The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
fitianti.d1
The
INCLUDING
Bank & Quotation Section
Railway Earnings Section
hrontde
Railway & Industrial Section
Bankers' Convention Section
VOL. 108
Electric Railway Section
State and City Section
SATURDAY: MARCH 15 1919
e Cyr°nide
1919.
Terms of Subscription-Payable in Advance
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months(including postage)
7 50
Annual Subscription in London (including postage)
22 148.
Six Months Subscription in London (including postage)
21 118.
Subscription
(including
Canadian
postage)
$11 50
Subscription includes following SupplementsBANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL (IwiCO yearly)
RAILWAY EARNINGS(monthly)
ELEcTItIC RAILWAY(twice yearly)
STATE AND CITY (semi.annually) BANKERS' CONVENTION (yearly)
Terms of Advertising-Per Inch Space
Transient matter per inch space(14 agate lines)
Two Months
(8 times)
Eixreeolionths (13 times)
Standing Business Cards
Ai ths
(26 times)
TwelveMonths(52 times)
CHICAGO OFFICE-39 South La Salle Street,Telephone Majestic 7396.
LONDON OFFICE-Edwards 8.5 Smith,1 Drapers' Gardens, E. C.
WILLIAM II. DANA COMPANY, Publishers,
Front. Pine and Deporster Sts., New York.
54 20
2 00
29 00
50 00
87 00
Published every Saturday morning by WILLIAM 13. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer; Arnold 0. Dana, Vice-President and
Secretary. Addressess of both, Office of the Company.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $6,746,158,287, against $6,842,033,502 last week and $5,883,245,967
the corre3panding week last year.
Clearings-Returns by Telegraph.
Week ending March 15.
Week ending March 8.
Clearings at-
PUBLISHED WEEKLY.
1919.
1918.
l'er
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$3,034,192,886
439,415,122
328,645,465
229,343,392
162,983,326
125,878,278
97,124,450
96,225,567
.69,000,000
58,890,569
53,617,054
$2,540,468,604
445,888,222
280,231,363
213,376,507
185,186,256
136,246,182
83,892,562
51,276,717
40,009,070
39,862,519
53,972,585
+19.0
-1.5
+17.3
+7.5
-12.0
-7.6
+15.8
+87.7
+72.5
+47.7
-0.7
Eleven cities, 5 days
Other cities, 5 days
$4,695,416,109
900,243,416
$4,070,410,677
810,410,278
+15.4
+11.1
Total all cities, 5 days
All cities, 1 day
$5,595,659,525
1,150,498,762
$4,880,820,955
1,002,425,012
+14.6
+14.8
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _ _ _
Columbus
Toledo
Peoria
Grand Rapids_ _ _
Dayton
Evansville
Springfield, 111
Fort Wayne_ _ _ _
Lexington
Rockford
Akron
Bloomington _ _ _ _
Quincy
Youngstown _ _
Canton
Springfield, 0_ _ _
South Bend
Mansfield
Decatur
Danville
Jacksonville, Ill_
Lima
Lansing
Owensboro
Ann Arbor
Adrian
Tot lid.West
San Francisco_ _ _
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
San Jose
Stockton
Fresno
Pasadena
Yakima
Reno
Long Beach
Total Pacific.._
NO. 2803
1
1918.
Inc. or
I Dec.
1917.
1916.
$
$
$
$
1 % '
552,371,366 584,134,2651 -5.4 517,216,304 397,713,168
59,626,400
54,901,2911 +8.6
37,642,408
30,360,050
85,026,433
69,869,370 +21.7. 56,107,235
33,791,027
65,000,000
46,143,082, +40.9
47,236,149
34,197,736
29,946,406
31,263,880 -4.2* 23,918,399
18,354,253
14,731,000
16,474,000 -10.6
13,267,000
8,845,960
11,750,000
10,989,100
+6.9
10,067,800
8,206,500
10,074,791' 10,207,565 -1.3
9,718,888
8,193,884
5,200,000
5,400,000 -3.7.
6,000,000
5,200,000
4,543,841'
5,056,632' -10.11
4,486,878
3,588,322
6,514,283
5,792,007, +12.5
3,845,226
3,071,707
3,366,750
3,411,450 -1.3
2,333,125
2,088,694
3,200,140
3,188,1471 +0.4'
2,494,704
1,792,274
1,654,207,
1,418,0571 +16.7,
1,970,216
1,328,034
2,500,000
2,800,000 -10.71
974,637!
894,304
2,600,000
2,253,553. +15.4
1,772,213
1,331,284
6,914,000
4,965,000 +39.2.
5,572,000.
2,952,000
;1,395,735
2,746,177 +27.3;
1,787,759
1,110,277
2,720,8141
2,324,188 +17.0:
1,824,396
1,566,547
5,790,9681
5,340,038
3,591,1131
+8.4;
3,603,041
2,814,216,
3,100,000 -9.3'
2,802,620
2,176,139
1,465,454'
1,420,499
+3.2i
1,182,833:
1,076,852
1,150,000
1,128,408
+1.91
1,075,740
747,300
1,186,923:
1,099,569
931,1571
+7.9,
842,645
1,100,000
1,250,082 -12.0
762,744
1,037,300
701,000
640,000 +10.0
630,000
660,404
1,304,215
983,688 +32.6
513,085
417,175
1,096,939
750,000 +46.2
711,643
662,281
920,000
800,000 +15.0
850,000
796,428
1,436,461,
1,353,329. +6.1
642,880
373,488
356,876
366,934 -2.7
346,544
309,043
95,000
101,674, -6.6
126,579
80,721
890,557,218
881,671,985: +1.0
1
115,008,810
98,096,493 +17.2
40,580,000, 27,949,000, +45.2
31,224,473,1
28,124,434: +11.0
27,614,8481
19,122,666 1-44.4
12,868,178
11,181,385: +15.1
8,400,000
8,300,000 1-1.2
3,596,181
3,802,306 -5.4
8,446,116
6,170,607! +36.9
4,380,218
3,519,755 +24.5
2,473,009
2,000,000 +23.7
1,170,783,
1,062,817 +10.2
1,729,500
2,252,332 --23.2
2,422,828
2,321,1911 +4.4
1,260,897
1,209,600' +4.2
1,040,724
864,952 +20.4
751,276
543,938 +3.8
1,423,907
1,035,488 +37.5
264,399,748 217,556,964 +21.5
762,675,8311 577,084,282
80,398,211, 62,701,206
31,157,000, 23,620,028
17,118,880: 12,524,704
12,862,992: 10,950,644
11,120,6561
8,236,775
6,335,850
4,053,116
2,439,277
2,163,243
5,234,541
4,093,561
2,618,603
2,055,662
2,579,261
2,499,665
834,459
700,000
1,549,763
1,082,972
1,836,840
1,045,854
1,287,802
959,739
626,918
375,514
477,079,
340,973
840,8411
693,898
179,318,9731 138,097,554
Kansas City_ _ _ _ 203,172,455 227,069,686 ---10.5 128,182,181 1
82,383,862
Minneapolis
35,844,383
__
35,129,949 4-2.0
28,982,24 1
25,977,955
78,649,155
Omaha
81,139,841 ---3.1
42,138,704
26,689,234
Total all cities for week
$6,746,158.287 55.883.21,5.967 +14.7 St. Paul
18,807,357
15,244,818 +23.4
13,954,525
13,543,964
Estimated.
18,828,888
Denver
20,977,789 ---10.2
14,071,789
10,116,532
The full details for the week covered by the above wil be given next Saturday. St. Joseph
22,696,408
28,329,777 --19.9
21,330,915
12,788,600
We cannot furnish them to-day, clearings being made up by the clearing houses Des Moines
18,358,719
21,096,983 ---12.9
13,863,585
9,189,184
at noon on Saturday, and hence in the above the last day of the week has to be in Sioux City
13,531,554
13,248,331
1-2.1
7,764,724
5,248,983
all cases estimated, as we go to press Friday night.
9,980,513
Wichita
10,057,991 -0.8
5,786,119
4,507,665
Detailed figures for the week ending March 8 show:
4,970,162
Duluth
4,459,303 d- 11.5
4,496,859
4,459,429
10,030,609
Lincoln
7,606,533 d- 32.1
5,810,704
3,263,890
Topeka
3,694,810
4,199,675 --12.0
3,001,530
Week ending March 8.
2,116,681
Cedar Rapids_ _ _
4,354,767
Clearings at
3,480,534 1- 25.2
4,225,933
2,586,992
2,200,000
Fargo
2,187,898 -1H0.0
1,894,340
2,049,905
Inc. or.
864,409
1919.
Colorado Springs
840,449 dr 28.5
850,108
1918.
934,686
Dec.
1917.
1916.
836,888
Pueblo
707,123 1-32.5
663,164
384,192
1,445,625
Fremont
1,864,921 ---22.5
$
1,104,530
706,627
$
`,:in
$
$
2,348,967
Waterloo
3,768,472,909 3,160,635,447
3,225,279 ---27.2
Now York
3,017,413
3,323,486
4- 19.6 3,007,868,176 2,645,102,248
2,359,391
Philadelphia
373,872,368 336,069,194 4-11.3 317,402,274 212,171,455 IIelena
2,148,238
1-0.5
1,517,149
1,220,739
1,407,468
Pittsburgh
125,566,315
1,052,439 1-33.7
1,083,311
551,271
66,995,044 A-87.4
76,206,893
55,633,995 Billings
770,288
77,483,242
822,499 --6.3
Baltimore
597,941
58,688,167 4-32.0
264,o .
41,423,800 Ilastings
39,663,700
1,124,861
Aberdeen
19,506,539
1,100,406
Buffalo
+2.2
20,577,737 -4.8
793,899
738,254
17,310,324
13,251,259
14,717,636
Washington
14,102,284
4-4.4
9,693,460
9,028,168
Tot.Oth.West_ 456,277,677 485,990,462 -6.1 305,044,666 213,046,228
5,987,523
Albany
4,306,880 4-39.0
4,695,924
4,489,673
7,981,310
Rochester
6,702,741 4-19.1
6,499,886
146,144,481 161,734,772 ---9.6 136,344,277
4,569,688 St. Louis
90,071,243
3,871,828
Scranton
3,953,129 ---2.1
3,618,164
2,952,761 New Orleans_ _ _ _
48,420,406
53,972,390 --10.3
30,530,579
20,796,257
4,232,336
4,288,554 --1.3
Syracuse
3,443,547
Louisville
22,165,106
29,203,665 ---24.1
2,700,636
20,617,033
17,963,501
2,174,825
2,481,773 ---12.4
Reading
2,380,779
2,059,534 Ifouston
13,593,062
13,800,000 --I.5
10,270,569
13,214,987
3,000,000
2,647,101
Wilmington
4-13.3
3,421,061
3,921,545
6,000,000 ---34.6
5,430,945
2,457,695 Galveston
4,297,275
3,379,437
1,842,093 4-29.2
Willtas-13arro_ _ _ _
1,911,030
1,589,310 Richtnond
47,893,121
41,383,803 +15.7
21,013,871
15,172,272
3,453,530
Wheeling
3,841,288 -10.1
3,285,320
2,332,607 Fort Worth
13,920,770
14,768,758 --5.7
10,657,877
9,758,278
2,506,261
3,175,201 ---21.1
Lancaster
1,687,840 Atlanta
2,118,752
48,576,473
47,760,118 +1.7
22,694,197
15,828,353
2,719,268
4,301,911 -36.8
Trenton
2,257,284
1,948,597 Memphis
17,391,046
15,254,380 +14.0
10,447,405
7,951,056
1,290,836
1,076,769 4-19.9
York
1,176,906
975,492 Savannah
5,432,487
9,157,974 --40.7
4,796,481
5,457,000
1,881,486
1,842,436
Erie
A-2.1
1,475,400
1,139,980 Nashville
16,307,661
15,895,147 1-2.6
9,878,190
8,139,242
908,800
1,075,000 -15.3
Binghamton __ - 818,900
692,000 Norfolk
8,041,497
9,125,790 ---11.9
5,626,868
4,121,041
908,204
950,000 ---1.6
Greensburg
825,000
730,038 Birmingham
14,333,542
4,540,126 +215.7
3,074,306
2,199,670
866,094
687,400 1-26.0
Altoona
593,311
443,029
Augusta
2,583,663
4,454,781- 42.0
1,967,689
1,467,412
1,248,505
1,304,046 -4.3
Chester
1,325,859
989,480 Knoxville
2,800,656
2,827,149 ---0.9
2,469,941
1,985,606
299,925
Montclair
474,278 -36.9
512,324
403,221 Jacksonville
7,139,980
5,217,184 1-36.8
4,363,914
3,590,800
4,733,038
5,429,487 ---12.8
Total Middle_ 4,425,419,183 3,702,018,473 4- 19.1 3,508,304,923 3,009,068,959 Chattanooga
3,414,685
3,038,904
Little Rock
4,657,158
6,062,013 ---23.2
3,209,964
2,432,663
1,606,836
1,385,163 1- 16.0
Boston
1,353,907
280,374,264 234,616,383 4- 19.5 199,304,087 188,309,726 Mobile
1,009,713
2,800,000
3,516,741 ---20.4
Providence
8,644,200
2,485,000
9,946,700 --13.1
2,066,687
8,836,600
8,178,600 Charleston
9,523,514
Hartford
9,384,337 +14.8
5,812,371
3,186,294
7,497,216
7,772,657 --3.5
7,990,072
8,350,620 Oklahoma
1,500,000
New Haven
2,600,000 ---12.3
1,315,041
3,367,833
5,439,597
4,756,694
4- 14.4
4,811,022
3,496,012 Macon
7,200,000
Springfield
6,000,000 1-20.0
3,458,256
7,000,000
3,758,422
7,524,778
1-8.7
3,397,451
3,322,458 Austin
Portland
339,025
495,728 --3I.8
276,914
314,766
2,200,000
2,300,000 -4.3
2,161,334 Vicksburg
2,500,000
519,229
Worcester
672,284 --22.6
439,000
827,706
3,231,097
2,796,287
13.5
3,116,309
3,070,635 Jackson
Tulsa
Fall River
8,747,290
8,529,369
5,901,407
3,379,869
dr 2.6
1,660,221
2,250,127
26.2
1,424,852
1,398,529
New Bedford__ _
2,186,035
1,529,159
2,705,755 ---19.1
894,754
1,218,214
1,931,885 --36.9
1,222,986
1,171,669 Muskogee
IIolyoke
24,000,000
21,842,216
22,129,732
7,547,348
dr 9.9
667,082
734,934
9.1
707,471
799,488 Dallas
Lowell
2,900,000
2,646,992 +9.5
1,500,000
1,087,526
960,022
11.7
1,050,771
862,480 Shreveport
Bangor
786,530
791,220 --0.6
629,251
639,702
Total Southern 489,377,621 506,366,212 -3.4 356,554,322 257,606,407
16,842,033,502 6,066,482,175 +12.8 5,346,929,547 4,418,674,683
Total all
'
, nmm
070474 A74 1-11, 4
OQK (1011 470
001 qmi omq
Tot. New Eng- Mann
Outside N. Y_ 3,073,560,503 2,905,840c-728
+5.8 2,339,061,371 1,771,572,435
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
p
•
p
p
•
1000
THE CHRONICLE
[VOL. 108.
high ratio of operating expenses to earnings at 90%
• THE FINANCIAL SITUATION.
relates to the roads as a whole. As far as the separMore encouraging views regarding the outlook for ate roads or systems are concerned, the ratio of
the railroads have developed the past week as a expenses to gross earnings in numerous cases runs
result of the plans that have been devised for over 100%, which means that the roads were obliged
financing the immediate needs of the properties. to pay out in the conduct of their lines more than
Owing to the failure of Congress before adjournment they are taking in in the shape of gross revenue
to make the appropriation of $750,000,000 so as to derived from the traffic handled-and this, too,
increase by that amount the original $500,000,000 notwithstanding the increase of 25% made last
Revolving Fund at the disposal of the Railroad June in the freight rates and increases also in passenAdministration, the prospect of the roads for a time ger fares. Out of 191 roads, included in our compilaappeared discouraging, and even dismal. Fortu- ,tion, 73 during the month of January failed to earn
nately, however, the Director-General of the Rail- bare operating expenses and 15 more failed to earn
roads and the financial officers of the Government, running expenses plus taxes, making 88 roads altoacting in conjunction with the Railway Executives gether that have the distinction of reporting a deficit
and leading banking interests, have succeeded in below expenses and taxes, comprising some of the
working out a plan which promises to take care of most important systems of the country-for instance,
the Baltimore & Ohio, the Erie, the Pennsylvania,
the pressing financial needs of the companies.
As it happens, too, the returns of railroad earnings the Reading, the Delaware & Hudson, the New
for the first time appear to present a hopeful feature Haven, the Boston & Maine, the Rock Island, the
in that for the month of January increases in net Milwaukee & St. Paul, the Illinois Central, the
earnings have in a considerable number o cases Missouri Kansas & Texas, the Missouri Pacific, &c.
been reported, that being a-welcome change from The full list of the roads that failed to earn their
the previous experience where the augmentation in expenses in January is as follows:
expenses was overtopping the large gains in gross, RAILROADS WHICH IN JANUARY 1919 FAILED TO EARN ExPENSES, WITH AMOUNTS OF DEFICITS.
leaving the net actually smaller than in the previous
Net Earnings Net Earnings
gross
the
in
expansion
the
year notwithstanding
Before Taxes. After Taxes.
def.$128,843 def.$145,021
receipts. But here there is danger of too much sig- Atlanta Birm & Atlantic
def1,173,015 def1,587,283
Baltimore & Ohio
nificance being attached to the change, inasmuch as B
def. 127,128 def. 159,004
& 0 Chicago Terminal
the slight improvement disclosed is to be ascribed Bait Ches & Atlantic
135 def. 3,025
def. 33,185 def. 49,628
entirely to the marvelous contrast in the weather Belt Railway of Chicago
def. 42,679 def. 57,239
Bessemer & Lake Erie
conditions in the two years-the winter of 1919 Boston & Maine
19,615 def. 152,771
def. 15,542 def. 18,792
having been extremely mild an'd that of 1918 having Buffalo & Susquehanna
Rochester & Pittsburgh_def. 53,101 def. 80,101
been extraordinarily severe. It is due to this fact Buffalo
Canadian Pacific Lines in Maine_def. 53,396 def. 64,396
def. 14,212 def. 30,214
alone that the gain of $111,398,872 in the gross Central New England
def. 75,242 def. 92,653
Vermont
brought with it an increase of $22,714,788 in the net. Central
13,392 def. 66,649
Chicago & Eastern Illinois
It should not be overlooked, however, that notwith- Chicago Junction
def. 104,996 def. 107,152
18,231 def. 531,761
standing the absence in 1919 of snow blockades and Chicago Milwaukee & St Paul_ ..def. 60,340
def. 67,760
def.
Chicago Peoria & St Louis
freight congestion and other obstacles to the running Chicago Rock Island & Pacific
46,059 def. 297,915
of the roads, operating expenses were nevertheless Chicago Rock Island & Gulf.. _ _ ..del. 5,316 def. 18,574
Chicago Terre Haute & S E_ _ __def. 25,499 def. 39,999
$88,684,084 larger than the huge total of the expenses Cincinnati
Indianapolis & West_def. 65,447 def. 75,690
def. 80,660 def. 141,504
the previous year. Had it not been for the great Delaware & Hudson
def. 116,913 def. 125,924
& Salt Lake
advantage derived from the open winter, thus avoid- Denver
def. 51,293 def. 58,367
Detroit & Mackinac
ing a repetition of the special heavy outlays of Detroit Toledo & Ironton
def. 42,878 def. 51,778
def. 170,258 def. 176,463
& Iron Range
1918, expenses would again have overtopped the Duluth
Duluth Missabe & Northern__ def. 268,843 def. 277,844
gains in the gross earnings, leaving the net heavily Duluth South Shore & Atlantic_def. 4,518 def. 23,518
def. 28,089 def. 30,089
East St Louis Connecting
reduced as in December, November and October.
def. 479,863 def. 679,602
Erie
the
high
to
We wish especially to direct attention
def. 23,367 def. 26,367
Ft Worth & Rio Grande
def. 70,989 def. 95,794
ratio of expenses to earnings. For January this Grand Rapids & Indiana
Trunk Lines in New Eng_def. 138,091 def. 149,591
ratio was 90.75%. This is lower than the ratio of Grand
def. 6,012 def. 16,485
Gulf & Ship Island
def. 6,278 def. 16,208
95.14% for January 1918, when abnormal weather Gulf Mobile & Northern
def. 229,788 def. 286,855
Hocking Valley
conditions raised the ratio so unduly, but compares Illinois
286,252 def. 122,434
Central
with 89.79 in December 1918; 82.94 in November; International & Great Northern_
22,981 def. 7,020
def. 91,047 def. 108,932
77.92 in October; 76.09 in September; 71.41 in Aug- Kanawha & Michigan
Kansas City Mexico & Orient__ _def. 85,895 def. 92,197
ust, and 68.87 in July, showing an uninterrupted rise Kan City Mex & Orient of Texas_ def. 79,871 def. 84,357
322 def. 20,077
in operating cost month by month ever since the Kansas City Terminal
def. 40,156 def. 65,249
Erie & Western
wage increases were put into effect the latter part Lake
466
5,534 def.
Lehigh & Hudson River
def. 98,200 def. 201,447
of the first half of 1918. In tabular form the record Long Island
2,014 def. 8,326
& Arkansas
in that respect is as follows, and it deserves close Louisville
def. 108,960 def. 184,583
Maine Central
• scrutiny.
234 def. 1,968
Maryland Delaware & Virginia.. _def.
OPERATING EXPENSES OF UNITED STATES RAILROADS, EXCLUSIVE OF TAXES.
-Expenses,1917-Expenses,1918-Ratio to
Ratio to
Amount. Gross Earn.
Amount. Gross Earn.
Month$236,140,306 68.24%
5319,335,490 68.87%
July
244,395,201 67.42%
355,842,238 71.41%
August
243,492,779 68.06%
369,670,160 76.09%
September
255,286,028 67.56%
377,736,432 77.92%
October
260,628,913 73.12%
362,720,095 82.04%
November
89.79%
249,840,552 74.44%
393,627,178
December
191
1919
5269,209,447 95.14%
$357,893,531 90.75%
January
Another important point in connection with the
foregoing results should not be overlooked. The
def. 177,190
Minneapolis & St Louis
def. 13,560
Mississippi Gentral 55,942
Missouri Kansas & Texas
def. 110,345
Mo Kansas & Tex of Texas
def. 65,087
Missouri Oklahoma & Gulf
def. 78,387
Missouri Pacific
def. 42,140
Mobile & Ohio
def. 38,567
Monongahela Connecting
def. 124,169
Nashville Chatt & St Louis
New Orleans Texas & Mexico.._ ..del. 36,611
New York New Haven & Hartf_ _ def. 312,594
New York Ontario & Western_ _ Ad. 44,331
def. 21,363
Norfolk Southern
def. 11,933
Northern Alabama
def. 2,300
Minnesota & International
def. 234,361
def. 16,891
def. 39,524
def. 162,422
def. 73,621
def. 360,413
def. 89,307
def. 40,782
def. 174,310
def. 46,611
def. 583,226
def. 69,031
def. 41,377
def. 15,333
def. 6,125
MAR. 15 1919.]
Net Earnings
Before Taxes.
Northwestern Pacific
def. $12,666
Pennsylvania Company
def. 330,566
Pennsylvania Railroad
567,155
Peoria & Pekin Union
def. 43,269
Philadelphia & Reading
90,511
Pittsburgh & Shawmut
def.
386
Pittsburgh & West Virginia
def. 56,129
Quincy Omaha & Kansas City.. _def. 18,032
Rutland
def. 39,852
St Joseph & Grand Island
def. 2,800
St Louis Merch Bridge & Term_ _def. 51,977
St Louis San Fran of Texas_ __ _def. 24,155
San Antonio & Aransas Pass_ __ _def. 70,224
Southern Ry in Mississippi
1,600
Spokane Portland & Seattle_
48,935
Tennessee Central
def. 10,207
Terminal RR Assn of St Louis_ ..def. 40,007
Texarkana &.Ft Smith
3,937
Texas & New Orleans
def. 11,333
Toledo & Ohio Central
def. 114,782
Trinity & Brazos Valley
def. 35,581
Ulster & Delaware
def. 25,569
Western Maryland
def. 146,352
West Jersey & Sea Shore
def. 190,177
Wheeling & Lake Erie
def. 113,803
Wichita Falls & Northwestern_ _def. 2,135
THE CHRONICLE
Net Earnings
After Taxes.
del. $34,736
def. 618,167
def. 289,972
def. 52,769
def. 52,717
def. 1,361
def. 70,426
def. 15,766
def. 57,441
def. 11,611
def. 59,977
def. 24,692
def. 85,224
def. 7,400
def. 10,320
def. 15,440
def. 68,257
def. 2,521
def. 34,456
def. 147,074
def. 41,295
def. 30,169
def. 189,552
def. 230,433
def. 170,103
def. 11,258
51001
the insolvencies having been fewest for February
of any year for which data are obtainable. Liabilities, too, make a gratifying exhibit even though
somewhat heavier than the very moderate total of
January, falling below those for the corresponding
period of all years back to 1907. In the trading
division especially the showing is an excellent one,
the defaults on a constantly increasing number of
firms engaged in business, having been lower than
ever before noted in February, with the resulting
indebtedness smaller than in the month of all preceding years since the compilation of the statistics
in their present form was begun, except only in 1906.
Nothing of mentionable importance is to be noted
of manufacturing branches aside from the fact that
the total of liabilities was moderately greater than
that of last year, an outcome ascribable to stress in
iron foundries and nails and machinery and tools,
with the dulness in the building industry a likely
contributing cause.
We wish, therefore, to renew our previous warning.
According to Messrs. R. G. Dun & Co.'s comThe failure of this large body of roads to earn their pilations, which form the basis of our
remarks and
expenses is due entirely to the prodigious additions conclusions, the number of commercial
failures in
made to the payrolls of the roads through repeated February 1919 was only 602, covering
debts of $11,increases in wages. Other wage increases are under 489,183, these comparing with 980
and $12,829,182
contemplation or are under consideration, and at last year, 1,165 and $16,617,883 in
1917, and no less
Atlanta a body of railroad clerks has actually gone than 2,278 and 832,104,630 in 1915.
The comon strike because the Railroad Administration has parison for the two months is also very
favorable,not acted quickly enough in complying with certain the insolvencies, as in the case of
February, having
new demands. _Further additions to the payrolls been the smallest in number for
the period of any
of the roads should be resisted to the utmost in the year for which records are availabl
e, with the debts
endeavor to avoid inevitable bankruptcy. As an the lowest since 1905. Specifically,
the number of
alternative there will be only the option of further disasters in the two months this year
was but 1,275,
advances in freight rates, which might easily prove representing liabilities of $22,225,581,
against 2,158
ruinous to the country's industries,or else the assump- and $32,107,969 a year ago, 2,705 and
$34,901,003
tion by the Government of a huge annual deficit of in 1917 and totals of debts of
million dollars
4432
1,000 million dollars, which in turn might prove and 82 millions respectively in
1916 and 1915, the
beyond the ability of the country to bear.
Rumely Co. failure having been an important item
Wages of railroad employees are now exceedingly in the last noted aggregate. Of the
current year's
high, and if it is not possible to reduce them again total the trading division account
s for $7,987,968,
with the change from war conditions to peace condi- against $12,965,738 in 1918 and
$14,877,830 in
tions, at least they ought not to be further advanced. 1917. Manufacturing debts of $10,283
,300 contrast
Shippers in various parts of the country have recently with $13,787,271 and $18,986
,961 and among
been protesting against the higher • schedules of brokers, agents, &c., liabilities
of $3,954,313 compare
freight charges now in effect, and have demanded with $5,354,960 and $7,991,716.
Failures for $100,that the Government do not make still further ad- 000 or over numbered for the month
21, being, with
vances in rates without first giving shippers an oppor- the exception of last year,
the best showing for
tunity to be heard in opposition. But these shippers February since 1910, and
the aggregate of inought to go a step further. They ought to demand debtedness is much below,
the average of rethat they also be given notice of contemplated wage cent years. For the elapsed portion
of 1919 (two
increases. The danger of destroying our great rail- months) these large failures
have numbered 39
carrying system is great. Merchants' associations, for an aggregate of
liabilities of $8,966,479,
chambers of commerce and boards of trade all over against 48 for $15,437,842 in
1918 and 45 for $16,the United States ought to take united action with a 299,063 in 1917.
view to having notice given of every contemplated
From Canada, likewise, a gratifying solvency
wage advance, the same as proposed increases in situation is indicated by the reports
for the elapsed
passenger or freight rates. One is as important as the portion of 1919. An importa
nt decrease in the
other, and one leads to the other. Not only that, number of defaults occurre
d in January, as combut in the end further wage advances inevitably mean pared with 1918, and the
same is equally true of
higher rates.
February, the total of those forced into insolvency
during the month having been moderately under
Commercial failures tabulations continue to afford 1918 and but little more than
half the aggregate
evidence of an extremely satisfactory status of affairs of 1917. Liabilities were
$1,503,538 and $1,551,888
in mercantile and industrial lines in the United and $2014,417 respecti
vely. Manufacturing debts
States. The latest statement-that for February were $1,135,419, against
only $856,850, but trading
1919-is particularly favorable, considering the and miscellaneous liabiliti
es showed an important
the adverse effect upon many branches of trade of shrinkage, standing at
$333,745, against $635,828
the mild winter. In that month the reduction in in the first case and $34,374
, against $59,210 in the
the number of defaults was very noticeable, as con- atter. The two months' aggrega
te of liabilities for
trasted with the similar period of all recent years, 1919 at $3,391,529 compare
s with $3,839,398, oi
1002
THE CHRONICLE
[VoL. 108.
which $2,034,191 and $2,626,956 in manufacturing the United States had informally agreed that Gerlines, $1,291,544 and $1,143,731 in trading and many must be assured at once that her people would
get necessary supplies of food.
$65,794 and $68,711 in miscellaneous branches.
As is always the case in incidents of this kind, the
President Wilson and his party arrived in Paris sane-minded element prevailed. Accordingly, an inat 12:03 yesterday afternoon, amid a large and•en- vestigation of what had actually occurred at Spa
thusiastic crowd. At the Invalides Station he and was quickly made. Soon it developed that the
Mrs. Wilson were greeted by President and Mme. German delegates had not been entirely to blame.
Poincare, while Premier Lloyd George was waiting On the other hand, the break was due partly, if not
for them in the Wilson new residence in the Place largely, to the attitude maintained by the French
des Etats Unis. At 3 o'clock the two leaders met members of the Allied Armistice Commission. It
Premier Clemenceau at the Hotel Crillon for an im- seems that they strongly opposed Germany paying
portant preliminary conference. A series of week- for food that she might be permitted to get in any
end meetings has been arranged by Colonel E. M. way that would impair her ability to pay the war
House. The one set for to-morrow is expected to claims that soon would be formally and officially
deal with the situation between Italy and the Jugo- lodged against her. Through the good offices of the
Slays. In every respect the reception given the Council of Ten in Paris, the French delegates yielded
Presidential party was cordial. In the news and to the suggestion of the other members. In fact,
editorial columns of the leading Paris dailies the M. Loucheur, one of the French representatives on
opinion was expressed that rapid progress would be the Commission offered a proposal which was acmade during the coming week on the peace treaty, cepted by the English, American and Italian delebut it was doubted that the preliminary draft could gates. It called for allowing Germany to pay in
be completed within less than a week. Shortly part for the food to be given in return for the ships
President Wilson, it is believed, will set forth his in three or four different ways, namely: By being
ideas of moderation in dealing with Germany, as permitted to export potash and other commodities;
by using credits still existing in neutral countries;
against the stern position maintained by France.
by selling securities held in those countries, and as
The question of food being supplied to the peoples a last resort, by using a part of her gold reserves.
of the Central Powers, particularly Germany, has Originally France had demanded that America and
been discussed almost daily since the original assem- the leading Allied nations of Europe, other than
bling of the Peace Conference. A week ago this herself, should furnish the food, taking in return
matter came to the front more prominently than it long-term notes, not payable until after Germany
had at any time during the intervening weeks, and had paid her reparation bills. Incidentally, it was
caused notable uneasiness in Peace Conference circles. estimated that America's part would be in the
and also in London. Fear was even expressed that neighborhood of 200,000 tons.
Under the plan agreed upon by the Council of
much of the good work that had been done at the
and also the Supreme War Council, it was
Ten,
the
Peace Conference in preceding weeks toward
that Germany get 300,000 tons of food
proposed
would
Germany
with
development of a peace treaty
August. In return, she was to reuntil
month
a
conwas
the
situation
serious
So
count for nothing.
which on their return trips
merchantmen,
her
lease
the
of
the
session
of
part
greater
the
sidered that
Supreme War Council a week ago to-day was said from America would be laden with the much-needed
food. It was believed early in the week that Gerto have been given to a careful consideration of it.
The cause of all this reported apprehension was many would not offer further opposition to this
the breaking off, by the German Armistice Commis- proposal, which was regarded as reasonable and fair
sion, at Spa, the preceding Thursday, of negotiations to all concerned, including herself. From the
for the release of German merchant ships for the sources outlined above it was estimated that Gertransporting home of American soldiers. When the many within a short time would be able to gather
Allied Commission left Paris its members apparently together $500,000,000, which it was believed would
assumed that the German delegates to the Conference cover her food requirements until the coming harwould accede promptly to the proposal that she re- vest. Considerable significance was attached to the
lease her vessels in return for a certain rental, payable decision by Peace Conference authorities to have the
in food supplies, which in turn would be credited to Allied and German armistice commissions resume
Germany's food account. The latter's delegates de- their negotiations over the proposal at Brussels
manded that their country be guaranteed a supply of instead of Spa. The Allied delegates were to leave
food that would last until next August, and asserted Paris on Wednesday, and it was expected that the
first session would be held the following day. It
that otherwise the ships would not be given up.
Abruptly, but only temporarily, as it developed did take place. Vice-Admiral Sir Rosslyn Werayss,
later, the negotiations came to an end. When first Chairman of the Allied representatives, is said to
the news reached Paris there was an inclination to have presented the. terms agreed upon in Paris.
place upon Germany the entire blame for the break. While the German delegates were permitted to ask
A spirit of defiance was even displayed by the repre- questions, discussion on them is reported to have been
sentatives of the Allied nations, it being asserted forbidden. The Vice-Admiral left for Paris yesterthat Germany would be compelled to live up to her day, and up to a late hour last evening no further
agreement to surrender the ships, and that the agree- announcement regarding the gathering had been rement to do so was not conditioned on her approval ceived. The Allied delegates were to have the
of victualing plans. Although there were intima- advice of Herbert C. Hoover, Director-General
tions in some circles that the stand taken by the of the food situation in Europe; Thomas W. LaGerman delegates at Spa was largely, if not alto- mont and J. R. Robinson, the last-named takgether, a "bluff," it was understood in conservative ing the place of Edward N. Hurley. It will be
circles that, as a matter of fact, Great Britain and recalled that several weeks ago the Peace Con-
MAR. 15 1919.]
THE CHRONICLE
ference Commissioners came to the conclusion that,
in the discussion of armistice terms, economic questions must be. given greater prominence. This explains the presence at Brussels of the three gentlemen, each an expert in his own line, whose names
have just been mentioned. Curiously enough, on
Monday, the very day that it became known in
Paris that a way had been found to straighten out the
food question with respect.to Germany, Mr. Hoover
announced his resignation as Director-General of the
Inter-Allied Relief Organization, to take effect during the summer, and also intimated that a majority of his co-workers would give up their positions
also. The only, and now somewhat familiar, reason given by Mr. Hoover for the taking of this step
was the necessity of "earning a living."
While for a day or so the food question subsided
somewhat, it came into greater prominence than ever
at a dinner in Paris Tuesday night given to the American Peace Commissioners by the Inter-Allied Press
Club. Secretary of State Lansing declared in the
course of a forceful and impassioned address: "We
have reached a crisis in the affairs of the world."
He referred primarily to the food situation in Central
Europe and to the belief that it has been the chief
cause for the rapid spread of Bolshevism there. This
opinion, by the way, was confirmed by advices
received at the State Department in Washington on
Wednesday. Of course it had been advanced also by
various authorities, in as many important European
capitals, and to some extent in America, for several
weeks. On Monday George H. Roberts, the British
Food Minister, in the course of an interview at New
Castle, declared: "It is not too much to say that
Rumania is starving, that Serbia is starving, that
Austria is starving and that Germany is starving.
Clearly we cannot complacently watch Europe starve
and feed ourselves to the full."
Continuing his vividly drawn picture of conditions
in Germany, Mr. Lansing in his Tuesday night's
speech said: "To-day starvation and want are the
portion of the German people. East of the Rhine
there are famine and idleness, want and mikry."
Frank A. Va,nderlip, who has been investigating conditions in England and France, and who is about to
make a similar survey in Switzerland and Italy, said
in the course of an interview in Paris on Wednesday:
"Hunger can lead any country to Bolshevism, and
hunger is what Central Europe is facing." Continuing he observed: "The stories which our soldiers
tell of an apparent ample food supply on the Rhine
should be taken only as indicating how completely
governmental power over food control has broken
down, and how food stocks that are essential are
being recklessly consumed." Stephen Pichon, French
Foreign Minister, said: "The hunger with which
Germany is confronted is a bad counsellor." On the
other hand, while expressing his personal approval of
the plan that had been agreed upon by the Supreme
War Council for supplying food to Germany, at least
temporarily, he declared: "This can't be done if the
Germans cease working and do nothing to make certain that the expense caused to the Entente Nations
by the destruction and damage of the war should be
met."
On the same day that the Supreme War Council
decided that Germany must be fed, it also settled the
matter of feeding Austria. Italy has been compelled
to lift the blockade which she had imposed against the
1003
Jugo-Slavs, although all of the points in the controversy have not been settled. Herbert C. Hoover
was given full authority over the transportation of
food supplies. The Italian representatives interposed strong objections to some of his recommendations, but they were overruled by the other members
of the Council. The reports presented at that particular session showed that food conditions in Austria
were extremely bad, in fact, that the people were
starving, with anarchy impending. Announcement
was made that Mr. Hoover had 80,000 tons of food
at Trieste, which he would distribute at once, and
that thereafter he would send 3,000 tons daily into
Austria. Some of the most important questions involved in the dispute between Italy and the JugoSlays have been passed by Premiers Lloyd-George
and Clemenceau and left for President Wilson to
decide. While he will be the real arbitrator, the
Supreme War Council will take final, but only
formal, action.
Coupled with what was feared in some circles was
a tendency on, the part of the British, French and
American representatives at the Peace Conference
toward too great leniency in the matter of permitting
Germany to get food, was an unmistakable determination. to make the military terms that would
be imposed more severe than any previously suggested, even by Marshal Foch. At the very beginning of the week he, at the request of the Supreme
War Council, presented a report embodying three
previous separate reports on military, naval and
aerial matters. This was found necessary because
the individual reports contained so many differences
as to make them unavailable as a basis for peace
terms. In this composite report he recommended
the reduction of Germany's military forces to 200,000 men and 8,000 officers, who would perform
only police duty. In the judgment of Masha,
Foch, the cutting down of the military forcesl
severe as it would be, and even the closing of the
Krupp works, would not be going far enough.
Accordingly he further recommended the complete
suppression of the General Staff, asserting that it
has been the most active factor for war in Germany.
Following this seemingly and actually drastic
report came Premier Lloyd George on Monday with
a formal proposal to the Council of Ten to abolish
conscription throughout Europe. Needless to say,
that primarily the British Premier was prompted
by a determination to make Germany impotent
and powerless in a military way. In fact, it was
said he contemplated making that country a starting point in wiping out militarism in Europe, holding
that "the old system was as much to blame for wars
as secret diplomacy." So far as his own country
was concerned, the impelling force in starting the
movement was the practically unanimous, and
equally bitter, opposition on the part of the masses
of laboring people to conscription This sentiment
was manifested in the House of Commons in a
debate on the Government's proposal to keep 900,000
men in the army until April 1920. As might have
been expected, the French members of the Council
of Ten had some misgivings as to the advisability
and safety of abolishing conscription at this time.
On Monday also still more radical action was taken
with respect to reducing Germany's military forces.
The Supreme Council, with Premier Clemenceau
presiding, not only favored Marshal Foch's proposal
1004
THE CHRONICLE
[VoL. 108.
that the numbers should be reduced to 200,000 men, ment by March 20, the date that had been fixed by
and 8,000 officers, but after careful consideration Marshal Foch.
decided to cut these figures exactly in half, the men
In forecasts. that gained credence in Paris, it was
to be raised through voluntary enlistment and to asserted that the covenant or constitution of the
serve for 12 years. Premier Lloyd George had pro- League of Nations did not appear as a part of the
posed that the number of soldiers should be fixed treaty; but that it would be taken up separately later.
at 140,000, but he gracefully yielded to the recom- Frequent references are said to be made to the
mendations of the majority for the smaller number. probable duties of the League. Last evening, in
The Council is said to have decided to limit the Paris, Captain Andre Tardieu was quoted as exGerman navy to six battleships, five cruisers and 38 pressing the belief that the League will not be a part
destroyers, on which the personnel should be only of the preliminary treaty. According to report,
15,000 men. Prior to the war the German navy also, it will be a long document, but will contain
embraced 75,468 men and 3,760 officers. Other only five or six main divisions, namely: First,
military provisions called for the surrender of all military, naval and aerial terms; second, repartillery and other equipment in excess of the re- aration for damages; third, German boundaries;
quirements of the greatly reduced army; the abolish- fourth, economic and financial provisions; fifth,
ment of the General Staff; the destruction of the responsibility for the war. On Thursday came the
Rhine forts and the reduction of the munitions report that the Council of Ten had decided upon
output to the needs of the smaller army.
four peace treaties, that with Germany coming first,
Yesterday announcemnt was made in Paris that while the second would be with Austria, the other
the aerial terms adopted by the Council provide two being with Turkey and Bulgaria, respectively.
that the use of airplanes and dirigibles for military It was said that ultimately all four would be interpurposes must be discontinued, and that the former woven into a final draft of the League of Nations,
may be utilized only for commercial f3urposes. In- in accordance with President Wirson's ideas for that
cidentally it was stated that the German peace organization.
delegates would be called to Versailles, possibly as
early as March 20, to receive a draft of the prelimiThe carving up of Germany and the parceling
nary peace terms, including the military, naval and out of the pieces and also of her smaller possessions
aerial conditions. Because, of apprehension of nn- occupied considerable time at Wednesday's session
pleasant developments it was decided ,that the of the Supreme Council. The commissions of the
delegates should not be permitted to go to Paris, but Peace Conference on boundaries and waterways
that they should be housed in Versailles.
submitted their reports. The one dealing with
boundaries is said to call for the severance of East
,Peace—not at any price—but at the earliest and West Prussia, the important part of Dantzig
possible date on which preliminary terms could be on the Baltic going to Poland, with East Prussia
arranged was the universal demand in Peace Con- becoming an independent State, while West Prussia
ference circles; in the capitals of. the leading Allied would go. to Poland outright. It was estimated
nations, and in the United States as well. Those that the putting into full effect of the recommendawhb had studied the question most carefully put tions of the commission would mean a loss to Gerthemselves on record as declaring that early peace many of 30,000 square miles of territory and more
was imperative. On Monday it became known in than 7,000,000 people. The waterways commisParis that Pope Benedict had addressed an appeal sion recommended among other things that the
to the Great Powers urging that, in his judgment, Kiel Canal should remain under German ownership,
the only way to prevent the possible establishment but be open to all nations during peace times, and
of a Bolshevik State in Germany, which in turn that the question of its future should be left to Allied
might become allied with Bolshevik Russia, would military and naval experts; further, that the navibe to make a speedy peace—a peace, he is reported gation of the Rhine should be thrown open to all
to have said, that would "not humiliate the German nations. Yesterday it was reported from London
people."
that the Council had given up the idea of establishing an independent republic on the west bank of the
That the Council of the Great Powers was fully Rhine to serve as a buffer State between France
awake to the situation and that it was doing all it and Germany, chiefly because of the severe military
could to hasten the formulation of a preliminary peace terms that are to be imposed.
treaty, became known on Wednesday. It was even
reported then that the treaty had been finished and
Even more important than the question of bounwould be signed before the end of March. Premier daries is that of reparation, which, of course, cannot
Lloyd George and Foreign Secretary Balfour are be lost sight of for a moment. While English ausaid to have sent word to their colleagues in Lon- thorities have maintained that the amount of indon that the Peace Conference had nearly com- demnity imposed upon Germany should be made the
pleted its work. The more conservative advices limit of what she could possibly raise, it should be
indicated that rapid progress was being made in.the said in behalf of France that she has taken a less
disposition of the main features .of the treaty and radical position. A week ago it was reported from
that the preliminary draft would be well along at Paris that the United States had informed the Allies
the end of the week, when President Wilson arrived. that this country would be satisfied with the amounts
From that time on it was expected that even greater collected by our Alien Property Custodian, and that
progress would be made with the final revision unless we would not file claims for further financial reparathe deliberations should be delayed by insistence tion from Germany. The property that the Custoon his part to incorporate the League of Nations in dian seized in this country, some of which he has sold
the treaty. It was still expected at the end of the and some of which he still has in his possession, is
week that it would be possible to complete the docu- said to have a value of between $700,000,000 and
MAR. 15 19191
THE CHRONICLE
$800,000,000. Our State Department announced
that the glaims that had been filed by American citizens against Germany and Austria-llungary totalled
approximately $750,000,000.
1005
trine. On this point the London "Times" editorially. said: "LA an amendment Meet this difficulty
about the Monroe Doctrine, and make it clear that
the League does not impair the Monroe Doctrine,
but extends its spirit to Europe. Let the covenant
According to a White Paper issued in London on be rewritten and learned in lbetter language, which
Monday, the national debt of Great Britain on could easily be done by a drafting committee"
March 31 will be $29,605,475,095, against only
The same day the "Observatore Romano," said
$3,530,770,550 on the corresponding date of 1914.
On Thursday French Finance Minister Klotz pre- to be the semi-official organ of the Vatican, printed
sented a statement in the Chamber of Deputies an outline for a league of nations which was reported
showing that the total expenditures of the French to embody the ideas of the Holy See. In general,
Ministry of War were $23,800,000,000 and of the it provided for the setting up of an arbitration triNavy $1,125,000,000. The yearly budget, he said, bunal to settle international complaints; the formawould be three or four times greater than before the tion of a society of all civilized nations, which would
war and the deficit for the current year $4,437,500,- pledge themselves to submit their differences to a
000. While in the early days of the Peace Confer- tribunal and accept its rulings, and the use of an
ence it was urged that the total indemnity should be economic boycott to enforce the orders oe the league.
made at least $100,000,000,000, more recently the
A proposal by Oscar S. Straus, representing the
range of the estimates has been from $25,000,000,000
to $50,000,000,000. About midweek it was reported League to Enforce Peace or New York City, at the.
that the Supreme Council had tentatively decided League of Nations Union conference which began in
upon $40,000,000,000, although the total Allied war London on Wednesday, to favor an amendment to •
costs were placed at $100,000,000,000, not counting the League constitution, as drafted in Paris, to safethat of the United States. It became known that guard the Monroe Doctrine, failed of adoption. The
Belgium had placed her claims at between $7,000,- British and French delegates, who appeared to
000,000 and $8,000,000,000 and, moreover, she was dominate the conference, claimed that the question
said to be in need of an immediate credit of $2,000,- was too far-reaching to be decided hastily. At its
000,000. Experts are reported to have estimated session on Thursday, the Union adopted a proposal
that the four Central Powers have between $4,000,- of the American delegation in favor of "full religious
000,000 and $5,000,000,000 assets which they cotild liberty for all creeds that do not contravene public
be made to turn over to the Allied nations within morals." Mr. Straus called special attention to this •
the next two years.
action, which he characterized as "an important
step, not only toward liberty but also toward rePending the arrival of President Wilson, its chief moving causes of trouble as well."
sponsor, the discussions of the League• of Nations
in Peace Conference circles this week were more or
France's dire need of money was revealed again
less academic. • Possibly next week its fate will be this week, when on Tuesday it developed that her
largely decided. Thursday evening it was reported representatives at the Peace Conference had started
that promptly upon his arrival in Paris yesterday a movement to have the League of Nations take up
he would issue a statement in which he would repeat the question of war debts in the hope that their
the assertion made the day he sailed from Nev York country might secure funds from this source with
that "an overwhelming majority of the American which to meet pressing current obligations, and for
people is in favor of the League of Nations." On a nucleus for reconstruction work. M.Paret, ChairTuesday . Paris advices stated that the amendments man of the Budget Committee of the Chamber of
to the constitution of the League that had been sug- Deputies, in the course of a discussion of the coungested by former President Taft were being carefully try's financial plight, declared that, inasmuch as an
studied. and that their chance for adoption would be internal loan for France was impossible, it was
very good except for the fear that in allowing them plainly the duty of the League of Nations to take
to go in, the door would be opened for the presen- the matter in hand, not only with respect to the
tation and discussion of various amendments by needs of France, but also to the smaller nations,
the French and Italian delegates that might not be like Belgium, Rumania, Serbia and Jugo-Slavia.
altogether acceptable to the majority of the Peace At the end of March, he estimated that France's
commission, and, moreover, that would at least assets would be $31,000,000,000 and her liabilities
delay the making of the preliminary peace treaty. $36,200,000,000, leaving a deficit of $5,200,000,000.
From Washington came the rather definite report American financiers who are in Paris are said to have
that Senator Lodge, the leader in this country of the told the French authorities plainly that they could
opposition to the League of Nations, had received not expect support from this country for such a
a cabled request from Paris to prepare an amend- proposal as that of M.Paret.
ment to the proposed constitution of the League
that would safeguard the Monroe Doctrine. The
The labor situation in Great Britain is still largely
report was generally credited in official circles in in abeyance, pending the report of the Government
Washington and was believed to have emanated committee next month, so far as the advices have
from one or two of the major European Powers indicated. One of the most interesting economic
represented at the peace table. What Senator announcements was that of Bonar Law on Monday
Lodge will do about the matter has not been made that the British Government was considering again
public. On Wednesday the dispatches seemed to the driving of a tumiel under the English Channel.
indicate that the sentiment at the Peace Conference He stated that he had discussed the matter with
was strongly in favor of a revision of the constitution, Lloyd George as a possible and feasible means of
perhaps to the extent of including the Monroe Doc- finding employment for discharged soldiers. Ac-
1006
THE CHRONICLE
cording to the "Daily Mail" the plans of the Government for the tunnel are well advaneed and work
could be begun in the near future. It is estimated
that five years would be required to complete it
and that the ultimate cost would be £20,000,000,
although in ordinary times it might have been done
for £16,000,000. It is interesting to note in passing
that the tunnel proposal has been under discussion
since 1870, when it was first suggested by Hawkshaw & Brunlees.
The detailed trade statement of Great Britain
for February shows that the principal increase in
imports was:in foodstuffs, where the expansion was
£9,000,000. The amount of wool brought into the
country had a value of £2,000,000 in excess of that
of the previous year. There was a decrease of £4,000,000 in cotton imports. The exports were made
up largely of manufactured goods, the total of
cotton textiles being £2,750,000 and woolens £2,125,000. During the month 232,012,000 yards of
cotton goods were exported, against 363,002,000
yards in February 1918.
In reply to a request from Sir Donald MacLean
for a definite outline of the Government's trade
policy, SillAuckland C. Geddes, Minister of National
Service and Reconstruction, said that the Government intended that no import restrictions should be
continued on goods coming from any part of the
Empire, without the consent of the War Cabinet, or
on raw materials required for the industries of the
country. Semi-manufactured articles necessary for
the country's manufacture would be admitted free,
except those being produced by industries within the
country which it was necessary to foster. Restrictions will be continued on manufactured articles
until Sept. 1, when the matter will receive further
consideration. There are to be no restrictions on
exports to non-blockade countries, except on products
required for naval and military purposes, or home
consumption, or manufacture.
A matter that received careful attention in London, as well as at the Peace Conference, was the
claim made by Great Britain to the German cables
that she captured during the war. The American
delegation to the Peace Conference made a strong
representation to the legal authorities, to whom the
matter had been referred. It was realized that if
Britain's claims were sustained she would have a
virtual monopoly of cable communications. The
extent to which the cables were captured and cut by
Great Britain during the war was recalled. British
authorities, in their discussion of the matter this
week, made it clear that they regard the cables as
prizes of war and that they do not intend to permit
them to be returned to Germany, or to be made the
the subject of serious discussion at the Peace Conference. Naturally the American representatives
there are eager that nothing shall be done to prevent
free communication between the United States and
the Central Powers after peace is formally declared.
There were no, important changes in either the
character or the trend of the British markets for
securities. As in the United States, business generally hesitated, because of the continuance of factors
of great uncertainty in the general situation. This
did not prevent, however, the circulation of the welldefined report that the Sir Wheetman Pearson in-
[VoL. 108.
terest in the Mexican Eagle Oil Co. would soon be
sold to the Shell Transport & Trading Co. at £6 a
share, and that the directors of the latter corporation would offer a plan to raise £6,000,000 new capital to finance the transaction. Another piece of
prospective British financing was said to be that of
the Prudential Assurance Co. to issue £1,000,000
stock, the proceeds to be used in enabling the company to undertake other classes Of insurance than life.
In Germany the political and labor disturbances
appeared to be confined largely to Berlin proper
and the greater city. At the outset all the important
buildings in the city were reported to be in the hands
of Government troops, and that there was a good
prospect of order being maintained. The dead and
wounded, as a result of recent fighting, was placed
at only 400. Later the figures were raised to 1,000.
It was predicted that the general strike would be
called off within a day or two and this actually
happened. The Workingmen's Council declared
that it would be willing to order the men back to
work if the voluntary regiments would retire from
Berlin and the insurgents who had been arrested
during the strike released. The Ebert Government
at Weimar announced that it would pass legislation
immediately, defining the powers and duties of
that Council. Throughout the remaining days of
the week the reports regarding conditions in Berlin
and surrounding districts were extremely conflicting.
Following the calling off of the strike there was said
to have been fresh disorder, but that in due time
it was quelled by the Government forces under the
direction of Herr Noske. The Spartacides apparently approached him, inquiring into peace conditions, and according to dispatches from various
centres he demanded unconditional surrender. On
Thursday and Friday the insurgents were reported
to have abandoned their positions in Lichtenberg.
Herr Noske announced in Weimar yesterday that
the Berlin insurrection may be regarded suppressed.
Nearly every day came the report from Paris
that .the German peace delegates would be summoned by March 20. Not until Thursday did their
names become available. According to the announcement made at Weimar, the personnel 'so far
determined upon will be as follows: Count von
Brockdorff-Rantzau, said to be a cousin of former
Ambassador von Bernstorff, and now Foreign Minister; Dr. Eduard David, Majority Socialist and
first President of the National Assembly; Dr. Adolph
Warburg, Dr. Adolph Muller, Minister to Switzerland; Professor Walther M. A. Schuckring of Marburg University, and Herr Geisberg, Master of Posts
and Telegraph in the Prussian Ministry. With the.
exception of the last-named member, who is a newcomer in the German Government,the men are pretty
well known in their own country.
Last week it was stated with much positiveness that
the German peace delegates would not be given an
opportunity to discuss or even consider the peace
treaty, but only to sign it. Toward the close of this
week it was stated that after receiving the document
they would be allowed to return with it to Weimar
for consideration by the Ebert Government. In
Weimar it was stated yesterday that the commission will not have the power to make final decisions,
that being vested in the Cabinet. General satisfaction was expressed in Paris over the fact that
MAR. 15 1919.1
THE CHRONICLE
Count von Bernstorff was not made a member
of the peace delegation, although there had been
frequent rumors in recent weeks that such would
be the case. One of the biggest surprises was the
appointment of Dr. Heinrich F. Albert, formerly
Commercial Attache of the German Embassy at
Washington, as an Under Secretary of State, with
the direction of the German Chancellery.
For still another week very little came from Russia as to what Lenine and Trotsky were actually
doing. Fugitives arriving in Switzerland were
quoted as saying that Russia, under the former's
rule, was "a nightmare in a lunatic asylum." These
unfortunates were reported to have said at Geneva
that Moscow now has a population of only about
1,000,000, against 3,000,000 before the Bolshevist
regime. The people of both cities were spoken of
as dying from starvation, while flight from those
sections of the country were difficult because the
trains 'were no longer running. According to further statements of the refugees, the nationalization
of women had been carried out in the provincial districts, but that up to the time they left Moscow
had escaped "this crowning infamy." According
to advices made public by our own State Department, chaotic conditions prevail in Russia,
particularly in and around both Petrograd and
Moscow. Both cities were said to be without fuel
and light. The deaths in Petrograd, chiefly from
typhoid and smallpox, were estimated at 4,000 daily.
On Thursday Alexander Michaelovitch, a former
Grand Duke, was quoted in Paris as declaring that
unless Allied intervention in Russia was begun at
once conditions would get entirely beyond dontrol
and that years might be required to bring about
peace and order in Eastern Europe. He was opposed to the Prinkipo conference that was suggested
a few weeks ago, contending that it would give
too great recognition to the Bolsheviki and would
serve as a too powerful weapon for them to wield
over the poor unfortunate people of Russia. In
the Archangel district food conditions were, reported
as being serious, though not so bad as in some other
sections.
1007
Temporary advances are shown to be £446,771,000,
which compares with £427,281,000 last week.
War bond sales last week through the banks were
£3,943,000, which brings up the total of sales to
£18,687,000. Sales through the post offices during
the previous week totaled £179,000, making an aggregate of £551,000, and the grand total £19,238,000.
Savings certificates sold during the week ending
March 1 amounted to £1,960,000, and now total
£301,157,000. It is announced that £232,500,000
have been sold in the three years' issue that commenced with February of 1916. The certificates,
which cost 15s. 6d. each, are redeemable at 20s. in
five years or 26s. in ten years. Notwithstanding the
ample facilities that have been provided for cashing
these certificates, the total amount turned in, including interest during the three years, has amounted
to only £11,000,000, or about 5% of the certificates
sold. Plans are now under way for placing the organization for the sale of these certificates upon a
permanent peace basis.
Official discount rates at leading European centres continue to be quoted at 5% in London, Paris,
Berlin, Vienna and Copenhagen; 5% in Switzerland,6% in Petrograd and Norway,614% in Sweden
and 432% in Holland and Spain. In London the
private bank rate has not been changed from
3 17-32% for sixty-day and ninety-day bills. Money
on call in London remains as heretofore at 331%.
So far as we have been able to ascertain, no reports
have been received by cable of open market rates
at other European centres.
The Bank of France continues to report gains in
the gold item, the increase this week being 689,825
francs. The Bank's total gold holdings, therefore,
now amount to 5,537,954,275 francs, of which
1,978,308,475 francs are held abroad. This compares with 5,370,762,209 francs last year and 5,168,041,677 francs the year before, of which amounts
2,037,108,484 francs were held abroad in 1918 and
1,946,637,566 francs in 1917. During the week
silver increased 145,205 francs, bills discounte4
rose 18,673,261 francs and general deposits were
augmented by 144,302,074 francs. On the other
hand, advances decreased 11,941,180 francs and
Treasury deposits fell off 9,719,086 francs. Note
circulation registered a further expansion of 142,110,365 francs, the total outstanding being thus
brought up to 33,042,355,545 francs. In 1918 at
this time the amount was 24,744,120,360 francs,as
compared with $18,361,548,600 francs in 1917. Just
prior to the outbreak of warmn 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 date in
1918 and 1917 is as follows:
British revenue returns for the week ended March 8
were more favorable and resulted in an increase in
the Exchequer balance of £120,000. The volume of
Treasury bills outstanding continues to decrease,
there having been another though smaller reduction,
namely £7,111,000, in the total. Expenditures for
the week equaled £52,282,000 (against £44,848,000
for the week ending March 1). The total outflow,
including Treasury bills repaid and other items, was
£142,616,000, against £139,068,000 a week ago. Receipts from all sources amounted to £142,736,000,
which compares with £138,758,000 in the week preBANK OF FRANCE'S COMPARATIVE STATEMENT.
ceding. Of this total, revenues contributed £34,Status as of
Changes
Mar. 13 1919. Mar. 14 1918. Mar. 15 19-1-i
for Week.
043,000, against £28,274,000 last week; War Savings Gold Holdings—Francs.
Francs.
Francs.
Francs.
Inc.
689,825 3,559,645,800 3,333,653,724 3,221,404,111
France
certificates brought £1,100,000, against £1,250,000. In
1,978,308,475 2,037,108,484 1,946,637,566
No change.
Abroad
Other debts yielded £2,518,000, against £1,148,000, Total
Inc.
689,825 5,537,954.275 5,370,762,209 5,168,041,677
266,622,834
315,474,016
256,204,586
Inc.
145,205
while from advances £22,490,000 was received, in Sliver
483,540,456
Inc. 18.673,261 1,043,646,173 1,064,088,749
Bills discounted
1,188,394,009 1,241,004,755
Dec.
11.941.180
1,213,826,056
Advances
£24,600,000
a
week
ago.
War bonds Note clrculatton Inc.142,110,365 33,042,355,545 24,744,120,360 18,361,548,800
contrast with
67,810,392
22,517,430
38,800,956
depositsDec. 9,719,086
added £3,709,000, against £3,469,000. Sales of Treasury
Inc.144,302,470 2,784,300,071 2,598,187,671 2,443,917,416
General deposits
Treasury bills totaled £78,826,000, as compared with
The Bank of England announces this week a sub£79,967,000 the week previous. Treasury bills outstanding total £961,694,000, against £968,805,000 stantial gain in gold, totaling £1,184,005,which conlast week, while the Exchequer balance is now £7,- trasts with the losses recorded the last two weeks.
414,000, comparing with £7,293,000 a week ago. Total reserves were expanded £867,000, there having
,
1008
THE CHRONICLE
been an increase in note circulation of £317,000.
Radical reductions were shown in deposits, as a
result of which the proportion of reserve to liabilties
was advanced to 19.60%, as compared with 18.52%
a week ago and 18.70% last year. The highest percentage so far this year was 20.58% the week of
Feb. 20, and the lowest 11.70% the first week in
January. Public deposits were reduced £1,347,000,
other deposits £2,857,000 and Government securities
£3,926,000. Loans (other securities) registered a
contraction of £1,150,000. Threadneedle Street's
stock of gold on hand now stands at £82,435,068.
In the corresponding week of 1918 the total was
£60,085,014; in 1917 £53,784,845, and in 1914 £41,642,084. Reserves total £29,476,000, against £31,250,694 a year ago and £34,161,355 in 1917. Loans
aggregate £83,583,000. Last year they amounted
to £97,609,900 and in 1917 £165,424,669. Circulation has reached a total of £71,409,000, and compares
with £47,284,420 in 1918 and £38,073,490 the year
before. Clearings through the London banks for
the week amounted to £442,000,000, as against
£476,250,000 a week ago and £426,604,000 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:
•
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1918.
1917.
1 1916.
1915.
March 12. March 13. March 14. March 15. March 17.
£
£
£
£
Circulation
71,409,000 47,284,420 38,073,400 32,911,800 32,265,470
Public deposits
24,354,000 38,352,608 86,377,187 52,403,629 70,950,454
Other deposits
125,874,000 128,997,923 119,113,886 95,275,693 100,403,688
Govern't securities_ 55,270,000 56,624,100 24,081,221 32,838,646 30,049,177
Other securitles..
83,583,000 97,609,900 165,424,569 92,433,129 115,749,996
Res've notes & coin_ 29,476,000 31,250,694 34,161,355 40,665,925 43,849,781
Coln and bullion_ _ _ 82,435,068 60,085,014 53,784,845 55,127,725 59,456,251
Propor'n of reserve
to liabilities
18.70%
19.60%
16.60%
27.76%
25.63%
Bank rate
5%
53•%
5%
5%
A contraction in loans and discounts of $47,560,000
was the feature of this week's statement of New York
Clearing House banks and trust companies, issued on
Saturday, and contrasts with an increase last week of
$71,029,000. Other changes were unimportant. The
reserve items were again expanded, but demand deposits declined $9,364,000, to $3,866,192,000 (Government deposits of $212,038,000 deducted). Last
week Government deposits totaled $273,573,000.
Net time deposits increased $1,326,000, to $144,820,000. Cash in own vaults (members of the Federal
Reserve Bank) was expanded $1,681,000, to $93,628,000 (not counted as reserve). Reserves in the
Reserve Bank of member banks gained $7,352,000, to
$538,379,000, while the reserves in own vaults (State
banks and trust companies) increased $311,000, to
$11,499,000, and reserves in other depositories (State
banks and trust companies) expanded $990,000, to
$12,295,000. Circulation is now $36,220,000, an
expansion of $173,000. Aggregate reserves registered an increase of $8,653,000, to $562,173,000, and
surplus a gain of $9,732,610, to $49,911,070. This
compares with $539,403,000 and $55,163,290, respectively, in the corresponding week of last year.
The totals for excess reserves here given are 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, amounting last
Saturday to $93,628,000. Reserve required this
week was lowered $1,079,610. The bank statement
in fuller detail will be found on a later page of the
"Chronicle."
[VoL. 108.
Because of the simple fact that there was no material change in the conditions in the business world
the local money market moved along in about the
same grooves that it did last week. There were
slight fluctuations in the call money quotations from
day to day, but special significance could not be
attached to them. The range for the week was narrow, no extremes being recorded in either direction.
The time money market continued very largely
nominal. While the financial institutions did not
appear to hesitate to meet all requirements for dayto-day loans, they were no more disposed than they
have been in recent weeks to put out their funds for
the longer periods.
In spite of the fact that transactions in stocks on
the New York Stock Exchange were in excess of
1,000,000 shares several days this week, the rates
for call money did not advance and nothing was
heard about the probable necessity of renewing restrictions upon the money market. In fact, yesterday an unnamed banker was quoted as expressing
the opinion that there was little probability of the
committee that supervised loans for some months
being called upon to resume its activities. He was
reported to have expressed the opinion also that the
best results would probably be obtained by having
a practically unrestricted money market. It would
seem that expressions of this kind should be taken
with several grains of salt.
Every week brings this country so much nearer
to the campaign for short term notes of our own
Government, probably $6,000,000,000. Secretary
Glass this week announced that the campaign would
begin on April 21 and close on May 10. Unfortunately he did not give the terms in detail. In
some circles it is believed that the proposal would
be more favorably received and better results obtained, particularly from small investors throughout the country, if they could know at once what
the rates of interest are to be and also the degree of
taxability.
But this is not all the financing that must be
borne in mind during the coming weeks. The developments this week with respect to the Government operation of our railroads ought to serve as
convincing proof to everyone that the sooner the
properties are returned to their owners, after Congress has an opportunity to pass the necessary
enabling legislation, the better. It would be difficult to conceive of a more distressing muddle,
financial and otherwise, than that into which the
Railroad Administration has brought the great railroads of this country. Because the $750,000,000
revolving fund bill was lost in the final filibuster in
Congress, the Railroad Administration has been
compelled to resort to a novel form of financing to
meet pressing obligations, first to equipment
manufacturers, and then to the railroads themselves.
So far as the equipment manufacturers are concerned,
the plan authorizes them to draw upon the DirectorGeneral for the amounts due. The drafts in turn
will be accepted by him and will run for 90 days.
The rate was not fixed on Thursday, but it is expected that it will be 6%. The Federal Reserve
Board has ruled that the acceptances may be rediscounted by Federal Reserve banks. Although
at Thursday's session the terms of the plan for
financing the railroads temporarily were not agreed
upon, it is expected that they will be similar to that
made use of in the case of the equipment companies.
MAR. 15 1919.]
THE CHRONICLE
1009
Director-General Hines expressed himself optimistically regarding the success of the plan. With these
considerations in view it is the part- of caution not
to sanction undue calls on the money market for
speculation in stocks, or even for big industrial
undertakings. The offerings of securities this week
were not on a large scale.
Referring more specifically to rates for money,
loans on call this week again covered a range of
4@5%. On Monday the high was 5%, with
Recent predictions on the part of Exchange experts
43/% the low and for renewals. Tuesday, Wednes- that a broadening in activity
was impending have
day and Thursday 5% was still the maximum, but not been realized and the sterling
exchange market
the lowest was advanced to 49'%, while renewals has been disappointingly dull,
being at times in
were negotiated at 5% on each day. On Friday the fact almost stagnant with trading
frequently at a
range was 41
/
2@4%% and 4
the ruling rate. complete standstill. As a result, while the tone was
The figures here given are for mixed collateral loans; firm, changes in rates were practically nil and
the
"all-industrials" are still quoted M of 1% above situation requires very little comment.
The most
these levels. In time money, while the undertone potent factor in this inactivity,
of course, is the unremains relatively easy, bankers are showing in- willingness of international banking
interests to risk
creased conservatism in placing loans, especially for entering into new commitments at
a time when so
the longest maturities. As a result very little busi- many important changes in
trade relations are in
ness was done except for sixty and ninety days. This prospect. Referring to
the detailed quotations,
was not surprising in view of the uncertainty felt sterling exchange
on Saturday was not materially
over the scope of the demand incidental to the income changed, and demand
ruled at 4 753%, cable transfers
tax payments falling due to-day. The approach of at 4 76 7-16 and
sixty days at 4 733C/4 733/2:
the period of preparation for the forthcoming Victory Monday's market
was a dull affair; trading was light
Loan is also becoming a factor in money market and rates remained
pegged, except that sixty-day
calculations. A flat rate of 532% is now quoted for bills showed
a slightly wider range, 4 73@4 73/
1 2,
all maturities from sixty days to six months, against and commercial
sight bills were a shade easier. No
5% for sixty and -ninety days and 5 2@5%% for new
feature developed on Tuesday, and quotations
four, five and six months a week ago.
were maintained at the levels of the day preceding,
Mercantile paper rates remain as heretofore at as was the case
on Wednesday. Dulness was the
53.4@552% for sixty and ninety days' endorsed bills chief characteristic of Thursday's dealings, and
receivable and six months' names of choice charac- demand bills were fractionally
lower, at 4 7572@
ter, with most of the business still being done at
4 753%, although other quotations were not changed;
Names not so well known are quoted at
one feature which served to further accentuate the
Trading in the aggregage was light. Out of town inaction
was the uncertainty regarding mail faciliinstitutions were responsible for the greater part of
ties. Friday's market ruled quiet and a shade easier;
the inquiry.
demand receded fractionally but other rates were unBanks' and bankers' acceptances have ruled firm
altered. Closing quotations were 4 73 for sixty
and virtually unchanged. A fairly good demand is
days, 4 7570 for demand and 4 76 7-16 for cable
reported, but dealings have been restricted by a,
transfers. Commercial sight bills finished at4 751
/
2,
scarcity of prime offerings. Brokers do not look
sixty days at 4
ninety days at 4 71, documents
for much improvement in this respect until after
for payment (sixty days) 4 723/i and seven-day grain
the placing of the next Government loan. A feature
bills at 4 75. Cotton and grain for payment closed
recently noted was the disposal of trade acceptances
at 4 753/2. No shipments of gold, either for export
on this market at 53.17
0. Loans on demand for
or import, have been recorded during the week.
bankers' acceptances remain at 43/2%. Quotations
in detail are as follows:
Trading in Continental exchange during the week
Spot Delivery
Delivery
.\'fnay
Stay
Thirty
within
has
been dull and uninteresting, and, if that were
Days.
Days
Days.
30 Days.
Eligible hills of member banks
4i4(2)434 43404% 44.04
4% hid
E1Igthic bills of non-member banks
possible,
even more restricted in volume than during
45404% 440.44 4 44.04
4s bid
Ineligible bills
540454
54@4-63 54@434
6 bid
recent weeks. With the more or less general exNo changes in. rates, so far as our knowledge goes, pectation that the signing of the peace treaties is
have been made the past week by the Federal Re- only a few weeks off, operators are rigidly mainserve Banks. Prevailing rates for various classes taining a waiting policy pending the consummation
of paper at the different Reserve banks are shown of that all-important event. French exchange
again
in the following:
showed distinct weakness, and at the very close
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
dropped back to the low point of last week. It was
noted, however, earlier in the week, that whenever
CLASSES
the check rate dropped to below 5 49, support
a r
DISCOUNTS AND LOANS
a
in the form of active buying was immediately
put forth and the downward tendency checked.
Discounts—
Within 15 days,Incl. member
i
banks' collateral notes-- 4 4 4 434 434 43( 4 4
Exchange
experts now credit the erratic fluc414 435 434 434
16 to 60 days' maturity45 444 434 434 4% 45-4 4% 434 5 4%
61 to 90 days' maturity__ 434 454 454 434 434 454 434 4545 5 5 5
tuations in this exchange .to fears concerning the
Agricultural and live-stock
paper over 90 days
534
5 5
5% 5% 534 5g 54 534 approaching maturity of the French $100,000,Secured by U. S. certificates
of indebtedness or Lib000 Government loan. Several weeks ago J. P.
erty Loan bonds—
Within 15 days, Including
Morgan & Co., the fiscal agents of the French
member banks' collateral notes
4 4 4 4 434 4 4 4 4 24h 4 43-4 Government, announced that
these bonds would
16 to 90 days' maturity
434 434 434 434 434 43( t434 434 43(4g 434 4h
Trade Acceptancesbe bought at any time to maturity in New York
16 to 60 days' maturity.. 454 454 43-4 434 454.454 434 44‘ 4% 4% 434
SI to 90 days' maturity._ - 44 44 4S4 41.4 41.444 41.4 414 4% 44 41,4 434a
44i at 1051
4, a course of action apparently designed to
Rate of 3 to 43-4% for 1-day discounts in connection with the loan operations
of the Government. Rates for discounted bankers' acceptances maturing within
15 days, 4%; within 16 to 60 days, 434%, 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.
Fifteen days and under. 414%.
Note 1. Acceptances purchased in open market, minimum rate 4%.
Note 2. In case the 60-day trade acce5tance rate is higher than the 15-day die'
count rate,trade acceptances maturing within 15 days will betaken at thelowerrate.
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-da1
paper of the same class.
Rates for commodity paper have been merged with those for commercial MUM
of corresponding maturities.
1010
maintain the equilibrium of the franc exchange
market. Later, however, it was learned that a
number of bankers, taking advantage of the sharp
cut in ocean rates following the signing of the armistice, shipped large quanfities of these bonds back
to Paris, to be offered for redemption and the proceeds transferred either through the purchase of
dollars in Paris or the sale of francs here. It is
thought that it was selling of this character which
was at the bottom of the recent flurry in francs,
although French fiscal agents at this centre are
showing no alarm over the situation, and it is said
that they are amply supplied with funds to meet
offerings of the bills in question. Italian lire are
still pegged at previous levels, • though here also
some change would seem to be imminent, as the
present arbitrary levels are regarded as considerably
out of line with existing conditions. Trading in
Russian rubles has been prohibited and the quotation
is no longer obtainable. The official London check
2, compared with
rate in Paris closed at 26.103/
2 last week. In New York sight bills on the
26.033/
French centre finished at 5 50, against 5 47%;
%; commercial
cable transfers at 5 49, against 5 465
%, and commercial sixty
sight at 5 51, against 5 483
days at 5 55, against 5 52 the week before.. Lire
2 for bankers' sight bills and 6 35 for
closed at 6 363/
cable remittances (unchanged). Rubles are no
longer quoted. Belgian francs again declined, and
finished at 5 78 for checks and 5 76 for cable
transfers. This compares with 5 7432 and 5 73
last week.
As regards the neutral exchanges, trading was
inactive and variations in rates relatively unimportant, showing no definite trend in either direction,
with the exception of Swiss francs, which displayed
unusual strength early in the week, a feature attributed in some quarters to the fact that funds are
being remitted to Czecho-Slovak and other territories
opened up by the Federal Reserve Board's recent
ruling, through Switzerland, thus creating a demand
for Swiss francs. On Friday, however, prices broke
sharply, and the close was weak. Spanish pesetas
were a trifle easier, as also were guilders. Scandinavian rates ruled practically the same as a week ago
until Friday, when fractional recessions were noted.
The weakness was largely a reflex of movements in
London and other European centres.
Bankers' sight on Amsterdam closed at 41, against
8, against 413.1;
411-16; cable transfers at 413/
commercial sight at 40 15-16, against 40 15-16, and
/s, against 40% on
commercial sixty days at 405
Friday of last week. Swiss exchange, after touching
4 833' for checks, eased off and finished at 4 88,
with cable transfers at 4 833. Last week the close
was 4 85 and 4 81. Copenhagen checks closed at
25.90 and cable remittances at 26.10, against 25.90
and 26.00. Checks on Sweden finished at 27.90
and cable transfers at 28.10, against 28.00 and 28.20,
and checks on Norway closed at 26.90 and cable
transfers at 27.10, against 27.00 and 27.20 the week
previous. Spanish pesetas finished at 20.55 for
checks and 20.65 for cable remittances. This compares with 20.85 and 20.98 a week ago.
As to South American quotations, the check rate
on Argentina was a trifle lower and closed at 44.75
and 44.90 for cable transfers, compared with 443/i
and 45.00 a week ago. For Brazil the rate for checks
was firmer and finished at 26.125 and cable remittances at 269/i against 25% and 26.00 in the
[VoL. 108.
THE CHRONICLE
week previous. Chilian exchange remains as heretofore at 10 7-16 and Peru at 50 125(4)50.375.
Far Eastern rates are as follows: Hong Kong,
2@74.65; Shanghai, 113®
74.00@74.15, against 743/
4@51,
2; Yokohama, 507
1133', against 114®1143/
Singa(unchanged);
50
against 51@51.15; Manila,
4 (unchanged); Bombay, 36 (unchanged),
pore, 561
and Calcutta (cables) at 363 (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $2,682,000 net in cash as a result of the currency movements for the week ending March 14.
Their receipts from the interior have aggregated
$7,873,000, while the shipments have reached $5,191,000. Adding the Sub-Treasury and Federal Reserve operations, which together occasioned a loss
of $80,767,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a loss of $78,085,000,
as follows:
Out of
Bnaks.
Into
Banks.
Week ending March 14.
Banks' interior movement
Sub-Treasury and Federal Reserve
operations
Net Change in
Bank Holdings.
$7,873,000
$5,191,000 Gain $2,682,000
41,627,000
122,394,000 Loss 80,767,000
I $49,500,000 $127,585,000 Loss $78,085,000
Total
The following table indicates the amount of bullion
in the principal European banks:
March 14 1918.
March 13 1919.
Banks of
Gold.
England_ 82,435,068
Francon _ 142,385,832
Germany 112,368,750
Russia *__ 129,650,000
Aus-Hun c 11,008,000
89,151,000
Spain _
37,071,000
Italy
Netherrds 56,442,000
Nat.Bel.h 15,380,000
Switeland 16,419,000
Sweden__ _ 16,019,000
Denmark _ 10,405,000
Norway _ 6,711,000
Silver.
Total.
Gold.
Silver.
Total.
.£
60,085,014
82,435,068 60,085,014
12,560,000 154,945,832 133,346,150 10,240,000443,586,150
5,897,406126,257,450
1,042,160 113,410,910 120,360,05
12,375.000 142,025,000 129,650,001 12,375,000 142,025,000
2,289,000 13,297,000 11,008,011 2,289,000 13,297,000
25,816,000 114,067,000 79,556,00 28,407,000 107,963,000
3,000,000 40,071,000 33,434,000 3,496,000 36,930,000
606,200 60,301,200
768,000 57,210,000 59,695,000
600,000 15,980,000
600,000 15,980,000 15,380,000
14,686,000
2,580,000 18,999,000 14,686,0
13,100,000
16,019,000 13,100,000
9,759,000
9,622,00
137,00
135,000 10,540,00
6,526,000
6,711,000 6,526,11:
Tot. week.725,445,650 61,165,160 786,610,810686,448,214 64,047,600 750,495,814
Prey.week 724,448,052 61,071,160 785,519,212686,389,409 64,022,650 750,412,059
a Gold holdings of the Bank of France this year are exclusive of £79,132,339
held abroad.
* No figures reported since October 20 1917.
c Figures for both years are those given by "British Board of Trade Journal" for
Dee. 7 1917.
h August 6 1914 in both years.
THE ALLIED COUNCIL AND GERMANY.
Secretary Lansing's address to the Inter-Allied
Press Club at Paris, last Tuesday, struck the note of
wisdom and sanity in regard to the Allies' attitude
towards Germany. The speech was undoubtedly
timed as an official statement of the American delegation's policy, at a moment when the drafting and
publication of the terms of peace are near at hand.
In brief, Mr. Lansing's declaration is that peace must
be concluded at once. Its terms must be laid down
with a view not only to Germany's unlawful depredation in the war, and not only with full recognition
of the crimes for which no money penalty would be
too great, but also with calm and intelligent consideration, first, of what it is possible for Germany
in any event to pay; next, of what industrial opportunity must be left to her people if they are to pay
it, and, finally, of what policy must be pursued to
save Germany from a governmental anarchy which
might preclude any paymmt.
With these considerations in view, Mr. Lansing
set forth positively that Germany must be allowed
to purchase food. Otherwise the country will lapse
into political chaos, dangerous to the Allied nations
as well as to Germany herself. In order to pay the
indemnity imposed on their Government, the German people must be permitted to earn the money,
MAR. 15 19191
THE CHRONICLE
and this cannot happen "unless the German people
are furnished materials for their industries, and
commercial opportunities to sell the products of
labor in the foreign markets." In other words, "industrial conditions Must be restored by a treaty of
peace."
Mr. Lansing touched lightly on the question of
how large an indemnity should be imposed That
question is in the hands of a special Committee on
Reparation, whose instructions are to report to the
Allied Council what Germany ought to pay, what
she is able to pay and in what way payment should
be made. The report of that Committee is now
expected at almost any moment. It is not unreasonable to suppose that Tuesday's declarations
by our Secretary of State were made in order to
prepare the minds of the Conference and the people
for a reasonable and practicable report. This would
appear the more likely from the great care which
Mr. Lansing took—even while pointing out the
practical obstacles in the way of a crushing penalty—
to recognize the moral justification of the French
attitude. To many of the French, there were two
considerations which appeared to warrant such a
demand. Germany, unprovoked, had forced on
France the paralyzing expense and loss of this war:
She had done so with the purpose of ruining France
economically. Why, therefore, should not the full
cost of the war to France and her allies be now
exacted by the way of penalty?
But the German invasion had also actually crippled
a very large section of France in an industrial way,
and had done so while Germany's own soil was not
invaded and her industries not wrecked. Would
not, then, the granting to Germany of full power for
industrial and economic recuperation leave her in all
respects at a great advantage over France in future
industrial competition? Ought not such advantages
be removed beforehand, by crippling Germany
through the terms of peace? But Mr. Lansing, after
paying a glowing tribute to the valor and fortitude
of France, and after referring with great emphasis
to the traditional friendship between France and
America, warns the French people that for their
own sake, the Allies "must make peace without
delay, and ships laden with food must enter the
harbors of Germany," and that "we must strive to
restore Germany to a normal, though it be a weakened, social order."
It hardly need be said that the controversy over a
possible or an impossible indemnity has been complicated by the unfortunate policy of the British
Government. No one now doubts that Lloyd
George's declaration of December 11, that "we
propose to demand the whole cost of the war from
Germany," was in the nature of a piece of political
strategy, forced upon the British premier by the then
pending general election in Great Britain. The
Premier's statement that Germany would be made
to pay $120,000,000,000, of which $40,000,000,000
was the cost of the war to England, can hardly at
any time have represented his serious belief and
expectation. But the Premier evidently felt it incumbent to placate public sentiment at home, and
he presumably rested on the certainty that America,
and perhaps a majority of England's other allies,
would in the end refuse to subscribe to so impossible
a program. The time has now arrived, however,
when practical common sense must have the right of
way.
1011
We have no means of knowing how great a sum
will be named by the Committee on Reparation. It
will undoubtedly cover the destruction of property
in Belgium, Serbia, Rumania, Italy and Northern
France; the wholesale theft of materials and machinery; the unlawful sinking of merchant ships by
submarines, and the destruction of property in unfortified towns by aircraft bombardments. On
these points everyone agrees. It is understood that
Belgium has drawn up a carefully particularized bill
of damages of such destruction; and the seaport
damages have been carefully estimated. France is
said to have been slow in formulating her claims;
but a round calculation must by this time be in hand.
The grand total will certainly run far into the
thousands of millions of dollars, and the Committee
must also report its conclusions on the question how
payment can be made. This is a complicated
question, for Germany has neither the accumulation
of foreign securities which France disposed of to
meet her billion dollar indemnity of 1871, nor the
standing on foreign investment markets whereby
France then raised most of the balance. It is possible
that the German indemnity payment will have to be
financed through acceptance of her Government's
obligations by the Governments of some or all of the
Entente Allies. Whether and to what extent the
Allies will retain physical control of German resources
or German industries, pending payment of interest
and principal, is a most formidable question. But
back of all stands the sound logic of Secretary Lansing's statement that if this indemnity is to be paid,
then the people who are to pay it must be allowed to
re-enter the field of profitable industry and production.
The point of view exemplified in this American
statement of the case comes fairly at the psychological moment. Mr. Vanderlip has this week stated
forcibly, in an interview cabled from Paris, the
supreme importance of an early peace, in the light
of the economic as well as the political situation.
His verdict is that "if production is not resumed,
the horrors of war may be exceeded by the horrors
of this after-period," and that too great delay would
at least make possible "a wreck that will cover all
Europe." In the same week, however, the anarchist.
rebellion at Berlin appears to have been definitely
suppressed by the armed forces of law and order.
Only enforced lack of opportunity to purchase food,
or the imposition of a money penalty which would
clearly mean permanent economic ruin, can apparently now serve to provoke another and more formidable uprising. This is in many ways the crucial
moment of the Paris Conference. On the nature.
of its decision will possibly rest the whole question
of whether Europe can without further delay set to
work at the task of industrial recuperation and
financial accumulation that will insure political
stability.
THE QUESTION OF RESERVED POWERS
IN CONGRESS.
Partly through the usual dilatoriness of Congress,
made worse in a session which could not be prolonged,
and partly by an unhappy antagonism arising, a
very extraordinary and probably unprecedented
situation has been created. Some almost indispensable bills failed, even the loan bill barely escaping
their fate; constructive legislation is most keenly
needed in certain lines, notably in the case of the
1012
THE CHRONICLE
[Vol,. 108.
railways; but the President has gone again, after a
We have also to admit that constitutions have
brief visit, having refused to call Congress until the not invariably been closely consulted and appear to
indefinite date of his return.
have even been sometimes ignored or disobeyed.
Some days ago, a morning journal of this city This State supplied a striking example when the Legisbroached the suggestion that Congress is not clearly lature proceeded to impeach and remove Governor
without power and recourse in the event that the Sulzer at a special session called by him for other
President ought to call a special session but refuses purposes, notwithstanding the constitution distinctly
to do so. The argument has been taken up by declares that no subject shall be acted upon at a
another journal of some political importance, and special session unless commended for action by the
on a further examination does rio,. seem so fantastic Executive. Chief Judge Cullen of the Court of
as when first presented. To start the newly-formed Appeals said that the right to impeach is conferred,
republic into motion, the framers of the Constitution and that the Legislature was in regular session, being
provided for a meeting of Congress "at least once a "regularly convened in response to a call by the
year," and named the date as it has since been per- Governor." The Assembly being thus in regular
mitted to remain, "unless they shall by law appoint session, he said, "and having the power of impeacha different day." The next Congress, not yet born ment,it could exercise that at any time unless we find
ths an organization, cannot fix a date for its own another provision in the constitution which restricts
assembling until after it has assembled; is there it or forbids it." It would seem to the layman
any way by which it can assemble itself?
that this is of a hair-splitting nicety and that a
The argument offered for the affirmative urges prohibition is plainly enough in the constitution,
that the Constitution commands an annual session but Judge Cullen said that in his judgment "the
but contains not a word which "can be construed power to bring impeachment articles did not come
to prevent a majority of each house from convening within the. limitation of the constitution at all."
upon its own motion." The language is mandatory So the Legislature did do what was apparently
but not prohibitory; yet if it seems absurd to claim forbidden to it, and the impeachment and the
that whatever is not prohibited can be done we removal were not successfully attacked.
cannot deny that some very un-American and
An even more striking case can be cited from our
revolutionary things have been done, in late years, national history, when rebellious States asserted an
because they were deemed necessary and were not inherent right to secede at will and a war was fought
in terms forbidden.
and won to establish the proposition for all time
The President may call either or both Houses, that a State cannot withdraw. The States gradually
"on extraordinary occasions." This is permissive, came back to their representation and power in Connot mandatory, and it is perhaps somewhat sig- gress, and it has not been at any time formally adnificant that the work "may" is used here, in close mitted that they were ever out of the Union; yet
juxtaposition with no less than eight mentions of the Constitution expressly declares that Congress
"shall" in defining his duties. Suppose an emer- shall consist of two branches and the Senate "shall
gency that in its nature is plainly mandatory, yet be composed of two Senators from each State." For
that he (in some such fierce antagonism between some years it was not so composed; yet the integrity
himself and Congress as occurred soon after the of Congress as a part of the Government and the
civil war) will not recognize and respect the mandate validity of all its acts during that time have never
of the emergency? He is made a judge of what been attacked.
There is no word in the Constitution to cover or
constitutes an "extraordinary occasion;" yet the
argument now advanced urges that he is not made justify such seizures of private property as have
the sole judge and that "the majority of the Congress been made in very recent years and have brought
may itself construe some occasion as extraordinary the country into very serious present difficulties,
and convene itself," that if a working majority unless in the authority "to make all laws which may
choose to meet they can organize; and that "it is be necessary and proper for carrying into effect the
not conceivable that the Congress of the United foregoing powers," and in the proposition that a
States should not have power to convene itself during supreme emergency makes its own laws and the
nine months of extraordinary emergency if the Constitution must be held to warrant anything
President happened to be recalcitrant and refused necessary to save itself and the nation.
Speaking to the Bar Association here, about a
to convene it."
Something may be said for the contention that year ago, on the power of a democracy to meet
although our Government is divided into three emergencies, ex-Justice Hughes said that when we
clearly-defined and independent yet co-ordinate turn from the normal conditions of peace to the exdepartments the legislative is the predominant one, traordinary conditions of war "we are struck with
according to the theory of the whole and the intent the complete adequacy of constitutional authority
of the framers, when a question of superiority must to meet all the exigencies of war; with the willingbe raised. The Executive is to do the things directed ness of our people that these vast reservoirs of
to be done, and is distinctly sworn to not only power shall be freely drawn upon, and with the
defend the Constitution but to "take care that the enormous difficulty of transmuting constitutional
laws be faithfully executed;" the judiciary is charged, energy into actual achievement." Certainly this
inter alia, with interpreting the laws as needed; difficulty of transmuting energy has been considbut since enactment of laws is the giving of the erably overcome, and the willing acquiescence of the
orders which the "Executive" is to execute and must people that anything and everything be done and
therefore naturally come first, and since, further- spent which those in office for the time being say is
more, Congress directly represents the people and necessary has been shown. We still have a state of
is the primary motive power, does it not seem that war in emergencies remaining; we may still have to
Congress must in the nature of the case be predomi- raise questions under the paramount law of necesnant when any distinctions must be drawn?
sity; and if the present unhappy antagonism of feel-
MAR. 15 1919.1
STHE CHRONICLE
ing is not composed it is conceivable that the new
problem of possible reserved powers in Congress may
yet force itself upon consideration. Upon the particular question whether Congrespmen can "call"
and organize themselves into a constitutional session no layman can fitly venture a dictum while able
lawyers hesitate; yet the question is interesting in
any event, and not without some value as bearing
on the powers and position of the legislative branch
in our representative form. This is the more so because it is quite certain that Congress will, and
beyond any question that it should, resume and
insist upon, in the readjustment period now before
us, the powers it gradually laid aside in order to aid
the war to the utmost by concentration.
State constitutions follow the Federal one in
recognizing the fact that the Executive is always
(in a sense) in session and in assuming that he will
be ready to discover an emergency arising and to
act promptly; it was never imagined that he could
be indifferent to the facts of the case or factiously
refuse to act upon them. If a majority of each
branch of Congress should decide to assemble on
their own motion, the argument we have been considering in general is doubtless right in urging that
"there is no power to prevent such meeting." It
is of course highly improbable that such a step will
go further than -Co be talked of, yet there can be no
question anywhere that Congress ought to assemble
very soon. It is much to be hoped that the President
will recede from his declared intention about this,
and an unmistakable showing of public opinion on
the great need of taking up some matters which cannot safely be left too long as they are now hanging could hardly fail to convince him of his error.
"THE QUICK AND THE DEAD"—THE REVIVING OF INDUSTRIAL EFFICIENCY.
The phrase "the quick and the dead" is a quaint
ancient category held to be exhaustive. All men
were thought of as either living or dead. Unfortunately, experience shows that there is a very large
class supposed to be alive who are in fact only partly
so. They go about, they seem to be doing the work
of life, when they are not. Their productiveness is
low, their potential energy is only partly developed;
some of their faculties are dormant and might as well
be absent or dead. The problem everywhere to-day
is to wake them up. What would it mean in industry, for example, if labor could be made to take a
personal interest in its job, or in business if the army
of clerks went to their daily task feeling that the
business was in any sense theirs?
The situation is not new, but the call to-day for
a change is urgent. The world is awake, and trouble
surely awaits the men who continue asleep.
There is a rush of new demands and new methods.
New conditions are sure to be created that will prove
unprofitable or unsafe, and men in responsible position balk habitually at demands which involve serious
change. The difficulty lies not so much in new
requirements as in new methods and new systems set
in operation under men knowing only old ways.
Nature has many subtle elements, and human nature
reveals tendencies at once persistent and hard to
estimate. On all sides are great industrial plants
seeking for experts; big banks and banking houses
unable to reach out into new fields because of the
scarcity of competent representatives; and whole
1013
Departments of State shaken from bottom to top, or
breaking down under their sudden and growing load.
All have set themselves bravely and as cheerfully.
as possible to muddle through. The country has
never stuck fast, and will not now. • But our methods
and our wisdom are yet to be tested. Happily
business disaster has not fallen upon us; but costs
increase, strikes are persistent, taxation begins to
weigh heavily, and we must sit close. The world is
in turmoil; we cannot see far ahead; we are riding
fast, but hard riding is no guaranty against a fall.
Some time ago a young man was sent from the
East to a Western city as manager of the branch of
a large manufacturing concern. He found the town
a hotbed of labor troubles. He took early occasion
to call his foremen together and forbade them to
rebuke any slacker, or to discharge any one. They
were to send them to him. Then he went through
the works talking with the workmen until he got a
fair view of the situation. He then called the whole
force together and told them that he had found he
could do as much work in a day of nine hours as of
ten, and he believed that they could. He proposed
to run the factory on nine hours a day with pay unreduced from ten. This, they were to understand,
was to be a trial; if unsuccessful, they would return
to ten hours. No further change was required. A
year or more passed and he was called to New York
to a meeting of the managers of all the branch plants.
It had been rather a bad year and all reported loss
except his factory. A vote was passed to reduce
wages in all. He protested, saying: "You have lost
money; my shop has made money. If I am ordered to
go back and reduce wages I shall resign." Nevertheless the order stood and he resigned. The next year
the whole concern failed and went into bankruptcy.
Evidently conditions are not met simply by doing
the obvious thing like lengthening hours or reducing
wages.
The new year brings us this report: A large establishment finding it necessary to continue the same
amount of product as in 1915, through 1916, 1917
and 1918, has paid $800,000,$1,000,000 and $600,000,
in all $2,400,000, as the increase of cost in the three
successive years. Of this not more than 10 or 12%
was for increased cost of raw material. The rest
went for wages. Hundreds of additional workmen
had to be added to make up for the rapidly developed
inefficiency of the force with the necessarily increased
wages. The plant was run night and day, and the
men resorted to every device in order to avoid or
scamp their work, in the face of all that could be
done to prevent it. The new year has begun with
this as the condition of things, which has its counterpart in all directions. Wages to-day seem to have
no direct relation with production, and to be no
measure of contentment. Settling individual strikes
helps very little. The whole industrial situation
needs overhauling. There is reason in the demand
for a new order of things. The foundations of this
will be found to be in human relations, their better
understanding and their larger place.
Light in this direction is not abundant and any
that may be found will be welcomed. Many are
seeking it, and any experiment that has success
will command attention. Buried in the archives of
a little Society for the Promoting of Business Management is a paper presented by the very successful
and experienced manager of a great industry, a
man coming to be widely known, and not long ago
1014
THE CHRONICLE
called to the aid of the Government.* In it he
points out some of the chief difficulties in the way,
and indicates the principle sby which he has reason
to believe a progressive and successful business must
be organized. That principle is the development of
organic individuality in every unit of the organization.
The details of the application of the principle will
be varied with the business, and the details of his
own are too elaborate to be described in a short
paper. The understanding and acceptance of the
principle is the main thing. He points out that the
chief difficulty with modern large organizations is the
loss of certain excellence in the old ones. This lies
in the removal of former resident owners and managers to a central office; the fixing of oversight, control and management so exclusively in the central
office, with consequent absentee direction; much of
which loss is already well known. His aim is not to
restore the old order but to regain its advantages
with the additional advantages of the new., which
must stand.
Taking the human body as an illustration he shows
that the nervous system, which is its essential factor,
while energizing a body having innumerable parts,
maintains a complete unity. This it does while it is
itself composed of countless cells and ganglions.
These receive individually impulses and impressions
from without as varied as the functions of the bodily
organs, and they convey them all promptly to the
central office in the spinal cord or the brain; and in
turn they receive from the brain the corresponding
impulse which they are to transmit. They have also
the faculty of initiating and sustaining impulses
which may be for the general welfare. This initial
power of the various ganglions and cells develops
with the growth of the body. They individually
acquire higher power, until the body comes to function in many directions under their impulse and
control without the conscious aid or knowledge of
the brain, which thereby is left free for other duties.
Here is the ideal. The tendency of modern organization of industry is in the opposite direction.
The central office aims at intimate and absolute
control. As it reaches outward it puts men in charge
of distant plants, as of subordinate departments,
who in general are chosen because of some special
limited ability. Throughout the head works downward with little real help from those below, who in
turn have no call for initiative, are not supplied with
general knowledge, even of the business, and do not
develop either in interest or in ability. This of
course is not true everywhere, or of all, but it is the
tendency,and increases as great corporationsexpand.
Following the analogy of the human body, which
he had carefully studied, this master of industry
arranged his system. He established a method of
recording certain facts daily by each individual workman, the record being made in such a way as to
produce graphic tables or charts, because they are
the most informing. These go eventually to the
head office, but their value is for the superintendent
or head of the department or plant, that both he,
as well as each employee, may judge the work at a
glance and derive his own impulsefrom its testimony.
This is its immediate reflex action and determines
the effective working of the system. The records in
the head office are like memory in the brain, for
general reference, and the instruction ofithelchief.
-777
4
Robert W. Wolf, formerly
Burgess Sulphite Fibre Co., Berlin, Manager of Manufacturing/In:Me
[voL. 108.
He, however, is not burdened with gathering up
details and carrying them back to the subordinates.
The record is already in their hands as the basis for
initial action, and its lesson is not laid upon them
with injunctions from above. The whole establishment is made its own recording agency, is taught at
once the value of its immediate work and is stimulated to progress along lines where progress is seen
by them to be desirable or required.
To make this plan thoroughly effective a system is
devised by a stream from the central office of notes
of information to keep the whole body informed of
every new departure in method or aim, or change of
material or of machine, for the purpose of awakening
at once new thought which shall break up obstructive
routine, indicate waste energy or prove creative in
any direction. This produces sympathetic action
throughout the system. Individuality is thus secured in three ways:
1. "The units are made conscious of themselves
through the building up of a system of scientific
registration and control similar to the nervous system of the human body."
2. "A definite central place is provided for recording the various sensory impressions furnished by
the recording mechanisms, arranged in such a way
that comparisons of the whole progress of the plant
can be made with the least possible effort, exactly
as is done in the human brain."
3. "The subconscious control of the newly acquired accomplishments, as exemplified by the spinal
and sympathetic nervous systems in man, is established, hereby liberating the conscious mind to deal
with new problems of a 'creative nature."
With these functions secured there will be no
danger of over-systematizing, no deadening control,
no confusion of mechanism. Red tape will disappear
Self-expression, which is the supreme source of productive power is stimulated, and a sense of intimate
and sympathetic co-operation is felt throughout.
The heads will be in constant touch with the men,
and all will be conscious that they each have a real
part in the progress that is won and seen by all.
The aim is in no sense military. It seeks to lead
each employee "to externalize the suggestions of his
own mind in the performance of his work." Each
plant or department is to be a law to itself, as is also
each individual, so far at least that no one determines
arbitrarily what is best for all, or that there is
throughout "one best way." The test is in the result.
There is a common guidance and authority, as there
is "the common law" of the land, and this is not impaired. It has the recognition and support of all as
its application is wrought out individually. The
system is simply a device for perfecting unity.
The interesting fact is supplied in the closing
statement that the paper is not academic, but is an
account of a method in actual use, and which has
secured the results it promised. It is addressed to
thoughtful men and is well worth attention.
TO THREATEN INDUSTRY IS NOT TO
ENCOURAGE IT.
On the same day that Secretary Wilson issues an
appeal to the country "to get business going and
keep it going," Charles M. Schwab returns from a
two-months' trip abroad, with the statement, as reported, that "he did not believe there was much
opportunity for export trade between the United
States and the Allied countries in Europe for some
MAR. 151919.]
THE CHRONICLE
1015
time to come. They needed breathing space to get devastated lands. We
may now take new note of
back to normal conditions." We couple these two our own undeveloped
resources, and develop them
statements together because of their relation to each for our own good and
enjoyment. And in doing
other. From one it must be argued that there is so we have work for
every hand for, yes, hundreds
doubt and apathy in domestic trade, and from the of years to come. Why,
then, wait?
other that there is little hope of immediate foreign
Secretary Wilson expresses fear. Note these
trade in the quarters of the world most exhausted words: "If we have any
large amount of unemployand ravaged by war. Mr. Schwab, however, ex- ment, however, we will
have a period of industrial
presses optimism as to the outlook for renewal and unrest, and there is no
one who can tell where the
increase of home industries. From both these social upheaval would
land us, whether we would
sources of opinion one observes an acknowledgment have a repetition of the
French Revolution or of the
of a period of transition.
Russian Bolsheviki, or whether good or evil will
Speculation as to the fall of prices, as to the come out of the struggle."
The Secretary suggests
inauguration of new enterwises, the possible enact- that because of savings
from previous high wages,
ments of law, the length of time of the period of "workers are in
a position to resist"—reduction of
transition, the attitude and action of labor organ- present wages.
Certainly no business man can feel
izations, coupled with an absorption of the mind into reassurance from
this picture.
"peace" problems, all tend to delay resumption of
You cannot sweep back the rising tides of life
business. More than this, as a people we are satu- with the broom of
sudden and gripping fear. You
rated with thoughts on idealism. This paper has cannot deny the
man, made normal by relief
tried in other articles to suggest by contrast the ef- from war, his natural
tastes and desires. They
fect of this straining after the remote, this constant constitute unfailin
g "demands." What may supdreaming of a "federated world." And we may now ply this but "busine
ss"? We point, then, confidently
ask bluntly, as a practical question, how can the to the possibilities
of an energized and expanded dobusiness man plan and execute new and large indus- mestic trade.
Must it wait upon a complete adjusttrial enterprises while the economics of commercial ment of price
and wage problems? It cannot if it
effort are made to depend upon the political changes would. The
single plant, now in process of ininvolved in the outcome of an international alliance tenser applicat
ion to present wants and needs, made
for the peace of the world?
more effective by closer study, must in the nature of
Yet it will be universally admitted that nothing things find
new fields of effort opening all the time.
is more important than quick industrial and com- And, mark
the corollary, in these new fields there is
mercial resumption, and we regard it as very sound room for
prices adjusted to wages.
advice to say in substance, "Get busy and keep
The interdependent activities of what we term
busy." But it requires a very intensive study of "business"
tend to equilibrium. Automobiles, at first
"opportunity" in order to accomplish this. Let scorned
, prove themselves; and their life history
us try to contrast the real and ideal. Of one thing records (up to
the interference of war) perfected maall business may be certain. Now that active mili- chines and lessenin
g costs. The man who gets into
tary war is over, man's normal wants and needs will the field
first, scores. The man who finds a way to
reassert themselves. And they will do so whether a
save waste, finds a sure road to profits. Taken
League of Nations is created or not. We may say, as
a whole, intensive application to the business in
therefore, and rest assured on the truth, that the hand
will find a way to overcome all obstacles. The
real will continue whether the ideal arrives, or a old prices
must fall on the old things. It is the incommercial war impends. The natural relations of escapabl
e law of mind applied to resources. The
a hundred millions of people will compel a vast do- new prices
on the new things may set the scale of
mestic trade.
wages employed, until the law of the equilibrium)
And we may carry this thought further—despite of
all effort asserts itself. Averages and levels only
all the dangers and difficulties that may come
prove that partial inequalities always exist.
through prices and wages, a fixed measure of conA "business" can "make money" by doing somesumption will obtain. If the business man, then,
thing worth while and doing it first. It may be by
becomes cautious of new enterprise, and of longdiscovery of a new want or need—and this field is intime contracts, his energy can find natural and
finite. It may accomplish a like result by adaptaprofitable exercise in an intensive study of the day's
tion of old equipment to a new use. The final
business in his own plant. One general and imporsummary of this line of thought is that conditions,
tant outcome must be—more "system" in conduct.
whatever they be, are to be recognized, not feared.
If the exigencies of the time force upon him "quick If a
"business" is justified in waiting for more "setsales and small profits," then this becomes a field tled
conditions" before "branching out," then it can
of opportunity upon which he may expend the best
do more business by study and push in the passing
that is in him. It is a form of resumption that will
present. He who waits for the millenium will die in
soon lead him to a broader outlook.
despair. The "sure thing" of the future may never
"System" may be defined as the most effective come.
But the "safe thing," bottomed on human
way of supplying trade. It reduces cost of opera- wants
and needs, is always present. If we cannot
tion. It minimizes time consumed. It uncovers
rebuild Europe now with lumber and steel, we can
the necessary wants and needs of all the people.
build all the more in the United States, if only we
And in doing this it must follow that every business
will.
will find new opportunities for enlargement. ApSuppose the manufacture of airplanes is to duply this to a domestic trade covering a vast area and
plicate automobiles—in five years here will be one
a hundred million population, and we see why "busiof our largest industries. Suppose embargoes were
ness" need not wait on world-harmony or the ideals
to continue and shut wheat and lumber and cotton
of perfected national relations, or even the reconout of the markets of the world. Prices and wages
struction demands of impoverished peoples and
will tend to fall, of course. No artificial support or
1016
THE CHRONICLE
[VoL. 108.
As the heart rejoices over the return of these tried
and faithful servants of the Republic, there is a
sudden pang of remembrance—ah, the infinite pity
of it all—for those who come not back, but sleep
"the sleep that knows no waking" in sacred soil far
from the home-land. Life persists; but these hallowed dead return not. They cannot hear the
shouting; they cannot see the waving flags and banners—nor can they know the sweetness of satis.
faction in the pride and praise of their countrymen
They
Bronze and marble are as nothing to them.
clasp here at the shore-line of the old home no outstretched hands; nor can they give smile for smile
THE SOLDIERS'"WELCOME HOME"
when feeling is too deep for utterance. Over them
IN NEW YORK.
the quiet sky, flowers bloom above their ashes,
Time,the sixth day of March 1919. The occasion, bends
bird makes melody where the cannon boomed,
the return of more than fourteen thousand troops a
round their "narrow plot of ground" in the
of the famous 27th Division. •The scene, the while
e waste of a vanquished war, through all the
harbor of New York, wherellittle more than a year middl
s of a rushing world, human life moves forward
ago, silence and often night shrouded the dread reache
more of peace and plenty, that they lived—and
departure of loved ones now returning. Two liners, to
Deep in the soul of the onlooker, hope lifts
convoyed by harbor craft bearing thousands of died.
ing eyes to fairer realms, trust rends the cloud
friends and relatives, creep slowly up the bay— emfad
sorrow—"Somewhere," these, too, have "welevery vantage point on shore crowded with citizens of
—welcome and praise everlasting, heirs to
thrilled by the majestic spectacle and overwrought come"
ality and unending joy—for they were found
with the kindling emotions of the day. The immort
not wanting in the test that tried men's souls.
Leviathan, second largest steamship afloat, with
And so, there is gayety and laughter, albeit there
more than ten thousand on board, docks at 12:12
are tears, all down and around the Battery, this
p. m.; the Mauretania, with morelthan three thouas the ships go by. Here, in an olden time,
sand, about five hours later. Decks and rigging day,
stood a gray sea-wall of rough-hewn stone,
are alive with an ecstacy that isrsimply rapture un- once
which this nation and another fought—
controlled. Other ships and otherIheroes will soon over
nation was born in a new continent, the
this
for
follow—but these -are among the first—and there
one people was awake then, emerging clean
rolls across the waters and upwardsA:through busy soul of
to a new and individual destiny. For
streets a "Welcome Home," that local history will and free
ng moment, perhaps, some mind makes
never forget—for these soldiers are New York's very a fleeti
contrast of that warfare and this. But there is no
own.
, for thought. Life must be lived—
It is not a time for analysis. And yet is it possible time, no -mood
is its natural reward. The tragedy is over,
to interpret this scene? As we look,we are conscious and joy
morning of a New Day dawns. The welthese men and women do not think now. They and the
g hosts that throng to the water's edge, give
only love and admire. The heart holds sway over comin
lves• wholly to greeting these returning sons
the mind. There wells up, in united acclaim, the themse
rs who come to hearts and homes.
tribute affection and justice pay to valor and duty. and soldie
And these sons of the Empire State—as the piled
Far away is the daily grind of practical things, in a
eur of the tall buildings, heaped and pent,
city where life is as pitiful as it is prescient—these grand
upon their vision, what thoughts have they?
gathered thousands are animatediby but one feeling, rises
again—But what is home, if it does not now
a tearful joy over dear ones spared, and a proud Home
never before, the glorious majesty and
exultance over the nobility of character, proven by include, as
ng worth of a Government of "law and order"
the direst test ever applied to man. After the battles enduri
powerful and persistent by their unselfish
are over and the victory won, "the boys" are coming made more
service. As war is behind them, so peace is before.
home.
t for "liberty," so now they are to live
Each man and woman is host or hostess of the As they fough
glad to the innermost core of the
are
As they
day. Wet eyes and • yearning hearts may search it.
mere
joyousness of setting foot again
the
with
for one face more dear than any other, yet each and heart
soil, so must they be schooled to live the
all are the glory of a people and the priceless treasure on native
of patriots in and for the peace that must not
of a common country. Now and again a shout goes life
Far more than is possible to these who
up as the crowd singles out one who has held com- pass away.
must their souls be quickened. Out of the
mand, but only for a moment. Not now is there welcome,
t and the travail, out of the trenches and the
thought of those who have been the "fortunate" tumul
come back to those they love, to all that
ones in spectacular and magnificent deeds of personal trials, they
again to work in the old ways, again to
,
bravery. The sub-conscious mind, rather, remem- they revere
fabric of State, again to live at peace
bers dimly, it may be appreciates, the long days of fashion the
the world. Not even they can fully know
waiting and the solemn soul-communion of those with all
ual splendor of their coming.
who vainly wished to go forward. Now,it is enough the spirit
ring and whistles blow and the heart of
bells
Let
which
to acclaim that mighty resolve to do or die
for "it is well" with both the living and
nerves the soldier whether in camp or field. All, man be glad,
this "day of all days in the year." At
all, are heroes. And the tense and trembling'citizen the dead on
a more formal greeting will be extended,
is glad to add one more voice of praise to these another time
battalions march in review down
soldier sons of a proud and loyal State who went when the gathered
many memories. But this day
of
down into the dark valley of sacrifice because their the famous street
, there is praise unfettered,
rained
unrest
joy
is
there
country called them.
combined resistance can defeat the natural law.
But an increased use of these products in the making of new objects or articles of utility and pleasure
will tend to keep up prices:and wages, and "transition'
will pass without danger, and equilibrium will be so
gradually restored that neither capital or labor,
taken as wholes, willfsuffer. It is good advice to
encourage "business" to proceed, but extremely
poor advice or help toIraise the spectre of "revolution" and "resistance." These always, industrially, defeat themselves.
MAR. 15 1919.]
THE CHRONICLE
there is tribute unmeasured. And now it is that
they who wait serve also. For what were sacrifice
were there none to benefit, and what were rewards
were there none to bestow them. Once again amity
and unity are joined in a sentiment that words cannot convey or lips repeat. The suffering at home,
the agony abroad, are no more. Soldier and citizen
join hands again to preserve "all that we have, all
that we are."
1017
Until peace is declared this balance can be lent for any war purpose,
but thereafter for a year and a half credits may be extended only to enable
the Allies to purchase American property in Europe or elsewhere, and to
finance Allied purchases of wheat, the price of which has been guaranteed
by the United States Government.
The War Department's Liquidating Commission, now in Europe, it
is expected to report soon the approximate value of railroad materials.
army equipment and other property which the United States will have for
sale in Europe. This report will shed some light on the volume of postwar credits which may be expected. France and Belgium will be the
biggest borrowers for these purposes, since they are expected to acquire
most of the railroad rolling stock, warehouses and other property offered
for sale by the United States.
Since Congress failed to approve the Treasury's recommendations that it
be permitted to use the unexpended portion of authorized credits as postwar loans to the Allies to finance exports from this country, this function
will be limited to the War Finance Corporation, which has an appropriation of $1,000,000,000 available for advances to exportels.
A TARIFF CUT FOR CANADA.
Ottawa, Canada, March 14 1919.
The Dominion House of Commons is unmistakably
FOREIGN EXCHANGE RULING CONCERNING TRANSheaded for a lively battle on the demands of the
ACTIONS WITH RUSSIA.
Ontario and prairie province farmers for a general
In our issue of March 1, page 824, reference was made to
reduction of the tariff. The issue has two phases: press dispatches from Washington stating that foreign exthe riddance of the war-time supertax of seven and change transactions between the United States and Russia
a half per cent on all imports, together with a lower- had been prohibited by the Federal Reserve Board. The
it appears, has to do with the export or import of
ing of the customs duties on the essentials of family order,
Russian rubles and the transfer of funds for their purchase;
living; the encouragement of trade with the United we give it herewith:
Until otherwise instructed, the exportation or importation of Russian
Kingdom by increasing the present British preference
rubles, or the transfer of funds for
to forty or fifty per cent. The complications of in the United States is prohibited. their purchase by persons and dealers
The Federal Reserve Board .stated at the same time that
these various demands are obvious, and, of course,
experienced observers do not for a moment believe Great Britain, Canada and France are acting with the
that anything more than a compromise will be sub- United States in these measures.
mitted to the electorate at the next Federal contest.
WITHDRAWAL OF FOREIGN EXCHANGE RESTRICBoth parties recognize that scores of industrial towns
TIONS AND REQUIREMENTS STILL IN EFFECT.
accept the doctrine of protection and that hitherto
The Federal Reserve Board, in announcing on Feb. 28
the farmers' vote has easily been split by vigorous the lifting of certain restrictions affecting foreign exchange
appeals to old party loyalties. No prophet, how- to which we referred in these columns on March 1, also
ever, is prepared to say that these ancient hypotheses called attention to the fact that foreign exchange dealers in
future need not present for approval to it applications for
will bear the strain of another trial.
travelers' letters of credit in excess of $5,000, instructions
Party caucuses of the Liberal Opposition and the to open commercial letters of credit or to make transfers of
Union Government forces are being held each week. funds for the purpose of purchasing commodities to be wareAlthough the Union Government is of curiously housed, or applications to open commercial credits for the
purpose of exporting goods from one foreign country to
mixed stock, the most influential Cabinet Ministers, another
foreign country. In making this announcement, the
with the exception of the Prime Minister and the Board said:
Minister of Finance, are direct representatives of the The withdrawal of these requirements does not remove the responsibility
dealers of taking proper declarations of non-enemy interest, nor from
Western farming interests and would almost cer- from
reporting to the Division of Foreign Exchange before taking any action in
case
they
tainly be forced to resign if stand-pat tariff policies would, if have reason to believe that any transaction requested of them
carried out, be detrimental to the interests of the United States.
were offered to the country, no matter what their
The Board also announced at the same time that it had
rescinded its regulation of June 11 1918, in so far as it
fiscal justification.
This week in Parliament, R. L. Richardson, an applies to advice to it of deposits by "dealers" for account
influential newspaper proprietor of Winnipeg, a po- of foreign correspondents but still requires that dealers
accepting such deposits demand
litical independent from a province that has almost deposits who may not be dealersfrom those making the
customers' statements
come to be regarded as Eastern in its sympathies,read describing the transactions. The Board furthermore noted:
1. The "Trading With the Enemy Act" is still law.
the Unionist Government a frank warning that the
2. The Executive order of the President of Jan. 26 1918 must be obeyed,
West was a unit in its ultimatum for tariff reduc- together with the regulations which have been issued under it.
3. It is still against the law to make remittances to "enemy" territory
tions and would smother any political party that without
regard to whether it is at present within Allied control or
not.
except as permission is extended through the Division of Foreign Exchange,
offered parsimonious concessions.
erfurreut plods avid pocussions
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan Si Co. on a
discount basis of 53'%, the rate prevailing last week. The
bills are dated Monthly, March 10.
NEW CREDITS TO RUMANIA AND ITALY.
A credit of $5,000,000 was extended on March 12 by the
United States Treasury to Rumania, thus increasing the
obligations of that country to the Treasury Department
to $15,000,000. An additional credit of $16,500,000 was
advanced yesterday (March 14) to Italy by the United
States, raising the total to that country to $1,421,500,000.
The aggregate aid to the Allies since this country's entrance
into this war now reaches ,857,157,836. It was announced
on March 8 that future credits to the Allies were now limited
to $1,158,000,000, the unused portion of the $10,000,000,000
appropriation, according to a report issued on that date by
the Treasury. The press dispatches from Washington
also had the following to say in the matter.
TRANSFER OF MONEY TO ENEMY TERRITORY UNDER
ALLIED CONTROL.
The Irving National Bank of this city, in a circular issued
on March 13, says:
Doubt seems to exist among a number of our correspondents
as to
whether it is permissible for them to accept remittances to persons
residing
in enemy territory which is now under Allied control.
We have therefore taken the matter up with the Federal Reserve
Board,
Division of Foreign Exchange, and have obtained the following ruling:
"Persons residing in enemy territory but which is under Allied control,
are not considered enemies providing they are not agents of any
enemy
government. If they are not such agents, remittances can be made
to
them and the regular declaration should be secured in each case.
SYRIA.
Supplementing our circular of February 17th we can now authorize
you
to draw drafts direct on the Imperial Ottoman Bank at Aleppo, Caiffa,
Damascus, Hama, Horns and Tripoli. For rates please consult daily
quotation sheets, and it is advisable for the present to limit drawings to moderate amounts.
NO CANADIAN TEMPORARY LOANS FLOATED.
The "Monetary Times" of Toronto in its issue of Mar. 7
states that a return tabled in Parliament last week shows
that no temporary loans have been floated by the Government since the previous session. Unforeseen expenditures,
however, made it necessary for the raising of $6,510,000
by Governor-General's warrant, of which six millions was
required for the purchase of seed grain.
1018
THE CHRONICLE
FRANCE WOULD POOL DEBTS AND WAR EXPENSES
OF NATIONS.
According to cable dispatches from Paris, Raoul Peret,
Chairman of the Budget Committee of the Chamber of
Deputies, in opening the discussion of the financial situation
in the chamber on March 7 placed the assets of France on
on the coming March 31 at 159,000,000,000 francs and her
liabilities at 181,000,000,000 francs, leaving a deficit of
22,000,000,000 francs ($4,400,000,000). He estimated that
the after-the-war budget would be 18,000,000,000 francs
and the revenue 13,000,000,000 francs.
The assets mentioned by Deputy Peret are the liquid
resources raised to meet the nation's expenses up to March
31 and not the entire wealth of France. M. Peret said
(according to these cable advices) that something must be
done at once, and that an internal loan was impossible.
What was wanted, he declared, was a financial league of
nations. He read a letter which he had written to Louis
Klotz, the Minister of Minance, on Feb. 6, which was along
the lines of the interview he gave the Associated Press the
same day, proposing the pooling of all the indebtedness of
the nations, as it was impossible for each nations to pay it debts
separately. The Deputy contended that an international
loan bearing the signature of all the Allies must be issued
immediately and that from it the sum first taken should be
for the reparation of the devastation in France, Belgium
and Serbia.
The foregoing is along the lines of previous advices to
the same effect. Thus cable dispatches from Paris under
date of Feb. 28 stated that after a long discussion'of the
financial position of France, as revealed by a compilation
of her war damages and otherwise, the Budget Committee
of the Chamber of Deputies the previous night (Feb. 27)
had reached the conclusion that the urgent question of
meeting immediate payments could best be solved not by a
new issue of bank notes, which would only increase the cost
of living, but through an inter-Allied Loan Committee.
The Budget Committee expressed itself as convinced that justice
and interest alike required that the Allies pool the expenses of
the war. Concerning the further conclusions of the budget
committee the dispatch referred to said:
[VOL. 108.
"of Mr. Clemenceau and the War Commissioners over there
that we should pay our share of the war expenses from the
beginning of the European war, which was pretty well understood as a definite hint or suggestion that we forgive this
debt. The Premier of Italy made the same suggestion.
There have been insistent suggestions to this country that
that debt be forgiven, or that we pay the cost of the war
before we entered it, and all that. And I thought—have
thought all along and think now—that there should be carried out our original purpose of putting it in a definite form,
as the statute required, and which the previous law stated
may be done, and the people understood would be done—
put into long-time obligations these loans and have it definitely settled and not to be in hodge podge the way we are
now."
Mr. Rathbone in answer said in part:
I am glad you brought that point up. I cannot agree with you that
is a hodge podge. I should like to read a letter received from the
French Commissioner, dated Feb. 5. He says:
My Dear Mr. Glass:—The attention of my Government has been called
to an article published recently in the Washington papers, according to
which I'resident Wilson is said to have been approached by French officials
with tho view of having the United States share the war expenditures of
the Entente in the same proportion as if your Government had entered
the war in August 1914. The Prime Minister has cabled me in order to
deny most emphatically that such a suggestion has ever been made to
President Wilson by any French official.
There have been other articles seen in the newspapers here, which, in
one or two cases, have been referred to informally in conversation with
officials of foreign Governments, which they have always denied. They
have always expressed the intention of their Governments to pay the indebtedness, and have said that they had no intention of doing anytning
else. It is true, there have been one or two suggestions made hero by statesmen, not holding any public office, that the debts should be forgiven.
There is nobody under heaven who can forgive those debts except the Congress. The Treasury Department does not advocate and never has advocated anything but the collecting of those debts. And the statement that
the foreign loans held by the Treasury Department are in a hedge podge
is wholly erroneous.
All the statements made by representatives of the foreign Governments—
I have in mind particularly the British—have been to the effect it would
be unthinkable that their Governments should not pay their debts. They
say they do not want charity; that they have borrowed the money and
intend to pay.
Mr. Rathbone presented two letters from the French
High Commission officially denying that President Wilson'
had been approached by French officials with a view to
having the United States share the war expenditures of the
Entente from the beginning of the war. "The Prime Minister has cabled an order to deny most emphatically that
With regard to the proposed tax on capital the committee expressed
Itself with reserve. It held most strongly to the view that the debt owed such a suggestion has ever been made to President Wilson
to France by the enemy should be formulated as soon as possible, and that by any French official," declared one of the letters, while
the Peace Conference should exact a payment on account of the indemnity
explained a resolution introduced in the French
due France from the Central Powers. At the same time, It was set forth, the other
the payment of this amount would not relieve the Government from the Chamber of Deputies for the establishment of an interduty of carefully studying the fiscal situation and proposing such new national financial union among the Allies to distribute the
taxation as was indispensable to balance the budget, which would be not
war expenses among the nations on a basis of population
less than 18,000,000,000 francs.
These conclusions were unanimously approved by the committee, and and the power to contribute financial support. "The French
its chairman was instructed to set forth the financial situation to the Government," the letter said, "has nothing whatever to do
Chamber at the earliest possible date.
with the project and is not giving its support to the resolution."
DECREE INCREASING FRENCH CURRENCY NOTE
ISSUES.
NEW YORK STATE BANKS IN RESERVE SYSTEM
According to cablegrams to the daily press from Paris
NOW GOVERNED BY RESERVE REQUIREMENTS
March 2, the "Temps" on that day published a decree
OF LATTER.
increasing from 33,000,000,000 to 36,000,000,000 francs
Governor Smith of New York on Mar. 7 signed Senator
the total amount of currency notes which may be issued by Marshall's bill amending the State Banking Law as to
the French Government.
reserves so as to authorize any bank or trust company which
is a member of the Federal Reserve Bank to be governed
FRENCH DECREE AUTHORIZING TRADIN9 WITH by the reserve requirements of the Federal Reserve Act
ENEMY.
instead of the State law. Senator Marshall's bill passed the
The "Wall Street Journal" of Feb. 25 reported that the State Senate on Feb. 18 and the Assembly on Feb. 26. Its
French Government had issued a decree authorizing French text, as enacted into law, was published in, these columns
dealers to trade with enemy ubjects under certain conditions. Mar. 1, page 827.
FRENCH CHAMBER PASSES BILL GIVING 250 FRANCS
TO SOLDIERS.
On Feb. 28 the French Chamber of Deputies passed a bill
granting to all demobilized soldieri a gift of 250 francs.
In addition soldiers who took part in the fighting will receive
20 francs a month for the time they were mobilized, while
all other soldiers will receive 15 francs a month.
GOVERNOR SMITH OF NEW YORK SIGNS BILL PERMITTING BRANCHES BY BANKS IN CITIES OF
50,000.
A bill signed by Governor Smith of New York on Mar. 7
permits the opening of branches by banks in cities of fifty
thousand or more inhabitants; the establishment of branches
had heretofore been limited to banks in cities with a population of one million or over. The following is the newly
REPORTS THAT ALLIES SEEK CANCELLATION OF enacted bill, showing in brackets the old matter omitted,
DEBTS TO UNITED STATES DENIED.
while the new matter appears in italics:
During the hearing before the House Ways and Means AN ACT to amend the banking law, in relation to branch offices of banks.
People of the State of New York, represented in Senate and Assembly,
Committee on the Victory Liberty Loan Bill last month doThe
enact as follows:
Assistant Secretary of the Treasury Albert Rathbone, in
Sec. 1. Section 110 of Chapter 369 of the laws of 1914, entitled: "An
charge of the Foreign Loan Bureau, took occasion to incor- Act in relation to banking corporations, and individuals, partnerships,
associations and corporations under the supervision of the
porate in the records a denial that the Allies expected the unincorporated
Banking Department, constituting Chapter 2 of the consolidated laws,"
United States to cancel their debts to the latter. Mr. Rath- is hereby amended to read as follows:
Sec. 110. Restriction on branch offices; penalty for violation. No
bone's statements were made in answer to Representative
director thereof, shall transact its usual business of
bank, or any officer
Sloan's reference to the "insistent demand" among others, banking at any placeorother than its principal place of business, except that
MAR. 15 1919.]
THE CHRONICLE
a bank in a city which has a population of more than (one million] fifty
thousand may open and occupy in such city one or more branch offices for
the receipt and payment of deposits and for making loans and discounts
to customers of such respective branch offices only, provided, that before
any such branch or branches shall be opened or occupied:
1. The Superintendent shall have given his written approval, as provided in Section 51 of this Chapter;
2. The actual paid in capital of such bank shall exceed by the sum of
$100,000 the amount required by Sec. 100 of this Article for each branch
opened since April 27 1908; and by the sum of $50,000 for each branch
opened previous to said date and hereafter maintained.
Any bank having a combined capital and surplus of $1,000,000 or over,
may with the written approval of the Superintendent open and occupy a
branch office or branch offices in one or more places located without the
State of New York, either in the United States of America or in foreign
countries.
Every bank and every such officer violating the provisions of this section
shall forfeit to the people of the State the sum of $1,000 for every week
during which any branch office shall hereafter be open or occupied in
violation of this section.
Sec. 2. This Act shall take effect immediately.
NEW YORK SENATE PASSES TWO BILLS AMENDING
BANKING LAW.
The New York State Senate on Mar. 13 passed two of
Senator Marshall's bills amending the State banking law.
One of these empowers the Superintendent of Banks to
examine at least once a year the trust department of every
national bank that has been granted a special permit by the
Federal Reserve Board to act in a fiduciary capacity. The
other removes any doubt as to the legality of railroad bonds
as investments for savings banks because of the operation
of the railways by the Federal Government.
THE REDISCOUNTS OF THE NEW YORK CLEARING
HOUSE BANKS.
When the New York Clearing House changed the form
of its weekly bank return, on Feb. 21, by eliminating the
details of the money holdings in vault, so that it is no longer
possible to know how much actual gold on hand the banks
have, how much silver, how much legal tender and how
much in the shape of bank notes or Federal Reserve notes,
all being indiscriminately lumped together under the designation "Cash in Vault," it also began stating in a foot-note
the grand aggregate of "Bills Payable, Rediscounts, Acceptances and other Liabilities." We made no comment
upon this,since, though information as to each of the items
included would obviously be useful and very much to be
desired, it did not appear to us that a grand aggregate of
them all could have any value beyond showing their magnitude. The "Journal of Commerce" of this city now says
—what, of course, would have been supposed—that the
chief item in the total is the rediscounts, and asserts that
the question whether the figures should not be reported
for each member of the Clearing House separately has been
under consideration. The "Jounral of Commerce" discussed the Matter in its issue of yesterday, and we'reproduce
its remarks herewith:
1019
is one that they ought to hold for themselves, and there has been a disposition in some quarters to try to keep the newly organized concerns out of
the business so far as practicable. It is even understood that some of the
Federal Reserve banks have advised certain of the discount concerns against
going into the accepting business in order that it might be left for the regularly organized banks. Others believe that with full publicity for the facts
as to acceptances and contingent liabilities, the volume of such paper
outstanding will take care of itself on a basis of competition.
Growth of Liabilities.
As the acceptance and discount market grows broader as a restoration
of commercial business is gradually effected consequent upon the elimination of war paper, the statement of the banks showing other liabilities is
believed likely to become more and more important. At the present time
the fact that so large a proposition of the discounts are collateraled by
Government obligations partially, though not wholly, destroys the significance of the figures. Their importance will, however, increase with the
restoration of regular business, and the provision that has been made for
regular reports on this point is, therefore, considered by bankers to be of
decided interest and importance to the future reports of the banking community as well as of the Federal Reserve banks.
PAUL M. WARBURG, CHAIRMAN OF EXECUTIVE
COMMITTEE OF AMERICAN ACCEPTANCE
COUNCIL.
At a meeting of the Executive Committee of the American
Acceptance Council in this city on the 13th inst. Paul M.
Warburg, formerly a member of the Federal Reserve Board,
was elected Chairman of the committee, and Lewis E. Pierson, Chairman of the Board of the Irving National Bank,
was elected President of the Council. Jerome Thralls,
Secretary and Treasurer of the Discount Corporation of
New York, was elected Chairman of the Permanent Committee on Organization of the Council. The other members
of the Permanent Committee on Organization are William
A. Law, President of the First National Bank of Philadelphia; Morton H. Fry of Bernhard, Scholle & Co., D. C.
Wills of the Federal Reserve Bank of Cleveland, and J. H.
Tregoe of the National Credit Men's Association. Chairmen of other committees appointed were: Fred I. Kent,
Vice-President of the Bankers Trust Co., publicity committee; Percy H. Johnson, Vice-President of the Chemical
National Bank, finance committee, and Herbert C. Freeman, representing the Chartered Accountants of America,
auditing committee. An amendment was adopted on the
13th providing for the election of twelve additional members
to the Executive Committee, increasing 'the membership
of the committee from 24 to 36, the twelve additional members to be members at large representing the twelve Federal
Reserve districts. Articles of association to be employed
in establishing local branches of the Council were also adopted
Three local associations have already been organized at
Baltimore, Joliet and Rochester, and plans are under way
for others in Cleveland, Cincinnati, St. Louis and Richmond.
Robert H. Bean, who has had a wide experience in banking
and mercantile lines, has been engaged as Executive Secretary of the Council. A statement bearing on the Council
says:
Headquarters of the Council will be opened in New York City, where a
Financiers have been commenting with approval within the past few
days upon the action of the Clearing House in publishing in its usual state- bureau of information will be established from which there will be given
ment for weekly conditions, an item showing liabilities other than deposits to business people and bankers throughout the nation full information
included in which are "bills payable, rediscounts, acceptances and other regarding trade and bankers' acceptances, what they are, how and why
liabilities." The total of these items as reported on Satudray last was they should be used. A bulletin will be published giving up-to-the-minute
somewhat over $853,000,000. This includes as its chief item the redis- Information regarding both of these instruments. A speakers' bureau vrill
counts of the members of the New York Clearing House Association as the be established. The Council will undertake to provide speakers competent
other items technically included are less important, although acceptances to discuss these subjects in an interesting and instructive manner at conare of much interest. ,
ventions and gatherings of business men and bankers throlighout the
country.
Action of Federal Reserve Board.
Through the use of trade and bankers' acceptances the Federal Reserve
The Federal Reserve Board recently took similar action and now reports
as a memorandum item in its weekly statement of condition on Federal system can be made to function to the maximum; commerce and industry
Reserve banks a figure showing the inter-reserve bank contingent liability will be benefited and both foreign and domestic trade will be facilitated.
Details of the organization of the Council were given in
for rediscounted paper passing from one Reserve bank to another. Thfs
figure was at last accounts about $70,000,000. It was understood that the these columns Feb. 1, page 421. It now includes
in its
question of including this item both in the Reserve bank statement and in
the Clearing House statement has been the result of very careful considera- membership 133 mercantile, industrial and financial contion, resulting in the determination to publish the contingent liabilities cerns.
of this kind as a contribution to the general information of tho public on
money market and reserve conditions. The action thus taken is approved
by some of.the progressive members of the banking community who believe JOINT STOCK LAND BANK OFFERINGS BY HALSEY,
that there is no reason for keeping this item back, but that it constitutes
STUART & CO.
a remonible element in the ordinary published return of the banks.
Halsey, Stuart & Co. are offering, at a price to yield over
Liabilities of Individual Members.
4.50% to the optional date and 50% thereafter, $3,000,000
The question whether it may not be well to require the publication of this
item for each individual member instead of showing it in the aggregate as a Joint Stock Land Bank 5% bonds issued by the following
memorandum was under consideration yesterday. According to some Joint Stock Land Banks under the supervision of the Federal
members of the Clearing House, such publication for the several members
Farm Loan Board:
is an extremely desirable thing, both as throwing light upon the condition
Lincoln (Neb.) Joint Stock Land Bank 5s.
of the members themselves, and also as indicating volume of business in a
Virginian Joint Stock Land Bank 5s.
certain way that is passing through their hands. A separate frequent
Arkansas Joint Stock Land Bank 5s.
statement showing for each bank the volume of its acceptances outstanding
Mississippi Joint Stock Land Bank 5$.
would also, it is thought, be of service in gauging the relative value of the
Iowa Joint Stock Land Bank 5s.
acceptances of some of the larger banks in the business. There has been
a disposition in a number of quarter:: to think that certain of the banks
The bonds are dated Nov. 1 1918 and are due Nov. 1 1938.
were going too far in accepting, and that it would be much better for them
to curtail their business in this direction rather than to increase it, turning They are redeemable at par and accrued interest on any
over to discount houses or foreign banks formed under the Federal Reserve interest date after Nov. 11923. They are in the form of
Act through stock subscriptions of member banks the function of conducting coupon bonds,
exchangeable for registered bonds and interthe acceptance business. Such concerns aro allowed under the Federal
Reserve Board's rules to accept up to six times their capital stock and sur- changeable, and are issued in denominations of $1,000 and
plus, but the commercial banks have of late felt that the acceptance field $500. Interest is payablesemi-annually, May 1 and Nov. 1;
1020
THE CHRONICLE
[Vol,. 108.
about
principal and interest are payable at the bank of issue or hove that a short time issue will maintain a price at
than
readily
far
more
concluded
is
campaign
the
after
par
Co.
&
Stuart
collectible through the offices of Halsey,
yet been
A circular describing the territory of the issuing banks says: would a longer term issue." No conclusion has
the rate of interest and
The Lincoln Joint Stock Land Bank (Lincoln, Neb.).—Mortgage loans reached by Secretary Glass as to
of the Lincoln Joint Stock Land Bank are confined to the State of Nebraska exemption from taxation which these notes will bear. The
and Iowa. The Lincoln Joint Stock Land Bank is closely' connected with following is his announcement:
Trust Co.of Lincoln, Neb.,an established mortgage institution.
the Lincoln
Virginian Joint Stock Land . Bank (Charleston, W. Va.).—Mortgage
loans are confined to the State of Ohio and West Virginia.
Arkansas Joint Stock Land Bank and Mississippi Joint Stock Land Bank
(Memphis, Tenn.).—Mortgage loans are confined to the States of Arkansas
and Mississippi. These banks are controlled by the Bank of Commerce
& Trust Co. of Memphis, Tenn., which has a long, successful record,
handling mortgage loans on the rich alluvial Mississippi delta lands in
these States.
Iowa Joint Stock Land Bank (Sioux City, Jowa).—Mortgage loans confined to the States of Iowa and South Dakota. The Iowa Joint Stock
Land Bank is closely associated with the Farmers' Loan & Trust Co. of
Sioux City.
OFFERING OF LINCOLN (NEB.) JOINT STOCK LAND
BANK FARM LOAN BONDS.
Hornblower & Weeks of Chicago and the Northern Trust
Co. of Chicago are offering at 101% and interest (to yield
4.60% to the optional period and 5% thereafter) $1,500,000
Lincoln(Neb.)Joint Stock Land Bank 5% Farm Loan bonds,
dated May 1 1918, due Nov. 11938, and optional Nov. 1
1923.
OFFERING OF FEDERAL LAND BANK FARM
LOAN BONDS.
The Mellon National Bank of Pittsburgh is offering at
100.50 and interest (to yield about 4%% to Nov. 1 1923
and 432% thereafter until called for payment) Federal Land
Bank 432% Farm Loan bonds, dated Nov. 1 1918 and due
Nov. 1 1938. The bonds, in coupon or registered form
(interchangeable), and in denominations $1,000, are redeemable at par and accrued interest on any interest date
after Nov. 11923. Interest payable May 1 and Nov. 1.
OFFERING OF FARM LOAN BONDS BY LIBERTY JOIlyT
STOCK LAND BANKS AT SAUNA, KAN.
Two weeks ago (Feb. 22, page 722) we referred to the third
issue of 5% Farm Loan bonds of the Liberty Joint Stock Land
Bank (Salina, Kan.) offered by Bonbright & Co. It was
then announced that the offering ($1,000,000) was at 101M
interest to yield 4.65% to the optional period and 5%
thereafter. An announcement the present week gives the
offering price at 102 and interest, yielding 4.50% to the
optional period and 5% thereafter.
OUTSTANDING LOANS OF WAR FINANCE CORPORATION APPROXIMATELY $108,000,000.
According to a statement made by Eugene Meyer Jr.,
Managing Director of the War Finance Corporation, before
the Ways and Means Committee of the House last month,
when hearings were being conducted on the Victory Liberty
Loan Bill, the total outstanding loans of the Corporation
are approximately $108,000,000. In addition to that,
said Mr. Meyer,"we hold about $235,000,000 market value
of Government securities, making a total of nearly $350,000,000, the capital stock that the Corporation has sold to
the Trehury. This figure of the present outstanding
loans," he continued, "is the balance unpaid, after having
received repayments of substantially $60,000,000 on account of advances previously made." Mr. Meyer added:
If we were to take t:ne total loans actually made or contracted for, it Is
about $107,000,000. In addition to loans we have made or contracted to
make, we procured in many cases advances by bankers, or security holders
In the form of extensions on their maturities, of over $100,000,000. In
addition thereto we have in certain cases agreed to make loans, if necessary, and then helped the applicants to get the money elsewhere. Only
last week we infor.nally authorized a loan to one of the railroads, provided
it could not get extensionsfrom note holders or new money from the bankers,
of almost s:5,060.003. and we were not called upon to lend a cent.
The Victory Loan campaign will open Monday, April 21, and will close
on Saturday, May 10. Under the Act of Congress approved Sept. 24 1917,
and amendments thereto, the Secretary of the Treasury still has the
authority to issue bonds similar to those of the Second, Third and Fourth
Liberty Loans to the extent of not over $5,022,518,000, but any ISS110 of
bonds under authority of this Act is limited as to rate of interest to a
maximum of 4W,% per annum, and would be subject to supertaxes and
profits taxes, except for the right to participate in the exemption of $5,000
principal amount with other outstanding issues of Liberty bonds and certificates.
The Congress has now passed the Victory Liberty Loan Act, which was
approved Mar.3 1919, under which the Secretary of the Treasury is authorized to issue notes of the United States to the extent of not over $7,000,000,000 upon such terms and conditions and at such rate or rates of interest
as he may prescribe. It is provided in this Act that these notes shall be
payable at such time or times, not less than one year or more than five
years from the date of issue, as may be prescribed by the Secretary.
After studying financial conditions in all parts of the country, I have determined that the interests of the United States will best be served at
this time by the issuance of short-term notes rather than of longer term
bonds which would have to bear the limited rate of interest of 4).4%.
The Victory Liberty Loan will therefore take the form of notes of the
United States maturing in not over five years from the date of issue. These
notes will be, as were the Liberty Loan bonds, the direct promise to pay of
the United States, will be issued both in registered and coupon form, and
the coupon notes will be in final form and will have attached the interest
coupons covering the entire life of the notes. I am hopeful that the notes
in final engraved form will be ready for delivery by the opening of the
campaign on April 21.
I am led to adopt the plan of issuing short term notes rather than long
term bonds, largely because of the fact that I believe that a short term issue
will maintain a price at about par after the campaign is concluded far more
readily than would a longer term issue.
I have not yet reached a conclusion as to the rate of interest and exemptions from taxation which these notes will bear, because this decision must
be based on existing conditions immediately prior to the opening of the
campaign.
I take this opportunity to repeat what I have already stated, that it is
the intention of the Treasury Department to carry on the same kind of
intensive campaign for distribution as heretofore. It would be a most unfortunate occurrence if the people of the United States failed to take these
notes, thus placing the burden of subscriptions on the banks. The business
of the country looks to the banking system for credit wherewith to carry
on its operations, and If this credit is absorbed to a large extent by the purchase of Government securities, there will be many limitations placed upon
the supply of credit for business purposes.
Our merchants and manufacturers need ample credit for setting the
wheels of industry in motion for peace time production and distribution,
and the wage earner is directly interested in seeing that these wheels are
kept moving at a normal rate in order that full employment at good wages
may continue, and whore readjustment conditions have necessitated a
slowing down of industry, it is vitally important that activity be resumed
and labor re-employed at the earliest possible moment.
I therefore ask the American people once again to give their support to
their Government in order that this great loan may be made an overwhelming success by the widest possible distribution.
Secretary Glass will leave Washington Tuesday for a
series of talks with Victory Loan workers in the Middle
West. He will speak in Minneapolis and St.Paul,March 20,
and in Chicago, March 21.
_
REGISTRATION AND TRANSFER OF FOURTH LIBERTY
LOAN BONDS.
The Federal Reserve Bank of New York stated on the
11th inst. that as the transfer books of the Fourth Liberty
Loan will close at Washington at the close of business to-day
(March 15) for the preparation of interest duo April 15 1919,
and will remain closed until the opening of business April 16
1919, all applications for registration, transfer and exchange
of registered for coupon bonds of the Fourth Liberty Loan,
received by the Federal Reserve Bank of New York after
March 14 1919 will be withheld until April 16 1919, and interest checks will be forwarded to holders of record as of March
15 1919. The Reserve.Bank also says:
Coupon bonds of the Fourth Liberty Loan surrendered for registration
after March 14 1919 should have the April 16 1919 coupon detached.
SUBSCRIPTIONS TO FOURTH LIBERTY LOAN—
LIBERTY BOND PURCHASES THROUGH
TREASURY REDEMPTION FUND.
According to an announcement made by the Treasury
Department on Feb. 22, the subscriptions to the Fourth
Liberty Loan amounted to $603.073,250. The approximate final figures announced in November (and referred to
in our issue of Nov. 23, page 1958) were 56,989,047.000. The
following are the totals by Federal Reserve districts reported
in the latest announcement:
SHORT TERM NOTES FOR FORTHCOMING VICTORY
LIBERTY LOAN—CAMPAIGN APRIL 21.
A statement definitely fixing April 21 as the date for
the opening of the Fifth, or Victory Liberty Loan campaign,
was issued by Secretary of the Treasury Glass on March
12. While pointing out that he has authority to issue
bonds similar, to those of the Second, Third and Fourth
$2,044,931,000
$632,124,000 New York
Liberty Loans to the extent of $5,022,518,000, Secretary Boston
701,909,000
598,763,000 Cleveland
Glass states that he has determined that the interests of the Philadelphia
217,885,000
352.685,000 Atlanta
Richmond
295,340,000
969,209,000 St. Louis
country will best be served by the issuance of short term Chicago
295,951,000
242,046,000 Kansas City
Minneapolis
462,250,000
146,090,000 San Francisco
notes rather than of longer term bonds, the interest of which Dallas
direct
received
wore
In addition $33,885,000 subscriptions
would be limited to 434%. Mr. Glass further says that he
which
subscriptions,
army
includes
This
Treasury.
the
rather
notes
at
term
short
of
issuing
plan
the
to
adopt
is "led
than long term bonds largely because of the fact that I be- are subject to some change later.
MAR. 15 1919.]
It is also announced that the Treasury has bought from
its redemption fund $346,936,500 of Liberty bonds at the
current:market price several points below par at times when
the market appeared to need stabilization. The purchases
were divided as follows: Fourth Liberty bonds, $35,000,000;
Third Liberty bonds, $15,935,500; Second Liberty convertedT43is, $132,295,000; Second Liberty 4s, $63,050,000,
and First Libertyteonverted 4s, $656,000. The bonds were
boughtlthroughlthelWar Finance Corporation as agent for
the Treasury.
GOVERNOR WILL ASSIST IN VICTORY LOAN DRIVE.
Governor Smith of New York haslaccepted the proffer
of the Liberty Loan Committee to help the Victory Liberty
Loan campaign by serving on the Advisory Committee/of
the Speakers' Bureau. He will meet his associates for the
first conference at the Bankers Club, Newrorkrity, next
Friday afternoon, March 21. Other members of the Advisory Committee are Charles Evans Hughes, BrigadierGeneral Cornelius Vanderbilt, Lieutenant-Colonel Charles
W. Whittlesley, George W. Carpenter, Moreau Delano and
Chalmers Wood Jr.
TIME FOR CONVERSION OF FIRST AND SECOND
4% LIBERTY BONDS EXTENDED.
An order reopening the conversion privileges to holders of
the 4% bonds of the First Liberty Loan converted and 4%
bonds of the Second Liberty Loan has been issued by Secretary of the Treasury Glass under authority of the Victory
Liberty Loan Act. The order extends the privilege, which
arose on May 9 1918 and expired on Nov. 9 1918, of converting these bonds into 43% bonds. Holders of the bonds
may present them for conversion at any bank; at the time
of conversion coupon bonds may be exchanged for registered
bonds. Secretary Glass's order announcing the extension
of the privilege for an indefinite period, is dated March 7
and was made public as follows on March 10:
TREASURY DEPARTMENT.
Office of the Secretary.
Washington, March 7 1919.
1919. Department Circular No. 137. Loans and Currency.
To Holders of 4% Gold Bonds of 1932-47 of the First Liberty Loan Converted
and 4% Gold Bonds of 1927-42 of the Second Liberty Loan:
By virtue of the authority conferred upon the Secretary of the Treasury
by Section 5 of the Victory Liberty Loan Act, approved March 3 1919,
the privilege of converting 4% bonds of 1932-47 of the First Liberty
Loan converted and 4% bonds of 1927-42 of the Second Liberty Loan
into 4Y,% bonds, which privilege arose on May 9 1918 and expired on
Nev. 9 1918, is hereby extended, subject to the provisions of this circular,
for the period beginning March 7 1919 and ending at such date as may be
fixed by the Secretary of the Treasury on six months' public notice given
in such manner as he shall prescribe. Said conversion privilege is described in Department Circular No. 114, dated May 9 1918, and the provisions of Titles I, IX, X and XI of said circular, except as herein otherwise provided, shall apply to and govern said conversion privilege as
hereby extended.
This circular does not apply to any conversion privilege which arose in
favor of the 3M% bonds of 1932-47 of the First Liberty Loan.
Conversions in the exercise of the conversion privilege as hereby extended may be effected by presentation and surrender of 4% bonds of the
First Liberty Loan converted, and 4% of the Second Liberty Loan, to
the respective Federal Reserve banks in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis,
Kansas City, Dallas and San Francisco, or to the Secretary of the Treasury,
Division of Loans and Currency, Washington. Such bonds so presented
and surrendered for conversion must be accompanied by "Request for Conversion" in the form prescribed by the Secretary of the Treasury (Form L
& 0 25 A hereto attached, copies of which may be obtained from any
Federal Reserve Bank or from the Secretary of the Treasury), signed with
the respective autograph signatures of the holders of the bonds presented
for conversion.
Registered bonds will be delivered upon conversion of coupon bonds if
written request therefor be submitted with request for conversion. Coupon
bonds will be delivered upon conversion of registered bonds if the registered bonds presented for conversion are duly assigned to "the Secretary
of the Treasury for conversion and exchange for coupon bonds" on the
form appearing on the back thereof; such assignments must be duly executed
In the presence of an officer authorized to witness assignments of United
States registered bonds. Bonds will be delivered so far as practicable
In like denominations as the bonds upon the conversion of which they
are respectively issued, unless written request for delivery in other denominations be submitted with request for conversion. Changes of
ownership will be permitted upon conversions of registered bonds if the
registered bonds presented for conversion have been duly assigned for
transfer in accordance with the regulations governing assignments of
United States registered bonds. Changes of ownership of registered
bonds, however, cannot be effected when the transfer books for the loan
in question are closed, and requests for conversion involving such changes
of ownership received during any such period when the transfer books
are closed will be effective during such period only as presentations for
conversion, and the changes of ownership will not be effected until the
reopening of the transfer books. The transfer books for the First Liborty Loan converted will be closed from May 16 to June 15 and from
Nov. 16 to Dec. 15, and for the Second Liberty Loan from Oct. 16 to
Nov. 15 and from April 16 to May 15 in each year, in each case both
dates inclusive.
For the purpose of computing the amount of intere4 payable, bonds
presented for conversion under this circular shall be deemed to be converted on the dates for the payment of the semi-annual intErast on the
respective bonds so presented for conversion next succeeding the date
1021
THE CHRONICLE
•
of such presentation. Interest will be paid on registered bonds presented for conversion at the rate of 4% per annum to the semi-annual
interest payment date next succeeding the date of presentation for conversion, to the registered owner of the bonds presented for conversion,
or in case change of ownership has been effected upon the conversion before the closing of the transfer books in anticipation of such semi-annual
interest payment, to the registered owner of the bonds issued upon such
conversion. Registered bonds issued upon conversion will bear interest
at the rate of 4X% per annum from the semi-annual interest payment
date next succeeding the date of presentation for conversion. In the
case of coupon bonds presented for conversion, all coupons maturing
on or before the semi-annual interest payment date next succeeding the
date of presentation for conversion must be detached and collected in
ordinary course when due. All subsequent coupons must be attached.
Coupon bonds issued upon conversion will bear interest at the rate of
43 % per annum from the semi-annual interest payment date next succeeding the date of presentation for conversion, and will have interest
coupons attached thereto covering semi-annual interest payments up to
and including the respective maturities of such bonds: Provided, however, That until June 15 1920 in the case of bonds of the First Liberty
Loan converted, and until May 15 1920 in the case of bonds of the Second
Liberty Loan, coupon bonds issued upon conversion will have coupons
attached thereto covering semi-annual interest payments only up to and
including June 15 1920 and May 15 1920, respectively, the bonds so delivered being exchangeable on and afcer said dates, respectively, into
a new bond or bonds having coupons attached thereto covering semiannual interest payments up to and including the respective maturities of
such bonds.
No adjustments of interest will be required upon conversions of either
registered or coupon bonds under this circular.
Transportation charges upon bonds presented for conversion must be
paid by the holders. Coupon bonds to be delivered upon conversions
will either be delivered directly to the holders of the bonds surrendered
for conversion at the time of such surrender, or in the absence of other
written instructions and remittances to cover expenses, will be expressed
at the owners' risk and expense. Registered bonds to be delivered upon
conversions, unless delivered directly to the registered owner or his duly
authorized representative, will be delivered by registered mail without
expense to, but at the risk of, the registered owner, unless otherwise directed in writing. As the cost of transportation of coupon bonds by express is greater than by registered mail insured, holders of coupon bonds
desiring to present them for conversion are advised to consult with their
own banks or trust companies, for arrangements may be made, as between Federal Reserve banks and incorporated banks and trust companies, for transportation, to and from Federal Reserve banks by registered
mail insured, of the bonds to be converted and of the bonds to be issued
upon conversions, the charges in each case to be paid by the respective
holders and to be remitted by the incorporated banks and trust companies to the Federal Reserve banks. Information concerning any such
arrangements will be furnished by Federal Reserve banks to incorporated
banks and trust companies.
The Secretary of the Treasury reserves the right at any time to suspend or terminate the extension of the conversion privilege made by this
circular upon six months' public notice given in such manner as he shall
prescribe. The right is also reserved to make from time to time any
supplementary or amendatory rules and regulations governing the exercise of the conversion privilege hereby extended, information as to
Which may be obtained from the Treasury Department or through any
Federal Reserve bank.
CARTER GLASS, Secretary of the Treasury.
The following is the form of application prepared by the
Treasury Department:
TREASURY DEPARTMENT.
Loans and Currency.
Form L. and C. 25 A.
Requests for Conversion.
[Only one series of bonds may be entered on this form, and separate
forms must also be used for (1) coupon bonds and (2) registered bonds.]
, 19—.
Date
To the Secretary of the Treasury:
The undersigned herewith presents and surrenders 4% gold bonds of
4% gold bonds
1932-1947 of the First Liberty Loan converted $ •
in coupon-registered
of 1927-1942 of the Second Liberty Loan $
form and requests that the same be converted into an equal face amount
of 4.1% gold bonds, according to the. terms of Treasury Department
Circulars No. 114, dated May 9 1918, and No. 137, dated March 7 1919.
Special instructions, if any, are given by the undersigned on the back hereof.
Autograph signature of holder in full.
Address, number and street (for delivery of bonds).
City or town.
State
County
1. Registered bonds will be issued upon conversion of coupon bonds,
and bonds will be delivered in a different denomination or denominations
from the bond or bonds surrendered, if the appropriate form of request appearing on the back hereof is duly executed.
2. Coupon bonds will be issued upon conversion of registered bonds if
the registered bonds presented for conversion are duly assigned to "The
Secretary of the Treasury for conversion and exchange into coupon bonds"
in the presence of an officer duly authorized to witness assignments of United
States registered bonds.
3. Changes of ownership will be permitted, subject to the provisions
of said Circular No. 137, upon conversions of registered bonds if the registered bonds presented for conversion have been duly assigned for transfer
in the presence of an officer duly authorized to witness assignments of
United States registered bonds.
Following forms to be used only for giving special instructions:
1. If registered bonds are desired upon conversion of coupon bonds use
this form:
, face amount, of coupon bonds surrendered hereReferring to $
with for conversion, the undersigned hereby requests the issue of registered
bonds inscribed in the name of
(Mr., Mrs., or Miss.) (First name in full.) (Middle name or initial.)
(Last name.) (Or complete legal name or corporation, partnership, or
other person.)
Address for interest checks
(Give full address.) (Number.) (Street.)
(City.)
Signature of person signing request for conversion
(State.)
1022
THE CHRONICLE
2. If delivery is desired of bonds in a different denomination or denominations from the bond or bonds surrendered use this form:
Referring to $
*, face amount, of bonds surrendered for conversion
herewith, the undersigned hereby requests delivery of bonds upon conversion as follows:
No.of Bonds. Denominations.
Total.
$50 $
100
500
1,000
5,000
10,000
x50,000
x100,000
*Total.
* These amounts must be the same;otherwise request may be disregarded.
x Coupon bonds are not issued in these denominations.
Signature of person signing request for conversion
H. C. HOOVER ON GOVERNMENT WHEAT GUARANTY
—MR. HOOVER TO DISCONTINUE RELIEF WORK.
In a statement regarding the wheat situation made by
Herbert Hoover, U. S. Food Administrator, at Paris on
March 9, he indicated his intention to discontinue his relief work after July. Mr. Hoover's appointment by President Wilson as Director-General of the American Relief
Administration created under the Act appropriating $100,000,000 for food relief in Europe was announced in these
columns March 8, page 933. Mr. Hoover had previously
been named as Director-General of an Independent Relief
Organization to feed Allied, neutral and enemy people.
Through Associated Press dispatches from Paris on the
9th it is learned that Mr. Hoover, when asked on that day as
to whether the United States Government would lose the
$1,000,000,000 appropriated under the bill signed on Mar. 4
to support the guarantee for next year's wheat crop, said:
The question of Government loss, if any, will revolve around several
different factors: First, whether we or the world will have any surplus
from the 1918 crop to carry over into next year; second, what the supply
and demand will be for the 1919 crop, and, third, whether the Government should deliberately decide to take a loss in order to lower the price
of bread.
As to the supply and demand for the 1918 crop, changes in the world
demand during the last month, shown by widespread investigation of the
food needs of Europe, indicate that there will be no surplus to carry over
Into the 1919 crop. The Indian famine has proved so serious that a
large part of the Australian wheat must go there at once. In addition, a
considerable portion of the Australian supply, which has been piling up
for years, has spoiled.
The needs of Europe are larger than our previous estimates. Altogether, the balance of the supply and demand for our present wheat now
looks as though we might see wheat at $3 50 a bushel, as it was in the
spring of 1917, if there is a free market in wheat and uncontrolled prices.
So much for the 1918 crop. There can be no free market of 90% of the
world's exports. Wheat is controlled by the Wheat Executive in London.
As to the 1919 crop, it is, of course, too early to come to any precise
conclusion. Our crop looks anything from 10 to 20% greater next near
than last year. Before the war Russia, India, Bulgaria, Serbia and
Rumania all exported large amounts of wheat. The war famine, loss of
seed, lack of fertilizers, and anarchy have cumulated to turn those countries into importers of wheat for the whole of next year. Central Europe
seeding will be below normal. The Australian crop 1919 is small. The
Argentine crop is no larger than that of Europe.
Altogether, it would appear now that there would be no bread to waste
in any quarter of the world for the next year, even if the world had the
money to pay for it and if the Bolsheviki did not get more territory.
Therefore, to all present appearances it should be possible to market
the whole of next year's wheat crop without loss to the Government.•
As to whether the Government will deliberately take a loss below the
price of $2 26 a bushel in order to lower the price of bread is a matter
that will have to be determined by the officials of the day. It appears to
me that the world price of wheat, if there is a free market, may be above
$2 26, and in any event such a loss would be a direct sub1raction from
bread prices, just as it is now paid in most of the European countries.
There are very great technical difficulties in the way of such a procedure
in the United States. Furthermore, it would, I believe, be proved upon
investigation that to lower the price of flour by 50% would only reduce
the price of a one-pound loaf from nine or ten cents, as at present, to seven
or eight cents, because too largo a proportion of the increased cost of a
loaf since the war is due to higher wages, manufacturing costs and the
cost of other supplies.
These problems will, moreover, need to be solved by someone else,
because neither myself nor most of the men in the Food Administration
will be able to continue in the service of the Government after next July.
We also must earn a living.
Asked concerning certain criticisms arising from the Government having fixed the price of wheat, Mr. Hoover said he originally opposed the
fixing of the price, and afterward on every occasion when Congress endeavored to raise the price. He added that he considered then, as he
did now, that the world situation required a stimulation to production by
guarantees to farmers, but that he was anxious to have the matter left
to the Administration. He recommended that the guarantee should be
placed on the basis of so much per acre of wheat planted, he said.
"Had this course been followed," Mr. Hoover continued, "the Government would have known precisely Its liability at all times, and could have
released wheat at prices to be determined by the law of supply and demand, if it were at any time considered advisable.
"I have always believed that a stimulation could be secured with a
subsidy of from $2 to $5 per acre, and that such a subsidy on 60,000,000
acres of wheat planted in the United States would have at the outside cost
$300,000,000, and I believe this would have been equally just and satisfactory to the farmer.
"I do not dispute the greater wisdom of Congress, and it is quite possible
that the Government may escape without any loss. Even if it does not,
I would be prepared to defend the necessity of a guaranty as having been
the means by which the bread of the world has been saved. The courage
[VOL. 108.
which the large American production gave to Europe was one of the contributing factors which won the war. If the present outlook continues
the world may be as grateful for the 1,000,000,000-bushel wheat crop of
next year as it has been for our 900,000,000 crop this last year."
HERBERT HOOVER DIRECTOR OF RAILWAYS IN
AUSTRIAN EMPIRE.
According to the daily press dispatches from Paris Mar.8,
the Supreme War Council has decided to give Herbert
Hoover, Director-General of Allied Relief, practical control of the railways in the old Austrian Empire and make him
the mandatary of the Council in demanding locomotives
and freight cars from each of the new States of old Austria with which to create a food and relief service. We
quote as follows from the dispatches:
The relief trains will run over all lines without political or military
interference. The service will be under the Relief Administration, headed
by Mr. Hoover.
Mr. Hoover has placed the matter in the hands of American army engineers for execution. The engineers have been detailed by General Pershing.
The decision of the Council amounts in effect to making Mr. Hoover
Director-General of the Austrian railway system in carrying out relief
work.
Five new States have arisen within the area of old Austria, and all
have agreed to place the question of the distribution and management of
the railway rolling stock in Mr. Hoover's hands. The Italians, who
had been maintaining a food blockade against Jugoslavia, finally allowed their differences with the Jugoslays to be settled by a commission,
and the Supreme War Council has directed that the blockade be raised
at once.
The action now taken is the result of reports on the serious situation
throughout Austria-Hungary. Owing to restrictions placed on American
appropriations for relief, Mr. Hoover has arranged for the British Government to buy $10,000,000 worth of foodstuffs from the United States
Grain Corporation. This will be turned over for distribution in Vienna.
Similar relief measures will be taken in other parts of the old Empire.
The Supreme Council, it is understood, will appoint an inter-Allied
committee of four members to investigate methods by which the States of
former Austro-Hungarian Empire can pay for the food sent them by the
Allied Powers.
U. S. FOOD ADMINISTRATION'S ANNOUNCEMENT
AS TO ADMINISTRATION OF $100,000,000
RELIEF FUND.
• The following statement of the U. S. Food Administration concerning the relief work made possible through the
$100,000,000 appropriation recently provided by Act of
Congress, appeared in the "Official Bulletin" of March 10:
•
Although the $100,000,000 relief measure for the participation of the
United States in furnishing food and other urgent supplies to the distressed peoples of Europe and the Near East, excepting Germany and
her allies, has been in effect only since Feb. 24, the work is going ahead
as smoothly and effectively as if it had boon in operation for months.
As a matter of fact the work has been in operation for months. It was
begun by definite act of the President only throe days after the armistice
was signed. Just as in the first days of the Commission for Relief in
Belgium and in the first days of the Food Administration, it was seen
that immediate action was imperative and that there could be no delay
waiting for the response from charitable institutions nor for official action
by any government.
Three days after the signing of the armistice, therefore, the President directed Mr. Hoover to go to Europe and arrangements were made for the
Immediate purchase and shipment of about 250,000 tons of foodstuffs,
consisting of flour and fats, chiefly pork products. The President placed
$5,000,000 of his national defense fund to be used for emergency purposes to start the work.
Mr. Hoover called to his assistance as volunteers a number of men who
had aided him in the Food Administration and placed them in charge of
the work at strategical points. Howard Heinz, Federal Food Administrator for Pennsylvania, was stationed at Constantinople; Mangus Swenson, Federal Food Administrator for Wisconsin, went to Copenhagen;
Vernon Kellogg of the Washington headquarters of the Food Administration, was placed in charge at Warsaw, and others like E. A. Peden, the
Texas Food Administrator, went over to render aid as general assistants
to Mr. Hoover. Dr. Alonzo Taylor, who served as a member of the Food
Administration in Washington, headed a commission that investigated
food conditions in Germany and Austria.
Thus, with the staff of the Food Administration, the Commission for
Relief in Belgium and the Army and Navy to call on, Mr. Hoover was
able not only to set up experienced and trained organizations whore he
needed them, but also to start investigations of the actual needs of the
countries which were calling for relief.
On each of these commissions the Army representative served to give
an official character, the representative of the C. R. B., through tile four
Years' experience in Beigimn and northern France, was able to ascertain
and formulate the acutal needs of the people, and the Food Administration representative was in a position to determine what supplies would
be available from the United States.
The headquarters at Paris were Manned by a group of men, each with
personal knowledge based on actual investigation of tho regions it was
proposed to cover—that Is, Poland, Jugo-Slavia, including Serbia, Rumania, Czecho-Slovakia and the Near East, with headquarters, respectively, at Warsz,w, Trieste, Prague, Bucharest and Constantinople.
In consequence, as soon as the $100,000,000 bill was signed by the
President, he named Mr. Hoover the Director•General for the American
Relief Administration, continued the Grain Corporation as the purchasing and distributing agency for this American Relief Administration,. authorized Mr. Hoover to name sub-administrators for the United States
and at important points abroad, and the work wont ahead with no perceptible break.
As soon as the arrangements for the first 250,000 tons of food wore completed, immediately after the armistice, these supplies were divided into
two streams, one passing through time Straits of Gibraltar to the Mediterranean, the other through the English Channel, with Rotterdam as the
ultimate distributing point.
Arrangements have already been made whereby the United States
Treasury, under the powers of the Liberty Loan Act, has established
•
MAR. 15 1919.]
THE CHRONICLE
credits for Serbia, Rumania ,and Czecho-Slovakia. The requirements
of these regions are carefully surveyed and the facilities for distribution
thoroughly canvassed before the final requisition is passed on to the New
York office of the A. R. A. The Grain Corporation, which from its work
as part of the Food Administration has built up machinery for the work,
will by the President's Executive order continue to serve as the purchasing and forwarding agency for the A. R. A., all of whose funds must pass
through toe hands of its disbursing officer.
REMOVAL OF ALL RESTRICTIONS ON HOG
SHIPMENTS.
According to the Chicago "Tribune" of March 12, all
restrictions on hog shipments have been removed, adding:
1023
private business affairs. Edward Flash, Jr., President of
the New York Produce Exchange, in stating that the continuance of Mr. Barnes in the Government service was
imperative, is quoted in the New York "Tribune" of the
11th int, as saying:
We grain men have been opposed to the continuance of the restrictions
upon the price of wheat and other grains and commodities, but, since
It is the policy of the Government, we believe that Mr. Barnes should be
in charge of the agency that is to handle the new crop. He is an able
administrator, with a thorough knowledge of the grain market, and grain
crop conditions generally. Moreoever, his experience in handling the
grain market during the emergency arising out of the war, makes his
retention in office for handling the new crop most imperative.
Following the recommendation of E. C. Brown, Chairman of the Price
Control and Stabilization Committee, the Food Administration sanctioned
the move and railroad agents have been notified to that effect. While
there are strings to the order, the trade does not see where there will be
any need of renewing the restrictions. Receipts last week were only about
50% of the allotment, but so far this week arrivals have been considerably
increased.
AUSTRALIAN REGULATIONS AFFECTING DYE
IMPORTS.
The War Trade Board on March 10 announced that
it had been informed that, by Government proclamation of
Feb. 27 1919, the importation into Australia of all dyes is
prohibited unless upon written consent of .the Minister of
J. H.BARNES SAYS WHEAT CROP OF 1918 SUFFICIENT Commerce and Trade. This ruling does not apply to dyes
of British origin.
ONLY FOR HOME NEEDS.
The intention of the United States Grain Corporation to
receive tenders for accumulated wheat stocks, with a view POSTMASTER-GENERAL BURLESON FORECASTS BUSIto preventing any material advance in the price of flour,
NESS PROSPERITY, BASED ON POSTAL RECEIPTS.
was made known on March 7 by Julius H. Barnes, President
Postmaster-General Burleson, in accepting postal receipts
of the Corporation. At the same time Mr. Barnes stated as a business barometer, makes the following comments
in a
that: "Contrary to the general public impression, it has statement issued on March 7:
become apparent that the crop of 1918, large as it seemed to
I concur in the opinion of the executive head of one of the greatest corbe at harvest time, will prove no more than sufficient to porations of the world, who prophesies "large business prosperity ahead."
Admittedly the revenue of the postal service is one of the most accurate
supply our home needs and the foreign requirements falling barometers of
present business conditions, and enables one to forecast
business conditions. This is necessarily true because the postal revenue
on us." He further said:
The estimate of farm reserves issued to-day indicates that possibly
the
earlier estimates of the total crop were too large. This seems to be confirmed also by the fact that current farmers' marketings throughout
the
United States are insufficient for milling requirements, and in
almost
every section of the country, urgency of demand for milling wheat
has
resulted in prices above the Government buying basis. In some varieties,
and in some sections, premiums as high as ten to fifteen cents above
the
Government basis have resulted, and in order to avoid resultant advance
In flour price levels, the Grain Corporation will, in the near future, resell
wheat from its accumulated stocks In the United States, although it had
been expected that those wheat stocks should be retained for shipment
to
the Allies and to other European buyers.
During the month of February the total purchases of the Grain Corporation in all of its offices were loss than five million bushels, while the
milling consumption of the country was lover forty millions.
All foreign sales made by the Grain Corporation have been at prices
which returned cost and expense of carrying the wheat, and prices made
on wheat offered for resale in this manner will also include cost and accumulated charges which have followed this wheat since its purchase by the
Grain Corporation.
The Grain Corporation hopes, by using part of its accumulated stocks
for resale in the United States in this manner, to relieve the public from
any material advance in the price of flour. It should be remembered that
the flour price of 1917-18 was stabilized, by vlountary agreement of five
thousand mills of the United States with the Grain Corporation, to maintain their buying basis for wheat at the fair price level recommended by
the President's Independent Price Commission; that these agreements
expired with the crop almost a year ago, and during the crop year now
passing the price of wheat and flour has been stabilized by the natural
pressure of a generous yield to a price level guaranteed to the producer.
It should be remembered that the Food Administration and the Grain
Corporation have no control now over maximum price for wheat and
flour. The Food Administration has tried to make plain to all the people
that its stabilization work in various primary foods was quite as much
in the protection of the consumer as of the producer, and that the enlargement of production was stimulated by the promise to the producer
of a stable market, rather than of an ultra-attractive price level.
It should again be emphasized that the main purpose of stabilization
during the war period was to eliminate speculation and profiteering in
food necessities, and thereby reflect directly to both producer and consumer the trade burden thus eliminated.
It is undoubtedly quite proper now that the war necessities are less vital
that these stabilization agreements should be superseded by private trade
initiative as rapidly as obligations already incurred can be liquidated; but
as in pork, and as now demonstrated in wheat, the result is not always
going to be net gain to the consumer, in the immediate price results, at
least.
We must not lase sight of the fact the world has been stripped of food
supplies, and its food production impaired beyond immediate recovery.
Mr. Hoover has been far-sighted enough to comprehend that far in advance.
I quite realize that this development will be a distinct surprise to that
large section of the public that has had the impression that wheat stocks
were so large in this country, and so difficult of sale in competition with
Argentine and Australian wheat, that only the Grain Corporation buying
maintained the price level of wheat in this country; but it is well that this
impression be corrected as soon as possible.
The different agencies of the Grain Corporation will. on March 15, call
for tenders from mills in all sections of the United States for such supplies
as they wish to draw from accumulated wheat stocks, and thereafter will
sell, day by day, to the extent of its unsold and surplus holdings to bona
fide millers at such milling centres as Minneapolis, Duluth, Kansas City,
St. Louis, Chicago, Fortunately, we have fairly generous stocks of wheat
sultable!for milling, and considerable relief will be given by these resales.
REPORTED 1VITHDRAW AL OF J. II. BARNES FROM
U. S. GRAIN CORPORATION JUNE 1.
Julius H. Barnes, President of the United States Grain
Corporation, is said to have informed his business associates
of his intention to resign about June 1 and again take up his
comes from every community in the United States. When business is
prosperous, that fact is reflected in increased postal receipts; on the other
hand, declining postal receipts are a certain indication of depressed business.
To illustrate: During the month of November there was a pronounced
decline in postal revenues, due to the nation-wide prevalence of influenza
and the signing of the armistice, which intimidated and halted business
throughout the United States. With the gradual passing of the scourge
of influenza and the steady readjustment of industries, postal revenues in
December showed a returning movement toward normal conditions, while
during the months of January and February the postal revenues greatly
exceeded for these months the average annual increase in postal revenues
during the last thirty years.
Judged, therefore, by the reliable business barometer of the postal service, it is obvious that, notwithstanding the fear of business depression
expressed in some quarters,this country is on the threshold of a period of
pronounced industrial prosperity.
CARPENTERS' WAGE UP TO $6.50 PER DAY.
According to the New York "Times" of March 9, the
Emergency Construction Wage Commission of the War
Department announced on the 8th inst. that the prevailing
union rate for outside carpenters in New York City on Feb.
24 was $6 50 per day of eight hours, and that it had voted
that this changed rate—an increase of $1 a day— shall
be made effective for outside carpenters employed on the
Brooklyn Army Supply Base as from Feb. 25. The "Times"
added;
William L. Hutcheson, President of the United Brotherhood of Carpenters and Joiners, who recently directed a strike of'carpenters against
the Building Trades Employers' Association, which is now under arbitration,
said yesterday that the commission's ruling would probably have a decided
effect at the third arbitration conference with the association to-morrow.
-The employers have been paying their carpenters 85 50 a day," he said,
"although the union presented evidence to show that while the cost of
living in New York City had risen 73% in four years, the wage increase
during this time amounted to only 10% in other cities of the country, with
a cost of living increase of 65 and 70% among carpenters, the average
increase in wages was 35%•
"The question of wages has not been reached in our conferences, which
have been occupied chiefly with settling minor matters, but now this
ruling of the Emergency Wage Commission should have some weight toward
getting 86 50 a day either from the association or from the umpire, Supreme
Court Justice Dugro, in the event of a disagreement.”
COMMITTEE OF HARDWOOD MEN TO ASSIST GOVERNMENT IN DISPOSING OF SURPLUS STOCKS
OF LUMBER.
Announcement of the appointment of a committee of
hardwood men to help the Government dispose of surplus
stocks of lumber was made as follows this week in the following statement from the office of Director of Sales, authorized by the War Department:
As a result of the recent conference between representative members of
the hardwood industry and representatives of the office of the Director of
Sales in regard to the disposition of the surplus stocks of hardwood lumber
in possession of the War Department, the hardwood industry has chosen a
committee to act with the Government in this matter. The members of
the committee are: C. A. Goodman, President of the National Hardwood
Association; Horace F. Taylor and It. M. Carrier, and their function Ail
be to act in an official capacity in dLsposing of surplus hardwood lumber
owned by the War Department.
It is the intention of the War Department to work in conjunction with
this committee in offering its hardwood in such a way that the market for
hardwood lumber will not be unduly disturbed.
1024
THE CHRONICLE
HARNESS AND SADDLERY ASSOCIATIONS ORDERED
TO END ALLEGED CONSPIRACIES.
A decision affecting the entire saddlery and harness industry of the United States is contained in an order of the
Federal Trade Commission, naming 159 officers and members of the Wholesale Saddlery Association and 20 associated
retail harness associations of the National Harness Manufacturers' Association of the United States, directing the
parties "forever to cease and desist" from combination or
conspiracy in restraint of open and free competition in the
inter-State sale of saddlery and accessories. The Commission found that• monopolistic practices and policies had
worked to the exclusion of competitor jobbers, dealers and
mail-order houses not recognized by the two organizations
as "legitimate" dealers, and had operated to restrict the
free and unhampered sale and distribution of harness, saddlery, and accessories throughout the United States. The
Commission's order follows:
Paragraph 1: Now, therefore, it is ordered that the Wholesale Saddlery
Association of the United States, its officers, committees and members,
forever cease and desist from directly or indirectly1. Conspiring and combining among themselves to induce, coerce and
compel manufacturers of saddlery accessories to refuseto recognize certain
non-member competitors of the members of said association as being
so-called legitimate Jobbers or wholesalers, and to refuse to sell them as
such in inter-State commerce.
2. Continuing or establishing any and all tests or standards of what
constitutes a so-called legitimate Jobbing or wholesale business, whether
based upon eligibility to membership or actual membership in said a.s.soelation, the amount of business done, the stock carried, or the proportion
of business which is wholesale.
3. Compiling, censoring and distributing lists containing or purporting
to contain all the so-called legitimate Jobbers based upon any of the aforesaid tests or standards of what constitutes a legimitate Jobbing business.
4. Giving verbal and written notices to manufacturers of saddlery
accessories that certain Individuals and concerns not conforming to any
of the aforesaid tests or standards are thereby not entitled to recognition
as so-called legitimate Jobbers.
5. Reporting to or circulating among the members of said association
the names of accessory manufacturers who are not in harmony with the
policy of said association, or who do not accept the Wholesale Saddlery
Association's tests or standards of what constitues a so-called legitimate
Jobbing business.
6. Withdrawing, withholding, threatening to withdraw or withhold,
or urging the withdrawal and withholding of patronage for accessory manufacturers who are not in harmony with the policy of said association or
who do not accept the Wholesale Saddlery Association's tests or standards
of what constitutes a so-called legitimate Jobbing business.
7. Inducing and compelling accessory manufacturers to refuse to make
shipments direct to the retailer on the Jobber's order or to refuse freight
allowance on such shipments if made, and from favoring with their patronage accessory manufacturers who do not make such direct shipments or
who do not make freight allowance therefor.
Paragraph 2.: It is further ordered that the Wholesale Saddlery Association of the United States and National Harness Manufacturers' Association of the United States, their officers, committees, and the members
of their subsidiary or affiliated associations, forever cease and desist from
directly or indirectly:
1. Conspiring or combining between or among themselves to induce,
coerce and compel accessory manufacturers to refuse to recognize as legitimate Jobbers entitled to buy from manufacturers at Jobbers' prices and
terms individuals and concerns doing or endeavoring to do a combined or
closely affiliated wholesale and retail business.
2. Carrying on between and among themselves communications having
the purpose, tendency, and effect of inducing, coercing, and compelling
accessory manufacturers to refuse to recognize as legitimate Jobbers entitled to buy from manufacturers at Jobbers' prices and terms individuals
and concerns doing or endeavoring to do a combined or closely affiliated
wholesale and retail business.
Paragraph 3: It IS further ordered that the National Harness
Manufacturers' Association of the United States, its officers, committees,
and the members of its subsidiary or affiliated associations forever cease
and desist from directly or indirectly:
1. Conspiring or combining among themselves to induce, coerce, and
compel manufacturers and Jobbers to refuse to sell any of the competitors
of retail harness manufacturers.
2. Using any scheme or device whatsoever, whereby the active membership of said respondent a.ssociation, consisting of retailers, concertedly
favor with or confine their patronage to manufacturers and Jobbers who
comprise the associate membership of said respondent, or who do not
compete with said active membership or sell to certain competitors thereof.
3. Using or continuing any system of credentials or other Indications
of manufacturers' and jobbers' sales policy with regard to certain competitors and consumers. and from encourgaing and urging retailers to
confine their patronage to or favor with their patronage, manufacturers
and Jobbers whose sale policy is in harmony with the said respondent
association's requirements as set out in the commission's findings of fact.
4. Inducing members of the Wholesale Saddlery Association of the
United States to use their influence with accessory manufacturers not to
sell to mail order houses or other competitors of retail harness manufacturers.
[VOL. 108.
that agreement. In cases where such guaranty and bond have already been
given and the conditions of the arrangement otherwise complied with, the
exporter will be relieved of his obligation to return the bags or bagging to
Nis
the United States.
FEDERAL EMPLOYMENT SERVICE TO CONTINUE.
The United States Employment Service will continue to
operate for an indefinite period, despite the failure of Congress
to pass the Urgent Deficiency bill or to appropriate funds
for its maintenance during the next fiscal year, according
to an announcement made on March 5 by Dr. George W.
Kirchwey, Federal director for New York State. Dr.
Kirchwey issued the following order on that date to all
employees of the service in this State for the purpose of restoring their confidence and that of the public in the future of
the service:
The failure of the Sixty-Fifth Congress, which expired at noon yesterday,
to appropriate funds to carry the United States Employment Service
until July 1, or to make any provision for its continuance during the
next fiscal year, cannot fail to arouse a feeling of uncertainty which will
be detrimental to the work of the Service unless determined efforts are made
to maintain the morale of the organization. There Is small comfort for
men and women who have served the Government loyally during the past
year in the realization that all other administeative departments are facing the same uncertainty, owing to the failure of their representatives in
Congress to perform their constitutional duties.
I have been advised by the Director-General that the service will be
continued in its present status for the time being and that efforts are being
made to provide funds which will assure its maintenance until the next
Congress has had time to act at the call of the President. The Employment Service was organized a little over a year ago as a war emergency
measure, to provide our farms, mines and munitions factories with workers.
The task which now confronts it Is fully as vital to the welfare of the nation
as was its previous task and will not be completed until the last soldier and
war worker is given an opportunity to obtain permanent employment.
Whatever the dereliction of the Congress recently deceased may have been,
the fact remains that the nation is in duty bound to aid such of these workers
and returning soldiers as need assistance in resuming their places in the
economic structure which they cheerfully abandoned to enter the national
service. On us, who are charged with seeing that this aid is properly
given, rests the obligation to keep the faith which the nation pledged to
those who served it in the war.
Our reports show that 30% of the men who are coming back from overseas apply to the Employment Service for assistance in finding Jobs. In
the last two months the service has placed 10,000 soldiers in Jobs in New
York State, in addition to some 70,000 civilians. In order that there may
bo no slackening of the important work to which we have set our hands,
I urgently appeal to all employees of the service to continue in the performance of their a.ssigned duties with the same faithfulness and efficiency
which has characterized their efforts in the past until definite assurance is
given that the service will be supplied with funds or will be discontinued
if such action becomes necessary.
Ample notice will be given to enable employees to provide for their
own futures, in case the latter step becomes necessary. In the meantime
I request all administrative officers to impress upon their staffs, the organizations co-operating with them and the commercial concerns with which
they do business, the knowledge that the Service is continuing as heretofore,
in order that the confidence of all may be restored, and to exert if possible
even greater energy in order that the Service may be Justified as an indispensable branch of the Government.
CUT IN WAGES OF.COPPER MINERS—WORKERS ASK
FOR LONG TERM CREDITS TO STIMULATE COPPER MARKET.
According to press advices from Butte, Mont., under
date of Feb. 17 a strike of copper miners in the Butte field
ended on that day with the decision of the I. W. W. miners
and Metal Miners' Union, independent, to call off the contest after a nine days' struggle in which the miners outside
these organizations refused to join. The strike was called
to contest a reduction of Si a day in wages, based on the
lower price of copper. The reduction was accepted by
members of the Miners' Federation, as agreeable to their
contract, but the independent men walked out. It is
stated that little disorder attended the strike, which brought
about almost complete cessation of business in the copper
business for a time, owing to threats of violence, despite
the presence of Federal troops. The I. W. W. men, it was
said, were demanding a six-hour day and $6 a day wage
scale. The wage scale put into effect on Feb. 7 was fixed
at $6 75—a reduction of $1 a day from the previous scale,
and is based on the contract entered into several years ago
with the Western Federation of Miners. With regard to
the reduction in wages Charles B. Moyer, President of the
International Union of Mine, Mill & Smelter Workers,
was quoted as saying at Denver on Feb. 7:
The announced reduction in wages paid mineral minors in the copper
TERMINATION OF "LOAN BAG" ARRANGEMENT.
districts of the country shows the fairness of the copper producers toward
The War Trade Board has terminated the requirement the miners, in that they will continue production rather than throw thoua result of the maxithat exporters comply with the terms of the so-called "loan sands of miners out of employment at this time. Asduring
the war period
mum production of the copper mines of the country
bag" arrangement, which provided for the exportation of the
sudden termination of the war found the producers with approximately
reapproved
to
States
United
no
the
market. The
was
from
there
bagging
which
and
for
bags
a billion pounds of copper on hand
under .1 sibling wage scale.
cipients in Central America under the prescribed condi- copper and mineral mine workers are employed
the reduction announced yesterday is merely the natural result of this
tions that such bags or bagging would be returned to the and
overstock of copper.
Alliance,
Textile
The
produce.
with
filled
United States
According to Butte dispatches yesterday (March 14), a
Inc., was authorized by the Board to make an announce- wage reduction of $1 a day, making miners' pay $4 25
ment to this effect on Feb. 24. The Alliance says:
daily, goes into effect to-morrow (March 16) in the Coeur
Exporters, therefore, will not be required to give the Textile Alliance,
d'Alene district.
of
terms
the
Inc., a guaranty and bond as has formerly been required under
MAR. 15 1919.)
THE CHRONICLE
A cut in the wages of copper miners at Salt Lake was also
noted in the "Wall Street Journal" of March 4 which said:
1025
Changing the sliding scale to the war basis wages paid for 26-cent copper
advanced wages 50 cents to $1 per day from the pre-war sliding scale rates.
The
absence of any market necessitates reduced production.
Utah Copper Company has posted notices to all employees of a general
Only the most favored operations could continue operations on the 18reduction of wages. This is the second reduction since copper was cut
from 26 cents and will amount to 25 cents a day. The maximum of the cent copper at present cost—and then only if a market can be found for
previous cut was 75 cents, making $1 a day cut inclusive of the new re- production, as all have reached the limit of their ability in carrying surplus
stocks.
duction.
Both producing and consuming representatives of the industry are
The reasons given by General Manager R. C. Gemmell for the action
are "the critical condition of the copper market and the inability of pro- strenuously endeavoring to improve the immediate market for their
product.
They are receiving the heartiest co-operation of Secretary Wilson
ducers to dispose of the metal."
Simultaneously notice was given that Magna plant would suspend of the Department of Labor, Secretary Redfield of the Department of
operations until further notice. However, construction work will be con- Commerce, Secretary Lane of the Department of the Interior, Secretary
Glass of the Treasury Department and Eugene Meyer, Jr., Managing
tinued, and every effort will be mde to give work to the old employees.
Director of the War Finance Corporation.
Utah Copper mine and mills had made general wage reSecretary Baker and Secretary Daniels are being asked to co-operate
duction effective Feb. 7, the posted notices giving as the with the industry in the handling of the Government supplies of copper
scrap copper and brass.
reason therefor the low price and unsettled condition of and
It must be realized that the end of the war
the principal
the copper industry. The sliding scale with price of consuming market. The building up of the peacedestsoyed
market is being pushed
copper, was said to be the basis of the reduction. The old as rapidly as possible, but necessarily requires a little time.
clear understanding of the existing conditions, which is difficult on
war wage was based on 26-cent copper and the reduction allAsides,
will, it is hoped, furnish a basis for mutual undestanding.
was based on 20-cent copper. It was also stated in the. On the signing of the armistice, the following
conditions existed:
1. The copper producers had very little copper sold ahead, as the needs
"Wall Street Journal" of Feb. 8:
The wage cut amounts to 1234 cents for each cent reduction in the price of our Government and of the Allies, which were taldng close to 90% of
the entire production, were being supplied monthly as required.
of copper on wages exceeding 34 15 a day.
2. At the request of the War Industries Board the mines continued to
from the middle of November until the end of the year at a fairly high
Legislation for the extension of long-term credits to foreign run
production in order t)keep the labor employed awaiting developments.
markets to stimulate the copper market and relieve con3. There now exists an unsold stock of copper, in process from the mine
ditions in the industry characterized as critical, was asked for ta the refinery or in finished form at the refinery, of approximately 1,000,pounds. This copper, It must be borne in mind, has been produced
in resolutions adopted in Washington on Feb. 4 by repre- 000,000
on a scale for wages of a 213-cent price and none of it has been marketed
sentatives of the copper mine workers of Utah, Arizona, and or can be marketed at that price or anywhere near it.
4. A stock of copper is foam' t be on hand in France, England and Italy,
Montana. The resolutions called upon the War and Navy
Departments to withhold from the market stocks of copper which, while small for war consumption, is a considerable amount in peace
times.
Large amo nits of servo metals are for sale in connection with the
now On hand. Conferences between Secretary of Labor cancelation
of munitions manufacturing programs.
Wilson and delegates representing the workers in the copper
5: Foreign Governments, having purchased their copper at 23 to 26
mines, mills and smelters in the three States were begun in cents, are remarketing under Government control
the stocks bought at
Washington on Jan. 31 at the instance of Secretary Wilson those prices, and meanwhile are discouraging, and in some cases prohibiting,
to consider methods of securing the best possible working Imports of new stocks.
6. In the domestic markes manufacturing industry finds itself suddenly
conditions during. the readjustment period. This action
was taken by the Secretary as a result of the grave con- cut off from its business on account of the mncelation of the munitions
programs.
The renewal of peace industry takes time to bring about, and
ditions confronting the copper industry following the signing
in the business is the result.
of the armistice, which greatly reduced the demand for a gap
7. The combination of the cessation of export trade and the interval
copper. The representatives of the workers, before con- required to turn war industries
into peace industries has brought about
cluding their conferences with Department of Labor officials declining prices in copper as well as other commodities, and while prices
on Feb. 4, appointed a permanent committee to co- are failing, buyers lack courage to purchase.
This is a summing up of the conditions which have brought about the
operate with managers of the industry in restoring normal
conditions. The following statement, proposed to be sub- existing situation, but the present and future interests us even more than
the
past. It appears that:
mitted to the workers, was made public by the representa1. The using up of accumulated stocks is progressing, even though it
tives at the conclusion of the conference:
may be slowly in Europe and in America.
No market since armistice was signed. Sales for last seventy-five days
2. With the coming of peace, northern neutrals and Central Empires,
don't amount to 5% of output.
as well as the rest of the world, will need copper and the manufactured
Copper stocks on hand at mill, smelter, in transit and at refineries about forms in which copper is an important part.
one billion pounds representing over $175,000,000 tied up in stock.
3. Telephone and telegraph companies have a large amount of postponed
The seriousness of this surplus stock of 1,000,000,000 pounds of copper construction work which must soon be placed.
is the fact that it was all produced on the maximum basis of cost, with
4. With the coming of spring considerable construction work may be
the expectation of realizing 26 cents per pound.
expected and orders will undoubtedly be placed which require copper.
For every cent loss than 26 cents the producers will lose $10,000,000,
5. With the better understanding of the very great increase in the cost
so that 18 cents copper means a loss of $80,000,000, which is a very serious of production that has occurred in the last
five years confidence will be
factor of demoralization apart from practically no sales for tho last ninety restored to buyers and they will
accordingly come into the market, probably
days and little in sight.
at present level of prices.
Starvation expresses the market condition to
-day.
6. Giving credits to foreigners for exports will greatly facilitate marketing
Copper production in 1918 averaged 200,000,000 pounds per month, of copper and other American products. This is now being
considered.
or about 2,500,000,000 pounds for the year—against a pre-war production
The conference also adopted the following resolution.
of 1,500,000,000 pounds.
Whereas, the copper industry in peace times has always depended upon
Normal consumption before the war, about 125,000,000 pounds per export trade for over half its product, and
month, divided nearly equal between home and export trado—the larger
Whereas, it appears upon reliable authority that foreign countries have
being the export trade.
great difficulty at the present time in financing purchases of the products
When peace is proclaimed and the necessary foreign credits are established of our country, and
in this country to finance foreign sales, the normal sales may bo recovered
Whereas, we deem it to the best interest of labor and industry in this
and even exceeded to, say, 150,000,000 pounds per month, but we can country to help to remedy this
temporary breakdown of the machinery of
hardly expect the sales to warrant production of 200,000,000 pounds per international trade.
month as during the destructive consumption of the war.
Be it resolved, that this meeting of representatives of the labor of the
The advantages in operations in the near future will be confined to the copper industry do urge
and recommend that Congress pass such legislamore favored operations of low-cost producers with modern equipments.
tion authorizing Government aid as will furnish the necessary long-term
The problem now before us is how best to safeguard the industry, to credits to facilitate the resumption
of our export trade in raw materials,
insure continued operations and a living wage.
agricultural products and manufactured goods.
The terms of the various sliding scales automatically regulate wages,
according to the market price.
Current prices for Jan. 1019 on the terms of the sliding scale are paid COPPER PRODUCERS TO
MARKET GOVERNMENT'S
on basis of 30 to 32 cents copper, although the December market price for
SURPLUS STOCK.
copper was 26 cents as fixed by the War Industries Board—but no sales.
Wages are, therefore, 50 to 75 cents higher on the war basis than they
In making known the tentative agreement reached at a
would have been on a peace basis, according to the sliding scale.
Thus at Clifton the miners' rate of 32 cents copper was $5 01, which is meeting in New York City on March 3 between representatives of copper producers and the War Department at
the rate paid for 26 cents copper instead of $4 26 as per sliding scale.
Globe and Miami and Jerome rate for 32 cents copper is $5 90, which the offices of the Copper Export Association, the War De$5
instead
15
is paid for 26 cents
as per sliding scale.
of
Bisbee district rate of 32-cont copper is $6 05, which is paid for 26-cont partment on March 6 issued the following statement:
A conference between representatives of the copper producers and
copper instead of $5 25 as per sliding scale.
Butte rate for 32-cont copper is $5 75, which is paid for 2S-cent copper officials of the War Department was held in New York Monday, March 3.
The
producers present at this conference represented approximately 90%
scale
instead of $5 as per sliding
A reduction in the selling price of copper to 20 cents calls for a reduction of the copper production. A tentative agreement was reached whereby
in wages of 75 cents per day, or 25 cents for each 2-cent drop in the market: the copper producers will market the Government surplus copper at the
or, if copper drops to 18 cents, the reduction in wages will be Si per day prevailing marl:et price, charging the Government the actual cost of so
doing. It will be distributed by the producers in connection with their
on the sliding scale basis.
War
Sliding own product, the minimum monthly amount being fixed and the actual
amount disposed of being a cert tin percentage of their total sales, if this
Comparison—
Basis. Scale.
26-cent copper in Butte
35 75
$5 00 exceeds the minlinum amount.
It was also agreed that the copper will be entirely distributed within
20-cent copper in Butte
5 00
4 50
18-cent copper in Butte
4 75
4 25 fifteen months. Final arrangements regarding this sale will be com26-cent copper in Clifton
5 00
4 00 pleted within a short time.
20-cont copper in Clifton
4 25
3 25
A similar statement had been issued on the 3rd inst., at
18-cent copper in Clifton
4 00
3 00 the conclusion of
the conference, at which the War De26-cent copper in Globe, Miami and Jerome
590
515
20-cent copper in Globe, Miami and Jerome
515
440 partment was represented by E. C. Morse—the Depart18-cent copper in Globe, Miami and Jerome
490
415 ment's Assistant Director of Sales. With regard to the
26-cont copper in Bisbee
605
530
conference and the statement then issued, the New York
20-cont copper in Bisbee
525
450
18-cont copper in Bisbee
500
425 "Sun" of March 4 said in part:
1026
THE CHRONICLE
While it was difficult to obtain information beyond that brief statement,
it was determined finally that no price had been fixed by the Government,
either minimum or maximum, and that the producers in selling the copper
are to be governed entirely by the "market prices." The amount to be
disposed of is limited to a certain extent by the fifteen months cause. It
was explained by Assistant Director Morse at the conclusion of the meeting
that "a certain amount" was to be disposed of in the first ten months,
and "a larger percentage" in the remaining five months. Otherwise, so
far, there appear to be no limitations on the agreement.
The companies are to receive no commissions for selling the copper and
will be paid by the Government only the actual cost of sale. When questioned as to what the companies would get for selling the metal the Assistant
Director of Sales said: "Don't you dare use the word commission or the
War Department will be on your neck." He snid that the companies
were to be paid by the Government only the actual expenses incident to
the sales which they made of the Government's metal.
Mr. Morse pointed out that the matter had not been definitely settled.
He said that the agreement reached yesterday was merely tentative, and
that it would haiie to be passed on by the copper men and by officials of
the War Department. Final and official acceptance of the agreement,
he said, would be announced through the publicity bureau of the War
Department in Washington. In reply to a question as to how long probably it would be before a working agreement would be arrived at and
officially confirmed, he said that there were several details to be worked out •
and that final action would be announced following the settlement of these
questions.
Just what the arrangement means to the Government or to the copper
producers was not disclosed after the meeting. There are approximately
140,000,000 pounds of copper in the surplus held by the War Department
which the producers have undertaken to market. Virtually all of the copper was brought at the maximum war price of 26 cents a pound, which
would make it cost to the Government about $36,400,000. Inasmuch as
no minimum price was incorporated in the agreement it is assumed that
the copper producers 'will be allowed to market the copper at any reasonable price they can obtain.
While there is no standard price just at present it is known that some of
the smaller companies have offered the metal as low as 14 cents a pound,
and that even at that price they have been unable to uncover any sizable
orders. It is hinted in some quarters that the copper producers may have
to market the Government supply as low as 12 cents a pound or lower.
At 12 cents a pound the loss to the Government,exclusive of the cost of
selling the metal, would be about $20,000,000.
[VOL. 108.
In its issue of Feb. 28 the "Boston News Bureau" had
the following to say relative to the mission abroad of the
representatives of the Copper Association, and the embargo
on American copper:
The commission of leading American copper men, including R. L.
Agas.siz, President of Calumet & Hecia; Walter Douglas, President of the
Phelps Dodge Corporation; C. F. Kelley, President of Anaconda, and
J. R. Clendenin, Vice-President of the American Smelting & Refining Company, accompanied by S. R. Guggenheim and Stephen Birch of Kennecott
Copper Company, reached here a few days ago.
The action of European governments in connection with the embargo
upon American copper seems to have caused a good deal of criticism in
America, and there is an impression in some well-informed quarters here
that an attempt is being made, by misrepresentation of facts, to stir up
strife.
The plain facts of the matter are that the European allied powers have
been purchasers of copper on an enormous scale, and the unexpected termination of hostilities found them all heavily "long" of the metal. In
these circumstances they had to face the economic questions involved.
In France and Italy it was thought desirable to prohibit further imports
of non-ferrous metals until such time as the stocks held by the respective
governments had been liquidated. The alternative would have been to
have permitted individual firms in the countries concerned to import raw
materials and to sell it in competition with the State. Of the choice of
evils, the French and Italian Governments, who were already on a protectionist basis, decided to prohibit imports by the public until the national
stocks acquired in the public interest had been worked off.
In Great Britain the position was similar, but with the difference that
our fiscal policy was based upon free trade, although its foundations are
apparently trembling under the shock of war. Meantime, while there is
no embargo in this country against the importation of raw metals, there is a
restriction on manufactured material. For instance, American pig iron
would be allowed to enter without restriction as things stand to-day, but
but American steel 'wire rods are banned. Whether an embargo will be
extended to American copper wire rods remains to be seen, although it is
possible that eventually it might be. These are problems, however, of
high policy with which the Government will have to deal, and make its
decision known through ordinary channels. America can be certain there
is no intention of obstructing her, but we must clear the ground before
making a fresh start.
The organization of the Copper Export Association, Inc.,
On Feb. 28—just prior to the conference—the Director was referred to in these columns Dec. 21, page 2334. Arof Sales of the War Department took occasion to issue a ticles of association for the new concern were filed with the
•
statement, saying:
Federal Trade Commission on Jan. 15, when it was granted
Several articles have appeared in various newspapers to the effect that permission to enter the export trade under the Webb law.
would sell its surplus stock of copper back to the
the War Department
producers at eleven cents to twelve cents per pound. These statements
have not been authorized by the War Department and no such arrangement is contemplated. It is the policy of the War Department acting
through the Director of Sales to sell surplus property at market prices
allowing the trade only the actual cost of handling Governmeht surplus
property.
SURPLUS STOCKS OF NITRATE TO BE SOLD AT
MARKET PRICE.
It was made known by the War Department on March
7 that an agreement had been reached whereby surplus
Government stocks of Sodium nitrate would be disposed
of by the same people from whom it was purchased on the
basis of market price less actual expense incurred in making
sales. The following is the statement issued by the Department:
As a result of a conference held by representatives of the sodium nitrate
importers and members of the Sales Office of the War Department, an
agreement has been reached whereby Government surplus stocks of sodium nitrate will be disposed of by the same people from whom it was purchased on the basis of market price loss actual exepnse incurred in making
sales. The Government-owned nitrate will be sold to fill practically all
orders up to the time when import restrictions are removed. After the
import restrictions are removed the nitrate importers agree to sell on a
basis of 1 pound of Government nitrate to each 2 pounds of their own.
The Government will therefore dispose of its nitrate as rapidly as possible,
taking into consideration the market conditions and the industry involved.
The nitrate will all be disposed of at market prices.
GEORGE CREEL NO LONGER WITH COMMITTEE ON
PUBLIC INFORMATION.
George Creel, Chairman of the Committee on Public
Information, who went abroad on Dec. 1 to wind up, it
was said at that time, the foreign business of the committee
has returned, having arrived on the transport Agememnon
reaching here on the 11th inst. With his return Mr. Creel
in stating that he would not go back to Washington is quoted
as saying that he was no longer with the committee, having
cabled his resignation while abroad. He also said:
I am going to return to private life. The domestic activities of the
Committee on Public Information ended in December, and arrangements
are being made for the discontinuance of all foreign work. My only relation
with the Committee on Public Information as from March 1 will be a
nominal one, in connection with the formal features of settlement.
DOUBE CABLE CENSORSHIP DISCONTINUED.
Announcement that the double censorship of cablegrams
had been eliminated under an agreement between the United
States and Great Britain was made at Washington on March
11. The "Official Bulletin" of March 12 in reporting this
says:
Arrangements have been perfected by the Navy Department through the
Chief Cable Censor, with the British Chief Cable Censor, whereby cablegrams between United States territory and points outside the British Empire will not be censored by British censorship, even though they may pass
TRIP ABROAD OF COMMITTEE REPRESENTING
through British territory. Similarly cablegrams between points in the
British Empire and points outside of United States territory will not be
COPPER EXPORT ASSOCIATION.
censored by the United States censorship even though such cablegrams
S. R. Guggenheim of the American Smelting & Refining may pass through United States territory.
This arrangement becomes effective at 12:01 a. m. March 13, and under
Company and Stephen Birch, President of the Kennecott
a cablegram between London and Valparlaso will be censored by the
Copper Corporation, who went to Europe in January with it
British only, although it will pass through United States territory, and a
the representatives of the Copper-. Export Association, cablegram between New York and Stockholm will be censored by the
arrived home on the Mauretania last week. Concerning United States censorship only, although it will pass through British terriUp until the present, such messages have been censored by both the
the trip abroad of Messrs. Guggenheim and Birch, the tory.
United States and Great Britain.
It is impossible to maintain an effective blockade against enemy territory
"Wall Street Journal" of March 7 said in part:
They brought back no orders for copper metal, making it plain along and enemy firms without a cable censorship, and the arrangement just
completed
does not contemplate the abolition of cable censorship but only
with this admission that they were not identified with the committee from
the Copper Export Association which went abroad for the specific purpose the elimination of double censorship. The now system will not minimize
of establishing agencies, studying conditions and booking what orders it the delay to which cablegrams are subjected as a result of congestion on the
cables. There are now not only fewer cables in operation than before the
could find.
"What American business men must learn to do," said Mr. Guggen- war, but also increased cable business and, in addition, frequent interrupheim, "is to build up a domestic market for their products and also try to tion to the cables which aro in actual use. 'rho great majority of cableestablish themselves firmly in neutral countries. This should be their grams from the United States to points in Europe, Africa and Western Asia
first thought and effort instead of depending upon Europe as an outlet for pass through Great Britain. The interruption of cables in the North Sea
often makes it necessary to forward cablegrams from England by post to
their goods.
Europe is sick, very sick, and while reconstruction will mean big de- the northern neutrals, and a current delay of four to five days, in each
mands for products of all sorts this will not develop for some time to come. direction, is at this time reported on cal?legra,ms which pass through the
Another thing for Americans to learn is that they are not wanted abroad Mediterranean. This typo of delay should become more and more infreat this time as tourists or travelers. Europe is not ready and will not be quent, but it will not be obviated by the arrangement just completed with
are high, tho weather is disagreeable and conditions Great Britain.
.
for some time. Prices
The United States desires to discontinue cable censorship at the earliest
in general are not conducive to comfort or pleasure.
We had forty days straight of rain in England. The strikes were at Possible moment and every modification consistent with its agreement to
their height, lighting in the hotels was poor and taken altogether it was maintain the blockade is being made, but as long as the Allies consider it
not a bit pleasant. There is no business and can be none for some time to necessary to continue tho blockade against enemy territory and enemy
firms, it will be necessary to continue the censorship.
come.
MAR. 15 1919.]
THE CHRONICLE
MAJOR-GENERAL GOETHALS RETIRES FROM ARMY
SERVICE.
Major-General George R. Goethals returned to civil life
on the 1st inst., when he retired from army service, relinquishing his duties as Assistant to the Chief of General
Staff and Director of Purchase, Storage and Traffic. The
War Department on the 7th inst. made public the following
letter of appreciation from Secretary of War Baker to
General Goethals:
1037
hence we have taken occasion to refer to whatever information might be available with respect to the extraordinary
and socialistic proposals embodied therein. The latest
advices as to this legislation were contained in a special
dispatch to the New York "Times" from Bismarck, under
date of March 8 and we give the same in full herewith:
The session of the North Dakota Legislature which has just adjourned
was the most eventful in its history. The Farmers' Non-Partisan League
had a two-thirds majority in each house and enacted into law its entire
socialistic program. The league-controlled Governor has approved the
bills.
My Dear Gen. Goethals:—As you retire from active duty to-day, I want
Perhaps the most novel feature of the Legislature was the secret caucus
to place in your hands and on your record an expression of my deep appreheld nightly, at which questions to come before the Legislature of the folciation of the service you have rendered the country in the war emergency.
lowing day were discussed and the action of the league leaders was deThe vast and intricate business of the supply departments of the Governtermined. The caucus regulations provided that every league Senator
ment, suddenly expanded from our peace time needs to meet the necessiand Representative must be present by 8 p. m., that no one could gain adties of a great war, called for the highest talents and the deepest devotion. mittance
without a pass, that no legislative committee was permitted to
You brought both when you were recalled to the active service. The sucreport any bill until it had been acted upon by the caucus, and that no bill
cess of your work is manifest and I have no doubt that when the history
even could be reported to the caucus until the league steering committee
of this great undertaking comes to be written your contribution to the
had given its consent.
success of the country in the war will be an outstanding feature.
Every league legislator was pledged to vote on the floor of the Senate or
For the personal sense of security and confidence which 1 have had.
I express my personal gratitude; officially, I express the gratitude of the House in whatever way the caucus dictated. Since two-thirds of the members
of the Legislature were members of the Non-Partisan League,and theredepartment and of the Government for the service you have rendered.
fore pledged to vote as the caucus dictated, the Legislature was really held
Cordially yours,
in secret behind locked doors, proceedings in the Senate Clumber and
NEWTON D. BAKER, Secretary of War.
House of Representatives being merely perfunctory and ratifying action
General Goethals has become head of the George W. taken
at the secret caucus.
Goethals Co., Inc., consulting engineers, at 40 Wall Street.
Bills That Were Put Through.
It is reported that General Goethals and two associates have
The principal features of the Non-Partisan League program which have
been
enacted
into
are:
law
been selected by the executive committee of the Cuba Cane
First—A bill creating the State-owned mill, elevator, warehouse, and
Sugar Corporation to make an investigation of the affairs marketing system
under which the State can engage in the business of
of the company.
manufacturing and marketing farm products, and can establish a warehouse, packing plant, elevator and flour mill system "under the name of
RESIGNATION OF ADMIRAL BOWLES AS ASSISTANT the North Dakota Mill and Elevator Association." The bill gives the
State the right to enter the flour-making field and endeavor to compete
MANAGER OF EMERGENCY FLEET CORPORATION.
in Eastern markets with the great organizations in the milling sections of
the
country. The State can also enter the marketing business, and tenThe resignation of Admiral F. T. Bowles, Assistant Genplans for a State marketing system are already being worked out.
eral Manager of the Emergency Fleet Corporttion, to take tative
Second—A $5,000.000 bond issue to start this enterprise. Through the
effect March 15 1919, was announced on Feb. 3. It is State-owned bank of North Dakota the scheme will be financed after the
stated that in all probability the Admiral will be retained $5,000,000 bond issue has been exhausted.
Third—The State-owned Home Building Association, through which
in some other capacity in the service of the Fleet Corpora- any
person can secure a 310,000 farm or a $5,000 town home by making
toin. The Admiral's resignation was dated Jan. 25. It a small payment down, the balance to be amortized by monthly installments
covering a period of twenty-five years. A bond issue of $5,000,000
was addressed to Director-General Charles Piez, and was
Is being floated for this enterprise and additional funds will be supplied
as follows:
by the State Bank of North Dakota.
Jan. 25 1919.
Fourth—A $10.000,000 bond issue to supply funds which the StateMy Dear Mr. Pies: Confirming my conversation with you this morn- owned bank will lend to farmers at low rates of interest. An
interesting
ing in which I asked you to be kind enough to relieve me of my duties, feature of this bill is the provision that in case of crop failure the
State shall
I beg to tender my resignation to take effect on March 15 1919.
refrain from collecting the interest due. On an average North Dakota has
I hope you will find the work you have intrusted to me in satisfactory three poor crop years out of each five. The fund available for farm
loans
condition, and that you will permit me to say that the conditions under is not limited to the $10,000,000 secured through this bond issue as the enwhich I have been associated with you have not only been agreeable, but tire resources of the State-owned bank are available if its
directors choose
will always be a matter of pride and satisfaction to me.
to use them for that purpose.
Very sincerely yours,
Fifth—State-owned and operated lignite mines, which promise to give
F. P. BOWLES,
the farmer cheap fuel. A large bond issue finances this enterprise.
Assistant General Manager.
Wide Field for State Bank.
The following is the reply of Mr. Piez accepting Admiral
Sixth—The State-owned bank which will handle the State school fund
Bowles's resignation:
and $10,000.000 rural credit fund, act as depository for all State utilities,
Jan. 311919.
the building and loan association and all public funds of the State, counMy Dear Admiral: I am in receipts of your letter of Jan. 25, and regret ties, cities, and districts, and will in addition do a general banking
busiextremely that you have found it necessary to tender your resignation.
ness, receiving deposits from and making loans to banks, firms, corporaYour work with the Fleet Corporation has been so valuable, both in its tions, associations, and individuals. Already estimated resources
of
creative and administrative sides, and your experience and advice have $135,000,000 are in sight.
been so helpful to all of us that I accept your resignation only .with the
The labor organizations of Illinois, which are affiliated with the new
greatest reluctance. Permit me to assure you that you have established party, have signified their intention of depositing their funds with
the
a reputation for success and efficiency with the Fleet Corporation that is State Bank of North Dakota, and of course there is nothing to prevent
the
beyond the power of criticism to impair, and that you may retire with the bank from making large loans to the same labor organizations,
if its diconviction that you have contributed more than your measure to the rectors desire to do so. If it is a fact that the same brains and
money are
success which the Fleet Corporation has achieved.
controlling the Farmers' Non-Partisan League, the new Labor Party,
In deference to your wishes I will accept your resignation to take effect the new National Party and the I. W. W. organization, a
State-owned
on March 15 1919. Sincerely yours,
bank with resources of $135,000,000 under the control of the Farmers'
CHARLES PIEZ,
Non-Partisan League may cut quite a figure in future national elections.
Director-General.
Seventh—A new tax code under which different classes of property will
be taxed at different rates. All land, railroad property, public utilities.
RESIGNATION OF BAINBRIDGE COLBY FROM U. S. business blocks and bank stock are to be assessed at 100%;town residences
and merchandise stocks will be assessed at 50%, while farm implements,
SHIPPING BOARD.
machinery, and improvements will be exempt from taxation. The
It was announced on March 9 that the resignation of code also provides for a State income tax levied on incomes of all kinds. new
Bainbridge Colby as a member of the United States Shipping
To Have Official Newspapers.
Eighth—A bill to create public revenue for a Non-Partisan League paper
Board has been accepted by President Wilson, who in a
each county. The measure provides for one official paper in each county
personal letter to Mr. Colby eulogizes his services while with in
which shall print all court and public notices, State
&c. No
the Shipping Board and expresses regret over his decision other paper can obtain this class of printing. A Statereports.
Printing Board
Non-Partisan
the
League will designate the official paper
to resign from public service. In making announcement of controlled by
in each county. League members admit that funds of at least $6,000 per
Mr. Colby's resignation, Chairman Hurley of the Shipping annum
will accrue to each county league paper. They hope that the bill
Board said:
will eventually silence the opposition press by killing at least 200 small
At the request of the President Mr.Colby volunteered to serve as a mem- weeklies in the State through depriving them of publication notices.
ber of the Shipping Board during the war. His legal ability and experiNinth—Under the so-called "Immigration bill" a fund of $200,000 is
ence in admiralty law was most helpful to the Board during the trying time made available for spreading the propaganda of the Non-Partisan League
experienced in endeavoring to build and operate ships.
in other States. League leaders admit that the fund will be used to "offset
Mr. Colby was appointed Commissioner on Aug. 8 1917. misrepresentation which has been made concerning North Dakota and the
Non-Partisan League. in other States." It is generally acknowledged that
His resignation leaves the composition of the Board as fol- the
official publicity agent of the Non-Partisan League will be appointed
lows: E. N. Hurley, Chairman; Raymond B. Stevens, Immigration agent and will supervise the expenditure of this $200,000
publicity in other States.
for
league
Vice-Chairman; John A. Donald, Commissioner; Charles
At the close of the session a great demonstration
held at the Capitol
R. Page, Commissioner. No successor to Mr. Colby has Building in Bismarck to commemorate the success ofwas
the league in enacting
its entire program into law. Five reels of moving pictures, showing Govyet been announced.
ernor Frazier signing the league bills, prominent league officials and legislators, were taken, which will be used as propaganda in other States.
SOCIALISTIC PROGRAM CARRIED THROUGH NORTH
Opponents of the league express the opinion that the burden of taxation,
which has greatly increased since North Dakota has been under the control
DAKOTA LEGISLATURE.
of the league, will cause widespread dissatisfaction.
The very radical legislative program carried through by
Plans for the referendum of laws enacted by the North
the Non-Partisan League of North Dakota is of such Dakota Legislature were announced at Fargo on March 10
importance as to warrant more than passing attention, and by the North Dakota Independent Voters' Association.
1028
THE CHRONICLE
[VOL. 108.
instead of being a proper amendment to the Constitution, is destructive
of it, and
Whereas, Two successive Legislatures of the State of Rhode Island have
refused to ratify said Eighteenth Amendment, and
Whereas; It is of incalculable benefit alike to the State and the nation,
as well as to every citizen, regardless of his individual opinion concerning
the subject of Prohibition, that there should be a prompt, definite and
conclusive determination by the highest courts of the issues involved, that
public sentiment thus directed into orderly channels may patiently await
the judicial outcome of these proceedings, and the sane submission to
legal processes be substituted for dangerous unrest; therefore be it
Resolved, That the Attorney-General of the State of Rhode Island be
The League members mostly arc of the thrifty, shrewd farmer class.
and directed, in the name of the State or otherTheir movement was made because of gross abuses that undoubtedly and is hereby authorized
wise, to commence such suits or proceedings, or to take such other steps as
existed with regard to the elevator and milling situation.
purpose of securing as promptly
Ono of the most prominent features of the League's program is the may be necessary in the premises for the
of the Supreme Court of the United States
establishment of a huge State bank. This has been criticised widely, and as possible a determination
of the action of Congress in
the
constitutionality
of
question
the
upon
many have said it cannot work.
to the Constitution of the
I see no reason why it should not be a success if the right men run it. proposing the said Eighteenth Amendment
the said Eighteenth Amendment to the ConOne of the striking features of the non-partisan movement is the intense United States in proposing
fervor of the members. They are confident their reforms will bring about stitution of the United States.
the industrial millenium. I think it unwise to condemn their projects out
of hand.
PLANS FOR MEETING FINANCIAL REQUIREMENTS
North Dakota business men generally are working under a great deal of
OF RAILROADS.
uncertainty. No one knows if the State will enter his line under conditions
that will give him stiff competition.
of meeting the financial requirements of the
The
question
But if the State plan proves feasible and benefits the people, who can
railroads, which has arisen with the failure of Congress to
Justly criticise it?
NORTH DAKOTA BANKERS' VIEWS OF NEW STATE
LEGISLATION.
The following comment by J. L. Bell, President of the
North Dakota Bankers' Association, regarding the newly
enacted North Dakota legislation, appears in the Chicago
"Herald and Examiner" of the 12th inst. Mr. Bell was in
Chicago this week to attend the eighth annual conference of
the Central States Bankers' Association at the Hotel La Salle.
RHODE ISLAND TO TEST THE FEDERAL PROHIBITION
AMENDMENT.
A resolution seeking an immediate decision by the United
States Supreme Court on the constitutionality of the Federal
Prohibition amendment was presented in the House of Representatives of Rhode Island on March 12 by Representative
Jacob A. Eaton of Providence. The resolution, which was
referred to the Judiciary Committee, proposes that the Attorney-General of Rhode Island be authorized to take immediate steps to secure from the court of last resort a determination of the constitutionality of the action of Congress
in proposing the amendment to the several States.
Grave questions of constitutional rights have been raised
by the amendment, the resolution recites. It states that
it does not amend the system of government erected by the
Constitution, but completely' alters and transforms that
system and that the amendment invests Congress with
police powers in the States hitherto exercised exclusively by
them, and thus makes a revolutionary change in the Government through such an extension of the Federal power
as to enforce upon the States a national police power to be
exercised within their borders.
The amendment is said to be contrary to the spirit of the
dual system of government erected by the Constitution,
and, instead of being a proper amendment to thq organic
law of the nation, is destructive of it.
It is declared to be of "incalculable benefit" to the State
and nation, and to every citizen, regardless of his individual
opinion of Prohibition, that there should be "a prompt,
definite and conclusive determination by the highest courts
of the issues involved," in order that "sane submission to
legal processes" may "be substituted for dangerous unrest."
Rhode Island has, from the first days of its history, been
in the vanguard of the forces fighting for human liberty, the
resolution asserts, and has never failed to take her stand
"in defence of constitutional government and in the safeguarding of American liberty." The resolution in full was
printed in full by the Providence "Journal," and we reproduce it here in full:
Whereas, There has been proposed by Congress an Eighteenth Amendment to the Constitution of tho United States which amendment has been
submitted to the Legislatures of the several States and, according to a
proclamation of the Secretary of State, has been ratified by the necessary
three-fourths of the States in accordance with the provisions of the Constitution of the United States, which said amendment is as follows:
"Section 1. After one year from the ratification of this article the menufacture, sale or transportaion of intoxicating liquors within, the importation thereof into, or the exportation thereof from the United States and all
territory subject to the jurisdiction thereof for beverage purposes is hereby
prohibited.
"Section 2. The Congress and the several States have concurrent power
to enforce this article by appropriate legislation.
"Section 3. This article shall be inoperative unless it shall have been
ratified as an amendment to the Constitution, within seven ,years from
the date of the submission thereof to the States by Congress."
And Whereas, The State of Rhode Island from the earliest days of its
history has fought the battle of human freedom, declaring by legislative
acts its independence of Great Britain two months before the action taken
by the National Congress and compelling the inclusion in the Constitution
of the United States of the first ten amendments constituting the national
Bill of Rights, and has never failed to take its stand in defence of constitutional government and in the safeguarding of American liberty. and
Whereas, It believes that this attempted amendment of the Constitution
by Congress has created the following among other grave questions of
constitutional rights, to wit:—In that it does not amend the system of
government erected by said Constitution, but completely alters and transforms said system; in that the amendment invests Congress with police
powers in the States hitherto exclusively exercised by them, and thus
constitutes a revolutionary transformation of the Government by reason
of the extension of the power of the United States, and a compulsory acceptance by the States of a national police rule to be enforced within their
borders; and in that such an amendment is contrary to the spirit and system of the dual form of government erected by the Constitution, and,
pass the $750,000,000 appropriation asked for by DirectorGeneral of Railroads Hines, has been the subject of discussion throughout the week in Washington. At the main
conference between Mr. Hines, railroad interests and
Treasury representatives, held on Tuesday, the" 11th inst.,
Mr. Hines informed those meeting with him that he was
considering the advisability of having the Railroad Administration issue, under reasonable conditions and limitations,
warrants for amounts due railroad corporations, such warrants to be in a form which would servo as collateral for
railroad corporations desiring to make loans through banks,
these warrants to be taken up by the Railroad Administration when the needed appropriations were authorized by
Congress. A resolution pledging the co-operation of the
railroad executives in the efforts of the Railroad Administration to provide for the latter's financial needs, was adopted by the former and a committee, under the chairmanship
of Howard Elliott, was empowered to aid in furthering plans.
The Railroad Administration issued the following statement
with reference to the conference:
At the invitation of Walker D. IIines, Director-General of Railroads, a
conference was held Feb. 11 between the Director-General and a group of
representative railroad corporation executives, members of the War
Finance Corporation and members of the Advisory Finance Committee
of the Railroad Administration to discuss the financial situation facing the
Railroad Administration and the railroad corporations as a result of the
failure of the Congress to pass tho $750,000,000 appropriation requested
by the Railroad Administration.
In order to get the problem before the conference, the Director-General
outlined the necessities of the situation as follows:
Amount Needed up to June 30 1919.
For interest and other corporate requirements of the railroad
$166,066,762
corporations
To meet amounts due equipment companies by the Railroad
183,681,065
Administration
To pay for indispensable additions and betterments, including
110,000,000
equipment ordered by railroad companies
100,948,965
To meet maturities of the railroad corporations
vouchers
current
pay
to
requirements
To meet excess of cash
101,000,000
over the probable receipts up to Mar. 31 1919
To bring cash balances in hands of Federal treasurers up to
40.000,000
month
$200,000,000 which is the normal requirements for one
$701,697,692
Total
It was made clear that to a large extent it will be necessary for the railroad corporations to meet their requirements by obtaining loans from
bankers, the resources of the War Finance Corporation to be reserved to
protect special cases.
The Director-General and the conference generally proceeded on the
view that it was highly desirable to devise ways to provide for payment of
bills and have the situation met through financing rather than by a general
.suspension of work which would have a deterrent effect upon business
generally.
The Director-General told the conference that he Was considering the
advisability of having the Railroad Administration issue, under reasonable
conditions and limitations, warrants for amounts duo railroad corporations, such warrants to be in a form which would serve as collateral for
railroad corporations desiring to make loans through banks, and such
warrants to be taken up by the Railroad Administration when the Congress
makes the appropriation needed to meet the situation.
Mr. Eugene Meyer Jr.. manager director of the War Finance Corporation, assured the Director-General and the conference that the corporation was desirous of doing everything possible to assist in meeting the
situation, having in mind the interests of the Government in protecting
loans and the legal limits placed upon the corporation.
A spirit of hearty co-operation was evidenced by the railroad executives,
through Mr. Howard Elliott, who appeared as acting chairman of the
railroad executives committee, and other railroad corporation officials.
The conferences have not yet been concluded.
The conference was attended by the following:
The Director-General, Walker D. Hines.
Howard Elliott, Chairman Northern Pacific Ry. Co., New York, N. Y.
R. S. Lovett, President Union Pacific System, New York, N. Y.
Daniel Willard, President Baltimore & Ohio RR. Co.,Baltimore, Md.
Samuel Rea, President Pennsylvania RR. Co., Philadelphia, Pa.
Woodward Hudson, President Boston & Maine RR. Co., Boston, Mass.
Harry Brenner, President Missouri Pacific RR. Co., New York, N. Y.;
Vice-President and Gen. Counsel Great Northern Ry. Co., St. Paul, Minn.
gH.Walters, Chairman Atlantic Coast Line RR.Co., New York, N.Y.
MAR. 15 1919.]
THE CHRONICLE
Charles B. Perkins, President Chicago Burlington & Quincy RR. Co.,
Chicago, 111.
F. D. Underwood, President Erie RR. Co., New York, N. Y.
W. H. Williams, Chairman Wabash Ry. Co., also Vice-President Delaware & Hudson Co., New York, N. Y.
W. K. Vanderbilt Jr., l'resident New York Central RR. Co., New
York, N. Y.
W.II. Harris, Vice-President N. Y. Central RR. Co., New York, N. Y.
Charles A. Peabody, President Illinois Central RR. Co., Now York, N.Y.
E. G. Buckland, President N. Y. New Haven & Hartford RR. Co.,
New Haven, Conn.
Agnew T. Dice, President Philadelphia & Reading Ry. Co., Philadelphia, Pa.
William H. Finley, President Cnicago & North Western Ry. Co.,
Chicago, Ill.
L. E. Johnson, President Norfolk & Western Ry. Co., Roanoke, Va.;
representative and counsel of Seaboard Air Line Ry., Baltimore, Md.
Henry Ruhlender, President St. Louis & San Francisco RR. Co., New
York, N. Y.
Charles E. Schaff. receiver Missouri Kansas & Texas Ry. Co., St. Louis,
Mo.
Franklin Q. Brown, Chairman Finance Advisory Committee.
Frederick W. Scott, Finance Advisory Committee.
James N. Wallace, Finance Advisory Committee.
Eugene Meyer, Jr., managing director, War Finance Corporation.
Clifford M. Leonard, director, War Finance Corporation.
Angus W. McLean, director, War Finance Corporation.
Following the morning conference, the railroad executives met_ in the
afternoon and adopted the following resolutions:
Resolved, 1. That It is the sense of this conference of railroad executives
that the railroad companies will, in the present financial emergency, cooperate in every practicable and reasonable way with the Railroad Administration in its efforts to provide for financial requirements pending an
appropriation by Congresst to relieve the situation;
2. That, while the problems to be met are largely matters between the
Individual roads, the Railroad Administration, the War Finance Corporation, and the bankers, it is deemed wise to have the general subject
supervised, on behalf of the railroad companies, by a central committee,
with power to consider the questions involved and to give such aid and
co-operation and to make such suggestions as may be possible to the
individual roads, to the Director-General, to the War Finance Corporation,
and to the bankers, it being understood that such committee is not to have
power to commit any individual company without its assent;
3. That the chair be, and hereby is, authorized and requested to appoint such committee, to consist of seven members, of which Mr. Howard
Elliott, the Chairman of this meeting, shall be ex-officio Chairman. The
chair thereupon appointed the following committee:
Howard Elliott, Albert H. Harris, Robert S. Lovett, Samuel Rea,
Henry Ruhlonder, Henry Walters, Daniel Willard, Alfred P. Thom (counsel), George M. Shriver, in charge of accounts; E. G. Buckland, Secretary.
This resolution was presented to the Director-General, who held a brief
conference with the members of the committee named above and expressed
his gratification over the attitude adopted by the executives, adding that
he was very happy to have the committee co-operate with the Railroad
Administration. A further meeting will be held Thursday March 13,
between the Director-General and the members of the committee of executives named yesterday.
In addition to the executives named after the morning meeting, there
wore present Fairfax Harrison, President Southern Railroad, and Alfred
P. Thom, General Counsel.
On the 12th inst. the extent to which the Federal Reserve
system might be availed of to assist in the financial operations of the railroads was discussed by Secretary of the
Treasury Glass, Director-General Hines, Governor Harding
of the Federal Reserve Board and officials of the War Finance
Corporation. It was stated then that it had not been determined whether railroad notes, secured by Railroad Administration warrants, might be eligible for rediscount with the
Federal Reserve banks. In conferring with representatives
of equipment companies on the 13th, Director-General
Hines had tentatively planned to meet the $183,681,965
which would fall due June 30 next, on account of locomotives
and cars by the drawing of ninety-day drafts upon the
Director-General. With the issuance of a statement announcing this, a ruling by the Federal Reserve Board that
such drafts would be acceptable for rediscount by the
Federal Reserve banks was also made public. The followng is the statement issued by the Railroad Administration:
After discussing with representatives of the War Finance Corporation,
the Federal Reserve Board, the Advisory Committee of the Railroad
Administration and representatives of equipment companies as to how these
obligations should be met, the Director-General is considering giving permission to the equipment companies to draw drafts on the Director-General
for amounts duo, the drafts to be accepted by the Director-General of
Railroads. The acceptances probably will run for ninety days. Such
acceptances would bear interest, but the rate has not been determined.
The Director-General has submitted to the Federal Reserve Board the
question of whether Federal Reserve banks may properly rediscount for
member banks such drafts accepted by the Director-General. In response
to this inquiry the Director-General to-day received the following letter
from the Federal Reserve Board:
"The Federal Reserve Board has received and considered your letter of
March 13, in which you asked to be advised whether or not Federal Reserve
banks may properly rediscount drafts drawn by manufacturers of equipment material and supply men, individuals or corporations upon the Director-General of Railroads to cover the cost of equipment, material or supplies sold to the Director-General of Railroads when such drafts have been
accepted by the Director-General of Railroads and offered for rediscount
by a member bank.
"Under the provision of section 13 of the Federal Reserve Act and the
regulations of the Federal Reserve Board, issued in pursuance thereof,
Federal Reserve banks may properly rediscount for their member banks
drafts, commonly referred to as trade acceptances, drawn by the seller
upon the purchaser of goods sold and accepted by such purchaser, provided
such drafts have a maturity at the time of discount by the Federal Reserve
banks of not more than ninety days, exclusive of days of grace, and provided that they otherwise conform to the provisions of law and the regulations of the Federal Reserve Board.
"It is the opinion of the Federal Reserve Board, therefore,that subject
to the limitations of the Federal Reserve Act, drafts drawn and accepted
under the circumstances set forth in your letter are eligible for rediscount
by Federal Reserve banks at the prevailing rates of discount for trade
acceptances."•
1029
.rulineof the7Federal Reserve Board making this paper
In viewZof thisi
eligible for rediscount the Director-General to-day assured the representatives of the equipment companies of his belief that the way appears
open to care for the situation in such a way as to protect the equipment
companies and thuslavoid any industrial disturbance.
DEMANDS FOR WAGE INCREASES. BY RAILROAD
EMPLOYEES—DIRECTOR-GENERAL HINES'
APPEAL AGAINST STRIKING.
Arguments in supportiofialdemand of about half a million
railroad:shopmen for a general wage increase from the basic
rate of 68 cents to 85 cents an hour were presented to the
Board of Railway Wages and Working Conditions on behalf
of the men on March 12. The spokesmen are said to have
stated that most shipyardslpaid[85 cents to their machinists
and other shop workers,'andithat]'many of the best workmen had been discharged fromirailroad shops, despite two
general increases given the railroad/men:last year. Railroadshop employees' requests for;ithe same wages paid for similar
employment in shipyardskvereirefused by the Railroad Administration last year, on!therground that railroad men,
having steady employment andifree transportation privileges, were not entitled towhat:was considered an abnormal
and temporary wage scale. Increases for express employees
will, it is stated, shortly belrecommended to DirectorGeneral Hines by the RailroadlAdministration's Wage Board.
Another important wagerquestion7now pending before the
Administration is that involvingithe four leading trainmen's
brotherhoods for adjustments torrestore old wage relationsships and for time and a half for overtime.
Wage increases for approximately 7,000 patrolmen and
1,000 lieutenants and sergeants, comprising the railroad
police force, were announced by Director-General Hines on
March 13. The increases are retroactive to Jan. 1 last,
and are said to be in keeping with advances given to other
railroad employees. The patrolmen formerly received
monthly wages ranging from $60 to $110. Under the new
rate they receive from $85 to $112 a month on an hour eight
basis. Proportionate increases, but on a monthly basis,
are provided for lieutenants and sergeants whose duties
require traveling and whose hours cannot he regulated.
According to the "Wall Street Journal" of last night,
approximately 1,500 railway clerks, said to comprise a majority of clerical forces on everylrailroad entering Atlanta,
walked out yesterday in sympathy with striking clerks on
the .Nashville Chattanooga & St. Louis and assoicated
lines: An appeal to the railway'clerks and other employees
in the Southeast to remain loyal to the Government and
not yield to efforts_ to persuade them to strike was issued
on March 13 by Director-General Hines. The latter said:
I regret to learn that efforts are being made to prevail on various railroad
employees in the Southeast to quit the service of the Government and
thereby hamper the operation of the railroads because of a dispute which
has arisen between certain clerks and their superior officers. I call attention of the employees to the fact that adequate machinery has been provided
by the United States Government through the Railroad Administration
to deal with all cases of disputes and grievances and that employees ought
to submit their grievances in accordance with this machinery and not
otherwise.
It is of the highest importance to the employees themselves that this
orderly procedure shall be adopted in all cases, and that they shall exercise
the patience and self-restraint necessary to permit of the carrying out of
these orderly practices. If this is not done, the effort which the United
States Railroad Administration has made to recognize and promote the
just interests of labor will be rendered unsuccessful, and the employees who
are responsible for interfering with these orderly processes will put themselves in a position before the public which will react injuriously upon the
employees and their future interests.
• Dispatches from Atlanta yesterday:stated that a general
freight embargo had been established on all railroad lines
entering the city, following the walkout of 1,000 members
of the Brotherhood of Railroad Clerks. Every freight
depot in Atlanta closed its doors and;the offices of the various
railroad lines presented a desertedlappearance, it was said.
Atlanta, Nashville, Memphis, Chattanooga and other
Southern cities, it was feared, facedia complete freight and
passenger tieup following the walkout. The strike is said
to have been caused by the alleged antagonistic attitude
toward the clerks' union and unionilabor in general assumed
by A. P. Ottarson, Federal Auditor. The removal of
Ottarson iirdemanded.
HOWARD ELLIOTT ON CONTROL OF RAILROADS.
Howard Elliott, PresidentYofithelNorthern Pacific Ry.,
whose views with regardilto:railroad ownership as presented
last month to the SenateiCommitteeion Inter-State and
Foreign Commerce were refellted to at length in our issue of
Feb.22,page 731,had some thing furthmito say in the matter
in an address before therhicagolCommercial Club on the
8th inst. In his discussion of the subject in Chicago, Mr.
1030
THE CHRONICLE
Elliott said he could not "believe that human nature and
the art of Government have developed sufficiently to make
Government ownership and operation successful to-day."
"I believe," said Mr. Elliott, "that embarking on the sea
of Government ownership and operation involves a risk of
shipwreck, not only to the railroad system of the United
States, but to some of the fundamental theories of American
life and effort which have made us a great nation." In part,
Mr. Elliott also said:
[VOL. 108.
and men, and less uncertainty about the future; the intricate and delicately
adjusted organization of the great system of railroad will begin to function
better and work more smoothly and effectively; there will be less lost
motion and less crossing of wires than under the very highly centralized
system now in existence with regional directors. This suggestion will be
carrying out the theory of the President when in his address to Congress
on Jan. 4 1918 he said:
"The common administration will be carried out with as little disturbance
of the present organization and personnel of the railways as possible.
Nothing will be altered or disturbed which it is not necessary to disturb.
We are serving the public interest and safeguarding the public safety, but
we are also regardful of the interest of those by whom these great properties
are owned and glad to avail ourselves of the experience and trained ability
of those who have been managing them."
It is not conceivable that the country will ruin its marvelous industrial
and railroad system, and that It will unfairly take away from the owners
nearly twenty billions of railroad property. It will not be done. But it
is essential for the quiet thinkers and workers who make the great public
opinion of the country to be busy to offset the "Talkers" who sometimers
seem to be In a majority because they make more noise.
If we lived in a town of 10,000 people, and 100 of them were discontented and busy trying to change everything, the other 9,900 would not
pay much attention to them but would go on about their daily affairs until
th . 100 got to be a nuisance, when the 9,900 would put a stop to it.
oes anyone believe there are really 1,000,000 active so-called "Bolsheviki" In the country? And yet that number is the same proportion
of 1 )0,000,000 Americans as 100 is of the town of 10,000. The Bolshevik i are not going to ruin the country; they are not going to ruin industry;
they are not going to ruin the railroads. The other 99,000,000 people
are going to insist upon American methods, American industry, American
railroads, and not permit foreign Bolsheviki methods, and foreign Bolsheviki Socialism of all industry. They (the Bolsheviki) are making a
lot of noise, but the quiet, sensible people are thinking and will rise up and
say a few simple, old-fashioned things, such as "two and two make four,"
"you cannot have your cake and eat it, too," "you cannot have something
for nothing."
The Constitution is not a "scrap of paper," and the Fifth and Fourteenth
Amendments mean what they say.
The last election indicated that people were beginning to tire of the idea
of having the Government say how everything should be run, and that
they wanted a return to the "liberty of action" that Leroy Beaulieu spoke
of, and that permitted the "tireless energy" and "individual initiative"
that made the United States what it is.
We are on the eve of the greatest 50 years in the history of this country,
or of any country, and our only danger is that because of inaction we let
good, hard common sense and the eternal verities be put in the background
and lose a lot of valuable time and effort trying futile experiments.
So it is time for every patriotic American to stand up for America and
her institutions and have courage to speak and act for what is right and
true. We need a few more Ole Ilansons in every community, and the
people are ready to support good, old-fashioned, wholesome American
doctrines administered by Americans who believe in America first, last
and all the time.
With the principles suggested made a part of the laws of the land, and
with properly co-ordinated regulative machinery, I believe Government
ownership and operation can be avoided and that a sound answer can be
given to the question "What will be the best plan for owning, managing
and operating the railroads of the United States;" that the railroads will
enter upon another period of stability, and that they will be able to serve
the country wisely and well and give to their owners reasonable rewards
for their investments.
We talk about solving the railroad problem. Probably none of the
great economic problems can actually be solved permanently. We can,
and always will, improve on past practices and we should approach this
matter with that idea in mind and not with the idea that an absolutely
perfect plan can be developed and put into effect. Congress, in its wisdom, can surely take the accumulated information and the best thought
obtainable on this important matter and produce a law that will better
the present situation and provide a basis, perhaps, for another thirty years
of railroad operation, during which period, no doubt, new men, new
minds, and new conditions will make it clear that some other arrangement
is more desirable for the general welfare of the nation.
If all the information accumulated in the so-called "Newlands Inquiry"
and that to be obtained from the Inter-State Commerce Commission,
State Commissions, the railroads, and from students of the situation, is
utilized, does any one believe that some conclusion cannot be reached
within the period fixed by the present law—that is, twenty-one months
after peace?
If the desire and the will to accomplish this result is in existence, it can
be reached, and should be reached in even less time than the twenty-one
months' period.
In a growing and still undeveloped country like the United States, and
with a future that should be more wonderful than the past, any system of
internal transportation should provide for:
Inducement for the individual citizen to engage in the business by per
mitting reasonable rewards for brains, energy, industry and the capita
employed, substantially equal to the same kind of rewards in other forms
of human effort.
Constant development of the transportation machine to keep it at all
times ahead of the needs of the growing country.
Adoption of improved methods of carrying on the business in order to
obtain the maximum of efficiency and economy.
Reasonable and regulated competition and co-operation for the purpose
of producing developments of different sections of the country and improvement in the methods employed by the transportation agencies serving
the country.
Continuity of service so that the transportation machine will always
be in a position to serve the country unless prevented by act of God or
by war.
Regulation through suitable Government agencies, which regulation
must be of such form as:
(a) To attract capital and permit a steady improvement in, and expansion of, the facilities;
(b) Which must protect the interests of the public using the railroads,
and promote the comfort, convenience and safety of that public;
(c) Which must protect the officers and employees who maintain and
operate the road and which must work constantly in the direction of improving working and living conditions; and which must provide some
method of adjustment of any controversies about wages and working
conditions;
(d) And which must also protect the interests of those who have invested
in the securities of the railroads and who are also directly interested because
of railroad investments represented in insurance policies, savings bank
WALKER D. HINES IN DEFENSE OF RESULTS OF
deposits, &c.
The railway executives do not claim that their plan is perfect and they
GOVERNMENT OPERATION OF RAILROADS.
realize that the working out of details will be difficult, but it can be done
Howard
Elliott's address at Chicago last Saturday is repracticable
plan
that can be made effective during
and they believe it is a
1919 if the President and Congress will co-operate to that end.
ferred to in the foregoing article. Mr. Elliott, in contendIf later on the people decide that profit-sharing, guarantees regional ing that "private ownership and operation, while not perfect,
consolidations are for the interest of the country those principles can then
have produced unusual results," called attention to the fact
be enacted into law.
They further believe that the nation is about ready to allow once more that the Pennsylvania System furnishes 12.2% of the
"liberty of action" which permitted the American citizen to use effectively
total ton mileage and 14.5% of the total passenger milehis "tireless energy" and his "individual initiative" in making the United
age of the steam roads of the country, adding:
States what it is.
They still further believe the country is ready to say that regulation does
On Dec. 31 1918 the system had 273,101 employees and on Dec. 31 1917
not mean interference with personal liberty and management and that the 233,600. Although the ton mileage handled in 1918 was less than in 1917
interests of the public will be amply safeguarded through the Secretary (the latter year under private control), nearly 40,000 more employees were
of Transportation, Inter-State Commerce Commission, Regional Inter- required to handle a smaller volume of business.
State Commerce Commissions, and State Commissions. These will not
Director-General of Railroads Walker D. Hines, in taking
be managing agents of our great national transportation system, but a
combination of alarm clocks to warn railroad owners and managers that exception on the 10th inst. to Mr. Elliott's contentions, said
they must be reasonable, and of policemen to check them if they are not
and of guardians in the interest of the people that the transportation system in part:
Mr. Howard Elliott in a recent address urges that Federal control of
will be kept adequate.
While I am an optimist on the future of the United States, nevertheless the railroads is injurious to the public interest because he claims that the
Pennsylvania
Railroad system had about 16 2-3% more employees on
I do not minimize the seriousness of the situation confronting the railroads
and the country to-day growing out of conditions produced by the war. Dec. 31 1918 under Federal control than on Dec. 31 1917 under private
During the reconstruction period it is very essential that the present rate control.
For this comparison Mr. Elliott selects a month of private control char
structure should stand, and until the new laws herein suggested are effective
that the "just compensation" provided by the present control law be con- acterized by extraordinarily bad weather, when maintenance of way and
other outside work was at a standstill on the Pennsylvania system and when
tinued.
Otherwise there is grave danger of a financial collapse of some roads— blockading of traffic largely diminished car repairs, and selects a month
and an inability of others to pay dividends which will affect the bonds now under Federal control in which unusually clear weather prevailed, when
held by savings banks. The recent statement by Mr. Hines in which he business was moving freely and when it was possible and advisable to go
said that the President had no intention of returning the roads to the owners forward with maintenance of way and also with car repairing.
The very facts that Mr. Elliott cites strongly emphasize that Federal
hastily and before a reasonable opportunity had been given for the Congress
to legislate is reassuring; although it is what many believed the President control has important opportunities under peace conditions to improve the
in the exercise of good judgment would do when he assessed the whole situation through eliminating the extra costs which were due to war necessities. We are endeavoring to take advantage of all these opportunities
situation.
One administrative step that might be taken in the not distant future and tO bring about a readjustment in the public interest, having at the same
and would pave the way to a return to private ownership and operation is time due consideration of the necessities of the general industrial situation.
I welcome and am aided by understanding and discriminating criticism of
this suggestion, and I believe it would help the situation:
Let the President continue the central organization in Washington under the situation, but I deprecate criticism which seeks to fasten on the Railroad
a Director-General, who with his staff will supervise the whole situation, Administration as a permanent characteristic of its policies and methods
direct policies, and make those adjustments with the railroads that will be after readjustment to peace conditions the things which were not due
required after Governmental control ceases. This central organization to Federal control but which were due to the necessities of the war.
There are two fundamental mistakes of treatment which vitiate Mr.
should direct the operation of the railroads through the companies themselves, rather than through a system of regional directors. In other words, Elliott's argument and emphasize its unfairness to the Railroad Administrasay to the boards of directors and executive officers of each company that tion. Mr. Elliott fitst makes the mistake of treating the Pennsylvania
from and after a given date they are to take charge of their properties Railroad as typical of the entire country. This is not the case. Taking
and manage, maintain and operate them for the account of the United the railroads under Federal control as a whole, the number of employees
States and as may be ordered by the President through the central organiza- in Jan. 1919, as comparedwith Dec. 1917, shows an increase of only
tion in Washington. At once there will be a better feeling among officers 8.2%, much less than the increase on the Pennsylvania systemlaThe
MAR. 15 1919]
THE CHRONICLE
1031
increase in the number of employees under Governm
ent control as corn
pared with the number of employees when the roads
were under private
management is almost negligible except in the regions
of intense war activity
and the most striking of these was the Allegheny region
(which includes
the Pennsylvania Railroa(i), where the essential
coal and steel were produced and where many ship building yards and other
war industries were
located.
Mr. Ellott makes the further mistake of charging
up as a necessary
characteristic of Federal control under peace conditio
ns temporary features
which were really due to war conditions. During the
year 1918 the United
States Railroad Administration organized the railroads
of
on a war basis to do the railroad part of the work of defeatin the country
g the Germans.
There was an extraordinary "turnover" of railroad employee
s, due to the
constant loss of employees to the military and naval
service, to the service
of operating the American railways in France and
to other lines of work
which were paying higher wages.
This necessitated the employment of many untrained
and inexperienced
men and in the nature of things involved the necessit
y for having more
men to do the same amount of work. Again the transpor
tation service
under war conditions was in many respects much more
burdensome than
Is indicated by the mere number of ton miles hauled.
A vast number of
special trains, both passenger and freight, had to be run
and an unusual
empty car mileage had to be made. Again, the Railroad
Administration
had to keep organized up to its maximum capacity
so as to be ready to
put forth a constantly increasing effort and be ever ready,
even if there
might be an exceedingly severe winter, to do everything
that ought to be
done to carry on the work.
Thus the Railroad Administration had to be in a state
of preparedness
for the maximum war requirements in spite of difficult
ies in securing trained
employees.
The armistice came so unexpectedly that it was impossib
le by the end
of the year to readjust the organization so as to get rid
of these war conditions and get down again to a peace basis. The problem
was taken up
promptly and has ever since been pursued with vigor in
order to get back
to a peace basis, but several months will still be required for
that purpose.
To seize on the war conditions which still existed in
December 1918, as an
argument against the efficiency of the Railroad Administ
ration even after
readjustment to peace conditions, is calculated to confuse,
and is most
unfair to the railroad officials of all ranks who have been
trying so loyally
and intelligently to bring the railroad conditions back
to a normal peace
basis.
Nothing else in public or private control was conduct
ed on a normal
basis during the intense period of the great war. In all
other sorts of enterprise it is assumed on all sides as a matter of course
that neither the
war results nor the results of the readjustment period
are to be taken as
typical of peace results after readjustments can be accompli
shed. Yet
Mr. Elliott singles out the Railroad Administration and
treats it as an enterprise whose results under peace conditions and after
an opportunity for
readjustment can fairly be tested on the basis of what
had to be done for
the public safety under the stress and difficult
y of the greatest war in
history.
INCOME TAX RULING—SURTAX AS APPLIED
TO
DIVIDENDS ON STOCKS.
The following in the form of a Washington dispatch is
taken from the New York "Times" of March 12:
The Official Interpretation.
The position of the Treasury was officially set forth for
the New York
"Times" to-day in this signed statement from Commiss
ioner Roper:
"Item 12, Form 1040, refers to stock dividends only,
I. e., dividends
paid in stock of the corporation, and does not refer
to dividends paid in
cash or other property. All dividends received during
1918 (other than
certain stock dividends) are subject to 1918 surtax
rates. Section 213
of the law includes all dividends in gross income for
the taxable year when
received. No provision of the law says that any dividend
s received during
1918 shall be taxed at other than 1918 rates, except Section
201 (d) and this
is confined to stock dividends received between
Jan. 1 and Nov. 1 1918,
or declared between such dates and received before the
expiration of thirty
days after the passage of the Act. All other stock
dividends and all cash
dividends are taxable at the rates for the year when
received. See Article
1541, Regulations 45.
"Section 201 (E) is chiefly important in determin
ing out of what earnings
stock dividends are paid, whether dividends
are paid out of earnings
accumulated prior to or subsequent to March
1 1913, and the effect of the
distribution upon the surplus at the beginnin
g of the year, which is important in computing invested capital."
Section 213, which is cited by Commissioner Roper
as requiring that
dividends received during 1918 (other than
the certain stock dividends
enumerated) be subjected to the 1918 surtax rates,
defines gross income.
It was pointed out by the Treasury's experts that
this section defines gross
income as including "dividends," without qualifica
tion, and this is held by
the Treasury officials to mean that "all dividend
s" received in 1918 must
be included in the 1918 gross income, no matter
at what rates the dividends
are taxable, whether they are cash dividends, all
of which are held to be
taxable at the 1918 rates, or the excepted stock
dividends, which are taxed
at 1917 surtax rates, although added to the peak
of 1918 income.
It was the insistent contention of the officials
seen that nowhere in the
law is provision made for taxing at other than
the 1918 rates any dividends
received during 1918, except in Section 201, Paragra
ph (D) and it was insisted that this was confined to dividends paid in
stock between Jan. 1 and
Nov. 1 1918, or declared between such dates and
paid before the expiration, on March 26 1919, or thirty days after the
passage of the act.
Confusion Over Meaning.
The greatest confusion in the situation arises
over the' meaning of subdivision (E) of Section 201, which provides
that "any distribution made
during the first sixty days of any taxable year shall
be deemed to have been
made from earnings or profits accumul
ated during preceding taxable
years." In the effort of the New York "Times"
representative to-day
to arrive at the position of the Internal Revenue
Bureau the meaning of
this provision of the law, as viewed by the
Treasury Department, was
sought, and the question was asked whether
Paragraph (E) of Section 201
could be regarded as changing Section 213,
under which the Treasury exports insist that gross income must include
all dividends, no matter at
what rates taxable.
"A careful reading of Section 201, Paragra
ph (E)," said one of the
Treasury experts, replying to these question
s, "discloses that it includes
no provision governing rates of taxation
. It provides a method of determining out of what earnings the particula
r distribution is made, but is
silent as to the rate at which such distribution
should be taxed.
"This subdivision (E) is chiefly important
in determining out of what
earnings stock dividends are paid. It is also
useful in determining what
dividends were paid out of earnings accumulated
prior to or subsequent
to March 11913. It is important in the
computation of invested capital,
because dividends paid out of earnings of previous
years reduce the surplus
on hand at the beginning of the year."
It was pointed out that Section 12 of the old
Revenue law of 1917, which
amended Section 31 of the Revenue Act of 1916,
provides that all dividends
shall be taxed to the distributes at the rates prescrib
ed by law for the years
in which the profits or surplus out of which such
dividends are paid were
accumulated by the corporation, but that this
provisio
n does not appear
in the 1918 law except in a very limited
way in Section 201, Paragraph (D).
Under the Treasury Department's construction and
application of the
new $6,000,000,000 war revenue law it is the purpose
of Internal Revenue
officers to make taxable under the new 1918 rates all
dividends, whether
cash or stock, received by the taxpayer during 1918, with a
single exception.
The one exception relates only to certain classes of stock
dividends, two
classes, to be more exact, which will be surtaxed at the
earlier surtax rates,
although the accumulations of these particular excepted
classes of stock
dividends will be added to the peak of the taxpayer
's 1918 income for the
purpose of determining what particular surtax rate for
1917, 1916, or other
year prior to 1918 shall be levied. The decision of the
Treasury Department is that income which is taxable at rates for 1917 is,
for purposes of
determining the surtax rates to be made applicable,
added to the peak of
the 1918 income, and that it should not be added to the
peak of the 1917 RED CROSS CONTRIBUTIONS BY
Income.
CORPORATIONS NOT
"Those are the only two exceptions applicable to
EXEMPT FROM INCOME TAX.
dividends," said one
of the Treasury experts with whom the "Times" represen
The New York "Times" points out that donations
tative discussed
the matter. "All other dividends received during
made
1918—whether cash or by corporations
stock—are taxable at the 1918 rates. The reason
to the American Red Cross in 1919 are not
for this is found' in
Section 213, which provides that the amount of all
such dividends shall be an allowable deduction in figuring net income subject to
included in the gross income of the taxpayer for the
taxable year 'in which taxation. We quote as follows:
received by the taxpayer.' The only exceptio
ns are those found in ParaMany corporations which have filed returns, it
graph D of Section 201 of the law, which makes the
developed yesterday, have
two exceptions in favor awakened
within the last few days to the unpleasa
of certain classes of stock dividends."
nt fact that the large
donations they made to the American Red Cross
Commissioner Roper and his experts hold
during the big drive in the
that this income should be spring
of 1918 are not tax-exempt. Though such
added to the peak of the 1918 income under authorit
contributions by indiy of Section 206 of the viduals or members
of partnerships are exempt up to 15% of the
war revenue law, which deals with parts of income
taxpayer's
subject to rates for income, no provisio
different years, and reads:
n similarly exempting corporations was incorpor
ated in
the revenue bill.
"Sec. 206. That whenever parts of a taxpayer
's
income
aro
subject to
rates for different calendar years, the part subject
Ever since the drive started there has been a
to the rates for the most
distinct impression, not only
recent calendar year shall be placed in the lower
among corporations, but among Red Cross officials
provided in this title, the part subject to the brackets of the rate schedule
themselves, that these
rates for the next preceding contributions would be required to pay no
calendar year shall be placed in the next higher
income tax. It was found even
applicable to that year, and so on until the brackets of the rate schedule yesterday that numerous officials of the Red Cross and
entire
men who had been
net
income
has been intimately connected with
accounted for.
the campaign among corporations, were
quite
The Surtax on Cash Dividends.
positive such donations were nontaxable. It
was pointed out that the
corporations making these gifts for the benefit
The attention of the Treasury experts was drawn
of
our
soldiers
to-day to Income additional heavy
not
sums in taxes, but also the profits that might only lose
Tax Blank 1040, for individual incomes exceeding
have been
$5,000. Item 12 of made by employing
the money in developing their business
this blank read:* "State amount of stock dividends received
.
Corporat
ions
by
(or
accrued
making large earnings must, in some cases,
to) you directly during the year, declared from the
pay
as
much
as 80% taxes on
earnings of domestic their gifts to the
Red Cross.
or resident corporations, accumulated since Feb. 28
1913, and prior to
The last Red Cross campaign netted approxim
Jan. 1 1918." The Treasury officials held that only
ately $170,000,000, and
dividends paid in while exact figures
as to how much of that came from corporations
the form of stock can be entered here, and that under
Item K (a) all cash available last night,
were
it was known that of the $31,000,000 contribu not
dividends accumulated in 1917, must be entered as surtaxab
ted in
le at 1918 rates. Now York about
$12.000,000 came from corporations. If this figure
When this was declared to be the ruling and decision
holds
of the Treasury good for the entire
country, approximately $60,000,000 was
Department the attention of the Treasury experts was
contributed
invited to Section by corporations, and
upon this great sum the Government is levying
201, Paragraph A, of the new law, defining a dividend as
taxes
any distribution ranging all the way
to 80%. It was pointed out Yesterday that the
In cash or in other property, or in stock, and also to Subdivis
extreme
ion E of Section to which this has
been felt is illustrated in the case of a corporat
201, which says "any distribution made during the first
ion which
sixty days of any gave $100,000 to the
Red Cross and now has to turn round and hand
taxable year shall be deemed to have been made from
the
earnings or profits Government its check
for $80,000 tax on that amount.
accumulated during preceding taxable years."
Just
why
relief was not granted in the revenue bill, as was
"If that does not mean that dividends paid in the first
confiden
tly
sixty days of 1918 expected at the time
of the Red Cross campaign, no one seemed to
were accumulated in previous years, and surtaxable at
know
the rates of those yesterday. It was explaine
d, however, that much of the confusion which
years, what does it mean?" Treasury experts were asked
by tho "Times" still exists in the minds of
correspondent.
corporation heads who believe the contributions
of their organizations are not taxable, resulted
"It means," was the reply, "that the dividends you
from the fact that there
mention were accu- was both State and
national
mulated in previous years, but that they are not
legislation at the time of the drive to enable
surtaxable at the rates corporations to contribu
te. This legislation did not, as many mistaken
of those years, except in the case of the two exceptio
ly
ns given relating to supposed, go so far
as to exempt the contributions. This step
certain class of dividends paid in stock."
was left
for the time of enactment of the revenue
bill and then never was talcen.
1032
THE CHRONICLE
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
No bank stocks were sold at the Stock Exchange this week.
At the auction sale 30 shares of bank stock and no trust
York,
company stocks were sold. Stock of the Bank of New.
of
price
in
e
advanc
an
shows
441,
at
week
which sold last
week
9 points, a sale of thirty shares having been made this
at 450.
previous sale.
Shares. BANK—New York.
30 Bank of New York
Low. High. Close. Last
450 Mar. 1919—
450
450
441
[VOL. 108.
Co.of New York
Mr.Loree began his connection with the Guaranty Trust
ed to London, and
on Marcn 1 1914. In December 1915 he was transferr
1917. In Augwas made Assistant Secretary of the office there in January
office.
ust of the same year he took the same position in the Paris
Special United
A year ago he was appointed assistant to Oscar T. Crosby,
t of the Inter-Allied
States Commissioner of Finance in Europe and Presiden
later as assistant to
council on War Purchases and Finance. He served
Lamont, financial adNorman H. Davis, Albert Strauss and Thomas W.
Conference at Versailles.
visors to the United States delegates to the Peace
York, Mr. Loree, who
Before coming to the Guaranty Trust Co. of New
Farmers' Loan &
is a Yale graduate, Class of 1912, was connected With the
Trust Co. of New York.
the
On Tuesday, March 11, at the McAlpin Hotel,
ined
enterta
city
this
of
Bank
l
Mechanics &, Metals Nationa
n
its entire staff at a banquet and dance. The occasio
formed
been
has
which
Club,
M.
&
M.
new
the
inaugurated
of
among the officers and clerks. The club was in the process
but
formation at the time the United States entered the war,
staff
owing to the enlistment of such a large part of the bank's
the
in the army and navy, the plans were postponed until
New
and
ty
Publici
Gehle,
W.
ck
Frederi
peace.
of
return
r of the bank,is President of the new club.
The Fifth Avenue Bank of New York is expanding the Business Manage
g
growin
the
meet
to
facilities of its Foreign Department
The opening of a branch of the National Bank of South
need of its customers, and to develop the relationship
The
es.
countri
foreign
and
Ltd. (head office Pretoria), at Fort Johnston, in
States
Africa,
between the United
the
at
payable
credit,
Nyassaland, is announced in cable advices received from the
bank will issue its own letters of
York Agent for the
principal cities of the world. The Foreign Deparment head office by R. E. Saunders, New
thirty
for
has
who
n,
Acheso
bank.
George
of
will be in charge
*—
years been associated with Brown Brothers & Co., in their
Hollis H. Searles, who has been Cashier and Trustee of the
Travelers Letter of Credit Department. During the early
since its organization,
part of the war, Mr. Acheson was Paris representative of Prudential Savings Bank, Brooklyn,
associated with the
become
to
d
resigne
has
ago,
eleven years
Brown Brothers & Co.
firm of S. W.Straus & Co.,150 Broadway, bond investments.
nce;
Herbert L. Denny, a member of the banking firm of Mr. Searles has had over twenty years' banking experie
of
Bank
l
1.
Nationa
March
on
s'
died
Farmer
the
Street,
for
after serving as Cashier
Harvey Fisk & Sons, 32 Nassau
Granville, N. Y., where he was born, he relinquished that
Mr. Denny was born in Brooklyn fifty-one years ago.
position some fifteen years ago, going to Brooklyn to reside,
ay Bank of
The Citizens National Bank gave a dinner and dance where he accepted a postion with the old Broadw
of Brooklyn. When the new Prudential Savings Bank was ofton
celebra
in
Club
ght
Arkwri
the
at
evening
ay
Thursd
National ganized he became its Cashier. Mr. Searles is at present
the fifteenth anniversay of the consolidation of the
and and has been for the past five years Secretary of the Savings
Citizens and Central National banks. The officers
of Bank Association of the State of New York, and enjoys a
a
party
up
made
friends
and
wives
their
employees with
nt,
Vice-Preside
the
Comly,
wide banking acquaintance throughout Brooklyn and New
over two hundred. Major
both State
in the absence of Mr. Schenck, the President, in Florida, York State, having attended many conventions,
on investty
bank's
authori
the
of
an
as
a
sketch
zed
with
e
recogni
is
welcom
He
of
l.
address
and nationa
made a brief
morthistory since its organization in 1851 with some account ment bonds, and is a strong advocate of amortized
es. gages, which subject is now being considered by a number of
also of the bank's participation in recent war activiti
a member of
After the banquet, which was served by the chef of the the savings banks of the State. Mr. Searles is
Chapter,
York
spent
was
New
the
evening
and
yn
the
of
Brookl
der
of
the Bankers' Club
Arkwright Club, the remain
American Institution of Banking.
in dancing.
Louis G. Kaufman, President of Chatham & Phenix
National Bank of this city, who acquired somewhat over
l
one-third interest in the capital of the Merchants' Nationa
d
change
ion
institut
that
of
control
when
Bank of this city
t
hands in September 1916, has sold.his holdings to interes
e
increas
to
about
is
latter
The
nts.
Mercha
the
to
y
friendl
its capital from $2,000,000 to $3,000,000 to take care of its
expanding business.
J. L. Williams, Vice-President of the Bank of Italy,
The State Banking Department has approved the apCalifornia, in conjunction with his duties with that bank plication of the Asia Banking Corporation, 60 Liberty
River
nal
has been elected Assistant to the President of the East
St., New York City, for the opening of two additio
National Bank of New York. The institutions are closely branches in China, at Canton and Hong Kong.
•
affiliated.
of Buffalo, $2,000,000 and deCo.
Trust
s'
Banker
The
ExElmore Fitzpatrick Higgins, Chief National Bank
been merged with the Marine
has
,000,
posits of over $17,000
aminer for the Sixth Federal Reserve District, with headhas increased its capital
latter
The
city.
that
of
Co.
Trust
Cashier
nt
quarters at Atlanta, Ga., has been made an Assista
deposits Feb. 21, folIts
000.
$7,000,
to
000
He was from $5,000,
of the National Bank of Commerce in New York.
,733, while its resources
$68,238
reached
,
merger
the
lowing
Reserve
Federal
h
Sevent
formerly Chief Examiner for the
000,
Examiner amounted to $88,134,192. Besides its capital of $7,000,
District at Chicago and later served as Acting Chief
officers
The
094.
$8,270,
of
profits
and
nd, Va. it reports surplus
for the Fifth Federal Reserve District at Richmo
Exam- of the Marine Trust are: George F. Rand, Chief Executive
Before entering Government service he was Assistant
tion. and Chairman; John H. Lascelles, President; Edward H.
inder for the New Orleans Clearing House Associa
a Letchworth, Vice-President and General Counsel; Henry
with
serving
1897,
in
career
g
Mr. Higgins began his bankin
J. Auer, Vice-President; Russell J. H. Hutton, Emile Difthe
entered
he
number of banks in Alabama. In 1914
as- fine and Raymond E. Winfield, Vice-Presidents; Percy W.
Government service as National Bank Examiner, first
- Darby, Secretary; Alva L. Dutton, Treasurer; Eugene IL
Pennsyl
in
later
and
Georgia
of
signed to work in the State
Reed, Edwin J. Voltz, William Hardleben Jr., George E.
these
in
service
His
vania, from which he went to Chicago.
g eleven Becker and Henry J. Boltz, Assistant Secretaries; Abbott H.
various posts extended over a wide area, coverin
t- Seely and Henry H. Work, Assistant Treasurer.
acquain
and
nce
experie
him
g
different States and bringin
The Marine Trust Co. represents a conversion in Januance with numerous banks and bankers.
ary from the National to the State systems of the Marine
--*—
Merthe
of
rs
directo
National Bank. The bank, which had a capital of $5,000,
of
board
the
of
g
At a recent meetin
organizathe
witb
tion
liquida
ry
ng
volunta
followi
in
the
was
placed
York,
000,
New
cantile Bank of the Americas, Inc.,
tion of the succeeding institution. In the process of conappointments were made:
Lang; Assistant version the formation of a new institution under the name
W.
F.
and
Jr.
er
Hergruet
A.
0.
rs,
Assistant Treasure
g
A. Hillis; Auditor,
Secretaries, Philip R. Rodriguez and Washington
of the Marine Bank was approved by the State Bankin
g
Bankin
the
later
days
W. R. Galbraith.
two
and
Department on Jan. 4,
change in the name to the
the
zed
authori
ment
Depart
Robert F. Loree, son of L. F. Loree, President of the Marine Trust Co., with a capital of $5,000,000.
nt
Delaware & Hudson Co., has been appointed an Assista
Mr.
York.
New
of
Co.
Trust
ty
Guaran
the
of
ry
Secreta
The directors of the Market Trust Co. of Boston, recently
of the
Loree has been assigned to the Foreign Department
to add $150,000 to the capital of the institution, makvoted
by
made
main office of the company. The announcement
ing the same $400,000 instead of $250,000. The new stock
the trust company says:
MAR. 15 1919.]
THE CHRONICLE
1033
authorized by the stockholders on Feb. 12, is offered at its incorporation, and also President of the Des Moines
par to the shareholders of record March 20.
Street Railway Co., has recently announced his intention
of becoming an active officer of the bank in the fall of 1920,
Thomas W. Jopson, Vice-President and Trust Officer his contract with the traction company expiring in the
of the Real Estate Title Insurance & Trust Co. of Philadel- spring of that year. V. R. Martin, formerly Chief Exphia, died on March 8. Mr. Jopson had been in the employ aminer of the Banking Department of Iowa, has been
of the institution for thirty-four years, having started with elected Cashier, and R. R. Monroe, recently discharged as
it on July 27 1885; on May 30 1907 he was appointed Assist- Lieutenant in the National Army, has been elected Assistant Cashier.
ant Trust Officer, and three years later—June 1910—he
was appointed Trust Officer. He was elected Vice-President
Announcement was made on March 6 that a oonsolidain June.1912.
tion had been arranged between the Fidelity Trust Co. of
Kansas.City, Mo. (capital $1,000,000 and surplus and unThe Union Trust Co. of Baltimore, which, as stated in divided profits' of $1,152,444) and the National City Bank
our issue of Feb. 8, has taken over the failed Citizens State of that city (capital $1,500,000 and surplus and undivided
Bank of Govans, Md., together with its branch at Camp profits of $539,337). The enlarged institution will be known
Meade on March 7 sent a check to the Baltimore "Sun" as the Fidelity National Bank & Trust Co. and will have
covering in full the amount raised by that newspaper the a capital and surplus of $3,000,000
(capital $2,000,000, surformation of a syndicate of citizens to underwrite the ac- plus $1,000,000), with deposits in excess
of $30,000,000.
counts of soldiers who had deposits in the Camp Meade The Fidelity Trust Co. was founded
twenty years ago, while
branch when it closed its doors in March 1918, in order the National City Bank began business. Aug. 1 1917. John
that the men might get their money before sailing for France. M. Moore, President of the National City Bank, will be
Upon receipt of the check from the Union Trust Co., the President of the new organization and Henry C. Flower,
"Sun" immediately mailed checks to the different subscribers President of the Fidelity Trust Co., will be Chairman of
to the fund in full payment of the amount contributed by the board of directors. The consolidation will go into
each. The amount subscribed at the time of the failure effect about May 1 1919. We are advised that there will
totaled $79,825, but as this proved greatly in excess of the be no change of stockholders. Each holder of one share
sum needed for the purpose, subscribers were only called of stock in Fidelity Trust Co. will receive one share in the
upon to pay a proportionate amount of their subscriptions. consolidated institution, and each share in the National
City Bank will receive two-thirds of a share in the consoliThe organization of the new business and service depart- dated institution.
ment of the Continental and Commercial National Bank,
The Bank of Orleans (capital $100,000 and deposits of
Chicago, is about completed. This is a consolidation of
the new business, statistical and publicity departments of approximately $2,700,000) has been purchased by the Whitthe bank and is under the supervision of A. D. Welton, ney Trust & Savings Bank and its business has been merged
formery editor o the Journal of the American Bankers' As- with the latter.
sociation."
The Farmers' & Mechanics' National Bank (capital
$300,000)
and the American National Bank of Fort Worth,
The Chicago Savings Bank and Trust Co. of Chicago and
Arthur B. Cody & Sons, Inc., announce a consolidation of Tex. (capital $200,000), have consolidated under the name
their real estate loan business, effective March 1, operating of the Farmers' & Mechanics' National Bank with a capital
thereafter as the Real Estate Loan Department of the Chicago and surplus of $500,000 each. The consolidated instituSavings Bank and Trust Co., with Arthur B. and Hiram tion has deposits of $10,500,000. Its active officers are:
S. Cody Associate Managers. The consolidation, according J. W. Spencer, President; George H. Colvin, Vice-Presito the Chicago "Economist," includes the Mortgage Loan dent and Chairman of the Board; J. T. Pemberton, ViceAgency of the State Mutual Life Assurance Co. of Worcester, President; B. H. Martin, Cashier and Vice-President; Elmer
Mass., of which Messrs. Cody have been the agents in this Renfro, First Assistant Cashier; R. L. Foulks, L. H. Nutt,
Guy J. Price Jr., David Boaz, C. E. Gillham, L. L. Mancity since 1910. The "Economist" also says:
This is one of the most important announcements that has been made chester and George F. Rozelle, Assistant Cashiers.
in the real estate loan business in Chicago in many years. It is particularly
•
notable because of the high standing of the two concerns. They have
Further advices from Toronto concerning the proposed
both been intimately associated with real estate mortgage banking in
Chicago for many years and have a wide knowledge of real estate, localities, amalgamation of the Bank of Ottawa with the Bank of
values and the history of the city and its development. The two concerns Nova Scotia (referred to in these columns in our issue of
now have outstanding approximately $11,000,000 in loans on high grade
improved real estate in Chicago and with the merger the business will be Feb. 8) state that at a meeting of the shareholders of the
greatly increased. Messrs. Cody have been identified with real estate former institution held in Ottawa on March 4, at which
and loans in this city for 32 years.
85% of the stockholders were represented, unanimous endorsement was given to the proposed union. Details of
A joint nieeting of the stockholders of the Wisconsin the merger so far as the continuance of branches, &c., are
National Bank and the Wisconsin Trust Co. of Milwaukee concerned have still to be worked out, but little trouble is
will be hold on April 1 to take action looking to the amalga- anticipated on that score as the two banks meet at the same
mation of the two institutions insofar as stock ownership point in only. eleven instances. The consolidation, we
is concerned. Under the proposed plan, we understand, understand, will not go into effect before April 30.
the institutions will be operated independently as heretofore
each retaining its present officers and employees, but stockTHE ENGLISH GOLD AND SILVER MARKETS.
holders in the bank will hold a proportional share of the
We reprint the following from the weekly circular of
stock of the trust company and vice versa. The capital
of the Wisconsin National Bank is $2,000,000, with sur- Samuel Montagu & Co. of London, written under date of
plus and undivided profits of $1,847,136, while that of the Feb. 20 1919:
GOLD.
Wisconsin Trust Co. is $500,000, with surplus and undivided
The Bank of England gold reserve against its note issue is £80,655,040,
an
increase
of
£84,245
as
compared
with last week's return.
$407,196.
profits of
Victor E. Hanson and J. W. Sharpe have been elected
Assistant Cashiers of the Midland National Bank of Minneapolis, Minn.
At a meeting of the stockholders of the First Trust &
Savings Bank of Des Moines, Iowa, to be held March 24,
it is proposed to double the capital stock of the institution,
thereby raising it from $100,000 to $200,000, after which
application will be made for membership in the Federal
Reserve system. The bank was organized in 1916 by
Edward B. Wilson, former State bank examiner, who will
continue to serve as Vice-President and active executive
manager. Emil Schmidt, President of the institution since
The "Bulletin" of the Federal Reserve Board of the United States of
America for January last states that "a large absolute supply of gold does
not appear to be necessary to the successful maintenance of the gold standard if a country occupies the position of a banking creditor holding a larger
volume of foreign bills (on balance) and has an efficient banking system."
This pronouncement endorses the policy practiced in this country for many
generations.
The official returns of the U. S. A. show that gold to the value of $46,
000,000 was imported in 1918 from Ottawa and only $1,286 direct from
England. The imports from Mexico were $5,000,000, as against exports
of $26,000,000, making a net export to that country of $21,000,000 (doubtless in payment for silver). The net gross import into the U.S. A.for 1918
was $20,972,930, as compared with a net influx of $180,570,490 in 1917
and $530,197,307 in 1916.
SILVER.
The market is unchanged as to tone, but a further fall of Md. has taken
place in order to adjust the parity to the American quotation, now that
freight charges, &c., have been reduced. Trade demand is still fairly
active.
The Shanghai exchange quotation remains at 4s. 9d, the tael.
[VOL. 108.
THE CHRONICLE
1034
During 1918 the Ottawa Branch of the Royal Mint produced shillings
in blanks to the number of 4,435,000 and shipped them to the Royal Mint
here in London.
The Director of the United States Mint has commented upon the existence of an unprecedentedly large demand for coins, and reported the mintage in 1918 of 122,215,898 silver pieces valued at $25,473,029.
INDIAN CURRENCY RETURNS.
Feb. 15.
Feb. 7.
Jan. 31.
(In Lacs of Rupees.)
15068
15055
14974
Notes in circulation
2486
18781995
Silver coin and bullion in India
898
1417
1217
Silver coin and bullion out of India
1814
1890
1892
Gold coin and bullion in India
12
12
12
Gold coin and bullion out of Inida
1608
1608
1608
Securities (Indian Government)
8250
8250
8250
Securities (British Government)
The stock in Shanghai on the 15th inst. consisted of about 28,550,000
ounces in sycee and 13,300,000 dollars, as compared with about 27,800,000
ounces in sycee and 13,100,000 dollars on the 8th inst.
Quotations for bar silver per ounce standard:
%d.
cash_473
cash_47 Md. Feb. 20
Feb. 14
47.854d.
Feb. 15
473d. Average
5%
4d. Bank rate
477
Feb. 17
4d. Bar gold per oz. standard.. _77s. 9d.
477
Feb. 18
4d.
477
Feb. 19
No quotation fixed for forward delivery. The quotation to-day for cash
delivery is Ad. below that fixed a week ago.
Below we give the shipments by the various carriers for
the month of January 1919 and 1918 and for the respective
coal years since April 1:
February- 11 mos.Coal Yr.Feb.28-
Roadtons..
Philadelphia & Reading
Lehigh Valley
Central Railroad of New Jersey
Delaware Lackawanna & Western..
Delaware & Hudson
Pennsylvania
Erie
New York Ontario & Western
Lehigh cir New England
1918-19.
1 18
1917-18.
13,339,828 13,459,445
'
1919' 1,107,982
725,809
643,551 1,042,784 12,586,368 12,865,850
5,928,059 6,249,024
334,697 526,292
597,604 997,550 10,233,528 11,372,936
8,162,731 7,892,860
629,929 600,799
4,755,812 5,123,695
273,031 459,271
7,588,336 7,975,611
371,033 614,210
1,749,351 1,865,556
108,029 177,047
3,384,836 3,670,561
188,249 286,147
3,871,932 5,812,082 67,728,849 70,475,538
Total
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Monday, March 10
1919, issued its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of
Feb. 28 to the amount of 6,010,787 tons. As compared with
the unfilled tonnage on hand on Jan. 31 1919, the February
total shows a shrinkage of 673,481 tons. On Feb. 28 1918
the unfilled orders totaled 9,288,453 tons, from which the
current figures record a decline of 3,277,666 tons. The total
for Feb. 28 1919 is the smallest reported since Sept. 30 1915.
In the following we give comparisons with the previous
We have also received this week the circular written under months:
Tons.
Tons.;
Tons.
date of Feb..27 191
Feb. 28 1919.. 6,010,787 Mar. 31 1916._ 9,331,001April 30 1913._ 6,978,762
GOLD.
Jan. 31 1919- 6,684,268 Feb. 29 1916._ 8,568,966 Mar. 31 1913.. 7,468,956
The Bank of England gold reserve against its notOissue is £80,450,165, Dec. 31 1918_ 7.379,152 Jan. 31 1916.- 7,922,767 Feb. 28 1913._ 7,656,714
a decrease of £204,875 as compared with last week's return. The New York Nov. 30 1918.... 8,124,663 Dec. 31 1915_ 7,806,220 Jan. 31 1913._ 7,827,368
correspondent of the "Times" telegraphed under date of 26th inst. that gold Oct. 31 1918- 8,353,298 Nov. 30 1915_ 7,189,489 Dec. 31 1912.- 7,932,164
30 1918- 8,297.905 Oct. 31 1915.. 6,165,452 Nov. 30 1912_ 7,852,883
to the value of £200,000 had been shipped to South America. The following Sept.
Aug. 31 1918- 8,759,042 Sept. 30 1915_ 5,317,618 Oct. 31 1912-- 7,594,381
extract from the "North China Herald" of Dec. 28 1918, dealing with the July 31 1918- 8,883,801 Aug. 31 1915_ 4,908,455 Sept. 30 1912_ 6,551,507
gold market of Shanghai, records a condition of affairs far livelier than that June 30 1918- 8,918,866 July 31 1915.. 4,928,540 Aug. 31 1912._ 6,163,375
1915_ 4,678,196 July 31 1912-- 5,957,073
which obtains in the market here: "Since the beginning of this month, May 31 1918._ 8,337,623 June 30
April 30 1918._ 8,741,882 May 31 1915.- 4,264.598 June 30 1912.- 5,807,349
owing to the opening of a gold and silver smith's shop in the Settlement, Mar. 31 1918... 9,056,404 April 30 1915_ 4,162,244 May 31 1912-- 5,750,986
gold bars had found eager buyers in shops doing kindred business, with the Feb. 28 1918.. 9,288,453 Mar. 31 1915._ 4,255,749 April 30 1912- 5,664,885
effect of sending up the price until it exceeded 270 taels (£70) per bar. The Jan. 31 1918._ 9.477,853 Feb. 28 1015_. 4,345,371 Mar. 31 1912.- 5,304,841
__ 4,248,571 Feb. 29 1912- 5,454,201
31
price has become easier since the middle of the month; but for several days Dec. 31 1917-- 9,381,718 Jan.
Nov. 30 1917- 8,897,106 Dec. 31 1914__ 3,836,643Jan. 31 1912.- 5,379,721
past, on account of a large shipment of gold dollars to this port, and the Oct. 31 1917_ 9,009,675 Nov. 30 1914._ 3,324,592 Deo. 31 1911.- 5,084,765
expected arrival of gold from Heiho and also of gold coins from Japan, Sept. 30 1917._ 9,833,477 Oct. 31 1914._ 3,461,097 Nov. 30 1911.- 4,141,958
coupled with the stringent money market, a big slump in price has set in. Aug. 31 1917..10,407,049 Sept. 30 1914__ 3,787,667 Oct. 31 1911.- 3,694,327
July 31 1917..10,844.164 Aug. 31 1914._ 4,213,331 Sept. 30 1911-- 3,611.315
On Monday morning the opening quotation for gold bars was only 249 taels June
30 1917_11,383,287 July 31 1914__ 4,158,589 Aug. 31 1911-- 3,695,985
(564) and later on it dropped further to 240 taels (£62), or some 28 taels May 31 1917...11,886,591 June 30 1914._ 4,032,857 July 31 1911.- 3,584,088
April 30 1917.-12,183,083 May 31 1914.. 3,998,160 June 30 1911.- 3,361,087
(57) lower than the average price ruling during the preceding week."
SILVER.
The market remains quietly steady. The Shanghai exchange has receded to 4s. 7Md. Doubtless the easier tendency is owing to the completion of an arrangement by which China will receive quite a substantial
amount of silver from America. The Indian Currency Report for 1917-18
states as follows: "The rupee coinage of the year was 2312 lacs, and purchases of silver for this coinage amounted to 83Yi million standard ounces.
These were supplemented by local purchases in Bombay and Calcutta
of 3M million standard ounces. There were purchased in America 40
million, in China 28M million and in Australia 5 million ounces, while
1 Yi million ounces were obtained from the Bawdwin mines. The balance
was shipped from London."
INDIAN CURRENCY RETURNS.
Feb. 7. Feb. 15. Feb. 22.
In Lacs of Rupees15055
15068
15107
Notes in circulation
2486
2425
1878
Silver coin and bullion in India
1417
898
998
Silver coin and bullion out of India
1814
1814
1890
Gold coin and bullion in India
12
12
12
Gold coin and bullion out of India
1608
1608
1608
Securities (Indian Government)
8250
8250
8250
Securities (British Government)
The stock in Shanghai on the 15th inst. consisted of about 28,550,000
ounces in sycee and $13,300,000. No fresh news has come to hand.
Quotations for bar silver per ounce standard:
cash_ _47 Yi d.
cash _47 Yi d Feb. 27
Feb. 21
47.75d.
47%d Average
Feb. 22
%d.Bank rate
5%
473
Feb. 24
47 Wi d. Bar gold, per oz. standard__77s. 9d.
Feb. 25
47Yid.
Feb. 26
No quotation fixed for forward del very. The quotation to-day for cash
delivery is the same as that fixed a week ago.
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,
Week ending March 14.
d.
Silver, per es
Consols, 2% per cents
British,5 per cents
British,4% per cents
French Rentes (in Paris), fr _
French War Loan(in Par),fr.
Mar. 8. Mar. 10. Mar.11.Mar.12, Mar.13. Mar.14
Sat.
Mon.
47X
Holiday 58%
Holiday 95
Holiday 99%
Tues.
47h
58%
95
99%
Wed,
473.1
58%
95
99%
Thurs.
473(
58%
95
99%
__
____
Fri.
47(
58%
95
99%
____
_
The price of silver in New York on the same days has been:
Silver in N.Y., per ozcts_101M
10134
10134
10134
10134
10134
Mar. 31 .1917._.11,711,644
Feb. 28 1917_11,576,697
Jail. 31 1917..11,474.054
Dec. 31 1916_11.547,286
Nov. BO 1916__11,058,542
Oct. 31 1916..10,015,260
Sept. 30 1916.- 9,522,584
Aug. 31 1916- 9.660,357
July 31 1916_ 9.593,592
June 30 1916- 9.640,458
May 31 1916_ 9.937,798
April 30 1916._ 9,829,551
April 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July31
June 30
May31
1914__ 4,277,068 May 31
1914... 4.653,825 April 30
1914.... 5,026,440 Mar. 31
1914_ 4,613,680 Feb. 28
1913.... 4,282,108 Jan. 31
1913... 4,396,347 Dec. 31
1913._ 4,513,767 Nov. 30
1913_ 5,003,785 Oct. 31
1913.. 5,223,468'Sept. 30
1913._ 5,399,356 Aug. 31
1913.._ 5,807,317,July 31
1913.... 6,324,3221
1911- 3,113,154
1911.. 3,218,700
1911.- 3,447,301
1911.- 3,400,543
1911.- 3,110,910
1910-- 2,674,750
1910.- 2,760,413
1910.- 2,871,949
1910._ 3.148,106
1910._ 3,537,128
1910-- 3,970.931
gommerciat andMiscenanconsgtenis
.....4.••••••••••••••••••••••••••%WPAAAMA.
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Circulation Afloat Under-
Bonds and Legal Tenders
on Deposit /or-1918 19.
Bonds.
Feb.28 1919_
Jan. 31 1919.Dec. 31 1918_
Nov.30 1918.._
Oct. 311918...
Sept.30 1918_
Aug.31 1918...
July31 1918
June 30 1918..
May31 1918....
$
683,342,450
683,004,450
684,648,950
684.468,950
684,446,440
683,026,300
682,411,730
690.831 260
690,384,150
691,579,160
688,969,710
688,060.510
685.349,410
Legal
Tenders.
Legal
Tenders.
Bonds.
42,080,347
41,903,027
39,867,332
40,421,622
41,833,562
43,467,307
44,108,182
36.150 417
36,878.979
35,989,575
36,189,817
36,252,360
37.047.275
679,799,125
680,025,471
683,661.878
676,431,533
679,637.575
678,465,863
680,210.470
687,577 645
42,080,347
41,903,027
39,867,332
40,421,622
41,833.562
43,467,307
44,108482
36.150 417
Total.
721,879,472
721,928,498
723,529,210
716,853,155
721,471,137
721,933,170
724,318,652
723.728.062
724,205,485
723,987,645
722,288,177
720,919,507
718.040.005
687,326,508 36,878,977
35,989,575
36,189,817
36,252,360
Mar.30 1918...
37,047.275
Feb. 28 1918
$142,840,180 Federal Reserve bank notes outstanding March 1, of which $142,Apr. 30 1918._
687,998,070
686,098,360
684,667,147
680,992.730
182,800 covered by bonds and $657,380 by lawful money.
The following show the amount of each class of U. S.
bonds held against national bank circulation and to secure
public moneys held in national bank depositaries on Fob. 28.
U. S. Bonds Held Feb. 28 to SecureBonds on Deposit
Feb. 28 1919.
On deposit to
On deposit to
secure
secure Federal
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
TRADE AND TRAFFIC MOVEMENTS.
$
8.
$
14,137,750 559,825,850 573,063,600
2s,U. S. Consols of 1930
ANTHRACITE COAL SHIPMENTS.-The shipments 4$, U. S. Loan of 1925
55,184,800
2,593,000
52,491,800
46,403,380
45,998,880
404,500
2s, U. S. Panama of 1936
of anthracite coal for the month of February 1919, as re- 2s
24,925,920
25,211,220
285,300
, U. S. Panama of 1938
ported to the Anthracite Bureau of Information at Phila- 2s, U.S.One-year Certifs.of indebtedness 128,083,000
128,083,000
delphia, Pa., amounted to but 3,871,932 tons, this being, Total
145.503.550 683.342.450 828.846.000
according to the Bureau's report, with the exception of the
strike years 1902, 1906 and 1912, the smallest reported in a,
The following shows the amount of national bank notes
period of eighteen years, or since December 1901. As com- afloat and the amount of legal-tender deposits Feb. 1 and
pared with the shipments during February of last year, the March 1 and their increase or decrease during the month
latest figures show a decrease of 1,940,000 tons. The February.
Bureau says: "The very low record for February of this year
National Bank Notes-Total Afloat$721,928,498
afloat Feb. 1 1919
may be attributed to the exceptionally mild weather which Amount
49,026
Net amount retired during February
has prevailed during the entire winter"-meaning evidently
afloat
1919
1
$721,879,472
notes
March
bank
of
Amount
that because of the light demand output was curtailed.
Legal-Tender NotesThe shipments for the coal year (beginning April 1) to date Amount on deposit to redeem national bank notes Feb. 11010
$41,903,027
177,320
aggregate 67,728,849 tons, as against 70,475,538 tons for Net amount of bank notes Issued in February
the corresponding period last year.
Amount on deposit to redeem national bank notes March 1 1019._ _ 842,080,347
MAR. 15
THE CHRONICLE
1919.]
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:
The Pittsburg National Bank, Pittsburg, Cal
The First National Bank of Wynona Okla
The First National Bank of Davidsville, Pa
The Citizens National Bank of Hooversville, Pa
Canirl.
$50,000
25,000
25,000
25,000
Total
$125,000
CHARTERS ISSUED.
Capital.
Original organizations:
The First National Bank of Black Rock, Ark
$25,000
The Liberty National Bank of Pawhuska, Okla
100,000
The Liberty National Bank of Stuart, Okla
25,000
25,000
The Farmers National Bank of Pretty Prairie, Kan
Conversion of State Banks:
The Citizens National Bank of Abingdon, Va
25,000
Conversion of the Citizens Bank & Trust Co.,Inc., of Abingdon.
Total
$200,000
CHARTERS EXTENDED.
The Bedford National Bank, Bedford, Ind. Charter extended until
close of business March 13 1939.
INCREASES OF CAPITAL APPROVED.
The American National Bank of Mt. Carmel, Ill. Capital inAmount.
creased from $75,000 to $100,000
$25,000
The First National Bank of Calipatria, Cal. Capital increased
from $25,000 to $50,000
25,000
Total
$50,000
CONSOLIDATION.
The First National Bank of Santa Ana, Cal., and the Farmers &
Merchants National Bank of Santa Ana, Cal., under the charter and title of the First National Bank of Santa Ana, with
capital stock of
$550,000
Combined capital of two banks prior to consolidation was
500,000
Increase
$50,000
VOLUNTARY LIQUIDATION.
Capital,
The First National Bank of Nauvoo, Ill
$35,000
Liquidating committee: G. W. Dachroth and Fred Salm Jr.,
Nauvoo. Succeeded by the First Trust & Savings Bank of
Nauvoo.
The First National Bank of Childersburg, Ala
25,000
Liquidating agent: M.C. Crumpton, Childersburg. Succeeded
by the First State Bank of Childersburg.
Total
$60,000
Canadian Bank Clearings.-The clearings for the week
ending March 6 at Canadian cities, in comparison with the
same week in - 1918, show an increase in the aggregate of
8.8%.
Week ending March 6.
Clearings at1919.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William__ _ _
New Westminster
Medicine Hat_ _ ..
Peterborough
Sherbrooke
Kitchener
Prince Albert
"rntsil C!rtrutrlft
$
96,232,468
74,339,654
31,176,911
11,053,533
7,314,397
4,012,339
4,108,292
5,208,556
2,466,316
3,230,077
4,778,976
1,875,847
3,301,961
2,832,177
467,888
543,313
1,438,360
945,206
1,371,657
614,119
555,388
304,220
796,429
890,905
819,272
192,755
Mil R71 MR
Inc. or
Dec.
1918.
$
74,798,454
61,917,233
44,845,382
9,039,130
6,503,530
4,591,871
3,790,261
4,874,536
2,506,586
2,722,451
6,738,214
1,758,260
3,483,857
2,923,597
445,000
710,571
1,607,642
1,170,367
1,198,145
791,959
400,087
454,328
747,191
889,472
620,547
249,239
220 777
nth
%
+28.7
+20.6
-30.5
+22.3
+12.5
-12.6
+8.4
+6.9
-1.6
+18.7
-29.1
+6.7
-5.2
-3.1
+5.1
-23.5
-10.5
-19.2
+14.4
-22.3
+38.8
-33.0
+6.6
+0.2
+30.4,
-22.9
4-0R
1917.
$
78,539,499
53,220,675
37,761,116
6,536,790
5,287,511
3,987,382
2,336,603
4,200,151
2,322,222
2,391,379
5,328,492
1,520,104
2,469,402
2,654,423
403,704
610,811
1,495,519
837,410
944,619
502,839
267,867
436,115
707,247
673,117
651,214
210
non oil
1916.
s
58,180,283
42,092,332
30,013,242
6,323,223
4,190,949
3,077,635
1,927,273
2,895,242
1,575,824
1.888,051
3,297,699
1,926,601
2,155,216
1,643,8.32
470,873
399,274
974,202
575,636
842,263
418,355
204,877
335,007
474,417
387,511
-.ail
oAn oi,"
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.
39 Enlow Co., Inc., $50 each
$50 per oh.
10 North American Liquidation
$5 per oh.
30 Bank of New York
450
2,050 Hudson Companies, preferred_ .
Si per sh.
5,973 Chicago Elev. Rys. coll. trust pref. partic. shares
5
70,000 Mexican Prod: & Refining, $1 each
$500
Bonds.
Per cent.
$36,300 Chicago Elevated Rys. debenture 6s, 1924
25
$415,000 San Antonio Land & Irrigation, Ltd., 1st 6s, 1923
k 810,000
£20,000 San Antonio Land & Irrigation, Ltd.,2-year 7% notes dated 1913J
By Messrs. Millet, Roe & Hagen, Boston:
$ per sh. Shares. Stocks.
Shares. Stocks.
$ per sh.
10 Sharp Manufacturing, pref _ _105% 9 Hood Rubber, corn., ex-cliv__ _ _14734
26 Sullivan Machinery
110
1 Lockwood Company
139-140
119x 1 Boston Wharf
20 Hamilton Manufacturing
8534
By Messrs. R. L. Day & Co., Boston:
$ per sh. Shares, Stocks.
Shares. Stocks.
$ per sh.
1 Webster & Atlas Nat. Bank__ _ _21234 25 Hood Rubber, pref
1029--102%
25 Hood Rubber, corn., ox-div.. _14734
385
1 American Trust
25 Bausch Mach. Tool, corn
190
18 Pepperell Manufacturing
37
18 Reed-Prentice, preferred
25 Massachusetts Cotton Mills_ _._120
85
10 Collateral Loan
235
13 Nashua Mfg., new stock
101%
1 Boston Atheneum, $300 par... _ _416
1100
1 Dwight Mtg., $500 par
5 Gray & Davis, Inc., prof., wide_ 76
9 Merrimack Mfg., preferred
posited
66ai
20 Merrimack Mfg., common
102%
142A 30 Draper Corporation, exallv.._ ._116%
3 Potomslca Mills •
1 Sullivan Machinery
130
2 Lawrence Manufacturing
139
29 Hamilton Manufacturing.119 Ka419 Nr 3 National Shawinut Bank
2143-i
904
10 Pemberton Co
4 Great Falls Manufacturing... _182% Bonds.
Per ce it.
85
$1,000 Internat. Ry. of Buffalo Is,
11 Fairhaven Mills, preferred
165
1962
10 Naumkeag Steam Cotton
4934
1035
By Messrs. Barnes & 1,aofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks,
per sh.
7 Fidelity Trust
535
25 Logan Trust
160
13834 State Bank of Phila.,S50 ea_112
27 Rights to subscribe Franklin
120 Central Tr.& Say.,$50 each_ 68
Fire Ins., at $50 per share_ 11%
9 Logan Co. Lt.& Pow.,corn
1 13th dr 15th Streets Pass. Ry..20554
401%
100 Indus. C.S.& Ice, $50 ea_ _512 lot
4 Phila. & Trenton RR
198
574 Indus. C. S. & W.,S50 each_ 634
36 Tabard Inn Book,common.)
5 Bahl's Ice Cream & Bak., p1.56 lot
35 Tabard Inn Book, pref
}$3 lot
450 Lake Torpedo Boat
300 Hawthorne S.&I.Mines,Ltd.
11%
1,000 Am. Vent. Mines Corp.,pf _S85 lot
4 United Gas & Elec., 1st pref_ 40
2,000 Am. Vent. Mines Corp.,cora$20 lot
102 Int. Money Mach.,$10 each_ 43-i Bonds.
Per cent.
2 Smith, Kline & French
10534 $2,000 Wm.Cramp & Sons S. & E.
100 German Gold & Uranium_ _ ..52 lot
Building 1st 5s, 1929
99
100 Distol Mfg., $1 each
$2 lot $3,000 Logan Co.Lt.& Pow. 1st 6s,
19 Aschenbach & Miller, Inc_ _100
1934
88
75 Corn Exchange Nat. Bank_ _345
4,000 marks Free City of Hamburg,
15 Quaker City National Bank_130
Germany
$250
2 Real Estate Trust, pref
97% $1,000 Pitts? Shawmut & Nor. RR.
3 Philadelphia Trust
710
1st 4s, 1952, certifs. of deposit__ 1
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Boston & Albany (quar.)
Mar. 31 Holders of rec. Feb. 28a
2
Buffalo de Susg. RR. Corp., corn.(guar.)_ _
134 Mar. 29 Holders of rec. Mar. 15
Common (extra)
Mar.29 Holders of rec. Mar. 15
234 Apr. 1 Holders of rec. Feb. 28a
Canadian Pacific, common (quar.)
2
Apr. 1 Holders of rec. Feb. 28
Preferred
2
Mar. 25 Holders of rec. Mar. 19a
Chicago Burlington & Quincy (quar.)_ _
Apr. 1 Mar. 8 to Apr. 8
Chicago & North Western, corn. (guar.)
Apr. 1 Mar. 8 to Apr. 8
2
Preferred (guar.)
Clev. Cin. Chic. & St. L., pref. (quar.) 13( Apr. 21 Holders of rec. Apr. 1
Dayton Coal, Iron & Ry., preferred._- 5e. Mar. 15 Holders of rec. Feb. 20
tDelaware de Hudson Co.(quar.)
2% Mar. 20 Holders of rec. Feb. 262
Fonda Johnstown & Cloy., pref.(quar.) 134 Mar. 15 Holders of rec. Mar. lea
tLehigh Valley, corn. dr pref. (quar.)_ _ _ $1.25 Apr. 5 Holders of rec. Mar a153
1% Apr. 1 Holders of rec. Mar. 15a
Manhattan Ry. (guar.)
Minn. St. P. dc S. S. M.. corn. dr pref. 33-4 Apr. 15 Holders of rec. Mar. 20a
134 May 1 Holders of rec. April 8
New York Central RR.(guar.)
1% Apr. 1 Holders of roe. Mar. 14a
N. Y. Lackawanna de Western (guar.)_
Norfolk & Western common (quar.)___ _
1% Mar. 19 Holders of rec. Feb. 28a
Pittsb. Bessemer de Lake Erie, common... 75c. Apr. 1 Holders of rec. Mar. 15
Pittsb. Ft. W.& Chic., reg., guar.(qu.) 1% Apr. 8 Mar. 11 to Apr. 8
1% Apr. 1 Mar. 11 to Apr. 8
Special guaranteed (guar.)
Reading Company 2d pref. (quara_ _ _ _
50c. Apr. 10 Holders of rec. Mar. 25a
St. Joseph South Bend & Southern,corn.. 1
Mar. 17 Mar. 11 to Mar. 17
Preferred
2% Mar. 17 Mar. 11 to Mar. 17
Southern Pacifie (quar.)(No. 50)
134 Apr. 1 Holders of rec. Feb. 28a
Southern Ry., M. de 0. stock trust cerlfs _ 2
Apr. 1 Holders of rec. Mar. 15a
Toronto Hamilton 8e Buffalo (guar.)
*134 Apr. 1 *Holders of rec. Mar. 25a
Union Pacific, common (quar.)
234 Apr. 1 Mar. 9 to Apr. 8
Preferred
Apr. 1 Mar. 9 to Apr. 8
2
United N. J. RR. & Cana/ (guar.)
2% Apr. 10 Mar. 21 to Mar. 31
West Jersey & Seashore
*$1.25 April 1 *Holders of rec. Mar, 15
Wisconsin Central, preferred
Apr. 1 *Holders of rec. Mar. 11
*2
Street & Electric Railways.
Arkansas Val. Ry., L.& Pow., pf.(qua
134 Mar. 15 Holders of rec. Feb. 28
Asheville Power & Light, pref. (guar.)_
134 Apr. 1 Holders of rec. Mar. 18
Boston Elevated Ry., common (guar.)_ _ _ *131 Apr. 1 *Holders of rec. Mar. 17
Brazilian Tr., L. & Pow., pref. (quar.).
Apr. 1 Holders of red. Mar. 15
Capital Traction, Wash., D. C. (guar.)_ _
134 Apr. 1 Mar. 15 to Mar. 31
Carolina Power dc Lt., pref.(gu.)(No.40) 134 Apr. 1 Holders of rec. Mar. 18
Duluth-Superior Tract., pref. (guar.)
Apr. 1 Holders of rec. Mar. 15a
El Paso Elec. Co.,corn.(qu.)(No.31)- _ 2% Mar. 15 Holders of rec. Mar. Sc
$4
Apr. 1 Holders of rec. Mar. la
Frankf. & Southwark (Phila.) (quar.)
Mar. 15 Holders of rec. Mar. Sc
Galv.-Houston Elec. Co., pref.(No. 24) 3
3
Apr. 1 Holders of rec. Mar. 15a
Houghton County Tract., pref.(No.22)_ _
Apr. 1 *Holders of rec. Mar. 15
Illinois Traction, pref. (guar.)
Manhattan Bridge Three-Cent Line (guar.) 1% Mar. 31 Holders of rec. Mar. 22a
Manila Elec. RR. & Lig. (guar.)
*1% Apr. 1 *Holders of rec. Mar. 22
*1
Apr. 1 *Holders of rec. Mar. 15
Ottawa Traction (guar.)
Philadelphia Traction
$2
Apr. 1 Holders of rec. Mar. 10a
San paquin L.& P.,Pi.(Qua (No. 17)_
1% Mar. 15 Holders of rec. Feb. 28
Apr. 1 Holders of rec. Mar. la
Second & 3d Sts. Pass., Phila.(quara_ _ 83
Springfield (Mo.) Ry.& Lt., pref.(qu.). 134 Apr. 1 Holders of rec. Mar. 14a
134 Apr. 1 Holders of rec. Mar. 20
Tri-City By. & Light, pref. (guar.)
Twin City Rap.Tr., Minneap., pf. (qu.) 1% Apr. 1 Holders of rec. Mar. 15a
United Light & Rys.,common (quar.).. 1
Apr. 1 Mar. 5 to Mar. 15
1% 1,pr. 1 Mar. 5 to Mar. 15
First preferred (quar.)
Wash. Bolt. 8e Annap. Elec. RR.com.(gu.) Si
Apr. 1 Mar. 21 to Mar. 31
Preferred (guar.)
75e. Apr. 1 Mar. 21 to Mar. 31
West End St. By., Boston, common
*31.75 Apr. 1 *Mar. 22 to Apr. 1
West India Electric Co. (guar.)
13-4 April 1 Mar. 24 to April 1
West Penn Rim. pref.(guar.)(No.7) _
134 Mar. 15 tillers of rec. Mar. 1
Yadkin River Power, pref. (qu.) (No. 12). 1% Apr. 1 Holders of rec. Mar. 18
Banks.
Chase National (guar.)
Chatham de Phenix National (guar.)
Commerce, Nat. Bank of (quar.)
First National (guar.)
First Security Co. (guar.)
Irving National (guar.)
Yorkville (guar.)
Trust Companies.
Guaranty (guar.)
Irving (quar.)
Lawyers Title & Trust (guar.)
Manufacturers (Brooklyn) (guar.)
4
4
234
5
5
3
5
Apr. 1
Apr. 1
Apr. 1
Apr. 1
Apr. 1
Apr. 1
Mar. 31
Holders of rec. Mar.25a
Mar. 20 to Mar. 31
Holders of rec. Mar. 20a
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
Holders of rec. Mar. 15
Holders of rec. Mar.21a
5
Mar. 31 Holders of rec. Mar. 20
2
Apr. 1 Holders of rec. Mar. 15
1% Apr. 1 Mar. 16 to Apr. 1
2
April 1 Holders of rec. Mar. 20a
Miscellaneous
Abitibi Power & Paper,Ltd., pref.(qu.)..
Apr. 1
Advance Rumely, preferred (No. 1)_ _
April 1
Ahmeek Mining (guar.) (No. 29)
Mar. 31
Ajax Rubber, Inc. (quar.)
Mar. 15
Apr. 15
Allis-Chalmers Mfg., pref. (quar.)
Apr. 15
Preferred (account accum.dividends).
Mar.31
Allouea Mining (guar.)
Apr. 15
Amer. Agric. Chem., com.(gu.) (No. 30).
Apr. 15
Preferred (guar.) (No. 55)
Apr. 1
American Bank Note, pref. (quar.)....
Amer. Beet Sugar pref. (raid (No 79).
April 1
Mar. 31
Amer. Brake Shoe dc Fdy., corn. (mar.)..
Mar. 31
Preferred (guar.)
Apr. 1
American Can, preferred (quar.)
Apr. 1
Amer. Car & Fdy., corn.(qu.)(No. 66)_
Apr. 1
Preferred (quar.) (No. 80)
Apr. 1
American Chicle, preferred (guard
1
Apr. 1
American Cigar, preferred (guar.)
40c. Mar. 15
American Druggist Syndicate
American Express (quar.)
134 A pr. I
American Fork & Hoe. common (quar.)_
13.4 Mar. 15
Preferred
334 .April 15
Amer. Gas & Elec., coin. (qu.)(No. 35) 51.25 Apr. I
The. May 1
Preferred (guar.) (No. 49)
Amer. Graphophone,com.(qu.)(N0.55) 134 Apr. 1
1% Apr. 1
Preferred (guar.) (No. 83)
134 April 1
American Hide & Leather, DC (quar.)..._
Amer. Internat. Corp., corn.& pret.(qua
90c. Mar. 31
Amer. Laundry Machinery, pref. (qu.)
1 al .tor. 15
Amer. Manufacturing,common (quar.). tol3.4 ;Mar. 31
2
Mar.31
Common (extra)
Preferred (guar.)
trl 34 mar.Si
Holders of rec. Mar. 20
Holders of rec. Mar. 17a
Holders of rec. Mar. 15
Holders of rec. Mar. 28a
Holders of rec. Mar. 310
Holders of rec. Mar. 31a
Holders of rec. Mar. 17a
If )1'lers of rec. Mar. 21
If Alm of rec. Mar. 24
.Holders of rec. Mar. 15a
firthfers of rev. Mar. 15a
Hollers of rec. Mar. 21
Holders of rec. Mar. 21
holders of rec. Mar. 14a
Holders of tee. Mar. 14a
hollers of rec. Mar. 14a
lIollers of rec. Mar. 22
Holders of rec. Mar. 15a
Ifolders of rec. Jan. 3la
Holders of rec. Feb. 28a
Hailers of rec. Mar. Sc
Holders of rec. April 5
Holders of rec. Mar. 20
Holders of rec. Apr. 18
!folders of rec. Mar. 156
Holders of rec. Mar. 15a
'loafers of rec. Mar. 15a
Holders of rec. Mar. 15a
April 6 to
April 15
Mar. 16 to Mar. 30
Mar. 16 to
Mar. 30
afar. 113 to
Alfa*. 30
Name of Company.
Per • When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)American Locomotive,common (guar.)- 13% Apr. 3 Holders of rec. Mar. 18a
13% Apr. 21 Holders of rec. Apr. 4a
Preferred (quar.)
Amer.Power da Light, pref.(qu.)(No.38) 13% Apr. 1 Holders of rec. Mar.20
14 Apr. 1 Holders of rec. Mar. 15
Amer. Public Service, pref. (guar.)
Mar. 31 Mar.23 to Mar.31
American Radiator, common (guar.).- 3
Mar.31 Mar. 23 to Mar. 31
Corn.(extra pay. in L.L.4)(% bonds) nt4.
Si Mar. 20 Holders of rec. Mar. 10a
American Sewer Pipe (quar.)
1
Mar. 15 Feb. 27 to Mar. 4
Amer. Smelt. & Refining, corn. (quar.)_
13% April 1 Mar. 16 to Mar. 24
Amer.Smelters Securities, pref. A (qu.)April 1 Mar. 16 to Mar. 24
Preferrel B (guar.)
Apr. 1 Holders of rec. Mar. 15a
3
American Snuff, common (guar.)
13% Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)
2
Mar. 31 Holders of rec. Mar. 15a
American Steel Foundries (quar.)
American Stores, first pref. (quar.)_-- 13% Apr. 1 Mar. 22 to Apr. 1
1% Apr. 1 Mar.22 to Apr. 1
Second pref. (quar.)
Amer.Sugar Refining. cons.& pref.(qu.) 13% April 2 Holders of rec. Mar. la
% April 2 Holders of rec. Mar. to
Common (extra)
Apr. 15 Mar. 15 to Mar. 25
2
American Telep.& Teleg.(quar.)
Apr. 15 Holders of rec. Apr. 5
56
Bottle
Thermos
American
13% Apr. 1 Feb. 16 to Mar. 16
Amer. Tobacco, preferred (quar.)
1
Apr. 15 Holders of rec. Apr. 10a
Amer. Type Founders, com. (guar.)
1% Apr. 15 Holders of rec. Apr. 10a
Preferred (guar.)
Amer. Window Glass Mach., pref. (quar.) *1% Apr. 1 *Holders of rec. Mar.21
Apr, 15 Mar. 18 to Apr. 1
American Woolen, common (quar.)__ _
Apr. 15 Mar. 18 to Apr. 1
Extra (payable in Liberty Loan bonds) 110
13% Apr. 15 Mar. 18 to Apr. 1
Preferred (quar.)
13% Apr. 1 Mar. 16 to Mar. 31
Armour & Co., preferred (guar.)
13% Apr. 15 Holders of rec. Apr. 1
Asbestos Corp. of Canada, Ltd., com.(qu.)
13% Apr. 15 Holders of rec. Apr. 1
Preferred (guar.)
134 Apr. 15 Holders of rec. Mar. 21a
Associated Oil (quar.)
Apr. 1 Holders of rec. Mar. 10a
Atlantic Gulf & W.I. S. S. L., pf.(qu.)
Mar, 15 Holders of rec. Feb 21a
5
Atlantic Refining (guar.)
Mar.
31 Holders of rec. Mar. 15
50c
_
(quar.)__
pref.
Corporation,
Autosales
3 Apr. 1 *Mar. 23 to Apr. 1
*1%
Avery Comps ty, preferred (quar.)
Barnhart Bros. & Spindler,
13% May 1 Holders of rec. Apr. 25a
First & second preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 20a
Barrett Company, common (guar.)_ _ _
134 Apr. 15 Holders of rec. Mar. 31a
Preferred (guar.)
Belding Paul Corticelli, Ltd., pref.(qu.) 33% Mar. 15 Holders of rec. Mar. 1
Apr. 15 Holders of rec. Mar. 31
2
Bell Telephone of Canada (quar.)
April 1 Holders of rec. Mar. 12
Bethlehem Steel, common (quar.)
April 1 Holders of rec. Mar. 12
Common (extra)
April 1 Holders of rec. Mar. 12
Common B (guar.)
April 1 Holders of rec. Mar. 12
Common B (extra)
April 1 Holders of rec Mar. 12
Cumulative convertible prof. (guar.). 02
Non-cumulative preferred (guar.).- ol 31 April 1 Holders of rec. Mar. 12
25c. Mar. 31 Holders ot rec. Mar. 20a
Bingham Mines (quar.) (No. 8)
500 Apr. 1 Holders of rec. Mar. 12a
Booth Fisheries, common (quar.)
134 Apr. 1 Holders of rec. Mar. 121
Preferred (quar.)
Borden's Cond. Milk pref.(qu.) (No.69) 13% Mar. 15 Holders of rec. Mar. la
13% June 14 Holders of roe. May 31a
Preferred (guar.) (No. 70)
134 Apr. 1 Holders of rec. Mar. la
Brandram-Henderson, Ltd., pref.(qu.)_
Mar. 31 Holders of coup. No.71k
British-American Tab., ord. (interim).... 6
13% Apr. 1 Holders of rec. Mar. 15a
Brooklyn Union Gas (quar.) (No. 72)__
Brunsteick-Balke-Collender Co., p). (qu.)_ *13% Apr. 11 *Holders'°face. Mar. 11
Mar. 15 Holders of rec. Feb. 21
$2
Buckeye Pipe Line (quar.)
Apr. 1 Holders of rec. Mar. 20
1
Bucyrus Co., pref. (guar.) (No. 16)_ _ _ _
Mar. 31 Holders of rec. Mar.20a
Buffalo General Electric (guar.)(No.08) 2
Mar. 15 Holders of rec. Feb. 28a
California Packing Corp., corn. (quar.).. $1
Apr,
1 Holders of rec. Mar. 15a
134
Preferred (quar.)(No. 10)
13% Apr. 1 Mar. 18 to Mar. 23
California Petroleum Corp., corn. (quar.)_
Apr. 1 Mar. 18 to Mar.23
Pref. (in L. L. bonds acct. accum. divs.) 12
Mar.24 Holders of rec. Mar. 7a
Calumet & Arizona Mining (quar.)_-- $1
Apr. 1 Holders of rec. Mar. 15a
31
Cambria Iron
75c. Mar. 15 Holders of rec. Feb. 28a
Cambria Steel (quar.)
750. Mar. 15 Holders of rec. Feb. 28a
Extra
1
Mar. lb Holders of rec. Mar. In
Canada Steamship Lines. common
13% Apr. 10 Holders of rec. Mar.26a
Canadian Car dc Fdy., pref. (guar.)
Canadia Co • sot. Rubber, Ltd., pl. (qu.) 134 Mar. 31 Holders of rec. Mar. 17
Apr. 1 Mar. 21 to Mar. 31
Can. Crocker-Wheeler, corn. & pf. (qu.) 2
Apr. 1 Holders of rec. Mar. 15
Canadian Gen.Elec., Ltd.(qu.)(No.79) 2
336 Apr. 1 Holders of rec. Mar. 15
Preferred (No. 46)
134 Apr. 1 Holders of rec. Mar. 20
Canadian Locomotive, corn. (quar.)
13% Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
04
Mar.31 Holders of rem Sept. 26
Carbon Steel. 1st preferred
July 30 Holders of rec. July 26
6
Second preferred (annual)
134 Apr. 1 Holders of rec. Mar. 17a
Case (J. I.) Thresh. Mach., pref. (qu.). _
Mar. 31 Mar. 5d to Mar. 25
2
Celluloid Company (quar.)
Central Coal & Coke, common (guar.). _ _ *13% April 15 *Holders of rec. Mar. 31
*14 April 15 *Holders of rec. Mar. 31
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 10a
Central Leather, preferred (quar.)
23% Apr. 1 Holders of rec. Mar. 27
Central Petroleum, preferred
Cent.States Elec.Corp.,pt.(au.)(No.27) 134 Apr, 1 Holders of rec. Mar. 10
Certait-teed Products Corporation,
134 Apr. 1 Holders of rec. Mar. 21a
First & second pref. (guar.)(No. 9)_ _ _
Apr. 1 'folders of rec. Mar. ho
3
Chandler Motor Car (quar.)
20c. Apr. 1 Holders of rec. Mar. 15
Charcoal Iron of America, corn. (quar.)_
Mar. 20 Holders of rec. Mar. la
Chesebrough Manufacturing (quar.)...... 3
50o Mar. 20 Holders of tee. Mar. la
Extra
Mar. 31 Holders of rec. Mar. 200
2
Chicago Telephone (guar.)
75c. Mar,31 Holders of rec. Mar. 14a
Chino Copper (quar.)
Apr. 15 Holders of rec. Apr. 5
1
Cincinnati Tobacco Warehouse
$1.25 Mar.29 Mar. 13 to Mar. 20
Citizens Gas of Indianapolis(No. 19)
134 Apr. 1 Mar. 23 to Mar. 31
Cleveland-Akron Bag, common ((buar.) _
Cluett, Peabody & Co., Inc., pref. (qtr.) 13% Apr. 1 Holders of rec. Mar. 21a
Si Apr. 15 Holders of rec. Mar. 31ss
Colorado Power,common (quar.)
13% Mar. lb Holders of rec. Feb. 28a
Preferred (guar)
Columbia Graphophone Mfg.,com.(qu.) 32 50 Apr. 1 Holders of rec. Mar. 15a
Common (payable in corn. stock) ___ (z) Apr. 1 Holders of rec. Mar. lba
134 Apr. 1 Holders of rec. Mar. lba
Preferred (quar.) (No. 4)
Apr. 10 Holders of rec. Mar. 25a
Computing-Tabulating-Recording (qu.) 1
Consolidated Gas (quar.)
13% Mar. 15 Holdersof rec. Feb. 7
Apr. I Holders of rec. Mar. 15a
Consol. Gas, Elec. L. & P., Balt.(qui - 2
Continental Can, Inc., corn. (quar.)_. 13% Apr. 1 Holders of rec. Mar. 20a
134 Apr. 1 Holders of rec. Mar. 20a
Preferred (quar.)
*3
Mar. 17 *Holders of rec. Feb. 24a
Continental 011 (quar)
Mar. 15 Holders of rec. Feb. 20a
Copper Range Co.(quar.)(No. 49)--_ $1
75c. Mar 15 Feb. 21 to Mar. 16
Crescent Pipe Line (guar.)
31 Holders of roe. Mar 15
Mar.
134
66)(No.
(quar.)
pref.
Steel,
Crucible
134 Apr. 1 Holders of rec. Mar. 15a
Cuba Cane Sugar, preferred (quar.)_ _ _ _
23% Apr. 1 Holders of rec. Mar 14
Cuban-American Sugar, corn. (guar.)._
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 14a
13% Apr. 5 Mar. 27 to Apr. 4
Cudahy Packing, common (guar.)
2
Mar. 15 Holders of rec. Feb. 28a
Diamond Match (guar.)
Dodge Manufacturing, common (quar.) 13% Apr. 1 Holders of rec. Mar. 28a
Apr. 1 Holsters of rec. Mar. 28a
1
Common (special)
134 Apr. 1 Mar. 22 to Mar. 31a
Preferred (quar.)
Dominion .Canners, Ltd., pref. (quar.).. 134 Apr. 2 Mar. 23 to Mar. 31
April 1 Holders of rec. Mar. 15a
Dominion Glass, Ltd., corn.(quer.)--- 1
134 April 1 Holders of rec. Mar. 15
Preferred (quar.)
Dominion Iron & Steel, Ltd., pref. (qu.) 134 Apr. 1 Holders of rec. Mar. 15
Dominion Steel Corp., Ltd., corn. (qu.).. 13% Apr. 1 Holders of rec. Mar. 5
Apr. 1 Holders of rec. Mat. 15
Dominion Textile, Ltd.. cons. (quar.).... 2
13% Apr. 15 Holders of rec. Mar. 31
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 8
2
Draper Corporation (quar.)
Duluth Edison Elec., pf. (qu.)(No. 52). _
134 Apr. 1 Holders of rec. Mar. 21
duPont(E.I.)deNem.&Co.deb.stk.(qu.) 1.34 Apri125 Holders of rec. Apr. 10
du Pont(E.I. de Nem.Powd..com.(qu.) 13% MAY 1 Holders of rec. Apr. 19a
134 May 1 Holders of rec. Apr. 19a
Preferred (guar.)
234 Apr. 15 Holders of rec. Apr. 1
Eastern Steel, common (quar.)
First and second preferred (quar.)- _
134 Mar. 15 Holders of rec. Mar. 1
23% Apr. 1 Holders of rec. Feb. 28e
Eastman Kodak,common (guar.)
234 Apr. 1 Holders of rec. Feb. 28a
Common (extra)
May 1 Holders of rec. Mar. 31a
5
Common (extra)
134 Apr. 1 Holders of rec. Feb. 28a
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 17a
Elec. Storage Battery, COM.& pref.(qu.) 1
Apr. 1 *Holders of rec. Mar. 28
Electrical Securities Corp., corn. (quar.)_ _ *2
*134 May 1 *Holders of rec. Apr. 22
Preferred (guar.)
Federal Mining & Smelting, pref. (qu.). 13% Mar. 15 Holders of roe. Feb. 25a
Firestone Tire & Rubber, common (qu.) 134 Mar.20 Holders of tee. Mar. 10a
Mar.31 Holders of rec. Feb. 28a
.& new pf. (quar.) 2
Galena-Signal Oil, pf.
General Ban ,g, pref. (guar.) (No. 29)- - I% Apr. 1 Holders of rec. Mar 29
[VOL. 108.
THE CHRONICLE
1036
13%
13%
J13%
134
134
134
134
Name of Company.
1Vhen
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
General Chemical. preferred (quar.)___
134 Apr. 1 Holders of rec. Mar. 18a
Apr. 15 Holders of rec. Mar. 15a
2
General Electric (guar.)
Apr. 1 Mar. 21 to Mar. 31
General Fireproofing, corn. & pref. (qu.)
General Ry. Signal, corn. (qu.)(No.23) 13% Apr. 1 Holders at rec. Mar. 20
Preferred (quar.)(No. 59)
134 Apr. 1 Holders of rec. Mar.20
32
May 31 Holders of rec. May 1
Gillette Safety Razor (quar.)
31
May 31 Holders of rec. May 1
Extra
*1 Mc. Mar. 10 *Holsters of rec. Feb. 25
Globe Oil (monthly)
Globe Soap,com.,1st,2d & spool pf.(qu.) 134 Mar. 15 Mar. 1 to Mar. 16
May 15 Holders of rec. May 5
Goodrich (B. F.) Co.. common ((Nat.). 1
1% April 1 Holders of rec. Mar. 21a
Preferred (quar.)
Preferred (quar.)
134 July 1 Holders of rec. June 20a
*50c. April 1 *Holders of rec. Mar.22
Gorton-Pew Fisheries (guar.)
Mar.1
1. 4
Great Lakes Towing, common (quar.)_ _
1% Apr. Preferred (quar.)
Apr. 9 *Holders of rec. Mar. 20
Great Northern Iron Ore Properties
*52
$1.25 Apr. 1 Holders of rec. Mar. 190
Guantanamo Sugar (guar.)
Apr. 1 Holders of rec. Mar. lba
1
Gulf States Steel, corn. (quar.)
134y Apr. 1 Holders of rec. Mar. lba
First preferred (quar.)
Second preferred (quar.)
134y Apr. 1 Holders of rec. Mar. lba
Hart,Schaffner & Marx,Inc., pref.(qu.) 134 Mar. 31 Holders of rec. Mar. 20a
Harbison-Walker Refrac., pref. (quar.)- 134 Apr. 19 Holders of rec. Apr. 9a
Apr. 1 Holders of rec. Mar. 17a
$1
Haskell & Barker Car (guar.)
Ifelme (Geo. W.) Co., common (quar.)- 234 Apr. 1 Holders of rec. Mar. lba
19.4 Apr. 1 Holders of rec. Mar. lba
Preferred (quar.)
Mar. 25 Mar. 16 to Mar.24
2
Hercules Powder, common (quar.)
Mar. 25 Mar. 16 to Mar.24
2
Common (extra)
50o. Mar. 25 Holders of rec. Mar. 20
Homestake Mining (monthly)(No. 535)
Imperial Tobacco of Canada, case
'13% Mar. 28 *Holders of rec. Mar. 12
Mar. 31 *Holders of rec. Mar. 12
*3
Preferred
50e. Mar. 15 Holders of rec. Feb. 28a
Independent Brewing, common (quer.).
Mar. 15 Holders of rec. Mar. la
3
Indian Refining, corn. (quar.)
134 Mar. 15 Holders of rec. Mar. la
Preferred (quar.)
3 Apr. 1 Mar. 21 to Mar. 31
International Banking Corporation
be. Apr. 1 Holders of rec. Mar. 15
Internat. Button Hole Sew. Mach.(qu.)
Internal. Harcester,cont.(guar.)
*134 Apr. 15 *Holders of rec. Mar. 25
134 Apr. 1 Holders of reo. Mar. lba
International Salt (guar.)
500. Mar. 31 Holders of rec. Mar. 7
Isle Royale Copper Co.(guar.) (No. 13)
134 Apr. 1 Holders of rec. Mar. 28
Jewell Tea, preferred (quar.)
Apr. 1 Holders of rec. Mar. 20
Kaufmann Dept. Stores, Inc., pref. (qu.)
Apr. 1 *Holders of rec. Mar. 20
*2
Kayser (Julius) & Co., corn.(guar.)
*13.4 May 1 *Holders of rec. Apr. 21
First and seco7d pref. (quar.)
134 April 1 Mar. 18 to Mar. 31
Kelly-Springfield Tire, pref. (quar.).
25c. Mar. 31 Holders of rec. Mar. 18a
ecoll Copper Corp. (guar.)
25c. Mar. 31 Holders of rec. Mar. 18a
Capttal distribution
25e. Mar. 15 Holders of rec. Mar. la
Kerr Lake Mines, Ltd. (quar.)
April 1 Holsters of rec. Mar. 21
Keystot e Tire dc Rubber,corn.(quar.)- --- 3
May 20 Holders of rec. Mar. 21
Commo7 (payable in common stock) _ _ f15
Kolb Bakery, pref. (guar.) (No. 29)
13% Apr. 1 Holders of rec. Mar. 22
preferred (quar.)..... 14 Apr. 1 Holders of rec. Mar. 17a
Kresge
1
May 1 Holders of rec. Apr. 19a
Kress.(S. H.) Co., common (quar.)...-134 Apr. 1 !folders of rec. Mar.20a
Preferred (quar.)
Mar. 31 Holders of rec. Mar. 17a
1
La Belle Iron Works, corn.(gar.)
2
Mar. 31 Holders of rec. Mar. 17a
Common (extra)
2
Mar. 31 Holders of rec. Mar. 17a
Preferred (quar.)
Lackawanna Steel, common (guar.).- 134 Mar. 31 Holders of rec. Mar. 104
Laclede Gas Light, common (quar.)-- 134 Mar. 15 Holders of rec. Mar. la
Apr. 1 Holders of rec. Mar. 24
3
Laure tide Compary, Ltd. (guar.)
Apr. 15 Holders of rec. Mar. 31a
1
Laurentide Power (gear.)(No. 1)
Apt. 1 Holders of rec. Mar. 20
$2
Lehigh Valley Coal Sales (quar.)
4
April 1 Holders of rec. Mar. 21
Liggett & Myers Tobacco, cont. (extra)__ _
14 Apr. 1 Holders of rec. Mar. 17a
Liggett & Myers Tobacco, pref. (qu.)
6 2-3 Mar. 31 Holders of rec. Mar. la
Lindsay Light, common (quar.)
2 1-3 Mar. 31 Holders of rec. Mar. la
Preferred (quar.)
Mar. 31 Holders of rec. Mar. 15a
2
Lone Star Gas (quar.)
Mar. 31
*14
Lore Star Gas (extra, in L. L. bonds).
13.4 Apr, 1 Holders of rec. Mar. 18a
Loose Wiles Biscuit, first pref. (quar.). _
Apr. 1 Holders of rec. Mar. lba
3
Lorillard (P.), common (quar.)
134 Apr. 1 Holders of rec. Mar. lba
Preferred (quar.)
Mackay Cos., common (quar.)(No. 55) 134 Apr. 1 Holders of rec. Mar. 8a
Apr. 1 Holders of rec. Mar. 8a
1
Preferred (guar.)(No. 61)
April 1 Mar. dll to Mar. 25
1
Manhattan Elec.supply, corn.(quar.)_ _
13.4 April 1 Mar. dll to Mar. 25
First dr second preferred (quar.)
134 Am 1 Holders of rec. Mar. 14
Manati Sugar, preferred (quar.)
134 April 1 Holders of rec. Mar. 18
Manhattan Shirt, pref. (par.)
Marconi Wireless Teleg. of America-- 25e. July 1 June 2 to June 14
13.4 Apr. 1 Holders of rec. Mar. 206
May Department Stores, pref. (quar.)...
134 April 1 Holders of rec. Mar. 20e
McCrory Stores Corp., pref. (guar.)
Afercha is Despatch Tralsportation (qu.) '134 Mar. 31 *Holders of rec. Mar. 24
Mergenthaler Linotype (gmar.)(No.93) 234 Mar. 31 Holders of rec. Mar. ba
Apr. 10 Holders of rec. Mar. 15a
Mexican Petroleum, common (guar.).- q2
Apr. 1 Holders of roe. Mar. lba
2
Preferred (quar.)
Michigan State Telep., pref. (guar.)
'134 Mar. 31 *Holders of rec. Mar. 24
134 Apr. 1 Holders of rec. Mar. 15a
Montana Power, corn. (qu.)(No. 26)-134 Apr. 1 Holders of rec. Mar. lba
Preferred (quar.)(No. 26)
Montgomery, Ward & Co., pref. (quar.) 134 Apr. 1 Holders of rec. Mar. 20a
Mar. 15 Holders of rec. Feb. 28
1
Montreal Cottons, Ltd., corn. (quar.)- _
134 Mar. 15 Holders of rec. Feb. 28
Preferred (quar.)
Muskogee Gas dr Electric, pref. (quint.) _
13% Mar. 15 Holders of rec. Feb. 2S
Apr. 1 Holders of rec. Mar. 15a
Narragansett Electric Lighting (quar.)_ _ $1
National Biscuit. common (gear.)...
134 April 15 Holders of rec. Mar. 31
National Cloak ex Suit, com.(qu.)(No. 9)_
134 Aprl 15 Holders of rec. April 8a
Nat. Enamel.& Stampg., corn.(quar.)- o134 Mar. 20 Holders of rec. Feb. 280
al% Mar. 31 Holders of rec. Mar. 1la
Preferred (quar.)
National Lead, common (guar.)
134 Mar. 31 Holders of rec. Mar. 14a
IM Mar. 15 Holders of rec. Feb. 21
Preferred (quar.)
National Licorice, pref. (qu.)(No. 67).._ - 134 Mar. 31 Holders of rec. Mar. 24
*20c. Apr. 15 *Holders of rec. Apr. 1
National Oil, preferred (quar.)
Apr. 15 Holders of roe. Mar. 31a
'al Paper & Type,common (quar.). 2
Natio,
Preferred (guar.)
134 Apr. 15 Holders of rec. Mar. 310
Nailonal Sugar (qar.)
134 Apr. 2 'folders of rec. Mar. 10
Apr. 1 Holders of rec. Mar.20a
3
National Surety (quar.)
Nevada Consolidated Copper (quar.). _ 3734c Mar. 31 Holders of rec. Mar. 14a
'13% Mar. 28 *Holders of rec. Mar. 26
New River Company (guar.)
234 Mar. 21 Holders of rec. Mar. 4a
New York Air Brake (aar.)
4
Apr. 15 Holsters of rec. Mar. 22
New York Transit (quar.)
1
Mar. 15 Holsters of ree. Mar. 5
Niagara Falls Power, common (No. 1)_
Preferred (guar.)
134 Apr. 15 Holders of rec. Mar. 31
Niles-Bement-Pond, common (quar.)_ _ 234 Mar. 20 Holders of rec. Mar. la
*25c. April 21 Apr. 1 to Apr. 17
Nipissilg Mires (gear.)
• 14 Apr. 1 Holders of rec. Mar. 20a
North American Co. (quar.)
3
Mar. 15 Mar. 12 to Mar. 16
Northwestern Yeast (guar.)
Mar. 15 Mar. 12 to Mar. 16
3
Extra
April 1 Holders of rec. Mar. 20
Ogilvie Flour Mills, Ltd., corn. (guar.)._ - 3
14 April 1 Holders of rec. Mar. 15
Ohio Cities Gas, pref. (guar.)
$1.25 Mar. 31 Mar. 1 to Mar. 27
Ohio Oil (quar.)
$4.75 Mar. 31 Mar. 1 to Mar. 27
Extra
Oklahoma Gas & Electric, pref. (guar.). 134 Mar. 15 Holders of rec. Feb. 28
Oklahoma Producing dc Refining (quar.) 12340. April 2 Holders of rec. Mar. 200
Mar. 31 Holders of rec. Mar. 15
Osceola Co :sot. Mixing (guar.) (No. 94). $l
April 1 *Holders of rec. Mar. 15
*1
Ottawa Car Mfg.(guar.)
134 April 1 Holders of rec. Mar. 20
Ottawa Light, Heat & Power (guar.)
April 1 Holders of rec. Mar. 22e
75c.
(guar.)
cont.
Bottle-Machine,
Owens
134 April 1 Holders of rec. Mar. 22a
Preferred (guar.)
Pabst Brewing, preferred (guar.)
13% Mar. 15 Mar. 7 to Mar. 17
134 Mar. 15 Holders of rec. Feb. 28e
Packard Motor Car, pref.(quar.)
Pan-Am. Petrol. & Transp., corn.(qu.)_ $1.25 Apr. 10 Holders of rec. Mar. 15a
13% Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
Mar. 15 Holders of rec. Feb. 28
4
Paton Mfg. of Sherbrooke, Canada..._ _
Mar. 15 Holders of rec. Feb. 28
2
Bonus
15 Holders of rev. May 5
May
_
_
(quar.)_
13.4
Penmans, Limited, common
Preferred (quar.)
13.4 May 1 Holders of rec. Apr 21
Pennsylvania Rubber,common (quer.). 134 Mar. 31 Holders of rec. Mar. 15
134 Mar. 31 Holders of rec. Mar. 15
Preferred (quar.)
Penn. Water dr Power (quar.) (No. 21) 134 Apr. 1 Holders of rec. Mar. 19a
Pettibone,Mulliken&Co.,1st&2dpf.(qtr.) 13% Apr. 1 Holders of rec. Mar. 200
Phelps, Dodge Corporation (quar.)
23% Apr. 2 Holsters of rec. Mar. 20a
43 750 Mar. 15 Holders of rec. Feb. 2Ia
Philadelphia Electric (guar.)
Apr, 1 Holders of rec. Mar. 17a
2
_
_
(guar.)
pref.
Car,
Pierce-Arrow Motor
500. Mar. 15 Holders of roe. Mar. la
Pittsburgh Brewing. common (quar.)_ _
Pittsburgh Plate Glass, common (guar.) 134 Apr. 1 Holders of roe. Mar. 15a
12 Apr. 1 Holders of rec. Mar. 15a
Preferred (annual)
7134
134
(S. S.) Co.,
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
*3
April 30 *Holders of rec. Mar. 31
Prairie Oil & Gas (guar.)
April 30 *Holders of rec. Mar. 31
*2
'Extra
2
Apr. 1 Mar. 15 to Mar. 31
Price Bros.(guar.)
*50c. April 1 *Holders of rec. Mar. 20
Providence Gas (guar.)
Apr. 1 Holders of rec. Mar. 15
Provincial Paper Mills, Ltd., corn. (qu.) 1
14 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
3
April 15 Holders of rec. April la
Quaker Oats, common (guar.)
1
April 15 Holders of rec. April la
Common (extra)
18% May 31 Holders of rec. May in
Preferred (qiiar.)
Mar. 31 Holders of rec. Mar. in
$1
Quincy Mining (quar.)
Mar. 31 Holders of rec. Mar. 17a
Railway Steel-Spring, com. (quar.)__ -- 2
11% Mar. 20 Holders of rec. Mar. 10a
Preferred (guar.)
50c. Mar. 31 Holders of rec. Mar. 14a
Ray Consolidated Copper (quar.)
Reece Button Hole Mach.(guar.)(No.132) 30c. April 1 Holders of rec. Mar. 15
Reece Folding Machine (quar.) (No. 40). 10c. April 1 Holders of rec. Mar. 15
April 1 *Holders of rec. Mar. 21
Regal Shoe, pref. (guar.)(No.97)
*13
Holders of rec. Mar. 31
Remington Typewriter, 1st pref. (guar.)_ _
2
Holders of rec. Mar. 31
Second preferred (guar.)
Hollers of rec. Mar. 11
Second pref. (acct. accum. dividends)_ _ h2
*25c. April 1 *Holders of rec. Mar. 15
Reo Motor Car, common (guar.)
May
1
Holders of rec. April Zia
(No.10)
18%
Steel,com.(qu.)
Iron
&
Republic
1% April 1 Mar. 21 to
April 16
Preferred (guar.) (No.62)
3
April 1 Holders of rec. Mar. 21
Reynolds .
(R. J.) Tobacco, corn. (guar.)
3
April 1 Holders of rec. Mar. 21
Common B (guar.)
Preferred (guar.)
18% April 1 Holders of rec. Mar. 21
2
Mar. 31 *Holders of rec. Mar. 15a
Royal Baking Powder, common (guar.)._ _
Preferred (guar.)
18% Mar. 31 *Holders of rec. Mar. 15a
Safety Car Heating & Lighting (guar.)._ _ 4,18% Apr. 1 *Holders of rec. Mar. 15
35c. Mar. 20 Mar. 9 to Mar.20
St. Joseph Lead (guar.)
Mar. 31 Holders ol rec. Mar.20a
St. Louis Rocky Mt.& Pac.Co.,pf (qu.) 1
Savage Arms Corp., common (quar.)
18% Mar. 15 Holders of rec. Feb.- 28a
1% Mar. 15 Holders of rec. Feb. 28a
First preferred (guar.)
Second preferred (quar.)
18% Mar. 15 Holders of rec. Feb 28a
15c. Mar. 27 Holders of rec. Mar. 17a
Savoy fil (guar.)
1% Apr. 1 Holders of rec. Mar. 15a
Sears, Roebuck & Co., pref. (quar.). _ _
25c. Apr. 19 Holders of rec. Mar. 31a
Shattuck-Arizona Copper Co. (quar.)_
Sherwin-Williams Co.of Canada,Ltd.j
Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
8
April 1 *Holders of rec. Mar. 21
Sloss-Sheffield Steel de Iron, pref. (gu.)_ _ *1%
5
Mar. 31 Mar. 13 to Mar. 31
South Penn 011 (quar.)
Apr. 1 Holders of rec. Mar. 15a
South Porto Rico Sugar Co., corn. (qu.) g5
Apr. 1 Holders of rec. Mar. 15a
2
Preferred (guar.)
3
lpr. I Holders of rec. Mar. 15a
South West Pa. Pipe Lines (quar.)
Standard Gas & Elec., pref. (quar.)__ _ - *18% Mar. 15 *Holders of rec. Feb. 28
Standard Oil (California) (guar.)
28% Mar. 15 Holders of rec. Feb. 15
Extra (payable in 4th L. L. 4lis)_
n428% Mar. 15 Holders of rec. Feb. 15
3.3Al)!. 1 *Mar. 16 to
Apr. 1
Standard 011 (Kentucky) (guar.)
5
Mar. 17 Holders of rec. Feb. 20a
Standard 011 of New Jersey (quar.)__
4
Mar. 15 Holders of rec Feb. 21a
Standard 011 of New York (guar.)
3
Apr. 1 Mar. 1 to Mar. 19
Standard Oil (Ohio) (guar.)
Apr. 1 Mar. 1 to Mar. 19
Extra
1
18% June 1 Holders of rec. May 15a
Steel Products, pref. (guar.)
75c. Apr. 1 Holders of ree. Mar. 15a
Stromberg Carburetor (guar.)
25e. Apr. 1 Holders of roe. Mar. 15a
Extra
Stutz Metsr Car of Amer.,Inc
$1.25 April 1 Holders of rec. Mar. 22
Subway Realty (guar.)
'18% Apr. 1 *Holders of rec. Mar. 20
Swan & Finch Co
28% May 1 Holders of roc Apr. 1
2
Apr. 1 Holders of roe. Mar. 10
Swift & Co. (guar.)(No. 133)
Apr. 1 Mar. 25 to Mar. 31
Taylor Wharton Iron & Steel, corn.(qu.) 3
Texas Company (guar.)
214 Mar. 31 Holders of rec. Mar. 7a
Texas Pacific Coal & Oil (guar.)
18% Mar. 31 Mar. 16 to Mar. 31
Extra
Mar. 31 Mar. 16 to Mar.31
5
Apr. 1 Holders of rec. Mar. 25
4
Thompson-Starrett Co., preferred
Mar. 31 Holders of rec. Mar. 21a
Tide Water Oil (guar.)
2
Mar. 31 Holders of rec. Mar. 21a
Extra
2
Tobacco Prod. Corp., pf.(qu.)(No. 25) 18% April 1 Holders of rec. Mar. 14a
$1.75 Mar. 20 Holders of rec. Mar. 10a
Todd Shipyards Corporation (guar.)
10c. Apr. 1 Mar. 16 to Mar. 21
Tonopah-13elmont Development
5c. Apr. 1 Mar. 12 to Mar. 21
Tonopah Extension Mining (quar.)_
Tooke Bros., Ltd., pref.(guar.)(No.27) 18% Mar. 15 Holders of roe. Feb. 28
*75c. Apr. 1 *Holders of rec. Mar.21
Torrington Co., C7M. (guar.)
3.250. Apr. 1 *Holders of rec. Mar. 21
Common (ertra)
Apr. 1 Holders of rec. Mar. 15a
Underwood Typewriter, corn. (quar.)_ _ 2
Preferred (quar.)
18% Apr. 1 Holders of rec. Mar. 15a
134 Mar. 15 Holders of rec. Mar. 5a
Union Bag & Paper Corp.(guar.)
Union Carbide & Carbon (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 10a
1% Apr. 1
Union Stock Yards of Omaha (quar.)_ _
Extra (account change in div. period). z8% Apr. 1
Union Tank Line
234 Mar. 25 Holders of rec. Mar. 1
United Cigar Stores of Amer., pref.(qu.) 114 Mar. 15 Holders of rec. Feb. 28a
4.18% April 1 *Holders of rec. Mar. 20
United Drug, common (guar.)
*8714c May I *Holders of rec. April 15
First preferred (guar.)
Second preferred (guar.)
*131 June 2 *Holders of rec. May 15
134 Apr. -1 Holders of rec. Mar. 14a
United Dyewood Corp., corn. (guar.) _ _
18% Apr. 1 Holders of rec. Mar. 14a
Preferred (quar.)
United Fruit (guar.) (No. 79)
214 Apr. 15 Holders of rec. Mar. 20a
50c. Apr. 15 Holders of rec. Mar.20a
Extra
4111
April 15 *Holders of rec. Mar. 31
United Gas Impt.(guar.)
United Shoe Afachi,ery, corn. (quar.)_ _ _ 50c. April 5 Holders of rec. Mar. 19
Preferred (guar.)
3734c April 5 Holders of rec. Mar. 19
ul 34 Mar. 15 Holders of rec. Mar. his
U.S. Cast Iron Pipe Sr Fdy., pf.(qu.)
18% Mar. 31 Mar. 16 to Mar. 31
U.S. Gypsum, preferred (guar.)
Mar. 17 Holders of rec. Mar. 40
U.S. Industrial Alcohol, corn. (guar.)._ 4
U. S. Steel Corporation, corn. (quar.)_
134 Mar. 29 Mar. 1 to Mar. 3
Common (extra)
1
Mar.29 Mar. 1
to Mar. 3
U.S. Worsted, first preferred (guar.)- - 134 Apr. 15 Apr. 12 to Apr. 14
$1.50 Mar. 31 Holders of rec. Mar. 14a
Utah Copper Co. (guar.)
Victor Talking 21facht re, con.(quar.) _ _ _ _ *5
Apr. 15 *Holders of rec. Mar. 31
3
Preferred (guar.)
*1%
Apr. 15 *Holders of rec. Mar. 31
134 Apr. 20 Holders of rec. Apr. 10a
Vulcan Detinning, pref. (quar.)
hl
Apr. 20 Holders of rec. Apr. 10a
Preferred (on acct. accum. dive.)
Waba.sso Cotton Co.. Ltd. (qtr.)( No. 5) 134 April 2 Holders of rec. Mar. 14
Warren Brothers & Co., 1st pref.(guar.)_ _ *750. April 1 *Holders of rec. Mar. 20
*8734c April 1 *Holders of rec. Mar. 20
Second pref. (guar.)
2
Mar. 15 Mar. 5 to Mar. 15
Western Canada Flour Mills (guar.) _ _
4
June 30 Holders of rec. June 20
Western Grocer, common
3
June 30 Holders of rec. June 20
Preferred
*134 April 15 *Holders of rec. Mar. 20
Western Union Teleg. (guar.)
Weyman-Bruton Co., common (guar.). 234 Apr. 1 Holders of rec. Mar. 17a
134 Apr. 1 Holders of rec. Mar. 17a
Preferrel (rpm.)
$1
Mar. 31 Holders of rec. Mar. 15a
White Motor (quar.)
134 Apr. 1 Holders of rec. Mar. 20a
Willys-Overland Co., preferred (guar.)_
1% April 1 Holders of rec. Mar. 24
Wilson & Co., Inc., ?ref. (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 15
Wolverine Copper Mining (guar.)
134 Apr. 1 Holders of rec. Mar. 24
Woods Mfg., preferred (guar.)
134 Apr. 1 Holders of rec. Mar.10a
Woolworth (F. W.) Co., pref. (guar.)_ _
Worthington Pump & Mach., pf. A (qu.) 134 Apr. 1 Holders of rec. Mar. 201
134 Apr. 1 Holders of rec. Mar. 20a
Preferred B (guar.)
234 Apr. 1 Holders of rec. Mar. 22
Yale & Towne Mfg. (qu.)(No. 100)
Mar. 31, Mar.8d to Mar. 9
$1
Yukon-Alaska Trust (guar.)
1)eclared subject to the approval of Director-Genera
•From unofficial sources.
The New York Stock Exchange has ruled that stock will not be
of Railroads.
quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend. b Less British income tax. d CorPayable in common stock. g Payable in scrip
rection. e Payable In stock.
h On account of accumulated dividends. f Payable in Liberty Loan bonds. I Red
Cross dividend. m Payable in U. S. Liberty Loan 434% bonds.
J Declared 7% on pref., payable in quarterly installments of 134% each on April 1,
July 1, Oct. 1 1919 and Jan. 11920.to holders of record on Mar. 10,June 10, Sept. 10
and Dec. 10, respectively.
k All transfers received in order in London on or before March 17 will be in time
to be passel for payment of dividend to transferees.
vs Declared 8% on first pref. stock, payable 4% as above and 4% on Sept. 30 1919
to holders of record Sept. 26.
each on
o Declared 6% on corn, payable in quarterly installments of
Mar. 20, May 31, Aug. 30 and Nov. 29 to holders of record on Feb. 28, May 10,
Aug. 11 and Nov. 10, respectively.
13 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 halt in cash and half in Fourth Liberty Loan bonds.
1037
THE CHRONICLE
MAR. 15 1919.]
I
114%
r Declared 7% on pref.. payable 134% each on April 1, July 1, Oct. 1 1919 and
Jan. 1 1920.
s Declared 7% on pref. payable in quarterly installments of 134% each on Mar.31,
June 30, Sept. 30 and Dec. 31 to holders of record on March 11, June 10, Sept. 10
and Dec. 11, respectively.
I Declared 7% payable 134% each on April 1,July 1, Oct. 1 1919 and Jan. 1 1920,
to holders of record March 14, June 14, Sept. 13 and Dec. 13, respectively.
u Declared 5%, payable in quarterly installments.
Declared 8% on cum.cony. pref. and 7% on non-cum. pref., payable in quarterly
installments of 2% and 134%,respectively, on Apr. 1,July 1,Oct. 1 1919 and Jan.2
192010 holders of record on Mar. 12, June 16, Sept. 15 and Dee. 15, respectively.
w Declared 6% on corn. and 5% on pref., payable in quarterly installments of
134% and 1%% each, respectively, payable Mar. 31, July 1, Oct. 1 and Dec. 31.
Books closed the fifteen days before date of payment of any dividend.
z 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 134% and 134% each, respectively, on Sept. 1, July 1, Oct. 1 1919 and Jan. 1
1920, to holders of record on Mar. 15, June 16, Acpt. 15 and Dec. 15. respectively.
z Fiscal year changed from Nov. 30 to Dec. 31 and dividend periods changed from
Q.-M. to Q.-J.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the
"Clearing House return" on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [000] omitted.)
Net
Loans,
Reserve
Net
Net
Capital. Profits. DisCLEARING
with Demand Time
counts. Cash
NON-MEMBERS
DeDe1Nat.bks.Dec.31 Investin
Legal
Week ending Statebks.Feb21 ments, Vault. Deposi- posits. posits.
tories.
March 8 1919. 11'r. cos. Feb. 21 &c.
Members of
Fed'l Res. Bank.
Battery Park Nat,
Columbia Bank _
Mutual Bank _ _ _ _
New Netherland _
W R Grace & Co
Yorkville
First Nat'l, Bklyn
Nat'l City,Ilklyn,
First Nat'l. Jer Cy
Total
State Banks
Not Members of the
Fed'I Reserve Bank.
Bank Wash. Mts..
Colonial
International
Mechanics, Bklyn.
North Side, Bklyn
Total
Trust Companies
Not Members of the
Fed'l Reserve Bata.1
Hamilton Tr,Bkin1
Mech Tr. Bayonn
Total
Average Average Army Average
$
187
7,183
69
1,217
397
1,913 14,09
208
1,385 10,441
5,056
66
743
1,293
6,615 1,467
332
995
5,710 4,385
599
292
168
714
6,87
48
120
221
583
5,6
7,534
382
539 1,143
Averag
1,500
1,000
200
200
500
200
b500
300
400
1,463
672
560
195
835
633
668
602
1,309
4,800
6,941 90,434
100
500
500
1,600
200
441 2,523
1.137 11,52
222 5,845
907 27,933
220 5,285
2,900
2,928 53,106
12,332
15,329
10,387
5,701
9,442
10,16
9,052
6,600
11,431
500
200
1,045
384
711
1,430 17,732
No2'1
Bank
Circu;allots.
69,11
183
1,013
289
2,074
315
2,396
12,129
5,446
27,419
4,991
649
147
329
3,874
52,381
1,125
494
295
298
437
5,968
4,853
1,176
4,179
789
735
10,821
5,355
31
1,317
67
1,702
44
8,200
9,532
7,675
9,986
981
Grand aggregat e__ 8, ii 11,311161,272
+3,39
Comparison prevlo us week
7,625 14,595a132,312 14,155
-18 +310; +2,869 +158
981
--4
11,063157,873
11,063155,846
11,063 152,765
11,063 150,394
7,643 14,285; 129,443 13,997
7,884 14,1031 128,509 13,530
13,984; 128,160, 13,101
14,2411 125,755; 12,727
985
1.005
1,014
1,014
Gr'd aggr, Mar. 1
Gr'd aggr, Feb. 21
Gr'd aggr, Feb. 15
Gr'd aggr, Feb 8
8,400
8,200
8,200
8.200
a U. S. deposits deducted, $6,747,000. b As of Feb. 7 1919.
131115 payable, rediscounts, acceptanced and other liabilities, $8,983,000.
Excess reserve, $98,320 decrease.
Boston Clearing House Banks.-We give below a summary showing the ,totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
March 8
1919.
Changes from
previous week.
$
4,764,000 Dec.
Circulation
Loans,disets & investments_ 528,406,000 Inc.
Individual deposits, Incl.U.S. 423,318,000 Inc.
106,408,000 Inc.
Due to banks
12,432,000 Dec.
Time deposits
Exchanges for Clear. House_ 14,675,000 Dec.
63,378,000 Inc.
Due from other banks
Cash in bank & in F. R. Bank 59,310,000 Inc.
Reserve excess in bank and
Federal Reserve Bank _ _ _ 13,770,000 Inc.
March 1
1919.
Feb. 21
1919.
$
18,000 4,782,000 4,747.000
2,030,000 526,376,000 519,875,000
2,764,000 420,554,000 410,125,000
2,030,000 104,378,000 105,370,000
119,000 12,551,000 12,686,000
594,000 15,269,000 15,755,000
1,632,000 61,746,000 63,878,000
458,000 58,852,000 58,693,000
86,000 13,684,000 14,726,000
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending March 8, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are .10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending March 8 1919.
Two ciphers (00) omitted. Membersof
F.R.System
Trust
Co..
March 1
1919.
Feb. 21
1919.
Total.
529,475,0 $3,000,0 $32,475,0 $32,475,0 $32,475,0
Capital
7,631,0 86,316,0 86,215,0 85,932,0
78,685,0
Surplus and profits
Loans, disets & investm'ts 739,043,0 27,208,0 766,251,0 762,591,0 758,773,0
660,0 21,006,0 23,232,0 24,681,0
Exchangesfor Clear.House 20,346,0
97,076,0
10,0 97.086,0 107,616,0 106,159,0
Due from banks
284,0 153,487,0 151,278,0 151,885,0
153,203,0
Bank deposits
466.904,0 17,988,0 484,892,0 489.017,0 485,745,0
Individual deposits
5,327,0
5,498,0
5,474,0
5,498,0
Time deposits
625,605,0 18,272,0 57,193,0 645,769,0 642,957,0
Total deposits
30,951,0 33,913,0 29,507,0
U.S.deposits(not included)
54,048,0 51,794,0 52,366,0
Res've with Fed.Res.Bank 54,048,0
2,744,0
2,190,0
3,145,0
3,145,0
Res've with legal deposit's
15,938,0
886,0 16,824,0 16,749,0 16,895,0
Cash in vault*
4,031,0 74,017,0 71,287,0 71,451,0
Total reserve & cash held.. 69,986,0
2,640,0 53,072,0 51,951,0 51,547,0
50,432,0
Reserve required
1,391,0 20,945,0 19,336,0 19,804,0
Excess res. is cash in vault 19,554.0
*Cash In vault Is not counted as reserve for Federal Reserve bank members
1038
THE CHRONICLE
[VOL. 108.
Statement of New York City Clearing House Banks
and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending March 8. The figuresfor the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
NEW YORK WEEKLY CLEARING HOUSE RETURN.
(Stated in thousands of dollars-that is, three ciphers [,000] omitted.)
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Slate Banking Department.) Differences from
previous week.
March 8.
Loans and investments
$795,517,700 Inc. $5,717,100
Specie
606,400
8,166,500 Dec.
Currency and bank notes
15,567,100 Inc.
361,800
Deposits with the F.R.Bank of New York
58,954,500 Dec. 4,588,700
Total deposits
799,956,000 Dec. 5,219,400
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 714,030,100 Dec. 18,140,700
Reserve on deposits
129,621,500 Inc. 2,644,300
Percentage of reserve, 20.1%.
RESERVE.
State Banks-- -Trust Companies
Cash in vaults
$17,504,400 12.20%
$65,183,700 13.07%
Deposits in banks and trust cos_ _ _ _ 12,687,600
34,245,800
8.84%
6.86%
CLEARING
HOUSE
MEMBERS.
(.000 omitted.)
Week ending
March 8 1919.
Net
Reserve
Loans,
Capital. Profits. Discount, Cash
with
Net
Time
Investin
DeLegal Demand
Nat'l, Dee. 31 menu, Vault. Deposi- Deposits. posits.
etc.
State, Feb. 21
tories.
Tr.Cos,Feb. 21
Nat'l
Bank
Circulation.
Average. Average Average Average Average
8
49,686
31,514 1,823
447 4,611
65,476 1,793 8,888
56,630
30,361
22,123
658 2,872
321
158,593 10,189 22,147
152,253 4,031
30,898 1,102 4,001
26,106
566,839 14,093 95,571
545,117 25,854
86,099 1,518 7,705
56,289 5,861
17,247
14,973
515 1,971
550
3,442
126
466
3,057
111,689 2,409 12,375
89,864 5-,(1515
420,889 2,319 34,952
272,890 4,792
16,200
995 2,400
75
16,000
99,825 5,604 11,739
84,133 8,899
131,963 5,621 20,193
129,225
39,081
914 4,959
34,348
236
57,721 2,048 3,889
25,571
81
129,375 5,586 16,966
130,148 1,944
38,132
599 3,379
25,586
204,569 1,551 20,945
158,703 2,799
6,283
239
823
5,969
10
20,261
885 2,326
16,403
248,689 1,235 18,075
137,610 1,867
105,545 3,632 14,289
105,194
879
11,887
11,512
710 1,504
556
7,292
151
871
5,536
348,812 6,549 36,999
262,516 11,538
21,151 1,200 2,553
18,873
7,556
6,787
275 1,005
7,782
992
389
7,762
16,126 1,253 2,024
15,270
40
13,020
11,409
270 1,442
59
6,809
913
356
7,078
485
49,710
977 6,400
44,023
240
87,991
56,463 1,698
632 7,914
18,476
11,610
707 1,470
407
15,027
573 1,881
14,150
374
35,813
26,176 4,806
683 4,545
285,207
230,791 9,192
900 29,730
59,056
614 5,407
46,741 1,005
517,436 2,561 55,698
412,892 21,352
11,476
306 1,144
8,458
544
93,434
971 9,671
72,276 6,637
29,012
940 2,672
25,857 1,812
112,329
339 8,151
59,283 2,273
26,430
421 2,139
15,039 1,631
22,822
393 2,800
18,125 1,587
45,696
797 4,204
31,551 1,135
15,489
441 1,097
10,271
849
42,190 2,340 5,466
42,504 1,072
133,812 4,116 15,736
115,633 8,313
Avge.
Members of
Fed.Res.Bank
Bk of NY,NBA
Manhattan Co_
Merchants' Nat
M ech&M et Nat
Bank of America
National City_ _
Chemical Nat__
Atlantic Nat.
Nat Butch & Dr
Amer Exch Nat
Nat, Commerce
Pacific
Chath & Phenix
Hanover Nat
Citizens Nat
Metropolitan
Corn Exchange.
Imp & Traders'.
National Park_
East River Nat.
Second Nat
First National_
Irving National
NYCounty Nat
Continental _ _ _
Chase National,
Fifth Avenue_ _
Commer'l Exch
Commonw'th.
Lincoln Nat...Garfield Nat- _ _
Fifth National_
Seaboard Nat
Liberty Nat__ Coal dc Iron Nat
Union Exch Nat
Brooklyn Trust
Bankers Trust_
U S Mtge & Tr_
Guaranty Trttst
Fidelity Trust_
Columbia Trust
Peoples Trust _ _
New York Trust
Franklin Trust_
Lincoln Trust_ _
MetropolitanTr
Nassau N. Bkln
Irving Trust_ _ _
Farmers L & Tr
$
2,000
2,500
2,000
6,000
1,500
25,000
3,000
1,000
300
5,000
25,000
500
3,500
3,000
2,550
2,000
4,200
1,500
5,000
1,000
1,000
10,000
4,500
1,000
1,000
10,000
200
200
400
1,000
1,000
250
1,000
3,000
1,000
1,000
1,500
15,000
2,000
25,000
1,000
5,000
1,000
3,000
1,000
1,000
2,000
1,000
1,500
5,000
5,617
7,210
2,731
11,301
6,780
51,412
9,437
900
98
5,689
24,607
1,134
2,573
17,112
3,098
2,404
8,290
7,980
18,698
609
4,050
30,504
5,811
427
642
15,000
2,301
858
762
1,992
1,317
398
3,602
4,446
1,044
1,219
2,289
17,361
4,551
28,525
1,284
0,904
1,412
10,677
1,305
663
4,402
1,200
1,189
12,006
792
1,838
3,775
1,438
438
144
298
4,911
2,190
150
993
51
4,973
50
645
8,359
1,235
199
Total
$30,192,000
$99,429,500
19.93%
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
•
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week ended-
1,100
210
398
247
70
796
413
398
21.04%
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1 ,
Feb. 8 '
Feb. 15
Feb. 21
Mar. 1
Mar. R
Loans and
Investments.
Demand
Deposits.
'Total Cash
in Vault.
Reserve in
Depositaries.
$
5,499,400,200
5,471,164,400
5,489,226.000
5,470,203,800
5,360,177,900
5,330,133,600
5,384,107,700
5,373,134,600
5,378,736,500
5,416,960.500
5,473.492,200
5,495,539,400
5,544,714,000
5,525,768,30(3
5,492,269,000
5,509,784,600
5,571,631,800
5,583,221,600
5.629.541.700
$
4.364,815.800
4,430,932,200
4,515,346,900
4,511,208,200
4,449,150,600
4,458.973,900
4,527.415,100
4,592,634,000
4,587,455,700
4,650,393,400
4,635,056,500
4,673,410,100
4.650,058,300
4,630,229,800
4,539,150,100
4,504,885,000
4,527.389,800
4,5613,358,800
4.571.345.100
$
139,935,700
137,695.000
141,922,100
141,983,700
141,405,200
142,319,200
142,105,300
141,455,900
146,531,400
147,245,300
144,938,900
141,934,500
135,813,100
132,677,300
130,568,700
133,267.700
133,632,800
131,342,200
128.952.600
$
638,211,600
648,002,100
667,230,500
661,674,400
661,755,700
646,812,500
661,730,000
678,028,900
649,133,500
697,931,000
688,196,700
676,355,700
646,887,000
648,143,600
645,124,8013
628,112,400
625,109,700
643,761,000
647.186.900
50
• This Item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
Avge. for week_ 198,100355,842 1,680,709 93,942529,970 3,728,290143,263 36,161
New York City State Banks and Trust Companies.In addition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V.98, p. 1601.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
Totals,actual co ndition
Totals.actual condition
Totals,actual condition
Totals,actual condition
Mar. 84,655,800 93,628538,379
Mar. 1 4,704,293 91,947531,027
Feb. 21 4,636,253100,548501,477
Feb. 15 4,653,098 97,472532,290
3,734,276 143,430 36,220
3,746,462 142,41736,047
3,703,356 139,22236,056
3,668,690 139,33336,166
State Banks. Not Mr mbers f Federal Reserve Rank
Greenwich
500 1,559
17,014 2,197 1,196
Bowery
250
812
319
5,746
682
NY Prod Exch 1,000 1,242
23,994 2,353 2,213
State
2,000
42,545 4,328 3,056
607
16,996
5,446
25,318
40,926
Totals, avge wk
3,750
25
50
4,221
89,299
9,560
6,784
88,686
75
Mar. 8
Mar. 1
Feb. 21
Feb. 15
89,613
89,397
87,011
85,775
9,865
9,563
9,754
9,778
7,172
6,777
6,520
6,877
90,525
88,829
88,475
87,066
75
75
48
48
Trust Compan ies. N ot Mem bers of Fe deral Re serve Ba nk.
Title Guar & Tr 5,000 12,033
25,384
901 2,937
41,031
Lawyers T & Tr 4,000 5,204
823 1,598
22,985
14,955
598
540
Totals,actual condition
Totals,actual condition
Totals,actual condition
Totals,actual co ndition
Totals,avge. wk
9,000 17,297
64,016
4,535
1,727
40,339
1,138
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY
Totals,actual condition Mar. 8
64,621 1,634 5,123
41,391 1,315
Totals,atetual condition Mar. 1
63,904 1,625 4,528
40,265 1,002
Totals.actual condition Feb. 21
63,301 1,744 4,839
39,825 1,333
Totals.actual condition Feb. 15
64,776 1,621 4,627
39,973 1,287
Gr'd aggr,avge.210,850377,361 4,834,024 105,229 541,289 23,857,315 144,476 16,161
Comparison, pr ev week
+40,603 2,135 +627 +20,127 +2,642 +116
Gr'd aggr, act'l con l'n Mar. 84,810,034 105,127 550,674 b3,866,192 141,82036,220
Comparison pr v. week
-47,56 +1,902 +8,342 -9,361 +1,326 +173
Gr'd aggle. act con,l'n Mar. 1 4,I57,594 10
3,1- 73-5 542,332 3,875,556 143,491 36,047
Gr'd aggr, act'l conti'n Feb. 21 4,786,565 112,016 512,836 3,831,656 140,60336,056
Gr'd aggr, act'l cond'n Feb. 154,803.649 108,871 543,794 3,795,729 140,668 36,166
Gr'd neer, net'. e mil'n Feb. 84,713,832 106.020 529.106 3,793.231 140,02436,444
a U.S. deplsits(le 'tuned, $248,068,000. b U. s. dep. delucted. $212,038,000.
Bills payable, reuse amts, acceptances and other liabilities. $853,205,000.
State Banks.
Trust Companies.
Week Ended Mar. 8.
Mar.8
1919.
Differences from
previous week.
Mar. 8
1919.
Differences from
previous week.
$
$
24,100,000'
Capital as of Nov. 1.
99,550,000
42,973,000
Surplusas of Nov. 1.
169,723,000
Loans & Investments 585,180,800 Inc. 10,701,100 2,088,110,600 Inc. 14,743,300
8,593,500 Dec.
Specie
242,200
46,600
11,417,700 Dec.
24,242,100 Dec.
Currency & bit. notes
662,300
666,800
19,352,300 Dec.
Deposits with the F.
R. Bank of N. Y
51,245,400 Inc. 6,198,000 202,312,100 Dec. 5,208,000
Deposits
658,998,600 Inc. 10,290,200 2,049,897,900 Inc. 11,608,500
Reserve on deposits., 102,928,000 Inc. 6,654,000 293,167,800 Inc.
607,600
17.7% 1Dee.
P. C. reserve to deo..1
20.1% Inc.
0.9%
0.1%
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
In Vault. Depositaries
-Members Federal
Reserve Bank_
State banks._ _ _
Trust companies*
Total Mar. 8_
Total Mar. 1_
Total Feb. 21_
Total Feb. 15_
Total
Reserve
Reserve
Required
Actual Figures.
Surplus
Reserve.
Inc. or Dee.
Cash
Reserve I
Reserve
from
in
I
PrevinusWeek in Vault. Depositaries
$
$
$
$
e
529,970,000 529,970,000 488,975,590 40,994,410 -2,238,270
9,560,000 6,784,0001 16,344,000 15,963,480
380,520
+120
1,727,000 4,535,000 6,262,000 6,050,850
211,150
+9,800
11,037,000 541,289.0004552,576,000 510,989,920
11,399,01)0 540,662,01)0.552,0(31,000
1
508,246.570
11,301,1)00 526,477.000 537,778,000 503,972.500
11,384,000 526.176.000 537,560.000 500,825.810
41,586,080 -2,228,350
43,814.430 +10,008.930
33.805,500 -2,928,690
36,734,190 -11,964,210
b
Total
Reserve
Reserve. I Required
3
1
8
8
538,379,000538,379,000 489,758,780
7,172,0001 17,0:17,000, 16,294,500
5,123,000 6,757,0001 6,208,650
'
11,499,000 550,674,0001562,173,000;512,261,930
11,188,000 542,332.000'553,520,060,513,311,540
11,498,000 512,836,0001524,334.001E507.512,196
11,399,000 543.791.0001655,193,000 502.777,520
9,865,000
1,63 1,000
Surplus
Reserve.
Inc. or Dee.
from
Previous Week
48,1320,220 +8,905,790
+391,720
742,500
+435,100
548,350
49,911,070 +9,732,010
40,178,461) +23,356,650
16,821,810,-35,593.670
52,415,48M 4-15,013,760
• Not members of Federal Reserve Bank
ft This Is the reserve required on net demand deposits In the case of State banks and trust companies, but In the case of members of the Federal Reserve Bank('
includes also actiount of reserve required on net tune Iletrkilti, which was as follows: Mar. 8, $1,297,830; Mar. 1, $1,215,510; Feb. 21, $4,180,050; Feb. 15, 34,170,030.
b This Is the reserve required on net demand deposits In the case of State lquilcs and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net UM deposits, which was as follows: Mar. 8, $4,302,900; Mar. 1, 51,272,510; Feb. 21, 54,176,660; Feb. 15, $1,179,990.
c Amount of cash In vault, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Mar. 8, 593,912,090: Mar. 1, $95,935,009; Fe's. 21, 397,880,000; Feb. 15, $97,226,000.
d Amounts of cash In vaults, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Mar.8, $93,628,000; Mar. 1, $91,947,000; Feb. 21, 3100,518,00); Feb. 15, $97,472,003d
MAR. 15 1919.]
THE CHRONICLE
1039
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different
items
contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published
In the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY
AND OTHER SELECTED CITIES AS AT
Increased holdings of U. S. war securities following the Feb. 27 issue
of over 532 millions of Treasury certificates and a substantial gain in
Government deposits are shown in the Federal Reserve Board's weekly
statement of condition on Feb. 28 of 771 member banks in about 100 leading
cities.
To judge by the total increase in holdings for the week, 267.6 millions,
reporting member banks appear to have absorbed about 50% of the new
seventh issue, and the New YorkCity member banks alone-about 22%.
U. S. bonds on hand (exclusive of circulation bonds) show a decrease of
about 3 millions, notwithstanding a gain of about 7 millions reported by
the New York City banks. Loans secured by U. S. war obligations went
up about 15.6 millions, a slightly larger increase obtaining for the member
banks in New York City. Total holdings of U. S. war securities and war
ITEMS OP MEMBER BANKS LOCATED IN CENTRAL RESERVE
CLOSE OP BUSINESS MARCH 1 1919.
paper were 3,866.6 millions, an increase for the week of 280.2 millions, of
which 208.7 millions falls to the share of member banks in the twelve
Federal Reserve cities.
Other loans and investments show an increase of 49.3 millions for all
reporting banks, and an even larger increase for the New York City member banks. Of the total loans and investments of all reporting banks the
share of war stock and paper rose during the week from 26 to 27.3%.
For the member banks in the twelve Federal Reserve cities this share shows
a rise from 27.2 to 28.8%, and for the New York City banks-a rise from
30.5 to 32%.
Government deposits increased 127.5 millions, net demand deposits
43.2 millions (largely at New York City) and time deposits 12.4 millions.
Reserve balances with the Federal Reserve banks went up 27.7 millions,
and cash in vault-1.2 millions.
1. Data for all reporting banks in each district. Two ciphers (00) omitted.
Boston.
Member Banks.
Slumber of reporting banks- -
New York. Philadel. Cleveland. Richm'd. Atlanta.
45
106
56
90
Chicago
47
82
St. Louis. Minneap. Ran. City Dallas. San Fran.
101
37
34
76
44
Total.
53
771
$
s
$
$ •
$
$
$
$
$
$
$
$
$
L).S.bonds to secure circulate 14,402,0
46,606,0 11,597,0 40,932,0 25,090,0 15,265,0
19,911,0 16,703,0 6,469,0 13,959,0 17,929,0 34,605,0
263,523,0
)ther U. S. bonds, Including
Liberty bonds
18,895,0 294,686,0 39,505,0 74,856,0 52,293,0 33,381,0
64,574,0 25,203,0 11,723,0 24,637,0 20,243,0 35,677,0
695,678,0
J.S. certifs. of indebtedness. 132,655,0 916,493,0 124,779,0 167,839,0 61,412,0 63,708,0 249,149,0 65,511,0 40,996,0
47,196,0 28,420.0 98,646,0 1,996,804,0
Total U.S.securities
165,952,0 1,257,785,0 175,881,0 283,677,0 138,795,0 112,354,0 333,634,0 107,427,0 59,188,0 85,792,0
66,592,0 168,928,0 2,956,005,0
Loans sec. by U.S. bonds,&c. 87,630,0 625,345,0 145,429,0 94,360,0 33,476,0 19,212,0
88,209,0 23,914,0 10,404,0 11,164,0 8,666,0 20,815,0 1,174,124,0
kll other loans & investments 738,125,0 3,951,808,0 599,381,0 970,540,0 363,958,0 302,743,0 1,381,063,0
226,598,0 440,487,0 171,208,0 504,048,0 10,024,359,0
leserve bal. with F. R. bank_ 66,985,0 629,970,0 67,036,0 91,169,0 33,307,0 29,308,0 163,080,0 374,400,0
38,988,0 21,929,0 45,239,0 17,497,0 48,658,0 1,253,166,0
77ash In vault
22,799,0 114,328,0 19,705,0 30,820,0 15,907,0 14,807,0
59,021,0 10,212,0 8,133,0 14,449.0 8,534,0 18,983,0
337,698,0
get demand deposits
685,824,0 4,622,354,0 638,823,0 794,644,0 316,302,0 244,520,0 1,199,664,0 302,473,0 216,313,0 398,314,0 153,293,0
415,410,0 9,988,464,0
rime deposits
901 0
0
.
70 898 0 102 416 0 414 249 0 93 531 0 52 577 0 65 113 0 28 457 0 134 319 0 1 641 232 0
104%
.1,
7 .1 A A'
ft
257,
R.r 057,
0A M A
A',
C ,
7,1,
111
n(121101
%
%
1,
,,,erer.
,
' .la
'
1 ..n,n
,
I'
n c..•
Government deposits
.
,
..1
...,a,
,
,,r,n
,
inelinn
'
.
..r.nottn
' '
0040
' '
11
'
•.
Z.
°
.
'
ACM
'
lfig1
%
p
Data for Banks in Federal Reserve Bank Cities. Federal Reserve Branch Cities and Other Reporting Banks.
New York.
Feb. 28.
Feb. 21.
g'o reporting banks._ .. _
65
65
J. S. bonds to secure dr$
$
(911:Won
35,983,0
36,383,1
)ther U. S. bonds, Including Liberty bonds
253,679,1 246,814,0
7. S. ctfs of Indebtedness 850,764,0 733,691,0
Total U S.
.1,140,831,011,016,488,0
.uans see. by U.S.
securities.Isis.,&c. 583 928 01 568,069,0
111 other louns&investm'ts 3,550,900,03,495,485,0
tea. balances with F.R.I3k 597,046,0 578,641,0
Ask in vault
101,078,Oj 103,594,0
.Iet demand deposits_ _.. 4,224,491,04,185,174,0
['Imo deposits
198,370, 200,472,0
lovernment deposits
299,911, , 247,631,0
lath)of U.S. war securiti
and war paper to total
loans and investinents,
1,
32.0,I
30.5
Chicago.
Feb. 28.
44
$
1,169,0
24,613,0
142,462,0
168,244,0
64,327,0
840,845,0
113,123,0
35,107,0
817,851,0
153,659,0
42,793,0
21.6
Feb. 21.
44
All F. R. dank Cities.
F. R. Branch Cities.
Alt Other Reporrg Batiks
Feb. 28. 1 Feb. 21.
Feb. 28. I Feb. 21.
Feb. 23. I, Feb. 21.
255
Total
Feb. 28.
Feb. 21.
255
159
159
3571
771
358
772
$
$
$
$
I
$
5
I
$
$
$
1,119,0 100,441,0 99,688,0 54,529,0 54,669,0 108,553,0; 108,403,0 263,523,0
262,760,0
l
25,385,0 384,152,0 380,536,0 122,976,0 125,743,0 188,550,0I 192,392,0 695,678,0
698,676,0
127,511,01,374,880,01,188,091,1) 312,504,0 274,146,0 309,420,0 266,941,0 1,996,804,0 1,729,178,0
154,015,01,859,473,01,668,315,0
„ r , , 606,523,01 567,736,0 2,956,005,0 2,690,614,0
62,550,0 045,401,0 927,111,0 103,968,0 103,730,0 l24,755,0 127,659,0 1,174,124,0 1,158,500,0
834,034,06,577,956,06,542,139,01,491,300,01,494,867,01,955,103,01,938,125,0 10,024,359,0 9,975,131,0
110,309,1 934,608,0 906,944,0 149,117,0 148,382,0 169,411,01 170,136,0 1,253,168,01,225
,462,0
36,812,0 196,252,0 198,011,0 54,815,0 54,330,0 80.631,Oj 84,173,0
337,698,0 336,514,0
805,959,0 7,039,851,0 7,002,464,01.250,127,01,262,207,0 1,698,488,01,680,596,0 9,088,464,0
9,945,267,0
157,972,0 654,250,0 655,326,0 484,488,0' 473,601,0 502,494,0 499,858,0 1,641,232,0 1,628,758,0
44,638,0 502,727,0 411,271,0 83,839,0 70,704,0 93,539,0 70,659,0 630,105,0 552,634,0
20.5
28.8
27.2
25.9,
24.5
23.1
22.3
27.3
26.0
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on March 8:
Aggregate
gains of 16.7 millions in cash reserves, mainly gold, as against
Increased of 5.4 millions in net deposits and of 16.2 millions in Federal
Reserve note circulation are indicated in the Federal Reserve Board's
weekly bank statement issued as at close of business on March 7 1919.
War paper on hand shows an increase for the week of 33.5 millions,
holdings of other discounted paper fell off 25.6 millions, and those of
acceptances-3.4 millions. As the result of rediscounting with other
Federal Reserve banks four Reserve banks report aggregate contingent
liabilities of 69.2 millions, as against 73.7 millions the week before. U. S.
short-term securities, chiefly 1-year Treasury certificates to secure Federal
Reserve bank note circulation, went up 4.1 millions. Total earning assets
show an increase for the week of 8.6 millions.
Government deposits show a decline of 15 millions, members' reserve
deposits increased 5.1 millions, while net deposits because of the reduced
"float" show an increase of 5.4 millions. Shipments of Federal Reserve
notes for the use of American troops in France, also to the West Indies,
account for some of the increase in circulation above noted, especially the
increase reported by the New York Bank.
Following the enactment of amendment to Section 7 of the Act, the
Federal Reserve banks transferred to surplus account 26.7 millions which
had been reserved at the close of the year to pay the franchise tax to the
Government,increasing thereby the surplus fund to over 60% of the paid-in
capital of the Reserve banks.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the seven preceding weeks, together with those of the corresponding
week of last
thus furnishing a useful comparison. In the second table we„ show the resources and liabilities separately for each year,
the
twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following)ofgives
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 Issued by the bank
subdivides some certain items that are included
under a more general classification in the statement prepared at
Thus, "Other deposits, &c.," as of Mar. 8, consisted of -Foreign
Government deposits." $95,959.657: "Non-member bank deposits,"Washington.
$7,438,153. and "Due to War Finance Corporation,- $7,641.742.
COMBINED
RESOURCES AND LIABILITIES OF TUE FEDERAL RESERVE BANKS
AT THE CLOSE OF BUSINESS MAR. 7
1919.
Mar.7 1019. Feb. 28 1919. Feb. 20 1919. Feb. 14 1919. Feb. 7 1919 Jan 31 1919.
Jan. 24 1919. AP,. 17 1919, Mar. 8 1918.
RESOURCES
$
$
$
$
$
$
1
$
$
)1.1 coin and certificates
341,070,000 345,762,000 350,417,000 347,764.000
348,605,000 338.916.000 343,692.000 334,684.000 464,144,000
Atl settlement fond. P. R. Board
511,227,000 463,434,1)0(1 457.889,000 437.278.000 419.050,000 422.686.000
407.698.000 387.572,000 354,585,000
Ad with foreign agencies
5,829,000
5.829.000
5,829.000
5,829,000
5.829.000
5.828.000
5,828,000
5,828.000
52,500,000
Total gold hal by banks
858,126,000 815,075.000 814,135.000 790.871,001: 773.484.000 767,430,000 757.218.000
728.084,C00 871,229,000
Ad with Federal Reserve agents
1,163.840.000 1.187.760.000 1,197,983,000 1.217,363,000 1,231.186,000 1,253.330,000 1,255,192,000
1.289.105,000 896,702,000
Ad redemption fund
117,513,000 120,163.000 112.923.000 111.113,000 103.533,000
01.346.0(8) 88.907,000
85.368.00t1
20,267,000
Total gold reserves_
2,139,470,000 2.122.998.000 2,125,041.000 2.119.347,00)/ 2.108,183.000 2.112,106,000 2,101,317,000
2,102.557.000
1,788,198,000
silver.
Arc
tender
notes,
:gal
65,933,000
1
65,725,0011
66.491.000
65.971,000
67.431,000
67,540,000
67.070,000
67.594.000
59,685,000
2,206,462,000 2,188.72:1,000 2.191.532.000
Total reserves
2385.318.000 2,176.014,001) 2.179.648.000 2,168,387,000 2.170.151.000 1,847,883,000
BIits discounted:
Secured by Govt. war obligations. __ 1.701.487.000 .1 661 965000 1.596,458.000 1.603,052,000 1,451,147,000 1.357.850.000 1.498,298,000
1.346,746.000 264,501,000
186,240,000 *211,855,000 221.096,000 2:13.849.001) 243,254.000 243.478.000
All other
263.735.000 254.412.000 255,839,000
273,493,000 276.919,000 269,920.000 275.088,000
I31lit bought In open market
282,702.000 281.293.000 284,539.000 273,607,000 317.952,000
2,161,220,000 2,156,739.000 2,088,374.000 2.111.069.000 1.977,103,000
Total bills on hand
1,382.421.000 2,046.572.000 1.874.785.000 838,292,000
27,057,000
R. Govt. long-term securities
27,094,000
28,095,000
28.1(11.00(1
28.250.000
28.252.000
28.571,000
28.571.000
72,154,000
159,835,000 155,688,000 147.123,000 141.204.000. 130,601.000
S Govt. short-tertn securities
266.532.000 147.398.000 271.173.000 182,822,000
I other earning assets
4,000
4,000
4.000
4.00(7
• 4,000
4.000
4.000
4,000
4,064,000
2,341,116,000 2,339,525,000 2.263,596,000 2.281,278,000 2,144.858.000 2.177.209,0on
Total earning assets
2,222,545.000 2.174.513.000 1,097,332,000
kuk premises
9,720,000
0,713,000
8.969,000
8,9117,000
8,672,000
8.648.000
)
8.108.000
8.083.0(5
tcollected Items anti other deductions
599,197,000 653,465,000 633,800,000 701,465.000 624.861,000 691.454.000
from gross deposits
716,588,000 808.1146J:00 343,396,000
7,429,000
6 redetnp. fund 1168t. F. R. bank notes
6,813,000
6,809,000
6,842,000
6.822,000
6,767.000
6.752.000
6.531.000
537,000
8,210,000
I other resources
8,497,000
8,480.0110
10.653,000
9,788,000
11.631.000
10.27s.000
17.172,000
761,000
5,178,134,000 5.206,736.000 5.113,192,000 5.194.528.000 4.970.615.00U 5.075.355.000 5,132,658.000
Total resources
5.184.406,1583 3,289,909,000
Ad reserve against net deposit Bab._
47.6%
45.4%
47.0%
45.2%
46 3.7
47.8%
45 59.
459%
59.2%
51.4%
Ii res agst F It notes in act. cire'n
53,4%
53.2%
53.8%
54.3%
'
548%
54 .5%,
54 7"
,
.
66.3%
11111 0f gold reserves to net deposit and
F. It note liabilities combined
49.9%
49.7%
50.5%
52.6%
51.1%
503%
60.5%
51.1'
,
.
62.6%
R di° of total reserves to net deposit and
F. It woe liabilities combined
51.4%
51.3%
52.2%
52.3%,
51.9%
53.5%
53.09,
52.8v,
64.7%
Riitio of gold reserved to F. It. notes In
circulation after setting aside 35%
h111•1
(13.39'.
63_1 OZ.
s& sat.
65 Rot
' RA R .7632°7.
tut 1,1.
44 1 ,,
•Amenthx1 figures.
[Vol.. 108
THE CHRONICLE
1040
Jan. 31 1919. Jan. 24 1919. Jan. 17 1919. Mar. 8 1918.
Mar.71919. Feb. 28 1919. Feb. 20 1919. Feb. 14 1919. Feb. 7 1919.
$
$
$
3
$
$
$
$
3
73,624,000
LIABILITIES.
80,510.000
80,820,000
80,913,000
81,061,000
81,211,000
81,406,000
81,452,000
81,490,000
1,134,000
"Japital paid In
22,738,000
22,738.000
22,738,000
22,738,000
22,738,000
22,738,000
49.466,000
49,466.000
56,208,000
49.370,000
lurplus
64,928,000 146,381,000
96,809.000
195,559,000 210,547,000 205,675,000 192.970,000
Iovernment deposits
1,693,132,000 1,624,415.000 1,695,263,000 1,465,504,000
1,626,076,000 1,620,972,000 1,563,912,000 1,623,158,000 1,590,441,000 472,042,000 511.899.000 534,012,000 216,986,000
3ue to members,reserve account
456,289,000 494,653,000 480,257,000 517,726,000 439,221,000 120,809,000 113,429,000 128,186,000
77,137,000
3eferred availability items
114,758,000 112,273,000 112,551,000
)ther deposits, incl. for. Govt. credits_ 123,363,000 124,032,000
00
1,815,835,0
00
2,406,831,0
00
2,396.124,0
00 2,350,911,000
2,401,287,000 2,450,204,000 2,364,602,000 2,446,127,000 2.239,022,000 2,450,729,000 2,466,556.000 2,512.973,000 1,383,990,000
Total gross deposits
2,488,537,000 2,472,307,000 2,466,248,000 2,468,388,000 2,454,165,0
8,000,000
124,997,000
r. R.notes in actual circulation
126,810,000
129,445,000
133,465,000 132,291,000 131,315,000
7,326,000
35,447,000
39,610.000
F. R.bank notes in circulation-net Dab 136,591,000 134,042,000
40,619,000
42.314,000
43,773,000
44,733,000
45,993,000
20,763,000
111 other liabilities
00
3,289,909,0
00
5,184,496,0
00
5,132,658,0
0
5,075,355,00
00
5,178,134,000 5,206,736,000 5.113,192,000 5,194.528,000 4,970.615,0
Total liabilities
$
$
$
$
$
$
$
$
$
1
0
1283,297,00
00
Maribut(on by Maturities00 1,450,476,000 1,302,953,000 1,219,601,000 1,368,754,0
55,743,000 1 331,978,000
1-15 days bills bought In open market 1,530,4,12,000 1,511,355,000 1,451,139,0
53,030.000
61,546.000
76,048,000
82,689,000
81,985,000
82.025,000
83,799,000
1-15 days bills discounted
8.523,000 146,815,000 140,837,000
6,339,000 132,845.000
7,869,000
12,563,000
18,714,000
19,745,000
secs_
short-term
Govt.
S.
1-15 days U.
92,171,000 1
1-15 days municipal warrants
91,787.000
77.373,000
72,951,000
57,683,000
56,820,000
57,883,000
54,691,000
63,689,06() f 88,804,000
6-30 days bills bought in open market
72,098.000
74,084.000
65,083,000
63,848,000
66,051,000
76,479,000
81,948,000
7,702,000
25,000
6-30 days bills discounted
370.000
724,000
130,000
55,000
6-30 days U. S. Govt. short-term secs1,000
4,000
1
129,955,006
6-30 days municipal warrants
198,206,000
95,112,000
88,873,000
87,087,000
95,961,000
.1-60 days bills bought in open market__ 207,151,000 202,040.000
108,363,000 160,741,000 1 226,633,000
103,623,000
103,872.000
103.967,000
98,850,000
93,348.000
90,833,000
4,086,000
1,030.000
.1-60 days bills discounted
1,001,000
631,000
967,000
130,000
202,000
3,000
.1-60 days U.S. Govt.short-term sees_ 4,000
4,000
4,000
3,000
68,381,000 1
11-60 days municipal warrants
175,933,000
184,717,000
204,853,000
218,152,000
86,221,000 191.538,000
74,323,000
182,096,000
I
53,434,600
11-90 days bills bought In open market
51,058.000
41,140,000
37,699,000
24,564.000
23,034,000
25,067,000
16,912,000
1,771,000
16,000
11-90 days bills discounted
15,000
15,000
7,169.000
217,000
350,000
350,000
13,000
2,816,000
11-90 days U.S.Govt.short-term secs
4.000
1,000
1
27.354.000
11-90 days municipal warrants
27,353,000
'24,925,000
24.771,000
23,503,000
22,996,000
22,321,000
21,130,000
r 8,781,000
)ver 90 days bills bought in open market
28,426,000
123,287,000
)ver 90 days bills discounted
134,080,000 132,264,000 125,026,000 132,671,000 137.859,000
457,000
4,000
)ver 90 days U.S. Govt.short-term secs 137,072,000 136,624,000
3,000
)ver 90 days municipal warrants
0 2,730,916.000 2.770.301.000 1,505,213,000
2,670,003,000 2,678,606,000 2,677,835,000 2,690,702,000 2,691,859,000 2.703,420.00
252,691,000 264,360,000 257,328,000 121,223,000
182,306,000 206,299,000 211,587,000 222,314,000 237,694,000
2,450,729,000 2,466,556,000 2.512,973.000 1,383,990,000
2,488,537,000 2.472,307,000 2,466,248,000 2,468,388,000 2,454.165.000
In circulation
Fed. Res. Notes (Agents Accounts)3,967.080,000 3,948,640,000 3.038,240,000 2,014,980,000
4,071,740,000 4,056,760.000 4,013,680,000 4,001,520.000 3,985,680,000 824.285,000 801,809,000 775,134.000 296,932,000
Lecelved from the Comptroller
985,686,000 940,247,000 916,175,000 883,253,000 858,001,000
teturned to the Comptroller
0 3,146.831,000 3,163,106,000 1,718,048,000
3,086,054,000 3,116,513,000 3,097,505,000 3,118,267.000 3.127,679,000 3,142.795,00
Amount chargeable to agent
439,375.000 415.915,000 392,805,000 212,835,000
415,150.000 437,907,000 419,670,000 427,565,000 435,820.000
n hands of agent
(1 1,505,213,000
00 2,690,702.000 2,691,859,000 2.703,420,000 2,730,916,000 2,770,301,00
Issued to Federal Reserve banks_ _ ..._ 2,670,003,000 2,678,606,000 2,677,835,0
278,207,000
249,707.000
How Secured241,527,000
240.527.000
232,146,000 229,147,000 225,147.000 225,147,000 225.147,000
3y gold coin and certificates
0 608,511,000
1,481,196,00
0
1y lawful money
1.475.724,00
0
1,450.090,00
0
1,460,693,00
0
1,473,339,00
47,986,000
1,507,063,000 1,490,846,000 1,479,852,000
80,598,000
ly eligible paper
77,193,000
80,142,000
84,562.000
83,758,000
83,379,000
87,438,000
73,457,000
201d redemption fund
932,661.000 936.472.000 958,800,000 570,509,000
852,237,000 871,175.000 889,457,000 908,458,000 921,457,000
With Federal Reserve Board
00 2,703,420.000 2,730,916,000 2,770,301,000 1,505,213,000
2.670.903,000 2,678,606.000 2,677,835,000 2,690,702,000 2.691.859,0
Total
() 1.813.066.000 813.275.000
0 2.022.006.000 2.037.506.000 1.920.051.000 1.823.485.000 1.978.084.00
Eligible naner delivered to F.R. Agent_ 2.101.419.000 2.099.999.00
MARCH 7 1919.
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
Federal Reserve NotesAsued to the banks
fold by banks
Total
Dallas. San Fran.
Cleveland. Richm'nd. Atlanta. Chicago. St. Louis. Minneap. Kan.CUy.
$
$
$
$
3
3
3
3
$ i
$
$
$
3
92,0 6,018,0 11,068,0 341,070,0
RESOURCES.
214,0 14,440,0 2,259,0 8,293,0 22,555,0 4,325,0 8,268,0 29,654,0 14,325,0 35,943,0 511,227,0
3,104,0 260,434,0
lold cola and certificates
26,372,0
22,919,0
121,461,0
21,435,0
29,341,0
53,226,0 46,862,0 66,152,0
5,829,0
321,0
204,0
291,0
233,0
lold Settlement Fund. F. R. B'd 43,537,0
233,0
816,0
175,0
204,0
525,0
408,0
2,011,0
408,0
bold with foreign agencies
47,332,0 858,126,0
20,547,0
30,037,0
34,873,0
27,477,0
144,832,0
29,903,0
... 47,049,0 315,671,0 47,484,0 81,117,0 31,804,0
Total gold held by
,094,0 64,436,0 54,035,0 46,759,0 19,052,0 91,212,0 1,163,840,0
t. _ 48,648,0 256,181,0 65,073,0 136,625,0 45,079,0 40,646,0296
Agent-'
banks.5,165,0 4,923,0 2,048,0 1,304,0 117,513,0
lold with Fed. Reserve
24,627,0 22,104,0 1,049,0 7,572,0 4,877,0 23,676,0 3,104,0
17,064,0
)(Ad redemption fund
95,017,0 94,073,0 81,719,0 41,647.0 130,848,0 2,139,479,0
65,983,0
112,761,0 596,479,0 134,661,0 218,791,0 84,455,0 75,426,0 464,602,0
261,0
Total gold reserves
148,0 1,948,0
193,0
962,0 1,113,0 2,305,0
236,0
211,0 1,263.0
51,015,0
6,328,0
Legal tender notes, silver, &c_
2,205,462,0
140,109,0
43,595,0
97,322,0 94,266,0 81,867,0
119,089,0 647,494.0 134,872,0 220,054,0 84,691,0 76.388,0 465,715,0
Total reserves
Bills discounted. Secured by Gov54,968,0 16,285,0 37,445,0 23,058,0 75,897,0 1.701,487,0
143,801,0 775,574,0 178,463,0 96,969,0 78,761,0 64,722,0 155,544,0
ernment war obligations
1,486,0 36,018,0 30,738,0 21,232,0 186.240,0
29,157,0 9,331,0 4,934,0 11,671,0 11,905,0 15,219,0 8,343,0 33,711,0 14,136,0 1,958,0 49,300,0 273,493,0
6,206,0
All other.
17,943,0
32.586,0
7,504,0
6,568,0
40,088,0 1,658,0 57,618,0
10,393,0
Mils bought in open market__
81,254,0 51,482,0 87,509,0 55,754,0 146,429,0 2,161,220,0
160,400.0 844,819,0 189,452,0 159,551,0 97,000,0 84,131,0 203,349,0
27,057,0
Total bills on hand
117,0 8,868,0 3,967,0 2,468,0
378,0 4,476,0 1,154,0
1,389,0 1,385,0 1,083,0 1,234,0
538,0
7.8. Gov't long-term securities_
9,709,0 6,036,0 4,400,0 5,425,0 159,835,0
59,707,0 12,281,0 12,342,0 5,375,0 7,464,0 16,612,0 8,068,0
4,0
I. S. Gov't short-term securities 12,416,0
4,0
111 other earning assets
2,348,110,0
154,322,0
64,121,0
102,503,0
.609,0 91,977,0 224,437,0 00,476,0 61,308,0
.
9,720,0
173,354,0 905,915,0 203,118,0 172,976,0 103
400,0
221,0
400,0
Total earning assets
540,0
217,0 2,944,0
296,0
100,0
500,0
3,302,0
800,0
lank premises
599,197,0
25,473,0
other
deand
19,406,0
items
incollected
47,784,0 40,862,0 26,302,0 74,657,0 42,155,0 12,273,0 56,659,0
ductions from gross deposits.. 47,706,0 145,811,0 60,109,0
7,429,0
356,0
315,0
690,0
1% Redemption fund-F. R.
305,0 ' 227,0
731,0
393,0
162,0
544,0
625,0
1,812,0
8,210,0
1,269,0
959,0
700,0
463,0
bank notes
314,0 , 124,0
965,0
273,0
621,0
528,0
852,0
2,133,0
188,0
Mother resources.
5,178,134,0
321,619,0
128,448,0
242,582,0
231,112,0 168,198,0
342,406,0 1,706.467,0400,076,0 441,986,0 230,241,0 195,550,0 769,449,0
Total resources
81,490,0
4,712,0
LIABILITIES
9,220,0 4,114,0 3,177,0 11,278,0 3,824,0 2,950,0 3,737,0 3,202,0
7,577,0
20,927,0
49,466,0
6,772,0
3apItal paid In
1,603,0 1,415,0 2,421,0 1,184,0 2,448,0
21,117,0 2,608,0 3,552,0 2,196,0 1,510,0 6,416,0 13,098,0
2,996,0
8,602,0 16,816.0 195,559,0
10,719,0
lurplus
12,244,0
28,803,0
9,795,0
2,048,0
32,054,0 17,149,0 21,169,0
1,626,076,0
23,062,0
78,401,0
38,321,0
69,100,0
)overnment deposits
48,781,0
128,111,0 55,171,0 42,034,0 230,740,0 61,630,0
Due to members, reserve account 98,517,0 . 678,210,0 96,460,0
55,234,0 34,225,0 8,887,0 40,733,0 18,710,0 12,212,0 456,289,0
36,073,0 110,762,0 52,235,0 36,751,0 31,979,0 18,488,0
43,0 6,325,0 123,363,0
715,0
3eferred availability items
180,0
402,0
58,0 2,003,0
79,0
163,0
562,0
112.562,0
271,0
deposits
HI other
121,267,0 65,676,0 113,754,0 2,401,287,0
70,092,0
109,355,0
316,780,0
70,975,0
89,277,0
186,194,0
157,923,0 933,588,0 166,406,0
51,200,0 192,888,0 2,488,537,0
Total gross deposits
230,950,0 128,544,0 111,823,0 415,139,0 108,431,0 88,106,0 101,269,0 6,279,0 6,407,0 136,591,0
P. It. notes In actual elrculatIon_ 160,876,0 689,212,0 210,099,0
7,181,0 5,098,0 12,743,0
34,248,0 11,816,0 10,708,0 5,189,0 7,327,0 18,043,0
40,763,0
907,0 1,410,0
1,145,0
P. R. bank notes-net liability- 11,552,0
537,0
718.0
1,793.0
738,0
921,0
7,375,0 1.570,0 1,362,0
2,287,0
Mother liabilities
242,582,0 128,448,0 321,619,0 5,178,134.0
168,198,0
231,112,0
769.449,0
195,550,0
230,241,0
441,986,0
342,406,0 1,706.467,0400,070,0
Total liabilities
Iontin gent liability as endorser
•
RO 2:17.0
90 7270
on bills discounted with or sold
20 0110 0
11 SIM 0
Boston.
Two cipher's (00) omitted.
New York.
Phila.
to other Periern1 Rpservn hank. 17 000 It
AT CLOSE 01' BUSINESS m‘RcH 7 $919
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS
Total.
Dallas. San Fran.
Cleveland. Richmond Atlanta. Chicago. Si. LOW& Minheap Kan.City.
$
$
$
$
$
$
$
$
$
$
$
$
$
101,960,0 252,920,0 4,071,740,0
Federal Reserve notes:
333,840,0 205,220,0 204,960,0 563,560,0 171,720,0 124,880,0 158,700,0
Received from Comptroller... 262,880,0 1,355,680,0 335,420,0 54,452,0 50,687,0 35,438,0 82,331,0 39,570,0 23,839,0 36,564,0 25,708,0 29,584,0 985,686,0
75,765,0 437,829,0 93,919,0
Returned to Comptroller
76,252,0 223,336,0 3,086,054,0
154,533,0 169,522,0 481,229.0 132,150,0 101,041,0 122,1311,0
Chargeable to F. R. Agent.. 187,115,0 917,851,0 241,501,0 279,388,0 23,075,0 54,325,0 45,000,0 10,635,0 11,500,0 14,020,0 23,725,0 6,000,0 415,150,0
32,770,0
20,500,0
152,400,0
21,200,0
Agent
R.
F.
of
to hands
Two ciphers (00) omitted.
Boston.
isem.si to F. R. Bank, less amt.
returned to F. R. Agent for
165,915,0
redemption'
Collat'l security for outst'g notes:
Gold coin and otts, on hand...
9,648,0
Gold redemption fund
Gold Set'm't Fund, F. R. 13'd_ 39,000,0
Eligible paper, mitem required 117,267,0
165,915,0
Total
amount of eligible paper dolly
160,400,0
eyed to F. R. Agent
165,915,0
F R. notes outstanding
5,039,0
F R. notes held by bank
......... Iv. a.•••.2 .11.•••,••••••.•
.
Inn win n
•
New York.
Phila.
89,541,0 108,110,0
765,451,0 221,001,0 246,618,0 131,458,0 115,197,0 436,228,0 121,515,0
13,052,0
2,503,0
30,270,0
173,740,0
873,0 5,749,0 3,505,0 2,483,0 2,399,0
12,441,0 12,184,0 11,355,0 3,079,0
60,931,0 38,500,0 44,360,0
70,000,0 52,889,0 95,000,0 42,000,0 37,270,0 290,345,0 57,079,0
35,506,0 61,357,0
509,270.0 155,928,0 109,993,0 86,379,0 74,551,0 140,134,0
89,541,0 108,116,0
765,451,0 221,001,0 246,618,0 131,458,0 115,197,0 436,228,0 121,515,0
52,527,0 217,336,0 2,670,903,0
132,146,0
12,581,0
79,457,0
2,787,0 12,954,0
3,684,0 78,258,0 852,237.0
33,475,0 126,124,0 1,507,063,0
52,527,0 217,336,0 2,670,003,0
75,907,0 50,615,0 87,599,0 53,796,0 133,867.0 2,101,419,0
844,819,0 159,098,0 158,315,0 94,974,0 78,630,0 203,349,0 121,515,0
89,541,0,108,116,0 52,527,0 217,336,0 2,670,903,0
765,451,0 221,001,0 246,918,0 131,458,0 115,197,0 436,228,0 13,084,0 1,435,0 6,847,0 1,327,0 24,448,0 182,366,0
21,089,0
3,374,0
2,914,0
15,668,0
76,239,0 10,902,0
11 A
n 111 •Ong•n Alm•Ion•n MO•.4,
•
a On 8110 n nin•Ann•I% 0.111•nrn•il 100 114A •
•
•
CVO 1 AR •A 101 •nien•0
,
040 0:') ,1C112 C•17•fl
K1 OM •ft 100
,,,
g
MAR. 15 1919.]
THE CHRONICLE
Varthrrs' Gazetit.
Wall Street, Friday Night, March 14 1919.
The Money Market and Financial Situation.—Little
has occurred this week directly affecting security values.
Nevertheless the market has been continuously active and,
during the early half of the week, was again strong on a
demand which was mostly of a speculative character. There
is little if any evidence of strictly investment buying and
perhaps there will not be until the impending Victory Loan
•
campaign is a matter of history.
Confidence is unimpaired, however, and the outlook
for the future is generally regarded as promising. Already
there are plans on foot for financing the railways until
Congress can come to their rescue and also for stabilizing
prices for steel products. Orders for the latter on the
books of the Steel Corporation at the end of February were
the smallest in several years past, owing probably to uncertainty as to future prices. With these fixed for a definite
period it is expected that orders will increase.
Daily reports of serious disturbances in central Europe
seem to emphasize the need of hastening, if possible, the
treaty of peace and thus officially ending the war. With this
accomplished it is hoped that steady progress will be made
towards normal conditions in that part of the world, and
the matter is so imperative that the "League of Nations"
is likely to have second place in the proceedings at Paris
from now on.
Foreign Exchange.—
To-day s (Friday s) actual rates for sterling exchange were 4 7304 73%
5 for checks and 4 76 7-16 for cables. Comfor sixty days, 4 757004 754
mercial on banks, sight 4 75%, sixty days 4 72©4 72%, ninety days
4 7104 71% and documents for payment (sixty days) 4 72©4 72%.
payment 4 75% and grain for payment,4 75%•
Cotton for r
To-day's Friday's) actual rates for Paris bankers francs were 5 55 for
lon and 5 1 for short. Germany's bankers marks were not quoted.
Amsterdam bankers guilders were 40%040% for long and 40 13-160
40 15-16 for short.
Exchange at Paris on London, 26.10%; week's range, 26.10 high and
26.13 low.
The range for foreign exchange for the week follows:
Sixty Days.
Checks.
Cables.
Sterling, Actual—
4 76 7-16
4 754
High for the week...A 73%
4 7570
4 76 7-16
Low for the week.. .A 73
Paris Bankers Francs—
547
548
High for the week___5 51%
5 49
5 50
Low for the week___5 55
Amsterdam Bankers Guilders—
41
High for the week___ 40%
413
41%
41
Low for the week._ 40%
Domestic Exchange.—Cnicago, par. St. Louis, 15025c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $19.6875 per
$1,000 premium. Cincinnati, par.
State and Railroad Bonds.—Sales of State bonds at
the Board are limited to $2,000, N. Y. Canal 4s at 1073
2.
and $1,000 Virginia 6s deferred trust receipts at 693/
The market for railway and industrial bonds has been
slightly firmer in tone than last week, although nearly all
net changes are limited to minor fractions. Of the list of
18 representative issues only 6 have declined, as against
10 last week and 9 have advanced.
Inter. Mets. have again been notably weak, the 43/2s
closing 14 points lower than last week, while B. R. T. 7s
are fractionally higher and Inter. R. T.s are unchanged.
United States Bonds.—Sales of Government bonds at
the Board include $5,000 4s coup. at 105 to 1053-, Liberty
Loan 33/2s at 98.42 to 98.96, L. L. 1st 4s at 94.20 to 94.50,
L. L. 2nd 4s at 93.46 to 93.84, L. L. 1st 43-is at 94.50.to
94.68, L. L. 2d 43s (1927 to 1942) at 93.74 to 94.06, L. L.
2d 43..s (1932 to 1947) at 95.42, L. L. 3d 43s at 95.04 to
95.38, and L. L. 4th 41/0 at 93.88 to 94.10
Railroad and Miscellaneous Stocks.—For the first
time this year the daily transactions in stocks have averaged
over 1,000,000 shares, in actual figures about 1,100,000,
until to-day's smaller total reduced the average somewhat,
and with so much activity in a purely speculative market
there has naturally been great irregularity in the movement
of prices. In most cases the highest quotations were recorded on Wednesday, when St. Paul was 5 points higher
5 New Haven 332,
than at the close last week, Reading 3%,
New York Central 3% and other equally well known issues
in this group were from 2 to 3 points higher.
These figures seem small, however, when compared with
Am. Tobacco's advance of 15 points, or Texas Co.'s of 16
points, or even Bald. Locomotive's over 8 points and General Motors' 93/2 point rise.
To-day's market was considerably loss active and in
many cases a little more of the early week's advance was
lost. Among the exceptions is Gen. Motors up nearly 4
points, Inter-Mer. Mar. pfd. up 3 and U. S. Rubber up
3% during the day. On the other hand Am. Car & Found..
lost barely 3, Am. Sum. Tob. nearly 2 and a long list an
average of about 2 points,
Outside Market.—The week on the "curb" has witnessed
more activity than has been seen there in some time. A
number of the specialties touched new high levels, but
realizing at times caused irregular price movements. Industrial issues attracted the most attention. Keystone
Tire & Rubber corn. was by far the principal feature, the
stock advancing from 703/i to 85, a new high record. The
'close to-day was at 82%. Swift International was in good
demand and rose from 48g to 56, the final figure to-day
3
being 54%.
Libby, McNeil & Libby was also active and sold
up from 253 to 28. It eased off finally to 273. General
Asphalt coin. was in fair demand and after a loss of two
1041
points to 65 recovered to 663/2, with a final reaction to
Hupp Motor Car gained over a point to 83/i and
63
finished to-day at 8%. Jones Bros. Tea was active and
moved up two points to 28,the close to-day being at 27. Nat.
Aniline & Chemical corn. appeared in the trading and advanced from 253 to 27, reacted to 25 and sold finally at
26. Nat. Ice & Coal sold up from 623/i to 653/2 and at 65
finally. Submarine Boat dropped from 163 to 14 and
ends the week at 143a. There was considerable irregularity
in the market for oil shares. Midwest Refining sold back and
forth between 153 and 158 and to-day fell to 152, with the
close back to 153. Louisiana Oil & Ref. after a loss of a
point to 3832 advanced to 42 and was traded in finally at
403. Merritt Oil advanced almost a point to 253', easing
off subsequently to 24 8. Pennok Oil improved from 12%
to 153/8. Sinclair Gulf Corp. gained three points to 323/2
but reacted to 31%.
For daily volume of business see page 1050.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales"
STOCKS.
'Veen ending Mar. 14. for
Week.!
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Share,s1 $ per share. $ per share. is per share.S per share.
Adams Express
100
3301 39% Mar 12 40% Mar 11! 39% M
50
Jan
Amer Bank Note, pref 50
100' 45 Mar 14 45 Mar 14' 42
Jan 45
Mar
American Express__ _100
2001 86 Mar 12 86 Mar 12! 84% Jan 95
Jan
Am Smelters Securities
91! 9134 Mar 14 93% Mar 111 92% Feb 94
pref series A
100
Mar
American Snuff
100 1,500107 Mar 11 115 Mar 12:105
tJan 119
Feb
100 9734 Mar 11 9734 Mar 11' 93
Am Sumat Tob, pret.100
Jan 98
Feb
Assets Realization_ _ _ _10 2,300 1% Mar 11 3% Mar 8 1
,Jan 3% Mar
2,400 24 Mar 14 25% Mar 10 1734 Jan 27
Assoc'd Dry Goods_ ..1
Mar
100 65 Mar 10 65 Mar 10 6134 Jan 65
First preferred_ ...._100
Feb
100 500 7334 Mar 13 74 Mar 13 68
Associated 011
Jan 7634 Jan
Atlanta 131rm & Atl_ _100 200 7% Mar 8 8 Mar 13 734 Jan 8
Jan
Baldwin Locom, pref 100
Jan 106% Mar
10010634 Mar 14 106% Mar 14 102
Barrett, pref
' 100 20011434 Mar 12 114% Mar 12 110
Feb 114% Mar
Batopilas Mining__ __2 2,600 1% Mar 12 134 Mar 8 1% Jan 134 Feb
270 98 Mar 10 98 Mar 10 98
Brooklyn Edison,Inc100
Mar 98
Mar
Bklyn Rap Tran ctfs dep 2,600 23% Mar 14 2434 Mar 10 23
M
2434 Mar
Brooklyn Union Gas_100 500x80 Mar 14z80% Mar 14 80
Jan
Jan 82
300 74 Mar 8 7434 Mar 10 71
Brown Shoe, Inc_ .....iOO
Feb 7434 Mar
100 100, 9% Mar 14 9% Mar 14 8% Feb 1054 Mar
Brunswick
10 63 Mar 14 63 Mar 14 63
Buff Roch & Pittsb 100
Ma 7234 Feb
100 1,100 20WMar 8 22 Mar 11 16
Butterick
Jan 22
Mar
100 5734 Mar 14 5734 Mar 14 57
Calumet & Arizona _10
Feb 6134 Jan
100 800 93% Mar 10 93% Mar 13 91% Jan 93% Mar
Case (J I), pref
100 34 Mar 11 34 Mar 11 30% Jan 34
Cent'l Foundry, pref.100
Mar
1011334 Mar 12 113% Mar 12 107
Cent & So Amer Tel..100
Ja 117% Jan
400 12 Mar 14 12 Mar 14 12
Chic dr Alton, pref _ _100
Ma 12 !Mar
200 73% Mar 12 75 Mar 12 73% Ma 82
Chic St P M & Om_ _100
Jan
100 62 Mar 10 62 Mar 10 6034 Feb 65
Cluett,Peabody&Co..100
Jan
100 105% Mar 11 105% Mar 11 103% Jan 108
Preferred
100
Jan
100 42 Mar 11 42 Mar llr 37% Jan 43
Computing-Tab-Rec.100
Mar
Cons Interstate Call_ _10 400 634 Mar 8 6% Mar 14 6% Mar 8% Jan
Continental Insur_ _ _ .25 1,100 66 Mar 10 69 Mar 14 58
Mar
Jan 69
Cuban-Amer Sugar_ -100 600178% Mar 13 179% Mar 12 150
Jan 179% Mar
Deere & Co, pref.. _ 100 500 95 Mar 8 9534 Mar 13 9334 Feb 96
Jan
50 112 Mar 14 113 Mar 14 110
Detroit Edison
100
Jan
Jan 116
300 89 Mar 12 89 Mar 13 80
Mar
Detroit United
100
Feb 89
100 62 Mar 12 62 Mar 12 55
Elec Storage Battery.100
Feb 62
Mar
Federal Min ds Smelt.100 200 11 Mar 10 11% Mar 14 9% Feb 11% Mar
38% Mar 13 39% Mar 12 33
Preferred
100 7
Jan 3934 Mar
54 Mar 8 63% Mar 12 38% Jan 63% Mar
Fisher Body Corp.no par ,
100 9734 Mar 14 9734 Mar 14 91
Preferred
100
Feb 97% Mar
230i73 Mar 8175 Mar 10 16334 Feb 175
General Chemical_ _ _100
Mar
100 104 Mar 13104 Mar 13 102% Jan 108
Preferred
100
Feb
General Cigar, Inc_ _100 5,300 52% Mar 14 5534 Mar 12 47
Jan 55% Mar
Gen Motors deb stk_100 8,850 843-i Mar 10 86% Mar 14 82% Feb 86% Mar
100 834 Mario 8% Mar 10 7% Feb 10
Gulf Mob & Nor etfs.100
Feb
Hartman Corp'n__ _ _100 700 57% Mar 8 60 Mar 12 5434 Jan 60
Mar
100 98 Mar 14 98 Mar 14 94
Homestake Mining.._100
Jan 100
Feb
100 98% Mar 10 98% Mar 10 98% Ma 98% Mar
Internat Paper, pret_100
200 48 Mar 14 48 Mar 14 48
International Salt— _100
Ma 57
Mar
200
3
Mar
11 3 Mar 11 2% Feb 334 Jan
Iowa Central
1
100 5,500 37% Mar 13 4334 Mar 14 28
Jewel Tea,Inc
Feb 4334 Mar
Mar 10 41
Kelsey Wheel, Inc....100 200 41
Mar 10 34
Jan 41
Mar
100 112 Mar 10 112 Mar 10 106% Ja 112
Kresge (S 8) Co_ _ _ _100
Mar
2010634 Mar 13 106% Mar 13 106
Preferred
100
Feb 106
Feb
10 106 Mar 12 106 Mar 12 105
Kress(S II)& Co, p1.100
Jan 107% Feb
200 8 Mar 13 8 Mar 13 7
Lake Erie & Western.100
Feb 9% Jan
100 19% Mar 10 19% Mar 10 18
100
Preferred
Ja 20% Mar
Liggett & Myers...... _100 500 219 Mar 12 220 Mar 12 204% Jan 224% Jan
300 109 Mar 13 111% Mar 10 107
100
Preferred
Ja 111% Jan
100100% Mar 11 100% Mar 11 94M Jo 100% Mar
Loose-Wiles, 1st pref.100
100 1,700157% Mar 11 163% Mar 12 153
Lorillard (P)
Mar 168% Jan
100
100109% Mar 11 109% Mar 11 107
Preferred
Jan 10934 Feb
100 75 Mat 8 75 • Mar 8 75
Marlin-Rock v t c_ no par
Ma 79% Feb
Mathiewm Alkali ____50
100 30% Mar 10 30% Mar 10 25
Ma 30% Mar
May Dept Stores_ ....100 2,000 68 Mar 14 71
Mar 10 60
Jan 71
Mar
500 90 Mar 8 91% Mar 13 87% Ja 91% Mar
M St P & S Marle_100
100
69 107 Mar 8 107 Mar 11 106
Preferred
Mar
Fe 107
50 1,4001 30% Mar 8 31% Mar 11 29% Ja 31% Jan
National Acme
100 115 Mar 14 115 Mar 14 109
National Biscuit_ _ _ _100
Ja 117% Feb
100 200,1203-4 Mar 13 z121 Mar 14 115% Ja z121 Mar
Preferred
Nail Cloak & Suit.. _.100 950 72 Mar 10 75 Mar 14 70
Jan
Ja 75
100
100 103% Mar 13103% Mar 13 10334 Fe 105
Preferred
Feb
Nat Rys Mex 25 pf 100 34.050 10% Mar 14 14 Mar 10 534 Fe 14
Mar
NOTex&Mexvtc_100
500 30 Mar 14 33 Mar 10 29
Ma 36% Feb
100 29% Mar 11 29% Mar 11 27
N Y Chic &St L. _ _100
Fe 30
Jan
200 44% Mar 8 44% Mar 8 4234 Jan 45
Second preferred _100
Mar
New York Dock_ _ _ _100 1,600 20 Mar 10 22 Mar 14 1934 Fe 2634 Jan
100
100 44% Mar 13 4434 Mar 13 4434 Ma 48
Preferred
Jan
1OC 15% Mar 10 1534 Mar 10 15
Norfolk Southern_ _ _100
Ma 1834 Jan
Nova Scotia S & C_ ..100 600 50 Mar 10 5134 Mar 12 46
Jan
Ja 55
Ohio Cities Gas rights__ 16,835 3% Mar 8 3% Mar 11 2% Fe
3% Mar
Ohio Fuel Supply-- _ _25 3
Jan
4534 Mat 12 46 Mar 13 43
Ja 46
Oklahoma P & R rights. 8,800 9-16 Mar 8
% Mar 11 9-16 • Fe
% Feb
Owens Bottle-Mach...25
600 48 Mar 10 48% Mar 12 46
Ma 49% Feb
Pacific Tel & Tel.__ _100 600 25% Mar 13 27 Mar 8 22
Jan 29
Feb
Penn Seaboard Steel
no par
500 30 NIar 13 33 Mar 14 30
vie
Mar
M
33
Peoria & Eastern......J00 600 5 afar 11 5% Mar 12 5
Ja
53i Mar
301) 52 Mar 13 52 Mar 13 52
Punta Alegre Sugar_ _50
Ma 5434 Mar
Royal Dutch (N Y shs) _ 30,500 86"4 Mar 13 89% Mar 14 8634 Ma 8934 Mar
400 24 Mar 12 25 Mar 8 22
St L-San Fran pf A. _100
Jan
Ja 27
500 62 Mar 13 63 Mar 12 53% Ja 63
Savage Arms Corp._100
Mar
Sloss-Sheff S dr I, pf_100! 600 85 Mar 11 88 Mar 10 85
Feb
Ma 88
Standard Mill, pref _..100 250 88 Mar 11 89% Mar 12 8534 Ja sog Feb
Texas Co subscription
10019034 Mar 10 190% Mar 10119034 Ma 190% Mar
receipts 50% paid..
400200 Mar 1220734 Mar 131200
do full paid
Ma 207% Mar
10,270 Mar 12 270 Mar 12 1180
Texas Pac Land Tr....100
Jan
Jo 320
Third Avenue Ry__ _100 42 1434 Mar 14 15% Mar 12 13% Ja 16% Feb
100
1 220 Mar 12 220 Mar 12 207
Tidewater Oil
Feb
Ja 221
Tobacco Prod rights..... 48,0
5% Mar 11 7 Mar 8
Mar
Fe
7
Transue & W'ms_no per 2,100 3834 Mar 8 40 Mar 10 37% Ja 40
Feb
100 1,727 9934 afar 8i02% Mar 12 90% Jan 102% Mar
United Drug
50
1
54% Mar 12 5434 Mar 12 50% Jan 54% Feb
First preferred
Second preferred_ _100 7
100 Mar 12 91
Mar
Ja 100
9534 Mar
100
20 Marl 243 Mar 14 16% Feb 24% Mar
U S Express
US Realty & Impt...100 3.
30 Mar 1 3434 Mar 8 1734 Jan 35% Mar
100
100 984 Mar 8 9834 Mar 8 9634 Feb 9834 Mar
Wilson & Co, pref
1042
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually Inactive. see preceding page.
Salesfor
the
Week
Friday
March 14. Shares
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER GENT.
&Modal,
March 8.
Monday
March 10.
Tuesday
March 11.
Wednesday
March 12.
Thursday
March 13.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
STOCKS
NEW YORK STOCK
• EXCHANGE
Highest.
Lowest.
PER SHARE
Range for Previous
nar 1918.
Lowest. , Highest.
Par $ per share
Railroads
$ per share $ per share $ per share
$ per share $ per share $ per share $ per share $ per share 5 per share
81 Mar, 9934 Nov
93
9334 9312 9378 9212 9338 9212 9234 6,900 Atch Topeka & septa Fe__100 90 Feb 3 9414 Jan 3
9212 94
9278 93
80
Jan 9212 Nov
Jan21 89 Jan 4
100 86
Do pref
500
88
8614 8614 *86
.86
8712 8612 13612 8612 8612 *8612 88
8938 Apr, 109 Nov
500 Atlantic Coast Line RR 100 9558 Jan22 99 Jan 6
98
97
9612 9712 *96
9612 9612 97
*96
97
4812 Deoi 62 Nov
Jan21 5012 Mar12
100 44
14,000 Baltimore & Ohio
49
4912 49
4758 4818 -ii3.4 18-3; 4838 5018 4912 5012 49
53 Apr: 6413 Nov
100 53 Feb10 5612 Marll
870
Do pref
56
57
156
5612 5612 5612 *55
56
5614 56
59
*55
2538 Dec. 4814 Jan
2314 2314 6,900 Brooklyn Rapid Transit. 100 1838 Jan27 267g Jan 8
2438 2312 24
24
2414 24
2418 25
2334 25
100 15534 Jan21 165 Feb27 135 Mar 17478 Oct
16212 16212 4,800 Canadian Pacific
16212 163
16234 16334 16312 16434 1631,16414 163 164
4934 Jan 6238 Nov
100 5334 Jan21 6034 Mar12
59514 6034 5912 5934 5878 5912 15,100 Chesapeake & Ohio
5958 587 60
5812 59
59
6 Apr 11 Nov
718 Jan21
100
91s Feb27
838 858 1,200 Chicago Great Western
838 858
834
818 834
*8
8
8
*8
834
1812 Apr 32 Nov
100 2358 Jan21 27 Feb27
Do pref
700
27
*2538 2612
2658 2634 2534 2534 2634 2673 2678 , 2678 *26
3714 Apr 5414 Sept
3818 3912 37,100 Chicago MOW & St Paul 100 3412 Feb15 4112 Mar12
40
3734 3978 3978 4112 38
3634 39
3638 37
6614 Apr 8638 Nov
100 6512 Jan21 7478 Mar12
Do pref
7318 7112 7314 26,500
70
7158 7034 7414 7318 7478 72
6934 70
8912 Mar 107 Nov
97
98
97
97
96
9612 19,400 Chicago & Northwestern. 100 9318 Jan21 98 Mar12
9514 97
9612 97
*9434 95
Jan17
133
125
July 137 Jan
100
131
Mar10
3,025
Do
pref
132
1132
132
*129
*129
132
133
*129
131 131
*129 133
18
Apr 3212 Nov
2218 Jan21 2612 Jan 3
2438 2412 9,200 Chic Rock Is( & Pac temp ctfs
2534 2434 25
2518 2558 25
2413 25
25
26
5634 Jan 538 Nov
5,700
7314 Jan21 8014 Jan 3
7% preferred temp ctts___
77
7734 77
7712 77
7634 7712 7714 7714 77
7612 77
3
Jan
Jan21
67
46
preferred
temp
ctfs......
6118
Jan 75 Nov
3,000
6%
6618
653
4
6512 6612 6512
.66
6612 6612 6634 6614 6634 6618
26 Feb 40 Nov
3134 35
*32
37
3412 3412 1,500 Cleo On Chic & St Louis_ _100 32 Feb17 3618 Feb27
35
34
35
*32
36
100 6612 Jan15 70 Jant6
5854 May 70 Nov
Do pref
72
*65
72
*65
72
*65
*65
72
*65
72
100 1934 Jan22 2814 Mar10
18
Apr 2712 Nov
2712 2518 2612 2614 2614 8,400 Colorado & Southern
35-2712 26
26
2634 2634 2814 -2714 -100 4814 Jan 3 54 Mar 3
Do 1st pref
47 Apr 55 Nov
200
51
*5212 5412
*53
54
*52
51
51
*52
54
*52
51
100 45 Feb 4 4778 Mar 3
40 Apr 48 Deo
Do 2(1 pref
*43
48
*43
48
*43
48
48
*45
48
*43
48 .43
100 101
1,200 Delaware & Hudson
Jan20 10912 Mar12 10012 Apr 11934 Nov
10712 109
10912 10912 108 103
*105 103
10614 10614 10614 103
700 Delaware Lack & Western..50 175 Mar14 18234 Jan 2 160 Apr 185 Sept
175 175
17778 17778 176 176 *175 185
*175 184 *175 185
514 Jan14
Grande__
1
(
(18
214 Jan
100
Denver
&
Rio
Jan
7 Nov
:
6
1
33
18
4
*4
5
*4
514
*4
54
412
412
*4
5
512
*412
838 Feb26
it
Apr 1358 Jan
Do pref
8
818 *712 814 *712 812 1,300
734 8
8
778 8
8
18 Mar10
100 1518 Jan21
14
Apr 2338 Nov
1714 1788 1712 13
17114 1778 173s 1778 1712 1734 1738 1712 14,200 Erie
100 2434 Jan21 31 Mar 3
2318 Jan 3613 Nov
Do 1st pref
3012 30
3012 2913 2912 2913 2958 6,050
3018 3014 3038 3034 3(1
100 PI Jan21 22 Jan14
1812 Jan 2714 Nov
200
Do 2d pref
2078 21
*19
21
*21
22
*21
22
100 9014 Jan21 9512 Jan 2
86
Jan 10612 Nov
9,500 Great Northern pref
9334 94
9418 9538 -5;i1.2 -64.78 9118 951.1 -ail if- 9334 94 8 80,300
Mar12
4412
No
2
Iron
properties.
par
Jan
2518
Jan 3412 Nov
Ore
3134
4234
435
4118
3934 4018 40
4178 415s 4318 4312 4412 4318
100 96 Jan21 9934 Feb 4
92
Jan 10512 Nov
9912 1,100 Illinois Central
99
9934 *98
99
99
99
9934 9834 9934 *93 100
712 Feb24
578 578
512 534 8,900 Interboro Cons Corp..No fa; 1434 Lan
n
434 Dec
912 Jan
538 6
512 61s
614 612
534 614
24 Feb24
3,925
Do pref
1714 Dec 4712 Jan
21
120
20
1912 20
2034 22
2212 2212 1912 2012 20
1518 Apr 2414 Nov
4,000 Kansas City Southern....100 1634 Jan30 2134 Feb27
2018 2012 2012 2078 20
20
2034 20
1934 1978 2018 21
100 4912 Jan21 53 Jan14
100
Do pref
45 Jan 5912 Nov
53
53
*5212 55
51
*5212 55
*52
*5112 53
5718 Jan25
50
5512 5534 18,500 Lehigh Valley
5534 56
5358 Dec 6518 Nov
56
5558 5514 55
-.
88- 55l
55
ja 8
2 119 Jan13 110
Jan 12434 Nov
500 Louisville & Nashville....100 113 Man
Mar
_ 11514 11514 *114 116 '
11534 1153t 7:
113 113
115 115
1238 Feb28
4,200 MInneap & St L (new)____100
918 Jan21
12
712 Apr 1578 Nov
5534--3s *1012 121.1 12
12
12
12
1218 *1.112 1214 -1212
614 612 3,100 Missouri Kansas & Texas_100
7 Feb27
634 Nov
458 Feb10
438 Jan
614 634
6
6
(1:8 612
618 658
*614 633
(112 Jan
100
1312 Nov
Do prof
812 Jan13 1414 Feb27
1078 1078 1112 1134 1112 1178 1158 1178 *1112 1178 *1034 1114 2,000
27
Jan
3
Nov
trust
etts_12
3158
Pacific
V
20
24,000
Missouri
)14
34
j
Jan21
Jan
2134
2414
2
134 2512 2178 2578 2412 2478
2414 2434 2412 2538
5434 Jan 3
Jan 62 Nov
5214 3,100
Do pref trust eta
41
52
5312 53
5312 *52
53
5338 5338 5314 5312 53
100 6914 Jan21 7758 Mar12
6712 Jan 8458 Nov
16,700 New York Central
763.1 7614 7738 7618 7634 7512 76
7614 76
75
7538 75
4578 May
35,400 N Y N II & Hartford_ ...100 2534 Feb13 3458 Mar10
27
3218 3312 3158 3212 3134 32
32
3414 3258 341g 3214 31
. 2432 Nov
1814 It
200 N Y Ontario & Western..100 ,1
18
1152
4 Jan21 2114 Mar 3
*29
21
*20
21
2058 *1913 2112
*20
21
20
2012 *19
21
Jan
Nov
10814
11214
100
Mar
6
Western
103
2,000
Norfolk
&
102
Jan
*104
105
10512
1053
8
105
10512
10112 10112 105 10531 105 105
9458 Mar12' 8118 Jan 105 Nov
11,300 Northern Pacific
9312 04
9312 9334 9312 9438 9334 9412 9378 045ts 9318 94
431, June 5018 Nov
•FieLnb22i 40 Jan 7
4458 45•18 4458 41478 4458 4,478 22,600 Pennsylvania
4412 4458 4458 451s 4458 45
1514 Mar 4
100 1218
1,000 Pere Marquette v t c
____ ____
1478 15
*1412 15
1458 15
*1413 15
1412 15
912May 1878 Nov
100
Do prior pref v t c__ _100 IT:i is.
j
ittatrag 59 Marl()
5212 Apr 61 Nov
60
____ ____
*58
--- __ __ *58
59
*571z 58
59
4318 Jan15
100
100
Do pref v t c
30 Apr 50 Nov
-__
46
_ *____ 43
15
*40
40
40
*40
100 31 Jan21 4038 Feb27
2258 Jan 4038 Nov
3718 3814 377s 3334 3734 3812 -3678 -3-85-8 3634 3758 -37- -3-7-1-2 17,900 Pittsburgh & West Va
100 79 Jan31 83 Feb27
82
Do pref
Jan 82 Nov
*8012 8178 *81
*81
61
82
*8012 82
*8012 82
*8012 82
Mar12
8
867
iaan
n2
,
86,625
R11
Reading
843g
8614
8512
Jan 9614 Oct
8478
8512
8414
7018
867
8
8418
84
8412 8414 8578
3812 Feb 4
300
Do 1st pref
35 Jan 39 May
3838 3838 3812 3812 3812 3812 *37 3812 *37 3812 *37 39
100
5 37 Jan 2 3812 Mar 7
3812
Do 2d prof
35 Mar 40 July
381z *37
*37
3812 *37
3812 *37
3812 3812 3812 *37
1414 Jan 3
3,400 St Louis-San Fran tr etfs_100 1034 Jan21
938 Apr 1714 Deo
1212 1278 13
1314 1314 1338 1234 1358 1258 1234 *1212 13
1938 Mar 3
St Louis Southwestern____100
Oct 25 Nov
*13
22
*18
21
*18
21
19
22
*18. 22
*20
2212 *20
ee
a 2
1i 3378 Mar10
500
Do pref
/13
1: Feb
*32
34
28
Oct 4012 Jan
34
3312 3312 3312 *32
31
31
3378 3378 33
878 Jan 3
100
500 Seaboard Air Line
812
_-__
_
*8
7 Apr 12 Nov
83g
83s 838
*8
812
8
Mar12
1914
100 1534 Feb 3
1,600
Do pref
1518 Apr 2514 Nov
18
18
1911
*1712 1734 1778 1778 13
100 9518 Jan21 101 Mar10
2:2
2 108
8012 Jae 110 Nov
35182 HIF 1-(13-1-2 ;111:: 11238 124,550 Southern Pacific Co
10212 10338 108
10218 10314 10258 104
100 25 Jan21 3014 Mar 3
2038Apr 3478 Nov
2958, 2858 2914 21,900 Southern Railway
2918 2938 29
2978 2918 2978 2914 3014 29
57
Jan 7514 Nov
100 6634 Jan21 70 Jan 2
2,300
Do pref
68
68
6818' 68
*68
6812 6814 6312 6812 6312 6358 69
100 2712 Jan21 3618 Jan 3
14 May 2912 Dec
3214 3278 3318 3134 3212 3334 3238 3312 33,600 Texas & Pacific
3258 3338 3212 33
49
Feb28
Transit_
-100
Jan16
38
Twin City Rapid
32 Dec 6514 Jan
50
*45
50
*44
*45
*45
50
*45
50
100 12118 Jan21 13234 Mar 3 10934 Jan 13712 Oct
--,Eflo Union Pacific
13018 131
12978 13112 13014 13114 13014 13113 12912 13014 12934 13014 -30
100 72 Jan14 7434 Mar 5
7312
600
Do prof
69 Jan 7634 Nov
7312 7312 7212 73
73
73
*73
*7212 74
73
73
Feb21
1314
100
900 United Railways Invest
714 Jan 9
1118
11
11
11
11
12
1134 1134 11
434 Jan 12 June
*11
12
*11
100 15 Jan13 2778 Feb26
Do pref
800
*2412 2512
1012 Apr 20 May
2578 2413 2412 24
24
*25
26
*2512 2612 25
9
Mar
3
100
Jan20
4,600
Wabash
734
7 Apr 1134 July
812
9
33t
87
8
812
812
858
833
812 858
812 812
100 3012 Jan21 3614 Mar12
3078 Dec 4412 Jan
Do pref A
3434 3618 3518 3614 3412 3514 *3414 3412 12,700
3114 3434 3418 35
100 19 Jan23 2238 Mar 3
191g Dec 2612 June
200
Do pref B
_
*21
23
22
22
22
2214 22
*21
10 Dec 1734 Feb
1134 3,700 Western Maryland (new)-100 1038 Feb 7 1238 Jan 9
8 ;i1- -1158 *11
1034 1078 1034 12
1034 1114 -1112 -1-1-7100 25 Mar13 26 Mar14
4001
Do
2d pref
*22
26
20 Jan 32 June
30
28
25
25 1 25
*20
*20
30
*20
30
100 17 Feb 3 2212 Mar 4
13 Jan 2434 Nov
2034 2,100i Western Pacific
2112 2112 2134 2012 2012 20
21
21
21
21
21
100 5218 Feb20 6112 Jan 9
Jan 66 June
*5812 6018 *5612 591z *5612 5912
46
500
Do pref
57
5312 56
5614 ---- 60
93.t Feb27
878 87, *814 878 2,800 Wheeling & Lake Erie Ry_ lss 3
Xi 1113
an
rg
8 Apr 1234 Nov
838 812
838 878 *812 9
814 878
Mar
3
21
2212
pref
1712
*20
2212 *20
Do
Apr 26 Nov
22
I
*20
2212 *20
2212 *19
*1812 24
100 3014 Jan22 3612 Mar 7
300 Wisconsin Central
2978 Dee 3934 Oct
*34
36
34
34 1 35
35
37
*35
3612 *35
37 1 *34
Miscellaneous.'
Industrial
&
1
I
100 21
Jan21 2778 Mar14
11
Jan 2634 Nov
26
27
2558 2638 2514 2638 2434 271g 2558 2638 2658 2778 16,600 Advance Ittunely
100 5612 Jan20 6434 Mar14
2578 Jan 6278 Nov
Do pref
6212 62
6414 6313 64 1 6358 643.1 10,300
6234 62
6214 6234 62
81
7214 Deo
Jan13
Feb27
50
60
Jan
Ajax
Rubber
Inc
49
6,300
7458
74
757
8
74
75
753
8
753
4
75
76
7134 7578 7458
414 Jan15
114 Apr
538 Nov
10
338 Feb 4
373 4 .
358 334
312 334 13,250 Alaska 001(1 Mines
334 418
338 312
312 358
234 Marll
112 Apr
3t2 June
214 28, 29,800 Alaska Juneau Gold Min4.10
214
2
134 Jan 2
238
214
238
2
178 2
17s 2
41tr10
3614
11
/
4
100
30
Mfg
Jan21
1734
Jan
37
May
Aills-Chalmers
3534
41,000
3434
3514 36
3434 3512
3458 35
3434 3514 3518 36
100 8178 Jan23 0014 Mar10
7214 Jan 8613 May
Do pref
9014 8912 8912 8912 8912 2,200
90
8913 90
8312 8812 89
89
Oct
78
Jan 106
10118 10512 101 10711 10534 10712 10112 10634 10512 10738 40,160 Amer Agricultural Chem..100 997z Jan29 10712 Mar12
10238 106
100 98 Jan 9, 100 Mar1 1
300
Do pref
8918 Jan 101 Aug
9912 9912 9912 9912 100 100 *100 1013.1'100 102 *100 102
100 62 Jan 3; 77 Jan 9 ! 48 Nov 84 Feb
15,200 American Beet Sugar
7338 7533 7312 7312 7338 75
7412 76
7334 7558 7412 75
100 8134 Jan13' 00 Feb20 282 Sept 9112 May
Do pref
95
*91
95
*85
*89
95
*8712 95
*91
95
*3712 95
100 4278 FebIll (1038 Jan 9
3458 Jan 5034 May
62,000 American Can
49
4918 48
4714 4358 4838 4912 4712 4438 4713 4814 47
89)4 Jan 99 Dec
200
Do pref
100 9878 Jan 6 103 Mar10
103 103
*102 103
103 103 *102 10312 *103 101
Foundry_100
22,450
6814 Jan 9334 Dec
9112
American
Car
&
8418 Feb10 9438 Feb28
x9018
9312
9218 93
93
9334 93
9312 93
9414 9258
100 113 Jan18 116 Feb24 106
Do pref
Jan 11512 Dec
300
_ *115 117
____ 211338 11338
-_- ____ 11512 11512
100 3958 Jan 2 4618 Marll
25 Jan 4434 Oct
4578 45
4618 4512 46
-:Ri4 4534 413.1 4514 11,700 American Cotton Oil
-i•-lig -4...12
i
45
Jan18
78
89
may!
88 Dec
100
88
Jan
7
pref
93
Do
*85
93
*87
93
*88
93
*S8
*86
93
*37
93
1338 13
1338 22,150 Amer Dru•zgists Syndicate_10 1033 Jan24 1414 Mar 7
1378 1414 1338 1118 1318 1338 1318 1312 13
8
Sept
191.8 1912 19
1938 1812 1913 1818 1858 12,500 American Hide & Leather .100 1318 Jan 4 2012 Feb28 --if71938 197s 1914 20
100 7114 Jan 2 10112 Mar 5
Do prof
50 Rini 9478 Aug
9918 10034 981 10012 2957s 9834 32,200
100 10078 9912 101
9912 101
100 38 Jan21 4812 Mar 8
1112 Jan! 49 Oct
4634 4812 12,000 American Ice
4714 4634 4778 4612 47
4734 4.512 47
4812 47
Oct
100 5134 Jan20 6412 Mar 7
x6212 63
1,500
Do pre
3834 Jan' 61
63
63
63
61
6338 6358 63
64
6438 64
5112 Sept1 6013 Oct
69
6678 6012 36712 6912 123,200 Amer International Corp..1005238 Feb 8 6912 Mttr13
6612 6312 6638 6914 6578 6834 67
27 Jan l 4712 Dec
100 4118 Mar 1 5234 Jan 9
4714 6,900 American Linseed
47
4714 47
13
47
48
4714 48
4578 4753 47
6914 Jan' 92 Dec
100 85 Mar 1 9234 Jan 7
1,200
Do pref
*87
90
90
9078 89
90
90
90
*8912 91
90
90
5312 Jan' 7134May
100 58 Jan21 6878 Mar10
6712 6812 28,200 American Locomotive
6712 6334 6578 68
6734 6858 6712 6378 6712 65
Jan 10238 Dec
100 100 Jan14 105 Mar 5 295
300
Do pref
105 105 *104 106
*104 105 *101 10612'0104 106 *105 101
438
Jan
7
238 Sept 1312 Feb
100
1
Jan17
2,000
American
Malting
134
2
2
178
173
13t
13
4
114
134 134
2
2
41 Sept 48 Dec
Do 1st pref certifs of dep.. 4312 Feb19 51 Mar 7
1,600
4934 50
50
50
50
50
50
50
50
*49
51
50
73 May 9434 Oct
70
6912 7012 6912 7114 7014 71
7114 68
6978 6634 6812 52,500 Amer Smelting & Refintng.100 6218 Feb 6 7838 Jan 3
100 103 Feb20 107 Jan14 103 Sept1 11014 Nov
Do pref
500
105 105 *105 10512
*104 10412'104 10112 10412 10112 10112 105
58
Jan' 95 •Nov
8411 10,800 American Steel Foundries.100 68 Feb 8 8734 Mar10
8712 8611 8712 8534 8611 283
86
8612 8512 8734 85
08
Jan 116 May
119 11934 11312 12012. 11918 11978 11934 12012 11812 11934 118 11338 7,800 American Sugar Refining. 100 11114 Jan21 12214 Feb25
100 11312 Jan fl 118 Feb 5 10814 Mar 11412 Deo
100
Do pref
11612 11612
*11514 11612 *115 11712 *115 117 *115 11712 *115 118
100 9612 Jan13 118 Mar12I 60111 Jan 145 May
115 113
11358 11673 11358 11612 35,600 Amer Sumatra Tobacco
11358 11412 11431 11718 116 117
9058 Aug 10914 Feb
103 10634 10718 10358 10718 10778 10714 103* 1033t 10758 210418 10434 11,300 Amer Telephone & Teleg-100 9834 Jan29 10858 Mar10
100 19178 Feb 4 215 Mar12 1-1012 Jan. 19834 Deo
6,400 Amertean Tobacco
204 210
20478 210
*19513 19934 199 200
200 21014 210 215
Jan 6
9218 Sept' 10012 Dec
1011 100 Feb24 •106
400
Do pref (new) 101 10112 *10012 102
10112 10112
*100 102
10058 10058 *100 101
100 4514 Jan16 6714 Marl'
1478 Jan, 6078 May
6534 (1714 6512 6718 6514 6618 6534 6612 20,300 Amer Woolen of Mass.
6213 6314 6318 66
92
hull 94134 Dec
100 9138 Feb 8 102 Mar12
101 101
700
Do prof
101 103
*99 102
9912 9358 100
9912. *97
*97
201s Apri 393z Aug
9,150 Amer Writing Paper prof..101) 2758 Jan 2 43 Mar 7
42
3312 4014 39
3912 33
4112 4214 41
3838 3712 38
15 Feb28
11 Dec! 2138 July
Jan31
13
12
12
1,600 Amer Zinc Lead & Smelt___25 11
1212 12
1234 1234 *12
*1234 1312 1278 13
25 40 Jan21 44 Mar10, 3834 Dec, 5314 July
100
Do pref.
50
*44
50
*44. 50
*42
50
*42
*12
50
44
44
50 Decl 27414 Oct
6253 61
62
6012 613s 36,700 Ancaonda Copper Mlning-50 5612 Feb 6 6314 Mar10
6118 62
6134 6314 6134 6112 62
9734 Jan 12011 Feb
100 92 Feb 8 11738 Mar14
10338 11034 10712 10938 10812 11758 74,700 Atl Gulf & W I SS 1.Itte
10738 10958 107 109
10712 109
Jan29 67 Jail 2
Jan, 6758 Nov
58
100 64
Do pref
200
65
6
*65
64
66
*66
6712 *66
68
x66
*6612 63
5618 Jan 10124 May
891* 87
8814 8812 9114 8612 8912 8714 891.1256,100 Baldwin Locomotive Wks.100 6178 Jan29 9114 Mar12
84
881s 87
85 Jan' 110 Dec
100 103 Jan 2 125 Mar12
1201.4 12178' 121 12112 12138 125
12034 123
12178 12314 7,400 Barrett Co (The)
1183s, 120
60 Dec. 96 May
6612 653,4 6638 1,400 Bethlehem Steel Corp....1011 5513 Jan20 693.1 Marll
683.1 *68
6934 6934 6934 x6378 6878 65
67
Do Class Li common._100 5538 Jan21 7114 Mar111 5934 Nov 94 May
6758 6558 6634 145,400
6711 6978 6938 7078' 7014 71111 36634, 6918 65
961z Jan' 10672 Apr
3,300
Do cum cony 8% preL _ 10158 Jan22 107 Mar10
105 105
10578 10612 10512 107 1 10538 10658 210412 10478 10412 105
21• Jan 2811 Sept
1814 Jan14 2234 Jan 6
No par
3,800 Booth Fisheries
20
197g 20
2012 2197s 2038 20
20
2014 20
21 1 20
Jan 3 108 Feb 6112 Oct
100 138 Feb 6 157
143 14312 1,000 Burns Bros
144 144
142 115 I*14212 146 I 14258 14258 143 143
518 Dec1 11272 July
714 Jan 6,
500 Butte Copper & Zino v t 6_5
518 Feb20
638 638
812 612
634 634
634 6341 5638 6781 *612 7
1978 201 1' 1912 1958' 19
1934 1878 19
*1812 1912 2,100 Butte & Sunerior Mining...10 1678 Febll 2512 Feb28; 1612 Jan 3312 May
191.t 1931
g
gs
• Bid and asked prices: no sales on this day. 4 Ex-rights. I Less than 100 shares. a Ex-div and rights. s Ex-dividend.
New York Stock Record-Concluded-Page 2
1043
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday 1 Monday i Tuesday , Wednesday
March 8. March 10. 1 March 11. I March 12.
Sates/or
the
Thursday i
Week
Friday
March 13. i March 14. Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SIIAItE
Range Since Jan. 1.
On basis of 100-share PM.
PER SHARE
Range for Previous
Year 1918.
Lowest
Highest
I Lowest
Highest
$ per share I $ per share 5 per share 3 per share $ per share $ per share
Industrial&Misc.(Con.) Par $ per share
$ per share $ per share $ per share
5312 5512 5578 5818 5612 5814 5634 5778 568 5714 5714 50
34,100 California Packing_ __.No par 4814 Jan 2 59 Mar14
3613 Jan 50 Nov
273 2734 2714 2712 27
2712 27
28
2612 2718 2634 27
8,200 California Petroleum
100 2038 Jan 2 2834 reb21
12 Jan 2478 Nov
74
7412 7378 7434 74
7414 744 7434 74
7434 7414 7412 5,900
Do pref
100 6418 Jan 2 7434 Mar 7
36
Jan 7012 Dec
68
6812 6712 687
6718 68
6734 6358 6718 71 1 7114 7338 88,300 Central Leather
100 5612 Feb 8 7338 Mar14
5434 Dec 7338 Feb
105 ____ *10558 10718 10512 10512 107 107
400
10714 1074
Do pref
100 10412 Jan 7, 10714 Mar14 10112 Dec 108 Nov
4.3134 3212' 3212 3212 ____ ____ *3134 33
3134 3214 32
600 Cerro de Pasco Cop_ __No par 31
324
Jan22' 3438 Jan 3
2914 Mar 39 Nov
12514 127 1 126 127 5122 125
12412 12812 12512 128 1 12778 12778 14,100 Chandler Motor Car .....100 103 Jan181 12812 Mar12
6814 Jan 10978 Dec
1834 19
1834 1918 1838 187g 183 1834 1814 1812 18
25 171s Jan211 1958 Feb27, 1412 Apr 24 Oct
1812 7,500 Chile Copper
353
3434
35
3438 348 3434
3434 35 1 3412 3134 53334 34
12,500 Chino Copper
5 3218 Feb 6' 3538 Mar10, 3138 Dec 4714 May
4012 4158 4118 4212 4034 42
4112 4234 41
4112 4112 435 12,300 Colorado Fuel de Iron
100 3484 Feb 10 4338 Mar141 3434 Jan 5413 May
45
46
4534 4612 4534 46
4512 468 4512 4614 4534 4614 25,400 Columbia Gas dr Eiec
100 3914 Feb 11 4613 Mar10, 2834 Mar 4472 Dee
*9512 97
96
96 1 95
96
9512 9512 *95
96 1 9412 95
2,200 Consolidated Gas (N Y)..100 8718 Jan27, 98 Feb271 8234 July 10538 Nov
8018 8134 8034 8212 7912 8012 7914 8034 787s 8058 7838 80
31,000 Continental Can, Inc
100 6513 Feb10 8212 Mar10
6512 Oct 95 Feb
4712 4812 4814 493
4838 4938 49
5058 5018 5214 5118 5238 162,100 Corn Products Refining_ _100 46 Jan21 1 5238 Mar141
2978 Jan 5018 Nov
*104 106 I 106 106 §107 108 ; 107 107 ,*106 110
285
Do pref
100 102 Jan231 107 Mar13 59012 Jan 104 Dee
-85.78 6512 66
6814 6614 6712 67
6914 6458 6814 678 704 121,100 Crucible Steel of America_100 5218 Feb 71 7014 Mar14
52 Jan 7478 may
*9112 94 I 94
94 I 95
95
95
95 1 *944 95 , *9334 95
Do pref
500
100 91
Jan 2' 95 Nlarll;
Jan 9134 June
2314 2412 2334 2418 235 24
2312 24
2338 2378 2312 2312 18,800 Cuba Cane Sugar__ __No par 2038 Jan27 3112 Jan 9; 36
2712
Apr 34 Nov
743 75141 7434 7512 75
7534 7434 7534 7412 7518 57334 7412 11,300
Do pref
100 6912 Mar 1 80 Jan 9
7714
83 Feb
Dec
6034 61141 6012 63 I 6134 6314. 62
638 6114 63 I 64
6638 157,200 Distillers' Securities Corp_100 z49 Jan 2 6638 Mar14 2'33 Jan 6434 May
127 13 1 13
1314' 13
1314 13
13 1 1258 13
1212 1238 3,800 Dome Mines, Ltd
10 1058 Jan31
134 reb18
6
15 Nov
June
3212 3314' 3234 33 1 3212 325
32
3278 3134 3214 3173 321 13,100 Gaston W .3g \V Inc..No par 2518 Jan21 3334 Mar 3
2534 Oct 39 Feb
15512 156 1 15434 161 , 15912 16034 158 15318 515614 15612 5,200 General Electric
100 14412 Feb 3 161 13,1arll,
15534 15712 157 16012 157 16034 160 16212 15934 16212 16314 16634 117,300 General Motors Corp....100 11812 Jan21 16634 Mar14 12734 Jan 1$812 Oct
10634 Jan 164 Aug
86
86
86
86 1 8612 87 1 871 88 I 8734 88 1 83
8858 4,250
Do pref
100 82 Jan 6 88,
8 Mar14
7538 Oct 88 Feb
6858 70 I 6838 6958 6734 6878 6814 69
68
694 6634 69
23,600 Goodrich Co (D F)
100 5613 Jan10 7134 Feb27, 38 Jan 5078 Oct
*106 112 *106 112 ,*106 112 I -- -- *106 112 .*106 112
Do pref
100 103 Jan 8 108 Feb26
Dec 104 Dec
9538
6914 70381 70
7114' 7018 704 70 -70 I 71
71 I *67
71
1,800 Granby Cons M S & P__ _ _100 6778 Mar 3 80 Jan 3
74
Jan 86 Oct
4238 4312' 4312 4434 435 44
4338 4438 4312 4312 431. 4312 6,425 Greene Cananea Copper_ _100 41 Feb13 4612 Jan 9
3812 Jan 5814 Nov
5512 55781 557 59 I 5612 57
58
5834 *56
59 I 55614 5712 1,800 Gulf States Steel tr ctfs 100 4912 Feb 8 6178 Jan 3
5834
11112 Apr
Dec
*4012 44
4512 4412 15
44
4412 448 4412 4434 4434 4478 3,700 Haskel de Barker Car..No par 40 Feb 6 457s Jan 4
34 Jan 4914 July
4718 48
4734 48731 4714 478 47
4738 468 4714 46
47
34,900 Inspiration Cons Copper
20 424 Feb 6 4873 Mar10
4118 Dec 5812 Oct
15
1578 15
1534 1678 1534 16 I *15
157
1612 16
16
1,800 Intermit Agricul Corp__..100 1012 Jan 2 167s Marl 1
10 Jan 19 June
60
6112 60
60 I 5912 60341 6012 607, 60
62 1 62
6312 3,700
Do pref
100 48 Jan 4 6312 Mar14
38
Jan 65 June
119 110 I 113 11812 117 118 I 11712 118 *117 118 I 117 12138 9,000 Inter Haverster (new)_ _ 100 1101s Jan21 12138 Mar14
104
Oct 121 Nov
254 26
2538'
4
2512
2618' 25
2438 2538 243
257
25
2612 44,100 lot Mercantile Marine...100 2114 Jan31 27 Jan 4
21
33 Oct
Jan
107 10912 10612 10838 10512 108 I 107 10914 107 109 I 10734 11114 214,400
Do pref
100 9234 Feb10 1137s Jan 3
8338 Jan 12512 Nov
2538 2612 2534 2638 2512 2578 2512 2534 ' 2514 2512 2514 2512 20,500 International Nickel (The) 25 2412 Feb 3 3233 Jan 3
27
Nov
35
Jan1712 43381 4738 4814 46
47381 4634 4814' 4618 4612 454 4638 25,600 International Paper
100 3014 Jan 3 4834 Feb27
2412 Jan 4512 may
747 75381 75
7512 7212 7212 7412 75 I 73
7412 7334 7334 2,500
Do stamped pref
100 62 Jan13 7512 Mar10
58 Jan 6512 Jan
11914 12112 116 1204 11778 11934 118 12014' 11612 120 I 11612 119
44,200 Kelly-Springfield Tire__
25 68 Jan21 12334 Mar 6
Apr 72 Dec
41
3034 3112 3114 3214 3014 317
3038 31 I 304 3038 30
3038 29,900 Kennecott Copper_ _ _.No par 2918 Feb13 3334 Jan30
29 Mar 4114 Nov
7112 7214 x6034 7234 7012 71
7014 7212 70
7012 6938 7078 14,500 Lackawanna Steel
100 6212 Jan21 57234 Mar10
6512
Dec
9158May
26
2614
2578
26
2618
I
26
2178
2514
25 I 244 25
2538
3,800 Lee Rubber & Tire. .No par 21
Jan22 2712 Feb24
12 Apr 24 Dec
48
48
49
4834 49
48
4738 4738 46
4938 49
47
1,700 Loose-Wiles Biscuit tr ctfs_100 4018 Feb17 4934 Mar 7. 1712 Jan 4558 Dec
*100 105 *100 105 ,*101 105 *101 105 *101 105 ,*101 105
Do 2d prof
100 94 Feb 5 99 Mar 4
53 Feb 96 Dec
*7112 78 I *71
78
78
*71
*71
78 1 .71
78 ; *72
78
Mackay Companies
100 70 Jan22 7334 Feb 4
70 Dec 7812 Feb
*6334 6412 *63
6412 *64
6412 *64
65
*64
6412 *64
Do pref
6412
100 64 Jan15 65 Jan 4
57 Jan 65 May
3634 3614 3718 368 37 I 3634 41
3614 36341 3634 3678 36
14,200 Maxwell Motor, Inc
100 2634 Jan22 41 Mar14
2312 Jan 4212 NOV
6114 613
6038 6034' 604 60%
1 611
61
6214 6114 698 8,100
Do 1st pref
100 5032 Jan22 6978 Mar14
50 Dec 6978 Nov
2714 2712 2612 2612 ---- ----2834 2714 27
2618 27
3312 9,800
Do 2d pref
100 1914 Jan 2 3312 Mar14
19 May 3238 Nov
183 18412 18012 18912 18538 19118 13658 19314 185 18914 x183 18634 323,40 Mexican petroleum
100 16234 Jan23 10714 Jan 2
Oct
79 Jan 194
*105 110
108 108 *106 110 I ___
____ *103 110
10
Do pref
100 105 Feb 7 108 Mar10
87 Jan 107 Dec
23
2318 2334 24
2338 2414' 2312 2334 2234 2314' 2234 2234 6,200 Miami Copper
5 2134 Feb 7 2438 Janll
Jan
2214
3318
Dec
447
4318 1638 4614 48
47 I 4538 4738 45,8
46
76,500 Midvale Steel & Ordnance_ 50 4014 Feb 7 48 Mar10
41 Dec 61 May
76
76 I *7334 76
7634 75,8 7514 7514 7514' 75% 7578 *75
700 Montana Power
100 6978 Jan13 77 Mar 3
64 June 8112 Nov
__-*105
___- *105 :
1:
8:
6 41 *10314
1__
578
_
Do prat
100 105 Jan22 10614 Feb25
Mar 10618 Dec
95
"1634 -fi" 1612 1634. 1614 -16
- -34'
- 16 -1-612 153 16 I 1538 16 - 3,600 Nat Conduit & Cable_No par 14 Feb 8 1714 Mar 7
13 Nov 2138 July
5112 5178 52
5214 5134 5134 51
5138 0034 5138 5034 514 4,850 Nat Enam'g de Stamp'g__ -100 454 Feb 8 5238 Feb26
3714
Jan 5412 May
*9712 100
*96
106
99
*96
101
I
99
1 *96 106
100
Do pref
100 93 Jan15 99 Mar10
88 Nov 9912 Feb
*6634 677s 6734 69
6834 69141 09
5938 6812 68581 *67
6834 3,700 National Lead
100 64 Janll 6838 Mar12
4314 Jan 6934 Dee
•107 111 *107 111 *107 111 I 107 107 1.'107 111 1 103 108
400
Do pref
100 107 Jan 3 11018 Jan25
9934 Mar 10512 May
• 1618 1638 1612 1638 1638 1638 1014 164 1638 1638' 510
16
2,500 Nevada Consol Copper_ 5 157s Mar 6 1712 Jan 3
1612 Dec 2178 may
103 104
104 10338 1097s 11212 10912 11075 510912 115
*99 103
11,400 New York Air Brake
100 9114 Feb 3:115 Mar14
0312 Dec 139 may
*48
52
52 I *49
52
52
52 1 *49
52
52 I *49
52
200 North American Co
100 47 Janll 52 Mar 4
3712
Aug 3712 Nov
377 3812 3818 39
3814 3912 3834 3912 3838 3912 3838 3933 59,700 Ohio Cities Gas(The).- 25 03534 Feb14 447s Jan 3
3518 Mar 48 Oct
838 878
838 87/1' 8% 834
838 834
838 834'
838 834 13,800 Oklahoma Prod & Refining 5
8 Feb 3 101s Jan10
6 8 678
7
7
71 I
714
67
712
712 7581
734 3,400 Ontario Silver Mining- 100
74
57s Jan15
8 Feb 1
414 Jan 13 June
3314 3312 3312 3214 32121 32
33
32
*30
3238 32
33
3,700 Pacific Mail SS
5 2912 Feb 8 3812 Jan 4
2312 Jan 40 Dec
8312' 8214 8412 8112 834 58038 8134 103,100 Pan-Am Pet dc Trans
8214 8312 8138 8334 82
50 67 Jan21 8412 Mar12
6314 Oct 7214 Oct
143 143
14112 14314 14312 1434 111 14412 143 143 5142 142
Do pref
1,300
100 117 Jan22 14412 Mar12
86 Jan 12412 Oct
51113 4934 52 , 44
5032 5033 51
5234 51
49 I 1838 4934 5,000 People's G L & C (Chic)_ _100 4518 Jan22 5234 Mar10
3938 Jan 61 Nov
35,2 36
3534 36
3512 3512 351. 3512 *3412 3512 35
35
2,900 Philadelphia Co (Pittsb)_ _ 50 30 Jan 3 3638 Feb24
21 Apr 3514 Oct
4414 448 4418 45
4414'
4334
4518
44
4412
438
451 28,000 Pierce-Arrow M Car__.No par 3834 Jan22 4638 Feb27
448
34
Jan 6134 Nov
10434 10434 10412 105 *10412 1054105 105 1 105 10512 105 105
100 10112 Jan 3 10512 Mar13
1,350
Do pref
8934 Jan 104 Dec
17
1738 1714 1712 1714 1712 1712 1838, 177 1838 177 1814 33,000 Pierce Oil Corporation- _ 25 16 Jan 2 1032 Jan 6
15 Sept ma Oct
48
4814 4814 4934 4812 4934 4812 49 I 4818 484 48
4812 6,400 ,,Pittsburgh Coal of Pa-100 45 Feb 3 5012 Jan 9
42 Jan 6834 Feb
8612 87
86
86
87 I 8538 8538 *85
87
87
*85
87
700
100 8534 Feb 6 87 Jan 9
Do pref
7934 Jan 8678 Dec
6734 6812 6812 698 6834 694' 6912 71
6912 71
20,000 Pressed Steel Car
4/12
78 10
734
3
100 :59 Febll 7234 Mar14
5512 Nov 73 Aug
*9934 193
*99 103 1'100 103
*99 103
*99 103
100 100 Mar 3 104 Jan14
Do pref
93 Apr 100 Aug
85
_ *82
8741 85
*85
85
8712 -85
*84
90
400 Public Serv Corp of N J 100 82 Jan31 9134 Jan 7
85 Oct 10912 Mar
--- 11712 11878. 11938 12012 12012 12134 120 121% 4,900 Pullman Company
11738 11738 11712 118
100 11178 Feb14 122 Jan 4 10018 Jan 13214 Nov
7834 794 83
7618 7634 768 784 7738 77341 78
8112 8314 35,600 Railway Steel Spring
100 6812 Feb10 8314 Mar14
4512 Jan 7812 Dec
20151.10312 110 *10312 110 *105 110
•10514 107 *103 107
107 107
100 104 Feb 4 107 Feb21
Do pref
100
95 Jan 10512 Dec
204 2014 1978 2018 51914 1912 9,300 Ray Consolidated Copper_ 10 19 Mar 4 2134 Jan 3
1978 197
20
2014 20
1914 Dec 2614 May
8238 86
8134 8334 8114 8314 55,500 Republic Iron de Steel___ _100 7112 Jan18 86 Mar12
8234 85
7938 814 8134 85
:7238 Jan 96 May
102 102
102 10212 102 10212 10212 10212 *102 104
.04 104
1,200
Do pref
100 100 Jan13 104 Mar14
9238
Jan 10212 Sept
957
9278 9334 92
9312 9512 9412 9612 9238 947
92
9312 46,600 Royal Dutch Co (Am shares) 7034 Jan211 9912 Feb20 z70 Dec 145 Oct
1012 1034
934 1034
10 I
934 10%
98 10121 10
934 1038 8,700 Saxon Motor Car Corp__ _100
74 Jan23 12 Feb26
434 Aug 18 Nov
17212 173 I 17212 17212' 173 17334 173% 17478 174 174
17112 172
2,400 Sears, Roebuck & Co_ _ 100 16812 Feb13, 18514 Jan 8 13334 June 17612 Dec
10
10
10
103w *1018 1034' 10
1014 1018 1014 10
104 3,300 Shattuck Ariz Copper.... 10 10 Feb19 1312 Jan10 x13 Dec 1814 Feb
3614 3634 36
37
36
3634' 3614 3718 3634 3814 37
377 56,200 Sinclair 011 & Ref'g__.No par 3314 Jan 2 3814 Mar13
2514 Apr 39 Feb
541
5112 53
534 5678. 56
53
69
55
5612 5512 5512 11,000 Sloss-Sheffield Steel de Iron 100 4612 Feb10 59 Mar12
39 Jan 7114 May
40
3938 40
3912 397 398 40
38
*39
4018 *36
40
1,300 Stromberg-Carburetor_No par 3634 Jan10 42 Jan15
5934 614 6038 62781 6058 6134 6114 6478 6212 6512 6238 6438 137,300 Studebaker Corp (The) 100 4334 Jan22 6513 Mar13
337s Apr 727 Nov
*90
94
*90
94
--04
*90
_ *94
97
*94
100 92 Jan22 9312 Feb24
97
Do pref
8013 July 100 Nov
51
51 • 51 -5112 5012 5134 51
5134 497 52
-50
53
0,900 Stutz Motor Car of Am _No par 4214 Feb14 53 Mar14
37
Oct 55 Dec
3573 3612 3612 37
*36
37
3634 3678 *36
3638 *3512 3634 1,900 Superior Steel Corp'n_ _ _ _100 32 Jan21 37 Mar10
3414 Mar 4558May
*97
98
*97
98
'98
98 *_
*96 100
994 *96 100
Do 1st pref
100
100 98 Mar12 98 Mar12
95 Feb 100 Sept
1312 1314 1312 1318 1318 1212 13% ii;13
.5 1284 1212 1238 4,300 Tenn Copp & C tr ctfs_No par 1214 Feb13 1412 Jan 4
1234 Dec 21 July
193 19312 193 1971 19412 19612 19734 20834 20734 214
208 21012 94,600 Texas Company (The)
100 184 Jan 2 214 Mar13 13612 Jan 203 Oct
8838 8714 8938 871 90
874 8834 87
8658 884 8614 88
51,700 Tobacco Products Corp..100 7238 Jan29 907s Feb27
4812 Mar 8238 Dec
998 102
1017 102
100 100
101 101
100 100
Do pref
1,520
100 9978 Marll 106 Jan 8 58714 Mar 10478 Dec
82
82
82
81
80
84
80
*80
80
90
*81
85
800 Union Bag & Paper Corp_100 75 Jan 3 84 Mar12
65 Jan 80 May
43
4138 421, 414 4214 414 4238 4138 4438 12,000 United Alloy Steel__ __No par 3738 Janll 4433 Mar14
4112 4214 42
3678 Oct 44l2 May
132 13514 13412 13738 132 13434 13118 13478
13414 13612 132 134
100 10714 Jan 2 13738 Mar12
73,800 United Cigar Stores
8334 Mar 10834 Dec
115
*107
____
•107
_
115
*108 115
Do pref
100 106 Feb 5 106 Feb 5 10114 Jan 110 July
17258 1-7-1-116778 16912 iof-334 16978 170 17412 174 175
4 iiiis 1-71- --6;i6o United Fruit
157 Feb10 176 Mar14 11614 Jan 16612 Dec
100
19
19
19
19
1834 10
197 2018 1912 20
1912 21
4,900 U S Cast I Pipe dc Fdy
100 14 Jan15 21 Mar14
1118 Apr 19 May
54
5214 5214 5212 53
*524 5334 5314 5314 5334 5334 *52
Do prof
100 4212 Jan16 5434 Feb25
600
41 Mar 4734 Feb
12378 128% 12814 142
120 12134 11812 12112 118 123
140 14634 192,500 U S Industrial Alcohol.__ _100 9714 Jan22 14634 Mar14 z96 Dec 137 May
*104
-108
*104
108
108
*104
*104
108
*104
108
10534 108
Do pref
100 9614 Jan 2 108 Mar14
500
94 Oct 99 Mar
817 3314 8114 8378 83
8214 3338 8212 8333 8134 83
8614 83,300 United States Rubber__ 100 73 Jan21 8614 Mar14
51
Jan F012 Dec
112 11214 11158 112 *11114 112
11112 112
112 112
112 112
Do 1st preferred
100 109 Jan20 11214 Marll z95
1,000
Jan 110 Dec
5012
5112
5034
487
8
50% 51
4814 4938
4812 19
4934 5032 15,100 U S Smelting Ref de M
50 4314 Jan21 5112 Mar12
3212 Apr 5034 Oct
*4812 50
*4812 4834 *4812 4834 4834 4834 497 50
*4812 50
Do pref
300
45 Jan18 50 Mar 2
50
4238 Apr 4734 Dec
96
9712 9512 98
9634 9838 9558 973
9538 97
9534 97 781,800 United States Steel Corp_100 8814 Feb10 98513 Mar12
8613 Mar 11612 Aug
11458 114% 11458 114% 114% 11478 11434 11478 114% 11434 115 115
2,000
Do pref
100 11318 Feb10 115,1 Jan14 108 mar 11338 Dec
7034 73
7434 7238 7312 7212 7332 7112 7214 20072 7112 31,000 Utah Copper
72
10 6518 Feb 7 747s Jan 2
7114 Dec 93 Oct
-----1612
*15
*1514
1518 1518 1512 16
1612 1514 154
400 Utah Securities v t 0
100 13 Jan 2 1713 Feb 4
11 Sept 1634 Nov
59
574 59
57
5634 5814 5733 5834 57
5712 5714 58,4 15,900 Virginia-Carolina Chem_..100 51 Feb10 59 Marl 1
3334 Jan 6014 Nov
*108 111
111 111 *110 11212 112 112 *11112 11212 112 112
100 110 Jan 7 11312 Jan14
Do prof
700
98 Jan 11358 Dec
5934
59
60
*56
*56
60
200 Virginia Iron C & C
100 56 Jan25 5934 Mar12
50 Jan 7312 July
-g834 -*88
88-3d -8838 15- 1,600 Western Union Telegraph_100 8614 Jan22 8978 Jan13
89
-iflis 191; 8834 89 14 8878 89
7714 Aug 9538 Apr
4538 4534 4512 4612 4538 474 461 474 4558 4612 4538 461 43,800 Westinghouse Elec de Mfg_ 50 4012 Jan21 4712 Mar12
3813 Jan 47'2 May
*60
07
67
*60
66
*60
*61
66
67 .60
*61
Do 1st preferred
67
50 61 Feb27 6313 Mar 4
59 Jan 6412 Feb
55
5418 54
53
5412 5414 5514 54
54
5412 553
54
50 45 Jan 3 5712 Feb26
6,300 White Motor
3634 Jan 49 Nov
2738 2734 2714 28
2733 2734 2738 2814
67,950 Willys--Overland (The) 25 2314 Jan22 2814 Mar12
1512 Jan 30 Nov
9214 9214
92
92
2718 1114 N1214 N7
92
9212 92
*02
02
182
Do prof (new)
100 8734 Jan 7 9278 Feb24
700
75 Jan 8914 Nov
7531 7634 75
78
7612 76
7612 7734 77
7933 75
7814 26,800 Wilson & Co,Inc, v to No par 6538 Jan20 7933 Mar10
4514
Jan 7714 Dec
12434 12612 12438 12634 *123 126
----- 12214 123
100 120 Feb 7 13312 Jan 9 110 Mar 12812 Oct
2,000 Woolworth (F W)
-__ *114 116 .114 116 *114 117 *116 117
116- 118Do pref
400
100 115 Jan22 11712 Jan17 111
Oct 115 Sept
6434 6434 6814 15,400 Worthington P&Mvt c 100 50 Feb13 6878 Mar 6
-66- -6734 6512 6638 6512 6734 65
6738 64
34 Jan 69 Aug
937 94
*93
04
94
93
93
9412
94
9234 93
*92
100 83 Jan 9 94 Marll
Do prof A
600
8538 Feb 9112 Apr
73
*71
*71
724 7212 7212 727g *7112 73
73
72
72
100 66 Jan 3 727s Mar10
Do prof II
400
59 Jan 703s Jul
• Bid and asked prices; no sales on We day. I Less than 100 shares. I Ex-rights. a E3-(11V. and rights. z Ex-dividend.
1044
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
interest and defaulted bonds.
Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"-except for
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 14
I."
Price
Friday
March 14
11
Bid
U. S. Government.
3148 1st Liberty Loam_1932-47 1
1932-47 .1
441 let Liberty Loan
1927-42 M
48 2d Liberty Loan
J
Loan___1932-47
4Xs let Liberty
45(s 2d Liberty Loan_.._ .1927-42 M
41is 2d Liberty Loan___1932-47 J
1928 M
41.15 3d Liberty Loan
1938 A
4145 4th Liberty Loan
d1930 Q
28 consol registered
d1930 Q
23 consol coupon
1925 Q
4s registered
1925 Q
la coupon
k1936 Q
Pan Canal 10-30-yr 25
Pan Canal 10-30-yr 2s reg__1938 Q
1961 Q
Panama Canal 35 g
1961 Q
Registered
1914-34 Q
Philippine Island 48
Week's
Range or
Last Sale
Ask Low
it
0cg
F4
Range
Since
Jan. 1.
High No. Low High
D 98.84 Sale 98.42 98.96 2509 98.20 99.80
D 94.40 Sale 91.20 94.50 556 92.50 94.50
N 93.80 Sale 93.46 93.81 5291 92.10 94.10
D 94.54 Sale 94.50 94.68 346 94.50 96.60
N 93.84 Sale 93.74 94.06 7594 93.74 95.32
4 95.42 95.42
D9,3.42 9 . 2
S 91ii 41; 95.01 95.38 10451 94.90 96.50
0 93.92 Sale 93.88 94.10 16662 93.76 95.72
9778 Feb '19 ---- 9778 97%
J -- 98 Feb '19 -_-....
J
10433 10434
F i.o.i-- i5S1-2 10434 Feb '19
5 10414 10512
10518
F 10518 Sale 105
9814 9414 Mar'19 --_- 9814 9814
F 97
N 97 --__ 99 July'18
8712 8712
8712 Feb '19
M 88
89 89 Sept'18 --__
M 88
96 100 Feb 'lb --__
F 90
Foreign Government.
9934 115 9912 9978
1919 F A 992 Sale 9912
Amer Foreign Secur 58
975 2207 9878 97%
Anglo-French 5-yr 58 Exter loan_ A 0 9712 Sale 97%8
90
93
8912 90 Mar'19
Argentine Internal 53 of 1909- __ 61 5 86
4 100 10014 10212
1018
Bordeaux (City of) 3-yr 63_1919 M N 10118 Sale 101
1 70
72
7218
D I 7112 7212 72
Chinee (Ilukuang Ry)59 of 1911 J
9634 95 Mar'19 9212 9512
Cuba-External debt Ss of 1904_ m s 95
9312
9012
91
14
Sale
92
A
F
1949
A
ser
Exter dt 59 of 1014
2 82 8414
8414
1949 F A 8313 8418 8414
External loan 41.48
9812 14 9734 99
Dominion of Canada g bs_ ....1921 A 0 9812 Sale 9814
9714 91 9658 98
1926 A 0 9718 Sale 9634
do
do
5 9714 9813
14 23
734
92
5
1931 A 0 978 Sale 9712
do
do '
8 3 Sale 10518
105% 220 103 105%
105/
French Repub 5148 secured loan_
36
9112
8678 9134
91
Sale
9112
Japanese Govt-£ loan 4348_1925
26 86
92
9212
I 921a 9212 92
1925 J
Second series 4%s
4 84
89
87 _.
____ 8612
do do "German stamp".
7738
75
11i" 80 773 Mar'19
8-7
1931
Sterling loan 48
10114 106 10014 10212
N 10118 Sale 101
1919
Lyons (City of) 3-yr 6s
138
10114
1
10212
101
10014
Sale
4
101
N
M
Marseilles (City of) 3-yr 68_1919
7912 21 61
7912
79
Mexico-Exter loan £ 53 of 1899 Q j8 7814 81
10 50
61
61
60
1954 J D 58
Gold dbbt 4s of 1904
370
10018
8
10014
s
985
997
Sale
100
1921 A 0
Paris (City of) 5-year 6s
83
81
81% 81 Mar'19
M S 81
Tokyo City 5s loan of 1912
U K of Gt Brit & IrelandSale 9978 10014'8 133 0978100SX,
1919 M N 100
3-year 5%% notes
9878 625 97% 99
N 9834 Sale 9853
1921
% notes
5-year
10014 Jan '19 100 101%
Convertible 514% notes 1919 F A
100% 419 100 101%
100%
1-2
20-year gold bond 514a...1937 F A
These are prices on the basis of 85toE
-3
State and City Securities.
14 96
96
9714
N Y City-434s Corp stock-1960 M11 S 96 Salo 96
9814 '2 96 98
9612 96
414s Corporate stock____1964 M S 96
__
'19
9014
Feb
9812
97
9612
96
0
A
434s Corporate stock _ _1966
5 10038 10134
101
101 101
2 101
12
4148 Corporate stock July 1967
12
Iowa 10034 10 10012 10112
1965 .-a- 15 1
414s Corporate stock
5 100 102
10012
100121
Sale
10012
4)4a Corporate stock_ 1963 M 5
9114 55 9034 92%
1959 111 N 9114 Sale 91
4% Corporate stock
10
91
9012 9214
91
913
91
MN
1958
stock
4% Corporate
9012 Mar'19
9012 9012
1957 M N 91
4% Corporate stock
91
91
91 Mar'19
4%Corporate stock reg 1956 M N 903s 91
102
Mar'19
10012
10114
101
1004
N
M
1957
New 4148
1 10038 10112
414% Corporate stock _ 1957 m N 10012 101 10012 10012
6 8112 82
82
334% Corporate clock.. 1954 M N 8112 82 8158 July'18
--__
99
1961 M s 9612
N Y State-48
9712 Jan '19 --- 9712 9712
1961 J J 9612 101
Canal Improvement 4s
_ 9734 Dec '18
--- - - Canal Improvement 48......1962 J j 9612
9718 Oct '18
1960 J .1 9612 97
Canal Improvement 48
2 1056310714
4 loft;
Canal Improvement 4348_1964 J J 10714 Sale 10714
102% Dee '18 .....-.....:
Canal Improvement 4348_1965 J J
'18
Oct
10812
i(ifiti
idi14S
Highway Improv't 434s_1963 M
Highway Improv't 434s...1965 m s -_-- ____ 10018 June'18 -7878 Deo '18 ---.
Virginia funded debt 2-38_1991 J
." "if" 6912 6912 1 -63""fiats
J" 7
68 deferred Brown Bros ctfs- _ -- __
Railroad.
h1905 Q J
Ann Arbor 1st g 48
Atchison Topeka & Santa Fe1995 A 0
Gen g 4s
1995 A 0
Registered
Nov
h1995
48
gold
Adjustment
h1995 Nov
Registered
1s1995 M N
Stamped
1955 J D
Cony gold 4s
1960 J D
Cony 4s issue of 1910
1928 M S
East Okla Div 1st g 48
1965 J J
Rocky Mtn Div let 48
Trans Con Short L 1st 48-1958 J J
Cal-Ariz 1st & ref 434s"A"1962 M S
1942 M S
S Fe Pros & Ph 1st g 5s
All Coast L 1st gold 4s_ _h1952 M S
• 1964 .1 D
Gen unified 4348
Ala Mid 1st gu gold 5s.._.1928 M N
Bruns & W 1st gu gold 43_1938 J J
Charles & Say 1st gold 78_1936 J j
01952 M N
L & N coil gold 45
Say F & W 1st gold 58......_1934 A 0
1934 A o
1st gold bs
1925 J J
Bait & Ohio prior 3148
h1925 Q J
Registered
h1948 A 0
1st 50-year gold 48
Registered
/41948 Q J
1933
10-yr cony 414s
Refund & gen 58 Series A_19951 13
Pitts June let gold 68..._1922 J J
P June & M Div Ist g 3148 1925 M N
P L E & W Vs Sys ref 48_1941 M N
Southw Div 1st gold 3348_1925 J J
Cent Ohio R Ist e g 4148_1930 M 5
Cl Lor dr W con 1st g 58-1933 A o
Monon River let gu g 5.9_1919 F A
Ohio River RR 1st g 58_1936 J D
General gold 581937 A 0
Pitts Clev & Tol 1st g 8s....1922 A 0
Tol & Cin city 1st ref 48 A..1959 J J
1937 M S
Buffalo R de P gen g 58
195781 N
Consol 4%a
1998 A o
All & West 18t g 4s gu
Clear & Mali 1st gu g 6s.._1943 J J
Roch & Pitts 1st gold 68....1921 F A
1922 J D
.1.Consol 1st g 63
Canada Sou cons gu A 58......1962 A 0
Car Clinch & Ohio 1st 30-yr 58'38 J D
Central of Ga 1st gold 58_91045 F A
1945 M N
Consol gold 5s
Chatt Div pur money g 48 1951 J D
Mac & Nor Div 1st g 58_1946 J J
1947 1 J
lif Mid Ga & Atl Div bs
1946 J J
ir Mobile Div 1st g bs
CentRR & B of Ga coil g 58_1937 NI N
1987 J J
Cent of N igen gold 58
h1987 Q J
Registered
IrAm Dock & Imp gu 58_ _1921 J J
Leh & Stud Ely gen gu 58.1920 J J
N Y & Long Br gen g 4s...1941 M 5
Cent Vermont 1st gu g 4s_e1920 Q F
Chess &0fund & 'rapt 58_1929 J J
1939 MI N
1st consol gold 58
1939 M N
Registered
551
1 55
5712
8 58
55
55
74 8134 8512
83
83 Sale 8212
6 80 82
82
8134
--- 89
75 Mar'19 --- 75 8034
7518 79
7312 June'18 ----- 80
7518 7534 755 Mar'19 --- 75% 7912
77
---- 761 74 Feb '19 -- 74
9434 98 9458 Mar'19 -- 93% 9514
891s 9218 9218 Feb '19 -- 92% 9218
74 80 79 June'18 ---.
1 7712 81
7712
774 7818 7712
2 85 85
85
85 8518 85
9534 108 9934 July'17
2 -E38314
4 8513
824 8312 8314
4 83% 88
837s
8212 83 8378
9653 --__ 9812 Feb '19 -- 9612 9612
-78 Oct '18 --8114 89
11113 _ _ _ 12978 Aug '15 ---3 7518 7812
7514
7518
7518 76
1081s _ .. 108 Dec '18 -957s .. _ _ _ 105 July'15 -8914
8812 46 88
8838 Sale 8814
87 Feb '19 -- 87 87
87
7714 40 7534 8212
77 Sale 76
9234 Mar'17 ---45 76
78
80
5 -az 77%
-ii;
8014 Sale 8014 81 27 8014 82%
9818 __ 112 Jan '12i 8312 84l
844
8414 8814 8412
4 7278 78
73
727
7212 73
5 83 8614
83
83 Sale 83
8934 8934
8931 ____ 8934 Mar'19
951 97 9312 Aug '18 ----- ___ 10114 Nov'16 -.
96
96 Jan '19 --- 96
9418
90 90
90 Jan '19 -91
9412 __ _ 9918 Mar'18 --- - - - - - -6312 658 6618 Marl° -- 6412 68
99
99
99 Feb '19
9918 107
8912 .. _ __ 9912 Oot '17
7434 9612 97 Nov'16 -88 _ ___ 1031s Feb '16 -100% 10178 101 Nov'18-_
8 1011-2 1011-2
10112 103 10112 10112
2 934 9572
9514
93 9512 9514
7512 8212 80 Mar'19 --- 80 82
100 10012
100 Mar'19
9978
6 901s 94%
92
9018
9014 91
80 7234 Nov'18 -- - - - - - - 74
8212 ___ 90 May'18 --__
90% ___ 97118 June'17
6114 9134
9134 Jan '19
9138 94
18 ---87 89 8888 Dec'
9 idi" idi
10212 1054 10212 10212
10114 10114
100% 102 10114 Feb '19
99
9878 10034 99 Feb '19 ...._ 99
100Apr '18 -- - - - - - - -5I- .:::.: 10012 Jan '13
60 80 65 Jan '19- 65 - 65
89 9012 89 Mar'19 -- 89 934
9714 9912
97 9812 98 Mar'19
-__ 100 10412 Jan '17
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 14
'd
Price
Friday
. March 14
t)
'
4
5•1
Range
Since
Jan. 1.
Ask Low
High No. Low High
Bid
Chesapeake & Ohio (Con)
2 77
7934
7012 Sale 7913
831s
1992 NI
General gold 43.4s
S 73 75% 8634 Mar'17
1992
Registered
23 7734 8112
79
20-year convertible 4%a_ _1930 FA 7812 Sale 7812
8638 224 8414 89
30-year cony secured 58_1946 A0 8614 Sale 8534
1944 JD 7812 --- 75 Nov'18
Big Sandy 1st 4s
- -- - Coal River Ry 1st gu 48_1945 ID 7'2% 8234 85% Nov'18
_
'16
Feb
9634
--82%
J
J
1940
Craig Valley 1st g 58
- 845 Jan '13
Ws
1946 J
Potts Creek Br 1st 4s
7612 Nov'18
R & A Div 1st con g 48.._1989 .1 J 751a 80
-_
71 Oct '17
1989 J J 6912 85
2d consol gold 4s
88% Sept'18
-Greenbrier Ry 1st gu g 48_1940 MN 7418
- - - - -Warm Springs V 1st g 58_1941 MS 80 -_ 11314 Feb '15
5012 Feb '19
5012 53
1949 A0 5114 53
Chic & Alton RR ref g 3s
3634 25 3534 40
1950 J J 3634 Sale 36%
Railway 1st lien 334s
Chicago Burlington & Quincy9914 9914
1922 FA 100 --_. 9914 Jan '19
Denver Div 45
2 73% 7534
7314
7314 Sale 7318
1949 J J
Illinois Div 334s
85
84 Mar'19
8318 857s
1949 J J 84
Illinois Div 48
9934 9934
Iowa Div sinking fund 53_1919 A0 9934 -- 9934 Jan '10
9918 Feb '19
9918 991a
1919 A0 9914
Sinking fund 4s
Joint bonds. See Great North.
92% 9384
Nebraska Extension 45_ 1927 MN 92% 9328 9312 Feb '19
1927 MN 00 ____ 91 Mar'18
Registered
2 80
80
8112 80
8312
1958 MS 80
General 45
31
29
28 Mar'19
25
Chia & E Ill ref & imp 4s g....1955 J J 27
2712
2512
22
22
Jan
22
'19
U S Mtg & Tr Co ctfs of dep._
10212 104 104 Feb '19
10312 104
4
19,
let consol gold 6s
75
75
1937 M N 7514 8412 75 Feb '18
General consol 1st 53
7514 ___ 7514 Mar'19
751s 761s
S Mtg & Tr Co ctfs of dep.
7514 78
75 Nov'18
Guar Tr Co ctfs of dep
9734 Feb '13
Purch money 1st coal 68_1942 FA 50
32 Mar'17
- -- 20
Chic & Ind C Ry 1st bs......1938
61 -66 8213
6058 61
61
6012
Chicago Great West let 48...1959
_Jan '19
103
103
103 103
65_1947
Louisv-Ref
&
Chle Ind
8212 _
10012 Apr '17
1947
- -- - - -Refunding gold 58
6818 -- 8412 Apr '17
Refunding 43 Series C....1947
6018
70 Nov'16
Ind & Louisv 1st gu 48_ _1956 1
84
'19
775s
7834 Feb
7834 783
Chic Ind & Sou 50-yr 4s.,___19513
82 -- 97% Dec '16
Chic L S & East 1st 4%8_4969
Chicago Milwaukee & St Paul6 72
72
7378
7412 72
761s
Gen'l gold 48 Series A_ -e1989
9238 Feb '10 --e1980
Registered
2 8112 84 82 -£
31r2 82
.
82
1925
Permanent 48
Sale 70%
7112 28 6934 7414
Gen & ref Ser A 4 As____a2014 A 0 71
6 7784 817s
8034
A 80 8034 8012
Gen ref cony Ser B 58___a2014
66 69
60 Nov'18 -.Gen't gold 3348 Ser B_e1989
8014 8012 80
80% 10 "id" iit;
General 434•Series C... _..e1080
15 7078 7378
71
1 7112 7212 71
1934
25-year debenture 45
78
Sale 7712
15 7554 8178
79
1932
Convertible 4345
96
98.2
'18
--Dec
9753
g
Div
Sup
Chic & L
_ -- 97
92 Oct '18 ---Chic 4; Mo Riv Div 58.-1926
30 97 98¼
9714 98
97
97
1921
Chic & P W lat g bs
7014 7912 797 Dee' 18 ------C M & Puget Sd 1st gu 48-1949
.1 99 ___ _ •97% Aug '18 -- ---Dubuque Div 1st s f 68._1920
102
100
-10478
Sept'17
68_1924
g
assum
Sou
&
Fargo
98 10314 9958 Feb '19 -- 99 '&1'4
1919
La Crosse & D 1st ba
9612 101
9818 Jan '19 -- 9818 9818
1921
Wis & Minn Div g bs
84 _- 99 Jan '19 -- 99
99
Wis Valley Div 1st 6L....1920
8834 -- 9012 Dec '18 -- - - - - - Wilw & Nor 1st ext 4348_1934
86 8912 9012 Dec '18 -- -.Cons extended 4148......_1934
A 8918 9312 9238 Dec '18 -Chic & Nor West Ex 4s 1886-1926
--A 8718 92 95 Dec '18 -1886-1926
Registered
72
70
7378 Mar'19 - -70" 'if 1987
General gold 334s
67
7012
70
Mar'19
70
70
QF
p1987
Registered
8212
8212
81
1987 MN 8212 Sale 8212
General 48
_ 81% 817 Oct '18 -1987 MN
Stamped 4s
39 *WI; kW"
Sale 9878
99
1987 M N 99
General 58 stamped
10412
104 May'18 -.1879-1929 A0 10158
Sinking fund 68
10912 Apr '16 -11879-1929 A0 9612
Registered
_ _ 9638 Feb '19 -- -661;'6E4
1879-1929 AO
Sinking fund bs
1879-1920 A0 9614 100 96 Nov'18 -Registered
9912 98 Mar'19
-98' "ii
1921 AO 98
Debenture Os
97
97 Feb '19 -. 97
1921 AO 97 98
Registered
9612 Feb '19 -- 984 9812
1933 MN --- 97
Sinking fund deb Os
Nov'18
.97
MN
1933
Registered
Des Plaines Val 1st gu 41.48 '47 MS 8018 -- 10113 Oct '16 ---108 Feb '19 --- 108 109
Frem Elk & Mo V 1st 68_1933 A0 107 _ _
88 Jan '17
Man G B &N W lst 3%8_1941 J J 60
Milw & S L lat gu 3%8_1941 J J
lir
Aug '18
10012
MS
Mil L S & West 181 g 68......1921
0814
-660814
Ext & imps f gold 58......1929 FA 98 10414 ---- 1117s Dec '15
___
Ashland Div 1st g 88.....1925 M
J 103 10614 10218 May'18 -Mich Div 1st gold 813_1924 J
80
7814 Feb '19 ____ 'fi' "fit;
Mil Spar & N W 1st gu 48_1947 MS 73
96
93
93 Feb '19
St L Peo & N W 1st gu 58 1948 J J -_-- 95
Chicago Rock Isl & Pac7912
7912
1 754 791
1988 J J 7812 80
Railway general gold 48
7138 May'18
1988 .1 J
Registered
60 7134 7613
73
1934 AO -.ill; WI; 7134
Refunding gold 48
8018 Aug '18 -1932 J J _
20-year debenture Os
72
69
70
5 70
70
70
MS
RI Ark 4; Louis 1st 4)0_1934
1934'A 0 96 --_- 90 Mar'19 - 9478 96 1
Burl C R & N lst g bs
9812
___
'19
Feb
9714
714'
9
9714
0
Istgubs_1921
CRIF&NW
IA
97 May'18
Cho Okla 4; G gen g 58_91919 J J 07%
-- 92
93 May'18
1952 M N
Consol gold 5s
"o'i" "763i
Keok & Des Moines 1st Os 1923 AO 6838 7014 70 Mar'19
70 6953 Feb '19 -- 69 71
St Paul & K C Sh L lat 410'41 FA 69
1930 SD 106 107 10014 Feb '19 -_- 10614 107
Chic St PM &0cons 68
Cons 68 reduced to 3348_1930 JD • 8418 ____ 88 Sept'18 ---"sif "if 1930 MS 88% 9314 97 Jan '10
Debenture 514
1930 J J • 10212 ---- 118 Nov'16 -North Wisconsin 1st lis
100 Feb '19 -- "9'67; 166'
St P & S City 1st g 6s__ _1919 A0 9912
Superior Short L 1st 58 g_c1930 M S 92 _ _ 05 May'18 -_-_ 6238 60 Feb '19
"id 60
Chic T H & So East 1st ba....1960 JO
Chic & West Ind gen g 68-.41932 Q M 103 104 104 Mar'19 -- 19212 10212
0158 61%
02313 21 6134 65
1952 J J 60
Consol 60-year 48
Cin H & D 2d gold 4)48._ _1937 J J 80 __ 90 May'17
_88 Mar'll
C Find & Ft W 1st gu 48 g 1923 MN
_ 79 Nov'18
Day & Mich 1st cons 4148 1931 J J 84
7 6712 721k
6712
6712
Clev Cin Ch & St L gen 45_1993 SD 8712 68
80
2 78
78
J 7712 78%
8434 78
1931
20-year deb 434s
8614 Aug '18
- --1993 SD 824
General Os Series B
8434
Mar'17
78%
83%
1939 J J
Cairo Div 1st gold 45
4 "ifii
-65
6734 Feb '19
Cin W & M Div 1st g 4s 1991 J J 6734 .130
7618
76
76 Feb '19
St L Div 1st coil tr e 48-1990 MN 7512 79
74%
1940 MS 7414 -- 7418 Jan '19
Spr & Cot Div let g 4s..
W w vat Div 1st g 4s......1940 J J 7012 -- 84 Nov'16
N 9938 10018 99 Sept'18
1920
--- - - C I St L & C consol 68
87 Dec '17
k1038 Q F 8214 90
1st gold 48
8812 May'15
k1936 Q F
Registered
937
- 93% Mar'19 _741938
J 9318
Cin S& Cl cons 1st g 5a__1928
CCC&I gen cons g 6s__1934 J J 105 107 107 Feb '19 - 107 107
Ind B & W 1st pref 4s__ _ _1940 AO 75 --. 94 July'08
0 Ind & W 1st pref fo....d1938 QJ 8214 -."E6"56
lo
'
06 Fel;Peoria & East 1st cons 48_1940 AO 4912
1212
1212 171s 1212 Feb '19
12
1990 Apr
Income 48
8758 88
87%
8758
Cleve Short L 1st gu 4%8_1961 AO 87%
8734 25 874 8914
Colorado & Sou 1st g 4s..__.1929 FA 87% -Sale 8718
79% 78
7812 23 774 7912
1935 MN 78
Refund & Ext 434s
9934
99
1921 JO 9812 9934 99 Feb '19
Ft W& Den C let g 6s
65
A
--- Conn & Pas Rivs 1st g 48.-1943
8q
.
oi
__
J
93 Fel)
-115
Cuba RR 1st 50-year 53
Del Lack & Western77
71 Oct '18
Morris & EBB 1st gu 3%8_2000 JO 72
1921 J J 10012 10178 102 Dec '18
N Y Lack & W Ist6s
O54 101
97%
1923 PA 9758 Sale 97%
Construction 5s
- _---Term & Improvt 4s_ ___1923 MN 9218 9384 92 Dec '18
Warren let ref gu g 3348_2000 FA 67% --- 1021s Feb '08
Aug. 0Due
°No Brice Fridag; latest LUIS week. sDeJsa, dD.ApU.•Duo May. • Due June. h Due July. k Duo
Week's
Range or
Last Sale
pDusNoy, qDuiDe.•Option sale.
New York Bond Record-Gontinued-Page 2
MAR. 15 1919.]
Ext
BONDS
N. Y. STOCK EXCHANGE
Week ending March 14
1045
a
Price
Friday
March 14
Week's
Range or
Last Sale
171'
o
Range
Since
Jan. 1.
Ask Low
Bid
High No. Low High
Delaware & Hudson9638 97
96 Feb '19
96
1922 J .1
961s
1st Ben equip g 44s
6 8334 8514
1943 M N 8414 8412 8138
8434
1st & ref 4s
9134 10 9312 953i
1935 A 0 007g 9438 9434
20-year cony 53
76
76
33 758 77
Alb & Susq cony 3%s__ _1946 A 0 ____ 77
Renss & Saratoga 1st 75...1921 M N 10318 105 10338 Sept'18
Denver & Rio Grande69
7 69
70
70
73
1936 .1 J 69
1st cons g 4s
74
2 73
74
74
J 73
76
1036 J
Consol gold 4 Ms
78
70 Mar'19
7918
79
Improvement gold 5s-1928 .1 I) 75
Sale 49
4912 28 49
1955 F A 49
5714
1st & refunding 5s
82 ---- 8734 Nov'16
---- - Rio Gr June 1st go g 58_ 1939 J D
38
6114 Apr '11
J
1940 J
- - - -- Rio Or Sou 1st gold 4s
39 July'17
J
1910 J
Guaranteed
69 Mar'19
J
69
- - 69
7234
Rio Gr West let gold 4s 1939 J
57
63'157
57
59
Mtge & coil trust 45 A 1949 A 0 -55
Bet & Mack-Ist lien 4s.._1901- J D 60 --- 82 Dec '10 --7512 July'16 --1995 J D ____ 89
Gold 4s-----8212 8234 Feb '19 _- 8134 8114
Det Riv Tun Ter Tun 4%8_1961 M N 82
But Missabe & Nor gen 5s 1941 i J 9612 ---- 90114 June'18 -9414 Feb '19 ---- 9414 9412
1937 A 0 9212 95
But & Iron Range 1st 5s
. 10512 NI:WO:3
1937 A 0 _
Registered
86
83 Feb '19
83
83
Dui Sou Shore & At' g 5s._.1937 J J 81
99 Nov'18
915 102
--Elgin Joliet & East 1st g 5s 1941 M N
995 10019
10018
1920 M S 10018 Sale 1001s
Erie 1st consol gold 78
8138 _
7818 Oct '18
---- -N Y & Erie 1st ext g 4s. 1947 :A N
9613 June'18
1919 M S 993 100
- - - --2d ext gold 58
1923 M S 91 -- 9312 Jan '18
3rd ext gold 4358
- --- 1920 A 0 9638 ---- 0912 July'17
4th ext gold 5s
9434 Nov'15
1928 J I) 82 5th ext gold 48
N Y L E & W 1st g fd 78-1920 NI S 99 _-__ 10013 July'18
6658 --8 66
J
6612 Sale 6'312
7012
Erie 1st cons g 4s prior_ 199d J
84 Dec '16
1996 J J
Registered
5334 -gale 5334
5412 63 5212 5612
J
1st consul gen lien g 45_1996 .1
1996 J J .53 ---- 73 June'19
Registered
7734 Feb '19
82
79
7758 78
Penn coil trust gold 4s._1951 F A
13) 41334 49
Sale 47
48
50-year cony 4s Ser A 1953 A 0 47
41 46
48
4878
1953 A 0 4712 Sale 46
do Series 13
5078 45 4712 5258
1953 A 0 5034 Sale 4712
Gen cony 4s Series D
9312 100
94 Feb '11)
94
9518
Chic & Erie 1st gold 5s_ 1982 M N
J 91 -_- 10678 Jan '17
Clev & Mahon Vail g 5s 1938 J
9612 10 9612 lot- 9514 9978 9012
J
Erie Je Jersey 1st s f Gs_ 1955 J
9612 9714 Mar'19 -- 9678 101
J 91
1957 J
Genesee River lets f (ls
108 Dec '18 ---_
Long Dock consul g(is--1935 A 0 108 93 ____ 103 Jan .'18
Coal & RR let cur go 68..1922 M N
J 8712 -._, 0212 July'17 -Dock & linpt let ext 58_ 1943 J
N Y & Green L go g 5s_ _1945 M N 8612 ---- 85 Jan '18
Salo 75
75
2 75
7814
N Y Susq & W 1st ref 5s 1937 J .1 75
55 10014 Dec '06
1937 F A
2d gold 454s
62
60 June'18
1940 F A
General gold 5s
Terminal 1st gold 5s_....1943 M N 85 ---- 07 Dee '18
108 Jan '17
19l0 A 0
Mid of NJ let ext 5
72
Wilk & East let go g 5s-1942 J 1) ---_ 7178 72 Jan '19
2312 Jan '17
J
Ev & Ind 1st cons gu g (l8_1926 J
96 Feb '19
9(3 100
J
Evansv & T H 1st cons 68..1921 J
1942 A 0 66 ---- 8518 June'17
1st general gold 53
_
,108 Nov'll
Mt Vernon 1st gold 6:3_1923 A 0
81 95 June'12
985Soil Co Branch 1st g 5s...1930 A 0
82 Mar'19
81
82
85
1959 J D
Florida E Coast 1st 4 As
. 92 Aug '10
----___
J
Fort St U I) Co let g 4)0_ _1941 J
7
8
50
612 D
Octo 418
J
- --- - Ft Worth & Rio Or let g 48_1928 J
78
1933 A 0
-- Only Hone & Hen 1st 5e
2 9538 96
9534 157
Great Nor C B & Q colt 4s 1921 J J 955 Sale 9558
953 9558
96
9512 Mar'19
51921 0 J
Registered
89
8558 Feb '11)
8514 89
1st & ref 434s Series A....1961 J 3
J 83 ---- 96 June'10
1961 J
Registered
1933 3 1 8814 ____ 8912 Apr '18
St Paul M & Man 4s
J 1071s 109 Ill Nov'18
1933 J
1st consol g 6s
1933 J
J 104 -_ -- 118 Apr '17
Registered
95 Jan '19
9212 05
94
J
95
Reduced to gold 4%8_1933 J
J 9012 99 10212 May'18
1933 J
Registered
887s Feb '19
8878 8878
Mont ext 1st gold 48...1937 .1 D 861s 87
-- 9512 Marl()
1937 J D 8415
Registered
J
77 ---- 8512 Nov'15
Pacific ext guar 4s £_ _ _1940 J
E Minn Nor Div 1st g 4s 1948 A 0 7712 ---- 80 Nov'18
J 101 __-- 10014 May'18
1922 J
Minn Union 1st g 65
J 10758 _--- 108 Nov'18
1937 J
Mont C let go g 68
J 101 -_ 13(l14 May'06
Registered
1937 J
---- ---9912 Jan '19
J
1937
J
9912 9912
1st quer gold 53
Will & S F let gold 58..1938 J I) 100 --- 10934 Aug !Hi
5114 Feb '19
5213 65
51
52
Green Bay & W deb ctfs "A".._ _ Feb
7
Feb
612 712 713 Feb '19
Debenture ctfs"B"
S's
1 7212 7614 80 Jan '19
80
8212
Gulf & S I let ref & t g 5s__b1.952 J
7518 82
79
83
Hocking Val 1st cons g 4%s 1999 J .1
73
7
9'
4 June'18
.1
79114
1999 J
Registered
Col & li V 1st ext g 4s_ 1948 A 0 7512 -- 7312 Oct '18
---- - - - 7614
73 Feb '18
1955 F A
Col & Tol let ext 48
J 8134 88
85 Dee '18
Houston Belt & Term let 55_1937 J
J 87 ____ 87
1 86
87
Illinois Central let gold 43..1951 J
88
83
92 Sept'17
J 69
1951 J
Registered
73Jt
s
7,534 Oct
81
J 7
Niv
, 15
8
let gold 3)4a
1951 J
J
Registered
1951 J
Extended let gold 3 As...1951 A 0 7112 ---- 80 June'17
Registered
1951 A 0 7138 gi -g6- Jull205
1st gold 3s sterling
1951 M S
Registered
1951 M 5,
793 77 Feb '19
Collateral trust gold 4s_ ..1952 A 0 76
77 -76
Registered
1952 A 0!
958 Sept'12
_
1955 M N ____ 8078 80
81)
1st refunding'4s
2 80
8414
J 7018 7378 72 Jan '19
Purchased lines 33-0
1952 J
72
72
N
7418
1953 M
7418 7518
L N 0 & Texas gold 4s
Mar'19
7418 7758
72 Feb '18
1953 M N
Registered
7118 81
- - -Cairo Bridge gold 4s_ 1950 J D 78 ---- 78 Nov'18
- - - -J
79
38_1951
J
Litchfield Div let gold
Feb '14
--- - - J
8
73
312 ANov'18
Loulsv Div & Term g 330 1953 J
2
-- - - - J
1953 J
Registered
-- - - - A
1921
F
-dir
s
::::
102 June'16
Middle Div reg 5s
-- - -- 5714 --5814 Sept'18
Omaha Div let gold 38_ 1951 F A
J
65
38_1951
J
6912
(12
Term
g
Div
&
Louis
Oct
St
'18
J
1951 J
70
8314 651s Oct '18
Gold 33•03
J
1951 J
80 June'16
Registered
67
8112 8034 Nov'16
1951 J .1
Springf Div 1st g 3%s
1951 F A
82
9012 I)e
76-34 80
Nocv410
8
Western Lines let g 4s_
1951 F A
Registered
1923 .1 I) 9518
11712 May'10
Bellev & Car 1st (is
Carb & Shaw 1st gold 48_1932 M S 70 ---- 90 Jan '17
9834 Feb '19
Chic St L & N 0 gold 58_1951 J I) 9834 100
9418 -993-1,
9518 --- 9518 Feb '19
1951 J D
Registered
9518 951s
1951 J D 664 ---- 6512 July'18
Gold 3%s
1951 J 1)
Registered
- -_
61518 WI; Feb '19
Joint 1st ref 5s Series A_1963 J 0 85
9012 95
1951 J I) 7212 --__ 7018 Oct '18
Memph Div 1st g 4s
71
D
78
1951
J
65 Nov'17
Registered
793 79t
St Louis Sou 1st go g 4s_ _1931 M S 80.58 ---- 7934 Jan '19
J
805 84
1950 J
8014 Feb '19
Ind Ill & Iowa 1st g 4s
8014 82
N
9512 96
9512
9512
Int & Great Nor 1st g f3s___ _1919 NI
2 9512 96
82 Feb '19
82
James Frank & Clear let 48_1959 .1 D 8034 90
82
61
63
6438 Feb '19
Kansas City Sou 1st gold 38_1950 A J
6212 6438
78 Oct '09
1950 A 0
Registered
83
J
8338 84
Apr 1950 J
8418
4 84
Ref & Impt Sc
853t
79
Sale 78
79
14 767s 81
Kansas City Term 1st 4s_ ..1960.5 J
8934 90
894
8934
1 8934 8934
Lake Erie & West let g 53-1937 -1 .1
J
83
8058 Feb '17
1941 J
2d gold 5s
-- - - - _
8034 Oct '18
North 01110 let guar g 55-1945 A 0 .- 99
1
89
J
8913
Feb '19
yis....19-10
4
go
g
NY
1st
89
92
Val
Leh
J
1040
J
93
89
8418
Oct '17
Registered
80
81
8012 Feb '19
Lehigh Val (Pa) cons g 4s 2003 M N
8012 8012
2003 M N
853s 91
90 Feb '10
90
General cons 43411
00
BONDS
N. Y. STOCK EXCHANGE
Week ending March 14
Price
Friday
March 14
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High No, Low High
!Bid
Ask Low
981s 10214
Leh V Term Ry 1st gu g 58..1941 A 0 10014.... 10014 Feb '19
.(14 113 Mar'17
1941 A 0
Registered
10178 Sale 10158
10178 84 i(11-18 igi5
;
Leh Val RR 10-yr cull 6s...n1928
Leh Val Coal Co let go g 58_1933
5 99 ---- 9714 9714 3 9714 9714
105 Oct '13 ........ ____ ____
1933• J
RegLstered
7918 -- _
1933 J
J
1st int reduced to 4s
Leh & N Y 1st guar g 4s
1915 M S 79 ____ '76- J947'18 :::: :::: ::::
Registered
1945 NI S
96s.... 96 Nov'18 -_-_-_-_ -_ -__- -_ I:::
___ Long meld 1st cons gold 5s__51931 Q J
8714 _
9914 June'16
51931 Q J
let consol gold 45
79 Jan'1979 80
78
gi
1938 J D
General gold Is
1922 M S 8618 95
Ferry gold 4%s
-- 1
____ ____
99
514 08ecUtt:0186
75 ____ 8
19,31,2 J D
Gold 48
78 Nov'18 -_-_-M S 7514 89
Unified gold 4s
-_ -_ -- _ ___ _ _ _
81
81
1
,
93
34
7 J D 77
81
n'9
Debenture gold 58
81 Jan
7712
M N
77
7712 75 Feb '19 _..... 75
20-year pm deb 5s
1
,
94
4
,
9 M 5 7612 77
7612 Feb '19 __-- 76
761s
Guar refunding gold 4s
95 Jan '11 __-_-_ ____ _ _ _ _
Registered
MS
_
NYB&MBletcong5s_1935 A 0 94 _
gi 94 Dec '18 __--i _9_4_ _ _9_4_ _
1927 NI 5 92
NY & It B let gold 5s
90
1 j
an ;16
9
Aug
Nor Sh B let con g gu 5s_o1932 Q J
91 --- 10
8734
1927 NI S 8712 90
-g7-3-4 -8
Louisiana & Ark let g 53_
8814
-8-4
__1 108 108
Louisville & Nashv gen Os..1930 .1 D 107 11212 108 Feb '19
1937 M N 978 102 10012 Jan '19 __-.110014 100is
Gold 5s
85
32
8412
8812
Sale 8412
J
85
Unified gold 4s
1940 J
Registered
1940 J .1 8312 8814 9658 Jan '17 __-iiiii - loci 9712 100 100 Jan '19
Collateral trust gold 55
1931 NI N
N
9218 95
9318 Feb '19 -_--_-_ 9318 9318
L Cin & I.ex gold 4%s
1931 M
10303 J 10214 10412 10512 Jan '19 _-___ 10512 10512
N 0&
1st gold Gs
__ 1.00 100
98
100 Jan '19
1930 J J
2d gold Os
91
!
912 13
0
711
__ 13
0
714
7912 Jan '19 ______
84
Paducah & Mein Div 4s_1946 F A 80
10014 Jan '19
198
20
St Louis Div 1st gold 0_1
1 in
M S 9934
57
57 Feb '19 ____ 57
2d gold 3s
5612 _
78 Mar'19 __-- 7518 7814
79
77
All Knox & Cin Div 4s_ _1955 M N
95 Nov'18 ____.- - - - - - -- Atl Knox & Nor 1st g 5s 1946 J D 95N
10312 Sept'18 _ i _i6 _ _gais
'Lender Bdge lets f g (is..1931 NI S 10112
75
75
7511 79
J
Kentucky Central gold 4s.1987 J
9514
9514 04 Mar'19 ____ 94
Lex & East 1st 50-yr 5s go 1905 A O 94
.i
._ _iii..
2
_ _ 88 Nov'18 ____ _i
L&N&M&M lstg 4%s 1915 NI S 8512
721 1
7214
1
71
80
J
L St N-South NI joint 48..195- J
95 Feb '05 __-. - - -- - -- 51952 Q
Registered
95 Aug '18 ...- ____ _ ___
9578 98
N Fla & S 1st gu g 5s____1937 F A
8512 -N & C Bilge gen gu g 4%s_1945 J
J
Pensac & Atl let gu g 68..1921 F A 10158
lo
g6
1:
3
378 raan3r9
':61Y
31 :::;
1 i6
96
9612 66
13
1;
8 i0
156
S & N Ala cons gu g Se.. _1936 F A
1-38
4
93
2 93
97
93
93
Gen cone gu 50-year 53_1963 A 0 93
L St Jeff Bilge Co gu g 4s___1945 1,1 S 70 ____ 60 July'18 ___. -___ ____
_-_Manila RR-Sou lines 4s_ __1936 M N
Mex Internat 1st cons g 48-1
---- 77 Marl() __-1977
7 NI S
75 Nov'10
Stamped guaranteed
NI S
,
92
Midland Term-lets f g 5s_ 1
25
7j
J o 80 ____ 9112 June'17
_ 101 July'18 _ _
Niinn St Louis let 7s
D 101
-66- -6699 Feb '19
Pacific Ext 1st gold 6s
1921 A O 97 101
_ _ 7814 7814
78)4 7814 Mar'19
1934 M
73
let consul gold 5s
4511
14 44
4712
1st & refunding gold 4s_._1049 M S 4412 4511 4514
50
5018 Dee '18 _Ref & ext 50-yr 5s Ser A 1962 Q F
60 Feb '15
Des M & Ft D 1st go 49_1935 J
J
7812 -E3-8 77 Jan '19
77 - 77
Iowa Central 1st gold 58_ _1938 J D
1 43
45
4618
1951 M S 4412 41N 45
Rebinding gold 4s
84
84
1 84
89
M St P&SS NI con g 4s int gu _ 1
,
938
8J
J 8312 84
973 973e
98 ____ 9734 Feb '19
1st cons 5s
1941 NI ri 88 ---_ 92 Jan '17
let Chic Terms f 4s
9412 Jan '19
SSM &A 1st g 48 int gu_'26 J J 9314 94
-(41
2 9412
90
95 Dec '16
Mississippi Central 1st 55_..1949 J
J 80
Missouri Kansas & Texas6534 Mar'19
653 67
6412 69
1990 J
1st gold 4s
31 Mar'19
30
34
g1990 F A
- 297s 31
2d gold 4.3
32 Sept'18 _1944 Ni
2818 29
1st ext gold 5s
42
40
5
423 Feb '19
42
423
let & refunding 4s
2004 M
43 Feb '19
42
43
43
43
Trust Co certfs of dep-----3258 Dec '18
2812 33
Gen sinking fund 4 As__ 1936
40 Nov'16
St Louis Div let ref g 4s 2001 A 0 -__ 30
5% secured notes "ext" '16 _
-gg12 Apr' 17
Dall & Waco 1st gu g 5s_1940 M
60 Oct '18
Kan Clty & Pac let g 4s 1990 F A
3614 62- 50 Jan '19
1942 A
50
50
Mo K E 1st gu g 5s
7112 Jan '19
7112 7112
60
70
M K & Okla 1st guar 5s_ _1942 M
51 Mar'19
51
5012 55
51
M K & T of T 1st gu g 5s 1942 NI
___ 65
51 Dec '16
Sher Sh &. So 1st gu g 5s 1942 J
Texas & Okla let gu g 53_ _1943 NI
3034 301s Nov'18 ..••
Missouri Pacific (reorg Cu)83
-- 3
8738 8778
87114
2 8734 Jan '19
let & refunding 5s Ser A._1965 F A 93
1 9134 9478
93
let St refunding 5s Ser Ba 1923 F A 9234 95
8978
897s
10 89
92
1st & refunding 55 Ser C 1926 F A
.
,
6
8
1975 M
211.2. 1
,
5
.
8
Sale 60s
GIN 195! 5912 63,2
General 4s
9912
9912 Mar'19
_ 991s 100
Missouri Pac let. cons g 6s 1920 M
1945 M
58 Oct '18
40-year gold loan 4s
-- -___ 82 Apr '17
1938 M
3d 78 extended at 4%
100 Feb '13
Boonv St L & S 1st 5s gu_1951 F A
64
1948 .1
Cent Br U P 1st g 48
84-34 9712 Dee '13 ••
81 Jan '19
Pac It of Mo 181 ext g 4s._1938 F A 8034 90
8718 --__ 10034 Apr '18
20 extended gold 5s_ __ _1938 J
95 Feb '19
- 95
StLIrM&Sgencong 58 1931 A
---- -- 102 July'14 .••
Gen con stamp gu g 5s 1931 A
7912 8038 8012
8012
Unified & ref gold 48 _1929 J
3
8078 Oct '17 _-1929 J
Registered
7412 '16 - 75
4
Riv St G Div let g 45...A933 M
75
____
90
78 Sept'15
Verdi V I & W let g 5s_ _1926 M
10218 104 10334 Feb '19
Mob & Ohio new gold 6s_ __ _1927 J
951, ____ 95 May'18
51927 Q
1st ext gold Os
_ 71 Nov'18
1938 NI
68
General gold 4s
Montgomery Div 1st g 55_1947 F A
8618 ---- 93 July'17
87
£10 Aug' 17 __-St Louis Div 55
1927 J
84
10
84
8:8
4 78 Oct '18 _-St i & Cairo guar g 4s...1931 J
100
Na.shv Chatt & St L 1st 5s 1928 A
9714 _
100
2 if5o - 100
10
7038
94
11014 Mar'17
Jasper Branch 1st g 6s_ _1923 J
50
50
Nat Itys of Mex pr lien 4%8_1957 J
50
1 50
1977 A 0
35 Aug '16
Guaranteed general 4s
9678 Feb '13
Nat of Mex prior lien 455_1926 1
1951 A 0
21 Aug '18
let consul 45
6714
1953 J
6733 70
6714
4 -6658 -6./1-2
New Orleans Term 1st 4s
96
3 96
9534 961s 96
9712
N 0 Tex & Mexico 1st 6s_ 1925 J
5412 11 54
5812
Non-cum income 5s A _ _ 1935 A 0 5412 Sale 5414
New York Central RR977
1935 M
9838 Sale 9814
9934
99
Cony deb 65
254
74
76
7814
1998 F A
16 74
Consol 4s Series A
7512 74
8512
84
82
2013A 0 81
Ref & imp 4%s "A"
82
5 82
New York Cent & Hod RivJ
7234 Sale- 7212
7234
1997 J
7234
5 71
Mortgage 3%s
J
72
6678 Aug '18
1997 J
Registered
1934 MN
793.1 8212 8234
8212 13 -g238 86
Debenture gold 48
1934 MN
79 Nov'18
Registered
65
65
Lake Shore colt g 3As
1
,
90
98 FA
6512 65
65
68
6612 67 Jan '19
FA
67
67
Reglstered
65
70
Mich Cent coil gold 3%s_1998 FA -64 _ • _ 65 Mar'19
Registered
1998 FA _75 Mar'17
54 ____
Battle Cr & Slur 1st gu 3s_1989 J D
---J
,
93
3
,
6J
87 --__ 861 Dee
Beech Creek let gu g 48..1
---J
J
Registered
9534 Nov'16
J
1936 J
20 guar gold 5s
88
96 104 May'16
J
1936 J
Registered
Beech Cr Ext 1st g 3%s_b1951 AO 65 _-__
Cart & Ad 1st gu g 4s_ _ _ _1981 J D 7518 80 NoViti
douv & Oswe 1st gu g .5s_ _1942 3D 90N --8 Oct '18
Moh & Mal 1st go g 4s_ 1991 MS 7718 ..._ -516914
N J June It guar let 48_ 1986 F A
8912 Feb '16
2000 M
N Y & Harlem g 3%s
75 ---- 80 May'17
9714 Feb '19
N Y & Northern 1st g 513_1923 A 0 971s 100
9712 9714
• No price Friday; latest bid and sated this Week. a Due Jan. to Due Feb. e Due June. 5 Due July, Is Due Sept. 0 Due Oct. s Option sale
as
1016
New York Bond Record-Continued-Page 3
[Vol,. 108.
11,
3
BONDS
N. Y. STOCK EXCHANGE
Week ending March 14
Price
Friday
March 14
Week's
Range or
Last Sale
O
ca
Range
Since
Jan. 1.
Ask Low
High No.I Low High
!Bid
R RR.(Con)N Y Cent &
80 Feb '19
80
78
N Y & Pu Lit cons gni g 48_1993 A 01 7118
113 May'15
_ _1932 J D 10314 - Pine Creek reg guar
99 Jan '19
-66 99
It W &0 con 1st ext 58_81922 A 0 9838 _ _
67
67
Rutland 1st con g 4 As._ _1911 J J 7614 83 67 Jan '19
6118 Feb '19
6118 6118
Og & L Cham 1st gu 4s g_ 1943 J J 6113
67
67 Feb '19
67
Rot-Canada 1st go a 48_1949 J J 56
_
St Lawr & Adir 1st g 5s..-1996 J J 834 _ _ _ _ 101 Nov'RS
1996 A 0 8812 --- - 103 Ney'113
2i1 gold 6s
J 95 _ _ _ _ 91 A pr '18 - - --- - Utica & Bik Rlv gu g 48_1922 J
7212
1 7212 73
7212 7212
1997 J D 72
Lake Shore gold 3 As
734 Nav'la
1997 J D --- 73
Registered
89
2, 8838 90
8878 89
1924 M S 88
Debenture gold 45
87
36 85
89
1931 r4 N 86
Sale 85
25-year gold is
834 'Nov'17
_
19311M N
Registered
_
9134
19331J J
Ka A & G It 1st gu c 53
_ 101I Dec '15
9518
Mahon C't RR 1st 5s.._1931 J J
Pitts & L Erie 2d g 5s_ __a1928 A 0 95 ___ _ 101 Nlay'17
_ 13018 Jan '09
Pitts N1cK & Y 1st gu 6s 1932 J 3 10312
12314 Nlar'12
1931 J 3 102k8
2d guaranteed 6s
£011 Aug '17
- --- - 1931 M S 1)518 _.
Michigan Central 58
9813 Nov'18
1931 Q 111
Registered
81 M tr'19
84
82 81
19103 J
4s
87 Feb '14
1910 3 J .
Registered
90 June'08
--J L & S lst gold 3)48-1951 NI S 7013
1952 M N 704 - - _ 794 July'17
1st gold 3s
2 82
85
85
86 85
20-year debenture 48_1929 A 0 83
81
6, 80 82
N Y Chi & St L 1st g 48 1937 A 0 81 Sale 8014
1937 A 0 77 __ 85 Nov'17
Registered
75 Mar'19
75
75
71
1931 111 N 74
Debenture 48
7838 8112
784 7844 Feb '19
West Shore 1st 48 guar_ _2361 J J 76
78 Feb '19
76
86
75
7834
2361 J J
Registered
_ 9912 Feb '19
9912 9912
N Y C Lines eq tr 53_1919-22 M N 9912
98% July'17
_ 162
-- -Equip trust 4%8_1919-1925 J 3 _
8512 10 8414 86
N Y Connect 1st gu 4%s A-1953 F A 8113 85,2 854
N Y N II & Hartford53 Feb '19
54
53
60
1947 M S
Non-cony deben 4s
50
5012
Non-cony deben 314s
1917 M S 50 ---- 50 Mar'19
5012 501
5012 Mar'19
Non-cony deben 3%8-.1951 A 0 --__ 54
56 Mar'19
5678
54
59
1955 J J 52
Non-cony deben 45
2 5212 5912
56
5212
5212
1956 M N 52
Non-cony deben 4s
50
1 50
52
50
1956.1 .1 -.... 52
Conv debenture 3%s
8178
1 84
88
85
8178
1944 J J 83
Cony debenture 68
50 Oct '17
--1930 F A --Cons lty non-cony 4s
--- 9112 Jan '12
1951 J J
-Non-cony deben 4s
1955 J J --- 60 60 July'18
Non-cony deben 4s
--- --Non-cony deben 4s.....-1955 A 0
58
Non-cony deben 48_1956 J J .
733 Dec 18
N f134
Harlem It-Pt Ches 1st 18.1954
7912 Dee '17
B & N Y Air Line 1st 4s.1955 F A 7258
Jan '19
6212 -diti
6212
623
8
554
J
48...1961
1st
gu
New
Eng
Cent
_-Hartford St Ry 1st 4s__ _1930 M S
Housatonic It cons g 58-19371M N 9012 -- 10612 ;Iay'15
Naugatuck RR 1st 4s..1954M N 7014.- 87 July'14
83 Aug '13
19121A 0 80i4
N Y Prov & Boston 4s
53
4912
48
N YW'ches&B lot ser I 4%8'46!J J 48 -Sale 48
Boston Terminal 1st 4s_ _1939A 0
1945'J J 9034
New England cons 5s
"fd1945J .1
Consol 43
40 Feb '19
"io." 40
Providence Secur deb 45..1957 M N -74---Prov & Springfield 1st 58_1922 J .1 85 ---- 994 Dec '13
Providence Term lst 4s_ 195(1 M S 694 ----- 8818 Feb '14
J
W & Con East 1st 4)0_1913
69
-6-8 66"
.
66 70
S -645NYO&W ref 1st g 4s._ „g1992
-- 9212 June 12
-Registered $5,000 only_ _g1992 M S
65 60 Apr 18
1955 J D
General 4s
"till; -641-3
6912 6712 Feb '19
Norfolk Sou 1st & ref A 5s-1961 F A 68
814 June'18
1941 M N 8718
Norf dr Sou lot gold 5s
109 10913
1931 M A 108 109 109 Feb '19
Norf & West gen gold Cis_
Improvement & ext g 6s 1934 F A 10613 ---- 122 Nov'18
New River 1st gold 68- _1932 A 0 ____ 109 1074 Dec '18 -2 8612
8412 10 -if1N & W Ry 1st cons g 49..1996 A 0 8412 8438 8412
_ 9312 Dee '16
_
1996 A 0
Registered
8018
-bit; 82
Dly'l 151 lien & gen g 48_1914 J J 804 8014 8018
8412 Feb '19
84 844
1932 J D 71
10-25-year cony 4s..
11714 May'17
1932 M S
10-20-year cony 4s
10413 Dec '18
10-25-year cony 4%8_1938 M S
10712 212 10614 1081
-§ale 107
1929
113-year cony 6s(w i)
844 86
Pocah C & C joint 4s_ ..1941 J 0 8318 89 85 Feb '19
CC St T 1st guar gold 58_1922 J J 974-103 Sept'16
81
- "if"
Jan
'19
81
-if
80
N
48.-1989
M
g
Ist
gu
Scio V & N
Northern Pacific prior lien rail8338 Sale 8314
8312 48 8318 86
E37
7
way Sr land grant g 48
8314 82 Mar'19
82
82
Registered
5938 33 5834 617g
a2047 Q F 5918 5934 5834
General lien gold 3s
58 Oct '18
a2047 Q F
Registered
"9-6- -9'62017 J J 86 s 893a 90 Jan '19
Ref & imp 4sser A
St Paul-Duluth Div g 48-1996 J 0 7513 8612 74 Aug '18
1 102 ioi"
102
St P & N P gen gold 6s___1923 F A 102 10412 102
Registered certificates..1923 Q A 10118 - -- l0334 Sept'17
97 Feb '19
97 9I
St Paul & Duluth 1st 58_1931 F F. 974 100
78 Dee '18
1968 J D 7312
1st consol gold 4s
3612 Dec '16
Wash Cent 1st gold 4s
1948 Q M
69 85
iff1-4 1074
Nor Poe Term Co 1st g 6s-1933 J J 10738 10812 10714 Feb '19
76
7478
9 7478 7978
1961 J J 'Ws 77
Oregon-Wash 1st & ref 4s
86
10 85 88
86
1946 J DI
Pacific Coast Co 1st g 5s
95 1004 Feb '17
Paducah St Ills lots f 4)48_1955 J J
Pennsylvania RR 1st g 48..1923 M N 9518 -- 9514 Nov'18
9973 -667
;
9978 Feb '19
1919 M S 9978 100
Consol gold 5s
9914 9914
Registered
1919 Q M 994 9934 9914 Feb '19
N 87 90 9014 Nov'18
1943
Consol gold 4s
5 8812 8912
8912
8812 8912
1948 M N 88
Consol gold 48
9578 11 95 964
1960 F A 9538 Sale 954
Consol 4%s
8612 39 86
8978
1965 J D 8612 Sale 86
General 4;is
9512 351 9458 9734
Sale 9434
1968 J D 95
General 53
--_
Alleg Val gen guar g 48_ _ _1942 M S 84 --__ 8711 Nov'18
D R RR St Wge 1st gu 4a g 1936 F A 8034 ---- 8412 Sept'16
8713 8713
- - 8712 Jan '19
Phila Bait & W 1st g 4s._1943 M N 88
- -Sodus Bay & Sou 1st g 5s.1924 J J 90 -- 102 Jan '93
-.
Sunbury & Lewis 1st g 1s-1936 J J 804
- Deo'
17
-- ---U N J RR St Can gen 4s 1944 M S 854 9358
Pennsylvania Co7 9738 9812
9712
1021 J J 9712 98
9814
Guar lst gold 4)48
974 July'18
1921 J J 913 _
Registered
87 Feb 17
Guar 3)4s coll trust reg A.1937 M S 7634 80
78
78
Guar 3%s coll trust ser B_I941 F A 7634 7812 78 Jan '19
- 8114 July'17
1942 J D 767g
Guar 3s trust ate C
3734 Dec '16
-80
1944 J D 75
Guar 3348 trust ctfs D
8334 Jan '19
91
8334 8334
Guar 15-25-year gold 4s_ _1931 A 0 85
854 87
40-year guar 48 ctfs Ser E.1952 M N 82,8 894 8512 Feb '19
86 Oct '17
Cin Leb & Nor gu 4s g-1942 M N 8114
964 May'17
--CI & Mar 1st gu g 4 Ms.......1935 1,1 N 8778 95
9634 May'18
Cl & P gen gu 4s ser A_1942 J J 924
1942 A 0 9214 --- 104 Deo '15
-Series B
---- 9614 Feb '12
Int reduced to 3s_.1942 A 0
- 904 Oct '12
1948 M N 7318
Serie,s C 3%s
884 Feb '17
1950 F A 7318
Series D 3)48
_
Erie & Pitts gu g 3)4s B_1940 J J 77 -- 88 Apr '17
9018 July 12
1940 J J 77
Series C
Or R & ex 1st gu g 1%8_1941 J .1 89 -_- 844 Dec '18
Ohio Connect 1st gu 4s..J943 M S 834 --- 78 Oct '18
93 May'10
Pitts Y & Ash 1st cons 58_1927 M N 9738
Tol W V & 0 gu 4;is A 1931 J J 8918 ....-- 9834 Apr '17
1933 J J 8918 95 92 Dee '17
Series B 4 As
8813 Sept'17
1942 M S 7813 Series C 4s
9413 944
94
9412 Jan '19
P C C & St L gu 4%s A-1940 A 0 91
9234 9234
1942 A 0 9058 9513 9234 Jan '19
Series B guar
1942 M N 9038 99
99 June'17
Series C guar
9038 Sept'18
1945 M N 8858 93
Series D 48 guar
9013 Sept'18
- -- Series 3148 guar gold.1919 F A 88
• No price Friday: latest bid and asked. a Due Jan. b Due Feb. V Due June b
--
BONDS
N. Y. arocic 1.:KCEIANGE
Week ending NI trch 14
.
4
Price
Friday
March 14
Week's
Range or
Last Sale
lv il Range
a 1 Since
Jan. 1.
Bid
Ask Low
High No, Low High
P. C. C. & St. L (Con.)91 Sept'18'---' --- ---883s 9.3
Series F guar 1s gold___1953 J
92 Nov'18!-__ - --- -1957 MN 8838 90
Series G 48 guar
Series I cons gu 4548-1963 FA 9058 _--95 Nov'18,__ . ,_ _ _-- -4 102 Jan '19' ___ 102 102
C St L St P let cons g 5s 1932 A0 10078 1013........100 June'171.Peoria & Pekin tin Ist 6s g-1921 Q
_ 87 Mar'16 _ -_,1
- ---- --20 gold 4%s
81921 MN
Ws Sale 8178
8534
9 -£478
Pere Marquette lot Ser A 6s_ 10
95
50
6
72 Mar'19 _-..1 6814 7214
7018 72
1st Series B 4s
Sale 47
47
2 45
47
Philippine Ry 1st 30-yr s f 4s 1937 33 47
33 93 .___ 99 Jan '18 __..1 __ ___ _ _
A 0
473
0 33
Pitts Sh & I., F. 1st g 5s
1,0
119,4
94
___ 9714 Dec '17 -...1
1st consol gold as
8514 36 ii14 -8
85 -Sale 8434
.
634
Reading Co gen gold 4s
8113 June'18 _-_
J --- 84
1997 J
Registered
8t14 Mar'19 __ ii1-4 -iEJersey Central coil g -18_1951 A 0 811-3 88
Atlantic City guar 48 g
1951 3 3
86 .-i "66" -66St Jos Sr Grand Isl 1st g 48 -1947 1 J -66"- -6;1; .66
l950
St Louis & San Fran (reorg Co)991 6Q14 64
62
J 3 6134 sale 6114
Prior lien S
Ser A 48
I' 7658 7938
77
7638 7678 77
Prior lien Ser B 5s
(7
45 6212 69
6613 Sale 6518
85
91 A 03
19
95
CUM adjust Ser A 68...A1
4373 27 4012 4512
30et3 4378 LSale 424
Income Series A (38
10318 __,_ 102 Feb '19 .._ 102 102
St Louis &San Fran gen 688
196
38
11
9638 98
97 Noy'14
- - -. - -General gold 5s
70
8 iv
M
f y:116
:
7
.- - _ _ _ _ _
St L&SFRii.cons g 4s_ _19
99
36
111 3
1 70 .......... 0
19471 A 0
Southw Div tot g 5s
4 102 Mar'19
loll; RUCs
KC Ft S & M cons g 68_1928 M N 'al- 10237012 16 7(1 '7512
K C Ft S & M Ry ref g 48_1936 A 0 70 Sale 70
K C & NI R.& B 1st gu 53_1929 A o 8714 ____ 8518 Aug 'Is
6878 6873
2 -68.78
6873
- "ii"
St L S W 1st g 48 bond ctts_1989 M N 66
574 5812 Feb '19 ___ 5714 5813
2d g 48 income bond ctis_p1989 3 3
5978 62
60
60
3 5712 60
Consol gold 45
5834 Feb '19 ___ 584 62
195
32 1J
3 D 5834 59
1st terminal & unifying 5s_1
Gray's Pt Ter lot go g 5s_1947 J D 85 ____ 9812 Jan '14 .. _
16 -6i3:1 -ir
Sale 6434
65
S A & A Pass 1st gu g 4s_1943 J J 65
72
1950 A 0 7018 7112 72 Jan '19 ____ 72
Seaboard Air Line g 48
74
1950 A 0 7113 7334 72 Feb '19 ____ 72
Gold 43 stamped
82 4712 5314
49
A 4878 Sale 4814
A 0
43 F
01
195
Adjustment 53
58
Sale 58
5834 11 57
60
Refunding 4s
80
4 74
80
All Blrm 30-yr 1st g 4s_e1933 M S 79 Sale 79
Caro Cent 1st con g 4s. _1919 J J 7414 _.__ 76 Oct '18
00
113 D
mec
ar:159
idoli ii63,-1
Fla Cent & Pen lot ext 68_1923 J 3 10014 10318 10
1st land grant ext g bs_ _ 10
94
30
33
J J
"06" -66 9018 9473 90 Jan '19
Consol gold bs
-- _Ga & Ala IV 1st con 58-01945 J 1 9112 ____ 91312 June'18
Ga Car & No 1st gu g 5s 1929 J 3 9314 __ 94 June'18
_ 96 Jan '19
-66- -66'Seaboard & Roan 101 5s-1926 J J 9412
Southern Pacific Co77
77
1 '75
'77
Gold 4s (Cent Pac coll)__31940 J D 7618 79
s ---- 7858 90 Feb '14
9J
m D
29
kg194
Registered
8314 Sale 83
8312 -.213 -E3-4
20-year cony 48
10314 Sale 10318
10412 755 100 105
20-year cony 55
7934 25 '79
83
A 7938 Sale 794
1.' D
93
19
94
34
Cent Pac 1st ref gu g 48_1
---- _. 8712 Sept'16 _
Registered
85
A 81
8534 Feb '19 __
is. O
29 J
194
Mort guar gold 3)4s_k1
7512 Feb '19 ---- -7
g"513 -7I
14-2
Through St L 1st gu 48_1954 A 0 7573 76
031
1 6J1 N
J 9138 101 100 Oct '18 ___ - - ---G H & S A M & P 1st 58193
85
97 9634 Jan '18 _. --.2d exten bs guar
95 Nov'18 ---Gila V G & N 1st gu g 58-1924 61 N 90 102
1933 M N 9258 9513 9258 Mar'19 ____ -625-8 -E5;
Hous E & W T 1st g 5s
1933 61 N 9258 ____ 100 Oct '16
1st guar 58 red
9834 Mar'19 -_-_-_-_ -6/- -9134
H & T C 1st g bs int gu-- -1937 3 3 97 104
9458 93 Nov'18 __---- -1921 A 0 93
Gen gold 4s Int guar
J 94 100t2 10913 Nov'15 __--- -M N
30
1J
1'
04
Waco & N W div lot g 68
85
95
93 Nov'18 _- - - - - -A&NWlstgugbs
1921 J J 99 ___ 1004 Oct '17 .....- -- - - - Louisiana West lot 6s
Morgau's La & T 1st 6s-1920 J 3 97 102 100 Apr '18 __ -- - -3 9378 ___ 10218 Oct '18
9A
J 0
No of Cal guar g 55
93
97t2 96 Feb '19 -__----- -66 -ifOre & Cal 1st guar g 5s..1927138
1937 M N 9613 _ _ _ 10712 Sept'16
So Pac of Cal-Cu g 5s
238 __ 93 Jan '19 -_-_-_-_ -6i - "9
oiSo Pac Coast 1st gu 48 g 1937 J 1
78
8034 Feb '19 ___ 77
San Fran Terml 181 4s_ _1950 A 0 77
8034
195
045
3J 3
J --__ 894 94 Nov'16
Tex & N 0 con gold bs
8134 Sale 8112
82
68
So Pac RIt 1st ref 45
Southern-lst cons g 5s_ - 1994 J J
.
9_4_ 224_a_l.
.
e 10
90
3114
2 Aug '16 ..2-1 -9g3i.:2 16i581-3
Registered
3 6678 6758 6612
6714 --7
7:
3 -6636 'I
A 0
8 -6i3199
954
Develop & gen 48 Ser A
4
6758
5 6618 6758
Mob & Ohio coil tr g 4s_ _ _1938 M S 6758 Sale 6758
1996 3 J 6012 ____ 92 July'18
, Mem Div 1st g 4)48-5s
72
Sale 72
72 --I -91- -9f4-31;
St Louis div lot g 48
1 .31 It 86 ___ 93 Jan '19 ____
19
94
83
Ala Gt Sou let cons A 58_1
88
8 J 3 8712 8814 88 Mar'19 ___ 88
194
944
All St Charl AL 101 A 4%81
9313
9318
1 9318 9'718
J J 9418 95
19
94
48
4j
Ist 30-year 58 Ser B._ -1
74
75
70 Oet '18 ____
Atl & Danv 1st g 48
- - - - --- 8112 Mar'16 ---- ------: 2::
2d 43
73018 _;772 0
75
7 Feb '17 _wi 9
m 0
8A
98
40
At! & Yad lot g guar 4s_ 19
97
1 6
9/7
.
9i
51- -4
E T Va St Ga Div g 5s
1930 J J 97 Sale 97
97 , 13
8
Cons 1st gold 58
9513 9514 Jan '19;____ 9514 9514
E Tenn reorg lien g 5s__ -1938 M S 92
52
33 524 ___, 52 Jan '19,___ 52
A 0
452
6 .73
Ga Midland 1st 3s
:
190
942
10034 10078 101 Jan' 19 __ 101 101
Ga Pao Ry 1st gi38
Knoxy & Ohio 1st g 6s__ _1925 3 1 10034 102 100 Oct '18 ___
9112 Oct '18
J J 9013 05
---- -_1
Mob & Bir prior lien g 58945
_--- 6912 68 Jan '18 ---- ---- -- -- -- -- -- -Mortgage gold 4s
95 Jan '18 __ ____ - - - Rich & Dan deb bs stmpd-1927 A 0 9318 102
73 Sept'12
70
Rich & Meek 1st g 5s
1948 M N 66
9914 100
99 Jan '19 ..----_-- "iii - -6.5So Car & Ga lat g 5s
Virginia Mid Ser D 4-5s...1
192
11 M N
ii 9814 ___ 10213 June'll ____ ___-- Series E 5s
1926 61 S 9938 ___ 93 Apr '18
1926M S 9134 _ _ 10412 Dec '16 ---- - - -- -Series F bs
96 Feb '19 -lig
General bs
1936 M N 96
8153 Sept'18 ---- -66- -156 Va & So'w'n lot gu 58_2003 1 J 8713 94
79
704 Nov'18 ____ -_-_-_..- ---_---lot cons 50-year 55_1954 A 0 70
92 9378 Mar'17 ____ _ _W 0& W ist cy gu 48_ _ _ _1924 F A 86
9534 Mar'17
Spokane Internat lot g 5s_1955 J J
Term Assn of St L lot g 4)48.1939 A 0 -6(fi - -ii- 9113 Jan '19 ---- -911-2 -911-3
__-_-_ 98 . 9818
lot cons gold 5s
1894-1944 F A ---- 9438 98 Feb '19 -73
76
75 Feb '19 _ _ '75
'77
Gen refund s f g 4s
St L M Bridge Ter git g 58-1
19
93
80
3j
A al 9034 9412 954 July'18
90
.
i..-.
89 Mar'19 ____ "Eipl: :ii
Texas & Pao 1st gold M....2000 J D 89
.__
41 Sept'18 -Mar
j
1,
2nd gold Income 5s
q°
19
00
30
73 ____ 86 May'18 ---La Div B L 1st g fis
W 'Min W & N W 1st gu 591930 F A _._-- 1064 Nov'04 ---_---- -_------ 7-79013 Oct '18
Tol & Ohio Cent 1st gu 55..1935 J J 0213 96
7
,4,
738 9
7765
242 8
,07
7
313 OctJssa
eei
n8tt.:158788
9 ..-.
._-_i
.
:
i. :71_i
gg.f
ii
_ ..:
.31:41: _. -6
_ jig(..4....i
ii
i__17....:..3
1935 A 0 8
Western Div lot g 5s
1935 J D
General gold bs
1990 A 0
Ran & M 1st gu g 1s
9012 9112 9012 Feb '19
9012:
2d 20-year be
36 ____ 36 Feb '19 __ 36
36
Tol P St W 1st gold 4s
8312 754 Fob '19 _....- 754 7513
9
995
2
17
5
70 j
J
cp
Ai 2
.1
33 73
Tol St L & W pr lien g 3%s_13
4712 4812 4713
48
'1 4712 51.
50-year gold 4s
__-- 32
1852 Mar'06
Coll trust 48 g Ser A
---- 30
18 Aug '18 ::::: --- -Trust co ctts of deposit _____
Tor Ham & Buff 1st g 4s....81946 j- -6 7012 87 80 Apr '17 __ --- -Ulster & Del 1st cons g 58_1928 J D 894 95 8 114 Dee '18 :...... - --- -1952 A 0
let refunding g 4s
7a
0le 8
56818
1947 J J jars S
Union Pacific 1st g 4s
1917 J J _
86
8512 Oct '18
Registered
1927 J .1 8614 Sale 8614
87 --ii
20-year cony 4s
83
15 80 8312
g2008 M S 8212 8278 8273
1st & refunding 4s
10-year perm secured 68_1928 .1 J 10338 Sale 10312 10334 49 10332 106
82
81
81
Ore RR & Nav con g 48.-1946 1 D 79
10118
2
3 100
8114 101112
88
Ore Short Line 1st g 68-1922 F A 101 10112 10118
1946 J J 9678 9834 9673
964
2 967s 981
1st consol g bs
8514
8 £1413 88
Guar refund 4s
8514 Sale 8514
J.1
0 9214 ___ 98 Dec '17 -- _--926
9j
192
Utah & Nor gold bs
1st extended 48
1933 J .1 8313 89 89 Feb '18- ___ _80 Jan '18 ____.Vandalla cons g 48 Ser A
1955 F A
7912 -_- 804 June'18 __ ___--Consols 45 Serles B
35 Sept'17 _-_- - -- - ---Vera Crux & P 1st gu 430_1
1954
37 J
M N
J ___ 35
Due July. k Due Aug. 0 Due Oot, p Due Nov
Due Dee, s Option sale.
-kir.
-gai
MAR. 15 1919.1
BONDS
N. Y. STOCK EXCHANGE
Week ending March 14
New York Bond Record—Concluded—Page 4
"O3
a.
Price
Friday
March 14
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Bid
Ask Low
HIM No. Low High
Virginian 1st 58 series A____1962 M N 9014 Salo 8934
9034 11 8934 0112
1939 M N 9412 9478 94
Wabash 1st gold 59
94
3 94
98
2d gold 58
1939 F A 84
85
84
84
4 81
89
Debenture series B
1939 J
J--------90 Aug '18
1921 M S 99 ___- 98 Nov'18
1st lien equips fd g 5s
1st lien 60-yr g term 49...A954 J J 65 _-_- 65 Sept'18
J
8812 ____ 8814 Feb '19
1941 J
Dot & Ch Ext 1st g 5s
8814 8814
Des Moines Div 1st g 49-1939 J J
___ 80 Aug '12
1941 A 0 --_- 71
Om Div 1st g 33.s
67 Feb '19
67
67
Tol & Ch Div let g 4s
1941 M S
-- 74 Jan '19
74
74
Wash Terml 1st gu 3Iis
1945 F A
7512 77
7512
7512
1 7512 7512
8218 ____ 82 Aug '18
1st 40-yr guar 45
1945 F A
62
West Maryland 1st g 49_ —1952 A 0 61
6112
6214
16 58
6214
West N Y & Pa 1st g 5.9-1937 J J 9912 __— 100 Mar'19
100 100
Gen gold 4s
1943 A 0 • ---- 8553 70 Dec '18
p1943 Nov
36 Oct '17
Income 59
Western Pac 1st ser A 5s___1946 M S
- -gale 83
8312 14 83
86'2
Wheeling & L E 1st g 53-1926 A 0 9114 96
93 Oct '18
Wheel Div 1st gold 5s____1928 J J9512 100 Feb '17
Exten & Impt gold 5s____1930 F A
9052 Mar'17
-E 1Refunding 4 s series A _1966 M S6
4 -g6- 64 Jan '19
-di 64
1949 M S 68
7518 69 Nov'18
RR 1st consol 45
Winston-Salem S 11 1st 49_1960 J J
75
82
75 Feb '19
75
75
J
J
773
4
Wis Cent 50-Yr 1s4 ge13148
Sale
7734
7734
4 77
1949
80
Sup & Dui div & term 1st 4s'36 M N
75
80
7234 Mar'19
7214 7412
Street Railway
Brooklyn Rapid Tran g 5s 1945 A 0 7412 75
7412
7412
8 65
76
1st refund cony gold 4s
2002 J J
4534 4912 49 Mar'19
45
53
J
6-year secured notes 59
1918 J
9534 Dec '18
--- _ — -Ctfs 3-yr sec 7% notes opA1921 J 1
9614 Aug '18
J
3-yr 7% secured notes__h1921 J
8212 84
84
16 -if;- -id 8434
Bk City 1st cons 5s__1916-1911 J
J 80
9178 92 Dee '18
Bk Q Co & S con gu g 5s 1941 M N-7
80 May'12
-- ---101 May'13
Bklyn Q Co & S 1st 5s
1941 j j
Bklyn Un El 1st g 4-5&_.1950 F A
7918 ____ 7812 Mar'19
72
7812
Stamped guar 4-58
7918 8718 7134 Feb '19
1950 F A
7134 72
Kings County E let g 4s-1949 F A 61
61
66
61
2 57
65
Stamped guar 45
1949 F A 61
7258 62 Jan '19 __— 62
62
Nassau Mee guar gold 49_1951 J J 5434 60
60 Dec '18
Chicago Rys 1st 5s
75
1927 F A
7814 77
78
2 -ii- -ifConn Ity & L 1st & ref g 43.01951 J J 8514 88
87 Feb '19
87
88
Stamped guar 4;f9
1951 J J 8514 ____ 8614 Oct '18
Dot United 1st cons g 44fs 1932 J J 80 Sale 72
80 -10 -if- -id Ft Smith Lt & Tr 1st g 59.-1936 M S60
_
J
14
Hud & Manhat 55 ser A
5714 . ;
1.5
1957 F A
4 111 "
:77tt 50 -5612 -6614
Adjust income Is
1618 1614 16
1957
1612 25 16
18
1932 I -A
9112 93
N Y & Jersey 1st Is
87 Oct '18
38
Interboro-Metrop coil 440_1956 A 0 3638 Sale 3534
525 35
4334
Interboro Rap Tran 1st Is.. 1966 1 J
7112 Sale 71
7234 222 6834 7412
Manhat Ry(N Y)cons g 49_1990 A 0 71
8318 72 Feb '19 ---- 72
7214
Stamped tax-excinpt
1990 A 0 71
7414 72
72
9 72
7412
Manila Elec Ry & Lt s f 59 1953 M S 75 ___ 77 Mar'19 ---- 77
77
Metropolitan Street Ry—
Sway & 7th AV 1st c g 59_1943• D
7712 79 Deo '18
Col & 9th Av 1st gu g 5s 1993 M S
68
68 Feb '19
68
68
Lox Av & P F 1st gu g bs 1993 M S _-__ '4
74 Jan '19
74
74
Met W S El (Chic) 1st g 4s 1938 F A --------51 Dec '18
Milw Elec Ry & Lt cons g 5s 1926 F A
10012 June'17
Refunding & exten 430-1931 J
J '77 ____ 8112 Dec '18
-- - -- Minneap St 1st cone g 5s
1919 J
J
---- 9834 Aug '17
Montreal Tram 1st & ref 58_1941 J
J 82
8612 971a July'17
New On Ry & Lt gen 4 Wi_1935 J
J
7212 74 Aug '17
N Y Municip Ry 1st 51 55 A 1066 J
J 55
65
60 Feb '19
63
55
NY Rys 1st R E& ref 4s_....1942 J
J .4312 Salo 4212
4418 36 4012 4413
a1942 A 0 1312 Salo 127s
30-year adj Inc Is
1312 56 1158 1514
N Y State Rys let cons 4If s 1962 M N
66
58
5812 Mar'19
55
62
Portland Ry 1st & ref 5s____1930 M N
7314 79
8812 Nov'16
---Forth! Ity Lt & P 1st ref 513_1942 F A
6212
67 Aug '18
Portland Gen Elec 1st 5s_1035 J
J 85 ___- 9012 Feb '17
-- - --59_1937
St Jos Ry L & P 1st g
__
M N
95 July'17
--- --St Paul qty Cab cons g 53-1937 J
J 85 -091; 10212 Mar'12
- - - -- J
Third Ave 1st ref 4s
5018 5334 53
1960 J
53
2 50
5412
Adj income Is
01980 A 0 2812 2912 2812
34 2712 3212
30
Third Ave Ry 1st g 5s
1937 J
J
9118 100 I 07 Dec '18
Tri-City Ity & Lt 1st s f 5s 1923 A 0 ____ 95381 97 Feb '19
918 07
Undergr of London 4 As
1933 J J 77 ---- 76 Mar'18
Income Os
1948
77
00
77
15 77
78
78
United Rys Inv 5s Pitts iss 1926
65 '75 65 Dec '18
1934 J
J - United Rye St L let g 4s
4812 Feb '19
52I2
St Louis Transit gu 5s__ —1924• 0 _-_- 60
50 June'17
_
United ItIts San Fr s I 4s__ A927 A 0 _--- 37
3234
3234 26 22
3233
Union Tr(N Y) ethi dep
_
Salo 29
33
3314 338 22
2534
_
3234 Salo 27
Eqult Tr (N Y) inter ctfs____
3314 250 22
3314
Va Ry & Pow 1st & ref 5s
1934
7712 79
78
78
17 773s 79
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 14
t
't
Miscellaneous
Adams Ex coil tr g 49
1948 01
Alaska Gold M deb 6s A
1925 01
Cony deb 6s series B
1926
AM SS of W Va let Is
1920
Armour & Co 1st real est 4 As'39
Booth Fisheries deb s f 6s
1926
Braden Cop M coil tr s f 68_1931
Bush Terminal 1st 4s
1952 A
Consol 55
1955
Buildings 5s guar tax ex 1960 A
Chic C & Conn Rys s f 5s
1927 A
Chic Un Stat'n 1st gu 430 A 1963
Chile Copper 10-yr cony 79_1923 01
Elects (part paid) cony 6s ser A
Coll tr & cony Os ser A
1932 A
Computing-Tab-Roe s f 6s 1941
Granby Cons MS & Peon 6s A 28 01
Stamped
1928 01
Great Falls Pow 1st s I 59_1940
Int Mercan Marines I 6s...._1941
Montana Power let Is A
1943
Morris & Co let s f 4 Iis
1939
Mtge Bonds(N Y)4s ser 2 1966 A
10-20-year Is series 3
1932
N Y Dock 513-yr 1st g 4s
1951 F
Niagara Falls Power let 5s 1932
Ref & gen 6s
a 1932 A
Niag Lock & 0 Pow 1st 59.._1954
Nor States Power 25-yr Is A 1941 A
Ontario Power N F let 59_1943
Ontario Transmission Is........l945
Pan-AmPet&Trlst convfis'19227
Pub Serv Corp N J gen 59__1959 A
Tennessee Cop let cony (3s__1925
Wash Water Power let 59....1939
Wilson & Co let 25-yr s f 69_1941 A
Manufacturing & Industrial
Am Agile Chem 1st c 55____1928
Cony deben 5s
1924
Am Cot Oil debenture Is......1931
Am Hide & L 1st s g 6s
1919
Am Sm & R 1st 30-yr Is ser A '47
Am Tobacco 40-year g 6s.._ _1944
Gold 4s
1951
Am Writ Paper let s I 5s.._ _1919
Trust Co ctfs of deposit _____
Baldw Loco Works let 59_1010
Cent Foundry 1st s f Ge.. _ _1931
Cent Leather 20-year g 5s 1925
Consul Tobacco g 4s
1951
Corn Prod Reg s I g 5s
1931
let 25-year s I Is
1934
Distil Sec Con cony 1st g 53_1927
E I du Pont Powder 4 Iis
1936
General Baking let 25-yr 69_1936
Gen Electric deb g 3;is
1942
Debenture Is
1952
Ingersoll-Rand 1st 51
1935
tot Agric Corp let 20-yr 58_1932
Int Paper cony s f g 5s
1935
let & role f cony 55 ser A..1917
Liggett & Myers Tobac 7s...1944
Is
1951
Lorillard Co (P) 7s
1944
.58
1951
Mexican Petrol Ltd con Os A 1921
let lien & ref (39 series C 1921
Nat Enam & Stampg let 59_1929
Nat Starch 20-year deb 59_1930
National Tube let Is
1942
N Y Air Brake 1st cony 6s_ _1928
Pierce Oil 5-year cony 6s__g1920
10-year cony deb (is
h1924
Sinclair 011 & Refining1st s I 7s 1920 warrants attach
do without warrants attach
Standard Milling 1st 5s____1930
The Texas Co cony deb 69__1931
Union Bag & Paper let 59_1930
Stamped
1930
Union 011 Co of Cal let 59_1931
U S Realty & I cony deb g 5s 1924
U S Rubber 5-year sec 7s.._ _1923
let de ref 5s series A
1947
US Smelt Ref & M cony 58_1926
Va-Caro Chem 1st 15-yr 59_1923
Cony deb 6s
e1924
West Electric 1st Is Dec____1922
1047
Price
Friday
March 14
Bid
55
30
27
A
0
0
A
0
A
A
0
A
.1
A
A
A
-05
A
0
A
0
0
A
A
.1
Week's
Range or
Sale
La31
Ask Low
5912 5912
31 _3_0
31
30
;11 Range
g 1
8046
Jan. 1.
az
High No. Low
5912 10
3 3
50
9
33_1
0_
4' 30
High
61
36
34
8814 8812 8712
8812 --isil -i6- -gi3 4
90 Feb '18 _I _- _
93
9312 94 Mar'19.
94
96
81
83
81
81
--i 8018 81
80
Sale 80
80
3: 80
851*
7938 83
81 Jan'198
____I
1
81
40
4978 58 Mar'18
8714 Sale 8714
8714
5; -8714
- -ici 10712 10812 10712
10778 59, 10534 110
8334 85
8412
85
221 8212 85
8418 8478 841s
8478
2' 8112 85
8358 8334 8334
8334
1 83
84
99 110
9812 Feb '10 ___ 97
9812
99
_ 98 Jan '19 ____ 93
98
9414 -_ _ 9418
9418
1 9314 9418
99
Sale 9812
9912 86 97 102
92
Sale 9114
0214 37' 91
057s
8314 8778 83 Feb '19 _—_ 83
83
83 Apr '14 _-__ _ 94 June'16
68
7034 69
69
36
1 -6
0- T- TI
91
9378 9378
0378 ---a 97
101
101 Marl°__-- 101 101
9314 8912 Oct '17
90
8734 8914 89
-iiI4
- -618912
(30(4
8
99
01423 89
91
gE
84 June'17 --__
130 140 13358 Mar'19 ____ iii14i3i1;
77
Sale 77
78
14 751s 80
9112 9212 Feb '19 ..—_ 91
90
9212
93 -- 927s Jan '19 ____ 027g 027s
9834 Sale 9812
99
36 9634 99
9958 10014 9834
100
9 98 101
10512 Sale 103
309 100 106
106
86
8812 8812 Mar'19 --- 88
8914
10012 39 9934 10012
10014 10012 10014
9112 92
9133
9178 39 8912 93
119 _- 11912
11912
119 11912
7812 _
7812 Feb '19
7212 7812
98
Sale 95
42 88
98
98
88
12 86
Salo 88
90
90
9978 10112 101 Jan '19
101 101
78
80 Dec'18
82
9618 Sale 9618
9612 09' 951 97
74
8012 7312 Dec '18
9912 100
9912 Feb '19
9912 10112 9912 Mar'19 -.
.....:2
-1, -6
9
981
2 1-60
6
2
112
-2
90
Sale 8934
9014
9212 100
9212 Mar'19
86
88 Feb 1.9
88
7014 73
7312 Feb '19 ---- 73
7312
100 10114 9912 Mar'19 :::: 8
9:12 1:4
9778
_ 96 Nov'18 —__
8038 Sale 80
813s 85 -7j1-2 "iia.
,
9712 ---- 94 Oct '18
87
92
9012 Nov'18
11238 Sale 11238
11212 --4
-8
- Ii
7i
4337
Ii
1f1- if:1
9012 91
91
9134 23 0
9 8
11212 Sale 11214
11212
9
24 1
90
9012 903s
9034
O 90 4 9
165 Nov'18 ---185 Jan '19 ---- i_g_i
..- i_!
-_i_ -6E12 -66
9512 Nov'18 ---____
9313,,_.,.. 94 Aug '18 ---94
977s 9512 Mar'19
10014 101 100 Mar'19 ---- 99e 10 8
10112 102 101
102
7 0 41
94
Sale 9212
94
84 -16
8 4 -6
4-:
9912 100
9914
100
19 9818 100
9612 Sale 96
9658 18 95
96,
s
9258 95
93
93
1 93
95
102 103 102
10218
19 10012 103
8812 8934 8934
8934
1 85
8934
8712
- 87 Dec '18 ----- - -- 93
94
937s Jan '19 ---- 9373 937s
7012 707s 7012
74
148 60
74
10378 Sale 1035s
10378 23 10234 10434
87
Sale 8634
87
110 86
877
s
9812 9938 9912
9958
31 9734 100
9578 96
9558
955
1 9514 96
101
Sale 10012
10114 14 10014 1021i
9778 98
9778
9818 221 97
9914
A
Gas and Electric Light
1947 J D
Atlanta G L Co 1st g 5s_
103 Sept'15
Bklyn Un Gas 1st cons g 59_1945• N
93
9434 93 Fob '19
-tii - 95
Cincin Gas & Eleo lst&ret bs 1956 A 0 90 --__ 91 Dec '18
_
Columbia G & E 1st Is
1927 J J 80
85
8214 Mar'19
82
8212
Coal, Iron & Steel
Columbus Gas 1st gold 59_ _1932 J
J
87 ---- 97 Fob '15
—
Beth Steel let ext s f Is
90
1926
9612 96
96
3 9518 0612
Consul Gas cony deb Os__ _1920 Q F 10112 Sale 101
10158 125 lOOls 103
let & ref 59 guar A
8912 25 87
1942
8912 Salo 8912
8912
Cons Gas EL&P of Halt 5-yr 59'21 M N
97
99
9612 Feb '19
9612 97
20-yr p m & imp s I 59
8318 Sale 8112
1936
8312 76' 80
1023 J J
Detroit City Gas gold 5s
9618 9612 9618
8318
0618
1 91318 9658
Buff & Susq Iron s I 5s
91
1932
96
90 May'18
Detroit Edison 1st coil tr 59_1933 J J 96
99
95 Feb '19 --- 9512 96
Debenture bs
a1926
8614 July'18 ---h1940 M 5 931
let & ref bs son A
- -93
4 93
91
Cahaba C M Co 1st gu 69_1922
101 Dec '14..,,
Eq 0 L N Y 1st cons g 5s__1932 M S --- ----91 Fob0'18
3
_
Colo F & I Co gen s f 5s____1943
A 89
90
90 Feb '19 -- 88
Gas & Eleo Berg Co c g 59-1949 J D 85 ____ 100 Feb '13
9018
- -Col Indus let & coil Is gu....1934
A
7514 Sale 7312
7514 22 7312 7712
Havana Elm consul g Is._....1952 F A
81
90
9218 Nov'17
Cons Coal of Md Ist&ref 59_1950
88
92
90 Feb '19 -- 87
Hudson Co Gas 1st g 5s__-1949 M N
90
9014 9112 9014 Mar'19
-6614 -661.-i
Elk
Horn
Coal
cony
6s
1925
98 Feb '19 ......_ 95
Kan City (Mo) Gas 1st g 59_1922 A 0 9118 __
9834
9078 Dec '16
Gr Itiv Coal & C let g 6s_h1919
94 Feb '18
1937 A 0 9014 __
Kings Co El L & P g 5s
94 Feb '19
-6i - 01
Illinois Steel deb 4 If s
1940
83
84
831s
1997 A 0 10014 110 105 Feb '19
85
8214 -gg1Purchase money 6s
2
100
105
Indiana
Steel let Is
1952
97
9778 9714
9714
1925 01 S 9212
1 9512 9812
Convertible deb (Is
90 Jan '19
90
00
Jeff & Clear C & I 2d Is......-1926
9614 --__
Ed El In ilkn 1st con g 49_1939 J J
79
80
80 Mar'19 ---- 7978 84
Lackawanna
let
Steel
g
5s
1923
967
i
6j7
9712
8
97
7 -6614 98
Lao Gas L of St L 1st g 59_61919 Q F 9912 100
9928
9958
2 99114 0934
let cons 55 series A
1950
89
Sale 8814
8914 43 86
1934 A 0 91
8914
Ref and ext 1st g Is
Sale 94
94
2 94
97
Midvale Steel &0 cony s f 531936
8612 Sale 863s
87
1161 86
8812
89
90
Milwaukee Gas L lot 4s—....1927 rd N
88 Mar'19 --__ 88
88
Pleasant
Val
Coal
let
s
f
5.9_1928
8012
1948 J D 89
91 10112 Apr '17
Newark Con Gas g Is
Pocah Con Collier 1st s f 59_1957
88
8978 90 Deo '18▪1__1948 J D 9112 9234 9212
NYGELII&Pg 5s
9312 ---A -91-12 -54-Repub I dr S 10-30-yr Is s 1_1940
0 9512 9534 95313 Mar'191..___ 943 955
1049 F A
73
7378 73
Purchase money g 4s
7358
2 69
7414
St L Rock Mt & P 5s strnpd_1955
8114 83
8018 Dec 18
Ed Rico In 1st cons g 59_ A905 J J 08 100
98 Feb '19 --- 08 100
Tenn Coal I & RR gen 58_1951
92
92 Mar'19
95
-di- -di 89 ____ 9612 Aug '17
NY&Q El LAP let eon g 69_1930 F A
U S Steel Corp—)coup_ „d1963
----100
Sale 100
10014 1971 993a 10112
Pacific) G de El Co—Cal0 & E—
10-60
of
-year
5slreg ____d1963
--__ 10012 9934
9034
6'
9912 10014
9312 95
1937 M N
Corp unifying & ref 5s
9312 Mar'19
9312 9618
Utah Fuel 1st s f Is
1931
87
J 85
8634 87
Pacific G & E gen & ref 5s 1942
3 8(314 88
8714
Victor Fuel 1st s f 5s
1953
50
70
70 Mar'19
70
70
Pao Pow de Lt let & ref 20-yr
Va Iron Coal & Coke 1st g 5s 1949
8712 88
8738 Jan '19
1930 F A ____ 91
87% 8758
Is International Serles
88 Jan '19 -- 88
88
Pat & Passaic 0 & El 5s_1949 M S 85 --- 100 July'17
Telegraph & Telephone
Peop Gas & 0 1st cons g 60-1943 A 0 9534
- 10018 Feb '19
100 - 101
Am Teiep & Tel coil tr 42__ _1929
8414 8412 84
8412 29 8334 8512
1917 M S 7712 85
Refunding gold 5s
7614 Feb '19
7414 7614
Convertible 4s
1936 01
7812 84
783s Mar'19
77
J 82
7812
897s 96 Sept'17
Ch G-L & Coke 1st gu g 59 1937 J
--- - -20-yr convertible 430_
1933 111
8812 Sale 8812
8812 18, 8512 89
8173 100 Apr '17
Con 0 Co of Ch 1st go g 5s1936 J J
- -- -- -30-yr temp coil tr 5s
1946
9012 Sale 903s
91
45' 9038 94
Ind Nat Gas & Oil 30-yr 591936 M N
---- 89 Mar'17
7-year
convertible
6s
1925
A
10334
Sale 1031 1
---- --10334 285 1003i 10334
Mu Fuel Gas 1st gu g 5s 1947 M N '70 ____ 04 July'17
--- --Cent Dist Tel let 30-yr 58_1943
99
9812 Feb '19
9812 9812
Philadelphia Co cony 5s
1919 F A
9914 Nov'15
Commercial Cable let g 49...2397
.1
65 ---- 73 Nov'17
_
1922 M N
92
Cony dcbcn gold Is
Sale 9158
92
27 91 -0
.'158
Registered
,̀397
1
6818 Jan '18
Stand Gas & El cony s f Os...020 J D 9112 97
95 Feb '19
05
94
Cumb T & T let & gen Is... _1937
91 -g;l; 9334
94
- -di Syracuse Lighting 1st g 5s 1951 J D 8512 ---- 9712 May'17
Keystone Telephone 1st 5s 1935
-----9634
98 Apr '16 _
Syracuse Light & Power 5s_ A954 J .1 7212 ---- 70 Nov'18
Mich State Teleph let
A
92
9214 92
---92
-66- -6212
Trenton G & El 1st g 5s
_1049 1411 S 90 ---- 983 Oct '17
N Y &NJ Telephone Is g 1920
9814 99
9812 Jan '19
9812 9812
Union Elco Lt & P let g 59_1932 M S --- 90
92 Jan '19
92
92
NY Telep let & gen at 43.0_1939
90
9114 8934
14 88
9018
9112
Refunding & extension 59_1933 M N 80 ____ 10153 Nov'16
Pacific Tel & Tel let 58
1937
9238 Sale 9238
9234 38 923s 9138
United Fuel Gas lets I 6s
1936 .1 J 95
96
97 Feb '19
05
98
South Bell Tel & T lets f 59_1941 1
9112 0212 92 Feb '19
9178 93
Utah Power & Lt let 5&_ _1944 F A 8712 89
8812
8812
4 8812 8912
West Union coil tr cur 58_1938
93 Sale 93
94
12
. 93
94
Utica Elee L & P 1st g bs.._ A950 J J
101 June'17
Fund & real est g 4}fs_1950
8678 Sale 867s
883s
9 8614 92
Utica Gas & Flee ref 58
9213 00 Feb '19
A957 J .1 83
-fig" -66 Mut Un Tel gu ext 5s
1941
_-_- 99 10112 Sept'17
Westchester Ltg gold 5s._ 1950 J D 8614 97
90 Feb '19
90
92
Northwest Tel gu 4 Ifs g_ _1934 31
8114 --__ 94 Nov'16
---*No price Friday: 181031 b141 and asked. a Due Jan 4 Due Apr 4, 6 Due May. g Due Juno. 1 Due
July. k Duo Aug. o Due Oct. it Due Nov. g Due Dec. a Option sale,
BOSTON STOCK EXCHANGE-Stock Record
1048
* SHARE PRICES-NOT PER CENTUM PRICES.
Monday , Tuesday
Mar. 10. I Mar. 11.
Saturday
Mar. S.
Wednesday
Mar. 12.
I
____
___ 138 138 *138
13612
6778 68
68
6812 6812 68
6812 *13791
90 • 91
90 i 90
90
90
3212 3214 3214 3012 3114 3112 3112
167 ,
2
*1
2
2 I *1
*1
2
*1
10
*7
10
*7
10
*7
10
*7
I
-kr
30
*-_
30-_•
*____ 135 *____ 135 ,*____ 135 *____ 135
88
*85
88
88 I *85
*85
88
*85
114 *114
*11212 114 *11212 114 114
56
56
-4'
*553
5712
5712
5612 5612
*9938 _ _
*9938 ____! *9938
4'9938
13612
68
_
*
31
80 -8/
4 1
218
2
1034 113*
3214 3314
*90 .94
100 100
21
*19
97
*95
4412 4412
51
51
-66- so 1
214 238
1114
10
• 3314 3412
94
.90
100 102
21
*19
97
*95
44
43
51
51
Thursday
Mar. 13.
Friday
Mar. 14.
Salesfor
the
Week
Shares
13812 13812 13812
68
6754 6734
9112
____
167 167
Dee'18
Last Sale 12
Feb'19
Last Sale 7
Last Sale 412 Nov'16
Last Sale 3014 Feb'19
Last Sale 135 Jan'19
Last Site 8612 Mar'19
*114
57
*56
*9933 ____ .166- 100
Last Sale 74 Feb'19
80
66 - 05. -66- 80 - 80
113 112
158 173
114 134
178 212
834 934
612 81s
734 912
812 10
3112 3212
3234 331* 3278 3314 3113 32
94
94
*90
90 ___. 94
- 105 105 *102 104
103 103
21
*19
21
*19
19
19
Last Sale 95 Feb'19
*95
+95
4212 43
43 -4-3- - 4278 43
43
43
51
51
4912 51
+5012 51
51
51
13812
6753
91
*30
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
100
26 Boston & Albany
100
461 Boston Elevated
100
45 Boston & Lowell
100
353 Boston & Maine
100
5 Boston & Providence
Boston Suburban Elee no Par
no par
Do pref
Boston & Wore Elec.. no par
no par
Do prof
Chic June Ry & US Y____100
100
Do pref
_100
14 Connecticut River
100
12 Fitchburg prof
19 Georgia Ry & Elee stampd.100
100
Do pre!
100
70 Maine Central
100
10,690 Mass Electric Co,
100
11,813 Do pref stamped
100
1,200 N Y N H & Hartford
1 Northern New Hampshlre.100
100
102 Old Colony
100
5 Rutland pref
Vermont & Massachusetts_ 100
50
478 West End Street
50
226 Do prof
'
Miscellaneous
2,607 Amer Agrieul Chemical.. 100
100
491 Do prof
120 Amer Pneumatic Service.- 25
50
Do prat
100
430 Amer Sugar Refining
100
120 Do pref
100
1,998 Amer Telep & Tales
177 American Woolen of Maes_100
100
781 Do prat
356 Amoskeag Manufacturing-- _ _
30 Do prof
50 Art Metal Construe Inc- 10
510 All Gulf & W I SS Lines-100
100
20 Do prat
550 Booth Fisheries.'no par
10
Inc_
Amer
of
Steel
Century
2,082
10
480 Cuban Portland Cement
10
204 East Boston Land
100
65 Edison Electric Illtun
25
831 Fairbanks Co
100
110 General Electric
50
Oorton-Pew Fisheries
r
85 Internat Port Cement-- 10
50
Do prig
4,855 Island Oil & Trans Corp-- 10
10 McElwain(W H) 1st pret_100
414 Massachusetts Gas Cos_ -.A00
100
145 Do pre!
5 Mergenthaler Linotype....A00
-100
50 New Eng Cotton Yarn.....b00
300'New England Telephone._100
Nova Scotia Steel & C......100
100
25 Pullman Company.
50
110 Punta Alegre Sugar
10
26 Reece Button-Hole
2,562 Stewart Mfg Corpn
100
4,128 Swift & Co
25
27 Torrington
100
2,853 United Fruit
10,987 United Shoe Mach Corp.._ 25
25
566 Do prat
5,334 U S Steel Corporation._._100
100
50 Do prof
6,175 Ventura Consol 011 Fields- 5
I ago
xi:
at :
:
Range Since Jan. 1.
Lowest
131
67
85
28
167
7
Highest
Jan 8 140
Jan22 73
Feb 8 95
Jan30 33
Jan 9 168
Feb27
Jan14
Jan 3
Mar 7
Jan 6
11
Jan14
Feb 3
30 Feb 7
135 Jan 4
84 Feb14
112 Jan15
£5534 Feb28
100 Mar14
74 Feb27
80 Jan23
118 Mar14
612 Mar14
2578 Feb13
92 Feb21
97 Feb28
19 Jan24
95 Jan 6
4212 Mar14
4912 Mar13
3014 Feb 7
135 Jan 4
8712 Jan 9
114 Marll
Jan 2
58
100 Mar14
74 Feb27
83 Jan 6
313 Jan14
1714 Jan14
3412 Mar10
94 Mar 1
105 Jan 3
20 Jan18
100 Jan18
4712 Jan 8
55 Jan 6
[VOL. 108.
Range.for Precious
Year 1918
Lowest
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
15 June
1014 Mar
_
25 July 3014 Nov
138 July 147 Apr
8212 Apr 8512 Dec
104 Feb 125 Nov
53 Jan 65 Jan
106 Sept 11614 Jan
70 Oct 81 Feb
7712 June 88 Nov
712 May
134 Sept
812 Jan 33 May
27 Feb 46 May
81 Oct 95 Nov
x8812June 11212 Dec
20 Jan 25 Jan
80 Aug 90 Oct
37 Feb 50 July
47 Jan 62 Apr
Oct
7612 Jan 106
100 Jan29 10714 Mar12
8858 Jan WO Deo
9712 Jan 3 101 Marll
.40 July
114 Feb 3
212 Mar
55c Jan 2
4 Sept 1558 Mar
6. Jan 8
5 Jan 7
99 Jan 11512MaY
Jan 2 12173 Feb26
111
113 Jan 2 x11813 Feb27 107 June 115 Dec
9034 Aug 10918 Oct
99 Jan29 10814 Mar10
4512 Jan 603* May
46 Jan20 6738 Marl 1
90 Jan 9712 Dec
Jan21 10112 Mar12
94
6012 Jan 92 Nov
79 Feb15 83 Juni 1
Jan 82 June
76
7812 Jan 9 82 Jan 6
11 Feb x19 Dec
1712 Jan21 22 Feb20
98 Jan 12014 Feb
97 Feb 3 11013 Mar14
5812 Jan 6714 Nov
63 Feb15 6673 Jan25
Jan 2812 Sept
21
1814 Feb 7 2213 Jan 2
1358 Jan10 15 Jan 3
1014 May 1478 Dec
1712 May
1112 Nov
Jan 2
1138 Mar13 14
534 May
4 Jan
633 Jan14
41g Jan 4
164 Feb18 172 Jan 2 134 June 186 Nov
2712 June 6414 Nov
5212 Jan21 6114 Jan 2
1487g Feb 7 156 Mar 8 128 Jan 15734 Nov
27 Aug 35 Aug
2834 Mar 6 3218 Jan10
712 Oct
512 Jan 2
434 Jan 2
412 Oct
18 Jan 4 21 Febl 1
12 Apr 23 Nov
658 Dec
318 Aug
6 Jan 2
933 Feb20
90 Jan17 98 Marti
88 Sept 93 Nov
8113 Jan20 86 Jan 9 77711 Jan 0114 Nov
Jan13
69 Jan14 71
62 June 71 Nov
130 Feb10 136 Mar12 107 June 147 Nov
68 Jae 95 Oct
92 Jan 7 92 Jan 7
90 Jan22 96 Mar10
8213 July 10012 Oct
46 Mar 5 52 Jan25
53 Dec. 60 Jan
11312 Feb13 12212 Jan15 102 Jan 130 Nov
48 Feb 1 54 Jan10
29 Jan 51 Dee
1378 Mar
Jan
14
Jan 3 15 Jan14
11
3218 Jan23 4034 Feb20
27 Oct 4113 Nov
115
Jan30 £13112 Mar10 102 Aug 14614 Aug
5212 Jan13 60 Feb21
45 Jan 56 Dee
15712 Feb10 17534 Mar14 11512 Jan 166 Dee
44
3812 July 4813 May
Jan13 5053 Mar12
2614 Jan 2 31
Jan25
2434 Aug 21112 May
8314 Feb10 9853 Mar12
87 Mar 11612 Aug
113 Jan 2 11512 Jan25 108 Mar 11338 Dec
9 Nov
5 Jan
Ms Feb15
734 Jan21
•
Mining
184 Jan
13
6
Feb
.55
.75
June
6
Feb
25
Con
100
Adventure
.89
.85 '.75 .85 *.50
1
4,12
.75 '1..80
.75
*12 .85
25 68I2 Marl' 71 Feb10
69 Dec 86 Nov
343 Ahmeek
69
6634 6812
6812 6834 69
6612 69
6814 69
69
69
538 Nov
338 Mar 4
414 Marl'
Apr
138
if
Gold
489
Alaska
4
33
4
3
3
413
8
7
*35s
3
4
33
4
314 314 *312
334 414 *33
.45 May
25 20c Jan15 300 -Feb 7
.15 July
Algomab Mining
Last Sale .30 Feb'19
.30
.30 *.25
.35 ..25
.35 *.25
*.25
4012 Dec 54 Feb
25 3934 Mar 7 44 Jan21
42
40
896 Alloues
42
*41
41
41
40
40
3934 41
2114 July
1054
137
Febll
Feb28
Dec
25
s
10
Smelt&
Lead
1212
300
Amer
Zinc,
*1112
12
12
*1212 1312
*1218 1312I42's 1134 *1214 13
4012 Dec 54 July
25 30 Feb15 44 Jan14
40 DO prof
45
4312 4312 *43
44
4312 +41
4314 4314 43
45
.42
1614 Aug
Jan
11
5 1034 Feb28 1234 Jan 6
1114 1112 1,067 Masons Commercial
1218 *1112 1214 1112 12
1214 12
12
1112 12
.48 Nov
20c
30c
.20 Oct
Jan17
Jan30
10
Copper.;
Feb'19
Butte-Balaklava
Last Sale .22
.30
.30 *.22
.30 *.22
.30 *.22
*.22
May
2414
33
Jan23
Dec
1634
Feb28
Butte & Sup Cop (Ltd)--- 10
Last Sale 2212 Mar'19
*1834 1914
21
*19
*1912 21
20
*19
7312 May
Feb10
Jan
3
713
4
17
5
4
3
2
6
61
Dec
10
Arizona
&
Calutnet
284
5812
5812
5812
*57
5912
5914 5914 *59
5812 59
Dec
*5712
470
350
445
425
Jan
3
Mar14
Dec
25
Heels
197 Calumet &
350 400
401 405
405 405
405 406
405 407
405 407
1034 June 1412 Feb
25 1234 Jan21 14 Feb13
50 Centennial
13
13
14
*13
14
*13
14
*13
13
1312 13
13
.
4212
Jan25
5
Mar
3
SeptNov
40
Dec5112
39
25
Co
Range
819
Copper
40
3918
4158 411.4 4134 4038 4112
41
4112 4112 42
41
2 Marl 1
314 Marll
112 Apr
20
2,245 Daly-West
3
3
234 3
314
314 *3
2
*234 3
273 3
678 Mar
434 Feb13
538 Jan31
434 Dec
10
2,545 Davis-Daly Copper
5
5
518 518
513 514
5
518
533
5
513
5
012
8
3
Feb28
Jan
812
10
Mar 12 Nov
Min._
Copper
Butte
509
East
834 834
8% 8%
834 878
8
834
834 834 *812 834
6 Feb
3 Feb 6
378 Jan 6
3 June
25
314 312 1,110 Franklin
318
3
3
314 *3
312
318 314
318
3
7313June 8434 Oct
100 68 Mar 1 7312 Feb13
10 Granby Consolidated
72
*68
72
*69
71
*69
71
70 .68
70
72
*69
1011 4312 Jan27 4534 Jan 2
39 Jan 5784 Nov
20 Greene Cananea
44
4412 *43
4312 4312 4358 438 *43
45
*4212 4312 *44
458 Feb 6
512 Jan 2
_ _ 25
434 Dec 1018 Jan
Consolidated__
Hancock
360
812
6
5
*512
512
8
53
514
514
538 538
514
5
Jan
1
25 50e Mar 8 75c Feb18
.40 July
2 Indiana Milling
.60 *.50 .75 *.50 .75
.75 *.50
.75 +.50
.59 *.50
.50
Feb
7
4212
48
1
4
Jan
Dee 70 May
4478
Coal
5 Island Creek
*4414 4518
*4412 4518 *4412 4573 4518 4518 4518 4518 *4414 4518 *80
7912 Oct 84 Feb
I 741 Mar 4 8234 Jan21
pref
10
Do
82
80
80
82
*80
82
*80
82
*80
82
*80
25 24 Jan 2 27 Feb27
1912 Jan 29 July
905 Isle Royale Copper
*2412 2434 2412 2412
2478 2473 2434 25
25
25
*2412 25
612 Oct
4 Jan17
5
534 Jan24
5 Jan
514 514
225 Kerr Lake
58 538 *514 512
514 514
512 512 *518 512
990 Mar 4
118 Feb10
i5 May
25
.80 Sept
Copper
100
1
4
1
Keweenaw
+1
1
1
1%
..95
..09
1,4
*.99
'a-99 14, 4
3
Jan
Dec
2
412
Jan25
4 May
83
25
334
Co
Copper
295
Lake
334
3
312 334
314, 378 *312 4
4
4
4
4
314 Mar
212 Jan21
234 Jan 3
2 Jan
25
Copper
250
La
S-die
212
212
212
212
*212
4
3
23
4
23
3
+212
3
*212
6 Feb
214 Feb18
3 Jan 9
234 Dec
5
Mine
200
Valley
Mason
*214
23
4
3
258
*214
*214
238
258
238 258
*214 258
7 Jan
4 Feb 7
434 Jan 2
334 Sept
412
10 Massachusetts Consol____ 25
412 +4
412 *4
412 *4
412 *4
414 414 *4
2 Jan13
412 Nov
4 Mar12
.65 Mar
312 373 3,292 Mayflower-Old Colony ___ 25
314 378
334 4
312 378
358
3
314 338
414 Oct
212
.40June
Jan23
25
418
Feb24
70
Michigan
313
313
3
*3
312
312 *3
312 *3 • 314 *3
*3
May
7
4912
5134
Feb
Jan
3
5012
Dec
25
6812
5313
53
514 Mohawk
54
53
53
53
54
5212 5334 54
53
53
1612 Dec 20,2 May
5 1578 Feb26 1614 Mar 5
Nevada Consolidated
Mar'19
1614
Sale
Last
1634
*16
17
.1614
+16
1634 *1614 17
4
13
Jan14
8
114
Mar
212
Aug
25
1
July
Copper
Areadtan
229
134
*114
New
134
*114
114
134
114
1
112 *114 134 *114
5 1434 Mar 5 17 Jan13
634
-185 New Cornelia Copper
1512 1512 1512
15
15
1512 *15
•1472 1512 +1411 1512 15
tti•
.
Vt.
912 Jan18
814 Marti
100 New Idrla t.micksilves___ 5
4
83
*---4
83
*---4
3
8
814
814
4'838 834 *814 834
1012 Jan28
12 Aug 20 Jan
878 Febi 1
Feb'19
New 111 Vet company ... _ _100
Last Sale 9
Jan
*812 912 *812 912 *812 912 *812 9l8
80
Dec
6312
6313
Jan20
100 5712 Mar 1
184 Do prof
6114
59
59
5812 5812 5712 5812 59
978 Apr
814 Jan15 1034 Jan13
8% Jan
5
315 NipissIng NtInes
914
918 *9
918 *9
9
918 914
918 -;6-;61013 Dec 1738 May
9 Feb20 1112 Jan 4
15
510 North Butte
1012
10
101.s 1014 *10
1012 1078 10
1038 1033 1038 11
.95 Mar
.25 Feb
25 40c Jan 7 60c Feb26
Lake.
.75
400
North
*.50
.75
*.50
.75
*.50
.60
*.50
.50
.75 .50
*.50
152 Dee
118 Jan20
158 Jan13
12 June
25
Olibway Mining
Last Sale 114 Mar'19
114
114 *I
114 *1
134 *1
•1
32 Dec 4512 Jan
25 3012 Mar 5 3514 Jan14
32
765 Old Dominion Co
3212 32
32
34
32
34
34
3312 34
34
Jan
34
05
547
52
Jan14
4612Jttne
Mar14
25
47
164
x47
Osceola
48
*47
50
4
493
49
49
4812 49
48
48
1234 Dec 2014 Feb
10 1218 Feb 8 1312 Jan 2
1212 1314
359 Pond Creek Coal
1234 13
13
1212 1318 1338 1333 1313 1318 13
May
78
Dec
56
Jan 3
25 54 Mar 4 61
56 ' 101 Quincy
56
58
5814 5713 5718 58
5734 *57
57
55
55
1912 Dec 2584 May
Jan 6
20
*1914 20
100 Ray Consolidated Copper 10 1913 Feb 8 21
2034 *20
2034 20
*1912 20
*20
2034 *20
38 Dec 57 Jan
25 40 Mar 4 43 Feb 4
25 St Mary's Mineral Land
41
41
42
*41
42
*41
42
*41
43
*42
42
42
1534 Dec
7 Jan
13 Jan22 1412 Jan 4
Corp-no
Copper
Par
510
Seneca
14
14
1414
14
14
14
1414
*1313 1414 14
2 Fet,25
234 Dec
554 Jan
312 Jan 9
10
214 - -2-1-i 1,150 Shannon
212 212
212 212
238 2%
212 212
*214 258
Jan
Sept
Feb14
40e
1%
Jan13
25
11.1
150 South Lake
112 *vs
112 *1
114 *118 112 *1
1
114
*I
n
2 Jan
8e
8c
Al
Janll
140
Feb10
5
S
&
M
Utah
Mar'19
.13
South
Sale
.12
Last
*.10
.12
.12 *.10
.12 *.10
.10
.
Nov
878
4
Jan
Feb
8
4
6
Mar
4
25
407 Superior
5
5
434 454 *412 5
*412 512
5
5
412
4
Sept
454
114 Aug
3 Jan 4
218
2
400 Superior & Boston Copper. 16 1% Jan22
218 214 '2', 214
218 218
2% 2%
*218 214
418 Feb
212 Sept
2 Feb 3
3 Jan13
25
600 Trinity
234 234 *212 23.1
212 258
234 234
2543 234
212 212
.73 Dec 1% Aug
I 75e Febl 1 00o Febl 1
409 Tuolumne Copper
.85 *.81 .83 '0.80 .82
.85 *.80
.85 .82
.85 .85
..82
36 Apr 5012 Oct
43 Jan21 5133 Mar12
50
Mtn__
&
Refin
Smelt
50
S
U
4912
6,660
5078
5018
5158
8
503
4
503
4
483
4812 4914
49
•48
+so 4414 Jan24 4912 Mar14 42 July 4712 Nov
4912
469 Do Prof
4914 49
4812 4918 4812 4918 49
4812 *4834 49
*48
418 Nov
114 May
318 Jan 3
214 Feb 4
5
300 Utah-Apex Mining
214 214
238 212 *214 212
214 214 *218 212
*218 212
7 Dec 12 Jan
832 Jan 2
712 Jan18
5
8
(Stab
734
Consolidated
8
500
8
8
8
814
8
812
814 *8
8
% Apr
3
Dec
1
Mar12
114
214
Jan28
1
178 2% 8,940 Utah Metal & Tunnel-2% 214
214
2
134 178
153 134 *134 2
3 Jan
Ds Dee
214 Jan 2
25
ut Mar13
4,939 Victoria
114 113.(, *134 2
178 178
112
172
178
178
178 178
Jan
2
Nov
4
Jan
Is
114
9
Jan
50e
25
1
729
+.90
1
Winona
'.90
.90
.90 .90
.90 .80
.95 .80
.80
Jan
18 Dec 36
25 15 Mar 5 10 Jan14
204 Wolverine
+171/3 1714
18
18
18
18
18
*17
1658 1653 17
18
1 Mar
.40May 1 4
25 40c Mar13 50e Mar13
I
*3,
1
55 Wyandotte
1
*2,
.40 .50 *.75
1
10612 10714 105 10614 10512 10714
10214 10518 10414 10512 10378 107
101 101
9934 101
100 101
9912 9912 . 9938 9978 9912 101
.94
.60 .60 *.64 .94
.94 *.60
.94 *.60
.80 *.60
*.60
Feb'19
Sale
5
Last
4
43
434
*-*____
434
412 +____
11834 11834
11934 12018 *118 120
119 11914 120 12012 *119 120
116 116
116 11612 116 117
116 116
*115 117 *115 117
107 10734 10412 10514
106 10612' 107 10814 10718 10778 10712 108
6614
66
*6512 6614 66
6534 6738 66
63 I 6314 64
*62
9934 10112 101 10112 100 101
9812 98341 9812 9913 9834 100
82
_ _ 82
80
8014 *80
_
80
80
80
80
_ _
84
*80
84 - *81
*80
81 .8080
84
*80
20
2-6._
*20
4
193
_
_
4
193
*20
_
*20 ____
10858 10978 10812 10812 110 11013
11-0 - 109 109
*20108 108 *108
66
6512 6512
*63 _ _ *63
__
_ *63
66
*63
2014
1934 1934 20
51934 20
20
20
2014 2012
2014 2014 *61121414 1458 1418 1434 1412 1458 1438 1478 1412 1434 1438 1478
1138
8
12
113
1134
4
113
113
4
4
113
1112
4
113
1134
*434 5
*434 5
*434 5
*434 5
414 5
_
168 168 *16812
170 170 *168 170
*168 170
5612
5534 5614 5538 5512
56
561.1
4
5612
5512 5614 5612 563
15558 15538 *160 163 *159 161 *157 159
156 156
Last Sale 29 Mar'19
2934
2934 *29
2934 +29
*29
30
.29
*478 5
*478 5
514 514
434 434 *47.3 5
.\4iii516
Last Sale 21- -1
*1712 20
*1712 22
21
*18
*20
23
734 8
818
8
838
8
753 8'4
73* 7%
712 7%
98
*97
98
*97
98
98
97 . 97
98
*97
8312
83
84
8313 84
83
*8313 84
8312 84
84
83
6912 7012 6913 0912
7012 6938 70
70
.70
7012 701 701
136 136 *133 137
_
*13414 ____ '1321'- ---'136
_
_ _ *90
+90 ____ *90 ____ 92 -92 - *90
9512 9512 9534 --66- 16.95
96
9512 95
94
__
Last Sale 4812 Mar'19
55
55 .50
*48
55
55 - 4'48
*48
*9412158 12158
120 120
*1161* 118 *117 11814 *118
52
5212 52
5212 *52
5212 -521-2 52
53
5312 53
*52
15
15 $115
1514 15
1514
1512 *14
*14
3312 -3
39
4
81
.
3958 3978 3918 3958 3878 3938 3878 3933 39
129 131 x12912 13113 12812 13012 12812 12912 12833 12914 12714 129
5934
5934 *59
5934 5934 5934 *59
5934 *59
*58
17373 17514 173 17412 173- 17534
16912 174
169 170
16734 169
49
5053 4812 4914 4812 4918
4812 4812 4912 4914 50
48
2814
28
2811 28
2734 28
28
28
*2712 28
9858 9558 9714 957g 9634
3
967
8
977
9533
9712
9612
9512 97
115 115 *11412 115
*11418 11458 11518 11518 *11412 115
10 -Oki 10
978 1018 10
978 10
1033
1038 10
10
*I,
1
*34
'1316 and asked prism.
41
Ex-dividend and tightti. I Assessment paid. 0 Ex-otoelc dividend. A Ex-rights. s Es-dividend. 15 Half-Da1d.
MAR. 15 1919.1
THE CHRONICLE
1049
Outside StOct. Exchanges
Chicago Stock Exchange.-Record of transactions
at
Boston Bond Record.-Transactions in bonds at Bos- Chicago Mar. 8 to Mar. 14, compiled from official sales
lists:
ton Stock Exchange March 8 to March 14, both inclusive:
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High.
Bonds-
Range since Jan. 1.
high.
US Lib Loan 354s_1932-47
98.34 98.68 $15,850 98.04 Feb
1st bib Loan 48_1932-47
94.04 94.34 11,500 91.64 Jan
2d bib Loan 4s_ _1927-42
93.24 93.64 12,000 92.04 Jan
1st Lib L'n 4%8_1932-47
94.04 94.68 5,050 93.44 Feb
2d bib I,'n 448_1927-42
93.54 94.00 12,800 93.50 Mar
:3(1 Lib Loan 451s_ _ _1928
94.84 95.30, 74,250 94.64 Feb
4th Lib Loan 451s_1938
93.70 94.54 104,800 93.54 Feb
Am Agric Chein Is..-1924 10534 10551 10554 21,300 100
; Jan
Is
1928
99 100
2.000 9834 Jan
Am Tel & Tel cony 613_1925
10354 10334 2,900 10054 Jan
AUG& WISSL 58..1959 79
79
794 17,000 79
Feb
Chic Jet & U S Y 4s_1940
75
75
3,000 74
Feb
5s
1940
9054 91
3,000 904 Mar
Dominion Coal 5s_...1940
91
91
1,000 91
Mar
KC Mom &B Inc 5s_ _1934 74
72
74
8,000 72
Mar
Mass Gas 454s
1931
87
87
5,000 86
Jan
Miss Itiver Power Is._1951
7854 7854, 1,000 774 Jan
N E Telephone Is.. _ _ _193'2 9054 904 9054, 2,000 9054
Jan
Punta Alegre Sugar 6s.1931
93
94 1 30,000 87
Jan
Swift & Co 1st Is
1944 96
96
9641 9,000 95% Feb
United Fruit 434s
1925
loo ioo I 1,000 100 Mar
S Smelt It & M cony Os_
9951 100
11,500 99
Feb
Ventura 011 cony 78_1922
108 110
2,000 94
Jan
‘Vestern Tel & Tel 5s_1932 89
89
89
2,000 89
Jan
99.64 Mar
94.34 Mar
94.02 Jan
96.50 Jan
95.90 Jan
96.50 Jan
90.50 Jan
10554 Mar
100
Mar
103% Mar
834 Jan
77
Mar
9454 Jan
91
Mar
74
Mar
87% Mar
79% Jan
93% Feb
94
Mar
9654 Jan
100
Mar
100
Jan
110
Mar
91
Mar
Baltimore Stock Exchange.-Record of transactions at
Baltimore March 8 to March 14,compiled from official sales
lists:
Friday
Sates
Last Week's Range for
Sale.
ofPrices.
Week.
Stocks-Price.Low. High. Shares.
Par.!
Alabama Co, 2d pref__100
Arundel Sand & Grave1.100
Preferred
100!
Atlantic Petroleum
10'
Baltimore'rube
1001
Conine I Credit, Pref B-26;
Consol 0,EL & Pow--1001
Consulidation Coal.._ _102.
Cosden & Co
Preferred
5
Davison Chemical_.no par
Elkhorn Coal Corpu__._50
Houston 011 prof tr ctfs.100
Mt V-Woodberry MillsPreferred v t r
100
Northern Central
50
Oppenheint Oberndorf,com
Pennaylv Water & Pow.100
United lty St Electric _ _50
Wash Bait & Annap_ .....50
Wayland Oil& Gas
5
Bonds.
Alabama Cons C & I Is'33
Halt Country Club 59_1931
Bait Elec stamped 513_1947
Canton Co deb 5s..__.1926
Chicago Ry 1st 5s.._ -.1927
Congo'0,E L & P 454s'35
5% notes
0% notes
7% notes when issued
Cosden & Co A Gs._..1932
Series B 6s
1932
Elkhorn Coal Corp 6s-1925
Ca Sou & Florida 5s_ _1945
Ilona 011 div 018_1923-25
Kirby bum Contr Os_ -1923
Maryland Dredge 6s
United lty & Elea 48..1949
Income 4s
1949
Funding 58
1930
0% notes
Virginia Ry & Pow 5s_1934
& Weldon 5s_._1935
68
68
38
38
92
92
234
2% 23,
1
70
70
25
25
10734 110%
8,(?54 80
81
734 754
44 44
37
37
38
274 2754
84
84
84
73
7154
71
6454
81
19
25%
334
Range since Jan. 1.
Low.
2 60
10 :3434
14 92
420 • 2
235 70
10 25
631 105
574 794
815
0.4
245
4
215 32
40 27
10 7254
73
71
644
81
1954
264
334
130
1
3
145
1,828
314
200
71
71
64%
77%
19
254
331
81
81
90
90
94
94
97
97
78
78
84% 8454
9851 98%
97
974
10054 100%
91
92
9151 92
984 98% 984
95
95
110 110
98% 99
99% 9954
72
72
7255
5454 5434 554
75% 70
9434 94% 95
78
78
100 100
$5,000
4,000
2,000
6,000
1,000
2,000
48,000
3,000
6,000
30,000
9,000
25,000
1,000
8,000
4,000
1,000
9,000
24,000
3,000
15,000
1,000
1,000
81
90
9254
97
78
8454
954
97
10054
84%
85%
98
95
9854
98%
99%
72
52%
75
94%
78
100
81
19
2654
94
High.
Feb 68
Mar
Jan 38
Feb
Mar 92
Mar
Jan
34 Jan
Jan 72
Jan
Jan 25
Jan
Jan 11054 Mar
Feb 83
Jan
Feb
834 Feb
Jan
454 Feb
Jan 404 Feb
Mar 30
Jan
Jan 90
Feb
Feb
Mar
Mar
Jan
Jan
Mar
Feb
744
80
64%
81
2054
27
454
Jan
Feb
Mar
Mar
Jan
Jan
Feb
Feb 81
Feb
Mar 90
Mar
Jan 94
Mar
Mar 97
Mar
Mar 79% Jan
Mar 854 Jun
Jan 98% Mar
Mar 9851 Feb
Mar 1004 Mar
Jan 9254 Mar
Jan 9254 Feb
Feb 9951 Jan
Mar 96
Jan
Jan 112
Feb
Jan 99% Feb
NIar 9954 Mar
Mar 76% Jan
Jan
5554 Mar
Jan 70
Mar
Mar 96
Jan
Mar 834 Jan
Mar 101
Jan
Stocks-
Friday
sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
American Radiator_..100
Amer Shipbuilding__..100
Preferred
100
Armour & Co,preferred_
Booth FisheriesCommon. new (no par) 1934
Preferred
100
Chic City&C Ry pt sh com.
Preferred
Chic Pneumatic Tool_ _100 64
Commonw-Edison _._ _100
Cudahy Pack Co, com.100 1054
Deere & Co, prof
100
Diamond Match
100
Hartman Corporation _100
Illinois Brick
100
Libby (NV I)
27
Lindsay Light
10 1434
Nat'l Carbon, pref.
100
Peep Gas Lt & Coke_ A00
Pub Serv of N Ill, com _100
Preferred
100
Quaker Oats Co, pref. _100
Sears-Roebuck; corn_ _ _100
Whaw W W,corn
100
Stewart Warn Sp,com_100 91
Un Carb & Carb Co rights
Swift & Co
100 128
Swift International
5434
Un C & Carb Co_(no par) 0151
United Pap Board, com100
Ward, Montg & Co, prof_ __
Wilson & Co, corn
100 7754
Preferred
100 100
Bonds.
Booth Fish s f d (1w.._1926
Chicago City Ry Is. _1927
Chic City dr Con Rys 5s'27
Chicago Rys 5s
1927
Commonw-Edison 58_1948
Commonw Elec 5s_1943
Metr W S El ext g 4s_ _1938
Pub Berv Co 1st ref g 5856
South Hide Elev 454s..1924
Swift & Co 1st g 5w.. _1944
wnson .4 Co 1st (k.
1941
285
110
864
1004
285
111
8654
10234
Range since Jan. 1.
Low.
20 285
215 100
45 8554
1,500 10034
194 21
2,180 18
8154 8251
105 79
34
31
310
54
9
9
15
834
64
66
472 6034
11354 114
75 111
1024 107
2,787 10054
9534 96
164 95
11234 1124
50 109
59
60
300 544
58
58
GO 56
2554 28
35,040 1954
1354 15
1,325
951
122 122
25 121
4851 51
185 46
9054 9034
40 884
89
89
10 89
101 102
125 101
172 174
444 16854
91
91
35 91
904 92
3,455 84
4
431
725
34
12754 1314 11,063 1154
48
553.4 67,355 414
6154 6251
7,85:3 56
19
20
410 174
112 112
40 110
7554 78
2,628 663-4
z99 100
353 95
94
81
4754
7734
934
91
504
8754
774
9534
96
94
8154
48
7854
9354
91
504
8754
775-4
9554
981.
$5,000
3,000
7,000
12,000
34,000
3,000
2,000
28,000
1,000
6,000,
1.0001
8934
81
4654
7754
93
91
5054
8751
7751
9554
96
High.
Feb 290
Jan
Feb 112
Feb
Feb 8634 Feb
Mar 1024 Mar
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Feb
Mar
Feb
Jan
Mar
Mar
Mar
2154
83
I
11
60
115
107
97
114
GO
60
28
16
12254
52
92
90
103
179
9254
93
Feb
Mar
Feb
Feb
Mat
Jan
Mar
Feb
Feb
Mar
Jan
Mar
Feb
Mar
Feb
Jan
Jan
Feb
Jan
Feb
Feb
oi Mar
1314 Mar
554 Mar
6234 Mar
2154 Jan
112
Jan
78 !Mar
100 (Mar
94
84
4951
81
9431
9254
51
8754
7954
9854
9834
Mar
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
r Ex-dividend.
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
March 8 to March 14, 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-
Fridayi
Saks
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
American Gas
65
66
26
60
Jan
69
Jan
American Milling
11
00
0 10% 1054 1054
232 1054 Feb
1054 Feb
Baldwin Locomotive _100
8554 90% 1,000 6551 Jan 9054 Mar
Preferred
100
103 103
3 1004 Jan 103
Mar
Buff & Susq Corp v t c_100
69
69
58 69
Mar 73
Jan
Preferred v t c
100
51
52
205 50
Feb 53
Jan
Cambria Iron
50
41
41
15 40
Jan 414 Feb
Elec Storage Battery_ _100 644 59% 64% 5,722
51% Jan 644 Mar
General Asphalt
100 63% 6351 6654
765 39
Jan 724 Feb
Preferred
100 964 95 100
575 76
Jan 108
Feb
Insurance Co. of N A...10 28
28
28%
250 2554 Jan 29
Jan
J 0 Brill Co
100 36_
36
39
395 19% Feb 3954 Mar
bake Superior Corp_ _100 2054 19% 20% 8,201
17
Jan 214 Feb
Pittsburgh Stock Exchange.-Reprd of transactions at Lehigh Navigation
50 70
69
71%
288 69
Mar 73
Jan
Lehigh Valley
50 5534 554 56
1,528 :54% Jan 564 Jan
Pittsburgh Feb. 00 to Feb. 00, complied from official sales Little
Schuylkill
50
45
45
7 45
Mar 45
Mar
lists.
Midvale Steel & Ord_
50
44
47
160 41
Jan 47
Mar
Nlinehill & S H
50
52
52
40 50
Friday
Jan 54 1 Mar
Sales
Northern Central
50
71% 7154
200 7154 Feb 75 Pan
Last Week's Range for
Range since Jan. 1.
Pennsyl
Salt Mfg
50
834 845,
4
25 83% (Mar 844 Feb
Sale.
of Prices
Week.
Pennsylvania
50 414
Stocks-454 3,006 443( Feb 464 Jan
Par. Price. !Low. High. Shares.
Low.
Penn Traffic
High.
234
5.502 15-16 Mar
4
/4 3%
34 Mar
Philadelphia Co (Pitta)Amer Rolling Mill, com_25
4554 4554
22 444 Jan 4734
Pref (cumul 6%)
ao
35
American Sewer Pipe_ _100 184! 17
3651
Jan
406 3154 Jan 364 Mar
2154 5,110 IR
Jan
Philo,
214
Elect
of Pa
Mar
25 254 25% 254 1,713 244 Jan
Amer Wind Glass Mach100
80
81
800 79
2554 Jan
Jan 88
Jan Phila R '1' vot tr recta__ -50 25
Preferred
24% 25% 1,380 :23% Jan 28
100
80
190 7754 Jan 81
8034
Jan
Jan Philadelphia Traction_ _50 6734 Ez6734 z6734
Amer Window Glass, Pf100 100 ; 100 100
54 :13754 Mar 71
30 98 1Mar 100 WMar Reading
Jan
50
Carnegie Lead & Zinc_ _5
85
86
365 76% Jan 86
754 754
100
Mar
7 !Mar
Tono-13eintont Devel._-1 z34 :354 354
754
Mar
Columbia Gas & Elec. _100 46
45
4654
2.520
24 Jan
3% Feb
315 393-4 Feb 4634 Mar Tonopah Mining
I
3
Consolidated Ice, corn. 50
3
3
2.415
651
554 654
2% Jan 3 3-16 Feb
620
3 Pan
64 Mar Union Traction_
50
3854 39
Preferred
50
19
320 37
214
Jan 3951 Jan
105 15
Feb 2134 :Mar United Cos of N J
100
188
188
[lath-Walker Refrac__100 120 ; 120 120
10 185 Feb
190
60 120 Pan 120
Jan
pan Unite1 Gas Impt
50 724 7151 7254
Preferred
100
100 100
426 7054 Jan
10 99
pan 100
Jan U S Steel Corporation_100 9634 9551 984 8,510 88% Feb 744 Jan
Indep Brewing, corn. _50
234
234 254
330
9854 Mar
14 Jan
NVarwfck
354
Iron
&8
Feb
10
8%
8%
Preferred
50
84
110
8% 84
851 Jan
100
8% Mar
55a Jan 10
Feb West Jersey & Sea Shore 50 42
42
42
La Belle Iron Wks,Com.100
10554 10554
2 42
Mar 46
150 9454 Feb 1054 'Mar Westmoreland Coal__
Jan
_ _50 7354 7354 7354
Lone Star Gas
20 7354 Mar 75
100 220
208 227
1,099 170
Jan
Jan 227 (Mar Wm Cramp & Sons • .100
85
87
Mfrs Light & Heat
49% 50
558 75
50 50
Feb 90
840 4841 Jan 53
Mar
York
Railways
Jan
pref..
50
3154 3154
Nat Fireproofing. corn. 50
84
10 31
8
94 4,669
Mar 32
5
Jan
Jan 1034' Jan
BondsPreferred
15
17
50 16
3,370 10
Jan 18541 Jan
U H bib Loan 34s_1932-471
98.30 98.30
$300 98.39 Feb 99.70 Jan
Ohio Fuel 011
19
1951
1
150 16
rJan 205-4 Feb
1st Lib Loan 4s_1932-47
93.80 94.00
Ohio Fuel Supply
150 92.30 Feb 94.00 Mar
44% 46
25 46
4,242 4234 Feb 46
2(1
bib
Loan
Mar
4s...1927
-42
93.20
93.30
Okla Natural Gas
900 91.80 Jan 93.681 Jan
25 3034 29% 3034
1,517 28% Jan 3131 Jan
1st
bib
L'n
414a.193
2-47
93.90 93.90
150 93.90 Mar 95.80 Pan
Oklahoma Prod & Ref_ -5
8% 8%
125
84 Feb 10
3d bib Loan 454s. -1928
Jan
9480 95.36 9,100 94.50 Feb 96.38 Jan
Pittsb Brewing,corn. _50
451
5
05
2
Jan
554 Feb
4th bib Loan 4548-1938
93.60 94A)8 22,100 93.40 Feb 1
Preferred
12
50 124
165
90
1234
52
.6
14
4 rJan
7
Jan 144 Feb Am Gas & El 54 na11.2007
86
86
Pittsburgh Coal, corn..100
400 86
4851 4954
Mar 88% Jan
270 45
Feb 4934 Jan Baldwin Locom 1st 5s_1940
10034 10014 3,000 1004 Jan 100% Mar
Preferred
100
100 8554 Feb 8651
8651 8654
Elec
&
Mar
Pell)
tr
Ufa
48_1945
70
70
70
Pittsb Jermee Copper__ _1
8,000- 69
17c 19c
17c
11,300
Feb 71
8c
Jan
Jan 20c Feb
do
do
sanall.1945
70
70
Pittsb & Mt Shasta Cop _1
5001 6951 Feb 75
3Ic 33c
:3,000 2Ic
Jan
Jan 34c Feb Equit Ill Gas L
_1928
10154 10154
Pittsburgh Oil & Gas_100 10
1.000; 101% Feb
954 10
4,385
8
Jan
Inter-Sta
te
Feb
Rye
eon
49.1943
404 405,
1 4,000' 404 Mar
Pittsburgh Plate Glass 100
1184 11854
28 117
Jan 120
Jan Lake Superior Corp 53.1924 62
62
6354 12,0001 58
Pittsb Stock Exeh memb'p
2200 2200
Jan
1 2200
Mar 2200
Mar Lehigh Valley 6s
1928
10151 102
Riverside East 011, corn _5
35,000; 10154 Jan 11
100
6
00
01
4I14}'
51 Feb
Jan
e
arb
1
Lehigh
Val
Coal 1st 58.1933
Jan
10054 10054
San Toy Mining
1,000; 160
Jan
Sc
Sc
1
3,000
6c Feb
Mar
9c
Natl Properties 4-6s_ _1946
Jan
3254
32%
Uii0lass
3,000;
3254 Mar 3254 Mar
100
30
30
330 :30
Feb 33
Pennsylv
ania
RR
Jan
5s_
_1968
94% 95% 11,000. 9351 Mar 98 Pan
S Steel Corp, corn__ _100
95% 9754
94 884 Feb 9754 Mar 1:1,P W & B etts 48_
A921
95% 95%
West'house Air Brake_ _50 96
1,000; 95
06
94
Feb 9534 Mar
375 93
Jan 96
Mar Pa & Md Steel cons 68.1925
10154 10154 3,000! 101
West'house Elec & Mfg_50 454 4554 4754 2,275 404 Jan
Feb 10254 PJan
4734
Phila
Co
1st
Mar
stpd
5s
_1949
_
100% 1004
Preferred
moo'
100
60
Jan
60
50
1004 Mar
15 59
Jan 62
Jan 111Cons & coil tr 58 stpd '51
87
87
86
Feb 894 Feb
Phila. Elect 1st 5s_ _ _1966 9354 933( 9354
" Bonds.
9354 Jan 96
11,500?
Jan
935( 9354
6001 934 Feb
Indep Brewing 6s......1955
48
48
$9,000 30
Jan
Jan 48
Mar ining(Igensril -1666
1997 8431 843( 8554 4-8454 Mar 9754
PIttsbIllrewing Ga......1049
664 60%
865,
1 Jan
1,000 52
Jan 68
Spanish
Am
Feb
Iron
6s__1927
101 1014 5.000 10054 Jan 10134 Feb
PittsbiCoal deb Is.._1931
96% 96% 11,000 95% Jan 9654
Feb United Rys Invest 58_1926
68
6834 35,000! 6254 Jan 68% Feb
81 1
1054
•
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
March 141919.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
State, Men
& Foreign
Bonds.
Shares.
Par Value.
Railroad,
&o.,
Bonds.
668,869
1,237,350
972,492
1,228,440
1,154,045
1,008,604
162,645,900
114,752,000
91,377,700
118,838,000
112,044,000
97,977,400
$1,372,000
1,716,000
1,780,000
1,743,000
1,370,000
1,045,000
Stinks.
Week ending March 14.
1
$274,000 $4,543,000
941,000 7,712,000
1,037,000 6,914,000
1,041,000 6,489,000
626,000 9,170,000
874,000 7,029,000
19.026.000 14.793.000 141.857.000
6.269.800 1597.635.000
1919.
U. S.
Bonds.
1918.
Jan. 1 to March 14.
1918.
1919.
$29,298,587
130,813.838
1,963,270
6,269,800
Stocks-No.shares__ _
$597,635,000 $174,627,5001 $3,289,914.405 $2,749,781,700
Par value
$9,800
$28,700
$1,800
Bank shares, par
Bonds.
$112,041,500
$435,190,000
Government bonds_ _ _ $41,857,000 18,783,000
49,328,000
107,470,500
3,177,5001
4,793,000
State,mun.,&c.,bonds
69,304,000
86,894,000
5,997,500,
9,026,000
RR. and misc. bonds..
Total bonds
$55,676,000 117,958,000
$629,554,500 .$230,673,500
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Stocks (Concluded) Par Price. Low. High Shares
62% 65% 14,400
100 65
Nat Ice & CoaLr
4% 10,500
4
No Am Pulp&Pap..(no par)
5,600
22% 25
Peerless Trk & Mot Corp50
136
34
30
/Penn Seab'd Steel vto_(t)
9413-16 37,500
Perfection Tire & Rubb r 1
30
375 385
Rey'ds(RJ)Tob,comB 100
400
834 8%
Standard Mot Constr_r _10
400
3934 39%
Stewart Mtg_r
16% 27,600
Submar Boat Corp v to. 5 1434 14
17,800
15 5434 48% 56
Swift Internat'l_r
10% 2,700
Themells Bros Co,Inc.. _10 1034 10
3,300
43%
42%
4
par)
334
(no
_
r_
Motors_
United
38,000
1% 2
United Profit Sharing__25c 1 11-16
234 4,000
2
U S Light & Heat corn r _10
650
10
334 3%
Preferred r
3% 16,000
3
3
10
U Steamship
3% 3% 5,900
334
5
Wayne Coal
World Film Corp v t o_....5 7-16 7-16 11-16 17,600
4% 5,900
4
434
Wright-Martin Airo_r_(t)
Former Standard Oil
Subsidiaries
18 *1834 1,150
El 18
Anglo-Amer 011.r
49
9834 102
Galena-Sig Oil corn r_100
50
172 173
Illinois Pipe Liner._ _ _100
90
325 331
25 331
Ohio 011_ r
35
652
650
_100
_
Prairie Oil& Gas_r_
55
267 269
Prairie Pipe Line.r....100 267
25
298 299
100
South Penn Oil_r
80
266
262
100
Stand 011 (Calif)_r_
45
772 776
Standard 011 (Ind)_ r _ _100
50
677 080
Standard 011 of N Jr.. 100 677
165
335
331
Standard Oil of N Y r 100
AND
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA
BALTIMORE EXCHANGES.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Baltimore.
Philadelphia.
Boston.
Week ending
March 14 1919
Shares. Bond Sates. Shares. Bond Sales. Shares. Bond Sales
15,179
' 24,232
24,329
31,597
16,614
19,265
$32,600
138,250
89,700
75,500
62,450
14,000
3,811
0,983
4,313
10,575
6,909
9,261
$18,100
31,050
41,500
53,100
41,950
14,000
352
1,172
2,282
1,076
984
1,250
$13,000
19,000
43,000
70,000
43,000
20,000
131,216
1412,500
44,852
$199,700
7,116
1208,000
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market frqm Mar. 8
to Mar. 14, 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.
of Prices.
Sale.
Par. Price. Low. High. Shares.
1Veek ending Jan. 24.
Stocks-
[VOL. 108.
THE CHRONICLE
1050
AetnaExplosives_r(no par)
100
Preferred r
Amer Bosch Magneto r (t)
Amer & Brit Mfg,corn 100
100
Preferred
Am Road Machinery_r 100
Amer Writing Pan corn 100
100
Brill (J 0) Co_r
Brit-Amer Tob ordinary El
El
Ordinary bearer
100
Bucyrus Co_r
25
Car Ltg & Power_ r
Chalmers Mot Corp_r_(t)
100
Chevrolet Motor
Cities ServiceBankers' shares w 1..r___
Colum Grapho Mfg-r-(t)
Dlotograph Products_ r_10
Emerson Phonograph _5
25
Fairbanks & Co_r
Famous Players-Laskey
par)
(no
Corp
Freeport Tex Co.. (no par)
General Asphalt-r.-- 100
100
Preferred _r
Gillette Safety Razor_ r_(t)
Hupp Motor Car Corp_10
Intercontinental Rubb..100
100
Jones Bros Tea _ r
Horst Tire & Rub com_100
Lackawanna Co Coal r 10
Lake Superior Corp _ r _100
Lake Torp Boat, com _ r _10
Libby, McNeil & Libbyr10
Lima Locom com _ r.. _100
Marconi Wirel Tel of Am.5
Morris(Philip)& Cow 1_10
Nat Anlline&Ch,com.r.100
Nat Fireproofing corn r_50
50
prprerreci.r
934
37
434
2434
294
1034
934
59
6434
334
23
2534
434
3634
2434
2434
1534
234
434
200
3634
3634
173
1134 1034
4
56
53
4134
6334
97
834
1834
8294
33
2734
434
1034
26
16i-
Range since Mar. 14.
High.
Low.
6% Jan 1034
934 14,200
64
Mar
15 59
64
400 4.6134 Feb 6534
6434
434
800
234 Mar
434
Mar 25
300 23
25
Feb 37
8
2,300
37
234 Jan
534
534 2,200
200 2834 Mar 39
37
200 2334 Jan 2434
2434
2534 3,200 2334 Jan 2534
Mar 1734
800 15
17
Feb
2
234
234 3,600
2,900
1034
434 Mar 1034
Jan 200
100 145
200
Feb
Jan
Feb
Mar
Mar
Mar
Feb
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Feb 3834
Mar 175
Jan 12
434
Feb
Feb 6034
Mat
Mar
Mar
Mar
Feb
37
175
12
434
58
54
53
4134 4434
6234 6734
97 103
128 131
734 83
1734 1934
28
26
7134 85
2134 3434
2034 2034
194 2
2534 28
38
32
434 43-4
934 1134
2534 27 834 934
1714
15
4,400 35
237 173
834
5,800
2
375
400 55
1,000
1,600
18,800
900
900
41,000
10,800
4,330
60,800
35,278
350
500
6,800
400
12,500
44,900
6,100
2,900
2.950
Other Oil Stocks.
194
1
Allen 011..r
3%
5
Boone 011_r
29c
r.._1
Oil_
ng
Boston-Wyomi
Commonw'th Petrol_r w ii 4934c
134
Continental Oil & Ref_r_ _
7%
5
Cosden & Co. com_r
1
Crown 011.r
1%
Crystal Oil & Refining_ r _1
34
Drillers 011_r_new __ _10c
634
Elk Basin Petroleum_r_ _5
Esmeralda Oil Corp_r._ _1 5340
2%
•5
Federal Oil_r
394
10
Glenrock 011.r
2
Great Plains Petram_r_l
1
Homa 011_r
Home 011 & Refg_r w 1_10 15%
Houston Oil, oom_r-100 8034
1 1 13-16
Hudson 011 _r
Internat Petroleum_ r__El 21%
7%
Island 011 & Transp_r__10
1 93-40
Kenova 011
Louisiana Oil & Retin.r _60 40%
2%
McCotnhs Prod & Ref.r_10
10 24%
Merritt 011 Corp_r
Metropolitan Petroleum.25 3 9-16
1 1 9-16
Midwest 011, com_r
Midwest RefinIng_r___50 153
/
Northwestern 011_r
Omar 011 & Gas. corn__ _ _1 50o
10 15%
Pennok 011_ r
1 190
Queen 011_ r
1 45o
Rangeburnett 011..r
10c 440
Rock 011_ r
Royal Dutch (new)_r
5
Sapulpa Reif ning_ r
Sinclair Gulf Corp_r---(t) 31%
1 42o
Southwest 011_r
34
1
Stanton 011.r
1 330
Texana 011 & Ref _r
2
5
TyopaOlLr
United Western 011 new_r
234
10
Victoria 011.r
53
33
3934
383-4
109
434
1034
2434
4334
1094
2034
134
19
2734
4
7
2534
634
1334
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Feb
Mar
Feb
Jan
Mar
54
45 Mar
7234 Feb
Feb
109
Feb
136
834 Mar
Jan
21
Mat
28
Mar
85
343-4 Mar
2034 Mar
Feb
3
Mat
28
Mar
36
434 Jar
1134 Mai
27
Mai
Jar
12
20 t/ Jar
1% 234 61,200
3% 4% 34,900
270 30o 63,000
47c 500 28,500
1% 1% 5,400
13,400
7% 8
8,800
250 330
1% 1% 28,205
34 2,500
3.4
6% 6% 1,500
80 142,700
So
294 2% 14,000
394 3% 8,800
1% 2% 30,000
40o 490 15,200
15
1534 2,500
1,400
7934 82
13-16 1% 48,175
5,400
2134 22
7% 8% 62,500
7340 100 16,100
20,600
42
39
1% 2% 8,944
24% 2534 7,600
3 3 13-16 46,300
15-16 194 29,700
7,550
160 158
460 48o 12,000
49c 52o 80,000
12% 15% 29,600
170 230 153,000
410 470 27,200
5,000
42o 440
8634 7,500
83
500
7%. 79.4
29% 32% 27,500
400 44o 20,450
16,800
% 1
250 470 41,100
1,000
134 2
1 11-16 2% 20,050
2% 2% 3,900
Range since Jan. 1.
Low.
High.
Mar
Mar
Mar
Jan
Feb
Feb
Mar
Feb
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Jan
Jan
% Mar
434 Jan
Jan
47
2% Ja
Ja
18
Ma
30
34 Feb
Feb
330
7% Jan
38% Mar
Feb
10
40% Jan
10
Mar
339.4 Jan
7-16 Jan
134 Jan
234 Fei
• 2% Ma
334 Fe
34 Ja
Fe
3
6534
43.4
25
40
1
400
8%
41
1634
56
1034
43%
234
234
3%
5%
16%
88
164
315
630
266
297
258
772
673
310
18%
102
173
336
685
270
320
280
776
731
335
3-4
Jan,
Feb
Jan
Jan
Jan
Fen
Feb
Jan
Mar
Mar
Jan
Ja
Mall
Ja
Mar
Fe
Ja
Ja
Feb
Feb
Jan
40 Jan
Jan
2
3% Mar
Mae
40c Mar
Feb
10
Jan
75
550 Feb
1634 Jan
6% Jan
70 Mar
23% Jan
13-4 Mar
Jan
21
2% Jan
1.13 Jan
124
Jan
460 Feb
220 Jan
11% Feb
130 Feb
350 Mar
420 Mar
7034 Jan
Jan
7
Jan
22
360 Feb
Mar
Jan
lbo
1% Mae
13-16 Jan
234 Jan
3
18o
370
1
6%
13o
1%
454
914
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Ban
Mar
4
2
Feb
470
50o
Feb
Mar
Mar
Feb
Feb
194
834
35o
14
8
6
034 M
MJMaanrra
3%
434
214
52o
15%
86%
Feb
Jan
Mar
Mar
Mar
Feb
"4
Feb
Mar
23
Feb
Jan
16o
42
Mar
Mar
*294 M
b
25;62
Mar
Feb
1641L
1b
Feb
640
56450 Mar
1534 Mar
300 Jan
47o Mar
440 Mar
b
3920
7% Jan
Mar
440 Mar
Jan
14 Mar
470
334 Feb
2x
Jan
Feb
3
Mining Stocks.
35c 390 17,900 350 Feb 500 Jan
Alaska-Brit Col Metals..) 360
3,6 Mar
% Mar
34 1,000
%
34
1
Alaska Mines Corp
111. Feb
Feb
X
94 1 1-16 1,300
1
America Mines r
'31. Mar
% Mar
34 7-16 31,500
Amer Tin & Tungsten_r- 1
1% Jan
34 Mar
3,300
% 1
1
1
Arizona Bing Copper
Feb 60
Mar
1,500 46
60
60
1 60
Arizona Butte_r
60 Mar
5340 60 23,300 314o Feb
1 5340
Atlanta Mines
Jan
Mar
15-16
14
30,550
%
3-4
34
5
Big Ledge Copper Co
2,000 12340 Jan 170 Feb
150 160
1
Booth_ r
42o Feb 54o Jan
57,450
500
480
Dev_5
Montana
&
Boston
60 Mar
4o Mar
Oo 46,000
40
Butte-Det Copp & Z M. 1
% Jan
100
34 Jan
15
45
1
Butte & N Y Copper
Jan
Jan
330
270
8,700
310
300
310
1
Caledonia Mining
Jan
34
Feb
14
60,000
fis
i
L
Calumet & Jerome Cop_ r.1 7-16 5-16
1% 1% 1 15-16 5,300 1 5-16 Jan 2% Feb
Canada Copper Co Ltd_ _5
Mar
640
Jan
30,920
520
640
590
64o
1
Candalaria 1311ver..r
8%0 Feb
50 Feb
6340 6%c 3,600
1
Cash Boy
1% Feb
Jan
1% 4,900
1
1
1%
Cerbat Silver M dc M_r__1
Jan
Feb
9-16
1
1
1%
3,800
11-16
Congo! Arizona Smelt-_5
694 Jan
494 Feb
5% 1,650
5
Consol Copper Mines-_5
Jan
534
Feb
4%
5,000
5
4%
4%
1
M
&
M
Cresson Con Gold
Feb
3
134 Jan
4,800
234 3
234
El Salvador Silver M._ _ _1
1% Jan
1% Feb
1% 1% 4,000
Eureka Croesus Min_ r__ 1
76o 800 10,400 60o Jan 850 Feb
1 780
Florence Silver_r
Feb
614 Feb
3
3% 5,400
3
5
Gadsden _r
3% Feb
214 Fob
314 3% 25,700
3%
Golden Gate Explor_ r _5
Feb
14 Jan
54
1,600
14
14
1
Golden Rule_r
Jan
180 210 104,900 17c Feb 24o
10 18c
Goldfield Consol
5o Feb 710 Mar.
1 614c 5140 7%c 49,000
Goldfield Merger_r
Jan
Jan
60
30
3,700
60
4140
1
Great Bend _ r
% Mar
5-10
% 14,000 5-16 Mar
Green Monster Min _ r _50c
710 Feb
Jan
410
3,700
70o
64o
70o
5
&
M..t_r_l
M
Hamilton
5,000 330 Feb 50o Feb
40o 450
1
Hattie Gold Mln_r
,4 Jan 4 15-16 Jan
41
4% *414 4% 3,595
25c
Heels Mining
Jan
500 7-16 Feb 53c
7-10
7-16
10c
Iron Blossom_r
Mar
1
Mar
7-16
45,000
1
7-16
Jerome Verde Cop Co_ r _ _1
0,800 320 Jan 440 Feb
350 370
1 30o
Jim Butler_r
130 150 12,000 120 •Feb 150 Jan
1 130
Jumbo Extension
80 Jan
50 Feb
7o 15,750
50
1
Kewanus_r
7-16 Jan
34 Feb
% 1,500
34
5
Ltd
Mines,
Rose
La
300 Mar
Feb
5o
685,000
300
110
1 120
Lone Star Cons'd_r
g Feb
11 Mar
4
% 19,000
3-16
1
Louisiana Cons
Mar 600 Mar
34o
453,000
600
460
540
_1
_
r
_
Mining_
MacNamara
Feb
Feb
94
220
35,900
%
5-10
1
Magma Chief _r
33c 390 22,300 280 Feb 39c Mar
1 390
Mother Lode_ r
9%
Mar
Jan
sg
600
og
9%
5
Nipissing Mines
380 470 18,000 32c Feb 480 Jan
1 450
Nixon Nevada
1,100 100 Feb 250 Feb
200 22o
North Butte Devel_ r _ _ _ _1 220
3% Jan
Jan
1,400
3
3
3
3
Onondago Mines Corp.r.1
334 Jan
1% Jan
234 2% 13,300
2%
Ray Hercules Min_r_-5
32o Feb
Mar
170
190
10,700
170
170
1
Rochester Mines
Feb
8340
Feb
5340
2,000
6%o 014c
1
Silver Pick Consol_r
% Jan
34 Jan
% 2,400
5-16
Standard Silver-Lead__ _A
Jan
180
Jan
150
150
20,600
150
150
1
Stewart
Jan
7c
40 Jan
500
4140 4%c
1
Success Mining
3% Mar
9-16 Jan
2
200
334
3
7-16
1
r
Dev
-Belmont
Tonopah
Feb
3
Jan
1%
5,500
2%
234
2%
1
Tonopah Extension
Mar
3
2% Jan
300
3
3
1
Tonopah Mining
1.55 Feb
35c 550 11,500 300 Jan
Tuolumne River Placer r_l 45o
Mar
5%
Jan
3%
740
United Eastern Mining__1 411-16 *434 4 15-16 2,000
34 Mar
134 Jan
United Sulphur Mines_r _1
3334
Mar
Mar
3134
1,500
3334
32
United Verde Exten_r_500
60 Jan 12o Feb
9340 110 10,000
U 13 Continental Min_r-1
Mar
5
4% Mar
400
434 6
5
Unity Gold Mines
THE CHRONICLE
MAR. 15 1919.]
Bonds (Concluded)-
Friday
Last Week's Range Sales
for
Sate
of Prices.
Price. Low. High. Week.
Range since Jan. 1.
Low.
280 320
6,500
300
820 940 23,200
930
1% 1 1-16 1% 5,000
7c . 8e
1,000
80
14e 160 26,200
14e
1% 1%
1,000
240
810
1
7c
100
13
Jan 400 Feb
Mar 94c Mar
Mar
14 Feb
Mar 17e
Jan
Jan 18%o Jan
Jan
1% Jan
Bonds.
Am T & T6% notes-1924
Amer Tob serial 7s_r_1923
Anaconda Cop Minds -'29
Beth Steel serial 7s_r_1919
1921
Series 7e_r
1923
Serial 7s_r
Braden Cop M 6s _r_1.1931
Canada(Dom of)50-1919
Federal Farm Loan 55-.
Gen Eiec(3% notes_ _ _1919
1934
Ills Cent 534o
1921
Interboro R T 78
Kan C Term Ry 6s_ _ _1923
Laclede G L coil 78_ _ _1929
Liggett & Myers Tob 68'21
N Y Telep deb fls-- -.1949
Procter & Gamble 7e.r1922
1923
Serial 7e_r
Russian Govt 834s_r_1919
1921
5%s_r
St Paul Un Dep 5%8_1923
South Ry 6% notes__1922
Swift &Co6% notes_r 1921
121711ann .1. rin Tnn R. 1025
99% 99% $90,000
1023
% 102% 103% 11,000
97% 97% 98 216,000
100% 100% 90,000
1,000
101% 101%
101% 101% 27,000
9234 92% 23,000
99% 9934 99% 31,000
104% 103% 104% 248,000
100 100% 4,000
96% 96% 96% 201,500
91% 76,000
90% 00
100% 100% 10,000
100% 101
20,000
100% 100 100% 26,000
99% 99% 99% 138,000
103 103
2,000
103% 103% 3,000
67
83,000
64% 64
57% 57% 60
20,000
99
10,000
99
99% 9934 99% 86,000
99% 100
57,000
100
94% 93% 94% 445.000
98%
102%
97%
100%
100%
100%
92%
99%
103
100
96
85
99%
100
99%
9934
103
103%
48
47
98%
99%
99%
104%
99%
100%
101%
101%
96
09%
104%
100%
97%
92%
100%
101
100%
101%
103
103%
72
65
99%
99%
100
041,1
Jan
Jan
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Feb
00% Feb
0234 Jan
Feb
Feb
Jan
Mar
Mar
Mar
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Mar
Feb
Jan
Mar
Mar
Feb
Feb
Jar
Mai
Mai
Mm
• Odd lots. t No par value. i Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found. o New stock.
r Unlisted. w When issued. z Ex-dividend. y Ex-rights. a Ex-stock dividend.
I Dollars per 1.000 lire, flat.
CURRENT NOTICES.
-Herbert B. Smithers, for 15 years a partner of F. S. Smithers & Co.,
has become a general partner in the banking house of Knauth, Nachod &
Kuhne, 120 Broadway, New York City. Mr. Smithers, who is well known
in financial circles, for years specialized in oil stocks and was among the
first to see the value in the securities of the Standard 011 subsidiaries and
to make a market for those stocks. He recently returned from France,
where, with the rank of Major, he had charge of the organization and
operation of the Finance Division of the Ordnance Department, U.S. Army
-In our advertising columns to-day, the National City Co. of this city
calls the attention of the bankers and financial institutions of the country,
to the company's national chain of correspondent offices in the United
States. Through its thirty-three American offices, Montreal and London
offices, the company's experts are in close touch with the bond markets
of every important city and offer this intimate knowledge of investments
to every bank, no matter where located, which wishes to keep its surplus
funds invested wisely and profitably.
-As a matter of record only, all of the notes having been sold, Alex.
Brown 8c Sons, Jackson & Curtis, Brown Brothers & Co. and Lee, Higginson & Co. are publishing a full page advertisement of their recent offering
of $5,000,000 Consolidated Gas, Electric, bight & Power Co. of Baltimore
7% Secured Convertible notes, due Aug. 1 1922. Price 100 and interest,
yielding 7%.
-William R. Compton Co., N. Y., Smith Moore & Co., St. Louis,
and White, Weld & Co., this city, are jointly advertising in this issue
for investment $2,000,000 Ralston Purina Co. 6% serial bonds, due
serially Mar. 1 1921 to Mar. 1 1926, inclusive, yielding approximately
6.76%. Prices and particulars appear in the advertisement.
-Messrs. Richardson, Hill & Co., 50 Congress St., Boston, Mass., have
issued a comparative chart giving the principal financial figures for eight of
the leading American steel companies covering the period from 1913 to
1918, both inclusive. The work was compiled by F. B. Swain of tho
Statistical Department of Richardson, Hill & Co.
-At a price for any maturity to yield 4.70%, a new issue of $1,500,000
Cleveland, Ohio, 6% School District Building bonds are advertised elsewhere in the "Chronicle" by White, Weld & Co., Wm. R. Compton Co.,
Kissel, Kinnicutt & Co. and Stacy & Braun of this city. Full details
of the offerings are set out in the advertisement.
-The ICquitable Trust Co. of Now York has been appointed registrar
of the stock of Louis Dejonge & Co.
Now York City Banks and Trust Companies
All prices now dollars per share.
Banks.
Banks-Bid. Ask. Trust Co's. Bid. Ask.
-N.Y. Bid. Ask.
':Irving (trust
525
America•_
1 New York.
certificates) 317 322 Bankers Trust 395 402
Amer Exch.- 235 240
Atlantio
170 180 1 Liberty
520 540 'Central Union 412 417
Battery Park_ 215 225 IlLincolti.
270 300 'Columbia_
312 317
____!ialanhattan *. 207 213 Commercial_ 90 100
425
Bowery
BroadwayCen 135 145 Mesh & Met_ 350 360 Emp1re
1235 295
Brent Bore. 125 175 Merchants.... 150
Equitable Tr 418 425
Bronx Nat.__ 150 165 i.Metropolitan' 180
Farm L & Tr_ 450 460
Bryant Park• 145 155 IMutual *._
375
Fidelity
218 225
35 New Neth•_ _ 200 215 Fulton
Butch & Drov 25
240 260
New
York
170
Co
130
165
Mere__
140
Cent
Guaranty Tr_ 385 389
407 415 New York._ t450
Chase
Hudson
132
150
Chat & Phen_ 280 290 IIPacific •
Irving Trust See Irving
580 6.00
Chelsea Exch• 100 110 Mirk_
I Nat Bank
200
,Law Tit & Tr 107 115
Chemical......: 500 520
225 235 11171=3"b*-- 1245 255 Lincoln Trust 175 185
Citizens
. 450 460 iBeaboard..._ 450 470 Mercantile Tr
City
400 425
240 250 I Second
at Deposit. 210
Coal & Iron
-. 1:Sherman __ 125 135 Metropolitan. 350
Colonial a__ 400
124 130 , Mutual(WestColumbla•_..;' 160 170 1,State •
Commerce__ 213 216 1123d Ware__ 115 130 , Chester) _ 105
123
Comml Ex*. 300 410 !Union Etch_ 165 175 N Y Life Ins
T.JnitedStates• 1150 160 I & Trust_
Common700 810
275
Frts•_
IN
210,1Wash
Y
wealth •.... 200
Trust__ 610 620
116 11Westch Ave*. 160 175
Continental*. 107
Scandinavian 295 315
Corn Each*._ 312 317 11Yorkville'.._ 290 310 Title Gil dc Tr 330 365
Cosmop'tan•_ 100 110
Transatlantic
170
.....,11 Brooklyn.
US Mtg & Tr 415 425
Cuba (13k of
76
Coney Island* 140 155 United States 890 910
East River.......
190 200 Westchester__ 130
Europe
110 130 I First
140
Fifth Avenue* 2200 2500 I Greenpolat _ 150 165
Brooktyn
Fifth
215 230 11111101de •__ 110 120 Brooklyn Tr. 505 515
80 Franklin
First
960 975 1 Homeetead *- 70
220 225
70 Hamilton
. 65
Garfield
186 195 Mechanics'•
260 270
95 Kings County 650 700
Gotham
Montauk •___ 85
I 200
200 207 Manufactur
Greenwich'. 340
_1Nassau
160 165
133
City
138
National
Hanover_
735 745 i
People's..... 290 305
Harriman. 1 260 275 I North Mdse._ 175 200 Queens Co
70
80
130
140
Imp & Tres!. 650 . _505 'Peopkes
_
t Sale at auction or at Stook
•Banks marked with a (*) are State banks
Exchange this week.I Includes one-third share Irving Trast Co
t New stook.
y Ex-rights.
New York City Realty and Surety Companies
High.
Ward Min at Milling_ r..1
Washington Gold Quarts_l
West End Consolidated-5
Western Utah Exten_ r _ _1
White Caps Mining__.100
White Knob Cop,pf-r_ _10
1051
Alliance R'Ity
Amer Surety_
Bond & M 0.
Casualty Co_
CityInvesting
Preferred...
All prices now dollars per share.
BM. Ask.
Bid. Ask.
I Bid.
60
70 Lawyers Mtg 115 120 Realty Asao
80
85 Mtge Bond__ 90
95
(Brooklyn)..l 80
235 245 Nat Surety.... 213 218 USCasualty.I 175
75 N Y Title &
_
UBTitleGuarl 50
- 20
Mortgage... 97 102 West & Bron
60
67
Title&MGJ 150
Ask.
85
190
eo
170
Quotations for Sundry Securities
All bond prices are "and interest" except where marked "L"
Standard Oil Stocks Per Share
RR. Equipments-Perel Basis .1
Bid. Ask. Baltimore & Ohio 434s
P
5.90 5.50
Anglo-American 011 new. £1 18 188a Buff Roch & Pittsburgh 4%
5.90 5.65
Atlantic Refining
1 1180 1230
Equipment 48
5.90 5.65
500 515
Borne-Scrymser Co
1
Equipment 6s
5.90 5.55
Buckeye Pipe Line Co__. 50 *90 93 Canadian Pacific 4%s
5.85 5.50
Chesebrough Mfg new_100 320 340 Caro Clinchfield & Ohio Se.. 6.25, 5.75
Continental 011
530 550 Centralof Georgia 4348
1
8.251 5.75
Crescent Pipe Line Co..
*38 40 Chicago & Alton 45
6.751 6.00
175 185
1
Cumberland Pipe Line
Equipment 5s
6.75, 6.00
165 170 Chicago & Eastern Ill 534s....
Eureka Pipe Line Co_ 1
Galena-Signal 011 corn _1
100 103
Equipment 430
7
7.4
6 6.00
Preferred old
100 125 150 Chic Ind dr Louisv 4%s
6.50 6.00
Preferred new
102 105 Chic St Louis & N 058
5.85 5.45
Illinois Pipe Line
100 170 175 Chicago & N W 434e
5.60 5.25
Indiana Pipe Line Co
SOj 99 102 :Chicago R dr Pao 4348
6.35 5.90
International Petroleum_ £1 *211 22 I Equipment 5s
6.35 5.90
National Transit Co...12.501 *21 23 'Colorado & Southern 15e_
8.501 6.00
New York Transit Co_ .100 185 195 Erie 5s
6.251 5.85
Northern Pipe Line Co_ _100 108 115 I Equipment 434s
6.25 5.85
Ohio 011 Co
25.330 334 Hocking Valley 4128
5.95 5.50
Penn-Mex Fuel Co
25 *55 59 I Equipment S.
5.95 5.50
Prairie Oil & Gas
100 650 660 Illinois Central 58
100 266 270 I Equipment 434s
Prairie Pipe Line
.25
5
5..6
65 5.2
Solar Refining
100 330 350 'Kanawha & Michigan 4)4s... 6.25 5.75
Southern Pipe Line Co....100 166 170 Louisville& Nashville 58
South Penn Oil
Michigan Central 5s
6
5.6
00
5 5.50
.• 25
97 'Minn St P&SSM
95 399
Southwest Pa Pipe Linee_1
100
90 292
Standard Oil (California).100 265 270 Missouri Kansas & Texas 5e.. 5
7..0
80
5 6
5.00
.• 59
Standard 011 (Indiana)....100 775 785 Missouri Pacific fei
7.00 6.00
Standard Oil (Fians,o) 100 580 595 Mobile & Ohio 58
5.
.75
25
5 5
6.2
Standard Oil (Kentucky)100 390 100
Equipment 4%s
Standard 011 (Nebraska).100 540 560 New York Central Lines 5....
Standard 011 of New Jer_100 675 680
Equipment4348
5..9
99
05
5..59
0
Standard 011 of New Y'k.100 336 340 N Y Central RR 4125
6.00 5.70
Standard Oil (Ohio)
100 465 480 N Y Ontario & West 434s... 6
75
56
5.2
5.
.6
20
98 102 Norfolk & Western 4%8
Swan & Finch
ii
Union Tank Line Co....114 116 Pennsylvania RR 434s
5.55 5.20
Vacuum 011
Equipment 4s
100 415 120
5.55 5.20
Washington 011
1 *35 40 St Louis Iron Mt & Sou 58. 6
75 6.00
7:00
StLouis & San Francisco Se.
SeaboardAir Line bs
6.
.50
50 6.00
Ordnance Stocks-Per S hare.
Equipment 4%s
Aetna Explosives pref.
_ A00 61 65 Southern Pacific Co 434s.... 6
60
30
5:00
65 5.
4 Southern Railway 4345
American & British Mfg_100
3
Preferred
Equipment 58
let) 20 30
6.00 5.60
Atlas Powder common...._100 136 142 Toledo & Ohio Central 4s6.25 5.75
Preferred
lii 90 92
100 10712 10
Babcock & Wilcox
Tobacco Stocks-Per Sh are.
Bliss(E W)Co common_ 50.250 25
Per Bid. Ask.
Preferred
120 125
50 *66 75 American Cigar common_ i
Canada Fdys & Forgings_100 185 95
1
Preferred
85 95
Carbon Steel common.. 1
87 93 Amer Machine & Fdry_l
60 80
let preferred
I; 90 00 British-Amer Tobac ord....£1 *24 26
2d preferred
67 70
Ordinary. bearer
1
£1 *25 26
Colt's Patent Fire Arms
Conley Foil
1
195 215
•42 44 Johnson Tin Foil & Met-1
Mfg
80 100
duPont(E I) de Nemours 25
MacAndrewe & Forbes_ _1
200 210
& Co common
Preferred
1
93 100
100 255 265
9112
9212
Debenture stook
Reynolds(R J) Tobacco..1
400 30
100
13 common stock
Eastern Steel
100 74 78
10 350 380
Empire Steel & Iron com_100 25 30
Preferred
1
1(4 1(1))
(1
70 75
A dividend scrip
Preferred
1
Hercules Powder cone__ _100 215 220 I B dividend scrip
97 100
107 110 Young (J 8)Co
Preferred
1
155 125 150
104 107
Niles-Bement-Pond corn..l
Preferred
1
95 105
Preferred
96 99
1
Penn Seaboard Steel (no par) .304 3114
Short Term Notes-Per Cent.
240 280 Amer Cot 011 58 1919.-M
Phelps-Dodge Corp
1
9918100
340 360
7% notes Sept 1919
ScovillManufacturing..._1
100121007s
Thomas Iron
see •20 30 Amer Tel & Tel fla 1924..F&A 91 99%
Win Repeat Arms corn w I _ jd100
Balto & Ohio 5s 1919___J&J 991 9934
Preferred w I
490 100 Canadian Pao 6s 1924.M&S 2 1008810055
Woodward Iron
100 44 52 I Del dr Hudson 55 1920__F&
9834 99
85 95 Erie RR be 1919
Preferred
AS 993,,99%
Fed Sugar Rig 5a 1920.-J
9814 9914
General Else 6.1920
J&J 1001410012
Public Utilities
6% notes (2-yr) 1919.J&
10014 10012
Amer Gas & Eleo corn__ 50 *119 124 Great North 58 1920_ _..M&
98114 99
so .42 44 K C Term Ry 4%e 1921_J&J 9612 97
Preferred
Amer Lt & Tree corn.....io 242 245
58 Nov 15 1923.._M&N 1 100 10018
98 100 LIggett&MyersTobes'21Jac
Preferred
i0
100 10018
Amer Power & Lt oom
N Y Cent 58 1919__M&S 1
10
60 61
9912 9914
l
Preferred
77 80 Penn Co 4%s 1921__J&D 1
97 9714
9 15 Pub Her Corp NJ 75 '22.1.1lat
Amer Public Utilities ooml
9712 98
1
33 38 Southern Ry 6s 1922w I M.t
Preferred
99 993s
Carolina Pow&LIght corn loG 30 33 Swift&Co 6s 1921 w F&A ii 997l0O
Cities Service Co corn.....100 347 350 Utah See Corp '22.M&S 1
90 91
Preferred
100 79 80
Colorado Power corn_ _ _ _loo 25 28
Industrial
Preferred
and Miscellaneous
..100 99 ---Com'w'th Pow Ry dr Lt__100 19 21 American Brass
lii 201 209
100 41 43 American Chicle corn__ _A I S 75 78
Preferred
Mee Bond & Share pref_100 d93 96
Preferred
1
1.1
Federal Light & Traction.100
American Hardware
1;t 17
3:
1
9
100 43 17 AmerTypefounderscom.lss 38 42
Preferred
Great West Pow 581946_Jat.1 85 87
Preferred
lii 84 88
Mississippi Itiv Pow com_100 10 13 Bordcn'sCondMilkcorn lss 101 103
Preferred
100 40 4414
III 99 101
Preferred
First Mtge 5e 1951
J&JI 78 7912 Celluloid Company
100 130 136
Northern Ohio Else Cory-WI 412 16 Columbia Graptiopti Mfg (t),•175 177
Preferred
1001 45 60
Preferred
100 92 94
North'n States Pow com.100 69 72 Freeport Texas Co
(t)1 •42 44
Preferred
1001 90 93 Havana Tobacco Co-100, 312 5
North Texas Eleo Co corn 100' 51 58
Preferred
100
3
4
Preferred
let g Ss June 1 1922__J-Di /40
1001 70 75
Pacific Gas dc Elea com_100, 53 54 Intercontinen Rubb com_1001 18
1814
let preferred
100 561z 88 Internet Banking Co_ ___100, 160
Puget Sd Tr L & P com 100 17 19 International Salt
100, 53 -66
Preferred
1st gold 5a 1951
100 63 66
A-0, 70 7134
Republic Ry & Liffilt
1001 17 19 International Silver pref-1001 90
Preferred
1001 55 58 Lehigh Valley Coal Sales_ 50 •84 87
South Calif Edison corn...100 88 89 Otis Elevator common...100 65
Preferred
Preferred
Ha: 98 102
100, 85 90
Standard Gas & El (Del). 50. .25 27 Remington Typewriter- I
so' •40 42
Preferred
Common
100 4112 42
5
4
Tennessee Ry L & P com_loo
Is; preferred
100 87 92
Preferred
25 preferred
100 19 21
100, 90 93
5 Royal Baking Pow oorn__100, 130
United Gas & Eleo Corp 100
3
1st preferred
Preferred
100 38 40
100, 93 -688 Singer manufacturing...AO° 184 186
2d preferred
100
5
United Lt & Rye corn_
100 37 40 Texae Pac Coal &011_1001550 1625
1st preferred
100 70 72
W'houseChurehKerr&C• 100 63 66
Western Power oommon.100, 18 19
Preferred
100; 81 86
Preferred
100, 65 67 ,
•Per share b Basis. C Purchaser sago pays accrued dividend. •New stock,
s 131-‘11•14,,go1
I Flat price. n Nominal
r Ex-rightt. (t) Without mu value.
1052
THE CHRONICLE
[Vol,. 108.
Inxtestutent anti T. ailreati
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns,
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and•including the latest week or month. The returns of the electrtc
railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan.1 to Latest Date
C*rea
re;
.nt
Latest Gross Earnings.
$
'
$
Alabama & Vicksb_ January
177,178
241,28.5 177,178
241,285
Ann Arbor
1st wk Mar
54,590
685,231
473,624
75,938
Atch Topeka & S Fe January
13028540 10834788 13,028,540 10,834,788
Gulf Colo & S Fe.. January
1,440,013 1,598,514 1,440,013 1,598,514
Panhandle & S Fe December.
412,254 537,794 5,809,657 6,890,859
Atlanta Birm & Atl January
381,525
340,273
381,525 340,273
Atlanta & West Pt.. January
222,015 165,736
222,015
165,736
Atlantic City
January
295,510
184,592
295,510 184,592
Atlantic Coast Line January
5,887,811 4,213,955 5,887,841: 4,213,955
Baltimore & Ohio January
13332117 7,531.635 13,332,117} 7,531,635
72,645
B dc 0Ch Term.... January
127,687
72,645
127,687
Bangor dc Aroostook January
470,484 322,039
470,484
322,039
Bellefonte Central.. January
9,313
9,313
5,980
5,980
256,233
161,434
Belt By of Chicago_ January
256,233 161,434
Bessemer & L Erie_ January
662,851 458,963
662,851
458,963
Bingham & Garfield January
264,349
146,137 264,349 146,137
Birmingham South_ January
56,904
117,311
56,904 117,311
January • 5,445,485 4,092,174 5,445,485 4,092,174
Boston & Maine
Buff Roch & Pittsb_ 1st wk Mar 210,759 342,540 2,650,134 2,723,484
Buffalo & SUSry11011. January
192,811
193,664
192,811 193,664
Canadian Nat Rys_ 1st wk Mar 1,286,614 1,110,260 14,030,974 10,228,331
Canadian Pacific 1st wk Mar 2,469,000 2,617,000 26,048,000 22,506,000
310,166
233,219
Can Pac Lines in Me January
310,166 233,219
487,897
Caro Clinch & Ohio January
487,897 300,978
300,978
Central of Georgia_ January
1.658,806 1,542,927 1,658,806„.
Central RR of N J.. January
3,612,003 2,434,532 3,612,003 2,434,532
519,439
519;439 372,258
Cent New England.. January
372,258
Central Vermont January
432,297 315,753
432,297
315,753
Charleston & W Car January
257,979 209,747
257,979
209,747
Chas & Ohio Lines_ January
6,032,070 3,562,341 6,032,070 3,562,341
Chicago & Alton._
January
2,032,653 1,233,626 2,032,653 1,233,626
Chic Burl & Quincy January
11647080 0,108,705 11,647,080 9,108,705
Chicago & East Ill_ January
2,093,216 1,307,376 2,093,216 1,307,376
1,653,617 1,140,816 1,653,617 1,140,816
Chicago Great West January
867,331 490,061
867,33.1
490,061
Chic Ind & Louisv. January
Chicago Junction__ January
314,801 160.201
314,804
160,201
Chic Milw & St P__ January
11054718 7,492,519 11,054,718 7,492,519
Chic & North West._ January
9,795,841 6,809,603 9,795,841 6,809,603
Chic Peoria & St L.. January
125,305
125,040
125,305 125,040
8.002,958 6,308,300 8,002,958 6,308,300
Chic R I & Pacific__ January
Chic R I & Gulf.... January
371,330 358,603
371,330
358,603
Chic St P M & Om_ January
2,314,848 1,659,116 2,314,848 1,659,116
347,390
Chic Terre H & 8 E January
347,390 217,287
217,287
233,143 208,688
233,143
208,688
Cinc Ind & Western January
Colo & Southern_ __ 1st wk Mar 213,049 178,636 2,264,240 2,075,115
Ft W & Den City January
773,786
773,786 635,242
635,242
Trin & Brazos Val January
116,212
91,184
116,212
91,184
Colo & Wyoming.... January
96,283
77,277
96,283
77,277
Oonstit Rys of Mex 1st wk Jan 571,977
571,977
*CripCrk & Col Spgs January
22,403
79,635
22,403
79,635
772,173 1,043,086 12,062,581 7,837,700
Cuba Railroad_ __ _ December
Delaware & Hudson January
2,663,954 2,122,363 2,663,954 2,122,363
5,699,053 4,393,916 5,699,053 4,393,946
Del Lack & West__ January
Deny Sc Rio Grande January
2,568,465 2,342,478 2,568,465 2,342,478
Denver & Salt Lake January
63,670
136,684
136,684
63,670
100,785
73,828
100.785
73,828
Detroit & Mackinac January
362,987
Detroit Tol & Iront January
362,987 112,758
112,758
205,124
Dot & Tol Shore I._ January
205,124 110,969
110,969
. 102,528 102,236
102,528
Dul & Iron Range__ January
102,236
Dul Missabe & Nor January
192,049
192,049 142,987
142,987
60,349
584,527
Dul So Shore & At.. 4th wk Feb
87,363
510,074
166,747
Duluth Winn & Pac January
166,747 132,527
132,527
98,596
East St Louis Conn January
62,802
62,802
98,596
1,952.205 860,545 1,952,205
860,545
Elgin Joliet & East.. January
1,080,833 1,219,616 1,080,833 1,219,616
El Paso & So West_ January
Erie Railroad
6,954,626 4,534,628 6,954,626 4.534,628
January
823,273
502,814
Chicago & Erie January
823,273 502,814
755,494
1,008,152 755,494 1,008,152
Florida East Coast., January
80,275
80,275
Fonda Johns & Cloy January
93,504
93,501
111,086
114,334
114,334 111,086
Ft Smith & Western January
76,610
86,013
Galveston Wharf January
76,610
86,013
545,491
431,997
Georgia Railroad.._ January
545,491 431,997
Grand Trunk Pac 2d wk Feb
594,015
702,163
94,857 136,720
Grand Trunk Syst_ 1st wk Mar 1,224,388 834,742 9,714,645 6,341,156
Grand Trunk Ry.. 2d wk Feb 946,592 582,341 6,257,731 4,340,366
Grand Trk West.. December 2,211,029 1,523,657 19,376,032 16,208,568
Great North System January
8,874,400 5,785,624 8,874,400 5,785,624
171,631
Gulf Mobile & Nor_ January
194,666
194,666 171,631
Gulf & ship Island.. January
187.675
175,865 187,675
175,865
January
509,764
623.115
Hocking Valley
509,764 623,115
January
Illinois Central
8,503,957 6,333,078 8,503,957 6,333,078
Internat & Grt Nor January
1,105,738 1,052,523 1,105.736 1,052,523
60,791
103,079
Kan City Mex & Or January
60,791 103,079
75,004
108,534
K C Mex &0 of Tex January
75.001 108,534
Kansas City South., January
1,263,651 1,090.213 1,263,651 1,090,213
98,108
95,136
95,136
Texark & Ft Sm.. January
98,108
Kansas City Term.. January
107,670
90.807
107,670
90,807
Lehigh & Hud Riv_ January
206,406 148.702
206,406
148,702
Lehigh & New Eng_ January
307 128 192,218
307,128
192,218
January
5,062,565 3,195,888 5,061,565 3,195,888
Lehigh Valley
1,300,747 1,031,989 1,300,742 1,031,989
Los Ang & Salt Lake January
156.193 133,291
Louisiana & A rkan_ January
156,193
133,291
'Louisiana By & Nay December
274,391 251,534 2,078,059 2,497,535
Louisville & Nashy. January
8,256,212 6,243,830 8,256,212 6,243,830
238,688
166,754
Louisv fiend & St L January
238,688 166,754
January
1,416,416 951,7811 1,416,416
951,781
Maine Central
January
Midland Valley
304,452 237,590
304,452
237,500
27,450
[73,018182,758
Mineral Range__ _.4th wk Feb
23,696
875,021
Minneap & St Louis January
925,822 875,021
925,821
Minn St P & S S M January
3,175,355 1,984,97!! 3,175,355 1,984,971
Mississippi Central_ January
74,706
84,949
74,706
84,949
Missouri Kan & Tex January
2,623.358 2,042,840 2,623,358 2.042,840
1,740,155.1.490,216 1,740,155 1,490,216
Mo K & T Ry of Tex January
Mo & North Arkan December
94,914, 109,609 1,404,131 1,417,969
101,089
Mo Okla & Gulf_ _ _ January
101.089 142.833
142.833
Jan.1 to Latest Date
ROADS.
Week or
Month.
Pv,.eva
irmts
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
Missouri Pacific...._ January
6,810,632 5,870,844 6,810.632 5,870,844
January
158,171
Monongahela
305,361
305,361 158,171
Monongahela Conn January
213,515
131,084
213,515 131,084
Nashv Chatt & St L January
1,513,977 1,193,668 1,513,977 1,193,668.
34,550,
Nevada-Cal-Oregon 4th wk Feb
2,810
3,592
40,527
227,134
Nevada Northern January
182,836
182,836 227,134
47,372
Newburgh & Sou Sh January
129,675
47,372
129,675
New On Great Nor_ January
176,214
148,130.
176,214 148,130
457,216505,694
New Orb & Nor East January
505,694 457,216
N 0 Tex & Mexico.. January
96.640 173,483
96,640
173,483
Beaum S L & W. January
121,862
123,160,
121,862 123,160
325,572
St L Browns & M January
400.709 325,572
400,709
New York Central_ January
24821606 16246806 24,821,606 16,246,806.
605,846
211,994
605,846 211,994
Ind Harbor Belt_ January
764,567
522,477
Lake Erie & West January
764,567 522,477
Michigan Central January
5,900,537 3,505,413 5,900,537 3,505,413.
Cleve C C & St L January
5,347,881 3,533,021 5,347,881 3,533,021
233,557
140,043.
Cincinnati North January
233,557 140,043
Pitts & Lake Erie January
2,792,840 1,810.293 2,792,840 1,810,293
463,463
600,982
Tol & Ohio Cent_ January
600,982 463,463
250,181
267,965
Kanawha & Mich January
267,965 250,181
987,810
N Y Chic & St Louis January
2,069,363 987,810 2,069,363
NYNH& Hartf__ January
7,336,774 5,989.365 7,336,774 5,989,365
793,523 684,203
793,523
684,203
N Y Ont & Western January
333,066
251,013
333,066 251,013
N Y Susq & West_ January
Norfolk & Western.. January
6,100,014 4,787,904 6,100,014 4,787,904
336,645
Norfolk Southern.._ January
481,422 336,645481,422
Northern Pacific.._.. January
7,934,352 6,164,830 7,934,:352 6,164,830
76,837
81,972
76,837
81,972
.Minn & Internat.. January
383,405
347,384
Northwest'n Pacific January
383,405 347,384
87,367 102.799 1,405,733 1,377,715
Oahu Ry & Land Co November
January
Pacific Coast
489.349 546,913
489,349
546,913
Pennsylvania RR.... January
30477483 19657449 30,477,483 19,657,449
9,547
88,077
Bait Ches & Atl.._ January
88,077
9,547
Cumberland Vail. January
481,048
302,043
481,048 302,043
January
Long Island
1,499,583 1,124,46,5 1,499,583 1.124,465
9,332
83,469
Mary'd Del & Va January
83,469
9,332
615,810
343,829
N Y Phila & Norf January
615,810 343,829
735,887
459,308
W Jersey & Seash January
735,887 459,308
Pennsylvania Co...._ January
7,472,886 4,156,899 7,472,886 4.156,899
Grand Rap & Ind January
514,778
368,564
514,778 368,564
7,377,274 4,479,031 7,377,274 4,479,031
Pitts C 0 & St L.. January
104,722
80,274
104,722
80,274
Peoria & Pekin Un_ January
January
2,473,433 1,262,026 2,473,433 1,262,026
Pere Marquette
120,546
100,850
120,546 100,850
Pittsb & Shawmut_ January
Pittsb Shaw & Nor.. December
91,139
89,122 1,216,348 1,230,927
122,255
133,148
122,255 133,148
Pittsb & West Va.... January
January
94,566
224,437
94,566
224,437
Port Reading
84,483
73,323
QuincyOrn&KanC _ January
84.483
73,323
Reading Company:
5,950,981 4,408,571 5,950,981 4,498,571
Phila & Reading_ January
412,349
760,371
760,371 412,349
Rich Fred & Potom January
230,414
446,806
446,806 230,414
Wash Southern.._ January
309,969
January
327,564
327,564 309,969
Rutland
230,563
201,156
230,563 201,150
St Jos & Grand NIA January
5,803,741 4,400,517 5,803,741 4,409,517
St Louis-San Fran_ January
91,089
80,391
91,089
80,391
Ft W & Rio Cr.... January
144,458
99,464 144,458
99,464
St L-S F of Texas January
903,075
999,277 903,075
909,277
St Louis Southwest January
516.044 640,827 6,553,608 5,840,929
St I. S W of Texas December
70,129
70,129
99,623
99,623
St Louis Transfer January
349,573 378,505
340,573
378,505
San Ant & Ar Pass_ January
Seaboard Air Line.._ January
3,340,298 2.529,137 3,340,298 2,529,137
January
82,828
167,743
82,828
167,743
South Buffalo
January
Southern Pacific_
12923802 10933418 12,923,802 10,933,418
370,881
368,397
January
370,881 368,397
Arizona East_
1,815,652 1,744,228 1,815,652 1,744,228
Only Harris & S A January
685,635
726,648
685,635 726,648
lions & Tex Cent January
192,978
168,598
192,978 168,598
Hous E & W Tex_ January
338,082
311,095
338,082 311,095
Louisiana West'n January
595,357
696,359
696,359 595,357
Morgans La & Tex January
580,960
562,360
580,960 562,360
Texas & New Orb January
10126429 7,276,557 10,126,429 7,276,557
Southern Railway... January
813,239
544,012
813,239 544,012
Ala Great South. January
850,755
1,511,117 850,755 1,511,117
Cin N 0 & Tex P. January
572,053 511,905 6,474,717 4,969,265
New Orb & N E.._ December
980,591
Mobile & Ohio_ January
1,215,144 980,591 1,215,144
266,776
Georgia Sou & Fla January •
408,907
408,907 266,776
South Ry in Miss January
145,357
121,498
145,357 121,498
Spokane Internat'l_ January
77,707
65,428
77,707
65,428
Spok Portl & Seattle January
737,832
553,084
553,084 737,832
Staten island R T.._ January
73,968
184,507
73,968
184,507
Tenn Ala & Georgia 1st wk Mar
18,055
2,370
23,053
3,016
Tennessee Central. January
243,038
127,119
243,038 127,119
252,314
Term RRAssnof StL January
300,711 252,314
300,711
202,432
255,875 202,432
255,875
St L Mar Bdg T.. January
Texas fic Pacific_ _ _ 4th wk Feb 637,544 467,818 5,131,268 3,801,340
161,733
93,589
161,733
93,589
Toledo Peor & West January
399.433
575,623 399,433
575,623
Toledo St L dc West January
51,026
57,989
51,026
57,989
Ulster & Delaware_ January
January
8,594,474 5,823,940 8,594,474 5,823,940
Union Pacific
Oregon Short Line January
2,945,533 2,413,593 2,945,533 2,413,593
2,033,603 1,644,525 2,033,603 1,644.525
Ore-Wash RR &N January
304,459
582,956
January
582,956 304,459
1 Union RR (Pa)
115,208
101,670
101,670 115,208
January
Utah
200,754
271,586
271,586 200,754
Vicks Shreve & Pac January
665,128
957,410
957,410 665,128
January
Virginian RR
3,741,718 2,345,367 3,741,718 2,345,367
January
Wabash RR
918,821
1,331,668 918,821 1,331,668
Western Maryland.. January
858,292
870,857
870,857 858,292
Western Pacific. _ January
182,440
225,899
225,899 182,440
Western Ry of Ala_ January
681,232
779,417
779,417 681,232
Wheel & Lake Erie_ January
87,698
131,655
January
131,655
87,698
W_
Falls
&
N
WIch
1,860,167 1,512,501 1,860,167 1.512,501
Yazoo & Miss Vail_ January
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
Current
Year.
PreviousIncrease or ,
Year. I Decrease.
%
$
$
'
$
3d week Dec /11 roads)....„ 6.924046 5.376,100 +1,547,946 28.79
4th week Dec 14 roads _ .... _ 10,698,660 8.136.132 +2,562.528 31.49
1st week Jan
+976.152,22.80
13 roads).._... 5,257,013 4.280,891
2d week Jan 12 roads)...._.. 6.073.616 4.701.322 +1,372,29129.19 ,
14 roads).... - - 6.810.241 4.968,084 +1,842.157 37.09 '
3d week Jan
4th week Jan (14 roads).___ 10,082,381 7,814.588 +2,267,793 28.87 ,
1st week Feb (14 roads)_ _ 6,091,560 4,638,628 +l.452.91231.32
2d week Feb 114 roads)____ 6.611,679 5,132,672 +1,479.007.28.80
3d week Feb 14 roads)-__ 6,422.429 5,316,165 +1,106.264.20.81
4th week Feb 14 roads)_ ___ 6,812,647 5,606,328 +1,206,319,21.52
+342.6261 6.67
1st week Mar 10 rogelml____ 5.482.764 5,140,136
4.41toad ceased to operate all steam lines Dec. 31 1918J
*Monthly Summaries.
Current
Year.
I
Previous I Increase or
Year. i Decrease.
%
$
'
$
Cur. Yr. Pren.Yr.
237.463 285,776.203 260.627.752 4 25.1,18.451 9.65
38,891
233,734 232.255 369.409,895 319.274.981; 450.1:14,914 15.70
May.
may_
230.355 228.802 374.237 097 342.146.090'4 32.091 001 9.38
Juno
220.30:3 219.294 363,165.528 323,163,16114 40.002,412 12.38
July
231.700 230.570 463,684,172 346,022,8571+117661 315 34.00
August
230,743 230.015 498,269,356 362,509,561 +135759.705 37.45
September-232.186 232.378 487.140.781 357.772.850 +129387,931 36.16
October
230.184 230,576 484.824,750 377,867,033+106956.817 28.30
November...232.274 232,259 438,602,283 358,438,875 +82,163.408 23.06
December ....232,774 232,399 438,365,327 335,607,571 +102757756 30.62
January .._ .. _230.402 231.11n 394.356.663 282.957.791 +111 398872 :39.37
Mileage.
March
MAR.15 1919.1
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of March. The table covers 10 roads and shows 6.67%
increase in the aggregate over the same week last year.
First week of March.
1919.
1018.
Increase. Decrease.
$
$
$
Ann Arbor
75,938
54,590
21,348
Buffalo Rochester & Pittsburgh
210,759
342,540
Canadian National By
1,286,614 1,110,260 176,354
Canadian Pacific
2,469,000 2,617,000
Colorado & Southern
213,049
178,636
34,413
Grand Trunk of Canada
Grand Trunk Western
1,224,388
834,742 389,646
Detroit Gr Hay & Milwauk_
Canada Atlantic
Tennessee Alabama & Georgia..
3,016
2,370
646
Total(10 roads)
5,482,764 5,140,138 622,407
Net increase (6.67%1
342.626
$
131,781
148,000
279,781
For the fourth week of February our final statement covers
14 roads and shows 21.52% increase in the aggregate over
the same week last year.
Fourth week of February.
1919.
1918.
Increase. Decrease.
$
$
$
Previously reported (9 roads)_ _ 6,058,260
5,044,599
1,013,661
Duluth South Shore & Atlantic_
87,363
60,349
27,014
Mineral Range
23,696
27,450
3,754
Nevada-California-Oregon
2,810
3,592
782
Tennessee Alabama & Georgia
2,974
2,520
454
Texas & Pacific
637,544
467,818 169,726
Total(14 roads)
6,812,647, 5,606,3281,210.855
4,536
Net increase (21.52%)
1,206,319
Name of Road
or Company.
1053
Latest Gross Earnings..
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
N Y & North Shore.._ October
12,829 14,910
127.545
143.655
N Y & Queens Co_ _ _ October
83.675 77,764
805,675
952,420
New York Railways_ December 979,862
918.775 11,212,760 12,406,651
Northampton Trac__ December
21,980
19,117
236.662
217.058
Northern Ohio Elec__ January
696,194 548,392
696,194
548.392
North Texas Elec ___ January
244,490 250,312
244,490
250,312
Ocean Electric (L I)._ October
7,880
7.503
144,001145.015
Pacific Gas & Elec___ October
1910.696 1619.738 18.412.850 16,296,962
Pacific Power & Light January
170,506 153,062
170,506
153,062
Pensacola Electric Co January
50,496 37,143
50,496
37.143
Phila Rapid Transit.. November 2764,923
2512,229 28,820,945 27.104.497
Phila. & 'Western_ _ _ January
50,923 41,459
50,923
41,459
Portland Gas & Coke January
190,029 131,861
190,029
137,861
Port(Ore)Ry,L&PCo. December 744.002 594,020
7.669,389 6.023.510
Porto Rico Railways_ January
90,038 82,121
90.038
82,121
°Republic By & Light September 443.863 426.250
4.151.145 3,469,834
Richmond Lt & RR.. October
33.249 34.256
372,523
384.961
St L Rocky Mt& Pac December 378.985 422.020
5.137,089 3.992.780
Santiago El Lt & Tr_ December
53,502 56.459
665,250 • 583.594
Savannah Electric Co January
114,115 93,374
114,115
93.374
Second Avenue (Rec) October
68,478
75.545
698.713
728.373
Southern Boulevard.. October
18.629 18,338
169.557
185,370
Southern Cal Edison_ January
800,493 663,341
800,493 • 683.341
Staten Isld Midland_ October
20,728 23.834
239.263
305,986
Tampa Electric Co.._ January
104.648 86,449
104.648
86,449
Tennessee Power..___ December 243.532
146.638 2,237,151 1,940.124
Tenn By,Lt & P Co December 607.241 447,930
6.146.619 5.259,049
Texas Power & Lt Co Deceniber 345.813 267.290 3.248.180
2.600.816
Third Avenue System January
800,552 748.351
800.552
748,351
DDEB&B RR__ October
40,280 40.780
401,262
378.896
42dSt M&StNA Ry October
131.613 151,893 1,365,743 1,491,853
UnionRyCo(NYC)October
217,034 239.669 2,231,404 2.475.238
Yonkers Railroad_ October
66,227 71.868
685,537
691.361
N Y City Inter Ry October
55,108 60.805
568.880
620.351
Belt Line By
October
44,079 58.869
480.912
571.969
Third Avenue
October
303.285 344.645 3.164,752 3,444,283
Twin City Rap Tran_ January
874.584 841,725
874.584
841,725
Virginia Ry & Power.. January
725,451 615.586
725.451
615.586
Wash Bali & Annap_ January
204.345 172.438
204.345
172,438
Westchester Electric.. October
42,390 44.908
499,739
468,308
York Railways
January
116,779 96.834
116,779
96,834
Youngstown & Ohio.. January
37,300 30,823
37,300
30.823
b Includes all sources (Earnings given in mike's. g Includes
constituent or subsidiary companies.
Net Earnings Monthly to Latest Dates.-In our "Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the Jan. figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the. Inter-State
Commerce Commission. The reader is referred to that Supplementfor full details regarding the Jan.results for all the separate
Electric Railway and Other Public Utility Net Earncompanies.
ings.-The
g table gives the returns of ELECTRIC
In the following we give all statements that have come railway and followin
in the present week. We also add the returns of the indus- charges and other public utility gross and net earnings with
surplus reported this week:
trial companies received this week.
-Gross Earning
s--Net Earnings
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Current
Companies.
Previous
Year,
Current
Year.
Previous
Year.
Year.
Roads.
Year.
Year.
Year.
$
Year.
$
$
$
Brazilian Traction Light
& Pow Co. Ltd
Crip Crk & Col Spgs_cb•Jan
Dec c8,531,000 c8,069,000 c4,267,000 c3,697,000
22,403
79,635
12,935
32,401
Jan
Fonda Johns & Glov_b_Jan
1
to
Dec
31
c101,894,
000c92,20
93,504
0,000c52,
80,275
131,000c47,073,000
30,171
30,136
Mo Okla & Gulf_ b
Jan
101,089
142,832 def65,087 def14,626 Illinois Traction Co_a _ _Jan 1,461,036 1,234,267
427,253
309,204
Pacific Coast_a
Jan
489,349
546,913
56,385
90,272 Pennsylvania Util Co_a_Jau 160,542
133,806
50,024
July 1 to Jan 31
26,344
3,396,209 3,648,573
Feb 1 to Jan 31
472,484
668,702
1,631,032
1.256,656
Utah_ b
411,928
197,055
Jan
101,670
115,208
34,851
65,508
a Net earnings here given are after deducting taxes.
a Net earnings here given are after the deduction of taxes.
e Given in milreis.
b Net earnings hero given are before the deduction of taxes.
Gross
Net after
Fixed
Balance,
c Road ceased to operate all steam lines Dec. 31 1918.
Earnings. Taxes.
Charges.
Surplus.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS. Dayton Power & Jan '19
271,626
101,745
44,982
x58,875
Light Co
'18
195,477
51,487
32,435
x21,684
12 mos '19 2.506,878
Latest Gross Earnings.
819.036
512.710 z339,108
Jan.
1
to
Latest
Date.
Name of Road
'18 1,898,526
602,582
312,148 x303,033
or Company.
Kansas Gas &
Week or Current Previous Current
Jan '19
253,654
85,545
41,597
z43,820
Previous
Electric Co
Month.
'18
Year.
Year.
199.857
Year.
67,213
30,403
Year.
36,810
12 mos '19 2,177,353
709,925
412,994 z314.644
'18 1,777,625
$
I
$
496,797
285,993
210,804
Adirondack ElPow Co January
148,772 166.698
148.772
Feb '19
129,412
166.698 Keystone Tele44,975
Alabama Power Co__ January
29,105
15,870
269,141 205,322
phone Co
269,141
'18
134.479
205.322
58,654
28,372
Amer Power & Lt Co December 1387,929 1110,673
:30,282
2 mos '19
13,674.311 11.389,659
261,378
91,287
58,526
Atlantic Shore Ry___ January
32,761
11,606 10,832
11.606
'18
270,998
10,832
116,264
105,147
Aurora Elgin & Chic_ January
11,117
186.780 183.518
186.780
183,518 Pacific Power &
Jan '19
Bangor Ry & Electric December
170,506
74,215
46.304
82,935 83,790
z28,177
923.122
Light Co
886,120
'18
153,062
Baton Rouge Elec Co January
81,279
36,198
31,272 21,530
45.081
31,272
21,530
12 mos '19 1,878,311
Blackstone V G & EL January
861,988
507,066 x359,220
235,183 186,695
235,183
186.695
bBrazilian Trac L & P December 18531000/8069000
'18 1.669,773
883,908
436,859
447.049
1101894000 192200,000 Portland Gas &
Brock & Plym St By.. January
Jan
'19
190,029
8,774
85,754
7,559
29,213
•
56,541
8,774
7,559
Coke Co
o Bklyn RapTranSyst October
'18
137,861
2490.780 2552.117 26.227,664 25,720.25
64,010
29,779
34,231
3
Breton
January
Cape
Elec Co
12 mos '19 1.849,629
52,190 41,428
817.051
351,181
465,870
52,190
41,428
Cent Miss V El Prop.. December
'18
1,385,142
30,700
618,538
29,258
338,098
280,440
339.076
311.630
Chattanooga By & 14t December 177,162 132.286
z After allowing for other income received.
1,843,947 1,356.732
Cities Service Co_ __ January
1853,598 2031.462 1.853.598 2.031,462
Clove Paine.sy & East December
Gross
Net
Fixed
41.730 42,944
Chgs.
Balance,
553,360
539,108
pColumbla Gas & El_ December 1123.844 1125,086
Earnings. Earnings. & Taxes.
Surplus.
11,451,863 10.865.673
Columbus(Ga) El Co January
121,785 108,978
121,785
108,978 Detroit United
Colum (0) By. P & L December 417.737 385,269'
Jan '19 1,747,883
351,460
231,077 x148.307
4,264.485
Lines
Com'w'th P. Ry & LtiJanuary
'18 1,406,271
306,344
2149,554 1700,470 2.149,554 4.024,186
209,057 z126,532
1,700,470 Philadelphia &
Connecticut Pow Co_ January
• Jan '19
110,682 81,913
50,923
15,433
14,058
110,682
1,375
81,913
Consum Pow (Mich)_ December 691,601 573,444
Western
By Co
'18
41,459
14,105
14,010
95
Cumb Co(Me)P & L,December 286.401 249.608 6,608,100 5,775,371
12 mos '19
628,615
255,029
169,211
3.226.900 3.081,927
85,818
Dayton Pow & LIghtUanuary
'18
271.625 195,4771 271,625
570,800
268,777
157,918
110,859
195,477
a Detroit Edison _ _ _ _IJanuary
1470,679 1277.766 1,470,679
gDetroit United Lines January
x After allowing for other income received.
1747,883 1406,271 1,747,883 1,277.766
1,406,271
,Duluth-Superior Trac January
148,669 140,971
148.669
140,97
East St Louis & Sub..1December 406.855 357.987
4.215.887
3,692,472
Eastern Texas Elec__ December 111.506 85.478
1,131,753
938.074
g El Paso Electric Co January
127,963 114.360
127,96:3
114,360
Fall River Gas Works January
63,035 53,841
Financial Reports.-An index to annual reports of steam
63,035
53,841
Federal Lt & Trac___I December 337.559 307.865 3,497
.231 2,867,310 railroads, street railways and miscellaneous
Ft Worth Pow & Lt__;December
116.199 111,993 1.305,160
companies.which
1.015,938
Galv-Hous Elec Co.._ January
have been published during the preceding month will be given
242,487 194,183
242,487
194,183
0 Georgia L, P & itys December 118.847 10:3.884 1,225,6711
on
tho
last
1,093.412
Saturda
y
of
each
Grand Rapids By Col December
month.
This index will
117.656 117.238 1.278.348 1.303,860
Great West Pow Sys January
include reports in the issue of the "Chronicle" in which itnot
425,749 365,273
425,749
is
365.273
Harrisburg Railways December
135,264 112,829
Havana El Ry, L & P December 709.891 673.789 1,325,181 1,186,731 published. The latest index will be found in the issue of
6.989.599 Feb. 22. The next will appear
Honolulu It T & Land January
60,059 58.356 8,176.545
in
that
of March 29.
60,059
58,356
Houghton Co El L Co January
44,713 41.082
44,713
41,082
American (Bell) Telephone & Telegraph Co.
Houghton Co Tr Co.. January
24,455 29,423
24,455
29.423
b Hudson & Manhat_ November 569,259 527.250 6.032,741
(Report for Fiscal Year ending Dec. 31 1918.)
Illinois Traction.. _ __ January
1461,036 1234,267 1,461,036 5.596.927
1,234,267
Interboro Rap Tran_ January
3813,648 3569,021 3,813,648 3,569,021
The report of the company, containing extended excerpts
Jacksonville Trac Co January
85,868 65.557
85,868
65,557 from the remarks of President Theodore N. Vail,
Keokuk Electric Co_ January
26,709 21,866
the income
26,709
21,866 account
Key West Electric Co January
19,589 13,775
and balance sheet, and many tables giving valuable
19,589
13,775
Lake Shore Bloc By. December 200,636 167,572
2,189,324
1,786,012
informat
ion, will be found on subsequent pages.
Lewist Aug & Watery December
79,624 62,331
894,784
898,373
Long Island 1Clectric_ October
The fundamental soundness of the Bell System, the competen
16,693 18.194
195,766
219,104 has
way it
Louisville Railway... December 333,899 291,955 3,711.446
met
the
requirements of the war, its fair and open way oft dealing
3.284,984 with the problems
Lowell Electric Corp.. January
95,954 68.270
of governmental control, and its clear understanding of
95,954
68,270
Manhat Bdge Be Line October
responsibilities of the future, are set forth by the report of
12,374 11,569
119.476
103,609 the
Mr. Vail.
Milw El By & Lt Co_ January
940,621 774,083
At the end of the year there were 10,992,325 telephones connected
940,621
774,083 the
Milw Lt,
& Trac_ January
Bell System, which owned 7,200,000 and connected with about with
293,298 193,950
293,298
193,950
3,800,Mississip MY Pow Co December 186,906 158.989
owned by connecting companies and rural associations.
2,213,392 1,976,461 000
Montreal L, H & P._ October
The capital obligations of the Bell System outstandi
970,106
5,297.13() 4.822,709 the
ng
in
the
hands
of
Nashville Ry & Light, December 277.227 905.216
public
at the close of the year were $991,074,264, of which the out223,117 2,866.213 2.458.321
New England Power. January _ _ 318,033
standing obligations of the American Telephon
e & Telegraph Co. repre318,033
261,359 sent $676,283,362 and
Newp N &II Ry.O&E November 230,308 261,359
those of the associated companies $314,790,902.
142,032 1.996,921 1.223,444
Nevada-Cal El Corp_ October
The telephone plants stand on the books of the companie
176.641 167.784 1.844,277 1.676.290
at $1,142,815,341,
N Y & Long Island__ Octoberl
and appraisals by public authorities indicate a greater sactual
42.636 47.519
420.251
value. The
397,578 surplus and reserve
aggregate $340,000,000, an increase of over $36.000,0
00.
FINANCIAL REPORTS
3F-*
[VOL. 108.
THE CHRONICLE
1054
COMPARATIVE INCOME ACCOUNT OF COMPANY FOR CAL.
Balance, surplus
Carried to reserves
Carried to surplus
INCOME STATEMENT FOR CALENDAR YEARS,
YEARS.
1915.
1916.
1917.
1918.
$19,527,451 $28,894,254 $26,710,691 $25,662,616
Dividends
Telephone traffic (net)_}x4,726,096 17,887,548 8,136,314 6,544,462
1,194,299
1,555,068
11,650,255
Real estate, &c
Interest & other revenue
7
from associated cos.._ 18,022,220 17,805,006 14,529,979 13,407,97
Compens'n Govt. contr't 18,780,396
$61,056,163 $56,237,063 $50,932,051 $46,809,354
Total
5,691,867
6,188,675
7,296,596
6,763,146
Expenses
$54,293,017 $48,940,467 $44,743,376 $41,117,487
Net earnings
10,391,695 10,469,360 6,730,099 6,498.850
Interest
35,229,699 32,481,614 31,122,187 29,100,591
Dividends (8%)
1915.
1916.
1917.
1918.
5
Rev, passengers carried..188,930,268 199,621,160 199,848,096 185,654,98
$9,401,233
52,731
Rev,from transport'n__ $9,618,501 $10,119,755 $10,130,113
57,941
62,111
77,479
Other revenue
$9,453,964
Total oper. revenue.._ $9,695,980 $10,181,867 $10,188,054
$995,556
4
Way and structures..__ _ $1.005,629 $1,031,215 $1,057,23
728,085
780,236
781,664
823,048
Equipment
839,673
880,081
1,047,485
1,132,335
Power
2,582,226
2,725,760
3,031,123
_
3,142,160
_
g
transp'n_
Conductin
49,297
45,550
57,138
37,422
Traffic
869,791
765,781
774,895
863,390
General & miscellaneous
$8,671,623 $5,989,492 $6,891,090 $5,518,047
$5,000,000 $2,500,000 $2,500,000 $2,500,000
$3,671,623 $3,489,492 $4,391,090 $3,018,047
Total oper. expenses.. $7,003,974 $6,723,520 $6,254,643 $6,064,628
Net operating revenue $2,692,006 $3,458,347 33,933,411 $3,389,336
$687.455
$708,098
$916,196
$936,451
Taxes
x Seven months 1918.
Operating income_ _ _ _ $1,755,555 $2,542,151 $3,225,313 $2,701,881
Note.-This statement, it should be observed, includes: receipts of the
$23,927
$26.425
$25,846
$15,215
net
Non-operating income.._
(1) For the seven months prior to Federal control the
which
system
Bell
the
of
earnings
the
of
part
that
and
lines,
nce
long-dista
divisible
the
of
out
8
Co.,
8
&
$2,725,80
is received by the American Telephone Telegraph
$1,770,770 $2,567,997 $3,251,73
Gross income
interest or dividends
984,5571 1,013,534
989,725
surplus of the associated companies from operations, as
Interest on funded debt_ 1,034,428
,
companies
associated
the
finance
to
29,6341
company
40,222
the
by
45,040
on money advanced
the central ad- Miscellaneous (7%)
210,000
210,000
210,000
210,000
or as payment by the associated companies to maintain
the company's por- Pref. dividends
16
ministration. (2) For the five months of Federal control
Common dividends__(2%)440,000 (6)1,320,000(6)1,320,000(6)1,319.9
t.
Governmen
the
with
contract
under
ion
tion of the Bell system compensat
YRS.
CAL.
$182.358
$707.547
FOR
TS
$8,050
$41,302
Net profit and loss_
BELL TELEPHONE SYSTEM IN THE U. S.-RESUL
Other Payments to
(All Duplications, Including Interest, Dividends and Cos.,
Are Excl.)
American Telephone & Telegraph Co. by Associated
1915.
1916.
1917.
1918.*
Statistics-
CONSOLIDATED BALANCE SHEET-DECEMBER 31.
1917.
1918.
1917.
1918.
$
$
Liabilities$
$
Assets000,000 22,000,000
Roadw'y&equip't.52,625,772 52,436,790 Common stock___22,
3,000,000
3,000,000
stock...._
Preferred
1,124,923
1,124,923
MISC. phys. prop_
164,937 Fund.debt unmat.20,238,000 20,263,000
Other investments 295,959
221,729
63,465
560,358 Accts.& wages pay
735,281
Cash
52,480
Misc. accts. pay'le 100,184
Loans and notes
347,032
23,825 Accr.int.(not due) 387,697
116,395
receivable
905,696
934,510
liability
Tax
reaccounts
Misc,
131,320
76,811 Res.for inj.& dam 159,342
173.501
ceivable
For deprec'n___ 8,021,071 7,103,747
983,577
MateriaLS:supplies 1,053,429
52,817
24,522
us__
Miscellaneo
and
Prepaid rents
16,094
22,094
8,497 Unadjusted credits
5,705
insurance
Profit and loss__ 1,180,079 1,285,805
5,968,110
7,031,530 6,545,490
7,201,757
Bell stations (No.)
Bell-connected st'ns(No.) 3,790,568 3,444,148 3,301,702 3,183,111
$
$
Income Account9 169,155,944
Exchange revenues_ _ _ _127,859,363 207,471,937 188,888,14
52,938,341 84,559,861 72,971,668 62,929,980
Toll revenues
2,338,431
2,715,463
2,863,152
Miscellaneous revenues_ 2,005,326
5
234,424,35
80
264,575,2
50
294,894,9
Total operating revs_182,803,030
27,555,197 52,919,458 49,631,966 44,586,8412
Depreciation
31,171,27
34,923,549
41,151,041
26,567,799
_
_
ce_
Current maintenan
48,140,039 68,121,646 53,748,707 45,785,432
Traffic expenses
Commercial expenses_ _ _ 18,084,041 28,364,039 25,698,913 23,583,274
Gen. & miscell. expenses 8,899,376 13,849,960 11,902,470 11,049,191
66,130,964 55,379,717
Total
156,176,010
56,130,964 55,379,717
Total
Total oper. expenses_129,246,452 204,406,144 175,905,605
53,556,578 90,488,806 88,669,675 78,248,345 -V. 108, p. 481.
Net oper. revenues
1,703,210
1,480,502
1,229,253
768,167
Uncollectible revenues
13,621,353 20,710,933 14,916,448 13,001,903 E. I. du Pont de Nemours & Co., Wilmington, Del.
Taxes
39,167,058 68,548,620 72.272,725 63,543,232
(Report for Fiscal Year ending Dec. 311918.)
Operating income_
7,080,384 6,022,932
7,975,869
Net non-oper. revenues_ 5,128,757
The report of President Pierre S. du Pont, affording a full
4
Total gross income.. 44,295,815 76,524,489 79,353,109 69,566,16
of the company's war operations and present status,
resume
3,384,407
3,735,470
3,990,047
Rent, &c., deductions.. _ 2,686,813
and balance sheets in
12,715,194 21,820,231 18,;178,931 18,095,643 together with the income accounts
Interest deductions..
Deduct-Dividends.._ _ _ 23,121,447 36,862,582 35,160,119 32,897,065
ive form for four years past, will be found on
Surplus earnings
5,772,361
13,851,629 22,078,589
15,189,049
*Seven months to July 311918.
ts
Note.-The above statement for 1918 is subject to minor adjustmen
on account of certain items relatively small in amount, yet to be definitely
allocated as between the Bell systm and the Government.
DEC. 31.
BALANCE SHEET OF AMERICAN TELEPH. & TELEG. CO.
1917.
1918.
1917.
1918.
$
AssetsStocks,&c.,of associated oos.:
537,761,846 489,148,443
Stocks
Bonds& notes104,256,700 119,786,059
18,988,929 18,088,289
Telephones
764,379
797,429
Real estate, &o..
Long dist. telephone plant 75,450.890 65,084,543
Cash & deposits. 31,675,903 23,064,402
Accounts receiv.:22,770,494 19,876,722
Special demand
21,583,412 20,394,800
notes
Employ. stockPurchase plan 1,226,000 4,611,479
Temp.cash inv_ 5,642,975 2,176,340
Deferred assets.. y1,002,150
TOW
821.156,734 762,995,456
Capital stock 441,947,100 435,641,200
17,525
238
Cap.stk. install.
Coll. tr. 4s, 1929 78,000,000 78,000,000
Cony. 48, 1936_ 2,589,000 2,843,000
Conv.434s,1933. 13,073,500 13,160,800
Cony. Os, 1925_ 48,353,624
Coll.tr. 58, 1946 78,333,900 79,195,500
7,569,000
% coup.notes
Wes.T.&T.5s,'32 9,985,000 9,985,000
Notes to bankers 4,000,000
Divs.pay.Jan.15 8,838,942 8,712,824
IntAtaxes accr. 4,775,914 4,084,665
Acc'ts payable_ 1,944,742 3,057,982
Empl. ben. fund 2,000,000 2,000,000
Depr., &c., res_ 43,900,077 36,354,401
83,414,697 82,373,560
Surplus a
Total
821,156,734 762,995,456
of
x Includes accounts in suspense, $15,300,560, pending settlement
to PostCentral Union Telephone Co. litigation. y Cash turned over
975.
master-general as working capital.-V. 108, p.
Twin City Rapid Transit Co.
(Report for Fiscal Year ending Dec. 31 1918.)
e:
Pres. Horace Lowry on Jan. 28 1919 wrote in substancupon
comparat
subsequent pages of this issue.-V. 108, p. 968, 174.
Republic Iron & Steel Co.
(Report for Fiscal Year ending Dec. 31 1918.)
The remarks of Chairman John A. Topping will be found
ive
at length on subsequent pages, together with the comparat
income account, and the balance sheet and other tables.
SUMMARY OF PRODUCTION (IN TONS).
1915.
1916.
1917.
1,706,555 1,689,213 1,440,376
1,329,809 1,285,640 1,119,157
10,344
57,412
106,306
1,062,657 1,117,597 1,056,104
578,940
718,377
675,182
464,208
541,594
486,601
1,043,148
Total steel ingots, gross tons_ _1,119,702 1,161,783 1,259,971
Finished and semi-finished
1,024,040 1,109,829 1,216,716 1,033,394
products, net tons
-V.108, p. 386.
Iron ore, gross tons
1918.
1,512,071
1,207,896
Coke, net tons
78,777
Limestone, gross tons
1,030,411
Pig iron, gross tons
Bessemer steel ingots, g. tons.. 615,970
Open hearth steel ingots, gross
503,732
tons
d.
Yale & Towne Manufacturing Co., N. Y. & Stamfor
1918.)
31
Dec.
ending
Year
Fiscal
for
(Report
The report of Henry R. Towne, Chairman of the Board,
including the profit and loss account for the year 1918 and
page.
the bal.sheet of Dec.31,will be found on a subsequent follows:
A comparative statement of earnings for four years
RESULTS FOR YEARS ENDING DECEMBER 31.
Net earnings
1915.
1916.
1917.
1918.
$4,088,015 $2,867,510 $3,386,426 $2,126,209
162,501
662,579
dividends
323,669
491,592
Dividends.-Since the year 1899 the company has paid the rate until it Depreciation
553,850
Reserve for Federal taxes 2,200,000
its common stock and has, from time to time, increased
29,980
your
when
year
this
Interest
reached 6% in 1909, and this rate has been paid until
559,703
989 614 1,5311)
the year, after Dividends
(20%)991,042
directors found it necessary to reduce it to 2%. During
declared
directors
the
dividends,
Rate, regular
paying its fixed charges and preferred
Extra
two dividends of 1% each on the common stock.
into maintenance
Increase in Expenses.-The cast of all material entering
the
and
200%,
to
40
$405,381 $1,000,377 $1,210,308 $1,374,085
from
levels
Surplus
and operation has increased over normal
Labor
War
-V. 107, p. 2482.
standard of wages for street car employees fixed by the National
1916.
over
60%
about
of
wages
scale
our
increased
Board, has
loss of gross
Loss in Income.-We have also suffered materially from
American Tobacco Co., New York.
RP8
earnings due to:
(a) The large number of young men in military service.prosperity, since
(b) The district served has not enjoyed commercial
••1_
lacking large war contracts.
epidemic and
(c) During October and November, the Spanish Influenza
quarantine regulations.
its revenue
increase
to
effort
every
made
has
nt
manageme
-Your
Fares.
through an advance in fares, but so far without success.
es during the
Additions, &c. (Total $691,302).-The only large expenditur
additional street
year have been for necessary reconstruction of track, somewere operating in
paving, and the purchase of certain motor buses which
some of these buses
competition with our cars. We are now operating
are not operated.
on a newly opened and paved street on which street cars
into providing
Coal Mines.-During the year a contract was entered
we obtain our
mine
which
from
Illinois,
in
mine
coal
a
of
for the opening
below the premuch
is
which
,
supply of steam coal at cost of production
contract our steam
vailing market price of steam coal; but even under this times.
We believe
coal costs us nearly double the amount paid in pre-war
the future.
this contract will be of great value to the company in
by the city
"Skip-Stop."-This plan of operation has been adopted
and enables
councils in the two cities. This effects a material saving in coal
the company to materially speed up its service. -You-Enter" type with
"Pay-As
the
to
cars
our
adapting
We are now
and are installing
installed fare boxes to save from failure to collect farescoal
by decreasing
coasting recorders to enable our motormen to save
power consumption.
Minneapolis Lyndale &
Bonds Extended.-The $5000,000 1st M.bonds of
ed bonds
Minnetonka Railway Co., issued jointly with the First Consolidat
have been
of the Minneapolis St. Ry. Co. which matured on Jan. 15 1919,
extended for three years, with interest at 7% p. a.
to obtain an
Outloolt.-We shall continue to make every possible effort
the public realizes
increase in revenues, and are hopeful of success when
reasonable
that additional revenue is absolutely necessary to meet the
demand for service and extensions.
RM
a
(Report for Fiscal Year ending Dec. 31 1918.)
e:
Treasurer J. M. W. Hicks, Mar. 12, wrote in substanc
00 7% Serial
$25,000,0
Serial Notes.-In order to retire bills payable of each Nov. 1: Series A,
Gold notes dated Nov. 1 1918 were issued-, maturing
; Series 0, 1921, $3,333,000;
1919, $5,000,000; Series B, 1920, $3,333,000
$10,000,000. (V.107,p.1670, 1748.)
Ser. D, 1922, $3,334,000; Ser. E, 1923,
aggregating $8,048,480, was
Dividends Paid in Scrip.-Six per cent scrip,
on the common stock. The scrip
each
of
5%
Issued for four dividends
of receiving at maturity
matures March 1 1921 and the holder has the option
multiple thereof. (V. 106,
common stock B, at par, for each $100 or
p. 192, 298.)
those companies all
Results.-The sales for the year of this company and
aggregated $144,470,069, and the
of whose stock is owned by this companyall
expenses for manand
charges
net earnings therefrom, after deducting excess profits and income taxes,
agement, taxes, incl. Federal war profits,
frotn comDividends
sales.
the
on
12%
about
etc. were $17,496,733, being
$1,466.aggregated
panies a part of whose stock is owned by this companymaking the total in903, and income from sundry other sources $71,126,
come $19,034762.
$8,316 on $43,000
The deductions include, along with the premium of
cancelled: (a) Interest on money borrowed
6% gold bonds purchased and
deposits, &c., net, $1,819,505;
less interest receivable on bonds, loans,
including int. from Nov. 4 1918 on
$372,568,
debt,
funded
on
(b) interest
g Dec. 31 1918. $277,083;
outstandin
$25,000,000 7% Serial Gold notes
pref. stock, 83,161,982, leaving
(c) int. on scrip, $221,333;(d) dividends on
7. Adding the surplus
313,451,05
account,
surplus
to
net income applicable
the 4 scrip dividends of 5%
of Dec. 311917, $39,181,756, and deducting
total (p. & I.) surplus
the
makes
,
$8,048,480
stock,
common
on
each paid
Dec. 31 1918 $44,584,333.
controlled, see
Rs to $4,000,000 7% debentures of Mengel Box Co.,
V. 107, p. 1842.1
MAR. 15 1919.]
THE CHRONICLE
1918.
1917.
1916.
1915.
Sales (incl. cos. whose
stock is owned)
$144,470,069 $89,920,249 $70,009,437 $64,710,286
Net earnings, after chgs.
expenses, &c
x17,496,733 x9,785,361
8,699,339 8,463,483
Divs., partly-owned cos. 1,466,903 3,524,330
3,210,529
2,332,190
Int. on bds.,loans,&c.(net)
380,395
368,224
Miscellaneous income__
253,973
71,126
122,360
270,122
Total net income____$19,034,762 $13,563,665 $12,412,623 $11,434,019
Premium on bonds pur$8,316
chased and canceled__
$10,826
$12,318
$14,620
Int. on money borrowed 1,819,505 (net), $143,641,see "other income"
Int. on bonds, &e
593,901
98,511
102,248
184,818
Pref. dividends (6%)_
3,161,982 3,161,982 3,161,982 3,162,770
Common diva. (20%) y8,048,480 8,048,480 8,048,480 8,048,480
Total deductions_ _ _ _$13,632,184 $11,463,442 $11,325,027 $11,410,688
Balance, surplus
$5,402,578 $2,100,223 $1,087,596
$23,331
x Net earnings are shown in 1918 and 1917 after deducting all charges
and expenses for management, taxes, including Federal war profits, excess
profits and income taxes. On Dec. 31 1918 the balance sheet showed
"provisions for advertising, taxes, &c.," aggregating $9,002,233, against
$2,544,041 or Dec. 31 1917.
y The dividmds on the common shares amounting to 20% were paid
In 1918 in scrip. See text above.
BALANCE SHEET DECEMBER 31.
1055
BALANCE SHEET DEC. 31 (INCLUDING SUBSIDIARY COS.).
1918.
1917.
$
Plant, prop.,equip.
good will, &c_ _ _13,050,861 12,299,649
Cash
1,792,367 1,634,073
Bills & accts. rec
4,956,037 3,956,470
Finished product.. 2,029,222 1,559,307
Materials & supp_ 4,351,674. 5,922,781
Outside real estate
& invest. securs. 1,226,590
700,366
Def'd items (net)_
30,804
63,027
Asets-
Total
27,437,555 26,135,673
1918.
Liabilities$
Preferred stock... _ 9,000,000
Common stock__ _ 5,002,400
Bills & accts. pay.,
incl. accr. int. &I
6% div. on pref.15,737,3531
stock
i
I
Accr.Fed.tax(est.)1
Contract advances 250,000
Reserves
2,678,611
Undistrib. profits_ 4,769,190
1
Total
1917.
If
9,000,000
5,002,400
4,173,784
1,326,886
500,000
2,035,003
4,097,600
27,437,555 26,135,673
Note.-Subject to contingent liability $31,394 for customers' notes discounted.-V. 108, p. 786. 582.
Wilson & Co., Packers and Provisioners, Chicago.
(Report for Fiscal Year ending Dec. 31 1918.)
President Thomas E. Wilson, writing to the "Chronicle"
March 4, says:
As indicated by the certificate of Price, Waterhouse & Co., the statement
shows the consolidated financial condition of the parent company and its
subsidiaries. As previously, our fiscal year ends two months later than
that of most other companies in the packing industry, thus showing our
1917.
1918.
1918.
1017.
condition at a time of the year when inventories are heaviest.
Assets$
Our recent re-financing has
improved the quick asset position
Preferred stock_ 52,699,700 52,699,700 of the company, showing the materially
Real est.,mach.,
latter to be more than twice the amount of
6,808,349 Common stock.. 40,242,400 40,242,400 current liabilities; the sales
fixtures, &e.._ 7,409,809
for
the
year,
amounting to approximately
Brands,tr.-mks.
6% bonds
661,200
704,200 $400,000,000, indicate a considerable increase over the previous year.
pat'ts & good4% bonds_a___ 1,365,300
1,305,300
The business is in a healthy condition and is being operated on a conservawill, &c
54,099,430 54,099,430 7% ser.gold notes25,000,000
tive basis, which I think you will agree is reflected in statement attached.
Leaf tobacco,opScrip maturing
[For offering of $20,000,000 convertible 6s in December last see V. 108,
erat.supp.,&c. 74,824,822 55,042,468
March 11921. 8,048,480
p. 2195.1
bonds.:30,710,102
div.
25,032,927 Pref.
Stocks &
payINCOME ACCOUNT FOR YEARS ENDING DEC. 31.
Cash
10,685,049
6,724,708
able January_• 790,497
790,496
Bills & accts. rec 11,276,832 10,541,710 Prov.for tax.,&c 9,002,233
2,544,041
1918.
1917.
1916.
Total
sales
Accrued interest
455,128
Amts. due from
$400,000,000 x$225000000 x$159000000
33,318
Accts.&bilis pay 8,425,123 26,620,487 Profits, after deducting depr., Federal
cos. in which
taxes (En 1917 and 1918, resp.). &c.*$8,563.911 *$7,408,172 $5,710,358
5,243,632 Amts.due to cos.
stock is owned 1,605,956
Interest on debentures (retired during
782,090
in which stock
Prepaid ins., &c.
880,033
1918) and mortgage bonds
17,645
is owned
932,376
93,617
903,750
796,485
44,584,333 39,181,756 Divs, paid on pref. stock (7%)
Surplus
733,348
713,188
700,714
Balance, surplus for the year
191,292,034 164,275,314
191,292,034 164,275,314
Total
Total
$6,898.187 $5,791,234 $4,213,159
* After making provision for excess profits taxes.
a Consists of 4% gold bonds and remaining 4% bonds of Consolidated
x These arc "net sales" and in contrast with $122,000,000 in 1915 and
Tobacco Co. not yet exchanged.
x Including at cost Liberty 'Loan bonds, par value $7,028,950.-V. 108, $91,000,000 in 1911.
P. 975.
CONSOLIDATED BALANCE SHEET (INCL. SUB. COS.) DEC. 31.
1918.
1917.
1918.
1917.
American Sugar Refining Co., New York.
(Report.for Fiscal Year'ending Dec. 31 1918.)
The text of the report will be cited fully another week.
INCOME ACCOUNT FOR CALENDAR YEARS 1911 AND 1915 TO 1918.
1916.
1918.
1917.
1915.
1911.
$
Profits from operation& _ 6,661,684 10,055,291 9,756,370 2,991,465 8,834,201
687,845 1,006,002
792,991
Int. on loans & deposits__
880,609
520,396
Income from Investments. 5,202,693 3,129,949 2,905,737 2,312,646 3,241,106
35,265
Net profit from investm'ts
21,545
248,336
1,487,351
Impts.(offset depreen)
Cr.685,471
From surp. of former yrs..
701,992
Gross income
12,587,487
Depreen,renewal & rept_ 2,000,000
Sundry reserves
2,153,111
Dividends declared
7,312,470
Total deductions
Balance, surplus
14,212,787
2,000,000
4,000,000
6,299,972
13,703,444 7,572,184 14,083,054
790,305 2,419,483
2,000,000
3,383,562
481,907 4,190,272
6,299,972 6,299,972 6,299,958
11,465,581 12,299,972 11,683,534 7,572,184 12,909,713
None 1,173,341
1,121,906 1,912,815 2,019,909
BALANCE SHEET DECEMBER 31.
1917.
Assets1918.
1916.
$45,716,455 $45,931,124 $47,246,443
Real estate and plants
Investments, general
30,161,130
24,782,541
23,972,036
Insurance fund
9,500,000
do
0,500,000
9,000,000
Pen. hi., imp. pits., adv., &c_
8,917,515
do
1,750,000
1,250,000
Merchandise and supplies
13,199,709
9,142,075
18,654,840
Prepaid accounts
309,051
1,527,643
Loans
2,133,343
1,121,266
1,222,193
6,658,102
Accounts receivable
3,322,489
3,833,260
983,739
Accrued income
1,047,044
555,907
23,658,102
Cash
40,493,252
22,717,454
1,257,062
Total
LiabilitiesCapital stock
Sundry reserves
Accounts and loans payable
Dividends declared and outstanding
Surplus
$142,185,157 $137,398,842 $120,979,776
Total
-V. 108, p. 381.
$142,185,157 $137,398,842 $129,079,776
$90,000,000 $90,000,000 $00,000,000
19,534,475
17,441,163
13,475,268
9,330,880
8,097,115
4,555,963
1,936,369
1,599,037
1,599,833
21,383,433
20,261,527
18,348,712
Sloss-Sheffield Steel & Iron Co.
(Report for Fiscal Year ending Dec. 311918.)
The text of the report will be cited in a subsequent issue.
INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
x1917.
y1916.
Operating profits
$6,195,527 $3,370,614 $2,230,000
a2,502,959
Coke oven loss
Interest
142,500
227,500
239,325
577,997
Deprec'n & depletion_
665,741
1,000,000
War taxes
325,000
_
469,000
Preferred
573,881
469,000
Common divs__
dividends_ ..(103' %)1,050,000(1))148,869
y1915.
$732,388
210,000
351,750
$453,071 $1,429.623 $1,521,675
Balance, surplus
$170,638
a Loss duo to war-time construction of by-product coke oven. x Thirteen
months. y Years ending Nov. 30.
for
the
company
tons
The output of he
was: pig iron, 387,497;
ore,h844 18 , coal, 1,568,019;
commonstock a:s shown above in 1918 include the three
T dividends
each
paid
in that year and also the extra
quarterly distributions of 1i%
6% paid in July 1918. The latter represents the dividends deferred In
1917.-V. 107, p. 611.
Atlas Powder Co., Wilmington, Del.
(Report for Fiscal Year ending Dec. 31 1918.)
The text of the report will be cited another week.
Assets$
Plant & equipml*29,704,062
Trade-mks.,pat'ts,
good-will,&c_ _ _11,371,284
Invest.in cos. controlled &
but not wholly
owned
5,481,061
Merchandise, &c..43,762,852
Accts.& bills ree_ _26,243,084
U
Govt.& misc.
securities
3,144,808
Cash
8,844,052
Prepaid insur., &c. 604,042
Total
$
$
$
26,044,753 Common stock _20,000,000 20,000,000
Preferred stock.. _ _10,476,400 10,476,400
11,407,282 Sink. fund reserve
1,101
Mortgage bonds _ x20,080,000 15,250,000
10-yr.convert.bds.20,000,000
Accrued interest__
393,955
228,750
3,690,279 Notes payable._ _ _30,397,576 36,579,570
34,518,851 Accts. pay'le, &e- 5,518,081 2,863,577
15,783,812 Res've for Fed.tax. 2,500,000 1,621,855
Surplus
19,789,233 15,051,045
1,106,939
8,830,765
689,617
129,155,245102,072,298
Total
129,155,245102,072,298
* After deductingimortgages and purchase money obligations payable,
$636,000. x After deducting $332,000 for bonds held in sinking fund.
-V. 108, p. 180.
Hercules Powder Co.
(Report for Fiscal Year ending Dec. 31 1918.)
The text of the report will be cited another week.
STATEMENT OF INCOME FOR CALENDAR YEARS.
1918.
1917.
1916.
1915.
1914.
$
Gross receipts
45,556,052 44,105,533 6:3,419,030 15,715,869 7,927,801
Net earnings, all sources* 2,315,603 5,822,462 16,658,873 4,922,402 1,434,755
Bond interest
36,300
187,500
Preferred dividend
374,500
374,500
374,500
368,308
223,590
Total deductions
374,500
374,500
374,500
404,608
411,090
Balance, surplus
1,941,102 5,447,962 16,284,373 4,517,794 1,023,665
*do Equiv.on corn.stk.to
27.15%
76.19% 227.75%
63.18% 14.32%
Divs. paid on com. stock_ 1,215,500 5,005,000 6,792,500 1,154,000 572,000
do do Per cent
17%
70%
95%
16%
8%
Net equiv. on tot.inv. to..
5.43%
17.88%
46.54%
13.97%
8.55%
* After deducting all expenses incident to manufacture and sale, ordinary and
extraordinary repairs, maintenance of plants, accidents, depreciation, taxes, &c.
GENERAL BALANCE SHEET DEC. 31.
1918..
1916.
1917.
1015.
1914.
Assets$
$ '
$
$
$
Plants and property
13,071,799 13,834,717 12,812,391 13,886,975 11,448,554
Cash
5,986,004 1,732,922 3,538,034 3,946,464
897,939
Accounts receivable
2,839,861 4,741,723 4,904,613 2,696,018 1,123,411
Collateral loans
350,000
Investment securities._ _ _
886,212
408,114 3,795,984 7,458,442
311,004
Liberty bonds
3,817,759
500,100
Materials and supplies_ _ _ 4,420,326 8,859,129 8,106,948 6,042,724 1,998,458
Finished product
1,793,265 2,444,339 2,588,739 1,102,397
818,000
Deferred charges
144,457
40,301
49,697
96,784
24,165
Government accounts.. _ .. 9,712,893
Total
42,672,576
Liabilities$
Common stock
7,150,000
Preferred stock
5,350,000
Funded debt
Bills payable
5,677,165
Accounts payable
1,049,818
Bond int. and pref. div
46,812
Deferred credits
24,419
Federal taxes (estimated) 642,336
Reserves
2,010,510
Contract advances
4,740,515
Profit and loss
15,981,000
Total
-V. 108, p. 977.
32,561,343 35,796.406 35,229,805 16,770,430
$
$
$
$
7,150,000 7,150,000 7,150,000 7,160,000
5,350,000 5,3
.
50,000 5,350,000 5,111,700
1,100,000
1,319,666
486,256
610,451
805,542
1,009,564 1,503,314 1,182,231
245,370
46,812
46,812
46,812
110,727
20,758
1,066
57,835
8,849
979,121 2,375,892
49,813
14,091
1,430,024 1,510,485
570,837
330,541
2,560,144 14,891,062
15,255,397 14,812,436 5,320,563 1,884,611
42,672,576 32,561,343 35,796,406 35,229,805 16,770,430
The Colorado Fuel & Iron Co.
(27th Annual Report-Year ended Dec. 311918.)
President J. F. Welborn, Denver, Feb. 27, wrote in subst.:
INCOME ACCOUNT FOR YEARS ENDED DEC.31 (INCL. SUB. COS.).
1918.
1917.
1916.
Results.-Gross sales were $48,233,574, compared with $43,518,616 in
Gross sales
p$35,766,620 827,487,631 $20,652,916
Cost of goods sold, delivery, &c., exp_ 33,583,625 24,449,261 17,817,904 1917; total net income was $8,101,111, comparing with $9,473,578. Bond
interest, general taxes, sinking funds and fire insurance fund amounted to
leaving net income above fixed charges $5,320,022.
Net profit
$2,182,995 $3,038,369 $2,835,013 $2,781,089,
Against this there was charged $334,366 for depletion of coal, iron ore
Other income (net)
79,299
12,112
104,777 and limestone reserves, $1,675,333
for depreciation on buildings and
equipment,and $178,276 to cover reduction in book values on raw material
Net income
$2,262,294 $3,050,481 $2,939,790 and
supplies
present
to
market
prices
on those materials.
*Preferred dividends (6%)
540,200
486,513
388,706
There was also deducted the estimated income and excess profits taxes
*Common dividends
(21%)1,050,504 (26)1300617 (25)1164180 ($400,000),
and dividends of 8% on pref. stock and 3% on the common
leaving $1,545,172 to be credited profit and loss.
Total
$1,590,704 $1,787,130 $1,552,886 stock,
Improvements, &c.-There was expended for additions $3,197,476,
Balance, surplus
661,590
1,263,352
1,386,904 which included 8607,863 for additional tenant houses,
&c., for employees.
Total surplus
$4,769,190 $4,097,600 82,834,248 In the years 1917 and 1918 the total
sum of $8,017,501 was expended for
•Includes interest on temporary receipts.
new construction and additions, no part of which was made necessary
THE CHRONICLE
1056
solely by war demands. The by-product coke oven plant of 120 ovens was
placed in operation July 1 1918.
InM•eased Costs, &c.-During the year there were three increases in wage
rates to our steel works employees, which added several dollars per ton to
the cost of manufacturing steel, while the general advances in freight rates,
effective June 25 1918, increased the freight bill on raw materials and
supplies an amount which approximated $3 per ton in the cost of producing
steel. These increases in operating costs and the radical reduction in
demand for both coal and steel during the last two months of the year,
coupled with serious interference with operations by the influenza epidemic
commencing in September, accounted for the reduction in earnings compared with the previous year. An actual 8-hour day was established at
our steel works in November instead of the 12-hour day previously prevailing in the steel industry.
Liberty Bonds.-Our employees purchased Liberty bonds of the four
Issues in the amount of $2,384,200. The company and its subsidiaries
purchased $2,652,700 of the same issues, making the combined purchases
55,000,000.
Government Orders.-Curtailment.-Commercial buying of steel was
suspended during the greater part of 1918 under direction of the War
Industries Board to make room for Government orders. Most of the
Government contracts were canceled immediately following the signing
of the armistice. The result was an enforced curtailment in operations
at the steel plant during November and December to about two-thirds of
capacity, but by reason of' the adoption of the eight-hour work day we
were able to keep the former force fully employed. Reduced buying of
steel by the commercial trade still continues, though there has been a slight
improvement since Feb. 1.
Coal.-Retail dealers in and consumers of coal stored unusual quantities
of coal during the summer and early autumn of 1918, the demand being
sufficient to run our mines full time during the ordinary dull months.
The early winter was mild, however, and for the first time in 25 years we
had insufficient orders to run our domestic coal mines full time in November
and December. That condition has prevailed most of the time since
Jan. 1. During this dull period it has been our policy to keep all coal
mines operating, working the full force on short time of from three to five
days per week, rather than concentrate the business at fewer mines, and
throw a substantial percentage of our employees out of work.
The response of our coal mine employees to the Fuel Administrator's
appeal for increased production, made a record that we believe was not
equaled elsewhere. The production per man per day in January 1917
was 5.83 tons; in May 1917,6.33; in June 1918, a year later, 6.69 tons; July,
6.78; Aug. 6.93: Oct., 7.26 tons; an increase over Jan. 1917 of about
24.5%, while the per cent of "possible shifts lost" which in June 1918
was 10%, was reduced in October to 4.165.%
RESULTS FOR CAL. YEAR 1918, 6 MOS. END. DEC. 31 1917 AND
YEARS ENDING JUNE 30 1917 AND 1916.
Cal. Year 6 Mos. to -Years end. June 301916.
1917.
1918. Dec. 31 '17.
$13,828,232 $28,682,157 $17,992,307
$32,590,761
Iron department
15,642,814 6,910,798 11,322,730 7,634,298
Fuel department
Total gross earnings_ _$48,223,575 $20,739,030 $40,004,887 $25,626,605
$5,719,867 33,131,730 $7,617,780 $4,062,592
Iron department
283,494
615,539
577,564
1,744,502
Industrial dept. (fuel)
Total net earnings __ _ $7,464,368 53,709,294 $8,233,319 $4,346,086
492,007
616.642
297,852
519,606
Add-Inc.from secur's_
132,984
169,642
116,729
117,136
Interest and exchange
Total net income_ _.... $8,101,110 $4,123,875 $9,019,602 $4,971,077
Deduct-Bond interest_ $2,024,051 $1,024,022 $2,004,135 $2,011,959
348,889
528,911
299,123
489,974
Taxes
184,089
244,498
110,442
243,064
Real estate,sink.funds_
58,000
24,000
12,000
24,000
Insur., pers'l injur., &c..
145,000
150,000
60,000
Equipment renewal..
342,477
153,059
334,366
For depletion coal, &c
1,746,111
818,114
For deprec. on bidgs.,&c. 1,675,333
21,970
178,276
Writ'g down bk. val.,&c.
400,000
War taxes (est.)
Preferred dividends_ _ _(8%)160,000 (4)80,000 (38)760.000 (30)600,000
Common dividends...._ _(3)1,026,875(1 3..i)513,438(3)1,027,065
$6,555,939 $3,070,196 $6,827,198 $3,369,906
Total deductions..
$1.545,171 $1,053,679 $2,192,404 $1,601,171
Balance,surplus
' BALANCE SHEET DECEMBER 31.
1917.
1918.
1917.
1918.
$
$
Assets-I
$
68,505,278 66,373,386 Common stock _ _34,235,500 34,235,500
Property
708,432 1,871,470 Preferred stock_- 2,000,000 2,000,000
Cash
Gen. Mtge.5s_ 5,835,000 5,795,000
Stocks and bonds
80,000
40,000
(inter-company)15,492,079 15,021,315 Colo. Fuel Co. 130..
050,000
Liberty bonds__ _ _ 2,427,700 1,050,100 Cr.fly. C.& C.68 046,000
37,859,000
5s..37,030,000
Co.
Ind.
Colo.
834
War Svgs.stamps.
Accts. & bIlls rec_ 5,213,689 4,770,940 Accts. & bills pay_ 1,677,995 1,598,315
148,049
05,930
992,515 Hospital
Subsid. companies 380,743
024,154
3,162 Accrd. bond Int_ 824,528
58,144
Cash with trustees
40,000
40,000
'234,341 Prof. div. unpaid..
Res. fund-taxes.. 234,341
410,900
Fund for taxes__ _ 810,900
Manufactured
stks.& supplies_ 6,733,502 6,221,445 Real est.sk. funds. 2.439,043 2,195,979
495,53
829,902
Deplet.coal, &c
Dividends and
98,777 Deprec. bldgs.,&c. 3,474,438 2,453,949
interest-Accrd. 317,818
010,408
654,539
49,208 Miscell. funds_ _
54,047
Prepaid royalties_
Profit and loss._ 8,708,782 7,039,875
100,132,600 97,292,664
Total
-V. 108, p. 483.
Total
100,132,606 97,292,664
Pittsburgh Plate Glass Co.
(Report for Fiscal Year ending Dec. 31 1918.)
The remarks of Chairman W. L. Clause will be cited
in a subsequent issue.
RESULTS FOR CALENDAR YEARS.
1915.•
1916.
1917.
1918.
$41,068,527 $38,892,769 $31,580,256 $22,825,075
Total sales
$5,536,235 $7,552,635 $6,886,189 $2,201,344
Earnings for year
18,000
18,000
18,000
18,000
Divs. on pref.(12%)1,570 137
1.571,000
2,022,716
1,730,078
xDivs. on common
(7)
(7)
(851)
Rate on common..
If)
542,106
915,958
1,006,543
1,122.506
Depreciation
1,269,512
U. S. taxes paid
Balance,surplus
Previous surplus
$1,396,138 $4,505,375 $4,381,231
5,627,181
x11,852,088 10,008.413
$71,101
5,556,080
[VOL. 108.
Commonwealth Power, Railway & Light Co.
(Report for Fiscal Year ending Dec. 31 1918.) •
Pres. Anton G.Hodenpyl on Feb.1 1919 wrote in substance:
Results-Scrip Dividend.-The directors on Jan. 21 1919 declared a dividend of 1M % on the pref. stock, payable in scrip dated Feb. 1 1919, due
on or before Feb. 1 1925, with interest at 69' per annum.
The net income of the company and its subsidiaries for the 10 months
ending Oct. 31 1918 was $354,559 short of the amount required to cover the
pref. stock dividend for the 10 months, but November operations resulted
in net income of $84,545 and December $143,736 over pref. stock dividend
requirements, so that the net deficit is reduced to $126,277,shown in statement. While the earnings for 1918 were not sufficient to cover the pref.
dividends, the directors feel that with the better operating conditions which
seem certain in 1919, the scrip dividend should be declared.
Abnormal Conditions.-Our operations during 1918 suffered greatly from
other than war conditions over which it had no control, such as the extraordinarily severe winter which raised havoc with operating conditions,
particularly of the railways, the very dry season which reduced the water
power output away below normal, and the influenza epidemic the latter
part of the year with its quarantine regulations which affected conditions
generally all along the line. Your management therefore feels that unless
some other conditions arise which are impossible to foresee, the net income
for the ensuing year should measurably return to that shown.Lirior to 1918.
Operations.-The gross receipts of all the subsidiary companies for the
calendar year 1918 increased as follows, compared with 1917:
% of
Increase
%
Total. Amount.
1918.
Gross Receipts$342,749 13.68
$2,847,745 12.99
Gas
366,112 30.85
1,552,680 7.09
Gas residuals, &c
1,159,301 15.26
8,753,543 39.94
Electricity b
55,443 10.35
2.70
591,371
Heating and water
1.54
65,482
4,308,524 19.66
Railway-City
3.38
96,035
2,934,069 13.38
Interurban
109,204 13.30
930,128 4.24
Freight and miscellaneous
$21,918,061 100.00 $2,194,325 11.13
Service Rendered Compared with 1917.
Inc.orDec.
1918.
3,147,560 Inc. 6.14
Salo of gas, 1,000 cu.ft
.9047 Inc. 7.10
do Average price per 1,000 cu. ft
93.299 Inc. 2.12
Gas meters in use at end of year
950.70 Inc. 0.09
Miles of gas mains
424,138 Inc. 11.11
Sales of electricity, 1,000 k. w. hours
.0243 Dec. 2.02
do Average price per k. w. hour
132,456 Inc. 4,74
Electric meters Dec.31
Revenue passengers (transfers excluded)
87,844,206 Dec. 4.429'
City
11,887,941 Dec. 2.17%
Interurban
•
b Electric sales to subsidiary railway companies are eliminated.
Increase in Expenses.-While the net income in 1918 shows a decrease of
51,198,722 (or 55.76%), leading expenses have increased as follows: Increased cost of labor, $752,456, or 18.45%; increased cost of coal and oil,
3871,916, or 25.11%; increased taxes, $305,445, or 25.32%.
Additions.-The second development on the Manistee River of 22,000
h. p., known as Manistee Junction hydro-electric plant, the fifth development on the Au Sable River of 12,000 h. p., known as Foote hydro-electric
plant and the new gas oven plants at Flint, Jackson, Kalamazoo and Pontiac, Mich.,and at Evansville, Ind., which were mentioned in the statement
of a year ago as nearing completion, were all completed during 1918 and
are now in operation. Notwithstanding the fact that the completion of
the hydro-electric generating plants added practically 50% to the waterpower generating capacity, owing to the poor water conditions during the
summer caused by the extremely dry weather, the actual increase in waterpower generation up to the end of October was but 16%. Since about
Nov. 1, the water conditions have been excellent. The new gas oven
plants were not completed until late in the year.
The construction program during 1918 aggregated approximately
$2,000,000, largely on account of the above items. No new large items of
construction are in contemplation for 1919, other than two gas holders
aggregating 3,500,000 cubic feet capacity.
Finaricing.-As stated a year ago, a largo part of the 1917 construction
expenditures was carried as current obligations of this company and its
subsidiaries. Such current obligations were consolidated in $7,000,000
Ono-Year Notes, dated Nov. 1 1918, of which tho War Finance Corporation
took $2,600,000.
Rates.-Material increases in rates for gas and electric service have been
secured and also some increases in street and interurban railway fares, but
a considerable portion of such increases was secured too late in the year to
offset the increased cost of service. Your management is hopeful of securing some additional increases in rates, particularly on the railway lines
where they are so urgently needed.
EARNINGS OF PRESENT PROPERTIES, EXCLUDING ELECTRIC
SALES TO SUBSIDIARY RAILWAYS.
1915.
1916.
1917.
1918.
Calendar YearsGas and miscellaneous__ $4,400,425 $3,691,564 $2,865,782 $2,670,456
7,594,242 6,762,258 5,650,816
8,753,543
Electric
6,268,852
Railway,heating & water 8,764,093 8,437,930 7,334,567
Total
Total gross receipts__321,918,061 $19,723,736 $16,962,607 $14,590,124
6,964,679
Operating expenses_ _ _ _ 13,418,028 11,078,632 8,374,621
38,500,033 $8,645,105 $8,587,986 $7,625,445
Not earnings
Fixed chgs., taxes, divs.
on pref. shares of un7,549,130 6,495,479 5,936,243 5,329,857
derlying companies
Prof. diva.(C.P. R.&
960,000
1,019,170 •
1,077.010
1,077,180
L. stock)(6%)
695,000
728,811
743,334
Corn. divs.( do) (4%)
$640,587
$903,761
$329,281
Balance, surplus.... _ _def.$126,277
RESULTS FOR CAL. YEARS(COMMONWEALTH P., RY. .:44 LT. CO.).
1916.
1917.
1915.
1918.
Earns,on sub.co. stocks $1,176,818 $2,250,775 $2,866,668 $2.434,825
647,032
592,061
790,355
823,665
Interest, &c.,earnings__
$2,000,483 $3,041.130 $3,458,729 33,081,857
Gross earnings
3143,859
3151,080
$189,924
$218,135
Expenses and taxes._ _
613,479
626,974
672,650
811,186
Interest charges
28,932
28,932
28,932
20,260
Amort'n of debt disc't
960,000
1,019,170
1,077,010
Divs. on pref. stock(6%) 1,077,180
695,000
728,811
743,334
Divs. on corn. stock (4%)
Total deductions...... $2,126,761 $2,711,849 32,554,968 $2,441,270
Balance, sur. or der_ _def.$126,277 sur.$329,281 sur.$903.761 sur.$640,587
$13,248,226 $14,513,778 $10,008,512 $5,627,181
Total
BALANCE SHEET DECEMBER 31.
1918.
1917.
1917.
1918.
x Dividends on Common Stock.-The earnings of 1918 are charged with
$
LiabilitiesAssets
the four quarterly dividends of 1U% each paid on the common stock April,
Pref.capital stock.17.953,000 17,953,000
Securities & propJuly and Oct. 1 and Dec. 311918, aggregating $1,730,087.
erty owned _ _ _44,915,797 44,139,187 Corn, capital stock18,585,900 18,505,900
The sum of $2,022,716 set aside for the common shares from 1917 earnCommon stock doings includes three of the quarterly dividends of 1 % declared during 1917, 5-year 7% secured
2,414,100 2,414,100
liverable
convert'le bonds 135,150
and also a reserve for the 3% dividend paid Jan. 2 1918, in all 8%.
% conv.bds. 113,200 8,047,000
5-yr.6
guar.
Ry.
Mich.
From the earnings of 1913 or earlier there were also paid in 1917 a stock
1 5-yr.7% conv.bds. 8,047,000
1
0% notes
dividend on April 2 of 10%, or $2,244,800, and a cash dividend on July 1
1-yr.7% gold notes 7,000,000
of 13-i %, or 5434,680. The accumulated surplus as of Dec. 31 1917 was Guar.of Usher obScrip due Feb.1924 1,074,090
lig'ns on W. Va.
thus reduced to $11,834,308, plus a subsequent adjustment of$18,000.-Ed.
2,407,500
1 Loans payable
1
coal property....
BALANCE SHEET DEC. 31.
577,863 Guaranty of Mich.
1,114,777
Cash
1
1
1917.
1918.
Advan.(sub. cos.) 9,860,911 5,718,804 Ry.notes
1917.
1918.
538,783 Guar. of $327,000
282,934
Accts. rec. (do
LiabilitiesAssetson
oblig'ns
Usher
12,381
23,201
Int.
24,715,400
receiv.
_24,715,400
_
stock
20,061,411
(do)
Common
19,709,770
Investment
1
1
W.Va.coal prop.
109,750
150,000 Divs. rec. (do)
Plate glass, &c___ 6,960,058 5,590,479 Preferred stork.. _ 150,000
285,474
Accrued accounts_ 305,143
Materials, &c.._ _ _ 4,008,603 3,224,374 Acc'ts payable__ 2,581,385 1,150,722 Debt discount (be1,303,703
*1,084,863
Surplus
9,000
135,321
169,629
ing amortized)..
874,028 1,978,361 Insurance reserves 209,245
Cash
13,248,226 11,834,308
Bills & accts. rec. 0,720,015 0,380,289 Surplus
50,577,904 50,990,081
Total
50,577.904 50.996,681
Total
497,250 Res.for div. pay'le
Bonds in oth. cos_ 399,158
759,456
Lib. Loan bonds... 2,171,424 1,041,350 Jan. 2 1918.
* Of the amounts outstanding to credit of surplus accounts of subsidiary
40,904,256 33,779,515 companies, there are accruing to the Commonwealth Power, Ry. & Lt. Co.
40,904,250 38.779,515 Total
Total
to Dec. 31 1918 undistributed.earnings, 52,104,703.-V. 108, p. 578.
-V. 106, p. 1686.
MAR. 15 1919.]
THE CHRONICLE
General Baking Company.
(Reportfor the Fiscal Year ending Dec. 28 1918.)
President William Deininger, at New York, on Feb.
20
1919, wrote in substance:
1057
Operations.-Although the actual operating revenues were much
in excess
of those obtained during 1917, our income
does not reflect this
increase, as in the case of all except two of ouraccount
the earnings accruing
have been determined entirely by the chartervessels,
rates allowed by the U. S.
Shipping Board under terms of requisition charter.
Included in earnings are commission returns for the operation
of our
The net profits for the year show that 7% was earned
requisition
ed
vessels
for
the account of the U. S. Government, calculated
on the pref. stock
(out of which dividends aggregating 4% were paid during
the basis as published by the Shipping Board.
the year) and upon
Your company has
that in addition 1% was earned on the common stock.
not
agreed,
however,
to
this
basis,
as
they
are
The
considered very inadequate
accumulated We look forward
dividends on the preferred stock now amount to
with confidence to an equitable adjustment of this ques-.
2234 %,and deducting the tion
amount of these from the undistributed surplus,
with the Shipping Board.
there will remain 11%
which has accumulated for the common stock, since
Panama
Line.
-This
service
has
been maintained with five of our steamorganization.
The sum of $307,323 was charged off against the profits
for depreciation ers and a chartered steamer. By placing the steamers Newport and, alof plants, and the total reserves for depreciation now
amount to $1,268,820, ternately, the City of Para and Peru on an express schedule, with the
all created out of earnings.
turning point at Corinto instead of at Cristobal, we were
enabled to move
The total current assets now amount
$2,414,140, and deducting the in the customary period a considerably increased volume of coffee traffic
current liabilities of $976,102, leaves thetosum
of 31,438,038, representing and give a much improved passenger service.
the working capital Dec. 28, as against $940,157
The
Pennsylvan
ia, operated in the nitrate trade, took fire, sunk and was
Dec. 29 1917.
The Government plan for the conservation of
food, and particularly abandoned to the underwriters.
wheat flour, necessitating the use of substitute
flours, involved frequent • Philippines-China-Japan Service.-Regular service has been maintained
changes from time to time in the methods of manufactur
e and distribution, every 28 days with three of our steamers. The placing of larger and faster
but the many difficulties were met and successfully
steamers in this service will be definitely considered as
overcome.
ment has announced a clearly defined shipping policy. soon as the GovernRESULTS FOR FISCAL YEAR ENDING DEC. 28
Manila-East India Service.-Two American steamers operated
1918.
an
1918.
agency
1917.
arrangement with their owners, have been continued inunder
1916.
1915.
Net income
this ser141,004,956 a$964,019
$919,053
$741,014 vice throughout the year except for one outward voyage. At the close of
Bond, &c., interest.... $238,420
this year we find our tonnage, even though supplemented by
$213,199
3205,156
$205,432
U. S. ShipReserve for depreciation
307,323
215,712
213,113
209,012 ping Board vessels, entirely inadequate to take care of the business offered.
Miscellaneous
4,245 This line has developed a new export business that should have further
Paid on Kolb guaranty_
as.sistance now that the war is over.
50,000
Preferred dividends(4%) 237,000
237,000
Shipping Board Vessels.-We were glad to assist
237,000
237,000
U. S. Shipping Board
by the operation from time to time of 22 vesselsthe
of their fleet for one or
Total deductions__ _ _
$782,743
$665,911
more
voyages on a commission basis. The additional tonnage has been
3705,269
$655,689
Balance, surplus
133222,213 a$298,108
very
helpful.
$213,784
$85,325
Cadets.-The results obtained in training cadet officers have been so
a In 1917 adequate reserves were made for bad
doubtful accounts satisfactory that the system has been extended. Of the 23 cadets appointed
receivable and for all ascertainable liabilities, but and
no provision had been during the year, 10 have already become junior officers.
made for war excess profits and Federal income taxes
The Coming Year.-It is expected that our steamers will shortly be reaccrued and subject
to such provision.
leased by the U. S. Shipping Board from requisition charter.
During the
b In 1918 net income is shown after making estimate-provision
for reconstruction period we aim to pursue a conservative policy, but the Imexcess profits and Federal income taxes.
provement of our services and their extension where necessary and feasible
will be continued as in the past three years.
BALANCE SHEET.
Amortization of Premium Paid Abore Normal Cost in Acquiring New
Dec.28 '18. Dec.29'17.
1)ec.28'18. Dec.29 '17. Trans-Pacific Steamers.-This plan, set forth in last year's report, has been
Assets$
Liat4lities-$
continued, and for the proposed amortization, $504,000 has been set aside
Real est.,bidg.,&c. 4,902,164 4,994,541 Preferred stock*.- 5,925,000
5,925,000 from income account of 1918.
Good-will
7,010,868 7,010,868 Common stock__ 3,400,000 3,400,000
INCOME ACCOUNT FOR CALENDAR YEARS 1918 AND 1917.
Invest.(Kolb Bak.
Bonded debt
2,900,000
2,900,000
common stock)_ 1,740,000 1,740,000 Notes payable__ _
-Panama Line
- -Trans-Pacific Line310,000
790,000
Other investments.
9,600
Operating Income9,600 Accts. payable,&e y593,504
1918.
1917.
1918.
388,214 Revenues
1917.
Cash
520,700
469,852 Accrued interest__
$2,235,772
13,348
$3,479,532
$1.908,834 $3,473,278
13,800
Accounts recolvle. 493,803
623,245 Pki.div.pay.Jan.1.
other than depr.$1,249,459 $1.890,321
59,250
$485,464 $1,463,074
59,250 Expenses
Inventories
1,238,234 1,089,325 Deer., &c., res've. 1,268,820
Depreciati
on
136,879
181,372
759,809
895.272
1,048,410
U.S. Liberty bds_
94.479
9,000 Surplus
1,668,546 1,480,066
Co. bond purch'd_
66,924
Total oper. expenses_ _$1,386,337 $2,071,692 31,245,273 $2,358,346
Miscellaneous___
61,696
Net revenue
58,3101
$849,485 $1,407,840
$663,561 $1,114,932
Tax accruals
3,274
10,231
5,496
11,314
Total
16,138,468 16,004,740
Total
16,138,468 16,004,740
Total operating income $846,161 31,397,609
$658,065
$1,103,619
* On Dec. 28 1918 the unpaid accumulated dividends on
Total
operating
income-co
mbined
Lines
the
$1,504,226 $2,501,228
preferred
stock aggregated 2234%. y Includes estimated provision
for excess profit Add-Dividend income
$3,543
$3,378
and Federal income taxes.-V. 108, p. 882.
Income from funded securities
88,100
6,500
Income from unfunded securities and accounts.. _
176,892
66,270
Railway Steel-Spring Co.
Gross income
$1,772,760
$2,577.376
(17th Annual Report-Year ended Dec. 31 1918.)
Deduct-Miscellaneous rents
$86,511
3120,857
Pres. F. F. Fitzpatrick on March 6 1919 said in substance: Interest and discount
1.888
Reserres.-Your board has made a charge of $500,000 for
Net
income
y1,86,250 xt2.454,632
maChinery, plants and gas wells. A charge of $914,085 has depreciation of Preferred dividends
also been made
(5g )$89,250 • • 17)119,000
to provide for losses that may be entailed from (1) adjustment
(5.3 0)795,000 (70)805.000
of contracts Common dividends
with customers, (2) reductions in the values of
undelivered material, (3)
for doubtful accounts and other contingencies incident
Balance, surplus
to
the
readjustme
$802,000 $1,530,632
nt
of business at this time. After making this charge, the
reserve for such
purpose aggregates $2,000,000.
x From this figure $900,000 had been set aside as a reserve for income and
A further reserve of $4,500,000 has been made to cover
Federal income excess profits taxes (taxes amounted to $945,255). y From this figure
and excess profits taxes. This provision is practically
all represented by $800,000 has been set aside as a reserve for income, excess profits and war
U. S. Government securities carried under stocks, bonds and
taxes.
investments.
Dividends.--,After making the above charges, together with
7% dividends
BALANCE SHEET DECEMBER 31.
on the pref. stock and 534% per annum on the common
stock, there has
1918.
been carried to the surplus account $1,704,850.
1917.
1918.
1917. Pi
SAW
A
Payment of Inter-Ocean Plant 5% Bonds.-The sinking fund
Liabilitiesredeemed and Real prop.& equip 3,200,507 4,096,506 Preferred stock
canceled during the year $132,000 of these bonds,
1,700,000
we decided to call Other invest.(net). 200,059
199,922
and redeem the remainder of the issue, at 105 andand
Common
stock__ 1,500,000 1,150,000
1,418,669
461,702
There were outstanding on Jan. 1 1918 32,967,000int., on Oct. 1 1918. Cash
on cap. stk_ 1,380,000
150,000
Inter-Ocean bonds. Marketable secur_ 2,825,000 1,200,000 Prem.
All have now been retired and the company has no funded
Vouchers & wages 332,134
485;625
debt
outstaiidkn
Loans
g.
&
bills
rec._
4,500,000
1,800,000 Traffic balances__ 324,188
Orders-Outlook.-The company has orders on its books
368,818
covering
deliver- Traffic balances_ • 224,889
101,043 Misc. accts. pay'le
ies several months ahead, a largo percentage of which is
24,737
175,477
for export to foreign Balances due from
countries. It is expected that business throughout the
Matured dividends
31,533
33,513
agents & pursers 1,076,733
610,619 Other working !lab
in good volume at a fair level of prices and will readily year 1919 will be
39,999
32,536
absorb such raw Insurance claims_ _ 235,675
262,251 Open voyage revs..
materials as have been acquired at prevailing prices to
89,444
76,848
meet the necessary Misc. accts. receiv s674.734
105,448 Oper'g reserves_ _ _ 352,183
demandr of the business.
34,958
Materials & supp_ 120,702
74,874 Time charter open 4,628,955 Intentory.-All material has been very conservatively
-valued.
Other work. assets 459,444
78,845 0th deferred credit 2,525.808
.8-817774
0th.deferred debit
INCOME ACCOUNT FOR YEARS ENDING
Reserves forDECEMBER 31.
items
361,495
434,917 War taxes,&c__ 800,000
900.000.
1918.
1917.
1916.
1915.
Gross earnings
Add'ns & bett'ts 858,353
$25,182,032 1t23,905,714 $14,086,49
858.353
9 37,043,957
Repl. SS. Aztec. 662,795
Mfg.,oper., maint., &c_$17,163,012 313.806,746
662,795
39,063,909 $4,975,679
Repairs San Jose
Charged off for deproc'n See text.
100,000
1,000,000
1,000,000 . 379,812
Profit & loss, bal_ 1,747,780 1,812,429
Not earnings
$8,019,020 39,098,968 34,022,590
Total
15.297,906 9,426,126 Total
$1,688,466
Int. on Latrobe bonds_
15,297,906 9,426,126'
$140,852
3154.928
3161,733
Int. on Inter-Ocean bds_
92,920
150,257
156,857
a After deduct; $200,000 reserve for thubtful accts.-V.;107, p. 2014
163,504
improve'ts, betterments
& retirement of bonds
1,000,000
Oklahoma Natural Gas Co., Tulsa, Okla., and Pitts1,000,000
Reserve for Fed. income
& excess profits taxes_ 4,500,000
burgh, Pa.
3,500,000
Divs. on pref. (7%)__ __
945,000
945,000
945,000
(Official Data Furnished Pittsburgh Stock Exchange.)
915,000
Divs. on common _ -(5 %)776,250 (5)675,000
(1 g)168.750
The Pittsburgh Stock Exchange, having listed $2,000,000
Total deductions........ $6,314,170 $6,411,109
$2,425,534 $1,270,238 additional stock Dec. 30 1918, making
Balance, surplus
$1,704,850 $2,687,859 $1,597,056
the total amount of
$418,228
stock $10,000,000, furnishes the following data showing the
BALANCE SHEET DECEMBER 31.
basis and the effect of the merger of July 1919:
1918.
1917.
1918.
1917.
Assets8
8
LiabilitiesOrganization-Capital Stock.-Incorporated Oct. 12 1906 in Oklahoma.
$
Plants, prop., &c_28,844,130 29,311,122 Preferred stock...13, $
Originally
capitalized at $4,000,000, par value $100 per share. In July
Inventories
6,275,033 5,113,038 Common atock......13500,000 13,500,000 1917 the capital was increased
from $4,000,000 to $10,000,00 and the par
,500,000
13,500,000
Stocks, bonds and
Inter-Ocean bonds
value was changed from $100 per share to $25 per share. 0 Of
2,967,000
the new
investments
5,337,226 3.553,254 Accounts payable_
652,791 stock, $8,650,000 was issued in exchange, viz., $4,000,000 for the $4,000,Accts. receivable_ 3,681,800 4,077,856 Res. for diva., &c. 753,575
214,521
267,629 000 old stock of the Oklahoma Natural Gas Co.;$2,000.000 for the $1,500,Other items
131,331
132,045 Res. for tenting. _ 2,000,000
000 of Osage & Oklahoma Co. stock; 32,00(),000 for the $1,000,000 of Caney
Cash
1,561,226
857,906 Res. for Fed.inc.&
River Gas Co. stock; $100,000 for the $300,000 Enid Natural Gas Co.
excess prof.taxes 4,500,000 3,500,000 stock; $250,000 for the $100,000 of Peoples'
Fuel Supply Co.(Okla.) stock:
Surplus
10,262,651 6,657,801 $300.000 for the $250,000 of Oklahoma Fuel Supply Co. stock. All of
the stock of the six named companies was acquired and the properties
were
Total
44,830,746 43,045,221 Total
44,830,746 43,045,221 all merged into the (new) Oklahoma Natural Gas Co.
-V. 108, p. 978.
The balance of the Treasury stock 131,350,0001 has since been sold to
stockholders at par and proceeds applied partly to payments on notes
and
Pacific Mail Steamship Co.
balance on new construction work.
(71st Annual Report-Year ended Dec. 31 1918.)
Present Outstanding Capitalization.
Stock, par $25 a share, authorized and outstanding
Pres. Goo. J. Baldwin on March 8 said in substance
Oklahoma Natural Gas 1st M. 6%; auth., $1,000,000; dated$10,000,000
:
Mar. 11915. Trustee, Colonial Trust Co., Pittsburgh, Pa.:
Liberty Loans.-The officers were authorized to subscribe
$1,000,000 and
Interest M. & S. Denom. $1,000, $500, $100. Amount
$1,750,000, respectively, to the Third and Fourth Liberty
Loans.
[still) outstanding, $825,000, due in annual installments each
Dividends.-In addition to three dividends on the pref.
stock before its
March 1, viz.: $100,000 Yearly 1919 and 1920; $100,000
retirement, there were paid on the common shares 50
$100,000, 1922;3140.000. 1923:$200,000, 1924;$85,000,1921;
per share on June 15 1918, and the same amounts on cents and extra $1
1925
825,000
Dec. 16 1918.
Caney River Gas Co. 1st M.6%; authorized, $500,000; dated
Retirement of Pref. Stock-New Common.-The outstandin
Oct. 1 1915; Colonial Trust Co., Pittsburgh, Pa., trustee.
$1,700,000 was retired at $110 per share and diva. on Sept. g pref. stock,
11918.
SimulInterest A. & 0. Principal due $50,000 each Oct. 1 1919 to
taneously there were issued 70,000 shares of additional
conunon stock (par
value $5) to which the common stockholder
1927, both inclusive. Denom. $1,000 each
s were entitled to subscribe
450,000
pro rata at $25 per share. The operation was thus
Enid Natural Gas Co. 1st M.6%; total auth., 3500,000; Olean
in
effect
a
conversion
of the outstanding pref. stock into now common stock.
Trust Co., Olean, N. Y.. trustee. Interest A. & 0. Due
The total common
stock now outstanding is 300,000 shares.
$25,000 each April 1 and Oct. 1 in 1919 to 1923 incl., and
325,000 April 1 1924
275,000
1058
[VOL. 108.
THE CHRONICLE
Dividends.-On the old capital ($4,000,000), an initial dividend of 1%
was paid in Dec. 1910, and 1% was paid each quarter from April 1911 to
and including Oct. 1912; Jan. 1913 to July 1917, 1!4% was paid each
quarter. Regular quarterly dividends at the rate of 8%, per year have been
paid each Jan., April, July and Oct. since to and including Oct. 1917. In
Dec. 1918 the company declared four quarterly dividends of 3 % each,
payable out of gasoline and oil earnings, in conjunction with and in addition to the regular quarterly dividends of 2% to be paid on the 20th days
of Jan., April, July and Oct. 1919.
Distribution.-Owns distributing plants in the following cities and towns:
Tulsa, Inola, Porter, Coweta, Haskell, Turley, Dawson, Red Fork, Ramona, Sapulpa, Edmond, Arcadia, Luther, Wellston, Chandler, Davenport, Stroud, Depew, Kelleyville, Midlothian, Meeker, Hunter, Nardin,
Pond Creek, Deer Creek, Lamont, Shamrock, Peckham, Claremore,
McCandless, Wagoner.
Through other distributing companies, supplies the following cities and
towns: Oklahoma City, Guthrie, Shawnee, El Reno, Enid, Yukon, Beggs,
Bixby, Muskogee, 011ton, Putnam, Newkirk, Tonkawa.
Properties of the Company.-(a) Pipe lines aggregating 1,000 miles; (b)
(r)
acreage, 200,000 acres, of which about 90,000 acres carry oil rights;
oil wefts number 88; (d) gas wells connected to lines number 300, of which
com(f)
plants,
gasoline
8;
(e)
55,000;
consumers,
of
number
owned;
75 are
pressor stations, 5.
Daily Average Production.-(a) Gas, about 500 million feet, open flow;
450 and 500 barrels; (c) gasoline, about 7,000 gallons.
(0) oil, between
Number of towns supplied, 44.
Earnings for 10 Mos. Ended Oct. 31 1918 (Fiscal Year Ends Dec. 31).
Gross earnings-Gas sales, $2,921,366; gasoline, $263,627; oil
$3,446,391
sales, $261,398; total
1,838,880
Expense-Including operating, taxes, gas purch. and interest
$1,607,511
Net earnings from operations
BALANCE SHEET AUG. 31 1918.
LiabilitiesAssets$10,000,000k
Capital
Invest.-plant _318,916,3911,
Less depen__ 1,522,0011$17,391,390 *Less unissued 1,356,5001 38,643,500
1,620,000
397,563 Funded debt
Departmental Investments__
1,543,783
55,55C Bills payable
Other investments
648,480
446,385 Accounts payable
Suspense construction accts.
1,425,066
141,713 Surplus
Cash
5,394,262
747,088 Property adjustment
Accounts receivable
92,402
Deferred charges
$19,275,091
Total each side
* Treasury stock has since been sold and proceeds applied partly to payments on
notes and balance on new construction work.
Directors (and Officers).-President, G. T. Braden; Vice-Presidents,
H.
J. V. Ritts, J. H. Evans, R. C. Sharp; Vice-Pres. and Treasurer, R.
Bartlett; Secretary and Assistant Treasurer, John C. Bartlett; Harry'
SecreThe
Hannan.
W.
R.
and
Whitcomb
P.
Splane,
W.
W.
Heasley,
tary is John C. Bartlett.-V. 107, p. 2481.
United States Worsted Co.
(Report for Fiscal Year ending Dec. 31 1918.)
Pres. Andrew Adie in his remarks to stockholders says:
been so large throughout the country that we feel we can safely say to our
stockholders that we shall probably have,during the year of 1919,the largest
business, both in volume and profits, that the company has yet had.
RESULTS FOR YEARS ENDED DEC. 31.
1916.
1917.
1918.
$2,905,373 $3,248,172 $2,401,862
x Gross profit from sales
31,908
29,543
147,397
&c
Interest earned,
33,052,770 $3,277,715 $2,433,770
Total income
Selling, &c., expenses and other
717,604
895,312
858,152
charges,including depreciation_ _ _ _
y$2,194,618 y$2,382,403 $1,716,166
Net profit
(12%)840,000 (13)910,000 (10)700,000
Dividends paid
609,124
for
1917
taxes
Federal
26.779
Federal excise taxes applicable prior_
$718,715 $1,472,403 $1,016,166
Balance, surplus
x Gross profit represents gross profit from sales of automobiles and parts
after deducting cost of labor, material and manufacturing expense. and
y This amount is stated before providing for Federal income, war
excess profits taxes. See foot note to balance sheet below.
BALANCE SHEET DEC. 31.
1917.
1918.
1917. I
1918.
$ I LiabilitiesAssets510,281 Capital stock outLand & buildings.. 669,516
7,000,000 7,000,000
139,7941 standing
Factory equip.,&c. 341,676
5,000,000 5,000,000 Accts. payable, unGood will
698,976 paid purch., ex634,824
Cash
279,190 penses, payrolls,
U.S.Liberty bonds 1,285,938
22,349
1,043,476
146,192 Sec
Notes & accts. rec. 138,427
97,860
86,835
192,114 Dealers' deposits_
288,489
Cars for export..
210,000
210,000
_
2_
Jan.
pay.
Div.
3,018,742
1,874,414
_
Inventory.
Mdse.
81,907
28,335
35,090 Accrued taxes, &c.
36,753
Invest. in sub.cos..
Reserve for continAdvances to man97,871
126,515
_
_
&c_
gencles,
60,233
50,428
ufacturers, Atc
Profit and loss surDue from U.S.Gov 1,476,237
plus (see foot99,146
_
Miscellaneous
39,011 notes below)._ 3,381,905 2,663,189
25,790
Deferred items_ _ _
11,930,638 10,119,604
11,930,638 10,119,604 Total
Total
and exNote.-No provision has been made in the statement of income war
and
income,
Federal
for
sheet
balance
accompanying
the
pense, nor in
important
expense profits taxes for the year 1918. as there are a number ofcompany's
matters in connection with same now being considered by the
attorneys and certain necessary information is not yet available.-V. 1013.
p. 976.
International Silver Co.
(Report for Fiscal Year ending Dec. 31 1918.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1916.
• 1917.
1918.
$572,995 $1,287,120 $1,290,454
Earnings for year
"Reserve on inventory" Cr.219,282
282,856
300,541
307,298
'Current depreciation_
1915.
$766,214
278,279
The statement of present condition is most gratifying. Our net sales
$487,935
$986,579 $1,007,598
$265,697
Balance
increased over any previous year and amounted to a total of $27,212,048.
$300,918
$296,529
$293,278
$290,506
The operating profits for the year 1918 have been satisfactory. During Interest on bonds& inv_
2,561
12,645
2,513
Adjust. of plants
the year 1918 nearly 60% of our production was for Government purposes,
(5)301,430 (7)422,002
(7)422,002
(7%)422,002
_
_
all
stock_
pref.
on
the
Government,
of
Divs.
request
the
at
declared,
was
armistice
the
but when
came to a
contracts were terminated for adjustment and business generallyuncertain.
def$449,324 sur$258,654 sur$407,078 def$234,985
Balance
complete standstill. The outlook for the year 1919 is quite of goods
class
our
for
Total surplus Dec. 31- $3,027,108 $3,471,406 $3,212,751 $2.805,673
suitable
material
raw
high-grade
of
supply
visible
The
year.
the
throughout
level
Is limited, and prices are likely to remain at a high
BALANCE SHEET DEC. 31.
1917.
1918.
1917.
1918.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 31.
$
LiabilitiesAMU
1915.
685,362
1916.
685,362
1917.
_
_
stock.
1918.
Common
1,746,989
1,727,677
estate
$650,074 Real
Profits after interest_ _ _ Not stated $3.125,265 $1,005,767
Mach'y,tools,&c.. 3,250,059 3,244,658 Preferred stock_ 6,028,588 6,028,588
142,889 Trade-mark
152,392
not stated
do
First mtge. bonds_ 2,932,000 2,993,000
Repairs & maintenance_
d
an
s
60,162
Int. on Saxony option.. _
1,500,000 1,500,000 Debenture bonds.. 1,807,000 1,867,000
Patents
200,000
342,109
Not stated
Depreciation, &c
4,976,731 6,176,511 Accounts and notes
Inventories
2,872,822 3,137,513
payable
Res've for income Sr exOther investments 2,315,178 1,766,331
720,325
$770,000
6,968 Pref. diva. payable
2,969
cess profits taxes
Bonds in treasury..
42,144
105,500
___ 105,500
(?)
994,109 January
842,626
Miscellaneous
Cash
3,027,108 3,471,406
notes rec_ 2,903,140 2,852,803 Surplus
8447,022 Accts.&
$611,232
$1,236,187 $2,062,821
Net profits
8688,241
17,518,380 18,288,369
Tot. p. & I. stir. Dec.31 x$2,291,164 $3,362,753 81,209,933
17,518,380 18,288,369 Total
Total
$6,Pref. stock issued, $6,607,500; in treasury, $578,912; outstanding. out15
$9,259,338;
x After deducting first preferred quarterly dividend, paid in cash Oct.
in
treasury,
$9,944,700;
issued,
stock
Common
028,588.
settled
1918, $122477; arrears of first preferred dividends to July 15 1918,
standing, $685,362.-V. 106, p. 1340.
for by the issuance of an additional amount of first preferred stock to the
amount of $1,837,132; sinking fund certificates, arrears to June 30 1918,
General Cigar Co., Inc., New York.
settled for by the issuancs! of an additional amount of sinking fund certificates as authorized by directors Jan. 6 1919, $348,167.
(Balance Sheet for Fiscal Year ending Dec. 31 1918.)
Income account for the year 1918 was given last week, page 882.
BALANCE SHEET DEC. 31.
BALANCE SHEET, DECEMBER 31.
1917.
1918.
1917.
1918.
1017.
1918.
1917.
Liabilities
1918.
$
Assets1st pref.stock.. __ 7,000,000 5,000,000
Assets-Real estate, plast
18,104,000
_19,104,000
_
stock_
Common
3,934,800
____
3,879,500
stock
pref.
2d
5,343,650
5,506,011
Land, bldgs.. maand machinery_
765,200
820,500
chinery, &e... 1,385,819 1,344,100 Preferred stock_ __ 5,000,000 5,000,000
4,348,812 4,348,812 Common stock.. _
Good-will
Accounts payable,
165,504 Notes payable__ _ 950,000 1,685,000 Good-will, trade265,869
Investments
355,976
51,343
payable_
19,326,003 19,326,003 accrued liabiliAccounts
marks, &c
63,250
22,792
Liberty bonds_ __
883,423
621,334
36,434 ties, Ate
Invest.in affil.cos. 1,023,644
263,289 Sinking fund cer862,356
Cash
4,810,000 6,592,000
188,292 Bills payable
1,64/1,167 1,300,000 Prepaidinsur.,&c. 128,109
tificates
Accts. & bills rec.
1,000,000
1,000,000
res've
capital
Spec.
10,068,890
9,303,968
income
for
Supplies, &()
720,835 1,157,590 Reserve
less reserve_ _ _
46,183
88,645
227,667 Insurance reserve_
& excess profits
Bills rec., less res_ 368,568
Due from U.S.Gov 123,4E6
720,325 Accts.rec.,less res. 2,547,444 3,479,235 Federal tax. yes__ _ 840,000
770,000
taxes
Due for mdae.sales 353,728
4,081,354
4,667,081
Surplus
3,362,753
Lib. bds.at par.. _ _ 347,946
5,165,348 5,736,097 Profit and loss... _ 2,291,164
Inventories
699,560 1,037,340
45,858
Cash
41,467
Prepaid insur.,&c.
35,131,061 35,706 960
17,124,055
17,410,674
35,131,061 35,706,960 Total
Total
17.410,674 17,124,055 Total
Total
-V. 108, p. 882.
-V. 108, p. 978.
Chandler Motor Car Co.
(Report for Fiscal Year ended Dec. 31 1918.)
Pres. F. C. Chandler on Feb. 26 wrote as follows:
The year of 1918 started with a great deal of uncertainty, and the motor-,
car industry together with most other manufacturing lines, found it necessary to readjust their affairs to meet the war conditions then existing.
The management felt that the resources and facilities of this company
should be put at the disposal of the Government to the fullest extent possible, and early in the year we entered into a contract with the Government
to build a large number of heavy artillery tractors. It was a large undertaking, as these tractors weighed approximately 19,000 pounds each, and
in order to facilitate and hasten delivery, it was necwary to add one building to our plant, equipped with a crane to handle heavy material.
In addition to this building, the company purchased and installed machinery and other equipment, involving an expense of some $400,000.
Altogether. the company,from its own funds, invested about $600,000, to
propery handle this Government work, but the building was so designed
and arranged that it will work out in accordance with plans for the development of the Chandler plant. The bulk of the machinery is suitable for
use in the manufacture of Chandler parts.
The stockholders can take a great deal of pride in knowing that the
company was able to enter into production of these tractors in a remarkably
short time, and at the time the armistice was signed was manufacturing
them at the rate of ten per day, and would have increased this production
had it been necessary.
While the war took a large amount of effort on the pact of the various
members of the organization, still we were able, despite this fact, to build
and ship 9,172 cars for the year of 1918, and the net profits for tho year,
after having made provision for depreciation and reserves, excepting for
Federal taxes, amount to $2,194,618, and it will be gratifying to you to
know that of these net earnings only $67,600 was realized from war work.
The company's financial position is excellent, as will be seen from this
report, and it places us in a splendid position to take care of the very large
business which we expect to do during the year of 1919.
At the time of writing this report, almost two months of the year has
elapsed, and the demand for Chandler cars during these two months has
Fisk Rubber Co., Chicopee Falls, Mass.
(6th Annual Report-Year ending Dec. 31 1918.)
1917.
1918.
830
91,6.
83,760,280 *$3,578,485 31,8136
Net, after depreciation, &c
119,932
70,356
Deductions-Miscellaneous
308.000
281,750
281,750
Dividends--lst preferred (7%)
350,000
350,000
1st preferred convertible
341,100
140,000
315,000
(7%)(7 (
2d preferred
Sinking funds to retire4:0
75
6
f
2
3
82
405,3291
339,6591
First preferred
250,0001
First pref. convertible
Id
1,253,427 see "x"
Federal taxes (est.)
$629,048
$970,444 $2,129,950
Balance, surplus
x Federal taxes for 1917, amounting to $549,914 were paid out of the
profit and loss surplus.
BALANCE SHEET DEC. 31.
1917.
1918.
1917.
1918.
LiabilitiesAssets6,670,140 5,935,082 Common stock.. _ 8,000,000 8,000,000
Plant,&c
011
Equipment, See.. 1,105,333 1,105,333 7% cum. pref. stk.
1st preferred__ 3,629,900 4,025,000
6,031
5,169
Leasehold prop'ty.
100,000 do tio convert_ 5,000,000 5,000,000
Tire mfg. rights..
2d pref. cony_ 4,500,000 4,500,000
& pat'ts. 8,000,000 8,000,000
284,623 Loans payable.... 9,045,000 11,373.000
334,599
Investments
payable_ 686,123 3,311,683
Accounts
1,658,894
1,976,099
Cash
6,706
Notes & sects rec. 4,915,454 6,262,541 Unpaid diva. due.
11,061
24,010
462,717 Accr'd wages, dre.
Stock subscrip's_ a 429,927
1,253,427
tax_
Fed.
Reserve
17,737,638
38
Mat'ls Sr supplies..14,909,5
238,801
360,648
68,561 Reserves
67,480
'fire mileage accts.
365,348 Surpl. for retirem't
Prepd.int.,Ins.,&c. 315,039
of 1st pref. stock 1,938,542 1,380,329
4,425,923 4,005,393
Surplus
38,728,778 41,986,769
Total
-V. 108, p. 787.
Total
38,728,778 41,086,769
MAR. 15 19191
THE CHRONICLE
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Government Control of Railroads.-Plan for Financing.
See preceding pages in this issue.-V.108, P. 973, 876.
Alaska Government RR.-Appropriation Approved.The "Railway Age" in its issue of March 7 publishes an illustrated article
regarding the progress of construction and present condition of the work by
Secretary of the Interior Lane.
The House of Representatives on Feb. 27 approved the provision of the
Sundry Civil Bill appropriating $4,000,000 for the continuance of work on
this property. The appropriation is the remainder of the original authorization of $35,000,000.-V. 108, p. 169.
Bay State Street Ry.-Massachusetts Electric Cos.Earnings.-Receiver Wallace B. Donham with respect to the
proposed reorganization writes in brief:
Digest of Receiver's Report as to Earnings Filed With Court March 5.
The war period covered by the receivership has been an abnormal one.
Competent labor was hard to obtain and in 1918 wage increases aggregating
approximately $2,000,000 p. a. became necessary. Coal, Which sold
before the war at $4 a ton or less, cost about $10 a ton for a poor quality,
adding $1,100,000 to the coal bill over 1916. Many of the problems will
become less acute with the return of peace.
Two fare increases have been put into effect. The P. S. Commission
forbade, however, the 10-cent schedule filed Oct. 11 1918, requiring first
the trial of 7-cent tickets. This greatly reduced the expected revenue.
Nevertheless it has been demonstrated that increased revenue can be obtained by increasing fares on the Bay State system, in spite of traffic losses.
Partly from better weather conditions but mainly due to the two fare
increases, the passenger revenue increased 24.4% in Jan. 1919 over 1918,
an increase of $170,700, and about 31.7% in Feb. 1919, or $198,000.
The fare increases already put into effect, it is estimated, will produce an
increase in gross revenue from $10,533.000 for the year 1918 to $12,164,700
for the year beginning July 1 1919. The estimated further increase which
will result if the trustees put in a ten-cent schedule is from $1,100,000 to
$1,600,000. This is without allowance for savings from further decreases
in the cost of coal, from the use of additional one-man cars, and from
operatingemonles resulting
the
vysugniaiamoC
beZan connectionwitht
4o
:
1 ex
9e
reorganization. As the system gets the benefit of better shop facilities
and better physical conditions thus made possible and as prices drop to
normal, operating expenses should be reduced and net earnings increased
substantially as compared with the following estimate.
Estimate of Results of Operation of Massachusetts Property Year Beginning
July 1 1919'(1) Based on Present Fares, (2) on 10-Cent Fare Schedule.
Revenue based on continuance of present fares
$12,164,700
Operating expenses-1918 expenses $9,479,100, plus wage adjustment to present basis,$1,050,000,$10,529,100;less saving
with coal at $7,$455,600, with 100 one-man cars $184,000.... 9,889,500
Depreciation on basis of P. S. Commission decision (under
Special Acts of 1918 depreciation charges may be postponed
for one year after end of war)
1,104,000
Real estate and Federal taxes (est.), $158,200; excise and franchise taxes on 1917 basis, $330,900
489,100
(1) Balance available for charges under present fares
$682,100
Est. minimum increase in amt. avail,for charges with 10c.fares 1,100,000
(2) Est. minimum amount available for charges with 10c. fares.. $1,782,100
This estimate makes no allowance for savings to result from further
decreases in the cost of coal below $7, &c. (see above).
Plan (2d Installments)-Terms Offered Bondholders, Note
Holders, &c.-Summary of New Securities.-A digest of the
plan of reorganization in so far as it relates to.the underwriting and the terms offered the shareholders of the Bay
State Street Ry. Co. and Massachusetts Electric Companies
was published last week (p. 972).
The terms offered bond and note holders and a summary
Of the new securities follow:
(1) Bonds to Be Extended, Assumed and Further Secured under Ref. Mtge.
[Bondholders to receive $10 cash for each $1,000 of bonds so extended.]
Ext. as Gold Call -InterestAmount. Bonds to Price At.
First Mtge. BondsDue.
From.
a Prov.& Taun.St. Ry_Sept. 1 1918 $150,000 Sept. 1 1928 x103 6% Sept.1 1918
b Mystic Valley St. Ry_Jan. 1 1919 60,000 Jan. 1 1929 x103 6% Jan. 1 1919
c Haverhill Georgetown
& Danvers St. Ry__Mar. 1 1919 35,000 Sept.1 1928 x103 6% Mar. 1 1919
d Bos.Mil.&Brock.St.Ry.July 1 1919 100,000 Jan. 1 1929 x103 6% Jan. 1 1919
e Sou.Sh.& Hos.St. Ry.Aug. 1 1919 335,000 Feb. 1 1929 x103 6% Feb. 1 1919
I New Bedford Middle& Brockton St. Ry_Jan. 1 1920 325,000 Jan. 1 1929 100 5% Jan. 1 1919
x Call price during last five years before maturity to be 101 and interest.
a, b, c, d, e,1.-These issues, respectively, have the following coupons attached,
viz.: (a) Sept. 1 1918; (b) Jan. 1 1919; (c) March 1 1919; (d) Jan. 1 1919; (e) Feb.1
1919; (f) July 1 1918 and subsequent.
The accrued interest on all these six issues, a to f, will be paid in cash.
Depositary (a) to (e) State Street Tr. Co.; (f) Boston Safe Dep.& Tr. Co.
The $64,000 Peoples Street Ry. 1st M. bonds, due June 11923. are to
be assumed by the new company and secured by the Refunding Mtge.
without participation in plan. The 31,177,000 Bay State Street Ry.Equip.
0% gold notes, maturing 1919 to 1927, will also remain undisturbed.
(2) Bonds Under Option of Extension to be Assumed and Further Secured.
[Depositors get $10 per $1.000 bond and further $10 if option is exercised.]
First Mortgage
Total May be Extended Option
BondsDue. Amount.
at 6% to
Expires.
a Lynn & Boston RR___Dec. 1 1924 $3,723,000 Dec. 1 1929 Dec. 1 1923
b Low. Law. & Haverh_June 1 1923
607,000 June 1 1928 June 1 1922
c Brockton Street Ry__Oct. 1 1924
689,000 Oct. 1 1929 Oct. 1 1923
a, b, c.-These issues respectively have the following coupons attached:
(a) Dec. 1 1918; (b) June 1 1919; (c) April 1 1919. The accrued interest
on (a) and (c) will be paid in cash. Depositary for all three issues, First
National Bank, Boston.
These bonds, if extended, will be redeemable as gold bonds on any
semi-annual interest day at 103 and int. up to and including interest date
two years prior to new maturity date and thereafter at 101 and int.
(3) Bonds and Notes Offered in Exchange for New Refunding Mortgage Bonds.
New Refund. Mtge. Bonds. Interest from:
Each $1,000 Principal of- Outstand'g.
a Geo.Row.delps.lst M_ $180,000 $1,000 of 4%8 due Jan. 1 1948
xJan. 1 1918
S Bost. dc Nor. St. Ry_.
14,776,000 $1,000 of 4;is due Jan. 1 1948
Old Colony St.
xJan. 1 1919
1st M.Ref.4s,due'54
850,000181,142.85+ of 65 due Sept. 15'27 ySept. 15 '18
S Bay State St. Ry.1-yr.
1($1,000 for $875 notes-Total bonds $971,428.)
coll. notes,due 1918-(a) June 1 1918;(b) and (c) Jan. 1 1918:(d) Mch.15
attached
a,5, a, d.-Coupons
1918. Depositary for (a) Central Trust Co. of Cambridge; for (b),(c) and (5), Boston Safe Deposit & Trust Co.
x Accrued interest to these dates to be paid in cash. y Accrued interest at 5%
to March 15 1918 and at 6% March 15 to Sept. 15 1918 to be paid in cash.
(4) Bay Stale Street Ry. Coupon Notes and Bank Loans Exchangeable for Stock.
For Sinking Fund Stock. Dividendsfrom:
Outstand'O.
$1,000 Principal of$1,814,000 $1,000 7th to 21st series
Serial Notes of 1912
Feb. 15 1918
(Coupon of Feb. 1918 attached) [Or at option of holder of $1,000 1st pref. stk.]
1,425,000 $1,000 of 1st to 15th series
Bank loans
Feb. 15 1918
[Or at option of bank, $1,000 1st pref. stk.]
Accrued interest at the rate of 6% p. a. to Feb. 15 1918 to be paid in both cases
In cash or at option of the Reorganization Managers, If necessary, in 1st pref. stock,
option warrants and common stock on basis offered for subscription.
(5) Mass. Electric Cos. 5% Notes Exchangeable for New Notes-See Text.
Principal(and 5% Accrued Interest) Outstand'o. 'New 3-Year 6% Trustee's Notes.
83,000,000 83,150,000 with int. from Oct. 1 '18
5% gold notes, due 1918
(6) Stock Issues.-See last week's :I.Chronicle," page 972.
1059
Estimated Capitalization Under Plan.
(Based on an estimated $46,000,000 (approx.) of allowable capitalization.]
(1) Fixed ChargesPar Amount. Ann.Chge.
Massacnusetts leased lines, stks. & bds.,undisturbed x$788,700
$57,825
1st M.bonds, undisturbed, Peoples' Street By
64,000
3,200
1st M.bonds under option of exten.(see table 2 above)5.019.000
250,950
6% Extended 1st M.bonds(see table 1 above)
680,000
40,800
5% Extended 1st M.bonds(see table 1 above)
325,000
16,250
Equip. notes, undisturbed (Bay State St. Ry. gold
67r, due 1919 to 1927)
1,177,000
70,620
New°Refunding Mtge. bonds (this mortgage secures
also the old underlying bonds and authorizes,
under restrictions, the issue of bonds of other
series than those here shown)(a) 6% Serial Ref. Mtge. bonds sold to underwriters (see offering East. Mass. St. Ry., V. 108,
p.973),with fixed interest charge ahead of other
Ref. Mtge. bonds (plan permits issue of $5,000,000 of such prior charge bonds.-Ed.)
2,500,000
150,000
Total
$10,553,700 $589,645
(2) Charges, contingent until June 30 1921 and fixed
thereafter(b)4% Ref. Mtge. bonds due Jan. 1 1948 (see
table 3 above)
14,956,000
673,020
(c) 5% Ref. Mtge. bonds due Jan. 1 1948 (see
V. 108, p. 972.)
2,871,000
143,550
(d)6% Ref. Mtge. bonds due Sept. 15 1927(see table 3 above)
972,000
58,320
Total all mortgage bonds and prior lien charges_$29,352,700 $1,464,535
(3) Contingent ChargesTwo stocks, ranking equally and pro rata for dividends and in liquidation(a) Sinking Fund Stock,6% cum., callable at par
and divs.; may be increased only if necessary in
reorganization (see table 4 above)
3,239,000
194.340
(b) First Prof. Stock,6% cum.,callable at 120 and
divs. Offered to common shareholders of Mass.
Elec. Cos., &c. (see table 4 above and V. 108,
p.972)
855,000
51,300
Preferred B Stock, 6% cum. [ranking after (a) and
(5)]. Dividends payable in cash or common stock.
callable at 110 and divs. Offered to Bay State
pref. shareholders (see V. 108, p 972)
2,998,500
179,910
Adjustment 5% (pref.) stock, dividends payable in
cash or common stock. Callable at par and divs.
3843,946 offered to pref. shareholders (see V. 108.
p. 972), and $7,875,000 to be used to secure new
3-year 6% Trustees notes (see table 5above-also
below)
8,719,000
435,950
Common stock (see V. 108,To• 972)
7,232,750
433,965
Total of all securities
$52,396,950 $2,760,000
Option warrants giving right to purchase Adjustment
stock deposited as collateral for Three-Year 6%
notes at $36 a share for first year, $38 for second
year. $40 for next year, plus int. over dividends_37,875,000
x The new company is to acquire substantially all the assets of the Bay
State Street Ry. Co., including the "Massachusetts leases", the Rhode
Island lease or its proceeds, and in the discretion of the Reorganization
Managers, a lease of all or any of the properties of the Nashua Street Ry.
Co. The "Massachusetts leases" are the leases made by Boston & Chelsea RR. Co. in 1880, by Boston & Revere Electric St. Ry. Co. in 1895. by
East Middlesex Street Ry. Co. in 1893, and by Winnisimmet RR. Co. in
1879. The Rhode Island lease was made by Newport & Fall River Street
By. Co. in 1901
Voting Rights.-All classes of stock will have full voting rights, except
that the common stock will have no voting rights until Jan. 1 1921, nor
thereafter at any time when $5 of dividends upon the adjustment stock
are in default.
Three-Year 6% Notes.-These notes will be issued by trustees (probably
Francis L. Higginson Jr., E. Elmer Foye and Walter L. Haehnlen) and will
be dated the first day of the month during which the new company takes
possession, but will bear interest from Oct. 1 1918, payable at maturity;
$250 of adjustment stock for every $100 of notes will be delivered to the
trustees, and will be the exclusive source of payment of the notes. This
adjustment stock may be purchased by holders of option warrants as stated.
in last item of table above and in V. 108, p. 972.
Refunding Mtge. Bonds.-All the Ref. Mtge. bonds are callable at
various rates (see next week's issue).
Comparison of Capitalization and Fixed Charges Before and After Reorganiza'n.
After.
Before.
Total obligations (incl. notes and bank loans)_ _ _ _$30,309,200 $29,352,700
Capital stock
41,449,338 23,044.255
fixed
charges (Incl. $874,890 "contingent
Total
till June 30 1921")
1,408,228
1,464,535
Further particulars will be given next week.-V. 108, p. 972.
Decrees of Foreclosure Ordered.Judge Morton in the United States District Court at Boston has ordered
the entry of a decree for the foreclosure of the Refunding Mortgages against
the Boston & Northern and Old Colony Street Ry. Compare V. 108,
p. 972, 876.
Birmingham (Ala.) Railway, Light & Power Co.Committee for 6% 2-Year Gold Notes.-The committee
named below in circular of Feb. 27 addressed to the holders
of the6%2-year gold notes due April 1 1919,says in subst.•
A receiver of the property was appointed by the U. S. District Court
on Jan. 23 1919, in suit in equity brought by an unsecured creditor, the
company consenting thereto. We are advised that there are no funds
available for the payment of the notes, or interest thereon due April 1 1919,
and that in all probability default will be made in the payment of the same.
The appointment of a receiver creates a condition which confers upon the
trustee for the note issue the right, upon the written request of 35% in
amount of the notes outstanding, to declare the principal of all said notes
immediately due and payable.
Holders are urged to deposit their notes with the Equitable Trust Co.,
37 Wall St. N. Y., the depositary under the noteholders' protective
ment dated Feb. 15 1919. All notes so deposited must be in negotiable
a
form, and have attached the coupon maturing April 1 1919.
Committee: Thomas J. Walsh, Chairman of E. H. Rollins & Sons,
N. Y. City; Morris K.Parker, V.-P. Equitable Trust of N. Y., N. Y. City;
E. W. Rollins of E. II. Rollins & Sons, N. Y. City; Harry Stetson, Pres.
Lewiston Trust Co., Lewiston, Me.; George H. Taylor, of E. H. Rollins
& Sons, Chicago,
with Miss D. Earl, as Secretary, 43 Exchange Place,
N. Y. City, and Caldwell & Masslich as counsel, 115 Broadway, N. Y.City.
[Of the notes in question, $1,200,000 are outstanding and $175,000 are in
the company's treasury. In case the committee presents a plan of reorganization dissenting depositors will have 30 days in which to withdraw
on payment of his pro rata share of the expenses, &c., of the committee.]
-V. 108, p. 377.
Boston Elevated RR.-Dividend.Press reports state that the trustees of the company have declared a dividend of $1 25 on the common stock, payable April 1, to holders of record
March 17.-V. 108, p. 972.
Buffalo Lockport & Rochester Traction Co.-Sale.Representatives of the holders of the $2,799,000 First‘Mortgage 5%
gold bonds on March 12 purchased at auction for $500,000 the property
of this company,sold under judgment of mortgage foreclosure to the Lincoln
Trust Co. of New York.-V. 108, p. 972. 682.
Buffalo & Susquehanna Railroad Corp.-Dividends.-
A quarterly dividend of 1 % and an extra of 34 of 1% has been declared
on the common stock, both payable March 29 to voting trust certificates
holders of record March 15. In 1918 paid: March, 1i%; July, 13i%:
of 15' and an extra of 2%-making a total for the
Oct., 1X%; Dec.
year of 7%.-V. 107, p. 2375.
Chicago & Eastern Illinois RR.-Sale Postponement.The foreclosure sale which was to have been held March 11 was again
postponed for 90 days.-V. 108, p. 267. 77.
1060
THE .CHRONICLE
Central of Georgia Ry.—Contract Signed.—
A contract with this company fixing annual compensation for that systern at $3.444.158 was signed yesterday by Director-General Hines.—
V. 108, P. 972, 578.
Chicago Rock Island & Pacific Ry.—Stock Listed.—
The New York Stock Exchange on March 12 listed the $29,422,100 7%
preferred stock, $25,108,100 6% pref. stock and $75,000,000 common
Further particulars will be given another week.—V.108, p.784, 578.
111"Cleveland Cinc. Chi. & St. Louis Ry.—No Offering.—
The "Chronicle" is advised that there will be no public offering of the
Ez3..iip. Trust of 19176% ctfs. for $2,133,000. Compare V.108, p.973.
Chicago Milw. & St. Paul Ry.—Compensation—No Div.
The New York "Times" says: "Although the directors failed to make any
declaration of back dividends at their special meeting on March 13, they
did vote to authorize the signing of the compensation contract with the
Railroad Administration calling for an annual rent of approximately
$28,000,000.
President R. M. Calkins said after the meeting that the question of
dividends had not been discussed and denied that the Railroad Administration had intimated its disapproval of favorable dividend action by the
directors. In response to a question as to new financing he refused to
comment, but said that the condition of the road was good, and that he
believed that the so-called period of readjustment would last no longer than
60 to 90 days, with renewed activity thereafter.—V. 108, p. 972, 682.
Cleveland Southw. & Columbus Ry.—Bond Extension.
The company in letter of Feb. 12, addressed to holders of the $127,000
(assumed) 5% 1st M. bonds of Cleveland Berea Elyria & Oberlin By. due
March 1 1919, says in brief: "It is practically impossible to refund these
bonds at the present time and the company therefore invites the deposit
of the bonds with the Cleveland Trust Co..trustee, for the purpose of
extending the same at 5% interest to Aug. 11920. In consideration of the
extension, the company proposes to make an immediate cash payment of
$28 33 on each $1,000 bond, and in addition to attach coupons for interest
at the rate of 5% p. a. as provided in the bond, said coupons maturing
Sept. 1 1919 and March 1 1920 and Aug. 11920. Thus the bonds will net
the holders 7% per annum during the period of the extension. Bonds are
to be redeemable at par and int. on any int. date.
With the company's improved showing, due to increase in rates, &c.,
it should have no difficulty in paying these bonds on Aug. 1 1920.—
V.107, p. 401.
Denver Tramway Co.—To Extend $2,000,000 1st M. 58
at6% Till April 1 1924, Callable at 102 2.—
Chairman Charles Boettcher, Denver, March 1 1919, in circular to holders of the $2,000,000 Denver City Tramway Co. 1st M.20-year 5s due April
1 1919,says in brief:
The company hereby offers to extend these $2,000,000 bonds at 6% interest till April 1 1924, subject to call by the company as a whole at 10234
on any interest date after 30 days' notice. Under existing'conditions it
is unable to pay the same either by sale of refunding bonds or other securities. The extended bonds will bear new coupons of $30 each, payable
in gold coin (A. & 0.) in N. Y. City without deduction for any tax levied
by the United States or the State of Colorado; any default in making such
payments will allow the bonds to be called due.
The bonds will retain unimpaired their first lien on about 132 miles of
line in the heart of the city and their second lien (subject only to $3,837,000 First Consols 5s due 1933, of which only $1,167,000 draw interest, the
remainder having been taken up and being held in trust until the entire
issue is paid) on about 99 miles more. The Colorado P. U. Commission
recently valued at over $20,000,000 the company's city lines, the greater
part of which are subject to this mortgage. 'These bonds are followed by
$11,489,500 First & Ref. Mtge. bonds due 1933. Even under present conditions the net earnings applicable to the interest on these bonds and the
$1,167,000 Consol. 5s amount to 6% times such interest charges.
Bondholders should deposit their bonds immediately with the Central
Union Trust Co.. 80 Broadway, N. Y. City, or with the International
Trust Co. of Denver, as depositaries. The right is reserved to withdraw
this offer on or before April 15 1919. The coupon due April 1 1919 on bonds
deposited will be paid by the company at said depositaries at time of deposit.—V. 108, p. 77, 378.
Detroit United Ry.—Compromise Price.—
Under agreement reached March 10 between the city authorities and
officials of this company the arrangement for the sale of the property to
the city at a compromise price of $31,500,000 was decided upon. The matter will be submitted to the people for ratification on April 7. The price
asked for by the company during the negotiations was approximately
$2,000,000 more, and the price offered by the city about the same amount
less than the price agreed upon. If the plan is carried out the city will
assume control on July 1 1919.—V. 108, p. 878, 784.
Duluth-Superior Traction Co.—Earnings.—
1917.
1918.
Cal. Year—
1918.
1917.
Oper.revenue $1,665,909 $1,621,952 Int.on fund. debt $175,002 $173,645
439,973 Miscell. debits_ __
276,832
Oper. income_
3,348
2,966
20,576
22,435 Net income
Other income..
$119,057 $285,797
Also to Gen. Mort. sink,fund in 1918, $28,837.—V. 107, p.2476.
Gainesville Midland RR.—Federal Manager.—
. A. NVinburn has been appointed Federal Manager.—V. 97, p. 950.
Erie RR.—Refunding of Two-Year Notes.—In order to refund its $15,000,000 Two-year 5% notes which mature
April 1, this company has authorized a new Three-Year
6% note issue, which will have as collateral the securities
deposited as collateral for the maturing notes and such additional amount as is necessary to bring the valuation of the
deposited securities up to 125% of amount of new issue.
The War Finance Corp. has arranged to make the company a three-year loan represented by the company's threeyear notes at 98 to the extent that the new notes are not
applied for by holders of the maturing notes or by new buyers
before April 1.
Data from Letter of Pres. F. D. Underwood Addressed to J. P. Morgan
& Co., Dated March 8 1919.
Right of Exchange.—Holders of the maturing 5% notes will be given a
preferential right of exchanging their maturing notes at par for the new
Three-Year 6% notes at 98, at which price the new notes will net 6 %•
The balance of such notes, not purchased by the holders of the maturtng
notes or by new buyers, are to be taken at that price by War Finance Cofp.
Collateral.—The new issue is to be limited to $15,000,000, and is to be
secured by deposit with Bankers Trust Co. of N. Y., as trustee, of the
following collateral:
Collateral (Total Par Value $32,589,000)—
Par Value.
Erie RR. 1st Consol. M. Gen. Lien 4% gold bonds, due 1996_ J18,217,000
Erie RR. Gen. M., Ser. D, cony. 4% gold bonds, due 1953_ _ _ 8,372,000
Columbus & Erie RR, 1st NI. 5% 50-year gold bonds
600,000
Erie RR. Ref. & Imp. M.6% 210-year gold bonds, Soy. B
5,400,000
The Interest on this collateral is over 1)4 times the interest on the notes,
and the present estimated value of the collateral is over 125% of the par
value of the notes.
Available Income from Standard Return, &c.—Under the contract with the
Federal RR. Administration, the standard return of the company (incl.
the Chicago & Erie RR.) will amount to $15,729,068 per annum. In addition the company will have non-operating income which, in 1918, amounted
to $5,230,000 and which it is estimated will amount to at least $4,225,000
in 1919, and in each year thereafter while the notes are outstanding,
making available annually a total of approximately $19,954,068. After
deducting all prior charges, there remains a balance of $10,116928 for the
payment of interest charges of only $5,204,160 on all of the First Consol.
Mtge. General Lien bonds and Gen. Mtge. Convertible bonds outstanding,
including those pleged under these notes.
[VOL. 108.
Estimated Income of 910,116,228 Available to Meet $4,204,160 Interest on
General Lien and Convertible Bond Issues.
Standard return
$15,729,068
Non-operating income—Dividends coal cos., $3,500,000; other
non-operating income, $725,000
4,225,000
Gross income
Deduct—Interest on bonds
Interest on equipment obligations
Interest on mortgages
Rentals leased lines
Sinking fund
$19,954,068
$5,900,000
590,782
47,058
2,200,000
1,100,000
Total fixed charges prior to interest on General Lien bonds__ $9,837,840
Amount available for General Lien and Convertible bonds.. _ ..$10,116,228
Interest on General Lien bonds (including those pledged)
2,204,160
Interest on Convertible bonds (including those pledged)
2,000,000
Improvements—Earnings.—The property passed under the control of the
Federal RR. Administration on Dec. 28 1917. During the preceding 17
years the company had expended in excess of $129,000,000 in improving
the physical property, about $62,000,000 of this amount coming from income. During 1918,under Federal control, about $4,700,000 was expended
in improvements and betterments.
The expenditures made by the company resulted in giving it a line
having the lowest grades on eastbound traffic of any of the roads operating
between tidewater and leaving the western gateways at Pittsburgh, Buffalo
and the Ohio State line, and the gross operating revenue has more than
doubled since 1901, as indicated below:
Gross Operating Revenue Showing Constant Growth.
Years Ending June 30-Years Ending Dec. 31
1901-02.
1905-06
1910-11.
1916.
1915.
1917.
$40,894,434 $50,002,634 $56,649,908 $66,436,719 $79,776,367 $98,895,283
Effect of Federal Control.—The net income of the road as operated under
Federal control during the calendar year 1918 shows a marked shrinkage
from 1917, due in a large part to greatly increased cost of maintenance and
operation, fuel and material and increases in wages. These increased costs
affect the entire year, while the increases in passenger and freight rates
were effective only during the latter half of the year.
It should be noted that the Federal RR. Administration has operated
the railroads of the country as a unified system, with the result that individual roads have been operated as divisions of the unified system rather
than as separate competitive properties. This has brought changes in
routing, handling of traffic and pro rating through-traffic earnings between
connecting roads which render of little value a comparison of so-called net
income from operation of a given road under Federal control with net
income prior to Federal control. This, however, is a matter of theoretical
rather than direct interest to holders of the company's securities, as the
position of the security holders under the Federal Control Act is substantially that of a mortgagor on a property leased to a responsible tenant,
whose rental and other income is ample to cover the carrying charges of the
izaperty with a margin of about 25%.—V. 108, p. 973, 878.
Georgia Coast & Piedmont RR.—Sale Ordered.—
Judge Evans in the U. S. District Court in Georgia has named James W.
Talbot as special master,and has ordered the sale of the property at auction
at Brunswick, Ga., on May 6; upset price, $300,000.---V. 105, p. 2094.
Grand Trunk Pacific Ry.—Minister of Railways Appointed Receiver by Order in Council.—Although the interest
due March 1 on the 4% debenture stock appears to have been
paid promptly, Vice-President Frank Scott on March 6
notified the Dominion Government that, owing to lack of
funds, it would be impossible for the company to continue
operation beyond March 10. Acting Premier Sir Thomas
White had already announced that the Government would
not ask Parliament for further aid for the road while the
negotiations with the Grand Trunk Ry. respecting the proposed purchase of the Pacific lines were in so unsatisfactory
a state. Accordingly, under the provision of the War Measure Act, an order was passed in Council on Thursday,
March 6, placing the Grand Trunk Pacific Ry.in the hands
of the Hon.J. D.Reid, Minister of Railways as receiver.
Digest of Official Statement Issued March 9.
The appointment follows an official notification which Sir Thomas White
received on Thursday from the Vice-President of the Grand Trunk Pacific
By. Co.—a notification that, in view of the fact that the increased rates
applicable to the Grand Trunk Pacific By. have not been sufficient to
meet the increased operating expenses, it would not be possible for the
company, owing to lack of funds, to continue its operation beyond Mar. 10.
In view of this notification, it became necessary that the Government
should,in the public interest, immediately take steps to insure the continued
operation of the system. Under existing legislation this could not be
accomplished by an application to the courts for the appointment of a
receiver. The War Measures Act, however, was found to provide adequate
authority for action by the Government, and consequently an order in
Council was passed appointing the Minister of Railways receiver of the
Grand Trunk Pacific By. system, which includes the branch lines, telegraph, steamships, hotel and development and other companies.
W.P. Hinton, General Manager of the Grand Trunk Pacific By.system,
has agreed to facilitate the carrying out of the powers and duties required
of the Minister as receiver.
An important feature of the Order in Council is that which preserves
to the Government any other and ultimate remedies which it possesses
under the provisions of trust mortgages securing issues which it has guaranteed or otherwise as creditors of the system. Similarly, the rights and
remedies of other parties are not interfered with by the order. V. 108,P.
973, 578.
Grand Trunk Railway.—Dominion Government Acts.—
See Grand Trunk Pacific By. above.—V. 108, p. 268.
Grand Trunk Ry. of Canada.—Earnin s.—
Calendar Years—
1917.
1918.
Gross revenue
£12,655,000 £10,725,500
1,722,600
Net revenue
1,857,000
1,496,700
Revenue charges
1,518,000
Balance, surplus
£26,300
£1,800
No dividends were paid during the year on the guaranteed or preference
stocks.—V. 108, p. 268.
Illinois Central RR.—New Director.—
Robert S. Lovett has been elected a director to succeed R. W, Goelet
for the term expiring in April 1922.—V. 108, p. 973.
International Railway, Buffalo.—Rates.—
The New York P. S. Commission has suspended until April 30 the operation of new rates of this company on four divisions, serving Lockport,
Tonawanda, North Tonowanda and La Salle.—V. 108, p. 878, 578.
International Rys. Co. of Central America.—
C. J. Hambro & Son give notice in London that they will shortly be able
to issue to holders of preferred shares 6% 10-year notes in respect of dividends due Nov. 15 1914 to Feb. 15 1917, incl. The overdue coupons on
the 6% 10-year notes will also be paid when the notes are issued for the
holders of the preferred shares. Holders are reminded that the Treasury
has allowed these notes to be issued on the understanding that they are not
to be parted with or dealt with by the owners until peace has been declared.
—V. 10/, p. 379.
Jackson (Miss.) Light & Trac. Co.—Ouster Proceedings.
A press report states that the City of Jackson will begin proceedings
against this company for the revocation of its charter for alleged failure to
give service and because of poor quality of gas furnished.—V. 105, p. 1104.
Kentucky Traction & Terminal Co.—Listed.—
The Philadelphia Stock Exchange has listed $5,000 additional First &
Ref. Mtge. 5s, duo 1951 (issued in exchange for $5,000 Lexington By.5s),
making the total listed $2,892,000.—V. 108,P. 579.
MAR. 15 1919.]
THE CHRONICLE
Michigan Railway.—New Secretary.—
Treasurer J. W. Glendening has been elected Secretary to succeed G. B.
Dobbin, resigned.—V. 107, P. 1004.
Midland Counties Public Service Corp.—Bonds Auth.—
The Calif. RR.Commission has authorized this company to issue $474,000
of its First Refunding Mortgage 6% bonds, due 1953, to be sold for not less
than .90 and interest, the proceeds to be used as follows: (a) $25,000 to
refund outstanding Coalinga Water & Electric Co. bonds. (b) $374,000
to finance expenditures incurred on capital account prior to Oct. 31 1918.
(c) $75,000 to pay for certain extensions and impts.—V. 108, p. 788, 385.
Missouri Kansas & Texas Ry.—Guaranty.--See San Antonio Bolt & Terminal fly. below.—V. 108, p. 268.
Mt. Mitchell (N. C.) Ry.—No Passenger Service.—
1061
Philadelphia Railways.—Receiver Appointed.—
Judge Rogers in the Common Pleas Court No.2 at Philadelphia on March
13 appointed Murdock Kendrick as temporary receiver of the Philadelphia
Railways Co. under bond of $5,000. A further hearing will be held on
April 15 to decide whether or not the receivership will be made permanent.
—V. 107, p. 1837.
Public Service Railway of N. J.—Strike Situation.—
Employees of this company operating the trolley cars in Northern
Jersey went on strike March 10, chiefly for recognition of their unionNew
and
a ten-hour wage for a nine-hour day.
The National War Labor Board on March 14 ordered strikers back to
work pending conferences and the appearance Monday of representatives
of the strikers and the company before the Board.—V. 108, p. 974.
Puget Sound Traction, Light & Power Co.—Sale to
City.—Referring to the purchase of the traction lines of this
company, Messrs. Stone & Webster say:
A press report from Asheville, N.C.. states that this company, which has
taken passengers to the summit of Mount Mitchell, in North Carolina, will
now cease passenger service altogether. The line has been operated for
lumber operations.
The contract for purchase recognizes the importance of vested rights by
agreeing to a price which covers the cash actually invested by the company.
Payment will be made to the company through the issue of $15,000,000 of
A quarterly dividend of 1% has been declared, payable May 1 to 5% utility bonds of the City of Seattle. These bonds will be a charge upon
the gross earnings of the railways of the city, superior to all charges whatholders of record April 8,subject to approval of Director-General of RRs.
ever except interest and amortization of some $650,000 of prior
bonds of a
Equipment Syndicate Closed.—
like character.
Announcement is made that the New York Central-Michigan Central
The Supreme Court of the State of Washington has affirmed the vailidity
Equipment Trust Certificates offered by the Bankers Trust Co. of N. Y., of the transaction. Compare V. 108,
p. 974, 879.
Hallgarten & Co. and the Union Trust Co., Pittsburgh, have all been sold,
and the syndicate has been closed.—V. 108, p. 973, 879.
Quebec Ry., Light, Heat & Power Co.—Sub. CO. Sale.—
See Quebec & Saguenay Ry. below.—V. 108, p. 974, 879,
New York Chicago St. Louis
New York Central RR.—Dividend.—
&
RR.—Offering of Second
and Improvement Mtge. 6s, Series "A."—Wm. A. Read
& Co., N. Y., and the First National Bank, Cleveland,
Ohio, are offering at 94 and int., to net about 63
/
17
0, $4,135,000 Second & Improvement Mtge. 6% gold bonds,
Series A, dated May 1 1918, due May 1 1931. Present
issue $4,135,000. (See also advertising pages.)
Denom. $1,000 and $500 c*. Principal and interest (M. & N.) payable
in gold in New York. Free of Pennsylvania State tax. Interest without
deduction for any Federal income taxes deductible at the source up to 2%.
Tho First Trust & Savings Co., Cleveland, trustee.
Data from Pres.0. P. Van Sweringen, Dated Cleveland, March 8 1919.
Security.—A lien subject to $18,350,000 outstanding First Mtge. 4%,
- bonds, duo 1937, which cannot be increased in'amount and are being reduced by sinking fund payments, $20,000,000 having been originally issued.
'rho now mortgage authorizes a total of $25,000,000 bonds, the
unissued bonds being reserved for additions and betterments and other
property pledged under the lien of the mortgage and for refunding purposes.
They are issuable in series, from time to time, with maturities and interest
rates as determined by the directors at the time of issue.
The mortgage has been passed upon by the RR. Administration and this
issue has been approved by the Director-General of Railroads, &c.
Properly.—A trunk line of over 500 miles between Buffalo and Chicago,
the shortest railway line between these points. Total trackage, including
sidings and double track, is 954 miles.
Bonds.—With the issue of these new 6s, the company will have $32,485,000 bonds outstanding, including $18,350,000 First 4s, and $10,000,000
debenture 4s of 1931 which become ratably secured under the new mortgage and are limited to the amount now outstanding.
Calendar Years—
1918.
1917.
1916.
1915.
Gross revenues
822,656,381 $16,901,206 $15,387,928 $12,536,380
Net income after taxes
4,518,937
3,011,758
3,390,977
2,744,788
Total income
4,715,459
3,367,634
3,586,680
2,974,732
Rentals & other deduc'ns 1,024,505
1,093,387
773,426
919,225
Int. on funded debt.. _ _ _ 1,378,300
1,324,566
1,157,267
1,146,537
Balance
$2,312,654
$949,681 $1,655,987
$908,970
Government Control, &c.—The figures shown for 1918, for purposes of
comparison, include the results of operation under Federal control and the
income, expenses and charges of the railroad corporation. The company
has not yet concluded a contract with the U. S. RR. Administration. The
so-called "standard return," as certified by the I.-S. C. Commission, is
$2,218.,857, in addition to which non-operating income in 1918 amounted to
about $25000, making total income of $2,243,857, against which the deductions for fixed charges, war taxes and corp. expenses would be $1,542,674.
Purposes of Issue.—The proceeds of the new bonds will reimburse the
company for capital expenditures paid out of current funds and the remainder will be sufficient to cover the advances on capital account made by
the U. S. Railroad Administration at Washington.—V. 108, p. 879, 579,
New York Railways.—Protective Committees Call for
Deposits.—In view of the complicated conditions affecting
aiad serious problems confronting the company, the following
protective committees have been formed and are urging the
prompt deposit Of the bonds of the company at the respective
depositaries named (see adv. in last week's "Chronicle").
Rapid Transit in New York.—New Tunnel.—
The New York P. S. Commission on March 13 announced that efforts
were being made to finish the Clark Street tunnel so that trains on
the West
Side Interborough subway could operate to the terminal at Atlantic
nue, Brooklyn, by the first week in April. It was reported that only aAvefew
items of equipment, including signal and other electrical devices,
needed to bring the work up to the point of operation.—V. 108, p.974,were
879.
Rhode Island Suburban Ry.—Deposits Invited—Committee.—The committee named below, in view of the receivership of the Rhode Island Company, and believing that
prompt action should be taken for the protection of the First
Mortgage 4%gold bonds due Jan.11950,invites holders of the
above bonds to deposit them with the National Exchange
Bank, Providence, R. I. as depositary, on or before Apr. 15.
Committee:
Michael F. Dooley,
'
President National Exchange Bank,
Providence, Chairman; Edward B. Aldrich, trustee estate of Nelson
W.
Aldrich; Benjamin A. Jackson, President Rhode Island Suburban
Ry.:
George L. Shepley, President Rhode Island Insurance Co.,
Frederick S. Peck, Treas. Asa Peck & Co. Inc.; Francis E. Providence;
Sec.
pro tem. National Exchange Bank, Providence.—V. 108, p. Bates,
270.
Rio Grande RR. of Texas.—Bonds Authorized.—
The Texas RR. Commission has granted this company authority to issue
$215,430 mortgage bonds. The company operates between Brownesville
and Point Isabel, a distance of 22.5 miles.—V. 103, p. 1793.
San Antonio Belt & Terminal Ry.—Offering of First
Mortgage 5-year 6% Gold Notes.—The Mississippi Valley
Trust Co. and the Mercantile Trust Co., each of St. Louis,
Mo., are offering at 983
% and interest, to yield 6.30%, by
advertisement on another page, $1,850,000 First Mortgage
5-year 6% gold notes dated April 1 1919, due April 1 1924,
guaranteed principal and interest by the receiver of the Missouri Kansas & Texas Ry. and the receiver of the Missouri
Kansas & Texas Ry. of Texas.
Total authorized and to be issued, $1,850,000; interest payable in St.
Louis and New York, A. & 0. Mercantile Trust Co., trustee.
$1,000 c. The notes are subject to call from April 1 1919 to AprilDenom.
1920
at 102; from 1920 to 1921 at 101%; from 1921 to 1922 at 101; and1 from
April 1 1922 to April 1 1924 at 10034.
The form of the order of court, authorizing the guarantees, precludes the
termination of the receivership without the payment of these notes.
Security.—A first mortgage upon all of the property and franchises,
consisting of freight and passenger terminals, terminal yards, and valuable
real estate, some of which is in the heart of San Antonio.
Purpose of Issue.—The notes are issued for the purpose of retiring $1,750,000 First Mortgage notes, maturing April 11919, and to partly cover
the cost of additional improvements of the property. The terminals represAnt an actual cash investment of $2,462,000.
The lease of the terminal property to the receiver of the Missouri Kansas
& Texas Railway of Texas and the Missouri Kansas & Texas Ry. provides,
among other things, for the payment of the interest on these notes, and is
an operating expense of said receiver and the railway company which, in
effect, places the interest on this issue ahead of any of the other indebtedness of the company.—V. 105, p. 820.
Committee for 30-Year Adjustment Mortgage Income 5% Bonds.—John
Candler Cobb Chairman; Oscar Cooper, Haley Fiske, Frank L. Hall,
Duncan A. Holmes,
*
Ernest Stauffen Jr. and Richard H. Swartwout, with
San Francisco Oakland Terminal Ry.—Note Renewal.—
B. W. Jones as Secretary, 16 Wall St., and Murray, Prentice & Howland
This company has applied to the California RR. Commission for authoras counsel, 37 Wall St., New York.
ity
to renew a note for $247,000 and another for $33,630, payable to the
Depositary.—Bankers Trust Co., 16 Wall St., New York, with as agents, Realty
Syndicate Co. The original notes were issued in July 1914. The
Old Colony Trust Co., Boston, and Commercial Trust Co., Philadelphia.
Committee for First Real Estate c*. Ref. Mortgage 4% Bonds.—Harry Bren- notes were issued to secure funds witu which to pay bond interest and were
secured
by a deposit of 370 gold bonds and by the operating revenues of
ner, Chairman; William A. Day, Caspar W. Morris, Charles A. Peabody, the company.
March 1 1920 is fixed as the due date for the new notes,
W. H. Remick, Frederick II. Shipman and Harold Stanley, with F. J. with
interest
at 6%.—v. 108, p. 880, 581.
Frost as Secretary, 140 Broadway., N. Y. City, and J. P. Cotton, counsel.
Depositary, Guaranty Trust Co., N. Y. City. This committee repreToronto Railway.—No Dividend.—
sents mere than $4,000,000 of the issue.—V. 108, P. 677, 683.
No action was taken in regard to the declaration of a dividend by the
Northern Ohio Traction & Light Co.—Fare Situation.— directors at the meeting on March 11.—V. 108, p. 974.
The Railway Committee of the City Council of Canton, Ohio, has reUnited Traction & Electric Co.—Committee Statement.
ported against an increase in faros for this company.—V. 108,
p. 480.
The protective committee representing the First Mortgage 5% bonds of
this company, of which Philip L. Spaulding is Chairman, and
Northwestern Terminal Ry.—Time Extended.—
William P.
Goodwill is Secretary, has issued a statement outlining in general
terms
The committee, S. M. Perry, Chairman, representing the holders of the the
situation as they see it, and pointing out the importance of the bond5% First Mortgage gold bonds dated -1906 announces that, although
a
holders
depositing
their
bonds.
The
Secretary
of
the
committee writes:
large amount of the bonds having been deposited under the deposit agree- "The deposit
agreement
is
in process of being prepared and printed but is
ment dated Dec. 18 1918, the time for deposit has been extended up to not yet
ready. The trolley situation here, while it looks complex, is one
and including April 11919. Compare V. 108, p. 379, 269.
which calls for constructive co-operation and avoidance of all destructive
tactics,
in which view, I believe, all the committees representing
Old Colony Street Ry.—Decree.—
classes of securities share." See also Rhode Island Suburban Ry.various
above.
See Bay State Street Ry. above.—V. 108, p. 879.
—V. 108, p. 974, 685.
Omaha & Council Bluffs Street Ry.—New President.—
Frank T. Hamilton, Vice-President, has been elected President to succeed G. W. Wattles, resigned. Mr Wattles has been made Chairman
of
the Board. No succession to the First Vice-Presidency has yet been announced.—V. 108, p. 79.
Ottawa Electric Ry.—Sale.—
See "State and City Department" on a subsequent page.—V. 108,
p. 974, 579.
Pennsylvania RR.—Increase in Indebtedness.—
Wabash Railway.—Obituary.—
President E.F. Kearney died of pneumonia on March 10.—V.108, p.270.
West Jersey & Seashore RR.—New Director.—
David E. Williams succeeds Wilbur F. Rose, deceased, as a director.—
V. 106, p. 2336.
Wheeling & Lake Erie RR.—Bond Application.—
This company has applied to the P. U. Commission for authority to issue
$987,000 Refunding Mtge. 5% bonds, the reason for the petition being
stated as the failure of Congress to grant the Railroad Administration
funds required.—V. 108, p. 270.
At the annual meeting of stockholders on Mar. 10 the resolution to
increase the bonded indebtedness of the company by $75,000,000
in the
form of general mtge, bonds, is.suable from time to time, was approved,
which with $46,000,000 previously authorized makes a total of $121,000,000
INDUSTRIAL AND MISCELLANEOUS.
available for issue. The stockholders will vote on the resolution Mar. 25.14
Ahmeek Mining Co.—Dividend Reduced.—
The acquisition of the property and franchises of the Cumberland
The directors have declared a quarterly dividend of $1 on the $5,000,000
Valley lilt, was also approved. Compare full particulars V. 108,
p.172. outstanding
capital stock payable March 31 to holders of record March 15.
269, 379, 480, 579, 684, 966, 974.
This compares with $2 paid quarterly in 1918, previous to which $4 was
paid.—V. 106, p. 1579.
Peruvian Railways.—Descriptive Data.—
The "Railway Age" in its issue for March 7 has published an illustrated
Alaska Juneau Gold Mining Co.—Bonds.—
article with map regarding the railway lines of this South American
This company has been granted permission by the California RR.
try describing the needs of the present lines for inter-connectionscounCommission to issue $2,500,000 First Mortgage 10-year 7% bonds.—
and
standardization of gauge.—V. 108, p. 269.
V; 108, p. 380.
American Agricultural Chemical Co.-Listed-Acquis'n
The New York Stock Exchange has authorized that $250,000 6% cumulative pref. stock be added to the list on official notice of issuance in exchange for $250,000 par value of capital stock of the American Phosphate
Mining Co., and $50,000 of the pref. stock upon official notice of issuance
and payment in full, making the total amount authorized to be listed
$28,612,200.-V. 108. P. 785, 173.
American Can Co.-Serial Notes.-The First National
Bank of N. Y. in announcing its purchase of $12,000,000
Serial Notes to be dated March 17 1919, says:
'The continued high cost of tin plate and other raw materials together
with the maintenance so far in 1919 of an extraordinary volume of business
makes desirable a temporary addition to the working capital of the company.
It has therefore sold to the First National Bank $12,000,000 Serial Notes
to be dated March 17 1919 and to mature in equal installments in six,
seven, eight and nine months, which notes will be self-liquidating through
the conversion of raw materials into finished products, orders for which
are already in hand.
"The notes will be offered on a 6% discount basis." [It is understood
that the notes are eligible to rediscount.]
The company in Jan. 1918 sold a similar amount of notes, due in 7, 8,9
and 10 months, the issue being self liquidating during 1918, all being paid
off as and when the products were sold. Compare V. 106, p. 192.-V.
108, p. 685, 680.
•
[VOL. 108.
THE CHRONICLE
1062
American District Telegraph Co., N. Y.-Dissolution.
The stockholders on March 12 voted to dissolve the company and to
distribute a portion of the assets to the stockholders. This action results
from the sale of the principal property to the Western Union Telegraph Co.
a year ago. Compare V. 108, p. 880, 685.
American Malting Co.-Status Feb. 9.-
The committee of holders of first preferred stock, Frank M. Dick, Secretary, 61 Broadway, N. Y. City, has obtained substantially the following
balance sheet, as of Feb. 9 1919, from the Auditor of the company:
General Balance Sheet Feb. 9 1919 (Total Each Side, $17,676,454).
Liab.(incl. $1,676,260 stk, in treas.).$
Assets8
Property, plants & good-will_ _12,935,949 Capital stock x8,565,600
First preferred stock
x734,512
Stock in treasury
98,400
stock
preferred
Second
12,205
Discount on bonds
115,676
Third preferred stock
21,446
Unexpired insurance dc taxes_
5,780,324
Common stock
Current Assets ($3,972)255,024 First Mortgage bonds, 55____ 720,000
Cash
494,275
79,607 Reserve for depreciation
Accounts receivable
100,000
2,745,659 Reserve fund
Notes reel(' & collat. loans
1,768,965
76,000 Surplus account
Co.'s bonds
Current Liabilities ($33,214)52,000
Mortgages on real estate
6,900
400,000 Accrued interest on bonds_
Liberty Loan bonds
16,096
16,822 Accrued taxes
Securities owned
2,353
payable
Accounts
325,088
Inventories
7,864
• 22,142 Dividends
Miscellaneous
x Includes the following amounts of capital stock owned and carried on
the books at the valuations indicated, viz.: 1st pref.,(16,430 shares, $1,643,pref.
000), book value, $727.100; 2d pref. (83.4 shares, $8.340), $3,938; 3d$828.
(180.68 shares, $18,068), $2,646; common (68.52 shares, $6,852),
-V. 108, P. 975.
American Milling Co.-New Directors.to succeed Geo. C. Connelly,
Wm. B. Woolner was elected a director
succeeds his father, who resigned;
deceased, and E. C. Heidrich, Jr.,
all other directors were re-elected.
Because of delay in adjustment of the recent loss by fire of the Peoria
mill plant and time required to prepare a Federal tax statement the annual
report will not be ready for the stockholders for a week or two.-V. 106,
p. 819.
American Radiator Co.-Director.-
Sales.-The annual net factory sales have grown steadily from 31,017,052
In 1909 to $7,999,394 in 1918. Net earnings in each of the past three
years were over $770,000, after allowances for depreciation, but before
Interest and Federal taxes.
Dividends.-Dividends at the rate of 10% per annum are being paid on
the $2,000,000 full paid capital stock.
Further particulars should appear another week. Compare V.107,p.293.
Batavia Rubber Co.-Receivership Terminated.- •
Judge Mayer of the Federal Court at New "York has granted an order
terminating the receivership of this company.-V. 106, p. 2652.
Brooklyn Borough Gas Co.-Higher Rate Denied.-
Justice James C. Cropsey in the Brooklyn Supreme Cuort on Mar. 6
denied the application of the company to vacate an injunction granted
last August by Justice Benedict restraining the company from charging
more than 95 cents.
It is understood that an appeal will be heard in the Appellate Division,
Brooklyn, on April 7. The company has been charging $1 10 with the
consent of the P. S. Commission for the duration of the war. Had the
company's application been successful it would have been possible to have
charged 20 cents additional to the rate now effective, $1 30.-V. 108.
p. 482.
Bucyrus Co., South Milwaukee, Wis.-Earnings.-
1916.
1917.
1918.
Calendar Years$312,589
$854,280
Net earns., after int., taxes,depr.,&c. $658,403
Pref. divs. paid on $4,000,000 stock..(4%)160,000(4%)160,000 (2%)80.000
$232,589
$694,280
$498,403
Balance, surplus for year
Total p. & 1. surplus Dec. 31 1918, $11,845,004.-V. 108, p. 786.
Butte Copper & Zinc Co.-Earnings.13 Mos. to Dec. 311918$669,328 Dividends (10%)
Receipts
619,986 Balance, surplus
Net income
-V. 107, p. 183.
$300,000
319,986
California Petroleum Co.-2% on Accum.in L. L. Bonds.
A dividend of 2% in Liberty bonds has been declared on the pref. stock
on account of accumulations along with the regular quarterly of 1 4%,
both payable Apr. 1 to holders of record Mar. 17. The accumulated pref.
dividends after this payment will aggregate 5%.
Acquisition.-
The California RR. Commission has authorized the Petroleum Midway
Co. to issue and sell to the California Petroleum Corp. 4,000,000 shares of
a par value of $1 to net the company par. The California corporation
already holds 990.000 shares of the Petroleum Co.'s stock.-V.107,p.2291.
Calumet & Arizona Mining Co.-Production (lbs.).-
A revised statement of production follows:
Increase. 1919-2 Mos.-1918
1919-Feb.-1918
7,648,000
2,128,00017,312,000
2,900,000
5,028,000
-V. 108, p. 975, 881.
Decrease.
336,000
Calumet & Hecla Mining Co.-Dividend Passed.-
No action was taken by the directors on tho declaration of the quarterly
dividend usually paid at this time, owing to the unsettled condition of
the copper market.-V. 108, p. 786.
Central Power & Light Co.-Stock Increase.-
This company has filed notice with the Massachusetts P. S. Commission
of an increase in the authorized capital stock from $1,000,000 to $2,500,000.
The Equitable Trust Co. of New York has been appointed registrar
of the company.-V. 107. p. 1289.
Century Steel Co.-New Director.-
W. L. McKenna has been elected a director of this co.-V.107,p.2378.
Chino Copper Co.-Production (in Lbs.).-
1919-Feb.-1918.
Edward A. Summer of Detroit was elected a director to fill the unexpried 3,552,676
5,882,581
term of Charles Stinchfield. deceased.-V. 108, IL 975.
-V. 108, p. 976, 881.
Decrease.' 1919-2 Mos.-1918.
13,472,833
2,329,90517.793,676
Decrease.
5,679,157
American Road Machinery Co.-Status.-
Cities Service Co.-Oversubscription of Bankers' Shares.Henry L. Doherty & Co. and Montgomery & Co. announce
by advertisement on another page, as a matter of record
only, the sale of the 300,000 bankers' shares, representing the
common stock of the company. Full particulars may be
American Steel Foundries Co.-Proposed Issue of Pref. found in V. 108, p. 881, 483.
the
increasing
Stock.-The shareholders will vote Apr. 22 on
Clark Thread Co., Newark, N. J.-New Subsidiary.authorized capital stock by the issuance of $25,000,000 7%
This company, owning practically all of the capital stock, has organized
pref. stock. An official statement of Mar. 10 follows:
Co. of Maine, under the laws of
Chas. H. Jones & Co., New York, have issued a circular describing this
be
company, its organization, earnings and outlook, in which it is shown toNet
probably the second largest road machinery producer in the country.
profits for the 11 months ending Nov. 30 1918 are given as $239,473.
-V.97, p. 1117.
the spool business of the john MacGregor
The directors have called a special meeting of the stockholders for Apr.22 Maine as the John MacGregor Corp., which company will manufacture
next,to consider a change in the capitalization of the company,by increasing
spools for the Clark company.-V. 106, p. 299.
of
classes
two
into
divided
$42,184,000,
to
its capital from $17,184,000
stock of the
stock as follows: (a) $25,000,000 of 7% non-voting preferred consisting
Colts Patent Firearms Mfg. Co.-Contract.of
a
par value of $100 per share; (b) $17,184,000 common stock,
This company according to a press dispatch from Hartford has signed
share.
per
515,520 shares of the par value of $33 1-3
with the Federal Adding Machine Co. to make 50,000 adding
contract
In a few days the President will formally submit the matter to the stock- machines, the contract involving 31,500,000.-V. 107, p. 2479.
holders with a notice for a special meeting.
(It is believed that part of the $25,000,000 new preferred stock, possibly
Columbia Gas & Electric Co.-Annual Report.$10,000,000.will be given in paymentfor Griffin Wheel Co..(V. 108,p.975.)1
l.
Companies).
Consolidated Income Statement (Including Subsidiary
1916.
Dividend.
Extra
for
Calendar YearsAmerican Woolen Co.-Agent
agent
8
331 $9,058,252
1
3
$111
5
9
,
disbursing
8;7721310,861,
appointed
been
has
earnings
Y.
Gross
N.
of
Co.
The Guaranty Trust
4,434,475
5,220,794
15.
April
5,579,340
payable
company,
Net earnings
for the special Liberty bond dividend of this
1,944,323
829,328
1,965,470
Other income
-V. 108, p. 975, 482.
n (lbs.).Arizona Copper Co., Ltd.-Productio
Increase.
Mos.-1918
1919-Feb.-1918
3,600,000
3,360,000
-V.108, p. 685.
Decreased 1919-2
240,00017,392,000
6,100,000
1,292,000
Arkansas Natural Gas Co.-Annual Report.-
1917.
1918.
1917.
Cal. Years- 1918.
$318,246
Gross earns_ _$1,805,469 $1,448,304'Depreciation _ $488,712
119,024
50,189
204,903 Balance
187,278
Bond interest_
citing
Douglas, Fenwick & Co. of New York have issued a circular
the annual report at length.-V. 107, p. 1194.
of First Mtge. 6s.-MontOI. Autocar Company.-Offering
prices ranging from 100 to 973/i
gomery & Co. are offering at
and interest, according to maturity, $1,800,000 First Mtge.
6% serial gold bonds to be dated April 1 1919, due in semiannual installments from Apr. 1 1920 to Apr. 1 1925. The
bankers report:
days'
$7,544,810 $7,165,117 $5,263,803
Gross income
3,632,262 3,514,488 3,411,044
Accrued rentals, &c
717,266
695,283
713,350
Fixed charges Columbia Gas&EI.Co..
33,199,198 $2,933,363 $1,157,476
Surplus
(4%)$2,000,000(3)$1,500,000
Dividends paid
-V. 108, p. 583.
111Commonwealth Petroleum Corp.-New OrganizationStock Sold.-Tilney, Ladd 8o Co. and Knauth, Nachod &
Kuhne offered this week and promptly sold, at a subscription price of $47 per share, the 178,000 outstanding shares
of capital stock of this new company just organized under
Delaware laws. Total authorized, 200,000 shares. No
bonds, notes or other funded debt, and no preferred stock.
The company owns a controlling majority of the entire capital stocks of
the Western Union 011 Co., United Western Consolidated 011 Co. and the
W.D. Head Drilling Co.
in fee, on perpetual
not in part, on 30
Company.-Directly or through its subsidiaries owns
Denom. $1,0000 Callable as a whole, butat
in Calif. and
thereafter.
int.
and
101
and
or on mineral locations, about 27,000 acres of oil landsare
lease
1922,
1
notice, at 102;i and.int. until Oct.
at present
there
which
upon
Va.
2%.
W.
of
tax
in
income
Wyo. and oil and gas lands
Interest A. & O., without deduction of normal Federal
of about 3,200 barrels of oil
production
PennsylThe
settled
a
mills.
with
four
wells
of
tax
producing
property
77
personal
Free of Pennsylvania
Also owns
day.
gas
per
natural
of
feet
cubic
trustee.
Phila..
5,000,000
and
over
per day
vania Co. for Insur. on Lives and Granting Annuities.
, interest in 6,000 additional acres in West Virginia.
36
Data from Letter of President David S. Ludlum.
Pres.; William E. S. Griswold, Bernhard
Mackay,
-Eugene
Directors.
in the manufacture
Jr., John PhilplIncorporated in Pennsylvania in 1899, and is1engaged
Guggenheim (George Borgfeldt & Co.), Henry Lockhart
of to 2 tons capacity. The lips
(Pres.
and sale of commercial automobile trucksPenna.
Jr. (Pres. T. W. Phillips Gas & 011 Co.), Charles H. Sabin
Over 90% of output is
Gas Corp.).
Natural
Union
(Pres.
NVhitcombe
P.
E.
Co.),
general offices and plant are at Ardmore,
Trust
Guaranty
stations
service
and
sales
branch
its
through
consumer
the
sold direct to
firms and
Consolidated Gas Electric Light & Power Co. of
in 22 cities. Its trucks are owned and operated by over 7,000
i
ir
corporations.
e of 7% Secured Convertible Notes.-Alex. Brown
machinery
Balto.-Sal
and
buildings
estate,
real
on
mortgage
ity.A first closed
The company & Sons, Brown Bros. & Co., Jackson & Curtis and Lee,
in Ardmore, Pa., carried as of Dec. 31 1918 at $1,801,003.
liabilities (other
will covenent to maintain quick assets in excess ofonall
property in Wash- Higginson & Co. announce by advertisement on another
$100,000
than this issue and encumbrances totalling
amount of bonds of this page the sale, at a subscription price of 100 and int., yielding
ington) of not less than 1% times the principal
shall consist
issue at any time outstanding, of which not less than 60%
7%, of a new issue of $5,000,000 7% Secured Convertible
of cash, accounts and notes receivable. 31 1918 shows net quick assets
Dec.
of
as
sheet
gold notes, dated Feb. 1 1919, due Aug. 1 1922. Authorized
balance
-The
Assets.
is
It
financing,
present
the
of
completion
of over $2,400,000. Upon
and outstanding, $5,000,000. The bankers report:
estimated that the company will have net quick assets of over $3,200,000.
•
MAR. 15 1919.]
THE CHRONICLE
Convertible, par for par at any time, at holder's option, into
First Ref.
Mtge.6% Sinking Fund gold bonds, due Feb. 1949
(if called for redemption convertible up to 30 days before redempti
on date). Maryland
Trust Co., Baltimore, trustee.
,Interest F. & A. at office of Alex. Brown &
Baltimore, and at
Merchants Nat. Bank, N. Y. Denom. $1,000 Sons,
and $500c5. Red. as a
whole, at any time on 60 days' notice at 103 and int.
prior to Feb. 1 1920;
at 102 and int. on Feb. 1 1920, and prior to Feb. 11921;
and at 101 and int.
on and after Feb. 1 1921. Maryland Trust Co.. trustee.
Company.-The company does the entire as, electric light and
power
business in Baltimore, extending also into the suburbs
and surrounding
counties. Total population served about 750.000.
Data from Letter of Pres. Herbert A. Wagner. dated Mar.
10 1919.
Purpose of Issue.-The proceeds of these $5,000,000 notes
together with
additional cash to be furnished by the company
, will provide $6,000,000,
which will be used to increase the capacity of electric
plants by
40,000 k.w., or 53,000 h.p., and also to extend gas plant power
and holders, gas
and electric transmission lines and distribution systems, and
to liquidate
temporary loans already contracted for the same. This financing
will provide for needs well into 1920.
Security.-Pledge of $6,000,000 mortgage bonds, viz.,
$2,500,0
00 First
Mortgage 5% bonds of the Consolidated Power Co. of
Baltimore, due
1937, and $3,500,000 First Refunding Mortgage 6% bonds
of Consolidated
Gas Elec. Light & Pow. Co., due Feb. 1 1949.
Earnings for Years ending June 30 (1918-1919, Last Five Mos.
)•
YearGross. Net, aft. Taxes. Fixed Chgs.Estimated
Balance.
1914-15
$6,789,401 $3,212,818 $1,640,361 $1,572,4
57
1915-16
7.431.768 3,583,692
1,580,058 2,003,634
1916-17
8.498,809 4,018,644
1,672,223 2,346,421
1917-18
10,619,588 4,203,904
9 2.132.565
1918-19 (estimated)__ _ 13,469,000 4,569,000 2.071,33
2,257,500 2,311,500
Dividends.-Continuous cash dividends on the
($14,437,800 now
outstanding) have been paid since 1909, at rates stock
averaging over 6% per
annum for the last 9 years. The present rate, 8%,
has been paid since
Apr. 1 1917.
Franchises.-Unlimited as to time, and satisfactory in terms.
No other
company can compete without consent of P. S. Commission.
Increase in Rates.-The Maryland P. S. Commission has
granted substantial increases in rates which should be sufficient
provide for all
increased operating expenses and for the continuance ofto
the 8% dividends
on the capital stock, with sufficient reserve for depreciat
ion and other
reserves.-V. 108, p. 686. 583.
Cumberland Telephone & Telegraph Co.-Notes Paid.
The "Chronicle" is informed that
the $6,000,000 notes due Feb. 1 1919
were paid at maturity.-V. 108, p. 272.
Distillers Securities Corporation.-Status.-
Chandler Bros. & Co. have issued a circular regarding the stock
of this
company, shortly to be known as the U. S. Food Products
Corporation,
covering the history, financial structure, outlook, &c., of the
company's
affairs.-V. 108, P. 786, 780.
Donner Steel Co.-Earnings.-
Calendar Years1918.
1917.
Net, after all deductions, interest, &c
$2,539,580 $2,631,705
Depreciation
987,527
716,026
Bond interest
128,870
125,000
Federal taxes (est.)
300,000
346,526
Preferred dividends
} 157,500f Ir)358,750
Common dividends
1 1) 25,000
Balance, surplus
1,060,402
Note.-On M ar. 31 1918 in order to conserve cash,$965,681
arrangem
ent to defer
dividends on $5,000,000 of the 7% preferred stock was
ly agreed
to by the holders of that stock, their consent was also voluntari
given to the continuance of dividends on the remaining $1,000,000 of the
7% preferred
stock, making ample provision for any stockholders
to
whom
this plan
might not be convenient.-V. 108. p. 483, 174.
(E. I.) du Pont de Nemours & Co.-Bonus Plan-Report,
At the annual meeting of this company on March 10, the company's
bonus plan was approved and the annual report for the year
(see subsequent
pages) was approved.-V. 108. P. 996, 768.
East Bay Water Co., akland, Cal.-Earnings.--
Cal. Years- 1918.
1917. I
1918.
Oper. rev____$1,792,509 $1,763,074 fNeI revenue._ $877,414
Op.exp.,taxes,
I Int.chargeable
depreciation 959,143
967,7431 to operation 535,283
Other income_
44,047
30,955
Bal., surp_ $342,131
See offering of pref. stock in last week's issue, page
- 976.
1917.
$826,287
546,471
9279,816
(Otto) Eisenlohr & Bros., Inc., Phila.-Retired
The outstanding pref. stock has been reduced from $2,552,1 .00 to $2.520,000, an additional $32,100 having been retired and
March 1 last. The original pref. stock was $3,000,000. V.canceled as of
108.p.687.
Emerson-Brantingham Co.-New Director.-
James L. Martin has been elected a director to succeed D. M.
Good, dedeased.-V. 108, P. 783.
Empire Steel & Iron Co.-Director.-
Jules S. Bache has been elected a director of this company.
-V. 108,
p. 882.
Fulton County Gas & Electric Co., Glovers
1063
Available for Interest, After Depreciation, Federal
&c., Year Ended
March 31 and Calendar Year Taxes,
1918.
1915-16.
1916-17.
1918..
Net ca
rrnings
$473,365
$173,928
$387,525
Condensed Income .Statement for the Calendar Year
1918.
Gross sales
$9.788,914 Federal taxes,estimated__ $570,664
Net profit
$951,820 Balance
Other income
6,369 Int. on First Mortgage 6s $36807:000525
Net income
$958,189 Surplus
$327,529
Selling Agent.-The entire output has always been sold
arrangement with the firm, C. Bahnsen & Co.. for a fixed under a selling
selling
commission, the selling agency assuming all palling expense and
credit risk.-V.108,
p. 384.
Glidden Company, Cleveland.-Divid
etc.President Adrian 1). Joyce at the annual meetingend,
Feb. 19 stated that it
had been decided to place the common stock
on a 6% dividend basis,
the first quarterly payment to be made on Feb.
to holders of record
Feb.20. The stock includes $1,500,000 of6% pref.25
and $1,000,000 coin.
Sales for 1918, it is stated, amounted
$5,100,000, while the net profits
after reservation for taxes, depreciationtoand
preferred stock dividend, it
was said, would show about $25 a share on the
common stock.
C. F. Brigham and S. C. Schorndorfer were added
to the board of directors, all other directors were re-elected
.-V. 106, p. 712.
(H. W.) Gossard Co., Inc.(of N. Y.), Chic. Earnings--
Cal. Years- 1918.
1917.
-E1918,
Net sales_ _ _ _$3,418,639 $2,743,719 Depreciation 1
Not
Net aft.pf.div. 304,048
219,012 Federal taxes_ I stated.
mm
Coon
div..150,000
Balance
$154,84
-V.106, p. 825.
19
2157
.1
.17
34.000
$159,895
Greene-Cananea Copper Co.-Production.-
Output forFebruary 1919
February 1918
2 months 1919
2 months 1918
-V.108, p. 687. 384•
Copper (lbs.). Silver (oz.). Gold(oz .
3.000,000
112.870
650
3,960,000
115.570
1.058
6,000,000
219,350
1,430
7,090.000
212,540
1.788
Great Northern Iron Ore Properties.-Divid
The trustees have declared a dividend of $2. payable April end.
9 to holders of
record March 20. This compares with previous
quarters as follows:
1909. 1910. 1911. 1912. 1913. 1914. 1915. 1916.
1917. 1918. 1919.
$1
$1 $1.50 50c. 50c. 50c. 50c. $1.25 $1.50
$4
$2
In 1918, March and June, $1 each; Dec.,
$2.-V. 107, p.2011.
Hayes Manufacturing Co., Detroit, Mich.-Offering of
8% Pref. Stock.-John Burnham & Co., Chicago
are offering by advertisement on another page, at par ,and
$800,000 cumulative preferred (a. & d.) stock of this divs.,
company, one of the leading automobile sheet metal manufac
turers in the country.
A sinking fund is provided to retire stock annually. Callable
as a whole
or for sinking fund at $110 per share plus diva.
Divs. Q.-F. The preferred
stock is protected by numerous other provisions.
Data from Letter of Pres. Hal H. Smith, Dated Detroit,
Company.-A Michigan corporation, founded in 1903. March 1 1919.
Sales have increased from $26,883 in 1905 to over 13,750.000 in
1918. Rate of production for 1919 has been set at $400,000 a month, and
the co. is now operating approximately on this basis without
additional 'plant capacity. The company furnishes sheet metalrequiring
parts to the automobile trade.
These parts include all sheet metal on
motor and commercial vehicles,
fenders, hoods, body stampings, underpan
s,
board shields, &c.
Plant.-In Detroit, and occupies an area ofrunning
4 acres with a floor space of
252,500 sq.ft. It is equipped with
led, &c. Employees number 800.most modern machinery,is fully sprinkBalance Sheet.-This as of Dec. 311918, after giving effect
to the sale of
the preferred stock, shows the following: (a)
Total net tangible assets (in
excess of all liabilities except capital and surplus),
assets, $1,321,044; and (c) fixed assets as of Dec.$2,541,639:(b) net quick
American Appraisal Co. at a figure in.excess of the311918. valued by the
amount at which they
are carried on our books.
Sales and Net Eirnings after Depreciation, Reserves and Ordinary
Taxes, but
Before Providingfor Federal Income and Excess Profits Taxes and
Amor:9
1(11
8,n.
Year1916.
1917.
Sales
313,9
74
14
5:963 13,388.177 $3.512,461 $3,753,381
Net profits
1141.376
$275,404
$225,986
$274,271
War Contracts.-During the last half of 1918 about
40% of our production'was war business, all of which has now
been closed. The percentage
of war business to our total volume for 1918 was 30%.
Prior to this period
our Government business was negligible and we now have
nothing of this
nature.
Purpose of Issue.-All of money provided by the sale
of this preferred
stock will be applied directly to increase working capital.
. Management.-Directors include Frank NV. Blair, Detroit,
Trust Co.; H. H. Banger, Detroit, V.-Pres. National Bank Pres. Union
of Commerce;
James H. Flinn, Detroit, retired capitalist; Dr.
J. T. Upjohn, Kalamazoo,
capitalist.-V. 108, p. 883.
Hudson Companies, N. Y.-Capital Stock Reduced
ville, N. Y. $4,000,000, par $25.
to
Replying to our inquiry of the 5th inst., tho
-Distribution.--President W. G. Oakwrites: "In
reference to this company's 6% gold notes, due company
March 1 1919, would man, in circular of Mar. 7, address
advise that same have been refunded by an issue of
ed to the preferred
$387,000 6% Three- stockholders,
Year gold notes, due Mar. 1 1922. The new notes are
says in brief:
subject to call on
Sept. 1 1919, or any interest date thereafter, at par and
In accordance with the vote on Jan. 14 1919 the capital stock of
interest,
at
the
Hudson
office of the company,at Gloversville, N.Y., upon giving 60
Companies has been reduced from 321,000,000 to $4,000,00
days' notice." of
0, consisting
-V.107, P. 406.
160,000 shares of the par value of $25 each. The $5,000,00
0
common
stock has been surrendered and canceled. The preferred stock,
Gera Mills, Passaic, New Jersey.-Offering of First
reduced in
value as aforesaid, now constitutes the entire outstanding stock.
Mtg. parYour
directors have determined to distribute pro rata among
6s.-Central Trust Co. of Illinois and Powell, Garard
the pre& ferred stockholders of record Mar. 17 1919 the $1,000,000 stock of GreeleyCo. of Chicago, Ill. are offering at 97% and int., yieldHudson Securities Corporation, now held by this
. The shares of
such stock are of the par value of $100 each andcompany
ing approximately 6%%,$1,000,000 First Mtge. 5-year
accordingly each of our
preferred stockholders of record at the time mentione
Sink. Fund gold bonds dated Feb. 1 1919, due Feb. 1 6% to
will be entitled
one share thereof for each sixteen shares d above
1924. of receive
value now $25 each)
preferred stock of this company held by him.(par
(See advertisement on another page.)
Distribut
ion fractions
will be represented by "scrip.'
Interest F.& A.at Chase National Bank, N.Y. Callable
at 101 and int.
The distribution is to be made on and after Mar. 18
on any int. date up to Feb. 11921,and ac 100M and int. thereafte
1919
upon the
r.
Cenexchange
of the present outstanding preferred certificates for new certificat
tral Trust Co. of Illinois, trustee. Closed mortgage authorize
d and out- showing the
standing $1,000,000. Coupons payable without deductio
capitalization; holders should make the exchange es
n for normal the office 111reduced
at
Broadway, N. Y. as promptly as possible
Federalincome tax up to 2%. Tax exempt in New
after Mar. 17 1919.
Jersey. Denom. Compare V. 108, p. 78, 263, 97'7 V.
$100, $500 and $1,000.
105, p. 1208, 1801; V. 104, p. 1800.
Data from Letter of Pres. C. Bahnsen, Dated Passaic, N.J..
Indian Refining Co., New York.-Earnings.Mar.3'19.
Organization.-A New Jersey corporation organized in
1918.
1917.
1919 to take
1918.
1917.
over a business established under the same name in 1900,Jan.
following the sale
of a controlling interest in the predecessor corporation by
Net income_ _ _ _3,703,988 2,878,395 Res.for tax..&c_2,500,000
the
Alien
Prop1,200,000
erty Custodian, without, however,any change in the active
Pref.
diva_
__
(7
)210,000
x312,500
Balance, surplus 633.988 275,895
management.
Properly.-The plant is located upon 1.0f
: acres on which
divs__(12,
(3)90.000Total p.& 1.sur_ 955,335 361,347
are 53 build- Com.
ings of usual factory construction. Equipment includes 1,146
x 4334%, of which 384% to discharge accumulations.-V.
looms, 850
107, p. 2380.
Ilattersley and 206 Crompton and Knowles looms, with a
daily capacity
of 30,000 yards of worsted products. The dye department has
Inspiration Consol. Copper Co.-Production (in Lbs.).
a capacity
of 30,000 yards per day.
1919-Feb.-1918,
Increase.
1 1919-2 Mos.-1918.
Increase.
Purpose of Issue.-To finance a portion of the purchase price of
6,600,000
6,200,000
400,000113,100,000 11,200,000 1,900,000
the prop- erty in connection with its acquisition by the present corporati
V. 108, p. 584, 175.
on.
Capitalization.
International Nickel Co.-New Plant.Capital stock:Common,$2,000,000; pref.,8% cum.,$1,0
The "Engineering and Mining Journal" in its issue for March
00.000_33,000,000
First Mortgage 5-Year 6% Sinking Fund gold bOnds (this
8 publishes
issue)_ 1,000.000 an illustrated article regarding this company's new refining works
at Port
Security.-A closed first mortgage upon all present and future
Calborne Ont., which has an annual output of about
15.000,000 pounds
acquired of nickel.,-V.
plants and fixed assets of the compan!,. An appraisal made
108,
679,
p.
584.
in Sept. 1918
shows a reproduction value. based upon 1914 prices, of
based upon 1918 prices of $2.857,896, after allowance for$2,081,723: and
Jewel Tea Co.-Sales for 4 and 8 Weeks ending Feb. 22.depreciation of
$599,194, with, in addition, on Dec. 311918, net current assets
1919-4 Weeks-1918.
Increase. I 1919-8 Weeks-1918.
of $1,035,- $1,285,0
Increase.
657.
97 $1,183,544 $101,5531$2,498,934
$2,339,508 $159,426
Special Provisions.-(1) A sinking fund of $50,000. beginning 1920,
V.
108,
970,
p.
687.
is
is to be applied to the purchase or redemption and cancellation of
Kennecott Copper Corporation.-Dividend Decreased.
ing bonds. (2) Current assets must at all times exceed current outstandliabilities
A quarterly dividend of 50 cents has been declared on
by $500,000.
stock, payable
March 31 to holders of record March 18. A dividend ofthe
$1 has been paid
171
THE CHRONICLE
1064
Late diviquarterly since Dec. 1917, previous to which $1 50 was paid.
dends have been one-half capital distribution.
g statement: "As the corPresident Stephen Birch has made the followin
time, and as
poration is carrying a large amount of copper at the present
such time as it can
it may be necessary to carry a still larger amount until
the development probe marketed to advantage and in order to continue
n properties of the corporagrams both at the Alasklan and South America
are being
tion the directors believe the best interest of their stockholders a share."
served by making a disbursement for the current quarter of 50c.
Output (in Pounds).Kennecott
Braden
-V. 108, P. 787, 687.
1919-2 mos.-1918.
1919-Feb.-1918.
,858,000
5 ,292,000 15,888,000115,332,000511
)
110,954,000
f
,000
14,754
).Kerr Lake Mining Co.-Silver Production (in Ounces
Decrease.
1919-Feb.-1918.
204,954
95,313
-V. 108, p. 687, 273.
1919-2 mos.-1918.
Decrease.
409,595
109,6411214,298
195,297
[Vol,. 108.
y from interests formerly conand 70,000 shares were purchased privatel
ates no financing.
nected with the company. Company itself contempl
1918 were approximately
The company's net quick assets on Dec. 31
for shares reallowing
ing,
outstand
now
stock
d
$20,000,000. Preferre
The company
tired by the company last year, amounts to $23,524,700.
Barrett
is controlled through stock ownership by General Chemical Co.,
788.
p.
108,
-V.
Co. and Semet-Solvay Co.
National Fireproofing Co.-Earnings.Calendar YearsNet earnings
Depreciation, &c
1918.
$5,840
100,000
1917.
x$301,865
162,458
1915.
1916.
$100,412 loss:398,907
100,000
170,029
,407 def.$69,617 def.$198,907
Balance, sur. or def.. _def.$94,160 sur.$139
p. 408.
x Includes in 1917 $42,459 profit on sale a property.-V. 107,
ble Castings Co.-New Plant.-
National Mallea
6 publishes an article
The "Iron Trade Review" in its issue for March
constructed as one of
describing the plant of this company, designed and
2122.
p.
104,
s.
the world's largest malleable foundrie -V.
ties Corp.-Time Extended.-
Keystone Tire & Rubber Co.-Stock Dividend.-
payable May 20 to
This company has declared a stock dividend of 15%,
the regular quarterly
holders of record May 21. The company also declar&f
holders of record
to
1
April
payable
stock,
common
its
on
3%
of
dividend
March 21.-V. 108,p. 687, 175.
National Securi
for deposits under
The reorganization committee has extended the time
. 108, p. 585.
the reorganization plan of Jan. 11 1919 until April 2 1919.-V
r Co.-Production (Lbs.).-.
Nevada Consolidated Coppe
Decrease
.' 1919-2 Mos.-1918.
Decrease
2,100,00018,550,000
(S. H.) Kress & Co.-Sales.-1919-2 Mos.-1918.
1919.-Feb.-1918.
6,250,000
4,150,000
Increase. -V. 108. p. 977, 884.
$543,603
La Belle Iron Works.-Earnings.-
A revised statement of production follows:
Decrease.' 1919-2 Mos.-1918.
1919-Feb. 1918.
7,742,000
734,00017,190,000
0
3_,606,00
2,872,000
1917.
,
$145,654 -V. 108, P. 977
1919-Feb.-1918.
$1,388,904 $1,146,248
-V. 108, p. 970, 175.
Increase.'
$242,656132,738,399
$2,191,796
12,75..,000
4.200,000
New Cornelia Copper Co.-Production (in Pounds).-
1918.
1917.
1918.
Cal. Yrs.$126,951
Total income_$9,479,129$14,198,404 Int. on bonds_
war
for
Reserve
Depletion of
taxes, &c_ _$4,330,262 $5,189,302
420,282
minerals,&c. 549,320
750,000 Dividends ___ 1,983,080 1,983,080
Depreciation _ 950,000
1•, surplus.
Res've for confor year_ _ _ _$1,402,337 $5,618,678
90,908
137,179
ting's, &c__
adjustments ($800,000), the total
other
y
and
inventor
for
After allowing
11 on
p. & 1. surplus Dec. 31 1918 was $10,122,948, against 0,520,6
Dec. 31 1917.-V. 106, p. 2348.
a Dividend.Liggett & Myers Tobacco Co.-Extr
on the $21,496,400 outstand-
An extra dividend of 4% has Veen declared of record March 21. A like
holders
ing common stock, payable April 1 tosince
1913.-V. 108, p. 876.
amount has been paid extra in April
Gas Co.-Extra Dividend.-
Lone Star
declared on the $5,000,000
An extra dividend of $4 per share has been
bonds on Mar. 31. Previous
outstanding capital stock, payable in Liberty
and 134%
extra dividends paid were % in April 1917, 34% in Dec. 1916,
in July 1915.-V. 108, p. 977.
Mantanzas-American Sugar Co.-Earnings.-
1917.
1918.
1917.
Cal. Years- 1918.
Other income..__ $1,755
Pounds sugar
$196,053
$146,821
income_
Total
00
26,507,0
00
27,724,8
made
ons ____ 136,527 133,924
Gross earns_ _$1,254,529 $1,107,162 Deducti
Balance,surp_ $10,294 $62,129
911,109
Oper. expenses 1,109,463
s.--
Marconi Wireless Telegraph Co. of America.-Earn
Decrease.
552,000
Nipissing Mines Co., Ltd.-Financial Statement as of
March 8.$2,633,528
U. S. War bonds
Cash in bank, including Canadian and
Bullion and ore in transit and at smelters for shipment
Ore on hand and in process and bullion ready
201,579
793,577
53,628.684
Total
-V. 108, P. 84.
Co.-Extra Dividend.-
Northwestern Yeast
in addition to the regular
An extra dividend of 3% has been declared
to holders of record Mar. 12. An
quarterly of 3%, both payable Mar. 15,
. 107, p. 2294.
extra div. of3% has been paid quarterly since Sept. 1914.-V
Nova Scotia Steel & Coal Co.-Earnings.-
b1915.
b1916.
a1917.
a1918.
Calendar Years75
$11,525,779 $12,359,114 $11.425,440 $7,896,3
Volume of business
976,111
9
Income tax, deprec., &c. 1,206,96
,170
2
,094
,787
,731
2,093,336 2
Netprof.aft.inc.tax,&c. 2,328,556
481,117
627,309
752,878
612,064
Bond,&c.,interest
36,310
Miscellaneous
(8)80,000 (12)123,600
(8)80,000
(8%)80,000
Pref. dividends
00
(5)562,5
,000
.....
(5%)750
Common dividends.
$886,492 sr.$697,977 sr.$2024,478 sr.$1453,143
Bal.,surplus
a Includes subsidiary companies. b Company proper.-V.108, ro• 385.
1917.
1918.
1917.
Ohio Copper Co.-Production.- 1919.
Cal. Year- 1918.
Increase.
1918.
depreJanuaryGross earnings$1,921,859 $1,229,468 Reserve
17,583
$162,820
$286,516
&c_
395,150 377,567
dation,
682,319
production (pounds)
Copper
Net earnings_ 897,325
---99,975
__(5%)4
d
Dividen
Income from
617.772 -V. 107, p. 909.
211,867
98,273 Bal., surplus_
surplus fund 101,033
16; Dec. 31 1917,
d-Earnings.
Total profit and loss surplus Dec. 31 1918, $1,631,4
Osceola Consol. Mining Co.-Div. Reduce
of $1 on the stock,
$1,419,549.-V. 108, p. 274.
The directors have declared a quarterly dividend
s with the
compare
This
15.
March
ring payable March 31 to holders of record
Merchants Heat & Light Co., Indianapolis.-Offe
previous quarterly dividend of $2.
these
in
made
was
1917.
ion
-Ment
1918.
Notes.
ar
One-Ye
1917.
of $700,000
Cal. Years- 1918.
r & Co. of Gross
Dividends ___ $961,500 $1,346,100
earns.._$3,997,884 $3,453,757
columns last week of the offering by Paine, Webbe
547,153
473,585
0
Deficit
2,313,07
4
dated Deductions __ 2,900,35
352,361
for depl'n 492,721
$700,000 (not $7,000,000) One-Year 7% gold notes
Net income__ 1,148,797 1,181,397 Res.
194,792
def. 19,136
Balance
382450
1920.
29
660,882
Feb.
taxes_
due
Federal
1
1919,
Mar.
33.
$2,633,8
1917,
31
Dec.
trustee.
,
69;
Chicago
$2,652,9
Bank,
311918,
Dec.
Savings
Total p. & I. surplus,
Continental & Commercial Trust &
in
plants
ing
efficient steam-generat
The Company.-Operates highly for
steam -V. 106, p. 1342.
for
and
lighting
and
power
ty
electrici
g
Indianapolis, producin
residence district with
Penmans, Ltd., Montreal.-Earnings, Calendar Years.
heating in the downtown district and serves the
.
1917.
1918.
1917.
electric light and hot water for heating purposes
1918.
30
ed. Issued.
)5107,5
Authoriz
1,295(5
(730516
$8,648,382 $6,896,496 Corn.divs_
Capitalization16,300
13,907
$2,000,000 $1,822,000 Sales
1,358,331 1,135,742 Patr. contrib.. 355,169
Profits
Capital stock
0
91,813
5,333,00
0
6,000,00
tax
War
DeductRefunding (now first) Mortgage 5% bonds
700,000
500,000
700,000
120,223 Reserve fund_ 500,000
121,160
Depreciation _
One-Year 7% gold notes (this issue)
100,000
a total installed capacityty of
100,000
interest_
Bond
5
$135,37
Property.-The generating plants have
is
$42,300
__Balance
64,500
four substations from which electrici
(6)64,500
Pref. divs
32,000 h.p. The company ownsdistribut
.
ion system, largely underground.
Dec. 31 1918, $850,167; Dec. 31 1917, $807,867
surplus
&
1.
p.
Total
sent out over a comprehensive recent construc
valuabrings
cost
tion at
-V.107, p. 186.
Appraisal as of June 30 1917 plus
tion at over $8,000,000.
ation.-Listed.g-Years ending Jan. 31.
Penn Seaboard Steel Corpor
Earnings Upon Completion of the Present Financin
authorized the listing of the com1918-19.
The New York Stock Exchange has the
1917-18.
1918-19.
122,808 shares of $5 each out$278,279 pany's capital stock (as v. t. c.), both
whenever
Gross earns__$1,791,341 $1,414,895 Balance
49,000 standing Dec. 31 1918 and the 12,280 shares then in the treasuryas
Note interest
for 1918 compare follows:
company
the
Net,aft. maint.
earnings of
The
for.
paid
and
sold
0
$434,45
9
1917.
and taxes.._ $544,92
$229,279
1918.
Surplus
Calendar YearBond interest.. 266,650
$9,744,205 $10,544,497
1918.
Gross sales
1917.
1,045,021
1916.
457,662
_
1915.
_
_
_
&c.)
taxes,
1914.
tion,
deprecia
Cal. Yrs.- 1912.
(after
69
earnings
Net
$1,153,213 $1,362,247 $1,753,3
($5)381,300 ($4)240,000
Gross earn.$517,917 $790,177 $1,004,001
Dividends
$805,021
$76,362
ed during the life of these notes.
Security.-No new mortgage may belcreat
permit of Balance
inate
indeterm
the
under
operates
-V. 108, P. 978.
Franchise.-The company
operate
to
right
l
perpetua
a
in effect
the State of Indiana which provides
Compare V. 108,P.977
nd.Phelps-Dodge Corp.-No Extra Divide
subject to satisfactory service at reasonable rates.
declared on the $45,000,A regular quarterly dividend of 234% has2been
ngs.
-Earni
or record March 20.
holders
to
April
payable
Mississippi River Power Co.
stock,
capital
ing
outstand
1917.
000
1918.
dividend record follows:
1917.
Cal. Years- 1918.
$191,909 $194,753 The extra dividend has been omitted. Previous
Co., Holding Co.).
(3:,
$2,213,392 $1,976,461 Sinking fund..
Dodge
Earnings
Phelps
of
1917
30
$240,509
March
0
(Until
s
$323,59
Dividend
1919.
1918.
Net(aft.tax.)_ 1,766,406 1,612,066 Balance,surp_
1912. 1913. 1914. 1915. 1916. 1917. 234,234,
234,234
234,2
10
Int. & amort_ 1,250,007 1,176,804 9; 1914,$1,576,469.-V. 106,P.1131. Regular.. 10
10
10
10
10
,3 3 ,__ _
,3
1
,
5%
14
Gross earnings, year 1915,$1,651,2
22%
10
4
6%
5
Extra__
8 ___,2, 2x, 2x 2x,
ngs.-Acct.depl.
Mohawk Valley Co., Utica, N. Y.-Earni
x Payable in 4%% Liberty bonds.-V, 108, p. 586, 177.
Rochester Ry. & Light Co.
and
Co.
Valley
Mohawk
of
s
Earning
d
Combine
1917.
1918.
1917.
1918.
Cal. YearsPittsburgh Coal Co.-Report for Year 1918.
Interest, rents, &c.$1,192,611 $928,454
Gross earnings___$5,919,128 $4,971,264 Divs.on
to be fully cited another week, shows:
report,
.
annual
The
Roch.Ry
1915.
1916.
1917.
Net after taxes &
92,905
1918.
& Lt. not owned 132,754
$26,791,985
depreciation ___ 1,835,780 1,487,858 Dividend
449,808 Gross receipts
None
$49,608,827 $50,025,017 $29,375,788
s (6%)....
157,353
Other income__ 126,182
a31,555,468 22,417,330 21,224,671
$174,044
568,676
$636,597
&c_a36,
res've,
taxes,
surplus__
Exp.,
Balance,
Gross income__ 1,961,962 1,645,211
549 $6,958,458 $5,567,314
-V. 107, p. 2476.
Operating income__ _ _$13,040,151 $18,469,
3,814,532 3,913,790
er.- Depr'n,
4,392,696
depl'n, int., &c.. 4,033,297
-Offering of Stock.-Offic
1,353,590
Montgomery Ward & Co.&
1,350,898
0
4,005,00
Chicago
0
in
2,160,00
d dividend
this week offered
Preferre
Sanger
Curtis
and
Co.
&
m
Burnha
John
. This Common dividend
1,608,460
the common stock of this company
at 9834 and div. 3,000 shares of
market.
the
on
placed
stock of the co. over
$299,934
Is said to be the first common
$5,238,394 $10,071,853 $1,793,028
succeeding R. W. Webb,
Balance, surplus
515
Henry Schott has been elected Secretary,
b$23,822,652 $20,423,727 $12,636,543 $10,843,
Surplus
1917
and
1918
for
resigned.-V. 108, p. 977, 788.
accounts
income
The
taxes. b
Federal
of
e
Exclusiv
a
I.
&
p.
total
Years.
for Federal taxes, but the
are here shown without deduction on
Montreal Cottons, Ltd.-Earnings Calendar 1918.
Dec. 311918, is given afterdeducting
1917.
surplus, amounting to $23,822,652the
1349
1917.
.106,p.
1918.
1917.-V
of
Federal taxes
$39,428 $42,342 the $1,839,469 expended impaying
$703,095 $492,720 Charges &c
Profits
35,000
•
3,887 War tax,
17,554
Rents
-New Directors.Dividends__ (11%)330,000 330,000
Pittsburgh Plate Glassto Co.
the board of directors: A. W. Mellon,
The following have been added
Net income..---$720,649 $496,607
$89,265
$351,221
Surplus
H. S. Wherrett and L. Patton.-V. 106, P. 1686.
-V.106.p. 1131.
Reduced.Pocasset Manufacturing Co.-Dividend
ate.Syndic
cal Co.-Stock 1
on the $1,200,000 outNational Aniline & Chemi
A quarterly dividend of 134% has been declared
shares
70,000
holders of record
offer
to
shortly
will
1
Co.
&
March
Weld
payable
A syndicate headed by White,
standing capital stock (par $100),paid
'
This block of stock is part of an original
quarterly since Dec. 1917, previous
with 3%
of 7% cumulative preferred stock.
properties Feb. 27. This compares -V.
various
for
e
exchang
in
given
was
910.
p.
107,
which
issue of $25,000,000
d was ever offered to public to which 134% was paid.
which were merged in 1917. None of preferre
t
F.
MAR. 15 1919.1
THE CHRONICLE
Porto Rican-American Tobacco Co.-Earnings.Calendar Years-
1918.
1917.
Net income
$910,933
$511,331
Income & ex. profits tax
202,554
Dividends
x(13%)593,228y(16)581,240
1916.
$860,105
1015-16.
$806,979
1065
Sloss-Sheffield Steel & Iron Co.-Chairm
an.
Waddill Catchings resigned as Chairman
the Board and was elected
Chairman of the executive conunittee.-V. of
107. P. 611.
858,687 (16)528,450
Standard Oil of Indiana.-Balance Sheet Dec. 31.Balance, surplus..___sur.3115,151 def.$69,90
1918.
1917.
sur.$1,418 sur.$278,529
1918.
1917.
Total p. &l. surplus, Dec.31 1918,$1,718,297;9 Dec.
Assets
$
311917,$1,603,147. Real estate.._$
$
x Includes three quarterly dividends of 3% each paid
7,780,078
6,856,708
in
stock__ 30,000,000 30,000,000
scrip
of 4% paid in cash. y Includes two quarterly dividends of 4% and one Personal prop'ty 9,374,092 7,609,043 Capital
Undivided profeach paid Construction_ _ _x44,981,125
In scrip and two quarterly dividends of 4% each paid in
87,509,465
cash.-V. 108, Securities, &c__ 21,321,906 39,187,196 its
p. 688.
18,043,644 Accounts payable 7,602,069 89,845,588
6,650,629
Merchandise ___ 50,595,078 41,417,364 First mortgage
Prairie Oil & Gas Co.-Extra Dividend.Cash
1,326,999 4,559,605
bonds
316,500
438,500
An extra dividend of $2 has been declared on the $18,000,000
Accounts receiv. 10,048,756 9,261,156 Tax reserve_ _ _ _ 20,000,000
capital stock along with the regular quarterly of $3 both payable
April
30
to holders of record March 31. In Jan. last an extra of $5 was
Total
145,428,034 126,934,717
Total
145,428,034 126,934,717
paid and
in the four quarters of 1918 $2 extra was paid.-V. 108, p.
788.
x After allowing for depreciation, $14,093,977.
Providence Gas Co.-Earnings.Carl H. Pforzheimer dr Co.. N. Y,. specialists in Standard Oil
securities say;
Cal. Years- 1918.
The balance sheet shows a decline in surplus as compared
1917.
with the previous year,
Gross earnings$2,281,882 $1,808,926 Depreciation
but
this Is due to the fact that in 1917 the reserve
taxes was carried in the surOper. expons_ 2,078,019 1,273,350 Dividends (4%)$252,000 $132,000 plus account, while in 1918 a separate reserve forfor
taxes was set up, aggregating
(8)504,000 $20,000,000. The company
Interest
92,455
29,147 Deficit
does not issue an income account, but a comparison
140,593
129,571 of the balance sheets, after allowing
-V. 108, p. 978.
for $7,200,000 dividends, indicates net earnings,
after depreciation of $43,263,877, equivalent to $144
21 a share. The company
Ralston Purina Co.-Offering of Notes.-William R. set up a tax reserve of $20,000,000, or $66 a share, and
deducting this the
earnings are $23,263,877, or 877 54 a share. after
Compton Co. N. Y., &c.; Smith, Moore & Co., St. Louis, indicated
For 1917 the indicated
earnings were $84 69 a share after reserving $51 33 for taxes.
and White, Weld & Co., N. Y., are offering at prices ranging
At the annual meeting William E. Warwick and Beaumont Parks
elected
from 98% and int. to 96% and int., yielding about 6.75%, additional directors and Edward G. Seibert was elected Ass. Sec.-V.were
108, P. 387
outstanding
the unsold balance of $2,000,000 6% serial gold notes dated
March 1 1919, due $300,000 serially March 1 1921 to March 1
1925. (See our advertising pages.) A circular shows:
Standard Oil of New Jersey.-Purchas
See Humble Oil & Refining Co. above.-V. 108, p.e.
978.
Interest payable at the Mechanics-American National Bank
In the cities of N. Y. and Chicago. Denom. of $1,000 c*. or its agencies
Redeemable on any interest date upon 30 days' notice, all or in series,
In which latter event notes must be called in order of series next
maturing
at 102% for notes with 5 years or more to run; 102 for notes with
4 years
or more, but less than 5 years to run; 101%, 3 but less than 4; 101,
but
less than 3; 100%, 1 but less than 2, and 100 for notes with less than 1 2year.
to run.
Interest payable without deduction for Federal income taxes now or
hereafter deductible at the source, not to exceed 2%. St. Louis Union
Trust Co., St. Louis, trustee.
Company.-Manufactures cereals and flour and a full line of horse,
dairy, poultry, pig, steer, pigeon and calf feeds which are put up
in distinctive checkerboard bags. Its business has been in successful operation
since 1893, and has grown to a volume amounting to approximately
$15,000,000 in 1918.
Security.-A direct obligation and constitute the sole debt
than
current accounts payable) of the company. So long as any of(other
these notes
are outstanding the company will at all times maintain its current
assets
at an aggregate amount equal to at least 1% times all current liabilities,
including these notes. No mortgage while these notes are outstanding,
unless prior to or contemporaneously therewith all of these notes then
outstanding shall be paid and canceled.
Earnings.-Net profits applicable to interest charges, after deduction
of all taxes were $517,190 for the year ended Sept. 30 1918, and
for the
ast three fiscal periods averaged $437,293 per annum.
Further particulars should appear another week.
Ray Consolidated Copper Co.-Production (in Lbs.).-
1919-Feb.-1918.
4,150,000
6,860,000
-V. 108, p. 978, 885.
Decrease. 1919-2 Mos.-1918.
2,710,00018,620,000
14,431,000
Decrease.
5,811,000
Remington Typewriter Co.-Dividends.-
The directors have declared the regular quarterly dividends of 1%% on
the 1st preferred and 2% on the 2d preferred, both payable to holders
of
record March 31. An accumulated dividend of 2% has also been
declared
on the 2d preferred for the quarter ending Dec. 31 1918, payable to holders
of record March 11. No date has been set for payment of dividends. All
accumulated dividends have been discharged in accordance with the plan
in V. 107, P. 1927.-V. 108, P. 177.
Riordon Pulp & Paper Co.-Earnings.Cal. Years- 1918.
1917.
1918.
1917.
Earnings
$1,651,259 $1,943,651 Pref. divs_(7%)$70,000
$70,000
Depreciation
544,609
766,055 Corn. divs.(10%)450,000
450,000
Interest, &c
220,085
144,653
Balance ___ $366,565 $512,942
Total p. & I. surplus Dec. 31 1918, $2,218,377, against $1,851,812
Dec. 31 1917.-V. 108, P. 486.
Royal Dutch Co.-Certificates Defined.-
The Equitable Trust Co., in response to inquiries, has issued a
referring to the certificates for shares of this company issued bystatement
it, under
two agreements, respectively, "American shares" and "New York shares."
It is explained that the "American" shares are the American-issued shares
against other shares deposited in Holland, originally intended to be brought
here, but left in lIolland because of the war. The New York" shares are
those subsequently issued as stock dividend and on rights to subscribe,
and
the differentiation arose because of the original deposit agreement, which
had not been closed. Both classes are identical as to equity, dividends,
and all other privileges. Compare V. 108, p. 282.
Shattuck Arizona Copper Co.-Earnings-Output.-
Cal. Years- 1918.
1917.
1918.
1917.
Gross produc_$2,609,452 $3,609,989 Res. depl., &c. $541,191
763,859
Other income_
58,631
42,166 Dividends (12%)437,500(17%)612
500
Net inc. (after
Balance, surI
taxes)_
784,659
Fed.
1,477,500
plus_ _
_def194,032 sur101,141'
Total profit and loss surplus Dec. 31 1918, $809,096; Dec. 311917,
$1,003,128.
1919-Feb.--1918. 1919-2 mos.-1918.
Copper (pounds)
376,166 854,042 998,392 1,703,482
Lead (pounds)
181,679
66,765 651,847 150,765
Silver (ounces)
11,725
6,590
43,929
16,189
Gold (ounces)
58.40
72.63
159.59
178.49
-V. 108, p. 688.
Sinclair Gulf Corporation.-Preliminary Report.the annual meting on Mar. 6 Pres. H. F.
Sinclair reported in brief:
At
The operations of the corporation and its subsidiaries for the calendar
year 1918 show combined net earnings, after deductions of interest
and
approximat
discount, of
ely $5,000,000, out of which must bo provided
depletion, depreciation and Federal taxes. The subsidiary companies
duced 5,833,755 barrels of crude oil and sold 7,367,196 barrels, though prowar
conditions seriously handicapped operations, especially shipping by water.
Additional oil interests were acquired in Oklahoma andTexas, including
a joint interest with the Sinclair 011 & Gas Co. and the Texas Pacific
Coal
& Oil Co. in additional acreage in the Northern Texas field, where
a
number of wells are nearing completion. A trunk pipe line was built and
placed in operation between the Healdton. Okla., and Cushing,
fields. The first unit of the new refinery on the Houston Ship Canal okja.,
is also
nearing completion, with a charging capacity of about 6,000 barrels per
day.
In Mexico a largo sea-loading terminal at the mouth of the Panuco
was completed during the year, with facilities to load crude oil directlyRiver
into
vessels about 8,000 barrels per hour, while also unloading of oil-laden barges.
Throe ocean terminals are now operating in Cuba; several more are
in
process of completion. In Costa Rica and Panama wells are now
drilling.
in the vicinity of active seepages.-V. 108, p. 978. 586.
Southern California Edison Co.-Earnings.-
For Cal. Year1917.
1918.
1916.
1915.
Gross earnings
$8,735,458 $6,885,150 $5,034,250 $4,933,116
Opor. exp., taxes, &c
3,348,423 2,459,955 2,234,233 2,218,618
Net earnings
$5,387,035 $4,425,195 $2,800,016 $2,714,498
Int. & amortization__.._ 2,943,569
1,913,253
1,004,015
1,003,180
Balance
$2,443,466 $2,511,942 $1,796,001 $1,711,318
See Southern Counties Gas Co. below.-V. 108, p. 789.
Tide Water Oil Co.-Extra Dividend.-
In addition to the regular quarterly dividend of 2%,an extra
of 2% has
been declared, both payable March 31 to holders
of record March 21. In
the March, Sept. and Dec. quarters of
1918 3% extra was paid, but in
June only 2% was paid.-V. 107, p. 2104,
2005.
United Drug Co.-Common Div. Increased.-
A quarterly dividend of 14% has been declared on the $20,060,00
0 outstanding common stock, payable April 1 to holders
of record March 21,
which increases the annual rate from 5% to 7%. In Jan.
last paid an extra
dividend of 1%,making a total of6% paid in 1918.-V. 108.
p.978,967.
United Paperboard Co.-Semi-Annual Report.-
Earnings for 6 Months ending Nov. 30 and Year ending May
25.
6 Mos.'18. Yr.'17-'18.
'18. Yr.'17-'18.
Gross earnings..- $605,582 $715,472 Interest charges.._6 Mos.
$9,261
$21,818
Taxes and insur__
40,697
96,974 Depreciation
400,000
Administra'n exps.
40,215
84,781 Pref. dive.(6%)
94,679
95,177
Common divs__-(1%)91,811 ()45,904
Net earnings..__ $524,670 $533,717
Other income_
36,015
Total net earns.. $524,670 $569,732
Balance,surplus x$328,919
$6,833
x No deduction has been made for depreciation and income
taxes.
Balance Sheet.
AssetsNov.30'18. May25'18.
LiabilitiesNov.30'18. May25'18.
Plants, equipm't,
Preferred stock_ _ -$2,100,000 82,100,000
treas. sec., &c.._ 13,764,559 13,287,223 Common stock
_ _ _12,000,000 12,000,000
Cash
265,735
325,431 Accounts payable.. 192,587
131,368
Bills& acc'ts rec_ 811,541
902,683 Unmatured dive.
Mdse. & supplies.. 1,206,814
837,152
declared
139,184
Deferred charges.. 177,452
324,350 Contracts for imSuspended assets..
5,904
3,367
prove. & replac_ 190,880
212,967
Res.for accrint.,&c 184,596
180,828
Surplus
1,424,758 1,055,043
Total
$16,232,005$15,680,206
Total
$16,232,005$15,680,206
-V. 107, p. 2015.
United States Steel Corporation.-Unfilled Order
s
See "Trade & Traffic Movements" on another page.-V.108, p. 978,
886.
Utah Copper Co.-Production (Lbs.).-
1919-Feb.-1918.
10,335,000 11,000,000
V. 108, 13. 985, 886.
Decrease.' 1919-2 Mos.-1918.
665,000 120,835,000 25,400,000
Decrease.
4,565,000
Westinghouse Elec. &Mfg. Co.-Sale of British
Holdings.
A newspaper report, believed to be based on facts,
This company has sold to English interests forsays:
about
$7,000,000
,
its holdings in Electric Holdings, Ltd., which enterprise was
organized
in London in 1917 to take over the British Westinghouse
& Mfg. Co. In
return for stock control of the latter concern, the company
received about
half the ordinary stock of Electric Holdings,
and $6,500,000 of 10-year
5% Prior Lien bonds. These securities wereLtd.,
disposed
of
in
the
transaction
just completed.
The agreement of sale of control of British Westinghouse Electric & Mfg.
Co. to the London interests was based on an alliance whereby
American
Westinghouse company is restricted to conducting business inthe
the Western
Hemisphere and the Far East and the British company to Europe,
Africa
and Australia, each company representing the other in the
restricted territory. British Westinghouse owns controlling interest in the
French compav
ny am
n8
d,tp
hr
.o3u8g7h
. the latter the controlling interest in the Italian company.
World Film Corp.-Plan of Readjustment.-On subsequent pages under "Reports and Documents" will be found
in full the plan of readjustment of this company's finances,
and also the letter of President and General Manager
Ricord Gradwell regarding the same-V. 106, p. 2015.
CURRENT NOTICES
-John Burnham & Co., Chicago, have prepared for free distributio
n
a folder containing complete descriptions of thirty-one corporations whose
securities are tax-exempt in Illinois, also a statement showing the rate
of
personal property tax for the years 1916 and 1917 and ten-year average
tax for each of the counties of the State.
-Joseph Walker & Sons, members of the New York Stock Exchange,
have just published a new booklet on guaranteed stocks-what they are
and why they are an ideal investment. This booklet gives a general
description of guaranteed stocks and their advantage to the investor. It
will be mailed on request.
-Henry L. Doherty & Co. of thLs city jointly with Montgomery &
Co.
of this city and Philadelphia, are inserting a matter of record advertisem
ent
in the "Chronicle," which describes their recent offering of $300,000
Cities
Service Co. Bankers Shares representing its common stock, all of the stock
having been sold.
-At 94 and interest, to net about 64%, Wm. A. Read &
Co., of this
city, are offering and advertising in this issue of the "Chrnicle" $4,135,000
New York Chicago & St. Louis RR. Co. second and improvement 6%
bonds,*Series "A," duo May 1 1931. For further information, see the
advertisement.
-Major James G. Rider of the general staff of the American Expeditionary Force has rejoined the sales force of A. B. Leach SG Co., being attached to the New York office. Before entering the army he was with the
office of A. B. Leach & Co. in Philadelphia.
[VoL. 108.
THE CHRONICLE
/066
lorts and
pactuntnts.
AMERICAN TELEPHONE AND TELEGRAPH COMPANY
ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1918
New York, March 10 1919.
To the Stockholders:
Herewith is respectfully submitted a general statement
covering the American Telephone and Telegraph Company
and its associated companies—the Bell System, exclusive
of independent connecting companies—followed by the
report of the American Telephone and Telegraph Company,
for the year 1918.
The accounts are combined so as to exclude all duplications
and inter-company matters—including interest, dividends
and other payments to the American Telephone and Telegraph Company by the associated companies.
BELL TELEPHONE SYSTEM IN THE
UNITED STATES.
TELEPHONE COMPANIES AND SUBSCRIBER STATIONS.
average of toll connections during the 7 months of the year
prior to Federal Control was about 1,045,900, and of exchange connections about 31,263,600, as against the daily
average for the year 1917 of 1,009,000 and 30,845,000; the
total daily average for 7 months 1918 reaching 32,309,500
or at the rate of about 10,750,000,000 per year. This is
an average of approximately 100 calls per year for every
man, woman and child in the United States.
PLANT ADDITIONS OF PREVIOUS YEARS.
The net amounts added in nineteen years have been as
follows:
1900
1901
1902
1903
1901
1905
1906
$31,619.100
31,005,400
37,336,500
35,368,700
33,436,700
50.780.900
79,366,900
1907
1908
1909
1910
1911
1912
$52,921,400
26,637,200
28.700,100
53.582,800
55,660,700
75,626,900
1913
1914
1915
1916
1917
1918
$54.871.900
50,045,300
32,863.700
66,224.700
118,599,500
77,922,600
• The Bell System, as a whole, is made up of the American making a total for the nineteen years of $992,571,000.
Telephone and Telegraph Company and associated and
CAPITALIZATION AND PLANT AT END OF YEAR.
connecting companies. The associated, or Bell companies
capitalization, including inter-company items
total
The
are Bell companies by virtue of contract or license arrange-.
ons but excluding reacquired securities of
duplicati
and
s
ments and financial relations. The connecting companie the companies of the Bell System, is $1,731,405,163. Of
are independent companies whose telephone systems cover this, $740,330,899 is owned and in the treasury of the comterritory dependent upon them for service, connecting with panies of the Bell System, and is represented to the public
the telephone systems of the Bell companies. Besides the by the outstanding securities of the American Telephone
separate systems making up the Bell System, there are many and Telegraph Company and associated companies.
independent companies whose telephone systems cover, • The capital stock, bonds and notes payable of the Bell
partially or completely, large areas of territory, operated System outstanding in the hands of the public at the close
independently of, and not connected with, the systems of of the year were $991,074,264, of which the outstanding
the Bell companies.
securities of the American Telephone and Telegraph ComThere are in the United States approximately 11,000 pany represent $676,283,362, and outstanding securities
comBell
are
36
them
Of
separate telephone companies.
of the associated companies in the hands of the public
panies, 9,338 independent companies whose telephone sys- represent $314,790,902.
tems connect with the Bell System, and about 1,600 inA number of appraisals of our properties in the various
dependent companies whose telephone systems do not cities and States have been made by public authorities
connect with the Bell System. There are also a large number practically all of which have appraised the value of the
of rural lines and systems which connect with the telephone properties greater than the amounts carried on our books.
systems of these companies, 26,055 of which are connected
The telephone plants stand on the books of the comwith the Bell System.
panies at $1,142,815,341, as of December 31 1918, a net
At the end of the year the number of telephone stations increase during the year of $77,922,631, after deducting
was
States
which constituted the Bell Skstem in the United
all plant withdrawn from service, sold or abandoned.
10,992,325, an increase during the year of 516,647, of which
The surplus and reserve, aggregating over $340,000,000,
and
s
companie
Bell
the
increase 170,227 were owned by
increase of over $36,000,000, is invested in productive
an
346,420 were Bell connected stations. Of the total number property.
of stations in the system 7,201,757 were owned by Bell
companies and 3,790,568 by local, co-operative and rural REPORT OF THE AMERICAN TELEPHONE AND
TELEGRAPH COMPANY.
independent companies or associations having sublicense
or connection contracts; the so-called connecting companies.
t of earnings of the American Telephone and
statemen
The
In addition to these there are about 1,012,000 stations Telegraph Company includes for the seven months prior
owned by independent companies not connected with the to Federal Control, in addition to the net receipts of the
Bell System.
long-distance lines, only that part of the earnings of the
THE WIRE SYSTEM.
System which is received by the American Telephone
Bell
for
used
The total mileage of wire of the Bell companies
h Company, out of the divisible surplus of the
Telegrap
and
exchange and toll service, not including the wire of consfrom operations, as interest or dividends
companie
d
associate
50
23,281,1
year
the
of
necting companies, was at the end
by the Company to finance the associadvanced
money
on
miles, of which 670,663 were added during the year. Of
as payment by the associated comor
s,
companie
ated
the total mileage 19,947,230 miles were exchange wires and
the central administration. For the
maintain
to
panies
of
cent.
per
our
Ninety-f
3,333,920 miles were toll wires.
five months of Federal control, the statement includes this
the total wire mileage is copper wire. 13,967,496 miles,
Company's portion of the Bell System compensation under
or 60% of the mileage, including 1,126,156 miles of toll
the contract with the Government.
steadily
is
ge
percenta
wires,is in underground cables, and this
The disbursements of dividends and interest represent
increasing. The underground conduits represent a cost
charges on the securities issued by the company to
the
,000,
$158,000
conduits
the
in
cables
the
of $115,900,000 and
the associated, companies and the long-distance
finance
a total in underground plant of $273,900,000.
lines.
During 1918, 24,384 miles of "phantom circuits" were
The actual financial and statistical statements of the
added, making 305,400 miles at the end of the year.
service of the Bell System are shown elsewhere
telephone
The wire mileage of connecting companies is not included
report.
this
in
in any of these figures. The approximate mileage of conEARNINGS.
necting companies' toll wires is 420,195 miles, which added
American Telephone and Telethe
of
The net earnings
to the 3,333,920 miles of toll wires of the Bell companies,
were $54,293,016 72. These
year
the
for
Company
bringing
graph
wires,
such
of
miles
5
makes a total of about 3,754,11
for the Federal income
provision
making
after
are
system
results
together in one comprehensive, inter-communicating
The interest charges were $10,1919.
in
rural
payable
the
of
taxes
all
ly
practical
and
towns
and
all the cities
391,694 89 and the dividends at the regular rate of 8 per
communities throughout the United States.
cent. per annum were $35,229,698 96. Of the resulting
TRAFFIC.
lines,
balance $5,000,000 was appropriated for contingencies and
ance
long-dist
and
Including the traffic over the toll
to Surplus.
but no1 including that of connecting companies, the daily $3,671,622 87 added
MAR. 15 1919.]
THE CHRONICLE
1067
BALANCE SHEET.
25,821 during the war. That the distribution
The balance sheet of the American Telephone andiT
continues
ele- to be more general appears from the following:
graph Company is given as usual at the end of this
held less than 100 shares each;
report. 103,162
8,858 held from 100 to 1,000 shares each;
By comparison with the previous year's balancelshee
370 held from 1,000 to 5,000 shares each;
t it
will be seen that the investment in stocks, bonds
11 held 5,000 shares or more each (omitting brokers
, holders in
and notes
investment trusts, &c.).
of associated companies increased $33,084,043 65;
and perOf the holders of less than 100 shares each,
manent plant increased $11,300,037 02, curren
t assets 41,281 held 5 shares or less each;
increased $5,165,696 58 and cash increased $8,611
84,576 held 25 shares or less each.
,501 27.
The account "Trustees-Employees' Stock
The average number of shares held was 39.
Purchase
A majority of
Plan," $1,226,000 25, represents the balance
Company's shareholders are women.
on advances Four per cent ofthe
the stock was at
made to the Trustees to acquire stock which
ber 31st in the
theyisold to names of brokers and less than 2 perDecem
cent of all the stock
employees on the plan of easy payments explained
in previous is held'in Europe.
reports, less payments on that account receiv
To the 112,420 stockholders of record
ed from emabove there
ployees.
should be added some 14,000 employees shown
the Bell System
in all parts of the country who are payinof
On the other side, under liabilities, the increase in
g for stock out of
capital their wages at the rate of $2
per
stock outstanding of $6,305,900 represents balanc
per month. (Several
e of sub- thousand employees have alreadyshare
paid in full for their stock,
scription on new stock offered shareholders of record
Decem- and are now stockholders of record.) Counting these
and
ber 11 1916, stock issued in exchange for conver
also
those
person
s whose stock is held for them in investment
tible bonds
and stock issued in exchange for stock of The Bell
trusts
and
the
like,
there are probably at least 135,000 actual
Telephone owner
Company of Pennsylvania. Capital Stock
s of stock in this Company.
Installments
There has at no time been more apparent than now the
of $238 represent payments on account of
subscriptions not wisdom of our established and conser
vative policy in the
yet paid in full. The total indebtedness increased
$43,285,- conduct of our business. Full maintenance of the proper
851 75 during the year.
ample reserves for depreciation and obsolescence, ty,
fixed
There was a total increase in assets of $58,16
1,278 52, dividend payments, all surplus and unexpended reserves
against which was a net increase in capita
invested in property, issue of capital stock at a premi
lization and through conver
um
tible bonds, have all contributed to credit
indebtedness of $49,574,465 25, showing a net
improvement and through good credit
only
in the Company's financial position of ,586,8
necessary financing be
13 27, which done at reasonable rates. Thecan
dividend rate
is represented by the increase of that amoun
was
t in surf:L.'s reasonable, particularly when considered in connecfixed
tion with
and reserves.
the premiums realized on the share capital. It is well
within
the earning power, is such as well in normal times maint
CAPITAL STOCK AND BONDS.
ain
the
shares
at
a
premi
um
and enable the
During the year Capital Stock increased
any in the
future as in the past to place its share capitaComp
$6,305
,900.
l at a premium,
Of this $27,600 was issued for cash at par, in
directly or through the medium of convertible
bonds. Of
with the terms of the offer to stockholders ofaccordance the total share capital issued since
the American Telephone
record at and Teleg
December 11 1916. $6,000,000 was issued in
raph
Compa
exchange for one-half has realiz ny took over the operations, about
ed for the treasury, through exchange
Stock of The Bell Telephone Company of
Pennsylvania. for convertible bonds and cash,
from 20 per cent to 33 per
The balance of $278,300 was issued in excha
nge for con- cent premiums.
vertible bonds.
That part of the plant of the Bell System against
On March 1 1918 the right to convert the
are no outstanding obligations and which haswhich
Convertible there
been
paid for from unexpended reserves and the surplu
4 Per Cent. Gold Bonds of 1936 into stock expire
s earnings
d. Up to and share capita
that date $147,411,000 of the $150,000,000 issued
l premiums, is at the lowest estimate
had been equal to one-third of all the outsta
handed in, leaving $2,589,000 outstanding, a
nding obligations, or
reduction of 60 per cent of the outstanding share capita
l of the Bell
$254,000 during the two months of 1918.
System. Deducting from our interest and divide
nd pay$87,300 of the Convertible 4% Per Cent. Gold
ments
the
taxes
paid
by
our
system, the rate of the fixed
Bonds of
1933 were converted into stock during the
capita
l
charg
e
agains
the
t
proper
ty is less than that paid
year at the by the
Gover
ratio of $120 of bonds, or $100 of bonds and
on any of its Liberty Bonds. In the
$20 of cash, history of the nment
Company, there has been no year which did
for one share of stock. There remained outsta
nding at the not show a surplus after all necessary requir
end of the year $13,073,500 of those bonds out
ements were
of a total met.
of $67,000,000 issued in 1913.
The tables on the opposite page show the capitalizati
on,
An issue of $50,000,000 7-year 6 Per Cent.
book value of plant and the relation of capital and
reserve
Gold Bonds dated August 1 1918 was authorizedConvertible to plant and stations of the Bell System, and also the
same
in July for for the, independent
companies having an annual operating
the purpose of raising funds to meet the current
requir
ements
incom
e
of
$250,
000
or
over,
as shown by the official statefor construction and other purposes. The
stockholders ments.
were given the right to subscribe for these bonds
It will he noted that the capital obligations to plant
on the basis
or
of their holdings. The amount thus offered,
per station are lower and the reserves and surplus assets
was underwritten and has been sold, leaving $48,367,200, higher in the Bell System than with the indep
endent com$1,632,800 of panies, emphasizin
the bonds authorized unissued.
g again the conservative policy followed
by
the
Bell
Syste
m
in
its
operations.
In January 1919 $40,000,000 5-year 6 Per
Cent. Gold
Notes dated February 1 1919 were sold in order
BELL TELEPHONE SYSTEM IN UNITED STATE
to provide
S.
funds for the payment of an equal amount of
Dec. 31
6% notes of
Dec. 31
Increase
associated companies maturing on that date,
1907.
1917.
10 Years.
endorsement of this Company, referred to in bearing the Plant
502,987,900 1,064.892,710 561,904,810
last year's Plant and Other Assets (Net)
593,696,900 1,230,121,216 636,424,316
report.
Capital
Stock
291,095,400 505,403.777 214.308,377
There are also outstanding, endorsed by this
241,289,400 411,972,645 170,683.245
Company, Interest-Bearing Obligations
$11,200,000 notes of the 195 Broadway
Total
Capital
Obligations
Corpor
532,384.800 917.376,422 384,991.622
July 1 1920, which corporation owns the real ation, due
estate where Surplus and Reserves
61,312,100 303,525,651 242,213,551
the Company's offices are now located.
Per Cent Capital Obligations to
Plant and Other Assets
The total outstanding capital stock and bonds
89.7
74.6
Per
Cent Surplus and Reserves to
of the
Plant
American Telephone and Telegraph Company at
12.2
28.5
Decem
Per
Cent
Surplus
ber
and
Reserves to
.•-.
31 1918 were as follows:
Plant and Other Assets
10.3
24.7
Per Cent Interest-Bearing ObligaCapital Stock
tions to Total Capital Obligations
407 Collater
$441,947,100 Plant
45.3
44.9
al Trust Bonds, 1929
per Station
$169.61
78,000,000 Capital
5 'Collateral Trust Bonds. 1946
$152.60
78,333,900 Reserve Obligations per Station.. _ _ _
$179.52
$131.4
6
4% Convertible Bonds, 1936
s and Surplus per Station__
2,589,000
$20.67
4j.% Convertible Bonds, 1033
$43.50
5% ....Western Telephone and Telegraph Company bonds, 13,073,500
SEVENTEEN INDEPENDENT COMPANIES.
01932, guaranteed
0,
0.985,0
48;395835:0
00
06024
6% Convertible Bonds, 1925
(With Annual Operating Revenues over $250,000 each.)
Total
Dec.31 1917.
$672,282,124 Plant
5114,823,452
Plant and Other Assets (net)
For the $441,947,100 capital stock $478,479,787
5124.111,080
97 has
been paid into the treasury of the Company; the
Capital Stock
$54,736,833
$36,532,- Interest-Bearing Obligations
687 97 in excess of par value represents premiums on
52,244,356
stock
Total
Capital
Obligat
ions
which are included as part of the Company's surplus.
5106.981.189
Surplusand Reserves
All discounts on bond and note issues are deduc
$17,129,891
ted in Per Cent Capital Obligations to Plant and Other Assets
determining the net surplus as shown in the balance
86.2
Per
Cent Surplus and Reserves to Plant
sheet.
14.9
Per Cent Surplus and Reserves to Plant and Other Assets
The number of shareholders, not including emplo
13.8
Cent Interest-Bearing Obligations to Total Capital
yees PerObligat
purchasing stock under the plan of easy payme
ions
48.8
nts, was Plant per Company Station
$195.48
112,420 on December 31119181and shows an increa
Obligations per Company Station
se of Capital
$182.13
Reserves and Surplus per Company Station
$29.16
THE CHRONICLE
1068
[VOL. 108.
incorporated, the addition would be but a little more or
less an ordinary year's growth and would not in any degree
change the organization.
the
of
terms
the
s
shareholder
the
of
For the information
The operating organization of the Bell System upon
contract are presented.
depends the service rendered was not created in a
which
were:
on
compensati
of
basis
a
as
The principles adopted
time or for a temporary period. It is composed
limited
control
of
period
the
for
fixed
on
First. Any compensati
of trained technical experts whose education
largely
very
emergency
an
for
on
compensati
as
was to be considered
years; it is special to the business and there
of
matter
a
is
a
g
establishin
as
considered
period and not in any way
of other and similar occupations to draw
reserve
large
no
is
value for the property.
part of this organization is its departimportant
An
from.
conbe
to
is
property
the
of
Second. The operation
on and experimentation. The
investigati
research,
of
ment
of
that
to
equal
relatively
tinued on a basis of efficiency
and all that contributes to
methods
equipment,
plant,
the past.
state of evolution, and that
a
in
still
are
service,
telephone
to
as
so
maintained
fully
be
to
is
Third. The property
interrelated with the past,
so
,
continuous
so
is
evolution
received.
when
as
good
as
Company
be turned back to the
progress from the nebulous
of
stages
various
such
in
and
deprefor
revenue
current
from
ion
Fourth. Appropriat
and embryonic ideas to actual accomplishciation and obsolescence to be the same as the past—an suggestionsapplication
to servide, that a continuity of this
and
ment
ortizacapital—am
fixed
the
on
average of 5.72 per cent
direction and through the same
same
the
under
evolution
past.
the
to
equal
relatively
be
tion of intangible capital to
rvation" to the existing
"self-prese
of
case
a
is
n
organizatio
the
in
invested
be
to
both
from
All unexpended balances
its future protection.
of
guarantee
a
is
and
art,
the
of
state
n
depreciatio
the
against
Charges
plant of the System.
arrangement between
any
making
in
reasons,
these
For
Inter-State
the
of
rules
the
with
reserve to be in accordance
covering the temporary
system
the
and
t
Governmen
the
n.
Commerce Commissio
the first consideration was preservation
Fifth. Employees' pensions, disability benefits and death period of control,
of the property and its organization.
n
conservatio
and
continued.
be
to
in
operation
benefits now
on was quite a secondary matter.
compensati
Monetary
paid,
be
to
Federal,
or
State
municipal,
All
taxes,
Sixth.
for maintenance, depreciation
provision
proper
of
Lack
t.
the
Governmen
by
companies,
the
by
if
paid
orreimbursed
take more out of the property,
Seventh. The license and rental contracts between the and obsolescence would ,soon
e direction, sympathetic
American Telephone and Telegraph Company and the and lack of experienced appreciativ
of "esprit," would take more
licensee companies to be continued, and the American discipline and cultivation
and do more to destroy the conTelephone and Telegraph Company is to give such advice out of the organization retard
the scientific development
and assistance as the Postmaster-General may.require, is trol of operationsofand
on would balance.
to maintain its scientific, technical and engineering depart- than any amountas ifcompensati
there was above the respective interIt also seemed
ments, its patent protection for the benefit of the property
t or the Bell System, a common
in the same manner as heretofore. The Postmaster-General ests of either the Governmen
obligation and responsibility resting
to have the benefit, during the period of control, in the "super-interest,"—an
preservation of a high standard of the
operation of the wire system, of all inventions, discoveries upon both, in theand
organization necessary to the mainand ideas which may now or hereafter be controlled by the plant, equipment
to be rendered to the public. The
service
the
of
tenance
System.
Bell
could not but be vitally interested
t
Departmen
Office
Post
property,
the
of
protection
the
for
are
provisions
These
up to the past standardsor
service
the
g
in
maintainin
n
continuatio
the
for
provide
and
art,
the
and
the service
equipment and operating
plant,
the
that,
do
to
and
better,
the
of
t
developmen
continual
the
for
and
service
of the
. The Bell System was
maintained
be
n
must
organizatio
situation,
developed
the
of
protection
as
the
well
art, as
and organization were to be returned
and are for the full protection of the public in its service interested, if the plant
of control, in having them returned
period
the
of
end
the
at
t.
developmen
and
property
the
in
proprietors
the
and
in at least as good condition as when taken over. If the
For the security holders is provided:
y, through subsequent
(a) Payment of the interest and existing amortization system was to be retained permanentl
wanted no depreciated plant
charges on all outstanding securities or obligations of the legislation, the Bell System
would be based.
Bell System in the hands of the public, including the 6 per upon which the valuation
This necessitated a thorough, appreciative understanding
cent convertible bonds issued August 1 1918.
n between the Post Office
(b) Payment of dividends at the existing rate upon the and a harmonious co-operatio
System working for a common
share capital of the Bell System outstanding in the hands Department and the Bell
object—the maintenance and continuance 9f an essential
of the public.
of any arrangement
(c) Payment of any charges, interest, dividends on new service. The fundamental features
fixed by the existing consecurities or share capital issued in discharge, conversion to be made were substantially
ditions.
or renewal or extension of present obligations.
The American Telephone and Telegraph Company and
For extensions to property: although separate and independent
As provided above, unexpended depreciation shall be associated companies,
entities, domiciled in the respective States in which they
invested in property of the System.
systems, are connected by means of toll
American Telephone and Telegraph Company surplus operate telephone
and long-distance lines and a central co-ordinating and
shall be invested in its property.
into one comprehensive interSurplus profits from operation may be invested by the supervisory organization e
communicating system—th Bell System.
Postmaster-General.
As the Bell System, from the nature of its services, the
If securities or capital can be issued at fair terms, the
of its system, is by far the largest
Bell System will issue its securities if desired, but the nominal extent and magnitude
ively organized of all the wire systems,
value of the securities shall not exceed 80 per cent of the and most comprehens
any terms of agreement which would apply to the Bell
amount expended in the property.
generally to the others. For this
Extensions to its property made with the approval of System would apply -General
desired to make one agreethe Bell System by money furnished by the Postmaster- reason the Postmaster
entire Bell System, to make one which
General shall be paid for in installments of 5 per cent per ment covering the
would contain the fundamental points common to the
annum after the period of control ceases.
and to make that the
Extensions by the Postmaster-General to meet abnormal agreements with other systems,
conditions and made without the approval of the System first agreement.
Congress in its railroad legislation had established a
shall be appraised by the Inter-State Commerce Comof compensation. Following this
mission at the end of the period of control, and their value precedent for a basis
years 1915, 1916 and 1917 were conto the System as appraised shall be paid for in installments precedent, the three
sidered as a test period. The average of these fairly repreof 5 per cent per annum.
relatively the probable future under
The supervision, possession, control and operation of sented the past andAll
the operations of the Bell System
the "Telephone System," known as the Bell System, as- normal conditions.
forth in the annual reports of
sumed by the President, acting under authority of the are clearly and explicitly set
and Telegraph Company, and
joint resolution of Congress, is in no sense permanent nor the American Telephone
to the Inter-State Commerce
can it be likened to a sale and purchase. It is very tem- have been currently reported
commissions by the separate
porary in its nature, for the property is to be returned after Commission and various State
a limited period. The necessity of ample time to prepare companies.
The practice and policy of the Bell System have been to
for common supervision of operations was recognized and
its plant and equipment at the very highest and
maintain
continued
cared for in the order of the President which
and to set aside a standard
temporarily the operation in the hands of the existing most advanced standards,
reserve out of current earnings against depreciation and.
organizations.
ion covering current or deThe Bell System is unique among all other systems of obsolescence. All reconstruct
n or obsolescence is charged to this
utilities of necessity, particularly in its own field. No termined depreciatio
balance is invested in plant
other system of utility of necessity depends so much upon reserve, and the unexpended
For the three years this unexpended
the exceptionally high personnel of its organization for against the future.
in plant was $77,000,000. The current
the maintenance of the quality of, or the continuity of reserve invested
included the so-called 4M per cent payment.
improvements and advance in, its services. In extent or expenses alsothis
payment and forming a substantial part
comprehensiveness there is no other telephone system Included in
purchase, maintenance, depreciation and
comparable to it. It is a nation-wide, universal system, thereof is the
all telephone instruments used by the Bell
complete in itself. Its administrative and operating organ- obsolescence of payment
also covers all that extensive work
izations cover the whole telephone field of activity and the System. This
which is an essential, inherent part of the operation of the
plant and equipment division of the telegraph field.
system of its magnitude and
If all the other telephone systems of the country, not system as a whole or of any, must at some point be innow connected or associated with the Bell System, were comprehensiveness, and its cost
GENERAL.
GOVERNMENT CONTROL.
MAR. 15 1919.]
THE CHRONICLE
1069
eluded in the operating expenses. Being common to the
telephone business of the United States.
whole system, it must be co-ordinated under
is the only syspolicy tem furnishing any other than a local It
service restricted
and one control, that is, a centralized control. one
It
cannot
to
a
limited
outside
service.
It is the only
be carried on by each separate company without excessiv
system
e which maintains a large organization entirely wire
cost, duplication, confusion and destruction of standar
devoted to
ds.
the
develop
ment
of
the
art.
It
is the only
It constitutes virtually a central administration of the Bell
system
which has any extensive combination of telegrawire
System having supervisory charge of all matters commo
ph and telen
phone
service,
and
the
only
wire
system
that
to all operating companies and co-ordinates them
made any
pronounced additions to the art of electric has
transmission,
activities, such as legal, finance, commercial and with
con"land,
cable
or
aero,"
of
late
years.
Not including connectstruction engineering, technical, general accounts, statistics, plant and traffic standards, and all other interrelations; ing companies, it has nearly 23,000,000 miles of wire used
for
exchang
e
purpose
s,
over
3,000,0
00 miles of connecting
and directly having control of what might be termed the
lines used for telephone and telegraph business
creation, the development and the maintenance
, nearly
of
the
twice
as
many
miles
of
long-di
stance wires suitable for
state of the art, the expenditures for the research, investiboth
telepho
ne
and
telegra
ph
as
all telegraph companies
gation and engineering departments in the
ment combined. In its organization
of new inventions and methods of operation,develop
are employed, exin the pur- clusive of the connecting companiesthere
and the Western Electrie
chase of, or the acquiring licenses under, patents, without
Compan
y,
Inc.,
over
200,000
employees. While this is
which the state of the art would be at a standstill, and the
all well known, its importance is possibly not
progress of the business would be paralyzed. The
fully apprework
ciated
in
connect
ion
with
an
operating organization for
covered by the payment has produced the present telea
unified
system.
Unlike
other
utilities, there is no outphone service in its breadth and extent and its recent wonderside source from which to draw skilled and experie
ful applications. It has also made possible applica
nced
tions
employe
es.
While
there
are
many executives of capacity
to submarine and aero operations which have been of inand
ability
in
the
telepho
ne
field
outside of the Bell Sysestimable value in this war. It is conservatively estimated
that the work of the departments is now saving the Bell tem, only in the Bell System are there any who have as
yet
by
trained
ability
and
actual
performance acquired
System at least $50,000,000 a year in construction and
the necessary experience to administer a nationoperating costs.
wide pystem.
No
new
organiz
ations
to
carry
on the operations
The current necessary outlays of the system also include could
be
created
or
substit
uted
within
the
limited time
all taxes, interest on all obligations and amortization of all of
Government control, and no matter what changes
intangibles, and dividends paid on all outstanding capital
or
improv
ements
could
be
worked
out
any
sudden, radical
stock in the hands of the public. After all expenses and
changes
in
the
organiz
ation
or
revolut
ionary
operating reserves and capital charges were deducted, there
methods in
were surplus earnings which for the three years were $51,- the dperation would be fatal to the service. It seems as
though
conditi
ons
existing
determi
ned
the
general
000,000. These surplus earnings had not been divided, but
character
set aside against contingencies, fluctuations in business of the organization. It would be impossible that such an
organization should not be given preponderant consideration
which could not be met by immediate readjustments, and in
the making up of what must necessarily be tempora
were invested in plant against future necessity.
ry
The Bell System submitted statements for the three-year operating organization; not to do so would be disaster. The
period, and the Postmaster-General had also secured copies Postmaster-General recognized this but also recognized that
of the statements covering the same period made by the vari- there was an equitable consideration which must be given
to all the other systems and their organizations.
ous companies to the Inter-State and various State ComAfter consultation and a very careful consideration.of
missions. Estimates for the last five months of 1918 and
the question, the Postmaster-General created
also for the year 1919 were also made and submitted.
an Operating
As economic advisors of the Postmaster-General, two of Board which supervised the operations of all, but which
preserved the existing organizations under the direct charge
the most eminent professors of economicsin the country, not
connected in any way with any telegraph or telephone com- of a representative of each system of any magnitude, or of a
tion of the smaller systems, so far as
pany, were selected by the Postmaster-General. These ex- combina
systems
were willing to co-operate toward giving the such
perts made an exhaustive study of our statements and estibest possible
service
and
preserv
e
as
far
as
possible
the
continu
mates, and found the statements of the throe years in
ity of the
business.
complete agreement with statements made by the associat
ed
companies to the Inter-State and various State Commiss
COMBINATION AND REGULATION
ions.
The extraordinary rapidity of the increase in
and
It will be extremely unfortunate if with a very pronounced
in cost of material, as noted elsewhere, could not wages
be
the economies in operation. To,provide revenue met by public sentiment in favor of it, a wire system with nationwide, universal, comprehensive service and complete utilithem a campaign of readjustment of rates had been against
started zation of all the facilities cannot be evolved from
during 1917 which was well under way when the properti
the existing
were taken over. In some cases rates had been increas es conditions.
ed
It
seems paradoxical that the interpretation and applicaand put in effect, in some authorized, and in some favorably
considered, while others were under consideration—the total tion of existing laws against restraint of trade should be an
obstacl
e in the way of such a tremendous expansion and
increase deemed necessary to meet the abnormal increas
in expenses being something under 10%. The necessity e improvement of the utilities of service and necessity which
of
create
trade, and upon which all economic activity and all
continuing this campaign and its effect upon our estimat
was fully set forth and included in our estimates for the es trade and commerce are dependent.
last
When the combination of the complementary and supplefive months of 1918 and for the year 1919, of which the
perts in economics made studies and analyses and submittex- mentary services of the telephone and the telegraph was
ed
undertaken a few years since, great possibilities were anticithem to the Postmaster-General.
pated, some of which were realized before the divorce
It was suggested that compensation should, as in the
case
Greater potentialities were suspected. Under the impetus.
of the railroads, be based on these three years' perform
ance
to the development of electric communication given by that
and that the Government should assume the same
obligations of the Bell System and continue during current attempted combination there have been some wonderful
the
period
results. It has not yet been possible to utilize
of control the same practices and the same policy that
to their
were fullest extent in economic activity and will notthem
being pursued.
be until the
ideal combination is made, yet in war activities they have
After an exhaustive discussion of all the features,
not so been very effective, and have justified all the work
much because of difference of opinion as for the purpose
done.
of
There is no reason, providing we have rational control and
arriving at a complete understanding, the Postmaster-G
enregulation or Governmental supervision, to fear Governeral submitted to the President his recommendati
compensation for the Bell System should be on that the ment ownership; but without a rational, effective control
substant
ially
which will regulate but not restrict, control but not destroy,
in accord with our proposal.
utilities of necessity, Government ownership is inevitab
In making the award of compensation, the Preside
le.
nt
There is little doubt remaining in the minds of the public,
authorized the conduct of the operations as in the
past,
but
that regulated monopoly is better than unregulated
including full maintenance, depreciation and the paymen
t Government ownership, and there is no longer any
of current obligations upon all outstanding securiti
extensive
es
and
convict
ion that there can be effective competition in the
upon now securities to be issued for renewals or for
new
electric
transmi
ssion of intelligence requiring a nation-wide
extensions, and dividends at current rates upon share
capital; the unexpended balance of depreciation reserve universal system, whether messages or conversations.
It
is,
however
, essential, whether ideal combina
to be invested in the plant of the Company. The
are
per brought about or not, that before the great utilitiestions
cent payment was fully discussed, the necessity 43/2
of interof
concommuni
cation
and transportation are returned from Govtinuing the service covered by it was recognized, and
that payment was already included in the expenses, as ernment possession, such changes in the existing laws conand
cerning
control
and regulation, competition and combinaif it was to be deducted from the expense would
have to tion, shall be made as will permit combinations
be added to the compensation, it was decided to continu
demanded
e
by
the
public
interested when approved by the authorities
it in its present form.
having
jurisdic
tion, particularly such as are necessa to
The next subject of consideration was an operating orproperly adjust inequalities which will cause economicryand
ganization for the combined wire companies during the period
industri
al
disturb
ance so long as they remain.
of control, which would combine operations with the
least
If there is to be control and regulation there can be no
possible disruption of existing organizations.
competi
tion
in any unrestricted sense of the word. If there
The Bell System, including the connecting
es, is to be effective control and regulation, there should
represented the only comprehensive, nation-widecompani
be no
telepho
ne
objecti
on to combination.
service, comprising as it does 90 per cent of all telepho
ne
The public want and should have some restraining
stations and 95 per cent of all the toll lines and of all
the ity over these very essential necessities, but it shouldauthornot be
1070
[VOL. 108.
THE CHRONICLE
territory
operating in more or less the same or contiguous to
all of
restrictive of enterprise and should have some responsibility
c conditions common
economi
by
ed
controll
and
ation
co-ordin
e
complet
a
be
should
for its actions. There
are from physical and other reasystems
such
when
them,
the
of
on
regulati
and
control
the
of
and co-relation by means
very unequally situated and conditioned as to facility
various factors which make the cost of operation as well as sons
y of construction and operation and have a very
difficult
or
of the revenue.
nt or contributing traffic.
depende
unequal
or
judicial
how
matter
no
one,
any
It is impossible for
similar utilities operating in more or less
of
systems
"All
equilior
adjust
properly
to
ns,
equitable in acts or intentio
ous territory, should be combined into
contigu
or
same
the
conhis
without
factors
and
control
brate factors within his
d systems, the extent of which should
balance
well
more
or
c
one
economi
by
d
and
governe
t
constan
trol, some of which are
of the service, by the extent of
nature
the
by
ned
determi
be
c
economi
ing
fluctuat
by
ed
controll
laws, some varying and
by commercial, geographic and
and
d,
rendere
service
is
the
It
n.
equatio
human
ying
ever-var
conditions or by the
c reasons.
as impossible to regulate and control systems of utilities economi
the
"The operating organization should be adapted to
effectively through various uncorelated, unco-ordinated
and established on the lines which
service,
the
of
ments
require
it
as
parts
separate
over
tion
powers each having jurisdic
al world
experience, enterprise and operation in the industri
would be to operate those systems effectively through heads
e, efficient and economical.
effectiv
be
to
shown
have
any
or
control,
or
policy
common
no
of departments having
"With the administration of such systems should be comfrom
responsibility to each other, to the system or to the public.
in some manner, and as far as possible divorced
bined
comunequal
and
on
regulati
and
Uncontrolled control
influence, and subject to reasonclass
or
partisan
,
political
systems
the
if
exists
than
evil
for
power
petition have greater
y under legisable review, the requisite power and authorit
were left to their unrestricted course.
ate capital charges, operating costs
equilibr
to
mandate
e
lative
intensiv
in
ce
experien
years'
fifty
some
• We have had
and revenue."
development of utilities. We have in that time seen utilities
seen
For the Directors,
of convenience become utilities of necessity and have
many great developments of potentialities in these utilities
THEODORE N. VAIL, President.
cowhich were undreamed of until science and practice were
ordinated and co-related with systematized organization for
COMPANY.
production.
AMERICAN TELEPHONE AND TELEGRAPH
Much if not most of this development was done under
DECEMBER 31 1918.
SHEET
E
BALANC
unrestricted, unrestrained operation and promotion. It
Assets—
3537,761,845 61
of Associated Companies
could not have been done otherwise for without the incentive Stocks
00 00
Bonds and Notes of Associated Companies 104,256,7
unrewithout
$642,018,545 61
capital,
ive
speculat
without
re,
of adventu
$18,988,928 58
taken.
been
have
s
would
never
Telephone
risks
the
ties,
possibili
stricted
36
509,267
Estate
Real
288,162 33
This is no longer essential; utilities of necessity have become
Office Furniture and Fixtures
75,450,890 26
ions Long
Lines Telephone Plant
established. The era of small capital and great expectat
95,237,248 53
1.226,00025
in utilities of necessity is passed. The era of large possi-e Trustees—Employees'Stock Purchase Plan
21,583.412 10
Notes
bilities and large investment capital is here. The incentiv Special Demand
16
7,469,934
e
Receivabl
Accounts
15,300,559 94
of large accomplishment must now control and this requires Current
Accounts Receivable—in Suspense- t
1,002.156 16
Deferred Assets _ *
large capital. The only incentive to capital in large amounts
45,356,062 36
5,642,974 94
is certainty and security, and certainty and security can Temporary Cash Investments
recogon
78
2
regulati
31,675,90
and
control
ble
responsi
Deposits
through
only come
Cash and
37,318,877 72
nizing economic rules or laws deduced from experience,
3821,156,734 47
prompt
,
findings
its
in
e
equitabl
ons,
conclusi
its
in
judicial
in its action, and above all, the controlling and regulating
Liabilities—
$441,947,100 00
bodies to be of such standing and such authority, either
Capital Stock
238 00
d
comman
or
to
Stock Installments
effect
give
Capital
will
as
,
personal
or
legal
$441,947,338 00
moral,
00 00
$78,000,0
s.
decision
their
for
1929
Bonds,
respect
4 Collateral Trust
00
0
78,333,90
Trust Bonds, 1946
Control and regulation should be divorced as far as possible 5 Collateral
9,985,000 00
Western T.& T. Co. Bonds,1932
2,589,000 00
from partisan or class influence, and the influence oflemis4 Convertible Bonds, 1936
13,073,500 00
for
4 % Convertible Bonds, 1933
informed or interested public prejudice. It is impossib
4 00
48,353,62
1925
Bonds,
le
Convertib
sub6%
230,335,024 00
anybody to be judicial or equitable if its decisions are
4,000,000 00
to Bankers
ject to hostile criticism and public condemnation without Notes Payable
00
2
$8,838,94
15
1919
January
Payable
Dividend
15
4,775,914
any other reason than prejudice based or misinformation Interest
due
not
and Taxes Accrued, but
1,944,742 06
or ignorance.
Current Accounts Payable
15,559,598 21
2,000,000 00
Control and regulation should be confined to the power Employees' Benefit Fund
t.
43,900,076 83
of revision and approval; to determination and judgmen
Reserve for Depreciation and Contingencies and excluding
Premiums
Stock
Surplus (including Capital
83,414,697 43
Initiation is the province of operation.
Debt Discount and Expense)
Initiation must come from familiarity; continuous intimate
734 47
$821,156,
ve
association with and observation of operation. Initiati
ex.
litigation
Company
e
Telephon
must be controlled by judgment that comes only fromwith
Union
t Pending settlement of Central
working capital.
* Cash turned over to Postmaster-General as
perience. Uncontrolled initiative has created havoc
not
but
Companies, endorsed
many enterprises.
Note.—$53,900,000 Notes of Asfoclated above
in either Assets or Liaby this Company, are not inc.uded
The knowledge necessary for determination and judgment owned
bilities.
specific
W. S. GIFFORD, Comptroller.
must be based on representation and hearing, on the
observation and experience of others weighed by general
COMPANY.
AMERICAN TELEPHONE AND TELEGRAPH
knowledge and wide experience. It cannot be based on
AND EXPENSES
personal observation or experience of any tribunal because COMPARATIVE STATEMENT OF EARNINGS
FOR THE YEARS 1917 AND 1918.
of lack of continuity and intimacy of acquaintance. which
1918.
1917.
Earnings—
There are a few truisms, a few basic principles upon regu$28,894,254 50 $19,527,451 00
Dividends
0 18
18,022,22
72
0
all new legislation relating to combination, control and
19,455,26
Interest and other Revenue
*4,726,095 86
7,887,
Telephone Traffic (net)
lation should be built.
nt Cone
"Any particular utility 'Service' which to be complet
several
depends for its performance upon the facilities of part
of
independent or distinct systems, over or by which
ly
the particular 'Service' is performed, can be more efficient
ating
and economically performed if all the systems particip
in such 'Service' are combined into one co-operative, coordinated system, operating under one policy. Such a
system should be co-extensive with the territory over which
the service extends."
"When any system is giving or can be made to give a
complete, sufficient and efficient 'Service,' it is uneconomical
and both directly and indirectly detrimental to the best
interests of the public to allow any duplication or partial
duplication of that system."
"No public utility should be obliged to give continuously
a service without reasonable profit, when operation is efficient and economic and includes ample provision for maintenance and reconstruction due to depreciation and obsolescence and all taxes; and when the capital investment is.
represented by plant and equipment properly planned
economically constructed, located in and serving an area of
which the developed or potential business or traffic conditions
warranted the construction of such a plant or system."
The conclusion and solution seem to be: "There can be
no satisfactory or evenly adjusted control and regulation of,
systems of 'utility of necessity' more or less interdependent
Compensation—account Governme
tract, 5 Months 1918
Total
Expenses
Net Earnings
Deduct Interest
Balance
Deduct Dividends
Balance
Appropriated for Contingencies
Balance,added to Surplus
*7 months 1918.
Year—
1900
1901
1902
1903
1904
1005
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
18,780,395 66
$56,237,063 20 $61,056,162 70
6,763,145 98
7,296,596 57
$48,940,466 63 $54,293,016 72
10,391,694 89
10,469,360 47
$38,471,106 16 $43,901,321 83
32,481,613 76 35,229,698 96
35,989,492 40 $8,671,622 87
5,000,000 00
2,500,000 00
$3,489,492 40 $3,671,622 87
-=-.
W. S. GIFFORD, Comptroller.
ANNUAL EARNINGS AND DIVIDENDS.
Added to
Added to
Dividends
Net
Surplus.
Reserves.
Paid.
Revenue.
$470,199
$937,258
$4,078,601
$5,486,058
970,611
1,377,651
5,050.024
7,398,286
728.621
522,247
6,584,404
7.835,272
1.217.374
728,140
8,619,151
10,564.665
890.436
586.149
9,799,118
11,275,702
1,424,388
1,743,295
9,866,355
13,034,038
1,001.967
1,773,737
10,195,233
12,970,937
1,825,744
3,500,000
10,943,644
16,269,388
2,662.551
3,000,000
12.459,156
18,121,707
3.059.113
3,000,000
6
17,036,27
23,095,389
3,079.071
3,000,000
20,776.822
26,855,893
2,763,815
2,800,000
22,169,450
27,733,265
3,247,357
2,800,000
26,015,588
32.062,945
2.966,053
2.600,000
27,454,037
32,920,090
2,262,139
2,500,000
27,572,675
32,334,814
3,018,047
2.500.0011
29.100,591
34.618.638
4,391,090
2,500,000
31,122.187
38.013,277
3,489,492
2,500.000
4
32,481,61
38.471,106
3,671,623
5.000,000
35,229,699
43,901,322
W. S. GIFFORD Comptroller.
MAR. 15 1919.]
THE CHRONICLE
1071
E. I. DU PONT DE NEMOURS & COMPANY
ANNUAL REPORT-1918.
The sudden ending of the war on November 11 1918
brought about an almost immediate curtailment of the
activities of E. I. du Pont de Nemours & Company, and the
few remaining weeks of the year 1918 were sufficient to
eliminate almost completely all munition business. The
magnitude and rapidity of this reduction is well illustrated
in the shrinkage in number of employees at munition plants,
of whom on November 11th there were 85,638 engaged on
war orders, while on December 27th 28,101 only remained
on the payrolls. Officers of the company encouraged the
departments at Washington to cancel all contracts quickly in
order to save material and labor in producing unnecessary
explosives. It so happens that orders for the year 1918 were
practically completed. Little will be done on contracts
covering the first six months of 1919 and no profit will be
derived from the uncompleted portion thereof. The contracts canceled amounted to about $260,000,000.
The company now returns to its commercial business,
consisting of lines of manufacture of previous years supplemented by others to be dealt with later in this report.
The reconstruction period and the future of the company
has received continuous thought and attention even during
the very first year of the war. Uncertainty as to outcome
of the latter, in point of time, and as to the position of the
company at the close of hostilities, has made it heretofore
impossible to forecast the future with certainty, but to-day
many doubts have cleared away. In order that the stockholders may have a better picture of our war activities and
of the company's present position, a review of recent years
may not be inopportune.
From 1915 to 1918 the gross capital employed by the
company has increased from $83,432,000 to $308,846,000,
or 270%. In addition there has been distributed to stockholders $140,983,000, making a total increase during the war
period of $366,397,000. The resulting gross business has
amounted to $1,049,000,000, including the cost of construction work.
Providing so much capital, without the sale of securities
and building up the management of this large business in so
brief a time, has called for unceasing and exacting attention
of the entire force of employees of the company. Their
zeal, industry and efficiency, their co-operative spirit, their
loyalty to the company and to the Nation in unexceled, and
is counted the most satisfactory part of their successful
accomplishment.
Construction costing $220,000,000 has been executed by
our own Engineering Department, numbering at times
45,000 men. This organization was built up from a nucleus
of about 800 employed in that department during the six
months prior to the war. The construction werk involved
much that is peculiar to the explosives business for which
designs, layouts, &c., nearly all, were prepared by our own
men, being unobtainable elsewhere. Though the larger part
of the undertaking has been of this strictly technical nature,
the supplementary work of ordinary engineering construction may give abetter idea of the magnitude of the whole,thus:
The Power Houses of the factories at full capacity require
the continuous development of 200,000 boiler horse-power.
The Pumping Stations have a capacity of 305,000,000
gallons per day, exceeding the combined daily water consumption of the cities of Philadelphia and Boston.
The Filtration Plants filter and purify 175,000,000 gallons
of water per day, to a degree satisfactory for domestic
as well as for manufacturing use.
The Refrigeration Apparatus has a capacity of 9,350,000
pounds of ice per day, equal to the consumption of the city
of Chicago.
Railroad Classification Yards, capable of handling 1,600
cars at one time, have been laid out and are in operation.
One hundred miles of standard railroad and two hundred
and eight miles of narrow-gauge railroad have been constructed.
The enclosing of the plants required over 150 miles offencing.
Arrangements have been made for storage of 500,000
tons of coal, a provision deemed advisable for a daily consumption of 10,700 tons.
The factories have handled 1,330,000,000 pounds of
cotton, or 2,660,000 bales.
Production of nitric acid, 1,930,000,000 pounds, required
the handling of 2,812,000,000 pounds of nitrate of soda.
The Sulphuric Acid Plants have produced 2,500,000,000
pounds of acid, requiring 922,000,000 pounds of sulphur.'
The factories have handled 216,500,000 gallons of alcohol,
of which 86,600,000 gallons have been consumed and the
balance recovered for re-use.
Individual dwellings to the number of 10,790 have been
built. These, together with the accompanying hotels,
boarding houses, women's dormitories and bunk houses
are capable of housing 65,000 persons. All of these dwellings are lighted and furnished with purified wateg from
the company's plants and are connected to modern sewage
systems. In addition to these dwellings, the Engineering
Department has built 570 community buildings, such as
those to house the Young Men's Christian Association and
Young Women's Christian Association, cafeterias, schoolhouses, lodge halls, post-offices, drug stores, banks and
railroad stations, a total of 11,360 buildings, costing with
the necessary streets, sidewalks, fire protection, &c., about
$37,000,000.
The military powder factories constructed by E. I. du
Pont de Nemours & Company and its subsidiary Du Pont
Engineering Company, cover 9,025 acres (14 square miles),
equal to twice the built-up area of the city of Wilmington,
Delaware. Incidentally their cost is about double the
assessed value of Wilmington. Their annual capacity is
893,000,000 pounds of explosives or in carloads sufficient
to extend from Baltimore to New York in continuous line.
At the height of the work the rate of yearly expenditures
was three times as great as that of the, construction of the
Panama Canal.
In the last annual report attention was called to the
contract of January 29 1918 under which the company
undertook the construction and operation of a military
powder plant near Nashville, Tennessee, for the United
States Government.
For the purpose of segregating this work the Du Pont
Engineering Company was organized. All of the stock of
this company is owned by E. I. du Pont de Nemours &
Company.
Seven miles of railroad to take building materials to the
plant site was begun February 9 1918 and was completed
on March 9th, 29 days.
Ground was broken for the erection of the plant on
March 8th.
The contract called for the erection of a factory capable
of producing 900,000 pounds of military smokeless powder
in each day of twenty-four hours, the plant to be divided
into nine complete units of 100,000 riounds daily capacity each.
A Sulphuric Acid Plant, the first of fifteen units of 28,000
tons annual capacity each, began continuous operation on
June 1st, 67 days after breaking ground for this acid plant.
The Nitric Acid Plant began operation on June 10th.
Guncotton, the raw material of powder manufacture,
was produced on June 23d.
The first finished powder was granulated on July 2d,
or 116 days after breaking ground for erection of the factory,
121 days ahead of contract requirement.
The second powder unit began manufacture on July 24th,
at which time the first unit was manufacturing 65,000
•
pounds per day.
The third powder unit began operation on August 20th,
at which time the first and second units were manufacturing
150,000 pounds per day.
The fourth powder unit began operation September 3d,
at which time the first, second and third units were producing
200,000 pounds per day.
The fifth powder unit began operation on September
24th, at which time the first four units were producing
275,000 pounds per day.
The sixth powder unit was ready for operation on November 11th, but owing to the cessation of hostilities, it has not
been operated. However, the sixth guncotton unit began
operation November 2d, at which time the first five powder
units were producing 501,000 pounds per day.
The seventh powder unit was about 98% complete on
November 11th, and the seventh guncotton unit was ready
for operation; eighth and ninth units were approximately
60% complete. At that time the entire plant was about
93% completed.
The manufacture of guncotton was reduced on November
27th and ceased totally on December 7th; since that time
the conversion of this guncotton into smokeless powder
is proceeding at a leisurely rate and will probably be finished
about the middle of January.
1072
THE CHRONICLE
[VOL. 108.
The production of powder at this factory will total about $206,000,000, an amount eight times the company's total
36,000,000 pounds at the cessation of operations. At annual business prior to the war. In the cap works and
signing of the armistice manufacture of powder was 13,- loading department alone the number of employees increased
000,000 pounds ahead of contract requirements and the from 225 before the war to over 4,800 in November 1918.
factory was 93% completed or 96 days ahead of scheduled
The production of so large a quantity of explosives and
time. The estimated cost of construction was $75,000,000. accessories has not been without attendant risk due to acciHad the contract been completed there would have been dent or enemy interference. The company has maintained
an over-expenditure not to exceed 7%, exclusive of the in- a most efficient guard at all of its principal factories, 1,400
creased wage schedules fixed by the Government.
men having been employed in this service. The organizaUnder the contract no profit was to be paid for construc- tion and maintenance of this guard is in a line of military
tion work and, owing to cancellation prior to the comple- activity that had been unnecessary before the war. The
tion of manufacture of all powder required, the total profit work has been handled with great efficiency, and as far as
after paying taxation will probably amount to $1,300,000 can be observed no accident has befallen through failure of
on transactions covering $125,358,500 or 1%.
this "Protective Division" to act at the proper moment.
However, the directors always considered this work a The company has been fortunate in its freedom from serious
military necessity and they never had expectation of profit disaster during the war period. The ratio of the number of
adequate to compensate for the disadvantages of the burden killed and injured and property loss to total men employed
assumed.
was far less than in preceding years, indeed was much less
The operation of the factories of this company above men- than in many reputed safer industries. However,this should
tioned has resulted in production of 1,466,761,219 pounds of not lead one to minimize the importance of the accident
military explosives of all kinds furnished to the United States question during the four years under consideration. Three
and the Allied Nations. The importance of this work is hundred and forty-seven employees have lost their lives
better realized from the fact that this output is estimated at through accidents that have cost $6,700,000, including value
40% of the amount of explosives made throughout the world of property destroyed by fire and explosion. Sixty-two
for the Allies during the war. During the four years of these hundred and fifteen fires have been reported and accidents
operations the manufacturing departments have been con- of more or less consequence have happened nearly every day.
tinually ahead of deliveries required under contracts and at Numbers of these were possible starting points of disaster
all times have held large quantities of explosives in the com- that was prevented by the prompt action of the fire-fighting
pany's magazines awaiting shipping instructions. The num- forces of the company and by unremitting attention to the
ber of men employed in the military factories alone reached prevention of spread of fire and explosion. In consequence
a maximum of 47,914, an organization built up from a total a loss of over $5,000 has resulted from 51 only out of this
of 5,300 men employed in all departments of the company great number of accidents.
before the war.
The foregoing program placed a great burden upon our
The total capacity of the company's factories for military purchasing organization and those who assisted in the diffipropellant powders in 1913 and 1914 was rated at about cult task of furnishing punctually when and where needed
700,000 pounds per month, but this output has never been enormous quantities of materials and supplies not only for
maintained for any considerable period of time. The rated construction but for operation.
monthly capacity reached 37,962,000 pounds in March 1918,
Their task was performed successfully and with foresight,
and actual output of 37,700,000 pounds was made in that ability and vigor. Every pound of material required was
month. Thereafter the diversion of part of the plant to the secured without a single hour's delay, either in the compleproduction of special powders somewhat reduced the output, tion of construction work or in the execution of contracts,
but from March to October an average monthly'production and the company was at all times able to sell, manufacture
of 35,380,000 pounds was maintained. In addition to this and deliver the maximum output of its plants.
quantity the factory at Nashville, Tennessee, built for the
The purchasing program was handled in such a way as to
United States Government, was brought to a production of effect large savings and to materially augment profits for the
12,500,000 pounds monthly at the time of the signing of the stockholders.
armistice. Had the war continued the completion of the
The number of employees in the department in 1914 :was
Nashville plant "Old Hickory" would have raised the annual 56; in November 1918 268.
productive capacity of all military propellant powder facThe total purchases increased from $25,200,000 in the
tories operated by the company in 1919 to 815,000,000 year preceding the war to an approximate total of $800,000,pounds. In the line of disruptive explosives for military 000 for the four and one-half war years.
purposes the capacity of the factories of the company prior
The Military Sales Department of the company is numerto the war was negligible. At the end of the year 1918 a ically a small organization whose chief, Colonel Edmund G.
total annual capacity of 139,000,000 pounds had been Buckner, has handled personally the greater part of the many
Installed.
contracts under which all military explosives were produced..
This great development was not a mere duplication of ex- These contracts called for the production of 1,800,000,000
isting units of production. The handling and storage of pounds of standard explosives valued at $1,020,000,000 and
enormous quantities of explosives and combustible ingredi- special explosives and accessories worth $206,000,000. The
ents called for a complete revision of previous practice. greater part of these contracts provided for cash advances
Without the radical improvements adopted it is doubtful if which at one time exceeded $100,000,000, unsecured except
the requirements of customers could have been filled; cer- by the general credit of the company as shown in its statetainly they could not have been met in proper time.
ment. Few salesmen have undertaken such large work,
The revolutionary changes adopted resulted in a rapidly none has been more successful. No dispute has arisen with
increased output, at the same time economy in labor and respect to any of these munition contracts, nor has it been
material was effected. The 1918 output required the em- necessary to modify their terms after execution. The inployment of 22,000 men less than the proportionate number numerable specifications for different kinds of explosives and
necessary under pre-war practice. Operating methods de- accessories has made it necessary to employ a force of men
veloped during the war period resulted in calculable savings in arranging modifications that became desirable to cusof $74,000,000.
tomers during the progress of the war, but happily all of
Prior to the war the company had made comparatively these changes were made to their entire satisfaction, with no
little powder for foreign nations. The sudden call of the consequent delay and without necessity of modifying the
Allied Governments required the fitting of our form of general terms of contracts. No additional charge has been
powder, then almost unknown abroad, to guns designed made on account of any change in original terms or specificato use other ammunition. This necessitated development tions.
of forty different powders for as many guns. These powders
At the beginning of hostilities the Military Sales Depart-,
function under exacting specifications—though some of ment showed great foresight in establishing a price for powder
them average 42,000 pieces to the pound, each of these pieces and terms of payment that enabled the company to do great
is a perfectly formal cylinder with one or seven longitudinal work rapidly. This price, though high, was not more than
perforations whose important dimensions require an accu- 25% higher than that applying to foreign business .before
racy of not more than 1-1000-inch variation from the mean.
the war, but differed from the latter in the fact that factories
In addition to the foreign powder the United States Gov- to be used in the completion of war contracts must be conernment needed, for Army and Navy use, ninety different structed out of the purchase price of the powder itself. Howpowders all produced under strict specifications. Many ever, the question of price cannot be dealt with fairly withchanges in the ballistic requirements of the guns made it out considering the war period as a whole. Taking military
necessary to re-establish the characteristics of the powder, cannon powders, by far the most important in quantity sold
a change that was equivalent to the fitting of entirely new —1,398,700,000 pounds—it is to be observed that the averguns.
age cost to the United States Government and the Allies for
It will be appreciated that the production of military pro- powder contracted during the four years, 1915-1918, was
pellant powders is an exact science and that the wonderful 63/2% higher than the price fixed by Congress for several
achievement in enormous production brought about by our years prior to the war. The contracts with the United States
Smokeless Powder Operating Department is increased in Government, made in the years 1917 and 1918, were at
value when we consider the minute care that is necessary to prices 10.7% lower, and for 1919 16.8% lower than that preproduce accurate results. The measure of success attained vailing before the war. At all times a uniform price was made
lies in the fact that all specifications have been mot while not to the United States and the Allies. Inquiry has failed to
a single lot of powder has failed of final acceptance and no reveal another case where a war essential has been sold
powder has been returned to us as unsatisfactory.
below pre-war price. It must be remembered that during
Great as has been the output of standard military products these four years the cost of all raw material has advanced
iarshould not be allowed to overshadow the production of tremendously. During the last year of the war their cost
special explosives and of countless accessories such as caps, was 132% higher than for the year prior to the war.
fuzes, igrution pellets and the loading of explosives for use
This enormous saving is largely attributable to the very
in the field. Sales of these so-called minor items aggregated efficient work of our Chemical and Mechanical Research
MAR. 15 1919.]
THE CHRONICLE
Departments, including the laboratories of the company,
with the most intimate and earnest co-operation of the men
in the factories themselves. The Chemical and Mechanical
Research Departments numbered 212 men prior to the war,
while at the end of the year 1918, 987 men were employed
in this service. The economies effected, by them and by
those working at the factories, have not been questions of
dollars and cents alone, as conservation of the materials
saved was of prime importance to the world at large. Thus
the reduction in consumption of alcohol was the equivalent
to the saving of 10,400,000 bushels of corn. The total expenditure for experiment and research during the four years,
1915-1918, amounts to $3,360,000.
Outside of the company the Development Department
seeks out new products, and examines into the merits of new
fields of operation. To compensate the loss of munitions
business investigations and studies of 100 separate industrial
subjects have been made. These investigations have been
valuable in the development of the military powder business
also, as the source and character of raw materials was under
constant development throughout the war. The Development Department has handled its work in a masterful manner and deserves great credit for results obtained.
Among the accessory departments that have contributed
importantly to the success of the military program, mention
should be made of the Traffic Department. Their work
covered supervision of shipping to and from Chile for the
maintenance of an adequate supply of nitrate of soda at a
time of greatest congestion and, in the earlier years, of uncertainty of operation of the Panama Canal. The planning
of railroad facilities in the United States for the assembling
of materials for construction and operation has been a difficult task, but there has been no case of failure in this important work, except for a brief period when the control of
fuel by the United States Government made independent
action impossible. Results have been attained by resorting
to many ingenious expedients and by ceaseless attention to
every detail of every shipment. Foresighted provision of
shipping facilities, especially during the early part of the war,
resulted in savings estimated at $18,700,000.
The Medical and Welfare Departments of the company
have played an important role during the war years. While
past experience had furnished much data ,concerning the
injury to health of employees manufacturing our products,
production on larger scale presented new and difficult problems. To these have been added the study of several new
and more or less poisonous products that were introduced to
our line of manufacture. All of these probelms have.been
satisfactorily met, but good health under factory conditions
was a small part of the medical and welfare work. The.expansion of business required the massing at isolated points
of many thousands of men, their families and the necessary
trades people. The furnishing of pure water and good food,
the disposition of sewage and waste, all presented difficult
problems; failure of solution might have brought about grave
complications. In these new towns, where crowding was
unavoidable, no case of epidemic even in mild form has
occurred, excepting, of course, the all-prevalent influenza.
There has been no delay or loss of product through illness of
employees. This good record is due to the action of the
Medical Department in preventing trouble by its anticipation.
In connection with the rapid assembling of employees at
points of greatest activity, it was necessary to establish
commissaries, mess halls, restaurants, hotels, &c., for the
temporary accommodation of the men. The operation of
these accessories in the chief centres cost ',.:,000,000, and in
the years 1916-1917-1918 25,000,000 meals were served.
Exclusive of the Government plant at Nashville, the rental
of company houses built during the war totaled over $900,000. The sanitary conditions of all these houses were cared
for by the Medical and Welfare Departments in a highly
satisfactory manner.
The accomplishment of the above results has been made
possible by a well-organized accounting, auditing and financial system under management of the Treasurer's Department. During the war period this department has increased
from a force of 213 men and women to over 1,186. Cost
sheets of all products have been issued promptly, an important item in a situation where knowledge of cost and
details of operation has been so necessary for economy in
manufacture. The enormous business of receiving and
checking goods, approving and paying vouchers and freight
bills (for the year 1918 estimatedi at 850,000 separate items),
as well as the collection of accounts, has been handled with
greatest dispatch. At no time has the company been in any
way embarrassed or troubled by the failure of the accountants to carry on smoothly the transactions that were necessary in such great operations.
The Treasurer's Department has handled the finances of
the company with equal skill. Forecasts of probable financial conditions extending twelve months in advance have
been maintained and revised every month. All the numerous
financial problems, involving not infrequently items of
several millions of dollars, have been forecasted and reported
in detail in proper season for consideration by the Executive
and Finance Committees and by the Directors. The business of the company has brought in large amounts of cash,
for which temporary employment has been necessary pending its use for purposes originally planned. This has led
to purchase of securities, of all kinds amounting to $297,-
1073
000,000. Excepting Liberty Bonds, none of these investments have been resold at a loss. There remains in the
treasury at present $1,705,000 only of these investments.
The company has been the purchaser of $112,000,000 of the
securities of the Foreign Allied Governments. It has subscribed to $157,000,000 of various offerings of the United
States Government,of which $121,700,000 have been allotted
and purchased. The management of the Treasurer's Department, and the financial policy adopted by the Executive
Committee and Finance Committee on the Treasurer's
recommendations, are largely responsible for the excellent
credit of the company upon which its great business has been
founded. In the great transactions of the war years the
Treasurer has made no call upon the stockholders for funds,
no sale of the company's obligations has been made and
current borrowings, all without collateral, have never exceeded $10,000,000. The distribution of regular dividends
has been maintained throughout the period.
The work, above outlined, has been accomplished by the
joint efforts of a very able body of men. Those primarily
responsible for the success of the campaign as a whole are
the members of the Executive Committee, viz.:
IRENEE DU PONT, Chairman.
H. FLETCHER BROWN, Smokeless Powder Operations.
ROBERT R. M. CARPENTER, Development Work.
FRANK L. CONNABLE, Special Purchasing.
WILLIAM COYNE, Sales.
LAMMOT DU PONT, Miscellaneous Manufacturing Operations.
HARRY G.HASKELL,Explosives Manufacturing Operations.
JOHN J. RASKOB, Finance.
FRANK G. TALLMAN, Purchases.
All of whom have held office throughout the four-year war
period. Each of these men, excepting Mr. Irenee du Pont,
who occupies a position equivalent to that of General Manager, though not so named, is at the head of the important
department indicated in addition to his duties as a member
of the Executive Committee and Vice-President. During
the four years, 1915-1918, this Executive Committee has
held 334 formal meetings and has acted upon 5,760 subjects,
of which 3,886 were embodied in written reports.
It is appropriate to mention also the heads of the other
chief departments:
COLONEL EDMUND G. BUCKNER, Military Sales.
MAJOR WILLIAM G.RAMSAY,followed by Mr.HARRY
M.PIERCE,Engineering.
DR. CHARLES L. REESE, Laboratories and Research.
DANIEL CAUFFIEL, Real Estate.
WILLIAM A. SIMONTON, Traffic.
JOHN P. LAFFEY, Chief Counsel.
These sixteen men have been constant in their attention
to the affairs of the company and have ably managed the
great work entrusted to their joint and individual direction.
They have been supported by an efficient corps of assistants
whose number at the beginning of the war was 94 men,
receiving annual salaries of $4,200 or more. At the cessation of hostilities there were 259 such men in the employ of
the company. During the four-year period nearly 90% of the
original men in the above group, excluding those pensioned
or resigned for military service, have advanced themsevles,
and none has failed to make good at the work allotted him.
Among the greater number that have come into the employ
of the company during the war period nearly 70% have been
advanced, and there is no case of discharge for cause or for
failure to make good in the work allotted. To the wonderful
performance of these men is traced the chief source of the
very satisfactory results obtained for the stockholders.
In calling attention to the leading men in the company
and to their uniform success in carrying out their work it is
not intended to minimize the importance of other employees
at one time numbering over 112,000, nor to leave unrecognized their share in the whole. This large body of men, the
greater number of whom were new in their employment with
the company, have carried their burden and executed their
work in a highly satisfactory manner. Though 8,497 of
them yielded to the call to the colors during the war, it was
necessary for the company to ask for exemption from military service for the greater part of its employees. This
exemption was a keen disappointment to many, especially
to the younger men;it is therefore proper to acknowledge the
superior importance of their civilian work, the satisfactory
way in which their duties were carried out and the very
marked effect that their success has had upon the termination of the war.
The record of the company during the war would not be
complete without notice of losses sustained through death,
fortunately very few in number, exclusive of those killed in
accidents.
The great factories built for the filling of the European
orders of 1914 and 1915 were almost completed when death
took from us Major William G. Ramsay, Chief Engineer
of the company, whose brilliant work was the foundation
of the success of our original construction program and consequently of the entire performance. The organization
1074
THE CHRONICLE
founded by him, under the able management of his righthand man, Mr. Harry M. Pierce, has carried to completion
the great work that stands a monument without equal to
the honor of its originator and to that of his worthy successor.
On October 18 1918 the company suffered great loss in the
death of Mr. Hamilton M. Barksdale, for many years
prominent in the company's affairs. His most active work
was in the manufacture of high explosives and the administration of that department. In later years as Vice-President
and member of the Finance Committee he became one of
the strongest and most respected advisers in the planning
of the policy of the company and in the administration of
its affairs. To Mr. Barksdale's fine qualities, his unselfishness, his patience, his thoroughness, his candor, in short,
to his exemplification of all that is noble, can be traced
much of the splendid esprit de corps of the du Pont organization to-day.
While a brief description of the work accomplished during
the four years past may serve to better inform the stockholders of the conduct of the officers and employees of their
company, it is in the financial result of the four years' campaign that they are most interested. This result is the
measure of success or failure, and it may be summed up in
a very few words.
The stock of E. I. du Pont de Nemours Powder Company,
the predecessor of E. I. du Pont de Nemours & Company,
sold during the early months of the war at $125 per share.
The share of debenture stock and two shares of common
stock of E. I. du Pont de Nemours & Company which were
exchanged for the former security are worth in to-day's
market (December 31 1918) $593, or an increase in value
of 374%. In the meantime (1915-1918) the total dividends
on the common stock of E. I. du Pont de Nemours Powder
Company and on the exchanged securities of E. I. du Pont
de Nemours & Company have amounted to 458% on the
par value of the original stock. It is difficult to imagine a
more satisfactory financial result, especially in view of the
fact that the liquidation of the balance of the military
powder investment as it stands to-day cannot materially
alter the conditions above recited. The result has been
accomplished without friction with customers, one minor
law suit concerning a claimed commission being the only
dispute on record. All construction work has been done
strictly in forecasted time and without material overrun of
estimate, while economies effected for the joint benefit of
customers and stockholders have been enormous.
In seeking means of continuing this satisfactory conduct
of the company's business, too much cannot be said in favor
of the bonus plan of the company. The officers and directors
believe it has been of great value in securing and retaining at
highest efficiency the best men in the explosives industry.
The bonus plan furnishes for distribution among employees
of recognized merit a number of shares of stock of the company each year. As the amount of this bonus stock is
based on earnings, many shares were available for distribution
during the years 1915 to 1918. In the years 1915, 1916 and
1917 there was awarded as B bonus a total of 6,286 shares
of common stock of E. I. du Pont de Nemours Powder
Company, 24,301 shares of debenture stock of E. I. du Pont
de Nemours & Company, 42,839 shares of common stock of
E. I. du Pont de Nemours & Company. For the year 1918
8,006 shares of debenture stock of E. I. du Pont de Nemours
& Company and 8,680 shares of the common stock of E. I.
du Pont de Nemours & Company (cost value $3,162,493 72)
have been awarded for distribution as B bonus to 2,329
employees by the Executive and Finance Committee and
finally approved by the Special Committee of the Board
of Directors. The total cost of these securities for the four
years, 1915-1918, has been $16,379,914 11. The merits
of the plan have been recognized by the officers and directors
of the company and its predecessor for many years. Formerly the directors themselves owned a majority of the
common stock and, throughout, other stockholders have
been informed as to the operations of the plan, therefore it
has not been thought necessary to ask for specific action to
approve bonus granted at the annual meetings. However,
to the surprise of many directors, a law suit has been
brought by a small number of stockholders attacking the
validity of the bonus plan. This action was the more surprising because the suit was not brought until these stockholders had been enriched, without effort on their part, by
dividends almost equal to the total bonus paid out to the
workers during the first two years of the war period. It is
to be noted also that the leading stockholders in the suit
have participated, both as officers and directors of the
company, in the establishing of the bonus plan and in its
administration. On account of this law suit a specific
ratification and approval of the bonus plan and the administration thereof was asked at the last stockholders'
meeting. Of the total shares represented by person or proxy
414,263 were recorded in favor of such ratification and none
against, a favorable vote of 100%. (Seventy per cent of
the voting stock was represented at this meeting.) At the
coming annual meeting the stockholders will be asked to
ratify and approve the administration of the bonus plan
during the year 1918 and its continuation in the future.
Since the beginning of the war the officers of the company
have ben active in preparation for peaceful pursuits and,
as opportunity has offered, many new projects have been
investigated in order to supplement the former commercial
business of E. I. du Pont de Nemours Powder Company.
[VOL. 108.
Over one hundred different subjects have been under scrutiny
and many are still followed actively. The principal investments already made are:
First.—The manufacture of Py-ra-lin, the chemical relation of which to military powders is such as to make it a
very desirable addition to the list of our products. Entry
into this business was through the purchase of the Arlington
Company, already a successful manufacturer of many years
standing. The business has expanded to approximately
double its output when taken over in 1915, and under peace
conditions has great promise of further development.
Second.—The manufacture of paints, varnishes and
colors. The relation of this industry to explosives lies in
a common interest in the production of certain so-called
"heavy chemicals," while a more intimate tie exists between
the paint and color industry and the so-called chemical
mixture business in which the Du Pont Company has been
engaged for many years. The manufacture of colors has
also a close relation to the production of dyes. Our entry
into the paint and color industry has been through the
purchase of the following interests:
Harrison Brothers & Company, Inc., a concern wellknown and of long standing, for a period even longer than
the life of the Du Pont interests.
Cawley Clark & Company.
Beckton Chemical Company.
Bridgeport Wood Finishing Company.
Flint Varnish and Color Works.
New England Oil, Plant and Varnish Company.
These purchases have given importance to • this line of
business and have established a working trade at the outset.
The acquisition is further attractive in the great field opened
for the economical use of by-products and interchange of
facilities.
Third.—Dye manufacture. The chemical composition of
many dyes being similar in nature to that of a number of
modern explosives, makes study and development of the
dye industry an appropriate adjunct to the main business
of E. I. du Pont de Nemours & Company. The industry
being comparatively new in this country, it was decided to
obtain rights to patents and processes, starting in the industry without a nucleus of existing business and contrary
to the plan followed in other cases. It was originally thought
that a part of the apparatus for the installation of the dye
industry could be diverted from the manufacture of explosives at the termination of the war, but continuation of
hostilities has negatived this expectation. The company is
already producing indigo in large quantity and is producing
fair amounts of many other dyes, all of a satisfactory quality.
The business is complex but of great interest and promise.
Fqurth.—Manufacture of motors. The interest of certain
officers of the company in the motor field was engaged for
many months prior to the making of an investment by the
company. While there is no immediate relation between
the explosives industry and the manufacture of motors, this
investment was made in such a way as to give opportunity
for our financial organization to be of service, and at the same
time increase greatly our financial strength. The large
engineering and construction forces of our company, the
development, legal and accounting department facilities,
coupled with the demands of the motor industry for talent
of that kind, has furnished a connecting link which seems
desirable in all investments. The consumption of paints,
varnishes and fabrikoid in the manufacture of automobiles
gives another common interest. In entering this field it
was necessary to make investment in a thoroughly developed
property. This has been found in the General Motors
Corporation, already equipped in a most thorough manner
with technical men of experience for the proper conduct of its
business. The officers of E. I. du Pont de Nemours & Corn- _
pany are fortunate in havine,secured a 27.6% interest in this
corporation, as it now stand's equipped with factories for producing all kinds of cars, tractors and trucks, together with the
greater part of the accessories needed in their manufacture.
We feel fortunate also in our partnership with Mr. William
C. Durant, President of the General Motors Corporation,
and the father and leader in the motor industry, not only in
the United States but in the world. This alliance leaves the
management and gener41 conduct of the General Motors
Corporation as heretofoire, except that the responsibility
for financial management is now shared by the officers of
our company. The general function of the Du Pont interests
is advisory only, though already there has sprung up an
intimacy between the organizations that promises great
benefit through the exchange of facilities and use of important men for specific duties to which they are particularly
well adapted.
Great activity in military lines has not left undeveloped
the commercial business of the company. Sales that
averaged about $26,000,000 gross in the years 1913 and 1914
have increased until the commercial business of the year
1918 totaled over $72,000,000. This amount is exclusive
of sales of companies in which we hold a minority interest,
such as General Motors Corporation; the gross business of
that company in the year 1917 amounted to about $300,000,000. To this steadily increasing commercial business the
officers and directors look with confidence for the continued
success of the company.
Stockholders may be fearful lest the sudden cutting off
of munition orders may bring about a reduction of earnings,
jeopardizing dividends and the strong financial position of
1075
THE CHRONICLE
MAR. 151919.1
The complete dividend record of the company and its
the company. To allay such fears it is well to point out
Powder Company,
that, prior to the European War, the company had been predecessor, E. I. du Pont de Nemours
engaged in commercial business for 113 years, of which follows:E. I. DU PONT DE NEMOURS POWDER COMPANY:
its
83' years only might be termed war years. .Therefore,
127
4% 1912
8%g
history is not one of a military establishment Preparation 1904
34% 1913
1905
8%
64% 1914
for the great struggle just ended was made under conditions 1906
22 **
1915
7%
6
of peace. After liquidation of munition business the com- 1907
1916
7e,
1908
7K% 1917
pany will hold about $200,000,000 of assets, from which, 1909
6 0* *
value
par
12%
1918____$1O
1910
exunder normal conditions, earnings of 113/% are to be
12%
1911
pected, as this was the average maintained for many years
E. I. DU PONT DE NEMOURS & COMPANY:
61 %****
before the war. These earnings, $23,000,000, compare 1915
30%11917
26%*****
100%11918
favorably with present dividend requirements of 6% on 1916
debenture stock and 18% on the common stock, or $14,250,
* Does not include 48.474% paid in securities of Atlas Powder Company
Powder Company.
000. Military powder business prior to the war amounted and Hercules
Does not include distribution of two shares of common stock of
to about 5% of the gross earnings of the company, so that E.**
Pont de Nemours & Company for each share of common stock of
du
I.
very
E. I. du Pont de Nemours Powder Company.
the complete loss of munition orders cannot prove a
*** Based on par value of $10.
serious blow to the future of the company.
****Includes 1% Red Cross dividend paid June 23 1917.
*****Includes Red Cross 2% Dividend, 1% United War Work Dividend
On January 4 1918, Du Pont American Industries Com5% Dividend in Preferred Stock of Du Pont .Chemical Company $5
pany was organized under the laws of the State of Delaware, and
value.
par
for the purpose of holding the investment of E. I. du Pont
The number of stockholders and those of them employed
de Nemours & Company in.General Motors Corporation by the company is shown in the following tabulation coverand other companies in which interests have been purchased. ing a number of years. The record from 1907 to 1914,
All the stock of the Du Pont American Industries is owned inclusive, is of E. I. du Pont de Nemours Powder Company;
by E. I. du Pont de Nemours & Company.
later years, of its successor, E. I. du Pont de
On December 16 1918 the Du Pont Chemical Company that for the
& Company:
was organized under the laws of the State of Delaware, for Nemours
1907— 809, of whom 218, or 27% were employees
the purpose of purchasing the military powder plants and
200, or 26%
"
1908— 955,
5,"524, or 39
1909-1.33..
some other manufacturing companies of E. I. du Pont de
"
764, or 45
1910-1.695,
comof
the
stock
common
this
"
Nemours & Company. All
990, or 45e
1911-2,163.
"
American
Company;
Industries
Pont
1,440. or 53?
1912-2,697.
pany is owned by Du
5,1,047. or 369*
1913-2,93.
the preferred stock of Du Pont Chemical Company has been
1.184. or 38
1914-3.093.
"
de
of
du
Pont
E.
I.
stockholders
to
1.122. or 29
1915--3.840,
distributed as dividend
or 34
1.448.
1916-4,221,
"
.,
.
Nemours & Company.
2.445. or 45
1917-5,409,
"
Following the precedent of the previous year, the directors
3,220. or 45e)
1918-7,203,
of
2%
on
dividend
special
a
declared
of the company have
* Decrease due to loss of employees through organization,of the Hercules
the common stock of the company, recommending that the Powder Company and Atlas Powder Company.
Cross
Such
Red
Fund.
the
to
donated
amount received be
Respectfully submitted,
disposition of the dividend was entirely voluntary on the
PIERRE S. Du PONT,
the
that
is
it
believed
American
but
part of the stockholders,
President.
very
a
large
of
extent
percentage
the
to
Red Cross benefited
of the total.
San Francisco
HASKINS & SELLS
New York
Los Angeles
Certified Public Accountants
In line with the above action a special dividend of 1% on Chicago
Seattle
"Ilasksells"
Address
Cable
Detroit
ion
that
with
recommendat
declared
was
the common stock
Denver
Street
Broad
30
Louis
St.
Atlanta
New York
the stockholders donate the amount so received to the Cleveland
Watertown
Baltimore
United War Work Campaign.
London
Pittsburgh
For the year 1918 the directors have authorized the disNew York, February 28 1919.
tribution to the common stockholders of four quarterly cash
Company,
&
de
Nemours
Pont
du
I.
year
E.
the
and
a
for
18%
dividends of 43/2% each, a total of
Wilmington, Delaware.
dividend in preferred stock of Du Pont Chemical Company
We have audited your general books and accounts and
of 5%,in addition to the above mentioned special dividends
companies for the year ended
totalling 3%.• No special dividend was declared at the end those of your subsidiary
and, subject to not having examined the
of the year though the earnings of the.company considered December 311918,
bodies,
alone would have justified such, action. However, un- minutes of your governing
We hereby certify that the accompanying Consolidated
certainties in the Federal Tax situation and the time required
December 31 1918 and related
for liquidation of the investment in materials used in military General Balance Sheet as of
and Profit and Loss for
powder business made conservative action on the dividend Summary of Consolidated Income
advisable and the directors have deferred the question of the year ended on that date are correct.
HASKINS & SELLS.
determining to what extent, if any, the 1918 surplus may be
Certified Public Accountants.
distributed.
46
..
,,
.4
E. I. DU PONT DE NEMOURS & COMPANY WITH SUBSIDIARY
COMPANIES COMPARATIVE BALANCE SHEET. DECEMBER 31st.
1917.
1918.
1916.
1915.
Assets—
$82,325.103 43 $145.028.674 47 n222.633.581 86
and Finished Product
$64,894.106 81
Materials
Cash, Accounts Receivable,
1.705,91865
30.679.886 67
57,172.510 85
49.332.874 22
Investments in short term notes and quickly marketable securities
16,885,099 89
18.842.595 79
26.540.679 55
21.295.367 92
Securities held for permanent investment
508,420 70
545.998 98
504.023 39
516.697 85
Realty, not including Plant Real Estate
65.118,20179
70,291,113 63
51.309.32310
122.224.173 95
Permanent Investment in manufacturing property, Patents, &c
$258,263,220 75 $217,851,640 32 1263,393,195 36 1308,846.297 07
Total Assets
Liabilities—
$7.883,323 00 $22,750,517 19 $38.337,762 70
$9.108.627 58
Accounts and Bills Payable, including Accrued Dividends on Debenture Stock
22,125.661 51
20.478.956 55
19,461,171 41
4,102,673 95
Deterred Liabilities and Credit Items, including estimated Federal Taxes
144,876,178 70 $58,816.719 25
$13,211,301 53 127,344.794 41
Capitalization—
$60,774,033 33 $60,813.950 00 $60,813,950 00 160.813.950 00
Debenture Stock Issued
45.006 11
45.006 11
45.006 11
Debenture Stock (held in reserve)
58,854,200 00
5_8,854.200 00
58,854,200 00
58,854.200 00
Common Stock Issued
3i.42590 ' 31,425 90
31,425 90
Common Stock (held in reserve)
$119.704,665 34 $119,744,582 01 $119,744,582 01
$42.195.226 28 $54,617.863 45
Advance Payments on Contracts and Reserves for Depreciation, Accidents, &c__$116;379,036 81
44.154.571 20
28.567,037 62
8,968,217 07
---------------------Surplus-----------------------------------------3258,263.220 75 3217.851.640 32 1263.393,19536
Total Liabilities
* Includes advances to and open current accounts with affiliated companies amounting to $50,179,521 50.
Includes $12,643.703 36 for adjustment of materials and supplies to market value December 31 1918. A portion of this
recovered through claims arising from cancellation of contracts.
1119.668,15000
4362.060.537 15
68,300.890 67
$308,846 297 07
amount may be
E. I. DU PONT DE NEMOURS & COMPANY WITH SUBSIDIARY COMPANIES
COMPARATIVE INCOME ACCOUNT, YEARS ENDING DECEMBER 31st.
1917.
1918.
1916.
1915.
3131,142.015 35 $318,845.684 76 $269.842,464 75 1329.121.607 64
Gross Receipts from sales
$57 399 899 61
Amortization
Net Earnings after providing forEstate,
AdSecurities, &c., and Extraordinary
-------on sale of Real
Profit and Loss
--------------------------------------------------440.857 92
$82,013,019 90
149,112.952 65
94,672 65
145.708 93
*4.123,292 96
Net Receipts
Deductions—
Earnings capitalized in reorganization. October 1st. 1915
Interest on Funded Debt
Debenture Stock Dividends
Common Stock Dividends
Dividends on Subsidiary Company Stocks
$57,840,757 53
182,107,692 55
$49,258,661 58
843,098.074 72
829,955,799 36
583.450 00
1.715.032 50
24,130,222 00
6,450 00
$3.648.222 00
58,854.200 00
6,45000
$3.648.822 00
30.015,642 00
6.664 00
iita§:alioti
Total Deductions
Surplus for the Year
Accumulated Surplus to Date
* Indicates Loss.
$56,390,953 86
$1,449,803 67
$8,968.217 07
$62,508,872 00
$19,598,820 55
$28.567,037 62
133.671.128 00
$15,587,533 58
$44.154,571 20
$18,951.755 25
$24.146,319 47
868,300,890 67
justments
$47,221,367 68
15,302,092 00
841 25
1076
THE CHRONICLE
[VOL. 108.
REPUBLIC IRON AND STEEL COMPANY
YOUNGSTOWN, OHIO.
NINETEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING DECEMBER 31 1918.
To the Stockholders of the Republic Iron & Steel Company:
The Board of Directors submits herewith its Nineteenth
Annual Report of operations for the fiscal year ending
December 31st 1918, together with a Financial Statement
and General Report on the condition of the property at the
close of the year.
INCOME REPORT.
Since the date of our last Annual Report, the most destructive war in history has been victoriously concluded by
the Allied Nations, and as a result, business and industry
now face the inevitable readjustments necessary to meet the
changes from war to a peace basis.
It is gratifying in this connection to state that your company emerges from the war period in a condition of such
strength that the problems of readjustment may be considered with confidence. It also may be of interest to state
that your company and its employees discharged their full
obligation to the Government in support of the policy of
"winning the war," 1,681 of your employees having been
represented in the Army and Navy; they also subscribed
liberally to War Campaign Funds and purchased Liberty
Bonds to the amount of $3,113,500 00. Your Corporation
also liberally subscribed to all War Funds and holds in its
Treasury purchased Liberty Bonds to the amount of $9,766,465 40, and in addition to these expenditures there was
appropriated and expended $5,300,000 for new construction
to speed up war steel production; this increased production
program was loyally supported by your working forces„ who
worked uninterruptedly throughout the year. Operating
conditions were difficult, being not only restricted by Governmental regulation, but adversely affected by in'adequato
transportation, shortage in fuel and labor supply. Wage
advances of approximately 40% were authorized during the
year, which necessarily increased cost of production to the
maximum. On the other hand, Government price regulation radically reduced selling prices, and as a result profits
were substantially reduced.
The total profits were, however, considerably in excess of
normal, being $18,906,814 67, while the Net Profits, after
all deductions for taxes, depreciation, inventory shrinkage,
&c., were $8,530,116 38, and the balance available for dividends was $7,791,933 94. The balance unexpended on
account of appropriations for construction purposes, as of
December 31st 1918, was $1,655,000 00. During the year
Five Per Cent Sinking Fund Gold Bonds to the par amount
of $1,064,000 were purchased and canceled. The net addition to the Surplus Account during the year was $4,410,473 94, making the combined Surplus, as of December 31st
1918, $35,122,462 22, while the Net Working Assets as of
December 31st 1918 were $28,729,968 60.
INCOME ACCOUNT AND STATEMENT OF SURPLUS FOR THE
YEAR ENDING DECEMBER 31 1918.
Net Earnings from operations after deducting charges for
maintenance and repairs of plants, amounting to $5,147442 76, and after deducting compensation under merit
system plan
$18,177,046 85
Interest and Income from Investments
729,767 82
Total Profits for the Year
$18,906.814 67
Less—
Provisions for Depreciation, Renewal of Plants
and Excess Costs of Construction
$4,183,319 07
Provision for Exhaustion of Minerals
512,619 78
Provision for War Profits Tax, &c., and other
Contingencies
5,680,759 44
10,376,698 29
Net Profits for the Year
$8,530,116 38
Deduct—
Interest on Bonds
$738,182 44
Dividends-7,
A on Preferred Stock
1,750,000 00
Dividends-6% on Common Stock
1,631,460 00
4,119,642 44
Surplus for the Year
$4,410,473 94
Add—
Surplus at December 31 1917
30,711,988 28
Net Surplus Carried to Balance Sheet
$35,122,462 22
Net Profits Applicable to Dividends
$7,791,933 94
BALANCE SHEET DECEMBER 31 1918.
ASSETS.
Capital Assets—
Property Accounts:
Cost of Properties December 31 1917____$81,034,949 44
Net Additions for the year ending December 31 1918
5,333,697 58
$86,368,647 02
Investments:
In Potter Ore Company
$401,000 00
Investments in and advances to other
companies
801,920 61
1.202.920 61
Cash Deposited with Trustee—
For redemption of 10-30-year gold bonds in addition to
bonds of a par value of $6,868,000 00, retired in terms
of the Trust Deed, per contra
96,900 00
United States Liberty Bonds Held on Behalf
of Employees
$1,430,000 00
Less—Payments made by Employees
902,008 60
527,991 40
Current Assets—
Inventories of Manufactured Products, Materials and Supplies on hand and in transit
at or below cost
$13,639,976 64
Ore Contract Payments, represented by Ore
at Docks
621,342 25
Accounts and Notes Receivable after deducting Reserve for Bad and Doubtful Accounts
7,295,129 84
Investments in:
United States Certificates of
Indebtedness
$4,000,000 00
United States Liberty Bonds 9,766,465 40
13,766,465 40
Cash in Banks
4,072,684 55
39.395.598 68
Deferred Charges to Operations—
Expenditures for Explorations, Stripping at Mines, Advanced Royalties, &c., chargeable to future Operations__
1,142,173 01
Total
$128,734,230 72
Net Current Assets
$28,729,968 60
WORKING CAPITAL.
The following statement covers items affecting Working
Capital from organization of the company to December 31
1918, and is followed by Com,parative Statement of Net
Working Assets, as shown by the books of the company,
as at December 31 1916, 1917 and 1918:
Working Capital May 3 1899
$6,500,000 00
Collateral Note Issue October 1 1904
7,000.000 00
Bond Issue October 1 1904
10,000,000 00
Preferred Capital Stock Sold
110,000 00
10-30-Year Bonds
19,869,000 00
Mortgage Notes on Haselton Property
1,475,000 00
Additional Preferred Stock Issued
4,583,100 00
Amounts Reserved out of Profits for Depreciation and Renewals, Insurance and Contingencies
16,480,138 42
Net Profits May 31 1899 to December 31 1918
69,837,184 09
$135,854.422 51
LIABILITIES.
Capital Stock—
Common-273,520 shares of $100 each
$27,352,000 00
Less-1n Treasury
161,000 00
Preferred 7% Cumulative-250,000 shares of $100 each
$27,191,000 00
25,000,000 00
$52,191,000 00
10-30-Year 5% Sinking Fund Mortgage Gold Bonds—
(Total authorized issue, $25,000,000)
Total issued
$19,869,000 00
Less—Bonds Purchased for
Sinking Funds
$6,868,000 00
Bonds held in Treasury
60,000 00-6,928,000 00 12,941,000
00
First Mortgage 67, Serial Gold Bonds Outstanding on
Bessemer Mines Nos. 1 and 2
1,000,000 00
Potter Ore Company Bonds—
$402,000 00 Outstanding First Mortgage 5% Bonds guaranteed jointly with Tennessee Coal, Iron & Railroad
Company, less that Company's proportion
201,000 00
Bonds Outstanding on the Martin & Palos Coke Works
Properties
133,000 00
Current Liabzhties—
Accounts Payable
$3,977,622 35
Ore Contract Balances representing Cash
received in excess of the value of Oro
shipped to customers
51,809 80
Estimated War Profits Tax, Income
Taxes, &c
5,621,203 26
Accrued Bond Interest
161,935 42
Provision for Dividends payable January 1
and February 1 1919
845,365 00
Unclaimed Dividends
7,694 25 10,665,630 08
Reserves—
For Exhaustion of Minerals and Mining
Equipment
$3,109,327
For Depreciation and Renewals of Plants— 9,772,202 48
65
For Relining and Rebuilding Furnaces
552,737 69
For Fire and Accident Insurance
663,620 61
For Contingencies and future fluctuations
in prices of raw materials, &c
2,382,249 99 16,480.138 42
Surplus—
Balance December 31 1918. per attached statement
35,122,462 22
$128,734,230 72
Expended—
Dividends on Preferred Stock
Dividends on Common Stock
Collateral Notes Canceled
Bonds Retired
Haselton Notes Paid
Bond Sinking Fund
Investments, Securities, ite
Prepaid Mining Expense, &c
New Construction
Property and Plants
$31,043,936 87
3,670,785 00
7,000,000 00
17,858,000 00
1,475,000 00
96,900 00
660,912 01
1,142,173 01
39,054,122 51
5,122,624 51
107,124,453 91
Net Current Assets per Balance Sheet
$28,729,968 60,
Consisting of—
Inventory
$13,639,976 64
Ore Contract Payments
621,342 25
Accounts and Bills Receivable
7,295,129 84
U. S. Government Certificates and Bonds.... 13,766,465 40
Cash
4,072,684 55
Less Current Liabilities
$39,395,598 68
10,665,630 08
Net Current Assets
$28,72996860
COMPARATIVE STATEMENT OF NET WORKING ASSETS.
Dec. 31 1918. Dec. 31 1917. Dec. 31 1916.
$
$
$
Current Assets13,639.976 64 13,475,652 15 8,814,358 53
Inventory
931,20738
908,863 23
621,342 25
Ore Contract Payments
Accounts and Bills Receivable.. 7,295,129 84 5,980,005 13 6,465,686 59
U. S. Government Certificates
13,766,465 40 14,358,265 40
and Bonds
4,072,684 55 4,367,793 91 9,608,139 27
Cash
39,395,598 68 39,090,579 82 25,819,391 77
10,665,630 08 13.145.043 54 6.098,040 59
Less Current Liabilities
28.729.968 60 25.945.536 28 19,721,351 18
Net Current Assets
COMPARATIVE STATEMENT OF INCOME.
Year Ending Year Ending Year Ending
Dec. 31 1918. Dec. 31 1917. Dec. 31 1916.
Net earnings from Operations,
after deducting charges for
Maintenance and Repairs of
18,177,046 85 28,329,718 46 16,544,635 61
Plants, amounting to:
Dec. 311918. $5,147,442 76
Dec. 31 1917, $3,559,157 62
Dec. 311916, $2,138,373 38
Interest and Dividends Re439,302 93
348,576 51
729,767 82
ceived
18,906,814 6t 28,769,021 39 16,893,212 12
Total Profits for the Year
LessProvision for Depreciation and
4,183,319 07 1,999,760 26 1,000,090 61
Renewal of Plants
Provision for Exhaustion of
274,072 31
512,619 78
245,221 95
Minerals
Provisions for Excess Profits
Tax. &c., and other Contin5,680,759 44 9,878.657 30
gencies
10,376,698 29 12,152,489 87 1,245,312 56
8,530,116 38 16,616,531 52 15,647,899 56
Net Profits for the Year
Deduct759,334 67
858,736 79
Interest on Bonds and Notes.- 738,182 44
Net Profits Applicable to
7.791.933 94 15,857,196 85 14,789,162 77
Dividends
AddSurplus December 31 1917-.30,711,988 28
18,236,251 43
Surplus December 31 1916
8.354,953 66
Surplus December 31 1915
38,503.922 22 34.093,448 28 23,144.116 43
DeductDividends on Preferred Stock.- 1,750,000 00
Dividends on Common Stock- 1,631,460 00
1,750,000 00
Dividends on Preferred Stock__
1,631,460 00
Dividends on Common Stock_
4,500,000 00
Dividends on Preferred Stock__
407,865 00
Dividends on Common Stock._
3,381,460 00 3,381,460 00 4,907,865 00
413 Carried to Ballt:
35,122,462 22 30,711.988 28 18,236,251 43
Su
utnce
Na
INVENTORIES.
The total value of inventories is about the same as the
preceding year, it being necessary to continue during the
year the carrying of large stocks to take care of the imperative demands of the War Industries Board for continuous
operations. The inventory was taken in accordance with
the Company's usual custom of cost for all products mined
or manufactured by the Company. The purchased material
was taken at cost or at the market price in case this was
lower than cost.
Classification-
1077
THE CHRONICLE
MAR. 15 1919.]
As of
As of
As of
Dec. 31 1918. Dec. 31 1917. Dec. 31 1916.
SUMMARIZED COMPARATIVE STATEMENT OF PROPERTY
ACCOUNT.
Year Ending Year Ending Year Ending
Dec. 31 1918. Dec. 31 1917. Dec. 31 1916.
5,273,190 65 3,582,109 46 3,024,970 16
New Construction
Property Additions
55,223 55
61,256 93 3,784,373 46
Property Sold
17,977 40
55,593 50
Property Written Off
71,041 35
800 00
750 00
Unexpended Balance of Provision for Depreciation and
758,234 45
Renewals for Year
1,612,334 28 1,509,328 37
Net Balance of Property Account
76,596.444 37 74,869,398 45 69,104,042 06
LABOR AND EMPLOYMENT.
The abnormal conditions affecting labor and employment,
referred to in the last Annual Report of your company, were
decidedly emphasized during the year 1918 by reason of the
additional drafts made on industrial forces, to meet the expansion of the Army and Navy, and also because of the increasing demands for labor to sustain the ever increasing
demand for the production of all kinds of war supplies. The
prevalent epidemic of influenza also seriously interfered with
labor activities, although everything that could be done to
minimize the ravages of the disease was done by the company's physicians actively co-operating with the various
local medical authorities, the company furnishing inoculation free to all employees desiring the protection, which
practice proved beneficial, judging by the death rate among
our employees as compared with that of the community rate.
Under the stress of the general demand for labor, developed
by the conditions noted, competition naturally brought
about rapid increases in labor costs. Three advances in
wage schedules were made during the year, i. e., 15% on
April 16th, 10% on August 1st and approximately 14% on
October 1st, the last advance recognizing the eight-hour day,
with time and half-time for overtime; the present basis for
employment being 42c. per hour, with 21c. per hour additional for overtime, for common labor. The total number
of your employees enlisted for service in the Army and Navy
of the United States, exclusive of those who served in other
capacities, was 1,681. The average number of men employed during the year and the total amount disbursed on
pay-roll account, as compared with preceding years, is indicated in the following statement:
AVERAGE NUMBER OF MEN EMPLOYED.
Year Ending Year Ending Year Ending
Dec. 31 1918. Dec. 31 1917. Dec. 31 1916.
678
520
751
1,418
1,304
1,989
1.421
1.474
1,128
7,681
7,765
7,146
NorthOre Mines
Coal Mines and Ovens
Furnaces
Works
Total North
SouthOre Mines
Coal Mines and Ovens
Furnaces
Commissaries
11,895
11,282
10,098
780
1,353
587
53
1,052
1,472
657
47
886
1,401
631
40
2,773
3,228
2,958
Total South
1,771,153 76 1,728,391 56
14,510
1.755,275 59
14,668
13,056
934,801 99 Grand Total
122,951 75
26,883 23
TOTAL EXPENDED FOR LABOR.
1,198,206 65
666,540 08
4.314,760 47 2,874,973 08
Amount.
Average Per Man.
1,127,902 95
497,548 29 Year Ending December 31 1918
$1,619
$23,747,260 97
652,862 39
248,990 54 Year Ending December 31 1917
1,211
17,574,480 56
316,616 94
979
348,561 67 Year Ending December 31 1916
12,778,836 21
318,332 64
109,317 42 Year Ending December 31 1915
771
8,558,574 01
1,426,670 71 1,141,085 82
-As the principal advances in labor rates were made in the last
Note.
101,437 03
65,460 66 half of the year 1918, the current earnings per man are not fully reflected
369,481 27
171,804 19 in the above tabulation. The average per man per year, at the labor
rates prevailing at December 31st, would be materially higher than the
13,525,386 30 13,475,652 15 8,814,358 53 amount stated above.
Total
COMPARATIVE STATEMENT OF EARNINGS AND DISPOSITION
UNFILLED ORDERS.
OF INCOME.
The balance of unfilled orders on hand as of December 31st
Year Ending Year Ending Year Ending
Dec. 31 1918, Dec. 31 1917. Dec. 31 1916. 1918 compared with preceding years for the same period
3
18,906,814 67 28,769,021 39 16,893,212 12 shows a marked reduction. The loss was occasioned by
Gross Profits
11,114,880 73 12,911,824 54 2,104,049 35 the fact that a large percentage of the Company's producDepreciation and Charges
7.791,933 94 15,857,196 85 14,789,162 77
Net Profits
3,381,460 00 3,381,460 00 4,907,865 00 tion has been, during the year, taken by the United States
Dividends
4,410,473 94'12,475,736 85 9,881,297 77 Government, either directly or indirectly, for war purposes.
Amount carried to Surplus
35,122,462 22 30.711,988 28 18,236.251 43 Government business ceased when the armistice was signed,
Balance, Surplus Account
GROSS VOLUME OF BUSINESS.
and since that date, November 11th 1918, commercial busiYear Ending December 31 1918
375,224,110 08 ness has not been in sufficient volume to replace war business.
1917
31
December
Ending
27
78,325,461
Year
52,844,017 66 During December substantial reductions in iron and steel
Year Ending December 31 1916
Finished Product
Pig Iron
Puddle Mill Products
Billets, Blooms, Slabs, &c
Ores
Scrap
Ferro-Manganese
Fuel
Rolls, Molds and Stools
Stores
Commissary Supplies
Miscellaneous
2,587,579 49
517.894 94
40,623 17
1,026,759 86
5,685,034 91
586,628 07
208,339 01
638,275 16
291,987 44
1,536,816 24
134,426 63
271,021 38
COMPARATIVE STATEMENT OF ANNUAL CHARGES TO COST
OF PRODUCTION AND. DEDUCTIONS FROM PROFITS
FOR REPAIRS AND MAINTENANCE, DEPRECIATION AND OTHER PROVISIONAL FUNDS.
Year Ending Year Ending Year Ending
Dec. 31 1918. Dec. 31 1917. Dec. 31 1916.
3
5,147,442 76 3,559,157 62 2,138,373 38
Repairs and Maintenance
Charges for Depreciation and
4,183,319 07 1,999,760 26 1,000,090 61
Renewal of Plants
9,330,761 83 5,558,917 88 3,13g,463 99
Total
Provision for Exhaustion of
512.619 78
274,072 31
245,221 95
Minerals
PROVISIONAL FUNDS.
Dec. 311918. Dec. 311917. Dec. 31 1916.
$
For Depreciation and Renewal
9,772,202 65 6,165,550 99 4,653,443 21
of Plants
For Exhaustion of Minerals...... 3,109,327 48 2.596,707 70 2,322,635 39
552,737 69
694,133 17
550,502 03
For Relining Furnaces
360,515 10
233,228 57
For Fire and Accident Insurance 663,620 61
2,382.249 99 1,035,800 75
284,703 64
For Contingencies
NEW CONSTRUCTION AND PROPERTY ADDITIONS.
Additions to the Property Account during the year aggre-.
ated $5,333,697 58. The total New Construction to date
ecember 31 1918 is:
Blast Furnaces
Steel Plants, Rolling Mills and Factories
Ore Mines, Coal Mines, Coke Ovens and Quarries
Miscellaneous
Total
$10,066,821 81
18,466,683 91
10,226,203 26
294,413 53
39,054,122 61
prices were made, effective January 1st 1919, which action
naturally checked buying during that interim of time.
Demand was also affected by the questions involved in the
readjustment of business, from war to a peace basis. Operations at the close of the year were at the rate of 65% of
capacity. Active steps have been taken to extend our
operations in foreign markets by a sales arrangement and
stock interest in the Consolidated Steel Corporation, a
company recently organized under the Webb Act for the
promotion and extension of foreign trade. While the
immediate outlook for business is uncertain, the more distant future is of more promise, not only because the United
States is the principal source of the world's steel supply,
but also for the reason that there is an unsatisfied demand
for iron and steel, caused by the war, that should express
itself when business conditions become more stabilized.
FINISHED AND SEMI-FINISHED.
December 31 1918
December 31 1917
December 31 1916
PIG IRON.
December 31 1918
December 31 1917
December 31 1916
143,383 tons
318.324 "
617.950 "
63.132 tons
100,619 "
183,026 "
By Order of the Board of Directors.
Yours respectfully,
JOHN A. TOPPING, Chairman.
[VOL. 108.
THE CHRONICLE
1078
THE YALE & TOWNE MANUFACTURING COMPANY
ANNUAL REPORT FOR FIFTIETH YEAR, 1918.
To the Stockholders:
Your Directors submit the following report of the operations of the Company during 1918:
The influence of the European war continued to cause
great activity in most of the Company's lines of product.
The volume of the Company's business in most of its normal
products was considerably larger than in 1917, the business
in war munitions about the same, and the total business the
largest in the Company's history.
The Profit and Loss Account for 1918 is as follows:
Net earnings from all sources, after deducting
cost of production and all operating expenses,
including $757,203 expended for repairs and
maintenance of plant, but charged to current
expenses; after setting up sundry reserve accounts, and excluding interest, unpaid taxes
$3,956,174
and depreciation
$131,869
Add: Interest, Received
28 131,841
Interest,Paid
Total net earnings
Deduct: Depreciation of Plant
Reserve for Taxes
$4,088,015
$491,592
2,200,000 2,691,592
Net Profits
Dividend disbursements
Balance carried to Surplus Account
Add balance in Surplus Account Jan. 1 1918
$1,396,423
991,042
$405,381
8,259,509
,664,890
Balance in Surplus Account Dec. 31 1918
The business of Canadian Yale & Towne Limited showed
a substantial increase in normal products, but a large decline
in war munitions. The great increase in labor and material
costs, however, operated adversely, and resulted in leaving
only a small profit for the year.
Notwithstanding the loss of nearly all Continental European markets, the export business again made a new high
record, thus responding favorably to the increased effort
in other foreign markets.
The Company's subscriptions to the Liberty Loans of
1918 aggregated $955,000, in addition to which $721,850
was subscribed by the employees through channels organized
by the Company.
Our President, Lieutenant-Colonel Walter C. Allen, is
still in France, where he has been occupied throughout the
past year in most important and responsible work, but it is
hoped and expected that he may be released from further
duty in the near future. The total number of stars on the
"service flag" of the Company at the close of the war was
550. The Company has been able to find places for all of
its returning employees, mustered out of the United States
service, who desired to return, except one, whose application it was found necessary to refuse on justifiable grounds.
As part of the war record it may be mentioned that the net
profit realized in 1918 on munitions work for the Federal
Government averaged only 3.4 per cent on the prices at
which this special product was sold.
An important addition to the plant was made during the
year by the erection of a large new building for manufacturing purposes (No. 24), thereby putting the Company
in position to avail fully of current opportunities for increasing business. The plant has been maintained at full
efficiency, and all charges thereby incurred have been closed
into the expense accounts of the year. The number of
employees in the Stamford plant during the past year averaged about 4,300. The regular dividend paid during 1918
was 10 per cent, and in addition extra dividends aggregating
10 per cent were also paid. The reserve against possible
depreciation of the merchandise inventory was increased,
in the Balance Sheet of January 1 1919, from the previous
figure of 8500,000 to $700,000.
The aggregate amount charged off for depreciation of plant
during the past five years, including 1918, is $1,760,791, and.
for the past ten years is $2,371,405.
The current demand for the normal products of the Company continues to be very large, a condition which it is
hoped may continue during the current year. The business
in war munitions terminated in January 1919. While
realizing the serious problems which may arise in connection
with the work of "reconstruction," the Company is in admirable condition to meet them. Its financial condition is
sound, its productive plant more efficient than ever before,
and its sales organization stronger and better qualified for
its duties than in any previous year.
The Directors take pleasure in testifying to the zeal and
efficiency which have prevailed throughout the organization,
and which continue unimpaired, and especially to the work
done by those whose duties have been increased by the absence of those who entered the Government service.
With sincere sorrow the Board records the death, in
December 1918, of one of its members, Mr. Edward D.Page,
who brought to its councils a broad experience and ripe
judgment, and whose keen and intelligent interest in the
affairs of the Company made him a most useful member
of the Board.
This report marks the semi-centennial of the Company's
existence. Believing that a brief review of its history
during the past fifty years will interest the stockholders
and friends of the Company, the Directors are having a
record compiled and printed which will be ready for distribution at an early date.
By order of the Board of Directors.
Respectfully,
HENRY R. TOWNE,
Chairman of the Board.
BALANCE SHEET JANUARY 1st 1919.
ASSETS.
$2,652,226 46
Cash and receivables
Merchandise inventories, at
$4,078,363 22
cost
Less Reserve for Depreciation 700,000 00
3,378,363 22
Bonds and other securities at market value_ _ 2,886,630 00
301,681 71
Due from subsidiaries, current account
$9,218,901 39
Quick Assets
Plant and Equipment, including Office Build5,168,057 75
ing, New York
467,985 00
Investments in Subsidiary Companies
2,000,000 00
Trade-marks and Patents
15,897 87
Prepaid Insurance, Taxes, etc
$16,870,842 01
Total Assets
LIABILITIES.
Accounts Payable
Dividend (payable Jan. 2 1919)
Reserve for Taxes
$632,708 18
123,880 25
2,255,782 06
$3,012,370 49
Current Liabilities
238,371 33
Reserve for Development
$5,000,000 00
Capital Stock
44,790 00
Less unpaid on subscriptions_
4,955,210 00
8,664,890 19
Surplus
Total Liabilities
$16,870,842 01
NOTE—CONTINGENT LIABILITES.
For Notes or Drafts Receivable In process of collection at
December 31 1918
For Subscriptions to Liberty Loans on behalf of Employees
secured by Liberty Bonds
337.210 24
362.500 00
$399,710 24
----New York, February 26 1919.
We have examined the foregoing Balance Sheet of The
Yale & Towne Manufacturing Company, as at December 31
1918. The Current Assets have been verifed and, in our
opinion, are conservatively stated, the Inventories at cost,
and Accounts and Notes Receivable at their actual values.
In addition sundry Reserves, as shown by the Balance Sheet,
have been set up, which we regard as ample. Expenditures
covering Additions to Fixed Assets made during the year
have been examined by us and constitute proper charges to
Capital Account. We are of the opinion that the position
of the Company as represented by the above Balance Sheet
is.fully and correctly set forth.
(Signed) BARROW, WADE,GUTHRIE & CO.,
Auditors.
1079
THE CHRONICLE
MAR. 151919.]
WORLD FILM CORPORATION
READJUSTMENT PLAN.
To the Stockholders and Holders of Voting Trust Certificates:
Your Board of Directors has adopted the following plan
for the readjustment of your Company's finances, which
they believe will meet all necessary future requirements.
Your Company has had outstanding since 1916 between
$500,000 and $550,000 par value, First Mortgage 6 per cent
Gold Notes. The renewal of said notes has, under conditions which have existed, been impossible to arrange except
on a yearly basis, and the plan herewith submitted provides
for a five-year term renewal in series, of said $550,000 Notes.
The holders of these notes have now agreed to renew
same as follows:
10 per cent for one year
20 per cent for two years
20 per cent for three years
25 per cent for four years
25 per cent for five years
The agreement to this renewal by the Noteholders becomes binding as soon as the following plan shall be declared
operative.
The authorization of the issue of $1,000,000 (One Million
Dollars) par value, 7 per cent Cumulative First Preferred
Stock, shares to be of the par value of $5.00 and $3,000,000
(Three Million Dollars) par value 7 per cent Non-cumulative Second Preferred Stock, shares to be of the par value
of $5.00, with the right to each voting trust certificate
holder to subscribe for the same on the following basis:
Upon the payment of 40 cents per share and the deposit of the voting
trust certificates now held, each depositor of one share to receive First
Preferred Stock to the amount of 80 cents par value and Second Preferred
Stock to the amount of $2.50 par value.
Worked out on the basis of 100 shares as a unit, this would
show as follows:
For deposit of Voting Trust Certificates for 100 shares Common Stock and
payment of 40 cents per share, equaling $40.00, you will receive 16 shares
of First Preferred Stock par value $80.00 and 50 shares of Second Preferred
Stock par value $250.00.
The payment of any number of shares in units of 10 may
be calculated on the basis of the foregoing figures.
During the life of the First Preferred Stock, the voting
rights are to be vested in the First Preferred and Second
Preferred Stock.
It shall be optional with your Company to retire such First
Preferred Stock at par at any time after three years from
the date of the issue thereof, and after such retirement of
the First Preferred Stock the voting rights are to be vested
in the Second Preferred Stock only, until the same has paid
dividends at the rate of 7 per cent for three consecutive
years after which time the voting rights go to the Second
Preferred Stock and the Common Stock.
The Second Preferred Stock is to be further entitled to
additional dividends in like amount as may be declared
upon the then outstanding Common Stock, after the regular 7 per cent dividend has been paid on the Second Preferred Stock.
The Common Stock of the Corporation is not to be entitled to any dividends until the $550,000 First Mortgage,
6 per cent Gold Notes and the $1,000,000 First Preferred
Stock have been retired.
This plan may be declared operative after the holders
of Voting Trust Certificates for a minimum number of 400,000 shares have accepted the same, and the right to accept
has been fixed to expire at 3 P. M., April 10th 1919.
Your Voting Trust Certificates should be sent to the depositary, The New York Trust Co., 26 Broad St., New York
City, together with a certified check, money order or cash
for 50 per cent of the total amount of your payment, the
remaining 50 per cent to be paid upon notification by the
depositary that the plan is operative and the new certificates
ready for delivery. All such Voting Trust Certificates
must be assigned in blank or be accompanied by assignments
or powers of attorney in blank, and, if required by the depositary, duly stamped.
For your information your Board of Directors wishes to
state that some of the large interests of your Company
have agreed to subscribe to the extent of 250,000 shares
under this new plan.
Your Board of Directors have carefully considered the
enclosed letter of the President of the Corporation dated
March 4 1919, and recommend to stockholders and holders
of Voting Trust Certificates the adoption of said plan trusting that every certificate holder will join therein.
By Order of the Board of Directors of
WORLD FILM CORPORATION.
B. N. BUSCH, Secretary.
WORLD FILM CORPORATION.
EXECUTIVE OFFICES.
130 West 46th Street, New York City.
To The Board of Directors of The World Film Corporation:
Gentlemen: Handicaps, burdens and restrictions imposed upon your Company during the war are left behind.
The drain upon resources caused by the compulsory closing
of theatres everywhere, due to epidemic conditions, has
ceased. We have before us now a new set of conditions
considered by the best minds in the industty as the most
favorable in the decade.
Your general management has perfected and has already
put in motion the physical machinery for handling a regularly increasing and highly profitable business. But to
make it possible to take full advantage of the new conditions, a readjustment of your Company's finances is imperative. Details of the proposed adjustment have been
placed before you and have met with your approval. With
the added strength that will accrue to us by reason of the
adoption of the plan by the stockholders, it will be possible
to carry through our operating plans to a point where suecess is practically assured and regular operating profits in
sight.
During the last year of the war your general management
has been shaping the operating organization toward what
might develop into post-war conditions with the result that
we are equipped to-day as never before in our history to
serve theatres with the utmost efficiency, while at the same
time placing at the service of producers generally and of
other distributors, the facilities which we have developed to
the point where they are recognized in the trade as the most
efficient in the business.
That this recognition is not transitory nor seen only by
ourselves, I call attention to the adoption of our facilities
for the distribution of Kinograms, manufactured by the
Kinogram Publishing Company, the latest news reel concern
in the business; by the adoption of our distribution machinery by Prizma, the natural color pictures, very properly
termed the master achievement of the motion picture business; by the physical distribution arranged for with the
United Picture Theatres of America, Inc., whose product
we are now distributing and by many negotiations now in
progress, which, within the course of the next sixty to ninety
days should result in the addition to our lines of still other
important and profit-making branches of distribution.
We have to-day no less than twenty-three distributing
branches, fully equipped, in every respect, in the key cities
of the United States. World product is represented by
agencies in the leading capitals of Europe, including London,
Paris, Rome, etc., in Australia, through South America,
in Japan, in China, in India and so on.
The personnel is stronger than it has ever been and is
reasonably permanent in its assignment, a very important
feature in picture distribution; therefore your Company,
while well equipped to take in the maximum on films of
its own manufacture, has been able to enlarge its distributing business and at the same time plan and be reasonably
certain of still more distribution under profitable arrangements: In this respect competition has been completely
outdistanced and our prestige and good will remarkably
enhanced.
Not the least of the testimony to the efficiency of the
World operating organization is the adoption recently of
the World as official distributors of United States Government pictures.
The ending of the World War opens new European fields
to a greater extent than ever before. The manufacture
of motion pictures, more or less abandoned in France, England and Italy during the great struggle, will be many
months in recovering its stride. Meantime, the taste of
the peoples in those and other foreign countries for American
films has been fostered and has grown to an insistent demand during the last two years of the war, when the only
new pictures shown in those countries were of American
manufacture. We should expect larger and increased returns from our foreign business.
At the studio, for the first time in years, our contract
situation is favorable. We have worked through the operation of long term contracts with high-priced stars and today are in a position to shape production to meet demands
without being contolled by contracts made many months
before and under different circumstances. Negotiations
have been closed with one large concern by which it will
manufacture a number of pictures under our supervision
in our plant at a guaranteed profit. Other negotiations
along the same lines are in progress.
All of the foregoing is in confirmation of the details and
arrangements, plans and results which have been placed
before your Board from time to time.
Yours very truly,
(Signed) RICORD GRADWELL,
President and Gen'l Mgr.
1080
THE CHRONICLE
Tomutercial
COMMERCIAL EPITOME
[VOL. 108.
dealers state that there will be no spring reduction in coal
prices this year, owing to the high wages demanded by labor.
After May 1st prices will be increased 15 cents per ton every
month for five months. The Shipping Board announces
that American merchant marine now represents one-fifth
of entire seagoing tonnage of the world, and comprises 46%
of all ships clearing from United States ports.
It is a rather singular sign of the times that a proclamation
has been issued by the Minister of Customs of Australia
prohibiting the importation into that country of all goods
other than those of British origin. Recently it was charged
that British ships were leaving New York either in ballast or
only half loaded rather than take American goods. Shipyard
owners of Seattle, Tacoma and Aberdeen, Washington, have
prepared for reopening of yards following a vote of workers,
who have been on a strike for several weeks, to return
to work under conditions prevailing when they walked out.
Estimates give $10,950,000 as loss by workers in wages
during strike. It seems a strange time to strike when the
labor supply is steadily increasing and the war strain is off.
The weather hereabouts has remained for the most part
mild and on Thursday crocuses were blooming in this
vicinity. To-day there was a light fall of snow which ceased
before 5 o'clock, leaving little trace but wet sidewalks.
Warmer weather is predicted for to-morrow.
LARD higher at 27.70©27.80c. for prime Western; refined to the Continent, 30c.; South America, 30.150.; Brazil,
in kegs, 31.15c. Futures have advanced with hogs rising
and exports of products large. In a single day they reached
10,000,000 pounds of bacon and 12,000,000 pounds of lard:
The outward movement of provisions to Europe is one of the
striking features. Even larger receipts failed to check the
rising tendency of hog prices. The Chairman of the Hog
Stabilization Committee has sent a recommendation to
Washington to have all restrictions removed on the movement of hogs to Chicago. The big export movement is
pulling down Western stocks. The cash demand for product
at the West has been sharp, despite the rise in prices. Today prices of lard fell but they end higher for the week.
The semi-monthly statement of stocks is expected to show a
decrease. Late in the week hogs advanced to $19 95 an
product reached the maximum prices. There was heavy
covering by shorts both in May lard and ribs.
Friday Night, March 14 1919.
Trade is gradually increasing. The increase is only gradual, however, for there is not a little uncertainty as to the
immediate future of prices. There is talk of price stabilization for various commodities, including iron and steel.
Naturally many buyers wait if they can. Rainy weather
and bad roads have also had a more or less restrictive effect
in different parts of the country. A redeeming feature has
been the rise in the stock market. That has certainly had a
more or less inspiriting effect in the commercial world.
It tends to entourage the spirit of optimism which seems to
be gradually spreading. To some it seems to give color to
the idea that trade in this country has seen its worse and is on
the mend. There are hopes of an early signing of the peace
treaty before the question of the League of Nations is taken
up. Recently the tendency of raw materials has been downward, although not so much so as to cause anything like
demoralization. On the contrary, it tends to give a filip to
manufactures, although there is and will be more or less
unsettlement until people can find out just what stabilization plans will mean as regards actual prices. Retail trade
is large. Staple goods are going into consumption freely.
Steel mills, after all, are working at a rate which before the
war would have been close to their maximum capacity.
Meanwhile, retailers and jobbers are steadily reducing their
stocks of textiles. It is only a question of time when they
will have to re-enter the market for liberal quantities of such
goods. There is still a noteworthy business in such things
as automobiles, furniture, silks and millinery. The buying
capacity of the women of the country was probably never
so great as it is now. Certainly they are earning more
money than ever before. Also the sales of hardware, agricultural implements and seeds are a noteworthy feature.
The trade in dry goods and clothing is rather larger. Attention has been drawn to larger sales of cotton goods at Fall
River and elsewhere. Larger sales are noted of raw wool.
Cotton has advanced, in the hope of an early signing of the DAILY CLOSING PRICES OF LARD FUTURES IN
CHICAGO
peace treaty and a removal of the Continental blockade.
Sat. Mon. Tues.
Wed. Thurs.
Fri.
May delivery
cts_26.12
26.62 27.12
27.62 27.12 26.62
Germany has next to no cotton and it is believed that as July
delivery
25.47
25.97 26.47
26.97 26.47
26.10
soon as the blockade is lifted will buy freely in this country.
PORK steady; mess $50, nominal; clear $47@$53. Beef
Cotton mills are apparently increasing their output. Commodities of late generally have been rather firmer. Soft unchanged; mess $35©$36; packet $37©$38; extra India
coal has shown a downward tendency at wholesale. Prices Mess $63@$65. No. 1 canned roast beef, $4 25; No. 2,
of merchandise in general may not improbably gradually $8 25. Cut meats quiet and steady; pickled hams, 10 to
drift downward. But the effects of inflation cannot be re- 20 lbs., 29c.; pickled bellies, 28@29c. To-day May pork
moved all at once. In fact it may take considerable time. closed at $44 after touching $47 on Thursday. The closing
In other words, the shifting from an inflated war basis to is $1 80 higher for the week. Butter, creamery extras,
a deflated peace basis is likely to be gradual rather than. 61@623'c. Cheese, flats, 30@323'c. Eggs, fresh gathrapid. At any rate, this view of the matter seems to be justi- ered extras, 43 ©43Y2c.
fied by recent events. Live cattle and sheep of late have
COFFEE advanced; No.7 Rio spot, 163o.; No.4 Santos,
actually advanced; also corn and provisions. Coffee has 213c.;.fair to good Cucuta, 20%©20%
to. Futures have
risen somewhat. Rains have been beneficial for winter advanced on covering of shorts and new long buying of
wheat at the South and West. It is a fact, however, that December. The tendency is to take a more hopeful view of
recent rains have greatly retarded the preparations for the the long side as the time for the signing of the peace treaty
cotton crop. In the South, too,. trade lags somewhat. and removing the Germany blockade draws nearer. ReacTexas and Tennessee for the time being make the best show- tions have occurred at times owing to feer offerings. And
ing. Taking the country over there is less complaint of Brazilian markets have reacted now and then. But it is
unemployment. And as American business gradually re- easy to see that bullish sentiment is gradually spreading.
vives, it is believed that the available supply of labor in this Brazilian holders seem to be firm. The New York prices
country will be in the end fully employed. Collections are are below the parity of Brazilian. Brazil looks for a short
fair to good and failures are still few. On the whole, the crop. She is getting much higher prices than for several
American business situation is promising, though as a rule years past and is therefore in better shape financially. In
there is no activity. In the end in all likelihood the busi- other words, she is better able to hold. The stock at Rio
ness of the country will be the better for being let alone and Janiero is 647,000 bags against 748,000 a year ago. That
allowed to work out its future along the elemental lines of at Santos is 3,928,000 bags against 4,141,000 a year ago.
the law of supply and demand. The country has had To-day prices closed 2 points lower to 5 higher. They are
about enough of paternalism and vexatious interference by 20 points higher on May for the week. Large buying orders
a swarm of boards and committees, which if continued for by New Orleans, Wall Street and trade interests had a
any great length of time may do more harm than good.
tendency to broaden the market at times during the week.
Prices on most of the basic commodities, including food, May----c_15.41 15.42 Sept ___c_14.5114.52 Dec ____c_14.21§14.22
Ju
will be brought down within 60 to 90 days, Chairman Peek Julyne
15.15 15.16 Oct
14.41®14.42 Jan
14.16 14.18
14.89(l4.91 Nov
14.31@14.32 March_ _14.16 14.18
of the new Industrial Board of the Department of Com- Aug
14.70 14.72
merce predicts. Steel men will submit schedules of afterSUGAR unchanged at 7.28c. for centrifugal, 90 degrees
the-war prices and they will be followed by brick, cement,
fuel, lumber, food and textiles, probably in the order named. test, Cuban and Porto Rican. Granulated 9o. The moveThe Board hopes to establish price schedules that will stand ment in Cuba has fallen off owing to the island strike. That
il the normal law of supply and demand can take effect still continues. The receipts at the ports have fallen off
am. The aim is to fix prices that will establish confidence, greatly. Strikers have refused terms of settlement offered
bring about an era of prosperity. A sign of the times is by the President of Cuba. The Cuban receipts last week
t it is estimated that on Jan. 1 a total of 6,225,192 auto- were only 135,532 tons,or 32,448 tons less than in the previous
mobiles and motor trucks were registered in this country, week. Trade in refined has been hampered by the harbor
strike here, and the consequent delay in shipments.
an 'ncrease of 73% in two years.
A striking commentary on the height which the wage level
OILS.-Linseed unchanged; city raw, car lots, $1 50;
has reached in this country is the announcement that New five-barrel lots, $1 53. Lard, prime edible, $2 15@$2 20.
England locals of International Moulders' and Coremakers' Cocoanut, Ceylon, barrels, easier at 13 JA ©13Ylo. Soya
Union of America have decided to demand a minimum wage bean lower at 12©13c. Corn oil, crude wood, 13@13!4i.
of $6 40 a day and an eight hour day; 15,000 men in Boston Olive, $3@$3 25. Cod, Newfoundland,$1©$1 10. Spirits
and vicinity will be affected. On the other hand, perhaps a. of turpentine, 693/s ©70c. Common to good strained
significant straw is the fact that the employees of the Gar- rosin, $12 20.
field smelter of The American Smelting & Refining Co. at
PETROLEUM fairly active and steady; refined in barrels,
Salt Lake City have deemed it best to return to work after cargo $17 25(018 25; bulk, New York, $9 25(4410 25;
having been on a strike for two weeks as a protest against a cases New York, $20 25@$21 25. Motor gasoline in steel
reduction in wages. It seems a poor time to strike. Coal barrels to garages, 2433.; to consumers 263'2c. Gas ma-
chine, 41 Mc: Kerosene advanced lc., making the price of
150 test 183/2c. a barrel and 1214c. in tank wagons. Field
operations have been fairly active, and though no important
completions have been reported of late, new production is
maintained on a creditable average.
Pennsylvania dark $4 00
2 77
003)611
1 75
Crichton
2 85
Corning
2 85
Wooster
2 25
Thrall
2 25
Strewn
2 15
De Soto
2 38
North Lima
1081
THE CHRONICLE
MAR. 15 1919.]
South Lima
Indiana
Princeton
Somerset. 32 deg
Ragland
Electra
Moran
Plymouth
Corsicana. heavy
$2 38
2 28
2 42
2 60
1 25
2 25
2 25
2 33
1 05
Minois, above 30
degrees
$2 42
Kansas and Okla2 25
home
Caddo. La.. light_ 2 25
Caddo. La., heavy 1 00
Canada
2 78
Healdton
1 20
2 25
Henrietta
TOBACCO has been quiet, so far as present needs are
concerned. Manufacturers are said to have plenty of old
crop on hand. They refuse to touch 1918 leaf at the high
prices asked. On Jan. 1 the stocks of leaf tobacco in the
hands of dealers and manufacturers, according to the Department of Commerce, were 1,235,000,000 lbs. of all types
That is much larger than at the same date in previous years.
The 1918 crop is estimated at 1,340,000,000 lbs. and the
domestic consumption at 720,000,000 lbs., leaving a surplus
of 620,000,000 lbs. At Washington they express the opinion
that lower prices are likely. In some other quarters it is
argued that prohibition will mean a larger consumption of
tobacco.
COPPER recently sold at 14%c. for electrolytic but has
4©150. It is stated
latterly been quoted at nominally 143
that the committee representing the Copper Export Association is to return from Europe before the end of the month,
and it is expected that some statement will be made as to
the outlook for business this year and the extent of metal
surplus in Great Britain, France and Italy. 'A Boston dispatch says that a sizeable surplus of copper metal has been
found to exist in Europe, the stocks being principally in
England, France and Italy. This accumulation, say returning travelers, approximates 500,000,000 pounds. Neither
Germany nor Austria-Hungary has any copper and the question of future purchases will of course depend upon the
ability to finance. Mr. Baruch suggests that Germany be
allowed to get copper. It is added that the stocks of refined copper in the United States exceed one billion pounds
in the hands of producers in addition to 140,000,000 pounds
of Government copper which the selling agencies will undertake to market, and. 100,000,000 pounds of scrap copper and
brass in this country which will probably be disposed of
through the brass concerns. No important foreign demand,
it is predicted, is likely until late in 1919. Lead, 5.25©
5.30c.; spelter, 6.50c.
PIG IRON is quiet pending developments at Washington,
at the meeting on March 19th. Coke is quiet at the recent
decline. Foundry iron has sold at Pittsburgh at $28, or
$3 below, the ruling scale. There is an idea that the coke
trade will not be interfered with by the Conference at
Washington. Meanwhile, however, the iron trade is merely
marking time, pending further developments.
STEEL interests will have a conference at Washington
on March 19, in regard to the regulation of prices. Everybody is awaiting the outcome with great interest. New
business is not large. It is said that with most companies
the March orders have not been over 20% of their capacity.
It is believed that in the Pittsburgh district the outlook
will show a decrease for March and April. Some business,
it is intimated, has been done at lower prices. In general,
however, business has been held up awaiting the result of
the deliberations at Washington. Meanwhile the high cost
of production is one of the obstacles to a reduction in prices.
But hard steel bars reinforcing purposes are quoted in the
Central West, it appears, at 2.35o. or $5 to $7 per ton
below the general quotation.
COTTON
Friday Night, March 14 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
84,626 bales, against 78,501 bales last week and 92,531
bales the previous week, making the total receipts since
Aug. 1 1918 3,901,116 bales, against 4,725,414 bales for the
I
1917-18.
1918-19.
Receipts to
Mar. 14.
This Since Aug This Since Aug
Week. 1 1918. Week. 1 1917.
Galveston
26,487 1,320,307 29,832 1,407,958
53,562
Texas City
t___
59,074
705
8,102
Port Arthur
170
21,786
53,917
Aran. Pass, &c__
298
New Orleans_ _ _ _ 24,579 1,055,589 33,089 1,262,164
85.614
Mobile
813
2,292 110,419
30,213
9,422
Pensacola
38,000
19,136
Jacksonville
____
40
Savannah
16,555 735,475 27,257 900,971
53,950
Brunswick
____ 117,000
____
974 186,533
Charleston
1,511 133,339
75,786
79,127 2,006
3,881
Wilmington
7,821 224,253 6,483 260,270
Norfolk
N'port News, &c_
4,602
2,987
98
846 108,203
7,416
New York
Boston
879
89,966
20,263
585
69,340
Baltimore16,352 1,487
5,344
Philadelphia
301
90
Stock.
1919.
1918.
292,658
14,977
335,344
34,214
436.351
20,553
456,694
10,433
11,396
206,350
3,000
58,721
49.495
109,621
15.500
272,509
21,000
56,728
41.374
92,287
86,791
11,159
6.875
3,261
133,160
18,623
29,323
7,955
84.62E1 3.901.116 104.863 4.72A 414 1.811_208 1 A2A 144
Totals
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- I
1919. I
Galveston _ __I
TexasCity,&c
New Orleans_
Mobile
Savannah
Brunswick
Charleston,&c
Wilmington
Norfolk
N'port N.,&c.
All others
26,487.
875
24,579
2.292
16.555
29,832
298
33,089
813
27,257
1,511
3.881
7,821
625
974
2,006
6,483
98
3,513
Total this wk.
84,626
104,363
1917. I
1918.
1916.
15,875
3771
4,2371
3,500,
2,730;
4861
11,276
217
6,037
34,802
11,865
16,694
2,086
8,426
1,000
1,573
2,004
7,681
2,915
2,206
74,958
91,252
32,223
1915.
1914.
5,127
44,464
4,844
27,144
4,094
17,375
2,150
2,419
2,912
7,378
4,124
1.624
227,227
118,524
59.181
11,592
57.300
3,199
31,907,
6,000
16,424
16,699
22,698
Since Aug. 1- 3,901,116 4,725,414 5,676,083 5,587,674 8,536.588 9.387,238
The exports for the week ending this evening reach a total
of 134,318 bales, of which 37,127 were to Great Britain,
60,742 to France and 36,449 to other destinations. Exports
for the week and since Aug. 1 1918 are as follows:
Week ending March 14 1918.
Exported toExports
from-
From Aug. 1 1918 to Mar. 14 1919.
Exported to-
Great
Great
Britain. France. Other. Total. Britain. France.
_-_- 32,028
Galveston__
Texas City_
Pt. Nogales.
30,139 12,709
New Orl
3,505
Mobile
Pensacola
Savannah __
Brunswick
Charleston _
Wilmington
Norfolk ____
New York__
Boston
Baltimore
Philadelphia
Pacific po
Total____ 37,127 60,742 36,449 134,318 1,466,455
Tot.'17-'18* 46,645
Tot.'16-'17 25,408
Other.
Total.
32,028 496,995 121,788 264.227 883,010
15,800 15,800
130
130
46,478 395,540 181,923 144,707 722,170
67,635
3,505 67,635
9,532
9,532
16,005 118,414 182,466 114,508 415,388
33,663
33,663
1,582
400
1,000
182
22,405
22,405
34,157
34,126
31
2,379 253,495 50,564 195,296 499.355
30,978
5,576
3,002 25,402
12,355
12,355
21,416
2,300
19,116
30,921
402,333 402,333
543,348 1,162,106 3,171,909
6,969 22,484 76,098 1,892,093 413.732 929,0743,234,899
6,662 1,945 34,015 2,105,504 663,1701,440,362 4,209,036
*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 forGerGreat
Other CoastMar. 14 at- Britain. France. many. Contl. wise.
Galveston _ _ _ _ 43,182 7,000
New Orleans.._ 3,308 10,986
Savannah _ _ _ _ 4,000
Charleston
2,757
Mobile
Norfolk
New York *_ _ _ 5,000 2,000
Other ports*_ _ 6,000 2,000
Total 1919._ 64,247 21,986,
Total 1918.... 25,846 17,000
Total 1917_ _ 38,305 17,7311
*Estimated.
9,658
12,367
3,000
3,000
Total.
500 60,340
213 26,874
1,000 5,000
800
800
2,757
200
200
10.000
11.000
Leaving
Stock.
232.318
409,477
201,350
57.927
17,796
109.412
76,791
89.163
28,025 2,713 116,971 1,194,237
31.307 33,650 107,803 1,417,341
23,688 9,400 89.124 1,160,844
Speculation in cotton for future delivery has been more
active at a sharp rise in prices. It was predicated largely
on expectations of an early signing of the peace treaty and
same period of 1917-18, showing a decrease since Aug. 1 a removal of the German blockade. This, it is contended,
1918 of 824,298 bales.
would mean big exports to Germany within a comparatively
short time. Somehow, it is felt, tonnage will be obtained.
Mon. I Tues. Wed. 2 hors. Fri.
Sat.
Total.
Germany is badly in need of cotton. It had to put up with
3,223 6,355 3,173 7,942 3,039 2.755 26.487 all sorts of substitutes during the war. It now wants the
Galveston
555
705 real thing and it also wants to get back its old time foreign
150
Texas City
170
170
'
Pt. Arthur, &c_:f,NE. -4;655 -,8i§ -1;668 -Kali 2,431 24,579 trade. It has every incentive to buy on a large scale. It is
5New Orleans..
577
57
439
'7'74
120 2,292 believed to have the money. The credits question is be325
Mobile
Pensacola ------------------I ----------------------io ____io
Jac
k"nvill(I
-11.85i, -1.561
Savannah
-! ---iii
Brunswick ---------------4.2
111
Charleston
112
4881
116
Wilmington
629 1.302
1.789
Norfolk
N'port News,&c.
New York----------------------66
1
75
153
Boston
Baltimore
Philadelphia____ ------ -----04
11360 15.474 16.086
Tntstla thin wekale
1:gig
The following shows the
since Aug. 1 1918 and the
last year:
-Z856 --;8-ii 3,564 16,555
---ja. ---i, 5
. ____________
242
1.053
904
1,591
it.e.
;
-------
311 1,511
1,029 3,881
1,457 7,821
________
1
585
------ ------ ------ -----16.425 13.403 11.878 84.626
s total receipts, the total
'
week
stocks to-night, compared with
lieved by many at any rate to be negligible so far as Germany
is concerned. The wealthier classes in that country, it is
argued, were not seriously injured by the war. And they
own the cotton mills. And it is said that German agents
have latterly begun quietly to buy the actual cotton in this
country. That, at least, is conceivable. The Government
has seemingly been getting the best of the Spartieides at
Berlin. . Apparently the prospects are better for a stable
government in Germany. That is, of course, a favorable
factor. Merchants on this side of the water, as well as
everywhere else, naturally want a strong, stable government
in Germany. First, because such a government is necessary
in order to negotiate peace; and second, stable conditions
1082
THE CHRONICLE
[VOL. 108.
are necessary if business is to be carried on. Dry goods have
NEW YORK QUOTATIONS FOR 32 YEARS
been selling more freely, it is stated, on both sides of the 1919_c
28.15 1911_c
14.65 1903_c
10.00 1895_c
6.00
water. Lancashire reports have been more cheerful. Print 1918
33.20 1910
15.20 1902
9.12 1894
7.50
1917
18.05
1909
8.75 1893
9.85
1901
9.00
cloths have been in better- demand at Fall River. Accord- 1916
12.00 1908
11.20 1900
9.75 1892
6.81
ing to the new contracts it turns out that only 11 grades 1915
8.80 1907
11.20 1899
6.38 1891
9.06
1914
13.25 1906
10.95 1898
6.12 1890
11.44
can be delivered instead of 14 as was at first supposed under 1913
12.50 1905
8.20 1897
7.25 1889
10.25
the new amendment. This contrasts sharply, of course, 1912
10.75 1904
16.35 1896
7.69 1888
10.12
with the total of 21 grades which were deliverable up to
MARKET AND SALES AT NEW YORK.
March 4. Another very bullish factor has been the bad
weather. Very heavy rains have fallen east of the MissisSpot
Futures
SALES.
sippi. At Montgomery, Ala., on the 11th inst. the preMarket
Market
Closed.
•
Closed.
I Spot. Contract Total.
cipitation was over 6 inches. In general it has been too
cool over most of the belt. In Georgia some reports declare Saturday_ Steady 30 pts adv Very steady
Monday _
Quiet 40 pts adv_ _
Very steady
that the season is about a month late. As regards the belt Tuesday..
_ Quiet 30 pts
Barely steady
as a whole the common understanding is that it is backward Wednesday.. Steady
125 pts adv _ Barely steady_ _ -----100
100
by some 4 to 6 weeks. Also efforts are persistent to bring Thursday _ Steady 20 pts adv_ _ Steady
800
800
Friday
Quiet 10 pts. dec_ Easy
about a reduction in the acreage. Chairman Charles Brand
•
Total_
of the Bureau of Markets at Washington has indorsed the
900
900
movement. He thinks the farmer will take a hazardous
FUTURES.
-The
highest,
lowest
and
closing
prices
at
course in maintaining his acreage when there is apparently
a prospect of some 4,000,000 bales being carried over into New York for the past week have been as follows:
the next season. Neill Bros. in a recent circular stated
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
that the carry-over into the next season would be 4,616,000
Mar. 8. Mar. 10. Mar. 11. Mar. 12. Mar. 13. Mar. 14. Week.
bales. Still another stimulating thing was the steady rise in
Old Contractthe stock market. This, in its way, encouraged the Wall March
Range
23.00-.60 23.33-J50 24.20-.95 24.76-125 26.25425 26.50-.10 23.00-125
Street element to buy cotton as well as stocks. And the
Closing_ _ _ 23.48-.50 24.42-.50 24.85 -26.25 -26.75-00 26.25-.50--fact that the Government evidently wants old contracts April,
liquidated by May 1st has caused heavy buying by Liverpool
Range
23.50
23.00 -23.45 ----23.00-.50
Closing____ 23.50 -24.25 -24.15 -23.25-.50 23.75 -23.50 ---and other shorts, so much so that the differences between the May
new and old contracts have been very much smaller than
Range
21.90-.45 22.60-.12 22.50-.95 22.60400 23.83-.40 23.70-.40 21.00-J40
Closing
22,t40-.45 22.75-.95 22.65 -23.92-.00 23.98 -23.70 ---anybody had expected. Latterly Japanese interests have
been good buyers. Mills have been "calling" to some extent. June
Range
Closing
21.80 -22.40 -22.10 -22.55 -23.50 -23.20 ---Spot houses have bought both new and old contracts. July
Speculative buying has broadened, at least as far as big
Range
2135-.75 21.85-.35 21.84-.35 21.95135 23.00-.51 22.65-.50 21.15451
Closing- 21.60-.75 22.20-.30 21.90-.95 22.80-.00 22.60-.00 22.05-.75--operators are concerned. Not only Wall Street, but uptown
interests: the West to all appearance, and also scattered August
Range
20.50
22.32-.35 22.30-.00 22.10-.20 20.50400
Closing_ ___ 21.10 -21.70 -21.40 -22.00-.50 22.30 -21.75 ---commission house interests, partly at Florida resorts, have
evidently been disposed to buy. Naturally, the firmness September
20.76-.86 21.75 -21.10 -20.90 -22.08-.38--- -20.76 a38
Range
Closing_
20.60 -21.35 -20.90 -21.30 -22.00 -21.30 ---of Liverpool prices has not acted as a deterrent on such buying. In fact, Liverpool at times has advanced more rapidly October
Range
19.75-.38 20.45-.99 20.48-.80 20.30 285 21.40-.00 21.00 a00 10.75a00
than New York. On the 12th instant prices here ran up
Closing _ _ _ 20.30-.33 20.90-.99 20.48-.55 21.60-.75 21.70-.80 21.00 ---November
points
135 to 155
on a big pressure of buying, largely specuRange
lative. Operators who congregate at Palm Beach., Florida, Closing_.. 20.20 -20.40 -20.50 -21.50 -21.50 -20.75 ---Decemberare understood to have sent up large buying orders. The
19.70-.18 20.40-.00 20.81-.90 20.65 280 21.70-.05 21.65-.80 19.70 a05
idea is spreading that the country has turned the corner. - Range
20.12 -20.90 -- 20.50 -21.75 -21.75 -22.00 ---Closing
Trade is to revive before long all along the line with the sign- JanuaryRange
20.00-.10 20.40-.60 20.85 -21.00-.10---22.00 ---of the peace treaty and the lifting of the Continental em- closing
_ _ _ 20.10-.20 20.90 -20.50 -21.60 -21.65 ----20.00-210
bargoes. Meanwhile the country is prosperous as never FebruaryRange
20.15
before. The Southern farmer, as a rule, has clung to his
Closing.... 20.00 -20.80 -20.40 -21.50 -21.55 -21.00 ---cotton with grim resolution. He is sure it is going to 30 NewContractcents, perhaps higher. He looks with hope to a larger MayRange
22.50-.85 22.80-.23 22.75.-20 22.80-J35 24.40-.65 24.15-.85 22.50-J85
export trade. On the other hand, stocks are undoubtedly
Closing..
22.75 -23.05-.15 22.80-.85 24.05-.10 24.30-.31 24.15 ---large. They include very considerable proportions of low July
Range
21.55-.88 21.90-.50 21.98-.43 22.10449 23.10-.75 22.95-.62 21.55-175
grades. These,are ruled out by the new contract. It is
Closing..
21.80-.82 22.40-.45 22.03-.05 23.35-.40 23.35-.43 22.95-.00--true that the ruling differences make them very cheap. But September
Range
21.35 ----22.48 ----21.35 a48
who wants them? Germany? Apparently, but the quesClosing_ _ _ _
21.25 -21.55 -22.25 -21.60 ---I
tion to some is whether Germany can get the tonnage to October.
Range
20.15-.65 20.78-.15 20.70-.08 20.80a20 21.85-.40 21.15 a20 20.15a40
import on a large scale all at once. Ocean freights are still
Closing_ __ _ 20.60-.65 21.05-.09,20.81-.86 21.98-.00 22.10-.16 21.45-.55--scarce and high; 50% higher latterly. Cotton goods, though DecemberRange
19.83-.28 20.60-.00120.53-.00 20.56 290 21.70-.17 21.17-.00 19.83 al7
meeting with a better demand, are far from active. And a
Closing_ _ _ 20.25-.30 20.90 -120.61-.66 21.65-.70 21.85-.95 21.17-.20--good many are sceptical as to the possibility of greatly re- JanuaryRange
19.80-.95 20.60-.90120.50-.95 20.65-.60 21.70-.15 21.40-.00 19.80 al5
ducing the acreage, especially if prices advance much further. Closing
20.15 -20.90 -20.62-.63 21.55-.60 21.80-.90 21.15 ---There will be a big temptation to the average farmer to let February20.54
Range
20.54 somebody else do the reducing. Of course, too, the short
Closing_ __
20.79 -21.40 -21.65 -21.00 ---interest in the old contract is steadily decreasing. At the
same time the long account in the new contract is quite.as 1280. 126c. J 24c. I 2.ic. a 22o. z 21o.
certainly expanding. In other words, the technical position
QUOTATIONS FOR MIDDLING COTTON AT OTHER
is not so strong as it was a week or ten days ago. Neill MARKETS.-Below are the closing quotations of middling
Bros. latest estimates of the consumption of American cotton at Southern and other principal cotton markets for
cotton this season was 12,125,000 bales. They estimate each day of the week:
that the carryover from last season was 3,741,000 bales in
all. If the present crop is put at 13,000,000 bales this
Closing Quotations for Middling Cotton onWeek ending
gives the total supply for the season 16,741,000 bales. That
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Mar. 14.
would point to a carryover into the season of 1919-20,
26.25
27.00
27.00
27.60
27.75
assuming that these figures are substantially correct, of Glaveston
27.50
Orleans_ 26.75
27.25
27.25
27.25
27.50
27.50
4,616,000 bales, as compared with their figures for last New
Mobile
25.25
24.75
26.25
25.75
26.00
26.50
27.00
27.00
27.00
season on July 31 1918, of 3,741,000 and on July 31 1917 of Savannah
17.00
27.25
27.25
25.00
25.00
25.00
26.00
26.00
26.50
3,212,000 bales. Some think there will be plenty of cotton Charleston
Wilmington__ 24.00
24.50
24.25
25.50
25.50
and that the assumption that a permanent rise has started Norfolk
25.50
25.00
25.50
25.50
26.00
26.25
Baltimore
26.25
26.00
26.50
26.50
27.00
27.00
here may turn out to be premature. To-day prices advanced Philadelphia
27.40
27.00
27.10
28.35
28.55
28.40
at first on Liverpool, French and Japanese buying, .but Augusta
25.75
25.50
26.00
25.75
26.75
27.00
Memphis
26.50
27.00
26.50
26.50
27.25
27.25
reacted and closed lower for the day on week-end liquida- Dallas
26.85
25.65
26.55
26.15
26.40
tion. It was induced partly by intimations that the peace Houston
27.50
26.75
27.00
26.50
27.50
27.25
26.50
27.00
27.25
treaty may not be signed until the last of April,or a month Little Rock__ _ _ 26.50 26.50 26.50
later than had been commonly expected, easier spot prices
in Texas, freer selling by the South generally, clear, milder • NEW ORLEANS CONTRACT MARKET.-The closing
weather there, and a rise in ocean freights. New May was quotations for leading contracts in the New Orleans cotton
the strongest month. The ending is higher for the week. marketsfor the past week have been as follows:
Spot cotton closed at 28.150. for middling uplands, showing
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday.
a rise for the week of 170 points.
Mar. 8. Mar.10. Mar.11. Mar. 12. Mar.13. Mar. 14.
Grades now deliverable here, according to the latest
Contract.
Old
understanding: Middling fair, strict good middling, good March
25.54 -26.20 -25.50-.56 26.75 -26.50-.80 26.00-.25
23.24-.30 23.73-.75 23.30-.35 24.55 -24.58 -24.10..30
middling, strict middling, middling, strict low middling, May
21.B5-.87 22.29-.30 21.95 -23.17--23.38 -22.89 low middling, strict good middling (yellow tinged), good July
October
19.60 -19.83-.85 19.65-.70 20.70 -20.75 -20.25-.40
middling (yellow tinged), strict middling (yellow tinged), December
19.85 -19.58 -19.37-.45 20.42-.48 20.40 -20.00-.10
New Contract.
good middling (yellow stained).
23.40-.45 23.85-.88 23.46-.48 24.72-.77 24.80-.83--May
•
22.05-.15 22.45-.50 22.15-.18 23.32-.36 23.37-.39 22.98-.00
July
20.20-.30 20.60-.62 20.32 -21.37 -21.45-.46 20.98-.12
The official quotation for middling upland cotton in the October
December
19.90-.92 20.30-.37 20.02-.06 21.10-.12 21.11-.15 20.85 ToneNew York market each day for the past week has been:
March 810 March 14Middling uplands
Spot
Sat. Mon. Tues. Wed. Thurs. Fri. (Intinna
26.75 27.15 26.85 28.10 28.30 28.15
Steady
Stead v
Steady
Steady
Steady
Steady
Steady
Irreg.
Firm I Steady
Steady .11'1v a'dy
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stooks, 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 States,
including in it the exports of Friday only.
Mar. 14Stock at Liverpool
Stock at London
Stock at Manchester
bales
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1919.
491,000
14,000
83,000
1918.
474,000
20,000
56,000
1917.
785,000
25,000
68,000
588,000
550,000
151,000
8,000
82,000
. 95,000
135,000
1,000
35,000
6,000
878,000 1,057,000
*1,000
*1,000
*1,000
*1,000
309,000 332,000
6,000
8,000
116,000
81,000
50,000 106,000
*1,000
*1,000
336,000
177,000
484,000
1916.
932,000
50,000
75.000
530,000
924,000 727,000 1 362.000 1,587,000
Total European stocks
40,000 115.000
13,000
78,000
India cotton afloat for Europe.._ _
322,070 136,000 205.000 388,564
Amer. cotton afloat for Europe
65,000
50,000
51,000
EgyptBrazil,&c.,afloat for Eur'e 38,000
400,000 338,000 141.000 116,000
Stock in Alexandria, Egypt
912,000 *560,000 760.000 978,000
Stock in Bombay, India
1.525.144
1,311,20S
1,249.968 1,428,991
Stock in U. S. ports
Stock in U.S. Interior towns_ _ _ _1,522,139 1,272.797 1,910,691 1,100,044
11,617
14,856
12,112
6,492
U. S. exports to-day
5,457,313 4.676.6AR 6.005.771 5.738,091
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American-
bales.. 301,000 293.000 662,000 692,000
Liverpool stock
26,000
59,000
53,000
51,000
Manchester stock
287,000 *159,000 429.000 *455,000
Continental stock
322,070 136,000 205,000 388,564
American afloat for Europe
1,311,208 1,525,144 1,249,968 1.428,991
U.S. port stocks
1,522,179 1,272,797 1,110,691 1,100 044
U. S. interior stocks
11,617
14,856
12,112
6,492
U. S. exports to-day
3,811,313 3,423.558 3 727,771 4,122,091
Total American
East Indian, Brazil,
s
Liverpoolstock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c.,afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
190,000 181,000
20,000
14,000
30,000
30,000
49,000 *18,000
40,000
13,000
38,000
65,000
400,000 338,000
.. 912,000 *560,000
123,000
25,000
9,000
*55,000
115,000
50,000
141,000
760,000
240,000
50,000
24,000
*75,000
79,000
51,000
119,000
978,000
1,646,000 1,252,000 1,278,000 1,616,000
3,811,313 3,423,558 3,727,771 4,122,091
Total East India,&c
Total American
5,457,313 4.675.558 5,005,771 5,738,091
Total visible supply
15.36d. 23.63d. 12.08d.
7.87d.
Middling upland, Liverpool
18.00c.
28.15d. 33.65c.
Middling upland, New York
11.95c.
Egypt, good brown, Liverpool.-- 30.58d. 32.73d. 24.10d. 11.95d.
Peruvian, rough good. Liverpool- 32.00d. 39.00d, 18.50d. 12.50d.
14.96d. 22.00d, 11.65d.
7.65d.
Broach,fine, Liverpool
15.21d. 22.25d. 11.83d.
7.77d.
Tinnevelly. good, Liverpool
*Estimated.
Continentalimports for past week have been 75,000 bales.
The above figures for 1919 show an increase over last week
of 3,364 bales, a gain of 781,755 bales over 1918, an excess
of 451,542 bales over 1917 and a loss of 280,778 bales from
1916.
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 March '5 1918.
Movement to March 14 1919.
Towns.
Receipts.
Ship- Stocks
Ship- Stocks
melds. Mar.
meats. Mgr.
Week. Season. Week. 14. 1Veek. Season. Week. 15.
Receipts.
4,338
68
219 58,611
4501 55,084
360 34,469
2,500j 135,569
2,7361 110,989
9,992
171
1,7051 106,948
4,2271 156,384
7,301 332,588
150 50,648
4,266 161,769
479 40,143
587 109,975
60 17,042
2,302 115,392
2,500 117,978
383 34,569
238 37,146
594 29,639
400 35,843
4,951 409.147
782 30,114
5,565
168
0., Cincinnati. 4,000 105,453
_
Okla.. Ardmore
40,902
981
Chickasha
54 26,954
Hugo
200 34,540
Oklahoma
S.C.,Greenville 1,248 64,843
13,362
Greenwood
Tenn.,Memphls 15,224 C.91,516
1,268
__
Nashville
7,071
Tex., Abilene_
20 16,185
Brenham
726 38,898
Clarksville1,19' 74,722
Dallas
543 23,543
Honey Grove
20.1601,430,662
Houston
2,405 96,709
Paris
156 30,498
San Antonio
Ala., Eufaula_
Montgomery.
Selma
Ark., Ifelena
Little Rook_
Pine Bluff_
Ga., Albany_ _ _
Athens
Atlanta
Augusta
Columbus...-.
Macon
Rome
La.,Shreveport
Miss.,Columbus
ClarkszialeGreenwood....
Meridian
Natchez
Vicksburg_ _ __
Yazoo City-.
Mo.,St. Louis_
N.C..Gensboro
Raleigh
„•_-_. .•
1
1
r‘, A
.....
010
arta
____ 2,998
537 25,598
553 20,500
298 6,062
2,000 43,331
39 49,807
_.__ 4,466
1,220 39,675
3,288 25,223
0,125 189,266
.._ _ _ 30,350
3,154 41,284
575 14,204
156 51,003
237 4,303
2,471 47,631
1,000 45,500
160 14,773
489 15,459
412 10,336
500 17,600
5,175 25,405
523 9,365
185
200
3,000 21,000
8
237
lOOj
1,3271
6,0241
2.2001
151
2,841
9,485
6,808
500
3,457
800
2,480
265
500
1,482
184
530i
5301
2501
20,0231
5001
3671
2,768
1,351 9,330
256 1,146
300 5,600
1,264 22,474
___ 10.059
16,140377.543
181 1,198
514
___
33 5,050
371 8,383
7571 16,904
475: 4,908
23,992284,56'
2,309 14,946
__I 4,240
1
1
1
12,
4,168
47,182
33,700
38,033
200,935
129,648
12,255
110,063
281,720
404,875
33,133
148,020
50,758
188,799
9,634
102,194
118,643
30,792
50,152
25,964
36,920
900,023
39,388
8,691
100,170
13,750
1,343
51,342
128
33,010
250 39,181
5,082 95,650
8731 12.888
40,431 969,544
111
1,503
122 26,942
l7Oi 20,603
1,331
51,571
1,2001 118,963
7761 57,810
19,78311.754,740
1,736 97,354
611 29,593
511159917011:47.011Rn 4Rn
2,698
9.986
1,251
13,327
5,038 60,596
2,200 60,921
66 1,900
2,643 33,575
10,299 53,957
9,877 146,005
400 8,400
3,097 23,791
843 16,800
4,835 37,101
315 1,577
1,000 43,500
4,683 37.770
960 10,396
635 9,024
190 5,840
688 15,185
20,991 18,169
500 7,197
220
400
4,735 27,894
1,000 3,000
2,253 8,111
241 6,953
350 6,400
4,470 22,060
6,215
10,463317,544
41 1,172
170 1,152
794
208
998 4,724
1,200 15,000
693 6,268
24,966211,113
486 14,998
204
143
37
1,317
172
nnA yr, ow:1,107.7
The above totals show that the interior stocks have increased during the week 1,809 bales and are to-night 249,382
bales more than at the same period last year. The receipts
at'all the towns have been 52,718 bales less than the same
week last year.
1083
THE CHRONICLE
MAR. 15 1919.]
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:
-1918-19Since
Week. Aug. 1.
5,175 b407,016
5,122 337,699
18,635
1,598
87,262
1,389
52,771
1,850
94,592
480
32,643 480,968
-1917-18Since
Week. Aug. 1.
a20,991 a89,1207
1,605 323,016
7.969
650
64,999
1,287
33,912
601
1,947 168.177
16,993 499,954
48,257 1,478,943
Total gross overland
Deditct shipments44,121
585
Overland to N. Y., Boston, &c
1,346
42,317
Between interior towns
6,315 162,872
Inland, &c., from South
44,074 1,989,234
Mar. 14ShippedVia St. Louis
Tia Mounds, &c
Via Rock Island
Tia Louisville
Tia Cincinnati
Via Virginia points
Via other routes, &c
Total to be deducted
8,246
249,310
3,513 272,853
67,909
1,278
a15,659 a494,767
20,450
835,529
23,624 1.153.705
40,011 1,229,633
Leaving total net overland*
* Including movement by rail to Canada. a Revised. b 28,000 bales
added as revision of shipments for February.
The foregoing shows the week's net overland movement
has been 40,011 bales, against 23,624 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 75,928 bales.
-1918-19-- -1917-18Since
Since
In Sight and Spinners'
Week.
Aug. 1.
Aug. 1.
Week.
Takings.
Receipts at ports to March 14_ _ _ _ 84,626 3,901,116 104,363 4.725,414
40,011 1,229,633 23,624 1,153,705
Not overland to March 14
Southern consumption to Mar.14a 62,000 2,335,000 82,000 2,654,000
Lotal marketed
Interior stocks in excess
186,637 7,465,749 209,987 8,532.119
918,305
3,865
825,563
1,809
213,852 -----Came into sight during week_ _188,446
9,451,424
8,291,312
Total in sight March 14
Nor,spinners'takings to Mar. 14_ 17,948
1,456,560
21,611
1,672,283
a These figures are consumption; takings not available.
Movement into sight in previous years:
Week-
1917-March 16
1916-March 17
1915-March 19
Since Aug. 1Bales.
155,869 1916-17-March 16
183,002 1915-16-March 17
285,408 1914-15-March 19
Bates.
10,452,152
9,641,991
12,353.796
WEATHER REPORTS BY TELEGRAPH.-Our telegraphic advices from the South this evening denote that rain
has fallen in most sections during the week, with the precipitation light or moderate as a rule. Better progress is
apparently being made with farm work in the Southwest,
but from some Atlantic and Gulf sections there are still
reports of rain as a hindrance.
Galveston, Tex.-It has rained on one day during the week,
to the extent of sixty hundredths of an inch. The thermometer averaged 59, ranging from 52 to 66.
Abilene, Tex.-It has rained on one day duting the week,
to the extent of thirty-four hundredths of an inch. The thermometer has ranged from 32 to 78, averaging 55.
Brownsville, Tex.-It has been dry all the week. The thermometer has averaged 65, the highest being 82 and the
lowest 52.
Dallas, Tex.-We have had rain on one day during the
past week, to the extent of twenty-eight hundredths of an
inch. The thermometer averaged 55, ranging from 40 to 70.
Palestine, Tex.-Dry all the week. The thermometer
ranged from 44 to 68, averaging 56.
San Antonio, Tex.-There has been no rain during the
week. Average thermometer 59, highest 68, lowest 50.
New Orleans, La.-It has rained on two days during the
week, to the extent of seventy-one hundredths of an inch.
The thermometer averaged 61.
Shreveport, La.-It has rained on one day during the week
to the extent of ninety hundredths of an inch. The thermometer ranged from 38 to 69.
Vicksburg, Miss.-Rain on one day of the. week. The
rainfall has been ninety hundredths of an inch. Average
thermometer 57, highest 75, lowest 40.
Mobile, Ala.-Farm work slow on account of the rain.
It has rained on one day during the week, to the extent of
one inch and seventy-five hundredths. The thermometer
has averaged 59, the highest being 74 and the lowest 46.
Selma, Ala.-We have had rain on three days during the
past week, to the extent of three inches and eighty-five hundreds. The thermometer average 51, ranging from 35 to 76.
Savannah, Ga.-The loss by the recent fire was 6,992
bales. We have had rain on three days during the past
week, to the extent of one inch and fifty-two hundredths.
The thermometer ranged from 48 to 73, averaging 59.
Charleston, S. C.-Rain on two days of the week. The
rainfall has been two inches and twenty-two hundredths.
Average thermometer 62, highest 76, lowest 47.
Charlotte, N. C.-No farm work yet. It has rained during
the week, to the extent of one inch and eighteen hundredths.
The thermometer has ranged from 36 to 67, averaging 52.
Memphis, Tenn.-Rain on one day of the week. The
rainfall has been seventy-four hundredths of an inch.
Average thermometer 49, highest 69, lowest 37.
EGYPTIAN COTTON CROP.-The Alexandria Cotton
Co., Limited, Boston, has the following by mail from
Alexandria under date of Jan. 24:
Heavy rain recently fell all over the Delta, putting a full stop to all
agricultural operations for three to four days. The work in the Southern
regions is, however, well advanced, two ploughing's having already been
given to almost all the cotton lands; it is expected that ridging will be started
1084
THE CHRONICLE
before the end of the month: in these regions the rain has done good rather
than harm in that it has rendered the ploughings already completed more
effective. On the one hand, the rain will cause a heavy delay in the land
preparation of the other regions of the Delta, especially those of the north,
where it will be impossible to commence sowing in good time unless very
favorable weather conditionslprevail during the next month.
[VOL. 108.
Total bales.
MOBILE-To Liverpool-Mar.7-Alexandrian, 3,505
3,505
SAVANNAH-To Havre-Mar. 13-Ville de Reims, 16,005
16,005
BOSTON-To Liverpool-Feb.28-Princess Juliana, 109...-Mar.8
-Winifredian, 2,893
3,002
SEATTLE-To Japan-Mar. 1-Manila Maru, 4,644; Somedono
Maru, 3,757_ __Mar. 3-Oridona Marti, 8,048-. Mar. 5 .
YoshidaMarti, 2,720___Mar. 6-Kinkasan Maru, 7,668-Kokkai Maru, 4,084
30,921
DOMESTIC EXPORTS OF COTTON MANUFACTURES.-We give below a statement showing the exports
of domestic cotton manufactures for December and for the
Total
134,318
twelve months ended Dec. 31 1918, and, for the purposes of
LIVERPOOL.-By cable from Liverpool we have the folconiparison, like figures for the corresponding periods of the lowing statement of the week's sales, stocks,
&c., at that port:
previous year are also presented:
Feb. 12. Feb. 21. Mar. 7. Mar. 14.
Manufactures
of
Cotton Exported.
Piece goods
Piece goods
Wearing apparelKnit goods
All other
Waste cotton
Yarn
All other
Month ending Dec. 31. 12 Mos. ending Dec. 41.
1918.
1917.
1918.
1917.
yards 45,049,041 108,861,777 544,342,494 764,621,892
value 810,753,618 815,927,593 $107692159 895,480,667
value
value
value
value
value
Total manufactures of
1,853,083
1,209,341
1,130,950
913,561
2,761,048
1,918,399 17,101,793 15,008,889
1,180,170 11,448,743 12,073,485
659,227 9,488.664 9,005,446
1,079,269 8,846,752 6,583,081
2,885,007 26,589,082 20,667,248
value $18,621,601 $23,649,665 $181,167,193 $158,818,816
WORLD'S SUPPLY AND TAKINGS OF COTTON.
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
1918-19.
1917-18.
Week.
Season.
Week.
Season.
Visible supply March 7
5,453,949
4,676,093
Visible supply Aug. 1
3,027,450
2,814,776
American in sight to Mar. 14__ 188,446 8,291,312 213,852 9,451,424
Bombay receipts to Mar. 13___ b60,000 1,531,000
42,000
1,080,000
Othe) India ship'ts to Mar. 13_
12,000
1,000
60,000
Alexandria receipts to Mar. 12_ b10,000
637,000
12,000
657,000
Other supply to Mar. 12*
b4,000
120,000
5,000
110,000
Total supply
5,716,395 13,618,762 4,949,945 14.173,200
DeductVisible supply March 14
5,457,313 5,457,313 4,675,558 4,675,558
Total takings to March 14a
259,082 8,161,449 274,387 9,497,642
Of which American
212,082 6,429,449 215,387 7,583,642
Of which other
47,000 1,732,000
59,000 1,914,000
* Embraces receipts in Europe from Brazil, Smyrnd, West Indies, Szc.
a This total embraces the total estimated consumption by Southern mills,
2,335,000 bales in 1918-19 and 2,654,000 bales in 1917-18-takings
not
being available-and aggregate amounts taken by Northern
and foreign
spinners, 5,826,449 bales in 1918-19 and 6,843,642 in 1917-18,
of which
4,094.449 bales and 4,929,642 bales American. b Estimated.
BOMBAY COTTON MOVEMENT.-The receipts of
India cotton at Bombay for the week ending Feb. 20 and for
the season from Aug. 1 for three years have been as follows:
1918-19.
1917-18.
1916-17.
Since
Since
Since
Week. Aug. 1.. Week.1 Aug. 1. Week. Aug. 1.
74.000 1.245.000 40.000 944.000 137.000 1.353.000
February 20.
Receipts atBombay
9,000
10,000
19,000
6,000
7,000
8,000
17,000
60,000
506,000
318,000
82,000
72.000
172,000
124,000
66,000
502,000
313,000
53,000
39,000
171,000
124,000
58,000
503,000
301,000
59,000
36,000
194,000
136,000
59,000
491,000
301,000
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.
Cotton Takings.
Week and Season.
11,000
Saturday.
Market, I
12:15 {
P. M. (
MId.upl'd•
Bales
Futures.
Market i
opened (
Market, I
4
P. M. I
HOLTDAY.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
More
inquiry,
Fair
business
doing.
Moderate
demand.
Quiet.
Moderate
demand.
15.96
16.14
15.68
15.38
15.36
2,000
1,000
3,000
4,000
4,000
Steady,
Steady, Quiet, un- Steady, Steady,gen.
23029 pts. 10023 pts. changed to 32(437 pts. tinch'g'd to
advance. advance. 5 pts. dec. advance. 3 pts. dec.
Quiet, Barely st'y, Steady,
Steady, Sty, 4 pts.
23@36 pts. 10024 pts. 248441 pts. 26044 pts. dec. to 6
advance,
decline.
advance. advance. pts. adv.
* Spot trading value.
The prices of futures at Liverpool for each day are given
below:
March 8
to
March 14.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
1214 1234 123.1 4 1234 4 1234 4 1234 4 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.
Ernerg'y Contr't d. d.
March
April
New Contract.
May
HOLIJune
DAY.
July
August
Rpntpmher
d. d. d. d. d. d.
d. d. 4. d.
15.96 15.95 15.96 15.75 15.83 16.08 16.48 16.36 16.26 16.33
15.08 15.05 15.09 14.81 14.89 15.22 15.73 15.66 15.53 15.62"
13.61 13.65 13.77 13.51 13.56 13.80 14.22 14.24 14.14 14.21)
13%42 13.47 13.59 13.34 13.38 13.63 14.05 14.04 13.94 14.11)
13.23 13.28 13.40 13.18 13.20 13.45 13.70 13.83 13.74 13.88
13.10 13.12 13.24 13.02 13.05 13.30 13.63 13.61 13.4813.62
12.96 12.96 13.09 12.86 12.90 13.10 13.43 13.36 13.28 13.41
AGRICULTURAL DEPARTMENT'S REPORT ON
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-The following are the receipts and shipments for CEREAL STOCKS.-The Agricultural Department's reon cereal stocks, &c., was issued on March 7 as follows:
the week ending Feb. 19 and for the corresponding week port
The Crop Reporting Board of the Bureau of Crop Estimates from reports.
of the two previous years:
correspondent
of
s and agents estimates that the amount of corn on farms
March 1 was about 884,476,000 bushels, or 34.2% of the 1918 crop, against
1,253,230,000 bushels, or 40.9% of the 1917 crop on farms March 1 1918
and 782,303,000 bushels. or 30.5% of the 1916 crop on farms March 1917.
About 14.5°7 of thd crop will be shipped out of the counties where grown,
against 22.1
of the 1917 crop and 17.6% of the 1916 crop so shipped.
Receipts (cantars)The proportion of the 1918 corn crop which is merchantable is about
This week
152,711
107,400
67,109
2,129,764,000 bushels, compared with 1,837,728,000 of the 1917 crop,
Since Ativ.
, 1
4.160.459
4.680.195
4.389.254
and 2,154,487,000 of the 1916 crop.
The amount of wheat on farms March 1 1919 was about 129,258,000
bushels, or 14.1% of the 1918 crop, against 107,745,000 bushels, or 16.9%
Since
Since
I Since
of the 1917 crop on farms March 1 1918, and 100,650,000 bushels, or
Exports (bales)Week. Aug. 1. Week. Aug. 1. Week. Aug. 1. 15.8% of the 1916 crop on farms March
1 1917. About 53.7% of the crop
will be shipped out of the counties where
against 51.1% of the 1917
To Liverpool
12,811 173,090
___ 130,582 5,016 151,591 crop crop and 56.7% of the 1916 crop sogrown,
shipped.
To Manchester,&c.79,771 5,228 126,550
____ 106,190
The amount of oats on farms March 1 1919 was about 588,421,000
To Continent and India_
78,135 1,975 47,408 5,751 91,681 bushels, or 38.2%
of the 1918 crop, against 599,208,000 bushels, or 37.6
To America
4,246 16,038
____ 13,530 5,588 102,127 of the 1917 crop on farms March
11918, and 394,211,000 bushels, or 31.5
of the 1916 crop on farms March 11917. About 27.2% of the crop Iff
Total cornorts
17.057 347.034 7.208 118 n7n 1f1 355 451.580 be
shipped out of the counties where grown, against 32.3% of the 1917 crop
and 28.4% of the 1916 crop so shipped.
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
The amount of barley on farms March 1 1919 was about 81,899,000
bushels,.or 31.9% of the 1918 crop, against 44,419,000 bushels,
or 21
MANCHESTER MARKET.-Our report received by of
the 1917 crop
farms March 1 1918. and 33,244,000 bushels, or 18.2
cable to-night from Manchester states that the demand for of the 1916 cropon
on farms March 1 1917. About 39.1% of the crop w
be shipped out of the counties where grown, against 39.78h of the 1917 crop
India is still quiet but China is buying white and gray goods. and
43.5% of the 1916 crop so shipped.
We
Alexandria, Egypt,
February 19.
1918-19.
1917-18.
1916-17.
give prices for to-day below and leave those for previous
As of interest in connection with this report, we give below
weeks of this and last year for comparison:
a statement covering the stock of corn on March 1 for a
series of years as made up by us from the Agricultural De1919.
1918.
partment's figures:
834 tbs. Shirt- Cot'n
fags, Common Mid.
to finest.
Upl's
32s Cop
d.
34
34
313i
s. d.
6. d.
d.
21 0 030 0 19.04 39
21 0 030 0 15.84 3834
20 .1 029 0 16.59 3834
30%
29
2934
29
20 3 029
17 6 027
18 8 025
18 6 028
0
0
0
0
2834 169 @246
28% 169 @240
Twist.
834 lbs. Skirt- Cot'n
ings, Common Mid.
to fine:.
Upl's
d. s. d.
s. d. d.
4034 18 4g025 9 23.25
40 18 434025 9 23.36
40 18 4M425 9 23.15
17.05 3834
16.82 38g
17.68 3834
17.18 3934
6608 VGDO
Jan. d.
17 32
24 314
31 29%
Feb.
7 2834
14 27
21 2734
28 27
Mar
2634
14 2834
CS (15)(§)00 COO
32s Cop
Twist.
43.4025 9
4%025 9
4348425 9
434028 9
23.09
23.01
23.15
23.81
16.24 40
15.36 41
® 4134 18 454026 9
®43
18 4m026 9
23.59
23.03
40
4034
4034
40,1
18
18
18
18
CornMftrchl MI
"
"
"
"
"
"
"
"
"
"
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
Product of
Previous Year.
Bushels.
2,592,320,000
2.668,651,000
3,552,100,000
2,886,260,000
2,531,488,000
3,124,746,000
2,446,988,000
2,672,804,000
2,994,793,000
2,566,927,000
3,065,233,000
2,582.814,000
On Hand
March 1.
Per
Bushels.
Cent.
962,429,000 37.1
1,047,763,000 39.3
977,561,000 38.3
1,165,378,000 40.4
884,059,000 34.9
1,289,655,000 41.3
866,392,000 35.4
910,894,00034.1
1,116,559,000 37.3
782,303,000 30.5
1,253,230,000 40.9
884,476,000 34.2
Consumed or
Distributed.
Bushels.
1,629,891,000
1,620,888.000
1,574,629,000
1,720,882,000
1,647,419,000
1,835,091,000
1,580,596,000
1,761,910,000
1,874,234,000
1,784,624.000
1,812,003,000
1,698,338,000.
The stock of wheat on March 1 for 12 years is shown in
SHIPPING NEWS.-As shown on a previous page, the the subjoined table:
I.
exports of cotton from the United States the past week have
Product of
On hand
Consumed o
Previous Year.
March 1.
Per
Distributed,
reached 134,318 bales. The shipments in detail as made
WheatBushels.
Bushels.
Cent.
Bushels.
up from mail and telegraphic returns, are as follows:
March 1908
634,087,000
148,721,000 23.5
485,346,000
" 1909
664,602,000
143,692,000
Total bales.
NEW YORK-To Liverpool-Mar. 8-Lapland, 301
301
To Rotterdam-Mar.8-Rotterdam, 2,078
2,078
GALVESTON-To Havre-Mar. 12-Skipton Castle,
17,172
Mar. 13-Eastern Cross, 14,856
NEW ORLEANS-To Liverpool-Mar.7-Nessian,300... _Mar.10 32,028
-M.J. Scanlon, 19,911: War 'carts; 2,863 Wayfarer, 7,245
30,319
To Havre-Mar.8-Honduras, 12,709
12,709
To Copenhagen-Mar. 13-Mexicario, 3,150
3,150
To Port Barrios-Mar. 12-Brunswick, 300
300
"
"
"
"
"
"
"
"
"
"
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
683,350,000
635,121,000
621,338,000
730,267,000
763,380,000
891,017,000
1,025,801,000
636,318,000
636,655,000
917,100,000
160,214,000
162,705,000
122,025,000
156,483,000
151,809,000
152,903,000
244,448,000
100,650,000
107,745,000
129.258,000
21.6
23.4
25.6
19.6
21.4
19.9
17.2
23.8
15.8
16.9
14.1
520,910,000
523,136,000
427,416,000
499,313,000
573,784,000
611,571,000
738,114,000
781,353,000
535,668,000
528,910,000
787,842,000
MAR. 15 1919.]
THE CHRONICLE
BREADSTUFFS
Friday Night, March 14 1919.
Flour has been firmer. Mills generally have been asking
higher prices. Buyers have had to raise their bids in order
to secure supplies. A good many have been buying, however, only on a moderate scale, awaiting news as to the
amount of Government export buying this week. Buyers have fallen in the habit of regulating their purchases to
no small extent on the prices given out by the Food Administration on the week's purchases. And by the way,
there is considerable dissatisfaction about the current prices
named to the Government on one hand and to the domestic
trade on the other. It is argued that there is something
wrong somewhere.- Either the Government is getting flour
too cheaply or the domestic trade is being charged too
much. At any rate, that is how a good many look at it,
even allowing for differences in quality as well as in rates
and terms. The cost of production has been considerably
increased by the high premiums on wheat, to say nothing of
the recent depression in feed prices. There are reports that
the Government is ready to sell cash wheat to the mills at
14 cents over the original basic price. That looks to many
as though farm stocks were gettig pretty low. There has
been no great activity, but some buyers have been disposed
to increase their stocks, fearing a further advance in prices.
Later in the week business was more active. The purchases
by the Government for export on this week's bids amounted
to approximately 500,000 barrels. The prices ranged from
$10 to $10 40 for soft wheat and $10 10 to $10 40 for hard
wheat, both in jute bags, basis of Baltimore. Rye flour
has been more active and firm.
Wheat is looking well throughout the winter belt. The
visible supply last week decreased 2,690,000 bushels, against
a decrease in the same week last year of 790,000 bushels.
The total is now 115,529,000 bushels against 8,949,000 a
year ago. Exports from North American last week were
6,677,000 bushels. It is evident that Europe will have to
have large quantities of wheat from this country. Germany
is badly in need of food and measures will be taken to send
supplies there. Mr. Hoover thinks we may see very much
higher prices for wheat. He is supposed, rightly or wrongly,
to take the ground that the price of wheat in this country
may go to $3 50. The Government will begin the sale of
surplus wheat holdings on March 15. James H. Barnes,
President of the Government Grain Corporation, says the
crop of 1918 will provide no more grain than is needed for
domestic and foreign consumption. He says mills are experieneing much difficulty in obtaining wheat for milling
that they are offering as high as 10 to 15 cent s bushel above
the Government's guaranteed price to farmers.
Reports from Australia say the Government is preparing
to help wheat growers where assistance is needed. In Many
quarters it is argued that wheat growing at the present time
is unprofitable. Heavy rains have fallen over a fairly wide
area there. This moisture should give an abundant supply
of cattle feed and put the land in good condition, for ploughing. Clearances from the Commonwealth continue on a
fair scale. It is said that only sufficient tonnage can be
furnished to transport 1,000,000 tons of Australian wheat
(and flour) to Europe to arrive this cereal year. This is not
a big quantity, but an average of 1,600,000 bushels weekly
is a very fair shipment for Australia. In India official reports
confirm that in the United Provinces the indicated outturn
of wheat on irrigated land will probably be normal; on unirrigated land it is expected to be much below normal.
There is little hope that any wheat will be exported from the
coming crop. Moderate quantities of barley are being exported, however, and it is believed by many that this grain
would not be allowed to be exported, unless harvest prospects
were considered very fair on the whole. In France the
weather has been generally favorable and growers have been
making fair progress, in their preparations for spring sowing.
In Italy reports speak favorably of crop conditions in both,
the north and southern regions. The acreage is materially
smaller than last year. In the United Kingdom the weather
has been favorable and farm work has proceeded with more
activity than heretofore. There is still much land to be
ploughed and seeded. In Spain all advices point to favorable
prospects for the new crop. Supplies of wheat remain
liberal. In Argentina the weather is unsettled with rains
in parts. There has been some improvement in the demand
from foreign sources there.
DAILY CLOSING PRICES OF WHEAT IN
Sat. Mon. Tues.
cts_23734 2373 237%
24034 24034 24034
No. 2 red
No. 1 spring
NEW YORK.
Wed. Thurs. Fri.
23734 23734 23734
24034 24034 24054
Indian corn has steadily advanced. Mr. Hoover's statement, as it was generally understood, that wheat may go to
$3 50, has had its effect on corn. And more so, as $3 50
was actually reached in the spring of 1917. At any rate, the
trade understood Mr. Hoover as at least suggesting the
possibility of a wheat price as high as $3 50 per bushel.
Some think that such prediction is unwarranted. Nevertheless, it has undoubtedly had more or less effect. Also
the visible supply in this count7 fell off last week 476,000
bushels, in sharp contrast with an increase for the same week
last year of 2,319,000 bushels. The total is now only
4,007,000 bushels, against 11,268,000 bushels a year ago.
Also the advance in hogs and provisions, including lard and
pork, has had its logical effect on corn. As long as prices
for hog products continuo to rise, how, it is asked, can corn
1085
permanently decline? March in Chicago made a new high
record for the season. Meanwhile the receipts are light at
primary points. The weather has not been good for marketing corn. Also the labor situation in Argnetina is still
unsettled. When the strike is to end is far from clear.
Although some Argentina corn has been sold at 5 cents a
bushel under May in Chicago and 20 cents lower than the
New York cash price, it is true, on the other hand, that the
trade as a rule is not looking for large exports from Argentina
to America in the near future. Also the fact that America
has bought corn in Argentina, it is argued, may serve as a
striking illustration of the scarcity of supplies in this country. Shorts have covered freely, being nervous, for one
thing, over the rise in hogs and provisions.
On the other hand, prices at one time declined on the
large farm reserves as shown last week. Also the fact after
all that Argentina is able to lay down here at $1 30 per
bushel, c. i. f. for March-April shipment at one time caused
more or less selling. Ten thousand tons were offered on the
11th inst. at that price. Recently too the advance in corn
has been some 35 to 40 cents. Some argue that a reaction
is due. A big harbor strike has occurred hero. As to
Argentina shipments to America it is said that 400,000
bushels have been bought to come to New York. Latterly
country offerings have increased, owing to the advance in
futures. The movement would be larger but for the had
condition of the roads. To-day prices declined on reports of
large offerings of Argentina corn to this country and expectations that the strike there will be settled in the near future.
The country offerings at the West, however, were light and
prices rallied later, closing somewhat higher for the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.3 yellow
163
cts_156
16034 159% 16434 163
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Thurs.
Fri.
Sat. Mon. Tues. Wed.
March delivery in elevator____cts_139
148
144
144
14334 143
May delivery in elevator
13234 13534 13634 14034 13634 13534
July delivery in elevator
1263
4 12934 13134 13534 1313i 129%
Oats declined, partly in sympathy with the fall in corn.
Also the statistical position of oats is not considered so strong
as that of corn. It is true that the visible supply in the
United States decreased last week 211,000 bushels, as against
an increase in the same week last year of 1,252,000 bushels.
But, on the other hand, the total is still 27,452,000 bushels,
against 15,199,000 bushels at this time last year. The supply of barley is 10,553,000 bushels, against 4,231,000 a
year ago; that of rye, 16,676,000 bushels, against 1,172,000
a year ago. But later on oats advanced in company with
corn. For the most part they have been a mere reflex of
corn. Oats as a commodity lack commercial and speculative individuality. For the most part trading has been light.
But country offerings have been small. Sample prices at
Chicago at one time advanced. The Eastern demand at
Chicago, however, has been very light. In fact,interesting
features have been for the most part absent during the past
week. To-day prices declined with those for corn. The
cash demand, however, from the South is larger. Prices
are lower for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Tues. Wed. Thurs. Fri.
Sat.
Mon.
72
Standards
cts_71072 7254073 7234073 7334 72
No. 2 white
73
7354 7254 7234
7234
73
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery in elevator____cts_ 5934 6134 6134 63
--__ 6054
May delivery in elevator
6134 6334 6334 6434 6234 62
July delivery in elevator
6154 63
63
6334 6134 6134
The following are closing quotations:
FLOUR
Spring patents
311 001311 35 Barley goods-Portage barley:
No 1
Winter straights
10 25
10 60
$550
Nos. 2, 3 and 4, pearl
4 25
Kansas straights
11 00
11 35
Nos. 2-0 and 3-0
5 0005 65
Rye flour
7 75
8 50
No. 4-0 and 5-0
575
Corn goods, 100 lbs.White gran
$3400 365 Oats goods-Carload, spot de800
Yellow gran
3 25
3 55 livery
Corn flour
3500360
GRAIN.
OatsWheatStandard
72
No.2 red
$2 3734
No. 2 white
72q
No. 1 spring
2 4054
71
No. 3 white
Corn1 66
No.4 white
No.2 yellow
70
Barley1 63
No.3 yellow
96
Feeding
RyeMalting
103
No. 2
1 5701 59
--
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 at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs.bush.60 1bs.bush. 56 lbs.bush. 32 lbs.bush.481bs.bush.561bs.
809,111
65,000
850,000
82,000
315,000
764,000
Chicago
461,000
371,000
653,111
2,002,000
211,000
Minneapolis
2,000
21,000
2,000
Duluth
341,o I o
110,000
47,000
Milwaukee__ _
7,000
142,000
256,000
Toledo
42,000
32,000
110,000
Detroit
2,000
14,000
19,000
17,000
6,000
36,000
126,000
313,000
Cleveland
314,000
424,000
21,11 i
1,000
31,000
196,000
Bt. Louis_ _
12,000
173,000
129,000
13,111
2,000
Peoria
90,000
201,000
292,000
Kansas City_
5,000
233,000
349,000
328,000
Omaha
180,000
9,000
330,000
37,000
Indianapolis
Total wk. '19
Same wk. '18
Same wk. '17
223,000
412,000
552,000
3,202,000 2,629,000
1,571,000 12,294,000
5,006,000 4,483,000
3,129,000 1,837,111
6,873,000 3,083,000
5,165,000 1,201,000
578,000
532,000
218,000
Since Aug.11918-19_ _ 10,197,000361,102,000140,438,000204,832,00052,275,s i i 30,044,000
1917-18.... 10,298,000140,655,000135,612,000217,212,000 36,424,s 1 s 19,169,000
1 01 RA 7
11540 nnnoni RR?(W141 000 MO.I RR 2'A9! MCI fi7 RR I
17 RR:1_000
THE CHRONICLE
1086
Total receipts of flour and grain at the seaboard ports for
the week ended Mar. 8 1919 follow:
Receipt atNew York...
Portrd, Me..
Philadelphia _
Baltimore __
N'port News_
Norfolk
New Orleans*
Galveston.
Montreal
St. John
Boscpn
Barrels.
88,000
37,000
60,000
33,000
230,000
90,000
Corn.
1Vheat.
Flour.
Barley.
Oats.
Bushels. Bushels.
Bushels.
476,000
488,000 580,000
Bushels.
980,000
22,000
380,000
134,000
Bushels.
25,000
84,000
89,000
51,000
463,000
110,000
67,000
63,000
151,000
356,000
88,000
67,000
1,000
29,000
171,000
6,000
3,000
6,000
11,000
558,000 2,263,000
Total wk. '19
SinceJan.1'19 6,223,030 24,580,000
Rye.
189,000
90,000
196,000
6,000
19,000
722,000
286,000
287,000 1,263,000
2,661,000 16,816,000 3,041,000 3,775,000
364,000
207,000
383,000 2,029,000
633,000
593,000
Week 1918....
Since Jan.1'18 4,615,000 7,108.000 2,158,000 16.752.000 1.978.000 1,582.000
ports
foreign
* Receipts do not include grain passing through New Orleans for
on through bi Is of lading.
The exports from the several seaboard ports for the week
ending Mar. 8 are shown in the annexed statement:
Wheat.
Exports from-
Corn.
Flour.
Oats.
Rye.
Barley. Peas.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
8,485 139,310 929,013 1659813 125,951 3,203
New York
419,600
22,000
Portland, Me
43,000
Boston
40,000
7,000
•
16,000
201,000
Philadelphia
41,000 122,000
168,000
Baltimore
230,000
Norfolk
33,000
Newport News_
151,000
39,000 75,000 175,000
New Orleans
18,000
384,000
Galveston
6,000 171,000
St. John, N.B____ 151,000
Total week
Week 1918
88,485 682,310 1,270,013 1659813 125,951 10,203
1,536,600
531
446,624 1,098,000 170,063 3,017.705 439.084 867.456
The destination of these exports for the week .and since
July 1 1918 is as below:
Flour.
Exports for Week
Since
Week
and Since
Mar. 8 July 1
July 1 to1919.
1918.
Corn.
Wheat.
Since
July 1
1918.
1Veek
Mar. 8
1919.
Week
Mar. 8
1919.
Since
July 1
1918.
Bushels.
Bushels. Bushels.
Bushels.
Barrels. Barrels.
1,783,181
822,560 37,674,444
United Kingdom_ 247,776 3,322,523
40,000 2,116,037
714,000 45,558,821
293,872 5,099,962
Continent
68,711
1,226
219,884
So.& Cent. Amer. 52,931
165,195
40
47,259
40
80,711
566,020
West Indies
1,606
Brlt.No.Am.Cols
3,538
129,857
7,020
Other Countries__
88,485 4,138,268
682,310 9,338,246 1,536,600 83,233,205
Total
446,624 48.734,788 1,098,000 10,230,759
Total 1917-18_ _ _ _ 170,063 4,498,503
The world's shipments of wheat and corn for the week
ending Mar. 8 1919 and since July 1 1918 and 1917 are
shown in the following:
Corn.
Wheat.
1918-19.
Exports.
Week
Mar. 8.
Since
July 1.
a 1917-18.
1918-19.
a 1917-18.
Week
Mar. 8.
Since
July 1.
Since
July 1.
Since
July 1.
I
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
63,000 7,361,000 16,853,000
North Amer. 6,677,000202,585,000196,095,0001
Russia
Danube _
Argentina
1,331,000 63,983,000 15,652,0001 626,000 20,942,000 15,157,000
2,488,000 32,484,000 30,583,000
Australia.
5,623,000 12,085,000
India
2,921,000 2,615,000
104,00
76,000 2,723.000 2,267,000
Oth.countr's
Total ____ 10,572,000307,398,000256,682,000l
a Revised.
793,00
31,224,00
34,625,000
The quantities of wheat and corn afloat for Europe are
omitted for the present, as no figures are available since
those for 1916.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Mar.8 1919, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
GRAIN STOCKS.
Oats.
Corn.
Wheat.
bush,
bush,
bush,
81,000 3,513,000
3,255,000
677,000
1,176,000
773,000
198,000
1,160,000
174,000 1,010,000
2,503,000
96,000
891,000
139,000
3,185,000
12,000
896,000
123,000 6,564,000
8,899,000
1,796,000
9,793,000
730,000
42,000
1,123,000
202,000
130,000
44,000
747,000 6,208,000
15,099,000
653,000
83,000
3,398,000
195,000
25,859,000
791,000
82,000
23,853,000
268,000
456,000
1,054,000
827,000 1,526,000
8,551,000
151,000
62,000
253,000
413,000
240,000
967,000
626,000
4,541,000
Barley.
Rye.
bush.
bush.
842,000 1,519,000
819,000
656,000
536,000
497,000
684,000
90,000
13,000
280,000
3,000
183,000
59,000
4,056,000 2,238,000
2,203.000 2,758,000
2,955,000
816,000
979,000
4,532,000
51,000
95.000
175,000
11,000
79,000
102,000
Total Mar. 8 1919_115,529,000 4,007,000 27,452,000 16,678,000 10,553,000
Total Mar. 1l919....118,219,000 4,483,000 27,663,000 17,896,000 10,294,000
Total Mar. 91918... 8,949,000 11,268,000 15,199,000 1,172,000 4,231,000
Note.-Bonded grain not included above: Oats, Duluth, 3,000 bushels; total,
3,000, against 47,000 bushels in 1918; and barley, Duluth, 76,000 bushels; total,
70,000, against 143,000 in 1918.
Canadian3,000
595,000
117,000 1,102,000
6,099,000
Montreal
3,795,000
Ft. William & Pt. Arthur_29,387,000
1,143,000
9,348,000
Other Canadian
3,000
505,000
117,000 6,040,000
Total Mar. 81919.44.834,000
3,000. 580,000
123,000 5,948,000
Total Mar. 1 1919..._44,397,000
48,000
24,000 8,096.000
Total Mar. 9 1918 _ _14,482,000
Summary115,529,000 4,007,000 27,452,000 16,678,000 10,553,000
American
3,000
595,000
117,000 6,040,000
44,834,000
Canadian
Total Mar. 8 1919_ _160,363,000 4,124,000 33,492,000 16,681,000 11,148,000
Total Mar. 1 1919...162,616,000 4,606,000 33,611,000 17,899.000 10,874,000
Total Mar. 91918... 23,431,000 11,202,000 23,295,000 1,172,000 4,279,000
[VOL. 108.
THE DRY GOODS TRADE
New York, Friday Night, March 14 1919.
A much better feeling prevails throughout the entire textile
trade with unmistakable evidence that merchants are getting
ready to proceed with business along normal lines. Buyers
arc increasing, and, while the majority at present are only
taking small amounts of fabrics, mill agents state that they
are more satisfied with conditions in general and look for
steady improvement. They are confident the period of
uncertainty has passed and that trade is now on the reconstructive path. Demand is not only increasing for certain
lines, but is noted in all divisions of the market. Further
reductions in prices have been announced on certain cloths,
and it is quite possible that the lower quotations are stimulating inquiry as demand has increased for all fabrics which
have been revised downward. Jobbers and retailers stocks
are said to have reached a rather low level, and in many
cases will have to be replenished within the near future. So
far buyers have been satisfied to confine their purchases to
small lots, and consequently have had to enter the market
more often than ordinarily. Advices from mill centres are
also encouraging. Many mills which were obliged to close
have resumed operations, while others have increased their
working schedules. There are still complaints of labor difficulties, but they are not general and manufacturers experience little difficulty in securing operatives. In view of the
high cost of raw material, however, the lower quotations
for the manufactured product are cutting profits. Export
business in cotton goods continuos to expand, and exporters
report a very favorable trade consummated with China and
the Far East during the past week. The Near East has also
been a buyer in this market, but no improvement is noted
in business with Central and South American countries.
Reports from the west coast of South America indicate that
Japanese textile manufacturers are active in that locality.
DOMESTIC COTTON GOODS.-There have been distinct signs of business improving in the market for staple
cottons. Buyers have been more numerous, and many of
them have been taking larger amounts than recently. Mills
are reported to have accepted fair orders for nearby delivery
at prevailing prices, but have been reluctant about booking
business for deferred delivery. Where prices have been
reduced demand has increased considerably, but for cloths
on which prices have been maintained inquiry has been
limited. While some selling agents have attempted to mark
prices up, they have in general remained unchanged, and it
is becoming more evident that buyers are ready to take hold
at prevailing quotations. Quite a few in the trade are of
the opinion that prices have about reached bottom, and any
changes made from now on will most likely be upward instead of downward. They base their opinion on the high
cost of raw material and wages. Jobbers have been buying
various staples more freely, while demand for export account has likewise increased. Sales of sheetings have been
on a larger scale, and as -a result prices have ruled slightly
higher. Inquiries for colored fabrics have shown a marked
increase. Printers, converters and bleechers have been
active in the gray goods markets, with sales during the week
the heaviest in some time. Gray goods, 383' -inch standard,
are listed at 932c.
WOOLEN GOODS.-Business in Woolens and worsteds
is steadily gaining headway, and it is quite evident that the
recent openings at reduced prices have stimulated demand
and increased confidence. In the men's wear division of
the market demand has improved with clothiers buying
fabrics for next fall. Demand for spring dress goods has
been fairly active, but prices have ruled irregular as some
interests have not made reductions in keeping with the concessions in fall goods.
FOREIGN DRY GOODS.-The deadlock in the markets
for linens continues. Buyers are holding off, as they are
still of the opinion that prices are too high. According to
reports, foreign manufacturers are formulating plans to push
business in this country despite the high prices. It is claimed
that they intend to start extensive advertising campaigns.
Cables from Belfast report that manufacturers of cambric
have fixed new prices which are fully 15% higher than those
of last December. The fixed price for flax yarns is said to
have been extended until Oct. 1 instead of expiring on July 13
as first intended. Advices from the Continent are not altogether cheerful for the linen trade, as there is little possibility
of Belgium mills being able to resume operations for some
time. Locally business is decidedly quiet, as jobbers and
retailers are confining purchases to small lots covering urgent
nearby requirements. Demand for substitutes continues.
Quietness continues to prevail in burlap markets with the
undertone easier. Light weights are quoted at 6.50o. and
heavy weights at 9c.
THE CHRONICLE
MAR. 15 1919.]
1087
Including this issue the total bonded debt of this character
is $13,425,000, the State having no debt of the ordinary
kind. The assessed valuation for taxation is $1,598,544,562
and the population (1915 Census) 582,000.
Legislative Session Ends.-The Legislature adjourned sine
NEWS ITEMS
at 9. p. m. March 7.
die
1919.
for
Rates
Tax
and
New York City.-Assessed Values
assessthe
approved
1
March
-The Board of Aldermen on
ment rolls of real and personal property for 1919. which show
BOND PROPOSALS AND NEGOTIATIONS
increases in each of the five boroughs. The assessed valua- this week have been as follows:
com$8,790,735,533,
tion for the five boroughs aggregate
ADAMS COUNTY (P. 0. Decatur), Ind.-BOND OFFERING.-It is
pared with $8,591,053,726 for 1918, an increase of $199,681,- reported
that G. E. Kinzie, County Treasurer, will receive bids for the fol807 over 1918. Real estate, which includes estate of cor- lowing 4 issues of4%% 10-year highway impt. bonds, aggregating $33,360:
$8,400 and $6,160.
$11,680.
$7,120,
$8,428,totaled
assessments,
porations and special franchise
AKRON SCHOOL DISTRICT(P.O. Akron),Summit County,Ohio.
322,753 for 1919, an increase of $88,683,902 over 1918. -BONDS
VOTED.-At an election held Mar. 4 the proposition providing
Personal property showed a very large increase in valuation, for the issuance
of the $1,000,000 school bonds (V. 108, p. 495) carried by
$110,997,905
"for" to 815 "against."
of
7,946
of
vote
increase
a
the 1919 total being $362,412,780, an
of
assessment
The
over the 1918 figure of $251,414,875.
ALLIANCE,Stark County, Ohio.-BOND ELECTION.-On March 4,
is reported, the City Council adopted an ordinance providing for a special
each class of property is presented by boroughs in the It
election to be held April 8, when propositions to issue $400,000 electricfollowing table:
light-plant bonds, and the $100,000 park and playground bonds, men-
tate autt Tit8 ptvartuxent
REAL ESTATE.
Inc. or Dec.
1918.
1919.
BoroughsOrdinary real estate_ _$4,742,082,046 $4,705,608,146 Inc.$36,473,900
106,167,500 Isle. 5,391,500
Manhattan R. E. of corporations.. 111,559,000
282,825,592 Dec. 20,655,017
262,170,675
Special franchises
644,420,521 Inc. 7,228,490
651,649,011
Ordinary real estate__
49,610,750 Inc" 1,672,500
51,283,250
Bronx
It. E. of corporations..
32,097,927 Dec. 3,221,216
28,876,711
Special franchises ____
Ordinary real estate__ 1,741,263,302 1,703.039,741 Inc. 38,223,561
31,114,490 Inc. 7,106,160
38,220,650
Brooklyn_ _ R. E. of corporations..
92,659,654 Dec. 7,019,654
85,640,000
Special franchises _527,916,480 Inc. 11,886,010
539,802,490
Ordinary real estate__
383,000
36,203,400 Inc.
36,586,400
Queens_ _ _{R. E. of corporations_
959,391
27,479,195 Inc.
28,438,586
_
(Special franchises
91,730,925 Inc. 9,281,225
(Ordinary real estate.... 101,012,150
830,050
4,352,800 Inc.
5,182,850
Richmond..{ R. E. of corporations_
144,002
4,411,730 Inc.
4,555,732
(Special franchises _ _
Total.
Richmond.
Queens.
Bronx.
Brooklyn.
Manhattan.
1919_5115,811,621 731,808,972 1865,123,952 604,827,476 110,750,732 8428,322,753
1018_5094,601,238 726,129,198 1826,813,885 591,599,075 100,495,455 8339,638,851
Incr.. 21,210,383 5,679,774 38,310,067 13,228,401 10,255,277 88,683,902
Note.-Tho classification "real estate of corporations" is made in accordance
with charter direction, and is not exactly what the title would seem to imply. In
part it is improvements in streets and public places not assessed as a special franchise, and chiefly it consists of the private rights-of-way of public service e rporations and improvements on such rights-of-way. Special franchises Include the
tangible property of public service corporations situated in streets and public places,
together with the value of the privilege of maintaining and operating them there.
PERSONAL PROPERTY.
-Non-Re:. PersonalCorporation- Section 7, Saxe Law,
Resident
Personal of
Resident. Non-Res. Subdio.1. Sec.7,Sub. 2
Boroughs. Personal.
Estates.
Manhattan- $
4,029,200
1919_ _189,022,700 24,714,800 44,302,150 8,774,200 20,443,650
3,059,100
1918._ _106,381,200 23,584,700 38,370,800 8,214,200 15,165,200
Bronx1010.... 10,233,300
16,150
857,650 1,567,300
1918_ ___ 5,390,800
18,000
832,100 1,116,200
Brooklyn18,000
14,000
1919_ __ 35,844,555 5,321,750 3,708,900
17,000
13,000
1918._ 31,974,325 4,910,250 2,769,000
Queens32,050
769,950
1919.... 9,243,000
889,300
31,000
816,500
1918..... 6,117,350
944,550
Richmond15,900
395,350
401,800
1919.... 1,797,125
2,000
226,000
467,300
1918..._994,300
4,047,200
Total 1919_246,140,680 3:1,185,300 50,743,650 8,852,300 20,443,650
3,076,100
Total 1918_150,857,975 30,738,900 43,298,500 8,278,200 15,165.200
971,100
574,100 5,278,450
Increase... 95.282.705 1,446,400 7,445,150
Total.
Manhattan. Bronx.
Queens. Richmond.
Brooklyn.
291,286,700 12,674,400 44,907,205 10,934,300 2,610,175 362,412,780
1919
104,775,200 7,357,100 39,683,575 7,909,400 1,689,600 251,414,875
1918
Increase... 96,511,500 5,317,300 5,223,630 3,024,900
920,575 110,997,905
GRAND TOTALS OF REAL AND PERSONAL PROPERTY.
Total.
Bronx.
Richmo,,d.
Ma ,hattan.
Queens.
Brooklyn.
1019-5407,098,321 744,483,372 1910,031,157 615,761,776 113,360.907 8790,735,533
1918_5289,376,438 733,486,298 1866,497,460 599,508,475 102.185,055 8591,053,726
Incr.. 117,721,883 10,997,074 43,533,697 16,253,301 11.175,852 199,681,807
With the above figures as a basis, the tax rates for 1919
(given on a $100 valuation) have been fixed as follows, 1918
figures being given for comparison:
Tax rate 1919
Tax rate 1918
Decrease
New York
Con sty.
$2.32
2.36
.04
Bronx
County.
$2.37
2.40
.03
Kings
County.
Queens
Cou ty.
$2..41
2.40
$2.3637
.04
.04
Richmond
County.
$2.41
2.46
.05
As can be seen by the above table, the tax rates have decreased in all counties. Last year the city kept separately,
for the first time in its history, the personal tax rate, but
this was discontinued the present year in all counties except
queens, which has a personal tax of $2.33 per $100 of valuation. This tax is necessary, we are advised, because of the
Queens Boulevard assessment, which will continue for three
more years. The amount realized from this year's assessment aggregates $1,236.818.43, including interest.
k South Dakota.-More Rural Credit Bonds Issued.-The
Harris Trust and Savings Bank of Chicago, Halsey, Stuart
& Co. of New York and the Continental and Commercial
Trust & Savings Bank of Chicago have purchased and are
offering to investors at prices to yield 4.70% interest, an
additional $3,000,000 5% tax-free coupon (with privilege
of registration) Rural Credit bonds. These bonds are in
denominations of $1,000, dated Mar. 15 1919. Principal
and semi-annual interest (M.& S.) payable at the Continental and Commercial Trust and Savings Bank of Chicago or
at the First National Bank of New York. Due $250,000
yearly on Mar. 15 from 1930 to 1938 incl. and $750,000
Mar. 15 1939. Previous issues of State of South Dakota
bonds have been optional five years after their date, but at
the last session of the Legislature the law was amended
in this respect, so that the present bonds are not optional
prior to their maturity. The bonds are a general obligation
of the State and are issued by the Board of Rural Credit
Commissioners pursuant to law under an amendment to
the Constitution of the State of South Dakota, authorized
by a vote of the people and uphbld by a decision of the
Supreme Court of the State.
tioned'in V. 108, p. 994, will be submitted to the voters.
AMBRIDGE, Beaver County, Pa.-BOND SALE.-On Mar. 3 the
$50,000 funding and $10,000 sewer 45. % tax-free bonds (V. 108, jo, 895)
were awarded to the Mellon National Bank of PittstSurgh for $60,075
(100.125) and int. Denom. $1,000. Date Jan. 6 1919. Int. J. & J.
Due $5.000 yearly on Jan. 6 from 1924 to 1935, incl.
ANGELINA COUNTY ROAD DISTRICT NO. 42, Tex.-BONDS
REGISTERED.-This district registered with the State Comptroller on
March 5 an issue of $75,000 5%% 10-40-year bonds.
ARCADIA, Hancock County, Ohio.-BOND ELECTION.-A proposition to issue $1,300 electric-lighting-system bonds will be voted upon
April 4, according to newspaper reports.
AUBURN TOWNSHIP (P. 0. Tiro), Crawford County, Ohio.BOND OFFERING.-Proposals will be received until 12 m.to-day(Mar. 15)
by W. W. Davis, Township Clerk, for $5,000 5% coupon road bonds.
Auth. Sec. 3298-15 Gen. Code. Denom. $500. Date Aug. 10 1918.
Prin. and semi-ann. int. (A. & 0.) payable at the office of the Board of
Township -Trustees. Due $500 yearly on Apr. 10 from 1920 to 1922 incl..
$500 on Oct. 10 1922 and 1923. $500 yearly on Apr. 10 from 1924 to 1927
incl. and $500 on Oct. 10 1924. Cert. check on a local solvent bank,
to be delivered and
for $200, payable to the above clerk, required. Bonds
•
paid fo^ within 10 days from date of award.
Lorain County, Ohio.-BOND ELECTION.-An election is
AVO
to be Held on April 1, when a proposition to issue $60,_000 highway-impt.
bonds will be submitted to the voters. J. R. Pipes is Mayor.
BAKERSFIELD SCHOOL DISTRICT (P. 0. Bakersfield), Kern
County, Calif.-BONDS DEFEATED.-The proposition to issue $125,000
school bonds was defeated at the election held Feb. 5.-V. 108, P. 396.
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.-BOND OFFERING.-Proposals will be received until 2 p. m. March 22 by Ed. Buyerkrup, County Treasurer, for the following 3 issues of 4%% highway-inapt.
bonds, aggregating $31,746:
$8,746 Ohio Twp. bonds. Denom. $437. Due $437 each six months
from May 15 1920 to Nov. 15 1929 incl.
11,400 Clay Twp. bonds. Denom.$570. Due $570 each six monthsfrom
May 15 1920 to Nov. 15 1929 incl.
11,600 Hawcreek Twp. bonds. Denom.$581. Due $580 each six months
from May 15 1920 to Nov. lo 1929.
Date March 22 1919. Interest M. & N.
BASTROP COUNTY ROAD DISTRICT NO.8(P.O. Bastrop), Tex.
-BOND ELECTION.-Reports state that this district will hold an election
today (March 15) to vote on the question of issuing $250,000 5% road
bonds.
BASTROP COUNTY ROAD DISTRICT NO.4(P.O. Bastrop), Tex.
-BOND ELECTION.-At an election to be held today (March 15)a proposition to issue $35,000 5% road bonds will be submitted to the voters.
These bonds are part of an issue referred tomn V.108, p.797.
BASTROP COUNTY ROAD DISTRICT NO.7(P.O. Bastrop), Tex.
-BOND ELECTION.-The question of issuing $35,000 road bonds will
be submitted to the electors on toda% (March) 15. These bonds are
part of an issue referred to in V. 108, p. 797.
BATTLE CREEK, Calhoun County, Mich.-BOND ELECTION.
A proposition to issue $600,000 lighting-plant, paving bridge and sewer
bonds will be submitted to the voters at the spring elections, it is stated.
BEAVER ISLAND TOWNSHIP, Stokes County (P. 0. Danbury),
N. C.-BOND ELECTION.-On March 18 an election will be held to vote
on the issuance of $25.000 road bonds.
BELLE CENTER SCHOOL DISTRICT (P. 0. Belle Center), Logan
County, Ohio.-BOND SALE.-The State Industrial Commission of
Ohio has agreed to purchase the $27,500 high-school building bonds recently
voted.-V. 108, p. 797.
BEND, Deschutes County, Ore.-BOND SALE.-It is reported that
the Lumbermens Trust Co.. of Portland, recently purchased $40,000 6%
10-year street-improvement bonds.
BIBB COUNTY (P. 0. Macon), Ga.-BONDS VOTED.-At the election held March 6. it is stated, the following three issues of 454 V. gold
coupon bonds, aggregating $1.500,000, mentioned in V. 108. p. 895, carried
by a large majority:
$400,000 court-house bonds. Due yearly on May 1 as follows: $8,000
1920 to 1934. Inclusive, and $20,000 1935 to 1948, inslusive.
400,000 school-house bonds. Due yearly on May 1 as follows: 88.000
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 $35,000 1935 to 1948, inclusive.
Denom. $1.000. Date May 1 1919. Int. M. & N.
BISMARCK SPECIAL SCHOOL DISTRICT (P. 0. Bismarck),
Burleigh County, No. Dak.-BOND SALE.-An issue of $15,000 4%
20-year building bonds was awarded at par during January 1919 to the
State of North Dakota. Date Sept. 20 1918. Due Sept. 20 1938.
BIXBY, Tulsa County, Okla.-BOND SALE.-During Dec. 1918.
$45,000 water and $40,000 sewer 6% bonds were awarded to C. Edgar
Honnold of Oklahoma City at par and interest. Denom. $1,000. Date
Jan. 311919. Int. J. & J. Due Jan. 311944.
BOARD OF EDUCATION, City of Fargo, Cass County, No. Dak.BOND SALE.-An issue of $16,000 4% 25--year building bonds WAS sold
to the State of North Dakota at par during January 1919.
1 1918. Due March 1 1943.
Date March
BONNER COUNTY (P. 0. Sandpoint), Ida.-DESCRIPTION OF
BONDS.-The $100.000 51j% (not 554% as first reported) road and
bridge bonds awarded on Feb. 10 to Perris & Hardgrove of Spokane at
100.10-V. 108, p. 797-are in denom. of $1,000 and are dated Jan. 1 1919.
Int. J. & J. Due $10,000 yearly from 1929 to 1938, incl., subject to call
after ten years.
BOWIE COUNTY (P. 0. Boston), Tex.-WARRANTS AUTHORIZED.-The County Commissioners' Court passed an order, it is stated,
providing for the issuance of $50,000 warrants.
BRAZORIA COUNTY (P. 0. Angleton), Tex.-BOND SALE.-On
Feb. 11 $20,000 554% 20-year serial road bonds were awarded to Weil,
Denom. $1,000. Date Mar. 1
Roth & Co. of Cincinnati at par and in
1919. Int. M.& S. Due $10,000 yearly for 20 years.
BRAZORIA COUNTY ROAD DISTRICT NO. 1, Tex.-BONDS
REGISTERED.-We are specially advised that on March 4 an issue of
$200,000 51.4% road bonds was registered with the State Comptroller. Due
$5,000 yearly.
BROCKTON,Plymouth County, Mass.-TEMPORARY LOAN.-On
Mar. 12 the temporary loan of $100,000, issued in anticipation of revenue
1088
THE CHRONICLE
dated Mar. 14 1919 and maturing Nov. 28 1919 (V. 108, P. 994), was
awarded to Blake Bros. of Boston on a 4.24% discount basis, plus a
premium of $3.
The other bidder was S. N. Bond & Co., N. Y., at a discount of 4.50%.
BUNCOMBE COUNTY (P. 0. Asheville), No. Care.-BOND OFFERING.-Further details are at hand relative to the offering on Mar. 31 of the
$175,000 coupon road and bridge bonds-V. 108, p. 994-Proposals for
these bonds will be received until 12 m. on that day by J. E. Broadshire,
County Treasurer. Denom. $1,000. Date Apr. 1 1919. Int. A. & 0.,
payable in New York City, N. Y. Due $5,000 yearly on Apr. 1 from
to 1924, incl., and $6,000 yearly on Apr. 1 from 1925 to 1949, incl. 1920
Bids
are requested for bonds bearing 5, 5n or 534% interest. Cert. check for
2%, payable to "Buncombe County," required. Bonded debt (incl. this
Issue), $1,490,000. Floating debt (add'1). $710,000. Total debt, $2,200,000. Assessed value, $33,483,778. Total tax rate (per $1,000).
$10.50.
[VOL. 108.
C. A. Decker, County Auditor, who will receive bids until 1 p. m. Mar. 27.
Auth. Secs. 1223 and 1224, Gen. Code. Denom. 71 for $1,000 and 1 for
$750. Date Mar. 1 1919. Prin. and semi-ann. int. (M. & S.) payable
at the County Treasury. Due yearly on Mar.1 as follows: $9,000 1920,
$7,000 1921 to 1928, incl., and $6,750 1929. Certified check on a local
bank for 31,500, payable to the above Auditor, required. Purchaser to
pay accrued interest.
DELTA FARMS RECLAMATION DISTRICT,San Joaquin County,
Calif.-BOND SALE.-On Feb. 24 $580,000 6% bonds were awarded to
Howard A. Dudley at 100.171. Denom. $1,000. Date Jan. 1 1919.
Int. J. & J. Due July 11939.
DELHI SCHOOL DISTRICT NO. 2, Ingham County, Mich.BONDS VOTED.-It is reported that on Feb. 27 a proposition to issue
$7,000 school building bonds carried by a comfortable majority.
DENISON SCHOOL DISTRICT (P.O. Denison), Crawford County,
-BOND SALE.-On Feb. 18 an issue of $15,000 55', school bonds
CARROLL COUNTY (P. 0. Delphi), Ind.-BOND OFFERING.
- Iowa.
was awarded to the Casady Bond Co. of Des Moines at 100.05, a basis of
Proposals will be received until 1:30 p. m. March 25 by D. L. Musselman,
County Treasurer, for 3 issues of 434% 10-year highway-impt. bonds, 4.99%. Denom. $500. Date Feb. 1 1919. Int. F. & A. Due $1,000
namely $6,000,$12,800 and $5,800, an aggregate of $24,600. Int. M.& N. Yearly on Feb. 1 from 1920 to 1934, incl.
DENTON, Denton County, Tex.-BONDS VOTED.-Tho following
CARTER COUNTY (P. 0. Ekalaka), Mont.-BOND SALE.-An issue of$45,0005%% 15-20-year (opt.)funding bonds was recently purchased two issues of 5% 10-40-year (opt.) bonds, aggregating $110,000, carried
by the Hanchett Bond Co. of Chicago. Denom. $1,000. Date Dec. 1 at the election held March 4-V. 108, p.
1918. Prin. and semi-ann. int. (J. & D.) payable at the Continental &
$100,000 street-improvement bonds. Vote
699'.
329 to 54.
Commercial National Bank, Chicago. Due Dec. 1 1938, optional Dec. 1
10,000 sewer-extension bonds. Vote 314 to 57.
1933.
DETROIT, Wayne County, Mich.-BOND ELECTION.-On April 7
Financial Statement.
the proposition providing for the issuance of the $3,000,000 Belle Isle
Total value of property, estimated
38,500,000 bridge bonds will be submitted to the voters, it is reported. V. 108. P.797
Assessed valuation for taxation (1918)
4,099,990
Total bonded debt
DOUGLAS, Cochise County Ariz.-BOND ELECTION.-On March
122,000
Population, present estimate
8,000 18, it is reported, the voters will have submitted to them the question of
CASPER, Natroma County, Wyo.-BOND ELECTION.-Reports issuing $115.000 improvement bonds.
state that an election will be held March 29 to vote on the question of
DULUTH SCHOOL DISTRICT (P. 0. Duluth), St. Louis County,
issuing the following bonds: 3260.000 water extension; $60,000 sewer and Minn.-BOND SALE.-On March 7 the $200,000 57
° 20-30-year (opt.)
349,000 city-hall bonds.
school-building bonds dated April 1 1919-V. 108, p. 896-were awarded
the Wells-Dickey Co. of Minneapolis at par and interest for 4Us.
CASS COUNTY ROAD DISTRICT NO. 12, Tex.-BONDS REGIS- to
Other bidders were:
TERED.-This district on Feb. 26 registered an issue of $50,000 53,6% Minnesota
Loan & Trust
F.I. Salter Co., Duluth_ _ _ _$203,546
road bonds with the State Comptroller. Due $2,000 yearly.
Co., Minneapolis
$206,325 N. J. Upham Co., Duluth.._ 202,800
206,000 Elston & Co., Chicago
CHICAGO, Cook County, 111.-BOND ELECTION.-The voters W. M.Prindle & Co
202,688
will be asked to vote on the matter of issuing $10,750,000 4% viaduct and Minneapolis Tr. Co., Minn_ 205,225 Bolger, Messer & Willaman,
Kalman, Matteson & Wood,
funding bonds at an election to be held in April, it is reported.
Chicago
201,305
St Paul
205,220 David 'Williams, Duluth..-- 200,000
CHILDRESS COUNTY SPECIAL ROAD DISTRICT, Tex.- First
Nat.
Bank,
Duluth__
..
204,826
BONDS REGISTERED.-On Feb. 26 an issue of $35,000 5% 10-30-year
All the above bids included accrued interest.
road bonds was registered with the State Comptroller.
EAST YOUNGSTOWN SCHOOL DISTRICT (P. 0. East YoungsCHRISTIAN COUNTY (P. 0. Ozark), Mo.-BOND ELECTION.
- town), Mahoning County, Ohio.-BOND OFFERING.-J. W. Powers,
An election will be held to-day (March 15) to vote on the proposition to Clerk
of the Board of Education (Mahoning Bank Bldg., Youngstown) will
issue $90,000 53i% court-houso building bonds (V. 108, p. 896). Due receive
bids until 12 m. Mar. 21, it is reported, for $175,000
% 133 $9,000 yearly.
year (aver.) school bonds. Int. semi-ann. Cert. check for $8,750 required.
CINCINNATI, Hamilton County, Ohlo.-BONDS PROPOSED.
It is reported that the Ways and Means Committee has recommended that
EDGEWOOD (P. 0. Swissvale), Allegheny County, Pa.-BOND
the City Council pass an ordinance authorizing the issuance of 3178,500 SALE.
-On Mar. 10 the 350.000 4J % 25M-year (aver.) park and street
public-landing improvement bonds.
bonds (V. 108, p. 896) were awarded to the Mellon National Bank of
CLARKSVILLE VILLAGE SCHOOL DISTRICT (P. 0. Clarksville), Pittsburgh at 100.10. Denom. 31.000. Date Jan. 11919. Int. J. & J.
Clinton County, Ohio.-BOND SALE.-The $2,000 6% coupon funding
ELKHART COUNTY (P. 0. Goshen), Ind.-BOND OFFERING.
bonds, offered on Mar. 1 (V. 108, p. 699) were awarded to W. L. Slayton
will be received until 10 a. m. March 22 by Fred. A. Reed,
& Co. of Toledo for 32,041 40 (102.07) and int. Denom. $100. Date Proposals
Treasurer,for $12,000 4 % highway improvement bonds. Denom.
County
Mar. 1 1919. Int. M. & S. Due $100 each six months from Mar. 1 $300. Date
March 15 1919. Int. M. & N. Due $300 each six months
1920 to Sept. 11929, incl. Other bidders were:
Durfee, Niles & Co., Tol_ _32,038 80 I Seasongood & Mayer, CintS2,020 50 from May 15 1920 to Nov. 15 1939, inclusive.
ENID SCHOOL DISTRICT NO. 57 (P. 0. Enid), Garfield County,
CLAYTON SCHOOL DISTRICT NO. 16, Burke County, No. Dak.SALE.-Recently an issue of 3250,000 5% 25-year school
BOND SALE.-During January 1919 the State of North Dakota purchased Okla.-BOND
was awarded to the First National Bank of Enid at 100.125. Date
at par $5,300 4% 20-year building bonds. Date Nov. 15 1918. Due bonds
April 1 1919.
Nov. 15 1938.
ENNIS, Ellis County, Tex.-NO ACTION YET TAKEN.-No action
CLEVELAND, Ohio.-BOND SALE.-On March 10 the following 5%
yet been taken looking toward the holding of an election to veto on the
coupon (with privilege of registration) bonds(V. 108, p. 699) were awarded has
of issuing $40,000 municipal hospital bonds.-V. 108, p. 896.
question
as stated below:
ERIE, Erie County, Pa.-BOND OFFERING.-Proposals will ho re$150,000 street-opening bonds to Spitzer, Rorick & Co. of Toledo for
8154,366, equal to 102.91. Date Dec. 1 1917. Due $6,000 Dec. 1 ceived until 11 a. m. Mar. 25 by T. Hanlon, City Clerk, for the $401,000
4% tax-free coupon (with privilege of registration) bonds for which proposals
1933, and $16,000 yearly on Dec. 1 from 1934 to 1942, incl.
150,000 street opening bonds to Spitzer, Rorick & Co. of Toledo for were asked until Mar. 11-V. 108, p. 896. Date May 1 1917; past due
8153,106, equal to 102.07. Date Mar. 1 1919. Due $6,000 coupons to be removed. Principal and semi-ann. int. payable in Erie.
Due $11,000 1932 and $26,000 yearly from 1933 to 1947, incl. Cert.
yearly on March 1 from 1920 to 1944, incl.
500,000 street impt. (city's share) bonds to Pruddon & Co. and Sidney check for 1% of the amount of bonds bid for required.
Spitzer & Co. jointly, at 101.57. Date March 1 1919. Due
ESSEX COUNTY (P. 0. Salem), Mass.-NOTE OFFERING.-Iris
$20,000 yearly
'on March 1 from 1920 to 1944, incl.
stated that the County Treasurer will receive bids until 12 m. Mar. 17 for
500,000 street impt. (city's share) bonds to Hornblower & Weeks and $150,000
43,6% hospital-loan renewal notes, dated Apr. 1 1919 and maturing
R. W. Pressprich & Co., jointly, at 101.03. Date Mar. 1 1919. Apr. 1 1921.
Due $50,000 yearly on March 1 from 1920 to 1929, incl.
FERNDALE (P. 0. Highland Park), Wayne County, Mich.
162,000 street impt. bonds to Hornblower & Weeks and R. W. Pressprich & Co., jointly, at 100.51. Date Mar. 1 1919. Due BOND SALE.-The $151,000 55' 30-year fire-hall, sewer and water-system
$18,000 Nov. 1 1919 and $36,000 yearly on Nov. 1 from 1920 bonds offered on Jan. 13 (V. 107, p. 2491), have been awarded to Keene,
Higbie & Co., of Detroit, it is reported.
to 1923, incl.
490,000 street impt. bonds to Hornblower & Weeks, and R. W. PressFINDLAY, Hancock County, Ohio.-BOND SALE.-The $13,090
prich & Co., jointly, at 100.33. Date March 1 1919. Due 534
% coupon special assessment street-improvement bonds recently
$70,000 Nov. 1 1919 and $140,000 yearly on Nov. 1 from 1920 authorized-V.
108, p. 994-have been purchased by the State Industrial
to 1922, incl.
Commission
of Ohio. Denom. $500. Date Apr. 11919. Prin. and semi2,500,000 deficiency bonds to A. B. Leach & Co. at 101.099. Date March ann. int., payable
the City Treasurer's office. Due $500 each six months
1 1919. Due $125,000 yearly on March 1 from 1921 to 1940. from Apr. 1 1920 at
to Oct. 11926. incl., and $1,000 each six months from
incl.
Apr. 1 1927 to Oct. 11929. incl.
BONDS AUTHORIZED.-On March 10 the City Council adopted an
FLINT, Genesee County, Mich.-PURCHASER OF BONDS.-The
ordinance authorizing the issuance of $60,000 park bonds, it is reported.
four issues of bonds, aggregating $331,400, dated Mar. 15 1919, for which
CLEVELAND SCHOOL DISTRICT (P. 0. Cleveland), Cuyahoga proposals were received until Mar.3-V. 108, p. 994-were awarded to the
County, Ohio.-BOND SALE.-The $1,500,000 5% 1-20-year serial Wm. R. Compton Co., E. H. Rollins & Sons and the Continental & Comcoupon school bonds, offered on March 10 (V. 108, p. 797), have been mercial Trust & Savings Bank, jointly, at 101.752, a basis of 4.82%.
awarded to a syndicate composed of William R. Compton & Co. of
FORT PIERCE, St. Lucie County, Fla.-BONDS VOTED.-The
Cincinnati, White, Weld & Co. of Chicago, Kissel. Kinnicut & Co. of
Chicago, and Stacy & Braun of Toledo, at 101.075. Date Mar. 11919. issuance of $80,000 bonds carried at an election hold Feb. 25, it is stated.
Prin. and semi-ann. int. (M. & S.) payable at the American Exchange
FORT WORTH, Tarrant County, Tex.-NOTE SALE.-Recently
Nat. Bank of N.Y. Due $75.000 yearly on Mar. 1 from 1920 to 1939. incl. the Brown-Crummer Co. of Wichita purchased $250,000 4J % water-works
Other bidders were:
notes. Denom. $5,000 and $1,000. Date March 11919. Prin. and int.
A. B. Leach & Co., Chicago
$1,512,677 payable at the Hanover National Bank, N. Y. Due 810.000 monthly
Hayden, Miller & Co., Cleveland; Harris Forbes & Co., New
beginning April 1 1919.
lad
York, and National City Co., New York
1,510,515
GENEVA, Fillmore County, Neb.-BONDS VOTED.-On Feb. 25
CLIFTON, Greenlee County, Ariz.-BOND ELECTION.-A report the voters authorized
the
issuance,
it
is
stated,
of
$35,000 sewer bonds,
from Clifton states that the Town Council has called for an election on by a majority of 304 votes.
Mar. 29, when the voters will pass on a proposition to issue $179,000 local
GLYNN COUNTY (P. 0. Brunswick), Ga.-BOND ELECTION.
Improvement bonds.
Voters of thls county will have submitted to them on April 2 a proposition
COITSVILLE TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Science Hill), Mahoning County, Ohio.-BOND OFFERING.-J. B. to issue $350,000 road bonds, it is stated.
GRAND HAVEN, Ottawa County, Mich.-BONDS VOTED.-At an
Clingan, Clerk Bd. of Ed., will receive proposals until Mar.27 for $160,000
election held March 5 a proposition providing for the issuance of the
% school bonds, It is reported.
$24,000
5% paving bonds mentioned in V. 108, p. 896, carried by a subCOW CASTLE DRAINAGE DISTRICT (P. 0. Orangeburg),
Orangeburg County, So. Caro.-BOND OFFERING.-Additional infor- stantial majority.
mation is at hand relative to the offering on March 24 of the $175,000
GRAND RAPIDS, Kent County, Mich.-BONDS PROPOSED.-The
coupon (with privilege of registration) 25-year drainage bonds (V. 108, p. City Commission, it is stated, has under consideration a proposition to issue
896)_. Proposals for these bonds will be received until 12 m. on that day $250,000 street-impt. bonds.
by W. H. Patrick, Chairman of District Commissioners. Bids are desired
GREENBUSH SCHOOL DISTRICT (P. 0. Greenbush), Roseau
on bonds bearing both 5% and 6% interest. Denom. to suit purchaser.
There is no bonded or floating debt. Value of real property (approximate) County, Minn.-BONDS VOTED.-Newspapers state that by a vote of
118 to 20 a proposition to issue $37,000 school-building bonds carried at a
$2,000,000. Assessed value is approximately $300,000. Wolfe & Berry
recent election.
Orangeburg, are attorneys for the district.
GREENE COUNTY (P. 0. Bloomfield), Ind.-BOND OFFERING.
DALLAS COUNTY (P. 0. Dallas), Tex.-CORRECTION.-The
proposition to issue $1,400,000 (not 82,000,000 as first reported-V. 108, Levi J. Bauer, County Treasurer, will receive proposals until 2 1:.• In•
Mar.
22, it is reported, for $5,000
% highway impt. bonds.
P.896) road bonds will be submitted to the voters on April 1. it is stated.
will also be received by the above Treasurer until March 22
DALLAS COUNTY SEWER IMPROVEMENT DISTRICT NO. 1, forProposals
an issue of $17,300 highway impt. bonds. A like amount of bonds were
Tex.-BONDS REGISTERED.-We are advised that the State Comptroller
registered an issue of $100,000 6% sewer bonds on March 1. Due $3,500 previously offered on Fob. 5. V. 108, p. 397.
GREENLEE COUNTY (P. 0. Clifton) Ariz.-BOND ELECTION.yearly.
The question of issuing $200,000 county highway bonds will be submitted
DECATUR SCHOOL DISTRICT (P. 0. Decatur), Adams County, to
the voters on March 22, it is stated.
Ind.-BOND SALE.-Tho 34,000
% coupon school bonds offered on
HAMILTON COUNTY (P.0. Noblesville), Ind.-BOND OFFERING.
Mar. 10(V. 108, p.896) were awarded to the First National Bank of Decatur
at par and accrued int. Denom. $500. Date Feb. 20 1919. Interest -Proposals will be received until 11 a. m. Mar. 28 by J. B. Austin, County
semi-annual. Due $500 each six months from June 20 1920 to Dec. 20 Treasurer, for 312.400 and $3,200 435% 10-year highway-impt. bonds, it
is reported.
1923, incl.
NO BIDS RECEIVED.-No bids were received, it is reported, for the
DEFIANCE COUNTY(P.O. Defiance), Ohlo.-BOND OFFERING.
An issue of 871.750 5% coupon tax-free road bonds is being offered by $7,0004% gravel road impt. bonds,offered on Mar. 1 (V. 108, p.700)
MAR. 15 1919d
THE CHRONICLE
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.-BONDS PROPOSED.-The Board of County Commissioners has under consideration
the issuance of approximately 8100,000 road-improvement bonds.
HARRIS COUNTY NAVIGATION DISTRICT, Tex.-BOND
ELECTION PROPOSED.-It has been suggested by Judge Chester H.
Bryan that an election be held May 24 to vote on a proposition to issue
$1.365,000 channel bonds. A two-thirds majority vote is necessary to
authorize the issue. The navigation district board is composed of C. G.
Pilot, R. S. Sterling and the Commissioners Court.
HAYESVILLE, Ashland County, Ohio.-BOND SALE.-On March 8
the Farmers' Bank of Ashland was awarded the $2,250 6% electric-lightplant bonds offered on that date (V. 108, p. 700) for $2,260 (100.444) and
in
Denom. $250. Prin. and semi-ann. in (M. & S.) payable at the
office of the Sinking Fund Trustees. Duo $250 yearly on March I from
1921 to 1929, inclusive.
HAZLETON, Luzerne County, Pa.-BOND OFFERING.-Proposals
will be received until 4 p. m. April 1 by C. B. Bittenbender, Superintendent
of the Department of Accounts and Finance, for the $60,000 434% coupon
tax-free Paving and sewer bonds mentioned in V. 108, P. 995. Denom.
$500. Date Apr. 1 1919. Prin• and semi-ann. int. (A. & 0.), payable
at the office of the City Treasurer. Due yearly from 1924 to 1949, incl.
Cert. check for 1% of amount of bonds bid for, payable to the "City of
Hazleton," required. Purchaser to pay accrued int.
Financial Statement March 11 1919.
$388,000 00
Bonded debt (including this issue)
9,451 48
Sinking fund
19,452,240 00
Assessed valuation, 1918
7 80
City tax rate (per $1,000)
HOLMES COUNTY (P. 0. Millersburg), Ohio.-BOND SALE.
The $1,500 5% coupon funding bonds offerecion March 3(V. 108, P. 798)
were awarded on that day to the Farmers & Merchants Bank of Millersburg at par. Date March 1 1919. Due $150 each six months from
March 1 1920 to Sept. 1 1924, inclusive.
HOLYOKE, Hampden County, Mass.-BOND SALE.-On March 11
tax-free gold coupon (with privilege of
the following four issues of 43
registration) bonds, aggregating $239,000, were awarded to R. L. Day &
Co. of Boston at 100.039 an interest basis of 4.49%.
$160,000 highway construction bonds. Due $16,000 yearly on March 1
from 1920 to 1929, inclusive.
40,000 bridge bonds. Duo $2,000 yearly on March 1 from 1920 to
1939, inclusive.
20,000 bath-house bonds. Due $1,000 yearly on March 1 from 1920 to
1939, inclusive.
19,000 Spanish influenza epidemic bonds. Due $5,000 yearly on
March 1 from 1920 to 1922, inclusive, and $4,000 March 11923.
Date March 11919. Principal and semi-annual interest(M. & S.) payable at the Merchants National Bank of Boston, and in case of registered
bonds, interest checks will be mailed by the City Treasurer.
HOLGATE, Henry County, Ohio.-BOND SALE.-Tho $7,750 6%
water-impt. bonds offered on March 10(V. 108, Ip• 995) have been awarded
to Spitzer, Rorlck & Co. of Toledo for $8,010 62 (103 362) and int. and
printing of bonds. Denom. 1 for $750 and 7 for $1,000. Date Feb. 1
1919. Int. semi-ann. Due yearly on Feb. 1 as follows: 8750 1924 and
$1,000 1925 to 1931 incl. Other bidders, all of whose bids included accrued interest, were:
Sidney Spitzer & Co.,Tol__$8,142 80 Nat. Bank of Comm., Col. $8,061 25
Durfee, Niles & Co., Tol.._ 8,081 80 Seasongood & Mayer, Cin.. 8,037 00
W.L. Slayton & Co., Tol__ 8,077 83 Hanchott Bond Co.,Chic__ 7,997 50
A. T. Bell & Co., Toledo__ 8,076 00 N.S. Hill & Co., Cincin___ 7,833 70
__ 7,767 75
Well, Roth & Co., Cincin__ 8,075 50 Stacy & Braun,
Bank.
Toledo_Prudden & Co., Toledo..___ 8,068 00 IIolgate Comm'l
7,750 00
Ho!gate
Otis & Co., Cleveland
8,065 00
1089
$45.000 sewer and $15,000 comfort-station bonds, in all an aggregate of
$123,400, will be submitted to the voters, according to local papers.
LAURENS COUNTY (P. 0. Dublin), Ga.-BOND ELECTION PRO.
POSED.-An election will probably be called in the near future to vote
on the question of issuing 8500,000 bonds, it is stated.
Douglas
LAWRENCE SCHOOL DISTRICT (P. 0. Lawrence),the
Board
County, Kan.-BOND ELECTION PROPOSED.-On March 5an
election
call
to
Mayor
the
asking
of Education adopted a resolution
memorialsome time during April, when a proposition to issue $230.000reported.
high-school-building bonds will be submitted to the voters, it is
LEWISTOWN, Fergus County, Mont.-BOND ELECTION.-An
ordinance was passed by the City Council providing for an election to vote
on the question of issuing 360.000 auditorium bonds, it is stated.
LINCOLN, Lancaster County, Neb.-BOND ELECTION.-An election will be held April 8 to vote on a proposition to issue $100,000 sewerage
bonds at not exceeding 534% interest.
LITTLE ROCK, Pulaski County, Ark.-DESCRIPTION OF WARon
RANTS.-The 8325,000 1-year tax-free refunding warrants awarded
are in
Feb. 8 as stated in V. 108, p. 700-are dated Mar. 25 1919 and
of N. Y.
denominations of $1,000, payable at the National City Bank &
Due Mar. 25 1919. Ames,Emerich & Co. and P. W.Chapman Co. are
offering the above at 95.
Financial Statement.
$80.000,000 00
Real value of taxable property
40,753,455 00
Assessed value 1918
1,089,754 90
issue
this
including
Total indebtedness,
Population, 1910 Census, 45,941; Government 1916 estimate, 57,343:
present estimate, 80,000.
LONG BEACH CITY SCHOOL DISTRICT (P. 0. Long Beach),
Los Angeles County Calif.-BOND ELECTION.-Reports state that a
proposition to issue $150,000 school bonds will be submitted to the voters
on April 8.
-On
LUDINGTON, Mason County, Mich.-BOND ELECTION.
to the people
Feb. 24, it is stated, the City Commissioners voted to submit
park,
$200,000
issue
to
proposition
a
April
in
at an election to be held
boulevard and building bonds.
PROPOSED.
MARION, Marion County, Ohio.-BOND ELECTION
to vote
It is reported that the City Council has decided to hold an election
bonds.
hospital
on the matter of issuing $200,000
Wood
MARSHFIELD SCHOOL DISTRICT (P. 0. Marshfield),
860,000 5% schoolCounty, Wisc.-BOND SALE.-On Feb. 28 the First
Savings
&
Trust
the
to
were
awarded
798)
p.
108,
(V.
building bonds
Bank of Chicago for $60,668. equal to 101.113. Denom. $1,000. Date
Dec. 1 1918. Interest annual. Due Dec. 1 1933.
MARKSVILLE,Avoyelles Parish,
@FedFRASER