, one, Mr. Warren, dissenting. See below.]
(f) That the system should not be operated under public control except
as at present by the trustees, and that a careful study should be made of
the advantages and disadvantages of public ownership of all property and
franchises of both the Elevated and the West End
hours.
erings"of an by
atud y
Tocartmptno "staggering'
ata
d
the Boston Transit Departtrustees
ment of plans tending to relieve congestion at Park St. and other important
points, giving special consideration to the advisability of building a subway
from Boylston St. to Post Office Square.
(i) A careful study by the trustees and the management of means to reduce the evils involved in stealing fares.
Deficit.
-The committee's report referred to the probable deficit of
$3,500,000 as the result of operations by the trustees to date, and announces
the best month the trustees have had was December, 1918, when the fare
was 8 cents. During this month the net loss was about $150,000, but during the same month $167,000 was charged to depreciation. (V.108,p.678.)
--Mr. Codman says: For six months ending Dec.31 last, the
Depreciation.
trustees have provided for depreciation $1,002,000. During the whole
period of ten years preceding the company provided an average of only
$98,300 per year. If a readjustment of the recent legislation is possible,
the shareholders of the Elevated should be required each year to square the
failure to provide for depreciation in the past.
Other members of the committee feel that Mr. Codman's criticism is in
many respects constructive, but that it is possible that, during the ten years
in which the company provided an average of only $98,300 per year for
depreciation, it may have put sufficient funds into maintenance of structures, tracks, &c., and into repair and replacement of equipment, &c., to
make good in an adequate manner depreciation.
-The committee, while admitting that "the Elevated has given
Service.
poor service for a long time," declares that the service is improving, 'but
not so rapidly or so much as could be desired."
-The question of increased fares resolves
Low Fares Mean Heavier Taxes.
itself in the minds of the committee into a question of whether the burden
of an adequate transportation system shall be borne as hitherto by the car
riders or whether a portion shall be transferred to taxpayers. The committee believes that in view of the high cost of almost every item of operation it would be impossible, even if every possible economy in operation
-cent fare
was practiced, for the Boston Elevated to pay for itself on a 5
with free transfers. Therefore, if fares are to be reduced to 5 cents or anything approximating it, the deficit must be paid by taxpayers alone.
-It seems to your committee that the general public
Increase in Expenses.
should understand the principal reasons why the road cannot operate prof-cent fare and free transfers. The following table will show
itably on a 5
the difference between the average wages paid the principal classes of employees in 1913 (before the European war) and those paid to-day:
1919.
For a 9-11r. Day. 1913.
1913.
1919.
47
Brakemen, per hr_c_23
Conductors,per hr_c.28
40-42%
28-30 46-50 'Laborers
Motormen
22%
42%
43
25
Guards
-443
The cost of labor per passenger in 1913 was 2.008 cents; in the first six
months under the trustees' control, 3.916 cents. In other words, the increase in wages and salaries since 1913 has nearly doubled the cost of carrying a passenger.
In 1913, the Boston Elevated used 236,844 tons of coal at an average
price of $3 41 per ton. In 1918, 281,677 tons of coal at an average price
of $6 25 per ton. It is common knowledge that the cost of all equipment
and other materials which have to be purchased and used by the Elevated
has increased very greatly in the last few years. Compare V. 108, p. 678.
-Public ownership seems to many persons a
Against Public Ownership.
solution of the present difficulties, but the question arises in the minds of a
majority of the committee whether it would amount to more than merely
tagging the difficulties with another name. It is going to cost just as much
and, in the opinion of a majority of the committee, considerably more,
to operate the system under public ownership than it does under private,
and any excess of the cost of the operation over revenue will have to be met
just as it is now, by the communities served by the road.
-The committee consists of Alexander Whiteside, Chairman;
Committee.
Louis K. Liggett, Grenville S. MacParland, Michael J. O'Donnell, Bentley W. Warren, Dr. William C. Woodward, Thomas P. Sullivan and Edmund D. Codman. Compare V. 108, p. 682. 678.
Public Control Act Pronounced Valid by Attorney-General.
The Boston Elevated Ry. Public Control Act, passed by the Legislature
last year, is constitutional, in the opinion of Attorney-General Attwill, as
given to the Massachusetts Senate Feb. 12 in response to a request from
that body. His statement is quoted as saying that the provision for public
management has the same effect as if the Commonwealth had taken a direct
lease of the system, agreeing to assume interest charges and operating
-V. 108, p. 682, 678.'
expenses and to pay the corporation a rental.
877
Co. and W. C. Langley & Co., N. Y., was noted in these
columns last week.
-V. 108, p. 783.
Data From Pres. Chas. E. Johnson, Raleigh, N. C., Jan. 3111919.
The Companies.
-Incorporated in North Carolina and operate in growing
industrial sections of North and South Carolina. The Yadkin River Co.
owns all the capital stock of its subsidiary, the Palmetto Power & Light Co.
Carolina Power & Light Co. owns all the common stock of the 'Yadkin
ot-leseee
River Power Co.
Operations.
-(a) Carolina Co. operates the electric light and power,
street railway and gas service in Raleigh, the gas service in Durham, the
electric light and power service in Goldsboro, Henderson, Oxford, Sanford
and Jonesboro. and supplies, either directly or indirectly, electric,light
and power in eighteen other communities.
(b) Yadkin Co. supplies the electric light and power service in Rockingham, Hamlet and Wadesboro, N. C., and Cheraw, S. C., and also electric
power service in four other communities.
(c) Palmetto Co.supplies the electric light and power service in Florence,
Marion, Darlington, -Summerville, Mullins and Timmonsville, SAC.,
wy
and water service in Marion and Darlington, S. C.
Property.
-(a) Carolina company owns and operates 216 miles of hightension transmission lines connecting one hydro-electric and three steam
plants with the distributing systems, having 186 miles of lines.tighe
steam plant in Raleigh has a capacity of 5,000 h. p. The co. owns and
operates eight principal sub-stations.
In addition the company owns and operates the street railway system
in Raleigh, with 13.6 miles of track, and the gas plants and distributing
systems in Raleigh and Durham. The Raleigh plant has a holder capacity
of 150,000 cu. ft. and the Durham plant, 190,000 cu. ft. There are 63
miles of gas mains.
(1) Yadkin Co. owns and operates (a) Hydro-electric development on
Yadkin River at Blewett Falls, near Rockingham N. C., with an initial
installed capacity of 32,000 h. p.;(b) 184 miles of high-tension transmission
lines, on private right of way, and 66 miles of distributing lines; five principal sub-stations, with a total capacity of 9,050 h. p., and light and power
systems in 4 communities and elec. power systems in 4 other communities.
(2) Palmetto Co. owns and operates (a) 44 miles of high-voltage transmission lines inter-connecting distributing lines in five of the six communities served with electric light and power; (b) two water-works systems.
The present physical properties of all three companies include electric
generating stations, having a total capacity of 45,857 h. p.(of which 35,522
h. p. is hydro-electric, and 10.335 h. p. is steam), 444 miles of high-voltage
transmission lines, 363 miles of distributing lines in 38 communities served,
two gas plants, one street railway system and two water-works systems.
The equity in these properties beyond the total bonded indebtedness, as
represented by the present market values of the preferred and common
stocks, is approximately $4,000,000.
Earnings for Calendar Year 1918.
Applicable to interest on bonded debt of three companies
$833,491
Annual interest on 1st M. bonds of Carolina and Yadkin Co's_ _ _ _ 349,100
Interest on $3,000,000 First and Joint 6s (this issue)
$484,391
180,000
Balance
$304,391
Connected Load.
-The connected load on the lines of the three companies
is now approximately 53,000 h.
-p.
-p. It is estimated that the 18,666 h.
to be delivered from the Wateree company in connection with the Yakdin
company's Blewett Falls Reservoir, will enable the three companies together
to supply power for an additional 26,800 h.
-p. of connected load.
Purpose of Issue.
-The Yadkin company has a 30
-year contract with
the Wateree Power Co., whereby the latter is to supply the Yakdin Co.
with 18,666 h.
-p. of hydro-electric power, to be delivered from its new
93,833 h.
-p. hydro-electric plant, near Camden S. C. In order to utilize
this power, the Palmetto Power & Light Co,.is constructing 94 miles of
transmission lines from the Wateree company's plant to connect with the
transmission systems of the Yadkin company and the Palmetto Co. It is
expected that this additional 18,666 h.
-p. will be ready for use during 1919.
With this additional power the companies will have an available supply of
64,523 h.
-p., of which 84% will be hydro-electric.
The proceeds from the present issue of First & Joint Mortgage bonds are
to provide funds for the construction of the high-voltage tramsission lines,
sub-stations, &c. This issue will be a first mortgage on all of such property.
Security.
-A first mortgage upon all the property, &c., now owned or
hereafter acquired by the Palmetto Co.; also by a direct lien on all property,
&c., now owned or hereafter acquired by the Yakdin and the Carolina
companies subject to their First Mortgage bonds.
-None of the franchises of the Palmetto Co.,
Franchises and Contracts.
with one exception, expires prior to 1932, while one extends to 1972, three
extend to 1976 and one is unlimited. None of the franchises of the Yadkin
Co.expires prior to 1971. None of the Carolina Co., with one unimportant
exception, expires prior to 1942, while one is unlimited and 16 extend to
1971 or beyond.
-New Stock.
Charleston Consolidated Ry. & Ltg. Co.
This company, it is reported, is considering an increase in its common
stock by $1,500,000, proceeds of which issue are to provide for extensive
-V,107, p. 1191.
improvements recently made and now being installed.
-Deposits-Extension of
Brooklyn Rapid Transit Co.
Chicago & North Western Ry.-Bonds Listed-Income.
Time, &c.
-The Central Union Trust Co. of New York, -The N. Y. Stock Exchange has listed the $10,500,000 GenKuhn, Loeb & Co., Kidder, Peabody & Co. give notice to eral Mortgage 5% bonds, due Nov. 1 1987, which were
-year 7% secured gold notes, due July 1 brought out last year by Kuhn, Loeb & Co.(V. 107, p.2289).
the holders of the 3
1921, and the 6
-year 5% secured gold notes, due July 1 1918,
These bonds are stamped as to non-payment of Federal income tax, makof the Brooklyn Rapid Transit Co. and the First Mortgage ing the total amount authorized to be listed:(1) Payable without deduction
for any tax: (a) 3% %, $31,316,000; (b) 4%. $22,500,000; (2) "Federal
5% Sinking Fund gold bonds, series A, due Jan. 1 1966, of income tax not assumed by company"; (c) 4%,$8,054,000; (d) 5%. $28,the New York Municipal Ry. Corp., that a majority of the 472,000.
the said $10,500,000 bonds
The entire principal proceeds
-year notes held by others than the War Finance Corp. have been applied to reimburse of the sale ofas follows:
3
the treasury
have been deposited and together with those held by the Permanent improvements or additions, including grading,
bridges, trestles, culverts, rails, ballast, shops and engine
War Finance Corp. constitute a large majority of the issue.
houses, signals and interlockers, stations, office bldgs., &c_ _$2,000,000
Proceedings have been instituted to foreclose the mortgages securing
the above-mentioned bonds and the Consolidated & Refunding Mtge.
bonds of B. R. T. Co. which are pledged to secure the Three-Year notes.
It is therefore advisable that the remaining notes and bonds be deposited
at once with Central Union Trust Co. of N. Y., depositary, and to that end
the time for making such deposits has been extended to and including
March 15 1919, after which date no further deposits will be received.
Retiring, refunding and paying $8,000,000 "existing bonds":
Winona & St. Peter RR. (extension Western Div.) 1st M.
bonds, $4,198,000; North Western Union By. 1st M. bonds,
$3,422,000; C.& N.W.Ry.Sinking Fund bonds of 1879,$395,000; C. & N. W. Ry. Sinking Fund debentures of 1933,$377,000; M.L.S.& W.Ry.Ext.& Imp.S. F.bonds,$108,000_ _ -- 8.000,000
INCOME ACCOUNT CH.& N. IV. RY. 11 MOS.ENDING NOV.301918,
One-Man Car Service Tried.
SHOWING GOVERNMENT COMPENSATION.
The company on Feb. 23 introduced the new "one-man" trolley car in
Gross IncomeDeductions
the regular service in Bay Ridge, Brooklyn. The company is experi- Income (11-12 of annual
Rent of other roads
$118.011
in an effort to conserve labor and expense.
menting with this type of car
compensation)
$21,267,598 Miscellaneous rents
167,789
Dividend income
1,026,130 Ry. tax accruals (war tax) 605,000
To Foreclose Mortgages Securing Collateralfor Secured Notes. Miscell. rent income_
8,066,422
498,960 Int. on funded debt
Proceedings have been instituted to foreclose the B. R. T. Consol. &
267,408 Int. on unfunded debt_
348,879
Refunding Mortgage and also the mortgage securing the 360,000,000 bonds Inc.from funded secur's_
133,142
of the N. Y. Municipal Railway Corporation. Of the bonds issued under Inc.from unfund. sec.,&c. 124,972 Maint. of invest. organ'n_
102,250 Miscell. income charges
106,689
$29,000,000 B. R. T. issue outstanding and Miscellaneous income__
these indentures, all of the
$23,287,318
357,735,000 of the N. Y. Municipal Ry. bonds are deposited as collateral Gross income
Net income
$13,741,386
for the B. II. T. Secured Notes.
Income applied to sinking funds
$111,780
-In view of Three quarterly 2% dividends on pref.stock (Alin,July & Oct.) 1,343,700
Deposits of Stock to Be Received Till March 3.
7,620,506
proceedings the stockholders' committee, Three quarterly 1%% divs. on common stock
these foreclosure
Albert H. Wiggin, Chairman, is urging the prompt deposit
Balance,surplus,for 11 months(after deducting 9 mos. divs.) $4,665,400
of the stock and has limited to March 3 1919, at 3 p. m., -V. 108, p. 267.
may be deposited under the
the time within which stock
Chicago St. Paul Minneapolis & Omaha Ry.-Offering
agreement. See advertising pages.
of Consolidated 6s.-Hornblower & Weeks and William SaloThe New York Stock Exchange has listed Mercantile Trust & Deposit
Co. certificates of deposit for $13,272,900 capital stock, with authority to mon & Co. are offering at 1063 and int., yielding over 53%,
add a further $61,24'7,100 on official notice of issuance in exchange for $6,070,000 Consolidated Mtge. 6% bonds of 1880, due
outstanding capital stock of the Brooklyn Rapid Transit Co., making the
total amount authorized to be listed, $74,520,000.-V. 108. p. 572.578,783. June 11930. Int. J. & D. Total authorized, $30,000,000.
A circular shows:
-Yadkin River Power Total authorized by mortgage, $30,000,000, viz.: Outstanding
Carolina Power & Light Co.
(incl. present issue): 6% bonds, $24,417,000; 33% bonds,
Co.
-Further Data.
-Palmetto Power & Light Co.
-The
$3,734,000; total
$98.151,000
offering of First & Joint Mortgage 6% Five-Year gold bonds, Reserved to retire underlying bonds
536,000
dated Jan. 2 1919, due Jan. 11924, by Spencer Trask & Reserved for new line at not to exceed"$15,000 per mile
1,313.000
878
THE CHRONICLE
Security.
-A first mortgage on about 1,589 miles of lino and a second
mortgage on about 80 miles additional, a total of about 1,669 miles, on
which the mortgage debt averages about $17,150 per mile, covering practically the entire system.
Purpose of Issue.
-The present issue will refund an equal amount of
St. Paul & Sioux City RR.6% bonds, due April 1 1919,•so that the interest
charges remain unchanged.
Government Contract.
-The company has signed its contract with the
U. S. RR. Administration, by which its annual compensation is fixed at
$4,934,789. Its other income for 1918 amounted to 865,581, making a
total of $5,000,370 gross income. Deducting war taxes for 1918 (est. 884,421 and corporate expenses 8134,717), leaves a balance of 84,781,232
available for interest charges, which for 1918 amounted to $2,260,475.
Equity.
-The Consolidated Mortgage bonds are followed by $11,200,000
5% debentures, 811.259,859 prof. stock and $18,559,086 common stock,
a total of 841,018,945 face amount of junior issues.
Dividends.
-The company has paid uninterrupted dividends on its
pref. stock since 1893 and on its common stock since 1897, the present
rates being 7% on the preferred and 5% on the common.
Divs. Paid.
The dividends of 334% on the preferred stock and 2M % on the common
stock, payable Feb. 20 to holders of record Feb. 1, has been paid with the
approval I tile DirectVzeral. the stock being quoted ex-dividend on
T 08 p 3
Columbus Ry. Power & Light Co.
-Fare Status.
-
This company has applied to the City Council, for an increase in fares
to six tickets for 25 cents and 5 cents cash fares, and no transfers except
on cash fares. The application was filed in the form of amended ordinance
to the franchises. It is stated that the increased rate will mean an additional revenue of $618,000 per year. [The foregoing appeared by error in
last week's issue under the heading, Toledo Rys. & Light Co.].
-V. 108,
p. 573, 378.
Delaware & Hudson Co.
-Bond Application.
This company has filed a petition with the New York P. S. Commission
asking approval of the issuance and sale of $4,460,000 First"& Refunding
Mortgage bonds to mature May 1 1943. The proceeds to reimburse the
company for additions and betterments and other proposed expenditure
amounting to $1,534346. The proceeds of 81,700,000 of the bonds are
to be used to retire tile company's 3
-year notes dated Aug. 11917. It is
stated that the Commission will act promptly upon the company's petition.
-V. 108, p. 578, 267.
Des Moines City Ry.-Fare Unchanged.
Judge Wade in the Federal Court at Des Moines, Iowa, has denied the
application in this company's receivers for an Increased rate of fare. The
ruling of the court sets out that if the company's earnings are not sufficient
to meet the fixed charges provided for in the franchise, the service must
be adjusted to the income.
-V. 108, p. 268.
Detroit United Ry.-Lease Proposal Rejected.
Officials of the city of Detroit and the Street Railway Commission have
rejected the company's counter proposal that the city lease the street railways properties of the company at an annual rental of $2,010,000. The
stockholders a few days ago voted to reject the offer of the city to purchase
the street railway properties for 329,653,936,the properties under consideration being those within the city limits.
City Bond Issue.See "State & City" Dept. on a subsequent page.
-V. 108, P. 784, 677.
Erie RR.
-Note Maturity.
-
It was reported yesterday that a plan was under consideration by the
Railroad Administration to,provide for the maturity in April of the company's $15,000,000 notes, the proposal taking the shape of an offer to
present noteholders to renew their notes at 6% with a bonus of 815 per
31,000 note. The price of the new notes, it was reported, would be 9834.
It was further suggested that the collateral back of the proposed new issue
would include the same securities as already pledged together with certain
additional collateral.
-V. 108, p. 268.
Gulf Mobile & Northern RR.
-Listing-Purchase of
Meridian cc: Memphis Ry. Securities Sub. to $260,0006% Notes.
[Vol.. 108.
Announcement is made by advertisement on another page
of the organization of a protective committee for the preferred and common stockholders consisting of Eugene V. R.
Thayer, Harry Bronner, Mortimer M. Buckner, Charles
Hayden, Edwin S. Marston, with Charles B. Makepeace,
115 Broadway, N. Y., as Secretary, and Mercantile Trust &
Deposit Co., depositary.
-V. 108, p. 372, 78.
Interborough Rapid Transit Co.
-No Action on Quarterly Dividend.
-No action was taken by the directors on
Tuesday as to the payment of the quarterly dividend usually
declared at this time. In July last the annual rate, which
had been 20% since and including 1914, was reduced to 10%.
Ofthe $35,000,000 capital stock $33,912,500 is owned by the Interborough
Consolidated Corp. and is pledged to secure $67,825000 Interborough
Metropolitan 4%s of 1906 (33.251,000 of these being alive in sinkingfund).
The New York "Times' on Wednesday said: "At the Interborough
,
offices after the meeting a director made the brief statement that 'action
on the dividend was not taken, but refused to say that the dividend had
been passed by the board. At the same time it was learned in authoritative
quarters that the April interest on the $67,825,000 of 43 % InterboroughMetropolitan collateral trust bonds, which is guaranteed by the Interborough Consolidated Corporation, the holding company for Interborough
Rapid Transit and N. Y. Railways would [may] be paid, partly with the
234% dividend received from the Interborough Rapid Transit Co. three
months ago, and partly from the holding company surplus. This information was interpreted to mean that no action will be taken by the directors
on the Interborough Rapid Transit Co. dividend.
'
Nevertheless as above stated, under caption Interborough Cense].
Corp., a committee, including leading bankers, has been organized to protect the bonds mentioned because of the "danger of default" on April 1.
Compare V. 108, p. 683.
International Ry., Buffalo.
-Agreement-Valuation
City Control-Fares.
-An exchange journal in reviewing the
situation in Buffalo says:
An agreement has been reached with the municipal authorities on the
physical valuation of the company's property in Buffalo as of Dec. 31 1918,
the amount fixed as the base being $22,792,759. This sum will be used
as a basis of a permanent agreement whereby the city will establish control
over the company's property similar to tha plan in effect in Cleveland.
The resolution passed by the City Council on Jan. 25, affirming action
previously taken in committee, submits all questions in dispute between
the company and the city to a board of arbitration. Under the commission
charter the resolution cannot become effective for 30 days. It is subject
to referendum, and petitions are now being circulated so that the voters
may again be called upon to affirm or repeal the action of the Council.
Values of intangibles claimed by the company are to be arbitrated.
Neither the city nor the company will be bound by the decision of arbitrators.
Fares.
-Decision has been reserved by the Supreme Court at Albany,
N. Y., on the application of the company for a writ of mandamus directing
the P. S. Commission to receive the company's answer to the proceedings
started before the Commission several years ago by the city in an effort
to bring about an investigation.
The railway is seeking to bring the fare question before P. S. Commission. If the court decided that the Commission must receive the company's answer and thereby assume jurisdiction in the rate case, despite
the franchise limiting the company to a 5
-cent fare, the arbitration agreement between the city and the company will probably be waived until the
final determination of the case before the Commission.
The municipal authorities contend that the Commission has no jurisdiction when the company is bound to give service under a 5-cent fare
franchise with the city.
Fare Increase.
The New York P. S. Commission has issued an order permitting this
company to increase its rate of fare in Lockport, N. Y., to six cents, the
order to become effective on March 1 1919 for a period of one year and
thereafter until further order of the Commission.
-V. 108, p. 578, 480.
The N. Y. Stock Exchange has authorized the listing of stock trust certificates for $150,000 67 pref. stock (cum. after Jan. 1 1920) and $150,000
common stock on official notice of issuance, making the total amounts
Kansas City Viaduct & Terminal Ry.-Contract.authorized to be listed: Pref. v. t. c., $11,494,400; common v. t. c., 810,A press dispatch states that the contract between the two Kansas Cities
971,000. There is no bonded debt other than $27,000 old Mobile Jack- and the Kansas City Railways for the use of the inter-city viaduct, which
son & IC. C. 5s.
awaits signatures, to be placed in effect, provides as follows: The agreement
The additional 8150,000 of each class of stock v. t. c. together with is effective until Dec. 1922, the time of the expiration of the franchise on
870,000 notes of the Gulf Mobile & Northern RR. Co., due July 1 1919 the Kansas side, providing the city in the meantime acquires the inter-city
and bearing no interest, were issued in payment of 4,000 participating structure by Jan. 1920. If the city has not acquired the viaduct by that
shares of the Meridian & Memphis Ry. Collateral Trust, under bill of sale time the contract ends. The Kanass City Railways is said to be ready
dated Jan. 10 1918.
to begin operating cars over the viaduct.
-V.107, p. 1920.
The Meridian & Memphis Ry. is a standard gauge line with 60-1b. rails
extending from Union, Miss., on the Gulf Mobile & Northern RR., southLehigh Valley RR.
-Bonds Listed.
eastwiurdly 33.4 miles to Meridian, Miss. Its terminal property at Meridian
The Now York Stock Exchange has authorized the listing of $15,000,000
consists of 53 acres and a modern freight and passenger station. There 10-year 6% Collateral Trust bonds duo Sept. 1 1928. Of the proceeds
are 6,600 lineal feet of timber bridges and 400 feet of steel bridges, 2 loco- arising from the sale of these bonds, $9,577,474 has been applied to the
motives, 2 passenger and 79 freight cars.
improving of lines and the balance for other corporate purposes. Compare
The Meridian & Memphis Ry. Co. has outstanding $500,000 capital offering, V. 107, p. 905; V. 108, p. 784.
stock and $675,000 1st M. 30
-year 5% gold bonds, dated Jan. 1 1913
(total authorized, $800,000). The Equitable Loan & Mortgage Co.,
London Street Ry. Co., Ont., Canada.
-Earnings.
organized to finance the railway, owned all of the stock and bonds, and to Cal, Yr. Gross,
Net, Bond Int, Taxes. Miscel. Deprec. Bal., Sur.
raise funds for construction created the aforesaid Collateral Trust, under 1918_ _ _
_8456,356 883,232 $28,439 $6,903 $3,391 $29,209
$15,290
which all the outstanding bonds and stock thereof were deposited in trust, 1917____
417,862 86,768
29,648
7,662
1,981
47,477
and the beneficial interest was divided into 4,000 shares of $100 each.
Depreciation for 1917 adjusted through surplus account, included in
Pursuant to said trust agreement, John T. Schley and Alonzo L. Wil$105,000 written off the surplus.
-V. 107, p. 291. .
loughby, as trustees, executed an indenture dated July 1 1916 to the Continental & Commercial Trust & Savings Bank and pledged with said bank
Louisville (Ky.) Railway.
-Dividend Outlook-Fares.
thereunder the stock and $675,000 1st M. 5% gold bonds as security for
At the annual meeting on Feb. 19, referring to the abnormal increase in
$260,000 Meridian & Memphis Ry. Collateral Trust First Lien 3
-year 6% expenses due to the award of the War Labor Board
of travel
gold notes dated July 1 1916 and due July 1 1919: the interest thereon is to and from Camp 'Zachary Taylor Pres. Minary and to the losstherefore
said:
payable J. & J. and has been paid regularly and all said notes are now clear the stockholders can expect no dividends during the "It is
year 1919 under
outsanding.
these conditions. That it is
The aforesaid 4,000 participating shares represent the beneficial interest have an increasedfaro will at absolutely necessary that the company should
once appear.'-V. 108, p. 579.
in the aforesaid securities of the Meridian & Memphis Ry. owned by the
Collateral Trust, subject to the payment of the said $260,000 gold notes,
National Ry.of Mex.-Status-Protection of Mex.Holdings.
and the Gulf Mobile & Northern RR. Co., by acquiring the 4,000 particiFelipe Pascador, Director-General of this company is quoted in the
pating shares, controls the duration of said Collateral l'rust; and upon the
payment of said $260,000 notes on July 11910, the said stock and bonds "Manufacturer's Record" as follows:
"All the main lines have been kept up to a fair standard and much perwill become the property of the Gulf Mobile & Northern RR. The Collateral Trust is to continue until July 1 1926, or until the expiration of manent work was done. Many stations have been rebuilt permanently,
90 days after all the $260,000 notes and interest thereon shall have been almost all of them of rock and brick. There are 421 engines in service,
not including privately-owned engines operated in freight service by parties
fully paid.
A branch line of the G. M.& N. RR. Co., extending from McLain Junc- who have contracts with the company. There are some 300 locomotives
tion, Miss., northward into Wayne County, Miss., 313i miles, is under out of service, which can be repaired, and repair parts have already been
construction, and 22 miles were placed in operation on Aug. 17 1918. ordered. Therefore, in the next two or three months there should be
Total length of branch lines is now 55.56 miles; total length of main line something over 250 more locomotives in service. There is sufficient other
freight equipment now to fully take care of business up to at least 100%
and branches is 424.39 miles.
-V. 108, p. 268.
increase over the present traffic. To handle both freight and passenger
business in Mexico promptly the National Railways should have not less
Illinois Central Railroad.
-Dividend Paid.
The dividend of 81 75 declared by this company payable Mar. 1 to than 1,000 locomotives in constant service, and this point is being seriously
holders of record Feb. 3 subject to release of funds by the U. S. Govt. considered. There is also a shortage of first and second-class passenger
coaches and baggage cars.
will be paid to-day.
-V. 108 p. 379.
-rho Department of Communication has approved the new sleeping-car
•
these were
Interborough Consolidated Corp.
-Committee.
-In rates, and be operated fixed at double the old rates, so that sleeping cars
can again
profitably."
view of the failure of Interborough Rapid Transit Co. to
An international committee of 20 bankers has been formed for the purkinds,
holders of Mexican securities
make provision for the dividend upon its stock and the con- pose of protectingby J. P. Morgan & Co. on Feb.of all For fullaccording to
23.
particulars,
sequent danger of default in the payment of the semi-ap.- an announcement pages in this issue or a subsequent number of the
&c., see preceding
-V. 107, p. 2476.
ual installment of interest due April 1 1919 upon the Inter- "Chronicle."
7n
borough-Metropolitan Company Collateral Trust 432%
gold bonds, the following protective committee is inviting the
bondholders to deposit their bonds, with all coupons attached,
on or before March 31 1919. with Guaranty Trust Co.,
140 Broadway, N. Y. City. See advertising pages.
-Notice to BondNew Orleans Railway & Light Co.
holders.
-R. S. Hecht, President of the Hibernia Bank &
Trust Co. of New Orleans, and Chairman of the Bondholders' Protective Committee, urges the deposit of General
Mortgage gold bonds 43% and the eight issues of underlying bonds with his committee (see V. 108, p. 379):
\ Committee: Grayson M. P. Murphy, Chairman; John McHugh,
Charles A. Peabody, Charles S. Sargent Jr.,es A. Stillman and FredJam
erick Strauss, with John A. Griswold, Secretary, 140 Broadway, N.Y.City.
The intermingling of the properties, equipment and franchises of the
See Interborough Rapid Transit Co.
subsidiaries with those of the New Orleans Railway & Light Co. has made
'
MAR. 1 1919.]
THE CHRONICLE
the interest of the holders of the above bonds practically identical, and
representation thereof by one committee desirable. United, these properties form a complete and valuable system; divided, each will be incomplete and inadequate to render the service required. Any attempt now
to segregate to each company its respective property would result in interminable litigation and confusion.
In view of the fact that the company, by borrowing money from the War
Finance Corporation, was able temporarily to cure the default in respect
of interest on said bonds, the committee did not after that event actively
solicit the deposit of bonds. But the recent appointment of a receiver for
the Now Orleans Railway & Light Co.,the organization of other committees
to represent junior securities, the practical certainty that a complete reorganization of the affairs of the company must take place through a foreclosure of one or more of the mortgages resting on the property, and the
evident necessity for the holders of the above securities being organized
for their mutual protection, prompts the committee now to urge that all
holders of these bonds immediately deposit their bonds with the committee
to insure unity of action and defense on the part of the numerous holders
thereof, many of whom own small amounts.
[Any plan for reorganization of the company the committee agrees to
submit to the bondholders for approval, and it will limit its expenses as
much as possible and in no case will these exceed 1% of the par value of
deposited bonds.]
Earnings.—Bertrom, Griscom & Co. report for the 12
months ending Dec. 31:
Calendar Years—
1916.
1917.
1918.
Gross earnings
$8,659,533 $7,792,955 $7,252,364
Net after taxes
2,158,993
2,866,663
2,804,043
Miscellaneous deduct'ns
66,012
61,741
41,562
Int. on underlying bds
578,119
580,882)
Int. on Gen.M.
%s_
789,480
789,480
Int on Ref. & Gen. Liens
305,879
296,485
1,828,764
Int. on 6% debentures
and 7% gold notes_ _ _
239,183
218,247
Int. on War Finance loan
29,028
Balance, surplus
—V. 108, P. 579, 480.
$151,292
$877,387
1915.
$6,990,228
2,803,378
48,627
1,752,906
$976,158 $1,001,845
New York Central RR.—Equipments.—
It was reported last week that bids had been called for approximately
317,300,000 Equipment Trust certificates, this issue including about
$7,000,000 43•6% Equipment Trusts of the New York Central 1111.,
$7,000,000 6%,of the Michigan Central RR. and $3,250,000 6% of the
Pittsburgh Cincinnati Chicago & St. Louis Ry. It is understood that
bids were received from certain banking interests which, however, were
not acceptable to the Washington authorities.—V. 108, p. 269, 172.
New York Chicago & St. Louis RR.—Illortgage.—
Tho New York P. S. Commission has issued an order authorizing this
company to execute to the First Trust & Savings Co. of Cleveland and
Walter J. Riley, Trustees, a mortgage to secure the $25,000,000 issue
of second and improvement mortgage bonds.
The order authorized at the present time the issuance of $4,135,000 in
bonds. The proceeds are to be applied to the payment of a note held by
a Cleveland bank, to indebtedness to the Director-General of Railroads,
to reimburse the company's treasury for capital expenditure and pay
current liabilities. Compare V. 108, p. 579, 269.
New York New Haven & Hartford RR.—Committee.—
The Stockholders' Protective Committee, N. L. Amster, President, on
Feb. 24 voted to assist proceedings instituted by minority stockholders
seeking the appointment of a receiver for the company for the prosecution
of litigation pending in the New York State Federal Court against former
officials.—V. 108, p. 784, 683.
New York State Railways.—New Director.—
Mortimer R.Miller was elected a director of this company.—V.108,p.784.
_ —
Norfolk & Western Ry.—Acquisition Reported.—
In connection with the report that this company had acquired control
of the Virginian Ry., a director of the latter is quoted as saying: "The
Norfolk & "Western could make good use of the Virginian and at the present
time, under Federal control, is sending its trains over more than 100 miles
of our line, which has much easier grades than their own and enables them
to save locomotives. Some time there may be a story in it, but the control of the Virginian is still locked up in the safe.'
Representatives of the Norfolk & Western in Philadelphia are quoted
as saying "nothing has been done so far, adding that such a transaction
would require the consent of the Government.
New Common Stock.—
The New York Stock Exchange at the close of business yesterday received notice of a proposed increase in the common stock of this company
by $100,000,000.—V. 108, p. 480, 269..
Oakland Transit Co.—Coupon Payment.—
See San Francisco-Oakland Terminal Rys. below.—V. 79,
p. 1462.
Old Colony Street Ry. Co.—Foreclosure Proceedings.—
See Bay State Street Ry. above.—V. 106, p. 86.
Pittsburgh Railways.—Notice to All Holders of Bonds
Issued by Corporations Included in the System—Default on
Some 29 Issues.—The bondholders' committee, of which
Thomas S. Gates is Chairman, is calling for the deposit of
all bonds of the system with a view to the mutual protection
of the holders. An adv. on another page says:
The committee was formed in January 1918 for the protection of holders
of bonds of the various corporations included in the Pittsburgh Railways
System, almost immediately after defaults had been permitted to
occur in
tho payment of interest due Jan. 1 1918 on fifteen of these issues.
At that time deposits were invited only of bonds of such issues as had
been defaulted on Jan. 1 1918. and several million dollars of these bonds
were deposited with the committee.
On Feb. 14 1918 a test suit in equity was instituted by one of the
mittee's depositing United Traction Co. bondholders, to compelcomthe
Philadelphia Company to recognize liability for the principAl and interest
of all bonds issued by subsidiaries in the street railways system.
After the filing of this suit, the interest on practically all bonds which
had been defaulted on Jan. 11918, was paid, but ou April 23 1918 receivers
were appointed for the Pittsburgh Railways Co., and thereafter additional
defaults were permitted to occur, until at the present time approximately
29 bond issues are in default as respects one or more interest payments.
Under these circumstances, the undersigned believe that the holders
of all bonds in the system have common interests to protect, and that this
can be most effectively done by one protective committee representing all
bondholders.
They believe that if the Pittsburgh Railways System is permitted to be
reorganized without proper consideration being given to the liability of the
Philadelphia Company for the payment of its debts, or if divergent action
by the owners of the underlying securities should result in a disintegration
of the system, there is grave danger that the holders of bonds on the
underlying systems will not only be kept out of their interest from time to
time, for shorter or longer periods, but that a largo portion of the volume
of their principal invested in these bonds may be jeopardized.
An amendment of the deposit agreement has been drawn providing that
deposited bonds upon which interest shall have been paid when duo may be
withdrawn prior to the occurrence of default without expense to the depositor. The deposit agreement already contains provision for protecting the
interests of any class of bondholders whose interest may at any time
become adverse to the interest of any other class.
Committee.—Thomas S. Gates, Chairman, George II. Frazier, 11, Howell
Griswold Jr., A. A. Jackson, J. Rutherford McAllister, John H. Mason,
C. S. W. Packard and A. 0. Robinson, with J. C. Wallace as Secretary,
415 Chestnut St. Philadelphia.
Depositories.—kiladelphia Trust Co., hila.; Peoples Savings & Trust
Co., Pittsburgh; Safe Deposit & Trust do., Baltimore.
Authority Asked to Omit Interest Payments and Make Improvements.—The receivers on Feb. 24 urged on by the city
0
879
of Pittsburgh, practically petitioned Judge C. P. Orr in the
U. S. District Court at Pittsburgh for permission to forego
paying fixed charges for bond interest during the present
year, and instead to put the money into betterments of the
street car service and to meeting other obligations to the
different communities the traction system serves. Decision
was reserved.
The "Pittsburgh Dispatch" Feb. 25 further said in subst.:
Such fixed charges, being simply the interest on bonds secured by first or
subsequent mortgages on properties of the different underlying companies
of the parent company, total for 1919 33,165,426. Interest and rentals for
payment of which the receivers had already defaulted add $1,307,975
more, or a total of $4,473,401, equaling more than 25% of the gross revenues of the company.
Receiver W. D. George admitted we "certainly believe" a further increase in the street car fare, above the present 5
-7-cent fare, will be necessary, in order to enable the company to meet its obligations. No new fare
rates were mentioned, but it developed that the receivers are studying a
straight 7
-cent fare throughout the system, and even a 10-cent fare to
points far from the business section, but that no decisions have been
reached.
The budget showed that the indicated 1919 surplus of the company, after
deducting operating expenses, State and national taxes, car trust and other
obligations which must be paid, would probably approximate $1,864,037,
to which the receivers add $270,273, their expected cash balance in bank,
making a total indicated surplus of $2,134,310.
Of this sum, the receivers announced, they stood ready to pay out
$1,914,700 for betterments already contracted for, and in meeting demands
for additional expenditures made by the State P. S. Commission and the
city of Pittsburgh, viz.:
Accounts payable for materials and supplies furnished; total due,
$951.820; amount to be paid
$750.000
Requirements for track construction duo to demand for municipal
improvements in Pittsburgh, previously reduced to about 30
miles at cost of $1,754,000: to perform about 15 miles of same
7 7 000
8 :000
50
Misc, bridge repairs, $167,700; completing work in prog., $160,000 327.700
Car improvements, freight terminal facilities, &c
Besides, the budget showed, $502,757 will be due the city in taxes and
municipal charges, $378,165 for 1919 and $124,592 on which the receivers
defaulted in 1918.
The two items, expenditures for betterments and the taxes and municipal
charges, totaling $2,417,457, Receiver George pointed out, would exceed
by nearly $300,000 the indicated surplus of the company for 1919 of $2,134.310, leaving unprovided for entirely $3.165,426 in fixed charges for bond
and mortgage interest falling due during 1919, and 31.307,975 in similar
fixed charges upon which the receivers had defaulted in payment up to
Jan. 20 last. This total of fixed charges, $4,473,401, the payment of
which is not provided for, the budget classifies as follows:
In Default. Due 1919.
Interest on first and primary lien mtge. bonds
$298,975 $1,410,805
Int. on second and subordinate lien mtge. bonds_.._
523,775
567,150
Interest on serial collateral notes
97,081
97,082
Interest on unsecured notes
168,869
229,529
Rentals, leased properties
854,560
229,274
MisceiIan eous
6,300
When last year the then receivers presented estimates of the receipts from
fares, when they were asking for the 5-7-cent fare before the Public Service
Commission, a year's receipts from fares was then est. at $15,794,486 or
over A1,200,000 in excess of the now est. returns from fares for 1919.
For operating expenses, the receivers announce in their budget they
expect to spend $12,294,890. Taxes for 1919, State and National, will be
$565,569, and it is proposed io pay toward trust agreements, interest and
taxes on real estate and buildings and the like, $391,050, leaving the 1919
surplus at 31,864,037, estimated.
Judge Orr from the bench. interrupting counsel for the city, said: "The
situation here is very troublesome, with its implication that these bondholders should receive nothing on the money they furnished to establish
the company. You will never be able to get a dollar of future capital investment unless payments are made on these bonds. It is a horrible situation. I don't know where it is going to end. I am looking ahead to a time
when the bondholders, coming together, will as.sert their rights. We
cannot confiscate property without compensation."
"The choice must now be made," said Special City Counsel Robinson,
addressing the Court. "between the interests of the whole community
and of returns to private caoital.'
Attorney Alter for the receivers said the situation presented itself where
the company receives about 6 LI cents per passenger, and must pay out in
ordinary charges about 534 cents of this, leaving % of a cent per passenger
for betterments to the system and the payment of capital charges.—
V. 108. P. 785, 684.
Pittsburgh & West Virginia Ry.—Committee.-:—The
"Chronicle" has received the following statement:
Stockholders having very largo aggregate ownership in the company
have formed a committee with the purpose of assisting to get the common
stock on a dividend basis as soon as earnings and wisdom permit, and of
bringing about segregation of the coal from the railway properties on an
equitable plan by voluntary act of the company, so that danger of Federal
suit to force such separation, perhaps on terms to entail loss of valuable
equities, shall be avoided. Certain changes in the directorate to.strengthen
the board in the interest of the properties and their fullest development
will be proposed.
The stockholders' committee consists of Herbert W. Goodall, V.-Pres.
of the Guarantee Trust & Safe Deposit Co.; James V. Ellison, Sec. & Treas.
of the Commonwealth Title Insurance & Trust Co,, and Isaac Starr Jr..
representing Philadelphia interests; S. Bernard November of Baltimore,
who is a director of the Minneapolis & St. Louis RR., and a fifth member,
being selected by Pittsburgh stockholders.
Chandler Bros. & Co. have issued a circular regarding this company's
common stock.—V. 108, p. 262, 80,
Puget Sound Trac., Lt. & Power Co.—Service Restored.
The street railway service in Seattle has been restored to normal following
the cessation of the general strike called Feb. 6.—V. 108, P. 270, 172.
Rapid Transit in New York.—Dates for Completion of
Various Lines Fixed by P. S. Commission.—
The below schedule tabulated by the "Chronicle" has been prepared by
the New York P. U. Commission setting approximately precise dates for
the completion of the work of the dual system of rapid transit in New
York City:
Line to be Completed—
Date.
Now Culver "L", Brooklyn (in operation Mar. 17)
Dec 15 1919
Lexington Ave. branch subway to Pelham Bay Park
Jan, 1 1920
Clark St. tunnel to Brooklyn
Apr. 1 1919
Whitehall-Montague St. tunnel
Nov. 1 1919
Eastern Parkway line, Bklyn (to be part operated in summer) Fall
1919
Webster Ave. extension Third Ave. "L"
Dec. 15 1919
B'way, N. Y., subway, 2 add'i tracks, 14th St. to Times Sq_ _Mar. 15 1919
D'way, N. Y.,subway ext. north to 59th & east to Lex. Ave ..May 1 1919
59th & 60th St. tunnel to Queens
Dec.
1919
Fourteenth St.
-Eastern Line
.Aug.
1920
—V. 108, p. 379, 270.
Quebec Ry. Light Heat & Power Co., Ltd.—Obituary.
See Quebec & Saguenay Railway below. •
President Sir Rodolphe Forget died on Feb. 16.—V. 107, p. 2290, 1187.
Quebec & Saguenay Ry.—Sale March 4.—
On March 4 at the office, 206 Transportation Bldg., Montreal, the
,mortgage trustee, the Quebec Savings & Trust Co., acting at the request
of the Quebec Ry. Lt. lit. & Power Co., owner of all the bonds of Quebec
& Saguenay Ry. Co., namely (a) an authorized $3,000,000 of 5% First
Mortgage 30-year 5s of 1911 and (b) an authorized $2,000,000 of First M.
5s of 1912, will offer at public sale and sell to the highest bidder, free and
clear of encumbrances, the Quebec & Saguenay Ity., extending from its
junction with the Quebec Montmorency & Charlevoix Ity., to Nairn Falls,
In the Province of Quebec. The upsetprice is fixed at $3,489.313 53.
The foreclosure sale, it is stated, is being carried out simply to enable
a transfer of the property to the Canadian Government free and clear.
880
[VOL. 108.
THE CHRONICLE
GovernThe road extends to Nairn Falls, Que., about 62.3 miles, and the from all
ment, under Act of 1918, is permitted to acquire the same, free amounts
charges for not over "$3,489,313,exclusive of any sums paid out of Heat &
The Quebec By., Light,
voted by Parliament in 1916 and 1917.
Power Co., it is stated, has been paying the interest as it matured on the
bonds of 1911 and 1912, $2,356,000 and $2,100,000 respectively, issued
further
on account of the line. The Government is advancing funds for Bay by
construction and it is said expects to complete the road to Murray
-V.107, p. 2290, 1288.
next summer.
-Earnings.
Alaska Gold Mines Co.
Earnings for Quarters and 12 Months ended Dec. 31.
1918-12 Mos.-191
.
.-1917
1918-3 MOS
RevenueGross val., bullion and
$458,545 $1,134,523 $2,002,603
concent. produced_ _ _ $227.542
$950,745
$663,122
$233,783
$164,856
Ore produc. & transpor_
583,065
420,421
143,509
100,662
Milling
206,530
141,493
40,421
32,178
Other expenses
Cr.11,432
loss 8,227 loss 3,148 loss 19,777
Other items
$273,690
St. Louis & Jennings Ry.-Fare Increase.
$37,684 loss$110,290
loss$78,381
Operating profit
The Missouri P. S. Commission has authorized this company to increase -V. 108, p. 173.
its fare from 2 to 5 cents for adults and from 1 to 2 cents for children.
-Offering of Serial Gold Notes,
The Commission has ordered the company to sell seven adult tickets for
Aluminum Co. of America.
25 cents, 30 for $1 and 100 tickets for $3.
Co. of Pittsburgh, Mellon National Bank
-The Union Trust
-Fare Decision.
San Antonio Public Service Co.
of Pittsburgh and Guaranty Trust Co. of N. Y. are offering
Court in San Antonio,
Judge Duval West in the United States District
-year notes, 99% and int. for 3-year
100 and int. for 2
Tex., on Feb. 18 handed down a decision holding that the franchise ordi- at
-year notes, $12,000,000 6%
4
nance under which the company operates its cars does not constitute a notes, and 993 and int. for 4
is concerned.
binding contract in so far as the five-cent-fare provision
Serial gold (coupon) notes to be dated Mar. 1 1919, to
-V. 108, p. 80.
mature $4,000,000 each March 1 1921 to 1923, inclusive.
San Francisco-Oakland Terminal Rys.-Coupon Pay't. To be authorized and issued, $12,000,000. (See adv.pages.)
Notice has been issued that funds have been deposited with the Wells
coupon due
Fargo Nevada National Bank of San Francisco to pay the the Oakland
Jan. 1 1918 on the First Consolidated Mtge. 5% gold bonds of
-V. 108, p. 581, 270.
Transit Co.
-Consolidation.
San Joaquin Light & Power Co.
This company and the Midland Counties Public Service Corp. will
-consolidate in the near future, according to a press dispatch from San
Francisco referring to an announcement made to this effect by President
A. C. Balch of the Midland Company before the California Railroad Commission during the filing of an application for permission to issue $662,000
-V. 108, p. 685.
First & Refunding Mortgage bonds.
Southern Cambria Ry.-Income Bonds.
This company has filed a certificate of notification with the Pennsylvania
P. S. Commission for the issuance of $100,000 5% Income bonds dated
Jan. 1 1919, due Jan. 1 1929. The bonds are to be issued in payment of
damage claims resulting from a wreck on the company's property in Aug.
1916. As a result of this wreck the company was placed in the hands of a
receiver in 1917, but it is expected that the receivership will be removed
as soon as the damage claims are settled.
J.
The bonds are dated Jan. 1 1919, due Jan. 1 1929, interest at 5% J. Sr all
on
Payment of principal and interest is secured by a general mortgageof the
the property and franchises. During the sixth year one-fifth
until
bonds outstanding are to be retired and one-fifth each year thereafter
all are retired. Total authorized issue $100,000. Trustee, Farmers Trust
-V. 105, p. 2185.
& Mortgage Co., Johnstown, Pa.
-Federal Contract.
Southern Pacific Co.
The Federal contract between this company and the U. S. Railroad Administration has been signed, the annual compensation allowed being $47,959,898. The subsidiaries included in the Southern Pacific compensation
are: Arizona Eastern, Houston & Texas Central, Galveston Harrisburg &
San Antonio, Texas & New Orleans, Houston East & West Texas, Houston
& Shreveport, Morgan's Louisiana & Texas, Louisiana Western, Lake
-V.108, p. 270, 172.
Charles & Northern, Iberia & Vermillion railroads.
--Erratum.
Toledo Rye. & Light Co.
-V. 108, p. 481, 380.
See Columbus Ry. Power & Light Co. above.
-Wage Increase.
Toronto Railway.
Employees of this company on Feb. 23 received an Increase in wages
of 2 and 234 cents per hour in accordance with the award of the Board
of Conciliation.
-V. 108, 13• 679.
West End Street Ry.-Dividend Status.
-V. 107, p. 503.
See Boston Elevated Ry. above.
-Bonds.
Western States Gas & Electric Co.
The California RR. Commission has authorized this company to issue
at not less than 8234 $450,000 First & Refunding 5% gold bonds due
June 1 1941. The proceeds of the new bonds are to be used to finance
-V. 108. P. 387.
construction already under way and planned.
Winnipeg Electric Ry.-New President.-
Vice-Pres. Sir Augustus Nanton has been elected President to succeed
-V. 108, p. 785.
.Sir William Mackenzie, retired.
-Committee-Status.
Yosemite Valley RR.
The below named committee has been informally organized for the purpose of investigating the present condition and future prospects of the
advisory letter
mercaneust600fanpranccototbonoersn
property.The formation of the committee followed
rothe
bonds might be cured.
which it was stated the default on the
-0. K. McIntosh, Chairman; George K. Weeks, John D.
Committee.
McKee,Ferdinand Reis Jr., J. B. Mendenhall, Ambrose Gherini, George L.
Center and A. T. Brock, Secretary. Compare V. 108, p. 380.
INDUSTRIAL AND MISCELLANEOUS.
-Offering of Pref.
Abbotts Alderney Dairies, Inc.
-Chandler & Co., Inc., Frazier & Co., Philadelphia,
Stock.
are offering at 90 and dividend, yielding about 7.78%,
$850,000 7% Cumulative First pref. stock, par $100, of
which there is authorized $1,000,000. Circular shows:
Denom. $1,000 (c). Interest M. & S. at the office of the trustee, the
Union Trust Co. of Pittsburgh, or at the Guaranty Trust Co. of N. Y.
Not subject to redemption prior to maturity.
Data from Letter of Pres. Arthur V. Davis dated Pittsburgh. Feb. 24.
-The indenture under which the notes are to be issued will
This Issue.
long as any of the notes
provide, among other things, substantially that sonot create or permit to
outstanding and unpaid, the company will
are
or against its properties (including the
exist any secured indebtedness upon
properties of subsidiary companies, but excepting the present funded debt
of
of the subsidiaries, amounting to $858,000), also that the quick assets
at
the company and its subsidiaries shall at all times bethe least equal to the
amount of these
aggregate amount of their indebtedness, including
notes then outstanding.
-The business conducted by the Aluminum Co. of America
Company.
of the mining of the
and its subsidiaries was established in 1888 and consistsand its fabrication.
ore of aluminum, smelting of aluminum therefrom, Ill.; Niagara Falls,
The principal plants are located at East St. Louis,
ShaN. Y.; Massena, N. Y.; Edgewater, N. J.; New Kensington, Pa.;
winigan Falls, Que.; Bailn, N. C., and Marysville, Tenn. The company
owns and operates large water power plants for the production of electricity required by its smelters.
referred
With the exception of the interest on the $858,000 bonds above
presently
to, amounting to $44,960, the interest on the $12,000,000 notescompany,
the net earnings of the
to be issued will be a first charge against
which in no year for the last four years have been less than $8,000,000
after taxes and depreciation.
The investment in the fixed property of the company and its subsidiaries
exceed
is many times the maximum of these notes, and their current assets 173.
-V. 108, p. 785,
three times the amount of all their indebtedness.
-Acquisition.
American Car & Foundry Co.
on
President Sir John M. Gibson of the National Steel Car Co., Ltd., of
the sale
Feb. 27 confirmed reports that negotiations are under way for Co. It is
that company's property to the American Car & Foundry the comrumored that the price for the pref. stock is $114 per share and
mon $25.-V. 107. p. 2009. 2291.
American District Telegraph Co. (of N. Y.).
No circular has been issued relative to the distribution of the assets of
the company for the reason that the stockholders have not yet authorized
however, that they will
the dissolution of the company. It is expected,1919 the Western Union
shortly take action on the matter. Since Jan. 1
conducted the messenger service business as usual
Telegraph Co. has
14 1918.
Digest of Statement by President ii. F. Stevens, N. Y., June Nov. 8
on
Co.
Our contract with the Western Union Telegraph1892 expires the rates
and fixes
made in July
1921. This agreement was originally
and
to be paid by the Western Union Co. to this company for the collection prodelivery of telegrams, and up to the time of the abnormal conditions on
in making a fair return
duced by the war your company succeeded
the plant investment.
two
The constant demand for increase in wages of employees in the past now
operation are
years has brought us to the point where the expenses of that the collection
than the income. The Western Union Co. feels
greater
its telegraph business and
and delivery of telegrams is an integral part of of the agreement with this
it has therefore indicated that at the expiration and delivery service, and
to operate its own collection
company it intends
it has signified
will not renew our contract in any form. At the same time
-that is
its willingness to purchase our physical plant on a reasonable basis
cost of the plant, lass depreciation, and
to say, the present reproduction
by three appraisers.
suggests that the purchase price bedetermined the Western Union Co. is
The collection and delivery of telegrams for
being about 66%
our principal source of revenue, the amount therefrom of the revenue is
balance
of the total operating revenue for 1917. The telephone directories, &c.
the delivery of parcels, circulars,
derived from
retention of
and from dividends and interest on investments. Without the
cannot, we believe, be profthe telegram delivery business the company plant, the assets consist of
addition to the wire
itably operated. In
investment securities of substantial value.
Your directors therefore recommend that the physical plant be disposed
debts
payment/ of
of; that the securities held be sold, and that after the 108, p. 685.all
-V.
and liabilities the company wind up its affairs.
-Subsidiary Co. Organization.
Express Co.
American
Announcement is made of the incorporation of the American Express
capital stock
Co., Inc., under the laws of Connecticut with an authorized the American
of $6,000.000. The company is organized as a subsidiary of operations in
to facilitate the parent company's
Express Co. in order
foreign countries. The entire capital stock is owned by the American
-V. 107, p. 1188.
Express Co.
-M. Callable in whole or in part at 110 and dividend.
Divs. Q.
Outstanding.
Authorized.
Capitalization$850,000
$1,000,000
First pref. stock 77 cumulative
161,800
1,000,000
Second pref. stock 7% cumulative
10,000 shares
10,000 shares
Common stock (without par value)_
to provide the
-Bond Purchase.
The purpose of the sale of this issue of first pref. stock is entire business
American Hide & Leather Co.
par
money to purchase and operate the
company with sufficient
This company having a surplus of cash on hand is prepared to pay
of the Lifter Ice Cream Co. in conjunction with its present business of and int. to any bondholder who desires to present his bonds for payment
retail milk distribution, and to supply additional working capital. Total at any time prior to maturity. 'rho company will have $2,525,000 manet earnings of the Abbotts Alderney Dairies and the Lifter Ice Cream Co. turing as of Sept.! 1919.-V. 108, p. 381, 81.
for their respective fiscal years 1918, after allowing liberal depreciations
$233,220, or
-Bonds-Corn. Div. 1%.
(adjusted to show the probable effect of this financing), were stock.
American Smelt. & Refin. 00.
24 1919,
3.91 times the dividend requirement on this new 1st pref.
A supplemental agreement has been executed. dated Jan.of coupon
Further particulars should appear another week.
of 1917 so as to permit tho exchange
modifying the 1st Mtge.
n
bonds of the
--Listing.
bonds of the denomination of $1,000 for coupon bonds of the denomination
Ajax Rubber Co., Inc.
denominatio
coupon
The New York Stock Exchange has added to the list $100,000 additional of $500 or $100 and for the exchange of
n of $100 of the same series.
denominatio
common stock issued to be sold to employees at par, $50, making the total of $500 for coupon bonds of thehas authorized the listing of said bonds so
The New York Stock Exchange
amount authorized to be listed $8,200,000.-V. 108, p. 782, 685. bonds repremodified as to apply up to a total of $46,256,400 of couponM1 upwards.
-Earnings.
Co.
Allis-Chalmers Manufacturing
sented either by coupon bonds of $1,000 each, numbered coupon bonds
19th.
1916.
1917.
1918.
Calendar Yearsbonds for $500 each, numbered from D1 upwards, or bonds of the
coupon
$35,031,234 $26,129,317 $19,440,509 $11,666,413 for $100 each, numbered from Cl upwards, or by coupon
Sales billed
Cost (incl. depreciation
denomination of $500 each, numbered from DI upwards.the common stock,
) 23,339,431 19,144,107 14,699,744 9,582,264
& devel. expenditures
The directors on Feb. 5 declared a dividend of I% on
paid
payable Mayen 15 to holders of record Feb. 11, comparing with 134%
$11,691,803 $6,985,210 $4,740,765 52,084,149 quarterly since Dec. 1916.
Factory profit
increase in its price of lead to 534 cents.
Selling, publicity, adThis company has announced an
1,353,054
1,838,454
1,906,264
min., &c., expenses.._ 2,220,166
V.
- 108, p. 685.
$731.095
$2,902,311
-Earnings.
Manufacturing profit_ $9,471,637 $5,078,946
American Wringer Co.
347,257
262,709
229,844
283,112
-Other income
.
Previous Pf. Div. Common Depreci- Total
Net
Calendar Gross
Earns. Earns. Surplus. (77) Dividends. Winn. Surplus.
Year$9,754,749 $5,308,791 $3,165,020 $1,078,352
Gross income
$1,812 $80,000
1918 _--$121,760 $14,926 $180,000 $59,500 (00540,500 17,023 180,000
Provision for Fed'I taxes
1917 _- 263,936 145,523 165,000 59,500 (6) 54,000 9,082 165,000
$4,549,000 $1,298,300
& contingencies
140,000 59,500 (6) 54,000
262,086 147,582
_
579,882
Amort. of war facilities_
V.
1916-- 106, p. 1685.
$4,625,867 $4,010,491 $3,165,020 $1,078,352
Net profit
--Earnings.
American Writing Paper Co.
Unfilled orders on hand Dec. 311918,$23,154,000.-V. 108, p. 785.
1915.
1916.
1917.
1918.
-Dividend Reduced.
Allouez Mining Co.
$21,122,006 $15,868,685
A quarterly dividend of $1 has been declared on the $2,500,000 outstand- Gross sales
$2,031,988 $1,851,693 $3,927,941 $1,185,760
ing capital stock, payable March 31 to holders of record March 17. A divi- Net earnings
$150,287 $2,524,378 def.$126,955
51,252,629
Balance,surplus
siend of $1 50 was paid quarterly in 1918.-V. 105, p. 2096.
MAR. 1 1919.]
THE CHRONICLE
New Directors.
-
Carl Schmidlapp and W. M. Smith have been elected directors to
succeed J. S. Gittens, deceased, and George W. Valliant. All other directors
were re-elected.
-V. 108, p. 685.
Arizona Power Co.-Earninge.- 12 Mos. to Oct. 31.-
1918-12 Mos.-1917
Gross earnings___$596,140 $454,179
Net, after taxes--$301,823 $280,991
Other income..___
3,650
693
Total income_ _3305,473 $281,684
Net income
-V. 108. p. 271.
881
Central Leather Co.-New Officers.
The following officers have been elected:
W. Childs, 1st V.-Pres.; Warren G. Horton,Walter S. Hoyt Pres.;George
2d V.-Pres.: William McAdoo
Jr., 3d
• Harry W. Hill, Treas.,
The executive committee wa.s increasedand Fred. E. Knapp, Sec.
V.-Pres.'
from six to
of Mr. McAdoo, other members having been re-elec seven by the election
ted.
-V. 108, p. 82.
1918-12 Mos.-1917
Chile Copper Co.
Bond & note int__$124,110 $124,904
-Output.
Int. on A. S. G.
1919.
1918.
January output (lbs.)
Co. 1st M.6s__ 42,000
3,500
6,800,000
8,358,000
General interest.. _ 13,538
10,654 -V. 108, p. 383.
Depr.&repl.res've 42,622 21,507
Chino Copper Co.
-Status-Outlook.
See Utah Copper Co. below.
583,203 $121,119
-V. 108, p. 786.
1917.
7,756,737
Cincinnati & Suburban Bell Tel. Co.
Armour & Co., Chicago.
-Preferred Dividend.
-
On inquiry we learn that the income account as recently published in the
"Chronicle" should have shown the initial (quarterly) preferred dividend
paid on Oct. 1, amounting to $37,282. only a small amount of the preferred
stock having been issued at that time in exchange for the debenture notes.
Compare V. 108, p. 264, 275.
-Merger.
This company on Feb. 11 filed application with
the Ohio P. U. Commission for authority to purchase the property
phone Co.,the consideration to be determined byof the Bethel Home Telethe engineers of the State
P. U. Commission.
-V. 106, p. 609, 601.
Cities Service Co.
-Subdivided ($10) "Bankers' Shares"
-H. L. Doherty & Co. and Montgomery &
• Year Book.
-The Armour & Co. Year Book for 1918 is Oversubscribed.
Co., syndicate managers, announced on Thursday that apillustrated with colored sketches by Joseph Pennell.
Our shipments for foreign relief, to our Allies and to help make our own plications for participation in the syndicate formed to underfighting forces "the best-fed army and navy in the world," averaged over write 200,000 "Bankers' Shares"
of $10 par value at $35 each
75,000,000 pounds per month. All this affected our domestic markets,
were largely in excess of the amount available. The bankers
which provide the steady outlets for American producers.
That the Government took 40% of our entire volume last year
were receiving subscriptions yesterday for a further 100,000
partly solved the difficulty of disposing of our enlarged output. only
The
Government's need was for food. And this left a huge increase in inedible Bankers' Shares at $37 50 each.
parts to be made into by-products-and marketed. If a thousand-pound
steer could be used for nothing but its food value, there would be approximately 440 lbs. of waste. Sold at regular prices, the meat would
not
bring what the steer cost.
Thus, new killing buildings alone were not enough. More
tanks, dryers, oleo kettles, hide-storage buildings, &c., all had to coolers,
follow.
Our whole business had to expand. It was a period of pressure.
The emergency is by no means over. America now has all of Europe
to help feed, plus her own population.
In the past year we have paid producers more than $515,000,000, over
40% more than in the year preceding. That packers' profits induced high
meat prices, is, of course, disproved by facts; because, while packers
have had to pay the high livestock costs influenced by the Food Administration, profits, though Government-restricted, were actually less than
legally permitted. We do not own a single retail store selling to the public.
Our output is sold through some 200,000 dealers scattered over the whole
country.
Operations, Plants, c%c., Year 1918 (United States Figures only).
Tot, employees, number_
57,303 Paid for hogs
$245,131,715
Number killing plants_ _
14 Paid for cattle
232,709,657
Number branch houses__
392 Paid for sheep
24,530,610
Floor area,all plants(sq.ft.)17,623,814 Paid for calves
15,599,044
Refrigeration capacity 15,170 tons per day; refrigerator and tank
5,435; motor trucks in service, 1,304; sugar used, 10,996,710 lbs.; tin cars,
cans
and pails, $7,425,321.
Reported Exchange of Property.
-
This company and Swift & Co. are reported to have effected an exchange
of properties whereby the expansion plans of both
will be
facilitated. The property disposed of by Swift & Co. corporationsapproxiis valued at
mately 5300,000.-V. 108, P. 685, 482.
Asbestos Corp. of Canada, Ltd.
-Earnings.
1918.
1917.
1918.
1917.
Gross Income
$1,177,179 $563,070 Bond Interest
$150,000 $150,000
Int. on Invest., &e
76,634
Preferred dividends_ 190,000 160,000
Less-Renewals and
Common dlvs. paybetterments ___ 197,490 159,280
able Jan. 1
45,000
Exhaust, of mIngs__ 104,396
Balance, surplus_ __ $566,927 $93,790
-V. 107. p. 2378.
Atlantic Gulf & West Indies SS. Co.
-Dividends.
-
Four quarterly dividends of $1 25 each have been declared on the pref.
stock, payable April 1, July 1,Oct. 1 and Jan. 1 1920 to holders of record
March 10, Juno 10, Sept. 10 and Dec. 10.-V. 108, P. 785.
Boston Cape Cod & New York Canal Co.
-
The Senate Commerce Committee on Feb. 25 ordered a favorable
on the bill authorizing the Government acquisition and operation report
of
Cape Cod Canal at a cost not to exceed $10,000,000.-V. 107, p. 606, the
504;
V. 108, p. 785.
Brooklyn Edison Co., Inc.-Directors
Extracts from Official Statement by President Henry
L. Doherty,
New York, Feb. 24 1919.
Bankers' Shares.
-The company has arranged to deposit with the Bankers Trust Co., N. Y., depositary, under an agreement to
by
counsel, 30,000 shares, par value $100 each, of common be approvedthe
stock from
unissued stock of the company, and for the issuance of non-voting certificates, in registered form to be known as Bankers' shares, against
the
stock so deposited, each such Bankers'share representing one-tenth
(1-10th)
of a share of said common stock of $100 par value. There will therefore
be immediately issued 300,000 Bankers' shares against 30,000 shares
of
Cities Service Co. common stock deposited under the agreement.
The company or its fiscal agents, Henry L.
exclusive right to deposit additional shares ofDoherty & Co., will have the
the common stock from time
to time, against which additional Bankers' shares may be issued.
Holders of the Bankers' shares will have the right upon notice to
the
depositary to surrender their Bankers'shares and receive therefor one share
of common stock, $100 par value, for each ten Bankers'shares surrendere
d.
The agreement will provide for the sale each month of all stock dividends
received on the deposited common stock and the disbursement of the
proceeds from such gale, together with the cash dividends received on
the
deposited stock, in the form of a monthly cash dividend on the Bankers'
shares to be issued, payable on the first of each month, commencing
1 to shares of record on the 15th day of the preceding month. At the April
present dividend rate and market price of Cities Service stock there should
available approximately 40 cents on each Bankers' share per month. be
Organization.
-Cities Service Co.: (a) Through 75 public utility subsidiaries supplies various forms of utility service to a population in excess
2,250,000 in more than 200 communities in 21 States and the Dominion of
of
Canada. (b) Carries on activities in the oil industry through the Empire
Gas & Fuel Co. and 26 other oil producing, transportin
tributing subsidiaries. In 1917 the gross production ofg, refining and disoil was 13,031,889
barrels, and for 1918 the oil production was in
an average of more than 41,0100 barrels daily. excess of 15,000,000 barrels,
Subsidiaries operate seven refineries in Okla., Kan. and Texas, and three
In Pennsylvania, also approximately 2,500 oil tank cars and fleet
of
a
carrying ocean vessels, sea-going tugs and oil barges; approximately oil900
miles of trunk and field gathering lines.
Stock of Cities Service Co. Jan. 1 1919 (Additional to Bonds).
Authorized. Public Holds. In Treas'y.
Preferred stock
5100,000.000 $67,906,732 $2,456,969
Common stock
$50,000,000 $28,488,548
4,037,315
Company's Proportion of Net Earnings of Subsidiary Companies.
1918.
1917.
1916.
1915.
Grossincome
$22,280,067 519,252.492 $10,110,342 $4,479,800
Net income
21,486,002 18,892,402
Preferred dividends_ __ _ 4,034,274 3.712,695 9,611,993 3,816,944
2,409,691
1,570,005
Surplus for corn. stock
and reserves
17,451,728 15,179,707 7,202,302 2,246,939
These figures are after reserves had been charged against
of subsidiary corporations for payment of all Federal excess profitsprofits income
taxes,
taxes and other charges.
-V. 108, p. 483, 383.
Clark's Fork Land & Cattle Co.
-Bond Offering.-
-Report.
Osborne-Cochran, Inc., Chicago and Milwaukee, are offering $250,000
At the annual meeting held Feb. 24 the following were unanimously reelected as directors for the ensuing year: Frank Bailey, Charles A. Doody, Series A 7% Farm Land and Cattle Debenture bonds, dated Feb. 1 1918.
James C. Brady, N. F. Brady, II. L. Bridgman, William C. Courtney, duo $50,000 Feb. 1 1929, inclusive.
The company has outstanding $20,000 shares of common stock of net
Daniel J. Creem, H. 0. DuVal, Walton Ferguson, George B. Gallagher,
par value and $1,000,000 7% Cumulative preferred stock.
William V. Hester, Adrian T. Kiernan, Thomas E. Murray, J. N.
WalThese bonds are secured by 5,300 acres of rich farm lands which with
lace and W. F. Wells.
the balance of the company's assets, amount to approximately $1,352,999,
The annual report will be found on subsequent pages. as of Dec. 30 1919.
-V. 108, p. 383, 576, 582.
Colorado Power Co.
-Earningsfor 12 Mos. to Dec. 31.-
1918-12 Mos.-1917.
1918-12 Mos.-1917
Gross earns....$1,273.212 $1,183,750 Deprec'n reserve_$126,437
end. Dec. 31 -12 Mos. end. Dec. 31- Net,aft.taxes_ $716,958 $676,301 Preferred dividend 57,316 $117,243
44,718
Net value of1918.
1917.
Other income_
1918.
31,990
32,284 Common dividend*221,264 221,264
1917.
Zinc concentrates_ _ _ _ $983,362 $1,351,796 $4,635,550
$5,507,948
Lead concentrates_ _ _
398,352
204,596
1,279,705
872,913 Total income_ $748,947 $708,585 Surplus
$118,984 $98,689
Metal inv. & quotations
187,000
387,000 Int. charges__ $224,946 $226,670
Miscellaneous income.._
20,262
6,467
59,071
103,191
* In addition, an extra dividend of
%, payable in Liberty bonds
Total net value
$1.401,977 $1,749,858 $5,974,326 $6,871,052 Dec. 20, was declared on the common stock.
-1T. 108, p. 383.
Operating costs, tax, &c. 1,305,471
1,185,841 5,276,003
4,147,457
Columbia Graphophone Mfg. Co.-Com. Div. Increased.
Profits
$96,506
$564,017
The quarterly dividend (No. 4) of $2 50 in cash and 1-20 of a share in
$698,323 $2,723,595
common stock has been declared payable April 1 to holders of record
President D. C. Jackling says: "The above statement for 1918
charges for Germania operations and a charge for depreciation,includes March 15. This compares with $1 75 paid in cash on the common for
but
charge for depletion. Reserves have been set up estimated sufficient no the last three quarters.
-V. 107. P. 908.
to
cover State and Federal taxes. The average spelter price used in estiCommonwealth Lt. & Pow. Co., N. Y.
mating concentrate returns was 7.8927c.
-V. 108, p. 583, 173.
-Notes Canceled.
The 6% notes due Sept. 1 1919 to a total of $450,400 were
of Jan. 24 1919. A. E. Fitkin & Co. are interested. Compare canceled as
bond offerCalumet & Arizona Min. Co.
-Dividend Reduced,
ing, V. 107, p. 2292.
The directors have declared a quarterly dividend of $1 (10%) per
Consolidated Coal Co. of St. Louis.-Bond Call.
on the stock, payable March 24 to holders of record March 7. Thisshare
compares with $2 (20%) paid quarterly in 1918.
Thirty-four ($34,000) First Mtge. 30
-year 6% sinking fund gold bonds,
Dividends1908-11. 1912. 1913. 1914. 1915. 1916. 1917. 1918. dated Sept. 1 1911 (ranging in number from 540 to 900, inclusive), have
Per cent
been called for redemption March 1 at par, 5% premium and interest,
40 y'rly 42M
50
30 32%
90 110
80
at
-V. 108, Po• 688
the Bankers Trust Co. of New York.
-V. 107. p. 699.
.
Butte & Superior Mining Co., N. Y.--Earnings.Period Covered-3 Mos.
California Wine Association.
-Common Div., &c.
-
A dividend of $10 was declared on the $4,754,200 outstanding
stock, payable $2 50 quarterly April 10, July 10, Oct. 10 and common
Jan. 10
1920 to holders of record on the first of the month in each case.
exception of a $20 dividend paid Sept. 3 1918, this is the first payment With
since
1914, when 1 % was paid March, Juno and December.
A circular letter sent out by President M.J. Fontana on about
"The management considers that on account of the Federal Feb.3says:
prohibition
amendment recently adopted, no more winemaking will be conducted by the
association, and all that remains to be done relating to that portion
of its
business is to dispose of the stocks on hand. This does not, however,import
that other branches of the business, such as the making and selling of
grape
juice, cultivating and improving its lands and the like, will not continue.
"When the income taxes for 1918 are adjusted and the current accounts
for that year brought to a close, an accurate report will be made
to all
the stockholders at the same time. At this date it can only be said that
if
the association is able to sell and deliver its present stocks before
July 1
it should then be in a financial position to pay dividends
stock based upon a valuation of about $200 per share." upon the common
-V.107, p. 2191.
Consolidated Gas Co., N. Y.
-Litigation.
-
Judge Mayor in the United States District Court at New York on Feb.
denied the motion made by Corporation Counsel Burr for permission 24
to
allow the city to intervene in the suit brought by the company to enjoin
the Attorney-General and the P. S. Commission from enforcing the 80-cent
gas law, which, it has been claimed, under existing conditions is confiscatory.
-V. 108, p. 786, 686.
Davison Chemical Co.
-Notes Purchased.
-
Press dispatches from Baltimore state that the Mercantile
Baltimore has purchased an issue of $1,500,000 one-year 6% Trust Co. of
company, the proceeds of which will be used in taking up a notes of this
like amount
of notes maturing March 1.-V. 107, p. 85.
Doble (Detroit) Steam Car Co., Detroit.
-Merger.
-
See Saxon Motor Car Co. below.
-V. 106, p. 1903.
D. C. Shipping Corp.
-Bond Call.
-
Eight First Mtge. 7% Sinking Fund gold bonds ranging in
from 25 to 93 have been called for payment on March 1 at 103 andnumbers
interest
at the Commonwealth Trust Co.. Pittsburgh.
882
THE CHRONICLE
[VOL. 108.
reducing the pref. stock listed to $13,075,700. This $96,450 common
stock was part of a total of $19,710,000 reserved for Issuance in exchange
to
1914-15.
1915-16.
1916-17.
for $13,140,030 outstanding pref. stock as the same may, from time an
1917-18.
with the terms of
Total earns. (all cos.)__x$7,980,152 45,851,130 $4,783,081 $3,904,957 time, be surrendered for cancellation in accordance
6340,134 agreement dated May 19 1903 (V. 79, p. 2586; V. 92, p. 1371).-V. 106.
$403,327
$651,287
Admin., &c., expenses.... $634,199
210,408 p. 2341
162,990
94,363
464,857
Int. on deb.,&c.(net)__
106,392
98,771
173,455
60,832
Depletion, &c
-Earnings.
General.Baking Co., New York.
Prof. dividends(7%).._ _ 2,450,000 2,518,455 2,647,995 2,647,995
1915.
1916.
1917.
1918.
Fed. taxes add. to amts.
Calendar Year$741,014
$919,053
b$964,019
1,335,276
a$1,004,955
paid by subsidiaries
Net
$205,432
$205.156
$213,199
650,000
Contingent reserves_ _ _ _
Bond, &c., interest_ _ _ _ $238,420
209,012
213,113
215,712
307,323
Reserve for depreciation
4,245
Total deductions._,... $5,595,164 $3,437,560 $3,313,083 $3,304,928 Miscellaneous
600,029 Paid on Kolb guaranty..
50,000
2,384,988 2,413,570 1,469,998
Balance, surplus
237,000
237,000
237,000
237,000
_
Pref. dividends (4%)_
$12,232,592 $9,847,605 $7,434,035 $5,964,037
Total surplus
given after de$655,689
$705,269
$665,911
xThe "total earnings" as reported for year 1916-17 were are stated after
Total deductions____ $782,743
$8o,325
$213,784
whereas in 1917-18 the total earnings
$222,212 b$298,108
ductions for all taxes,
Balance,surplus
allowing for Federal and other taxes of the subsidiaries and a further item
a Net profit for the year 1918 is shown after making provision for deas shown, is charged against income on account of "Federal preciation, income and war excess profits taxes. b The report for 1917
of $1,335,276,
income and excess profits and other taxes (in addition to provision made by stated the net income after deducting adequate reserves for bad and doubtthat
."-V. 106. p. 921.
subsidiary companies)
ful accounts receivable and for all ascertainable liabilities, but statedtaxes
and Federal income
-Offering of Class no provision had been made for war excess profitsp. 1340.
East Bay Water Co. Oakland, Cal.
-V. 107,
accrued and subject to such provision.
Deere & Co., Moline, Ill.-Resultsfor Years end. Oct. 31.
"A" 6% Pref. Stock.-11Villiam Salomon & Co. and Cyrus
Peirce & Co., Los Angeles and San Francisco, are offering
at the market, to yield over 7%, a block of Class "A" 6%
cumulative pref. (a. & d.) stock, par $100, making the total
outstanding of this issue $4,900,800. Authorized amount
$6,000,000. A circular shows:
-Earnings.
General Cigar Stores Co., Inc.
1915.
1916.
1917.
1918.
Calendar Years$5,893,956 a$4,520,578 $4,553,656 $3,582,581
Gross profits
Admin., selling exps. &
2,997,416 3,126,598 2,050,633
provision for taxes_ _ _ 4,310,871
Profitfrom operations $1,583,085 $1,523,162 $1,427,058 $1,531,948
70,903
64,241
87,198
500,685
profits, int., &c__
The company now has under construction the San Pablo dam and reser- Misc.
voir, which will be completed about the end of 1919. This reservoir will
$2,083,770 $1,610,360 $1,491,298 $1,602,851
Total profit
have a storage capacity of about 13,000,000,000 gallons with a tributary Int.on loans & deposits_
$177,433 a$129,868
$268,339
423,883
350,000
watershed area of 36 sq. m. Up to Jan. 1 1919 $1,502,939 had been ex- Divs. on pref. stk.(7%)
350,000
350,000
350,000
..724,160
pended on the project, from which no income has yet been derived. addi- Divs.on corn. stk.(4 0
724,160
724,160
724,160
)
The Cal. RR. Commission has just authorized this co. to issue an
"A"cumulative preferred stock amounting to $437,331,
tional block of class
A11,498,043 $1,342,499 $1,251,593 $1,204,028
Total
$398,823
with the understanding that $343,277 of the proceeds shall be used to reim- Balance,surplus
$239,705
$267,861
3585,727
burse the company's treasury and the balance of$90,054 to finance,in part,
-V.107, p. 1484.
a Does not include Federal tax.
-V. 108, p. 584, 384.
project.
construction work on the San Pablo
East Ninth-Euclid Co., Cleveland (Hickox Bldg.).
-The Tillotson & Wolcott Co. are offerOffering of Bonds.
ing at a price to net 7% per annum $250,000 First Mortgage Leasehold 6% gold bonds dated Feb. 1 1919 and due
Feb. 1 1924. Redeemable at 101 and int. on any interest
date to and including Feb. 1 1921, and at 102 thereafter.
The bonds are secured by a first mortgage upon the company's leasehold,
which is appraised at $415,000.
-Prospectus.Eastern Potash Corporation.
•
Hellwig & butter, New York City, have issued a full prospectus
announcing the Eastern Potash Corp., which is organized in Delaware
with a total authorized capital stock of $7,500,000, of which $2,500,000 is
a
7% pref. stock. The company has purchased for its first plant-site it
tract of 61 acres on the Raritan River, near New Brunswick, N. J., and
plans for erection of its first potash plant capable
has completed the detailed
of producing 20,000 to 30,000 tons of potash per annum, equivalent to
about 150,000 tons of potash salts of the usual market grades. about
The raw material to be used is green sand or glauconito, containing
7 to 8% of potash, and found in large quantities in N. J., Dela., Md.& Va.
-Earnings.
Empire Steel & Iron Co.
1918.
1917.
1918.
Cat. YearsGross income_ _31,207,029 $1,800,251 Res.for taxes, Are_ $510,000
182,076 Pref. dividends..__ 250,000
Int., deprec., &a_ 212,526
Balance, surp__ $234,503
Net income....$994,503 $1,618,175
-V.107, p. 2379.
1917.
$600,000
387,500
$630,675
-Operations.
Fore River Shipbldg. Co., Quincy, Mass.
This company, it is reported, is at present giving employment to 26,000
workers at its Quincy and Squantum plants, about 1,51)0 more than ever
before employed, including the period of the war. The company is understood to have sufficient work ahead to insure capacity operations throughout the present year and into 1920.-V. 102, p. 1543.
Fort Worth Power & Light Co.-Earnings.
1918-12 Mos.-1917
1918-12 Mos.-1917:
Gross earns_ _$1,305,160 $1,015,938 Int. on bonds_ _ _ _3161,598 $126,254
1,101 Cr.5,091
Net, aft. taxes $591,078 $552,003 Other int. & deduc
77,000
Divs, on pref. stk.. 93,490
6,813
Other income_
$341,702 $353,840
$552,003 Balance
Total income.. $597,891
Outstanding capitalization as of Dec. 311918: Prof. stock, 77,31,350,000; common stock, $2,760,000; 1st M.6% bonds, $3,490,000.-V. 107, p.
608.
-New Officers.
Galena-Signal Oil Co.
Joseph F. Sullinan has been elected President to succeed Gen. Charles
Miller, resigned. L. J. Drake and L. F. Jordan were made Vice-Pres's
and James E. Linehan, Secretary and Treasurer. Five new directors
were also elected including J. F. Cullinan, Frederick Strauss, John 13.
Dennis, L. F. Jordan and D. V. Sedgewick, who succeed Charles Miller,
C. C. Steinbrenner, G. C. Miller, D. D. Mallory and G. F. Proudfoot.V. 107, p. 2101.
General American Tank Car Corp. of W. Va.Offering of Equipment Series "FF."-The Central Bond &
Mtge. Co., Chicago, and the Cleveland Trust Co., Cleveland,
Ohio, have sold at a subscription price to yield 62%,
'
$525,000 6% Car Equipment gold bonds, Series "FF,
dated Feb. 1 1919, due $130,000 Feb. 1 1921, 1922, 1923
and $135,000 Feb. 1 1924. Denom. $1,000.
Interest F. & A. payable at the Cleveland Trust Co., Trustee, Cleveland,
Ohio, without deduction for any Federal normal income tax not in excess
of 2%, now or hereafter deductible at the source. Callable on any interest
date upon 60 days' notice at 101% and interest.
-Exclusively engaged in the manufacture and rental of railCompany.
Ind.,
road tank cars. The plants are located at Warren, Ohio; Calumet, three
and Sand Springs, Okla. The company is now producing at these
plants approximately 20 cars daily, and recent additions give the company
the largest tank car capacity in the world. They are operating at the
present time about 7,000 cars.
-In addition to being a direct obligation of the 'corporation,
Security.
this issue is secured by the usual equipment trust, oonveying title to the
Trustee on new steel underframe tank cars of 8,000 and 10,000 gallon
capacity providing ample equity to bond holders. The title to these cars
remains in the Trustee until the last series of bonds are paid, thereby very
substantially increasing the equity back of these bonds upon the payment
of each serial maturity. A depreciation of 5% is charged off annually on
this class of cars, giving them a nominal life of twenty years. In reality
actual operation has proven that the life of the cars very greatly exceeds
this period.
Financial Statement as of Sept. 30 1918. (Total each side, $18,990,508.)
(Adjusted to include proceeds from this bond issue.)
$3,539,358
$9,546,468 Current liabilities
Quick assets
5,672,000
Bonds
Equipment (cars owned,
3,000,000
8,695,165 Capital stock
less depreciation)
6,779,150
748,875 Surplus
Plants and other assets.. _ _
.-The company earned for the calendar year 1917, net, after
Earnings
all charges, including taxes, $1,385,616; and for 1918 earnings were more
-V. 107, p. 1484.
thanidouble this amount.
--Listed.
General Asphalt Co.
The Philadelphia Stock Exchange has listed $96,450 additional common
stock, issued in exchange for $64,300 pref. stock, surrendered for cancellation, making the total common stock listed at this date $9,958,450. and
-Recent Acquisitions
General Motors Corporation.
-The New York Stock Exchange
Present Capacity of Plants.
recently authorized the listing, when and as issued, of $68,742,300 additional common stock and $50,740,800 of the
new 6% cumulative debenture stock. These amounts have
been or are to be issued on account of the company's recent
acquisitions and developments (as stated in V. 108, p. 584),
except that $19,980,300 of the debenture stock is reserved
for exchange for the pref. stock of the General Motors Corp.
and a portion of the proceeds of $24,000,000 of the common
stock, offered to the common stockholders at 118, is to be
used for reduction of liabilities of subsidiaries. As of Jan. 20 the co. reported to N.Y.Stock Exchange in subst. as follows:
Properties Acquired from Old General Motors Co. of New Jersey.
On Jan. 2 1917 General Motors Co. (of N. J.) caused the dissolution of
the various subsidiary manufacturing companies of which it owned all of
liabilities of said
the stock and took over all the assets and assumed thewas dissolved, its
companies. On Aug. 1 1917 the New Jersey company
and its assets taken over by the General Motors Corporation
stock canceled
(of Delaware), which now comprises the following operating divisions and
subsidiary companies. The corporation also acquired the shares indicated
in subsidiary companies through the dissolution of the New Jersey company.
-(2) Selling Cos.
(1) Physical Properties Acquired from New Jersey Co.
Acres in Sq. Feet Appr.Car (2)Selling Cos..
Mfg. Plants, &c.- Location. Fee. Floor Space Cap.Yrly. Stock. Owned.
(1)
167 2,850,000 150,000 $10,000 $10,000
Buick Motor Co. Div_ _Flint
27 1,750,000 20,000 10,000 10.000
CadillacM.Car Co. Div.Detroit
13 650,000 75,000 10,000 10,000
Co. Div.Pontiac
OaklandM.Car
17 440,358 12,000 10,000 10,000
Gen. M.Truck Co. Div.Pontiac
55 651,426 35,000 10,000 10,000
Olds M. Wks. Co. Div.Lansing
12 375,000 Parts 10,000 10,000
*Weston-Mott Co. Div.Flint
*Northway M. & Mfg.
5 445,000 __do__ 10,000 10,000
Detroit
Div
Co.
*Jackson-Church-Wilcox
1 332,000 __do__ 10,000 10,000
Saginaw
Co. Div
100,000 100,000
Gen. Motors Export Co.
Gen.Motors(Europe),Ltd.
Not Selling Cos.
100.000 62.500
71,646 ....do
2
*Champion Ignition Co.Flint
1,003,000 500,000
McLaughlin M. Car Co., Ltd.
Total
299 7.565,430 292,000
*These four plants manufacture automobile parts, not automobiles.
x Preferred stock-Authorized, £50,000, outstanding, £20,000; owned
by General Motors Corporation, £20,000. Common stock-50,000 shillings authorized, 50,000 shillings issued; 50,000 shillings owned by General
Motors, Ltd.
Motors Corporation; originally incorporated at Bedford England, is not
The plant of General Motors (Europe), Ltd., London,
but is
owned by General Motors Corporation, or its subsidiary companies,20,000
operated under lease from third parties. It has a floor capacity.of also
Corporation
sq. ft. and a capacity of 3,000 cars yearly. General Motorsestate and plants
acquired from the New Jersey company the following real
not in operation: Saginaw, Mich., acreage 126, floor space 212,000 sq. ft..
and Detroit, acreage 134, floor space 200,000 sq. ft.
Subsequent Acquisitions by General Motor Corporation.
[For amounts of stock issuahle for these acquisitions, see V. 108, p. 584.1
(1) Since Aug. 1 1917 completed the purchase for cash of the entire outCapitalistanding stock of Samson Sieve-Grip Tractor Co., Stockton, Cal.land, with
zation, $400,000 common stock, par $1. Owns 126 acres of capacity
116,000 sq. ft. of factory floor space. Number of employees 500;
of plant, 3,000 tractors a year.
(2) Properties of Chevrolet Motors Corporation (of Dela.) acquired as of
May 2 1918: V. 106, p. 824,_2761; V. 107, ID). 1191, 1289, 1581; V. 108.
p. 174, 583; V. 101, p. 1094; V. 102, p. 439, 972.
(3) On July 1 1918 acquired for cash the entire common capital stock of
$1,000,000 of the Janesville Machine Co., Janesville, Wis., manufacturing
farm implements and employing about 250 men. Plant floor space,
265,890 sq. ft.
(4) In July 1918 for cash approximately 122 acres of land in Janesville,
Wis., for tractor plant, which should be in operation about June 1919.
(5) In August 1918 through Chevrolet Motor Co. of N. Y., Inc., acquired
for $687,500 entire stock of Chevrolet Motor Co. of St. Louis, engaged in
assembling Chevrolet motor cars. Outstanding stock of $550,000 previously owned by third parties.
(6) During 1918 the first unit of a drop forge plant was completed in
Detroit, capacity of about 50 tons of forgings a day. Floor space 65,000
sq. ft.; 3 steel buildings; additional forge buildings covering 45,000 sq.ift.
are nearing completion.
(7) Is erecting a foundry plant in Saginaw, Mich., to manufacture gray
iron castings; melting capacity will be about 200 tons of castings a day.
Will operate as Central Foundry Co. division.
(8) In July 1918 acquired 49 acres of land in St. Louis for a proposed
Buick assembly plant.
(0) Late in 1918 acquired two modern buildings, No. 1760 and No. 1764
for offices and showrooms.
Broadway, N.Y. City, which are being remodeled Ltd., was organized under
(10) In Dec. 1918 General Motors of Canada,
laws of Dominion of Canada, with a capital stock of $10,000,000, of which
on
$1,000,000 has been subscribed by the General Motors Corporation and of
account of which $500.000 has been paid in cash. General Motors
Ltd., purchased approximately 37 acres of land in Walkerville,
Canada,
Ontario, as a site for a proposed axle and motor plant. It is planned to
have General Motors of Canada, Ltd., take over all the recently acquired
Canadian properties and operate them as divisions. (V. 108, p. 272.)
MAR. 1 1919.]
THE CHRONICLE
(11) The divisions of United Motors Corporation were conducted
divisions of General Motors Corporation, commencing Jan. 2 1919.(V. as
107,
p. 1486, 1843, 2104; V. 108, p.85,585; V. 105, p. 826, 1896; V. 103, P. 755,
1046, 1432, 1894.)
Summary of Plants of General Motors Corporation.
No. of Floor Space,
General Motors GroupEmployees. Sq. Feet.
Capacity.
Buick Motor Co. Div. (inc1.)
Weston-Mott Co. Div.)____
Cadillac Motor Car Co. Div__
Oakland Motor Car Co. Div__
I
202000 cars
Olds Motor Wks. Co. Div___
i
240.000 axles
General Motors Truck Co. Di; 22,612 8,042,3061
12,000 trucks •
McLaughlin Motor CarCo.,Ltd
1
165,000 motors
Jaokson-Church-WilcoxCo.Div
750,000 steering gears
NortnwayMotor&Mig.Co,Div.
15,000,000 spark plugs
Champion Ignition Co
3,000 tractors
Samson Sieve-Grip Tractor Co
1
56,400 farm implements
Janesville Machine Co
Chevrolet Group
Chevrolet Motor Co. of Mich_l
of New York,Inc
of Texas
6,780 2,272,9321
175,500 cars*
of St. Louis
240,000 motors and axles
of Canada, Ltd
United Motors Group23,700,000 bearings
Hyatt Roller Bearing Div
1
120,000 starters
Remy Electric DiV181011
285,000 ignitions
Dayton Engineering Labora450,000 electric systems
tories Co
7,500,000 rims
Jason Steel Products Division_ 16,300 3,124,146{450,000,000 bails
New Departure Mfg. Co
540,000 coaster brakes
Harrison Radiator Corp
300,000 radiators
Lancaster Steel Products Co
$4,000,000 steel products value
Grand total
45,692 13,439,384
Negotiations are reported under way for the underwriting by New
York
bankers of $6,000,000 First & Refunding 6% bonds and $1,500,000
cumulative pref. stock of the Great Western Power Co. of California, a 7%
new
corporation which will take over the properties of the Great
Western
Power Co. The financing, it is stated, paves the way for the expansion
of the company's business.
In discussing the new financing Pres. Fleishhacker says: "The mortgage
under which the new 6% bonds are to be issued, is for $150,000,00 and
0
the $6,000,000 of bonds that have been taken by the syndicate represents
the first series to be distributed. It will be seen from this that ample
provision has been made for the future expansion of the company's business.
The purpose of the initial issue is to build a new power plant on the Feather
River at Caribou, a point on the old Caribou trail in that region about
nine miles up the river from Belden. It will also furnish sufficient money
for the construction of a new power transmission line to San Francisco
Bay of 150,000 volts.
"There is not only a good market for power but
fornia, which the new facilities will meet and thusa shortage exists in Caliaid in the industrial development of the northern part of the State. With the constructio
n
plant and transmission line, power will be available where it is of the
badly
needed, and this will give a great impetus to industry, particularly around
San Francisco Bay. We already have a distributing system in this terriwhich is connected with the present transmission line by submarine
tory,
cables under San Francisco Bay, and the now facilities will increase the
present voltage, so as to furnish an adequate supply of low-cost hydroelectric power.
"The syndicate is ready to take the $6,000,000 of bonds as soon as the
necessary formalities, such as the approval of the State Railroad Commission._ have been observed. We hope, also, to place the bonds on the market
in March, before the inauguration of the coming Victory Loan campaign."
(The maturity of the new bonds, it is understood, will
Present outstanding bonds of the company will be absorbed be 30 years.
by bonds of
the new corporation. A portion of the issue of $1,500,000 7% cumulative
pref. stock will be sold to the public in California, and provision will also
be made for its sale to employees of the company.
-V.108, P. 83.
Gulf States Steel Co.
-Common Div. Decreased.
-
A quarterly dividend of 1% has been declared on the M11,113,675
1
common stock, payable April 1 to holders of record March 15. This compares with 2A % paid quarterly in 1918.
The annual- dividends of 7% on the first pref. ($2,000,000) and 6% on
the second pref. (at last advices $85,700) have also been declared, payable
1)% and 1%% quarterly on April 1, July 1, Oct. 1 and Jan. 2 1920, to
holders of record March 15, June 16, Sept. 16 and Dec. 15.
In announcing the common dividend the following statement was made:
"In taking this action the directors were governed by the uncertainties
attending the readjustment period and particularly by the existing
shortage of ocean tonnage, seriously interfering with the present time with
the
company's large foreign business."
The net operating income for January is reported as 357,241, comparing
with $48,758 in December and with $370,132 in January of 1918.-V.
107.
p. 2380.
Hayes Mfg. Co.
-New Stock Issue.
-
The stockholders will vote on Feb. 24 on increasing the authorized capital
stock of the company from $1,500,000 to $2,300,000 by an issue of $800,000
8% cumulative preferred stock. The present stock is all of one class.
The
proceeds of the new issue will be used in reducing the
ness, amounting to about $800,000. The now stock company's indebtedis to be redeemable
at par on Oct. 4 1934.-V. 105, p. 1902.
Hayes Wheel Co.
-Sale of First Mtge. Bonds.
-Lee,
Higginson & Co. have sold at a subscription price of 99 and
int., yielding over 73/2%, a new issue of $1,000,000 First
Mtge. 7% Sinking.Fund gold bonds dated Feb. 1 1919, due
Feb. 11929. Total auth., $2,000,000. Capital stock auth.,
$2,000,000, issued $1,500,000. The bankers report:
Int. P. & A. at Lee, Higginson & Co., Boston, N. Y. and Chicago.
Denom. $1,000, $500 and $100 c*. Callable as a whole on any int.
or for sinking fund on any Feb. 1 at 104 and int., on or before Feb. 1 date,
1921;
thereafter, at 103 and int., until and incl. Feb. 11923; thereafter
and int. until and incl. Feb. 1 1926; thereafter at 102 and int. until at 102%
and incl.
Feb. 1 1927, and thereafter at 101 and int. Illinois Trust & Say. Bank,
Chicago, co-trustee.
The company is one of the largest producers of automobile wheels in the
world, manufacturing wheels for the Ford, Chevrolet, Dodge, Maxwell,
Willys-Overland, Briscoe and many other well-known automobiles. The
company's headquarters and principal works are at Jackson, Mich. and
other plants are operated at Albion, Mich., and Anderson, Ind. The'business is under the management which has made it successful from its
inception in 1908. Further particulars another week.
-V. 106, p. 932.
Holland City Gas Co.
-Decision.
-
Hollinger Consol. Gold Mines.
-Board Reduced.
The board of directors has been reduced from 7 to 6, P. E.
Robbins being
no longer a member.
-V. 107, p. 1388.
Hudson River Vehicular Tunnel.
-Bill Passed.- The Assembly at Albany on Feb. 26, Without an opposing
vote, passed
the New York-New Jersey Vehicular Tunnel bill carrying
an appropriation
of $1,000,000, providing for the beginnnig of the work.
-V.108, p.687,484.
Illinois Pipe Line Co.
-Balance Sheet Dec. 31.1918.
1917.
1918.
1917.
Assets$
Liabilities$
$
Pipe line property_20,074,734 19,764,846 Capital stock_ _ __20,000,000
20,000,000
Cash & accts. rec. 1,117,778 1,021,014 Accounts payable_ 405,719
242,173
Material & supp__ 463,335
281,188 Tax liability
2,000,000 1,199,242
Other investments 1,442,000
412,000 Surplus
692,128
37,632
Total
23,097,847 21,479,048
Total
23,097,847 21,479,048
-V.107, p. 2012.
International Mercantile Marine Co.
-Negotiations.
It was reported on Feb. 25 that the negotiations for the
steamships owned by the company were abandoned. sale of the British
Pres. P. A. S.
Franklin, however, is quoted in the New York
"So far as I know, the situation remains the"Times" of Feb. 26 as saying:
same as
when the United States Government requested the it did last Nov. 25,
any further steps in the negotiations for the present."company not to take
Italian Service Resumed.
-
This company ha.s resumed its regular pre-war
service to Italy, the White Star liner Canopic leavingpassenger and freight
New York Feb. 27.V. 108, p. 787, 485.
Interstate Electric Corporation.
-Securities Canceled.
Gen. Motors Co. of Canada, Ltd.
McLaughlin Motor Car,
248,506{8,702 Buicks in 1918 (assembled)
k 500
Oshawa, Ont
5,900 est. 1919
1
Chevrolet Motor Co. of Can- 1,000 Plant
13,990 Choy.cars built1918
ada, Ltd., Oshawa, Ont...
9.3 acres
15,000 estimated 1919
McLaughlin Carriage Co., Ltd. ___
422,626
Selling agent only
Acts as selling agent
McL. Mot. Car Co. uses plant
*Exclusive of Chevrolet Motor Co. of Cal., separately owned by third parties.
Balance Sheets, &c.
-See V. 108, p. 574, 584.
Great Western Pow. Co.-Financing-NewDevelopments.
883
A. E. Fitkin & Co., N. Y., report cancellations during the 13
months
ended Feb. 1 1919, viz.:
Corry City Electric Light Co., 1st Mtge
Corry City Electric Light Co., 2nd Mtge
*$3109
1
Great Bend Water & Electric Co
Laredo Water Co.
4 801
2
San Angelo Water, Light & Power Co
114,100
1 6,840
Interstate Electric Corporation
12,500
Total
$44,240
*.Funds in hands of trustees.
-V.106, p. 2125.
Interstate Iron & Steel Co.
-Earnings.
-
Press reports quote the annual report as showing net income of
appropriation for preferred stock sinking fund $50,000, preferred $600,929,
dividends
$60,590, Federal taxes 1917 $6,568, balance surplus for year $483,771,
previous surplus 31,151,767,and total surplus 31,635,538.-V.
106, p.1460.
Intertype Corporation, Brooklyn, N. Y.
-Earnings.
-
Year end. Dec. 31- 1918.
1917.
1917.
Net after taxes, &c__ _3193,124 $190,420 Retirement 1st pref.. 1918.
$10,000
First pref. dividend__ 78,192 78,672 Balance, surplus
$114,932 $81,748
Second pref. dividend
20,000 Total p. & I. surplus_4265,749 $150,817
* After adding res. for retirement of 1st pref. of $22,667.-V
.107,p.2095.
Jones Brothers Tea Co., Inc.-Sales.-
JanuarySales
-V. 108, p. 273.
1919.
1918.
$1,145,774 $1,036,089
Increase.
$109,685
Kansas Gas & Electric Co.
-Earnings.
1918-12 Mos.-19l7.
1918-12 Mos.-1917
Gross earn'gs_32,123,556 $1,767,642 Interest on bonds_3252,
521 $205,229
Net, aft. taxes 3691,593 $187,360 Other int. & deduc
149,279
70,092
Other income_
17,841
Divs.on pref. stk.. 133.000 133,000
Total income_ $709,434 $187,360 Balance
$174,634 $79,039
Outstanding capitalization as of Dec. 31 1918: Prof. stock, 7%.
$1,968,
400 ($39,000 held in treasury): common stock, $3,000_,000:
First mtge.
bonds, $5,868,000; 6% gold debentures, $132,000.-V. 108, p. 385. 5%
Keith Ry, Equipment Co.
-Offering of Equipment
Trusts.
-King Hoagland & Co. and the Union Trust Co.,
Chicago, are offering at prices to yield 63/3% $250,000 Ectuipment Trust gold notes, dated Feb. 1 1919 and due serially
1920-1926, inclusive. Further particulars should appear
•another week.
-V. 107, p. 1195.
Keystone Telephone Co., Philadelphia.
-Listed.
The Philadelphia Stock Exchange has admitted to the regular list
$200,000 additional 1st M.5% 30-year gold bonds, due 1935.-V.108,p.385.
Knox Hat Co., New York.
-Dividend Omitted.
-
The directors decided to omit the regular semi-annual dividend
of 3%%
usually paid at this time.
-V. 106. p. 719.
Lackawanna Steel Co.
-Earnings.
-
Results for Calendar Years, Including Subsidiary Companies.
1918.
1917.
Net earns, after all taxes, incl. war & excess profita312,468,905 $20,573,171
Deduct int. on bonds & other obligations, including premiums and discount on bonds retired:
Lackawanna Steel Co
923,559
1,285,357
Subsidiary companies
173,600
191,379
Rentals and royalties
8,543
Appropriations for exting. of mining investments_
255,549
412,603
Appropriations for depreciation & accr. renewals_ 2,767,843
1,789,059
Profit for the year
$8,348,355 *16,886,230
Unfilled orders (gross tons)
314,948
731,526
x The profit for the year 1917 has been adjusted by $779,254,representin
g
difference in amount of Federal tax actually paid and that of amount estimated as previously reported.
-V. 107, p. 2480.
Laurentide Power Co.
-Initial Dividend.-
•
An initial dividend of 1% has been declared on the stock,
15 to holders of record March 31. Compare V. 108, p. 687.payable April
Lehigh Coal & Navigation Co.
-Bonds Matured.
-
The Phila. Stock Exchange has struck off the regular list
"A" Funding & Impt. Mtge. 4% bonds, canceled by sinking $21,000 Series
fund, leaving
the amount listed at this date S2,784,000.- Amount canceled to Feb.
15
1919, 3216,000.-V. 108. 13. 385.
Loft, Incorporated (Candy).
-Sale Negotiations.
-
See United Cigar Stores Co. below.
-V. 106, p. 713.
Long Island Lighting Co.
-Rate Reduction.
-
This company has filed new rate schedules effecting a reduction in the
rates for both electricity and gas.
-V.106, p. 1904.
Loose-Wiles Biscuit Co.
-Annual Report.
-
1918.
1917.
The United States Circuit Court of Appeals at Cincinnati has affirmed
1916.
1915.* -11
Total profits
These
$2,062,361 $1,057,994
the judgment of the United States District Court at Grand Rapids in
$422,371
the
Items
$77,226
case of the City of Holland against the company, by which case the com- General expenses, &c
354.541
354.574
Special expense, &c
not
pany is entitled to the benefits of the Federal bankruptcy law.
151,449
137,786
162,731
The company, a year ago, made application in bankruptcy, and the Int.on borrow'd money_ stated
99,753
107.468
Prov. for Fed. taxes..
300,000
Grand Rapids Trust Co. was appointed receiver. In the
$1,397,279 $1,522,404
gas rate was raised from 90 cents to $1 25 per thousand meantime the Net income
$752,251
$122,543
344,050
344,050
city held that the company could not take advantage of cubit feet. The First pref. div.
344,050
344,050
the bankruptcy
lawlbecause the Act did not apply to public utilities corporations and
that
such corporations must perform their franchise contracts. This con- Balance,sur. or def_xsur.$1,053,229 sr$1.178,354sur.$408,201 def.$221,507
x After providing for Federal taxes, shrinkage in inventory values, contention, however, was found to be faulty.
-V. 107, p. 1007.
tingencies, &c.
-V. 106, p. 1684.
•
[VOL. 108.
THE CHRONICLE
884
-Earnings.
Lorillard Company.
1917.
Calendar
1918.
8
$•
YearsNet income.._.. _9,292,825 8,312,343
2,396,230 1,100,000
War taxes
Bond interest_ _1,256,450 1,263,103
Prof. dividends_ 791,532 791,532
Corn. dividends_2,454,021 2,728,008
20,761
12,280
Bond premium_
Balance, sur_2,382,312 2,408,939
-V. 107, p. 610.
1917.
1918.
$
$
Previous surplus 8,050,942 5,642,004
Total surplus_ _10.433,254 8,050,942
Amt. 1917 taxes
over previous_ • 237,257
Cora, stock div_3,031,120
-Rate Increase.
Northern Indiana Gas & Electric Co.
The Indiana P. S. Commission has granted this company a slight increase
in the rates for electric power to large consumers, and has denied an in-V. 107, p. 2381.
crease in the heating rates.
-Listed on N.Y.Exch.Earns.
(The) Ohio Cities Gas Co.
The N. Y. Stock Exchange has authorized the listing on and after Mar. 1
1919 of the $9,187,500 common stock, offered at par ($25 a share) to common shareholders of record Feb. 15 1919, making the total amount to be
P. & L. surp_7,164,877 8,050,942 listed $45,937,500 (V. 108, p. 585). The new stock will carry all dividends
declared after March 211919. The proceeds of the new issue will be used
for "extending and expanding the business and properties" etc.
-Plate Mill.
Lukens Steel Co., Coatesville, Pa.
Consol. Statement for 12 Months ending Nov. 30 1918 and March 311918.
This company has placed in service a 204-inch plate mill which is reported
Nov. 30'18. Mar.31 '18.
Years endingto be the largest mill of its kind in the world. The new mill is capable Gross earnings
$44,970,899 $39,929,134
of rolling plates up to 192 inches in width and in circular cases a few inches Operating expenses, including ordinary taxes
30,291,471 25,141,258
wider.
-V. 107, p. 2480.
$14,679,428 $14,787,877
Net earnings
-Sales
McCrory Stores Corporation.
$2,290,596 $1,772,640
and excess profits taxes
Increase. Federal income notes
1918.
1919.
259,375
January212,500
on serial
$143,464 Interest on bonds of subsidiary companies
$515,712
$659,176
167,275
Sales
164,280
Interest
51,200
-V. 108, p. 273.
51,200
Amortized discount on notes and bonds
2,208,896
1,844,628
Depreciation
-New Building.
Marshall Field & Co., Chicago.
$473,866
$474,388
Preferred dividends (cash) (54 0)
a large factory to be built Common dividends (cash) (207)
This company has taken a long term lease on
5,960,612
7,260,782
especially to meet its requirements at a cost of about $200,000. The plant Common dividends (stock) (5%)-,.-.1,750,000
1,750,000
-V. 108, p. 584.
Is to be built in the Kenwood Mfg. District, Chicago.
468,395
Dividends by Pure Oil Co. to others
-To Return Ships.
Merchants & Miners Transport'n Co.
Balance, surplus.
It is announced by the Railroad Administration that the vessels of thisco. Total profit and loss surplus
will be returned to their owners about March 1.-V. 107, p. 2193.
-V. 108, p. 585.
-Reorganization.Mexican Northern Power Co.?, Ltd.
Replying to our inquiry, the "Chronicle is informed as follows by the
company: Copies of the plan of reorganization adopted by the committee
Montreal
n
wa to o o
t
uers are a da
at nalhgdst co .ond ercat
representing ther tond
andk
Canadian
London, Eng. No copies of the plan are available for distribution and no
circulars have been issued to the bondholders.
The plan provides for the formation of a new company with a capitalization of $3,000,000 preferred and $10,000,000 common. Prior Lien bondholders will get $150 par value preferred for each $100 of their Prior Lien
bonds, and First Mortgage bondholders will get common stock on the basis
of par for par. This means that Mexican Northern Power Co. common
-V. 108, p. 788, 585.
shares will be wiped out.
8631,053 $1,675,618
$48,577,712 $46,165,539
-Balance Sheet Dec. 31.Ohio Oil Co.
1917.
1918.
1917.
1918.
$
Liabilities$
$
AssetsProduc'g prop.16 778 957 15 418 467 Capital stock_15 000 000 15 000 000
1 885 296 Ace's pay. Incl.
Non-prod.prop,
tax liability_ 6,469,755 4,533,492
Mat'l & mdse.,
63,839,642 65,930,750
Surplus
cash,bonds &
acc'ts rec'bie.68,530,440 68,180,479
-Dividend Declared.
Mexican Petroleum Co..
Total
85,309,397 85,484,242
85,309,397 85,484,242
Total
Dividends paid during 1918 aggregated 24% or $14,400,000, which
decrease in surplus of $2,111,107.-V. 108, p.788.
accounts for the aforesaid
-Earnings.
Pacific Lighting Corp.
1917.
1918.
The directors have declared a quarterly dividend of 27 on common,
half of which is payable in cash and the other half in 4j% Liberty bonds, Gross income_ _$5,038,324 $5,118,516 Depreciation
on April 10 to stock of record Mar. 15. Regular preferred dividend of 2% Op.exp.droth.chgs. 3,718,435 3,467,620 Balance, surplus
was also declared payable April 1 to holders of rec. Mar. 15. The common -V. 106, p. 1228.
,
dividend has been paid 36 in Liberty bonds since April 1918.-V.108 p.585.
-Plan of Reorganization.
Michigan Power Co.
The below-named protective committee, representing the holders of the.
First Mtge. 5% gold bonds, gives notice that it has adopted a plan of reorganization, and that holders of certificates of deposit not approving the
plan may withdraw their bonds at any time prior to March 20 1919.
-George W. York, Chairman, M. A. Devitt, H. B. McCommittee.
Dowell, W. G. Souders, 0. S. Hawes, W. W. Hill, with E. L. Parkin, Sec.,
215 Cuyahoga Bldg., Cleveland, 0.-V. 107, p. 1842.
-Earns.
Narragansett Elec. Lighting Co., Providence.
1917.
1918.
1917.
Cal. Year- 1918.
Gross earns_ _$3,464,623 $2,566,003 Renew.& conting.$237,254 $145,431
816.000 714,000
758,374 Dividends
Net earnings- 1,084,350
32,415 139,554
38,497 Bal., deficit
Int.,&c. (net)..
63,511
-V. 106, p. 933. 187.
-Earnings Year ending Nov. 30.Nash Motors Co.
1918.
$565,724
$754,165
1917.
$773,384
$877,512
-Earnings.
Pacific Power & Light 00.
1'918-12 Mos.-1917
-12 Mos.-1917.
1918
Gross earns_ _$1,860,867 $1,647,401 Interest on bonds_$374,526 $366,503
Net, aft. taxes $869,052 $863,683 Other int. & deduc 122,434 67,884
Divs. on pref. stk_ 188,183 175,000
4,032
Other income_
$187,941 $254,296
Total income_ $873,084 $863,683 Balance, stir
Outstanding capitalization as of Dec. 31 1918: Pref. stock, 7%, 32,700,000; Second pref. stock, 7%,$1,500,000; common stock, $6,100,000; 1st &
ref. mtge. 5% bonds, $8,863,000 ($290,000 pledged to secure gold notes);
-year 6% secured gold notes, 3400,000.-V. 108, p. 84.
2
-Dividend.
Pan-American Petroleum & Transport Co.
The directors have declared a quarterly dividend of $1 25 a share on the
common stock, half of which is payable in cash and the other half in 4147
Liberty bonds, on April 10, on stock of record Mar. 15. Regular preferred
dividend of 1N% was also declared, payable April 1 to stock of record
in Liberty bonds since
Mar. 15. The common dividend has been paid
April 1918.-V. 108, p. 788.
President Charles W. Nash Jan. 8 wrote in brief: 'After providing by
deduction from the cash and receivables of an amount which seems ample
for all Federal taxes and after setting up reserves for the depreciation of
fixed assets and contingencies, net profits for the year ending Dec. 1 1918
-Report.
Parke, Davis & Co., Detroit.
will show as $1,473,638. Owing to the uncertainty of Federal taxes this is
1916.
1917.
1918.
Calendar Yearsnecessarily estimated, but our figures we believe to be conservative."
pref. stock received dividends aggregating 7%,or $350,- Gross earnings for years end. Dec.31_ $5,676,260 $5,265,080 $3,152,372
The $5,000,000
436,336
000, and the 50,000 shares of common stock received $6 in February,$15 in To write off bal. of assets in Russia_May and $10 per share on Feb. 15 1919. Profit and loss surplus increased To equalize value of accts. reedy.and
cash in European banks with marfrom $2,416,134 to $2,503,831.
747,369
13,129
ket rates of exchange, Dec. 31 1918
From Aug. 16 1916 to Dec. 1 1917 the net profits were $2,027,783,from
195,563
199,940
10.191
which cash dividends of $437,500 were paid on the pref. shares,-'/. 108, Deprec. of bldgs., machinery, &c__ 2,070.515
1,287,897
Special war and income taxes
P.176.
Add U. S. war taxes paid 1918 on
63,527
-Sale.
1917 income
National Steel Car Co.
(20%)2.367.035(17)2,011,995
1,972,888
Cash dividends paid
-V. 106, P. 195.
See American Car & Foundry Co. above.
-Earns. Cal. Year.
National Transit Co., Oil City, Pa.
Balance, surplus, for cal. year........ $525,780 $1,022,256 $1.169,293
1915.
1916.
1917.
Balance Sheet Dec. 31.
$820,405 $1,208,891 $1,024,631
1918.
1917.
1917.
1918.
(8)509,000 (4)254,500 (8)1,018,207
Liabilities$
$
Assets$
8
2,510
Capital steek____11,836,225 11,836,830
Real estate, ma$6,424
$954,391
$308,895
800,625
chinery, &e.*... 3,726,600 3,650,783 Accounts payable_ 1,227,096
1018.
1917.
•
2,386,107 1,011,416 Reserve for special
Cask."
2,070,515 1,287,897
$
LiabilitiesAccts. receivable* 4,704,131 3,970.716 taxes
890,300 Res.fordiv.Jan.'19 046,806
Capital stock_ 6,362,500 6.362,500 Investments
2,558,006
336,371 Inventories
4,778,946 y4,253,169
Accts.pay.,&c. 386,039
7,484,744 8,655,307 Surplus
449,891
Other items__ 983,705
Total
Depreciation _ 3,052,197 2,630,057
20,859,588 18,178,521
20,859,588 18,178,521
Total
vow*/
4,275,446 3,678,193
Surplus
* These amounts are stated after deducting reserves. y After deducting
Total
15,059,887 13,457,012 a 20% stock dividend ($1,972,855) paid Jan. 23 1917. For dividend pay15,059,887 13,457,012
Total
_Ir. 107, P. 2014.
ments see V. 107, p. 2194.-V. 108, p. 688.
1918.
$1,620.963
Net earnings
(16%)1,018,000
Dividends
5.710
Miscellaneous
$597,253
Balance, surplus
1917.
1918.
Assets$
Plant(pipe line)8.107,919 8,117,442
Other invest'ts 5,548,885 4,404,802
174,225
178,299
Accts. receiv_
523,404
343,079
Cash
217,140
Miscellaneous. 881,705
-Franchise Decision.
Nebraska Power Co.
The United States Circuit Court of Appeals at St. Paul, Minn., has
handed down the decision affirming the opinion of District Judge Woodrough in Omaha holding that the company has a perpetual franchise for the
-V. 106, p. 1904.
supplying of electric heat and power in Omaha.
-Earnings.Nevada Consolidated Copper 00.
-3 Mos. end. Dec. 31- -12 Mos. end. Dec.311917.
1917.
1918.
1918.
Gross production _ __lbs- 19,020,773 22,153,158 76,607,062 82,040,508
$10,190 $1,822,166 $16,640,406 $10,595,715
Total income
689,851
183,845
Deprec. Steptoe plant.._
244,667
65,218
Ore extinguishment._ _ _ _
150,000
RedICross and War Fund
57,809
Costs, plant aband'm't_
1,999,457 6,498,235 8,297,747
1,499,403
Dividends
def$1,489,403 def.$426,353 sr$9,934,361 sr$1.363,451
Balance
President D. C. Jackling Feb. 14 wrote in brief:
"The statement for the year 1918 is subject to revision to include tax
accrual adjustments and other final entries.
"The reduced earnings for the last quarter of 1918 are based upon an
average copper price of 17.23 cents for the quarter. This low average price
is due to the accumulation of an unusually large stock of unsold copper,
which is held in our metal inventory at the established carrying price of
133.6 cents per pound. The very unsettled condition of the copper market
has made it absolutely necessary to curtial production; and, although it
may become necessary further to reduce the output during this period of
readjustment, it is confidently expected that a return to normal conditions
In our domestic and export trade will then create a demand for our product
at a price that will continue to give shareholders a reasonable return on
-V. 108, 13• 585.
their investment." Compare Utah Copper Co. below.
-Earnings.
Northern California Power Co.
1918.
Calendar YearsOperating revenue_ _81,154,933
Maint., operating expenses, taxes, &c___ 433,106
Reserve for depren... 60,717
$661,110
Net earnings
Proton nulse.,sales,&c. 811,190
-V. 107. p. 178.
1918.
1917.
1917.
$672,299 $572,163
$965,915 Total net income
Deduct int. on bonus,
deben.& floating dt. 323,777 334,626
369,308
42,100 Debt disc., exp. &
3,849
3,608
$554,417
misc. deductions_
817,746
Balance, surplus...8344,673 8233,928
-New Director.
Penn Seaboard Steel Corp.
Charles Hart has been elected a director and a member of the executive
-V. 107, p. 2381. 2373.
committee.
-Earnings.
(Albert) Pick & Co.
1918.
1919.
Jan. 31 Years- 1919.
Netsales to cust'rs $7,029,524 86,001,171 Other deductions_ $116,746
Oper. expenses_ _ 6,558,404 5,481,216 Res. for Fed. taxes
57,089 Balance of profit.... $400,120
45,747
Other income.,_ _ _
-V. 107, p. 408.
1918.
$64,433
110,000
$402,611
-Earnings.Pittsburgh Oil & Gas Co.
1918.
Cal. YearsGross earnings_ _$1,023,576
$461,594
Net earnings
-V. 108, 1). 177.
1918.
1917.
$160,000
$606,630 Dividends
$339,681 Balance,surplus__ $125,705
1917.
$100,000
$108,527
Pittsburgh Terminal Warehouse 46 Transfer Co.
Income Account for Calendar Years.
1918.
1917.
1917.
1918.
$15,000
$30,000
Gross earnings... $394,685 $348,942 Dividends
151,649 Rate of divs
(14%) (1M%)
163,188
earnings
Net
100,849 Balance stir
$147,330
$21,151
100,858
Interest charges
-V. 102, p. 442.
-Stock Increase.
Pittsfield Electric Co.
This company has filed notice with the Commissioner of Corporations
that the capital stock of the company has been increased from $375,000 to
-V. 106, p. 612.
8500,000 by the issuance of $125,000 additional stock.
-Earnings.
Portland Gas & Coke Co.
1918-12 Mos.-1917
1918-12 Mos.-1917.
Gross earn'gs_$1,797,461 $1,361,150 Other int. & deduc $23,370 316.819
Net, aft. taxes $795,307 $607,752 Divs. on pref. stk- 143,358 140,000
319,196 Balance
$300,202 $131,737
Int. on bonds_ 328,377
Outstanding capitalization as of Dec. 311918: Prof. stock, 7%. $2,22_ 900; Common stock, $3,000,000; 1st & Ref. Mtge. 5% bonds, $6,259,000;
Portland Gas Co. 5s, $371,000.-V. 107, p. 507.
MAR. 1 1919.]
THE CHRONICLE
Provincial Paper Mills Co., Ltd., Toronto.
-Earnings.
Cal. Yrs.
Net.
Int. Reserves.&c. Pf. Divs. Corn. Divs. Surplus.
1918
8409,432 $7,656 389,659 (770)3119,000 (4%)$80,000 $113,117
1917
463,898 5,565 75,000 (7%)119,000 (4%)80.000 184,333
-V. 106, p. 934.
Pullman Co.
-Tax Decision.
-
Judge Sullivan in the Superior Court at Chicago on
enjoined the county from collecting $335,000 taxes Feb. 27 permanently
from the company.
The company had been assessed 8659,144, but had fixed $324,00
0 as a
reasonable figure.
-V. 108, p. 274.
Punta Alegre Sugar Co.
-Common Stock Listed.
-The
New York Stock Exchange has admitted to the list this
company's $2,510,100 common stock. Further particulars
will be published in full in next week's issue.
-V.107, p.2186.
Quaker Oats Co., Chicago.
-Annual Report.
-
Calendar Years1918.
1917.
1916.
1915.
Profits for year
84,052,265 $5,211,752 $3,991,313 $3,724,223
Dividend on preferred....
632,202
563,050
540,000
540,000
Dividend on common.... 1,237,500
866,250
768,750
749,982
Peterboro Mill fire loss_
• 471,000
Depreciation
629,699
304,824
305,227
293,511
Surplus for year
$1,552,864 $3,477,628 11,906,337 $2,140,730
-V. -108, p. 789.
Quincy Mining Co.
-Dividend Reduced.
-
The directors have declared a quarterly dividend of $1 (4%)
on the stock
(par $25), payable March 31 to holders of record March 1.
This compares
with $2(8%) paid in Dec., Sept. and June last and $2
making a total of $8 50 (34%) for the year 1918.-V 50(10%)in March,
. 106, p. 2457.
Ray Consolidated Copper Co.
-Status-Outlook.
-
See Utah Copper Co. below.
-V. 108, p. 789.
Reliance Coal Co. (Ohio).
-Merger.
-
A press dispatch states that under the above title
have been consolidated with Julius Fleishmann, Pres. ten coal companies
of the
tional Bank of Cincinnati as President, and J. T. Hatfield Market Naof
Ky., Vice-President. It is stated that the authorized capital Covington,
of the cot
,
poration is $3,000,000 preferred and $4,000,000 common
, not all of which
will be put out immediately.
885
Balance Sheet as of Dec. 31 1918, After Giving Effect
to New Financing.
AssetsLiabiliti Real estate, bldgs., &c_ _ 45,924,378 Preferred es
stock
$600,000
Stocks of corporations____
3,483 Common stock
5,400,000
Cash
952,421 First M.6% bonds
3,000,000
Notes receivable
32,511 Accounts payable
62,063
Accounts receivable
2,446,092 Notes payable
3,954,000
Liberty bonds
319,668 Salaries and wages
11,393
Inventories
6,072,938 Accrued interest
5,170
Prepaid items
151,526 Accrued
154,335
Def.charges against profits 518,533 Insuranctaxes
e
23,879
Deferred credits
9,504
Reserves
__ 1,067,905
Total each side
$16,421,550 Surplus
2,133,301
Sinking Fund.
-This provides for the redemption of $100,00
0 bonds
annually.
-V. 108, p. 586.
Standard Oil Co. of Kentucky.
-Report Yr. End. Dec.31,
Calendar Years1918.
1917.
1916.
1915.
Net profits
32.713,948 *31,967,020 $2,068,598 $1,124,640
Cash dividends
(12
Fed'l taxes (1917) add_ %)720,000 (14)600000 (20)600,000 (16)480,000
265,864
Reserve Fed. taxes 1918 1,250,000
Balance, surplus
3478 083 31,367,020 81,468,598
1644,640
*After deducting estimated allowance for Federal
On Feb. 1 1917 the capital stock was increase income war taxes.
d from $3,000,000 to
86,000.000, a cash dividend of 100% being paid
May 1.
Balance Sheet Dec. 31.
1918.
1917.
1918.
1917.
Assets$
Liabilities$
Plant,improv.
& equipm't_ 6,414,815 5,232,279 Capital stock_ 6,000,000 6,000,000
Accts. payable 3,370,384 1,671,100
Merchandise _ 5,544,034 3,642,130 Deprec. res've
1,646,372 1,331,214
Cash,accounts
Insur. fund__
186,604
174,241
receivable &
Res. Fed.
660.000
other invest. 3,329,118 3,318,500 Surplus tax_ 1,250,000
2,834,607 2,356,345
Total
15,287,967 12,192,909
Total
15,287,967 12,192,909
-V. 108, p. 586.
Stollwerck Chocolate Co.
-Offering of 7% Pref. Stock.Estabrook & Co. and Parkinson & Burr are offerin
g at
9732 and div., yielding 7.18%, $1,000,000 7% Cumulative
Republic Motor Truck Co., Inc.
-Initial Dividend.
- pref. (a. & d.) stock, par $100. Divs. Q.
An initial dividend of $1 was paid on the 100,000 shares of
-j.
common stock
Exempt from Massachusetts
on Feb. 15 to holders of record Jan. 31.-V. 107, p. 2482.
(John B.) Rose Co.
-Rose Brick Co.
-Plan.
With the approval
of the holders of a very substantial
claims, a plan of reorganization, dated Jan. 17 1919, has amount of the
been
these companies by the reorganization committee named below,adopted by
and a copy
same has been lodged with the New York Trust
of
Co., as
All promissory notes and other original evidences of indebted depositary.
ness were required to be deposited on or before Feb. 21, and
must pay at such times and in such amounts as the participating creditors
mine their pro rata share of the new funds required committee may deterfor the purpose of effectuating the plan.
Reorganization Committee: Mortimer N.
Forster, Stephen G. Gurnsey, F. W. MapesBuckner, Chairman; B. D.
B. G. Curts as Secretary, 26 Broad St. New and John T. Sproull, with
York, and Alfred A. Cook,
Emil Goldmark and Thomas Watts as Counsel.
Sankusky Gas & Electric Co.
-Gas Rate
Fixed.
The Sandusky, Ohio, City Commission, by
ordinance fixing the price this company may a vote of 4 to 1, has passed an
charge for artificial gas for a
period of ten years. The ordinance requires that
a plant be built, ready
for operation by Nov. 1 1919.-V. 103, p. 670.
Savage Arms Corporation.
-Annual Report.
The annual report of the company was issued
published in a subsequent number of the "Chronicthis week and will be
le." The earnings of
the company for 1917 and 1918 were published in our issue
of Feb. 8 1919.
-V. 108. p. 586.
Saxon Motor Car Co.
-Merger Negotiations.
It is reported that negotiations looking toward
company and the Doble (Detroit) Steam Car Co. a merger between this
are under way. Both
companies have their plants in Detroit, Mich.
-V. 107, p. 2015.
Shawinigan Water & Power Co.
-New
Director.
H. J. Fuller was elected a director to succeed Sir Mitchel
Thompson, all
other directors were re-elected.
-V. 108, p. 789.
South Porto Rico Sugar Co.
-Scrip Dividen
d.
A regular quarterly dividend of 5% in 3
-year 7% scrip, due
on the common and 2% in cash on the preferred stocks, have April 11922,
been declared,
both payable April 1 to holders of record March 15. The
dividend rate on
the common shares has been 20% per annum (5% quarterl
1916, but beginning in July last this distribution has been y) since Jan.
made in scrip.
The scrip in which the common dividend is payable is
callable on any int.
day. It is not convertible into stock.
-V. 108, p. 486.
Sperry Flour Co.
-Offering of First Mtge. 6% Bonds.
The National City Co. and Blyth, Witter & Co. are offerin
g
at 98 and int. to yield in excess of 6.20% $3,000,000 First
Mtge. 6% 15-year Sinking Fund gold bonds, dated Feb.
1919, due Feb. 11934. Total authorized, $3,000,000. 1
The bonds are callable
and normal Federal income taxes. Callable
all or in part at the company's option
ing fund provides for the purchase orat 110 and on 30 days' notice. Sinkredemption of preferred stock at not
exceeding 110 and diva.
Data From Letter of Pres. H. B. Duane. Dated
Feb. 25 1919.
Company.
-Has been incorporated in Massach
property and business of Stollwerck Bros., Inc.,uetts and is to acquire
a Connecticut corporation.
CapitalizationAuthorized. Outstanding.
7% Cumulative Preferred stock
11,250.000
31,000,000
Common stock
2,000,000
2,000,000
Stollwerck Brothers started in
,
chocolate coatings and breakfastGermanyof80 years ago, manufacturing
cocoas
highest
demand caused the company to start a new factory quality. Increased
at Stamford, Conn.
In 1905. Because the ownership of the
aliens, a large proportion of the stockcompany was in the hands of enemy
was
Custodian, and sold by him on Dec. 211918,seized by the Alien Property.
to interests who subsequently
acquired the balance of the outstanding stock.
however, been in any way interrupted by these The business has not,
events, and is to be controlled by an organization which is 100%
American.
Plant.
-The factory at Stamfor
in 1905-1907, occupying a portion d, Connecticut, is of modern built
The machinery and equipment are of 43 acres, owned by the company.
in perfect conditio
capacity of 200,000 pounds. The company maintain n, having a daily
s branch sales offices
in Boston, N. Y., Chicago and San Francisc
o.
Assets.
-The total net tangible assets as of Jan.
will, patents, trade marks, &c., were as follows: 2 1919, exclusive of good
Land, buildings, machinery, &c
$1,516,936
Current assets: Inventories, $835,316; cash and debts
receivab
$460,903; investments, $135,860; prepaid items, 333,572 le,
2,982,587
Less current liabilities
596.620
Total net tangible assets
$2,385,968
Earnings.
-Net earnings applicable to dividends on the preferre
d stock
for the six years ended Dec. 31 1918 were $1,183,9
333. With the strengthened sales force and new 97, an average of $197,affiliations it is expected
that net earnings will show further increases.
Sinking Fund.
-To retire the pref.
Feb. 1 in 1920 and yearly thereafter, stock, the company, on or before
payment of full pref. dividends
for the preceding calendar year, shallafter a sum
pay
earnings for the calendar year preceding,either in equal to 15% of the net
In case sufficient pref. stock cannot be purchase cash or in preferred stock.
such amount as is necessary to use the unexpen d, the Registrar shall call
ded
[The pref. stock is also protected by numerous balance.
other provisions.
-Ed.]
-V. 108, p. 85.
Stromberg Carburetor Co., Inc.
-Extr
The directors have declared an extra dividend of 25c. a Dividend.
per
000 shares outstanding capital stock (of no par value) alongshare on the 50,with the regular
quarterly div. of 75c. per share, both payable April
March 15. A like amount was paid in Jan. last. 1 to holders of record
-V. 108, p. 282.
Superior Steel Corp.
-Officers-Annual Report.
-
H. B. Clark, F. W.Pritchard and 0.11. Foster have
all or part on any int. date upon 30 days'
been
notice tors, to succeed W.J. K. Vanston, C. A. Mackie and H. F. elected direcat 102 and int. Denom. $1,000c. Interest F. & A., without
deduction Foster was elected Vice-President and Treasurer, to succeed Doyens. Mr.
any Federal normal income taxes, now or hereafter
for
H. F. Doyens,
deductible at the resigned. Mr. Foster was formerly Secret,and he is
source, up to 2%. Principal and interest payable in U.
succeeded in that
S. gold coin at office by H. D. Sarge, who was also elected Asst.
the company's agency in N. Y., and at the Anglo-California
Treas. Other officers
Trust Co., were re-elected.
San Francisco, Cal., Trustee.
&For annual report see other pages of this issue.
-V.107, p. 1925.
Data from V.
-P. Dunning Rideout, San Francisco,
Feb. 7 1919.
Company.
-Incorporated in California, Aug. 5 1892,
Swift & Co.
-Further Particulars as to Business in 1919.
and represented
the amalgamation of businesses which had existed many
years previous Supplementing the data in the annual.report as cited in
to that date. To-day the company is the largest manufact
urer of flour V. 108, p. 265, the company's "1919
on the Pacific Coast. Some of its well-known brands of
Year Book," now
flour are Drifted
Snow, Sperry, Mission Bells, Big Tree, American Indian,
ready for distribution to all who are interested, says in subst.:
Big Loaf; Apple Blossom, Fresno No. 1, Sperry Special and Golden Gate,
Total Sales.
-Our total sales figures [of over 81,200,0
Flour. Its best known cereals are Germea and the the Encore Pancake
00.0001 are not
Sperry brands of entirely comparable with the $875,000,000 of 1917,
Farina, Rolled Oats, &c.
because in 1918 sales
of Libby, McNeill & Libby, amounting to about
The plants and property are in Spokane, Creston
Tacoma, Wash.; This policy was followed because in reporting toU5,000,000, are Included.
Stockton, Vallejo, Fresno and Los Angeles, Calif. and new
the U. S. Food Adminisplant which tration we include a large part
will include as its equipment modern grain elevators A
of largo capacity is (I. e., the business in canned of the operations of Libby, McNeill & Libby
projected at Ogden, Utah.
meat) with the business of Swift & Co. for
the purposes of profit regulation.
Capitalization.-Upon the retirement of the bonds
now outstanding,
Shipments to Army and the Allies.
which will be called for payment May 1 1919, these
-During the year ending Nov. 1 1918
funded obligations outstanding in the hands of the bonds will be the only Swift & Co. alone shipped 760,000,000 pounds of meat and meat products
public. They will be to the American army and navy
followed by $600,000 7% pref. stock and $3,600,000
at home
common stock now nations for their armies and their civilian and abroad and' to the Allied
outstanding, which latter amount will be increa,se to
populations.
$5,400,000 upon the
It is obvious that the
Issuance of 81,800,000 common stock now beingd offered
for subscription in the meat departmentprofits for 1918 were so small, being only 2.04 cents
to the stockholders of the company.
to each $1 of sales (as against the 2)1% permitted
by the Food Administration), that they could have practical
Purpose of Issue.
-The proceeds will retire all of the mortgage bonds
ly no effect
now on prices
outstanding and provide for the payment of extensive new
plants and faciliExpenses and Prof
Profits-Cattle Figures.
ties completed during 1918, and others now nearly
-During
Swift
complet
for live animals 85 of all money received from1918sale & Co. paid out
Security.
-A closed First Mortgage on all the assets, incl. ed.
ec
the
of meats and byland, buildings, products, while 12. 6% went for expenses of
machinery and equipment. The book value of the
packing,freight to distribut
311918, was $5,924,378. Net current assets, as fixed assets, as of Dec. points all over the United States, operation of branch houses, and ing
even
giving effect to the present financing, amount to of Dec. 31 1918, after delivery to the retailer, and that the profit was 2.04%.
$5,754,812, or a total
property value of $11,680,000 against which these bonds
Co.'s Average Payment and Receipts Per Head of Cattle in 1918(U.
are
S.Figures)
The company (a) will maintain an excess of current a first lien.
.
assets over all Paid for live cattle
$92 70 Bal. for expense & profit-110 81
current liabilities equal to at
bonds outstanding; (b) will Received for meat
$81 45
Expenses
keep its buildings, machinery least 125% ofadequate
9 79
and fixtures
Rec'd for by-products- 22 06
ly insured; (c) will
preserve its property in thorough repair.
Profit (interest not deGross Sales & Net Profit, After Depreciation but Before
Total rec Ipts
,
$103 51
Deducting Fed. Taxes.
$1 02
These figures include the cattle killed ducted) canning
Years Ended June 30for beef
purposes by
1918.
1917.
Gross sales
Libby,
138,926,450 $22,624,983 Swift & McNeill & Libby that have been included with the operations of
profit
Net
Co. in reporting to the Food Adminstr
2.031,252
1,947,819 $9 79 consisted of $3 52 for killing, dressing ation. The total expense of
Int. on 1st Mtge,6% 15
-Year sinking fund
, &c.;$2 57 for freight and $370
180,000
180,000 for selling expenses.
[VOL. 108.
THE CHRONICLE
886
steer is less than the amount
The amount received for meat from the make up the difference and
ucts
paid for the live animal. The by-prod
of dressed meat, or, since only
yield a profit of about g of a cent per pound meat after the dressing operaas
a little over half the animal comes forthof live animal. Compare annual
tion, to about J of a cent per pound
report in V. 108, p. 265, 688.
Property Exchanged.
-V. 108, p. 688, 586.
See Armour & Co. above.
-Operations.
Pacific Coal & Oil Co.
Texas &
ed for the "Chronicle":
The following data have been officially approv d lease, half a mile west
Norwoo
The company's test well on the 800-acra
4,500 barrels of oil a day.
is flowing
of the nearest Ranger production, Co.'s well known as No. 1 Roper, also
This well and the Prairie Oil & Gas
pool, are responsible for most
In virgin territory on the western edge of the
Ranger pool. These wells are
of the 11,000 barrels recent increase in the -V.107, p. 2194.
open up 200 new locations.
one mile apart and
-Earnings.
Texas Power & Light Co.
1918-12 Mos.-1917
-12 Mos.-1917.
1918
t on bonds_ 3451,906 $444,988
Gross earn'gs.$3,248,180 $2,600,816 Interes
int. & deduc 201,309 107,102
Net, aft. taxes$1,076,088 $1,011,299 Other on pref. stk_ 248,500 246,750
Divs.
1,861
Other income_
$176,231 $212,459
Total income_$1,077,949 $1,011,299 Balance : pref. stock, 7%, $3,550,Outstanding capitalization as of Dec. 311918
$10,000,000; 1st mtge.
common stock,
000; 2d pref. stock. 7%, $450,000; secured gold notes, $536,000.-V. 107,
-year 6%
5% bonds, $10,205,000; 2
p. 2383.
-Federal Taxes.
Corporation.
Tobacco Products
the net income and surplus
Attention should be called to the fact thatloss surplus of Dec. 31 1918,
profit
for the calendar year 1918 and the cle,' and stated as the annual. report
are
d in last week's "Chroni
as reporte
for Federal taxes for the
plainly indicates before setting up any reserve
year 1918. Compare V. 108, p. 780.
-Strike Ends.
• United States Realty & Improvement Co. other sympaYork Buildings Trade dispute and
The strike in the New
work on Feb. 24 following an agreethetic strikers were ordered back to s of the Building Trades Association,
ment reached between representative and Labor.
-V. 106, p. 2647.
the Union and the Secretaries of War
-Neville Project Abandoned.
United States Steel Corp.
War Department has officially abanAnnouncement is made that the Neville Island near Pittsburgh, Pa.,
doned the $50,000,000 project at of which stopped some weeks ago.
progress on the construction work
V. 108, p. 487, 473, 282.
look.
-Status-Out
Utah Copper Co.
week for this company and the Ray
The quarterly reports issued last Co. all contain the following statement:
Cons. Copper Co.and Chino Copper an war and quickly following the sign"With the cessation of the Europe
suddenly ceased. This was clue
ing of the armistice, the demand for copper orders for munitions and other
of
to the cancellation by the Government largo amounts was being taken
very
war material for which copper in
ment of production should have been
monthly as required. Drastic curtailat the request of the War Industries
inaugurated immediately. However,
of the year at a
of copper was continued until the end
Board the output
to keep labor employed pending
fairly high rate of production in order has resulted in the accumulation
This
readjustment-to a lower price level.unsold copper, carried by your company
on is
by the producers of a largo stock of
133 cents per pound, which conditi
as usual in its metal inventory at for the quarter.
reflected in the reduced earnings a return to normal conditions in domestic
d that
"It is confidently expecte
trade upon the restoration of
manufacturing and a revival of our export demand for our product at a
a
will
industrial activities in Europe lderscreate
a reasonable return on their holdings.
price that will give the shareho unsettled condition of the copper market,
laturing the period of this very y be a further curtailment of production."
therefore, there must of necessit 108, p. 789.-V. 108. P. 789.
For quarterly earnings sea V.
-Common Div. Increased.
Co.
Underwood Typewriter
d on the $8,600,000 outA quarterly dividend of 2% has been declare
to stock of record March 15.
standing common stock, payable April 1
Jan. 1917; previous to this
This compares with 1%% paid quarterly since
-V. 108, p. 780.
1% was paid.
-Earnings.
Union Natural Gas Corp., Pittsburgh.
1915.
1916.
1917.
1918.
Calendar Years613 $6,642,541 $5,271,612
Gross earns.,gas,o11, &c_ $7,560,976 $8,076,677 $3,443,517 $2,495,404
x$2,872,679 $3,574,
income
Gross
$372,307
$317,798
$266,812
7
$268,69
Interest on bonds, &c
1,000,000
1,000,000
984,000
984,000
Dividend (10%)
793,178
815,908
858,188
908,986
Depreciation
54,407
39,057
Cr.29,512
45,003
Miscellaneous
$275,512
$665,993 $1,495,189 $1,270,754
Surplus
and excess profits taxes.
x No press report for 1918 war, income
V. 107, p. 692.
-Purchase Negotiations.
Co.
United Cigar Stores
the acquisition by this comNegotiations are under way looking toward particulars, however, are at
pany of the Loft candy company. Further
-V. 108, p. 574, 177.
present unobtainable.
•
-Earnings.
United Drug Co.
1917.
1918.
1917.
1918.
807,753
ons .._ 1,287,226
Net sales____51,028,336 40.716,289 Deducti
War taxes
of goods
Cost
339.450
(1917)
192
32,635.318 26.832,
sold
2,129.731 1,842,329
ds
Oper. exp__ _ _12,557,292 9,968,438 Dividen
Bal., surp__ 2,110,741 1,313,678
59
Mdse. profit.. 5,835,726 3,915,6
48,101 Previous surp. 2,724,134 1,410,456
31,422
Other income..
Total surp_ 4,834,875 2,724,134
Tot.op.prof. 5,867,148 3,963,760
-V. 108. p. 387.
ref. Dividends Resumed.
Vulcan Detinning Co.-P been declared on the pref. stock and
% has
A quarterly dividend of I both payable April 20 to holders of record
also 1% on accumulations, distribution on the pref. since April 1913.first
April 10. This is the
V, 107, p.2482.
-War Work.-Pres. W. A.
Wagner Electric Mfg. Co.
Age" says in substance:
Layman in an interview in the "Ironctured 85,000 8-in, howitzer
company manufa
Since 1915 the Wagner
detonating fuses for the Russians
shells for the British Government,800,000
-in, shells for the U. S.
-in. and 170,000 8
and contracted for 300,000 6
remain unfinished. Fifteen thousand
Government, a small part of which
type, were also delivered daily
detonating fuses, similar to the Russian
for American shells of large caliber. tured, jointly with another concern
The Wagner company also manufac
4-in, naval anti-submarine guns
at Moline, Ill., more than 70% of the
artillery wheel hubs, besides
contracted for in the U. S. and 80,000 56-in, al machinery used by this
electric
a vast amount of other articles and
war.
country in the
car full of depth bombs containing
During the critical period a baggage under special naval guard.
production
no explosives left the plant each night
men and women, additional to the regular
More than 1,500
war orders, and the pay-roll
organization of 3,000, were employed on
ies ceased the
Since hostilit
reached a maximum of $120,000 a week. munitions department, having
its
Wagner company has virtually disbanded
, and is concentrating its
let out about 1,500 men and women workers 105, P. 1319.
s.
-V.
resources on its electrical machine busines
ns.-V-Pres.
United -Gas Improvement Co., Phila.-Ear
Dec. 31 1918.
Preliminary Report for Year Ended
1915.
1916.
1917.
1918.
Regular inc. from leased
$8,817,981 $7,841,389
Artworks & investments_ $5,777,537 $7,654,806
1,230,000
622,577
508,638
Profits on sale securities 2,089,500
389
$7,867,037 $8,163,444 $9,440,558 $9,071,
income
Total
Expenses, taxes, interest
1,871,968
2,171,226
39
2,247,9
2,770,527
and sinking fund
4,440,236
4,440,237
4,582,765
4,882,384
Dividend paid (8%)
095 $2,759,185
$214,125 $1,332,750 $2,829,
Balance, surplus
formerly Pres, of the CharlesPhilip II. Gadsden of Charleston, S. C., been elected Vice-President
Consolidated Ry. & Lighting Co., has
ton
689, 282.
-V. 108, p.
of this company.
-Immediate LiquiUnited States Finishing Co., N. Y. of $600,000 Addidation of 20% Deferred Dividends by IssueDividend Declared.
tional Pref. Stock-Plan Effective-Stock
pref.
increase the auth. 7% cum.
The shareholders on Feb. 18 voted to ds) from $3,000,000 to $3,600,000
stock (preferred as to assets and dividen to issue $600,000 of new pref.
directors have accordingly voted tion of the 20% ($600,000) of
and the
liquida
stock for the purposes of immediate The payment of this stock dividend,
deferred dividends on pref. stock.
preliminary details.
y declared, awaits the:completion of some
while actuall
son, Jan. 29 1919.
of Statement by Pres. Henry B. Thompof over $1,800,000 as
Digest
a surplus
Sialus.-The company has accumulated0 of this sum will be transferred
of June 30 last (V. 107, p. 2006); $600,00 paying the accumulated dims.
for the purpose of
from surplus to capital
into control the earnings have been
Since the present management came
loans, in reduction of the first
applied to the liquidation of the old bankof the property, putting it into a
repairs and upkeep
mortgage debt, and the
lowest cost. Much cash has been
condition to do first-class work at thelarger accounts receivable, and war
required for taxes and the carrying of of a larger amount of supplies and
carrying
conditions have required the
dividends upon the pref, stock has
at greatly increased cost. Payment of dividends have been paid in part,
also been resumed and the accumulated
These various expenditures have not
reducing them from 28% to 20%.er of the postponed dividends in cash,
warranted payment of the remaind
plan.
and the directors therefore submit this
stock by $600,000, and distribute
-Increase the authorized pref.liquidation of the $600,000 deferred
Plan.
at par, pro rata, in complete shares will not be issued, but the
this stock
al
dividends. Certificates for fraction fractions to the stockholders in order
or
company will either purchasefar sell purchases permit it to do so. The
as its
shares, so
to make up whole
to pay cash in place of stock, if
company also reserves to itself the right
The directors reserve the right to
necessary for purposes of adjustment.
of subon whenever they have received the assent
put the plan into operati
ed shareholders and of two-thirds
stantially the whole number of the preferr
n shareholders.
of the commo
assets as of June 30 1918, equal to
According to the books, we have net of preferred stock. If this plan is
$3,600,000
$201 for every share of the stockholders may have to wait a considerable
ed
not adopted, the preferr
t of the deferred dividends, which,
period before receiving complete paymen new stock will be entitled to diviof course, do not bear interest, while the Jan. 1 1919, if this plan receives
annum from
dends at the rate of 7% per
prompt approval.
ves in advance, it is obvious
While the directors cannot pledge themsel
out of the way, the earnings of the comthat,with the preferred dividendsthe early resumption of dividends on the
maintained, will justify
pany, if
stock 132,350,000 outstanding June 30
133,000,0001 authorized common e all the present assets, and will probably
19181. This plan will also preserv excess profits taxes which the company
reduce the amount of
also serve to
-V. 1081. D. 789.
may otherwise be required to pay.
-Earnings.Iron Co.
Wheeling Steel &
1917.
1918.
1917.
1918.
Cal. Yrs.
Total income_36,596,719 $8,840,101
Shipments _$27,475.915 $27,964,341 Prof.(bef.tax.) 5,826,270 x7,130,678
8,551,519
Net earns__ 6,305,057
other contingencies in 1917.
x Provision for excess profits tax and
34,058,875.-V. 106, p. 2754.
-Reorganization Data.
Arms Co.
Winchester Repeating
adoption of the plan of reorIt is not expected that the opposition to the the plan. The "Chronicle"
tion of
ganization will interfere with the ratifica about 3% of the capital stock outnts
is informed that the opposition represe
it is said, but when the prostanding. Originally this amounted to 27%, for, all but about the 3%
sought
tective committee obtained concessions
agreed to the amended plan.
ed for Feb. 26, was further adThe adjourned annual meeting, schedul cy of the temporary injunction
penden
journed for one week because of the-V. 107, p. 2195, 2015.
sought by New Jersey stockholders.
Reduced.
Wolverine Copper Mining Co.-Dividend
has been declared on the stock,
A quarterly dividend of 50 cents per share
15. In Jan. 1919 and Oct. 1918
payable April 1 to holders of record March April a semi-ann. div. of $3 was
was paid, and in
a quarterly dividend of $1
p. 789.
paid, making a total of $4 for 1918.-V. 108,
-Called.
& Mach. Co.
Worthington Pump
the Holly Mfg. Co., twentyForty-Nine First Mtge. 5% gold bonds of
each ($24,700) have been
two of $1,000 each and twenty-seven of $100 and int. at the Lawyers
t on and after March 1 at par
called for paymen
p. 2297.
-V. 107,
Title & Trust Co., New York.
CURRENT NOTICES.
, Mass., have just issued
-Stone & Webster, 147 Milk Street, Boston
Gas and Water Power Propertheir "Electric Railway, Electric Lighting,
descriptions of the various proper.
ties Manual for 1919," which gives brief
ation, together with statements
ties under the management of their organiz
securities, earnings and expenses
of capitalization, particilars regarding the
In addition, the monthiy.
thereof for the year 1918, besides other data.
the condensed balance sheets
earnings statements for December show
Pugot Sound Traction Light
All the companies are included, except the
are pending with the city of
& Power Co., negotiations for sale of which
Co., which is undergoing reSeattle, and the Paducah Traction & Light
organization.
of Railroads," edited by
-The 1918-19 edition of "Earning Power
ge firm of Jas. II. Oliphant
Floyd W. Mundy of the N. Y. Stock Exchan
The book contains its usual
& Co.,61 Broadway, this city, is now issued. year of railroad 'operations
last
statistics, including those for 1917, the
al developments in the comunder private ownership, and the princip
The results of 144 railroads
panies' financial affairs up to January 1919.
paper and bound in flexible
are included. The book is printed on Bible
leather.
bond department of the Equi-In our advertising columns to-day the
Inc., of this city and
Co. of this city and Halsey, Stuart & Co., Stock Land Bank
table Trust
000 Joint
Chicago are offering for investment $3,000.
optional date and 5% thereafter.
5% bonds at a price to yield 4.50% to
outlined in the advertisement.
All the investment qualities of the bonds are
" will give other particulars
A booklet, "Joint Stock Land Bank Bonds,
and will be furnished on request.
ty Trust Co. of this city,
-All the notes having been sold, the Guaran National Bank of PittsMellon
jointly with the Union Trust Co. and the
a matter of record only,$12,000.burgh,are advertising on another page,as
ng
6% Serial gold notes, maturi
000 Aluminum Company of America
record advertisement.
to 1923. Full details appear in the
March 1 1921
Coast Artillery, United States
-Kenneth L. Fleming Jr., late Major of
W. Hill & Co., dealers in inArmy, has become associated with Charles
s to the war Mr. Fleming was
vestment securities at 2 Wall St. Previou
, Nachod & Kuhne, New York.
Manager of the Bond Department of Knauth
Now York Stock Exchange.
-Hartshorne, Faits & Co., members of the
Co., prepared by Halibtuton
are issuing a letter on International Paper
Fales Jr.
t<N-
887
THE CHRONICLE
MAR. 11919.]
Sepotts and Poicnutents.
SUPERIOR STEEL CORPORATION
Pittsburgh, Pa., February 1, 1919.
TO THE STOCKHOLDERS OF THE SUPERIOR STEEL CORPORATION:
The within statement covers the report of the operations of the second fiscal year of your Company ended December 31, 1918, and we trust that the results shown will prove satisfactory.
During the greater portion of the past year we were obligated to run our Plant on either direct or indirect Government
.
business. It was not necessary, however, for us to remodel or make any changes in our Plant to take care of this business.
Since the termination of the War, our energies have been bent toward returning to normal domestic business. This has
been accomplished to a larger extent in a shorter period than we anticipated, and while real normal conditions have not yet
arrived, we feel that they are coming gradually, and the indications are such that the outlook for the future in our particular
line is very bright.
Respectfully,
E. W. HARRISON, President.
CONDENSED BALANCE SHEET 31ST DECEMBER, 1918
ASSETS
CURRENT:
Cash in Banks and on Hand
U. S. Treasury Certificates of Indebtedness, including Accrued Interest
Notes and Accounts Receivable
$763,643 01
913,483 89
1,115,931 20
INVENTORIES:
Finished and Partly Finished Products
Materials and Supplies
$211,376 65
896.559 60 1,107,936 25
INVESTMENTS:
U. S. Liberty Loan Bonds
U. S. War Savings Certificates
W. II. Shinn Coal Co. 1st Mortgage 6s
$574,090 62
846 00
10.000 00
584,936 62
$4,485,930 97
67,856 95
EMPLOYEES' SUBSCRIPTIONS TO THE LIBERTY LOANS
TREASURY STOCK, ETC.:
890 Shares First Preferred, at cost
363 Shares Second Preferred, at cost
Common Stock for Employees, balance to be collected
Cash in Sinking Funds for Purchase of Preferred Stock
$88,184 27
34,531 13
7,204 38
257 74
DEFERRED CHARGES:
Prepaid Insurance and Taxes
PLANT AND EQUIPMENT:
Land, Buildings, Power Plant and Furnaces
Machinery and Equipment
130,177 52
5,887 44
$652,043 01
1,549.736 75
$2,201,779 76
525,918 14 1,675,861 62
Less, Reserve for Depreciation
2.500,000 00
GOOD-WILL
$8,865,714 50
LIABILITIES.
CURRENT:
Accounts Payable
Dividends Payable in February
Reserve for Taxes (including Federal Taxes for 1918, estimated)
$271,495 01
176,408 00
1.169.729 06$1,617,632 07
CAPITAL AND SURPLUS.
CAPITAL REPRESENTED IN ACCORDANCE WITH THE LAWS OF THE STATE OF VIRGINIA:
-Total authorized and issued 35,000 Shares, par value $100; Total outstandFirst Preferred Convertible 8 Per Cent
$2,535,900 00
ing 25,359 shares
-Total authorized and issued 20,000 shares, par value $100; Total outstandSecond Preferred Convertible 8 Per Cent
1,909,800 00
ing 19,098 shares
2,301,348 03
Common Stock-Authorized 115,000 shares; Issued 60
SURPLUS
$6,747,048 03
501,034 40 7.248,082 43
$8,865,714 50
Sales:
SUMMARY OF PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 1918.
$9,038,742 37
74,727 Net Tons, $120 95 average price per ton
76,880 24
Less Discounts Allowed
$8,961,862 13
Net Sales
6,589,431 41
Cost of Sales
Gross Profit
Miscellaneous Income
$2,372,430 69
178,912 32
Gross Income
DEDUCTIONS FROM INCOME:
Administrative Expenses
Selling Expenses
Taxes
Plant Depreciation
Idle-Plant Expenses
Reserve for Accounts Receivable
Contributions to the American Red Cross and United War Work Campaign
$2,551,343 01
Net Income
SURPLUS ACCOUNT 31ST DECEMBER, 1918
Surplus, 1st January, 1918
Discount on Preferred Stock Purchased
Net Income for the year ended 31st December, 1918, as above
$93,740 99
144.934 78
39.039 84
300,000 00
8.261 29
6,000 00
20,000 00
611.976 90
$1.939;366 11
$466,926 57
3,078 33
1,939,366 11
$2,409,371 01
DISBURSEMENTS AND APPROPRIATIONS OF EARNINGS:
Dividends Paid
Sinking Fund, First Preferred Stock
Sinking Fund, Second Preferred Stock
Reserve for Federal Income and Excess Profits Taxes
Surplus 31st December, 1918
$800,475 00
105,000 00
60,000 00
942,861 61 1.908,336 61
$501,034 40
We have examined the accounts of the SUPERIOR STEEL CORPORATION as of 31st December, 1918, and we hereby certify that, in our opinion,
the above balance sheet correctly sets forth the Company's financial condition at that date.
LYBRAND. ROSS BROS.& MONTGOMERY,
Certified Public Accountants.
Pittsburgh, Pa., 22nd January, 1919;
888
THE CHRONICLE
[VOL. 108.
was the belief for a time that the minimum hog price of
$17 50 will be maintained in March. Shorts have covered
freely. Packers and commission houses have been steady
buyers, cheered by the export exhibit. Later a fear that the
COMMERCIAL EPITOME
minimum price of $17 50 will not be renewed had a depressing
Friday Night, Feb. 28 1919. effect. To-day prices weakened and then rallied, but the
There is a moderate improvement in general business, ending shows a moderate decline for the week.
FUTURES
but there is no activity. In fact, many branches are quiet. DAILY CLOSING PRICES OF LARDTues. Wed. IN CHICAGO.
Sat. Mon.
Thurs.
Fri.
May delivery
cts
Holi- 25.72
25.75 25.40
24.90 24.95
The feeling on the whole is more cheerful, but caution is July delivery
day. 24.75
24.82 24.55 24.05
24.30
still the word of order. At best, there is only a fair business
PORK quiet; mess $49@$49 50, nominal; clear $43@$49.
here and there. Europe, it is true, wants a large quantity Beef steady; mess $35@$36; packet $37@$38; extra India
rather more active for export mess $62@$64; No. 1 canned roast beef $4 25; No. 2 $8 25.
of food and trade has been
in cotton and leather. Iron and steel may come next. Cut meats quiet and lower; pickled hams, 10 to 20 lbs., 269/è
Lumber is in better demand. The general condition of (4)26%c.; pickled bellies, 29@30c. To-day May pork closed
trade is better than it was thirty days ago. That is the at $40 75, showing a small decline for the week. Butter,
creamery extras, 55@553/2c. There is a large stock of butter
judgment of close watchers. The weather of late, it is in the cold storage houses of the United Statse and prices, it
true, has been stormy at the West, and, in fact, over the is believed, are likely to decline. According to the Bureau of
northern half of the United States. To-day there was a Markets, on Feb. 1 1919 there were 36,815,795 pounds in
blizzard with temperatures well below zero in Iowa, Neb- storage, as against\ 26,725,815 last year, in addition to 13,raska and Kansas, and it was rapidly working eastward. 796,954 held by the Government for the army, navy and AlCheese,
A cold wave was predicted for Illinois and Indiana by to- lied Governments. M @45c flats, 28@31 Yo. Eggs, freshgathered extras, 44
.
night. In the East the temperatures have continued mild,
COFFEE quiet on the spot; No. Rio, 15 M @15%c.;
and to-night the indications point to rainy and warmer No.4 Santos, 21 @21 Mc.; fair to good 7
Cucuta, 20q@,213y .
o
weather. Spring trade is halted by the bad weather at the Futures advanced for a time. Stocks in this country are
West, which at the same time is of no particular benefit to the said to be unusually small, both visible and invisible. Neusale of winter goods. Retail and wholesale business there, tral and enemy countries are believed to be carrying very
it is believed, will be stimulated by milder and more spring- small supplies. New York prices are considered the lowest
hand, supplies in
On the
like weather. The buying power of the farmer is unusually in the world. qf course other are other sources ofBrazil are.
enormous, and
there
supply in
high, and at the same time demobilization of troops tends Central America and the East and West Indies. Central
to expand business. The winter wheat crop.has thus far countries of Europe have been using substitutes for several
come through the winter very well indeed. The acreage years, and as they are supposed to be in a bad way financially,
abandonment will from present appearances be unusually some think they will continue to do so for a time, even after
not yet taken
small. In the Northwest, both retail and wholesale trade peace is declared. And that event has enough supplyplace.
for a
Some contend that France has a large
is considered to be in promising condition. In the South- year; also that Belgium and Italy are carrying good supplies
west the feeling is confident. In the large Eastern centres, and that Spain and Portugal do not need much. Finally,
too, the tone in business is more encouraging; traders arc it is contended that the big world stocks offset any possible
inclined to expect better things. Among the things which shortage in the crops of 1920-21. Nevertheless there was
command most attention now are automobiles, jewelry, enough covering and general buying to put prices up a little,
but later they gave way under liquidation
groceries, and agricultural implements. Also millinery, ness. To-day they showed little net changeand general dulfrom yesterday,
furniture and seeds sell pretty well. Less favorable reports but May is 15 points lower for the week. A prominent bankby comparison are heard in regard to dry goods, clothing er of Porto Rico predicts that coffee is destined to supplant
and similar lines as well as hardware. Woolen goods have whiskey, and that coffee houses of the English type of bygone
declined rather sharply for next Fall's trade. There has days are to stand where there are now saloons.
May..___c_14.5514.601Sept ___c_13.75013.80 Dec
been a sharp decrease in the output of cotton and woolen June
13.75013.80 Jan
14.30 14.35 Oct
13.48 13.50
14.03 14.10 Nov
13.60013.65 March___-13.38 13.43
goods, and this is expected to have a favorable effect sooner July
Aug
13.90@13.95
or later in these branches of business. It is gratifying to
SUGAR remains at 7.28c. for centrifugal, 96 degrees
notice, too, that the danger of a country-wide building test, Cuban and Porto Moan. Granulated, 9c. Arrangestrike has been averted. Building materials are ments have been made by the Equalization Board for the
trades
cheaper in some lines, and it is hoped and believed that shipment in March of 41,000 bags of Cuban raw at 5.88c.
.
delayed construction will be done this spring on a big scale. cost and freight and'7,200 tons of Porto Rico at 7.28c. c.i.f.
In the West cold weather has caused a rather better demand Something over 100,000 tons of the shipping originally desigfor coal. Though unemployment is increasing, it is hoped nated for February, it is stated, will have to go over into
that as spring advances the demand for labor will readily March. Later the Board took 427,000 bags of Cuba for
absorb the supply. At any rate the conditions are ex- March shipment at 5.88e. Peruvian raw sugar is offered
pected to improve later on. Cotton declined here to-day for March shipment at 5.640. c.i.f., apparently without
sharply, partly because of reports from Washington that the purchases by the Equalization Board or Canadian refiners.
Allies would not consent to lift the embargo on cotton Refined has been in only moderate demand. Yet refiners
exports to enemy countries until the peace treaty is signed. are now in a position to make prompt deliveries.
Southern Senators have been importuning President Wilson
OILS.
-Linseed quiet but steady; city raw, car lots,
to use his influence to have the embargo removed.
$1.45; 5-bbl. lots, $1.48. Lard; prime edible higher at
Harbor workers at New York have renewed their strike $2.15@$2.20. Cocoanut, Ceylon, bbls. 15@l5Y
lc.;. Cotalk. They may insist on 25% increase in pay just refused chin, bbls., 18@183'c. Soya bean, 123/2@133/2c. Corn
by the War Labor Board, although the eight-hour day was oil, crude, wood, lower at 13@13Mc. Olive,- $3@$3.25.
granted. The Governors of all the States and the mayors of Cod, Newfoundland, $1.15@$1.20. Spirits of turpenover 100 cities have been invited to attend a conference at tine, 693/2 ®70e. Common to good strained rosin, $13.10.
the White House, Mar. 3rd and 4th to discuss "vital quesPETROLEUM in fair demand; refined in barrels, cargo,
tions affecting business and labor," at which President
Wilson will speak. The industrial companies which filled $17 25@$18 25; bulk, Now York,$9 25@$10 25; eases, New
war orders for Russia are reported to have pooled their York, $20 25@$21 25. Motor gasoline, in steel barrels, to
Russian accounts payable and delegated to Frank A. Vander- garages, 243'c.; to consumers, 263/20. Gas machine, 413/20.
lip, President of the National City Bank of New York, The foreign demand for kerosene has latterly been reported
authority to effect a settlement for them. Mr. Vanderlip less active. Stocks are small. Stocks 'of heavy crude oil are
also represents abroad holders of Russian 63/2% external increasing, however. It is said that the output of the Ranger
bonds, $50,000,000, of which were sold in this country in the deep sands pool, Eastland County, Texas,is still being stimuearly period of the war. Approximately 1,000,000 lbs. of lated by gusher wells. The Texas Pacific Coal & Oil Co.'s
Government-owned territory wool will be sold in Portland, No. 1 Norwood, which touched the sand a few days ago, is
Ore., on Mar. 6. Secretary of Commerce Redfield's pro- now flowing at the rate of 7,000 barrels daily, which considposal to "stabilize" prices by marking them down is not erably exceeds its initial 24-hour gauge. In Stephens County,
received with geileral favor in the iron and steel trade. Texas, the northern end of the same deep sand territory, the
Steel prices in some cases have recently fallen $2 to $5 per Texas Company has recently completed an advance well near
Breckenridge rated at 1,000 barrels.
ton without help from officials.
Pennsylvania dark $400 South Lima
$2 38 Illinois, above 30
LARD lower; prime Western, 25.85@25.95c.; refined to Osbeli
degrees
2 28
2 77 Indiana
$2 42
Crichton
1 75 Princeton
2 42 Kansas and Oklathe Continent, 28.75c.; South American, 28.90c.; Brazil, in. Corning
home
2 25
285 Somerset,32 deg.. 2 60
kegs, 29.90c. Futures advanced for a time. Chicago re- Wooster
1 25 Caddo. La., light- 2 25
2 85 Ragland
2 25 Caddo, La., heavy 1 00
2 25 Electra
ports shipments of lard and meats as considerably larger Thrall
2 78
225 Canada
225 Moran
than those of last year. In fact, the export movement is Strewn
De Soto
1 20
2 33 Healdton
2 15 Plymouth
2 20
enormous. Since July 1 the exports of lard have been. North Lima
2 38 Corsicana, heavy 1 05 Henrietta
274,810,000 lbs., against 132,258,000 for the same period
TOBACCO.
-A brisk demand has prevailed for Porto Rico
last year. And of bacon, 1,000,923,000 lbs., against 325,- leaf, and a good business has also been done in Havana and
812,000 lbs. during the same time last year. In other Sumatra tobacco. Domestic leaf, on the other hand, has
_words, lard exports are more than double and those of bacon been quiet. That is partly because manufacturers are
more than treble those of last year. Another bullish factor carrying pretty large stocks of the old crop, and partly
The Tomux,ertial W,intes.)
MAR. 1 1919.]
THE CHRONICLE
becuase farmers demand prices that buyers as a rule are not
willing to pay. Packers certainly balk at buying 1918 leaf
at asking prices. Still it is said that some large manufacturers have been buying new crop Pennsylvania and
Ohio. It is even rumored that they have recently paid as
high as 15 to 17 cents. Pennsylvania farmers are said to
have formed a co-operative warehouse company with a
capital of $100,000. Their idea it is said is to pack and sell
their crop direct to manufacturers. Prices of tobacco
products, it is intimated, will shortly be raised. One leading
cigar company, it is stated, is likely to raise its retail prices
33 1-3 %.
COPPER dull and again lower at 15 to 16c. for electrolytic, with 18c. for Lake asked by the big concerns. It is
expected that the committee representing the Copper Export
Association will return to this country about March 15th.
This committee went abroad some time ago to visit England,
France, Italy and Germany, for the purpose of extending
the Export Association throughout those countries. It is
understood that they are now in Paris. A conference of
copper producers will be held here on March 3d to discuss
poans for the sale of a large surplus stock in the United States.
It is said to approximate one billion pounds as against between 500,000,000 and 600,000,000 pounds at the beginning
of the year. About a month ago, according to official figures, there was one billion pounds of coopper above ground
unsold, but that total included some material which had not
been refined and thus made commercially available. Since
Jan. 1, although production has been reduced, the supply of
refined metal has steadily increased, owing to lack of demand.
Boston of late has wired that sales of copper in small quantity have been made by one of the largest producers at
153 cents a pound, while 153/i cents was paid to one of the
smaller interests. Tin quiet and unchanged at 71 @72c.
Spelter lower at 6.673/20.
Lead higher at 5 Yi
PIG IRON has remained quiet. Secretary Redfield's
plan for stabilizing basic industries on a lower plane of
prices meets with opposition. What iron men for the most
part want is to be let alone. They think all iron problems
will work themselves out naturally if the Government will
pursue a policy of hands off.
Everybody has had enough
of regulation to last a lifetime. What they now want is a
return to the ordinary laws of trade with questions of supply
and demand shaping prices rather than outside interference.
STEEL has been cut $2 a ton on small sales of plates and
hard steel bars and $5 on billets and sheet bars. Belts and
nuts have dropped 5% in some quarters, though firmly held
in others. Rivets have fallen $4 per ton. Some makers
of tool steel have reduced prices 10 cents per lb. The trade
in general do not favor the idea of stabilizing prices by reductions, as seems to be proposed by the Secretary of Commerce.
The general idea seems to be that lowering prices will not
necessarily mean an increase in business. There seems to be
no likelihood of any great increase in the export business in
Mill operations, taken the country over,
the near future.
appear to oe on a somewhat smaller scale than at the beginning of the month. Meanwhile, the average steel man believes that the more the steel trade is let alone by the authorities the quicker it will reach a state of equilibrium, or in
other words, a natural stabilization of its own accord. This
spring people naturally look for a better trade in structural
material. Automobile production is increasing in the matter of passenger cars. Railroad equipment is dull, owing apparently to the firmness of prices. Take it for all in all, the
trade is still in a state of transition and naturally conditions
are not the most satisfactory that could he imagined. Judge
Gary says, however, that the steel trade is in better condition than it has been for some time, and that reports of unemployment are exaggerated. London now has a metal exchange for regulating of sales and prices of iron and steel.
COTTON
Friday Night, Feb. 28 1919.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
92,531 bales, against 90,960 bales last week and 101,477
sales the previous week, making the total receipts since
Aug. 1 1918 3,737,989 bales, against 4,511,864 bales for the
bame period of 1917,-18 showing a decrease since Aug. 1
1918 of 773,875 bales.
889
1918-19.
Receipts to
Feb. 28.
1917-18.
This Since Aug This Since Aug
Week. 1 1918. Week. 1 1917.
Galveston
28,688 1,268,136
Texas City
2,889
56,650
Port Arthur
Aransas Pass,&c_
461
53,500
New Orleans__ 34,785 1,006,153
Mobile
3,462 105,584
Pensacola
9,422
Jacksonville
300
18,396
Savannah
12,888 708,687
Brunswick
300
53.450
Charleston
2,052 128,572
Wilmington
1,337
72,687
Norfolk
4,757 211,266
N'port News,&c_
2,909
New York
225
7,162
Boston
387
19,362
Baltimore16,023
Philadelphia
30
---Totals
Stock.
1919.
23,008 1,363,901 328,641
1,854
53,562
18,204
8,102
798
20,765
34,685 1,197,531 446,353
2,228
82,280
25,861
25,941
____
38,000
11,420
16,444 835,242 254,045
1,000 116,900
3,600
870 183,509
58,414
2,300
70,770
42,155
10,719 246,780
97,287
261
4,396
168 106.654
86,763
870
86,997
14,118
1,328
66,266
6,779
683
4,268
3,201
1918.
322,290
34,214
454,993
12,817
17,000
252,877
22,000
56,417
36,856
90,536
141,260
20,186
30,181
6,879
92.531 3.737.989 97.216 4.511.864 1.396.841 1.498.506
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1919.
1917.
1918.
Galvestion___
TexasCity,&c
New Orleans_
Mobile
Savannah
Brunswick
Charleston,&c
Wilmington.._
Norfolk
N'port N., &c
All others
28,688
3,350
34,785
3,462
12,888
300
2,052
1,337
4,757
Total this wk.
1916.
1915.
1914.
92,531
912
23,008
2,652
34,685
2,228
16,444
1,000
870
2,300
10,719
261
3,049
24,847
464
20.151
1,617
1,975
2,000
1,332
409
6,746
372
10,697
50,577
2,391
13,760
1,574
11,522
5,500
697
507
7,859
106
13,356
95.972
26.763
46,733
4.90
45,453
9.000
6,516
14,651
14,126
2,318
18,19
51,914
14,824
35,225
5.465
13,631
4,000
1,534
1,253
4,988
5,276
12,980
97,216
70,610 107,849 284,63
151,090
Since Aug. 1_ 1.737.080 4.511.864 5.536.057 5.402.039 8.093.1629.112.63R
The exports for the week ending this evening reach a total
of 96,408 bales, of which 38,426 were to Great Britain,
00,000 to France and 57,982 to other destinations. Exports for the week and since Aug. 1 1918 are as follows:
Week ending Feb. 28 1919.
Exported to
Exports
from-
From Aug. 1 1918 to Feb. 28 1919.
Exported to
-
Great
Great
Britain. France. Other. Total. Britain.1 France.
Galveston__ 4,469
Texas City_
Pt. Nogalez
NewOrleans 23,203
Mobile
Pensacola
Savannah
Brunswick _
Charleston _
Wilmington
Norfolk____ 10,351
New York_
400
Boston ____
3
Baltimore
Philadelpqa
Pacific port
Total____ 38,426
4,469 496,995
3,041 26,244 356,343
58,221
9,532
16,673 16,673 93,081
33,663
10,351 34,126
1,424 253.194
3 22,289
12,355
19,116
37,244 37,244
1,024
Other.
Total.
58,699 259,227 814,921
15,8
15,800
13
130
169,214 141,057 666,614
58,221
9,532
164,650 94,089 351,820
33,663
1,000
400
1,400
22,405 22,405
31
34,157
50,064 190,362 493,620
5,576
27,865
12,355
2,300 21,416
351,066 351,066
57,982 96,408 1388,91,5 449,2341,076836 2,914,985
Tot .'17-18* 41,950 14,096 30,247 86,2931,774,566 400,228 878.8203,051,614
Tot. '16-'17 30,731 22,444 21,738 74.9132.043,972 643,870 1,416,898 4,104,740
* Figures adjusted to make comparison with this season approximately correct.
.In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared for
Great
GerOther Coast
Feb. 28 at
- Britain. France. many. Cont t. wise.
Galveston ____ 5,604 50,433
New Orleans__ 19,512 14,367
Savannah ____ 22,000
Charleston
Mobile
7.806
Norfolk
New York *
5,000 3,500
Other ports *__ 8,000 2.000
Total 1918__ 67,922 70,300
Total 1918__ 53,208 32,000
Total 1917__ 43,757 9,174
* Estimated.
2,186
3.890
18,000
2,000
3,000
Total.
Leaving
Stock.
2001 58,423 270,218
332 38.101 408,252
2,000 42,000 212.045
1.000 1.000 57.414
7,806
18,055
200
200
97,087
10,500
76.263
13,000
86,477
29,076 3,732 171.030 1,225,811
42,007 30,350 157.565 1,340.941
13,201 20.4821 86,614 1,201,719
Speculation in cotton for future delivery has been fairly
active at irregular prices, but, on the whole, their recent
trend has been downward. Latterly, however, they had
got into what very many regard as debatable ground.
Certainly, they have shown more resistance to pressure.
. Wed. Thurs
Mon. Tues
. Fit.
.
Sat.
Total.
Liverpool prices have much of the time been notably strong
Galveston
6,316 5,807 3,893 7,270 2,742 2,660 28,688 and that market at times has been a large btwer here.
---- 1,717
697
4'79
Texas City
96
__
2,889 Japanese interests have to all appearance been buying
Pt. Arthur, &c._
---------401 • 461
New Orleans...
6,figi 4,k47 4,863 5,507 3,958 9,789 34,785 distant months, though at other times they are understood
32 1,301 1,557 3,462 to have sold near months. The Italian Commission is said
237
Mobile
152
183
Pensacola
Jacksonville
, 7,7;
-,.:::
-1:::
-566 TOO to have bought March to some extent. The foreign labor
Savannah
3,aol 0:13 2,'738 2,116:3 1,907 1,013 12,888 situation, according to some private Liverpool dispatches is,
_
_
Brunswick
300
300
improving. The world for the most part is
Hi
Charleston
IR
gH
-0 156
447 2,052 on the whole,
199
Wilmington
332
254
158 1,337 believed to be bare of raw and manufaztured cotton
268
126
Norfolk
477 1,612
689
1,047
___
932 4,757 after four crops in succession which certainly look
N'port News,&c.
_ __
____
---------------New York
---- ___
225225 small by comparison with the mammoth one of 1914-15.
Boston
87
---300
---387 What the world would have done without that high record
------Baltimore---- -___
_ ___
_ ___ crop in the succeeding lean years must be left to conjecture.
____
____
Philadelphia ___ _
But for that crop, however, very many believe that prices
Totals this week_ 16.503 14.222 13.478 18.634 12.077 17.6171 92.531
during the war would have gone far higher than they did.
Oft The following shows the week s total receipts, the total And some think it highly problematical whether there will
since Aug. 1 1918 and the stooks to-night, compared with be a big yield during the coming season. There is deter•
last year:
mined agitation in favor of a smaller acreage. Such agita-
THE CHRONICLE
,890
tions, it is true, are not always successful; far from it. But
many think that this year the movement will have some effect, especially as fertilizers are very high, German potash,
it seems, will not be obtainable until next June, supplies of
all kinds are costly, and labor is none too plentiful in some
parts of the South, it is said, even at $2 to $2 50 per day:
And the season is getting rather late. Some reports say
that it is about a month late east of the Mississippi River,
and from two to six weeks late in Texas and the Southwest generally. Recently, it is claimed, the Eastern
belt has had entirely too much rain. Rainfalls in a day
of late have reached 1% to over 4 inches in
parts of the Carolinas, Georgia Alabama, Mississippi and Louisiana. And temperature has fallen sharply.
It has been well below freezing not only in the eastern belt
but in Texas. Even far to the South in Texas it has been
down to 32 degrees. Of course field work under such conditions is out of the question. Not but that there is still
time to catch up; there certainly is. But for all that the
*eather map is beginning to be closely watched. And at
times the neW crop months have been suggestively steady.
Foreign houses have been buying them on the unfavorable
weather. And many think that peace is not far off. It will
mean the lifting of export blockades. Germany is a large
consumer of low grades of American cotton. This country
certainly has a big supply of them,. and at the first opportunity, will turn as much as possible over to Germany
with alacrity. Good ordinary is 1,000 to 1,200 points
under middling in various markets. The better grades are
naturally at big premiums. In New York middling uplands
are 350 points "on" March and in parts of the South it seems,
400 points or more. It is said that some of the better grades
are scarce at 30 cents a pound. It is also insisted that the
spinning value of a considerable percentage of the present
stock of cotton in this country is much lower than is generally
realized. Some predict that the mills will sooner or later
wake up to this. On the other hand, drygoods have been
quiet and print cloths easier. Indications seem to point to
a curtailment of the output of cotton goods. At times the
labor situation in Great Britain has been threatening. New
York seems to be menaced witb a big strike of harbor workers,
who are dissatisfied by an award recently made in arbitration. Meanwhile, exports are still small. Predictions have
been made for many weeks past that they would shortly
increase. And they have increased within the last few
months. The trouble is that they have not increased as
much as had been expected, and they still make no very
favorable comparison with the small figures last year. The
truth is that ocean freights are still scarce and high and that
exports are still disappointing. Meanwhile American
Those at the interior towns, so far
stocks are large.
from decreasing in recent weeks, have in most cases,
Also, the short interest here has
increased a little.
been steadily reduced, both for home and foreign
account. Many are skeptical as to the likelihood of any
material reduction in the acreage. Conventions, meetings,
pledges, efforts of %ate governments have all, it is declared,
been to a large extMit futile in the past. Cotton, it is affirmed, is the one crop with sugar, tobacco and rice that the
South thoroughly understands, and has planted from time
immemorial as a cash gold crop the world over. And the
skeptics insist that for the most part the South will stick to
cotton. They are, therefore, dubious about the possibility
of a fifth unsatisfactory crop in succession. To-day prices
fell 63 to 90 points, the latter on March, owing to dispatches
from Washington reporting that President Wilson had told
Southern Senators that the Allies would not consent to a
removal of the embargo on cotton exports to Germany until
the treaty of peace has been signed, lower cables, rather better weather east of the Mississippi, though cold in Texas
and Arkansas, increased Southern offerings, fears of legislation in regard to grade deliveries, &c., at cotton exchanges,
further March notices in addition to those for 15,000 to
20,000 bales on Wednesday, and some on Thursday, an
finally, heavy selling by Wall Street and the West. May
ends 101 points lower for the week. Spot cotton closed at
26.000. for middling uplands, showing a decline for the week
of 65. points.
The following averages of the differences between grades,
as figured from the Feb.27 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on Mar. 7:
2.09 on
Middling fair
1.63 on
Strictgood middling
1.20 on
Good middling
0.64 on
Strict middling
2.13 off
Strict low middling
5.41 off
Low middling
8.41 off
Strict good ordinary
10.46 off
Good ordinary
Strict good mid."yellow" tinged_1.30 off
Good middling "yellow" tinged_1.75 off
Strict middling "yellow" tinged..2.73 off
4.38 off
Middling "yellow" tinged
Strict low mid."yellow" tinged __6.75 oft
Low middling "yellow" tinged___9.78 off
Good middling "yellow" stained_4.50 off
Strict middling "yellow" stained-5.83 off
7.29 off
Middling "yellow" stained
Good middling "blue" stained.-5.95 off
Strict middling "blue" stained. _6.88 off
8.20 off
Middling "blue" stained
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 22 to Feb. 28Middling uplands
Sat.
Hol.
Mon. Tues. Wed. Thurs. Fri.
25.90 26.35 26.60 26.90 26.00
NEW YORK QUOTATIONS FOR 32 YEARS.
1919-c
1918
1917
1916
1915
1914
1913
1912
2600
32.65
17.00
11.25
8.35
13.05
12.70
10.45
1911...c
1910
1909
1908
1907
1906
1905
1904
14.45
14.95
9.65
11.35
11.25
11.05
7.60
15.10
1903_c
1902
1901
1900
1899
1898
1897
1896
10.25
8.81
9.25
9.31
6.56
6.31
7.44
7.81
1895_c
1894
1893
1892
1891
1890
1889
1888
[VOL. 108.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot
Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Contract Total.
Saturday.._ _
HOLT DAY
Monday
Quiet,75 pts. dec..__ Steady
Tuesday
Quiet, 45 pts. adv__ Very steady_
Wednesday_ Steady, 25 pts. adv_ Steady
Thursday _ _ Steady, 30 pts. adv_ Steady
Friday
Quiet, 90 pts. dee _ Barely steady__
100
100
200
Total
100
100
200
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday, Monday, Tuesday, TVed'day, Thursd'y, Friday,
Feb. 22. Feb. 24. Feb. 25. Feb. 26. Feb. 27. Feb. 28.
March
Range
Closing
April
Range
Closing
May
Range
Closing__ _ _
Week.
22.25-.22 22.45-.93 22.25-.70 22.52-.92 22.00-.80 22.00-322
22.38-.40 22.85-.88 22.60-.62 22.90-.92 22.00 - -- ---22.10
22.08-.1522.08-.15
22.00 -22.15 -22.10 -22.20 -21.40 - - 21.36-.30 21.50-.98 21.74-.05 21.92-.15 21.16-.97 21.16-130
21.72-.73 21.87-.90 21.88-.93 22.00-.02 21.19-.23---
June
Range
Closing
JulyRange
Closing
- 21.07 -21.25 -21.30 -21.45 -20.80 - HOLIDAY 20.66-.60 20.75-.20 21.00-.34 21.22-.42 20.55-.27 20.55-160
20.92-.95 21.09-.13 21.13-.15 21.30-.32 20.58-.60---
August
Range
Closing
September
Range
Closing__
October
Range
Closing__
20.33,65 20.33-.65
20.20-.30 20.40 -20.45 -20.60 -20.20 - -20.05-.25
20.05-.10 20.05-.25
20.00 -20.20 -20.25 -20.40 -19.82 - -10.56-.33 10.63-.03 19.85-.15 20.11-.30 19.54-,17 19.54-.33
19.75-.78 19.95-.96 20.00 -20.18-.20 19.55-.59--
November
Range
Closing
December
Range
Closing..
January
Range
Closing
19.65 -19.85 -19.00 -20.05 -19.45 -- 19.50-.07 19.70 -19.68-.80 19.95-.05 19.50-.54 19.50-.07
19.54-.58 19.70-.72 19.75-.80 19.90-.95 19.30-.35--19.45-.50 19.45-.65---19.95 -19.25-.75 19.25-.95
19.47-.50 19.62-.65 19.65 -19.75-.80 19.15-.25-- -
230. 122e. 1210.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete fiures for to-night
(Friday), we add the item of exports from the United State&,
including in it the exports of Friday only.
Feb. 28Stock at Liverpool
Stock at London
Stock at Manchester
1919.
bales.. _ 502,000
15,000
93,000
1918.
466,000
19,000
60,000
1917.
821,000
26,000
83,000
610,000
545,000
156,000
4,000
70,000
48,000
107,000
2,000
34,000
15,000
930,000 1,000,000
*1,000
*1,000
*1,000
*1,000
317,000 297,000
• 8,000
7,000
71,000
94,000
71,000 115,000
*1,000
*1,000
278,000
158,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental Stocks
492,000
1916.
860,000
59,000
81,000
494,000
888,000 703,000 1,422,000 1,494,000
Total European stocks
88,000
39,000
35,000
23,000
India cotton afloat for Europe_
290,641 132,000 248,000 523,308
Amer. cotton afloat for Europe
82,000
77,000 152,000
Egypt,Brazil,&c.,afloat for Eur'e' 48,000
397,000 353,000 145,000 150,000
Stock in Alexandria, Egypt..
*871.000 *575,000 731,000 896,000
Stock in Bombay, India
1,396,841 1,498,506 1,288,333 1,526,132
Stock in U. S. ports
Stock in U. S. Interior towns..__ _1,513.617 1,295,928 1,141,728 1,163,260
1,335
13,968
3,929
U. S. exports to-day
5,432,028 4,669,434 5,230,029 5,875,044
Total visible supply
Of the above, totals of American and other descriptions are as follows
American
bales_ 313,000 297,000 692,000 622,000
Liverpool stock
61.000
64,000
26,000
63,000
Manchester stock
*247,000 *133,000 *441,000 *419,000
Continental stock
290,641 132,000 248,000 523,308.
American afloat for Europe
1,396,841 1,498,506 1,288,333 1,526,132
U. S. port stocks
1,516,617 1,295,928 1.141.728 1.163,260
U. S. interior stocks
1,335
13,968
3,929
U. S. exports to-day
Total American
East Indian, Brazil,
stock
Liverpool stock
London stock
Manchester stock
Continental stock
Inaia afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East Inala, &c
Total American
8,828,028 3,382,434 3,889,029 4,316,044
189,000
15,000
30,000
*31,000
23,000
48,000
397,000
* 871,000
160,000
19,000
34,000
*25,000
35,000
77,000
353,000
575,000
129,000
26,000
19,000
*51,000
88,000
152,000
145,000
731,000
238,000
59,000
20,000
'!'75,000
39,000
82,000
150,000
896,000
1,604,000 1.287,000 1,341.000 1,159,000
.1,828,028 3,382,434 3,889,029 4,316,044
5,432,028 4,669,434 5,230,029 5,875,041
Total visible supply
7.84d.
17.18d. 23.81d. 11.48d.
Middling upland, Liverpool
11.60c.
17.45c.
32.70c.
26.00c.
upland, New York_ _
Middling
30.58d. 31.384. 23.404. 12.20d.
Egypt, good. brown, Liverpool..
Peruvian, rough good, Liverpool_ 33.004. 39.00d. 18.504. 12.50d.
7.60d.
16.41d. 22.15d. 11.05d.
Broach, fine, Liverpool
7.72d.
16.66d, 22.404. 11.234.
Tinnevelly, good, Liverpool
*Estimated.
5.50
7.62
9.19
7.06
9.00
11.31
10.19
10.50
Continental imports for past week have been 72,000 bales.
The above figures for 1919 show an increase over last week
of 79,127 bales, a gain of 762,594 bales over 1918, an excess
and a loss of 443,016 bales from
of 201,999 bales over 1917,
1916.
MAR. 1 1.919.1
THE CHRONICLE
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the Week and since Aug.1,the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to Feb. 28 1919.
Towns.
Ship- Stocks
meats. Feb.
Week. Season. Week. 28.
Receipts.
17
4,255
Ala.,Eufaula-227 58,316
Montgomery.
177 54,297
Selma
472 33,709
Ark., Helena
2,297 130,250
Little Rock
2,401 105,319
Pine Bluff
9,967
6
Ga.,Albany
1,242 103,546
Athens
1,897 148,390
Atlanta
4,003 319,956
Augusta
75 50,573
Columbus
2,000 153,531
Macon
350 39,664
Rome
917 108,542
La.,Shreveport
17,542
60
Miss.,Columbus
Clarksdale _ 1,900 110,890
Greenwood..._ 1,800 113,778
215 33,493
Meridian
36,613
481
Natchez
28,630
471
Vicksburg_ _
802 34,843
Yazoo City
Mo.,St. Louis_ 13,483 372,647
500 26,726
N.C.,Gr'nsboro
5,277
28
Raleigh
0., Cincinnati_ 4,7511 97,109
Okla., Ardmore
chickasba ...._ 1,224 38,955
300 27,143
Hugo
34,040
5
Oklahoma ___
S.C.,Greenville 2,035 60,570
13,362
Greenwood
Tenn.,MemPhis 17,841 663,043
1,268
Nashville _-__
7,054
Tex., Abilene_
30 16,138
Brenham __
400 36,238
Clarksville
1,825 71,883
Dallas
200 22,237
Honey Grove_
19,8061,397,558
Houston
2,500 00,929
Paris
70$
36,447
San Antonio
1
mt,,,,1
,
Movement to March 1 1918.
Receipts.
Week. Season.
Ship- Stocks
ments. Mar.
1.
Week.
601 2,703
18
____ 2,915
4,136
303 46,841 2,028 11,514
478 26,072
125 33,525
2081 1,832
303 20,674
192 6,080 1,354 35,706 1,47 12,511
1,105 42,795 6,237 190,940 3,5821 59,357
1,407 45,000 2,827 125,4481 1,110 60,921
6 12,204
____ 4,441
2,033
1,040 38,848 2,818 104,87
1,264 32,100
,401 10,00: 263,189 6,390 52,894
2,772
3,496 191,204 3,211 390,5281 1.9551176,000
32,0831
151
.._ 30,275
650 8,000
2,243 39,600 2,254 141,917 2,503 23,507
533 14,300 1,178 48,977
976 16,827
117 49,800 1,856 184,472 3,767 43,014
70 4,500
10
9,244
10 1,809
2,245 48,500
500 101,294 2,000 45,000
2,300 43,500
62 114,681 1,592 38,500
571 13,927
400 30,131
576 11,500
471 16,037
929 48,994 1,014 9,636
482 10,188
255 24,777
45, 5,329
451
591 17,770
36,316
165 16,897
13,364 25,482 21,779 864,251 21,895 22,072
700 8,800 1,200 38,188
200 7,397
100
247
571
7,098
501
277
4,251 18,500 3,760
96,152 4,614 92,373
13,750
4,500
1,020 10,454
194 49,845
786 9,521
353 1,800 1,127 31,864 1,827 7,550
600 5,700
666 38,631
58: 6,731
42 22,693 4,186 87,568 2,47: 21,448
____ 10,059
11,641
5,342
11,703 375,782 41,585 893,620 30,993 277,514
___ 1,552
10
1,392
1,102
__ __
601
200 26,624
200 1,245
30 5,026
50 20,266
69
900
457 8,000
270 49,570
727 4,885
1,465 16,051 1,563 116,763
282 15,125
225 4,900 1,077 56,600 1,217 8,006
25,767 290,143 25,385 1,713,38 21,688222,934
2,235 14,000 3,3; 94,279 2,562 14,922
800 4,000
1
200
124
28,983
d 1 mama 57 Q294 714 72R R2 A9R Inl2R17 1 49 RIVI R 9 11 AKA 100 XII 190K(1951
,
The above totals show that the interior stocks have increased during the week 4,404 bales and are to-night 217,689
bales more than at the same time last year. The receipts at
all towns have been 54,731 bales less than the same week
last year.
•
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1917-18Since
Week. Aug. 1.
21,895 a851.535
5,026 318,201
385
7,189
1,146
62,937
450
32.876
1,987 164,332
14,823 470,337
-1918-19Since
Feb. 28Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Week.
13,364
6,396
_,.
2,081
2,574
368
29,984
Aug. 1.
370,439
325,752
15,920
84,749
56,202
93,626
424,931
54,767 1,371,619
Total gross overland
Deduct Shipments
42,577
Overland to N. Y., Boston, &c___ 612
39,097
1,996
Between interior towns
3,076 152,820
Inland, &c.,from South
5,684
Total to be deducted
Leaving total net overland *
45,712 1,907,407
3,049 264,185
3,147
64,933
a13,603 a472,271
234,494
49,083 1,137,125
19,799
801,389
891
prevail,fast field work will greatly offset this delay. Holders
of cotton continue firm in their demand for 30cents, although
sales are being made at much lower prices. Rain on two days
of the week. The rainfall has been twenty-two hundredths
of an inch. Average thermometer 51, highest 64, lowest 38.
Abilene, Tex.
-It has rained on one day during the week,
to the extent of two hundredths of an inch. The thermometer has averaged 49, the highest being 72and the lowest 26.
Amarillo, Tex.
-It has rained on two days during the week,
to the extent of three hundredths of an inch. The thermometer averaged 41, ranging from 16 to 66.
Brownsville, Tex.
-Dry all the week. The thermometer
ranged from 38 to 78, averaging 58.
Dallas, Tex.
-Rain on one day of the week. The rainfall has been one hundredth of an inch. Average thermometer 46, highest 64, lowest 28.
-It has rained on one day during the week,
Palestine, Tex.
to the extent of ten hundredths of an inch. The thermometer has averaged 46, the highest being 64 and the
lowest 28.
San Antonio, Tex.
-We have had rain on one day during
the past week, to the extent of one hundredth of an inch.
The thermometer averaged 50, ranging from 32 to 68.
Taylor, Tex.
-It has rained on two days during the week,
to the extent of four hundredths of an inch. Minimum
thermometer 28.
New Orleans, La.
-Rain on three days of the week.
The rainfall has been one inch and eighty-eight hundredths.
Average thermometer 59.
-It has rained on four days during the
Shreveport, La.
week, to the extent of eighty-five hundredths of an inch.
The thermometer has ranged from 28 to 68.
Vicksburg, Miss.
-We have had rain during the past week,
to the extent of one inch and sixty-three hundredths. The
thermometer averaged 50, ranging from 30 to 71.
-Heavy rains have retarded farm work. It
Mobile, Ala.
has rained on four days during the week, to the extent of
three inches and eighty-four hundredths. The thermometer ranged from 35 to 78, averaging 56.
Selma, Ala.
-Rain on three days of the week. The rainfall has been five inches. Average thermometer 48.5,
highest 69, lowest 30.
Savannah, Ga.-It has rained on four days during the week,
to the extent of two inches and ninety-two hundredths. The
thermometer has averaged 58, the highest being 70 and the
lowest 42.
Charleston, S. C.
-We have had rain on four days during
the past week, to the extent of four inches and sixteen hundredths. The thermometer averaged 57, ranging from 43 to
70.
Charlotte, N. C.
-It has rained -during the week to the
extent of one inch. The thermometer ranged from 33 to 59,
averaging 46.
Memphis, Tenn.
-Rain on two days of the week. The
rainfall has been eighty-one hundredths of an inch. Average
thermometer 46, highest 61, lowest 23.5.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Feb. 28 1919. Mar. 11918.
Feet.
Feet.
7.3
11.6
13.8
30.3
12.7
19.8
17.8
4.5
16.7
36.5
25,913 1,106,018
QUOTATIONS FOR MIDDLING COTTON AT OTHER
-Below are the closing quotations of middling
MARKETS.
The foregoing shows the week's net overland movement cotton at Southern and other principal cotton markets or
has been 49,083 bales, against 25,913 bales for the week last each day of the week:
year, and that for the season to date the aggregate net overClosing Quotations for Middling Cotton on
land exhibits a decrease from a year ago of 31,107 bales.
Week ending
* Including movement by rail to Canada. a Revised.
-1918-19-1917-18
Since
In Sight and Spinners'
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
92,531 3,737,989 97,216 4,511,864
Receipts at ports to Feb.28
Net overland to Feb.2825,913 1,106,018
60,00
0
South'n consumption to Feb.
2,213,00
0
78,000 2,492,000
201,614 7,088,114 201,129 8,109,882
Total marketed
4,404
Interior stocks in excess
817,001
20,132
941,436
.206,018
Came into sight during week...
221,261
7,905,115
Total in sight Feb. 28
9,051,318
North. spinn's' takings to Feb. 28 26,060 1,393,716
35,871 1,630,932
* Decrease during week. a These figures are cosnumption: takings not
available.
Movement into sight in previous years:
Week-Mar. 2
1917
1916-March 3
1915
-March 5
Since Aug. 1Bales.
-March 2
151,265 1916-17
-March 3
182,012 1915-16
310,989 1914-15
-March 5
Bales.
10,148,108
9,289,620
11,788.259
WEATHER REPORTS BY TELEGRAPH.
-Telegraphic
reports to us this evening from the South indicate that in
some portions of Alabama, Mississippi and Georgia rather
heavy rains have interfered with farm work during the week.
From Texas we are advised that while soil preparation is
about six weeks late, dry weather and northerly winds have
aided some in drying up surplus moisture and should clear
weather prevail fast field work will greatly offset the delay.
Galveston, Tex.
-Clear weather accompanied by northerly
winds aided some in drying surplus moisture, but clear, dry
weather is needed over the major portion of the State. 8011
reparation is about six weeks late, but should clear weather
Feb. 28.
Saturday. Monday. Tuesday. Wed day. Thursdy. Friday.
Galveston
New Orleans
Mobile
Savannah
Charleston
Wilmington..__ _ HOLIDAY.
Norfolk
Baltimore _ _ _ _
Philadelphia _ _ _
Augusta
Memphis
Dallas
Houston
Little Rock_ __ -
28.25
27.25
24.25
27.00
25.00
22%
24.25
26.00
26.15
25.63
26.50
25.40
26.25
26.50
28.25
27.25
24.25
27.00
25.00
23%
24.50
25.50
26.60
25.75
26.50
25.85
26.50
28.50
28.25
27.25
25.25
27.00
25.00
23.00
25.00
25.50
26.85
25.87
26.50
25.60
26.50
26.50
28.25
27.25
24.50
27.00
25.00
23%
25.00
25.50
27.15
26.00
26.50
26.00
26.50
26.50
28.25
27.25
24.50
27.00
22.50
24.Z5
26.00
26.25
20.62
26.50
24.95
25.75
26.50
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
Saturday, Monday, Tuesday. Wed day, Thursdy, Friday,
Feb. 22. Feb. 24. Feb. 25. Feb. 26. Feb. 27. Feb. 28.
March
May
July
October
December
Tone
Spot
Ontions
24.20 -24.49-.51 24.40 -24.50 -23.58-.60
22.57-.62 22.63-.65 22.55-.58 22.75-.77 21.63-.68
HOLI- 21.25-.30 21.32-.35 21.36-.37 21.53-.55 20.60-.64
DAY. 19.50-.57 19.60-.61 19.66 -19.81-.82 19.13 19.15-.20 19.27-.30 19.33-.36 19.43-.52 18.80-.85
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
GERMAN TEXTILE MILL SITUATION UNSATISFACTORY.-According to a Munich-Gladbach report,
published in the "Manchester Guardian" of Feb. 12, the
Rhenish textile industries continue in a very unsatisfactory
condition. The report is as follows:
Spinners in the district have been allotted 5,000 bales of raw cotton from
the Government stocks, but at the time of writing no deliveries had been
[VOL. 108.
THE CHRONICLE
892
received, and the only spinners who were running their mills were those
who are using their machinery to produce paper yarn. The demand for
this has fallen off materially since the armistice was arranged, and it is
generally considered that the peace
-time demand will be a small one.
Stocks of cotton yarns are so small that manufacturers have decided to
make no attempt to run until there are better prospects of obtaining regular
supplies.
Stocks of raw wool are much larger than those of cotton, and demobilization is releasing large quantities of shoddy. Nevertheless, very few of the
concerns which were closed during the war have recommenced operations.
Trade has been very profitable for those firms which have been able to run.
The Power Weaving Co., Augsburg, reports a net profit of £87,400, as
against £31,700 in the previous year. Preparatory to reconstruction,
shareholders are receiving a first payment of 175%. The Gautzsch
Worsted Yarn Spinning Co. Is paying 12%, as against 8% last year, whilst
the Wernshausen Worsted Yarn Co., Niederschmalkalden, is paying 22%
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1917-18.
1918-19.
Week. I
Season.
Week.
Season.
Visible supply Feb. 21
4,676,021
5,352,901
2,814,776
Visible supply Aug. 1
3,027,450
American in sight to Feb. 28_ _ _ 206,018 7,005,115 221,261 9,051,318
994,000
Bombay receipts to Feb. 27_ _ _ b100,000 1,376,000
50,000
Other India shipments to Feb.27
57,000
12,000
Alexandria receipts to Feb. 26._ 617,000
636,000
615,000
10,000
Other supply to Feb. 26*
101,000
4,000
b2,000
113,000
Total supply
Deduct
Visible supply Feb. 28
Italy. Japan. Total.
Great Britain. Belgium. Spain.
New York
400
1,024
4,469
Galveston
4,469,
New Orleans
-------- 26,244
23,203
225
2,816
Savannah
------------------ 16,673
6
16,673
1
Norfolk
-------- - --------- 10
10,351
3
Boston
--------------------San Francisco
-----------659
659
-___ 36 585 30 585
Seattle
Total
38 426
Sales of the week
Of which speculators took _
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
2 816
16 673
37 244
96 408
Feb. 7.
7,000
Feb. 14.
8,000
Feb. 21.
11,000
Feb. 28.
9,000
4,000
5,000
6,000
7,000
59,000
496,000
305,000
91,000
68,000
213,000
167,000
54,000
492,000
299,000
68,000
44,000
211,000
168,000
60,000
506,000
318,000
82,000
72,000
172,000
124,000
66,000
502,000
313,000
53,000
39.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Market,
12:15 1
P. M. 1
5,677,919 13,048,565 4,961,282 13.654,094
Sales
Easier.
Mid.Upl'd *
5,432,028 5,432,028 4,669,434 4,669,434
Total takings to Feb. 28_a..__ _
Of which American
Of which other
1 249
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Tuesday. !Wednesday. Thursday.
Dull and
easier.
17.56
17.28
2,000
HOLIDAY
1,000
Quiet.
17.32
1,000
Quiet.
Friday.
Quiet.
17.28
17.18
1,000
2,000
291,848 8,984,660
213,848 7,188,660
78,000 1,796,000
Futures. f
Market
opened
Steady
Steady,
Steady,
Quiet,
Steady,
10® 18 pts. 509 pts. unch., to 5011 pts. 11019 pts.
decline. 13 pts. adv. advance. advance.
advance.
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,213000 bales in 1918-19 and 2,492,000 bales in 1917-18-and the aggregate amounts taken by Northern
takings not being available
and foreign spinners, 5,403,537 bales in 1918-19 and 6,492,660 bales in
1917-18, of which 3,813,537 bales and 4,696,660 bales American.
b Estimated.
Market,
4
P. M. I
Steady,
Steady,4 Irregular,
Barely, Steady, 4
st'y,
5012 pta. pts. adv. to 3035 pts. pts. dec. to unch., to
advance. 32 ots. dec. advance. 28 ots. adv. 44 ots. dec.
245,891 7,616,537
194,891 6,026,537
51,000, 1,590,000
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.
-The following are the receipts and shipments for
the week ending Feb. 5 and for the corresponding week
of the two previous years:
Alexandria, Egypt,
February 5.
1918-19.
Total exports
75,100
4,253,504
Since
Week. Aug. 1.
Since
Week. Aug. I.
7,876 150,060 28,365 204,073
79,771
____ 47,831
____ 42,703
4,381 70,556
11,792
____ 13,530
To Liverpool
To Manchester, &c
To Continent and India_
To America
141,964
4.499,987
Since
Week. Aug. 1.
Exports (bales)-
1916-17.
158,368
3.831.423
Receipts (cantars)This week
Since Aug. 1
1917-18.
1,804 141,800
5,627 106,190
5,395 84,454
9,223 91,436
12.257 312.179 28.365 308.137 22.049 423.880
Note.
-A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week ending
Feb. 5 were 158,368 cantars and the foreign shipments
were 12,257 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester state that the improvement
in the market has not been sustained. On the contrary, the
demand is feeble and the tendency of prices downward.
We give prices for to-day below and leave those for previous
, weeks of this and last year for comparison:
1918.
1919.
32s Cop
d. s. d.
s. d. d.
40 23 9 032 0 21.24 39
39 23 0 032 0 19.36 39
34 21 0 030 0 19.04 39
34 21 0 030 0 15.84 38;4
3134 20 3 029 0 16.59 3834
30%
29
29%
29
20
17
18
18
3
6
6
6
029
027
025
026 0
17.05 3834
16.82 38%
17.68 3834
17.18 3934
COCO *COOS
Jan.
3 38
10 36;4
17 32
24 31g
31 29g
Feb.
2834
14 27
21 27;4
28 27
SOO@ 66660
32s Cop
Twist.
8g lbs. Shirt- Cot'n
trips, Common Mid.
Upl'3
to finest.
814 lbs. Shirt- Coi'n
ings, Common Mid.
to finest.
UPI's
d.
40%
4034
4034
40
40
S. d.
S. d. d.
18 434025 9 23.10
18 434025 9 23.53
18 414025 9 23.25
18 434025 9 23.36
18 434.1525 9 23.15
40
4034
40g
4034
18
18
18
18
434025 9
434025 9
434025 9
434026 9
23.09
23.01
23.15
23.81
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 96,408 bales. The shipments in detail as made
up from mail and telegraphic returns, are as follows:
Total bales.
-Royal George,400
NEW YORK
-To Liverpool-Feb.26
400
To Antwerp
-Feb. 20-0sawatomie, 1,024
1,024
-Alexandrian, 4,469
GALVESTON-To Liverpool-Feb. 25
4,469
-To Liverpool-Feb. 22-Buitenzorg, 23,203..-23,203
NEW ORLEANS
-Elizabeth Maersk, 225
To Antwerp
-Feb.27
225
-Infanta Isabel, 2,816
To Barcelona-Feb. 25
2,816
SAVANNAH-To Genoa-Feb. 22-Ternate, 16,673
16,673
-Astronomer, 6,825._ _ _Feb.
NORFOLK
-To Liverpool-Feb. 22
27
-Tamaqua,3,526
10,351
BOSTON
-To Liverpool-Feb.25
-Regina, 3
3
SAN FRANCISCO
-To Japan-Feb. 26-Senjo Maru, 659
659
SEATTLE
-To Japan-Feb. 16, 19,439_ _Feb. 17Kashima Maru,
_ _Feb. 18-Taikal Maru, 4,948.. _ _Feb.
21-Taiyo Maru, 7,8S3.
4,31536,585
Total
96,408
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
* Spot trading value.
The prices of futures at Liverpool for each day are given
below:
Sat.
Feb. 22
to
Feb. 28.
Mon.
Tues.
Wed.
Thurs.
Fri.
123.1 4
1234 4
1234 4
1234 4
1234 1234 1234 4
p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.
d.
Emerg'y Contet d.
February
March
April
HOLTNew Contract.
DAY
May
June
July
August
Siontember.
d
d.
d.
d.
d.
d.
d.
d.
d.
d.
18.2018.05 17.93 18.01 18.05 18.04 18.1018.00 17.98 -16.92 16.77 16.68 16.81 16.97 17.1017.3 17.19 17.22 16.75
15.65 15.49 15.39 15.46 15.62 15.81 16.05 16.09 16.17 15.72
13.68 13.54 13.4313.46 13.57 13.7013.93 13.9314.1613.80
13.39 13.23 13.1 13.12 13.1813.3013.5313.52 13.7913.50
13.18 13.02 12.86 12.8 12.83 12.98 13.21 13.19 13.41 13.13
12.96 12.80 12.63 12.53 12.53 12.6812.88 12.88 13.12 12.88
12.66 12.50 12.33 12.18 12.18 12.40 12.58 12.58 12.77 12.52
BREADSTUFFS
Friday Night, Feb. 28 1919.
Flour has on the whole remained quiet, although there is a
somewhat better feeling here. The demand for some grades
has improved a trifle. And a rather significant fact is that
many here believe that but for the cutting of prices by outside points on war grade flour the New York market would
do better. Big stocks seem to be held at Boston,and Boston
has latterly been trying to sell at New York. It is war grade
flour, but local buyers have been inclined to purchase more
or less, especially where attractive prices were named.
Aside from this, surplus stocks are gradually being reduced.
The growing conviction is that wheat prices on the present
crop will not be reduced. Thatremoves one cause of anxiety.
Yet there is no denying that the sales here are mostly
in small lots. The Government paid low prices last week.
Buyers naturally balk at paying the highest prices asked by
the mills when the Government purchases at such noticeable
discounts, even allowing for the general supposition that the
flour bought by the Government was of the 100% war
variety. On the other hand, there was talk to the effect
that a larger supply of ocean tonnage will soon be available.
Rye flour has been in somewhat better demand. It is selling
at a big discount under wheat flour. Some mills seem to be
rather heavily supplied with rye flour, and they are said to be
naming rather tempting prices. In general the flour trade
is quiet and is feeling its way. It is not uninfluenced by the
prevailing impression that commodities generally are destined
to reach lower prices as the war period recedes from view.
Meanwhile, however, the Government was expected to
make further purchases for export this week. And after
March 4 it will buy a slightly better grade of flour in order
to maintain American standards abroad. Norway has
recently bought considerable rye flour.
Wheat lost 4,988,000 bushels on the American visible
supply last week as agaihst a decrease in the same week last
year of 1,271,000 bushels. But even so the total is still
121,206,000 bushels, against only 10,547,000 a year ago.
Latterly the weather has been rather cold at the West and
Northwest and doubtless there will be complaints of more
or less damage to the winter wheat. But on the other hand
the acreage was of a record-breaking size. A certain amount
of winter killing where the fields are bare of snow would not
preclude the possibility of a high record crop. Much of the
crop is now said to be without snow protection. Stocks in
the United Kingdom on Feb. 1 are officially reported as
39,440,000 bushels; in transit, 3,568,000 bushels; bought but
not yet shipped, 53,392 bushels. Stocks in Liverpool on
MAR. 1 191.9.]
THE CHRONICLE
893
Feb. 1 are reported as 5,008,000 bushels. A cold wave at Washington is urging farmers
covered the Northwestern States at one time, the line of ing and to plant a good corn to get ready for spring plowacreage. Apart from this,
zero temperatures extending into South Dakota. Tempera- some argue that the average farmer
used to planting corn,
tures were much above the seasonal average in the Upper will stick to it. He knows what
Lake region, the Mississippi and Ohio valleys. General over, so far as export businesswill grow on his soil. Moreis concerned, Argentina is
light snows fell in the Northwest and extreme West.
expected to take care of Europe's requirements. The
The New York Produce Exchange has forwarded to monthly crop reported for February
issued by the DepartSenator Gore, Chairman of the Senate Committee on ment of Agriculture, says that
Agriculture, a protest against the passage of the so-called els of corn were purchasea in December 1918 11.3 bushble with 100 pounds of hogs.
wheat bill, which has been passed by the House of Repre- This
sentatives, and offers its official plans for the handling of corn. means a feeding value (last December) of $1 58 for
Average for
the 1919 wheat crop. It seeks to have the crop marketed 100 pounds hogs on the year of 1918 was 10.6 bushels for
$1 68 for corn. This means that farm
through the usual commercial channels.
feeding has
In Argentina trading in wheat has been dull. Offerings values havebeen crowded to the utmost because commercial
been and
remain fair but foreign buying has been limited. Prices advanced and ended are materially lower. To-day prices
were at one time 1 to 1 cents lower. Seedings are generally May. There was a about 2 cents higher for the week on
favorable in the United Kingdom,although a little backward. was a blizzard to-daybetter Southern demand. Also there
at the
The weather has been somewhat better and farm work has below zero, in Iowa, NebraskaWest, with temperatures well
and Kansas. The storm was
made further progress. Supplies of wheat there are con- rapidly working eastward.
A
sidered liberal. In France the position of crops is generally to-night in Illinois and Indiana.cold wave was predicted for
Rye
favorable. Snows have improved the outlook for winter higher than yesterday in Chicago. was active and 5 cents
crops. Coldness has tended to check premature growth;
DAILY CLOSING PRICES OF CORN IN NEW YORK.
and also to relieve the land of insects. The latest reports
Sat. Mon. Tues. Wed. Thurs. Fri.
from Spain are to the effect that the condition of the new No. 3 yellow
cts_Hol. 149% 150
149
147% 1493i
seedings is maintained. An unofficial estimate places the
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
probable yield of wheat there at 106,400,000 bu. as against March delivery in elevator..__
_cts_ Holt- 130% 1323 1324 130
131$
the official estimate of 136,000,000 bu. In Italy the con- May delivery in elevator
day. 124% 125% 126% 1235 125
dition of the crops remain favorable, but the acreage is July delivery in elevator
119% 121% 12234 119% 121
expected to be much under that of last year. In Roumania
Oats advanced slightly but continued to fluctuate within
foodstuffs and seed are both urgently needed. A Food narrow bounds. Domestic cash demand has been light.
Official says that that country is practically starving for Rumors of export business have not been confirmed, or at
the necessaries of life. From North Africa reports are any rate particulars have not been reported. Receipts at
generally favorable. Authentic news regarding crops in the West have not been very heavy, but on the other hand
Russia is scarce. It is known, however, that conditions stocks are large. It is true that the visible supply in this
in the Southern region are somewhat improved. Supplies country last week decreased 1,028,000 bushels, against
in and near the cities are very small, and starvation in parts 649,000 in the same week last year. But nevertheless the
of the country is not uncommon. In Australia the drought total visible supply is still 29,090,000 bushels or more than
has been broken. This dryness was causing general appre- double what it was a year ago. Then the total was 13,hension, but generous rains have been very beneficial. 338,000 bushels. And some are sceptical as to the current
Available supplies there continue to be given as very large, reports that the acreage of corn and oats will be reduced in
i. e., the surplus of old wheat 160,000,000 bushels, and also favor of wheat. Apart from this, however, the dulness
a surplus of approximately 40,000,000 bushels from the of cash business has been a serious drawback. In Argennew crop, or a total of 200,000,000 bushels. Clearances tina some improvement in the demand for oats strengthened
of wheat there continue in large volume. It is expected the market. It is generally believed that Continental
that loading to arrive this season will aggregate fully 40, interests have been making inquiry. At the same time
000,000 bushels.
there are persistent reports of an export demand in this
The Cincinnati "Price Current" reports winter wheat country. And very many in the trade believe that the
doing well. Very few localities report unfavorably. There acreage is going to be reduced. Whatever scepticism may
is nothing in the way of unfavorable conditions, thus far be expressed on this subject there is no doubt that short
indicated, that would promise more than normal aband9n- selling is less confident. In fact many lean to the conment of acreage. The Wheat Guarantee Bill authorizing viction that ultimately prices must advance on the acreage
the President to use existing agencies or create new ones to question alone if on nothing else. To-day prices advanced
buy wheat of the 1918 and 1919 crops at the Government in sympathy with corn, and because of a better Southern
guarantee price and dispose of it at market prices was demand.. But the net rise for the week is small.
passed on the 22nd instant by the House by a vote of 277
DAILY CLOSING PRICES OF OATS IN NEW YORK.
to 15, and yesterday passed the Senate.
Sat. Mon. Tues. Wed.
Thurs.
Fri.
Standards
cts Holi- 69
69
69
6806834 6834 @l69
No. 2 white
day. 6934 6934 6934
YORK.
6834
69
Thurs. Fri.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
237% 237%.
Sat. Mon. Tues. Wed. Thurs. Fri.
240% 240% March delivery in elevator..___cts_ Ifoli- 59
59
593
5834 58
May delivery in elevator
day. 5934 5934 5934 59
time on expectations of a July delivery in elevator
59
5834 583/, 583/. 5834 58
and a continuat
DAILY CLOSING PRICES OF WHEAT IN
Sat. Mon. Tues.
No. 2 red
cts_ Holl- 237% 237%
No. 1 spring
day. 237A 2403
NEW
Wed.
237%
240%
Indian corn advanced for a
bullish report on farm reserves
ion of high
prices for hogs. Rumors that the Argentina strike had
been settled were ignored, especially as corn prices at Buenos
Aires were declining, at the very time that such reports were
circulated. The two things seemed to contradict each
other. Certainly the prevailing impression continues to be
that exports of corn from Argentina will continue to be
small, at least for a time. Wall Street was an active buyer
at Chicago. This was on an idea that the minimum hog
price in March will continue to be $17 50. Cash corn prices
at the West showed firmness. Interior receipts have continued small. Country roads have been bad. And although
the visible supply in the United States increased 321.000
bush., the increase in the same week last year was 1,616,000
bush., and the total on hand now is only 5,232,000 bush.,
against 7,949,000 a year !Igo. There is a widespread idea
that the corn aceage this year will.be reduced in order
.
to plant wheat, the price of which will be fixed at $2 26.
But it is stated that American farmers are inclined to hold
corn for higher prices, and apparently the movement from
farms throughout the surplus States will be very light for some
time to come. Farmers report heavier feeding of hogs for
weight than usual, and that there will be an additional
amount of corn fed on that account, unless shipping values
for grain should increase to a point where farmers will not
consider it profitable to feed for weight. Later, prices
receded on a fear that, after all, the minimum price on hogs
may be removed for March trading. Stocks of corn in the
United Kingdom on Feb. 1 are officially reported as 1,240,000
bushels; in transit 4,200,000 bushels; bought but not yet
shipped, 12,200,000 bushels. Stocks in Liverpool on Feb. 1
are reported as 848,000 bushels. In Argentina recent rains
were beneficial for corn and reports all confirm a generally
satisfactory condition. Corn was at one time heavy there,
owing to the absence of any substantial foreign demand.
The strike continues and is, of course, a drawback to foreign
buyers. The excellent outlook for the new crop is causing
holders to offer their old corn there more freely. Though
our Western cash markets have been firm, they have not
been active; far from it. And the Agricultural Department
The following are closing quotations:
FLOUR.
Spring patents..
$10 60 ill 00 Barley goods
-Portage barley:
Winter straights.__.. 9 90
10 50
No. 1
$500
Kansas straights
10 75@ 11 00
Noe. 2. 3 and 4. pearl
425
Rye flour
7 00
Noe. 2-0 and 3-0
8 00
600©5 15
Corn goods. 100 lbs.No.4-0 and 5-0
5 25
White gran
$340® 365 Oats goods
-Carload. spot deYellow gran
3 25
3 55 livery
800
Corn flour
360135375
GRAIN.
Wheat
Oats
No.2 red
$237
Standard
-6834(469
No. 1 spring
2 403i
No.2 white
69
Corn
No.3 white
681356834
No.2 yellow
1 52%
No.4 white
67
No.3 yellow
1 49% Barley
Rye
Feeding
94095
No. 2
158
Malting
1 03(4)1 05
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts atChicago
Minneapolis
Duluth
Milwaukee....
Toledo
Detroit
St. Louis
Peoria
Kansas City_
Omaha
Indianapolis
Total wk. '19
Same wk. '18
Same wk. '17
Flour.
Wheat.
Corn,
Oats.
•
Barley.
Rye.
bbis.1961bs.bush.60 Ms
.bush. 56 lbs.bush.32 Ws bush.48.1bs
.bush.58lbs
.
75,000
509,000
737,000 1.006,'' I
514,000
77,000
1,673,0001
179,000
267,111
652,
73,000
24,000
2,111
8,000
15,11
118,611
173,
283,611
263,
46,000
21,111
9,000
80,111
15.000
27,000
31,'''
3 ,I 11
217,000
324,000
652,161
32,
1,00(1
41,.''
19,000
72,111
209,000
3,611
166,111
263,000
219,000
162,000
387,000
322,000
8,Iot
144,116
112,Iot
168,111
448,.'.
358,811
2,987 If I
1,507,t I i
4,094 i i i
2,397,000
8,630,16i
4,949,e t i
3,046,000 1,461,111
6,558,0 i 0 1,920, i.
.
3,373,116 1,008,111
Since Aug.1
1918-19-- 9,741,000353,633,11' 134,977,6i i 197,817,8 i i 48,981,
19i7
-i8._. 9,454,111 137,454,i i i 110,649,000203,359,00032,356,
1916-17.... 10.784
i 258.310.000132.513.000.178.604.00065.523.
205,000
466,000
172,000
29,116,000
18,223,000
17.293.000
Total receipts of flour and grain at the seaboard ports for
the week ended Feb. 22 1919 follow:
THE CHRONICLE
894
I Receipts at
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
[VOL. 108.
THE DRY GOODS TRADE
New York, Friday Night, Feb. 28 1919.
Although there have been further indications of a steady
return to normal conditions in the dry goods trade, business
is more or less quiet. While sales are taking place daily
they are largely confined to small lots, as buyers appear
satisfied to look after current needs only, and are not angeneral.
18,00' 1,211,000 ticipating the future. Business, however, is not
612,000
159,000
322,000 1,804,000
Total wk.'19
2,332,000
SinceJan.1'19 5,142,000 19,392,000 2,031,000 13,362,000 2,519,000
While some divisions are doing what they consider a fair
antiPRIM
91,000
293,000
174,000 1,278,000
722,000
421,000
a standstill. Sentiment in genWeek 1918___
997.000 1.196.000 trade, others are almost at
Since Jan.1'18 3.500.000 5.936.000 1.580.000 13.509.000
ess is very optimistic, as the outlook for the
for foreign ports eral neverthel
*Receipts do not include grain passing through New Orleans
future is promising. The chief unsettling factor at the
on through bills of lading.
The exports from the several seaboard ports for the week moment is the financial situation. That is, merchants
ending Feb. 22 are shown in the annexed statement:
are uncertain regarding developments during the next few
mg
Oats. I Rye. Barley. Peas.
months when large sums of money will have to be paid to the
Flour.
Corn.
Wheat.
taxes. The
Exports from
Bushels. Government in income and excess profits
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. 1,812
627,985 1,680
29,863 185,082
699,720
New York
banks will also be pressed by the flotation of the next Lib31,000
:
400.000
Portland, Me
'
1,000
227,000
Boston
erty Loan. It is expected that this will force banks to limit
153,000 253.000 160,000
490,000
Philadelphia
359,000
3,000 127,000
278,000
loans for business purposes, and thus restrain trade expanBaltimore_
9,0001
4,000 24,000
New Orleans
69,000
sion. There has also been some dissatisfaction expressed
476,000
Galveston
1
St. John, N.B- 950,000
over the announcement from Washington that the new
,
36,8631 590,082 262,000 1146985 1,680 1,812
2,665,720
to stabilize prices
Total week
115.058 65.438 3.206 Industrial Board will make an attempt
450.693 108.495128.217 1.063.879
Week 1918
ion of merchants. It is proposed
through the co-operat
The destination of these exports for the week and since that fair prices for all commodities be agreed upon and
July 1 1918 is as below:
publicly announced. According to Mr. Redfield, Secretary
Corn.
Wheat.
Flour.
of Commerce, this will be the only thing to do in order to
Exports for Week
Since
Week
Since
Week
Since
Week
prevent a continuation of stagnation of business as the
and Since
July 1
Feb. 22
July 1
Feb. 22
Feb. 22 July 1
July 1 to1918.
1919.
1918.
1919.
1918.
naming of "fair" prices will no doubt justify the consumer
1919.
Bushels. Bushels.
Bushels.
to buy. The consensus of opinion of the trade, however,
Bushels.
Barrels. Barrels.
1,783,181
FurUnited Kingdom_ 60,322 2,864,747 1,583,815 36,094,884
29,863 1,971,695 appears to favor letting business take care of itself.
1,081,905 43,531,374
505,760 4,662,443
Continent
67,485
154,953
So.& Cent. Amer. 15,000
the part of the Government to bring about
112,936 ther action on
7,000
474,305
9,000
West Indies
1,606 stabilization of prices, it is said, will mean that the trade
Brit.No.Am.Cols.
3,538
122,837
Other Countries__
will again be compelled to pass through another period of
36,863 3,940,441 readjustment before the law of supply and demand assumes
590,082 8,279,285 2,665,720 79,626,258
Total
450,639 47,641,937 108,495 9,114,676 its economic importance. During the past week, there have
419,752
Total 1917-18....- 128,217
ments of prices for various
s shipments of wheat and corn for the week been further downward readjust values have ruled steady.
The world
speaking,
1919 and since July 1 1918 and 1917 are fabrics, but generallycontinues on a large scale, and mills
ending Feb. 22
Curtailed production
shown in the following:
in very few cases are accumulating supplies. Nothing
Corn.
of interest has developed in the export division of the marWheat.
new business has not increased, the continued
a 1917-18. ket. While
1918-19.
a 1917-18.
1918-19.
Exports.
improvement in shipping conditions is resulting in larger
Since
Since
Week
Since
Since
Week
shipments on old orders.
July 1.
July 1.
Feb. 22.
July 1.
July 1.
Feb. 22.
-Staple cotton markets
DOMESTIC COTTON GOODS.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
during the week, and as a result of the
Bushels.
7,261,000 16,229,000 have ruled quiet
100,000
North Amer. 5,468,000 190,962,000 186,374,000
dulness, there have been further reductions in values withRussia
inquiry. There is evidently a disposition
Danube..
14,385,000 out stimulating
700,000 25,370,000
399,000 62,516,00 13,060,000
Argentina
on the part of many buyers to hold off as long as possible
2,024,000 28,216,00 29,263,00
Australia_ _ _
5,623,000 11,545,000
in the hope of obtaining still lower prices. Mills continue
India
2,599,000 2,491,000
2,051,00
68,000 2,549,00
0th.countr'
to curtail production as they are not anxious to accumulate
800,000 35,230,000 33,105,000 supplies. The feature in the market during the week was
Total --- 7,939.000289,866,000242,293,000
the purchase of fabrics, estimated at 20,000 pieces, by a
a Revised.
There has been some inquiry for
and corn afloat for Europe are collar manufacturer. but mainly for filling in purposes or
The quantities of wheat
as no figures are available since sheetings and twills,
omitted for the present,
very prompt shipment. Jobbers have been moderate
those for 1916.
taken have been smaller than
grain, comprising the stocks in buyers, though the amounts
The visible supply of
yarn goods have been in
of accumulation at lake and ordinarily. Fine colored combedcontinue to offer various
granary at principal points
better demand. Second hands
was as follows:
seaboard ports Feb. 22 1919,
lines of fabrics at concessions under mill quotations. MarGRAIN STOCKS.
with 383/-inch standards
2
Barley. kets for gray goods are inactive
Rye.
Oats.
Corn.
Wheat.
bush. listed at 932c.
bush.
bush.
bush.
-bush.
United States
442,000 1,480,000
133,000 3,313,000
1,921,000
-Manufacturers of woolens and
New York
WOOLEN GOODS.
778,000
953,000
Boston
488,000 worsteds are doing everything possible to bring about a
402,000
780,000
71,000
1,777,000
Philadelphia
394,000
835,000
626,000
173,000
2,435,000
conditions, and steady progress in preparaBaltimore
247,000 return of normal
98,000
Newport News
8,000 tions for next fall business is being made. Mills are checked
1,132,000
180,000
3,467,000
New Orleans
8,000
879,000
extent in their efforts by the Government conGalveston
103,000 to some
212,000 7,072,000 1,676,000
lines of
6,760,000
Buffalo
280,000 tinuing to exercise control over raw material. On
2,350,000 1,462,000
16,208,000
Afloat
7,000 woolens which have so far been opened, voiy favorable
166,000
724,000
• 82,000
1,200,000
Toledo
67,000
249,000
154,000
43,000
Detroit
have been made and a few descriptions have already
15,874,000 1,262,000 6,733,000 3,832,000 3,435,000 sales
Chicago
882,000 2,431,000 2,433,000 been withdrawn. During the week the American Woolen
56,000
3,222,000
Milwaukee
861,000
192,000 2,942,000
25,871,000
staple worsteds for men's wear for next
Duluth
609,000 4,136,000 1,222,000 Company opened
83,000
23,529,000
Minneapolis
37,000 fall at prices showing sharp declines and which were con95,000
437,000
316,000
1,232,000
St. Louis
160,000
10,988,000 1,052,000 1,728,000
Kansas City
sidered close to cost of production. Cheviots ranged from
189,000
156,000
to
Peoria
13,000
298,000
$1 573' to $3 per yard, unfinished worsted $2 123' for
470,000
256,000
Indianapolis
170,000
48,000
Markets
900,000
824,000
4,591,000
2
Omaha
$4 323/, and serges from $2 50 to $3 82
11,165,000
goods rule quiet with very little business passing.
Total Feb. 22 1919_121,206,000 5,232,000 29,090,000 18,707,000 9,986,000 dress
Total Feb. 15 1919_A26,194,000 4,911,000 30,118,000 19,124,000 3,766,000
FOREIGN DRY GOOS.-Conditions surrounding the
1,559,000
Total Feb. 23 1918_ 10,547,000 7,949,000 13,338,000 2,024,000 4,424,000
linen market remain unchanged. Few orders are being
Total Feb. 24 1917_ _ _ 45,129,000 12,832,000 38,433,000
total,
at prevailing high
-Bonded grain not Included above: Oats, Duluth, 3,000 bushels; total placed as buyers are unwilling to stock up
Note.
76,000 bushels;
3,000, against 46,000 bushels In 1918; and barley, Duluth,
prices. Importers maintain that there is little likelihood
76,000, against 154,000 in 1918.
of prices going lower owing to the high cost of raw material
Canadian
570,000
3,000
129,000 1,108,000
6,109,000
and manufacturing. New arrivals from abroad continue
Montreal
3,416,000
67,000
Ft. William & Pt. Arthur_27,9
light and stock remains small. A good business is being
1,361,000
10,211,000
Other Canadian
d in domestic substitutes, many of which are be570,000 transacte
3,000
129,000 5,885,000
to be used
Total Feb. 22 1919_ _ __44,289,000
567,000 lieved to have come to stay, and will continue
3,000
133,000 5,689,000
Total Feb. 15 1919____43,520,000
46,000 instead of pure linens. Prices for various lines of sub1,000
14,000 8,802,000
23 1918..___16,974,000
Total Feb.
153,000
14,000
10,000 21,703,000
Total Feb. 24 1917__34,983,000
stitutes have been reduced recently as a result of the decline
more attractive
Summary
18,707,000 11,165,000 in other cotton fabrics which makes them
121,206,000 5,232,000 29,090,000
American
570,000
3,000
129,000 5,885,000
44,289,000
than linens, even though their lasting qualities are not as
Canadian
in the abknce of de18,710,000 11,735,000 great. Burlaps continue dull, and
Total Feb. 22 1919-165,495,000 5,361,000 34,975,000
Light weights are quoted
10,553,000
Feb. 15 1919_169,714,000 5,044,000 35,807,000 19,127,000 3,812,000 mand prices have ruled lower.
Total
27,521,000 7,963,000 22,140,000 1,560,000
from 10 to 10.250.
Total Feb. 23 1918_
4,577,000 from 7 to 7.25c and heavy weights
New York___
Portl'd, Me__
Philadelphia _
Baltimore ___
New Orleans*
Galveston -__
Montreal-__
St. John
Boston
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
3,001 1,102,000
254,000
39,000
622,000
45,000
400,000
31,000
108,000
58,000
38,000
38,000
86,000
1,000
30,000
15,000
'386,000
55,000
54,000
65,000
84,000
83,000
42,000
3,000
15,000
65,000
2,000
28,000
7,000
95,000
'
151,000
109,000
12,000
Total Feb. 24 1917
80,112,000 12,842,000 60,136,000 2,038,000
MAR. 1 1919.]
THE CHRONICLE
tate awl Tity peintrinxeut
••••••,..
NEWS ITEMS
Illinois.-Suit to Question Validity of State Bonds.
-A suit
brought by John M. Mitchell, banker of Mt. Carmel, to
test the constitutionality of the $60,000,000 hard roads
bond issue, voted at the general election last November,
was filed in the Sangamon Circuit Court on Feb. 18. The
action is said to be for the purpose of obtaining an opinion
from the Illinois Supreme Court on the validity of the issue.
Indiana.
-Income Tax Resolution Adopted by Senate.
The Smith Senate joint resolution, proposing an amendment
of the State Constitution so as specifically to empower the
General Assembly at any time it may see fit to levy taxes on
incomes, was adopted by the Indiana Senate Feb. 11 by a,
vote of 40 to 1. Senator Smith, who introduced the resolution, said that he believed that the other tax amendment
proposal, which reads, "The General Assembly shall provide
by law for a system of taxation," is broad enough to cover
all kinds of taxation, including an income tax, but that there
might be some doubt on that point. The only decision by
the State Supreme Court as to what a tax is, he said, defined
it as a "levy on property for the support of government."
There might be some question as to whether this would cover
an income tax.
Manitoba (Province of).-Finances for Year 1018.
Concerning the finances of the Province of Manitoba the
Montreal "Gazette" reports from Winnipeg under date of
Feb. 12:
"We have been able to close our year with a balance on the right side of
$322,867," was the information Hon. Edward Brown, Provincial Treasurer,
gave the Legislative Assembly this afternoon, when laying the public
accounts upon the table. The actual expenditure of 37,308.680 92, he
said, had been $262,525 less than estimated. The actual receipts amounting to 37,631,548 35, fell short of the estimated revenue by $23,799, the
estimate being $7,655,347. The succession duties yielded $102,500 less,
the public amusements tax $90,000 less, and the Provincial levy $125,000
less than had been estimated, while automobile licenses increased $36,000.
and telephone rentals $118,000.
The total cash in hand at the end of the fiscal year for all purposes
amounted to $3,382,571, and the capital investments to $4,341,621,
making a total of $7,624,292 for cash and capital. While the cash balances
for the year had decreased by $480,000, the capital investments had increased by almost two millions, showing a net gain for the year of $1.357.340.
Mt. Vernon, Ill.-Commission Form of Government
Defeated.
-At an election held Feb. 11 to vote on the question
of adopting the commission form of government, the proposition was defeated by a vote of 788 "against" to 388
"for", it is reported.
North Dakota.
-Bills Creating State Socialism Signed by
Governor.
-Reference is made in our "Current Events and
Discussions" columns to-day to the steps in the direction of
State Socialism, involving new bond issues, undertaken by
this State.
Pike County (P. 0. Magnolia), Miss.
-Bond Issue Held
Void.
-We take the following from local papers:
"J. B. Harris, State bond attorney, has rendered an opinion that the
$20,000 bond issue authorized by the Board of Supervisors last October
for the Second Road District of Pike County is null and void, because an
election was not held in the district on this bond issue as the law provides.
The opinion was received by Charles E. Brumfield, clerk, after the Board
of Supervisors had adjourned the February meeting, so no action will be
taken until the next meeting. The bonds had been issued, sold, lithographed and signed by the President and clerk. All that was to be done
was to deliver the bonds to the purchaser, Hugh L. White of Columbia,
Miss., and turn the money into the County treasury to the credit of the
Second District Road Fund."
It is believed that these bonds are part of the 830,000 6%
Road District No. 2 bonds reported sold in V. 107, p. 623.
Texas.-Counties Planned Road Bond Issues.
-According
to reports said to have been received by the Texas State
Highway Commission, twenty-three counties propose to
issue bonds aggregating $19,845,000 for road improvement,
and applications for Federal aid to the amount of $1,553,000
have been received by the Commission. Action is being
deferred, it is stated, until the Government has passed its
road appropriation measure.
The counties which contemplate road bond issues are:
Collin, $3,500,000; Clay, $1,500,000; Cooke, $1,500,000;
Lamar, $1,500,000; Nueces, $1,500,000; Travis, $1,000,000;
Smith,$1,000,000; Wichita,$1,500,000; Denton,$1,500,000;
Edwards, $150,000; Bexar, $500,000; Milam, $600,000;
Kerr, $500,000; Refugio, $400,000; San Patricio, $325,000;
Blanco, $40,000; Hays, $350,000; Wood, $150,000; Parker,
$400,000; Rockwall, $800,000; Somervell, $30,000; Gillespie,
$750,0000; Kleberg, $350,000.
Texas.
-Senate Bill Prohibiting Warrants. Introduced.
Reports state that State Senator Hopkins has introduced in
the Texas Senate a bill prohibiting Commissioners Courts
from issuing warrants against courthouse, jail or road funds
and creating an indebtedness.
-Limited Suffrage Bill Passed.
Wisconsin.
-Attention is
called to our item on this subject in the "Current Events and
Discussions" columns.
• BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ADAMS COUNTY (P. 0. Decatur), Ind.
-BOND SALE.
-The Old
Adams County Bank was recently awarded $6,400 Kirkland Twp. Goldner
road bonds, it is reported, at par and accrued interest.
ALLIANCE, Box Butte County, Neb.-BOND OFFERING.
-Sealed
bids will be received until March 15 by Frank Abigg, City Treasurer, for
895
345,000 5% 5
-20-year (opt.) gold coupon refunding bonds. Cert. check
,
for $1,000, payable to the "City of Alliance,' required. Bonded debt
(excluding this issue) $157,000. Floating debt (addl) $45,000. Total
debt $202.000. Assessed value $640.000.
ALTO INDEPENDENT SCHOOL DISTRICT(P.O. Alto), Cherokee
County, Tex.
-BONDS REGISTERED.
-On Feb. 18 an issue of $10,000
5% school bonds was registered with the State Comptroller. Due $500
yearly.
AMBRIDGE, Beaver County, Pa:
-BOND OFFERING.
-Further
details are at hand relative to the offering on March 3 of the 350,000
funding and $10,000 sewer 434% tax-free bonds (V. 108, P. 699). Freposals for these bonds will be received until 7:30 p. m.on that day by R. H.
Hunter, Borough Manager. Denom. $1,000. Date Jan. 6 1919. Int.
J. & J. Due $5,000 yearly on Jan. 6 from 1924 to 1935, incl. Cert.
check for $500, payable to the above Borough Manager, required. Purchaser to pay accrued interest and the cost of printing and engraving the
bonds.
ATOKA COUNTY (P. 0. Atoka), Okla.
-BOND OFFERING.
-Additional information is at hand relative to the offering on March 4 of the
398,750 5% bridge bonds (V. 108. p. 797). Proposals for these bonds will
be received until 2 p. m. on that date by the Board of County Commissioners (W. B. Kinsbrough, County Clerk). Denom. $1.000. Date'
Aug. 1 1918. Semi-annual interest (F. & A.) payable in New York City,
N. Y. Duo $3,950 yearly on Aug. 1 from 1919 to 1943,inclusive. Bonded
debt (including this issue), $275,000. Sinking fund. $95,000. Assessed
valuation, $9,453,000.
BERKELEY SCHOOL DISTRICT (P. 0. Berkeley), Alameda
County, Cal.
-BOND ELECTION.
-At an election to be held March 29
a proposition providing for the issuance of approximately $3,000,000 school
bonds will be voted upon.
BESSEMER SCHOOL DISTRICT (P. 0. Bessemer), Lawrence
County, Pa.
-130N1) SALE.
-The $35,000 5%10 -year (opt.) school
-20
bonds offered on June 18 1918 (V. 106, p. 2358), have been awarded to
Olover & McGregor. of Pittsburgh, at par. Denom. $500. Int. J. & J.
BETHLEHEM, Northampton County, Pa.
-BOND OFFERING.
Sealed bids will be received until 7p. m. March 19 by James E. Mathews,
Superintendent of Accounts and Finance, for the whole or any part of
,
% gold tax-free coupon water-works bonds, 'Series of 1919."
$1,700,000
Denom. 31,000 or $500, at option of purchaser. Date Feb. 1 1919. Int.
semi-annual. Due at a time not less than five years nor more than 29
years from date. Certified check for 2%, payable to the "City of Bethlehem," required.
BIBB COUNTY (P. 0. Macon), Ga.-DESCRIPTION OF BONDS.
The $1,500,000 (three issues) of 434% gold coupon bonds to be voted upon
March 6 (V. 108, p. 496), are described as follows:
-house bonds. Due yearly on May 1 as follows: $8,000 1920
$400,000 court
to 1934, inclusive, and 320,000 1935 to 1948, inclusive.
400,000 school-house bonds. Due yearly on May 1 as follows: $8,000
1920 to 1934, inclusive, and $20,000 1935 to 1948, inclusive.
700,000 road bonds. Due yearly on May 1 as follows: $14,000 1920 to
1934, inclusive, and 335.000 1935 to 1948, inclusive.
Denom. $1,000. Date May 1 1919. Int. M. & N.
BONHAM, Fannin County, Tex.
-BOND ELECTION.
-An election
will be held March 11, it is stated, to vote on the issuance of $100,000
street paving bonds.
BOWLING GREEN, Wood County, Ohio.
-BOND SALE.
-On
Feb. 24 the 315.0005% refunding bonds (V. 108, p. 699), were awarded to
W. S. Raydure at 100.30 and interest. Date March 1 1919. Due 31,000
yearly on March 1 from 1922 to 1931, inclusive, and $500 yearly on Sept. 1
from 1922 to 1931, inclusive. Other bidders, both of Toledo, were:
F. C. Hoehler & Co_ _ _ _Par plus a premium of $40.75.
W.L. Slayton & Co_ _ __Par plus a premium of $84,less $245 for attorney's
fees.
BRAZOS COUNTY (P. 0. Bryan), Tex.
-On Jan.
-BOND SALE.
13 $40,000 5A WI-30
-year serial Road District No. 2 bonds were awarded
to Harold G. Wise & Co. of Houston at 98.85 and interest. Denom.
$500. Date Feb. 15 1918. Int. F. & A.
BRIDGEPORT, Fairfield County, Conn.
-BOND SALES DURING
-During the fiscal year ending Dec. 31 1918 the following bonds
1918.
aggregating $215,000. were issued:
Name of Purchaser. Amount. Purpose.
Date.
Price. Int. Due.
Bond & Goodwin_ __-$150.000 Paving Nov. 1 1918 100.8421 5% 1919-23
Hincks Bros. and Harris, Forbes & Co-- 65,000 Sewer Dec. 1 1918 107.182 5% 1923-25
BROCKTON, Plymouth County, Mass.
-BOND SALES DURING
-During the fiscal year ending Dec. 31 1918 the following bonds,
1918.
aggregating $101,000, were issued:
Purchased by E. H. Rollins & Sons:
Amount.
Purpose.
Price.
Dale.
Int.
Due.
Nov. 1 1917 100.023 434
$20,000 School
Nov. 1 1918-37
May 1 1918 100.023 434% May 1 1919-23
• 10,000 Drainage
15,000 Sewer
May 1 1918 100.023 434% May 1 1919-28
May 1 1918 100.023 434% May 1 1919-28
20,000 Water
May 1 1918 100.157 434% May 1 1919-23
31,000 Street
Purchased by Cemetery Sinking Fund:
% Oct. 1 1918-22
$5,000 Emergency war Oct. 1 1917 Par
BRUNSWICK, Glynn County, Ga.-BOND ELECTION.
-Reports
state that the issuance of $150,000 street-paving bonds will be decided by
the voters on April 2.
BUCYRUS SCHOOL DISTRICT (P. 0. Bucyrus), Crawford
-BOND ELECTION.
County, Ohio.
-The Board of Education, it is reported, has decided to call a special election for March 25 to vote on the
question of issuing $395,000 school-building bonds.
CACHE RIVER DRAINAGE DISTRICT (P. 0. Jonesboro), Craig-On Fob. 20 the $640.000 (not
-BOND SALE.
head County, Ark.
-25-year bonds (V. 108, p. 596) were
$500,000 as first reported) 534% 5
awarded to local banks at par and interest. Int. M. & S.
CALLAHAN COUNTY ROAD DISTRICT NO. 1, Tex.
-BONDS
REGISTERED.
-An issue of $100,000 5% road bonds was registered on
Feb. 21 with the State Comptroller. Due $3,500 yearly.
CAMBRIDGE, Middlesex County, Mass.
-TEMPORARY LOAN.
On Feb.27 the temporary loan of$200,000 issued in anticipation ofrevenue.
dated March 1 1919 and maturing Sept. 8 1919 (V. 108. p. 797), was
awarded to Jackson & Curtis, of Boston, on a 4.05% discount basis.
Other bidders were:
Discount. Premium.
S. N. Bond & Co., New York
4.06
$3 25
Salomon Bros. & Hutzler. New York
3 00
4.14
Blake Bros. & Co., Boston
4.36%
CANTON, Stark County, Ohio.
-BOND ELECTION PROPOSED
-A proposition proviaing for a $3,500,000 water-works bond issue may be
voted upon shortly.
-BOND ELECTION.
CARTHAGE, Miner County, S. D.
-At an election to be held April 15. a proposition to issue $18,000 electric-light-plant
bonds will be submitted to the voters.
CASPER, Natroma County, Wyo.-BOND SALE.
-Recently the
Lumbermens Trust Co. of Portland purchased the following three issues of
6% tax-free bonds, aggregating $222,203 23:
$10,218 69 Paving District No. 3 bonds. Denoms. 3500 (1 for $218 69).
Due $1,218 69 Oct. 30 1919 and $1,000 yearly on Oct. 30 from
1920 to 1928, incl. Bonded debt $10,218 69. Assessed value,
land and improvements 1918, 31.776.150. Actual value (est.)
32,500,000.
102,962 46 Paving District No. 4 bonds. Denom. $500. •(1 for $462 46).
Bonded debt 3102,962 46. Assessed value,land 1918.$152,750:
assessed value improvements 1918. $180,915. Actual value
(est.), 3500,000.
109,022 08 Paving District No. 5 bonds. Denom. $500 (1 for $72 08).
Due on Oct. 30 as follows: $10,572 08 1919. $11,000 1920 to
1927 incl., and 310,500 1928. Bonded debt, $109,022 08.
Assessed value, land 1918, $310,025. Assessed value, improvemints 1918, $300,185. Actual value (est.) $775,000.
896
THE CHRONICLE
r.
Date Oct. 30 1918. Prin. and semi-ann. int. (A. & O.). payable at the
'office of the City Treasurer.
Financial Statement of City of Casper.
$12,000,000
Assessed value (officially estimated)
10,839,355
Assessed valuation 1918
430,000
'Total bonded debt
199,000
Less water bonds
231,000
Net bonded debt
Population, 13,000.
BONDS PROPOSED.
-The City Council, it is reported, has under consideration a proposition providing for the issuance of $320,000 water and
sewer bonds.
-No
-BONDS NOT SOLD.
CASS COUNTY (P.0. Logansport), Ind.
,
sale was made of the $8,400 435% 1-10-year serial Jefferson Twp. highwayimpt. bonds, offered on Feb. 21 (V. 108, P. 699). Denom. $420. Date
Feb. 15 1919. Int. semi-ann. (M. & N.)•
CASS COUNTY (P. 0. Fargo), No. Dak.-BOND OFFERING.
W.R. Tucker, County Auditor, will receive bids until March 4 for $58,545
7% drainage bonds, it is stated.
CHRISTIAN COUNTY (P. 0. Ozark), Mo.-BOND ELECTION
PROPOSED.
-According to reports, the County Court will be petitioned
'to call an election to vote on a proposition to issue $90,000 building bonds.
CICERO SCHOOL DISTRICT (P. 0. Cicero), Cook County, Ill.
BOND SALE.
-An issue of $60.000 5% coupon school-building bonds was
recently awarded to the Harris Trust & Savings Bank of Chicago. Denom.
-payable
$1,000. Date Oct. 11918. Prin. and semi-ann. int.-A. & 0.
at the Harris Trust & Savings Bank of Chicago. Due yearly on Oct. 1
as follows: $10,000 1923, $15,000 _ 1928 and 1933, and 820.000 1938.
Financial Statement.
.-.74.1
N
4. ,
$18,500,000
Real value of taxable property, estimated
6,380,194
Assessed valuation for taxation
256,000
Total debt (this issue included)
1 :4
Population, estimated, 43,000.
DISTRICT (P. 0. Cincinnati) Hamilton
CINCINNATI SCHOOL
-No bids were received for the
-NO BIDS RECEIVED:
County, Ohio.
$500,000 43 % 20-4i-year (opt.) school bonds, offered on Feb. 24(V. 108,
D. 496. Denom. $500. Date Feb. 24 1919. Prin. and semi-ann. int.
payable at the American National Bank, New York.
CLEARWATER HIGHWAY DISTRICT (P. 0. Lewiston), Nez
-Sealed bids will be received
Perce County, Ida.
-BOND OFFERING.
until 11 a. m. March 13 by William J. Green, District Secretary, for $113,000 10-year (opt.) highway bonds at not exceeding 6% interest, it is stated.
Int. semi-ann. Cert. check for 10% required.
7
-BONDS PROPOSED7- -1tirs
1
G• COLUMBUS, Franklin County, Ohio.
-house
reported that an ordinance providing for an issue of $850,000 market
bonds has been introduced in the City Council.
. -----BONDS
COMANCHE COUNTY ROAD DISTRICT NO. 1, Tex.
-We are specially advised that on Feb. 21 an issue of
REGISTERED.
$100,000 5% bonds was registered with the State Comptroller. Due
33,500 yearly.
-At
-BOND ELECTION.
COOK COUNTY (P. 0. Chicago), 111.
,election to be held in April, it is stated, a proposition to issue $600,000
building bonds will be voted upon.
1
-BOND SALE7--"M
COTTLE COUNTY (P. 0. Paducah), Tex.
Dec. 14 the $100,000 534% Road District No. 2 bonds voted during July
1918 (V. 107, p. 309), were disposed or at par.
-On Feb. 4
-BOND SALE.
COVINGTON, Miami County, Ohio.
$2,500 6% fire-truck purchasing bonds were awarded to the Stillwater
Valley Banking Co. of Covington for $2,505, equal to 100.20. Denom.
$500. Date June 1 1918. Interest annual. Due June 1 1924.
COW CASTLE DRAINAGE DISTRICT P. 0. Orangeburg),
-Sealed bids will
-BOND OFFERING.
Orangeburg County, So. Caro.
be received until 12 m. March 24 by W.H. Patrick, Chairman of District
-year drainage bonds at not exceeding 6%
.Commissioners,for $175,000 25
interest.
-Sealed bids
-BOND OFFERING.
DADE CITY, Pasco County, Fla.
will be received until 8 p. m. March 4 by Jas. E. Turner, City Clerk, for
$10,000 6% improvement bonds. Interest semi-annual. Due Sept. 1
1948, subject to call Sept. 1 1928, or yearly thereafter. Certified check for
5% of bid, payable to the above City Clerk. required.
""••
-At an eleciM
-BOND ELECTION.
DALLAS, Dallas County, Tex.
to be held April 1 it is reported, the voters will vote upon propositions
providing for the issuance of the following bonds:
$1,000,000 school improvement bonds.
1,000,000 street-improvement bonds.
300,000 park-improvement bonds.
-A
-BOND ELECTION.
DALLAS COUNTY (P. 0. Dallas), Tex.
proposition to issue $2,000,000 road bonds will probably.be voted _upon at
an election to be held April 1, it is stated.
_
-NO Bfirri7i
DECATUR COUNTY (P. 0. Greensburg), Ina.
CEIVED.-No bids were received for the $9,520 431% highway improvement bonds, offered on Feb. 14 (V. 108, p. 406)•
DECATUR SCHOOL DISTRICT (P. 0. Decatur), Adams County,
Ind.
-BOND OFFERING.
-Additional information is at hand relative to
the offering on March 10 for the $4,000 434% coupon school bonds(V. 108.
13• 797). Proposals for these bonds will be received until 10 a. m. on that
date by the Board of School Trustees. Denom.$500. Date Feb. 20 1919.
Interest semi-annual. Due $500 each six months from June 20 1920 to
Dec. 20 1923, inclusive. Certified check for $500 required. Purchaser to
pay accrued interest.
-On
-BOND SALE.
Ft. DEFIANCE COUNTY P. 0. Defiance), Ohio.
Feb. 24 the $34,000 53.
coupon ditch bonds (V. 108, p. 597) were
awarded to the Merchants National Bank of Columbus for $34,265(100.779)
and interest. Date Feb. 1 1919. Due $10,000 on March 1 1n11922 and
1923 and $14,000 March 1 1924. Other bidders were:
Terry, Briggs & Co,. ToL*834,401 20 First Nat. Bank, Defiance$34,125 75
Breed, Elliott & Harrison.. 34,346 801
* Although these bids appear higher than that of the purchaser, they aro
so:officially reported to us by the County Auditor.
-A tem-TEMPORARY LOAN.
DEDHAM, Norfolk County, Mass.
porary loan of $30,000, maturing Nov. 1 1919, has been awarded, it is
reported, to F. S. Moseley & Co., of Boston, on a 4.35% discount basis.
-BOND ELECTION.
DENTON COUNTY (P. 0. Denton), Tex.
Newspapers state that on March 15 the voters will decide whether the year
-V. 108, p. 397.
in favor of issuing the $1,500,000 road bonds
•
DOUGLAS COUNTY (P. 0. Superior), Wis.-BOND OFFERING.
Proposals will be received until 12 m. March 18 (to be opened 2 p. m.
March 20) by W. J. Leader, County Clerk and Auditor, for $200,000 5%
bonds. Denom. $1,000. Due $20,000 yearly on March 1 from 1930 to
1939, inclusive.
DULUTH SCHOOL DISTRICT (P. 0. Duluth), St. Louis County,
-Additional information is at hand relative
Minn.
-BOND OFFERING.
to the offering on March 7 of the $200,000 5% 20-30-yr. (opt.) school-bldg.
bonds
-V. 108, p. 797. Proposals for these bonds will be received until
7:30 p. m. on that date by Chas. A. Bronson, Clerk Bd. of Ed. Denom.
$1,000. Date April 1 1919. Prin. and int. (A. & 0.) payable at the
American Exchange Nat. Bank, New York. Cert. check for $1,000.
payable to the Bd. of Ed., required. The official circular states that no
bonds have ever been refunded and that no default has ever occurred in the
payment of any bonds as they matured or in the payment of interest.
Bonded debt (excluding this issue), $1,641,000. Assessed valuation (1918).
two
$65,286,816. Actual value (est.), $186,500,000.
EDGEWOOD (P. 0. Swissvale), Allegheny County, Pe7"-=T3M5
-Sealed bids will be received until 7:30 p.tm. March 10 by
OFFERING.
W. H. Garrett, Borough Secretary, it Is stated, for $50,000 43 % 25-year
borough bonds. Interest semi-annual. Certified check for $500 required.
IF ELLIS COUNTY (P. 0. Waxahachie), Tex.
-BOND ELECTION.
At an election to be held March 25, it is reported, a proposition to issue
$132,000 road bonds will be voted •upon.
[VOL. 108.
-According to
-BOND ELECTION.
ELYRIA, Lorain County, Ohio.
local papers, a proposition providing for the issuance of $1,000,000 waterbe held April 30.
works bonds will be voted upon at an election to
-A proposi-BONDS PROPOSED.
ELYRIA Lorain County, Ohio.
improvement
tion providing for the issuance of $18,000 fire department
bonds has been introduced in the City Council, It is stated.
-BOND ELECTION PROPOSED -PetiENNIS, Ellis County, Tex.
for an
tions are to be presented to the City Commission, it is stated, asking
hospital
election to vote on the question of issuing $40,000 municipal
building bonds.
-BOND OFFERING.
ERATH COUNTY(P.O. Stephensville), Tex.
Further details are at hand relative to the offering on March 10 of the
for
p. 797).
$150,000 5% Road District No. 1 bonds (V. 108, day by E.Proposals
E. Solomon,
these bonds will be received until 2 p. m. on that
County Judge. Denom. $1,000. Date Dec. 12 1918. Principal and
semi-annual interest (J. & D.) payable at the Dublin National Bank of
Dublin, or at the National City Bank, New York, at option of holder.
Due Dec. 12 1948, subject to call at any time after 20 years at par and interest. Certified check for $1,000 required. Bonds to be delivered to the
purchaser at Stephensville, Tex.
-Proposals will be re-BOND OFFERING.
ERIE, Erie County, Pa.
ceived until 11 a. m. March 11 by T. Hanlon, City Clerk,for $401,000 4%
tax-free coupon (with privilege of registration) bonds. Date May 1 191'7;
past due coupons to be removed. Prin. and semi-ann. int. payable in
Erie. Due $11,000 1932 and $26,000 yearly from 1933 to 1947 incl. Cert.
check for 1% of the amount of bonds laid for required.
-Further de-BOND OFFERING.
EUNICE, St. Landry Parish, La.
tails are at hand relative to the offering on March 3 of the $50,000 5'%
improvement bonds (V. 108, p. 797). Proposals far these bonds wili be
Denom.
received until 11 a. m. on that day by S. Wyble. Mayor.Treasurer, $500.
or at
Principal and interest payable at the office of the City
some bank designated by the purchaser. Certified check for $125 required.
FAIRFAX SCHOOL DISTRICT (P. 0. Fairfax), Gregory County,
-On Feb. 18 a proposition providing for an issue
-BONDS VOTED.
S. D.
of 850,000 school-building bonds carried, it is reported, by a vote of 176
"for" to 83 "against."
-Re-BONDS VOTED.
FANNIN COUNTY (P. 0. Bonham), Tex.
ports state that at an election held Feb. 14 in Road District No. 5 the
issuance of $40,000 good-road bonds was authorized by a vote of 147 to 10.
-Sealed bids
-BOND OFFERING.
FLINT, Genesee County, Mich.
will be received until 3 p. m. March 3 by D.E. Newcombe, City Clerk, for
the following 4 issues of tax-free bonds aggregating 3331,400: as follows:
$57,400 paving bonds of 1919. Due yearly on March 15 1934 incl.
$3,400 1920, $3,000 1921 and 1922 and $44,000 1923 to
14,900 sanitary sewer bonds of 1919. Due $900 March 15 1920 and
$1,000 yearly on March 15 from 1921 to 1934 incl.
Due $750
*180,700 storm, water and intercepting sewer bonds of 1919. 1932 incl..
March 15 1920, $5,000 yearly on March 15 from 1921 to
and $10,000 yearly on March 15 from 1933 to 1944 incl.
78,400 water improvement bonds of 1919. Due $25,000 March 15 1938
and 1939 and $28,400 March 15 1940.
Denom. $1,000 eacept for odd amounts. Date Mar. 15 1919. Prin.
and semi-ann. int. (M. & S.) payable at the office of the City Treasurer
or at the National Park Bank, N. Y. Cert. check for $2,000 for each
issue bid upon or $5,000 if the bid covers all the issues required. The
approving opinion of Wood & Oakley of Chicago will be furnished the
purchaser. Purchaser to furnish blank bonds. Official circular states
that there has never been any controversy or litigation pending or threatened affecting the corporate existence of the boundaries of said city, or
the title of its present officials to their respective offices, or the validity
of these bonds, and there never has been default in the payment of any of
the city's obligations. Bids aro requested for bonds bearing 4,43i
and 5% interest.
* The maturity of these bonds was reported incorrectly in V. 108, p. 797
through an error in the official advertisement.
Financial Statement.
$100,000,000
Estimated actual value of all property
67,103,785
Assessed value of all property for 1918
2,856,512
Total bonded debt, including this issue
1,341,050
Water bonds included in above
None
Sinking fund
None
Floating debt
Population (Census), 1910, 38,550; present estimate, 80,000.
FLORENCE SPECIAL ROAD DISTRICT (P. 0. Montgomery City),
-Reports state that at a,
Montgomery County, Mo.-BONDS VOTED.
recent election the question of issuing $275,000 highway bonds was favorably voted.
FORT DODGE SCHOOL DISTRICT (P. 0. Fort Dodge), Webster
-On Feb 20, the proposition to issue
-BONDS VOTED.
County, Iowa.
$650,000 high school building bonds (V. 108, p. 700) carried by a large
majority, it is reported.
-BOND ELECTION
FORT LAUDERDALE, Broward County, Fla.
-A proposition to issue $30,000 water-works-system bonds
PROPOSED.
will be voted upon shortly, it is reported.
-BOND ELEC.
FRANKLIN COUNTY (P. 0. Mount Vernon), Tex.
TION.-According to reports, a proposition to issue $500,000 road bonds
will be submitted to the voters on March 15.
FREMONT, Dodge County, Neb.-BOND SALR.-On Feb. 17 the
$169,000 5-20-year (opt.) refunding bonds, dated March 1 1919 (V. 108,
p. 596), were awarded to the Bankers Mortgage Co., of Des Moines, and
llornblower & Weeks, of New York, Boston and Chicago,.jointly, for
$169,427(100.252) and interest for 5s. Other bidders were:
-Par and accrued int., less $1,438 for attorney's fees.
National City Co.
-Par and accrued int. less $3,380 for printing of
Sidney Spitzer & Co.
bonds, &c.
-BOND OFFERING.GONZALES COUNTY (P.0. Gonzales), Tex.
Proposal3 will be received until 2 p. m. March 10 by J. C. Romberg, County
Judge, for the following road improvement district bonds:
6
,
$140,000 53 % Road District No. 1 bonds. Denom. $1,000. Date June
1 1918. Int. semi-ann. (J. & D.) payable in Gonzales or
at the Seaboard National Bank, N. Y. Due $4,000 yearly
for 10 years and $5,000 yearly for 20 years. Total bonded
debt (including this issue) $340,000. Assessed value, 1917
$4,889,120; actual value (est.) $12,000,000. Population
of this district (est.) 12,000.
75.0005% Road District No. 2 bonds. Denom. $1,000 Date
Jan. 1 1918. Int. semi-ann.(A.& 0.) payable In Gonzales
Y. Due in 30
or at the Seaboard National Bank,
N.
years, opt. $25,000 in 10 years and $25,000 in 20 years.
bonded debt, this issue only. Assessed value, 1917,
Total
$979,430. Actual value (est.) $2,500,000. Population of
this district (est.) 4,000.
10,000 534% Road District No. 4 bonds. Denom. $400. Date Jan. 1
1919. Int. rerni-ann. (J. & J.) payable in Gonzales or
at the Seaboard National Bank, N. Y. Due $400 yearly
for 25 years. Total bonded debt, this issue only. Assessed value, 1918,$202,000. Actual value (est.) $600,000.
Population of this district (est.) 800.
Official circular states that this county has never defaulted in the payment of any obligations. Cert. check for 2% required. PurchasersIto
pay for printing of bonds and opinion of bond attorney.
-BOND ELECTION.
GRAND HAVEN, Ottawa County, Mich.
At an election to be held some time in the near future, it Is reported, a
for the issuance of $24,000 street impt. and parkwayproposition providing
building bonds will be voted upon.
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids),
-It is reported that a proposi-BOND ELECTION.
Kent County, Mich.
.41
tion to issue $1,500,000 school-building bonds will be voted upon.
-On
-BONDS AUTHORIZED.
HAMILTON, Butler County, Ohio.
Feb. 5 the City Council adopted an ordinance providing for the issuance
of $80,000 5% coupon street-Improvement (city's share) bonds. Denom.
$500. Date Mar. 1 1919. Prin. and semi-ann. int. payable at the office
of the City Treasurer. Due $8,000 on March 1 from 1924 to 1933, incl.
MAR. 1 1919
THE CHRONICLE
HAMILTON COUNTY (P. 0. Jasper), Fla.
-BOND OFFERING.
Additional information is at hand relative to the offering on March 10 of the
1400,000 5% coupon road and bridge bonds. Proposals for these bonds
will be received until 10 a. m. on that date by the Board of County Commissioners(M.P.Hunter, Clerk). Denoms.in such amounts as purchasers
may desire. Date Feb. 7 1918. Prin. and semi-ann. in (F. & A.),
payable at the Commercial Bank of Jasper, or at the National Bank of
Commerce, New York City. Due in 30 years, subject to call in 6 years
at 102, or in 12 years at 1101. Answering a question whether there has
been any litigation pending or threAtening, which would affect this issue
of bonds, the official circular states, "Yes, but Bonds Validated by Court,
since action no appeal can be had." The circular also states that there
has never been any default in payment of any obligations. Bonded debt,
this issue only. Assessed value (1918) $2,765,346. Actual value (est.)
$7,000,000. Population 1910 (Census) 11,825; 1919 (est.) 13,000. Tax
rate (per $1,000) $28.
HARLOWTON SCHOOL DISTRICT (P. 0. Harlowton), Wheatland County, Mont.
-BOND ELECTION.
-An election will be held
Feb. 24, it is stated, for the purpose of voting on the issuance of $50,000
school house bonds.
HARRISON COUNTY (P. 0. Marshall), Tex.
-BOND ELECTION
PROPOSED.
-It is reported that this county is contemplating the holding
of an election to vote on the question of issuing $1,750,000 road bonds.
HAVERHILL,Essex County, Mass.
-BOND SALES DURING 1918.
During the fiscal year ending Dec.31 1918, the following bonds, aggregating
1166,000, were issued:
NameofPurch.- Amt. Purchase.
Date.
Price. Int.
Due.
Blodget & Co__ _ _370,000 Hospital *Oct. 1 1917 Par
454% 1918-27
Sinking Fd. Com_ 16,000 Stadium Apr. 1 1918 Par
4% V 1919-22
Sinking Fd. Corn.. 2,000 Sidewalk Apr. 1 1918 Par
1919-20
E.H.Rollins&Sons 63,000 Municipal July 1 1918 100.285 4%
43.
E.H.Rollins&Sons 15,000 Infl. epid. Dec. 1 1918 100.231 4%% 1919-24
1919-23
* These bonds were authorized in 1917, but not issued until Jan. 1918.
897
LOVELADY TOWNSHIP (P. 0. Morganton), Burke County, No.
Caro.
-BOND SALE.
-The $30,000 5% 30-year road bonds offered on
Feb. 25-V. 108, p. 497
-were awarded on that day to C. N. Malone &
Co. at 100.099 and interest. Other bidders, all of Toledo, Ohio, were:
W. L. Slayton & Co_ __ _$30,012 27 Sidney Spitzer & Co
$30,000
Spitzer, Rorick & Co__- 30,000 001
MANCHESTER, Hillsborough County, N. H.
-TEMPORARY
LOAN.
-On Feb. 25 the temporary loan of $400,000 (not $40,000, as
first reported in V. 108, p. 798), issued in anticipation of revenue, dated
Feb. 26 1919 and maturing Dec.8 1919 was awarded to Blake Bros. & Co.
of New York on a 4.08% discount basis, plus a premium of $7 00. Other
bidders, all of New York, were:
Discount.
Discount.
J. P. Morgan & Co
4.08% S. N.Bond & Co
4.45%
Salomon Bros.& Hutzler
4.14%
MAPLE SHADE FIRE DISTRICT (P. 0. Philadelphia), Philadelphia County, Pa.
-BOND SALE.
-Wm. Frech, District Treasurer,
advises us that the $6,000 fire-house bonds voted during May 1918V. 106, p. 2250
-have been purchased by the Burlington County Trust
Co. of Moorestown at par.
MARSHALL, Harrison County, Tex.
-BONDS REGISTERED.
The State Comptroller registered on Feb. 21 an issue of $10,000 5% 10 -30
year water-works impt. bonds.
MENOMINEE COUNTY (P. 0. Menominee), Mich.
-BOND ELECTION.
-Newspaper reports state that a proposition providing for the
issuance of $400,000 road bonds will be voted upon at an election to be
held in the spring.
MIAMI, Dade County, Fla.
-BOND OFFERING.
-Sealed bids will be
received until 7:30 p. m. March 6 by W. B. Moore City Clerk, for the
whole or any part of $25,000 5%% gold coupon Improvement bonds,
Series "P." Denom. $1,000. Date March 1 1919. Prin. and semi-ann.
int.(M. & S.) payable in New York City, N. Y. Due yearly on March
1 as follows: $2,000 1921 and 1922, $3,000 1923 and 1924, and $5,000
HENDERSON, Sibley County, Minn.
-BOND OFFERING.
-Sealed 1925 to 1927, incl. Cert. check on a solvent bank or trust company for
bids will be received until 8 p. m. March 14 by W. F. Bosel, City Clerk, 2% otthe amount of bonds bid for payable to the City Treasurer,
for $5,000 5% coupon refunding bonds. Denom. $500. Date Oct. 1 The bonds will be prepared under the supervision of the U. S. required
1918. Int. semi-ann. Due Oct. 1 1928. Cert. check for $200, payable Trust Co. of N. Y., which will certify as to the genuineness ofMtge. &
the sigunconditionally to the City Treasurer, required.
natures of the city officials and the seal impressed thereon. The purchaser
or purchasers will be furnished, without charge,
of
HOBOKEN, Hudson County, N. J.
-BOND SALES DURING 1918.
- Caldwell & Masslich. Bonds must be delivered the approving opinion 11
at 10 a. m. on March
During the fiscal year ending Dec. 311918, the following bonds, aggregating
1919 at the office of the above trust company, unless another time and
$830,554 13, were issued:
place shall be mutually agreed upon. All proposals must be for at least
Name of Purchaser. Amount. Purpose.
Date.
Price.
Due.
Harris Forbes & Co1524,000 00 School Jan. 1 1918 100.160 Int. 1919-38 97 cents on the dollar and accrued interest, and must be made upon a
5
printed form which will be furnished by the above Clerk or said trust
Sinking fund
7,000 00 School Jan. 1 1918 Par
5
1919-25 company.
Sinking fund
6,960 42 School Jan. 1 1918 Par
5
1919-25
Financial Statement.
R. M. Grant & Co.. 129,216 19 School Jan. 1 1918 100.087 5
1919-48 Assessment valuation of real
R. M. Grant & Co_ 36,000 00 School Jan. 1 1918 100.569
estate
$28,493,310 00
B.J.Van Ingen & Co 127,377 52 Refund. Dec. 1 1918 104.506 5% 1919-54 Assessed valuation of personal property
1,623,300 00
5% 1919-38
HOLYOKE, Hampden County, Mass.
-BONDS AUTHORIZED.
Total assessed value of all property
$30,116,610 00
The Board of Aldermen has adopted an ordinance authorizing the issuance Estimated actual value of all property
40,000,000 00
of $239,000 general improvement bonds. I
City tax rate, 15% mills.
Municipal improvement and
HOOD COUNTY (P. 0. Cranbury), Tex.
$1,195,000 00
-BOND ELECTION.
- Outstanding street and sewer funding bonds
improvement bonds
Voters of this county will have submitted to them on March 18, it is re1,144,868 42
ported, a proposition to issue $140,000 Road District No. 1 bonds.
$2,339,868 42
IRONTON, Crow Wing County, Minn.
-BOND ELECTION.
Improvement liens receivable
-At an
$581,928 14
election to be held Mar. 11, a proposition to issue $75,000 refunding bonds Improvement sinking fund cash
61,935 07
will bo voted upon, it is stated.
Additional sinking fund cash applicable to payment of municipal improvement and funding
IRVINGTON, Essex County, N. J.
-BOND SALE.
-The $70,406 31
bonds
9,638 42
4%% coupon (with privilege of registration) general-improvement bonds
45,687 30
offered without success on Feb. 10-V. 108, p. 700-have been disposed Sinking fund investments
699,188 93
of at par.
JEFFERSON COUNTY (P. 0. Birmingham), Ala.
Net bonded indebtedness
-BOND SALE.
$1,640,679 49
On Dec. 23 Caldwell & Co. of St. Louis were awarded 101.3805 an issue Not indebtedness of the city other than bonded consisting
of $200,000 5%,refunding bonds. Denom. $1,000. Date Mar. 1 1919.
of certificates of indebtedness, notes, accounts and
Int. M. & S. Due Mar. 1 1949.
revenue bonds less bank deposits
355,236 74
JEFFERSON DAVIS PARISH (P. 0. Jennings), La.
MILLERSBURG, Holmes County, Ohio.
-BOND OF-BOND OFFERING.
FERING.
-J. S. Treme, President of Police Jury, will receive bids until S. T. Staltz, Village Clerk, will receive proposals until Mar. 3, is reit
2 p. m. March 13, it is reported, for $150,000 5% 12 1-6-year (aver.) road ported, for $2,000 6% bonds. Denom. $500. Int. semi-ann. Due $500
bonds. Interest semi-ann. Certified check for $3,750 required.
yearly on Sept. 1 from 1920 to 1923, incl. Cert. check for 5% of bonds
bid for required.
KAUFMAN COUNTY (P.O. Kaufman), Tex.
-BOND ELECTION.
An election will be held Mar. 22, it is reported, to vote on the question of
MINNEAPOLIS, Minn.
-BOND OFFERING.
-Sealed bids will be reissuing the following three issues of bonds, aggregating $1,450,000:
ceived until 3 p. m. March 12, and public open bids will be asked for after
$300,000 Justice Precinct No. 5 bonds.
that hour, by Dan C. Brown, City Comptroller, for the following 9 issues
750,000 Commissioner's Precinct bonds.
of bonds, aggregating $1,253,740 93:
400.000 Justice Precinct No. 7 bonds.
KIMBLE COUNTY (P. 0. Junction), Tex.
-BOND ELECTION $500,000 00 Emergency Fund bonds at not exceeding 5% int. Due
PROPOSED.
-According to reports, a petition will be presented to County
$100,000 yearly on March 1 from 1925 to 1929 incl.
Commissioners, asking that an election be called to vote on a proposition
50,000 00 Franklin Ave. Bridge bonds at not exceeding 5% int. Due
providing for the issuance of $150,000 road bonds.
at a time not less than 1 year nor more than 30 years from
KISSIMMEE, Osceola County, Fla.
-BOND ELECTION.
-Newsdate at option of purchaser.
papers reports state that at an election to be held Mar. 8, a proposition
175,000 00 Permanent Improvement bonds at not exceeding 5% int.
to issue 397,500 6% bulkhead bonds will be voted upon. Donom. $1,000.
Int. semi-ann. Due $10,000 in 10, 11. 12, 13, 14, 15, 16, 17 and 18, and
Due at a time not less than 1 year nor more than 30 years
$7,500 in 19 years from date.
from date at option of purchaser.
KITTANNING SCHOOL DISTRICT (P. 0. Kittanning), Arm200,000 00 Main Sewer bonds at not exceeding 5% int. Due at a time
strong County, Pa.
-NO ACTION YET TAKEN.
-No action has been
not less than 1 year nor more than 30 years from date at
taken as yet looking toward offering of the $105,000 school-building bonds
option of purchaser.
voted May 211918.-V. 106, p. 2577.
30,000 00 4% Workhouse bonds. Due at a time not less than 1 year
LA FOURCHE PARISH SPECIAL SCHOOL DISTRICT NO. 8
nor more than 30 years from date at option of purchaser.
(P. 0. Thibodaux), La.
-BOND ELECTION.
-At a special meeting of
20,000 00 4% Fire Department bonds. Due at a time not less than
the La Fourche Parish School Board on Feb. 13, the Board formed what
will be known as Special School District No. 8, to comprise the territory
1 year nor more than 30 years from date at option of purchaser.
on both sides of Bayou Lafourche, from Lafourcho Crossing down to the
18,000 00 4% Tax Refund bonds. Due at a time not less than 1 year
Anal plantation of T. D. Lalande. An election will be held in this district
nor more than 30 years from date at option of purchaser.
about March 24 to ascertain the will of the taxpayers regarding the issuance
amounting to $30,000, said bonds to run for a period of 18 years.
15,000 00 4% Appraisal bonds. Duo at a time not less than 1 year nor
of bands
If this proposition is ratified, it will complete a chain of eight high school
snore than 30 years from date at option of purchaser.
districts in the parish, seven having been previously created and bonds
245,740 93 Special Street Improvement bonds at not exceeding 5% int.
ordered, issued by majority votes.
Due yearly on March 1 from 1919 to 1939 incl.
LEE COUNTY (P. 0. Gidding), Tex.
-BOND SALE.
-The $150,000
Date March 1 1919. Prin. and semi-ann. bat, payable at the fiscal
Road mDistrict No. 1 bonds, mentioned in V. 105, p. 2383, were recently
agency of the city of Minneapolis in New York City N. Y., or at the office
awarded, it is stated, to H. C. Burt & Co. of Houston at 94.25.
Treasurer. Cert. check for 2% of the amount of bonds bid
LIMA, Allen County, Ohio.
-BOND SALE.
-On Feb. 24 the $46,000 of the City
5% 17 1-6 year (aver.) bridge bonds (V. 108, P. 397) were awarded to the for, payable to C. A. Bloomquist, City Treasurer, required. No bids
National Bank of Commerce of Columbus at 102.24 and interest. Other will be entertained for the Special Street Improvement bonds for less than
bidders were:
their par value, and no bid will be entertained for any of the other bonds
E.H.Rollins & Sons,Chic_$46,817 42 Well, Roth & Co.. Cinc_ _$46,312 80
The Silverman Huyck Co.,
W.L. Slayton & Co., Tel_ 46,303 60 for a sum less than 95% of their par value, and accrued interest to date
Cincinnati
46772 80 R. M.Grant & Co., N. Y_ 46,178 94 of delivery. Official advertisement states that city of Minneapolis has
,
P. C. Hoehler & Co., Tol.. 46,
726 95 Sidney Spitzer & Co., Tol_ 46,130 00 never defaulted or delayed payment of principal or interest on its bonds.
Harris,Forbes & Co. N.Y. 46,603 06 A. E. Aub & Co., Cinc___ 46,039 15
The official notice of this bond offering will be found among the advertiseStacy & Braun, N.
46,407 48
ments elsewhere in this Department.
All the above bidders offered accrued interest.
r BONDS AUTHORIZED.
Financial Statement Feb. 18 1919.
-On Feb. 3 the City Council passed an ordinAssessed Valuation 1918
ance authorizing the issuance of $75,000 5% coupon street-improvement
(city's share) bonds. Denom. $1,000. Date April 11919. Principal and Real property
$174,136,300 00
semi-annual interest (A. & 0.) payable at the office of the Sinking Fund Personal property
48,804,624 00
Trustees. Duo $1,000 Oct. 1 1920, $2,000 each six months from April 1 Money and credits
79,374,220 00
1921 to Oct. 1 1938, inclusive, and $2,000 April 1 1939.
Assessed valuation 1918
$302;315,144 00
LORAIN, Lorain County, Ohio.
-BONDS AUTHORIZED.
-It is Actual valuation (estimated)
$557,000,000 00
reported that the City Council recently adopted an ordinance authorizing Population. National Census, 1900, 202,718; Nation Census, 1910, 301,408
the issuance of $15,000 site-purchasing park bonds.
Outstanding Bonds
33,814,035 32
LYNN, Essex County, Mass.
-BOND SALE.
-Recently the following Total serial street improvement bonds
three issues of 4%% bonds aggregating $305,000 were awarded to Harris, Special street improvement bonds to be sold Mar.12 1919_ _
245,740 93
Total non-serial bonds
Forbes & Co., Inc., of Boston at 100.41:
23,214,200 00
1,008,000 00
$135,000 bonds. Due $27,000 yearly on March 1 from 1920 to 1924 incl. Non-serial bonds to be sold March 12 1919
Is 40,000 bonds. Due $4,000 yearly on March 1 from 1920 to 1929 incl. Total
$28,281,976 25
L130,000 bonds. Due $5,000 yearly on March 1 from 1920 to 1929 incl.
Water works bonds included in above
$2,100,000 00
and $4,000 yearly on March 1 from 1930 to 1949 incl.
Sinking Fund
Denom. $1,000. Date Mar. 1 1919. Int. M.& S. Other bidders, all City of Minneapolis and other bonds
$2,518,598 00
of Boston, were:
Cash
41.863 67
Estabrook & Co
100.31 'Merrill, Oldham & Co
100.07
R.L. DaY & Co
100.0991Blodget & Co
100.02
Total
32,560,461 67
898
THE CHRONICLE
MIDLAND SCHOOL DISTRICT (P. 0. Midland), Beaver County,
-Additional information is at hand, relative
-BOND OFFERING.
Pa.
bonds
to the offering on March 4 of the $25,000 5% tax-free school building will be
(V. 108, p. 701). Proposals for the whole or any part of these bondsBoard.
day by S. R. Beck, Secy. of School
received until 7:30 p. m.on that
at the
Denom. $1,000. Date Feb. 1 1919. Prin. and interest payablefollows:
Midland Savings & Trust Co. of Midland. Due on Feb. 1 as
1936, $4,000 1938 and
44.000 1925, $4,000 1929, $4,000 1933, $4,000
*5,000 1939. Cert. check for 2% of the amount of bonds bid for required.
-We
-BONDS REGISTERED.
MIDLOTHIAN, Ellis County, Tex.
-year water-works bonds were
are advised that on Feb. 20 $15,000 5% 20
the State Comptroller.
registered with
-BOND ELECTION.-Tho
MUSKEGON, Muskegon County, Mich.
proposition to issue the $230,000 funding bonds, mentioned in V. 108,
to be held Mar. 5.
p. 798, will be voted upon at an election
-At the
-BONDS VOTED.
MUSKOGEE, Muskogee County, Okla.
election held Feb. 18 the proposition to issue $325,000 water-works,firehospital and fair grounds building bonds
dept., viaduct impt. and detention
-V. 108, p. 701-carried, it is reported.
-CERTIFICATE SALE.
NASSAU COUNTY (P.O. Mineola), N. Y.
7
On Feb. 24 the $75,000 50 1-year gold road certificates of indebtedness
(V. 108, p. 597) were awarded to the Bankers Trust Co. of New York at
100.49, a basis of 4.49% int. Other bidders were: &
Equitable Trust Co., N. Y..*100.49 Geo. B. Gibbons Co.,N.Y_100.303
100.421 Lynbrook Nat'l Bank, Lyn
Curtis & Sanger, N. Y
100.000
brook (for $10,000)
100.412
8. N. Bond & Co., N. Y
notes were awarded to the Bankers Trust Co.on mutual agreement.
* The
-The city
-BONDS PROPOSED.
NEWARK, Essex County, N. J.
contemplates issuing $500.000 meadow development bonds, it is reported.
-BOND SALES DURING
NEW BEDFORD Bristol County, Mass.
-During the fiscal year ending Dec. 31 1918 the following bonds,
1918.
were issued:
aggregating $254,500,
Due.
Date. Price. Int.
Purpose.
Name of Purchaser- Amt.
4(% 1018-22*
New Bedford In.for Sav..$25,000 Macadam____ Sept. 1'17 par
Nov. 117 par 434% 1918-22*
do
5,000
do
do
do
Nov. 1'17 par 434% 1918-27*
10,000 Highway
Wm. W. Craps
New Bedford In.for Say_ 4,500 Dept.equipm'f Aug. 1'17 par 4X% 1918-21*
5,000 Military equip. Sept. 1'17 par 434% 1918-22*
do
do
do
Feb. 1'18 100.66 5% 1919-28a
100,000 Highway
Harris, Forbes & Co_
-Cent Sav.B. 5,000 Police station Mar. 1'18 par 454% 1919-23b
New Bed.5
Apr. 1'18 100.50 5% 1919-23c
Harris, Forbes & Co... 50,000 Macadam
Apr. 1'18 100.50 5% 1919-28c
50,000 Highway
do
do
The above bonds were awarded on the following dates: 'Jan. 14 1918. a Jan.
27 1918. b Mar. 11918. c Apr. 23 1918.
-BOND OFFERING.
NEWBERRY, Newberry County, So. Caro.
Sealed bids will be received until 12 m. March 15 by Z. F. Wright, Mayor,
for $22,000 4 % 20-year coupon refunding bonds.
-BOND SALES DURING
NEW HAVEN, New Haven County, Conn.
-During the fiscal year ending Dec. 31 1918, the following bonds,
1918.
were issued:
aggregating $870,000,
Date of
Name of
Award.
Date. Price. Int. Due.
Purpose.
Purchaser- And.
Union & New
444% 1937-38 May 22'18
Apr. 1'18 Par
Naven Tr.Co.$175,000 Depot
04% 1926 July 1'18
Sink.Fd.Com__ 20,000 Dock lmpt. July 1'18 Par
Hornbrr&Weeks 75,000 Str. Impt. May 1'18 100.10 434% 1936 Nov 14'18
Dec. 1'18 103.84 434% 1948-48 Dec. 9'18
II.C.Warren&Co*300,000 Sewer
* $100,000 included in this issue not issued until Jan. 13 1919. Due 1948
-We are in
-FINANCIAL STATEMENT.
NEW ORLEANS, La.
receipt of the following financial statement in connection with the offering
on March 6 of the $600,000 5% tax-free Public Belt RR. bonds(V. 108, p.
79):
8
Statistics.
$332,183,016 00
Assessed valuation for city taxes for 1918
339,075
Population, Census 1910
385,000
Population, present (estimated)
41,512,142
Bonded debt, including this issue
915,264,946 32
Floating debt
$46,777,088 32
Total debt
$20,000,000 00
Water bonds included in above
Amount of sinking fund-No sinking fund. Interest and principal of
bonds are paid from proceeds of special taxes, authorized by the consttlon
tion of the State of Louisiana, the proceeds from which are more than ample
to defray the debt.
* The floating debt consists of amounts retained on contracts pending
completion, Public Improvement Certificates authorized by Act 56 of
1908, and sundry accounts. This debt is reduced yearly by payments out
of appropriations provided in various budgets of the City of New Orleans.
Tax rate per $100: City, $2 20; State, $0 90; total, $3 10.
='r
- NEWPORT, Newport County, R. I.-TEMPORARY/774N:= e
temporary loan of $50,000 issued in anticipation of revenue, dated Mar. 7
-was
1919 and maturing Sept. 3 1919, offered on Fob. 27-V. 108, p. 798
awarded on that day, it is reported, to S. N. Bond & Co. of N. Y. on a
4.10% discount basis, plus a premium of 55c.
-In
-TEMPORARY LOANS.
NEWTON, Middlesex County, Mass.
addition to the temporary loans reported by us for 1918, the following loans
were also negotiated, making the aggregate $1,130.000 for the year:
Issued in Anticipation of Revenue.
Due.
Rate.
Dale.
Amount.
Name of Purchaser$100,000 Mar. 15 1918 5% Mar. 15 1919
Harris, Forbes & Co
%
Boston Safe Deposit & Tr. Co.. 100,000 April 5 1918 5( Oct. 18 1918
Nov. 20 1918
Boston Safe Deposit & Tr. Co_ 50,000 April 5 1918 554
May 8 1919
25,000 May 81018 51
A.H.Beck
100,000 May 1 1918 5% May 1 1919
R. L. Day & Co
100,000 June 26 1918 4.45% Nov. 1 1918
Bros. & Hutzler
Salomon
65,000 Sept. 16 1918 4.35% Sept. 16 1919
Old Colony Trust Co
Federal Aid.
$40,000 Sept. 18 1918 4.80% Sept. 181019
S. N.Bond & Co
NICHOLASVILLE, Jessamine County, Ky.-BOND OFFERING.
Sealed bids will be received until 3 p. m. March 8 by J. A. Van Arsdall,
Mayor, for $8,000 5% school building bonds. Denom. $500. Int. semi1
.
ann. Due July 1 1938, subJect to call after July 1 1923.
-An issue
-BOND SALE.
NILES,Trumbull County,Ohio.
sewerage bonds was recently awarded to the Hanchett Bonding Co. of
Chicago, it is reported.
NORFOLK COUNTY (P. 0. Portsmouth), Va.-BOND OFFERING.
-Reports state that proposals will be received until 1 p. m. April 15, by
-year road
the Clerk Board of County Supervisors, for $200,000 5% 20
and bridge bonds. Int. semi-ann.
-BOND ELECTION PRONORMAN, Cleveland County, Okla.
-purchase bonds
-A proposition to issue $75,000 electric-light-plant
POSED.
will be submitted to the voters, it is reported, at an election to be held in
the near future.
-TEMPORARY LOAN.
NORTHAMPTON, Hamphire County, Mass.
-On Feb. 25 tho temporary loan of $200,000 issued in anticipation of
revenue, maturing Nov. 20 1919 (V. 108, p. 799), was awarded to Blake
Bras. & Co. of Boston at 4.40% interest plus a premium of $40. Other
bidders, both of New York, were:
Premium.
Interest.
4.3907
Salomon Bros. & Hutzler
$15 00
4.60%
S. N. Bond & Co
-BOND OFFERING.
NORTH TONAWANDA,Niagara County, N. Y.
information is at hand relative to tho offering on March 17
-Additional
of the $80,000 4% water-works impt. bonds (V. 108, p. 799). Proposals
for these bonds will be received until 8p. m. on that day by F. 0. Holtz,
City Clerk. Dehom. $1,000. Date July 1 1917. Prin. and semi-ann.
int. (J. & J.) payable at the Chase National Bank, N. Y. Due $5,000
yearly on July 1 from 1919 to 1934, incl. Cert. check for $1,000, payable
to the City Treasurer, required.
[VOL. 108.
Financial Statement.
$13,908,215 00
Assessed valuation for 1918
880,950 00
Total bonded debt (incl. water & assessment & this issue)_
244,450 00
against abutting property
Assessment
516,000 00
this issue)
Debt for water-works purposes (including
13,500
Population,1915
-WARRANT
OKEECHOBEE COUNTY (P. 0. Okeechobee), Fla.
received until 12 m. March 15 by R. P.
-Proposals will be
OFFERING.
Flescher, Clerk Board of County Commissioners, for $40,000 6% Jail
Time warrants. Due as follows: $5,000 1925, $10,000 1930. $10,000 1935
and $15,000 1940.
OKMULGEE SCHOOL DISTRICT (P. 0. Okmulgee), Okmulgee
-At an election held Feb. 18, it is
-BONDS VOTED.
County, Okla.
reported, a proposition to issue $215,000 high-school-building bonds
carried by a substantial majority.
-The
OMAHA, Douglas County, Neb.-DESCRIPTION OF BONDS.
$300,000 5% tax-free coupon sewer and intersection bonds awarded on
Feb. 19 to Curtis & Sanger of Chicago at 102.18, a basis of 4.82%-V. 108,
-are described as follows: Date Mar. 1 1919. Prin. and semi-ann,
p. 799
int. payable in Omaha, Neb. Due Mar. 1 1939.
Financial Data.
$262,911,270 00
Valuations for purposes of taxation
19,359,360 00
Total bonded debt 1918-1919
assessment bonds (payable from
Less water and special
9,476,422 00
water revenues and special taxes)
$9,882,938 00
979,126 70
Sinking funds
$8,903,811 30
Net debt
-Assessed valuations in Nebraska are 1-5 of valuations for purposes
Note.
of taxation.
Population (est.) 225,000.
-On Feb. 24
-BOND SALE.
ORANGE, New Haven County, Conn.
-year sinking fund bonds, dated Mar. 1 1919 (V. 108,
the $90,000 434% 20
to Frisbie & Co. of Hartford for $90,054 25, equal
p. 701) were awarded
to 100.0602. Other bidders were:
*$90,252 00
Hornblower & Week, New York
*90,071 10
Merrill, Oldham & Co., Boston
90,027 00
Hincks Bros. & Co., Bridgeport
* Bids, irregular, were therefore rejected.
Financial Statement.
Total bonded debt (including this issue)
Assessment debt
Floating debt
$390,000
65,000
130,000
$585,000
Total debt
$16,348,000
Assessed valuation
• Population 1918 (est.), 15,500.
-BOND SALE.-Tho State In• ORRVILLE, Wayne County, Ohio.
dustrial Commission of Ohio recently purchased two issues of bonds,
aggregating $29,000.
OSHKOSH, Winnebago County, Wisc.-BONDS AUTHORIZED.On Feb. 18 the Commission Council passed an ordinance providing for
mentioned in V.
the issuance of the $200,000 44% construction bonds, yearly on April 1
108, p. 701, it Is stated. Int. send-ann. Due $10,000
on April 1 from 1935 to 1939.
from 1925 to 1934, incl.,and $20,000 yearly
inclusive.
-BOND ELECTION
PARK COUNTY (P. 0. Livingston), Mont.
-An election will be held in the near future, it is stated, to
PROPOSED.
vote on a proposition to issue $209,000 road bonds.
-BOND ELECTION.
PARK COUNTY (P. 0. Livingston), Mont.
At an election to be held early in April. a proposition providing for the
20-year road bonds will be submitted to the
issuance of $150.000 534%
voters, it Is reported.
-An issue of
-BOND SALE.
PATERSON, Passaic County, N. J.
-year sewer bonds was recently awarded to the Paterson
$200,000 434% 40
it is stated.
Savings Institution of Paterson at par,
-Additional in-BOND OFFERING.
PATTON,Cambria County, Pa.
formation is at hand relative to the offering on March 3 of the $60,000 5%
-V. 108. p. 799. Proposals for these
1-30-year serial water-works bonds
bonds will be received until 8 p. m. on that date by J. F. Blankenhorn,
Borough Secretary. Date Jan. 1 1919. Int. semi-ann. Due $2,000
yearly from 1920 to 1919, incl. Certified chock for $500 required.
$99,280 20
•
Total debt (including this issue)
1,533,010 00
Assessed valuation
(P. 0. Pittsburgh), AllePENN TOWNSHIP SCHOOL DISTRICT
-Proposals wilt be received
-BOND OFFERING.
gheny County, Pa.
until 2 p. m. Mar. 18 by E. W. Marshall, District Solicitor, for $115,000
431% 21%-year (aver.) school bonds, it is stated. Int. semi-ann. Cert,
check for $500 required.
PERRY SCHOOL DISTRICT (P. 0. Perry), Lake County, Ohio.-A proposition to issue $100,000 high-school-building
BOND ELECTION.
bonds will be voted upon at an election to be hold March 4, it is stated.
-BOND SALN.-On Fob. 13
PILOT ROCK, Umatilla County, Ore.
the following two issues of 6% 10-20-year bonds, aggregating $13,300-were awarded to Elwood Wiles Co. of Portland for $13,601
V. 108, p. 598
(102.263) and interest.
$10,000 water-repair and extension bonds. Denom. $500.
3,300 light bonds. Donom. $100.
Date March 11919.
-During the fis-BOND SALES DURING 1918.
PITTSBURGH, Pa.
cal year ending Dec. 31 1918 the following bonds, aggregating $910,000.
issued:
were
Due. Date of award.
Price. Int.
Date.
Amount. Purpose.
4% On demand Jan. 16 1918
*$300,000 Gen.Impt.Jan. 1 1918 Par
4% On demand Jan. 28 1918
_Jan. 1 1918 Par
*400,000 Revenue
44 1918-1927 July 31 1918
*10,000 City Hall_Nov. 1 1917 Par
Part yearly July 31 1918
4
*150,000 Water ext.Jan. 1 1918 Par
1 1918 101.4971 434 1919-1943 Sept.20 1918
a50,000 City Hall_Mar.
* Purchased by Sinking Fund. a Purchased by Kean, Taylor & Co.
-BONDS PROPOSED.
PORTAGE COUNTY (P. 0. Ravenna), Ohio.
detention-A resolution providing for the authorization of $20000 5% on
Feb. 10,
home bonds was adopted by the Board of County Commissioners
it is reported.
-10
-Of the $50000 5% 5 -year
N.
-CORRECTIO
PORTLAND, Ore.
(opt.) gold assessment collection bonds offered on Feb.b 19, $50,000 (not
-was awarded as follows to the
$49.000 as first reported-V. 108, p. 799
Citizen's Bank of Portland: $25,000 at 100.88 and interest and $25,000 at
100.44 and interest.
-BOND SALE.
PUTNAM COUNTY (P. 0. Greencastle), Ind.
It is reported that $35,000 war bonds have been awarded to the Central
National Bank of Indianapolis for $35,026 (100.074) and accrued int.
PUTNAM COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1,
-The $85.000 6% 30-year school bonds, dated Feb. 1
-BOND SALE.
Fla.
-were awarded on that day to
1919, offered on Feb. 3-V. 108, p. 398
Sidney Spitzer & Co. of Toledo at 107.37 and interest.
-FINANCIAL STATEMENT.
RALEIGH, Wake County, No. Caro.
-We are in receipt of the following financial statement in connection with
the offering on March 3 of the two issues of 534% tax-free coupon (with
privilege of registration) bonds, aggregating $85,000 (V. 108, p. 799);
Financial Statement.
$1,779,188 58
Gress bonded debt, including present issues
$475,000 00
Water bonds included in above
special assessments applicable to
Uncollected
74,062 57
payment of bonded debt
Sinking funds for bonds other than water bonds_ 88,707 01
$637,760 58
$1,141,419 00
Net bonded debt
$14,575,596 00
Assessed valuation taxable property. 1918
$30,000.000 00
Actual value of taxable property, 1918 (estimated)
Population U. S. Census, 1910, 19,218; present population (est.), 25.000
MAR. 1 1919.]
THE CHRONICLE
-Proposals
-BOND OFFERING.
RICHMOND, Madison County, K y.
will be received until 7:30 p. m. by W.E. Blanton, City Clerk,for 3150,000
-20
5% 5 -year serial street and sower impt. bonds. Denom. $500. Cart.
check for 1% of the amount of bonds bid for required.
-On Feb. 24 the $35,000 Brown
-NOTE SALE.
ROCHESTER, N. Y.
Street subway and $50,000 War Emergency notes, payable 8 months from
-were
-V.108, p. 799
Feb. 28 1919 at the Central Union Trust Co,N. Y.
awarded to the Equitable Trust Co., N. Y., at 4.24% interest. Other
bidders, both of New York, were:
Interest. Premium.
S. N. Bond & Co
4.35%
$1 00
Salomon Bros. & Hutzler
4.40%
3 00
-Proposals will be received until 2:30 p. m. March 6
NOTE OFFERING.
by H. D. Quinby, City Comptroller, for $20,000 East Side sewer and
315,000 Brown St. subway notes, payable 8 months from March 10 1919
at the Central Union Trust Co., N. Y. Notes will be drawn with interest
and will be deliverable at the office of the above trust company on Mar. 10
1919. Bid must state rate of interest and designate to whom (not bearer)
notes will be made payable and denomination desired.
ROCKWALL COUNTY (P. 0. Rockwall), Tex.
-BOND SALE.An issue of $800,000 road bonds recently voted, has been awarded to
Kauffman. Smith, Emert Investment Co. of St. Louis at par! interest and
blank bonds, it is reported.
-TEMPORARY LOAN.
SALEM, Essex County, Mass.
-A temporary
Joan of $500,000 issued in anticipation of revenue, maturing Nov.6 1919
was awarded to Salomon Bros. & Hutzler of N. Y. on a 4.11% discount
basis plus a premium of $6.
Other bidders were:
Discount. Premium.
S. N. Bond & Co., Boston
$2 00
Naumkeag Trust Co., Salem
SALT LAKE COUNTY (P. 0. Salt Lake City), Utah.
-BONDS
VOTED.
-At a recent election, it is stated, a proposition providing for the
issuance of 31,500,000 road bonds carried by a substantial majority.
-BOND ELECTION
SAN DIEGO COUNTY (P. 0. San Diego), Cal.
PROPOSED.
-Petitions have been filed, asking the Board of Supervisors
to call an election to vote on a proposition to issue $2,000,000 concrete.
road bonds, it is reported.
-BOND SALES
SCHENECTADY, Schenectady County, N. Y.
-During the fiscal year ending Dec. 31 1918 the following
DURING 1918.
bonds, aggregating $126,500, were sold:
124.000 4.65% voting machine bonds, dated Feb. 1 1918 and due 1919-30,
awarded July 9 1918 to H. A. Kehler & Co. for $24,008.
10,500 4.70% garage bonds, dated May 1 1918 and due 1919-25 awarded
July 9 1918 to H. A. Kehler & Co. for $10,503.
70,000 4.65% school bonds, dated June 1 1918 and due 1919-32, awarded
July 9 1018 to H. A. Kehler & Co. for $70,021.
fire department bonds, dated Apr. 1 1918 and due 1919-25.
3,500 4%
awarded May 28 1918 to Police Pension Fund at par.
fire department bonds,dated April 1 1918 and due 1926-33,
4,000 4%
awarded May 28 1918 to Firemen's Pension Fund at par.
5,500 43i% fire department bonds, dated Juno 1 1918 and duo 1919-29,
awarded Nov. 29 1918 to Police Pension Fund at par.
4,000 oi% school bonds, dated Nov. 1 1918 and due 1919-22, awarded
Dec. 28 1918 to Police Pension Fund at par.
5,000 43(% school bonds, dated Nov. 1 1918 and due 1923-27, awarded
Dec. 28 1918 to Firemen's Pension Fund at par.
-DESCRIPTION OF
SCURRY COUNTY (P. 0. Snyder), Tex.
-The $200,000 5% road bonds awarded during December to the
BONDS.
Kauffman-Smith-Emert-Investment Co. of St. Louis
-V. 108, p. 701
are in denom. of $1,000 and are dated Dec. 10 1918. Prin. and semi-ann.
int. (J. & D.), payable at the Chase National Bank, N. Y. Due $6,000
yearly on Dec. 10 from 1919 to 1928, inc.I., and $7,000 yearly on Dec. 10
from 1929 to 1948. Incl.
Financial Statement.
Estimated actual value taxable property
$15,000,000
Assessed value taxable property, 1918
0,612,367
Total bonded indebtedness, this issue included_ _ _ _ $336,000
Sinking fund
20,900
Not bonded debt
315,100
Population. 1910 (Census), 10,924; 1918 (est.), 15,000.
-The State Comptroller on Feb. 20 registered
BONDS REGISTERED.
$200,000 5% special road bonds. Duo $3,000 yearly.
SEATTLE, Wash.
-BOND SALE.
-On Feb. 15 the $245,000 11-20-year
serial gold coupon (with privilege of registration) bridge bonds, series "B."
-were awarded to Carstens & Earles,
dated March 1 1919-V. 108. p. 498
Inc., and John E. Price & Co., jointly, for $245,075 (100.03) and interest
for 5s. A bid of par for 5s was also received from Wm.P. Harper & Sons
of Seattle.
-No bids were received for the $750,000 6-20NO BIDS RECEIVED.
year gold coupon municipal light and power system bonds offered on the
-V. 108. p. 498.
same day.
SHERIDAN,Sheridan County, Wyo.-FINANCIAL STATEMENT.
-We are in receipt of the following financial statement In connection
with the sale of the $42,000 6% tax-free Paving District No. 8 bonds
awarded as reported in V. 108, p. 800.
Financial Statement of City of Sheridan.
Actual value (estimated)
$16,000,000
Assessed valuation 1918
9,199,367
Total bonded debt
$471,000
Less water bonds
•
375,000
118
o
Not bonded debt
96,000
Financial Statement of Paving District No. 8.
Actual value(estimated)
$310,000
Assessed valuation 1918 !land
$67,834
1Improvements
131,750
199,584
Improvement bonds
42.000
CITY SCHOOL DISTRICT (P. 0. Sioux City), Woodbury
SIOUX
-BOND ELECTION.
County, Iowa.
-Reports state that on March 10
the question of issuing $375,000 school bonds will be submitted to the
voters.
SONOMA COUNTY (P. 0. Santa Rosa), Calif.
-BOND ELECTION.
-The question of issuing $1,600,000 county highway bonds will be voted
upon at an election, to be hold April 15, it is reported.
SOUTH BEND, St. Joseph County, Ind.
-BONDS PROPOSED.
According to reports, a proposition providing for a $200,000 43(% bond
issue is under consideration.
TABOR INDEPENDENT SCHOOL DISTRICT (P.O. Tabor), Fre-An issue of $20,000 school
mont County, lowa.-BONDS VOTED.
bonds was voted, it is stated, at an election held Feb. 11,
TAMPICO TOWNSHIP (P. 0. Tampico), Whiteside County,
-On Apr. 1, a proposition to issue $35,000 5% road
BOND ELECTION.
bonds will be voted upon. Due yearly.
-BONDS REGISTERED. The following 5% bonds have been
TEXAS.
registered with the State Comptroller:
Amount. Place and Purpose of Issue.
a e cp.
5-20 years
31,000 Greensboro County Line
Feb. 21
10-20 years
7,000 Jack Co. Corn. S. D. No. 20
Feb. 21
5-20 years
3,000 Wilbarger Co.0.S. D.No.2
Feb. 21
5-10 years
3,000 Wilson Ind. School Dist
Feb. 18
-BONDS TO BE OFFERED
TROY, Rensselaer County, N. Y.
SHORTLY.
-We are advised by the City Comptroller that the $70,600
fire apparatus and fire-station improvement bonds authorized on Jan. 2
(V. 108, p. 294), have not as yet been sold, but will probably be offered
shortly.
-BOND ELECTION.
TULARE, Tulare County, Cal.
-On Apr. 14.
the voters will vote upon the following Issues of bonds:
$90,000 school building bonds.
60,000 auditorium bonds.
TWIN FALLS HIGHWAY DISTRICT (P. 0. Twin Falls), Twin
-BOND ELECTION.
-At an election to be held
Falls County, Idaho.
in the near future a proposition providing for the issuance of approximately
$1,000,000 road bonds, according to newspaper reports, will be voted upon.
899
UNION TOWNSHIP (P. 0. Union), Union County, So. Caro.
BOND SALE.
-On Feb. 20 the $125000 5% bonds (V. 108, p. 702) were
awarded to the Trust Co. of Georgia, Atlanta, at par and accrued int.
to date of delivery. Denom. $1,000. Date Jan. 1 1919. Int. J. & J.
UTICA, Oneida County, N. Y.
-BOND SALES DURING 1918.
During the fiscal year ending Dec.t31 1918.the following bonds,aggregating
$162,320 44, were issued:
Purchaser- Amount. Purpose. Date. Price. Int. Due. Date of Award
H. A. Kahler & Co.$20,000 00 improvem't June 15 18
5
'
'19-'38
July 20 '18
16,000 00 street
5
'19-'38
June 15 '18 100.158 5
8,000 00 station
'19-'28
17,237 97 delinq. tax April 15 '18 and
5
'19-'23 July 30'18
6,125 72 paving
June 1 '18
int. 5% '19-'24
2,766 84 paving
April 20 '18
4 % '19-'24
H. A. Kehler & Co.
$17,275 02 paving
Mar. 12 '181100.00215% '19-'24 Mar.29'18
1 & int.1
Mohawk Valley Investment Corp.
$24,000 00 vot'g mach. Oct. 1 '18
5 '19-'28
15,000 00 street
Sept. 15 '18
5 '19-'28
7,500 00 Academy
Aug. 1 '18 102.460 5 o '19-'28 Dec.20 '18
Oct. 1 '18 & int.
6,000 00 school
5% '19-'28
Nov. 1 '18
17,914 16 paving
5 '19-'24
5 o '19-'23
Po ice Pension Fund
1
4,499 73 delinq. tax
Nov. 1 '18 par
5% '19-'23 Dec.20 '18
VALLEJO SCHOOL DISTRICT (P. 0. Vallejo), Solano County,
Cal.
-BONDS PROPOSED.
-The school board has under consideration
a proposition to issue $26,9130 school bonds, according to newspaper reports.
VERNON, Wilbarger County, Tex.
-BIDS REJECTED.
-All bids
received for the $30,000 5% street bonds, offered on Feb. 15 (V. 108, p.
294) wore rejected.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
Proposals will be received until 10 a. m. March 3 by E. E.Messick, County
Treasurer, for $8,400 Linton and Prairieten Road No. 2 improvement
bonds. Denom. $240. Date Jan. 15 1919. Int. M. & N. Due $240
each six months from May 15 1920 to Nov. 15 1929, inclusive.
WALLA WALLA AND FRANKLIN COUNTIES(P.0. Walla Walla),
Wash.
-BOND ELECTION.
-It is stated that an election will be held
April 8 to vote on the question of issuing $230,000 bridge construction
bonds.
WALLOWA, Wallowa County, Ore.
-BOND SALE.
-On Feb. 15
the $7,782 75 53i% 10-year (opt.) sewer-improvement bonds (V. 108, I).
399) were awarded to Morris Bros., Inc., of Portland, for $7,782 813
(100.0006) and interest. Donom. $500 (1 for $282 75). Date Jan. 15
1919. Interest semi-annual. Redeemable on any interest date one year
after date. Other bidders were:
Freeman, Smith & Camp Co., Portland
$7,795 25
Lumbermens Trust Co.. Portland
7,832 75
Although the bids of the unsuccessful bidders appear higher than that
of the purchaser, they are so officially reported to us by the City Recorder.
WASHINGTON COUNTY (P.O. Washington),Pa.
-BOND OFFERING.
-Proposals will be received until 11:30 a. m. Mar.24 by T. J. Underwood,County Compt.,for $125,000 434% tax-free road impt. bonds. Date
Apr. 11919. Due yearly on Oct. 1 as follows: $5,000 1927. $10.000 from
1028 to 1934 incl„ and $25,000 1935 and 1936. Cert. check for $5,000
required.
WELLESLEY, Norfolk County, Mass.
-TEMPORARY LOAN.
-On
Feb. 24 a temporary loan of $40,000. issued in anticipation of revenue,
dated Feb. 24 1919 and maturing Nov. 24 1919, was awarded to S. N.
Bond & Co. of New York on a 4.15% discount basis.
WESTERN WAKE COUNTY HIGHWAY DISTRICT (P. 0. Raleigh), No. Caro.
-BOND OFFERING.
-Further details are at hand relative to offering on March 3 of the $130,000 6% gold coupon road bonds.
Proposals for these bonds will be received until 4 p. m. on that day by
Franklin McNeill, Chairman of Highway Commissioners. Denom.$1,000.
Date Jan. 1 1919. Principal and semi-annual interest payable in New
York. Due $3,000 yearly on Jan. 1 from 1920 to 1929, inclusive, and
$5,000 yearly on Jan. 1 from 1930 to 1949, inclusive. Certified check for
2% of the amount of bonds bid for, payable to the Western Wake Highway
Commission, required. The legality of the above bonds will be approved
by Reed, McCook & Hoyt, of New York, whose opinion will be furnished
to the purchaser without charge, and the bonds will be printed under the
supervision of U. S. Mtge. & Trust Co., of New York, which will certify
as to the genuineness of the signatures and seal on the bonds. Official
circular states that the above district was recently formed and organized
ft* the purpose of building a road from Raleigh to Cary. No separate
assessed valuation of the taxable property in the district has yet been made.
It Is estimated that the assessed valuation of such property will be about
$2,000.000, which will be approximately one-fifth of the actual value of
such property. The district has no debt.
WHITE TOWNSHIP (P. 0. Idabel), McCurtain County, Okla.
-At an election held Feb. 15, a proposition providing
BONDS VOTED.
for the issuance of $100,000 road bonds carried, according to reports, by
a vote of 230 "for" to 29 "against."
WILBARGER COUNTY(P.O. Vernon),Tex.
-BOND ELECTION.
A proposition to issue $50,000 hospital bonds will be voted upon at an
election to be held March 22, it is stated.
-It is also reported that this county is
BOND ELECTION PROPOSED.
contemplating an election to vote on the qutrion of issuing $1,500,000
road-improvement bonds.
WILLIAMSON COUNTY (P. 0. Georgetown), Tex.
-BONDS PROPOSED.
-It is reported that a resolution was adopted providing for the
issuance of $1,000,000 road bonds.
WORCESTER, Worcester County, Mass.
-TEMPORARY LOAN.On Feb. 27 the Park Trust Co. of Worcester was awarded on a 4.05%
discount basis plus a premium of $1.25 $200,000 revenue notes, Issued in
anticipation of taxes, dated Feb. 28 1919 and maturing Nov. 5 1919.
Other bidders were:
Discount. Premium.
S. N. Bond & Co., New York
4.08
Salomon Bros. & Hutzler, New York
4.10
.
$ -156
4
Redmond & Co., New York
4.20
2 00
Blake Bros. & Co., Boston
4.28%
YOUNGSTOWN, Mahoning County, Ohio.
-BONDS AUTHORIZED.
-According to local newspapers, the City Council has authorized
the issuance of $11,000 police department bonds.
'BONDS AUTHORIZED.
-The City Council recently passed ordinances
authorizing the issuance of the following 5% coupon bonds:.
$12,000 street impt. bonds. Due $2.000 yearly on Oct. 1 from 1920 to
1925 incl.
6,000 motor-truck purchasing bonds. Due $2,000 yearly on June 1
from 1920 to 1922 incl.
Denom. $1,000. Date May 15 1919. Prin, and semi-ann. Int. payable
at the office of the Sinking Fund Trustees.
I
CANADA, its Provinces and Municipalities.
BRITISH COLUMBIA (Province of).
-DEBENTURE OFFERING.
Proposals will be received until 12 m. Mar. 3 by John Hart, Minister of
Finance, for the $3,000,000 554% coupon (with privilege of registration).
-year sinking fund debentures mentioned in V. 108, P. 399. Denom.
20
$1,000, $500 and $100, In amounts to suit purchaser. Date March 5
1919. Principal and semi-annual interest (M. & S.) payable at the
Canadian Bank of Commerce in Victoria, Toronto, Montreal or at New
York Agency, at option of holder. Marked check for $50,000 required.
Bonds to be delivered and paid for at the Canadian Bank of Commerce,
Victoria. Purchaser to pay accrued interest to date of delivery.
BROCKVILLE,Ont.-DEBENTURE SALE.
-The $31,0006% coupon
patriotic debentures recently authorized (V. 108,
800) have been 'purchased by local investors. Denoros. $100 to 51.000. Date Mar. 1 1919.
P'
Int. M. & S. Due Mar. 1 1924. Bonded debt (excl. this issue) $932,109 05. Sinking fund $369,889 54. Assessed valuation (1918)55,850,800.
Total tax rate (per $1,000) $34.
900
THE CHRONICLE
[VOL. 108.
LANARK COUNTY (P. 0. Lanark), Ont.—DEBENTURES AUPEMBROKE, Ont.—BIDS.—The following bids were received for the•
THORIZED.—On Jan. 30 the County Council passed a by-law, authorizing $50,000 6% 30-year debentures awarded on Feb. 10 to W. L. McKinnon
the issuance of $100,000 5 % 20
-year road debentures, it is stated.
& Co. of Toronto at 102.98 (V. 108, p. 702): ,
1111
0
-00•
LEAMINGTON, N. S.—DEBENTURE AUTHORIZED.—It is stated Can. Bd. Corp. of Tor.._ _$51,476 00 Mullholland, Bird & Co_ _$5 %5
Wood, Gundy
that on Feb. 4 the council passed a by-law authorizing the issuance of Dominion Sec.& Co., Tor. 50,940 00 McKay & McKay, Tor__ 50,520 00
Corp., Tor. 50,894 50 G. A. Stimson & Co., Tor. 50,500:00
$3,500 school-site bonds.
Brent, Noxon,& Co., Tor.. 50,829 00 Sterling Bk. of Can., Tor_ 50,200[00
MONCTON, N. B.—BONDS PROPOSED.—According to reports on, C.H.Burgess & Co., Tor_. 50,816 00 Turner, Spragge & Co.. _ _ 50,185_00
Feb. 11 the City Council passed a resolution providing for the authoriza- W.A.McKenzie & Co.,Tor. 50,810 00 C. R. Clapp & Co
50,050 00tion of $80,000 street improvement debentures.
Aemilius Jarvis & Co.,Tor. 50.800 00 R.0. Matthows&Co.,Tor. 50,025:00
Housser Wood & Co
50,765 00 Bank of Ottawa, Ottawa._ 50,000 00
MONTREAL, Que.—LOAN AUTHORIZED.—The City Council has A.E...AmesA Co., Tor J50,74500
0.4
1 14
passed a by-law authorizing a loan of$8,000,000, to be issued in anticipation
_
of revenue, it is stated.
.
-PENTICTON7B7C=iiEBENTURE SALP.—AtTissue of 335,000 6 o
DEBENTURE SALE.—An issue of $1,000,000 6% 5
-year refunding debentures was recently awarded to the British-American Trust Co. at
tQliggig
debentures was awarded on Jan. 28 1918 to a syndicate represented by the 88.45, it is reported. Date May 1 1918.
Bank of Hochelaga at 96.40 and accrued int. Denoms. $100, $500 and
SASKATCHEWAN SCHOOL DISTRICTS, Sask.—DEBENTURE
$1,000. Date Sept. 1 1918. Int. M. & S. Due Sept. 1 1923.
SALE.—The following is a list of debentures reported sold from Feb. 3 to
PETROLIA, Ont.—DEBENTURE SALE.—The $10,000 7% 10- Feb. 8 1919: *Borderland. $2,800; C. M. Gripton, St. Catharines.ell/DixInstallment debentures offered on Feb. 24—V. 108, p. 702—have been mude, $2,900; Acadia, $2,900; South Porcupine, $1600; Waterman-Waterawarded to Wood, Gundy & Co. of Toronto at 105.11. Other bidders, bury Manufacturing Co. Freeland, $2,600, Harris, Read & Co.
all of Toronto, were:
Brent,Noxon & Co
105.11 Aemilius Jarvis & Co
104.17
* Sold by the local Government Board.
0. H. Burgess & Co
104.71 W A. Dyment & Co
103.91
TORONTO, Ont.—DEBENTURE SALE.—Wood, Gundy & Co., it:is
104.51 A. E Ames & Co
103.44
G. A. Stimson & Co
Turner, Spragge & Co
104.33 W L. McKinnon & Co
103.00 reported, recently purchased $3,000 434% 35-year harbor improvement
debentures at 84.71, a 5.45% interest basis. Due 1053.
Sterling Bank of Canada_ _ _ _104.18 l
NEW LOANS
INSURANCE
$1,008,000.00
Atlantic Mutual Insurance Company
City of Minneapolis Bonds
AND
$245,740.93
Special Street Improvement Bonds
Sealed bids will be received by the Committee
on Ways and Means of the City Council of the
City of Minneapolis, Minnesota, at the office of
the City Comptroller, WEDNESDAY, MARCH
12TH, 1919, at 3 o'clock P. M., for $5000
Emergency Fund Bonds, $50,000 Franklin Ave.A
Bridge Bonds, $175,000 Permanent Improvement
Fund Bonds, $200,000 Main Sewer Bonds, $30,000 Workhouse Bonds, $20,000 Fire Department
Bonds $18,000 Tax Refund Bonds, $15,000
Appraisal Bonds and $245,740 93 Special Street
Improvement Bonds.
These bonds to be dated March 1st, 1919.
The Emergency Fund Bonds to become due and
payable as follows: $100,000 March 1st 1925;
$100,000 March 1st, 1926; $100,000 March 1st,
1927: $100,000 March 1st, 1928, and $100,000
March 1st, 1929.
The Franklin Avenue Bridge Bonds, Permanent Improvement Fund Bonds, Main Sewer
Bonds, Workhouse Bonds, Fire Department
Bonds, Tax Refund Bonds and the Appraisal
Bonds will become due and payable at a time not
less than one year nor more than thirty years
from the date thereof as desired by the purchaser
thereof.
The Special Street Improvement Bonds to become due and payable one-twentieth each year
from the date thereof, the last one-twentieth
being payable March 1st, 1939.
The Emergency Fund Bonds, Franklin Avenue
Bridge Bonds, Permanent Improvement Fund
Bonds and the Main Sewer Bonds will bear interest
at the rate not to exceed five (5%) per cent per
annum, and the bidder must bid the rate of interest. The Workhouse Bonds, Fire Department
Bonds, Tax Refund Bonds and the Appraisal
Bonds will bear interest at the rate of four (4%)
per cent per annum.
The Special Street Improvement Bonds will
bear interest at the rate of not to exceed five(5%)
per cent per annum. Sealed bids will be submitted for these bonds up to three o'clock p. m.
of the date of the sale and public open bids will
•
be asked for after that hour.
Interest on all of the above bonds to be payable
semi-annually and principal and interest will be
payable at the fiscal agency of the City of Minneapolis in the City of New York, or at the office
of the City Treasurer, Minneapolis, Minnesota.
No bids will be entertained for the Special
Street Improvement Bonds for a sum less than
their par value and no bid will be entertained for
any of the other bonds herein described for a sum
less than 95 per cent of their par value, and
accrued interest on same to date of delivery.
The right to reject any or all bids is hereby
reserved.
A certified check for two (2%) per cent of the
par value of the bonds bid for, made to 0. A.
Bloomquist, City Treasurer, must accompany
each bid.
Circular containing full particulars will be
mailed upon application.
DAN C. BROWN,
City Comptroller,
Minneapolis, Minn.
GEORGE W. MYER, JR.
Certified Public Accountant
•
80 WALL ST., NEW YORK
Audits, Investigations,
Estate Accounting,
Inoome Tax Returns.
Telephone Hanove 8288
FEDDE & PASLEY
Certifieb Public accountanto
55 Liberty St.,
New York
New York, January 24th, 1919.
The 7'rustees, in conformity with the Charter of the Company,submit the following statement of its affairs on the
31s1 of December, 1918.
Premiums on Marino and Inland Transportation Insurance from the 1st January, 1918, to
$8,684,891.55
the 31st December,1918
1,072,550.96
Premiums on Policies not terminated 1st January, 1918
Total Premiums
$7 757 442 51
Premiums marked off as terminated from 1st January, 1918, to 31st December, 1918
$L756,50818
Interest on the investments of the Company received during the year $418,106.68
Interest on Deposits in Banks, Trust Companies, etc
120,010.84
97,634.51 $ 635,752.01
Rent received less Taxes and Expenses
Losses paid during the year
$4,105,973.64
Less: Salvages
$239,186.51
Re-insurances '
1,947,733.0832,186,919.59
$1,910,054.05
Re-insurance Premiums and Returns of Premiums
$1,756,937.01'
Expenses, Including compensation of officers and clerks, taxes, stationery,
$996,019.98
advertisements, etc.
A dividend of interest of Six per cent, on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the fourth of February next.
The outstanding certificates of the Issue of 1917 will be redeemed and paid to the holders thereof, or
their legal representatives, on and after Tuesday the fourth of February next, from which date all interest
thereon will cease. The certificates to be produced at the timc of payment and canceled.
A dividend of Forty-five per cent. is declared on the earned premiums of the Company for the year
ending 31st December, 1918, which are entitled to participate in dividend, for which, upon application,
certificates will be issued on and after Tuesday the sixth of May next.
G. STANTON FLOYD.JONES, Secretary.
By order of the Board,
TRUSTEES.
PHILIP A. S. FRANKLIN.
DALLAS B. PRATT.
HERBERT L. GRIGGS
JOHN J. RIKER,
SAMUEL T. HUBBARD,
JUSTUS RUPERTI
WILLIAM H. LEFFERTS,
WILLIAM JAY SG'HIEFFELIN.
SAMUEL SLOAN,
CHARLES D. LEVERICH,
HENRY,FORBES McCREERY, WILLIAM SLOANE,
NICHOLAS F. PALMER,
LOUIS STERN,
WALTER WOOD PARSONS. WILLIAM A. STREET
GEORGE E. TURNURE,
CHARLES A. PEABODY,
WILLIAM R. PETERS,
GEORGE C. VAN TUYL, Jr.
RICHARD IL WILLIAMS.
G.STANTON FLOYD-JONES, JAMES H. POST,
CHARLES M.PRATT,
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY, 2d Vice-President.
WILLIAM D. WINTER, 3rd Vice-President.
EDMUND L. BAYLIES,
JOHN N. BEACH,
NICHOLAS BIDDLE,
JAMES BROWN,
JOHN CLAFLIN,
GEORGE C. CLARK,
J. WILLIAM CLARK,
FREDERIC A. DALLETT,
CLEVELAND H. DODGE,
CORNELIUS ELDERT,
ASSETS.
United States and State of New York
3,463,000.00
Bonds
of New York and
Stock of the City
Stocks of Trust Companies dc Banks 1,385,500.00
3,069,879.85
Stocks and Bonds of Railroads
285,410.00
Other Securities
Special Deposits in Banks and Trust
1,000,000.00
Companies
Real Estate cor. Wall Street, William
3,900,000.00
Street and Exchange Place_
Real Estate on Staten Island (Weld
under provisions of Chapter 481,
75,000.00
Laws of 1887)
663,439.52
Premium Notes
•
716,783.38
Bills Receivable
Cash in hands of European Bankers
to pay losses under policies payable
288,904.00
in foreign countries
1,972,809.61
Cash in Bank and in Office
Statutory Deposit with the State of
4,765.00
Queensland, Australia
$16,823,491.34
LIABILITIES.
Estimated Losses and Losses Unsettled in process of Adjustment
$ 4,557,029.00
Premiums on Unterminated Risks
1,000,934.33
Certificates of Profits and Interest
Unpaid
316,702.7.5.
Return Premiums Unpaid
129,017.66.
Taxes Unpaid
400,000.00
Re-Insurance Premiums on Termi288,508.92
nated Risks
Claims not Settled, including Compensation, etc.
139,296.10
Certificates of Profits Ordered Redeemed, Withheld for Unpaid Premiums
22,592.54
Income Tax Withheld at the Source._
3,739.93
Certificateeof Profits Outstanding.
6,140,100.00
Balance
3,825,570.11
$16,823,491.34
$3,825,570.11
Balance brought down
95.890.45
Accrued Interest on the 31st day of December, 1918, amounted to
23,108,40
Rents due and accrued on the 31st day of December, 1918, amounted to
Re-Insurance due or accrued, in companies authorized in New York, on the 31st day of
462,184.31
December, 1918, amounted to
Note: The Insurance Department has estimated the value of the Real Estate on Staten Island
83,700.00
In excess of the Book Value given above, at
Stocks, Bonds and other Securities exceeds the
The Insurance Department's valuation of
2,411,384.11
Company's valuation by
36,881,835.38
On the basis of these increased valuations the balance would be
MELLON NATIONAL BANK
PITTSBURGH
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS DEC. 31 1918
RESOURCES
Loans and Discounts
United States Obligations
Other Bonds and Investments
Overdrafts
Cash and due from banks
LIABILITIES
Capital
Surplus and Undivided Profits
Reserves
Borrowed from Federal Reserve Bank
Circulating Notes
Individuals
Depositsi Banks
Government
$50,089,205 53
25,901,080 50
26,236,991 23
38 52
24,649,149 65
$126,876,465 43
$6,000,000 00
4,441,415 27
2,385,553 20
4,500,000 00
4,820,000 00
$67,460,807 43
34,022,634 09
3,246,055 44 104,729,496 96
$126,876,465 43
@FedFRASER