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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 4X«§Mar 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,