The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
financial
/p
ipmmurria
w
I N C L U D I N G
&
Q u o ta tio n
S e c tio n
R a ilw a y &
R a ilw a y
B ank
E a r n in g s
S e c tio n
R a n k e rs ’ C o n v e n tio n
VOL. 108
I n d u s tr ia l S e c tio n
For Six Months........................................................................................ ^ 9 }}{}
European Subscription (Including postage)!"*"..................................
European Subscription six months (including p ostage)!!!!! ................. 7
Annual Subscription in London (including postago)......
.............. 0 0 14 s.
Subscription includes following Supplements—
B ank and Q uo tation (monthly) | R a il w a y a n d I nd ustr ial (twice vearivi
A
Gs (jnonth|y)
E lectric R a il w a y ( twice yearly
l7>
S t a t e a n d C it y (semi-annually) | B a n k e r s ’ C on vention (yearly)
y))7
T erm s o f A _______
d vertisin
g— Per »»»*.»*
Inch uSiiacp
matter- ,.ee
,
pm ce
20
00
00
00
00
Throe Months
Six Months
Standing Business Cards
39
C hicago O ffice —
South L a Salle Street, Telephone M ajestic7396
L ondon O ffice —E dwards <& Smith, 1 Drapers’ Gardens, E. C.
AV I L L i A M B . D A N A C O M P A N Y , P u b l i s h e r s ,
____________F ron t, P in o an d D c p o y s tc r S ts., N ew Y o r k .
ioee^bl«e1?Ki.t0'!ery,,Sat.,,,r<lay m<>rnlng by W IL L IA M B. DANA C O M P A N Y
Jacob Seibert Jr., resident and Treasurer; Arnold Q. Dana, Vice-President and
Secretary. Addrcssess of both, Oftlce of the Company.
1
CLEAR IN G H O U SE RETURNS.
*7
1
?hteaeTe,Vina<\!? up t)y tc,legral)h' * c- Indicates that the total bank
eon n«an m h<?US*e .2 f Jhe United St^es for the week ending to-day
$6,720,540,151 last week and $5,820,061,803 the
7
8
3
Clearings—Returns by Telegraph.
Week ending March 22.
1919.
1918.
Per
Cent.
New York____
Chicago______
Philadelphia . .
Boston_______
Kansas City___
St. Louis_____
San Francisco.
Pittsburgh____
Detroit_______
Baltimore_____
New Orleans..
$3,623,580,033
438,182,968
387,787,683
295,842,000
107,694,947
149,703,489
*95,000,000
134,587,603
108,303,899
72,274,679
57,714,551
$2,532,927,399
442,671,329
284,780,618
223,031,089
183,555,581
143,972,049
79,944,030
60,740,453
40,373,997
40,327,024
53,128,902
+ 43.1
—
+ 3 6 .2
+ 32.6
—
+ 4.0
+ 18.8
+ 101.7
+ 133.5
+ 79.2
+
Eleven cities, 5 days.
Other cities, 5 days_____
$5,530,671,852
875,980,493
$4,097,458,531
801,004,208
+ 32.5
+ 9.3
$6,400,658,345
1,200,047,698
$4,898,462,799
931,169,094
+ 30.8
+ 28.9
$7,600,706,043
$5,829,001,893
+ 30.5
Total all cities, 5 days.
All cities, 1 day__________
Total all cities for week______
' Estimated.
w J cannoV hirn si/ them r
atnoonon Sa Uni v nmi
i
10.1
1919.
' l by lh? above wlU bo B,vcn ncxt Saturday,
c‘carlugs 1)elng mado up by the clearing houses
1918.
Inc. or
Dec
1916.
%
S
$
New York______ 3,709,098,410 ,120,750,659
Philadelphia . .
384,011,174 330,980,232
Pittsburgh____
120,371,802
02,028,078
Baltimore____
71,848,389
47,812.404
Buffalo..............
19,383,275
19,323,082
Washington__
14,519,092
13,520,175
Albany......... ..
3,015,215
4,277,744
Rochester____
8,882,882
7,205,270
Scranton.........
3.004,780
3,757,010
Syracuse.........
3,011,705
4,010,137
Reading______
2,427,737
2,952,259
Wilmington___
2,955,001
2,986,528
Wllkes-Barro. _
2,036,477
1,948,036
Wheeling_____
4,370,270
3,847,188
Lancaster____
2,334,543
3,173,899
Trenton______
2 ,2 00 ,000
2,336,015
York__________
1,201,381
1,281,075
E rie__________
1,833,818
1,823,013
Binghamton . .
900,000
039,700
Grccnsburg___
1,015,729
900,000
Chester_______
1,141,405
1,315,190
Altoona_______
774,531
742,908
M ontclair____
325,954
558,047
Total Middle. 4,302,524,248 3,038,483,007
+ 18.9
,102,914,501 3,096 ,531,026
311,783,621
227 ,728,736
+ 94.1
73,712,588
61 ,874,843
+ 50.3
41,324,378
39 ,111,354
+ 0.3
15,975,039
13 ,325,502
+ 7.3
9,900,000
8 ,966,988
— 15
5,188,701
5,357,802
+ 23.3
0,871,283
5,,060,481
— 2.5
2,968,549
2 ,845,728
— 24.9
3,713,507
3 ,099,881
— 17.8
2,045,019
2 ,258,474
— 1.0
3,122,724
2 ,404,933
+ 4.5
1,848,579
1 ,554,275
+ 13.6
3,012,380
2 ,724,359
— 20.4
2,180,770
1 ,809,401
— 5.8
2,134,734
2 ,039,799
— 6.2
1,200,733
1 ,028,073
+ 0 .0
1,842,900
1 ,207,455
— 4.4
914,200
767,800
+ 12.9
875,000
843,822
— 13.2
1,309,008
,11.3,793
+ 4.3
010,400
496,350
— 41.0
461,411
393,484
+ 19.9 3,597,176,697 3,482,544,359
+
10.0
Boston__________
Providence_____
Hartford............!
New Haven_____
Springfield...........
Portland_______
Worcester______
Fall River______
Now Bedford___
Holyoke________
Lowell__________
Bangor__________
300,893,182
9,097,700
7,512,510
4,831,185
3,425,418
2,150,000
3,300,552
1,012,088
1.440,712
033,289
1,014,275
590,798
254,899 ,211 + 20.4
12,538 ,200 — 27.4
7,586 ,569
— 1.0
— 5.6
5,118 ,273
3,456 ,059
— 0.9
— 6.5
2,300 ,000
3,087 ,745 — 10.5
2,903 ,335 —45.0
1,780 ,303 — 2.3.2
016 ,558
— 2.1
1,140 ,000
— 2.3
688 ,480 - 1 4 .2
221,114,491
11,451,400
8,833,936
4,791,594
4,026,326
3,915,607
1,768,530
1,816,057
857,032
1,166,724
039,839
219,789,790
9,378,400
7,642,191
3,884,060
4,324,509
2,378,498
3,812,711
1,434,945
1,391,830
877,940
1,034,825
633,733
Tot. New Eng.
342,501,009
290.900,733
202,982,802
250,583,444
+ 1 5 .4
2 ,000 ,000
For Canadian clearings seo "Commercial and Miscellaneous News.”
Chicago____
Cincinnati..
Cleveland_
Detroit_____
Milwaukee .
Indianapolis___
Columbus_____
Toledo_________
Peoria________
Grand Rapids..
D ayton _______
Evansville_____
Springfield, 111..
Fort W ayn e..
Lexington____
Youngstown____
Rockford____
Bloomington.
Quincy__________
Akron________
Canton_______
Decatur______
Springfield, O .
South Bend_____
Mansfield_____
Danville_______
Jacksonville, 111
Lansing________
Owensboro____
L im a __________
Ann Arbor_____
Adrian_________
C ity
S e c tio n
N O . 2804
Inc. or
Dec.
1918.
$
517.343T,958
64,442,968
83.471.711
65.000. 000
32,470,880
13.344.000
11 . 100.000
11,111,572
5.500.000
4,403,587
3,320,854
3,836,816
2.351.711
1,306,231
2 .0 0 0 . 000
4,780,404
2,224,186
1,676,261
1,731,536
7.257.000
3,170,872
1,153,113
1,301,764
1 . 100.000
1,196,255
721.000
569,540
900.000
1,250,000
822,894
344,499
100 .000
1917.
%
526,135,957
—1.7
51,213,101 + 25.8
67,599,537 +23.3
49,237,261 + 32.0
31,464,944
+ 3.2
14.001.000
—4.7
9,687,400 + 14.6
9,073,523 + 22.5
5,836,493
—5.8
4,655,406
—4.1
3,942,127 —15.8
3,635,730
+ 5.5
2,848,149 —17.5
1,106,771 + 18.1
2,132,518
—6 .2
3,836,796 + 24.6
2.270.396
— 1.2
1,896,423 — 11.6
1,711,046
+ 1.2
4.863.000 + 49.2
3.300.000
—3.9
1.159.396
—0.5
1,366,743
—4.8
1,090,003
+ 0.9
1,433,153 —16.5
700.000
+ 3.0
632,119
—9.9
810.000 + 11.1
1,205,678
+ 3.7
760,000
+ 8.3
313,050 + 10.0
134,989 —25.9
481,062,338
38,105,874
60,867,732
55,971,898
27,304,616
12,038,000
10,300,700
12,341,930
6.090.000
4,564,933
3,871,705
2,732,253
2 .2 00 .000
1,853,371
974,992
2,960,289
1,629,459
1,239,901
1,416,555
5,666,000
3,338,099
868,126
1,127,512
1,129,038
996,059
716,680
448,979
900,000
731,073
733,612
368,743
107,043
386,662,375
35,991,050
40,140,182
42,600,306
20,741,619
10,660,606
8,774,700
10,035,454
3.900.000
4,120,490
2,971,902
2,079,657
1,481,243
1.353.198
730,026
2,054,798
1.227.198
920.601
1,127,974
3.046.000
2,755,056
612,153
993.602
809,378
746,985
598,385
373,528
882,754
368,662
616,280
260,093
83,682
Tot.Mid .West.
851,363,672
810,052,709
+ 5.1
744,660,510
589,719,938
San Francisco
Los Angeles...
Seattle__________
Portland____
Salt Lake C ity ..
Spokane.........
97,337,522
28,720,000
32,109,026
23,153,448
12,634,145
8,536,838
4,594,677
5,725,522
3,341,267
2,188,917
1,133,237
1,874,284
2,076,545
802,239
536,659
1,055,684
951,156
226,771,166
+ 19.5
+ 2 6 .6
+ 5.6
+ 31.8
+ 0.7
— 3.2
+ 4.3
+ 40.2
+ 2 5 .5
+ 5.5
Total Pacific..
116,353,513
36,373,000
33,915,077
30,506,895
12,718,198
8,263,559
4,793,670
8,029,304
4,192,798
2,308,136
1,382,526
2,541,363
1.5S3.500
1,120,707
632,679
1,062,340
1,435,086
267,152,531
82,645,881
31.515.000
21,090,043
14.500.000
11,322,227
6,917,375
3,612,969
5.130.641
2,251,485
2,415,102
1,700,524
1,724,865
1.547.642
781,871
411,477
750,000
796,977
189,114,079
62,511,096
25,864,830
18,897,689
13,731,899
7,563,325
4,920,000
2,942,477
4,130,488
1,771,424
2,585,164
1,011,917
1,029,040
1,054,640
460,455
364,371
649,784
647,232
150,135,831
Denver__________
St. Joseph______
Des Moines_____
Sioux City______
Wichita................
Duluth__________
Lincoln ________
Topeka ________
Waterloo_______
Helena__________
Fargo___________
Cedar Rapids___
Colorado Springs
Pueblo______
Fremont_______
Billings_______
Hastings______
Aberdeen_______
Tot.oth. West
186,774,159
37,221,306
68,022,024
16,278,157
17,344,449
19,996,373
11,939,218
12,708,932
11,489,074
4,492,920
6,108,409
2,677,948
2,029,689
2,310,326
2,700,000
2,557,113
793,498
743,827
1,104,825
1,209,582
640,441
1,259,702
416,401,972
215,359,099
33,397,058
63,868,199
15,259,980
21,990,339
23,553,999
11,718,666
10,689,824
9,276,834
4,349,217
5,318,815
4,122,763
2,157,278
2,031,879
2,636,749
2,352,246
918,713
782,733
1,160,769
976,700
763,844
1,106,252
433,791,956
145,739,213
55,017,986
18,825,330
10,152,486
4.300.000
48,404,857
13,169,519
17,611,634
49,458,782
6,555,991
15,250,795
7,334,504
12,644,633
2,625,290
8,094,154
1,546,607
2,900,280
4,594,320
5,051,837
2.700.000
10,591,418
1.600.000
157,782,338
51,828,349
26,968,633
16,000,000
5,000,000
36,569,939
14,4,88,111
14,189,241
46,719,652
7,808,295
12,514,632
9,276,365
6,015,840
4,711,976
4,993,737
1,508,741
2,859,503
5,708,538
5,391,683
3,062,442
10,033,290
2,278,249
4,800,000
3,134,507
8,259,012
609,086
543,209
13,262,822
2,526,073
8.6
Week ending March 15.
Clearings at—
1919.
8.1
all c^es
cases estimated,
cstlmated m
thC :lb?Yc
last day of tho week has to bo in
nu
as we go ♦
toInpress
Fridaytho
night.
Detailed figures for tho week ending March 15 show:
Note.
and
Week ending March 15.
Clearings at—
PUBLISHED WEEKLY.
T erm s o f Su b scrip tion — P ayable in A d v a n ce
For One Year.................
„ „„
clcaX es
have h?rn
S ta te
SA T U R D A Y , M A R C H 22 1919
^Irc (&hxQnirtz
Transient
E le c t r ic R a ilw a y S e c tio n
S e c tio n
S t . L o u is _________
N e w O rle a n s_____
L o u isv ille _________
H o u s to n __________
G a l v e s t o n ________
R ic h m o n d ________
F ort W o r t h ______
M e m p h is .................
A t l a n t a __________
Savan n ah ________
N a s h v ille _________
N o r f o l k __________
B ir m in g h a m _____
A u g u s t a __________
J a c k s o n v ille _____
M o b i le ..............
K n o x v ille _____
L ittle R o c k . .
C h a tta n o o g a _____
C h a rle sto n _______
O k la h o m a ___
M a c o n ____________
A u s t in ____________
M u s k o g e e ________
T u l s a ..................... ..
Jackson __________
V ic k s b u r g ________
D a l l a s ____________
S h r e v e p o r t ______
6 ,0 00 ,000
2,327,599
9,563,935
505,444
396,384
23,995,116
2,637,885
+ 2 2 .0
+ 35.6
— 23.7
+ 39.7
+ 17.9
+ 0 .6
+ 50.9
+ 17.8
— 13.3
+ 11.5
+ 6 .6
+ 6.7
— 21.1
— 15.1
+ 1.9
+ 18.9
+ 23.8
+ 3.3
+ 14.8
— 35.0
— 5.9
+ 13.7
+ 2.4
+ 8.7
— 13.6
— 5.0
— 2.2
+ 23.9
— 16.2
+ 13.9
— 5.4
— 7.6
+ 6.2
— 30.2
+ 0.9
— 14.0
+ 32.4
— 9.1
+ 24.1
+ 5.9
— 16.0
+ 21.9
— 20.9
+
100.2
— 44.3
+ 62.1
+ 2 .5
+ 1.4
— 19.5
— 6.3
— 11.8
+ 5 .5
— 29.8
+ 25.0
— 25.7
+ 15.8
— 17.0
— 27.1
+ 81.7
+ 4.4
1
126,166,725
28,142,718
36,028,727
14,998,551
13,957,804
16,671,979
9,020,413
6,080,838
5,755,447
4,756,380
4,134,115
2,392,078
2,649,000
1,809,794
1,661,700
2,921,596
919,862
785,801
742,493
824,341
548,994
722,726
282,239,082
87,083,258
24,764,167
25,213,837
15,134,089
12,093,210
10,283,092
6,732,695
4,676,178
4,307,643
4,205,277
2,924,931
1,568,297
2,848,127
1,284,280
1,919,989
2,097,838
1,066,430
488,151
520,453
579,031
275,844
771.614
210,838,431
131,391,261
32,350,398
20,340,789
11.300,000
4,123,541
21,527,375
11,957,817
10,593,548
24,928,304
5,302,323
10.342,574
5,430,772
3,322,896
2,129,513
4,176,200
1,179,150
2,666,931
3,568,387
3,237,746
2,332,416
6,431,281
1,376,425
5,000,000
1,614,881
7,015,474
461,087
260,214
12,562,170
1,632,785
94,048,787
23,958,759
18,761,596
10,105,716
3,786,529
14,646,167
8,738,683
7,910,715
16,777,538
4,608,606
7,617,196
4,179,422
2,437,886
1,604,262
3,751,984
991,358
1,913,162
2,828,911
2,773,019
2,207,634
3,183,461
3,171,532
5,879,583
1,132,396
3,195,179
562,210
210,263
7,131,178
T o t a l Southern
T o t a l a ll..............
Outside N. Y. 3,019.841,735 2,764,0~93,835 + 9.0 3,019,841.735 1,851,404,809
[Vol . 108.
THE CHRONICLE
1094
S o u th e r n a n in te g r a l p a r t o f th e N e w
im p o r ta n t
THE FINANCIAL SITUATION.
d a te d
H o w a r d E l l i o t t , in h is a d d re s s b e fo r e t h e C h ic a g o
C o m m e r c ia l C l u b o n t h e 8 t h i n s t ., m a d e o n e e x c e lle n t
s u g g e s tio n fo r th e
th e
im m e d ia te
m a n a g e m e n t o f th e
fu tu r e
w h ic h
a tte n tio n it d e s e rve s .
has n o t
r a ilr o a d s
a ttra c te d
in
H e o u tlin e d a n a d m in is tr a tiv e
p a v in g th e w a y to
Le t
th e
P r e s id e n t
w h o le
who
w ith
s itu a tio n ,
h is
d ir e c t
s ta ff w ill
p o lic ie s ,
and
&
G o v e rn m e n ta l
c o n tro l
ceases.
T h is
cost
th e
c o n s o li
m a te r ia lly
schem e
w e re
re
c a r r ie d
a
P itts b u rg h
&
La ke
E rie ,
E a s t e r n , & c ., & c ., t a k e n o v e r a n d in lik e fa s h io n
th e
th o s e
W o u l d n o t h e r e , a ls o , i m p o r t a n t b e n e
f i t s i n t h e w a y o f lo w e r o p e r a t in g c o s t b e p o s s ib le ?
A g a i n , w h a t s o u n d r e a s o n e x is ts f o r m a i n t a i n in g
th e C h ic a g o &
Paul
a d ju s tm e n ts w i t h th e r a ilr o a d s t h a t w ill b e r e q u ir e d
a fte r
r o a d s , lik e th e
e lim in a te d .
c o n tin u e
m ake
S u p p o s e , n o w , th e
c o n tr o lle d
to
s u p e r v is e
o p e ra tin g
Y o r k C e n tr a l,
fo r
th e B ig F o u r , th e L a k e E r i e & W e s t e r n , th e P e o r ia
th e c e n tra l o r g a n iz a tio n in W a s h in g to n u n d e r a D ir e c
to r -G e n e r a l,
and
e s ta b lis h e d
d e g re e fu r th e r a n d th e v a r io u s o th e r a u x ilia r y a n d
a r e tu r n o f th e ro a d s to p r iv a te
o w n e r s h ip , as fo llo w s :
w e re
p ro p e rty
duced.
th e
s te p t h a t m ig h t b e ta k e n a t o n c e w it h th e v ie w
g a in s
&
W e s te r n a n d th e C h ic a g o S t .
Om aha,
a b s o lu te ly
by
th e
fo r m e r ,
Then
s h o u ld
n o t th e
c e n tra l
o r g a n i z a t i o n s h o u l d direct the operation of the railroads
N o rth
M in n e a p o lis
w hy
th e
la tte r
c o n tr o lle d
as s e p a ra te
p ro p e rtie s ?
C o lo r a d o & S o u th e r n
be
m e rg e d in th e B u r lin g t o n & Q u i n c y , o f w h ic h it fo rm s
A n d th e s e illu s t r a t io n s c o u ld b e e x te n d e d
through the companies themselves, rather than through a p a r t ?
in n u m e ro u s o th e r d ir e c tio n s .
O f c o u rs e , a little
a system of regional directors. I n o t h e r w o r d s ,
s a y t o t h e b o a r d o f d i r e c t o r s a n d e x e c u t i v e o f f ic e r s
o f each c o m p a n y th a t fr o m
th e y
a re
to
ta k e
c h a rg e
tim e
a n d a fte r a g iv e n d a te
of
th e ir
p ro p e rtie s
and
m a n a g e , m a in ta in a n d o p e ra te th e m fo r th e a c c o u n t
and
tro u b le
w o u ld
be
in v o lv e d
in
a r r a n g in g
te r m s f o r a n e x c h a n g e o f s e c u r itie s , so a s t o g e t r id
o f th e o u ts id e s h a re h o ld e rs , b u t th e o b je c t in v i e w ,
lo w e r o p e r a t in g c o s ts , w o u ld m e r it t h e e f f o r t .
o f th e U n it e d S ta te s a n d as m a y b e o rd e re d b y th e
A lth o u g h
P r e s id e n t th r o u g h th e c e n tra l o r g a n iz a tio n in W a s h
in g to n .
A t o n c e , a rg u e s M r . E l l i o t t , th e re w ill b e a
b e t t e r f e e l i n g a m o n g o f f i c e r s a n d m e n , a n d le s s u n
c e r t a in ty a b o u t th e f u t u r e ; th e in tr ic a te a n d d e lic a te ly
a d ju s te d o r g a n iz a t io n o f t h e g r e a t s y s te m o f ra ilr o a d s
w ill b e g in t o f u n c t io n b e t t e r a n d w o r k m o r e s m o o t h ly
a n d e f f e c t i v e l y ; t h e r e w i l l b e le s s l o s t m o t i o n a n d le ss
c r o s s in g o f w i r e s t h a n u n d e r t h e v e r y h i g h l y c e n t r a l
iz e d s y s te m n o w in e x is te n c e w i t h r e g io n a l d ir e c to r s .
T h e s u p r e m e m e r i t i n t h i s s u g g e s t i o n is t h a t i t c a n
b e a d o p te d a n d c a r r ie d in to
a c tio n b y C o n g re s s .
e ffe c t w i t h o u t a w a itin g
I t h a s b e e n p r e t t y w e ll e s ta b
lis h e d t h a t p u b lic s e n t im e n t w ill n o t s a n c t io n G o v
e rn m e n t o w n e rs h ip o f th e r o a d s .
b e re tu r n e d to th e ir o w n e rs
B u t if t h e y a re t o
th e s o o n e r p r e lim in a r y
s te p s t o t h a t e n d a re t a k e n t h e b e t t e r .
tim e
w ill
C o n s id e ra b le
u n d o u b te d ly b e re q u ire d b y
C o n g re ss to
fo r m u la te a p la n fo r th e fu tu r e r e g u la tio n a n d s u p e r
v is io n o f th e r o a d s , a n d p e n d in g th e
o f th e
c o u ld
d e te r m in a tio n
p la n i t w o u l d b e a c a p it a l id e a i f
e v e ry th in g
b e g o t u n d e r w a y fo r a r e s to r a tio n
c o n d itio n s .
o f n o rm a l
T h e n w h e n th e tim e a r r iv e d fo r tu r n in g
b a c k th e p ro p e rtie s to
p r iv a t e c o n tro l in
a c c o rd a n c e
w i t h s u c h p l a n , t h is c o u ld b e a c c o m p lis h e d w i t h
u tm o s t
ease, w ith
no
d e la y , a n d
w ith o u t
th e
fr ic tio n .
S u c h a c o u r s e w o u l d a ls o a d m i t o f t h e t a k i n g o f a
f u r t h e r s te p b y t h e o w n e r s th e m s e lv e s a n d th is m ig h t
w e ll b e a d v o c a te d t o s u p p le m e n t M r . E l l i o t t ’ s s u g
g e s tio n .
The
g re a t p r o b le m
of
th e
ro a d s
fo r
in d ic a te d
th e m
dow n
to
th e
lo w e s t p o s s ib le
of
m anagem ent
a lte r n a tiv e .
b r in g in g
th u s
re m a in s
m in im u m .
th e
c h ie f
O n e m e th o d o f e ffe c tin g e c o n o m y a n d
about
e lim in a tin g
im p o rta n t
s u b o rd in a te
ro a d s
s a v in g s
p ro p e rtie s
as s e p a ra te
w o u ld
and
e n titie s
be
by
a u x ilia r y
and
c o n tr o lle d
The
P e n n s y lv a n ia R a ilr o a d h a s fo r s o m e tim e b e e n
o r u n its .
e n g a g e d in c a r r y in g o u t t h is id e a b y a b s o r b in g a n d
m e r g in g s u b o r d in a te a n d c o n tr o lle d p r o p e r tie s
one
q u ite
th e
re c e n t
N o rth e rn
in s ta n c e
b e in g
th e
C e n tr a l— th e r e b y
o rg a n iz a tio n s
and
a b s o rp tio n
e lim in a tin g
s im p lify in g
of
d u p lic a te
a d m in is tr a tiv e
m an
a g e m e n t; a n d th e r e a re m a n y o th e r c o m p a n ie s t h a t
c o u ld u n d e r ta k e s im ila r w o r k w i t h g r e a t a d v a n t a g e .
T a k e th e case o f th e N e w
in s ta n c e .
B y
m a k in g th e
Y o r k C e n t r a l L i n e s , fo r
La ke
S h o re
&
T ra n s va a l had
la b o r s itu a tio n
th e r e tu r n s o f o p e r a tio n s fo r F e b r u a r y 1 9 1 9
no
e v id e n c e
y ie ld
of
o f a s a tis fa c to r y
th e
m e ta l.
It
is
fu r n is h
a u g m e n ta tio n
tru e
th a t
th e
in
th e
a ve ra g e
d a i ly o u t p u t o f g o ld w a s m o d e r a t e ly g r e a te r t h a n in
J a n u a r y , b u t a t th e
s a m e tim e
it w as
a p p r e c ia b ly
le s s t h a n f o r t h e p e r i o d a y e a r a g o , a n d t h e s m a l l e s t
f o r F e b r u a r y s in c e 1 9 1 4 .
I t w o u ld s e e m t o b e c le a r,
t h e r e f o r e , e i t h e r t h a t t h e d i s o r g a n i z a t i o n o c c a s io n e d
b y t h e i n f l u e n z a e p i d e m i c is l a r g e l y y e t t o b e o v e r
c o m e , o r t h e g r a d e o f o r e b e i n g m i n e d is o n t h e w h o l e
q u ite lo w .
I f t h i s l a t t e r is n o t t h e c a s e , t h e n o t d i s
t a n t f u t u r e s h o u ld w itn e s s a c o n s id e r a b le e x p a n s io n
in
p r o d u c tio n .
The
a c tu a l y ie ld
fo r
Fe b ru a ry,
as
c a b l e d , w a s o n l y 6 3 6 ,7 2 8 f i n e o u n c e s , o r a p e r d i e m
a v e r a g e o f 2 2 ,7 4 0 f i n e o u n c e s , t h i s c o n t r a s t i n g w i t h
6 5 9 ,7 5 9
fin e
ounces a n d
fin e
ounces
fo r
th e
fin e
ounces
and
a d a ily
lik e
a ve ra g e
p e rio d
2 5 ,7 6 1
fin e
la s t
ounces
o f 2 3 ,6 5 3
ye a r,
in
7 2 1 ,3 2 1
19 17,
and
7 5 3 ,5 9 4 f i n e o u n c e s a n d 2 5 ,9 8 6 f i n e o u n c e s i n 1 9 1 6 .
F o r t h e t w o m o n th s o f t h e c u r r e n t c a le n d a r y e a r th e
n e w s u p p l y o f g o l d o b t a i n e d f r o m t h e r\ r a n s v a a l a ls o
f a l l s b e l o w a l l y e a r s s in c e 1 9 1 4 , r e a c h i n g b u t 1 , 3 1 2 ,
78 7
fin e
ounces
1 ,5 0 3 ,9 5 5
fin e
a g a in s t
ounces
1 ,3 7 3 ,9 4 1
and
fin e
ounces,
fin e
ounces,
1 ,5 4 1 ,0 6 1
r e s p e c tiv e ly , o n e , t w o a n d th re e y e a rs a g o .
th e
R e d u c t i o n in w a g e s w ill b e d i f f i c u l t if n o t im p o s s ib le .
Econom y
re c e n t re p o rts fr o m
i n t h e g o l d m i n e s s in c e t h e o p e n i n g o f t h e n e w y e a r ,
T h e fo r e ig n e x p o r t t o t a l fo r th e U n i t e d S ta te s fo r
fu tu r e w ill b e h o w t o re d u c e o p e r a tin g e xp e n s e s a n d
keep
th e
s o m e im p r o v e m e n t in th e
M ic h ig a n
Fe b ru a ry
19 19 ,
announced
o ffic ia lly
th is
w eek,
is
s i m p l y a n o t h e r i n t h e s e r ie s o f p h e n o m e n a l l y h e a v y
a g g re g a te s
to
It
th a t
th is
la te s t t o t a l
a m o u n t as th e
h ig h
re c o rd
is t r u e
w h ic h
we
have
becom e
is n o t
to ta l
a c c u s to m e d .
a s la r g e
fo r th e
in
p r e c e d in g
m o n t h w it h its 3 1 d a y s , a g a in s t 2 8 to r F e b r u a r y , b u t
i f a llo w a n c e b e m a d e fo r t h a t d iffe r e n c e , i t w ill b e
fo u n d t h a t n e v e r b e fo re in o u r h is to r y h a s th e o u t
flo w
o f c o m m o d itie s f r o m
o u r p o r t s , as re p re s e n te d
b y v a l u e , b e e n a s h e a v y i n a n y m o n t h a s i n t h a t la s t
passed.
M o re o ve r,
num ber of days
in
e x p o rts fo r J a n u a r y
ir r e s p e c tiv e
th e
e n tire ly
of
d iffe re n t m o n th s , o n ly
19 19
and D ecem ber 19 17
th e
th e
have
e xc e e d e d th o s e n o w re p o rte d fo r F e b r u a r y .
It
seem s,
h o w e ve r,
th a t
th e
r e c e n t la r g e t o t a l s m u s t b e i n
s ig n ific a n c e
of
th e
a m e a s u re q u a lifie d .
T h e y d o n o t a lto g e th e r re fle c t o r d i n a r y tr a d e m o v e -
M a r . 22 1919.]
m erits.
1095
THE CHRONICLE
T h e y in c lu d e s o m e s h ip m e n ts t h a t c a n n o t
p r o p e r ly b e cla ssed as e x p o rts — th a t is, s u p p lie s fo r
th e A m e r ic a n fo r c e s a b r o a d .
T h is , w e lea rn fr o m
in q u ir y in t o th e m a tte r .
I t is t o b e e x p la in e d t h a t
w ith in a v e r y n a r ro w m a r g in , c o n fir m s th e e s tim a te
o f th e C r o p R e p o r t in g B o a r d o f th e D e p a r t m e n t o f
A g r ic u ltu r e m a d e ia st D e c e m b e r .
T h e D ep a rt
m e n t ’ s e s tim a te , a n n o u n c e d o n D e c . 10, la s t, in d i
c o m m o d itie s sen t a b r o a d o n G o v e r n m e n t v e s s e ls
(w h e th e r o f th e w a r t y p e o r th o s e u n d e r c o n t r o l as
6%
tr a n s p o r ts ,
& c .)
a re
not
in c lu d e d
in
th e
c a te d
th a t,
n o tw ith s t a n d in g
an
in cre a s e
of
over
in th e s e e d e d a re a , th e y ie ld o f lin t fr o m la s t
exp ort
s p r in g ’ s p la n tin g w a s o n ly a b o u t 3 )/£ % g r e a te r th a n
s ta tis tic s , b u t w h ere s u p p lie s g o fo r w a r d o n m e r c h a n t
th e s h o r t c r o p o f 1 91 7 -1 8 a n d o v e r 4 m illio n b a les
v e sse ls, w h ich h as b e e n th e ca se m o r e o r less o f la te ,
u n d e r th e r e c o r d p r o d u c t io n o f 1 9 1 4 -1 5 .
th e y fo r m a p a r t o f th e to t a ls .
U n fo r t u n a t e ly , n o
p r a c t ic a lly s u b s ta n tia te d , th e C e n su s B u re a u s t a t e
s e p a ra te r e c o r d s o f th e se s h ip m e n ts are a v a ila b le ,
m e n t (in c lu d in g a m o d e r a te a m o u n t e s tim a te d t o b e
T h is is n o w
th u s m a k in g it im p o s s ib le t o a sc e rta in th e e x te n t t o
g in n e d a fte r M a r c h 1) c o m in g w ith in 3 2 5 ,0 0 0 b a le s
w h ic h th e t o ta ls h a v e b e e n s w o lle n b y th e in c lu s io n
o f th e ea rlier a p p r o x im a t io n .
of
lin te r p r o d u c t io n
th e s e
s h ip m e n ts .
W ith th e fo r e g o in g e x p la n a tio n w e n o te t h a t th e
m e r ch a n d is e e x p o r t s fo r F e b r u a r y
1919 c o v e r e d
in c lu d e d ,
I n n e ith e r ca se is th e
but
a ss u m in g th a t
an
a m o u n t c lo s e ly a p p r o x im a tin g th e t o t a l r e tu r n e d la s t
a
y e a r w ill b e o b t a in e d , w e h a v e a n a g g r e g a te y ie ld o f
v a lu e o f $ 5 8 8 ,0 0 0 ,0 0 0 , a t o t a l c o n tr a s tin g w ith $ 4 1 1 ,
a b o u t 1 2 ,9 0 0 ,0 0 0 ru n n in g b a le s (r o u n d b a le s c o u n te d
3 6 1 ,9 7 0 in 1918 a n d $ 4 6 7 ,6 4 8 ,4 0 6 in 1 9 1 7 .
The
g a in o v e r la st y e a r , it w ill b e o b s e r v e d , is a p p r o x i
as h a lf b a le s ), a n o u t c o m e s o m e 6 5 0 ,0 0 0 b a les a b o v e
th a t o f 1 91 7 -1 8 a n d 2 4 0 ,0 0 0 b a le s g r e a te r th a n t h a t
m a te ly 177 m illio n d o lla r s , w h e a t, flo u r , p r o v is io n s
a n d c o t t o n a c c o u n t in g fo r m u c h th e g r e a te r p o r t io n
o f 1 9 1 6 -1 7 , b u t 3 ,8 3 7 ,0 0 0 b a les b e lo w 1 9 1 4 -1 5 .
S p e c ific a lly , th e B u r e a u ’s s ta t e m e n t m a k e s
o f it .
y ie ld o f lin t c o t t o n 1 1 ,8 8 8 ,1 3 8 b a le s , w h ic h in c lu d e s
F o r th e e ig h t m o n th s s in ce J u ly 1 1918 th e
th e
a g g r e g a te r e c o r d s a n a u g m e n ta t io n o f 524 m illio n
an
d o lla r s o v e r th e p r e c e d in g y e a r , c o n tr a s t b e in g b e
M a r c h 1, a n d th e t o t a l o f lin ters w e e s tim a te a t s a y
e s tim a te
of
1 7 7 ,1 2 1
b a le s
to
be
g in n e d
a fte r
tw e e n $ 4 ,3 8 6 ,0 0 0 ,0 0 0 a n d $ 3 ,8 6 1 ,6 4 4 ,0 3 7 , a n d th e re
1 ,0 1 2 ,0 0 0
b a le s
is a g a in o f 303 m illio n s o v e r th e h ig h -m a r k e s ta b
F e b . 2 8 ).
T h e D e p a r t m e n t ’ s e s tim a te w a s 1 1 ,7 0 0 ,
lish ed
in
1 9 1 6 -1 7 .
F u r th e r m o r e ,
th e
tota l
is
(7 7 7 ,1 1 6
b a le s
w ere
recovered
to
53
0 0 0 b a les o f 500 p o u n d s g ro ss e a c h (e x c lu d in g lin te r s ,
m illio n d o lla r s in e x cess o f th a t fo r th e fu ll fis ca l y e a r
o f c o u r s e ), b u t th is la te s t r e p o r t g iv e s th e a v e ra g e
1 91 5-16 a n d n e a r ly d o u b le t h a t o f 1 9 1 1 -1 2 .
w e ig h t o f
b a les m a r k e te d
as 5 0 5 .7
pounds
gross,
M e r c h a n d is e im p o r ts in F e b r u a r y 1919 a t $ 2 3 5 ,
m a k in g th e C e n su s t o t a l o f lin t e q u iv a le n t t o 1 2 ,
0 0 0 ,0 0 0 , e x c e e d all p r e v io u s r e c o r d s fo r th e p a r tic u la r
0 2 2 ,6 0 1 b a le s o f 500 lb s . e a c h , o r 3 2 2 ,6 0 1 b a les in
p e r io d , e x h ib itin g a g a in o f 27 m illio n d o lla r s o v e r
ex cess o f th e D e p a r t m e n t e s tim a te .
1 9 1 8 , a n d o f 36 m illio n s o v e r 191 7.
p a riso n o f th e g in n in g o f 1 91 8-19 w ith t h a t o f 1 9 1 7
F o r th e e la p sed
A s re g a rd s c o m
p o r t io n o f th e fis ca l y e a r 1 91 8-19 th e a g g r e g a te is
18, th e re are im p o r t a n t ch a n g e s t o b e n o t e d .
$ 1 ,9 3 3 ,0 0 0 ,0 0 0 ,
fo r th e
O k la h o m a a n d T e x a s , fo r in s ta n c e , ra th e r m a r k e d
sim ila r p e r io d o f 1 91 7-18 a n d 385 m illio n s g re a te r
th a n 1 9 1 6 -1 7 .
T h e n e t o u t c o m e o f th e F e b r u a r y
fo r e ig n tr a d e th is y e a r w as a n e x p o r t b a la n c e o f
$ 3 5 3 ,0 0 0 ,0 0 0 , th is c o m p a r in g w ith $ 2 0 3 ,6 4 6 ,4 3 0
d e cre a se s in y ie ld a re r e c o r d e d , a n d A rk a n s a s sh o w s
o r 92 m illio n s m o r e th a n
In
o n ly a n o m in a l in c re a s e , s o t h a t in th e S o u th w e s t
as a w h o le th e fa llin g o f f is clo s e t o 8 0 0 ,0 0 0 b a le s,
th is fo llo w in g a c o n t r a c t io n o f o v e r 5 0 0 ,0 0 0 b a les
a y e a r a g o a n d $ 2 6 8 ,1 6 8 ,4 1 0 in 1 91 7, w h ile fo r th e
a y e a r ea rlier.
e ig h t m o n th s o u r n e t cr e d it a b r o a d o n m e r ch a n d is e
h a n d , th e re is an a u g m e n ta t io n o f 5 2 6 ,0 0 0 b a le s ,
a c c o u n t s ta n d s a t $ 2 ,4 5 3 ,0 0 0 ,0 0 0 , a g a in st $ 2 ,0 2 0 ,
la rg e ga in s in A la b a m a a n d M is s is s ip p i b e in g o n ly
3 3 4 ,9 4 7 fo r th e lik e p e r io d o f 1 91 7 -1 8 a n d $ 2 ,5 3 5 ,
1 8 1 ,5 6 9 in 1 9 1 6 -1 7 .
s lig h tly o ffs e t b y a loss in L o u is ia n a .
la n tic
re g io n
In th e G u lf s e c t io n , o n th e o th e r
b e tte r
resu lts
w ere
In th e A t
q u ite
th e
ru le
(F lo r id a b e in g th e e x c e p t io n ), a n d t h e y a c c o u n t fo r
C a n a d a ’ s fo r e ig n e x p o r t s fo r F e b r u a r y , d u e t o a
la rg e d e cre a se in th e o u tw a r d
m o v e m e n t o f a g ri
an in cre a se o f a b o u t 8 0 0 ,0 0 0 b a les in th e a g g r e g a te
fo r th e s e c tio n .
cu ltu ra l p r o d u c t s , w h e a t a n d flo u r in p a r tic u la r , a n d
D e s p it e th e c o m p a r a t iv e sm a lln ess o f th e cu r re n t
a d e c lin e in th e s h ip m e n ts o f m a n u fa c tu r e s , fell o ff
c r o p , fo llo w in g s h o r t y ie ld s in th e th re e p r e c e d in g
c o n s id e r a b ly fr o m th e J a n u a r y t o t a l a n d w e re 3 %
y e a r s , th e re d o e s n o t a p p e a r t o b e v a lid re a so n t o
m illio n d o lla r s less th a n th e h igh m a r k fo r th e m o n t h ,
d o u b t th e
e s ta b lis h e d la st y e a r .
m e n ts u n til n e w c o t t o n b e c o m e s a v a ila b le , e s p e c ia lly
T h e o u t flo w o f m e r ch a n d is e
cov ered
in th e a g g r e g a te a v a lu e
of
a g a in st
$ 8 9 ,7 6 4 ,9 0 8
fo r
in
1 91 8,
and
$ 8 6 ,0 9 3 ,3 4 9 ,
th e
e le v e n
adequ acy
o f s u p p lie s t o
m eet
re q u ir e
as m ill o p e r a tio n s in th e U n ite d S ta te s a re o n a re
d u c e d s ca le a n d real a c t i v i t y o n th e C o n t in e n t o f
m o n th s A p r il 1 1918 t o F e b . 28 1 9 1 9 , in c lu s iv e , th e
E u r o p e is a m a tte r o f th e fu t u r e .
t o t a l a t $ 1 ,1 6 1 ,9 2 7 ,8 0 9 , c o m p a r e s w ith $ 1 ,4 8 2 ,4 6 0 ,
8 16 a y e a r ea rlier.
I m p o r t s fo r th e m o n t h , o n th e
t h a t th e C e n su s B u re a u a n n o u n c e d , as o f J u ly 31
la s t, s to c k s o f c o t t o n a n d lin ters in c o n s u m in g e s t a b
o th e r h a n d , w e re h e a v ie r th a n a y e a r a g o , $ 6 4 ,1 1 7 ,
lis h m e n ts a n d in p u b lic w a re h o u se s a n d c o m p r e ss e s
126, c o n tr a s tin g w ith $ 5 2 ,2 0 6 ,4 4 8 , y e t th e a g g r e g a te
o f th e U n ite d S ta te s , o f 3 ,5 7 5 ,1 0 5 b a le s , w h ich c o m -,
fo r th e p e r io d s in ce A p r il 1 1918 is b u t $ 8 4 4 ,6 9 3 ,8 6 3 ,
b in e d w ith th e 1 2 ,9 0 0 ,0 0 0 b a les p r o d u c e d in 1 918
a g a in s t
$ 8 7 5 ,2 6 6 ,1 4 9 .
The
fa v o r a b le ,
or
ex p ort,
b a la n c e fo r th e m o n th th is y e a r is $ 2 1 ,9 7 6 ,2 2 3 , c o m
I t is t o b e n o te d
19, g iv e s a t o t a l s u p p ly o f 1 6 ,4 7 5 ,1 0 5 b a le s.
T h is ,
m o r e o v e r , d o e s n o t in c lu d e th e a m o u n t ca rr ie d o v e r
p a r in g w ith $ 3 7 ,5 5 8 ,4 6 0 last y e a r a n d fo r th e e le v e n
on
m o n th s th e n e t e x p o r t s s ta n d a t $ 3 1 7 ,2 3 3 ,9 4 6 , a g a in st
in tr a n s it
$ 6 0 7 ,1 9 4 ,6 6 7 .
B u r e a u h as e s tim a te d a t 3 1 5 ,0 0 0 b a le s.
C o n je c t u r e as t o th e size o f th e c o t t o n c r o p th e
cu r re n t sea son h as b e e n s u c c e e d e d b y v ir tu a l c e r
th e
t a in t y w ith th e issu a n ce th is w eek o f th e fin a l g in n in g
s u p p ly o f A m e r ic a n c o t t o n a v a ila b le t o m e e t c o n
r e p o r t o f th e
s u m p t iv e re q u ir e m e n ts w as in e x ce ss o f 17 m illio n
p la n ta tio n s ,
in p r iv a t e
a t th e
clo s e
w a re h o u se s a n d
o f la s t s e a s o n ,
co tto n
w h ich
th e
N o r is th e re
in c lu d e d th e a m o u n t in E u r o p e a n p o r ts a n d a flo a t a t
C e n su s
B u re a u
fo r
1 9 1 8 -1 9 ,
w h ic h ,
tim e — s o m e
J a p a n , & c.
3 0 0 ,0 0 0
b a les— o r
th e
sto ck
in
F r o m th is it is sa fe t o a ssu m e t h a t th e
THE CHRONICLE
1096
b a le s .
F u rth erm ore,
sto ck s
have
in c r e a s e d
m ore
la r g e ly th a n u s u a l s in c e t h e o p e n in g o f t h e se a s o n ,
League
[V o l . 108.
c o v e n a n t in t h e
p r e lim in a r y t r e a t y .
M r.
B a lfo u r a n d L o r d R o b e r t C e c il a re r e p o r te d t o h a v e
t h e C e n su s B u r e a u m a k in g th e t o t a l F e b . 2 8 a t m ills,
g iv e n
p u b lic w a re h o u s e s a n d co m p r e s s e s 6 ,5 5 6 ,4 4 5 b a le s ,
la tte r re ite r a te d th is o p in io n , a n d in th e c o u r s e o f
sim ila r in d ic a t io n s .
T h e f o llo w in g
day
th e
o r 2 ,9 8 1 ,3 4 0 b a le s g r e a te r th a n J u ly 3 1 , a n d c o m
a lo n g in t e r v ie w d e c la r e d t h a t in h is ju d g m e n t t h e
L e a g u e o f N a t io n s w o u ld s tr e n g th e n th e v it a l p rin
p a r in g w ith 5 ,4 5 4 ,0 0 1 a y e a r a g o .
cip le
o f th e M o n r o e
D o c t r in e .
F o llo w in g
c o n fe r
S h a ll th e L e a g u e o f N a t io n s b e a p a r t o f th e p e a c e
t r e a t y o r sh a ll it n o t .
T h a t w a s th e b ig q u e s tio n
en ce s b e tw e e n P r e m ie rs L l o y d G e o r g e , C le m e n c e a u
b e fo r e t h e P e a c e C o n fe r e n c e a n d th e v a r io u s co u n
H o u s e a n d P r e s id e n t W ils o n , th e o p in io n w a s e x
c ils ,
p ressed t h a t th e a t t it u d e o f th e A m e r ic a n , F r e n c h
d u r in g th e e a r ly p a r t o f th e w e e k
a t le a st.
and
O r la n d o ,
L a s t w e e k ju s t b e fo r e th e a rriv a l in P a ris o f P resi
and
dent
e n tire a c c o r d .
W ils o n ,
m is s io n e r ,
A n dre
T a r d ie u ,
F ren ch
e x p re s s e d t h e o p in io n
H ig h
C om
th a t th e L eagu e
id e a w o u ld n o t b e in c lu d e d in t h e t r e a t y .
On
S a t u r d a y , th e v e r y n e x t d a y a fte r h is r e t u r n , P resi
B r itis h
L ord
R o b e r t C e c il,
G o v e r n m e n ts
w o u ld
C o lo n e l
be
E.
M.
b r o u g h t in t o
A n n o u n c e m e n t w a s m a d e , fu r th e r m o r e , o f th e d e
t e r m in a tio n
o n th e p a r t o f th e P e a c e C o n fe r e n c e
a u th o r itie s t o c o m p le t e t h e t r e a t y , w ith th e L e a g u e
in c lu d e d , b y M a r c h 2 9 th , o r o n e w e e k fr o m t o - d a y .
d e n t W ils o n a u th o r iz e d th e s ta t e m e n t t h a t d u rin g
h is b r ie f a b s e n c e in th e U n ite d S ta te s t h e r e h a d b een
T h a t th is m ig h t b e a c c o m p lis h e d , a le tte r s ig n e d b y
n o c h a n g e in th e o r ig in a l p la n o f lin k in g th e L e a g u e
a n d th e tr e a ty to g e th e r.
H e c a b le d h is s e c r e ta r y ,
w a s h a n d e d t o L lo y d G e o r g e o n W e d n e s d a y , u rg in g
J osep h
P.
T u m u lty ,
a u t h o r iz in g
th e
p u b lic a tio n
P r e s id e n t W ils o n , P r e m ie rs C le m e n c e a u a n d O r la n d o ,
h im
to
p ostp on e fo r tw o
w e e k s h is c o n t e m p la t e d
N a t u r a lly
re tu r n t o E n g la n d t o t a k e u p th e tr o u b le s o m e la b o r
t h e a n n o u n c e m e n t w a s th e s u b je c t o f m u c h c o m
p r o b le m s o f h is o w n c o u n t r y , a n d t o re m a in in P a ris .
m e n t a n d n o t a little a p p re h e n s io n o n b o t h sides
T h e n e x t d a y it w a s s ta t e d o ffic ia lly t h a t h e h a d
o f a s im ila r s ta t e m e n t in th is c o u n t r y .
o f t h e A t la n t ic .
A t fir s t t h o u g h t it w a s a ssu m ed
d e c id e d t o c o m p ly w ith th e r e q u e s t, b a d as th in g s
t h a t t h e s ta n d t a k e n b y M r . W ils o n w o u ld p r o v e
w ere a t h o m e .
t o b e t h e fo r e r u n n e r o f a s e rio u s b r e a k b e tw e e n th e
it w a s p e r fe c t ly cle a r t h a t th e B r itis h a n d F r e n c h
F r e n c h P e a c e C o m m is s io n e r s a n d h im s e lf.
re p r e s e n ta tiv e s a t th e P e a c e C o n fe r e n c e h a d su rren
A t th e
N o la te r in th e w e e k th a n T h u r s d a y
S ta te D e p a r t m e n t in W a s h in g t o n , h o w e v e r , it w a s
d e re d c o m p le t e ly t o P r e s id e n t W ils o n a n d h is id ea s
c la im e d
r e g a r d in g
a fe w
h o u rs a ft e r t h e a p p e a r a n c e o f th e
P r e s id e n t ’ s s t a t e m e n t, t h a t , in r e a lit y , th e r e w a s
n o c o n f lic t b e tw e e n it a n d t h a t o f C a p ta in T a r d ie u
o f th e d a y b e fo r e .
T h e la tte r , it w a s s a id , re fe rre d
t o t h e p e r m a n e n t t r e a t y , w h ile th e fo r m e r , it w as
th e
L eague
of
N a t io n s
and
th e
P ea ce
T r e a t y , h o w e v e r m u c h t h e y m a y h a v e d iffe r e d ea r
lie r .
I t w a s e x p la in e d th a t th e r e p r e s e n ta tiv e s o f
a s s e r te d , r e la te d t o th e p r e lim in a r y d r a ft , w h ic h in
G r e a t B r ita in a n d F r a n c e re a liz e d th a t t h e y c o u ld
n o t a ffo r d t o o p p o s e P r e s id e n t W ils o n s e r io u s ly ,
b e c a u s e o f th e g r e a t o b lig a t io n s u n d e r w h ic h th o s e
r e a lit y , w o u ld b e a little m o r e th a n a c o n tin u a n c e
t w o n a tio n s are t o th e U n ite d S ta te s ; b e c a u s e o f th e ir
o f th e a rm is tic e .
in c r e a s in g ly
n e e d o f fu r th e r fin a n c ia l a ss is ta n ce , a n d b e c a u s e
n o th in g th a t w a s n o t a b s o lu te ly essen tia l s h o u ld b e
a p p a r e n t th a t P r e s id e n t W ils o n in t e n d e d t o h a v e th e
p e r m itte d t o in te rfe re w ith th e m a k in g o f th e t r e a t y
L e a g u e in th e p r e lim in a r y t r e a t y , as w e ll as in th e
a t th e ea rliest p o s s ib le d a t e .
c o m p le t e d o c u m e n t .
w a s still o p p o s e d
As
th e
w eek
a d va n ced
it
beca m e
P r o m in e n t a m o n g t h o s e w h o
to
T h a t th e B ritis h p ress
in c lu d in g in th e p re lim in a r y
w ere o p p o s e d t o its in c o r p o r a t io n in th e fir s t d r a ft
t r e a t y m o r e th a n th e b r o a d a n d fu n d a m e n ta l p rin
w a s S te p h e n P ic h o n , F r e n c h F o r e ig n M in is t e r , w h o
cip le s o f th e L e a g u e o f N a t io n s w a s m a d e p e r fe c t ly
in th e c o u r s e o f a n in t e r v ie w e x p re s s e d th e o p in io n
cle a r in e d ito r ia l c o m m e n t in s o m e o f th e le a d in g
t h a t it w o u ld b e “ p r a c t ic a lly im p o s s ib le t o in c lu d e
d a ilie s.
th e
s u g g e s te d
b r o a d o u tlin e o f th e L e a g u e o f N a tio n s b e e m b o d ie d
as a c o m p r o m is e th e in s e r tio n o f a “ d e c la r a tio n in
b y all m ea n s in th e p r e lim in a r y t r e a t y , b u t le t th e d e
th e t r e a t y o f th e p rin c ip le s u n d e r ly in g th e L e a g u e ,
ta ile d p r o v is io n s o f th is m o s t m o n u m e n ta l a n d m o s t
le a v in g th e d e ta ils in a b e y a n c e .”
On W ednesday
c o m p r e h e n s iv e o f a ll in te r n a t io n a l c o v e n a n ts b e re
th e F r e n c h M in is t e r ’ s s u g g e s tio n w a s p u t in a n o th e r
se rv e d fo r th e fu ll c o n s id e r a tio n t h a t so g r e a t a w o r k
c o v e n a n t in
th e
fir s t t r e a t y .”
He
F o r in s ta n ce th e “ T im e s ”
s a id : “ L e t th e
w a y , n a m e ly t h a t th e L e a g u e b e a t t a c h e d t o th e
d e m a n d s .”
T h e “ D a il y E x p r e s s ” n o t o n ly u rg e d “ a
t r e a t y as a n a p p e n d ix .
fix e d , fir m
a n d u n a s s a ila b le p e a c e c o n t r a c t w h ic h
I n f a c t , th is w a s sa id t o b e
fa v o r e d b y a m a jo r it y o f th e f iv e g r e a t P o w e r s o f
E u rop e.
In s u p p o r t o f th e s u g g e s tio n it w a s u rg e d
w ill fo r m th e s ta r tin g g r o u n d f o r th e r e h a b ilita tio n
t h a t it w o u ld m a k e p o s s ib le th e s ig n in g o f th e t r e a t y
o f E u r o p e ,” b u t a lso v o ic e d its o b je c t io n t o g iv in g
M r . W ils o n s o g r e a t p o w e r , in th e s e w o r d s : “ T h is
b y G e r m a n y w it h o u t a d m it t in g h er in t o t h e L e a g u e ,
s tr o n g -w ille d , o b s t in a t e m a n is u se d t o h a v in g h is
b u t w o u ld still s e cu re h er a c c e p t a n c e o f th e d e c la r a
o w n w a y , b u t h e is n o t e n title d
t o r y p rin c ip le s o f th e p r o p o s e d o r g a n iz a tio n .
R e
o f a s itu a tio n ,
w h ic h
g a r d in g
th is
fa s h io n ,
en h an ce
P r e s id e n t
W ils o n ’ s
a t t it u d e
tow a rd
m ig h t
id e a , it seem s sa fe t o a ssert t h a t h e w a s d e te rm in e d
w ith o u t a d v a n c in g
fr o m t h e s ta r t t o h a v e th e L e a g u e a n in te g r a l p a r t,
E u r o p e .”
a n d n o t a n a p p e n d ix , o f th e t r e a t y .
if
th e
to
e n tire m a s t e r y
c o n c lu d e d
h is
ca u se
p e rs o n a l
in
W ils o n ia n
r e p u ta tio n ,
o f g e n e ra l p e a c e in
In fa c t, he
h a d s ta t e d o n m o r e th a n o n e o c c a s io n t h a t th e tw o
w ere in s e p a r a b le .
F r o m th e b e g in n in g o f th e w e e k t o th e e n d th e
t o p ic m o s t d is cu s s e d
T h a t th in g s w ere g o in g h is w a y w ith r e s p e c t t o
in
P e a c e C o n fe r e n c e
cir c le s ,
a fte r t h a t o f in c lu d in g th e L e a g u e o f N a t io n s in th e
th e L e a g u e o f N a t io n s b e c a m e m o r e a p p a r e n t e v e r y
p e a c e t r e a t y , w a s th e a m e n d in g o f th e c o v e n a n t o f
day.
th e L e a g u e .
O n T u e s d a y P r e m ie r C le m e n c e a u a n d M in is te r
O n M o n d a y a n n ou n cem en t w as m ade
P ic h o n a re sa id t o h a v e in fo r m e d th e A m e r ic a n d e le
in P a ris t h a t C o lo n e l H o u s e h a d c o n fe r r e d w ith L o r d
g a t io n t h a t d e s p it e M . P ic h o n ’ s r e m a r k s , t h e y w ere
R o b e r t C e c il a n d L e o n B o u r g e o is w ith r e s p e c t t o
n o t a c t u a lly
w a y s o f a m e n d in g t h e d o c u m e n t t h a t w o u ld a ssu re
opposed
to
th e in c o r p o r a t io n
o f th e
M a r . 22 1919.]
THE CHRONICLE
1097
its a d o p t io n b y th e S u p r e m e C o u n c il a n d a ls o m e e t
w ith th e a p p r o v a l o f th e A m e r ic a n s w h o h a d m a d e
o n e s u b s tit u t e d p r o v id in g t h a t th e m ilit a r y o c c u
p a tio n s h o u ld c o n tin u e t h r o u g h th e p e r io d fix e d fo r
c o n s c ie n tio u s o b je c t io n s .
th e d e liv e r y o f w a r m u n it io n s , s h ip s, & c ., b u t n o t
d u r in g th e p e r io d th r o u g h w h ic h G e r m a n y w ill p a y
A t t h a t t im e th e o p in io n
w a s e x p re s s e d t h a t it w o u ld b e p o s s ib le t o
m ake
ch a n g e s , fo r in s ta n c e , t h a t w o u ld se e m t o s a fe g u a r d
h er w a r d a m a g e s .
th e
d e c id e d
M on roe
D o c t r in e
c o m p le t e ly .
On
T h u rsd ay,
h o w e v e r , P a ris a d v ic e s s ta t e d t h a t lit t le i f a n y s u c
th a t
T h e fo llo w in g d a y th e C o u n c il
th e
fo r t ific a t io n s
on
th e
isla n d
of
H e lg o la n d m u s t b e d e m o lis h e d ; t h a t th e K ie l C a n a l
cess h a d a tte n d e d t h e e ffo r ts t o r e d r a ft s o m e o f th e
s h o u ld b e in te r n a t io n a liz e d a n d m a d e a v a ila b le t o
p r o v is io n s
had
sh ip s o f all n a tio n s o n e v e n te r m s , a n d to lls c o lle c t e d
th e
t o p a y f o r t h e m a in te n a n c e o f th e c a n a l.
been
to
ta k en .
w h ic h
th e
A m ong
s tr o n g e s t
th e
e x c e p t io n s
p r o m in e n t
m en
at
P e a c e C o n fe r e n c e w h o a t t e m p t e d , it is c la im e d , t o
Though
a p p a r e n t ly n o t d e fin it e ly d e c id e d , it s e e m e d t o b e
m a k e c e r ta in a lte r a tio n s , a n d w h o a d m it t e d th e ir in
e x p e c t e d t h a t G e r m a n y w o u ld m a in ta in s o v e r e ig n t y
a b ilit y t o w o r k o u t a m e n d m e n ts t h a t w e re lik e ly t o
o v e r H e lg o la n d .
p r o v e s a t is fa c t o r y t o th e P e a c e C o n fe r e n c e a n d a lso
sid e rin g th e q u e s tio n o f m a in ta in in g it “ as a p o r t
fo r p e a c e fu l c r a f t .”
to
m eet
th e
o b je c t io n s
a d va n ced
in
th e
U n ite d
T h e C o u n c il w a s sa id t o b e c o n
S ta te s a n d e lse w h e r e , w e re L o r d R o b e r t C e c il a n d
fo r m e r A t t o r n e y -G e n e r a l G r e g o r y in P r e s id e n t W il
T h e s e n sa tio n o f th e w e e k in P e a c e C o n fe r e n c e
s o n ’ s C a b in e t .
I t w a s c o n t e n d e d t h a t e ffo r t s t o
a m e n d th e d o c u m e n t w e re lik e ly t o ca u s e c o n fu s io n
circ le s a n d in th e c a p ita ls o f th e fiv e g r e a t P o w e r s ,
fo llo w in g P r e s id e n t W ils o n ’ s a n n o u n c e m e n t la st
S a tu r d a y re g a r d in g th e L e a g u e o f N a t io n s a n d th e
a n d a ffo r d a n o p p o r t u n it y fo r e n em ies o f th e L e a g u e
to
e n d a n g e r th e
w h o le s c h e m e .
A lt h o u g h
it w as
P e a c e T r e a t y , ca m e o n
W e d n e s d a y , w h e n it w as
m a d e k n o w n t h a t th e C o m m it t e e o n th e L e a g u e o f
r e p o r te d
N a t io n s w a s b u s y in g its e lf w ith p r o p o s e d r e v is io n s ,
N o o ffic ia l c o n fir m a t io n h a s b e e n o b t a in a b le .
it lo o k s as t h o u g h w h e n th e c o m m it t e e m e e ts th is
c o r d in g t o th e re p o r ts in c ir c u la tio n in P a r is , th e
m o r n in g a t 10 o ’ c lo c k th e d r a ft t h a t w ill b e p r e
P r im e M in is te r p la c e d h is re s ig n a tio n in th e h a n d s
th a t
P r e m ie r
C le m e n c e a u
had
re s ig n e d .
A c
s e n te d f o r c o n s id e r a tio n w ill b e p r a c t ic a lly th e sa m e
o f P r e s id e n t P o in c a r e M o n d a y e v e n in g , b u t t h a t th e
as t h a t a p p r o v e d
la tte r r e fu s e d t o a c c e p t it .
W ils o n
s ta r te d
by
it th e
hom e and
day
b e fo r e
w h ic h
P r e s id e n t
F u r t h e r m o r e , th e P re s i
h e b r o u g h t w ith
d e n t is sa id t o h a v e t o ld th e v e n e r a b le P r im e M in is t e r
h im fo r p r e s e n ta tio n a n d c o n s id e r a tio n d u r in g his
t h a t h e “ m u s t s ta y a t th e h e a d o f th e G o v e r n m e n t
b r ie f s t a y in th e U n ite d S ta te s .
A ll w e e k e s tim a te s
a n d in th e C h a irm a n sh ip o f t h e P e a c e C o n fe r e n c e
w e re b e in g m a d e as t o w h e n th e p e a c e t r e a t y w o u ld
t o fig h t fo r th e b e s t te r m s a v a ila b le , e v e n if h e h a d
p r o b a b ly
th e G e r m a n
t o y ie ld m u c h m o r e th a n h e d e s ir e d .”
appeared
to
c h ie f rea son s fo r th e r e p o r te d re s ig n a tio n is sa id t o
d a te ,
h a v e b e e n a s ta te m e n t m a d e t o h im b y P r e s id e n t
W ils o n o n th e d a y o f h is re tu r n t o P a ris t h a t “ A m e r ic a
b e r e a d y fo r s u b m iss io n
d e le g a te s .
The
b e t h a t A p r il
to
c o n c e n s u s o f o p in io n
1 w o u ld
b e th e
a p p r o x im a t e
a lt h o u g h in s o m e circ le s w h ere p ess im is m p r e v a ile d
it w a s c la im e d t h a t M a y 1 w as th e ea rlie s t d a te fo r
w h ic h th e re c o u ld b e a n y h o p e o f its c o m p le t io n .
L a s t e v e n in g C o lo n e l H o u s e w a s q u o t e d in P a ris as
O n e o f th e
c o u ld n o t a n d w o u ld n o t in d o r s e th e fu ll F r e n c h
d e m a n d s fo r th e d is p o s itio n o f th e w e s t b a n k o f th e
R h in e , a n d w o u ld n o t s u p p o r t F r a n c e in its ca m p a ig n
t o p r e v e n t th e jo in in g o f G e r m a n -A u s tr ia t o G e r
s a y in g t h a t “ th e p e a c e t r e a t y , in c lu d in g th e L e a g u e
o f N a t io n s , w ill b e r e a d y o n M a r c h 2 9 .”
“ The
m a n y .”
G e r m a n s ,” h e a d d e d , “ s h o u ld b e in V ers a ille s w ith in
P a ris as a ssertin g t h a t “ if w e d o n o t s e cu re t h a t
th re e
m ilita r y p o s itio n (th e R h in e ) w e sh a ll h a v e fo u g h t in
v a i n .”
w e e k s .”
P r e s id e n t
W ils o n
w ill
p re s id e
at
t o - d a y ’ s m e e tin g o f th e C o m m it t e e o n th e L e a g u e
M a r s h a l F o c h w a s q u o t e d la s t e v e n in g in
o f N a t io n s , a n d it w as a n n o u n c e d y e s t e r d a y •th a t
th e session s w o u ld b e c o n tin u e d th r o u g h th e d a y ,
T h u r s d a y th e n e u tra l n a t io n s w ere g iv e n a n o p
a n d e v e n in t o th e e v e n in g if n e c e s s a r y , in o r d e r t o
p o r t u n it y
c o m p le t e
a m e n d m e n ts t o
w h a te v e r c h a n g e s
c o v e n a n t o f th e L e a g u e .
m ay
be
m ade
in
th e
G e n e v a w a s m e n tio n e d as
to
ex p ress
th e
th e ir
v ie w s
and
to
L e a g u e o f N a t io n s .
p rop ose
S w itz e r
la n d , H o lla n d a n d o th e r n e a r b y n a tio n s w ere r e p r e
a s u ita b le h o m e f o r th e L e a g u e w h en it is c o m p le t e d ,
s e n te d
a n d fo r m e r P r e m ie r A s q u it h as its fir s t P r e s id e n t.
n a tio n s in A s ia , S o u th A m e r ic a a n d elsew h ere w ere
A n n o u n c e m e n t w a s m a d e in P a ris la s t e v e n in g t h a t ,
re p r e se n te d b y th e ir M in is te r s a n d A m b a s s a d o r s
re s id in g in P a r is .
T h e m e e tin g w a s h e ld in th e v e r y
a ft e r
a
p r o lo n g e d
d is c u s s io n ,
th e
C o m m is s io n
on
by
sp e cia l
d e le g a tio n s ,
w h ile
th e
d is ta n t
L a b o r L e g is la tio n “ h a d a g re e d u n a n im o u s ly o n th e
r o o m o f th e H o t e l d e C r illo n in w h ic h th e c o v e n a n t
m a c h in e r y fo r an In te r n a tio n a l L a b o r B u r e a u , u n d e r
th e L e a g u e o f N a t i o n s .”
o f th e L e a g u e o f N a tio n s w a s fr a m e d .
L ord R ob ert
C e cil w a s C h a ir m a n , w h ile S e c r e ta r y o f S ta te L a n
s in g ,
C o lo n e l
H ouse
and
L eon
B o u r g e o is
w ere
A lt h o u g h la st w e e k th e u n o ffic ia l a n n o u n c e m e n ts
in d ic a t e d th a t d e fin ite a n d fin a l a c t io n h a d b een
s u b -c o m m is s io n s .
ta k e n b y th e S u p re m e W a r C o u n c il o n th e m ilita r y ,
tral n a tio n s w ill b e r e p r e se n te d t o th e C o m m it t e e
p r e s e n t, th e la st t w o n a m e d s itt in g as m e m b e r s o f
T h e r e c o m m e n d a tio n s o f th e n e u
n a v a l a n d a eria l te rm s t h a t w o u ld b e im p o s e d u p o n
o n th e L e a g u e o f N a t io n s a t its im p o r t a n t session
G e r m a n y , t h a t b o d y n e v e r th e le s s m e t o n M o n d a y ,
to -d a y .
w ith
la n d , D e n m a r k , N o r w a y a n d S w e d e n h a d p re s e n te d
P r e s id e n t
W ils o n
p r e s e n t.
In
som e
of
th e
O n T u e s d a y e n v o y s o f H o lla n d , S w itz e r
a c c o u n t s o f th e session it w a s cla im e d t h a t h e d e
a fo r m a l p la n t o a s u b -c o m m it t e e o f th e G e n e r a l
m anded
a re o p e n in g o f p r a c t ic a lly th e w h o le d is
C o m m it t e e on th e L e a g u e o f N a t io n s , a s k in g t h a t
c u s s io n
of
a b s e n ce .
t h e y b e g iv e n a la rg er sh a re in th e o r g a n iz a tio n a n d
A c t in g u p o n a s u g g e s tio n o f A d m ir a l W . S . B e n s o n
th e s e
d ir e c tio n o f th e L e a g u e o f N a tio n s th a n n o w p r o
o f th e
p osed .
U n ite d
q u e s tio n s
d u r in g
his
S ta te s N a v y , th e o rig in a l m ilita r y
O n T h u r s d a y J a p a n w as h ea rd fr o m th r o u g h
t e r m s , w h ich c o m m it t e d th e U n ite d S ta te s t o a v ir
th e m e d iu m o f a p r o p o s e d a m e n d m e n t t o th e c o v
t u a lly in d e fin ite o c c u p a t io n o f G e r m a n y , th e cla u se
e n a n t p r o v id in g t h a t th e c o n t r a c t in g p a r tie s sh a ll
c o v e r i n g t h a t p o in t w as e lim in a te d a n d in its p la ce
a g ree t o g r a n t “ e q u a l a n d ju s t t r e a t m e n t ”
to
all
a lien s
[V o l . 108.
THE CHRONICLE
1098
w ith in
th e ir
bord ers
who
are
n a tio n a ls
ot
t o sail o n M a r c h 18 h a d b e e n p r e v e n te d fr o m le a v in g
H a m b u r g , b e c a u s e se a m e n th e re h a d r e fu s e d t o o p e r
S ta te s th a t are m e m b e r s o f th e L e a g u e .
a te
U n d o u b t e d ly th e c o n fe r e n c e a t B ru ssels la s t w eek
vessels
W h ile
th e
su rre n d e re d
r e p o r ts
to
have
th e
E n te n te
d iffe r e d
P ow ers.
som ew h at
as
to
d eleg a tes
th e a m o u n t s , e v id e n t ly it w ill n o t b e n e c e s s a r y fo r
w ith r e s p e c t t o G e r m a n y g e tt in g f o o d o u ts id e o f h er
th e G e r m a n p e o p le t o w a it fo r th e r e tu r n o f th e
o w n lim its w a s o n e o f th e m o s t im p o r ta n t g a th e r
sh ip s a lr e a d y sen t o u t t o g e t fo o d fr o m o u ts id e s o u rce s
in g s sin ce th e sig n in g o f th e a r m is tic e , as w as th e
T h e B r itis h G o v e r n m e n t is s a id t o h a v e in d ic a te d
fix in g o f th e te r m s a fe w d a y s b e fo r e in P a ris o n e
t h a t , im m e d ia te ly u p o n th e su rre n d e r o f th e m e r c h a n t
o f th e m o s t im p o r t a n t s te p s ta k e n b y th e P e a ce
C o m m is s io n e r s s in c e t h e y b e g a n t o g a th e r th e re
la st D e c e m b e r .
T h e a c c e p t a n c e b y th e G e rm a n
v e sse ls, sh e w o u ld b e a b le t o d e liv e r t o G e r m a n y th e
fo llo w in g q u a n titie s o f fo o d s t u ffs , 4 lie fig u r e s g iv e n
T h u rsd ay
b e tw e e n
A llie d
and
G erm an
re p r e s e n ta tiv e s o f th e te r m s im p o s e d n o t o n ly m ea n s
b e in g in to n s : b a c o n , 3 0 ,0 0 0 ; c o n d e n s e d m ilk , 1 0 ,0 0 0 ;
v e g e ta b le o il, 2 0 ,0 0 0 ; m a rg e r in e , 2 ,0 0 0 ; d r ip p in g s ,
t h a t h er p e o p le w ill g e t la rg e a m o u n ts o f fo o d u n til
2 ,0 0 0 ; r ic e , 3 5 ,0 0 0 ; R a n g o o n b e a n s , 5 0 ,0 0 0 ; o a tm e a l,
n e x t A u g u s t , if th e G e r m a n G o v e r n m e n t liv e s u p
1 5 ,0 0 0 ; b a r le y o r r y e flo u r , 1 0 ,0 0 0 ; a t o t a l o f 1 7 4 ,0 0 0
t o th e te r m s , b u t t h a t p r o b a b ly B o ls h e v is m in G e r
ton s.
m a n y w ill a t lea st b e c h e c k e d , a n d t h a t h er p e o p le
w ill h a v e an o p p o r t u n it y t o b e g in r e c o n s t r u c t io n
G o v e r n m e n t c o u ld fu rn ish ra w m a te ria ls s u ffic ie n t to
w ork.
in E u r o p e th e U n ite d S ta te s c o u ld
On
th e
o th e r
hand,
it m e a n s t h a t
G reat
In
a d d it io n ,
it
w as
sa id
m a k e 1 5 ,0 0 0 to n s o f p a lm o il.
th a t
th e
F ren ch
O u t o f its la r g e sto re s
d e liv e r 4 0 ,0 0 0
B r ita in a n d th e U n ite d S ta te s w ill h a v e sh ip s w ith
w h ich t o m o v e th e ir t r o o p s h o m e m o r e r a p id ly , a n d
to n s o f cerea ls a n d flo u r .
t h a t G r e a t B r ita in a n d F r a n c e w ill b e a b le t o b rin g
th e re lie f o f E u r o p e s in ce D e c . 1, as th e rest h ad
in la rg e q u a n tit ie s o f m e r ch a n d is e fr o m
b e e n p le d g e d fo r th e relief o f lib e r a te d p e o p le s a n d
th e ir o u t
s id e p o sse ssio n s t h a t h a d b e e n h e ld b a c k fo r m a n y
m o n t h s b e c a u s e o f la c k o f t o n n a g e .
T h e te r m s p r o v id e t h a t G e r m a n y is t o g e t 3 7 0 ,0 0 0
to n s o f
A u gu st,
fo o d s t u ffs a m o n t h u n til th e m id d le
w h ic h , a c c o r d in g t o U n d e r S e c r e ta r y
of
of
S ta te B r a u n , is th e ea rliest p o s s ib le d a te t h a t flo u r
fr o m th is y e a r ’ s h a r v e s t ca n b e c o u n t e d u p o n .
In
a d d it io n , sh e w ill b e p e r m itte d
to
buy
fish fr o m
s p a re d n o w o u t o f th e
T h is is all th a t c o u ld b e
1 ,0 0 0 ,0 0 0 to n s s h ip p e d fo r
c o u ld n o t b e d iv e r t e d .
D r a w in g u p o n h er g o ld reserv es w as s p o k e n
la s t
w eek
w a y s in
as
a
w h ich
la s t
re s o r t
am ong
G e r m a n y w o u ld
th e
of
d iffe r e n t
p r o b a b ly
pay
fo r
th e fo o d s u p p lie d t o h er.
I t w o u ld s e e m , h o w
e v e r , t h a t th is w a s th e v e r y first m e d iu m m a d e use
o f a fte r sh e s u rre n d e re d h er m e r c h a n tm e n .
In
s u b s ta n tia tio n o f th is id e a ca m e th e a n n o u n c e m e n t
In s e v e ra l o th e r r e s p e c ts , th e d e ta ils o f w h ic h
fr o m B ru sse ls o n W e d n e s d a y t h a t th e G e r m a n
G o v e r n m e n t h a d a g re e d t o d e p o s it 4 5 0 ,0 0 0 ,0 0 0
h a v e n o t b e e n w o r k e d o u t fu lly , a c c o r d in g t o th e
fr a n c s in g o ld in th e B ru ssels N a tio n a l B a n k , in tw o
la te s t a d v ic e s r e c e iv e d , th e h a r d a n d fa s t b lo c k a d e
in s ta llm e n ts , o n e o f 1 7 5 ,0 0 0 ,0 0 0 fra n c s in fo u r d a y s ,
t h a t h as b e e n in e ffe c t fo r a lo n g tim e w ill b e lifte d
and
to som e ex ten t.
fo r fo o d s u p p lie s G e r m a n m e r c h a n tm e n w ere t o b e
days.
C open h agen
su rre n d e re d
E n te n te
sa m e d a y t h a t G r e a t B r ita in , u n d e r th e te r m s o f
E a r ly in th e w eek
th e f o o d a g r e e m e n t, w o u ld g e t 3 0 ,0 0 0 to n s o f p o ta s h
N o r w a y a n d t o resu m e h er o w n fis h in g in th e N o r t h
Sea.
I t w ill b e re c a lle d t h a t in re tu rn
and
d iv id e d
b e tw e e n
P o w e r s a n d th e U n ite d S ta te s .
it
w as
w o u ld
e s tim a te d
be
th a t
th e
a p p r o x im a t e ly
tota l
th e
of
3 ,5 0 0 ,0 0 0 .
th is
to n n a g e
In a s m u c h
as
th e
fr o m
o th e r
of
r e c e iv e d
G erm an y,
c r e d ite d
to
2 7 5 ,0 0 0 ,0 0 0
th e
a
fra n c s
rep ort
p ro c e e d s
G e rm a n y ’s fo o d
of
fr o m
w h ic h
a cco u n t.
w ith in
ten
_
B e r lin
th e
w o u ld
The
be
B e rlin
s h ip
d is p a tc h a lso s ta te d th a t n e g o tia t io n s w e re in p ro g re ss
p in g , it w a s s tip u la te d w h en th e d iv is io n w as ar
w ith o th e r E n te n te n a tio n s w ith re s p e c t t o p o ta s h ,
ra n g e d th a t sh e w o u ld g e t v e r y little o f th e G e r
but
m a n to n n a g e .
r e p o r te d fr o m B ru ssels th a t a B o a r d o f C o n t r o l fo r
I t a ly
a lr e a d y
h as
th e
M ost
su rre n d e re d
o f th e
A u str ia n
ca r g o v essels w ill b e
th a t
th ey
be
f o r h er s h a re , as sh e w a n ts th e m fo r b rin g in g tr o o p s
R otterd a m .
G reat
B r ita in
w ill
be
n u m b e r fo r th e sa m e p u r p o s e .
O n W ed n esd a y , w ord w as
a llo w e d
a
not
b een
c o m p le t e d .
It
w as
G e r m a n e x p o r t s , u n d e r th e fo o d a g r e e m e n t, w o u ld
d iv id e d b e tw e e n G r e a t B r ita in a n d F r a n c e , w h ile
th e U n ite d S ta te s w ill ta k e la r g e ly p a ssen g e r sh ip s
hom e.
had
e s ta b lis h e d ,
w ith
h e a d q u a rte rs
p r o b a b ly
in
ce rta in
T h e la b o r tr o u b le s in G r e a t B rita in th a t h a v e b een
r e c e iv e d
in
L ondon
s m o ld e rin g m o r e o r less fo r t w o w e e k s h a v e b ro k e n
fr o m H a m b u r g t h a t a lr e a d y e ig h t vessels h a d le ft th e
o u t a fre sh .
la tte r ce n tre fo r th e ir fir st tr ip t o th e U n ite d S ta te s ,
L o n d o n t h a t 4 0 ,0 0 0 c o a l m in ers in th e N o ttin g h a m
E a r ly in th e w eek it w as r e p o r te d fr o m
under
needed
d is tr ic t h a d g o n e o n strik e reg a rd less o f th e a g re e m e n t
E a r lie r th e sa m e d a y it h a d b e e n r e p o r te d
n o t t o le a v e th e ir w o r k p e n d in g th e in v e s t ig a tio n o f
in P a ris th a t th e U n ite d S ta te s w o u ld g e t th e fo llo w
th e w h o le c o a l s itu a tio n b y a r e p r e s e n ta tiv e c o m m is
in g s h ip s, a n d t h a t th e y w o u ld b e r e a d y fo r sa ilin g
s io n .
in fo u r d a y s : th e
Z e p p e lin
P r in z
d o n t h a t a h itc h h a d d e v e lo p e d in th e in v e s tig a tio n
F r ie d r ic h W ilh e lm
o f 1 7 ,0 0 0 t o n s , G r a f W a ld e r s e e
itse lf w h ich m ig h t d e la y th e in te rim r e p o r t t h a t w as
th e
s u p p lie s .
fo o d
a g re e m e n t
fo r
of
th e
m u ch
1 5 ,2 0 0 t o n s ,
O n T h u r s d a y r e p o r ts w ere r e c e iv e d fr o m L o n
o f 1 3 ,0 0 0 t o n s , P a tr ic ia o f 1 4 ,4 6 6 t o n s , C a p F in is -
due th a t d a y .
te rre o f 1 4 ,5 0 0 t o n s , P r e to r ia o f 1 3 ,2 0 0 t o n s , C le v e
m u c h as th e d o c u m e n t w a s m a d e p u b lic in L o n d o n
la n d o f 6 ,9 0 0 t o n s , a n d K a is e r in A u g u s te V ic t o r ia ,
T h u rsd ay
to n n a g e n o t g iv e n .
A n n o u n c e m e n t w a s a lso m a d e
in crea se in w a g es o f 2 sh illin gs a s h ift fo r c o llie r y
t h a t th e I m p e r a t o r , w ith a c a p a c it y o f 5 2 ,0 0 0 t o n s ,
w o r k e r s w h o are n o w u n d e r a s lid in g s c a le , a n d an
w o u ld b e s e n t t o th e U n ite d S ta te s la te r , b u t th a t
in crea se o f 1 sh illin g fo r w o rk e rs u n d e r 16 y e a r s o f
age.
F o r w o r k e r s u n d e r g r o u n d a d a y o f s e v e n h ou rs
as sh e w as s tu c k in th e m u d it w o u ld b e sev era l
d a y s b e fo r e sh e c o u ld b e flo a t e d a n d m a d e r e a d y
t o sen d o u t
Y e s t e r d a y C o p e n h a g e n r e c e iv e d a re
p o r t fr o m B e rlin th a t th re e G e r m a n s h ip s sch e d u le d
T h is p r o v e d t o b e in c o r r e c t , inas
e v e n in g .
In
b r ie f,
it
recom m en d s
an
in s te a d o f e ig h t fr o m J u ly 16, a n d o f six h o u rs fr o m
J u ly 13 192 1, is a lso r e c o m m e n d e d .
T h e c o m m is
sion c o n d e m n e d th e p resen t s y s te m o f o w n e r sh ip
THE CHRONICLE
M a r . 22 1919.]
1099
a n d o f w o r k in g a n d d e cla r e d t h a t “ a s u b s tit u t e m u s t
b e a lo ss o f o v e r a q u a r te r o f a m illio n p o u n d s d a ily
b e fo u n d c ith e r in n a t io n a liz a tio n o r u n ific a t io n b y
fr o m n o w o n , a lth o u g h th e G o v e r n m e n t is p le d g e d
n a tio n a l
p u r ch a se
or
c o n t r o l .”
The
co m m is s io n
to c o n tin u e its g u a ra n te e s fo r t w o y e a r s .”
H e de
ca lle d a t te n tio n t o th e fa c t t h a t th e a d o p t io n o f its
cr ie d a c o n tin u a n c e
r e c o m m e n d a tio n s
th e G o v e r n m e n t m u s t c o m e fo r w a r d w ith a d e fin ite
p o lic y fo r th e ra ilr o a d s .
w o u ld
m ean
th e
d is tr ib u t io n
of
£ 3 0 ,0 0 0 ,0 0 0 m o r e in w a g es e a ch y e a r , a n d , fu r th e r
m o r e , su g g e s te d th e c o n s id e r a tio n
of
c o m p e t it io n a n d s a id t h a t
o f th e q u e s tio n
S e c r e ta r y T h o m a s , o f th e R a ilw a y m e n ’ s U n io n ,
w h e th e r a p e n n y a t o n “ s h o u ld b e c o lle c t e d a t o n c e
is o n r e c o r d w ith a s ta t e m e n t t h a t th e r a ilw a y w o r k
o n c o a l b r o u g h t t o th e su rfa c e t o im p r o v e th e h o u sin g
in th e c o llie r y d is t r ic t s .”
T h is , it w as s u g g e s te d ,
ers a re a lm o s t u n a n im o u s in f a v o r o f a s trik e t o
w o u ld
m ea n
a n o th e r
£ 1 ,0 0 0 ,0 0 0
a
y ea r.
A n drew
e n fo r c e th e ir d e m a n d s fo r n a t io n a liz a tio n , an e ig h t
h o u r d a y , a t w o w e e k s h o lid a y , th e m a k in g p e rm a
B o n a r L a w , in th e H o u s e o f C o m m o n s o n T h u r s d a y
n e n t o f all w a r b o n u s e s a n d
e v e n in g , said th a t “ th e G o v e r n m e n t
m a n a gem en t.
a c c e p te d th e
r e p o r t o f th e c o m m is s io n , in c lu d in g its u n d e r ta k in g
to
report
on
th e
q u e s tio n
of
n a tio n a liz a tio n
by
M a y 2 0 .”
T h e la b o r s itu a tio n lo o k e d s o seriou s all th e w e e k
th a t o n T h u r s d a y L lo y d G e o r g e s u m m o n e d t o P a ris
J a m e s H . T h o m a s , G e n e ra l S e c r e ta r y o f th e N a tio n a l
U n io n o f R a ilw a y m e n .
of
th e
p a r t ic ip a t io n
o p p o s it io n
G o v e rn m e n t,
in th e
d e v e lo p e d
p re s e n te d
by
to
S ir
a
E r ic
G e d d e s , fo r c o n t r o l o f d o c k s , c a n a ls , & c ., as w ell as
th e
r a ilw a y s ,
p a r tic u la r ly
o n th e
p a r t o f m u n ic i
p a litie s w h ic h c o n t r o l th e te r m in a l fa c ilitie s .
I t w as
p r e d ic t e d t h a t in P a r lia m e n t n in e t y m e m b e r s w o u ld
v o t e a g a in st S ir E r ic G e d d e s ’ s n a t io n a liz a tio n b ill.
In o r d e r th a t h e m ig h t s a v e
as m u c h tim e as p o s s ib le , th e tr ip w as m a d e b y a ir
p la n e .
p la n
S tr o n g
T h e B r itis h P r e m ie r is u n d e r s t o o d t o h a v e
T h e L o n d o n “ E c o n o m is t ” in a r e c e n t issu e p u b
lish e d a series o f ta b le s
s h o w in g
th e d is t r ib u t io n ,
ta k e n th e la b o r le a d e r in t o his c o n fid e n c e re g a r d in g
b y c o u n tr ie s , o f G r e a t B r it a in ’s e x p o r t a n d im p o r t
th e in te r n a tio n a l s itu a tio n in th e h o p e t h a t u p o n his
tra d e.
re tu rn t o
fa r g r e a te r th a n t h a t w ith a n y o th e r c o u n t r y .
E n g la n d h e w o u ld
u rg e u p o n t h e la b o r
C o m m e r c e w ith th e U n ite d S ta te s w a s still
F or
fo r c e s th e n e c e s s ity o f d e fe r rin g a c tio n w ith re s p e c t
in s ta n c e , in 191 8, o u t
t o a g en era l s trik e u n til it s h o u ld b e p o ss ib le t o w o r k
fr o m A llie s a n d p o ss e s sio n s, v a lu e d a t £ 1 ,0 9 3 ,0 7 4 ,0 0 0 ,
o f a g r a n d t o t a l o f im p o r ts
o u t a p e a c e t r e a t y a n d se cu re th e sig n a tu re s o f th e
£ 5 2 2 ,0 7 8 ,0 0 0 ca m e fr o m th e U n ite d S ta te s .
G e r m a n d e le g a te s .
ex p orts to
W illia m S tr a k e r, r e p r e s e n ta tiv e
h er a llies d e c lin e d
B ritis h
d u r in g th e y e a r b y
o f th e N o r th u m b e r la n d M in e s , d e c la r e d th a t it w as
a p p r o x im a t e ly £ 3 3 ,0 0 0 ,0 0 0 , w h ile e x p o r t s t o p o sse s
u seless
to
sio n s in c re a s e d £ 6 ,0 0 0 ,0 0 0 .
n o tic e s
u n less
a sk
th e
m e n t o w ith d r a w
th e
G overn m en t
th e ir
d e fin ite ly
s trik e
p le d g e d
its e lf t o th e n a t io n a liz a tio n o f th e m in e s.
H e p re
s e n te d a p la n p r o v id in g fo r a C o u n c il o f C o n t r o l c o n
sis tin g o f te n m e m b e r s , fiv e t o b e a p p o in t e d b y th e
S ta te s
M in is t r y o f M in e s , a n d fiv e b y th e M in e r s ’ F e d e r a
tr a d e
th e
s tr o n g ly
opposed
b y th e v e s te d in te re s ts .
Y ester
o ff ov er
E x p o r ts t o th e U n ite d
£ 2 6 ,0 0 0 ,0 0 0 ,
m a k in g th e
a d v e r s e b a la n c e o f tr a d e w ith th is c o u n t r y p r a c tic a lly
£ 3 5 0 ,0 0 0 ,0 0 0 .
A n in te re s tin g r e p o r t w ith re s p e c t
t o th e p la n s o f G r e a t B rita in t o re g a in h er fo re ig n
t io n .
I t w as a ssu m ed t h a t th is s u g g e s tio n w o u ld b e
d rop p ed
was
th a t
F e d e r a tio n
1 6 ,0 0 0
an
of
o r g a n iz a tio n
B ritis h
to
be
know n
as
In d u s tr ie s , r e p r e se n tin g
m a n u fa c tu r e r s a n d $ 2 5 ,0 0 0 ,0 0 0 ,0 0 0 c a p ita l,
d a y th e m in ers w ere b a llo tin g o n th e c o m p r o m is e
w a s b e in g o r g a n iz e d .
o ffe r
C oal
th e F e d e r a tio n e x p e c t s t o h a v e an a m b a s s a d o r o r
U p t o a la te h o u r la st e v e n in g
r e p r e s e n ta tiv e in e v e r y im p o r ta n t c e n tr e , a n d 'th a t
of
th e
G ov ern m en t,
C o m m is s io n ’ s r e p o r t .
th e
retu rn s
w ere
not
e m b o d ie d
a v a ila b le .
in
R obert
th e
S m illie ,
h ea d o f th e M in e r s ’ U n io n , d e cla r e d t h a t th e s itu a
tio n w as “ c r it ic a l.”
I t w a s s ta t e d t h a t b y J u ly
a lr e a d y it is re p r e se n te d in S p a in , D e n m a r k , S o u th
A m e r ic a a n d th e N e a r E a s t.
L lo y d G e o r g e sa id t h a t h e c o u ld
n o t im a g in e t h a t th e L a b o r it e s w o u ld re s o r t t o fo r c e .
W it h th e u n s e ttle m e n t o f b o t h F r e n ch a n d ste rlin g
e x c h a n g e , a n d th e d e v e lo p m e n ts in th e la b o r s itu a
P o lit ic a lly th e re se e m e d t o b e m u c h d is s a tis fa c tio n
w ith th e G o v e r n m e n t .
M a n y o f th e p e o p le a re said
t io n , n o th in g o f an e n c o u r a g in g ch a r a c te r c o u ld b e
ex p ected
fr o m
th e
B ritis h
m a rk e ts
fo r
s e cu ritie s .
t o b e lie v e t h a t p e a c e s h o u ld h a v e b e e n m a d e b y th is
A s a m a tte r o f f a c t , m o s t o f th e le a d in g se cu ritie s
t im e .
w e r e d e p re sse d u n til y e s t e r d a y .
T h e f a c t th a t th e n a tio n a l d a ily e x p e n d itu r e
T h e r e w a s a lull in
is still ru n n in g a t th e h ig h fig u r e o f $ 3 1 ,2 5 0 ,0 0 0 , w as
s p o k e n o f as c o n v in c in g p r o o f th a t th e G o v e r n m e n t
th e oil c o m b in a t io n a n n o u n c e m e n ts .
T h e m a rk et
fo r th e o il s to c k s w a s sa id t o b e w a itin g fo r an
has n o t b een a b le t o c o p e w ith th e s itu a tio n sin ce th e
s ig n in g o f th e a r m is tic e .
A . E . N c w b o u ld , th e n ew
a n n o u n c e m e n t o f th e d e ta ils o f th e p r o p o s e d in
crea se in th e c a p ita liz a tio n o f th e S h ell T r a d in g C o .,
m e m b e r o f P a r lia m e n t fr o m W e s t L e y t o n , a n d w h o is
fo r th e a c q u is itio n o f c o n tr o l o f th e M e x ic a n E a g le
o p p o s e d t o th e p re s e n t C o a lit io n G o v e r n m e n t , is
q u o t e d as a ssertin g th a t his v i c t o r y w a s “ la r g e ly d u e
in te re s ts ,
t o th e u n fu lfille d p ro m ise s a n d b r o k e n p le d g e s o f th e
d eta il in la st w e e k ’ s “ C h r o n ic le .”
O il C o ., th r o u g h th e p u r ch a se o f th e L o r d C o w d r a y
to
w h ich
re fe r e n c e
w as
m ade
in
som e
G o v e r n m e n t .”
T h e s e v e re d r o p in F r e n c h e x c h a n g e , c a u s in g g e n
On M on d ay
S ir E r ic G e d d e s ,
M in is te r w ith o u t
eral u n s e t tle m c n t in th e fin a n c ia l m a rk e ts o f P a ris
P o r t fo lio , in t r o d u c e d a b ill in th e H o u s e o f C o m
a n d L o n d o n , h as ca lle d a tte n tio n o n c e a g a in t o th e
m o n s , p r o v id in g fo r a M in is t r y o f T r a n s p o r t a t io n .
fin a n c ia l d iffic u ltie s w ith w h ich th e F r e n c h R e p u b lic
H e d e cla re d t h a t , w ith th e e x c e p t io n o f th e stre e t
ra ilw a y s , th e tr a n s p o r ta t io n s y s te m o f th e c o u n t r y
s ig n e d , a n d th e G o v e r n m e n t a u th o r itie s h a v e h a d
fin a n c ia lly w as in “ a p a r a ly z e d s t a t e .”
tim e t o c o n s id e r r e c o n s t r u c t io n p la n s.
B e fo r e th e
w a r h e a d d e d th a t th e a v e ra g e re tu r n o n ra ilw a y
h as b e e n
c o n fr o n t e d e v e r s in ce th e a rm is tic e w as
A ll th e s u g
g e s tio n s t h a t h a v e b e e n o ffe r e d b y F in a n c e M in is te r
c a p ita l in G r e a t B r ita in w as 4 . 2 % , w h ile n o w th ere
K lo t z a n d o th e r s s o fa r a p p e a r t o h a v e a v a ile d n o t h
is a d e fic it e q u iv a le n t to 2 o r 3 % .
in g .
M o r e o v e r , he a s
se rte d th a t th e fa c t has t o b e fa c e d th a t “ th e re w ill
T a x e s o n lu x u rie s, ex cess p r o fits a n d in c o m e
ta x e s a re s a id £ to h a v e y ie ld e d d is a p p o in t in g ly s m a ll
THE CHRONICLE
1 1 0 0
r e tu r n s .
[V o l . 108.
S p a r ta c a n s in G e r m a n y .
D u r in g t h e w a r m o s t o f th e m o n e y ra ised
A t th e b e g in n in g o f th e
T h is
w e e k a t t e m p t s o n th e p a r t o f th e fo r m e r t o c u t th e
h a s le ft th e c o u n t r y w ith a h u g e d e b t , w h ile a la r g e
cer
A llie d lin es in t h e A r c h a n g e l d is t r ic t m e t w ith d e fe a t .
O n W e d n e s d a y u n c o n fir m e d r e p o r ts r e a c h e d L o n d o n
T h e d e s t r u c t io n o f h er in d u s tr ia l p la n ts a n d
t h a t th e m o d e r a t e fa c t io n o f th e S o c ia l D e m o c r a t ic
in F r a n c e c a m e t h r o u g h th e m e d iu m o f lo a n s .
d e fic it f o r th e c o m in g y e a r seem s an a b s o lu t e
t a in t y .
o f h er
a g r ic u ltu r a l fie ld s w ill m a k e it
im p o s s ib le fo r F r a n c e , f o r s o m e t im e , t o
s u ffic ie n t
fo r
e x p o r t a t io n
to
a ffe c t
P a r t y h a d risen a g a in s t th e S o v ie t G o v e r n m e n t in
p r a c t ic a lly
th e
p rod u ce
exchange
P etrogra d .
O n th e o th e r h a n d , it is s a id t h a t th e
B o ls h e v ik R u s s ia n s w ere m e n a c in g O d e s sa a n d t h a t
T h e F ren ch G ov ern m en t au
th e
th o r itie s h a v e s u g g e s te d th r e e w a y s o u t o f th e d ile m
not
m a : T h e p o o lin g a m o n g th e A llie s o f th e m a te ria ls
L o n d o n y e s t e r d a y th e g r e a te r p a r t o f th e U k r a in e
w h ic h t h e y m u s t b u y fr o m o th e r c o u n tr ie s ; th e s ta
b iliz a t io n o f A llie d ra te s o f e x c h a n g e a n d th e p o o lin g
w a s in th e h a n d s o f th e B o ls h e v ik i.
o f th e w a r d e b ts o f th e A llie s a n d th e g r a n tin g o f
re p r e s e n ta tiv e s a t O d e ssa fo r h e lp a n d h a d a ls o se n t
c o m m is s io n e r s th e r e w ith fu ll p o w e r t o c o n c lu d e an
m a r k e t in h er f a v o r .
lo a n s b y th e L e a g u e o f N a t io n s .
it
city
w a s b e in g e v a c u a t e d .
o b t a in a b le .
w as
s a id ,
a g r e e m e n t,
A c c o r d in g
had
a p p e a le d
m a k in g
C o n fir m a t io n
to
to
a d v ic e s
T h e d ir e c t o r a t e ,
th e
w h a te v e r
was
r e a c h in g
A llie d
s a c r ific e s
m ilit a r y
m ig h t
be
s o u r c e s a t a n e a r ly d a te a p p e a r s t o h a v e s o m e w h a t
n ecessa ry.
I t w as rep orted on M o n d a y th a t a n oth er a tte m p t
o f a q u ie tin g e ffe c t u p o n th e r a d ic a l a n d d is o r d e r ly
h ad been m ade a t M o s co w
e le m e n ts .
W h ile th e r e w e re d is tu r b a n c e s in B e r lin ,
L e n in e , b u t t h a t .the s h o ts w e n t w ild a n d w o u n d e d
H a lle , a n d s o m e o th e r c e n tr e s , o n th e w h o le im p r o v e
I n G e r m a n y th e o b t a in in g o f f o o d fr o m
o u ts id e
o n th e life o f N ik o la i
H e r r N o s k e a n n o u n c e d t o th e
h is c h a u ffe u r in s te a d .
L a t e y e s t e r d a y a ft e r n o o n it w a s s ta t e d in P a ris
N a t io n a l A s s e m b ly a t W e im a r o n M o n d a y t h a t th e
a d v ic e s t h a t a t a m e e tin g o f th e I ta lia n p e a c e d e le
S p a r ta c a n
d e fin ite ly
g a t e s , a t w h ic h P r e m ie r O r la n d o p r e s id e d , it w a s
E a r ly in th e w e e k th e A m e r ic a n d e le g a tio n
a g re e d b y a u n a n im o u s v o t e t o w ith d r a w fr o m th e
m e n t c o u ld b e n o t e d .
cru sh ed .
u p r is in g
in
B e rlin
had
been
t o th e P e a c e C o n fe r e n c e w a s s a id t o h a v e e x p re sse d
P e a c e C o n fe r e n c e u n less F iu m e is a ssig n ed t o I t a ly
th e o p in io n t h a t t h e E b e r t g o v e r n m e n t w o u ld n o t
in th e p e a c e t r e a t y .
la s t m o r e th a n t w o w e e k s if th e m o s t a g g r e ss iv e s tep s
I ta lia n a u th o r itie s o n th is q u e s tio n all a lo n g , th e
I n v ie w o f th e a t t it u d e o f th e
p o s s ib le w e re n o t ta k e n t o c o m p le t e th e p e a c e t r e a t y .
r e p o r t w a s n o t su rp risin g .
M a t h ia s E r z b e r g e r , C h a ir m a n o f th e A r m is tic e
C o m m is s io n , w a s q u o t e d as s a y in g in B e r lin t h a t th e
p r o b le m w ill b e s o lv e d , as h a v e m a n y m u c h jm i c h
I t is a ssu m e d t h a t th is
o n ly m e a n s o f ca llin g a h a lt o n B o ls h e v is m w a s th e
k n o ttie r o n e s .
T h e B r itis h T r e a s u r y s ta t e m e n t fo r th e w e e k e n d
a b a n d o n m e n t o f “ th e m a ile d fis t p o lic y o f th e A llie s ” .
in g M a r c h 15 w a s d is t in c t ly fa v o r a b le , a n d in d ic a t e d
H e d e c la r e d
a fu r th e r
G erm an y,
a lso th a t if th e A llie s im p o s e d u p o n
in
th e
peace
tre a ty ,
P r e s id e n t W ils o n 's c e le b r a te d
te r m s
fo u r te e n
e x c e e d in g
p o in t s , th e
in cre a se
of
£ 3 7 0 ,0 0 0
b a la n c e , b r in g in g th e t o t a l t o
£ 7 ,4 1 4 ,0 0 0 a w e e k a g o .
in
th e
E xchequ er
£ 7 ,7 8 4 ,0 0 0 , a g a in st
R ep a y m en ts o f T reasu ry
N a t io n a l A s s e m b ly c o u ld n o t a sse n t t o th e d o c u m e n t .
b ills c o n tin u e s t o e x c e e d th e v o lu m e o f n e w n o te s
I n c o n tr a s t t o th is a t t it u d e w a s th e p e rs is te n t r e p o r t
s o ld , h e n ce th e r e h as b e e n a fu r th e r c o n t r a c t io n in
in P a ris t h a t th e G e r m a n p e a c e d e le g a te s w o u ld n o t
th e a m o u n t o f T r e a s u r y b ills o u t s t a n d in g , n a m e ly ,
b e g iv e n an o p p o r t u n it y t o d is cu s s th e p e a c e te r m s ,
£ 4 ,2 0 0 ,0 0 0 .
b u t o n ly t o sig n th e t r e a t y .
o f f a n d t o t a le d £ 4 2 ,4 0 8 ,0 0 0 (a g a in s t £ 5 2 ,2 8 2 ,0 0 0 fo r
L a s t e v e n in g it w as
T h e w e e k ’ s e x p e n se s s h o w e d a fa llin g
r e p o r te d in P a ris th a t th e B r itis h a u th o r itie s w ere
th e w e e k e n d e d M a r c h 8 ) .
c o n s id e r in g th e p o s s ib ilit y t h a t G e r m a n y m a y refu se
c lu d in g T r e a s u r y b ills re p a id a n d o th e r ite m s , w a s
t o sig n th e p r e lim in a r y p e a c e t r e a t y .
t h a t “ all s a fe g u a r d s ”
I t w a s ad d ec
w o u ld b e ta k e n a g a in st th a t
T h e t o t a l o u t f lo w , in
£ 1 2 4 ,7 5 1 ,0 0 0 , in c o n t r a s t w ith £ 1 4 2 ,6 1 0 ,0 0 0 in th e
w eek
p r e c e d in g .
R e c e ip t s
fr o m
all
s o u rce s
w e re
£ 1 2 5 ,1 2 1 ,0 0 0 , as a g a in st £ 1 4 2 ,7 3 6 ,0 0 0 a w e e k a g o .
c o n t in g e n c y .
O f th is t o t a l, r e v e n u e c o n t r ib u t e d £ 3 5 ,2 3 3 ,0 0 0 , c o m
T h e D ie t o f M u n ic h w a s o p e n e d
H e r r H o ffm a n n , S o c ia lis t M in is te r
on
of
T uesday.
W o r s h ip ,
p a re d w ith £ 3 4 ,0 4 3 ,0 0 0 th e w e e k b e fo r e ; w a r s a v in g s
in th e E is n e r G o v e r n m e n t , w a s e le c te d P r e m ie r o f
c e r tific a te s y ie ld e d £ 1 ,0 0 0 ,0 0 0 , a g a in s t £ 1 ,1 0 0 ,0 0 0
th e w e e k p r e v io u s ; w a r b o n d s b r o u g h t in £ 4 ,2 4 3 ,0 0 0 ,
B a v a r ia .
a g a in st £ 3 ,7 0 9 ,0 0 0 .
A d jo u r n m e n t w as ta k e n t o g iv e h im tim e
F r o m a d v a n c e s o n ly £ 3 ,0 0 0 ,0 0 0
T h e n e x t d a y h e m a d e an
w a s r e c e iv e d , as a g a in st £ 2 2 ,4 9 0 ,0 0 0 , a lth o u g h o th e r
a n n o u n c e m e n t o f its p e r s o n n e l, as f o llo w s : M in is te r
d e b t s a d d e d n o less th a n £ 1 1 ,9 9 8 ,0 0 0 , a g a in st £ 2 ,
o f J u s tic e , D r . M a x E n d r e s ; M in is te r o f I n t e r io r ,
5 1 8 ,0 0 0
M a r t in
W e r k le ;
to t a le d £ 6 9 ,5 4 7 ,0 0 0 , in c o m p a r is o n w ith £ 7 8 ,8 2 6 ,0 0 0 .
M in is t e r o f C o m m u n ic a t io n s , H e in r ic h F r a u e n d o r fe r ;
R e p a y m e n t s a m o u n t e d t o £ 7 3 ,7 4 7 ,0 0 0 , a g a in st £ 8 6 ,
M in is te r o f S o c ia l A ffa ir s , H e r r U n te r le itn e r ; M i n
6 1 8 ,0 0 0 la s t w e e k .
is te r
b ills
t o p r e p a r e a c a b in e t .
S e g r itz ; M in is t e r o f F in a n c e , D r .
of
A g r ic u lt u r e ,
H err
S te in e r;
M in is te r
M ilit a r y A ffa ir s , H e r r S c h n e lte n h u r s t.
th a t th e
G o v e r n m e n t 's
p la n s
w ere
of
I t is sa id
approved
and
w h ic h
w eek.
la s t w e e k .
o u ts ta n d in g
c o n tr a s ts
N ew
b ills
T h e t o t a l v o lu m e o f T r e a s u r y
now
w ith
T em porary
issu es o f T r e a s u r y
a g g r e g a te s
£ 9 6 1 ,6 9 4 ,0 0 0
a d va n ces
£ 9 5 7 ,4 9 4 ,0 0 0 ,
th e
p r e c e d in g
o u t s t a n d in g
a re
re
th a t it w a s g iv e n e x c lu s iv e p o w e r fo r th e d ir e c tio n
p o r te d a t £ 4 4 6 ,7 7 0 ,0 0 0 , as a g a in st £ 4 4 6 ,7 7 1 ,0 0 0 fo r
o f S ta te a ffa ir s .
th e p r e v io u s w e e k .
W a r s a v in g s c e r tific a te s s o ld
d u r in g th e w eek to t a le d £ 1 ,6 1 1 ,0 0 0 , th u s b r in g in g
o f B a v a r ia
A m e a su r e a b o lis h in g th e n o b ilit y
w as a d o p t e d .
D ep u ty
S p ech ,
sa id t o
a g a in st th e s e p a r a tio n o f G e r m a n te r r ito r ie s fr o m
th e t o t a l t o £ 3 0 2 ,7 6 7 ,0 0 0 .
W a r b o n d sales t h r o u g h
th e e m p ir e , a n d
a m o u n t e d t o £ 5 ,0 2 5 ,0 0 0 , a n d n o w s ta n d s a t £ 2 3 ,
r e p r e se n t all p a r tie s in th e D i e t , d e c la r e d h im se lf
a g a in st a t t e m p t s t o
u n io n o f G e r m a n -A u s tr ia
p r e v e n t th e
and G erm an y.
7 1 2 ,0 0 0 .
th e
banks
la s t
w eek
S a les t h r o u g h th e p o s t o ffic e s d u r in g th e
p r e c e d in g w eek w ere £ 1 9 9 ,0 0 0 , th u s m a k in g an a g g r e
G e n e r a lly s p e a k in g th e S o v ie t fo r c e s in R u s s ia
w ere u n su c ce s s fu l in th e ir u p r is in g s , as w e re th e
g a te o f £ 7 5 0 ,0 0 0 , a n d a g r a n d t o t a l o f £ 2 4 ,4 6 2 ,0 0 0 .
, Mar- 2219^ ] __________________ THE CHRONICLE
110i
Another large increase in gold was shown hv iho I rPU T
. . _
.'
Bank of England in its weekly statement tnfnlimJ
, 10 4lJ pena*
of
no less than £979,056. This brings the stock of cold ^
° pub lc ? n .Fnday>
now held by the British Bank up t o £83 414 724 as Y
prcsilmably ^ ued as
^
=»
Germany in a statement
under date of March 20,
of March 7, shows the fol-
compared with £60,605,025 last year and ^ 3 962 294 i0 iVo7SnnC
nlanS? : T ° n
COm ,and bulli° n decreased
in 1917. Note circulation expanded £798 000 hence T h ! ! ’
S
T
reduCed 1 >3 9 1 >0 0 0 marks*
the total reserve was increased £181,000. ’ The pro- marks ^ i T n o ^ - T T n Trc.?sury n° tes of 8M 69,000
portion of reserve to liabilities was again advanced nTlr] t
, *
f
banks of 131>000 marks,
this time to 19.90%, against 19.61% last week and
+ 1 advances of 2>016>000 marks. Bills dis18.70% a year ago. Increases were shown in all of ™!mtcd WC™ contracted 833,819,000 marks, while
the deposit items, public deposits gaining £2 857 000
SGCllrl,tles dechned 149,998,000 marks, and de
other deposits £4,040,000, while Government securi- t
7
glf ered a reduction of 931,202,000 marks,
ties expanded £1,379,000. Loans (other securities)
nvestmea^ increas®d 583>000 marks, and note cirhowever, were reduced £2,739,000. The Bank’s CjU^a^ on
marks. Other liabilities were
note circulation now stands at £72,207,000 in con- ^ 7 ^
*10’.079' 000 marks- The German Bank’s
trast with £47,358,895 in 1917 and £37,824 290 the 7 ! l f ' d hoU ‘"gs are now reported at 2,244,327,000
year preceding. Reserves amount to £29 057 000
’ whl°h
wlth 2>407,022,000 marks a
Which compares with £31,090,130 last year and 7
g° “ d 2’ 528’ 980’000 marks in 1917.
£34,588,004 in 1917. Loans aggregated £80 844 non
at
l
,
as against £99,228,035 and £151,821,035 one* and
change has been noted in official discount rates
two years ago, respectively. Clearings through the p !ead^nS European centres, from 5% in London,
London banks for the week were £438,120 000 in l Y ’
^
CopenhaSen; ^ A % in
comparison with £422,000,000 last week and £419 w^ erland’ b% ™ p etrograd and Norway, 6 ^ % in
381,000 a year ago. Our special correspondent is Y Y
^
Y Z ° f
Holland and Spain- In Lonnot as yet able to give details by able of the gold
q w T
® bank rate contmues to be quoted at
movement into and out of the Bank for the Bank
; or ,slxty days and ninety days. Call
week, inasmuch as the Bank has not resumed mibli- m ° T l “ 1London !s stdl 9uoted at 3 ^ % . No re
cation of such reports. We append a tabular state- p^ te have been received by cable, as far as can be learnment of comparisons:
e c , ol open market rates at other European centres.
HANK OF ENGLAND’S COMPARATIVE STATEMENT.
1916-
March'in
;
Jl
7220‘71
m Z V eT “ :;:: 27:2,2:"“
T
191s-
3*“
w
Sm S
7
. Last week’s bank statement of New York asso-
2I- “t 22-
S ’iS S ?
24- issuedonSaturday-showedA
,Cf ects, of Saturday’s income tax payments.
g s s s s ^ s»o.s«.ooo
s s : i09,228.603
t a s ‘a151.8s21.0s36 soo& x i i : Z
s r s s E s r a s s a s s a s s a s s s ~ S privat-e t0 pufb,ic hands has been
S
S
t S
m
t S
It
„ 70% 1790„
2S„ „
of stratIn; but th«
has been radical
6%
6M%
B%
IZ° changcs in some of the principal items.
Loans were
---------,
/0 expanded $113,009,000, bringing the total to $4 The Bank of France in this week’s statement 923’ 043’ 000’ the hiShost in several months, while
reports a further gain of 2,061,550 francs in its stock net demand deposits registered the heavy increase of
of gold on hand. The Bank’s aggregate gold hold- ? ]1 0,476’000, This brought the total to $3,976 mgs (including 1,978,308,475 francs held abroad) ()68,000 (Government deposits of $259,803 000 deno™ ? and at ^ 4 0 ,0 1 5 ,8 2 5 francs. This compares ducted)* Net time deposits increased $3,736,000
7noGo43 r2,264,210 francs last year’ of which 2,037,- lncrcascs werc aIso shown of $1,552,000 in cash in
o ? ; ,francs were held abroad, and with 5,184 - own vaults (members of the Federal Reserve Bank)
476,351 francs the year before, of which 1,946,637 566 t0 895’ 1?°>000 (not counted as reserve) of $ 2 4 francs were held abroad. Advances during the week 540’000 in reserves in the Reserve Bank of member
increased 17 570,394 francs and general d e p o t s banka> and ^°f $120,000 in the reserves in
wcic augmented by 51,736,662 francs. On the other ^ tate banks and trust companies, to $11 619 000
hand silver decreased 111,746 francs— bills dis- Reserves in other depositories (State banks in d trust
counted contracted 14,245,433 francs and Treasury ™mpames) declined $1,335,000, to $10,960,000.
deposits fell off 42,563,130 francs. Note circulation lh c r ° was a 8ain of 823,325,000 in the aggregate
registered an expansion of 28,278,225 francs, bringing rcserye>and this carried the total up to $585 498 000
the total outstanding up to 33,262,283,890 francs! aS compared with $526,371,000 a year a g o/ In
In 1918 and 1917 the amounts werc 24,824,969 140 surpl.us tbe increase was smaller, there having been
francs and 18,450,780,385 francs, respectively. The a ga*n
814,452,560 in reserve requirements and
amount outstanding immediately preceding the out- th° net gain in excess reserve was only $8 872 440
break of war in 1914, was only 6,683,184,785 francs Howevcr> this brought the total of excess’ reserves
Comparisons of the various items in this week’s t0 $58>783>510; the highest total since the statereturn with the statement of last week and corres- mcnt
Reb*
and contrasting with $34 315 810
ponding dates in 1918 and 1917, are as follows:
hcId the same week of 1918- The above totals for
b a n k OF FRANCE’S c o m p a r a t i v e s t a t e m e n t .
excess reserves are based in both cases on reserves
aoia Holdings—
S * '
""jO S a T
torm em ber banks of the Federal Reserve
ih™“ co......... Inc;r 2L
0fl1’560 3.601,707.350 3,335.155.725 3
system, but not including cash in vault held bv these
T:0.78.’308’475
banks which amounted last Saturday to $95 180 !
Z ; ............
Bankrate...........
*%
S
S s iS ,f ii
J f f l s
-
«
2® l i “S S
2AS:iS? 2“
“0°- Th° ban) S““
glvcn ma subse(IU«
“
7
e inaccur
.oil transfer of
complete form
of this ia m e -
I It is to be doubted that the advance in eaUmoney
rates just before the close of business on Wednesday
1 1 0 2
[V ol . 108.
THE CHRONICLE
bonds run from a year to a year and a half and the
to 6 % for mixed collateral and
for all indus
hope is expressed that in the meantime they will be
trial loans, and the renewal of day-to-day accom
absorbed largely by the banks and trust companies.
modations on Thursday at the same quotations
So far the final terms of the forthcoming Liberty
should be taken as indicative of a marked scarcity
Loan have not been made public by Secretary of the
of loanable funds and materially higher rates there
Treasury Glass. The activity in a large number of
for at this centre during the next month or six
industrial stocks on the Stock Exchange is not be
weeks.
It is true that for some little time prior
lieved to have resulted in a material net change in
to this upturn in call money rates, some bankers
the
loans of brokers.
had conveyed the impression that, in advance of
Dealing with money rates in detail, call loans have
and preparatory to, the next Liberty Loan cam
ranged between 3% and 6% this week, as compared
paign money would be fairly tight in New York.
with 4 ^ @ 5 % the week previous. Monday 4 M %
It is worth noting that this opinion has not been
universally held by our leading banks. Yesterday, was the high, also renewal rate, with 4 % low. On
although the call loans made that day would cany Tuesday there was a decline to S % % for the mini
mum; renewals were negotiated at 4 % and this was
over until next M onday, the renewal rates were
the highest for the day. Wednesday’s range was
only 5 @ 5 ^ % , or 1% under the opening level of the
4 H @ 6 % and 4 ^ % the ruling figure. On Thursday
previous day. In view of this fact and inasmuch as
the maximum was again at 6% , the low advancing
there was no real change in the quotations on time
loans, there was a disposition in some centres to to 5 ^ % , at which figure most of the business was
believe that the high rates of late Wednesday after done. Friday the range was 4 % @ 5 % and 5% the
renewal basis. These rates apply to loans on mixed
noon and Thursday morning represented only a
collateral. “ All-industrials” continue to be quoted
flurry such as we have had from tome to time in
at Y z of 1% higher. For fixed maturities the situ
recent weeks. It was said that the somewhat un
ation remains virtually the same. Trading was veiy
expected advance on those two days was laigely
quiet, and was confined largely to the shorter ma
due to a temporary scarcity of funds with which
turities. As a matter of fact most of the business
to meet the large flood of checks tendered in pay
passing is for renewals, as brokers are still unwiling
ment of income taxes a week ago to-day. Money
to put out new money until further details of the
appears to be coming to this centre in fairly laige
forthcoming Victory Loan are made available. A
volume, and if the inflow continues there would
moderate volume of thirty to forty-day money
seem to be little probability of abnormally high
has been made available through the paying off by
rates as long as general conditions continue about
the Government of considerable amounts of U. b.
as they are. Of course it must be remembered
certificates of indebtedness, which have been ac
that, with the opening of the seeding season in the
cepted in payment for income taxes. All periods
agricultural sections of the West and South, there
from sixty days to six months are still quoted
will be a local demand for money on the part of
farmers that did not exist during the winter months. at 5 } 4 % . A year ago 6% was the rate given
for maturities ranging from sixty days to six
As this demand increases the receipts of funds here
from interior points may be expected to diminish months.
Commercial paper was in fairly good demand, but
proportionately.
.
transactions were restricted by the light supply of
Financing by the corporations through their
good offerings. Rates have not been changed from
bankers during the past week has not been of a
sufficiently large volume in the aggregate to be a 5 } 4 @ 5 } 4 % for sixty and ninety days’ endorsed bills
receivable and six months’ names of choice character.
potent factor in the local money market. The
financial plans that have received the greatest at Names less well known still require 53/2%*
Banks’ and bankers’ acceptances were moderately
tention are those of several departments of the Gov
active. A good inquiry was noted early in the week
ernment for meeting urgent needs. Reference is
from both local and out of town institutions. The
made particularly to that of the Railroad Admin
istration announced yesterday by Director: General volume of business transacted, however, was small,
Hines, which calls for the issuance of certificates ot as the market continues practically bare of prime
indebtedness by the Railroad Administration, which bills. Later there was a lessening in the demand
will be tendered to the railroads to meet April 1 owing to the stiffening in the call loan market.
interest and dividend requirements. According to Grain bills of the United States Fuel Administration
M r. Hines’s statement they total about $70,000,000. made their appearance on the market for the second
The railroads in turn may borrow on the certificates time. The undertone was steady and actual quo
from the War Finance Corporation. This is cer tations unchanged. Detailed rates follow:
tainly a novel way for the Government of the United
States to pay its rental to the railroads of this great
country, which if operated by the corporations
themselves, under reasonable Governmental super
vision, would be able to pay their own bills without
resorting to any such device as this.
Apparently from M r. Hines’s statement it may be
' inferred that the details of the plan that has been
under consideration for several weeks for paying
the equipment companies for cars and locomotives
ordered in most cases a long time ago, have not been
completed. According to Washington advices the
War Finance Corporation is considering a plan to
float a bond isssue of approximately $200,000,000
at 4 % % . It is said that it is proposed to have the
-------------Spot Delivery------------Ninety
MW
Thirty
Dave.
Eligible bills of member banks..............4
EUglble bills of non-member banks........
AM®*A
Ineligible bills...................................... W ® 4*
Daye.
4 « @ 4’/ 6
Dave.
5* ® 4 *
Delivery
within
30 Day.
A'A bid
4% bid
6 bid
Among the sensational developments of the week,
and following closely upon the severe break in
French exchange, came the announcement by J. P.
Morgan & Co., on Thursday, that the British Gov
ernment had ordered the cessation of purchases of
sterling exchange. This means in effect the removal
of the “ peg” in sterling exchange, and immediately
resulted in a decline to 4 70 for demand bills and 4 71
for cable transfers. This was still,however, slightly
above the rate which had been quoted for some days
M ar . 22 1919.]
THE CHRONICLE
in London, namely, $4 69 to the pound sterling, and
it is thought likely that further readjustment will
ensue until similar rates are established at both
centres. On Friday a further decline to 46 8% for
demand took place, but toward the close a part of the
loss was recovered. It may be remembered that the
lowest point reached in sterling was in September
1915, when 4 50 was quoted for demand, just prior to
the placing of the Anglo-French loan here. This
week’s announcement failed to arouse any serious ap
prehension in responsible banking circles, as it is
looked upon as the initial step of an inevitable move
ment to bring about the restoration of normal interna
tional conditions. Undoubtedly the well-authenti
cated reports that the peace treaty and League of Na
tions covenant are now regarded as an accomplished
fact to be made known within a few weeks at the
latest, have had much to do with the action taken by
the French and British authorities in preparing for
this momentous event. With the consummation of
peace, it is regarded as of the utmost importance in
financial circles that trade conditions be restored to
a natural basis as rapidly as possible and, as one
banker expressed it, “ The action had to be taken at
some time and no doubt British officials looked upon
the present as a propitious moment for effecting its
plans for the future.” At the time of the signing of
the armistice, predictions were made that with the
removal of certain specified restrictions, a wide
spread demand for American products would develop
in Europe; and it is plain that the British Govern
ment is not willing to support an exchange market
for the promotion of such a purchasing movement.
That the Government will continue to arrange credits
in the United States for the purpose of securing neces
sities is certain, but it obviously intends to exercise
this privilege only for the purchase of wheat and like
commodities and will exclude as far as possible the
acquisition of so-called luxuries.
Some bankers
appear to look for a break to as low as 4 25, but in
conservative circles this was thought highly improb
able, though any accurate forecast of the immediate
course of foreign exchange is practically impossible.
Many grave and perplexing problems stand in the
way of speedy readjustment to a peace basis, and,
obviously, very careful planning will be required by
the financial authorities to accomplish the transition
from articifial conditions to a natural basis, if serious
derangement is to be avoided.
Dealing with the day-to-day rates, sterling ex
change on Saturday was a shade easier for demand
bills which ranged between 4 75 11-16 and 4 75%;
cable transfers, however, remained stationary at
4 76 7-16 and sixty days at 4 73@ 4 73% . On
Monday the tone was steady and sterling quotations
were apparently not affected by the sensational
break in French exchange; trading was inactive and
the range was still at 4 75 11-16@4 75% for demand,
with cable transfers at 4 76 7-16; sixty days ruled
at 4 7 3 % @ 4 73% . Dulness was the predominant
feature of Tuesday’s dealings, as a result of which
quoted rates sliOAved virtually no change; bankers’
sixty days ranged at 4 73@ 4 73% , but demand' and
cable transfers continued at the levels of the preceding
day. Wednesday’s market showed no increase
in activity and the quotation for demand bills re
ceded fractionally to 4 75 7-16@ 4 75 9-16, although
cable transfers and sixty days were maintained
without alteration. Official announcement on Thurs
day of the withdrawal of arbitrary control of sterling
1103
exchange, caused a small flurry among exchange
dealers and under the pressure of a sudden influx
of offerings, the quotation for demand bills dropped
to 4 70, while cable transfers broke to 4 71. The
day’s range was 4 70@ 4 75 11-16 for demand and
4 71 @ 4 76 7-16 for cable transfers; sixty days
ranged between 4 6 7 % @ 4 73% . On Friday the
market was irregular and weak with closing quota
tions at 4 67% for sixty days, 4 70 for demand and
4 71 for cable transfers. Commercial sight bills
finished at 4 69% , sixty days at 4 67, ninety days
at 4 65% , documents for payment (sixty days) at
4 66% , and seven-day grain bills at 4 69% . Cotton
and grain for payment closed at 4 69% . A ship
ment of 3253,000 in gold for export to Canada was
announced this week. There were no imports, or
other consignments.
In the Continental exchanges the outstanding
feature of the week has, of course, been the spec
tacular decline in the quotation for francs, which,
in the absence of further support, broke repeatedly,
until on Tuesday as low as 5 80 for checks was
reached. This is the lowest point touched since
the early part of 1917, and compares with 5 50—
last week’s close. At the close a partial rally took
place. The collapse in prices came somewhat as
a surprise to exchange experts, who had been pre
dicting that rates would not be allowed to go
below certain levels, but confirmed the opinion
previously expressed that steps are at last being
taken by the Government for the withdrawal of
artificial control of French exchange rates. While
no official statement to this effect has as yet been
made, it is pretty generally believed that such is
the case and that the violent fluctuations of the past
week are only what must be anticipated in the process
of readjustment to normal conditions. In the case
of French exchange this is expected to prove more
difficult and lengthy than in some of the other Allied
exchanges, as France has suffered severely in her
producing and exporting capacity through German
depredations and the conversion of so large a pro
portion of her industrial plants to war purposes.
The direct effect of this has for a long time been
offset by the heavy buying in French markets of
supplies for the upkeep of foreign troops on French
soil, also large remittances of cash in settlement of
pay-roll obligations, but these are of necessity getting
to be much less of a factor and it is daily becoming
more evident that if the exchange situation is to be
maintained outside assistance in the form of credits
or other substitute will have to be extended France
by her allies for some little time to come. A dis
patch from Paris under date of March 17, which lent
color to this view, stated that the rise in some of the
foreign exchange rates at that centre was caused by
the action of certain French, English and American
banks which had placed large amounts at the dis
posal of their Governments, failing to renew these
credits when they expired on Friday of last week.
It is still believed that the approaching maturity
of the French Government loan in this country may
have exercised some influence in the weakness,
although, as already pointed out, adequate provision
for the financing of this loan has been made; still
another theory advanced for the flurry was that
it was the result of attempts put forth by the French
Government officials to restrict importations into
France with a view to restoring a normal balance, of
1104
THE CHRONICLE
trade. This would be plausible were it not for the
fact that far more stringent measures than the mere
reduction of exchange rates are likely to prove neces
sary for the effectual curtailment of imports. Trad
ing was not active throughout and a distinctly weaker
tone was noted in all of the other Allied exchanges,
notably in Belgian francs which dropped to 6 02 for
sight bills, while exchange on Rome, though still
ostensibly pegged, was also under pressure. It was
stated that lire cable transfers, early in the week,
were being offered as low as 6 50, though no busi
ness was done at that figure. On Friday morning
M r. Kent, Director of the Division of Foreign
Exchange, gave out the following statement: “ All
restrictions as to the sale or purchase of lire ex
change by dealers, as described under the Executive
order of the President of Jan. 26 1918, are hereby
removed until otherwise instructed.” Inquiries at
the Italian Institute gave rise to the impression that
a new official level of 6 45 was to be arranged, to
be supported, not by buying as heretofore, but
in the event of dealings below this level, through
refusing payments on the other side. In the after
noon, however, Federal Reserve Board officials made
it clear that all restrictions had been removed and
that the Italian Government was to co-operate fully
in the new movement, intimating plainly that abso
lute freedom in lire had been restored, although in
official transactions it is probable the new rate of
6 45 will be observed.
Sharp declines followed this
announcement, and for a while trading was active
and excited, though the volume of transactions was
not large. It was reported that as low as 7 40
had been quoted for lire cables, but this was not
confirmed. Toward the close the quotation had ral
lied to 6 80, with the tone weak and irregular. The
situation as regards Russian rubles remains without
change, and no new developments are looked for in
German and Austrian exchange until the conclusion
of peace. Austrian kronen for use in remittances to
Czecho-Slovakia are being quoted nominally at
6.50c. The official London check rate in Paris
finished at 27.05, as against 26.10% a week ago.
In New York sight bills on the French centre closed
at 5 71, against 5 50; cable transfers at 5 65, against
5 49; commercial sight at 5 70, against 5 51, and
commercial sixty days at 5 82, against 5 55 last
week. Lire finished at 6 82% for bankers' sight
bills and 6 80 for cable remittances, against 6 36%
and 6 35 the preceding week. Quotations for rubles
are not available. Belgian francs were weaker and
after declining to 6 02 for checks and 6 00 for cable
transfers, closed at 5 95 and 5 96, in comparison with
5 78 and 5 76 the week previous.
Neutral exchange, while not materially affected by
the violent fluctuations in French francs, neverthe
less ruled weaker in sympathy with the movement
and fractional declines were noted in guilders,
Swiss francs and Scandinavian rates. On Thurs
day, following the break in sterling, increased weak
ness was shown, particularly in Stockholm and
Christiania remittances, which broke quite severely.
Copenhagen exchange was relatively steadier. Pe
setas ruled firmer but later relaxed and closed weak.
Here also dealings were at a minimum, and oper
ators continue to mark time pending the conclusion
of the peace negotiations.
Bankers' sight on Amsterdam finished at 40% ,
against 41; cable transfers at 40% , against 41% ;
commercial sight at 40% , against 40 15-16, and com
[V ol . 108.
mercial sixty days at 39 15-16, against 40% a week
ago. Swiss exchange closed at 4 98 for bankers'
sight bills and 4 94 for cable remittances, which com
pares with 4 88 and 4 83% last week. Copenhagen
checks finished at 25.60 and cable transfers 25.80,
against 25.90 and 26.10. Checks on Sweden closed
at 27.50 and cable remittances at 27.70, against
27.90 and 28.10, while checks on Norway finished at
26.30 and cable transfers at 26.50, against 26.90
and 27.10 on Friday of the previous week. Spanish
pesetas closed at 20.25 for checks and 20.35 for cable
remittances. Last week the close was 20.55 and
20.65.
With regard to South American rates, quotations
have been firmly held and rate for checks on Argentina
was fractionally higher, finishing at 44.70 and cable
transfers at 44.80, against 44.75 and44.90last week.
A dispatch from Buenos Aires dated March 20 states
that the Argentine credits to France under the agree
ment for the purchase of grain expired on Tuesday,
and that since then French exchange has risen from
5 francs 60 centimes for a gold peso to 5 francs 70
centimes. A new credit convention between the two
countries has not yet been ratified. For Brazil
the check rate was also firmer and closed at 26.25
and cable remittances at 26% , comparing with
26.26 and 26% a week ago. Chilian exchange
was not changed from 10 7-16 and Peru from 50.125
@50.375.
Far Eastern rates are as follows: Hong Kong,
75@ 7 5 % , against 74@ 74.15; Shanghai, 112@ 112% ,
against 113@ 113% ; Yokohama,
50.75@ 50.85,
against 50% @ 51; Manila, 50 (unchanged); Singa
pore, 56% (unchanged); Bombay, 36 (unchanged),
and Calcutta (cables) at 36% (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $2,512,000 net in cash as a result of the cur
rency movements for the week ending March 21.
Their receipts from the interior have aggregated
$7,894,000, while the shipments have reached $5,
382,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold exports, which
together occasioned a loss of $113,979,000, the com
bined result of the flow of money into and out of the
New York banks for the week appears to have been a
loss of $111,467,000, as follows:
In to
B anks.
W e e k en d in g M a r c h 2 1 .
Out o f
B anks.
$ 7 ,8 9 4 ,0 0 0
N e t C h a n ge in
B a n k H o l d in g s .
$ 5 ,3 8 2 ,0 0 0 | G a ln
$ 2 ,5 1 2 ,0 0 0
B a n k s ’ I n t e r io r m o v e m e n t ____________
S u b -T r e a s . a n d F e d . R e s e r v e o p e r a
t i o n s a n d g o l d e x p o r t s _______________
3 0 ,8 2 1 ,0 0 0
1 4 4 ,8 0 0 ,0 0 0 L o s s 1 1 3 ,9 7 9 ,0 0 0
T o t a l ...............................................................
$ 3 8 ,7 1 5 ,0 0 0
$ 1 5 0 ,1 8 2 ,0 0 0 L o s s $ l 1 1 ,4 6 7 ,0 0 0
The following table indicates the amount of bullion
in the principal European banks:
!
M a rch 19 1919.
C o ld .
S ilv e r.
|
M a rch 20 1918.
T o ta l.
C o ld .
£
8 3 ,4 1 4 ,7 2 4
1 4 2 ,4 6 8 ,2 9 4
1 1 2 ,2 1 6 ,3 5 0
1 2 9 ,6 5 0 ,0 0 0
1 1 ,0 0 8 ,0 0 0
8 9 .1 5 0 .0 0 0
3 4 .7 1 0 .0 0 0
5 6 .4 1 2 .0 0 0
1 5 .3 8 0 .0 0 0
1 0 .3 7 8 .0 0 0
1 6 .0 1 0 .0 0 0
1 0 ,4 0 0 ,0 0 0
6 ,7 1 0 ,0 0 0
£
£
£
................... 8 3 ,4 1 4 ,7 2 4 6 0 ,6 0 5 ,0 2 5
1 2 ,5 6 0 ,0 0 0 1 5 5 .0 2 8 ,2 9 4 1 3 3 ,4 0 6 ,2 2 4
1 ,0 6 0 ,0 0 0 1 1 3 ,2 7 6 ,3 5 0 1 2 0 ,3 6 0 ,0 5 0
1 2 .3 7 5 .0 0 0 1 4 2 .0 2 5 .0 0 0 1 2 9 ,6 5 0 ,0 0 0
2 ,2 8 9 ,0 0 0 ; 1 3 ,2 9 7 ,0 0 0 1 1 ,0 0 8 ,0 0 0
2 5 . 7 1 0 .0 0 0 1 1 4 .8 6 0 .0 0 0 7 9 .9 1 1 .0 0 0
3 ,0 8 6 ,0 0 0 ! 3 7 ,7 9 6 ,0 0 0 3 3 .4 3 4 .0 0 0
7 7 6 .0 0 0 5 7 ,1 8 8 ,0 0 0 6 0 .3 1 2 .0 0 0
600.0001 1 5 ,9 8 0 ,0 0 0 1 5 .3 8 0 .0 0 0
2 ,5 7 2 .0 0 0 ] 1 8 ,9 5 0 ,0 0 0 1 4 .6 8 6 .0 0 0
................... 1 6 ,0 1 0 ,0 0 0 1 3 .0 6 9 .0 0 0
9 ,6 4 1 ,0 0 0
1 3 6 ,0 0 0 1 0 ,5 3 6 ,0 0 0
................... | 6 ,7 1 0 ,0 0 0
0 ,5 2 5 ,0 0 0
T o t . w e e k . 7 2 3 ,9 0 7 ,3 6 8
P r e v . w e e k 7 2 5 ,4 4 5 ,6 5 0
6 1 ,1 6 4 ,0 0 0 7 8 5 ,0 7 1 ,3 6 8 6 8 7 ,9 8 7 ,2 9 9
6 1 , 1 6 5 ,1 6 0 7 8 6 ,6 1 0 ,8 1 0 1 6 8 0 ,4 4 8 ,2 1 4
E n g la n d ..
F r a n c e s ..
G erm an y .
R u s sia
A u s -H u n c
S p a i n _____
I t a l y ______
N e th e r l’ds
N a t .B e l.h
S w l t z ’ Ia n d
S w e d e n ...
D en m ark .
N o r w a y ..
S ilv e r.
T o t a l.
£
£
6 0 ,6 0 5 ,0 2 5
1 4 3 ,6 0 6 ,2 2 4
1 2 6 ,2 5 7 ,4 5 0
1 4 2 .0 2 5 .0 0 0
1 3 .2 9 7 .0 0 0
1 0 8 .0 8 2 .0 0 0
3 6 .8 9 8 .0 0 0
0 0 ,9 1 5 ,3 0 0
1 5 .9 8 0 .0 0 0
1 4 .6 8 6 .0 0 0
1 3 .0 6 9 .0 0 0
9 , 7 7 7 .0 0 0
’ 1 3 0 ',6 6 6
0 , 6 2 5 ,0 0 0
1 0 ,2 0 0 ,0 0 0
5 ,8 9 7 ,4 0 0
1 2 .3 7 5 .0 0 0
2 .2 8 9 .0 0 0
2 8 .1 7 1 .0 0 0
3 . 4 0 4 .0 0 0
6 0 3 ,3 0 0
6 0 0 ,0 0 0
6 3 ,7 3 5 ,7 0 0 7 5 1 ,7 2 2 ,0 9 9
0 4 ,0 4 7 ,6 0 0 7 5 0 ,4 9 5 ,8 1 4
a G o l d h o ld in g s o f t h e B a n k o f F r a n c e t h is y e a r a r e o x c l u s l v o o f £ 7 0 .1 3 2 ,3 3 9
h e ld a b r o a d .
* N o fig u r e s r e p o r t e d s in c e O c t o b e r 2 9 1 9 1 7 .
c F ig u r e s f o r b o t h y e a r s a r e t h o s e g i v e n b y “ B r it i s h B o a r d o f T r a d e J o u r n a l” f o r
D e o . 7 1917.
h A u g u s t 0 1 9 1 4 In b o t h y e a r s .
THE CHRONICLE
M a r . 22 1919.]
E C O N O M IC
READJUSTM ENT
IN
EUROPE.
1105
duction, the foreign trade of the European States has
been completely deranged. N ot only have their
exports been formidably reduced, but they have had
to rely to such an extent on outside producers, for
food and materials which they were themselves no
longer able to turn out in the necessary quantity,
that imports were enormously expanded. T o take
the case only of England: Her export trade, not
withstanding the war-time rise in prices, fell from
£635,000,000 in 1913 to £529,000,000 in 1918, while
her import trade rose from £769,000,000 to £1,319,
000,000. The result was an adverse balance of mer
chandise trade last year, larger in American values
by $3,280,000,000 than in the year before the war.
The trade of France with the United States is
equally illustrative. In 1913 we sent $153,900,000
worth of goods to that country and received from
it $138,900,000, leaving a balance of $15,000,000 in
our favor. In 1918 we exported to France $931,
000,000 and imported from her only $59,500,000,
leaving the balance on our side no less than $871,
600,000. Export of war material only partly ac
counts for this; for even in January of this year,
when such purchases by European belligerents were
suspended, England imported from us $116,000,000
more than in the same month in 1914, and shipped
to us $17,600,000 less, while our imports from France
in the same month were $8,600,000 less than in 1914
and our exports $54,700,000 greater. These circum
stances, along with the grave conditions introduced
in the international balance sheet through financial
obligations incurred by the European belligerents to
the United States and other foreign countries, and
through our redemption of our own securities pre
viously held in Europe, have created a wholly new
situation in international exchange.
What is to be the outcome? One aspect of the
matter was taken up in a trenchant interview by
Mr. Hoover cabled from Paris last Monday. Ad
dressing himself particularly to the food question,
Mr. Hoover thus stated the case:
The sudden and violent movement of exchange
nates this week, first against Paris and then against
London, is merely one of the signs of the day which
mark out the very extraordinary internationa
situation left by the war. That the New York
exchange rate on these markets, after its very ex
tensive depreciation when the buying of war materia
here for Europe began in 1915, has since that time
been supported and “ stabilized” only through ex
tensive credit operations by France and Englanc
in this country, was perfectly well understood. Both
of those Governments have now apparently con
cluded that, in the present circumstances, operations
of that sort on the recent costly scale are no longer
justified. The European Governments have there
fore withdrawn from artificial support of the ex
change rate, and the market was left to find its
new level in response to the unhindered influence
of general trade.
We have yet to learn, from this new test of the
market, how far the New York exchange rate on
the European markets will be affected by the
existing heavy balance against those markets, on
both merchandise and investment account. But
the incident draws attention to a very much larger
problem— the outlook for Europe’s own rehabilita
tion in the domain of productive industry, export
trade and international finance.
In the sequel to all great wars, the questions which
invariably come up for immediate solution arise in
the following order.
Settlement of the terms of
peace necessarily comes first. Political readjust
ment, in the States on both sides of the conflict,
proceeds almost simultaneously. But what is often
an even more complicated question next arises, in
the shape of economic rehabilitation. In the present
case, the economic problem has been largely post
poned by the overshadowing importance of the
political problems which had to be settled at once.
Yet it has been recognized from the very outbreak
“ Europe cannot go on spending its liquid reserves
of the war that the question of economic recupera
and securing credits for the purpose of food. There
tion, in the States which have passed through the is not enough credit reserve in the world with which
exhausting strain of this war, would possibly in the to supply Europe, unless it can get back at once to
end supersede all other considerations. Trade, the production of commodities. There are some four
commerce, production— even, in some nations, the or five hundred million people in Europe who, year
ordinary means of subsistence— have been com by year, can barely manage to produce enough in
pletely thrown out of normal gear by the devoting food or commodities which they can exchange for
food, to live with no great gain in their reserves or
of all national energy to war. The means of provid
in their wealth. To a great extent the whole ‘ pro
ing even for interest payments on the unprecedented duction clock’ has stopped. That simply cannot last.
war debts is a matter of grave concern in itself, If Europe does not get down to work in a very short
when nearly all belligerents are confronted with an time, we are going to have a repetition of this present
annual charge, on that account, larger than the food situation a year hence, and the world will then
be much less able to stand the shock than it is
State’s total revenue from taxes before the war.
Throughout the war, employment was plentiful in now.”
Europe and the profits of many industrial establish
To a certain extent it may be answered that the
ments very large. But they were made so at the present case is somewhat exceptional, from the fact
expense of the State, which was itself wasting, in that peace returned just at the end of the harvest,
wholly non-productive energies, all that it could get and not, as in so many other wars, when it was time
through loans or taxation from such newly accrued to begin work on a new season’s crop. But the food
wealth. Production was also diverted extensively question is only one part of the problem, as Mr.
from the usual home and export markets. With the Hoover recognizes in his first sentence. It is not
ending of the war, moreover, profits from war merely that Europe must now produce more of the
industry ended also; but the expenses of the State :!ood which she consumes, but that her people must
as a result of the war were bound to continue ab resume production on a sufficient scale of all com
normally heavy for a very long time to come.
modities which they may exchange for food. The
The problem presented other aspects. Following cey to the situation is the fact that in Europe, as
the diversion of man-power to military service, and Mr. Hoover states, the “ whole clock of production”
the diversion of manufacturing capacity to war pro has to a large extent stopped. In other words,
THE CHRONICLE
1106
industrial Europe, to a far greater degree than indus
trial America, is now in the transition period.
Resumption of normal output of food, of raw
materials, and of manufacturing products, cannot
in the nature of things be long delayed; but the
intermediate stage is necessarily trying. It involves
not only demobilization of armies and, to a certain
extent, redistribution of population, but in most
States it necessitates the total altering of mill
facilities. Beyond even this, the process of restoring
normal conditions will be of peculiar interest because
of the multitude of new and complicating causes
which the war has created— the question of labor
supply and wages of labor, for instance, of the
depreciated currencies, of the continuance or dis
continuance of high war prices, of the supply of
ships for ocean transportation.
N ot all even of the professional economists agree
as to what will be the nature of the new conditions,
even after the world had adjusted itself to them.
In some quarters the theory is held that the world
is now so poor, that the depletion of its capital has
been so great, and that the burden of taxation on
production and on incomes will inevitably be so
heavy, as to cause great shrinkage in the purchases
of the world’s consuming community, even as com
pared with the period before the war. This hypo
thesis, however, overlooks to a large extent the fact
that the basis of the world’s production is not pri
marily the sale of goods produced for money, but
the exchange of them for other goods, needed or
desired by the producer.
It is one of the quite invariable facts of history,
that after an interval of uncertainty, almost every
great war has been followed by expansion in the
trade, commerce and production of the nations.
Such expansion was an economic necessity to repair
the waste of war. In the present case, it may be
added that, if the aggregate consuming power is
cut down through the huge loss of life in battle, on
the other hand the supply of products and materials
has also been reduced through the waste of war and
the long suspension of industrial energy.
C O N G R E SSIO N A L
POWERS A N D
THE
D U T IE S
AN D
P R E S ID E N T .
The press representatives in Washington report
indications that a special session may be soon called,
notwithstanding the President’s declaration that this
will not be done until after the indefinite date of his
return. The reasons for a speedy meeting are
obvious, not only in the general but in the financial
situation, and Secretary Glass has cabled informa
tion of the pressing needs of the War Risk Insur
ance and other bureaus which were left without
specific appropriations and apparently cannot be
relieved by any voluntary make-shift financing such
as is in course of arranging on behalf of the railroads.
The matter of an early session has been talked of in
the Cabinet, and it is said to be the general belief
in Washington that the assembling will not be later
than the middle of M ay.
Senator Calder of this State has recently expressed
the opinion that Congress can constitutionally
assemble of its own motion and in a situation suf
ficiently acute should do so, and now Senator Lenroot of Wisconsin has broached another very inter
esting proposition. Of the reported declaration of
the President that the pending league will be in
separably interwoven with the peace treaty, M r.
[Vol . 108.
Lenroot declares that such an attempt at coercion
would not leave Congress without a remedy. He
might have added that such an attempt would
resemble tagging a rider to a necessary appropriation
bill, but he declares that the coercive power of such
an attempt can be avoided. “ It does not seem to
have occurred to the President,” he says, “ that if
he is not willing to negotiate a treaty of peace satis
factory to the American people Congress may itself,
and undoubtedly will, pass a joint resolution de
claring the war with Germany terminated.”
The President “ shall have power, by and with the
advice and consent of the Senate, to make treaties,”
two-thirds of the members present concurring, and
he is commander-in-chief of the army and navy “ and
of the militia of the States when called into the actual
service of the United States.” But Section 8 of
Article I, specifying the powers of Congress, puts
prominently among them these: “ to declare war,
grant letters of marque and reprisal, and make
rules concerning captures on land and water; to raise
and support armies, but no appropriation of money
to that use shall be for a longer term than two years;
to provide and maintain a navy; to make rules for
the government and regulation of the land and nava’
forces.” Following provisions give power to call out
the States’ militia, to suppress insurrections, repel
invasions and provide for organizing, arming and
disciplining such militia when employed in the na
tional service. It is thus clear that while the Presi
dent is commander-in-chief it is for Congress to
furnish the means for commanding and determine
the occasions when he may exercise command.
Mr. Lenroot is clearly right in saying that Congress
alone has “ the power of declaring war,” and therefore
“ unquestionably has the power to terminate the
war.” It is impossible to deny that the power
which can declare that “ a state of war exists” can
declare that such a state has ceased to exist. Con
gress could have refused to make the declaration of
war when asked to do so; it could also have accepted,
at any time since, any specific overtures for peace
or have declared a cessation of hostilities. If this
goes counter to our feelings, we must none the less
accept it as a statement of constitutional powers
possessed by a two-thirds division in the event of a
veto, unless we deny that the sole power which can
make war can also unmake it by declaring it ended.
A war having ceased in fact, the fact is customarily
announced by proclamation, as a matter of form and
record; but does the proclamation make the fact,
or merely recognize it? The treaty-making pro
visions of the Constitution are general, necessarily
including the treaty which usually follows a war;
but as the document does not provide specifically
how a war shall end we must assume that it may end
by action of the power which declared it and not
necessarily in connection with a treaty already framed.
The President may tell Europe that he knows the
country is overwhelmingly with him upon the specific
form of a league which he brought over on his recent
visit of a week; but he has sometimes been mistaken
when apparently equally sure, and the palpable
fact is that nobody here knows or can know as yet
the opinion of the country, for the reason that the
opinion is not yet formed. The country does not
yet understand what the draft means, and therefore
the Lodgc-Lowell debate in Boston on Wednesday
night is timely, since it may be taken as certain that
no draft will be ratified until its meaning and its
M ar . 22 1919.]
THE CHRONICLE
obligations are supposed to be understood. Exami
nation and discussion having begun, we may believe
the way is opened towards a “ covenant of peace,
openly arrived at,” and that reason and moderation
in judgment and speech will replace the unhappy
antagonism from which no good can directly come.
It is not true that an immovable opposition to any
league exists; even the strongest Senatorial critics
of this draft (some of whom may have gone a little
too far in their language) say they desire any com
pact, free from serious objection, which will make for
peace, and will accept such a one, and if they would
not take this position voluntarily public opinion
would move them to it; on the other hand, the
President should, must and undoubtedly will recede
from his apparent determination that what is written
is written and shall go through unchanged.
In November he told Congress in person that the
war was over, because the armistice had ended
hostilities and it would be impossible to renew them.
Yet, officially and in legal figment, we are still in
“ the continuance of the present war,” the usual
formal proclamation of peace not having been
issued. We are awaiting it. Meanwhile the “ 21
months” are not taken as having begun in the matter
of the railroad control; other seizures of private
property have been made, so without any shred of
excuse that they are both wanton and wicked, under
the pretense of a war emergency, thereby dragging
us more and more deeply into entanglements. We
remain in the bonds of a situation utterly foreign
to our institutions and our habits, with the embers
which war always leaves still flaming, worst in un
happy Russia and smoldering even here, with nothing
seemingly accomplished as yet to bring the world
out of its racking woes.
Let us look at the situation without flinching.
Doing this, can there be a doubt that, whatever be
said or thought concerning the pending form or
any modified form of a league of nations it is placed
wholly and destructively out of its natural and proper
order? A suffering world needs peace, and while
normal conditions cannot be immediately restored,
so deep has been the upheaval and so vast the de
struction, no more war on any considerable scale
will come very soon; the world will have at least the
peace of exhaustion for a time. Restoring peace
now is one thing, and the first thing; making such
provision for safeguarding as human foresight can
devise and human instincts of self-preservation can
accept is another. The crying need of the world
now is for a restoration of law and order; stability,
a sound basis for calculations, the return of safety
for life and property, a revival of industry and pro
duction. Can there be a question, among sane
minds anywhere, that our duty and safety lie in
ending, in all respects, this war first, and then,
leisurely and with less controversy, taking up the
subject of guarantees for the future? And do we
not prolong the agony and hinder return to normal
conditions by insistence upon doing the second thing
first or tying the two together ?
Congress is not likely to attempt exercise of its
power by declaring the war ended or to assemble
itself, because the pressure of the situation and the
bent of public opinion will, we may hope, cause the
President to recede from his mistaken stand. Yet
it is time we began to recognize that the Constitution
must come down from the shelf where a fierce
emergency placed it, and that Congress should,
1107
must and will resume and insist upon the powers
and the share in government which it consented to
lay aside. The rubber-stamp time is past. W e
have had virtually a one-man power, accepted as
necessary to efficiency. It is not helpful now to
discuss the errors under that abnormal governing;
history will deal with them, but we should now strive
mightily and without loss of time to get back to
normal and pre-war conditions. We need not fear
the incoming Congress, for it is our only available
instrument. Its members should forget about next
year’s campaign, for it is of no intrinsic lasting con
sequence by what party name the next President
is called; what is of incalculable consequence for
ourselves and posterity is that he be a large man,
sane, American, and fit for the time. Congressmen
should now be deeply serious, clear above partisan
ship, and should acquit themselves like men. Some
of them are already studying, and all of them need
to study. So should the people do. It is time we
stopped grumbling, grabbing, and, above all, drifting
lazily regardless of consequences. Democracy is on
trial, and should realize that fact. Congress needs
an awakened and informed country to hold up its
hands; therefore the people should begin to really
think, think as they have not thought in days of
our untroubled and unthreatened prosperity, wherein
we waxed fat yet could not refrain from kicking and
quarreling among ourselves.
SHALL
GERM ANY
BE
C O M M E R C IA L
SUBJECTED
TO A
BOYCOTT?
The fact that the Peace Congress is turning
now to consider the importance of economic forces
in securing the peace of the world gives immediate
place to this question. Few will question that Ger
many must be adequately penalized. The moral
sense of the world demands that justice be done,
and will not be at rest otherwise.
The bill of indemnity should be made up on the
basis of the injury done by Germany, and not at all
with regard to her present ability, or inability, to
make compensation. Years will be required to
redress the injury; years may properly be demanded
to complete the compensation. In comparison with
the Allies the cost, of the war to Germany has been
small, and the amount of plunder she has appro
priated is beyond reckoning. The demand for the
immediate return of all that can be identified is
obvious; it might properly be supplemented with
the requirement that German war industries, like
the Krupp works, for example, be turned at once
to the production of the articles most needed in the
devastated regions of Belgium and France; and that,
with these, specific amounts of raw materials, coal,
wood, ores, potash, &e., be furnished annually for
a term of years as part of the indemnity. So much of
penalty must be inflicted for the sake of future
generations.
Beyond this it would not seem wise to go. The
plan of subjecting her to prolonged commercial
exclusion, whether by hostile tariff, restricted ship
ping, the close of foreign markets, prohibited export
of manufactured articles, refusal of access to raw
material, and the like, appears inexpedient and un
wise for reasons both economic and social. First
of all, it cannot be made complete.
The business world is too sharply divided on the
question of Protection or Free Trade to make any
agreement among the Allies possible, either as to the
1108
THE CHRONICLE
extent or the method of the proposed restriction.
The attempt would be the introduction of an apple
of discord which would entangle and might imperil
the League of Nations. Furthermore, the right of
each State to determine for itself the conditions of
its commercial intercourse with outsiders is sure to
become eventually a demand of all the new republics
that are springing into existence. Any attempt to
restrict this light by the older States, no matter
how obvious the reason, would be resented, and
that resentment would find wide support within
the States at large.
A simple and universal economic law would in
crease this difficulty. Business always seeks first
those profitable opportunities that lie near at hand.
Far the larger part of Germany's trade before the
war was with the European States. These oppor
tunities will eveiy where normally increase. Good
roads in all lands with cheap motor transportation,
joined with railway extension in various forms, will
develop local business. Neighboring countries may
be unfriendly, o even hostile, but men will inevi
tably buy and sell where bargains are most profitable.
As time advances the difficulty of maintaining any
such enforced exclusion would inevitably increase;
stigma could not successfully be attached to the
trading; personal antipathies will not long stand
against pecuniary advantage; and patriotism is now
advisedly being divorced from considerations of
economic advantage; Germany's persistent inter
locking of the two, using the one for the benefit
of the other, has proved so disastrous that the lesson
is well learned and is not likely to need to be repeated.
The nobler virtues, patriotism, loyalty, honor,
truth, as between States, or man and man, are not
likely in the future to be linked up with schemes of
material aggrandizement.
A second objection to the adoption of such a
policy is that any attempt to enforce it would be
sure to breed contention among the States. Even
if the Allies should regard it in some ways advan
tageous, or on general principles desirable, the
neutral States, some of whom have largely profited
by the war, will find it very much to their interest
to resume business with Germany. They cannot
hope to sell where they cannot buy, and both the
selling and the buying, to meet their views, must
be as free as possible. The list of such States em
braces all the smaller European States, except the
two or three deserving heavy indemnity, and also
the South American republics; Eastern Asia should
perhaps also *be added. Obviously the situation
will not permit friendly acceptance of prolonged
artificial enforcement of commercial non-intercourse
where individual interests are large and trade is
inviting.*
A third objection lies in the fact that, much as may
be said of the demands of justice and its obvious
economic restrictive requirements, the plan would
be a source of perpetual humilitation and protest in
Germany. The Germans may be ’Huns and they
certainly have shown themselves “ barbaric" and
grievously wrong, but “ men may come and men
may g o ," and still we must live with them. The
German people are part of the common humanity;
♦Mr. II. A. Wheeler, President o f tho Chamber o f Commerce of tho
United States, said in tho courso o f an address printed in tho Now York
‘ ‘Tribune” o f Dec. 28 1918: “ Tho principle o f economic boycott, often
advanced as a punishment to those nations guilty o f disturbing tho world’s
peace, is neither politically nor economically sound, nor is tho principle
of ‘favored nation’ in commercial treaties. These would tend only to
drivo the nations further apart and increase tho unrest In tho industrial
world.”
[V o l . 108.
we cannot wish to penalize their children who will
certainly start life with a heavy enough load to bear.
Any arbitrary exclusion enforced from without,
beyond what is an obvious and inevitable attendant
of tho indemnities consequent upon the war, could
not fail to be a constant reminder of events which
it is to be hoped they would gladly forget, and which
are in themselves a cause of growing irritation and
humilitation, both personal and national.
When justice is done, and we expect that it will
be well and fully done, remains the task of restora
tion and reconstruction. Short of that, failure
would be great and, because it would be moral
failure, disastrous. The German mind needs to
change. It has been wofully perverted. The Ger
many of the great days has disappeared. We say
it was Prussianized. That influence we hoped was
eradicated. Riot and Bolshevism make it hard to
see what can be done for the existing generation;
its heart is sadly hardened, its mind is strangely
obsessed. They do not revolt from murder; schrecklichkeit has reacted. But in these days time moves
apace.
God is in His heaven.
The ancient
prophecy about a “ highway" waiting to be “ cast
up" for the Lord is addressed to us; we surely do
not wish to put barriers across it, or even to think
the world can do without it. We are forced to the
conclusion that any attempt at permanent or pro
longed commercial exclusion would postpone, rather
than advance, the day of Germany’s redemption
or of her reception into a League of Nations, which
without her eventually must bo regarded as in
complete.*
What, then, should be the policy of the Peace
Congress? In making out the bill of indemnities
it should secure the .early restoration of the com
mercial and industrial status of both Belgium and
France. The fullest reparation must be made,
and, with it, Germany’s further power of economic
attack must be controlled. Her industrial resources
must for the time be devoted to the task of repara
tion and restitution of what the war has destroyed;
and that complete restoration will be tho obvious
purpose and measure of the restraint. It would
seem possible to arrange terms that, once accepted,
would create no rancor. The prospect of this could
not fail to go far to allay antagonisms and secure
general acceptance with us. The American mind,
when controversy ceases, is sure to stand for generous
dealing. Where right is established justice may be
tempered with mercy.
T H E TR EN D OF B A N K IN G — N E W
YORK STATE
S U P E R IN T E N D E N T ’S REPORT.
George I. Skinner, State Superintendent of Banks
for this Commonwealth, submitted the “ Second
Part" of his report to the Legislature at Albany,
March 14. The report shows that our State banking
institutions experienced a year of prosperity during
1918; that, as compared with tho increase of resources
for the national banks over a period practically cover
ing 1918, or at least nearest to the calendar year of
1918, the net increase of resources was larger for the
institutions under State supervision, the relative
figures being as follows: Last reports State banks
resources 86,090,839,271, net increase 8257,342,118;
last reports national bank resources 85,079,146,000;
♦ “ Let us seo to It that this Lcaguo of Nations which Is to usher In a
reign of righteousness on earth shall compriso all peoples that dwell upon It,
Including our regenerated and democratized onomy.” — Senator Knox.
M a r . 22 1919.]
THE CHRONICLE
net increase $123,179,000. Total of national banks
of United States, N ov. 1 1918, $19,831,404,000.
That both classes of institutions have made satis
factory progress during the year is cause for congratu
lation in view of the public burdens laid upon them
and the general condition of affairs. The Suprintendent takes occasion to make some comments in
his report on State and national banking which, we
think, are temperately put and worthy of earnest
consideration. We quote:
“ The above figures indicate that, according to
their last reports, the resources of the institutions
incorporated under the banking law of this State
exceeded by $1,000,000,000 the resources of all the
national banks of the State, and were more than onethird as much as the resources of all the national
banks in the United States.”
“ These figures demonstrate the extent to which
the banking system of this State has been adapted
to the needs of its people, its business and com
merce, and the confidence that it has inspired.
They are all the more noteworthy when we consider
the various measures passed recently, pending or
proposed at Washington for the avowed purpose
of enabling national banks to compete with State
banking institutions and the discrimination that in
certain quarters is being exercised against State
banking institutions.”
“ I do not believe that the national banking system
needs so much paternalism and avowed protection.
In fact, it may be questioned if the national banks
do not really suffer from so many alleged and widely
advertised attempts to promote their interests. In
this State at least the national banks are able to
protect themselves and are worthy of the utmost
confidence and respect.”
We regard a n y condition unfortunate which serves
to call forth comment of this kind by one whose
official duty it is to supervise the life and conduct of
a large class of our banks. But it is our opinion that
no dangerous rivalry exists between our State and
national banks and bankers themselves. It is true
that the State banks have felt the necessity of organiz
ing for their own benefit, but it is also true that there
is a National Bank Section in the American Associa
tion. These banks exist and function “ side by side,”
often the doors of one confront the other, and their
business relations arc harmonious. So that Superin
tendent Skinner clearly places his charges where they
belong, it is “ Washington,” that creates this “ ten
dency” which may yet develop into a schism. Of
course, this term is vague. Washington may mean
only the politicians, and it may include certain
Federal influences intent upon working out their own
theories of banking. What to our mind seems clear
is that whatever of couchant antagonism may seem
to exist between these two classes of banks it does
not emanate from the bankers themselves on either
side. Late changes in the status of the national
banks has perhaps served to make them reach out
for more privileges, such as the right to do a trust
company business, since these institutions under
certain conditions may enter the Reserve system,
but our opinion is that national and State bankers
are perfectly willing that the choice of jurisdiction
on original organization shall remain free.
As to what is known as “ departmental banking,”
as now provided in certain States, it has been hedged
about by certain formalities in physical appointments,
for the protection of the customer and depositor,
1109
and by this provision lays itself liable to the charge
that in system it is not consonant with the best
principles of banking. A customer, in a word, should
know whether he is dealing with a commercial or a
savings bank or a trust company— and it also fol
lows that there are inherent differences in methods
of doing business which forbids their amalgamation,
their “ scrambling” into one company. And the same
law of being, law of safety, would apply to a national
bank doing a trust company business or a State bank
becoming a member of the Federal Reserve system.
We cannot accept the theory that our banks should
be reorganized on the plan of a department store.
We regret therefore any growing division between
our State and national banks. It i s true that a bank
must shape its business to serve the people. It is
also true that there are inherent conditions in trade
which must be met. As pointed out in the “ Chron
icle” once before, as between trust companies and
commercial banks there is a marked difference in
principle. Money placed in a commercial bank is
for quick withdrawal; money placed in a trust com
pany is there to remain for the purpose of accumula
tion (save in certain requirements-of personal use and
incidental to the conduct of estates). And just here
arises the insuperable objection of departmental
banking raised by the Superintendent. If, to take
an extreme position, we were to bring all State banks
under Federal jurisdiction (and now that national
banks may assume trust company functions) this
would not change the State laws of inheritance,
the varying laws regarding commercial paper, or
the laws which States may see fit to throw around
savings deposits. In striving for a single form of
banking institution we would end in a bank without
form, a sort of hodge podge of accounts necessarily
not understandable by the average man of. small
means, carrying in its constitution the danger of
conflict and loss through improper safeguards, and
really incapable of harmony and union with other
departmental banks in the essentials of banking
intercourse. It would according to locality, conduct,
and trade requirements, be more a commercial than
savings, more a trust company than commercial
bank, and thus a hybrid and nondescript, deceitful
to the public and dangerous to the individual. And
so we repeat, the very safeguards thrown about or
attempted to be placed about State ordered depart
mental banks denies the efficacy of such a principle
applied to all our banks.
The question of major importance, however, is
this: Shall we by any plan destroy free banking in
the United States? Shall the common law right to
deal in credits be abrogated? Shall men (and com
munities) who wish to engage in the banking busi
ness be compelled to go to Washington for a charter?
Ought not the fact of natural increase in number of
State banks since the formation of the national
system, let alone the Federal system, be a warning
to those who would fuse and federate all banks under
the jurisdiction of Washington? These local State
and national banks are independent integers, serving
the same communities and recognizing the worth
and character of each other. W hy should there
be division or dissension between them, when com
mercially functioning practically alike as far as
communities are concerned, they should select a
different dispensation for “ supervision?” What we
certainly do not want is a Governmental “ control”
under the guise of uniformitv and “ supervision”
THE CHRONICLE
1 1 1 0
which will destroy the power of the bank to meet
the wants and needs of the people and locality it
serves.
It is always to be remembered that credit is suffi
cient unto itself. It begins in the actual everyday
small or large (as the case may be) commercial trans
actions of the people. And it grows into a system
as the trade transactions aggregate and enlarge in
their n a tu r a l course. And it is exceedingly import
ant that the right to organize this credit remain in
the people and be not absorbed by Government which
is servant not master. The way to actually create
a “ money trust” is to consolidate power over the
form and functioning of all banks in some arrogant
and irresponsible “ department” at Washington.
M A T R IC U L A T IO N
IN
THE
SCHOOL OF
IN T E R N A T IO N A L IS M .
If the m otto, “ Education Is the Bulwark of the
Republic,” ever had a real meaning in the. past, it
must have been that a knowledge of our political
institutions is necessary to the perpetuity of our
peculiar form of government. Our public schools
were State supported on the theory that an average
intelligence among the people rested upon instruc
tion in the three R ’s. Following this, in time, our
higher institutions of learning came to lay stress upon
civics and political economy. There were many
theories and discussions of matter and method, by the
way, but through all changes and vagaries these fun
damentals of education persisted. We could not be
an educated people without knowing ourselves.
And our recurrent “ politics” supplemented our
schools by a continuous discussion of questions of
government. Is it not pertinent to ask whether,
as a people, we have completed this course of instruc
tion ?
An editorial writer remarks: “ After we got into
the Avar, especially, our foreign education was rapid.
We came to see that freedom, justice, democracy,
peace, are not the concern of one country, but of all
countries. In this last year there has been a re
markable widening of our intellectual perceptions.
It will go on. The reconstruction of Europe, Asia,
Africa, will be part of our work.” On the day pre
ceding we find Senator Sherman saying in a public
address: “ I believe our customs duties ought
to be immediately revised along such lines as are
essentially protective to the American producer and
his home market. I cannot come to the conclusion
that we are to turn ourselves into the economic knight
errant of the world. We have already been the
Good Samaritan for most of the world in its cos
mopolitan troubles, and are now asked to assume all
its burdens in perpetuity.”
Now it is not our purpose to discuss the suggested
questions per se. We have been told that the army
has disclosed the existence of an “ alarming” amount
of illiteracy. We have been regaled with countless
admonitions as to the necessity of inculcating true
“ Americanism,” and we can confidently promise
educational theories by professional educators will be
plentiful even unto the end. But what does an un
American and illiterate citizen of the United States
know about “ the reconstruction of Europe, Asia,
Africa” ?
Ambassador Francis said to the Senate Commit
tee in his recent testimony: “ Gentlemen, in discus
sing Russia you must keep in mind that 90% of the
Russians are uneducated and the other 10% are
[V ol . 108.
overeducated.” Now “ overeducated” in Russia,
especially that “ foreign, education” which knows all
about internationalism and the solving of world
problems, seems to be about as dangerous to liberty
and law as “ uneducation.”
Speaking roughly, we
reverse the figures given, in the United States, al
though certain excited minds profess alarm over the
uneducated portion of our people. But domestic
education and “ foreign education,” if
may use
these terms by way of contrast, with us are not one
and the same thing. Senator Sherman, though a
member of the Senate, is evidently uneducated in
“ foreign education,” for he makes bold to say he
does not want the “ economic barriers” all burned
aAvay at the expense of “ protection” at home.
We may not be able to soWe the railroad problem
in the United States, but it is a comfort to know that
our “ foreign education” has been so enlarged by the
war. This post-graduate course, however, seems to
have been thrust upon us before
are entirely out
of the primary grades in civil government. If Ave
Avould say that the most
may hazard a guess,
highly educated man is he I knoAvs Avhat “ educa
tion” really is. But it is a very serious task to un
dertake the “ reconstruction” of Asia and Africa, to
say nothing of Europe, Avhile America is facing a
possible widespread “ strike” over the highly intel
lectual problem of “ No Beer No W ork.” “ Edu
cation” is, manifestly, a good thing when you are
certain you k n o A V Avhat it is.
avc
avc
avc
av
io
There is no cavil Avith the proposition that “the
proper study of mankind, is man,”— but is it really
necessary to go to Canton or the Congo to find him ?
Education, Avhatever it is, is supposed to feed more
on ideas than ideals. “ A bird in the hand is Avorth
tAvo in the bush.” A hundred millions of people not
entirely “educated” in the principles of “represen
tative government” may Aveaken themselves by
undertaking too large a “ course of study.” Man,
meaning all men, if Ave folloAV the “object lesson”
method, is best studied by intensive consideration
of the citizen at home. “Foreign education” may
be all right if it does not come too soon. And Avhile
“a little learning is a dangerous thing,” to be “over
educated” might be disastrous, not to say pedantic.
C A N A D IA N
W AR
BONDS
G O IN G
ABROAD.
21 1919.
The recent activity in the purchase of Canadian
Avar bonds by United States investors brings to the
fore an interesting probability. Canadians i i o a v
hold 81,200,000,000 of internal war loans, an amount
that must be decreased by foreign purchases if
normal development of this country’s resources is
to be provided for. Canadian corporations bought
liberally of issue after issue during the period o f
hostilities, but A v i t h o u t at all intending that such
large drafts upon capital could be locked up perma
nently. These holdings are now commencing to
filter out through the NeAV York market, the pro
ceeds being earmarked for business expansion.
Financiers confidently expect that as soon as an
outfloAv of capital from the British Isles is permitted,
not only Avill a very large part of the Canadian war
bonds be picked up eagerly, but many millions of
British money A v ill be invested Avithout hesitation
in various attractive industries. Cable dispatches
from London announce almost daily the selection
of engineers, business managers, &c., made notable
by A v a r service, for ambitious business undertakings
O tta w a , C a n a d a , M a r c h
THE CHRONICLE
M a r . 22 1919.]
in Canada under British capitalistic auspices. The
belief'is general in Government circles at Ottawa
that Britain’s announced conservation of capital
really will develop into, a rapid export of capital to
those British possessions where natural resources
seem to promise high returns on exploitation.
Another, less agreeable, feature of the present dis
posal of Canadian bonds under a rising demand is
that the premium will entice the million small
holders to collect their cash and change an instrument
of thrift into wasteful expenditure. As if in antici
pation of such reaction, several of the Provincial
Governments are bringing into force “ blue sky”
laws designed to bar out the procession of scape
grace flotations. Ontario will have such a law this
year. Manitoba already compels promoters to
submit their schemes to rigid analysis.
R A IL R O A D
GROSS
AN D
NET
E A R N IN G S
FOR
JAN U ARY.
For the month of January our compilation of the
gross and net earnings of United States railroads
makes a somewhat better showing than other more
recent monthly statements of the same kind. But
the character of the exhibit is nothing to boast of;
the improvement consists wholly of the fact that on
this occasion some portion of the large gain in gross
revenues has been carried forward as a gain also
in the net, whereas in the months immediately pre
ceding, losses in net earnings were recorded in face of
very considerable increases in the gross earnings.
The slight change for the better possesses no signifi
cance except as reflecting that the weather condi
tions in the two years were radically different. The
present year the month of January (and for that
matter the whole winter) was distinguished for ex
ceptionally mild weather, with no obstructions any
where from snow or ice or from extreme cold, while,
on the other hand, in January of last year the mete
orological conditions were the exact reverse of this,
and the country suffered as never before from in
terruptions of that sort, extraordinary difficulty be
ing experienced in even keeping the roads open in
many portions of the country east of the Mississippi
and north of the Ohio River.
Cost of operations last year was so enormously in
creased by reason of the circumstances mentioned
that naturally the present year, with a complete ab
sence of any such disturbing influences, the further
addition to the expenses is not quite so striking as in
the more recent previous months. Yet there i s a
further increase, even as against the prodigious total
of the expenses last year, and that tells the story of
the rising cost of operations more plainly than any
thing else. Such has been the addition to the pay
rolls of the carriers that notwithstanding the great
saving made possible by reason of extremely mild
weather, in contrast with unusually severe weather—
notwithstanding this great advantage, expenses for
the month the present year were almost one-third
larger than in the corresponding month last year,
the augmentation in expenses being no less than
$89,080,324, or 32.96% . This increase in the ex
penses for January, it will be observed, is at the rate
of over 1,000 million dollars a year. Of course, the
higher freight and passenger rates inaugurated last
June still continue in force, and by reason of that
the gains in gross earnings remain large, the aggre
gate increase for the month for all the roads report
ing reaching $111,420,819, or close to 40 % . With
1 1 1 1
such a large improvement in gross revenue, the
augmentation in expenses of $89,080,324 still left
a gain in the net of $22,340,495.
This increase in the net, however, is, as already
pointed out, in comparison with extremely small net
a year ago. As indicating how very low the amount
of the net was last year, it is only necessary to say
that with gross of $284,131,201, the net then was
no more than $13,881,674. The present year, with
gross of $395,552,020, the net is $36,222,169. Thus,
while the percentage of increase is large, this is extirely because comparison is with the small figures
of a year ago, and the ratio of expenses even as it is
runs well above 90% , this last affording the best
evidence that can be furnished of the high cost of
operations. The January totals for the two years,
with the amounts and percentages of increase, are
shown in the following:
J a n u a ry—
191 R o a d s—
M i l e s o f r o a d ........................... ..................
I n c . ( + ) or D e c . (— ) ,
1919.
2 3 2 ,6 5 5
1918.
2 3 3 ,1 9 9
A m ou n t.
— 544
G r o s s e a r n in g s _______________________ 8 3 9 5 ,5 5 2 ,0 2 0 8 2 8 4 ,1 3 1 ,2 0 1 + 8 1 1 1 ,4 2 0 ,8 1 9
O p e r a t in g e x p e n s e s __________________ 3 5 9 ,3 2 9 ,8 5 1
N e t e a r n i n g s __________ __________-
8 3 6 ,2 2 2 ,1 6 9
%
0 0 .2 3
3 9 .2 2
2 7 0 ,2 4 9 ,5 2 7
+ 8 9 ,0 8 0 ,3 2 4
3 2 .9 6
8 1 3 ,8 8 1 ,6 7 4
+ 8 2 2 ,3 4 0 ,4 9 5
1 6 0 .9 4
Memories are short and many persons doubtless1
have already forgotten the extraordinary charac
ter of the weather a year ago and the havoc it caused
among the roads. It seems desirable to recall, there
fore, that in our review of January last year we
pointed out that the month would long (and per
haps always) stand without aparallel for poor results.
The exceedingly cold weather, we said, the snow
blockades in the eastern half of the country, the
freight embargoes in the same territory, the unprece
dented freight congestion at Eastern terminal points,
with the resulting freight blockades extending from
the Atlantic Coast inward as far as Pittsburgh and
even beyond, the fuel scarcity amounting to actual
famine along the Eastern seaboard, with the action
of the Fuel Administrator in ordering the withhold
ing of fuel from manufacturing establishments in the
whole of the eastern half of the country for the fiveday period beginning Jan. 18 and ending Jan. 22,
and denying also the use of fuel (not only to manu
facturing establishments but to office buildings, re
tail stores and nearly all other activities) for several
successive Mondays— all these combined to make the
month memorable, while affording evidence of the
extraordinarily unfavorable conditions under which
transportation operations had to be carried on.
Some of the most prominent systems in the terri
tory east of the Mississippi and north of the Ohio and
Potomac rivers— for instance, the Pennsylvania and
the New York Central— failed to earn even their
ordinary operating expenses in January last year, and
the same was true of the railroads collectively in that
part of the country. The New England group
found themselves in that predicament, likewise the
Eastern and Middle group, and also the Middle
Western. Each of these three groups showed for
January 1918 deficits below the amounts needed to
pay ordinary operating expenses. In the South
and Southwest, as also on the Pacific Coast, the
state of things was not quite so bad. In brief, gross
earnings then, compared with the preceding year,
fell off $11,608,126, and this loss was attended by
an augmentation in expenses of $54,828,448, pro
ducing a loss in net earnings in the huge sum of $66,
436,574, or 79.59% . The gain now of $22,340,495
represents a recovery of only one-third of this loss
last year. It is true that comparison in 1918 was
with large totals in the previous year. Our state-
1113
THE CHRONICLE
ment for January 1917 recorded $40,845,785 gain in
gross, or 15.29%, over January 1916, and $8,679,331
gain in net, or 10.98%. This, in turn, followed
$46,840,440 increase in gross in 1916 over 1915, or
21.27% , and $27,347,413 increase in net, or 53.05%.
On the other hand, however, in both 1915 and 1914
there were losses. In January 1915 our compilation
registered $16,598,551 decrease in gross and $890,982
decrease in net. In January 1914 the falling off
amounted to $16,884,807 in gross and $12,451,572 in
net. In 1913, while there were gains in both gross
and net, these gains were themselves, in part, merely
a recovery of exceptionally heavy losses in January
1912, when the winter weather experienced had been
the worst encountered in a generation. Stated in
brief, our tabulations in January 1913 registered $38,
128,677 gain in gross and $18,781,777 gain in net.
Per contra, in January 1912 our comiplations recor
ded a decrease of $2,440,307 in gross and of $7,019,
714 in net. Below we furnish a summary of the Jan
uary comparisons for each year back to 1906. For
1911, for 1910 and for 1909 we use the totals of the
Inter-State Commerce Commission, but for the
preceding years we give the results just as registered
by our own tables each year— a portion of the rail
road mileage of the country being always unrepre
sented in the totals, owing to the refusal at that
time of some of the roads to give out monthly figures
for publication.
G r o s s E a r n in g s .
N e t E a r n in g s .
Y ear.
Y ear
G iv e n .
J a n u a ry.
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
Y ear
P r e c e d in g .
8
*
1 2............................
8 ,5 6 6 ,9 6 8 1 0 6 ,7 4 1 ,9 8 0
1 3............................
3 ,8 4 0 ,6 9 6 1 2 3 ,6 6 4 ,6 6 3
1 3............................
5 ,1 2 7 ,0 9 3 1 5 5 ,1 5 2 ,7 1 7
1 8............................
2 ,9 7 0 ,0 1 8 1 7 3 ,3 5 2 ,7 9 9
2 1............................
1 ,0 4 1 ,0 3 4 1 8 3 ,2 6 4 ,0 6 3
2 1............................
5 ,0 5 7 ,0 1 7 2 1 0 ,8 0 8 ,2 4 7
2 1............................
0 ,7 0 4 ,7 7 1 2 1 3 ,1 4 5 ,0 7 8
2 4............................
6 ,6 6 3 ,7 3 7 2 0 8 ,5 3 5 ,0 6 0
2 3________________
3 ,0 7 3 ,8 3 4 2 4 9 ,9 5 8 ,6 4 1
2 2________________
0 ,2 8 2 ,1 9 6 2 3 6 ,8 8 0 ,7 4 7
2 6............................
7 ,0 4 3 ,6 3 5 2 2 0 ,2 0 3 ,5 9 5
3 0............................
7 ,9 6 1 ,0 7 4 2 6 7 ,1 1 5 ,2 8 9
2 8............................
2 ,3 9 4 ,6 6 5 2 9 4 ,0 0 2 ,7 9 1
3 9............................
5 ,5 5 2 ,0 2 0 . 2 8 4 ,1 3 1 ,2 0 1
In crea se or
D ecrea se.
Y ear
G iv e n .
S
+ 2 1 ,8 2 4 ,9 8 8
+ 1 0 ,1 7 6 ,0 3 3
— 2 0 ,0 2 5 ,6 2 4
+ 9 ,6 1 7 ,2 1 9
+ 2 7 ,7 7 6 ,9 7 1
+ 4 ,2 4 8 ,7 7 0
— 2 ,4 4 0 ,3 0 7
+ 3 8 ,1 2 8 ,0 7 7
— 1 6 ,8 8 4 ,8 0 7
— 1 6 ,5 9 8 ,5 5 1
+ 4 0 ,8 4 0 ,0 4 0
+ 4 0 ,8 4 5 ,7 8 5
— 1 1 ,6 0 8 ,1 2 6
+ 111420819
3 8 ,6 7 3 ,2 6 9
3 6 ,2 8 7 ,0 4 4
2 9 ,6 5 9 ,2 4 1
5 0 ,2 9 5 ,3 7 4
5 7 ,4 0 9 ,6 5 7
5 3 ,8 9 0 ,6 5 9
4 5 ,9 4 0 ,7 0 0
6 4 ,2 7 7 ,1 6 4
5 2 ,7 4 9 ,8 6 9
5 1 ,5 8 2 ,9 9 2
7 8 ,8 9 9 ,8 1 0
8 7 ,7 4 8 ,9 0 4
1 7 ,0 3 8 ,7 0 4
3 6 ,2 2 2 ,1 6 9
S
Y ear
P r e c e d in g .
$
2 6 ,9 9 6 ,7 7 2
3 7 ,0 9 6 ,9 1 8
4 1 ,1 5 5 ,5 8 7
4 1 ,0 3 6 ,6 1 2
5 0 ,4 9 1 ,0 8 0
5 7 ,3 7 3 ,9 6 8
5 2 ,9 6 0 ,4 2 0
4 5 ,4 9 5 ,3 8 7
0 5 ,2 0 1 ,4 4 1
5 2 ,4 7 3 ,9 7 4
5 1 ,5 5 2 ,3 9 7
7 9 ,0 6 9 ,5 7 3
8 3 ,4 7 5 ,2 7 8
1 3 ,8 8 1 ,6 7 4
In crea se or
D ecrea se.
S
+ 1 1 ,6 7 6 ,4 9 7
— 8 0 9 ,8 7 4
— 1 1 ,4 9 6 ,3 4 6
+ 9 ,2 5 8 ,7 6 2
+ 6 ,9 1 8 ,5 7 7
— 3 ,4 8 3 ,3 0 9
— 7 ,0 1 9 ,7 1 4
+ 1 8 ,7 8 1 ,7 7 7
— 1 2 ,4 5 1 ,5 7 2
— 8 9 0 ,9 8 2
+ 2 7 ,3 4 7 ,4 1 3
+ 8 ,6 7 9 ,3 3 1
— 6 6 ,4 3 6 ,5 7 4
+ 2 2 ,3 4 0 ,4 9 5
Note
.— In 1896 the number of roads Included In the month of January was 135;
In 1897, 127; In 1898, 130; in 1899, 115; In 1900, 1 1 4 ;In 1901, 1 30:In 1902, 109; In
1903, 105; In 1904, 103; In 1905. 94; In 1906, 100; In 1907, 97. In 1908 the returns
were based on 157,629 miles of road: In 1909, 231,970: In 1910, 239,808: In 1911,
242,479; In 1912, 237,888: In 1913, 235,607: In 1914, 243,732: In 1915, 246,959; In
1916, 247,620; In 1917, 248,477; In 1918, 204,046; In 1919, 232,655.
One would have imagined that in face of these
poor results last year and the enormous augmenta
tion in expenses then experienced, the further increase
in the expenses the present year would be slight.
Instead of that, we find, as already noted, that the
expenses the present year are larger by $89,080,
324. The ratio of expenses to earnings is a little be
low that of last year, but at 90.84% is strikingly
high, and there is improvement only as compared with
the still higher ratio in January 1918. Not only that,
but in the case of many separate roads expenses—
we mean the bare expense of running the roads—
actually exceeded the amount of the gross revenue.
The fact that in January of last year many roads
failed to earn even their ordinary operating expenses
was then noted as a striking indication of the hard
experience of the roads. Yet in January the pres
ent year, notwithstanding the mildness of the
weather, nearly half the roads of the country in num
ber and considerably more than half in extent of
mileage, had a similar unpleasant record. Out of the
198 roads contributing returns, 79 have failed to
earn their operating expenses and 15 more have
failed to earn expenses p lu s taxes, making 94 roads
altogether distinguished in that way. The list ineludes such prominent roads as the Baltimore &
Ohio, the Pennsylvania Railroad, the Erie, the
[Vol . 108.
Delaware & Hudson, the New Haven, the Boston &
Maine, the Milwaukee & St. Paul, the Rock Island,
the Illinois Central, the Missouri Kansas & Texas,
the Missouri Pacific, &c. Of course, many of these
separate roads show improvement as compared with
the extraordinarily poor results of the previous year,
but, even after such improvement, the showing is in the
great majority of instances poor and discouraging.
Nor is the net result in the case of these separate
roads in all instances better than a year ago. Far
from it. There is improvement quite generally in the
sections which suffered so severely a year ago from
snow blockades, freight congestion and inordinately
low temperatures. This comprises the railroad sys
tems in the northern half of the country. Else
where, however, where in 1918 the rigors of winter
were not encountered to the same extent, losses in
the net now are far from uncommon. These losses,
too, occur notwithstanding noteworthy improve
ment in the gross. Thus the Southern Pacific, with
$2,192,258 increase in gross, reports $669,923 loss
in net; the Atchison, with a gain of $1,984,514 in
gross, suffers a loss in net of $775,875; the Missouri
Pacific, with $939,788 increase in gross, falls $948,
054 behind in the net; the Southern Railway,
with $2,849,871 increase in gross, has $241,764
decrease in net; the Central of Georgia, with $115,
879 increase in gross, suffers a reduction of $347,
533 in net; the Texas & Pacific, with $782,283
gain in gross, loses $292,717 in net; and the St.
Louis-San Francisco, though having added $1,
359,928 to gross, has $240,418 decrease in net;
the Missouri Kansas & Texas has lost $113,453
in net in face of a $580,518 gain in gross, and the
Louisville & Nashville, with $2,012,382 addition to
gross, reports a reduction of $116,410 in net. Even
in the eastern and northern part of the country,
where conditions were so strikingly adverse in 1918,
we find such a road as the New Haven $519,101
poorer off in net despite $1,347,409 addition to gross.
In the following we show all changes for the separate
roads for amounts in excess of $100,000, whether
increases or decreases and in both gross and net:
P R IN C IP A L
C H A N G E S
IN
G R O SS
In creases.
P e n n s y l v a n i a ( 3 ) .a $ 1 7 , 0 : M , 2 G 4
N e w Y o r k C e n t r a l ..5 8 , 5 7 4 . 7 9 9
B a l t i m o r e Sc O h i o ...............
5 ,8 0 0 ,4 8 2
U n i o n P a c i f i c ( 3 ) ..
3 , 0 9 1 ,5 4 2
C h i c M l l w Sc S t P a u l _____
3 .5 0 2 ,1 9 9
G r e a t N o r t h e r n ___
3 ,0 8 8 .7 7 6
C h i c Sc N o r t h W e s t e r n . .
2 ,9 8 6 ,2 3 8
S o u t h e r n R a i l w a y ________
2 ,8 4 9 ,8 7 1
E r i o ( 2 ) ______________
2 ,7 4 0 ,4 5 7
C h i c a g o B u r l Sc Q u i n c y . .
2 ,5 3 8 ,3 7 5
C h e s a p e a k e & O h i o ............
2 ,4 0 9 ,7 2 9
M i c h i g a n C e n t r a l _________
2 ,3 9 5 ,1 2 4
S o u t h e r n P a c i f i c ( 8 ) _____
2 ,1 9 2 ,2 5 8
I l l i n o i s C e n t r a l _____________
2 .1 7 0 ,8 7 9
L o u is v illo & N a s h v i lle ...
2 ,0 1 2 ,3 8 2
A tc h T o p & S a n ta F o (3 )
1 ,9 8 4 ,5 1 4
L e h i g h V a l l e y ...........................
1 ,8 6 0 ,0 7 7
C l o v e C i n e C h i c Sc S t L . .
1 ,8 1 4 ,8 0 0
N o r t h e r n P a c i f i c ...............
1 .7 0 9 ,5 2 2
C h i c R I Sc P a c i f i c ( 2 ) . .
1 .7 0 7 ,3 8 4
A t l a n t i c C o a s t L i n e _______
1 ,0 7 3 ,8 8 0
P h ila d e lp h ia & R e a d in g .
1 ,4 5 2 ,4 1 0
W a b a s h _______________________
____________
1 ,3 9 0 ,3 5 1
S t L o u is -S a n F r a n ( 3 ) . . .
1 ,3 5 9 ,9 2 8
B o s t o n & M a i n e __________
1 ,3 5 3 ,3 1 1
N Y N H Sc H a r t f o r d . .
1 ,3 4 7 ,4 0 9
N o r f o l k & W e s t e r n ............
1 ,3 1 2 ,1 1 0
D e l a w a r e L a c k Sc W e s t . .
1 ,3 0 5 ,1 0 7
P e r e M a r c i u e t t o ____________
1 ,2 1 1 ,4 0 7
M in n S t. P a u l & S S M .
1 ,1 9 0 ,3 8 4
C en tra l R R o f N e w J e rs.
1 .1 7 7 ,4 7 1
E lg in J o lie t & E a s t e r n ..
1 ,0 9 1 .6 0 0
N Y C h i c a g o Sc S t L o u i s .
1 ,0 8 1 ,5 5 3
P i t t s b u r g h Sc L a k o E r i e .
9 8 2 ,5 4 7
M i s s o u r i P a c i f i c ......................
9 3 9 ,7 8 8
S e a b o a r d A i r L i n e ................
8 1 1 ,1 0 1
C h i c a g o & A l t o n . . .............
7 9 9 ,0 2 7
C h i c a g o Sc E a s t I l l i n o i s . .
7 8 5 ,8 3 9
T e x a s & P a c i f i c . ..................
7 8 2 ,2 8 3
G ra n d T ru n k W e s t e r n ..
7 1 0 ,3 1 5
C i n e N O Sc T e x a s P a c . .
0 0 0 ,3 0 2
C h ic S t P a u l M in n & O m
0 5 5 ,7 3 2
M i s s o u r i K a n s a s Sc T e x a s
5 8 0 ,5 1 8
D e l a w a r e Sc H u d s o n _____
5 4 1 ,5 9 1
C h ic a g o G r e a t W e s t e r n .
5 1 2 ,8 0 1
M a i n e C e n t r a l _____________
4 6 4 ,0 3 5
W e s t e r n M a r y l a n d _______
4 1 2 ,8 4 7
I n d i a n a H a r b o r B e l t _____
3 9 3 ,8 5 2
C h ic In d & L o u is v i lle ...
3 7 7 ,2 7 3
3 7 5 ,1 1 7
L o n g I s l a n d ..............................
R i c h m F r e d Sc P o t o m a c .
3 4 8 ,0 2 2
Y a z o o & M i s s V a l l e y _____
3 4 7 ,0 0 0
E A R N IN G S
IN
JA N U A R Y .
N a s h v C h a t t Sc S t L o u i s .
B u f f a l o K o c h Sc P i t t s b . .
V i r g i n i a n .......................................
L o s A n g e l e s Sc S a l t L a k e .
U n io n R R o f P o n n s y lv ..
W e s t J e r s o y Sc S e a s h o r e .
N Y P h l l a & N o r f o l k _____
A la b a m a G r e a t S o u th e r n
F l o r i d a E a s t C o a s t .............
D o t T o l e d o Sc I r o n t o n ____
M o K a n Sc T e x o f T e x a s
L a k o E r i o Sc W e s t e r n ____
C o l o r a d o Sc S o u t h e r n ( 2 )
M o b i l e & O h i o . .....................
D e n v e r & I t i o G r a n d o ____
W a s h i n g t o n S o u t h e r n ____
B e s s o m e r Sc L a k o E r i o ____
C a r o C l i n c h f i e l d Sc O h i o .
O r T r k L in e s in N o w E n g
C u m b e r l a n d V a l l e y _______
T o l o d o S t L o u is & W e s t .
K a n sa s C it y S o u t h e r n ..
C h i c a g o J u n c t i o n ..................
B a n g o r Sc A r o o s t o o k _____
M o n o n g a h e l a ...........................
C e n t r a l N o w E n g l a n d ____
A n n A r b o r __________________
G r a n d R a p id s & In d ia n a
N o r f o l k S o u t h e r n ________
G e o r g ia S o u t h & F lo r id a
T o le d o & O h io C e n t r a l. .
C i n e I n d Sc W e s t e r n _____
P o r t R e a d i n g ...........................
C e n t r a l V e r m o n t __________
T e n n e s s c o C e n t r a l ________
C e n t r a l o f G e o r g i a . ............
L e h ig h & N e w E n g l a n d .
G e o r g i a -----------------------------------A t l a n t i c C i t y ............ ..............
S ta to n Is la n d R a p T r a n .
N Y O n ta r io & W e s t e r n .
In creases.
$ 3 2 0 ,3 0 9
3 1 5 ,5 3 3
2 9 2 ,2 8 2
2 8 0 ,7 5 3
2 7 8 ,4 9 7
2 7 6 ,5 7 9
2 7 1 ,9 8 9
2 6 9 ,2 2 7
2 5 2 ,0 5 8
2 5 0 ,2 2 9
2 1 9 ,9 3 9
2 4 2 ,0 9 0
2 3 7 ,9 3 5
2 3 4 ,5 5 3
2 2 5 ,9 8 7
2 1 0 ,3 9 2
2 0 3 ,8 8 8
1 8 0 ,9 1 0
1 8 3 ,2 9 0
1 7 9 ,0 0 5
1 7 0 ,1 9 0
1 7 3 ,4 3 8
1 5 4 ,6 0 3
1 4 8 ,4 4 6
1 4 7 .1 9 0
1 4 7 ,1 8 1
1 4 6 ,7 4 0
1 4 0 ,2 1 4
1 4 4 ,7 7 7
1 4 2 ,1 3 1
1 3 7 ,5 1 9
1 3 0 ,1 0 3
1 2 9 ,8 7 1
1 1 0 ,5 4 4
1 1 5 ,9 1 9
1 1 5 ,8 7 9
1 1 4 ,9 1 0
1 1 3 ,4 9 4
1 1 0 ,9 1 8
1 1 0 ,5 3 9
1 0 9 .3 2 0
R e p r e s e n t in g 111 r o a d s
in o u r c o m p i l a t i o n . $ 1 0 9 ,2 9 6 ,4 9 5
D ecrea ses.
S p o k a n e P o r t l Sc S e a t t l e .
$ 1 8 4 ,7 4 8
E l P aso & S o u th w estern .
1 3 8 ,7 8 3
B i n g h a m & G a r f i e l d _____
1 1 8 ,2 1 2
1 1 3 ,3 5 1
H o c k i n g V a l l e y ____________
R e p r e se n tin g 4 ro a d s
In o u r c o m p i l a t i o n . .
$ 5 5 5 ,0 9 4
N o t e .— A l l t h e f i g u r e s I n t h e a b o v e a r e o n t h e b a s i s o f t h e r e t u r n s f i l e d
w ith th e I n t e r -S t a t e C o m m e r c e C o m m is s io n .
W h e r e , h o w o v e r , th eso
returns do not show tho total for any system, we have combined the
separate roads, so as to make tho results conform as nearly as possible to
those Riven in tho statements furnished by tho companies themselves.
a This is the result for the Pennsylvania R R ., together with tho Pennsyl
vania Company, and tho Pittsburgh Cincinnati Chicago & St. Louis, tho
Pennsylvania R R . reporting $10,8 2 0 ,0 3 4 increase, the Pennsylvania Com
pany$3,315,987 increase and tho P. O. C. & St. Lo. $2,898,243 increase.
b These figures cover merely tho operations of the Now York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the “ Big Four,” &c., the whole going to form the
Now York Central System, tho result is a gain o f $14,652,089.
PRINCIPAL CHANGES IN NET EARNINGS IN JAN U ARY.
Increases.
New York Central______684,399,833 Bessemer & Lake Erie__
Pennsylvania (3 ).......... . «4 ,350,652 Washington Southern__
Michigan Central______ 1,407,428 Toledo St Louis & W est.
Baltimore & Ohio______ 1,300,998 Maine Central_________
Great Northern________ 1,294,145 Chicago Groat Western.
Chicago & Northwestern. 1,229,505
Representing 47 roads
1,216,791
Erie (2 )____
in our compilation..830,583,992
Union Pacific (3)............. 1,139,800
Jlprrrn
Lehigh Valley................... 1,100,121
$948,054
Chesapeake & Ohio_____
978,285 Missouri Pacific________
Atch
Top
&
Santa
Fc
(3)
775,875
Chicago Burl & Quincy _ .
769,449
669,923
Elgin Joliet & Eastern..
750,556 Southern Pacific (8)____
519,101
723,172 N Y N c w H a v & H a r tf..
Northern Pacific_______
348,548
Clove Cin Chic & St L . . .
656,530 Spokane Port & Seattle.
347,533
Now York Chic & St L _ .
649,417 Central o f Georgia______
294,854
Central RR of N J ...........
605,763 Minn & St Louis_______
292,717
l’ ere Marciuetto________
579,359 Texas & Pacific________
243,492
535,356 M o Kan & Tex of Texas.
Delaware & Hudson___
241,764
Pittsburgh & Lake Erie.
532,632 Southern Railway______
240,418
Boston & Maine_______
504,260 St Louis San Fran (3)__
222,085
Minn St Paul & S S M . .
509,679 Internat & Groat North.
220,302
Wabash________________
473,663 Nashvillo Chatt & St L . .
143,954
Grand Trunk W estern..
468,561 Atl Birm A Atlantic____
142,842
Cin New Orl & Tex Pac.
401,423 San Ant A Aran Pass__
140,997
Chicago & East Illinois..
342,520 El Paso & Southwcstn..
137,403
Chic St P Minn & O___
337,692 Western Pacific________
127,391
Chicago & Alton_______
335,76)0 Kansas City Southern__
123,921
306,469 New Orl Tex & M o x ico ..
Deia Lack & West______
118,293
Union RR o f Penna____
277,906 Long Isla n d ...................
116,410
Illinois Central_________
269,213 Louisvillo A N ashville..
113,453
Indiana Harbor Belt___
259,232 M o Kansas & Texas____
112,457
258,270 Florida East Coast_____
Atlantic Coast Line___
108,363
Rich Fred & Potomac__
231,590 Bingham A Garfield___
101,789
Chic Ind & Louisville__
219,655 Kanawha & Michigan__
Norfolk & Western.........
214,560
Representing 36 roads
Los Ang & Salt Lake___
157,553
in our com pilation.. $6,850,959
New York Phila & N orf.
151,165
a This is tho result for the Pennsylvania R R .. together with the Pennsyl
vania Company and tho Pittsburgh Cincinnati Chicago A St. Louis, tho
Pennsylvania R R . reporting $2,391,846 increase, tho Pennsylvania Com
pany $978,597 increaso and the P. C. O. A St. I). $980,209 increase.
b These figures merely cover the operations o f the Now York Central
itself. Including tho various auxiliary and controlled roads, like tho
Michigan Central, tho “ Big Four,” &c., tho whole going to form tho
New York Central System
, the result is a gain of $7,224,769.
W hen
th e roa d s are arran ged in grou ps acco rd
in g t o th eir lo c a tio n , th e sa m e resu lts a p p ear as in
th e
case o f th e
cou rse,
records
sep arate
larger
r o a d s.
gross
E very
th a n
in
g ro u p ,
J a n u a ry
of
w e a th er, tw o o f th e g eog rap h ica l d iv isio n s a c tu a lly
losses
in th e
n e t.
T h e se
tw o
com p rise
th e
roa d s in th e S o u th w estern p art o f th e c o u n tr y , and
on th e P a cific C o a s t , w here w eath er con d ition s last
y e a r were m u ch less o f a d ra w b a c k th a n in oth er
p a rts o f th e c o u n tr y .
th e w h e at receipts for th e fo u r w eek s en d in g J a n . 2 5
1919
w ere
2 5 ,0 6 8 ,0 0 0
bu sh els in
th e
b u sh els,
correspon din g
a g a in st
fo u r
1 0 ,2 5 0 ,0 0 0
w eek s
of
1918;
th e corn r ec eip ts, 2 5 ,1 3 6 ,0 0 0 b u sh els, a g a in st
5 5 2 ,0 0 0
1 9 ,
b u sh els; th e o a ts receip ts, 1 9 ,4 0 0 ,0 0 0 b u sh
els a g a in st 1 9 ,3 6 3 ,0 0 0 ; th e b a rle y rec eip ts, 6 ,7 0 6 ,0 0 0
bu sh els
a g a in st
3 ,9 1 3 ,0 0 0
6 ,0 4 6 ,0 0 0 ,
b u sh els,
and
a g a in st
th e
rye
1 ,2 8 3 ,0 0 0 .
rec eip ts,
A lto g e th e r ,
th e receip ts o f th e fiv e cereals a gg re ga te d 8 0 ,2 2 3 ,0 0 0
bu sh els in th e fo u r w eeks o f 1 9 1 9 , a g a in st 5 6 ,4 9 4 ,0 0 0
b u sh els in th e fo u r w eek s o f 1 9 1 8 .
th e
W e s te r n
grain
m ovem ent
in
T h e d eta ils o f
our
u su al
fo r m
are sh ow n in th e ta b le w e n ow p rese n t:
W ESTERN FLOUR AN D G RA IN RECEIPTS.
Four w e e k s e n d . F lo u r .
W h ea t.
C orn.
O a ts.
B a rle y .
J a n . 25—
(b u s h .)
(b b ls .)
(b u s h .)
(b u s h .)
(b u s h .)
R ye.
(b u s h .)
C h ica g o —
1 9 1 9 ..............................
1 9 1 8 ..............................
5 9 7 ,0 0 0
4 2 2 .0 0 0
3 ,4 2 2 ,0 0 0
3 2 1 ,0 0 0
7 ,4 3 9 ,0 0 0
4 ,8 0 8 ,0 0 0
6,020,000 2 ,2 4 9 ,0 0 0
1 9 1 9 ..............................
1 9 1 8 . ...........................
5 6 ,0 0 0
4 2 ,0 0 0
1 ,3 2 0 ,0 0 0
2 0 0 ,0 0 0
4 S 6 .0 0 0
5 3 5 ,0 0 0
1 9 1 9 ..............................
1 9 1 8 ..............................
1 7 7 ,0 0 0
1 4 5 ,0 0 0
1 ,6 8 7 ,0 0 0
6 S 9 .0 0 0
3 ,0 7 3 ,0 0 0
1 ,4 2 2 ,0 0 0
2 ,6 9 6 ,0 0 0
1 ,6 6 4 ,0 0 0
1 8 1 ,0 0 0
7 8 ,0 0 0
1 4 ,0 0 0
3 4 ,0 0 0
1 6 7 ,0 0 0
1 3 3 ,0 0 0
2 7 2 ,0 0 0
1 7 6 ,0 0 0
4 1 5 ,0 0 0
5 1 0 ,0 0 0
1 ,0 0 0
1 2 ,0 0 0
2 2 ,0 0 0
9 8 ,0 0 0
8 2 ,0 0 0
2 2 4 ,0 0 0
2 3 9 ,0 0 0
2 3 3 ,0 0 0
1 5 2 ,0 0 0
3 ,0 0 0
3 ,0 0 0
8 ,0 0 0
6 3 ,0 0 0
4 6 ,0 0 0
7 0 ,0 0 0
1 3 2 ,0 0 0
1 9 2 ,0 0 0
3 1 8 ,0 0 0
2 4 8 ,0 0 0
3 ,0 0 0
2 ,0 0 0
1 ,0 0 0
9 ,0 0 0
2 7 6 ,0 0 0
1 6 3 ,0 0 0
8 0 ,0 0 0
2 5 3 ,0 0 0
2 ,4 7 3 ,0 0 0
2 ,2 6 1 ,0 0 0
7 2 3 ,0 0 0
1 ,1 9 1 ,0 0 0
9 7 ,0 0 0
6 4 ,0 0 0
2 1 ,0 0 0
5 7 ,0 0 0
9 ,6 7 0 ,0 0 0
5 6 5 ,0 0 0
5 ,0 0 0
9 4 ,0 0 0
7 7 ,0 0 0
5 ,6 3 2 ,0 0 0
5 ,9 9 4 ,0 0 0
1 ,4 0 1 ,0 0 0
2 ,2 8 1 ,0 0 0
3 ,1 1 2 ,0 0 0 1 ,7 8 6 ,0 0 0
4 ,3 3 0 ,0 0 0 3 ,7 5 3 ,0 0 0
1 ,3 8 5 ,0 0 0
9 1 4 ,0 0 0
3 ,4 3 6 ,0 0 0
2 ,7 5 6 ,0 0 0
1 ,1 3 7 ,0 0 0
1 ,1 0 3 ,0 0 0
1 ,5 6 1 ,0 0 0
1 ,0 2 9 ,0 0 0
6 ,2 0 0 ,0 0 0
4 ,8 7 7 ,0 0 0
2 ,4 8 5 ,0 0 0
2 ,2 7 2 ,0 0 0
5 ,1 4 3 ,0 0 0
8 9 0 ,0 0 0
7 S 6 .0 0 0
1 2 6 ,0 0 0
M i lw a u k e e —
SI. L o u is —
2 ,1 6 7 ,0 0 0 2 ,0 1 0 ,0 0 0 1 ,0 5 9 ,0 0 0
2 ,6 7 3 ,0 0 0 1 ,0 0 7 .0 0 0
2 4 7 ,0 0 0
T o led o —
1 9 1 9 . ...........................
1 9 1 8 ..............................
D e tr o it —
1 9 1 9 ..............................
1 9 1 8 ..............................
C lev ela n d —
1 9 1 9 ..............................
1 9 1 8 ..............................
P e o r ia —
1 9 1 9 . ...........................
1 9 1 8 ..............................
D u lu th —
1 9 1 9 ..............................
1 9 1 8 . ...........................
3 5 0 ,0 0 0 1 ,3 0 7 ,0 0 0
2 4 8 ,0 0 0
4 7 ,0 0 0
M i n n e a p o li s —
1 9 1 9 ...............................
1 9 1 8 ..............................
7 2 3 ,0 0 0
7 4 8 ,0 0 0
K a n s a s C ity—
1 9 1 9 ..............................
1 9 1 8 ..............................
O m aha &
1 3 ,0 0 0
Indianapolis—
1 9 1 9 ............................................................
1 9 1 8 ...............................
_____
2 ,0 0 0
—
—
Total of AH—
1919................. 1,127,000 25,068,000 25,136,000 19,400,000 6,706,000 3,913,000
1918................
857,000 10,250,000 19,552,000 19,363,000 6,046,000 1,283,000
last
y e a r ; on th e oth er h a n d , n o tw ith sta n d in g th e m ilder
sh ow
1113
THE CHRONICLE
M ar . 22 1919.]
O u r su m m a r y b y g ro u p s is
W e ste rn
liv e sto c k receip ts also ran v e r y
h eavier th a n
la st y e a r .
At
C h ica g o
m uch
fo r th e ev en
m o n th th e y com p rised 3 3 ,4 3 0 carlo ad s in 1 9 1 9 a g a in st
2 2 ,5 2 4 in 1 9 1 8 ; a t K a n s a s C i t y , 1 5 ,1 4 2 cars a g a in st
1 2 ,5 1 5 , a n d a t O m a h a 1 3 ,1 6 6 cars a g a in st 1 1 ,7 7 9 .
A s to th e S o u th ern c o tto n m o v e m e n t , th e sh ip
m e n ts o v erla n d were 2 6 2 ,1 8 2 b ales in J a n u a ry 1 9 1 9
aga in st 2 3 8 ,4 7 5 bales in 1 9 1 8 , 2 7 5 ,5 7 3 b ales in 1 9 1 7
as fo llow s:
SU M M AR Y BY GROUPS.
----------------------1919.
1918.
—
$
$
Group 1 ( 8 roads), New England.. 16,075,957 12,367,780
Group 2 (30 roads), Rust A Middle..109,708,619 72,304,350
Group 3 (28 roads), Middle W e s t ... 47,277,076 29,026,874
Groups 4 A 5 (36 roads). Southern... 56,712,107 41,460,047
Groups 6 A 7 (30 roads), Northwest . 83,629,050 58,653,200
Groups 8 A 9 (48 roads), Southwest . 59,219,791 60,224,993
Group 10 (12 roads). Pacific C o a s t... 22,869,420 20,093,957
an d 2 9 6 ,8 7 1
Cross Earnings----------------------Inc. (4-) orDec.(— ).
SectionorGroup—
January
$
+3,708,177
+37,404,269
+18,250,202
+15,282,060
+24,975,850
+9,024,798
+2,775,463
%
29.98
51.73
62.84
36.86
42.58
17.97
13.81
Total (198 roads).................. ......... 395,552,020 284,131,201 +111,420,819 39.22
%
---------
January—
Group No. 1........... ... .
Group No. 2 . . .......... .
Group No. 3 ........... . .
Groups Nos. 4 A 5. . .
Groups Nos. 6 A 7 .. . .
Groups Nos. 8 A 9 .. . .
Group No. 10......... .. .
Mileage
1919.
7,302
28,821
21,900
38,466
66,130
53,567
16,469
---------
1918.
7,329
28,592
21,743
38,607
60,653
53,831
16,444
■Net Earnings-
or
1919.
1918.
Inc. ( + )
Dcc.l—)
8
8
S
def655,354 (lof735.009
+ 79,655 10.84
5,318,259(116,629,155 + 11,947,414
3,305,935(114,376,251 + 7,682,186
7,952,373 7,299,064
+ 653,309
8.95
10,457,780 2,417,925 + 8,039,855 332.51
4,848,360 10,134,494 — 5,280,134 52.15
4,994,816 5,770,606
— 775,790 13.44
T o ta l.................... ...232,655 233,199 36,222,169 13,881,674 + 22,310,495 160.94
NOTE
includes all of tho New England States.
includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
combined Include tho Southern States south of tho Ohio and
east of the Mississippi Rover.
combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis an 1 Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a line running from the northwest corner of tho State through
Santa Fe and east of a line running from Santa Fe to El Paso.
includes all of Washington, Oregon, Idaho, Collfornla, Nevada, Utah
and Arizona and the western part of New Mexico.
.—GroupI.
Group II.
b ales in 1 9 1 6 .
A t th e S o u th e rn o u t -
p o rts th e receip ts w ere 5 9 7 ,8 1 4 b ales in 1 9 1 9 , a g a in st
5 4 1 ,9 2 8 b ales in 1 9 1 8 , a n d no less th a n
1 ,7 9 9 ,0 8 0
b ales b a c k in 1 9 1 5 , as w ill b e seen b y th e fo llo w in g :
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JANU AR Y 1919, 1918,
1917, 1916, 1915 AN D 1914.
January.
Ports.
1919.
1918.
1917.
1916.
Galveston........... bales
Texas City, A e ..........
New Orleans________
Mobile_______ _______
Pensacola, A c., F la ..
Savannah ....................
Brunswick, Ac______
Charleston___________
242,280
18,599
139,233
17,949
3,615
101,268
8,500
20,209
176,460
20,313
193,942
4,328
5,000
78,882
12,600
19,943
281,748
32,962
98,994
7,400
7,745
39,030
6,000
6,197
Wilmington__________
Norfolk_____________
Norfolk News, Ao___
10,535
35,139
87
2,399
27,843
818
2,080
26,360
684
227,443
56,981
133,029
11,186
6,050
101,336
14,200
14,145
101
11,865
68,777
24,824
T o ta l........................
597,414
541,928
509,200
i
1915.
1914.
692.302
170.511
307,738
23,094
11,732
325,210
51,500
58,498
145
34,007
106,153
18,190
472.897
108,721
269,132
29,840
7,024
127,386
31,900
8,930
29,038
57,588
23,659
669,937 1,799,080 1,166,295
GroupIII.
Groups IV. and V.
Groups VI. andVII.
Groups VIII. andIX.
GroupX.
A s far as th e m o v e m e n t o f th e lead in g stap les w as
c o n ce rn e d ,
W e s te r n roa d s h ad
ing J an u a ry o f th e
(lie a d v a n ta g e d u r
presen t y ear o f a larger grain
m o v e m e n t an d S o u th e rn roa d s h ad a slig h tly larger
c o tto n m o v e m e n t .
A t th e W e s te r n p rim ary m a rk e ts
<& \x
k k z
\ \ X g ttc u ts a n d d i s c u s s i o n s
C O N T I N U E D O FF E R IN G OF B R I T I S H
B ILLS.
TREASURY
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & C o. on a
discount basis of 5 1 4 % , the rate prevailing last week. The
bills are dated M onday, March 17.
N E W C R E D I T S TO B E L G I U M A N D I T A L Y .
A new credit of 52,410,000 was extended to Belgium by
tho United States Treasury on March 17, making the total
credits to Belgium 5340,555,000.
Yesterday an addi
tional credit of 575,000,000 to Italy was announced, making
total for Italy to date 51,496,500,000.
1114
THE CHRONICLE
[V ol . 108
Tho question has an International phaso, since much o f the old money
is hold in the Ukraine, the Russian provinces, Galicia, Poland and in French,
English and Swiss banks. I f tho money held abroad is not stamped it has
no circulating value in any'of the new republics.
The bankers say that the situation is bound to have great influence on
tho commercial futuro o f the several republics, who, they say, are pursuing
a policy o f self-destruction in changing the value of tho money now in
circulation.
Tho fashion of stamping the old Austro-Hungarian kronen began in
Jugo-Slavia. A rubber stamp was used, and each city used a different form
From tho fiscal point o f view more resources had been created, the of stamp. A law was passed that no paper kronen would havo a circulating
Minister conceded, but It would be absurd to say that any country with value unless stamped.
departments In such condition as the Invaded departments o f France had
The Czecho-Slovak Government then declared that no moro kronen
become richer.
should be Imported Into its territory, and also prohibited outside banks
The yearly budget, M . Klotz announced, would bo three or four times from transferring into Czechoslovakia the Austro-Hungarian bank notes,
greater than beforo the war, the deficit to meet being 21,750,000,000 francs. which correspond here to tho Bank of England notes in England. The
According to M . Klotz It would be relatively easy to meet the 10,000,000, Czechs also began to stamp the notes under the same system as the Jugo
000 franc deficit o f 1919 by an increase in direct taxes, an Income tax, slavs.
receipts from the liquidation o f war stocks and a revision o f the law govern
Presumably the Austrian Republic will also begin to stamp the notes,
ing the transportation o f troops over French railroads by charging the Allies so as to protect herself against an influx of unstamped notes. Dr. Alfred
for transportation, as tho French aro charged. The railroad deficit, tho Treicht, Director of the Anglo-Austrian Bank, declared to-day that, if tho
Minister said, would be 4,000,000,000 francs.
•
Allies did not want Austria to be driven financially to join Germany, some
Concerning the tax on capital proposition, M . Klotz said the French solution of the situation must be found, as the kronen is depreciating rap
capitalist taxpayer would not bo called on to pay one cent o f additional idly In value in foreign countries.
taxes until Germany’s indemnity figures to France were settled upon and
Tho Czecho-Slovak Government is also reported to be preparing to issuo
guaranteed. But even should Germany pay completely for damages and new money In tho form o f the French francs. Up to this time tho Hun
the restoration o f the devastated provinces, M . Klotz said that this would garian Government has taken no action in tho matter.
not balance future budgets after 1919. The tax on capital, tho Minister
The newspapers are printing long articles concerning tho financial situ
asserted, was destined to reach war profiteers.
ation, in which they contend that the only way to solvo the present depre
M.
Klotz during his address mentioned a futuro financial society ofciation in currency Is to open Industry and put tho people to work through
nations, the plans of which had been discussed and would be given out soon, the Importation of raw material.
as tho only means for Franco to balance future budgets. He also spoke
There Is much uneasiness over tho raising of tariff walls within the former
of additional taxes after Germany’s war Indemnity has been deducted from Empire. The Czechs are unwilling to sell goods and accept payment in
tho present French debt.
the old Austrian money.
M.
Klotz gave some striking figures o f war expenditures. Ho said that Walther Federn, Editor o f a labor journal, told tho correspondent that
more than 39,000,000,000 francs was spent for artillery and 11,000,000,000 the question of credits in the new republics was most important. "As for
francs for the pay o f troops. Tho total expenditures o f the Ministry of the debts of tho former Empire, amounting to 120,000,000,000 crowns,”
War wore 119,000.000,000 francs, while tho Navy Department spent only said Federn, "wo Austrians must take our share, and If tho Poles, Czechs
6,000,000,000 francs.
and others try to disown the debts, so much worse for them and their citi
France spent 26,000,000,000 francs for shells and projectiles during tho zens, who are largo holders of the war loans.
war. Senator Luclen Hubert told the Senate Army Commission yesterday.
“ It seems to mo in the currency questions, with the Czechs and Jugo
He said that 1,500,000,000 francs was spent for extra material for use by slavs stamping money and refusing our crowns, it is a caso for all of us to
the artillery.
sink or swim together. If all adopt new moneys and refuse to accept tho
Tho rotum from taxes and State monopolies during February was 453 , money of other republics, it will result in a mercantile balance. If bank
411,900 francs, an Increase o f 120.000,000 francs over the samo month ruptcy strikes ono country it will strike all of them, because all will have
last year. The February returns wero 180,000,000 francs more than thoso tho same class of currency."
of Feb. 1914.
Professor Coolldge, tho head of tho American Economic Mission to the
M.
Agagneur, former Minister o f Marino, said that he regretted that thoformer Austro-Hungarian Empire, is preparing a report to tho American
discussion had been purely academic, because neither the Chamber nor delegation to the Peace Conference on all aspects of the financial situation.
the Government was able to fix the amount to be received from Germany, Local bankers and business men havo been in consultation with him on
and consequently It would be Impossible to determine the expenditures.
______________________________
the subject.
After a lively debate, during which several deputies expressed dissatis
faction over the statement o f M . Klotz, tho order of tho day was voted
B U L G A R I A ' S D E B T TO G E R M A N Y .
247 to 132.
M.
KLOTZ ON FRENCH W A R EXPE N D ITU R E S.
In his speech on the financial situation of France, in the
French Chamber of Deputies on M a r. 13, Louis Klotz
Minister of Finance, took occasion to deny that he had made
the statement that France had become richer since the war.
The Associated Press accounts of what M . K lotz had to
say on the 13th follow:
SAMUEL
MONTAGU
ON R U SS IAN
I SS U E S.
BANK
NOTE
Samuel Montagu & C o ., of London, in their circular of
Feb. 20, in stating that they are in a position to give the
exact amount of British rubles in circulation for use in the
Archangel district on Jan. 31, say:
Tho following concerning Bulgaria’s debt to Germany,
published in the New York “ Evening Post” of March 3, is
credited to correspondence of the Associated Press from Sofia,
Bulgaria, under date of Jan. 9.
Bulgaria is facing a financial crisis, it is asserted. The war cost the
country over $1,500,000,000, while its estimated wealth is only $2,200,000,
000. The national debt before the war was $160,000,000.
Of the national debt, as It now stands, Bulgaria owes Germany $660,
000,000, which was advanced in Installments of ten millions, but last winter
It was just over 59,000,000 rubles, representing at 6d. per ruble (the fixed Germany discontinued this practice, and demanded payment for munitions
exchango) a little under £1,500,000, as tho amount o f Russian bank notes in cash. Germany evidently was not la the business o f helping its allies
that had been issued up to that date is estimated to have been well over for nothing, as the prices charged Bulgaria for gas masks clearly indicate.
180,000,000 o f rubles, tho ratio o f the secured British ruble notes, to tho For each mask it charged $16 and a sheepskin, as compared with the cast
unsecured Russian notes, is about 1 to 3,000. These facts alono should of a similar article for tho United States Army in England of $4 50.
effectively prove the grotesquencss o f the Bolsheviks’ statement. The
Financial experts agree that the solvency of the country can only bo
Continental press supplies further interesting Information. Tho “ Koln- preserved by the presentation of counter claims against Germany. Even
ische Zeitung” (Jan. 17) says:
if Bulgaria’s total indebtedness to Germany is outweighed by Bulgaria's
“ It is a fact that the Bolshevik Government for soveral months has been counter claims, oppressive taxes must bo imposed for a decade or two in
circulating so-called Tsar rubies in particular the R.100 with Catherine’s order to meet the remaining debt, say Bulgarians. Tho Stato revenues
head and tho red It.10 notes, also that an unknown number o f Russian before the last three wars averaged $50,000,000 per annum. Recent taxa
bank notes aro in circulation which bear the samo value, tho same serial
number and tho samo signature. These notes have been accepted by tion added $20,000,000 to this sum. T o fill tho gap between what Is pos
German banks as good and equivalent to those issued in tho Tsar’s tim e /’ sible to raise by taxation and the needs of the nation It Is now proposed to
And according to tho “ Svensk Handelstidning:
confiscate wealth illegally obtained in addition to drastic taxation of war
“ The Bolsheviks have actually been printing the notes themselves, and
all sorts o f forgeries have come to light. The note printing has reached profits.
Under Germany’s tutelage the financial policy maintained by Bulgaria
such a pitch o f perfection that it is extremely difficult to distinguish between
the false and the genuine notes.”
sank the country deeper and deeper every year in debt. It was tho only
belligerent country which issued no internal loan, but contented itsolf with
printing paper money to the total of almost $500,000,000 at tho normal
A U S T R I A ' S W A R D EBTS.
rate of exchange. As a result Bulgaria’s currency has depreciated moro
The following wireless message from Vienna March 3 to than ono-half, while the accumulation of prlvato wealth has run parallel
the New York “ Times” appeared in the issue of that paper to the rapidly mounting Stato debt. Moro than eighty banks wero floated,
with a total capitalization of nearly $100,000,000.
on tho 4th inst.:
Bulgaria’s solo negotiable article of export is tobacco, and this sho must
Tho former Austrian Finance Minister, Herr WImmer, writing in the uso in the world’s markets in exchango for food, clothing, cotton, oils,
’ ’ Neuo Freio Presse” on tho question o f Austria’s war loans, argues that medicine, &c. At present there aro in tho country tho crops of tho past
all the new States are bound to assume a pro rata share o f tho war loans and two years, valued at about $300,000,000.
currency debts, else total bankruptcy and social catastrophe will bo inevit.
ble for former members o f tho Dual Monarchy.
He. also says that during the war tho Slav politicians professed loyalty R E M O V A L OF “ P E G " FROM ST E R L IN G E X C H A N G E
M A R K E T — BRITISH GO VERN M E N T
to tho Austrian war policy and did not attack the validity o f the national
obligations. Moreover, he says, they enjoyed immense profits in war
R E L I N Q U I S H E S CONTROL.
contracts, and non-German banks applied for war loan subscriptions and
One of the important announcements of tho week was
signed their prospectus.
F E A R S OF F I N A N C I A L P A N I C I N A U S T R I A , W I T H
R E - S T A M P I N G OF O LD P A P E R M O N E Y .
Associated Press advices from Vienna under date of
Fob. 12 reported that bankers there feared a financial panic
throughout the former Empire because of tho recent efforts
of the new republic to discard tho old paper kronen of the
Empire by restamping them so that in effect they became
new money. W e also take the following from tho Associated
Press dispatches:
At the present tlmo there aro about 36,000,000,000 kronen o f this old
paper money in circulation, whilo tho new Austrian State has only about
10,000,000,000 kronen in circulation.
that of J. P . Morgan & C o., making known tho removal
of the “ peg” from the sterling exchange market.
The state
ment of the firm, issued on Thursday, the 20th inst., said:
We have received instructions front the British Government to suspend
purchases of sterling exchango for Government account.
M r. Morgan when asked to comment on the announce
ment said:
I presume tnis is simply anothor stop— o f tho kind all governments have
been taking— designed to permit business to rosumo Its normal courso.
|
Following the issuance of tho above announcement “ Fi
nancial America” of March 20 had tho following to say:
No apprehension was caused in high banking circles as a rosult of tho
announcement relative to removal of tho peg in storling oxchango which
had been In effect since tho early part of 1916. It was pointed out that this
M ar . 22 1919.]
THE CHRONICLE
stop Is but an initial movement in bringing about a restoration o f normal
conditions internationally. With the war at an end, it is regarded as of tno
highest importance in financial circles that trado conditions bo restored
to a natural basis in as short a time as possiblo in order that it may not bo
necessary to maintain artificial markets not only in any commodities but
also exchange, money, &c.
After the armistice was signed tncro was a feeling that With tho removal
of certain restrictions would immediately develop a big demand for Ameri
can products from Europe and obviously the Hritish Government feels that
it does not earo to stand under tho exchange market in promotion of a
widespread purchasing era which naturally would Involve tho acquisition
of so-called luxuries. Tho Government has authority to negotiate credits
in tho Unitod Statos for tho purchase o f necessities and no doubt will exert
this power in tho futuro in connection with tho purcliaso of wheat and other
commodities of this character, but in so far as possiblo is desirous of con
fining purchases of other products within its own boundaries.
Tho suggestion was made that perhaps tho United States Government
had expressed some reluctance in extending further credits to Great Britain,
although no ono in a position to know tho real facts had any Intimation
in this connection.
,
,,,
Following tho announcement thero was some talk that thero would be a
British loan negotiated with private bankers in this country, but in au
thoritative quarters tho statement was mado that nothing of tho kind need
bo looked for until at least after tho conclusion of tho Victory Loan camAccording to bankers tho oxchange situation should gradually adjust itself
to tho now condition of affairs, which may require somo littlo timo in accom
plishment. One prominent banker in discussing the situation said.
I ho
action taken had to bo dono at somo timo and no doubt tho British officials
regarded tho presont as a propitious moment for effecting its plans for tho
futuro. You will recall a short timo ago ocean freight rates were reduced
more than 60% , it being regarded as desirable to not effect the readjust
ment by piecemeal but to make tho initial stop a drastic and permanent
ono permitting tho situation to adjust itself in duo course, lh o same
may easily be applied to tho action in connection with sterling exchange
rates.
In stating that tho removal of tho “ peg” did not take
bankers entirely unawares, tho Wall Street Journal oi tho
2 0
th inst. added:
Their suspicions had been aroused by the sharp advance which the
dollar rate experienced in London In the last few days. On Wednesday
press dispatches announced that tho quotation had been marked up to
$4 07, which compared with $4 76 7-16 quoted at tho same timo for sterling
cables’ in this market. Ordinarily tho sterling rate hero and the dollar rate
in London tends to maintain equality. Hence, when tho wido disparity
appeared, it was immediately surmised that a radical change was coming
over the situation and that sooner or later it would bo reflected in this
market.
In tho last few days J. P. Morgan & C o., through whom the British
Government had stabilized tho sterling market, were compelled to take
an enormous amount of exchango, offered by American and Canadian
bankers. Nevertheless, bankers believe that tho British Government
decided upon its present course, not from any inability to hold the market
up to tho minimum rato of 4 76 7-16 for cable transfers, but merely because
it felt that tho time had arrived when tho market should be allowed to take
its own course without tho interference of artificial regulation. Undoubt
edly tho British authorities In taking this stop acted more or less in concert
with tho French Government, which withdrew support from tho franc
exchango market at tho closo of last week.
W e likewise quote in part the comment in the New York
“ Times” of the 21st, occasioned by Thursday’s announce
ment as to the British Government s instructions:
The rate at which J. I’ . Morgan & C o., acting for the British Government,
has maintained sterling exchange Is $4 76 7-16 to the pound sterling for
cable transfers. On tho announcement o f the withdrawal o f support tho
rato declined to $4 70 for cables, with no quotation during most of the
day for sight drafts on London. The market was very actlvo and more
or less foverish. At tho formerly established rato of $4 76 7-16 tho dis
count on British credit hero was slightly more than 2% . At yesterday’s
low level of $4 70 the discount was nearly 3H % - This is tho lowest rate
at which actual business has been transacted sinco tho fall of 1915, when
sterling exchange went as low as $4 50 to tho pound, representing a discount
of 7 H % , and necessitating ‘‘pegging’ ’ operations by tho British and French
Governments.
Tho most goncral reason given for tho action of tho British Treasury
corresponds to tho explanations offered by French fiscal officers now in this
country for tho removal of restraint on franc exchango; the British Govern
ment Is anxious to sco business returned to a normal basis. Both England
and Franco are desirous of erutailing unnecessary Imports into their coun
tries. At tho same time, in both countries thero are those who demand that
the artificial restrictions on trade bo removed. Now, say tho bankers,
tho financial authorities in both countries aro preparing to tako o ff tho
licensing restrictions on imports and allow tho discount on their exchanges
to govern the trado movement. As far as is known hero, the licensing
systems in England and Franco have not as yet beon abandoned, but it is
expected they soon will bo.
Under financial arrangements with tho United States Government, both
England and Franco will bo in position to draw somo credits from our
Treasury as long as tho peace treaty Is unsigned, or until the hugo authori
zation is unexhausted. There Is approximately 31,000,000,000, it is said,
still available for credit grants to the Allies, and yesterday it was said
that such an amount would moro than cover tho needs of tho Allies for a
long time to come. Thus, purchases for Allied Governments will not bo
affected by tho market rato for exchanges, because tho United Statos
Treasury will bo able to supply credits hero for their use. Tho private
importers abroad, though, will bo affected as they will bo forced to pay
moro for imports tho lower exchango rates go. In this way a declining
oxchango rato acts as a tariff barrier, and in tho opinion of international
bankers here this will automatically tend to check imports into Britain
and Franco.
The situation as regards private importers in those countries is said to
bo more acute now than it is likely to bo in tho futuro. It is expected that
conditions will be straightened out within a short time and that exchango
rates will not go as low as somo of the alarmists havo predicted.
The course of tho foreign exchange markets this week,
as a result of tho withdrawal of this support from sterling
bills and the previous withdrawal of support from French
francs, will bo found sketched in the usual placo in our
article on the “ Financial Situation.”
1115
BR E A K I N FRENCH E X C H A N G E .
The sharp break which has occurred in French exchange
has been as important a feature of the week’s developments
as the announcement of advices from the British Govern
ment making known tho discontinuance of its support of
tho sterling exchange market. Tho most marked decline
in French exchange was witnessed on M onday, the 17th,
when the rate dropped to 5.71 H francs to the dollar against
a l’ato of 5 .5 0 on Saturday, tho 15th. A still further de
cline was noted on the 18th, transactions on that date
being reported, it is said, as low as 5.78 francs to the dollar
for sight bills. From the “ Times” of the 18th we take the
following concerning M onday’s decline:
The sharp break in French oxchango yesterday, when the rato fell to
5.71 J4 francs to tho dollar, as against a quotation of 5.50 on Saturday and
a parity of 5.18 H , was caused by tho action of the French Treasury author
ities who reduced tho official rate at Baris to 5.i0, from 5.4o, on Saturday .
This chango in the official rate did not become known here until late yester
day afternoon. There was a corresponding reduction in the official rate
on London.
The action of tho French Troasury, it was learned, was not duo to any
inability on tile part of the French Treasury of tho Bank of France to ob
tain further sterling credits at London, or dollar credits in Now Vork, as
was asserted in dispatches from London. On tho contrary, it was said
yesterday by a banker familiar with the situation that it was tho result of
a new commercial policy adoptod by France to discourage imports into the
country and to facilitate exports out of France. For somo time a certain
element in Franco has boon clamoring for a removal of all restrictions on
trado, both domestic and foreign, and has boon demanding that tho
Government end its licensing sytem with regard to importations of mer
chandise. Those who favored continuation of tho systom contended that
French foreign credit could not stand an absolutely free movement, and
it is boliovod that tho lowering of the French rate is notice that all restric
tions aro not to bo removed.
11
was pointed out yestorday that the very lowering of the exciiange rate
operates against importing goods into France. At 5.45 francs to tho dol
lar tho discount on francs is slightly moro than 5% , whilo at 5.70 the dis
count is about 9 >4 % . Thus the French importer has to pay a premium
of nearly twice as much at tho present rate as was nocessary under the
previous official rato. This, in effect, is a tariff on goods sent to France.
Adversely tho French merchant who sells goods to America for dollars or
to England for sterling is bettor off than if lie sold in his own country.
Yesterday's low rate of 5.71)4 was tho lowest recorded since November
1917.
!n earlier comment on the French exchange market, the
“ Times” of March 12 said:
The market for French oxchange, which has been rather erratic of late, is
not being "iieggod” by the French Government, nor by bankers here,
according to financial interests familiar with the situation. However, it is
believed in exchango circles that whilo no hard and fast peg has beon
established, there is an official interest in tho movement of the franc rate
and that efforts aro mado, from time to time, to prevent its falling through
5.50 for checks.
Yesterday, as on several other recent days, the check rate got below .>.49
and almost immediately buying appeared, which caused tho market to
strengthen. Just who bought francs which were offered is a mystery,
but it is suggested that tho local agent of the Bank of France may have
been tho person.
Franc exchange has been acting in rather a peculiar manner, and in some
quarters there was fear that it would break sharply over tho April 1 period,
when tho French Government will have to meet a $100,000,000 maturity
hero, in dollars, or at Paris at tho rate of exchango of 5.75 francs per dollar.
Somo weeks ago J. P. Morgan & C o., acting for tho French Government,
announced that it would buy these bonds at 105)4 hero at New York at
any timo up to maturity, and this, it was thought, would keep the bonds
from upsetting tho franc exchange market.
However, it happened that several banking houses shipped many of these
bonds to Paris directly after the signing of the armistice, when ocean insur
ance rates took a sharp drop, and these bonds will bo offered in Parts for
redemption and tho proceeds transferred through tho purchase of dollars
at Paris, or the sale of francs here. Exchango bankers boliovo that somo
of this selling here has already started and that it is tho bills thus created
which havo hurt tho market recently.
But tho French fiscal agents here are not especially worried over the
situation, for it is said they are well supplied with dollars hero which may
bo used for tho franc bills offered. The French fiscal agents como into
largo sums of American money through the purchases mado by the American
Expeditionary Force In France.
The arrangements are for American military paymasters to cash dollar
checks, drawn on tho New York Federal Reserve Bank, at the Bank of
France. Tho military paymasters receive francs for distribution to the
army and tho dollar checks aro sent hero for collection. Of late, owing to
tlio reduction of tho American Army abroad, tho volumo of this exchange
has diminished, but it is still large enough, it is said, to balance tho French
purchases hero.
Oil tho 17th a Paris cablegram was published as follows in
the “ W all Street Journal” :
T ie cause of the strength or sterling and dollar exchango in this centre
and tho corresponding weakness of franc exchange in London and New
York is duo to tho Tact that tho Bank of Franco has ceased selling sterling
exchange at fixed prices for commercial and industrial purposes, owing to
tho temporary exhaustion of its change credits in England.
Unless prompt aid is given by English banking authorities to enable tho
bank to resume its sales of sterling exchange, a further considerable r'so in
tho local market rato is inevitable. The consequence of such an occurrence
would bo exceedingly grave from a political and economic viewpoint and
likely to cause dislocation of all the exchanges.
Further cablo advices coming to the daily papers from
Paris on that date stated:
,
Tiio rise in somo foroign exciiange rates here, it develops, was caused
by various French, American and English banks, which had placed largo
amounts at tho disposition of their Governments failing to renew those
credits when they expired on Friday last. The Bank of France, for in
stance, had credited tho United States Government with 1,036,000,000
francs, against which dollars were imported at tho fixed rato of 5.45. T h e
credit terminated on Friday, and thus tho purchasers of dollars must buy
in tho opon market.
1116
THE CHRONICLE
Exchange brokers hero are alarmed, believing that French exchange will
bo the one to suffer most from any increase in tho dollar and pound rates,
forcing a corresponding decrease of tho French franc on foreign exchanges.
There aro heavy demands in Paris at presont for tho dollar and pounds
and foreign securities. According to a prominont broker tho French capi
talist and small investor aro trying to get under cover from the proposed
tax on capital by placing their funds in foreign banks.
Discussing tho riso in sterling exchange, which has been at nearly 6%
premium during tho last two days, tho financial editor o f the “ Journal do
Debats'’ says:
“ I f the British Government considers that it no longer is possible to
accord France direct advances nor extend equivalent resources in somo
other form, Franco will be obliged to purchase elsewhere, in countries
which are prepared to open credits for her, notably the United States
which can supply everything now received from England, even coal.’’
The writer contends that the cost will be greater to Franco, as a final
settlement would come when the normal rate o f exchange had been re
established.
On the 18th inst. Associated Press advices from London
said:
Abandonment of the control of French exchange has created groat ner
vousness in the money market here. Fours that similar action was immi
nent in connection with New York exchange caused tho cable transfer rate
in London to fall somewhat to-day. From the opening of tho market it
exhibited a disturbed, almost panicky, condition. An enormous business
was done in dollars around the figure o f $4 69 for a pound sterling. Somo
bids made late in tho afternoon were at tho rate of .$4 67, notwithstanding
the fact that tho New York cable rate has remained at the old level of
$4,764.
Exchange experts are inclined to the belief that interested authorities
will continuo the stabilization o f New York exchange In order to avoid tho
almost world-wido disturbance which, it is considered, might result from
the abandonment of control.
From a special copyright cable received by the New York
“ Times” from Walter Duranty at Paris on March 17 we
take tho following:
The week-end's flurry in exchange— in the course of which sterling
jumped 30 cents and the dollar 6, to the detriment of the franc— threw into
relief tho critical nature o f the French financial situation. Tho ostensible
reason for this break, which was the worst for the last two years, is tho
British refusal to continuo the system whereby pounds sterling aro guar
anteed to the French Treasury, for transmission to French buyers of
British goods, at a certain price, hitherto fixed around 26 francs.
The effect of this refusal Is such that a prominent neutrai'business man
tried to buy £1,000 hero on Saturday was told that the transaction was
Impossible unless ho was prepared to pay 50 francs per pound. In other
words, the exchange market is so upset that there is no real quotation.
While it is probable that measures will bo officially taken to remedy such
a -state of affairs, the fact remains that Franco is face to face with financial
difficulties whoso solution is yet to be found. The country is richer than
ever. Scarcely a quarter o f the war's expenses have been spent outside
of France, and the enormous influx o f British and American money spent
by soldiers has far more than offset that. But throughout tho war France
has followed the policy of raising money by loans instead o f taxation—
which was evidently difficult, owing to the tremendous moral and physical
effort the country was making— and now there seems to be no method
which the Finance Minister can find of making good the huge deficit, to
say nothing o f the 14,000.000,000-franc hole in the yearly budget.
Of the so-called war taxes, that on luxuries has been a sad failure, while
tho excess profits and even income taxes have led to all maimer of evasion,
with results far below what was expected. M . Klotz suggested a remedy
by the imposition o f a tax on capital, but tho opposition was such that ho
dropped the idea like a hot poker
R E MO V A L OF LIRE RESTRICTIONS— EFFECT ON
IT A L IA N EXCHANGE.
Fred I. Kent, Director of the Division of Foreign Exchange
of the Federal Reserve Bank, yesterday announced:
All restrictions as to the sale or purchaso of lire exchange by dealers as
described under the Executive order of tho President of Jan. 26 1918, are
hereby removed until otherwise instructed.
The New York “ Evening Post” last night, in referring to
the removal of the restrictions, said:
As a result tho rate, which had heretofore been “ pegged" at 6.35 lire to
tho dollar, went sharply against Itome. Exchange was quoted later In tho
day as cheaply as 6.75 lire to tho dollar.
Considerable confusion attended the action regarding Italian oxchango.
Regulation of rates by the Italian financial authorities was said to bo still
in force, with a rate fixed at 6.45 lire to tho dollar. It was admitted by
Italian authorities, however, that all restrictions would probably soon bo
removed.
With to day’s action in regard to Italian rates, the last of tho war time
restrictions upon the exchange market was removed. Support was with
drawn from the French rat© early in tho week, up to which time It has
been maintained at about 5.45H francs to tho dollar. To day's quotations
were around 5.71. After tho removal o f tho “ peg” from tho sterling mar
ket yesterday, the rate dropped from $4 76 7 16 to tho pound, where it had
been maintained since January, 1916, to $4 68 to day.
PROPOSED RUBLE TRANSFER RESTRICTIONS.
A Copenhagen cablegram to the daily press March 14
said:
A dispatch from Berlin received hero says that tho National Assembly
at Woimar has passed three readings o f tho bill forbidding transactions in
Russian money, except through tho Imperial German Bank.
FOREIGN E X C H A N G E RULING.
Fred I. Kent, Director Division of Foreign Exchange of
the Federal Reserve Board, on March 20 issued a notice
as follows:
Notice is hereby given that dealers as dofined under tho Executive order
of the President o f Jan. 26 1918, until otherwlso instructed may make trans
fers o f funds to persons not enemies or allios of enemies resident in Croatia,
Slavonia, Bosnia, Herzegovina and Dalmatia.
[V ol . 108.
REPORTS OF RA I S I NG L OAN FOR C HI L I A N R A I L W A Y S
I N U N I T E D STATES.
Telegraphic advices to tho daily papers from Santiago
March 20 state that the newspapers there assert that a loan
of 80,000,000 pesos is being raised in the United States, for
Chilean railways.
I NC RE A S E I N POSTAL SAVI NGS.
According to a statement issued on the 12th inst. by T . G .
Patten, Postmaster at New York, the total amount of postal
savings on deposit with the General Post Office and its
various branches in the boroughs of Manhattan and the
Bronx, which is the territory embraced within the judrisdiction of the New York Post Office, is .$38,228,997, de
posited by 154,490 depositors. Tho statement also says:
Tho month of February last showed an increase of $1,182,582, and a
gain of 2,710 depositors, and was the largest increase for many months
past, which is no doubt duo to tho many attractive features now added to
the Postal Savings, one of which is tho withdrawal or deposit of Postal
Savings funds by mail under certain conditions, and the fact that tho Gov
ernment is making every effort to meet tho requirements of Postal Savings
depositors, and that ono can now deposit as much as $2,500 as against
81,000 formerly.
SALE OF W A R
SA VI NGS CERTI FI CATES I N
BRITAIN.
GREAT
The sales of W ar Savings Certificates, according to press
advices from London on March 1, have reached a grand total
of moro than 300,000,000. These advices further say:
As each certificate represents an Investment of 15 shillings and 0 pence,
tho total investment in this form of security is over £232,500,000. This
is a result of threo years’ work. In spite of tho great facilities provided
for cashing certificates, tho total value of those turned in, including interest,
during tho past three years amounts to only £11,000,000. or less than 5%
of the total value of the certificates sold.
Plans aro now being formulated for placing tho organization for selling
these certificates on a permanent peace footing.
N E W VICTORY POSTAGE S T A M P TO C O M M E M O R A T E
TTAfl’ S E N D I N G .
A Victory postage stamp, of 3-cent denomination, has
been issued by the Post Office Department at Washington
to commemorate the successful outcome of tho war. Tho
stamp is described as follows in a notice of the Third Assistant
Postmaster-General:
Tho stamp is of 3-cent denomination: color, purple: size of design,
27-32 by 3-4 Inch, tho longer dimension being horizontal. The design
presents a standing figure of Liberty Victorious, with a background com
posed of the flags of the five countries which wero mast actively engaged
in the cause.
The figure of Liberty is helmeted, tho upper part of tho body Is incased
in scale armor, and a flo.vlng skirt falls to tho feet. The riglft hand
grasps a sword, tho point of which rests on tho ground at tho feet of tho
figure: the left arm is partially extended, and tho hand holds a balance
scale, representing justice.
Back of tho figure appears tho American flag; at tho left aro draped tho
British and Belgian flags, and at tho right tho Italian and French flags.
The whole design appears upon a shaded panol. Extending across the
top, in a straight lino of Roman capital lotters, is tho inscription “ U. S.
Postage.” At the bottom, directly beneath tho figure, in a straight lino
of Roman capitals, is tho words “ Cents,” flanked by circles containing
the numeral “ 3” in each lower comer of the stamp.
“ A M E R I C A FIRST” R A L L Y A T H I P P O D R O M E VICTORY L OAN TO BE E X P L A I N E D TO
REPRESENTATI VES OF 00 NA T I O N S .
“ America First” is the slogan of representatives of more
than 60 nations, who will hold a demonstration mass meeting
at the Ilippodromo to-morrow (Sunday) afternoon. The
meeting was arranged by the Foreign Language Bureau of
the Government Loan Organization. Operatic stars of
international reputation have volunteered to presont a
musical program. National and State Governments will
bo presented by prominont speakers. Thirty-two foroignborn divisions, working under the direction of tho Foreign
Languago Bureau, will be present. Features of unusual
interest, havo been arranged. The manifestation has a
three-fold object.
1. It will give impetus to the "America First” mo\$!mont undertaken
by and among tho foreign-born elements of our population.
2. It will stimulate Government thrift and savings.
3. It will serve as an introduction to the approaching “ Victory Liberty
Loan Campaign” and afford an opportunity to acquaint these people
with tho necessity of making tho Loan a success.
The meeting is expected to be the greatest indoor demon
stration of foreign language-speaking peoples ever arranged
in this country. Admission will bo by ticket. The Foreign
Language Bureau, with headquarters in the Flatiron Build
ing, will ussue tickets in the order in which applications are
received.
M ar . 42 1919.]
THE CHRONICLE
COL. F R E D E R I C K A . P A L M E R ' S A D D R E S S TO V IC T O R Y
LIBE RTY SPEAKERS.
Lieut.-Col. Frederick A . Palmer addressed the first con
ference of Victory Liberty Loan speakers at the Chamber of
Commerce, this city, yesterday afternoon (March 21).
As chief censor in France for tho United States Arm y and
the only American correspondent with the British forces
prior to the entrance of America in the war, Lieut.-Col.
Palmer obtained first-hand knowledge of war condtiions
which, it is believed, will give Loan speakers many ideas
for putting over sales in the coming campaign. Speakers
in past Liberty Loan drives, and volunteers who have yet to
make their first appeals for sales of Government securities
were invited to the conference. Chalmers W ood , Jr., M a n
ager of tho Speakers Bureau, Liberty Loan Committee,
presided. Themes of the Victory Liberty Loan campaign
wore explained by Regis H . Post, former Governor of Porto
Rico and a volunteer secretary for the late Colonel Roosevelt.
The speakers wore told the people of America mean to finish
the job “ over here” as the soldiers finished it “ over there”
and also that financial support by generous subscription for
Victory notes is necessary if the United States is to maintain
the leading commercial position achieved as a result of war.
F E D E R A L RESERVE B A N K OF R I C H M O N D O N T A X
E X E M P T I O N A N D CO N V ER SIO N F E A T U R E S
OF V IC T O R Y L I B E R T Y L O A N A C T .
Tho Federal Reservo Bank of Richmond has issued the
following circular, under date of March 11 calling atten
tion to three important provisions of the Victory Liberty
Loan Act— two relating to tax exemptions and one to con
version:
(1) In addition to all other exemptions heretofore allowed, the interest
received after Jan. 1 1919 on an amount o f 4% and 4J£% Liberty bonds,
the aggregate principal o f which does not exceed $30,000, owned by any
Individual, partnership, association, or corporation, shall be exempt from
all surtaxes, excess-profits and war-profits taxes until five years after the
date o f tho termination of tho war, as fixed by proclamation o f tho Presi
dent. This provision, therefore, oxempts from theso three forms of taxes
for the period just named all interest received after Jan. 1 1919 on an
amount of Liberty bonds o f the First Converted, Second, Third and Fourth
Issues, to a possible aggregate, the principal o f which does not exceed
$140,000. Tho above exemptions are not contingent upon tho purchase
of Victory Liberty Loan bonds.
(2) But individuals, partnerships, associations and corporations, who
subscribe for and still own, on the dato their tax return is mado, bonds
of the Victory Liberty Loan, may enjoy further exemptions: for every
dollar of Victory Liberty Loan bonds purchased, tho interest received after
Jan. 1 1919 on three dollars o f all tho previous issues o f 4% and 4 % Lib
erty bonds, up to an aggregate principal of $20,000 o f such previous issues,
shall bo exempt from all surtaxes, excess-profits, and war-profits taxes for
fivo years after tho end o f tho War. This provision, therefore, when added
to that o f tho previous paragraph, allows subscribers to tho Victory Liberty
Loan to hold free of theso three forms of taxos tho interest received after Jan.
1 1919 on a possible maximum principal o f $160,000 in Liberty bonds
of previous issues.
(3) The Secretary o f tho Treasury is authorized to permit the conver
sion of 4% bonds into 4
bonds under such regulations as ho may pro
scribe. No regulations have as yet been issued and notico will bo given
to all banks as soon as the conversion may bo mado. Four pec cent bonds
should not bo sent in for conversion until this notico is given and proper
forms furnished by us. Ample time will bo allowed after notice if given
S U B S C R IP T IO N S TO R E C E N T T R E A S U R Y C E R T I F I C A T E
O FFERINGS— NO F U R T H E R O FF ER IN G S U N T I L
A PRIL.
The Federal Reserve Bank of New York stated yesterday
that the Secretary of tho Treasury announced that sub
scriptions were received from subscribers through the
Federal Resorvo banks throughout tho country in such largo
amounts for the issues of Treasury certificates of indebted
ness, Sories 5-11 (dated March 13 1919 and maturing Aug. 12
1919) and Series T -3 (dated March 15 1919 and maturing
June 16 1919), that it was determined to close the subscrip
tion books for certificates of Series T -3 at the close of business
Thursday , March 20 1919 and postpone the next offering
of Treasury certificates until A p ri l 3 or A p r i l 10.
Tho offering of Treasury certificates T -3, acceptable in pay
ment of income and excess profits taxes, was referred to in
those columns March 1, page 839. The certificates, known
as Sories 5 -H , represented the eighth offering in anticipation
of the Victory Liberty Loan; as noted in our issue of March 8,
page 920, a minimum of $500,000,000 was offered. Tho
Federal Reserve Bank in its statement yesterday had tho
following to say regarding these certificate offerings:
Returns from the Federal Reserve Bank of New York.
The returns furnished by the Federal Reserve Bank o f New York for tho
Second Foderal Reserve District Indicate that tho total subscriptions for
tax certificates of Scries T-3 to the close of business March 20 1919 amount
to $179,898,000.
Returns from the Entire Country.
Tho uncompleted returns from all the Federal Reserve banks throughout
the nation indicate that the aggregate amount o f subscriptions for certifi
1117
cates o f Series T-3 will approximate $350,000,000, and that including cer
tificates of Series T-2 maturing June 17 1919 and of the Tax Series of 1919
maturing July 15 1919, after allowing for exchanges between these series,
tho aggregate amount o f certificates available in payment of taxes on
June 16 1919 will be approximately $685,000,000.
It is not believed desirable further to increase the aggregate amount of
tax certificates.
Certificates of T-3 until further notice will however
still bo issued in exchange for the outstanding certificates of Series T-2
and of the Tax Series of 1919 (with interest coupons maturing M ay 15 and
July 15 attached) at par awith an adjustment of accrued interest. '
Series 5 II Bond Certificates.
The subscriptions to Series 5 II bond certificates which closed yesterday,
received by the Federal Reserve Bank o f New York, amounted to $183, »
111.500, which represents an oversubscription of $13,511,500 above the
quota assigned to the second district.
Redemption in Cash Before Maturity of Series 5 A Bond Certificates
Maturing May 6.
In viow of the determination to open the Victory Liberty Loan campaign
on April 21, the Secretary o f the Treasury has authorized the Federal Re
serve banks until further notice to redeem in cash beforo maturity at par
and accrued interest to date of redemption Treasury certificates of indebted
ness of Series 5 A dated Dec. 5 1918 at the holders’ option, the right being
reserved, however, to make such redemption only after 10 days’ notice
from tho holder to the Federal Reserve Bank of the intention to exercise
such option.
______________________________
C R I T I C I S M B Y N . Y . B A N K S U P E R I N T E N D E N T OF
U S U R P A T I O N OF F U N C T I O N S OF S T A T E I N S T I
T U TIO N S B Y N A T IO N A L B A N K S !
Criticism of the proposed venture by national banks into
fields which have heretofore been left entirely to State insti
tutions is contained in the second part of the annual report
of New York State Superintendent of Banks George I.
Skinner, presented to the Legislature on March 14. In his
comments on the recent attempts to confer the special
powers of different classes of State institutions upon national
banks, Superintendent Skinner sees a drift to the creation
of a Federal system of department banks or the destruction
of the uniformity now existing in the national banking sys
tem which has been one of its chief elements of strength*
M r . Skinner says:
At tho beginning of the year, when the part of my report relating to
banks, private bankers and tho general work of this department was trans
mitted, tho only recent reports of the banking institutions of this State
available were the reports o f State banks, trust companies and private
bankers as of Nov. 1 1918. and it appeared from such reports that from
Nov. 14 1917 to Nov. 1 1918, tho resources o f the State banks had increased
from $932,437,232 to $1,020,241,730 or $87,804,498; that the resources
of such private bankers as are under supervision had increased from
$15,505,206 to $19,670,503, or $4,165,297, and that tho total resources
of tho trust companies of the State had increased from $3,164,160,014 to
$3,221,371,809, or $57,201,795, making a total gain for the three classes
of banking institutions o f $149,171,590. The reports submitted by all
other classes o f institutions subject to the supervisions of this department
as of the close of business on Dec. 31 1918, are now at hand, and it is in
teresting to note tho very general increase in tho reported resources of these
institutions, notwithstanding the adverse conditions which have resulted
from tho entry of this country into the war and the extraordinary strain
placed upon the banking resources of the country as the result of the efforts
made to finance the National Government.
From theso latter reports, it appears that from Jan. 1 1918 to Jan. 1
1919 tho total resources of the savings banks increased from $2,165,939,081
to $2,231,461,928, or $65,522,847; that the resources o f tho investment
companies increased from $55,079,104 to $95,400,400, or $40,321,296; that
tho resources of tho safe deposit companies increased from $9,855,546 to
$10,406,332, or $550,786; that there was a decrease in the resources of the
personal loan companies and personal loan brokers from $1,022,331 to
$1,001,873, or $20,458; that the reported resources of the savings and loan
associations increased from $86,072,829 to $89,017,871, or $2,945,042;
that there was a decrease in tho resources of the Land Bank of the State
of New York from $757,932 to $667,662, or $90,270, and that there was an
increase in tho resources of credit unions from $465,367 to $568,061, or
$102,694.
According to their last reports, therefore, the total resources o f all the
institutions directly subject to the supervision of this department amounted
to $6,690,839,271, a net increase for tho year 1918 of $257,342,118.
According to reports from the Comptroller o f the Currency, the resources
of the national banks of the State of New York increased from Nov. 20 1917
to Nov. 1 1918 from $4,955,967,000 to $5,079,146,000, or $123,179,000.
According to tho Comptroller's report as of Dec. 2 1918, the resources
of tho national banks o f the United States on Nov. 1 1918 had reached the
unprecedented amount of $19,821,404,000, the highest point since the
establishment of the national banking system.
Tho abovo figures indicate that, according to their last reports, the re
sources of tho institutions incorporated under the banking law of this
State exceeded by $1,600,000,000 the resources of all the national banks
of the State and were more than one-third as much as the resources o f all
the national banks in the United States.
These figures demonstrate the extent to which the banking system o f
tills State has been adapted to the needs of its people, its business and com
merce and the confidence that it has inspired. They are all the more note
worthy when we consider the various measures passed recently, pending or
proposed at Washington for the avowed purpose of enabling national banks
to compete with State banking institutions and the discrimination that in
certain quarters is being exercised against State banking institutions.
Advantage has been taken of the Federal Administration of Railroads to
order their deposits with State institutions, whose solvency could not be
questioned, removed to national banks. This was done in one case,
although the President of the railroad was a director of the institution from
which Its deposit was removed, and in another case, although the railroad
was heavily indebted to the State institution for advances made to it.
I do not believe that the national banking system needs so much pater
nalism and avowed protection. In fact, it may be questioned if the na
tional banks do not really suffer from so many alleged and widely adver
tised attempts to promote their interests. In this State, at least, the
national banks are able to protect themselves and are worthy of tho utmost
confidence and respect. National and State Institutions have constantly
1118
THE CHRONICLE
and consistently co-operated to promote the general welfare and during
the war have united in giving patriotic support to the national Govern
ment by financing the various Liberty Loans. They have, whenever
necessary, taken concerted action for the purpose of promoting and sus
taining the business and commerce of tho State and of the entire country.
When left to themselves there is no quarrel between them.
The National Banking Act was designed to give to the United States a
uniform system of commercial banks adapted to tho needs of every part
o f the country. In order to distinguish them from State institutions and
give them the advantage of such reputation as they might earn, they wero
given the exclusive right to the use o f the word national.
Ihey were
also given tho power to issue currency secured by bonds of tho national
Government upon profitable terms, and tho State banks, by prohibitive
taxation, wero compelled to forego the privilege of issuing currency. So
well have the national banks fulfilled the purposes for which they wero
dosigned that the name national bank is in Itself an advertisement.
It
has become a title of honor, descriptive throughout the United States of
uniform and well-defined banking institutions and the national banks
might to-day well resent the theory that they need such constant solicitude
and assistance’ from official sources.
In the meantime, however, in various sections of the country, State insti
tutions have been developed to meet the special business and commercial
needs of different localities. Their special powers, however, are attended
by special risks and safeguards against such risks have, as tho result of
experience, been embodied in the State laws which cannot bo readily in
serted in Federal Acts applicable to the entire country. As the national
banks wero intended to bo strictly commercial banks, they were prohibited
from making long-term loans upon real estate security and they d'd not
solicit the small deposits of industrious laborers and wage-earners of other
classes or pay interest thereon. As a consequence, mutual savings banks
have been developed In tho Northeastern and Middle States to encourage
thrift by Investing the small savings o f tho poor for them and returning
to them the profits derived from such investments after deducting expenses
and so much of tho earnings as is deemed necessary to guarantee tho safety
o f deposits during periods o f depression. In order that their deposits
might bo safely used for the development o f the communities in which the
funds wero accumulated, tho trustees o f these mutual institutions were
originally authorized to invest in high-grade mortgages. They were also
authorized to invest In bonds o f tho United States, of the wealthiest and
most populous States, and in very high-grade municipal securities. The
system was developed to such an extent that further investments became
necessary and tho savings banks were authorized to assist in tho develop
ment o f the entire country by investing a portion of their deposit^ in tho
high-grade railroad bonds. The laws under which these mutual savings
banks have operated are so restrictive and the sustem o f supervision
evolved has been so efficient that, although tho mutual savings banks of
the Stato o f New York alone now have total resources of $2,231,461,028,
In a period of nearly forth years, only threo savings banks have been
closed by the Superintendent of Banks with any loss to depositors, and such
losses, when compared with the vast amount of deposits recoived and re
turned during that period, is, o f course, almost infinitesimal.
It would bo impossible to estimate their importance in developing the
real estate resources o f tho State. Their present outstanding mortgages
aggregate $1,104,068,865.
Mutual building and loan associations, or savings and loan associations,
as they are now termed in this State, have been developed for the same
general purpose and have been especially designed to promote the building
of homes for their members and to care for tho savings of an oven less pros
perous class of wage-earners than those which have so liberally patronized
the savings banks. Practically all the funds accumulated by them are
Invested in real estate mortgages.
In the wealthier and more populous States, especially in those in which it
became necessary to organize largo corporations to promoto manufacture,
to engage in great commercial enterprises and to meet other industrial
needs, the advantages o f corporate trusteeship became evident. The power
to act in a fiduciary capacity was conferred upon corporations organized
tinder the laws of different States, such companies generally becoming
known as trust companies, and, as their strength and stability was demon
strated, they were in many States authorized to receive generaly deposits
and to engage in commercial banking. In this State, in tho last forty years,
only four such institutions have been closed by tho Superintendent of
Banks with any loss whatever to general creditors and even tho four failed
Institutions repaid trust deposits in full.
Tho development o f State financial institutions to meet special needs
not provided for by the National Bank Act or the Federal Reserve Act
still continues, and within the last fow years the investment company article
o f any banking law has been so amended as to provide for the organization
of an entirely new type o f institution Intended to promoto international
commerco and to maintain the position of this country in connection with
foreign trade that has been renderedjossiblc by the European war.
These institutions will placo at the disposal of our merchants and manu
facturers tho samo facilities which have been extended to English and
German merchants and manufacturers by tho discount companies and
international banks of those companies. The stock o f tho oldest of these
corporations is, I believo, held entirely by national banks, and the great
increase in the resources of the investment companies o f the State is very
largely due to the organization and rapidly increasing business of such cor
porations.
.
, _ ,
,
. .
_
It Is not surprising, In view of tho extension of federal control over
various classes of business and industry as a result of the necessities of tho
war that the attention o f tho advocates of centralization and Federal
domination should bo attracted by the prosperity and success of Stato
banking institutions. In their desire to bring under Federal control all
classes of banking institutions, they seem, in the first instance, to havo
conceived the idea of conferring all the multifarious powers of tho different
classes o f State institutions in all the States upon national banks and to
create a Federal system of department banks into which all banking in
stitutions would bo ultimately driven. Such a bank would rather closely
resemble one o f our great department stores. A patron could go to ono
department for the transaction o f commercial business; to another de
partment to mako his investments in bonds; to another department for
trust business. He could deposit money not needed for immediate uso
In a savings department; another department would provide him with
loans upon real estate mortgages, and, in time, thero might evon bo added
a department corresponding to the Morris Plan companies or Personal
Loan companies of this State to which tho needy borrower might resort
to escape from tho exactions of tiio loan sharks and transact business tho
now done by tho personal loan companies and Morris Plan companies of
this State.
. . .
,
. .. .
This trend has met with so much opposition and it is so Impossible to
create a uniform type o f banking institution which would at one and tho
samo time bo adapted to all tho financial and commercial needs of all
tho different States that the scheme seems to bo temporarily abandoned.
A bill, howover, was pending before tho last Congress which, under the
guise of enabling tho Treasury Department to supervise the export of
[Vol . 108.
savings, would havo enabled the Treasury Department to supervise the
business of any individual or corporation seeking to transmit money
abroad in sums of loss than one liundrod dollars. Such a bill would mako
possible endless Federal interference with the business of corporations
and individuals transmitting money to foreign countries at a timo when in
order to promote foreign trade and commerce and to maintain and strengthen
friendly International relations the transmission of money to foreign
countries ought to bo made as easy as pratticablo.
The proposed national excursions into fields which havo heretofore been
left entirely to State banking institutions have, moreover, not been aban
doned but modified. According to somo recent recommendations emanat
ing from AVashington, while tho plan for uniform nation-wide department
banks has been temporarily abandoned, Stat .institutions aro not to bo
left to exercise their special powers without competition. Encroach
ments upon their special powers are to be authorized and legalized even
if it Is necessary to destroy tho uniformity now existing in tho national
banking system.
If these later theories bo enacted into law, whenever a Stato has conferred
upon any of its financial institutions tho power to act in a fiduciary capacity,
the national banks of that State will also also havo these powers, oven if
their exercise is not safeguarded in like manner. If in any Stato the State
banlcs aro permitted to have branches, the national banks will in that .State
also be permitted to maintain branches. If in any State thero has been
created a great system of mutual savings banks, in that State tho national
bailies, although not mutual but operated for the profit of shareholders,
will bo authorized to call their interest departments savings departments,
and so appropriate the word which has for a generation or moro been
svnonymous In this Stato with mutual institutions created under Stato
laws. * These deposits moreoever will not be segregated nor will tho entire
net income from investments bo distributed among tho depositors.
The result of continued encorachments upon tho special powers of Stato
banking institutions would, in my judgment, bo more detrimental to
tho national banks and tho national banking system than to the Stato in
stitutions for tho reputation of the State institutions, in their own peculiar
provinces is so well established and tho confidence of tho peoplo In them is
so great that they do not need protection from competltition, while the
national banks would lose their greatest advertisement, which is derived
from their title and distinctive charter and results from the understanding
that the system is uniform and that the title means practically the samo
thing throughout tho United States. Instead of having a uniform system
of national banks consisting of strictly commercial banking institutions
and needing no other definition than tho name, we would havo heterogeneous
varieties of hybrid institutions of as many kinds perhaps as thero are States
or possibly of as many types as thero aro classes of State banking institu
tions in all of tho Stat os. There would bo a certain uniformity of banking
institutions within Stato boundaries but an entire lack of uniformity
throughout tho nation. The national banks of tho Stato of Now York would
certainly differ as widely from the national banks of tho Stato of Nevada
or the State of Oklahoma as tho State banking institutions of Now York
differ from the State banking Institutions organized under tho laws of those
StiltGS
Tho trust companies are the first institutions of this State to bo .iffeetcd
by the determination upon tho part of tho Federal authorities to confer the
distinctive powers and privileges of Stato institutions upon national banks
and to subject State institutions to as much competition as possible
in their special spheres. The success of tho trust companies has been so
great as to induce many national banks to undertake tho exercise of trust
powers, together with such few burdens as the Federal Reserve Act has
imposed upon them and over fifty national banks of the Stato havo already
been authorized by the Federal Reservo Board to exerciso such powers.
Thero does not appear, howover, to bo any diminution in tho prosperity of
the trust companies and since the threat of competition along their own
special lines has been rendered effective, tho largest national bank in tho
State outside of New York City has been converted into a trust company
and the oldest national bank in tho State has boon consolidated with a
trust company.
'
, ..
It has taken years for tho trust compamos of the State to acquire tho
reputation they havo achieved and to create tho confidence in corporate
trusteeship of which they are now enjoying the results. Their unrivaled
record in tho care of trust banks is not tho conscquonco of such minor safe
guards as havo been inserted in the Federal Reserve Act, but of the provi
sion in the Banking Law under which they are compelled to invest thoir
entire capital stock in especially high grade securities and of tho further
provision of that statute that trust funds on deposit with a trust company
must be preferred In case of liquidation.____________
C O M M I T T E E OF E X P E R T S REPORTS P L A N FOR RE
ORGANIZING OFFICE OF F A R M M A N A G E M E N T .
Reorganization and expansion of the Office of Farm
Management of the U. S. Department of Agricultuxe is
recommended by the committee of farm management
leaders and others appointed some timo ago by Secretary
Houston to study the work of farm management and outline
projects for more extensive studies. The committee is
made up of the following economists and students of farm
crops: H . C . Taylor, Agricultural Economics, Univorsity
of Wisconsin; George F . Warren, Farm Management,
Cornell University; Andrew Boss, Agronomy and Farm
Management, University of Minnesota; J. A . Foord, Agri
culture and Farm Management, Massachusetts Agricultural
College; J. I. Falconer, Rural Economics, Ohio Stato Uni
versity R E. Adams, Farm Management, University of
California; G . I. Christie, Assistant Secretary of Agricul
ture, and representatives of the Bureau of Crop Estimates,
the Bureau of Markets, and tho Office of Farm Management
of the Department of Agriculture. The basic recommenda
tion of the committee is that tho office be expanded to in
clude both farm management and farm economics and that
it bo established as a bureau under the name of Bureau of
Farm Management and Farm Economics.
I Ins, Iho com
mittee states, it recommends “ in recognition, of the work
already accomplished in farm economics along with the in
vestigational work in farm management and in viow of the
great need for still further studies of tho farming business.
THE CHRONICLE
M ar . 22 1919.]
It is recommended that the investigations of the Office
of Farm Management requiring field work be carried on in
co-operation with the State college and experiment stations.
This, it is believed, would prevent duplication, correlate
activities, promote the development of State departments,
unify tho methods and improve the general character of all
farm management work. Before the Federal Department
begins work on a project in any State it should ascertain
what has been done in that State and should consider the
opportunity for co-operation, the report continues. So far
as practicable, personal consultation should be held with
the proper State agencies with a view to securing their ap
proval and a memorandum of agreement should bo drawn
up showing the purpose, nature and extent of the work con
templated.
Dr. H. C. Taylor, head of the Department of Agricul
tural Economics in the College of Agriculture, University
of Wisconsin, has been appointed by the Secrotary of Agri
culture as Chief of the Office of Farm Management, United
States Department of Agriculture.
1119
W o fe e l t h a t th e m e m b e r s h ip o f t h is c o n t r o l c o m m it t e e s h o u ld b e c o m
p o s e d o f th e fo llo w in g r e p r e s e n ta tiv e s ;
o f th e
L iv e
U n ite d
S tock
S ta tes
O n e fr o m
th e B u rea u o f M a r k e ts
D e p a r t m e n t o f A g r ic u lt u r e ; t w o fr o m
E xch an ge;
te n
p ack ers; and
te n
p rodu cers,
th e N a tio n a l
r e p r e s e n tin g th e
c a t t le , h o g , a n d s h e e p in d u s tr ie s , w it h a lte r n a te s — a t o t a l o f t w e n t y -t h r e e .
T iiis c e n t r a l c o m m it t e e s h a ll h a v e a u t h o r it y t o a d d o n e r e p r e s e n t a t iv e o f
t h o s t o c k y a r d s a n d o n e o f t h e r a ilr o a d s , i f it s e e s f it .
I t is u n d e r s t o o d t h a t t h e p r o d u c e r s h e r o p r e s e n t w ill t a k e s t e p s a s s o o n
a s p o s s ib lo t o
here
ta k e n ,
n o tify
and
to
a ll li v e - s t o c k
c a ll a
p r o d u c in g o r g a n iz a tio n s o f t h e
g e n e r a l m e e t in g
o f tn re e
d e le g a te s
a c tio n
fr o m
each
S t a t e , t o b e s e le c t e d b y t h e S t a t e a s s o c ia t io n s , a n d t h r e e d e le g a t e s a t la r g e
fr o m
e a c h o f t h e N a t io n a l L ife S t o c k A s s o c ia t io n s a n d t h e S o u th e r n L iv e
S t o c k A s s o c ia t io n ; a n d it s h a ll b e t h e p r o v in c e o f t h is m e e t in g t o s e le c t t h e
te n p r o d u c e r r e p r e s e n ta tiv e s t h a t a ro t o s e r v e o n t h e C e n tr a l C o m m it t e e .
I t is c o n t e m p la t e d t h a t t h e p r o d u c e r s w ill e x e r c is e t h e a lm o s t c a r e a n d
d i l i g e n c e in s e l e c t i n g
th e ir e p r e s e n ta tiv e s w h o w ill b e m e n o f u n q u e s t io n e d
s t a n d in g a n d a b il it y , a n d t h a t t h e p a c k e r s s h a ll n a m e a s t h e ir r e p r e s e n t a t iv e s
t h o p r in c ip a ls o f t h o in s t it u t io n s r e p r e s e n te d .
I t is u n d e r s t o o d
t h a t t h is c o m m it t e e , w h e n a p p o i n t e d , s h a ll fo r m u la t e
t h e r u le s a n d r e g u la t io n s g o v e r n in g its o p e r a t io n , a n d t h a t a p r o d u c e r s h a ll
b o s e le c t e d a s its C lia ir m a n .
T h e h e a d q u a r te r s o f t h e c o m m it t e e w e fe e l
s h o u ld b e in C h ic a g o .
Tho
p erm an en t
m a rk e ts
and
o p e r a t io n s .
c o m m it t e e
s h a ll
The
fo r m u la te
pu rpose
a d ju s t m e n t o f a n y
s h a ll c r e a t e
th e
of
r u le s
th ese
g rie v a n c e s , s u ch
t h e s u b -c o m m itte e s
and
lo c a l
r e g u la tio n s
c o m m itte e s
a t v a r io u s
g o v e r n in g
in
th o
th e ir
im m e d ia t e
a s d ila t o r y h a n d lin g o f t h o r e c e ip t s ,
la t e b u y in g , d e la y e d w e ig h in g , a n d t h e a v o id a n c e o f e x c e s s iv e v a r ia t io n s
in t h o p u r c h a s e p r ic e p a id f o r t h e s a m e g r a d e o f li v e s t o c k o n t h e s a m e d a y .
CLOSER CO-OPERATION OF P ACKERS A N D PRODUCERS
PROPOSED A T CONFERENCE OF LIV E-S TOCK
INDUSTRY.
At a conference in Chicago on Mar. 10 and 11 represen
tatives of the Kansas Live Stock Association, Corn Belt
Meat Producers Association, Missouri Livo Stock Breeders
Association, Illinois Live Stock Association, Illinois Agri
culture Association, and the Buyers and Sellers Association
of Texas met with the five large packers and eleven other
packers. Wo learn that it was tho sense of those participat
ing in the conference that it would be to the mutual benefit
of the live-stock industry, tho packer, and the consumer,
that steps should bo taken to bring about a closer co-operation
between the various interests concerned. A plan calling
fora conference committee of tho live-stock industry, compos
ed of 23 representatives of the producers, the packers and the
commission men with headquarters in Chicago was indorsed
at the conference. A statement with regard to the con
ference says:
R e a l i z i n g t h a t t lio l i v e - s t o c k I n d u s t r y is o n t h e t h r e s h o l d o f a n o r a o r
r e c o n s tr u c tio n , a n d w it h t h e p r o s p e c t o f r e m o v a l o f su c h c o n t r o l a s h a s b oon
e x e r c is e d b y t h o F o o d A d m i n i s t r a t i o n d u r in g ttio w a r p e r i o d , w o a r e i m
p ressed
w ith
th e
im p o r t a n c e
o f r e a c h in g a
b e tte r
u n d e r s ta n d in g
o f th e
p r o b le m s a ffe c t in g t h e w h o le in d u s tr y , a n d o f e ffe c t in g . I f p o s s ib le , m o r e
e c o n o m ic m e th o d s o f p r o d u c tio n a n d d is tr ib u tio n t o th o e n d t h a t o u r b u s i
n esses m a y
lie p l a c e d o n a s o u n d e r b a s i s , a n d i n o r d e r t h a t t h o fi n i s h e d
p r o d u c t b o f u r n is h o d t h e c o n s u m e r a t a m i n i m u m p r i c e c o m p a t i b l e w i t h
s u g g e s t t h a t t h o fin a n c in g o f t h is o r g a n iz a t io n
I t is s u g g e s t e d t h a t t h o s e e n d s m a y b o o b t a i n e d t h r o u g h t h e f o r m a t i o n
T h o B u reau o f
M a rk ets
a n d th o N a tio n a l L iv e S to c k
E x c h a n g e , w h ic h s h o u ld m e e t in C h ic a g o o n c e a m o n t h , o r o ft e n e r , i f n e c e s
b e d iv id e d
The five Chicago packing houses of Wilson & Co., Ar
mour & Co., Swift & Co., Morris & Co. and the Cudahy
Packing Co. were among those represented at the conference.
P L A N FOR F I N D I N G COST OF A G R IC U L T U R A L PRO
D U C T IO N REPORTED TO SECRETA RY HOUSTO N.
Cost-of-production studies are of value to* the individual
farmer and at the same time are helpful in ascertaining the
economic status of farming as an industry, says a report
of the committee appointed by the Secretary of Agriculture
to consider a plan of organization for the Office of Farm
Management, and outline the field of operation, and es
pecially methods of procedure in making cost-of-production
studies. The primary purpose of cost-of-production studies,
says the report, are:
1. T o r e c o r d t h o d e ta ils o f th e fa r m
b u s in e s s f o r r e fe r e n c e .
2 . T o g i v e a n in s ig h t in t o t h e e le m e n t s a n d in t e r r e la t io n s o f t h e d iffe r e n t
fa r m
a c t iv it ie s .
3.
T o
fu r n is h in fo r m a t io n t h a t m a y e n a b le t h e fa r m e r t o r e d u c e c o s t s ,
o r o t h e r w is e in c r e a s e p r o f it s .
4.
T o m a k e p o s s ib le a c o m p a r is o n o f th o p r o fita b le n e s s o f th e d iffe r e n t
e n te r p r is e s a n d
c o m b in a t io n s o f e n te r p r is e s .
A statement issued by the Department of Agriculture
also says:
th o
t h e s t a n d p o in t o f t h o p u b lic ,
fa c t s w h ic h
g iv e
a
b a s is f o r
c o s t-o f-p r o d u c tio n
s tu d ie s p r o v id e
in te llig e n t ju d g m e n t u p o n
th e p r o b a b le
e f f e c t s o f a n y g iv e n le g is la t io n o r o t h e r p u b lic a c t i v i t y u p o n t h e fa r m e r a s a
p r o d u c e r a n d a s a c itiz e n .
' th o m o a n s o f p r o v id in g
C o s t -o f-p r o d u c t io n s tu d ie s a re th e r e fo r e o n e o f
th e b a s ic fa c t s
by
le g is la to r s a n d
p r ic e
s a r y , fo r t h e p u r p o s e o f ta k in g s u c h m e a su re s a s m a y te n d t o w a r d s ta b iliz a
s io n s in c o m p a r in g t h e p r o f it s o f c o m p e t in g lin e s o f p r o d u c t i o n
t io n o f liv o -s t o c k r e c e ip t s a t v a r io u s m a r k e ts , a n d fo r th o fu r t h e r p u r p o s e o f
m a t in g
s t u d y in g o n o a n o t h e r ’s p r o b le m s , o f a d ju s t in g g r i e v a n c e s , a n d o f in a u g u r a t
in g s u c h
sy ste m
con su m er.
a s w ill b e h e lp fu l t o
th o p r o d u ce r, th e p a ck e r, a n d
T n o g r e a te s t p o s s ib le p u b lic it y s h o u ld
p r o c e e d in g s .
It
is
u n d e rsto o d
b o g iv e n
to
t h a t I f tn is p r o p o s a l b e c o m e s
th o
it
h e r e t o in w o r k i n g f o r o r g a in s t t h o p a s s a g e o f p e n d in g o r f u t u r e F e d e r a l
le g is la tio n
fo r
th o
r e g u la tio n
of
th o
p a c k in g
and
a llie d
in d u s t r ie s .
Its
p u r p o s o is w h o ll y c o n s t r u c t i v e , lo o k in g t o a b e t t e r u n d e r s t a n d in g a n d f u ll e r
c o -o p e r a t io n b e tw e e n a ll In te r e sts in v o lv e d .
I t is o b v i o u s l y t o t h o b e s t i n t e r e s t s o f a l l c o n c e r n e d t h a t r e c e i p t s o f l i v
s t o c k a t a ll m a r k e t s s h o u ld b o s t a b liz e d a n d d is t r ib u t e d a s o v o n ly a s p o s s ib l6
in o r d e r t h a t a f i v e - d a y
m ark et d a y
b o e s t a b lis h e d f o r a ll c la s s e s o f li v 0
s t o c k , a n d t o th is e n d it s h a ll b e d is t in c t ly t h e fu n c t io n o f t h o
c o m m itte e ®
t o in a k o e ffe c t iv e s u c h m e a s u r e s a s m a y b o p o s s ib lo fo r t h o a c c o m p lis h m e n t
o f tld s o b je c t .
I t is c o n t e m p l a t e d t h a t t h o p r o d u c e r s h a ll o b t a i n a n d fu r n i s h t h e c o m
m it t e e a ll im p o r t a n t in fo r m a t io n
c o n c e r n in g t h o s u p p ly o f m e a t a n im a ls
in t h e v a r i o u s s e c t io n s o f t h e c o u n t r y , s h a ll a d v is e t h o c o m m it t e e r e g a r d in g
fo o d
c o n d it io n s ,
and
th o a m o u n t o f
liv o s t o c k
w h ic h
s h a ll
li e r e a d y
fo r
m a r k o t d u r in g t h e v a r i o u s s e a s o n s , a n d in o t h e r w a y s t o b e a s o u r c e f r o m
w h ic h v a lu a b le in fo r m a t io n , in c lu d in g c o s t o f p r o d u c t i o n , m a y b o p la c e d
I t is c o n t e m p la t e d t h a t t h o p a c k e r s s h a ll p r e p a r e a n d s u b m it t o t h o c o m
m it t e e in fo r m a t io n r e la t iv e t o th o a m o u n t o f fin is h e d p r o d u c t o n h a n d , th o
a n d h o m o d e m a n d s fo r m e a t p r o d u c t s , to g e th e r w ith
T h o p a c k e r s s h a ll r e c o m m e n d a n y p la n s w h ic h t e n d t o
r e d u c e th e ir e x p e n s e o f o p e r a t io n , s u c h a s t h o e q u a liz a tio n o f r e c e ip t s , & c .
It
is
annual
c o n t e m p la t e d
e a r n in g s
of
th a t
th e
th e
c o m m it t e e
p a c k in g
s h a ll c a r e f u ll y
in d u s tr y ,
in c lu d in g
a ll
in v e s t ig a t e
th o
th e ir -s u b s id ia r y
c o m p a n ie s ; it s h a ll b e t h e p r iv ile g e o f t h e c o m m it t e e t o e m p lo y a c o m m it t e e
o f r ip e e x p e r ie n c e in v a r io u s fie ld s o f a g r ic u lt u r a l r e s e a r c h c o n s t i
Three Methods Recognized.
T h e c o m m it t e e r e c o g n iz e s th r e e w a y s o f o b ta in in g c o s t d a ta — c o s t a c
c o u n tin g , th o s u r v e y m e th o d
a n d t h e q u e s tio n n a ir e
a c c o u n tin g
on
m eth od
A n y s t a t e m e n t s o r fig u r e s fu r n is h e d t o t h o c o m m it t e e b y
th e p a ck e rs, o r b y
th o p ro d u ce rs , fr o m
to
p u b lic
v e r ific a t io n
by
is
b u s in e s s t r a n s a c t io n s .
t a ile d
record s
fa r m b u s in e s s .
based
c o m p le te
record s
sent
by
m a il.
o f a ll fa r m
The
w ork
and
A r r a n g e m e n ts a re m a d e w ith fa r m e r s t o k e e p d e
o f a ll o p e r a t io n s
and
tr a n s a c tio n s
in
c o n n e c t io n
w it h
T h e w o r k is s u p e r v i s e d b y p e r s o n a l v i s i t s t o t h e f a r m .
th e
I t is
d e s ir a b le , th o c o m m it t e e s a y s , th a t c o s t a c c o u n t s b e k e p t t o o b t a in b a s ic
d a t a , a n d c u m u la t iv e r e s u lts o f s u c h w o r k b e c o m e in c r e a s in g ly v a lu a b le .
B y
t h o s u r v e y m e t h o d t r a in e d in v e s t ig a t o r s o b t a in
so m e fr o m
t h o f a r m e r ’s b o o k s , s o m e f r o m
th e n ecessa ry d a ta ,
th e b o o k s o f p erson s to
w hom
th o fa r m e r s e lls a n d f r o m w h o m h e b u y s , s o m o fr o m h is b in , s ilo a n d b u il d
in g c a p a c it ie s , a n d s o m e f r o m
a d v a n t a g e s o f th is s y s t e m
e s tim a te s m a d e b y t h e fa r m e r .
is t h a t r e c o r d s a r o o b t a in e d f r o m
O n e o f th e
a ll c la s s e s o f
fa r m s a ft e r t h e c lo s e o f t h e fa r m y e a r , s o t h a t , w h e n d e s ir e d , a r e a s m o r e
r e p r e s e n ta tiv e o f n o r m a l c o n d it io n s m a y b o c h o s e n .
o u t , h o w o v e r , t h a t b y t h e s u r v e y m e t h o d it
t e r m in e
th e
a m ou n t o f gen eral exp en se an d
is
T h e c o m m it t e e p o in ts
s o m e tim e s
d iffic u lt t o d e
m is c e lla n e o u s la b o r a n d
th e
u n le s s t h o in v e s t i g a t o r is t h o r o u g h l y e x p e r ie n c e d in t h e s u b je c t h e is s t u d y
in g , s o m e it e m s o f im p o r t a n c e a r e lik e ly t o b e o m it t e d .
Both Systems A re Reliable.
E it h e r m e t h o d , t h e c o m m it t e e s a y s , is u s e f u l a n d r e lia b le w h e n t h e w o r k
Is c a r e f u l l y c o n d u c t e d , b u t p r e f e r a b l y b o t h s h o u l d b e u s e d .
t im e t o tim e , m a y a ls o b o s u b je c t
a ccou n ta n ts.
W h enever
d u p lic a t io n
and
un
T h e d e ta ile d
c o s t a c c o u n t s e r v e s a s a c h e c k o n t h e s u r v e y w o r k , w h ic h in its t u r n s h o w s
t h o r e la tio n s h ip o f t h e fa r m s o n w h ic h c o s t a c c o u n t s a r e k e p t t o th e a v e r a g e
fa r m .
Benefits Individual and Public.
o f p u b lic a c c o u n ta n ts o f r e c o g n iz e d s ta n d in g t o a u d it th o y e a r ly s ta te m e n ts
o f th e p a ck e rs.
e s ti
th o c o m m it t e e .
th o co st o f
liv o a n im a ls a n d t h o e x p e n s e o f s la u g h t e r , p a c k in g , a n d d is t r ib u t io n o f th o
fin is h e d p r o d u c t .
M en
tu ted
c o m m is
and
p r ic e .
p r o p e r b a s is f o r a p p o r t io n in g s u c h it e m s t o d iffe r e n t e n t e r p r is e s , a n d t h a t ,
a t t h o d is p o s a l o f t h e c o m m it t e e .
fo r e ig n
n ecessary
a ll o f th o
e ffe c tiv e
s h a ll n o t b e c o n s t r u e d a s in a n y w a y r e s t r a in in g t h e a c t iv it ie s o f t h o p a r t ie s
e q u a lly
m e t h o d s o f r a is in g t h e n e c e s s a r y fu n d s b e le ft t o t h e C e n t r a l C o m m it t e e .
F rom
c o st o f p r o d u c tio n .
o f a c o n t r o l c o m m it t e e c o m p o s e d o f p r o d u c e r s a n d r e p r e s e n ta tiv e s o f th o
p a c k in g in d u s t r y .
W e
b e tw e e n t h o p a c k in g in d u s t r y a n d th e liv e -s t o c k a s s o c ia t io n s , a n d t h a t t h e
T h o b e n e fits o f c o s t -o f-p r o d u c t io n s tu d ie s , t h e r e p o r t s a y s , a c c r u e b o t h
t o t h o in d iv id u a l fa r m e r a n d t o t h e p u b lic .
F rom
th e s ta n d p o in t o f th e
in d iv id u a l fa r m e r , t h e p r im a r y
p u rp oses are to
n e c e s s a r y o v e r h e a d e x p e n s e s a r o d is c lo s e d it s h a ll b e t h e d u t y o f t h e c o in -
fa r m
g iv e an
m it t e o t o r c c o m m o n d t h o e lim in a tio n o f th o s a m e .
t e r r e la t io n s o f t h e d iffe r e n t fa r m a c t iv it ie s , t o fu r n is h in fo r m a t io n t h a t m a y
b u s ln o s s f o r r e fe r e n c e , t o
record
t h e d e ta ils o f t h e
in s ig h t in t o t h e e le m e n t s a n d
in
I t is c o n t e m p la t e d t h a t w h e n e v e r c e r t a in m e t h o d s a n d s y s t e m s u s e d b y
e n a b le t h o fa r m e r t o r e d u c e c o s t s o r o t h e r w is e in c r e a s e p r o f it s , a n d t o m a k e
t tio p r o d u c e r s m a y b o s h o w n t o b e w a s t e f u l o r d e t r im e n t a l t o t h o I n d u s t r y
p o s s ib l e a c o m p a r is o n o f t h e p r o fit a b le n e s s o f t h e d iffe r e n t e n te r p r is e s a n d
it s h a ll b e t h o d u t y o f th e c o m m it t e e t o r e c o m m e n d t h o e lim in a t io n o f t h o
c o m b in a tio n s
sam e.
im p o r ta n c e t o
I t is c o n t e m p l a t e d
a bn orm al
su pp ort
t im e s * - i t
of
C o m m is s io n
th o
to
t h a t in
w ill
bo
R a ilr o a d
th o
end
r e g u la tin g
e s se n tia l
th o r e c e ip ts o f liv e s t o c k
th a t
A d m in is t r a t io n
th a t
th e
th e
or
r e g u la tio n
c o m m it t e e
th o
of
s h a ll
In te r -S ta te
tr a n s p o r ta tio n
d u r in g
have
e n te r p r is e s .
The
th e w h o le p r o g r a m
record s
secu red
arc
of
fu n d a m e n ta l
o f a g r ic u ltu r a l r e s e a r c h a n d e d u c a t io n ,
b e c a u s e t h e y fu r n is h t h e d a t a f o r a n a ly z in g t h o fa r m
b u s in e s s .
The
re
th e
s u l t s o f s u c h s t u d i e s p n a n u m b e r o f f a r m s w h o r e a g i v e n t y p e o f f a r m i n g is
C om m erco
p r a c t ic e d a r e u s e fu l n o t o n ly t o t h e fa r m e r s o n w h o s o fa r m s t h e r e s u lts a re
as
recom
m e n d e d b y th is c o m m it t e e m a y c o n t r o l th o r e c e ip t s a t m a r k o t c e n t r e s .
of
o b t a i n e d b u t a r o o f v a l u e in s h o w i n g o t h e r f a r m e r s h o w
m eth od s.
•
t o I m p r o v e th e ir
THE CHRONICLE
1 1 2 0
F rom
A further ruling of the Board, issued March 13, said:
th e s t a n d p o in t o f .th e p u b lic , s a y s th e r e p o r t , c o s t -o f-p r o d u c t io n
s t u d ie s p r o v id e t h e f a c t s w h ic h g i v e a b a s is f o r in t e llig e n t ju d g m e n t u p o n
[Vol . 108.
Tne
W ar
T rad e
B oard
an n ou n ce
t h e p r o b a b le e ffe c t s o f a n y g iv e n le g is la tio n o r o t h e r p u b lic a c t iv it y u p o n
c e r ta in d iffic u lt ie s , d u e e s p e c ia lly t o
th e fa r m e r a s a p r o d u c e r a n d a sa c itiz e n .
fa c ilitie s , e x is t w it h
re fe r e n c e t o
th a t
th ey
have
been
in fo r m e d
th o la c k o f a d e q u a te
s h ip m e n ts t o
th a t
tr a n s p o r ta tio n
th a t p o r t io n
o f th o R h in o
P r o v i n c e s o f G e r m a n y w h ic h is in c l u d e d in t h o a r e a o f m il it a r y o c c u p a t io n
IN D IA
b y t h e A m e r ic a n a n d A llie d a r m ie s r e c e n t ly o p e n e d t o t r a d e ( W . T . B . It
REMOVES D U T Y ON GRAIN .
The New York “Times” of March 16 reports that owing
to the shortage of rice in India, an order has been issued to
the effect that grain, pulse, and.flour imported into British
India up to Sept. 30 1919 shall be free from customs duty.
Grain and pulse are ordinarily dutiable at the rate of 23^%
ad valorem, while for flour the duty is 73^% ad valorem.
6 3 0 , M a r c h 6 1 9 1 9 ).
I t is a n t ic i p a t e d t h a t , in
th e n e a r fu tu r e , a rra n g e m e n ts m a y
bo m ade
a u t h o r iz in g s h ip m e n ts t o s u c h t e r r it o r y v ia R o t t e r d a m a n d t h e R h in o , a n d
e x p o rte rs a re th e r e fo r e
a d v is e d
o f t h is s it u a t io n
in
ord er
th a t
th ey m a y
c o n s id e r t h e s a m e in a r r a n g in g f o r t h e r o u t in g o f t h e ir s h ip m e n t s .
M A X I M U M PRICE REGU LATIO NS ON R A W COTTON
IM PORTS ABO LISHED B Y BR ITIS H BOARD
OF TRADE.
It was announced on March 14 in cablegrams from Lon
don that the British Board of Trade had abolished maximum
The War Trade Board on March 15 announced for the price regulations on all raw cotton excepting that imported
information of exporters and supplementing their previous from America and Egypt.
announcements (W. T. B. R. 607, dated Feb. 20 1919, and
B R IT IS H COTTON CONTROL E N D I N G .
W. T. B. R. 640, dated March 12 1919), that they are in
formed that the Cuban Government will permit all ship At a meeting of the British Cotton Control Board hold at
ments of wheat flour made prior to Feb. 20 1919 to be im Manchester on Feb. 3, a letter from the President of the
ported without restrcition, either to importer or exporter, Board of Trade announcing the revocation of certain orders
upon presentation of the certified bill of lading. Shipments was read as follows:
of wheat flour made after Feb. 20 1919, the Board states,
will not be permitted to be imported unless the importer
shall purchase an equal amount of wheat flour from the
Director of Subsistence of the Cuban Government.
CUBAN
G O V E R N M E N T P E R M IT S
IMPORTS.
WHEAT
FLOUR
A s t h e v a r io u s c o t t o n o r d e r s m a d e d u r in g th e w a r b y th o B o a r d o f T r a d o
a n d a d m in is te r e d
pendent upon
by
tn e C o t t o n
s c a r c ity
in
C o n tro l B oa rd
t h o s u p p lie s o f r a w
a v a ila b le fo r th o c a r r ia g e o f A m e r ic a n
cotton
e x ce s s o f d e m a n d , th o t im e h a s c o m o fo r th e
on
th o ir b o h a lf w e r o d e
co tto n , an d
has been
B oard
a s th o fr o ig h t
fo r som o
oi T rade
to
t i m e in
rovok e
th e s e o r d e r s (w h ic h in c lu d e t h e H a w C o t t o n O r d e r , 1 9 1 7 , a n d t h o C o t t o n
RE M O V AL
OF B E L G IA N IMPO RT M A L T
RESTRICTIONS.
AND
IIOP
The War Trade Board on March 20 announced for the
information of exporters in the United States,1that they
have been informed that the Belgian Government has now
removed all restrictions upon the importation of malt and
hops.
WAR
TR AD E BOARD’ S A N N O U N C E M E N T
C O M M I T M E N T S FOR EXPORT.
AS
TO
Under date of March 13 the War Trade Board says:
In s ta n c e s h a v e r e c e n t ly c o m e t o t h e a t t e n tio n o f th e W a r T r a d e B o a r d
w h e r e in c e r t a in A m e r ic a n e x p o r t e r s h a v e b e e n e m b a r r a s s e d b y r e a s o n o f t h e
fa c t th a t th e y
have
en te re d
in t o d e fin it e c o m m it m e n t s f o r e x p o r t s h ip
m e n t s p r io r t o t h o r e c e ip t s o f t h e n e c e s s a r y e x p o r t lic e n s e s .
T h e W a r T r a d e B o a r d t a k e th is o p p o r t u n i t y t o r e n e w t h e ir w a r n in g s t o
e x p o r te r s t h a t , a lth o u g h
t h e I m p o r t e r In t h e c o u n t r y o f d e s t in a t io n m a y
h a v e c o n t r a c t e d t o p u r c h a s e g o o d s a n d m a y h a v e c a b le d th a t h o p o sse sse s
th o n e c e s s a r y im p o r t c e r t ific a t e , th o p r o h ib itio n s o f th o T r a d in g w ith th o
E n e m y A c t a n d th e n e c e s s it y o f m a in ta in in g t h o b lo c k a d e c o n d it io n s m a y
p r e v e n t t h o is s u a n c e o f a n e x p o r t lic e n s e .
I n v ie w
o f th o p re se n t p o lic y
o f th o A s s o c ia t e d G o v e r n m e n t s w it h r e s p e c t t o s h ip m e n ts t o th o c o u n tr ie s
c o n tig u o u s
to
G erm an y,
th o
W ar
T rad e
B oard
are
u n a b le
a s s u r e e x p o r t e r s in a d v a n c e t h a t lic e n s e s w ill b e g r a n t e d .
d e fin ite ly
to
F o r th o ir o w n
p r o t e c t io n , t h e r e fo r e , e x p o r t e r s s h o u ld o b t a in e x p o r t lic e n s e s b o f o r o m a k
in g d e fin it e a n d u n c o n d itio n a l c o m m itm e n ts .
R E S U M P T IO N OF TR AD E W I T H L U X E M B U R G A N D
OCCUPIED TERRITORY OF G E R M A N Y .
Under date of Feb. 22 the War Trade Board announced
that trade had been resumed with so much of the Rhine
Provinces of Germany as is included within the area of mili
tary occupation by the American and Allied armies,. In
indicating (in W. T. B. R. 630) the procedure in effect for
trading with Luxemburg and the occupied territory of Ger
many the Board on March 6 said:
A ll c o m m o d it ie s c o n t a in e d in t h e s o -c a lle d
“ fr e o lis t ”
fo r th e N o rth e rn
n e u t r a ls , a s s e t f o r t h in W . T . B . K . 6 1 6 , is s u e d F o b . 2 6 1 9 1 9 , a n d in t h e
“ fr e o li s t ” f o r S w it z e r la n d , a s s e t f o r t h in W . T . B . R . 5 4 2 , J a n . 2 7 1 9 1 9 ,
m a y b e e x p o r t e d t o s u e n t e r r it o r y w it h o u t r e s t r ic t io n .
F o r lic e n s e s t o e x p o r t a n y o t h e r c o m m o d it ie s t o s u c h t e r r it o r y t h o c o n
s ig n e e th e r e in s h o u ld a p p l y t o t h e A llie d m ilit a r y a u t h o r it y in t h o p a r t ic u la r
o c c u p ie d z o n e f o r p e r m is s io n t o m a k e s u c h im p o r t a t io n .
T h is A llie d m ili
t a r y a u t h o r it y w ill s u b m it t h o a p p l ic a t io n , w it h r e c o m m o n d a t io n s , t o t h e
I n t e r -A llie d E c o n o m ic C o m m it t e e a t L u x e m b u r g .
a p p lic a t io n
is a p p r o v e d , w ill is s u e a n
p a r tic u la r s t h e r e o f t o
T h is c o m m it t e e , if th e
im p o r t lic e n s o , a n d w ill c a b le
th o W a r T r a d e B o a r d a t W a s h in g to n , D . C .
th e
The
p r o p o s e d c o n s ig n e e in th e o c c u p ie d t e r r it o r y w ill a ls o fu r n is h p a r t ic u la r s o f
s u c h lic e n s o
a p p lic a t io n
t o t h e e x p o r t e r in t h e U n it e d
S ta te s,
w iio
w ill s t a t o o n h is
f o r e x p o r t lic e n s e t h o s e r ia l n u m b e r o f s u c h im p o r t lic e n s e .
T o im p o r t in t o th o U n it e d S ta te s c o m m o d it ie s fr o m s u c h t e r r it o r y , a p p li
c a tio n s
fo r
in d iv id u a l im p o r t
lic e n s e s
s h o u ld
be
m ade
I m p o r t s , W a r T r a d e B o a r d , W a s h in g to n , D . C .
to
th e
B u reau
of
L ic e n s o t o o x p o r t s u c h
c o m m o d it y fr o m th e a b o v e te r r it o r y m u s t b o o b ta in e d fr o m th e In te r -A llie d
E c o n o m ic C o m m it t e e a t L u x e m b u r g , w h o w ill c a b le t h e p a r tic u la r s th e r e o f
to th e W a r T r a d e B o a r d , W a s h in g to n , D . C .
th e
above
te r r it o r y
w ill
a ls o
fu r n is h
T h e p r o p o s e d c o n s i g n o r in
p a r tic u la r s
of
su ch
lic e n s o
to
th o
im p o r t e r in t h o U n it e d S t a t e s , w h o w ill s t a t e o n h is a p p lic a t io n f o r im p o r t
ic e n s e t h e s e r ia l n u m b e r o f s u c h e x p o r t lic e n s e .
T h e W a r T r a d e B o a r d a ls o a n n o u n c e t h a t c o m m e r c ia l c o m m u n ic a t io n
w i t h t h e t e r r it o r y a b o v e d e s c r i b e d is n o w a u t h o r iz e d .
A further statement by the Board on March 17 with
respect to the resumption of trading with Luxemburg, said:
T o r e m o v e a n y u n c e r t a in t y a s t o t h e e f f e c t o f W . T . B . l i . 6 3 0 , is s u e d
M a r c h 6 1 9 1 9 , w ith r e la tio n t o tr a d e b e tw e e n th e U n ite d S ta te s a n d L u x e m
b u r g , t h o W a r T r a d e B o a r d a n n o u n c e a n d c o n fir m
t h a f a ll p e r s o n s in th e
U n i t e d S t a t e s w e r o a u t h o r iz e d in s a id W . T . B . I i . 6 3 0 , s u b je c t t o t h o r u le s
a n d r e g u la tio n s o f th o W a r T r a d e B o a r d , t o tr a d e a n d c o m m u n ic a t e w it h
p e r s o n s r e s id in g in L u x e m b u r g .
R e s t r ic t io n o f O u t p u t O r d e r , 1 9 1 8 ).
T h e w o r k o f t h e B o a r d w h ic h h a s s o s u c c e s s fu lly c o n t r o lle d
th o co tto n
in d u s t r y , h o w e v e r , w ill n o t t h u s b e b r o u g h t t o a n e n d , t h o u g h it w ill n o c e s s a r lly c e a s e t o e x e r c is o t ld s c o n t r o l, f o r a p a r t fr o m
tlx o p e r f o r m a n c e o f
f u n c t io n s , s u c h a s t h e p a y m e n t o f u n e m p lo y m e n t b e n e t it s t o o p e r a t iv e s , t h o
G o v e r n m e n t w ill c o n t ln u t t o lo o k t o it fo r a d v ic e o n m a t t e r s o f r e c o n s t r u c
t io n
a ffe c t in g th e c o t t o n
in d u s t r y .
M O V E M E N T TO RE DUCE COTTON ACREAGE.
At tho conference of Cotton Growers, held at Jackson,
Miss., on Feb. 27 for the purpose of discussing plans for the
reduction of cotton acreage. Resolutions wero adopted,
declaring that if the entire acreage of cotton in the United
States is to be reduced one-third during the coming crop
year, it will be necessary for the Delta section to plant not
more than 60% of its tillable area in cotton, and tho acreage
in the hill counties should be not exceeding 25% of the tillable
area. The convention also called upon county organizations
to see to it that individual pledges for acreage reduction are
carried out. According to a report issued by the South
Carolina Cotton Association, and made public at Columbia
on March 18, the campaign for the reduction of acreage and
holding of cotton is progressing. Arrangements, it is stated,
have been made to hold a rally meeting at each capital in the
Cotton States in the early part of April at which time plans
will be discussed for the banking, financing, marketing, ex
porting, warehousing and stabilizing of the prico of cotton.
The South Carolina Cotton Association was formed at a
meeting of farmers on Feb. 13 at Columbia with the passage
of resolutions calling for a campaign to be modeled after the
Liberty Loan drives to secure one-third decrease in cotton
acreage, reduction of 50% in the use of commercial fertilizer
and holding the 1918 crop for a minimum of 35 cents.
A widespread publicity campaign to maintain tho price
of spot cotton and decrease the cotton acreage next season
was launched at New Orleans on Jan. 28 by Theodore V.
Wenzel of Natchez. At the Cotton Reduction Conference
(composed of delegates appointed by the Governors of
Southern States), held at New Orleans on Feb. 4, recom
mendations were made as follows, according to the New
Orleans “Times-Picayuno”:
F a r m e r s u r g e d n o t t o s e ll t h e b a l a n c e o f t h e p r e s e n t c o t t o n c r o p f o r le s s
t h a n 3 0 c e n t s a p o u n d b a s is m id d lin g .
F a r m e r s u r g e d t o r e d u c e th e ir c o t t o n
a crea ge fo r
1 9 1 9 o u e -th ir d u n d e r
G o v e r n o r s o f e a c h c o t t o n S ta te r e q u e s te d t o a p p o in t c o m m it t e e o f th re e
m en to b e k n ow n as C o tto n
R e d u c t io n C o m m it t e e , t o c o n d u c t s y s t e m a t ic
a c r e a g e r e d u c t io n c a m p a ig n in e a c h S ta te .
G o v e r n o r s o f e a c h c o t to n S ta te u r g e d t o p r o c la im
..................
F eb . lo as
S a fe a n d
S a n e F a r m in g D a y ,” w it h th e r e q u e s t t h a t a m e e tin g o t fa r m e r s , m e r c h a n ts
on
e a c h p a r is h o r c o u n t y s e a t.
and bankers be held
that day in
E n d o r s e d t h e p u b lic i t y c a m p a ig n n o w
b e in g c o n d u c t e d b y T h e o d o r e V
W e n z e l o f N a t c h e z u r g in g h o ld in g c o t t o n f o r a fa ir p r ic e a n d x e d u c t io n o f
crea ge
C otton
exposed
t o w e a th e r s h o u ld b o p la c e d
p r o o f s h e lte r , a s r e p o r t s s h o w
F a rm ers o f th e
cotton
exposed co tto n
b e lt s h o u ld
in w a r e h o u s e s o r w e a t h e r
to b e d a m aged
p r o d u c e a ll th o fo o d
n e c e s s a r y t o s u p p ly t h e ir o w n n e c e s s it ie s .
fr o m
and
$5 to
fe e d s tu ffs
At a meeting at Macon on Fob. 6 of farmers, bankers and
others from all sections of the State, a program was adopted
calling for a reduction of the cotton acreage this year of at
least 25% and the continued holding of cotton now in tho
M ar .
hands of farmors and other owners until a price level of from
30 to 35 cents is reached. Action to lift the blockade on
cotton into German and Austrian ports was demanded
and tho enactment by Congress of more stringent regulation
of cotton exchanges, prohibiting tho speculative short sell
ing of cotton and enforcing the delivery of the grades stipu
lated in future contracts.
A call for a general meeting to be held in Now Orleans
on Feb. 22 to plan an effort to reduce by one-third tho cot
ton acreage in all Southern States was issued at a meeting
on Feb. 11 at Dallas of representatives of agricultural, com
mercial, financial and industrial interests of lexas. Ihc
Governors of all cotton States were asked to issue proclama
tions sotting aside Fob. 22 as tho day for all farmers to
pledgo themselves to reduce their acreage one-third.
' At tho Southern States Cotton Acreage Reduction Con
vention, held in Now Orleans on two days, Feb. 17 and 18,
it was voted unanimously to reduce the area of cotton during
tho coming season one-third, and to hold the present crop
until there is a demand for it at a fair, remunerative price in
stead of sacrificing it. Delegates disclaimed any intention
to exact a monopoly fixed price. Plans for the formation of
State and county or parish organizations with executive
committees to secure pledges and carry out the program, were
made at tho convention which, it is stated, will be a perma
nent organization representing all the Southern States. At
tho conference Assistant Secretary of Agriculture Clarence
M. Ousloy, speaking on tho matter of reduced acreage of
cotton, was credited in the “Wall Street Journal as stating:
in this country until the Allied embargo is lifted. Repre
sentative Heflin, it is stated, urged that this arrangement
bo permitted in the interest of the Southern planters, who,
ho says, have suffered tremendous loss as a result of the
great decline in the price of cotton. The German pur
chases, he says, will increase the demand and consequently
advance tho price. On March 12, after leaving the office
of tho Alien Property Custodian where he had gone to dis
cuss tho matter of allowing Germany to buy United^States
cotton, Representative Heflin was quoted as saying:
I n a t i m e I lk o t h is t h e r o is a lw a y s d a n g e r t h a t z e a l w i l l o u t r u n w i s d o m
an d d o m ore h arm
th a n g o o d .
T h i s is a t i m e f o r p r u d e n t
a c t io n
lo o k in g
t h o f a c t s s q u a r e l y in t h o f a c e a n d c o n s i d e r i n g t h e f u t u r e a s w e l l a s t h e p r e s
en t.
A t t h o b e g i n n i n g o f t h i s p l a n t i n g s e a s o n t h e S o u t h is c o n f r o n t e d w i t h
a s it u a t io n
w h ic h
m a y e a s ily d o v e lo p
in t o
m a y b o m e a n s o f a n o th e r fo r w a r d s t e p .
a c a la m it y , b u t , r ig h tly u s e d ,
T h e r o is n o t t o o m u c h c o t t o n i f w o
n r o f i t b y t h e e x p e r i e n c e o f t h o p a s t a n d f a r m w i s e l y in 1 9 1 9 .
R e m e d y is s lo w m a r k e t i n g a n d r e d u c e d p r o d u c t i o n .
I h e r o is d a n g e r i n
p roposal
to
red u ce
as som e su g g est.
acreage
1 0 ,0 0 0 .0 0 0
acres
and
cau se
I h a v e li t t le fa it h in a n y p la n
a
co tto n
fa m in e ,
w h ic h u n d e r ta k e s t o d o
m o r e th a n p le d g o fa r m e r s t o a d e fin it e p e r c e n t a g o o f r c d u c t K m
W o m a y g o o u t o f p r e s e n t s e a s o n w it h a s t o c k o f 3 ,0 0 0 .0 0 0 b a le s o f
A m e r ic a n c o t t o n .
T h is s h o u ld n o t b o d is tu r b in g b e c a u s e w o w e n t o u t o f
la s t s e a s o n w it h 3 ,1 7 3 ,0 0 0 b a le s ( 3 ,8 9 0 ,1 0 5 ) , a n d w it h a s m a ll p r o d u c t i o n
c o t t o n a d v a n c e d t o 3 5 .3 8 b y S e p t . 3 .
A h i g h e r p r i c e is w a r r a n t e d n o w , a n d
w ill b o o b t a in e d a s s o o n a s d is tu r b a n c e s o f w a r a r o c o m p o s e d .
I t w ill b e a g r e a t m is t a k e t o a s s u m e t h a t E u r o p e w ill s p e e d ily c o m e t o
p r o -w a r c o n s u m p tio n .
L im it in g f a c t o r s a r o t im e n e c e s s a r y t o r e s t o r e d is
m a n t le d m ills , r e o r g a n iz e t h o m ills o f G e r m a n y a n d A u s t r ia a n d r e a s s e m b le
th o e x p e rt w ork ers, a n d
e n a b le th e im p o v e r is h e d
r e co v e r n o rm a l b u y in g p o w e r.
p e o p le o f a ll E u r o p o t o
F o r s e v e r a l y e a r s o u r c u s t o m e r s in E u r o p e
w ill n o t b u y a s m u c h c o t t o n a s in t h e d a y s o f t h e ir p r o s p e r it y .
W ith fa v o r
a b le s e a s o n o n t h e a c r e a g e o f la s t y e a r w o w o u ld p r o d u c e m o r e c o t t o n t h a n
t h o w o r ld
c o u ld
con su m e.
In tho preamblo to the resolutions adopted it was stated:
W h erea s
T h o a c c u m u la tio n
o f la r g e s t o c k s o f c o t t o n
in
th o h an ds o f
fa r m e r s a n d m e r c h a n ts o f t h o S o u th fin a n c e d b y th e b a n k e r s o f t h e s a m e s e c
tio n
a n d t h o d r a s t i c d e c lin e in p r ic e t o fig u r e s b e lo w t h e c o s t o f p r o d u c t i o n ,
d u o 't o t h o p a s t w a r t r a d e d is o r g a n iz a t io n , t o t h o s c a r c it y o f o c o a n t o n n a g e
t o t h e r e s t r ic t io n s o n t r a d e im p o s e d b y fo r e ig n n a t io n s
o f in te r e s ts f a v o r a b l e t o lo w
p rodu cers
to th e o v e rt a tta ck s
p r ic e s f o r c o t t o n r e g a r d le s s o f t h o w e lfa r e o f
a n d t o t h o g e n e r a l u n e a s in e s s in r e g a r d t o t h o u n c e r t a i n t i e s o f t h e
r e c o n s t r u c t io n p e r io d
h a v e p r e c ip ita te d
c a n t ile
in t e r e s t s
and
b a n k in g
1131
THE CHRONICLE
2 2 1 9 1 9 .1
of
th o
upon
th o c o tto n
S o u th
a
c r is is
p r o d u c in g , m e r
fr a u g h t w it h
grave
m c n a c o t o t h o p r e s e n t w o lfa r o o f t h o s e c t io n a s w e ll a s t h o f u t u r o p r o s p e r it y
T h e r e is n o t h i n g u n r e a s o n a b l e o r u n f a i r i n t h o p r o p o s i t i o n .
U n d e r t h is
p l a n t h e c o t t o n w o u l d b e k e p t o u t o f G e r m a n y f o r t h e p r e s e n t a n d t h a t is
a ll t h a t t h e A llie s h a v e a n y r ig h t t o d e m a n d o f u s .
B y p e r m ittin g G e r m a n y
t o b u y 1 ,0 0 0 ,0 0 0 b a le s o f c o t t o n h e r e w e w il l h e lp t h e p r o d u c e r s o f t h e U n i t e d
S ta te s t o o b t a in a fa ir p r ic e f o r t h e ir c o t t o n .
Mr. Heflin is also reported to have said that the Alien
Custodian had taken over $700,000,000 worth of German
property in this country and that Germany could easily
arrange to finance the purchase of 2,000,000 bales of cotton
and that is the amount she wants to purchase in the United
States. Ho is further quoted as follows:
I a m c o n fid e n t t h a t t h is p la n w ill w o r k o u t a ll r ig h t in t h o n e x t fe w d a y s .
G erm an
s p in n e rs
r e a liz e
th a t
th o
A m e r ic a n
cotton
s u p p ly
is
very
sh ort
a n d t h a t i t is o n l y a m a t t e r o f t w e n t y o r t h i r t y d a y s w h e n c o t t o n w i l l b e
p e r m itte d
to
go
in t o
1 ,0 0 0 ,0 0 0 b a le s n o w .
G erm an y
and
th ey
are
a n x io u s
to
o b ta in
a t le a s t
W e fe e l t h a t n o fa ir m a n c a n o b je c t t o a llo w in g th e
G e r m a n s t o b u y t h is c o t t o n w h e n b y d o in g s o t h e p r o d u c e r o f t h e U n it e d
S ta te s w o u ld b o b e n e fit e d .
With regard to the Heflin proposal the “Journal of Com
merce” on March 13 said:
C otton
in te r e s ts
re fu s e d
to
ta k e
s e r io u s ly
rep orts
fr o m
W a s h in g t o n
y e s t e r d a y t h a t a w e ll-o r g a n iz e d m o v e m e n t w a s u n d e r w a y t o b u y a m illio n
b a le s o f c o t t o n in t h is c o u n t r y t o b e h e ld f o r G e r m a n y .
to
R e p r e s e n ta tiv e
T hom as
J.
H e flin ,
o f t h o le a d in g c o t t o n m e n in N e w
of
A la b a m a ,
I t w a s a ttr ib u te d
and
dubbed
Y o r k a s “ p u r e n o n s e n s e .”
by
one
O th ers u sed
s t r o n g e r te r m s t o e x p r e s s t h e ir o p in io n o f th e r u m o r .
C a r e fu l in q u ir y a m o n g t h e la r g e s t h a n d le r s o f c o t t o n fa ile d t o b r in g f o r t h
a n y n o w s o f th o " w e ll-o r g a n iz e d m o v e m e n t ,” b u t it d e v e lo p e d th a t c e r ta in
in t e r e s t s , w h o h a v e n o t b e e n d e a lin g in t h e c o t t o n
q u ir in g
as
sta te d ,
w as
to
cotton
in
no
fo r
R e p r e s e n ta tiv e
Ile flin .
som e
as
in q u ir ie s
n e u tra l c o u n tr ie s .
m easu re
to
c o m p a r a b le
G w a th m ey &
co tto n
fo r
to
The
th e
m a r k e t fr e e ly , a re in
q u a n tity
m illio n
C o . sta ted
n eu tra l s o u rce s,
but
d e sir e d ,
b a le s
th a t th ey
th ey
nam ed
had
a sse rte d
by
r e c e iv e d
th a t
th ey
w o u ld g iv e n o c r e d e n c e t o th e r id ic u lo u s s c h e m e o f s t o r in g a m illio n b a le s .
I t w a s t h o o p in io n
o f o f fic i a ls o f s e v e r a l le a d in g c o m p a n ie s t h a t th e r e
w o u l d b o a r a t h e r fr e e m o v e m e n t o f c o t t o n in t h e lo w e r g r a d e s t o G e r m a n y
and
th o o t h e r n a tio n s o f th e C e n t r a l P o w e r s w h e n p e a c e h a d b e e n s ig n e d
a n d th o e x is tin g e m b a r g o e s w e r e lift e d .
I t w a s e x p la in e d t h a t t h e n a t io n s
r e p r e s e n t e d a m o n g t h e C e n t r a l P o w e r s u s e a la r g e r p e r c e n t a g e o f t h e lo w e r
g r a d e s th a n o th e r c o u n tr ie s .
W h ile th e r o w a s n o w a v e o f p o p u la r in d ig n a tio n a g a in s t th o m o v e m e n t t o
s u p p ly
th e C e n t r a l P o w e r s w it h
co tto n
a ft e r th e s ig n in g o f t h e t r e a t y o f
p e a c e , t h o c o t t o n m e n t h o u g h t it a b s u r d f o r t h e c h a m p io n s o f th is p r o p a
ganda
to
set
1 ,0 0 0 ,0 0 0
b a le s
as
th e
g o a l.
It
w as
sta ted
th a t
perh aps
5 0 ,0 0 0 o r 1 0 0 ,0 0 0 b a le s o f t h o lo w e r g r a d e s w o u ld b o s t a r t e d t o w a r d
G er
m a n y w h e n th o A llie d n a tio n s lift e d th e e m b a r g o .
_
T h e m o s t in t e r e s t in g d e v e lo p m e n t o f t h e d a y w a s t h e f a c t t h a t c e r t a in
p a r tie s , r e p r e s e n tin g th e m s e lv e s t o h a v e c o n n e c t io n s w it h n e u tr a l c o u n t r ie s ,
w e r e s e e k in g t o lin o u p c o t t o n f o r th e s e n a t io n s .
In te r v ie w e d r e p o r t e d
th a t it h a d
h eard
"ru m ors”
V ir tu a lly e v e r y c o m p a n y
o f t h is m o v e m e n t , b u t
n o n e o f t h e m c o u ld s t a t e t h e e x t e n t o f t h e d e s ir e s o f t h e s e in q u ir e r s .
They
a r e n e w c o m e r s o n t h o C o t t o n E x c h a n g e , it w a s s a id .
T h o r e p o r t o f th e m illio n b a le s fo r G e r m a n y w a s r e g a r d e d a s p r o p a g a n d a
b e g o t t e n b y t h e S o u t h e r n r e p r e s e n t a t iv e s in C o n g r e s s , w h o d e s ir e t o m a k e
th e ir c o n s t it u e n t s fe e l c h e e r fu l.
I t w a s th e ir o p in io n
t h a t th e h o ld e r s o f
t h o c o t t o n , in v i e w o f t h e o u t l o o k f o r a r e s u m p t io n o f c e r t a in t r a d e r e la t io n s
w it h t h o C e n t r a l P o w e r s , m ig h t w a n t h ig h e r p r ic e s f o r t h e ir s t a p le .
T h o w o r ld s h o r ta g e s o f c o t t o n , a s e s tim a te d b y S o u th e r n S e n a to r s , w e r e
r e g a r d e d a s s o m e w h a t e x a g g e r a te d , b u t it w a s a d m itte d th e r e w o u ld b o a
li v c ly ld e m a n d f o r c o t t o n w h e n t h e m ills o f G e r m a n y a n d A u s t r ia a r e a b le
exact any.
t o r e s u m e o p e r a tio n s .
I f t h e p la n o f t h e o r g a n iz e r s is t o b u y c o t t o n a n d
a re
h o ld it , th o c o n d it io n o f th e p r e s e n t m a r k e t d o e s n o t in d ic a t e w h a t t h e
m u n e r a t iv e r e tu r n f o r t h o ir w o r ld -u s e d c o m m o d it y , h a v e w it h in th e ir o w n
m
o
v
e
m
e
n
t
i
s
v
e
r
y
f
a
r
u
n
der w ay.
h a n d s t h o in fa llib le m o a n s o f r e c t ify in g th o a b n o r m a l, u n ju s t a n d m e n a c in g
11
" l ^ V h erea s' T h c c o t t o n
m o n o p o ly -fix e d
in te r e s ts in q u e s t io n , w it h n o d e s ir e t o
p r ic e b u t w ith
th o d e te r m in e d
p u rposo
o f s e c u r in g
In tlio House of Representatives on Feb. 19 charges of
conspiracy and concerted action to drive down the price of
cotton futures were made by Representative Heflin. A
threat that the cotton growers would reduce their 1919 crop
On Fob. 18 tho Stato Senate of Arkansas unanimously by 4,000,000 bales was also voiced. Mr. Heflin said:
passed the following resolutions, introduced by Senator
Walls of Lonoko:
c o n d it io n s b y w h ic h t h e y a r o c o n fr o n t e d b y a n in te llig e n t a d ju s t m e n t o f th o
n e x t t w c lv o m o n t h s ’ s u p p ly t o a p o in t w h ic h w ill s t im u la t e la g g in g d e m a n d s
a n d c h a lle n g e s a n y u lt e r io r e ffo r t s o n t h o p a r t o r t h e ir a d v e r s a r ie s t h r o u g h
co n s p ira cy
o f oth or
a r tific ia l m e a n s t o
d e p r e c ia te
t h o p r i c o o f th e ir p r o d
u c t 'a n d d e p r i v o t h e m o f t h o s a m e w it h o u t j u s t c o m p e n s a t i o n .
W o w i l l r e d u c e o u r a c r e a g e in 1 9 1 9 a n d p r o d u c e le s s t h a n 8 ,0 0 0 ,0 0 0 b a l e s
i f n e c e s s a r y t o c o n v in c e t h o w o r ld t h a t w e a r e e n t it le d t o , a n d in t e n d t o
W h e r e a s , I t lia s b e e n b r o u g h t t o t h o a t t e n t i o n o f t h o G e n e r a l A s s e m b l y
h a v e , a fa ir a n d liv in g p r o f it o n t h e c o t t o n w o p r o d u c e .
t h a t a g r e a t l y in c r e a s e d a c r e a g o w ill b e p la n t e d in t h o S t a t o o f A r k a n s a s a n d
In t h o S o u t h d u r in g t h o e n s u in g y e a r ; a n d
W h erea s
T h o a c r e a g e p la n t e d in c o t t o n s h o u ld
u p h o ld a r e a s o n a b le p r ic e fo r th e c o t t o n c r o p .
^R e s o l v e d
b o r e d u c e d in
ord er to
N o w , th e r e fo r e , b o it
B y th e G e n e r a l A s s e m b ly o f t h o S t a t e o f A r k a n s a s , a n d b o it
R e s o lv e d , B y t h o p e o p l e o f t h o S t a t o o f A r k a n s a s
S e c t io n 1 T h a t th o G e n e r a l A s s e m b ly o f th o S t a t o o f A r k a n s a s h e r e b y
c a lls u p o n a n d u rg e s th o C o m m is s io n e r o f M in e s , M a n u fa c t u r e s a n d A g r i
c u lt u r e f o r t h e S t a t e o f A r k a n s a s , in c o n j u n c t i o n w it h
th e v a r io u s c o u n ty
d e m o n s t r a t o r s , t o in a u g u r a te a c a m p a ig n a m o n g th e fa r m e r s o f t h e S ta te o f
A r k a n s a s f o r a r e d u c e d a c r e a g o in c o t t o n , a n d u r g e s t h a t t h o s a i d c a m p a i g n
bo
com m en ced
to
t h o e n d t h a t t h o c o t t o n a c r e a g e m a y b o r e d u c e d a n d t h o a c r e a g o in fe e d
and
fo o d
im m e d ia t e ly
p rod u cts
bo
and con d u cted
in creased
in e v e r y
co u n ty
in
th e
S ta te
p r o p o r t io n a t e ly .
PROPOSAL OF RE PRESENTATIV E H E F L I N FOR SALE
OF COTTON TO G E R M A N Y .
Tlio Alien. Proporty Custodian at Washington was ap
proached by Representative Ileflin of Alabama on March
13 with tho request that ho permit tho sale of 1,000,000
balos of cotton to German spinners to bo stored and held
RULIN GS A S TO COTTON F U T U R E CONTRACTS.
Supplementing the statement issued on Mar. 6 by Charles
J. Brand, Chief of the Bureau of Markets, Department of
Agriculture, as to tho conclusions reached with regard to
trading in the old style cotton futures contracts in liquidation
of outstanding contracts (this statement appeared in our
issue of Mar. 8, page 934) a further announcement bearing
on tho now cotton futures legislation embodied in the Act
providing for Government guarantee of wheat, was issued as
follows by Mr. Brand on Mar. 13.
In fo r m a tio n fr o m
v a r io u s s o u r c e s , in c lu d in g t e le g r a m s , le t t e r s a n d p r e s s
it e m s , in d ic a t e s m is u n d e r s t a n d in g r e g a r d in g r u lin g c o n c e r n in g t h o li q u id a
tio n o f o ld s t y lo c o t t o n fu t u r e s c o n t r a c t s e n te r e d in t o p r io r t o M a r . 4 1 9 1 9 .
O u r i n t e r p r e t a t i o n o f t h o l a w Is a s f o l l o w s :
F u lfilm e n t o f o ld s t y lo c o n t r a c t s in a c c o r d a n c e w it h o t h e r w r it t e n t e r m s ,
n a m e ly
or by
b y a c tu a l d e liv e r y o r r e c e ip t o f c o t t o n , o r b y s e t -o ff, o r r in g -o u t ,
c a s h s e t t le m e n t in t h e f u t u r e m o n t h in w h ic h
t h e y m a t u r e , is n o t
p re v e n te d b y th e re ce n t a m e n d m e n t t o th e c o t t o n fu tu re s a c t .
1123
THE CHRONICLE
[Vol . 108.
Ruling referred to in above mentioned sources o f information relates to
the liquidation o f existing old-style trades by the execution of now oldstyle contracts. Under tho provision o f the amendment as passed thero
i oriou doubt as to legality o f permitting the execution o f any old stylo
contracts whatsoever after Mar. 4, even though such contracts bo for tho
purpose of liquidating existing old stylo contracts. However, after con
ference with Treasury Department it was agreed in order to help tho trado
in tlie situation brought about by the unexpected passage and immediate
offectivenoss o f the amendment to make no objection to bona fide sales or
purchases for solo purpose o f such liquidation until tho conclusion of
business April 30.
Be il further Resolved, That It is tho judgment of tho board of directors
o f tho F’edoral Reserve Bank of Atlanta, that tho planting of acreago thus
reduced in tho production o f food and feed crops would provo remunerative
and beneficial; and.
Be it further Resolved, That tho Secretary furnish a copy of those resolutions
to tho Federal Roservo banks o f Dallas, Kansas City, Richmond and
St. Louis, and that a copy bo furnished tho daily press.
far white, good and strict middling yellow tinged with good middling
yellow stained.”
W e have agreed upon prices. Wo cannot give you a full statement re
garding theso prices until to morrow, when ono will bo prepared for the
press.
It is oxpccted that prices during 1919 will not bo any lower, and our
presont Intention is to mako no decreases in wages, except, perhaps, at
some mills, whero thero is a contract between employers and employees
providing for a sliding scale.
Tho price of iron oro f. o. b. Lake Erie ports remains unchanged, oxcopt
whero a reduction in freight rates would become effective, In which case
tho price o f pig iron will bo changed accordingly.
STEEL PRICES AGREED ON A T CONFERENCE OF STEEL
IN TER ESTS A N D I N D U S T R I A L BOARD.
On Mar. 11 it was announced that Mr. Brand had mado
of representatives of the steel industry and
public the following ruling relative to grades deliverable theConferences
Industrial Board of tho Department of Commerco, held
under the new cotton contract:
in Washington this week, havo resulted in an agreement look
Referring to grades deliverable under amended sub-division. Sec. 5 of
ing to the stabilization of iron and steel prices for 1919. In
Cotton Futures Act, in view o f the report of tho House Committee on
Agriculture regarding this matter, information concerning which roachod making known that an agreement had been reached, Judgo
this bureau late last week, question has been reconsidered and tho following Elbert JI. Gary, Chairman of tho Board of tho United Steel
conclusion reached:
“ Tho second paragraph o f tho amendment setting forth tho language of Corporation, took occasion to state that thero was no present
the fifth sub-division as amended is the paragraph which Congress intended intention to make decreases in wages, except at some mills
should govern because the committee’s report clearly discloses such inten working on a sliding scalo.
His statement follows:
tion. Accordingly, tho deliverable grades will bo low middling to middling
Tn his statement of tho 6th, which as indicated above, wo
referred to in these columns on tho 8th, Mr. Brand had tho
following to say in addition to what we quoted therein:
There aro 10 undeUvcrablo grades under new-stylo contracts, as follows
White (1) strict good ordinary, (2) good ordinary, yellow tinged, (3j mid
dling, (4 strict low middling, (5) low middling, yellow stained, (6) strict
middling, (7) middling, bluo stained, (8) good middling, (9) strict middling.
(10) middling.
Under new-stylo contracts 10 grades aro tendcrablo, as follows: White
(1) middling fair, (2) strict good middling, (3) good middling, (4) strict
middling, (5) middling, (G) strict low middling, (7) low middling, yellow
tinged, (8) good middling, (9) strict middling, yellow stained, (10) good
middling.
A further announcement contained in the statement of tho
6th, said: “With reference to call transactions, an examina
tion of the Act fails to disclose any language upon which tho
Government would be warranted in basing tho ruling that
new trades be executed in old stylo contracts pursuant to
call transactions.” On Mar. 8 the Board of Managers of tho
Now York Cotton Exchange unanimously adopted a b s o
lution, tho purpose of which, it was said, was to isnuro that
trading in old stylo contracts bo confined to tho assignment
of contracts made prior to Mar. 4 1919. This resolution
stipulated:
1rading in old stylo contracts shall bo deemed to be only tho assignment
of rights and tho assumption o f obligations arising therefrom.
It is announced that basic pig iron has beon reduced $4 25
to 825 75 per gross ton; four inch billots 85 to 838 50 por ton
and two inch billets S5 to 842 00 per gross ton. Tho new
prico on merchant bars is reported as 82 35 por 100 lbs.;
on plates 82 65 per 100 lbs, and structural steel 82 45 per
100 lbs., these quotations representing a drop of 87 por ton.
Tho “Wall Street Journal” last night reportod that it was
stated in steel circles that tho price of rails has been fixed
at 845 a ton for Bessemer and 847 a ton for open-hearth, a
reduction of 810 a ton in each caso. Steel prices roported
by “Financial America” last night as having been agreed on
follow:
Sheet bar $42 per ton. a reduction of $5; slabs $41, a reduction of $5;
black shoots No. 28, $4 35 per 100 lbs., a reduction of $7 por ton; bluo
annealed sheet No. 10 S3 G5 per 100 lbs., a reduction of $7 per ton; gal
vanized No. 28, $5 70 per 100 , a reduction of S7 a ton; tin plato $7 per baro
box, 35c. reduction per box; pipo 3
points off market price; rails, open
hearth $47, a reduction of $10 per ton; Bessemer rails $45, a reduction of
$10 per ton; plain wiro S3 por 100 lbs., a reduction of $5 per ton; wire nails
$3 25 per 100 lbs., a reduction of $5 per ton; wire rods $52 per ton, a
reduction of $5 per ton.
Thero was also issued to members of tho Exchange, it was
announced on the 11th inst., tho following notice by its From a Washington dispatch in tho “Evening Post” last
President, Walter L. Johnson:
night wo tako tho following:
Thero seoms to bo considerable confusion as to tho interpretation of tho
ruling o f Mr. Brand and Judgo Granam that “ no objection will bo mado
to bona fide sales or purchases o f old-stylo contracts for tho purpose of
liquidation provided such liquidation is accomploshed not later than
M ay 1.”
Tho effect of this ruling is that after May 1 a tax of $10 a bale, as provided
in tho Cotton Futures Act, will bo assessed against all sales of old-stylo
contracts.
Thero is nothing in this ruling to prevent tho buyer o f old-style contracts
from keeping tho samo until maturity and receiving tho cotton in fulfillment
of his contract, nor is thero anything to provent tho seller from keeping his
contract to maturity and delivering cotton in fulfillment thereof.
Possiblo anti-trust law obstacles to tho Government’s prico stabilization
program woro tho subject of a conference between tho Industrial Board
and Attornoy-Genoral Palmer.
Members o f tho Board, headed by Chairman George N. Peek, went to
tho Department of Justice to lay beforo tho Attornoy-Goncral tho agree
ment reached last night with tho steol trado, under which it is proposed to
fix a scale of generally reduced steel and iron prices for tho year 1919.
Announcement of the comploto scale was hold up ponding advico from
Mr. Palmer as to whether tho legal branch of tho Government looks upon
the agreement as a violation of the anti-trust laws.
In its account of Thursday’s conference the New York
“Times” yesterday stated:
According to Charleston advices, dated March 9, appearing ‘ It is understood tho Industrial Board Is proparod to guarantee that tho
in the New York “Commercial” of tho 10th, J. Skottowe prico schedule adopted will bo accepted by tho fivo largest Government
agonts— the War, Navy and Post Office Departments, tho
Wanamaker, Chairman of the Cotton Association of South purchasing
States Shipping Board and tho Railroad Administration. It is also
Carolina, stated on the 8th that the Association had con United
understood that a representative of tho Attornoy-Goneral’s offico followed
closoly all of tho negotaitions and that tho steel interests received full assulted counsel with respect to old-style contracts on tho New suranco
that tho action taken was approved by tho Department of Justico,
York Cotton Exchange, and had been advised that such
any dangor of proceedings under tho Sherman law.
contracts could not bo canceled or invalidated even if they thus1hoeliminating
theory on which tho prico schodulo was adopted was that tho Govern
.agencies, by making hoavy purchases of tho industry, would readjust
were not liquidated beforo May 1, tho date set by the ment
and stabilizo tho market and that other buyers would bo forced to mako their
Bureau of Markets.
purchases at tho samo figure.
A decision handed down at Montgomery, Ala., on March
conferences were brought under way on tho 19th
18, affecting the Cotton Futures Act of 1916, is referred to andThomarked
steps to bring about a reduction of
as follows in the New York “Evening Post” of tho 18tli: prices and thoinitial
stabilization of tho basic commodities. Fol
A conflict in interpretation o f tho Cotton Futures Act o f 1916 is involved
in a decision hero by Federal District Judge Clayton, holding that tho form lowing the first joint conference on Wednesday, tho In
of contract used by tho Now York and Now Orleans Cotton Exchanges is dustrial Board issued a statement saying:
valid under the law and that recovery upon such contracts is not precluded.
An opposito finding was mado in 1917 by Federal Judgo Youmans at Fort
Smith, Ark. An appeal was taken from tho latter’s ruling and an appeal
also is planned from Judge Clayton’s decision.
RESOLUTION OF FED ERAL RESERVE B A N K OF
A T L A N T A ENDORSING P L A N S FOR COTTON
ACREAGE RED UC TIO N.
The movement for the reduction in cotton acreago is
endorsed in tho following resolution adopted on Mar. 14
by tho directors of the Federal Roservo Bank of Atlanta:
Resolved, That tho board o f directors o f tho Federal Reservo Bank of
Atlanta, having in mind tho general wolfaro o f tho entiro Sixth Federal
Roservo District and its resultant effect on tho whole economic and commCTcial structure o f tho country, endorse tho movement looking to a
reduction of cotton acreago for tho year 1919; and.
After meeting with leaders of tho stcoi and iron trado roprosonting 90%
o f tho country’s production, tho Industrial Board announced this afternoon
that satisfactory progress had beon mado, but that a final decision on a
lowered scalo o f prices would not bo roachod until aftor full consideration
of all phases of tho subject.
Tho question of price was not touched upon at tho first conforonco.
Tho entiro time was devoted to a discussion of tho gonoral situation and tho
necessity for a reduced schedule of stool prices at tho prosont time in order to
stimulato buying.
Wo found tho steel men entirely willing to co-oporato in making effective
any program that will hasten tho roturn to normal conditions. It is as yot
impossible to toll just how long It will tako to formulato tho now prico sched
ule. Wo do not expect, liowover, that action by tho Industry and tho Board
will bo long delayed.
Beforo their departure for Washington tho mombors of
tho committee representing tho iron and steol industry hold
a meeting in this city on Tuesday, tho 18th; following that
meeting it was announced that tho original committoe of
M ar . 22 1919.
THE CHRONICLE
1123
thirteen, to which wo referred in our issue of March 8, When the Alien Property Custodian began investigating
page 935, had been enlarged by tho addition of tho following German business in this country under authority of the
Trading with the Enemy Act, it is stated that he found
four members:
Leonard Peckltt, President o f the Empiro Iron & Steel C o., Coatesvillo, frequent attempts to transfer stock to supposed Americans
Pa.; John A. Savage, President of John A. Savago & C o., Duluth; W . W. in an effort to circumvent seizure by the Government.
The
Follansbeo, President of the Follansbee Bros. C o., Pittsburgh, and J. V. W.
Roynders, Chairman o f the Association of Steel Makers in Class III, efforts were useless, and in the case of Beer, Sondheimer &
Now York.
Co. the transfers were declared void and tho entire business
The following aro those originally named as members of was turned over to the Custodian. As to the disposition of
the three metal cases, we quote the following from the report:
tho committee:
Tho business of Beer, Sondheimer & Co. is in process of liquidation. This
includes not only the corporation Beer, Sondheimer & C o., Inc., but also
its subsidiaries, the National Zinc C o., the Norfolk Smelting Co. and the
Cuba Copper Leasing Co.
When tho Custodian took over tho business of Beer, Sondheimer & Co.
ho placed it in control of a board of directors designated by him. Elkan
H U G E T R A D IN G I N STEEL.
and Frohnknecht, maintaining that they owned all the stock of the cor
poration, filed a claim therefor, and thereafter brought suits to recover the
samo. These suits, however, havo been withdrawn, and tho Custodian
through said board of directors is proceeding to liquidate the company,
and as soon as the business has been liquidated tho corporation itself will
be dissolved, and Beer, Sondheimer & Co. will entirely have disappeared
as a factor in tho zinc and copper situation both in the purchase and sale
Trading In tho stock markot during tho forenoon was rominicsonl of of ores and in the control of mines and smelters.
As In the case of Beer, Sondheimer & Co., when tho Custodian took over
M ay 6 1001, when E. D . Norton bought 100,000 shares of Northor Pacific
for J. P. Morgan & Co. One house this morning, Wordon & C o., had a tho business of L. Vogelstein & Co. (Inc.), ho placed in control thereof a
board
of directors designated by him. Subsequent investigation by the
single order to buy 100,000 shares of United States Stool common, and in
addition to this thoro wore numerous buying ordors from 5,000 up to Custodian disclosed that Vogelstein, who was a naturalized American
20,000 shares. Out o f tho total business in tho first hour of around 400,000 citizen, had a preponderating interest in tho .assets of tho corporation,
shares, 211,000 were in United States Steel common, and on this enormous and inasmuch as it has as yet been impossible to obtain from Aron Hirsch &
trading tho stock advanced 2 % points to OS. [Later there was a further Sohn an accounting so as to determine that concern’s exact interest in the
riso to 99%.] This was regarded as a response by tho ontiro financial world assets of L. Vogelstein A Co. (Inc.), an arrangement has been perfected be
to the action taken yesterday in price fixing at the conference held in tween tho Custodian and Vogelstein whereby all of tho stock of the cor
poration has been put into a voting trust for a period o f five years, the
Washington during tho two procoding days.
Custodian naming two of the three voting trustees.
Soon after the Trading with the Enemy Act became a law, the Ameri
cans in control of tho American Metal Company not only promptly filed
T IN P L A T E W A G E S CU T.
tho report required by the Act and disclosed therein tho German ownership
of about 49% of the stock of tho company, but offered to co-operate with
the Custodian in any direction looking to the elimination of the German
Employees o f tho hot mills o f American Sheet & Tinplate Co. will have interests. An Investigation of the affairs of the company was courted,
tholr wagos reduced 5% effective March 16. according to official notico. and at tho instance of the War Trade Board, such an investigation was
All plants aro Included and tho cut will affect many thousands. Tho made, and subsequently the Alien Property Custodian likewise made
wages aro governed by a sliding scale. Employees o f tho independent mills an investigation of his own. Tho officers of the company heartily co-oper
outside of American Sheet & Tinplate C o., working under the scalo of tho ated with the Alien Property Custodian, which resulted in tho first in
Amalgamated Association of Iron, Steel & Tinplate workers, will recoivo stance In the transfer to tho Custodian of the stock belonging to the Ger
a reduction of from 8% to 10% in tho samo departments. This is tho first mans. Tho Custodian was satisfied with tho good faith in the manage
ment of the corporation, and therefore designated but five out of the fif
cut made in wages for several years.
teen directors of the company.
By agreement between the Alien Property Custodian and the American
A L I E N PROPERTY C U S T O D I A N ’ S REPORT A S TO TER stockholders, together controlling 53,264 shares (out of 70,000 shares out
standing), all of said stock has been placed in a voting trust for a period
M I N A T I O N OF G E R M A N Y ’ S CONTROL OF M E T A L S .
of five years. The Alien Property Custodian is entitled to receive voting
trust certificates representing tho 34,644 shares of stock formerly held by
onemy aliens. It is his purpose to offer these certificates for sale to the
American public at public auction.
To summarize the result of tho activities of the Alien Property Custodian
in so far as they affect German-interests and German influences in the
American metal market, it may bo said that finding those interests and in
fluences centred in three well defined corporations, American in name
but all controlled by the German metal triumvirate, the activities of which
At the outbreak of tho European war tho zinc industry o f the whole world, throe corporations were not confined solely to tho Unitod States but pene
trated
into Mexico and South America, owning mines, smelters, refineries,
save only tho United States, was completely in tho control o f the German
metal trlumverato— tho Mctallgesellschaft, Aron Ilirscli & Sohn and Beer, oil concessions, railways, dealing in every known metal, doing a business
Sondheimer & Co. Tho control of the purchase of ores, principally Aus which annually ran into hundreds of millions of dollars, he has succeeded
tralian ores, was exorcised by means o f joint accounts among the three in thoroughly Americanizing two of these concerns and liquidating the
German firms, whilo tho control of tho smolters and tho zinc spelter which third, thereby entirely eliminating German influences In our metal markets
they produced was exercised in Germany by tho German Zinc Syndicate, and our metal industry.
and in tho other European countries by an International Zinc Syndicate.
But Motallgosollschaft—and its English offshoot, Henry R. Merton &
C o., Ltd.— Aron Ilirscli & Sohn and Beer, Sotidlioimer & C o., were in abso S IX -H O U R D A Y A N D F I V E - D A Y W E E K PROPOSED B Y
lute control o f all these syndicates.
M IN E R S .
Wlion Australia, during tho nineties o f tho last century, camo to tho foro
as a largo motal-producing country, principally zinc ore, tho German motal
trlumverato— Mctallgesellschaft, Aron Hirsch & Sohn and Beer, Sondheimer
& C o.— took hold o f tho situation and bocamo tho dominating influence
in tho purchaso o f the Australian zinc ores. This took tho form not of a
syndicate but of an arrangement for joint accounts, resulting in the elimi
nation of nearly all competition, both in tho purchaso o f raw material and
in tho allocation of tho oro among tho smolters on tho European Continent.
E. H. Gary, James A. Farroll, Charles M . Schwab, John A. Topping,
Alva C. Dinkey, L. E. Block, James A. Burden, Eugene G. Grace, C. H.
McCullough Jr., H. G. Dalton, A. F. Huston, J. A. Campbell and Willis
L. King.
________________ _ _ _ _ _ _ _ _
The action taken in fixing prices was viewed with much
satisfaction in financial circles and had tho effect of causing
a sharp riso in steel shares on tho Now York Stock Exchange.
“Financial America” describes the result on tho stock market
as follows:
Sharon, Pa., advices in tho “Wall Street Journal” of
tho 17th state:
According to tho report of tho Alien Property Custodian,
A. Mitchell Palmer, just mado public, Germany’s con
trol of tho zinc and lead markets of tho world and her large
interest in other metals has been broken in large part by tho
release of American, Mexican and smelters from tho domi
nance of German-owned corporations. Tho report says:
At tho outbreak of tho European war, tho roport said,
each member of tho triumverato had a branch in tho United
States, tho American Motal Co., representing the Motallgesellschaft of Frankfurt; L. Vogelstein & Co., representing
Aron Ilirscli & Sohn, and Beer, Sondheimer & Co., repre
senting tho German syndicate of the same namo. An idea
of thoir extent may bo had from the statement that their
combined profits in 191G amounted to $12,000,000, of which
$7,000,000 was made by tho American Motal Co. Tho
roport also states:
Germany has never boon a great producer of metals. Her production
of coppor is but 3% o f tho world's output, against about 60% produced
by tho Unitod Statos. Her production o f refined zinc is about 28% of
tho world’s output, and o f lead she produces 16% o f tho world’s total pro
duction. Yot unquestionably Germany has for years controlled tho zinc
and load metal markets o f Europo and of tho rest of tho world except tho
Unitod States. What Is tho secret o f her power? It Is not alone that sho
Is a largo consumer o f metal. For though sho consumes annually about
500,000,000 pounds o f copper more than sho produces, sho consumes only
23% of tho world’s zinc against her own production o f 28% o f tho world’s
output, and o f lead sho consumes only 20% o f tho world’s output against
her own production o f about 16%. Yet sho completely controls tho zinc
and load markets o f the world. Tho secret o f her power lies in tho fact
that her groat motal firms act in concert In tho purchaso o f zinc and lead
ores, co-operate In tho control o f smelters and refineries and by tho free use
o f unlimited credit oxtended to them by tho German banks, who thomsolves
participate in these Industrial enterprises, thoy are enablod to buy and sell
hugo quantities o f motals, thereby influencing tho market prices.
A six-hour work-day, a five-day week, an increase in
wages of miners, and nationalization of the coal mines of
the country, recommended on March 18 by Frank J. Hayes,
President of the United Mine Workers of America at the
opening session at Indianapolis of the Policy Committee of
the organization, were concurred in by the sub-committee
of tho General Policy Committee in its report to the latter
on March 20. It is also stated that it has been recommended
that tho international union officers draft for presentation
to tho miners’ special convention a tentative bill to be pre
sented to Congress for mine nationalization. With regard
to the recommendations of President Hayes, the press dis
patches from Indianapolis on March 18 said:
Ho also recommended that miners havo the right to organize and to
bargain collectively with the Government In making wage scales in case
of nationalization of mines.
Diverging from his prepared formal recommendations and remarks
Pres dent Hayes siad to the conference:
" I t is unfortunate that tho press and the public sometimes have mis
understood tho attitude of the miners and tho labor movement in regard to
important matters. What we recommend and what we hope to attain is
not Bolshevism. We are not Bolsheviks.”
Mr. Hayes said ho recommended the six-hour day and five days a week as
a remedial proposition to solve the peculiar existing situation in the mining
industry of tho country. He called attention to unemployment under the
present system and hazards of the industry.
In support of his recommendations for a substantial increase of all tonnago, day work, yardage, and dead work prices, Mr. Hayes cited tho cost
of living and what he said was lack of opportunity for miners to make an
average wage because of idleness at tho mines.
Recommending the nationalization of the mines, Mr. Hayes said:
“ I feel we should use all the economic and political power of our great
organization to attain this end. . . . The nationalization of mines
will substitute co-operation for competition and Insure in a practical way
tho stability of tho great basic industry In which we are engaged. . . .
Under tho nationalization of mines we find a practical way to realize the
roforms so necessary to tho well-being of the mine workers.”
With regard to the proposed six hour day the New York
“Tribuno” of the 19th said:
11 2 4
THE CHRONICLE
John Mitchell, Chairman o f the New York State Industrial Commis
sion, who from 1898 to 1908 was President of the United Mine Workers of
America, said yesterday the six-hour day in the mining industry would not
affect production or inconvenience the public.
“ The bituminous mines are now running only two or three days a week,"
said M r, Mitchell, “ and thero is much unemployment. Under normal con
ditions bituminous mines aro operated only 200 days a year. Even under
the six-hour day system thero would not bo full time work for all tho men.
“ Present conditions aro tho result of the development of too many mines.
The possible production is so much greater than the possiblo consumption
that there is not enough work to go round.”
WEST
V IR G IN IA
M I N E R S PROTEST A G A I N S T RED
FLAG BILL.
At the opening of tho extra session of the West Virginia
Legislature on March 11 resolutions adopted by Miners’
Unions of Districts 17 and 29 threatening armed resist
ance against “the ruling classes of this State” in the
event of the enforcement of the Red Flag bill were read into
the Senate Journal. The resolution, it is stated, menaces
tho Governor and Legislature if the bill becomes a law and
the miners have gone on record as saying they would “not
hesitate for a moment to take up arms and resist enforce
ment of the Red Flag bill.” In part the resolution reads:
In the event that our righteous protestations and our desire for peaco,
order, and harmony as citizens o f West Virginia are ignored by the law
making powers o f West Virginia and that those bills aro enacted into law
and aro upheld by the courts o f tho State, we hereby servo notice on tho
ruling class of this State that whereas labor, by tho might o f its arm stands
fourteen to one, our only moans o f warfare either offensive or defensive is
the strike.
But as a final arbiter of tho rights o f public assemblage, free speech and a
free and uncensored press, wo will not for a single moment hesitate to meet
our enemies upon tho battlefields, and thero amid tho roar o f cannon and
the groans o f the dying and the crash of systems purchase again our birth
right o f blood-bought freedom.
Tho anti-rod flag bill was passed by tho House on Feb. 22
at tho regular session of the Legislature.
N E W YORK S E N A T E PASSES A N T I - RED FLA G BILL.
The Anti-Red Flag bill introduced in the New York Senate
by Senator Law of Westchester, making it a misdemeanor
for any person to display the red flag of anarchy in any public
assembly, as a symbol of any organization or in furtherance
of any political, social or economic principle was passed by
the Senate on March 14 without a dissenting vote.
[V ol . 108
tion of overtime and Sunday work on Government contract8
because of which the carpentei’s had been earning abnor
mally high pay. The men demanded an increase in their
regular wages from 85 50 to 86 50 per day, which was re
fused. Strikes were thereupon callod on eight rush jobs in
Now York City, including the Pennsylvania and Commodoro
Hotels and the army base in Brooklyn, in violation, it was
said, of tho carpenters’ agreement, which did not expire
until Dec. 31. Between Dec. 15 and Jan. 7 tho international
officers of tho Carpenters’ Union called sympathetic strikes
on the work of members of tho Building Trades Employers’
Association located outside of New York City, and finally,
at tho end of January, tho bricklayers and hoisting engineers
ordered sympathetic strikes, also in violation of agreements.
The employers thereupon declared a lockout against the
mombers of those unions, and the union retaliated by de
claring a strike against all work of the Building Trades Em
ployers’ Association. At one time the strike threatened to
become nation-wide and to involve all the building trades.
But tho Federal Government brought its influence to bear
and ai’ranged a conference at Washington between the leaders
of the opposing forces. This conference proved fruitless,
but led to others which eventually brought about a settle
ment.
A feature which complicated the situation was the fact
that William L. Hutcheson, President of the Brotherhood of
Carpenters and Joiners, was also a member of tho War Labor
Board, and although Mr. Hutcheson declared he would not
sit on any case affecting his own union, tho employers de
clined to join in the necessary joint request for tho interven
tion of tho War Labor Board.
After a series of conferences at New York and Washington,
an agreement was finally reached on Feb. 24 to submit all
matters in dispute to a conference committee composed of
three men selected by tho employers and threo by tho work
men. All matters upon which the committee failed to agree
after three days were to be submitted to Judge Dugro, as
arbitrator, whoso decision has just been rendered.
PRICE CH A N G E S I N B U I L D I N G M A T E R I A L S .
With the formal opening of the 1919 building soason
material price changes were effective on March 17 that will
R E S IG N ATIO N OF W . B. S Y M M E S JR. A S SOLICITOR give temporary advantage to prospective buildors, accord
OF U N I T E D S TA TE S FUEL A D M I N I S T R A T O R .
ing to tho Dow Service Daily Building Reports. The lat
Tho resignation of William B. Symmes Jr., Solicitor of tho ter’s advices of the 17th also said:
United States Fuel Administration, was announced on Quotations offectivo this morning will show a dollar drop in tho price of
wall plaster to $23 30 a ton, delivered in Now York, a slight change
March 18. Mr. Symmes, who is a member of the firm of neat
of the builder in small size window glass roprosonting slight shading
Davis, Symmes & Schreier, of New York, will resume the inon favor
tho part of jobbers desiring to move old stocks, tho comploto withdrawal
practico of law. It is stated that Fuel Administration of listed selling prices of sand, gravel, grit, and possibly crushed stono in
tills market, thereby throwing the markot wido open to tho best prico the
affairs are now so nearly closed up that Mr. Garfield decided buyer
can get, depending upon quantity and location of job. Hydrated
the resignation of Mr. Symmes could bo accepted, effective lime buyers
aro being urged to got into tho markot on tho prosont lovel duo
March 31.
to Ohio prico fluctuations. Common Hudson brick is face to faco with a
BU ILDIN G
TR ADES
WORKERS
W A GE S .
GET
IN C R E A S E
IN
The widespread strike of carpenters and other building
trades workers against tho Building Trades Employers’
Association was finally settled on Mar. 18, when Supremo
Court Justice Henry Dugro, as umpire, announced an award
that granted an increase of about $1 a day to all classes of
labor. Justice Dugro was chosen umpire with tho approval
of the Secretary of War and tho National War Labor Board
when a joint committee representing employers and workmen
failed to reach an agreement. The awflrd provides that
carpenters employed at shop work shall receive 85 50 a day
and those employed outside shall receive 86 a day. After
July 1 the scale shall be 85 75 for inside work, and 86 25 for
outside work. In his letter announcing the award Justice
Dugro said:
Tho inception o f tho controversy between tho parties took place in tho
month o f tho armistico, and it may well bo that a domand o f that kind for
$6 GO a day as the rate for 1919 was reasonable, but to-day peaco has been
considered practically an assured fact, and such expectation of groat domand
for carpenters in 1919 as could have been considered reasonable in Nov.
1918 cannot now bo so considered. Government work lias, or probably
will, slacken, and general building operations havo not yet boon undertaken
to any great extent. The stage o f such operations, in which the servicos
o f carpenters will bo in domand, will not bo present in tho immediate future.
With theso considerations in mind, and such othors as were presented at
the hearing, I am o f tho opinion that tho rate to be paid should not bo fixed
for the entire period o f tho remainder o f the year, but that a lower rate
should be fixed for the period preceding July 1, noxt, than for tho six months’
period thereafter.
With regret that I am not free from doubt as to tho reasonableness of the
decision, but in tho hope that it may nevertheless bo satisfactory, particu
larly as the later period is of short duration, and tho period whoroin a
proper rate for future observance will bo more roadily determinable than
now, I announce this decision.
The strike began immediately after the signing of tho
armistice in November, and was caused in part by the cessa
further prico advance, not so much becauso of scarcity of brick in tho
wliolosalo market hero, or up tho river, but becauso of now labor conditions
that aro to bo formally presented to tho brick manufacturers this wook
by tho bargo men, and, finally, tho statistics covering tho Portland comonb
industry of tho country, and particularly of zones 1 and 2 supplying this
district show that there is no surplus cement or comont clinker on hand
with which to start tho present building season.
Other items showing a tomporary turn in favor of tho buildor aro in
equipment lines, thero being frequent declines in iron sash weights and cast
iron pipe interests aro watching tho pig iron markot for further docllnos.
Somo drops have been made in insulated wire, some asbestos comont, a
continuation of drop in rubber covered wiro and somo adjustmont is ex
pected in certain steel products used In building oquipmont.
Taking tho markot in its three general phases, basic, supplemental and
equipment materials, it is significant that practically tho only doclincs aro
In tho last two classifications. Tho drop in dolivorod prico of noat wall
plaster this week is a dealer cut and was not duo to any cliango in tho prico
mado by manufacturers. In tho basic materials, like clay products,
calcined materials such as lime, comont, &c., quotations aro favorable to
builders to-day in that tho manufacturers of theso commodities oithor
cannot toll what their costs aro going to bo tills year or tiioir rosorves aro
so low as to indicate beyond any question that tho prosont prico lists aro
whero they aro for immediate acceptance. It is cortain that tho building
soason will closo with prices for all basic commodities liighor than tlioy aro
now.
For instance, Portland cement shipments out of zones 1 and 2 in January
and February almost equal tho quantity shipped during 1918. when tho
Government was crowding tho mills to produco comont for war require
ments. It is in excess of two-tliirds of tho comont stock movomont for tho
samo two months in 1917 before the country entered war. For tho coun
try tho shipments in January and February wero almost oqual that for 1918
as an averago, with certain Middlo Western and Central States oxccodlng
tho domand by 50%, notably in Pennsylvania and Ohio. Nebraska and
Oklahoma wero among the States that showed declinos. Tho stocks on
hand aro about tho samo as at this time last year when tho mills woro
producing their full war-timo quota which simply moans tlioro is no surplus.
With Stato road work and a domestic building yoar that is looming into
unexpected proportions, thero is considered to bo no chance of prico reduc
tion on this commodity. All clay products, whothor brick or sanitary
porcelains aro being held firmly to prosont prices.
Tho movement for prico stabilization in tids district will bo crystalizod
In northern Now Jersey Tuesday, when building manufacturers, doalors,
lenders and Individuals and firms from all counties in that part of tho Stato
will meet at tho City Hall, Patorson, with representatives of tho Govern
ment to take up tho building material prico situation and try to mutuallzo
M a r . 22 1919.]
THE CHRONICLE
tho Fo'loral Government’s efforts to oncourago building work o f all kintd
with thoso of tho private bankers and individuals, who want to build as
onco, but who fear either price inflation or price reaction. A call to 500
building interests in tho Now York metropolitan district lias been sent
out for this conference.
DR. TA USSIG OF TARIF F C O M M IS S IO N ON M IS S IO N
ABR OAD TO T A K E PA RT I N R E A D J U S T M E N T S
OF C O M M E R C IA L TR EATIE S.
It was announced on Mar. 5 that Dr. F. W. Taussig,
Chairman of tho United States Tariff Commission, had baen
diroctod by President Wilson to proceed to Paris for the
purpose of taking part in tho readjustment of commercial
treaties and similar problems. Bernard M. Baruch, who
was Chairman of the War Industries Board, and is now in
Paris with Chairman McCormick of tho War Trade Board,
is said to have asked that Dr. Taussig be sent to Paris.
Mr. Taussig was expected to reach Paris simultaneously
with the President. Tho Tariff Commission was authorized
by Congress to investigate the tariff relations botween tho
Unitod States and foreign countries, commercial treaties,
preferential provisions, economic alliances, and tho effect
of export bounties and preferential transportation rates.
For two years it has studied in detail commercial treaties,
reciprocity, preferential arrangements, bargaining tariffs,
and colonial tariff systems. A report covering over 500
pages on “Reciprocity and Commercial Treaties is about to
be published. This roport includes a consideration of all
the reciprocity oxporionces of tho Unitod States, of tho most
favored-nation clause in commercial treaties, and tho bar
gaining tariff systoms of loading European countries, and
in preliminary form, together with much information on
othor subjects in tho possession of the Tariff Commission,
has boon made available at tho Peace Conference.
Concerning tho report a statement issued by tho Tariff
Commission says in part:
The study of American policy and practice in regard to commercial
treaties deals mainly with tho use o f tho most favored nation clause. This
section includes a historical record of Amorican diplomatic and judicial
practice in regard to tho clauso, an analysis of tho various forms in which
this clauso appears, a comparison o f tho European and tho American
theory and practice in regard to its use and interpretation and an analysis
of tho relation o f most favored nation treaties to tho practico o f making
special reciprocity agreements. The recont denunciation by Great Britain,
France Italy, and Russia of all of their most favored nation treaties and
their reported intention to abandon tho historical European practice in
regard to the interpretation of tho most favored nation clauso makes this
study of immediate interest.
Tho Commission introduces tho report with a statement o f its recom
mendation with regard to the policy now desirable lor the United States.
Tho arguments for and against tho practico ot making special reciprocity
arrangements are summarized, and tho recommendation is made that tho
United States follow the policy of equality of treatment in its commercial
and tariff policy. “ Equality o f treatment,” the Commission says, "should
moan that tho Unitod States treat all countries on the same terms, and in
turn require equal treatment from every other country. . . . Each
country— tho United States as well as others— should bo left free to enact
such measures as it deems expedient for its own welfare. But tho measures
adopted, whatever they be, should bo carried out with tho same terms and
tho same treatment for all nations.’
In order to prevent unequal treat
ment of American commcrco by foreign countries the 1ariff ( ommission
recommends tuo enactment by Congress of penalty duties to be imposed
at tiie discretion of tho President on tho products of countries which dis
criminate against tho United States.
M A X I M U M PRICES FOR IIARI) A N D S A L M O N BR IC KS
P UR CH ASED FOR GOVERNMENT.
1125
X
D istrict N o . 6.— States of Tennessee, North Carolina, west of and includin
Asheville, South Carolina, Georgia, Florida and Alabama:
H a rd .
S a lm on •
W. G. Bush & C o., Nashville, Tenn----------------------------- $10 50
$8 50
Dolores Brick C o., Molino, Fla---------------------------------- 10 50
8 50
Shepherds Bros., Columbus, Ga----------10 50
8 50
llickerstaff Brick Co., Columbus, Ga-------------------------- 11 00
9 00
Georgia-Carolina Brick C o., Augusta, Ga------------------- 11 50
9 50
Geo. O. Berry, Columbus, Ga------------------------------------ 12 50
10 50
Pee Deo Brick & Tile Co., Marion, S. C ___________ - . . 12 50
10 50
Standard Brick Co., Macon, Ga-------------------------------12 50
10 50
Bibb Brick C o., Macon, Ga...............
12 50
10 50
Cherokee Brick C o., Macon, Ga-------------------------------12 50
10 50
11 00
Excelsior Brick C o., Montgomery, Ala— ...............- - 13 00
Guignard Brick Works, Columbia, S. C ---------------------13 00
11 00
Carolina Brick C o., Kingston, N. C --------------------------15 00
13 00
Chatahooche Brick Co., Atlanta, Ga-------------------------- 15 00
13 00
Birmingham Clay Products C o., Birmingham, Ala------------ -------- 18 00
Southern Clay M fg. C o., Birmingham, Ala------- -------- --------- ------ 18 00
D istrict N o . 8.— State of Pennsylvania, west of Harrisburg (includ
ing Metropolitan Brick C o., Canton, Ohio):
Hard burned-------------------------------------------------------------------------16 00
Except Yingling-Martin Brick C o., Pittsburgh, Pa.
Hard burned_________________________________________________ 18 42
D istrict N o . 9.— States of Ohio, Michigan, West Virginia and East
ern Kentucky:
Hard burned-------------------------------------------------------------------------Light burned or salmon----------------------------------------------------------Except Goo. II. Clippert & Son Brick Co., Detroit, Mich.
Hard burned_________________________________________________ 14 50
Light burned or salmon----------------------------------------------------------- 12 50
D istrict N o . 10.— States of Illinois, Indiana, Western Kentucky, and
Southorn Wisconsin, including Madison:
Hard burned_________________________________________________ 15 50
Light burned or salmon----------------------------------------------------------- 13 50
D istrict N o . 12.— States of Mississippi, Louisiana, Arkansas, Kansas,
and Texas, except El Paso County:
Choctaw Brick & Gas Co., Mansfield, Ark—
Hard burned_________________________________________________ 15 00
Light burned or salmon----------------------------------------------------------- 13 00
Coffoyville Vitrified Brick & Tile Co., Coffeyvillo, Kans.—
Hard burned_________________________________________________ 12 00
Light burned or salmon----------------------------------------------------------- 10 00
D istrict N o . 14.— States of California, Nevada, Arizona, New
Mexico, and El Paso County, Tex.:
Hard burned-------------------------------------------------------------------------- 14 00
Light burned or salm on.------- -------------------------------------------------- 12 00
D istrict N o . 16.— States of Missouri, Iowa, Nebraska and Oklahoma:
Hard burned_________________________________________________ 16 50
Light burned or salmon----------------------------------------------------------- 14 50
D istrict N o . 18.— Chicago district:
Hard burned_________________________________________________ 11 00
9 00
Light burned or salmon----------------------------------------------------------Sand lime brick----------------------------------------------------------------------- 14 50
At a meeting of the Price Fixing Committee on Feb. 26,
the following maximum prices were fixed to cover Govern
ment purchases of gypsum wall board and gypsum plaster
board made at the tentative prices, the prices to be f. o. b.
cars at tho plants of the companies named per 1,000 square
feet:
G uim im W all Board, % inch thick, 32 and 48 in ch es w id e, o f varying lengths
P er M .
Sq. Ft.
Bestwall Manufacturing Co., Chicago, 111------------------------------------S‘22 00
Buttonlath Manufacturing Co., Ix>s Angolos, Cal------- '.---------------- 23 00
Schumacher Wall Board C o.. Los Angeles, Cal----------------------------- 23 00
Unitod States Gypsum C o., Chicago, 111------------------------------------- 22 00
G ypsum Plaster Board, H inch thick, 3 and 36 inches w id e, o f varying lengths
Tho American Cement Plaster C o., Chicago, 111-------------------------- 18 50
J. P. Duffy C o., Brooklyn, N. Y ............................................ - ......... - 21 00
Hercules Plaster Board C o., Hampton, Va........................ - ................ 28 00
Kelloy Plaster & Plaster Board Co., New York, N. Y ....................... 21 00
J. B. King & C o., Now York, N. Y --------------------------------------------20 00
The Now Jcrsoy Adamant Manufacturing C o., East Newark, N. J . 21 50
Plymouth Gypsum C o., Fort Dodge, Iowa---------------------------------- 23 00
M . A. Roob Corporation, Buffalo, N. Y ----------------------------------- 19 00
Rock Plaster Manufacturing Co., Now York, N. Y . . . .................
22 00
Unitod States Gypsum C o., Chicago, III............................................... 18 00
At a mooting of tho Price Fixing Committee, held on
Fob. 27, the following maximum prices were fixed to cover It was also announced that tho price for 5-16-inch wall
Government purchases of brick mado at tentative prices— board and plaster board had been fixed at SI per 1,000 square
tho prices named aro per thousand f. o. b. trucks or cars at feet less than the price for %-inch wall board and plaster
plant; an additional charge of $2 per thousand to be allowed board.
where brick must bo trucked or loaded on cars at nearest
railroad siding outside plant; the prices are based upon not
less than 75% hard-burned brick nor more than 25% light- DISPOSAL OF SURPLUS A C I D STOCKS H E LD B Y
burned or salmon brick:
G O VE R N M E N T.
D istrict N o . 1.— Now England States and Now York Stato north of Albany
According to an announcement made by tho War Depart
and oast o f Meehanicsvillo:
Hard burned__________________________________________________ 817 50 ment through the Office of the Director of Sales, surplus
Light burned or salmon--------------- -------- --------■ ----------------------- 15 50 stocks of acids owned by the War Department are to be dis
Except Duffnoy Brick C o., Meehanicsvillo, N. \
posed of in co-operation with tho acid committee and in
Hard burned_________________________________________________ 12 50
The announcement
Light burned or salmon---------------------------------------------------------- 10 50 such a way as not to affect the market.
D istrict N o . .3.— Stato of Now Jorsoy north of Trenton:
made
public
March
14
says:
Hard burned---------------------- -------- ------------------------------------------- 10*50
Light burned or salmon---------------------------------------------------------Long Island, N. Y .:
Hard burned_________________________________________________
Light burned or salmon______________________
H a rd .
Adams-Payne & Gloaves, Roanoke, Va------------------- . . 812 00
Asheville Brick & Tile C o ., Fletchers, N. C -------------- - - 12 50
..
12 50
. . 15 00
..
16 00
Nansomond Brick Corp., Norfolk,
. . 11 00
Clicrokoo Brick C o., Raleigh, N. C
. . 14 50
Fulton Brick Works, Richmond, V
- - 15 00
This policy was agreed upon at a meeting held in tho Office of tho Director
of Sales by representatives of the War and Navy Departments and the
Chemical
Alliance.
12 50
Figures presented by tho sales office showed that the approximate quan
11 ;,|1 tities of surplus acids hold by tho War Department are as folllows:
Sulphuric acid, 4,400 tons; oleum, 300 tons; nitric acid, 1,000 tons;
S a lm o n .
810 00 mixed acid, 2,600 tons; spent acid, 700 tons.
Tho Navy Department reported that it had no surplus acids for sale othor
15 00
10 50 than thoso contained in its recent advertisement on which bids have already
boon
received. The entire amounts in the hands of the Government aro
13 00
14 00 very small, compared with tho total production and consumption of the
9 00 country.
Those present at tho meeting were: E. C. Morse, Assistant Director of
12 50
13 00 Sales; Capt. A. L. Mercer, Chief, Raw Materials Section, Offico of Director
14 50
1126
THE CHRONICLE
of Sales; Capt. M . J. Connolly, Office of Director of Sales; Llout. Col.
13. C. Goss, Chemical Warfare Service; Lieut. E. It. M oody, Ordnance
Department; Lieut. C. C. Peterson, Navy Department; Lieut. Hay P.
Dunning, Navy Department; Charles Barban, New York District, Ord
nance Salvage Board, representing the Government, and Horace Bowker,
President of the Chemical Alliance (Inc.); W. I). Huntington, Chairman,
Committee on Acids, Chemical Alliance (Inc.), and the full membership
o f the Committee on Acids, Chemical Allianco (Inc.).
F I N A L REPORT OF EXPORTS CONTROL C O M M I T T E E C O N T I N U A N C E OF P E R M I T S Y S T E M .
The final report of the Exports Control Committee which
was disbanded at its own suggestion on March 1 (as announ
ced in these columns Feb. 15, page 640), was made public
by the U. S. Railroad Administration on March 11. The
committee was established on June 11 1918 for war purposes
to control the flow of export traffic. The report, which was
for the week ended Feb. 28, shows that in the South Atlantic
and Gulf districts the permit control on all bulk grain, both
export and domestic,and all sacked grain for export destined
to or via the Gulf port elevators, lias been romoved. The
Railroad Administration in its announcement regarding the
report, also says:
In the future carriers will not require permits for grain moving to or via
any of the Gulf ports.
The embargo restrictions calling for permit system on iron and steel
articles when destined to South America, Central America, Mexico, Cuba
and tlie West Indies, have also been withdrawn, so that the only movement
subject to permit control will be on iron and steel articles moving overseas.
The report shows that there are 28,000,000 bushels of grain at Buffalo
afloat for the Food Administration and Wheat Export Co., in addition to
tlie grain in elevators. Applications will shortly be presented covering a
movement of approximately 0,000,000 bushels o f grain a week via North
Atlantic ports, divided according to conditions at the ports, ample shipping
program being available to promptly take caro of grain on arrival.
As to Gulf ports, the stock of grain at New Orleans is 4,345,000 bushels,
with only otio ship in port and six overdue with total grain allocations of
930.000 bushels.
In part the report says:
Owing to the Exports Control Conimitteo going out of existence effective
March l 1919, this report will be the final one o f the committee.
The situation has been given from week to week showing the fluctuations
in accumulations at the various ports and pointing out conditions from
time to time as tho reports have been made.
Tlie total number of cars on hand at North Atlantic ports as of tlie 25tli
instant was 34,548, while for Fob. 18 there wore 32,707, showing an accumu
lation of 1,781 cars during the week at North Atlantic ports, in addition
to tho 1,331 cars of tlie previous week.
As of tho 25th instant, reports indicate at North Atlantic ports 10,823
cars of food for export on hand, exclusive o f bulk grain. This is 1,183 cars
more than last week.
The Food Administration has issued a notice to tho effect that all appli
cations for railroad shipping permits for the movement of sales of coarse
grain to neutral countries must represent a bona fide salo; must show
steamer name, steamship line, and prospective date of sailing (this informa
tion to be inserted by the interested steamship company). Further, in
no case will a permit be granted unless sailing date can bo assured within
a reasonable time from date of application. In line with tho foregoing,
applications have been received from the Food Administration covering
150.000 bushels of rye for export via Baltimore to a neutral country.
Of tlie grain at Buffalo, approximately 8,000,000 bushels of oats are for
account of ti e Wheat Expert Co. Of this amount 1,500,000 bushels are
afloat, and as the contract of the Wheat Export Co. calls for return of boats
to the owners by Arril 1, in order to engage in tlie coal and ore trade on the
Lakes, the Wheat fcxport Co. advises it will lie their intention to apply
for permits through the Food Administration for approximately 500,000
bushels of oats per week.
Cable advices received by tlie Wheat Export Co. authorize them to
incref.se loading of flour and wheat to the United Kingdom ports, and
'ocean programs are being arranged accordingly.
The grain situation indicates that at North Atlantic ports, with a total of
23.025.000 bushels working capacity, there are 22,449,000 bushels of grain
in tho elevators and held in cars for unloading. While there has been
received in the elevators 4,105,000 bushels, there has only been cleared
during the week 2,765,000 bushels, or approximately 08% Cleared of
receipts.
Applications aro continuing to come in from the trade for storago space
in carriers’ facilities at tho ports for export cottonseed cako for an indefinite
period, but unuer existing conditions it is found necessary to require the
exporters to make definite ocean engagements, furnishing the name of tho
vessel and duo date at file port at which tho cake is to lie handled before
allowing them to make shipments from the mill. Fifteen days in advance
of expected arrival is allowed for assembling, assorting and sacking the
cargoes on specified port terminal, which plan lias enabled them to do con
siderable business, particularly through tho ports o f New Orleans and
Savannah.
As the result of requests of the Dallas Cotton Exchange and on tho
recommendation of the regional traffic assistant o f tho Southwestern Hegion, tlie Southern Export Committee will delegate a representative at
Dallas, Tex., to handle through export bill o f lading authorities witli car
riers for the convenience o f the Dallas cotton shippers. Tlie arrangement
at Dallas is similar to that at Memphis, at which point a representative
was delegated to handle bill o f lading authorities effective Jan. 28 1919.
A conference was held in New York on Friday, the 21st, with exporters
and ocean representatives of tho I’acific Coast steamship lines. Two sub
jects were considered: hirst, tho discontinuance of tho permit system at all
ports; second, the readjustment of transcontinental export rates from Pitts
burgh and other territories to I’acific Coast ports to meet competition
through Atlantic ports to the Orient.
It was clearly shown by Hailroud Administration representatives that
the continuation of the permit system was absolutely essential to tho proper
regulation of the export movement,and that this regulation was to tho
interest of tho exporters and steamship linos, as well as the railroads.
Tho Chicago ami New York representatives o f the Pacific Coast com
mittees will ho given some additional latitude in tho matter of permits
that wil prove helpful. No action, however, was considered necessary
in regard to transcontinental export rates at this time.
‘
[Vol. 108
S E CRETARY L A N E TO C O N T IN U E EFFORTS
S O L D IE R -S ETT LE M E N T LEGISLA TION.
FOR
Although Congress adjourned without bringing to a vote
the proposed legislation which, if enacted into law, would
have made it possible for the Department of tho Interior
to begin work immediately on tho construction of soldiersettlements and provide work and homes for thousands of
our returned soldiers, sailors, and marines on reclaimed land,
tho fact that the bill was favorably reported in both tho
House and Senate, and the nation-wido approval of tho plan
as evidenced by the hundreds of lettors of endorsement
received daily at tho Department, have lod Franklin K.
Lane, Secretary of the Interior, to take tho stand that
there is overy reason to believo that a similar bill will be
favorably considered at the coming special session of Con
gress. He is accordingly continuing tho preliminary work
of investigation as far as the limited funds at his disposal
will permit, and is also endeavoring to ascertain for the
information of Congress the attitude toward tho plan of as
many men in the servico as he is able to reach through tho
distribution of questionnaires at the various camps and
naval stations throughout the country.
Every consideration of tho bill calling for an appropriation
of 8100,000,000 for the reclamation and occupation of
215,000,000 acres of tillable soil in this country by returned
soldiers was asked by Secretary Lane at a meeting of Con
gress held in tho House Chambor on Jan. 10. Tho develop
ment of arid swamps and cut-over lands to provide farms for
returning soldiers is described as one of tho big reconstruction
problems by Secretary Lano. In pointing this out in his an
nual report, made public on Dec. 11, Secrotary Lano noted
that of immediate importance is tho proposal that tho Gov
ernment systematically go about the task of providing work
for soldiers on existing irrigating projects in the West. By
systematic Government dovolopmont of idlo lands,” said
Mr. Lane, “there will bo providod immediate jobs for thoso
mon, labor markets will bo protoctod against possible
collapso by being swamped with a surplus of labor, re
established industries will bo supplied with an immediate
demand for their products, tho movemont of population to
cities will bo checkod, many “best proven Americans” will
bo affixed permanently to agricultural occupations, and
groat areas of land now neglected and valueless will bo
brought into use.” Mr. Lano also said:
As an immediate program wo sliouUl first offer an opportunity upon
our present irrigation projects for all who wish work at clearing and
leveling tho land not now cultivated but for which water is available or to
which water can be brought under tho present irrigation system, and that
such tracts shall bo developed under an appropriate land-settlement plan.
This we can do at once and meet whatever labor problem may tie im
mediate.
As a second step I would urgo an appropriation for one or more of tiio
largest irrigation schemes for which surveys aro in an advanced state.
Concurrently, it would seem to mo wiso to undertako tiic draining of the
most promising projects— Government-owned land proferrod, but, if
privately owned, the land to bo bought at an appraisement made by tho
Farm Loan Board and subject to tho approval of tho Department of
Agriculture.
There is an alternative method of dealing with private lands, which
already has tho approval of Congress, being incorporated in tho reclamation
Act. Under this a private owner agrees to sell his land to wlioover gets
the water right at an appraised price as a condition precedent to our under
taking the construction of irrigation work. Under such a plan there would
be no difficulty whatever in securing control of any sized bodies of cutover
or swamp lands that might bo desired; the Government would not buy tho
land, but tho owner would look to tho now settler for tho prieo, and take
it on such terms as tho Government itself would exact for its own expendi
ture upon the lands. Supplementing tills, there should Do an opportunity
given for the co-operation of all tiio States upon limited tracts which would
be dealt with under State control and subject to tho closest Federal super
vision.
Secretary Lano announces that ho is in thorough accord
with Congressman Taylor of Colorado, the author of tho
bill introduced at the last session of Congress for putting
tho soldier-settlement plan into effect, who said;
I can only say to tiio House and to tho country, and to tho many
tnousands of our splendid boys who will bo sorely disappointed by tills
failure of tho House to pass this Dill or Act upon this subject, that I will
reintroduce tiio bill on tho opening day of tho next session of Congress
and push tho measure witli all tiio energy I possess, and l sincerely hope
and believe that it will bo speodily enacted into law. And I also hope that
instead of tho appropriation being for 8100,000,000, it may bo five times
that amount; because oven thill we will not, in proportion to our wealth
and resources, bo doing nearly as much for our returning soldiers as is being
done by Canada, Australia, and all other English-speaking countries. I
am not oty confident that this measure will bo adopted, but t firmly
believe it will go down in history as one of tho groat constructive policies
of our country.
According to a statement issued at Secretary Lane’s office
March 18 many of tho State Legislatures have not met re
cently, but a large number of tho States liavo already taken
action by appropriate legislation or by tho appointment of
committees to co-operato witli tho Federal Government in
connection with the soldier-settlement plan of tho Depart
ment. The action so far reported to tho Department is
M a r . 22 1919.]
1127
THE CHRONICLE
summarized in the Secretary’s statement, but wo liavo not SU P R E M E COURT UPHOLDS CO NVIC TI ON OF D E B S
U ND ER E S PIONAGE A C T .
room to reproduce it here.
As pertinent to tho request for the Congressional appropri The convictions of Eugene V. Debs, the Socialist leader,
ation of $100,000,000, tho Department of tho Interior on and Jacob Frohwerk, editor of the Missouri “Staats-Zeitung”
Feb. 26 made public tho following prediction and answer: of Kansas City, Mo., under the Espionage Act were upheld
Secretary Wilson o f tho Department o f Labor, says:
“ The present period o f readjustment is the critical time. Tf wc can pass by the U. S. Supreme Court on March 10. Both men were
through it safely, wo have boforo us from eight to ten years of industrial sentenced by the lower courts to ten years’ imprisonment.
activity equal to any wave o f prosperity we oven have had. But if there Is While not passing directly upon the constitutionality of the
any serious unemployment, there will be a period of industrial unrest which
Act, the Court, in effect, did declare valid the so-called
may lead us to a repetition of tho French or tho Russian Revolution.”
enlistment section, and reaffirmed its opinion that the
Secretary Lane, of tho Department of tho Interior, says:
" I f Congress will appropriate the relatively small sum which I liavo asked Espionage Law is not an interference with the constitutional
for tho construction of soldier-settlements in every State In tho Union
I can offer jobs almost immediately to 100,000 of our returned fighting men, right of free speech. Debs was convicted on three counts,
thus helping to stem tho tide of Industrial unrest predicted by Secretary but tho Court passed directly on only one of these, that
Wilson- provide farm homes for 25,000 o f these men, tiius mitigating tho charging him with obstructing recruiting and enlistment
evils of tenantry; and bring into cultivation 1,500,000 acres of at present
unproductive land, tnus helping to make up tho deficiency in tho rate of through statements made in a speech at Canton, Ohio, last
growth o f cultivated land as compared with the rate o f growth of our June. Frolnverk’s conviction resulted from articles written
population. There can bo no surer insurance for tho nation than to put
by him and published in the Missouri “Staats-Zeitung,”
its men upon tho soil.
,
As long ago as last May, Secrotary Lauo, in furthoranco criticising United States’ participation in the war. A num
of his boliof that some thought should bo given to tho pre ber of other espionage cases are now before the Court, and
paration of plans for providing opportunity for our soldiers about 75 cases involving charges similar to those against
returning from tho war addrossod a lottor to President Debs are pending in Appellate Courts over the country.
Wilson proposing thoir establishment on farm homos on In affirming Debs’s conviction, Justice Holmes reviewed
public lands, and urging an appropriation for a commission tho caso in detail and held, in effect, that Debs had been
guilty of willful attempt to obstruct recruiting, and that the
to study tho problem._______ ____________
jury had been properly instructed by the lower court.
N A T I O N A L FOREIGN TR ADE CO NVENTIO N I N
Regarding tho Frohwerk case, Justice Holmes declared that
CHICAGO N E X T M O N T H .
tho first amendment to the Constitution, while prohibiting
The sixth National Foreign Trade Convention, to be hold legislation against free speech as such, was obviously not
in Chicago on April 24, 25 and 26, promises to be the most intended to give immunity for every possible use of language.
interesting as woll as tho most important of all the sories The indictment on which Debs was convicted charged him
of conventions which tho National Foreign Trade Council with attempting to incite “insubordination, disloyalty,
has hold. Foreign Trade Essential to American Industry mutiny and refusal of duty in the military and naval forces,
will bo tho theme of tho convention. It is expected that tho attempting to obstruct recruiting and enlistments and
first session of tho convention will discuss broadly tho need with uttering and publishing language intended to provoke
of maintaining our foreign trado from the point of viow of our and encourage resistance to the United States as well as to
increased industrial productive capacity; of our increased promote the enemy’s cause. When placed on trial, Debs
capacity for investment, both abroad and at homo; tho im called no witnesses in defense and made the only argument
portance of maintaining full and adequately paid employment n his own behalf. He made no attempt to deny the allega
of labor, and from tho point of view of our national fiscal tions of the Government’s attorneys, admitted his opposition
policy. One general session will bo devoted wholly to tho to tho war, and urged as his only defense the constitutional
subject of tho American Merchant Marine, with discussion guaranty of free speech. The press accounts from Wash
of American shipbuilding, of tho operation of ships from tho ington give tho following summary of Justice Holmes s
point of view of tho provision of cargo, the establishment of opinion:
trado routes and organization of concentration centres abroad Justlco Holmes, delivering the opinion, reviewed tho statements made
In his Canton speech virtually in detail, and also the charge that
for return cargoes; tho operation of the American navigation by Debs
been made by tho lower court to the jury.
system in comparison with the navigation systems of other had“ Without
going into further particulars,” Justice Holmes said, we
of opinion that the verdict on the fourth count, for obstructing and
maritime nations; and finally, a discussion of American are
to obstruct tho recruiting service of tho United States, must
national maritime policy. Another general session will bo attempting
sustained. Therefore it is less inportant to consider whether that
devoted to tho broad consideration of general foreign trade bo
upon tho third count, for causing and attempting to cause insubordina
&c., in tho military and naval forces is equally impregnable. The
problems.
, . tion, was
instructed that for tho purpose of the statute the persons desig
There will bo soveral group sessions, probably eight in jury
by the Act of M ay 18 1917 (Selective Service Act, registered and
number, for tho intensive consideration of the means and nated
enrolled under it, and thus subject to bo called into the active service,
of tho military forces of the United States. Tho Government
methods that may best bo employed to insure the imperative were a part
a strong argument from the history of tho statutes that tho in
expansion of our foreign trade. It is in these group sessions presents
struction was correct and in accordance with established legislative usage.
Wo seo no sufficient reason for differing from the conclusion, but think
that the answer to the question “how” will be made.
discuss tho question in detail.
_
In his formal call for the convention, James A. Farrell, unnecessary
theme of the Debs speech, Justice Holmes said, was Social
Chairman of the National Foreign Trade Council, said in ism,Theitsmain
growth and a prophecy of its ultimate success.
"With that,” ho continued, “ we have nothing to do, but if a part of
part:
.
Tho abrupt termination of the war in Kurope has brought the United tho manifest intent or the more general utterances was to encourage those
it
States suddenly faco to face with certain questions of grave concern to
American foreign trado and Industry.
Now, as never boforo, the United States must rely upon foreign trade to
mako certain tho full employment of labor and to proviede investment for
capital: to stabilize industry and prevent disturbance of domostic con
ditions' to insure tho permanent retention and operation of our now mer
chant vessels under the American flag: to maintain prosperity among
American producers and to forestall any retrogression from tho high stand
ards that have been achieved.
To give constructive consideration to the needs o f American foreign
trade enterprise in this emergency; to assist in devising means and methods
that will enable our overseas commerce effectively to meet the conditions
which it faces, and to arouse American manufacturers, farmers, merchants,
laborers bankers, educators, railway and steamship men— all tho factors
of foreign trade in all soctions of the cou n try- to tho imperative necessity
of bending thoir energies to tho prompt solution of theso problems, tho
National Foreign Trade Council hereby calls the Sixth National Foreign
Trade Convention to meet at tho Congress Hotel, Chicago, on Thursday,
F rid a y an d Saturday, April 2-1. 25, and 26, 1919. ^
to
present to obstruct tho recruiting service, and if, in passages, such en
couragement was directly given, the immunity of tho general theme may
not bo enough to protect tho speech."
Referring to statements made by Debs while addressing the Jury, In
which he said: “ I liavo been accused of obstructing the war. I admit it.
Gentlemen, I abhor war. I would oppose the war if I stood alone,"
Justice Holmes said:
“ The statement was not necessary to warrant the jury in finding that
ono purposo of tho speech, whether incidental or not does not matter, was
to oppose not only war in general, but this war, and that the opposition
was so expressed that its natural and intended effect would bo to obstruct
recruiting. If that was intended and if, in all these circumstances, that
would bo its probable effect, it would not be protected by reason of its
being part of a general program and expressions of a general and conscien
tious belief.”
. , , .
In deciding tho Frohwerk case. Justice Holmes only made a brief state
ment, in which he announced that the lower court’s sentence was upheld.
Later lio filed a written opinion, which was concurred in by all the members
of tho Court.
_ .
. .
Regarding tho contention made by Frohwerk that the hspionago Act
interfered with the right of free speech, the opinion said that the first
amendment to tho Constitution, while prohibiting legislation against free
speecli as such, obviously was not intended to givo immunity for every
possible use of language.
"W o venture to beliove,” tho opinion said, “ that neither Hamilton,
Madison nor any other competent person, then or later, ever supposed that
to mako criminal tho counseling of a murder, within the jurisdiction of
Congress, would bo an unconstitutional interference with freo speech.
Whatever might be thought of the other counts of the indictment if it
were before us, we have decided, In Schenck vs. the United States, that a
person may bo convicted of a conspiracy to obstruct recruiting by words
of persuasion."
Tho Chicago Executive Committee is in charge of all local
arrangements. It is composed of the following: John J.
Arnold, Chairman, Vice-President First National Bank;
Charles A. Munroe, Vice-Chairman, Chicago Industrial
Club; M. A. Graettinger, Secretary, Illinois Bankers Associa
tion; John II. Washburn, Treasurer and Chairman of Finance
Committeo, Continental & Commercial National Bank;
Harry II. Merrick, Chairman of Hotel Committeo President
Chicago Association of Commerce; George It. Meyercord,
Chairman of Publicity Committee, Illinois Manufacturers Dobs, four times a candidate for the Presidency of the
Association; II. G. P. Deans, Chairman of Entertainment United
States, bceran life as a locomotive fireman on the
Committee, Vice-President Merchants Loan & Trust Co.
1128
THE CHRONICLE
Terre H au te & Indianapolis R ailroad.
H o was born in
Terre H a u te , I n d ., 64 years ag o. F or years ho was promi
nent in the firem en’s brotherhood, playing an active part
in several big strikes.
In 188 5 , he was a m em ber of the
Indiana Legislature.
In 190 0 , ho ran for President on the
Social D em ocratic ticket, and he was the candiate of the
Socialist party in 1 90 4 , 1908 and 191 2 .
A n indication of the defiant attitu de of D e b s ’s followers
was furnished on M a r . 14, w hen, at a crowded m eeting in
C levelan d, addressed b y John R eed , the Socialist writer,
practically the entire audience, according to the newspaper
accoun ts, stood w ith upraised hands and swore th at “ either
‘ Gene D ebs would get ou t of jail or wo w ould all got in .”
P L A N S FOR M E E T I N G F I N A N C I A L R E Q U I R E M E N T S
OF R A I L R O A D S .
A n arrangement designed to enable the Railroad A d m in
istration to m eet current cash requirem ents, bu t not to
discharge obligations already incurred w ith railroad com
panies, was announced on the 18th inst. when it was stated
that a loan of $ 5 0 ,0 0 0 ,0 0 0 had been obtained from the W a r
Finance C orporation.
Director-G onoral H ines issued the
following statem ent relating to the loan:
Walker D. Ilines, Director-General of Railroads, to-day announced that
the Railroad Administration had obtained a loan of 550,000,000 from tho
ar Finance Corporation, tho Railroad Administration having given its
note to the War finance Corporation promising to repay tho $50,000,000
with interest at 0% on or before July 15.
Tho note is socured by an assignment of tho Director-General’s interest
in notes heretofore purchased by him, which assignment has been accepted
by tho Secretary o f tho Treasury. Theso notes wero themselves secured
by adequate collateral consisting of railroad securities.
The $50,000,000 thus secured from tho War Financo Corporation by tho
Railroad Administration is to bo used by tho' Railroad Administration to
meet the current cash requirements of tho Railroad Administration and
of the Federal Treasurers and will not bo available for payments on ac
count o f compensation duo railroad corporations or payments for equip
ment purchased by the Railroad Administration. Means of meeting theso
obligations are still under consideration and an announcement regarding
them will bo made within tho next few days.
In addition to the announcem ent of tho $ 5 0 ,0 0 0 ,0 0 0 ad
vanced by the W a r Financo C orporation, it was also m ade
known on tho 18th th at tho latter had approved an appli
cation from the Central of Georgia R R . for an advance of
$ 1 ,1 2 1 ,0 0 0 .
These loans, it was said, wero in addition to the
$ 7 0 ,0 0 0 ,0 0 0 aggregate advances previously m ade to indi
vidual railroad com panies.
It was pointed ou t that on
the 19th that other loans would bo m ade b y tho W a r Financo
Corporation to individual railroads, but th at the $ 5 0 ,0 0 0 ,0 0 0
was tho only direct loan possible to the R ailroad A dm inis
tration, since tho W a r Finance Corporation A c t limits to
this am ou n t advances to any singlo business interest.
It
was furthermore explained b y Director-G onoral Hines that
the loan mado b y tho Corporation to the R ailroad A dm inis
tration does not eliminate tho need for future appropriations
nor change tho Railroad A dm in istration ’s program for financ
ing purchases of equipm ent b y use of trade acceptances.
N eith er does it m o d ify, it was sta ted , tho proposed plan of
giving certificates of indebtedness to railroad corporations
for past d ebts.
Follow ing a conference w ith railroad execu
tives on M a rc h 20 a statem ent was issued b y D irector-G en
eral Hines announcing th at dividend p aym on ts, interest,
& c ., of approxim ately $ 7 0 ,0 0 0 ,0 0 0 , due A pril 1, would be
m et b y tho issuance of certificates of indebtedness. W o
quote his announcem ent herewith:
Walker D. Hines, Director-General o f Railroads, met to d a y again In
conference with railroad executives and at tho conclusion o f tho meeting
ho stated that the Railroad Administration was in a position to advise
definitely its policy with reference to tho April 1 requirements of the corcorporations, for interest, dividends, and other corporate needs.
The plan announced by tho Director-General is that tho Railroad Ad
ministration will issue its certificates o f Indebtedness to tho railroad cor
porations for amounts duo on account o f renewal and other transactions
arising out of Federal control. It is estimated that tho amount of the
April 1 requirements will be approximately $70,000,000. The War Financo
Corporation announces that it is prepared to receive applications from the
railroads for advances for their April 1 requirements on the security of
certificates o f indebtedness Issued by the Director-General.
Consideration is still being given by the Director General as to the
method to be adopted for meeting obligations duo from the Railroad A d
ministration to equipment companies. An announcement on this subject
will bo made In tho near futuro.
A conference between members of tho Federal Reserve
B oard and D irector-G eneral Hines was held on T h u rsd a y,
tho 20th in st., concerning this conference and the considera
tion b y the W a r Finance Corporation of the floating of
$ 2 0 9 ,0 0 0 ,0 0 0 of bonds on account of tho financial require
m ents of the railroads. T h e N e w Y ork “ C om m ercial” of
yesterday (M arch 21) said: •
Governors o f tho Federal Reservo banks, members of tho Federal Reservo
Hoard and tho Advisory Hoard of tho Federal Reserve system began confer
ences hero to day on tho lowering o f rediscount rates o f tho banks of the
system, ways of extending aid to Director-General Ilines in tho financing
of the railroad systems, tho creation of financial facilities for uso in estab
[Vol. 108.
lishing American products in foreign markets, and other problems which
have arisen with tho ending o f tho war.
Director-General Hines addressed tho conference at noon on plans which
have been evolved for the temporary financing of the railroad situation.
Ways of meeting tho financial obligations of tho Railroad Administration
until Congress provides funds wero placed before tho executive committeo
of tho Federal Reserve Advisory Board by Director-General Hines.
It is believed that as a result of tho conference a “ pooling” arrangement
may bo mado by tho War Financo Corporation and tho Reserve banks
whereby largo sums of money will bo obtained for railroad operation. Tho
question of protecting tho loaning agency, howover, is tho vital Issuo that
remains to bo settled.
Before tho conference was convened it was rumored that tho War Financo
Corporation is considering floating a large bond issuo within a few weeks
to provide funds for railroads and to meet other demands on tho corpo
ration.
Tho interest rate contemplated is 4 ^ %.
The bonds would run for a year or possibly a year and a half and would bo
sold privately to banks and big business interests in order to minimizo
interference with tho popular Victory Liberty Loan campaign.
Tho bonds would bo exempt from all taxes except estate, inheritance,
excess profits, war profits and surtaxes, and interest on $5,000 owned by
any singlo interest would bo entirely tax-oxompt. Tho corporation has
authority to soli its bonds bolow par.
A nnouncem ent that the W a r D epartm ent had advanced
the Railroad Adm inistration $ 1 0 0 ,0 9 0 ,0 0 0 was mado yester
day by A ssistant Secretary of W a r Crow ell, tvho stated that
of that am ount $ 6 5 ,0 0 0 ,0 0 0 was duo the railroads b y tho
W a r D epartm ent for tho m ovem ent of troops.
T h e remain
ing $ 3 5 ,0 0 0 ,0 0 0 is advanced for cost of contem plated m ove
m ent of troops.
Tho im m ediate paym ent of $ 1 0 ,0 0 0 ,0 0 0 to tho Railroad
Adm inistration was directed on M arch 13 by Franklin D .
Roosevelt, who is acting Secretary of tho N a v y in place of
Josephus D aniels, who sailed on tho 13th for E urope.
M r.
R oosevelt’s action was taken when ho learned that tho N a v y
D epartm ent owed tho Railroad A dm inistration a consider
able sum of m oney, so tho N o w Y o r k “ T im e s” states, which
paper quotes M r . R oosevelt as follows:
In order to help relievo the Railroad Administration’s gravo financial
problem, brought about by tho failuro of Congress to pass tho General
Deficiency Appropriation bill, tho Navy Department to-day, cutting all
red tape, made a payment of $10,000,000, thus meeting at one tlmo obliga
tions that ordinarily would not bo settled for some time to como.
Tho need of railroads for immediate funds and tho necessity of avoiding
any disturbance of tho general Industrial situation resulted in a scries of
conferences between officials of the Railroad Administration, tho accounting
officials of tho Treasury Department, and officers of tho War and Navy
Departments to doviso a means of relieving tho situation.
In theso conferences tho Navy Department found a method of advancing
to tho Railroad Administration $10,000,000. A chock for this amount was
to-day drawn by the Bureau of Supplies and Accounts, Navy Department,
within a few hours after tho close of tho conferences, and turned over to
the Central Treasurer of tho United States Railroad Administration. This
is the largest singlo payment made by cho Navy Department during tho
war period.
Tn a statem ent to tho effect that no reduction in freight
rates on materials used in construction was contem plated,
Director-General Hines on the 20th inst. said:
Various inquiries have been received as to whether tho Railroad Adminis
tration contemplates a reduction In freight rates on materials used in
construction of buildings and, tliercforo, it becomes important to make It
clear that no such reductions aro in contemplation.
Tho Railroad Administration is, however, giving consideration to tho
question of making reduced rates on crushed rock, stono, sand and gravel
for road construction when consigned to, and tho freight thereon is paid by,
a Federal, State, county, parish or township government.
Boforo tho matter can or will bo definitely determined it is Intended to
ascertain what, if any, reduction nocossary to establish a stablo prlco, will
bo mado in tho prlco by thoso producing and supplying tho materials.
GOVERNMENT
D E F I C I T FROM R A I L R O A D
TIONS A N A L Y Z E D .
’
O PERA
O f the $ 2 1 4 ,0 0 0 ,6 0 0 deficit in. G overnm ent operati n of
the railroads in 1918 (as compared with tho guaranteed
rental), $ 1 5 0 ,0 0 0 ,0 0 0 , or 7 0 % , was in E astern territory—
tho roads east of Chicago and north of W ashington carrying
the great bulk of the war munitions traffic. W estern roads
show a deficit of $ 7 2 ,0 0 0 ,0 0 0 .
In Southern territory tho
G overnm ent made a small surplus, a little moro than $ 8 ,
0 0 0 ,0 0 0 above tho rental. Those figures aro dis losed in a
com pilation of reports to tho Int r-State Com m erce C o m
mission m ade byTtho Bureau of Railway Econom ics.
T ho results of the year’s operation by territories, as shown
b y preliminary figures subject to minor revisions, aro as
follow s:
Standard
1918 Net
Return.
Operating Income. Deficit.
Eastern roads..............................$.’159,400,000 $209,000,000 $149,800,000
Wostern roads........ ..........
405,900,000
.'18.1,700.000
72,200,000
Southern roads........................... 188,000,000
110,500,000 Galn8,500,000
Total........................................ $908,300,000
$689,800,000
$213,500,000
Earnings sta tem en t! of tho individual roads sh \v dio
varying effocts of the shifting of traffic and cha ges in tho
character of traffic. W h ile 119 out of 184 1 rg ■ roads
earned less than their rental, a few of tho other lino; earned
considerable surpluses for tho G o vernm ent, tho total of
such surpluses am ounting to about $ 8 0 ,0 0 0 ,0 0 0 , a ! co m -
pared w ith $ 2 9 4 ,0 0 0 ,0 0 0 in aggregate deficits. A m on g the
railroads earning a surplus above the standard return were
these:
19 18
In com e.
S
Surplus
Above
Rental.
S
U n i o n P a c if i c ___ 3 5 ,0 1 0 ,0 0 0 1 1 ,9 1 0 ,0 0 0
S o u t h e r n ________ 2 9 ,2 9 1 ,0 0 0 1 0 ,0 9 5 ,0 0 0
D u l . M is s . & N o r . 1 2 ,4 0 5 ,0 0 0 7 ,3 4 3 ,0 0 0
M ic h ig a n C e n t r a l . 1 3 ,0 0 0 ,0 0 0 5 ,5 5 4 ,0 0 0
Surplus
Above
Rental.
19 18
In com e.
s
$
n i g P o u r ..........................1 4 ,0 8 8 ,0 0 0
C h c s . & O h i o ____1 7 ,0 4 2 ,0 0 0
A t c h . T o p . & S . F e . 4 1 ,5 5 8 ,0 0 0
L o u i s v . & N a s h v . 1 9 ,3 0 7 ,0 0 0
4 ,7 5 0 ,0 0 0
3 ,8 1 5 ,0 0 0
3 ,1 1 4 ,0 0 0
2 ,0 5 7 ,0 0 0
T h e roads where the largest deficits resulted were these:
1 9 1 8 N et
1918 Net
Oper In com e.
Oper. Income. Deficit.
Pennsylvania H R .18,317,000
Chl.Milw.&St.P. 3,043,000
Baltimore & Ohio. 7,18+000
Great Northern..11,978,000
Erie (deficit)____ 1,079,000
Chicago & N. W -. 12,441,000
Pennsylvania Co. 4,284,000
New Haven_____ 7,534,000
Panhandle_____ 2,973,000
33,044,000
23,511,000
18,424,000
16,087,000
16,583,000
10,759,000
10,707,000
9,332,000
8,300.000
B u r l i n g t o n _______ 2 5 ,0 1 0 ,0 0 0
B o s t o n & M a i n e . . 1 ,7 3 3 ,0 0 0
N e w Y o r k C e n t r a l 4 8 ,2 9 1 ,0 0 0
H e a d in g ............................... 8 ,8 4 7 ,0 0 0
" S o o ” ..................................... 3 ,8 5 8 ,0 0 0
U o c k I s l a n d _____ 8 ,2 1 1 ,0 0 0
D e la w a re
H u d . 2 ,4 4 0 ,0 0 0
L e h ig h V a l l e y ____ 0 ,0 8 3 ,0 0 0
D eficit.
8 .3 4 4 .0 0 0
7 .7 4 5 .0 0 0
7 .5 1 0 .0 0 0
7 .0 2 0 .0 0 0
0 ,7 1 4 ,0 0 0
0 ,7 0 0 ,0 0 0
4 .9 0 3 .0 0 0
4 .0 3 7 .0 0 0
Com parison of results on the sixteen largest "s y s te m s
ranged according to the volumo of their gross revenues,
discloses remarkable variations in the effect of the war traffic
and unified operation on their net incom es. These sixteen
system s receive 6 0 % of the rental paid by the Governm ent
to all tho railroads.
T h e list follows:
Standard
Return.
Surplus.
Pennsylvania Lines__________ «TW ifnnn
New York Central Lines........... S r’?f'i,’nnn
$1,443,000
r-Baltimore & Ohio____________
Atchison
. . . . ___ ____ - ____ 38,443,000
22,392,000
Union Pacific System__________ 38,416,000
Southern Pacific_______________ 38,021,000
Burlington.................................
33,360,000
St. P aul........................................ 27,154,000
Northwestern________________ 23,201,000
10,695,000
Southern _____________ - ____ 18,59.5.000
.
.
Illinois Central________________ 16,282,000
New H a ve n ... . . . . . . . . _____- 16,867,000
-------------30,057,000
Northern Pacific_____________
Louisville & Nashville............... 17,310,000
2,057,000
Great Northern________________ 28,61)6,000
ltock Island___________________
14,912,000
3,114,000
Total........................................ 3540,676,000
$39,701,000
D eficit.
$52,554.000
..
18,424,000
17,000
8,344,000
23.511.000
10.759.000
n’ QQo’RRR
9,332,000
1,848,000
16,687,000
6,700,000
$151,550,000
Tlio following shows the results for each road in tho three
geographical sections of tho country:
COMPARISON OF 1918 EARNINGS W ITH STAN D ARD RE TU R N .
Amount by
Which
Net
Income Wus
Operating
Greater or
Standard
Income
Less Than
Standard.
1918.
Eastern District—
Return.
$175,134 — $351,749
Ann Arbor_______________________
$526,883
1.018,479
+796,413
Atlantic C ity_____________________
222,066
<1158,175 — 1,412,721
Baltimore Sc Ohio Chicago Terminal 1,254,546
7,187,683 — 18,424,209
Baltimore & Ohio_________________ 25,611,892
<121,323
— 107,970
Baltimore Chesapeake & A tlantic..
86,647
592,229
Bangor & Aroostook_______________ 1,555,775
— 963,546
1,581,682
+712,240
Belt Railway of Chicago__________
869,442
4,913,766
+ 239,052
Bessemer Sc Lake Erie____________
4,674,714
1,733,008 — 7,745,067
Boston Sc Maine__________________ 9,478,075
104,570
— 488,058
Buffalo & Susquehanna R R . C o r p ..
592,628
1,027.518 — 2,248,892
Buffalo, Rochester Sc Pittsburgh__ 3,276,410
53,036 — 1,415,088
Central New England____________
1,468,124
6,268,096 — 3,084,205
Central RR. of New Jersey________ 9,352,301
<1647,358 — 1,426,456
Central Vermont__________________
779,098
1,539,112 — 1,406,889
Chicago Sc Eastern Illinois_________ 2,946,001
Chicago and Erie_________________
225,129 d 1,189,262 — 1,414,391
746,739
— 873,520
Chicago Indianapolis & Louisville.. 1,620,259
766,068
— 156,717
Chicago Terre Haute & Southeast..
922,785
<1165,412
— 587,625
Chicago Indianapolis & Western__
422,213
255,971
— 61,657
Cincinnati Northern_______________
.317,628
Clove. Cincinnati Chicago & St. L . 9,938,597 14,688,938 +4,750,341
+617,892
1,846,859
Cumberland Valley_______________ 1,228,967
2,446,556 — 4,903,044
Deiawaro Sc Hudson_______________ 7,409,600
+262,179
Delaware Lackawanna & W estern.. 15,749,477 16,011,656
31,289
— 279,375
Detroit & Mackinac_______________
310,664
460,195
+3,683
Detroit Sc Toledo Shore Lino_______
456,512
<1722,551
— 932,720
Detroit Toledo Sc Ironton_________
210,169
<1385,023
East St. Louis Connecting R y _____
127,220
— 512,243
4,717,973 + 1,855,796
Eigin Joliet Sc Eastern____________
2,862,177
Erie....................................................... 15,503,939 <11,079,618 — 16,583,557
321,183
— 38,400
Fonda Johnstown Sc Gloverstown..
359,583
247,581
•681,804
Grand Rapids & Indiana__________
929,385
Grand Trunk I.lues In Now England
<14,271 <11,088,669 — 1,084,398
188,792 — 1,166,049
Grand Trunk Western____________
1,354,841
2,718,733
+ 81,566
Hocking Valioy___________________ 2,637,167
Indiana Harbor Belt______________
296,054 <11,603,434 — 1,899,488
1,651,579
+ 356,438
Kanawha Sc Michigan____________
1,295,141
379,653 — 1,168,889
Lake Erie Sc Western_____________
1,548,542
— 161,821
357,550
Lehigh Sc Hudson River__________
519,371
+42,897
1,178,658
Lehigh Sc New England__________
1,135,761
6,683,313 — 4,637,920
Lehigh Valley____________________ 11,321,233
3,891,092
+669,143
Long Island______________________
3,221,949
<1595,895 — 3,551,592
Maine Central____________________ 2,955,697
<176,025
— 127,568
Maryland Dolaware Sc Virginia-----49,543
Michigan Central_________________ 8,052,127 13,600,480 +5,554,353
648,042
+64,956
Monongahela_____________________
583,086
139,827
+ 106,207
Monongahela Connecting_________
33,620
215,626
+ 139,795
Nowburgh Sc Soutti Shore-------------75,831
Now York Central________________ 55,802,631 48,291,878 — 7,510,753
3,834,512 + 1,615,655
Now York Chicago & St. L o u is .... 2,218,857
7,534,334 — 9,332,794
New York New Haven Sc Hartford. 16,867,128
548,583 — 1,555,006
Now York Ontario Sc Western------- 2,103,589
972,603
— 2.3,448
New York Philadelphia & N orfolk..
996,051
— 381,553
419,034
Now York Susquehanna Sc Western.
800,387
4,284,827
10,707,958
Pennsylvania Company___________ 14,992,785
Pennsylvania Railroad____________ 51.361,262 18,317,171 — 33,044,091
3,814,052
+05,856
Poro Marquette___________________ 3,748,196
8,847,389 — 7.020,942
Philadelphia Sc Reading___________ 15,868,331
9,839,555
+859,336
Pittsburgh Sc Lake Erie___________ 8,980,219
— 352,561
130,256
Pittsburgh Sc Shawmut___________
482,817
<1328,012
— 565,022
Pittsburgh & West Virginia------. . .
237,010
Pittsburgh Cincinnati Chicago Sc
2,973,777 — 8,360,317
St. L o u is......................................... 11,334.094
489,964
+254,266
Port Reading_____________________
235,698
— 988,324
35,559
Rutland__________________________ 1,023,883
— 16,144
125,016
South Buffalo........................
141,160
— 325,782
31,042
Staten Island Rapid Transit_______
356,824
738,970
— 347,681
Toledo Sc Ohio Central____________ 1,086,651
+ 216,888
1,211,182
Toledo St. Louis Sc Western_______
994,294
— 185,859
<157,850
Ulster Sc Deiawaro________________
128,009
+85,375
1,455,065
Union RR. Co. o f Pennsylvania__ 1,370,290
3,721,029 — 2,136,743
W abash...............................
5,857,772
<1492,469 — 3,572,062
Western M aryland..................
3,079,593
<1168,966 — 1,121,648
West Jersey Sc Seashore___________
952,682
— 537,454
1.048,583
Wheeling & Lake Erie____________
1,586,037
1129
THE CHRONICLE
M a r . 22 1919.]
Western District—
A r i z o n a E a s t e r n __________________________
A t c h i s o n T o p e k a Sc S a n t a F e -------------B ea u m o n t Sour L a k e & W e ste rn —
C h i c a g o & A l t o n ----------------------------------------C h i c a g o & N o r t h W e s t e r n _____________
C h i c a g o B u r l i n g t o n Sc Q u i n c y -------------C h i c a g o G r e a t W e s t e r n -------------------------C h i c a g o J u n c t i o n -------------------------------------C h i c a g o M i l w a u k e e Sc S t . P a u l ----------C h i c a g o P e o r ia Sc S t . L o u i s -----------------C h i c a g o R o c k I s l a n d & G u l f ---------------C h i c a g o R o c k I s l a n d Sc P a c i f i c ----------C h i c a g o S t . P a u l M . Sc O m a h a -------C o l o r a d o S o u t h e r n _______________________
D e n v e r & R i o G r a n d e ---------------------------D e n v e r & S a l t L a k e _____________________
D u l u t h & I r o n R a n g e ------------------------------D u l u t h M i s s a b e Sc N o r t h e r n . . ----------D u l u t h S o u t h S h o r e & A t l a n t i c --------E l P a s o Sc S o u t h w e s t e r n ----------------------F o r t S m i t h & W e s t e r n ----------------------------F o r t W o r t h Sc D e n v e r C i t y -----------------F o r t W o r t h Sc R i o G r a n d e . . . -------------G a lv e s t o n H a r r is b u r g & S a n A n t o n .
G a l v e s t o n W h a r f __________________________
G r e a t N o r t h e r n ____________________________
G u l f C o l o r a d o & S a n t a F e --------------------H o u s t o n Sc T e x a s C e n t r a l --------------------H o u s t o n E a s t & W e s t T e x a s ---------------I n t e r n a t i o n a l & G r e a t N o r t h e r n --------K a n s a s C i t y M e x i c o & O r i e n t ----------- 1
K a n s a s C i t y M e x . & O r . o f T e x a s __ /
K a n s a s C i t y S o u t h e r n __________________
K a n s a s C i t y T e r m i n a l __________________
L o s A n g e l e s & S a l t L a k e _______________
L o u i s i a n a & A r k a n s a s __________________
L o u i s i a n a R y . & N a v i g a t i o n C o --------L o u i s i a n a W e s t e r n _______________________
M i d l a n d V a l l e y ____________________________
M i n e r a l R a n g e ____________________________
M i n n e a p o l i s & S t . L o u i s _______________
M in n e a p o lis S t . P a u l & S a u lt S to
M a r i e _____________________________________
M i n n e s o t a Sc I n t e r n a t i o n a l ____________
M i s s o u r i & N o r t h A r k a n s a s ____________
M i s s o u r i K a n s a s Sc T e x a s _____________
M is s o u r i K a n s a s & T e x a s o f T e x a s . .
M i s s o u r i O k l a h o m a Sc G u l f ____________
M i s s o u r i P a c i f i c ________________________ M o r g a n 's L o u i s i a n a Sc T e x a s P a c i f i c
R R . Sc N a v . .................. ........... .................N e w O r le a n s T e x a s & M e x i c o _________
N o r t h e r n P a c i f i c __________________________
N o r t h w e s t e r n P a c i f i c ____________________
O r e g o n S h o r t L i n e _______________________
O r e g o n - W a s h i n g t o n R I t . Sc N a v . C o .
P a n H a n d l e & S a n t a F e ________________
P e o r ia & P e k i n U n i o n ____________________
S t . J o s e p h Sc G r a n d I s l a n d _____________
S t . L o u is v ille B r o w n s v ille & M e x l c o .
S t . L o u is M e r c h a n t s B r id g e T e r
m i n a l _____________________________________
S t . L o u i s S a n F r a n c i s c o ________________
S t . L o u i s S a n F r a n c i s c o & T e x a s _____
S t . L o u i s S o u t h w e s t e r n ________________
S t . L o u is S o u th w e ste rn R y . o f T e x a s
S a n A n t o n i o Sc A r a n s a s P a s s __________
S o u t h e r n P a c i f i c ________________________ 1
S o u th e r n P a c ific S te a m s h ip L i n e s . /
S p o k a n e P o r t l a n d Sc S e a t t l e ---------------T e r m i n a l R R . A s s n / o f S t . L o u i s -----T e x a r k a n a & F o r t S m i t h ______________
T e x a s Sc N e w O r l e a n s ____________________
T e x a s & P a c i f i c ____________________________
T o l e d o P e o r i a Sc W e s t e r n _______________
T r i n i t y & B r a z o s V a l l e y _________________
U n i o n P a c i f i c _______________________________
U t a h R y b __________________________________
V i c k s b u r g S h r e v e p o r t & P a c i f i c -------W e s t e r n P a c i f i c ____________________________
W i c h i t a F a l l s Sc N o r t h w e s t e r n -----------
Net
Operating
Income
Standard
1918.
Return.
1,472,292
1,242,475
38,443,725 41,558,303
244,762
d33,489
1,776,749
3,178,315
23,201,016 12,441,437
33,360,683 25,016,100
21,457
2,953,450
133,513
916,804
3,643,192
27,154,551
<1529,254
127,540
968,722
971,512
8,211,683
14,912,379
2,624,720
4,934,790
2,481,212
2,941,746
5.434,321
8,319,377
<1961,458
353.290
3,803,620
2,355,242
5,122,051 12,465,248
263,948
594,637
4,936,392
4,145,102
186,732
82,194
1,745,880
1,891,386
<161,592
1,301
5.347,757
3,230.645
526.070
28,666,681 11,978,791
2,824,146
2,828,218
2,286,307
1,717,506
404,017
375,566
1,372,281
1,394,946
Jd334,318
9,073
1d361,531
2,782,977
3,216,698
2,184,424
1,998,642
2.746.635
3,420,417
77,637
407,987
198,746
357,353
895,178
1,823,579
414,346
750,888
9.740
147,432
235,782
2,639,857
Amount by
Which
Income Was
Greater or
Less Than
Standard.
+229,817
+3,114,578
+278,251
— 1,401,566
— 10,759.579
— 8,344,583
— 2,931,993
— 783,291
— 23,511,359
— 656,794
— 2,790
— 6,700,696
— 2,310,070
+460,534
— 2,885,056
— 1,314,748
+ 1,448,378
+7,343,197
— 330,689
+791,290
+ 104,538
— 145,506
— 62,893
+2,117,112
— 16,687,890
— 4,072
+ 568,801
+28,451
— 22,665
— 22,665
— 704,922
— 423,721
+ 185,782
— 673,782
— 330,350
— 158,607
+928.401
+306,542
— 137,692
— 2,404,075
10,573,291
202,455
13,146
5,853,831
621.773
d83,603
14,206,814
3,858,722 — 6,714,569
— 260,340
<157,885
— 130,192
<1117,046
— 640,033
5,213,798
<1800,095 — 1,421,868
— 386,564
<1470,167
11,764,562 — 2,442,252
1,188,526
218.773
30,057,760
1,235,101
10,196,750
4,519,352
1,330,664
306,514
373,811
983,890
2,357,330 + 1,168,804
+226,339
445,112
28.209,373 — 1,848.387
+263,807
1,498,908
+606.443
10,703,193
— 30,858
4,488,494
<18,171 — 1,338,835
— 411,829
<1105,315
— 480,338
d106,527
+261,455
1,245,345
— 518,984
<1106,556
11,199,410 — 2,490,803
+209,479
<1117,556
+316,946
3,672,695
— 898,289
<1343,124
— 502,528
d129,476
33,970,453
— 16,832
4,034.653
38,021,938
+808,783
2,679,866
1,871.083
— 717,829
1,856,682
2,574,511
— 8,697
310,033
318.730
+ 249,491
964,627
715,136
— 400,166
4,107,432
3,707,266
— 170,695
159,740
<110,955
— 148,847
<1387,752
<1238,905
23,700,009 35,616.554 + 11,916,545
589,157
— 15,453
322,495
337,948
+674,950
2,575,300
1,900,350
— 634,761
<1489,516
145,245
412,428
13,690,213
d.327,035
3,355.749
555,165
373,052
b Road operated as a lessor company prior to Dec. 1 1917.
d Indicates deficit.
Southern District—
$323,995
$322,854
Alabama Sc Vicksburg____________
2,038,471
Alabama Great Southern---------------- 1,703,180
647,348
252,995
Atlanta & West Point_____________
d584,761
358,058
Atlanta Birmingham & Atlantic-----Atlantic Coast Line_______________ 10,180.915 11,626.128
309,612
138,815
Birmingham Southern____________
1,098,306
Carolina Clinchfield & Ohio_______ 1.585,159
3,905,339
Central of Georgia________________ 3,450.903
548,532
466,921
Charleston Sc Western Carolina___
Chesapeake & Ohio________________ 13,226,983 17,042,405
3,047,946
Cincinnati New Orl. & Texas Pac_. 3,541,040
282,323
dlOl ,522
Coal Sc Coke, a ___________________
1,601,838
Florida East Coast________________ 2,842,842
858,622
2.246,569
Georgia R R . Lessee Organization..
347,861
511,457
Georgia Southern & Florida_______
363,665
597,456
Gulf Sc Ship Island________________
191,160
558,338
Gulf Mobile Sc Northern__________
Illinois Central___________________ 16,282,374 12,907,466
Lluisville & Nashville_____________ 17,310,495 19,367,632
640,222
343,916
Louisville Henderson Sc St. Louis—
247,368
Mobile Sc Ohio____________________ 2,578,203
4,119,127
Nashville Chattanooga Sc St. Louis. 3,182,089
975,440
Now Orleans Sc Northeastern--------- 1,007,931
409,221
575,952
New Orleans Great Northern______
Norfolk Sc Western________________ 20,534,163 18,256,481
289,942
Norfolk Southern_________________ 1,166,991
3.016,827
Richmond Fred. & Potomac----------- 1,137,374
3,636.725
Seaboard Air Line_________________ 6,497,025
Southern________________________ 18,595,980 29,291,870
d40,794
d75,843
Southern Ry. in Mississippi_______
162,734
d4,745
Tennessee Central________________
1,848,259
3,247.603
Virginian________________________
1,721,555
468,433
Washington Southern____________
614,106
288,238
Western Ry. of Alabama---------------4,499,956
Yazoo & Mississippi Valley________ 3,862.318
+$1,141
+335,291
+394,353
— 942,819
+ 1,445,213
+ 170,797
— 486,853
+454,436
+81,611
+3,815,422
— 493,094
— 383,845
— 1,241,004
+ 1,387,947
— 163,596
— 233,791
— 367,178
— 3,374,908
+2.057.137
+ 296,306
— 2,330.835
+937,038
— 32,491
— 166,731
— 2.277,682
— 877,049
+ 1,879,453
— 2,860,300
+ 10,695,890
+35,049
— 167,479
— 1,399,344
+ 1,253,122
+325,868
+637,638
a Returns for 1918 cover nine months to Sept. 30: road merged with
Baltimore & Ohio on Oct. 1.
d Indicates deficit.______________________________
J A M E S SPEYER O N R IG H T S OF R A I L R O A D O W N E R S
TO SEC URE C O M P R E H E N S I V E L E G I S L A T I O N .
According to the N e w Y o rk “ T im e s” of M arch 1G, Jam es
Speyer, tho banker, who is understood to have urged the
board of directors of the Chicago Rock Island & Pacific
R y . C o . to enlist the co-operation of the stockholders in
their com pany in an effort to expedite tho fram ing and
enactm ent of remedial legislation for the transportation
1130
THE CHRONICLE
system o f the cou n try, is hopeful th a t when the n ext Congress
m eets such legislation m a y be put through. W h e n asked
to give his opinion on this phase of the railroad situation
M r . Speyer, is quoted as saying:
There is unique opportunity for settling the railroad problem In a com
prehensive way while railroads are still In the hands of the Government and
before they are returned to the owners. It would bo a great pity if this
opportunity should be missed, because another may not occur for many
a long year. From what I learn, Senator Cummins, who will be Chairman
of the Senate Committee on Inter-State Commerco, Is fully alive to the
situation, and I am hopeful when Congress meets again the necessary legis
lation may be put through.
Thero is a mistaken notion that the railroads are owned by a few rich
men. Thero are over a million shareholders and many millions of bond
holders. It is time that tho owners o f railroad securities, many o f moderate
means, stand up and insist on their rights. The shippers havo an organi
zation that has been heard time and again in furtherance o f their compe
tition. The employees are largely organized and their claims for higher
wages have received frequent recognition. But the owners had to take
what was left after the other claims had been considered, and the Federal
and State authorities had made rules and regulations.
It is not only fair towards these investors, but also necessary for tho
country that railroad credit should be restored, otherwise no new capital
can bo obtained.
The owners have a right to ask Congress to pass real comprehensive legis
lation to settle the railroad problem permanently, just as the currency
question was settled through the Reserve Bank Act, viz., In a way fair to
all interests and for the beneift o f the country as a whole.
POSTPONEMENT
OF R A I L W A Y
WORK.
IM P R O V E M E N T
[Vol. 108.
draws its approval, a full report should be promptly mado to tho Division
o f Capital Expenditures (with a copy thereof to tho President of the Com
pany) stating the objections or disagreements that cannot be overcome,
with the definite .recommendation of the Federal Manager and Regional
Director; and, pending further approval by this Division, no such work
should be started and, except as provided In Section 2 above, no such
work in progress should bo carried on.
T . C. POWELL.
F U N D A M E N T A L P R I N C I P L E S OF R A I L R O A D LEGIS
L A T I O N R E C O M M E N D E D B Y ROCK I S L A N D R O A D .
O n behalf of the directors of the Chicago R ock Island &
Pacific R ailw ay C o m p a n y , Charles H a y d e n , President of
the road, has issued a circular letter to the stockholders
calling their attention to the opportunity for the enact
m ent of favorable railroad legislation and asking their co
operation w ith their Senators and Congressm en towards the
passage of legislation em bodying the follow ing fundam ental
principles:
1. No necessity for extonsion of tho prosont control beyond twonty-one
months after the final declaration of peaco, which should bo ample time
for tho legislators of this country to pass such legislation as is necessary.
Naturally, perfecting legislation should bo passed from year to year there
after, just as perfecting legislation has boon passod in respect to tho Fed
eral Reserve Bank Act. Furthermore, If a longer period than twontyone months were to bo adopted, there would bo less Incentive for the
legislators to give their immediate attention to this matter of vital im
portance.
2. Privato operation and ownership of the railroads rather than Gov
ernment ownership, but such privato operation to bo under efficient
regulation, that shall bo constructive rather than merely punitive.
• 3. The railroads should not be returned to their owners without now
legislation looking to improved conditions, including:
(а) To avoid unnecessary and wasteful competition, tho Sherman
Law should bo amended to pormit morgers, consolidations and the pool
ing of facilities, equipment, and traffic, under supervision of tho Federal
Government.
(б) Federal control over rates and regulations should bo in tho same
hands as control over wagos, and tho law should require that wages be
taken into account in fixing rates.
(c) Tho Federal Government should havo oxclusivo jurisdiction over
the issue of securities necessary for improvements and refunding purposes;
also over rates and other matters affecting carriers, leaving only strictly
local matters to State regulation.
4. Owners of railroad securities should havo representation on tho Fodoral governing body.
5. If private capital Is to be depended upon for developing and extend
ing the railroads, any scliomo of legislation must bo so framod that suf
ficient incentive will bo offered to such privato capital. It is necessary
not only to protect privato capital that already is invested, but to make
it attractive for additional capital to seek railroad investments. In ordor
to accomplish tills double objoct it will bo absolutely necessary oithor
to guarantee a fixed interest return on investments or to establish and
maintain a rate structure which will permanently assuro an ample roturn
on property investment of the railroads as a wliolo.
(5. Federal Government supervision should oxtend to water routes and
other trade routes that compcto with tho railroads.
One of the’ developinents incident to the failure of Congress
to pass the bill providing the additional $ 7 5 0 ,0 0 0 ,0 0 0 appro
priation for the Railroad R evolvin g F u n d has been the issu
ance of instructions by T . C . P ow ell, Director of the R ail
road A dm inistration’s D ivision of Capital Expenditures,
which it is expected will result in tho tem porary suspension
or postponem ent of millions of dollars of railroad im prove
m ent w ork. M r . Pow ell’s advices, issued to the Regional
D irectors, state that the “ definite position as to approval
or disapproval of the corporate officers shall be secured
before an y work costing more than $ 1 ,0 0 0 shall go forw ard,
whether carry-over or new w o rk .”
It is stated th a t the
suspension of work applies to m an y new stations, under
erection or planned, spur tracks, roadbed im provem ents,
elevated tracks and construction of bridges and buildings.
W h ile com paratively few m en, according to R ailroad A d
ministration officials, will be thrown ou t of work as a result
of the orders, they are said to have adm itted that tho rail
road im provem ent program , planned partly as a m eans of
em ploying large numbers of laborers during the readjust
m ent period, probably would not be carried o u t.
The
T U E S D A Y ' S R E V I E W OF
program , it is pointed ou t, called for the expenditure of more O B SER V AN C E OF N E X T
T W E N T Y -S E V E N T II D IV IS IO N .
than a half billion dollars for additions and betterm ents alone.
T h e instructions issued b y M r . Pow ell, dated M a rc h 13,
T h e G overning C om m ittee of the N e w Y o r k Stock E x
were m ade public as follows on th e l9 th in st.:
change voted yosterday to close the Exchange noxt T u e s
d ay (M arch 2 5 ) the date of the parade of the 27th D ivision
U N ITED STATES RAILROAD A D M IN ISTR A TIO N .
D. G. E. Circular No. 20.
of the A m erican E xpeditionary Forces. T ho N e w Y o rk
Subject: Capital Expenditures.
C offee and Sugar Exchange and the N e w Y o r k C otton
To Regional Directors:
In tho light o f the present financial situation, corporate officers who, E xchange will also obeserve tho d ay as a holiday. A t tho
prior to this date, had agreed to finance certain additions and betterment instance of M a y o r H y la n , the Board of A lderm en of this
chargeablo to capital account, now express a desire to review these authori
ties, and after conference with the undersigned, the following telegram was city passed tho following resolution m aking the d a y a holi
to-day sent to tho executives o f all member roads represented by the Rail d ay:
way Executives Advisory Committee, by M r. Howard Elliott, Acting
Resolved, That Tuasday, March 25 1919, tho day of roviow and upon
Chairman:
which will bo shown deserved honor and appreciation to tho officers and
“ After conference to-day botweon Mr. Powell, Director o f Division of men of the 27th Division of tho American Expeditionary Forces, be and
Capital Expenditures, and myself, It was understood that tho following tho said day is hereby declared an official holiday, and tho peoplo of the
telegram should be sent by mo to the executives o f ail member roads:
Please be advised that tho Director, Division o f Capital Expenditures, city are invited to Join in tho official program of wolcomo homo to thoso
United States Railroad Administration, issued on March 8 Circular 19, returned in triumph from tho groat world-war.
and which is now in hands o f all Regional Directors and Federal Managers’
Resolved further. That tile heads of tho sovoral dopartmonts of tho Gov
requiring that the definite position as to approval or disapproval of the ernment of tho City of Now York aro hereby requestod to grant for said
corporate officers shall be secured before any work costing more than
*1,000 shall go forward, whether carry-over or now work. In tho event day leaves of absence, with pay, to all employees, including those on a
corporate officers desire to reconsider under existing conditions any ap per diem scale, under their Jurisdiction.
provals heretofore given by them for additions and betterments, whether
G o v . Sm ith issued a proclam ation at A lb an y on the
carry-over or new work, they are authorized to take up at once the with
drawal o f such previous approvals with the Federal Managers, who before
proceeding further will, in accordance with said Circular 19, report the 20th designating tho d ay ono “ on which proper observance
situation to the Director o f Division Capital Expenditures for his special be m ade throughout the State in honor of the returning
instructions.’ ”
It is not a State-w ide legal
It is assumed that the corporate officers will immediately act on this heroes of the 27th D iv isio n .”
message.
holiday.
In part tho proclam ation said:
Will you please instruct each Federal Manager to afford the proper
It Is right and proper that a day should bo so sot apart In honor of tho
corporate officer upon application full opportunity to review projects charge magnificent victories of our armies in tho causo of humanity to which tho
able to capital account, whether In progress or contemplated, including members of our former National Guard, which largoly composed the mem
not only tho items in the 1919 budget and on D. C. E. forms approved bership of tho 27th Division, contributed their full measure.
since Jan. 1 1919, but also all uncompleted items in tho carry-over from
Our pride in their achievements, our appreciation of their splendid
1918.
victories, find expression in this public wolcomo.
If the corporate officer withdraws or withholds approval o f any project
for financial reasons or otherwise, please proceed as follows:
P R E S I D E N T W I L S O N ' S R E T U R N TO P A R I S .
1. Work not started shall not bo commenced without further approval
by this Division.
President W ilso n arrived at Paris at noon on F rid ay,
2. As to projects already started and actually under way, please see that
M arch 14, and im m ediately plunged into the work of the
no further work is done, except:
(a) When necessary to insure safety.
Peace Conference. B y request of the President a m inim um
(&) Where the project Is so far completed that to stop work would bo
of ceremony marked his return, but he was nevertheless
moro expensive than to continue It.
Im
(c) Where a job is covered by bona fide contract and stopping the world accorded a very cordial reception b y the populace.
would seriously demoralize conditions, especially as to working forces.
m ediately after his arrival the President had an hour’s
In all cases where tho Federal Manager and Regional Director believe
the work should be done, whether as to new work or as to continuing work talk with Premier L loyd George of E ngland , and later the
now In progress, even though the Railroad Company withholds or with sam e afternoon was in conference with Premiers Clem onceau,
M a r . 22 1919.]
THE CHRONICLE
and Lloyd George, Col. House, Andre Tardieu, and Louis
Loucheur, the French Minister of Reconstruction. After
this conference President Wilson went to the Fdysee to call
upon President Poincaire.
On Saturday a session of the Supreme Council was held,
with a distinguished array of military and civilian chiefs,
expecting that President Wilson would be present for the
final consideration of the military, naval and aerial terms of
tho German disarmament. The President did not attend,
however, as the draft of the terms in treaty form had not
been completed in time to permit of his study before the
meeting. The President received tho full draft later in the
afternoon and went over it in the evening, article by article,
with General Bliss and Admiral Benson at his residence.
Colonel House attended tho Council session in place of tho
President. It was stated after the conference of tho Presi
dent with tho Premiers and other Ministers that the entire
discussion had been a general one for the purposo of familiar
izing the American Executive with conditions as they had
developed during his absence.
THE OFFICIAL COMMUNIQUES OF THE PEACE
CONFERENCE.
Tho important happenings at the Peace Conference during
tho past week arc roviewed at length elsewhere. We re
sume hero tho record of the official communications issued
by tho Supreme Council and its various sub-committees.
THE SUPREME COUNCIL.
Tho official communication issued by the Supreme Coun
cil after its meeting on March 6 read as follows:
1131
premo Council till the next day. Mr. Wilson, however,
did- not attend that session, because, it was said, he had
not yet had time to familiarize himself with the military
terms to be considered. The meeting was therefore again
postponed till Monday. An official statement issued
Saturday evening said:
Mar. 14.— The Supremo War Council was to have received tho final
draft of the naval, military, and air terms to-day, but in the absence of
President Wilson, who was unable to complete his examination of the
proposals, the meeting was adjourned until Monday.
On Monday, March 17, the Supreme Council further dis
cussed and adopted in the main, the military terms of the
ti’eaty, and also took up the question of Poland’s outlet
to the sea. The official statement said:.
March 17.—The Supreme War Council met to-day from 3 to 7:30 p. m.
and discussed military, naval and aerial terms to be imposed on Germany.
At the end of tho meeting an exchange of views took place on the situation
in Poland as described by the Inter-Allied Commission.
In regard to the corridor to the sea necessary to give
Poland an outlet, the dispatches to the daily papers had the
following to say:
The corridor which the Peace Conference Commission on Polish Claims
has agreed upon shall go to Poland as a means of exit to the Baltic Sea is
outlined to-day by “ Journal des Debats.” The report of the commission,
which is headed by Jules Cambon, will he examined shortly by the
Supremo Council. On the west, according to the newspaper, tho corridor
will begin on tho shore of the Baltic west of Danzig, and will include a
small part of Pomerania which is inhabited by Poles. Thence it will run
east of Lauenburg, and, continuing southward, cast of Konitz and Schneidomuhl.
The eastern border of tho corridor will run through Frischo Nehrung,
which it divides, thence through Frischo Haff to the west of Elbing and
Osterodo, which are left to Germany, and thence south to tho present
Prussian-Poland border.
Tho western border of Poland from Sclineidemuhl southward will give
Birnbaum, Lissa and Krotoschin to Poland. In German Silesia the Poles
will get the regions of Oppeln and Kewpen. The Polish and Czech fron
tiers will meet east of Neustadt, south of Oppelm. Tho Polish frontiers
on the north, east and south have not yet been completed by tho com
mission.
Mar. 0 .— The Supremo Council of the Allies mot to-day from 3 to 0
o ’clock.
Tho Council accepted the American proposal that tho commissions should
be asked to present with their reports their conclusions in tho form of
articles to be inserted in the peace preliminaries.
The discussion then turned on tho naval, military and air conditions to
bo imposed on tho enemy.
Tho next meeting will take place to-morrow at 3 o’clock.
Mar. 7.— Tho Supreme Council mot to-day at 3 p. m.
Information was given as to the interruption o f the negotiations at Spa
regarding tho surrender o f the German merchant fleet, and Mr. Lansing
submitted a proposal in regard to tho German cables.
At tho request o f tho Italian delegates it was decided to appoint an inter
allied military commission to inquiro into tho incidents at Laibach (tln’rtyfivo miles northeast of Trieste).
Tho discussion of rovictualing tho States formerly included in AustriaHungary was continued and completed.
M r. Lloyd Georgo addressed tho council in regard to tho military terms
of preliminaries o f peace with Germany.
Tho next meeting will tako place to-morrow at 3 p. in.
Tho fortifications on the Island of Heligoland. Germany’s formidable
Mar. 8 .— The Supremo War Council met to-day at 3 p. in. and sat till base in the North Sea, must be dismantled. This decision was reached
6:30 p. m. Major-Generals Gordon of Great Britain; Savy o f France; to-day by tho Supreme Allied AVar Council.
It was decided also that the Kiel Canal should bo internationalized and
Treat o f tho United States, and Segre of Italy were appointed to form tho
mado availablo to tho ships of all nations on even terms. Tolls will be
commission to Laibach.
M.
Tardieu presented the report of tho Belgian commission; its conclucollected to pay for tho maintenance or the canal. Germany probably will
sions, which wore in favor of a revision of the treaty of 1839, woro adopted. retain sovereignty of the waterway.
M.
Camden reported on tho moeting held by tho smaller Powers with The council has under consideration the question of maintaining Heligo
regard to representation on tho financial and economic commissions. A land as a port of refuge for peaceful craft.
Disposition of German warships is not likely to be included in tho treaty
decision will bo taken on this subject next Monday.
Tho discussion then turned on the interruption or tho negotiations at Spa. o f peace, according to the view of the American peace delegation. Ger
many, however, will be required to surrender title to the ships. The ulti
Tho next meeting will bo held on Monday, March 10, at 3 p. m.
Mar. 10.— Tho Supremo Council met this afternoon at the Quat d ’Orsay mate ownership will be determined later.
from 3 to 5:30 o ’clock. The Council decided that tho Great Powers should
designate tho representatives of tho Powers with special interests on the
Economic and Financial Commissions.
•
Tho Council thon turned to tho report of tho military experts, presented
by Marshal Foch, relative to the definite military status o f Germany.
The terms o f this report were fixed and its conclusions adopted.
Tho next meeting will tako place to-morrow at 3 o ’clock in the afternoon.
Mar. 11.— Tho Supreme Council considered communications from tho
Arinlstico Commission regarding tho situation in Poland. At tho request
of tho Czecho-Slovak republic concerning German, Austrian and Hungarian
intrigues against tho new State tho council considered tho reports and
decldod to investigate them as soon as documentary evidence is received.
The Council thon discusses the conditions under which tho Powers with
special interests and tho States in process of formation should participate
in tho discussions with tho great Powers respecting their frontiers.
Mar. 12.— The Supreme War Council mot to-day from 3 to 5 o'clock p. in.
Tho aerial terms to bo imposed on Germany in the preliminaries o f peace
were discussed. Tho articles drafted by tho military experts were examined
in detail and adopted. Tho next meeting will take place on Friday,
March 14, at 3 p. m.
The Supreme Council on Monday also appointed a com
mission on aeronautics. The American members of the
commission will be Rear Admiral Harry S. Knapp and Briga
dier-General Mason M. Patrick. The Council named Bel
gium, Greece, Portugal, Brazil, Cuba and Rumania to
represent tho small nations.
On Tuesday (the 18th) the Supreme Council decided that
the forts on the island of Heligoland should be dismantled
and that the Kiel Canal should be internationalized and
opened to navigation by the merchantmen of all nations
on equal terms. The press dispatches in regard to the
meeting said:
On tho 13th tho pross advices from Paris said:
The aerial terms of the German disarmament as adopted to-day by tho
Supremo War Council provides that airplanes and dirigibles shall no longer
be used for military purposes. The Council concluded that it was not
feasible to prohibit airplanes for commercial uses.
Tho Drafting Committee was directed to make clear tho distinction
excepting commercial airplanes in the terms incorporated in the peace
terms.
All forms o f military airplanes are barred to Germany, tho only exception
being the temporary use until Oct. 1 of 100 hydroairplancs and 1,000 men
In gathering mines in tho North Sea.
Germany must deliver all airplanes to the Allies and must prohibit tho
construction o f other airplanes until tho conclusion of peace, tho Supremo
War Council decided to-day In adopting the aerial terms to bo imposed on
Germany in tho preliminary peace.
Tho Council decided to send an aeronautic commission to Germany to
investigate tho quostion o f commercial aerial navigation. DeputyAubigny
of the French Chamber will bo Chairman.
Navigation of the Rhine is also to be placed under inter
national control, according to a decision reached on the
18th by the Commission on International Control of Ports,
Waterways and Railways. The Commission to be named
for this purpose will replace the German-Holland Com
mission of pre-war times.
Tho British delegation to the Peace Conference, it was
announced on the 18th has consented to refer to the Supreme
Council the question of the future ownership of the German
cables to America. All parties interested in the question
are preparing briefs.
Tho situation in Galicia was considered by the Supreme
Council at its session March 19, and it ivas decided to re
quest the Poles and the Ukrainians to cease hostilities under
certain conditions. The official statement issued in the
evening said:
Tile Supreme Allied Council met this afternoon between 3 and 7 o ’clock.
An exchange of views took place in regard to the military situation in
Galicia. The Council agreed on tho terms of an injunction to be addressed
to tho armies facing each other in front of Lemberg, requesting them to
suspend hostilities at once, on certain conditions.
Tito Council then dealt with the western frontier of Poland and heard
tho report of the Commission on Polish Affairs, which was presented by
its Chairman. M . Jules Cambon.
The noxt meeting will be held on Friday, March 21, at 3 p. m.
COMMISSION ON INTERNATIONAL LABOR LEGISLATION.
The Commission on International Labor Legislation at
its meeting on March 12 heard statements by various
delegations on the result of their consultations with their
Governments and with employers and organizations of
Tho arrival of President Wilson in Paris on Friday, tho Avorking people in their respective countries. The Com
14th, caused the postponement of tho meeting of tho Su mission then took up the final reading of the draft of tho
1133
THE CHRONICLE
International Labor Convention, submitted by the British
delegation.
An official announcement on the 13th stated that the
Labor Commission had completed the third reading of the
British Draft Convention, with the exception of two ar
ticles, which were left for final decision on Monday. The
Labor Commission, it was also stated on the 13th, recom
mends that the first meeting of tho International Labor
Conference be held at Washington in October, if the United
States Government will consent to convene it.
Press dispatches from Paris on the 14th in discussing the
work of the Labor Commission said:
Tho method o f enforcing the rulings o f the International Labor Bureau
and the fixing o f the voting power o f the nations represented on the board,
are the only questions left for consideration by the Commission on Inter
national Labor Legislation. It Is believed that both questions will be
determined next week.
With the exception o f these points the British draft for the organization
of the bureau and its procedure have been adopted, almost without change.
The recommendation adopted yesterday to have the first meeting of the
International labor machine held in Washington will be incorporated in tho
report, as well as the date of tho meeting.
Tho British recommendation that tho rulings o f the bureau be enforced
with the same machinery as the League o f Nations employs has not found
unqualified support, especially on tho part o f tho Americans. Thoso op
posing this plan do not believe that It is advisable or practicable to use the
full force o f the League to compel obedience, and suggest Instead tho adop
tion o f a plan of moral suasion. They would havo tho findings of tho
bureau referred for consideration to tho countries interested, believing
that public discussion and consequent moral opinion would prove more
effective in bringing about compliance.
Various proposals, such as tho adoption o f universal eight-hour laws,
laws affecting child labor and women labor, and tho internationalization
of labor (the latter suggestion urged particularly by Italy and likoly, it is
belioved, to lift the barriers erected by immigration laws) aro not to be
Included in the Commission’s report to the council.
A large number of proposals, submitted by labor units from all over the
world, are to bo left for discussion by tho bureau itself.
The program for tho first meeting o f the International Labor Conference
was considered by the Commission at its meeting this morning.
On March 17 the following statement was issued:
To-day’s session of the Commission on International Labor Legisla
tion o f the Peace Conference discussed tho difficulties raised as to tho ap
plication o f labor conventions o f certain States with Federal Constitutions,
and’ decided to submit the question to a small pub-committeo which would
report with the least possible delay.
fejThe committee then proceeded to examino seriatim the labor clauses
presented for Inclusion In the treaty o f peace.
[V o l . 108
cause in fact there has been no international ban upon it, such as is now
provided in the covenant of the proposed League of Nations.
COMMISSION ON REPARATION.
The report of this Commission is understood to be ready
for presentation to the Supreme Council. The amount
of the damages to be assessed against Germany have been
placed at from 35 to 40 billion dollars in unofficial dispatches
from Paris, the figure being based rather upon Germany’s
supposed ability to pay than on the actual damages growing
out of the war, which of course reach a far greater total.
The newspaper dispatches also stated that the United
States would not put in a claim for reparation to the Su
preme Council, but would recoup its claims against Germany
from the proceeds of the German property seized in this
country by the Alien Property Custodian, totaling, ac
cording to the latest estimates, between 700 and 800 million
dollars. In regard to the claims of Belgium for reparation,
an Associated Press dispatch from Paris on March 9, in
stating that Belgium’s claim would total 8 billion dollars,
said:
All the Allied belligerent nations have presented their bills for indemnles to tho Reparation Commission, except France. That o f Franco will
not be ready for another week.
The amounts claimed by tho various nations from Germany cannot yot
bo made public, the commission reserving to Itself the right to give out the
figures. It can be stated, howover, that Belgium’s demands total between
35,000,000,000 and 40,000,000,000 francs, 20,000,000,000 for actual physi
cal war destruction and the balanco for thefts, unpaid-for requisitions, sei
zures, and the like. This is tho largest figure claimed by any belligerent
with tho exception of France.
“ There is one thing, however, o f greater immediate importance and ab
solutely vital to Belgium than presenting Its indemnity bills,” said one of
the Belgian delegation to tho correspondent this afternoon. "That ques
tion Is priority for Belgium’s claim on the first installment paid by Ger
many. I f this cannot be guaranteed, then an Inter-Allied loan must be
made to Belgium immediately. Otherwise tho present stagnation will
continue, and Belgium’s economic situation will bo cripped and helpless
for long years to com e."
This delegate placed the flguro of Belgium’s Immediate need at a credit
of 1 0 ,0 0 0 ,0 0 0 ,0 0 0 francs.
M.
Despret, a member of the Commission on Reparation, told the Associ
ated Press to-day that Belgium wanted an advance of 10,000,000,000 francs
as immediate working capital and a preferential tariff for her oxports to
Allied countries. “ Then the Belgian workmen will do the rost,” M . Dcsprot
added.
The official statement relative to the meeting of the
COMMISSION ON PORTS AND W ATERW AYS.
Commission on International Labor Legislation on March This Commission
made a partial report to tho Supreme
18 said:
The Commission on International Labor Legislation held its twenty- Council on March 12 recommending the internationaliza
tion pf the Kiel Canal and tho Rhine. The Commission
seventh meeting this morning under the Presidency o f Samual Gompcrs.
Tho meeting was devoted exclusively to hearing tho statements put for has rejected a proposal to establish an international ad
ward by the representatives o f women’s organizations o f the Allied coun
ministration of main lines of railway, under control of the
tries.
League of Nations, but is reported to have decided to re
COMMISSION ON RESPONSIBILITY.
vise
the convention signed at Berne in 1890, which previous
A drafting committee to preparo the final report of the to the
war governed international railway traffic. Some
Commission on Responsibility for tho war was appointed divergence
between tho British and American
by the Commission at its meeting on Monday, March 17. members of oftheopinion
Commission
The report, after being approved, will be referred to the on March 8, which said: was indicated in Paris advices
Peace Conference. Tho members of the Drafting Com The question of the Internationalization of railways and International
mission are M. Rolin-Jacquemyns, of tho Belgium delega waterways has come into sudden Importance through tho report made to-day
the Commission of Waterways, Ports and Railways by its drafting sub
tion; Sir Ernest Pollock, of the British delegation, and M. tocommittee.
After discussion the report went over until to-morrow.
Damilia, of the Italian delegation.
Tho British want the waterways usod without discrimination, while
A sub-commission of the Commission on Responsibility the Americans, realizing the effect which tho application of this principle
have upon their great railway systems, aro insistent upon confining
for tho War reported on March 14 that, strictly and tech might
application of tho principle of International uso of such communications
nically, criminal prosecutions of those who brought about tothespecial
cases to be enumerated, and especially to now States.
the struggle were “anomalous and unnecessary,” according Tho Czecho-Slovaks and tho Poles are disposed to resist tho international
use
of
their
unless reciprocal privileges aro allowed them.
to an official communique issued this evening. The report Among thocommunications,
incidental matters under consideration by tho Supremo
added, however, that the Peace Conference “might adopt Council,
it is unders)ood, is some method for the improvement of ports and
special measures and even create special machinery to deal railway and telegraph systoms in Austria, Eastern Germany, and parts of
Russia.
Tho Council will probably recommend that tho Allies supply
with those who planned tho war.” The sub-commission essential materials
for this work to the amount of approximately 5100,
received ovidence which analyzes the facts of the origin of
.000.
the conflict, it was stated.
Tho recommendations of tho Commission in regard to
Another sub-commission, which has dealt with violations future navigation of the Rhino were referred to in the news
of the laws and customs of war, also submitted its report, paper dispatches of March 12 as follows:
and proposed that the Powers should establish a high tribunal Recommendation that tho navigation or the Rhino be opened to all
which “should not, in the exercise of its criminal jurisdic nations
without discrimination was made In a report to the Peace Conference
to-day by tho Commission on tho International Control o f Waterways,
tion, be blocked by considerations of rank.”
Railways, and Ports. It is suggested that tho Rhino bo controlled by a
A special dispatch to tho New York “Times” on March commission
similar to the Danube Commission.
10, in discussing tho attitude of tho Commission toward The status of the Kiel Canal has been settled by tho commission on the
of freedom of use for all nations for merchant vessels or warships In
the punishment of the Kaiser as tho author of the war, said: basis
time of peace. If this plan is adopted, tho canal will continue under German
000
The American opinion Is that the ex-Kaiser cannot be held legally re
sponsible in tho sense that punishment may bo Imposed upon him by tho
Allies, and there is enough backing in tho committee to make that the
opinion o f the majority. Naturally, France takes the other view in the
matter. It may bo said, however, that there is unanimity in the committee
to the extent o f wishing that there was some provision of international law
by which Wilhelm could be brought to book, for It is recognized that
throughout tho world, and particularly in the United States, there Is a
desire to be ablo to say legally to him, “ Thou art the man!” and then to
Impose a tangible and concreto punishment upon tho individual found re
sponsible for tho world terror o f the last four years and all the subsequent
turmoil that has grown out o f tho war.
But, in tho opinion o f a majority o f tho committee, this cannot be done.
This conclusion is based on the fact that war is not a crime within tho
meaning o f international law; that, ou tho contrary, it is a legal thing, be
ownership and operation. Tho quastlon of the fortification of tho canal
is left by tho commission to tho decision of military and naval experts.
The report o f tho commission was not favorable to allowing tho Belgian
claim that special duties bo Imposed on German vessels.
It further recommended that a general conference bo held within a year
to deal with all questions pertaining to the navigation of international
waterways which should bo regarded as too Intricate or complex to be settled
finally within the limited life of tho Peace Conference.
The following official communications have come to hand
in regard to the work of this Commission:
Mar. 4.— Tho first sub-commission of tho Intcr-AIlled Commission on
Ports, Waterways and Railways met at 4:15 this afternoon at tho Ministry
of Public Works, and discussed tho draft of tho convention relative to the
freedom of inland transit, which was thon referred to a sub-committee.
M a r . 22 1919.]
THE CHRONICLE
Mar. 6 .— The second sub-commission o f tho Inter-Allied Commission on
Ports, Waterways and Railways met this morning at 10:30 at tho Ministry
of Public Works. Discussion of tho draft regarding tho international
regime of ports was continued, and tho first 8 articles of tho draft woro
agreod upon, subject to verbal arrangements by tho editing committee.
Tho noxt meeting o f tho sub-committee was sot for 10 o ’clock to-morrow
morning.
Mar. 6 .— Tho second sub-commission of tho Commission on tho Inter
national Regime of Ports, Waterways and Railways met at 10 o ’clock this
morning at the Ministry o f Public Works. They continued to examine
tho draft o f tho convention regarding tho international regime to bo applied
to ports, and finished tho discussion of that project.
Mar. 10.— The Committee on tho International Regime o f Ports, Water
ways and Railways met this morning in plenary session at 9:30 at tho Minis
try of Public Works. It continued tiio discussion of the clauses to bo in
serted in tho treaty of peace and began tho examination of tho control of
navigation on the Rhino. The meeting adjourned at 12.45.
M ar
1 3 .— T h e C o m m i s s io n o n t h o I n t e r n a t io n a l R e g i m e o f P o r t s .
W a t e r w a y s a n d R a il w a y s m e t t h is m o r n in g a t t h o M i n i s t r y o f P u b l i c
W o r k s in p l e n a r y s e s s io n .
T i i o C o m m i s s io n c o n t i n u e d t h o d i s c u s s s io n
o f t h o p r o v i s io n s r e la t i v e t o t h e in t e r n a t io n a l r e g im o o f R h in o n a v i g a t i o n ,
t o b o in s e r t e d in t h o p r e lim n a r io s o f p e a c e .
■
Mar. 17.— Tho Commission of International Regime o f Ports, Water
ways and Railway? met to-day at 3 o ’clock at the Ministry of Public Works.
Tiio Commission was addressed by delegates from Switzerland, who had
asked to bo hoard in order to lay befor otho Commission tho views of tho
Swiss Government on tho question of tho navigation of tho Rhino. The
delegates, namely M . Valloggo, M . Golpke and M . Collett, were repre
sented by tho Swiss Minister, M . Dunoup, and set forth tho legal and tech
nical reasons which led Switzerland to claim participation in any conven
tion which may in tiio future govern navigation on tho Rhino.
After tiio Swiss delegates had left tho Commission completed tho text of
tho clauses to be inserted in tho treaty o f peaco in regard to tho Rhino and
resumed discussion of tho clauses regarding international transport by
allway.
The press dispatches from Paris on the 17th also gave the
following in regard to the work of tho Commission:
The Commission on International Railways Communications has de
cided to roviso tho convention signed at IJerno in 1890, which previous to
tho war governed international railway traffic, according to tho “ Echo
do Paris.” Tho Commission has rejocteil a proposal to establish an in
ternational administration o f main lines o f railway under tho control of the
Loaguo of Nations.
COMMISSION ON BELGIAN AFFAIRS.
The Commission on Belgian Affairs submitted its report
to the Supremo Council on March 7, and recommended the
revision of the three treaties of 1839 and tho restoration of
Belgium to complete sovereignty. An Associated Press
dispatch said of this report:
Tho Commission on Belgian Affairs, charged with investigation of tho
differences between Belgium and Holland, submitted its report to tho
council of tho five groat Powers to-day. It advises that tho three treaties
of 1839, establishing tho status of Belgium and Holland, bo revised by tho
council, as they aro now “ useless and disadvantageous to Belgium.”
Tho three treaties aro idontical except as to tho signatories. Belgium
and Holland signed ono and Holland and Belgium each signed one with
Great Britain, France, Austria, Russia and Prussia. Three o f thoso
Powers have disappeared and the treaties have become “ scraps o f paper,’
which Germany violated by invading Belgium.
Tiio proposed revision o f tho treaties will restoro Bolgium’s complete
sovereignty and eliminate her neutrality which afforded no protection and
is now distasteful. Holland will bo summoned boforo “ tho Big Fivo”
shortly to discuss tho revision of the treaties.
Tho question of Dutch Limburg has not yet been considered, Andre
Tardiou, a member o f tho French peaco delegation, informed newspaper
men.
It was reported on the 8th that tho Commission on Bel
gian Affairs had also agreed in principle to the Belgian de
mand for Malmedy and tho surrounding district, which has
been under Prussian rule since tho first treaty of Vienna.
Tho district has an area of 110 square miles and a popula
tion of six or seven thousand. The principal industry is the'
manufacture of leather.
The following official communication was issued by the
Belgian Commission on March 4:
March 4.— Thcro was authorized after the fourth meeting o f the Com
mission on Belgian Affairs at tho Quai d’ Orsay, at 10 o ’clock this morn
ing, a communiquo to tho press to the effect that tho Commission had
mot and had arrived at a decision regarding a general solution o f tho
question of tiio rovislon of tho treary of 1839, which it will submit to the
Supremo Council in due course.
CONFERENCE ON G R E E K AFFAIRS.
On tho 13th inst. press advices from Paris had tho following
to say as to tho conforonco on Greek affairs:
The Peace Conference Commission on Greek Affairs yesterday heard
representatives of Thrace, M . Jamnavs, a former Deputy in the Turkish
Parliament, and A. Antoniados, an engineer M . Antoniades told tho
Commission of a preponderating Greek position in agriculture and in
dustry In Thraco.
Greek and Armenian patriarchs at Constantinople have sent a petition
to Premier Vonlzolos, to be presented to tho Peace Conference. They de
mand that tho Greeks and Armenians shall no longer be compelled to
live under a Turkish Government.
Tho po itlon asks that Greeks bo allowed to live In Armenian territory
and Armenians in Greek territory in case thoy cannot bo included In »ho
limits of their own countries. Tho Armenians ask for the formation of
a groat Armenia, with access to tho Black Sea and the Mediterranean, and
say they would like to seo Thraco, Constantinople, tho Vilayets of Smyrna
and Broussa and tho Sanjaks of Comedia and Bigha incorporated In Greece.
Ilopo Is expressed that tho united Greeks and Armenians may become
Important factors in tho peaco, progress and civilization of the Near East.
Other official communications liavo been issued as fol
lows:
March 7.— The Commission for the study o f Rumanian and Jugo-Slav
territorial questions met to-day and continued Its 6tudy of the questions
presented.
1133
March 7.— The Commission on the frontiers of enemy States met at the
Quai d'Orsay to-day at 6 o ’clock. Monsieur Tardleu was designated as
President and Marquis Salvego Raggi as Vice-President. Questions of
procedure were discussed, and communications to the President o f the
Preliminary Peace Conference and to the Presidents o f the several com
missions on territorial problems woro prepared. The meeting adjourned
at 6:35. The next meeting will be called at a date to bo fixed by the
President.
_________
GERMANY TO TURN OVER ALL REM A IN IN G SH IPS
TO ALLIES.
Approximately 3,500,000 tons of German shipping, here
tofore lying idle in German or neutral ports, will be brought
into use as a result of the conferences brought to a successful
close at Brussels on Friday of last week (March 14). The
estimate is that contained in Associated Press dispatches from
London on March 15. In return, Germany is to be allowed
to purchase 370,000 tons of foodstuffs a month until next
August, to bo paid for by the hire of the ships taken over,
by exports of commodities, by tho use of existing German
credits, and in other ways. The ships will be divided among
the United States, England, France and Italy, and will be
used to transport American and British Colonial troops to
their homes, and foodstuffs to the starving regions of Europe.
As Italy is already in possession of the Austrian shipping,
the management of a very small proportion of the German
shipping, it is said, will be intrusted to that country. France
will receive big ocean-going steamers to the extent of 75,000
to 100,000 tons. The balance of the tonnage will be divided
equally between the United States and Great Britain.
The United States will receive as part of its share a number
of large passenger carrying vessels, suitable for use as trans
ports, while Great Britain will receive mostly freighters.
Among tho vessels awarded to the United States are the
Imperator, 52,000 tons; Zeppelin, 15,200 tons; Prinz Fried
rich Wilhelm, 17,000 tons; Graf Waldersee, 13,000 tons;
Patricia, 14,400 tons; Cap Finisterre, 14,500 tons; Pretoria,
13,200 tons; Cleveland, 16,900 tons, and Kaiserin Auguste
Victoria, 25,000 tons. The total tonnage of these nine ships
is 183,200 tons, and all of them except the Imperator were
said to bo ready to put to sea within a few days. The
Imperator was stuck in the mud, but it was thought she could
be floated without much delay.
In addition to the foregoing, it was reported at Washington
on March 12 that 100,000 tons of German ships interned in
Chilean waters had been allocated to the United States by
the Allied Shipping Commission, but there was said to be
some doubt as to whether the U. S. Shipping Board was
willing to accept the ships so offered. Chairman Hurley
of the U. S. Shipping Board explained that the original
proposal was for the United States to take over the ships and
use them until the peace treaty was signed, when title to
them was determined. This offer was refused by Mr. Hur
ley, who believed their use for so short a period would not
justify tho board in standing the expense of the repairs.
When information that the ships finally had been allocated
to this country was received at the State Department, Mr.
Hurley immediately ordered an examination of the vessels
to determine the extent of repairs that would have to be made.
Gorman ships self-interned in Chilean ports at the outbreak
of tho war numbered 36 steamships of 126,507 net tons and
52 sailing vessels of 114,579 tons, a grand total of 88 vessels
aggregating 241,186 net tons, according to a list compiled
by tho “South American” in Feb. 1918. The largest of these
ships is the Yorck, 5,117 tons, interned at Valparaiso.
German ships in other South and Central American ports
and in tho Dutch East Indies are included in the present
agreement. It is reported that ships now in neutral harbors
will bo allowed to load cargo for Germany and sail for home
with their present German crews. All the vessels, however,
will eventually be manned by non-German crews. Several
hundred American officers and seamen have recently sailed
for Europe, it is said, to supply crews for ships to be taken
over, and others will bo supplied from American naval sta
tions abroad. An Allied economic commission is being
established at Hamburg, it is stated, to deal with the matter
of freight and cognate subjects. Freight will be charged
mainly in accordance with the British Blue Book rates.
An Associated Press dispatch from Brussels on March 14
gave tho following account of the final negotiations which
led to the signing of the agreement:
Allied conditions for the taking over of the German merchant fleet and
the provisioning of Germany were definitely accepted to-day by the German
delegates to the Conference which has been in session here.
A Board of Control for German exports will bo established under the
terms of the agreement. This board will probably have its headquartere
at Rotterdam.
Tho Gormans will bo permitted to buy fish from Norway and resume
their own fishing in tho North Sea. •
1134
THE CHRONICLE
The German representatives asked for a modification o f the blockado,
and, although no promises were given them in this connection, steps in
that direction have already been taken.
A monthly ration for Germany o f 370,000 tons o f foodstuffs was fixed
yesterday by tho Allied Commission. The Germans observed that this
ration was smaller than they had requested, and were pessimistic as to tho
arrangement of satisfactory financial terms.
After Vice-Admiral Sir Rosslyn Wemyss of Great Britain, Chairman of
tho Allied delegation, had presented the conditions decided upon by tho
Entente, the Germans asked to bo allowed to withdraw for consultation.
They then formed three sub-committees to deal with questions of finance,
food supply, and mercantile marine. Last evening at 6 o ’clock, another
plenary session was held, Admiral Wemyss saying at its close that satis
factory progress was being mado.
In tho evening tho Germans asked permission to use a telegraph line to
Weimar.
At yesterday’s sessions the German representatives sat on one side of a
long table, while on tho other side were an equal number of Allied repre
sentatives. There were no greetings, salutations, or amenities of any sort.
The proceedings were marked by impersonal rigidity. Tho chairman of
tho German delegation stared at a spot on the table and addressed his
remarks to no ono in particular.
Admiral Wemyss began by reading a statement prepared for him by
the civilian members, calling on the Germans to say categorically whether
they abided by the terms of the armistice. Herr von Braun, the head of
tho Gorman delegation, replied curtly: “ Yes."
Admiral Wemyss then read one page of typewritten memorandum giving
in crisp sentences the terms o f the Allies for granting food to Germany— tho
German merchant fleet to be handed over at once, financial provisions to
bo made at once, food to bo delivered at once, and deliveries to bo con
tinued until the next harvest as long as Germany should abide by tho terms
of the agreement.
As the statement was read it was translated into German and French,
tho German replies receiving tho samo treatment. Tho air of impersonality
was preserved throughout. It was then settled that tho details of tho ration
of 370,000 tons of food monthly with tho shipping and financial plans should
bo elaborated in sub-committeos, and the first plenary session adjourned,
having lasted only a few minutes.
The sub-committee on food was under tho Chairmanship of Herbert C.
Hoover, Director-General of the Inter-Allied Relief Organization: Thomas
W . Lamont represented tho United States on tho Sub-Committee on Finance.
In this meeting there were no appeals or references to humanity and
civilization, or to women and children, tho only statement in this connec
tion being that infant mortality in Germany had doubled in the last three
months, and this was simply mentioned as a cold declaration of fact in
connection with tho request of tho Germans for moro condensed milk.
Tho German delegates were anxious to onlargo tho proposed monthly
imports of certain commodities, only to bo mot with tho statement:
I
regret that tho world’s shipping does not mako this possiblo.”
Reference on somo points was reserved by tho Germans for discussion
with the Berlin Government.
LLOYD GEORGE URGED TO R E M A I N A T PEACE
CONFERENCE.
A lotter signed by President Wilson and Premiors Clemenceau and Orlando was handed to Premier Lloyd George on
Monday afternoon (tho 17th inst.), strongly urging him to
postpone for a fortnight his return to England, in view of
the urgency of tho problems before the Peace Conference.
Mr. Lloyd George, it is stated, will submit the letter to tho
British Cabinet and, it is understood, will act in accordance
with its viows. The letter read as follows:
It seems imperative, in order that tho world may wait no longer for
peace than is actually unavoidable, that you remain in Paris until tho
chief questions connected with poaco aro settled, and wo earnestly beg you
to do so. If you can arrange to remain another two weeks wo hope and bollovo this all-important result can bo obtained. Wo write this with full
comprehension o f tho very urgent matters that aro calling you to England,
and with a vivid consciousness of tho scarifico wo are asking you to mako.
I N T E R N A T I O N A L CONFERENCE SUGGESTS CHANGES
I N L E A G U E OF N A T I O N S CO V E N A N T.
[V o l . 108.
proceed to completo disarmament on sea and land, with tho abolition of any
obligatory military sorvico, volunteer troops sufficient to keep order only
being maintained by each Stato.
Further, according to tho amendments, tho Society of Nations shall dis
pose land and sea forces to prevent any violation of peaco. All colonies,
except those self-governing, shall bo supervised by an officer of tho society.
Customs tariffs and monopolies designed to favor particular interests shall
bo abolished. All mombers of tho Society of Nations shall havo tho samo
economic rights. Tho people’s rights of self-disposal and tho protection
of national minorities shall bo guaranteed by a world constitution. Boy
cotts for national reasons shall bo forbidden,
in conclusion tho telegram says: '
“ The Berne Conference begs the Allied and Associated Governments to
consider tho above and amend their scheme accordingly.”
Tho messago is signed for tho International Conl'erenco by O. Webor,
Swiss National Councilor; M . Haiberlein, President of tho Communal
Council of Zurich; Professor Emile Biso of Freiburg, Dr. Hans Buchili,
Professor Broda of Berne, Enrico Bignam of Italy, Philip Snowdon of Eng
land, Professor von Latin of Austria, Herr Stocckor of Germany, General
Meester of Holland, Matbillo Widogren of Sweden, Baron Wrangel of
Russia, and M M . W . Domer and Knellwolt, Swiss National Councilors.
ITEMS
ABOUT
BANKS,
TRUST
C O M P A N IE S ,
&c.
No sales of either bank or trust company stocks wero
made at tho Stock Exchango or at auction this wook.
A Now York Stock Exchange membership was reported
posted for transfer this week, tho consideration being stated
as $73,000, an unchanged prico from the last preceding
transaction.
At a recent meeting of tho board of directois of the Lib
erty National Bank, Junius Spencer Morgan, Jr., eldost son
of J. P. Morgan, was elected a director. After tho younger
Morgan graduated from Harvard in 1914 he was associated
first with Brown Brothers & Co., Boston, and lator with
J. P. Morgan & Co. Ho enlisted in tho Navy as a Reserve
Ensign in April 1917. In April 1918 ho was ordered to U. S.
Naval Headquarters in London and was stationed thoro
during the critical period of American troop movements to
Europe. On Sept. 24 he was commissioned a Lioutonant in
tho Regular Navy after being ordered to Washington for
service in tho Codo and Signal Bureau of Naval Communica
tions. Mr. Morgan resigned his commission last December
to resumo business.
Harvey D.^Gibson, President of tho Liberty National
Bank, who for tho past nine months has been working with
tho Red Cross, returned yesterday and has resumed his
duties as President of the bank.
James G. Blaine, Jr., who soveral months ago resigned
as director of the Department of Development of tho Ameri
can Red Cross in Washington, has roturned to his duties
as Vice-President of tho Liberty National Bank.
The Harriman National Bank of this city has received
from the Federal Reservo Board permission to act as Trus
tee., executor, administrator, registrar of stocks and bonds,
guardian of estates, assigneo, receiver, committee of estates
of lunatics, and in any other fiduciary capacity in which
State banks, trust companies, or otlior corporations com
ing into competition with national banks aro permitted to
act under the laws of the Stato of New York.
Tho Harriman National Bank celebrated its eighth birth
day anniversary at a dinner given on Thursday night at tho
Hotel Biltmoro by Joseph W. Harriman, President, in
honor of tho officers and directors of tho institution. A
feature of tho entertainment Avas tho exhibition of a graph
of the growth of tho business of tho bank from its charter
March 20 1911, at which time tho deposits woro $4,100,000
to date, the deposits at the opening of business March 20
1919 being $40,100,000, an increase of nearly 900% in tho
eight years.
Tho directors of tho Citizens National Bank of this city
on March 21 declared a quarterly dividend of 2}^% and
also authorized the payment of extra compensation to tho
employees, for tho first quartor of tho year, in tho amount
of 5% of their annual salaries.
In reply to a request by tho Peaco Conference Commis
sion on a League of Nations, of which President Wilson is
Chairman, that neutrals send suggestions and criticisms in
regard to tho proposed covenant of the League, representa
tives of tho International Conference of League of Nations
Societies, in session at Borne from March 6 to 13, outlined
in a telegram numerous amendments which they proposed
for the consideration of tho committee. This conference
was composed of delegates of sixty associations of England,
Italy, Germany, Austria, Denmark, Holland, Hungary,
Sweden and Switzerland, and there were present also at
the sessions representatives from Franco, the United States,
Russia, Bulgaria, Egypt, Esthonia, Greeco, India, Lith
uania, Macedonia, Rumania, Turkey and tho Ukraino.
Tho general effect of their suggestions would be to mako tho
Loaguo representative of tho whole world and less undor
tho domination of the five Powers at present in control of
the Peace Conference. Twenty-six amendments aro sug It Avas announced yesterday that tho ontiro capital stock
gested to the covenant as now drawn, which wero sum of tho International Bank, located in tho Whitehall Building,
marized as follows in dispatches to tho daily papers:
No. 17 Battery Place, has been sold by tho International
“ Recognizing tho superiority o f tho Paris Text (Loaguo o f Nations pro
posals over tho international anarchy existing to-day,” says tho telegram, Banking Corporation to a syndicate headed by James C.
Colgate and EdAvard W. Harden, of tho firm of Jas. B. Col
‘wo submit tho following amendments.”
Twenty-six articles aro submitted, tho first o f which reads:
gate
& Co. A statement issued in tho matter says:
“ An International Parliament olected by tho peoples should roplaco tho
assembly o f delegates proposed in tho Paris text. Tills Parliament should
havo full prerogatives and legislative powers, each country olocting ono
member for each million inhabitants.”
Tho other articles provldo that an international tribunal shall bo croated,
and that tho Council of tho Society of Nations, embracing all States, shal
Sumner Ballard, President of tho International Insuranco Co.; David
Rumsoy, of tho law firm of Rumsey & Morgan; Frederick T. Fisher, Secro
tary and Treasurer of tho Corn Products Refining Co., and John A. Forster,
President of tho North River Insuranco C o., aro interested in this purchaso
and with friends havo taken over a substantial amount of stock.
M a r . 22 1919.]
THE CHRONICLE
A special meeting o f the stockholders o f tho bank has been called for
April 1, at which it is expected tho number of directors will bo increased
from seven to twolve. While the now board has not been definitely decided
on, it is expected these will bo named as directors: James C. Colga^,
Edward W . Harden, John A. Forster, Frederick T. Fisher, ( 'Oorgo ^ .
M offett David Rumsoy, Sumner Ballard, Isaac E. Chapman, William S.
Kies and Albert Waycott. Mr. Harden and Mr. Kies, Vico-1 resident of
the American International Corporation, who is now in
are tho only members of the present board to continue their Interest in
tho bank Janies C. Colgate will probably bo elected President to servo
temporarily, and William Reed, who lias been the Vice-President in charge
of the bank for tho last three years, will continue in that capacity.
The International Bank was organized several years ago to care for the
local banking needs o f the International Banking Corporation
R has a
oanital of $600 000 and surplus and undivided profits of $225,000. Its
S S L L ^.„ p r “ m «o ly 87.000.000. I. ..»» P«U1 divldond, on tho .tool,
at tho rate of 6% for several years.
1135
the March issue of “Queensborougli,” tho monthly publica
tion of the Chamber of Commerce of the Borough of Queens.
A statement issued by tho Chamber says:
These 26 banks included the 12 branches of the Bank of Long Island and
the 2 branches of tho Queens County Trust C o., but did not include tho
5 branches of tho Corn Exchango Bank in Long Island City and Flushing,
the 2 branches of tho Title Guarantee & Trust Co. in Jamaica and Long
Island City and tho branch of the Irving Trust Co. in Long Island City.
If all of the banks, whose main offices are in Manhattan, are included there
are to-day 34 banks in the Borough of Queens with resources aggregating
$330,000,000.
. „
.
.
The number of depositors in the four savings banks in Queens increased
1 868 during tho past year and 11,583 in the past five years. The increaso
in savings bank deposits during 1918 was $2,744,000. despite the fact that
there were 238,231 subscriptions in Queens Borough to tho Third and Fourth
Liberty Loans during 1918 aggregating $32,483,000.
The article states in part: “ Communities may be measured by various
standards: by production, by consumption, by the conservation of capital
“ The growth of these financial institutions is perhaps the best index to
the growth of tho Borough of Queens during the same period not only in
population and industry, but in commerce and building development;
n fact, in every phase o f business prosperity.
“ The figures showing the increased deposits in all of the banks prove
unmistakably that tho Liberty Loan campaign instead of decreasing the
number of depositors and the amounts of deposits have, on the contrary
helped to teach the habits of thirft."
An order directing tho dissolution of tho Transatlantic
Trust Company of this city was signed on Feb. 18 by State
Supremo Court Justice Bijur. Tho company was taken
over by tho Alien Property Custodian, A. Mitchell Palmer,
in July 1918 (as reported in these columns July 18, page
124) and a reorganization was at that time effected, the
changes including the election of Z. S. Freeman as Presi
dent, succeeding Julius Pirnitzer. In his petition for the
First National and the Mechanics’ National banks
dissolution of the company, James A. Delohanty, who as of The
Now
Bedford, Mass., consolidated on Feb. 24 1919 with
Mr. Palmer’s representative, had been serving as General a combined
capital of $500,000, surplus $500,000 and un
Counsel of tho institution, said in part:
The Allen Property Custodian deemed it for tho best interests c f the divided profits $200,000.
United Statos that this agency, which had been used for enemy purposos,
should be totally destroyed. Ho felt that the organization which had been
built up was essentially anti-American, and that continuance of its busi
ness would necessarily mean tho continuance of the organlzat on of agents
in tho United States, and deemed that tho organization would always be
a ready instrument for anti-American propaganda unless tho company
WCIt wts*immediately apparent that tho Americans on the board of the
company and tho American officers of tho company had boon engaged
chiefly in the ordinary banking business o f tho company, and had been
unaware of tho ulterior purposes of officials who wero not citizens. On
tho other hand, it was clear from tho investigation that Julius I lrmtzcr,
tho President o f tho company, was in fact making uso of his position and
of tho organization built up by tho trust company for purposos hostile to
the United States, and directly tended to benefit the Gorman and Austrian
Governments.
Mr. Delehanty is also said to havo stated m ms advices
to Judge Bijur that President Pirnitzer “permitted the
notorious Franz von Itintelen to make uso of the trust
company as his headquarters during the period when his
spy and propaganda work was active.” The trust company
is solvont, having, it is announced, assets not only more
than sufficient to liquidate its outstanding capital of $700,
000 and its other obligations, but a surplus of $400,000 and
undivided profits, it is reported, of $373,071. Tho de
posits of tho institution exceed $6,000,000.
The Fob. 21 statement of tho Guaranty Trust Co. of this
city shows total resources of $754,422,017 32. Compared
with the statement as of March 14 1918, tho nearest cor
responding date last year, the resources show, an increase
of $51,639,789 44. Total deposits on Feb. 21 19i9 were
$582,219,167 83. On March 14 1918 tho deposits were
$537,363,116 82. Tho increaso in deposits in the period
indicated was therefore $44,856,051 01.
Tho Asia Banking Corporation on March 17 announced
that the office of tho now Hankow Branch had been oponed
on Saturday. Tho branch is located on the Poyang Road
in Hankow, and is in charge of J. II. Wichers. The Shang
hai Branch of tho Corporation was oponed in February,
and tho offices in Peking and Tientsin are scheduled to opon
early in May, with Changsha, Hongkong and Canton fol
lowing shortly.
The following appointments at tho Paris office of the
Guaranty Trust Company of Now York were announced
March 17 by tho Executive Committee: J. B. Avegno,
Treasurer; John Watts, Acting Secretary; P. C. Pasteur,
Assistant Secretary; J. Wesley Conn, Assistant Comp
troller.
Tho Philippine National Bank of Manila, P. I., recently
announced through its Now York Agency at 37 Broadway
tho opening of branch officos at Shanghai, China.
The Boston Stock Exchange firm of Pearmain & Brooks
mado voluntary application in the U. S. District Court on
March 4 for the appointment of a receiver and Edward
H. Ruby was appointed to the position. This action, we
understand, followed the filing of a civil suit by the firm
against a former employee for $70,000. The following state
ment by Homer Albiers, attorney for Pearmain & Brooks,
was printed in tho Boston “Herald” of March 4:
Owing to some irregularities by a former employee, the firm of Pearmain
& Brooks has lost a great deal of money, how much we are not yet absolutely
certain, but it would appear to be more than $100,000. Therefore it has
become necessary for it to go into bankruptcy ■
■ ■
1
1
• 1' *
"According to tho schedules filecl, the liabilities are $641,
233, of which $350,493 is secured, and the assets amount
to $518,858. Tho firm consists of Sumner B. Pearmain
and L. Loring Brooks. On March 3 Mr. Pearmain tendered
his resignation from tho Boston Stock Exchange, of which
he was Vice-President and ono of its oldest members, giv
ing as his reason the difficulties in which his firm is in
volved.
At a meeting of the directors of the Exchange Trust Co.
of Boston on March 12, tho regular quarterly dividend of
was increased to 2%, payable April 1 1919, to stock
holders of record March 26 1919.
1
A new banking institution—tho Fall River Trust Co.,
Fall River, Mass.—a charter for which was granted re
cently, has now been organized. Tho new trust company
has a paid-in capital of $200,000, consisting of 2,000 shares
of the par value of $100, with a surplus of $50,000 obtained
by selling the stock at a premium of $25 per share. State
Senator Walter E. McLano has been chosen President of
the institution and Michael Sweeney and James Sinclair,
Vice-Presidents. The directors are: Walter E. McLano,
Edwin J. Cole, Charles T. Slack, Thomas G. McGuire,
William A. Prosser, James Sinclair, Michael Sweeney and
Frank M. Silvia of Fall River and Edward M. Hamlin and
F. Russell Beebe of Boston. Mr. Silvia has been elected
Clerk of the board and Treasurer pro tem. Edward M.
Corbett of Fall River, Mass., is the architect for the pro
posed quarters of tho institution. As soon as the plans
are completed bids will be called for and the management
hope to be able to open the bank for business before June 1
1919.
E. J. O’Brien has resigned as Cashier of tho Allegheny
Valley Bank of Pittsburgh to become Secretary of the Wayne
Brass Foundry Co. Mr. O’Brien who was connected with
the bank for 17 years has been elected to its directorate.
The Corn Exchango Bank of this city plans to opon a The Citizens National Bank of Reynoldsville, Pa. (capita
branch office at tho southwest cornor of Fourth and Grove $50,000),
has been placed in voluntary liquidation, its
Streets, Manhattan Borough.
assets having been taken over by the People’s National
of Reynoldsville. We referred in our issue of Feb.
Tho resources of the 26 banks in tho Borough of Queens Bank
22
to
tho
consolidation of the two banks on Jan. 1.
increased $11,652,000 and tho deposits increased $10,512,000
during the past year, according to a statement published in
1136
THE CHRONICLE
[Vol . 108.
J. E. Boisseau has been elected a director of the National We have purchased this site for a permanent location for our bank.
In recent yoars wo liavo outgrown our present quarters, which wo occupiod
Union Bank of Maryland. Mr. Boisseau is Vice-President twenty-two
years. Wo bcliovo wo have obtainod tho flnost banking lo
of the institution. Horace R. Ford, Receiving Teller, has cation in Chicago,
on tho two chief financial streets.
been elected Assistant Cashier of the bank.
The following with reference to the property is taken from
the Chicago “Economist” of Feb. 15:
Albert C. Bruce has been elected a director of the Mer The loase on tho land runs for 162 years at an annual rontal of *40,000,
equivalent to 4% on 31,000,000, or S5.290 a front foot for LaSallo and
cantile Trust & Deposit Company of Baltimore, Md., suc $55
70 a sqauro foot. Tho Hoard of Review valuod tho property at •$1,
ceeding the late Col. R. A. Lowry of Atlanta, Ga. Mr. 858,719,
of which 8400,000 is in tho building.
Bruce is connected with Bartlett Hayward Company.
The history of tho Temple is of much interest. It was one of tho first
fireproof structures erected in tho city, having been completed May I
1892, at a cost of $1,251,648 88. It is 13^ stories high and was designed
With a view to extending its banking quarters in order to by
tho former arcitectural firm of Burnham & Root. Tho land is owned
meet the needs of its increasing volume of business, the Mer- by tho
children of Marshall Field, Jr., under tho will of tho senior Marshall
Field. Tho idea of erecting tho building, as a monument to tho tomchants-Mechanics First National Bank of Baltimore recently peranco
causo, with the incomo to bo devoted entirely to its furtherance,
purchased the vacant lot on South Street adjoining its present was conceived
by Mrs. Matilda B. Carse, the plan being supported by Miss
bank building and will erect thereon a building a similar Frances E. Willard
and other prominent women.
Tho State Bank of Chicago has shown a remarkablo record of progress,
architecture and material and connect the two structures being
of a small private bank opened Dec. 8 1879, at Nos.
by means of openings cut through the walls of the preson t 57 andtho59outgrowth
(old Nos.) LaSallo streot, by Helge A. Haugan, 32 yoars, and
building on its south side. Building operations, wo un John
R. Lindgren, 24 yoars, under the firm name of Iiaugan & Lindgron.
institution was chartered as a Stato bank under its present namo
derstand, will not be commenced immediately owing to the in The
1891 with a paid-up capital or .$500,000 and deposits of $1,088,657,
high cost of matrials and labor at tho present time.
M r. Haugan being elected President and M r. Lindgron Cashier.
In 1897 the Stato Bank moved into its present location in tho Chamber
of Commerco Building. In January 1900 tho deposits of tho bank had
Harry L. Selby was elected Cashier of the Farmers’ and grown
to $4,696,403 and its capital was then increased from $500,000 to
Mechanics’ National Bank of Georgetown, Washington, $1,000,000,
a cash dividend of 40% or $200,000 being distributed from its
D. C., on Feb. 27. Mr. Selby succeeds Charles W. Ed earnings to tho bank’s stockholders. In July 1909, to keep pace with its
increase
in
deposits,
tho capital was again increased to $1,500,000. Tho
monton, deceased. On Jan. 23 Harry V. Haynes was
tho bank in recent years is indicated by tho following table:
elected President of tho bank, succeeding William King, growth ofCapital,
Surplus
Total
Capital, Surplus
Total
Jan. 1 and Profits.
who desired to retiro from active business.
Deposits.
Jan. 1 and Profits.
Deposits.
Robert C. McConaughty, formerly a National Bank
Examiner in the Federal Reserve District for the Southern
District of Ohio, was recently elected Vice-President of the
City National Bank of Dayton, Ohio, and of its affiliated
institution, the City Trust & Savings Bank of that city.
1902 ------- $1,220,212
$9,255,543 1912 .. -..$3,629,666
$25,119,897
1904 ------- 1.446,273
11,265,650 1914 .. . . . 4,267.853
24,659,902
1906 ------- 1,700.101
15,037,498 1916 . . . . . 4,941.108
24,308,683
1908 .........2,128,105
16,278,302 1918 . . . . . 5,635,731
33,690,869
1910 ......... 3,071,369
20.270,636
Tho total assets of tho bank aro now over $40,000,000. Dividends aro
paid at tho rate of 20% a year. Tho shares of tho bank have a par value
of $100, a book value of 376, and a present market value of 404 bid and
410 asked.
Application has been made to tho Comptroller of the Tho Noel Stato Bank of Chicago has taken titlo from
Currency for a charter for the Northen National Bank of Jacob
M. Loeb and Sidney S. David to the triangular
Cleveland, Ohio; capital .$500,000.
shaped properties across tho streot from its present loca
which are located at tho northwest corner of Mil
An addition of $250,000 to tho capital of the First National tion,
waukee
avenue and Robey street at tho intersection of
Bank of Springfield, 111., raising it to $500,000, has been North avenue,
138x134 feet, comprising about 9,000 squaro
approved by the Comptroller of tho Currency.
feet, improved with four brick and frame buildings, to bo
wrecked about July 1 in order to mako way for a building to
An increase of $50,000 in the capital of tho National be devoted exclusively to the bank’s purposes.
Bank of Ionia, Mich., changing it from $50,000 to $100,000,
has been approved by the Comptroller of tho Currency.
At a recent meeting of the directors of tho Home Bank &
Trust Co. of Chicago B. M. Hair was elected President of
William Davis Dickey, for the past twelve years Assistant the institution to succeed the late Charles F. Hoerr. Mr.
Cashier of the National City Bank of Chicago, died sud Hair is President of the Northwestern Yeast Co. of Chicago.
denly at his homo on March 16. Mr. Dickey, who was
well known to bankers throughout the country, had been A now banking institution is being organized in Mil
at the bank as usual the day previous to his death. He was waukee under the titlo of the Milwaukee Commercial Bank
sixty years old and was born at Columbus, Indiana. He and will bo opened in May in tho Saxo Building, to bo re
received his early banking experience with tho Cumberland named Milwaukee Commercial Bank Building, Fifth streot
County National Bank of Neoga, Illinois, of which institu and Grand avenue that city. Attorney Alfred Kay of Mil
tion he became Cashier. Leaving Neoga ho went to Sioux waukee has been chosen chief executive. Tho other offi
City, Iowa, as Cashier of a bank there, and later acceptod cials will be Paul Hammersmith and William C. Ahlhauser,
accepted a position with the American National Bank of Vice-Presidents, and Burne Pollock, Cashier. Tho capital
Indianapolis. IIo resigned this position to go with tho of tho now bank is 100,000 in shares of $100. It will have
Columbia National Bank of Indianapolis as Assistant Cash surplus and undivided profits of $10,000.
ier. In 1907 ho accepted an Assistant Cashiership with
tho National City Bank of Chicago, where he had since The Co-operative Stato Bank of St. Paul, Minn., with
been. Walter P. Dickey, President of tho Live Stock capital of $25,000 has been purchased by a group of St.
State Bank of Portland, Oregon, and Will M. Dickey of Paul men from the Merchants’ Insurance Co. of Minneapolis
Merrill, Cox & Co., Chicago, are sons of the late Mr. Dickoy. and will hereafter bo known as the Farmers & Merchants
Stato Bank. The officers of tho bank will now bo J. E.
The Kimboll Trust & Savings Bank, representing a con Cable, President; William Reidel and John Entonmann,
version of the private banking business of Raymond G. Kim- Vice-Presidents, and L. M. Lilly, Cashier. Tho location
bell & Co., 3538 Fullerton avenue, Chicago, has been in of tho bank will be moved to Seventh and Minnehaha streets,
corporated and opened for business with capital of $100,000. Dayton’s Bluff, about May 1 1919.
The stock is in shares of $100. President Kimbell’s asso
ciates in the management of the institution are Edward II. The First Trust Company of Omaha anounces tho open
ing of an investment bond department with Carlisle J.
Olsen, Vice-President, and Lily M. Hansen, Cashier.
Thorson as Manager. Mr. Thorson was formerly asso
On Feb. 11 the State Bank of Chicago purchased tho ciated with the International Trust Co., Denvor.
building known as the Woman’s Temple at tho southwest Tho Commercial National Bank of Bozeman, Mont.,
corner of La Salle and Monroe streets, Chicago, together has signed a contract for a now four-story and mezzanine
with the leasehold (the latter to run for 162 years at $40,000 bank and office building. Tho new structure, which will
per annum) for $550,000. It is the intention of tho State be 55 by 133 feet, will bo of fire proof construction through
Bank of Chicago to erect on the site at a future date a 16- out
and modern in equipment and appointments. The
story bank and office building, to bo known as the State exterior
will be of stone to tho second floor lovel and brick
Bank building, at a cost of approximately $2,000,000. The above,
with
stone trimmings. Fred B. Willson of Bozeman
Chicago “Herald” of Feb. 12 quotes Leroy A. Goddard, is tho architect,
and Hoggson Brothors will construct and
President of the institution, in speaking of the purchase, as equip the building.
saying:
1138
THE CHRONICLE
Bv Messrs. R. L. Day & Co., Boston:
Stocks.
S persh.
SharesJ. Stocks.
$V
ersh. Shares.
Hood Rubber,. pref
5 National Shnwmut Bank..........218 15
.
102 K
Hood Rubber, common______ 148
2Old Colony Trust......... ............... 23» 104 Boston
Wharf__________________ 85
12 Nashua M fg.. new stock............ 230
10
Boston
Ground
Rent
Trust-.79
flat
4Cordis M ills--............................. }30
5 American Glue, prof____________ 142K
30 Great Falls M fg....... ................... 1i2 .
27 Lawrence Gas....... ................... 11516
10 Blgelow-llart. Carpet com-------- 82
150 Gray &Davis...................... 30K -30 V
s
10 Hamilton Manufacturing-------- 120
B v M e s s r s . Millet, Roe & Hagen, Boston:
S per sh. S
hares. Stocks.
S persh.
Stocks.
***’
c /Min* o i,
eii/iriut
fo ^ tlo n a l Shawmut Bank--------217
Pepperell^Manufacturing........... 1 J 0 ^
10 Merrimack M fg., Ptef—
.16 016
10 i><w4flc. M ills--..................
2
50 Turners Falls Row. & Elec.,
ox-dlvldend.................... 11616-116J6
26 Draper Corporation......................11616
2 Lawrence Gas
.......................... 118
D IV ID E N D S .
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week arc printed in italics.______
Per When
Cent. Payable.
Nameof Company.
Railroads (Steam).
AshlandCoal AIronKy- (Quar
BeechCreek(quar.)......... - ...............
Boston & Albany (nuar.)- - - - - - Buffalo & Susq. RR- Corp., com. (qu.)
Common (extra)............( .........................
Canadian Pacific, common (q u a r .)----CWcagor Burlington &‘ Quiiicy^'(quar.) Chicago & North Western, com. (quar.)
ClevCcrin^Chlca & St!
% % o n C o a l.
By
Tronic . Vtef. (monthly,.
L acka w a nna UK. ° f
r i X ) * ........
)"’ "
tLehlgh Valley, com. & pref. (quar.)---
1 1
comA S. S. M.
Newark ABloomfield.---
MbTn‘ st P & 's!as . M .".
& pref..
M U n . I!.' Pool
leased lin es..
....... ...................
New York Central
V (‘ ‘
Plttsb Bessemer & Lake i^rie, cumm
Plttsb.' Ft W . A Chic reg guar, (qu.)
Special guaranteed (quar.)--.........
.)----Reading Company 2d pref. (quar.)------
Reading Company, com. mar
vi rnuis&SanFrancisco
UK C. Ft. S. AM. pref. trustctfs. (qu.)
Southern Pacific (quar.) (No. 6 0 ) - - - - - Southern R y.. M . & '
?lar )
Toronto Hamilton A Buffalo (qua .)-Union Pacific, common (quar.)-------Unltcif N°lJ .'n it ■"& Canal (quar.).........
............: .................................
West Jersey A Seashore- - - - ..................
Wisconsin Central, preferred..................
WarrenRR--
Street lit Electric Rallwnya.
Asheville Power A Light, pref. (duar.)
Boston Elevated R y.. com“ °.n
!
Brazilian Tr., L. A lo w ., pref. (quar.)
Capital Traction, Wash., D . C. (T ‘ar.)
Carolina Power A Lt., pf. (qu.) (No. 40)
........... —
—
----------- -------------------( « u a r .) -- - -- - -------0 --------------------.............................. - -
Duluth-Superior Trac., pref. (quar.)..
y )-
C
oC
y.n(qT
ura
ar.)
Ch
inica
e.gA
Hity
amR
ilto
ct., com.(quar.)
Preferred (quar.)
Cincinnati Street Ry.
Cities
S
erovnic(p
e,aco
.A
ref.
(m
thly)
Com
m
yam
ble
inpco
mm
onon
slock
CitiesService, com.Apref. (.monthly)
Common(payableincommonstock)
ClevelandRy■(quar.)
DuQuesneLight Co., pref. (qu.) {No.
ElmiraWater Light A RR.. 1st pref. (qu)
Sedondpreferred(quar.)----------------- - Frankf. A Southwark (Plilla.) (Quar.) - Houghton County Trac., pref. (No.
).
Illinois Traction, pref. (q u a r .)----- —
IowaRy. ALight, pref. (qu.) (No. 6 7 ) --22
Manhattan Bridge Thrco-Ccnt Llne(qu.)
Manila Elec. R ll. A Lig. (QUM-)- - - - - -
MonongahelaValleyTrac., pref. (qwff.)..
NorthernOhioTrac. ALI., pref. (quar.)..
Ottawa Traction ( q u a r . ) - - - - - - .........
PhiladelphiaCompany, com.(quar.).........
Sixpercent preferred(quar.)------ -------Philadelphia Traction. — - - - - - - - - - - : - Philadelphia<fc WesternRy., pref. (qu.)..
PortoRicoRys., pref. ( « « a r .)---- - - - - - - Public ServiceCorp. of N. J.,
Pref. (die. for 1 mo. at 8% per an.)
RepublicRy. ALight, pref- (qu.) (No. 31)
Ridge Ate. Pass. Ry., PhUaAquar.).....
Second A 3d Sts. Pass., Phlla. (quar.)
Springfield (Mo.) Ry. & LT. pref. <au.).
SpringfieldAXenia Ry., pref. (quar.)..
Trl-Clty Ry. A Light, com. (quar.)-----Preferred (quar. ) - - - - ................, - - - - - Twin City Rap. Tr., Mlnneap., pf. (qu.)
United Light A ltys., common (quar.)..
First preferred (quar.)..........................
25).
Wash.Balt. A Annap. El. RR. Com.(qu.)
Preferred (quar.)......... ................. - - - -
UtahPowerALight, pref. (qu.) (No.
WashingtonWaterPower, Spokane (qti.).
West End St. Ry., Boston, com m on...
West India Electric Co. (quar.) (No 45)
Yadkin River Power, pf. (qu.) (No. 12).
YoungstownAOhioRiverRR., pref. (qu.)
Banks.
............................
Chaso National ( q u a r .) - -- - -- - -------- - -
Chatham A Phcnix National (quar.) —
.............................
....................
.................... .......... ..............
Commerce, Nat. Bank of (quar.)............
.....................................
First National (quar.)................................
First Security Co. (quar.)-------------------..................- .....................
.........................................
Irving National (quar.)......... - .................
...........
........................ .......... .................—
)
....................
.....................................
..............- - - - - ; --------------A.
-----.................................
............... ..........
Yorkvlllo (quar.)-----------------------------------
AtlanticNational (quar.)
Citizens National (quar.)
Coal AIronNational (quar.)
Colonial (quar.)
FifthAvenue (quar.)
Greenwich (quar.)
Hanover National
ManhattanCo., Bankofthe(quar.)
Extra
Mech
anics (Brooklyn (quar.)
Metropolitan(quar.)
M
u
tu
alork
(q,uB
aar.)
NewY
nkof, N. B. (quar.)
Park, National (quar.)
SeaboardNational (quar.)
Mar
Apr.
Mar
Mar
Mar
Apr.
Apr.
Mar
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
2
Apr.
3
Apr.
May
IK
Apr.
IK
Apr.
75c.
Apr.
IK
Apr.
IK
♦SI
May
5 0 c . Apr.
50c.
50c.
2
IK
K
2K
2
2
IK
2
IK
5c.
IK
l
1
S I . 25
IK
3A
1
IK
2
IK
2K
2
2K
S I . 75
8 1 .2 5
2
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
April
Apr.
8
8
1
1
1
1
1
1
10
15
1
1
Mar. 26
to
Holders of rec.
Holders of rec.
Holders of rec.
Mar. 9
to
Mar. 9
to
Mar. 21
to
Holders of rec.
Holders of rec.
Holders of rec.
Mar. 25a
Mar. 20a
Feb. 28a
Mar. 15a
Mar. 15a
Feb. 28a
Feb. 28
Mar. 19a
Apr.
Apr.
Apr. 1
Mar. 22a
Mar. 25a
Mar. 31a
Mar. 7
Maral5a
Mar. 15a
Mar. 20a
Mar. 20a
Mar. 24a
April a
Mar. 14a
Mar. 15
Apr.
Apr.
Apr. 10a
Mar. 25a
a
2K
2
3
2K
12 K
5
5
4
8
3
S2
50c.
SI
2K
5
5
6
3
6
Apr. 1
Apr. 1
Apr. 1
April 1
April 1
April 1
Apr. 1
Apr. 1
Apr. 1
Apr. 1
Apr. 1
April 1
Apr. 1
April 1
April 1
April 1
Apr. I
April 1
Apr. 1
April 1
April 1
Mar. 31
Holders
Holders
Mar. 20
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Mar. 23
Holders
Holders
Holden
Holders
Holders
Holders
Holders
Holders
Holders
Holders
5
5
5K
4
3
5
2K
5
Guaranty (quar.)...............................
Irving (quar.)----------- '......................
Lawyers Title
Trust (q u a r.)...
Manufacturers (Brooklyn (quar.).
2
2IK
6
8
&
NewYork (quar.)....................... .
People’s (Brooklyn) (quar.).........
Scandinavian (quar.)---------------TitleGuarantee A Trust (quar.).
4
♦2K
5
Miscellaneous
Abitibi Power & Paper, Ltd., pref. (qu.)
—
Advance Rumely, preferred (No. 1).
IK
IK
IK
SI
♦SI
-------................- ............
♦IK
Allls-Chalmers M fg., pref. (quar.).
IK
Preferred (account accuin. dividends).
*K
SI
AUouez Mining (quar.) — ................- - - Amer. Agrlc. Chem., com. (qu.) (No.30)
IK
Preferred (quar.) (No. 55)......... ..........
75c.
American Bank Note, pref. (q u a r .)....
Amer. Beet Sugar pref. (qu.) (No. 79). Pi K
1)--------- ♦SI .5(
IK
Amer. Brake Shoe & Fdy., com. (quar.)
3
Preferred (quar.)...................................
American Can, preferred (q u a r.)... .
IK
Amer. Car & Fdy., com. (qu.) (No.
).
IK
Preferred (quar.) (No. 80)----------------IK
American Chicle, preferred (quar.).........
IK
American Cigar, preferred (quar.). . . .
Air Reduction, common(quar.)
Preferred, (quar.)
2
2
66
Amer. Cyanamid, pref. (accl. accum.die.) h6
&
&
)..........
8
8
8
Apr. 1
Feb. 28a
Mar. 15a
Mar. 25a
Apr.
Apr.
Mar. 31
Apr. 5
Mar. 15a
Mard20a
of rec. Mar.
of rec. Mar.
to Mar.
of rec. Mar.
of rec. Mar.
of rec. Mar.
of rec. Mar.
of rec. Mar.
of rec. Mar.
of rec. Mar.
of rec. Mar.
Mar.
to
of rec. Mar.
of rec. Mar.
of rec. Mar.
of rec. Mar.
of rec. Mar.
of rec. Mar.
of rec. Mar.
of rec. Mar.
of rec. Mar.
of rec. Mar.
IK
American Express (quar.) - - — ----------3K
American Fork
Hoe, preferred.- - - - Amer. Gas
Elec., com. (qu.) (No. 36) $1.25
75c.
Preferred fquar.) (No. 49
Amer. Graphophone.com. (qu.) (N o.55)
IK
IK
Preferred (quar.) (No. 83)----------------American Hide & Leather, pf. (quar.)..
IK
90c.
Amer. Internat. Corp., com. & pref (qu.)
Am. LaFranceFireEng., Inc., com.(qu.) 2
IK
Preferred (quar.)
— .................................
Amer. Laundry Machinery, pref. (qu.).
American Locomotive, common (quar.).
Preferred (quar.)------------------ --------- Amer. Manufacturing, common (quar.).
Common (extra) — ......... .......... ............
Preferred (quar.)----------------------------------Amer. Power & Light, pf. (qu.) (No. 38)
Amer. Public Service, pref. (quar.)-----American Radiator, common (quar.).
Com. (extrapay. in L .L .4 K % bonds)
Amer. Smelters Securities, pref. A (qu.).
Preferred B (quar.)-------------------------American Snuff, common (quar.)---------Preferred (quar.)...................... ..............
American Steel Foundries (quar.)---------American Stores, first pref. (quar.)-----Second pref. (quar.)---------------- — Amer. Sugar Refining, com. & pref. (qu.)
Common (extra)---------------- - - ---------119)---------American Telep. & Teleg. (quar.)............
American Thermos B ottle-------------------Amer. Tobacco, preferred (quar.)----------------Preferred (quar.) — ............. — — - Amer. Window Glass Mach., pf. (qu.).
Amcrlcan Woolen, common (quar.)-----Extra (payable in Liberty Loan bonds)
Preferred (quar.)------------------ :-----------Armour <tC o., preferred (quar.)...........
Asbestos Corp. of Can., Ltd., com. (qu.)
Preferred (quar.)..................— ............
Associated Oil (quar.)--------------------------Atlantic Gulf & W . I. S. S. L.. pf. (qu.)
Autosales Corporation, pref. (quar.) —
Avery Company, preferred (quar.)------------------ .).
Barnhart Bros.
Spindler,
First & second preferred (quar.).........
Barrett Company, common (quar
Preferred (quar.)....... .............................
Bell Telephone of Canada (quar.)...........
Bethlehem Steel, common (quar.)...........
Common (extra)------ ---------- ---------------Common B (quar.)------------- -------- —
Common B (extra)-------------------- - - -
Cumulative convertible pref. (quar.).
Non-cumulatlve preferred (q u a r.)...
..................
________________________________
........................................................
Bingham Mines (quar.) (No. ) -----------IF.),
..................
---------------------------------.......................................
Booth Fisheries, common (quar.)............
Preferred (quar.)------------------------------Borden’s Cond. Milk.pref. (qu.) (No.70)
Brandram-IIenderson, Ltd., pref. (qu.).
................
---------------- - ............ —
....... .......... - ..................
British-Amcrlcan Tob., ord. (Interim)..
Brooklyn Union Gas (quar.) (No. 72) —
Brunswlck-Balke-Collender C o. ,pf. (qu.)
Bucyrus Co., pref. (quar.) (No. 16)-----Buffalo General Electric (quar.) (No.98)
8
8 Amer. Multigraph, preferred(quar.)
a
Apr. 1 Holders of rec. Mar. 18
Apr. 1 Holders of rec. Mar. 17
Apr. 1 Holders of red. Mar. 15
Apr. 1 Mar. 15
Mar. 31
to
Apr. 1 Holders of rec. Mar. 18
Mar. 31 ♦Holders of rec. Mar. 25
April 1 Mar. 21
to Mar. 31
April 1 Mar. 21
to Mar. 31
Apr. 1 Mar. 16
to Mar. 31
Apr. 1 Holders of rec. Apr. 15a
May 1 Holders of rec. Apr. 15a
May 1 Holders of rec. April 15a
May 1 Holders of rec. April 15a
Apr. 1 Holders of rec. Mar. 15a
Apr. 1 Holders of rec. Mar. 15a
May 1 Holders of rec. Apr. 1
Mar. 31 Holders of rec . Mar. 15
Mar. 31 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. la
Apr. 1 Holders of rec. Mar. 15a
Apr. 1 ♦Holders*of rec. Mar. 15
Mar. 31 Holders of rec. Mar. 20
Mar. 31 Holders of rec. Mar. 22a
Apr. 1 Holders of rec. Mar. 22a
Apr. 7 Holders of rec. Mar. 31a
Apr. 1 Holders of red. Mar. 10a
Apr. 1 Holders of rec. Mar. 15a
Apr. 3 0 Holders of rec. Apr. 1
May 1 Holders of rec. Apr. 1
Apr. 1 Holders of rec. Mar. 10a
Apr. 15 ♦Holders of rec. Mar. 31
Apr. 1 ♦Holders of rec. Mar. 20
Mar. 31 Holders of rec. Mar. 28a
Mar. 31 Holders of rec. Mar. 20a
Apr. 15 Holders of rec. Mar. 31
Apr. 1
Apr. 1 ♦Mar. 16 to
S3
Apr. 1 Holders of rec. Mar. la
Apr. 1 Holders of rec. Mar. 14a
1K
Mar. 31 Holders of rec. Mar. 15
1K
Apr. 1 Holders of rec. Mar. 20a
K
Apr. 1 Holders of rec. Mar. 20a
1K
1H Apr. 1 Holders of rec. Mar. 15a
Mar. 15
1
to
Apr. 1 Mar. 5
to Mar. 15
Apr. 1 Mar. 5
IK
Apr. 1 Holders of rec. Mar. 18
IK
Mar. 31
to
SI
Apr. 1 Mar. 21
Mar. 31
to
75c.
Apr. 1 Mar. 21
1
April 1 Holders of rec. Mar. 14
Apr. 1
to
1 Mar. 22
S I . 7 5 Apr.
IK April 1 Mar. 24 to April 1
IK Apr. 1 Holders of rec. Mar. 18
Mar. 31 Holders of rec. Mar. 15
IK
4
4
T rust Companies.
Bankers (quar.)...................................
Brooklyn (quar.)— ..........................
Central Union(quar.)........................
Columbia(quar.)--------------------------Empire (quar.)................................
Equitable (quar.)--------------------------Fidelity___________________________
8 AmericanBoschMagneto (No.
8
IK
IK
K
IK
IK
*1K
l
IK
75c.
K
/l
K
/1
IK
1
IK
IK
IK
84
3
*1K
IK
IK
IK
37 K c .
IK
1
75 c.
S I . 50
$2
*62 K C
*1K
1K
66 2 -3 c
1K
♦S3
2K
Per When
Cent. Payable.
Nameof Company.
AdirondackElec. Pow., pref. (quar.)
Books Closed.
Days Inclusive.
2 5 Holders of rec.
1 Holders of rec.
:’. i
Holders of rec.
2 9 Holders of rec.
29 Holders of rec.
1 Holders of rec.
1 Holders of rec.
2 0 Holders of rec.
1 Mar.
to
1 Mar.
to
21 Holders of rec.
3 0 Holders of rec.
7 Holders of rec.
15 Holders of rec.
1 Holders of rec.
5 Holders of rec.
1 Holders of rec.
15 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
8 Mar. 11 to
1 Mar. 11
to
8 ♦Holders of rec.
10 Holders of rec.
[V ol . 108
28
25a
31
22
12a
20a
20a
31a
31a
31a
21a
31
15
26a
26a
22a
20a
24a
22
21
25
21a
AmericanSurely(quar.) (No.
Amer. Type Founders, com. (quar.)
IK
IK
IK
n lK
2
w1 K
IK
IK
IK
3
m4
IK
IK
3
IK
2
IK
IK
IK
K
SI
2
SO
IK
1
IK
IK
IK
110
IK
IK
IK
IK
IK
K
50c
IK
2
BabcockA WilcoxCo. (quar.)
BaltimoreTube, commonApref. (quar IK
&
IK
.).... 2
2IK
Billings A Spencer Co. (quar.)
Extra
Special
8
Bliss (E.
common(quar.)
Common(extra)
Preferred (quar.)
BrierHill Steel, common(quar.)
Common(extra)
Preferred (quar.)
CaliforniaElec. Generating, pref. (quar.).
Calif.Packing Corp.. pref. (qu.) (N o .10)
California Petroleum Corp., com .(qu.)Pref. (In L.L. bds. acct. accum. dlvs.)
Calumet & Arizona Mining (quar.)-----Cambria Iron................- ---------- -----------------------------------------
CanadaBread, Ltd., pref. (quar.)
anadaCement, Ltd. (quar.)
anada Steamship Lines, pref. (quar.)..
Canadian Car & Fdy., pref. (quar.........
Canadian Consol .Rubber,Ltd., pf. (qu.)
IK
IK
IK
IK
02
ol K
75c.
50c.
SI.25
25c.
62K c
S5
SI
50c
IK
IK
IK
IK
1
IK
6
IK
♦IK
1
2
IK
IK
IK
12
$1
SI
IK
IK
IK
IK
IK
IK
IK
CanadianCottons, Ltd., common(quar.).
Preferred (quar.)....................................... 2
Can. Crocker-Wheeler, com. & pf. (qu.)
2
Canadian Gen. Elec., Ltd. (qu.) (No.79)
Preferred (No. 46)----------------------------Canadian Locomotive, com. (quar.) —
Preferred (quar.)------------------------------------
CanadianWestlnghouse, Ltd. (quar.)
Cardenas-Amer. Sugar, preferred(quar.).
3K
IK
IK
IK
IK
1
1
Apr
April 1
Apr.
Mar 31
Mar 31
Mar 31
Mar 31
Mar 31
Apr.
Apr.
Apr!
Mar 31
Mar 31
Mar 31
Mar 31
Mar 31
1
1
1
1
1
Apr.
Apr.
April 1
Mar 31
Apr! 15
Apr! 15
Apr. 15
Apr. 15
Mar 31
Apr. 15
Apr. 15
Apr.
April
A pri 5
Mar 31
Mar 31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
April 15
Apr.
May
Apr. l
Apr.
April
Mar. 31
May 15
April
Apr. 16
Apr. 3
Apr.
Mar. 31
Mar. 31
Mar. 31
Apr.
Apr.
Apr.
Mar. 31
Mar. 31
April
April
Apr.
Apr.
Mar. 31
Apr.
Apr.
April
April
Mar. 31
Apr. 15
Apr. 15
Apr.
Apr. 15
Apr. 15
Apr.
Apr. 15
Apr. 15
Apr. 15
Apr.
Apr. 15
Apr. 15
Apr. 15
Apr.
Mar. 31
Apr.
April 3
Apr.
1
1
1
1
1
1
1
10
1
1
1
1
1
1
21
1
1
1
1
1
1
1
1
1
2
2
1
1
1
May
Apr.
Apr.
Apr.
April
April
April
April
April
April
Apr.
Apr.
Apr.
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
June
Apr.
Apr.
Apr.
Apr.
Mar.
Apr.
Apr.
Apr.
Mar.
Apr.
Apr.
\pr.
Apr.
Mar.
Apr.
April
Apr.
Apr.
Apr.
Mar.
Apr.
Apr.
Apr.
•Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1
1
1
1
1
BooksClosed.
Days Inclusive.
Holders of rec.
Holders of rec.
Holders of rec.
Holdeis of rec.
Holders of rec.
Holders of rec.
Mar. 25 to
Holders of rec.
Holders of rec.
Mar. 16 to
Holders of rec.
Holders of rec.
to
Mar. 23
Holders of rec.
Holders of rec.
Holders of rec.
Mar. 22a
Mar. 21a
Mar. 22a
Mar. 21a
Mar. 22a
Mar. 26a
Mar. 31
Mar. 20
Mar. 15
Apr. 1
Mar. 20a
Mar. 21
Mar. 31
Mar. 29
Mar. 15
Mar. 22
Holders of rec. Mar. 20
Holders of rec. Mar. 20a
Holders of rec.. Mar. 17a
Holders of rec. Mar. 15
♦Holders of rec. Mar. 31
♦Holders of rec. Mar. 31
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
Holders of rec.. Mar. 17a
Holders of rec. Mar. 24a
Holders of rec. Mar. 24a
Holders of rec. Mar. 15a
Holders of reo.. M ar. 15a
♦Holders of rec. Mar. 31
Holders of rec. Mar. 21a
Holders of rec. Mar. 21a
Holders of rec. Mar. 14a
Holders of rec. Mar. 14a
Holders of rec. Mar. 14a
Holders of rec. Mar. 22
Holders of rec. Mar. 15a
Apr. 10
Apr. 1 to
Holders of rec. Feb. 28a
Holders of rec. April 5
Holders of rec. Mar. 20
Holders of rec. Apr. 18
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
a
Holders of rec. May
Holders of rec. Mar. 22a
April 15
April
to
Holders of rec. Mar. 18a
Holders of rec. Apr. 4a
Mar. 30
Mar. 16 to
Mar. 30
Mar. 16 to
Mar. 30
Mar. 16 to
Apr. 1
Mar. 21
to
Holders of rec. Mar. 20
Holders of rec. Mar. 15
Mar. 31
Mar. 23
to
Mar. 23
to Mar. 31
Mar. 24
Mar. 16 to
Mar. 24
Mar. 16 to
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Apr. 1
Mar. 22 to
Apr. 1
Mar. 22
to
Holders of reo. Mar. la
Holders of rec. M ar. la
Holders of rec. Mar. 22a
Mar. 25
Mar. 15 to
Holders of rec. Apr. 5
Mar. 16
Feb. 16
to
Holders of rec. Apr. 10
Holders of rec. Apr. 10a
Holders of rec. M ar. 21a
Apr. 1
Mar. 18 to
Apr. 1
Mar. 18
to
Apr.
Mar. 18
to
Mar. 16
to Mar. 31
Holders of rec. Apr. 1
Holders of rec. Apr. 1
Holders of rec. Mar. 21a
Holders of rec. Mar. 10a
Holders of rec. Mar. 15
Apr. 1
Mar. 23
to
Holders of rec. Mar. 31a
Holders of rec. Mar. 20a
8
6
a
1
Holders of rec. Apr. 25a
Holders of rec. Mar. 20a
15 Holders of rec. Mar. 31a
15 Holders of rec. Mar. 31a
Holders of rec. Mar. 12
Holders of rec. Mar. 12
Holders of rec. Mar. 12
Holders of rec. Mar. 12
Holders of rec Mar. 12
Holders of rec. Mar. 12
Holders of rec. M ar. 20a
Holders of rec. Mar. 20a
Holders of rec. Mar. 20a
31 Holders of rec. Mar. 20a
Holders of rec. Mar. 22a
Holders of rec. Mar. 22a
Holders of rec. Mar. 22a
Holders of rec. Mar. 12a
Holders of rec. Mar. 12a
14 Holders of rec. May 31a
Holders of rec. Mar. la
Mar. 22 to
Apr. 1
Mar. 21 to
Apr. 1
Mar. 21 to
Apr. 1
31 Holders of coup. No. 71*
Holders of rec. Mar. 15a
d\ Mar. d21 to
Apr. 1
Holders of rec. Mar. 20
31 Holders of rec. Mar. 20a
Holders of rec. Mar. 22a
Holders of rec. Mar. 15a
Mar. 18 to
Mar. 23
Mar. 18 to
Mar. 23
24 Holders of rec. Mar. 7a
Holders of rec. Mar. 15a
Mar. 16 to
Mar. 30
16 Holders of rec. Mar. 31
Holders of rec. Mar. 21a
Holders of rec. Mar. 26a
31 Holders of rec. Mar. 17
4 Mar. 26 to
Apr. 3
4 Mar. 26 to
Apr. 3
Mar. 21 to
Mar. 31
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Mar. 20
Holders of rec. Mar. 20
Holders of rec. Mar. 20a
Holders of rec. Mar. 24
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
10
1
1
1
1
1
1
1
The Comptroller of the Currency has approved plans to
increase the capital of the First National Bank of Tulsa,
Okla., from $200,000 to $300,000.
A consolidation has been effected between the Merchants’
Bank of Denver (capital $75,000) and the Silver State Bank
of that city (capital $50,000), under the namo of the
former institution and the enlarged bank began business
March 3 with capital of $125,000 (in shares of $100), surplus
and undivided profits $9,500, and deposits of approximately
$1,000,000. John Q. Adams, formerly President of the
Silver State Bank is President of the new organization and
Dr. F. L. Bartlett, heretofore President of the Merchants’
Bank, is Chairman of the board of directors and Vice-Presi
dent of the enlarged bank. The other officers are: Allison
Stocker, W. T. Murray, Vice-Presidents, C. R. Cotton
Cashier; T. B. Estill and H. A. Handy, Assistant Cashiers.
On March 8 a new banking institution—the Southeast
State Bank—was opened for business in Kansas City, Mo.,
with a combined capital and surplus of $110,000. The
new bank is occupying temporary quarters at 2512 East
Thirty-first Street, pending the completion of its new bank
building at 3040 Prospect Avenue. The officials of the
Southeast State Bank are George S. Tamblyn, President;
Wallace W. Craney, Vice-President, and Edgar II. Kinney,
Cashier. The deposits of the first day were $126,094.
The Stones River National Bank of Murfreesboro, Tenn.
(capital $150,000) has been placed in voluntary liquidation.
It has been succeeded by the Stones River Bank & Trust
Co. of Murfreesboro.
Approval by the Comptroller of the Currency of an in
crease of $50,000 in the capital of the American National
Bank of Asheville, N. C., raising it from $100,000 to $150,
, is anouneed.
The March 1 “Bulletin” of the Kentucky Bankers’. As
sociation reports the acceptance with deep regret of the
resignation of J. C. Cardwell as Secretary of the Association.
In accepting the resignation on Jan. 22 the executive com
mittee on behalf of members of the Association, presented
Mr. Cardwell with a watch in token of the esteem in which
he was held. Harry G. Smith of Glascow, Ky., has been
elected Secretary of the Association, succeeding Mr. Card
well.
Application has been mado to tho Comptroller of the
Currency for a charter for the Producers’ National Bank of
Bakersfield, Cal., capital $200,000. Tho institution repre
sents a conversion of the Producers’ Savings Bank of Bakers
field.
Andrew M. Chaffey has been elected President of the
Home Savings Bank of Los Angeles, Cal., succeeding O. J.
Wigdal, who resigned to give more attention to personal
interests. Leo A. Phillips, Vice-President of tho Pacific
Mutual Life Insurance Co., and J. E. Fishburn, President
of tho Merchants’ National Bank of Los Angeles, have been
elected directors of the Homo Savings Bank.
F o r c o n v e r s io n o f S t a t e b a n k s :
Capital.
T h e F i r s t N a t i o n a l B a n k o f D u b o i s , I d a h o ----------------------------------------$ 2 5 ,0 0 0
C o n v e r s io n o f th o S e c u r it y S t a t e B a n k o f D u b o is .
T h e F i r s t N a t i o n a l H a n k o f R i g b y , I d a h o ------------------------------------------3 0 ,0 0 0
C o n v e r s i o n o f tho R i g b y State B a n k , R i g b y .
-------------------T o t a l .......... ........................................................... .. ................................................ $ 2 , 3 0 5 , 0 0 0
C H A R T E R S IS S U E D .
O r ig in a l o r g a n iz a t io n s :
_
T h o B r o a d w a y N a t i o n a l B a n k o f B u f f a l o , N . Y ----------------------------- $ 2 0 0 , 0 0 0
T h e F i r s t N a t i o n a l B a n k o f B e a v e r d a l o , P a -------------------------------------5 0 ,0 0 0
T h e F i r s t N a t i o n a l B a n k o f D e x t e r , M o ------------------------------------------5 0 ,0 0 0
S u cceed s th e B a n k o f D e x te r.
T h o D o w n s N a t i o n a l B a n k , D o w n s , K a n s a s -------------------------------------2 5 ,0 0 0
S u c c e e d s th o U n io n S ta to B a n k o f D o w n s .
-------------------T o t a l _______________________________________________________ — ----------------$ 3 2 5 ,0 0 0
CH AR TER S
ENGLISH FINANCIAL MARKETS—PER CARLE.
The daily closing quotations for securities, &e., at London,
as reported by cable, have been as follows tho past week:
Mar. Mar. 17. Mar. 18. Mar. 19. Mar. 20. Mar.21.
Sat. Mon. Tues. Wed. Thurs. Fri.
15.
21.
Silver, per oz..... .................- . 47%
Consols, 2% per cents______ Holiday
British, 5 per cents.................. Holiday
British 4% per cents----------- Holiday
French Rentes (In Paris).fr. -----French War Loan (In Paris), fr ------
d
47%
57%
95
99%
—
—
47%
57%
95
99%
62.25
88.5
47%
57%
95
99%
62.30
89
47%
57%
95
99%
47%
57%
95
99%
—
—
—
—
The price of silver in New York on the same days has been:
Silver In N . Y ., per o z-.c ts. 101%
101%
101%
101%
101%
101 %
IN C R E A S E S O F C A P IT A L A P P R O V E D .
T h o W a u k e s h a N a tio n a l B a n k , W a u k e s h a , W is e .
C a p i t a l in c r e a s e d f r o m $ 1 5 0 , 0 0 0 t o $ 2 5 0 , 0 0 0 -----------------T h e N e b r a s k a N a tio n a l B a n k o f H a s tin g s , N e b r .
C a p i t a l i n c r e a s e d f r o m $ 5 0 , 0 0 0 t o $ 1 0 0 , 0 0 0 ------------------T h e T e x t i l e N a t io n a l B a n k o f P h ila d e lp h ia , P a .
C a p i t a l in c r e a s e d f r o m $ 2 0 0 , 0 0 0 t o $ 4 0 0 , 0 0 0 ------------------T h e C itiz e n s ’ N a tio n a l B a n k o f G re en B a y , W is e .
C a p i t a l in c r e a s e d f r o m $ 2 5 0 , 0 0 0 t o $ 3 5 0 , 0 0 0 ------------------T h o F ir s t N a t io n a l B a n k o f S w a y z e e , In d .
C a p i t a l in c r e a s e d f r o m $ 3 5 , 0 0 0 t o $ 5 0 , 0 0 0 --------------------T h e C itiz e n s ’ N a t io n a l B a n k o f Ir w in , P a .
C a p i t a l in c r e a s e d f r o m $ 5 0 , 0 0 0 t o $ 1 0 0 , 0 0 0 -----------------F i r s t N a t i o n a l B a n k o f S p r i n g f i e l d , 111.
C a p i t a l i n c r e a s e d f r o m $ 2 5 0 , 0 0 0 t o $ 5 0 0 , 0 0 0 ------------------T o t a l ............................................... ................... ......................................................
C O N S O L ID A T IO N .
T h e F a r m e r s’ & M e c h a n ic s ’ N a tio n a l B a n k o f F o r t W o r t h , T e x a s ,
a n d th e A m e rica n N a tio n a l B a n k o f F o r t W o r t h , T e x a s ,
u n d e r th o c h a r te r a n d title o f “ T h e F a r m e r s ’ & M e c h a n ic s
N a t i o n a l H a n k o f F o r t W o r t h , ” w it h c a p i t a l s t o c k o f -------C o m b i n e d c a p i t a l o f b a n k s p r io r t o c o n s o l i d a t i o n ------------------V O L U N T A R Y L IQ U ID A T IO N .
T h e F ir s t N a t io n a l B a n k o f G le n R o c k , P a .
C a p i t a l ----------------------L iq u id a t in g c o m m it te o : R . A . G o o d lin g , L o g a n v illo , a n d
J . F . N e u h a u s a n d C . G . W i l e y , G le n R o c k .
Succeeded
b y a tru st c o m p a n y .
e r c i a l H t ic lI X X is c e U & t tc o n s J J e m s
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S
FOR
C H A R TE R .
Capital.
F o r o rg a n iz a tio n o f n a tio n a l b a n k s :
T h o C e n t r a l N a t i o n a l H a n k o f F o r t W o r t h , T e x a s ...........................
N a t i o n a l H a n k o f C o m m e r c e o f F o r t W o r t h . T e x a s ........................... 1 , 0 0 0 , 0 0 0
T h e F ir s t N a t io n a l B a n k o f C h a n d le r , A r i z o n a .
...................
5 0 .0 0 0
T h e J e f f e r s o n C o u n t y N a t i o n a l H a n k o f R i g b y , I d a h o -------------5 0 ,0 0 0
T h e L a n sd o w n e N a tio n a l B a n k , L a n sd o w n e . P
a
......................
5 0 ,0 0 0
T h e S e c u r i t y N a t i o n a l B a n k o f V a l l o y C i t y , N . D a k ......................
5 0 ,0 0 0
2 5 .0 0 0
T h o S e c u r i t y N a t i o n a l B a n k o f C h o u t e a u , M o n t ..............................
T h o N o r t h e r n N a t i o n a l B a n k o f C l e v e l a n d , O h i o ..............................
5 0 0 ,0 0 0
T h o F i r s t N a t i o n a l B a n k o f J o r d a n , M o n t ----------- ----------------------------2 5 ,0 0 0
T o su cceed th e F a rm e rs’ S ta to B a n k o f J o rd a n .
Amount.
$100,000
5 0 .0 0 0
200,000
100,000
1 5 .0 0 0
5 0 .0 0 0
2 5 0 ,0 0 0
$ 7 6 5 ,0 0 0
$ 5 0 0 ,0 0 0
5 0 0 ,0 0 0
$ 5 0 ,0 0 0
Canadian Bank Clearings.—Tho clearings for tho week
ondingMar. 13 at Canadian cities, in comparison with the
same week in 1918, show an increase in the aggregate of
14.6%. _____________________________________________
WeekendingMarch1 3 .
Inc.or
Clearingsat—
Canada—
1919.
1918.
Dec.
1917.
$
$
%
S
70,642,097
57,020,370
40,875,200
8,757,291
5,172,389
3,616,018
3,151,886
4,668,062
2,142,425
2,096,478
6,222,921
1,807,195
2,864,764
2,747,936
581,536
698,786
1,503,041
808,609
1,030,053
603,351
374,590
403,926
626,491
678,157
588,031
193,634
+ 24.1
+ 31.9
— 22.5
+ 14.7
+ 28.5
+ 35.2
Prince Albert__
87,672,570
75,210,871
31,665,793
10,042,344
6,644,066
4,888,122
3,800,000
4,503,665
2,901,548
2,470,337
4,712,981
2,131,825
3,397,821
2,700.000
525,125
582,726
1,409,182
831,529
1,181,379
555,217
502,183
291,632
709.005
1,181,875
1,OSS,313
366,108
Total Canada.
251,966,817
219,875,237
+ 14.6
Montreal..............
Toronto...............
Winnipeg_______
Hamilton_______
Calgary................
Victoria________
Edmonton______
Regina........... .
Lethbridge . . . .
Saskatoon______
Peterborough . . .
+ 20.6
— 3.5
+ 35.4
+ 17.8
— 24.3
+ 17.9
+ 18.6
— 1.7
— 9.7
— 16.6
— 6.3
+
+ 14.7
—
+ 34.2
— 27.8
F 13.2
+ 74.2
+ 85.0
+ 89.1
2.8
8.0
1916.
$
70,775,560
50,840,452
37,490,810
6,400,824
4,447,102
3,882,728
2,770,371
4,180.287
2,057.324
2,090,890
5,703,857
1,404,825
2,413,831
2,402,520
456,843
657,073
1,458,211
699,323
907,209
371,808
215,330
572,867
553,136
618,930
642,103
56,797,779
40,298,328
24,578,412
5,321,819
3,829,080
3,093,167
2,009,010
3,264,099
1,543,750
1,083,598
3,283,724
1,255,390
1,780,075
1,540,416
430,584
426,801
964,417
535,225
851,740
320,425
207,733
353,513
402,320
534,985
204,086,280
155,312,450
Auction Sales.—Among other securities, tho following
woiv recently sold
at auction in New York, Boston and Philadelphia:
By Messrs.
Adrian II.P-------Muller & Sons, Now York. Per cent.
- tock
- s.
Shares. S
ercent. Shares. Stocks.
nut usually dealt in at the Stock Exchange
50 Nat. Mach’ y of Tiffin, 0 .,p f.B . 98
70 Chesebrough Building................100
30 Crockcr-Whcclcr. cum. p r e f... 94%
99 Cities Service, Del., common..342%
57 National Fuel Gas....................-154
15 Long Isl. Safe Dep. , $50 ca. $50 per sh.
12 Nat. Transit, $12% each.$22 per sh.
2 Southern Pipe Line___________ 105
5 Tho Illinois Pipe Line............ ..1 7 0
15 The Ohio OH, $25 each.$351 per sh.
15 Standard Oil of N . Y __________ 350%
1 Northern Pipe Line..................... 108
1 New York Transit____________ 193
1 Galena-Signal Oil, common — 105
1 Eureka Pipe Lino--------------------- 100
5 Tho Buckeye Pipe Line, $50
each.......................... -$91% per sh.
1 Tho Crescent Pipe Line, $50 par. $39 %
2 Indiana Pipe Line, $50 ea.$98 per sh.
3 Union Tank Line______________115
1 The Atlantic Refining------------ 1221
7 Standard Oil of Indiana____ 785
3 Vacuum OH------ ------------------- 421
5 D . I,. & W . Coal, $50 ca.$151 per sh,
50 Anglo-Am.011,Ltd.,£l ea.$18persh,
15 Peoria & Bureau Valloy H R _103
30 Jeltct A Chicago R U .................106%
75 First Mortgage Guar.................. 97%
10 United Gas & Elec., 1st prof.. 35
5 Nat. Liberty Insurance, $50
each....................................... S153 per sh.
100 All Package Grocery Stores,
pref. $10 each_______ ______ $7 lot
Bonds.
10
5
23
3
3.000
10
1.000
Pa.ColdStor.AMkt.,$50ea.. 13
The Marsdcn Co......................
lot
Phcnlx Water Power..............$5 lot
The Colorado Slate..............$ 0 lot
Ruth Gold Mines, $1 each ..$30 lot
Amer. Cement, $50 each__ $17 lot
Diamond Stato Rubber, $1
each_____________________
lot
2.79 Empire Stato Realty, $1
each_____________________ $5 lot
250 Quakertown Chcm. Lab., $1
each _______________ - ____ S3 lot
100 Federal Loan Soc., $10 ea..$35 lot
5 People's Nat. F. Ins., $25 ea. 18
5 Independence F. I. Secur.,
$25 each........................ ........ %
West Phil. Bank, $50e a c h ... 45
2 Philadelphia Trust................. 710
20 Logan Trust..... ....................... 155
11 Fidelity Trust..........................524
9 West Phil. Passenger R y------ 107
6
$8
$2
21
Per cent.
$2,000 Elizabeth Plainfield & Cent.
Jersey Ry. 5s, 1950....... ................. 76%
$1,100 Dry Dock E. B’way A Bat
tery RR. Incomes, ser. C, 1900.$70 lot
$170,000 N. Y . A Fla. Lumber 1st]
5s, Pino bonds, 1019.................. >$2,805
$90,000 N . Y . A Fla. Lumber 1st
5s, Cypress bonds, 1919______ I
By Messrs. Barnes &$ Lofland,
Philadelphia:
persh. Shares. Stocks.
Shares. Stocks.
C o m m
E X T E N D E D .
T h o F a r m e r s & T r a d e r s ’ N a t io n a l B a n k o f C o le b r o o k , N o w H a m p s h ir e .
C h a r t e r e x t e n d e d u n t i l c lo s o o f b u s in e s s M a r c h 2 0 1 9 3 9 .
T h o R e d L io n F ir s t N a tio n a l B a n k , R e d L io n , P a .
C h a r t e r e x t e n d e d u n t i l c lo s o o f b u s in e s s M a r c h 1 7 1 9 3 9 .
0 0 0
London, “
Week ending March
1137
THE CHRONICLE
M a r . 22 1919.]
%persh
5 2d A 3d Sts. Passenger R y..2 1 9
12 John B. Stetson, common_315%
100 Girard Life Ins., $10 e a c h ... 9%
100 General Sterilizing............... $60 lot
United Gas A Elec., 1st pref. 40%
6
Bonds.
Percent.
$3,000 N . J. A Ilud. R . Ferry 1st
4s. 1950.............................................. 70
$0,000 Michigan R y. 1st lien %
notes 1919_____
76
$500 Boro, of West Chester gen.
loan, scries 2, 4s, 1931___________ 93
$3,000 Tuscaloosa Ry. & Utilities
1st fls, 1940............................
75
$2,000 N . Y . Phil. A Norfolk UR.
s. f. 4s, 1948................................ 80
$40,000 Wllllamstown (N. J.) Glass
1st 5s, 1938........................................ 10
$2,200 South Jersey Realty (Stone
Harbor, N . J.), 1930..................$70 lo.
6
1139
THE CHRONICLE
M ar . 22 1919.]
Name of Company.
Miscellaneous (C
ontinued)
Carbon Steel, 1st preferred_____________
Second preferred (annual)___________
Case (J. I.) Thresh. Mach., pref. (qu.)..
Celluloid Company (quar.)......................
Central Aguirre SugarCos., com. (guar.).
Central Coal & Coko, common (quar.)..
Prcforred (quar.)____________________
1
..............
Central Leather, preferred (quar.)_____
Central Petroleum, preferred___________
Cent.StatesEIcc.Corp.,pf. (qu.) (No.27)
Certaln-tced Products Corporation,
first & second pref. (quar.) (No. 9 ) . .
Chandler Motor Car (quar.)----------------Charcoal Iron of America, com. (quar.).
................
..................
Chicago Telephone (quar.)------------------Chino Copper (quar.).................................
<fc
-----------
Central Foundry, si pref. (guar.)
Chicago Pneumatic Tool (guar.)
ChicagoIty. Egulpment (guar.)
Per When
Cent. Payable.
6
IX
2
2X
*\x
*1X
*2
IX
2X
IX
CityInvesting, pref. (quar.)
Cleve. Automatic Mach., pref. (guar.)
ClevelandWorstedMills Co
Colt's Patent Fire Arms Mfg. (guar.)
CommonwealthFinanceCorp., pref. (gu.)-
Computlng-Tabulatlng-Recordlng (qu.)
Consol. Gits, Elec. L. & P.. Balt, (qu.).
Consumers’ Power (Mich.), pref. (guar.).
Continental Can, Inc., com. (quar.)..
Preferred (quar.)......... ............ .......... -
CreameryPackageMfg., common(guar.).
Preferred (guar.).............................. - - - CressonCons. GoldM. AM. (monthly)..
Crucible Steel, pref. (quar.) (No. 6 6 ) . ..
Cuba Cane Sugar, preferred (quar.)-----Cuban-Amerlcan Sugar, com. (quar.)..
Preferred (q u a r.)..------ -------- -----------Cudahy Packing, common (quar.).........
(x)
DaytonPower A Eight, preferred(guar.).
Detroit Edison (guar.).................................
Distillers Securities Corp. (guar.)----------- *x
Extra .. ......................................................
Dodgo Manufacturing, common (quar.)
Common (special)......... ........ ...............
Preferred (quar.)----------------------------Dominion Cauners, Ltd., pref. (quar.)
Dominion Glass, Ltd., com. (q u a r .)...
Preferred (quar.)----------------------------Dominion Iron & Steel, Ltd., pref. (qu.)
Dominion Steel Corp., Ltd., com. (qu.)
Dominion Textile, Ltd., com. (quar.)..
Prefcrrcd (quar.)----------- -----------------Draper Corporation (quar.)....................
Duluth Edison Elec., pf. (qu.) (No. 62)
duPont (E . I .) deNem ,&Co .deb .st k. (qu.)
du Pont(E.I. do Ncm.Powd.,com. (qu.)
Preferred (quar.)------------------------------5)
Eastern Steel, common (q u a r.)...
Eastman Kodak, common (quar.).
Common (extra)-----------------------Common (extra)-----------------------Preferred (quar.)..........................
East CoastFisheries, pref. (guar.) (No.
Edmunds AJonesCorp., pref. (guar.)...
Eisenlohr(Otto) ABros., Inc., pref. (gu.).
Elec. Storage Battery, com. & pref. (qu.)
Electrical Securities Corp., com. (quar.)
Preferred (quar.)----------------------
ElyriaIron &Sleel, pref. (guar.).
Emerson-BrantinghamCo., pref. (guar.).
Erie Lighting, pref. (guar.).............
Everett, Heaney ACo., Inc. (quar.)
Fairbanks Co., preferred (guar.)...
Federal Oil, pref. (guar.).............................
Finance ATradingCorp., pref. (guar.)..
Firestone Tire <fc Rubber, pref. (guar.).
Galena-Signal Oil, pf. * new pf. (quar.)
General Amer. TankCar, common(guar.).
First andsecondpreferred(guar.).........
General Baking, pref. (quar.) (No. 2 9 ).
General Chemical, preferred (quar.)___
General Electric (quar.)...........................
General fireproofing, com.
pref. (qu.)
General Ity. Signal, com. (qu.) (No. 23)
Preferred (quar.) (No. 59)----------------Gillette Safety Razor (quar.)------Extra--------------------------------------....................
Goodrich (B. F.) Co., common (quar.).
Preferred (quar.)......... .....................
Preferred (quar.)--------------------------
&
GoldAStockTelegraph
Goodyear Tire ARubber, pref. (guar.)
Secondpreferred(guar.)....... ............
Preferred (guar.).
Gray ADavis, pref. (guar.).
Great Lakes Steamship(guar.)..................
Extra..................— ...............- .......... -
Great Lakes Towing, common (quar.).
Preferred (quar.)------ -------- -------------Groat Northern Iron Ore Properties—
Guantanamo Sugar (quar.)----------------Gulf States Steel, com. (quar.)..............
first preferred (quar.)-------------------Second preferred (quar.)----------------Haskell & Barker Car (quar.)__________
Helmo (Geo. W .) Co., common (quar.).
Preferred (quar.)____________________
_____________
Hercules Powder, common (quar.)------Common (oxtra)....... ...........................
Ilendee Mfg., pref. (guar.)
Ilowe Scale, common (guar.)___________
Preferred(guar.)-------------------------------HuntingtonDevel. AGas, pref. (guar.)..
HuppMotor CarCorp., pf. (gu.) (No.14
HydraulicPressedSteel, com. (guar.)___
Preferred (guar.).......................................
Imperial Tobacco of Canada, com_____
Preferred----------------------------------------------...................... .
................................. - - - ........ .........
Indianapolis Water Works Sec., pref
Inlerlake Steamship(guar.)
Extra
Intern
al. Agrtc. Corp., pref. (guar.)...
International Banking Corporation...
Holders of rec.
Holders of rec.
Holders of rcc.
Mar. 5
to
Holders of rec.
♦Holders of rec.
♦Holders of rec.
♦Holders of rcc.
Holders of rec.
Holders of rcc.
Holders of rec.
Sept.
July
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
26
20
17a
25
20
31
31
31
10a
27
10
Apr. 1 Holders of rcc. M ar. 21a
Apr. 1 Holders of rcc. Mar. llu
1 Holders of rec. Mar. 15
2 0 c. Apr.
Apr. 25 Holders of rec. Apr. 15
IX
Mar. 31 ♦Holders of rec. Mar. 20
♦IK
Mar. 31 Holders of rec. M ar. 29a
2
75c. Alar. 31 Holders of rcc. Mar. 14a
Mar. 21
Apr. 1 Mar. 15 to
IX
Apr, 1 Mar. 25
to
Mar. 31
Apr. 15 Holders of rcc. Apr. 5
1
to
Mar. 29
SI.25 Alar. 29 Mar. 13
April 1 Holders of rec. Mar. 27
IX
Apr. 1 Mar. 23
to
Mar. 31
IX
Apr. 1 Holders of rec. Mar. 20a
IX
Mar. 31 Holders of rcc. Mar. 20a
IX
Apr. 1 Holders of rcc. Mar. 21a
IX
Apr. 15 Holders of rcc. M ar. 31a
X
SI.25 Apr. 1 Holders of rcc. Mar. 15a
$2 50 Apr. 1 Holders of rec. M ar. 15a
Apr. 1 Holders of rcc. Mar. 15a
Apr. 1 Holders of rcc. Mar. 15a
IX
Apr. 15 Holders of rcc. Mar. 31
IX
Apr. 10 Holders of rec. Mar. 25a
1
Apr. 1 Holders of rcc. Mar. 15a
2
Apr. 1 Holders of rec. Mar. 21a
IX
Apr. 1 Holders of rcc. Mar. 20a
IX
Apr. 1 Holders of rec. Mar. 20a
IX
Apr. 10 Apr. 1 to
Apr. 10
IX
Apr. 10 Apr. 1 to
Apr. 10
IX
1 0 c. Apr. 10 Holders of rcc. Mar. 31
Mar. 31 Holders of rcc. Mar. 15
IX
Apr. 1 Holders of rcc. Mar. 15a
IX
Apr. 1 Holders of rcc. Mar. 14
2X
Apr. 1 Holders of rcc. Mar. 14a
IX
Apr. 5 Mar. 27 to Apr. 4
IX
Apr. 1 Holders of rcc. Mar. 20a
IX
Apr. 15 Holders of rcc. Mar. 31a
2
April 18 ♦Holders of rcc. April 2
April 18 ♦Holders of rcc. April 2
*1X
Apr. 1 Holders of rcc. Mar. 28a
IX
Apr. 1 Holders of rcc. Mar. 28a
l
Apr. 1 Mar. 22
to
Mar. 31a
IX
Apr. 2 Mar. 23
to
Mar. 31
IX
April 1 Holders of rec. Mar. 15a
1
April 1 Holders of rec. Mar. 15
IX
Apr. 1 Holders of rcc. Mar. 15
IX
Apr. 1 Holders of rcc. Mar. 5
IX
2
Apr. 1 Holders of rcc. Mar. 15
Apr. 15 Holders of rcc. Mar. 31
IX
2
Apr. 1 Holders of rec. Mar. 8
Apr. 1 Holders of rcc. Mar. 21
April 25 Holders of rcc. Apr. 10
IX
May 1 Holders of rec. Apr. 19a
IX
May 1 Holders of rcc. Apr. 19a
IK
Apr. 1 Holders of rec. Mar. 28
IK
Apr. 15 Holders of rec. Apr. 1
2X
1 Holders of rcc. Feb. 28a
■2X Apr.
Apr. 1 Holders of rec. Feb. 28a
2X
5
May 1 Holders of rcc. Mar. 31a
Apr. 1 Holders of rec. Feb. 28a
IK
to
Mar. 31
April 1 Mar. 21
IK
Apr. 1 Holders of rec. Mar. 20a
IK
i
Apr. 1 Holders of rcc. Mar. 17a
Apr, 1 Holders of rcc. Mar. 28a
2
May 1 Holders of rec. Apr. 22a
IK
Apr. 1 Holders of rcc. Mar. 21a
IK
May 1 ♦Holders of rec. April 18
♦IK
Apr. 1 Holders of rec. Mar. 27
IK
50c. April 10 Holders of rec. Mar. 31
2
Apr. 1 Holders of rec. Mar. 20a
10 c. April 1 Holders of rcc. Mar. 20
April 1 Holders of rec. Mar. 27a
IK
Apr. 15 Holders of rcc. Apr. la
IK
Mar. 31 Holders of rcc. Feb. 28a
2
Apr. 1
S1.5( Apr. 1 Mar. 21 - to
Apr. 1 Mar. 21
to
Apr. 1
IK
IK Apr. I Holders of rec. Mar 22
Apr. 1 Holders of rec. Mar. 18a
IK
Apr. 15 Holders of rec. Mar. 15a
2
to
Mar. 31
rlK Apr. 1 Mar. 21
IK Apr. 1 Holders of rcc. Mar. 20
Apr. 1 Holders of rec. Mar. 20
IK
52
May 31 Holders of rcc. May 1
May 31 Holders of rcc. May 1
SI
IK Apr. 1 Holders of rcc. Mar. 31
1
May 15 Holders of rec. May 5
IK April 1 Holders of rcc. Mar. 21a
July 1 Holders of rec. June 20a
IK
IK Apr. 1 Holders of rcc. Mar. 15a
2
May 1 Holders of rcc. Apr. 15a
Apr. 1 Holders of rcc. Mar. 24a
IK
50c. April 1 Holders of roc. Mar. 22a
2
Apr. I Holders of rcc. Mar. 22a
♦IK May 1 ♦Holders of rcc. Apr. 18
IK Apr. 1 Holders of rec. Mhr. 21
Apr. 1 Holders of rec. Mar. 21
hIX
April 1 ♦Holders of rcc. Mar. 20
♦2
April 1 ♦Holders of rec. Mar. 20
Mar. 31
IK Mar. 31 Mar. 16 to
to
Apr. 1
IK Apr. 1 Mar. 16
$2
Apr. 1 Holders of rec. Mar. 20a
SI .25 Apr. 1 Holders of rec. Mar. 19a
l
Apr. 1 Holders of rcc. Mar. 15a
iK t Apr. 1 Holders of rcc. Mar. 15a
1 Kt Apr. 1 Holders of rcc. Mar. 15a
IK Mar. 31 Holders of rcc. Mar. 20a
IK Apr. If Holders of rcc. Apr. 9a
Apr. I Holders of rec. Mar. 17a
$1
2K Apr. 1 Holders of rcc. Mar. 15a
IK Apr. 1 Holders of rcc. Mar. 15a
IK April 1 Holders of rcc. Mar. 20
Mar. 25 Mar. 10
to
Mar. 24
2
Mar. 25 Mar. 16
to
Mar. 24
2
50c Mar. 25 Holders of rcc. Mar. 20
April 1 Holders of rec. Mar. 20a
1
Hlodcrs of rcc. Mar. 20a
IK April
IK April 1 Holdcrso f rcc. Mar. 22
IK Apr. ! Holders of rec. Mar. 20
Holders of rcc. Mar. 20a
Mar. 3
2
IK Mar. 3: Holders of rec. Mar. 20a
♦IK Mar. 2S ♦Holders of rcc. Mar. 12
Mar. 3 ♦Holders of rcc. Mar. 12
♦3
Mar. 22
to
Mar. 31
3
Apr.
Holders of rcc. Mar. 20
April
2
Holders of rcc. Mar. 20
April
2
IK Apr. 1. Holders of rcc. Mar. 31a
Mar. 21
to
Mar. 31
3
Apr.
Holders of rcc. Mar. 15
1 0 c. Apr.
IK Apr. 1. Holders of rec. Mar. 25a
IX
3
Cincinnati Gas Electric (guar.)
Cln. ASuburbanBell Telephone (guar.).. 2
Cincinnati Tobacco Warehouse------------Citizens Gas of Indianapolis (No. 19) —
....... .................
Cloveland-Akron Bag, common (quar.).
—
.................... ..
Cluott, Peabody & Co., Inc., pref. (qu.)
Colorado Power, common (quar.)--------------Columbia Graphophone M fg., com.(qu.)
Common (payable In com. stock) —
Preferred (quar.) (No. 4 )-------------------
Mar. 31
luly 30
Apr. 1
Alar. 31
Apr. 1
April 15
April 15
April 15
Apr. 1
Apr. 1
Apr. 1
Books Closed.
Days Inclusive.
\x
*2
Per When
Cent. Payable.
Nameof Company.
Miscellaneous (C
ontinued)
IX Apr. 1
International Salt (quar.)_____________
International Silver, pref. (guar.)_______ I X April 1
Mar. 31
Isle Royale Copper Co. (quar.) (N
o. 13) 50c. Apr.
1
Jewell Tea, preferred (quar.)___________
IX
1
KansasGasAElec., pref. (gu.) (No. 36). IX Apr.
Apr. 1
Kaufmann Dept. Stores, Inc., pf. (qu.).
IX
2
Kayser (Julius) & Co., com. (quar.)____
first and second pref. (quar.)_______
IX
Kelly-Springftcld Tire, pref. (quar.)____
IX
Kcnnecott Copper Corp. (quar.)............ 25c.
25c.
Capital distribution...............................
3
Keystone Tire
Rubber, com. (quar.).
Common (payable In common stock). /1 5
(A.
____
IX
Kolb Bakery, pref. (quar.) (No. 29)____
IX
Kresge (S. S.) Co., preferred (quar.)___
lh
1
Kress (S. H.) Co., common (quar.)____
Preferred (quar.)......... ........ ...................
IX
1
La Belle Iron Works, com. (quar.)_____
2
Common (extra)......... ....................... ......
2
Preferred (quar.)_____ _______________
Lackawanna Steel, common (quar.)___
IX
3
Laurentlde Company, Ltd. (quar.)____
1
Laurentide Power (quar.) (No. 1)_____
2
....................
$2
Lehigh Valley Coal Sales (quar.)_______
________
*1X
*2
_____________________
4
Liggett Myers Tobacco, com. (extra).
IX
Liggett & Myers Tobacco, pref. (q u .)..
6 2-3
Lindsay Light, common (quar.)_______
2 1-3
Preferred (quar.)_______ _____________
____
3X
2
Lone Star Gas (quar.)____________
Lone Star Gas (extra. In L. L. bonds). .
Loose Wiles Biscuit, first pref. (quar.).
IX
3
Lorillard (P.), common (quar.)_______
IX
Preferred (quar.)..... ..............................
&
Kirshbaum B.) Co., pref. (guar.)
Lawyers’ MortgageCo. (guar.)
LibraryBureau, common(guar.)
Preferred (guar.)
&
Locomobile Co. of America, preferred
MacAndrews AForbes Co., com. (guar.).
Preferred(guar.)
Magor Car Corp., common (guar.)
Common (extra)
Preferred (guar.)
Manning, Maxwell A Moore (guar.)
Extra
MassachusettsLightingCos., pref. (gu.)..
MathlesonAlkali Works, pref. (guar.)___
May Department Stores, pref. (quar.)..
McCrory Stores Corp.. prcl. (quar.).
Merchants Despatch Transport, (qu.)
Mergenthaler Linotype (quar.) (No. 93)
Mexican Petroleum, common (quar.)_.
Preferred (quar.)______________
MichiganDropForgeCo., com.(monthly).
MichiganLight Co., pref. (guar.)______
MichiganLimestoneAChem., pref. (gu.)
MichiganStamping, common(monthly).
Michigan State Telcp., pref. (quar.)...
MichiganSugar, pref. (guar.)__________
Middle StatesOil Corp. (monthly)______
Montana Power, com. (qu.) (No. 2 6 ) -.
Preferred (quar.) (No. 26)_____
Montgomery, Ward & Co., pref. (quar.)
_______
Narragansett Electric Lighting (quar.).
______ __
National Biscuit, com.(quar.)
83)
Nat. Cloak
Suit, com. (qu.) (No. 9 ).
Nat. Enamel
Stampg, pref. (quar.)..
__________
Mortgage-Bond Co. (guar.)
NassauLight APower(guar.)
(No.
&
&
Nalional FuelGas (guar.)
National Glue, com. Apref. (guar.).
National IceACoal, lsf pref:(guar.)
National Lead, common (quar.)..............
National Licorice, pref. (qu.) (No. 67).
National Oil, preferred (quar.)..............
National Paper & Type, com. (quar.)..
Preferred (quar.)_____________
National Refining, pref. (guar.)..
National Sugar (quar.)__________
National Surety (quar.)________
Nevada Consolidated Copper (quar.)..
NewEnglandPower, preferred(guar.)..
NewEnglandTelep. ATeleg. (quar.)-----New River Company (quar.....................
N. Y. TitleAMtge. Co. (guar.)__________
New York Transit (quar.)_____ _____
Niagara Falls Power, pref. (quar.)..........
Nlles-Bement-Pond, common (quar.)..
Nlplsslng Mines (quar.)............................
North American Co. (quar.)....................
16)
NorthwesternElec. Co., pf. (gu.) (No.
NovaScotiaSteel ACoal, Ltd., com. (qu.)
Preferred (guar.)..................................... ..
Ogllvie Flour Mills, Ltd., com. (quar.).
Ohio Cities Gas, pref. (quar.)................
Ohio Oil (quar.)________________________
Extra________________________________
---------Oklahoma Producing Refining (quar.)
Osceola Consol. Mining (qu.) (No. 94).
....................
_____________________
Ottawa Car Mfg. (quar.).........................
Ottawa Lt., Ht. & Pow. (qu.) (No. 51).
Owcns Bottle-Machine, com. (qu ar.)..
Preferred (quar.)------------------------------)
Pan-Am. Petrol. & Transp., com. (qu.) Preferred (quar.)____________________
.................. ........
Penmans, Limited, common (quar.)____
Preferred (quar.)____________________
Pennsylvania Rubber, common (quar.).
Preferred (quar.)_____________
Penn. Water
Power (quar.) (No. 21)
Pettlbone.MullIken C o .,1st* 2d pf.(qu.)
Phelps, Dodge Corporation (quar.)-----Pierce-Arrow Motor Car, pref. (quar.)
Pittsburgh Plate Glass, common (quar.)
Preferred (annual)------------------
Ohio State Telephone, pref. (guar.)
&
OtisElevators, common(guar.)
Preferred (guar.)
PanamaPow. ALt. Corp., pf. (qu.)(No.8
Parke, Davis ACo. (quar.)
&
PittsburghRollsCorporation, pref. (quar.)
Prairie Oil & Gas (quar.)----------Extra_________________________
________
Price Bros, (quar.)______________
___
Providence Gas (quar.)--------------Provincial Paper Mills, Ltd., com. (qu.)
Preferred (q u a r.)................—
Prairie Pipe Line (guar.)
ProcterAGamble, pref. (quar.)
Public Utilities Corporation, pref. (guar.)
Quaker Oats, common (qu a r.)...
Common (extra)______ _______
Preferred (quar.)_____________
Quincy Mining (quar.).................
Holders of rec. Mar. 15a
Feb. 25
to
Mar. 2
Holders of rec. Mar. 7
Holders of rec. Mar. 28
Holders of rec. Mar. 22
Holders of rec. Mar. 20
Holders of rec. Mar. 20a
Holders of rec. Apr. 21a
Mar. 18
to
Mar. 31
Holders of rec. Mar. 18a
Holders of rec. Mar. 18a
Holders of rec. Mar. 21
Holders of rec. dMay. 1
Holders of rec. Mar. 20a
Holders of rec. May 22
Holders of rec. Mar. 17a
Holders of rec. Apr. 19a
Holders of rec. Mar. 20a
Holders of rec. Mar. 17a
Holders of rec. Mar. 17a
Holders of rec. M ar. 17a
Holders of rec. Mar. 10a
Holders of rec. Mar. 24
Holders of rec. Mar. 31a
Holders of rec. Mar. 21
Holders of rec. Mar. 20
♦Holders of rec. Mar. 20
♦Holders of rec. Mar. 20
Holders of rec. Mar. 21a
Holders of rec. M ar. 17a
Holders of rec. Mar. la
Holders of rec. M ar. la
Holders of rec. Mar. 29
Holders of rec. Mar. 15a
Apr. 1
May 1
April 1
Mar. 31
Mar. 31
April 1
May 20
April
Apr. 1
Apr. 1
May 1
Apr. 1
Mar. 31
Mar. 31
Mar. 31
Mar. 31
Apr. 1
Apr. 15
Apr. 1
Apt. 1
Apr. 1
Apr. 1
April 1
Apr. 1
Mar. 31
Mar. 31
Apr. 1
Mar. 31
Mar. 31
Apr. 1 Holders of rec. Mar. 18a
Apr. 1 Holders of rec. Mar. 15a
Apr. 1 Holders of rec. Mar. 15a
April 15 Holders of rec. Mar. 31
12
IX April 15 Holders of rec. Mar. 31
IX Apr. 1 Holders of rec. Mar.
1
Apr. 1 Holders of rec. Mar. 8a
Mar. 31 Holders of rec. Mar. 25
$1
$2
Mar. 31 Holders of rec. Mar. 25
Mar. 31 Holders of rec. Mar. 25
IX
IX Apr. 1 Holders of rec. Mar. 14
1
April 1 Mar. 11 to
Mar. 25
April 1 Mar. 11 to
Mar. 25
IX
April 1 Holders of rec. Mar. 18a
IX
Mar. 31 Holders of rec. Mar. 31
IX
Mar. 31 Holders of rec. Mar. 31
IX
June 14
2 5c. July 1 June 2 to
1 K April 15 Holders of rec. Mar. 25
IK Apr. 1 Holders of rec. Mar. 25a
IK Apr. 1 Holders of rec. Mar. 20a
IK April 1 Holders of rec. Mar. 20a
IK Mar. 11 Holders of rec. Mar. 24a
2K Mar. 11 Holders of rec. Mar. 5a
Apr. 10 Holders of rec. M 3r. 15a
72
Apr. 1 Holders of rcc. Mar. 15a
2
15c. Apr. 1 Holders of rec. Mar. 16
IK Apr. 1 Holders of rec. Mar. 15
43Kc. Apr. 15 Holders of rec. Mar. 31a
12KC. Apr. 1 Holders of rcc. Mar. 16
IK Mar. 31 Holders of rec. Mar. 24a
IK Mar. 15 Holders of rec. Mar. 1
1
Apr. 1 Holders of rec. Mar. 24
IK Apr. 1 Holders of rec. Mar. 15a
IK Apr. 1 Holders of rec. Mar. 15a
IK Apr. 1 Holders of rec. Mar. 20a
IK Mar. 31 Holders of rec. Mar. 22
Apr. 1 Holders of rec. Mar. 15a
51
Mar. 31 Holders of rec. Mar. 26a
2
IK April 15 Holders of rec. Mar. 31a
IK Aprl 15 Holders of rec. April 8a
slK Mar. 31 Holders of rec. Mar. 11a
2K Apr. 15 Holders of rec. Mar. 31a
Apr. 1 Holders of rcc. Mar. 15
2
IK April 1 Holders of rec. Mar. 20a
IK Mar. 31 Holders of rec. Mar. 14a
IK Mar. 31 Holders of rec. Mar. 24
la
2 0 c. Apr. 15 Holders of rec. Apr.
Apr. 15 Holders of rec. Mar. 31a
2
IK Apr. 15 Holders of rec. Mar. 31a
2
Apr. 1 Holders of rec. Mar. 15
IK Apr. 2 Holders of rec. Mar. 10
3
Apr. 1 Holders of rec. Mar. 20a
37 Kc Mar. 31 Holders of rec. Mar. 14a
IK Apr. 1 Holders of rec. Mar. 17a
IK Mar. 31 Holders of rec. Mar. 19
•IK Mar. 28 ♦Holders of rec. Mar. 26
IK Apr. 1 Holders of rcc. Mar. 21
4
Apr. 15 Holders of rec. M ar. 22
IK Apr. 15 Holders of rec. Mar. 31
2K Mar. 2 0 Holders of rec. M ar. la
25c. April 21 Apr. 1 to
Apr. 17a
IK Apr. 1 Holders of rec. Mar. 20
IK Apr. 1 Holders of rcc. Mar. 24
IK Apr. 15 Holders of rec. Mar. 31
2
Apr. 15 Holders of rec. Mar. 31
3
April 1 Holders of rec. Mar. 20
IK April 1 Holders of rec. Mar. 15a
$1.25 Mar. 31 Mar. 1 to M ar. 27
$4.75 Mar. 31 Mar. 1
to
Mar. 27
IK Apr. 1 Holders of rec. Mar. 20a
12Kc. April 2 Holders of rec. Mar. 20a
Si Mar. 31 Holders of rec. Mar. 15
IK Apr. 15 Holders of rec. Mar. 31
IK Apr. 15 Holders of rec. Mar. 31
1
April 1 Holders of rec. Mar. 15a
IK April 1 Holders of rec. Mar. 20a
75c. April 1 Holders of rec. Mar. 22a
IK April 1 Holders of rec. Mar. 22a
IK Apr. 1 Holders of rec. Mar. 22
$1.25 Apr. 10 Holders of rec. Mar. 15a
IK Apr. 1 Holders of rec. Mar. 15a
$2
Apr. 1 Holders of rec. M ar. 20
IK May 15 Holders of rec. May 5
IK May 1 Holders of rec. Apr. 21
IK Mar. 31 Holders of rec. Mar. 15
IK Mar. 31 Holders of rec. Mar. 15
IK Apr. 1 Holders of rec. Mar. 19a
IK Apr. 1 Holders of rec. Mar. 20a
2K Apr. 2 Holders of rec. Mar. 20a
2
Apr. 1 Holders of rec. Mar. 17a
IK Apr. 1 Holders of rec. Mar. 15a
12
Apr. 1 Holders of rec. Mar. 15a
IK Apr. 1 Holders of rec. Mar. 25
♦3
Aprl 30 ♦Holders of rec. Mar. 31
♦2
Apr! 30 ♦Holders of rec. Mar. 31
♦3
Apr. 30 ♦Holders of rec. M ar. 31
2
Apr. 1 Mar. 15 to
Mar. 31
2
Aprl 15 Holders of rcc. Mar. 25a
50c. Aprl 1 Holders of rec. Mar. 20a
1
Apr. 1 Holders of rec. Mar. 15
IK Apr. 1 Holders of rec. Mar. 15
IK Apr. 1 Holders of rec. Mar. 15
3
Aprl 15 Holders of rec. April la
1
Aprl 15 Holders of rec. April la
IK May 31 Holders of rec. May la
Mar 31 Holders of rec. Mar. la
$1
*14
_____________________
Mackay Cos., common (quar.) (No. 55)
Preferred (quar.) (No. 61)___________
______
______________________
.................... ...................
Manatl Sugar, preferred (quar.)..............
Manhattan Elec, supply, com. (quar.)..
First & second preferred (quar.)_____
Manhattan Shirt, pref. (quar.).............. ..
___
_________________________________
Marconi Wireless Tclcg. of America____
BooksClosed.
Days Inclusive.
x
8a
THE CHRONICLE
1 1 ± 0
Nameof Company.
Miscellaneous (C
oncluded)
Railway Steel-Spring, com. (quar.)
Ray Consolidated Copper (quar.)..
Regal Shoe, pref. (quar.) (No. 97).
Second preferred (quar.).
Reo Motor Car, common (quar.).........
Preferred (quar.) (No. 62).
Common B (quar.).
Preferred (quar.)...
Preferred (quar.).
St. Joseph Stick Yards (quar. ) .
Savoy OH (quar.).......................... ........
......... ..
Sears, Roebuck A Co., pref. (quar.).
Sc <Dill Ma iU/acturtny (quar.)
Shawinlgan Water APower (quar.)
____
Sherwin-Williams Co. of Canada, Ltd.Preferred (quar.)___________________
______
____________________
ShreddedWheat, common (quar.)
Preferred (quar.)
South Penn Oil (quar.).
Preferred (quar.)............................
South West Pa. Pipe Lines (quar.).
Standard Oil (Kentucky) (quar.).
Standard OH (Ohio) (quar.)...........
Extra__________________________
StandardParts, preferred(quar.)...
StandardScrew, common__________
Preferredclass A A n (quar.).
Steel Products, pref. (quar.)___
Stewart Mfq., 1stpref. (quar.)___
Extra________________________________
Stutz Motor Car of Amcr., Inc. (quar.)
Subway Realty (quar.)________________
Swan A Finch C o .. _______ ____________
Texas Company (quar.)......... ..........
Texas Pacific Coal
OH (quar.)___
Extra________________ _____ _____
Thompson-Starrett Co., preferred.
Tide Water Oil (quar.)____________
Extra___ ___________ ____________
&
Tonopah-Belmont IJevelopment.
Common (extra)...................... ..............
Trumbull Steel, common (quar.)_______
Common(erIra)_____________________
Preferred (quar.)____________________
Underwood Typewriter, com. (quar.).
Prcferred (quar.)...................................
Union Tank Line______________
United Drug, common (quar.).
First preferred (quar.)______
Second preferred (quar.)_____
Preferred (quar.)..................
United Fruit (quar.) (No. 79).
Extra______________________
United Gas Impt. (quar.)_____
Preferred (quar.).
Preferred (quar.)..... ...................
U. S. Gypsum, preferred (quar.).
U. S. Industrial Alcohol, pf.(qu.) (No.SO)
Common (extra)______________
U. S. Worsted, first preferred (quar.) —
Utah Cooper Co. (quar.).
.........
UtahMeta' A Tunnel
Preferred (quar.)...................................
Vulcan Detlnnlng, pref. (quar.)______
Preferred (on acct. accum. d lv s .)...
Second preferred (quar.).................
WesternElectricCo., common(quar.).
Preferred (quar.)........................ ........
Western Grocer, common__________
Preferred _________________________
...............
WesternPower, pref. (quar.)
Westlnqhouse Air Brake (quar.)___
West Konte-'at Power ALight, com. (qu.)
Preferred (quar.)---------------------WestmorelandCoal (quar.)----------Preferred (quar.)_____________
White Motor (quar.)____________
Wlllys-Overland Co., preferred (quar.).
Wilson A Co., Inc., pref. (quar.)..
Wolverlno Copper Mining (quar.).
Woods M fg., preferred (quar.)____
Woolworth (F. W .) C o., pref. (quar.)..
Worthington Pump A Mach., pf. A (qu.)
Preferred B (quar.)........... ...................
Yale & Towne Mfg. (qu.) (No. 100).
.........
...................................
Yukon-Alaska Trust (quar.)......... ........
You’a(.7. S.) Co., common(quar.)
Preferred (quar.)
Per When
Cent. Payable.
BooksClosed.
Days Inclusive.
Mar. 31
Mar. 31
April l
April 1
April 1
* 25c.
1)4
1)4
3
3
1)4
2
l
1)4
2
l
D4
15c.
5
1)4
25c.
1)4
April 1
May 1
April 1
April 1
April 1
April 1
Mar. 31
Mar. 31
Apr. 1
Apr. 1
Apr. 10
Mar. 31
Mar. 27
Apr. 1
Apr. 1
Apr. 19
Apr. 1
1)4
2
1)4
1)4
5
05
2
3
1)4
*2
3
3
1
D4
*6
l
1)4
1)4
♦2
75C.
25c.
SI.25
*1)4
2)4
2
3
2)4
1)4
5
4
2
2
1)4
10c.
5c.
75c.
25c.
D4
1
D4
2
1)4
SI .25
1)4
Mar. 31 Holders of rec. Mar. 15
Apr. 1 Mar. 22
to
Mar. 31
Apr. 1 Mar. 22
to
Mar. 31
April 1 Holders of rec. Mar. 21a
Mar. 31 Mar. 13 to
Mar. 31
Apr. 1 Holders of rec. Mar. 15a
Apr. 1 Holders of rec. Mar. 15a
Apr. 1 Holders ot rec. Mar. 15a
Apr. 1 Holders of rec. Mar. 15a
Apr. 1 ♦Holders of rec. Mar. 20
Apr. 1 Mar. 16 to
Apr. 1
Apr. 1 Mar. 1 to Mar. 19
Apr. 1 Mar. 1 to
Mar. 19
Apr. 1 Mar. 21
to
Apr. 1
April 1 *Hol lers of rec. Mar. 22
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 15
Juno 1 Holders of rec. May 15a
April 1 ♦Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 15a
Apr. 1 Holders of rec. Mar. 15a
April l Holders of rec. Mar. 22a
Apr. 1 ♦Holders of rec. Mar. 20
May 1 Holders of rec. Apr. 1
Apr. 1 Holders of rec. Mar. 10
Apr. 1 Mar. 25
to
Mar. 31
Mar. 31 Holders of rec. Mar. 7
Mar. 31 Mar. 16 to
Mar. 31
Mar. 31 Mar. 16 to
Mar. 31
Apr. 1 Holders of rec. Mar. 25
Mar. 31 Holders of rec. .Mar. 21a
Mar. 31 Holders of rec. Mar. 21a
April 1 Holders of rec. Mar. 14a
Apr. l Mar. 16
to
Mar. 21
Apr. 1 Mar. 12 to
Mar. 21
Apr. 1 Holders of rec. Mar. 21
Apr. 1 Holders of rec. Mar. 21
Apr. 1 Mar. 21
to Mar. 31
Apr. 1 Mar. 21
to
Mar. 31
Apr. 1 Mar. 21
to
Mar. 31
Apr. 1 Holders of rec. Mar. 15a
Apr. 1 Holders of rec. Mar. 15a
Apr. 1 Holders of rec. Mar. 10a
Apr. 1
2)4
D4
87 )4c
1)4
1)4
1)4
2
50c.
SI
50c.
37)4c
1)4
1)4
1)4
1)4
1)4
1
1)4
*50c.
SI.50
*1)4
5 .
1)4
D4
51
1)4
75c.
87)4c
$2.50
1)4
4
3
*1
1)4
$1.75
2
1)4
$1.25
2)4
1)4
SI
D4
1)4
* 50c.
1)4
1)4
1)4
1)4
2)4
2)4
1)4
$1
Mar. 25 Holders of rec. Mar 1
April 1 Holders of rec. Mar.<f21a
May 1 Holders of rec. April 15a
June 2 Holders of rec. May 15a
Apr. 1 Holders of rec. Mar. 14a
Apr. 1 Holders of rec. Mar. 14a
Apr. 15 Holders of rec. Mar. 20a
Apr. 15 Holders of rec. Mar. 20a
April 15 Holders of rec. Mar. 31
April 5 Holders of rec. Mar. 19
April 5 nolders of rec. Mar. 19
Mar. 31 Mar. 13 to
Mar. 31
Mar. 31 Mar. 13 to
Mar. 31
Mar. 31 Mar. 16
to
Mar. 31
Apr. 15 Holders of rec. Mar. 31a
Mar. 3
Mar. 29 Mar. 1 to
Mar. 29 Mar. 1 to
Mar. 3
to Apr. 14
Apr. 15 Apr. 12
May 1 ♦Holders of rcc. Apr. 7
Mar. 31 Holders of rcc.Mar. 14a
Apr. 1 ♦Holders of rec. Mar. 23
Apr. 15 Apr. 1 to Apr. 6
Apr. 15 Apr. 1 to Apr. 6
Apr. 20 Holders of rcc. Apr. 10a
Apr. 20 Holders of rec. Apr. 10a
April 2 Holders of rcc. Mar. 14
April 1 Holders of rcc. Mar. 20
April 1 Holders of rcc. Mar. 20
Mar. 31 Holders of rec. Mar. 24a
Mar. 31 Holders of rcc. Mar. 24a
Juno 30 Holders of rec. June 20
June 30 Holders of rec. Juno 20
April 15 ♦Holders of rec. Mar. 31
April 15 Mar. 21
to Apr. 9
Apr. 30 Holders of rec. Mar. 31
Apr. 1 Holders of rec. Mar. 28
Apr. 1 Holders of rcc. Mar. 28
Apr. 1 Mar. 19 to
Apr. 1
Apr. 1 Holders of rec. Mar. 17a
Apr. 1 Holders of rec. Mar. 17a
Mar. 31 Holders of rec. Mar. 15a
Apr. 1 Holders of rcc. Mar. 20a
April 1 Holders of rcc. Mar. 24a
Apr. 1 ♦Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 24
Apr. 1 Holders of rec. Mar.10a
Apr. 1 Holders of rcc. Mar. 20a
Apr. 1 Holders of rec. Mar. 20a
Apr. 1 Holders of rec. Mar. 22
Apr. 1 Holders of rcc. Mar. 21a
Apr. 1 Holders of rec. Mar. 21a
Mar. 31 Mar. 8
to
Mar. 9
'A
ZVx
'A
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
Holders of rec.
♦Holders of rec.
Holders of rec.
Mar. 21
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Mar. 21
to
Holders of rec.
Holders ot rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
17a
14a
15
15
21
31
Mar. 11
Mar. 15
Aprii
April 16
Mar. 21a
Mar. 21a
Mar. 21a
Mar. 15a
Mar. 15a
Mar. 15a
Apr. 1
Mar. 31a
Mar. 20a
Mar. 17a
Mar. 24
Mar. 15a
Mar. 31a
Mar. 27a
xia
m
k
p
I
t
o
w
IX
IX
1X%
x
y
N on-M em ber B an ks an d T ru st C om p an ies.— Follow
ing is the report made to the Clearing House by clearing
non-member institutions which are not included in the
“ Clearing House|beturn” on the following pago:
R ETUR N OF N O N -M E M B E R INSTITUTIO N S OF N E W YO R K C LEARING
HOUSE.
1000]
(Stated In thousands of dollars—that Is, three ciphers
omitted.)
Net Loans,
Reserve Net Net Nat’l
Capital Profits. DlsC LEARING
N ON -M EM BERS
counts. Cash ttilth Demand Time Bank
In Legal De De Circu
Nat.bks.Dec.31 Invest
Week ending Statebks.Feb21 m
ents, Vault. Deposi posits. posits. lation.
March 15 1919. Tr. cos. Feb. 21 Ac.
tories.
AverageAverageAverage Average AverageAverage
Members of
Fcd’l Res. Bank.
Battery Park Nat-
$
l,50C
1,000
200
200
500
200
6500
300
400
S
1,463
672
560
195
835
633
668
602
1,309
$
12,47!)
15,296
10,686
5,862
9,021
10,354
9,182
6,686
11,206
$
257
556
173
208
9
326
178
193
582
$
1,535
2,070
1,471
785
1,154
1,070
729
684
879
$
7,746
14,532
10,673
5,217
6,075
5,959
7,026
5,681
7,240
6S
397
229
OS
1,47(1
4,425
607
490
4,800
6,941 90,772
2,482
10,277
70,149
7,755
International Bank
Mechan’cs, Bklyn.
North Side, Bklyn
100
500
500
1,600
200
441 2,584
1,137 11,964
222 6,037
907 28,712
220 5,067
311
1,267
687
1,544
497
148
1,010
374
2,316
314
2,473
12,931 ............ ............
5,595
046
27,822
149
4,805
339
T o ta l__________
2,900
2,928 54,364
4,306
4,162
53,620
8,244
9,595
510
285
300
494
0,009
4,938
1,170
4,219
795
794
10,947
5,389
Mutual Bank____
New Netherland.W It Grace A Co’s
YorkvIUe Bank__
First Nat’l, Bklyn
Nat’l City, Bklyn.
First Nat’l, Jer Cy
Total ........... ......
\\l%
$
$
188
300
120
400
1,008
State Banks
Not Membersofthe
a Fed’l Reserve Bank.
* From unofficial sources, t Declared subject to the approval of Director-Genera
of Railroads. { The New York Stock Exchange has ruled that stock will not be
quoted ex-dlvldend on this date and not until further notice.
a Transfer books not closed for this dividend. 6 Less British Income tax. d Cor
rection. e Payable In stock. /Payable In common stock, a Payable In scrip
On account of accumulated dividends.
Payable In Liberty Loan bonds. I Red
Cross dividend,
Payable In IT. S. Liberty Loan
bonds.
Declared 7% on pref., payable In quarterly Installments of 1).{ % each on April 1,
July l , Oct. 1 1919 and Jan. 1 1920, to holders of record on Mar. 10, Juno 10, Sept. 10
and Dec. 10, respectively.
All transfers received In order In London on or before March 17 will bo In time
to'be passed for payment of dividend to transferees.
n Declared 8% on first pref. stock, payablo 4 % as above and 4% on Sept. 30 1919
to holders of record Sept. 26.
Declarer! 8 % payable 2% each April 30, July 31 and Oot. 31 1919 and Jan. 31
1920, to holders of record on April 12, July 12 and Oot. 12 1919 and Jan. 10 1920,
respectively.
h
)
q Payable half In cash and half In Fourth Liberty Loan bonds,
r Declared 7% on pref., payablo
each on April 1, July 1, Oct. 1 1919 and
Jan. 1 1920.
s Declared 7 % on pref. payable In quarterly Installments of 1X % each on Mar. 31,
Juno 30, Sept. 30 and Dec. 31 to holders of record on March 11, Juno 10, Sept. 10
and Dec. 11, respectively.
Declared 7% payable
% each on April 1, July 1, Oct. 1 1919 and Jan. 1 1920,
to holders of record March 14, Juno 14, Sept. 13 and Dec. 13, respectively.
Declared 8 % on cum. conv. pref. and 7% on non-cura. pref., payablo In quarterly
Installments of 2% and
% , respectively, on Apr. 1, July 1, Oct. 1 1919 and Jan.2
1920 to holders of record on Mar. 12, June 16, Sept. 15 and Dec. 15, respectively.
Declared 6% on com. and 5% on pref., payablo In quarterly Installments of
1)4% and
each, respectively, payablo Mar. 31, July l , Oct. 1 and Dec. 31.
Books closed the fifteen days before date of payment of any dividend.
Declared one-twentieth of a share In common stock.
Declared 7% on 1st pref. and 6% on 2d pref., payable In quarterly Installments
of 1)4% and 1)4% each, respectively, on Sept. 1, July 1, Oct. 1 1919 and Jan. 1
1920, to holders of record on Mar. 15, June 16, Aept. 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.
l%%
2
50c.
30c.
10c.
1)4
1)4
2
h‘2
Holders
Holders
Holders
Holders
Holders
Holders
[Vol . 108
Bank of Wash Hts
1,134 ............
Trust Companies
Not Membersofthe
Fed’l Reserve Bank.
Hamilton Tr, Bkln
Mech Tr, Bayonne
500
200
1,045
384
T o ta l_________
700
1,430 17,839
Grand aggregate. _ 8,400 11,300 162,975
4-1,703
Comparison prevlo us week
Gr’ daggr,
Gr’d aggr,
Gr’d aggr,
Gr’daggr,
Mar. 8
Mar. 1
Feb. 21
Feb. 15
8.400
8,400
8.200
8,200
11,300
11.063
11,063
11,063
161,272
157,873
155,846
152,765
7,583 15,233 a 134,725 14,278
— 42 + 638 + 2,413 + 123
1,008
+ 27
7,625 14,595 132,312 14,155
7,643 14,285 129,443 13,997
7,884 14,103 128.509 13,530
13,984 128,160 13,101
981
985
1.005
1,014
a U. S. deposits deducted, $6,260,000. b As of Feb. 7 1910.
Bills payable, rediscounts, acceptanced and other liabilities, $9,167,000.
Excess reserve, $119,790 Increase.
B osto n Clearing H ou se B a n k ).— W o givo below a sum
mary showing the totals for all the items in the Boston
Clearing Houso weekly statement for a series of weoks:
BOSTON CLEARING HOUSE M EM BERS.
March 15 Changesfrom March8
1919.
previousweek. 1919.
Circulation.................................
Loans, dlsc’ts A Investments.
Individual deposits, incl.U.S.
Due to banks.............................
Tlmo deposits.........................
Exchanges for Clear. House.
Due from other banks...........
Cash In bank A In F. It. Bank
Reserve excess In bank and
Federal Reserve Bank____
$
4,749,000
537,169,000
436,869,000
110.078,000
12,322,000
15,061,000
62,106,000
66,326,000
Dec.
Inc.
Inc.
Inc.
Dec.
Inc.
Dec.
Inc.
18,978,000 Inc.
$
15,000
8,763,000
13,551,000
3,670,000
110,000
386,000
1,272,000
7,016,000
March 1
1919.
5
$
4,764,000
4,782,000
528,406,000 526,376,000
423,318,000 420,554,000
106.403,000 104,378,000
12,432,000 12,551,000
14,075,000 15,269,000
63,378,000 61.746,000
59,310,000 58,852,000
5,203,000
13.770,000
13,684.000
P h ila d elp h ia B an k s.— The Philadelphia Cloaring House
statement for the weok ending March 15, with comparative
figures for the two weeks preceding, is as follows.
Reserve
requirements for members of the Federal Rosorvo system
aro 1 0 % on demand deposits and 3 % on tiino deposits, all
to be kept with the Fodoral Reservo Bank. “ Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Fodoral Resorvo systom the reserve
required is 1 5 % on domand doposits and includes “ Rosorvo
with legal depositaries” and “ Cash in vaults.”
Week ending March 15 1010.
Ttcociphers (00) omitted. Membersof Trust
F.R.System Cos.
Total.
$29,475,0
Capital_____ ____________
79,921,0
Surplus and profits______
Loans, dlsc’ts A luvestm’ts 750,335,0
23,425,0
Exchanges for Clear.House
Due from banks__________ 102,056,0
Bank deposits...................... 156,387,0
Individual deposits______ 482.414,0
5,451,0
Tlmo deposits..... .......... ......
Total deposits.................. 644,252,0
U.S.deposlts(not Included)
56,792,0
Res’ve with Fed.Res.Bank
Res’vo with legal deposit’s
15,655,0
Cash In v a u lt*..................
72,447,0
Total reservo A cash held.
51,495,0
Reserve required................
20,952,0
Excess res A cash In vault
$3,000,0
7,631,0
27,432,0
702,0
10,0
282,0
19,527,0
$32,475,0
87.552,0
777,767,0
24,127,0
102,000,0
156,669,0
501,941,0
5,451,0
664,061,0
37,527,0
50,792,0
4,479,0
16,570,0
77,847,0
54,359,0
23,488,0
March8 March1
1919.
$32,475
86,316
706,251
21,006
97,086
153,487
484,892
5,498
57,193
30,951
54,048
3,145
10,824
74,017
53,072
20,945
1919.
$32,475,0
86.215.0
762.591.0
23.232.0
107.016.0
151.278.0
489.017.0
5.474.0
19,S09,0
645.769.0
33.913.0
61.704.0
4,479,0
2.744.0
921,0
16.749.0
5,400,0
71.287.0
2,804,0
51.951.0
2,536,0
19.336.0
•Cash In vault 13 not counted as resorvo for Federal Rcscrvo bank members.
S ta te m e n t of N ew Y o rk C ity C learing H ou se B anks
a n d T r u st C om pan ies.— The following detailed statoment
shows the condition of the New York City Clearing House
members for the week ending M ar. 15. The figures for the
separate banks are the averages of the daily results,
in the
case of totals, actual figures at end of the week are also given.
N E W YO R K W E E K L Y CLEARING HOUSE R ET U R N .
(Statedinthousandsof dollars—thatis, threeciphers [,000] omitted.)_________
Nat’l
eserve
Net Loans, Cash Rw
CLEARING
ith Net Time Bank
iscount
Capital. Profits DIn
HOUSE
egal Demand De Circu
vest in DL
M EM BERS.
osi Deposits. posits. lation.
ents, Vault. toep
(.000 om
itted.) Nat’l, Deo. 31 m&
ries.
c.
Week ending State, Feb. 21
March 15 1<>19. l ’r.Cos,Feb. 21
Members of
Fed. Res. Bank
Bk of N Y , NBA
Manhattan C o.
Merchants’ Nat
Mech&MetNat
Bankof America
National C ity ..
Chemical N at_.
Atlantlo N at___
Nat Butch Dr
Amer Exch Nat
Nat. Commerce
Pacific.........
Chath Phenlx
Hanover N a t ..
Cltlzons’ N a t ..
Metropolitan . .
Corn Exchange
Imp & Trailers’
National Park.
East River Nat
Second Nat____
First National.
Irving National
N YCounty Nat
Continental___
Chase National
Fifth Avenue. .
Commer'l Exch
Commonw’t h . .
Lincoln Nat___
Garfield N at___
Fifth National.
Seaboard N a t ..
Liberty Nat___
Coal & Iron Nat
Union Exch Nat
Brooklyn Trust
Bankers Trust.
U S Mtge & T r.
Guaranty Trust
Fidelity Trust.
Columbia Trust
Pooples Trust. .
Now York Trust
Franklin Trust.
Lincoln T rust.MetropolltanTr
Nassau N, Bkln
Irving Trust___
Farmors L Tr
&
A
&
$
8
2 ,0 0 0
32,972
1,816
784
492 5,114
50,296
00,054
1,769 11,370
66,254
21,840
527 2,842
328 1,844
30,294
157,233 4,012 3,772
161,180 10,258 23,571
25,737
1,122 3,477
30,952
580,699 14,128 95,977 + 649,524 26,228 1,432
59,797 5,817
1,609 8,145
442
86,621
524 2,008
14,987
706
143
17,286
553
3,221
110
299
3,489
1,954 12,279
92,529 5,651 4,956
113,951
270,02.3 4,872
406,712 2,534 36,719
18,600
1,115 2,374
75
10,472
84,485 8,908 2,192
101,333 5,376 11,833
126,301
150
133,416 5,720 15,030
34,650
239
820
38,675 1,014 4,958
24,909
69
56,225 2,032 3,375
130,377 2,022
125,413 5,943 17,890
25,962
722 3,526
51
38,521
159,762 2,827 4,971
1,553 21,014
204,376
646
6,228
87
50
261
6,571
16,877
644
941 2,430
20,538
145,017 2,103 8,346
1,306 18,941
241,209
117,012
807 1,309
111,696 3,798 19,418
710
11,617
199
698
1,701
12,001
833
150
270,468 11,307 1,100
349!o08 6,613 41,994
19,180
2,484
1,251
899
6,711
301
8,130
1,300
418
15,070
40
1,210 1,859
210
15,953
11,880
292
-598
59
399
13,157
7,159
476
357 1,013
247
6,834
44,474
967 6,556
240
70
49,950
58,735
1,761
712 8,185
799
87,365
1,583
091
11,922
409
414
18,756
15,090
1,937
428
539
398
15,223
27,023 5,417 _____
732 3,212
37,690
237,738 8,660
959 30,302
289,155
1,006 _____
47,122
601 5,395
59,573
524,906 3,223 52,818 + 453,053 23,419
554 _____
9,046
320 1,195
11,621
1,032 9,741
72,267 6,575
9.3,491
1,797 _____
25,827
924 2,612
29,034
2,322
56,981
351 7,532
109,513
1,615
15,625
419 2,089
27,115
18,657
1,015
383 2,614
23,033
31,443
1,059
80C 4,20C
45,043
1,087
51C
10,518
851
50
15,607
6,317
43,279
1,088
40,792 2,391
134,117 4,164 15,842 + 144,604 8,272
5,017
7,210
2,731
11.301
0,780
51,412
9,437
900
98
5,689
24,007
1,134
2,573
17,112
3,098
2.401
8,290
7.980
18,698
b609
4,050
30,604
5,811
427
642
15,000
2,301
858
762
1,992
1,317
398
3,002
4,440
1,044
1,219
2,289
17.301
4,551
28,525
1,284
0,901
1,412
10,077
1,305
603
4.402
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
b 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 .0 0 0
1 ,0 0 0
2 ,000
1,000
1,200
1.500
1,189
5,000 12,006
Avge. for week. 108,100 355,842 4,695,724 95,819 539,394 c3,774,423 146,367 36,097
Totals,actual
Totals,actual
Totals,actual
Totals,actual
Mar. 15 4,765,646
Mar. 8 4,655,800
Mar. 1 4,704,293
Feb. 21 4,636,253
condition
co ndltlon
co ndltlon
co ndltlon
State Banks.
Greenwich____
Bowery_______
N Y Prod Exch
State __________
Totals, avge wk
Totals,actual
Totals,actual
Totals,actual
Totals,actual
95,180562,919
93,628538,379
91,947631,027
100,548 501,477
147,162
143,430
142,417
139,222
25
1,000
2,000
1,559
812
1,242
607
16,962
5,721
24,286
43,032
660
2,566
4,396
325
2,064
2,889
17,062
5,410
25,822
41,551
3,750
4,221
90,001
9,914
6,426
89,845
nk.
A
Totals, avge. wk
64,585
9,000 17,297
co ndltlon
co ndltlon
co ndltlon
ci ndltlon
1,689
4,546
25,976
14,910
777
536
40,886
1,313
1,002
_ 1,333
cond’n
oond'n
oond’n
oond'n
147,750 36,097
+ 3,280 — 64
4,923,043 106,799 57.3,879 e3,976,668
+ 113 009 +1,672 + 23,205 + 110,476
Gr’d aggr, act'l cond’n
Comparison pre v. week
Mar. 8 4,810,034
Mar. 1 4,857,594
Feb. 21 4,786,565
Feb. 15 4,803,649
550,674
542,332
512,836
543,794
3,866,192
3,875,556
3,831,656
3,795,729
36,396
+ 176
136,220
136,047
536,056
',66836,166
tlncludos deposits In foreign branches not included In total footings as follows:
National City Bank, $96,156,000; Guaranty Trust Co., SOl.125,000; Farmers’ Loan
&Trust Co., $20,160,000. Balances carried In banks In foreign countries as reserve
for such deposits wero: National City Bank, $9,834,000; Guaranty Trust C o., $16,
031,000; Farmers’ Loan ATrust Co., 57,665,000.
b As of Jan. 11 1919.
, , , ,
c Deposits In foreign branches not included,
d U. 8. deposits deducted, $211,802,000.
o U. S. deposlst deducted, *259,803,000.
Bills payable, rediscounts, acceptances and other liabilities, $840,229,000.
STATEM ENTS OF RESERVE POSITION OF CL1EARING HOUSE
AND TRUST COMPANIES.
BANKS
Members Fo-lcralRe
serve Bank...........
Stato banks*..............
Trust companies*.. .
W
Total
Total
Total
Total
Mar. 15____
Mar. 8 ____
Mar. 1____
Feb. 21____
a
Reserve
Required.
Surplus
Reserve.
S
$
$
S
539,394,000 539,394.000 495,066,000
10,172,100
o","oiY,566 6.426.000 16,340,000
6,235,000
6,132,900
4.516.000
1,689,000
S
44,328,000
167,900
102,100
561.969.000 517,371,000
552.576.000 510,989,920
552.061.000 508,216,570
537.778.000 1503,972,500
41,598,000
41,586,080
43,814,430
33,805,500
11.603.000
11.287.000
11.399.000
11.301.000
550.366.000
541.289.000
510.662.000
526.477.000
Members Federal Re
serve Bank---------State banks*..............
Trust companies*—
Total
Total
Total
Total
Mar.
Mar.
Mar.
Feb.
15-----8 ____
1-----21____
9.914.000
1.705.000
11.619.000
11.499.000
11.188.000
11,498,000
b
Reserve
Reguired.
Surplus
Reserve.
562,919,000 562,919,000 504,321,020
6.411.000 16,325,000 16,248,420
6,145,050
6,254,000
4.549.000
58,597,980
78,580
108,950
526,714,490
512,261,930
513,341,540
507,512,190
58,783,510
49,911,070
40,178,460
16,821,810
573.879.000
550.674.000
542.332.000
512.836.000
585.498.000
562.173.000
553.520.000
524.334.000
* Not members of Federal Reserve Bank.
a 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 banks in
cludes also amount of reserve required on net time deposits, which was as follows:
Mar. 15, $4,391,010; Mar. 8, $4,297,890; Mar. 1, $4,215,510; Feb. 21, $4,180,050.
b 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 amount of reserve required on net time deposits, which was as follows: Mar. 15,
$4,414,860; Mar. 8, $4,302,900; Mar. 1, $4,272,510; Feb. 21, $4,176,660.
State B anks an d T ru st C om panies N o t in C learin g
H o u se .— The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing H o u s e , as
follows:
S U M M A R Y O F S T A T E B A N K S A N D T R U S T C O M P A N I E S IN G R E A T E R
N E W Y O R K , N O T IN C L U D E D IN C L E A R IN G H O U SE S T A T E M E N T .
(FiguresFurnishedby State BankingDepartment.) Differencesfrom
March
previousweek.
15.
L oa n s an d In vestm en ts_________________________________$ 7 9 8 ,8 1 3 ,5 0 0
8 ,1 5 7 ,5 0 0
S p ecie _________________________________
C u rren cy and ban k n o t e s -------------------------------------------17 ,0 7 5 ,7 0 0
Deposits w ith the F. R . B a n k o f New Y o r k . ................
6 5 ,5 5 3 ,2 0 0
T o t a l d e p o s its _____________
8 0 7 ,6 0 6 ,3 0 0
D e p o s its , elim in atin g a m ou n ts d u e from reserve d e
p ositaries and fro m o th e r ban ks an d tru st g o m p an ics In N . Y . C it y , exch an g es and U . S . d e p o s its 7 2 8 ,5 4 8 ,0 0 0
R eserv e on d e p o s its ___________________________________
13 3 ,1 4 2 ,7 0 0
P ercen ta g e o f reserve, 2 0 .4 % .
RESERVE.
-----------S ta le B a n k s -----------
C ash In v a u lts .................................
$ 1 7 ,7 9 7 ,0 0 0
D e p o sits In b an ks a n d tru st c o s _____ 12 ,3 4 5 ,2 0 0
T o t a l ............................
$ 3 0 ,1 4 2 ,2 0 0
I n c . $ 3 ,2 9 5 ,8 0 0
D ec.
9 ,0 0 0
In c.
1 ,5 0 8 ,6 0 0
In c.
6 ,5 9 8 ,7 0 0
In c.
7 ,6 5 0 ,3 0 0
In c.
In c.
___
14,5 1 7 ,9 0 0
3 ,5 2 1 ,2 0 0
------ T r u s t C o m p a n ie s ------
1 2 .2 9 %
8 .5 2 %
$ 7 2 ,9 8 9 ,5 0 0
3 0 ,0 1 1 ,0 0 0
1 4 .4 3 %
5 .9 4 %
2 0 .8 1 %
$ 1 0 3 ,0 0 0 ,5 0 0
2 0 .3 7 %
B an k s an d T r u st Com panies in New Y o rk C ity .— The
averages of the N ew York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater N ew York City outside of
the Clearing House, are as follows:
COM BINED RESULTS OF BANKS AN D TRUST COMPANIES IN
GREATER N E W YO R K .
Weekended—
Loans and
Investments.
Demand
Deposits.
Nov. 2.............
Nov. 9.............
Nov. 16.............
Nov. 23.............
Nov. 30.............
Dec. 7.............
Dec. 14.............
Dec. 21.............
Dec. 28.............
Jap. 4.........
Jan. 11.............
Jan. 18_______
Jan. 25_______
Feb. 1.............
Feb. 8 .............
Feb. 15.............
Fob. 21.............
Mar. 1.............
Mar. 8 .............
Mar. 15_______
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
5,525,768,300
5.492.269.000
5.509.784.600
5.571.631.800
5.583.221.600
5.629.541.700
5.649.123.500
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
4.566.358.800
4.571.345.100
4.633.702.000
•Total Cash Reservein
in Vault. Depositaries.
139.935.700
137,695.000
141.922.100
141.983.700
141.105.200
142.319.200
142.105.300
141.455.900
146,531,400
147.245.300
148.938.900
141,934,500
135.813.100
132.677.300
130.568.700
133.267.700
13.3,632.800
131.342.200
128,952,600
132.655.200
638.211.600
648,002,100
667.230.500
661.674.400
G61,755,700
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
645.124,800
628.112.400
625.109.700
643.761.000
6 47,186,900
658.275.500
New Y o rk C ity State B anks a n d T ru st C o m p a n ies.—
In addition to the returns of “ State banks and trust com
panies in New York City not in the Clearing H ou se," furnished
by the State Banking Department, the Department also
presonts 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. 16(51.
The provisions of the law governing the reserve require
ments of State banking institutions as amended M ay 22
1917 wero published in the “ Chroniel *” M ay 19 1917 (V .
101, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves wore given in the “ Chroni
cle” April 4 1914 (V . 93. p. 1015).
STATE BANKS AND TRUST C O M P L I E S IN NEW YORK C IT Y
WeekEndedMar. 15.
Averages.
Reserve
Cash
Total
in
Reserve
in Vault. Depositaries Reserve.
Actual Figures.
Reserve
Cash
Total
in
Reserve
InVault. Depositaries Reserve.
* This item Includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
1.318
1,315
65,538
64,62
63,904
63,301
Mar. 15
Mar. 8
Mar. 1
Feb. 21
Gr’d aggr, avgo 210,850 377,361 4,850,310
+ 16,286
Comparison, pr ev week
igg’ te, act
vggr, act'l
iggr, act’l
iggr, act’ l
36,396
36,220
36,047
36,056
90,269
90,525
88,829
88,475
co ndltlon
co ndition
co ndltlon
condition
Trust Compan
Title Guar Tr
Lawyers T & Tr
Totals,actual
Totals,aotual
Totals,actual
Totals.actual
c3,845,432
3,734,276
3,746,462
3,703,356
serve Bank
Not Members of Federal Re2,286
1,148
500
250
1141
THE CHRONICLE
M a r . 22 1919.]
Capital as of Nov. 1.
Hurplusasof Nov. 1.
Loans
investments
Specie______________
Currency & bk. notes
Deposits with the F.
R. Bank of N . Y . .
Deposits......................
Reserve on deposits,
p. c . reserve to den.
A
Trust Companies.
State Banks.
ces from
Mar. 15 Differencesfrom Mar. 15 Dpifferen
revious week.
1919.
previous week.
1919.
$
$
$
*
99,550,000
24 100,000
169,723,000
......... ..........
42,973,000
584,656,390 Dec. 1,524,590 2,100,639,200 Inc. 12,528,600
16,500
11,434,200 Inc.
8,589,000 Dec.
4,500
25.216,lOOInc.
974,000 j 21,623,800 Inc. 2,271,500
56,613,500+nc.
687,439,400; Inc.
105,SS2,700;Inc.
20.4% 'ln c.
5,368,100 ; 205,265,900 Inc. 2,953,800
8,440,800 2,023,222,700 Dec. 28,675,200
2,954,700 ! 289,314,400 Dec. 3,823,400
17.8% iDec.
0.1%
0.3 % 1
1143
THE CHRONICLE
[Vo l . 108.
Member B an k s of th e Federal Reserve S y stem .— 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
oontained in the statement were given in the weekly statement issued under date of Deo. 14 1917 and which was published
In the “ Chronicle” of Dec. 29 1917, page 2523.
STATEMENT SHOWINO PRINCIPAL RESOURCE AND LIABILITY
AND OTHER SELECTED CITIES AS AT
Some liquidation o f U. S. war securities and of war paper held, and
considerable withdrawals o f Government deposits aro indicated by tho
Federal Reserve Board’s weekly statement o f condition on March 7 of
771 member banks in about 100 selected cities.
Holdings o f U. S. bonds other than circulation bonds, show a decrease
for the week o f 20.1 millions, o f which 10.3 millions are shown for the
member banks in New York City. Aggregate holdings of Treasury cer
tificates fell off about 4.4 millions. New York City member banks re
porting a larger decrease under this head o f 10.9 millions. Loans secured
by U. S. war obligations (so-called war paper) declined 40.9 millions,
almost entirely at tho New York City banks. Other loans and invest-
ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
CLOSE OF BUSINESS MARCH 7 1919.
ments show a total increase of 30.1 millions, member banks in the 12
Federal Reserve cities reporting a larger increaso of 35.4 millions.
Aggregate holdings of U. S. war securities and war paper were 38,031
millions, or 65.4 millions less than the week before, and constituted 26.9%
of the total loans and investments reported, as against 27.3% the week
before. For the member banks in the 12 Federal Reserve cities a decline
in this ration from 28.8 to 28.3% , and for the Now York City banks a de
cline from 32 to 31.1% may be noted.
Government deposits decreased 121.9 millions, net demand deposits
gained 27.4 millions, while time deposits show but little change. Reserve
balances with the Federal Reserve banks went up 9 millions, and cash
in vault 8.3 millions.
1. Data for all reporting banks In each district.
Member Banks.
Boston.
Number of reporting banks..
New York. PMladel. Cleveland. Rlchm’d. Atlanta.
45
106
56
90
82
Two ciphers (00) omitted.
Chicago.
47
St. Louis. Minneap. Kan. City Dallas. San Fran.
37
101
34
$
3
$
S
S
S
$
S
S
clrculat'n 14.402.0
46,889,0 11.597.0 41.182.0 24.949.0 15.265.0
19.911.0 16.908.0
6.769.0
Including
Liberty bonds.................... 19.990.0 283.850.0 39.335.0 70.837.0 52.629.0 32.711.0
62.034.0 23.176.0 11.377.0
U. 8 . cortlfs. of Indebtedness. 134.784.0 904.528.0 124.079.0 165.516.0 62.338.0 63.917.0 252.498.0 65.581.0 40.947.0
Total U. 8 . securities......... 169.176.0 ,235,267,0 175.011.0 277.535.0 139.914.0 111.893.0 334.443.0 105.665.0 59.093.0
Loans sec. by U. 8 . bonds. &c. 88.550.0 584.489.0 142.891.0 97.337.0 33.108.0 21.013.0
88.891.0 22.556.0 10.493.0
All other loans A Investments 738.378.0 ,961,566,0 803.281.0 961.433.0 367.934.0 301.545.0 1.338.198.0 330.686.0 225,016,0
Reserve bal. with F. R. bank. 69.555.0 636.803.0 64.361.0 89.399.0 35.237.0 27.675.0 165.191.0 41.526.0 23.359.0
Cash In vault................. ..... 23.254.0 116.183.0 20.700.0 32.200.0 17.451.0 14.633.0
59.331.0 10.949.0
8.055.0
Net demand deposits............ 670.140.0 4 ,622,450,0 053.853.0 822.061.0 310.701.0 244.605.0 1.214.504.0 307.122.0 219,154 ,0
Time deposits........... ........... 103.664.0 259.034.0 21.531.0 291,697,0 71.259.0 103.452.0 417.893.0 91.060.0 52.727.0
Government deposits............. 57.281.0 253.057.0 47.902.0 43.227.0 14.274.0 15.193.0
63.867.0 23.003.0 10.419.0
0 .8 .bonds to secure
Other U. 8 . bonds.
2.
$
76
13.969.0
44
S
17,929,0
24.104.0 20,344,
50.486.0 28,885,
88.559.0 67,158,
10.362.0
7,950,
444,737,0 172,464,
42.433.0 18,149,
8,752,
14.540.0
383 ,530,0 155,742,
65.827.0 23,607,
9,884,
20.091.0
Total.
53
S
S
34.605.0
771
264.375.0
35.245.0
675.632.0
100.699.0 1.994.256.0
170.549.0 2.934.263.0
20.555.0 1.133.193.0
509.245.0 10.054.538.0
43.561.0 1.262.249.0
19.932.0
346.035.0
412.057.0 10.015.919.0
134.820.0 1.641.031.0
558,178,
--------------- 0
Data for Banks In Federal Reserve Bank Cities. Federal Reserve Branch Cities and Other Reporting Banks
New York.
Mar.'7. :
Feb. 28.
Chicago.
Mar. 7.
All F. R Bank Cities
Feb. 28.
Mar. 7.
Feb. 28.
F. R. Branch Cities
Mar. 7.
Feb. 28.
AU Other Report'g Banks
Mar. 7. | Feb. 28.
Total.
Mar. 7.
No. reporting banks_____
65
65
44
41
255
159
255
159
357l
357
U. S. bonds to secure ctrS
S
S
3
S
$
S
1
s
$
S
cuiatlou .................. .....
38,671,0
36,388,0
1,169,0
1,169,0 101,193,0 100,441,0
54,729,0
54,529,0 108,453,0 108,553,0
Other U. S. bonds, Includlng Liberty bonds.......... 243,350,1 253,679,0
23,610,0
24,613,0 372,089,0 384,152,0 118,357,0 122,976,0 185.186.0! 188.550.0
U. 8 . ctfs. of Indebtedness 839,906,0 850,764,0 147,745,0 142,462,0 1,372,413,0 1,376,734,0 310,182,0 312,504,0 311,661,0 309,420,0
Total U S. securities... 1,119,927,0 1,140,831,0 172,524,0 168,241,0 1,845,695,0 1,861,327,0 483,268,6 490.009.0 605.300,0 606,523,0
Loans see. by U.S. bds ,Ac. 544,083 ,C 583,928,0
64,977,0
64,327,0 907,095,0 945.401,0 103.596.0 103.968.0 122,502,0 124,755,0
All other loansAlnvestm’ts 3,562,016,0 3,550,900,0 861,297,0 840,845,0 6.613,443,06.577,956,0 1,497,275,0 1,491,300,0 1,943.820.0 1,955.103.0
Res. balances with F.R.Bk 603,685 ,C 597,010,0 115,322,0 113,123,0 942,004,0| 934,608,0 148,631,0 149,147,0 171,614,01 169,411,0
Cash in vault.................. 102,612,0 101,078,0
35,939,0
35,107,0 200,629,0! 196,252,0
55,616,0
54,815,0
89.790.0
86.631.0
Net demand deposits____ 4,222,288,0 4,224,491,0 830,614,0 817,851,0 7,054,974,0 7,039,851,0 1,244,799,0 1,250,127,0 1,716,146,Oil,698,486,0
Time deposits................... 199,695,0 198,370,0 160,154,0 158,659,0 660,410,0 . 654,250,0 477,491,0 484,488,0 503.730.0 502.494.0
Government deposits........ 232,688,0 299,911,0
38,856,0
42,793,0 404,628,0 502,727,0
63,547,0
83,839,0
90,003,0
93,539,0
Ratio of U.S. war securities
and war paper to total
loans and lnvestments%
31.1
32.0
21.5
21.6
28.3
28.8
25.9
25.5
23.1
23.21
771
Feb. 28.
S
771
$
264,375,0
263,523,0
675,632,0
1,994,256,0
2,934,263,0
1,133,193,0
10,054,538,0
1,262,240,0
346,035,0
10,015,919,0
1,641,631,0
558,178,0
695,678,0
1,998,658,0
2,957,859,0
1,174,124,0
10,024,359,0
1,253,166,0
337,698,0
9,988,464,0
1,641,232,0
680,105,0
26.9
27
3
T h e Federal Reserve B a n k s.— Following is the weekly statement issued by the Federal Reserve Board on March 15:
Substantial withdrawals of Government deposits, more than offset by
additions to members’ reserve deposits, and further increases in note
circulation are indicated by the Federal Reserve Board’s weekly bank
statement issued as at close o f business on March 14 1919.
But little change is reported in the total o f war paper held. Other dis
counts on hand show a reduction o f 2 . 2 millions, while acceptance holdings
indicate a net liquidation o f 11 .4 millions. Interbank discounting accounts
for most o f the changes in tho holdings o f acceptances and discounts re
ported by the Chicago, Minneapolis, St. Louis and Kansas City banks.
The gain o f 8.5 millions In U. S. short-term securities represents in part
investments in one-year Treasury certificates to secure Federal Reserve
bank notes, partly temporary purchases o f other Treasury certificates from
member and non-member banks. Total earning assets show a decrcas®
of about 4 millions.
Government deposits show a decrease for tho week of 44.8 millions,
while members’ reserve deposits show an increase of 49 millions. Net
deposits, because o f the larger "float” reported this week, show a decline
of 32.6 millions. The banks’ note circulation went up by 17.5 millions,
of which 14.6 millions represents an increase in Federal Reserve noto
circulation reported by the Boston, New York and Chicago banks, and
2.9 millions— an increaso in liabilities on Federal Reserve Bank noto cir
culation. As the result of the considerable decrease in deposit liabilities
tho banks’ reserve percentage remains unchanged at 51.4% ,notwithstand
ing a decrease of 8.7 millions in cash reserves and an increase of 14.6 mil
lions in Federal Reserve noto liabilities.
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 tho corresponding wook of last year,
thus furnishing a useful comparison.
In the second tablo we show the resources and liabilities separately for each of the
twelve Federal Reserve banks. The statement of Federal Reserve Agents’ Accounts (the third table following) gives
details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agouts aud botween
the latter and the Federal Reserve banks.
FEDERAL RESBRVE BANK OF NEW YORK.— The weekly statement issued by the bank subdivides some certain items that are included
under a more general classification in tho statement prepared at Washington. Thus, "Other deposits, & c.," as of Mar. 15. consisted of "Foreign
Government deposits," $94,254,092; "Non-member bank deposits," $7,315,038. and “ Due to War Finance Corporation,” $1,710,486.
C o m b in e d
R esources and
L ia b il it ie s o f t h e
F ederal
R eserve
B a n k s a t t h e C l o s e o f B u s in e s s M a r . 14 1919
Mar. 14 1919. Mar. 7 1919. Feb. 28 1919. Feb. 20 1919. Feb. 14 1919. Feb 7 1919 Jan. 31 1919. Jan. 24 1919 Mar. 15 1918.
RESOURCES.
Gold coin and certificates..
Gold with foreign agencies.
.
.
.
S
332,749,000
501,078,000
5,829,000
S
341.070.000
511.227.000
5,829,000
S
345.762.000
463.484.000
5,829,000
3
350.417.000
457.889.000
5,829.000
*
347.764.000
437.278.000
5,829,000
$
348.606.000
419.050.000
6,829,000
$
338.916.000
422.686.000
6,828,000
*
343.692.000
407.698.000
5,828,000
$
477.521.000
372.508.000
52,500,000
.
Oold redemption fund.
Legal tender notes, silver, Ac.
839,656,000 858,126,000 815,075.000 814.135.000 790.871.000 773,484,000 767,430,000 767,218,000 902,529,000
1,170,601,000 1,163.840,000 1,187.760,000 1,197,983.000 1.217,363,000 1,231 166 000 1,253,330,000 1,256,192 000 869 628 000
119,277,000 117,513,000 120,163,000 112.923.000 111.113.000 ’ 103.533.000
91,346,000 ’ 88,907,000
2L086,’000
2,129,534.000 2,139,479,000 2,122,998,000 2,125.041,000 2,119,347,000 2,108,183,000 2,112,106,000 2.101.317.000 1,793,243,000
67,203,000
65,983,000
65.725,000
66,491,000
65,971,000
67,540,000
58,950,000
67,431.000
67,070.000
9 1as 0
SH
nnn 1 852 193 000
. 2,196,737,000 2.205.462.000 2,188,723,000 2.191.532.000 2.185.318.000 2,175,614,000 2,179,646.000 «,i'JO,
07
, ,uuu
,
Bills discounted:
Secured by Govt, war obligations___ 1,702,351,000 1.701.487.000 *1 667 965000 1.596.458.000 1.603.052.000 1,461.147,000 1.357.650,000 1.498,298,000 257.621.000
All other.................................
184.012.000 186.240.000 *211.855,000 221.996.000 233.849.000 243.254.000 243.478.000 263.735.000 259.863.000
Bills bought In open market___
262.139.000 273.493.000 276.919.000 269.920.000 275.068.000 282.702.000 281.293.000 284.539.000 323.248.000
Total bills on hand........................
2,148,502,000 2,161,220,000 2,156.739,000 2.088,374,000 2,111.969.000 1.977.103,000 1,882,421,000 2.046,572,000 840.732.000
U. 8 . Govt, long-term securities.......
27,223,000
27,057,000
27,094.000
28,095,000
28,101.000
28,252.000
68,383,000
28,250,000
28,571.000
U. 8 . Govt, short-term securities___
168,348,000 159,835,000 155,688,000 147,123,000 141,204.000 139.601.000 266.532,000 147,398,000 193.980.000
All other earning assets...................
4,000
4,000
4,000
4,000
4.000
4,000
4,040,000
4.000
4,000
Total earning assets.................... ..... 2,344,077,000 2,348,116,000 2.339,525,000 2,263.596.000 2.281.278.000 2,144,858,000 2,177,209,000 2.222,545.000 1,107,135,000
Bank premises.................•_........
9,720,000
9,720,000
9,713.000
8,969,000
8,648.000
8.967,000
8.672,000
8.108,000
from gross deposits...........................
rederup. fund agst F. R. bant
All other resources...............................
6%
683,017,000
6.745.000
7.507.000
599,197,000
7.429.000
8.210.000
653,465,000
6.813.000
8.497.000
633,806,000
6.809.000
8.480.000
701,465.000
6.842,000
10.658.000
624.861.000
6,822,000
9.788,000
691.454,000
6,767,000
11,631.000
716,588,000
6.752,000
10,278,000
368,756,000
537,000
1,452,000
Total resources............................... 5,247,803,000 5,178,134,000 5,206,736,000 6.113.192.000 5.194.528,000 4,970,616.000 6,076,355.000 5,132,658.000 5,330,073,000
Gold reserve against net deposit llab..
47.3%
47.6%
45.4%
47 0%
45.2%
40 3%
61.6%
47.8%
45.9%
Gold res. agst. F. R. notes in aot. clrc’n
51.4%
63.2%
51.1%
53,4%
53.8%
54.3%
54.8%
63.3%
64.5%
Ratio of gold reserves to net deposit and
F. R. note liabilities combined_____
48.9%
49.9%
49.7%
60.5%
50.3%
51.1%
62.6%
60.6%
62.5%
Ratio of total reserves to net deposit and
F. R. note liabilities combined.........
51.4%
51.4%
51.3%
62.2%
61.9%
62.3%
53.0%
63.5%
64.5%
Ratio of gold reserves to F. R notes in
circulation after setting aside 35% 1
.................
1
against net deposit liabilities____
63.0%'
63.3%'
63.1%
64.3%
63.8% 1
64.1%l
65.2%
65.6%
Amended figures.
THE CHRONICLE
M a r . 22 1919.]
1143
M a r . 14 1 9 1 9 . M a r . 7 1 9 1 9 . F eb . 2 8 1 9 1 9 . F e b . 2 0 1 9 1 9 . F e b . 14 1 9 1 9 .
Jan. 24 1919.
M a r . 15 1 9 1 8 .
S
S
S
L IA B IL IT IE S .
S
$
$
$
$
8 1 .5 0 2 .0 0 0
8 1 .4 9 0 .0 0 0
8 1 ,2 1 1 ,0 0 0
8 1 .4 0 6 .0 0 0
8 0 .9 1 3 .0 0 0
8 1 .4 5 2 .0 0 0
8 1 ,0 6 1 ,0 0 0
8 0 .8 2 0 ,0 0 0
C a p i t a l p a id I n ......................................................
4 9 .4 6 6 .0 0 0
4 9 .4 3 6 .0 0 0
2 2 ,7 3 8 .0 0 0
4 9 .4 6 6 .0 0 0
2 2 .7 3 8 .0 0 0
2 2 .7 3 8 .0 0 0
2 2 ,7 3 8 ,0 0 0
2 2 .7 3 8 .0 0 0
S u r p l u s ................ .....................................................
1 9 2 .9 7 0 .0 0 0
6 4 .9 2 8 .0 0 0
1 4 6 .3 8 1 .0 0 0
1 5 0 .7 8 3 .0 0 0
1 9 5 .5 5 9 .0 0 0
2 1 0 .5 4 7 .0 0 0
2 0 5 .6 7 5 .0 0 0
9 6 .8 0 9 .0 0 0
G o v e r n m e n t d e p o s i t s .................................. _ .
D u e t o m e m b e r s , r e s e r v e a c c o u n t .............. 1 ,6 7 5 ,0 4 5 ,0 0 0 1 ,0 2 0 ,0 7 6 ,0 0 0 1 ,6 2 0 ,9 7 2 ,0 0 0 1 ,5 6 3 ,9 1 2 ,0 0 0 1 ,6 2 3 ,1 5 8 ,0 0 0 1 ,5 9 0 ,4 4 1 ,0 0 0 1 ,6 9 3 ,1 3 2 ,0 0 0 1 ,6 2 4 ,4 1 5 .0 0 0
5 1 7 .7 2 6 .0 0 0
5 0 9 .1 1 2 .0 0 0
4 5 6 .2 8 9 .0 0 0
4 7 2 .0 4 2 .0 0 0
5 1 1 .8 9 9 .0 0 0
4 9 4 .6 5 3 .0 0 0
4 8 0 .2 5 7 .0 0 0
4 3 9 .2 2 1 .0 0 0
D e f e r r e d a v a i l a b i l i t y I t e m s ........................
1 1 2 .2 7 3 .0 0 0
1 1 7 .5 2 2 .0 0 0
1 2 3 .3 6 3 .0 0 0
1 2 4 .0 3 2 .0 0 0
1 2 0 .8 0 9 .0 0 0
1 1 3 .4 2 9 .0 0 0
1 1 4 .7 5 8 .0 0 0
1 1 2 .5 5 1 .0 0 0
O t h e r d e p o s it s , t n c l. f o r . G o v t , c r e d i t s .
S
7 3 .8 8 6 .0 0 0
1 ,1 3 4 ,0 0 0
7 2 .0 2 3 .0 0 0
1 ,4 4 8 ,0 4 7 ,0 0 0
2 3 2 ,1 5 7 ,0 0 0
8 1 .0 4 8 .0 0 0
T o t a l g r o s s ’ d e p o s l t s ..................................... 2 .4 5 2 .4 3 2 .0 0 0 2 .4 0 1 .2 8 7 .0 0 0 2 .4 5 0 .2 0 4 .0 0 0 2 . 3 6 4 .6 0 2 .0 0 0 2 .4 4 6 .1 2 7 .0 0 0 2 .2 3 9 .0 2 2 .0 0 0 2 .3 5 0 .9 1 1 .0 0 0 2 .3 9 6 .1 2 4 .0 0 0
F . R . n o t e s In a c t u a l c i r c u l a t i o n ................ 2 .5 0 3 .0 9 5 .0 0 0 2 .4 8 8 .5 3 7 .0 0 0 2 .4 7 2 .3 0 7 .0 0 0 2 .4 6 6 .2 4 8 .0 0 0 2 .4 6 8 .3 8 8 .0 0 0 2 .4 .5 4 .1 6 5 .0 0 0 2 .4 5 0 .7 2 9 .0 0 0 2 .4 6 6 .5 5 6 .0 0 0
1 3 2 ,2 9 1 .0 0 0
1 3 9 ,4 7 9 ,0 0 0
1 3 0 ,5 9 1 ,0 0 0
1 2 9 ,4 4 5 ,0 0 0
1 3 4 ,0 4 2 ,0 0 0
1 3 3 ,4 6 5 ,0 0 0
1 3 1 ,3 1 5 ,0 0 0
1 2 6 ,8 1 0 .0 0 0
F . I t . b a n k n o t e s In c ir c u l a t i o n — n e t lla b
4 3 ,7 7 3 ,0 0 0
2 1 ,7 3 9 ,0 0 0
4 0 ,6 1 9 ,0 0 0
2 0 ,7 6 3 ,0 0 0
4 5 ,9 9 3 .0 0 0
4 4 ,7 3 3 ,0 0 0
4 2 ,3 1 4 ,0 0 0
3 9 .6 1 0 ,0 0 0
A ll o t h e r l i a b ili t ie s .............. ..............................
1 .8 3 3 .2 7 5 .0 0 0
1 .4 0 6 .2 2 8 .0 0 0
8 ,0 0 0 ,0 0 0
7 ,5 5 0 ,0 0 0
l i a b ili t ie s ____________ ______________ 5 ,2 4 7 ,8 0 3 .0 0 0 5 ,1 7 8 ,1 3 4 ,0 0 0 5 .2 0 0 ,7 3 0 .0 0 0 5 ,1 1 3 ,1 9 2 ,0 0 0 5 ,1 9 4 .5 2 8 .0 0 0 4 ,9 7 0 .6 1 5 .0 0 0 5 ,0 7 5 ,3 5 5 ,0 0 0 5 .1 3 2 .6 5 8 ,0 0 0
3 ,3 3 0 ,0 7 3 ,0 0 0
T ota l
F eb . 7 1919.
J a n . 31 1 9 1 9
$
S
S
8
$
S
D is t r ib u t i o n b y M a t u r i t i e s —
S
S
1 - 1 5 d a y s b il ls b o u g h t In o p e n m a r k e t . . 1 ,5 2 5 ,0 7 6 ,0 0 0 1 ,5 3 0 ,4 3 2 ,0 0 0 1 ,5 1 1 ,3 5 5 ,0 0 0 1 ,4 5 1 ,1 3 9 ,0 0 0 1 ,4 5 0 ,4 7 6 ,0 0 0 1 ,3 0 2 ,9 5 3 ,0 0 0 1 ,2 1 9 ,6 0 1 ,0 0 0 1 ,3 6 8 ,7 5 4 ,0 0 0
8 2 .6 8 9 .0 0 0
8 3 .7 9 9 .0 0 0
9 9 .6 5 1 .0 0 0
7 6 .0 4 8 .0 0 0
6 1 .5 4 6 .0 0 0
8 2 .0 2 5 .0 0 0
8 1 .9 8 5 .0 0 0
5 3 .0 3 0 .0 0 0
1 -1 5 d a y s b ills d i s c o u n t e d .............................
7
,8
6
9
,0
0
0
1
3
2
.8
4
5
.0
0
0
2
3
.5
0
3
.0
0
0
1 8 .7 1 4 .0 0 0
1 9 .7 4 5 .0 0 0
1 2 .5 6 3 .0 0 0
6 .3 3 9 .0 0 0
8 .5 2 3 .0 0 0
1 -1 5 d a y s U . S . G o v t , s h o r t - t e r m s e c s .
1 ,0 0 0
1 -1 5 d a y s m u n ic i p a l w a r r a n t s ...................
5 7 .6 8 3 .6 6 6
5 5 .2 9 2 .0 0 0
■7 7 , 373 ",666
60",82"o",6 6 6
”7 2 ,9 5 1 ,6 6 6
5 7 ,8 8 3 ,6 6 6
54,6*91",666
" 9 1 ,7 8 7 ,6 6 6
1 0 -3 0 d a y s b ills b o u g h t In o p e n m a r k e t . .
6 3 .8 4 8 .0 0 0
6 8 .8 5 0 .0 0 0
7 4 .9 8 4 .0 0 0
7 0 .4 7 9 .0 0 0
8 1 .9 4 8 .0 0 0
6 0 .0 5 1 .0 0 0
6 5 .0 8 3 .0 0 0
7 2 .0 9 8 .0 0 0
1 6 -3 0 d a y s b ills d i s c o u n t e d ______ _________
7 2 4 .0 0 0
3 7 0 .0 0 0
1 3 0 .0 0 0
1 0 -3 0 d a y s U . 8 . G o v t , s h o r t - t e r m s e c s .
i ‘,6 6 6
" " " 4 ,6 6 6
" " *31656
1 0 -3 0 d a y s m u n ic i p a l w a r r a n t s ...................
”9 *5,112*660
8 7 .0 8 7 .6 6 6
2 2 5 ,6 2 9 ,0 0 0
2 0 7 ,1 5 1 ,0 0 0
" 9 5 ,9 6 l " 6 6 6
8 8 ,8 7 3 ,6 6 6
1 9 8 .2 0 6 .0 0 0
2 0 2 ,0 4 0 ,0 0 0
3 1 - 6 0 d a y s b il ls b o u g h t In o p e n m a r k e t . .
7 6 .3 1 2 .0 0 0
1 0 3 .9 6 7 .0 0 0
1 0 3 .6 2 3 .0 0 0
9 0 .8 3 3 .0 0 0
9 3 .3 4 8 .0 0 0
9 8 .8 5 0 .0 0 0
1 0 3 .8 7 2 .0 0 0
1 0 8 .3 5 3 .0 0 0
3 1 - 6 0 d a y s b il ls d i s c o u n t e d .............................
2 0 2 ,0 0 0
1 3 0 .0 0 0
6 3 1 .0 0 0
2 0 2 ,0 0 0
9 6 7 ,0 0 0
1 .0 0 1 .0 0 0
3 1 -0 0 d a y s U . 8 . G o v t , s h o r t-te r m s e c s ..
4 ,0 0 0
3 ,0 0 0
4 ,0 0 0
4 ,0 0 0
3 1 - 0 0 d a y s m u n ic i p a l w a r r a n t s __________
',59",319",656
’ 7*4",323",666
2 1 8 .1 5 2 .0 0 0
1 8 4 ,7 1 7 ,6 6 6
8 6 .2 2 1 .0 0 0
2 0 4 .8 5 3 .0 0 0
1 9 1 ,5 3 8 ,0 0 0
1 7 5 .9 3 3 .0 0 0
6 1 - 9 0 d a y s b ills b o u g h t In o p e n m a r k e t . .
1 7 .3 2 6 .0 0 0
1 6 .9 1 3 .0 0 0
2 4 .5 6 4 .0 0 0
4 1 .1 4 0 .0 0 0
2 5 ,0 0 7 ,0 0 0
2 3 .0 3 4 .0 0 0
0 1 - 9 0 d a y s b ills d i s c o u n t e d ________________
3 7 .6 9 9 .0 0 0
5 1 .0 5 8 .0 0 0
2 ,8 1 5 ,0 0 0
3 5 0 ,0 0 0
2 1 7 .0 0 0
1 5 .0 0 0
2 ,8 1 6 ,0 0 0
1 5 ,0 0 0
3 5 0 .0 0 0
7 .1 6 9 .0 0 0
0 1 -9 0 d a y s U . 8 . G o v t , s h o r t-te r m s e c s . .
1 ,0 0 0
4 ,0 0 0
0 1 - 9 0 d a y s m u n ic i p a l w a r r a n t s __________
2 3 .5 0 3 .6 6 6
2"i ,"o'4 7',656
2 4 .9 2 5 .0 0 0
"2*2",32l".666
2 T , i ‘3"o’ 6 6 6
22", 990 ",666
”2 4 .7 7 1 ,6 6 6
O v e r 9 0 d a y s b ills b o u g h t In o p e n m a r k e t
2 7 .3 5 3 .0 0 0
O v e r 9 0 d a y s b ills d i s c o u n t e d ........................
1 4 1 ,8 2 8 ,6 6 6
1 3 2 ,2 0 4 ,6 6 6
1 3 2 ,6 7 L 6 6 6
1 3 7 ,0 7 2 ,6 6 6
i3 4 ,o 8 'o * ,6 6 6
1 3 7 ,8 5 9 ,6 6 6
1 3 0 ,6 2 4 ,6 6 6
m .o b e lo o o
O v e r 9 0 d a y s U . 8 . G o v t , s h o r t -t e r m s e c s
3 ,0 0 0
O v e r 9 0 d a y s m u n ic i p a l w a r r a n t s ..............
F ed e ra l R e s e n e 'N o l e s —
I s s u e d t o t h e b a n k s ............................................
H e ld b y b a n k s .................................. ...................
S
} 3 3 1 ,1 0 3 ,0 0 0
4 9 .0 0 0
1 5 1 ,3 9 2 ,0 0 0
}
8 7 ,4 7 7 ,0 0 0
1 9 .0 0 0
7 .6 1 4 .0 0 0
} 2 6 7 ,5 9 1 ,0 0 0
3 ,0 0 0
4 .2 5 5 .0 0 0
} 1 4 5 ,9 0 4 ,0 0 0
1 3 .0 0 0
2 .1 3 2 .0 0 0
}
8 ,6 5 7 ,0 0 0
4 5 7 ,0 0 0
2 8 ,5 8 7 ,0 0 0
£ .6 7 9 ,0 2 4 ,0 0 0 2 ,6 7 0 ,9 0 3 ,0 0 0 2 ,6 7 8 ,6 0 6 ,0 0 0 2 ,0 7 7 ,8 3 5 ,0 0 0 2 .0 9 0 ,7 0 2 ,0 0 0 2 ,6 9 1 ,8 5 9 ,0 0 0 2 ,7 0 3 ,4 2 0 ,0 0 0 2 ,7 3 0 ,9 1 0 ,0 0 0
1 7 5 ,9 2 3 ,0 0 0
2 5 2 ,6 9 1 ,0 0 0
2 0 6 ,2 9 9 ,0 0 0
2 2 2 ,3 1 4 ,0 0 0
1 8 2 ,3 6 6 ,0 0 0
2 3 7 .6 9 4 ,0 0 0
2 1 1 ,5 8 7 ,0 0 0
2 6 4 ,3 6 0 ,0 0 0
1 ,5 2 0 ,2 9 6 ,0 0 0
1 1 4 ,0 6 8 ,0 0 0
I n c i r c u l a t i o n _________ ________ ' ................... 2 .5 0 3 .0 9 5 .0 0 0 2 .4 8 8 .5 3 7 .0 0 0 2 .4 7 2 .3 0 7 .0 0 0 2 . 4 6 6 .2 4 8 .0 0 0 2 .4 6 8 .3 8 8 .0 0 0 2 .4 5 4 .1 6 5 .0 0 0 2 .4 5 0 .7 2 9 .0 0 0 2 .4 6 6 .5 5 0 .0 0 0
F e d . li e s . N o t e s ( A g e n ts A c c o u n t s )—
R e c e iv e d f r o m t h e C o m p t r o l l e r ................... 4 .1 1 7 .6 0 0 .0 0 0 4 . 0 7 1 .7 4 0 .0 0 0 4 .0 5 6 .7 6 0 .0 0 0 4 . 0 1 3 .6 8 0 .0 0 0 4 .0 0 1 .5 2 0 .0 0 0 3 .9 8 5 .6 8 0 .0 0 0 3 .9 6 7 .0 8 0 .0 0 0 3 .9 4 8 .6 4 0 .0 0 0
8 8 3 ,2 5 3 ,0 0 0
9 4 0 ,2 4 7 ,0 0 0
8 2 4 ,2 8 5 ,0 0 0
9 1 0 .1 7 5 .0 0 0
8 5 8 ,0 0 1 .0 0 0
9 8 5 ,6 8 6 ,0 0 0
8 0 1 ,8 0 9 ,0 0 0
R e t u r n e d t o t h e C o m p t r o l l e r ........................ 1 .0 2 3 .6 2 9 .0 0 0
2 .0 6 4 .1 2 0 .0 0 0
3 0 5 ,4 1 4 ,0 0 0
A m o u n t c h a r g e a b l e t o a g e n t ........... ....... 3 ,0 9 3 ,9 7 1 ,0 0 0 3 ,0 8 6 ,0 5 4 ,0 0 0 3 ,1 1 6 .5 1 3 ,0 0 0 3 ,0 9 7 ,5 0 5 .0 0 0 3 ,1 1 8 ,2 0 7 ,0 0 0 3 .1 2 7 ,6 7 9 ,0 0 0 3 ,1 4 2 .7 9 5 .0 0 0 3 ,1 4 6 ,8 3 1 ,0 0 0
4 3 9 ,3 7 5 .0 0 0
4 3 7 .9 0 7 ,0 0 0
4 2 7 ,5 6 5 ,0 0 9
4 1 4 ,9 5 0 ,0 0 0
4 1 5 ,1 5 0 .0 0 0
4 1 9 ,0 7 0 ,0 0 0
4 3 5 ,8 2 0 ,0 0 0
4 1 5 ,9 1 5 ,0 0 0
In h a n d s o f a g e n t .................................................
1 ,7 5 8 ,7 0 6 ,0 0 0
2 3 8 ,4 1 0 ,0 0 0
I s s u e d t o F e d e r a l R e s e r v e b a n k s _____ 2 ,6 7 9 ,0 2 1 ,0 0 0 2 ,0 7 0 ,9 0 3 ,0 0 0 2 ,6 7 8 ,6 0 8 ,0 0 0 2 ,0 7 7 ,8 3 3 ,0 0 0 2 ,6 9 0 .7 0 2 .0 0 0 2 ,6 9 1 ,8 5 9 ,0 0 0 2 ,7 0 3 ,4 2 0 ,0 0 0 2 .7 3 0 ,9 1 6 ,0 0 0
H o w S ecu red —
2 1 0 .1 4 6 .0 0 0
2 3 2 .1 4 6 .0 0 0
2 2 9 .1 4 7 .0 0 0
2 2 5 .1 4 7 .0 0 0
2 4 0 .5 2 7 .0 0 0
B y g o ld c o in a n d c e r t i f i c a t e s .......................
2 2 5 .1 4 7 .0 0 0
2 2 5 .1 4 7 .0 0 0
2 4 1 .5 2 7 .0 0 0
B y la w fu l m o n e y .................................................
B y e li g ib l e p a p e r ........... .. ...................................
1 ,5 0 7 ,6 6 3 * 6 6 6 1 ,4 9 0 ,8 4 6 ,6 6 6 1 ,4 7 9 ,8 5 2 ,6 6 6 1 ,4 7 3 .3 3 9 ,6 6 0 1.4*G‘ 0",0 9 3 .6 6 6 1.450",b*9*0".666 1 ,4 7 5 ,7 2 4 ,6 6 6
7 9 ,4 5 7 ,0 0 0
8 3 ,7 5 8 ,0 0 0
7 8 ,7 1 8 ,0 0 0
8 7 ,4 3 8 ,0 0 0
8 0 ,1 4 2 ,0 0 0
G o l d r e d e m p t i o n f u n d ..................... ...............
8 3 , 3 7 9 ,0 0 0
8 4 .5 6 2 .0 0 0
7 7 ,1 9 3 ,0 0 0
8 5 1 .7 3 7 .0 0 0
8 5 2 .2 3 7 .0 0 0
8 7 1 .1 7 5 .0 0 0
9 0 8 .4 5 8 .0 0 0
9 3 2 .6 6 1 .0 0 0
W i t h F e d e r a l R e s e r v e H o a r d ........................
8 8 9 .4 5 7 .0 0 0
9 2 1 .4 5 7 .0 0 0
9 3 6 .4 7 2 .0 0 0
1 ,5 2 0 ,2 9 6 ,0 0 0
T o t a l ....................................................................... 2 ,3 7 9 ,0 2 1 ,0 0 0 2 ,6 7 0 .9 0 3 ,0 0 0 2 ,6 7 8 ,6 0 6 ,0 0 0 2 ,0 7 7 ,8 3 5 ,0 0 0 2 ,6 9 0 ,7 0 2 .0 0 0 2 .6 9 1 .8 5 9 ,0 0 0 2 ,7 0 3 ,4 2 0 .0 0 0 2 .7 3 0 ,9 1 6 ,0 0 0
1 ,5 2 0 ,2 9 6 ,0 0 0
A g e n t . 2 ,0 8 0 ,9 9 0 ,0 0 0 2 ,1 0 1 ,4 1 9 ,0 0 0 2 ,0 9 9 ,9 9 9 .0 0 0 2 , 0 2 2 ,0 0 6 ,0 0 0 2 ,0 3 7 .5 0 0 ,0 0 0 1 ,9 2 0 .0 5 1 ,0 0 0 1 .8 2 3 .4 8 5 .0 0 0 1 ,9 7 8 .0 8 4 .0 0 0
8 2 1 ,0 5 2 ,0 0 0
E lig ib le p a p e r d e l i v e r s ! t o F . R
W E E K L Y S T A T E M E N T O F R E S O U R C E S A N D L I A B I L I T I E S O F E A C H O F T H E 12 F E D E R A L R E S E R V E B A N K S A T C L O S E O F
$
3 , ’2 7 2 ,0
3 7 ,6 2 5 ,0
4 0 8 ,0
$
2 4 5 ,7 1 3 ,0
10G ,6 1 5 ,0
2 ,0 1 1 ,0
S
1 3 2 ,0
4 3 ,2 6 3 ,0
4 0 8 ,0
3
2 1 ,4 4 4 ,6
5 5 ,1 2 5 ,0
5 2 5 ,0
$
2 , 1 4 4 ,0
3 3 ,7 4 9 ,0
2 0 4 ,0
%
$
8 ,0 9 2 ,0 2 2 ,5 3 9 ,0
1 6 ,5 1 2 ,0 1 0 1 ,5 0 2 ,0
1 7 5 ,0
8 1 6 ,0
T o t a l g o l d h e ld b y b a n k s . .
G o l d w it h F e d . R e s e r v e A g c n »
G o l d r e d e m p t i o n f u n d ......................
4 1 ,3 0 5 ,0
5 6 ,6 8 1 ,0
9 ,4 5 9 ,0
3 5 4 ,3 3 9 ,0
2 6 9 ,7 8 3 ,0
2 5 ,0 0 0 ,0
4 3 ,8 0 3 ,0 7 7 ,0 9 4 ,0
6 1 ,5 3 3 ,0 1 3 0 ,7 8 1 ,0
2 5 ,0 2 1 ,0
7 2 7 ,0
3 6 ,0 9 7 ,0
4 3 ,3 2 7 ,0
8 ,4 4 0 ,0
T o t a l g o l d r e s e r v e s ........... ............
L e g a l t e n d e r n o t e s , s ilv e r , * 0 . . .
1 0 7 ,4 4 5 ,0
6 ,5 6 6 ,0
6 4 9 ,1 2 2 ,0 1 3 0 ,3 5 7 ,0 2 0 8 ,6 0 2 ,0 8 7 ,8 6 4 ,0
3 0 8 ,0
1 ,0 8 3 ,0 .
1 5 9 ,0
5 2 ,0 9 1 ,0
T o t a l r e s e r v e s ................................
1 1 4 ,0 1 1 ,0
B ills d is c o u n t e d : S e c u r e d b y G o v e r n m e n t w a r o b l i g a t i o n s . . . . 1 4 4 ,5 1 7 ,0
A ll o t h e r .................................... ..........
5 ,2 4 5 ,0
B ills b o u g h t In o p e n m a r k e t ____
9 ,8 1 6 ,0
5
6 5 0 .6 6 8 .0 0 0
4 7 ,9 8 4 ,0 0 0
5 5 4 .8 2 0 .0 0 0
B U S I N E S S M A R C H 14 1 9 1 6 D a l la s .
S an F ra n
T o ta l.
4 ,2 0 1 .6
1 6 ,1 0 9 ,0
2 3 3 ,0
S
8 ,2 7 6 ,0
1 7 ,0 3 3 ,0
2 3 3 ,0
%
1 1 5 ,0
2 6 ,2 0 2 ,0
2 9 1 ,0
%
6 ,0 4 7 ,0
1 1 ,6 8 7 ,0
2 0 4 ,0
S
1 0 ,7 7 4 ,C
3 5 ,6 5 6 ,0
3 2 1 ,0
2 4 ,7 7 9 ,0 1 2 4 ,8 5 7 ,0
3 9 ,8 4 6 ,0 2 9 0 ,8 7 8 ,0
5 ,5 7 0 ,0 2 5 ,3 1 7 ,0
2 0 .5 4 3 ,0
6 2 ,4 2 5 ,0
3 .9 4 0 ,0
2 5 ,5 4 2 ,0
5 3 ,1 9 2 ,0
5 ,9 3 7 ,0
2 6 ,6 0 8 ,0
4 5 ,3 5 9 ,0
6 ,2 0 5 ,0
1 7 ,9 3 8 ,0
1 8 ,4 0 6 ,0
2 ,6 0 6 ,0
4 6 ,7 5 1 ,0
8 3 9 ,6 5 6 ,0
9 2 ,3 9 0 ,0 1 ,1 7 0 ,6 0 1 ,0
1 1 9 ,2 7 7 ,0
1 ,0 5 5 ,0
7 0 ,1 9 5 ,0 4 4 7 ,0 5 2 ,0
8 8 3 ,0
1 ,2 1 4 ,0
8 6 ,9 0 8 ,0
2 ,3 1 0 ,0
8 4 ,6 7 1 ,0
1 1 2 ,0
7 8 ,1 7 2 ,0
2 3 2 ,0
3 8 .9 5 0 ,0 1 4 0 ,1 9 6 ,0 2 ,1 2 9 ,5 3 4 ,0
2 ,0 5 6 ,0
6 7 ,2 0 3 ,0
1 8 9 ,0
%
3 3 2 ,7 4 9 ,0
5 0 1 ,0 7 8 ,0
5 ,8 2 9 ,0
7 0 1 ,2 1 3 ,0 1 3 0 ,6 6 5 ,0 2 0 9 ,6 8 5 ,0
8 8 ,0 2 3 ,0
7 1 ,0 7 8 ,0 4 4 8 ,2 6 6 ,0
8 9 ,2 1 8 ,0
8 4 ,7 8 3 ,0
7 8 ,4 0 4 ,0
4 1 ,0 0 6 ,0 1 4 0 ,3 8 5 ,0 2 ,1 9 6 ,7 3 7 ,0
7 7 ,3 4 8 ,0
1 0 ,6 4 9 ,0
6 ,6 1 0 ,0
6 4 ,9 0 5 ,0 1 5 2 ,1 6 5 ,0
1 3 ,3 3 6 ,0
1 2 ,3 1 8 ,0
7 ,3 9 8 ,0 5 1 ,8 0 2 ,0
5 7 ,9 3 1 ,0
8 ,1 9 7 ,0
1 7 ,3 6 6 ,0
2 1 ,1 4 4 ,0
1 ,4 0 0 ,0
3 6 ,3 3 2 ,0
4 0 ,8 8 6 ,0
3 8 ,3 4 8 ,0
1 4 ,1 4 3 ,0
2 0 ,9 2 1 ,0
2 9 ,7 9 8 ,0
1 ,5 5 8 ,0
8 0 7 ,4 9 6 ,0 1 9 1 ,0 3 9 ,0 1 6 0 ,3 6 0 ,0
1 ,0 8 3 ,0
1 ,3 8 5 ,0
1 ,3 9 0 ,0
1 2 ,8 4 2 ,0
1 3 ,7 8 0 ,0
6 3 ,4 6 2 ,0
9 4 ,6 0 7 ,0
1 ,2 3 4 ,0
5 , 3 7 5 ,0
8 4 ,6 2 1 ,0 2 1 7 ,3 0 3 ,0
3 7 8 ,0
4 ,4 7 7 ,0
1 6 ,6 1 2 ,0
7 ,9 6 4 ,0
4 ,0
8 3 ,4 9 4 ,0
1 ,1 5 3 ,0
8 ,0 6 8 ,0
5 8 ,8 7 6 ,0
1 1 7 ,0
9 , 5 9 5 ,0
9 3 ,3 7 7 ,0
8 ,8 6 8 ,0
6 ,1 2 0 ,0
5 2 ,2 7 7 ,0 1 3 9 ,4 7 4 ,0 2 ,1 4 8 ,5 0 2 ,0
3 ,9 6 7 ,0
2 7 ,2 2 3 ,0
2 ,6 3 3 ,0
4 ,4 0 0 ,0
1 6 8 ,3 4 8 ,0
5 ,7 1 4 ,0
4 ,0
8 7 2 ,3 4 8 ,0 2 0 6 ,2 0 4 ,0 1 8 0 ,2 8 5 ,0 1 0 1 ,2 1 6 ,0
3 ,3 0 2 ,0
2 9 5 ,0
5 0 0 ,0
1 0 0 ,0
9 2 ,9 6 7 ,0 2 3 8 ,3 9 2 ,0
2 1 7 ,0
2 ,9 4 4 ,0
9 2 ,7 1 5 ,0
5 4 1 ,0
6 8 ,5 8 8 ,0 1 0 8 ,3 6 5 ,0
4 0 0 ,0
6 0 ,6 4 4 ,0 1 4 7 ,8 2 1 ,0 2 ,3 4 4 ,0 7 7 ,0
2 2 1 ,0
9 ,7 2 0 ,0
4 0 0 ,0
5 6 ,8 9 1 ,0
1 7 2 ,1 9 6 ,0
6 1 ,5 4 1 ,0
5 7 ,0 0 0 ,0
4 4 ,2 9 2 ,0
3 2 ,9 7 0 ,0
9 3 ,5 6 6 ,0
4 3 ,0 6 6 ,0
1 3 ,2 2 6 ,0
5 2 ,8 8 2 ,0
2 1 ,5 9 1 ,0
3 3 ,7 9 6 ,0
6 8 3 ,0 1 7 ,0
6 1 6 ,0
2 5 5 ,0
1 ,8 3 6 ,0
1 ,7 7 1 ,0
7 0 0 ,0
8 9 2 ,0
5 7 6 ,0
4 4 0 ,0
9 8 ,0
4 9 9 ,0
3 7 7 ,0
2 4 9 ,0
6 2 1 ,0
8 8 8 ,0
3 3 7 ,0
3 1 1 ,0
1 9 9 ,0
1 2 3 ,0
6 9 4 ,0
5 0 2 ,0
3 3 5 ,0
7 7 0 ,0
3 5 6 ,0
8 0 7 ,0
6 , 745 ,0
7 ,5 0 7 ,0
T o t a l e a r n in g a s s e t s ...................... 1 7 4 ,5 3 2 ,0
8 0 0 ,0
T o ta l
S i. L o u ts . M i n n e a p . K a n .C it y .
2 6 6 .8 2 4 .0 0 0
7 6 1 ,3 6 5 ,0 1 7 8 ,1 7 1 ,0 1 1 0 ,6 7 4 ,0
4 ,5 0 3 ,0
1 1 ,5 3 6 ,0
2 9 ,2 3 4 ,0
1 ,3 3 2 ,0 5 1 ,1 8 3 ,0
1 6 ,8 9 7 ,0
T o t a l b ills o n h a n d ........................ 1 5 9 ,5 7 8 ,0
U . 8 . G o v ’ t lo n g - t e r m s e c u r it ie s .
5 3 8 ,0
U . 8 . G o v ’ t s h o r t - t e r m s e c u r it ie s 1 4 ,4 1 6 ,0
A ll o t h e r e a r n in g a s s e t s ...................
U n c o l le c t e d I t e m s a n d o t h e r d e d u e t lo n s f r o m g r o s s d e p o s i t s . .
5%
R e d e m p tio n fu n d — F .
R.
b a n k n o t e s ........... ..............................
A ll o t h e r r e s o u r c e s ................................
A t la n t a
C h ic a g o .
B o s to n .
RESOURCES.
G o ld c o fn an d c e r t if ic a t e s .. . .
.
G o l d S e t t le m e n t F u n d . F . R . B ’ d
G o l d w it h fo r e ig n a g e n c i e s ------------
N e w Y o rk
P h lla .
C lev ela n d . R ich m 'n d .
T w o c ip h e r s ( 0 0 ) o m itted .
1 .4 0 6 .2 2 8 .0 0 0
7 2 ,3 2 4 ,0 1 ,7 0 2 ,3 5 1 ,0
1 8 4 ,0 1 2 ,0
1 9 ,4 4 8 ,0
2 6 2 ,1 3 9 ,0
4 7 ,7 0 2 ,0
r e s o u r c e s ................................ 3 4 7 ,1 0 5 ,0 1 ,7 5 2 ,6 6 6 ,0 4 0 0 ,5 0 2 ,0 4 4 8 ,0 8 6 ,0 2 3 4 ,4 2 3 ,0 1 9 7 ,8 5 8 ,0 7 8 4 ,6 7 7 ,0 2 2 6 ,1 8 8 ,0 1 6 6 ,9 1 9 ,0 2 4 1 ,2 4 7 ,0 1 2 4 ,5 6 7 ,0 3 2 3 ,5 6 5 ,0 5 ,2 4 7 ,8 0 3 ,0
C a p it a l p a id I n .......................................
S u r p l u s ........................ ..........................
G o v e r n m e n t d o p o s l t s ........................
D u e to m em b ers, reserve a cco u n t
D e f e r r e d a v a i la b i lit y I t e m s ...........
A ll o t h o r d e p o s i t s ................................
6 ,7 7 5 ,0
2 .9 9 6 ,0
1 8 ,2 1 7 ,0
9 4 ,1 8 0 ,0
4 6 ,6 0 8 ,0
6 1 6 ,0
T o t a l g r o s s d e p o s i t s ................ _ _ 1 5 9 ,6 2 7 ,0
F . R . n o t e s In a c t u a l c i r c u l a t i o n . 1 6 3 ,1 4 2 ,0
F . R . b a n k n o te s — n e t lia b ilit y .
1 2 .2 5 1 ,0
A ll o t h e r l i a b i l i t i e s ........... .................
2 ,3 1 4 .0
2 0 ,9 2 7 ,0
9 ,2 1 8 ,0
7 ,5 7 7 ,0
2 ,6 0 8 ,0
2 1 ,1 1 7 ,0
3 ,5 5 2 ,0
1 5 ,2 9 5 ,0
1 6 ,0 6 3 ,0 1 0 ,0 6 3 ,0
7 1 5 ,3 6 1 ,0 1 0 2 ,7 6 7 ,0 1 3 2 ,4 9 9 ,0
1 2 2 ,3 3 8 ,0 5 4 ,9 0 7 ,0 4 4 ,8 5 6 ,0
7 4 4 ,0
3 1 3 ,0
1 0 5 ,7 0 4 ,0
4 ,1 1 4 ,0
2 ,1 9 6 ,0
4 ,2 1 3 ,0
5 4 ,0 0 1 ,0
3 6 ,0 0 7 ,0
8 2 ,0
1 1 ,3 5 0 ,0
3 ,1 8 0 ,0
6 ,4 1 6 ,0
1 ,5 1 0 ,0
1 1 ,7 7 8 ,0 2 3 ,6 7 5 ,0
4 2 ,9 0 0 ,0 2 3 2 ,8 0 1 ,0
2 0 ,1 2 1 ,0 7 0 ,6 8 0 ,0
5 1 ,0
1 ,9 2 8 ,0
3 ,8 0 5 ,0
1 ,6 0 3 ,0
9 ,9 4 2 ,0
5 9 ,3 8 3 ,0
3 5 ,0 7 9 ,0
5 1 2 ,0
9 5 8 ,4 6 6 ,0 1 6 9 ,0 8 1 ,0 1 9 2 ,9 6 3 ,0 9 4 ,3 0 3 ,0 7 4 ,8 5 0 ,0 3 2 9 ,0 8 4 ,0 1 0 4 ,9 1 6 ,0
7 1 0 ,0 0 2 ,0 2 0 6 ,9 5 6 ,0 2 2 9 ,7 6 1 ,0 1 2 7 ,6 7 9 ,0 1 1 0 ,0 8 7 ,0 4 1 7 ,6 1 1 ,0 1 0 7 ,7 0 8 ,0
1 2 ,6 5 3 ,0
1 8 ,3 1 5 ,0
7 ,4 1 3 ,0
1 1 ,1 7 8 ,0
7 ,4 4 0 ,0
3 4 ,3 7 1 ,0
5 ,1 5 1 ,0
1 ,6 2 7 ,0
1 ,4 1 4 ,0
1 ,9 0 1 ,0
7 4 3 ,0
7 ,7 8 3 ,0
9 8 0 ,0
7 9 1 ,0
2 ,9 5 9 ,0
1 ,4 1 5 ,0
9 ,5 3 0 ,0
4 9 ,2 5 5 ,0
9 ,7 0 3 ,0
3 2 3 ,0
3 ,7 3 8 ,0
2 ,4 2 1 ,0
1 0 ,6 4 5 ,0
7 3 ,1 3 1 ,0
3 5 ,7 7 8 ,0
6 7 8 ,0
6 8 ,8 1 1 ,0 1 2 0 .2 3 2 ,0
8 7 ,9 7 2 ,0 1 0 0 ,8 5 6 ,0
5 ,1 8 3 ,0
1 2 ,7 8 7 ,0
5 7 9 ,0
1 ,2 1 3 ,0
3 ,1 9 8 ,0
1 ,1 8 4 ,0
9 ,0 2 3 ,0
3 9 ,4 6 3 ,0
1 3 ,8 4 6 ,0
6 2 ,0
8 1 ,5 6 2 ,0
4 ,7 2 1 ,0
4 9 ,4 6 6 ,0
2 ,4 4 8 ,0
1 5 0 ,7 8 3 ,0
1 2 ,7 3 9 ,0
7 9 ,2 9 8 ,0 1 ,6 7 5 ,0 4 5 ,0
5 0 9 ,1 1 2 ,0
1 9 ,1 8 9 ,0
1 1 7 ,5 2 2 ,0
6 ,5 0 9 ,0
6 2 ,3 9 4 ,0 1 1 7 ,7 3 5 ,0 2 ,4 5 2 ,4 6 2 ,0
5 0 ,5 5 1 ,0 1 9 0 ,7 7 0 .0 2 ,5 0 3 ,0 9 5 ,0
6 ,3 1 6 ,0
1 3 9 ,4 7 9 ,0
6 ,4 2 1 ,0
9 2 4 ,0
2 1 ,7 3 9 ,0
1 ,4 7 0 ,0
T o t a l l i a b i l i t i e s . ............................. 3 4 7 ,1 0 5 ,0 1 ,7 5 2 ,6 6 6 ,0 4 0 0 ,5 0 2 ,0 4 4 8 ,0 8 6 ,0 2 3 4 ,4 2 3 ,0 1 9 7 ,8 5 8 ,0 7 8 4 ,6 7 7 ,0 2 2 6 ,1 8 8 ,0 1 6 6 ,9 1 9 ,0 2 4 1 ,2 4 7 ,0 1 2 4 ,5 6 7 ,0 3 2 3 ,5 6 5 ,0 5 ,2 4 7 ,8 0 3 ,0
C o n t in g e n t l i a b ili t y a s e n d o r s e r
o n b ll\ s d is c o u n t e d w it h o r s o ld
t o o th e r F ed eral R e s e r v e b a n k s
1 3 ,7 4 4 ,0
—
1 5 ,0 0 0 ,0
—
—
2 0 ,0 0 0 ,0
2 2 ,1 3 0 ,0
:o .7 t
......................
................
................
S T A T E M E N T O F F E D E R A L R E S E R V E A G E N T S ’ A C C O U N T S A T C L O S E O F B U S IN E S S M A R C H
T w o c i p h e r t ( 0 0 ) o m itted
B o s to n .
N ew Y ork .
P h lla .
C lev ela n d . R ic h m o n d
A t la n t a .
C h ic a o o .
14 1 9 1 9
S t. L o u is . M i n n e a p . K a n .C it y .
D a lla s .
S an F ra n .
T o ta l.
F ed era l R e s e r v e n otes:
S
%
s
S
S
*
t
%
S
*
%
S
S
R e c e iv e d f r o m C o m p t r o l l e r . . . 2 6 9 ,0 4 0 ,0 1 ,3 8 0 ,4 8 0 ,0 3 4 1 ,4 2 0 ,0 3 3 4 ,0 6 0 ,0 2 1 2 ,5 2 0 ,0 2 0 4 ,9 6 0 ,0 5 6 3 ,5 6 0 ,0 1 7 1 ,8 0 0 ,0 1 2 4 ,8 8 0 ,0 1 5 9 ,7 0 0 ,0 1 0 1 ,9 6 0 ,0 2 5 3 ,2 2 0 ,0 4 .1 1 7 .6 0 0 .0
R e t u r n e d t o C o m p t r o l l e r . ........
7 7 ,7 3 2 ,0
4 5 6 ,9 2 9 ,0 9 7 ,4 5 9 ,0 5 7 ,2 9 6 ,0 5 2 ,4 4 0 ,0 3 6 ,2 3 8 ,0 8 4 ,5 4 7 ,0 4 1 ,5 8 1 ,0 2 4 ,6 8 2 ,0 3 7 ,9 6 4 ,0 2 6 ,3 5 5 ,0 3 0 ,4 0 6 ,0 1 .0 2 3 .6 2 9 .0
C h a r g e a b l e t o F . R . A g e n t . . 1 9 1 ,3 0 8 ,0
I n h a n d s o f F . R . A g e n t .............
2 3 ,3 6 0 ,0
I s s u e d t o F . I I . B a n k , less a m t
r e t u r n e d t o F . R A g e n t fo r
r e d e m p t i o n : ___________________ 1 6 7 .9 4 8 .0
C o l l a t ’ l s e c u r it y f o r o u t s t ’ g n o t e s :
G o ld c o in a n d c t f s . o n h a n d . . .
9 ,6 8 1 ,0
G o ld r e d e m p t i o n f u n d ................
G o ld S e t ’ m ’ t F u n d , F . R . B ’ d .
4 7 ,0 0 0 ,0
E li g ib l e p a p e r , r n ln ’ m r e y u lr e d 1 1 1 .2 6 7 .0
9 2 3 .5 5 1 .0 2 4 3 ,9 0 1 ,0 2 7 6 ,7 6 4 ,0 1 6 0 ,0 8 0 ,0 1 6 8 ,7 2 2 ,0 4 7 9 ,0 1 3 ,0 1 3 0 ,2 1 9 ,0 1 0 0 ,1 9 8 ,0 1 2 1 ,7 3 6 ,0
1 4 3 .6 0 0 .0 2 4 ,6 0 0 ,0 3 2 ,4 9 0 ,0 2 9 ,3 1 0 ,0 5 4 ,9 6 5 ,0 4 2 ,0 0 0 ,0
9 ,9 0 5 ,0
1 0 ,9 0 0 ,0 1 3 ,8 2 0 ,0
7 5 ,6 0 5 ,0 2 2 2 ,8 1 4 ,0 3 ,0 9 3 ,9 7 1 ,0
2 4 ,0 0 0 ,0
4 1 4 ,9 5 0 ,0
6 ,0 0 0 ,0
7 7 9 .9 5 1 .0 2 1 9 .3 6 1 .0 2 4 4 .2 7 4 .0 1 3 0 ,7 7 0 ,0 1 1 3 ,7 5 7 ,0 4 3 7 .0 1 3 .0 1 2 0 ,3 1 4 ,0
8 9 .2 9 8 .0 1 0 7 ,9 1 6 ,0
5 1 .6 0 5 .0 2 1 6 .8 1 4 .0 2 .6 7 9 .0 2 1 .0
1 8 8 .7 4 0 .0
2 3 .2 7 0 .0
1 1 ,0 4 3 ,0 1 3 .6 4 4 .0 1 2 .5 1 1 .0
7 0 ,0 0 0 ,0 4 7 .8 8 9 .0 9 5 ,0 0 0 ,0
5 1 0 .1 6 8 .0 1 5 7 .8 2 8 .0 1 1 3 .4 9 3 .0
1 3 .0 5 2 .0
1 ,6 4 0 ,0
3 8 .5 0 0 .0
3 6 .1 0 6 .0
2 ,9 9 9 ,0
4 2 .3 6 0 .0
6 2 .5 5 7 .0
2 4 0 .1 4 6 .0
1 2 .5 8 1 .0
7 8 ,7 1 8 ,0
2 .6 4 1 .0
12*.132”,6
8 5 1 .7 3 7 .0
3 . 1 8 4 .0 8 0 ,2 5 8 ,0
3 3 .1 9 9 .0 1 2 4 .4 2 4 .0 1 .5 0 8 .4 2 0 .0
1 ,3 2 7 ,0
4 2 ,0 0 0 ,0
8 7 ,4 4 3 ,0
2 .5 0 3 .0
5 .5 3 3 * 0
2 .0 7 3 .0
3 5 .2 7 0 .0 2 9 1 .3 4 5 .0
7 3 .9 1 1 .0 1 4 0 .1 3 5 .0
3 ,4 9 4 ,6
5 8 .9 3 1 .0
5 7 .8 8 9 .0
T o t a l ................................................. 1 0 7 ,9 4 8 ,0
A m o u n t o f e li g ib l e p a p o r d e l l v w e d t o F . R . A g e n t ........................ 1 5 9 .5 7 8 .0
F . R . n o t e s o u t s t a n d i n g ................... 1 0 7 .9 4 8 .0
F . R . n o t e s h e ld b y b a n k ................
4 ,8 0 6 ,0
7 7 9 ,9 5 1 ,0 2 1 9 ,3 6 1 ,0 2 4 4 ,2 7 4 ,0 1 3 0 ,7 7 0 ,0 1 1 3 ,7 5 7 ,0 4 3 7 ,0 1 3 ,0 1 2 0 ,3 1 4 ,0
8 9 ,2 9 8 ,0 1 0 7 ,9 1 6 ,0
5 1 ,6 0 5 ,0 2 1 6 ,8 1 4 ,0 2 ,6 7 9 ,0 2 1 ,0
8 0 7 .4 9 0 .0 1 6 0 .4 3 3 .0 1 6 5 .4 5 3 .0 8 9 ,4 9 1 ,0 7 8 ,8 5 2 ,0 2 1 7 ,3 0 3 ,0 7 0 .0 9 2 .0
7 7 9 .9 5 1 .0 2 1 9 .3 6 1 .0 2 4 4 .2 7 4 .0 1 3 0 ,7 7 0 ,0 1 1 3 ,7 5 7 ,0 4 3 7 ,0 1 3 ,0 , 1 2 0 ,3 1 4 ,0
6 9 ,9 4 9 ,0
1 2 ,4 0 5 ,0 1 4 ,5 1 3 ,0
1 9 ,4 0 2 ,0 1 2 .6 0 6 .0
3 ,6 7 0 ,0
3 ,0 9 1 ,0
5 8 .7 1 4 .0 9 3 ,3 7 7 ,0
8 9 .2 9 8 .0 1 0 7 ,9 1 6 ,0
1 ,3 2 6 ,0
7 ,0 6 0 ,0
5 2 .2 7 7 .0 1 2 7 .9 2 4 .0 2 .0 8 0 .9 9 0 .0
5 1 .6 0 5 .0 2 1 6 .8 1 4 .0 2 .6 7 9 .0 2 1 .0
1 7 5 ,9 2 6 ,0
1 ,0 5 4 ,0 2 6 ,0 4 4 ,0
F . R . n o t e s In a c t u a l c i r c u l a t i o n . 1 6 3 ,1 4 2 , 0 !
7 1 0 ,0 0 2 ,0 2 0 6 ,9 5 6 ,0 I2 2 9 ,7 6 1 ,0 1 2 7 ,6 7 9 ,0 1 1 0 ,0 8 7 ,0 4 1 7 ,6 1 1 ,0 1 0 7 ,7 0 8 ,0
8 7 ,9 7 2 ,0 1 0 0 ,8 5 6 ,0
5 0 ,5 5 1 ,0 1 9 0 ,7 7 0 ,0 2 .5 0 3 ,0 9 5 ,0
1144
THE CHRONICLE
(Saxjette.^
%wukextr
21 1919.
—The
“status quo” which had existed in the security markets for
a week or ten days came to an end as a result of yesterday’s
developments. These in the order of their importance as
seen in to-day’s market were the progress made at the
conference between representatives of the steel industry
and the Government Industrial Board in regard to steel
prices—abandonment of control by the British Govern
ment of the price of sterling exchange—and the announce
ment of a receiver for the New York Railways Company.
The immediate effect of these events has been a sub
stantial increase in the volume of business at the Stock Ex
change, an advance of over 4 points in U. S. Steel common
stock to the highest quotation of the year, a substantial
decline in the local traction securities and a drop of several
points in sterling exchange in this market.
Last Saturday’s Federal Reserve Bank statement showed
as usual further expansion of note circulation and rates
for call loans in this market have been higher than for some
time past. The latter, however, is in the main due to the
heavy income tax payments.
F o r e ig n E x c h a n g e . —A review of the exchange market
for the week will be found at the end of our article on The
Financial Situation.
W all Street, Friday N ight , M arch
The
M oney
M ark et a n d
F in a n c ia l
S itu a tio n .
T o - d a y ’s ( F r i d a y ’ s ) a c t u a l r a t e s f o r s t e r l i n g e x c h a n g e w e r e 4 6 5 @ 4 6 7 %
fo r s ix t y d a y s , 4 6 8 % @ 4 71 fo r c h e c k s a n d 4 6 9 % @ 4 7 2 fo r c a b le s .
C om
m e r c ia l o n b a n k s , s ig h t 4 6 9 @ 4 7 0 , s ix t y d a y s 4 6 5 @ 4 6 7 , n in e t y d a y s
4 6 4 % @ 4 6 5 % , a n d d o c u m e n t s f o r p a y m e n t ( s i x t y d a y s ) 4 6 5 % C"j 4 6 6 % .
C o t t o n fo r p a y m e n t 4 6 5 @ 4 6 7 a n d g r a in fo r p a y m e n t 4 6 5 © 4 6 7 .
T o - d a y ’s ( F r i d a y ’ s ) a c t u a l r a t e s f o r P a r i s b a n k e r s ’ f r a n c s w e r e 5 8 2 f o r
lo n g a n d 5 7 7 fo r s h o r t.
G erm a n y b a n k ers’ m ark s w ero n ot q u o te d .
A m
s t e r d a m b a n k e r s ’ g u ild e r s w o r e 3 9 1 5 -1 6 f o r lo n g a n d 4 0 % f o r s h o r t .
E x c h a n g e a t P a r is o n L o n d o n , 2 7 .0 5 f r a n c s ; w e e k ’s r a n g e , 2 7 .0 5 fr a n c s
h ig h a n d 2 7 .6 0 f r a n c s lo w .
T h e r a n g e fo r fo r e ig n e x c h a n g e fo r th e w e e k fo llo w s :
S te r lin g , A c t u a l—
S ix ty D a y s .
H ig h fo r th e w e e k .4 7 3 %
L o w fo r th e w e e k .4 6 5
P m is B a n kers F ra n cs—
H ig h fo r t h e w e e k
5 62
L o w fo r th e w e e k . . . 5 83
A m s te r d a m B a n k e r s ’ G u ild e r s —
H ig h fo r th e w e e k
40%
L o w fo r th e w e e k —
3 9 1 5 -1 6
C h equ es.
4 75%
4 68%
5 54
5 80
41
40%
C a b les.
4 7 6 7 -1 6
4 69%
5 53
577
,
41%
40%
Domestic Exchange.—
C h ic a g o , p a r .
S t. L o u is , 1 5 ® 2 5 c . p e r S I ,0 0 0
d is c o u n t .
B o sto n , p a r.
S a n F r a n c is c o , p a r .
M o n t r e a l, $ 2 0 .9 3 7 5 p e r
S I ,0 0 0 p r e m i u m .
C in c in n a t i, p a r .
S ta t e a n d R a ilr o a d B o n d s . —Sales of State bonds at the
Board include SI,000 New York 4 ^ s at 100^, S4,000 N. Y.
Canal 4J^s at 10734, 8122,000 Virginia 0s deferred trust
receipts at 69% to 70% and $2,000 New York 4s, 1962, at 96.
The market for railway and industrial bonds has been dull
and narrow. Only a few issues have been sufficiently active
to establish market quotations, and these were practically
all in the speculative group. The local traction issues led
in a downward movement, which included 13 of a list of 18
notably active bonds and 2 are unchanged. Inter.-Met.
4%s have dropped 4 points within the week, Interboro R. T.
5s and B. R. T. 7s 2% each and New York Ry. 5s 2%.
Third Ave. 5s are down a point and So. Pac. 4s fractionally
more. On the other hand, U. S. Steels and Am. Tel. & Tel.
5s have gained % a point.
U n it e d S t a t e s B o n d s . —Sales of Government bonds at
the Board include $1,000 4s, coup., at 105%; $3,000 2s,
coup., at 98; Liberty Loan 334s at 98.80 to 99.12; L. L.
1st 4s at 94.16 to 94.40, L. L. 2d 4s at 93.60 to 93.80, L. L.
1st 4%s at 94.20 to 94.58, L. L. 2d 4%s at 93.60 to 93.84,
L . L. 3d 4%sat95 to95.26and 4th4%s at93.66 to93.94.
R a ilr o a d a n d M is c e lla n e o u s S t o c k s . —On a steadily
diminishing volume of business the stock market has been
irregular and generally weak until to-day. From a total of
over 1,100,000 shares on Monday the number dwindled to
about 850,000 on Thursday and there was a similar decline
in prices. Of a list of 30 prominently activo issues all
except 4 declined.
For reasons noted above, however, the tone from the
opening to-day has been of exactly the opposite type. More
shares changed ownership than on any other day of the week
and in almost every case a substantial part of the earlier
decline has been recovered.
A tabulated statement of the week’s operations and results
makes, nevertheless, a ragged showing. Canadian Pacific
shows a loss of 3 points and Now Haven 2, while Ches. &
Ohio, Union Pac. and Northern Pac. are down fractionally
more than a point. On the other hand, Reading closes with
a net gain and all other losses in railway shares are repre
sented by minor fractions.
In the industrial group results differ widely. Texas
Company has recorded a net gain of 6 points, U. S. Steel 3%,
Baldwin Loco. 2%. Royal Dutch and Am. Smelt. & Ref.
2 points. At the same time Gen. Motors has lost 3%,
Kelly Springf. Tire 2%, U. S. Rubber nearly 2 and others
from 1 to 2 points.
For daily volume of business see page 1153.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
O u t s id e M a r k e t. —Speculation on the “curb” this week
continued to cover a wide range of issues and while the
general tone was irregular many of the leading issues show
substantial advances. Keystone Tire & Rubber com. con
tinues an active feature and after an early loss of over 3%
points to 79%, moved up to 85%, the close to-day being at
[Vol . 108
8 4 % . National Aniline & Chem. com. was prominent,
receding from 26 to 2 4 % in the early trading, then advancing
to 30 and reacting finally to 27. Famous Players-Lasky
Corp., a recent addition, was active and sold up from 53 to
58, with the final transaction at 57. General Asphalt com.
after yielding almost three points to 6 0 % , ran up to 6 8 % ,
the close to-day being at 6 7 % . Standard M otor Construc
tion improved over a point to 9 % and closed to-day at 9 % .
Swift International lost three points to 52, but a sharp ad
vance carried the price to 57, the close to-day being at 56.
Oil stocks sprang into prominence through the activity and
strength of Merritt Oil, which advanced almost six points
to 3 0 % - Sinclair Gulf was another strong feature, a gain
of over 8 % points to 4 0 % being recorded, with the close
to-day at 40. Commonwealth Petroleum advanced from
4 9 % to 5 1 % and ends the week at 50. Midwest Refining
rose from 153 to 158 and finished to-day at 157. Glenrock
Oil sold up from 3 % to 5, with the final figure to-day 4 % .
Louisiana Oil & Ref. lost 2 % points to 3 8 % and finished
to-day at 39. Omar Oil & Gas was heavily traded in up
from 50 cts. to 62 cts. arid at 60 cts. finally. A n unusually
large business was recorded in several of the mining issues.
Bonds less activo and generally steady. Interboro R . T . 7s
dropped from 9 0 % to 87.
STOCKS.
W e e k en d in g M a r c h
21.
S ales
fo r
W eek .
R ange fo r W eek .
L o w e s t.
H ig h e s t.
•
P a r . S hares S p e r s h a r e .
$ p e r sh a r e .
100 84
Mar 18 84
Mar 18
Acme Tea 1st pref__ 100
400 36
Mar 20 39%’ Mar 18
Adams Express--------100
5 185
Mar 18 185
Mar 18
Albany & Susq_____ 100
100 38% Mar 17 38% Mar 17
Am Bank Note______ 50
200 165
Mar 15 168
Mar 19
Am Brake S & K pref 100
Am Smelters Securities
100 93
Mar 19 93
Mar 19
pref series A ______ 100
300
Assets Realization— 10
1% Mar 17 1% Mar 15
Mar 15 25
Mar 20
Associated Dry Good3100 1,500 24
Mar 19
161 61
Mar 19 61
1st preferred_____ 100
100 63
Mar 19 63
Mar 19
2d preferred______ 100
300 74
Mar 18 74% Mar 19
Associated Oil........... 100
100 7% Mar 18 7% Mar IS
Atlanta Blr & A t l ...l 0 0
200 106
Mar 21 106% Mar 21
Baldwin Locom pref. 100
100 115% Mar 15 115% Mar 15
Barrett, preferred... 100
700
Batopilas Mining____20
1% Mar 18 1% Mar 15
20 100
Mar 21 100
Mar 21
Bklyn Edison I n c ... 100
Bklyn Rap Tr ctfs dep. 2,300 19% Mar 21 24% Mar 17
100 79% Mar 20 79% Mar 20
Bklyn Union G a s ...100
400 73 • Mar 18 74% Mar 18
Brown Shoe Inc____100
10 100
Mar 18 100
Mar 18
Preferred................100
300 8% Mar 17 8% Mar 15
Brunswick Tcrm’l___100
300 22% Mar 18 22% Mar 18
Butterlck.................... 100
100 109
Mar 20 109
Calif Packing pref. . . 100
Mar 20
700 56% Mar 15 58% Mar 17
Calumet & Arizona__ 10
500 93
Mar 21 93% Mar 20
Case (J 1) pref______ 100
200 30
Mar 20 33
Cent Foundry pref.. 100
Mar 17
20 112
Mar 21 112
Cent & So Am Teleg.100
Mar 21
Mar 17 34% Mar 21
Cert'n-Tced Prod.no p a r 1,400 32
11 68% Mar 17 68% Mar 17
Cleveland & Pitts____50
100 61% Mar 17 61% Mar 17
Cluett.Peabody&Co 100
500 43% Mar 15 46% Mar 21
Computlng-Tab-Rcc 100
500 6% Mar 18 7
Cons Interstate C a ll.. 10
Mar 17
100 69% Mar 15 69% Mar 15
Continental Insur------ 25
100 48
Mar 15 48
Crex Carpet................100
Mar 15
505 178% Mar 19 182
Cuban-Am Sugar__ 100
Mar 19
50 89% Mar 19 89% Mar 19
Detroit United_____ 100
200 z66
Elec Storage Battery 100
Mar 17 x06
Mar 17
300 10
Mar 18 11
Federal Mg & Smltg.100
Mar 15
300 37% Mar 17 38% Mar 15
Preferred . _____ 100
Mar 20 57% Mar 15
Fisher Body Corp . n o p a r 5,700 48
100 96% Mar 19 96% Mar 19
Preferred________ 100
100 173
Mar 21 173
General Chemical__ 100
Mar 21
Mar 20 54% Mar 19
General Cigar In c .. . 100 7,800 52
Mar 15 91
Gen Motors deb stk.100 32,775 87
Mar 15
400 60
Mar 15 61% Mar 21
Hartman Corpn------100
100 116% Mar 15 116% Mar 15
Int Harvester pref.. 100
Mar 19 48
Jewel Tea Inc______ 100 8,750 41
Mar 15
Mar 19 90% Mar 19
Preferred________ 100
200 90
450 zl06 Mar 20 109
Kayser (Julius) & Co 100
Mar 17
COO 39% Mar 18 40
Kelsey Wheel I n c ... 100
Mar 17
100 75
Mar 19 75
Laclede Gas________ 100
Mar 19
400 18
Mar 17 18
Lake E & West pref. 100
Mar 19
300 zllO Mar 17 111% Mar 19
Liggett Myers pref 100
100 100% Mar 15 100% Mar 15
Loose-Wiles 1st pref. 100
200 153
Mar 15 158
Lorlllard (P)........... .100
Mar 16
500 73% Mar 21 82
Manhat (Elev) guar. 100
Mar 20
100 71% Mar 17 71% Mar 17
Marltn-Rock v t c .n o p a r
Mar 17 31
Mathleson Alkali____50
200 30
Mar 21
Mar 20 74
May Dept Stores.-.1 0 0 3,100 70
Mar 21
300 108
Preferred ................100
Mar 17 108
Mar 18
900 31% Mar 17 32% Mar 21
National Acme______ 50
National Biscuit____100 8,200 115
Mar 15 126
Mar 20
Preferred......... .. 100
200 117% Mar 20 118
Mar 20
Natl Cloak & S u it.. . 100
200 74% Mar 19 75
Mar 15
Preferred________ 100
600 103% Mar 17 104
Mar 18
Nat Rys Mex 2d pref 100 6,000 10% Mar 21 12
Mar 17
N O Tex & Mex v t c. 100
200 30
Mar 21 30
Mar 21
N Y C h ic* St I,____100
300 26
Mar 20 27
Mar 17
2d pref.................... 100
100 45
Mar 15 45
Mar 15
New York Dock____100
900 20% Mar 18 21% Mar 15
Preferred................100
100 44% Mar 18 44% Mar 18
Norfolk Southern__ 100
300 16% Mar 18 17
Mar 18
Nova Scotia S & C . . 100
100 50
Mar 15 50
Mar 15
Ohio Cities Gas rights.. 10,015 3% Mar 15 4% Mar IS
Ohio Fuel Supply____25
700 45% Mar 15 47
Mar 17
Oklahoma P & It rlghts. 11,600 9-16 Mar 15 13-16 Mar 18
Owens BottIe-Maeh.-25
900 48% Mar 15 49
Mar 17
Pacific T e l* Tel____100
400 24% Mar 15 25% Mar 21
Penn-SeabSteclvtcnopar 1,400 83
Mar 18 37
Mar 19
Pitts Ft Wayne
C . 100
4 134% Mar 18 134% Mar 18
100 91% Mar 18 91% Mar 18
Pitts Steel pref......... 100
Royal Dutch (N Y sh) _ _ 84,100 88
Mar IS 05
Mar 21
Savage Arms C orp.. 100
100 62
Mar 19 62
Mar 19
Sears, Roebuck, pref 100
300 120
Mar 15 120
Mar 15
Mar 19
SIoss-SHefflcld pref.. 100
Mar 17 90
40 90
Standard Milling ...1 0 0
300 130
Mar 15 132% Mar 20
Texas Co subscription
receipts full paid.........
640 203% Mar 15 213% Mar 21
do
50% paid__
100 209
Mo,r 21 209
Mar 11
Third Avenue R y__ i00
230 14% Mar 20 16
Mar 17
Tidewater Oil______ 100
100 219 % Mar 19 219 % Mar 19
Tobacco Products rights 11,500 6% Mar 17 v
Mar i:.
Transue & W ’m s. n o p a r 3,600 38% Mar 17 40% Mar 21
Mar 20
Underwood________ 100
300 140
Mar 17 140
Mar 20
United Drug..............100
600 100)| Mar 15 110
100 54% Mar 21 51% Mar 21
1st preferred______ 50
Mar 15
Second preferred.. 100
Mar 15 98
300 98
Mar 21 24% Mar 15
U S Express________ 100
290 22
U S Realty * I m p t ._ 100 1,500 31
Mar 15 32
Mar 17
Vulcan Dettnnlng pf.100
200 04% Mar 19 65
Mar 18
Mar IS
Wells, Fargo Express 100
Mar 19 03
300 61
Mar 20 99
Wilson A Co pref____100
Mar 20
100 99
&
&
R ange s in ce J a n .
L o w e s t.
1.
H ig h e st.
84
36
185
33
ICO
S p er sh a re.
Mar 84
Mar
Mar 50
Jan
Mar; 185
Mar
Jan 38% Mar
Jan 108
Mar
92%
1
17%
61
58%
68
7%
102
110
1%
98
19%
79%
71
98
8%
16
109
50%
91%
30
107
32
68%
60%
37%
6%
58
48
150
80
55
9%
33
38%
91
163%
47
82%
54%
115
28
84
xl06
34
75
18
107
94%
153
78%
71%
25
60
104
29%
109
115%
70
103%
5%
29
26
42%
19%
44%
15
46
2%
43
9-16
46
22
30
165%
90%
86%
53%
120
85
124
Feb 94
Jan 3%
Jan 27
Mar 65
Feb 63
Jan 70%
Jan 8
Jan 100%
Fob 115%
Jan
1%
Mar 98
Mar 24%
Mar 82
Feb 74%
Feb 99%
Mar 10%
Jan 22%
Mar 109
Mar 01%
Jan 93%
Mar 34
Jan 117%
Mar 34%
Mar 68%
Feb 65
Jan 40%
Mar 8%
Jan 69%
Mar 48
Jan 182
Feb 89
Feb z66
Feb 11%
Jan 39%
Jan 63%
Feb 97%
Feb 173
Jan 55%
Feb 91
Jan 61%
Feb 118
Feb 48
Feb 91
Mar 111
Jan 41
Mar 83
Jan 20%
Jan 111%
Jan 100%
Mar 108%
Mar 88
Mar 79%
Mar 31
Jan 74
Jan 108
Jan 32%
Jan 126
Jan zl21
Jan 75
Feb 105
Feb 14
Mar 30%
Mar 30
Jan 45
Feb 26%
Mar 48
Mar 18%
Jan 55
Feb 4%
Jan 47
Feb 13-10
Mar 49%
Jan 29
Mar 37
Mar 105%
Jan 94
Mar 95
Jan 63
Mar 120
Mar 88
Jan 132%
Mar
Mar
Mar
Feb
Mar
Jan
Jan
Mar
Mar
Feb
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Feb
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Feb
Mar
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Feb
Mar
Mar 213%
200
190% Mar 209
13% Jan 16%
207
Jon 221
3% Feb 7
37% Jan 40%
115
Jan 140
90% Jan n o
50% Jan 54%
91
Jan 100
16% Feb 24%
17% Jan 35%
40
Jan 05
61
Mar 75
06% Feb 9 9
Mar
Mar
Feb
Fob
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
$ p e r s h a re .
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
For
record
o f s a le s d u r in g
O C C U P Y IN G T W O P A G E S
t h e w e e k o f s t o c k s u s u a lly I n a c tiv e ,
man and low sale prices--PERSHARE, NOTPERCENT.
Saturday Monday 1 Tuesday Wednesday Thursday Friday
March15 March17 | March 18 March19 | March20 March21
are S pershare
S pershare S vcr share I 8 pershare S persh
are S 92persh92%
92%
92%
*80
92% 92%' 92%
92*4
87%
80% so%; *80
____
90% 90%! *90%
48% 48%
48% 48%
48%
*55
50
55% 55%' *55
22Ti 23%
23% 24%' 23%
10312 16312 *102% 103% 103
58l.i 59
58% 58%
58%
*8
*8
3%
8%
25%
*2512 20% *25% 20
38
33%
38
391.1 38%
70%
70% 71%
71'4 72
*90
97
90% 90% *95%
*129 132
132% 132*4 *129
24% 24%
24%
24% 21%
70%
*77
78
77% 77%
05%
*6512 00%
05% 66
*32
37
*32
72
*05
*65
25% *2 4
25
% 24
*53
54% *53
% *54
48
48
*43
*43
no
109
172%
*173 180
175 175
__
*4
%
*4
5
7*8
8
8
75s
17% 17%
17
17% 17%
20%
*29
28%
28-% 29%
21
*20
*19
20
20%
93% 91
91
9334 94
42%
42% 43%
42*4 43%
____ ___
99
*97
99
5%
5*2
5%
512
5h
*19)8 20%
19%
20
20%
20
19%
19% 19%
53% 53% *52
*0212 55
55*4
%
55% 55'>s 55
*114%
% *10
* 10%
*10*4
6%
%
6%
OU
13
%
11%
*1011 n %
24%
‘24%
24>s 24%,
24
52
53
*52
52% 52
75%
75% 70
*7512 76%
29%
30-% 31%
31'4 31%
*19%
21
*19% 21
*20
105
101% 104% 105 105
93
93%
93
92% 93
44%
41% 45
44*8 45
14%
*13% 14%
*1312 15
*58
59
60
*53
*58
43
43
*40
37
36%
3612
*80% ____ *80%
81
81
83%
83% 841.1 83% 84%
*37
38
38
*3818 38%
38
38% 38% *38
38
12% 12% ____
* 1212 13
*18
20
20
*18
*18
*32
34
*321; 34
*30
____
7%
8%
*81.4
173.1 18
101% 102% 101%
*
28%
28*8 28%
2812 28^4
68
081-1 *07
•08%
*07
33%
32% 34%
32*8 33
*44
129
129 130
129-1.1 130
73U
73
73
73%
*73
n%
11*2
11 '4 11% *11
24%
24
24
24% 26
8%
8%
8
8%
•8U
33%
33*8 34
34l8 34'.i
23
*21
*20% 21% *20%
11%
11
____ ____ *11
*22
28
24% 24% *22
21
*19
20
♦19
19*2
%
*5012 59% *50%
8%
____ ____
878
*8Vi
% *19
*19
30
*34
*34
8*4
33
72
25
*43 51
*100
*100
*100
5
1913
55
121,4
01.4
12
0
12
>4
37
37
101 41021.4
2712
6418
74
3i2
*
31%
*88%
105%
103
74%
*80
471.4
102
90%
* 1131.4
45
*88
13
18
97
47%
03
69
40%
28%
05
27%
3
xC>
751.1 731.1
3% ■j‘ 2
2%
21.4 2% 34%
35
89%
90
108% 107
103
101%
74%
75
*80
95
40%
48%
102
102
90%
90%
115 *113i.i
45%
45%
*88
93
13
13%
18%
17*4
95%
98%
47-%
43
63
63
72%
69%
46%
40%
____
88%
00%
07% 07%
105 105 |*10l
1%
1%
*U-4
49*4 49-34! 49%
OOI 07 i 00
105% 105% 105%
80% 83 ! 80%
1181.4 113%' 118%
*115 117 ,*H 5
113%
113% 111
IOII 104*4 101%
*200 2 1 1% 20)%
*100% 102
101
60% 07% x53
*90
39%
*37% 33%
12
*11% 12%
*43
♦44
50
59%
59% 00%
113
115 118
*60
08
67
80% 88
86%
121*4 122% 121
*04% till
05%
05% 05%
05
104% 105
104%
20%
20
19%
143 143
142%
♦0%
6%
0%
18%
18% 18%
.4
.4
59
21
57
29%
64
74%
3*2
2%
35%
89%
103%
101*i
75's
95
27%
63* i
73
3*2
2
35*4
89*2
107
101
74*2
*90
47
102
90*2
91%
115
113*2
%
%
91
12%
13%
17%
181,3
94
97
49
%
6312 63*2
71%
69*2
40%
17%
88%
88%
08% z66*i
100 *103
13#
112
49
07-%
08%
105% 105
80%
82
118%
119
117 *115
115% 113%
105% 101%
209% 208%
101% 101
52%
55
§100
38%
13%
14
50
*44
01%
00%
116% 113%
67
*66
90%
87%
124% 124
05% *64*4
65
% 104%
21
%
143
142%
0%
0%
24
20
47*1
102
49
93
47
47
491,3
101
•10
66*2
101
21
92%
87
97%
49
50
24%
L03%
58%
9
20
39%
71%
97
135
25%
77%
00
___
24
51%
48
109
173
____
17%
29%
20
94%
43%
100
578
21
19%
51
55*4
115
12%
(>•’8
13%
25
52
76
31
20
105%
93%
443.1
14%
59
43
%
81
85%
38%
38*2
—
20
37
34
8
102%
29%
68%
34%
49
130%
73%
12
25
8%
34%
21%
11
28
19%
57%
S-*s
22
30
29%
64
73%
3*3
2%
36%
90
108%
101*1
75%
95
%
92%
*86
*90%
48%
*55
23*4
102
581.4
*8
*25%
37%
70%
95%
*130
24*4
*70*4
*00
*32
*05
25
*54
*43
*107
*105
4%
*7%
17
29
*19
93*4
42*4
93%
13
19*4
52%
55
*114%
*10%
0%
12
24%
52
75*-i
30
—
101%
92%
44%
14%
—
30*4
80
84
22
201.4
800
400
100
300
200
300
7,400
2,500
100
0,500
20,209
600
32,920
38,700
1,200
20)
6,075
______
______
2,000
2,300
15,300
1,009
2,700
20,200
300
1,900
0,000
27,458
1,000
200
91
100
51.4
55 55*8
12
6*2
11
21
24
1
100
93
12
93 101 101*1
441,8
37
6,100
1,090
37,000
500
500
400
371.4 371.1
*38
*12
*16
*30
8
*17*4
101*4
23%
68%
33%
*44
129%
*73
*111.4
24
8%
33*4
*20%
10%
19
56%
8%
*19
*33
27%
03
73%
3*2
178
35*4
90
106%
101%
74%
47
102
47%
102*8
91
90%
114% *113*2
49%
47%
91
*88
13%
13
17*i
17%
95%
93*4
48-% 47%
63*2
7158 69*4
49
48%
89
1
105
2
50*2 49*2
68
691
105
105*2
79*4
81
118*4 119
117 *115
113%
114
105% 104*8
208%
%
101
53
100
%
39%
12*2
13%
43*2
50
60%
01*8
118% 115
____
07
87%
89%
125% *122
*63
60
04%
05%
101% 104%
20%
21%
142%
143
0%
0%
22%
20%
*6214
1,500
40(1
62,900
12,100
1,00(1
51,200
z\) 2.314
68*4
*44 431.1
12,-100
300
000
1,000
1,900
4,800
11*4
33*4
21
10*4
20*4 27*4
27
28%
61*2 02%
61% 02*4
73
74
73% 73%
3*8
3-8
3%
3%
2
178
2%
2%
36*8
35% 36%
91% 91% *90%
100% 107
100 107%
101 101 *101
74*2 70%
75
701.4
*90
95
*90
95
48%
47*4 49
48% 49%
102*8 101 102 *101
102%
91
89% 90*4
90
92
115
114*8 114*8 111*4 114*1
%
47% 19*8 48% 49
*88
93
*88
89*i
12% 13%
13%
13
131.1
18
17*4 13
18
1,8
95%
93% 95
93% 94%
48
47
47
40% 47%
64
61% 02%
63
63%
69% 71%
71%
70*4 71%
49%
48
49
43*8 49%
89*2 *88
89%
88% 8S*i
60
07
O I 07%
*103 105 *102 105
2-%
173
2
2%
1*4
50
*49
50
49% 49%
07% 68%
08%
67% 09%
105% *105 100 *105 100
8H2
80'8 81*i
81% 82%
12310 121% 124% 122*4 120*8
117 *115 117 *115 118
11478 112 111
113 114%
105
104% 101% lOli.s 104*i
208*2 *200 205
201 209
% *100% 103
102 102
52
51% 52%
52% 53
*90% 99%
99% 99*8
38%
351 37*4
37
37*4
13
*12% 13%
13*8 13*i
45
42% 42% *42
41
61
00% 01*8
00% 02
117% 113% 110% 111 115%
____
00%
00
60
89%
87i.i 891.1 38-% 89%
124 Zl20 121*4 120% 122
05
*04
00
66^2 00%
07
65% 00%
% 09-%
105 105
105
101% 10
21
20% 21%
20% 21
142% *142 145 *142 143
0%
0%
6%
7
6*8
20%
20*s 20*i
20% 23%
28
63%
73%
3*2
2*8
36*a
91
108*j
101%
75%
35
49
93
202
101 101
51*4
99*4 99*4
37
1,300
100
600
900
800
921.4
101*1
88*1
071 66*2 00*1
*101 100
2*4
1
* Bid and asked p ric e s ; no sales on this day.
2,100
200
200
2,900
500
15,500
3,500
4,500
2,000
700
15,600
13,200
500
109
0,300
900
1,000
300
64
1
66*2
00
t Ex-rlghts,
10,100
0,800
2,800
3,900
6,000
29,700
1,700
23,700
700
21,000
43,900
1,150
8,400
400
49,000
100
10,900
0,200
18,900
7,800
3,200
150,700
18,300
900
15,700
100
17,620
1,400
26,70(1
009
4,900
34,300
16,100
0,600
1,525
2,400
14,200
211
8,300
2,000
1,000
38,000
08,700
300
147,500
5,000
400
81,200
1,500
10,200
700
1,500
19,500
p r e c e d in g
STOCKS
N EW YORK STOCK
EXCH ANG E
|
Railroads
Atch Topeka A Santa Fe_. 101)
Do
prel______ ________ 100
Atlantic Coast Lino R R -. 100
Baltimore & Ohio________ 100
Do
prof ------ ----------- 100
Brooklyn Rapid Transit.. 100
Canadian Pacific--------------- 100
Chesapeake A Ohio______ 100
Chicago Great W estern... 100
Do
prcf______________ 100
Chicago Mllw A St Paul.. 100
Do
prof.......................... 100
Chicago* Northwestern.. 100
Do
pref--------- ------------ 100
Chic Rock Isi * Pac temp ctfs
7% preferred temp ctfs. __
0% preferred temp ctfs
Clev Cin Chic A St Louis. 109
100
Colorado A Southern......... 100
Do
1st pref.................... 109
109
Delaware & Hudson--------- 109
Delaware Lack & Western. .50
Denver & Rio Grande------ 100
Do
pref______________ 10!)
Erie________ _____ _______
Do
1st pref......... ..........
Do
2d pref___________ 109
Great Northern pref______ 100
Iron Ore properties. ..Vo
Illinois Central___________ 100
Interboro Cons Corp.. .Vo it
Do
pref______________ 100
Kansas City Southern___ 100
Do
pref......... ................ 100
Lehigh V a lley........... ........
Louisville A Nashville____ 100
Mlnneap A St L
------ 100
Missouri Kansas A Texas loo
Do
pref.............. ....... 100
Missouri Pacific trust ctfs ion
Do pref trust ctfs____ 100
New York Central--------- 100
N Y N II A Hartford . . . 100
N Y Ontario A Western. 106
Norfolk A Western........... 100
Northern Pacific........... .. 100
Pennsylvania............ ........ .50
Pore Marquette v t. c____ 100
Do prior pref v t c . . . 100
10(1
Pittsburgh A West Va__ 100
Do
pref........................ 10-9
Reading......... .....................
Do
1st pref..................
Do
2d pref............. .... . .5
St I.ouis-San I-’ran tr ctfs. ion
St Louis Southwestern__ 100
100
Seaboard Air Line............. 100
10')
Southern Pacific Co......... 100
Southern Railway_______ 10(1
Do
pref_____________ 100
Texas A Pacific ________ 100
100
Union Pacific...................... 100
Do
pref_______ _____ 100United Railways Invest. . 100
Do
pref__________ _ 100
Wabash_________ ________ ion
Do
pref A......... .......... loo:
100
Western Maryland (new) loo'
Do
2d pref__________
Western Pacific__________ 100
Do
pref__ .
— . 100
Wheeling A Lake Erie Ry 100
ion
100
100
par
p
(new)
100
100
100
100
11
lad strial & Miscellaneous.
Advance Rumoly..............
Do
pref........................
A lax Rubber ine................ .50
Alaska Gold Mines______ .10
Alaska Juneau Gold Min'g.10
Allls-Chalmers M fg......... 100
Do
p r e f ..................... 100
Amor Agricultural Chum. 100
Do
pref........................ 100
American Beet. Sugar------ 100
100
100
American Can............. —
100
Do
pref......................
American Car A Foundry
Do
pref.................. - - 100
American Cotton Oil......... 10!)
____ 100
Do
pref_____
100
American Hide A Leather too
Do
p r e f............. ........ 1,90
American Tee........................ 100
Do
pref_____________ 100
Amor International Corp. 100
American Linseed_______ 100
Do
pref.____________ 100
American Locomotive__ 100
Do
pref______ _______ 100
American Malting. ___ 100
Do 1st pref certlfsof d ep..
Amor Smelting A Refining 100
Do
prof.__________ _
American Steel Foundries
American Sugar Refining. 100
Do
pref____ . ____ 100
Ainer Sumatra Tobacco__ 100
Amer Telephone A Teleg.. loo
American Tobacco_______ 100
Do pref (new)............... 100
Amer Woolen of Mass____ 100
Do
pref.......................... 100
Amer Writing Paper pref.. 100
Amer Zinc Lead A Sm elt.. .25
Do
pref.......................... *2.r»
Ancaonda Copper Mining. .50
Atl Gulf A W 1 SS Line . 100
Do
pref.......................... 1(H)
Baldwin Locomotive Wks. 100
Barrett Co (Th e).......... .. 100
Bethlehem Steel Corp___ 100
Do Class B common.. 100
Do cum conv 8% pref. .
Booth Fisheries.............
Burns Bros........... ................ 100
Butte Copper A Zinc v t . .5
Butte A Superior Mining .10
5 Less than loo shares.
101
No par
a Kx-dtv. m l rights.
90
80
95%
14
53
13*8
155*4
53*i
7'8
23%
31%
65*2
93%
131
22%
731
01%
32
661
19*4
43'4
91%
Feb 3
Jan21
89
99
Jan22
50%
Jan21
50%
Feb 10
20%
Jan'27
Jan21 165
Jan'21
00%
Jan21
9%
27
Jan21
41%
Feb 15
Jan 21
74%
Jan'21 98
MarlO 133
Jan21
26%
Jan'21 80%
Jan21
07
Feb 17
30%
70
Jan 15
Jan22
28%
54%
Jan 3
4
2
101
laniO
172% MarlS
3*4 Jan 8
Feb 3
15% Jan21
24*4 Jan2!
18
Jan21
90% Jan21
31*4 Jan 2
Jan21
96
4% Mar20
12(4 Mar20
10*i Jan *0
49% Jan21
Jan 2
54
113 Mar 8
9% Jan21
Feb 10
S% Jan 13
22*i Jan2l
401 Jan21
6914 Jan21
25*4 Feb 13
ISIo Jan21
103
88% Jan21
43% Mar20
12% Jan'21
Jan20
57
1
34
79
75
30%
37
10*4
17
1145
page.
PERSHARE
Ranye Since Jan. 1.
Onbasis of 100-share lots.
Highest.
Lowest.
Par S pershare $ pershare
Salesfor
the
Week
Shares
92%
*80
87
86% 80*4
90
90
*95
97%
48% 48*i
48% 48%
55% 55%
55
55
19%
%
21% 23*4
100% 161*4 158% 100
58% 58%
53% 58*4
8%
8
8%
8%
*25%
25
25'.i
37
38%
37% 38%
71
69
09% 70*95% 97
95>8 90
*131
135 *131
135
21% 21%
24
21%
70
70
73
70)8
00
00
65% 65%
31% 34*2
34
34
72
*65
*05
72
24
25
*24
25*2
54%
*51
51% 54^2
*13
48
*43
48
107 107 *103 103
*167 180 *168 180
*4
5%
4%
4%
*7%
8
7*4
7*4
10% 17
10 >8 17
28*4 28*4
28% 29
21
*19
*19
21
92*2 93%
93% 93%
43*4 z40% 41*2
40% 41 >8
99
*98
*97
99*4
4%
4%
5^8
5*2
4%
12*4 18%
19%
13% I
19*4 *19*2 20
*19% 20
52% *52
54
*53
51
%
55*2
55
55%
—
115*2 —
*114% 115
12
*n
*10% 11%
6
6*.i
61,8
0%
13
*11%
% 12
% 24
23% 24%
%
52
52%
52
51% 51%
75%
75
75*
75U 75%
29% 30%
30*4
29*i 30
—
20
20
19'2 19%
*101% 105%
%
% 92%
% 92% 92%
44*2
43%
43% 44
14% *13% 14%
131.1 13%
—
58
58
*58
59
43
43
37%
3fl-% 30%
30%
%
80% *80
81
81
81
85*4
83% 85
84
85%
37% 37%
37% 37%
38*2
37% 37*4 *3,8
38%
12^4 *121.i 12% *12% 12%
22*2 *16
19*2 *16
19%
34
*30
33
*30
34
8
8
*7*4
*7%
8
19
17*2 17*4 *17% 18%
102*4 101*8 102% 101% 102%
28%
281.1 28'%
67*4 08
07*4 68
35*4
33*2 35*4
33% 31%
48%
.
*45
48%
129% 128% 129% 128% 129%
73%
73*2 73*2 *73
73%
12
*10*2
1U2 11%
24
24
24*4
25
25
83$
8%
8%
*81,8
8%
33% 33*i
33*8 33%
% *20% 21% *20
21%.
n
10*4 10%
10*4
*20
28
28
*20‘ 28
18% 19
19
*18% 20
50% 57
58
56
56
8
8%
8%
8%
8%
221” *18% 21
*18% 20%
*32
36
36
*32
35
92*4
87
97*4
48%
50
24%
102%
58*4
9
20%
38%
71*4
95%
135
25
77%
00%
38
72
25
51%
■IS
109
180
4%
8
17%
29%
21
see
Jan21
Jan31
Jan21
Jan 9
Jan 2
Jan21
Jan28
Jan 3
Jan 4
Jan 6
Marl2
M arll
Jan S
Feb27
Marl2
Feb27
Feb27
Mar 12
Mar 12
Marl2
Janl7
Jan 3
Jan 3
Jan 3
Feh‘27
Jan10
MarlO
Mar21
109%
182*4
5%
8%
18
31
22
95%
44%
-I
7%
24
21*4
53%
57%
119
12*8
7
14%
27
54*i
77*8
34*8
Marl2
Jan 2
Janl 1
Feb 20
MarlO
Mar 3
Janl4
Jan 2
Marl2
Feb 4
Feb21
Fel>24
Fel>27
M arl7
Jan25
Janl3
Feb28
Feb27
Fe!>27
Jan 3
Jan 3
Mar 12
MarlO
Mar 3
108% Jan 2
94*8 Marl2
40
Jan 7
15% Mar 4
59 MarlO
994
211.1
7% Feb 13
40*8
83
86%
38%
38%
14%
19*s
3378
8%
Feb27
Feb27
Marl2
Feb 4
Mar 7
Jan 3
Mar 3
MarlO
Jan 3
Jan'21
Jan21
25
60*4 Jan21
27% Jan21
101
30%
70
36%
MarlO
Mar 3
Jan 2
Jan 3
PERSHARE
Rangefor Previous
Year 1918.
Lowest. Highest.
S per sh
are $ per share
81 Mar
99*4 Nov
SO
Jan
92% Nov
89% Apr 109 Nov
48% Dec
62 Nov
53
Apr
64% Nov
48% Jan
25*s Dec.
135 Mar 174% Oct
49*4 Jan
62% Nov
6
Apr
11 Nov
1S% Apr
32 Nov
37% Apr
54% Sept
60 U Apr
86*8 Nov
89% Mar 107 Nov
125 July 137
Jan
IS
Apr
32*2 Nov
5034 Jan
88 Nov
46
Jan
75 Nov
26
Feb
40 Nov
18
47
Apr
Apr
1001-2 Apr
100
Apr
2% Jan
Apr
14
Apr
23% Jan
1-8% Jan
80
92
4*4
17%
15%
45
Jan
53% Dec
110
7% Apr
0%
20
41
07%
27
18%
102 '
81%
43%
9% May
52% Apr
22*8
01
70%
35
35
9*8
19
7
SOU
20*8
57
14
27% Nov
55 Nov
119*4
1S5
7
13*8
23*8
30%
27%
100%
34%
105%
91.
47i.
24%
59%
05%
124*4
15%
Nov
Sept
Nov
Jan
Nov
Nov
Nov
Nov
Nov
Nov
Jan
Jan
Nov
Nov
Nov
Nov
Nov
Nov
13% Nov
31*8 Nov
62 Nov
84% Nov
45% May
24% Nov
112% Nov
105 Nov
50% Nov
18% Nov
64 Nov
6*4
40%
82
96%
39
40
17%
25
Nov
Nov
Oct
May
July
Dec
Nov
12 " Nov
110
34%
75%
291.
Nov
Nov
Nov
Dec
124% Jan21 132*4 Mar 3
72
74*4 Mar 5
13% Feb'21
7%
27% Feb'26
Jan 13
15
734 Jan20
9 Mar 3
301.
36% Mar 12
225s Mar 3
12*8 Jan 9
io** Feb 7
26 M a rll
24% Mar 15
17
22% Mar 4
Feb 3
611. Jan 9
52% Feb‘20
7*4 Mar 5
9*4 Feb27
21 Mar 3
17
36% Mar 7
30% Jan22
109*4
09
4*4
10%
7
30%
137'2 Oct
70*4 Nov
12 June
20 May
11*4 July
44% Jan
10
20
13
40
8
17% Feb
32 June
24% Nov
66 June
12*4 Nov
29% Dec
39*4 Oct
21
Jan21
56% Jan20
66
Jan 13
3*8 Feb 4
1*4 Jan 2
Jan21
30
81% Jan23
99% Jan29
Jan 9
98
Jan 3
62
SIT, Jan 13
42% Feb 11
98% Jan 6
841,8 Feb 10
113
JanlS
39% Jan 2
88
Jan 7
10*8
13% Jan 4
71% Jan 2
Jan21
38
51*4 Jan20
52*8 Feb 8
44% Mar 1
85 Mar 1
58
Jan21
100
Janl4
1
Janl7
43% Feb 19
62% Feb 6
Feb20
Feb 8
68
111% JanJl
113% Jan 0
90% Jan 13
98*4 Jan'29
101% Feb 4
Fet>24
100
45% Janl6
94% Feb 8
27% Jan 2
11
Jan3l
Jan'21
40
f»'»l2 Feb 6
92
Feb S
Jan29
04
% Jan 29
103
Jan 2
55% lsn'20
Jan21
101*8 J»il22
18% ' -in 14
138
Feb 6
51* Feb20
16% Feb 11
2634 Nov
Jan
11
62% Nov
25% Jan
72% Dec
49
Jan
5% Nov
1% Apr
1% Apr
31. June
17*4 Jan
37 May
86% May
72% Jan
78
108
Oct
89% Jan 101
Aug
48
84
Feb
782
50*4 May
34*8 Jan
89% Jan
99
Deo
93*4 Dec
08% Jan
100
Jan 115% Dec
25
Jan
44*4 Oct
78 May
88
Dec
01
1 Ex-dividend.
29*8 Mar 17
65 MarlS
81
Fet>27
4% Janl5
2% Marl 1
36*8 Mat-19
91% Mar20
lOS-% M arl7
108 MarlS
77
Jan 9
90
Feb26
50*8 Jan 9
103 MarlO
94*8 Fcl>28
116
Feb24
49% MarlO
91 MarlS
14% Mar 7
20% Feb28
101% Mar 5
49 Mar 17
64% Mar 7
72% MarlS
52-% Jan 9
92*4 Jan 7
68% MarlO
105 Mar 5
4*8 Jan 7
51 Mar 7
78*8 Jan 3
107
Jan 14
87*4 MarlO
126*8 Mar21
118
Feb 5
118 Marl 2
108*8 MarlO
215 Alar12
106
Jan 0
67% MarlS
102 Marl2
43 Mar 7
15
Feb'28
45 MarlO
63% MarlO
118% MarlS
07
Jan 2
91% Mar 12t
125% Mar 18
69*4 M arll!
71% M arll
107 MarlO!
22*4 Jan til
157
Jan 3|
7% Jan 0
25% Feb28
11% Jan
50
Jan
11%
38*4
51% Sent
69% Jan
53%
Jan
Z95
2*s Sept
41 Sept
73 May
103 Sept
Jan
58
98
Jan
108% Mar
60*4 Jan
90*8 Aug
140% Jan
92% Sept
44% Jan
92
Jan
20% Apr
11
Dec
38*4 Dec
Dee
59
97*4 Jan
Jan
58
50% Jan
85
Jan
00
Dec
59*4 Nov
90% Jan
21
Jan
Feb
108
5% Dec
16% Jan
22% Sept
94% Aug
49
Oct
61
Oct
60% Oct
47% Dec
92
Dec
71*4 May
102% Dec
13% Feb
48
Dec
94*4 Oct
110% Nov
95 Nov
116 May
114% Dec
145 May
109% Feb
19S*4 Dec
100% Dec
607s May
9634 Dec
39% AUg
21% July
53% July
r74% Oct
120% Feb
07*8 Nov
101*4 May
110
Dec
90 May
94 May
100% Apr
28% Sept
01% Oct
112% July
33% May
New York Stock Record—Concluded—Page 2
1146
For record of sates during the week of stocks usually Inactive, see second page preceding.
PERSHARE
Range Since Jan. 1.
niOH ANDLOWSALEPRICES—PERSHARE. NOTPERCENT. Salesfor N E W STOCKS
Onbasisof 100-sharelots.
YO R K STOCK
EXCH A N G E
Saturday Monday Tuesday Wednesday | Thursday Friday Week
Highest
Lowest
March15 March17 March18 March19 | March20 March21 Shares
Industrlal&M lsc.(Con.) P
ar $ per share $ per share
are S pershare S pershare S pershare 38,900 California
S per share S pershare S persh
o par 48U Jan 2 62 Marl8
Packing____ N
60%
59%
58
00% 61% 60% 62 59% 60*4 58 26
59% 61%
28% Feb21
20-is Jan 2
25-8
9,600 California Petroleum_____ 100
25*4
74% Mar 7
64% Jan 2
Do
pref_______________100
2,700
70
70
70%
74% M arl5
56>3 Feb 8
72%
71% 72% 66,800 Central Leather__________100
Do
pref_______________ 100 104i2 Jan 7 107% M arl8
____ *10778 ____
34%
Jan 3
31
Jan22
Cerro
de
Pasco
Cop___
327
500
32%
33%
*31*4
JanlS 128% Marl 2
Chandler Motor C a r ____100 103
126% 125 126
126%
19% Feb27
17ig Jan21
Chile Copper______ _______25
18% 18*4
18*8
18
35% MarlO
32 ig Feb 6
5
6,500 Chino Copper____________
33's 34%
34%
33*4
44% MarlS
34*4 Feb 10
Colorado Fuel A Iron____100
42
43%
43%
43
39U Feb 1 467S Mar 18
45
45*4
45% 14,100 Columbia Gas A Elec_____ 100
45%
98
Feb27
87%
Jan27
Consolidated
Gas
(N
Y)__100
3,000
91
93% 93%
*94
82% MarlO
6512 Feb 10
79
78
78% 16,400 Continental Can, Inc_____ 100
78%
55
Mar20
46
Jan21
Corn
Products
Refining..100
151,900
5434
53%
55
50%
Jan23 108 MarlO
Do
pref_______________ 100 102
900
106
108
*106
70% Marl4
52ig Feb 7
67
% 54,600 Crucible Steel of America. 100
67*4
95 M arll
91
Jan 2
Do
pref_______________
100
300
94
94
94
*92%
31% Jan 9
20% Jan27
Cuba Cane Sugar____
24%
23% 24%
23%
Jan 9
Do
prof______ ________ 100
69% Mar 1 80
74%
73% 74% 10,500
74
66% Marl4
z49
Jan
2
Distillers’
Securities
Corp.100
77,800
64*8 65%
64%
13% FeblS
10% Jan31
1,800 Dome Mines, Ltd________ 10
12-1,4
%
33% Mar 3
25% Jan21
32
31*4
29*4 30*4 17,000 Gaston W & W In c..N o
3,300 General Electric__________ 100 114% Feb 3 161 M arll
157% 156*4 157*4
155%
162% 160% 162% 69,900 General Motors Corp____100 118% Jan21 167 Mar 15
164*4
91% MarlS
82
Jan 6
Do
pref_______________ 100
3,800
90%
89*4 90
71% Feb27
56% JanlO
7,900 Goodrich Co (U 19...............100
%
67%
67%
65*4
Feb26
Jan 8 108
Do
pref_______________ 100 103
80
Jan 3
65 Mar21
100 Granby Cons M S A P____ 100
75
65
65
*60
72
46% Jan 9
41
Febl3
1,600 Greene Cananea Copper.. 100
42
42%
42% 43%
42%
42% 42%
6178 Jan 3
49% Feb 8
1,400 Gulf States Steel tr ctfs.-lOO
56
*54
57
57
57%
57
57%
4578 Jan 4
40
Feb 6
3,100 Haskel & Barker Car
42
41% 42%
42
42%
44% 44^8
48% MarlO
42% Feb 6
15,000 Inspiration Cons Copper.. 20
467* 43
46*4 46^2 47
45% 46
19 MarlO
10% Jan 2
5,800 Internat Agrlcul Corp____100
19
19
19
17% 18
16% 16%
69% Mar20
43
Jan
4
7,700
Do
pref.....................
100
69%
68
69
66%
68
631,i 63%
121% 125
123% 127% 26,800 Inter Haverster (new)____100 110% Jan21 1297g Marl7
125
12178 125
28% Marl9
21% Jan31
26% 28%
26% 27*4 92,300 Int Mercantile Marine___100
28Vi
25% 26%
92*4 FeblO 114% MarlO
Do
pref_______________ 100
114% 110% 114% 111 113 286,600
109*4 111*1
32% Jan 3
24% Fob 3
25% 25*4
25%
25% 25*4 14,200 International Nickel (The) 25
25% 25%
48% Feb27
30% Jan 3
46%
44*4 46%
451.1 46% 19,800 International P a p e r 100
45% 46
75% MarlO
62
Janl3
Do stamped pref_____ 100
500
72% 72%
73
72*4 72%
123% Mar 6
68
Jan21
Kelly-Sprlngfleld
Tire____25
47,300
111
114
114%
113%
113%
116% 118
33% Jun30
29%
Fob
13
Kennecott
Copper____
2978 31% 18,300
30
29% 30%
30% 30%
62% Jan21 x72% MarlO
72
10,500 Lackawanna Steel_________ 100
09
70
68% 69%
69%
69
27% Feb24
21
Jan22
Lee
Rubber
A
Tiro___
2,600
24%
24*4
25
25
25%
24*4 25%
49% Mar 7
40% Fob 17
3,700 Looso-WUes Biscuit tr ctfs. 100
*40
49
49
43% *41
46
46
94
Feb 5 105 M arl7
Do 2d pref.......... ........... 100
100
101% *103 105 *103 105
*101 105
73%
Feb 4
70
Jan22
Mackay
Companies----------100
*73
78
*73
78
78
*72
78
65
Jan 4
64
Jan15
Do pref________________100
64% *64
65
*63% 65
*64
64%
41 Marl4
26*4 Jan22
16,200 Maxwell Motor, Inc______ 100
38*4
34*t 37
40
35
39% 40%
697g
M
a rll
50%
Jan22
9,900
Do 1st pref___________ 100
01% 65%
67%
61% 04
67
68%
33% Mar 14
19% Jan 2
Do 2d pref___________ 100
321.1 27*4 31
27*4 29% 12,800
3078 31*4
197%
Jan
2
162%
Jan23
192,200
Mexican
petroleum...........
100
186%
186% 131% 185% 183*4
184 1867S
Fob 7 103 MarlO
Do pref________________100 105
24% Janll
21% Feb 7
4,100 Miami Copper....................... 5
22% 22%
22% 22*4
22% 23
% 22%
22% 22*i
22% 22%
48 MarlO
40% Feb 7
447g 45%
44% 45%
45% 4 53.1 45*2 47*8 45,900 Midvale Steel A Ordnanco. 50
44% 45%
46%
77 Mar 3
6978 Jan 13
%
1,500 Montana Power__________ 100
74% 74%
72
72
71
74% 74%
Jan22 106% Feb25
Do pref_______________ 100 105
*103%
*105%
♦105%
17% Mar 7
14
Feb
8
1,900
Nat
Conduit
A
Cable.No
15% 15%
15% 15*4
15% 16
15*4 16
15*4 15*4
*15% 16*4
52% Feb26
45% Feb 8
3,000 Nat Enam’g A Stamp'g___100
51
50% 507s
50% 51%
51%
51
51
50*4 51
99 MarlO
93
JanlS
Do pref____ __________ 100
*97 107
108
*98 108
*93 108
*97 107
68% Marl2
64
Janll
1,000 National Lead____________ 100
*06% 63
67
68
67
67
667S 67
66
66
6612 66%
Jan 3 110% Jan25
200
Do pref______ ________100 107
107 107 *10578 n o *1057g 111
107% 107% *107Vt 109 *107 109
17% Jan 3
15%
Marl8
5,800
Nevada
Consol
Copper___
*15%
16
15%
15%
15*4
15*4
15%
15*4
16
15%
15*4
16
91% Feb 3 *115 M arll
3,200 Now York Air Brake____ 100
111
107 110% 108% 109*4
no
112% 114
110% 113*4 110 111
Mar 4
47
Janll
200 North American Co______ 100
52
52
z5'2
52
52
*49% 52
52
*50
52
*50
*50
4178 Jan 3!
a35*4 Feb 14
41
40% 40% 88,000 Ohio Cities Gas (The)------ 25
397s 41%
40% 41%
40
38% 3878 38% 40%
10% JanlO
8
Fob 3
87g
9%
9%
z8%
8%
9%
9%
8*4 51,000 Oklahoma Prod A Refining 5
97g
8%
8*i
9
8
Feb 1
5% Mar 18
6%
6%
*6%
0% 19,100 Ontario Silver Mining------100
5%
8%
7%
6*8
7%
8%
5*4
7%
38% Jan 4
29% Fob 8
1,100 Pacific Mall S 3___________ 5
35
*33
35
*33
33
33%
33*4 34
33%
33
34*4 35
84% Mar 12
67
Jan21
81
82*8 47,500 Pan-Am Pet A Trans......... 50
81
82%
80% 31%
80% 81*4
30% 81
80*4 82%
Jau22 144% Marl2;
Do pref............................. 100 117
400
*139% 142
143 143 *110 144
142 142
52% MarlO
45% Jan22
4,360 People’s G L A C (Chic)..100
49% 50
49
50%
52
50%
50
51
50
50
53
*40
36% MarlSj
30
Jan 3
3578 36*4 14,000 Philadelphia Co (Pittsb). . 50
35% 36*j
35% 30%
35% 36
35% 36%
35
35*2
46%
Feb27,
38%
Jan22
Pierce-Arrow
M
Car___
20,300
447g
44%
44%
44%
44% 45*4
45
45
44% 44%' 44% 45*4
Do pref________________ 100 101% Jan 3 105% Mar 13
300
103 103 *102 103% 1
103 103
105 *10178 105
105 105 *101
19% Jan 61
16
Jan 2
18% 187g
18
18% 19%
18% 13% 52,300 Pierce Oil Corporation____25
18% 18*4
19%
18% 18%
50% Jan 9
45
Feb 3
9,000 Pittsburgh Coal of Pa — 100
49
*48
49
48% 49
43*1 49%
43
48
48% 49*4
48
87
Jan 9]
85% Marl7
Do pref________________100
300
86
*85% 36
85% 85% *85% 86
85% 85% *85
86
*85
72% M a r ll1
z59
Febl
l
Pressed
Steel
Car_________
100
7,900
72
71%
72
71%
72
72*i
71%
71%
72
71%
70%
71%
104
J
a n ll1
100
Mar
3
Do pref......... ............ — 100
*99% 103
*997s 103 *100 103 *100 103 *100 103
*997s 103
TAX
91% Jan 7:
82
Jan3l
100 Public Serv Corp of N J ..1 0 0
90
*85
85
85
*84
90
*85
90
90
*84
87% *84
122%
MarlO
111%
Feb
14
2,000
Pullman
Company________100
1197s
120
121
1207
8
12078
120 122*4
121%
120% 120% 120% 120%
83i,i Mar 14
6S% FeblO
8,700 Railway Steel Spring......... 100.
77% 79
77% 79
77% 78%
78i.t 78%
81*4 82% z73% 79%
Feb21
Feb 4 107
Do prof_______________ 100! 101
100
108% 100% *106 111) *106 n o
*105 110 *105 110 *105 110
21% Jan 3
19
Mar
4
Ray
Consolidated
Copper.
10
3,900
193g 197g
193s
19*8 1912
19U
19<2 19>2
19'.» 1912
19«4 10’ s
86 Marl'2
71% JanlS
82l.i S138 23,400 Republic Iron A Steel____100
81% 821.1
81
81%
8112 82l.i
81 >8 813t 803i 82
Jan13 105 MarlO,
Do prof_______________100 100
900
102
102
x l 02
101
105
10212 105
101
10112 102
*102% 105
99% Feb'20
70% Janll
66,900 Royal Dutch Co (Am shares)
927S 9412
961.1 947g 97
921 93l2 93
9212 941.1
92% 98
12
Fob'26
6% Mar21
8
9 >8
OI
9l2 1038
9% 103l
0l2
S's 15,600 Saxon Motor Car Corp— 100
9V« 10!i
9%
185%
Jan 3
168%
Feb
13
4,350
Sears,
Roebuck
A
Co------100
176
178
*175 180
179 181
177 178
17ti2 180
173’,! 171
13% JanlO
10
Feb19
1,700 Shattuck Arts Copper------10
101-t
10
10
U)i.i 10 %
10<4 *10
10
10
IOI 4,
10
10 '
45% MarlS
33% Jan 2
306,400
Sinclair
OH
A
Ref’g
.-.N
o
4434
44
42
42<2
4
4%
451.1
451.1
44-3s
431.1
4073
39%
37
59 Mar 12
46% FeblO
3,701) Sloss-Shcffteld Steel A Iron 100
52
52
51
54*4
52% 533t
53is 55*2
54% 55
55
5512
42
JanlS
36% JanlO
200 Stromberg-Carburetor.No
39
39
*37
♦37
10
391
33
*37
*38
37
39
*36
65% Mar 13
45% Jan22
6 6 ,2 0 0 Studebaker Corp (The) — 100
03<s
613g 64%
627g 633.i
63% 6134
61*4 63
6212 63*4 61
93%
FebJl
92
Jan22
Do pref________ _______100
97
*95
97
*95
97
97 ' *95
*95
97
*95
54 MarlO
42% Feb 14
4,900 Stutz Motor Carof Am
5234 52
53
52
5214 533i *51% 5112
54
52
53
37 MarlO
32
.Tan'll
1,103 Superior Steel Corp’n____100
36
36
36
36
36
36 >8
36%
3612 *38
36'2 3612 36
98 Mar 12
Do 1st p re f....................100! 98 Mar 12
*96
98
98
*93
*96 109
*96
97
*96 100
14% Ian 4
12% M arl7
123,1 13
5,300 Tenn Copp A C tr ctfs.No
12% 12*8
*i 13
12 % 1212
12% 13%
217%
MarlS
U
t
Jan
2
Texas
Company
(The).
—
100
58,500
212
215'2
213i2
216
2U7g 2173g 213% 217% 213 125%
203
210
92% Mar21
79.200 Tobacco Products Corp . lOOj 72% Ian29
873i 891.1 89i2 92'
37% 83%
86% 89
87
88
87%
8734
Jan 8
Do pref........................ .100: 99% Mar20 104
800
101
*98% 101
99>2 100 I 99l 100
*98U 1013 101
100 i 2 101
84 Mar 12
75
Jan 3
200 Union Bag A Paper Corp. 100,
*80
85 I 80
80
*81
85
*80
85
81
81
*81
85
44% Marl4
; 37% Janll
6 .S 00 Unite ! Alloy Steel____
42% 43%
427g 43>2
42% 427g 4212 4334 431 4312
43%
433t
1351.1 13314 135 100,200 United Cigar Stores......... 100 107% Jan 2 138% MarlS
13 3
13418 133% 13578 135*4 133% 131% 137% 132
Feb 5 111 Mar21
Do prof...... ..................... 100 106
200
111
111
lit
*107 112
110
110
*107 117 *107
FeblO 176 Marl4
4.700 United F ru it.........................100 157
170
1 7 5 3 1 175Y 1 171
173% 175% 173 174% tl70 170
171
21% MarlS
11
JanlS
U
S
Cast
t
Pipe
A
Fdy------100.
7,100
21%
19U
20
19
20% 20%
203g 2078 20
20
20%
56 MarlS
42%
JanlO
Do prof________________100;
2.700
5 17g 5 t7g *53
51% 5'>
51
51
*51*4 55
5334 5334
97% Jan22 116% Marl l
139 146% 111% 114*4 14012 11512 112 143i2 147,150 U S Industrial Alcohol------too
1 3 9 % 143*2 1381.1 142
108
Mar 14
96%
Jan
2
Do
pref......
......................100
2
0
0
,
*10612 109 *191 107% *105% 107 *103 107 *102 1 0 7
10 7
10 7
87 Marts
73
Janll
55,100 United States Rubber------ 100
83% 843.1 8212 84
8318 84
84% 80%
8438 86
853a 8 7
Jan2() 112% Martli
Do 1st preferred.............100 109
300
112
112
11178 11178
*110 112
*111
112
112
112
51% Mar 12
43% Jan'll
,300 U S Smelting Ref A M ------50
49% 49*4
48% 4S3l
49
4912 4912
49ig
49*8
49%
4 9 % 49<2
- „
50 Mar 2
JanlS
100
Do pref----------------------- 50j 45
49%1
*48% .50
*43-% 49%
48*2 48>2 * 15
*4812 49-%' *4312 59
997g Mar2l;
88%
FeblO
957g
997g
967,103
United
States
Steel
C
orp..
100,
96
]
96
9
4%
91%
91% 98
953.t 9 8 %
94*4 961s
115?
Jan 14
113%
FeblO
600
Do
pref.......................... 103
11
llt3 g 114*4 111% 111% 114% 1147s 115 115 ! 115 l it
115
74’s Jnn 2|
65% Feb 7
7134 71l2 73’ i 12,200 Utali Copper........................ 10
691 71*4
70% 71%
71
693.1
70% 71%
69
17%
Feb
41
13
Jan
2
3,200
Utah
Securities
v
t
c
...........
103
15
15
15
15
15% 15%
16
16
15>2 1512
15*8 15*8
FeblO
60's Mart7,
51
5878 16,800 Vlrglnla-Ciirollna Chem . . 100
58
59%
583.1
57% 59%
571 581
58
58
57
60's
MarlO
Jan 7 l i t
200
Do pref........................... 100; 110
*112
114
114 111 *112 114 , ■112 111
lit
*112 1 1 5 *112
59% Mar 12
JanlS
56
____j ______ Virginia Iron G A C ------ .100
89% Jan 13
*
3,800 Western Union Telegraph .1001 8 6 % Jan'll
89*1 8 9 %
88% 89% "88*4 8 9 " i87l* 8 8 | 8611
8 8 % 89
47% Mar12
Jan'll
40%
37,500
Westlnghouse
Elec
A
M
fg.
50|
46*4
47l«
46% 47*8
46
46%
46
4514 46lg 457» 461
63% Mar 4
Fcb27
61
62 1
100
Do 1st preferred...........50;
67 1 62
67
*60
67
*60
67
*60
*60
67
*60
57% Feb26
._
Jan 3
45
53 ! 4,700 White Motor........................ 50
53
53 >2 53
56
53% 54*4
53
53% 53%
*53
51
3078 Mar 18
23%
Jan‘
2
'2
2914
193,10!)
Willy*—
Overland
(T
h
e
)..
25
281-> 29%
29% 30'% 2S7g 29%
2812
2314 30%
27*4 28l.i
93% Marl7
87% Jan 7
903
Do pref (n e w )..____ .100
9214 93 |
*921*
92% 927g 927g 9312 93% 93% *93% 95
79% Mar21
Jan'20
65%
14,003,
Wilson
A
Co.
Inc.
v
t
c
767S
76>2
765S
77%
76Vi 7712
76% 777S 77
76*4 78
.
..
133%
Jan 9
120
Feb
7
500 Woolworth (F W ) ..............100
127 *122 127
12 Ut 1251g 120% 126*8 t‘?5 125 *122
Jan'22 117% Janl7
Do
pref,......................... 130 115
*116
113 *116 113 ♦116 118 *116 118 I _____ I
____1*116 118
Feb
13
637,8
Mar
6
50
9,500
Worthington
P
A
M
v
t
c
100
6178 65 I 62'2 65%
64
65%
67%' 667g 6811' 66% 67%
66
Jan 9
91% MarlS
88
800
Do
pref A ....................... 100
92 I
91 ! *87
93% 91% *90
91% 94%
94*4 94
91
*93
Jan 3
7278 MarlO
66
Do
nref B ...............
100
7U2
7U2 72 1 2,010
72
*70
72%
71*i 72
73 I 72
72
*71
26%
74%
72%
26% 27
26
70% 71%
70%
70% 72%
70%
107% 107% *107
32%
32% 32%
33%
126% 126 126% 125%
18
18%
18
18%
33*4 34
*33%
34%
42% 43*4
42%
44%
46%
45*4 46'% 45%
95
95% 95%
97l.i
78%
78%
77*4 79%
52%
52%
51% 52%
1077g *106 108
107%
%
65%
687g
94
94% *93
93%
23%
23%
23% 23%
73
74
73% 73%
65
63%
63% 05%
%
%
31% 32%
31%
32'%
157
157% *155 158
161% 164
161%
166
897g 90
90%
90
6034 67%
%
67%
*106
*105
72
72
42%
42% 43% *42
43
56% 50%
58
56*2 56%
42%
*42
43
43
44
46%
44*4 46*4 46% 46%
16% 16*4
16%
16*4 17
63*4
63*1 64%
63*4 04%
122 1297g 125 128% 123%
26*4
24% 27%
25
25*4
108% 110% 108% 112% 111%
25%
25% 25%
25
25*4
46% 47%
45%
48%
45
73
73
73
73*4 73*4
108%
116% 117% 111 115
29%
30
30*4 z 2978 30's
69%
68%
70
69
69
24% 25
25
24*4 25%
47%
46% 477g 47% 49
105 105 *102% 105 *102%
*73
*74
78
*73% 78
64% *64
*63% 64% *64
40
40%
38*4
391.1 40%
68%
68
05%
67
67*4
32% 32%
30% 32
31%
182%
185*2 189*2 185% 189
26*4
26*4
74*i z71
74%- 71%
*107%
*32
33
126
127
18
18
33%
337
4234
44%
46
45%
95%
96
77%
79
51%
50*4
109
107
67%
69%
93% *931,1
23%
23%
73%
74
% 63%
%
%
327g 32%
155*2 156
161
167
90%
91*4
67
8
66
12 12
27%
71%
73%
66 68
12 12
12
88*4 68
*68
*68
*68
112
26%
25*4
70
70%
73%' 70*4
109 *107%
32% *32%
124%
126
18%' 18%
33%
34
43%' 41%
46
44*.i
92%
95%
79*4 z 76*4
53*4
54
108 *106*4
67%
65
94
93%
23%
24%
73%
73%
651.1 03%
%
13
32
31
158% 157
163
156
90
90
65%
07%
68
112
*68 72
8
100
2,100
6,100
21,200
No par
100
66 68
No par
22,200
66
12 12*4
12*4
par
66
112
..No par
No par
No par
22
44
72
par
*93
No par
2
4
par
par
2
.Nopar
>2
par^
12
2
1
1
No par
1.1
14
1
2
1
1
8841
4711
1
7912
• m<i ,in-i asked prices; no sales on this day
I Loss than 100 shares
t Ex-rtghts
Nopar
<1 Ex-dlv
and rights
z Ex-dlvldend.
PERSHARE
Rangefor Previous
Year 1918.
Lowest Highest
S per share $ per share
36% Jan
12
Jan
36
Jan
54% Dec
101% Dec
29% Mar
68% Jan
14% Apr
31% Dec
34% Jan
28% Mar
82% July
65% Oct
297g Jan
z90% Jan
52
Jan
86
Jan
27% Apr
77% Dec
ar33
Jan
6 June
25% Oct
127% Jan
106*4 Jan
75% Oct
38
Jan
95% Dec
74
Jan
38% Jan
58% Dec
34
Jan
41% Dec
10
Jan
38
Jan
101
Oct
21
Jan
83% Jan
27
Jan
24% Jan
58
Jan
41
Apr
29 Mar
65% Dec
12
Apr
I7l2 Jan
53
Feb
70 Dec
57
Jan
23% Jan
50
Dec
19 May
79
Jan
87
Jan
22% Dec
41
Dec
04 June
95 Mar
13 Nov
37% Jan
88 Nov
43% Jan
99% Mar
16% Dec
98% Dec
37% Aug
35% Mar
50 Nov
247g Nov
70% Deo
73% Feb
108 Nov
39 Nov
10978 Deo
24
Oct
47% May
54% May
447g Dec
105% Nov
95
Feb
50% Nov
104
Deo
74% May
91% June
34 Nov
83
Feb
61*4 M a y
15 Nov
39
Feb
15312 Oct
164
Aug
88
Feb
597g Oct
104
Deo
86
Oct
58% Nov
111% Apr
49% July
58% Oct
19 June
65 June
121 Nov
33
Oct
125% Nov
35 Nov
45% May
65% Jun
72
Dec
41% Nov
9l5g May
24
Dec
% Deo
96
Geo
78% Feb
65 May
42% Nov
6978 Nov
32% Nov
194
Oct
107
Dec
33% Jan
01 May
81% Nov
106% Dec
45
21 % J u ly
54% May
99% Feb
69*4 Dec
105% May
2l7g May
139 May
57% Nov
48
Oct
13 Juno
4% Jan
40
Dee
23% Jan
72% Oct
63% Oct
86
Jan 124% Oct
61 Nov
39% Jan
Oct
21
Apr
Nov
34
Jan
Dec
89*i Jan 104
19% Oct
15 Sept
58*i Feb
42
Jan
857g Dec
79*i Jan
73 Aug
55% Nov
93
Apr 100 Aug
85
Oct 109% Mar
100% Jan 132% Nov
78% Dec
45% Jan
95
Jan 105% Dec
26% May
19% Dec
96 May
x72% Jan
92% Jan 102% Sept
Oct
z70
Deo 145
18 Nov
4% Aug
% Dec
133*4 Juno
1S% Feb
1 13
Dec
39
Feb
25% Apr
71% May
39
Jan
351.1
51*4
176
337g Apr
80% July
37
Oct
34% Mar
95
Feb
12*4 Dec
136% Jan
43% Mar
z87% Mar
65
Jan
3678 Oct
83*4 Mar
101% Jan
116% Jan
11'a Apr
41 Mar
z96
Dec
91
Oct
51
Jan
z95
Jan
32% Apr
42% Apr
86% Mar
108 Mar
71% Dec
l 1 8ept
33*» Jan
98
Jan
50
Jan
77% Aug
38% Jan
59
Jan
36*4 Jan
15% Jan
75
Jan
45% Jan
110 Mar
111
Oct
34
Jan
85% Fob
59
Jan
72
"
% Nov
100 Nov
55
Deo
45% May
100 Sept
21 July
203
Oct
82% DOC
1017S Deo
80 May
44% May
108*4 Dec
tio July
166% Dec
19 May
47*4
137 May
99 Mar
80% Dec
110
Deo
50*4 Oct
% Deo
116% Aug
113% Dec
93
Oct
Nov
60% Nov
113% Deo
73% July
95% Apr
% May
64% Feb
49 Nov
30 Nov
89% Nov
77% Deo
128% Oct
115
ept
69 Aug
91% Apr
70% July
47
16*4
47
8
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
W e e k 's
R ange or
L a st S ale
A sk L ow
B id
R ange
S in c e
J a n . 1.
N o . L ow
H ig h
U. S. G o v o rn m e n t.
98.80
9 9 .1 2
9 4 .1 6
9 4 .4 0
9 3 .6 0
9 3 .8 0
9 1 .2 0
9 4 .5 8
9 3 .0 0
9 3 .8 4
9 5 .4 2 M a r '19
9 5 .2 6
9 5 .0 0 S a le 9 5 .0 0
9 3 .9 1
9 3 .7 0 S a le 9 3 .0 6
9773 F e b T 9
97
98
98
105
lOOU 10434 F e b ’ 19
____- 1 0 5 '4
105
IO 514
9 8 % M a r ’ 19
*9 7
. . . .
J u l y ’ 18
*9 7
9 8 ' 1 99
87>2 F e b T 9
88
89
8 e p t ’ 18
83
89
100
F e b '1 5
*90
90
9 9 .0 0
9 4 .1 0
9 3 .0 6
9 4 .4 2
9 3 .6 0
j
4 s 1 s t L ib e r t y L o a n ........... 1 9 3 2 -4 7 j
4a 2 d L ib e r t y L o a n ........... 1 9 2 7 -4 2 M
J
M
< t'i(s 2 d L ib e r t y L o a n - . 1 9 3 2 - 4 7 J
M
A
Q
IJ
D
N
D
N
D
S
O
J
J
0
F
Q
F
da c o u p o n ______________________ 1 9 2 5 Q
F
P a n C a n a l 1 0 -3 0 -y r 2 s ........... *19315 Q
fl N
P a n a m a C a n a l 3 s g __________ 1061 Q M
Q M
F
Q
F o r e ig n G o v e r n m e n t.
A m e r F o r e ig n S e c u r 5 s ----------1 9 1 9 F
A n g l o - F r e n c h 5 - y r 5a E a t e r l o a n . A
61
B o r d e a u x ( C i t y o f ) 3 - y r ( 5 3 .-1 9 1 9 M
C h in e s e ( H u k u a n g I t y ) 5 s o f 1911 J
M
E x t e r d t 5s o f 1914 s e r A . . 1 9 4 9 F
E x t e r n a l lo a n 4 M s _________ 1 9 4 9 F
D o m in i o n o f C a n a d a g 5 s — 1921 A
do
do
___ 1 9 2 0 A
A
J a p a n e s o G o v t — £ lo a n 4 V ia . 192 5 F
S e c o n d s e r ie s 4 H a .................192 5 J
S a le
S a le
S a le
B ale
S a le
510 9
334
2509
005
108 5
13687
18315
3
___
1
—
_____
99%
138
S a le 99-58
9 7 -s 1 9 8 5
S a le 9 7 %
21
85
86
85
S a le 1 0 0
1 0 1 's 495
/2
/2
2
72
6
96*4
96*4
98
9214
5
9212 9 2 %
5
S a le 82*1|
84
19i
98*s
98>4 9 8 '8
16
S a le O7 I3
97%
9734
59
S a le 97-38
S a le 1 0 5 %
105T 301
9134
20
S a le 91 >8
9 2 's
43
S a le 91-34
2
80%
80%
77-38 M a r ’ 19 ___
t 70
80
100
101
350
LOO's 100
100
1 0 1 's 3 2 0
1 00'8 1 0 0
78%
78%
5
t 75
70
55
00
00
5
61
370
9 8 78 S a le 987s
100
81
35
81
S a le 8 1
9954 S a le
352
98->8
329
lOO-’ s
9 9 '2
100
9 3 '2
98*4
100R Jan T 9
100*8
S a le 1005a
S a le
H ig h
C h e s a p e a k e & O h io (C o n ) —
G e n e ra l g o ld 4 M s
_________ 1 992
9 9 .8 0
9 4 .5 0
2 0 -y e a r c o n v e r tib le 4 H 8 ..1 9 3 0
9 4 .1 0
3 0 - y e a r c o n v s e c u r e d 5 s . .1 9 1 0
9 0 .0 0
9 5 .3 2
9 5 .4 2
9 0 .5 0
9 5 .7 2
977g
98
101*4
C h i c & A l t o n U R r e f g 3 s ___ 1 9 4 9
105*2
R a ilw a y 1 s t lie n 3 M s ........... 195 0
98*4
D o n v e r D l v 4 s _____________ 1922
I lli n o is D l v 3 M 3 - - - .............. 194 9
I lli n o is D l v 4a
______ _____ 1 9 4 9
I o w a D l v s in k in g f u n d 5 s . 1 9 1 9
S in k in g f u n d 4 s
_________ 191 9
995s 9978
J o in t b o n d s .
See G r e a t N o r t h .
9 6 % 977S
N e b r a s k a E x t e n s io n 4 s ___ 1 927
85
93
100
10212
G e n e r a l 4 s ___________________ 1 9 5 3
70
7 2 's
C h i c & E 111 r e f & I m p 4 s g . , 1 9 5 5
9 2 l 2 90-3.1
90*2 93*2
1 s t o o ih o I c o l d 6 s ___________1934
82
8 II 4
G e n e r a l c o n s o l 1st 5 s ______ 1 9 3 7
9734 99
LT S M t g «fc T r C o c t f s o f d e p .
90*8 9 8
97U
98*8
103
10538
C h i c & I n d C R y 1 s t 5 s ___ 1 9 3 6
867g 9134
C h i c a g o G r e a t W e s t 1 s t 4 s . . 195 9
80
9 2 '2
C h i c I n d A L o u is v — R e f 6 s . 1947
84
89
75
77%
100
102%
100
102*2
C h i c I n d & S o u 5 0 - y r 4 s _____1 956
01
79*2
C h lo L S & E a s t 1 s t 4 * ^ 8
-1 9 6 9
50
61
C h i c a g o M il w a u k e e & S t P a u l—
98*8 10 0 U
G e n ’ l g o l d 4 s S e r ie s A _____e l9 8 9
81
83
P e r m a n e n t 4 s _______________ 1 9 2 5
99*2 100 K ,
G e n & r e f S e r A 4 M s _____a 2 0 1 4
977S 9 9
G e n r e f c o n v S e r B 5 s ___ a 2 0 1 4
too
1 0 l r>a
101-34
100
G e n e r a l 4 M s S e r ie s C _____e l9 S 9
2 5 - y e a r d e b e n t u r e 4 s ______ 193 4
C o n v e r t i b l e 4 M s __________ 193 2
87*2
9948
A
9 7 14
O
81
S
N 1001s
D t 7112
90-54
S
9112
A
82-’ 4
A
9818
55
97>4
O
975s
O
105%
A t 9154
J t 92
J
J
M N
M a r s o tlle a ( C i t y o f ) 3 - y r 0 a . 191 9 M N
J
Q
D
G o l d d e b t la o f 1 9 0 1 ______ 1951 J
P a r is ( C i t y o f ) 5 - y o a r (5a------- 1921 A O
M S
U K o f O t B r it & I r e la n d —
3 - y e a r 5 5$ % n o t e s ................ 191 9 M N
5 - y e a r 5 M % n o t e s ................ 192 1 M N
f
A
A
2 0 - y e a r g o l d b o n d 5 M s . - 1937 F
T h e s e a r e p r ic e s o n th e b a s is o f S 5 fo £
9 8 .2 0
9 2 .5 0
9 2 .1 0
9 1 .2 0
9 3 .6 0
9 5 .4 2
9 1 .9 0
9 3 .6 0
97?8
98
104%
104*4
93*4
138
BONDS
N. Y. STOCK EXCH AN G E
W e e k E n d in g M a r c b 21
8 7 '2
S ta te a n d C ity S e c u r it ie s .
C o rp o ra to s to c k —
C orp ora te stock —
1957
1954
H ig h w a y T m p r o v ’ t 4 5 4 8 . - 1 9 6 5
D
J
61 8
61 N
M N
61 N
M N
M N
61 N
61 N
r.i 8
J
.1
J
J
J
J
i
J
.J
J
M
S
61 s
J
J
R a ilr o a d .
A n n A r b o r 1st g 4 s . . ..............* 1 9 9 5 Q
J
0
A
A
0
N ov
N ov
\1 N
D
C o n v g o l d 4 s ........ ................. 1 9 5 5 J
1)
C o n v Is Issu e o f 1 9 1 0 --------- 1 9 6 0 J
S
E a s t O k l a D lv 1st g 4 s . . 1 9 2 8 M
|
J
J
J
C a l- A r U 1st h ret 4 4 s , , A , , l9 6 2 61 8
M
S
A t l C o n s t L 1st g o l d 4 s _____A 1952 M 8
D
G e n u n if ie d 4 5 4 s . . ----------- 1 9 0 1 J
A la M id 1st g u g o ld 5 s — 1 9 2 8 M N
J
B r u n s A W 1st gu g o l d l s . 1 9 5 5 J
J
C h a r le s A S a v l i t g o l d 7 s . 1936 i
I. A N c o l l g o l d I s _______ o l 9 5 2 M N
S a v F A W 1st g o l d 5 s _____F i l l A fl
1st g o l d 5 s . .................. ............ 1931 A O
J
J
J
R e g i s t e r e d ______________ * 1 9 2 5 Q
A c
J
R e g i s t e r e d -----------------------* 1 9 IS 51
- -10 y r c o n v 1 5 4 s.............. - 1933
D
R e f u n d A g e n 5 s S e r ie s A . 1 9 9 5 J
J
P it t s lu n o 1st g o ld 6 s . . . .1 9 2 1 J
P J u n e A M D lv 1st g 3 54s 1925 iVl 'i
P L E A W Y u 3 y s r e f 4 s . . 1 9 11 M N
J
S o ilt h w D lv 1 st g o l d 3 5 4 3 .1 9 2 5 J
0
C e n t O h io It l a t e g 414s . . 1 9 3 0 M
C l L o r A W c o n 1st g 6 3 .-1 9 3 3 A O
A
M o n o n l l l v e r 1st g u g 5 s . - 1 9 1 9 l
I)
O h i o R iv e r R R 1s t g 5 s . . . l 9 3 f l J
G e n e r a l g o l d 5 s ...........- - - 1 9 3 7 A 0
O
P it t s C l e v A T o l 1st g O s . - 1 9 2 2 A
J
T o l A C l n ll v 1st r e f Is A . 1 9 6 9 I
s
B u f f a lo It A P g e n g 5 s ______1937 M
61 N
0
A
A ll A W e s t 1st g 4s g u ____ 1 9 9 8
J
C le a r A M a li 1st g u g 5 s . . 19 43 1
r
A
D
C o n s o l 1st g (Is. . . . . . 1922 f
C a n a d a S o u c o n s gu V 5s ..1 9 0 2 A 0
1:
!
A
F
M H
1
D
J
J
J
M id G n A Vtl D lv 5 s
1947 J
M o b i l e D lv 1st g 5 s ............ 1 9 40 J
J
C o n t R l t A B o f ( la c o l l g 5 s . 1937 61 N
J
J
R e g i s t e r e d .......................... A 1987 51
J
V j A m D o c k A I m p g u 5 s . . . 1921 J
J
1
J
N Y A L o n g B r g e n g Is .1 9 1 1 M S
C e n t V e r m o n t 1st g n g I s . . * 1 9 2 0 51 F
J
J
1st c o n s o l g o l d 5 s ................ 1939 M \T
R e g i s t e r e d _____________ . 1 9 3 9 61 N
A d ju s t m e n t g o l d I s --------- 5 1 9 9 5
90
9 0 i2
96>2
96>2
1 0 0 l2
10012 10()78
100-8 1 0 0 's
9114 S a le
91
915S
91
90
90
961-4
101
1 0 0 i2
10012
91
91
9 0 '2
91
IOOI3
10012
81%
99
77
90
1 90
4
9 0 '4
M a r '1 9 _____ 1005s
1 100*2
1 0 0 '2
2 100
100>2
30
91U
90-14
M a r '1 9 —
9 0 '2
M a r '1 9
90*2
M a r '1 9
91
3 1 0 0 '2
1 0 0 '2
M a r ’ 19 _____ 10038
4
82
8 U2
J u l y '1 8
J a u T 9 ___ _
97*2
D eo T 8
O c t '1 8
■1 100-3.1
IO 714
D e c '1 8
9012
90
9514
9014 91
10()l2 10078
10012 1007S
815l
98
90
9712
101
90
97*4
90
9 0 '2 9 7 '8
107U
107U
102%
1
107
100*8
100*8
_____
1 0 0 ‘s J u u e IS —
787s D e c ’ 18
70
701 2 122
S a lo 0 9 78
03
555s
8212
7473
74*8
74
9 178
8 9%
74
7 0 's
85
93
8212
83
9 0 3s
81U
58
S a lo
89
79
80
S a le
7 0 's
00' 4
9 2 i8
76
79
S a le
1 0 0 's
8 3 '2
83
. . . .
89
111>2
7 5 ls S a lo
108%
9 5 78
885g 881 2
87
7012 S a lt
—
77
75-Ti a a lA
8 0 '2 Hale
9 8 's - - - 8711
72 U S -ile
83<s S a lo
895s _____
D a's 97
—
.. ..
9 1*8
91
_____
99^2 . . . .
0i<3 0 5
99
107
8 8 I2
71-54 9 0 '2
88
100-3 102
101 >2 103
9 2 's
75%
99 %
89*4
74
82*2
9 0 's
9178
82U
lO J 's
101
93
8 2 '2
80
91
8 7 '2
S a le
102
9S78 IOOI4
88 '8
00
90
97
68
9812
too
55
M a r ’ 19
82 U
82
74%
7 .4*2
74*8
74
91%
9 2 's
90
83
M a r '1 9
74 %
2
J u n e '1 8
70
0
F e b T 9 _____
M a r ’ 19
F o b T 9 _____
7712 M a r '1 9
85
85
9 9 >4 J u ly 17
8212
8 3 '2
83
83
9 0 '2 F o b T 9
78
O c t '1 8
1 2 9 % A u g '1 5
75>8
7 5 's
108
D oc T 8
105
July* 15
SSI*
8 8 ig
87
F o b '1 9
70
70*s
92 <4 V la r T 7
75
77*4
8U
8 1 'i
U2
J a n '1 2
8 6 *i
86»4
72' i
7214
83%
83%
8 9 >4 M a r ’ 19
9 3 % A u g 18
101 '4 V o v T O
90
J a n ’ 111
90
Jau T 9
1)9% M ir '1 8
0 0 's M a r '1 9
99
99
9912 O o i
17
97
N n v 'lO
I0 3 is F e b T O
101
N ovTS
10112 M a r '1 9
92
92
80
M tr ' ID
100
M a r '1 9
8 '.)' 1
90
72*4 N u v '1 8
90
M a y '1 8
97*a l u c e 17
91% Jan T 9
80
85
10218
102-34
1 0 1 '4 F e b T 9
99
Feb T 9
100
Mir 1>
1001* J in '13
05
Jan T 9
S'.)
M -ir '1 9
98
M a r ’ 19
101*2 J a n '1 7
55
9714
98
99i.i
101*4
101%
103
9 2 'f
9 2 14
0 0 '2
91
102
1 0 1 '2
82
_____
l
_____
C l i l c <fe N o r W e s t E x 4 s 1 8 8 6 -1 9 2 6
I t o g ls t e r e d
1 8 8 6 -1 9 2 6
G e n e r a l g o l d 3 M s __________ 193 7
R e g i s t e r e d ______________ p l 9 3 7
1071.1
_____
5 7 '2
_____
100
7 3 % 74
83% 84
99%
99% . . . .
M
.VI
M
J
N
N
S
J
A
M
o
N
F
J
M
J
J
J
J
J
J
A
j
s
J
J
J
.1
J
I)
92% 92% 92%
92%
1 9 2 % 93 %
90
91
M a r ’ 18
8 0 % S a le 8 0 %
23
81
83%
80
27
31
28
M a r '1 9 _____
29
25
25% 28% 22
Jan T 9
22
22
_____ 1 0 5
104
F eb T 9
1031s 1 0 4
75 % 8 4 % 7 5
F e b T 8 _____
75
75
75 % _____
7 5 % M a r '1 9 ___ _
75 % 7 6 %
75% 78
75
N ovT S
56
97% F eb T 3
25
32
M a r '1 7
6 0 % S a le 6 0 %
26
61
62%
00
_____ 1 0 3
100
J a n ' 19 ___ 103
103
82%
10012 A p r *17
68%
84% A p r T 7
60%
70
N o v '1 6
77% 84
78% F eb T 9
78%
78%
82
9 7 % D e c ' 16
J
o
J
A
F
J
J
D
O
A
J
J
J
J
J
J
J
J
J
J
J
J
J
J
F
F
M
Q
M
M
M
J
J
D
J
J
J
J
J
J
J
J
J
D
A
5 s _______________ 1921 A
97
82
80*4
71*8
74
9 3 >s
92 lg
7 9 t2
77
95T
92 %
7 7 lo
85
81
85
R e f u n d in g g o l d
82*2
83
901 2
8 5 '2
38
9 0 i2
R 1 A r k A L o u is 1st 4 W s . . 193 4 M
B u r l C R A N 1st g 5 s ____ 193 4 A
O R l F A N W 1st g u 5 s . .1 9 2 1 A
7 5 's
78*2
87
75*4
A
A
N
F
N
N
o
o
o
o
r.1 N
51 s
0
F re in E lk A M o V 1st 0 s . . 193 3 A
J
M :in O B A N W 1st 3 ^ 3 .1 9 4 1 J
J
M
s
F
A
r*1 s
J
J
M il S p a r A N W 1st g u 4 8 .1 9 4 7 IYI S
J
S t L P e i A N W 1st gu 5s 194 8 J
C h i c a g o R o c k (s i A P a c —
I s _________ 1 9 3 4 A
A
87 4
J
o
22
_____
2
2
3
—
—
....
75*4
SO
30
S2 *2
8312
7214
83
89*4
83*4
78
S rt'i
803.4
O
a
D
Q M
J
J
J
J
M N
J
.1
J
D
J
J
J D
J
j
j
J
M N
M S
90
90
____
6 4 '2
5 90
_____
.....
90
90
g o l d 4 M s _____1937
W 1st g u 4s g 1923
1st c o n s 4 M * 1931
S t L g e n 4 s . . 1993
4 M s ................ .1 9 3 1
C a i r o D lv 1st g o l d I s ........... 1939
C iu W A M D lv 1st g 4 s . .1 9 9 1
08
90
—
—
8
M
Q
....
_____
2
... -
I O U 2 101*2
057*
92
80
82
to o
1001?
89'.| 017 8
III *i
80
OU4
80
105
10
2 ) 102
10 U 4 10114
____
90
90 '
C ln S A (31 c o n s 1st g 5s . 1928 J
J
J
J
J
O
P e o r ia A E a s t 1st c o n s 4s . 19 to
o
87
8 7%
R e fu n d A E x t 4 M S -.-1 9 3 5 M N
F t W A D e n C 1st g 0 s . .. 1 9 2 1 1 D
J
J
99%
731a
831g
99 %
99%
99%
75 h
857$
99 %
99%
3
72
72
76%
72
9 2 >s F e b ' 16
82
25
81%
82
81% 84
S a le 7 0 %
38
71
09% 74%
8 0 % 8 0 % M a r '1 9 _____
77% 81%
66
80
82% 80
5
80*s
80
84*8
7 1 % 7 2 % 71*8
5 70% 73%
71%
78
S a le 7 7 %
22 7 5 % 8 1 %
78
90
9 8 % 97*8 D e o '1 8
100
92
O c t '1 8
97% 98
97%
97%
16
97
98*8
6 8 % 7 0% 7 0
1 70
70
70
99
9 7 % A u g '1 8
100
102
104-8 S e p t ’ 17
9 8 % 103% 9 9 % F e b T 9
99
99*8
9 6 % 101
9 8 % J a n T 9 ____
93% 98%
____85
99
Jan T 9
99
99
82% 89
2
88%
88%
88% 88%
8 1 % 9 0 % 9012 D e c *18
8 9 % 9 3 % 92*ii D e c '1 8
8 7 % 92
95
D eo T 8
70
72
737g M a r ’ 19 ___
71
70
7 0 % 71
69
69
2 69
70
82% 84
8 2 % M a r ’ 19
82%
81
80
8 1 % 81-8 O c t T 8
99
0a t- m i
44
98-Ti
9918
101 % 1 0 4 % 1 0 4 M a y ’ 18
101
109% A p r TO
96%
9 0 % 96*8
9 6 % 100
90
N o v '1 8
98
99% 98
M a r '1 9
98
98
98
97
96% 96%
97
N ovT S
80%
101% O ct TO
_____ 1 0 8
107
F eb T 9
109
108
00
88 J a n T 7
100 %
100%
_____
97
98%
103%
1 1 1 ?8
103
100 % 1 0 2 %
73
78
78%
_____
94% 93
■
77% 80
72
72%
72
701?
70
90
97%
97
88%
102 %
99%
92
_____
102
80
Aug T 8
M a r '1 9
D e c 15
M a y '1 8
Feb T 9
Feb T 9
98%
99
78
93
78%
96
2
72%
701?
M a r ’ 19
M a r ’ 19
Feb T 9
M a y 'i S
69%
70
106
38
5
79%
71%
70
94%
9 7%
76%
7012
72
96
97%
5 05
70*8
2
71
5 1 0 5 ' 10 7
93% ' 97
118
100
95
02*8 6 0
104
103
02
61
90
84
6 7 % 08
7 7 % 78*8
8 2 % 81
78% 84%
G734 7 0
7 1 % 70
74 %
701?
9 9 % 100 %
82% 9 0
Jan T 9
97
97
N o v ’ 16
Feb T 9
99% 100
__
M a y '1 8
60
F e b ' 19 ___
00
3 1 0 2 % 103
103
10 01
82
05
M a y '1 7
88
M a r ' l l _____
79
N o v '1 8
0 7 % M a r 'l l )
67% 72%
78
M a r ’ 19
80
78
83%
67%
74
74%
84
99
37
M a r ’ 17
F eb T 9 . . . .
1
74
Jan T9
N o v ’ 16
S o p t ’ lS
D e c '1 7
07%
74
74 %
07%
70%
74 %
____ 9 3 h M a r ’ 19 j _____
93%
93% 93%
105
107
107
107
F e b '19
107
75
91
Ju ly 'O S
8 2%
5 2%
56
127.
17 >3
121*
1 875$ 8 9
83
89
89
87% 87
87 ~ 89%
87
7 7 % 78 % 7 7 %
101
78%
77 % 7 9 %
98% 93% 99
99
99%
F eb ’ It
*05
94% 93
F eb TO
D el L ack A W e s te rn —
J
F
05
89
97U
N
F
Jan T 9
M a r ’ 19
84
21
Jan T 9
F e b T 9 _____
72%
69
70
_____
90
_____
98%
97%
*
92
69
S a le 0 9
o
68 % 7 0
68*2
103
107
105 “
D
3
G in H A 1) 2 d
C F in d A F t
D a y A M ic h
C le v c m C h A
20 y ea r d eb
72
99%
73%
8 3 78
99%
99%
81%
70%
79%
s
o
o
J
St, P A S C i t y 1st g 0 s ____ 191') A
9 0 '2
•No erica Friday; latest this VMk. a D«t Jan. d Du* April. « Dut May. <7Due Jm o
A
J
J
O
o
C h i c 3 i, p M A 6 c o n s 0 s _____1 9 3 0 J
31
_____
64
B id
A sk L ow
H ig h N o . 1 L o w
H ig h
29
77*8 7 8
78
79'%
77
83%
73
7 5 's 8 6 % M a r ’ 17 _____
62
78*8 S a le 78*8
79
77% 81%
8 5 l 2 S a le 8 5 %
147
86%
84% 89
78%
75
N ovT S
72*8 8 2 % 8 5 % N o v ’ 16
82%
90% F eb TO
84% Jan T 3
66%
77
80
7 0 % N o v '1 8
69% 85
71
O o t '1 7
74%
8 8 % S e p t ’ 10
80
113% F eb T 5
51% 53
i
51*8
51*8
50% 53
3 6 % S a le 36*8
2 35% 40
36%
F
J
J
A
A
80 '
7 4 's
- n
R ange
S in ce
Jan. 1.
3
S
A
O
D
D
j
j
j
j
N
S
o
J
A
D eb en tu re
W eek ’s
R ange or
L a s t S ale
M
M
F
A
J
J
J
J
J
J
M
M
A
J
74*4
—
9
L a C r o s s e A D 1st 5 s ______ 1 919
W Is A M in n D l v g 5 s ______ 1921
W t s V a t lo y D l v 1st 6 s _____192 0
M IlW A N o r 1st e x t 4 M 9 - - 1 0 3 1
97*2
81*4
3
C h ic & M o I llv D lv 5s
_1926
C h i c A P W 1 s t g 5 s ________1921
C M A P u g e t S d 1 s t g u 4 3 .1 9 4 9
O
i n c o r p o r a t e stock r e g .-1 9 5 6
61 S
IY1 s
A 0
O
O
N Y C i t y — 4 54s C o r p s t o c k - 1 9 6 0
4 54s C o r p o r a t e s t o c k _____1 9 0 4
4 5 4 s C o r p o r a t e s t o c k ____ I90t>
4 5 4 s C o r p o r a t o s t o c k J u ly 1 9 6 7
4 54s C o r p o r a t o s t o c k ........... 1905
4 54s C o r p o r a t e s t o c k ------- 1 9 0 3
4 % C o r p o r a t o s t o c k ----------1 95 9
4 % C o r p o r a t e s t o c k ______ 1 9 5 8
P r ic e
F r id a y
M a r c h 21
B onds
P r ic e
F r id a y
M a rch 21
$5
S 'g
___ S o ld
BONDS
N. Y. STOCK EXCH AN G E
W e e k E n d in g M a r c h 2 1
4 54%
3 54%
1147
E x c h a n g e m eth o d o f q u o tin g b o n d s te a t c h a n g ed a n d p r ic e s a r e n o w — " a n d i n t e r e s t " — ex c e p t f o r in t e r e s t a n d d e fa u lte d b o n d s .
In ter es t
P erio d
1909 th e
B onds
S o ld
Jan.
A
77
D
71
O c t '1 8
72
J ! 100 % l()17 8 1 0 2
D e e "IS
97%
A
97*8 M a r ’ 19
94
0 2 >3
;
67%
1 0 2 % F e b ’ 08
9 5 % 101
Due July AD ic Aug. o Due Oct. p Due Nov. j Du* Deo. « Option sale.
J J
1913 fid N
1035 A O
1921 M N
J
1930 J
1955 F
1
J
I
1949 A
J
J
A
D
J
J
j
J
j
J
A
o
o
o
Chic & Erie 1st gold 5s__ 1932 M N
J
Eric 1st con3 g 4s prior... 1990 j
J
1st consol gen lien g 4s. 1990 j
J
F
50-year conv 4s Ser A .. 1953 A
1953 A
Dock*\ rap* 1
Wllk
*
&East 1st gu g
1935 A
o
F
F
A
"
5 s ..
Evansv & T II 1st cons 5 s ..
Florida E Coast 1st 4 ,/ $ s .- .
Great Nor C B 4 Q coll 4 s..
1932
1933
1933
1937
1937
1922
Registered____________ 1937
1937
49
09
09(2
74 Mar’ 19
79 M ar'19
49%
49%
87% Nov'lG
70
03
65 57
J
J
J
j
J
19.51 J
1951 j
A
A
IVI
81
9219 100
91%
105(2
80
83
102
99
100 8 100%
78'»
99%
81
91%
100%
81%
9912
91
96*8
82
99
0012 Sale
J
J
i
J
j
10
69
73
79
Long laid 1st cons gold 5S..A1931 Q
J
General gold 4 s . . ......... ...... 1938 J
IVI
Gold 4a
~
_ -1932 J
Unified gold 4s
_______ 1949 IVI
J
20-year p m deb 5s_______ 1937 IVI
D
14
Feb T9
M.ir'08
Feb T9 ___.
Nov’ IS
1
109%
Oct T8
99% July'17
9 4% NOV’ 16
100*h July’ l 8
06%
00%
84 Dec TO
53%
52% 52% £2%
79
40>8
47
49
82
Sale
Sale
49%
100
77% Feb T9
46%
48
47
47%
49%
51
94 Feb T9
100% Jan T7
9 9Vs 90% Mar'10
M.ar’ 19
97*2
108
108
103 Jan ’ 18
102*2 Julv’ 17
9f
9734
971.1
95
107
93
87
86*2
70
49
73
76
79*8
571,
69
57
72*i
■
55
70
70
100% Deo ’00
70
97
108
72
23(2
90
Dec
Jan
Jan
Jan
Feb
108
Nov’ U
J
J
D
D
J
59
81% 84%
94%
94%
83
83
99% 100%
60
70*2
30
52% 50l2
31
10
30
77*8 78
40%
46
48%
47*? 52*8
%
49
94 95
90*2 101
Q.r»7» m i
7 108 103
2
75
85 U
85
90
00
100
98*8
81
82
92
T8
T7
’ 19 ____
T7
T9 ____
Mar’ 19 ____
Aug ' 10
50%
bee T8
95%
178
86%
3
77
101
Apr T8
Nov’ 18
Apr T7
Jan T9
Mav’ lfl
86%
Nov'18
May’ 18
Nov’ 18
May’00
98%
72
96
93
82
85
05% 90
95% 95%
85% 89
.1
J,
J
o
73*2
751*>
75
70*4
88*o 85
80
87-% 87
80
92
73%
7H.i
81
7119
80
713*
' ____ 81
80
95
1
81
77
J
j
j
J
94
1
Sc Sc
Pensac & Atl 1st gu g 0s._ 1921 F
M
M
Minn St Louis 1st 7s
-.1927 j
Pacific Ext 1st gold 6s____1921 A
M
1st
refunding gold 4 s . . . 1949 IYI
0
J
&
Refunding gold 4s......... 1951 iYI
86%
J
A
88%
M
Kan City
Pac 1st g 4 s .. 1990 F
A
IVI
M K * T of T 1st gu g 5s 1942 M
i
98%
99%
51
7
80
78
52
8%
82%
83
J
M
(VI
80
88
Feb T9 ____
1
3
77
79
80
72
74%
84%
72
77%
93
J
o
N
A
o
N
s
D
N
94%
95(8
99%
95%
J
J
A
o
o
J
J
Riv A G Dlv 1st g 4 s .. . 1933 IVI N
Verdi V 1 A W 1st g 5s. 1920 (VI s
Mob A Ohio new gold iis____1927 j
D
Q J
M s
F A
St Louis Dlv 5s
1927 J D
j
O
A
j
J
J
j
A o
j
J
A
o
J J
67%
J D
A O
90(2 95
2
12
15
0
4
79% 79%
80% 82
95% 90
82
82
02% 64%
83
85%
76% 81
89% 90
89
92
80
90
80(2
90
M N
A
F
o
Ref A Imp 4 ^ 3 " A ” ......... 2013 A
New York Cent A Hud Rlv—
J
J
Debenture gold 4s............. 1934 (VI
Pd
F
Registered........... .".......... 1998 F
Mich Cent coll gold 3H S..1998 F
F
Battle Cr A Stur 1st gu 3s. 1989 J
J
J
J
J
Beech Cr Ext 1st g 3 Us.ft 1951 A
.J
J
M
Bonds
Sold
79
80%
99%
78
81
75
70%
89
81
79
76%
|
90%
30
Jau T9 ____ 1
1
80%
Oct ’0(1
Nov’ lS
Jan T9
Feb T9 ____
2
76%
79
80%
80
86%
81
75
70
81
77%
70%
94 Jan T9 ____ 91
94 Dec T8
100 Aug TO
8734
89 (a 873i Mar’ 19
109% 10,s Fob T9 ____ 108
102 100% Jail T9
7 84%
88% 85%
85(,
94
88*4
1001.1 108
inm*
UK) 100 Jan T9
95
93% Fob T9
101*2
100 Jan T9
84
79*2 Jan ’ 19
100% Jan TO
57 Fob T9
79
78 Mar’ 19
95 Nov’ 18
103% 8«pt'18
78% 75 Mar’ 19
____ 9 4
95%
88 Nov’ 18
72% Mar’ 19
80
95 Feb ’05
98
97% May'10
101% Jan' T9
98*2 90’% Mar’ 19
97 " 93 Mar’ 19
00 july’ 18
88%
100
100
031ft 931a
1051!. 105%
100
791* 791ft
%
57
____ 75% 78%
100
100*4100
57
_ ...l
3
75
94
80%
95%
____
71
72%
____ 101% 1013S
90**8 90*8
93
93
1
42
42
29%
25
32
28
45
43
30
30
40
58
36% 02
60
70
50% 55
05
40
83
91 (8
88%
59%
991a
87 %
91%
89%
Sale
100
J
J
N
N
A
A
A
A
D
J
J
J
J
O
D
D
S
A
N Y A Harlem g 344s . .2000JYI N
N Y A Northern 1st g 5s.l923|A O
05
65
31
32
42%
43
32%
05%
Mar’ 19
Sept'18
Feb T9
Feb T9
Dec T8
28
50%
50%
51 Dec TO
30% Nov’ lS
3
87-% Jan T9 ____
9U ,
92%
5
89% Mar’ 19 ___ J
59%
01
183
11
99%
99%
58 Oct T8
82 Apr T7
100 Feb '13
Sale 7912
80
80%
74l2 Sale 74%
90
102% 103 103%
95
71
80%
93
86% Salo 80%
84% 78
80
00*? 100 100
100 % 103 110(4
50
98% Salo 98%
73%
73(2
82
83% 82(2
88
i
90
9734
94%
77
40%
89
97*4
94%
0 4% 69
29% 31
42S4
43
72
82%
79
05%
07
05
75
50
50
71% 7H*
50% 51 "
87-%
91%
89
59%
OHift
87%
94%
92
03%
in n ~
81
82
95
90%
80
2 78% 82%
Oct '17 ____ 1
74%
74% 77
3
Fob T9
May’ 18
Nov’ 18
July’ 17
80%
Oct *18
Mar’ 19
Mnr’ 17
Mar'19
103.% 105%
2
70
67% Mar’ 19
95-% 95%
953,
Salo 55
60 '
71% 72%
7258
82% Sale
____
65%
05*8
00
63
76
54
83
77
42
84
47%
G9% Apr’ 17
60 Oct '18
84%
64
80% 90
81 Jan T9
87%
100% Apr ’ 18
95% 95(8
95%
94
99 99
>4 78%
78
44
42
43
98%
75
82%
73
82(2
Nov’ 18
65%
Jau T9
Mar’ 19
Mar’ 17
80%
80%
100
100
50
50
00%
07%
9712
58%
0 953a
121 54 '
120 97%
21 73%
5i 82
14
....
5
71
1
05
67
05
9934
78%
85%
73
821.1 80
08
07
70
80% Dec ’ 18
101
65 ____ - - - 75%
89
90%
75%
731a
09%
89%
7r>
80
97% 100
97%
May’ 10
____ ___ Nov'10
Oct T8
Fob TO
Miiy’ 17
Fob T9 . . . .
' No price Friday; latest bid and asked tnis week, a Dus Jan. ft Due Fob. o Due June, h Due July, n Due Sept, o Due Got. * Option eule.
96% 90%
____
03
s
j
A
81
July’ 18
21
M N
F A
Cent Br U P 1st g 4 s ____1948 j D
F A
A
J
903,
39
60
77 Mar’ 10
75 Nov'10
80
101
101 July’ 18
97 101
99 Feb T9 ____
o
75% 78% 78% Mar’ 19
N
44%
44%
45
i
s 44
F
403s 60% Deo T8
60 Fob T5
7038 8238 77 Jan *19
44
42
44%
s 42
83*2 85(2 81 Mar’ 19
9734 Feb T9
98 "
N
83
92 Jan T7
92% 94
9 4 % Jan T9
j
j
80
90
95 Dec TO
M s
Missouri Pacific (reorg Co)—
1st & refunding 5s Ser A . . 1905 F A
1st A refunding 5s Ser Bo 1923 F A
1st & refunding 5s Ser C ..1920 F A
IYI
S
July’09
1
95%
85(2
101%
90%
93
70
99
Mar’ 17
101%
34 101% 102%
Mar’ 19 —
97% 97%
Oct ’ 13
s
s
95
Nnv’ 15
Jiinc’ 17
j
A
97%
92 %
102%
93l.i
80
99%
50%
77
95%
101%
75%
95
85%
71
M
M SS M & A 1st g 4s Int gu_’20 j
J
Missouri Kansas & Texas—
1 L)
&
*18’ _____
Feb 'IS
Dec ‘ 18 * ' '
Mar'19
Sept’ 17
81*2
70% 80
80% Dec T8
A
92
Nov’ 10
1>
117(2 May’ 10
s 70 ~
90 Jan T7
D
98% Feb T9
98*4
D *95% ____ 95% Feb T9
I)
G6%
05(2 July’ 18
1)
D
90% 90% Feb T9
85
D
72**»
70's Oct T8
D
71 " 78
05 Nov* 17
s 80%
79% Jan T9
98
8()(, Keb T9
80
N
Ojlr
93% 95% 95(2
D
80% 90
82 Feb T9
J
01
02
64% Feb T9
O
78 Oct ’09
J
Sale 83
84
81
J
78% 78% 78(2
80
J 80
90
89%
90
J
83
80*8 Feb ’ 7
0
S03g Oct *18
95
J
89
89% Feb T9
J
89 Oct '17
84
Sale 80
N
80
80
N
85% 87% 90 Feb T9
96%
87%
78
80%
75
75%
77
73
75%
30
D
jJ 57
J
A
Kentucky Central gold 4s. 1987 J J
Lex * East 1st 50-yr 5s gu 1905 A O
L N M 3c M 1st g 4 *^s 1945 M
L * N-South M Joint 4s"_. 1952] j
J
Cioi.
73
J
M N
M s
Feb T9
Feb T9 ____
Jan ' 19
79
79% 80(2
80%
70*4 73% 72 Jan T9
74(8
74%
% 75
72 Feb T8
71*8 84
78
78 Nov’ 18
79 Feb T4
73'2 Nov’ 18
07%
83 Aug T2
97*8
01 "
05
62 Oct *18
70% 83(4
113
101% Salo 101%
OS's ____ 97%
105
79%
70
70
94
92
91
87(2
D 107
973a
N
J 85%
&
J
70
s
N
St Louis Dlv 1st gold 6 s .. 1921 IYI S
......... 19,80 M s
2d gold 3s
Atl Knox
Cln Dlv 4s___1955 M N
J
78(4
72
s
M N
Sc
Sc
j
A
J
Louisville & Nashv gen 6 s .. 1930
Gold 5 s ............................... 1937
Unified gold 4s.................... 1940 J
L Cln
Lex goid 4V$s .1931
N O
M l9t gold 6a......... 1930 J
J
4
o
(VI s
N Y B S M B 1st con g 5s. 1935 A o
62
88*4
O
S
IVI s
A O
A
o
M N
J J
M N
M N
1951 J
J
1953 J
1921 F
F
J
.1951 j
1951 j
1951
1951 F
1951 F
1923 j
1932 IVI
Chic St L A N D gold 5s. 1951 j
Registered____________ 1051 j
1951
1951
Joint. 1st ref os Series A 1903
1951 .1
1951 .1
St Louis Sou 1st gu g 4s. 1931 M
Ind III A Iowa 1st g Is_____ 1950 J
1919 M
James Frank A Clear 1st Is 1959 J
1950 A
1950 A
.1
1900 J
Lake Erie A West 1st g 5s. 1937 J
1911 .1
1915 \
1910
1940 J
2003 (VI
General eons 4 % s _______ 2003 ffl
j
70
89
81% 82% Feb ’ 19 ____
GO
J
J
F
Leb Val RR 10-yr coll 6s..n l92S
Leh Val Coal Co 1st gu g 5s. 1933 j
4
09
Mar’ 19 ____
Dec ’ 16
69
57
82
Leh V Term Ry 1st gu g 5 s .. 1911 A
90
90%
83% 85%
92% 95%
75% 77
30
78
80
95% Sale 95%
Q
J
96
80
J
85% 80
.1 83
J
89(2
J 107*8 109 111
J
118
104 "
J
95
92% 95
J
J
90*3 99 102(2
J
80% Sale 80%
J
81%
J
77
A o
%
80
j
J
100%
J
108
107%
J 104
130%
j
j
J
98%
98%
J n
100
Feb
51%
52% 65
7%
Feb
0%
7(2
76% 80
J j
82
78
j
J
77
Green Bay & W deb rtfs " A ’
Debenture ctfs " B ” .........
Oulf * S I 1st ref * t g 5s. .61952
Hocking Val 1st cons g 414s 1009
1990 ./
1951
1951
1951
Collateral trust gold 4 s .. 1952
1952
1st refunding 4s________ 1955
1952
1953
1953
09%
74
80
%
A
N
o
1912 j D
J .1
J
1921 j
A o
A o
o
1959 j D
J .1
J J
1033 A o
J
1921 j
1st & ref 4>£s Series A ___ 1901
19(51
09
73
70
49u
02
io s .
Price
Week’s
Range
Frxdng
Range or
Since
March21 L
ast Sale
Jan. 1.
Bid As* Low High No. Low High
100 ____ 100% Feb T9
O 1013a
: 98% 102%
____
1017s
3
4
20
J
o
J D
Det Rlv Tun Ter Tun 14$s._ 1901 (VI N
J
o
o
Dul Sou Shore <& Atl g 5s — 1937 J J
V! N
Erie 1st consol gold 7s______ 1920 M s
rt N
1910 M s
iVI s
A o
D
1928
Long Dock consol g (Is . . .
96%
96*8 Sale 96%
81%
83<2 84% 83%
92
94
92%
91%
70 Mar’ 19
77
102% 105 103% Sept’ 18
BONDS
N . Y . STOCK EXCH ANG E
Week ending March 21
Interest
Period
Week's
Price
Range
Rangeor
Since
Friday
March21 Last Sale
Jan. 1.
Bid AskLow High No. Low High
(Vol .
|
i
j
BONDS
•
N. Y . STOCK EXCH A N G E
Week ending March 21
Bonds
Sold
New York Bond Record— Continued— Page 2
Interest
Period
.1 4 8
97%
97%
N Y Cent & tl U lilt (Cun)—
N Y & Pu 1st cons gu g 4s. 1993 A
Pine Creek reg guar Os___ 1932
R W & O con 1st ext 5S..A1922 A
Rutland 1st con g 4 H »— 1911 J
Og&L Cham 1st g u la g -191' J
Rut-Canada 1st gu g 4s. 1919 1
8t Lawr & Adlr 1st g os— 1990
2d gold 6s____________ 1990 A
Utica & Blk Rlv gu g 43—1922
Lake Shore gold 3H s____ 1997 j
Registered.......................1997 J
Debenture gold Is____ 192s M
25-year gold 4s________ 1931 IVI
Registered...... ...........1931
K a A & G R 1st gu c 5s . . . 193.3
Mahon C’l RR 1st 5s----- 1931
Pitta & L Erie 2d g 5 s.—al923
Pitts M cK & Y 1st gu Os—1932
2d guaranteed 6s______1931
Michigan Ceutral 5s------- 1931 !Y1
Registered____________ 1931
4s.....................................1910 J
J L & S 1st gold 3HS— -1951
1st gold 3H s.......... ........ 1952
20-year debenture 4 s ..1929
N Y Chi & St L 1st g Is —1937
Registered____________ 1937
Debenture 4s_________ 1931
West Shore 1st 4s g u a r ...2301
Registered____________ 2361
N Y C Lines eq tr 5 s..1919-22
Equip trust 4H s—1919-1925
N Y Connect 1st gu 4Ha A —1953
N Y N II A Hartford—
Non-conv debon 4s---------1917
1
Pries
Friday
March 21
3
is
Bid
71%
1 Oil 4
98%
o
J 78%
.1 61%
J 56
8314
o
88*2
1 95
D 7218
r>
s
8678
N 86
O
J 9134
J 95^8
o
95
J 10312
J 102-18
95i«
.1
81%
70**8
70*8
83 " Sale
Sale
81
77
74 74%
7712 Sale
86
76
99i2 ____
102
84l8 85%
IY1
J
J
M
N
J
J
N
J
F A
IVI
Non-conv deben 3 Ha___ 19-17 M
Non-conv debon 3Hs-----1951 A
J
IVI
J
J
F
J
High
Ask Low
80 F e b ’ 19
113 May’ 15
99 Jan ' 19
67 Jan ' 19
80
61% Feb T9
67 Feb T9
101 Nnv'16
103 Nov' 10
91 Apr '18
72%
72% 72%
75% 73% Nov’ 18
88
87^4
87%
86%
86% 83%
83% Nov'17
s
A o
A 0
Week's
Range or
Last Sale
60
S
S 50 ____
o --r -- 54
55
J 52
56
N 52
52
J 50
84%
J 83
A
f
101% Deo T5
103 M a yl7
130% Jan '09
123% Mar'12
99% Aug '17
98% Nov'18
84 Mar’ 19
87 Feb '14
90 June’OS
79% July’ 17
83
83
80%
81
85 Nov’ 17
75 Mar’ 19
76%
77%
78 Feb T9
99% Feb T9
98% July’ 17
85% Mar’ 19
J
Harlem Il-Pt Chos 1st 4s. 1951
B & N Y Air Line 1st 43—1955
Cont New Eng 1st gu 4s—1961
Hartford St Ry 1st I s ----- 1930
Housatonlc R cons g 5s. .1937
Naugatuck RR 1st 4s------1951
N Y Prov & Boston 4 s...1912
F A
J J
1VT s
M N
N
A o
J J
|
IM
|
!\1
J
M
J
F
M
M
F
A
A
A
j
j
M
M
Pocah O & C Joint 4s. . . 1911 j
J
M
Northern Pacific prior lien rail
Q
Q
Q
St Paul & Duluth 1st 5s—1931
Nor Pao Term Co 1st g Os —1933
Oregon-Wash 1st A ref 4 s . .. 1961
Pacific Coast Co 1st g 5 s ... 1946
Paducah & Ills 1st S f 4H s—1955
Pennsylvania RR 1st g 4 s..1923
Consol 4H9-
Sodus Bay & Sou 1st g 5 s.1924
Sunbury & Lewis 1st g 4s. 1936
U N J R R * Can gen 48—1944
Pennsylvania Co—
Ouar 1st gold 4H »..........1021
Registered......................1921
Ouar 3 H8 coll trust reg A . 1937
Guar 3Hs coll trust scr B.1941
Guar 3Hs trust ctfs O— 1942
Guar 3Hs trust ctfs D —-1944
Guar 15-25-year gold 43—1931
f
o
1
J
N
J
s
J
s
s
I)
A
1ST
A
A
o
0
o
j
D
s
s
D
J
N
.1
J
M
M
Tol W V A O gu 4Hs A..1931 .1
.1
M
A
A
M
M
F
J
J
s
A
D
D
O
N
N
N
J
O
o
N
A
J
J
J
S
N
J
J
S
0
0
N
N
A
90>2
70*4
8OI4
45
106% May’ 16
87 July’ 14
83 Aug T3
Sale 45
47%
90%
7434
I
97%
96
76%
76%
77
75
85
82%
81%
88
92%
92%
73%
73%
77
77
89
83%
97%
89%
89%
78%
91
90%
90%
88%
88
08
82
88
86%
89%
95
94%
96%
99
90%
72% 73
82
84
10 82
15 80
85
82
___ 1
•
--J
4
___
___
—
71
76%
75
99%
75
81%
7834
99%
84% 86
53
50
50%
54
52
50
84
54
60%
52
56%
691*
62
88
62% 62%
15 45
53
40
40
69
67% Sale 67%
3
92% Juno'12
65
60 Apr 18
68%
5
68i2 69 68
87%
81% JuneT 8
108 109 109 Feb T9
106ix 109 122 Nov’ 10
109 107% Deo '18
81%
81%
84l2 85
1
93% Deo T 6
80'a 80% 80% Mar’ 19 __
84% Feb T9 ___
71
117% May’ 17
101% Deo T 8
107% 27
Sale 107
107
83 ig 81% 85 Feb T9
103 Sept’ 16
97%
81 Jan T9 —
79
80
83%
83% 19
82 Mar’ 19 __
59
59% 59
58 Oct T 8
90 Jan T9
102 Mar’ 19
10334 Sopt’ 17
97 Feb T9
78 Dec T 8
30% Deo TO
107% 107%
9
75%
76
10
80 Mar’ 19
100% Feb T7
95% Nov’ 18
99% Feb T9
99% Feb T9
90% Nov’ 18
89% Mar’ 19
95%
95%
10
86%
86% 66
9134
95% 253
87% Nov'18
84% Sept’ lfl
87% Jan T9
102 Jan '93
92
99
67
61%
07
11 87’4 90
3 86
89
70 Sept’ 17
40 Feb T9
99% Deo T3
88% Feb T4
85
69>2
99
67
61%
67
July’ 18
67% 70
67% 69%
109
109%
81% 86%
80% 82
84
84%
106% 108%
84% 86
81
81
83% 86
82
82
5834 01 %
90
90
102
102
97
98%
107% 1073*
74% 79%
85
88
99% 0978
99% 99U
86% 8912
95 ' 96U
86 897g
94% 9734
87% 87*2
Deo T7
97% Mar’ 19
97% July’ 18
87 Feb '17
78 Jan T9
81% July’ 17
3734 Deo TO
8334 Jan T9
85% Feb T9
86 Oct '17
96% May'17
963g May 18
104 Deo 16
96% Fob T2
90% Oot 12
88% Fob 17
88 Apr T7
90% July '12
81% Deo T8
78 Oot T8
93 May’ 10
9834 Apr *17
92 Deo '17
88% 8opt’ 17
94% Jan T9
9234 Jan T9 ___
99 June’ 17
90% Sept'18
90% 8eptT8
• No price Friday; latest bidandasked, a DueJan. I Due I
___
____
___
___
58
7334 Deo' 18
74si
72%
79% Deo T7
55U 62% 62% Jan TO . . . .
J 83i4 Sale
83%
J
F 59% Sale
(1 F
89%
J J 88
j D 75% 86
F A 102 104%
Q A 1011*
F F 97% 100
J |) 73*2
Q IV!
09
85
J j 107% Sale
Sale
J j 70
J D
95
.) J
M N 95%
M S 99% 100
Q M 99% 09%
90
IM N 86
IVI N 88% 89%
F A 95% 98
J D 86% Sale
J D 91% Sale
IM S 81
F A 80%
M N 87 ____
J J 96 ____
I J 80%
IM S 85% 93%
J
J
M
F
J
J
A
IM
M
IM
J
A
\
M
F
J
No. Low High
80
78
53 Feb T9
50 Mar'19 . . . .
52
52
1
56 Mar'19 ___
2
52
54
50 Mar’ 19
84% Mar’ 19 __ _
60 Oct T7
60
Range
Since
Jan. 1.
fl!
§a
$
97% 98%
78
78
833* 8334
85% 87 '
94% 94%
9234 9234
Price
Friday
March 21
BONDS
N. Y. STOCK EXCHANGE
Week ending March 21
P. C. C. A St. L (Con.)—
Series F guar 4s gold— 1953 J D
Series G 4s guar.............1957 M N
Series I cons gu 4H s— 1963 F A
C St L A P 1st cons g 5 s .. 1932 A O
Peoria A Pekin Un 1st 6s g—1921 Q F
2d gold 4H s.................... 61921 M N
Pere Marquette IstSer A 5s. 1956
1st Series B 4s...................1956
Philippine Ry 1st 30-yr s f4 s 1937
Pitts Sh A L E 1st g 5s........ 1940
1st consol gold 5s________ 1943
Reading Co gen gold 4s____ 1997
Registered...... ................1997
Jersey Central coll g 4s__ 1951
Atlantic City guar 4s g . . . 1951
St Jos A Grand Isl 1st g 4s ..1947
St Louis A San Fran (reorg Co)—
Prior Hen Ser A 4s_______ 1950
Prior lien Ser B 5s_______ 1950
Cum adjust Ser A 6a___ 61055 A O
Income Series A 6s______A1960 Oct
St Louis A San Fran gen 6s. 1931 J J
General gold 5s________ 1931 J
St L A S F RR cons g 4 s .. 1996 J
Southw Dlv 1st g 5s___ 1947 A
K C Ft S A M cons g 6 s .1928 M
K C F t S A M Ry ref g 43.1936 A
K C A M R A B 1st gu 58-1929 A
St L S W 1st g 4s bond ctfs..19S9 M N
2d g 4s Income bond ctts.pl989 J J
Consol gold 4s...................1932 J D
1st terminal A unifying 5s. 1952 J J
Gray's Pt Ter 1st gu g 5s. 1947 J D
S A A A Pass 1st gu g 4s___ 1943 J J
Seaboard Air Line g 4s____ 1950 A O
Gold 4s stamped________ 1950 A O
Adjustment 5s_________ 01949 F A
Refunding 4s___________ 1959 A O
Atl Blrm 30-yr 1st g 4s..el933 M S
Caro Cent 1st con g 4s. ..1949 J J
Fla Cent A Pen 1st ext 6s. 1923 J
1st land grant ext g 5 s..1930 J
Consol gold 5s________ 1943 J
Ga A Ala Ry 1st con 5s..ol945 J
Ga Car A No 1st gu g 5 s .. 1929 J
Seaboard A Roan 1st 5s..l926|J
Southern Paclflo Co—
Gold 4s (Cent Pac c o ll)..*1949 J D
Registered___________ *1949 J D
20-year conv 4s__________ 1929 M S
20-year conv 5s__________ 1934
Cent Pao 1st ref gu g 4 s..1949
Registered____________ 1949
Mort guar gold 3H s—*1929
Through St L 1st gu 48.1954
G H A S A M A P 1st 5sl931 IV! N
2d exten 5s guar_______ 1931 J J
Gila V G A N 1st gu g 5S..1924 (VI N
HousE A W T 1st g 5S—.1933 M N
1st guar 58 red............... 1933 IVI N
H A T C l s t g 5 s l n t g u ...1937 J J
Gen gold 4s lnt guar------ 1921
Waco A N W dlv 1st g 6s '30
A A N W 1st gu g 5s........... 1941
Louisiana West 1st 6s___ 1921
Morgan’s La A T 1st 68—1920
No of Cal guar g 5s______ 1938
Ore A Cal 1st guar g 5 s ... 1927
So Pac of Cal—Gu g 5 s . .. 1937 M N
So Pac Coast 1st gu 4s g—1937 J J
San Fran Terml 1st 4s— 1950
Tex A N O con gold 5s___1943
So Pac RR 1st ref 4s--------1955
Southern— 1st cons g 5s____1994
Registered.......................1994
Develop A gen 4s Ser A ...1956
Mob A Ohio coll tr g 4s...1 93 8
Mem Dlv 1st g 4 H s-5s...l996
St Louis dlv 1st g 4s_____ 1951
Ala Gt Sou 1st cons A 5 s.. 1943
Atl A Chari A L 1st A 4Hs 1944
1st 30-year 6s Ser B ____1944
Atl A Danv 1st g 4s........... 1948
2d 4s...............................1948
Atl A Yad 1st g guar 4 s .. 1949
E T Va A Ga Dlv g 5 s...1930
Cons 1st gold 5s_______ 1956 M M
E Tenn reorg lien g 5s____1938 ivi s
Ga Midland 1st 3s............. 1946
Ga Pac Ry 1st g 6s______ 1922
ICnoxv A Ohio 1st g 6 s . ..1925
Mob A Btr prior lien g 5s. 1945
Mortgage gold 4s----------1945
Rich A Dan deb 5s stmpd. 1927
Rich A Meek 1st g 5s------ 1948 M N
So Car A Ga 1st g 5s......... 1919 M N
Virginia Mid Ser D 4-53—1921 IVI s
Series E 5s.......................1926 M S
Series F 5s.......................1926 IVI S
General 5s____ _______ 1936 IVI N
Va A So’ w'n 1st gu 58—2003 J J
1st cons 50-year 5 s .. 1953
W O A W 1st cy gu 4s----- 1924
Spokane Intcrnat 1st g 5 s..1955
Term Assn of St L 1st g 4 Hs.1939
1st cons gold 5s____ 1894-1944
Gen refund s f g 4s............. 1953
St L M Bridge Ter gug 58.1930
Texas A Pac 1st gold 5s------2000
2nd gold Income 53______ 42000 Mar
La Dlv B L 1st g 5s........... 1931 J J
W Min W A N W 1st gu 5sl930
Tol A Ohio Cent 1st gu 6 s . .1935
Western Dlv 1st g 5s......... 1935
General gold 5s__________ 1935
Kan A M 1st gu g 4s......... 1990
2d 20-year 6s................. 1927
Tol P A W 1st gold 4s........... 1917
Tol St L A W pr Hen g 3 Ha. 1925
50-year gold 4s...................1950
Coll trust 4s g 8er A ......... 1917
Trust co ctfs of deposit____
Tor Ham A Buff 1st g 4s..ftl946
Ulster A Del 1st cons g 68—1928
1st refunding g 4s________ 1952
Union Paclflo 1st g 4s........... 1947
Registered______________ 1947
20-year conv 4s_________ 1927
1st A refunding 4s______ 42008
10-year perm secured 6s. 1928
Ore RR A Nav con g 4S..1946
Ore Short Line 1st g 6 s ...1922
1st consol g 5s.................1946
Guar refund 4s-------------1929
Utah A Nor gold 5a____ 1926
1st extended 4s--------1933
Vandalla cons g 4s Ser A ------ 1955
Consols 4s Series B ........... 1957 M N
Vera Crus A P 1st gu 4HS.1934 J J
Due June ft Due July. * Due Aug. o Due Oet.
»
ltd
Week’s
Range or
Last Sale
Ask Low
88% 93
88% 90
90% 92%
100% 10434
84
70%
45%
98
94
84%
84%
72
48
Sale
84
85%
60
70
Bonds
Sold
1 Interest
BONOS
N. Y. STOCK EXCHANGE
Week ending March 21
1149
New York Bond Record— Continued— Page 3
M a r . 22 1919.1
High No. Low High
91 Sept’18 -------- 1 —
92 Nov’ 18
95 Nov’ 18 _____ _____
102 Jan T9
102
100 June’ 17
87 Mar'16
84% Mar’ 19
84%
72
72
1 68%
47 Mar’ 19
45
99 Jan T 8
97% Dec T7
84
85% 21 84
81% June’ 18
84% Mar’ 19 . . . . 84%
60~
Mar’ 19
—
61% 146
61
Sale 6034
76% 77
77
77
3
66 Sale 65%
66% 37i
44
42% Sale 4234
47
102 Feb T9
103%
98
98 ***3
96% '98
78 May’ 16
70
90 May’ 17
102 103% 102 Mar’ 19 _____
68 70% 70 Mar’ 19 _____
85% Aug T 8
87%
66 *67 ’ 68% Mar’ 19
57
57% 58% Feb T9 ___
6134
6134
59% 62
1
5934 35
59
Sale 59
98% Jan '14
85
64% *67* 65 Mar’ 19
71 '* '5
69% 71% 71
71% 13
71
Sale 70%
49
93
48% Sale 48%
58
56
8
57% 57%
75 . . . . 79 Mar'19 _____
74%
76 Oct T 8
100% 103% 100% Mar’ 19 _____
101 Dec T5
90 Jan T9
90% 95
91%
90% June'18
94 June'18
93%
95%
95% * " 6
95% —
77 Mar’ 19
90 Feb '14
83%
83% 181
10234
10334 441
78%
79% 42
87% Sept'16
84%
84
85% 84%
3
75% Feb T9 _____
75% 76
91% 101 100 Oot T 8
96»4 Jan '18
85
97
95 Nov'18
90 102
92% 99
92% Mar’19
92%
100 Oct T 6
97
98 ‘ 9914 97
3
93
94% 93 Nov’ 18
94 100% 109% Nov’ 15
85
93 Nov’ 18
95
99
100% Oct T7
97 102 * 100 Apr T 8
93%
102% Oct T 8
96% *98% 96 Feb T9
96%
107% 8ept’ 10
92%
93 Jan T9
77 *78% 78
78% **■«
89% 94 Nov’ 16
82
*80% Sale 80%
55
94% 27
94
Sale 93
100% Aug T 6
67% 41
66% Sale 66%
67% 67% 67% Mar’ 19 . . . .
90%
88% . . . . 90%
72 Mar’ 19
72
73
86 . . . . 93 Jan T9 _____
87% 88% 88 Mar’ 19 ___ _
93% 96
93% Mar’ 19
74
70 Oct T 8
75
81% Mar’ 16 1----70
76 Fob T7 j . . - .
97
95% *99% 97
93% 96% 97 Mar'19
92
951* 95% Jan T9 _____
__
62 Jan T9 _____
52%
100*4 10078 101 Jan’ 19
1004* 1013a 100 Oot T 8
91% Oct T 8
90% 95
681* 68 Jan T 8
93% 102
95 Jan T 8
66 70 73 Sept'12
99% 100
99 Jan T9
102% June’ l l
95
99%
93 Apr T 8
9134
104% Deo T 6
96
98
96 Feb T9
87% 94
81% Sept’ 18
70
79
70% Nov’ 18
86
93% Mar’ 17
9534 Mar’ 17
90
95
91% Jan T9
90
93% 98 Feb T9
73
74% 73
73 mm 6
9034 94% 95% July'18
88 90 90
90
7
41 Sept’ 18
73
86 May 18
106% Nov’04
90% Oot T 8
92% 96
87
92% 87 Jan T9 _____
75% 93 Oct T 8
74
68% 80 67% Sept’ 18
90% 91% 90% Feb T9
36 Feb T9 I I - 36
73 *83% 75% Feb T9
47%
48% 45
4
45
32
18% Mar’06
18 Aug T 8
30
80 Apr '17
70% 87
89% 95
89% Dec *18
70
58 8ept’ 17
‘ 86 * Sale 86
86%
—m
m 86 85% Oct T 8 64
*86 * 86% 86%
86%
2
82% 28
80
81% 81%
103% Sale 103%
103% 43
79
82
81% 81
4
101
101 Sale 101
10
96% 98% 96% Mar'19
85% 86
85%
86
9
92%
98 Deo T7
83% *86 ’ 89 Feb T 8
80 Jan T 8
79%
80% June'18
*35'* 35 Sept’ 17
76% 80
78%
‘ 83% Sale
103% Sale
79
Sale
Due Ner
; Range
1 Since
| Jan. 1.
102
88%
72%
47
86*4
85
60
60
60%
76%
62%
40%
64
79%
69
45%
102
98
102
98
101% 103%
70
751*
68% 74
57% 58%
57% 6134
58% 62
6434
71
70%
47%
57
74
68
72
74
53%
60
80
100% 100*4
90
90
*95% '96*
75
77
8234 85%
100 105
78% 83
84% 8534
751* 75%
92% 92%
97
98»4
96
97
93
77
93
8034
80% 83%
93
96%
66%
66%
90%
72
93
88
6884
67%
90%
74%
93
88
93% 97%
*97*
95%
95%
52
97
97
95%
52
101 101
99
99
96
96
91% 91%
98ig
98
77
73
89
92
87
87
90%
36
75%
45
91
36
75%
61
85*4 89%
86% 89%
83%
80
103% 106
86
81
100% 101 %
96% 98%
84% 88
Due Dee. •Option sale.
BONDS
N. Y . STOCK EXCHANGE
Week ending March 21
a
Price
Friday
March 21
1
L
Virginian lat 53 aeries A ___ 1962 VI N
Wabash lat gold 5s...............1939 w N
F A
J J
{VI s
J J
Det & Ch Ext“lat g 5s___ 1941 J J
J .J
Om Dlv lat g 3Ha_______1941 A o
A s
Tol & Ch Dlv 1st g 4a___ 1941 P
F A
F A
West Maryland 1st g 4a----- 1952 A 0
West N Y & Pa 1st g 53___ 1937 J J
A o
Bid
Western Pac lat aer A 5a__ 1946 M s
o
J J
A
M s
M s
J J
J J
Sup & Dul dlv & term 1st 4a ’36 rvi N
Street Railway
A
lat refund conv gold 4s__ 2002 J
J
J
3-yr 7% secured notes._/j1921 J
,1
IYl
nklvn O O n A S lat fia . _ 1941 .1
Bklyn Un El 1st g 4-53..-1950,F
Stamped guar 4-5a____ 1950, F
Kings County E lat g 4a..1949 F
Stamped guar 4a.........1949 F
Nassau Elec guar gold 4a. 1951'J
Chicago Rya 1st 5s________1927, F
Conn Ry & L 1st & ref g 4>$al951 J
0
J
J
J
J
J
N
J
A
A
A
A
J
A
.1
J
Det United 1st cons g 4 H3..1932 J J
Ft Smith Lt & Tr lat g 5a.-.1936 M S
Hud
Manhat 5a ser A ___ 1957 F A
F
Interboro-Metrop coll 4 >$8.1956 A
Interboro Rap Tran lat 53.-1966 J
A
Stamped tax-exempt........ 1990 A
Manila Elec Ry & Lt a f 5s-.1953 51
Metropolitan Street Ry—
J
Col & 9th Av 1st gu g 5 s.. 1993 M
Lex Av & P F lat gu g 5 s . . 1993 M
F
F
i
J
J
J
N Y Munlcip Ry lat a f 5s A 1966 J
N Y Ry8 1st R E & ref 4 s . . .1942 J
30-year adj Inc 5a______ «1942 A
M
M
Portld Ry Lt & P lat ref 53.1942 F
J
M
J
Third Ave 1st ref 4a......... ..I960 J
Adj Income 5s_________ alOfiO A
J
Trl-CIty Ry & Lt lata f 5a.. 1923 A
J
Income Cs______________ 1948
(VI
J
A
United RRs San Fr a f 4s__ 1927 A
Union Tr (N Y) ctfa d e p .........
Eqult Tr (N Y) Inter ctfa___
Va Ry <fe Pow lat <fc ref 5a_..l934 j
A
O
J
(>
O
s
itized for FRASER
VtUUly; latest bl4 u d
http://fraser.stlouisfed.org//
Federal Reserve Bank of St. Louis
Ask Low
90% Salo 90U
94
Sale 94
83% 81% 847a
96%
65
8812
69
98
65
88%
80
67
74
moh No. \Low High
90%'
9514i
8t7a'
5 89% 94%
6 94
98
1 81
89
Nov’ 18
Sept’ 18
Feb T9 ___
Aug T2
Feb T9 ___
Jan T9
88% 88%
67
67
74
74
75% 75%
74*8 77
82 ia
613^ Salo 6D4
3 58
6178
100 Mar’ 19 ___ too
97*4
85% 70 Dec T 8
36 Oct T7
2 82%
83
8212 Sale 82l2
91i4 96
93 Oct T 8
95*2 100 Feb T7
90% Mar’ 17
5914
64
65
7513
75
82
75 Feb T9
75
737a 7778 7734 Mar’ 19
77
7234 Mar T9 __ 72%
75
80
7412 75
74%
4534 49i2 49
74%
Mar T9
8 65
84
47
8 U2 Sale 81
9173 92 Deo T 8
80
80 MayT2
70
101 May'13
8
79%
79%
78l2
79%
6
7812 Sale 78%
64
66 64 Mar T9 __
60
72*a 62 Jan T9
543.1
5434
50
60
l
78%
78% 12
75
78
87 Feb T9
85U 88
85%
9
80 ' Salo 80
81
60
84 Jan T4
57% 103
553.1 Sale 55%
14%
16% 47
15
87 Oct T8
90*2 93
3634 1314
32*2 Salo 32%
71% 273
68»4 Sale 68
74% 72 Feb T9
71
70
7414 72 Mar’ 19
78
77 Mar’ 19
D
S
s
A
A
J
J
J
J
J
J
O
u
N
A
J
N
J
J
O
J
o
J
7712 79
68
68
74
74
95
77
82
55
40
11
57
75
62*2
85
81
85
52l2
27%
9U2
95
77
7678
6512
N
J
O
o
33
33
33
77%
j
Gas and Electric Light
Atlanta G L Co lat g 5a___ 1947 J D
Bklyn Un Gaa 1st cons g 53.1945 M N
o
Columbia G & E lat 5a........ 1927 J J
J J
Consol Gas conv deb 6s___ 1920 Q F
Cons Gaa EL&P of Balt 5-yr 5a’2l M N
J J
J J
M S
IV! S
J D
F A
N
A O
Kings Co El L A P g 5a.........1937 A o
A o
iYl s
Ed El 111 Bkn lat con g 4a. 1939 J J
Lac Gaa L of St L lat g 5a_.el919 Q F
Ref and ext lat g 53_____ 1934 A o
M N
J D
N Y G E L H & P g 53........ 1948 J D
Purchase money g 4s____ 1949 F A
Ed Elec III 1st cona g 5a..1995 J J
NY&Q El LAP lat con g 5S.193C F A
Pacific G A El Co—Cal G A E—
M N
Pacific O A E gen A ref 5a.. 1942 J J
Pao Pow A Lt lat A ref 20-yr
6s International Series__ 1930 F A
Pat A Passaic O A El 5s___ 1919 M ti
Peop Gas A C lat cons g 6 s.1943 A O
Refunding gold 5a............ 1947 M s
S$Ch G-L A Coke lat gu g 5a 1937 J i
J i
V Ind Nat Gaa A Oil 30-yr 6sl936 M N
M N‘
F A
M N
Stand Gaa A El conv a f 6a.. 1926 J D
J E
J i
IYl S
Union Elec Lt A P 1st g 5a.. 1932 M s
IV1 N
United Fuel Gas 1st s f 6a_. . 1936 J J
Utah Power A Lt lat 5s___ 1944 F A
J J
Utica Gas A Elcc rof 5s___ 1957 J J
Westchester Ltg gold 5s___ 1950 J D
•No Dries
Week’s \ f a 1 Range
Range or
Since
Jan. 1.
Last Sale
05
93
91
84
87
10 L
9612
90%
96
9312
8412
Dec T8
Feb T9 ___
Jan T9
62%
100
86%
75
80
74%
45
76
53
75
86
72
7134
57
62
5434
77
87
79%
79%
65
62
543.1
81
71
81
88
55% 60%
14% 18
32%
68
72
72
77
4334
74%
72%
74%
77
68
74
68
74
55
40
11
55
03
100% June’ 17
9834 Aug T7
86I2
7212
.
65
60 Feb T9
40
43
29
133s 211
Salo 11
8
57
58
79
88% Nov'16
63%
63%
1
90% Feb T7
95 July’ 17
9912 102% Mar'12
52%
5
Sale 52%
41
Salo 27%
29
93i 2
5
Sale 94
95
76 MarT8
90
78 Mar T9 ___
75
48% Feb T9
60
3334 32
32
3
32%
33% 241
Sale 32%
33% 46
79
7733
7733
1
22
22
22
773a
32%
33%
33%
79
103
94'4 93
93
95
SoDt‘15
Feb T9 ___
15%
62
63% 63%
50
54%
27% 32%
94
97
77
78
43% 52%
84
5 82
Salo 84
84
97 Feb T5 ___ |
Sale tot
101% 172 100% 103
99
96% Feb T9 . . . . 96% 97
6 96% 90%
98ls
96la
9!)
96 Feb T9
95% 96
1 93
93%
93%
94
94 Feb T8
85
100 Feb T3
90
85
Olio
90% 90%
91% 94
94 Feb T9 __ 94
94
90i4
1 100 105
100% 110 100% 100%
90
9212
82
80
80
1 797S 84
79
99% Mar’ 19
99% 100
99% 9934
92
97
9412 94 Mar’ 19
94
87'4 90
88
88
89
91 104% Apr *17
9 91% 94
9278
92'2 923.1 92%
12 69
73
Sale 73
73
74%
99
99
5 98 100
98 100
89
96% Aug T7
Mkad,
9334 94>2 93% Mar’ 19
Sale 85»4
87
87
91
86
85
9534
77
85
82
89Vg
847g
80
96
8712
88 Jan T9
100 July’ 17
100% Feb T9
77%
77%
96 Sopt’ 17
100 Apr T7
89 Mar’ 17
94 July’ 17
091.1 Nov’ 16
923g
921.1 02
9473 95 Feb T9
97% May’ 17
70 Nov'18
98% Oot *17
91% 90
90
101% NovTC
97
96
07
89 la 88%
88%
83
85
92ia 90
97
90
70
9134
85%
72»2
90
Feb T9
Feb T9
30
93% 96%
8534 88
88
2
47
88
100 101
74% 77%
91
94
1 90
92%
95
92
4 95
98
1 88% 89%
90
90
90
92
BONDS
N. Y . STOCK EXCHANGE
Week Ending March 21
3
I
j Period
New York Bond Record— Concluded—Page 4
1Interest
1150
[Vol. 108.
Price
Friday
March 21
Week's
Range or
Last Sale
Miscellaneous
Bid
Ask Low
High
60
59% Mar’ 19
Adams Ex coll tr g 4a______1943 VI S 55
26
30
Alaska Gold M deb 0s A ___ 1925 n S 29% 30
1 S 27 30 26%
27
M N
J
87% Salo
A O
90 Feb T8
9278 93%
93%
Braden Cop M coll tr a f 6a. 1931 F A 90
A O 81
83
83
Consol 5s_______________ 1955 J J 80% 85% 83
79% 82'% 81 Jan T9
Buildings 5s guar tax e x .. 1960 A O
A 0
40
50
58 Mar’ 18
J J 87
Salo 87
87%
108%
Chile Copper 10-yr conv 7a. 1923 ftl N 108% Sale 107%
8334
Recta (part paid) conv 6a ser A A O 83% Sale 83%
A O 84% 85% 84%
85%
J J 85
85 "
Sale 83%
98% Feb T9
Granby Cona M S & P con 6a A 28 IYl N 99 100
N 99
N 94%
A O 98%
98%
99%
J 01 %
J 837S 877s
A O
83 Apr T4
.J J
94 Jiino'16
7073 69 Mar’ 19
N Y Dock 50-yr lat g 4a___ 1951 F A 68
94
937S M ar'19
Niagara Falla Power lat 5a.. 1932 J J 91
Ref & gen 6a __________ a 1932 A O 10 L
101 Mar’ 19
M N 90
93% 89% Oct T7
Nor Statea Power 25-yr 5a A 1941 A O 87% 89% 89 Mar T9
f
89%
.73 N
95
135
Pan-AmPet&Trlat convOa T9-’27 J J 135
Sale 135
O 78
77
78
M N 90
J J 92
92
93
Wllaon & Co 1st 25-yr a f 0s. 1941 A O 98% Sale 98%
98%
M anufacturing & Industrial
Am Agric Chem lat c 5a___ 1928
Conv deben 5a____ _____ 1924
Am Cot Oil debenture 5 a ... 1931
Am Hide & L 1st 8 f g 6a___ 1919
A
F
M
ivi
A
Am Tobacco 40-year g 6a__ 1944 A
Gold la.............................. 1951 F
Am Writ Paper lat a f 5a__ 1919 J
O
A
N
S
O
O
A
J
IYl N
Cent Foundry 1st a f 6a___ 1931 F
Cent Leather 20year g 5a. .1925 A
F
Corn Prod Ref’g a f g 5 s ___ 1931 M
1st 25-year a f 5a_______ 1934 r.i
Distil Sec Cor conv lat g 5a. 1927 A
J
General Baking lat 25-yr 6a. 1936 J
Gen Electric deb g 3>$a___ 1942 F
M
J
IYl
J
A
O
A
N
N
O
D
D
A
S
J
N
J
Coal, Iron & Stool
J
lat & ref 5s guar A _______1942 rvi
20-yr p m A Imp a f 5a., .1930! J
j
M
J
F
F
J
J
A
Illinois Steel deb 4H s______1940 A
IYl
J
Lackawanna Steel lat g 5a..1923 A
1st cona 5a serie8 A ..........1950 IYl
Midvale Steel A O conv a f 5al936 M
.J
A
A
N
J
J
J
J
J
D
J
A
D
O
J
103
97
91%
102
88%
93
70
103%
87
99
95%
101%.
97%
J 95%
X 89
J 83%
D 91
S
D
A 89%
A 74%
D 88
D
O
O 84
N 97
D
90%
O 967a
S 90%
S 867a
J 80%
J 88
O 95%
J
J 92%
N 100%
J
Repub I A S 10-30-yr 5a a f-1940 A
St L Rock Mt A P 5a stmpd.1955 J
Tcnn Coal I A RIt gen 5a-.1951 J
M
M N
M N
Victor Fuel lat a f 5a........... 1953 J J
Va Iron Coal A Coke 1st g 5a 1949 IV1 ti
ai
j
Range
Since
Jan. 1.
ACo.l Low High
___ 1 59
65
3 26
35
4' 26% 34
•111 sd
r
... 1
88%
93% 96
855«
81
10, 80
81
19 87
38 105%
11 82%
37
6 83
97
HQ
110
85
98%
236
83
83
69
71
9378 97
101
101
87 % 90
89
91
7 112% 135
I
92
42' 96% 99
100% 107 1110 Mar’ 19
98 101
102% 100% 105% 107% 45 100 107%
87% 88% 88
88
3 88
89%
100 Sain 100
100% 17i 99% 100%
90%
12
119
119% Mar'19
119 " 110%
76%
78% reb T9 ___ I 72% 78%
98
98
32 88
Sale 98
98
90
90
90
10 86
l ini
101%
101 % 101 %
78
82
82
84
1 82
82
9573 Sale 951s
901.1 53 9578 97
74
80% 73% Deo T8
99% 100
99% Fob T9
09% 99%
99% 101% 99%
99%
l 99 % 100
89% 91
90
90
8 89% 91
9215* ion
92% Mar’ 19
87% 88
88 Feb '19
88
88
70% 73% Tk'% Feb '19
73
73%
io
977a
82% Sale 80%
82%
76% 82%
97%
94 Oot ’ 18
87
90% Nov'18
110% 111% 111
6 111
112
90% Salo 90
90%
10! 90
937a
112
112
0 111% 113
Salo 111%
89% 9012 90% Mar’ 19
90% 94
A 0
5a..................................... 1951 F A
Lorlllard Co (P) 7a........ ...1 9 1 4 A O
5s .....................................1951 F A
A O
O
96
95% 96
Nat Enam <fc Stampg lat 5a. 1929 J D
J J 93%
iYl N 95% 95% 94
M N 100% 101 100
Sale 102
Pierce Oil 5-yenr conv 6 a ..(71920 J D 104
Sale 94
10-year conv deb 63____ 51924 J J 95
lat a f 7a 1920 warrants attach F
F
Standard Milling lat 5a___ 1930 M
J
J
J
Union Oil Co of Cal lat 5S..1931 J
J
U S Rubber 5-year sec 78.. .1923 J
lat & ref 5a series A.......... 1947 J
U S Smelt Ref A M conv 6a. 1926 F
Va-Caro Chem lat 15-yr 5a.1923 J
A
West Electric lat 5a Dec___ 1922 J
|3
96
182
2 96
___
90
94
5 04
Mar’ 19 . . . .
101
144 100% 101 ~
96% 125' 88% 96'a
9931 103
270 98% 103
96%
97% 246
93 Mar’ 19
93
95 ”
1017S 102
3
8031 Mar’ 19
85
89%
87 Doc T8
94
937a Jan T9
937a 937fl
Sale 70
9 no
74
71
103% 10378
1 102% 104%
10313
871,1 151 80
Sale 867s
877a
9953 14 97% 100
Sale 9812
96
Salo 95%
n ! 95% 06
10Ut 12'
102 1013,1
Sale 97%
9773
97
99%
10i
Salo
Sale
95
Salo
89%
96i,i
89i.i
84%
96
90
75
91
95%
9611
891,i
8978
83%
81
90 May’ 18
86% July’ 18
101 Deo T4
28
5 87
23 80
89?r
84
75%
75%
4 73%.
90 Feb T9 ___
98 Feb T9
05
98%
94 Feb *18
84
85% 83%
4 82% 85%
97% 97%
98
iO 05% 98%
Salo 9n%
Salo 89%
Sale 86%
887a
95%
82%
94%
90
no7a
90%
8678
4
31
55
96% 98
86
90%
80
88%
Deo T8
9533 Mar'19
94%
80-%
92
99%
99%
70 Mar’ 19
87% Jan ’ ll)
70
70
87% 87%
84%
Salo 84
Am Telep A' Tel coll tr 48. . . 1929 J J 84
78% Mar’ 19
Convertible 4s.................1936 IYl S 78% 82
!)0
M a 89
89% 8878
J D 91
90%
91%
F A 103%
103%
101
J D
99
98% Feb T9
73 Nov’ 17
Q J 05
Q J
93%
93%
Cum bT A T lat A gen 5 s ... 1937 J J 93%
j
J
96% 98 Apr ’ ll
F A 91% 92% 92 Mar’ 19
M N 98% 99% 98% Jan TO
Sale 8912
903«
N Y Telep lat A gen a f 4 Ha. 1939 M N 90
92%
Pacific Tel A Tel 1st 5a . _.193( J J 917a 92% 92%
93
Sale 92
South Bell Tel A T lat a f 58.1941 J J 93
94i 93 Mar’ ll
93
West Union coll tr cur 5s__ 193f J
M >
86
85
867a Mar’ ll
CV1 N
99 101% Sept’ F
81%
04 Nov’ lf
Northwest Tel gu 4 Ha g. .1934 J
83% 85%
77
78%
27 85% 90
158 90-% 94
160 10031 104
98% 98%
80%
80%
1
92 Mar’ 19
100
100% 262
100% 99% Mar’ 19
87
55
70
85% 87
05%
80%
92
101%
100%
41
1 03
90
98%
19 88
39 92%
47 917a
___
93
. . . . 86%
___
04
92la
98%
91%
95%
93
94
92
::::::::
aDuo Jao. d Duo April, 4Due M ay. aDue June. 4Duo .July. ft.Due A uk. oD uo Oot. p Duo N ot . f Duo Doo. * Option sale.
Mar. 22 1919.]
BOSTON STOCK EXCHANGE— Stock Record
Salesfor
the
Week
SHARE PRICES—NOT PER CENTUM PRICES.
137% 137%
0734 x66%
66%
*___
* ---- 86
♦114
58
99%
70
♦78%
1%
0%
31%
*90
*97
*19
42%
*50
30 *
132% *
86
*85
120 *114
58
*57
100
100
70
80
*78%
1%
1%
7*2
6%
32
30%
91
*90
____ *97
21
*19
43
51
42
50
20
14%
11
*4%
172
*55%
157%
*29
*478
*19
7%
*97
83%
70
*134%
*90
96
*40
*120
*51
*14
*38%
127
* ____
174
48%
27%
95%
*11412
9%
30
135
*
*
120
58
100
*85
*114 120‘
56
56
*9938 —
80
1%
7%
3138
94
42%
50
8
2%
2
1
17%
1
*.90
17%
*.75
.75
45
2
2
ih
9
2
*214
7
8
2
1%
*.90
17
*.75
108
101%
*.0 l
*
*118
116%
101%
52%
97
82
*80
*19
115
*64
21
15
11
*4%
172
*55%
157%
29%
4%
19
7%
*98
821.;
08%
*135
92
90
*50
*120
51%
*14
38%
128
59%
173%
4812
*27%
94%
*114%
9%
.85
67
3*4
.30
39
13
45
11%
.30
24
58
390
13
40
3*8
5
8*4
3U
71
42%
5
.75
45
%
82
24%
5%
1%
312
234
2*4
4
%
312
%
15%
1%
15%
8%
9%
65
9%
10
.50
1%
34
45
13%
56
19%
42
13%
2
3
52
1%
.12
4%
2
2%
.85
49%
49%
2%
21
42
50
108
102
.94
4%
119
116%
105%
52%
98
82
84
19%
117
21%
15%
11
5
172
553;
157%
29%
5
19
7%
821;
69%
136
92
96
52
51%
15%
39
1283;
60
175
493,
28
95%
115
103,
.75
.75
66
67
*33s
3%
*.25
.30
39
39
13
13%
44
47
11% 11%
*.22
.30
21% 21%
*58
58%
395
100
*12% 13%
39% 39%
*2%
3%
*4%
5
8 Hi
*3
3%
*07
71
*41% 43
5U
5U
*.50
%
45%
*80
82
241; 244;
5*4
5%
*1
1%
* %
4
* %
3
%
2%
♦t
41
%
3%
3%
52% 52%
15% 15%
*1%
1%
15
15
8%
* %
♦8%
9
61% 61%
9%
9%
9% 10%
.50
*1
1%
32
32
47
*45
13
13
55
55
19% 19%
42
*40
*13
14
2
1*4
.75
45
3
2
2
3
*3
7
*1 %
1%
*.11 .12
5 5
1% 2
25,
25,
.90
♦.SO
49% 49%
49% 49%
21;
2%
8
83s
8
2
2%
2
1%
1% *1%
1
1
*.90
*17
17
17%
1
1
*.75
• Bid and asked prloea
Wi
*85
*114
58
*9933
120
58
—
80
80
13,
1%
5
6%
29% 30
94
*90
1003; 100%
21
*19
*1)5 100
42
42
51
51
41
*50
42
51
40
40%
............. ..
19
8
1%
*1%
*.11
4%
2
*2%
.80
49
49%
2%
7%
1%
1%
*.90
17
*.75
.85
*.60
.75
66
63
64
63
63
3%
3%
3%
.30 *.25
.30
*.25
.30
39
38% 38% *37
38
13
121; 121; *13% 14
44%
43% 43% *43
45
113;
11
11% *11% 12
Last Sale .22 Fob’ 19
.30
21%
*221; 231;
20
20
59
57% 57%
392
395 395
395 400
13
12% 13
12
12%
40
393;
40
40%
*2%
3
2%
*2%
3%
5
478
5
5
5
8%
8%
8%
8%
83;
3%
2% 3
2%
2%
71
Last Sale 70 Mar’ 19
43
*41% 42% *42
4.3
I
*5
5%
.75
44%
44
it
%
82
Last Sale
24%
24% 24%
241; 24%
*5%
5%
5%
*5%
5%
Last Sale
1%
4
*3%
4
*3%
4
2%
*2%
2%
*2%
3
*2%
3
2%
*2%
3
*4
4%
4*2
*4
4%
3%
3%
%
3%
33,
%
Last Sale 3
Mar’ 19
52%
53
53
53
53
16
*15% 16
*15% 16%
*1%
1%
*1%
1%
1%
15%
15% 15%
15
15%
8%
Last Sale 8i
Mar’ 19
9%
Last Sale 9
Feb 19
63
♦60
62
9%
*9
9%
*9
I
10
10
10
%
.50
*.50
.60
1%
1
1
*1
1%
32
31% 32
31% 32 "
47
*45
47
*45
47
13% *13
13%
13% 13%
55
55
55
20
*19
193; *19% 20 "
40
40
40
*39% 42
13%
13% 13%
13% 133s
2
2
2
2
2
Last Sale 1% Mar’ 19
1%
.12
Last Sale .13 Mar’ 19
5
*4%
5%
*4%
5
2
2
*1% 2
2%
2%
23,
*2%
23,
.80 *.80
.90
.83
.83
49
49
49
49
49%
49%
49
49
2%
2% 2%
2% 2%
&
nopar
1
40
*5 5 0
44 44
3
3
7%
1%
1%
8
2
1%
.90
.90
94
*10 10
2
7%
2
1%
1
17
1
a Kx-divtdend and rights.
*8
8%
1% 1 %
*1%
1%
.80
.80
16
17
*16% 17
Last Sale .50 Mar’ 19
« Assessment paid.
Highest
Railroads
40 Boston
Albany_________ 100
503 Boston
Elevated-------- 100
Boston
Lowell. . . ___ 100
590 Boston & M a i n e . .. . . __ 100
2 Boston
& Providence___100
Boston Suburban Elec
Do pref________________
Boston & Wore Elec__
Do pref________________
Chic June Ry 4 U S Y ------ 100
Do
pref______________ 100
Connecticut River------------- 100
17 Fitchburg pref....................... 100
129 Georgia Ry & Elec stampd.100
25
Do
pref______________ 100
25 Maine Central------------------- 100
29,829 Mass Electric Cos_________ 100
22,295
Do
pref stamped_____ 100
783 N Y N U & Hartford..........100
Northern New Hampshire. 100
47 Old C olony_______________ 100
Rutland pref______________100
Vermont & Massachusetts.100
393 West End Street___________ 50
182
Do pref________________ 50
Miscellaneous
1,037 Amer Agrlcul Chemical— 100
207
Do pref_______________ 10G
110 Amer Pneumatic Service.. 25
Do pref________________ 50
620 Amer Sugar Refining-------- 100
199
Do pref.................
100
1,286 Aincr Telep & Teleg---------- 100
85 American Woolen of M ass. 100
597
Do pref_______________100
227 Amoskeag Manufacturing..
10
Do pref________________
Art Metal Construe Inc— 10
820 At.1 Gulf
W I SS L in es..100
75
Do pref_______________ 100
1,112 Booth Fisheries_______
2,205 Century Steel of Amer Inc. 10
25J Cuban Portland Cem ent.. 10
187 East Boston Land__________ 10
220 Edison Electric Ilium-------- 100
75 Fairbanks Co_______________25
*10
•' |U
General
L1IU Electric----------------100
i t /..- ..- - . - a
506 Gorton-Pew Fisheries_____ 50
1,020 Internat Port Cement------ 10
245
Do pref_______ ;______ 50
1,415 Island Oil & Trans C o r p ... 10
McElwaln (W II) 1st pref.100
365 Massachusetts Gas Cos— 100
312
Do pref_____ _____ — 100
8 Mergenthaler Linotype— 100
80 New Eng Cotton Yarn------ 100
151 N ew E n g la n d T e l e p h o n e .. 100
131
65
85
28
167
..no par
nopar
no par
nopar30
91
N o v a S co tia Steel & C ------- 100
55 P u llm an C o m p a n y ------------- 100
269 P u n ta A legre S u g a r------------- 50
1 R eece B u tt o n -H o le --------------- 10
1,675 Stew art M fg C orp n
1.7 1 7 ;S w ift & C o ................................. 100
HO T o r r ln g t o n _____________ . . . 25
1,254 u n it e d F r u it .............................100
3 ,235 U n ited Sh oe M a c h C o r p . . 25
141
D o p r e f _________________ 25
4,712 u S Steel C o r p o r a t io n _____100
D o pref ...................
100
6,564 V en tu ra C o n so l OH F ie ld s . 5
M in in g
50 A d v en tu re C o n ______________25
374 A h m e e k _____________________ 25
60 A la sk a G o ld __________________10
300 A lg o m a b M in in g ____________ 25
60 A ilo u e z _______________________25
300 A m er Z in c , L ea d & S m e lt- 25
111
D o p r e f _________________ 25
395 A rizona C o m m e rcia l___________ 5
B u tte U ala kla va C o p p e r .. 10
’ "'io B u tte & Sup C o p (L td ) — 10
510 C a lu m et & A r iz o n a --------------10
148 C a lu m et & H e c la ___________ 25
86 C e n te n n ia l,__________________25
643 C o p p e r R a n g e C o ___________ 25
825 D a ly -W e s t ___________________ 20
3 3 0 ;D a v ls -D a ly C o p p e r _______10
400 East B u tte C o p p e r M in _____10
189 F ra n k lin _____________________ 25
G ra n b y C o n s o lid a te d ______ 100
G reen e C a n a n ea ___________ 100
103 H a n cock C o n s o lid a te d ______ 25
In d ian a M in in g ______________25
250 Island C reek C o a l--------------- 1
---------- D o
p r o f ________________
1
365 Isle R o y a le C o p p e r ............... 25
275 K err L a k e __________________ 5
■.......... K ew eenaw C o p p e r .....................25
150 L a k e C o p p e r C o ________
25
20 La Salle C o p p e r ____________ 25
325 M a son V a lley M in e -----------------5
135 M assa ch u setts C o n s o l______25
1,383 M a y flo w e r-O ld C o lo n y ____ 25
--------- M ic h ig a n _____________________ 25
467 M o h a w k ___________________ 25
N e v a d a C o n s o lid a te d __________5
100 N ew A r ca d 'a n C o p p e r ______ 25
955 N ew C orn elia C o p p e r _______ 5
N ew Idrta Q u ick silv er________ 5
N ow R iv e r C o m p a n y ______ 100
15 D o
p r e f________________ 100
330 NIpls8lng M in e s ___________ 5
710 N orth B u t t e _________________ 15
610 N o rth L a k e ............................ 25
60 O Jlbw ay M in in g ____________ 25
675 O ld D o m in ion C o ___________ 25
115 O s c e o la ______________________ 25
165 P on d C reek C o a l___________ 10
215 Q u in c y _______________________ 25
50 R a y C on solid a ted C o p p e r . 10
20 St M a r y 's M in era l L a n d .. 25
175 Seneca C o p p e r C o r p . . n o par
3,4 8 5 S h a n n o n ____________________ 10
----------S ou th L a k e _______ ___________ 25
............ S ou th U ta h M * 8 _________
5
392 S u p e rio r______________________25
1,025 S up erior & B oston C o p p e r . 10
310 T r in it y ...........................................25
700 T u o lu m n e C o p p e r .......... ..
1
570 U S Sm elt R efln A M i n . . . 50
139
Do
p r e f ................................ 50
795 U ta h -A p ex M in in g ________
5
206 U ta h C o n s o lid a te d ________
6
3,0 1 0 U ta h M e ta l & T u n n e l________ 1
400 V icto ria ______________________25
150 W in o n a .......................................... 25
172 W o lv e rin e ____________________ 25
______ W y a n d o tt e _________________
25
6 Ex-stock dividend,
a Ex-rlghts
1151
Range Since Jan. 1.
STOCKS
BOSTON STOCK
EXCH A N G E
&
80
80
1%
13;
l
Us
5
5%
41;
4%
29% 30 ! 29% 29%
Last Sale
Mar’ 19
102 102 |
Last Sale 19 Mar’ 19
107 1081; 107% 1073; 107 107
101% 101% 101% 101% 101 101%
.94
*.61
*.60
.94
.64
.64
*
4%
Last Sale 5
Feb'19
120 123
123 124
123% 125%
116% 116% 116 116)3; 116% 116%
101% 105
101% 105
104% 10 4%
523, 523, *51
53
*52
53
973; <j,s% 97% 98
97% 97%
83
83
82
82
81
81
*80
83%
*19% 20
Last Sale 20 Mar’ 19
114 116 1*114% 115%
11G% 117
*04
____
*04
20% 20%
203; 20%
20% 20%
14% 15%
143; 15
143g 143;
11
11
*11
11% 1
43;
4%
4*2
473
171 171 *168 171
167 171
*55
56
55
55
54% 54%
*156 158
156 156
*29% 30
2 9 % .2 9 %
*41;
5
*4%
5
19
19
*18
20
7%
7%
7%
7%
7->8
7%
*98
Last Sale 98 Mar’ 19
82% 83
82% 82%
83% 83%
*69
69%
69
69%
69
70
*136
134% 134%
*90
____ . .
*90
z94
94%
94% 95
94
04%
*50
52
Last Sale 48 Mar’ 19
119% 121 *120
____
51
51%
51
51
50
50
*14
15% *14
15%
38% 38%
381; 38%
38% 381;
128% 12.3% 128% 130
129% 130%
60
60
____
*60
172% 1743; xl09% 171
169 170
Z48% 48%
48% 49
48% 49%
*27% 27%
27% 27%
27
27%
94% 96
94% 95%
96% 99%
*114% 115
Last Sale 115 Mar’ 19
10
10%
9% 10
10
10%
*.50
64
3%
.30
39
*12
44%
113,
*.22
*20
58%
391
*12%
39%
2%
*4%
8%
*2%
*67
*41
*5
*.50
44%
♦80
21%
51
1*
*3%
*2%
*2%
*4
3%
*3
52
*15%
*1%
15%
*7%
*8%
*60
9%
10
.50
*1
32
*45
*13
♦54%
*19%
40
13%
Shares.
Last Sale 30% Feb’ 19
135 135
*85
____
Last Sale 114 Mar’ 19
58
58
56
56
* 9 9 * 8 ____ * 9 9 3 , ____
c
8
2
*1%
*.50
67
*33*
*.25
z39
12%
45
11%
*.22
*22
56%
388
*12%
39
*2%
5
*8%
3
*69
42%
5
*.50
% *44%
82
*80
24%
24%
5%
5%
*1
1U
3%
3%
* %
%
%
4
4
3*2
338
3i2 *3
52
52
16% *15
112 *1%
15
*15
* %
*8%
65
♦60
9%
9%
10
9%
.75
.50
.75
♦1
32
*32
47
45
13
♦13
55
54*2
19% *19
11
*40
13% *13%
2%
1*1
1%
*1%
.12
♦.11
4%
6%
2
2
2%
2SS
.81
*.80
491.1 49%
49
49
2%
2%
41
50
80
2
7%
31
91
30
135
*
c1C
.85
67
3*2
.30
40
1134
'15
12
.30
20
57
395
13
3912
3 !8
5%
8%
314
72
43
5»2
7
3933
59
49
30
135
80
1%
6%
29%
*90
•*97
*19
21
107% 108%
101% 101%
.94
4%
118% 118% 118%
117
116 117
104% 104% 105%
68
54
*53
100% x97% 9,8%
83
83
83
____ *81
83
20
19%
*19
115% *113 115
65%
66
60
20%
22
21
15%
14% 15%
11%
11
11
5
*4% 5
172 *166 171
5534 55% 55%
157% *156 158
29%
29% 30
5
4%
5
20
19
19
7%
7%
7%
98
98
*97
83%
82% 83
70*2
70
70
138
136 136
—
____
*90
96
96
96
55
52
*48
121 *121
121%
52
51% 52
15%
15
15
39
38%
12734 127% 12812
%
%
175% 17438 175
49
48%
28
*27% 23
96%
96
95
11^ *114% 115
10
9% 10%
*.50
66
3*2
*.25
*39
11%
*42
*11%
*.22
*18
57
365
13
39
*23;
*5
8%
3U
*67
*42
*5
*.50
45%
*80
24%
5%
*1
3%
2%
2%
4
3%
*3
52
*15%
1%
15
* %
*8%
*61
9%
10
*.50
.75
32
45%
13
54%
♦19
*40
13%
1%
*1%
*.11
*4%
2
2%
.81
49%
•48%
2%
Friday
March 21.
30
167
2
10
434+ *.64
59
Thursday
March 20.
____ 138 138
138 138% 138 138 *138
05% 66%
651; 65%
65
65
65% 65%
*91
95
*91
Last Sale 91% Mar’ 19
30
31
31
30
30
30
30% 31
*
*
167
167
2
2
*1
Last Sale %
Dec’ 18
*1
10
10
*7
Last Sale 7
Fob’ 19
*7
107 108%
102 102%
*.65
.94
118%
117
104%
*66
100%
82%
*81
*19
115%
05*4
Wednesday
March 19.
bo
Cn
2
10
*91
30
167
*1
*7
Tuesday
March 18.
5'
♦137 138
67%
96
*91
♦30
—
♦167
*1
*7
Monday
March 17.
00
Saturday
March 15.
BONOS
Sob Next Pago
Jan 8
Mar20
Feb 8
Jan30
Jan 9
Feb 3
Feb 7
135
Jan 4
84 Feb14
112
Janl5
x5534 Feb28
99% Marl5
70 Mar 15
80
Jan23
1 Mar21
4% Mar21
25% Febl3
92
Feb21
97
Feb28
19
Jan24
95
Jan 6
40 Mar21
49% Mar 13
100
Jan29
97% Jan 3
55c Jan 2
Jan 7
111
Jan 2
113
Jan 2
99
Jan29
46
Jan20
94
Jan21
79
Feb 15
78% Jan 9
17% Jan21
97
Feb 3
63
Febl5
18% Feb 7
13% JanlO
11 Mar 15
4% Jan 4
164
Febl8
52% Jan21
146% Feb 7
28% Mar 6
4% M arl8
18
Jan 4
6
Jan 2
90
Janl7
8112 Jan20
68% Mar 18
130
Feb10
92
Jan
90
Jan22
46 Mar 5
113% Febl3
48
Feb 1
14
Jan
32% Jan23
115
Jan30
52% Janl3
157% Feb 10
44
Janl3
26% Jan
88% Feb 10
113
Jan 2
7% Jan21
140
73
95
33
168
Feb27
Janl4
Jan 3
Mar 7
Jan 6
11
Janl4
30%
135
87%
114
58
Feb 7
Jan 4
Jan 9
M arll
Jan 2
Marl4
Feb27
Jan 6
Jan 14
Janl4
MarlO
Mar 1
Jan 3
Janl8
JanlS
Jan 8
Jan 6
100
74
83
3%
17%
34%
94
105
20
100
47%
55
108% Marl 5
10212 Marl5
1% Feb 3
6
Jan 8
125% Mar21
zll8 % Feb27
108% MarlO
673g M a rll
101% Marl2
83
Janll
82
Jan 6
22
Feb20
117 Marl8
66% Jan25
22% Jan 2|
15% Mar 17,
14
Jan 2
638 Janl4
172
Jan 2
61% Jan 2
157% M arl5
32% JanlO
5% Jan 2
21
Feb11
9% Feb20
98 M a r ll
S3
Jan 9
71
Janl3
136 Mar 12
92
Jan 7
96 MarlO
52
Jan25
122% Janl5
54
JanlO
15
Janl4
40% Feb20
*131% MarlO
60
Feb21
175% Marl4
50% M arl 2
31
Jan25
99% M ar21
115% Jan25
10% Febl5
.56
63
3%
20c
38%
IO
39
10%
20c
17%
57
350
Feb 6 .75
Feb 6
Mar20
71
Feb10
4% M a r ll
Mar 4
Janl5
30c Feb 7
Mar20
44
Jan21
Feb 11
13% Feb28
Feb15
47 Marl8
Feb28
12% Jan 6
Jan30
30c Janl7
Jan23
24% Feb28
Feb10
63
Jan 4
Mar 14 445
Jan 3
12 Mar21
14
Feb13
39 Mar
42% Jan25
2 M arll
3% M a rll
434 Feb 13
5% Jan31
8
Feb28
9% Jan 3
2% Mar21
3% Jan 6
68 Mar 1
73% Febl3
42% Mar27
45% Jan 2
4% Feb 6
5% Jan 2
50c Mar 8
75c Feb18
42% Feb 7
48
Jan 4
79 Mar 4
82% Jan21
24
Jan 2
27
Feb27
4
Janl7
5% Jan24
99c Mar 4
1% Feb 10
3
Jan25
4% Jan 2
2% Jan21
2% Jan 3
2% Feb 18
3
Jan 9
4
Feb 7
4% Jan 2
2
Jan13
4 Mar 12
2% Feb24
4% Jan23
49% Feb 7
54% Jan 3
15% Feb26
16% Mar 5
1 Mar 8
1% Janl4
Mar 5
17
Janl3
8% M arll
9% Janl8
8% Feb 11
10% Jan'28
57% Mar 1 63% Jan20
8% Janl5
10% Janl3
9
Feb20
1H* Jan 4
40c Jan 7 60c Feb26
75c M arl5
1% Janl3
30% Mar 5
35% Janl4
52
Janl4
45 Marl7
13% Jan 2
12% Feb 8
61
Jan 3
54 Mar 4
21
Jan 6
19% Feb 8
43
Feb 4
40 Mar 4
14% Jan 4
13
Jan22
1% MarlS
3% Jan 9
40c Janl3
1%, Febl4
8c Janll
14c FeblO
4 Mar 8
6
Jan 4
1 % Jan22
3
Jan 4
2
Feb 3
3
Janl3
90c
75c Feb11
. . . Feb11
43
Jan21
51% Marl2
44% Jan24
49% Marl4
3% Jan 3
2% M arl 9
8% Jan 2
7% Janl8
1% Jan28
2% Marl2
1% Mar 13
2% Jan 2
50c Jan 9
1% Jan 4
15 Mar 5
19
Janl4
40c Marl3
50c M arl3
34
1434
s Ex-dlvldend.
• Hall- paid.
Rangefor Previous
Year 1918
Highest
122%
37
80
19
150
.50
10%
Apr 146
Jan
80
July 104
40
Jan
Apr 170
3
Dec
15
Mar
Nov
Nov
Nov
Sept
Aug
June
June
25 July
30% Nov
Apr
138 July 147
82% Apr
85% Dec
104
Feb 125 Nov
65
Jan
53
Jan
106 Sept 116% Jan
81
Feb
70
Oct
88 Nov
77% June
7% May
1% Sept
33 May
8% Jan
46 May
27
Feb
95 Nov
84
Oct
x88% June 112% Dec
25
Jan
20
Jan
90
Oct
80 Aug
50 July
37
Feb
62
Apr
47
Jan
7812 Jan
88% Jan
.40 July
4 Sept
99
Jan
107 June
90% Aug
45% Jan
90
Jan
60% Jan
76
Jan
11
Feb
98
Jan
58% Jan
21
Jan
10% M ay
11% Nov
4
Jan
134 June
27% June
128
Jan
27 Aug
4% Oct
12
Apr
3% Aug
88 Sept
z77% Jan
62 June
107 June
88
Jan
82% July
53
Dec
102
Jan
29
Jan
Jan
11
Oct
27
102 Aug
45
Jan
115% Jan
38% July
24% Aug
S7 Mar
108 Mar
5
Jan
106
Oct
100 Dec
2% Mar
15% Mar
115% May
115 Dec
109% Oct
60% May
97% Dec
92 Nov
82 June
xl9
Dec
120% Feb
67% Nov
28% Sept
14% Dec
17% May
% May
186 Nov
64% Nov
157% Nov
35 Aug
7% Oct
23 Nov
6% Deo
93 Nov
91% Nov
71 Nov
147 Nov
95
Oct
100% Oct
69
Jan
130 Nov
51
Dec
13% Mar
41% Nov
146% Aug
56
Dec
166 Dec
48% May
% May
116% Aug
113% Dec
9 Nov
5
26
1% Jan
% June
86 Nov
69 Dec
5% Nov
1% Apr
.45 May
.15 July
54
Feb
40% Dec
21% July
10 Dec
54 July
40% Dec
11
Jan
16% Aug
.48 Nov
.20 Oct
33 May
16% Dec
73% May
61
Dec
Dec
425 Dec 470
10% June
Feb
51% Nov
40
Dec
3 Sept
1% Apr
6% Mar
4% Dec
12 Nov
8% Mar
6
Feb
3 June
84% Oct
73% June
57% Nov
39
Jan
10% Jan
4% Dec
1
Jan
.40 July
44% Dec
70 May
84
Feb
79% Oct
19% Jan
29 July
5
Jan
6% Oct
1% May
.80 Sept
3% Dec
8% May
2
Jan
3% Mar
6
Feb
2% Dec
7
Jan
3% Sept
4% Nov
.65 Mar
.40 June
4% Oct
66% May
50% Dec
16t2 Dec
20% May
2% July
1% Aug
1412
9% Dec
12 Aug
63% Dec
8 Mi Jan
10% Dec
.25 Feb
% June
32
Dec
4612 June
12% Dec
59
Dec
19% Dec
38
Dec
7
Jan
2% Dec
% Sept
.10 Dec
4
Feb
1% Aug
2% Sept
.73 Dec
36
Apr
42 July
1% May
7 Dec
1 Dec
1% Dec
% Nov
18 Dec
.40 May
17% Mar
20
Jan
80
Jan
9% Apr
17% May
.95 Mar
1% Dec
45% Jan
65
Jan
20% Feb
78 May
25% May
57
Jan
15% Dec
5% Jan
2
Jan
.20 Jan
8% Nov
4% Sept
4% Feb
1 % Aug
50% Oct
47% Nov
4% Nov
12
Jan
3 Hi Apr
3
Jan
2
Jan
36
Jan
1 >/, Mar
[V ol . 108.
THE CHRONICLE
1152
Chicago Stock Exchange.—Record of transactions at
Chicago Mar. 15 to Mar. 21, compilod from official sales
Boston Bond Record.—Transactions in bonds at Bos lists:
ton Stock Exchange March 15 to March 21, both inclusive:
Friday
Sales
uinside Stoeu Exchanges
Bonds—
U S Lib Loan 3 % s . 1932-47
1st Lib Loan 48-1932-47
2d Lib Loan 4s. .1927-42
1st Lib L’n 4 % s .1932-47
2d Lib L’n 4 % s. 1927-42
3d Lib L oan4% s_. .1928
4th Lib Loan 4 % s. .1938
Am Agric Cliem 5 s .. .1924
Am Tel & Tel coll 4s. .1929
A tlC .A W I S S L 5s. .1959
Gt Nor-C B & Q 4 s .. .1921
K C Mem A B Inc 5s. 1934
.1929
N E Telephone 5s.
.1932
Punta Alegre Sugar Gs 1931
Swift A Co 1st 58__ .1944
United Fruit 4 % s __ .1923
U S Smelt K & M conv Gs..
84
vox
90
65%
98.54
94.04
93.54
94.04
93.04
94.40
93.50
100
84
79
95 %
73
93 %
90 %
92
95
100
99
4
4
99.08
94.14
93.70
94.54
93.82
95.IS
93.98
100
84
SO
95
73
93%
90%
92
96
100
99%
4
SI 5,400
5,850
21,750
1,800
18,600
120,400
179,650
0,000
5,000
18,000
12,000
6,000
2,000
8,000
1,000
12,000
1,000
6,000
Range since Jan. 1.
High.
Low.
98.04
91.64
92.04
93.44
93.04
94.40
93.50
100
83%
79
95%
72
92
90%
87
95%
100
99
Feb
Jan
Jan
Feb
Mar
Mar
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Feb
Jan
F'eb
99.64
94.34
94.02
90.50
95.90
96.50
96.50
106
84%
83%
95%
74
94
93%
94
96%
100
100
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Mar
Mar
Feb
Mar
Jan
Jan
Jan
Baltimore Stock Exchange.—Complete record of the
transactions at the Baltimore Stock Exchange from Mar. 15
to Mar. 21, both inclusive, compiled from tho official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks—
Sales
Friday
Last Week’s Range for
Sale. ofPrices. Week.
Par. Price. Low. High. Shares.
Alabama Co 2d pref__ 100
Consol Gas E L & Pow. 100
Consolidation Coal____100
Cosden & C o____________ 5
Preferred ______ _______5
Davison ChemlcaL.no
Elkhorn Coal Corp......... 50
par
106
82%
7%
4%
27%
Houston Oil trust c tfs.. 100
Preferred trust c tfs.. 100
Mer A Min Trans V T . 100
MtV-Woodb Mills v t r 100
76%
Preferred v t r ______ 100
Pcnnsyl Wat A Power. 100
10%
United Ry & Elec______ 50
Wash Balt & Annap____50
25
Wayland Oil & Gas........... 5 ............
Bonds—
Ala Cons C & I 5s____1933
Alabama Co gen 6s small ’33
Atl & Charlotte 1st 5s. 1944
Balt Electricstpd 5 s .. 1947
Balt & Harris W E 5s. 1938
Cons Gas E L & P 4% s ’35
98
5% notes......... .................
Consol Coal ref 5s____1950
Cosden A Co Ser B Os. 1932
Cosden Oil & Gas 6s. .1919
Elkhorn Coal Corp 6s. 1925
98
Kirby Lumber Cont 6 s.’23
Lake Roland El gu 53.1942
Minn St * St P C Jt 5s 1928
Monon V Trac 5s____1942
No Balt Trac 5s............1942
United Ry A E 4s____1949
Income 4s__________1919
Small
50%
.................. 1936
Va Mid 5th ser 5s small-’26
Wash B A A 5 s ......... 1941
W11A Weldon 5s......... 1935
65
65
2%
2%
72%
70
107
106
79% 82%
7%
7%
4%
4%
37
37
27% 27%
33
33
80
80
81
80
54% 55
17% 17%
74
76%
79% 81
15
19
24% 27
3%
3%
81
85
94%
94
92%
84%
98
100%
89%
99%
90
99%
98
100%
98%
100%
89%
86
100%
95
71%
50
75
74%
94
97%
82
100
81
85
94%
94
92%
84%
98%
100%
89%
99%
91%
99%
98%
100%
98%
100%
89%
86
100%
95
72
54
75
74%
94
97%
82
100
Rangesince Jan. 1.
High.
Low.
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Feb
Jan
Mar
Mar
Feb
68
3%
72%
110%
83
8%
4%
40%
30
33
86
90 ’
60
17%
76%
81
20%
27
4%
Mar
Jan
Mar
Mar
Jan
Feb
Feb
Feb
Jan
Mar
Feb
Feb
Feb
Mar
Mar
Mar
Jan
Jan
Feb
Feb
81
$2,000
Mar
85
300
94% Mar
1,000
16,000
92% Jan
1,000
92% Mar
84% Mar
1,000
11,600
95% Jan
30,000 100% Mar
1,000
89% Mar
99% Jan
14,000
10,000
85% Jan
99% Jan
1,000
98
Feb
8,000
1,000 100% Mar
3,000
98% Jan
Jan
3,000 100
89% Mar
1,000
Jan
86
1,000
1,000 100% Jan
Mar
2,000
95
7,000
71% Mar
Mar
50
62,000
Jan
4,000
75
600
74% Mar
94
Mar
9,700
97% Mar
500
Mar
7,000
82
Mar
3,000 100
81
90
94%
94
96%
85%
98%
100%
92
100%
92%
99%
99%
101
99%
100%
93%
86
100%
95
70%
55%
70
70
90
97%
83%
101
Feb
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Jan
15
400
310
99
1,727
2,368
755
85
20
100
20
184
50
57
107
243
3,516
2,147
100
60
2
70
105
79%
6%
4
32
27
33
72%
72%
54%
16
71
77%
15
24%
3%
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Mch. 15 to Mich. 21, compiled from official sales
lists.
__________ ___________
Stocks—
Sales
Friday
Rangesince Jan. 1.
for
Last Week's Range W
eek.
Sale. of Prices S
High.
Par. Price. Low. High. hares. Low.
Standard Sanitary Mfg.100
Union Natural Gas____100
U S G la s s ...................... 100
U S Steel Corp, com__ 100
99
West’hotfso Air B rake..50
Wcst’house Elec & M fg-50
99%
47
18%
83
81
100%
45
130
6%
20%
100
3
8
98
213
50
7%
15
18%
45%
30%
8%
4%
12%
49
15c
31c
9%
116
%
8c
150
124
30
95
115
97
45%
Bonds.
Indep Brewing 0s____1955
Penn Street Ry 5s......... ......
48%
90
48
90
American Sewer Pipe.. 100
Amer Wind Glass Mach 100
19
Amer Window Glass, pflOO
Columbia Gas & E lec.. 100
Commonwealth Trust. 100
Consolidated Ice, c o m ..50
Preferred...................... 50
Harb-Walker Refrac, pflOO
Indep Brewing, com____50
6%
21
La Bello Iron Wks.com.100
98
Mfrs Light A Heat......... 50
Nat Fireproofing, c o m ..50
50
Ohio Fuel Oil_____ _______1
Ohio Fuel Supply______ 25
Oklahoma Natural G as.25
Oklahoma Prod A Ref__ 5
Plttsb Brewing, com____50
Pittsburgh Coal, com .. 100
Plttsb Jerome C opper... 1
Plttsb & Mt Shasta C o p .. 1
Pittsburgh OH & Gas. .100
Pittsburgh Plate Glass. 100
Rlvorsldo East Oil, com. .5
40
31%
8%
5%
50
17c
3tc
11%
19%
85%
82
100%
46%
130
6%
21
100
3%
9
103%
222
50%
8
15%
19
47
31%
9%
5%
13
50
17c
31c
11%
116
%
8c
150
125
32
99
115
102%
47%
815
650
95
30
175
3
785
30
10
820
345
420
120
375
390
95
545
2,597
3,202
550
955
390
200
12,300
2,500
10,887
10
100
1,000
50
122
1,195
400
50
1,840
1,125
48%
90
$3,000
1,000
16
79
77%
98
39%
130
3
15
99
1%
5%
94%
170
48%
5
10
16
42%
28%
8%
2
7
45
8c
21c
8
110
%
6c
150
122
30
88%
114
93
40%
36
90
Jan
Jan
Jan
Mar
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Feb
Feb
Mar
Jan
Fob
Feb
Mar
• Jan
Jan
Jan
Mar
21%
88
82
100%
46%
135
6%
21%
100
3%
10
105%
227
53
10%
18%
20%
47
31%
10
5%
14%
50
20c
34c
11%
120
1
9c
150
128
33
99
115
102%
47%
Mar
Jan
Mar
Mar
Mar
Feb
Mar
Mar
Jan
Feb
Feb
Mar
Mar
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Feb
Feb
Mar
Feb
Feb
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Mar
48% Mar
90
Mar
Rangesinee Jan. 1.
Last Week's Range for
Sale. of Prices. Week.
High.
Par. Price. Low. High. Shares. IjOw.
Stocks—
American Radiator____100
Preferred........... .... . 100
American Shipbuilding. 100
Armour A Co preferred__
Booth Fisheries, com
new......................(no par)
100%
20%
Cldc Pneumatic Tool. .100
Chicago Title A Trust. 100
Common wealth-Edison 100
Cudahy Pack Co com .. 100
107%
Diamond Match______ 100
112
Ilart,ScharfAMarx.com 100
Illinois Brick............ .... 100
Libby (W I)______________
Lindsay Light..................10
Mid West Util pref____100
National Carbon prof.. 100
Peoples Gas Lt A Coke. 100
Pub Serv of N 111 com. 100
Quaker Oats Co pref. .100
Sears-Roebuck common 100
Shaw W W common__ 100
Stewart-Warner Sp coralOO
Swift A Co........... .......... 100
Swift International_______
Union Carbide A Car
bon Co............. .(no par)
Wilson A Co common.. 100
Preferred ...................100
Bonds—
Booth Fisheries s d 6s ’26
Chicago City Ry 5s— 1927
Chic City A Con Ry 5s ’27
66
26%
14
176
90%
129%
56%
61%
78%
100
t
290
110
106
100%
290
120
106
100%
19%
81%
8
63
1
181%
113%
105%
96
111%
61
73
60
25%
14
49
121
50
91
90
102
174%
91
90%
127%
52
22
81%
10
64%
Peop Gas Lt A C 1st 6s ’43
Pub Serv Co 1st ref g 5s ’56
Swift A Co 1st g 5s---- 1944
Wilson A Co 1st 6 s . . . 1941
Feb
18
Feb
79
8
Mar
60% Feb
Mar
1
Feb
178
111
Feb
100% Feb
Feb
95
Jan
109
54% Feb
Feb
68
56
Feb
19% Jan
9% Feb
Mar
49
121
Feb
Jan
46
88% Feb
Feb
89
F'eb
101
108% Feb
Feb
91
Jan
84
115% Jan
41% Jan
22
83
11
60
2
185
115
109
97
114
61
77%
68
23
10
53
122%
52
92
90
103
180
92%
93
131%
56%
Mar
Mar
Fob
Mar
Fob
Jan
Jan
Mar
Fob
Fob
Mar
Feb
Mar
Mar
Feb
Jan
Mar
Feb
Jan
Jan
Fob
Mar
Feb
Feb
Mar
Mar
115
109
96
112%
01
76
08
27%
15
49%
122
51%
92
90
102
180
91
91%
130%
56%
61% 62
112
112
5
75% 78%
99% 100
0,195
20
25
1,075
289
56
110
4
66%
95
Jan
Jan
Jan
Jan
Feb
62% Mar
Jan
112
Feb
5
78% Mar
Mar
100
94
81
48
77%
96%
93%
55%
50%
77%
87%
96%
99
$7,000
5,000
18,000
1,000
4,000
19,000
1,000
5,000
6,000
32,000
34,000
5,000
89%
80%
46%
77%
96
93
55%
50%
77
87%
95%
96
Feb
Mar
Feb
Mar
Feb
Fob
Mar
Feb
Jan
Jan
Mar
Mar
Mar
94
Fob
84
49% Jan
Jan
81
96% Jan
94% Jan
56% Jan
Jan
51
Jan
78
87% Jan
98% Jan
Mar
99
94
S0%
47
77%
96
93%
55%
50%
77%
87%
96
99
Chicago Telephone 5s. 1923
Commonw-Edlson 5s. 1943
Metr W Side El 1st 4s 1938
Jan
Feb 290
85 285
Mar
Mar 120
25 116
Feb
45 100
Feb 112
1,455 100% Mar 102% Mar
4,824
145
1,340
275
50
63
209
2,966
50
275
300
150
1,495
21,549
1,515
20
05
100
160
127
63
940
25
1,325
4,577
19,991
GC
Sales
Friday
Last Week's Range for
Sale. of Prices. Week.
Price. Low. High.
xEx-dividend.
Philadelphia Stock Exchange.—The comploto record
of transactions at the Philadelphia Stock Exchange from
March 15 to March 21, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks aro all
dollars per share, not per cent. For bonds tho quotations
are per cent of par value.
Stocks—
Sales
Friday
Last Week's Range
Sale. ofPrices. W°\
Par. Price. Low. High. Shares.
American Gas...............100
American Stores____
Baldwin Locomotive.. 100
Buff A Susq Corp v t c. 100
65
Cambria Iron_______ .50
Elec Storage B atteiy..l00
General Asphalt______ 100
Preferred......... .......... 100
Insurance Co of N A ____10
J G Brill C o ..................100
Lake Superior Corp— 100
Lehigh Navigation--------50
Lehigh Valley..................50
40
69
63%
101
nopar
Midvale Steel A Ord------50
Mlnehlll A S I I . ............. 50
Pennsyl Salt M fg______ 50
Pennsylvania-..................50
Philadelphia Co (Pitts).50
Preferred (5 % )______ 50
Pref (cumulative 6% ) 50
Phlla Electric of Pa____25
Phlla Rapid Transit v t r 50
Philadelphia Traction. . 50
Reading......... ...................50
20%
69%
55%
52
83
44%
35
25%
25
67%
84%
Tono-Belmont Devel____1
3%
Tonopah Mining_____ . . 1
38%
Union Traction________ 50
United Cos of N J .
.100
72%
United Gas Impt........... 50
U S Steel Corporation. 100 100
42
West Jer A Sea Shore__ 50
90%
Wm Cramp A Sons____100
7
York Railways................50
Preferred..... .................50
U S Lib Loan 3 % s . 1932-47
1st Lib Loan 4s. 1932-47
1st Lib L’n 4 % s . 1932-47
2d Lib L’n 4 % s. 1927-42
3d Lib Loan 4 % S ... 1928
4th Lib Loan 4 % s . . 1938
Baldwin Locom 1st 5s 1940
Elec A Peoples tr ctfs 4s ’45
100%
70
Lehlirh Valiev 6s_____ 1928
Lehigh Val Coal 1st ,5s 1933
Natl Properties 4-6S..1940
32
Penna RR general 5s. 1968
94%
United Rys Invest 5s. 1926
Welsbach Co 5s
- .1930
West N Y A Pa 1st 5s. 1937
General 4s...............1943
70
Rangesince Jan. 1.
High.
Low
65
26
87
67%
52
40
64
62%
94%
28
35
19%
09%
55%
45
45%
52
83
44
30%
- 29
34%
25
24%
67%
84
38%
3%
3
38%
188%
71%
91%
42
86
7
31%
00
44
65
561
25
28
ISO 65%
90
67%
62
67%
8
50
52
40
217
40
69% 20,235
51%
1,191
39
68%
76
1,869
102
25%
477
28%
19%
250
36%
17
4,290
20%
123
69
69%
174 z54%
56
45
2
45
100
41
45%
5
52
50
84
30
83
44
3,348
45%
36%
80
30
29
29
40
36
818
31%
1,769
24%
25%
1,725 z23 %
25%
67%
190
07%
70%
255
84%
55
38
38%
825
3%
2%
2%
1,350
3 1-16
37
357
39
20 185
188%
1,201
70%
72%
88%
5,045
100
42
40
42
2,529
75
90%
50
7
7
31
5
31%
93.50
93.80
93.40
93.80
93.40
94.70
93.50
86
86
100%
70
70
101%
100%
80
32
32
94%
93%
93%
84%
69
95%
100
69
98.50
93.80
93.40
93.80
93.40
95.24
93.90
80
86
100%
70%
70
102
100%
80
32
32
95%
93%
93%
84%
70
95%
100
69
$000
200
1,100
100
350
12,500
15,300
1,000
500
3,000
10,000
1,000
9,000
1,000
1,000
1,000
500
21,000
3,000
1,500
2,000
50,000
1,000
2,000
1,000
98.39
92.30
91.80
93.80
93.40
94.50
93.40
86
86
100%
69
69%
101%
100
80
32
32
93%
93%
93%
84%
02%
95
100
68
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Fob
Mar
Feb
Mar
Mar
Jan
69
Feb
28
90% Mar
Jan
73
5.1
Jan
41% Feb
69% Mar
72% Feb
108
Feb
Jan
29
39% Mar
21% Feb
Jan
73
56% Jan
Mar
45
Mar
47
Mar
54
84% Feb
40% Jan
30% Feb
Mar
29
36% Mar
25% Jan
28
Jan
Jan
71
86
Mar
38% Mar
3% Feb
3 3-16 Feb
39% Jan
Jan
190
74% Jan
Mar
100
Jan
40
90% Mar
Mar
7
Jan
32
99.70 Jan
Fob
94.00 Mar
Feb
93.68 Jan
Jan
Mar
95.80 Jan
Feb
95.30 Jan
Feb
96.38 Jan
Feb
05.64 Jan
Jan
88
Mar
38% Jan
Mar
Jan 100% Mar
Jan
71
Feb
Jan
75
Feb
Jan 102% Jan
Jan 100% Mar
Mar
80
Mar
32% Mar
Mar
Mar
52
Mar
Jan
98
Mar
Jan
90
Jan
97% Jan
Feb
80% Jan
Mar
Mar
70
Jan
95% Mar
Jan
Mar
Mar 100
Mar
69
Jan
THE CHRONICLE
M a r . 22 1919.]
Volume of Business at Stock Exchanges
$640,00 0
1,411,000
1 ,372,000
1 ,511,000
2 ,2 7 8 ,0 0 0
2 ,2 9 4 ,0 0 0
5,8 1 9 ,1 3 9 $ 5 6 1,02 5,9 00
S9.506 .000
544 ,000
1,1 3 0 ,0 0 0
63 4 ,0 0 0
1,2 5 3 ,5 0 0
S 1,676,000
8 ,3 9 7 ,0 0 0
8.7 0 8 .0 0 0
7 ,7 4 1 ,0 0 0
8 .3 7 1 .0 0 0
8 ,5 7 9 ,0 0 0
5 5 ,3 5 0 ,5 0 0 546 .4 7 2 .0 0 0
1919.
1918.
1,802,760
5 ,8 1 9 ,1 3 9
S to ck s— N o . shares___
P a r v a lu e ................. $50 1,0 2 5 ,9 0 0 $ 1 0 5,73 5,5 00
B a n k shares, p a r_____
3 0 ,6 3 2 ,9 7 7
5 3 ,8 5 0 ,9 4 0 ,3 0 5
5 2 8 ,700
3 1 ,1 0 1 ,3 4 7
$ 2 ,9 1 5 ,5 1 7 ,2 0 0
$ 9 ,800
1919.
Bonds.
j
1918.
G ov e rn m e n t b o n d s ___
S ta te, m u n ., A c . , bon d s
R R . and m lse. b o n d s . .
546 ,4 7 2 ,0 0 0
5 .3 5 0.000
9.5 0 6 .0 0 0
5 1 8 ,620 ,00 0
2,8 9 2 ,0 0 0
3,6 8 2 ,5 0 0
5 4 8 1 ,6 6 2 ,0 0 0
112,821 ,00 0
9 6 ,4 0 0 ,0 0 0
$ 1 3 0 ,6 6 1 ,5 0 0
5 2 ,2 2 0 ,0 0 0
7 2 ,9 8 6 ,5 0 0
T o t a l b o n d s ________
$ 0 1 ,328 ,50 0
5 2 5 ,194 ,50 0
569 0,8 8 3 ,0 0 0
$ 2 5 5 ,8 6 8 ,0 0 0
D A IL Y
T R A N S A C T IO N S A T T H E B O ST O N . P H IL A D E L P H IA
B A L T IM O R E E X C H A N G E S .
Weekending
March21 1919
AND
Philadelphia.
Baltimore.
Boston.
Shares. BondSales. Shares. BondSales. Shares. BondSales
W ed n esd a y.
T h u r s d a y ..
F r i d a y ____
13,317
32,860
22,905
21,591
17,749
16,575
$ 2 6 ,050
64.750
198,000
9 5 ,800
52.750
19,000
5,989
9,491
4 ,943
5,366
8 ,556
17,002
518 ,000
2 6 ,550
19,600
2 6 ,000
2 4 .0 0 0
35.000
360
1,452
4 ,809
2 ,579
2 ,556
875
532 ,000
2 4 ,000
7 5 .300
31,100
4 2 .300
T o t a l ..........
125,057
$45 6,35 0
51,347
5149,15 0
12,631
$210,70 0
S a t u r d a y ..
M o n d a y ___
Tuesday__
6,000
Now York “Curb” Market.—Bolow wo givo a record of
the transactions in tho outside security market from Mar. 15
to Mar. 21, both inclusive. It covers tho week ending
Friday aftornoon.
It should bo understood that no such reliability attaches
to transactions on tho “Curb” as to those on tho regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
mombers of the Exchange can engago in business, and they
are permitted to deal only in securities regularly listed—that
is, securities whero tho 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 tho "tape,” or reported
in the official list at tho end of tho day, aro authentic. *
On tho "Curb.” on tho other hand, tlioro are no restrictions
whatever. Any security may bo dealt in and any one can
meet there and make prices and have thorn included in the
lists of those who mako it a business to furnish daily records
of tho transactions. The possibility that fictitious transac
tions may creep in, or even that dealings in spurious securi
ties may be includod, should, hence, always bo kept in mind,
particularly as regards mining shares. In tho circumstances,
it is out of the question for any one to vouch for tho absolute
trustworthiness of this record of "Curb” transactions, and
we give it for what it may bo worth.
Friday
ales
Last Week's Range Sfor
WeekendingMar. 21. S
ale. ofPrices. Week. Rangesince Jan. 1.
S tock s—
Par. Price. Low. High. Shares. Low.
High.
A etna E x p lo s iv e s . r (n o par)
A m or B osch M a g n e to r (t )
A m er A B rit M fg . com 100
A m R o a d M a c h in e r y .r 100
A m er W riting l’ au co m 100
Brill (J O ) O o . r .............100
B rlt-A m cr T o b ordin ary £1
O rd ina ry b e a r e r .......... £1
Chalm ers M o t C o r p . r . ( t )
C ities S ervice C o —
Bankers' shares w t..........
D lo to g ra p h P r o d u c t s .r . 10
Em erson P h o n o g r a p h — 5
F airbanks A C o . r .............25
F a m ou s P la y ers-L a sk y
C o r p ___________(no par)
F reeport T e x C o .r (no par)
G on eral A s p li a l t .r ------ 100
Preferred r -------------- 100
G ille tte S a fety R a zor r ( t )
H a v a n a T o b p r e f .r . - . l O O
H u p p M o t o r Car C o r p . 10
Im p ’ l T o b of G B A Irc_£ l
In tercon tin en ta l R u b b .1 0 0
Jon es B ros T e a . r -------1 0 0
K e y s t T ir e A R u b c o m . 106
L a ck aw an n a C o C o a l r .1 0
L ib b y , M c N e il A L lb b y rlO
M a rco n i W lrel T e l o f A m . 5
M orris (P h ilip ) A C o w 1 1 6
N a t A n llln eA C h .com .r.lO O
or.
3K
37
9K
65
3
35
4A
______
______
______
12
2 ,10 0
5 ,700
3 ,500
100
100
2,20 0
10,200
6 )1
Jan
Feb
M ar
8
Feb
2 A Jan
2 8 4 M ar
Jan
234
23 4
Jan
4)1 M a r
F eb
104
67 >5 M a r
44
40
M ar
54
39
244
Feb
F eb
254
12
M ar
Feb
Jan
Feb
M ar
384
M ar
F eb
Jan
Jan
Jan
Jan
Jan
F eb
Jan
M ar
Jan
F eb
Jan
Jan
Feb
M ar
58
45
724
109
136
44
94
174
Feb
Jan
Jau
M ar
Jan
Jan
12
204
Jan
074
16
54
34
M ar
M ar
M ar
F eb
♦614
24
36«
37)4
11)1
4
56
3 9 ,900
5 ,900
150
350
35
84
54 K
10'A
*3 A
51 \i
55
42 A
58
4 3 )1
2 ,0 5 0
68 A
4 4 ,300
3 ,800
53
33
394
384
109
3
44
144
104
244
43 4
104
19
4
7
244
884
64
134
47
57
43K
67 A
10 1
133
3A
8A
18 «
26
84 M
34 A
A
4H
1014
27
00 A
94
132
67 K
5K
3
103
133
3A
3A
0%
17
1751
17)1
19
27
85 )1
36
28
5
11M
30
89
8X
A
22
78
31
26
4A
10A
24K
88K
8
14 f{
N a t F irep roofin g co m r.SO
8A
10,900
3 ,2 0 0
36M
10 A
______
N a t Ice A C o a l . r _____ 100
N Y T r a n sp o rta tio n ___10
N o A m P u lp A P a p .( n o par)
P ea rson C o a l . r ________ .1
34
24 H
24
9M
67 A
4
40
5
34
24 A
24)4
A
8
4R
15)1
6 7 )1
16
5A
2A
3A
64
10
Submar Boat Corp v t o. 5
Swift Internat'l.r----------15
Themelis Bros Co, Inc r 10
Triangle Film Corp v t c_5
Union Carb A C a rb .r.-(t)
United M o to rs.r.. (no par)
United Profit Sharing..25c
U S Light A Heat com r .10
U S Steamship__________10
Wayne Coal_____________ 5
World Film Corp v t o— 5
Wrlght-Martln A lro .r.(t)
1,200
100
700
5 5 ,060
200
8 ,670
2 ,925
4 6 ,8 0 0
20,000
5 ,800
3 3 ,000
2 9 ,0 0 0
16,100
200
100
400
12,700
800
2 9 ,100
7.900
2
544
10
24
14
12
44
604
21
28
854
36
28
5
114
30
89
M ar
M ar
F eb
M ar
Feb
F eb
Feb
Jan
M ar
F eb
Jan
M ar
M ar
M ar
M ar
M ar
M ar
M ar
21
Low.
High.
3,000
18
■fan
25
Feb
1
4
4 32,500
385
400
27 330
Feb 400
Jan
1,600
84
94
9K
38
3914
400
41
38
9,500
Feb
134
134
56
53
57
23,500
Jan
57
40
10
5,000
10
Mar
114
1 14
UK
9-16 9-16
300
9-16
K Feb
62
62
100
Feb
63
60
44
45
2,500
45
33 K Jan
1 4 1 13-16 24,500
14
7-16 Jan
500
Jan
14
14
1
2K
Mar
24
24
3 4 51,200
2
4
34
4 4 36,000
3 Vs Fet)
4
5-16
3-16
6,300
Mar
3
6,400
44
Feb
34
44
4
68
73
3,400
65
Jan
73
24
%
7A
H
10
A
144
IGA
A
Rights.
Merritt Oil r__ ----------- .
Former Standard OH
Subsidiaries
4
2
Anglo-Amer O il.r_____ £1 . . . . . .
184
1250
Atlantic Refining.r— 100
91
Buckeye Pipe Line.r— 50
Galena-Slg Oil com r.100 ______ 102
105
172
Illinois Pipe Line-r------100 172
99
Indiana Pipe Line.r------ 50
332
670
Prairie OH A G as.r____100
266
Prairie Pipe Line.r____100
300
265
Stand Oil (C a lif)......... 100 268
780
Standard OH (Ind)------ 100
675
Standard Oil of N J ...1 0 0 685
339
Standard Oil of N Y ..1 0 0 348
100
425
2A
5A
A
A
A
H
‘As
Vs
Jan. 1 to March2 1 .
WeekendingMarch21.
Salesat
NewYorkStock
Exchange.
5 57 8,00 0
1 , 2 11,0 0 0
03-5
T o t a l ......................
5 4 9 ,770 ,50 0
109,195.600
108,831,600
8 9 ,4 1 5 ,3 0 0
8 3 ,7 4 3 ,0 0 0
120,009 ,90 0
5 1 2 .400
1,131,660
1,135,621
9 3 4 ,538
8 63 ,955
1 ,240,959
Peerless Trk A Mot Corp50
Perfection Tire A Rubb r 1 11-16
Rey’ds(ItJ) Tob, comB 100 ______
Standard Mot Constr.r.10
94
S r.
F r i d a y .........................
Hallroad, Slate, Mun
A Foreign
dbC.,
Bonds.
Bonds.
Stock*.
Shares. Par Value.
Range since Jan. 1.
)
T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K E X C H A N G E
D A IL Y . W E E K L Y A N D Y E A R L Y .
Weekendsno
March21 1919.
1153
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Stocks (Concluded Par. Price. Low.
High. Shares.
2
A
6,000
A Mar
Mar
Jan
IGA Mar
18K
1250
300
5 1250
91
88
‘25 105
164
99
305 315
10 630
10 266
10 297
70 258
10 772
212 673
524 310
20
98
10
184
1250
91
102
105
172
100
349
670
266
300
270
780
687
355
100
425
10
10
10
20
Mar
Feb
Jan
Mar
Jan
Feb
Feb
Jan
Mar
Mar
Jan
Feb
395
Mar
Feb
Feb
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Jan
Mar
Jan
Mar
95
102
105
173
104
349
685
270
320
280
780
731
355
118
Feb
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
•437
Other Oil Stocks.
Allen O i l .r .........................1
Barnett Oil A G as.r--------1
Boone O il.r.................... - . 5
Boston-Wyomlng O il .r .-l
Corn’nw’th Petrol.r wl (t)
Continental Oil A R e f .r .. .
Cosden A Co. com .r____ 5
14
3-16
44
36c
50
. . ___
74
2
Crystal OH A Refining.r. 1
Drillers O il.r.n e w ____10c . . . . . .
Elk Basin Petroleum .r..5
5c
Esmeralda Oil C orp.r___1
24
Federal O il.r____________ 6
Glenrock Oil.r......... ........ 10
44
Great Plains Petrol’in.r__l
14
64
Home Oil A Refg.r w 1— 10
Houston Oil, com .r— 100
Hudson Oil . r ---------------- 1
Internat Petroleum .r..£l
Island Oil A Transp r._10
Kenova O H -------------------- 1
Louisiana Oil A R efln.r.50
Marland Petrol.r----------- 5
McCombs Prod A R ef.r.10
Merritt Oil Corp.r--------10
Metropolitan Pctroleum.25
Midwest Oil. com .r_____ 1
Preferred r ....... .......... . .1
Midwest Refining.r____60
Morton Pet of M e .w l .r .l
New Mcx Oil A L 'd .r __ 1
Northwestern O il.r......... 1
Omar Oil A Gas. com____ 1
Ponnok O il.r___________ 10
Queen O il.r-------------------- 1
Uangeburnett O il.r--------1
Rickard Texas C o .r --------5
Rock O il.r.................... -10c
Sapulpa R efining.r--------5
______
24
214
74
7c
39
74
364
3 13-16
1 13-16
2
157
______
______
51c
60c
154
20c
54c
74
47c
------
2
4
44
37c
514
14
74
4
14
3-16
34
30c
494
1
74
4
M \i
14
4
4
2
64
64
6c
5c
3
24
5
34
1
46c
46c
154 154
81
80
1 13-16 2 3-16
204 214
8
74
64c 94c
3 8 4 41
74
64
24
14
24
304
4
3 7-16
1 9-16
14
2
14
154
158
2
24
34
34
51c
48c
62c
50c
144 164
21c
19c
43c *55c
6
74
43c
47c
74
74
2
4
4
35c
U n ite d W e ste rn OH n e w .r
Victoria O il.r.................. 10
Western States Oil A L r 1
24
34
Jan
3-16 Jan
3
Mar
Jan
18o
Mar
37
1
Feb
GA Jan
Feb
Feb
Jan
Jan
Jan
3 A Mar
Mar
1K
K
6
4o
2
1
10
314
41c
4
25c
1v4
404
43c
4
40c
14
24
2 "
24
34
30
2
Mar
Mar
Jan
8c Mar
3 A Feb
Jan
5
2 A Mar
GAA
46o
22o
UK
13c
35c
6
42c
7
15K Mar
86 A Feb
2 ‘As Mar
23
Feb
8K Feb
Jan
160
42
Mar
Mar
*2K Mar
30 5 Mar
4XǤMar
Mar
1
2
Mar
161
Feb
Mar
2
Mar
Feb
55o
64c Mar
Mar
16
Jan
30o
*55c Mar
7 A Mar
47c Mar
7A Jan
22
36c
Jan
Feb
Mar
40
44c Mar
1 A Jan
47c Mar
H
GA
GAc
23 A
GA
21m
2A
1.13
IVi
124
2
3A
82,200
9,700
9,000
58,950
100
3,000
4,100
2,900
2‘As
Feb
5-16 Jau
4K Feb
47o
Feb
51K Mar
1 Us Mar
8K Feb
Feb
Jan
Feb
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jau
Jan
Jan
Mar
Mar
Feb
Jan
Feb
Feb
Mar
Mar
Mar
Jan
75
550
16
s
s
40
43c
Sinclair Gulf C orp.r___(t)
Southwest O il.r................1
Stanton O il.r.................... 1
Tcxann Oil A R ef.r_____ 1
A
9,500
5,900
27,700
83,000
28,000
1,650
7,300
300
12,665
1,500
5,800
73,500
27,000
40,700
24,000
3,000
1,600
1,800
31,035
3,800
27,300
13,400
10,000
8,100
10,600
69,100
46,700
74,500
1,500
4,520
31,300
2,500
14,000
192,500
54,500
133,700
56,200
3,300
48,750
1,100
H Mar
lie
Jan
1 1{
13-16 Jan
Jan
A Mar
30
2
7A
A
A
A
3A
A
A
2 K Jan
3
Feb
Mar
34
Mining S to c k s.
31c
26c
Adelphla M A M .r --------- 1
Alaska-IIrlt Col M etals.. 1 40c
35c
America M ines.r----------- 1
4
5-16
Amer Tin A Tungsten.r.l
Arizona Bing Copper------ 1
4
60
58
Arizona B utte.r________ 1
6c
54c
Atlanta Mines___________ 1
7-16
Big I,edge Copper Co____5
la
15c
15c
Booth, r _________________1
51c
48c
Boston A Montana D e v ..6
7-16
Butte A N Y Copper____1 ------ 31c
30c
Caledonia Mining_______ 1
7-16
Calumet A Jerome C op.r.l
4
Canada Copper Co L t d ..6 1 11-16 1 4 1
64c
61c
Candalarla Silver.r......... 1
lie
8c
Cash Boy.............................1
Cerbat Silver (n ew )_r...5
44
34
Consol Arizona Smelt____5 1 1-16 1 1-16
Cresson Con Gold M A M 1
44
44
2
El Salvador Silver M ------1
2
Eureka Croesus Min Co rl
14
14
78c
Florence Silver.r_______ 1
75c
1
4
4
31c
40c
1
7-16
4
62
6c
4
15c
52c
7-16
32c
7-16
11-16
64c
11c
44
i
Golden Gate Explor.r___5
34
18c
Goldfield Consol..............It
18c
Goldfield Merger.r......... ) —
6c
Great Bcnd.r.................... 1
4c
4c
Hamilton M A S M .t . r . . ]
77c
70c
Hattie Gold M l n .r ......... 1
41c
30c
Hecla Mining.................. 25o 4 15-16 4 13-16
Jim Butler.r...................... 1 , 35c
34c
15c
Jumbo Extension_______ 1
13c
1
La Rose Mines, Ltd_____ 5
14c
Lono star Cous'd.r_____ 1
Louisiana Cons.................. 1 •
MacNamara M in in g ..r._l 1 51c
Magma Chief.r....... .......... 1 11-32
Marsh M in in g.r.. --------1 ' ______
McKinley-Darragh S a v .-l |______
Mother Lodo.r....... .......... 1
37c
Nat Tin C o r p .r ......... .50
4
North Butte D evel.r____1
Onondago Mines Corp.r. 1
3
14
5
24
14
78c
44
20c
47,00“'
21,400
900
19,500
4,200
2,600
18,400
10,200
3,000
36,500
200
13,700
8,400
11,200
42,200
68,500
24,400
1,800
4,100
7,000
2,550
5,400
26c
35o
48,000
Feb
4K
Feb
24c
Feb 7 A c
3c
Jan
6c
41o
Jan
77o
30c Mari 50c
Jan!
5
44c
32c
Jan
Feb
12c
15o
Sc
Feb
7-16
K Feb
30C
5o Feb
Mar
K
60c
34c Mar
22c
Feb
A
3c
Feb
4c
45c
Jan
50c
Feb
28o
39c
Mar
A
8 *4
10c
Feb
25c
3
Jan
3A
Vs
27c
Jau
‘As Feb
1 5-16 Jan
Jan
52o
So Feb
Mar
1
F’eb
Feb
4
I K Jani
IK Feb
Jan
60c
3A
Vs
2A
3,250
64c
9,700
5c
7,000
77c
5,200
45c
27,500
5
2,045
36c
9,500
15c
6,700
6 4 c 11,00f
6c
200
4
4
9c
15c 469,250
2,400
4
4
46c
55c 220,000
11-32
17,700
34c 34c
1,000
47c
47c
60)0
30c
38c
7,800
11,800
4
4
0
20f
9k£
23c
23c
500
3
1,800
34
Mar
F’eb
Fet)
A Mar
Mar
A
46
Feb
Feb
3Ac Mar
A
12Ac Jan
42o
Feb
A Jau
17c
60
1
4'As
%
A
31c Mar
50c
Jan
1%. Feb
Mar
IK Jan
62
Mar
6c Mar
15-16 Jan
Feb
17c
Jan
540
A Jan
Jan
33o
A Jan
Feb
64c Mar
11c Mar
4K Mar
1 9-16 Jan
5H Jan
3
Feb
1 A Jan
85c
Fob
2A
Mar
Jan
Mar
Jan
Mar
Feb
Mar
Feb
Jan
Jan
Mar
Feb
Mar
Fet
Jan
Mar
Mar
Mar
Feb
Jan
1154
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
Week.
Concluded
Par. Price. Low. High. Shares.
2 2 % 4,000
2%
Ray Hercules M ln .r____ 5
23c
17c
23c
Rochester Mines......... ...... 1
13,200
Seneca Cop Corp (no par)
13% 1 3 4
10C
1
3
%
Silver Pick Consol.r......... 1
8c 84c 4,50fl
2,700
Standard Sliver-Lead____ 1
%
%
%
15c
15c
15c
Stew art............................... 1
16,200
Tonopah Divide________ 1
7%c 6 2%e 7He 69,500
Tonopah Extension_____ 1 2 1-16
2 % 6,100
Tonopah Mining________
Range since Jan. 1.
New York City Realty and Surety Companies
All prices now dollars per share.
High.
Low.
Bid Ask. 1
Bid. A
sk.
Bid. Ask
3 % Jan Alliance R'lty 60
1 % Jan
70 Lawyers Mtge 112
117 Realty Assoc
17o Mar
Feb
Mining Stocks^—
1
Tuolumne River Placer r .l
55c
United Sulphur M ines.r.l
9c
U S Contlnontal.r______
28c
Ward Min A M illin g .r..l
Washington Gold Quartz. 1 89c
West End Consolidated..5 l
Western Utah E x tc n .r.-l
White Caps Exten____10c
White Caps Mining___10c
15c
White Knob Cop, p f .r .. 10
45c
%
1
1-10 1
Bonds.
99
A m T A T % notes.. 1924
Amer Tob serial 7s. r. 1923 ______
Anaconda Cop Min s .'2 9
Beth St’l serial 7 s .r .. 1923
Braden Cop M s .r .l . 1931
Canada (Doniof) 5 s .. 1919
Ch MllW A St P 4 > (s .r __
Con Gas El 1, A P Balt 7s r 1 0 0
Cudahy Pack7% notes r’23 102
3
58c
23c
32c
c
91c
1-16 1 3-16
c
9e
4c
4c
13c
15c
88
6
6
6
100
0,000
68,000
102 '4
101
%
10,000
% 9 0 %1004
9 6 4 87,000
88
90 y
x 87,000
t 140 1141U 125,000
100 100
1,000
General Elcc 6% notesl920
Tils Cent 5 t $ s _______ 1931
Interboro R T 7s_____ 1921
1005*
96
Kan C Term Rv 6s___1923
Laclede O L coll 7s___1929
Liggett A Myers Tob 6s ’21
N Y Telep deb 6s____1949
Phtla Elec 6s. r___________
Russian Govt 0> $s.r.l019
58
5 H « -r .........................1921
St Paul U Dep SMs.1923
South Ry 0% notes..1922
99
Studcbakcr Corp scr 7s ’28 _____
Swift A C o6% notes.r 1921 100
Wilson A Co Inc 6s___1928
100
100*1 101
100
2,000
21,000
193,000
51,000
109,000
30,000
27,000
77,000
1,000
9 6 4 96 4
100
100
29,000
9 4 4 95
195,000
30% 99% 1004
30% 96 Vi 99974
64
61% 63 65 4
55 % 58
99% 99 4
% 99% 9 9 4
11
91%
1
CO
2c
18,000
1,700
1% 1 %
102
104
%
60
23o
81o
1,000
% 33% 99%$25,000
103%101 10,000
37% 37% 98 77,000
5,000
1 0 1 %i o n *
93
93 1,000
09 % 994 12,000
09% 99% 2,000
% 100*4 % 18,000
6
32o
134
54c
4
l5o
54c
14
24
30c
320
19,100
2,500
12,400
16,000
46,300
8,500
4,000
% 9-16
9c
12c
lOo
14
98 4
1024
97 4
1004
92 4
99 4
994
1004
102
103
1004
96
85
{140
99 4
100
994
99 4
954
48
47
984
99 4
964
09 4
92 4
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
3
Fob
3
Mar
1.55 Feb
1 4 Jan
Fob
40o
Feb
94c Mar
% Feb
17c
Jan
4c
Jan
1 84o Jan
1 4 Jan
8145c4
4
I 80
7%e
12(1
1
Jan
994
Jan 1014
99 4
Feb
Jan 1014
Mar
96
Jan
094
Mar
99 4
Mar 1004
Feb 1024
Jan 104 4
Jan 1004
Mar
974
Jan
92 4
*{144
Jan 1004
Jan 101
Jan 1004
Feb 101 4
Feb
964
Jan
72
Jan
65
994
Jan
Feb
094
Mar
964
Feb 100
Jan
95
I
Feb
Feb
Jan
Mar
Jan
Feb
Fob
Mar
Feb
Mar
Jan
Feb
Feb
Feb
Jan
Mar
Feb
Jan
Mar
Feb
Feb
Jan
Mar
Mar
Mar
Mar
* Odd lots, t No par value. I Listed as a prospect.
Lister! on the Stock
Exchange this week, whero additional transactions will bo found,
New stock
Unlisted,
When Issued,
Ex-dlvldend.
Ex-rlghts. * Ex-stock dividend,
t Dollars per 1,000 lire. flat.
t
w
x
C U R R E N T
y
o
NOTI CES
— T h e statem ent o f the United States Branch o f T h e Liverpool & London
& G lobe Insurance C o ., L td .— a stock com pany that has been doing busi
ness In the U nited States for seventy-ono years— as o f D ec. 31 1918, shows
total assets o f 817,081,397 38, with unearned premiums and other liabilities
o f 812,203,190 21, leaving a surplus o f $4,881,207 17. T h e assets include
$1,194,000 in real estate, $989,250 in first m ortgages on real estate,
$3,518,626 in governm ent. State, cou n ty and m unicipal bonds, $5,932,
844 76 in railroad and other bonds and stock, besides $2,091,167 66 in
cash in banks and offices. A notable fa ct in connection with the com pany
is that its securities are placed in trust with influential American citizens
fo r the satisfaction o f the com p a n y’s claimants in the United States. T he
directors or trustees o f the United States branch are: John A . Stewart, o f
the U nited States Trust C o. o f Now Y ork; W alter C . H ubbard, o f H ub
bard Brothers & C o. o f N ew Y ork; Thatcher M . B row n, o f Brown B ros. &
C o . o f N ew Y ork ; and W illiam II. W heelock, o f Douglas R obinson, Charles
S. Brown C o ., N ew Y ork . G ustav Frank & C o ., 505 Fifth A v e ., arc
Branch M anagers, and Carpinter & Baker, A gents, 3 South W illiam St.,
aro in chargo o f Inland M arino.
— Ziminermann & Forsliay, who for the past 42 years liavo been located
at 9-11 W all S t., have m oved to 170 B roadw ay, whero, with enlarged
o ffice space and increased facilities, they will continue the business hereto
fore conducted at W all and N ow streets. Their rem oval was necessitated
b y tho sale o f the building they occupied to the N ew Y ork Stock E xchango.
T h e now banking room , occupying tho first floor, fronting on Broadway
and M alden Lane, will contain every convenience for tho quick transaction
o f business. T he firm holds membership in the N ew Y ork Stock Exchange
and is a ctively ongaged in bullion, foreign m oneys, foreign exchango, lotters
o f credit, travelers’ checks, foreign and dom estic stocks and bonds.
New York City Banks and Trust Companies
All prices now dollars per share.
N.Y Bid Ask. 1
Banks—
America*____
Amer Exch..
Battery Park.
Bowery * ____
Broad way Con
Bronx Boro*.
Butch A Drov
Cent Merc__
Chase..............
Chelsea Exch*
Chemical____
C ity ................
Coal A Iron ..
Colonial*____
Columbia*..
Commerce..
Comm’l Ex*.
Commonwealth ♦__
Continental*.
Corn Exch*..
Cosmop’tan*.
Cuba (Bk of).
East River___
Fifth Avenue*
Fifth................
First................
Garfield.........
Gotham .■____
Oreenwleh*..
Hanover_____
H«rrlman___
fmp .A Trad. .
535
235
170
200
425
135
125
150
145
25
165
410
280
100
500
225
450
205
400
165
211
390
240
180
215
145
175
165
155
35
170
415
290
110
520
235
400
215
175
211
410
200
210
107
115
317
322
100
110
____
175
150
130
110
2200 2500
230
215
975
960
195
185
200
340
735
745
270
505
550
Bid. Ask 1Trust Co’s. Bid
NewYork
322 Bankers Trust 400
Bunks.
{Irving (trust
certificates) 317
550
Lincoln______ 270
Manhattan ♦. 207
Mcch A M et. 350
Merchants__ 150
180
375
New N eth *.. 200
New York Co 130
440
150
P a r k ............. 590
Prod Exch*.. 200
1250
Seaboard____ 475
Second______ 400
Sherman____ 125
State * ........... 124
23d W a rd *... 115
Union Exch.. 165
UnltedStates* fl50
Wash H’t s * .. 275
VVestcb Avo*. 160
Yorkvllle * __ 290
Brooklyn.
Coney Island* 140
190
150
110
70
Mechanics' * .
70
Montauk * __
85
Nassau........... 200
National City 133
North Side*.. 175
People’s ......... 130
Greenpolnt . .
Hillside •____
300
213
360
215
140
Columbia____ 310
Commercial..
90
Empire______ 1290
Equitable Tr. 422
450
218
Fulton____ __ 240
Guaranty Tr. 380
132
Law Tit A Tr
260
425
135
130
130
175
160
175
310
155
200
165
120
80
80
95
207
t38
200
140
Mercantile Tr
A Deposit.
Metropolitan.
Mutual(WestChester)__
N Y Life Ins
A T r u st...
N Y T r u st...
Scandinavian
Title Gu A Tr
Transatlantic.
U S Mtg A Tr
United States
Brooklyn.
Brooklyn Tr.
Hamilton____
Kings County
Manufacturers
l’eoplo’s _____
Queens Co__
4»1
405
416
320
100
300
427
460
225
260
385
Irving
\Nat Bank
107
115
175
185
Amer Surety.
60
Bond A M O . 245
Casualty Co.
City Investing 17
Preferred. .
60
65
255
75
20
67
Mtge Bond..
90
Nat Surety.. 223
N Y Title A
Mortgage..
97
95
228
102
80
(Brooklyn).
U S Casualty. 175
USTltloGuar
50
West A Bronx
Title A M G 150
85
190
60
170
Quotations for Sundry Securities
All bond prices aro "an d Interest" except where marked " f . "
—PerCt Basis
4%e
Per Shar
Bid. Ask
.1
RR. Equipments
5.85 6.50
Baltimore A Ohio 4>$s..
Buff Roch A Pittsburgh
5.90 6.65
5.90 5.65
Equipment 4s__________
Equipment 0 s __________
5.90 5.05
Buckeye Pipe Line C o ..
Canadian Paclflo
____
5.85 5.50
Chesebrough Mfg new..
Caro Cllnchflcld A Ohio s
0.25 5.75
Central of Georgia 4>$s___
6.20 5.75
Crescent Pipe Line Co___5(
6.75 6.00
Chicago A Alton
______
6.75 6.00
Equipment 5s....................
7.00, 6.00
Chicago A Eastern 111 SH s.
____
Chlo Ind A Loulsv
6.50, 0.00
125
Chlo St Louis A N O 5s___
5.85 5.50
106
Preferred new.
5.60 5.20
Chicago A N W
...........
170 175
Chicago R I A Pac 4><Js.........
6.40 5.95
99
6.40 5.95
Equipment 5s......... ......
H Colorado A Southern 5s____ 6.50 6.00
International Petroleum. £1 * !
23
National Transit C o ..
Erlo 5s____________ _____
6.35 5.85
Z185
Equipment 4 H s . . . ______
6.35 5.85
108 115
Hocking Valley
____
5.90 5.50
*3 10 348
Equipment s________
5.90 5.50
*53
58
Illinois Central s............
5.05 5.25
660 670
5.05 5.25
Equipment 4H s________
Prairie Pipe Line________100 266 270
Kanawha A Michigan 4 )$h
0.25 5.75
Solar Refining___________ 100 355 370
5.05 5.25
Louisville A Nashvlllo s . .
Southern Pipe Line C o .. 100 165 170
Michigan Central s______
6.00 5.60
South Penn Oil......... ......... 100 295 305
Equipment Os....... ............
6.00 5.60
98
Southwest Pa Pipe Lines. 100 03
Minn St P A S S M 4 ^ s . . .
5.85 5.50
Standard Oil (California). 100 265 272
Missouri Kansas A Texas 5s
7.00 6.00
Standard Oil (Indiana). .100 775 785
Missouri Paclflo 5s________
7.00j 6.00
Standard OH (Kansas)--.IOO 580 600
0.25 5.75
Mobile A Ohio 5s__________
6.25 5.75
Standard Oil (Kentucky) 100 390 400
Equipment 4>$s..................
Standard OH (Nebraska). 100 510 560
5.85 5.50
Now York Central Lines 5s
Standard OH of New Jer.100 684 690
5.85! 5.50
Equipment 4T$s_______
N Y Central RR 4t2s ____
Standard Oil of New Y ’k.100 348 352
6.00, 5.75
Standard Oil (Ohio)......... 100 470 480
0.25 5.76
N Y Ontario A West 4>$s._.
98 103
Norfolk A Western 4 H s___
5.60 5.20
114 116
Pennsylvania RR
b____ 5.50 5.20
418 424
Equipment 4 s ............... ..
5.50 5.20
*35
40
St Louis Iron M t A Sou 5s.
0.75 6.00
7.00 0.00
St Louis A San Francisco 5s
Seaboard Air Lino 5s............
0.50 6.00
Equipment 4t$s________
6.50. 6.00
65
Aotua Explosives pref___ 100 61
5.70 5.35
Southern Pacific Co
4
3
American A British M fg. 100
6.10 6.65
Southeru Railway 4 H s ____
30
Preferred......... ............. 100
Equipment 5s___________
0.10 5.05
Atlas Powder common___ too 140 145
Toledo A Ohio Central 4 s ..
6.25 5.75
92
Preferred______________100
108
Babcock A Wilcox_______100
Tobacco Stocks
Bliss (E W) Co common. 50 •250 325
75
Preferred......................... 50 *65
Amcrlcau Cigar common. 100 125 135
95
Preferred..........................100 85
Canada Fdys A Forgings. 100 185 195
93
Amer Machine A Fdry.-lOO 80
95
Carbon 8tecl com m on... 100 87
Brltlsh-Amer Tobao ord ..£ l *24
26
1st preferred__________ 100 98
70
Ordinary, bearer______ £1
2d preferred___________ 100 67
26
Colt's Patent Fire Arms
Conley Foil......................... 100 200 220
43
M fg.....................................25 *42
Johnson Tin Foil A Met.lOtl 80 100
duPont (E I) de Nemours
MacAndrews A Forbes..100 205 215
A Co common_________ 100 260 270
Preferred......................... 100 93 100
Debenture stock_______100 9 l l2 92*2 Reynolds (R J) Tobacco. 100 420 450
78
Eastern Steel........... ........... 100 74
B common stock______ 100 375 400
30
Empire Steel A Iron com. 100 25
Preferred......................... 100 109 112
75
Preferred......................... 100 70
A dividend scrip_________
97 100
Hercules Powder com__ 100 214
U dividend scrip................
97 100
109
106
ITeferred..........................100
Young (JS) Co................... lot) 125 150
Nllee-Bement-Pond com. 100 103 109
Preferred......................... 100 95 105
99
Preferred..........................100 96
Short.Term Notes
Cent.
Penn 8eaboard Steel (no par) *30't 3 Hi
Amer Cot Oil 6s 1019..M A S
Phelps-Dodge Corp.......... 100 240 280
99'2 9934
100)2 10034
7% notes Sept 1919__
Scovlll Manufacturing... 100 340 360
30
Amer Tel A Tel 6s 1924. FA A 991J 99ts
Thomas Iron..... ................ 60
995g' 9934
Win Repeat Arms com w 1 . dlOO ____ Ilalto A Ohio 5s 1919...JA J
(190
Preferred w I ______
Canadian Pac 0s 1924.MAS 2 IOOI2 IOO34
52
Woodward Iron................ 100 44
9834i 99
Del A Hudson 5s 1920..FAA
95
85
Preferred....................
Erlo RIl 58 1919............. A-O 0 9 % 100
Fed Sugar Rfg 6<) 1 920 ..JA.i, O
General Elec 0s 1920___ JAJ 1005!) 10034
Public Utilities
6% notes (2-yr) 1919 JAI) 100»s 10058
124
Arner Gas A Elec com__ 50
Great North 6s 1920___MAS
9834 99
43
Preferred......................... 50 *41
K C Term Ry 4 )is 1921.JAJ
96l2 97
245
Amer Lt A Trac com___ 100
5s Nov 15 1 9 2 3 ..MAN 16 100 100)*
Preferred..........................100 09
LlggettAMycrsTobtls^lJAIi 100 100 U
60
Amer Power A Lt c o m ... 100 58
N Y Cent 6s 1919..M A S 16 993.1 993g
78l2 Penn Co 4 Ms 1 921 ..JAD If
Preferred...................... 100 76
9714
97
15
Amer Public Utilities comlOO
Pub Ser Corp NJ 7s '22.MAS
971 98
38
Preferred......................... 100 34
Southern Ry 0s 1922 w I MAS 99
993*
____
997, 100
Carolina I’owALlght com 100 31
SwIftACo 6s 1921 w I FAA 1
Cities Service Co com. . . 1IX) 344 i IS
91
Utah Sec Corp 6s ’22.MAS 16 00
79
80
Preferred..........................100
24
27
Industrial
Colorado Power com____100
Preferred..........................100 96
and Miscellaneous
19
Com’w th Pow R yA L t..l0O
American Brass_________ 100 206 209
43
Preferred..........................100 41
American Chicle com____100
78
76
95
Elec Bond A Share prof..100 d93
Proferred_____ ________ 100 75
79
9
Federal Light A Traction .100
American Hardware......... 100 135 138
46
Preferred..........................100 42
42
Amer Typefounders com. 100 38
Great West Pow 5s 1946.JAJ 84
Preferred...............
100 87
92
Mississippi Rlv Pow com. 100
Borden’s Corn! Milk com. 100 101 103
H
Preferred...................
100 40
Preferred______________ 100 99 101
First Mtge 5s 1951...J A J
78l2 80
Celluloid Company_____ 100 130 136
17
Northern Ohio F.leo Corp.(t) dl3
Columbia Oraphoph Mfg (t) *178 185
Preferred.........................100 50
60
Preferred...............
100 91
93
72
North'n States Pow com. 100
Freeport Texas Co______ (t) *4212 4312
94
Preferred......................... 100| 92
Havana Tobacco C o____100
1»4 2U
Preferred..........................100
North Texas Elec Co com 100 50
4
3
75
Preferred..........................100 70
1st g 5s Juno 1 1922..J-D /40
54
Pacific Gas A Elec com .. 100 52
Iutercontlnen Rubb com .100 1812 18*4
____
Interuut Banking Co____100 160
1st preferred...................100, 87
IS
International S a l t ...____100 ____ *65"
Puget Sd Tr L A P com .. 100 15
64
Preferred...................
I00; 60
1st gold 5s 1951______ A-O 70
7134
Republic Ry A Light____100
23
International Silver pref.100’ 90
62
Preferred........................ 100| 5,8
Lehigh Valley Coal Halos. 50' *82
85*
South Calif Edison com .. 100
91
Otis Elevator common___100
65
Preferred......... ................100 98
Preferred...................
100 86 -9 0 ’
29
Standard Gas A El (Del). 60 *28
Remington Typewriter—
Preferred........................... 60( ♦43
44
Common______________100 42)2 43 )2
Tennessee Ry L A P com. 100
1st preferred----------------100, 91
93
5>2 6
2d preferred__________ 100, 91
Preferred..........................100| 21
25
United Gas A Elcc Corp. 100
5
3
Royal Baking Pow corn.. 100 130
35
1st preferred.................100 33
93
Preferred-------------------- 100
98
2d preferred................. I00l
8 Singer Manufacturing___100 188 190
5
41
United Lt A Rysoora____lOOj 39
Texas Pac Coal A Oil____1001625
1075
73
1st preferred................. loo' 71
W'houseChurchKorrACo 100 62
05
Western Power common. 100
17) 18>2
Preferred.........................100, 81
86
Preferred...................
100, 65
07
Standard Oil Stocks
Anglo-American Oil new. £1
is.
1250
500
*93
320
535
*38
180
168
1
101
18is
1275
515
96
340
550
40
190
174
105
150
d%a
6
i%a
4%s
4%a
100
102
20 2 2
*21
200
6
4128
6
4
6
6
4%
hare
20
88
4%a..
112
—Per Share.
Pn BUI Ask
110
*2412
220
—Per
•20
1
1110
81.1 9914
•120
211
101
10
2
100
21
12
86
10 12
44
68
210
350
105
125
790
010
295
345
020
810
415
900
130
315
355
170
425
912
140
505
220
260
650
160
290
70
515
225
270
700
105
305
80
• Hanks marked with a (*) are State banks.
♦ Sale at auction or at Stock
Exchange this weok. t Includes ono third share Irving Trust Co.
f New stock
Ex-rlghts.
[Vo l . 108
66
21
88
9
• Per share
Basis.
Flat price
/> Nmnlnil
02
4Purchaser
t
>lm> pays accrued dividend,
New stock
(Ex-livid >nd
* Ex-flgtlts.
(t) VVlthout par vuluo.
1155
THE CHRONICLE
M ar . 22 1919.]
imrcstmmt arid ^laxlrxrad |w Mltg«txc«.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various S T E A M roads from which regular weekly or monthly returns
oan be obtained. The first two oolumns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the poriod from Jan. 1 to and including the latest week or m onth. T h e retu rn s o f the electric
r a ilw a y s
____________
are brought together sep a ra tely on a su bseq u en t p age.
Latest Gross Earnings.
ROADS.
Current
Year.
Week or
Month.
Previous
Year.
Current
Year.
AGGREGATE
* Weekly Summaries.
4th week Dec (14 roads) —
1st week Jan (13 roads) —
2d week Jan (12 roads) —
3d week Jan (14 roads) —
4th week Jan (14 roads) —
1st week Feb (14 roads) —
2d week Fob (14 roads) —
3d week Fob (14 roads) —
4 th week Fob (14 roads)__
lstlweok Mar (14 roads)__
2d >S[week Alar ( 9 roads)__
t Road ceasod to operate all
Current
Year.
ROADS.
Previous
Year.
$
241,285
177,178
211.285 177,178
Alabama A Vlcksb- January
60,929
799,501'
534,554
80.014
Ann Arbor________ 2d wk Mar
13028540 10834788 13,028,540 10,834,788
Atch Topeka & S Fe January
1,440,013 1,598,514 1,440,013 1,598,514
Gulf Colo A S F e. January
454,174
403,437
403,437 454,174
Panhandle A S Fe January
340,273
381,525
381,525 340,273
Atlanta Birin A Atl January
222,015
165,736
222,015 165,736
Atlanta & West F t- January
184,592
295,540
295,540 184,592
Atlantic C ity.......... 'January
5,887,841
4,213,955
4,213,955
5,887.811
Atlantic Coast Lino January
13332117 7,531,635 13,332,117 7,531,635
Baltimore & Ohio..'January
72,645
72,645
127,687
127,687
B A O Ch T e rm .. January
322,039
470,484
470,484 322,039
Bangor A Aroostook January
5,980
9,313
5,980
9,313
Bellcfonte Central. IJanuary
161,434
256,233
256,233 161,434
Belt Hy of Chicago.'January
458,963
662,851 458,963
662,851
Bessemer A L Erie.]January
146,137
146,137 264,349
264,349
Bingham & Garfield January
56,904 117,311
117,311
66,904
Birmingham South. January
5,445.485 4,092,174 5,445,485 4,092,174
Boston A Maine__ 'January
53,206
53,206
65,863
65,863
Bklyn East 1) TerniJanuary
Buff Koch A Pittsb. 2d wk Mar 219,261 342,540 2,869,395 3,066,024
193,664
192,8111
192,811 193,664
Buffalo & Susqueh. January
Canadian Nat Itys. 2d wk Alar 1,397,986 1,147,790 15,428,960 11,376,121
Canadian Pacific. _ 2d wk Mar 2,645,000 2,496,000 28,693,000 25,002,000
310,166
233,219
310,166 233,219
Can Pac Lines in Me January
4S7,897|
300,978
487,897 300,978
Caro Clinch & Ohio January
1,658,806 1,542,927 1,658,800 1,542,927
Central o f Georgia- January
3,612,003 2,434,532 3,612,003 2,434,532
Central HR of N J- January
519,439
372,258
519,439 372,258
Cent Now England. January
432,297
315,753
432,297 315,753
Central Verm ont.. January
257,979
209,747
257,979 209,747
Charleston A W Car January
6,032,070 3,562,341 6,032,070 3,562,341
Ches A Ohio Lines. January
2,032,653 1,233,626 2,032,653 1,233,626
Chicago & Alton — January
11647080 9,108,705 11,647,080 9,108,705
Cldc Burl A Quincy January
2,093,216 1,307,376 2,093,216 1,307,376
Ciilcago A East 111- January
1,653,617 1,140,816 1,653,617 1,140,816
Chicago Great West January
867,334
867,334 490,061
490,061
Chic Ind A Louisv. January
314,804
314,804 160,201
160,201
Chicago Junction.. January
11054718 7,492,519 11,054,718 7,492,519
Chic Mllw A St P _. January
9,795,841 6,809,603 9,795,841 6,809,603
Chle A North West. January
125,305
125,040
125,305 125,040
Chic Peoria A St L . January
8,002,958 6,308,300 8,002,958 6,308,300
Chic It I & Pacific.. January
358,603
371,330
371,330 358,603
Chic R I & G u lf.. January
2,314,848 1,659,116 2,314,848 1,659,116
Chic St P M A Om. January
217,287
347,390
347,390 217,287
Ohlc Terre II & S E January
233,143
208,688
233,143 208,688
Cine Ind & Western January
Colo A Southern— 2d wk Mar 222.049 210,148 2,486,289 2,285,264
635,242
773,786
Ft W & Den City January
773,786 635.242
91,184
116,212
91,184
Trin A Brazos Val January
116,212
96,283
77,277
77,277
96,283
Colo Sc Wyoming. . January
571,977
Oonstit R.vs of Mex 1st wk Jan 571,977
22,403
79,635
79,635
22,403
tCrip Ork A Col Spgs January
772,173 1,043,086 12,062,581 7,837,700
Cuba Railroad----- December
2,663,954 2,122,363 2,663,954 2,122,363
Delaware A Hudson January
5,699,053 4,393,946 5,699,053 4,393,946
Del Lack A W est.. January
Denv A Rio Grande January
2,568.465 2,342,478 2,568,465 2,342,478
136,684
63,670
63,670
136,684
Denver Sc Salt Lake January
100,785
73,828
73,828
100,785
Detroit Sc Mackinac January
362,987
112,758
362,987 112,758
Detroit Tol Sc Iront January
110,969
205,124
205,124 110,969
Dot Sc Tol Shore L . January
102,528
102,236
102,528 102,236
Dul & Iron Range.. January
192,049
142,987
Dul Missabe Sc Nor January
192.049 142,987
70,088
648,322
580.162
Did So S hore* A tl. 1st wk Mar
63,795
166,747
132,527
Duluth Winn & Pac January
166,747 132,527
62,802
98,596 . 62,802
East St Louis Conn January
98,596
860,545
1,952,205 860,545 1,952,205
Elgin Joliet & East. January
1,080,833 1,219,616 1,080,833 1,219,616
El Paso & So West. January
Erlo Railroad------- January
6,954,626 4,534,628 6,954,626 4,534,628
823,273
502,814
823,273 502,814
Chicago & E rle.. January
755,494
1,008,152 755,494 1,008.152
Florida East Coast. January
93,504
80,275
80,275
Fonda Johns & Glov January
93,504
111,086
114,334
Ft Smith Sc Western January
114,334 111,086
76,610
76,610
86,013
Galveston W harf.. January
86,013
431,997
545,491
Georgia Railroad.. January
545,491 431,997
85,343
Georgia * Florida.. January
85,343
78,846
78,846
Gr Trk L in Now E . January
336,770
153,480
336,770 153,480
702.163
Grand Trunk P a c .. 2d wk Feb
94,857 136,720
594,015
Grand Trunk Syst. 2d wk Mar 1,159,337 846,554 10,873,982 7,187,710
Grand Trunk Ity. 2d wk Feb 946,592 582,341 6,257,731 4,340,366
Grand Trk West. January
1,623,464 913,149 1,623,464
913,149
8,874,400 5,785,624 8,874,400 5,785,024
Great North System January
194,666 171,631
Gulf Mobile & Nor. January
171,631
194,666
175,865 187,675
175,865
187,675
Oulf & Ship Island. January
509,764 623,115
509,764
623,115
H o c k i n g V a l l e y -------- January
8,503,957 6,333,078 8,503,957 6,333,078
Illinois Central . . . . January
1,105,736 1,052,523 1,105,736 1,052,523
Internet * Ort Nor January
60,791 103,079
60,791
103,079
Kan City Mex Sc Or January
75,004 108.534
75,004
108,534
K O Mex & O of Tex January
1,263,651 1,090.213 1,263,651 1,090,213
Kansas City South. January
98,108
95,130
98,108
95,136
T e x a r k & F t S m . January
107,670
90,807
107,670
90,807
K a n s a s C i t y T e r m . January
206,106 148,702
206,406
148,702
L e h i g h Sc H u d R l v . January
January
307,128 192,218
307,128
192,218
L e h ig b & N e w E n g
January
5,062,565 3,195,888 5,062,565 3,195,888
L e h ig h V a lle y . . . .
1,300,742 1,031,989 1,300,742 1,031,989
L o s A n g & S a l t L a k e January
156,193 133,291
156,193
133,291
L o u i s i a n a Sc A r k a n . January
273,245 207,839
273,245
207,839
L o u i s i a n a l t y & N a v January
8,256,212 6,243,830 8,256,212 6,243,830
L o u i s v i l l e & N a s h v . January
238.688 166,754
238,688
166,754
L o u l s v l l e n d & S t L January
1,416,416 951,781 1,416,416
951,781
Maine Central......... January
50,727
50,727
M i d l a n d T e r m i n a l - January
304,452 237,500
January
301,452
237,500
M id la n d V a lle y
14,992
22,068
188,010
204.826
Mineral Itango------ 1st wk Alar
925,822 875,021
925,822
875,021
Mlnneap Sc St Louis January
3,175,355 1.984,971 3,175.355 1,984,971
Minn St P & S S M January
74,706
74,706
84,949
84,949
Mississippi Central. January
2,623,358 2,042,840 2,623,358 2,042,840
Missouri Kan & Tex January
1,740,155 1,490,216 1,740,155 1,490,216
Mo K A T By of Tex January
139,885
93,4871
139,885
93,487
M o & North Arkan. January
Jan. 1 to Latest Date
Latest Gross Earnings.
Jan. 1 to Latest Date
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
101,089
142,833
101,089 142,833
M o Okla & Gulf__ January
6,810,632 5,870,844: 6,810,632 5,870,844
Alissouri P a c ific ... January
158,171
305,361
158,171
305,361
Monongahela______January
213,515
131,084
213,515 131,084
Monongahela Conn January
84,158
73,293
73,293
84,158
A lon tou r_________ January
1,513,977 1,193,668 1,513,977 1,193,668
Nashv Chatt & St L January
38,996
3,325
37,875
3,435
Novada-Cal-Oregon 1st wk Alar
182,836
227,134
182,836 227,134
Nevada Northern.. January
47,372
129,675
47,372
129,675
Newburgh & Sou Sh January
176,214
148,130
176,214 148,130
New Orl Great N or. January
505,694
457,216
505.694 457,216
New Orl & Nor East January
96,640
173,483
96,640 173,483]
N O Tex & Alexico. January
121,862
123,160
121,862 123,160
Beaum S I, & W . January
400,709
325,572
400,709 325,572
St L Browns & M January
24821606 16246806 24,821,606 16,246,806
New York Central. January
211,994
605,846
605,846 211,994
Ind Harbor B elt. January
522,477
764,567
764,567 522,477!
Lake Erie & West January
5,900,537 3,505,413 5,900,537 3.505.413
Michigan Central January
5,347,881 3,533,021 5.347,881 3,533,021
Cleve C C & St L January
233,55?
140.043
233,557 140,043
Cincinnati North January
2,792,810 1,810,293 2,792,840 1,810,293
Pitts & Lake Erie January
600,982
600,982 463,463
463,463
Tol & Ohio Cent. January
267,965
267,965 250,181
250,181
Kanawha & Alich January
987,810
2,069,363 987,810 2,069,363
N Y Chic & St Louis January
7,336,774 5,989.365 7,336,774 5,989,365
N Y N H & H a rtf.. January
793,523
684,203
! 793,523 684,203
N Y Ont & Western January
333,066
251,013
j 333,066 251,013:
N Y Susq & West_'January
6,100,014 4,787,904 6,100,014 4,787,904
Norfolk & Western.'January
481,422
336.645
481,422 336,645
Norfolk Southern..]January
79,087
79,087
111,656
111,656
Northern Alabama. January
7,934,352 6.164,830 7,934,352 6,164.830
Northern Pacific__ January
81,972
76,837
81,972
76,837
Minn & Internat. January
347.384
383,405
383,405 347,384
Northwest’n Pacific January
87,367 102.799 1,405,733 1,377,715
Oahu Ity Sc Land Co November
489,349
546,913
489,349 546,913
Pacific Coast...........January
30477483 19657449 30,477,483 19,657,449
Pennsylvania RR__ January
88,077
9,547
88,077
9,547
Balt C h es* A t l.. January
481,048
302.043
481,048 302,043
Cumberland Vail. January
1,499,583 1,124,465 1,499,583 1,124,465
Long Island_____January
9,332
83,469
9,332
83,469
Alary'd Del & Va January
615,810
615,810 343,829
343,829
N Y I’ hila & Norf January
735,887
735.887 459,308
459,308
W Jersey & Scash January
7,472,886 4,156,899 7,472,886 4,156,899
Pennsylvania C o __ January
514,778 368,564
514,778
368,564
Grand Rap A Ind January
7,377,274 4,479,031 7,377,274 4,479,031
Pitts C C & St L . January
104,722
80,274
104.722
80,274
Peoria & Pekin Un. January
2,473.433 1,262,026 2,473,433 1,262,026
Pore Marquette — January
115,284
127,529
115,284 127,529
Phila Beth A N E__ January
120,546
120,546 100,850
100,850
Pittsb Sc Shawmut. January
100,502 131,745
100,502
131,745
Pittsb Shaw Sc N or. January
122,255
133,148
122,255 133,148
Pittsb A West V a .. January
94,566
94,566
224,43
224,437
Port Reading______ January
84,483
73,323
73,323
84,483
QuincyOmAKanC . January
Reading Company:
5,950,981 4,498,571 5,950,981 4,498,571
Phila A Reading. January
412,349
760,371
760,371 412,349
Rich Fred A Potom January
230,414
446,806
446,806 230,414
Wash Southern.. January
327,564
309,969
327,561 309,969
Rutland__________ January
201,156
230,563
230,563 201,156
St Jos A Grand Isl'd January
5,803,741 4,409,517 5.803,741 4,409,517
St Louis-San Fran. January
80,391
80,391
91,089
91,089
Ft W A Rio G r .. January
99,464
144.458
99,464 144.458
St L-S F of Texas January
999,277
999,277 903,075
903,075
St Louis Southwest January
516,044 640,827 6,553,608 5,840,929
St I, 8 W of Texas December
70,129
99,623
70,129
99,623
St Louis Transfer.. January
349,573 378,507
349,573
378.505
San Ant A Ar Pass. January
3,340,298 2,529,137 3,340,298 2,529,137
Seaboard Air L ine.. January
82,828
167,743
82,828
167,743
South Buffalo------- January
12923802 10933418 12,923,802 10,933,418
Southern Pacific— January
368,397
370,881
370,881 368,397
Arizona East----- January
1,815,652 1,744,228 1,815,652 1,744,228
Galv Harris A S A January
726,648
685,635
685,635 726,648
IIous A Tex Cent January
168,598
192,978
192,978 168,598
Hous E A W T ex. January
311,095
338,082
338,082 311,095
Louisiana West’n January
595,357
696,359
696,359 595,357
M orga ns La A Tex January
562,360
580,960
580,960 562,360
Texas A New Orl January
10126429 7,276,557 10,126,429 7,276,557
Southern R ailw ay.. January
544,012
813,239 544,012
813,239
Ala Great South. January
850,755
1,511,117 850,755 1.511,117
Cln N O A Tex P . January
980,591
1,215,144 980,591 1,215,144
Alobile A O h io.. January
408,907
408,907 266,776
266,776
Ooorgia Sou A Fla January
145,357 121,498
145,357
121,498
South Ry in Aliss January
77,707
65,428
77,707
65,428
Spokane Internat’l. January
553,084 737,832
553,084
737,832
Spok Portl A Seattle January
184,507
73,968
184.507
73,968
Staten Island R T ._ January
18,055
2,370
23,053
3,016
Tenn Ala A Georgia 1st wk Mar
127,119
243,038
243,038 127,119
Tennessee Central. January
252,314
300,711
300,711 252,314
Term RRAssnof StL January
202.432
255,875
255,875 202.432
St L Mer Bdg T_ January
Texas A Pacific------ 1st wk Alar 559,291 446,620 5,690,562 4,247,960
93,589
93,589
161,733
161,733
Toledo Peor A West January
399.433
575,623
575,623 399.433
Toledo St L A West January
51,026
57,989
51,026
57,989
Ulster A Delaware. January
8,594,474 5,823,940 8,594,474 5,823,940
Union P a cific------- January
2.945,533 2,413,593 2,945,533 2,413,593
Oregon Short Line January
2,033,603 1,644,525 2,033,603 1,644,525
Ore-Wash R R A N January
304.459
582,956 304.459
582,956
Union RR (Pa)____ January
115,208
101,670
101,670 115,208
Utah.....................- . January
200,754
271,586
271,586 200,754
Vicks Shrevo A Pac January
957,410
665,128
957,410 665,128
Virginian R R ------- January
3,741,718 2,345,367 3,741,718 2,345,367
Wabash R R ............. January
918.821
1,331,668 918,821 1,331,668
Western Maryland. January
870,857
858,292
870,857 858,292
Western Pacific---- January
225,899
182,440
225,899 182,440
Western Ry of Ala. January
779,417
681,232
779,417 681,232
Wheel A Lake Erie. January
131,655
87,698
87,698
131,655
Wich Falls A N W . January
1,860.167 1,512,501 1,860,167 1,512,501
Yazoo A Miss Vail. January
n •■
OF G R O S S E A R N IN G S — W eekly an d M on th ly.
Previous
Year.
Increase or
Decrease.
%
$
$
10.698,660 8,136,132 +2,562 .528 31.49
5.257.043
+976 ,162 22.80
4,280,891
6,073.616
4.701.322 + 1,372 ,294129.19
6.810,241
4.968,084 + 1.842 ,157 37.09
10,082,381
7,814,588 +2,267 .793 28.87
4,638,628 + 1,452 ,932 31 32
6,091.560
6,611,679 5,132,672 + 1,479 ,007 28.80
6,422,429 5,316,165 + 1,106 ,264 20.81
6,812,647
5,606,328 + 1.206 ,319 21.52
+ 442 0411 7.78
6.124,280 5,682,239,
+ 619 716 12.14
5,103,961'
5.723,677
steam lines Dec. 31 1918. * Wo no longer
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or [
Decrease, j %
$
i
S
s
Mileage.
Cur. Yr. Prev Yr.
M arch.......... 238 891 237 463 285.776,203 260 627.752 + 25,148.451 9.65
A p r il______ 233 |734 232 ,255 369,409,895 319 274.981 + 50.134.914 15.70
M ay________230 .355 228 ,892 374.237 097 342 146,096 4 32.091 001 9.38
Juno............. 220.,303 219 294 363.165.528 323 163.161: + 40.002,412 12.38
J u ly ............. 231 .700 230 ,570 463,684,172 346 022,857 + 117661 315 34.00
August--------230 ,743 230 ,015 498,269,356 362 509,561 + 135759,795 37.45
September-.232 .186 232 .378 487.140,78 + 357 772.850 + 129367,931 36.16
O ctober____230 .184 230 576 484.824,750 377 867,933 + 106956.817 28.30
N ovem b er..232 .274 232 .259 438,602,283 356 438,875 +82,163,408 23.06
December ..232 ,774 232 399 438,365,327 335 607,571 +102757756 30.62
January____ 232 655 233 ;i 99 395,552,020 284 .131,201 + 111420,819 39.22
include Mexican roads in any of our totals.
1156
THE CHRONICLE
L a te st Gross E arnings by W e ek s.— In the table which
follows we sum up separately the earnings for tho second week
of M arch. The table covers 9 roads and shows 1 2 .1 4 %
increase in tho aggregate over the same week last year.
Second week o f M a rch .
1919.
1918.
! Increase. Decrease.
Ann A rb o r___________________
80.044
60,929
Buffalo Rochester & Pittsburgh
219,261
342,540
Canadian National Railways__ 1,397,986 1,147,790
Canadian Pacific______________ 2,645,000 2.496,000
Colorado & Southern_________
222,049
210.148
Grand Trunk o f Canada______
Grand Trunk Western__
1,159,337
846,554
Detroit Gr Hav & M llw____
Canada Atlantic________
Total (9 roads) _ ______ ______
Net increase (12.14% )________
19,115
250,196
149,000
11,901
123,279
312,783
5,723.677 5,103,961 742,995
_______
-----------1 619,716
123,279
For the first week of March our final settlement covers
14 roads and shows 7 .7 8 % increase in tho aggregate over
the same week last year.
First week o f March.
1919.
1918.
Increase. Decrease.
Previously reported (10 roads).
Duluth South Shore & A tl____
Mineral Range_______________
Novada-California-Oregon____
Toxas & Pacific______________
$
•$
5.482,764 5.140,138
63,795
70,088
14,992
22,068
3,435
3,325
559,294
446,620
$
622,407
Total (14 roads)_________
Net increase (7 .78% )_______
6,124,280 5,682,239
735,191
442,041
110
112,674
$
279,781
6,293
7,076
293,150
N et E arn in gs M o n th ly to L a test D ates. - T h e table
following shows the gross and net earnings with charges and
surplus of S T E A M railroad and industrial companies re
ported this week:
-Gross Earnings -----------------—N et Earnings -------Current
Previous
Current
Year.
Year.
Year.
Roads.
Atch Top & S Fo System—
Panhandlo & S F o .b .-J a n
Bklyn East Dist T orm .b Jan
Georgia & F lorida.b___ Jan
Louis Ry & Nav C o .b __ Jan
Midland Term inal.b
Jan
Missouri & Nor A r k .b . .Jan
M ontour, b ____________ Jan
Phila Beth & Now Eng b Jan
Pitts
______Shaw <& N o r .b ___ Jan
$
$
403,437
65,863
78,846
273,245
50,727
139,885
84,158
115,284
100,502
454,174 defl36,189
104,214
53,206 dof47,928
def2,976
85,342 dofl6,052
5,429
207,839 defl0,273
41,995
*
*
18,791
93,487 dcf51,794
dof6,057
■ 73,293 def30,588 defl6,310
127,529
23,391
21,556
131,745 defl9,457 defl7,497
b Net earnings hero given aro before tho deduction of taxes.
* Road not operated during 1918.
E L E C T R IC R A IL W A Y A N D P U B L IC U T I L I T Y COS
N am e or Road
or Company.
Latest Gross Earnings.
Week or
M onth.
AdirondackE! PowCo January
Alabama Power C o .. January
/lAmer Pow & Lt C o. January
Atlantic Shoro R y __ February
Aurora Elgin & Chic. January
Bangor Ry & Electric Decembor
Baton Rouge Elec Co January
Blackstone V G & E l. January
(/Brazilian Trac L & P December
Brock & Plym St R y. January
g Bklyn RapTranSyst October
Capo Breton Elec Co January
Cent Miss V El Prop. Decomber
Chattanooga Ry & Lt December
Cities Service C o___ January
Cleve Painesv & East December
(/Columbia Gas & El. December
Columbus (Ga) El Co January
Colum (O) Ry, P & I, December
Com 'w’th P, Ry & Lt January
Connecticut Pow Co January
Consum Pow (M ich). Docomber
Cumb Co (Mo) P & L December
Dayton Pow & Light February
Detroit Edison_____ February
^Detroit United Lines January
Duluth-Superior Trac January
East St Louis & Sub. December
Eastern Texas E lec.. December
a El Paso Electric Co January
Fall River Gas Works January
Federal Lt & Trac__ December
Ft Worth Pow & L t .. January
Galv-Hous Elec Co__ January
0 Georgia L, P & Rys December
Grand Rapids Ry Co December
g Groat West Pow Sys January
Harrisburg Railways December
Havana El Ry. L & P December
Honolulu R T & Land January
Houghton Co El L Co January
Houghton Co Tr C o. January
b Hudson & Manbat. November
Illinois Traction____ January
Interboro Rap Tran. January
Jacksonville Trac Co January
Keokuk Electric C o. January
Key West Electric Co January
Lake Shore Elec Ry. December
Lewist Aug & Waterv December
Long Island Electric. October
Loutsvilio Rail way. . December
Lowell Electric Corp. January
M anhatBdge3c Line October
a Milw El Ry & Lt Co February
Mlssisslp Riv Pow Co December
Montreal L, II & P . . October
Nashville Ry & Light December
New England Power. January
N ew pN & H R y.G & E November
Novada-Cal El Corp October
N Y & Long Island.. October
N Y & North Shore.. October
N Y & Queens C o__ October
New York Railways. December
Northampton T ra c.. December
Northern Ohio E lec.. January
North Texas E le c __ January
Ocean Electric (L D . October
Current
Year.
Previous
Year.
S
$
148,772 166,698
269,141 205,322
1398,795 1163,848
10,850
8,261
186,780 183,518
82,935
83,790
31,272 21,530
235,183 186,695
/8531000 /8069000
8,774
7,559
2490.780 2552.117
52,190 41,428
30,700 29,258
177,162 132,286
1853,598 2031.462
41,730 42,944
1123.844 1125,086
121,785 108,978
417,737 385,269
2149,554 1700,470
110,682 81,913
691,601 573,444
286,401 249,608
247,207 193,186
1309,879 1142,497
1747,883 1406,271
148,669. 140,971
406,855 357,987
111,506; 85,478
127,963 114,360
63,035 53,841
337,559 307,865
119,881 119,818
242,487 194,183
118,847. 103,884
117,656 117,238
425,749 365,273
135,264 112,829
709,891 673,789
60,059 58,356
44,713 41,082
24,455. 29,423
569,259 527.250
1461,0304234,267
3813,648 3569,021
85,868
26,709
19,589
200,636
79,624
16,093
333,899
95,954
12,374
1157,350
186,906
970,106
277,227
318,033
230,308
176,641
42,636
12,829
83,675
979,862
21,980
696,194
244,490
7.880
Jan.
1
to Latest Dale
Current
Year.
Previous
Year.
166,698
205,322
1,163,848
19,093
183.518
886,120
21,530
186,695
f92200,000
7,559
25,720.253
41,428
311,630
1.356,732
2.031.462
539,108
10.865,673
108,978
4.024,186
1,700,470
81,913
5,775,371
3.081.927
388,663
2,420,263
1,406,271
140,971
3,692.472
938,074
114,360
53.841
2,867.310
119,818
194,183
1.093.412
1,303,860
365.273
1,186,731
6,989.599
58,356
41,082
29,423
5.596.927
1,234,267
3,569,021
65,557
21,866
13,775
1,786,012
898,373
219,104
3,284,984
68,270
103,609
1,898,935
1.976,461
4.822.709
2,458,321
261,359
1.223,414
1.678,290
397,578
143,655
952,420
12,406,651
217,058
54S.392
250.312
145.015
[V ol . 108.
Jan.
N ame o f Road
or Company.
1
to Latest Dale.
P a c ific G a s & E l e c . . _ O c t o b e r
P a c ific P o w e r & L ig h t J a n u a ry
P e n s a co la E le c t r ic C o J a n u a r y
P h ila R a p id T r a n s i t .
P h il a & W e s t e r n _____
P o r tla n d G a s & C o k e
P o r t (O r e )R y ,L & P C o .
P o r to R ic o R a ilw a y s .
R ic h m o n d L t & R R .
St L R o ck y M t & P ac
S a n tia g o E l L t & T r .
S a v a n n a h E le c t r ic C o
S e c o n d A v e n u e (Ite c )
S ou th e rn B o u le v a r d .
S o u th e rn C a l E d is o n .
S t a t e n Is ld M i d l a n d .
T a m p a E le c t r ic C o . .
T e n n e s s e e P o w e r _____
T erm R y , L t & P C o .
T o x a s P o w e r & L t C o .J a n u a ry
T h i r d A v e n u e System [ J a n u a r y
D D E B & B R R .. ~
■
4 2 d S tM & S tN A R y
UnlonRyCo (NYC)
Y o n k e rs R a ilr o a d .
N Y C it y In ter R y
B e l t L in e R y_____
T h ir d A v e n u e ______
T w in C it y R a p T r a n .
V ir g in ia R y & P o w e r .
W a s h B a lt & A n n a p .
V V estch ester E l e c t r i c .
Y o r k R a i l w a y s ________
Y o u n g s to w n & O h io .
a I n c lu d e s M il w a u k e e L i g h t , H e a t &
f E a r n in g s g i v e n In m U r e is . g I n c l u d e s
h S u b s id i a r y c o m p a n i e s o n l y .
T r a c t i o n C o . b I n c lu d e s a ll s o u r c e s c o n s t it u e n t o r s u b s id ia r y co m p a n ie s -
Electric Railw ay an d O th er Public U tility N et E a rn
in g s.— The following table gives the returns of E L E C T R IC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Companies.
------ Gross Earnings—-—
Current
Previous
Year.
Year.
$
$
-------- N et
Earnings --------Current
Previous
Year.
Year.
$
American Power & Lt Co
(subsidiary cos only)..Jan 1,398,795 1,163,848
538,537
481,694
Feb 1 to Jan 31........... 13,909,258 11,522,632 5,296,925 4,800,787
Lincoln Telep & T eleg.b Doc
157,523
130,728
32,223
6,995
Jan 1 to Dec 3 i ........... 1,670,083 1,544,833
463.739
458.348
Mtn States Tel & T e l.b .D e c
944,547
834,713
206,423
304,492
Jan 1 to Dec 31............10,726,399 9,948,711 3,245,662 3,342,093
New Eng Tel & T e l.b .-D e c 2,020,889 1,908,594
472,116
522,409
Jan 1 to Dec 31..........24,586,179 22,649,935 7,136,382 6.055,238
Philadelphia Company—
Nat’l Gas D ep t.a ------Jan 1,488,216 1,215,616
936.708
608,914
Oil Department.a------Jan
105,238
89,738
90,662
61,116
Coal Department.a__ Jan
84,154
130,323
18,328
7,559
El Lt & Pow D ept.a--Jan 1,138,390
921,780
499,834
228,057
Street Ry Dept (oxclud
Pittsb Ry C o ).a — Jan
53,811
36,906
11,404
dof6,166
Southwestern Pow & Lt Co
(subsidiary cos on ly)..Jan
550,107
484,887
195,527
194,754
Feb 1 to Jan 31........... 5,757,052 4,736,610 2,103,619 2,056,250
Utah Securities Corpor’n
(subsidiary cos on fy )..F eb
604,872
580,559
339,939
323,869
Mar 1 to Feb 28........... 7,023,478 6,752,222 3,756,878 3,597,945
a Net earnings here given aro after deducting taxes,
b Not earnings hero given aro boforo deducting taxes.
Gross
Earnings.
N et after
Taxes.
Fixed
Charges.
Balance.
Surplus.
$
42,142
*52,632
33,423
*17,170
137,936
239,261
97,588
252,233
270,630
567,836
194,405
544,328
16,070
*28,096
10,151
40.555
168,518
*422,733
121,295
433,186
156,434
*80,148
139,057
*782
*337,700 **153,120
*281,203
**3,344
62,904
*38,654
53,374
45,279
*418,109
662,745
563,227
452,531
* Includes Milwaukee Lt,, Heat & Traction Co. for January.
z After allowing for other income received.
Dayton Power &
Light Co
Dotroit Edison Co
Feb T9
247,207
92,404
T8
193,186
49,489
Feb T9 1,309,879
377,197
'18 1,142,497
349,821
2 mos T9 2,780,558
838,466
T8 2,420,264
738,733
Ft Worth Power & Jan T9
119,881
43,442
Light Co
T8
119,818
50,706
12 mos T9 1,305,223
583,814
T8 1,052,698
554.481
Milwaukee Electric Fob T9 1,157,350
229,076
Ry & Light Co
T8
930,901
139,283
2 mos T9 *2,391,268
*455,921
T8 *1,898,935
*276,718
Texas Power & Lt Jan T9
311,204
101,470
Co
98,653
T8
278,820
12 mos T9 3,280,564 1,078,905
T8 2,654,437 1,015,758
t
Philadelphia &
Western Ry Co
Gross
Earnings.
N et
Earnings,
Fixed Chgs.
cfc Taxes.
Balance.
Surplus.
Feb T9
48,915
T8
40,504
2 mos T9
99,838
T8
82,023
Feb T9
688,288
'18
608,730
8 mos T9 5,450,505
'18 4,808,646
Feb T9
109,479
'18
91,542
3 mos T9
340,599
'18
292,777
15,746
14,069
1,677
14,865
14,214
651
31,179
28,127
3,052
28,909
28,224
745
Virginia Ry &
261,937
186,788
*86,012
Power Co
291,477
167,387
*133,753
1,797,468 1,409,540
*490,498
2,207,180 1,271,936 *1.009,740
York Railways
42,963 • 28,395
14,568
43,022
28,146
14,876
124,967
85,518
39,449
135,415
84,439
50,976
x After allowing for other income received.
FINANCIAL REPORTS
F in an cial R ep o rts.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will bo given
on the last Saturday of each month. This index will not
include reports in tho issue of the “ Chronicle” in which it is
publixhed. Tho latest index will bo found in tho issuo of
Feb. 22. The next will appear in that of March 29.
M ar . 22 1919.]
THE CHRONICLE
C a n a d ia n P a c ific R a ilw a y .
(Results for Fiscal Year ending Dec. 31 1918.)
The report will be cited fully another week.
— Years ending Dec. 31--------Years ending Jane 30
1918.
1917.-----------1916.
S
S
$
Gross earnings..... 157,537,698
152,389,334 129,481,885
Working expenses.123.035,310 105,843,316 80,255,965
Net earnings..... 34,502,388
Fixed charges____ 10,177,513
Pension fund_____
500,000
x T o special account___
193,977
Pref. divs. (4% p. a . ) . .
3,227,276
Common divs. (7% p .a.)
18,200,000
34,125,103
Total deductions_ 32,298,766
.
,
12,420,915
Balance, surplus. 2,203,622
Special Income Account.
Special income............. $8,128,751 $10,713,299 $9,940,955 $10,969,332
Com. divs. (3% p. a .) .- 7,800,000
7,800,000
7,800,000 7,800,000
Balance.......................
$328,751 $2,913,299 $2,140,955 $3,169,332
Previous balanco........... 13,835,750 10,922,451
6,266,144
3,096,812
Total surp. special inc..$14,164,501 $13,835,750 ' $8,407,099 ‘ $6,266,144
A m e r ic a n I n t e r n a t io n a l C o r p o r a t io n , N e w Y o r k .
(Report for Fiscal Year ending Dec. 31 1918.)
On a subsequent page will be found the remarks of Presi
dent Charles A . Stone, along with the consolidated balance
sheet and income account for the late fiscal year.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
1916.
Earnings from operation____________$5,388,228 $3,803,915 $3,337,450
Interest and dividends received_____ 2,458,319
3,026,480
502,427
Total income_________________
Interest_____________ _________
Domestic and foreign taxes______
Miscellaneous expenses_________
x Common dividends.
x Net earnings o f coastal steamers, commercial telegraph and news
department transferred to special income account.— V. 108, p. 2097, 1919.
C h ic a g o
C ity
R a ilw a y .
(Report for Fiscal Year ended Jan. 31 1919.)
The report, signed by Pres. A . L . Busby, shows in su bst.:
1157
..$7,846,547
. . $260,403
..
876,310
. . 2,993,455
$6,830,394
$102,777
403,762
2,577,733
$3,839,877
..$3,716,379
j 1,817,325
$3,746,122
1,574,175
$2,483,943
375,000
..$1,899,054 $2,171,947
sur3,507,513surl ,923,539
$2,108,943
defl9,024
..$5,406,567
.
101,926
-Cr .y438.769
$2,089,919
166,380
$4,095,486
587,973
447,656
908,278
Total surplus------- ----------- -------------$5,743,410 $3,507,513 $1,923,539
x In 1918 paid $3 60 on both the pref. and com. stock, compared with
$3 12 in 1917 and 75 cents each in 1916. ,
y All the stock of Carter, M acy & Co., Inc., and the Rosin A Turpentine
Export Co. having been acquired by the American International Corpora
tion, the surplus accounts of these companies are now included in the
consolidated statements.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1918.
1917.
19X8.
1917.
Assets—
s
5
Liabilities—
S
$
During the year, gross receipts o f the Chicago Surface Lines [all the lines
o f the city] decreased $404,535, while operating expenses increased $2,630,
241, making a decrease in residue receipts of $3,034,776. The increase
in operating expenses was due to wage increases and tho Increased cost of
operating material and supplies.
Effectlvo Aug. 1 1918, the National War Labor Board awarded our em
570,000
ployees a wage increaso amounting to $3,700,000 per year. This was in Real estate______ 2,040,255 1,732,583 Pref.stk.,paid up(60) .570,000
addition to tho wage increase of more than $1,000,000 per annum given the Bonds and stocks.27,847,508 27,313,579 Com. stk., 490,000
shares—
employees under the contract dated Juno 1 1917, which ran for a throe- C ash* callloans.a 1,419,235 2,153,096
Paid up (60% ).29,400,000 29,400,000
year period, or until Juno 1 1920. These two wage increases within a period Inventories of mer
chandise_______ 7,474,400 2,222,700 Notes & accounts
of 14 months made an aggregate wage increase o f over $4,700,000 per year.
receivable......... 6,364,390 2,789,216
In addition to these wage increases, tho co$t o f operating material and sup Acc’ts receivable &
sundry advances 3,394,493 3,086,634 Reserve for taxes. 1,783,903
839,286
plies has also increased from 50 to 200%.
125,374 Profit & loss, surp.
After tho payment of operating expenses and bond interest, the net Int. accr’d receiv. 128,812
as per Income
income was reduced from $1,501,385 last year to $846,187 this year. Tlio Working & dererred
assets__________ 1,557,001
472,049
account above.. 5,743,410 3,507,513
item of “ other income” last year, amounting to $58,358 was more than
balanced this year by tho loss of $82,626 in the ordinance 15% on new
Total............... 43,861,703 37,106,015
Total...............43,861,703 37.106,015
construction, decrease in bank Interest, and other miscellaneous income.
a After deducting $219,654 branch office cash In transit.
Three quarterly dividends were paid, 2% Mar. 30, 2% June 29 and 1%
Sept. 30. As a result of this situation, decreasing gross and an enormous
Tho corporation in its February “ Bulletin,” a 32-page
increaso in operating expenses, this company for the. first time in 60 years
failed to declare its quarterly dividend duo Dec. 31 last.
pamphlet describes several new activities, viz.;
Following the award of the War Labor Board, tho company, in connec
(1) G. Amsinck & Co., for many years past, until the management was
tion with the other surface lines companies, applied to tho State P. U. acquired by tho American International, a leading German exporting and
Commission for a 7-cent fare. Tho first hearing was on Dec. 10 1918, commission house reaching the principal markets of South and Central
and our case was taken under advisement on Feb. 14 1919. We aro now America, with three special departments for export: (a) dry goods; (6)
awaiting a decision.
electrical: (c) engineering.
At the present time the company is not earning the 5% interest fixed
(2) Italian-Amerlcan Society of Investigation, formed with a capital of
by ordinance on its purchase price. It should bo remembered in tills con 1,000,000 lire, in conjunction with one of the leading banks In Rome
nection that tho statement o f not earnings does not reflect tho full result (Banca di Sconto) for a general study of the Italian situation with a view
of tho second wage increase which was effective only during the last six to American co-operation In Italian commerce and Industry.
months of the year, and that tho company is now operating at an annual
(3) Rosin <fc Turpentine Export Co., organized In 1916.
loss far heavier than that indicated by the abovo figures. Tho only relief
(4) American Balsa Co., Inc., manufacturers of various marine life
possible is through additional revenue from an Increase In fares.
saving appliances, such as life-boats and rafts, mechanical davits, &c.
Tho company, being unable to sell bonds owing to war conditions, bor
Considerable information is also furnished regarding the Machinery
rowed last year $1,200,000 to meet capital expenditures, and this year bor Export Department, the American International Steel C orp., the Pacific
rowed $500,000 in order to make Iniprovements, so that tho company has Mail SS. Co., New York Shipbuilding Corp., American International
borrowed a total of $1,700,000 from Chicago banks on notes of tho company Shipbuilding Corp., and Carter, Macy & Co., Inc., the tea house.
which aro secured by $1,700,000 of the company’s 1st M . bonds. [Tho
A supplementary bulletin contains pictures of the Hog Island shipyard
amount earned on the capital stock was 4.70%, against 8.34% tho previous development as it was Jan. 24 1919, compared with the status on Sept. 30
year.]
1917, when the Government contract was signed, together with some
* We have built one extension o f 2.75 miles at the request o f the U. S. expressions o f opinion by distinguished visitors regarding the work at Hog
Government with funds loaned by the IT. S. Housing Corporation. Total Island, extracted from testimony presented to the U. S. Senate Committee
miles o f single track Jan. 31 332.37 miles.
on Commerce.— V. 108, p. 582.
RESULTS OF ALL CHICAGO SURFACE LINES FOR JAN. 31 YEARS.
S o u t h e r n C a lifo r n ia E d is o n C o .
1918-19.
1917-18.
1916-17.
Gross earnings----------------------------------$34,710,097 $35,114,633 $34,789,636
(23rd Annual Report— Year ending Dec. 31 1918.)
Operating expenses.......................
25,731,937 23,101,696 21,743,523
The remarks of President W . A . Brackenridge and also the
Residuo receipts--------------------------- $8,978,160 $12,012,937 $13,046,113
Chicago Railways (6 0% ).........
5,386,896 $7,207,762 $7,827 668 results for 1918, the balance sheet of Deo. 31 1918, and other
South Side Lines (4 0% )........................ 3,591,264
4,805,175 5,218,445 data, will be found on subsequent pages.
INCOME ACCOUNT OF CHICAGO C ITY RA ILW AY , ETC., FOR YEAR
INSTALLATION A N D INCOME ACCOUNT CAL. YEARS.
ENDING JANUARY 31.
Installation Dec. SI—
1918.
1917.
1916.
1915.
,
1918-19.
1917-18.
1916-17.
Incandescents (50-watt
South Side Lines (40% )...............
$3,591,264 $4,805,175 $5,218,445
equivalent) ................ 3,215.132
3,090,764
2,055,723 1,925,445
x Joint account, exp., & c ..........
3,580,613
3,661,805 3,616,023 Meters— E lectric...........
201,129
195,321
124,019
116,768
G a s ....................... .
6,904
6,672
...........
15,964
Net e a r n i n g s .........................
$10,650 $1,143,369 $1,602,422
C ity’s proportion, 55%, as per ord'ce
361,951
326,930
160,358
143,670
5,857
628,853
881,332 Motors, h. p _________
Arcs (all)................ ........Not stated Not stated
1,868
1,959
C o.’s proportion, 45% , as per ord’ce.
$4,792
$514,516
$721,090 Electric ranges........ ..
18,867
13,918
5,072
128
Interest on capital investm ent _________________ 2,668,657
2,623,510
2,558,168
Results—
Income from operation---------------- $2,673,450 $3,138,026 $3,279,257 Gross earnings_________ $8,735,458
$6,885,150 $5,034,250 $4,933,116
Other income (net) — ...........................deb.72,046
58,358
88,245 Opcr. oxp., taxes, & c ... 3,348,424
2,459,955
2,234,233 2,218,618
Not income...............................
$2,601,404 $3,196,385 $3,367,502
Net earnings________ $5,387,034
$4,245,195 $2,800,016 $2,714,498
Interest on bonds .................................
1,755,217 $1,695,000 $1,617,792 Int. <fe amortization----- 2,943,569
1,913,253
1,004,015
1,003,180
D ividen ds.......................................... (5 % )900,160 (8H) 1575000(9^)1665000
Balance......................... $2,443,466 $2,511,942 $1,796,001 $1,711,312
Balance, surplus or deficit..................................... def.$53,973 def.$73,615sur.$84,710
Previous surplus_______
613,030
687,652
313,635
230,948
T o ta l________________$3,056,496 $3,199,594 $2,109,636 $1,942,260
x includes Interest on capital Investment o f Chicago City Ry. and Calu Reserve
for depreciation
$500,000 $1,000,000
$050,000
$700,000
met & South Chicago Ry. and not earnings o f Southern Street Ry.
Miscellaneous_________
______
______ Cr. 128,289
64,625
BALANCE SHEET JAN. 31.
First pref. dividends..(7%)280,000 (7)280,000(6^)250,000 (6)240,000
Second pref. dlvidents.(5%)601,495 (5)601,495
______
______
1919.
1918.
1019.
1918.
Common dividends.(7% ) 1.106,518 (7)705,068(6)4)650,272 (6)624,000
$
Assets—
Mobilities—
*
$
Pur. price oi prop.
Capital stock____18,000,000 18,000,000
Total deductions___ $2,488,013
$2,586,564 $1,421,984 $1,628,625
in terms of or<l.63,741,033 53,090,300 lStM.5%gold b(lS.33,900,000 33,900,000
Total prof.& loss surplus
5568,483
$613,030
$687,652
$313,635
Accounts rccelv..
81,371
55,585 *Notes payable.. . 1,700,000 1,200,000
— V. 108, p. 1065.
Real estate...........
13,048
13,048 Acc’ts pay., & c .. . 1,058,322
894,252
Cash on hand.__
872,308
933,327 Totalsur. Jan. 31.
C o m p u tin g -T a b u la tin g -R e c o r d in g C o.
50,039
104,013
T o ta l..................54,708,901 54,098,800
T o ta l.................. 54,708,901 54,098,800
* Secured by $1,200,000 bonds deposited prior to Jan. 31 1919 and $500,
000 deposited subsequently.— V. 107, p. 2475.
R e p u b lic R u b b e r C o r p o r a t io n , Y o u n g s t o w n , O .
(First Annual Report— Year ended Dec. 31 1918.)
On a subsequent page will be found the first annual report
of this consolidated company, incorporated under the laws
of New York State on Oct. (5 1917, and having its principal
offices in New York City and factories in Youngstown and
Canton, O. The report includes a statement by the Presi
dent Guy E . Norwood, the balance sheet of D ec. 31, tho
surplus account and also the profit and loss account for the
year 1918, tho latter showing gross sales of 815,749,628.
C I n addition to its lino of rubber tires, (shoes and tubos), the company
manufactures: {a) rubber belting: transmission, conveyor, elevator. (6;
Hose: steam, acid, air, water, garden, fire, suction, &c. (c) Backing:
sheet packing for all kinds or work; also piston and pump packings, (d)
Molded goods: pump valves, bumpers, rings, diaphragms, swab and packer
rubbers, typewriter platens, &c.
!** Full particulars regarding tho organization o f the company, &c., will be
found In V. 105, p. 1622, 2279; V. 107. p. 807, 2295.— V. 108, p. 978.
(7th Annual Report— Year ending Dec. 51 1918.)
The remarks of President Thomas J. W atson along with
the consolidated income account for the calendar year 1917
and consolidated balance sheet as of Dee. 31 1918 will be
found on subsequent pages.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEAR.
1918.
1917.
1916.
1915.
Proportion o f net profits
of subsid. cos________ $2,861,602 Not shown ( $2,163,720 $1,549,874
in report (
M aint., deprec. and re
for 1917. {
467,973
403,959
serve (doubtful accts.).
727,265
Remainder_________ x$2,134,337
Exp. C .-T .-R . Co., after
deducting int. rec. on
loans, treas. bonds, &c.
(y)
Int. on 6% sink. fd. bds. z346,531
Income & exc. prof. t a x .. See note
Reorganization expeases.
240,856
Divs. on C .-T .-R . stock.(4)419,222
$1,915,746
$1,695,747 $1,145,915
(y)
347,389
282,963
-----------(4)418,962
$144,521
344,373
----------------------(4)418,292
$58,461
396,760
----------------------.-..........
Balance, surplus______$1,127,728
$866,633
$788,562
$690,694
x After deducting also expenses C .-T .-R .C o .,& c . y Compare footnote x
z After crediting in 1918 $25,965 interest on treasury bonds.
* No allowance has been made for 1918 Federal income and excess profits
taxes, the amounts of which have not been finally determined.
THE
1158
C O N S O L ID A T E D B A L A N C E S H E E T D E C E M B E R
Assets —
1918.
Plants, good-will,
S
1917.
5
p a ten ts, A c ___ a l 6 , 956 ,861 1 6,910,313
P r e p ’ d in a u r., A c .
3 6 ,949
3 9 ,3 3 4
5 1 1 ,763
C a s h ...........................
5 0 8 ,713
N o te s A a c c ts . r c c .
(less r e s e r v e )___ 2 ,9 1 1 ,9 5 9
2 ,5 1 9 .5 5 0
Xnv’ torles (at co st) 2 ,9 7 5 ,1 1 3 2 ,2 4 0 ,1 3 9
I n v e s t , s ec u r itie s .
26 0 ,0 3 3
73,092
S in k in g fu n d _____
2 0 0 ,144
32
31.
CO N SO L. B A L A N C E S H E E T A S OF D E C . 3 1 (I N C L . S U B . C O S .).
1917.
s
1918.
$
Liabilities—
C a p ita l s t o c k ____ 1 0 ,4 82,700 10,482,700
6 ,0 0 3 ,0 0 0
B on d ed d e b t _____ 6 ,2 1 7 ,0 0 0
N o te s & a cco u n ts ,
taxes a c c r ’ d , A c . 1 ,804,019 1,434,955
176,010
A c cru e d b on d I n t .
184,185
104,809
D lv . d u e J a n . 1 0 . .
104,807
C a p . s to ck & su rp .
107,665
o f su b sld . c o s . . b 2 2 7 ,2 1 2
U n d iv id e d surplus *4 ,8 2 9 ,8 4 9 *3 ,9 8 5 ,0 8 4
T o t a l .................... 2 3 ,8 4 9 ,7 7 2 2 2 ,2 9 4 ,2 2 3
T o t a l .....................2 3 ,8 4 9 ,7 7 2 2 2 ,2 9 4 ,2 2 3
a Includes plants, property, equipment, machines, patents, and good
will, after deducting surplus o f subsidiary companies acquired at organisa
tion, $19,489,492 in 1918, less $2,532,631 for reserves, b Not owned by
C .-T .-R . Co. * Seo footnote * under “ incomo account” abovo.— V. 107
p. 2378.
C o n s o lid a t io n
C oal Co.
(55th Annual Report— Year ending Dec. 31 1918.)
On subsequent pages will be found the remarks of President
J . H. Wheelwright, together with the tonnage and other
statistics, the income account for the calendar year 1918 and
also the balance sheet as of Dec. 31 1918.
Coal M in ed by the C om pany by D iv isio n s (N et T o n s).
M a ryla n d .
IF. Vd.
P en n a .
M ill C r. E lkhorn.
Total.
1918- . 1,067,753 3,564,975
1,327,100 392,259 1,700,923 8,053,010
1,496,920 465,710 2,122,502 9,533,543
1917.-1,288,488 4,159,923
1916.-1,682,264 4,866.851
1,484,140 563,002 2,511,427 11,107,684
1915.-2,263,341 5,206,079
1,923,487 602,025 1,727,451 11,722,383
1913.-2,382,387 5,215,437
1,952,750 514,306 1,090,098 11,154,987
1,957,862 585,648
255,372 10,347,100
1912.-2,422,556 5,125,662
1911.-2,439,798 4,306,369 1,872,236 511,329 ...............
9,219,732
1910.-2,605,456
.
5,967,877 1,921,777
..................... .......... 10,495,110
Tho coal mined by lessees in 1918 aggregated 792,947 net tons, against
835,355 net tons in 1917. Ooko manufactured by company, 186,385 net
tons, against 175,129 net tons in 1917.
R E S U L T S FOR Y E A R S E N D I N G D E C . 31 ( I N C L . S U B S I D I A R I E S ).
1918.
1917.
1916.
1915.
Grossearns..allsources.$26,148,895 $26,113,204 $17,342,366 $15,617,968
Oper. exp., ord.tax.,&c.$17,641,497 $13,320,855 $10,701,369 $11,175,117
Depreciation...................
919,717
953,531
435,562
438,053
Depletion........................
432,512
501,857
...........
...........
Net earnings............... $7,155,169 $11,336,961 $6,205,435 $4,004,798
Int. on fund, debt, & c_. $1,375,668 $1,334,670 $1,799,000 $1,208,020
Sk.fd. Cons. Coal bonds ......................................
330,879
261,097
Reserve for income and
excess profits tax___
770,810
1,491,067
______ -,.
________
Cash dividends............ (6)2,410,046 (9)3,121,290 (6)1,500,781 (6)1,500,000
Total deductions____$4,556,524
Balanco, surplus________ $2,598,645
Previous surplus_______ 55,023,137
$3,630,661
$2,574,774
10,160,617
$5,947,028
$5,389,933
12,625,525
$2,969,117
$1,035,681
9,213,328
T o t a l ................
$57,621,782 $18,015,458 $12,735,391 $10,249,009
Dividond In stock. x(14%) 1,937,002 (5)1,671,780
......................... ............
Adjustment of accounts
341,263
246,513
109,866
88,392
________
________
________
Donation war work fund
150,000
Balanco.......................$5,428,205 $16,097,165 $12,625,525 $10,100,617
Revaluation o f coal lands
as of Mar. 1 1913, less
adjustments................................... .\38,925,972
_______ _
________
Total p. & 1. surplus..$52,193,517x$55,023,137 $12,625,525 $10,160,617
x A dividend o f 14% in stock ($4,916,982) was declared, payable to
holders of record March 30 1918 out o f special surplus arising from re
valuation o f the coal lands, y Includes special surplus Dec. 31 1917.
C O M B IN E D
GENERAL BA LA N C E
1918.
$
P r o p e r ty a c c ’ t . a 9 7 ,1 2 5 ,3 0 6
A d v . p a y m ’ ts on
co a l land p u r .
2 ,5 4 3 ,7 0 2
S tock reserved
con v ersion ,A c b 9 ,794,551
S tock s allied co s. c 7 , 0 2 7 ,397
O th er Investin 'ts
7 4 4 ,310
Sinking f u n d s ..
1,301,429
B on d s in treas’ y 6 ,1 5 7 ,0 0 0
S ec.pu r. A h e ld .
930 ,792
L ib erty b o n d s . .
2 ,1 5 8 ,9 5 0
do fo re m p l.
407 ,272
C oal and c o k e ..
4 2 9 ,130
M a t ’ ls,su p p .,A c. 2,3 9 8 ,3 5 7
B ills r e ce iv a b le .
3 8 4 ,585
A c c t s . receiv a b le 0,1 1 1 ,3 6 3
C a sh in b k s .,A c .
1,775,138
C ash for bon d
in t. A d lv . du e
2 4 7 ,255
C a sh for r o y altlC3 ________
12,389
D eferred Item s.
106,161
Assets—
T o t a l ............... 139,655,091
1917.
S
9 5 ,8 8 2 ,6 9 6
2,5 4 4 ,0 0 3
9 ,8 7 8 ,6 9 6
6,9 0 2 ,0 9 5
802 ,418
1,237,401
4,7 1 0 ,0 0 0
894 ,294
1,529,400
293 ,276
412 ,785
2 ,0 0 0 ,8 3 5
107,368
6 ,553,584
3,6 8 6 ,2 1 7
S H E E T D E C . 31.
Liabilities—
C a p ita l s t o c k -c
O u tstan d in g .
B on d ed d e b t . e .
C on v ertib le 6 s . .
C a r trusts, A c . .
A ccts. p a y a b le .
P a y - r o l l ..............
In t. c o u p .A d lv s .
B on d in t. a c c r ’ d
Sink, fu n d sa ccr.
Ortl. taxes a c c r .
A c c r . F ed .ln o. A
ex c. p ro f. t a x .
D lv .p a y .J a n .3 l.
E xtra ca sh d l v .
In d iv id . A c o s . .
Insuranco r e s . .
P rofit and lo s s .
1918.
1917.
S
S
5 0 ,0 00,000 4 5 ,0 0 0 ,0 0 0
— See fo o t-n o te “ d ” —
2 7 ,3 0 2 ,0 0 0 2 6 ,1 7 0 ,0 0 0
5 ,8 7 3,500
6,0 2 8 ,0 0 0
1,365
77,365
1,048,773
836 ,040
305,609
283 ,979
115,780
75,188
3 7 3 ,384
366,406
142,659
124,110
531
770 ,809
1,491,007
526 ,761
602 ,937
______ (3 % ) 1 ,054,206
8 5 3 ,023
639,152
25,583
118,890
5 2 ,1 9 3 ,5 1 7 5 5 ,0 2 3 ,1 3 7
208 ,838
11,554
113,221
T o t a l ............... 139,655,091
137,768 ,68 0
137 ,768 ,08 0
a Property account 1918 ($97,125,306) Includes: Coal lands and other
real estate, $74,869,126: mining plant and equipment, $17,640,904; Cum
berland A Penn. R R ., $2,233,932; Cumberland & Penn. RR. equipment,
$1,611,277; and floating equipment, $770,067.
b Includes in 1918 $5,593,833 stock reserved for conversion of 6% bonds
and $4,200,718 stock reserved for future corporate purposes, against
$5,740,976 and $4,137,720 in 1917.
c Stocksof other companies owned include 18,900 shares of com. stock
and 5,400 shares Northwestern Fuel Co. prof, stock; 14,576 shares Metro
politan Coal Co. common stock and 28,036 shares o f Coastwise Transpor
tation Co. stock.
d Capital stock outstanding Dec. 31 1918, $40,205,448; Dec. 31 1917 was
$35,121,304 after deducting Items mentioned in foot-noto “ c .”
e Includes $6,157,000 1st A Ref. 5s held in treasury in 1918; $4,710,000
in 1917.— V. 107, p. 2292.
R e m in g t o n
T y p e w r ite r
C o .,
I lio n ,
N.
Y.
31 1918.)
Tho text of tho report signod by President Frank K.
Kondolf, togother with the income account and consolidated
balanco sheet for 1918, will bo found on a subsequent page.
{Report for Fiscal Year Ending Dec.
I N C O M E A C C O U N T FOR C A L .
1918.
Net earnings..................... $2,469,031
D educt —
Interest...........................
Depreciation of p la n t...
$264,000
286,560
Y E A R S . IN C L . S U B S ID IA R IE S .
1917.
$2,256,134
$297,000
282,000
1916.
1915.
$2,015,946 $1,127,607
$322,387
278,100
$273,761
324,797
Balanco, surplus.........
$728,471 $1,677,134 $1,415,459
$529,109
Tho directors recently declared regular quarterly dividends of 1Vi % on
the 1st preferred and 2% on tho 2d profo.red, both payable to holders of
record March 31; also an accumulated dividend of 2% on tho 2d preferred
for tho quarter ending Dec. 31 1918, payable to holders of record March 11.
All accumulated dividends havo now boon discharged in accordance with tho
plan In V. 107, p. 1927, 2382, 2482; V. 108, p. 1065, 177.
[Vo l . 108.
C H R O N IC L E
1918.
1917.
R e a l est.,bldgs., A e .a 3 ,1 40,570 3 ,5 8 1,867
T r .in k s. ,p a t s . , A c . 12,9 6 5 ,2 7 5 13,076,711
U . S. I J b . L 'n bils.
& ct fs . o f ln d e b t .
6 5 8 ,225
9 5 0 ,0 0 0
S ccu r.o f this co.,& c. 1,285,243
1,001,012
In v en tories, a t or
b elow c o s t _____ 5 ,4 7 6 ,0 4 9
6,2 2 5 ,3 0 6
A c c ’ ts receiv a b le,
less reserv e____ 4 ,131,661
4,1 7 9 ,9 4 1
C a s h _________
4,7 8 4 ,3 1 9
2,3 3 0 ,3 1 0
61,483
P rep a id c h a r g e s ..
6 8 ,330
In su ra n ce fu n d ___
2 55 ,247
203 ,717
1918.
Liabilities—
$
1st p ref. s t o c k . c . . 4,0 7 1 ,0 0 0
2d pref. s t o c k . c . . 4 ,9 9 4 ,0 0 0
C o m m o n s t o c k . c . 9 ,9 9 6 ,0 0 0
S tock s an d b on d s
o f su b . c o s _____ d 4 6 ,7 9 1
1st M t g e . b o n d s . . 4 ,3 2 7 ,0 0 0
A cco u n ts p a y a b le . 1 ,003,157
A ccru e d c h a r g e s .. 1 ,086,997
1st p ref. d lv . p a y .
7 0 ,000
S u n d ry r e s e r v e s .. 1,558,093
S u r p l u s ....................... 5 ,6 1 1 ,8 9 5
T o t a l .................... 3 2 ,7 6 4 ,9 3 3 3 1 ,6 1 0 ,3 4 7
1917.
$
3 .9 9 8 .0 0 0
4 .9 9 4 .0 0 0
9 .9 9 6 .0 0 0
46,791
4 .9 5 0 .0 0 0
1 ,551,918
132,167
1 ,0 5 8,047
4 ,8 8 3 ,4 2 4
T o t a l .....................3 2 ,7 0 4 ,9 3 3 3 1 ,6 1 0 ,3 4 7
a After deducting in 1918 $1,885,354 reserve for depreciation, b In
cludes cash on hand in banks in (J. S., Canada and in foreign countries at
current rates of exchange, c After deducting $2,000 1st pref., $1,006,000
2d pref. and $4,000 common stocks, held in tresaury. d Denotes stocks
and bonds of subsidiary companies not held by tho Remington Typewriter
Co.— V. 108, p. 1065.
B e th le h e m
S te e l
C o r p o r a tio n .
(14(/i Annual Report— Year ended Dec. 31 1918.)
The report, signed as of March 17 by Chairman Charles
M. Schwab and President Eugene G. Graco, says in subst.:
In co m e A c c o u n t fo r 1918.— Tho net earnings from operations of tho cor
poration and its subsidiary companies, after deducting taxes and expendi
tures for ordinary and extraordinary repairs and maintenance, aggregated
$57,188,769, being an increase o f $3,209,409 over 1917.
Tho deductions in 1919 woro (1) interest charges, including proportion
of discount on and expense of bond and note issues, $9,748,013, and (2) pro
vision for depreciation, amortization and depiction, a fair and adequate
allowance to cover the loss in values of war plants and war equipment,
$31,510,366. Tho not incomo for tho year was therefore $15,930,300,
as against $27,320,730 in 1917.
G eneral R esults. — Tho volume of business done by your corporation, as
represented by tho gross sales and earnings, was $448,410,809, tho largest
an its history (being an increase of $149,463,413 over 19171. Practically
all of this business was on account of contracts with tho U. S. Government
and tho Allies, and tho net incomo for tho year of $15,930,390 represents
3.55% on tho total volume of business.
During tho year dividends at tho rate of 10% wero paid upon tho com
mon stock anil class B common stock, as well as the full dividends on tho
preferred shares.
F in a n cin g— N ew Serial Gold N o te s . — Tho issuo during 1918 of the $50.
000,000 Secured Sorial 7% gold notes of your corporation provided funds
for tho payment at maturity of tho 2-year 5% Secured gold notes o f Beth
lehem Steel Co. which matured Fob. 15 1919. Tho now notes woro secured
in part by $37,300,000 of 5% British Treasury notes and $300,000 cash,
which appear on tho balanco sheet in this report under the heading, “ In
vestments; Securities and cash pledged as collateral.” (V. 107, p. 293,
405, 747.]
Paym ent o f Said British N otes— Substitution o f Collateral Sets Free P roceeds,
$37,600,000 C ash. —These British Treasury notes matured and wero paid
on Fob. 1 1919, and under the provisions of tho trust indenture securing
tho Socured serial 7% gold notes this $37,600,000 is released to your cor
poration by tho trustee thereunder upon tho substitution therefor of $70,
000,000 series A bonds issued under tho Consolidated Mtge. of your cor
poration and Bethlehem Stool Co. authorized Aug. 8 1918.
Tho releaso o f this $37,600,000 provides for the entiro present construction
program as stated below and for additional working capital. This places
tho finances of your corporation in good condition, with improvements and
all other requirements of the prosont year, including maturing obligations,
provided for.
N ew Consolidated M o rtg a g e. — The aforesaid now Consolidated M tgo.,
under which there aro presently to bo issued only tho $70,000,000 series A
bonds abovo mentioned, provides for an authorized issue of $500,000,000
and affords a moans of consolidating or refunding tho various bond issues
of subsidiary companies now outstanding and of providing for any futuro
financing of extensions and Improvements (V. 107, p. 293, 405).
A d d itio n s . — The net additions to proporty account during the year
amounted to $24,329,245, and the present construction program contem
plates for its completion the expenditure in 1919 of about 320,000,000.
This program covers mainly tho commercial steel plant at Sparrow's Point,
M d., winch when completed will result in making productive an invest
ment of upwards of $50,000,000. Your corporation will then havo an
annual capacity of over 3,000,000 tons of steol ingots, with finishing plants
of sufficient capacity to convert this entire tonnago into commercial prod
ucts, thus completing tho provision for reduction in Government orders
and tho practical cessation of tho manufacture of munitions.
C ancellation o f G overnm ent C ontracts. — Tho present uncertainty of tho
policy of tho Government regarding the cancellation of certain of our con
tracts makes it difficult to form at this time an accurate estimate of tho
amount of unfilled orders on tho books as of Jan. I 1919. Our present esti
mate of such orders is $328,946,066 after making deductions for orders
definitely canceled and an allowance for tho possibility of furthor cancel
lations. Included in the orders on hand is a largo amount of shipbuilding
work for both the Navy Department and Emergency Fleet Corporation,
which should stabilize the earnings of tho immediate futuro independent
of business conditions in tho steel trado.
Export T rade. — In order to enter the field of oxport trado, Bethlehem
Steel Co. has joined an association of steel manufacturers known as C on
solidated Steel Corp.. organized under tho IVebb Act (V. 108, p. 174).
In su ra n ce. — A fire insurance fund plan has been adopted, tho risk is to
be carried chiefly by your corporation based on premiums from tho sub. cos.
Property A cco u n t. — On Jan. 1 1917 the total property account stood at
$131,983,860. and during that year and 1918 (practically tho period of this
country’s participation in tho war) extensions were made at a cost of $102,
500,000, or approximately an 80% addition, not including expenditures
made by tho Government on plants tho operation of which was entrusted
to your corporation.
M u n itio n O utput. — During tho period of tho Kuropean war tho steel
plants of your corporation shipped to our Government and tho Allies;
Finished guns.....................
3,570 Projectiles for ammunit’ n 1,710,579
Gun carriages, caissons,See.
7,582 Torpedo air flask forg
Naval gun mounts.......... .
599
ings (lb s .)...................... 9.527,311
♦Forgings for guns (lb s.).63,027,197 Armor plate (lbs.)_______ 69,409,533
Field gun ainm’n (rounds) 18,477,876 Shell steel (gross tons)_____________ 897,178
♦Shipped for assembling In other shops and arsenals, principally in France.
Equfv. in finished guns, ab t.l 1,000.
This represents, as we are reliably informed, about tho following per
centages of the entiro output of tho country during tho period of the Kuro
pean war: Finished guns, 60%: gun forgings, 65%: completo ammuni
tion, 40%.
At the close of tho war tho shipments of gun forgings to the French (who
wero finishing and assembling guns for our army) wero sufficient for about
900 guns per month, while tho shipments of ammunition to foreign Gov
ernments during the war reached 1,000,000 rounds per month.
Vessels. — Since tho United States declared war and.up to Dec. 31 1918
our shipbuilding plants had delivered to the Emergency Fleet Corporation
an aggregate of 625,000 deadweight tons of merchant shipping, represent
ing about 22% of the output of tho entire country during such period. In
1918 they delivered to tho navy (in addition to 16 submarines) 26 torpedo
boat destroyers, or inoro than half tho deliveries by all tho shipbuilding
plants of tho country, and launched and fitted out for delivery early in
1919 38 additional destroyers.
Su rplus A c c o u n t J an . I 1905 to D ec. 31 1918.— Net oarnings from opera
tions, after deducting expenditures for ordinary and extraordinary repairs
and maintenance for tho 14 years ended Dec. 31 1918 wero as follows:
...$4,524,141 1915
-$24,821,408
1905
...$3,622,475 1910
... 4,792,714 1916
_61,717,310
1906
.- 2,011,368 1911
.....5,114,440 1917
1907
... 2,642,178 1912
. 53,979,360
... 8,752,671 1918
. 57,188,769
1908
... 2,196,172 1913
1 9 0 9 ............ 2,993,536 1914...........
9,649,668
Total net earnings, 14 years, after deductions as aforesaid. .$2 11.006.211
M a r . 22 1919.]
THE
Deduct— Interest charges, incl. proportion of discount and ex
pense of bond and note issues [incl. $9,748,013 for 19181-— $43,561,864
Special reserves for extraordinary losses and other direct
charges to surplus prior to 1918---------------------- - - - , - - - - 2,174,290
Provision for deprcc., amort. &depletion [$31,510,366 in 18] 76,084,143
Total deductions______________________________________ $121,820,296
Dividends: Cash, $27,128,070: stock, $30,000,000....................... $57,128,070
Appropriated for ana invested in additions to property and
working capital__________________________________________
55,000,000
Unappropriated surplus_________________________________ $10,057,845
Inventories.— The inventories aggregated on Dec. 31 1918 $79,596,148
[against $71,051,937 on Dec. 31 1917], priced at or bolow purchase or pro
duction cost and excluding all inter-department profit. The loading items
are: Miscellaneous supplies, stores, Ac., $9,724,081: ore, cinder and scale,
$15,807,147; pig iron, &c., $3,499,485: nickel, nickel stool scrap, brass ma
terials, &c., $3,719,401; fuel and by-products thereof, $3,825J78; ingots,
A c., $2,024,823; blooms, tin plato, A c., $6,351,075; structural material,
plates, rails, A c., $3,820,438, and tool steel ingots, A c., $2,171,452.
Thoy also include "labor, material and expense on contracts, less bills
rendered on account, S23,839,344,” and material in transit, $3,672,613.
Value of Orders on Hand Dec. 31 (1918 Partly Estimated— See Text).
1910.......... .$17,370,06011913--......... $24,865,56011916........... $193,374,249
1911
. 15,885,199 1914............. 46,513,190 1917........... 453,808,759
1912_______ 29,282,18211915-.......... 175,432,89511918---------- 328,946,066
(1) Average Number of Employees; (2) Total Pay-Rolls in United States
Wages.
Year—
Employees.
Wages.
Year—
Employees.
$51,499,773
1911..............
11,802 $9,218,049 1916................. 47,013
14,312,948 1917-------------- 64,782
83,978,313
1914
...... 15,586
21,800,664 1918............
93,964 167,118,484
1915
...... 22,064
SUBSIDIARY COMPANIES AN D LOCATION OF PROPERTIES.
(1) Bethlehem Steel Co., including:
la) Plants— Bethlehem, Pa.; Steelton, Pa.: Lebanon and Reading, Pa.;
Sparrow’s Point, M d.; Redington, Pa.: Now Castle, Del.; Titusville, Pa.;
Dotrick A Harvey plant. Baltimore, Mil.
(6) 70.45% undivided interest in the Cornwall ore banks and mine hills,
l-0th interest in Cornwall Furnace Co. and 11% interest in Cornwall
Iron Co., all at Cornwall, Pa.
,
_
,,
(c) Leaso of blast furnaces of Cornwall Iron Co., Cornwall, I’ a., with its
addlt’l 9.77% undivided interest in the Cornwall oro banks and mine hills,
(la) Leading subsidiaries of Bethlehem Steel Co.:
la) Bethlehem Steel Products Co., Bethlehem Steel Bridge Corp. and
Bethlehem Loading Co., Bethlohem, Pa., the last named operates under
leaso the Redington and New Castle plants o f Bethlehem Steel Co.
(b) Philadelphia Bethlehem A Now England UR. Co., Behtlchem, Pa.;
Steelton A Htghsplre RR. C o., Steelton, I’a., and Patapsco & Back Rivers
RR. Co., Sparrow’s Point, Mil.
(c) Ore Steamship Corporation, Bethlehem, Pa.
(a) Lebanon and Ileilwood water and eloctric light companies.
(c) Spaidsh-American Iron Co. and Juragua Iron C o., both o f Cuba.
(f) Bethlehem Chile Iron Mines Co., Chilo.
(o) Bethlehem Securities C o.. Bethlehem, Pa.
(2) Union Iron Works Co., San Francisco, Cal.
(3) Union Iron Works Dry Dock Co., San Francisco, Cal.
(4) Fore River Shipbuilding Corporation, Quincy, Mass.
(5) Bethlehem Shipbuilding Corporation, Ltd., including chiefly:
(a) Plants owned at Sparrow’s Point, M d.; Wilmington, Del.; ElizabethP°(b) Plants of Union Iron Worlcs Co., Union Iron Works Dry Dock Co.
and Fore River Shipbuilding Corporation operated under lease.
(c) Curtis Marino Turbine Co. o f U. S., Bethlehem, Pa.
(6) I’enn-Mary Coal Co.. Ileilwood, Pa.
_ Iron Mini's Co.
. of Cuba.
((7)
7 ) Bethlehem
la) Cheever Iron Oro Co. of Port Henry, N. Y ., in which Bethlehem
Iron Mines Co. owns a controlling interest in the capital stock.
(8) Bethlehem Minas Corporation— Quarries at Bethlehem, Steelton,
Lebanon and Hanover, Pa., and at McAfee, N. J.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
1916.
1915.
s
s
s
s
Totallucomo............... 57.188,769
Deduct—
Bond, A c., interest, A c. 9,748,013
Dopreciat’n A depletion. 31,510,366
8% prof. divs. No. l-(8% )2,397,800
Preferred dividends.(7 % ) 1,043,560
Common divs--------- (17^)2,600,850
Common “ B ” d iv s ..(7>4)3,343,950
--------Rod Cross divs------------
53,979,360
61,717.309
24,821,408
8,746,982
3,772,556
17,911,641 14,350,786
(2)594,480
1,043,560
1,043,560
2,600,850(30)4458,600
3,343,950
594,480
,342,596
,716,000
Balance, surplus------......... 6,544,230
plu^
Previous, surplus..........
11,013,615
19,143,417
9,370,198
38,091,808
6,278,390
16,719,252
2,059,138
T o ta l_____________ - 17,557,845
Approp. for and invest,
in add’ns to prop, and
working capital--------- 7,500.000
28,513,615
44,370,198
18,778,390
17,500,000
35,000,000
12,500,000
Total, surplus---------- 10,057,845 11,013,615
9,370,198
CONDENSED BALANCE SHEET DEC. 31.
6,278,390
Grosssalos.......................448,410,809 298,029,531 216,284,556 N ot stated
Net. before deprec., &c.,
after all taxas............. 53.417,719 51,002,772 60,092,551 23,782,784
Other incoino-............... 3,771,051
2,976,588 1,624,758
1,038,624
19 18 .
19 17.
Assets—
$
S
P r o p e r t y a c c t - .1 8 2 ,5 9 8 ,7 8 7 1 8 7 ,2 4 2 ,5 0 0
F u nds (or m tg e .,
& o ., r e d e m p ’ n 1 2 ,7 9 4 ,5 7 1
1 ,5 7 5 ,1 8 0
C o a tin g . A d e p r .
f u n d .............................................
1 ,1 1 0 ,0 9 4 7 9 4 ,8 9 0
I n v e s t m e n t s _________ x 3 9 ,8 3 4 ,0337 6,4 0 2 ,4 8 8
I n v e n t o r i e s __________ 7 9 ,5 9 0 ,17 41 ,0
8 5 1 ,9 3 7
A c c ’ ts & n o te s
r e c e iv a b le __ 4 9 ,0 3 0 ,0 2 3
3 5 ,0 5 9 ,9 1 0
M a r k e t ’ lo sec u rs)
L i b e r t y b d s .( e m -) 2 ,9 9 0 ,2 2 7 (
6,8 7 3 ,8 9 2
p lo y e s ).............)
( 4 ,7 4 4 ,2 8 0
1 8,500,000
U . 3 . G o v t , c t f s .....................................
C ash (or coup3.
p a y a b le ___________________ 1,305,729
1 ,081,920
2.000,000
S p ecial d ep osits.
----------C ash In b an ks,
. & c ................................... 2 4 ,5 1 1 ,91 73 8,3 48,020
000 ,904
D e fe r r e d c h a rg e s 3 , 1 0 8 ,1 70
T o t a l ............... 397 ,005 ,70 2 3 8 1 ,5 1 1 ,9 1 0
1,043,560
1918.
1917.
Liabilities—
$
s
7 % prof, s t o c k . 14,9 0 8 ,0 0 0
11,908,000
8 % co n v e r t, pref.
s t o c k ............... 3 0 ,0 0 0 ,0 0 0 2 9 ,7 2 4 ,0 0 0
C o m m o n s t o c k . 1 4 ,8 0 2 ,0 0 0
1 4 ,8 02,000
Class B c o m m o n 4 4 ,5 8 0 ,0 0 0 4 4 ,5 8 0 ,0 0 0
F u n d ed A sccu r.
d e b t .................. 1 4 3 ,950 ,90 7 132 ,938 ,00 0
M t g s .o f su b .cos.
78 9 ,9 0 5
_______
N o te s p a y a b le - . 1 0 ,0 1 8 ,7 9 0
5 ,0 5 1 ,0 3 8
A c c ’ ts p a y .(In cl.
a d v ., p a y . on
con tra cts, & o.) 6 3 ,2 0 1 ,4 1 8 7 3 ,3 70,274
B on d h it. a ccr’ d. 2 ,1 0 8 ,0 7 4
1 ,514,025
C o u p s, p a y a b le .
1,3 0 5 ,7 2 9
1,081,920
C o n tln g .,
A c .,
r e s e r v e s _____
5 ,4 9 0 ,3 7 4
4,9 8 5 ,8 0 3
A p p rop . (or A In
v est. in a d d ’s
t o p rop erty A
w ork ing c a p . 5 5 ,0 0 0 ,0 0 0 4 7 ,5 0 0 ,0 0 0
U n a p p ro p . surp. 1 0 ,0 57,845 1 1,013,015
T o t a l ................ 397 ,0 0 5 ,7 6 2 3 8 1 ,5 4 1 ,9 1 0
x Includes in 1917 securities and cash pledged as collateral, $37,708,456,
and stocks and sundry securities, incl. real estate mtgos., $2,125,579.
After deducting in 1917 $34,443,600 in treasury pledged as collateral and
i 53,557,033 purchased for sinking fund or canceled.— V. 108, p. 382.
E. W. Bliss Company, Brooklyn.
(Report for Fiscal Year ending Dec. 31 1918.)
The report to the stockholders shows:
INCOME ACCOUNT FOR CALENDA
A R YEARS.
1918.
1917.
1916.
Net earnings_______________________ *$1,271,353 $2,339,295 $10,565,321
Preferred dividends (8 % )..........
100,000
100,000
100,000
Common dividends_____________ (37>4%)468,750 (50)625,000 x t,093,751
Common divs. in Liberty bonds— (10%)125,000
----------------------Premium on bonds retired__________
________
________
74,880
Balance, surplus________________
$577,603 $1,614,295 $6,296,690
Total profit and loss surplus------- a$16,131,878 $15,336,134 $13,721,839
* After providing for depreciation and Federal taxes, a After allowing
for adjustment account of 1917 amounting to $218,141. x 327.50%.
1159
C H R O N IC L E
BALANCE SHEET DEC. 31.
1918.
Assets —
S
R ea l e s t.,b ld g s.,A c. 6 ,920,533
L etters p a te n t______ 1 ,0 23,342
P a rlsA L on d .offices
5 5 7 ,229
O u tsid e in v cstm ’ ts 2 ,5 9 1 ,4 1 7
I n v e n t o r ie s _______ 10 6 3 9 ,1 4 5
C a sh , a c c ts . A bills
r e c e iv a b le _______ 5 ,652,524
60 8 ,9 0 2
A d v a n c e p a y m en ts
1918.
1917
1917.
Liabilities—
$
S
5
s to c k
5 ,8 0 4 ,6 0 8 P referred
(p a r S 5 0 )............. 1 ,2 5 0 ,0 0 0
1 ,2 5 0 ,0 0 0
1 ,0 2 3,341
s to c k
7 8 7 ,432 C o m m o n
(p a r S 5 0 )............. 1 ,2 5 0 ,0 0 0
1 ,2 5 0 ,0 0 0
4 ,3 2 3 ,6 5 9
8 ,2 3 8 ,9 6 0 A c c o u n t s p a y a b le ,
a c c r . w ages, A c . 9 ,3 6 1 ,2 1 3 6 ,6 5 9 ,8 2 6
3 ,2 9 7 ,2 0 9 S u r p l u s ___________ 1 6 ,1 3 1 ,8 7 9 1 5 ,3 3 6 ,1 3 4
1 ,020,752
T o t a l ............... -.2 7 ,9 9 3 ,0 9 2 24,495,961
— V. 108, p. 82.
T o t a l .................... 2 7 ,9 9 3 ,0 9 2 2 4 ,4 9 5 .9 6 1
A m e r ic a n S m e lt in g a n d R e f in in g C o m p a n y .
(20th A nnual Report— Year ended Dec. 31 1918.)
The report opens with the minute adopted by the directors
upon the retirement from the active management of the
company and its subsidiary the Securities Company, “af
ter 18 years of loyal devotion” of Messrs. Daniel Guggen
heim, Murry Guggenheim and S. R. Guggenheim (V. 108,
p. 381) saying in subst.:
Development of Company.— “ When these gentlemen became directors
and officers of the Smelling Company, its industries were confined to the
production of lead and the gold and silver found in lead-silver ores. In
1905 they caused the American Smelters Securities Co. to bo formed for
the purpose of engaging in the copper industry and the two companies
have since constructed a new lead plant at Murray, Utah, a copper smelt
ing plant at Hayden, Arizona, the Garfield smelting plant in Utah, a cop
per smelter at El Paso, Tex., a tin plant at Perth Amboy, N. J., being the
first tin plant in the United States, and have also acquired the Baltimore
copper refinery at Baltimore, M d. and certain plants in Mexico. The
Securities Company at its formation acquired the Tacoma plant and was
thus prepared to handle the copper oro from Alaska.
The company's interests, as now diversified, inciudo the production
not only of lead, gold, silver and copper, but also sheet copper, brass, test
lead, sheet lead, pipe, mixed metals, loaded cartridges, spelter, nickel, tin,
sulphuric acid, arsenic, copper sulphate, platinum, palladium and such by
product metals as cadmium, thallium, bismuth, selenium, zinc oxide and
zinc dust.
Record o f Guggenheim Regime 1902 in Comparison with 1918 ( Including
Securities Co.)
1902.
1918.
Increase.
Quick Assets...........................- ............$18,000,000
$50,000,000
175%
Profit and loss account____________
2,900,000
27,000,000
816%
Annual turnover................................ 82,000,000
390,000.000
372%
Result o f War— Financing— Status.— The company not being a mining
company, at least in this country, has obtained no direct advantage from
the increased value o f metals duo to the war. On tho contrary the Smelting
Company has the burden of carrying greatly increased values in metals,
requiring a corresponding increase in cash resources and has been obliged
to make very large additions to its works, at very abnormal cost, due to
war prices and conditions. This situation has required during the past
three years new property and construction costing nearly $20,000,000
and also the outlay of many millions of dollars in renewal of obsolescent
construction. During the same period tho cost of the metals carried has
increased over .$17,000,000, notwithstanding that tho inventory value of
the fixed normal stock has remained unchanged at the conservatively low
value of the past.
This demand on our cash resources, which, with the $5,807,350 of
Liberty Bonds carried, has amounted to over $42,000,000 in tho past three
years, has been financed without borrowing, except as drafts are drawn and
discounted against shipments made from South America. This condition
of affairs, notwithstanding tho great resources of tho company, mado in
advisable tho increase of common dividends beyond 6% oven while the
earnings were abnormally high, and tho samo conservatism has prompted
us to reduce the dividend at present on account of tho unknown conditions
whicli may develop during tho reconstruction period. [The common
dividend paid on Mar. 15 1919 was reduced to 1% (quar.).]
Outlook.—Tho most discouraging condition during the war years has
been tho great increase in our costs of smelting and refining, while the
company was without power to correspondingly increase the charges to
the mines for doing this work. But these costs aro already considerably
decreased, and although pre-war costs may never be realized again, the
Board does expect that pre-war profits per ton o f ore smelted will bo ob
tained as soon as normal business is resumed.
Results.— Tho earnings for tho year, after deducting general expense,
fixed charges and estimated corporate taxes, aggregated $14,137,168, or
$10,898,771 less than those of 1917. From the earnings thero has been
deducted the annual charge for depreciation of $3,918,509; ore depletion,
$1,521,122; appropriation for safety and welfare, $250,000 and miscel
laneous profit and loss charges, $740,038 and pref. dividends $4,247,774.
Leaving applicable to common dividends $3,459,724.
For the first nine months dividends were paid on the common stock at
tho rato of 6% and for the last quarter [on March 15 19191 at the rate of
4% , a total of $3,354,890 and thero was carried to credit of Profit and
Loss a surplus of $104,834. [In 1917 6% was paid, 1% for Red Cross.]
Property.— Thero was expended during 1918 and charged to property
account $4,916,971. This included about $1,300,000, which was invested
in Mexico and Chilo, and $340,000 for tho purchase of a mining property
In this country, tho oro of which had long been roceived at our smelters
and was quite necessary to their profitable operation. All major items
of construction and for tho enlargement o f smelting and refining works
in this country have now been completed.
Credits to property account during the year aggregated $8,468,612, viz.:
property sold, $28,981; oro depletion, $1,521,122; depreciation, $3,918,510
appropriation from earnings of 1917 for enlargement and extension, $3,
000,000. Tho property account therefore shows a reduction of $3,551,641.
M etal Stocks and Cash.— The value of metal stocks carried for account of
toll customers decreased during tho year $7,280,841, while the value of
thoso belonging to the company increased $4,587,656, no part o f such in
creased value being due to increase in inventory basis. The company
shows an increase in cash of $1,781,954.
Securities.— Tho financial transactions for the year include with others:
Investments acquired, $786,794; less securities of affiliated Co. is
sued in payment of advances, $461,225_______________________ $325,569
Securities Co. Pref. stock purchased par, $499,700; less paid for by
A. S. & R. Co. 1st Mtge. bonds, $370,300___________ ______ 129,400
Paid holders of Securities Co. Preferred “ A ” stock in connection
with exchange of stock for bonds____________________________
9,360
For Am. Sm. A Ref. Co. 1st M . bonds pm-chased, par value______ 290,000
Additional Compensation.—The company disbursed, at the close of the
year, additional compensation of from 10 to 20% of the yearly salary to
all salaried employees. This payment was made in lieu very largely of
an otherwise necessary advance in salary, duo to tho continued high cost
of living, and -also in recognition of continued loyal service.
Company’s Properties in M exico. — While the stockholders have known
that tneso propertias were of great promise, only awaiting more settled
political and economic conditions, it has been thought wise at this time,
which is full of promise, to submit a general resume of the facts as to tho
mines and smelters in Mexico, together with a conservative estimate as
to tho possible production.
Names and locations o f M ines Owned by Company in the Republic o f M exico.
The State o f Chihuahua.— (1) Sta. Eulalia unit; Mina Vieja, Sin Nombro
Velardena, San Antonio and Santo Domingo mines; (2) Magistral unit,
Orizaba, La Union, A c., mines; (3) Calera unit, Pricta & Buena Vista
mines ;(4) Dolores unit, Jibosa mine; (5) Cordero unit. La Luz & Parcionera mine; (6) Parral unit, Guadalupe mine; (7) Sta. Barbara unit,
Lecolotes, Montezuma, San Diego & Alfrena mines; (8) Veta Grande unit,
Veta Grande, Veta Colorado, Ac., mines.
State o f Coahuila.— Sierra Mojada unit, San Jose, Trinidad and Volcan
Dolores mines.
State o f Durango. — Velardena unit, San Lorenzo, Sta Maria, Copper
Queen and Sta. Juana mines.
State o f Aguascalientes.— Asientos unit, Sta. Francisca mine.
State o f M ichoacan.— Angangueo unit, San Cristobal, Carmen, A c.,
minos.
State o f San Luis Potosi.— (1) Charcas unit. Tiro General mines; (2) Matehuala unit, Dolores mines.
1160
THE
C H R O N IC L E
State of Zacatecas.— Bonanza unit, Bonanza mine.
With fully restored economic and political conditions in M exico, these
mines, wo believe, will produce fully 2,500,000 tons o f ore per annum.
The Smelters o f the company on Mexico aro located at Chihuahua,
Monterey, Aguascaliontes, Matehuala and Velardena. All o f these are
now operating except the last, and they are o f sufficient capacity to smolt
the product o f the above mines, except copper ores at Chihuahua, together
with large additional tonnages under contract.
GROSS RECEIPTS FOR CAL. YEARS [1916 and 1915 Inserted by Editor],
1918.
1917.
1916.
1915.
From sales o f metals—
$
$
$
$
Gold.....................
40,624,998
51,471,459 54,656,120 54,952,106
Silver........................... 54,547,364
49,044,505 41,179,791 35,454,210
Lead------------------------ 34,955,070
43,772,391 37,421,880 27,027,012
Copper......................... 208,840,411 248,552,766 185,919,397 92,356,662
Z in c ............................. 4,544,170
4,381,530 7,558,556
4,372,145
Tin — ................
14,635,932
6,460,047 1,730,811
1,933,468 1,831,397
Other metals............... 1,912,540
1.338". 105
„
T o ta l....................... 360,060,487 405,616,167 330,297,952 215,500,241
From mining properties10,117,969 8,788,455 5,661,198 4,289,620
From manufac’d prod’ts 14,006.145 22,785,294 16,304,914
4,103,229
From misc. inc., rents,
int., commissions, &c.
2,390,017 3,407,688 2,818,082
1,791,511
[Vol . 108
T h e S t u d e b a k e r C o r p o r a tio n , S o u t h B e n d , I n d .
(8th A nnual Report— Year ended Dec. 31 1918.)
Pres. A. R. Erskine, South Bend, March 14, wrote in sub..
Results.— The total net sales amounted to $52,087,997 and tho net profits,
with other net income, after deduction of the usual depreciation and interest
charges, amounted to $4,521,948. After making provision for the income
and excess profits taxes, of $637,754, and the regular dividends (7% on the
pref. and 4% on the com. stock, amounting to $1,967,550), the balance of
net profits, $1,916,644, was transferred to surplus account.
Commercial Operations, &c.— Those operations were seriously curtailed
because of the restricted supply of iron and steel and the execution of war
orders. We therefore produced only 18,270 automobiles and 58,830 horsedrawn vehicles, of which latter about 50% were delivered on war contracts.
Munitions.— On M ay 18 the Ordnance Department gave us a contract
for the forging and machining of 155 mm. shells at tho rato of 4,000 per day
(1,200,000 per annum), under which $4,250,000 was allowed us for increased
plant facilities. When tho armistice was signed, we wero manufacturing
at our Detroit plants gun carriages for 4.7-in. guns, shell parts, artillery
wheel hubs, mine anchors, military tractors for the British Government and
sundry other war supplies, while our South Bend plants wero making ar
tillery wheels in three sizes, road track links for tanks, escort wagons, drink
ing-water carts, combat wagons, escort wheels, artillery harness, Ac.
Statement of War Orders Received from July 1 1914 to Dec. 31 1918.
Govt.—
Ordered.
Invoiced. I Govt.—
Ordered.
Invoiced.
U. S..........$30,792,221 $17,140,3411Britisii____ $18,946,136 $14,962,385
U. S. Govt.
Franch____ 1,351,250
1,351,250
contractors
187,195
187,195 Russian . . . 3,801,551
3,801,551
Total from sales and
misc. income--------- 386,574,618 440,597,604 355,082,146 225,684,601
OPERATING STATISTICS FOR CALENDAR YEARS.
XT
„
,
,
1918.
1917.
1916.
1915.
N o. of men employed,
excluding M exico-----21,765
24,698
21,073
15,556 Total U. S .$30,979,416 $17,327,537 Total of a ll.$55,078,353 $37,442,723
Total wages & salaries,
Our foreign connections and domestic branches also sold several million
excluding M exico------$25,516,467 $24,497,836 $17,047,944 $11,392,503 dollars worth of automobiles and vehicles for war purposes.
Cancellation of Government Contracts.— In December all of those war con
Av. wages per 8-hour day
$3.91
$3.31
$2.70
$2 44
Charge smelted (to n s)..
5,658,232 5,918,924
4,789,474 4,153,092 tracts were canceled and we are now working on the collection of the
Bullion refined (to n s)..
680,099
706,875
677,460
579,080 $8,200,000 shown by the balance sheet as duo us from the United States
Ore mined (tons)--------- 2,525,280
2,318,925
1,638,566 1,578,611 and British Governments, expecting to effect settlements without serious
Coal mined (tons).........
168,140
259,499
224,807
235,222 delay or dispute. Our war business netted us only 4.8% on sales, being
Coke produced (to n s)..
171,245
186,107
140,961
120,660 nowhere near as profitable as our regular commercial work.
Liberty Loans.— Up to Dec. 31 1918 we subscribed and paid for $5,000,000
Gold produced (oz.)------ 1,994,015
2,496,693
2,662,011 2,672,702
Silver produced ( o z .) ... 72,572,506 69,841,061 71,868,451 76,117,453 of Liberty Loan bonds: employees’ subscribed about $3,000,000 additional.
Additions.— The net increase in property account of $2,444,890 covers
Platinum and paladium
produced (oz.)...........
1,516
1,597
868
693 tho new buildings, additional standard machinery and ordinary betterments
Lead produced (to n s)..
260,192 . 275,266 _ _ 279,144
296,986 at Detroit and at South Bend, including expenditures on tho now plant.
Copper
produced (lbs.). 868,540,000 916,974,000 789,438,000 551,798,000 In 1916 a new, modern automobile plant was designed for erection at
--------------------Spelter produced (lbs.)_ 41,238,000 52,522,000 47,807,547 36,154,000 South Bend, for the manufacture of tho small model car. It was planned
Nickel produced (lb s .)..
626,085
682,715
1,224,328
1,120,556 to spread tho work of construction over fivo years and finance It out of
profits, but construction then started was interrupted by tho war. War
4,522,000
.. .
Tin produced (lbs.)------ 19,868,000 12,130,000
Sulphuric acid produced
orders required us to provide additional buildings, and tho work was re
. (lb s .)........................... 87,338,000 66,174,000 25,842,000 34,124,000 sumed, so that when the armistice was signed there was completed one-half
Arsenic produced (lbs.). 7,837,063
9,132,000
9,090,000
7,269,000 of a new machine shop, two-thirds of a forge shop, and a new 8,000 h. p.
Copper sulphate produced
power house. Whon finally completed tho plant will havo a capacity of
„ (lb s .)........................... 5,164,000
7,598,000 13,046,000
8,366,000 100,000 cars per year (V. 108, p. 688).
About one-third of tho new plant will bo completed by Dec. 31 1919, and
By-product metals (lbs.) 1,870,662
4,131,709
5,671,827
2,229,887
by Feb. 1920 will be producing 3,000 cars per month. Further construction
Copper & brass manu
factured products(lbs-) ............... 39,767,274 31,597,489
8,763,480 will follow next year and thereafter, as may prove feasible. Our Detroit
plants will continue in production of our more expensive cars aftor South
Test lead & litharge sold
(lb s .)................................................
426,472
417.898
*355,229 Bond takes over production of the small model.
Gold Notes.— Because of existing trade and competitive conditions, the
Loaded cartridges sold
(No.) ............................................... 14,180,000 15,338,000 12,898,000 directors recently decided that tho now plant should bo completed as soon
as possible, and accordingly, on Dec. 9, they authorized tho issue and sale
Sheet lead, pipe, &c.,
sold (lbs.)..........................
13,678,245 21,713,331 9,638,205 of .$15,000,000 7% 10-year serial gold notes to provide funds for tho liqui
Mixed metals sold (lbs.)
...............
5,188,045
2,831,617 2,566,255 dation of our floating debt and to finance the plant extensions booked for
the current year. The notes payable shown on tho balanco sheet, $9,525,
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS. 000 havo been paid off, and the corp. is free of bank loans. (V. 107, p. 2382).
Stock Retired.— $190,000 pref. stock was purchased and rotired.
(Incl Amer. Smelting & Refining Co. and Amer. Smelt. Securities Co.)
Outlook.— We aro somewhat handicapped at Detroit this year bocauso of
Net Earnings—
1918.
1917.
1916.
1915.
Sm elt.* ref. plants, & c.$13,234,711 $24,125,684 $22,574,527 $14,472,612 reconstruction work and tho making of three models in ono plant, and
Mining properties......... 2,686,840
4,069,243
2,725,222
1,984,977 therefore our production schedules call for only 40,000 cars. Wo shall
produce about 6,500 cars in the first quarter or tills year and 4,000 per
Total net earnings.. ,$l5 ,921,551 $28,194,927 $25,299,749 $16,457,589 month thereafter. Neither we nor our dealers have a stock of cars accumu
Other income (net)......... 2,390,017__ 3,407,689
2,818,082
1,788,142 lated for spring business, and the present heavy demand is far boyond our
Gross incorne ............. $18,311,567 $31,602,616 $28,117,831 $18,245,731 productive capacity. The domand for horse-drawn vehicles is good, and
Deductions— Adm. exp. $1,149,399 $1,235,886
*923:121
$831,033 wo are back into steady production. Altogether considered, tho business
Research & exam. exp.
156,535
246,572
239,266
71,263 of the present year promises to bo very satisfactory, probably hotter than
Corp. taxes (incl. est.
any year since 1916.
Active Subsidiary Companies.— Tho accounts of tho following aro merged
Federal tax)........... 1,252,356
3,849,971
985,965
280,645
in this report: Studebaker Corp. o f America and Studebaker Harness Co.,
Int.onAm.Sm.Sec.Co.
deb.bds.with public ________
677,182
25,450
770,371 South Bend, Ind.; Studebaker Corp. of Canada, Ltd., Walkervillo, Ont.;
Studebaker Bros. Co. of California, San Francisco, Cal.: Studebaker Bros.
Int. on Am. Sm. & Ref.
Co. of Utah, Salt Lake City, Utah.
Co. bds. with public 1,616,109
1,208,798
Life insurance fu n d ..
500,000
PROFIT A N D LOSS ACCOUNT FOR YEARS ENDING DEC. 31
Deprec. & depletion of
ore reserves_______ 5,439,631
1918.
1917.
1916.
1915.
4,954,483
1,990,048
1,839,687
Amort. o f disc. on bds. ________
23,864
42,357
65,885
46,845
50,000
50,000 Automobiles so ld ..........
Employees’ bonuses,&c
250,000
$52,087,997 $50,147,516 $61,988,594 $56,539,006
100,000
1,000,000
795,000 Net sales.................
Miscellaneous_______
740,038
985,831
100.000
654,428 M fg.,&c.,gen.exp., &c.\ 46,888,240 45,363,135/ 53,032,397 47,045,582
382,144
424,964 \
435,470
397,991
Total deductions___ $10,604,069 $13,106,990 $5,965,582 $5,192,427 Reserve for deprec'n . . /
Net income.....................$7,707,498 $18,495,625 $22,152,249 $13,053,304
Net
earnings
on
sales.
$4,817,613
$4,359,417
$8,520,727
$9,095,432
Preferred dividends:
______
______
121,396
152,943
Am. Sm. & Ref. (7%) 3,500,000
3,500,000
3,500,000
3.500.000 Income from invest., &c.
Am. Sm. Sec. Co.—
Net earnings............ $4,817,613 $4,359,417 $8,642,123 $9,218,375
Pref. “ A ” ( 6 % ) - - .
582,555
699,572
993,258
1,001,844 Deduct—
$295,664
$298,488
$49,187
Pref. ’ ’ B” (.......
5 % ..) . . .
165,219
513,094
1,500,000
1.500.000 Federal Interest--------taxes-------------637,754
560,188
______ _____
A. S. & R. com. d lv s .(5^)3,354,890 (7)4,269,860 (6)3,140,576
2,001,080 Pref.
dividends ( 7 % ) . . .
767,550
767,550
767,550
830,445
Income balance.........
$104,834 $9,513,099 $13,018,415 $5,050,380 Common dividends..(4% ) 1,200,000 (7)2,100,000(10)3,000,000 (5)1,396,580
Previous surplus.............. 26,955,394 23,442,295 19,560,438 19,510,057 Special surp. acct______
286,346
- .........
..........
1,317,907
Disct. & comm, proporn
...........
..........
30,878
47,529
T o ta l------------------------$27,060,229 $32,955,394
$32,578,854$24,5607438
Special approp. for prop.
I’ rem. on pfd. stk. retir’d
...........
...........
...........
84,234
______
______
______
817,361
account, &c ............. ..................................... $3,136,559 $1,100,000 Extraord.Items ft adjust.
Reserve for enlargement
Spec. res. for future cont.
______
______
______
1,500,000
and extension..........
...............
6,000,000 6,000,000
3,900,000
Total deductions___ $3,187,314
$3,726,226 $3,798,428 $6,043,242
Profit and loss surplus
$633,191 $4,843,695 $3,205,133
Dec. 31...................$27,060,229 $26,955,394 $23,442,295 $19,560,438 Balance, surplus_______ $1,630,299
CONSOLIDATED BALANCE SHEET DECEMBER 31.
CONSOLIDATED BALANCE SHEET DEC. 31.
Incl. American Smelting & Refining Co. and Amer. Smolters Secur. Co.)
1918.
1917.
1917.
1918.
Assets—
Liabilities—
1918.
1917.
S
$
$
1918.
1917.
$
R e a l esta te, b u ild
Assets—
S
S
Preferred s t o c k . . clO ,775,000 10 ,9 6 5 ,0 0 0
Liabilities—
$
$
ings, A c .............a l 7 ,922,078 15 ,477,186 C o m m o n s t o c k ___30 ,000,000 3 0 ,0 0 0 ,0 0 0
a C o st o i p lants,
P r e f. sto ck A m .
p r o p . & su b sld .
f c o s ., A c .............1 3 3 ,215 ,83 5 130 ,797 ,47 0
Secs, o f o t h . co s .
1 ,7 4 2 ,6 0 4
1,057,313
O re b u llio n , A c . ,
o n h an d and In
tra n s it_________b 4 0 ,9 2 7 ,1 5 5 3 0 ,3 3 9 ,5 0 0
C a s h . . .................. 12,683,072
10,901,718
Secured l o a n s ..
4 7 6 ,3 2 6
2 ,0 4 1 ,1 8 4
N o te s and a ccts.
receiv a b le . . . 16,146,808
17,826,876
A d v . t o a f fll.c o s .
4 1 6 ,5 2 0
1,091,781
M a ter. & s u p p .
8,628,411
7,478,121
L ib e rty b o n d s . .
5 ,8 0 7 ,3 5 0
6 ,4 1 9 ,2 5 0
P repa id Insur’ ce,
ta x es, A c . . . .
442 ,0 6 6
531,113
P en sion fu n d ___
8 84 ,679
884 ,679
L lfe ln s u r. fu n d .
478 ,924
478,924
Sink, fund cash
w ith tru stees.
5 ,735
9 ,8 2 0
T o t a l ............... 2 2 1 ,8 8 6 ,0 8 5 2 2 1 ,8 5 7 ,7 5 4
S m . A R e f. C o 5 0 ,0 0 0 ,0 0 0
C om m on
do
6 0 ,9 9 8 ,0 0 0
A m er. S. S. C o .:
P re f. “ A ” s t k . c9 ,7 3 8 ,1 0 0
P re f. “ B " s t k . d 3 , 437,000
B on d s A m . S. &
R efin in g C o . . _ e 3 1 ,961,700
A c co u n ts,d ra fts,
A c ., p a y a b le .. 26,058,441
I n t ., A c ., un
claim ed .............
162,494
A cer, b on d Int.
n o t d u e .............
3 99 ,586
D iv s . p a y a b le ..
1,674,078
A cer, taxes n ot
d u e (w ar taxes
es tim a te d )____
2 ,3 6 0 ,1 3 3
I n s., A c . , res’ v e 2 ,0 3 9 ,6 2 7
R e s . for en la rg e
m ent A e x t e n . .
3 ,0 0 0 ,0 0 0
O th er reserves. .
2 ,9 9 6 ,6 9 8
P rofit and l o s s . . 2 7 ,0 6 0 ,2 2 9
5 0 ,0 0 0 ,0 0 0
6 0 ,9 9 8 ,0 0 0
9 ,9 9 2 ,3 0 0
3 ,6 8 2 ,5 0 0
3 1 ,8 8 1 ,4 0 0
20,8 1 9 ,6 7 1
108,882
407 ,270
1,986,373
4 ,3 7 2 ,6 7 0
2 ,0 1 0 ,9 4 2
6,000,000
2 ,6 4 2 ,3 5 3
2 5 ,9 5 5 ,3 9 4
T o t a l ....................7 4 ,6 7 3 ,9 2 4 6 9 ,6 6 7 ,0 0 7
N o te s p a y a b le ____ 9 ,525,000 7 ,4 0 0 .0 0 0
D e p o sit on sales A
2 85 ,212
c o n t r a c ts .............
214 ,852
A c c o u n ts p a y a b le . 2, ,229,693 2 ,0 9 1 ,3 4 7
5 3 8 ,5 0 0
637,751
R es. for F e d . taxes
S u b -c o n tr a c t, w ar
o r d e r s ............... ..
749,101
S p c c .r c s .fo r c on tln 1 ,358,237
1 ,3 58,237
S u n d ry cred itors A
7 71 ,149
b 4 3 1,629
reserves ...............
S p ec. su rp . a c c t . . 2 ,835,000 2 ,5 4 8 ,6 5 4
S u r p l u s ....................15 ,578,137 13,947,838
T o t a l .................... 7 4 ,0 7 3 ,9 2 4 6 9 ,6 6 7 ,0 0 7
a Consists of real estate, buildings, machinery and equipment at South
Bend, Ind., Detroit, M ich., Chicago, 111., and Walkervillo, Ont., and at
branches of tho company as of .Jan. 1 1918, $17,070,235; additions during
year, less realizations, $2,827,834: total, $20,497,269; less, depreciation,
$2,575,193; balanco as above, 817,922,076. b Includes accrued pay-rolls,
c After deducting $2,725,000 retired under provision of charter, d In
cludes $749,101 for sub-contractors (seo contra).— V. 108, p. 688.
T o t a l ................2 2 1 ,8 8 6 ,0 8 5 2 2 1 ,8 5 7 ,7 5 4
tfPa Also includes additions and Improvements, less depreciation and addi
tions and improvements written o ff to profit and loss, b After deducting
in 1918 $36,706,462 approximate value o f metals purchased and on hand,
payment o f which is to be made in refined metals and not in cash, and
$10,923,173 unearned treatment charges, c After deducting $6,303,600
held in treasury and $958,300 depositee! with trustees for redemption under
stock retirement agreement, d After deducting in 1918 $26,563,000 held
in treasury, e After deducting $490,000 held by trustees in sinking fund,
and 3500,200 held in treasury.— V. 108, p. 880.
I n v e s t m e n t s ..........
8 17 ,672
796,371
U . S . L ib . b o n d s . .
98 0 ,7 5 0
D u e from U . S . A
B ritish G o v ’ t s . . d 8 ,205,829
In ven tories o f raw
m aterials, A c . . 17 ,555,797 21, 322 ,1 3 4
A c c t s .A n otes r e c .,
less reserv e____ 6 ,261,901 9 3 25 ,499
D eferred charges,
268 ,9 1 9
insurance, A c . .
358 ,684
C a sh in b an ks, A c . 2 875 ,0 0 5 2, 528,555
G o o d -w ill, p aten t
rig h ts, A c ...........19 80 7 ,2 7 7 1 9 ,807,277
W o r t h i n g t o n P u m p & M a c h in e r y C o r p ., N e w Y o r k ,
( Third Annual Report— Year Ended Dec. 31 1918.)
Prest. C, Philip Coleman March 14 wroto in subst.:
Output.— The maximum use of our manufacturing facilities was met by
an output of $43,443,485, which exceeded in volume and value that of any
preceding year. Approximately 85% of the output was cither directly
or Indirectly for Government use In the prosecution of the war, and all was
M ar . 22 1919.]
THE CHRONICLE
o ltho regular line of manufacture except the 75-mlllimeter high explosive
shell and adapters manufactured at the Hazleton works.
Orders.— Cancellations and adjustments In an approximate amount of
$6,117,868 followed the signing of the armistice, leaving a balance of un
filled orders on hand of $26,161,859, which amount, while materially smaller
than the amount carried over from the previous year, is yet substantial.
BOOKINGS, BILLINGS, PROFITS (AFTER DEPR.) A N D UNFILLED
ORDERS.
Calendar Years—
1918.
1917.
1916.
1915.
Bookings______ ______ _$34,049,241 $61,130,572 $19,844,452 $10,154,879
Billings....................
43,443,485 28,407,699 14,097,031 8,558,197
P rofits__________ 7,385,135
6,202,285
2,001,768
575,001
Unfilled orders Dec. 31. 26,151,859 41,834,777
9,234,721 3,405,275
Additions.— During the past two years your board authorized additions
and betterments to buildings and equipment amounting to $5,020,560.
There had been expended to Dec. 31 $4,290,291. Additions and better
ments were also made at the Blake & Knowles Works and at the Hazleton
Works, the construction and equipment o f which were paid for by the Gov
ernment. At tho Blake & Knowles Works we are under contract to pur
chase these improvements at their fair value, but no obligation o f tho kind
applies to the Hazleton Works.
Against tho acquisition of property at abnormal cost and for war pur
poses, and properly to provide for amortization and for depreciation, there
has been written off $3,515,999 from the income account for the year.
Quick Assets.— The balance sheet shows not current assets of $19,006,
168, of which $1,953,448 is cash and $3,359,605 U. 8. Govt, securities.
Federal Taxes.— The large volume o f business In 1919 will call upon your
corporation to pay greatly Increased Federal taxes under tho new law;
and while it is as yet impossible to determine the exact amount of such taxes,
tho board has thought it advisable to reserve for this purpose $4,000,000.
Resenes, A c.— There is also included in current liabilities advances of
$3,222,064 against work in progress, while to provide for future contin
gencies there has been carried to general reserve $1,267,364.
The great expansion in operations and consequent heavy inventories
has been met through the profits developed and through cash advances
against work in progress.
Owing to the continued unsettled conditions in Kurope, particularly in
Russia, the board of directors has deemed it advisable to further reduce the
valuo at which the current assets of the corporation in those countries aro
carried by $462,231.
.
Liberty Loans.— Subscriptions aggregating $2,500,000 were made to the
Third and Fourth Liberty loans, of which wo have dalivored to or aro car
rying for our employees $1,315,550.
Outlook.— Tho cessation of the war and the complex conditions existing
in Kurope have caused, at least for the present, a natural hesitancy in pro
ceeding with the development o f new projects in tho engineering lines from
which this corporation receives its largest share o f new business; and also
have brought difficult problems, including among others a rearrangement
of tho manufacturing schedules at all o f our works. Fortunately, a sub
stantial volume of business in the regular lines o f manufacture remains on
tho books; and tho bookings since tho signing of tho armistice compare
favorably with those o f the years prior to the European war. A reasonable
volume o f work is therefore assured for tho present.
RESULTS FOR CAL. YEARS 1917, 1918, A N D 9 MOS. TO DEC. 31 1916.
(Incorporating the Income of Sub. Cos., Including II. R. Worthington.)
1918.
1917.
9 Mos. 1916.
Billings to customers______________ $43,443,486 $28,407,699 $10,655,576
Cost of sales, Inch depreciation, ad
ministration expenses, &c________ 36,058,350 22,205,414 *9,176,139
Profits from mfg. and trading------- $7,385,135
Add— Int. on current acc’ts, bills recelv., bank bals., Ac., net. $140,
295; int. and divs. from invest.,
$105,256.............................
245,551
$6,202,285
$1,479,437
52,286
130,180
1161
as a result o f the experimental work done at request, your company
was given an order for a quantity of semi-steel shell, but, in view of the
then probable early termination of the war, we asked a withdrawal of this
order, which was duly canceled Oct. 18. When the armistice was signed
we had in hand the building of a number o f large gun boring lathes and the
tho supplying of castings for others, all of which were subsequently can
celed. It is confidently expected fair adjustments will be make.
Outlook.— Just prior to the signing of tho armistice substantially all the
pipe you were making was directly or indirectly for war purposes. Munici
palities and Public Service Corporations had not been in the market for
some months; but the tonnage thus dammed up because of war con
ditions must come out eventually. Indeed, some of it is already in evi
dence. At the moment your stock o f pipe stands at a minimum.
You end the year with smaller stocks of raw materials and manufactured
product, all carried as heretofore at conservative values.
Dividend.— Your directors on Jan. 23 1919 declared a dividend of 5%
on tho preferred stock out o f the net profits for the cal. year 1918, payable
quarterly in March, June, Sept, and Dec. 1919.
Additions.—Tho additions to plant account, $225,711, represent chiefly
work begun in 1917 and certain new tools, cranes and equipment.
Operating Charge.— During the year we absorbed in operating costs for
repairs, replacements and minor improvements, the sum of $860,360 or
about 18% less than in 1917. This decrease reflects tho loss in operating
due to the serious strikes and other trying labor conditions we had to con
tend with during the past year of unprecedented happenings.
There was also absorbed in operating charges the further sum of $405,907
credited to depreciation reserve; $66,864 was expended during the year.
This reserve as of Dec. 31 amounted to $772,661, making your total reserves,
including those for insurance and doubtful accounts, $1,010,574.
Net Working Capital.—
Dec.311918 Dec.311917.
Current assets: Accounts receivable, inventories,
cash on hand, also Liberty bonds ($486,400 in
$6,665,724
1918, $90,000 in 1917)__________________ _____ $7,113,526
Current liabilities; Accounts, bill payable and
accrued items________________________________ $1,973,042 $2,158,920
* Net working capital.............................................$5,140,484
$4,506,804
[♦Adjusted to same basis in both years by disregarding in 1917 the $600,
000 set aside for tho preferred dividends, not paid until 1918. The
corresponding $600,000 from the earnings of the fiscal year 1918 for dis
tribution throughout the year 1919 was not declared until after the close
of 1918, making this change necessary for a correct comparison.— Ed.]
INCOME ACCOUNT.
7 M os. end.
-Years ending Dec. 311916.
Dec. 31 ’ 15.
1917.
1918.
417,562
x Total earnings___ . . . $1,541,581 $1,820,744 $1,539 >421
30.154J
59,004
42,351
Other income--------- - - .
Total income_________ $1,600,585
Int. on bonds & on bills
payable____________
$85,641
Reserve for improv’t s ..
--------Depreciation__________
405,907
Pref. divs. (see text)— (5)600,000
$1,863,095
$1,569,896
$417,562
$117,314
$117,255
144,000
$55,774
56.000
(5)600,000
(4)480.000
403.641
(5)600.000
Bal., surp. or deficit.sur.$509,037sur.$742,140suij.$708,641 dcf.$174,212
x The report states the “ total earnings after deducting cost o f oper
ation and maintenance of plants in 1918 ($860,360 expended for upkeep
of tools, machinery, buildings and equipment), expenses of sales and general
offices and provision for taxes, doubtful accounts and adjustment of
materials and supplies inventories."
BALANCE SHEET DECEMBER 31.
1918.
1917.
1917.
1918.
*4
$
$
—
$
Plant A property.24,958,781 24,733,069 Pref. stk. outst’g. 12.000,000 12,000,000
517,499 Com.' stk. outst’g. 12,000,000 12,000,000
Cash...................... ..
662,921
789,000
A m .P.4 Fdy.bds.
767,000
Raw and manufac
tured mat’ls,&c. 2,658,077 3,315,679 Accts. A bills pay. 1,784,482 2,017,146
Net income______________
$3,137,775
$4,432,365$1,582,493
141,773
Accrued Int.., A c ..
188,560
Accounts A notes
Divs. on class " A ” pref. sto ck ..........(7%)391,498(7%)391,498(514)293,624
600,000
receivable_____ 3,306,127 2,742,546 Dividend payable.
Divs. on class “ B” pref. stock_______
619,300(414)464,475
--------Reserves—
Transferred to reserve_____________
1,267,364
1,500,000
500,000 U. S. Govt. (Lib
772,661
433,618
Depreciation. . . .
90,000
erty) bonds____
486,400
59,135
104,435
Doubtful acc’ts..
386
16,932
B alanco------------ --------- -----------------$859,611 $2,076,392
$670,469 Cash for sink. fund
133,478
128,921
Insurance _____
Total profit and loss surp. Dec. 31. $3,606,472 $2,746,861
$670,469
Res. for work. cap,. 2,887,446 2,887,446
BALANCE SHEET DEC. 31, INCLUDING SUBSIDIARIES.
342,140
i Surplus_________ 1,451,177
Gross Income_____________________ $7,630,686
Deduct— Int. on bonds, $10,000; ad
just. of foreign invest., $462,232..
492,912
4,000,000
Federal taxes______________________
$6,254,571
$1,609,617
317,349
1,504,857
27,124
Assets—
1918.
1917.
Real est., bldgs., machinery, equipment, patterns,
drawings, A c., $14,619,815; less depreciation,
April 1T 6 to Dec. 31 T8. $5,657,117________ _ $8,962,697 $10,757,806
Invest, in securities o f Worthington-Simpson, Ltd.,
$485,101, and invest, in cap. assets of European
Continental properties, less reserves, $165,646;
total_______ _________ _________ _____ - - - - - 650,747
665,482
Common stock in treasury ($1,320,000— see "y below).
Class “ A ” preferred stock In treasury.............. 7—
14,840
14,840
U. 8. Liberty bonds, inch those acquired acc t of
employees subscriptions, less payments therefor 3,359,606
Inventories, $16,443,043; aec’ts and bills receivable,
less reserves, $6,234,431; miscellaneous, $1,032,
242; cash, $1,953,448_______________________ - 25,663,164
19,372.319
Net current assets of Continental branches_______
463,646
614,872
Deferred charges, insurance unexpired__________
36,119
39,920
Total......................................
..$39,150,819 $31,992,028
Liabilities—
Capital (issued as full paid & non-assessable under
the Virginia statutes), viz.:
Class " A ” 7% cum. pref., $5,592,833; Class “ B ”
6% pref. cum. after Apr. 1919. $10,321,671,
and common, incl. $1,020,000 returned to
treasury— see “ y ” — $12,992,149____________ $20,951,000 $20,951,000
Minority stock in Henry R. Worthington at par .
2,300
2,300
610,800
Underlying bonds of sub. cos____________________
610,800
Trado acc is, $1,471,491; accrued int. on bonds,
$12,739; miscellaneous, $1,141,718____________
2.625,948
1,581,738
Unexpended bal. on acc’t of special plant and equip.
______
83,233
Advances ugalnst work in progress carried in inven
tories_____________________
3,222,065
2,283,460
Reserve for Federal taxes_______________________ 4,632,234
1,500,000
General reserve_____________
3,500,000
2,232,636
Surplus as per income account above____________
3,606,472
2,746,861
Total...........................................................................$39,150,819 $31,992,028
y The common stock In treasury is held by tho voting trustees subject
to the order of tho board under tho plan o f reorganization for securing tho
aid of now interests in the management, or otherwise for its benefit.—
V. 108, p. 886.
S. Ca3t Iron Pips & Foundry Co.
President L. II. Lemoine, N. Y., Fob. 27 wrote in subst.:
U.
( R ep ort f o r the F isca l Y ea r en d in g D e c . 31 1 9 1 8 .)
Results.— The operating conditions in 1918 were unusually difficult.
Tho severe winter weather, embargoes and labor shortage o f tho earlier
months were followed In tho spring months by additional wago advances
and labor difficulties along with the gradual tightening of Government
control over raw materials and the prices for your chief product.
Tho net earnings for tho year were $1,109,037 as compared with $1,342.
140 for 1917; tills, considering the unprecedented conditions prevailing, may
be regarded as satisfactory.
The earnings partly accrued from shipments of pipe carried In stock at
low inventories (rather than the reduced current make at high cost levels)
and partly from your output o f heavy castings, miscellaneous work and
fittings large and small, which added a considerable share to the not revenue.
War Work.— Your plants wero called upon to assist in tho war program
of tho Government, and your general foundry and machine department
had all the business it could take in heavy castings and equipment. Partly
Liabilities—
Assets
T o ta l........... ...32,089,239
31.399,179:l
T o ta l_________ 32,089.239 31.399,179
— V. 108, p. 387.
N o r t h A m e r ic a n C o ,. N e w Y o r k .
( Report fo r Fiscal Year ending D ec. 31 1 918.)
The text of the report will be cited another week.
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1918.
$493,852
$450,131
$573,608
1,571.675
1,824,278
1,390,435
Int. received or accrued.
Dividends received___
Profits and compensa
tion for services.........
1915/
$488,804
1.438.028
33,837
33,767
29,920
25,671
T o ta l........................... $1,997,880
Salaries, legal expenses,
$88,805
net rentals, A c--------42,536
Taxes_______ — .........
262,465
Interest paid or accrued
Accts. written off A res.
Dividends (5 % )............. 1,489", 665
$2,099,294
$2,304,329
$100,212
87,506
108,007
1,489",665
$77,961
33,334
17,491
13,625
1,489.665
$1,952,503
"Ml
$77,780
10,576
25,821
33,550
1,489,665
$313,903
$672,252
Ki
$315,112
Balance carried to un
divided profits acct.
$114,409
INCOME ACCOUNT OF SUBSIDIARY COS. FOR CAL.
WisconsinEdisonCo
GrossRev.
(1)
.—
$
Total all cos. (Inter-co. int. and
182,458
dividends eliminated)________14,409,887 x2,785,896
:
Milwaukee El. Ry. A Lt. C o_. 8,955,595 1,807,768 13 4,292
1,311
637,880
Mllw. Light, Heat & Trac. C o. 3,054,670
304,861 28,651
Wisconsin Gas & Electric Co. _. 2,106,440
454
2,578
North Mllw. Light A Pow. C o.
31,346
32,808 17,751
Wells Power Co-----------------------261,830
(2)
—
Union Elec. Light, A Pow. C o .. 6,599,666 1,554,188 135,074
78,904
5,798
St. Louis County Gas C o------------------------ 403,165
United Rys. Co. of St. Louis. .13,639,619 2,023,875 116,698
511,752
West Kentucky Coal Co......... .. 3,056,833
Detroit Edison Co........... ........... 13,801,527 3,747,991
'“ x'Afterdeductlng ordinary operating expenses, $10,244,016:
credit), $631,540; taxes (reserve credit), $748,429.
Other Subsidiaries
YEAR 1918
Net. Other Inc. Interest. Bal., Sur .
S
$
*
%
1,869,368 1,098,980
717,802
1,224,258
130,081
509,110
209,014
124,498
461
2,570
33,358
17,201
1,139,245
550,017
49,378
35,325
2,540,872
400,299
401,184
1tO,568
1,353,767 2,394,224
depreciation (reserve
NORTHAMERICANCO. BALANCE SHEETDEC. 31.
1918.
1917.
1918.
Liabilities—
$
S
$
1917.
$
—
Stocks....................26,471,512 26,023,592 Capital stock ____29,793,300 29 .793,300
Bonds...................... 4.060,340 3.901,540 Notes payable____ 4,177,500 3 ,900,000
Loans & advances. 5,185,808 6,063,933 Dividends accrued
372,416
372,416
Divs. unclaimed..
Office and mlscell.
11,345
10,536
1
1 Funds subsid. cos. 353,294
property--------329,966
770,481
546,493 Accounts payable.
Accts. receivable.
58,251
68.628
60,000
60,000
Cash......... ............ - 1,798,533 1,345,280 Reserves________
7,583
7,750 Undivided profits. 3,468,151
Prepaid interest. .
,353,742
Assets
T o ta l..................38,294,258 37,888,588!
— V . 108. d . 274.
T o ta l.................. 38,294,258 37.888,588
1163
THE CHRONICLE
A m e r ic a n B r a k e S h o e & F o u n d r y C o .
15 M onths ending D ec. 31 1918.)
The report, signed as of March 15 by Otis H. Cutler,
Chairman, and William G. Pearce, President, says in subst.:
(Report fo r
Munitions.— During the 15 months It became our duty to assist the U. S.
Government by machining howitzers and shells. For the shell the shops
at Erie, which were used in machining shell for the British Government,
were utilized. For the howitzers a new shop, adjoining the shell shops,
was built and equipped.
The howitzer dimensions were: Bore, 155 mm.; length, 7 ft. 8 in. Their
finished weight was about 2,678 lbs. [The contract called for 200 of these
a month.] There were two sizes o f shell: one with diameter o f 155 mm.,
weighing, finished, about
lbs.; the other with diameter 9.2 in., weigh
ing finished about 225 lbs.
The company’s outlay to Dec. 31 1918 on these operations, not counting
the cost o f the shops used for British shell, was about $18,000,000. All
this cost has been or will be repaid by tho Government, together with the
profits (as yet undetermined) provided in the contracts, which, after deduc
tion of Federal taxes, amount to a very small percentage on the total
outlay, being in all cases the profit offered by the Government.
After the armistice was signed, orders were received from the Govern
ment to complete only 1,800 howitzers and 375 sets o f battery spares,
instead o f the 3,000 howitzers and 575 sets o f battery spares and 199 sets
of replacement spares previously ordered, and to finish only those shell
upon which machining work had actually been commenced. All the work
has now been completed and the shops closed. The production was:
To
Grand I
To
Grand
„
,
Dec. 31. Total. |
Die. 31. Total.
H o w itz e r s ..............
1,483 1,800 Shell, 155 mm......... 281,676 294,318
do batt'yspares,&c___ _ 6 4 . 375|Shell, 9.2 in.............. 246,853 247,125
Consolidated Accounts .— The balance sheet and the income and surplus
account which accompany this report, show the combined figures of tho
Brake Shoe Co. and its subsidiaries, the Southern Wheel C o., tho American
Malleables C o., the Dominion Brake Shoo C o., Ltd., and tho American
Land & Building Co. For comparative purposes there is also submitted
a consolidated balance sheet as o f Sept. 30 1917.
In the balance sheet the inventories o f material and supplies are entered
at cost or the market price Dec. 31 1918, whichever is lower, for pig iron,
scrap iron, steol plato, coke and other large items. Minor supplies and
manufactured product are entered at cost. The income and surplus ac
count has been adjusted accordingly.
Patents, goodwill and other intangible assets are entered at cost.
American Manganese Steel Co.— The value o f our majority stock based
upon the net tangible assets Dec. 31 1918 (Including nothing for patents,
goodwill or other intangibles), exceeds by more than $700,000 the amount
the stock cost us, but In our balance sheet it is carried at cost among the
"Capital Stocks o f Associated Companies.”
Results.— The earnings of the year ending Sept. 30 1917 included the
profits from the shell operations for the British Government, while for tho
15 months ended Dec. 31 1918 tho only unusual source of profit was tho
munitions operations for our own Government, the profit on which was very
much lower than that obtained from a foreign Government. Furthermore,
the British work was done at flat prices per piece, the company assuming
all the risk, while tho work done for the United States was carried on under
contracts which for the most part provided for reimbursement for cost and
a small fixed profit, with practically no risk.
Payment o f Bills Payable.— Owing to the munitions operations and to the
increase in customers’ accounts and inventories, due to the groat advance in
prices, it was necessary to borrow considerable sums from the banks, the
total Doc. 31 1918 being $2,075,000, exclusive o f moneys borrowed for the
purchase o f Liberty bonds.The liquidation o f munitions accounts and the
temporary discontinuance o f purchases o f raw material, after tho armistico
was signod, have made it possible to reduce, out o f current receipts, the
amount o f these bank loans, so that the balance outstanding at this date is
$500,000, which it is confidently expected it will be possible to pay within
a few weeks.
Outlook.— On Dec. 31 all the plants wore in practically normal condition,
and the quantity o f melting stock and other supplies on hand purchased
when prices were high, was not unusually largo. The volume of business in
our regular lines was about normal.
Since the armistice there has been an appreciable falling off in tho volume
o f products ordered by the company’s customers, but it is expected that,
after the present period o f business readjustment, our business will becomo
normal.
INCOME ACCOUNT.
(x In 1918 consolidated statement including subsidiaries— seo text.)
xl5 Mos. to
■Sept. 30 Years
Dec. 31 ’ 18.
1916-17.
1915-16.
1914-15.
♦Net p rofits...................$2,324,884
$3,260,694 $1,661,619 $1,180,613
Interest on bonds...........
30,340
28,452
34,312
35,226
Net p rofits.......... . . 1 $2,294,544 $3,232,242
Contingent, &c., reserve
150,000
400,000
Divs. paid— Prof___ (15%)750,000 (18)898,158
Com. (5 nos. ’ 18).(8M % )402,500 (7)321,531
Divs. pd. by sub. cos__
4,707
________
Balance, surplus.........
$987,337
$1,627,307
$1,145,387
(8)400,000
(7)322,000
(8)400,000
(7)322,000
$905,307
$423,387
$1,612,553
* Includes earnings from operations o f plants, after deducting manufac
turing, administrative and selling expenses, depreciation. Federal taxes,
A c., and including other income and earnings o f subsidiary companies.
Preferred dividends (18%) in 1916-17 include 8% regular paid in cash,
4% extra In cash, 5% paid in U. S. Liberty bonds and 1 % to Bed Cross.
CONSOLIDATED COMPARATIVE BALANCE SHEETS (Seo text.)
Deo. 31 191,8. Sept. 30 1917.
Dec. 31 1918. Sept. 30 1917.
Assets—
S
Liabilities—
$
$
Plants, pat., &c.\12,650 ,328 12,828,735 Preferred stocks.. 5,000 ,000 5,000,000
Invest. Insub. cos./
Common stocks.. 4,600 ,000 4,600,000
Cash_____________ 1,213 ,301 1,001,864 Cap. stk. sub. cos.
Accts. A bills rec. 4,078 ,742 3,167,453
(not ow ned)...
49 ,800
49,800
Notes receivable..
43, 220
30,941 First mtge. bonds.
377, ,000
469,000
Adv. acct. oper.
Reserve funds____
801 ,103
529,566
for U .S . G o v t.. 1,763 ,651
369,772 Accounts payable) 2,936, ,984 2,559,420
Equity in Liberty
Bills payable____/
& Victory bonds
501, 098
92,023 Notes pay. (cur.). 2,075, 000
Marketable loans
Notes pay., adv.
A Investments182 ,275
980,919
............
from U .S . Govt.
398, ,050
Inventories........... 5,468 ,276 3,430,123 Accrued bond lnt.
6, ,283
2,717
Deferred assets.. .
07 ,124
45,141 Surplus .................. 9,723, ,801 8,736,463
T o ta l...............25,968,022 21,946,972
— V. 107, p. 2291.
Total
.25,968,022 21,946,972
S ta n d a r d O il C o . o f C a lifo r n ia .
(Report fo r Fiscal Year ending D ec.
Pres. W. S. Rheem says in substance:
31 1918.)
Earnings.— The earnings, after deducting all operating and marketing
expenses, were $44,276,522. From this there was written off, for depre
ciation, $3,895,758, depletion $6,022,228, and for estimated income and
excess profits tax, $19,405,462, leaving a net profit carried to surplus of
$14,953,074, or about 12.73% on the capital and surplus as o f Dec. 31 1918.
Dividends.— During 1918, regular cash dividends were paid at the rate
of 10% per annum, with an extra dividend o f 2>£%, payable in Liberty
Loan bonds, a total o f $12,421,664. The not addition to surplus was
$2,531,411, the surplus o f Dec. 31 1918 being $17,810,634.
Liberty Bonds.— There was on hand Dec. 31 1918 cash, $6,789,437;
U. S. Treasury certificates o f $4,500,000, and U. 8. Liberty Loan bonds,
$5,633,400. A balance o f $2,695,060 also is due tho company from its
employees for Liberty Loan bonds carried for their account.
Accounts Payable.— These on Dec. 31 1918 amounted to $6,791,626, of
which $2,249,300 was duo on Fourth Issue U. S. Liberty Loan bonds (paid
Jan. 1919); the balance was principally for current supplies (paid in Jan.
1919).
Inventories.— Of this item o f $29,598,983 ,$11,453,375 represents supplies
other than products; tho balanco, $18,145,608, represents petroleum
products.
Plant Account.— Tho plant account was increased for now construction
and additions by $10,836,680.
[Vol . 108.
Producing.— W o completed 98 new wells, and purchased six. In tho
effort to develop new oil fields, distant from proven territory, we located a
well near Richfield, in Orange County, 30 miles southeast of Los Angeles,
on 1,346 acres held under lease and secured an initial production of 275
bbls. per day of 21.2 degrees gravity oil. We also completed a well in tho
Elk Hills between Bakersfield and Taft, on 480 acres of land owned; this
avell has produced an average of 300 bbls. per day of 38 degree gravity oil,
being tho first well-producing oil in commercial quantities in tho Elk Hills.
Pipe Line.— Tho Newmark pump station was built to handle oil from
the Merced Hills (Montebello) field, and has been connected also with
the line from the Baldwin Lease, and tho Northam-El Segundo line. In
vestment cost, about $213,000.
Refineries.— The threo refineries at Richmond, El Segundo and Bakers
field wore increased by the expenditure o f $3,629,612.
Sales Department.— There are now in use 358 substations, 152 service sta
tions and 1,123 motor vehicles.
Crude Oil.— Tho gross productiln from our wells was 22,446,021 bbls.,
gain of 4,159,433 bbls.. or o f 22.75% over 1917.
The total crude oil runs for the company, including its own production In
1918 were 105,875 bbls. per day, of which 18,876 bbls. wero returned on
exchanges, making net runs of 86,999 bbls. per day, or a net increase of
about 13%.
The total stocks as o f Dec. 31 1918 were 11,825,598 bbls. (9,087,071
crude and 2,738,527 equivalent), or a total decrease of 3,276,098 bbls.
Crude actually increased 1,196,345 bbls., but stocks of equivalent decreased
4,472,443 bbls.
Sales.— The total value of sales of all products, foreign and domestic,
for the year 1918, showed an increase of 29.15% over 1917. The propor
tion of export business was prictically the same as in 1917.
Taxes.— These, exclusive o f income and excess profits taxes, aggregated
$1,547,011, an increase o f $130,611.
General.— Owing to tho company’s increased production of some 11,000
bbls. per day, the stocks of crude oil in California romained practically
constant during the year.
Tho baso price for crude oil on Jan. 1 1918 was 98 cts. per bbl., and on
M ay 1 1918 $1.23 per b b l. The price of fuel oil was advanced on the samo
date 15 cts. per bbl. The prlco o f gasoline to the consumer, however,
remained stationary throughout the year, oxcept for a slight increase in
freight rates.
INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
1916.
1915.
Earnings......................... $44,276,522 $30,377,073 $21,263,520 $12,974,655
Depreciation & depletion 9,917,985
5,897,326
3.658,216 3,444,709
Excess profits & income
----------------tax (estimated).............. 19,405,462 x5,823,272
Net profits......... ........ $14,953,074 $18,656,475 $17,605,304 $9,529,946
9,316,248
6,831,915
4,968,666
Dividends...............(10%) 9,937,331
do in Lib. bonds. (2M )2,484,333
............................................................
Balance, surplus.............. $2,531,410 39,340,227 $10,773,389 $4,561,280
Note.— A further
extra dividend of $2 50 persharo was declared last
January, payable in 4M % Liberty Loan bonds, along with tho regular
quarterly of $2 50, both payable March 15 to holders of record Feb. 15
(V. 108, p. 487). An extra of 2 H % was paid in 4)4% Liberty Loan bonds
in Sept. 1918.
x Estimated taxes for 1917, $5,830,117, loss $6,845 adjustment.
BALANCE SHEET DECEMBER 31.
1918.
Assets—
S
Plant account..
Other lnvest’ ts.
Inventories____
Accts. receiv’lo.
Employees’ Lib
erty Loan ac
count..............
Unexp. Ins., A c .
Cash....................
82,762,773
10,260,230
29,598,983
12,242,167
2,695,061
882,681
6,789,437
1917.
$
.
$
C,
T o ta l..............145,231,332 126,923,160
1917.
1918.
Liabilities—
80,979,929 Capital stock..*99,373,311
1,676,611 Acc’ ts payablo. 6,791,626
26,799,564 Excess profit A
10,371,894 inc. taxes (est.) 19,405,462
Merchandise due
on contract.. 1,110,761
1,007,893 Suspended earns
489,538
730,511 Stock premium.
250,000
356,759 Surplus_________ 17,810,634
$
99,373,311
5,312,667
5,830,117
884,688
” 2f>b”666
16,272,378
T o ta l________ 145,231,332 126,923,160
♦ After deducting $626,689 unsubscribed stock.— V. 108, p. 978.
A m e r ic a n C ig a r C o m p a n y .
(Report fo r Fiscal Y ear ending D ec.
Calendar Years—
1918.
Not earnings (incl. cos.
owned),aft.chgs..&c..x$2,318,982
Preferred divs. (6 % )___
600,000
Common divs. (6 % )____
600.000
31 1918.)
1917.
1916.
1915.
$2,213,755
600,000
600,000
$1,867,285
600,000
600,000
$1,850,406
600,000
600,000
Balance, surplus____ .$1,118,982 $1,013,755
$667,285
$650,406
Total surplus_________$12,442,916 $11,323,934 $10,316,178 $9,653,870
x After deducting Federal taxes.
Note.— The above statement of earnings includes only the dividends
received from those companies, a part only of whoso stock Is owned by the
company, but it includes the total net profits o f companies all of whoso
stock is owned by or held in trust for tho company.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Consolidated with companies all o f whose stock is owned.)
1918.
1917.
1918.
1917.
Assets—
$$
$
Liabilities—
$
$
S
Real cst., raach’y.
Preferred stock...10,000,000 10,000,000
! 3,139,475 3,301,743 Common s to c k ... 10,000,000 10,000,000
Prov. for pref. dlv.
150,000
150,000
Brands ,trade-m’ks1
. 3,310,685 3,310,685 Acc’ts A bills pa y.10,296,184 7,717,775
.18,543,239 15,295,128 Tax reserves_____
631,205 ................
. 6,879,189 7,062,483 Prov. for depreo’n,
Cash......................... 1,047,078 1,035,057
actual or contln.
insur. funds, Ac. 6,500,518 5,831,870
.10,483,402 9,247,883
! 5,366,188 5,770,601 Surplus..................12,442,916 11,323,934
. 1,074,500
177,067
Prepaid insur.,Ac..
.50,020,824 45,023,579
T o ta l......... ........ 50,020,824 45,023,679
a Amounts owing to this company by companies in which it, directly
r Indirectly, owns part o f tho stock.— V. 108, p. 81.
C h ic a g o P n e u m a tic T o o l C o . o f N . J.
(17th A nn ua l Report— Y ear Ended D ec. 31 1918.)
President H. A. Jackson says in substance:
New Executive Management.— The great volume of business of an im
perative nature due to tho country’s war activities, produced a condition
disclosing certain deficiencies. An entire reorganization was effected an
was practically completed in June 1918. (V. 106, p. 824, 1463, 1580;
V. 107, p. 84, 1483. 1667.)
Changes in Methods, & c.— Tho Emergency Fleet Corporation had called
upon the company for increased production. An inspection by tho now
management revealed that in order to obtain the additional output re
quired, tho equipment must bo scientifically balanced, further facilities
provided, and improved shop management applied. An immediate and
general revision was undertaken, resulting in greatly Increased volume of
output. Considerable quantities of material, found to bo obsolete, wero
disposed of. Accounting methods required substantial changes especially
in tho basis of writing o ff depreciation.
There has been charged off on account o f depreciation in inventories,
machinery, A c., together with bad dobts and shrinkages duo to discrepan
cies in cost accounting and other items, an amount of $872,414.
Results.— Whilo these changes may seem drastic, tho earnings for the year
were sufficient to justify such a course and still leave net profits amplo
for tho payment of fixed charges, a 6% dividend, and afford a balance of
$148,905 carried to surplus. Though a hoavily increased production has
been marketed at prevailing prices, tho resultant earnings have been Af
fected by tho substantial increase In tho costs of labor and materials.
New Bonds.— In order to provklo tho funds required to carry out neces
sary improvements and extensions to tho properties, tho company issued
53,250,000 of 1st M . 0% Serial gold bonds. A portion of tho proceeds of
tho salo of tlioso bonds was used to retire or provide for outstanding bonds
o f the previous issue. (V. 107, p. 1922, 1581, 1067.)
Outlook.— With tho improvements and refinancing, the company finds
itself in a most excellent condition, possessing well equipped plants of
greatly enlarged capacity. Furthermore, the company has entered the
year 1919 with an exceptional amount of unfilled business still on its books.
Subsidiaries.— On account of depreciations necessary because of tho
transition from a war to a peace basis, the British and Canadian subsidiary
companies are not showing a largo return for the year. The British sub
sidiary was heavily involved in Russia, and th'o unfortunate developments
in that country have made necessary tho setting aside o f relatively largo
reserves on tho books o f that company.
. . .
rfti'i’ho physical condition of tho subsidiaries is excellent and their unfilled
business of satisfactory volume.
__
RESULTS FOR CALENDAR YEARS.
1918.
1917.
1916.
1915.
N tix ^ 0f.i.t! .b0.f0.r! .P.ed:
______
1,210,197
73,017
$2,006,372
-----------------
$1,577,980
-----------------
$982,864
T o ta l_______________$1,283,214
lilt, on borrowed money
$130,499
Deduct— Bond interest$178,168
i ^ Dividends......... ........(6 % )386,928
Sinking f u n d - . . - - ^ 1.161
‘•■ Depreciation, &c-----407,551
Res. For Federal taxes—
---------
$2,006,372
$1,577,980
$982,861
$121,725
(4)257,952
50,000
437,582
437.582
227,674
$119,375
(4)257,952
50,000
455,182
$117,775
(4)257,952
50,000
281,842
$882,509
Total deductions----- $1,134,307 $1,094,934
$911,438
$695,471
$149,192
Undivided profits-------BALANCEISIIEET DECEMBER^) 1.
$707,569
$275,295
Not profits aft. Fed. tax.
Other income_________
Assets—
1163
THE CHRONICLE
M aii. 22 1919.]
191s.
S
R e a l e 3t .,p l'n t ,p a t
en ts, g o o d -w ill,
A c . , Ies3 reserve 7 ,6 6 2 ,1 7 7
S t o c k o th . c o s .,A c .
(co s t) les3 r e s ___
5 8 ,309
B o n d r e d e m p tio n 31,101
46,308
L ib erty b o n d s ____
B ritish G o v t . secu .
592 ,483
T re a su ry b o n d s . .
----------T rea su ry s t o c k .................. .........
C a s h .........................074 ,027
B ills A a ccts. r e c .,
A c . , less reserves 2 ,7 9 9,373
S in k in g fu n d -------\
— — -J
D eferred ch a rg es/
3 9 3 ,3 0 0 \
I n v e n t o r ie s _______ 4 ,9 0 1 ,0 9 4
S
7 ,2 7 7 ,1 7 0
1 ,1 9 1,370
-----------
42,009
37,000
283,014
2,423,911
L ia b il it ie s —
1917.
$
$
Capital stock____ 0,448,800
First M . 5s Issued.....................
1st M . serial 6s___ 3,250,000
lilt, on bonds____
50,413\
Dlv. payable_____
90,732/
Accts., Ac., p a y .. 1,230,620
Res. for Fed. taxes
............
Bills payable_____
Sinking fund.........
31,161
Notes payable____
910,000
Contingent res___
377,000
Appropriated sur. 2,000,000
Surplus__________ 2,782,107
0,485,800
2,500,000
______
127,213
700,894
243,078
1,840.000
1,219,434
............
............
...........
3,048,004
1 ,219,434
4 ,2 9 1 , oo3
T o ta l........... .. .17,218,839 10,773,483
Total.....................17,218,839 1 0,773,483
— V. 107, p. 1922.
H a r t m a n C o r p o r a tio n
(Report fo r the Fiscal Year ending Dec.
President Max Straus says in substance:
31 1918.)
Tho showing of net profits coupled with tho excellent financial condition
o f tho company is a substantial improvement over tho preceding year.
Tho result is deemed satisfactory considering the difficulties which tho
war conditions placed upon tho operations o f tho business.
In view of tho materially improved business situation with us, as evi
denced by our very largely increased sales thus far during 1919, not earnings
for tho curront year should show a substantial increase, and wo fool that,
at least, tho present dividend is permanently assured to our stockholders.
CONSOLIDATED PROFIT A N D LOSS ACCOUNT FOR CAL. YEARS.
1918.
1917.
1916.
Total profits and incomo after deduct-/
ing all oxpensos o f merchandise &|
administration. & losses on cus-{
Not
tomers' accounts------------------------- [ $816,989 separated
$2,014,406
Contingent reservo and depreciation.
______
188,000
Deduct— Interest charges.....................
21,656
24,374
Net profit & income for cal. y e a r..
$795,333
$509,316
Dividends paid..................................(5%)600,000(3 H )450,000
$1,802,033
Balance, surplus-------------------------Previous surplus-----------------------------
$59,316
1,862,033
$1,802,033
Total surplus Dec. 31....................... $2,056,682 $1,861,349
CONSOLIDATED BALANCE SHEET DEC. 31.
$1,802,033
1918.
—
$
Prop, .fixtures ,&c - 1,010,544
Mdse. & supplies 1,968,952
Due from customers (net)......... .. 6,646,173
Cash......... - .............
169,870
Investments-------75,000
(J. H. 1,11). bonds..
282,043
beferre I charges20,161
Good-will, Ac____ 4,992,992
Assets
T o ta l__________15,105,739
— V. 108, p. 977.
1917.
S
1,051,770
1,539,616
7,060,710
214,360
75,000
84,500
20,932
4,992,992
15,039,887
$195,333
1,806,349
1918.
1917.
—
$
S
Capital stock____ 12,000,000 12,000,000
Underlying bonds
(sub. cos.).........
105,000
190,000
Notes payable____
225,000
390,000
Mdes.accts.paya'lo 389,690
359,697
Taxes and other
329,366
accruals..............
238,841
Surplus .................. 2,056,682 1,861,349
Liabilities
T o ta l.................. 15,165,739 15,039,887
I m p e r ia l T o b a c c o C o . o f G r e a t B r ita in & I r e la n d , L t d .
(Results for Fiscal Years ended Oct. 31— Descriptive D ata.)
Gilman & Glucas, 34 Pine St., N. Y., members of N. Y.
Stock Exchange, who specialize in this company’s ordinary
shares, have issued a circular which we cite substantially in
full (with minor additions from annual reports), as follows:
This company was incorporated Dec. 1901 and is a consolidation of 19
manufacturing plants in England. In conjunction with tho Britisli-American Tobacco Co., which handles all Imperial Tobacco Co. goods, this
company docs practically all the tobacco business in Great Britaih. Prior
to 1914 a substantial interest in the company was owned by the American
Tobacco Co., but by the direction of tho U. S. courts, those shares were
distributed among tho common stockholders of tho American Tobacco Co.
at that time.
^Transfer of tho shares can bo made at tho office of tho company, Bristol,
Eng., and wo are Informed that an effort is now being inado to establish a
transfer office for bearer certificates in this country.
k The company is carrying a stock of tobacco on hand inventoried at
£14,242,307, which is conservatively estimated to bo worth considerably
more than inventory prices. Earnings have steadily increased since incor
poration, notwithstanding the liberal deductions for taxes, reserves, depre
ciation, bonuses, pensions, Ac.
Dividends on all preference shares have been regularly paid and for tho
past five years cash dividends on the ordinary shares have averaged about
27% annually. In Feb. 1916 the company capitalized from the reserve
fund the sum of £3,000,000 into ordinary shares and distributed same to
ordinary shareholders—share for share—and in Feb. 1918 they capitalized
from tho reserve fund tho sum of £2,786,624 into ordinary shares and
distributed same to ordinary shareholders one share for each two shares
held. Those share distributions make an inereaso of 200% on tho original
b°Ali'shares o f this company aro listed on tho London, Eng., Stock Ex
change and the ordinary shares havo recently sold at about $18 per share.
Capital Stock (Par Value £1)—
Authorized.
Issued.
" A " 546% Cumulative Preferred shares....................£6,000,000 £4,959,249
5,260,469
“ B " 6% Non-Oumulatlve Preferred shares............. 6,000,000
" O " 10% Non-Oumulatlve Preferred shares........... 3,000,000
2,638,218
Ordinary shares_______________________________ a - 9.000,000
8,573,184
T o ta l________ ...........£3,452,041 £3,289,538 £3,836,886
Surplus for year. ______ £374,150
£249.001
£75,800
BALANCE SHEET OCTOBER 31.
1918.
£
—
Plants, Ac. (coat). 1,,250,643
Good will & patent
rights__________ 9, 422,583
Inv. in allll'd cos.
cost (mark. val.
largely in excess
ofbookvalue)- . 3 267,350
Stk. in trade (cost) 14 242,307
Debtors, less res.. 4 845,242
626,035
Advance paym’ts.
591
Bllls receivable___
Govt, bonds, Ac.,
at market price 1 ,630,607
Cash........................ 1 ,961,988
Assets
1918.
1917.
RESULTS FOR YEARS ENDING OCTOBER 31.
1916-17.
1915-16.
1914-15.
1917-18.
Net trading profits______£3,826,191 £3,538,539 £3,912,686 £3,699,891
Directors’ fees, taxes, &c_ ________
527,350
391,077
Depreciation___________ ________
100,000
1,050,000
75,000
Pensions_______________
100,000
1,000,000
1,000,000
To goneral reserve______ 1,000,000
Dividends on—
272,759
272,759
272,759
Pref. “ A " shares (546%)
272.759
315,628
315,628
Prof. “ B ” shares (6 % )-.
315,628
315,628
263,822
263,822
263,822
Pref. "O ” shares (1 0 % ).
263,822
1,253,252
1,113,799
Ordinary shares________ 1,358,479
1,253,981
(15%)
Ordinary divs.— Regular.
(10%)
(10%)
(10%)
(25%)
Extra-----------------------(6 41%)
(1246%)
(1246%)
Bonus to customers_____
141,353
112,341
129,075
133,348
1917.
£
—
1,258,580 Pref. shares “ A ” .
Pref. shares “ B " .
9,422,582 Pref. shares “ C ” .
Ordinary shares..
Reserve for profits
duty, A c .*_____
1,809,095 Prov. for pensions,
&c.................
9,791,153
4,178,400 General reserve___
794,298 Profit and loss____
1,872
Liabilities
£3,569,426
£130,465
1918.
1917.
4,959,249
5,260,469
2,638,218
8,359,872
4,959,249
5,260.469
2,638,218
5,573,248
9,355,258
4,505,270
895,354
3,678,877
2,100,049
786,520
5,465,501
1,805,796
£
£
2,651,960
1,083,331
Total .............. 37,247,346 30,994,271 Total ...............37.247,346 30,994,271
* Includes provision for excess profits duty for 1917-18 and income tax
and creditors, &c., liability.
Plants Owned by the Company.— (1) At Bristol, Eng.: W . D. & II. O.
Wills & Co., Franklyn Davoy & Co., Edwards, Ringer & Bigg, and Marden
Son & Hall. (2) In London: Lambert & Butler, Adkin & Sons, W . & F.
Faulkner, Allan Ramsay and W. D. A II. O. Wills. (3) At Nottingham:
John Player & Sons. (4) At Chester: W. T. Davies A Sons and W. Williams
& Co. (6) At Ipswich: W. A. & A. C. Churchman. (6) At Liverpool:
Hignett Bros. Co., Wm. Clark & Sons, and Ogden’s. (7) At Glasgow:
Stephen Mitchell & Sons, F. & J. Smith and D. & J. M acDonald.— V. 108,
p. 484.
American Sugar Refining Co., New York.
(Report for Fiscal Year ending Dec. 31 1918.)
The usual comparative tables were given last week (p .1055).
Pres. Earl D . Babst, N . Y . , M ar. 12, wrote in substance:
Consumption in 1918 Near Average for Decade.— Notwithstanding Govern
ment limitations, we have consumed in 1918 an amount of sugar almost
equal to the yearly average of tho last decade, approximated 10,000 tons a
day. While many have stinted themselves, the saving effected has been
to a considerable degree offset by the increased purchases of those who,
because of the publicity given to sugar restrictions, bought more than they
otherwise would.
Government Control in 1919.— International obligations still necessitate a
limited governmental control over the entire industry throughout the year
1919. This will be effected by the Sugar Equalization Board, a corporate
agency of tho United States, which by a series of contracts with tho various
producing, refining and distributing units of the industry, seeks a stabiliza
tion of prices and an international distribution of supplies without the
competition usually prevailing in tho world market. Wo shall therefore
continue to operate along lines quite similar to those described last year.
Earnings from Manufacturing. — The volume of the sugar refining opera
tions of your company was substantially the same as in 1917. The larger
part of tho business, however, came in the first six months, with restrictions
on manufacturing volume later. For this reason on Aug. 3 tho Jersey City
refinery was closed for the year and has been undergoing extensive repairs.
Following tho establishment by the International Sugar Committee, tho
raw sugar allocated to this country was apportioned by tho American
Refiners’ Committee among all United States refiners in accordance with a
percentage fixed by that committee, the result being as follows:
Distribution o f Rate Sugar During 15 Months o f Food Control to D ec. 31.
■Receipts-------- Per cent
-------- R
eceipts------ Perceit
(Tons)
American Arbucklo__
CaliforniaHawaiian
Colonial__
Federal —
Henderson.
Imperial__
McCahan .
Total. Per ceit Fixed.
.1,229,619
. 216,803
.
.
.
.
.
.
241,233
80,877
300,090
50,172
42,332
74,315
37.312
6.579
7.320
2.454
9.106
1.523
1.285
2.255
(Tons)
Total. Per cent Fixed.
40.650 National____ 375,661 11.399 12.007
4.587 4.802
7.000 Pennsylvania. 151,168
1.223
.960
40,297
Revere..........2.335 2.402
4.S03 Savannah ___
76,959
6.858 7.204
2.330 W arner_____ 226,007
5.764 3.362
9.605 Western......... 189,942
.960
1.513
Total.......... 3,295,481 100.000 100.000
2.402
Godchaux, 11,286 tons, closed down April 9 1918 on account of fire.
Results to Company.— While our total business, including sugar, syrup,
molasses, cooperage, timber, railroad, and tank car operations, was again
in excess of $200,000,000, yet the net profit from operation of $6,661,684
was substantially smaller than for 1917. The profit of about 3 K cents on
each dollar of sales is one of the smallest returns in the merchandizing field.
Conditions Require Ample Quick Assets.— Tho high price of raw sugar and
of other supplies makes increased demand on capital resources during
extended periods of the year, not accurately reflected in a balance sheet of
Doc. 31, when operations are at low ebb under present conditions. The trend
of world sugar conditions and of the probable international readjustment
continues so uncertain as to justify a policy of keeping strong in quick assets.
Beet Sugar Competition.— Four new beet sugar plants have beon added
during tho year, bringing the total of factories in tho United States to 101,
owned by 45 beet sugar companies. The cane sugar refineries continue at
22, owned by 15 refining companies. The additional refining capacity
completed by competitors during the year, and notably by the CaliforniaIlawaiian, is very essential. Tho now Revere refinery [of United Fruit Co.
at Boston, replacing an old one, is also now ready for operation.
Income from Investments.— The income from interest on loans and de
posits shows a decrease largely by reason of a change in accounting practice.
The income from investments, on tho other hand, shows an increase. The
several beot holdings are continued in the item, ‘ ‘ Investments, General,"
in valuation and in amount as heretofore. These stocks are part of large
holdings acquired years ago.
Beet Sugar Stocks Still Held Solely for Investment— Per Cent of Total Issue.
(Par Value) —
Owned.P.Ct.
(Par Value)—
Owned. P.Ct.
Alameda Sugar Co______ $371,250 25%
Continental Sugar Co____ 519,300 29%
Grt.West .Sug .Co. .com ..3 ,6 4 9 ,600\
do preferred________ 5,159,200/31%
Iowa Sugar Co. (not oper) $416,500 75%
Mich. Sugar Co., com___1,757,400(34%
do
preferred_________2,043,800/
Spreckels Sugar Co______ 2,500,000 50%
Betterments, &c.— Renewals and replacements aro charged directly to
operating expenses. Betterments capitalized aggregate $1,751,715, includ
ing real estate needed in conjunction with present plants.
Our equipment has been under severe strain and heavy expenditures
both in repairs and in betterments are inevitable. Accordingly we are
adding $1,000,000 to the reserve for improvement of plants, and charging
off $2,000,000 for plant depreciation.
Total Exports of Refined Sugar from the United States in Tons of 2,240 Lbs.
1912.
1913.
1914.
1915.
1916.
1917.
1918.
35,124
23,112
174,289
430,168
703,862
451,221
150,556
Exports in 1918 by This Company and Other Refineries (in Tons of 2,240 Lbs.)
U. S. Customs Figures.
This Co. Others.
Destination—
This Co. Others.
2,004
Great Britain.............. 14,864
2,823 Norway_____________ 2,500
395
2,285
France______________ 42,181 41,526 Newfoundland______
5,560
I t a ly ............................
129 13,144 Not designated_____ 2,207
Belgian R e lief______ 9,238
4,998
T otal........................ 77,114 73,442
A fr ic a ......................... 5,600
1.102
Competition— Restrictions Imposed by the Food Administration.— The Food
Administration in Oct. 1918 discontinued the supply of raw sugar to
1164
THE CHRONICLE
S o u th e r n r e fin e r s fo r d o m e s t ic d is t r ib u t io n , w it h t h e r e s u lt t h a t a fte r
N o v . 1 S o u th e r n r e fin e r s w e r e o u t o f t h e d o m e s t ic m a r k e t .
F rom O ct. 1
to D e c. 31
a ll E a s t e r n
r e fin e r s
w o r e lim ite d t o a m a r k e t c o n s is tin g
o n iy o f th e N o w E n g la n d S ta te s a n d p o r t io n s o f o t h e r N o r t h A t la n t ic
S ta tes.
T h e t e r r it o r y a v a ila b le t o t h is c o m p a n y a n d t o o t h e r E a s te r n a n d
S o u th e r n r e fin e r s w a s b u t a fr a c t io n o f t h e t o t a l t o b o s e r v e d , a n d c o m
p e t i t o r s o f t h is c o m p a n y w e r e s u p p l y i n g s u g a r s in v o l u m e a m p l y s u f f ic ie n t
t o m e e t t h e e n t ir o r e q u ir e m e n t s o f t h e p o p u la t io n s it u a t e d w e s t a n d s o u th
o r t h e b o u n d a r ie s s t a t e d .
M o r e o v e r , in t h e li m it e d t e r r it o r y in w h ic h y o u r
c o m p a n y c o u ld s e ll, it h a d t o m e e t a t a ll tim e s t h e c o m p e t it io n o f o t h e r
r e fin e r ie s o f m o d e r n c o n s t r u c t io n , a m p le r e s o u r c e s a n d fa v o r a b l y lo c a t e d .
G r o u p I n s u r a n c e P l a n .— T h e s u m o f $ 3 0 0 , 0 0 0 h a s b e e n r e s e r v e d f r o m c u r
r e n t e a r n in g s t o s t a r t a r e s e r v e f u n d t o m a in t a i n t h is n e w p la n f o r t h e in
s u r a n c e o f t h e li v e s o f a ll e m p lo y e e s a s t h o y c o m p l e t e t h r e e m o n t h s ’ s e r v ic e
f o r s u m s r a n g in g f r o m $ 5 0 0 t o $ 1 ,0 0 0 .
S t o c k h o l d e r s .— N u m b e r 2 0 , 8 7 7 ( a v e r a g o 4 3 s h a r e s ) ; D e c . 3 1 1 9 1 7 , 1 9 , 7 5 8 .
U.
S.
SUGAR
S T A T IS T IC S
( W IL L E T T
&
G R A Y )— A L L
IN
TON S.
1918.
(1) Total consumption of sugar in United States.____ _______ 3,683,509 3,495,606
Chiefly consisting of (x Domestic, non-dutlable; y Tariff concession):
1917.
1918.
1917.
1918.
xLa. and Tex. (cane) 258,443 226,275 xPorto Rico (cane). . 431,202 331,524
xUnited States beet. 785,079 527,704 xPhilippines (cane). 72,839
4 6 ,5 8 7
xHawaii (cane)........ 592,088 429,771 yCtiba (cine)......... 1,506,876 1,881,244
(2) Producers of Aforesaid Refined Sugar Consumed in U. S. (tons)—
1917.
1918.
1917.
1918.
A. S. R. Co----------- 973,861 1,027,884 Hawaiian refined__
13,086
16.951
Other U.S. refiners. 1,698,593 1,687,533 Foreign refiners___
2,524
Beet sugar factories. 785,079 527.701 Consumed in raw,Ac. 210,456 235,799
Average difference between raw an I refined, per lb
1.435c.
1.387c.
S e e a ls o c o m p a n y ’s in c o m e a c c o u n t , & c ., i n V . l O S ’ p . 1 0 5 5
GENERAL INVESTMENT NEWS
R A IL R O A D S ,
IN C L U D IN G
E L E C T R IC
ROADS.
o f R a ilr o a d s .— Restrictions as
to the Continuance o f W ork on A dditions and Betterm ents .—
G o v e r n m e n t O p e r a tio n
S o o p r e c e d i n g p a g e s o f th is is s u o .— V . 1 0 8 , p . 1 0 5 9 , 9 7 3 .
A u g u s t a & S u m m e rv ille R R .— President .—
W
I I . S m it h h a s b e e n e le c t e d P r e s id e n t, a n d J . A . H ig g in s S e c r e t a r y
a n d T r e a s u r e r , w ith h e a d q u a r t e r s a t A t la n t a , G a .— V . 6 1 , p . 7 5 3 .
B a y S ta t e S tr e e t R y .— P lan .—
,
p l ® n o f r e o r g a n i z a t i o n , a l r e a d y c i t e d a t c o n s i d e r a b l e l e n g t h in t h e
C h r o n ic le
o n M a r c li 8 (p . 9 7 2 ) a n d M a r c h 15 (p . 1 0 5 9 ).
T h e p a r tic u la r s
r e g a r d i n g t h e n e w s e c u r i t i e s w il l b e p u b l i s h e d i n a s u b s e q u e n t i s s u e .
C om
Pa r e M a s s a c h u s e t t s E le c t r ic C o m p a n ie s b e lo w .
I lie t i m e f o r t h e d o p o s i t o f s e c u r i t i e s , s t o c k , b o n d s , n o t e s , & c . , n o t a l r e a d y
d e p o s it e d in a c c o r d a n c e w it h t h e p la n , a n d f o r t h e w it h d r a w a l o f n o n a s s o n t m g ^ s e c u r it i e s w ill e x p i r e a t t h e c l o s e o f b u s in e s s M a r c h 2 5 . — V . 1 0 8 ,
B o liv ia n
R a ilw a y s .— Status .—
T h e ‘ ‘ R a i l w a y R e v i e w ” in it s is s u e f o r M a r c h 1 5 p u b l i s h e s a n i l l u s t r a t e d
a r t ic l e d e s c r i b in g t h e p r o g r e s s a n d p r o s p e c t s o f t h e 9 0 0 m ile s o f e x is t in g
r a il w a y a n d n o w lin e s b id d in g . & c .— V . 9 4 , p. 1 4 4 8 .
B r o o k ly n R a p id T r a n s it C o .— Time Extended .—
T h e c o m m it t e e r e p r e s e n tin g t h e s t o c k h o ld e r s , A lb e r t H . W ig g in , C h a ir
m a n , h a s a n n o u n c e d t h a t it w ill r e c e iv e s t o c k u n d e r it s d e p o s it a g r e e m e n t
d a t e d J a n . 2 1 9 1 9 , u n t il A p r il 21 1 9 1 9 a t t h e M e r c a n t il e T r u s t & D e p o s i t
C o . , N . Y . , d e p o s it a r y , a n d th e P e o p le s T r u s t C o ., B r o o k l v n , s u b -d e p o s i
t a r y .— V . 1 0 8 . p . 9 7 2 . 8 7 7 .
C e n tr a l o f G e o r g ia R R .— A dvance .—
A p r e s s d is p a tc h fr o m W a s h in g to n s ta te s t h a t th e W a r F in a n c e C o r p o r a
tio n h a s a p p r o v e d t h e a p p lic a t io n o f t h is c o m p a n y f o r a n a d v a n c e o f
$ 1 .1 2 1 ,0 0 0 — V . 1 0 8 , p . 1 0 6 0 , 9 7 2 .
C h a r le s t o n ( W . V a .) I n t e r u r b a n R R .— Offering o f N otes.
-— Robert Garrett & Sons, B alt., are offering, at 9 7 If and
int., to yield 7 % . S450,000 Three-Year 0 % Bond-Seeured
gold notes dated M ar. 15 1919, due M ar. 15 1922.
Denom.
31,000 and 8500 c*.
S a fe D e p o s it & T r u s t C o . o f B a ltim o r e , tru s te e .
I n t . M . & S. 1 5 .
C a l l a b l e a t 1 0 0 H a n d i n t . o n a n y i n t . d a t e , a ll o r p a r t , o n 6 0 d a y s ’ n o t i c e .
Data from Letter o f
T reas.
F: . A\. Stanton, Dated Charleston, W. Va.,
P e b . 18 1919.
Security.— S e c u r e d b y d e p o s i t o f $ 6 0 0 ,0 0 0 ( a s s u m e d ) 1 s t M . 5 % b o n d s
™ % !J ? a w h a V a l l e y T r a c t i o n C o . , d u e J a n . 1 1 9 4 6 , p a r t o f a t o t a l a u t h o r iz e d
$ 2 , 0 0 0 , 0 0 0 , o f w h ic h $ 1 , 7 0 0 , 0 0 0 a r e o u t s t a n d i n g o r i s s u a b l e s i m u l t a n e o u s l y
w it h t h e s o n o t e s ; $ 1 , 0 0 0 o f b o n d s is p l e d g e d t o s e c u r o e a c h $ 7 5 0 o f n o t e s .
Property.— O p e r a t e s t h e s t r e e t r a i l w a y s y s t e m in t h o c i t y o f C h a r l e s t o n ,
W . V a . , c o n n e c tin g th e re w ith th o su rr o u n d in g te r r ito r y o f K a n a w h a C o u n t y .
C o m p r i s e s 3 8 m il e s o f s t a n d a r d c o n s t r u c t i o n , 12 m il e s o f r o a d b e i n g la id
w it h 1 0 0 a n d 8 0 - l b . T r a i l s , 4 0 p a s s e n g e r c a r s ( 2 6 P - A - Y - E t y p e ) , b r ic k a n d
c o n c r e te c a r b a r n s , & c ., s e r v in g a to ta l p o p u la tio n o f a b o u t 1 0 0 ,0 0 0 .
T h is ,
i n c l u d i n g t h o lin e s o f t h e K a n a w h a V a l l e y T r a c t i o n C o . , o p e r a t e d u n d e r
9 9 - y e a r le a s o ( w it h r i g h t o f p u r c h a s e a t a n y t i m e ) a t a r e n t a l o f $ 2 0 , 0 0 0 a
y e a r , p r in c ip a l a n d in t e r e s t o f t h e a f o r e s a i d 1 s t M . b o n d s b e in g a s s u m e d ,
l i a s a b r ic k a n d s t e e l p o w e r p l a n t , o p e r a t e d b y n a t u r a l g a s ( c o n s t r u c t e d
r o r e it h e r c o a l o r g a s ) .
A m p l e c u r r e n t is s u p p l i e d b y t h e V i r g i n i a n P o w e r
C o . u n d e r lo n g -t e r m c o n t r a c t .
*
Comparative Income Statement—
Definite Railroad Program.— Shareholders Asked to Unite in
Urging Favorable Legislation.— President Charles Hayden,
on behalf of the board, has issued a circular letter to the
stockholders urging upon them the importance of securing
the enactment of favorable railroad legislation and asking
their co-operation with their Senators and Congressmen to
that end, based on the following fundamental principles:
(1) N o N e c e s s i t y f o r E d e r i s i o n o f G o v e r n m e n t C o n t r o l b e y o n d 21 M o n t h s . —
Tins should bo ample time for all needful legislation— a longer period would
weaken the incentive for immediate action oil this vital matter.
(2) C o n s t r u c t i v e G o v e r n m e n t R e g u l a t i o n . — Private operation and owner
ship should bo encouraged, under regulation, constructive, not punitive.
(3) P r o m p t L e g i s l a t i o n t o A v o i d W a s t e f u l C o m p e t i t i o n . — The Sherman
I,aw should be amended to permit consolidations, and the pooling of
facilities, equipment and traffic, under Federal supervision.
(4) C o m m o n F e d e r a l C o n t r o l f o r R a t e s , R e g u l a t i o n s a n d W a g e s . — The law
should roquire that v ages ho taken Into account in fixing rates.
(5) E x c l u s i v e F e d e r a l J u r i s d i c t i o n o v e r C a p i t a l i z a t i o n . — Tho Issuing of
securities for improvements and refunding should bo exclusively under
Federal supervision, leaving only local matters to Stato regulation.
(6) G o v e r n m e n t R e p r e s e n t a t i v e s f o r S e c u r i t y T i n k l e r s . — Owners of railroad
securities should have representation on the Federal governing body.
(7) S u f f i c i e n t I n c e n t i v e N e e d e d t o A t t r a c t N e w P r i v a t e C a p i t a l . — It is
necessary not only to protect the private capital already invested, but to
make conditions sufficiently attractive to draw additional capital for
developing and extending tho railroads, cither by a guaranty of a fixed
interest return, or tho establishment and maintenance of a rate structure
that will assure an ample return on railroad investments.
(8) S i m i t a r C o n t r o l o r W a t e r R o u t e s . — Government supervision should
extend to water other trade routes that compete with the railroads.
[ This statement is a notable effort to drive homo to tho next Congress
tho fundamentals for a practical solution of tiio railroad problem as pre
sented by one of the most representative board of directors in tho United
States (s3o directorate in statement on a following pago).
Tho hope is exp.ossed that other railroad corporations and their shareholders will take
part In the movement.1— V. 108, p. 1060, 784.
C in cin n a ti F in d la y & F t. W a yn e R y .— Distribution. —
, . T tle; committee, F. N. 13. Close, Chairman, representing the holders of
rirst Mortgage 4% gold bonds dated 1914, gives notice that upon presen
tation of tho certificates of deposit at the Bankers Trust C o., New York,
holders thereof will receive $100 for each bond represented, being an Interim
distribution directed by the committee.— V. 108, p. 378.
C in cin n a ti T raction C o.— Offering of Equipment Cer
tificates— Tho Bond Department of the Fifth-Third National
Bank of Cincinnati is offering at prices ranging from 100 to
98.10 and int. yielding from 0 % to 0 .2 5 % according to matu
rity 81,000,000 0 % Equipment certificates, dated Apr, 1
1919, maturing 850.000 A . & O. from Oct. I 1919 to Apr. 1
1929. A circular shows:
Total issue $1,000,006. Series "G 1.” Denom. $1,000 gold (c*).
Interest A. &. O Principal and interest unconditionally guaranteed by
Din- Traction Co. Secured on 105 44-foot “ Pay-Withln" double truck
closed motor cars, costing about $1,250,000. These cars, tho title to which
is vested with the trustee until tho entire lias been paid aro equipped with
quadruple 50 h.-p. motors, single end controllers, single end air brakes
and registers. 1 he principal sum is chargeable directly to operating
expenses as “ depreciation.”
F r a n c h i s e . — The franchise under which the company now operates is
generally regarded as most modern and fair, alike city, public and investor.
It recognizes that a fair return must be allowed on the money investedand fares automatically adjust themselves to produce a sufficient income
to cover operating expenses, depreciation, taxes, fixed charges, and the
return on the investment. In addition there is a bonus provision as a
reward to the company for efficient management, which further protects
the investor without impairing the service.— V. 107, p. 2475.
C leveland R a ilw a y.— Derision.—
The War Labor Board on March 18 handed down a decision by tho
terms of which women street-car conductors who were discharged March 1,
must be restored to their positions.
The company, however, takes the stand that it will not employ women
conductors, notwithstanding the abovo order, but will abide by its agree
ment with the car men’s union, which provides against such action.—
V. 106, p. 1796.
C o lu m b u s M a g n e tic S p r in g s & N o r t h e r n R y .— Sale .—
F r a n k D a v i s J r . , S p e c ia l M a s t e r , w ill s e ll a t a u c t io n o n A p r il 2 2 , u n d e r
d e c r e e o f fo r e c lo s u r e , a ll t h e p r o p e r t y o f t h is c o m p a n y , t o s a t is fy a fir s t
m o r tg a g e d a t e d N o v . 1 1 9 0 6 , g iv e n t o t h e C o lo n ia l T r u s t C o ., P itts b u r g h ,
rho p r o p e r t y is a p p r a i s e d a t $ 1 3 2 , 2 0 0 a n d w i l l n o t h o s o l d u n l e s s b i d s a g g r e
g a t e a t le a s t t w o -t h ir d s o f s a id a p p r a is a l.— V . 1 0 7 , p . 2 3 7 6 .
D e tr o it U n it e d R y .— City P u chase .—
T h e c i t i z e n s o f D e t r o i t w ill v o t e A p r . 7 o n t h e p r o p o s a l o f a c q u i r i n g ( h o
p r o p e r t ie s o f th is c o m p a n y w ith in t h e f iv e c e n t fa r o z o n e a t a p r ic e o f
$ 3 1 ,5 0 0 ,0 0 0 .
T h e C i t y o f D e t r o i t S l r o e t R y C o m m i s s i o n h a s is s u e d t h o
fo llo w in g :
“ T h e c i t y w i l l p a y $ 1 5 , 0 0 0 , 0 0 0 In c a s h t o t h o r a i l w a y .
T h e b a la n c e o f
t h e t o t a l s u m w ill b e m a d e o n t h o p a r t i a l p a y m o n t b a s i s .
In teru rb a n ,
f r e ig h t , a n d c o n s t r u c t i o n c a r s w i l l c o n t i n u o t o b e o p e r a t e d b v t h o c o m p a n y
w h ic h is t o r e c o m p e n s e t h e c i t y f o r t h e u s e o f t r a c k s , & c . . o n t h e b a s is
o f c o s t p l u s 3 0 % . ’ ’ — V . 1 0 8 , I ). 1 0 6 0 , 8 7 8 .
E rie R R .— A pplication f o r N otes— Extension o f Bond.'
1 9 1 5 -1 9 1 8 .
„
,
1918.
1917.
1916.
1915.
G r o s s e a r n i n g s ..................................$ 5 7 8 ,1 8 9
$ 4 1 8 ,8 5 5 $ 3 2 6 , 1 4 9
$ 2 1 5 ,1 6 8
N e t , a f t e r t a x e s ......................
2 3 4 ,9 9 4
1 7 6 ,2 1 4
1 6 2 ,6 0 2
1 1 1 ,4 4 7
In te r e s t o n fu n d e d , & c ., d e b t . . .
1 1 4 ,1 1 6
9 5 ,5 2 3
8 8 ,8 1 2
5 5 ,7 1 0
P a y m e n t f o r l e a s e ..................................
2 0 ,0 0 0
2 0 ,0 0 0
20,000
1 5 ,0 0 0
S u r p lu s f o r s t o c k ------------------1 0 0 ,8 7 8
6 0 ,6 9 2
_ _3 , 7 9_ 0
5
1 0 ,7 3 7
Purpose of Issue.— T o r e f u n d a s i m i l a r a m o u n t o f s e c u r e d 6 % n o t e s ’d u e
M a rc h 15 1 9 1 9 .
T h e T r a c t i o n C o . h a s a 5 0 - y e a r f r a n c h i s e , g r a n t e d In 1 9 0 0 , c o v e r i n g all
i m p o r t a n t s t r e e t s o f t h o c i t y ; i n t e r u r b a n lin e s a l m o s t e n t i r e ly o n p r i v a t e
r ig h ts o f w a y .— V . 1 0 6 , p . 1 1 2 5 .
C hicago C ity & C on n ectin g R ailw ays.— Collateral Trust.
T h e e a r n i n g s o f t h e C h i c a g o C i t y R y . , a m a j o r i t y o f w h o s e s t o c k is
p l e d g e d t o s e c u r o t h e C o l l a t e r a l T r u s t 5 s o f 1 9 1 0 , w ill lie f o u n d u n d e r
A n n u a l R e p o r ts
o n a p r e c e d i n g p a g o .— V . 1 0 8 , p . 5 7 8 .
C hicago C ity R y . — Dividend of 1 ) 4 % Declared— Report.
A q u a r t e r l y d i v i d e n d o f 1 '■{ % lia s b e e n d e c l a r e d , p a y a b l o M a r . Ill to
h o ld e r s o f r e c o r d M a r . 2 5 .
In D e c . la s t d i v i d e n d w a s o m i t t e d , S e p t , p a id
1 % p r e v i o u s t o w h ic h 2 % w a s p a i d r e g u l a r q u a r t e r l y .
C o m p a r e “ A n n u a l R e p o r t s ” o n a p r e c e d in g p a g o .— V . 1 0 7 , p . 2 4 7 5 , 1 2 8 6 .
C hicago R ock Isla n d & Pacific R y .— Slock Listed
Financial Statement.— On subsequent pages will be
extended extracts from the official statement made
New York Stock Exchange in connection with the
of all three classes of the company’s capital stock.
statement embraces:
— Full
found
to the
listing
This
(a ) A h i s t o r y o f t h e c o m p a n y , (b ) t h o p r e fe r e n c e s o r th o p r e fe r r e d s t o c k ,
(c ) t h o p u r p o s e s f o r w h ic h t h o p r e fe r r e d s h a r e s w e r e i s s u e d , ( d ) a s t a t e m e n t
o f t h o b o n d e d d e b t a n d g u a r a n t e e d i s s u e s , (e ) a d e s c r i p t i o n o f t h e t e r m in a l
p r o p e r t ie s a n d o t h e r r e a l e s t a t e , ( f) a s t a t e m e n t o f t h e c o r o o r a t o i n c o m e
a c c o u n t fo r th e e ig h t m o n th s e n d e d A u g . 31 1 9 1 8 , b a sed o n t h e sta n d a r d
r e t u r n a s e s t i m a t e d b y t h e c o m p a n y w i t h o u t t a k i n g in t o a c c o u n t a n y s p e c ia l
it e m s r e q u ir in g s p e c ia l t r e a t m e n t o n t h o c o n t r a c t n o w u n d e r n e g o t i a t i o n
w it h t h o U . S . G o v t . , f g ) a li s t o f t h e d ir e c t o r s a n d o f f i c e r s .
[Vol. 108.
v a lu e o f $ 3 1 ,9 8 0 ,0 0 0 .
S ea J e ffe r s o n R R . b e lo w .— V . 1 0 8 . p .
1060,
973.
G a lv e s t o n -H o u s t o n E le c tr ic C o .— Offering o f Three-Y ear
Notes.-— Lee, Iliginson & C o.. Estabrook & Co. and Parkin
son & Burr, have sold at a subscription price of 98 K and
int., yielding over 7 .5 5 % , 31,500 ,00 0 Three-Year 7 % Se
cured gold notes dated March 1 1919, due Mareh 1 1922
Total auth., 38,000,000.
I n t . M . & S ., w it h o u t d e d u c t io n o n a c c o u n t o f th e F e d e ra l n o r m a l in c o m e
ta x u p t o 2 % , a t T h o C o m m o n w e a lth T r u s t C o ., B o s to n , tr u s te e a n d a t
t h e o f f i c e s o f L e e , H i g g i n s o n & C o . , in N . Y . a n d C h i c .
D e n o m . $1 0 0 0
an d $500 c* .
T h e n o t e s n o w is s u e d a r e r e d e e m a b le a s a w h o le a t a n y
t im e o n 3 0 d a y s ’ n o t i c e a t 1 0 2 a n d in t . p r io r t o M a r c h 1 1 9 2 0 ; a t 101 a n d
in t . o n M a r c h 1 1 9 2 0 a n d p r io r t o M a r c h 1 1 9 2 1 : a n d a t 1 0 0 a n d in t o il
M a r c h 1 1921 a n d th e r e a fte r .
'T o t a l a u t h . i s s u e , $ 3 , 0 0 0 , 0 0 0 , v i z . ; 'T h i s
is s u e ( 7 % ) , $ 1 , 5 0 0 ,0 0 0 ; r e s e r v e d u n d e r r e s t r i c t i o n s . $ 1 ,5 0 0 ,0 0 0 .
T h o c o m p a n y o w n s t h e c a p it a l s t o c k o f th o t h r e e c o m p a n ie s , w h ic h d o
th e e n tir o e le c t r ic r a ilw a y a n d a p o r t io n o f th o e le c t r ic lig h t in g a n d p o w e r
b u s i n e s s i n G a l v e s t o n , T o x . , t h e e l e c t r i c r a i l w a y b u s i n e s s in H o u s t o n T e x
a n d o p e r a t e a n in t e r u r b a n e le c t r ic r a ilw a y b e t w e e n t h e c it ie s o f G a lv e s t o n
an d H ou ston .
S u m m a ry fro m
L e t t e r o f A lc s s r s . S t o n e & W e b s t e r , .M a n a g e r s , D a t e d
B o s t o n , M a r c h 17 1919.
P u r p o s e o f I s s u e .— T h o p r o c e e d s o f t h e s e n o t e s w i l l p r o v i d e f o r t h o
r e tir e m e n t o f t h e e n tir e flo a t in g d e b t In c u r r e d f o r a d d it io n s a n d im p r o v e
m e n ts a n d fo r n e c e s s a r y r e q u ir e m e n t s t h r o u g h 1 9 1 0 .
S e c u r i t y .— T h e s e n o t e s w ill b o s e c u r e d b y a l i e n o n a l l o f t h e p r o p e r t i e s
o f t h o t h r e o o p e r a t in g c o m p a n ie s (e x c e p t t h e le a s e h o ld in t e r e s t In t h e
G a lv e s to n C a u s e w a y o w n e d b y G a lv e s t o n C o u n t y ), th r o u g h th e d e n o s lt
o f 1 2 0 % o f G e n . M t g e . 7 % b o n d s , s u b je c t o n ly t o $ 5 ,9 0 5 ,5 0 0 u n d e r ly in g
f i r s t m t g e . b o n d s i n t h e h a n d s o f t h e p u b l i c a n d $ 7 0 9 , 0 0 0 b o n d s h e l d in
s in k in g fu n d .
T h e G e n e r a l M t g e . b o n d s w ill b e d a t e d M a r c h 1 1 9 1 9 , m a t u r e M a r e h 1
1 9 2 2 , a n d w ill b e s e c u r e d b y m o r t g a g e s t o t h o C o m m o n w e a lt h T r u s t C o
M
a r
THE CHRONICLE
. 2 2 1 9 1 9 .]
t r u s t e e , u p o n th o e n tire p r o p e r tie s o f t h e o p e r a t in g c o m p a n ie s .
N o a d d i
t i o n a l u n d e r l y i n g f i r s t m t g e . b o n d s m a y b o is s u e d w h i l e n o t e s a r e o u t
sta n d in g .
A d d it io n a l n o te s o n ly if sec u re d b y 1 2 0 % o f G e n e ra l M t g o .
b o n d s , w h i c h l a t t e r m a y o n l y b o is s u e d f o r t h o c o s t o f a d d i t i o n a l p r o p e r t y .
G ross a n d
Cal. Years—
N e t E a r n in g s f o r
Gross
Earnings.
C a len d a r
Net, after
Taxes.
D e p o s i t s o f s e c u r it ie s u n d e r t h e p la n w ill b o r e c e i v e d o n o r b e f o r o M a r c h 2 5
(a ) t h o g o l d n o t e s a t t h o I n t e r n a t io n a l T r u s t C o . , B o s t o n ; (6 ) t h e s t o c k
c o m m o n a n d p r e fe r r e d , a ls o B a y S ta te p r e fe r r e d , a t t h e O ld C o lo n v
T r u s t C o ., B o s t o n .— V . 1 0 8 , p . 9 7 3 , 6 8 3 .
Y ea rs.
Interest P.al. for S.F.,
Charges.
Divs.,&c.
1 9 1 0 . - ......................................... * 1 , 9 4 4 , 8 3 9
$ 7 0 8 ,7 3 2
$ 3 2 1 ,7 0 7
$ 3 8 6 ,9 7 5
1 9 1 7 ................................................ 2 , 0 8 8 , 1 2 1
7 0 3 ,2 5 0
3 3 1 ,2 0 3
3 7 2 ,0 4 7
............- ............................ 2 , 6 9 1 , 3 3 1
8 4 1 ,0 8 2
3 5 0 ,1 8 5
4 9 0 ,8 9 7
1918
Sinking Funds.— T h e s e o f t h o o p e r a t i n g c o m p a n i e s h a v e a c q u i r e d
8 1 ,0 4 2 ,5 0 0
o f t h o u n d e r ly in g b o n d s a n d a r e a c q u ir in g b o n d s a t th o r a to
o f a b o u t $ 1 1 5 ,0 0 0 p e r y e a r .
Properties.-—'T h e s o c o m p r i s e 1 6 3 m i l e s o f e l e c t r ic r a i l w a y t r a c k , e l e c t r ic
g e n e r a t i n g p l a n t s o f 8 , 8 0 0 h . p . , a n d 3 3 0 c a r s .— V . 1 0 7 , p . 1 4 8 2 .
G au ley & E astern R y .— Completion.—
T h o " C o a l T r a d e J o u r n a l ” s a y s : " H y A p r i l 1 5 t h o r a i lr o a d w ill b o c o m
p l e t e d a n d s e v e r a l c o a l c o m p a n i e s w h o h a v e b e e n b u i l d i n g p l a n t s w ill b e g in
o p e r a t i o n s a t t h a t t i m e a n d w ill b o a b l e t o s h ip c o a l t o m a r k e t .
Lack o f
r a i l r o a d f a c i l i t i e s h a s h e r e t o f o r e p r e v e n t e d t h o d e v e l o p m e n t o f c o a l l a n d s In
F a y e t t o a n d N ic h o la s c o u n tie s n o r th o f G a u le y llr id g e .
T h e n ew ro a d ,
s ix m i l e s in l e n g t h , w h ic h c o s t 8 4 5 0 , 0 0 0 , w i l l b e o p e r a t e d b e t w e e n G a u l e y
B r id g e a n d B o lv a .— V . 1 0 6 , p . 2 2 2 8 .
In terb o ro u g h C on solid ated C orp .— Appointment of
James li. Sheffield as Receiver.— Judge M ayer in the United
States District Court at New York yesterday afternoon
appointed James It. Sheffield as receiver. His bond was
fixed at $250,000.
The Interborough Consolidated is tho holding company
for the Interborough Rapid Transit C o., operator of the
subways and elevated. The Interborough also controls the
Now York Itys. C o., which went into receivership Thurs
day, The Intorborough Rapid Transit Co. itsolf is not
in tho hands of a receiver.
Committee for Collateral Trust 4 V i% Cold Bonds.— In viow
of the appointment of a receiver and tho impending default
in tho payment of tho April l 1919 interest on the Collateral
Trust 4 }A % gold bonds, the committee named below urges
holders of theso bonds to deposit tho same on or beforo
M a r. 31 1919 with the Guaranty Trust C o., as depositary,
with April 1 1919 and all subsequent coupons attached.
(Seo advertising pages.)
1165
N a t io n a l R y s. o f M e x ic o . — Status.—
T h e “ R a i l w a y A g e ” i n i t s i s s u e o f M a r c h 14 p u b l i s h e s a n a r t i c l e r e g a r d
in g th o s ta tu s o f th o M o x ie a n r a ilw a y s s h o w in g a m o n g o t h e r t h in g s t h a t
th o C a r r a n z a G o v e r n m e n t h a s e s ta b lis h e d r a ilw a y p u r c h a s in g a g e n ts a t
N o w Y o r k a n d H o u s t o n , T e x a s .— V . 1 0 8 , p . 9 7 3 , 8 7 8 .
N e w O r le a n s T e x a s & M ex ico R y . — Interest.— •
I n t e r e s t a t t h e r a t e o f 2 A % , i t is a n n o u n c e d , w ill b e p a i d o n A p r i l 1 1 9 1 9
o n t h e 5 % N o n - C u m u l a t i v e I n c o m e B o n d s , S e r ie s “ A , ” d u e 1 9 3 5 , f o r t h e
6 m o s . e n d e d D e c . 3 1 , o n p r e s e n ta tio n o f C o u p o n N o . 5 .— V . 1 0 7 , p . 4 0 2 .
New Y o r k & L o n g I s la n d T r a c t io n C o .— Officer.—
W illia m F . B r o w n h a s b e e n e le c t e d S e c r e ta r y a n d T r e a s u r e r t o s u c c e e d
F ra n k E . I la ff.— V . 107, p . 1101.
New
Y ork
R a ilw a y s . — Receivership.— On
Thursday,
March 20, on application by the American Brake Shoo Co.|
holder of an overdue claim for 836,800, Judge M ayer in the
U . S. District Court, N . Y . City, placed this company in
the hands of Job E . Hedges as temporary receiver. The
hearing on the question of making the receivership permanent
will take place March 31.
T h o p e t it io n fo r th e a p p o in t m e n t o f a r e c e iv e r s a y s :
“ F o r th o fis c a l y e a r e n d in g J u n e 3 0 1 9 1 8 t h e r e s u lts fr o m o p e r a t io n o f
d e f e n d a n t ’s s y s t e m w e r e s u c h t h a t t h e in c o m e w a s $ 1 5 3 ,6 3 4 le s s t h a n t h e
a m o u n t r e q u i r e d t o p a y t h e i n t e r e s t o n t h e F i r s t R e a l E s t a t e a n d R e f u n d i n '*
M ortg a g e 4 % b on d s.
°
“ F o r t h o s ix m o n t h s e n d in g D e c . 3 1 1 9 1 8 t h e d e f e n d a n t ’s in c o m e o f t h e
p e r i o d w a s $ 7 3 8 ,1 8 7 le s s t h a n t h e a m o u n t s u f f i c i e n t t o p a y s u c h i n t e r e s t o n D e c . 3 1 1 9 1 8 d e f e n d a n t ’s c o r p o r a t e d e f i c i t w a s $ 2 ,1 2 5 ,0 3 9 .
“ A l l o f t h e d e f e n d a n t ’s s p e c i a l a n d r e s e r v e f u n d s h a v e b e e n e x h a u s t e d
a n d th e d e fe n d a n t h a s n o t s u l f l c e n t c r e d it t o o b t a in th e m o n e y s r e q u is ite
fo r t h e o p e r a t io n o f its p r o p e r t y .”
T h e c o m p a n y is s t a t e d t o h a v e a f l o a t i n g d e b t o f a b o u t $ 1 ,6 0 0 ,0 0 0 n o t
in c lu d in g a m o u n t f o r w h ic h it m a y b e lia b le u n d e r d a m a g e a n d o t h e r s u its
T h e c o m p a n y ’s fin a n c ia l d if f ic u l t ie s , d u e t o t h e a b n o r m a l c o s t o f o p e r a t
in g a n d t h o u n w illin g n e s s o f t h e c it y a u t h o r it ie s t o g r a n t a n y r e lie f t h r o u g h
a n i n c r e a s e i n t h e r a t e o f f a r e o r o t h e r w i s e , w a s s e t f o r t h a t m u c h l e n g t h in
V . 1 0 8 ,- p . 6 7 7 , 6 8 3 , 1 0 6 1 .
8
Bondholders’ Committee.— In view of the receivership, the
following committee, already directly representing over
$4,000,000 of the First Real Estate & Ref. Mtge. 4s (of which
$18,001,290 are stated to be outstanding), is calling for the
deposit of the funds of this issue with the Guaranty Trust
C o., 140 Broadway, N . Y ., the depositary under agreement
of March 7:
C o m m it t e e .— G r a y s o n M . - P . M u r p h y , C h a ir m a n ; J o h n M c H u g h , C h a r le s
A.
P e a b o d y , C h a r l e s 8 . S a r g e n t J r ., J a m e s A . S t i l l m a n , F r e d e r ic k S t r a u s s ,
w i t h J o h n A . G r i s w o l d , 1 4 0 B ’ w a y , N. Y . C i t y , a s S c c ’ y , a n d C r a v a t h &
H e n d e r s o n , c o u n s e l.
C o m m it t e e : H a r r y B r o n n c r , C h a ir m a n ; W illia m A . D a y , C a s p a r W
F o r o f f i c i a l s t a t e m e n t s a s t o t h o d i f f i c u l t i e s in w h i c h t h e t r a c t i o n c o m
M o r r i s , C h a r l e s A . P e a b o d y , W . 11. R o m i c k , F r e d e r i c k I I . S h i p m a n a n d
p a n i e s f i n d t h o m s o l v e s b e c a u s e o f t h e r e fu s a l o f t h o c i t y a u t h o r i t i e s t o g r a n t
H a r o ld S ta n le y , w it h F . J . F r o s t a s S e c r e ta r y , 1 4 0 B r o a d w a y . N
Y C itv
in c r e a s e s in f a r e s t o o f f s e t t h e a b n o r m a l a d v a n c e in c o s t o f o p e r a t i n g , d u e t o
a n d J . I’ . C o t t o n a s c o u n s e l.— V . 1 0 8 , p . 1 0 6 1 .
t h o w a r , s e e t h i s c o m p a n y ’s a n n u a l r e p o r t , V . 1 0 8 , p . 3 7 2 ; N o w Y o r k K a i l w a y s , V . 1 0 8 , p . 6 7 7 ; In to rb o r o u g h R a p id T r a n s it C o ., V . 1 0 8 , p . 2 6 8 , 1 7 1 .
O h io E le c tr ic R y . — Sub. Co. Bonds Extended.—
T h e r e c o iv e r s h ip o f t h o N e w Y o r k R a i l w a y s is m e n t i o n e d b e l o w .— V '. 1 0 8 ,
R e p ly in g t o o u r in q u ir y , t h e c o m p a n y w r ite s : “ T h e F ir s t M t g e
4%
p . 8 7 8 , .3 7 2 .
b o n d s o f t h e Z a n e s v il le E le c t r i c R y . $ 2 5 0 ,0 0 0 o u t s t a n d i n g , d u e F e b
1
Jefferson R R .— Extension of 1st M . 5s at 5 lA % with 1 9 1 9 , h a v o b e e n e x t e n d e d t o F e b . 1 1 9 2 4 , a i r a t e o f 7 % i n t e r e s t . — V . 1 0 7 ,
$20 Cash Bonus.—
•
T h e c o m p a n y o f f e r s t o t h o h o ld e r s o f t h e $ 2 , 8 0 0 , 0 0 0 1 st M . 5 % b o n d s
o f 1 8 8 9 , d u o A p r i l 1 9 1 9 , w h o s h a ll d e p o s i t t h e s a m e w it h D r e x e l & C o . ,
P h i l a d e l p h i a , o r .1. P . M o r g a n & C o . , N . Y . , o n o r b e f o r e A p r il 1 t h e p r i v i
le g e o f h a v i n g t h e s a m e e x t e n d e d s o t h a t t h e y s h a ll m a t u r e A p r i l 1 1 9 2 9
( s u b j e c t t o r e d e m p t i o n a t 1 0 5 % a n d i n t . o n a n y in t e r e s t d a y o n 3 0 d a y s ’
n o t ic e ) a t in t e r e s t a t t h o r a t e o f 5 p j % p e r a n n u m , p a y a b l e s e m i -a n n u a l l y
( A . .Sc O . ) a t t h e o f f i c e o f E r i e K i t . C o . , N . Y . C i t y , w i t h o u t d e d u c t i o n
f o r a n y t a x e s w h ic h t h o r a i lr o a d c o m p a n y Is b o u n d t o p a y o r e n t i t l e d t o
d e d u c t t h e r e f r o m , t h o p r e s e n t m o r t g a g e s e c u r i t y o f s a i d b o n d s t o r e m a in
u n im p a ir e d .
A t th e tim e o f m a k in g su c h d e p o s it th o c o u p o n d u e A p ril l
1 9 1 9 w ill b e c a s h e d i f p r e s e n t e d w it h p r o p e r i n c o m e -t a x c e r t i f i c a t e .
U pon
s u c h e x t e n s i o n t h o o w n e r w ill a ls o r e c e i v e t h o s u m o f $ 2 0 f o r e a c h 8 1 , 0 0 0
b o n d , m a k in g th o in v e s t m e n t y ie ld o f th o e x te n d e d b o n d s a b o u t 5 % % .
T h e E r ie I i R . a s s e n t s t o s u c h e x t e n s i o n .
Condensed Data from Letter by F. D. Underwood, Pres. Erie RR. Co.
T h e b o n d s a r o a f ir s t a n d c lo s e d m o r t g a g e o n 3 6 . 6 3 m il e s o f r a i lr o a d (a il
d o u b lo tr a c k e d ) e x te n d in g fr o m C a r b o n d a lo , P a ., t o L a n e s b o r o , P a ., on
t h o E r i e s y s t e m m a i n lin e f r o m C h i c a g o a n d f o r m i n g fo r t h a t s y s t e m a
l i n k in t h e s h o r t e s t r o u t e f r o m t h o P e n n s y l v a n i a a n t h r a c i t o c o a l f i e l d s t o
th o E r io s y s t e m fo r fr e ig h t c o n s ig n e d to W e s te r n p o in ts .
H a s h a n d l e d in
c r e a s in g t o n n a g o , a s f o l l o w s : 1 9 1 2 , 1 2 , 0 0 1 , 1 6 7 t o n s ; 1 9 1 6 , 1 4 , 4 3 2 , 1 7 7 t o n s ;
1 9 1 7 , 1 7 ,9 3 9 ,9 0 1 t o n s ,
t h is la s t a m o u n t b e in g 1 0 . 4 %
o f a ll t o n n a g o
h a n d le d o n t h o E r io s y s t e m , a g a i n s t 7 . 5 8 % in 1 9 1 2 .
T h e E r io R R . u n d e r a n a g r e e m e n t r u n n in g till J a n . 1 1 9 9 8 h a s r e c e iv e d
f r o m t h o I l e l a w a r o & H u d s o n C o . t r a c k a g e r i g h t s o v e r t h o J e ffe r s o n
d i v i s i o n b e t w e e n C a r b o n d a l o a n d J e ffe r s o n J u n c t i o n , P a . , 3 4 . 6 m il e s I n 1 9 1 5 , $ 3 1 3 , 0 0 0 ; in 1 9 1 6 , $ 3 5 3 , 0 0 0 , a n d in 1 9 1 7 , 3 3 8 9 , 0 0 0 , o r o v e r t w i c e
t h o in t e r e s t c h a r g o o n t h o b o n d s a s e x t e n d e d .
I n c l u d i n g it s r e c e i p t s f r o m t r a c k a g e , t h o g r o s s r o v e n u o o f t h i s d i v i s i o n
is e s t i m a t e d a t $ 1 , 7 0 2 , 0 0 0 , t h e o p e r a t i n g e x p e n s e s a t $ 1 , 1 4 4 , 0 0 0 a n d th o
n e t e a r n in g s a t $ 5 5 8 , 0 0 0 , o r 3 . 6 t i m e s t h o in t e r e s t c h a r g e s w h ic h w ill b o
$ 1 5 4 ,0 0 0 u n d e r th o e x te n s io n a t 5 f i % in te r e s t.
M o r e o v e r , th e e stim a te d
g r o s s r o v e n u o t o t h o E r io R R . C o . f r o m b u s in e s s r e c e i v e d f r o m o r d e s t in e d
t o t h is d i v i s i o n a m o u n t e d in 1 9 1 7 t o a b o u t $ 1 0 , 5 0 0 , 0 0 0 , m o s t l y f r o m l o n g h a u l b u s in e s s c o n t r i b u t e d b y t h e J e f f e r s o n R R . m i l e a g e .
T h o c o n t r a c t w h ic h t h o E r i e C o . w ill m a k e w i t h t h e U n i t e d S t a t e s
c o v e r i n g th o u s o a n d o p e r a t i o n o f it s r a ilr o a d a n d p r o p e r t ie s d u r i n g th o
p e r io d o f F e d e r a l c o n t r o l w ill c o v e r t h o r a ilr o a d o f t h o J e f f e r s o n R R C o
S e o E r io R R . in V . 1 0 8 , p . 1 0 6 0 .
Louisville H en derson & St. Lou is R y .— Standard Return.
T h o D ir e c t o r -G e n e r a l o f R a ilr o a d s o n M a r c h 1 9 a p p r o v e d t h o c o n t r a c t
fo r G o v e r n m e n t c o m p e n s a tio n p r o v id in g a n n u a lly $ 3 4 3 ,0 0 0 fo r t h is c o m
p a n y .— V . 1 0 6 , p . 2 7 5 1 .
Louisville & N ashville R R .— Standard Return.—
T h o D ir e c t o r -G e n e r a l o f R a ilr o a d s o n M a r c h 1 9 a p p r o v e d t h o c o n t r a c t
w i t h t h is c o m p a n y f o r G o v e r n m e n t c o m p e n s a t i o n p r o v i d i n g a n n u a l l y
$ 1 7 ,3 1 0 ,4 9 7 .6 7 .
I t is s t a t e d t h a t t h i s a m o u n t o n t h o b a s i s o f 1 9 1 7 o t h e r
i n c o m e a n d d e d u c t i o n s w ill l e a v e a b o u t 1 4 % f o r t h o s t o c k . — V . 1 0 8 , p . 2 6 8 .
M a ssach u setts Electric C os.— Plan— Appeal to NoteHolders.— Referring to tho reorganization plan outlined
undor caption “ Bay Stato Street R y .” (on pages 972 and
1059 of our issues of March 8 and 15, and further cited abovo,
Roger W . Babson, a member of tho protective committeo
of holdors of 5 % gold notes, duo April 1 1918, in circular of
March 10, says in substance:
I h a v e v o t e d fo r t h is p la n a n d a d v is e e v e r y o n e t o a s s e n t to i t , b u t I
d e s ir o t o p r e s e n t t h o s e p e r s o n a l v i e w s f o r y o u r i n f o r m a t i o n .
(1 ) T h e p la n p r a c t ic a lly le a v e s th o n o te h o ld e r s d e p e n d e n t u p o n th o
e q u i t y In t h o n o w c o m p a n y .
U n lik e o th e r in te r e s ts , w o p a y n o a s s e s s m e n t,
t h e r e f o r e s u c h a c o n d i t i o n Is i n e v i t a b l e .
I f t h o n o w c o m p a n y is n o t a s u c
c e ss o u t A d ju s t m e n t s t o c k m u s t s u ffe r .
(2 ) T h o p la n p r o v id e s fo r g iv in g o u r c o m m it t e o a m a j o r it y o f t h o a d ju s t
m e n t tru stees.
T h i s s h o u ld e n a b le t h e m to e le c t t h o b o a r d o f d ir e c to r s ,
a r ig h t , I c o n s id e r , o f th o g r e a t e s t im p o r t a n c e .
T h o c o n t r a c t w ith th o
S t a t o is f o r o n l y t o n y e a r s ; i t is a b s o l u t e l y c s s o n t i a l , t h e r e f o r o , t h a t y o u
r e t a i n a s a c t i v e a n I n t e r e s t a s p o s s i b l e in t h o m a n a g e m e n t u n t i l y o u a r o
p a i d in f u l l , o r u n t i l t h o S t a t o a c t u a l l y p u r c h a s e s t h o p r o p e r t y .
I w a n t y o u t o a s s e n t t o t h e p l a n , b u t I d o w is h t o i m p r e s s u p o n y o u
t h a t y o u a r o s t i l l In a p r e c a r i o u s c o n d i t i o n , a n d t h a t o n l y t h o m o s t c a r e f u l
a n d Im m e d la to s t u d y o f th o la b o r s it u a t io n , th o c o m in g c o m p e t itio n fr o m
g a s o lin o b u s e s , a n d o t h e r m a t t e r s w ill s a v o y o u r i n v e s t m e n t .
F a r o in
crea ses aro n o t s u ffic ie n t.
I t m u s t b o r e a l iz e d t h a t f u n d a m e n t a l c o n d i t i o n s
havo changed.
•
P aducah
T r a c t io n
&
L ig h t
C o .— lleorg. Plan.—
A p la n o f r e o r g a n iz a t io n d a t e d M a r c h 18 a n d s ig n e d b y S t o n e & W e b s t e r
a s d e p o s it m a n a g e r s , u n d e r a g r e e m e n t d a te d J u ly 1 1 9 1 8 , a n d b y J
b ’
I’ ir t l e , L . I I . M c H e n r y a n d J . D . M o c q u o t , b o n d h o l d e r s ’ c o m m i t t e e ’
u n d e r a g r e e m e n t o f J u l y 1 0 1 9 1 8 , p r o v i d e s in b r i e f :
T h e P a d u c a h E le c tr ic C o ., I n c . , w ill b e i n c o r p o r a t e d , p r o b a b l y u n d e r t h e
la w s o f K e n t u c k y a n d h a v in g a c q u ir e d t h o e le c t r ic lig h t a n d p o w e r p r o p
e r t ie s , t h o g a s p r o p e r t i e s , s t e a m m a in s , & c . , in P a d u c a h , a n d a l s o ( a ) a ll
th o s t o c k , b o n d s , & c ., o f th e P a d u c a h R a ilw a y C o ., I n c ., a n o w c o m p a n y
w h i c h w ill o w n in f e e t h e r a i l w a y p r o p e r t y , a n d (6 ) t h e s t o c k , & c . o f t h e
P a d u c a h R e a l t y C o . , w ill is s u e t h o f o l l o w i n g s e c u r it ie s :
P r o p o s e d I n i t i a l C a p i t a l i z a t i o n ( N o t O t e r $ 1 , 7 1 7 , 0 0 0 i n A l) o f P a d u c a h
E le c tr ic C o ., I n c .
F ir s t M o r t g a g e b o n d s ( t o t a l a u t h o r iz e d is s u e u n li m it e d ; a u t h o r
iz e d is s u e d u r in g f ir s t f i v e y e a r s , $ 1 ,0 0 0 ,0 0 0 .)
I n i t i a l i s s u e , o p t i o n a l l y in p a r t 5 - y e a r 5 % b o n d s , c a l l a b l e a t p a r
a n d in t. o r 2 0 -y e a r 6 % b o n d s , c a lla b le a t 1 0 2 A a n d i n t . .
§536 000
6 % 2 0 -y c a r c o n v e r t ib le d e b e n tu r e s , c o n v e r t ib le in to 7 % c u m
’
p r e f. s t o c k a t t h e o p t io n o f h o ld e r s , a ft e r J a n . 1 1 9 2 4 ..
' 576 000
C a p i t a l s t o c k ( p a r v a l u o o f s h a r e s $ 2 5 e a c h ) ____________________* ”
6 0 5 ,0 0 0
T h o h o l d e r s o f .s e c u r it ie s o f P a d u c a h T r a c t i o n & L i g h t C o . w i l l r e c e i v e F o r e a c h $ 1 ,0 0 0 P a d u c a h T r a c t io n & L ig h t C o . 5 % b o n d —
’
$ 6 0 0 P a d u c a h E le c t r ic C o ., I n c ., 6 % d e b e n tu r e s .
$ 5 0 0 P a d u c a h E le c t r i c C o . , I n c . , c a p . s tlc . (2 0 s h a r e s , p a r v a l u e $ 2 5 )
2.
F o r e a c h s h a r e o f p r e f . s t o c k o f P a d u c a h T r a c t i o n & L i g h t C o ___
O n o s h a r e c a p ita l s t o c k o f P a d u c a h E le c t r ic C o ., I n c . (p a r v a lu e $ 2 5 )
B o n d h o l d e r s a n d s t o c k h o l d e r s o f P a d u c a h T r a c t i o n Sc L i g h t C o ” w h o
d e s ir o t o s o c u r o t h o b e n e fit s o f th is p la n s h o u ld p r o m p t l y n o t if y S t o n o &
W e b s t e r , th o d e p o s it m a n a g e r s , 147 M ik S t ., B o s t o n .— V . 1 0 7 , p . 1 1 9 3 .
1.
P e n n s y lv a n ia R R . — Company Aid to Federal Administra’n
T h o c o r p o r a t e m a n a g e m e n t o f th is c o m p a n y h a s a u th o r iz e d t h e b o r r o w in g
o f $ 2 2 ,0 0 0 ,0 0 0 a n d t h o p a y m e n t o f t h a t a m o u n t t o t h e U . S . R a il r o a d
A d m in is t r a t io n , w h ic h in t u r n w ill a p p l y t h o fu n d t o t h o p a y m e n t o f
v o u c h e r s f o r e x p e n s e s i n c u r r e d b y t h e G o v e r n m e n t in o p e r a t i g t h o P e n n
s y lv a n ia S y s te n .
T h o a m o u n t s a r e d u e f o r th e p u r c h a s e o f fu e l m a te r ia ls
a n d s u p p lie s a n d f o r e x p e n d it u r e s f o r im p r o v e m e n t s a n d b e t t e r m e n t s
T h o “ P h ila d e lp h ia N e w s B u r e a u ” s a y s : “ T h e $ 2 2 ,0 0 0 ,0 0 0 r a is e d b y t h o
c o m p a n y h a s b e e n o ffe r e d t o a n d a c c e p t e d o n b e h a lf o f t h o G o v e r n m e n t
a s a n a d v a n c o p a y m e n t t o th o R a ilr o a d A d m in is tr a tio n o n a c c o u n t o f e x
p e n d itu r e s m a d o o r t o b e m a d e b y t h e G o v e r n m e n t fo r a d d it io n s a n d
b e t t e r m e n t s o n t h e lin e s o f t h e s y s t e m f o r w h ic h , u n d e r t h e t e r m s o f t h e
F e d e r a l c o n t r o l c o n t r a c t , r e im b u r s e m e n t w o u ld o t h e r w is e b o m a d e b v th e
c o r p o r a t io n u p o n fin a l s e t t le m e n t .
U p o n t h e r e q u ir e d a p p r o p r ia t io n b e in g
m a d o b y C o n g r e s s c o v e r in g t h o r a ilr o a d r e v o lv in g fu n d , t h e $ 2 2 0 0 0 0 0 0
w ill b e p r o m p t l y r e p a id t o t h e c o m p a n y , i f a t t h a t t im e t h e G o v e r n m e n t
o w e s t h e c o r p o r a t io n s u c h a m o u n t , o n b a la n c e , a s c o m p e n s a t io n f o r th e
u s o o f t h e p r o p e r t i e s in t h o s y s t e m a n d t h e a d ju s t m e n t o f o t h e r a c c o u n t s
O n D e c . 31 1 9 1 8 t h o c o m p e n s a t i o n a c c r u e d f o r u s e o f t h e P e n n s y lv a n ia R R ’
C o . , a n d it s le a s e d o p e r a t e d lin e s e a s t a n d w e s t o f P it t s b u r g h
a m ou n ted
t o $ 6 5 ,9 9 2 ,7 4 0 , o f w h ic h o n l y $ 3 1 ,2 9 6 ,0 0 0 h a d b e e n p a id t o t h a t d a t e . ”
Vice-President.—
C o lo n e l M o o r h e a d C . K e n n e d y , P r e s , o f th e C u m b e r la n d V a lle y R R
w h i c h is b e i n g a b s o r b e d b y t h i s c o m p a n y , h a s b e e n a p p o i n t e d r e s i d e n t
V ic e -P r e s id e n t o f th e C u m b e r la n d d is t r ic t , w ith h e a d q u a r te r s a t C h a m b e r s bu rg, P a.
C om p are V . 108, p . 1061.
s
Lines West Contract Signed.—
A p r e s s d is p a t c h fr o m W a s h in g to n s ta te s th a t t h o D ir e c t o r -G e n e r a l h a s
s ig n e d t h o c o m p e n s a t io n o f c o n t r a c t f o r P e n n s y lv a n ia R R . , L in e s W e s t
a t $ 1 5 ,1 5 4 ,7 1 9 .
I n c lu d e d a r o th e s o s u b s id ia r ie s : W h e e lin g T e r m in a l R y ’
C in c in n a t i L e b a n o n & N o r t h e r n R y ., O h io R iv e r & W e s te r n R R
and
M a n u fa c t u r e r s ’ R y . C o ., s w itc h in g -tr a c k s a t T o le d o , O .— V . 1 0 8 n in fli
9 7 4 ,9 6 6 .
» o ,p . lu o i.
P h ila d e lp h ia R a p id T r a n s it C o . — Earnings.—
------- - C a l e n d a r Y e a r s ------------------------ J u n e 3 0 Y e a r s ----------1918.
1917.
1 9 1 6 -1 7 .
1 9 1 5 -1 6
G r o s s r e c e i p t s .........................$ 3 1 , 7 0 4 , 4 2 8 $ 2 9 , 7 2 6 , 9 2 7 $ 2 8 , 5 5 3 , 6 1 4 $ 2 5 , 8 3 9 3 4 4
O p e r . e x p ., m a i n t ., & c _ . $ 1 8 , 4 9 8 ,3 8 5 $ 1 5 ,5 4 4 ,2 7 0 $ 1 4 ,6 0 5 ,7 5 8 $ 1 3 .1 0 7 7 2 7
T a x e s . ................ .. .......................
1 ,8 7 1 .1 8 6
1 ,5 7 3 ,2 6 9
i:3 9 8 !4 1 3
1 , ‘2 G 4 ,7 0 1
Sinking fund...................
120,000
120,000
120,000
D ividen d s..................... (5)1,499,290(5)1,499,290(5)1,499,278
— V?\a08?p? 872U785' 379 $35’526 $1’301’395 $1,284,592
120 006
(2)599‘o i l
Sl.073,'693
P it t s . F t. W a y n e & C h ic a g o R y . —
A p p lic a tio n
to
L is t
.—
Application has been made to the New York Stock Exchange to list
$19,714,300 pref. and $52,436,300 com. stock in lieu o f guaranteed and
special betterment stock (chango o f namo o f classes of stock).— V .106 ,p .709.
P u b l i c S e r v ic e C o r p o r a t io n o f N e w J e r s e y .—
D iv id e n d .
A quarterly dividend o f
has been declared on the common stock,
payable March 31 to holders of record March 28. A dividend of 1% was
paid in Oct. and Dec. last and 2% in March and Juno, making a total for
the year o f 6 % . A monthly dividend o f 2-3 o f 1% has also been declared
on the preferred stock, payablo March 31 to holders o f record March 20;
hereafter payments on the preferred will bo mado quarterly.
S trik e
S e ttle d —
S evera l
M a tte rs
R eferred
to
W a r
B o a rd
.—
Seo Public Service R y. below.— V. 108, p. 974.
P u b l i c S e r v ic e R y . (N e w J e r s e y ) . —
S trik e
S e ttle m e n t
.—
Employees o f this company voted Mar. 17 to accept a settlement of the
strike situation as arranged by the War Labor Board on the following basis:
(1) The company agrees to treat with any committeo of tho Amal
gamated Association of Street and Electric Railway Employees of America
when authorized by its employees, but reserves tho right to treat with any
other committee or employees if it so desires.
(2) Tho company withdraws the co-operative leaguo and collective bar
gaining plan previously submitted.
(3) Both parties agree to submit all other points of dispute to tho War
Labor Board.
These disputed points includo tho demand for ton hours’ pay for nine
hours' work and other increases in wages for other employees, and improved
working conditions.— V. 108, p. 1061, 974.
S t. J o s e p h & G r a n d I s la n d R y . —
C on tra ct
S ig n e d
.—
Tho Director-General of Railroads on Mar. 20 signed tho contract
between this company and the Railroad Administration fixing tho annual
compensation at $373,811.— V. 105, p. 1523.
S t. L o u is -S a n F r a n c is c o R y . —
A d ju s t m e n t
In te r e s t
.—
The directors have declared tho semi-annual interest of 3% on the
Adjustment 6% bonds, for tho 6 mos. ended Dec. 31 1918, payable Apr. 1.
— V. 108, p. 974.
.
S t. L o u is
[Vol. 108.
THE CHRONICLE
1 1 6 6
S o u th w e ste rn
R y .—
F ed era l
M a n a g e r
.—
William N. Neff has beon appointed Federal Manager for this company,
the Eastern Texas, tho Southern Illinois & Missouri Bridge and tho Louis
iana & Arkansas railroads.— V. 108, p. 270.
S t. L o u is T r o y & E a s t e r n R R . —
C on trol
R e le a s e
—
This company has been relinquished from Federal control.— V. 102,
p. 251.
S a lin a N o r t h e r n R y . —
C o n tra ct
A p p r o v e d
.—
Tho Director-General o f Railroads on March 19 approved tho contract
for Government compensation for this company providing annually
$15,000— V. 107, p. 2188.
S o u t h C a r o lin a & G e o r g ia R R . —
E x te n s io n
A rra n g e m e n t.
It is stated by J. P. Morgan and Company that arrangements liavo
beon mado by tho Southorn Railway, with tho consent of the DirectorGeneral of Railroads, to offer to holders of $5,250,000 First Mortgage
5% bonds falling duo May 1 1919, tho privilege of extending their bonds for
ton years at 543 % . Holders of the maturing bonds will bo offered tho
privilego of so extending their bonds and at tho same timo of receiving a
cash payment o f 2 'A % so that tho extended bonds will thus net approxi
mately 5.80%. Holders who prefer not to oxtond will get par and interest
at maturity.— V. 74, p. 1039.
S o u t h F e r r y R R ., N . Y . C it y . —
B o n d h o ld e rs '
C o m m itte e .
Tho committeo named below in view of tho approaching maturity on
April 1 1919 o f tho .$350,000 1st M . 5s of 1889 and the appointment this
week o f a receiver for tho New York Railways Co., which now owns tho
property, urges tho deposit of these bonds (with tho April 1 coupon at
tached) at tho Central Union Trust C o., 80 Broadway, N. Y ., under terms
of a protective agreement. Committeo: C. W. Beall and I’ . C. Krauthoff,
with Frederick S. Burroughs as Secretary, 56 William St., N . Y ., and
Sherman Day as counsel. Compare Now York Railways abovo.—
V. 87, p. 1480.
I N D U S T R I A L A N D M IS C E L L A N E O U S .
A m e r ic a n B o s c h M a g n e to C o .— Initial Dividend.—
An initial dividend of $1 50 per sharo has been declared payablo April 5
to holders of record March 31.— V. 108, p. 975, 582.
A m e r ic a n C y a n a m id C o .— Accumulated Dividend.—
Tho directors have declared a dividend of 6% on tho pref. stock on
account of the accrued dividends amounting to 12%, payable April 10 to
holders of record Alarch 31.— V. 108, p. 975.
A m e r ic a n G a s C o .— Earnings
Cal. Years— 1918.
1917. I
1918.
1917.
Gross earnings$6,524,069 $5,287,706 Sundry incomo $685,993
$426,191
Net earnings. 1,784,665 2,052,209 Int. on notes,
Other incomo. 330,918
264,624
loans, &c._
754,697
535,679
Fixed charges. 1,339,680 1,220,178 D ivs..........(3% )x221,116 (8)525.005
Dcprec’n, & c. 623,195
548,518
|Balance, deficit. 137,113
$86,357
x For five months in 1918.
Comparo V. 107, p. 804, 2190.
A m e r ic a n M a lt in g C o .— Time Extended.—
The committeo representing tho first preferred stockholders has extended
tho timo from Alarch 18 up to and including April 1 for the stamping of tho
company’s certificates deposited under tho committeo plan.— V. 108. p.
1062, 975.
A m e r ic a n
M a n u f a c t u r in g
C o.
of
W est
V ir g in ia .—
Holders of tho certificates of interest issued by tho St. Louis Union Trust
Co. to tho shareholders of this company, pursuant to agreement of Jan. 21
1911, are notified that an amount equal to 70 cts. per sharo of original
stock represented by said certificates will bo paid on and after March 17
to tho registered holders at office of said trust company.— Y. 106, p. 1128.
A m e r ic a n S u g a r R e f i n i n g C o .— Officers— Report.—
Sec. Joseph E. Freeman has been olccted General Counsel. Major
Edwin T . Gibson, Asst. Sec., succeeds Air. Freeman as Secretary.
The annual report will bo found on a preceding pago.— Y. 108, p. 1055.
A r e o la S u g a r M ills C o ., H o u s t o n , T e x a s .— Offering of
First Mtge. Serial Bonds.— Tho Mississippi Valley Trust
C o ., St. Louis, is offering $300,000 First M tgo. 0 % Serial
gold bonds., dated Fob. 1 1919, duo $30,000 annually Fob.
1 1920 to 1929. A circular shows:
Denom. of $100, $500 and $1,000, redeemable at 102% on any int. dato
upon 60 days’ notice. Interest at tho Fort Dearborn Trust & Savings
Bank, Trustee, Chicago, or at Alississippi Valley Trust Co., St. Louis.
Security.— A closed first mortgago on (1) tract of about 8,400 acres with
all Improvements and equipment, &c., 23 miles southeast of Houston in
Ford Bend County, Texas; one-half under cultivation. About, 1,400
acres sugar cane, 1,000 acres in cotton, and tho balanco in feed crops;
(2) 4 lA miles of privato railroad tracks, standard gaugo; (3) 600-ton sugar
mill. Valuation real estate, 8,400 acres, $524,000; improvements, $130,
000. Total, $654,000.
Guaranty.— Theso bonds aro secured by tho unconditional guarantee
p. & i. by the Scanlon sisters, sole joint heirs of T . H. Scanlan, deceased.
Tho T . H. Scanlan estato is valued at $3,800,000. There is no mortgago
indebtedness against this property.
A r k a n s a s P u b lic S e r v ic e C o .— Notes Paid Off.—
The $650,000 notes, due April 1 1919, will be paid off at maturity on
April l 1919, payment to bo made at offieo of Guaranty Trust Co. of N. Y.
A u g u s t a U n io n S t a t io n C o .— President, A c .—
Charles A . Wickersham has been elected President and J. A. Higgins
Secretary and Treasurer of this company, with headquarters at Atlanta,
Ga.— V. 82, p. 48.
B a ltim o r e E le c tr ic C o . — Offering of First Mortgage 5 s.—
Lee, Iligginson & Co. are offering at 94
and int. yielding
a block of the First Mortgage 5 % Cold bonds of 1907,
S o u t h e r n R y . — S u b s i d i a r y C o . F i n a n c i n g .—
See South Carolina & Georgia R R . above.— V. 108, p. 974, 581.
duo June 1 1947, guaranteed principal and interest by tho
Consolidated Gas, Electric Light & Power Co. of Baltimore,
T e x a s & P a c i f i c R y . — N e w D i r e c t o r s .—
The following have been elected directors: Henry A. Bishop, Harry making the total outstanding $3,950,000.
Out of tho total
Bronner, B. D. Caldwell, Kingdon Gould, Georgo G. Haven, Alexander J.
Hemphill, C. C. Huitt, A. A. Jackson, Alvin W . Krech, J. II. McCIement, authorized of $7,500,000, the remaining $3,550,000 are hold
N. S. Meldrum, Dunlevy Milbank, S. T . Morgan, Wm. Church Osborn, in reserve for 8 0 % of cost of additions, &c.
Compare V . 85 ,
Finley J. Shepard, John f. Waterbury, Wm. II. Williams.
p. 598, 1271, 1340; V . 87, p. 741.
“ Tho Wall Street Journal” says in substance:
Election of a now board is tho first step in a plan to effect financial read
B a r r e tt C o . — Sub. Co. Stock Offering— Status.—
justment. Although a majority of now directors have affiliations with
Missouri Pacific, tho board is tho result o f a compromise of all interests.
Of Texas & Pacific’s .$25,000,000 2d M . income bonds, Missouri Pacific
owns $23,703,000: loose phrasing leaves it open to doubt whether tho board
must or may declare tho interest payablo when earned. As all concerned
wish to have this question adjudicated, tho suit instituted by Missouri
Pacific receiver will bo prosecuted to a conclusion. If tho courts hold it
was mandatory with the board to declaro 2d M . interest payablo when
earned, Texas & Pacific's liability would bo nearly doubled, for about
100% o f interest would bo in default.
Texas & Pacific needs for betterments, extinguishment o f deferred main
tenance, &c., much more than surplus earnings will supply, yet could not
create a salable mortgage witli the 2d mtgo. bonds outstanding. Tho first
mtgo. is closed. On account of its stock interest, amounting to $6,555,000,
Missouri Pacific is willing to co-operate in reorganization providing for
exchange of 2d mtgo. bonds for a minor security, probably preferred stock.
— V. 108. p. 974.
T o le d o & I n d ia n a R R . —
N e w
P re s id e n t
.—
Treasurer L. R. Schenck has beon elected President to succeed D. D.
Schenck, deceased. II. W . Potter succeeds Air. Schenck as Treasurer.
— V. 96, p. 1774.
T o r o n t o R a ilw a y . —
S a le
o f
S u b s id ia r y
C o m p a n y
.—
The City of Toronto has acquired for .$590,000 the Younge Street section
o f the Metropolitan R y., which company’s stock is all owned by tho
Toronto R y.— V. 108, p. 1061, 974.
U n it e d T r a c t i o n & E le c t r ic C o ., P r o v id e n c e .—
S ta tu s.
Tho protective committeo for holders of 1st M . 5% bonds, Philip L.
Spalding, Chairman, in circular o f Alarch 8, says in brief:
Tho company owns and has pledged under its mortgago to tho Central
Trust Co. o f N. Y . to secure the $9,000,000 5% bonds (a) all tho stock
($9,000,000) o f Union Railroad o f Providenco (b) all tho stock ($500,000)
of Pawtucket Street Ry: (c) all tho bonds ($3,000,000) o f Union RR Provi
denco and 2,998 shares out of 3,000 shares, outstanding stock o f Providence
Cable Tramway Co.
Tho company also owns all tho stock ($5,000,000) of Rliodo Island
Suburban Ry, which has $4,682,000 bonds In tho hands o f tho public.
The Rhode Island Co. which owns about 25% o f tho stock of the United
Traction & Electric Co., has leased for 999 years from Juno 24 1902, all tho
properties of tho Union R R ., Pawtucket Street Ry. and Rhodo Island Sub
urban R y.and has interests in other properties. Tho Rhodo Island Co.
has defaulted on some o f its rentals due under tho leases of tho three com
panies named abovo, and is now in receivers’ hands. As a result tho
United Traction & Electric Co. was unable to meet tho interest due on its
bonds March l 1919.
Whilo tho situation is somewhat complicated and uncertain wo believe
that tho Intrinsic value of tho properties o f tho companies whoso stock
and securities are pledged as security for tho United Traction & Electric
Co. bond issue, embracing as they do tho heart o f tho street railway sys
tem in Providenco and vicinity is much in excess o f the amount of bonds
outstanding, and that it should bo possiblo to work out a satisfactory plan
of reorganization which will adequately protect theso bonds. Compare
V. 108, p. 1061. 974.
W e s t I n d i a E le c t r ic C o .— Earnings.—
1918.
1917. I
1918.
1917.
Gross earnings__ $294,725 $287,2021Balance, surplus.$567,008 $506,072
Netearnings......... 100,939
67,925 Total assets____$2,114,847 $2050726
— V. 104, p. 1169.
See National Anilino & Chemical C o., Inc., below.— V. 108, p. 975.
B la c k s t o n e V a lle y G a s & E le c tr ic C o . — Offering of
First & General Mtge. 5s.— Estabrook & Co. aro offering, at
9 2 K and int., yielding 5 .6 3 % , $1,000,000 First & General
M tgo. 5 % gold bonds dated July 1 1912, duo Jan. I 1939.
Outstanding (including present offering), $3,008,000; rotired
by sinking fund and canceled, $186,000; unissued, $1,806,000.
Data from Letter o f Stone & W ebster, Managers, Dated Mar. 12 1919.
Company.-—Serves without competition tho Blaekstono Valley region of
Rhodo Island: population estimated at 160,000, ineluding cities of Paw
tucket, Woonsocket and Central Falls and tho towns of Cumberland and
Lincoln. Franchises satisfactory, unlimited as to timo.
Purpose of Issue.— Tho proceeds of this issue of $1,000,000 bonds and
also $288,750 common stock, sold at par, will retiro $750,000 notes duo
April 1 1919, and $530,000 of floating debt incurred for additions & extens.
Security.— A direct lien, subject only to $494,500 closed underlying mort
gages, on tho entiro physical property now owned or hereafter acquired;
also secured by pledge of a majority of the capital stock of tho Pawtucket
Gas Co. of N. J., which has outstanding $1,400,000 4% bonds. Tho
Blackstone company also has outstanding $1,294,200 6% cumulative pref.
stock and $2,887,500 common stock, which at present market prices repre
sents an equity in excess of $3,850,000.
Earnings for Calendar Years, Gross and Net (after Taxes).
Years— 1909.
1911.
1913.
1915.
1917.
1018.
Gross .$985,773 $1,127,183 $1,304,462 $1,515,194 $1,991,844 $2,444,733
Net— $439,523
$541,991
$561,286 $676,485 $641,669
$690,470
Deductions, including underlying bond interest and dividends
on Pawtucket Gas Co. of N. J., pref. stock not owned______
$128,912
Balance for interest ($150,400) ori First & Gen. Altgo. 5s, lncl.
thoso now offered_________________________________________
— V. 106, p. 399.
$561,558
(E. W .) B lis s C o ., B r o o k ly n , N. Y .— Extra Div.— Report.
An oxtra dividend of $5 hs been declared on tho common stock along
with the regular quarterly dividends of 1X % on the common and 2% on
tho preferred, all payable April 1 to holders of record Alarch 22. In Janu
ary last an extra of $5 in cash was paid, and in Oct. 10% In Liborty bonds.
See “ Annual Reports” on a iireceding page.— V. 108, p. 82.
B r a n d r a m -H e n d e r s o n ,
Bonds.—
L t d .,
M o n t r e a l.— Earnings
Cal. Years—
1918.
1917.
Cal. Years—
1918.
1917.
Net profits...........$238,133 $221,429 Preferred d lv .(7%) $35,000 $35,000
Int., deprec., & c. 61,232
62,691 Common div..(4% )38,800 (3)29,100
31,918
War tax, &c_____ 13,767
Balanco, surp._ $89,334 $62,720
In tho report for 1918 Pres. Georgo Henderson says that for the purposo
‘
* tho
year
...
_
_
„
_________________ 3,000
shall be issued immedtaoly, $345,000 bo put in escrow to retire a like amount
of 1st AI. bonds outstanding, and the balanco, $250,000, bo hold in tho
treasury, only to bo Issued to tho extont of 75% of tho cost on any future
capital expenditure.— V. 106, p. 823.
C h ile C o p p e r C o .— Production (in Pounds ).-—
B r ie r H ill S te e l C o .— Extra D ividend .— •
An extra dividend o f 1% has been declared on the com m on stock in
addition to tho regular quarterly dividend o f 1 H % on the com m on and
I X % on the preferred, all payable April 1 to holders o f record M arch 20.
In Jan., April, July and Oct. 1918 and O ct. 1917 an extra o f 3 H % was
paid on tho com m on stock .— V. 106, p . 2231.
B r o n x G a s & E le c tr ic C o .— Rate Litigation .—
This com pany has brought action in tho N ew Y ork C ounty Supremo
C ourt for an injunction to prevent the A ttorney-G eneral, the P . S. C om
mission, & c., from enforcing tho 80 cent gas law. Tho com pany alleges
that for several m onths past the actual cost o f serving its customers has
been m ore than $1 37 per thousand cubic feet, and in order to m ake any
return upon its capital it will bo necessary to charge $1 50, which it p ro
poses to put into effect.— V . 107, p . 2478.
B r o o k ly n A c a d e m y of M u s ic .— Bond Issu e .—
T h e stockholders will v ote M arch 31 on borrow ing not over $300,000 for
five years at not to exceed 6 % , to be secured b y a First M ortgage on the
franchises and p roperty o f the corporation and to issue negotiable coupon
cum ulative incom e bonds to the extent o f $200,000, or as m uch thereof as
shareholders subscribe, to m ature in not to exceed 40 years, with interest
at not over 6 % , to bo secured b y second m ortgage on tho franchises and
p roperty o f tho corporation to secure tho paym ent o f $200,000.— V . 80, p .
B u r n s B r o s . Ic e C o r p .— Successor Co. A cq u isition . —
See National Coal & Ice C o. below .— V . 108, p . 504 ,18 3 .
( T h e ) B u t t e r ic k C o m p a n y , N e w Y o r k .— E arnings .—
1917.
1916.
1915.
Calendar Year—
1918.
$261,014
$410,306
$458,139
“ P r o fit " .............................
$441,896
Total p. & I. surplus, D ec. 31 1918, $2,340,833; D ec. 31 1917, $1,898,937.
— V . 107, p. 2191.
C a lif o r n ia P e t r o le u m C o r p o r a t io n .— A n n u a l E arnings.
Calendar Years—
1918.
Gross earnings_________________________ $4,154,354
N et earnings___________________________$3,056,884
D epreciation, & c____ - _________________ 1,160,773
Interest ch a r g e s __________________ ,—
120,725
R es. for Fed. taxes and contingencies.
296,262
Preferred dividends.................. ~ < 8 H % )1 .0 1 8 ,3 0 0
Special reserve________________________
lo7 ,5 42
Balance, surplus_____________ •-------— V . 108, p . 1062.
1917.
1916.
$3,185,327 $2,0 81 ,i5 4
$2,462,278 $1,511,658
673,877
381,778
102,219
110,480
217,808
-------------(4)493.721 (4)493.721
189,876
207,450
$303,282
$784,775
$318,229
C a lu m e t & H e c la M in in g C o . — Production .—
Total.
Output in Pounds—
Cal. & Hecla. Subsidiaries.
5,495,987
4,658,781
10,154,768
February 1 9 1 9 ................- ...............
12,077,323
February 1918------------------------------ — ■------ 12,077,323--------------10,856,230
21,940,268
2 months in 1919----------------------1 1,084,038
2 m onths in 1918___________________ ------ 24.217,520--------------24,217,520
— V . 108, p . 1062.
C a n a d a C e m e n t C o ., L t d .— E arnings.
Cal.Years—
1918.
1917.
N et, a ft. d ep r.$2,215,707 $2,801,247
B ond interest.
420,064
432,066
R es. for contin
150,000 -------------T otal p rofit and loss surplus D ec.
$2,576,999 — V. 107, p . 1387.
1918.
1917.
P rcf. d iv .(7 % ) $735,000
$735,000
C o m .d iv .(6 % )
810,000
810,000
__ $100,644
________
_______
Balance,. sur__
$84,181
31 1918, $2,667,644; D ec. 31 1917,
C a r L ig h t in g & P o w e r C o .— R eport .—
T ho roport for 1918 contains no incom e accou nt, b ut the p rofit and
loss surplus In the balanco sheet o f D ec. 31 1918 now stands at $525,626,
com pared with $2,439,615 on D ec. 31 1917.— V. 107, p . 1671.
(J. I .) C a se T h r e s h in g M a c h in e
W i s e .— Report .—
C o .,
I n c .,
R a c in e ,
In com e A ccoun t fo r Years Ending D ec. 3 1 .
1918
1917
1916
1915
Gross sales.................... ..$ 2 5 ,1 6 2 ,7 6 9 $17,657,754 $13,047,257 $14,058,632
P rofit from sale o f p r o d . $5,992,024 $3,775,922 $2,385,110 $2,889,282
B on d , &c , in t e r e s t-b -.
$572,621
$726(640
$737,389
$907,457
Res for conting losses,&c. 1,991,133
50,000
143,315
Prom , on bonus, & c____
d225,032
274,294
W ar losses in for’n cou ntr’s ______
275,000
P rov . for Federal tax es.
850,000
850,500
P ref. divs. ( 7 % ) ..............
850,500
850,500
850,500
Balanco, surplus..........$1,502,737
$1,506,273
$797,221
$1,081,325
d This is tho premium on $2,532,000 unmatured bonds retired during
yoar and deferred discount chargo applicable to such bonds. On D ec. 31
1918 only $3,206,000 o f tho $12,000,000 bond Issuo remained outstanding,
while bills payable stood at $1,785,000, against $2,225,000 D ec. 31 1918 —
V . 108, p. 271.
C e n tr a l A g u ir r e S u g a r C o . — Reincorporation .—
This com pany has been incorporated under the laws o f Porto R ico as a
reorganization o f the M aine corporation o f similar nam e, having the samo
num ber o f shares o f tho samo par value which aro to bo exchanged for a
like number o f shares o f the old com pany. It is stated that there will bo
a saving o f taxes and other expenses, and that tho form ation o f tho new
com pany will expedite tho transaction o f business.— V . 108, p . 266.
C e n tr a l H u d s o n
G a s & E le c tr ic C o .— Bond Sale .—
This com pany is offering $750,000 7 % Debenture bonds in d e n o m .o f
$1,000, $100 and $50. T ho com pany is offering tho bonds for a small cash
' ------a
"
—
paym ent.......................
with Installments
paya b lei .-----------m onthly with the
gas 'bill.
Acquisition— N otes.
for i
P ow er__ — ___________
. ___
.
___ ________ | „ H
Three-Year notes to provido for the acquisition o f tho stock .— V
p . 786.
108
C e n tr a l I llin o is P u b lic S ervice C o .— E arn in gs .—
Calendar Years—
1918.
1917.
Gross earnings_________________________ $2,955,171 $2,448,650
N ot, after taxes.............. ............................ $871,720
$871.658
Other Incom e__________________________
85,834
26,338
Intorost, & c., charges................................
736,101
615,496
Preferred dividends__________________ (6% )223,081 (6)194,418
C om m on dividends_________________(1 4s% )9 0,00 0
(1)60,600
1916.
$2,169,648
$849,093
30,060
552,053
(6)193,500
B alanco, surplus or d eficit-------------- d ef.$91,628 sur.$28,081 sur.$133,600
All tho outstanding $6,000,000 com m on stock Is owned or controlled
b y tho M lddlo W est Utilities C o.— V . 106, p . 2227.
C e n tr a l I n d i a n a G a s C o .— Bonds .—
T his com pany has applied to the Indiana P. 8. Comm ission for authority
to sell $90,000 bonds to finance im provem ents, those bonds being a part o f
tho authorized issue o f $5,000,000, o f which $2,662,000 already is out
standing oxcept $108,000 which has been retired.— V . 102, p . 2256.
C h ic a g o J u n c t io n R y s . & U n io n S to c k Y a r d s .—
Livestock—
1918
C a t t l e .................... 3,789,922
H o g s .....................
8,614,190
Sheep...................... 4,629,736
C alves, &<:.............
1,054,723
Results—
Gross ea rn in g......x$5,644,627
Oper exp ., taxes & in t . 4,130,862
N ot earnings................ $1,513,765
1917
3,209,427
7,168,852
3,595,228
973,248
1916
2,730.176
9,188,224
4,291,024
995,594
1915
2.262,752
7.652,071
3,510,015
820,977
$7,726,131
6,320.568
$7,208,313
5,515,109
$6,566,836
4.943.324
$1,405,563
$1,693,203
$1,623,512
x T h o dccreaso In gross earnings is explained in the report as duo to tho
fact that tho U. 8 . R R . Administration has operated tho railroad since
July 1 1918.— V . 107. p . 698.
1167
THE CHRONICLE
M a r . 22 1919.]
1919— Feb.— 1918.
5.376.000
0,326,512
— V . 108, p . 881, 383.
Decrease.1 1919— 2 M os.— 1918.
950.512(12,176,000
14,684,512
C in c in n a t i G a s & E le c tr ic C o .— Rate
Decrease.
2,508,512
Com plaint .-—
This com pany and tho subsidiary, the U nion Gas & E lectric C o ., have
filed in tho U . 8. D istrict C ourt at Cincinnati a second amended bill o f
com plaint in their suit against the city in invalidating tho 3 0-ccnt gas rate
ordinance and to have adjudged valid tho 35-cont rate ordinance adopted
b y the C ouncil on O ct. 3 1916.— V . 108, p . 583.
C itie s S ervice C o .— To Vote on In creasin g Authorized Pre
ferred Stock by $ 5 0 ,0 0 0 ,0 0 0 .—
T he stockholders will vote April 8 on increasing the authorized preferred
cap. stock from $100,000,000 to $150,000,000. An official statement says:
In view o f tho expansion o f the com pany and its developm ent in tho oil
business, provision should bo m ade for future financial requirements, as
well as conversion o f outstanding senior securities through a larger author
ized amount o f preferred stock, even though it is n ot intended to Issue any
o f the new stock within the near future.
T ho com pany at present has authorized preferred stock o f $100,000,000,
o f which $70,807,936 is outstanding. There are outstanding abou t $31,
000,000 o f convertible securities, all o f which will becom e convertible into
stocks within tw o years. T o provide for tho conversion o f these securities
will require approxim ately $27,000,000 par value o f preferred stock. N o
increaso will bo asked in the present authorized com m on capital stock o f
thp com p a n y.— V . 108, p . 1062, 881.
C o a s t V a lle y s G a s & E le c tr ic C o .— Rate In crea se .—
T h e California R R . Comm ission has granted this com pany authority
to increase Its present rates for electric energy b y a surcharge that will
mean an average increase o f 2 0 % .— V . 108, p . 686.
C o m m o n w e a lth P e t r o le u m C o r p .— Sale o f Stock .—
T ilnoy, L add & C o ., N . Y ., and Knauth, N achod & Kuhne recently
offered and p rom p tly sold a block o f 50,000 shares o f this com p a n y’s capital
stock, o f which there are at present 191,000 shares outstanding ou t o f a
total authorized o f 200,000 snares o f no par value.
It was stated in error last week that tho bankers had sold an am ount o f
178.000 shares. C om paro V. 108, p. 1062.
W.
C o m m o n w e a lth P u b lic Service C o .— O ffering o f N otes.
—
G. Souders & Co., Chicago, &c., arc offering (see ad v .
in “ B ank & Q uotation” Section issued M arch 8 ) , $ 6 0 0 ,0 0 0
7 % Collateral gold notes dated M arch 1 191 9 , m aturing
$ 3 0 0 ,0 0 0 M arch 1 1921 and 1922.
D cn om . $100, $500, $1,000. Interest M . & S ., without deduction for
normal Federal lncom o tax at the F ort Dearborn Trust & Sav. B ank, C hi
ca go, trustee.
Company.— Owns and operates the public utilities located in the following
com m unities: W agoner, C hoteau, P ryor, Vian, Sallisaw and D yer, Okla.;
M en a, D e Queen, A shdow n, Alm a, M ulberry and W hite Oak, Ozark.
A ltus, Denning and A lex, Coal Hill, H artman, Spadra, and Clarksville, all
in Arkansas, the total populations being about 37,000.
Capitalization. Auth.
Outstdnd.
Auth.
Outstand.
Preferred s to c k . $250,000 $250,00011st M . 6 % bds.Sl.OOO.OOO $750,000
C om m on s to c k .
560,000 500,066 [G en. mtge. b d s .
246,600 240,066
Security.— N otes are secured b y deposit o f $600,006 First M tge. 6 %
bonds and $240,000 General M tge. notes. T he p roperty is valued con
servatively a t over $1,500,000.
Earnings Statement fo r 1919 Taken from Engineers' Estimate.
Gross re v e n u e _____________________________________________________ $276,380
N ot, after taxes____ __________
$121,590
Interest on bonds and notes_____________________________________
51,000
Net income__________________________________________________ $70,590
Franchises.— All the franchises run for many years beyond the life of the
bonds.— V. 108, p. 976.
C o n s o l. A r iz o n a S m e lt in g C o .— Copper Prod, (in L b s.).
1919— Feb.— 1918.
Decrease. I 1919— 2 M o s . — 1918.
Decrease.
1.000,000
1.780,000
780,000 2,070,000
3,600,000
1,530,000
— V. 108, p. 272.
C o n s o lid a t e d G a s , E le c tr ic L ig h t & P o w e r C o . o f
B a lt im o r e .— N ew First Refunding Mortgage— Bonds Pledged
as Part Security For N ew Convertible N otes— Previous Con
vertible Issu e Secured by N ew M ortgage. — T h e issue of $ 5 ,
0 0 0 ,0 0 0 7 % secured convertible gold notes offered in last
w eek’s “ Chronicle” has as part security, together w ith
$ 2 ,5 0 0 ,0 0 0 1st M . 5 % bonds of tho Consolidated Pow er
C o . of B altim ore, an initial $ 3 ,5 0 0 ,0 0 0 F irst R efunding
M ortga go 6 % Sinking F und G o ld B onds of the Consolidated
G as Electric L ight & Pow er C o ., due F e b . 1 1 9 4 9 , part o f
a proposed authorized issue of not exceeding $ 1 0 0 ,0 0 0 ,0 0 0 .
Theso bonds aro officially described, in brief, as follow s:
To bo issued under a new mortgago covering all property now owned or
hereafter acquired. Authorized issue not to exceed $100,000,000; Bankers
Trust Co., N. Y ., Trustee. Initial series $3,500,000 pledged to secure
theso notes and $1,500,000 additional reserved for conversion of said
$5,000,000 7% notes) will bear Interest at 6% p. a. and will mature Feb
1 1949.
.
Tho new bonds will be redeemable on 60 days’ notice, viz. (a). In
first 5 years at 110 and int.; (b) next 5 years at 107H and int.; (c) next 15
years at 105 and int.: (d) last five years before maturity at 102 and int.
Subsequent series to bear such interest, mature at such times (not later
than Feb. 1 1999) and be redeemable at such prices, as may be fixed by
the Board.
Sufficient of the new bonds will be reserved to retire, par for par, (a)
all underlying securities of tho company and of its subsidiaries, and (6)
any convertible 5% notes duo Nov. 15 1921 not converted into common
stock prior to maturity. (Said convertible 5% notes are to be secured
pari passu with bonds issued under this mortgage.) The remainder
authorized will bo issuable only for 80% of the cost of additions and im
provements acquired hereafter incess or the $6,000,000 furnished by the
present financing.
An annual sinking fund will begin not later than Aug. 1 1922, equal to
1% of the total of those bonds from time to time outstanding, to purchase
or call theso bonds for cancellation. In event of necessity to call for sink
ing fund the amount of bonds so called shall be prorated over all series
outstanding
[It will bo noted from tho above that the existing convertible note issue,
duo Nov. 15 1921, $8,441,300 outstanding as of March 10 1919, are to be
secured pari passu with bonds issued under the new mortgago.)
Outlook fo r E arns. — Pres. Herbert A . W agn er M a r . 10 w rote:
Tho maintenance of the company’s financial conditions through earnings
has been greatly strengthened and assured by two recent important decisions
in tho company’s favor, obtained from the P. S. Commission of Maryland,
tho first on Aug. 9 1918, approving an increaso in electric power rates, ana
tho second on Nov. 25 1918 (V. 107. p. 2191), approving an increase in gas
rates for domestic and commercial heating and industrial uses. These
increases aro substantial and tho Commission's opinion is to tho effect that
tho higher rates approved would provide for all increased operating expenses
and for tho continuance of the regular dividends at the rate of 8% on the
capital stock with a sufficient reserve for depreciation and other reserves,
Comparo V. 108, p. 1062. 686, 583.
.
Guaranteed Bonds Offered .—
See Baltimore Electric Co. above.— Y. 108, p. 1062, 686.
C o n s o lid a t io n C o a l C o . (o f M d .) .— Officers — R eport .—
Clarence W . Watson, Chairman of the Board, has been elected President
to succeed J. H. Wheelwright. Mr. Wheelwright will take the place of
Mr. Watson as Chairman. Carl R. Gray and George T. Watson were
elected directors.
Tho annual report will bo found on a subsequent page.— Y. 107, p. 2292.
1168
THE CHRONICLE
Output.
C r o w e ll & T h u r lo w S te a m s h ip C o .— D ividend .—
T h e directors have declared a quarterly dividend o f $1 per share, pay a bio
M arch 31 to holders o f record M arch 20. In Decem ber last an initial d ivi
d end o f $2 was paid on the new $10 par stock .— V . 107, p . 2292.
D ia m o n d M a tc h C o .— A nn ual E arnings .—
1918.
1917.
1916.
$3,925,806
G ross earnings--------------------------------------$3,679,168 $5,037,925
_ .
.
Add— Bryant & M a y . L t d . ..................
194,400
279,475
252,944
Deduct— D epreciation. & c.......................
844,941
429,440
892,741
R e s e r v e s ............................. — ...............
420,000
1,700,000
U. S. Governm ent taxes----------------550,000
1,103,098
150,000
Depreciation reserves...............
- — — i — ____ 180,000
D ivid en ds........................................ (8 % )1 ,357,208 (9)1.526,859(7^)1314,795
Balance, surplus....................................
— V. 107, p . 1840.
$701,419
$978,003
$1,315,326
D is tille r s * S e c u r itie s C o r p .— N ew N am e — D irectors .—
T h e stockholders on M arch 19 approved the resolution changing the
name o f the com pany to the U. S. Food Products C orp ., and also approved
the retirement o f 15,341 shares o f stock which were purchased b y the cor
poration from the Distilling C o. o f Am erica, a subsidiary. T heodore B .
Wagner and Thom as A . Clark were elected additional members o f the board,
increasing the membership from seven to nine.
Extra D ividend .—
Tlie directors have declared an extra dividend o f 1 y, % on the outstanding
capital stock in addition to the regular quarterly dividend o f y, o f 1 % , bqth
payable April 18 to holders o f record April 2. A n extra o f \ y % has been
paid quarterly since April 1918.— V . 108, p. 1063, 786.
E a s te r n S h o r e S h ip b u ild i n g C o .— Receivers A p p oin ted .
T he U . S. D istrict C ourt at Baltimore on M ar. 20 appointed tem porary
receivers for this com pany, which conducts a shipyard at Sharptown, M d .
E c o n o m ic G a s C o ., L o s A n g e le s , C a l.— Sale.—
See Southern California Gas C o. below.
E le c tr ic S to r a g e B a t t e r y G o .— E arnings.—
Cal Years—
1918.
G ross sales............................f4 .825.757
N et earnings..........- .......... $3,662,225
Other in com e----------------287,149
R eserve for Federal taxes See note
D ividends ( 4 % ) . . ............
649,968
1917.
$3,140,560
$2,220,613
257,269
450,000
649,967
1916.
$2,069,978
$1,318,796
263,257
1915.
$1,770,188
$1,188,618
172,130
649', 964
649,964
B alance, surplus............$3,299,406 $1,377,916
$932,089
$710,784
N o te __N o reserve has been set aside from 1918 earnings for Federal
taxes which aro estimated to be $2,000,000, and will be charged to surplus
a ccou nt when paid.— V . 107, p . 1290.
F e d e r a l M in . & S m e lt. C o ., N . Y . — Quarterly R eport .—
P res. F . H . B row nell, in circular of F e b . 2 8 , reports the
results of operations for quarter ending Jan . 31 1 9 1 9 , com
pared with previous quarters:
-Jan. 31 1919N o v . 1918---------- 4.618
D e c. 1918..........- 5.268
Jan. 1919............5,986
-O ct. 31 1918--------1918— ____ 6,110
. 1918— ------ 6,152
1918— ------ 5,887
----------Jan.
J
31 1918N ov .
D ec.
Jan. 1918---------- 1,001
18,149
12,037
T otal ton s____ 15,872
(2) Excess o f Earnings over Expenditures in Operations fo r Same Periods.
1917---- *$10,151
N ov.
1918------ 75,203 A ug. 1918.......... 87,243 N o v .
1917....... *98,583
D e c.
1918......... 38,719 Sept. 1918---------154,435 D ec.
1918____ *59,035
Jan.
1919....... 35,938 O ct. 1918_____ 130,294 Jan.
$371,972
T o t a l............. $149,860
*$167,769
N o a ccou nt is taken o f either ore depletion or depreciation, leaving that
f ° A.'dividcnd o f 1
on th ep ref. stock has been declared payable M arch 15
1919.— V . 107, p . 2379.
G a le n a -S ig n a l O il C o .— Balance Sheet D ec. 3 1 .
1918.
Assets—
$
Pi ’nts,equip.,& cl ,812,365
Patents and
_______
trade-m arks. 6,950,000
I n v e n to rie s -----3 >§44,762
Securities..........8,709,400
Bills & accounts _______
receivable— 7,872,610
C a s h ....... ...........3,012,054
1917.
1917.
1918.
Liabilities—
$
$
$
1,658,688 I’ref. stk. (old) 2,000,000 2,000,000
N ew pref.ou tst.3,492,700 - ..............
do sub. act.
216,875
..... ..........
6,950,000
2,520,792 C om m on s tk . 16,000,000 12,000,000
1,851,645 Bills & accounts
payable_____ 7,970,169 2,371,475
5,730,110 Contingent res. 1,980,589 1,617,881
363,322 Surplus.............. 240,858 1,085,201
T o ta l............31,901,191 19,074,557
— V . 108, p. 882.
G a sto n ,
W illia m s
&
T ota l............31,901,191 19,074,557
W ig m o r e ,
I n c — N otes —
T h e $1 000 000 6 % gold notes, due April 15 1919 will be paid o ff at
m aturity at April 15 at the Guaranty Trust C o. o f N ew Y ork .— V . 108,
p . 976.
G e n e r a l A m e r ic a n T a n k C a r C o .— In itial D ividend .—
A n initial dividend o f $1 50 has been declared on tho com m on stock
along with the regular quarterly dividends o f iy x % on the 1st pref. and
2nd prof stock; all are payable April 1 to holders o f record M arch 20.—
V . 108, p . 882.
G e n e r a l A s p h a lt C o .— Stock Conversion, & c.—
T he Phil a. Stock Exchange on M ar. 8 listed an additional $1,044,000
com m on and $860,000 preferred stock, m aking the total com m on stock
listed $11,002,450 and tho preferred, after deducting $604,000 surrendered
, < O f i S l tlM 4 0003 additional com m on stock, $138,000, as well as all o f
the $860 000 preferred, aro the unused part o f $240,000 com m on and $860,
337 preferred stock, deposited at reorganization in 1903 with Commercial
Trust C o o f Pliila., as trustee, to meet any obligations o f the com m ittees
o f reorganization remaining unperform ed, and have since been turned over
to tho com p a n y’s treasury. Tho balance o f said com m on stock, $906,000,
was issued in exchango for $604,000 preferred stock on the basis o f $150
o f com m on in exchange for each 8100 pref. stock surrendered for canelation under terms o f agreement o f M a y 19 1903.— V . 108, p . 882.
G e n e r a l C h e m ic a l C o .— Sub. Co. Stock— Status .—
See N ational Aniline & Chemical C o .— V . 108, p . 573.
G e n e r a l R a ilw a y S ig n a l C o — Earnings.—
Years—
Cal.
Net earnings________
Interest paid_______
Inventory, &c______
Depreciation & ex
traordinary chga.
1918
1917
1918.
1917.
$120,000
$939,951 $1,006,904 Preferred divs. (6%)$120,000
39,296
28,200 Common diva___ (6)180,000(7)4)225000
169,507
— - Reserves___________ 259,331
Adjustments______ 160,518
" . ...........
---------246,927 Balance, surplus.def.$55,637 sr.$386,777
FeTotaYp!'&l?surplus,9Dec.'SHfiM, $919,286; Dec. 31 1917, $974,923.—
V . 106, p. 814.
G o o d y e a r R u b b e r C o . o f C a n a d a .— Outstanding Slock.
T his com p a n y, it is stated, having disposed o f the rem aining pref. stock
in tho treasury, now has tho entire auth. issue o f $1,500,000 outstanding.
— V . 102, p . 255.
G r a n b y C o n s . M in ., S m e lt. & P o w . C o .— D iv. Reduced.
A quarterly dividend o f I H % has been declared on tho capital stock,
Davablo M a y 1 to holders o f record April 18. D ividend record follows:
^ D iv id e n d record: 1911-12, none; 1913 6 % ; 1914, 3 % ! A ug. 1915 to M a y
1916, 6 % (1 y .% Q .-F .); A ug. & iN ov. 1916, 2 % each; 1917, 1 0% ; 1918, 10;
1919, F eb ., 2 y % \ M a y , 1 M %
[V ol . 108
A n yox. GrandForks.
Total.
Total.
1919.
1919.
1919.
1918.
2,072,996 537,741 2,610,737 3,843,686
4,593,156 1,174,121 5,767,277 8,053,079
Copper Output (.in lbs.)—
F eb ru a ry............................
2 m onths-------------------------— V. 108. p . 687, 273.
G r a y & D a v is , I n c ., B o s t o n .— Retired P ref. Stock — D ivs .— ■
Pursuant to an agreement entered into between G ray & D avis and the
protective com m itteo o f preferred stockholders, this com pany voted at their
last m eeting, M arch 14 1919, to purchase from the preferred stockholders
at a price o f $103, all o f tho p ref. stock so deposited with the preferred
stockholders’ com m ittee, same to be delivered for paym ent at the o ffice
o f the State Street Trust C o ., B oston, M a ss., on April 1 1919.
A dividend o f 1 54 % regular and 154 % on account o f accum ulations has
been declared on tho pref. stock , both payable A pril 1 to holders o f record
M arch 21, thus, it is understood, reducing the deferred dividends to 854 %
or $8 75. C om pare V . 107, p . 1749.
G u l f O il C o r p o r a t io n .— Consolidated E arn in gs .—
1918.
1917. |
1918.
1917.
$
s
$
$
Gross e a r n s ..85.904,306 70,4 99 ,4 0 3 1Reserve agst.
N et earnings.36,124,992 29,485,836
war t a x e s ..
z
5,000,000
D e p r e cia tio n .16,677.064 11.723,450|Divs. ( 6 % ) . . 2,082,104 2,074,320
I n t., ta x ., &c_x0,865,331 y l ,ll l ,6 4 0 | B a l., surplus. 10,500,493 9,576,426
x A fter deducting “ surplus tax reserve from previous y e a r.” T h o bal
ance sheet o f D ec. 31 1917 showed “ reserve fo r war taxes $5,000,000.— E d .
y Includes “ ordinary taxes” on ly.
z N o deduction shown for federal
taxes but the balance sheet o f D ec. 31 1918 contains a reserve o f $7,000.
000 fo r such taxes.— V . 107, p . 2293.
H a le & K ilb u r n C o ., P h ila d e lp h ia .- -E arn in gs .—
Cal. Years— 1918.
1917. |
1918
1917.
T o t . net sa le s.$4,476,552 $ 4,235,5821Fed. tax (est.) $167,000
$18,250
*N et earnings
784,024
542.328 Spec, war and
Other in com e.
oper.
co
m
p
.
17,583
116,354
43,067
30,000
T otal in com e.
801,607
176,349
585,395 A djustm ents .
In t. ch a r g e s ..
B a l., sur___ $397*844
120.409
98,638
$262,158
* A fter deducting depreciation and m aintenance charges am ounting to
$155,886 in 1918 and $143,028 in 1917 — V 107, p 908
H a w a iia n S u g a r C o .— Dividend Reduced .—
A m onthly dividend o f 20 cents per share has been declared on the
$3,000,000 outstanding capital stock, payable M ar. 15 to holders o f record
M ar. 10. Previous to this 30 cents was paid m onthly.— V. 103, p. 2158.
H e d le y G o ld M ining- C o .— Dividend Reduced .—
A quarterly dividend o f 10 cents per share lias been declared on tho
stock payable M arch 31 to holders o f record M arch 26. In M arch 1918
30 cents was paid, and in June, Sept, and D e c., 15 cents.
1910. 1911. 1912-13. 1914-15. 1916. 1917. 1918.
1919.
Dividends . . $1
$2.50 $3 yrly. $ 2 .5 0 yly. $2
$2
75c. M a r.,1 0 c .
— V. 106, p. 1135.
H o o d R u b b e r C o .— Balance Sheet D ec. 3 1 .—
1918.
$
Plant (real estate,
machinery, &c.) 4,000,000
Merchandise......... 8,012,862
Accts. receivable. 1,202,350
1,022,877
Cash...................
Inv. In oth. corn’s
285,400
Patents..................
1,000
Liberty bond acct.
521,020
Assets—
1917.
Liabilities—
S
4,000,000
4,075,021
4,323,933
930,680
184,400
1,000
X233.097
Common stock___
Preferred stock___
Notes payable-----Accts. payable___
Surplus..................
Liberty bond acct.
1918.
1917.
3,000,000
4,000,000
4,725,000
148,904
2,066,605
505,000
3.000.
4.000.
4,150,000
S
$
2',3-12,29*1
285,840
T o ta l.......... ...15,045,509 13,748,1311 T o t a l . .............. 15,045,509 13,748,131
M erchandise in process o f im portation and letters o f credit and drafts
discounted in connection therewith aro not included in tho foregoing.
x A fter deducting em ployees’ paym ents o f $256,383.— V. 106, p . 1581.
H u m b le O il & R e f in in g C o .— Sale. —
T he “ Oil Trade Journal" o f M arch says: “ A t tho annual m eeting o f
tho H um ble Oil & Refining C o ., held at H ouston, T e x ., F ob. 10, the
stockholders voted to increase tho capital stock from $4,090,000 to $8,200,
000, and ratified tho proposal o f the directors to sell $4,100,000 worth
o f tho new stock to W . C . Teagle, o f Now Y ork, who is President o f the
Standard Oil C o. (N ew Jersey), for $17,000,000, or a basis o f $414 63 per
share. With tho funds thus obtained tho H um ble Oil & Refining C o. is
in a position to carry out a large expansion program , not only relating to
Its producing operations, but to its transportation and refining facilities.
It is generally understood that its plans Include tho building o f a pipo lino
from the N orth Central Texas field to the G u lf C oast. A refinery site on
tho H ouston ship channel was purchased som e tim o ago, and material is
already being fabricated for the plant. T he com pany has m ore than 250,000
acres o f well selected leases in N orth and N orth Central Texas and is
producing oil from a number o f its properties in those fields. I t has
recently closed deals for several thousands o f acres in N orth Central Texas,
and is reported to bo negotiating for 40,000 to 50,000 acres o f additional
land in Eastland and Stephens counties. It controls 20,000 acres In
Southern Oklahoma and 50,000 acres in tho G u lf Coast region o f Toxas.
T ho com pany’s production o f light oil is abou t 5,000 bbls. daily, and o f
G u lf Coast oil about 10,000 bbls. daily. It operates refineries o f nominal
capacity at San A ntonio and H um ble, T e x .”
T w o additional floors have been leased for offices in the Goggan building
at H ouston.— V . 108, p . 787.
Im p e r ia l O il C o ., L t d .— Obituary. —
President W illiam J. Hanna died o f heart failure M arch 20.— V . 108, p
977.
I n d e p e n d e n t P n e u m a tic T o o l C o .— E arnings. —
Press reports state the com pany’s not earnings for tho year ending D oc. 31
1918, $1,179,540, against $819,636 in 1917. Reserves for taxes aro shown
as $1,189,016, leaving a surplus o f $1,736,577.— V. 107, p . 2293.
I n d i a n a P ip e L in e C o .— O fficers.—
Edward Fortm ann has been elected a director to succeed A . C . Beeson,
deceased. R ay A . M iller, a director, succeeds M r . Beeson as Vice-President
and General M anager.— V . 108, p. 787.
I n t e r n a t io n a l
S ilv e r
C o .— E arnings. —
The "earnings” for the year 1918 woro $353,713, not $572,995 as stated
last week, that amount being the total o f $353,713 and tho "reserve on
inventory” $219,282, tho item next follow ing.— V . 108, p . 1058.
J o n e s B r o th e r s T e a C o .— Sales.—
1919.— Feb.— 1918.
Increase. \ 1919-2 Afos.—1918.
$1,153,813 $1,007,310
$146,5031$2,299,587 $2,043,399
— V . 108, p . 883, 273.
Increase.
$256,188
K a n s a s N a t u r a l G a 3 C o .— D ecision. —
T ho U . S. Supreme C ourt on M arch 17 handed down a decision roversing
the decision o f tho lower courts, which held that tho com pany was en
gaged in Inter-State com m erce and therefore n ot under tho State jurisdic
tion. T he C ourt ruled that when tho com pany had delivered gas to the
mains o f the local com panies it was engaged in Intra-State com m erco and
that, therefore, the Commission had the right to fix rates. A s a result o f
this decision lower rates for Kansas C ity and adjoining towns is assured.—
V . 107, p . 2012.
K e ls e y W h e e l C o ., I n c .— Combined Results. —
Cal.
Years.
N et
Sales.
Total
Net
Incom e.
Deprec., F ed .,Ex.
Miscall. P rof., A c .,'if Preferred
ln t.,& c .
Taxes.
Dividends.
Balance,
Surplus.
1918--$10,336,314 S I,505,290 ------ $728,512------ (7%)$204,760 $572,028
1017
11,321,356 1,722,864 $377,609i$305.000 (7%)210,000 830,255
1916-- 8,178,921 1,107,602 400,682 .............(1M%)52.500 654,420
— V . 100, p. 1459.
(S . S .) K re 3 g e C o m p a n y .— Sales.—
1919— Feb.— 1918.
Increase. I 1919-2 M os.-1918.
$2,633,085 $2,153,200
$479,885185.246.644 $4,144,383
— V . 108, p . 876. 787.
Increase.
$1,102,261
000
000
M ar .
THE CHRONICLE
2 2 1 9 1 9 .]
L ee R u b b e r & T ire C o .— E arnings .—
1918.
1917.
I
1918.
N o t s a l e s _____ $ 4 , 6 0 9 , 9 2 4 $ 4 , 0 7 3 , 8 9 5 D e d u c t i o n s ________ $ 1 1 3 , 7 8 8
T o ta l p r o fit -.
$ 3 1 4 ,1 3 6
$ 6 1 , 6 8 8 S u r p l u s ............. ........... $ 2 0 0 ,3 4 8
— V . 106, p . 1348.
1917.
$ 3 9 ,1 0 0
$ 2 2 ,5 8 8
L ib r a r y B u r e a u .— Common Dividend In creased .—
1)4%
A q u a r te r ly d iv id e n d o f
h a s b e e n d e c la r e d o n t h o c o m m o n s t o c k ,
p a y a b l e A p r i l 1 t o h o ld e r s o f r e c o r d M a r . 2 0 , w h ic h in c r e a s e s t h e a n n u a l
r a t e f r o m 4 % t o 6 % , 1 % h a v i n g b e e n p a i d q u a r t e r l y s in c e t h e in it ia l d is
t r i b u t i o n in A p r i l 1 9 1 8 . — V . 1 0 8 , p . 6 8 7 .
L o u is i a n a & M is s is s ip p i T r a n s fe r C o .— Contract Signed.
T he Director-General o f Railroads on M ar. 21 signed tho contract with
this com pany fixing tho annual com pensation at $4l,68 9 .
L -S -E .
Co.
(L o c k
S t it c h
E m b r o id e r y ).— O fferin g .—
A . H i c k s L a w r e n c o & C o . , N e w Y o r k , is o f f e r i n g b y a d v e r t i s e m e n t o n
a n o t h e r p a g e , a t a p r ic e o f $ 2 0 0 f o r e a c h t w o s h a r e s o f p r e f e r r e d s t o c k , p a r
$ 1 0 0 , w it h a b o n u s o f fiv e s h a re s o f c o m m o n s t o c k , p a r $ 1 0 , a b lo c k o f
$ 7 5 , 0 0 0 8 % c u m u l a t i v e p r e f e r r e d ( a . & d .) t r e a s u r y s t o c k , p o s s e s s i n g f u l l
v o t i n g p o w e r s a n d r e d e e m a b l e a t 1 2 0 a ll o r p a r t , o n a n y d i v i d e n d d a t o o n
3 0 d a y s ’ n o tic e .
T h o c o m p a n y h a s o u ts ta n d in g $ 2 0 0 ,0 0 0 c o m m o n s t o c k
a n d th is $ 7 5 ,0 0 0 o f p r e fe r r e d s t o c k , n o w o ffe r e d .
T h o c o m p a n y , o r g a n i z e d in N e w Y o r k in 1 9 1 5 , h a s o r i g i n a l a n d b a s i c
p a t e n t s fo r t h e m a n u fa c t u r e o f s c a llo p e m b r o id e r ie s b y m a c h in e s m a d e b y
th o c o m p a n y fo r its o w n e x c lu s iv e u s e .
T h e c o m p a n y ’s p l a n t in B r o o k l y n
p r o d u c e s s c a l l o p i n g a n d e m b r o i d e r i e s s a i d t o b o e q u a l t o h i g h -g r a d e h a n d
w ork.
S h i p m e n t s f o r 1 9 1 8 a r e r e p o r t e d a t $ 1 4 7 , 0 0 0 , c o m p a r e d w i t h $ 7 6 , 0 0 0 in
1 9 1 7 a n d $ 2 1 , 0 0 0 in 1 9 1 6 .
F o r t h o f i r s t t w o m o n t h s o f 1 9 1 9 g r o s s b u s in e s s
I n c r e a s e d 5 0 % o v e r a c o r r e s p o n d i n g p e r i o d In 1 9 1 8 .
M c C r o r y S to r e s C o r p o r a t io n .— E a r n in g s 1918.
1917
1918.
$84,740
Gross profits.........$2,990,020 $2,433,033 Pref. <liv. (7% ) —
Provision for retire
Exp., all taxes, dcment of stock..
38,392
prcc., Int., &C-- 2,042,912 2,111,886
Net incomo.......... $347,114 $321,747 Balance,. surplus.- $223,982
T otal profit and loss surplus D ec. 31 1918, $915,339.
1917.
$80,807
30,369
$198,571
Sales .—
1 9 1 9 — February — 1 9 1 8 .
$ 7 0 7 ,8 6 1
$ 5 5 1 ,0 2 9
— V . 1 0 8 , I). 8 8 4 .
Increase. I 1 9 1 9 — 2 M os. — 1 9 1 8 .
$ 1 5 6 ,8 3 2 | S I.3 6 7 ,0 3 7
S l .0 6 6 ,7 4 1
Increase.
$300,296
M a g o r C a r C o r p o r a t io n .— Extra D ividend .—
T he directors havo declared an extra dividend o f $2 on tho outstanding
com m on stock along with tho regular quarterly dividends o f 1% % on the
preferred stock and $1 on tho com m on, all dividends payable M arch 31
to holders o f record M arch 25. An extra o f $2 per share has been paid on
the com m on stock in each quarter since Jan. 1918.— V . 107, p. 2380.
M a n n in g , M a x w e ll & M o o re, I n c .— Extra D ividend .—
An extra dividond o f $1 50 per share (1 )4 % ) has been declared on tho
$5,000,000 outstanding capital stock along with tho quarterly dividend o f
$1 50 ( 1 ) 4 % ) , both payable M arch 31 to holders o f record o f that date.
In June 1918 an oxtra o f 1 )4 % was p aid.— V . 106, p . 2653.
M a r c o n i W ir e le s s T e le g r a p h C o .— N ew Service .—
I t was announced on M arch 19 that this com pany is establishing a wireless
telephone service between Ireland and Canada.— V . 108, p . 1064, 274.
M a r lin -R o c k w e ll C o r p .— Capital Stock Listed .—
T h o N ow Y ork Stock Exchange on M arch 12 adm itted to the list this
com p a n y’s capital stock and had stricken from the list tho voting trust
certificates representing tho capital stock .— V . 108, p . 977, 84.
M a t h ie s o n A lk a li W o r k s ( I n c . ) — N o Common D ividend.
N o action was taken b y tho directors on tho declaration o f tho quarterly
com m on dividend usually paid at this tim e. Dividends at tho rato o f 6 %
). a. (113% quarterly) havo been paid on tho com m on shares since 1916.
. ’ res. Edward Arnold says:
?>
1 “ Although wo havo orders on our books sufficient to cover our entire
output for tho present year, our customers are, because o f tho prevailing
business uncertainty, requesting us to withhold deliveries to such an extent
that, notwithstanding the fact that production has been largely curtailed,
wo havo accumulated a considerable quantity o f m anufactured product.
"W liile tho board belioves that this is a temporary condition it has d e
termined that it is to tho best interests o f all o f tho stockholders that tho
com p any’s resources bo conserved for tho time being, for whicii reason
It was deemed Inadvisable to pay a dividend on tho com m on stock for the
current quarter.”
T ho regular quarterly dividend o f 1J^% was declared on tho preferred
stock.— V . 107, p. 909.
_ M e r c h a n t s & M in e r s T r a n s p o r t a t io n C o .— S hips .—
It is announced that the ships o f this com pany have all been turned back
b y tho Railroad Adm inistration to private ownership as o f M arch 1. C om
pare V . 108, p. 884.
M ia m i ( F la .) G a s C o .— Rate In crea se .—
T h o voters o f M iam i, F la ., on F ob. 6 approved tho proposal for an in
crease in tho rato for gas from $1 50 to $1 90 per 1,000 cu . ft .— V . 99, p . 410.
M o h a w k M in in g C o .
(o f M ic h .) , N . Y . — Copper Pro
duction (L b s.).—
1919— Feb.— 1918.
1,146.493
1,088,654
— V. 108. p. 788, 274.
Increase.1
57,839
1919-2 Afos.-1918.
2,316,126
2,072,997
Increase.
243,129
*
N a t io n a l A n ilin e & C h e m ic a l C o ., I n c .— P ref. Stock
Offered — Official D ata. — A syndicato Loaded b y W liito ,
W e ld & C o . and Spencor T rask & C o . are placing a block
of 7 % C um ulative P ref. Stock at 8 7 H fla t, ox April 1 divi
dond , for delivory A pril 1.
T h o stock offered is th at form erly
held by certain m inority interests and therefore does n ot
constitute new corporate financing.
D ig est o f O ffic ia l S ta te m e n t Issued b y B a n k ers.
Organization.— Incorporated M a y 26 1917 in N . Y . State and acquired
through purchaso or oxchange o f stock tho plants, properties, processes
and businesses o f a number o f tho largest manufacturers in tho U nited
States o f dyestuffs and other coal tar products. T o-d a y is tho largest
m anufacturer and distributor o f coal tar derivatives and dyestuffs in the
United States and is rapidly developing a largo volum e o f sales o f pharm a
ceutical drugs and chem icals, flavoring extracts and perfum es.
Capitalization Authorized and Outstanding.
7 % Cum ulative Preferred Stock (par valuo $100).....................$23,524,700
C om m on stock (no par va lu o)-------------------------------------------------395,990 shares
i> Control.— T ho m ajority stock is owned join tly b y tho General C hem ical
C o ., tho Barrett C o. and tho Semet-Solvay C o ., tho three largest m anu
facturers o f industrial chemicals in tho United States. Through this com
m unity o f intorest tho com pany Is assured o f an adequato supply o f all
tho coal tar, acids and other chemicals manufactured by theso companies
which it uses in tho production o f dyes and other finished products.
Properties.— T he properties and businesses acquired and now operated
include: Schoellkopf Aniline & Chemical W orks, B uffalo, N . Y .; W . Beckers
Anilino & Chom lcal W orks, In c., Brooklyn, N . Y .; Benzol Products C o .,
M arcus H ook, D ol.; Standard Aniline Products C o .. W appingers Falls
N . Y .; Century C olors Corporation, with plant at N utley, N . J and sales
organization in N . Y . C ity; National Anilino & Chom lcal C o ., sales organi
zation In N . Y . C ity: miscellaneous products plants acquired from tho
Barrett C o .. Genoral Chemical C o. and Semot-Solvay C o. in N . Y . & Ponna.
Earnings.— For tho 7 months from date o f incorporation to D e c . 31 1917
tho earned surplus was reported as in excess o f $2,900,000.
Earnings for Cal. Year 1918—
First H alf. Last Half (est.) Tot.Year test.)
N et profits from operations______
$6,829,000 $6,000,000 $12,829,000
Provision for dcprec. o f plants and
inventories & rcs’ve for F ed . tax.
N e t earns, available for d i v s „
4,800,000
4,000.000
$2,029,000
$2,000,000
8,800,000
$-1,029,0'
1169
A ssets. — B a s e d o n t h o b a l a n c e s h e e t o f J u n o 3 0 1 9 1 8 a n d e s t i m a t e d e a r n *
in g s fo r th o six m o n th s e n d e d D e c . 3 1 1 9 1 8 . t h e n e t q u ic k a s s e ts a t D e c . 3 1
1 9 1 8 w e r e a p p r o x im a t e ly $ 2 0 ,0 0 0 ,0 0 0 , w h ile t h e p la n t s a n d o t h e r t a n g ib le
a s s e t s w e r e c a r r ie d o n t h o b o o k s o n t h a t d a t e a t o v e r $ 1 8 , 0 0 0 , 0 0 0 , w i t h a
r e s e r v e f o r d e p r e c i a t i o n a n d o b s o l e s c e n c e s e t u p o u t o f e a r n i n g s in 1 8
m o n t h s o f m o r e t h a n $ 8 , 0 0 0 , 0 0 0 , le a v i n g t h o b o o k v a l u o o f t h e f i x e d a s s e t s
a t a p p r o x im a te ly $ 1 0 ,0 0 0 ,0 0 0 .
E a c h sh are o f p r e f. sto c k w a s th u s rep re
s e n t e d b y $ 8 5 o f n e t q u ic k a s s e ts a n d S 4 2 o f fix e d a s s e ts .
T h e 3 9 5 ,9 9 0 s h a re s o f c o m m o n s t o c k r e p r e s e n t a t p r e s e n t m a r k e t p r ic e s
a n e q u i t y o f a p p r o x i m a t e l y 31O ,O O O ,O O 0.
N o Indebtedness.— T h e r e a r e n o b o n d s o r m o r t g a g e s o u t s t a n d i n g ( e x c e p t
o n e rea l e s t a t o m o r t g a g e o f $ 1 4 ,5 0 0 ) a n d n o in d e b te d n e s s o th e r th a n c u r r e n t
a c c o u n ts p a y a b lo .
T h e c e r t i f i c a t e o f in c o r p o r a t i o n f o r b i d s t h o is s u in g o r
g u a r a n t e e i n g o f b o n d s , n o t e s , & c . , r u n n in g o v e r o n e y e a r w i t h o u t t h e c o n
s e n t o f a m a jo r ity o f ea ch o f th e o u ts ta n d in g s to c k s , p r e f. a n d c o m m o n .
Management.— T h e e x e c u t i v e o f f i c e r s , a l l o f l o n g e x p e r ie n c e a s t o d y e
s t u f f s a n d o t h e r i n d u s t r i a l c h e m i c a l s , i n c l u d e : W i l l i a m J . M a t h e s o n , P r e s .*
D r . W illia m G . B e c k e rs, 1st V .- P .; R . A . S h a w , 2d V . - P . ; D r . E . C . J o n e s,
4 t h V . - P . ; W i l l i a m I I . W e s t , A c t i n g T r e a s .; W i l l i a m T . M i l l e r , S e c .
D ir e c t o r s : W i lli a m J . M a t h e s o n , d ir e c to r o f G e n e r a l C h e m ic a l C o .;
n .
H . S . H a n d y , P r e s , a n d d ir e c to r o f S e m e t -S o lv a y C o . , d ir e c to r o f th e
B a r r e t t C o .; W m . N . M c l l v r a y , V .-P r e s . a n d d ir e c to r o f t h e B a r r e t t C o .;
T . M . R ia n h a r d , V .- P r e s ., G e n . M g r . a n d d ir e c to r o f t h o B a r r e t t C o .;
H e n r y W ig g le s w o r t h , d ir e c to r a n d d ir e c to r o f re se a rch G e n e r a l C h e m ic a l
C o .; C lin to n S . L u tk in s , A s s t . T r e a s . G e n e r a l C h e m ic a l C o .
Preferred Stock Provisions.— P r e f e r r e d a s t o c u m u l a t i v e d i v i d e n d s u p t o
7 % p . a . a n d a s t o a s s e ts u p to $ 1 0 0 p e r sh a r e a n d d i v s . u p o n in v o lu n ta r y
liq u id a t io n , b u t i f th o d is s o lu tio n o r liq u id a tio n b o v o lu n t a r y u p t o S 1 2 0
an d d iv s .
T h o e n t i r e i s s u e , b u t n o t a p a r t t h e r e o f , is r e d e e m a b l e a t $ 1 2 0
p e r sh a ro a n d d iv s . o n 6 0 d a y s ’ n o tic e .
P r e fe rr e d a n d c o m m o n sh a re s h a v e
eq u a l v o tin g p o w e r .
T h e p r e f. d iv id e n d s a re p a y a b lo Q .- J . 1 .
G u a ra n ty
T r u s t C o . o f N . Y . , tr a n s fe r a g e n t ; C o lu m b ia T r u s t C o . o f N . Y . , r e g is tr a r .
Coal Tar D ye Industry.— T h e m a n u f a c t u r e o f c o a l t a r d y e s is f i r m l y
e s t a b l i s h e d in t h e U n i t e d S t a t e s .
D u r in g 1 9 1 7 A m e ric a n m a n u fa c tu r e r s
p r o d u c e d 1 8 0 d i f f e r e n t d y e s , o f w h ic h t h e N a t i o n a l A n i l i n e & C h e m i c a l
C o . , I n c . , p r o d u c e d 1 0 6 d y e s , in c lu d i n g 3 8 d y e s n o t m a d e b y a n y o t h e r
A m e rica n p ro d u c e r.
T h e t o t a l p r o d u c t i o n o f fi n i s h e d c o a l t a r d y e s a n d
c h e m i c a l s f r o m 8 1 e s t a b l i s h m e n t s in t h e U n i t e d S t a t e s d u r in g 1 9 1 7 , e x c l u s i v e
o f e x p lo s iv e s a n d s y n th e t ic p h e n o lic r e s in s , a p p r o x im a t e d $ 6 9 ,0 0 0 ,0 0 0 .
T h o C h e m ic a l F o u n d a t io n , I n c ., a ll o f w h o so $ 5 0 0 ,0 0 0 c a p it a l s t o c k h a s
b e e n s u b s c r i b e d f o r a t p a r in c a s h b y a l a r g e n u m b e r o f A m e r i c a n m a n u
fa c tu r e r s o f c h e m ic a ls a n d d y e s t u f f s , h a s p u r c h a s e d fr o m t h e A lie n P r o p e r ty
C u s t o d ia n fo r $ 2 5 0 ,0 0 0 a b o u t 4 ,5 0 0 G e r m a n a n d o th e r p a t e n t s c o v e r in g
c h e m i c a l p r o c e s s e s a n d p r o d u c t s , a n d , w h il e p r o t e c t i n g t h e m f r o m in fr i n g e
m e n t , w i l l is s u e w i t h o u t d i s c r i m i n a t i o n , n o n -e x c l u s i v e lic e n s e s t o a n y o r a ll
A m e r ic a n m a n u fa c tu r e r s o n a m o d e r a te r o y a lt y b a s is .
T h i s p l a n w ill
e x c lu d e th o im p o r t a tio n o f a n y d y e s o r c h e m ic a ls m a d e u n d e r a n y o f th e
p a t e n t s s o h e l d , w h i c h c o v e r m o s t o f t h e p r o c e s s e s a n d p r o d u c t s u s e d in
th e d y o in d u str y .
T h e r e i s a l s o in e f f e c t t h e t a r i f f A c t o f S e p t . 8 1 9 1 6 ,
w h i c h i m p o s e s a h e a v y a d v a l o r e m d u t y o n a l l s u c h p r o d u c t s a n d in t e r
m e d i a t e s .— V . 1 0 8 , p . 1 0 6 4 , 7 8 8 .
N a t io n a l Ice & C o a l C o .— A cquisition .—
T h is c o m p a n y , w h o so n a m e w a s re c e n tly c h a n g ed fr o m B u rn s B r o s . Ic e
C o . ( V . 1 0 8 , p . 5 0 4 , 1 8 3 ) h a s p u rc h a se d th e e ig h t p la n t s o f th e N e w Y o r k
I c o C o . in N o w Y o r k C i t y .
N e w E n g la n d T e le p h o n e & T e le g r a p h C o .— Bonds .—
T h e $ 4 4 6 ,0 0 0 5 % b o n d s , d u e A p r il 1 1 9 1 9 , w ill b o p a id o f f a t m a t u r it y
a t t h o T r e a s u r e r ’s o f f i c e i n B o s t o n . — V . 1 0 8 , p . 4 8 5 .
N e w Id r ia Q u ic k s ilv e r M in in g C o .— N o D ividend .—
T h e d ir e c to r s h a v e p a s s e d t h e d iv id e n d u s u a lly d u e a t t h is t i m e .
I t is
s t a t e d t h a t s in c e t h e s ig n in g o f t h e a r m is t ic e t h o d e m a n d fo r q u ic k s ilv e r
h a s b e e n v e r y lig h t a n d t h e p r ic e o f th o m e ta l h a s d e c lin e d f r o m a b o u t
$ 1 2 5 a fla s k to a b o u t $ 7 0 a fla s k .— V . 1 0 7 . p . 2 4 8 0 .
N e w Y o r k Ic e C o .— Sale o f Plants .—
S e e N a t io n a l C o a l & I c e C o . a b o v e .— V . 8 4 , p . 5 1 1 .
N e w Y o r k T e le p h o n e C o .— E arn in gs .—
— 7 M o s. ------------------------------- Calendar Years ------------------------ •
1918.
1917.
1916.
1915.
E x c h a n g e s e r v i c e ------------- $ 3 0 , 6 3 2 , 3 2 5 $ 5 0 , 0 4 2 , 2 1 8 $ 4 5 , 5 3 7 , 2 7 3 $ 3 8 , 3 4 0 , 3 0 9
T o l l s e r v i c e ..............................
7 ,9 7 ^ 4 7 4
1 2 ,9 1 8 .7 8 8
1 1 .4 6 8 .2 9 2
1 1 ,2 8 9 ,1 3 7
„ T otal earnings............$38,606,799 $62,961,006 $57,005,565 $49,629,446
N ot earnings------------------- S6.S64.854 $14,293,333 $15,002,260 $11,250,700
D iv s. and int. earnings- 3,202,367
5,458,365
6,014,168
6,310.454
M iscellaneous earnings.
421,340
550,629
590,826
641,612
T otal not earnings— .$10,488,562 $20,302,327 $20,607,254 $17,202,766
In te re s t....... ................. —
$2,916,782 $3,924,837 $3,341,913 $3,400,703
D ividends (8 % p . a . ) „
5.000,000 10.000,000 10,000,000 10,000,000
B alance, surplus-------- $2,571,780
— V . 108, p . 788.
$6,377,490
$7,265,341
$3,802,064
N ia g a r a F a lls P o w e r C o .— A n n u a l E a r n in g s Combined Earnings (A ll Present Properties) fo r Year and 3 M o s. to D ec. 31 ’ 18.
Y ea rl9 1 8 Final Qu.
Y ea rl9 1 8 . Final Qu.
T otal oper. r o v .5 ,016,366 1,306,036 Operating tax es. 802,076
220,300
Operating e x p ..1,1 0 2 ,1 46
273,233 N on-op er. item s
A m ortiza tion ___ 232,852
55,290
(n e t)..............Cr .3 6 1 ,5 8 3 0 .1 1 9 ,1 4 0
N ot Incom o............................. ..................... ..............................3,240,875
876,353
Interest on funded d e b t________________________________1,325,752
329.940
Miscellaneous_________________ ________________ ________
13,439
13,212
S u rp lu s.......................................... .........................................1,901,683
Com pare V . 108. p . 977; V . 107, p . 2381, 2193, 1291.
633,201
N o v a S c o t ia S te e l & C o a l C o .— Dividend .—
T ho directors have declared the regular quarterly dividend o f $1 25 per
sharo on tho $15,000,000 outstanding com m on stock, also the quarterly
o f $2 on tho preferred, both payable April 15 to holders o f record M arch 31.
Although tho plant is shut down, due to insufficient orders, the com pany
Is stated to bo in excellent financial con dition.— V. 108, p . 1064, 385.
O h io S ta t e T e le p h o n e C o .— Earnings — N ew D irectors .'—
Cal. Years—
1918.
1917.
Gross earns., <fcc.x$3,050,136 $3,977,651 Pref. divs. ( 7 % ) . .
Net aft. taxes, &c. 1,607,642 1,519,830 Reserve..................
Interest charges-- 712,189
627,211 Balance, surplus..
1918.
1917.
$463,057 $448,924
112,428
383,168
x319,967
60,527
T otal p . & I. surplus D ec. 31 1918, $1,512,059; D ec. 31 1917, $1,192,091
i
x T ho above reflects the revenue for 7 m onths’ operation plus com pensa
tion received from U . S. Telegraph and T elephone Adm inistration for the
remainder o f the year.
<
Claude A shbrook o f Cincinnati succeeds S. G . M cM een as a director,
and W alter F. Brown o f T oled o takes the place o f Clarence Brow n, de
ceased.— V . 107, p. 2481. ________ _
~ O n t a r io S ilver M in in g C o ? 7 P a r k C i t y . U t a h .— N o Div~.
F J . L . T ilton , tho Assistant Secretary, N . Y . C ity , has rceived telegraphic
advice from tho Salt Lake C ity office that the quarterly dividend on the
stock will not be paid as the "operating profits are small and a large
am ount o f developm ent work is being done and plan ned."
O t t a w a G a s C o .— Offering o f Guaranteed Refunding M tge.
6 s.— T h e R o y a l Securities C o r p ., L t d ., are offering a t 101
and in t ., yielding over 5 . 9 0 % , $ 8 5 0 ,0 0 0 6 % T w e n ty -y ea r
R efunding M tg e . Sinking F u n d gold bonds, guaranteed un
conditionally as to principal and interest b y O ttaw a L ig h t,
H e a t & P ow er C o ., L td .
T h e bonds aro dated M arch 1 1919, due M arch 1 1939: redeem able, all
or p a rt, at tho com p a n y’s op tion , on 60 d ays' notice, on any int. date, at
103 and int. Interest at the Bank o f N ova Scotia, M on treal, Ottawa and
T o ro n to , in gold coin o f the D om inoin o f Canada; or at the A gency o f the
Bank o f N ova Scotia, N . Y ., Id gold coin o f the U . S.; or at the L ondon
Joint C ity and M idland Bank, L ondon , E n g ., at the rato o f $4 86 2-3 to
tho £1 sterling, in English gold coin .
D en om . $1,000 and $500 c * .
M ontreal T rust C o ., M on treal, trustee.
THE CHRONICLE
1170
Capitalization—
Authorized. Outstand'g.
Common sliares( paying 6 % )_____________________ $2,000,000 $2,000,000
5% Consolidated M tge. bonds, duo 1934...............
250,000
150,000
6% Refunding Mortgage bonds__________________ 1,000,000
850,000
Sinking Fund.— From March 1 1922, o f $20,000 p. a., and a further 2%
of all bonds subsequently issued, and, in addition, a sum equal to interest
upon all bonds purchased or redeemed by the sinking fund. Sinking fund
is to be applied to the purchsae o f bonds at or under 103 and int., or to their
redemption.
Extracts from Letter o f Pres. T. A hearn, Dated Ottaw a, Mar. 14 1919.
Property.— The system for the distribution o f gas has 141 miles of pipes.
Production for 1918 amounted to 394,382,000 cu. ft. gas, 14,227 tons
coke, 415,000 gal. tar and 155,000 lbs. ammonia.
Security.— Subject only to lien o f an issue o f $250,000 Consol. M tge. 5s,
$150,000 outstanding— a direct and specific mortgage and charge upon all
real and immovable properties, and a floating charge on other assets.
$150,000 will be held tor redemption o f Consol. Mtge. bonds. Additional
bonds, $2,000,000, ranking equally may be issued to 75% of additions
and betterments if earnings are 1 % times interest on bonds out and to be
issued.
Appraisal.— Property values are conservatively valued at $3,100,000.
Earnings.— Net earnings for 1918 available for interest on Refunding
M tge. bonds, amounted to $167,466.
Guaranty.— The Ottawa Light, Heat & Power C o., Ltd. (which is the
holding company o f the Ottawa Electric Co. and the Ottawa Gas C o., and
which has no prof, shares outstanding and no bonded debt) unconditionally
guarantees the payment o f principal and interest upon the Ottawa Gas Co.
Refunding M tge. bonds.
Combined net earnings o f the Electric and the Gas companies for 1918
amounted to $310,149, six times interest charges on the Gas company
refunding mortgage bonds.
Charter.— Perpetual charter and franchise to carry on a gas business in
Ottawa and Hull was granted the Gas company by the town of Bytown
(now Ottawa), in 1854, and by legislation o f Parliament in 1853-54 and
1865— V. 106. p .612 .
[V ol . 108
pany, which in 1918 purchased a property on the Sault-au-Cochon River,
180 miles below Quebec. Payments are to be made 20% on or beforo
Apr. 15, and 40% each M ay 15 and Juno 15 1919.
Pres. William Price as of Mar. 10 says in subst.: Tho property consists
of about 850 miles of limits under crown lease about 1,350 acres of free
hold land, including the bed of the river, and two water powers. The
limits are estimated to contain over 3,500,000 cords of pulpwood, the river is
a fine driveable river and the property is a very valuable one. Coupled
with 290 miles of limits, the 700 acres of free-hoid land, and water powers
owned by Price Brothers & Co., Ltd., on this and adjoining rivers, this
foms one of tho most valuable properties in the Provinco.— V. 108, p. 274.
Providence Gas Co.— Dividend
Resumed.—
A dividend of 1% has been declared on the $6,300,000 outstanding capi
tal stock, payable April 1 to holders of record March 20. This is the first
distribution since July 1918 when 2% was paid.
The “ Gas Age” in its issue for March 15 publishes an illustrated article
describing the all new water-gas plant results of this company at Providence,
It. I.— V. 108, p. 1065, 978.
Rochester Ry. & Light Co.— Stock Increase Authorized.—
The Now York P. S. Commission has granted this company permission
to issue $500,000 in 7% Cumulative Preferred stock, the order also providing
that the money realized shall be used for extensions and betterments
amounting to $225,400 in the electric department, and $282,145 in the
gas department.— V. 108, p. 978, 386.
Salem Electric Lighting Co.— Slock Increase.—
This company has notified tho Mass. Commissioner of Corporations that
the capital stock has been increased by $213,050, and that this amount has
been paid in cash.— V. 106, p. 2762.
Saxon Motor Car Corporation, Detroit.— P lan .—
The shareholders will meet at the Knickerbocker Hotel, N. Y . City, on
March 26 to vote on selling the property to a new company pursuant to the
following plan of reorganization, as condensed by “ Chronicle” :
O t t a w a L ig h t , H e a t & P o w e r C o .— G u a r a n t y .—
Plan of March 14, Presented by Advisory Committee o f C reditors.
Under our general supervision the direct liabilities have been reduced
See Ottawa Gas Co. abovo.— V. 108, p. 977.
by nearly SI,600,000 and several millions of contingent liabilities have been
eliminated. Tho gradual liquidation has reached its limit and we believe
P a c i f i c L i g h t i n g C o r p o r a t i o n .— O f f i c e r s .—
George F. Volkmann was elected a director to succeed George II. Collins, that unless additional capital can be immediately made available, through
retired. A. Schilling and F. W . Van Sickien were elected Vice-Presidents reorganization, the business must cease. The present indebtedness, ex
clusive of small current items, is approximately $2,400,000. The tangible
to take the place o f M r. Coilins.— V. 107, p. 2481.
assets, at book value, as a going concern, exceed this sum by about $225,000;
P a c if ic M a il S t e a m s h ip C o .— D i v i d e n d s .—
but in case of enforced liquidation would fall far short.
Responsible bankers offer to purchase bonds and preferred stock in the
Tho dividend paid in 1918 on the common stock, aggregating $795,000,
or 60% , was made up of two payments of 30% each, one paid on $1,150,000, reorganized company if the present creditors will accept the common stock
the other on tho stock as subsequently increased to $1,500,000.— V. 108, in adjustment of their claims. As a condition of such underwriting, tho
syndicate of bankers will for three to five years control tho management.
p. 1057.
The committee have satisfied themselves that tho capital which may be
P a c i f i c T e le p h o n e & T e le g r a p h C o . — N e i v D i r e c t o r s .— invested in the reorganized company will be applied under experienced
Samuel Hubbard and George A. Newhall have been elected directors to management in developing “ Saxon” business as a legitimate motor car
succeed F. W . Eaton, deceased, and F. G. Drum, retired.— V. 108, p. 486. enterprise, and that there is more than a fair prospect that a prosperous
business will result.
,
. ,
..
Present creditors are urged to assign to the committee their respective
P a n -A m e r ic a n P e t r o le u m & T r a n s p ’ t C o .— Acquisition.
Announcement is mado of tho purchase of tho properties of tne Doheny notes and claims for use in acquiring the assets.
Tho new company will be organized as tho Saxon Corporation, or other
Pacific Petroleum Co., located in Casmalia, Montebello and Ventura
Counties, Calif. It is stated that, as a result of this purchase, the company appropriate name, with, it is contemplated, tho following capitalization:
will enter the refining industry and will construct a complete refinery, hav
$2 ,0 0 0 ,0 0 0 in principal amount 6 % gold bonds;
ing an initial capacity of 1,000 barrels daily.— V. 108, p. 884, 788.
$1,250,000 issue of 8 % cumulative preferred stock;
$3 ,2 0 0 ,0 0 0 common stock, $ 1 0 0 par value each.
P e o p le s G a s L ig h t & C o k e C o ., C h i c a g o . — C a s e R e
All of the common stock will be deposited with voting trustees for a period
of three years, and optionally for two more years. The directors will be
o p e n e d .—
The Illinois P. U. Commission has reopened the subject of gas rates elected by the voting trustees, of whom a majority shall be selected by the
charged and declared that the 27M % increase to 88 cent basis allowed syndicate and a minority by the committee.
The new common stock (v. t. c.) will be delivered to the present creditors
last July was an emergency measure which was justified then, but justi
fication of higher rate must depend on nature o f service rendered. A but a continuing option will be given to tho bankers to purchase within
three years $2,400,000 thereof at par, plus 6 % interest. The exerciso of
hearing will be given April 7.— V. 108, p. 679.
this option by the bankers will result in tho payment of an amount equal
to the present indebtedness, with interest at 6 % , and in addition leave the
P h e lp s - D o d g e C o r p . — N o E x t r a D i v i d e n d .—
As stated in last week’s issue, a regular quarterly dividend of 2 A % has stockholders with a 25% interest in tho now common stock. The option
will
provide for successive yearly extensions covering a further two-year
been declared on the $45,000,000 outstanding capital stock, payable
April 2 to holders of record March 20. The extra dividend has been period, conditioned upon the payment in the event of tho exercise of each
omitted. The previous dividend record (revised) is given in tho following year’s option of $ 5 for each snare of common stock, plus interest at 6 %.
tablo, the payment o f a dividend on Jan.'2 1919 (instead of in Dec. as in Adequate provision will be made for the resumption of control by tho stock
previous years) having the effect of reducing the number o f dividends in holders in case of default in meeting obligations through the option period.
T o induce tho stockholders to co-operate in the proposed plan, the com
1918 from four to three and incidentally saving tho shareholders a con
mittee recommends that the creditors extend to tne present stockholders
siderable sum in sur taxes under the Federal law.
an option to acquire within a reasonable time tho Interest of the present
Dividends ( Until March 30 1917 of Phelps, Dodge & Co., holding co.).
creditors in tho stock of the new company upon payment of the present in
------------- Total for Year------------- -----Year 1918----- — 1919— debtedness, thus assuring them opportunity to participate in the benefits
1912 1913 1914 1915 1916 1917 Afar. June. Sept. Jan. Apr. of the reorganization, if tho stockholders shall so desire.
R egular..% 10
10
10 10
10
10
2A 2A
2 A VA 2A Wm. J. Gray, Vice-President First & Old Detroit National Bank, De
Extra . . . %
5
6A
4 10 22A 14
5H 1A
3 A 3 A ----troit, is Chairman of the Advisory Committee. Compare V. 107, p. 297,
Deple. a c c t . .................................
..
8
..
2
2z
2z
..
508, 2015; V. 108, p. 885.
________
z Payable in 4 H % Liberty bonds.— V. 108, p. 1064, 586.
P it t s b u r g h S te e l C o . —
S e a m a n s O il C o .—
A c q u is itio n
o f
P la n t s .—
A dispatch from Uniontown, Pa., says that this company has acquired
the Alicia N o. 1 and No. 2 plants together with the adjoining coal field
and 39 barges from W. II. Brown. Tho sale includes 2,420 acres of coal.
The tract was bought by M r. Brown and J. V. Thompson in 1913.— V.
108, p. 978, 688.
P ly m o u t h (M a ss .) G a s L ig h t C o . —
R a te
In c r e a s e
.—
The Massachusetts Gas and Electric Commission has granted tho peti
tion o f this company to increase the price o f gas supplied b y that company
from $2 to $2 75 per 1,000 cu. ft., the now price to become effective from
March 15. Tho Commission states, however, that a reduction will be
made on Oct. 1 1919 unless the company can show a good reason why
such reduction should not be made.— V. 107, p. 2381.
P orta g e
R u b b e r C o .,
—
&
B a rb erton ,
O h io .—
Borton Borton, Cleveland, are offering, at 99
and div., $500,000 7% cumulative prof, stock, par $100.
P re f.
S to ck .
O ffe r in g
o f
Company.— Manufactures automobile tires, tubes and accessories, and
rubber molded goods such as horseshoo pads, heels, soles, &c. Owns a
plant o f modern brick, steel and concrete construction equipped with
sprinkler system throughout; has an adequate independent water supply.
Proceeds from the sale of this stock will provide additional working capital.
Capitalization (No bonds)—
Authorized. Issued. ^
Preferred stock__________ ______
$5,000,000 $1,200,000
Common stock___________________________________ 5,000,000 *2,499,700
* Based on currentmarket price, this outstanding common stock has an
aggregate market value o f approximately $4,OOO,O0O.
Earnings.— Net earnings, after exceptionally liberal depreciation, are:
Years end. Nov. 30—
1915.
1916.
1917.
„
Sales.................................. $1,067,858 $1,867,844 $3,361,615 $4,417,128
Net p ro fits_______ _____ $129,006
$232,286
a295,288 6$338,673
a After deduction o f Federal taxes, b Subject to Federal taxes for the
period.
Condensed Balance Sheet as of Nov. 30 1918.
Without application o f tho proceeds o f the preferred stock since sold.
Real est.,bldgs.,&c.,depr. $904,091 Preferred s to c k _________ $520,200
C a sh .............
250,385 Common stock__________ 2,499,700
250,000
Notes receivable________
36,929 Notes payable__________
146,951
Accounts receivable_____
405,267 Accounts payable_______
39,548
Inventory....... .................... 1,747,037 Reserves________________
Surplus...............................
312,313
Patents, trade-marks and
g oodw ill................
411,707
Total each side________ $3,768,712
Deferred assets_________
13,296
C. E. Denison & Co., Cleveland is also offering a block of tho above issue.
Compare V. 108, p. 386.
P r a ir ie P ip e L in e C o .— Dividend Reduced.—
A quarterly dividend o f $3 has been declared on $27,000,000 outstanding
capital stock, payable April 30 to holders o f record March 31. This com
pares with S5 paid in Oct. and July 1918, previous to which 5% regular
and 5% extra was paid.— V. 108, p. 177.
Bros. & Co., Ltd.— Participation in Syndicate.—
Shareholders o f record Mar. 15 are offered the right to participate to
P r ic e
tho extent of 10% of their holdings of stock in a syndicate, capitalized at
$500,000 and composed of the President and certain directors of the com
Dividend.—
This company will pay Its eighth consecutive regular dividend of 5% on
March 31 to holders of record March 20. according to W . L. Alexander,
Treasurer. Tho company, it is stated, has been quite successful in its
operations in the Mid-Continent Field, and one of its officials is quoted as
saying that it is earning a very large margin over dividend requirements.
The current dividend will make a total of 40% paid to stockholders.
S e m e t-S o lv a y C o .—
Sub. Co. Offering— Status .—
Soo National Aniline & Chemical Co. abovo.— V. 107, p. 508, 297.
S o u t h B e n d W a t c h C o .— Offering of Gold N otes— John
Burnham & Co., Chicago, are offering, at 97 XA and int., to
net over 7%, $414,000 6% gold notes dated March 1 1919,
due March 1 1920, redeemable on any int. date at 102 & int.
Denom. $1,000 c. Trustee,
@FedFRASER